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AND
HUNT’S
MERCHANTS*
MAGAZINE,
3tf*«felt} gUw*p»i>er,
REPRESENTING
THE
INDUSTRIAL
VOL. 26.
AND
COMMERCIAL INTERESTS OF THE UNITED
STATES.
SATURDAY, MARCH 30, 1878.
CONTENTS.
THE
The
Integrity of Banking
;
Latest
Monetary and Commercial
English News
301
802
303
Commercial and
News..
THE BANKERS’ GAZETTE.
Money Market, U. S. Securities,
THE
Commercial Epitome
Cotton
307
|
|
.
306
i Investments, and State, City and
Corporation Finances
COMMERCIAL TIMES.
320 I Breadstuffs
320 1 Dry Goods
304
Miscellaneous
f Quotations of Stocks and Bonds.
Railway Stocks, Gold Market,
Foreign Exchange, N. Y. City
Banks, National Banks, etc
in
CHRONICLE.
Re¬
serves
The Texas Pacific Snbsidy
Choice Railroad Bonds
NO. 666.
309
314
I
principle that we notice it brieily.
single section, and is as follows:
It contains only
a
“It shall be lawful for any association
organized under the
provisions of the national banking act to sell or
of the
legal-tender notes which they are now requireddispose
to hold as a
reserve fund, and to invest the same in
any of the bonds of the
United
States which
are
and such bonds sp held
associations.”
s
now issued or
may hereafter be issued;
all constitute the reserve fund of said
In favor of this bill there
..
324
326
are the two familiar con¬
siderations urged: that it would
open a possible market
for United States bonds to the extent
of the
legal
<£!)* Chronicle
Commercial
tender reserves, say 100
millions, and that it would be of
The
and Financial Chronicle is issued an
Satur¬ advantage to the banks ‘ y enabling them to turn that
day morning, with the latest news up to midnight of Friday.
amount of idle
money into an investment netting, say, 4
per cent interest..
TERMS OF SUBSCRIPTION-PAYABLE IN
If, in the present condition of the
ADVANCE*
For One Year, (including
money markets, there is not sufficient inquiry for United
postage)
$10 20.
For Six Months
6 10.
States bonds to make it
Annual subscription in London
wholly unnecessary to tamper
(including postage)
£2 5s.
Six mos.
do
do
do
1 6s.
with the bank reserves in order to
Subscriptions will be continued until
^
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-
.....
-
—
'
ordered stopped by a written
order, or
at the publication office. The Publishers cannot be
responsible for Remittances
unless made by Drafts or Post-Office
Money
Orders^.
London Office.
The London office of the Chronicle is at
No. 5 Austin
Old Broad
Street, where subscriptions will be taken at the prices aboveFriars,
named.
Advertisements.
Transient advertisements are published at 25 cents
per line for each insertion,
but when definite orders are
given for five, or more, insertions, a liberal dis¬
count is made. No promise of continuous
publication in the best place can be
riven, as all advertisers must have equal opportunities.
Special Notices in
Banking and Financial column 60 cents per line, each insertion.
WILLIAM B.
JOHN e.
DANA,
|
floyd, JB. ) *
WILLIAM B. DANA & OO.,
Publishers,
79 & 81 William
Street, NEW YORK.
Post Office Box 4,592.
them, the
attention.
enlarge the market for
for the fact ought to receive earnest
Better find out and remove the obstructions
reasons
in the natural
an
artificial
market, than cast about to manufacture
With regard to the
profit to the
one.
banks, no conservative institution can desire the law.
Still, it would be rather surprising if some of them
were
not found, under
the severe pressure which
banking has suffered since 1873, to be in favor of
this bill.
It is true, as
we
have
frequently urged, that
cents; postage on the same is 18 the pressure of government upon the banks
cents. Volumes bound for subscribers at
ought to be
$1 50.
fif* For a complete set of the Commercial and Financial
lightened;
but
if
it
is
desired
to do
Chronicle—
July, 1865, to date—or of Hunt’s Merchants’
something for them,
Magazine, 1839 to 1871, inquire a much more
at the office.
'
*
>
appropriate and effectual method, as well
as one free from
objections, would be to simply abolish
_«ar- The Business Department of the Chronicle is represented
among
Financial Interests in New York City
by Mr. Fred. W. Jones.
the tax on
deposits, which yielded in 1877 nearly as
much as 4 per cent on a 100 million
reserve would
THE INTEGRITY OF BANKING
bring.
RESERVES. This
relief, moreover, would be felt by every bank,
The current opinion that no further
attempts at cur¬ whereas very few of them would consent to use the
per¬
rency legislation will be successful
during the present mission of this bill.
session of Congress has been so
strongly justified during
Reserve is a guaranty, maintained
at expense, and
the past week
by the failure of several efforts to intro¬ that
expense
is
a
part of the cost of banking. Its neces¬
duce new bills in the
House, under a parliamentary sity is conceded and, that
being the fact, any step which
requirement of a two-thirds vote, that fear on this
may impair its efficiency by lowering its
quality may
particular account may be considered at an end. The
work an injury
flT* A neat file-cover is furnished,
Senate had
■3
at
50
already plainly shown
determination to
concede no further
experiments, at least until a consid¬
erable trial has been
given the Silver bill; and now it
appears that the House has taken a similar
position.
Business circles will felicitate themselves
upon this rest
from agitation. Our
legislative bodies, of late
^re so much of
most
a
years,
the nature of irritants that often their
only second to reducing its amount
or
abolishing it altogether. The truth of this is seen by
simply remembering what are reserves, and for what
purpose they are required. In
military affairs it is
the most
effective portion of the
army ; this is
kept
brought up at the critical moment, to
save the
day ; the samej thought applies in banking,
something which is best suited and kept for emergencies.
unused and is
soothing act is their adjournment.
Unless reserve will be effectual in the
emergency, it
zSA kill, however, was introduced in the House on the
might as well not be kept; but, of course, the sort of
14th, and has obtained the approval of the Committee value which obtains
acceptance in ordinary circumstances
on
and Currency, which is so
is
not
radically wrong
good enough. It must be the choicest and best;
THE CHRONICLE.
302
IVot. XXVI.
value be greater than that “The Northern railroad was helped by the Government:
of other assets, it must possess a greater present accept¬ why should not the Southern road, in like manner, be
ability—it must be what everybody wants at just that helped ?” Such is the brief but effective argument which \
time* The value of ready money, and the general fren¬ quickly oversets every sentiment of economy, of policy ,;
zied rush for it in a panic, consist in the fact that its of principle.
We do not wonder, however, at the prevalence and
possession ends all questions; it has not got to be sold,
and is not subject to fluctuations, as is the case with any power of some such idea. It is perfectly natural for one
form of security ;
when a man, in panic time, gets section to desire governmental assistance, in the develop¬
hold of it, he is satisfied
The fear of not being able to ment of its resources, similar to that extended to another
get it constitutes the pan:c; hence,.getting it, cools section; and if it is right in the one case, it is right in
down the panic. There is no excuse for disregarding every other. But it should be remembered that it was
this fact, which is known beforehand. Bonds are good, during the war that the Pacific Railroad Act was passed,
particularly government bonds; but they are no* the and it was only justified at that time on the claim of its
thing just then—in a panic time—because everybody being a military necessity. Very many opposed it even
wants money.
Hence, a plan to do away with then; but that was a period when our Constitution was
the money reserve, which everybody rushes
for found to be, or made to be, quite elastic, and many
when reