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H U N T 'S
M E R C H A N T S ' M A G A Z IN E ,
& 3Wetftlg §Utv*pxp*t,
REPRESENTING" THE INDUSTRIAL"'AND COMMERCIAL INTERESTS OP THE? UNITED STATES
VOL 44.______________ NEW YORK, MARCH 26, 1887.
Jfitntuxial.
Ifittatucial.
A M E R IC A N
Bank Note Company
78 TO 8 6 TRINITY PLACE,
NEW YORK.
Banin eta Founded 1795.
Incorporated under la ir s of State of New York, 1858.
R e o r g a n iz e d 1 8 7 9 .
DIAMONDS.
Alfred H. Smith & Co.,
IM PORTERS,
182 Broadway, Cor. John Street.
Broadway and Nineteenth Street,
AND 9 MAIDEN LANE.
LITHOGRAPHIC AND TYPE PRINTING.
t ic k e t s o f i m p r o v e d s t y l e s .
Show Cards, Labels, Calendars.
Maverick National Bank
B O ST O N , MASS.
CAPITAL,
SU R PL U S,
.
.
.
.
.
.
Floyd-Jones & Robison,
BA N K E R S AND B R O K E R S,
N o . 2 E x c h a n g e C o u rt, N e w Y o r k ,
Stocks, Bonds and U. S. G overnm ent Securities
B ought and Sold on Commission.
Wm . C. F lo y d -jo n e s ,
W il l ia m R obiso n
Members New York Stock Exchange.
J. A. Kohn & Co.,
B A N K E R S AND B R O K E R S ,
(M u x s B u il d in g ), 1 9 B R O A D S T ., N . Y .
Members o f th e New York Stock Exchange.
E xecute orders on commission fo r B o n d s , S to c k s
and F o r e i g n E x c h a n g e ,
D e a le rs in firs t-c la s s In v e s tm e n t S e c u ritie s ,
P articu lar a tte n tio n given to Investm ents fo r Cap
ita lists, T ru st F unds and Institutions.
A lbert Pearce,
»oney by telegraph th ro u g h o u t th e U nited Statei
andCanada.
,Bt^ TePlmen*' Ronds bought and sold, and exchange!
m ington made fo r banks w ithout e x tra charge
j ®..ave a market fo r prim e first-class Investm ent
L
t*e®’ and inv ite proposals from States, Conn«and Cities, when issuing bonds.
a general banking business, and in v ite cor.
respondence.
ASA P . P O T T E R , P r e s i d e n t .
W- W
o r k
16
Sc 1 8 B R O A D S T .,
BROKER IN A LL KINDS OF INVESTM ENT
BONDS, MISCELLANEOUS SECURITIES
AND D EFAU LTED BONDS.
CORRESPONDENCE SOLICITED_______
v> S T O C K B R O K E R S .
17
NASSAU S T R E E T , N E W
YORK.
MALCOLM Ca m pb e l l . Member of N. Y. Stock Exch.
and sold forcalhïîr ™ ™ellitneous Securities boi
W. p WifiSSr or on margin.
Memb. s v S b ™ .
J . B. Cr e ig h t o n ,
___ 1 • ht°ck Exch.
A .B . Cl a f l in , Si
ST O C K B R O K E R .
~ansdale Boardman,
W ' O llK , 80 BROADWAY & 5 NEW ST
N .Y ., NO. 17 FIRST STREET.
Exch. membership j private w ire; all fa cilities
on th e P hiladelphia or New York Stock Exchanges,
F. E. Trowbridge,
BA NK ER AND BROKER,
N o e. 3 A 5 B r o a d o r 2 9 W a ll S tr e e ts.
M ember of th e New York Stock Exohange. Di
recto r of M erchants’ Exchange N ational Bank,
Am erican Savings Bank, A m erican Safe D eposit
Company, Ac., Ac.
Securities bought and sold on commission, fo r
cash or on m argin. All Inquiries gratuitously res*
ponded to . Correspondence solicited.
J a m es w h it b l t ,
h . cru d er o a k l e t ,
Ma y n a r d c . E y r e ,
H e n r y h . D o d g e , W ashington, D. c.
W m . R. T r a v e r s , Spedai P a rtn e r.
Prince & Whitely,
N o. 6 4 B R O A D W A Y , N E W
YORK.
n n r c i i , 5180 F ifth A ve., New York.
ggg 15th St., W ashington, D. Ö
Buy and sell on commission all classes of Railroad
Securities; also G rain and Provisions.
P riv a te Telegraph w ires to P hiladelphia, W ilming
ton, Baltim ore, W ashington, Bridgeport, New H aven,
Boston and P ittsburg.
branch
branch
o f f ic e s j
Cahoone & Wescott,
18
W a ll S tr e e t, N e w Y o r k ,
Execute Orders In all Securities Listed on
NEW YORK STOCK EXCHANGE.
Special A tten tio n given to
Government & other Investm ent Bonds
Correspondence Solicited
BANKERS AND BROKERS,
BANKERS AND BROKERS,
72 B roadw ay,
gtll_.
P riv ate telegraph wires to Chicago, Boston, P h ila
delphia and Baltimore.
Alexander Campbell & Co., R. J. Kimball & Co.,
, C a s h ie r .
W. p. Wight & Co.
N o . 3 1 N e w S tr e e t a n d N o . 1 E x c h a n g e
C o u r t , N e w Y o r k ..
(B r a n c h Of f ic e , 290 B r o a d w a y .)
$ 4 0 0 ,00<
$ 4 0 0 ,0 0 1
Accounts of Banks, B ankers and Corporation
•oUcited.
Our facilities fo r COLLECTIONS are excellen
and we re-discount fo r banks when balances war
rant it.
Boston is a reserve city, and balances w ith ns iro n
(not located in o th er reserve cities) connt as i
reserve.
We draw our own exchange on London and th<
nent, and make Cable tran sfers and plact
Lockwood & Crosman,
P h i l a d e l p h i a & R e a d i n g R R . C o.
SOLID SILVER.
GORHAM M’t’g Co.,
SAFETY PAPERS.
Work Executed In F irep ro o f B uildings.
BLANK BOOKS OF EVERY DESCRIPTION
JAMES MACDONOUGH, President
A. D. SHEPARD,
I
W. M. SMILLIE,
> Vice-Presidents.
TOURO ROBERTSON, J
THEO. H. FREELAND, Sec’y and Treas.
Cro sm a n
W e solicit orders fo r th e purchase o r sale of any of
th e securities o f th e
•AFETY COLORS.
Railway
j . heron
BA N K ER S AND BR O K ER S,
E ngravers and P rinters of
Witt SPECIAL SAFEGUARDS to PREVENT COUNTERFEITING.
Special papers manufactured exclusively for
use of th e Company.
Îfitxîm
cial.
F . M. L ockw ood .
BONDS, POSTAGE it REVENUE STAM P8,
LECAL TENDER AND NATIONAL BANK
NOTES o f th e UNITED STA TES; an d for
Foreign G overn m en ts,
ENGRAVING AND PRINTING,
bank notes , s h a k e c e r t i f i c a t e s , b o n d s
r o u GOVERNMENTS AND CORPORATIONS
DRAFTS, CHECKS, B IL L S O F EXCHANGE,
STAMPS, Ac., In th e finest a n d m ost artlstlo style
FROM S T E E L PL A TES,
NO. 1,135
Hamilton & Bishop,
BANKERS AND BROKER8,
N o. 35 P IN E S T R E E T , N E W Y O R K .
(Members New York Stock Exchange.)
A ccounts of Banks, Bankers and others received.
In te re st allowed on balances. A strictly Commission
Business in th e purchase and sale of stocks and bonds.
P riv ate Telegraph W ire to Albany,Troy, Syracuse,
R ochester, U tica, Buffalo, Cleveland and Chicago.
Draw on City B ank of London In am ounts to suit.
Special a tte n tio n giveu to Securities fo r Investm ent
17 Y ears’ M embership New York Stock Exchange.
Members Philadelphia Stock Exchange.
N o s. 1 6 A 18 B r o a d S tr e e t, N e w Y o r k .
B uy and sell on commission, fo r investm ent or on
margin, all securities dealt in a t tu e N. Y. Stock Exoh.
R o b e r t J . K im b a l l .
A l f r e d B. L o u n sb e r y .
C. J. Turner,
(10 Years’ M embership In th e N.Y. Stock Exchange.)
B A N K E R AND B R O K E R ,
16 A 18 BROAD ST., NEW YORK.
T ransacts a general B anking business, Including th e
purchase and sale of stocks a nd bonds fo r cash o r oa
m argin.
THE CHRONICLE.
ti
[Voi., l u v .
¡Battìiers and gratxretrs $ i 'jKov&i&ti ■Ifecfoatxfli.
THE
Drexel, Morgan & Co., Kidder, Peabody & Co., I N V E S T M E N T CO.
FOREIGN BANKERS,
WALL BTBEET, CORNER OF BROAD,
of Philadelphia.
¡
YORK.
1 Nassau Street, New York,
n e w
CHESTNUT
113 Devonshire Street, Boston. 3 1 0 C ap
ital, 8 3 ,0 0 0 ,0 0 0
Drexel,Harjes & Co
Drexel & Co.,
Oor^of 6th A C hestnut Sta. 31 Bouleyard H aussm ann,
P A R IS .
P IR L A D E L P H I A
DOM E8H O AN D FOREION EANKERB.
ATTORNEYS AND AGENTS OF
Messrs. BARING BROS. & CO., London
Deposits received su b ject to D raft. Soeurltl«#
ouKOt and sold on commission. In te re st allowed on
leposlts. Foreign Exchange. Commercial Credits.
available In all p arts of th e world.
ATTORNEYS AND AGENTS OP
’ H e e e r * . J . 8. M O R G A N &
No.
C O .,
22 OLD BROAD STREET, LONDON.
Brown Brothers & Co.,
N ew Y o rk ,
P h ila d elp h ia ,
B oston ,
C O M M E R C IA L
C R E D IT S .
C ir c u la r C r e d it s f o r T r a v e l e r s .
Ca b l e T r a n s f e r s a n d B il l s o f E x c h a n g e on
G r e a t B r it a in a n d t h e Co n t in e n t .
August Belmont & Co.,
RANK ERS,
N o . 1 2 P i n e S tr e e t ,
18&UB TRAVELERS’ CREDITS, available In all
parts of tn e W orld, through
AND
M s u n , N. M, R oth sch ild Ac Sons, London,
“
do R oth sch ild B ros., P a ris.
BALTIMORE.
••
M . A. de R oth sch ild Sc S ons, F ra n k
Members o f New York, P hiladelphia and B altim ore
fort o \ m .
Stock Exchanges.
S . RL de R oth sch ild , Esq., V ienna.
A L E X A N D E R B R O W N & SONS',
E xecute orders for all investm ent securities. Buy
and sell Bills of Exchange on G reat Britain and
Ireland, France. Germany, Belgium, H olland,
Switzerland, Norway, Denmark, Sweden,
A ustralia, St. Thom as, St. Croix and
B ritish W est Indies.
A vailable In any p a rt o f th e world. In F ra n c s for
use In M artinique and Guadeloupe, and in dollars for
use In th is country, Canada, Mexico and W est Indies.
Make telegraphic tran sfers of money betw een this
country, Europe and British and Danish Went in
dies. Make colleciions o f d ra fts drawn abroad on all
points In th e U nited States and Canada, and or
d ra fts draw n in th e U nited States on loreign oount r T heir London house, Messrs. BROWN, SH IPLE Y
A CO., receive accounts o f A merican banks, firms
and individuals upon favorable term s.____________
T. & J. Stuart & Co.,
J
33 NASSAU
STREET.
S M IT H ,
BANKERS,
NO. 2 8 B R O A D S T R E E T ,
N ew Y ork.
Issue Letters of Credit for Travelers
On SELIGMAN BRO TH ERS, London.
SELIGMAN FKERK8 & CTE, Paris.
__
SELIGMAN & STETTHE1M BR, F rankfurt.
ALSBERG, GOLDBERG & CO., Amsterdam .
ALTMAN & 8TE TT H EIM ER , Berlin,
Payable In any p a rt of Europe, Asia, Afrloa, Aus
tra lia and Am erica.
.
. _ ,
Draw Bills of Exchange and make Telegraphic
T ransfers o f Money on Europe and California.
ALEXANDER BARING.
K e n n e d y T od .
Member N. Y. Stock E xch’ge
, O. NORTHCOTB.
P A Y N E Ac 8 M I T H » S ,
BANKERS, LONDON,
M ANCH ESTER
Ac C O U N T Y R A N K ,
"L IM IT E D ,”
MANCHESTER, PA Y A BLE IN LONDON;
U LSTER
B A N K IN G
COM PANY,
BELFA ST. IR EL A N D ;
a n d on t h e
N A T IO N A L
BANK
OF
SCO TLAND,
EDINBURGH
AND BRANCHES;
ALSO,
CABLE TRANSFERS AND LETTERS OF CREDIT.
J ohn
M
&
unroe
T H E N EW YORK
Produce Exchange Bank.
J . & W. Seligman & Co.
BILLS OF EXCHANGE ON
Co.,
J N o . 8 2 N a s sa u S tr e e t, N e w Y o r k .
N o . 4 P o s t O ffice S q u a r e , B o s t o n .
Issue Circular L etters of Credit fo r T ravelers’ Use
A broad against Cash or Satisfactory
G uaranty o f Re-paym ent.
E x c h a n g e o n L o n d o n , P a r is , B e r lin
a n d Z u r ic h .
F u ll paid.
Buys and sells Bills of Exchange, drawing on
Baring Bros. A Co., London, also on Paris and
Berlin.
A cts as Financial A gent in th e negotiating and
m arketing of Securities. Deals in Bonds—Corpora
tion, R ailroad, State, Municipal, Ac. Executes orders
on commission in Bonds, Stocks, &c. Collects interest
and dividends. Receives money on deposit, allow
ing Interest. As desirable Investm ents offer, will
Issue its D ebenture Bonds, secured by its capital and
------assets.
Of f ic e r s :
W ILLIAM BROCKIE, President.
W HARTON B A RK ER, Vice-President.
H EN R Y M. HOYT. J r ., T reasurer.
E T H E L B E R T WATTS, Secretary.
B oard of D irectors—W illiam Brockie, George 8.
Pepper, M orton McMichael, W harton Barker, Henry
C. Gibson, T. W istar Brown, W illiam P otter.
A dvisory Com m ittee of Stockholders.—George M.
T routm an, G ustavus English, Isaac H . Clothier,
W illiam Pepper, M .D .. Thom as Dolan, John G
Reading, Joseph E. Gillingham, Jo h n Wanamaker,
H enry E. Smith, Charles B. W right, H enry Lewis,
Cr&lge L lpplncott,H am tlton Disston, Clayton French,
Francis Rawle.
a n d t h e ir c o r r e spo n d e n t s .
Draw Bills of Exchange on, and make Cable T rans
fers to. E ngland, France and Germany.
I s s u e C o m m e r c ia l At T r a v e le r s * C r e d its
IN STERLING,
STREET.
J. Kennedy Tod & Co.,
C A P IT A L , 8 1 ,0 0 0 ,0 0 0 .
T ransacts a general banking business.
Receives accounts of banks, bankers and corpora
tions upon favorable term s.
Issues certificates of deposit bearing interest.
Makes loans upon approved merchandise.
Solicits m ercantile and personal accounts.
B i l l s o f E x c h a n g e D r a w n o n t h e City
B a n k , L im ite d , L o n d o n .
C ircu lar L e tters of C redit issu ed tor
tr a v e le r s’ u se and C om m ercial Credits
opened in Europe, A s ia , S ou th America
and the W est In d ies.
Heidelbach,
Ickelheimer & Co.,
No. 68 WILLIAM STREET,
BAN K ERS.
A ct as A gents fo r Banks, Bankers and Railroad
Companies.
. . .
, .
Issue commercial credits, also foreign and domestic
trav elers’ letters of credit in pounds sterling A dollars.
2 0 W IL L IA M
Cor. E xchange Plaoe,
FO REIG N
STR EET,
NEW YORK.
BANKERS.
BUY AND D RAW BILLS OF EXCHANGE
MAKE CABLE TRANSFERS, ISSUE TRAVELOflTer I n v e s t m e n t S e c u r i t i e s .
Buy and sell bonds, stocks and securities in all Am BBS’ CREDITS.
ISSUE COMMERCIAL CREDITS. AVAILABLE
erican, Canadian, British and Dutch m arkets on com
mission. Collect dividends, coupons and foreign and IN A LL PA R TS OF T H E WORLD, ON
inland D rafts.
.
Sell Bills of Exchange on
Messrs. C. J . Hambro & Son. London.
M E LV IL LE . E V A N S * CO., i LONDON.
C. J. HAMBR.O A tsON,
I LU
M ARC U A R D , K R A Ü S S Sc C O .i i p ^ ^ i g
H OTTIMGUKR A CO.._________ t
John Paton & Co.,
SUCCESSORS TO
J E S U P , P A T O N A CO.,
62
W illia m
S tr e e t, N e w
Y ork.
gatxlu
ers an
dlinkers.
Walcott öt Co.,
j C.BANKERS
AND BROKERS,
N o . 2 4 P in e S tr e e t, N e w Y o r k .
Transact a G eneral Banking Businew.
A ccounts and Agency of Banks, Corporations,
Stocks and Bonds bought and sold on Commission.
firms and Individuals received upon favorable term s
Orders received In M ining Stocks, and In Unlisted
D ividends and interest collected and rem itted.
Cr e d it s o p e n e d a n d P a y m en t s Ma d e b y Ca r l e
A ct as agents for corporations in paying coupons Securities. Collections m ade and loans negotiated.
and dividends; also as tra n sfe r agents.
P a r i s H o u s e —M U N R O E Sc CO.
Dividends and in te re st collected.
Bonds, stocks and securities bought and sold on
commission, a t th e Stock Exchange or elsewhere.
Deposits received subject to D raft.
Sterling Exchange and Cable T ransfers bought and In te re st allowed. Inv estm en t securities a specialty.
sold.
W e issue a Financial R eport weekly.
DRAW ON
BANKERS.
T H E UNION BANK OF LONDON,
J o s . a W a lcott ,
(M em bers of th e New York
« 9 W I L L I A M S T R E E T , N E W Y O R K B R ITISH LIN EN CO. BANK, LONDON AND f r a n k F. D ic k in s o n , 1
Stock Bxohange.
_
co r re spo n d en t s or t h e
SCOTLAND.
I n te r n a tio n a l B a n k o f L o n d o n
G eo . Co p p e l l .
t h o s . Ma it l a n d .
(L im ite d ), L o n d o n .
G e r a l d L. H o y t , Member.N. Y. Stock Kxch.
48 W A L L S T R E E T ,
M e s s r s . J o h n B e r e n b e r g , d o s s i e r & Co
(Bank of New York Building).
H am burg.
M e s s r s . M a r c u a r d , K r a u s * Sc C o ., P a r i s
Bonds and Stocks bought and sold a t th e New
Commercial and T ravelers’ Credits.
York Stock Exchange.
b a n k e r s
Bills of Exchange.
Cable T ransfers.
BONDS AND INVESTM ENT SECURITIES FOB
AND
SALE
________ _
C O M M I S S I O N M E R C H A N T S L . C. l a t h r o p . Osc a r B. Sm it h . J .H .O liph a n t .
Schulz & Ruckgaber,
William T. Meredith,
Maitland, Phelps & Co.,
Unger, Smithers & Co.
BANKERS
AND
BRO K ERS,
Members of th e New York Stock Exchange.
D e a l e r s in F o r e ig n E x ch a n g e , g o v e r n m en t
a n d o t h e r I n v e stm en t B onds .
»STERLING LOAN8 A SPECIALTY.
22
& 2 4 E x c h a n g e P la c e ,
New York.
Lathrop, Smith. & Oliphant,
BANKERS AND BROKERS,
HTT.T.a OF EXCHANGE, LETTER S OF CREDIT
., NEW Y O R K ,
TELEG RA PH IC TRANSFERS OF MONEY ON 3 7 BRO AD S6T P
A C IF IC AVE., CHICAGO.
4 4 W a l l S t. a n d 6 2 G r e e n e S t. N . Y .
LONDON, PA R IS, MEXICO. CUBA. Ac.. Ac.
Bnv and sell on commission, for Investm ent or on
Members New York Stock Exchange, New
margin, all securities d ealt in a t th e New York Stock
C otton Exchange, and B oard of T rade Chicago.
Bxonange.
_____________ ____________
KOUNTZE B R O TH ER S,
C a n a d ia n B a n k o f C o m m e rc e
Ca p it a l , $0,000,000.
Su r p l u s , $1,600,00a
J . H. G0A11BI & ALEX. LA1KD,
AGENTS.
16 EXC H A NG E PL A C E , N E W Y O R K
BUY AND SELL STERLING EXCHANGE, CABLE
TRANSFERS, ETC.
ISSUES COMMERCIAL CREDITS, A V A ILA BLE
LN A LL PA R TS OF T H E WORLD.
BANKERS,
1 2 0 B r o a d w a y , E q u ita b le B u ild in g , N ew York
L E T T E R S O F C R E D IT A N D
C IR C U L A R NO TES
Issued for th e use of travelers In all p arts of th e
world. Bills drawn on th e Union Bank of London.
Telegraphic transfers m ade to London and to various
places in th e U nited States. Deposits received sub
ject to check a t sight, and in te re st allowed on bal
ances. G overnm ent and o th er bonds and investment
securities bought and sold on onunissionJ
S
t
e
w
a
r
tB
r
o
w
n
’s S
o
n
s
,
STO CK
BRO K ERS,
8 4 » r o a d w a y Sc 1 9 N e w S t ., N e w York*
THE CHRONICLE.
Mar c h 26, 188?.]
ill
lim
itera atta Irriterà ta SemK
o
trfc©
tig.
H. L. Horton & Co.,
3 4 and 5 « B R O A D W A Y . N ew
Y ork .
Taintor & Holt,
1
Geo. K. Sistare’s Sons,
BANKERS,
BA RTHOLOMEW H O U SE ,) T n x m n w
.BARTHOLOMEW LANE, $ LONDON.
N o . 11 W a l l s t . , C o r . N e w , N e w ¥ o r ) i ,
Special A tten tion G iven to A m erican
S ecu rities.
1 6 Ac 1 8 B r o a d S t r e e t , N e w Y o r k .
131 S o u th T h ir d S tr e e t, P h ila d e lp h ia .
Connected by P riv ate W ire w ith m ain office. New
York.
D EALERS IN
TRANSACT a G ENERAL BANKING business.
DEPOSITS received and IN T ER EST allowed on
KMcit A ccounts and Orders fo r th e Purchase and balances.
F IR S T -C L A S S IN V E S T M E N T S .
Sale of Bonds, Shares, Ac., Ac., on Commission, In
Bny and sell GOVERNMENT. M UNICIPAL and
New fo rk , Boston, Chicago, London o r Paris,
RAILROAD Securities.
aiiBi L 'K i l i ienP n Commission, fo r cash or on m argin.
Interest allowed on deposits subject to d ra fts a t
P riv ate telegraph wires to Providence and Boston. change1111*168 dealt n a t th e New York Stook Exsight
*n,ieI®8t »Mowed on dally balances.
11HOTLITOo«K>. H . h o l t .
Members of th e New York and Boston Stook Ex « I M S S . TA^ £
All depostts subject to check at sight.
Particular attention to orders by mall or telegram.
changes and o f th e New York and Chicago Produce
Exchanges.
P .C .H o l l in s . B .H . E m erson , I.H .W a g g o n e r
Private wires to Chicago, St. P aul, Boston, H a r t
lord, Buffalo and Utica.
Gilman, Son & Co.,
H. B. Hollins & Co.,
N o. 63
BANKERS,
18 W A L L a n d
3 NASSAU S T R E E T S ,
NEW YO RK .
Transact a G en eral B a n k in g B nslneaa.
DEALERS IN GOVERNMENT. M UNICIPAL AND
RAILROAD SECURITIES.
DEMAND DEPOSIT ACCOUNTS R ECEIVED .
INTEREST ALLOWED ON D AILY BALANCES.
Frank C. Hollins & Co.,
BANKERS,
CEDAR STR EET.
BANKERS AND BROKERS,
In addition to a G eneral Banking Business, Bny
end 8ell G overnm ent Bonds and Investm ent Securi
ties.
” ■M iS 'Ä T ä to « W Ä * 1“ p-A™ -
BROKER
John H. Davis & Co.,
61 & 53 New Street and 42 Broadway.
BANKERS AND BROKERS,
B ranch Of f ic e , 91 L e o n a r d St r e e t .
N o . 1 0 W A L L S T ., N E W Y O R K *
Edward L. Oppenheim.
W alter Del Mar.
S. M. R o berts .
E xchanges01 8tocks and Bonds executed a t all
Especial a tte n tio n given to supplying high-class
IN V E S T M E N T S E C U R I T I E S .
P a u l Sc h w a r z .
STR EET, NEW Y O R K ,
AND
S T R E E T . C H IC A G O . T L L .
A. Dutenhofer,
BAN K ERS
AND
BRO K ERS,
N o . 3 0 P i n e S tr e e t , N e w Y o r k .
[ESTABLISHED 1802],
BANKERS AND BROKERS,
W ALL
346_C LA R K
Dickinson & Ailing,
vraa'S'nirwMm011 a t
V. Stock Exchange, fo r INami Bonr?H*anrtr 0°
a11 classes of Stocks
check a t sig h td *Uow intere8t on deposits, subject to
E. L. Oppenheim & Co.,
Members N. Y. Stook Exchange.
11
AND
Dealer In Miscellaneous Securities,
MILLS BUILDING (8d Floor,)
Rooms 25 & 20.
3a W A L L ST R E E T .
„ STA TE AND CITY BOND8 OF GEORGIA at Bn
SECURITIES OF T H E CENTRAL RR A BANK
ING CO. OF GEORGIA, A SPECIALTY
K'
t “ 7®®t°rs wishing to buy or sell are Invited to oal)
to afl'orders d' Prom pt and Peraonal a tte n tio n given
Wood, Huestis & Co.,
Roberts & Schwarz,
31 PINE STREET, NEW YORK,
BA N K E R S AND
BRO K ERS.
(M IL L S B U I L D I N G ,)
W O O D A D A V IS .
roHrk“ toc\0EdrhVn«eal,Foer°8a.e-a Ustedat theNa"
J i z r ^ K v j N RoADfib8t
SUCCESSORS TO
IN V E S T M E N T S E C U R IT IE S .
We make a specialty o f th e buying, selling and
placing of first m ortgage bonds o f railroads, w ater
works, gas works and o th er first-class corporations.
We solicit correspondence.
Fred. H. Smith,
N o. 3 0 B R O A D S T ., N E W Y O R K .
Twentyyears’ experience in R ailroad Bonds. Pax*
°r BeU ün0Urrent Bonda
» Ä Ä r o n M Ä ? * L ° tS ° r ° tberWl8e‘
?• H. SMITH, >Members Consolidated Stook and
- B- w - S m i t h , I Petroleum Exchange. New YorkT
Townsend & Washburn,
BANKERS AND BROKERS,
N o. 6 W a l l S t r e e t , N e w Y o r k .
fotrOC^ h O T <,o n ° ä Ä “ ‘illta n d S° ld o n Commission
8pn li^ . ? i t®ntl<?n f iven, ^ U nlisted Securities.
Deposits received subject to Check a t Sight.
----Correspondence Solicited. ______
Chrystie & Janney,
ba nk er s,
No*, a s & 25 N a s s a u S t ., N e w
Y ork
B
N o .
A
18
N
K
a g O k tJB
C o.
E R
S ,
W A L L
S T R E E T ,
N ew Y ork.
a n d S e ll I n v e s t m e n t S e c u r it ie s ,
A. M. K id d e r . W a y l a n d T r a s k , h . j . Morse
W . C. HILL.
JB o o d tf*
M c te ffa ii
&
B A N K E R S ,
V U O .,
5 8 B ro a d w a y , cor. E xchan ge P la c e, N. Y.
B ranch Office, 3 4 1 L a S a lle S t., Chicago.
TRANSACT A GENERAL BANKING BU8INB88
INCLUDING T H E PURCHASE AND SALE OP
STOCK8AND BONDS FOR CASH OR ON MAR
GIN. BUY AND SELL INVESTMENT SECURI
TIES!. IN TER EST ALLOWED ON DEPOSITS
SUBJECT TO CHECK AT 8IG K T
“
_
■_
P . O. Box 447.
D. A . BOODY.
C. W. MCLELLAN.
Reuben Leland.
W
,
Closson & Dumont,
BANKERS AND BROKERS,
N o . 4 0 W a l l S tr e e t , N e w
Y ork.
All stocks and securities dealt in a t th e New York
Stock Exchange bought and sold on commission, fo r
oasb or on margin. D eposits received and In te re st
allowed on balances.
Douglas & Jones,
7 3 B ro a d w a y ,
1 3 N ew S tr eet.
(Members of th e N. Y. Stock Exchange.)
Buy and sell Stocks and Bonds for cash or on m arsoUcitecl e8t a^ owed 011 deposits. Correspondence
, JO H N F. DOUGLAS.
Of th e late firm of Lawson, Douglas A Co.
T . .
„ , W ILLA RD H . JONES,
L ate of W .S.Lawson & Co., M ember N.Y Stock tr n h ,
J . L. Robertson,
B O N D AMD S T O C K B R O K E R ,
Dealer in Investm ent Securities,
No. 7 NASSAU STREET,
(Continental National Bank Building,)
N ew Y ork .
Rolston & Bass,
BANKERS,
Ä Ä b Ä 0110checkafcslght and
WOOD, n. TT. H U ESTIS T, w BWAN
H e m a n Cl a r k , Special Partner*
I ..® rMU» 0 t a G eneral Banking Business, Including
th e purchase and sale of 8T0CKS and BONDS for
cash or on m argin
BANKER & BROKER,
La n s in g C. W a s h b u r n .
Member N.Y. Stock Exchange.
J no . p . T o w n se n d , Special P a rtn e r.
c (j
U N IT E D B A N K B U IL D IN G ,
W a ll s t r e e t, c o r n e r B r o a d w a y .
clpSa8 ^ u m lt e i ° ad B° nd8’ State' Coooty and M nnl- [ STOCKS, BONDS <t COMMERCIAL PAPER.
N o. 20 BROAD STREET, NEW YORK.
STO C K S, B O N D S,
A N D M ISC E L L A N E O U S S E C U R IT IE S
Stocks and Bonds bought and sold on commission
a t New York Stock .Exchange. A dvances made on
Correspondence solicited.
Q uotations cheerfully furnished.
W m . h . R olsto n ,
w . A l e x b a r s if
Member N. V. Stock Exob’ge.
8> J *
andmak«eHhAlroi,tei
lt
consignm
ents of
B nllion
o m ate liberal advances
on
same when
desired.
Walston H . B ro w n .
F r e d , a . Br o w n .
H e r b e r t P . Br o w n .
Walston H. Brown & Bros
BA N K ER S.
I WM.V. CARMAN.
~~
CHARLES F. COX.
M ember N.Y. Stock Exchange.
H ir a m D e w in g . Cl a r k d e w in g , f . t . B ontkcou
(Mem ber of N. Y. Stock Exoh.)
Carolin & Cox,
B a n k ers and Com m ission s to c k B r o k e rs,
NO. 3 0 N A S S A U S T R E E T ,
_______ NEW YORK.
N d .65 BROADWAY,
Branch Office, 315 Madison Av.,cor. 42d St.,NewYork
D -posits received subject to check a t sight, and In
te re st allowed on daily balances. All stocks and securities dealt in a t th e N.Y. Stocs Exchange bought and
sold on commission, fo r cash or upon m argin.
Simons & Chew,
Simon Borg & Co.,
* P o n L Ä fÄ 2 ra4lo n s& d individuals received
comrniisfon. Term s- Securities B ought and Sold on
—
rniHirm«« n a n ar a n d n th « r
„ v .
»T O O K B R O K E R S ,
s 5 ï a1 £ l COl,rl & 03 B r o a d w a y , N. Y .
N o . IT
Membw N?Y 8» i2 S rîi_ .v
Railroad and Investm ent Securities.
B e v e r l y Ch e w .
NASSAU
S T .,
NEW
YORK
D EA LERS IN A LL KINDS OF
So u t h e r * S l o u r it ik
a
Sp e c ia l t y .
H. Dewing & Son,
B A N K E R S AMD B R O K E R S ,
N o . 1 8 W a ll S tr e e t, N e w Y o r k .
Stocks and Bonds Bought and 8old on Commission
1n g f^ e s tm e n is e c u ritie J .611 10
regardbought and sold.TrUBt C° ‘ 6 Per 0ent D ebenture*
W. H. Goadby & Co.,
BANKERS AND BROKERS^
N o . 34
B R O A D
S T R
N ew Y o lk .
B E I *
THE CHRONICLE.
It
[V o l , XLTV
Satrtw, »ankere and grofeerg «frort
at|m
look.
B A L T IM O R E .
SO U TH ERN .
BHÏKMAN 8.JEWETT, P res. JOSIAH JEWETT.V.PreS.
“
w
o—
s n^w
e l L.-----Cashier.
TT riT.TAM
U H »Am c
we. vCw
-------
Wilson, Colston & Co.,
A. L. Hartridge,
Bank of Buffalo,
BANKERS AND BROKERS,
(Members of Baltimore Stock Exchange),
B A L T IM O R E .
BANKS.
$ 3 0 0 ,0 0 0
C A P I T A I .,
(INVESTM ENT and SOUTHERN SECU RITIES a
BUFFALO, N. Y.
This bank has superior ia<rtlltles fo r making oolleo- ^Correspondence solicited a nd Inform ation furtlo n s on all accessible points In th e U nited Stetes,
O a n Ä S d Europe. Liberal term s extended to ac- “ % . T . Correspondents—MoKim B rothers A Co.
aonnts of bankers and m erchants.
__.
Co k kkh pon dents .—New York, N ational Shoe A
L eath er B ank; U nion B ank of London._________
J . S. A l e x a n d e r ,, P res.
A. A. ALEXANDER, Ca»h*r.
B A N K E R S ,
Circulars and Inform ation on funding th e debts of
Virginia and N orth Carolina free of cost; one-eighth
per c en t charged fo r funding. Southern Railroad
and S tate and City Bonds bought and sold.
N o.
7
SOUTH
STREET,
TRANSACT A G EN ERA L DOMESTIC
FOREIGN BANKING BUSINESS.
AND
P . A. W il e y , Cashier.
The Bank of Durham,
N E W ENGLAND.
D U R H A M , N . C .,
JOSHUA WlLBOUR,
CHARLES H . SHELDON, JR
Be n ja m in A. J a ck so n , W il l ia m b in n e y , J r .
FIRST-CLASS FA C ILITIES.
Haw York Correspondents.—T he N attonal P ark Bank
and Seventh W ard N ational Bank.
a artier
H - GABp r £ ld e n t.
to.
R IC H M O N D , V IR G IN IA .
B A L T IM O R E ,
Pay Special A ttention to Collections.
d
T H O M A S B R A N C H A CO.,
BANKERS AND COMMISSION MERCHANTS
S A N A N T O N IO , T E X A S .
W. T. B l a c k w e l l , P res’t.
Buys and sells on commission all classes of Stocks
and Bonds.
N egotiates loans on m arketable securities.
New York Q uotations furnished by private ticker
every fifteen m inutes
Robert Garrett & Sons,
Texas National Bank,
COLLECTIONS AND INVESTM ENTS MADE.
Correspondence Invited.____________
S A V A N N A H , G A .,
S E C U R IT Y B R O K E R .
p, h il l ,
R. A. Gi b a u d ,
V lce-Pres’t.
Cashier.
EQUITABLE
M o r t g a g e Company,
Wilbour, Jackson & Co.,
C A P IT A L
BANKERS AND BROKERS,
N o. S3
W EY BO SSET
$ 6 0 0 ,0 0 0 .
D E B E N T U R E S
STREET,
P R O V ID E N C E , R . I .
GUARANTEED FARM MORTGAGES.
H OUSTON, TEX A S.
D ealers In Commercial Paper. G overnm ent and
o th er first-class Bonds and Securities and Foreign
C a p ita l.............................................. .........
^ Jp rty a te Telegraph W ire to New York and Boston.
O F F IC E S ;
I
R EFEREN CES;
New York, 208 Broadway. F irst N at. Bk., New York.
Boston, 23 Court St.
Boston N at. Bk., Boston.
P h iladelphia,112 S.4th St. “th N at. Bk, Philadelphia.
Kansas.City, 7th& Del.Sts.l Am. N at. Bk.,Kansas City
F o r r a t e s o f I n t e r e s t a n d f u l l in fo r m a tio n
s e n d f o r p a m p h le t.
Commercial National Bank,
Collections receive our speolal a tte n tio n and are
prom ptly rem itted for.
.
Brewster, Cobb
& Estabrook,
German National Bank,
J .G . F le tc h e r,! STA TE BANK. >0. T. W alker,
Cashier.
P resident, t Incorporated 1070. j
L IT T L E R O C K , A R K A N SA S.
C a p it a l ( P a i d I n ) “ • * • ■ $ 3 0 0 ,0 0 0
Pro m p t atten tio n given to all business In our U na
N. Y. Co r r e s p o n d e n t s .-^Im porters’ A Traders
N ational B ank and N ational Bank of th e RepnbUo.
HL B. B d r r u s s , P re s’t.
A. K . W a l k e r , Cashier.
First National Bank,
W I L M I N G T O N , N . C.
Collections m ade on all p arts of th e U nited States.
H A N K ERS,
N o.
35
BO STO N .
MEMBERS OF THE NEW YORK AND
BOSTON STOCK EXCHANGES.
ALSO,
D e a le r s I n M u n i c i p a l , S t a t e , R a i l r o a d
a n d U n ite d S ta te s B o n d s .
MERCHANTS’ NATIONAL RANK,
W ESTERN.
R IC H M O N D , V IR G IN IA .
Collections made on aU Southern points on best
te rm s; prom pt retu rn s.^ p BKANCH> p resident.
J o h n F. Gl e n n . Cash. F r e d . R. Scott , V lce-Pres’t
P E N N S Y L V A N IA .
E. W. Clark & Co.,
CO NG RESS S T R E E T .
I n v e s tm e n t B a n k e r s , C le v e la n d , O h io .
Sp e c ia l t ie s : Town County and City Bonds: Lake
Superior Iron Mining Stocks, “ Republic,
Cham
pion,’’ “ Cleveland” and “ Jackson.” St r e e t R a il w iy f l_D enver City S treet Railway Co., of Denver,
Col.; S treet Railway Co., of
^apbl®* MicIls
M etropolitan Street Railway, of Toledo, Ohio,
BANKERS AND BROKERS,
Railroad, M unicipal and o th e r desirable In v est
m en t Securities fo r sale.
.„
T ransact a general banking business* Allow inter0BMembers of*the Philadelphia and New York Steck
Exchanges, and connected b y private wire w ith New
York,
Narr & Gerlach,
R A N K E R S AND B R O K E R S ,
No. 437 CHESTNUT STREET,
P H IL A D E L P H IA .
Members o f th e P hiladelphia and New York Stock
Exchanges.
Cable T ransfers, Bills of Exchange and L e tte rs of
C redit.
ESTA BLISH ED 1871.
P. F. Keleher & Co.,
317
O L IV E S T R E E T ,
S T . L O U IS .
N. W. Harris & Co.,
CHICAGO and BOSTON.
o n M IiO of Counties, Cities, &c., of high grade a
pU IN U o specialty, g e n d t o r D e s c r i p t i v e L i s t s .
B A NK ERS AND BROKERS,
ATLANTA.
AND D EA LERS IN FOREIGN EXCHANGE,
Humphreys Castleman,
PITTSBURG ,
PA.
ESTABLISHED 1871.
Whitney & Stephenson
BA NK ERS AND BROKERS,
N o. 57 F O U R T H
AVENUE*
Oldest Pittsb u rg members N. Y. Stock Exchange
JO S. A . M O O RE,
8 4 E a s t M a r k e t S t ., I n d i a n a p o ll« ,li> d .
8%
T h e A m erican In vestm en t Company, of Bm
metsburg, Iowa, w ith a paid-up capital of 8oUU,0 0 0 , su rp lu s 3 7 5 ,0 0 0 , offers first Mortgage
Loans drawing seven per cent, both P rincipal ana
In terest fu lly G uaranteed. Also 6 per cent 10y ear D ebenture Bonds,secured by 105 per cent of first
M ortgage loans held In tru s t by th e M e rc a n tile
T ru st Co., N . Y . Five per cent certificates of
deposit for periods under one year. W rite for lull
Inform ation and references to th e company a t i s o
N a s s a u S t.. N . Y . a ^ o r m s b y >
V ice-President and General Manager.
BROKER AND D EA LER IN ALL KINDS OF
SECURITIES. .
Bonds and Stocks bought or sold on commission;
Georgia a nd A labam a Securities specially dealt in.
Correspondents: Tobey A K irk and A. D utenhofer,
NR eferen ces: A tla n ta N ational Bank, A tlanta, Ga.,
and F o u rth N ational B ank, New York.
C. W. Branch & Co.,
BANKERS AND BROKERS.
St a t e B a n k b u il d in g ,
r [i c h m o
;n ;d ,
R eal E sta te Mortgages on City
and Farm Property, worth two
to fo u r tim es am ounts of mort
gages, in te r e st 6 p er cent to
7 p er cen t, principal and Inter
est absolutely guaranteed, se
curities fo r guaranty held by the
A m erican Loan & T rust Com
MINNEAPOLIS. pany, o f Boston, Mass.
Send fo r circulars to
NORTH*
WESTERN
GUARANTY
LOAN CO.,
Paid-Up Capital, N E IlE It & CARPENTER.
8 2 0 0 ,0 0 0 .
B a n k ers, T roy, N .Y .
A uthoriz’d Capital
E astern M anagers fo r Company
8 2 ,0 0 0 ,0 0 0 .
Rea Bros. & Co.,
>
'¿MEMBERS
New York and Philadelphia Stock Exchanges.
Pittsb u rg Petroleum , Stock and M etal Exchange
P riv ate wires to New York, Boston, Philadelphia
B altim ore and W ashington.
NOTHING SAFER. ALW AYS PROM PTLY PAID
SEND FOR PA M PH LE T.
D ealers in W estern Securities and Local Bonds,
Stocks and prim e Commercial Paper.
SOUTHERN.
4 2 5 W o o d S tr e e t, P i t t s b u r g , P a
Farm Mortgages
In Sams of $100 and Upwards on In*
diana and Ohio Lands.
Chas. H. Potter & Co.,
N o . 3 5 S o u t h T h i r d S t ., P h i l a d e l p h i a .
E ight per cent n e t to invest
ors. No losses. In te re st col
lected free of charge to lender.
First mortgage on improved
farm property in finest agri
cultural d istricts in Alabama,
th re e tim es am ount of
Legislative au th o r worth
loan.
ity to negotiate loans. Sole Alabama correspond
ents of several European farm
companies.
M. NELSON, loan
Individuals or Trustees de
P resident.
siring to m ake safe loans,
W. R. NELSON. address th e company for par
V .-P. A Gen.Man’ger ticulars and references.
LO A N CO. o f
ALABAM A,
S e lm a , A la .
v .a
in v e s t
THR<i J ^ j ^ A 5 E f SOCND
LA W R EN C E , K A N .
F. M. P e r k in s , P res’t.
P riv ate wires connecting w ith W ashington. Balti
m ore, Philadelphia and New York
Vow York nnrraaDondentS. PfillOQ A Wmt©ly
X., H . P e r ki ^ , Sec-
l*The choicest*blrst’M ortgage F arm Doans, also the
Company’s T en Y ear D ebentures, based upon '»
paid up capital and assets of over $650,000. No losses.
Eleven years’ experience, w ith absolute satisfac iod
to over 1,500 investors. Send fo r c ir c u its , forms ana
full inform ation. B ranch offices in N .Y . City au
Albany. New York Offlce^OTBroadwaj^^ AgentB^
I m p o r t a n t N o tic e .
CO yyr/n v-R a
.
and
WESTERN FARM MORTGAGE CO.,
of
K ANSAS BE A L ESTATB
MORTGAGES:
l e n t to HODGES A KNOX, TOPEKA,
tor Free Pamphlet containing the compiled Lam
T
relating to Beal Estate Mortgage*-
THE CHRONICLE
M a r c h 26, 1 8 8 7 .J
gpttinl Itttfjestmaxts
Jarvis-Conklin
Mortgage Trust Co.,
SUCCESSORS TO
Tarvis, Conklin & Co.,
K A N SA S C IT Y , M O.
C ap ita l P a i d U p
-
-
$ 1 , 0 0 0 ,0 0 0
OFFICERS:
S A M l'E L IN. J A R V I S , P r e s ’t.
E D W IN E . W IL S O N , 1 s t V l c e - P r e s ’t .
H E N R Y P . M O R G A N , 2 d V ice-J P res’t .
R O L A N D R . C O N K L IN , S ee’? .
W M . F . S H E L L E Y , T r e a s ’ r.
G E O . W . M c C R A R Y , C o u n s e l.
Mahoning Coal Co. Stock.
Defaulted Railroad Bonds.
T O B E Y
A
K I R K ,
A S P E C IA L T Y .
Gas, Railroad & Amusement Co. Stocks
A LL OF T H E
W M .
C .
96
The Investors’ Agency,
2 3 4 L a S a lle S t., C h i c a g o , 111.,
M. L. SC UDDER, J r ., Proprietor,)
ANSW ERS INQUIRIES CONCERNING
A m e r ic a n S to c k s a n d S e c u ritie s
Large L ibrary of R ailroad Documents.
C om petent E xperts.
Confidential R eports,
____________________________ M oderate Charges.
E. S. Bailey,
5 1* P I N E S T R E E T .
DEALINGS IN
I N S U R A N C E
A
STOCKS
S P E C IA L T Y .
I Cash paid a t onee fo r th e above sec u rities; or th e ;
will be sold on commission a t seller’s notion.
S E C U R IT IE S
IN .
8HB QAB QUOTATIONS IN T H IS P A P E R .
Q*o. H. P r e n t iss . W. D. P r e n t is s . W.W. W a l sb .
Member N.Y.Btook Bxoh._________ L. F . Ol n e y , J r .
Columbus H ock in g T a lley 4s T o led o .
Toledo 4c Ohio C en tral.
K an aw h a 4c O hio.
East T enn essee V a. 4c G eo rg ia .
American S p ea k in g T eleph on e.
Sonthern T elegrap h.
J. P. Gayle,
R E A L ESTA TE AGENT,
F i r s t A v ., b e t . 1 9 t h a n d 2 0 t h S t r e e t s ,
Up stairs, opposite B ern er N ational Bank.
BIRMINGHAM, ALABAMA.
B o u g h t a n d So ld b t
Valuable suburban tracts of land in bodies of
ten to eighty acres easb.
J. S. Stanton,
f i t t in g .
>9 a n d 1 8 B R O A D S T R E E T .
H. L. Grant,
N o.
145 B R O A D W A Y ,
NEW YORK.
CITY RAILB0AD STOCKS & BONDS
BOUGHT AND SOLD.
Bee Quotations o f City R ailroads In th is paper.
R. T. Wilson & Co.,
b a n k e r s a n d c o m m i s s io n m e r c h a n t ,
2 E xchange C oart N ew Y ork .
C
O
L
O
R
A
D
OC
E
N
T
R
A
L
Consolidated Mining Co.,
48 E X C H A N G E PL A C E .
P a u l L ic h t e n s t e in ,
H . R. b a l t z e r ,
President,
V ice-President,
R. V. Ma r t in s e n ,
W. E. Ma n t iu s ,
Treasurer.
Secretary.
G. W. HALL, Sup’t.
B R O K E R S ,
No. 26 BROAD STREET, NEW YORK.
J
B roadw a
See my quotations of T ru st a nd Telegraph Stocks
to Daily Indicator and Saturday’s Evening Port.
WATER BONDS FOR SALE.
DEALT
Walsh & Floyd,
S T O C K
N O Y E S ,
8ealed proposals will be received by th e under
signed un til tb e 7th day of April, IS87, a t 12 o’clock
M„ fo r th e sale of from Sixty to Sixty-five Thousand
Dollars o f th e Bonds of th e village of Geneseo, Liv
ingston County, N. Y. Said bonds to be payable in
ten , tw en ty and th irty years in th e city of New
York, and dated May 1,1887, w ith sem i-annual in te r
e st ; $30,000 payable in te n years from d a te ; $20,000
payable in tw enty years from d a te , a nd th e balance
payable th irty years from date. T he village has an
assessed v aluation of $1,000,000 w ith no bonded
debt. The bids to state th e ra te of in te re st a t whioh
th ey a re proposed to be taken; an d th e rig h t is re
served to re je c t any and all bids. F u rth e r in fo rm a
tio n furn ish ed upon application.
D ated Geneseo, M arch 16th, 1887.
T H E '). F . OLMSTEAD,
T reasu rer Board of W ater Commissioners.
AND ALL KINDS OF
66 B r o a d w a y , R o o m 8 .
BOUGHT AND SOLD BY
AND
BROOKLYN
GEO. B . R IP L E Y ,
N ew Y o rk
N o. 4 9 W A L L 8T . , N E W Y O R K ,
Street R ailroad Stocks and B ondi
L A N C A S T E R 4c CO*
IO W a l l S tr e e t .
Trast Co.’s Stocks.
Geo. H. Prentiss & Co., Village of Geneseo, N.Y.
S E C U R IT IE S ,
A.
Staten Island Securities
AND
GAS
R.
__
______________ N E W Y O R K ,______________
B r o o k l y n C o m p a n ie s’
AMD
T h lsro a d form s a p a rt of th e through line from
Now York to Tampa, Florida, over which th e Cuban
mail Is now carried. W e recommend these bonds as
secured by a large and rapidly increasing through
and local business. Price, par and aoorued in terest.
Pam phlets and copies of mortgage furnished-
4 AND 6 BROAD STR E ET,
SIX P E R C E N T D E B E N T U R E S ,
GAS S T O C K S
F irst Mortgage 6 P e r Cent Gold Bonds
( 8 1 2 ,0 0 0 P E R M ILE),
Texas & Pacific RR. Income and Land
JACKSONVILLE
TAMPA & KBY WES1
G rant Scrip.
RAILWAY COMPANY.
lim ited to $1,568,000. Principal d uel
New Orleans Pacific RR. Land G nyit InIssue
te re s t payable in New York Jan u ary a nd Ju l
Completed
Feb. 22, 1886. S tJhdard gauge. Ste
Bonds.
rails. First-class equipm ent.
payable half-yearly at the office of TH 5 MER
108 M O N T A G U E S T ., B R O O K L Y N .
Sfittatiti*!,
g p & t i n l S u tr je B in x je titß
This Company offers for sale at par and
aoorued interest its
CANTILE TRUST CO., NEW YORK. These
Debentures run for Ten years, but w ith the
option of redemption at the end of F ive years.
They are direct obligations of the Company,
and are further secured by an equal amount of
Real Estate Mortgages on improved and pro
ductive Real Estate worth from three to five
times the amount ofithe mortgages, held by THE
MERCANTILE TRU ST CO., which under special
Articles of Agreement acts as Trustee for the
holders of the Debentures. They are Issued in
denominations of $500, $1,000 and $5,000
These Debentures are a very desirable class
of investments for Estates and Trust Fundsand for individuals and corporations desiring
an exceedingly safe investm ent, w ith a oom,
p a rativ ely high rate of interest.
Write for further information and reference
to onr office at Kansas City, Mo., or to
RO LAND R . C O N K L IN , S ec r e ta r y ,
E q u i t a b l e B u i l d i n g , N .Y . C it y .
J O H N M . S H R I G L E Y , Manager,
4 1 1 W a l n u t S t ., P h i l a d e l p h i a .
M ORG AN 4c R R E N N A N , M a n a g e r s ,
2 7 C u s t o m H o u s e S tr e e t ,
____________________ P r o v i d e n c e , R . 1 .
v
am es
W . W a l s h , J r .,
N ic o l l F l o t d , J h
M ember N. Y. Stock Exchange.
In te re s t,
s trid e ads,
S e t.
28 N a s s a u St ., N e w Yo r k , March 2.1887.
N O T I C E IS H E R E B Y G IV E N T H A T
. , “ 18 tra n sfe r books of th e Cincinnati In d ian ,
»polls St. Louis A Chicago Railway Company will be
olosed on th e 18th Inst, and be reopened on th e 1st
day of April n ext, to prepare for th e Issue of $3,000,000 of new capital stook, pursuant to resolution of
th e Board of Directors passed a t a m eeting duly held
on th e 21st day of February last.
By order of th e P resident.
_______ MORTON. BLISS A CO., T ransfer Agents.
U DATED MINING CO.—The regular dividend.
No. 16, of Five C ents per Share ($18,750), has been
declared to th e Stockholders of th is Company, pay.
able on April 11, a t th e Farm ers’ Loan & T ru st Co.
T ransfer books close on April 1st, reopening on
April 12.
R. V. MA RTINSEN, T reasurer.
N e w Yo r k , March 10.1887.
T ONG I S L A N D R A I L R O A D C O M P >Y l
AJ —D IVIDEND NO. 36.—The Board of D irectors
have declared a quarterly dividend of ONE P E R
CENT upon th e capital stock, payable May 2, 1887.
Transfer books close April 11 and reopen May 3.
Ma r c h 22,1887. HEN RY GRA VMS. T reasurer.
Q F F I O E O F T H E O N T A R IO S I L V E R
W MINING COMPANY, MILLS BUILDING, 15
Broad S treet, New York, March 21,1887.
D IVIDEND No. 130.
The R egular M onthly D ividend of FIFTY CENTS
per share has been declared for February, payable
a t th e office of th e Company, San Francisco, or a t
th e tra n sfe r Agenoy In New York, on th e 31st Inst*
T ransfer books close on th e 21th inst.
LOUNSBERY A CO., T ransfer A gents.
(C H IC A G O R O O K I S L A N D A P A C I ^
F1C RA ILW AY COM PANY.-O f f ic e OF THE
T r e a s u r e r , Ch ic a g o , M arch 23,1887.
A quarterly dividend of $1 76 per share will be paid
May 2 n e x t to th e shareholders of this com pany’s
stock registered on th e closing of th e tra n sfe r books.
T he tra n s fe r books will be closed M arch 28 andre*
open April 26. and be again closed May 2 fo r th e a n .
nual m eeting Ju n e 1.
W. G. PURDY, T reasurer.
M ORTHERN
P A C IF IC R A IL R O A D
J-1 COMPANY. — T r e a s u r e r ’s Of f ic e , N o . 17
B r o a d St ., N e w Y o r k , March 24,1887.
Coupons of th e G eneral Second Mortgage Gold
Bonds of th li com pany, due April 1, 1887, will be
paid on present,«tton a t th is office on and a 'te r th a t
d ate. T he books for th e tra n sfe r of th e $5,000 R eg.
istered Certificates will close M arch 29 and reopen
A p rili. A t close of business March 31, checks fo r
in te re st due on said Registered Certificates will be
m ailed to holders of record a t th e ir respective a d .
dresses.
RO BERT LENOX BELK N A P.
T reasurer.
T H B C H A T H A U N A T IO N A L B A N K ,
196 B r o a d w a y , N e w Y o r k , M arch 23,1887.
SIX T Y -FIFTH DIV ID EN D.
T he Board of D irectors have th is day declared a
quarterly dividend ef T H E B E (3) P E R CENT o u t
oi th e earnings of th e past th re e m onths, payable on
and a fte r A pril 1.
T he tra n s le r books will rem ain closed until th a t
date.
H . P. DOREMUS, Cashier:
S T O C K H O L D E R S ’ M E E T I N G —T H E
annual m eeting of th e stockholders of th e
A
DEN V ER & RIO G RANDE R R . CO.,
fo r th e election of directors and fo r th e tran sactio n
of such o th e r business as m ay come before th e m e e t,
ing, will be held a t th e principal office of th e Com.
pany, in Denver, Colorado, on MONDAY, th e 2d of
May, 1887, a t 12 o’clock.
T he tra n sfe r books will be closed a t 3 e ’elook P.M.,
A pril 9th, and reopened May 9th.
By o rder of th e B oard of D irectors.
WM. WAGNER, Secretary.
THE CHRONICLE.
▼i
F in a n c ia l.
f in a n c ia l.
T> EORGANIZATION OF T H E PH IL A D E L I V P H IA &- READING RAILROAD COM
PANY AND A FFIL IA T E D COMPANIES.
Creditors and shareholders wh>> have not y et depol sited th e ir securities u nder th e Reorganization plan,
will be perm itted to denosit th e m until vVEDNKS1 DAY, MARCH 16, 1887, by th e paym ent of a PEN
ALTY OF ONE P E R CENT upon th e par value of
th
securities,
andl _th
re
e rU(perm
e pecumiHB,
auu
m
ici na fte
untTT
e ir will
. itted
j
_ .e.»
i.D Q be.
n A fu
V rth
VM
IA
H
m
to deposit ithem
until
THURSDAY,
ABLH
81,1887, by tn e paym ent of a sim ilar PK N A L I x o r
TWO P E R CENT.
^ _
...
T he General Mortgage Bonds are to be deposited
w ith Messrs. D REX EL * CO. and all other secur
ities w ith Messrs. BROWN, BROTHERS & CO.
JO H N B. GARRETT,
Chairm an R econstruction Trustees.
D eposits will be received in New York of G eneral
M ortgage Bonds by Messrs. DRKXEL, MORGAN &
CO., and other securities by Messrs. BROWN
b r 6 t h e r s & CO.
Mexican N at’l Railway
f in a n c ia l.
TO T H E P R E F E R R E D
A ND COMMON
ST O C K H O L D E R S OF
The Lake Erie & Western
RAILROAD COMPANY.
Notice Is hereby given th a t on ifo n d ay . M arch 28
1887, th e corrected certificates fo r th e p referred
«took o f th e Lake Brie & W estern Railroad Company
will be ready fo r delivery a t th e C entral T ru st Com
pany of New York, when all unpaid calls will be due
an d payable.
Notloe Is also given th a t th e tra n sfe r books of th e
company will be closed on Saturday, April 2,1887,
a t 3 o’clock P. M., and th e stookh lders of reco rd on
th a t day will be e n titled to subscribe on or before
Tuesday, April 5,1887, a t 3 o'clock P. M., a t th e Cen
tra l T ru st Company of New York, as fo llo w s:
T h e holders o f th e preferred stock will be en titled
to subscribe to th e am ount of th irty -sev en and oneh a lf (3 7 h 0 p er c en t o f th e ir holdings in new pre
fe rred stock a t fifty (5 0 ) Cents on th e dollar, payable
one-half In cash a t th e tim e o f subscription and th e
rem aining one-half on o r before May 5,1887, when
th e new preferred stock will be delivered.
H olders of common stock will be en title d to sub
scribe to th e am ount o f th irty -sev en and one-half
( 3 7 1a) per c en t o f th e ir holdings In new common
stock of th e company a t tw enty cents on th e dollar,
payable one-balf In cash a t th e tim e o f subscription
an d th e rem aining one-half on or before May 5,1887
w hen th e new oommon stock will be ready fo r dellv
ery.
T h ese Issues o f stook, to g e th e r w ith an Issue of one
m illion six hundred and tw en ty thousand dollars
( # 1 , 6 2 0 ,0 0 0 ) of th e company’s F irst Mortgage
Bonds, have been m ade by th e company in paym ent
lo r th e railroad and property form erly known as th e
Indianapolis P eru & Chicago Railway, one hundred
an d slxty-tw o (1 6 2 ) miles In length, o f main line,
from Indianapolis to M ichigan City, Indiana, and
include ab o u t fo rty (4 0 ) miles of side track, and all
th a t com pany’s extensive term inals in th e city of
Indianapolis and on Lake Michigan, as well as its
eq u ip m en t and oth er property free from Car T rusts
o r any oth er liens.
Stockholders m ust avail them selves of th e ir privi
leges prom ptly on th e dates named, as any am ounts
n o t tak en have been otherw ise placed In o rd er to
m eet paym ents on th e properties purchased.
Paym ents to be m ade a t th e C entral T ru st Com
pany o f New York.
OFFICE OF DREXEIi, MORGAN & CO.,
23 W a l l St ., N ew Yo r k , March 16,1887.
Chicago & Atlantic RR. Co :
H aving u ndertaken, a t th e request of th e holders
o f a large am ount of th e securities of th e Chicago
& A tlantic Railway Company, to bring about th e re
organization of th a t company and to ad ju st th e dif
ferences betw een it and The New York Lake Erie &
W estern RR. Co., w ith th e understanding th a t th e
railroad of th e reorganized company shall be tra n s
ferred to and operated by th e New York Lake E rie
& W estern RR. Co., we have m ade a co n tract with
T h e New York Lake Erie & W estern RR. Co. w ith a
view to such reorganization and adjustm ent.
Copies of a circular setting fo rth th e plan of re
organization may be obtained on application a t our
office.
H olders of th e securities of th e Chicago & A tla n
tic Railway Company a re requested to deposit same
w ith in accordance w ith said eircular.
N e w Y o bk , M arch 22,1887.
i^iao,ooo
Brooklyn Cable Comp’y
« PER CENT 1ST MORTGAGE BONDS,
CO UPO N* M A R C H
1907.
AND S E P T E M B E R .
Füll SALB BY
COFFIN
&
)
>
R E O R G A N IZ A T IO N .
B ondholders are notified th a t out o f th e total iggga
of $ 2 4 , 3 3 0 , 0 0 0 o f th e first mdrtgageibonds, more
th a n $ 2 3 ,0 0 0 ,0 0 ( 1 have assented to th e MathesonPalm er agreem ent fo r reorganization, of which
$ 1 8 , 8 0 0 , 0 0 0 have already been deposited, and
th e rem ainder are In course of deposit.
Bonds will be received by the. UNION TRUST
COMPANY of New York fo r deposit to th e order of
George 8. Coe, E ckstein N orton and Joseph D. Pott«,
th e Purchasing Committee, in accordance with said
agreem ent, u n til April 2, prox., w ithout penalty.
A fte r th a t d ate a penalty of f 10 p e r bond will bo r*.
qulred on deposit.
To th e Security H olders of th e
L . M . S C H W A N , S ecreta ry .
DUE
[You XUV
STANTON,
BANKERS,
10, 11 AND 12 M OB TIM EB BUILDING, WALL ST., N.Y.
W e recom m end th ese Bonds as a cheap and very
desirable home investm ent. Full particulars f u r
nished on application.
TO T H E SECURITY H O LDERS OF T H E
H olders of a large m ajority of th e Stock and Bonds
of th e Pittsburg & W estern Railroad Company hav
ing become parties to th e plan of reorganization
dated M arch 10th, 1887, notice Is hereby given th a t
th e right to deposit securities under said plan will
expire A pril 9th, 1887, a fte r which d ate stock and
bonds, if received a t all, will only be accepted on
term s to be fixed by th e Committee.
D eposits of Stook and Bonds m ust be m ade w ith
M essrs. DREXBL & CO., Philadelphia, or Messrs.
DREX EL, MORGAN & CO., New Y ork, who will
isbue receipts for th e same.
J . LO W BER W ELSH .
JO H N T. TERRY ,
C. H . COSTER,
ANTHONY J . THOMAS,
Committee.
N e w Y o r k , M arch 25,1887.
New York City & N orthern BE. Co
In th e suit in th e Suprem e C o u rtto foreclose the
lortffaffe given to secure tn e CONSOjLXDATKD SIX
P E R CENT BONDS OF T H IS COMPANY, an
order of reference h a s been m ade to take proof of
th e outstanding bonds, th e nam es of persons hold
ing th e same, tn e am ounts of such holdings and the
circum stances u nder which such holdings were ac-
BANKERS,
[ New York City & N orthern RR. Co
N e w K o rk *
N o.
*5
N A SSAU
S T ., N E W
YORK.
P . O. BOX 1,422.
T ransact a general banking business, lnolndlng th e
purchase and sale of securities listed a t th e New
York Stock Exchange, or In th e open m arket.
R eceive deposits subject to check a t sight and
allow In terest on dally balances.
>
G overnm ent, State, County, City an d Railroad
bonds constantly on hand fo r sale or exchange, and
p articu lar a tte n tio n given to th e subject o f Invest
m ents fo r in stitu tio n s and tru s t funds.
G as, I n s u r a n c e . B a n k s , C ity R a ilr o a d s,
A -j. Send fo r list published on Mondays.
p . W I N T K I .8G U A M . 3 6 P in e S t., N .Y .,
Member Consolidated Stock « Petroleum Exohanga.
Member N. Y. Produce Exchange.
In te re s t F ebruary and A ugust a t FARMER*
LOAN AND TRU ST GO., T rustees, New York, sei
Vincennes (tnd.) W ater Snpply Co.
6 per ct. 30-year Gold Bonds.
in te re s t payable Jan u ary and Ju ly At PHILADEL
P H IA TRUST CO., T rustees, Philadelphia.
T he above works have been accepted by the re
spective Cities a nd are in full operation. For
fu rth e r particulars apply to
W . € r.
H O P P E R
&
CO.,
No. 28 South T hird S treet, Phila.
WG
O F F E R F O R SALE
A LIMITED AMOUNT OF
F irst Mortgage 6 P er Cent Gold Bond*
OF THE
Pittsburg & Western RR.Co
Henry S. Ives & Co.,
BANKERS AND BROKERS,
74 BR O A D W A T an d 9 N EW ST R E E T ,
W E O FFER FO R 8 ALB
Denison (Texas) City W ater Ct.
6 per ct. 30-year Gold Bonds.
» R E X E L , M O R G A N dc CO.
** T h lf holders of such bonds who have no t already
done so are notified to deposi t th e ir bon ds with. T H E
FARM ERS’ LOAN & TRUST COMPANY.
D ue notice will be given to such depositors of th e
tim e and place w han th e y m ust attend, and make
Proof before th e R eferee, and th e t ounsel of th e
C om m ittee of Bondholders will a tte n d with them
fo r th a t purpose,
,
.
. ,
.
. .
The to ta l am ount of such outstanding bonds Is
(3,697,000, of which (2,775,000 have been deposited
w ith T H E FA R M ER S’ LOAN & TRUST COMI?ANY.
F or fu rth er Inform ation address Messrs. HOLMES
& ADAMS, 35 Wall S treet. New York.
H EN R Y VILLA RD,
E L IJA H SMITH,
WM. MERTENS,
A L F R K u LIC H T EN ST EIN , ARNOLD MARdUS,
Committee of Bondholders
Howard Lapsley & Co.,
M A T B E S O N dc GO.
W I L L I A M JT. P A L M E R .
Dated March 25,1887.
H olders of certificates issued by T H E FARMERS
LOAN A T R l'S T COMPANY fo r th e Consolidated
Six P e r C ent Bonds of th is Company, are required
to call upon or send th e ir names and addresses a
Messrs. H O LM ES & ADAMS, 35 Wall s tre e t, 1_
th e purpose of enabling th e Counsel of th e Com
m ittee of Bondholders to m ake proof before a R e
feree, appointed in th e pending foreclosure suit, aj
th e outs tanning bonds and certificates, th e nam es
th e persons holding th e same, th e am ounts of m en
holdings and th e circum stances under which such
holdings w ere acquired .
H EN RY V ILLA RD,
E L IJA H SM ITH.
WM. MERTENS,
A LFRED LICH TEN STEIN , ARNOLD MARCUS
C om m ittee of Bondholders.
Joseph G. Martin,
STO CK B R O K E R ,
AND
E A L E R IN INVESTM ENT SECURITIES
No. lO State Street, B oston.
ROHE
&
DECATUR
RR.
Principal payable 1928. In te re st Ju n e and Decem
ber a t A m erican Loan & T ru st Co., Trustee.
Issued a t th e ra te of (15,000 per rnlie.
,
This railroad runs through th e richest mineral and
agricultural portions of th e States of Georgia and
Alabama, and form s a d irect W estern outlet for
roads centering a t Rome, Including th e East Ten
nessee Virginia & Georgia and Georgia Central roadi
G R O VESTEEN & P E L L ,
66 E x c h a n g e P l a c e , N e w Y o r k ,
BANKERS AND BROKERS.
Fifth Avenue
H OTEL,
M a d is o n S q u a r e ,
M E W YORK.
The Largest, B est A ppointed and Most Liberally
Managed H o te l in th e City, w ith th e Most Central
and D elightful Location.
_ __
HITCHCOCK. DARLING & CO.
Bible Hotel,
AM STERDAM , HOLLAND.
B eautifully situated in th e e en tre o f th e city, clo«
to th e Railway S tation and th e Exchange. Flirt
ra te cooking. E xcellent wines. M oderate prices.
W . P. W ER K ER , Manager.
M a s s a s o i t House,
S P R I N G F I E L D , M ASS.
T H E BEST A PPO IN TED H O U SE IN WESTEB*
N EW ENGLAND,
C onvenient fo r th e to u rist or business man.
U nion Depot.
^
H C H A P IS .
f^ tu a u jc ta l.
Spencer Trask & Co.,
BANKERS & BROKERS,
16 and 18 Broad Street, N. V.
Albany, N.Y.
Providence, R. I.
Saratoga.
Transact a General B a n kin g Busineß
Direct Private Wires to each office and to
PHILADELPHIA.
BOSTON,
WORCESTER.
'inancM
AND
H D N T ’ 8 M E R C H A N T S ’ M A G A Z I N E ,1
¡Ü Werlütj §Leursspapiï,
r epresenting t h e i n d u s t r ia l a n d c o m m e r c ia l in t e r e s t s o p t h e
VOL. 44.
SATURDAY, MARCH 26, 1887.
C O N T E N T S
(Chronicle.
Terms of Subscription—Payable in A dvance:
For One Y ear (in d u c tin g p o s ta g e ) .......................................... $ i o 20
For Six M onths
do
...................................
6 10
European Subscription (including postage)......................... 11 28
Annual s u b sc rip tio n in L o n d o n (in c lu d in g p o s t a g e ) . . . . . . . £,2,7s.
Six Mos.
do
do
do
.......... £ 1 8 s.
These prices in c lu d e th e I n v e s t o r s ’ S u p p l e m e n t , o f 1 0 0 p a g e s ,
Issued once In tw o m o n th s , a n d f a m is h e d w ith o u t e x t r a c h a r g e to
subscribers of th e C h r o n ic l e .
Subscriptions w ill be continued until definitely ordered stopped. The
publishers cannot be responsible for rem ittances unless made by Drafts
or Post 0111oe Money O rders.A file cover Is fu rn ish e d a t 5 0 c e n ts ; p o s ta g e o n th e s a m e is 18
cents. Volum es b o u n d f o r s u b s c rib e rs a t $ 1 0 0 .
L o n d o n A g e n ts :
Messrs. E dw a r d s & S m it h , 1 Drapers’ Gardens, E. C., who w ill take
suls'jriptions and advertisem ents and supply single copies of the paper
____
at Is. each.
WILLIAMB. DANA. S
l
' t
DANA Ac Co., Publishers,
S tr e e t, N E W V O I1 K ,
Post Office Box 958.
7 9 & 81 W illia m
CLEARING HOUSE RETURNS.
NO. 1,135.
these values from the New York totals, the exchanges arising
through other business exhibit an increase this year of 59*2
per cent.
TH E CHRONICLE
Clearing-House Returns........ 379 Sufferings Caused by the Ap
The Financial S itu ation ...........380
preciation of G old ................... 385
The Money Market and
Railroad E arnin gs,......... ........... 389
Changes in Law as to Bank
Imports and Exports in Feb
R e se rv e s ................................. 382
ruary............................................ 389
Lower R ailroad R a te s a n d Sfe.
Monetary and Commercial
Y o rk .....
Paul's E a rn in g s........................ 3 8 3
English N ew s........................ 389 SNew
iiti of—
Small G rain R ec e ip ts a t N ew
Commercial and Miscellaneous
(Stocks....
that»».)
York.............................................3 8 4
N e w s ...................
391
(Cotton....baits
(Crain. ..bushels)
(Petroleum..bbls.
JOHN a pl o t d
u n it e d s t a t e s .
Week Ending March 19.
Week E nding Mar. 19.
1887.
188«.
Per Cent
1887.
$028,345,86S
$652,148,08
—3-0
$661,8:0,891
(1,381,978
(032,700
(50(577,000
(30,722,0001
(2,400,188
(654,600
(20,875,000
(34,615,000
(-42-4)
18 6)
(H-88-2)
(-11-3J
(1,784,343
M W
(504,200 (—47-8)
(55,680,800 (+108-8)
(28,120,000 (-20-8)
B o sto n ..................
Providence...........
H e rtfo rd ...............
New H a v en ..........
P o rtland.............
W o rcester............
Sprlngueld............
L ow ell..................
$89,559,440
4.245.500
1.603,477
1,172,700
860,785
006,725
1,017,078
581,171
$75.828.326
4,025,800
1,606.656
1,036,610
861,623
799,875
726,190
430,862
+18-9 +5-6
+3 5
+131
+0-0
+ 13-4
+401
+34-9
$86,137.680
4.476,000
1.615,689
1,084.736
793,313
800,920
83J ,828
588,127
Total N. England
$100,012,922
$¿14,815,953
+17-9
$63,169,898
8,418,149
12,603,044
$50,136,727
0,721.706
11,887,832
•+0-8
-(25 2
■+0-5
$90,385,202
+19-1
$60.335,792 f +17-8
8,093,837
+10-9
12.463/,93
+11-0
$80,805,422
+19Ï
Philadelphia.......
P ittsburg..............
B a ltim o re ..........
T otal M iddle...
$84,191,019
$77,096,265
Ohioago................
C incinnati............
M ilwaukee............
D etroit............. .
Indianapolis........
Cleveland.............
Columbus.............
P eoria...................
O m aha..................
M inneapolis.........
D enver..................
St. P aul ...............
G rand R ap id s....
W ichita*...............
$53,123,073
10,763,800
8,474,858
8,302,728
1,350,812
2.805,782
2,424,241
1,024,125
2.459.012
8,187,847
2,509,562
3,554,228
484,061
1,783,589
$41,550,637
9.088.750
2,960,723
2,898,00-1
1.044,754
2,048,111
1,681,669
078,147 .
1,511,734
2,650,613
1.478.751
2,605,127
885,567
+8A
+279
4-18-4
4-17-4
-016-2
+29 3
+80-2
+44-2
+51-0
+62-7
+20-0
+69 9
+30-4
+25-5
Percent
+14-4
+18-7
+10-5
-8 -0
+1Ö-A
+4*0
+36
+14-4
+15-8
$51,462,682
432-8
12,474,050
+26-9
4,230,003 , +81-4
3.305,431
+5-8
1,390,513
+13-4
3,001,922
+44*7
2,212,897
+20-51,025.709
+500.
2.562,569
+93-9
3,014,000
+33-0
2.664,829
+53-1
3,901,668
+85-9
570,082
+43-6. '
1,756,890
$90,384,227
$70,582,247 +28-1
There has been no special activity in stock speculation at T otal W estern..
$04,971,481
+34-#
Louis.......... .
I New York at any time since the opening of the year; on the St.
$17,247,520
$12,551,960 +37-4
$17,308,054
+19-1
St. Jo se p h ............
1.741,320
723,267 +140-8
1,510,704
+67-5
I contrary, dulness has generally ruled, and more so during the New O rleans........
12,007,205
7,901,079 -+50 8
10,365,084
+19-8.
Louisville.............
4,899,732
4,187,678 4-13-4
4,784,144
+10-7
week under review than in any week since January 1. In Kansas C ity..........
7,761.202
4,627,746 + 67-7
6,811,686
+85-4
M em p h is............. .
1,989,453
1,947,804
+
2
1
2,790,032
+52-7
fact, the volume of transactions in shares for no week since Dalvesto n ..............
840,311
1,351,707 -87-8
1,266,994
—16-8
672,815
678,500
-0 1
709,436
+5-3
I the early part of September, 1886, has been so small. A fur. N orfolk................. .
$45,869,793
+31-4
I ther decline in the exchanges at New York of some thirty-six Total Southern.. $47,150,564 $38,974,750 + 38-8
$13,660,284
+*7
millioEBOf dollars is, therefore, not surprising, and especially San F ran cisco ..... $13,936,565 $10,483,338 + 32-9
$096,532,576
as the share dealings account for about sixty-five millions of T otal a l l ............. $964.029,850 $929,700,839 +3-7
+10-1
$335,084,297 '$277.552.553 +20r9“" $331,739,1821 +199I loss. As a result of this falling off at New York, the aggregate
I «changes for the week exhibit a decrease from March 12 of 1N ot included in to tals.
The returns of exchanges for the five days as received by
I §32,502,917, although excluding this city there is a gain of
telegraph this evening exhibit a falling off from the figure*
I §3,952,115. At Boston, notwithstanding decreased stock operafor the similar period of last week. In consequenoe of a
I tions, clearings show an increase of over three million dollars.
rather heavy decline at New York, mainly due to the reduced
I Philadelphia and Baltimore also record small gains. On the
volume of stock operations, the aggregate for the five days
I whole the present return, while not so satisfactory on its face
r ecords a decline of 12 per cent from the corresponding period
I as the preceding one, is yet fairly favorable^ The number of of 1886. For the week ended March 28 the figures below
I failures for the week ended March 18 seems to have been less indicate a decrease compared with last y e a r in the total of 7’6
i than for last week or the corresponding week of either 1886, per cent, and an increase outside of New York of 19 per cent.
I 685 or 1883, but shows a slight excess over 1884.
Week Ending March 26i
Week Bnd’g Mar. 19.
Instituting comparison with the corresponding week of 1886
1887.
1886.
Per Cent.
I we find that with the exception of New York, Galveston and
1887,
P ercen t
$543,201,001
—0-9I it ^ tt^ the cities record gains, but that in consequence of New Y ork............... $454,771,805 $565,702¡294 —19-6
Sales of Stock (she.)
(822,051)
(2,304.500) (—65-7
(1,223,975; (-34-9)
I ® oss at New York the excess in the whole country reaches Boston.............
.
60,517,356
61,149,302 1 + 8‘8
75,191,518
+26*1
49,274,106
45,450,003
+8-4
53,307,940
i 2ft-Q ^ ^ ^er cent's w^ ereas outside of this city an increase of P hiladelphia........
+7-010,318,800
9.25I.Ì38
B
altim
ore...............
+11-5
10,422,170
+4-1
Ii
Cen^ exhibited. Most prominent among the clear- Chicago...................
40,097,000
35,470,000 +18-7
44,8»8,000
+28-0
lng cuses showing lai ge additions to the figures of last year St. Louis.................
13,551,550
10,883,430 +24-5
14,702,404
+38-0
9,717,250
8,806,937 +42-7
q 6 ^ Joseph, 140 8 per cent, Denver 69'9, Kansas City 67‘7} New O rleans........
9,332,651
+34-4
T otal, 5 d a y s... $640,347,927- $734-782,194 —12-0
a
Peoria 51 0 aud New Orleans 50*8 percent.
*751,105,684
+3-9
150,221,137
+40
York ,íe®aiC*s sl°ok speculation, the transactions on the New E stim ated 1 day 144,295,103 149.056,439 • -3*8
T o tal fu ll w eek $790,543,090 $884,738,633 —10-6
$901,326,821
+3-0
a . "cck Exchange cover only 1,381,978 shares for the week, Balance,
C ountry*
87,974,177
66,185,982 »52-9
92,234,413
+23-6
ttarW
shares for the similar period of 1886. The
T otal week, all
$878,517,267 $950,924,615
—7-6
■993.501,234
+5-5
ahd ¿iZ.a*Ue
these sales has been respectively $70,076,000 O utside rsew » <- k : $317.745.523 ~t^67,O0l“ 02 + 19 0.
-t-20‘1
1341.720.033
>005,000, and, after deducting two-and-a-half times
F or th e fu ll w eek, based on la st w eek’s reiurue.
380
THE CHRONICLE.
[Vou XLTV.
was made up by a receipt from the interior of Great Brit,
T H E F I N A N C I A L S IT U A T IO N .
ain of £148,000 and by £489,000 “ principally bought.”
There is no material change in money this week. The
Our foreign exchange m arket has advanced one cent
conditions, especially the lower rates in Europe and the per pound sterling since our last, but the m arket since the
apparent decrease in the Treasury holdings of currency advance on Thursday has been dull. T he movement
during late weeks, with the greater quietness ^ in general early in the week was mainly due to the lighter offerings
business at this centre, afford at the moment a feeling of of bankers’ and commercial bills. L ater in the week the
relief.
Bankers’ balancés have loaned at the Stock E x expectation th at the Bank of England rate would be
change at 8 and 2£ Per cent>witil the average at about 5 reduced stimulated the demand for long bills,
per cent, but neither extreme is fairly quotable, the higher but when the reduction was announced the rate
rate being the result of manipulation which failed of its for both 60 days
and
sight sterling moved
object, and the lower rate being recorded when the de upward for some reason not explained. The truth is
m and for the day had been satisfied. A s to call money at the low rates prevailing the last few weeks, in the present
bank, it is idle to look for a rate while two of the insti condition of our foreign trade, must be due to special
tutions are carrying over 5 millions of the 7^- millions causes such as free borrowing in London, and with relief
surplus reported last week; besides, nearly all our banks from any such special influence the m arket reacts. We
are preparing for the usual A pril demand from their in received yesterday from Mr. Switzler, of the Bureau of
terior correspondents. F o r time loans on stock collateral, Statistics, the foreign trade figures for February, and it
and also in the rates for commercial paper, there is no seems they bear out entirely our forecast of them given
in our article on “ The Foreign Exchange Market, &c,”
quotable change.
I t is quite useless to attem pt any forecast of the future last week.
Below are the January and February sum
of money. Every one knows th at the Government position maries in brief.
FOREIGN TRADE MOVEMENT OF THE UNITED STATES—(000a Omitted.)
is the most uncertain feature, and next after that has been
the trade demand. A telegram to the associated press
SILVER.
G old .
MERCHANDISE.
Excess
this week represented th at the Treasury Department feels Tear.
Excess Im
E x
Im Excm
E x
of
Export*. Import*. of E x ports. ports.
port*. ports. of Ex
satisfied th at the Government funds will not further accu
portt.
Import*.
port*.
I
mulate through the summer. U p to this time it seems, too, 1 8 8 6 .
« 1 t
t
»
t
1
%
«
t
+870 2,907 1,088 1,881
th at the payments this month have kept in excess of the J a n ....... 57,988 47.414 10,574 1,700 2,582
861
9S0 5,054 +4,008 2,001 1,147
F e b ....... 51,906 56,887 *4,782
receipts. Thus comparing the Treasury statem ent of yes
T otal.. 109,893 104,101 5,792 2,092 8,230 +5,544 4,908 2.170 2,738
terday with the monthly figures issued the first of March, 1 8 8 7 .
2,907 1,910 1,191
029
...... 71,534 51,951 19,683 3,538
there is an addition of about 3 millions to the gold hold JFaebn .......
144 1,877 + 1,538 2,351 1,332 1,011
54,762 58,977 *4,215
ings, b u t a loss of about 3 millions legal tenders, with a T otal.. 126,296 110,928 15,368 3,080 2.300 1,374 4,207 2,520 1,711
* Excess of imports.
t Excess of exports.
decrease in the net silver holdings of about four millions.
H ere we see that, instead of having a favorable balance
This makes no allowance for the silver dollar coinage in
the meantime or for the trade dollars, so th at really taken in February, the merchandise imports exceed the exports
together ihere has been a considerable addition to the by $4,215,000, or, including the movement of silver and
currency outstanding. I t should be remembered, too, gold, the balance against us is $1,600,000. If to this we
th at on the 1st of A pril a bond call for 10 millions m atures were to add the usual monthly amount of 10 million dol
and that on the same day $7,380,000 of interest on the 4 lars to cover undervaluations, interest due Europe, &o.,
per cents falls due. W e refer to general trade further on; we should have about 11£ millions as the foreign indebted
the tendency at the moment is towards greater quietness, ness of the U nited States in February alone. March ha«
and this is likely to continue at least until the new rail now almost passed, and we cannot anticipate for that
road traffic arrangements under the Inter-State Law get in month any materially different result, while for the next
operation.
A t present there is no little confusion as to three months our exports must be small. These statements
rates, and while this remains business must suffer some and the condition of foreign exchange are clearly at vari
what, so that the demand for money for trad e purposes ance. How far they can be reconciled in accordance
seems likely to slacken. This, if it occurs, may not only with the suggestions we made last week we leave the
check the outflow of currency to the interior, which has reader to determine.
President Cleveland has this week named the Commis
been so brisk of late, but give us a retu rn m ovem ent in
sioners
under the Inter-State Commerce bill, and great
stead. Besides, the ease at London affords the oppor
tunity for borrowing there, which has already been U3ed satisfaction has been expressed, the general feeling being
to a considerable extent, and which, should need arise, th at the appointments, under the circumstances, could not
have been better. W hen the compensation is taken into
would be a further resource.
The condition of money abroad has been towards the account and the vexatious work which will have to be
increased ease. The Bank of E ngland minimum was done, it is considered a marvel that such good men should
reduced on Thursday to 3 per cent from 3£, at which it have consented to serve. A ll of them are believed to be
had stood since the 10th instant. In the open market, honest, each has a legal education and some of them ere
London, the rate for discounts is now reported at I f lawyers of high repute, while three at least of the number
per cent, at Paris it is 2f@ 2J per cent, and at Berlin and are thoroughly familiar with railroad problems. If 4
F rankfort it is 2 f per cent. The cable reports spasms of majority of these men had the making of a statute, or
speculation at the London Exchange and at the principal even the authority to interpret this one, fear of business
Continental Bourses, b u t as yet these appear little more confusion, which the law is- sure to cause,' might be w
th an a covering of short contracts induced by favorable once dismissed. Mr. Charles Francis Adams, at a dinner
news.
Such easy money mu3t have a tendency to of the Commercial Club in Boston a week ago, in referring
increase stock purchases, and it is anticipated •to these appointments, not then made, and in speaking fo*
th at the inquiry for Am erican securities will as himself and for others holding similar positions in the ra' •
a consequence be stimulated. The trade demand con road management of this country, quoted very aptly the
tinues very limited. The Bank of England gained words of Robert Stephenson addressing Parliament in 1856
£637,000 this week. A special cable to us states that this (thirty-one years ago) with regard to the railroad interes
TO
March
2(5, 1887,]
THB CHRONICLE.
381
of Great Britain. Mr. Stephenson said on that occasion: year it was $586,000, there being thus a loss of $335,000.
«(What we ask is knowledge. Give us, we say, a tribunal The Central and W est Shore lost no less than $143,000,
<( competent to form a sound opinion. Commit to that yet their earnings show an increase of $166,992 ; the
it tribunal with any restrictions you think necessary the Erie lost $68,000 from th at business, and yet has a gain
<t whole of the great questions appertaining to our system. in earnings of $209,696, as already stated ; while the
‘‘Let it protect private interests apart from rail- Pennsylvania lost $5-7,'000, and nevertheless increased its
«roads; * * delegate to it the power of enforcing earnings $439,313.
“ such regulations and restrictions as may be thought
If we would know, however, the full measure of the
«needful to secure the rights of private persons or of the progress making, we have only to compare the present
“ public ; * * give it full delegated authority over us figures of earnings on the Pennsylvania with those of a
« in any way you please ; all we ask is th at it shall be a few years back. The gain this year on the Eastern sys
“ tribunal that is im partial and that is thoroughly in tem we have already seen was $439,313, b ut this is in
form ed; and if im partiality and intelligence are secured, addition to a gain of $473,775 the previous yesr, so th at
“ we do not fear for the result.”
the 1887 gross is no less than $913,088 greater than that
These words undoubtedly and truly represent the sen of two years ago. I t is true that the 1885 results were
timent of our railroad managers. B ut there is a grave very unsatisfactory, but the improvement is no less
difficulty in applying them to the present emergency striking on th at account, and, besides, the 1887 total is
since Congress has so framed this Inter-State law, that the largest ever made in that month.
In the
although bad commissioners m ight make its execution case of the net the increase is not quite so heavy.
very vexatious, good ones can only partially relieve the The expense account has been greatly added to, and
situation. And this is a point that our m erchants and according to the Philadelphia papers this is because of the
manufacturers will have to bear in mind in criticising large amounts spent on extraordinary improvements.
railroad action now. The law makes railroads liable in N otw ithstanding the heavier expenses, however, the net
damages and costs “ with a reasonable counsel fee ” added is $112,553 in excess of that for 1886, and $549,668 in
for any act done, caused to be done, perm itted to be done, or excess of 1885, the total also showing the largest February
any omission to do anything required in the act to be done; net ever made. If we take into account the gain on the
and authorizes any person claiming such damages either to W estern lines, the Pennsylvania system entire has $231,make complaint to the commission or to “ bring suit in 183 larger net than in 1886, and $818,376 larger net than
“ his or their own behalf for the recovery of the dam. in 1885. The following are the figures for six years.
“ ages ;” and in any such suit all the officers can be made
to testify and the companies be compelled to produce L in e s B a s t o f
1887.
1886.
1885.
1884.
1883.
1882.
P it t s b u r g .
their books and papers, &c. In a word, the interpreta.
February.
$
$
$
(
s
%
tion of the law by the commission, or the refusal of 6 ross earnings....... 3,988,788 3,549,475 3,075,700 3,426,733 3,712,216
3,306,750
O perat'd expenses. 2,608.631 2,881,871 2,245,211 2,302,154 2,375,521 2,227,129
the commission to bring an action, is neither a protcc.
N et earn in g s... 1,880.157 1,267.604
830,489 1,124,579 1,336,694 1,079,621
tion to the railroad against these actions or any guaranty W estern lines........ +63,528 —55,102 —205,180
—145,686 —98,536 —100,197
R e s u lt.............. 1,443,6?5 1,212,502
of what the law really means. The railroads have got to
625,309
978,893 1,238,168
979,424
run all the risks during the years it will take to obtain an Jan. 1 to March 1.
Gross earnings...... 7,840,559 6,971,011 6,353,222 7,000,966 7,641,572 8,680,071
authoritative decision from the court— except on a very O perat’d expenses. 5,246,051 4,751,866 4,532,159 4,710,251 4,883,820 4,526,184
few points in which the act confers upon the commission
N et earnings... 2,594,508 2,219,145 1,821,063 2,290,715 2.807,752 .2,153,887
W estern lines........ +285,889 —188,789 —247,987 —256,271 +123,274 —57,443
the power to relieve them.
R esult................ 2,880.397 2,030,356 1,673,076 2,034,444 2,931,026 2,096,438
Reports of current railroad earnings continue wonder*
fully good. Our statem ent on another page of sixty-five
From another p art of the country we have the returns
roads for the 2d week of March shows an increase over of the Georgia Central, which, under Mr. A lexander’s
the corresponding period of 1886 of 1 3 | per cent, and a management, has also begun to issue monthly statements*
preliminary exhibit for the th ird week of the month For F ebruary the road reports a gain of $84,479 gross
(based on 21 roads) shows a gain of 12£ per cent. B u t the and $53,486 net, and for the first half of its fiscal year
most striking exhibition is contained in the returns of the a gain of $199,450 gross and $53,845 net.
trunk lines for the month of February. Both the Brie
Trade m atters remain unchanged, the tendency on the
and the Pennsylvania have issued their statem ents for whole being towards increasing quietness.
A s the time
that month this week, and we have previously had the approaches for the Inter-State law to go into effect,
gross earnings of the New Y ork Central for the same great efforts are being made to complete orders and hurry
month. The Erie reports a gain of $209,696 in the gross forward goods, so as to get the benefit of existing rates.
earnings and $101,543 in the net, and the Pennsylvania This causes much activity in special lines of business. On
(Eastern lines) a gain of $439,313 gross and $112,553 net. the other hand, orders relating to the future are neither
We have previously alluded to the fact th at in F ebruary coming in nor being taken with great avidity, both buyers
t year traffic was unusually large, a considerable am ount and sellers showing a disinclination to make any new e n
of freight which had been delayed in Jan u ary by the bad gagements till the effect of the new law upon railroad
weather having then come forward. That alone— the tariffs becomes clearly determined.
Special rates
comparison with full figures a year ago— would stam p the and contracts
have of course been abolished,
present gains as specially noteworthy. B ut in addition
and in
many cases the
railroads,
as a re
ere is this further circumstance to be taken in to consult of the new law, have had to make
a
« eration—the gains were made in the face of a heavy
complete rearrangem ent of tariff schedules and prices.
g* 1Dg
t'h0 grain movement. A s we point out in a I t is natural, therefore, th at pending the change
8u sequent article the grain receipts were unusually small in
manufacturers and general tradesm en should proceed very
ruary this year, and unusually large in February last
slowly. The iron and steel industry is becoming rather
While at th® same time rates this year were demoral- unsettled. / The capacity of the mills is employed to
, 16 and lower. As a result of these facts, we calculate th at the full extent, b ut as regards future work, producers are
“ o hve roads to New Y ork had a revenue from the
more disposed to meet the views of consumers than at the
6 a traffic this year of only $251,000, while last beginning of the year.
7
/
382
THE CHRONICLE.
IV o l . X L I y ,
The Assay Office paid $218,343 for domestic bullion
The stock m arket seems at last, in a measure, to have
got out of the ru t of dullness into which it had fallen, through the Sub-Treasury during the week, and the Asand as the week closes a respectable degree of activity has si8tant Treasurer received the following from the Custom
developed. The stim ulating causes were the satisfaction House.
C o n fu tin g of—
felt w ith the appointments of the Inter-State Commis
Duties.
Date.
sioners and the excellent reports of earnings coming in, as
Bold
77. 8.
Silver e»rBold.
Certifie’t .
Kotes.
tifleatei.
shown by all weekly and monthly returns, but more p ar
$214,000
$36,000
$3,000
8290,692
35
836,000
Mar.
18.
ticularly the exhibit of the Pennsylvania, the Pennsyl
271,000
70,000
3,000
405,871 58
62,000
vania being accepted as representative of the rail «« 19.
518,000
68,000
4,500
668,036 03
76,000
2 1.
690,000
124,000
4,500
901,881 56
road industry generally. The Baltimore & Ohio m at « 22
82,000
425,000
73,000
7,000
50,000
556,179 98
« 23.
ter has ceased to have any influence upon
253,000
48,000
3,500
48,000
354,606 70
« 24.
values.
It
seenis to
be
adm itted
th at the
835 4,000
Total *3.177,268 20 1 825,500 8419,000 $2,371.000
Ives-Stayner people have an option for the purchase of
the road, but beyond this nothing definite is known.
T H E M O N E Y M A R K E T A N D C H A N G E S /if
Some of the new speculative favorites have absorbed
L A W A S TO B A N K R E S E R V E S .
a good share of attention, but the better class of properties
W e have been asked w hether the free movement of curhas not been neglected. Among these latter, we may
mention particularly Chicago & Northwestern, which yes rency to the W est all through this month, is not in some
measure connected with the changes in the law respecting
terday sold up to 119* (closing at 118*), a gain of three
reserve cities, which were made at the session of Congress
points • for the week. As bearing out our rem ark
just closed. I t m ight be a sufficient answer to say that it is
last week th at there m ust have been a special rea
too early for that influence to act as y e t ; but as there is a
son for the heavy expenses on the New Y ork Central
vague notion that the new arrangements will help disturb
during the current quarter, a letter from the Treasurer
money, if not now, later on, a fuller explanation of the change
has been published stating th at a proportion of the cost of
in the situation seems desirable. W e published the law in
building a large amount of new equipment was included
full on the 12 th of March (page 345), but as the text of the
in the estimate of expenses. The m arket closed strong,
act does not disclose its real effect (amending, by their num
b u t quiet.
The following statement, made up from returns col. bers simply, certain sections of the Rivised Statutes)
there is room for misconception. Besides, the new provi
lected by us, shows the week’s receipts and shipments of
sions certainly will extend to other cities a privilege which
gold and currency by the New Y ork bank3.
has heretofore been enjoyed exclusively by New York, and
JV«f Interior
Received by Shipped by
thereby do in a sense widen liberty of action on the
Week «nding March 85,1887.
Movement.
N. T. Banks. tV. F. Bank«.
♦8,230,000 Loss. $2,502,000 part of the banks, perm itting alterations in currency
♦728,000
holdings at this centre, if any sufficient inducement for
G o ld ......................................................
»3,230,000 Loss..$2,502,000
(723,000
T o tal «old and levai te n d e rs......
Buch a change exists or can be offered.
The above shows the actual changes in the bank hold
I t is therefore desirable to see exactly what alteration»
ings of gold and currency caused by this movement to and Congress did make. To do that, we need to recall the
from the interior. In addition to th at movement the banks provisions of the Revised Statutes as to reserves which
have lost $200,000 through the operations of the the new law amends. There are three sections which
Sdb-Treasury. Adding th at item to the above, we have have been changed. Section 5,191 required each of the
the following, which should indicate the total loss to banks located in certain specified cities known as reserve
the New Y ork Clearing House banks of gold and cur cities (to wit, Albany, Baltimore, Boston, Cincinnati,
rency for the week covered by the bank statement to be Chicago, Cleveland, Detroit, Louisville, Milwaukee, New
issued to-day. I t is always to be remembered, however, Orleans, New York, Philadelphia, Pittsburgh, St. Louis*
th at the bank statem ent is a statement of averages San Francisco and Washington), to keep on hand at all
for thef week whereas the figures below should re times in lawful money 25 per cent of its deposits, and
flect the actual change in the condition of the banks every bank outside of said cities to at all times keep on
as between F riday of last week and F rid ay of this hand 15 per cent of its deposits. Section 5,192 permitted
(not required) any of these 15 per cent banks to keep threeweek.
fifths of this fifteen per cent in the banks of the citie»
Into Banks. Out of Banks. Net Gkange in
Week «tiding March 25, 1887.
specified above.
Section 5,195 provided further that
Bank Holdings
$8,230,000 Loss. .$2,502,000 every bank located in the said reserved cities, might
*728,000
Banka* In te rio r M ovement, as above
7,500,000 Loss.. 200,000
7,300,000
Sub-Treasury operations................
keep if it needed or wished to do so, one-half of its lawful
(8.028,000 $10,730,000 Loss. .$2,702.000
T o tal sold an a lésai te n d e rs...
money reserve in the city of New York.
The Bank of England gained £637,000 bullion during
These are the three sections which have now been as it
the week. This represents, as stated above, £489,000 were enlarged. I t will be noticed by this brief summary
drawn from abroad and £148,000 from the interior. th at the national banking system was framed on the
The Bank of France lost 7,200,000 francs gold and gained theory that New York was the monetary centre of
3,125,000 francs silver, and the Bank of Germany, since the country and th at the other cities named were the
the last report, increased 11,200,000 marks. The following centres of the sections in which they were located; conse
indicates the amount of bullion in the principal European quently it made provision for counting as a part of the
banks this week and at the corresponding date last year. required reserve a portion of the balances which it was sup
Mar. 25, 1886.
posed the conditions of trade would require associations
Mar. 24, 1587.
to keep—(1) at the local centres, and (2) at the general cen
Gold.
Silver.
Silver.
Gold.
*trii.
But the im portant point to be noticed is that the
£
£
£
keeping
of reserve in any particular place (except at
2,537,004
24,694.975
Bank of E n g l a n d . .
47,914 591 46,108,510 50,640,630 14.124,638 home) is simply a permission, not an obligation. ®ver
Bank of F r a n c e . . .
JO 178,160 17,893,840 18,700.520 16,583,480
Bank of G e r m a n y ..
since the law was passed it has been allowable for *
Total this week . . . . . . . . . . . ¡92 ,78 7 ,72 6 ,64,002,350 91,878,151 60.708,118
banks to retain their whole reserve in their own vau ts
Total previous week . '92.141.805 63.614.240 >1.191.537 6 0 4 7 2 .0 6 9
March
26, 1867.]
THE CHRONICLE.
if they desired, that is if they found it more profit
able to do so; or, if the needs of business demanded, a 15
per cent bank could as we have seen keep 9 per cent at
the cities named (among which was New Y ork) and 6 per
cent at home; or a 25 per cent bank could keep one-half
of it in New Y ork and the other half at home. Thus
the law was wisely passed in such a shape th at its pro
visions should not interfere w ith in any degree the cur*
rents of money but to afford them the opportunity to
respond to natural influences.
The question arises then— w hat have the amendments
»fleeted in this particular ? The whole change made is in
permitting, on certain conditions, (1) other cities than
those named to become reserve cities, and (2) other cities
beside New Y ork to hold the same position with regard
to reserves which New Y ork alone has hitherto held.
The first section of the a mendment provides th at when
ever three-fourths in num ber of the national banks
located in any city having a population of fifty thou,
sand people shall make application to the Comp
troller in writing to have their city added to the list
of cities named in Sections 5,191 and 5,192 (the list
we have given above) the C om ptroller shall have the
authority to grant the request, etc. The second section
provides that on a similar application from three-fourths
of the banks of any city having two hundred thousand
population asking th at said city may be a Central reserve
city like New Y ork under section 5,195, the Comptroller
shall have the authority with the approval of the Secre.
tary of the Treasury to grant such request, etc. Thus, as
stated, the first section of the ame ndm ent simply enlarges
the number of the reserve cities; a wise provision
if for no other reason, because the law was framed during
the civil war, and there is but one place in the South (New
Orleans) named in i t ; expansion in this particular is here
after in the discretion of the C om ptroller on the applica.
tionof the banks of any city; b u t obviously a multiplica,
tion of theae local centres (although it may possibly affect
deposits at other rear-by local centres) can have no influ
ence on accumulations in New Y ork. B ut the second
amendment may at first sight appear to have a little dif.
ferent aspect, since under it every city whose application
the Comptroller and the Secretary of the Treasury grant
may come into the position with reference to legal reserves
which New York holds. Being put into the sam e position
pro forma., looks like attaining the same influence.
Yet that view is equally unten able.
The amendment«
so far as they make money more free to go where it will
are desirable. Clearly, if the commercial needs of Boston
or Chicago ©r St. Louis or N ew Orleans or any other
city attract deposits in excess of the 9 per cent, it is in
the intereat of perfect mobility th a t those deposits
should secure equality under the la w when they get there.
Such was undoubtedly th e pur pose of the original act, but
the country has greatly cha nged since then, and if with
its growth there is reason to believe any change has
occurred im ten dencies, by all means give them fair opp<
tunity to develop.
B ut at the same time we think
obvious that the effect of the new law on New Yo
accumulations will be of no importance whatever. I t h
oot been beeause funds placed here coul d be counted
reserve that they have come, but it was because the framt
o the act saw th at they would of necessity come he
m obedience to trade requirements, th a t the law said th<
Eiay to an extent be counted as such.
Pretty convincing proof th a t no change in the mon
^cumulations will result, is th at the am ount held here d
national banks has always been largely in excess of t
®gal limit as to reserves. W e have not the figures
383
illustrate this by individual banks, but any bank officer
will confirm the statement, that where a New Y ork bank
holds an interior bank deposit, its amount is not regu
lated by the percentage of reserve the depositor is allowed
to count in New York, the average running far beyond it.
The general returns as to reserves, also and most clearly,
support this view. f . A single instance is as good as a
thousand, for they all teach the same truth. W e select
a report for a fall month (Oct. 7, 1886), when the deposits
in New Y ork by interior banks are lowest. A t that date
one-half the required reserves for all the reserve cities
(excepting of course New Y ork) was about 47^ million
dollars, whereas our New Y ork national institutions then
held on deposit belonging to the interior banks over 103
million dollars, or considerably more than double the
total perm itted to be counted at this centre by those
cities. Of course some of tbe deposits were by banks
outside of the reserve cities—banks, each of which, as
seen above, has the right to keep three-fifths or 9 per
cent of its 15 per cent requirem ent in one of the cities
named, or divided up in any way it chooses among all Of
them; b u t even including every one of th at class of banks
and thus covering the full percentage of reserves which
all the national banks of the country (excepting those in
New York) are allowed to count when on deposit in any
reserve city— even that aggregate (104£ million dollars)
only just about equals the amount stated above as in New
Y ork alone.
W e have used for this illustration a bank return made
in the fall of the year. H ad we selected an early sum
mer date the results would have been even more emphatic.
Yet what has been said proves clearly enough, there is no
reason to anticipate th at New Y ork deposits will suffer
loss through the greater freedom as to reserves the
amended law allows. This conclusion becomes if possi
ble even more obvious, when it is remembered how rap
idly the position of a Central reserve city must lose its
importance with the successive appointments of additional
Central reserve cities ; for the larger percentage under
the present arrangem ent allowed to be counted at New
Y ork alone, cannot be transferred in full to any new ap
pointee, b u t will in practice be cut up by division among
them all, until this supposed inducement disappears«
through the inconsiderable portion left for each.
L O W E R R A IL R O A D R A T E S A N D S T . P A U L 'S
E A R N IN G S .
The St. Paul report has been issued this week, and the
exhibit of earnings and income is precisely as given in the
Chrowicle four weeks ago, except that the income from
outside sources—the only item of the 1886 accounts th at
we could not get, and which therefore we took the same as
in 1885—is $38,715 greater than in our statement. The
result is, th a t the surplus for the year (above all charges
and dividends) is raised to a little more than a million
dollars, as we indicated it would be, reaching $1,008,624.
As also pointed out then, this leaves the amount of the
surplus substantially the same as in the two previous years,
1885 and 1884, when it stood respectively at $1,032,088
and $1,071,986.
There is one feature of the year’s operations, however,
which it needed the full report to bring out clearly. W e
refer to the fact that there was such a comparatively
small increase in the gross earnings. If the gain in
earnings had been heavier, the presumption is the surplus
would have been heavier, and the question arises why was
the gain of such small dimensions. A t the end of 1886
the St. Paul’s mileage stood at 5,298 miles, while at the
end of 1885 it was 4.921 miles, an increase of BYT mile«
384
THE CHRONICLE
[▼on. XLIV,
or over 7£ per cent:- The average in operation, however, would have been $1,783,811, if at the rate of
was only 4,977 miles, against 4,862 miles, b u t even this 1883 $3,270,321, if at the rate of 1882 $4,608is an increase of about 2^ per cent. Looking now at the 180, and if at the rate of 1881—only five ye*rg
gross earnings, we find these have increased $305,130, or before, as already said—the addition to revenue would
only a little more than one per cent, so that th e gross have been no less than $7,878,501 ; th at is, the freight
earnings per mile in 1886 were $54 71 less than in 1885. earnings instead of being 17-J millions, would have been
W h a t accounts for this falling off ? H as there been a over 25£ millions. Tnis loss of 7£ millions dollars on
diminution in the volume of traffic ? President Mitchell account of lower rates, would pay full 15 per cent on the
refers to the fact th at a good deal of traffic, from Dakota entire 52£ millions capital stock of the company. Even
and Minnesota points, formerly carried to Chicago and the loss of $1,635,160, as compared with the rate of 1885,
Milwaukee, has been diverted to the Lake Superior route, would pay over 3 per cent on both classes of stock. To
and unquestionably the St. P aul has sustained a loss of state it in another way, the St. Paul, owing to the demandi
revenue on th at account. But we find th at the actual of competition or the requirements of trade and business
num ber of tons of freight handled in 1886 was 602,203 —it does not m atter which—yielded concessions in rates
tons greater than in 1885, an increase of over 9 per cent, in 1886, compared with 1885, which, measured in
the passengers carried 662,213 greater, an increase of profits, equal a renouncement of three per cent in divi
over 13 per cent, the tonnage mileage 148,788,260 tons dends, and compared with 1881 the renouncement of fif.
greater, an increase of over 11 per cent, and the passen teen per cent m dividends. Y et there are some persons
ger mileage 19,894,553 greater, an increase of over 9 per who think—and their sentiments find expression in legis
cent. Only a reduction in the average rate received, lative bodies—th at the railroads are not making reduc
then, can explain the small gain in total gross earnings tions fast enough, and th a t the power over rates should
be taken out of their hands and placed elsewhere—either
and the diminution in the earnings per mile.
in
State or national control. F or ourselves we would like
A nd on th at point it is really surprising to note how
to
hear of an industry th at can point to an equally strik
im portant the decline in charges in the late year has
ing
record in this particular.
been. W ith rates tending lower all over the country it
was not supposed the St. Paul would prove an exception
to the rule. But knowing how continuous and heavy the
S M A L L G R A IN R E C E I P T S A T N E W YORK.
decline had been in previous years, one is hardly prepared
The grain deliveries at New Y ork have been compiled
for the contraction actually shown. In short, the average
for the month of February, and they show a very small
per ton per mile in 1886 stands at only 1*17 cents, against
aggregate. As compared with the corresponding month
1-28 cents in 1885. This is a decline of eleven hundredths
of 1886 there is a falling off of 3,748,163 bushels, the
of a cent (over a mill per ton per mile), or nearly 9 per
total receipts reaching only 5,860,300 bushels, again«
cent. A decline of two or three per cent m ight perhaps
608,463 bushels. Last year’s movement, however, wm
have been anticipated, but a decline of 9 per cent in a
unusually large. As compared with the years before, the
single year is certainly a remarkable ratio of decrease.
result is not quite so unfavorable, and yet even on that
N ote moreover that the loss of eleven hundredths of a
basis the present total is found to be below the average o!
cent in 1886, comes after a loss of one hundredth in 1885s
recent years. Thus against the 5,860,300 bushels deliv
ten hundredths in 1884, nine hundredths in 1883, and
eries this year, the receipts in February, 1885, wen
twenty-two hundredths in 1882, so th at in the short space
,335,810 bushels, in 1883 6,926,337 bushels, and in 1881
of five years there has been a fall of fifty-three hundredths
1,446,798 bushels. Only in 1884 was the total of such
of a cent in the rate per ton per mile— from 1-70 to 1*17c.
small dimensions as this year—in fact then it was evea
In other words, the St. Paul carried freight at an average
smaller, amounting to only 4,380,070 bushels.
of over half a cent per ton per mile less in 1886 than it
As the arrivals this year were thus below the average
did in 1881. I t is only by taking a series of years together
and last year were above the average, it is not surprising
like this, th at we get an idea of the extent to which
that the contrast between the two periods should bo so
transportation charges have been reduced. The decline,
striking. The reason for the difference however is not
however, has been in progress not m erely during the last
far to seek—in fact, the changes in the item of corn
five years, but almost uninterruptedly since the company’s
explain the whole of it.
In February 1886 the corn
incorporation. H ere is a table we find in the report.
receipts alone were greater than the entire grain move
AVERAGE RATE PER TON PER MILE ON ST. PAUL RAILROAD.
ment this year. The receipts of that cereal then aggre
Iftflfl___ . . . 4-11 ots. 1873....... ....... 2-50 ots. 188 0 ....... ....... 1-76 ots1 8 8 1 ....... . . . . . 1-70 cts- gated no less than 6,099,168 bushels, while this year only
1 s e e ....... . . . . 8*76 Ots. 1874.......
1882........ ....... 1-48 ots1 8 6 7 ....... ....... 8-94 ots. 1875.......
1883........ ....... 1-39 ots744,774 bushels all told were received. As the countryi
1 8 6 8 ....... ....... 3-49 ots. 1876.......
1881........ ....... 1-29 OtsIfifii)....... ....... 3-10 Ots. 1877.......
1885....... ........1-23 ots. corn production last season is known to have been greatly
1870........ ....... 2-82 ots. 1878.......
.......
2-54 ots. 1879....... ....... 1-72 ots. 1886....... ....... 1-17 cts.
187 1
....................
reduced, and in the previous year was the largest ever
.......
2-43 ots.
1872
....................
C o m m e n t o n s u c h a s h o w in g i s h a r d ly n e c e s s a r y .
T o reached, there is no difficulty in establishing a close rela
illustrate, however, the magnitude of the decline, let us tionship between those events and the present smaller
take the traffic of 1886 and see what it would have rea arrivals. In the case of wheat, we have a different show
lized to the company if it had been carried at the figures ing, as is natural, and while the receipts of flour and
of some other years.
F o r this purpose we need only use wheat in 1886 were only 1,495,729 bushels, and in 1885
the more recent years— th at will give us sufficiently strik 2,248,288 bushels, in February of this year the aggregate
bushels.
ing results.
The St. Paul in 1886 carried 1,486,509,713 was 3,064,966
1 7
Vitl
The
effect
of
the smaller grain movement of course
tons of freight one mile. If the average rate on this had
been no higher than th a t of the previous year, namely been to diminish greatly the volume of that kind of tr
In addition, thei
1-28 cents, the revenue from the same would have been over the tru n k lines to New York.
lines
have
had
another
unfavorable
element
to conte
$1,635,160 more than it actually was, and the surplds
above dividends, instead of being $1,008,624, would have against, namely, the competition of the Lshigh Valleybeen 2£ million dollars. If the tonnage had been carried W h at an im portant circumstance this continues to be,
a t the rate of 1884 the resulting addition to revenue be understood when we say th at while the total receipt
M a r c h 26, 1887.]
385
THE CHRONICLE.
thi8 year were 3,700,000 bushels less than last year, the
amount coming by the “ various roads ” and which repregents chiefly the operations of the Lehigh Valley, increased
601 834 bushels, the arrivals by these miscellaneous roads
reaching almost a million bushels (989,582 bushels), and
constituting over one-sixth (16-89 per cent) of the whole.
In 1886 they formed only about one twenty-fifth (4-04
per cent) of the whole.
The following shows both the
percentages and the amounts by each of the various routes.
1883.
1884.
1885.
1886.
1887.
February.
H, Y. Cent., .bush. 1,884,217 3,632,624 2,946,507 2,352,800 3,325,352
48*01
53-72
4017
37-81
32-15
Per cent.
713.106 1,849,989
Erie............. bush. 1,310.346 2,156,405 1,616,424
26-71
16-28
22-03
22-44
22-36
Per cent.
338,632 1,046,344
567,034 1,856,660 1,539,680
Penneylv’a. .bush.
15-10
21-00
7-73
14-12
0-60
Per cent.
357,910
389,585
563,701
455,282 1,423,750
Del. L. A W..bush.
5-16
8-90
7-68
14-82
7-77
Per oent.
486,714
604,606
547.207
West Shore..bush.
A'2U
6*63
Per cent.
337,822
84,282
65,778
080,582
387,748
Various RBs.bush.
0-89
1-23
7-71
16-80
40«
P er cent.
Total RR..busk. 5,754.568 0,561,883 7,218,804 4,132,035 6,663,877
06-21
98-40
04-34
98-20
00-52
Per cent.
262,460
117,006 248,035
46,580
105,732
Blrer A coastw.bu.
5-66
3-79
1-60
0‘48
1-80
Per cent. |
Canal............bush.
Per oent.
Total all ...bnsh. 5,860,300 9,608,463 7,835,810 4,880,070 6.926,337
ver, is that in the face of this loss the roads should be
able to report such heavy gains in their total earnings, at
least three of the companies having issued returns for this
month showing a very large increase over 1886.
F o r the
two months to the end of F ebruary the loss in the revenue
from the grain traffic it will be seen is not so striking,
since there had beerf a gain in January.
However, only
the W est Shore has as large a total as in 1886, and it also,
as is shown by the following, is the only road which had
a heavier movement this year than last.
1882.
3,335,011
51-73
2,112,725
32-77
807,979
12-53
76,090
118
6,331,805
98-21
114,993
1-79
6,446,798
N oth .—In the above table flour has been reduced to grain ou the basis
of 4 1« bushels to a barrel, and no distinction m ade between the weights
of the different kinds of bushels, all being added together on the same
basis.
The Lehigh Valley has thus gained at the expense of
the Lackawanna, the Pennsylvania and the New Y ork
Centra], for the percentage of the first mentioned road has
dropped from 14-82 to 7-77, that of the Pennsylvania from
1412 to 9-69, and that of the Central from 37-81 to 32-15.
As compensating in part for the falling off on the Central,
the other V anderbilt road, the W est Shore, has increased
its ratio is from 6-29 to 9-34 per cent, but it is the only one
of the five roads to New Y ork th a t has an enlarged p er
centage, though the Brie also has done quite well in main
taining its percentage of last year. In amount of course,
all the roads have suffered large reductions. This could
not be otherwise on total receipts so heavily diminishedThus the Central, as compared with last year, lost 1{
million bushels, the Erie 846,000 bushels, the Pennsylvania
788,000 bushels, the Lackawanna 968,000 bushels, and the
West Shore about 57,000 bushels.
But if the traffic diminished, the earnings from the
same diminished still more. This arises out of the fact
that the average rate realized was below that of 1886.
The official rate was 5 cents higher, and stood at 30 cents
per 100 lbs., Chicago to New Y ork. But this official rate
was not maintained. A t the beginning of February, 25
cents was freely accepted for shipments, and by the end
of the month the quotation was down to 22^- cents. W e
should put the average for the month at not above 23
cents. Last year the official rate was 25 cents, and it was
well observed, too. On the basis of this difference in
rates the following would be approximately the earnings
to the five roads on the receipts above.
RECEIPTS OP GRAIN AT NEW YORK BY ROUTES SINCE JANUARY 1.
J an. I to
Feb. 28.
I
1887.
1886.
1886.
1884.
1883.
1882.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
N. Y. Cent. .
P e r ot.
E rie.............
P er ot.
Penney It ’a..
P e r ot.
Del. h .A W ..
P e r ot.
4,042,147
31-61
8,031,878
23-71
1,108,849
8-67
1,081,671
8-46
7,874,825 6,717,669
48-83
53-38
4,634,813 4,141,638
23-77
32-91
2,472,886 1,332,830
15-35
10-59
504,825 * ............
3-13
1,834,612
14-35
0,254,586
39-35
3,170,954
19-95
2,484,913
15-63
1,882,161
11-84
1,627,022
10*24
164,628
1-03
5,497,234
53-tO
1,956,655
18-90
1,083,312
10-47
821,713
7-94
V ar’us RRs..
P e r ot-
5,710,625
39-53
3,360,359
23-26
2,038,309
14-11
1,761,921
12-19
080,821
0*79
498,078
3-45
T otal RRs. 12,005.10» 14,350,113 15,534,269
98-04
99-33
98-58
P e r ot.
310,923
181,524
96,640
Riv.A c o a s t.
1-96
1-42
0-07
P e r ot.
533.192
5-15
153,464
0-96
106,404
1-24
9,892,100 15,640,293 12,347,041
97-09
98-12
95-50
469,056
459,593
236,078
2*91
1-88
4-44
P e r ot.
Total all... 12,786,693 14,440,753 15,896,192 10,351,699 10,109,348 12,083,619
S U F F E R IN G S C A U S E D B Y T H E A P P R E C IA
T IO N OF GOLD.
Mr. Samuel Smith, M. P., of Liverpool, very wellknown to our readers, delivered a lecture at Manchester
about a month ago on the above subject which is so very
suggestive that we give it in full below. No one can
help becoming interested in Mr. Sm ith’s writings ; being
both a merchant and a student, he has the power of
putting economic truths in a very forcible, because a
practical, way. The gravity of the question he discusses
may be ignored now since trade is a little more active,
but it will not always be dismissed so easily.
There are many points of view from which the bimetallio
question may be treated. When the mind is first turned to its
importance the question of a fixed ratio of exchange between
gold using and silver-using countries arrests attention most
forcibly. The suffering and inconvenience caused by the ab
sence of this par make the strongest impression. The injury
to trade and the hindrances to the transfer of capital from
gold-using to silver-using countries lie, so to speak, on the
very surface of this question, and nowhere are they better
understood than in Manchester, the heart of the cotton indus
try of England, whose trade is mainly with silver-using coun
tries. It was this aspect of the case which impressed me most
stroDgly when I took up this subject ten years ago; but lat
terly I have come to the conclusion that there is another ele
ment of the case equally if not more important. I refer to
the change of the value of the gold standard itself as affecting
long-dated engagements and deferred payments. This second
branch of the subject is not so obvious as the first; it deals
with effects which are spread over long periods of time, and
do not show themselves in the same self-evident manner as
do violent fluctuations in the rate of exchange. They are
obscured, moreover, by a mass of subordinate details which
lie on the surface and catch the eye most vividly, and it re
quires a certain amount of abstract and concentrated thought
to grasp the deeper issues involved. I think I can ocoupy
APPROXIMATE REVENUE FROM GRAIN TONNAGE.
your time to-night more profitably by dealing with this sec
ond branch, and trust that I may be able to throw a little
January 1 to Feb. 28.
February.
light upon what is one of the most intricate branches of eco
1885.
1886.
1885.
1887.
1886.
1887.
nomical science.
Commercial communities are constantly occupied with
3
3
3
3
3
3
New York C entral...........
99,000 232,000 150,000 238,000 345,000 282,000 prices. The main business of a merchant is to watch all that
Erie.......
82,000 179,000 202,000 143,000 effects prices. His success depends upon correctly grasping
69,000 137,000
Pennsylvania........
64,000 124,000 116,000 the course of the markets. The causes of fluctuation in prices
30,000
87,000 79,000
Del. Lack. & W est...........
81,000 are numberless, but the chief elements are the relation of sup
64,000 109,000
24,000
91,000
29,000
West Shore...........
70,000 ply to demand and the state of credit and of the money mar
60,000
90,000
25,000
39,000
29,000
Total....
251,000 586,000 365,000 633,000 840,000 692,000 ket. When longer periods are under review attention has to
be given to scientific discoveries and economizing processes,
This is quite a surprising showing. As against a revenue and so absorbed is the ordinary commercial mind with these
of $586,000 from this grain tonnage in 1886, the total causes that it is difficult to get it to consider the influence on
of changes in the value of the standard itself. For all
revenue of the five roads this year was only $251,000, a prices
practical purposes this last element may be dismissed from the
falling off of $335,000. W h at is chiefly remarkable, how- ordinary operations of the market; it works too slowly and
380
THE CHRONICLE.
imperceptibly to affect transactions which are closed in weeks
or months. Yet no one who has studied the history of prices
can doubt that the greatest changes have been caused by
alterations in the value of the standard itself. No one will
argue that when a bullock fetched 40s. in the fifteenth cen
tury or wheat 12a. per quarter, it was simply the result of oversupply. All economists are perfectly well aware that it
resulted from the excessive dearness of the precious metals,
and this dearness was the consf quence of an exceedingly small
yield from the mines for several centuries—indeed all through
the Middle Ages. Again, when prices rose about fourfold in
the sixteenth and seventeenth centuries, it is perfectly well
known that it resulted from the discovery of the mines of
Mexico and Pei u, which immensely increased the stock of the
precious metals and greatly lowered their purchasing power.
In those days, it may be added, no great public inconven
ience resulted from changes in the standard of value, for there
were no national debts, no public stocks or bonds of any im
portance. Each generation discharged its own debts, and did
not create obligations for future generations. The custom of
bprrowing on a large scale began in last century and has been
prodigiously developed in this one. The various national debts
npw exceed 5,000 millions sterling. The railway bonds,, cororation debts, permanent or long-dated engagements of all
inds, are simply incalculable. All civilized oommunities are
covered with them, as some of our streets are with a network
of telegraph wires ; and it haB become of the highest import
ance that the standard in which these debts were calculated
and on which interest has to be paid should be as stable as pos
sible. Now there is no way of judging of the stability of a
standard except by comparing it with the average prices of
commodities, the wages of labor, the price of real estate, and
so forth. It is quite true that countless influences affect each
particular article ; a plausible reason may always be assigned
for its rise or fall without reference to any change in the
standard itself. No doubt in the Middle Ages, when prices
were slowly falling, all the ordinary fluctuations could be
accounted for by local and temporary causes ; so when prices
were rising in the 10th and 17th centuries. Yet every modern
statist knows quite well that the groundswell of pi ices over
these long periods was the change in the value of the standard
itself. It is no otherwise now. No century has witnessed
such great changes in the value of the standard as the 19th,
and none has suffered such great inconvenience. I would
compare this alteration of the standard of value to the influ
ence of ocean currents as contrasted with that of the winds
and tides, which represent the temporary and oocasionl move
ments of prices; or to those secular movements of geology
which have at one time given a glacial and at another time a
tropical climate to this island, whereas the annual changes of
season represent the normal movements of price.
This brings me to the part that I wish to emphasize, viz.,
that we have had three well-marked movements of price
within this century, all three in large measure due to changes
in the standard of value. The century was ushered in by very
high prices, partly caused by an inconvertible currency, depre
ciated for some years, 20 to 30; partly caused by great scarcity
and high prices for food; then there was an extraordinary and
long-continued decline, extending say from 1810 to 1848 or
1849. This was brought about partly by the resumption of
specie payments on the basis of the single gold standard,
decided upon in 1816, and finally carried into effect in 1821;
but probably in quite as great a degree by the action of other
countries in resuming specie payments after the long Napo
leonic wars came to an end. Concurrently with this the pro
duction of the precious metals was very small—that of silver
being virtually suspended for several years, owing to the civil
wars in South America. At that time gold and silver were
linked together by the bi-metallic system of France, so that
the two metals rose and fell in purchasing power as one mass.
The extraordinary appreciation of the standard is shown by
the fact that in 1845-50 £100 would purchase as many com
modities as £224 did in 1809—that is to say, the purchasing
power of the pound sterling had more than doubled, and
prices on the average had fallen 55 per cent. I take these
figures from Professor Foxwell, one of the ablest of our
youDger economists, and he adopts the index number of the
Economist as his basis of calculation. Now it is beyond dis
pute that this was the dreariest time in the history of England.
Never was suffering so widespread or so long continued. Large
sections of the working classes were half starved, and at times
the country was on the verge of a social revolution. There
cannot be a doubt that this distress was greatly aggravated by
the prodigious fall of prices, or, what is the same thing, by
the great appreciation of the gold standard ; the huge national
debt of 900 millions, contracted mainly in inconvertible cur
rency, and representing, according to Mr. Gladstone, from onethird to one-fourth of the whole capital of the nation, was
virtually doubled; its annual interest of 28 millions went twice
as far in the purchase of all the requirements of life as it did
during most of the period when it was being contracted. An
unintentional but most real fraud was perpetrated on the
nation in favor of the fundholders—a very limited class in
tfiose days. The same aggravation of incidence applied to all
other permanent or long-standing debts. The general effect
was that the idle class, living on interest or annuities, was
immensely and unj’ustly favored at the expense of all the rest
of the nation. It has often been matter of surprise to me that
historians and economists who described that gloomy time
attached so little weight to this all-important subject. I
venture to say that had the gold discoveries of Australia and
California been antedated by forty years the history of that
E
fVoL. 2LIV.
period would have been wholly different—the vast prospentr
which followed them would, in part at least, have been wm
nessed long before.
Now we come to the second period of English commercial
history during this century—I refer to the time of large gold
supplies from 1850 to 1873—which was by far the meat pros,
perous epoch of English trade. Our exports sprang up by
leaps and bounds, mounting from 63 millions in 1849 to 255
millions in 1873. Prices kept steadily rising; labor was well
employed, often very scarce in the manufacturing districts*
wages rose on the average fully 50 per cent—indeed, when
regularity of employment is taken into account I question
whether the money earnings did not increase 75 per cent
The natural effect of this rise of prices was the lightening of
all permanent burdens. The national debt became much
lighter, as did all mortgages, permanent rents, and other
money obligations. The only losers were the limited number
of rich and idle people who produced nothing, but had a fixed
income from consols and other interest-bearing securities.
The gainers were all the rest of the nation—the in %strious
middle and working classes probably 95 per cent of the whole.
Can any one contemplate this result without satisfaction?
Was it not really good for the nation as a whole? The aver
age rise of prices, taken from Mr. Fox well’s figures, I find to
be as follows: The commodities which could have been bought
for £100 in 1845-50 fetched £142 in 1873, showing a rise of 42
per cent. Who can account for this rise except on the sup
position that the enormous produotion of gold in those twen
ty-three years reduced the purchasing power of money? I
say money, not gold, for the two metals were still joined
together by the French ratio, and the purchasing power of
silver fell exactly as that of gold. As I have observed else
where, an underground pipe- connected the gold reservoir and
the silver reservoir, and kept their waters at the same level;
and the effect on prices was quite the same whether the gold
mines or the silver mines yielded most freely.
There exist no tests by which we can tell exactly how much
of this rise was due to the depreciation of the standard, and
how much was due to other causes. Some of the best econo
mists, like Jevons, put the then depreciation of gold at 15 per
cent. I am inclined to think that it was considerably more.
One may ask the question, Why did prices rise at all during
this period except from the cheapening of money? We had
during that period as much activity and competition in trade
and manufactures as has ever been witnessed since. Steam,
telegraphs and railways were increasing pro rata as much
then as they have done since. Scientific inventions and econ
omizing processes were never more numerous; all these influ
ences, which our opponents offer in explanation of the great
fall in prices since 1873, were equally in force before that date.
If they have caused, as we are told, the large fall of 40 per
cent in prices since 1873. why did they not at least stop the
rise between 1850 and 1873? It seems as conclusive to me a«
a mathematical proof that the great rise between 1850 and
1873, and the still greater fall since, have mainly arisen from
changes in the standard of value itself. I repeat that moat of
the causes assigned for the great fall of prices since 1873
might have been equally applied to the previous period. Pro
duction certainly increased as fast in the one period as the
other, transport was always becoming easier and cheaper,
new fields of supply were continually being opened up, inven
tions in machinery and economizing contrivances were as fre
quent then as afterwards, commissions were steadily being
reduced under competition, and the general tendency of trade,
we should have said, should have been to lower and not to
raise prices. Had there been no gold discoveries, and had
the yield of the precious metals continued the same as in
the first half of the century, does any one in the audience
believe that this great rise would have occurred? You all
know the contrary; yet when we press home the converse and
argue that the great fall since 1873 is mainly the result of the
appreciation of the gold standard, how many are still incred
ulous!
Next let us consider the third epoch of English commercial
history in the nineteenth century—that commencing in 1873
and lasting till now. Do we not find the reverse process to
that of the previous 23 years, with a strong resemblance to the
gloomy period of 1810 to 1848 ? I do not of course claim that the
suffering has been at all as severe as in the first period,
but it has been very great to all the industrial classes,
as abundantly testified to by the witnesses before the Royal
Commission on the Depression of Trade and Industry. Every
one in this district knows that for several years prior to 1886
the cotton industry yielded almost no profit. Some im
provement is now, happily, showing itself, but for ten years
at least capital has had far less than its ordinary share of
profit. The same description applies to the iron, coal, and
other great industries up till the recent improvement set in »
It is difficult to say what trade has not been depressed, and
agriculture the worst of all. Nor have the operatives gained
what the employers have lost. All the great trade unions
echo the lamentable story of depression. It is true that in
some of them wages have been fairly maintained, but the loss
from slack time has been very great; and in 6ome large trades,
such as mining, wages have fallen enormously, while work
has also been most irregular. I have never in my experience
seen such misery among the artisan class in Liverpool as I
have seen during the past few years.
Now I wish to invite your attention to what I believe to b*
the key to this melancholy state of things. Taking the index
number of 100 to represent the low prices of 1845-50, I men*
tioned that the rise was to 142 in 1873; from this it fell with
MAF.cn 26, 1887.]
THE CHRONICLE.
387 *
i.ffiA interruption till it reached 93 in 1885; and when the finer machinery and more perfect appiianoes really render the
Iveraze of last year is struck I doubt if it will be over 90, or older and ruder forms valueless ; yet our statists, who are sel
the lowest point touched for 100 years, with the single excep dom practical men, dazzle us with incredible calculations of
tion of 1849, when for a short time that figure was also the additions to the national wealth. These additions represent
reached
To bring out this truth more forcibly, let me remind the new capital created, but don’t allow for the old capita)
vou that our exports of British goods reached high-water destroyed ; and so those valuations are too much like those of
mark in 1873, viz., 355 millions, from which they have de certain joint-stock mills, whioh stand in the books at a nominal
clined with occasional recoveries, till last year, when they price—about double the selling value of the plant. The prac
only reached 213 millions. But the quantities increased so tical conclusion I draw is that large deductions ought to be
enormously that, adopting Mr. Giffen’s table of computation, made from those calculations of national wealth, and if the
the total for last year would be over 350 millions, and possibly pruning hook were rigorously applied to all exagérations, and
reach 360 millions sterling if valued at the rates ruling in the actual selling value of the nation’s property be taken to
1873 ; in other words, the fall of prices may be put at 40 per day, I doubt if it would be more than 8,000 millions, instead
cent.' This prodigious fall has reproduced all the phenomena, of above 9,000, as Mr. Giffen and others put it. In that case
though in a milder form, which characterized the first half of the pile of debts and permanent obligations would repre
this century. All burdens fixed in money have grown much sent about one-half the national property. But, as I said be
heavier. The idle and non-productive class have gained im fore, had the scale of prices ruling in 1873 continued till to
mensely at the expense of the industrious class. The fund- day, the valuation of the national wealth would probably be
holder, the mortgagee and the money lender have drawn 25 per cent higher, the total would be 10,000 millions, in place
within their clutches a large part of the property of the active of 8,000 millions, and the weight of debt, in place of being 50
industrial class, and there has been a sense of almost hopeless per cent of the total, would be only 40 per cent of the total.
oppression weighing on the community for many years, which To put it in another way, the great fall of prices has trans
ferred 10 per cent of the wealth of the country to the moneyhappily is being somewhat lightened at the present time.
Never in human history has there arisen such a pile of debts lending and annuitant class ; it has increased the claim whioh
and obligations of all kinds as in the present century, with the idle and non-productive part of the community has upon
interest payable either perpetually or for long periods of time the property of the remainder by the difference between 40
in a gold standard. I have instituted some inquiries into this and 50 per cent of the national wealth ; it has to that large
subject, but feel that a far better actuary than myself is extent unjustly defrauded the toiling and hard-working
needed to give anything like an accurate account of these masses of the nation, and has greatly added to the stream of
debts. I can point out, however, a few of the main items, social discontent, and so far weakened the institutions of the
which are formidable enough. We have first a national debt country and the guarantees for law and order. I again repeat
of £750,000,000, with interest and sinking fund amounting to that the figures which I have given are to be regarded rather
£28,000,000 per annum. The railway bonds and preference as a scale of computation than as reliable data ; if this paper
shares amount to £500,000,000, with interest averaging say 4 leads to a rigorous statistical examination of the whole ques
per cent, or £20.000,000 a year. Local and municipal debts tion, so that accurate data be supplied to the public, I snail be
are estimated at about £160,000,000, say at 4 per cent, £6,400,- more than satisfied. We must not suppose that these ohanges
000 per annum. Then we have the vast amount of mortgages in the incidence of debt are confined to England ; exactly the
on land; they can only be guessed at, as we have no public same phenomena are showing themselves in most civilized
registry of such debts ; but I believe £500,000,000 is a moderate countries. The feature of the day seems to me the steady
estimate of the mortgages on the soil of Great Britain and growth of debts of all kinds and the division of most modern
Ireland. Let us take interest at 4 per cent, and that will be communities into debtors and creditors, with widely opposed
£20,000,000. Then we have the corresponding mortgages on interests. It is of course always the interest of creditors to
house property, on factories, on ships and on industrial plant make the debt as large as possible ; and as they represent the
of all kinds. No estimate is any more than guesswork, but I financial, banking, and capitalist class, who have the ear of
shall be surprised if the amount does not exceed 500 millions; all modern Governments, it is most difficult to get due consid
this, with interest at 4 per cent, represents £20,000,000 per eration for the rights of the great majority. Yet unless this
annum. We have further to take into account the long leases can be done modern civilization may some day be overthrown
with fixed rates of payment. In such a country as ours the by a Socialistic upheaving from beneath.
So far I have dealt with this question on the broadest
value of these is prodigious. Many of the largest incomes are
drawn from ground rents. It is well known that large grounds, as affecting the whole community ; but there are
sections of the metropolis are built over on leases of 75 to 99 some particular classes of questions which are rendered fat
years’ duration. The same applies more or lees to all our great more insoluble in consequence of the change in the standard
cities or centres of industry. This may be regarded as a of value. The most pressing of them is that of Irish rents.
tribute levied on the industry of the country by the land-hold These were fixed judicially for fifteen years at rates which
ing class. I am not aware that any accurate estimate exists were fair for both tenant and landlord had prices remained as
of the amount, but I would venture to put it at thirty millions they were two or three years ago ; but a further fall of 20 per
annually. We have next to consider the royalties on mines, cent has taken place since then, quite upsetting the basis of
which have been felt as a heavy tax of late years, owing to the rent, and, as is well known to most of you, the agrarian set*
very low price of minerals. These I have seen estimated at tlement has on that account proved a failure. Parliament is
about eight millions a year, but I don’t give this as a reliable placed in this painful dilemma—either it must enforce impos
figure ; indeed, all the figures I have given above are mainly sible rents by wholesale evictions and excessive social misery,
suggestions for future inquiry, which would need to be con or it must practically set aside a settlement solemnly arrived
ducted by a society of actuaries or professional statists. I do at only five years ago. This is but one of the innumerable
not think we possess any materials at present except for rough dislocations caused by the disappearance of the old customary
approximations. In addition to all these, there is a very large basis of price. All class differences are painfully accentuated,
amount of fixed annuities, pensions, life interests, etc., political animosity is increased, and the Legislature is called
chargeable on most estates or payable by the Government. It upon to dissolve contracts in a way that is most arbitrary, and
is well known that many of these estates have of late years which is very destructive of mutual confidence hereafter. In
hardly afforded any surplus to the nominal owners after pay the face of all this misery I am astonished to see the glib and
ing interest on mortgages, annuities and other fixed charges. careless way in which many writers speak of the fall of prices
1 shall roughly assess the total of annuities, pensions and otjber as being a source of unmixed good to the community. Let us
fixed charges not included in the other items I have dealt with suppose, however, that Parliament undoes the Irish Land Act»
at £18,000,000 a y e a r; and this will make the total fixed unsettles that settlement, and decrees a new and lower scale
charges, payable out of the industry of the country, about of rents ; it will certainly confiscate the interests of the land
£150,000,000 a year. If we capitalize this all round at 27 years’ lord on behalf of the mortgagee. Few Irish estates will yield
purchase we find it represents a capital value of about £4,000,- any surplus if another heavy reduction of rents takes place ;
000,000, or fully two-fifths of the whole property of the coun many would not meet the fixed charges ; and so the great
try, which, according to the best statists, is now estimated at injustice would be done of handing over the property of the
country to the money lender, who under all circumstances is
something over nine thousand millions sterling.
Anyone who reflects for a moment will see that this huge enabled by our law to claim his pound of flesh. Ireland is a
load grows heavier or lighter according to the scale by which crucial case ; but to a large extent the same holds good of
the wealth of the country is valued. If the pound sterling much of the soil of Great Britain. You have the inability of
represents a constantly diminishing value, as it did from 1850 the land-owner to reduce rents adequately, because his fixed
to 1878, this prodigious charge becomes lighter and lighter; incumbrances represent so much of his income. These fixed
but if it represents an increasing weight, as it has dope since incumbrances were based upon an old scale of prices, which
the free coinage of silver was suspended in 1878, then it presses has passed away ; but they continue unchanged, hanging like
more and more heavily on the productive resources of the a millstone round the neck of the unfortunate proprietors.
country. Let me illustrate it in this way. Suppose no decline The agitation for the reduction or the abolition of tithe is
in prices had taken place since 1873, the capital value of the largely due to the same cause. The farmer feels the pinch of
^ealth of the country would have been much higher than it constantly-falling prices, and to save himself from ruin strug
is now ; but the burdens would continue the same, and a much gles to get rid of burdens which crush him down. Other
larger share of the national property would remain with in strong objections are brought against tithes, especially in the
dustrial classes. My own impression is that the present valua case of the Nonconformists of Wales ; but there is no doubt
tion of national wealth is quite too high because our statists that the movement derives much of its force from the
have not allowed sufficiently for the enormous fall in the sell-, extremely low price of agricultural produce.
mg value of land, and of the industrial plant of the country
I turn now to another illustration of the confusion intro
generally. I believe much of the assumed increase of thf duced into all social relations by the change in the standard of
value of the national wealth is illusory, as there is not suffi value. I allude to the urgent need of reduciug railway rates.
cxent written off for depreciation. Everyone actively engaged It is admitted on all hands that our railway charges are much
m business knows that new creations of capital oftentimes too high, and that they seriously cramp the commerce of the
wpiace and destroy equal amounts of old capital, for the; country. A very considerable reduction is called for, yet note
388
THE CHRONICLF.
¡3 Vol XLiy,
what would happen if . an Act of Parliament compelled rail available for currency purposes. B ut Germany during
way rates to be reduced, say 30 per cent. Railway property is that period has introduced a gold currency of 80 millions
held by two classes—the ordinary shareholders, whose divi the United States has resumed specie payments, and has
dends depend upon profit, and the preference shareholders, or used up 100 millions, and Italy has drawn some 20
bondholders, who receive a fixed rate of interest. The latter millions for a similar purpose; so that 200 millions have been
class represent much the largest amount of capital, but the withdrawn for these special purposes, whereas the whole
law cannot touch their income; the whole loss must fall upon supply of new gold for coinage has not exceeded, in that time,
the smaller class, viz., the ordinary shareholders ; and a 130 millions. The balance must have been drawn out of exists
reduction which would be moderate and reasonable if spread ing stocks. Further, a steady drain of some four millions a
over the whole 800 millions of railway capital would be vir year has gone to India; further depleting the stocks in Europe.
tual confiscation if restricted to the shareholding capital of One result of this state of things is that hardly any new coin
800 millions. I believe this difficulty will be found to be age of gold is now taking place. Most of the mints of Europe
almost insuperable in the rearrangement of railway rates, and are almost ceasing to coin new money; and while trade and
the commerce of this country will continue to be burdened population constantly grow and demand more metallic cur
with a scale of charges which is quite too high for the low rency, there is a steadily diminishing quantity to meet it. If
we put the present production of gold at 17 millions a year
scale of prices which now rules.
One concluding illustration may be given of the wrong done and the requirements of the arts at eight millions a year,
by a change in the standard of value. I allude to the case of while the ordinary Indian demand is four millions, there is
the Egyptian bondholders. The debt of Egypt was contracted only left five millions a year for new coinage for all Europe,
during a period of great prosperity and high prices; since America and the British Colonies. It will seem to subsequent
then the price of Egyptian produce has fallen prodigiously. ages the height of folly that just at this period, when gold was
Wheat, cotton, beans and other products of the Nile Valley running short, the chief States of the world decided to close
are worth little more than one-half of what they were worth their mints against silver, and cut off, so to speak, one-half the
in 1860-75, when most of the debt was contracted, and the money supply of the world from performing its proper func
payment of interest for the past ten years has been an insup tions. The silver supply for the last thirteen years has been
portable burden on that oppressed country; yet the bondhold about equal to the gold supply ; by a providential arrangeers, by a European engagement styled the law of liquidation, ment, when the one metal fell off the other increased corres
have been enabled to squeeze out of the unhappy peasantry pondingly ; and had the world continued to use both metals as
some four millions sterling a year, though to raise that tribute freely as before, the painful crisis we have passed through
they required to sell nearly double the produce they needed to would have been much m itigated; but by a suicidal policy
do ten or fifteen years ago. The interest of the debt, measured silver was cast off at the very time when it was most needed,
by the price of everything grown in Egypt, has really grown and a double burden thrown upon gold just when it was only
in weignt by 50 per cent. In the same wav the Indian Gold able to bear half its former burden. As Bismarck has well
Debt of fifteen millions a year, payable in England, involves said, two men were struggling to lie under a blanket only big
the sale of a half more Indian produce than was needful ten enough for one. The truth is the total supply of the precious
or fifteen years ago in order to liquidate it. The weight of metals would have been small enough had silver been kept on
the debt has been virtually increased to that extent, and the its old footing. The very rapid increase of modem trade needs
flnnnpjftl arrangements between England and India have a constantly increasing supply of money to keep prices stable.
We should, no doubt, have seen a fall even if the old bimetallic
become strained and difficult in the highest degree.
But I may be told that England is the chief gainer by the system had continued ; it is a notable fact that even silverappreciation of the gold standard, because she is the great using countries like India have seen a rail of prices since
creditor nation, whose income from abroad is chiefly payable 1873, but the fall has only been some 10 or 15 per cent, against
in gold. The time was when this argument was always 40 per cent in gold-using countries. I consider that it is imma
trotted out by our opponents, and was thought to be a valid terial whether we speak of the appreciation of gold or the
answer to every objection. Let us see what force there is in depreciation of silver; what we mean is that the value of the
it. No doubt a vast amount of British capital is invested one metal has risen relatively to the other. Had the old bi
abroad ; this part of the national wealth is increasing much metallic system of the Continent not been altered, the fall of
faster than the portion invested at home. The profits on prices in gold-using countries like England would have been
fereign investments are much larger, and there is not that lessened, and that in silver-using countries like India would
excessive competition which there is among all home indus have been increased ; in fact, an equal fall would have taken
tries. It is several years since the income from foreign in place in all countries alike. Allowing that there are about
vestments was put at 60 millions a year. I should not be sur equal values of the two metals in the world, in place of gold
prised if it were now nearly 100 millions annually ; but the values falling 40 per cent and silver values 10 per cent, there
extraordinary mistake is made by some In supposing that all would have been an overage fall of 25 per cent all rounu; that
this consists of securities whose interest is payable in gold ; a is to say, we should have saved the last 15 per cent of fall,
very large part of British investments abroad are in silver which has cut into the quick, and carried multitudes over the
using countries ; those in India alone have been estimated at line which separates solvency from insolvency.
Now, how stands the matter with regard to the future?
800 millions sterling ; and probably the greater part of all our
foreign investments is not in interest-bearing securities at Will things rectify themselves, as the orthodox economists of
all, but consists of real estate and industrial plant of all kinds, this country are in the habit of saying ? It is quite true that
such as tea, coffee, and indigo plantations, sheep runs, cattle a revival of trade has set in, which may for a season give relief
ranches, gold and silver mines, manufactories, railways, team and withdraw attention from the malady. No one could be
companies, banks, &c.; indeed, a great part of the commerce so foolish as to say that there never could be periods of good
of the poorer countries of the world is carried on by British trade, even under the pressu e of a contracted currency. _The
capital, and the profits upon the capital are remitted to the wonderful elasticity of the industrial machine will assert itself
owners in the form of produce, and this accounts mainly for even against crushing burdens, Almost unbroken depression
the immense surplus of imports over exports, which is the has reigned for ten or twelve years, and a temporary improve
principal feature of British trade. It matters nothing to the ment is due, whatever mistakes may be made in monetary
owners of the capital what the currencies of those countries legislation ; but I believe the improvement will not be long
may be—they may be either gold or silver, or inconvertible continued if we persist in our present suicidal policy. The
paper ; but the profits on their capital are reaped all the same, silver question remains suspended over us, and the recent rise
and are remitted to England or reinvested, as suits them best. that has occurred can be ascribed to no permanent cause,
Of course I do not deny that a large amount of interest is pay probably it is due to a vague expectation that legislation in
able on gold securities. I think I have seen the total interest- favor of remonetizing silver will spring from the Royal Coinbearing foreign securities put at 83 millions annually, a con mission now sitting in London. Whether this be so or not, it
siderable proportion of which are payable in silver; but even is clear to me that if the Commission fails to do anything, and
granting that the bulk of this is payable in gold, it must be matters are allowed to slide, we shall soon be confronted with
remembered that it comes into the hands of a very small class a great silver crisis. It is clear that the United States will not
of the community. Probably not 1 per cent of the nation is continue their present illogical position with regard to coining
possessed of foreign securities; and who will consider the silver; they must either go back or forward, they must either
extra gain drawn by this small class as any compensation for cease to coin or open their mints to coin silver as freely as they
the suffering caused to the great mass of the nation at home ? coin gold. They will gladly agree to the latter alternative u
The more this subject is looked at the more it is seen that the France and England join them, but they will certainly not do so
appreciation of the standard of value in any country benefits alone; therefore they must adopt the other alternative of clos
a far smaller number of people than it injures; it makes a ing their mints against silver. When this happens a further
small class of rich people still richer, and robs the hardwork cataclysm in silver will occur. India will remain the only
ing, toiling industrious class, for the benefit of those “ who great market open to silver, and we shall be pressed by its
Government to close its mints also in order to keep the ex
toil not, neither do they spin.”
I hope that what I have said will be considered sufficient change from falling to a perfectly ruinous point. Unless we
proof of the sufferings caused by the appreciation of the gold do so the Indian Government will become bankrupt, and it «
standard ; and I will, in conclusion, ask you to consider what do so silver will almost cease to have a value in the open
relation this bears to the subject of bimetallism, and how far market. All the misery cau ed by the first drop of silver, o
bimetallism off rs a remedy for those sufferings. There are say 25 per cent, will be repeated by a second drop equally
still some who boldly assert that there is no appreciation of g reat; and, again, we shall see a heavy fall of gold prices an
the gold standard, and that the fall of prices is wholly due to a further vast increase of all those permanent burdens wbic
-'
other causes. I beg such persons to consider the following have been alluded to.
facts. The gold production, which for some years exceeded f 1 do not see how there is any logical escape from this con
clusion
;
it
follows
even
from
the
premises
of
our
chief
oppo
thirty millions annually, has fallen to 17 millions a year ; and
the best Continental authorities, such as Soetbeer and Lave- nent, Mr. Giffen. He admits the great appreciation of gold >
leye, reckon that more than half that amount is consumed in he holds that that appreciation must go on, and exhorts us
the a r ts ; it may, therefore, be reckoned that since 1873 bear it meekly. It may be, however, that the suffering peo
only some ten millions of gold on the average has bcei ples may not bear it meekly, and that the constant increase
March
THE CHRONICLE,
26, 1Ö87.J
389
of pressure may at last burst the boiler. Now we of the
IM P O R T S A N D E X P O R T S F O R F E B R U A R Y .
b im eta llic school urge that we possess a safety valve sufficient
The Bureau of Statistics has issued its detailed statement of
to relieve this terrible strain. We have an ample and an in
creasing supply of silver, just fitted to relieve the pressure on the foreign commerce of the oountry for the month of Febru
gold. The nations of the world, by a mixture of perversity ary and the eight and twelve months ended with February
and ignorance, have deprived themselves of this powerful
ally ; all now admit the unfortunate consequences of this mis 28, 1887 and 1886.
MERCHANDISE.
take’; all alike wish that the past could be undone ; but the
question is, “ who is to bell the cat? who is to take the lead
For the
For the 8
For the 12
bi reconstructing the monetary system of Europe and
month o f Months ended Months ended
America?” We know well that two of the greatest monetary
February.
Feb. 28.
Feb. 28.
Powers, France and the United States, are only waiting for
1887.—Exports—Dom
estlo.......
$53,932,002
$503,676.919
$716,422,905
an opportunity to rehabilitate silver, but they are absolutelyF oreign .........
830,346
8.412.915
13,384,654
determined not to act without u s ; and upon England depends
Total.......................... $54,762,348 $512,089,834 $729,807,559
whether this miserable state of things be put an end to or pro
Im ports..................... ; . . . 58,976,705 445,769,181 670,257,634
longed indefinitely.
Excess of exports over imports
$66,320,653 $59,550,025
My object is to urge Manchester to bring its great and well- Excess of imports over exports 4,214,357
deserved authority to the true solution of this question. The 1886.—Exports—Dom estlo....... $51,043,727 $453,218,543 $649,540,934
F o reig n .........
8,583,562
861,507
time was when Manchester spoke with a voice to which all
14,129,007
Total.......................... $51,905,234 $461,807,105 $663,669,941
England listened. Cannot it now resume that position in
Im ports............................. 56,686,659 410,947,783 607,721,128
regard to this vital question, and lead England, and with Eng
of exports over Imports
$50,859,322 $55,948,813’
land the civilized world, to a solution of the most entangled Excess
Excess of Imports over exports
4,78 i , 425
and harassing difficulty which has blocked the path of progress
GOLD AND SILVER—COIN AND BULLION.
in this century ?
R A I L R O A D E A R N IN O S .
The weekly statements of earnings continue very satisfac
tory. Sixty-five roads for the second week of Maroh have an
increase of 18^ per cent, as below. Eleven roads report
■mailer earnings than a year ago, but the total decrease on
them all does not reach $16,000.
2 d week o f March.
1887.
1886.
Increase.
$
$
1 ,558,509 .1,371,962
60,266
54,265
35,812
32,939
29.261
27,634
51,425
5 0,7-0
57,792
53,088
29,059
20,701
10,439
12,571
8,701
9,753
7,592
6,555
8,723
6,767
39,730
45,664
10,576
9,818
5,399
5,630
7,200
9,350
3,510
3,565
94,003
85,407
5,307
3,134
15,365
13,488
51,784
44,865
23,905
17,310
14,344
6,531
45,866
38,748
329,221
318,703
45,829
46,705
52,916
46,353
29,377
25,683
21,0 12
15,148
287,610
262,770
43,016
30,336
7,530
6,246
32,859
31,122
23,229
19,564
14,925
6,318
10,124
10,102
80,543
65,176
94,188
79,656
30,983
22,073
16,440
15,689
30,341
32.400
9,455
6,864
138,021
117,106
12,890
11,481
38,525
24,934
10.051
3,931
19,294
2,965
$
188,016
Total (65 roads)......... 3,552,947 3,131,850
Net increase (13-45 p.ct.)
437,055
421,097
Prev’ly rep’ted (20 roads)
Burlington C. R. & No.
Chicago A East. Illinois
Chicago A West Mich ..
Cln. Ind. St. L. A O— ..
Cin. N. O. A Texas Pao.
Alabama Great S o .. .
New Orleans A N. E ..
Vicksburg A Meridian
Vicksburg Shrev. & Pao.
Cincinnati Rich. A Ft. W.
Cincinnati Wash. & Balt.
Cleveland Akron A Col..
Col. A Cin. Midland..........
Dcs Moines & Fr. Dodge.
Detroit Mack. & Marq ..
East Tenn. Va. & G a.......
Evansville A India’polis.
Evansville & Terre H ___
Flint A Pere Marquette..
Florida R’way & Nav. Co.
Ft. Worth & Denv. C ity..
Grand Rapids A Ind.......
Grand Trunk of Canada..
Houston A Texas C en t...
Indiana Bloom. <fe W est..
Lake Erie A Western. . . .
Louisv. Evansv. A St. L . .
Louisville <&N a sh v ille...
Louisville N. Alb. & Chic.
Marquette Hough. A On.
Memphis <fe Charleston ..
Mexican Nat. (So. Div.)..
Minnesota & Northwest.
N. Y. City & Northern . . .
Norfolk & W estern...........
Ohio & M ississippi........
8t Louis Alton a T. H. . . .
Branches........................
8t. Louis Ark. A Texas ..
Toledo Ann Arbor & Mich
Wabash St. L. & Pacific
Wheeling A Lake Erie___
Wisconsin Central............
Minn. St. Croix & W is..
Wisconsin A Minnesota
6,001
2,873
1,627
645
4,704
8,358
1,037
1,956
758
8,596
2,173
1,877
6,919
6,595
7,813
7,118
10,518
6,563
3,694
5,864
24,840
12,680
1,284
1,737
3,665
8,607
Decrease.
$
1,469
.........
2,132
1,052
5,934
231
2,150
55
876
Buffalo N. Y. & P h ila . .
Buffalo R och. A P itts b .
Canadian P a c i f i c ..........
Chicago & A tla n tic ........
CWc. Mil. A St. P a u l . . .
tkncinnati H a m . A D a y
Denver & R io G r a n d e . . .
Det. L an sin g & N o rth e rn
Doug Is la n d ...........
louisv . N ew A lb. & C hic
Mexican C e n tra l..............
Milwaukee L. 8. & W est
MuwaBkee A N o rth e rn .
ir
& N o r th e r n ..
Y- O nt. & W e s te r n . . .
N orthern P a c ific .................
Peoria Dec. & E v a n sv ille
Bonis & San. F r a n . . .
Bt. P au l & D u lu th ............
ip ic d o A Ohio C e n t r a l..
W abash St. L ouis & P a c
Total (21 roads)..........
Net increase (12-52 p . ot.)
1887.
46,200
37,130
134.000
47,345
486.000
63,252
128,400
21,422
50.021
41,892
84,400
55,758
19.22 o
10,674
24,371
197,670
16,765
117,700
19,313
18,230
133.000
1,752,769
1886.
49,500
27,368
129.000
29,450
467,967
54,080
110,486
20,782
49,854
29,531
80,992
31,535
13,198
11,192
22,361
190,651
2,059
6,120
12,280
91.898
18,306
9,365
108.000
1,557,796
9,762
5,090
17,895
18,033
9,172
17,914
640
167
12,361
3.408
24,223
6,028
2,010
15,958
Decrease.
$
3,300
8 months ending
February 28.
8 months ending
February 28.
1880.
1886.
8«
f
Baltimore.M d 1,311,487 4,787.310 7,7 <5,464 6,853,230 35,731,690 20,523,832
Boston, Mass. 5,038,479 4.809.234 37,408,881 34,040.423 41,192,506 34,187,835
Buffalo Ck.N.Y
477,074
276,172
27,070 4,538,258 4.217,860
234,841
Champl’n, N.Y
157,174
74,250 2,1)20,782 1,001,224 1,251,568 1,048,921
C hariest’n, S.C
436,983
570,057 12,051,888 13,470,859
49.707
907,087
Chicago, 111....
947,313
00 8,235,907 7,088,584 1,020,158 1,379.640
Cincinnati, O.*
1.719,858 1,138,«15
295,000
D etroit, Mich.
182,747
815,037 1.643.474 1,551,800 3,824,918 2.894,527
D uluth, M inn.
55,871
118,888 1,786,'82 1.578,70«
G alvest’n, Tex
410,413
51,740 1,200,283
554,753 17,103,273 15.490,443
Milw’kee.W ls.
313,000
30,775
472,820
19,000
Minn’s’a,M inn
192,057
747,347
80.400 1,241,059
522,482
040,001
Mobile, A la ...
26,113
44,703 1,786,741 1,617,258
1.077
525.303
New Orl’ns.La
870.551 8,002,085 0,009,775 5,173,572 59.606,896 58.152,001
New York.N.Y 39.822.412 22,294,833 295,704,810 374,402,847 214,484,794 210,868,091
Niagara, N.Y..
329,894
205 2.534.474 2,119,792
50,328
42,967
Norfolk, V a...
91,317
115,756 13,498,875 8,172,089
2,145,490
Oregon, Oreg..
115,603
140,069 1,328,868 1,118,601
51,290
94.597
Oswega’ie.NTY
147,052 1,884,340 1,380,099, 1,069,738 1,061,202
Oswego, N .Y..
3,870,080 4.543,383 1.020,770 1,115,599
P hiladel’a, Pa. 3.570,009 2.304.59Ì 24,000.499 22,453,869 23,105,028 22,057,082
P ortland. Me..
92.705
393,712 l,0a-.301
819,458 1,499,401 2,295,328
San Fran., Cal. 3.321.440 1.747,803 25,102,118 23,290,763 24,313,072 19,683,50«
Savannah, Ga.
22.080
340,863 20,399,062 17,487,358
188,472
909,038
S t. Louis,Mo.*
1,480,240
205,995
2.134,993
Verm ont, V t..
306.754
120,900 3,030,627 3,994,886 1,147,02
921,157
W illam ette,O r
952
199,734
297.440
247,395 4,240,077 3,935,323
Wilml’g’n, N.C
29,411
181,248 5,025,873 3,594,520
210.091
107,736
Yorktown, Va.
17,139 1,224,018
79,053
58,143 5,384,775 1,609,065
Totals, (in
cluding all
58,970,705 54,702,348
110,947,783 512,089,834 401,807,105
Remaining in warehouse February 2 8 ,1 8 8 6 ..................... ....$ 2 6 ,7 2 4 ,9 7 7
Remaining in warehouse February 2 8 ,1 8 8 7 ............................. $30,983,924
* Interior ports to which merchandise can be transported without
appraisement, under act of Jane 10. 1880.
518
fijft a n e
7,019
4,485
25,802
1,007
8,865
25,000
198,791
194,973
$56,890,912 $518,395,112 $759,834,455
1,899,980
16,863,423
31,740,967
$58,790,892 $535,258,535 $791,575,422
60,452,826 493,620,202 730,132,021
$ 3 6 ,6 3 3 ,2 7 3 $61,443,401
$ l,6 é i,9 3 4
$56,829,592 $476,449,303 $631,824,439
2,731,447
19,222,050
31,869,384
$59,561,039 $495,671,353 $713,093,828
58,819,950 442,518.033 647.940,933
$741,089 $53,153,320 $65,752,830
Imports. Exports.
16,329
$
$10,208,012
6,362,994
$16,571,036
$22,075,463
11,377,383
$33,452,446
$50,023,882
$22,374,643
17,845,217
$40,219,865
$9.804,017
I m po r ts .
22
Increase.
$27,776,062
7,577,567
$35,353,620
$15,635,488
10,778,746
$26,414,234
$61,767,863
$42,296,495
17,577,992
$59,874,487
$1,893,376
TOTAL MERCHANDISE AND COIN AND BULLION.
1887.—Exports—D om estlo__
Foreign.........
Total.....................
Im ports..........................
Excess of exports over imports
Excess of imports over exports
1886.—Exports—D om estlo___
Foreign.........
Total.....................
Im ports........................
Excess of exports over Imports
E x c e s s of imports over exports
Custo m s d i s F e b r u a r y , 1887.
t r ic t s AND
P o rt s .
For the third week the showing is not materially different,
the gain being 12*>£ per cent on the twenty-one roads that
have yet reported for this period.
3d week o f March.
$3,992,218
853,212
$4,845,430
$10,725.975
7,597,296
$18,323,271
$23,168,701
$10,594,166
12,256,915
$52,851,081
$ ...................
29.682,380
$8,932,222
3,461,770
$12,443,992
$14,248,538
7,171,718
$21,420,256
$33,864,248
$19,041,020
12,529,230
$31,570,25u
$2,293,998
IMPORTS AND EXPORTS BV PRINCIPAL CUSTOMS DISTRICTS.
15,367
14,532
8,910
751
2,591
20,915
1,409
13,591
1887.—Exports—Gold—Dorn... $1,232,373
Foreign
445.024
Total......... $1.677,397
Silver—Dom___ $1,726,587
Foreign.
624.610
Total......... $2,351,147
Total e x p o r ts ............ $4,028,044
Imports—Gold................
$143,611
S ilv er............
1,332,510
T o t a l............................ $1,476,121
Excess of exports over imports $2,552,423
Excess of Imports over exports
1886.—Exports—Gold—D om ... 1 $4,356,236
Foreign
1,293,073
Total......... $5,654,309
Silver—Dorn... $1,429,629
Foreign
571,867
Total............. $2,001,496
Total exports.............. $7,655,805
Imports—G o ld ..............
$986,384
S ilver.............
1,146,907
Total............................ . $2,133,291
Excess of exports over imports $5,522,514
Excess of imports over exports
tar 91©uramerctal % u q \1 $ 1 x | J e w
[From oar own correspondent. 1
L o n d o n , Saturday, March
3,818
............ J
s
12, 1887.
Some relief from anxiety may said-to have been experi
enced during the week, although there is still considerable
uneasiness respecting the possibility of untoward political
390
THE CHRONICLE.
developments in Eastern'Europe. Signs of aggressiveness on
the part of Russia have not been altogether wanting, but
whether a fresh move is to be initiated or the risks of war are
o be indefinitely postponed are problems upon the solution of
which it is useless to speculate. Let it suffice to say that the
week has witnessed some increase of confidence. It has not per.
haps been too strongly pronounced in Stock Exchange circles,
the operators there having been severely shaken by the col
lapse which took place both here and on the Continent earlier
in the year. Since then time loans have been very materi
ally reduced.
But an absence of speculative excitement in stocks and
•hares counts for but little when endeavoring to estimate the
real movement in the trade of the country. The statistical
evidence afforded during the week through the Board of
Trade Returns merely confirms what has all along been as.
-•erted, that in spite of checks due to political uncertainties
the revival of trade is proceeding. In fact, the progress dur
ing February was muoh more decisive than in the previous
month, and a continuance of the progressive movement is
reasonably calculated upon. According to our advices we are
likely to do an extended trade with the United States in iron
and steel. Our shipments of steel rails thence in the two
months have aggregated 24,350 tons, whereas in the corre
sponding period of 1885 they were only 1,000 tons, and there
is a likelihood of further large orders being placed. It seems
rather an anomalous Btate of affairs that whilst we are
able to send our hardware manufactures across the Atlantic
and place them on the American markets in spite of tariffs
considered prohibitive, Germany should be able to place her
goods in Wolverhampton and undersell the home manufac’
turer to the extent of 20 per cent, and yet secure a profit. The
arbitrage of wages between England and the Continent is evi
dently a long way from adjustment. But it not only in iron
and steel that we are doing an improving business with Americi; textiles'ale o exhibit a satisfactory increase.
The outlook at the same time as regards India is encour
aging. We are certainly doing more with that dependency,
notably in ootton goods and machinery, and there is no reason
why, as the country is becoming year by year more opened
up, our oommercial relations should not be an expanding
quantity. The United States and India are just now the
brightest spots in our industrial horizon. We are not trans
acting so much with Australia as we could wish, but now
th at a distinct enhancement in the value of wool over the
quotations current twelve months ago is recorded, and instead
of a deficiency there is an abundant harvest, which, if promptly
marketed may be made to realize more remunerative
prices than were possible a year ago, we may presume that
th e purchasing power of those colonies will inorease in the
course of a few months. Already larger amounts of ma
chinery are being shipped, possibly in connection with some
of the more recent mining ventures. W ith the Continent, of
course, our business relations are still in an undefined state,
and they may be expected to continue until the present longdrawn-out crisis has passed away. However taken all round
the commercial prospect at the close of the week is brighter
than at the opening.
The Bank of England directors have reduced the rate from
4 to 3% per cent, having been at the higher figure about five
weeks. The course of the market during the days preceding
the change indicated the imminence of a movement; but a
reduction to 3 per cent was more commonly anticipated, and
it is believed that the lower figure will soon be fixed, as there
is no real aetivity in the demand, either for loans or discounts.
The charge for short loans is now only about 2% per cent, and
the discount quotation for three months’ bills is still nearly 1
per cent under the Bank rate. The Bank return is a strong
one. The amount of the reserve has risen to £15,930,925, the
gain on the week being £630,802, and the increase over last
year about £1,300,000. The stock of bullion is now £23,618,975. This is about £1,000,000 more than last year and £337,758
in excess of last week. The proportion of reserve to liabilities
stands at 48*83 per cent, or 1*75 per cent more than last week.
It would seem, therefore, that the Bank could have safely
reduced the rate to 3 per cent. The adoption of the half
measure may be attributed to the pursuance of a cautious
policy by the Bank directors, who doubtless wish to see the
stock of bullion yet further augmented. Following the lead
Of the Bank the joint stock banks have reduced their rates
one-half per cent, and are now giving 2 per cent for deposits
[V<x* XLTV.
at notice. The discount establishments give 2 per cent for
money at call and 2J£ per cent if with 7 or 14 days* notice of
withdrawal showing a decline of 1 per cent.
The following Bhows the position of the Bank of England
now and at the date when the last alteration was made in the
r a te :
M arch. 10,
Feb. 3,
Increase +
1*87.
1887.
or decrease.—
£
Circulation, excluding 7-day
£
£
23,438,050
and other bills.......................... 23,943,625
505,5759.570,14-5
Public deposits................ .
3,670,220
5,899,925+
Other deposits............................. 23,854,170 22,889,803
964,36114.136,141
Government securities.............. 13,531,806
604,335+
Other securities .................
18,920,69220,870,993
1.944,301+
15,930,925
Reserve of notes and c o in .. . . 13,235,353
2,695,572+
23,618,975
Coin and bullion.......................... 21,428,378
2,189,997+
48 83 p. C.
Prop’n of reserve to liabilities. 47 -70 p. c.
l*13p.c.+
& p. c. —
Bank rate..........................................
4
p. c. 3 ^ p. c.
The rates for money have baen as follows :
Interest aUotsta
for deposits by
Opon market rate».
Tra&e Bills.
Joint Dlsc’t B'l'.
Stock At 7 to 14
Tour ■ Six
Hure«
Six
Three T ow
Month» Month» Months Month* Months Months Banks. OaU. Days.
T
Ü l ^ 2%a3 2%®3- ü¡r»4 3<4®4 3)434 ~ 8 ÏT
Feb. 4
214
2)4 254-2«
" 11 4 2 « ® - 294® - 2M® — 8#® 4 3)4® * 3)4® 4
2 « 8«-2«
8%
44 18 4 8)4® - 3 ® - 2)4® - 3K#4 3M»4 3M@4
Condon
Bank Bill».
2)4|2«-2«
2)4 2«-2«
2)4
2)4
“ 25 4 8)438)4 S ®3V*3 ® - $ 4 3 « 3X®4 3)4® 4
M ar. 4 4 3)4® - 8)4® - I 3 ® H * * * 4 3)4@4 3)434
2^® - I s 03)4 3 93)4 3 ®3)4 3 ®3t*
111 8)4 2«®
2
2 12)4-2«
The following return shows the position of the Bank of
England, the bank rate of discount, the price of consols, &c.,
1885.
1884.
£
!
23,496.510
11,811.950
25,012,295
14,651,001
23,273.952
17.407,883
25,151.392
47 p. O.
4 p. o,
97)41,
99,272,00(1
S4.274.01t
12,060,834
22,551,091
12,453,061
25,514,567
15,109,lift
23,633,173
48)4 P. 0
3 p.o.
lOlHd.
1886.
1887.
C irculation, excluding 7-day and
o th e r b ills ....................... ...............
Public deposits......................... .........
O ther deposits............................ •••••
G overnm ent secu rities.....................
Other securities..................................
Reserve of notes and coin...............
Coin and b u llio n ............. .................
R eserve to lia b ilitie s......................
Bank ra te ...........................................
C onsols........................................’.V...
C learing-H ouse re tu rn .....................
£
£
83,488,050 23.685.915
9:570,145 8.707.816
22,889.809 22,569.632
14,186.141 14.560.319
20,870.993 20,567,496
15,930,925 14,635,881
23,618,975 22,571,093
48*83 p. c. 43 9-16 p.C,
2 p. O.
8)4 p. C.
10id.
100)4d.
102,556,000 94,826,000
£
The Bank rate of discount and open market rates at the
chief Continental oities now and for the previous three weeks
have been as follows:
Bates of
Interest at
Mar IX.
Feb. 18.
Feb. 35
Mar. 4.
Bank Open Bank Open Bank Open Bank Opta
Bate. Market Bate. Market Bate. Market Bate. Market
P a ris ...................
B erlin................
F rankfort...........
H am burg...........
A m sterdam ...... .
Brussels..............
Vienna................
dt. P etersb u rg ..
Copenhagen.......
9
4
4
4
8)4
2)4
4
4
5
3
2)4
2)4
2)4
m
2
2M
4
3
5
3
3
4
4
4
2)4
8)4
4
4
5
3
8*
2(4
2)4
2)4
2
2)4
4
8
5
3
3
4
4
4
2)4
2)4
4
4
5
S
2)4
2«
294
394
2
8)4
4
8
5
3
8
:4
4
4
2)4
2)«
4
4
S
3
i»4
2«
3)4
3
2)4
2«
4
3
6
S
Messrs. Pixley & Abell write as follows on the state of the
bullion market:
Gold—The Bank has received £289.000 during the week, there being
no demand in the market. The Bank race was to-day lowered from 4
per cent to
per cent. The P. & O. steamer takes £ 5 ,0 0 0 in ooiato
Bombay. The arrivals a r e : £ 10,000 from the West Indies and £10,009
from the River Plate.
„
,
.
Silver—There has been no demand for India, and the arrivals navs
been chiefly taken for a special order. No price can be quoted to-day.
The imports comprise £41,000 from West Indies, £ 8 ,0 ¿ 0 from River
Plate, £35,000 from New York and £ 5 ,000 from India; total, £39,009The only shipment to Bombay is £10,000.
Mexican Dollars—The arrivals, some £ 7 5,000 in value, have Deea
taken at their m elting value, there being no demand for the com.
£2,4 0 0 has been shipped to Shanghai.
The quotations for bullion are reported as follows:
SILVER.
GOLD.
London Standard.
Mar. 10 Mar. 3.
•e
do 9a d.
Bar gold, fine., .os. 77 9
Sar gold, c ontaln’g
20 dw ts. silver .os. 77 10
Span, doubloons, os. .......... .
S.Am.doubloons.os.
77 0
77 10
............
London Standard.
Bar silver..........os.
Bar silver,contain
ing 5 grs. gold.os.
Cake silver ..ox
Mexican d ois...os
Mar. I4.
4694
49)4
The subscriptions to Hotchkiss Ordnance Company are vari
ously estimated at from £22,000,000 to £40,000,000, and the
£10 shares are about 8% premium. Of course the bulk of
these subscriptions are on the part of speculators anxious to
secure the premium. This class of gentry is being weeded as
much as possible when proceeding to allotment.
The Board of Trade Returns, just published for F e b r u a r y
and the two months, have been, as already said, distinctly
encouraging. In the imports for the month there ha3 boos
THE CHRONICLE.
March 26, 1887.]
an increase of £1,892,125, chiefly in cereal produce and cotton,
the gain for the two months being £4,256,508. In the exports
there is an increase for the month of £871,126 and for the two
months of £1,467,080. An examination of the accompanying
tables will show that our business relations with the United
S tates are on a decidedly satisfactory footing.
The following are the totals of the imports and exports dur
ing February and the two months :
r-Im ports Foreign—s -I'rports B ritish <6—, -Re-exports Foreign
<£•Colonial Produce. Irish Produce, <6c.
Colonial Mdse, <tc.
February.
2 Mos.
February.
2 Mos.
February.
2 Mos.
£
£
£
£
1883.. 29.208,642 64,877.047 16,850,218 34,959.743
188«.. 20,621,869 55,304,908 10,384,007 83,596,788
1887.. 28,513,994 59,561,416 17,255,133 35,003,868
T h e following shows the imports from the
6,205,351
4,946,377
5,565,708
9.971,353
8,427,480
9,767,947
United States dur
ing February, so far as enumerated in the Board of Trade
returns:
891
money. The markets have not been well supplied with foreign grain, and in spite of the fine dry weather farmers have
not been threshing out freely. The quantity of home-grown
produce marketed has again been comparatively small. Farm
ers are evidently holding back their grain, apparently in the
hope that—satisfactory agricultural prospects notwithstandi®g the statistical position will so far last in their favor as to
keep up the level of prices. The quantity of home-grown
produce arriving is quietly decreasing, and in the American
visible supply we are advised of a further sharp reduction.
We have therefore smaller supplies to work upon; but at the
same time it is rather hazardous to build up sanguine antici
pations on such a shifty foundation. For the moment, how
ever, the market is not without firmness, and the steadiness
here may be traced to the actual bona fide demand for con
sumption, as there is no speculative movement in the English
markets.
The following shows the imports of cereal produce into the
United Kingdom during the first twenty-seven weeks of 'th e
season, the average price realized and other items, compared,
with the three last seasons:
------- Quantity.----------s ,----------- Val
1886.
1887.
1886.
1887.
Oxen and b u lls... ....... No.
8,763
5,607 £172.073 £110.610
60
Cows....................1,194
Sheep and lambs.........No.
1,191
110
2,382
*220
Wheat—Atlan. ports.cwts.
426,531 2,227,638
173,632
923,548
Pacific ports----- ...cw ts.
365,876
662,877
139,430
272,770
F lo u r....................
602,361 1,204,562
324,297
605,692
Bacon....................
269,881
283,474
413,857
510,067
Beef-Salted......... .
16,545
21,330
27,726
36,170
63,750
Fresh...................
51,790
146,021
114,912
IMPOSTS.
70,562
Hams.....................
96,547
150,510
238,245
1886-97.
1885-86.
Meat, unenumerat d.owts.
10 1
1,184
—
----------1683-84.
288
2,695 Wheat....................ew t. 28,732,170
Preserved..............c w ts.
17,993
27,846
41,948
65,884 Barley........................ 11,015,199 25.808.601 25,403,802 29,725,932
Pork—Salted....... ....cw ts.
28,799
7,173,984
9,560,913
10,240,927
24,620
40,277
36,848
Butter................. . ...cw ts.
5,972
5,364,351
5,557,434
6,502,428
1,202
23,221
25,524 O ats.............................. 7.809,259
1,322.381
Cheese....................
62,372
1.048.283
1,064,793
984,467
41,136
13 (.087
110,987 Peas...............................
Beans............................ 1,416.719
F is h ...........................cw ts.
1,10 0
1,754,396
1,950,826
1,391,058
24,481
2,513
67,184 Indian corn................. 13,768,386
Lard........................
14,034,557
11,795,55»
14,455,700
56,344
96,376
93,250
167,822 flo o r............................. 8.792,475
Sugar, refiued..........cw ts.
121,466
7.233.749
8,491.893
8,108,968
22,5l"0
112,094
18,290
Copper ore............
359
17
5,319
136
Supplies available for consumption (exclusive of stocks on
Regulus, Ac...........ton s.
393
143
9,098
3,625
Uuwrought and partly
September 1):
wrought........... ...ton s.
180
113
7,260
4,712
1886-87.
1885-86.
1884-85.
1883-84.
Cotton, raw........... ..cw ts. 1,009,442 1,427,721 2,615,749 3,571,266 Imports of w heat.ow t.28.732,170
25.608.601 25.403,802 29,-725,932
Tallow.................... ..cw ts.
16,000
19,578
21,313
26,289 Imports of flour........... 8.7 92,475
7.233.749
8.491,895
8,108,958Wood* timber—Hewn.Ids.
7,525
3,321
22,386
14,521 Sales of hom e-grown..18,906,958 24,060,117
_________ 25,367,667 21.339,23*
Sawn and sp lit.....loads.
17,191
13,101
45%17
3 6 ,3 6 1
Clocks...................... ....N o .
5,580
5,456
Total.....................
54,431,603
57,102,467
59,263,364 62.174,124
leather...................
2,066,870 3,117,683
111,676
143,993
.
,
, .
, 1886-87. 1885-86. 1834-95. 1383-81.
Aver,
price
w
h
eat..........week.
32s.
9d.
29s.
0
.
1. 31s. 80. 37s 7 d
Below are the exports of British and Irish produce to the
Aver, price w heat.......season. 32s. 7d. 30s. 5 d. 32s. 6 d. 39s! 5 d*.
United States, as far as can be gathered from these official
statistics, during February :
-Quantity1886.
1887.
44
114
Beer and ale...............bbls.
3,641
2,910
Salt...'...........
..to ils
10,785
11,431
Spirits......................... galls.
6,791
9,339
Wool..............................lb s.
674,900
284,000
Cotton piece good s...yd s. 5,782,600 5,984,300
Jute—Yam ..................... lbs. 1,229,200 1,454,400
Plece goods— yds. 9,424,500 13,095.900
23,600
linen—Yarn................. lbs
161,600
Piece goods..yds. 8,930,900 8,410,300
Bilk broadstuffs...........yds.
67,910
65.263
Other articles of silk only
.............
Articles of silk and other
materials........................ .
.............
Woolen fabrics............ yds.
670,400
917,700
Worsted fabrics...........yds. 3,321,400 3,414*300
Carpets......................... yds.
282,100
237,500
Hardware and cutlery___
Iron and steel—P ig .. .tons
16,187
*32/743
Bar, angle, & o..tons
133
180
Railroad............. tons
1,000
9,484
Hoops, sheet, Ao.tons
34
1,592
Cast and wro’t-.to n s
216
142
Old, for remnftr.tons
5,401
27,320
Plates.................. tons
22,086
17,256
Steel, unwronght....... tons
2,547
28,736
............................. tons
50
113
lin. unwrought....... cwts.
522
803
Steam-engines.....................
Other kinds of machinery.
Apparel and slops.............
Haberdashery & millinery
A l k a l i .....................cwts.
307,684
160,386
Bags and sacks...........doz.
21,748
11,520
Cement..................... cwts.
9,250
11,755
Earthenware & porcelain.
Paper—Writing, printing,
... Ac............ cwts.
630
332
AH other klnds.cwts.
799
561
Skins and furs__
Stationery,oth’r than pap’r
H orses.............................. N o.
t&ommzxcinl at*« ptiscellausaus
2,047
1,433
2,512
1,902
42,851
72,247
6,057
4,091
The re-ex p o rt o f C o lo n ia l a n d f o r e ig n w o o l to th e U n ite d
States d u rin g F e b r u a r y w a s 4,951,800 lb s ., a g a in s t 5,672,534
0 )3. last y ea r, a n d in t h e t w o m o n th s 8,654,800, a g a in st
11,697,482 lb s.
The m o v e m e n ts in t h e p r e c io u s m e ta ls h a v e b e e n a s fo llo w s
GOLD.
laiWrtf In Feb ..
2m os..'...
“ P u ts in Feb..
"P
2 m os......
jraviR.
To and from ail Countries.
1885.
1886.
1887.
£
£
£
871,855 1,067.524
983,626
1.394,45« 2,677,905 2,011,317
425,382
698,174
462,494
8x5,672 1,874,120
850,024
Imports in F e b ...
682,853 609.935
527,019
*5°
2 mos....... 1,514,081 1,491,368
1,146,198
« p o rts in Feb..
785,446
913,885 865,414
J 3°__ 2mos.::.: 1,493,034
1,800,0^
mi
.
' * » —1,396,341
* * _
Euzllfth F inancial H a rK e u -P e r Cable.
-Value1886.
1887.
The daily closing quotations for securities, &c., at London
£3,025
£6,615 are reported by cable as follows for the weekending March 25:
16,213
11,762
12,602
11,446
2,259
2,958
Sat.
Mon.
Tue8.
Wed. Thurs. F ri.
22,097
12,201
132,733
145,838 Silver, per o s . . . . . ___d . 45%
4411x6 44%
451s
44%
44%
9,359
12,890 C onsols for m o n e y ... . . . 10Tu16 1011*16 1011516 1021 x6
10118,6
70,998
97,751 Jonsols for a c c o u n t.,... i o m 16 10113,« 1021 x6 1021,8 1021,6
1021,6
102
1,462
4,398 Erich rentes (In Paris) fr 80-75 80-85 81-2213 80-97%
80-70
199,030
207,868 0 . 8 . 4)*8 of 1 8 9 1 ....... 11138 1 1 1 % 1113s 1 1 1 % 81-05
111% 111%
8,161
7,163 0 . 8 . 4 s o f 19 0 7 ......... . . . 1308s 130% 130*3 130*8 130%
130%
12,557
7,069 Canadian P a c i f i c ....... 63 *8
628a
62%
63
63%
63%
Ohio. Mil. & St. P a u l.... 921s
92%
92%
92%
92%
92%
37,218
43,834 Srle, common s t o c k .... 3488
3489
34%
34%
34%
31%
138,603
171,315 H inols C entral............... 133 Mi 133% 134% 133% 133% 134
189,059
197,134 P en nsylvan ia................. 59%
59%
59%
59%
59%
59%
31,071
3,3,518 Philadelphia <fe Reading 198a
19 %
19%
19%
19%
20%
25,040
25,071 New York Central......... l l 4 7a 114% 114% 1147a
115
114%
44,448
87,201
841
1,323
5,560
40,< 96
4,^82
12,325
2.831
2,389
14,136
83.672
324,307
228,483
I m po r t s a n d E x p o r t s f o r t h r W e e k . — The imports of last
27,954
140,723 week, compared with those of the preceding week, ahow a de
1,447
650
2,460
4,253 crease in both dry goods and general merchandise. The total
2,787
4,758 imports were $8,541,080, against $9,153,031 the pre lediug week
19,376
39,763 and $10,582,025 two weeks previous. The exports for the week
7,798
6,363
18,415
19,476 ended March 22 amounted to $6,553,397, against $6,374,203 last
85,642
74,253 week and $8,083,993 two weeks previous. The following are
2.831
1,177 the imports at New York for the week ending (for dry goods)
20,352
22,781
54,565
49,019 March 17, and for the week ending (for general merchandise)
To and from United States.
1885.
1886.
1887.
£
£
£
1,030
1,750
5,200
29,460
265.981
965,149
39,800
70,000
246.981
516,893
183.954
439,455
130,939
234,979
******
........
• <■......
4,327
4,467
March 18; also totals since the beginning of the irst week in.
January:
FOBBIQS IMPORTS AT NBW TO B K .
For Week.
188*.
1885.
1886,
1887.
Dry Goods.........
Gen’lm er’d lse..
$2,592,876
9,990,667
$2,335,603
5,408,049
$2,927,087
6,269,323
$2,460,188
e,080.892
Total.............
Since J a n . 1,
Dry Goods.........
Gen’l mer’d ise..
$12,583 543
$7,743,652
$9,196,390
$8,5)1,080
$31,514,514
C6,856,788
$25,743,407
54,£00,340
$30,405,003
63,792,040
$33,058,664
66,289,129
Total 11 weeks.
$88,401,302
$80.343,747 $94,197,049 $99,347,793
In our report of the dry goods trade will be found the im
ports of dry goods for one week later.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending March 22,1887, and from January 1 to date:
EXPORTS FROM NEW TOBK FOB THH WEEK.
1884.
1885.
1886.
1887.
g it 6 gram trade, has displayed rather more steadiness ins For the w e e k ... $5,202,396 $5,907,268 $6,113,632 $6,553,397
JL 6 of * want of animation in the demand. Wheat has been Prev. reported.. 58,544,933 66,299,106 56,115,707 59,001,312
as ear, and has at times brought 6d. per Quarter more Total 1 1 weeks. $63,747,329 $72,208,374, $62,229,339 $65,551,709
THE CHRONICLE.
392
[Vot. x lty ,
The following table shows the exports and imports of specie States, together with many details relating to city affairs such
at the port of New York for the week ending March 19, and as the police, fire, and school departments, &c.
since March 1, 1887, and for the corresponding periods in
—The Loan Co. of Alabama, located at Selma, Ala., invite
1886 and 1886:
the attention of investors to their loans on improved farm
property in the State of Alabama. The President of the Com
BXPOKTB AHD IMPORTS OF 8PBOIB AT NKW TORE..
pany is Mr. R. M. Nelson, the President of the Commercial
Bank of Selma.
Im ports.
Exports.
Bold.
—Attention is called to the Pittsburg & Western Railroad
Since J a n .l.
Week.
Since Jan. 1.
Week.
notice, stating that securities can be deposited with Drexel,
$ ......... $1,578,107 Morgan & Co., or with Drexel & Co. in Philadelphia, without
$40,158
$1,700
1,273,492 penalty till April 9.
251,953
4,424
356,910
945,405
328.476
41,785
1,034,061
78,800
—The Ontario Silver Mining Company of Utah, has declared
2,712
95,019 its usual dividend of $75,000 for February, payable at Transfer
12,270
1,048,465
39,906
South A m e r ic a .......
2,050 Agency of Messrs. Lounsbery & Co., No. 15 Broad Street.
149,858
1,400
A ll other countries. . .
T eta l 1 8 8 7 ...........
T otal 1 8 8 6 ...........
T otal 1 8 8 5 ...........
$121,806 $3,222,371
4,711,258 15,428.127
3,047,147
155,300
$306,008 $3,636,766
2,024,590
154,677
4,612,351
319,725
Auction Sales.—The following were sold at auction this
week by Messrs. Adrian H. Muller & Son:
Shares.
|
42 Oswego & Syracuse RR. 173
$ .........
$ .........
40 Mechanics' Nat. B ank... 109**
$32,009 $1,324,259
33 Oontinental Nat. B an k .. 121^g
342,641
7,599
1,225
34 Merchants’ Nat. Bank .. 141
85.000
25 Amer. Exoh. Nat. Bank. 139
2 3 1,353
12,999
31,500
41,913
5 N. Y. Fire Ins. Co............108
4,083
16.581
318
M exico___ . . . . . . . . . . .
135,169
11 U. 8 . Fire Ins Co.............150
25,839
37,483
969
15 Westchester Fire Ins.Co. 188
11,476
75
A ll other countries. . .
40 Citizens’ Nat. B a n k ........138
$409,660 133 Williamsburg Gas Light
$42,921
$40,970 $1,849,140
Total
289.935
Company...........127*« to 130*4
54,923
3,240.615
236,404
242,028
1 3 N .Y .B o w ery Ins. C o .... 171
24,515
8,356,809
306,937
Total 1885...........
100 Union Cons. Mining Co.
of Tennessee........ ........... $6 lot
Of the above imports for the week in 1887, $48,107 were
4 U. S. Trust Co.................. 551
American gold coin and $5,319 American silver coin. Of 20 Amer. Loan & Trust Co. 130*4
50 Ninth Nat. Bank.............134
the exports during the same time $33,900 were American
20 N. Y. Bowery Ins. C o.... 165*«
gold ooin and $75 were A meric in silver cein.
50 Oriental Bank................. 191*9
200 Lake Erie & W. RR.Cent.
U nited States Sub-Treasury.—The following table show
Trust Co. Receipts, 1st &
2 d assessm ent p a id ....... 20
the receipts and payments at the Sub-Treasury in this city, bs
Silver.
$97 50_We_st’n Union Tel^Co.
Dividend So rip....... . .73 *a to 73
10 Mineral Range RR. Co.. 133
100 Colorado Coal & Iron Co. 3 8 \
1 Clinton H all Assoo’n — $51
Bonds.
$1,000 Dnnderberg Mining
Co. 1st Mort. Bonds, April,
1883, coupons o n ................. $16
$10,000 Nor/h Missouri West
Branch RR. Co., 1st 7s, due
1895......................................... 116*8
$525 Quinoy & Toledo RR.Oo.
Scrip........................ .
78
$1,000 Cincinnati 6s, Water
Bonds, due 1900. ...1 1 5 H &int.
$5,000 Northern Pao. RR.Oo.,
1st 6 s, régis., due 1921 . . . . I l l ' s
$5,000 Brooklyn 6 s, Water
Bonds, due 1899....... ..1 3 0 & int.
$2.000 Brooklyn, 6 s, Water
Bonds, dne 1 9 0 2 .....1 3 4 % & int.
well as the balances in the same, for each day of the past week :
fau
M
u
gan
tl Jfitraaxial.
Balances.
Date.
Moh. 19
21
22
23
24
25
T o t a l..
Receipts.
1,879,552
2,475,004
2,061,952
1.497,984
1,599,315
1,024,46"“
10,538,274
Paym ents.
1,289,722
1,448,594
1,241,222
1,088,517
1,043,967
1,259.424
Ooin.
134,695,656
134,830.736
134,884,820
135.013.507
135,094,654
135,238,399
Ooin Oerl’s.
Currency
United States Government and other desirable
19,496,989
20,507,590
21,217,948
21,471,743
22,030,972
21,746,256
18.886.781
18,769,508
18,845,798
18.254.782
18,169,754
18,075,769
7,967,446
148th Call for U. S. Bonds.—The Treasury Department,
under date of March 23, 1887, issued this call for $10,000,000
three per cent bonds, numbered as follows :
$50—Original No. 17 to original No. 23, both inclusive.
$100—Original No. 157 to original No. 351 both inclusive.
$500—Original No, 66 to original No. 148, both inclusive.
$1,000—Original No. 767 to original No. 1,221, both inclusive, and
original No. 23,778 to original No. 23,797, With inclusive.
$10,000—Original No. 1,912 to original No. 2,885, both inclusive.
New York Stock Exchange.—The Governing Committee
Of the Stock Exchange has listed the following securities :
Oregon R ailway & Navigation Company.—Additional
consolidated mortgage bonds Nos. 7,160 to 8,665 inclusive,
$1,500,000, making the total amout $6,820,000.
F ort Worth & Denver City R ailway.—Additional first
SECURITIES S
FOB
I N V E S T O R S .
AU stocks and bonds listed on the New York Stook Exchange bought
and sold on commission for cash.
Deposit accounts reoeived and interest allowed on monthly balances
subject to draft at sight.
H A R V E Y
FI SK & SONS,
28 N assau Street, New Y ork.
W e b e g t o o f f e r , s u b j e c t t o s a l e a t 97*a a n d . a c c r u e d I n t e r e s t
w i t h 25% o f s t o c k b o n u s , a l i m i t e d a m o u n t o f
THE
F IR S T
ORANGE
BEET
R A IL W A Y
(OF F L O R ID A )
M ORTGAGE
6
PER
CENT
GOLD BO N D S.
5 -2 0
CO.’S
YEAR
I n te r e s t J a n u a r y a n d J u ly ,
mortgage bonds Nos. 3,921 to 4,400 inclusive, $480,000, making
the total amount listed $4,400,000; also additional common PAYABLE AT THE FARMERS’ LOAN & TRUST CO., NEW YORK.
D D E 1907.
Stock $1,000,000, making the total amount outstanding $3,880,000.
Chicago Milwaukee & St. P aul R ailroad. —Inoome Sink
ing Fund Convertible Bonds Nos. 1 to 2,000, $2,000,000, being
part of an authorized issue of $5,000,000 bearing 5 per cent
per annum and dated January 27, 1836, running until 1916.
B uffalo Rochester & P ittsburg R ailway.—Common
capital stock $6,000,000. The $4,800,000 of common stock of
the old company is stricken from the list.
Kingston & P embroke R ailway.—Common capital stock
$4,500,000.
Schuylkill Navigation Co.—As to the abandoning of this
canal by the Philadelphia & Reading, Judge Butler said that
the receivers ought oertainly to do nothing looking toward the
abandonment of the canal without the authority of the Court.
Counsel among themselves, with the Judge’s sanction, agreed
that the canal was to be kept open to Schuylkill Haven in the
usual manner, and that the boats of the Transportation Line
should not be withdrawn without an order from the Court.
The agreement, however, is not to affect the shipping by the
receivers of the Reading Company’s coal in the way they may
deem the most profitable
—Investors will observe in the advertising columns of the
Chronicle the offer made by Messrs. Griswold & Gillett of the
first mortgage 6 per cent 5 20 year gold bonds of the OraDge
Belt Railroad Company of Florida. These bonds are issued
a t the small sum of $5,000 per mile on a road that is earning
over $40,000 net per annum, bt sides being a first lien on the
valuable property of the company, whioh is said to be worth
over one million of dollars.
_Mr. Thos. L. Hicks, corner Fifth Avenue and Merchant
street, Philadelphia, has prepared an elaborate table showing
the financial statistics of all the principal cities of the United
THE
ORANGE
BELT
R A IL R O A D
extends from Monroe, a Station on the Jacksonville Tampa & Key West
Railway, along the w est bank of Lake Monroe, southwesterly through
the towns of Sylvan Lake, Paola, Island Lake, Glen Ethel, Longwood,
Altamont. Forest City, Toronto, Lakeville, Clarkona, Millers and Crown
Point to Oakland, a beautiful villag i looated on the south shore of Lake
Apopka, a distance of 34 m iles, and is being rapidly extended through
to Point Pinellas on the Gulf.
, ,
„
This Road passes through the m ost fertile lands of the State o i Flor
ida, and the most thrifty orange belt of the Sta'e. It is doing a very sat
isfactory business, and earning more than the interest on its bonaea
debt, and when completed w e see no reason w hy it should not pay
handsome dividends on its stook as it is bonded for the sm all amount
of $5,000 per mile. These bonds are a first and only lien on the Koaa
ana equipment, and in addition are guaranteed principal and interest
b v th e Orange B elt Investm ent Co., which owns large m ills at Longwood that are earning over $40,000 a year net, besides which the'
nany has valuable real estate and other property, estim ated in all witn
the m ills to be worth $300,000, and wh n the Road is finished to Point
Pinellas, it is estim ated that the Investm ent Company’s property wilt oe
worth at least $1,000,000, not including the Railroad and Its franchises
T h e C o m p a n y r e se r v e s th e r ig h t to red eem th e se B o n d s
a t a n y t i m e a f t e r f iv e y e a r s , a n d i t Is b e l i e v e d t h a t t b e y w i l l
b e a b l e t o r e t i r e t h e m a l l I n f iv e y e a r s , a s i t Is f o r t h e in t e r
e s t o f t h e G u a r a n t o r s t o d o s o , t h e y b e i n g t h e o w n e r s o f 75
p e r c e n t o f th e sto c k , w h ic h , w it h th e 25 p er c e n t w e o ffd i
w i l l o w n t h e R o a d a f t e r t h e s e B o n d s h a v e b e e n retired ,
a n d w i l l b e t h e o n l y l i e n u p o n t h e R a i l r o a d e q u ip m e n t
a n d fr a n c h is e s .
We look upon this security as a good investm ent, and w ith 25 per
cent of stock bonus offered w ith the bonds, they should commana
attention of th e investing public.
PRICE 97*a AND INTERE 8T, WITH 25 PER CENT STOOK BONUS.
Respectfully yours,
G R IS W O L D Ac G IE E E T T ,
Ma r c h
3 £ lu
f la n k e r s '
d
i v
i d
(g a z e tte ,
e n d
.
s
Ih e following dividends have recently been announoed:
Per
Cent.
Sam e o f Company.
R a ilr o a d s .
O blcbgo R . I. & P aciflo ( q u a r .) ...
D e la w a re L ack. & W est. (q u a r.).
E v a n sv ille & T e rre H a u te (q u a r.)
L o n g Is la n d (q u a r.)...........................
N ashville C h at. & S t. L. ( q u a r .) ..
B an k s.
1%
1%
1%
1
1
When
Payable.
May
2 March 29 to Apr 25
April 21' April 1 to April 20
April 15
May
2
April 20
C h ath am N a tio n a l............................
3
April
C e n t r a l* So. A iner. T el. (q u a r) ..
M exican T e le g ra p h (q u a r.)...........
1%
2i#
April
April
9
9
m is c e lla n e o u s .
W A L L ST R E E T , F R ID A Y , m arch i¡5 , 1 8 8 7 - 5 P. m.
The Money M arket and Financial Situation.—While the
current of Stock Exchange business has still been dull, the
tone has been improving and the best business has been done
in the past few days. The decline in the Bank of England
rate to 8 per cent, and the nearer approach of the first of
April without any stringency in our own money market, have
tended to allay fears in regard to the monetary situation, and
to encourage the hope that a few weeks will see our bank sur
plus increasing.
Some parties are already predicting that there is likely to be
a great boom in stocks this spring and summer, and they point
to the large railroad earnings, the activity in railroad construc
tion, and the general soundness in mercantile business, as their
reasons for entertaining this belief. It is not our province to
make predictions, but in taking a general view of the situation,
there appears to be nothing in particular to prohibit such a
boom ; on the other hand nothing as yet has occurred this
year to cause the expectation of anything more than an ordin
arily active market in the next few months.
The remarkable railroad combinations, including those of the
Richmond Terminal, the pending Baltimore & Ohio negotiation,
the Boston & Lowell lease, «fee., together with the rapid exten
sion of the great systems in the West, all mark a period of much
activity among railroad capitalists.
The open market rates for call loans during the week on
stock and bond collaterals have ranged from 2$- to 8 per cent,
the usual rate to stock brokers being 4$ @5 per cent; to-day the
rates were 3@5 per cent. Prime commercial paper is quoted
at 5@6 per cent.
The Bank of England weekly statement on Thursday showed
a gain in specie of £637,000, and the per centage of reserve to
liabilities was 49’55, against 48#84 last week; the discount rate
was reduced from 3 | to 3 per cent. The Bank of France lost
7,200,000 francs in gold and gained 3,025,000 francs in silver.
The New York Clearing House banks, in their statement of
March 19, showed a decrease in surplus reserve of $663,000,
the total surplus being $7,335,350, against $7,998,350 the
previous week.
The following table shows the changes from the previous
week and a comparison with the two preceding years in the
averages of the New York Clearing House banks:
1887.
JfaroA 19.
Loans and dig.
Specie............
Circulation...
Net deposits..
Legal tenders.
Legal reserve
Reserve held.
$368,811,500
82,852,600
7,658,900
382,144,600
20.018,900
*95,536,150
102,871,500
8orpins...........
*7,335,350
Dt ffer’n c e tfr ’m
Previous Week.
Deo.
Deo.
Deo.
Deo.
In o.
Deo.
Deo.
1886.
March 20.
1885
March 21.
*689,500 *359,685,300 *301,371,400
1,248,100
84,169,100 104.626.200
8,900
7,816,100
10,977,600
2,036,400 391,437,200 354.294.200
76,000
31,103,000 31,870,700
*509,100 *97,959,300 *88,573,550
1,172,100 115,272,100 136,496,900
Deo. *663,000
par@l-16 premium; selling *@* premium; New Orleans,
commercial, 50@75c. discount; bank, $1 prem.; St. Louis,
50@75c. discount; Chicago, 75c. discount.
The rates of leading bankers are as follows :
Sixty Days.
March 25.
Book* Closed,
(B ays inclusive.)
1 Maroh 24 to Mar. 31
$17,412,800 *47,923,350
Exchange.—The market for sterling exchange has not been
at all active during the past week, the demand having been
very limited throughout. At the same time it has been very
strong and rates have steadily advanced, so that now they are
l i cents higher than they were last Friday, the posted rates
to-day being 4 86 and 4 88$. The scarcity of commercial
bills has been the chief element in causing this strength, and
the further reduction in the Bank of England rate has also
had an influence.
To-day the rates on actual business were as follows, viz.:
Bankers’ 60 days’ sterling, 4 85$@4 85*; demand, 4 87|@4 88.
Cables, 4 88$@4 88*. Commercial bills were 4 84@4 84*;
Continental bills were: Francs, 5 21*@5 21* and 5 19f@
5 20; reichmarks, 95$@95* and 95*@954; guilders, 40@40*
a
n
d
40*
@
40*
.
The following were the rates of domestic exchange on
New York at the under-mentioned cities to-day: Savannah,
buying * premium, selling * premium; Charleston buying
393
THE CHRONICLE
2«, 1887. J
D em and.
4 88%
4 86
F rim ebankers’sterlln g bills on London...
4 83% «4 84%
4 83% <*4 83%
5 2170 ®5 21% 5 19%®5 18%
40% ®40*1«
4O%094O%
Amsterdam (g u ild e r s).................. . . » ........
9580995%
95%#95%
Frankfort or Bremen (relohmarks).............
United States Bonds.—Government bonds have been mod
erately active at times, though on most days not much business
has been done. Prices have been steady, and are about
the same as last Fridav. The Treasury Department has issued
the 148th call for bonds, retiring $10,000,000 of the 8 per cents,
to be paid off May 1st.
The closing prices at the N. Y. Board have been as follows t
Interest Mar.
Periods. 19.
4% s,1 8 9 1 ............ reg. Q.-Mar.
4 1#S, 1 8 9 1 ......... coup. Q.-Mar.
4s, 1907.................reg. Q.-Jan.
4s, 1 9 0 7 ...........coup. Q.-Jan.
3s, option U. 8 — reg. Q.-Feb.
6s, our’oy, ’9 5 ___reg. J. & J.
6s, our’oy, ’9 6 — reg. J. & J.
6s, our’oy, ’9 7 ___reg. J. & J
6s, our’oy, ’9 8 __ reg. J. & J.
6s. our’oy, ’9 9 . . . . reg. J. & J.
Mar.
21.
Mar.
22.
Mar.
23.
Mar.
24.
M ar.
20.
10870 *108% *10870 *109 *109% >1091#
109 *109% >109
*10870 *108% 109
127 «0 127»« *127»« 127% 127% *1271#
*128»« *128»» *128»« 1288b *128% 1281«
*100 >4 *100% *100% *100% *100% 1001#
*1261« *126»« *126% *126% *126% *1261#
*12914 *129% *129% *129% ♦129% *1291#
132
*132 *132 *132 *132 *132
*13438 *13430 *13430 *134% *1343e 1 3 4 *
*13614 *136°0 »136% *136% *136% 1361«
* This Is the price bid at th e morning board: no » alt w as made.
S tate and R ailroad Bonds.—State bonds have^ been dull
and featureless, and there has been no special activity in any
class. Louisiana consol. 4s have been strong and have further
advanced, though without activity.
Railroad bonds have been very dull, in sympathy with the
stock market, though a better distributed business has been
done in bonds than in stocks, and the dealings increased in the
latter part of the week. There have been few changes of
importance in prices and few classes have been conspicuous for
special activity. The tone of the general market, however, has
been good^and prices have tended upward as a rule. Certain
bonds have shown more strength than the general market,
including Fort Worth & Denver lsts, Atlantic & Pacific 4s and
incomes (the latter the most active for the week), Texas <fc
Pacific bonds, and some of the Wabash issues.
R ailroad and Miscellaneous Stocks.—The stock market
during most of the past week was exceedingly dull and lifeless,
neither bulls nor bears appearing willing to do anything but
wait for some new development to influence the market one
way or the other. As a consequence, prices on the general list
remained almost at a standstill, though the existence of a
strong undertone was indicated by the absence of weakness and
the advance of a few specialties. The week’s business bid fair
to be one of the smallest in the history of the Exchange, but on
Thursday a slighr improvement occurred, when the market
became more animated and prices advanced quite sharply for
certain stocks, and the whole market was better. Undoubtedly
the temper of the market for the present is bullish, and most of
the talk is that way, some stocks having been pushed upward
on special news or rumors, while the whole market easily
responded to any improved feeling.
The influences have
mostly been of a special character and directed to individual
stocks, and those of a more general character have not been
prominent. The fear of tight money is more of a feature than
any real scarcity at the present moment, though an effort to
create the appearance of stringency was made at one time, when
the rate was bid up to 8 per cent, but this was only temporary.
The B. & O. deal has lost its influence, though the rumors and
reports in regard to it still come up in a new shape.
The special features have been quite numerous, and the
stocks included under this head have given the strong tone to
the market, as well as furnishing the bulk of transactions.
Northwest has been prominent, and both the common and pre
ferred have steadily advanced on reports of increasing finan
cial strength and a rumor of possible increase in the amount
of dividends. The Omahas have followed Northwest in the
advance, and on Thursday were quite conspicuous for activity
and strength. Perhaps the most successfully boomed stock,
however, is Fort Worth & Denver, which has steadily advanced
to 40* from 31*, the closing price last Friday. Rumors have
been plenty in regard to this stock, one to the effect that it
was to be absorbed by Missouri Pacific, and another that the
prospective consolidation would form an important new route
between Denver and New Orleans. Another feature has been
Pacific Mail, which, after declining a little in the early part of
the week, suddenly developed great strength, the rise being
accompanied by rumors of probable increased business under
the new Inter-State law, which is expected to enable this com
pany to compete more successfully with the railroads. A few
other stocks have shown some strength, though not calling for
special comment, including Pullman Palace Car, Columbus &
Hocking Coal, Atlantic & Pacific, Canada Southern, Chicago
St. Louis & Pittsburg, &c.
THE CHRONICLE,
394
fVoL, XLIV,
STOCKS—PRICES AT N. Y.' STOCK EXCHANGE FOR WEEK ENDING M A R C H 25, AND SINCE JAN. 1, 1887.
HIGHEST AND LOWEST PRICES.
STOCKS.
A c tiv e H R . S to c k s .
A tlantic A P acific.....................
Canadian Pacific.......................
Canada Southern......................
Central of New Jersey............
Central Pacific...........................
Chesapeake & Ohio..................
Do
1st pref.
Do
2d p ref.
Chicago Burlington & Quincy.
Chicago Milwaukee & St.Paul.
Do
pref.
Chicago & N orth w estern .......
Do
prof.
Chicago Rock Island APacittc.
Chicago St. Louis A Pittsburg.
Do
pref.
Chicago St. Paul Min. A Oui..
Do
pref.
OevelandCol. Cin. & Indian ap.
Columbus Hocking Val.ATol.
Delaware Lackawanna AWesr
Denver A Rio G., assessm ’t pd
Do
pref.
E ast Tennessee Va. A Ga. R’y.
Do
1st pref.
Do
2d p r e f.
Evansville A Terre H aute___
Fort Worth A D enver City___
Green Bay Winona A St. Paul.
Did. Bloom. A West., ass. p d ..
Lake Shore A Mich. Southern.
Louisville A N ashville............
Manhattan Elevated, con sol..
Saturday,
Mar. 19.
11% 11% 11% 11%
61
61% 61% 61
57% 58
57% 58
69% 70% 69% 70%
37% 37% 37% 37%
*7% 8%
*7% -8%
15% *14% 15%
15
9% 9% *9% 10%
139 139
139% 139%
91% 92% 92% 92%
121% 122
122 122
116 117% 117 117%
145 146% '145% 147
125% 125% 125% 125%
*16% 17% *16% 17%
38% *37% 39
38
48% 49% 49% 49%
109% 110
109 110
62% 62% 63
63
29% 30% 30% 31
133% 134% 133% 134%
27% 27% 27% 28
62% 62% 62% 63
12% 12%
*12% 13
74
73% 73% *73
23% 23% 23% 23%
‘84
85%
*84
85
31% 33 % 33% 34%
14% 14% 14% 14%
*34
39
129% 129% 132 132
24%
23% 23% *23
95%
94% 95% 95
*95% 97
63% 64% 63% 64%
61
61
155% 155%
x l5 5 155
89% 89%
82
82
106 106
*17% 18%
42% 42%
30% 31%
tl06% 108%
*15% 16%
84% 84%
111% 111%
*17% 17%
*27% 29
33% 34
72% 72%
62% 63%
*17% 18%
12% 12%
35% 35%
*20
22
49
49%
27% 28
58% 59%
28% 28%
31% 31%
34% 34%
37% 38%
5% 7
Riohm’d A West P u t Tërmin al 38% 39%
72%
Do
pref 72
Mil. Lake Shore A W est...........
Do
pref.
Minneapolis A St. L ou is.____
Do
pref.
Missouri K ansas A T exas.......
Missouri P acifie.........................
Mobile A Ohio...................
N ashv. Chattanooga ASt. Loui s
New York Centrai A Hudson.
N ew Y. Chic. A St. L., assent’d
Do
pref., assented.
New York Lake Erie A West’n
Do
pref.
New York A New E n glan d ...
New York Ontario A West___
N ew York Susq. A W estern...
Do
pref.
Norfolk A Western................ .
Do
pref.
Northern Pacific.......................
Do
pref.
Ohio A Mississippi....................
Orégon A Trans-Continental..
Peoria Decatur A Evansville.
Philadelphia A Reading.........
St. Louis A San Francisco___
Do
p te f___
: Do
1 st pref
St. Paul A D uluth.....................
Do
pref..............
St. Paul Minneap. A Manitoba
Texas A Pacific, 2d ass. paid.
Union Pacific..............................
Wab. St. L. A P.,P. Com. repts.
Do
pref.
m is c e lla n e o u s S to c h s .
Colbràdo Coal A Iron..............
Consolidated Gas Co................
Delaware A Hudson C anal...
Pacific M ail...............................
Philadelphia Co., Nat. G as___
Pullman Palace Car Co...........
Western Uniou Telegraph__
E x p r e ss S to c k s,
Adam s.........................................
Am erican....................................
United States.............................
W ells, Fargo A Co.....................
in a c t iv e S to c k s.
Boston A N. Y. Air-Line, pref.
Buffalo Roch. A Pittsburg___
Cincinnati Wash. A Baltimore.
Do
pref.
Monday,
Mar. 21.
33% 33%
66% 68
114% 116%
59% 60
107% 107%
117% 117%
27% 28%
57% 58
16% 16%
*29% 30%
*89% 91
82% 83
106 106%
*18
18%
44
*42
31%
31
107 107%
*16
17
84%
*84
111% 111%
17
17
*27% 27%
33% 33%
72% 72%
62% 63
18% 18%
12% 12%
35% 35%
20% 20%
49%
49
27% 27%
58% 58%
28% 23%
31% 31%
34% 34%
37% 38%
7
6
38% 39
72
72
33%
67%
114%
60
109%
117
28%
57%
16%
*29%
33%
67%
114%
60
109%
117
29%
58
16%
30
Tuesday,
Mar. 22.
Wednesday, Thursday,
Mar. 23.
Mar. 24.
*11% 11%
60% 61%
58
58
69% 70%
37% 37%
*7% 8%
*14% 15%
*9
10%
138% 139%
92% 92%
121% 121%
117% 117%
11% 11% 12
13
13%
13
61% 61% 61% 61% 61% 61%
58% 58% 57% 58% 58% 59%
69% 69% 70% 71% 70% 71%
37% 37% 37% 38
*37% 38
*7% 8% *7% 8% *7% 8%
*15
16
15% 15% 15%
*15
*9% 10%
9% 9% *9
10%
*138% 139% 138% 138% *138% 139
92% 92% t89% 92% 90% 91%
121% 122% xll8% 118% 119 120
117% 118
117% 118% 118% 119%
146% 147
148 149
148% 149%
125 125% 125% 125% 125% 126
126% 126%
*15% 18% *16
17% 17% 18% 18
18
39
39
42% 42% 42%
39
40
*37
49% 50
49% 50
49% 50% 50% 50%
110 110% 110 110% 110% 111% 111% 111%
62% 62% *62% 63% *62% 64
64
64
31% 31% 31% 31
30% 31% 31
32
134 135
134% 135% 134% 136% 135% 136%
28
28%
*27%
28%
28
28%
28% 28%
63
62% 63%
62% 63
63% 63
63
12% 12% 13
13%
12% 12% *12% 13
73% 74
74
*74
75%
73% 73% 74
24
24% 24% 24% 24%
24
23% 24
86
86
85% 85% 85% 85%
34% 37% 36% 37% 36% 38% 38% 40%
14% 14% 14% 14% 14% 14% 14% 15%
*34
39
40
40%
38
38
131 131% 129 129%
131 131
24% *23
*23
24% *23
24%
25
*23
95% 94% 95%
94% 95
94% 95% 95
97
97% 97%
95% 95% 97% 97% 97
64% 64% 64%
63% 64% 64% 64% 64
61
62
61% 61%
155 155% 155% 155% 155% 155% *155% 155%
57%
89% 89%
90% 90% 90% 91%
86
86% 87
86
87
84
87
87%
106% 107% 108 108% 108 108% 108% 110
18
18
18% 18% 18% 18% 18% 18%
42% 43% 43
43%
*42% 43
31% 31% 31%
31% 31
31% 31
31
106% 107
106% 106% 105% 106
107 107%
16% *16
16
16
16
16
*16
84
85
84
84
83% 83% *82% 84
112 112
111% 112
111% 112% 112 112%
17% 17% 17% 17% 17% 18
18
18%
29% 29% 30% 30% 31
30% 30%
29
33% 34
33% 33% 33% 33% 33% 34
72% 72% 72
72%
72
72% 72% 72
62% 63
62% 63% 63% 63% 63% 63%
18% *18
18% 18% 18% *17% 18%
*18
13% 13%
12% 12% 12% 12% 12% 13
35% 36
36% 36% 36%
35% 35% 36
*19% 20% 20
20
20%
19% 20
20
48% 49
48% 48% 48% 48% 48% 48%
27% 27% 27% 27% 27% 27%
*27% 28
58% 59
58% 58% 58% 58% 59
58
28% 28% 28% 28% 28% 28% 28% 28%
30% 31% 31% 31% 31% 31% 31% 31%
34% 34% 34% 34% 34% 34% 34% 35
37% 38% 37% 38% 38% 38% 38% 38%
6
6
6% 7
39% 39% 39% 40%
38% 39% 39% 40
75
74% 76
72% 73% 74
72% 73
85
87
85
85
*84
85
*33% 33% 33% 33% 33% 33% 33% 33%
68% 68% 68%
67% 67% 67% 67% 68
115 115% *115% 116 *115 116% 115% 115%
60
60% 60% 61% 62
60
60
60
108 109
107% 107%
107% 108
108 108
117% 117%
117 117% 118 118% *117% 118
29%
29
28%
28%
28%
29% 28% 29%
57% 58
57% 57% 57% 58% 57% 58%
17% 17% IS
16% 16% 17
17% 17%
30
30% 30%
29% 29% 29% 29% 30
39% 39
84% 84%
101% 101%
39%
100
54% 54% 53%
109
*105 109
*146% 148
147%
75% 76% 75%
39% 38%
85
84%
101% 101%
39
100
54% 53%
109
108
148% 148%
76% 75%
38%
39
38% 39
84% 84% 84% 84%
101
101% 100 % 10 1
38%
39
39
39
99%
54%
54%
53% 53%
106 107 *105
108
150%
150% 150 151
76% 75% 76% 75%
145 145
144
109% 108% 109
62% 62% 63
*127% 130 *127
144% 145
109% 109%
63
62
131 *127
145
109%
62
130
39
*84
101
38
*101
55
102
56
'10
11
*5
*8%
6
9%
*x99
59
*14
*10
*142
109%
*62
*127
101
66
M om s A E ssex.......................... *135% 137% *136 138
213 218
27
27%
27
Quicksilver Miuing Co............
*6% 7% *6% 7%
*31
31 % *31
32
Do
pref
32
31
St. Louis Alt. A Terre H au te.. *30
31
*34
35
10% 11
Cameron Iron A Coal.............. 45% 45% 45% 45%
39%
Columbus A Hocking Coal__
39
39
39
44% 45
Tenness.ee Coal A Iron............. *43% 45
V a r i o u s S t o c k s , A c . (Uni is ted.)
Amer. Cottou Oil Trust........... 51% 5 3 % 51% 53% 50% 51%
63%
P ine Line Certificates..............
63% 64% 63% 64:-*4 63
59
58
58
60
Lake E. A West., pf. when iss. *55
58
5 3 % 53% 53
53
54% 54%
Chic. A Ind. Coal B y ...............
84% 84
84
Do
pref. *83
*83% 85
29% 29
Boqijon H. A Erie, n ew ....... ... 28% 29% 29
29%
*99
63
50%
62%
56
54%
86
29%
These are the prices bid and asked ; no sale w as made at the Board.
145
109%
63%
130
144%
109
*62
*127
Sales
of the
Week,
Shares
Range since Jan. 1,1 8 8 7 .
Lowest.
10% Feb.
13% Mar. 25
5 9is Mar.
68 % Jan. 13
52% Feb.
63% Jan. 3
5 5is Jan.
73 Mar. 8
33 Feb.
43% Jan. 3
8 Feb.
9% Jan. 8
333 14% Mar.
17 Jan. 13
9 Mar.
263
11% Jan. 20
581 13678 Jan. 13 140% Feb. 16
59,820 85% Feb. 1 92% Feb. 10
3,400 117% Jan. 8 1 2 2 % Mar. 23
54,740! 110 Feb. 1 119% Mar. 25
1,499 138% Jan. 29 149% Mar. 25
2.569 124% Mar. 18 126% Jan. 6
1,950 16 Feb. 1 18% Jan. 11
4,720 35 Jan. 27 42 % Mar. 24
26,560 45% Feb. 1 51% Jan. 7
12,375 106 Feb. 1 111% Mar. 24
684 59 Feb. 1 65% Jan. 3
6,770 28% Mar. 14 39% Jan. 11
88,015 131% Feb. 1 138 Jan. 3
1,995 21% Feb. 3 28% Jan. 3
3,577 56% Jan. 24 66 Jan. 13
1,973 12% Mar. 14 17 Jan. 3
325 71% Feb. 1 82% Jan. 13
2,550 21% Feb. 1 32 Jan. 3
1,200 84 Mar. 12 89 Jan. 3
61,533 21% Feb. 4 40% Mar. 25
4,680 12 Jan. 28 16 Mar. 9
700 37 Mar. 18 45 Jan. 3
689 12878 Feb. 24 135 Jan. 28
100 17% Feb. 4 24% Mar. 14
37,535 90 Feb. 1 96% Jan, 14
586 93 Jan. 15 98 Feb. 8
29,672 57 Feb. 3 67% Jan. 3
400 58 Jan. 22 65% Jan. 3
1,497 154 Jan. 5 158% Jan. 3
400 51 Jan. 27 63% Jan. 7
1,302 86 Jan. 27 93% Jan. 3
5,700 66% Jan.
87% Mar. 25
10,245 98 Jan.
110 Mar. 25
452 17% Feb.
20 Jan
3
900 40% Feb.
45% Jan. 13
11,485 26% Feb.
33% Jan. 3
6,850 104 «a Feb.
110% Feb. 25
413 1 4 % Feb.
19% Jan. 8
1,948 79% Feb.
88% Jan. 3
4,220 110 Feb.
114% Jan. 17
1,641 16% Mar.
18% Mar. 25
2.570 27 Mar.
31 Mar. 24
43,385 29% Feb.
34% Feb. 25
2,350 65% Jan.
74% Feb. 25
17.575 51 Jan.
64 Mar. 11
200 15% Feb.
20% Jan. 3
2,457 11 Feb.
14 Feb. 14
38% Feb. 14
2,285 31 Feb.
1,125 17% Feb.
23% Jan. 3
3,535 43% Feb.
54 Jan. 13
2,785 26% Feb.
28% Feb. 25
5,379 56% Feb.
61% Jan. 3
3.360 22% Feb.
29% Jan. 3
7,740 29 78 Jan.
34% Jan. 3
36% Feb. 10
2,395 30% Jan.
100,972 34 Feb.
42% Jan. 20
1.570
5 78 Mar.
1 1 % FeJ). 18
53 Jan. 17
52,963 37% Mar.
4,876 72 Mar.
87% Jan. 17
13 80 Feb.
95 Jan. 17
2,800 30 Jan.
34 Mar. 7
7,750 61% Feb.
68% Mar. 25
1,121 112 Jan.
117% Jan. 8
63% Feb. 25
2,093 55% Jan.
110 Mar. 4
1,341 107 Jan.
1.300 113 Feb.
119% Feb. 19
48,920 23% Feb.
29% Mar. 21
16.575 5 3 7s Feb.
62 Jan. 3
2,020 13% Feb.
19 Jan. 3
1.300 23% Feb.
35 Jan. 3
40
11,784 35% Feb.
39% 40
84% 85
85% 3,626 79 Jan.
101% 101% 101%
3,250 100% Mar.
38%
535 38 Feb.
331 96% Feb.
99% 99% 99%
56% 55% 56% 20,755 48% Jan.
108
310 105 Feb.
107% 107%
10,815 139% Jan.
151% 152 153
76% 76% 76% 34,286 70% Feb.144%
109
63
131
*143
109%
*62
129
145
109%
63
129
*99
101
63% 62
51 63%
59%
57
86
29%
50%
62%
56%
58
87
29%
101
62
51%
63%
57%
60
89%
30
51%
62%
57%
61
90
29%
Highest.
18,920
1,660
12,055
7,855
1,400
185 139% Jan. 4
280 107 Jan. 5
350 62 Feb. 17
10 126% Jan. 25
101 Jan.
*99 101
62
63
4,395 33% Jan.
100 15 Mar.
16% 16%
200 ! 10 Feb.
11
11
10
10% 10% 10
*10
145% 145%
50 143 Jan.
4% 5
4% 5% 12,295| 4% Mar.
4% 5
4% 4%
9% 9% 6,985| 7% Feb.
8% 10
8
8%
8
8
1
100 116 Feb.
39
38%
39% 41% 8.050Ì 38% Mar.
1 , 000 ; 127% Mar.
138 138
138 138 *137 138
137 137
342 208 Feb.
218% 220
2 l8 218
200 26 Mar.
26
26
7
I
2
6% Mar.
200
6% 6%
6% 6%
*6%
*6% 7%
200 28 Jan.
31 14 31 % 31
31
200 30 Jan.
31%
*30
31% *30
31% *30
34% 34% 34%
600 29% Mar.
34
9 Mar.
9
500
9
10% 10%
650 39% Jan.
46
45% 45%
4 5 % 45% 45% 45% *45
41% 42% 5,740 35% Feb.
40% 40% 42
39 % 39% 40
2,315 41 Mar.
47
46% 46%
4 5 % 47
45% *44
45
101
*99
59
60
17%
*10
5% 5%
8% 9
1261c 12Rlo
Friday,
Mar. 25.
40% Jan.
86% Feb.
104% Jan.
47 Jan.
104% Jan.
57% Feb.
115 Feb.
153 Mar.
78% Mar.
3
2
15
13
3
10
8
25
9
146 Feb. IQ
110% Feb. 16
64% Jan. 11
130 Feb. 8
102
66
Feb.
Mar.
19 Jan.
15% Jan.
146% Mar.
7 Jan.
10% Jan.
128 Mar.
41% Mar.
U41% Feb.
220 Jan.
31 Jan.
8% Jan.
33% Jan.
35 Jan.
36% Jan.
17 Jan.
49% Jan.
42% Mar.
54% Jan.
14
22
7
10
14
13
14
11
25
11
5
3
10
12
20
10
7
27
25
14
37,630 42% Mar. 1 64% Jan. 3
52
63% 5^66,000 60 Feb. 16 72% Jan. 11
58% 9,820 52 Jan. 5 63% Jan. 20
2,000
62
91% 1,419
30% 2,700
t Lower price is ex-dividend.
THE CHRONICLE.
M a r c ii 26, 1887.
BONDS-LATEST PRICES OF ACTIYE BONDS AT N. Y. STOCK EXCHANGE, AND RANGE SINCE JAN. 1, 1887
Closing.
R ailroad Bonds.
M ar 25 M ar 18
2941
Atl. A Pac.—W. D. inc., 6s, 1910
Guar., 4s, 1937........... ¿" V qKq 85 78
Can. South.—1st guar., 5s, 1908 1061«
92%
Cen. Iowa—1st, 7s, 99, coup, oft 90
Central of N. J . - l s t , 7s, 1 8 90.. 10613b,
ConsoL7s, 1 8 9 9 ,a s s e n t .... . . . 11213 b,
Convert. 7s, 1902, assent......... 112i3b;
Adjust. 7s, 1 9 0 3 ....................... 105 b.
Convert, deb. 6s, 1 9 0 8 .......... 87 b.
Le’h & W.B.,oon.7s, 1909,as’nt 114 a.
Am. Dock & Imp., 5s, 1921. .. 102 b.
Central Pacific—gold 6s, 18 9 8 .. 116i3b.
San Joaquin Br. 6s, 1900.........
Land grant 6s. 1890.......... .
Ches. & O.—Pur. m. fund 6s, ’98 113 b.
6s, gold, ser. B .1908, coup, ofl 77 b.
Lxten. coup., 4s, 1 9 8 6 ........... 72 b.
6s, currency, 1 9 1 8 .................. 27
Mort. 6e, 1911.................... . ....
Ches. O. A So. W .-5-6S. 1 9 1 1 .. 105 i«”
Chicago A Alton—1st, 7s, 1893 116 b.
Chio.Bur. & Nor.—1st, 5s, 1926 107iaa.
Chic. Burl. & Q.—Deb. 5s, 1913 106%
Denver D ivis., 4s, 1922........... 97 %a.
Chic. & Ind. Coal R., 1st, 5s, ’36 101
Cb.MiLASt.P—1st, I.A M.7s, *97 122 b.
Consol. 7s, 1905....... ................ 128 %b.
1st, So. Min. Div.—6s, 1910.... 116%
1st, Chi. A Pao.W.Div—5s, ’21 107%b.
Wis. & Min. D iv.—5s, 1 9 2 1 .... 10513b,
Terminal 5s, 1914...................... 102 %b.
Chic. & N. W.—Consol. 7s, 1915 138 »ab.
Gold, 7s. 1 9 0 2 ........................... 130iab.
Sinking fund 6s, 1929............... 119
Sinking fund 5s, 1929 .............. 1 1 0 13b.
Sinking fund debent. 5s, 1933 110
25-year debent. 5s, 1 9 0 9 ..___ 107 b.
Ohi. R. I. &Pac.—6s, ooup.1917. 133 b.
Exten. & col. 5s, 1 93 4 .............. 108 %b.
Ch. St.P. .M. A O.—ConsoL 6s. ’30 1 2 2 *30.
St. Paul & S. C.—1st, 6s, 1919 126 b.
Ch.St.L.A Pitts.—1st,con. 5s, ’32
C: C. C. & Ind.—Gen. 6s, 1 9 3 4 .. 110 b.
Col. Coal A Iron—1st, 6s, 1900.. 100 b
Col. H. Yal. A Tol.—Con. 5s, ’31 79%
Gen. gold. 6s, 1 9 0 4 ................. 75
Denver A Rio Gr.—1st, 7s, 1900 11919b.
1st con. 4s, 1936 . . . . . . . — . . . 78%
Den. A R. Gr. W .- 1st, 6s, 1911. 78%h.
Assented..................... ................ 74%
Den. So. Pk. A Pac.—1st, 7s, ’05 76 b
Det. Mac. A M.—Ld. gr.3%8,1911 53%
E.Ten.V. A G. Ry.—Con..5s, ’56 99
Eliz. Lex. A B. Sandy—6s, 1902. 104%
Erie—1st. consol, gold, 7s, 1920 133%
Long Dock, 7s, 1893 ................ 115
Con. 6 s ,1 9 3 5 .......................
N.Y.L.E.AW—2d con. 6s, 1969 99%
Funded coupon, 5s, 1 9 6 9 ...
Ft. W. A D env. C. - 1 s t , 6s, 1921 92%"
Gai.Har.A San. Ant.—1st, 6s, ’10
2d M., 7s, 1 9 0 5 ...................... . .
West. Division—1st, 5s, 1931.
2d, 6s, 1931..............................
Gr'nB.W. A S t .P —1st, 6s, 1911 101%
2d income 8s, 1911................... 41%
Gulf Col.ASan.Fe—1 st,7s, 1909
_Gold, 6s, 1923............................. 105
Henderson Br.Co.—1st, 6s, 1931 108%b.
H.ATex.C.—IstM . L. 7s, cou. ofl 114%b.
1st, West. D., 7 s ,1 8 9 1 ,cou. off. 108 %b.
1st,Waco A N. 7s, 1903, cou. off 113 b.
2d, consol. M. L. 8s, 1912....... 102%
Gen. mort. 6s, 1921.................. 69
in . Central—1st, gold, 4s, 195 L. 107 b.
Gold, 3%s, 1 9 5 1 ........................
Ind.Bl. A W.—lst.p ref., 7s, 1900 126 a.
1st, 5-6s, 1909............................. 95 b.
2d, 5-6s, 1909............................. 83 b.
Eastern Division—6s, 1 9 2 1 ... 95
Income, 6s, 1921....................... 31 b
Int. A Gt. Nor.—1st, 6s, gold ,’19 120 b.
Coupon, 6s, 1 9 0 9 ....................... 96
Kent. Centr.—Stamped 4s, 1911
Knoxv. AO.—1st, 6s, gold, 1925 96 b.
LakeS h.—Con.coup.,lst, 7s,1900 126 b.
Con. coup., 2d, 7s, 1903........... 123 b.
Long Island—1st, 7s, 189 8 ......... 122 b.
1st, consol., 5s. 1931................
Lou. A Nash.—Consol., 7s, 1898 121 b.
N. O. A Mobile—1st, 6s, 1930. 107%
2d, 6 s,1 9 3 0 ..............................
E. H. A N.—lBt, 6s, 1 9 1 9 ...... 115 b.
General, 6s, 1930....................... I l l a,
Trust Bonds, 6s, 1922.............. 107
10-40, 6s, 1924.......................... 102%b.
Lou. N. A. A Ch.—1st, 6s, 1910. 110 b.
Consol., gold, 6s, 1916.............. 95%b.
Mem. A Ch’lston—6s, gold, 1924 101 b.
Metro. Elevated.—1st, 6s, 1908. 118%
2d, 6s. 1 8 9 9 ............................... 110%b.
Mich. Central—1st, con., 7s, ’02 129
Miss’riP ac.—1st, cons., 6s,1920 116%
3d, 7s, 1906.................................
Pac. of Mo.—1st, 6s, 1888 ....... 102%b.
2d mort., 7s, 1891..................
27 a.
85%
105 b.
92
Closing.
Range since Jan. 1.
Lowest.
25% Feb.
85% Mar.
104% Feb.
90% Mar.
86 Feb.
106%b. 105% Feb.
113% 107% Jan.
113%b. 109 Jan.
106 b. 105% Jan.
86 b. 83% Jan.
113 b. 110 Jan.
103
99 Jan.
116
113% Feb.
113%b. 111% Feb.
I04%b. 102% Jan.
113
112 Mar.
76% Jan.
77%
73%a. 73 Mar.
27 b. 27 Feb.
99 a. 97 Mar.
103 b. 101 Feb.
116 b. 115 Jan.
104% Jan.
107
106 Jan.
97 %a. 98 Feb.
100 b. 98% Jan.
I22%a. 120% Jan.
128% 128 Jan.
116 b. 115 Feb.
107% 106% Jan.
106
105% Jan.
102% 102% Mar.
139 b. 139 Feb.
131 %b. 130 Feb.
119 b. 117% Jan.
110 b. 108 Jan.
108 %b. 108% Jan.
107 b. 107% Jan.
133%b. 130 Jan.
109 %b. 109 Feb.
120 b. 120% Mar.
126%b. 126 Jan.
97 b. 98% Jan.
110 b. 107 Jan.
99 b. 98% Feb.
78
75 Mar.
76%
70 Mar.
119%b. 118% Feb.
78%
76% Feb.
79
79 Mar.
74 b. 73% Mar.
76 b. 75 Jan.
50 b. 49% Feb.
99
98% Feb.
105 a. 104% Mar.
133 b. 132% Mar.
115 b. 113% Jan.
119 b. 115 Jan.
99
93% Feb.
92
88% Feb.
90%
88% Jan.
108 b. 106 Feb.
111 a. 110% Jan.
97 Mar.
91 %b. 92% Jan.
101 b. 99 Jan.
41 b. 38 Jan.
122
120% Jan.
105
101% Jan.
106 %b. 106% Mar.
I14%b. 112% Jan.
108 %b. 108 Mar.
113 b. 113 Feb.
99%b. 94 Feb.
67%
66% Feb.
106 b. 107 Feb.
98 a. 98 Jan.
121 b. 119% Jan.
91% Jan.
77% Jan.
93 b 91 Jan.
30% Jan.
120 b. 117 Jan.
96
93 Jan.
70%b. 64 Jan.
95 b. 95% Jan.
126 b. 125% Feb.
123 b. 122% Jan.
121 Feb.
115 a. 113 Feb.
120%b. 119 Jan.
105%b. 105 Jan.
92 b. 9078 Jan115 b. 115 Jan.
106%a. 107 J an.
106% 104% Jan.
100%b. 98 Jan.
110 b, 109 Jan.
95 b. 95 Feb.
101 b, 101 Jan.
118% 117 Jan.
111% 10978 Jan.
128%b. 127% Jan.
116 a. 114% Feb.
122 Jan.
102%b 102 Feb.
108% Feb.
R ailroad Bonds.
Highest.
30 Mar.
90 Jan.
106% Mar.
95% Jan.
90% Jan.
110 Jan.
113% Mar.
113% Mar.
107% Jan.
89 Feb.
116 Feb.
103% Mar.
118% Mar.
112 Jan.
105 Mar.
114 Mar.
81 Jan.
75% Jan.
32 Jan.
100 Feb.
105%- Mar.
116% Mar.
106% Feb.
108 Feb.
99 Jan.
101% Feb.
122% Jan.
130 Jan.
118 Feb.
109 Jan.
106% Jan.
103% Feb.
142 Jan.
133 Jan.
120 Jan.
110% Mar.
110 Jan.
103% Jan.
135 Jan.
110% Feb.
122% Jan.
127% Jan.
102 Feb.
111 Mar.
102% Jan.
88 7s Jan.
91 Jan.
120% Feb.
80 Jan.
81% Jan.
78 Jan.
80 Jan.
55% Feb.
99% Jan.
103 Jan.
136 Jan.
115 Mar.
120 Mar.
100 Jan.
92% Jan.
93 Mar.
109% Mar.
I l l Jan.
100% Jan.
92% Feb.
103 Jan.
42% Mar.
122% Jan.
105 Mar.
110 Feb.
114% Mar.
110 Jan.
113 Feb.
102% Mar.
72 Jan.
108% Jan.
99% Jan.
124% Feb.
97 Feb.
86 J an.
96 Feb.
34% Jan.
121 Mar.
98 Feb.
72 Feb.
100 Jan.
128 Jan.
124 Feb.
124 Mar.
115 Feb.
121% Feb.
107% Mar.
94% Mar.
116% Mar.
109% Mar.
108 Feb.
100 Mar.
110% Jan.
97 Mar.
102% Mar.
119 Jan.
111% Mar.
130 Feb.
116% Jan.
125 Mar.
105 Jan.
110 Jan.
Mar 25 Mar 18
Range since J a n . 1.
Lowest.
Mil. Lk. 8h. A W.—1st, 6s. 1921. 120%b. 120 b. 118 Feb.
Miohigan Div.—1st, 6s, 1924.. I14%b. 115 b. 114 Jan.
Inoome, 6s, 191 1 ....................... 101 b. 105 a. 101% Feb.
Minn. A St. L.—1st, 7s, 1 9 2 7 .... 133 b. 133 b. 132 Jan.
89 a. 86% Feb.
Imp. A Equip.—6s, 1922 .........
96% Feb.
99%
Mo. K .ATex^-Con., 6s, 1920... 100%
86 b. 83% Feb.
Consol.,5s, 1 9 2 0 . . . . ................ 86%
109%b.
109%
Feb.
111
Consol., 7s, 1904-5-8....... .........
lll% b . 110
108% Feb.
Mobile A Ohio—New, 6s, 1927
105
b.
105
Mar.
1st, Extension, 6s, 1927.......... 105 %a.
60 Jan.
62 b. 63%
1st prei. debentures. 7s .
87 %b. 84% Feb.
Mutual Un. Téle.—S, f., 6s, 1911 88
Nash. Ch. A St. L.—1st, 7s, 1913 129 a. 128% 128% Mar.
N.Y. Central—Extend., 5s. 1893 106%l>. 106%b. 105% Jan.
N.Y.O. A H .—1st, op.. 7s, 1903 137%a. 133%b. 133% Jan.
Debenture, 5s, 1904.............. 107% 107% 106 Mar.
N.Y.AH ar.—1st, 7s, 1900....... 131 b. 131%b. 131% Fob.
96%
85 Jan.
N.Y.Chio.ASt.L.—1st, 6s, 19 2 1 .. 96%
94 b. 70 Jan.
2d mort., 6s, 1923..................... 95
70%
65% Jan.
N.Y. City ANo.—Gen., 6s, 1 9 1 0 . 71%
N.Y. Elevated—1st. 7s, 1 9 0 6 .... 122%b. 122% 121% Mar.
126 b. 125% Jan
N. Y. Lack. A W.—1st, 6s, 1921. 127
Construction, 5s, 1923............ 107 b. 1077sb. 107 Feb.
N. Y. Ont. A W.—1st. 6s. 1 914.. 107% 107 %a. 107 Jan.
N.Y.Sus. AW.—1 s t,6 s ,’ll,o p .o fl 94 b. . . . . . . 91% Jan.
Debenture, 6s, 1897, coup, ofl 72 b. 70 b. 69 Feb.
Midland of N. J.—1st, 6s. 1910 113 b. 113%a. 112 Jan.
N. O. Paciflo—1st, 6s, 1920 ........ 83%b. 82 b. 75% Feb.
North. Pacific—1 st,coup.,6s, ’21 1167e 116%b. 115 Feb.
103% Jan.
Gen’1, 2d, coup., 1933.............. 107 %b. 107
Jam es R. Val. 1st, 6s, 19 3 6 .. 108 b. 109 b. 106% Jan.
N. Pac.Ter.Co.—1st, 6s, 1 9 3 3 ... 104% 104%b. 104 Jan.
Ohio A Miss.—Consol., 7s, 1898. 117%b. 118 b. 117% Mar.
118 Jan.
2d, consol., 7s, 1911......... .
109 Jan.
Springfield Div.—7s, 1905 . . . . 112 a.
Ohio Southern—1st, 6s, 1 9 2 1 ... 105 b. 104 b. 102 Feb.
40 Jan.
2d, ino., 6s, 1921......... ............ : 4.1 %b. 42
92 a. 91% Mar.
Oregon Impr. Co.—1st, 6s, 1910 92%
110 b. 108 Jan.
Ore. R. A Nav. Co.—1st, 6s, 1909 110
104 b. 102% Feb.
Consol., 5*, 1925........................
Oregon A Transeon.—6s, 1922.. 100% 1007a 100 Feb.
Peo. Dec. A Evans.—1st, 6s, ’20. 112 b. 112% 110 Mar.
81% Jan.
Income, 6s, 1920....................... 85 a.
108 Mar.
Evansv. D iv— 1st, 6s, 1 8 2 0 ... 108 b. 108
85
84 a. 79% Jan.
Income, 6s, 1920____. . . . . .
71
66 Jan.
Rich A All.—1st, 7s, 1920, tr. reo 72
Riohm. A Dan.—Cons., 6s, 1915 111% 110 b. 111% Mar.
Debenture, 6s, 1927 ................ 109 b. 107% 106 Feb.
Rooh. A P itts.—1st, 6s, 1 9 2 1 ... 117 b. 117 b. 114 Feb.
Consol., 6s, 1922....................... 116 a. 113 b. 108 Jan.
110 Jan.
RoineW. A Ogd.—1st, 7s, 1891. I l l b.
103% 102 Feb.
Consol., extend., 5s, 1922....... 104
105% Mar.
St Jo. A G d.Isl.—1st, 6s, 1925 . 106 b. 106
2d, inoome, 5s, 1925 .............. 70 b. 69%b. 71% Jan.
St L. Alt. A T.H —1st, 7s, 1894. 114 b. 114 b. 114 Jan.
2d, M., pref„ 7s, 18 9 4 .............. 113 a. 111 b. 110 Feb.
2d., M., ino,, 7s, 1894............... 107 %b. 107 %b. 107 Feb.
35 Jan.
Dividend bds, 6s, 1 8 9 4 .............
99%b. 98% Feb.
St. L. Ark. A Tex.—1st, 6s, 1936 100%
50%
49% Feb.
2d, 6s, 193 6 .............................. 52%
111 b. 110 Mar.
St. L. A Ir. Mt.—1st, 7 8 ,1 8 9 2 ...
2d mort., 7s, 1897..................... 114 b. 114 b. 113 Jan.
95 Jan.
Gen. Ry. A land gr., 5s, 1931. 95 %b. 96%
St. L. A San F r .- 6s., Cl. A,1906 115 b. 115 b. 115% Jan.
6s, Class B, 19 0 6 ....................... 115 b. 115 b. 114% Jan.
114% Jan.
6s, Class C, 1906........................ 115 b. 115
Gen’l mort., 6s, 1931................ 110%b. 110 b. 108% Feb.
101% Jan.
So. Pac., Mo.—1st, 6s, 1 8 8 8 ... 102% 102
110% Jan.
St. Paul M. A M.—1st, 7s, 1909.
2d, 6s, 1909................................. 120 b. 120 b. 118 Feb.
118%b.
Mar.
120
118
1st cons , 6s, 1 9 3 3 ...................
99 %b. 93 Feb.
Do
reduced to 4% s.. 99%
96 Jan.
Shenandoah V al.- 1st, 7s, 1909 96%b. 97%
35 b. 37 Mar.
Gen’l mort., 6s, 1921................ 37
So. Carolina—1st. 6s, 1620......... 102 b. 106 a. 99% Mar.
2d, 6s, 1931................................. 75 a. 70 a. 80 Jan.
19 b. 19 Mar.
Inc., 6s. 1931.............................. 23%
So. Pac., Cal.—1st, 6s, 1905-12.. 11338b. 112%b. 110% Feb.
110%b
110 Feb.
110%b.
So. Pao., ArL—1st, 6s, 1909-10..
So. Pao., N. M.—1st, 6s, 1911. .. 105%b. 105%b. 105% Jan.
62%
58% Feb.
Tex. A Pao.—Inc. A ld gr, 7s, ’15 63%
64 Feb.
73 7s
Rio Grande Div.—6s, 1930 . .. 74%
65 Mar,
Gen. mort. A term., 6s, 19 0 5 .. 68 b. 67%
Tol. A.A. A N. M.—1st, 6s, 1924. 89 %b. 89 b. 89 Jan.
ToLA.A. A Gr.Tr.—1st, 6s, 1921 103 b. 103 b. 103 Jan.
104 Jan.
Tol. Peor. A West—1st, 7s, ’17 . 109 a. 109
Tol. A Ohio Cent.—1st, 5s, 1935 96%b. 95 b. 95 Jan.
Union Paciflo—1st, 6s, 1 8 9 9 .... I18%b. 118%b. 114 Jan.
Land grant, 7s, 1887-9............ 10338b. 103%b. 102 Jan.
Sinking fund, 8s, 1893............. 115%b. 115 b. 115 Mar.!
111% Feb
Kan. Pacific—1st, 6s, 1895__
111% Jan.
1st, 6s, 1896............................. 115 a.
114 Jan.
115
b.
117
a.
Denver D iv.—6s, 1899..........
104% Mar.
1st consol, 6s, 1 9 1 9 ___ ,... 105 b. 106
101
101 Mar.
101%
Oregon Sh. Line -1 st, 6s, ’22..
Virginia Mid.—Inc., 6s, 1 9 2 7 .... 92 b. 97 a. 97 Jan.
51
b.
49 Jan.
50%b.
Wab. St.L. A Pac. - Gen., 6s, ’20
95
89 Feb.
96
Chicago Divison—5s, 1910
84% Mar.
88
b.
82%b.
Wabash—Mortgage, 7s, 19 0 9 ..
Tol. A Wab.—1st, ext.. 7s, ’90 113%b. 112% 110% Jan.
110%b.
110
106
Jan.
1st, St. L .D iv., 7s, 1 8 8 9 ....
2d, extended, 7s, 1 8 9 3 ..... 101 %b. 101%b. 99 Jan.
87%
84
Mar.
88
b.
Con., conv., 7s, 1907...........
109 Jan.
Great W est—1st, 7s, 1 8 8 8 ... 112% 112
2d, 7s, 1893........................... 102 b. 101 %b. 99 Jan.
St.L.K.C. A N —R .eA r.,7s,’95 110%b. 111 b. 109 Mar.
West Shore—Guar., 4 s .............. 102% 102% ,102 % Mar.
Highest.
121% Jan.
117 Jan.
106 Mar.
133 Jan.
90 Jan.
100% Fob.
88% Feb.
113% Jan.
110% Mar.
106 Jan.
66% Mar.
89 Mar.
130 Jan.
106 % Feb.
136 Mar.
1097s Feb.
133 Jan.
99% Feb.
97 Feb.
73% Feb.
123 Jan.
128 Feb.
110 Jaú,
110% Feb.
95 Feb.
71% Jan.
114 Jan.
86 Feb.
117% Mar.
107% Jan.
109% Feb.
105% Mar.
119% Jan.
119 Jan.
111% Feb.
107% Jan.
47% Jap.
94% Jan.
110% Mar.
106 Jan.
102% Jan.
114 Jan.
85 Jan.
112 Feb.
85 Féb.
72% Feb.
113% Jan.
107% Mar.
117 Mar.
108 Jan.
110% Jan.
104 Mar.
107% Jan.
73% Jan.
114 Jan.
112% Mar.
108 Jan.
38 Jan.
10 1 Mar.
55% Jan.
115 Jan.
114% Mar.
99 Jan.
115% Jan.
116% Féb.
116% Jan.
111 Jan.
104% Jan.
114% Mar.
121 Mar.
120 Jan.
100 Mar.
100 Jan.
43 Jan.
107% Jan.
80 Jain
28% Jan.
112% Jan.
110 Feb.
106% Mar.
66% Feb.
7 5 78 Féb.
69% Jan.
92 Jan,
105 Mar112 Feb.
99% Jan.
Il9% Mar.
1023s Jan,
120 Feb.
114% Mar.
115 Mar.
116% Mar.
107 Jan.
107% Jan.
99 Jän.
60 Jan.
96% Mar.
88 Feb.
114 Feb.
111% Jan.
103% Jan.
95% Jan.
113 Feb.
103% Jan.
112% Féb.
103% Jan.
N oth -T h e letter “ b” indicates price bid, and “ a” price a sk e d ; all other prioes and the range are from actual sales.
ST A T E BO NDS.
SECURITIES.
Alabama—Class A, 3 to 5 ........1906
Class B, 5 s.............................. 1906
Class C, 4 s................................1906
6s, 1 0 -2 0 .................................1900
Arkansas—6s, funded.. 1899-1900
7 b, Little Rock A Fort Smith, iss.
7s, Memphis A Little Rock, is s ..
7s, Arkansas Central R R ............
Georgia—'7s, gold......................1890
l^u isian a—7s, con s.................. 19 14
Stamped, 4 s . ,
Michigan—7 s .. . . . . . . . . . . . 1 . . 1890
Bid.
Ask.
108% 110
113 115
10478
104
10
30
25
22% 30
7%
108% 110
100
923s
108
SECURITIES.
Bid.
Missouri—6s....... due 1889 or 1890
Asylum or U niversity, due 1892
Funding.........................1894-1895
New York—6s, loan.................. 1892
6s, loan .....................................1893
North Carolina—6s, old............ JAJ
Funding act —....................... 1900
New bonds, J. A J . . . . 1892-1898
Chatham R R ...................................
Special tax, Class 1 ......................
Consolidated 4 s ......................1910
6 s.............................................. .1919
107%
Ask
SECURITIES.
Rhode Island—6s, cou .. 1893-1894
8outh Carolina—6s, non-fund. 1888
112
Brown consolidated 6 s ....... 1893
115
Tennessee—6s, old.........1892-1898
115
Compromise, 3-4-3-68........... 1912
118 !
New settlem ent—6 s .. . . ____1913
35
5 s ............................................ 1913
12
3 s............................................ 1913
22
Virginia—68, o ld ................................
10
6s, consolidated bonds............
13%
13
6s, consolidated, 2d series...........
100%
i €s, deferred, trust rec...................
125% 127
Bid.
Ask.
116
7
7 7*
109%
64% 66
74
106% 110
103 .
78%
48
90
65
13
13%
THE CHRONICLE.
096
[YOU XLIV,
BONDS—STOCK EXCHANGE QUOTATIONS ON FRIDAY OF INACTIVE RAILROAD BONDS.
SECURITIES.
Bid.
Ask.
SECURITIES.
Bid.
Ask.
SECURITIES.
Bid. Ask.
Union Pacific—( Continued)—
Erie—(Continued)—
R ailroad Bonds.
Atch. J. Co. AW .—1st, 68.1905 *105
2d, extended, 5s ....................1919
(Stock Exchange Prices.)
Ut. So.—Gen., 7 s .............. 1909
106
105%
3d, extended, 4% s......... .
1923
Atch. Top. A San. Fe—4%a. . .1920
Extern, 1st, 7s . . . . . . . . . . 1 9 0 9
90
115
4th, extended. 5 s................... 1920
Sinking fund. 6 s .................... 1911
St.
Louis A San Francisco—
105
*.27
5th, 7 s ...................................... 1888
Balt. & Ohio—1 s t 6s, P ark B ..1919
1st, 6s, Pierce C. A 0 .........1919
1st, cons., fd. coup., 7 s....... 1920 127 13078
110%
5 b, gold ..................................... 1925
Equipment, 7 s ................... 1895 106
Reorg., 1st lien, 6 s ................1908
R egistered.....................................
Kan. City A S.—1st, 6s, g.1916 100
95
B. N. Y. A E . - l s t , 7 s ...........1916 *136%
Bost, H. Tun. & W.—Deb. 5s.. .1913 »3
Ft. 8. A V. B. Bg.—1st, 6s 1910
109
N. Y. L. E. A W.—Col. tr., 6 s l9 2 2
Burl. Cedar Rapids & Nor—
St. L. K.ASo.Wn.—1st, 6S.1916
Buff. A S. W.—Mortg. 6 s .... 1908
1st 5 s .......................................1906 108% 109
*114
Tex.
A
P
ac.—1st,
6
s............
1905
118
100 Evan. A T. H .—1st, cons., 6s. 1921
Consol. A col. tr, 5 s . . . ..........1934
1st, 6s, ox coupon........................
Mt. Vernon—1st, 6 s..............1923 111%
R egistered.....................................
Consol., 6 s.......................... 1905
112
Evans. A Indian.—1st, c o n s... 1926
Minn. A St. L.—1st 7s, gu . 1927
Con. 6s, ex coupon....... .
F l’t A P. Marq.—Mortg., 6 s ... 1920 122 125
Iow a C. & W est. - 1st 7 s ... . 1909
99
Trust receipts...................
92%
90
Grand Rap. A Ind.—Gen. 5 s.. 1924
Ced. Rap. L F. A N., 1st 6S.1920
P ennsylvania RR.—
R egistered........................................
1st 5 s .............
1921
105
105%
Pa.
Co.’s
guar.
4%s,
1st
c
p
..1921
1
1
9
\
119%
Han. A St. Jos.—Cons., 6 s .......1911
Buff. N.Y. A P h il.—Cons. 6 s . . . 1921
Pa. Co.’s 4%s, reg.................. 1921
Hous. E. A W. Tex—1st, 7 s ... 1898 68
45
Trust certificates.......................... 119
Pitts.
C.
ASt.L.—ls
t,e
p
.,7
s
.
1900
Illinois Cent.—
General 6 s,.............................. 1924
R egistered........... .. ......................
117
Spd. D iv.—Coup., 6 s ......... ..1 8 9 8
50
Trust certificates
2dT7s..................................... 1913
Middle D iv.—Reg., 5 s .........1921
Central Iowa—
____
Pitts. Ft. W. A C.—1st, 7 s ... 1912 140%
C. St. L. A N. O.—Ten. l.,7 s 1897 118
70
Eastern Division—1st 6 s ...1 9 1 2
2d, 7 s..................................... 1912 139 139%
118
1st, consol., 7 s ........... .....1 8 9 7
Illinois Division—1st 6 s....... 1912
3d, 7 s ..................................... 1912 136
2d, 6 s ....................... . . . . . . . . 1 9 0 7 118
Chesapeake & Ohio—
Clev.
A P .—Cons., s. fd., 7 s .l« 0 0 129 130%
116%
115%
110
Gold, 5s, coupon................1951
6s, gold, series A ................... 1908
4th, sink, fd., 6 s.................. 1892 107
R egistered.................................
Ghes. O. A So. West.—
St.
L.
Y. A T. H .—ls t , g .,7 s .l« 9 7 118
Dub. A S. C.—2d D iv., 7s ...1 8 9 4
2d 6 s ......................................... 1911
2d, 7 s . . . . .............................. 1898 105 110
Ced. Falls A Minn.—1st, 7 s .1907 105
Chicago & A lt o n •2d,
guar.,
7 s ......................1 8 9 8
Indianap. D. A Spr.—
Sinking fund, 6 s ..................... 1903 124%
1st, 7s, ex. fund, coupon— 1906 105 107 Pine Creek Railway—6s of 1932 114%
Louis. A Mo. River—1st 7 s .. 1900 121%
116%
Pitts.
Cleve.
A
Tol.—1st. 6s. ..1922
Lake Shore A Mich. So.—
2d 7 s ...................................... 1900 121
Cleve. P. A A.—7s . . . . . . . . . . 1 8 9 2 115% 115% Pitts. Junction—1st, 6 s ........... 1922
St. L. Jacks.& Chic.—1st, 7s. 1894 1 1 8 %
Pitts.
McK.
A
Y.—1st,
6
s
l---1932
123%
Buff. A Er.—New bonds, 7s. 1898
1st, guar. (564), 7 s ............. 1894 *118%
Richmond A Danville—
Kal. A W. Pigeon—1st, 7 s ... 1890
2d mortg. (360), 7 s ............. 1898
93
Assent deb.. 6 s....................... 1927
Det. M. A T.—1st, 7 s ............ 1906 126
2d, guar. (188), 7 s...............1898
114
Consol, m oit., gold, 5 s ......1 9 3 7
125
127
Lake
Shore—Div.
bonds,
78.1899
109
Miss. R. Bridge—1st, s.f. 68.1912
114
Atl.
A
Char.—1st,
pr.,
7
s---1897
124
125
Consol., reg., 1st, 7 s .........1900
Chic. Burling. A Quincy—
In com es....... .......................1900
Consol., reg., 2d, 7 s ...........1903 123
Consolidated, 7 s .............— 1903 130% 131
Scioto Val.—1st, cons., 7 s ....... 1910
Mahon'g. Coal RR.—1st, 5 s .1934 105%
5s, sinking fu n d .................... 1901
65
70
Coupons
off.............................
112
Long
Island
RR.—
Iow a Div. - Sink, fund, 5 s.. 1919
St. Louis A Iron Mountain—
N. Y. A M. Beach—1st, 7 s .. 1897
Sinking fund, 4 s .................1919 99 100
111
% 114
Arkansas
Branch—1st,
7
s
..
1895
N.
Y.
B.
AM
.
B
.
l
s
t
,
g
.
,
58.1935
Plain, 48 ..................................1921
Cairo A Falton—1st, 7 s ....... 1891 106% 107
Louisville A N ashville—
Ohio. Burl. & N o .-D eb . 6 s . . . . 1896
Cairo Ark. A T .—1st, 7 s — 1897 112%
111
Cecillan Branon—7 s ............ 1907
Chi. R. Isl. & Pac.—6s, co u p ..1917 133 135
St.
L. Alton A Ter. H a u te R egistered...................................... . 132 133% Pensacola D iv.—6 s......... . ..1 9 2 0 195
Belle v. A So. HI.—1st, 8s. ..1896 120 128
12%
E xt. A Col., 5 s ........................1934 108% 109% St. Louis D iv.—1st, 6 s ......... 1921
BeUev.
A Car.—1st, 6 s ..........1923 110 113%
61
2d. 3 s..................................... 1980 58
R egistered................... .................
Nashv. A Decatur—1st, 7 s .. 1900 118 122 St. Paul Minn. A Man.—
Keok. & D es M.—1st, 5s . . . . 1923
120
i
D
ak
otaE
xten .—6 s ....... .....1 9 1 0
S. A N. Ala.—S. f., 6 s ...........1910
Chicago Milwaukee & St. Paul—
Min’s Un.—1st, 6 s ................. 1922 112
Louisv. C. A L.—6 s ...............1931
1st, 8s, P. D .............................1898 131%
110
%
St.
Paul
A
Duluth—1st,
5
s
....1
9
3
1
Pens. A At.—1st, 6s, gold .. 1921 94% 95
2d, 7 3-1 Os, P. D ....................1898 122% 125
Sodus Bay A So.—1st, 5s, g .. .1924
91
Lou. N. O. A Tex.—1st, 5 s — 1934
1st, 7s, $ g., R. D .................. 1902 128% 130
81
Tex. Central—1st, s. f., 7s — 1909 78
89
Manhat. Beach Imp. Co.—7 s. 1909 85
1st, La Crosse Division, 7 s .. 1893 118 119
78
1st mortg. 7 s .......................... 1911
Mexican
Central—1st,
7
s
.....1
9
1
1
*124%
1st, I. & D ., 7 s .........................1899
115
Tex.
A
N.
0
.—1st,
7
s
..............
.1905
E x ooupons 6, 7, 8 ..........................
1st, O. & M., 7 s....................... 1903 128% 131
Sabine Division, 1st, 6 s........ 1912 101
58
New a s s e n te d ,4 s................. 1911
1st, 7s, I. & D. E x t................1908 129 131
95%
Vir. Mid.—Genl. 5 s................... 1936
Income b on d s.........................1911
1st, S. W. Div.. 6 s .................. 1909 117%
Wab. St. Louis A Pac.—
Mich. Cent.—1st, con., 5 s........ 1902 i i ’ó ’
1st, 5s, La C. & D a v ............. 1919 105
Havana
Div.—6
s
...................
1910
127
6 s ...............................................1909
1st, H. A D ., 7 s ......................1910
Indianapolis D iv.—6 s ...........1921
Coupon, 5 s ......................... ...1 9 3 1
1st, H. & D ., 5 s .......................1910
85
92
Detroit D iv.—6 s ....................1921
Registered, 5 s ......................... 1931 110
Chicago A Pacific Div., 6 s.. 1910 119%
Cairo D iv.—5 s........................ 1931
104
Jack.
Lan.
A
Sag.—6
s
.........
1891
Chic. A Mo. Riv. Div., 5s . .1926
Tol.
A
Wab.—Equip.
b
d
s.,7
sl8
8
3
Milwauk. A North.—1st, 6s. ..1 9 1 0 110
Mineral Point D iv., 5 s......... 1910
Quin. A ToL—1st, 7 s ......... 1890
Extension, 6 s ...................... ..1 9 1 3 106% 107
C. A L. Sup. D iv., 5 s ............ 1921 104%
Han. A Naples—1st, 7 s — 1909
117% Milw. Lake ¡3. A W est.—
Fargo A South., 6s, A s su ...1 9 2 4
111.
A So. Iowa—1st, ex. 6s 1912 90
Ashland
Div.—1st,
6
s...........1925
105
Dakota A Gt. South., 5s....... 1916
St. L. K. C. A N . Minn. A St. Louis—
Chicago A N orth w estern Omaha D iv.—Tr. Co. rec.191 118 118
119
95% Iowa E xt.—1st, 7 s ................ 1909
Extension bonds....................1926 95
71%
Clarinda Branch—6 s — 1919
2d mortg., 7 s ...........................1891
Escanaba A L. 8.—1st, 6 s . . .1901 115 119
St.Cbarles
Br’ge—lst,6 s.l9 0 8 104 110
Southwest
E
xt.—1st,
7s
—
1910
D esM . A Minn.- 1 s t , 7 s . . . . 1907
117%
No.
Missouri—1st,
7
s
.........1895
Paciflo E xt.—1st, 6 8 ............. 1921 110
Iowa Midland - 1st, 8 s .........1900 134
St. L. A Pac.—Iowa D iv., 6s
Peninsula—1st, conv. ,7 s . . . 1898 1 2 1 % ........ Minn. A Pac.—1st mortg. 5 s ..1936 10338 104 Wab.
60**
Trust Co. r ece ip ts.........................
Chio. A M ilwaukee—1st, 7s. 1898 122%|124% Minn. A N. W.—1st, 5s, gold ..1934 103%
West.
Union Tel.—Coup. 7 s .. .1900 119
130
Missouri
Kan.
A
T.—
Win. A St. P .- 2 d , 7 s . . . ........1907
Registered....... .......................
86
Cons., 2d, in com e......... ........1911
Mil. A Mad.—1st, 6 s ............. 1905 115
N. W. Telegraph—7 s ............... 1904 102
110
H. A Cent. Mo.—1st, 7 s ....... 1890
Ott. C. F. A St. P . - l s t , 5 s .. 1909 107 108
Wheeling A L. E., 1st M. 5 s. .1926
Mobile A Ohio—
Northern 111.—1st, 5 ............. 1910 107
Tenn. C. I.A R ’y .—Consol., 63.1901
Collateral trust, 6s ...............1892
Cin. I. Sr. L. A Chicago—
74 | South P it t s —1st, 6 s ............. 1902 90%
St. L. A C airo-4s, g u a r __ 1931
1st, gold, 4 s .............................1936
90%
Bir. Div.—1st con. 6 s............. 1917
108
Morgan’s
La.
A
T
.
1st,
6
s
....
1920
Registered...............................
Col. A Hock. Coal A I.—6s, g ..l9 1 7
125
1st, 7 s .......................................1918
Cl. Col. Cin. A Indianap.—
In co m e B o n d s.
11038
109
125
123
Nash.
Chat.
A
St.
L.—2d,
6
s..
1901
1st, 7s, s. f d .............................1899
(Interest payable if earned.)
Consol. 7 s ................................1914 129 130 N. Y. Central—6 s .............. ...... 1887 102 104 |Atlantic A Pacific—
N .J. June.—Guar. 1st, 4 s ....... 1986 103
Consol, sink, fd., 7 s ...............1914
C
ennal Division—Incom e.. 1922
Registered certificates.................
Chic. St. Paul M. A O.—
Cent, Iow a—C up. debteertf’s .......
N. Y. P. A O.—Prior lien, 6 s . 1895 *108
Chic. S. P. A Minn.—1st, 6s. 1918 126 128
Chicago
A East 111. -In c o m e .. 1907
No. Wisconsin—1st, 6 s.........1930 *121% 126% N. Y. A New Eng.—1st, 7 s ....1 9 0 5
Des M. A Ft. D.—1st inc., 6s. 1905
1st, 6 s .......................................1905
Chic. A E. 111.—1st, s. f., our.. 1907 116 117
Det.
Mack.
A Marq.—I n c .. . . . 1921
N.Y. Susq.AWest.—1st,ref. 5S.1937 92% 93
Consol.. 1st, 6 s ....................... 1934 116%
Eliz. City A Nor. —2d i n c ....... 197i
113
Chic. AW . I n d .- l s t , s.f., 6 s .. 1919 *113 I l f ” N. Y. N. H. A H.—1st, reg. 4s. 1903
Ind’ap.
Dec.
A Spr.—2d in c .. 1906
Northern P acific—
General mortgage, 6 ............. 1932 113%
39%
Trust receipts---- -------------------Spok. A P al.—1st, s. fd., 68.1936 106%
Chic. A St. Louis—1st, 6 s : .... 1915
100
St, Paul A N. P.—Gen., 6 s .. 1923 116% 120 ILeh. A Wilkesb. Coal................ 1888
Col. A Green.—1st, 6 s...............1916i
Lake
Erie
A
W
estern—
R
e
g
iste
r
e
d
..................................
2d, 6 s ....... ................... ...........1926
Income 7 s .... ...........................1899
110
N. O. A Na. E .-P r . 1., g., 6s ..1 9 1 5
Del. Laok. A West.—
Sandusky D iv.—Income — 1920
Norf. A W.—Gen., 6 s ................ 1931 112
Convertible 7 s .........................1892
Lafayette Btoom’gton AM uneie—
134% New River—1st, 6 s................ 1932
Mortgage, 7 s ...........................1907
Income 7 s ...........- ........ ....... 1899
99
Imp. A Ext.. 6 s....... ............... 1934 97
SyraTBing. A N .Y .—1st, 7 s .1906 133% 135
Mobile A Ohio—
Adjustment M., 7 s ........ .........1924 100 108
Morris A E ssex—1st, 7 s ........1914 142 143
33
34.
2d pref. debentures.......................
100
Ogd.
A
Lake
C
h
.ls
t
,
6s
.
.
.
1920
2d, 7 s ............ .................... 1891 110 110%
35
3d pref. debentures......... - ...........
Ohio A Miss.—Cons., s. f., 7 s ..1898 117%
Bonds, 7 s ............................ 1900
30
4th
pref.
debentures.......................
General 5 s ............................. 1932
78 of 1 8 7 1 .............................1901 128
80
N.Y. L. E. A West.—Inc., 6 s..1977
Ohio Cent.—1st Trr. Tr., 6 s .. .1920
1st, con., guar., 7 s ............. 1915 135% 137
Ohio
Central
Min.
Div.—
Min. D iv.—1st, 6 s .................. 1921
Del. A Hud. Canal—1st, 7s. ..1891 109% 110
Income 7 s............ . ..............1921
Oregon A Cal.—1st, 6 s ............ 1921
1st, ext., 7 s . . . . . ......................1891
Ogdensburg A Lake Champlain
Oregon R’y A N . D e b ,,7 s ....1 8 8 7 *103
Coupon, 7 s ,............................. 1894 118
Incom e.............................
1920
102 %
Panama—Sink, fd., sub., 6 s ...1 9 1 0
Registered, 7 s ......................1894 115
58
Roch. A Pittsb.—Ineotne .....1 9 2 1
1st, Pa. Div., coup., 7 s ..........1917 140 141% Peoria A Pek. U’n—1st, 6 s . . . .1921' ..........1112% ¡St. L.I.M.A S.—1st 7s, pf., int. acc’t.
2d M ..4% s.............................. 1921
R egistered...................................
Sterling
I.
A
R’y,
series
B.—In
c
.’94
Paoiflc RR. - Central P a c ific Albany A Susque.—1st, 7 s.. 1888 104%
Plain income 6 s . . . .................1896
Gold bonds, 6 s ....... ............ 1895 115%
1st. cons., guar., 7 s .......... 1906' 130% 131
Gold bonds, 6 s ................... 1896 116 117 'Shenandoah Valley—Inc. 6 s ..1923
R egistered................— .........*128
F r e e L is t.
Gold bonds, 6 s ......... .......... 1897 116%
1st, cons., guar., 6 s ........... 1906 122 122
Cin. A Sp.—1st M.C.C.C. A I.7S.1901
Cal. A Oregon—Is*, 6s ... 1888 '100
R egistered..........................
1st M. g.. L. 8. A M. S* 7s. ..1901
Cal. A Oregon —Ser. B., 6 1892 *103
Rons. A Sar.—1st, coup., 7s. 1921 143
West. Pacific—Bonds, 6s — 1899 114% 116% East A West, Ala.—1st, 6s — 1912 7 8 ^ 85
R egistered.................................... . I 4 - ----Gal. H. A H. of ’82—1st, 5s . 1913
No. Railway (Cal.)—1st, 6s. 1907 120 121
Det. Mack. A Mar.—
Jefferson RR.—1st. 7 s ............. 1889 102
Union P ac.—1st, 6 s ...............1896 116%
1st, 6 s .....................................1921' ...........' ....
Mem. A Char.—1st, Tenn. lien 7s 126 128
1st, 6 s...................
1897 116%
D et. B ay C. A Alp. —1st, 6 ....1 9 1 3 ......... 105
Mil. A Lake Winn.—1st. 6 s___1912
118
117%
1st. 68.................
1898
E. Tenn. Ya. A Ga.—1st, 7 s ... 1900 *122 124
N. Jersey South.—Guar. 6 s ...1899 97 1ÒÓ
Col. Trust, 6 s ....................... 1908
Divisional 5 s .........................1930 *107
10
11%
Col. Trust, 5 s ....................... 1907 100 101 N.Y.Woodh; A Rock.—2d inc.. 1 9 12 90
TEH*. C. A N.—S.f., deb., 6s. ..1 9 2 1 !........
Pitts. Brad. A B u ff—1st, 6 s ...1911
O. Br. U. P.—F. e .,7 s .....1 8 9 5 105
1st mortg., 6 s . ......... ...........1920 ........
Valley
RR.,
O.—Con.
gold
6s
.1921
106
Atoh. Col. A Pac.—1st, 6s. 1905
Erie—1st, extended, 7 s ..........1897 .........
No price Friday; these are latest quotations made this week.
THE CHRONICLE
M a r c h 26, 1887. J
Quotations in Boston, Philadelphia and Baltimore.
SECURITIES.
Bid.
SECURITIES.
397
New York Local Securities.
Bank 8tock L ist.
Bid.
Bid. [ Ask. BANKS. Bid. Ask. BANKS.
Bid. Ask.
Balt. A O.E. Side—Certs.
107*«
121X Belvtd’e Del.—1st. As,1902 107
117*«
173 176 Gallatin.
200 ........ LY. Count* 200
Cons. m. 4s., 1927......... (102 104
140
.......
G
»field
150
97
N.Y. N atE x
12 »
Sen’s Gap—1st, 7s, 1893.
260 275 G srm’n Am. 108
118
103
Ninth........... ISO
1st, 6s, 1905..................
T 160
Germania.. 200
N. America. 122
Con., 6s, 1913................
126 135 Greenw ioh. 112
111
North Rlv’r. 180
Buff. N.Y. A Phil.—1st,6s
Chase.
165
ian over... . 160
B ur.A M o.iuN eb_E x ’t,6s 120
Oriental..... 187
Cons. 68,1921..........
Chatham.... aro
Im. A Trad’s’ 315
108 ICS’s 1st, Tr. 6s, 1922...........
6a non-exem pt..........
PiOlfiO.. .. . . 152
Ohemloal..
2500
I
r
v
in
g
........
140
OS’s Cam. A Amboy—6s, c.,’89 105 107
4 s............................ .
174*3 180
Citizens’ .. l.aO —
Leather Mfs’ 200
L and g ra n t, 7a . . . . . . .. 116
People's.. . . 165
Mort., 6s, 1889..............
107 >« C ity ............ 295
Manhattan.. 160 165* P.ienlx.........
110
C alifornia So.—6a . . . . ....... 110 ** 1 11
Cam. A Atl.—1st,7s,g. ,’93 116
Commerce
175
180
Market....... 160
Incom e 6s ........................ 85 I 87
aepublio. . . 187 188
2d, 6s, 1904............
110
. 121*4 126
Keohanios*. 170*8 171*3 St.Nioholas.
Chic. K. O. A W eat’n —5a. 99*4 100
128
Cons.,
6 p. o__ . . . . . . . . .
187
M
’chs’ATrs’
145
Incom es _____ ________
64 I........ Oatawissa—1st, 7 s, oon. c.
7th W ard... 115*3
__nr Mercantile.. 137
180
88
Second......... 225
Cons. V erm ont, 5 s ............
New 7s, reg. A ooup.... Í ......... 126
11th Ward. 125
tCeronants ’ . 140 ..... Shoe A Loath 187
E a a t’rn, M ass.—6a, n e w .. 128 I....... Col. A C. M.—1st, 6s. 1914
710 —
99*3
M’roh’ts’Kx. 112
F r e m .S u H ,A M o.V .-6a.. 122
atateofN.Y. 136
Conneet’g 6s,op., 1900-04 Ìì*8**
First ...
Metropollt’n 31*8 83
Third...........
K. C P o rt S c o tt A G.—7s
Del. A Bound Br.—1st, 7s 130*«
F ju rth .
US 148
Nassau.
. . . . 141
K. C ity Law r. A So.—6a .. 112
Tradesmen’s 104 109
Duluth Short L., 1st. 5 s. (107 108
Fulton.
150
Jew
York
..
214
K. C ity S t. Jo. A O . B.—7a (125
tutted St’es 210
East
Penn.—1
st,
7s,
1888
K. C ity Sp’d A M em.—6a 110’s I l l
EastonAAmb’y—5s, 1920 ÌÌ4 > i
I n s u r a n c e S to c k L i s t .
K.C. Clint. A Spring!.—5a 1
121*9
EL
A
Wmsp’t
-l
s
t,
6
s,
1910
L ittle R. A F t. S.—17 s....... 1 U 114’s
5s, p erpetual............... 110
Mar. H . A O n t—1908, 6a, (106
Harrlsb’g—1st, 6s, 1883..
COM P A N ’S. [ Bid. j Ask.[
(101
1925,6s
jfO O M PA N ’S. Bid. A sk.
111*3
H.AB.T.—1st,
58 «s' Cons. 6s, 18957s, g., 1890 103
58
M exican C en tral—i a .......
108*9 A m e rlo a n ... 165 175
Scrip.................................. 58
N. Y . E q u it. 170 180
IthacaAAth.—
1
st,
gld.,7s
A
m
er.
E
xoh.
95
102
63
7a........................................
N. Y . F ire .. 100 108
124*9 B o w e ry ....... 160 165
197e 20 Leh.V—lst,6s,C.AR.,’98
Incom e..............................
N ia g a ra ....... 188 173
2d, 7s, reg., 1910........... 141
B ro a d w ay ... 190 200
89
S c rip .........
.............. . 88
N o rth R iv e r n o 116
Cons. 6s, O.A K., 1923.. 136
B ro o k ly n . . . 180 190
OS’s
D eb en tu re, 10a..............
P a o iflc ......... 166 175
N. O. Pao.—1st. 6s, 1920.
C itiz en s’ . . . . 125 130
N.M ex.A So.Pao.—7a....... 125“
P a rk .............. 100 105
Penn.—2d, 7s, op. ’96. 122 *9 124*4 C
i
t
y
..............
125
127 No.
132
N. T . A N . E n g lan d —7 a ..
P
e t’r Cooper 165 175
Gen.,
7s,
1903................
133
117
117
C
lin
to
n
.........
125
da....... ................................
Debenture 6s, reg........
People’s ....... 105 113
C om m ercial. 33
36
2da, 6s.............................. 103 109
P henlx ....... 130 140
Norfolk A West.—Gen.,6s
225
C
o
n
tin
en
tal.
230
Ogdensb.A L.Ch.—6a.......
Í15
R u tg e r’s ___ 140 147
N. R. Div., 1st, 68.1932
E a g l e ........... 269 270
Consolidated 6s .............. io o ’
S ta n d a rd ___ n o
N. Y. Phil. A Nor.—1st, 6s 104*9 105
US
E m p ire C ity 100 110
Incom es............ ............
54 I 66
S t a r .............. 75
Inc., 6s, 1933.................
80
105 115
E
x
c
h
a
n
g
e
...
Pueblo A A rk . V al.—7s..
S t e r l i n g ___ 60
OH Creek—1st, 6s, coup..
65
108
F a r r a g d t__ 127 133
R utland—1 st 6s ....* .........
137
188**
Pennsylv.—Gen.,
6
s,
reg.
S
tu
y
v
e
s
a
u
t
118
125
95
104
F
irem
en
’s
"
.
108
5a.......................................
U nited S t’es 150 156
Gen., 6s, cp., 1910........ ( ......... 135*9 G erman-Am. 310 330
Southern K ansas—5 s....... ICO lOOtt
W estohester 140 180
Cons., 6s, reg., 1905.... 124 . . . . . . G e rm a n ia ... 152 160
85
Incom es............. .
....
Cons., 6s, coup., 1905... ¡123*9
W Uliamsb’g. 375 385
G lo b e ........... 120 127
Sonora—7 a ............ ........ 102>3 94 *9 Cons.,
111
5s,
reg.,
1919...
W isconsin C ent.—1 st aer.
104
107
68
*o
4
*
38
,
Trust
Loau...........
2d aeries........................... "58Í¡
G as and C ity R a ilr o a d S tock s and Bonds.
123*9
^ Pa. A N. Y. 0.—7s, 1896
STO CK S 1
7,1906................... ........ 132 133
G as Q uotations b y G ao. H . P rentiss A 0 0 ., B rokers, 49 W all S tree t.]
99 «a 99^4 Perklomen—1st, 6s,op.’87 . . . . . 99*3
A tchison A T o p e k a .........
(209 *» 210 PhiLAErie—1st,7s,cp .’88
Boston A A lb an y
106
G 18 C O M PA N IE S.
I Bid. Ask.
GAS C O M PA N IE S. 1 Bid. Ask.
Boston A L o w ell............... 167 169 >a Cons., 6s, 1920..............
233
Boston A M aine
Cons., 5s, 1920.............. ......... 115
Brooklyn G a s-L ig h t......... 105 107
People’s
(B k ly n .)................ 55
57*
(
70
Boston A P ro v id e n c e ___ 210
Phlla. Newt. A N.Y.—1st
C itizens’ G a s-L ig h t........... 55
57 W illia m sb u rg ...........
130 185
Boston Con. A M.. p re f.. {100
Phil. A R.—1st,68,1910.. 122
Bonds, 5 s ......................... 100 104
Bonds, 6s . . . . .................... 110 114
Boston R ev ere B. A Lynn 14C
. a _ 2d, 7 s, ooup. A reg., 1893 114
Consolidated G a s .............. 84*. 85
M etropolitan (B klyn.)___ 80
85
C alifornia S o u th e rn .........
Cons., 7s, reg., 1 9 1 1 .... 126 126 »i J a rs e y C ity A H o b o k e n ... 160
unicipal—Bonds, 7 s....... 106 110
C entral of M assachu setts
28*4 Cons., 7s, ooup., 1911.. 126 126 fa M etropolitan—B o n d s ....... 115 122 FMilton
M u n ic ip a l............ 187 189
P referre d .......................... 57 *a
M u tu al ( N .Y .) ................... 102 104
Cons.,
6s, g., 1.R.C.1911 118
Bend*, 6s ....................... 105 109
119
Cheshire, p r e f e r r e d ......... a i s
Imp., 6s, g., coup., 1897 104*3 105
Bonds, 6s ........................ 102 103
E q u ita b le ........................
125 130
Chic. A E a s t’ll Illin o is . .. 107
Gen., 6s, g., ooup., 1906 102*4 102*3 N tssau (B klyn.)..............Ü 103 106
Bonds, 6s . . . . . .................. 110 113
Chle. B u rl. A N o rth ’n ___ 86“,
S c r ip ................................. 100 101
Gen., 7s, ooup., 1908.... . . . . . . 102
Ohio. A W est M iohigan..
55 7a 67
Income,
7s,
coup.,
1896
Olnn. S andusky A C love. '26“
Coav. AdJ. Scrip, ’85-89
[City RB. Quotations by H. L. Gb in t , Broker, 145 Broadway.]
Cleveland A C anton........
6 *a
62*4
Cons. 5s, 1st ser.,0.,1922 62
P referre d ..........................
Cons. 5s, 2d ser.,0.,1933 43 V 46
Sl’okelr St. A F u lt.F .—S tk 28
30 ¡D. D. E . B. A B.—Sorlp, 6s 105 107
Col. Spring!. A C ln........... 23
Debenture coup., 1893. 40*9
1st m ort., 7s, 1900 ....... 112 116
Concord . . . . . ____ ______
E l filth A v.—s to c k ............ 190 200
Conv., 7s, R. C., 1893... ....... 47
irM w ay A 7t,n A v.—s t ’k 210 212
C onnecticut R iver............
Scrip, 6s, 1 9 1 4 ............ k 107 110
Deferred incomes, cp ... (>1u1
1st
m
ort.,
5s,
1904
........
103 106 421 & G r’nd s t . F ’t*y—s t 220: 225
Conn. A P a s su m p s io ........ 106
Phil. Wil. A Balt.—4s.tr.ct ---- 103*«
2d m ort., 5s, 1914...........
106
Dot. L an sin g A N o., p re l.
1s t m ort., 7s, 893 ....... 112 117
Pitts. Cln. ASt.L.—7s__ 122*3
B’w
ay
Snrfaoe
bds.gnar.
140
100
E a s te rn ................................
42d St. M anh. A S t. N .A v
Pitts. Titus. A B.—'7s,op. 35
30
Bonds g u a r., 5s, 1905 ...
100
140 Shamokln V. A Potts.—7s 120
P referred ..........................
1st m ort., 6s, 1910 . . . . e 109 111
Brooklyn C ity—« took ....... 175 180
F itc h b u r g ........................... 114
2d m ort., lnoome, 6s ....... 50
Sunbury A Erie—1st, 7s.
63
1st
m
ort.,
5s,
1902
.........
110
F lin t A P e re M arq u ette. 26*3
(o u st. W .St. A P. F 'v - S tk . 160 165
Sunk. Haz. A W.—1st, 5s
107*9 3klyn. C rosstow n—S tock. 106
165 175
P referre d .......................... 95 *3
1st m ort., 7s, 1894 ......... 110 112
99
2d, 6s, 1938....................
1s t m ort., 7s. 1 8 8 8 ......... 105 108
Iow a F alls A S io u x C ity. 73*4
N inth A v e ... . . . . . . . . . . . . . .
Sunb.ALewist’n 7s.C,.’96
118*3 3ushw
100
’k
A
v.
(B
kin)—S
t'k
160 155
Kan. C. Clin. A S p rin g rd 39
8 loond A v.—S to o k .........
Syr.Gen.A Corn.—1st, 7s. ----166
C m tra l C rosstow n—s t k .. 150 165
Kan. C ity F t. 8. A G u lf.. 70
1st morf., 5*. 1910
Tex. A Pac.—1st, 68,1905 112 *3
107
1s
t
m
ort.,
6s,
1922
.........
120
116
P referred ..........................
Oonsol., 7s, 1888 ............ 1101
Consol., 6s, 1905.........
98*4
len
t.
P
k.
N
.A
B
.R
iv
.-S
tk
112
74 Union ATitusv.—1st, 7s. ( 26
Kan. C. S p rln g f. A Mem.
81 cth Av.—s to c k ............
iW
Consol., 7s, 1 9 0 2 ............ 116 120
L ittle R ock A F t. S m ith .
l i t m ore.,7s, 1 8 9 0 .........
United N. J.—Cons.6s,’94
115
(JhriSt’p h rA lO th S t—S tk . 122 125
T hird A v.—S to o k . .. .
M aine C e n tra l_____ ___ . (150
212
Cons. 6s, gold, 1901__
Bonds,
7s,
1
8
9
8
..............
110 112*3
Bonds, 7s, 1890 . . . ____
M anchester A Law rence.
...
Cons. 6 s, gold, 1908__
107
*ry Dk. E .B .A B a t’v—S tk 160 165
40
Marq. H ough t ’n A Onton.
Tw 'Uty-ohird st.__s to c k .!
252
Gen.,4s, gold, 1923.... 102
1st m ort., 7s, 1893 ......... 110 112*9
P referre d .........................
1st n o r’., 7s, 1898
Warren A F.—1st, 7 s ,’96 U 2*s
114
14V 14
M exloan C en tra l......... . .. .
West Chester—Cons. 7s.. 115
63V 63 ®s W. J ersev—1st, 6s, op.,’96 126 129
N. Y. A N ew E n g la n d . . .
U nlisted Securities.—Quotations from both Exchanges:
140
P referred ....... .................
1st, 7s, 1899................... {126 129
N o rth e rn .......... ......
S E C U R IT IE S .
Bid.
Cons. 6s, 1909................
S E C U R IT IE S .
Bid. , Ask.
N orw ich A W o rc e s te r...
W.JerseyAAtl.—1st,
6s,C. 105 107
Ogdensb. A L. C ham plain 17*3 19
Am er. Tel. A Cable........... 76
Western Penn.—6s, coup.
L a k e E rie A W est., p r e f ..
Old C olony. . . . . . . . . . . . ___ 183*3!- —
A tch.A P ik e ’s Peak, 1st,6s .......
110 ‘s . . . . . .
6s,
P.
B„
1896..............
..........
M
ahoning
Coal
R
R
A tla.A Char. A ir L .,l s t 7 s1.......
Portland Saco A Portsm ! 5........ 124
5s, reg., 1923.................
M exican N a t i o n a l ..........
118
Ports. G t. F alls A Con’y .
A t.& P a c ^ l8tM ,C .D .new 3 100 104
P r e f .....................................
CANAL BONDS.
R u tla n d ..........................
Bost. H . T.A W est.—S tk . 20
23
Ches. A Del.—1st, 6s, 1886 »1 Vi 92
1 s t mort g ag e....................
35
P referred ................
B
rooklyn
E
lev
’d
—sto
c
k
..
44
112*3
48
Lehigh
Nav.—
4
*
58
,
1914.
N
ew J e rse y A N . Y ...........
Sum m it B ra n c h ... . . . .
13a4 14
I s t m o r t ........................... 108 108».; N ew p. N aw s « M las.V al.,
118
W isconsin C e n tra l........... 26 7s 26*4 Cons., 7s, reg ., 1 9 1 1 .... Í 3 Í 133
2d m o rt.............................. 80
81
N .Y.Ohl. A St.L.,rec.2dM .
BOSTON.
Atoh. <fe Topek»—1st, 7a. 124
Land grant, 7 a .............
Plain, 5a-----------------Mortgage, 5a.................
M ortgage,
. . { 97
■a
' çe, 4*as
4 Vas . . . . ___
107
T r u s t 6s ........................
P Deferred............
39 “h 40
P ennsylv.—6s, cp., 1910..
W orcester N a sh ’aA Koch 140
S chuylk. N av .—1 st,6s,rg.
2d, 68, reg ., 1907............
P H IL A D E L P H IA . 1
B A L T IM O R E .
Ra il r o a d s t o c k s . 1
107< 11*8 R A IL R ’D 8TO C K S.tPai
N.Y. A PhU.,ass.pd.
P referred ..........................
10
A tla n ta A C h a rlo tte
Camden A A tla n tic ......!
19
B altim ore A Ohio ...1 0 0
P referred .......................
45
1 s t p re f...................
O ataw issa.......... . ..! ! ! ! ! ”!
15
2d p re f.....................
1s t p re fe rred ...!!!! !!!
48
50
P a rk e rs b u rg B r.........50
2d p r e f e r r e d .........
48
C entral Ohio—Com.......50
D elaw are A B ound Brook ( ....... 150
P re f....................................
E a s t P en n sy lv an ia......... $ 43
45
W estern M ary lan d ....6 0
E lm ira A W illiam sp o rt..
40
R A IL R O A D BONDS.
P re fe rre d .......................
60
A tlan ta A C h ari.—1 s t....
H u n tin g d 'n A B road Top
[ do......................................
P r e f e r re d ___
(" 35*3 36 \ B altim ore A Ohio—4 s ....
Lehigh V a lle y ....! ! .........
55*4
Cen. Ohio.—6s, lst,M .A S .
ta ttle S c h u y lk ill........ * § 50*3
Chari. Col. A A ug.—1 s t..
MlnehUl A Sch. H a v en .!!
2d .......................................
Jkesquehoning V a lle y .... ’5 4 "
Cln. W ash. A B alt.—ls ts .
N o rth ern C en tra l__. . . . . .
2d s......................................
N orth P e n n sy lv an ia!!!!! 69
3 d s.....................................
Pennsylvania
58
1 st In c ., 5s, 1931..
S*iladelphlaA Erie!!!!!! 27
28
ColumbiaA G reenv.—l s ts
P h il?' S e r- & N o rristo w n
117
2d s.............................
pm i ’ ? ew t«w n A N .Y ..
No. C en tral—4*38, J . A J .
|h lla . A Reading. . . . . . .
19
19*8 6s, 1900, A . A O............
Bait!!!!!! 64
6s, gold. 1900, J . A J ___
214 215
5s, S eries A .....................
w S e « e y . C0.m.Panl68" 60
5s,
S eries B .....................
W est j ersey ¿ “A tla n tic !! 49
P ittsb . ACon’eUs.—‘7 sJ A J
U nion R R .—ls t,g n a .J A J
T
STOCKS.
avigation.. i __
60
SO*« C anton endorsed............
S chuylkill N av., p r e f . .. "
V irginia A T enn.—5s . . . .
4*4 5
8s ........................................
.5 ^ îî* R O A P b o n d s .
W
.M d.—6s,3 d ,g u ar.,J.A J
A B eg h .V al.-7 3-lOs, ’86
W ilm. C. A A u g .^ 6s .........
7T*> N. e x t - 1910............. n s 120 W
il. A W eiuon—6s ..........
Anc- *®. end., coup., ’94 ( 19
7s.....................
Ex-dividend, t P e r sh are
{ L a s t p rice th is w eek.
86
76
45
87
80
50
93
92
173
17i
182
115
7
120
46
12
13
120
105
104
113
112
77
42
20
C alifornia Paclflo....... .
10
Cape F e a r A Y ad.V ah, I s t
Chea-AO., ser. B.flef. serin 23
Chic. A A tla n tic .—B enef.l 9
Chic. S a n ta Fe A Cal 5 s ..
C incinnati A Springfleld.J
Cont.Cons. Im p.C o.T r.stk 48
Des M oines A F t. D odge.. 15
P re fe rre d ........................... 25
E a s t A W est R R . of A l i . . 25*9
Edison E leo trio L ig h t.... 198
Flor. R ’w ay A N av. C j . . .
4*4
P re f....................................
7
G eorgia P ac.—S tock......... .....
I s t 6s ..................................
2 <is....................................... 58
6
K anaw ha A O h i o . .. .. .. .. .
I s t p r e f . .. .. . ................... 22*3
2d p re f............................... 10*4
I s t 6s . . ............................. 74*s
K**ely M otor........................ 12
L ake F r ie A W este rn . . . 23*3
49
105
¡07
104
78
43
94
123*3
121
1887.
106
124
123
120
112
121
6
60
26*9
205
4*4
7*9
26
62
8
24
11
75*s
21
Specie. L. T ’nders. Deposits.*
S
9
$
s
M ar. 6 144,715,600 11.520.000 2,393,700 107,758,100
“ 18 144.301,900 10,172,400 2.449.100 107,497,500
“ 20 143,876,500 10.164.000 2.278.100 106,310,590
95
.08*3
.......... .12
112
115
10
104*3
E q u ip m en t 7 s.................. 90
92*oN . Y . C ity A N o rth e rn ...
N. Y. W. S h .A B __Stook.
N orth. P ac.—D iv. b o n d s..
Pensacola A A tla n tic .... 12
18
1 s t m o r t .................. .
Poor. Deo.A E v an s.—2d M
P itta . A W est. R R ............
1s t m o rtg ag e ....................
Rom e A D e c a tu r .............
1s t m ort.. 6s .....................
S t. L ouis F t. S. A W ic h ..
S t. P a u l E . A G r. T r., 1 st 6s
Tol. A . A. A N . M ............
Tol. S t.L .A K au . Cit—1st.
U ta h C entral.—1st, 6s ___ 81 . . . ! . .
V ickab. A M eridian...........
3*4 4*a
P re f.....................................
6 1. . . . . .
1 s t m o r t ............................ 95 I . . . . . .
2d m o rt............................... 67 V .!!!! !
In c o m e s............. .............. T l V U S
W e stV a . R R .—1st, 6s ... 100*3 101
Boston Banks.—Following are the totals of the Boston hanirg j
.......... 109
-----
12
25*'
22
Loans.
C ircula’n Agg.cPngs
S
a
11,290,200 91,498,68»
11.050,900 86,137.68810,998,100 89.569,440
Philadelphia Banks.—The totals have been as follows:
110
1887.
127
‘
Feb. 26.......
M ar. 6.......
“ 13.......
“ 20.......
* fnoludlng
Loans.
L aw ful M on’y Deposits.*
C ircula’ú
A gg.oi’nga*
$
$
23.120,800
84.266.900
22,691,400
83.667.900
22.469.700
83,349,600
22.518.700
83.785.900
th e ite m “ due to o th e r b a n k s.”
$
3.485.740
3.489.740
3.487.740
3.480.740
$
54.923,954
72.476,920
60,335,792
63,169,825
$
88,049,700
86.720.000
86,319.800
86.819.000
398
THE CHRONICLE,
New \ orli City Banks.—The following statement show s the
condition of the Associated Banks of New York City for the
week ending March 19, 1887 :
[V ol.
Latest E arnings Reported.
R o a d s.
WeckorMo\
1887.
1886.
XLIV.
Tan. 1 to Latest Date.
1887.
1586.
$
*
S
71.3931
65,638
6,767
8,723
Cin.Rick. &Ft.W. 12d wk Mar
427,736
377,029
45.664
39.730
Cm.Wash.&Bali;2d wk Mar
93,997
86,198
9.8181
10.576
Clev. Akron&Col 2 d w k Mar
27,465
20.830
20,830
27,465
Clev. & Canton. IJanuary...
554,425
547,102
Clev.Col.C.&Ind \February . 265,755 281.186
64,795
54,832
5,630
5,399
Col. & Cin. Mid. 12d wk Mar
404,831
319,044
Col. Hock.V.&T. IFebruary . 195,075 154,062
12,440
16,111
N e w Y o r k ............
7,013
8,445
Col. & Rome . .. February .
M a n h a tta n Oo—
2-,141
28,620
13,386
Dunb’y& Norwk February .| 13,729
M erch a n ts’ ...........
1,480,990
1,164,108
Denv. & Rio Gr , 3d wk Mar 128,400 110,486
M echanics'............
127,590
145,239
61,006
73,680
Denv.
&
R.
G.
W.
I
February
.
A m erica..................
67,616
64,306
9,350
7,200
Des. Mo. & Ft.D. 2d wk Mar
P h ftn lx ...........
50,035
25,639
Det.BayC.& Alp. February .
C ity ...........................
210.593
201,255
20*782
21,422
Dat.Lans’g& No. 3d wk Mar
T radesm en ’s ...........
33,757
38,454
3,565
3,51'
Det.Mac.A Marq 2d wk Mar
F u l t o n .....................
833,930
999,161
85,407
94,003
C h em ica l...............'.I
E.Tenu.Va.&Ga.|2d wk Mar
M erc ta c ts ’ E x c h .
44,300
3,134|
5,307
2d wk Mar
Evans.
«felnd’plis
G allatin N ational.
124,902
138,905
13,488
15,365
Evansv. & T. H. <1wk Marl
B u tc h ers’ <&D rov.
395,334
444,685
44,865
Flint A P. Marq. 2d wk Ma 1 51,784
M echanics’ <&T ra .
210,917
235,019
17,310
23,905
Fla.R. &Nav. Co 2d wk Mar
G reen w ich ..............
62,732
106,004
6,531
14,344
2d
wk
Mar
Fb.W.&Den.City
L e a th e r M anuf’rs .
124,457
170,408
66,209
74,824
Georgia Pacific.. February .
S e v e n th W ard .......
328,038
375,731
38,748
45.866
2d
wk
Mar
S ta te of N . Y ........
Gr. Rap. & Ind..
A m erlc’n E x c h ’ge
Grand Trunk .. Wk Mar. 12 329,221 318,703 2,979,728 2,764,480
18,965
30,710
18,965
C am m ero e .............
30,710
Gn.BayW.&St.P anuary ..
290.011
375,264
B roadw ay................
Gulf Col. & 8. Fe. February . 186.183 135,788
M. erean iilo ............
469,129
488,748
46,705
45,829
2d
wk
Mar
Hous.&Tex.Cent
P a c ific ....................
m.Cent.(Hl.&8o) February . 7«6,481 857,753 1,756,429 1,610,502
R ep u b lic ................!
20,726
15,279
11.148
7,422
Cedar F.&Min. February .
C h a th a m ...............
119,094
119,598
70,1*0
58.960
Dub.&Sioux C. February .
Peoples’. . . . ...........
75,440
90,276
48,452
40,410
February
.
N o rth A m e ric a ...
Ia. Falls & S.C.
215,259
225,153
H a n o v er................
Tot. Iowa lines February . 106.792 129.779
1,855,761
1,981.581
987,532
903,273
Irv in g .....................
F
ebruary.
Total all lines.
493,140
477,798
C itizen s’ ...............
46,353
52,916
Ind. Bloom. & W. 2d wk Mar
N a s s a u ..................
67,116
69,550
31,098
28,567
Ind. Deo. & 8pr. February
M arker,..................
42,273
117,576
23,885
60.000
February
Jack.
T.
&
K.
W.
S tT N lc h ' la s .........
385,241
462,712
42,791
46.225
1st
wk
Mar
K. C.Ft.S. &Gulf.
Sh<?o & L e a th e r.,
225,726
348,358
33.158
34,286
Kan. C. Sp. & M. 1st wk Ma
c p rn E x c h a n g e ..
31,852
44,217
3,578
5,548
Kan. C. Cl. & Sp. 1 st wk Mar
C o n tin e n tal.......... .
40,986
47,414
22,185
23,006
O r ie n ta l.................
Keokuk & West. Februaiy
254,182
269.9s0
25,683
Im p o rte rs’ & T rad.
29,->77
2d
wk
Alar
LakeE. & West.
32,093
P a rk ......................... .
40,591
15,334
19,665
Lehigli& 11udson February .
43,921
N o rth R iv o r..........
67,436
43,921
67,436
L. Rk.&Ft.Smitb Jauuary ..
E a s t R iv e r.............
431,506
460,069
49,854
50,021
3d
wk
Mar
Long
Isla
n
d
....
F o u rth N ational .
147,362
171,378
21,012
15.148
Louis. Ev.&St.L. 2d wk Mar
C en tra l N atio n al .
Louisv.A Nasbv. 2d wk Mar 287,610 262,770 2,981,683 2,635,879
Second N atio a l ..
317,928
408,426
29,531
41,892
Lou.N.Al.&Cliic. 3d wk Mar
N In th N a tlo n a l....
297,568
390,288
172,225 137,820
F ir s t N a tio n a l.......
Lonlsv.N.O. &T. February
T h ird N a tio n a l....
Manhattan E l ... February . 596,420 547,568 1,250,067 1,129,141
61,248
78,944
N . Y. N a t.E x c h ...
6,246
7,530
Mur. Hough. <fc O. 2d wk Mar
285.012
Bow eiry............
346,285
31,122
32,859
Memphis &Chas. 2d wk Mar
N . Y. C o u n ty .........
829,265
80,992 1,076,510
84,400
Mexican
Cent’l.'3d
wk
Mar
G erm an -A m o ric'n ,
86,458
84,491
41,643
38.610
Mex.N. (N. Div)'February .
C hase N a tio n a l__
182,185
205,311
19,564
23,229
do
(So. Div) 2d wk Mar
F ifth A v e n u e ........
245,010
273,047
133,719 122,777
do
all lines February .
G erm an E x c h ’nge
31,789
30,603
4,965
4,362
Michig’n &Ohio. 4tbw kF eb
G e rm a n ia ................
289,176
450,754
31,535
U n ite d S ta te s ........
Mil.L.Sb.& West. 3d wk Mar •55,758
123,199
183,675
L i n c o ln ...............
13,198
19.226
Milwaukee & No 3d wk Mar
73,695
G arfield ...................
117,845
73,695
117,845
Minneap.&St. L. January
F if th N a tio n a l....
47,236
159,738
6,318
14,925
Minn.&No.West. I2d wk Mar
B ’k of th e M etrop.
69,421
84.928
38,585
36.866
Miss. & Tenn. .. February .
W e s t s id e ...............
351,402
436,514
Mobile & O h io .. February . 200.499 167,139
S e a b o a r d ...............
370.171
491,555
Nash. Cb.&St.L. February . 249,461 184,652
S ix th N a tio n a l__
N. Y.Cen.&H.R.. February . 2,454,831 2,287,839 5,169,541 4,582,934
100,063
111,720
11.192
10,674
T o t a l ...................»69,811,600 82.852.600 20,018,B00'38’J.144,600 7,658,900
N. Y. City & No. Wk Alar. 19
cN.Y. L. E. & W February . 1,457,958 1.247.475 2,816,320 2,501,587
855,151
955,782
T h e fo llo w in g ax e to ta ls f o r s e v e ra l w e e k s p a s t:
N.Y.Penn.& O. February . 445,918 447,075
266,934
298,771
N .Y .& N ew E ug January .. 298,771 266,934
223,565
246,013
22,361
24,371
Loans.
1887.
Specie. h. Tenders. Deposits. Circulation 4.00, Clear'Qs N .Y .O n t.* W ... 3d wk Mar
156,032
182,937
74,382
98.341
N. Y. Bus. & W .. February
547,629
714,584
65,176
9
*
80,543
9
9
9
9
Norfolk & West. 2d wk Mar
831,084
Afar. 5 389,487,600 85,278,200 20,141,300 335,325,800 7,617,700 698,413.889 Northern Cent’l. February . 488,990 430,961 1,003,937
- 12 869.501,(100 84.100,700 19.942.900 384.181.000 7,667,800 664.800,393 Northern Pacific 3d wk Mar 197,670 190,651 1,652,299 1,581,600
“ 19 368,811,500 32,852,60( 20.018.900 382,144,600 7,658,900 628,345,362 Ohio & M iss....... 2d wk Alar
79,656
94,188
88,769
99,404
43,979
Ohio Southern..¡February.
45,928
193,022
263,351
Oregon Imp. Co. January .. 263,351 193,022
RAILROAD EARNINGS.
234,618
274,259
Oreg. R.&N. Co. January .. 274,259 234,618
ennsylvania... | February . 3,988,788 3.549.475 7,840,559 6,971,011
The latest railroad earnings and the totals from Jan. 1 to PPeoriaDeo.&Ev.
156,709
186,939
12,280
16,765
3d w k Mar
latest date are given below. The statement includes the gross Phila. & Erie__ IFebruary . 257.500 233,026 517,552 451,856
1,304,178
1,570,821
earnings of all railroads from which returns can be obtained. Phila. &Read’g !January . 1,570,821 1,304,178
914,360
Coal & Iron Co January .. 1,037,750 914,360 1,037,750
The columns under the heading “January 1 to latest date” fur Riabm’d
625,040
697,629
«feDanv. February . 369.000 346,513
193.420
nish the gross earnings from January 1 to, and including
214,719
99,588
97,000
Va.Midl'd Dlv. February .
148.420
144,476
84,912
75,900
Char.Col.&Au. February .
the period mentioned in the second column.
133,731
114,083
80,017
69.700
Col.& Gr.Div.. February .
76,882
90,249
42,308
West.No.C.Div February .
40,300
Latest E arnings Reported.
Jan. 1 to Latest Date.
11,400
14,500
5,400
6,600
Wasb.O. & W .. February .
Roads.
221.595
228,292
25.193
Bt. Jo. & Gd. Isl. 2d wk Mar 30.700
Week or Mo 1887.
" 1887.
1886.
1886.
236.192
275,617
22,073
30,933
8t.L.Alton&T.H. 2d wk Mar
149,778
170,006
15,689
16,440
Branches........ 2d wk Mar
9
$
328,773
384,902
32,400
30.341
A-«h. T .& 8 .F .. February . 1,223,670 1,057,407 2,509,827 1,919,610 St. L. Ark.&Tex. 2d wk Alar 117,700
842,236
91,898 1,134,614
w k Mar
Balt. & Potomac February . 110,528
94,298
217.655
195,389 Si.L.&8an.Fran. 33 d
179,425
251,456
18,306
19,313
d w k Mar
Butt'.N.Y.di Phil. 3d wk Mar
49,500
481,435 Sc.Paul&Duluth
46,200
504,009
820,349
894,059
414,810
434,809
St.P.Min.«feMan.
February
.
Buff. Roch.&Pitt 3d wk Mar
27,368
312.410
37,130
342,628
43,735
56,223
43,735
56,223
V a lley ... January ..
Bur.Ced.R.A No. 2d wk Mar
54,265
536,781
495,208 Soiot)
60,26 a
42,583
57,288
42,583
57,288
Val January ..
Cairo V. & Chic. 2d wk Mar
10,736
12,126
133,928
96,680 Shenandoah
94,375
98,132
94,375
98,132
Cal. Southern... ls t w k Mar
12,590
32,440
262,06*
86,309 South Carolina.. January ..
Pacific Co.—
tOamden & A tl’o Jauuary ..
25,658
29,843
29,843
25,658 So.Gal.Har.&S.A
199.347
221,392
199,347
Jan u ary.. 221,392
Canadian Pacific 3d wk Mar 134.000 129,000 1,526,493 1,371,816
51,321
58,539
51,321
58,539
Louis’a West. ¡January ..
Cp.F’r&Yad.Val February .
19,963
23,875
44,588
37,885
389,877
368,274
Morgan’s L&T January .. 368,274 389,877
Central of G eo.. February . 564,399 479,920 1,095,129 1,002,987
11,730
12,459
11,730
12,459
N.
Y.T.
&Mex.
January
..
Central Io w a ... February .
207,865
181,874
98,419 101,445
82,703
81,534
82,703
81,534
Tex. & N. Oci. January ..
607,222
Gbesap. <to Ohio. February . 290,630 273,241
534.410
734,978
742,198
734,978
742,198
Atlan’o
syst’m
January
..
Eliz.Lex.&B.S. February .
63,631
145,584
122,909
68,933
1,273,442
1,661,616
Paoifle system January .. 1,661,616 1,273,442
269,95 ■ 230,896
Qbes. O. & S. W. February . 124,350 113,630
T otal............ ¡January .. 2,403,814 2,008,420 2,403,814 2,008,420
557,841
672,509
Chic. & A lton... January .. 672,509 557,841
69,554
80,243
33,700
39,439
February
29,450
424,504
Ohio. & Atlantic 3d wk Mar
304,956 Staten Is.Rap.Txi February
47,315
862,143
. 466,871 432,773 1,014,383
Texas
& Pacific
155.656
Chic. Burl. & No. January .. 155,656
59,953
88,70
12,213
20,067
Mar
Chic, Bur. & Q.. January .. 1,985,385 1,380,963 1,985,385 1,380,963 Tol.A.A.&N.M’h 23dwks
136,865
210,218,
9,365
18,230
wk Mar
Ohio. & East. ill. 2d wk Alar
376,479
32,939
336,728 Tol.&Ohio Cent. January
35,812
1,389,610
1,737,35b
. 1,737,353 1,389,610
Ohio. Mil. <fe8t.P 3d wk Alar 486.000 467,967 4,352,000 4.357,459 Union P acific..
75,127
87,089
9,627
11,513
Chic. & N ’tbw’n February . 1,634,180 1,678,500 3,357,353 3,006,807 Valley of Ohio.. 4th wk Feb
Wabash—
4,395
5,747
3
wks
Jau
4,395
Chic. & O. Rlv.
5,747
414,880
432,530)
414,880
January
..
432,530
East
of
Aliss...
Ghio.St.P.M.&O. Jan u ary... 371,701 339,521
371,701
339,521
West of M iss.. 3d wk Mar 133.000 108,000 1,250,290 1,153,045
27,634
231,253
235,427
Ohio. &W. Mioh. 2d w k Mar
29.261
68,494
76,8281
68,494
January ..
76,828
54,080
641,631
570,036 IWest J< rsey— 2d
Cin. Ham. & D. 3d w k Mai
63,252
127,013 105,983
11,481
12,890
Alar
50,780
Cio.Ind.St.L.&C. 2d wk Mar
510,450
496,723 Wheeling & L.E. 2d wk
51.425
238,548
315,423
24,934
38,525
wk
Mar
Wisconsin
Cent’)
633,694
512,904
53,088
57,792
Cin. N. O. <xT.P. 2d wk Mai
34,967
75,516
3,931
10,051
Min. St.C.& W. 2d wk Mar
20,701
214,104
306,72*
29,059
Ala. Gt. South. 2d w k Mar
28.530
134,0721
2,985
19.294
Wis. & M inn.. 2d wk Mar
12,571
136,719
145,029
N. Orl. & N. E. 2d wk Mar
10,439
109.311
9,753
8,701
115,17b
Vioksb. & Mer. 2d wk Mai
* Mexican currency.
6,555
123,210
Vicks. Bk. & P. 2d wk Mar
7,592
98,889
e Not including earnings o f New York Pennsylvania & Ohio.
Erlanger Syst. 2d w k Mar 113,583 102.66* 1.323,834 1.091.927
1 Not including Central of New Jersey in either year
t Including Branches.
.1 Afid Branches.
$
JTHE CHRONICLF.
M arch 26, 1887.J
ftmesiraewt
399
INCOME ACCOUNT.
AND
Railroad Intelligence.
The I nvestors’ Supplement contains a complete exhibit of
the Funded Debt of States and Cities and of the Stocks and
Bonds o f Railroads and other Companies. I t is published
on the last Saturday o f every other month—viz., January,
March, May, July, September and November, and is f u r
nished without extra charge to all regular subscribers of the
Chronicle. E xtra copies are sold to subscribers o f the
Chronicle at 50 cents each, and to others a $1 per copy.
tà T N otice .—The I nvestors’ Supplement will hereafter
be issued on the last Saturday in January, March, May, July,
September an i November. This is merely a change in the
months of issue for the convenience of the publication office.
The Supplement is therefore issued to-day, March 26, and
the next issue will be May 23.
ANNUAL REPORTS.
1883.
188 4.
1885.
1886.
Receipts—
$
9
$
$
Net earnings....... .
9,881,787
0,611,369
9,900,802 10,158,199
Other receipts....... .
164.707
82.307
105.939
144.654
Total in com e. . . . 10 , 0 4 6 .4 9 4
9,693.676 10.006.741 10.302, ,9 3
D isbursem ents—
■
■
$
9
Interest on d eb t.......
5,373,925
5,918.608
6,996,573
6.241,093
Divs. on both stocks* 3,212.895
3,321.167
2,391,039
3.053.076
Rate of dividend.......
7*7
__ 7 ite 7
7 «St 4
7 «Ss 5
Tot. disbursem’nts" 8,386,820
9,2397775
8,490,613
9,294,169
Balance for yea r...
1,459,674
U Pm
H
H H !
453,901
1,516,129
1,008,624
♦These are th e actu al dividends p aid in tho y ear, w ith o u t r e fa rd tò th è
tim e w hen th e y w ere earned.
GENERAL BALANCE AT CLOSE OF EACH FISCAL TEAR.
1883.
1884.
1885.
1886;
Assets—
$
$
$
*
R ailroad,equipm’t& cl46,093,665 149,426,734 154,229.775 165 8 0 s a tti
St’ks
<
&
b’ds
ow
n.,
0 O8t
1,161,980
1,228,283
734.792
877,486
Pilli «a .C
rn
«AninI\1a
ERA AAA
-« , l AAva
. _ _ * __
Bllls&aco’ts
reo’able T1,550,232
1,146,039 —
1,4*52,309
768,782
Materials, fuel,<&o... 1,223,048
1.483,365
1,543,217 2,048,985
3,048,965
2.971.133 4.262,378
Cash on hand............
4,683.484
111. & Iow a coal lands
944,132
680,475
617,026
583.526
Total assets.............. 154,022,017 156,936,049 162,858,497 174.859.829
L iabilities—
$
$
$
f
Stock, com m on. ....... 30,904,261 30,904,261 30,904,261 30,904,261
Stock, preferred....... 16,540,983 16,540,983 21,540,990 21,555,800
Funded debt .
.. 96,27.2,000 100,254,000 101,470,000 111,658,000
All otherdues&acc’ts 1,711,099
2,093,163
164,953
431.825
Unpadd pay-rolls, «fee. 1,732,687
1,610,661
1,729,269
2,249 108
Land d epartm ent...
1,781,907
Income account— . 5,079,080
5;53 L931 7.019.109
8.057*734
Total liabilities.. 154,022,017 156,936,049 162 ,858,497 174 , 838,829
Chicago Milwaukee & St. P aul.
(For the year ending December 31, 1886)
The report of this company is mainly statistical, and the
Milwaukee Lake Shore & Western.
tables below give, at much length, a comparison of the figures
in 1886 with previous years. There were issued during 1886
(For the yea ending December 81, 1886 )
the following bonds : Income sinking fund convertible bonds, i J h e President’s report states that the tonnage of iron ore in
$2,000.000; Terminal bonis. $1,303,000 ; Chicago & Missouri 1886 was 880,000, and of lumber and forest products 815,000.
River Division bonds, $2,049,000 ; Hastings & Dakota Division Of the total tonnage moved during the year, iron ore was
extension bonds, $585,000 ; Chicago & Pacific Western Divis 60 1-10 per cent, lumber and forest products 31 5TO per cent,
ion bonds, $3,560,000; Dakota & Great Southern Railway merchandise 4 7-10 per cent, manufactures 4 1-10 per cent.
bonds, assumed, $988,000 ; total, $10,485,000. And the fol
“During the year 59 8-10 miles of iron in the main line have
lowing were redeemed : Dubuque Division bonds, $07,000 ; Wis- been replaced with steel rails, and now there remain only 78censin Valley Division bonds, $14,000; Land Grant Income 84-100 miles to be relaid, all on branches * * The mileage has
bonds, $201,000 ; La Crosse Division bonds, 15,000 ; total, been increased by the addition of 16 4-10 miles of spur tracks
$297,000 ; total bonded debt, Dec. 81,1836, $111,658,000, an not heretofore included, but by direction of the S ate authori
increase during the year of $10,188,000.
ties now allowed to be used in calculating mileage earnings
The total extraordinary expenditures of the year on rolling for
ascertaining the S:ate tax. 1 1 Wisconsin the tax is 4 per
stock and other property were $1,864,870.
^ross earniQf?8>when $3,000 and over per mile of road.
The construction of the Kansas City line is well under way, Ce<nrr>n
“Heretofore the surplus earnings have been devoted to im
and it is expected that it will be completed bv Aug. 1, 1887. provements
and additions to the property. A reference to the
Of the line from Sioux City to Manilla, the junction with thè statements annexed
will show, that during the past year
Council Bluffs Line, 77 miles of track have been laid, and 37 $349,170 were expeuded for these purposes, otherwise applica
miles of this distance have been completed and are being ble to dividends.
r
operated. The remainder, 13 miles, is nearly completed. The
rA ^ P roT ^e ^or increasing traffic, a further expenditure of
lines from Bristol to Elrod, 34 miles, and from Roscoe north, - 50,000
will bo needed as follows : Ore Dock No. 3 a id Com
26 miles, are graded, and track will be laid next spring. These mercial Dock,
$350,000 ; rolling stock, $250,000; round house
are the only lines now under construction. This Company local
repair shops, station houses, etc., $100,000; additional
has acquired one-fifth interest in the Belt Railway Company spurs to mines, $50,000 ; total, $650,000.
of Missouri, and has contracted with that Company on favor
‘ To meet these and similar requirements in future, the issue
able terms for the use of its road as an entrance into Kansas of $3,000,000
debentures has been authorized, of which, how
City.
ever, at present only $650,000 will be used. The debentures
The report concludes thus : “ Labor troubles have unsettled have twenty years to run, from Feb. 1, 1887, with interest at
commercial affairs during a considerable part of the year.
cent, and are convertible into common stock.”
Passenger rates in the States of Wisconsin, Iowa and Minne 5 per
Comparative statements for four years are as follows:
sota have been reduced from 4c. per mile to 3c. per mile. A
OPERATIONS AND FISCAL RESULTS.
large part of the revenue formerly derived from the transpor
1883.
1884.
1883.
1886,
tation of wheat and its products from Dakota and Minnesota Miles of road...................
389
491
533
»77
has been cut of by Lake Superior competition and other causes,
Operations—
which have either deprived this Company of the haul from No. pass, car’d one mile. 9,552,770 10,081,697 11.166,341 16,064,836
3-24o.
319c
3-25o.
3 -l 5e
Minneapolis to Milwaukee or Chicago, or have reduced the Av. ratep. pass. p. m ile.
No. tons oar’d one mile. 34,747,993 38,593,270 50,941,940 105 610 560 ,
rates for such haul to so low a point as to make it unprofitable Av.
rate p. tonp . m ile ..
2 002c.
1875b .
1-822«
except when it followed the movement of empty cars. Not
E a rn in g s fr o m —
$
9
9
,
* .
withstanding these conditions and the reduction of the rate F r e ig h t.......................
696 618
723,635
928,118
1,742.458
Passengers...................
per ton per mile, there has been an increase in gross and net
309,975
321,822
3e2,708
1
05,999
Mail, express, «fee...
52,070
68,829
74,452
earnings, as will be observed by the statements herewith.”
69,345
The comparative statistics for four years, compiled for the
Total earnings.........
1,058,663 1,114,316 1,365,278 2,317,802
Chronicle, are as follows :
Oper, ex, and taxes......... . 670,525
743.823
944,388 1,322,602
ROAD a n d e q u ip m e n t .
Miles operated...........
Locom otives..............
Pas. mail & exp. cars
l reight & other cars.
1883.
4,760
657
507
19,734
1884.
4,804
658
547
19,690
1885. *
4,921
684
575
19,747
1886.
5,293
704
596
21,730
OPERATIONS AND FISCAL RESULTS.
Operations—
1883.
1884
1885
1886.
P ^ ! f nger80?rried"
4,591,232 4,904,678
4,819,187
5,481,490
m
ileage,..
235,579,660
225,851,443
214,550,187
234,414,700
nato per pass. P‘
d . mil ft.
...
W
,2*52Af.
fits. 2*55 Ota.
2*56 ota.
2*42 cts.
Freight (tons) moved.
5,661,667 6,023,016 6 492 869
7,085,072
A
mi l ’8e -1176695032 1247737233 1337721453 1486509713
Av. rate p. ton p.müe!
1*39 et».
1*29 cts.
1-28 ota.
1*17 ots.
Earnings—
«
$
$
$■
................... 5,927,668
5,766,843
5,499,737
5,661,690
....................... 16,365,354 16,128,964 17,101,742 17,358,294
Mad, express,«Sto....... 1.366,802
1,575,191
1,811.794
1,698,419
Total gross e a m ’gs 23,659,824 23 , 470,993 21.413,273 24,713, 4 u5
Operating expenses—
$
9
9
9
2,339,635
Mair,*»«06 °! way*- - - 2,548,609
2,551,327
2,641,977
equip’t .
2,489,257
2,574,437 2,430,809
2,327,875
rransp rt t n exp’n’st 8,011,533
8,102,668
8,646.132
8,675,045
702,060
733,515
759,350
140,329
150.658
156,017
Tot. operating exp. 13,859,629 14,512.471 1 4 , 560,264 14,560,264
Net earnings.............. 9,881,787
9,611,369
9 ,900,802 10,153,139
«•■ct.op.ex. to earns
58 23
59-05
59-45
58-90
SUSS
N et earnings............
P. c. of op. exp. to earn’gs.
388,138
63-34
370,493
66 ’75
420,890
6917
995,2 0 0
57-03
INCOME ACCOUNT.
1888.
1884.
1885.
388,138
4,942
370,493
2,062
420.890
9,529
995;200
36,181
Total net receipts......... 393.080
Int. paid (includ’gincom es) 282,819
Rental and m iscellaneous.
372,555
285,444
1,198
430.419
342,649
24,187
1,031.381
«¡80,271
26,910
T o t a l..............................
Surplus...............
Dividends (3*2 ¡5 )........................
282,849
110,231
286,642
85,913
366,845
63,574
Balance..................
110,231
85,913
63,574
N et earnings.................
Other rece ip ts..................
—.
9
1886.
507,2115 2 4 ,1 7 0 ’
175 ,0 0 0 ’
*349,170
Of this balance $19?,079 were spent for improvements and new
equipment and $13 ’,000 for funding notes and equipment bon Is re
deemed, leaving $27,091 to be carr.eI forward.
Missouri Pacific Railway System.
(For the year ending December 31, 1886.)
From the annual report the following statistics hive been
compiled for the other roads of the system—Missouri Pacific
having been given last week.
ST. LOUIS IRON MOUNTAIN & SOUTHERN.
EARNINGS AND EXPENSES.
•onanDjurfese^d^dam-i^5.Ci ‘ * A b i d i n g elevators, stock-yards, pertrackage,
dauia° ea 10 property, legal, insurance, rent of cars,
E arn ings from —
1884.
1885.
1886
........................................... $1,347.504 $1,262 571 $1,391 2 6 0
Flo3e h t.................................................. 5,634,929
5,592,710
5,572.228.
THE CHRONICLE.
400
Mall, express and m iscellan eou s...
1884.
$469,464
1885.
$456,358
1886.
$448,124
.$7,451,897 $7,311,639 $7,311,612
3,868,331
3,692,223
. 3,987,298
Ratio of expenses to earnings.
INC'
Receipts—
N et earnings................................
Other receip ts..............................
.$3,464.599
53*51
$3,619,416 $3,443,281
52*90
50*49
During the year the sum of $123,026 has been expended in
construction, &c.; this, in the main, for properties acquired
in new localities, the purchase of the famous iron mines at
Ashcroft, embracing eighty acres, costing $40,947, including
expenses in consummating the purchase and preliminaries in
securing the patents.
EARNINGS AND EXPENSES.
ACCOUNT.
1886.
1884.
1885.
.$3,464,599 $3,619,416 $3,443,281
159,800
44,741
44,727
$3,664,157 $3,603,081
Disbursem ents—
(Vol. XL1V.
.$2,206,854 $2,215,304 $2,214,131
350,144
397,522
.
554,093
.$2,760,947 $2,612,826
. $748,379 $1,051,331
MISSOURI KANSAS A TEXAS.
$2,564,275
$1,038,806
EARNINGS AND EXPENSES.
1886.
D arnings fro m —
1884.
1885.
P assengers......................................... $1,691 596 $1,592,713 $1,575,920
5,470,742
F reight................................................. 5,166.673
4,833,860
404,982
Mail, express and m iscellaneous..
458,981
427,082
Total earnings............................
O perating expenses........................
$7,317,250 $6,853,655 $7,451,644
4,228,754
4,055,101
4.347,246
N et earnings...............................
Ratio of expenses to earnings.. . .
$2,970,004 $2,798,554 $3,222,890
56*74
59*41
59*1
INCOME ACCOUNT.
1886.
Receipts—
1884.
1885.
N et earnings........................
$2,970,004 $2,798,554 $3,222,890
126,453
189,799
Dividends, A c...................................
457,419
Total net incom e....................... $3,427,423 $2,988,353 $3,349,343
Disbursem ents—
Interest on b onds........................... $2,439,618 $2,439,427 $2,483,363
1,502,022
310,646
Taxes, rentals, Ac.............................
479,661
Coal department..............
Coke d ep a rtm en t..........
Iron ana steel dep’t .......
Iron m ines dep’t ..............
Real estate dep’t ..............
Miscellaneous eam ’g s ....
-1886.
-1885.Gross
N et
Gross
Net
Earnings. Earnings.
Earnings. Earnings.
$757,460 $134,030 \ $1,197,270 $285,400
322,427
110,077>
690,086
654,346
562,236 loss26,427
loss.976
7,937 loss.2,096
24,953
8,308
24,651
7,059
5,140
5,140
4,729
4,729
Totals...........................$1,679,440 $227,373
INCOME ACCOUNT.
Net earnings................................................ ...............
' income from
' A
' o....... .
Add
investm ents,
— ..
Total...................................................
Less interest on bonds..........................,
Less interest, discount and exchange.
$1,917,449
$333,611
1886.
1885.
$227,373 $333,611
10,743
8.650
$238,116 $342,261
209,940
209,940
2,432
S 2l2^ 7'i
$ 203.940
$132,321
Surplus................................................................... sur.$25,744
$106,577
Increase in 1886 over 1885......... .............. .
Royalties earned and credited to coal, coke and
real estate capital accounts during the year,
$60,657
included in operating expenses..........................
$64,840
GENERAL INVESTMENT NEWS.
Atchison Topeka & Santa Fe.—Judge Brewer had decided
three of the Venner suits against the plaintiff. These were
Total disbursem ents................ $2,919,279 $2,750,073 $3,985,385 suits to prevent the purchase of the Gulf Colorado & Santa
Balance for year..............................sur.$508.144sur.$238,280def.$636,0l2 Fe stock, to prevent guaranteeing the Atlantic & Pacific 4
per cent bonds, and to prevent the company from building
GALVESTON HOUSTON A HENDERSON.
the Chicago Santa Fe & Colorado, better known as the Chi
EARNINGS AND EXPENSES.
cago extension.
1886.
1884.
1885.
$
$
$
B altim ore & Ohio.—The latest report in regard to the B. &
401,031
322,942
289,119
Gross earnings..................................
395,355 O. control was this by Dow, Jones & Co. : The Baltimore &
279,888
317,979
Operating exp en ses.........................
Ohio option now held by the Cincinnati Hamilton & Dayton
N et earnings................................... .. def. 28,860 sur. 42,356 sur. 5,676 syndicate, is for the purchase of the control of the Baltimore
INCOME ACCOUNT.
& Ohio stock at 175. The syndicate has paid $100,000 for
1886. the privilege of investigating the property. This is the only
1884.
18*5.
$
$
$
payment thus far made. The investigation is going on and
Deficit or surplus............................ .. def. 28,860 sur. 42,356 sur. 5,676
the option expires next week. Christopher Myer is in the
Disbursements—
100,000 syndicate, as well as Ives, Stayner, and several other large
100,000
100,000
Interest on bonds............................
18,467 capitalists whose names are withheld.
22,315
8,815
Taxes, Ao............................................
Central Pacific.—This railroad company asks the Stock
118,467
108,815
122,317
Total disbursements...................
112,791 Exchange to list $5,391,200 additional capital stock, the same
79,961
137,675
Tot. deficit, on oper.........................
254,630
38,117
R en tal from Int. & Great Northern.
60,281
being an increase of that amount issued to represent new road,
41,844 sur.141,839 improvements and additions made duriag the past few years.
77,394
Balance, def. of ino’m e..............
Chicago & Grand Trunk.—The operations of the Chicago &
INTERNATIONAL A GREAT NORTHERN.
Grand Trunk road for the year ending Dec. 81 show gross
EARNINGS AND EXPENSES.
1886.
earnings, $3,041,000; expenses, $2,356,000; net earnings,
1885.
1884.
G ross earnings................................. ..$3,041,587 $2,639,489 $2,925,866 $685,000.
1,814,850
1,958,518
Operating expenses........................ .. 2,416,865
Cleveland & Canton.—At Canton, O., March 23, a resolu
$824,639
$967,348 tion was offered declaring that the road should be mortgaged
N et earnings............................ ... $624,722
INCOME ACCOUNT.
for $2,000,000 to widen the gauge and retire outstanding obli
1885.
1886.
1884.
Receipts—
$824,639
$967,348 gations. When the vote was taken the Blood party voted reN et earnings................................... .. $624,722
70,715
890,896 their stock and a large number of proxies, and the vote was re
28,971
•Other receipts.................................
$895,354 $1,858,244 corded as 41,790 shares preferred and 21,000 shares of common
Total net incom e.....................
stock, which is less than two-thirds of all the stock, and there
D isbursem ents—
$911.020 fore not sufficient to mortgage the road. The Corbin-Parlin
$908,800
In terest on bonds.......................... .. $914,417
1,567
32,466
T axes, Ao..........................................
faction refused to vote. The meeting then adjourned till May
$912,587 12, one day after the annual election, when the question will
$941,266
Total disbursem ents.............. ...$ 1 ,0 5 9 .7 0 7
¡Balance for year....... .................... def.$406,014 def. $45,912sur.$945,657 come up again.
Columbus & Hocking Talley.—Mr. John Shaw, as Presi
ST. LOUIS FORT SCOTT A WICHITA.
dent, in behalf of this company, recently sued the former
EARNINGS AND EXPENSES.
directors to get possession of $8,000,000 in bonds alleged to
1386.
1885.
II___
.. $663,052
$783.033 have been obtained by the defendants through fraud. Messrs.
'Gross earnings.........................................................$663,052
.. 510,7£9
601,106 Stevenson Burke and Charles Hickox of Cieveland, two de
O perating expenses and ta x es............................
. $152,283
$178,927 fendants, have filed a voluminous answer, which, after setting
forth the transactions which culminated in the issue of the
bonds, declares that the $8,000,000 in dispute never belonged
1885.
1886
. $152,283
$178.927 to the plaintiff corporation, but was the individual property of
10,873
5,191 the defendants and their associates.
O ther receipts.
Connecticut & Passumpsic.—This railroad has been leased
. $163,156
$184,118
. $238,192
$337,007 to the Boston & Lowell for ninety-nine years, upon terms
which will net the stockholders 5 per cent per annum for ten
9,422
Miscellaneous.
years from April 1 and 6 per cent thereafter. The road ex
$247,614
$337,007 tends from White River Junction, Vt., to the Canada line,
$152,889 110 8 miles. It also leases the Massawippi Valley Railroad
$84,458
from the State line to Lenoxville, Canada, 36 7 miles, making
Colorado Coal & Iron Company.
a total of 147 miles operated.
(For the year ending December 81, 1836.)
Dayton & Ironton.—A report says that this road, recently
The annual report says the past year has been an
important one in the affairs of the company, beginning with purchased by the Cincinnati Hamilton & Dayton Railroad
a fair degree of prosperity in the general business of the coun Company, is to be immediately made a standard gauge line,
try, increasing with wonderful rapidity, and towards the end and extended to Belpore, opposite Parkersburg, where it will
becoming apparent that the company had now reached a connect with the Baltimore & Ohio road.
F ort W orth & Denver City.—The gross and net earnings
period in the demand for its various products in the markets
of Colorado and ad joining States when the prospect before it, for February and four months were as follows :
.—No®. 1. to Feb. 2 8 .- n
in one aspect at least, is clear and unmistakable—the necessity
,— February.— .
1886-7.
1885-6.
1887.
1886.
tfor increasing its power of production and reducing the cost
$176,385
$127,291
Gross
earnings........................$10,039
$25,932
of same by the development of its new mines, situated in Operating exp en ses............... 23,460 17,551
91,483
85,530
more advantageous localities, and entering into closer relations
$84,992
$41,761
i . Net earnings.............. ,...$ 1 6 ,5 7 9
$8,381
with railways, and prepared to meet possible competition.
THE CHRONICLE
March 26, 1887.J
401
Kingston & Pem broke.—The stock of this railway com
pany of Canada has been admitted to the regular list of the
Stock Exchange. The road runs from Kingston on Lake
Ontario to Renfrew, where it connects with the main line of
the Canadian Pacific Railway. The application made to the
Stock Exchange, containing much information, will be found
on another page.
Labe E rie & W estern.—The Lake Erie & Western Rail
road Company has bought the Indianapolis Peru & Chicago
Railroad, which was formerly part of the Wabash system.
The price paid was about $3,500,000, or at the rate of $20,000
a mile. The road has extensive terminal facilities at Indian
apolis, and the purchase gives the Lake Erie & Western an
entrance into that city and a line to the lakes. The present
stockholders have the right to subscribe to stock representing
the new acquisition at the price of 50 for preferred stock and
20 for common. Full particulars will be found in the adver
tisement on another page.
Lake Shore & Michigan Southern.—An approximate
statement for the quarter ending March 31, March partly esti
mated, is as follows:
—At the annual election for directors of the Pennsylvania
Railroad, there was the usual opposition from those English
stockholders represented by Mr. John Taylor, and the usual
result m the re-election of the old board as follows: George
B. Roberts, Wistar Morris, Alexander M. Fox, Alexander Bid
dle, N. Parker Shortridge, D. B. Cummings, Henry D. Wash,
John Price Wetherill, William L. Elkins, William Thaw, H.
H. Houston, A. J. Cassatt and C. A. Griecom.
P hiladelphia & Reading.—Counsel for Edwin Parsons of
New York tiled in the United States Court in Philadelphia,
March 21, an appeal from the Reading Railroad foreclosure
decree. The appeal was granted by Judge Bradley, of the
United States Supreme Court, at Washington, on Saturday,
and the bonds and sureties were approved by him. Mr,
Parsons owns $100,000 of the Reading general mortgage bonds.
Parties interested in the Reading syndicate express confidence
that the foreclosure will not be delayed by this suit.
Richmond & West P o in t Term inal.—The President and
board of directors of the Richmond & West Point Terminal
Company have made a report to the stockholders showing the
condition of the eompany at the time of the ohange in th e
1887.
1886.
Changes.
Gross ea rn in g s.........................$4,035,000
$3,503,524 Ino.$576,476 administration in November last and at the present time.
Operating expenses................ 2,670,000
2,212,380 Ino. 457,620 When the present management took charge it found the com
pany in debt to the amount of $3,161,325, of which $1,708,700
N et........................................ $1,415,000
$1,296,144 ino.$118,856
matured January 1, necessitating the borrowing of $1,500,000,
Charges......................................
915,000
928,245 Deo. 13,245
which, when the East Tennessee property was acquired, was
Surplus................................ $500,000
$367,899 Ino.$132,101 funded as a part of the $8,500,000 trust loan. The company
On stock................................... 1 per cent.
'74 per cent. Ino. *26 p . o. now has outstanding $40,000,000 of common and $5,000,000 of
In January surplus increased $122,828, in February $37,745 preperred stock. It owns $10,577,808 of bonds of other roads,
and in March decreased $28,472. Operating expenses were $9,697,933 of preferred stocks and $24,801,068 of the common
65*83 per cent, against 63*05 per cent last year. In each month stocks of various compmies. The general account of the
$40 000 was charged for new equipment.
company on March 1 was as follows:
stocks & bonds. $52,949,222 Common stock............ $40,000,000
Louisville New Albany & Chicago.—The gross and net BProp.,
70,697 Preferred stock...........
ills receivable............
5 ,000,000
earnings in January were as below :
517,047 Trust bonds................
A dvances......................
8,500,000
1887.
Groes earnings...............................................................$139,417
Operating exp en ses...................................................... 123,861
N et earnings...........................................................
$15,556
1896.
$113.821
105,193
$8,628
New York Lake E rie & W estern.—The gross earnings by
months in 1885-6 and 1886-7 were as below. The gross earn
ings include 68 per cent of the earnings of the New York
Pennsylvania & Ohio, leased line, the other 32 per cent of the
earnings of that line being paid as rental. The net earnings
are correct as showing the actual results to the New York
Lake Erie & Western.
>— Gross E a rn in g s.---- .
• w
^ 1886-7.
1885-6.
October........................$2,234,859 $1,980,648
N ovem ber......... .
2,048,512
1.912,526
D ecem ber................. 1,985,149
1,872,887
1,531,604
Jan u ary.................... 1,705,069
February................... 1,761,182 3,551,486
Total 5 m o n th s... $9,731,771
$8,949,151
Unpaid stock snbscrip.
Cash................................
17,667 B ills payable................
25,115 Profit and loss............
$53,579,748
$2,752,482 $ 2,434,639
'------ F ebruary.-------,
_
.
1887.
1886.
Gross earnings.....................$183,989 $430,961
257,683
Operating exp en ses........... 292,823
of the Tennessee Coal, Iron & Railroad Company for the
month of January, 1887, over all operating expenses, were
$65,200; less general expenditure, $1,900, $63,800; estimated
proportion of interest for the month, $23,400; net surplus.
$39,900.
'
The statement of earnings for the fiscal year ending Jan. 31,
1887, is as follows :
N et surplus..............................................................................................$429,435
Interest payments (Coupon interest w as $109,800.)................... 186,711
Balance.............................................................................................$242,724
The past year was one of depression in the iron trade, until
prices began to advance in September. In conformity with
custom, sales were largely made for forward delivery, in con
sequence of which it was not until January that any marked
improvement began to be felt.
Toledo Ann Arbor & North Michigan.—The statement
of the Toledo Ann Arbor & North Michigan for the year end
ing December 31, 1886, shows:
,— J a n . 1 to Feb. 28.— ,
1887.
1886.
$1,003,937 $ 831,084
1886.
577,546 5 1 3 ,5 1 7 Gross earnings............................. $380,251
Operating exp en ses...........................222,094
N et earnings.................. $196,166 $173,278
$426,391 $317,567
N et earnings................................$158,156
Oregon Im provem ent Co.—The statement for January,
and for two months of the fiscal year, is as below.
N et earnings........... $25,171
$5,675
,— Dee. 1 to Jan. 31.— ,
1886-7.
1885-6.
$ 527,820
$404,116
458,156
368*969
$69,664
$ 3 5,14 7
Pennsylvania R ailroad.—The gross and net earnings for
February, 1887 and 1886, were as below given, and show an
increase in gross earnings of $439,813 in February, 1887, over
February, 1886, and an increase in net of $112,553. For the
two months from January 1 the gross earnings show an
increase of $869,548, and net an increase of $375,363. On the
lines west of Pittsburg & Erie the net result, after payment
of all charges, shows a gain of $118,630 in February, 1887, com
pared with February, 1886. For the two months from Jan. 1
the gam over 1886 was $474,678.
LINES EA8X OP PITTSBURG AND EBIE.
------- Gross E a rn in g s.------ ,
1887.
1886.
..................*3,871,771
$3,441,536
February................. 3,988,788
3,549,475
T
m __
Total 2 mos.... $7,860,559
$6,991,011
,------ Net E arninas.---1887.
1886.
$1,214,351
$951,54
1,380,157 1,267,60
$2,594,508 $2,219,14
LINES WEST OP PITTSBURG & ERIE.
N et su rp lu s
or deficit after p a y m e n t o f charges.
F eb ru arv......... £ ur*
■February........ Bur. 63,528
Total 2
m o s .... Sur. $285,889
Dcf.
D ef-
Dcf.
$53,579,748
The mileage now owned and controlled is as follows :
Miles.
Miles.
Rich. & Dan. and leased lines 858 K noxvilte & A ueusta RR___
16
Richm. & Mecklenburg R R ..
31 Georgia Pacific R’w y............. 382
Virginia Midland RR............. 413 East Tenn. Va. & Ga. system . 1 ,4 2 8
Washington Ohio & \Vest’n .
50
C h a rlo tte Col. & A u g u s ta ___ 373
Rotal rail m iles.................. 4 ,2 7 7
Columbia & G reenville........ 296 Water lin es................................
200
West. North Carolina RR___ 290
Asheville & Bpartans’bg RR.
70
T otal...................................... 4 ,4 7 7
,------Net E a rn in g s.------, Northeast RR. of Georgia. ..
60 .
1886-7.
1885-6.
The
only
absolute
fixed
charge
is $510,000 per annum, to
$777,913
$674,410
634,615
609,974 meet which the dividends on $6.500,000 of East Tennessee
539,741
515,360 first preferred stock should be sufficient.
346,183
302,308
Tennessee Coal & Iro n Co.—The estimated surplus earnings
434,130
332,587
Mexican N ational.—The reorganization committee states
that out of the total issue of $24,330,000 of the first mort . age
bonds, more than $23,000,000 have assented to the MathesonPalmer agreement, of which $18,800,000 have already been
deposited and the remainder are in course of deposit. Bonds
will be received by the Union Trust Co. until April 2 without
penalty, after which date a penalty of $10 per bond will be
required on deposit.
Norfolk & Western.—In the Virginia Legislature a bill
was passed authorizing the Norfolk & Western Railroad Com
pany, with the consent of the majority of the stockholders, to
increase its capital stock.
N orthern C entral.—The gross and net earnings in February, and from Jan. 1 to Feb. 28, have been as follows:
--------Ja n u a ry .-------,
m 1887.
1886.
Gross earnings............... $263,351 $193,022
Operating e x p e n s e s .... 238,180 187,347
7 5 ,0 0 0
4 ,748
*133?687 G a i^ $ 3 5 6 f(M
55,102 Gain.
118,63
$188,789 Gain.
$474,67
1885.
$301,226 '
180,505
$120,720
Increase.
$70,024
41,588
$37,435
This leaves a surplus of $12,556 for 1886 after paying all
charges, against $17,121 in 1885.
Wabash St. Louis & Pacific.—The United States Circuit
Court at St. Louis, dismissed the intervening petition of hold
ers of bonds on the Wabash lines east of the Mississippi, for
the payment to them of nearly $1,500,000 which they claimed
was earned in excess of expenses on those lines. The Court held
that the Purchasing Committee bought the property subject
to the underlying mortgages, and was not bound to pay those
mortgages, nor did they assume an obligation to pay the
interest on them.
W ith regard to the proposal that the payment of the milliondollar bond into court be made by the newly-formed company
instead of by the Purchasing Committee, it was shown th at
there were $459,000 receiver’s certificates outstanding, and erf
which $254,000 would be due in a few days. It was ordered
that the new corporation pay that $254,000 and file a bond for
the remaining $750,000. They shall also designate local coun
sel upon whom notice can be served. At the expiration a t
every ninety days they will be obliged to pay suoh amount as
ordered, as well as the accrued receiver’s certificates, such
payments to be credited on the said bond. Possession of the
property will be given at the end of the present month after
such terms have been complied with.
—The report of Receiver Cooley of the Wabash, covering
receipts and expenditures from January 1 to Marph 1, shows
receip s amounting to $887,781 disbursements $435*788,
leaving a balance of $451,993.
THE CHRONICLE.
402
^cpoxts and Socumenls.
KINGSTON &
PEMBROKE RAILWAY.
APPLICATION TO THE. NEW YORK STOCK EXCHANGE.
[V ol. XLIV.
revenue from this source is destined to be large, as soon as the
mines are developed. The quality of the ore is very good,
containing on an average 53 to 63 per cent of iron, and ranks
as Bessemer.
The lumber business is increasing, and must assume large
proportions.
The Directors are :—R. P. Flower and J. D. Flower, New
York City; H. H. Porter, Chicago, 111.; and C. F. Gildersleeve,
G. A Kirkpatrick, B. W. Folger, James Swift, M. H. Folger,
Wm. Nickle, Kingston, Ont.
The following are the Officers :—
C. F. Gildersleeve, President, Kingston, Ont.
J. D. Flower, Vice-President, New York City.
T. W. Nash, Sec’y and Treas., Kingston. Ont.
Floyd Vail, Asst. Sec’y. and Treas., N. Y. City.
B. W. Folger, General Superintendent, Kingston, Ont.
The General Office is located Place d’Armes, Kingston, On
tario ; the New York Office at 52 Broadway.
The Central Trust Company of New York are registrars of
the stock; and accompanying this is their certificate that they
have consented to act in that capacity, Herewith we also
hand you specimens of the certificates of the stock of the
company, a map showing the property, and a cheok for $100.
K ingston, March 1, 1887.
S. T. Russell, Esq., Chairman Committee on Stock L is t:
S ir —Application is hereby m ade for the admission to the
regular list of the stock of the Kingston & Pembroke Railway
Company.
*_
L
L
„
This road runs from the City of Kingston, at the east end of
Lake Ontario, north to the village of Renfrew a distance of
104 miles, there connecting with the main line of the Cana
dian Pacific Railway, at the crossing of the Bonnechere River,
near its confluence with the River Ottawa. In addition to the
104 miles of main line, there are 30 miles of branches and
sidings
A t Sharbnt Lake, 47 miles from Kingston, the road crosses
the Ontario Division of the Canadian Pacific. The connection
here made forms the best line between Kingston and Ottawa.
The Kingston & Pembroke also crosses several important
lumbering rivers, flowing from the west into the Ottawa, viz. •
the Mississippi, 00 miles from Kingston ; the Clyde, 75 miles ;
and the Madawassa, 90 miles, the last-mentioned being the
largest lumbering river in Ontario.
S t . P a u l M in n e a p o l is & M a n it o b a . —The circular issued b y
The line is substantially built with 56-lb. steel rails—2,640 this company under date of March 21, 1837, has the following:
ties to the mile—with solid embankments throughout, there “ To the Stockholders:
being no trestle work of any kind, and very few openings, with
“ This company having obtained authority from the Congress of the
only two important bridges to sustaio. The road is capitalized United States to extend its lines through th e Indian Reservation in
Northwestern
Dakota and Northern Montana, and to continue the sam e
as follows :
to the Great Falls of the Missouri R iv er; and the necessary legislation
First Mortgage B uds, 6 per cent Jan. and July, due 30
years from 1882, but redeemable at any tim e by g iv
in g six months notioe and the paym ent of 5 per cent
premium ................................................................................
Capital stock, 90,000 shares of $50 each ............................
Cash edrplus on band March 1, 1887......................
__
$o72,00Q 00
$132,814 09
The road has no floating debt.
Giants of Dominion lands in Kingston have been secured
a t nominal figures ; the great value of which would otherwise
have placed them quite beyond the company’s reach. Exemp
tions from taxation have also been granted for 20 years in
Renfrew and Kingston, saving the company in the latter case
$2,000 to $3,000 per annum in taxes. At Renfrew, which con
tains about 2,500 people, the company owns some 18 acres for
terminal purports, at Sharbot Lake, 10 acres, and at Kingston,
a growing city of about 16,000 population, some 12o acres,
about 65 of which are land, and 60 water lots for docks. These
secure the economical handling of lumber, ore, etc., for water
shipment, and will be sufficient for the most ample increase of
business.
.
The company owns car and repair shops at Kingston, with
foundry plant and machinery capable of turning out four box
cars per day. The passenger and freight station property
there (about two and one-half acres), is without exception the
most valuable for the purpose in the city, being situated in
the centi e of the business portion, and alongside the wharves
where the stt amers call. The new station buildings are of a
very superior character, as such are demanded by the local
situation, as well as from the fact of the railway being practi
cally the Kingston terminus of the Canadian Pacific, and the
only point at which it can discharge its pleasure travel for the
Thousand Islands and the River St. Lawrence. In the King
ston property is comprised some 240 city lots, 40 of these
bringing a rental of 2,100 per annum, which amount will be
largely increased if the lots are not sold.
This company has running powers over the Canadian Pacific
from Renfrew to Pembroke, a distance of 85 miles, and alBO
from Pembroke to Nipissing, a further distance of 140 miles.
I t also has the right to have its traffic carried between Nipiseing and Sault St. Marie, a distance of 300 miles, with the same
care and dispatch as Canadian Pacific traffic, the rates being
settled by arbitration. These privileges were granted by the
government and are settled by statute. They are as yet unused,
but are of great importance.
The rolling stock at present consists of :—
having also been obtained from the l egislature of the Territory of Mon
tana, your directors have determined to proceed at once w ith the con
struction of the line from the present terminus of our road in Dakota to
Great Falls, Montana, a distance of about 540 m iles. A considerable
portion of the line in Dakota is already graded, and the m aterial and
equipment required for this additional m ileage have all been contracted
for; a large proportion has already been delivered, and it is expected to
have the lin e completed to Great Falls by the lst-15th September next.
The line w ill pass through the best agricultural and stock portion of
Montana, w ill be built in a first-class manner and with low grades. At
Great Falls it w ill connect with the Montana Central Railway, which is
completed (with the exception of track-laying) as far as Helena, Rimini,
and M arysville, and is under construction to Butte, thus placing our
lines In direct communication with the leading m ercantile and mining
towns in the Territory.”
*
*
*
*
“ For the completion of that portion of the extension in Dakota, the
m eans have already been provid ed ; and for the purpose of procuring
the funds necessary to complete and equip that portion betw een Fort
Buford and Great Falls (a distance of about 400 m iles), your directors
have decided to issue $7,000,000 of fifty-year 4 per cent gold bonds, to
be dated June 1, 1887; to draw interest from that date, and to he
secured by a first m ortgage on the Montana division, w ith a specified
amount of equipment to be marked and numbered, ana a schedule of
same to be attached to the m ortgage and delivered to the trustee there
under. This w ill make the amount of the mortgage on road and equip
m ent about $17,500 per mile, but as the rapid settlem ent and develop
m ent of th e country w ill probably necessitate the building of branches
and extensions at an early date, the m ortgage will be made to cover a
total issue of $25,000,000 of bonds, w ith a proviso that for any future
branches or extensions none shall be issued, except against road com
pleted and equipped, for an amount not exceeding the actual cost
thereof, and in any event not exceeding $25,000 per m ile (on the aver
age) of completed road. This provision is necessary in order to cover
the cost of lines that may have to be constructed in the mountainous
districts of the Territory, where the cost is greatly in exo ss of that on
the mains. The mortgage will contain provisions to insure a faithful
compliance with these conditions.
“ Stockholders of the company having expressed a desire to become
the purchasers of a portion this issue of $7,000,000 bonds, your di
rectors have decided to offer them to the st ockholders of record at the
close of business April 1 1 ,1 8 8 7 , and the opportunity is therefore now
offered to all stockholders to subscribe pro rata, at the price of 80 per
cent flat, payable in instalm ents.”
*
*
*
*
B u f f a l o R o c h e st e r & P it t s b u r g R a h ,w a y . —The applica
tion of this company to the Stock Exchange March 17 says :
Capital stock, $12,000,000: Six million dollars preferred
stock and six million dollars common stock; shares each, $100.
“ The preferred stock is entitled to six per cent interest, per
annum, before any dividend is paid upon the common stock,
but this interest is non-accumulative.
“ The consolidation of the Buffalo Rochester & Pittsburg Rail
road Company of New York with the Pittsburg & State Line
7 Railroad Company of Pennsylvania, has been finally accom
L o c o m o tiv e « ............... -...
9 11 Passenger ooaolies
39 plished, so that the present Buffalo Rochester & Pittsburg
6 1 B ox cars..................
M iailanl «molding cars.
2
2 0 5 J j S n ow p low s...........
F la t Olir*. .........................
Railway Company comprises the entire line of railroad
2 I
Scraper*........................
The traffic is only partially developed, owing to the railway formerly constituting the Rochester & Pittsburg Railroad
* * *
being built mainly through unsettled country ; but the results Company.”
“This company owns all the property, both real and personal,
so far are as follows:—
as well as all other assets formerly belonging to the Rochester
1885.
1886.
Gross eo m ia g s............................................... $137,594 03
$148,563 25& Pittsburg Railroad Company, and has assumed the following
E x p o s e « .......................................................
97,042 95
100,214 71 obligations:
“Rochester & Pittsburg Railroad Company’s six’per cent first
Not earnings.......................
$40,551 08
$48,348 54
Fix^a charges ...............................................
34,320 00
34,320 00mortgage bonds, $1,300,000; Rochester & Pittsburg Railroad
Company’s consolidated six per cent first mortgage bonds,
$14,028 54 $8,681,000; Rochester & Pittsburg Railroad Company’s income
B a la n c e ..................................................
$ 6 ,2 3 1 0 8
THH XBOKtl’ rS POH 1885 AND 1886 ARB MADB UP OP THE FOLLOW bonds (interest non-accumulative), $1,870,000. The trustee for
the consolidated bonds holds $1,392,000 of these income bonds
ING ITEMS.
1886.
as collateral security for that issue of bonds. The amount of
1885.
$47,413 58 car trust certificates outstanding against the rolling stock
$40,990 08
JPasecngers, m all and express.
19,505
43
20.440 25
Lumber aud timiier...................
21,405 0,) owned by this company is $810,000, of which $617,000 bears
22,349 19
Other wood products..............
3,218 39 seven per cent interest and $193,000 six per cent interest. _
Iron oro.......................................
4.893 16
7.216 53
“ The company is practically free from floating debt, as it has
G rain, &o....................................
13,255
38
14,375
41
S u n d r ie s............— ................
39,872 31 in its treasury cash assets beyond its current liabilities.
32,222 57
Merchandise................................
“ This company requests that its sixty thousand shares of
............ .................................... $13'7,594 03
$148,563 25 common capital sto k be placed upon the regular list of the
The local business forms so far the main portion of the New York Stock Exchange.
“Yours respectfully,
traffic, and is increasing satisfactorily as the country becomes
“ W a l st o n H, B r o w n , President,’*
settled. The iron ore trade is only in its infancy; and the
March
THE CHRONICLE.
26, lSb7.]
403
C O T T O N .
F riday . P. M., M ir. 25, 1837.
The Movement of the Crop , as indioated by our telegrams'
from the South to-night, is given below. For the week ending
COMMERCIAL EPITOME.
this evening (Mar. 25), the total receipts have reached 46,29$
F r i d a y N ig h t , March 25,1837.
bales, against'57,716 bales last week, 72,953 bales the previous
The weather early in the week was severely wintry in week and 79,951 bales three weeks since; making the to ta l
northern latitudes, the railroads being obstructed by heavy receipts sin6e the 1st of September, 1886,5,005,872 bales,against
4,791,502 bales for the same period of 1885-86. showing an in
snowfalls, and over a large portion of the country telegraphic crease since September 1, 1886, of 214,370 bales.
communication was interrupted. These occurrences were a
Receipts at—
Sat.
Mon. Vues.
Wed. Thurs. I Fri.
Total.
drawback to the progress of spring business, especially in what
Galveston..........
780
468
387
363
275
547
2 ,8 2 0
are termed seasonable goods, and warmer weather is much
....
Indianola, *o.
••••
....
••••
needed on many accounts. Speculation has been rather tame,
New O rleans... 3,634 3,342 5,987 1,946 1,612 2,622 19,023
except in coffee and cotton; but the lower prices of wheat and Mobile................
332
32
96
20
400
188
1,068
corn, in conjunction with dearer exchange and very low ocean Florida............... ......
....
....
....
....
45
45
503 1,170
freights, have caused a large export movement in them,which« Savannah..........
718
661
319
399
3 ,670
....
....
Bruns
w’k,
*o.
....
....
....
600
600
it is hoped, will make a needed reduction in our surplus.
172
293
438
526
540
121
2 ,0 9 0
The speculation in lard for future delivery has been spirit Charleston.......
....
....
....
....
P t Royal, * o .
• •••
306
90S
less, and the fluctuations in prices were slight. A somewhat W ilm ington. . . .
142
72
69
17
59
3
362
....
....
....
....
....
stronger feeling yesterday afternoon was not fully sustained
Moreh’d C.&o,
4
4
359
250 1,330
390
283
240
2,852
to-day. Lard on the spot further declined early in the week, Norfolk..............
298
West
Point,&o
650
463
222
173 2,034
3 ,8 4 6
and the close was dull at 7’50c. for prime city, 7,52^@7,57J^c#
New York.........
SOO
190
260
291
52
443
1 ,6 3 6
for prime to choice Western, 7’85c. for refined to the Conti Boston................
509
79 1,388
202
3,€92
666
343
nent and 8'10c. for refined to South America.
....
....
....
....
.... 2,100 2 ,1 0 0
Baltim ore.........
3?ite C o m m e rc ia l Jiim es.
DAILY CLOSING PRICES OF LARD FUTURES.
Philadelp’a, *o.
13Z
Maturd’y. MoncFy. Tuesday. Wedns’y. Thursd’y. F riday
April deliv’y . . 7'51
7*52
7*52
7 ‘54
7*58
7*52
May
** . . 7*59
7*64
7*60
7*6u
7*60
7*58
Jane
*• . . 7-66
7 ‘70
7'«ft
7-66
7'67
7 '6 *
July
** .. 7*72
7-74
7-72
7-71
7*72
7-76
August ** .. 7 ’76
7*81
7-81
7-78
7*77
Stpt.
7'87
7*82
•* . . 7*80
7-87
7'84
Totals this week
6,861
Pork has continued very dull, but prices are nearly nom
inal at $15 50@$16 25 for old and new mess, $13 50@14 25 for
extra prime and $16 50@$17 25 for clear. Cut meats have
been d u ll; pickled bellies 7%@7%c., hams llj^@ ll% c. and
shoulders 6,%@7c.; smoked hams 12^@13o. and shoulders
7%c. Beef is steady at $9 50 for extra mess and $10@$t0 50
for packet per bbl., and $17@$18 for India mess per tierce. Beef
hams are steady at $21 50(3$22 per bbl. Tallow is quiet at
4@4 l-16o.
Stearine is dull at 8@8^c. and oleomargarine is
quoted at 7c. Butter is firm at 22(2)338. for creamery and
20@29c. for State dairy. Cheese is firmer at 12^@14,^c. for
State factory full cream and 7@12J*jC. for skims.
The following is a comparative summary of aggregate ex
ports from November 1 to March 19:
1886-7.
Pork.......................... lb s. 18,498.000
Bacon, * c ......................214,770,060
Lard................................ 147,497,338
1885-6.
18,457.600
198,089,777
117,687,692
'Tno.
40,400
luo. 16,680,283
Ine. 29,809,696
1,710
147
27
192
2,284
7,067 12,718
76
6,118
4,545
9.989
46,298
For comparison,we give the following table showing the week’s
total receipts, the total since Sept. 1,1886, and the stock to-night,
and the same items for the corresponding periods of last year.
Receipts to
M ar. 25.
1886-87.
This Since Sep.
Week. 1 ,1 3 8 6 .
G a lv e sto n ...
2,820 689,993
Ind’nola,&c
New Orleans. 19,023 1,849,973
Mobile...........
1,068 209,296
F lorid a.........
45
22,893
S a v a n n a h ...
3,670 778,813
Br’sw ’k, &o
600
26,561
Charleston ..
2,090 360,432
P t.R oyal,*o
306
16,840
Wilmington .
362 132,949
M’head 0.,&c
4
3,735
Norfolk.........
2 852 519,522
W.Point, &c.
3,816 317,678
New Y o r k ...
1,536
83,234
B o sto n .........
3,692
92.126
Baltim ore. . .
2,100
63,315
Philadel’a,&o 2,284
38,012
Total. . . . __
5.005.872
1885-86.
This Since Sep.
Week. 1 ,1 8 8 5 .
5,287
Stock.
1887.
1886
26,604
38,2 8 »
216,163
8,012
317,67.?
38,02 3
11,960
3 9 ,2 5 0
651,315
781
20,331 1,593,633
1,188 232,748
54
49,750
6,482 733,875
128
15,018
6,274 448,937
42
12,873
602
94,360
69
7,050
8,173 491,991
3,920 243,072
57
49,471
7,532
88,040
3,903
43.138
286
35,441
12,420
260
2,469
5 0 ,9 7 3
53
4 ,993
11,351
8,200
239,822
7,000
12,454
21,079
4 3 ,9 1 9
64.398 4.791.502'
578.30 2 1 8 8 8 .4 7 5
2
296,585
6,310
3 0 ,8 3 7
21,5 9 5
The speculation in Rio coffee has been much more active,
In order that comparison may be made with other years, w ©
and prices advanced smartly down to the close of yesterday’s give below the totals at leading ports for six seasons.
business on strong reports from Havre and Rio Janeiro, but Receipts at— 1887.
1886.
18»5.
1834.
1883.
1882.
to-day there was a partial decline under sales to realize, with Galvest’n.&o.
2,820
5,287
1,325
3,701
12,050
* ,6 5 7
sellers at 18*20@l3’25c. for the earlier and 13‘35@18'40c. for New Orleans. 19,023 20,331 12,037 18,137 30,900
9,845
the later months. Coffee on the spot was quite active, and Mobile...........
1,088
1,188
684
1,608
1,065
2,120
Savannah
.
.
.
3,670
6,482
1,896
3,362
the quotation for fair cargoes Rio was advanced to 14^ c., and
10,762
4,831
Oharl’st’n,
*o
2,396
6,316
2,808
6,347
0,217
5,703
mild grades were marked up
, with a large business. Ra w
Wilm’gt’n, &o
366
671
290
611
1,130
985
sugars were purchased largely on Wednesday and Thursday at N o r fo lk ......
2,852
8,173
3,125
5,902
9,248
1 0 ,5 8 9
i mproving prices, but to-day the market is quiet at 4 9-16@4%c. W. Point, &o.
3,846
3,920
759
1,987
3,523
1,9«T
for fair refining Cuba and 5 3-16c. for centrefugal 96-deg. test. All others . . . 10,257
11,960
5,886
11,234
12,103
1 3 ,2 7 8
Molasses has been active and higher, and to-day nine cargoes
sold at 19i^@19^o. for 50-deg. test. Teas are sceady for Tot, this w ’k. 46,298 64,328 29,810 52,384 86,999 5 4 ,0 3 5
greens but easier for blacks.
Kentucky tobacco is without feature, except that lugs are Since Sept. 1. 5005,872 4791,502 4551,176 4582,570 5329,782 4290,640G alveston ineludes Indianola; Charleston lnelndes Port Royal, A c
held higher at the West. Sales here are only about 300 hhds.,
of which 200 for export at steady prices. Seed leaf tobacco Wilmington includes Moreli’d City,*o.;W est Point Includes City P o in t,* « f
has also been quiet, the sales for the week aggregating only
The exports for the week ending this evening reach a total
1,150 cases, as follows : 200 cases 1881-82-83 crops, Pennsylva of 109,885 bales, of which 74,680 were to Great Britain, 7,163
nia seed, 12@14c.; 400 cases 1885 crop, Pennsylvania, 11
to France and 28,042 to the rest of the Continent. Below are
18c. ; 100 cases 1885 crop, Pennsylvania Havana, privateterms ; 200 cases 1884-85 crops, Little Dutch, 9@13J^e.; 100 cases
Week Endino Mar. 25.
From Sept. 1 ,1888, to Mar. 2 5 , 188 7
1885 crop, State Havana, private terms, and 150 cases sund
Exported to—
________ Exported to—
Export»
ries, 7@28c.; aig >450 bales Havana, 60c.@$l 05. and 200 bales
Great
Conti Total Great
Conti
from—
Sumatra, $1 20@$1 60.
Trance
Brit’n.
Total.
nent. Week. Britain. France nent.
Spirits turpeutine has been dull and to-day declined to
3,747
8,747 252,180 80,852
93,869 876,401
38)£c. R »sins were more active at better prices, common to G alv esto n ....... 39,939
3,244 11,001 54,201 651,903; 309,295 829,127 1,290,265
New O rle a n s..
good strained $1 10@$1 1 7 but the close is quiet. The spec- M
41,906
obile.............
41,908
ulation in crude petroleum certificates has been unusually Florida.............
slow, with prices fluctuating within very narrow limits, clos Savannah........ 2,805
11,900 14,703 231,981 18,848 240,710 491,839
ing to-day at 63@63%e. In metals there is little of interest
1,822
1,822
90,453 43:908 182,708 207,125
to note. The speculation in tin has been sluggish, closing at W ilinington...
90,823 7,900
10,857 109,040*
22i^o. for April. Iron very dull and too unsettled for relia
818.033
8,900 820,536
ble quotations, but concessions necessary to effect sales. W est Point.&c
87.022 2,150
8,408
98,178
New
Y
ork.......
11,907
1,157
3,115 10,537 375.094 39,024 179,105 593,288
Ingot copper quoted at 10%c. for Lake, and lead4 30o.
11,042
1
Boston.............
11,048
119,375
1,348 120,721Ocean freights have been quite active in grain shipments,
910 1,375 0,070
88,879 8,725
26,172 121,276but at exceedingly low rates, including to-day Id. per ba-hel B altim ore....... 3/01
1,399
Phlladely’a,
Ac
350
40/.
03
1,740
8,074
48,837
o London, 2^d. to Hull, 2d. to Liverpool, 2%d. Antwerp,
is. »d. per quarter to Stettin and Copenhagen and 3s. 1 %A. to
T o tal............ 74,080 7,163 23,043 100.883 2.3"5,112 4eO,O0O 1,029332 3,874.504
■—
■Leghorn. Petroleum charters continue dull.
IQ«*,«« 45.109, 0 250 7.PR? 01.7.3-» 85 83* 33*>.483 1.088.241 I--3.900.559
404
THE CHRONICLE
I n addition to above expons, our telegrams to-night also give
os th e following amounts of cotton on shipboard, not cleared,
a t th e ports named. We add similar figures for New York,
w hich are prepared for our special use by Messrs. Carey, Yale
ft Lambert. 24 Beaver Street.
§ 2 &i
®o
N
■gS • £.o2g»
O fc£ ! SE.”
On Shipboard, n oteleared—f o r
Mar. 25, AT—
Great
Other Coast
B rita in . France. Foreign wise,
Leaving
Stack.
Total.
99
[VOL. X LIY .
£ 3 g g £ 3 £& £ 2 £.2 | 2 £ | ÉíaEs
S e o * So®£ So
Issf P£823
F S - f ' S «4£ «*■“ B®
m »•öSt«
N oi
9 ct\T
• £.5'
!
:
S*S¡
:
• ? ; ?
b
: to
•! <§•
^
A! I
i - f S
£b :: K
• > • Bp # 10
: B: »
9Q • CO • 0Q • 1
• 9*
:
:
•
!
S:
S:
9kt
9•
»
V
1
to
CD
to
te© hQ 1*2 W
®Wh W
£
S ® w ©
?» 9-,
JS
"
a ¿ B fj toil. £9«x*i p « tCV)
H
*
ec®
£*M®
&
h «x£
f’ç o ? 71Oo? - o © b
Oc r* “ O e g
9 t
|(kO
eòo"
A©
w©
eo©
oo
oo
00
0
0 **
©
-•H > — H >
MM
oo
©o < 0 0 <
9
9
<
to to ® Hi-1 ®
OO
9
CO05 **
0to 0tò
HO **
6,052 35,158
9,096
87,412
Total 1 8 8 7 ........ 3 7 1 0 6
490,890
I9
1 «
»9 £ :
1 9 :H
M
56,321 29,040 43,961 13,659 142,981
i **2
745,464 £
o ,go
©9 O I CO
o ii 9
o to ©to to * ®to
8,104
85,116
Total 1 8 8 5 ........ 38,703 16,685 21,624
616,738 9
Oh ¿I
05 —
05
HH h , HH > HH
The speculation in cotton for future delivery at this market
>
99
ç 9® < 9 9 < 0 0 %
has been active, and pi ices show a further advance. On
teto ® KH ® HO ® ó ó 2
K09HB
**
ocji OO ** 0C®H^
i b ®;
I so ;
I a.**
Saturday last there was some' depression caused by sales to
I
1 9~U
H HtOW
H P tH HH^.
H
to® ©OOO HHoH
o o © o o o o o 9909
realize. The advance bad been sufficient, it was thought, to
û®M
HHO©
© to to
° to tó t i c to
•o>
t- If- _H
OO ®
make the reaction of a few points probable ; but on Monday
►-M t> MM > MM >
H H
0.
► ©O
O© ¡J ©O
-Liverpool did not respond at all to this idea, and as a coo se
4
9tito
9 2< 00 ◄
9
MM 9 Ó© 9 M© 9
CPCCIO^ CANCO1*
quence there was heavy buying here to cover contracts, with
HOtO^
1
O? i » H
1
1®
H o H
M
HHq;M MHOM
-dn advance of 13@16 points, in which the next crop shared.
Ö
. ôMO*-4
I
9
$
9
j^
.C
,
1cx
toCto
titiCti
-On Tuesday the Bears were again encouraged to sell the mar
to OCX to 00
k e t down a few points, but only to find the prices going
MM ^ MM ¡m
*-M hr
O O
%
M
©o Ç 0 © !J 0 0 5
1
9
9
5
against them on Wednesday. On Thursday morning an ad
HM 9 tôM 9
«
ti
®
'toes
®
tii®
tO-il^B
r ® to**
0 0 to"* COOK*
1 ©Q0K>*>
1 0 to; 1 ato; 0 9 Mj
vance of 2@3-64th’s at Liverpool caused with us a jump of 6@8 © 1 ©«
1o i0: M
1m
ai®S® 1¡ m
a m HHl^H
M^ûM mmom Mm^ m
©OO© ÇC OO OOoO © o© o c© c©
points, most of which was almost immediately lost under sales ©
0 j
1 © 1MW®« côw°cô titi©ti Hti ©H titi© to
! ©w 0 coco 0 CPC* to 00to CO I^CX 0
vto realize and for Eastern account; there was, however, a
M— > MH- > »- M > MM ^
uitk rally, with a large business. To-day the opening was
© o 5 o© !< e© !d
9WO
9O <® ©O
« ti ® liti ®
epre£sed a few points by the Bears again putting out cona
»
h 1 ©CXm B to ©H "* CXCX^B ©to to**
■tracts, but an eariy recovery for this crop was followed by
it»©: Ta®
1 s 1*:
1 a®.
I 9» HH^M
M^M MMh»M MHMH
-tc
renewed depression, and the close was a few points lower. CX, ©O ! o o © o © 0 9 0 , ©O©
© opo o o c o
Cotton on the spot advanced
on Monday and l-16c. on
A A©«0 1 « © « tow© to ci«¿®ii
«A©«
50«
(O MM Q
M © a o ^ MtO
Wednesday and Thursday. To-day the market was quiet and
HH > HH >
►
KK ► H9 ®— >< ©9
% 99 <
unchanged, with middling uplands lO^c., but rather more
99
«05
® ceti ®
ww
®
H
H
®
A
A
g
free ly offered.
HMtO^ ©H^O** 00N H ^ HH h ^ 0 -110^
I » to:
I »to: I Ö »
I WfI woo:
The total sales for forward delivery for the week are 678,700
I-IOH HHqoH H M C J iH
H 0Q —
SSA- H
9 9 © 9 o o © o I 9 © 9 o o © o 9 9 OO
bales. For immediate delivery the total sales foot up this week
w
A
A©A AA© A 1 05O CO ««© «
.2,861 bales, including 930 for export, 1,931 for consumption,
exoo cx -JQO CX 00 CX too «
— for speculation and — in transit. Of the above, — bales
h,
HH >.
>
00
99 <
9 9 5 9(QtO
9 -4
9
were to arrive. The following are the official quotations fer
® 9cèco
to d
®
©ó
2
o©
2
b ou
1 to .
If^CX 1
CX (O H C1XCX B -ai to
each day of the past week.
a it-: I w*-: I
I
W; ¿P HHOH
HcoH 9h 9h©© 9
5 a© I COOO H
COCO©CO
UPLANDS.
NEW ORLEANS.
TEXAS.
oo© o
M ar. 19 to
c¿ cò C CO
©©©© eò e®
©o®ó
05 05
M
DQO CX 00 œ
05>
4
9 C. O
Mar. 25. Sat. IQon Tue« S a t. m o n T n e a S a t. IH on T u e s
>
coco ^ COCO
73s 738 7’ ie 7*16 7»,e 77.6 79.6 78,e
Ordin'y.sjllb
99 <
-i-i 2 <i<i ® •ió
Strict Or<i.. 7iije 713,6 713j6 ?7I
8
8
8
8
CO ®
**
©tí 0t)0« * 0I09 « ;4 M
8N 8N 8»Sle 816,6 816,6 77§
8 I816 816.6 816,e
Good Ord.. 8°s
I
9 t-*
Str.G ’dOrd
9N
9N
co
9N
9N
9N
Hew Orleans....
M obile...............
Charleston......
S avannah......
G alveston......
Norfolk............
Hew Y ork......
O ther po rts.....
11,741
3.800
None.
None.
1,565
8,000
4.000
8.000
5,352 12,443
None. None.
None.
6,000
None.
2,500
None.
4,865
None. None.
700
8,350
None.
1,000
5,386
None.
ICO
400
2,210
1,0C0
None.
None.
34,922
8,800
6,100
2,900
8,640
9.000
13,050
9.000
181,243
4,212
6,326
9,060
17,964
2,851
226,772
42,462
fE.»
i s ooeíj
m
4
9 0 0
S
Low Mldd’g
Str.L’w Mid
M id d ling...
G ood M id..
sStr.G’dMld
Mldd’g Fair
C oir..
4
»lie y»i« 9*16
91« 9N 9N
913U 916le 9lNe
10
ION ION
10 H ION ION
ION ION ION
11
ION 11
UN UN UN
9N
9H ie 918,6
10
ION
108,6 106,6
107.6 108,6
1011.6 loi*te
l U i e n s ,«
I I I I 16 1113,6
Ä
913j6
ION
106,6
108,«
10i3je
913,6
ION
106,6
1C»,«
1013.6
118.6
U 1^6 1 1 *",«
£
o© 2< •90i9ex© ^B®
I 9W
1 * ì®: I « r :
99
► ©CO 5 ©© ►
9
do 9
<JH ** COM
I 9 CO
1 «.M.
1o»;
coco ©co
-j
cc-1
to©o-j
99 a
<
Ato
»«
1
h
"*
coopo
coo®© I
HH > j
9® sk !11
1
HHH**
• «.©: 1i S
H—OH .I?
00
MM 0»
O© ¡q
©o g
CO»M^
‘ O O 1.
HH*. H
co© o
A h ©h
0 © to
6“*M > J
99 <
11 !
A
5
m
8
§
oo
99
toto <®
tOHH“*
i WJ®
HH-JH
OCCO
to to '-to
COCO ^
hi
%
©
cèco©®
ou o
N
g
©
w
hi
03
99 <
ex® g
hi
©
ta
coco **
I o r1*
coco©co
>
eoo "•
i ejt*;
R
to
k
o
©©
diew
coot
1 O f4
1^05 Ol 7COD CO
>
©© <
- i-i 2 % \
« © ** 0
1 ®.H;
19 !
1
coco oCO COCOoCO
too« a« <ia »
I 9; :
1
0
1 a® 1 S.
H
—
*C
JCH <«î A
©©©0 ! * «
H
ti
®
H 1!
MW tO
9; :
9; :
►
-4
s
1
9-62
9*61
19
►
<
s
!
cocoo^Ç
►
coco <
ào» ®
00©
1« t
COC&o^?
si*
IÖ
i9 : I9 :
«
coco©co
cocooco
OCN
©®o®
©H O OC05 C*
Aver
The total sales and future deliveries each day during th*
week are indicated in the following statement. For tne con
venience of the reader we also add a column which shows at a
glance how the market closed on same days,
to®*
99 <
® CXCX 2
g ©cx
** ^.00 B Hta
I9 :
CÇCÇoO
©co
COCO®CO coco©co coco«
®-òo©
-ò-4©-Ó
©©o©
œ©©cè
cx© w taift- co
eoo ®
Th. Fri.
7ll,e 711,6
99 <
8N 8N
©
d 2
9lie 91,6
coco "•
9N 9N
^03
I
9
:
915,6 916,6
©§ COCOcooCC
10N 10N
o
-i«a©-i
107,6 107,6
OH
O
1011,6 1011,6
1016,6 1016,6
coco ►
◄
116,6 116,6
1115,6 H15i6 o *??> acó
mon Tnea Wed Th. Fri. w ! co© cocoo ^9
00co a
73,6 73,6 7N
7616 761«
8
778 778 715,6 8
g*1!« 811,6 8N £î?i* »»fie
99,6 99,6 9N 9H,6 911,6
MARKET AND BALES.
©©
ota
9-73
9*75
Th. Fri. Wed
711,6 711,6 7N
8N 8N 81,6
91,6 91,6 9
9N 9N 97,6
916,6 916,6 978
1«N 10N 108,6
107,6 107,6 10N
1011,6 1011,6 ion
1016,6 1016,6 1078
116,6 115,6 UN
HIS,« 1116,6 1178
• <
»
of Oti-ia.
®i-ao1
coco©co coco©9 cocoex
©co coco©co COCD©CO coco©co
-iòb©-j CXCX K> eoo
®®o®
à*i®*i
<I<J © coo a> -i-i©-i
tata o
o -4-q©-'i
9-77
9’78
Wed Th. Fri. Wed
Ordiny.flh 77,6 7N 7N 7N
Strict Ord.. 778 716,6 716,6 81,«
Good Ord.. 813,6 87« 8’s 9
Str. G’d Ord 9N 96,6 96,8 97,«
Low Midd’g 911,6 9N 9Ñ 978
Str.L’w Mid 10
101,6 101,6 IO*,«
Middling... 103,6 10N ION ION
Good Mid.. 107,6 10Ñ 10N ION
Str. G’d Mid 1011,6 10Ñ ION 1078
Mldd’g Fair lUie 11N 11N UN
Fair.......... 1111,6 11Ñ 11N 1178
STAINED.
Sat.
.V lb. 71,e
Good Ordinary—
7N
Strict Good Ordinary......
89,6
Low Middling.... .
Middling............. ......... ........ 97,6
91316 911.6
ION 10
106,6 1C316
10716
10 H ,6
1 H }6
11*1*6 1111,6
B. ï*
fi: S
19
o©«?
à
9:
I !
* Includes sales In September, 1886, tor September, 42 ,tfOO; September-October, for October, 287,200.; September-November, for November,
441,700; September-December, for December, 765,100; SeptemberJanuary, for January, 1,685,900; September-February, for February,
1,282,400.
FUTGRES.
SALES OF SPOT AND TRANSIT.
[¿F* We have lnoluded lu th e above table, and sh all continue each
* ook to g iv e, th e average price of futures each day for each month. Ik
SPOT MARKET
Deliv
Ex- Oon- Spec-Tranwill
be found under each day follow ing the abbreviation “ Aver.” The
CLOSED.
port. sum p u l’t’n ! sit. Total. Sales. eries. average
for each m onth for th e w eek is also given at bottom of table.
Transferable
Orders—Saturday, 9'95o., Monday lO lOn.; Tuesday,
ICO 10*10c.; Wednesday,
134 78,600
....1 134
S a t .. Quiet but firm ...
10*15o.; Thursday, 10‘25o.; F riday, 10*25o.
....
219 132,500
....I 219
••••
M o n . <3ulet at N a d v ..
300
839 95,500
500 339 »... ••••
The following exchangee have been made during tne week :
Tues Steady ................
....
339 89,700
.... •15 pd. to exch. 200 May for July.
___1 339
03 pd.to exch. 100 Apr. for May.
W ed . Firm at i,e a d v ..
367 174,100
100 ■20 pd. to exch. 300 May for Aug.
. . . 1 367 .... ••••
Thurs Steady ® I,® adv.
•07 pd. to exch. 200 Deo. for Jan.
963 108,300
.... ■07 pd. to exch. 100 Mar. for May. *17 pd. to exch. 600 May for J udo.
430 533 .... ....
F W .. Firm .....................
*07 pd. to exch. 500 Deo. for Jan.
-04 pd. to exch. 100 Mar. for Apr.
2,861 678,700
b 30,lt9 3 l| . . . .
500 •06 pd. to exch. 200 J u ly for Aug.
•18 pd. to exch. l.Oou Apr. for July.
Total.
*06 pd. to exoh. 1,000 J uly for Aug.
05 pd. to exch. 200 Mar. tor Apr.
The daily deliveries given above are actually delivered th e day •18 pd. to exch. 6,300 Apr. for July. •29 pd. to exch. 100 Oct. lor Sept.
previous to that on willon tney are reported.
•14 pd. to exoh. 1,600 June lor Aug.
T h e V1 si b l e S u p p l y o f C o t t o n to-night, as made up by cable
T h e Saleb and P rices of F utures are shown by the follow -
log comprehensive table.
and telegraph, is as follows. The Continental stocks, as well as
THE CHRONICLE.
M a r c h 26, 1887.]
405
4hoee for Great Britain and the afloat, are this week’s returns,
and consequently all the European figures are brought down
to Thursday evening. But to make the totals the comDlett
figures for to-night (Mar. 25), we add the item of exports frcm
the United States, including in it the exports of Friday only.
bales le ss than at the same period last year. The receipts at
the same towns have been 3,016 bales m o re than the same
week last year, and since September 1 the receipts at all the
towns are 71,927 bales m o re than for the same time in 1885-86.
In the table below we give the dosing quotations of middling
ootton at Southern and other principal cotton markets for each
day of the past wees.
10,000
1886.
1885.
1884.
710,000 1,005,000 1,066,000
17,000
35,000
66,000
Total Great Britain stock . 959,000
.
2,500
Stock at Hamburg.......
.
40,500
Stock at B r e m e n .........
Stock at Amsterdam ........... 29,000
300
Stock at Rotterdam .....
1,100
Stock at Antwerp......... .
. 241,000
Stock at H avre................
.
4,000
Btook at M arseilles. . . . . .
.
51,000
Stock at Barcelona.........
5,000
Btook at G e n o a ..........
.
10,000
-Stock at Trieste...............
727,000 1,040,000 1,132,000
4,100
6,000
4,000
69,200
41,500
54,000
54,000
28,000
51,000
500
1,000
600
1,400
900
1,600
169,000 185,000 214,000
5,000
5,000
7,000
84,000
59,000
84,000
12,000
6,000
11,000
5,000
4,000
6,000
Total Continental s t o c k s .......
351,800
1887.
Stock at Liverpool ......bales1. 949,000
-Stock at London.........................
•
384,400
396,400
425,600
Total European stocks .. . ..1,343,400
1
1,078,800 1,436,400 1,557,600
India ootton afloat for Europe.>. 216,000 224,000 116,000 169,000
A me r’n oott’n afloat for Eur’pe6 460.000 334,000 239,000 325,000
26,000
20,000
18,000
Egypt, Brasil,Ac. ,aflt for E ’r’pee 56,000
Stock in United States portB ... 678,302 888,475 701,854 739,694
145,422 128,553
Stock in U. S. interior to w n s... 150,775 335,231
10,000
2,500
29,419
11,601
United States exports to-d ay...
Total visible supply.............2,833,396 2,890,107 2,691,176 2,955,847
Of the above,the totals of American and other description s are as folio 1 f:
American—
Liverpool stook..........bales8 756,000 522,000 781,000 786,001
Continental stocks........... . . 274,000 259,000 289,000 325,000
A<nerloan afloat for E u ro p e.... 460,000 334,000 234,000 325,000
United States stook..................... 578,302 888,475 701,854 739,694
United States interior stook s... 150,775 335,231 115,422 128,553
2,500
10,000
11,601
29,419
United States ex p orts to-d ay..
Total American................ .2,248,496 2,350,307 !2,158,776 2,314,247
Matt In d ia n , B r a n t, die.—
Liverpool s t o c k . . . . . . . . . . . . . . 193,000 188,000 224,000 280,000
66,000
35,000
10,000
17,000
London sto o k ............ ....
107,400 100,600
92.800
Continental stooks. . . . . . . . . . . . 110,400
India afloat for E u r o p e ..... . . .. 216,000 224,000 146.000 169,000
20,000
26,000
18,000
56,000
Egypt, Brasil, Ate., a f lo a t .......
. 585,400 539,800 532,400 641,600
2,248,496 2,350,307 2,158,776 2,314,247
Total visible supply .......2 ,8 3 3 ,8 9 6 2,890,107 2,691,176 2,955,8*7
Prloe Mid. Upl., Liverpool....
67ied.
4i6lfcd.
6d.
6d.
Price Mid. Upl., New York.... 10%o.
9*80. ll^ieO.
ll^o.
t y The imports into Continental ports this week have beeD
58,000 bales.
The above figures indicate a d e c re a se in the cotton in sight
to-night of 56,211 bales as compared with the same date of
1886, an in c r e a s e of 142,720 bales as compared with the corres
ponding date of 1885 and a d e c re a se of 121,951 bales as
oompared with 1884
Ax the Interior Towns the movement—that is the receipts
foi 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 1885-86—is set out in detail in the following statement.
Kcopr’
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QUOTATIONS FOR MIDDLING COTTON AT OTHER MARKETS.—
Week ending
M ar. 20.
G a lv e s to n . . .
N ew O rle a n s.
M o b ile ............
Savannah. ..
C h a r le s to n . .
W ilm in g to n ..
N o rfo lk _____
B o sto n ............
B a ltim o re .. . .
P h ila d e lp h ia .
A u g u s ta ........
M e m p h is ___
St. L o u is ____
C in c in n a ti...
L o u isv ille ___
CLOSING QUOTATIONS FOB MIDDLING OOTTON ON-
Salar.
Mon.
Tues.
Wednes.
Thurs.
Fri.
97 is
9*4
9>a
9*
9 78
ykj
9718
9», 6
9*2
9%
9 78
9«8
9%
10*8
10*8
10*8
9%
908
9*2
9**18
9«s
9»16
9*16
9«8
9 \
10
90s
9 7s
10*4
10*8
10*4
9*$t
9*18
9*16
9®b
90s
9 \
10
9*
9 7e
10*4
10*8
10*4
9%
9%
9°8
9**18
9**16
90s
9*1
10
93i
10
10*4
10*8
10*4
9%
9*t
90s
90s
9*>8
9*>8
9**18
9**16
9**16
9V
10
10
10
10*8
10*4
10*8
9*i
9 7a
9 l^ iâ
9 7s
9 78
•iti* 16
10*8
10
10*8
9h
9«8
9*2
9\
9Sg
9H
9 \
9 \
9 \
Reoeipts from the P lantations.—The following table
Indicates the actual movement each week from the plan
tations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the crop
which finally reaches the market through the outports.
Week
Feb. 18........
“ 25........
Mar. 4 ........
“ 11........
“ 18........
“ 25........
Receipts at the Ports. iSt’k at Interior Towns. Rec’pts from Plant’ns
1885.
1886.
54,824
50,812
56,808
42,581
82,885
28.810
102,524
92,867
68,228
62,129
57,748
64.828
1887. 1885. 1886. 1887;
86,582 284,881 448.170 321.366
95.018 218,482 442,606 301,199
79,951 199,179 442,408 205,9!<1
72,953:181,132 421,730|236,962
57,710 170,155 392,722 200,914
46,298 158,175 S’)8,392 173.810
1885.
1886.
1887.
82,510
32,563
39,563
24,531
21,908
16,830
96,578
87,308
68,025
41,457
28,729
29.998
75,150
74,840
44,748
43,924
21,668
19,230
The above statement shows—1. That the total receipts from
the plantations since September 1, 1886, were 5,181,658 bales;
in 1885-86 were 5,134,044 bales; in 1884-85 were 4,692,136 bales.
2. That, although the receipts at the outports the past week
were 46,298 bales, the actual movement from plantations was
only 19,230 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 29,998 bales and for 1885 they w ere
16,830 bales.
A mount of Cotton in Sight Mar . 25.—In the table below
we give the receipts from plantations in another form, and add
to tnem the net overland movement to Mar. 1, and also the
takings by Southern spinners to the same date, so as to give
substantially the amount of cotton now in sight.
1866-87. 1885-86. 1884-85. 1883-84.
Receipts at the ports to Mar. 25 5,005,872 4,791,502 4,551,176 4,582,570
Interior stocks on Mar. 25 In
excess of September 1 ........... 125,786 342,542 140,960
92,080
Tot. reoeipts from planta’tns 5,131,658 5,134,044 4,692,136 4,674,650
N et overland to Mar. 1 . . . . . . . . 623,233 617,134 501,782 461,070
Southern oonsompt’n to Mar. 1 250,000 205,000 180,000 190,000
Total In sight Mar. 25............. 6,004,891 5,956,178 5,373,918 5,825,720
Northern spinners’ takings to
Mar. 2 5 .............................. .
1.304,637 1,408,527 1,115,859 1,212,100
It w ill be seen by the above that the Increase In am ount In sight
to-night, as oompared w ith last year, is 48,713 bales, the increase
as oompared with 1884-85 is 630,973 bales and the lnorease over
1883-84 Is 679,171 bales.
W eather R eports by Telegraph .—The temperature has
in general been lower at the South during the week,with frosts
reported in many districts. The colder weather has interfered
to some extent with farm operations. The Mississippi River is
now falling.
G a lve sto n , T e x a s .—It has rained on one day of the week,
the rainfall reaching one hundredth of an inoh. The weather
has been too cold. The thermometer has ranged from 48 to
74, averaging 61.
S i-j
P a le s tin e , T e x a s .—There has been no rain all the week, but
0Ik0C
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05OO®
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N e w O rle a n s, L o u i s ia n a .—It has rained on one day of the
mtopp a p o p kpptspkppoou HS
«0 00 Ik CO00 O' O'
week, the rainfall reaching ninety hundredths of an inch.
aww®MÎk®coVikaacoîkwao5Co<i
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ik O O lk M C C - O
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The thermometer has averaged 56.
0005M»SCOCR®
o»mmcowo»-a-i o cocs>oto-o»omo co w
S h re v e p o rt, L o u is ia n a .—Rainfall for the week twenty
23
«MMJ0MM Stag
hundredths of an inch. The thermometer has averaged 56,
O
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<ioto«oikMa<iMik:
o -j » 8 3
ranging fro m 38 to 78.
tsootscitcoco
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C o lu m b u s, M i s s i s s i p p i .—We have bad rain on one day of
the week, the rainfall reaching eighty-two hundredths of an
«
G
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O
inch. The thermometer has ranged from ^6 to 64, averaging
a MWcocop;
tor ®p«p®
. . . . .
ooaoooaMi
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L e la n d , M is s i s s i p p i .—We have had two frosts tbia week
a o o to c o ik ® -* o o « . œto®<joitoik ©
and on one day a little ice. The rainfall reached thirteen
I The figures for Louisville In both years are “ net.”
hundredths of an inch. Average thermometer 49 3, highest
i This year’s figures estim ated.
71, lowest 32.
The above totals show that the old interior stocks ha\
G re e n v ille , M i s s i s s i p p i .—With the exception of rain on one
d e c re a se d during the week 26,439ibales and are to-night 184,4’
day to the extent of ninety-three hundredths of an inch, the
THE CHRONICLE
406
weather bas been clear during the week, The thermometer
has ranged from 89 to 74.
Vicksburg, M ississippi.—It has rained constantly one day
of the week, the rainfall reaching one inch and two hun
dredths. There has been frost, but not killing. Good prog
ress is being made with planting. Average thermometer
54, highest 71 and lowest 40.
H e le n a , A r k a n s a s .— We have had rain on one day of the
week, the rainfall reaching eighty-four hundreiths of an inch.
The river is falling. The thermometer has ranged from 34 to
74, averaging 51.
^
.
.
M e m p h is , T en n essee. —We have bad rain on two days of
the week, the rainfall reaching thirty-two hundredths of an
inch. The river is now eight-tenths of a foot below high water
mark and falling. Average thermometer 48 5, highest 72,
lowest 39.
N a s h v ille , T en n essee.— It has rained on three days of the
week, the rainfall reaching twenty-one hundredths of an inch.
The thermometer has averaged 50, the highest being 74 and
the lowest 26.
M o b ile , A la b a m a .— It has been showery on two days of
the week, the rainfall reaching fifty-seven hundredths of an
inch. The thermometer has averaged 57, ranging from 87
to 64.
M o n tg o m e ry , A la b a m a .— There has been one light shower
during the week. The thermometer has ranged from 34 to
Yl, averaging 49.
S e lm a , A la b a m a . —It has rained lightly on one day of the
week, the rainfall reaching ten nundredths' f an inch. Aver
a g e thermometer 49, highest 69 and lowest 32.
A u b u r n , A l a b a m a . —The weather has been cold and dry
all the week—too cold. There has been no rain for sixteen
days past and it is needed. There has been killing frost on
five nights and ice formed on three.
Madison, Florida.—There has been no rain all the week.
Ice formed on one night. The thermometer has ranged from
81 to 71, averaging 48.
M a c o n , Georgia.—We have had no rain all the week.
C o lu m b u s, G eo rg ia . —There has been no rain all the week.
The therm 'm eter has averaged 50, the highest being 64 and
the lowest 84.
*
S tv a n n a h , G e o rg ia . —It has rained on one day, and the
remainder of the week has been pleasant. The rainfall
reached thirteen hundredths of an inch. The thermometer
has averaged 49, >aiming from 82 to 69.
A u g u s ta , G e o r g ia . —The weather has been pleasant and
m o s t l y clear during the week, rain having fallen lightly on
t w o days io the extent of three hundredths of an inch. The
thermometer has ranged from 29 to 72, averaging 41.
A lb a n y , G e o rg ia . —The weather has been cold and dry
all the week, with light frosts. The thermometer has aver
aged 51. the highest being 70 and the lowest 38.
C h a rle sto n , toouth C a r o lin a .— It has rained on one day of
the week, the rainfall reaching four hundredths of an inch.
The thermometer has ranged from 83 to 68, averaging 50.
Btateburg, South Carolina.—It has rained lightly on one
day of the week, the rainfall reaching eight hundredths of an
inch. There has been killing frost and ice on three nights,
but no serious damage done. Corn planting is making good
progress. Average thermometer 46'3, highest 68, lowest 29.
Columbia, South Carolina.—We have had rain on one day
of the week, the rainfall reaching eight hundredths of an
inch. There has been killing frost on five nights and ice has
formed in this neighborhood. The thermometer has avferaged
48, the highest being 70 and the lowest 29.
W ilso n , N o rth a r o li n a .— It has rained on one day of the
week, the rainfall reaching nineteen hundredths of an inch.
Ice formed in this vicinity on five nights. The thermometer
has averaged 45, ranging from 28 to 66.
The following statement we have also received bv telegraph,
showing the height of the rivers at the points named, at 3 o’clock
Mar. 24, 1887, and Mar. 25, 1886.
Mar. 2 4 ,’87. Mar. 25, > 6 .
Feet.
New O rleans.—
M em phis. . . . . . . . .
N ashville........... .
Shreveport..........
vTeksbuirg—
.Above low-water mark. 14
.Above low-water mark. . 35
7
.Above low-water mark.
. Above low-water mark. 17
44
a hove low-water mark.
Inch.
1
6
8
7
6
Feet.
Inch.
10
15
21
14
25
8
2
5
9
4
I n d ia C otton Mo v e m e n t f r o m a l l P o r t s . —The receipts
and shipments of cotton at Bombay have been as follows fci
the week and year, bringing the figures down to Mar. 24.
BOMBAY RECEIPTS AND SHIPMENTS FOR FOUR YEARS.
iShipments this weekyear] Great Oonti- m , ,
ÌBrtl’n. lient.
Shipments Since Jan. 1.
Gréai \ Conti
Total. I Britain nent.
1987 lO.OOO, 22,00 92,000 71.000 229,001.
2 iO.OOO
1886 19.000 40,000¡64.000 91.000
1885 11.000 H .- (H>|29.0lK 58.000 157.000
1884 24,000 13,00 137,000 182,000 195.000
Total.
Receipts.
This
Week.
62,000
64,000
35,000
60,000
T ear.
540,OoO
519,0. 0
335,000
555,000
to the foregoing, Bombay appears to snow a
compared with last year in the week’s receipts of
2 000 bales, anu a decrease in shipments of 32,000 bales, and
the shipments «nice Jan. 1 show a decrease of 21,000 bales.
The m o v e m e n t a t Calcutta, Madras and other India ports fui
the last reported week and since the 1st of January, for twt
years, has b e e n as follows. “ Other ports” cover Ceylon,
X u tic o r in . Kurraohee and Coconada,
A c c o r d in g
d e c r e a se
[VOL. XL1V.
Shipments since J a n u a ry 1.
Shipm ents fo r the week.
Great
B ritain.
Conti
nent.
2,000
1,000
4.000
3.000
O aloutta—
1887.........
1886.........
■dadras—
Total.
Great
B rita in .
Continent.
27.000
20.000
42.000
17.000
6,000
4,000
2,000
2,000
1886.........
111 others—
18«7 __
1886.........
2,OoU
3.000
2.000
3.000
4.000
•o ta l all—
1887.........
1 9 8 6 ........
2,000
3,000
7.000
5.000
9,000
8,0u0
.........
Total.
69.000
37.000
2,000
2,000
13.000
20.000
* ---10,000
12,000
23.000
32.000
42.000
42.000
52.000
29.000
94.000
71.000
The above totals for the week show that the movement from
the ports other than Bombay is 1,000 bales more than the same
week last year. For the whole of India, therefore, the total
shipment» since January 1, 1887, and for the corresponding
periods of the two previous years, are as follows:
EXPORTS TO EUROPE FROM ALL INDIA.
1886.
1887.
Shipments
to a ll Europe
from —
1885.
Since
Ja n . 1.
This
week.
This
week.
Since
J a n .1.
This
week.
Since
Jan . 1.
Bom bay............
I l l other ports.
32,000
9,000
300,000
94,000
64,000
8,000
321,000 29,000
9,000
71,000
215,000
60500
T o ta l..........
41,000
394,000
72.000
392,000
275,50«
38.0001
ALEXANDRIA R e o e ip t s a n d S h ip m k n t s .— Through arrange
ments we have made with Messrs. Davies, Benachi & Co., of
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
are the receipts and shipments for the past week and for the
A leu an dn a, E gypt,
Mar. 23.
1886-87.
Reoeipts (oantars*)—
T his w e e k ....
Since Sept. 1
12,000
2,821,000
Since
This
week. Sept. 1.
1884-85.
1885-86
27,000
3,270,000
16,000
2,803,000
S in ce I
T his
week. Sept. 1.
Exports (bales)—
280,000
To L iverp ool..—. — • 5.000 235.000 5.000 207.000
153.000
T o O o n tin en t. . . . — • 5.000 129.000 5.000 133.000
10,000
433.000
Total E urope......... 10,000 364,000 10,000 340,000
* A oantar is 98 lbs.
This statement shows that the receipts for the week ending
Mar. 23 were 12,000 cantars, and the shipments to ail Europe
10,000 bales.
M a n c h e s t e r M a r k e t .— Our report received by cable to-night
from Manchester states that the market continues firm for both
yarns and shirtings, but that the demand for India is poor.
We give the prices for to-day below, and leave those for prev
ious weeks of this and last year for comparison :
1886.
1887.
32« Cop.
Twist.
d.
Oott'n
Mid.
Uplds
8 >4 lb8.
Shirtings.
d. s. d.
s. d.
F e b 18 7*8 »7% ó 9*34*6 10ia
5 9*3*610*3
“ 2 ft 7*8
Twist.
d.
d.
d.
5*6 6 ^ 1 5 ^ 7 %
53te
5*4 6% »7*8
56l#
538
57, 6% #7?i.
5 9*306 10*«
Mar 4 7*8
•• 11 73i,—7 13ie 5 9 0 6 10*3
5 9 O 610*s
78
16
-71»p
“ 18
« 25 173, »13,« 5 9 @ 610*«
E a s t I ndia C r o p .— M e s s rs .
8*4 lbs.
Shirtings.
32« Cop.
s. d.
5
5
5
S
5
5
e. d.
7*3*7
7 *7
7 07
7 ©7
7 07
7 »7
1
0*fi
0*3
0*3
0*s
0*s
Cottn
Mid.
Uplds
d.
12“
41»i«
413,3
5
4Vhe
Gaddum, Bythell & Co., in
their report dated Bombay, February 18, r e m a r k as follows:
“ Onr m a rk e t w as closed on th e 1 6 tb and 171 h in consequence o f tb s
celebration of th e Q ueen’s Jubilee. O otnras couunueU to cam e i*
V n d the receipts of th is d escription of cotton are ex p ected to he
m ain tain ed on ab o u t th e sam e scale fo r five or six w eeks m ore, w hen
th ey w id probably begin to fall off rapidly. T here is m - im provem en t
in nnaditv B how nuggur is arriv in g v ery slowly, and each day s a rriv ftT ^ re eaaerly bought u p a t high rates. The re p o rts of f ro s t h av in g
la u s e d in ju ry to th e B roach crop a re now confirm ed, an d th e d ecrease
in yield is estim ated a t from 10 to 25 p er cent. P icking is ex p ected t*
hegiu ab o u t th e end of th is m onth, an d will be general early in M arch ;
hn rtf inning w ill only com m ence about th e n th to 10th prox., an d reoem is will n ot he larg e u n til tow ards th e end of th e m outh. The q u a n
tity of B roach available for shipm ent in M arch will, it is expected, n o t
exceed 20^300*bales. O ur advices from th e T inueyelly d istric ts » »
ra th e r m ote favorable th is week, ra m hav in g fallen in tim e to b enefit
some of th e p lan ts, b u t we h av e no im provem ent t > re p o rt in th e p ro s
pects o frrh e D h arw ar,W este rn s an d Cornpta crops, w hich co n tin u e
u n sa tisfacto ry .”
,
The following Government report on the cotton crop m th®
Puniaub was issued at Calcutta February 2.
“ 1 liis is the firs t
t h e a . e a a n d yield
y ear in wh ich an a tte m p t h as been m ad e to e s tim a te
u n d er cotton in tlie P uujatib according to th e P lan
m id d.Twu bv th e G overnm ent of Tudia. E xact: com parisons, th erefo re,
w ith acreage ami yield of form er y ears a re im possible.
“T h e y i a r h a s been generally favorable for cotton. The a re a u n d er
cotton in th e la s t th re e y ears h as b e e n :
'Yf>nv>
Irrigated
cupvts»
Unirrioated
acres.
3a7,882
Total
acres,
792,996
................
....4 5 : \ U 4
1,035,614
514,'84
............................................ 521,290
1,089,330
■J5
-•• •
489.300
wv.11%_______
COO.O' 0
T h u s 't he"acreage o f" 1886 has' been h igher th a n in th e tw o previous
vaair th e increase being m ost m orked m u n im g a te d iaud.
5 ‘«au a tte m p t has been m ade to estim ate th e out: u rn a fte r ascertain,■ * , ! ! ^
vi a1d in each d istrict The estim ate is, of course, only
approxim ate.^ I t show s th e to ta l yield ol th e province to be 4^671,188
ap p ro x im ate
T aking ginned cotton as a fourth, of ungiim edf th e o u ttu rn is 1,187,797 m aunds (or «34,140 cwt.) ¡of p u re
cotton.
March 26. 1«J7. |
THE CHRONICLE.
“The districts growing the largest area of cotton are Rohtak, Gurgoon, Umbalis, Mnltao, Lahore, Sialkor, Gig rat, Shahpur, Jheluin,
Eawal Pmdl and Dera Ghaz Klian.“
J ute B utts, B agging, &c.—There has been a moderate
407
Mar. 4.
Sales of th e w eek....... ...b a le s.
Of w hich exporters to o k . . . .
Of which speculators took..
Sales A m erican..........................
Actual exp ort............................
Forwarded...................................
Total stock—Estim ated.............
Of which American—Estim ’d
Total import o t the w eek ____
Of w hich A fherlcan..............
Amount afloat.............................
Of whioh A m erican ..............
6 5 ,0 0 0
5 ,0 0 0
7 ,0 0 0
4 4 ,0 0 0
8,000
2 4 ,0 0 0
930,0 0 0
737 ,0 0 0
5 5 ,000
3 3 ,0 0 0
2 6 6 ,00C
2 1 1 ,0 0 0
Mar. 11
Mar. 18.
Mar. 2 5 .
6 8 ,000
4 ,0 0 0
5 ,000
4 3 .000
4 ,0 0 0
2 0 .0 0 0
9 4 7 ,0 0 0
7 4 5 ,0 0 0
9 8 ,0 0 0
6 4 ,0 0 0
2 6 8 ,0 0 0
2 1 3 ,0 0 0
65,000
S.0ÖQ
7,000
4 5 ,0 0 0
6 .0 0
19.000
933 ,0 0 0
740.00066,000
51,000
2 6 6 ,0 0 0
2 3 8 ,0 0 0
87 ie
5%
1 0 ,000
2 ,0 0 0
lo.ooo
2 ,0 0 0
1 2 ,0 0 0
2 ,0 0 0
Firm a t
2 64 ad
vance.
V ery
steady.
Q uiet a t
1-64 ad
vance.
B arely
■toady.
8 1 .0 0 0
ll.OCO
9 ,0 0 0
demand for bagging and only small orders are coming into
5 0 ,0 0 0
6 .0 0 0
market, few large sales being reported. Prices are easy and
1 8 ,0 0 0
sellers are asking 6@8J^c. for
lbs., 8}^@6%c. for
lbs.,
9 4 9 ,0 0 0
7 5 6 ,0 0 0
7@'73^ c. for 2 lbs. and 7J^@7%'e. for standard grades. Butts
1 0 1 .0 0 0
are selling more freely and sales are reported of 3,000 bales at
7 6 ,0 0 0
2 7 0 ,0 0 0
1‘70@l^fc. for paper grades and 2@2LgC. for bagging qualities»
2 1 3 ,0 0 0
the market closing at these figures.
The tone of the Liverpool market for spots and futures each
Shipping N ews .—The exports of cotton from the United day of the week ending Mar. 25, and the daily closing prices
States the past week, as per latest m ail returns, have reached of spot cotton, have been as follows:
134,883 bales. So far as the Southern ports are concerned, these
S atu rday Monday. Tuesday. Wednes. |l71umTy. F riday.
Spot.
are the same exports reported by telegraph, and published in
Fair
the Chronicle last Friday. W ith regard to New York we M a rk e t, f H arden’g M oderate Firm . In buyers’ H arden!’« business
favor.
p . m .J tendency. dem and.
tendency. doing.
include the manifests of all vessels cleared up to Thursday I U12:30
pl’d s
Total bale*.
New Y o r k —To Liverpool, per steamers Britannic, 2,012___
City of Montreal, 2 ,4 8 6 .. Lossoll, 1 ,9 5 9 ...Osmarili, 2,063
. . . . St. Albans. 1,815__ Umbria, 186.
........... .............. . 10,531
To H ull, per steam er Lepanto, 1,036........................................... 1,036
400
To Leith, per steam er Crystal, 4 0 0 .............................. ..............
To Havre, per steam er La Champagne, 1,157.......................... 1,157
To Bremen, per steamers Elder, 6 9 5 ___T ra v els 14................ 1,039
940
To Hamburg, per steam ers Geliert, 8 5 0 .... Mora via, 9 0 .......
To Antwerp, per steam er Nederland, 586 ..................................
M6
To Barcelona, per steam er Cheribon, 850..................................
feöo
N ew Orleans—To Liverpool, per steamers Alicia, 6 ,0 5 0 ....
Aailea, 2 .6 7 8 ....F lorid ian , 4,430 ___Historian, 3 ,3 2 0 ....
March, 1,605 . . . Saitram, 2 ,7 0 0 ....San Francisco, 4,750___
per ships Caroline, 4 ,1 8 5 ....G overnor Wilmot, 3 ,0 6 6 ....
Priuoe Amadeo, 2,749............................ ............ ................... .. 35,533
To Havre, per bark Florida, 4,072 ................... .......................... 4,072
To Bremen, per steam ers City of Liucoln, 5,700__ Crete,
3,300___Wailaohia, 3,550___ per bark Julius, 1,895......... 14,445
To Antwerp, per steamer Kate, 150..................... .......................
150
1,679
To Reval, per bark Superior, 1,679...........................................
To Cronstadt, per bark America, 2,381___per brig Ryno,
1,003................................................................................... . . ............ 3,387
To Genoa, per steamers Ardaneorrach, 3,722___Glendower,
6,657...........................
10,379
Mobile - T o Liverpool, per steam er Deak, 3,0 0 2 ___per bark
6,724
Neophyte, 3 ,722............................
S avannah—To Bremen, per steamer Mercedes, 6,540................... 6,540
To Reval, per steam er Nymphsea, 6,000___per bark Nellie
S. Guest, 3 ,225.................
9,225
Ho
To Palma Majorca, 1 er bark Santiago, 110.................................
Charleston—To Liverpool, per bark Riconoscenza, 1,581......... 1,581
To Elsinore, per bark Alborga, 2 ,0 7 5 ............................ .
2,075
To St. Petersburg, per bark Dictator, 1,786....... ........................ 1,786
Galveston—To Liverpool, per barks Amtcizia, 1,821___Para
gon, 2,501__________________________
400
To Vera Cruz, per steamer Harlan, 4 0 0 ................................. .
Norfolk—To Liverpool, per steamer Carolina, 4 ,5 3 3 ....p e r
bark Prinz Hendrik, 1 ,7 9 7 .........
6,330
B altimore—To Antwerp, per steam er Mareca, 315......................
3 15
B oston—To Liverpool, per steamers Bulgarian, 1,802
Catalo
nia, 1,638___Iowa, 3 ,1 5 3 ............
6,593
P hiladelphia —To Liverpool, per steam ers British King, 9 4 4 ..
Lord Clive, 1,707............................................................................... 2,651
Total-------- ----------------- — .................. .............. .................. ........ 134,836
The particulars of these shipments, arranged in our usuai
form, are as follows:
lierai, BarceOronst.,, Iona
Hlsin’e and
Brem.
and Palma
L irerand
Ant- St. Pet- Mavool. Havre. Hamb. tucrp. trsb’g. jorca . Genoa.
Total.
New York. lo ,5 3 l 1,157 1,979
586
850
16,539
N. Orleans. 35,533 4,072 14,445
150 5,066
10,379 6 9 ,6 4 5
Mobile....... 6,724
6,724
.........
Savannah.................
6,540
9,225 " n o
15,875
Charleston. 1,581 .............. •
3,861 ......... .........
5,442
.........
G alveston. 4,322
4,722
N orfolk.... 6,330
6,330
Baltim ore. ____ ................... .
315 ......... ......... . . . . . .
315
Boston___ 6,593
. . . . . . . . . . . . . . . . . . ....... .
6,593
Philadel’ia. 2,651
2,651
5%
A id. O rl’ns.
6 71S
Mid. S a le s . 1 0 ,0 0 0
Spec. & e x p .
1 ,0 0 0
5 7ts
5%
1 2 .0 0 0
3 .0 0 0
&7ia
5%
1 2 ,0 0 0
2 ,0 3 0
57ie
5%
Futures.
M a rk et, {
1 2:30 p .m . J
F irm .
Qutet.
M a rk e t, Ì
4 P. M. 1
Q uiet.
Barely
steady.
Firm a t Steady a t
2-64 ad
1-64 ad
vance.
vance.
Easy.
Steady.
The opening, highest, lowePt and closing prices of fu tu re sfo r
Liverpool for each day of the week are given below. These
prices are on the basis of Uplands, Low Middling clause, unless
otherwise stated.
*MF The price* a r t given in pence a n d 6 libs, th u s:
4 6 3 -6 4 d.. an d 5 0 1 m eans 5 1 -6 4 4 .
(S at., M a r . I P .
Open
a.
M a rc h ........
M ar.-Aprll..
Aprll-May..
M ay-June .
J u n e -Ju ly ..
Ju ly -A u g ...
A ug.-Sept..
S e p te m b e r.
Sept.-O ct...
d.
5 25 5 26
6 25 5 25
525 5 25
5 26 5 26
527 5 27
5 28 520
5 29 5 29
530 530
4,322
5 23 5 23
H o n ,, M a r . ¿ 1 .
4 63
m ea n t
T o e s ., M a r . ¿ 2 .
Low. Clos. Open High Low. C7Ì0». Open Hipb Low. do*
d.
d.
d.
d.
d.
<*.
d.
a.
d.
d.
5 25
5 25
5 25
5 26
5 27
5 28
5 29
5 30
5 23
5 25
5 25
5 25
&20
5 27
528
5 29
5 30
5 23
W e d n e s ., M a r . 2 3 .
5 26
5 28
5 26
5 27
5 28
529
5 SO
5 31
5 24
5 27
5 26
5 26
5 27
0 28
5 29
0 30
0 31
5 24
5 26
5 26
5 28
5 27
6 28
5 29
5 30
0 31
5 24
5 27
5 26
5 26
5 27
0 28
5 29
5 30
5 31
5 21
T h o r s ., M a r . 2 d .
527
527
6 27
0 2S
029
0 30
5 31
5 82
0 20
5 27
5 27
0 87
023
0 29
5 30
5 31
5 32
5 23
0 25 525
0 25 5 23
5 20 5 25
5 26 6 28
5 27 5 27
5 29 fi 29
5 30 OSO
5 31 5 3 t
5 24 5 24
F r l.t M a r. 2 5 .
Jp*n High hOV). Oie» Open Hiob Low. Clot. Open High Low. Clos
d
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
M arch ........
Mar.-Apr ..
Apr.-M ay..
M ay-June..
Ju n e-Ju ly ..
July-A ug ..
A ug.-Sept..
S eptem ber.
Sept.-O ct...
5 25
5 25
5 25
5 26
5 27
5 29
5 30
5 31
5 24
5 26
526
5 26
527
5 28
5 80
5 31
632
5 25
5 25
5 25
5 25
5 26
527
5 29
5 30
5 31
5 24
5 26
5 26
5 26
5 27
528
5 30
5 31
5 32
525
5 23
5 23
5 28
5 30
5 31
082
5 33
6 35
0 26
5 28
5 28
0 28
5 30
0 31
5 33
0 31
5 85
5 27
0 28
5 28
0 23
5 30
5 31
532
0 33
0 33
526
5 28
623
5 28
5 30
5 31
5 33
5 34
5 35
5 27
6 28
0 28
5 28
6 29
6 81
5 32
5 31
5 35
5 27
0 28
0 28
528
529
5 31
0 32
5 84
5 83
5 27
528 5 28
5 28 528
028 028
529 5 29
5 30 5 30
0 32 5 82
5 33 5 33
534 5 34
0 27 5 27
BREADSTUFFS.
F r id a y . P. M., March 25.1887.
Trade in flour and meal opened the week very dull, with
prices unsettled and drooping, especially for the better grades
from winter wheat, of which there appears to be some accu
Total... 74.265 5,229 22.964 1,051 18,152
96010,379 134,836 mulation.
The wheat market opened with some appearance of strength,
Included in the above totals are from New York to H ull, 1,036 bales,
and to Leith, 400 bales; from G alveston to Vera Cruz, 400 bales.
due mainiy to cable advices which favored the continuation
Cotton freights the pa3t week have been as follows:
of a large business for export, but the bull party showed to>
confidence, or was already “loaded up,” and very moderate
Salur.
Mon.
Tues. / Wednes. Thurs.
Fri.
selling was sufficient to depress values, which gave way in
Liverpool,steam a.
*32
Ho
®32
S33
664®332 B*t®332 fractions each day; but the close last night was only lj^@ l%c.
Do
s a il...d .
....
. . . .
....
• tete«
from the close last Friday. The depresssion West has been
»tete.
Havre, ste a m . . . e . 516®U32
616®l l 32 B16®1132
®16
Bw
somewhat more than with us, and the continued dulness
....
Do sa il....... .e .
• tea»»
showed yesterday some influence upon foreign markets. To
Bremen, steam ..«.
%®1333
%®13<
j
2
13S2
% ais32
%® 1332 %®1®32 day there was a weak opening at 91c, for May, but the market
Do
Sadi___e.
took a slightly firmer tone, with a brisk export business.
Hamburg, steam.c.
1>32
u 32
1132
n 32
u 32
I732
. . . .
. . . .
Do
sa il....e .
• •••
Am sfd’m, steam e. 40*
40*
40*
40*
46*
40*
. . . .
.
Do v ia L eith.d.
S ev a l, steam ___d. 1364-1564 X861-15e4 1564-1664 1384-1564 3i6®732 318®732
. . . .
. . . .
Do sa il..........d.
Baroelona,ateamd.
1S64
1364
7304
7364
78S4
“a
Genoa,steam___d.
782
818®732 316®732 8ie® 732 318®732 3i6®732
Trieste, stea m . . .d.
1764
1764
1764
7704
1764
*764
Antwerp, steam,
%®964
%
%
%
%
%
DAILY CLOSING PRICES 0 7 NO. 2 RED WINTER WHEAT.
May delivery........................
June d e liv ery ....................
July d e liv ery ......................
September delivery............
December d e liv e r y ........
May, '88, delivery..............
8at
923a
91%
90%
91
94%
99%
Mon.
91%
91%
90%
80%
94%
99%
T uts.
91%
91%
90%
90%
93%
98%
Wed.
91%
91
90%
90%
93%
98%
TKurs.
91%
90%
89%
89%
93%
98%
Ft*.
91%
90%
89%
89%
93%
98%
Indian corn has been fairly active for ex port; nevertheless
prices have been weak. The West has shown a lack of confi
dence in the future of values, and for the summer months
•P er 100 lbs.
have given way more than for prompt delivery. To-day the
L iverpoo l .—By cable from Liverpool we have the following market was firmer, but prices were without important
change. A good business was done in steamer mixed at
(tatement of the week’s sales, stocks, &c., at that port. We
in elevator, and afterward held at, 48c., but the close
sdd previous weeks for comparison.
was dull.
[VOL. X L1T.
THE CHRONICLE.
408
HÀTT-T CLOSING PRICES OF MO. 2 MIXBDJJOBM
Bat.
Hon.
48 Je
April delivery.......................
fitiy delivery.................... ±f '
fif?
Ja n e d e liv e r y ..................... J 8 Je
Tues.
48%
48%
48%
49%
Wed.
"
48%
48%
48%
49%
Fri.
48%
Thurs.
48%
48%
48%
49%
Wheat,
In store a l—
D ninth___. . . . . . . 10,279,291
Do a f lo a t......
141,£9?
48*9 Toledo................. 3,193.434
48is Do afloat.........
C om ,
bush.
114,707
4914 D e tr o it..... ..- • • • 2,076,851
Oats,
bush.
13,438
29,26*3
69.956
70.000
Obwwco V............
108,000
S lotSì : : ............. 2,459.031 2,875,187 369.856
79.000
36,000
n51’22?
196,237 322,621
^ptlo^whfch^wasTppareni Cincinnati............
B oston . . . . . . . . . . .
278.651
18.668
Toronto.............. .
59.748 115.581
M o n treal ...............
« n t'« « «
94 248
555.746
P h i l a d e l p h i a .. . —
698-772
286,293 841,024
Peoria....................
a
228.200
45.025
_
____
_
«
»
i
i
i
u
n
v
wo.
2
OATS.
Indianapolis. . . . .
04,150
DAILY CLOSING PRICES OP HO
15,444
226,274
813,570
Wed. Thurs.
F i . Kansas C ity.........
Sat.
Hon. 1 u s .
714,376
483,879
438
34%
341* 34% B altim ore............
.
.
.
34%
34%
3
AprU d elivery.....................
„ . 53 4 a,,
3489
34% 34%
Do afloat......... _ . . y y i ;
.............. ....... 34%
34%
3 %
M»v d e liv ery ......................
34 S
34
34%
34%
34% M in n e a p o lis .......... 7 ,6 4 3 ,0 7 2
8t. P m L . .............
880.000
400,000
16,510
Barley ie.cloeieg out weak. Barley On M ississippi... 118.814
94,200
J R T J R S T moderate demand” and prime qnaUtiee On l a k e s . . . . . . . . .
On canal & river.
54,200
JUOate hW been without speculative interest, and with the
S a a W
S
S
a
S ;
i - a
r M
«
M
r s
**The following are the oloeing quotations :
noun.
T O ....-------S * 8 2 ® “m i 6”* “ ? * t 00®»|JO
........ * Md.»
... 2
2 is;«
65® ?5
3 25
Spring w heat extras- 1 20® 3 40 Bgronr.SOP«*»;; | f ° l §00
Tot Mar 19 ’87 53,173,425
Tot! Mar 12 '87 54 267 280
Tot. Mar. l o , '86. 50,535.468
ïr» ; 9Ï
4 3 766.592
Tot. Mar. 22,’ '84* 29,554,420
Bfinn. olear and Btrat. 8 60® 4 60
aP f st at ô rl lat fs i emn n ia. in
O 4A
Southern su p ers..—
3 20® a 40
Bonth’n com . e x t r a s - 3 60® 3 90 i
By«,
bush.
B ar
bust
at
29,322
16,800
32,817
18,000
1,421
4,249
12,791
16,978
228
3,591
18,101
238,900
26.591
21.000
42,847
207,944
60,654
4,726
16,363,062 4,098.771 890,905 1,583.760
15.523.523 4.346.340 399,044 1.725.955
_ __
577,6261,053,609
16.735,518 2.491,469
8Ü94Í563
364,670
8,194,563
3,092,075
3 B 4 , ö i U 1,386,975
i , ä o o , » i *?
o
’ . a 3J)9¿j>75
» %« a Vs a a n n n nno « COO A Q
17.551,096 4,770,510 2,363,223 1,632,487
IMinneapolis and St. Paul not included.
° S S J S U .......... | « • 2 75
B'Sr’fflS S V io b -io .fIS ? 1 50
THE d r y g o o d s t r a d e .
Hew Y ork , Friday, P. M., March 25, 1887.
There was an active business in some descriptions of dry
goods the past week, but the demand was somewhat irregular.
W heat—
. .
“ State & Pa., # bush. 56 ® 69
84 o 97
Spring,per b n sh .
Oats—Mixed............. |3%® 36% Staple and patterned cotton fabrics have met with marked
91 « 93
Spring No. î^ n ew
40
attention from both wholesale and retail buyers, and large
90% » 92%
B ed w inter, Ho. 2
Ho. 2 m ixed...............34%® 86
96
85 »
38% shipments in this connection were made to California and
Bed w in te r .........
Ho.
2
white............
87
%
»
95
86
®
W hite............ .
Western markets in order to take advantage of the relatively
B a r le y -C a n a d a .........67 ® 75
47 ® 51
Corn—West, m ixed
57
Two-rowed S ta te .. . . 56
low transportation rates existing at present. The situation in
48% » 50%
"W est. m ix. No. 2.
65
Six-rowed
S
ta
t
e
.....
62
52
the market for woolen goods has not materially changed, and
West, w h ite.........
*7 ® 52
75
Mbit—State, 6-ro ved . 71
»
West, yellow......
69
the business in clothing woolens in particular was not up to ex
State, 2-rowed......... 67
» 58
White southern.
85
C a n a d a ........ ....... 60
pectations, wholesale clothiers having shown extreme caution
52
Yellow Southern.
65
Peas—Canada.............. 64
in their operations. Foreign goods were m irregular demand at
_
__ hreadstuftB to market is indicated in the
first hands, but certain specialties were distributed in very fair
quantities. The jobbing trade continued active, most kinds
r S u S C
w
t f i t S “e {'he r S ^ t W e ste r of department goods having been in brisk request by local and
York
to pre8ent the compara- out-of-town retailers, while Btaple cotton goods and prints
in good demand by retailers, as were some descriptions
¿
s r
w- 1887>“ d“nce were
of imported fabrics. Prices of both domestic and foreign
goods are generally Arm, and the upward tendency of cotton
Bye.
Barley.
Oat*.
Com.
Wheat.
has caused a slight advance in certain makes of the former, as
at— F our.
Bush.58
It,
ButhSa lb* Bush.48 lb?
cotton flannels, print cloths, &o.
BbU.lOQlb» Bwih.00 0» Bush.56 Ib»
8,811
183,144
692,471
D o m e s t i c C o t t o n G o o d s .— The exports of domestics for
826,352 1,161,540
142,058
Ohlosgo.......
2,880
49,150
89,500
84,560
the week ending March 22 (from this port) were 7,262 pack09,157
69,601
Milwaukee..
11,000
4,241
2,tOO
80,716
63,788
ne-es the principal shipments having been as follows : China
6,412
T oledo........
41,080
26.506
97,174
101,842
4 950 packages, Aden 542, Brazil 431, Venezuela 312, Chili 223
8,285
D e tro it.......
6,200
36,000
16,100
57,500
2.788
C lev elan d ..
1,681 and Mexico 108. Staple plain and colored cottons were fairly
33,600
180,350
408.733
77,399
24,280
SU Louis. ..
8,000 active in first hands, a good business having been done with
21,000
£¡51,375
150,750
0,050
1,606
P e o ria .........
buyers on the spot, while the order demand was of large pro
21,202
D u lu th ........
27,122 portions. Stocks of brown, bleached and colored cottons are
338,415
1,288,302
1.958,570
750,855
250.038
Tot. wk. >87
36,921 verv small, and prices remain firm all along the line, owing to
425,185
944,254
683.698 2.271,790
172.685
Same wk.’SS,
62,422 the advancing tendency of the staple. Print cloths were in
406,926
896,338
2,408,748
810,663
208,203
fair demand and firmer in price, 64x64s having advanced to
Same wk.’85.
nine* July 24
18.820,496 1,585.245 33,4c flat towards the end of the week, while 56x60s ruled
45.244.284
50,462,344
07,224,250
7.004.074
1886-7.. .
17,747.999 2,428,822 steady at 2^o. Stocks last Saturday and for the three previous
5,482.830 46.410,521 66,567,575 40,750,072 14,510.480 3,971,156
1886-6.. ..
65.785.667 40.647,933
1
h
6.018.818
years were as follows : March 19t March 20, March 21, March. 22,
1884-6.. .
1884.
1885.
1886.
The receipts of flour and grain at the seaboard ports for the
Stock o f P rin t Cloths—
„1887A
Held by Providence m anuf’rs. 32,000 122,000 500.000 174.000
w S endef March 19, 1* ^ , follow:
216.000
423.000
72,000
B y,
Oats, B arley,
F all River m anufacturers... 57.00U
GRAIN
ij_
Mew Y o r k .......
bbls.
9 |.i n g
Wheat,
bush.
707,850
Boston........... 73,285 124,790
40.342
M ontreal,....- 6,124 373,559
Philadelphia... 19.025 184,948
Baltimore.......
18,735
Blohmond....... *»¿‘2 96,579
O om ,
bush.
427,150
201,099
1,356
295,985
449,587
9,334
363,356
bush.
bush.
bush.
197,<00 115,050 11,972
92,132
6,115
......
.........
19,150
1,800
74,422 27,000
.........
35,684
.........
1,554
4,285
.........................
48,180
.........................
Providence speculators........
Outside speculators (est).......
£7,000
3o,oou
Totalstook, (pieces)............ 171.000
324.000
300.000
280,000
75,000
474.000 1,547,000
745,000
260,000
20,000
Prints were more active in some quarters, and there was a
good steady movement in ginghams, seersuckers, fancy cotton
dress fabrics, lawns, white goods, quilts and table damasks,
Mew O rlean s... 28,555
.
,
470,853 149,965 13,526 desirable makes of which are firmly held.
D om estic W o o l e n Goods.—The demand for clothing wool
Total w e e k ... 297,481
3 1 3 3 ’ ¡3 7
5,164
838,180 258,691
Oat w eek ’8 6 - 249,845 377,62» a ,to 0 ,0 0 1
. . .
.
ens at first hands was somewhat disappointing, buyers haying
i h l ^ o o r t a from the several seaboard ports for the week continued to pursue a cautious hand-to-mouth policy. There
1» 1887. are shown in the annexed statement: was a steady business in all-wool and union cassimeres, but
selections averaged light, and there was only a moderate
Feas.
Bye.
Oats.
Exports
Flour.
Oom .
Wheat.
movement in worsted coatings and suitings. Overcoatings
fro m —
were shipped in fair quantities on account of back orders, but
Bush.
Bush.
Bush.
Bbls.
Bush.
Bush.
11,785 current sales were few and unimportant in the aggregate.
24,944
7,812
77,248
Mew York 1,207,833 181,028
20,839
48,733
16,335
86,228
19,426 Fancy cloakings, Jersey cloths and stockinettes were m
Boston. 507
64,858
moderate request and desirable makes are steadily held by
Portland.
1,480
agents. Kentucky jeans and doeskins, also satinets, were in
H. H ews.
24,001
321,558
184,231
Phlladel.
55,882
irregular demand, but the best makes continue firm in price.
147,340 668,895
B altiin’rt
978
All-wool and worsted dress goods were in moderate request by
K. Orl’n s. 206,682
5,300
package buyers and fairly active in jobbing circles. Flannels
Biohm’nd
52,050 and blankets were mostly quiet, and a light business was done
24,944
7,812
1,897,172 1,187,816 214,129
Tot. V
B’m e time
66,718 in shawls; but carpets continued to move in fan quantities,
32,516
30,389
412,644 1,939,983 135,433
and some good-sized parcels of wool hosiery and heavy under
1886.
wear were shipped by California jobbers m order to economize
The visible supply of grain, comprising the stocks in granary
Ä J Ä Ä i t e S ^ m u W m at lake and seaboard ^ F oreign ’ Dry Goods.—Business was rather quiet in im
Ports, “ dm i^ansit hy water^Jdarch 19, m i . ^
porting circles, the demand having been chiefly of a hand-toOats,
bush.
bush.
1,774.015 689,710
24,900
.........
22,500
80,600
210,000
113,000
2
103*000
|.1 9 3 ,0 0 0 6,504,959 1,071,608
C h ic a g o ..............12’oo2 120 2,177,039
.........
Do afloat.........
100
.......
M ilwaukee............ 3,796,1
D o a f lo a t......
.........
In store a t—
y e w Y ork ------Do afloat.........
Albany..................
Buffalo...................
Wheat,
bush.
5.276,767
48,000
B arley t
bush
178,012
30,000
95,250
mouth character and moderate in the aggegate. Specialties
in dress goods and silks were, however, distributed m fair
11,000
Quantities, as were novelties in laces and embroideries,
27,500
the more Btaple fabric, though to limited request ruM
26,000 210,000 steady in price. The jobbing trade in foreign goods was fauiy
157,719 181,856
active and some large lines of laces and embroideries w
8,464 267,879 , gold to fair advantage through the auction rooms.
bush.
24,025
TU
THE CHRONICLE.
H auch 26, 188T.]
«¡roaÄtau aufl Monetati g a n ts aafl gaukers.
Bonds of“
Suretyship.
F O R E IG N .
C A N A D IA N .
Jfiuaucial ©nrapautrs.
NO OTHER BUSINESS.
Bank of Montreal.
$ 1 2 ) 0 0 0 .0 0 0 G o ld .
- $ 6 ,0 0 0 ) 0 0 0 G o ld .
C A P IT A L , g C B P L lJ S , -
o. F. SMITHER8, President.
w . J. BUCHANAN, General Manager.
Blake, Boissevain & Co., The Guarantee Co.
LO NDON, E N G L A N D . *"
N e g o tia te Railway, S tate and City loans.
E x e c u te orders for Bonds, Shares, etc., on Com
mission, and tran sact a general Banking and
Commission Business.
(Special a tte n tio n given to th e execution of
N o s.
NEW I ORE OFFICE:
69 & 61 W A L L S T R E E T ,
W a l t e r w a t s o n , \ i 2PTt.
A l e x ’k L a n g ,
i Ke
B ar and Sell Sterling Exchange, France and Cable
Transfers ; g ran t Commercial and T ravelers’ Crédita
a v a ila b le in any p a rt of th e W orld; issue d ra fts on,
and make Collections in, Chicago and th ro u g h o u t th e
Dominion of Canada-
London O ffice, N o . 2 2 A b c k n r c k L a n e .
orders fo r Securities on th e New York, Lon
don and A m sterdam Exchanges, in corres
po n d en ce w ith
BLAKE
BROTHERS
& CO.,
18 W a ll S tr e e t, N e w Y o r k ,
2 8 S t a t e S tr e e t , B o s t o n , H a u ,
AND
A D O L P H B O ISSE V A IN &. CO.
A m ste r d a m , H o lla n d .
Imperial Bank of Canada
THE
CAPITAI, (paid up), - - $1,600,000
SURPLUS, - - - - - - $500,000
Railway Share Trust Co.
H 8. HOWLAND, P res’t.
HEAD
D. R. W IL K IE , Cashier.
O F F IC E , TO R O N TO .
(LIM ITED ),
BRANCHES IN ONTARIO.
N o. 4 B A N K
B U IL D IN G S
Essex Centre.
N iagara Falls. Toronto.
Fergus.
P o rt Colborne. Toronto, Yonge St.
Q.alt.
8t. Catharines. W elland.
LONDON, ENGLAND.
Immersoli.
St. Thom as.
W oodstock.
b r a n c h e s in n o r t h w e st .
Winnipeg.
B randon.
Calgary.
Agents in London : » 1 A gents in New York :
Lloyd’s, B arnett s & Bos- g ANK of Mo n t r e a l , C a p it a l P a i d U p , £ 9 1 1 , 3 6 0 S t e r l i n g .
anquet s Bank, lim ited, I
Promptest atte n tio n paid to collections payable in
any part of Canada.
. . .
Approved Canadian business paper discounted a t
the H ead Office on reasonable term s, and proceeds
This Company undertakes th e business of Trustee
remitted by d ra ft on New York.
Dealers in Am erican Cur’y and Sterling Exchange. to Loans of approved Railways, negotiates and
issues Loans on th e London M arket, acta as A gent for
M erch an ts’ Bank
O F C A N ADA.
• $5,799,200 Paid Up.
Capital, •
....................... $1,500,000
Reserve,
O F F IC E , M O N T R E A L ,
N o. 52 W A L L
STREET.
Cable Address—P a v y , L o n d o n .
Heinemann & Co.,
Bank ot Australasia,
(Incorporated by Royal C harter, 1835.)
B A N K IN G
C O R P O R A T IO N .
Anglo-Californian Bank
BOSTON Correspond’ts, Massachusetts N. Bk.
- 1,500,000
- - 400,000
Transact a general banking business. Issue Com
mercial credits and Bills o f Exchange, available in all
aST'!.0*th e w°rld. Collections and orders fo r Bonds,
oiocks, e tc ,e x e c u te d upon th e m o st favorable term s
ig n a t z steuntlI a r t , } Man*aer*-
I*. N¿LILBNTLlAL, Cashier]
BO NDS O F S U R E T Y S H IP
from th is Company a t m oderate charges.
T he bonds of this Company a re accepted by th e
courts of th e various States
CASUALTY D E P A R T M E N T .
Policies Issued against aooidents causing death ot
totally disabling injuries.
Full inform ation as to details, rates, Ac., can he
obtained a t bead office, or of Company s Agents.
W m . M. R i c h a r d s , P rest. J o h n M. C r a n e , Seo’y.
R o b ’t J . H ^ ¿ k c It o r S .8eoret,ttry*
G. G. W illiams, David Dows,
W . G- Low,
J.8.T . Stranahan, A. 8. Barnes,
A.. B. H ull.
H . A. H urlbut, Alex. M itchell,
J , L . B iker,
J . D . Vermilve, ^.B . Chittenden,
Geo. 8. Coe.
Wm. M. Richards,
BOUGHT AND SOLD.
Hong Kong & Shanghai
- $ 6, 000,000
Nos. 214 A 218 BROADWAY, NEW YORK.
Cash Capital, $250.000, inverted in U. 8. G ov't Bonds.
$800,000 deposited w ith th e N. Y. Ins. D e p t, for
th e protection of Policy-holders.
A ssets, Jan u a ry 1st, 1887, $678,106.
Officials o f Banks, Railroads and
ales. M a n a g e r s , Secretaries, and Clerkslof Pnblio Cot»
p an i a«, institu tio n s and Commercial firms, can obtain
or Registration of Stocks in London, or otherw ise.
Paid-np Capital..................................................$7,500,000
R eserve F u n d .......................
4.500,000
THE
R eserve fo r Equalization o f D ividends. . . .
500,000
R eserve Liability of P roprietors................ 7,500,000
The Corporation g ran t D rafts, issue L e tte rs of
Credit fo r use of Travelers, and negotiate or collect
(LIM ITED).
Bills payable a t Bombay, Calcutta, Singapore,
Saigon, Manila, Hong Kong, Foochow, Amoy,
LO N D O N , Head Office, 3 Angel Court.
*AN F R A N C IS C O Office, 422 Californla 8t. Ningpo, Shanghai, Hankow, Yokohama, Hiogo, San
Francisco and London.
N EW Y O R K Correspondents,
J. & W. Seligman & Co. A . M . T O W N S E N D . A g e n t, 4 7 W illia m M t.
A u t h o r iz e d C a p i t a l , P a id -u p C a p it a l, - R eserve F u n d ,
F ID E L IT Y A C A SU A LTY CO.
Investment Securities
Buy and sell Sterling Exchange and Cable Trans 4 T h r e a d n e e d l e S t ,, L o n d o n , E n g l a n d
Paid-up Capital, - - - - - - £1,600,000
fers. Issue dem and d ra fts on Scotland and Ireland,
Reserve Fund, - - - - - - - £700,000
also on Canada, B ritish Columbia and San Francisco.
L etters of Credit and D rafts issued on any of th e
C lttC U I, AH NOTES issued in Pounds Sterling
available in all p arts of th e world. C O M M E R numerous branches of th e B ank throughout Aus
C IA L CREDITS ISSU E D fo r use in Europe, tra lia and New Zealand.
Bills negotiated or sent fo r collection.
China, Japan, E ast and W est Indies and th e Brazils,
Telegraphic tran sfers made.
River Plate, Ac.
D eposits received in London a t in te re st fo r fixed
Bills collected and o th er banking business tran s
acted.
periods, or fo r tra n sfe r to th e colonies on term s
wbioh may be ascertained on application.
D. A. M cTAVISH,
H . STIKEM AN,
5 Agenw.
_______________ PRIDEATTX SELBY. aeoretary.
F O R E IG N .
BROADW AY.
te r o f paym ents of In te re st on Loans, Dividends on
GEORGE H A G U E, G eneral M anager.
W. N. ANDERSON, A ssistant Gen’l Manager.
BA NK ERS:
LONDON, ENG.—T he Clydesdale B ank (Limited.)
62 Gresham House, E. C.,
NEW YORK—T he Bank of New York, N. B. A.
The New York Agency buys and sells Sterling E x
change, Cable Transfers, issues credits available in
LONDON,
all parts of th e w orld; makes collections in Canada
and elsewhere and issues d ra fts payable a t any of
the offices of th e bank in Canada. Every descrip S o lic it accounts and agencies of Banks, Railways
tion of foreign banking business undertaken.
Corporations, Firm s and Individuals upon
N ew Y o r k A g e n c y , N o . 6 1 W a l l S tr e e t .
favorable te rm s ; also orders fo r th e p u r
H EN R Y H A G U E,
1 Amenta
chase and sale of Bonds, Shares, Ac., Ac. on
JO H N B. H A RR IS, JR ., 5
th e Stock Exchange.
I n te r e s t allowed on Deposits, subject to 60-days
A G E N C Y OP T H E
sight d rafts, a t Bank of England ra te , and
one per cent below th a t ra te subject to
B a n k
dem and drafts.
N e g o tia te Railway, Stato and City Loans.
or
B
r
it
is
hN
o
r
t
hA
m
e
r
ic
a
,
NO. I l l
D. J . TOMPKINS. Secretary.
N iw Y o r k D ir e c t o r s —Joseph W .D re x e l, A. L .
H opkins, H . V ictor Newoomo, Jo h n P a to n , D aniel
Torrance. Edw. F. W inslow, E rastus W lman, F . P .
O ieott and J . E. Pulsford.
Railways and other Corporations, eith e r in th e m at
I President. ANDREW ALLAN, Esc.
0/^KT _
V ice-President, R OBERT ANDERSON, Esq.
HEAD
OF NORTH AMERICA.
Cash C apital..........................................................
Assets and Resources . . — • ..........................
Deposit w ith Insurance D e p a rtm e n t............. 340,000
P re s id e n t:
_V ice-President i
Si r a l s x . T. Ga l t ,
H on . J a s . F r r r ir b .
Managing D ire c to r: E d w a r d R a w l in g s .
NEW YORK O FFICE:
J o h n H o w a r d L a t h a m , F r e d e r ic k W. P e r r y
M ember of N. Y. stock Exchange.
J H. Latham & Co.,
UNITED BANK BUILDING,
N o. 2 W A L L S T R E E T , N E W Y O R K
City, County, S tate, R ailroad,D istrict of Columbia
Bonds and Foreign Exchange, and all Securities
Bated a t N. Y. Stock Exchange.
W ANTED!
Elizabeth City, New Jersey, Bonds and Sorip.
Southern C entral Ists.
M iddletown Unlonvtlle A W ater Gap 5s.
Indianapolis A V incennes ls ts and 2ds.|
Scioto valley Bonds, all issues.
A L B E R T E . H A C H F IE L D ,
N o . 5 1* P i n e Street.
J o h n G. M oo r e .
W . K. K it c h e n .
G. B. Sc h l e y
Moore &. Schley,
BANKERS AND BROKERS.
26 BRO AD ST R E ET, NEW
YORK.
B r a n c h O f f ic e s :
72 W all St., N. Y.
114 So, T hird St., Phila.
Connected w ith
I. A. E v a n s A Co., Boston,
„ _
Co rso n A Ma c a r t n e y , W ashington, D.C.
E. L. B r e w s t e r A Co„ Chicago.
H u b b a r d A F a r m e r , H artford.
P rivate W ire Connections.
Buy and sell Stocks, Bonds and Miscellaneous
Securities on New York Exchanges; also G rain and
Provisions on Chicago Board of Trade,
O F F IC E S
TO
LET
AT
NO.
47
V-/ Broadway, in large and small suites, and a t
low rents. M odern first-class office building, steam
heat, elevator, etc. Steam -heat and ja n ito r’s serv
ices included in r e n t; also basem ent office in same
building, fronting on Broadway, well lighted.
JO H N F. DOYLE,
45 William S treet.
IJ O S E P H
G l L L O T ^ j
STEEL PENS
GOLD MEDAL PARIS EXP031T10H-1878,
T H E MOST PERFE0 T OF PENS
IV—
^ m
m
R u c tio n
jte le s .
STOCKS and BONDS
At Auction.
The Undersigned hold REGULAR AUCTION
BALES, of all classes of
STOCKS
AND
BONDS,
ON
WEDNESDAYS AND SATURDAYS.
A D R IA N H . M U L L E R f t SOM,
NO. 12 PINE STREET, NEW YORK.
(EQUITABLE BUILDING.)
THE CHRONICLE.
r ill
¡’Cxnst (&&uits.
Qxust Companies.
[V ol . H I V
%usnvvcutt.
Trust C<^
Union Trust Company United States
OF N EW YORK.
OF NEW
YORK,
78 Broadway, cor. R ector St., N. Y.
N o. 40 W A LL S T R E E T ,
C a p it a l a n d S u r p l u s , - - - $ 6 ,0 0 0 ,0 0 0
C A P I T A L .* - - - - - $ 1 ,0 0 0 ,0 0 0
This compan. is a legal depository for moneys pal«
SU R P L U S*, $ 2 ,0 0 0 ,0 0 0
Into court, and is authorized to act as guardian o>
Authorized to act as Executor, Administrator
^ IN T E R E S T ALLOWED ON DEPOSITS. *
Guardian, Receiver, or Trustee, and is
which may be made at any time, and withdrawn aft®
A. LEGAL DEPOSITORY FOR MONET.
five days’ notice, and will be entitled to interest foi
Accepts the transfer agency and registry of stocks, the whole time they may remain with the company.
Executors, adm inistrators, o r trustees of estates
and acts as Trustee of mortgages of corporations.
Allows Interest on deposits, which may be made at and fem ales unaccustomed to th e transaction¡ofbust
any time, and withdrawn on five days' notice, ’with ness, as well as religious and benevolent institutions
Interest for the whole time they remain with the will find this company a convenient depository foi
money.
JOH N A. STEW ART, President.
oompany.
,
...
m. WILLIAM H. MACY, Vice-President
For the convenience of depositors this oompany
*
JAMES S. CLARK, Second Vice-Pre»’
also opens current accounts subject, In accordance
with Its rules, to check at sight, and allows Interest
upon the resulting dally balances. Such checks pass
TRUSTEES:
through the Clearing Mouse.
Dan. H. Arnold, D. Willis James,] Robt.B. Mlnturn,
Thos. Slocomb, JohnJ.Astor,
Geo. H. Warren,
TRUSTEES:
Charles E. Bill, John A. Stewart, George Bliss,
Wm. Whitewrlght,
James M. McLean,
Ambrose C. Klngsland,
Wilson G. Hunt, S.M.Bucki’gham, William Libbey,
Henry A. Kent,
Wm. H. Macy, H. E. Lawrence, John C. Brown,
James H. Ogilvie,
R. T. Wilson,
Clinton Gilbert, Isaac N. Phelps, Edward Cooper,
r>.T. Fairchild.
Wm. F. Russell,
Daniel D. Lord, Erastus Corning, W.Bay’rdCntting
I. H. Frothlngham,
C. D. Wood,
Samuel
Sloan,
S. B. Chittenden, Chas. S. Smith,
George
A.
Jarvis,
James N. Platt,
James Low.
JohnH.Rhoades, Wm.Rockefeller,
C. Vanderbilt,
D. C. Hays,
Wm. W.PhelPB, Anson P. Stokes, Alex. E. Orr.
A. A. Low,
James Forsyth,
HENRY L. THORNELL, Secretary.
G. G. Williams,
George Cabot Ward,
LOUI8 G. HAMPTON. Assistant Secretary.
R. G. Remsen,
Edward King,
J. B. Johnston,
E. B. Wesley,
Edward Schell,
D. H. McAlpin,
Amasa «i. Parker,
George B, Oarhart,
Samuel F. Barger,
Henry Stokes,
Robert Lenox Kennedy, Geo. C. Magoun.
1 1 3 B R O A D W A Y , NEW Y O R K .
EXECUTIVE COMMITTEE :
C a p ita l, F u lly P a i d ........................$ 1 ,0 0 0 ,0 0 0
Wm. Whitewright.
G. G. Williams,
James M. McLean,.
hi. B. Wesley,
THIS COMPANY TRANSACTS A GENERAL
J. B. Johnston,
C. D. Wood,
LOAN, TRUST AND FINANCIAL BUSINESS.
D. C. Hays,
C. Klngsland.
Receives Money on Deposit subject to check, and
ivDWARI) KING, President,
_
allows Interest on balances.
JAMES M. MoLEAN, First Vlce-Pres’t.
JAMES H.OGILVIE, Seoond Vlce-Pres’t.
All Checks pass through the Clearing-house.
A. O. R0NALD80N. Secretary.
MAKES INVESTMENTS OF MONEY.
ACTS AS EXECUTOR. ADMINISTRATOR,
GUARDIAN, TRUSTEE, Etc.
ALSO, AS REGISTRAR AND TRANSFER AGENT.
COMPANY, OF
XW An Authorized Depository for Court and
County Treasurers’ Fund.
B A L T IM O R E .
ROWLAND N. HAZARD. President.
GEORGE S. HART, Vice-President.
$ 5 0 0 ,0 0 0
C a p ita l.
- . -WILLIAM O. SNOW, Secretary.
$ 2, 000,000
A u th o riz e d C a p ita i,
JAMES S. THURSTON, Treasurer.
DIRECTORS:
Authorized to act as Executor. Administrator,
Guardtan, Receiver, or Trustee, and is
G eorge H . P o tts ,
W a l la c e C. An d r e w s ,
J o h n L. Ma c a u l a y ,
I r a Da v e n p o r t ,
A LEGAL DEPOSITORY FOR MONEY.
M. VARNUM,
WILLIAM D. SNOW,
Accepts the transfer agency and registry of stocks JAMES
J o h n I. B l a ir ,
J o h n d . K im m e y ,
and acts as Trustee of mortgages or corporations.
E
d
w
a
r
d
f
.
B
r
o
w
n
in
g
,
ic A. P otts ,
Takes charge of property, collects and remits in R ow land N. H a z a r d , JForhknb eRkoss
,
terest and income promptly, and discharges faith G
e o r g e S. H a r t ,
A l e x a n d e r G. B lack
fully the duties of every trust known to the law.
W m . B. Din sm o r b ,
F r a n k C. H o l l in s ,
Money received on deposit. All Trust Assets kept E
l ia s L e w is , J r .,
T hom as L. W atso n ,
separate from those of the Company.
E l ia s C. B e n e d ic t ,
Burglar-proof Safes and Boxes (having chrome J u l e s A l d ig e ,
W il l ia m P . A n d e r s o n .
steel doors) to rent at $10 to $100per annum in their St ev e n so n B u r k e ,
new and elegant chrome steel FIRE AND BURG*
LAR-PROOF VAULTS, protected by improved
THE
Time Locks.
.
,
_ '
Wills kept in vaults without charge. Bonds and
Stocks, Plate and all Valuables securely kept under
guarantee at moderate charges. Paintings, Statu
ary, Bronzes, etc., kept in fire-proof vaults.
OF PHILADELPHIA,
JOHN GILL, W.W. SPENCE, L. C. FISCHER
President.
Vice-Pres’t.
Treas.A Sec.
N o. 1340 C h e s tn u t S tr e e t.
C A P IT A L ,
. . . . .
$ 5 0 0 ,0 0 0
DIRECTORS:
W. W. Spence, Louis McLane, John E. Hurst,
Stewart Brown. Receives deposits of money payable by check and
ChristianDevries Robert Lehr,
allows interest thereon; also receives for safe
W. H. Blackford,
C.Mort’n Stewart W. A. Tucker,
keeping securities and other valuables, and
Robert Garrett, •Tas. Carey Coale, E. A. Jenkins,
rents safe deposit boxes in burglar-proof
Chas. D. Fisher, Oliver A. Parker, Bernard Cahn,
vaults.
Geo. P. Thomas, W. H.Whttrldge, J.WUlcox Brown, Receives
Trusts of every description, acting as
O. H. Williams, iJ. A. Hambleton, Alex. Frank,
executor, administrator, assignee, etc., and
Thos. Deford.
John Gill.
Andrew Reid,
executing surety for the faithful performance
of any trust or office.
Acts as Agent or Attorney for the sale or manage
ment of real estate, and Insures titles to teal
estate and mortgages.
fill AND 618 CHESTNUT STREET,
OFFICERS:
P H IL A D E L P H IA .
President—FRANK K. HIPPLE.
Secretary—WILLIAM R. PHILLER.
Authorized Capital....................................... $1,000,000
Treasurer—WILLIAM F. NORTH.
Paid-up Capital........................................... 500,000
Real Estate Officer—THOMAS B. PROSSER.
Acts as Executor, Administrator, Assignee, etc.
DIRECTORS:
and executes trusts of every description known to
Frank K. Hippie,
George Philler,
Edward T. Steel,
Henry C. Gibson,
All trust, assets kept separate from those of the Com
Charles W. Henry,
Lemuel Coffin,
pany.
John F. Betz,
Beauveau Borie,
Burglar-Proof Safes to rent at $5 to $50 per annum.
Thomas Dolan,
William M. Singerly.
Wills kept in vaults without charge.
R. Dale Benson.
John Wanamaker,
Bonds, Stocks and other valuables taken under
Solicitor—GEORGE JUNKIN.
guarantee.
Repository for Western Mortgage loans, bearing 6
and 7 per cent interest. Principal and interest guar
anteed.
I
Money received on deposit at interest.
J AS, LONG, Pres’t. JOHN G. READING, V.-Pres’t.
Cor. of Montague and Clinton Sts.,Brooklyn, N.Y.
MAHLON S. STOKES, Treasurer A Secretary.
D. R. PATTERSON, Trust Officer.
This oompany is authorized by special charter to
DIRECTORS.
act as receiver, trustee, guardian, executor or admin
James Long.
Alfred S.Gillett, Joseph Wright,
istrator.
C.P.Turner, M.D. Wm. 8. Price,
John T. Monroe,
It can act as agent in the sale or management of
W.J. Nead,
Thos. R. Patton, J. G. Reading,
real estate, collect interest of dividends, receive re
Wm. H. Lucas, D.H.Agnew.MJ' Jos. I. Keefe,
gistry and transfer books, or make purchase and sale
Rob’t Patterson, Theo. C. Eng* 1, Jacob Nayler,
of Government and other securities.
Thos. G. Hood, jEdw’dL.Perkins William Watson,
Religious and charitable institutions, and persons
Samuel Riddle. Gl en R id d l e , Pa.; Dr. George W. unaccustomed to the transaction of business, will
Reily, H a r r is b u r g . P a. J. Simpson Africa, H u n t find this Company a safe and convenient depository
in g d o n ; Henry S. Eckert, R e a d in g ; Edmund 8. for money, RIPLEY ROPES, President.
Doty, Mif f l in t o w n ; W. W. H. Davis, DOYLESEDMUND W. CORLIES, Vice-Pres’t.
t o w n ; R. E. Monaghan, W e st Ch e s t e r .
TRUSTEES:
Joslah O. Low, E. F. Knowlton, H*y K. Sheldon,
Alex. M. White, John T. Martin, C. D. Wood,
A. A. Low,
Fred. Cromwell, Wm. H. Male,
Alex. McCue,
John P. Rolfe, Ripley Ropes,
Mioh’l Chauncey, E. W. Corlies.
Abram B. Baylis,
Wm. B, Kendall, H. E. Pierrepont, H. W, Maxwell,
Mills B uilding, 35 Wall 8 t., New York
J am bs R oss Cu r r a n , Secretary.
P A I D U P C A P I T A L , $ 1 ,0 0 0 ,0 6 0 .
F r e d e r ic k C. Colton , Asst. Sec’y.
Designated as a legal Depository by order of Su
preme Court. Receive deposits jf money on Interest,
act as fiscal or transfer agent, or trustee for corpora
lions, and accept and execute any legal trusts tram
persoDs or corporations on as favorable terms as
other similar companies.
HILLHOUSE,President.
B ANKE R S ,
FREDERIC D. TAPPEN, Vice-President,
C I N C I N N A T I , O H IO .
WALTER J. BRITTIN. Secretary.
American Loan & Trust Co,
Mercanti]e Trust & Deposit
Real Estate Trust Co.
The Union Trust Co.,
The Brooklyn Trust Co.,
Metropolitan Trust Co.,
George Eustis & Co.,
OFFICE OF THE
A T L A N T I C
Mutual Insurance Co.,
NEW YORK, January 24,1887.
The Trustees, In conformity to the Charter o;
the Company, submit the follow ing Statement
of its affairs on the 31st December, 1886:
Premiums on Marine R isks from
1st January, 1886, to 31st
December, 1 8 8 6 . . . . . . . . . . . . . . . $3,809,250 53
Premiums on Policies not marked
off 1st January, 1 8 8 6 .............. 1,426,049 46
Total Marine P rem iu m s..... $5,235,299 99
Premiums marked off from 1st
January, 1886, to 31st Decem
ber, 1886........................................$3,817,699 86
Losses paid during the sam e
p e r i o d . . . . . . . . . . . . .............
$2,206,588 68
Returns of Premiums and Exp e n s e s ..... . . . . . . . . . . . . . . . . . . . . .
$841,378 15
The Company has the following Assets, viz.;
United States and State of New
York Stook, City, Bank and
other S t o c k s . . . . . . . . . . . . . . . . . . . . $9,382,375 00
Loans secured by Stocks and
o t h e r w i s e ......... . . . . . . . . . . . . .
707,100 00
Real E state and Claims due the
Company, estimated a t . . . . . . . .
501,647 31
Premium Notes and B ills Re
c e iv a b le ........ ..............
1,568,134 20
Cash in Bank...................................
285,254 68
Amount,__________________ $12.444.511 69
SIX PER CENT INTEREST on the outstand
ing certificates of profits w ill he paid to the
holders thereof, or their legal representatives,
on and after Tuesday, th e 1st of February next
THE OUTSTANDING CERTIFICATES of
the issue of 1882 w ill be redeem ed and paid to
the holders thereof, or their legal representa
tives, on and after Tuesday, the 1st of February
next, from which date all interest thereon wll
cease. The certificates to be produced at the
time of payment and canceled.
A DIVIDEND OF FORTY PER CENT is
declared on the n et earned premiums of the
Company, for the year ending 31st December,
1886, for which certificates w ill be issued on
and after Tuesday, the 3d of May next.
By order of the Board,
J . H . C H A P M A N , S ecreta ry .
T B U 8T B E 8:
J. D. Jones,
W. H. H. Moore,
A. A. Raven,
James Low,
Wm. Sturgis,
Benjamin H. Field,
Josiah O. Low,
Edmund W. Corlies,
Robert B. Mlnturn,
William Degroot,
Horace Gray,
William E. Dodge,
William H. Macy,
C. A. Hand,
John D. H ewlett,
William H. Webb,
Charles P. Burdett,
Henry E. Hawley,
Adolph Lemoyne,
William D. Morgan,
Charles H . Marshall,
Frederick H. Cossitt,
William Bryce,
John Elliott,
Jam es G. De Forest,
Charles D. Leverioh,
John L. Biker,
N. Denton Smith,
George Bliss,
Isaac Bell,
Edward Floyd-J ones,
Anson W. Hard,
Thomas Maitland,
John Edgar Johnson,
Ira Bursley,
James A. H ewlett,
George H. Macy.
JOHN D. JONES, President.
W. H. B . MOOSE, Vice-President.
LA. A.ÇEAVEN, 2d Vlee-Pres’T.
Ma r c h
ix
THE CHRONICLE
26, 1887.J
%usuxvtuc**_____
C o t t o n . ____________
p lis c e lla tx je ö u s .
Price & Co.,
& Wisner, Hubbard,
C
otton
E
x
c
h
a
n g e , M ew Y o r k ,!
The United States Life Crenshaw
1 1 W A L L S T ., N E W Y O R K ,
AND
COMMISSION M E R C H A N T S,
Insurance Co.
Members o f th e Cotton, Coffee and Produce Bxoh’s.
Price, Reid & Co.,
IN T H E C I T Y O F N E W Y O R K .
AGENCY OF
(ORGANIZED IN 1860.)
2gl, 262 & 263 Broadway, New York.
G. H . BURFORD, President,
a P . m t H S B , 860*7. A. WHMLWMGHT, ASS*t Seo
WM. T. St a n d e n , Actuary*
Aii the profits belong to the Polioy-holders exclu
__
sively.
All Policies issued by this Company are in d is p u t
able after three years.
All Death Claims paid WITHOUT DISCOUNT as soon
m satisfactory proofs hare been received.
This Company Issues all forms of Insurance, In
cluding Tontine and Limited (Non-Forfeiting) Tontlne.
.
. .
One month’s grace allowed In the payment of
Premiums on Tontine Polioies, and ten days’ grace
on all others, the Insurance remaining In full force
during the grace.
Absolute security, oombined with the largest liber
ality, assures the popularity and success of this com
pany.
GOOD AGENTS, desiring to rep resen t th e Com
pany, «re Invited to address J . S. G AFFNEY, SuperInto»dent of Agencies, a t H om e Office.
THE HAY ATX CRENSHAW CO.,
R IC H M O N D , V A .
Standard B rands of Flour for Shipm ent to W arm
Climates always on hand.
ORIENT GUANO MANUFACT’G CO.,
O R IE N T , L . I .
Standard Superphosphates.
NORFOLK, YA.
Cotton Brokers & Commission Merchants
Liberal advances m ade on C otton consignm ents.
Special a tte n tio n given to th e sale of cotton to a r
rive or in tra n s it for both foreign and dom estic m ar
kets. O rders fo r F u tu re C ontracts executed in New
York and Liverpool.
Gwathmey & Bloss,
SULPHUR MINES COMPANY
O F V IR G I N I A .
H igh Grade P yrites free from A rsenic.
Brinckerhoff, Turner
& Co.,
COMMISSION
MERCHANTS,
No. 123 PEARL ST., NEW YORK.
Orders fo r fu tu re delivery of Cotton executed in
M anufacturers and D ealers la
New York and Liverpool; also fo r G rain and Pro
COTTON SAILDUCR
visions in New York and Chicago._____________ ___
A nd all kinds of
COTTON CANVAS, FELTIN G DUCK, OAJ
COVERING, BAGGING, RAVENS DUCK, SAIL
TW IN ES, AC„ “ONTARIO" SEAMLESS
BAGS, "AW NING STRIPES.
Also, Agents
J. C. Graham & Co.,
19
S o u t h W i l l i a m S t. 4c 51 S t o n e S t . ,
NEW YORK.
C O T T O N .
U N I T E D S T A T E S B U N T I N G GO.
THE
EQUITABLE LIFE
ASSURANCE SOCIETY.
In S u r p l u s (namely the excess
of accumulated funds over liabili
ties), in P r e m i u m I n c o m e , in the
amount of A s s u r a n c e i n F o r c e , the
Equitable Life Assurance Society ex
ceeds every other life assurance com
pany, and may be regarded as the
largest and strongest organization of
its kind in the world.
Assets, J a n u a r y 1, 1887......... $75,510,472.76
L iab ilities o n 4 p e r ct. b a s is .. $59,154,597.00
S u rp lu s o n 4 p e r ct. b a s i s . . . $16,355,875.76
N ew A ssu ran ce in 1 8 8 6 . . . . $111,540,203.00
O u tsta n d in g A s s u r a n c e .. . . $411,779,098.00
Jlfu ll supply, all W idths and Colors, always In stock
BUYERS FOR AMERICAN MILLS.
_________ N o . 1 0 9 P u t n s S t r e e t .________
S e lm a , M o n t g o m e r y a n d N e w Y o r k .
BAGGING.
W A R R E N , JO N E S & C R A T Z ,
S T . L O U IS , M o .
M a n u f a c tu re rs of P u r e J u t e B a g g in g .
IMPORTERS OP
IRON
COTTON
TIES.
B liss, F a b y a n & Co.,
New York, Boston, Philadelphia,
BULLING AGENTS FOR LEAD IN G BRANDS
B R O W N & B L E A C H E D S H IR T IN G S
A N D S H E E T IN G S ,
PRIN TS, DENIMS, TICKS, DUCKS, 4ke.
T o w e l s , Q u i l t s , W l i l t e G o o d s 4c H o s i e r y
D rills, Sheetings, Ac, for Export Trade.
SECURE BANK VAULTS.
J ohn '.l . Bullard.
H enry
h . wheeler .
Bullard & Wheeler,
COTTON COMMISSION MERCHANTS
N EW YORK.
ALSO
B A G G IN G
AND
IR O N
T IE S ,
(FOR BALING COTTON).
A dvances made on Cotton Consignments and Speolal
A tten tio n given to purchase an a sale of FU TU R E
CONTRACTS OF COTTON._____________________
B. F. BABCOCK & CO.
COMMISSION MEBCHANTS,
11
W a ter
S tr e e t,
L IV E R P O O L ,
Receive consignm ents of Cotton and o th er Produce,
and execute orders a t th e Exchanges in Liverpool.
R epresented in New York a t th e office of
SAM’L D. BABCOCK,
82 N assau Street, New York.
Dennis Perkins & Co.,
The Mutual Benefit
COTTON BROKERS,
1 2 5 P e a r l S tr e e t, N e w Y o r k .
LIFE IN SU RANCE CO., N E W A R K , N. J .
O rders fo r Spot Cotton a nd F u tu res promptly
executed.
AMZI DODD,
P resid en t.
Assets (Market Values), Jan . 1,1887.. .$40,820,204 15
Liabilities (4 per cent Reserve)............ 87,974,809 21
Surplus........................................................ 2.851,464 94
Surplus (New York Standard)................ 5,512,129 81
POLICIES ABSOLUTELY NON-FORPEITABLE AFTER
SECOND YEAR.
in case of l a ps e th e Policy is c o n tin u ed i n force
d8 i!?n® as ^ s value will pay for: or, if preferred, a
Paid-up policy for its full value is issued in exchangeAfter the second year Policies are in c o n t e st a b l e ,
except as against intentional fraud : and all restrle.
don* as to residence, travel or occupation are removed.
CASH loans are made to th e extei_l o f 50 per cen t
d f. , reserve value, where valid assign n e n ts o f th e
Policies can be made as collateral security.
losses paid imm ediately upon com pletion and ap
proval ot proofs.
ESTABLISHED 1866.
WELDED CUBOME STEEL AND IBON
FOR SAFES, VAULTS, Ac.
COTTON BROKER AND AGENT,
Cannot be Sawed, C ut or Drilled, and practloally
B urglar-Proof.
38 R U E D E LA B O U R SE . H A V R E ,
CHROM E
Circulars Free.
STEEL
W O RK S,
B R O O K L Y N , N . Ys
promptly executed.
Mo. 1 W IL L IA M S T R E E T ,
(HANOVER SQUARE.)
W
a
l
t
e
r & Fa
t
m
a
n
,
COTTON B R O K E R S ,
S3 B W I V U B
strrrt ,
wnw Y O R K .
Geo.H.McFadden&Bro.
COTTON
MERCHANTS,
P H IL A D E L P H IA .
Liverpool Co rrespo ndent s j
F R E D E R I C Z E R E 6 A 4c GO.
FELLOWES, JOHNSON & TILESTON,
C O T T O N , S T O C K S , B O N D S , d ec.,
J Îje a m s M p s .
« d m
mHÊtUMBÊm
OMET
Eugene R. Cole, Direct Line to France.
S T A T IO N E R A N D P R I N T E R .
Bankers, Stock Brokers and CorpoStattonery comp*ete outfits of A ccount Books and
l*® ” N®w concerns organising will have th e ir orders
F. Hoffmann,
In R ound and F la t B ars, and 5 ply P lates and Angle
GENERAL TRANSATLANTIC CO.
B e tw e e n N E W Y O R K a n d H A V R E .
From P ie r (new) 42, N erth R iver, fo o t of M orton S t,
LA BOURGOGNE. FrangueL.Sat., M arch 20, 0 A.M.
LA BRETAGNE, de Jousaelin....S at., April 2. noon.
LA GASCOGNE, Santelli...... . .Sat., A pril 9, 0 A. M.
Travelers by tn is line avoid ooth tra n s it oy jungil»..
railw ay and th e discom forts of crossing th e Channel
in a sm all boat.
P rice : o f P a ss a g e (including wine):—^To H a v re F irst cabin, $100 and $80; second oabin, $00: stee r
age, $22—including wine, bedding and utensils. R e
tu rn tick ets a t m uch reduced ra te s. Checks onBanqne
T ran satlan tic ue, H avre and P aris,in am ounts to su it
S p e c i a l T r a i n f r o m H a v r e t o P a r la .
T he Compagnie G enerale T ransatlantique delivers
a t its office in New York special tra in tickets from
H av re to Paris. Baggage checked through to Paris
w ith o u t exam ination a t H avre, provided passengers
have th e same delivered a t th e Company’s dock in
New York, P ier 42 N orth R iver, foot of M orton 8t„
a t le a st tw o hours before th e departure of a steam er,
L O U IS D E B E B I A N , A g e n t,
N o. 8 B o w lin g G reen .
25 W ILLIAM STREET, N EW YORK.
O rders in “ F u tu res” executed a t N Y. Cotton Bxch
JO H N
H . C U S H Y & CO.,
COTTON BUYERS,
M ONTGOM ERY, ALA .
Pu rch a se
on ly on
Orders F or
a
C o m m is s io n
Alexander & Cargill,
COTTON BROKERS,
A U G U ST A , G E O R G IA .
E n tire a tte n tio n given to purohase of COTTON
TO ORDER fo r SPIN N ERS and EXPORTERS.
CORRESPONDENCE SOLICITED.
References.—N ational Bank of A ugusta, Ga
H enry H e n tt St Co., Commission M erchants, Nev
Y o rk ; W illiam B. D ana & Co., P roprietors Commer
cial & F inancial Chronicle, and other New Fork
H ouses.
.
________
Edward H.Coates & Co.,
Cotton Commission Merchants,
NO. 1 1 6 C H E ST N U T S T R E E T ,
P H IL A D E L P H IA .
NO. 4 9 M A IN S T R E E T ,
N O RFO LK , VA.
M rjm rM Bs
o r d e r s s o l ic it e d .
TBE CHRONICLE
X
2 ^ lis c je X îa tiC 0 U 5 .
Œ x r lîtf tu
(P ilo ti.
Waller T. Hatch.
Noth’l W. T. Hatch.
Woodward & Stillman,
Post Building, 16 & 18 Exchange Place,
INMAN, SWANN & Co
YORK.
COTTON MERCHANTS,
LOANS MADE ON ACCEPTABLE SECURITIES.
A ttention to o r d er s for Contracts
F u t u r e D el iv e r y of Cotton .
spe c ia l
fob
N ew F o rk .
COTTON, A LL GRADES, SU ITA BLE TO WANTS
OF. SPINNERS
Offer ed on T erms to Su it .
BANKERS,
Id NASSAU STREET, NEW YORK.
n „ ,v .rn Ap-TfT, S1 3 2 C h u rch S t r e e t , N . Y „
BRANCH OFFICES J 8 0 g c h a p e l S t ., N e w H a v e n
Personal a tte n tio n given a t th e EXCHANGES to
th e purchase and sale of STOCKS and BONDS for
cash or on m a rg in .______
DEPOSITS REC EIV ED —subject to check a t sight
—w ith In te re st upon balances.
Special atte n tio n paid to INVESTM ENTS and
accounts of COUNTRY BANKERS.
Bethlehem Iron Comp’y
Williams, Black & Co., Mohr, Hanemann& Co.,
BANKERS AND COMMISSION MERCHANTS,
1 W IIiL IA M
STREET,
>10 and 42 W all Street,
M a n h a tta n B u ild in g ,
COTTON
EXCHANGE
NEW YORK.
C O T T O N , G R A IN ,
P R O V IS IO N S , C O F F E E ,
STO C K S, P E T R O L E U M ,
Lehman ,
stern
& Co.,
New Orleans, La.
% n s v L K x u tz .
New York.
M A R IN E A N D IN L A N D IN S U R A N C E
Sp e c ia l a t t e n t io n g i v e n t o t h e E x e c u t io n
o f o r d e r s FOR f u t u r e c o n t r a c t s .
LEHMAN BRO’S,
C otton
Robert Tannahill & Co.,
Cotton Commission Merchants,
L ehman , Du r r & Co.,
Montgomery, Ala.
F actors
AND
COM M ISSION M E R C H A N T S ,
No. 40 EXCHANGE PLACE,;
MEMBERS OF IBM COTTON, OOFFEE AND
PRODUOE EXOBANGES.
Up -town office , No. 204 church Street ,
N ew Y ork.
C o t to n E x e h a n g e l B n l l d l n g , N e w Y o r k .
Special a tte n tio n given to th e purchase and sale of
FU T U R E CONTRACTS
in New York and Liverpool.
Rountree & Co.,
COMMISSION MERCHANTS,
C O T T O N E X C H A N G E , N E W Y O R K , and
N O R F O L K , VA.
C O T T O N , G R A I N , P R O V IS I O N S ,
Orders executed at. th e Cotton Exchanges In New
S to c k s a n d P e t r o l e u m .
Fork and Liverpool, and advances m ade on Cotton
O rders executed In New York, Chicago and Liv
and o th er produce consigned to us, or to our corres- erpool.
All grades o f cotton suitable to spinners’
ointents In Liverpool: Messrs. L. Rosenheim A w snts offered
on favorable term s.
ona and A. Stern & Co.; In London, Messrs. B.
Newgass A Co.
S
Henry Hentz & Co.,
COMMISSION MERCHANTS,
8| S o n t h W i l l i a m S t ., N e w Y o r k ,;
EXECUTE ORDERS FOR FU T U R E D ELIV ER Y
C O T T O N
ftt th e N EW YORK, LIV ERPO O L AND N EW ORLEANS COTTON EXCHANGES. Also orders for
C O F F E E
a t th e N EW YORK OOFFEE EXCHANGE, and
G R A IN A N D P R O V IS IO N S
• t th e NEW YORK PRODUCE EXCHANGE and
th e CHICAGO BOARD OF TRA D E.
Co r r e s po n d e n t s :
M essrs. Smith, Edw ards A Co., Cotton Brokers
Liverpool.
„
„ ,
Jus. Lea M cLean. New Orleans.
N ew Y ork .
B U IL D IN G ,
COMMERCIAL MUTUAL
IN S U R A N C E C O M P A N Y ,
42 WALL STREET, NEW YORK.
A SSET S:
ORDERS EXECUTED IN
NEW YORK, CHICAGO, NEW OR
LEANS, ST. LOUIS, LIVERPOOL,
HAVRE, &c,___________
H enry P. Hatch.
A rth u r AT. Hatch.
W. T. Hatch & Sons,
MERCHANTS,
NEW
[H a s c h 2 6 . 1887.
G.
Schroeder & Co.,
Successors to W A R E A SCHROEDEB,
C O M M ISSIO N ME R C H A N T S ,
Cotton Exchange Building,
NEW
YORK.
Orders fo r fu tu re delivery of Cotton executed In
New York and Liverpool; also fo r G rain and Pro
visions In New York and Chicago.
Geo. Copeland & Co.,
COTTON BROKERS,
134 P E A R L ST R E B T , N EW Y O R K .
U nited States Securities............................. $177,830 00
B ank Stocks of New York City B anks.... 111,535 00
City and other Stocks and Bonds, Loans
and Cash in B anks..................................... 839,403 43
Prem ium Notes, Cash Prem ium s, Re-insurance and o th er Claims........................ 65,220 75
T otal A ssets Jan u a ry 1,1887.............. $693.489 18
W. IRVING COMES, President.
H e n r y D. K in g , Sec. W a in w h ig h t H a b d ie ,V.P.
j a r This Company Issues Certificates of Insurance,
losses payable in LONDON, a t its B ankers, Messrs.
BROWN, SH IPLE Y & CO.
Phenix Insurance Co.
OF BRO O K LYN,
Office, 195 Broadway, New York City
Statement of Company le t D ay o f Jan., 1887.
Ca p i t a l .......... ........................ $1,000,000 00
ca sh
Reserve for unearned prem ium s..........
Reserve fo r unpaid losses..............
Net surplus...................
3,166,886 97
859,197 93
557,086 <8
Cash assets................................................. '$5,883,17168
STEPH EN
C R O W E L L ,J P r e s id e n * .
WM. B. CROW ELL, V ice-President.
PH IL A N D E R SHAW , Secretary.
GEO. H . F1SKE, A ssistant Secretary.
FRANCIS P . BURKE, Seo’y Local Dep’t,
North British
& Mercantile Ins. Co.
OF
LONDON A N D E D IN B U R G H .
U. S. Branch Statement Jan. 1,1887.
Invested and Cash Fire A ssets................$3,378,754 40
L IA B IL IT IE S :
R eserve for U nearned P rem ium »....
$1,217,584 86
Reserve fo r U npaid Losses................
148,082 96
N et ¡Surplus....................<................. 8 , 0 1 3 ,1 9 6 5 8
$3,378,754 40
Losses paid in U. 8. in 20 years . . $ 1 7 , 1 6 4 , 6 8 9 7 7
U. S. B ranch Of f ic e , 54 W il lia m St ., N. Y
The Safe Deposit Co. of New York.
CH AS. E . W H IT E , SAM . P . B L A G D E N ,
M a n a g e rs.
JAS. F. DUDLEY, Deputy Manager.
M T N A
Insurance C o m p a n j
THE FIRST ESTABLISHED IN THE WORLD.
O F F E R S U N E Q U A L L E D S E C U R IT Y .
OF H A R T FO R D .
R E N T S SA FE S IN IT S B IJ R G E A R -P R O O F VAIJETS.
RECEIVES SILVERWARE ON DEPOSIT.
Capital..........................................
Liabilities for unpaid losses
and re-insuranoe f u n d .......
N 6t Surplus..............................
$4,000,000 00
2,118,618 19
3,450,221 37
A s se ts J a n . 1 , 1 8 8 7 .... $ 9 ,5 6 8 ,8 3 9 5 6
THE
OFFICES
HAVE
BEEN
NEWLY
FURNISHED
WITH
N o. 68 W a ll S tr e e t, N e w Y o r k .
J A S . A . A L E X A N D E R , A g en t.
EVERY
IMPROVEMENT
AND
SECURITY.
o AIMERCIAL U'NIOA
140, 142 and 146 Broadway.
F R A N C I S M . J E N C K 8,
P r e s id e n t.
G E O R G E H . VO SE.
S ecreta ry
Assurance Co., limited
OF LO ND O N;
Office, Cor. P ine <6 W illiam Sts., New Fork.
@FedFRASER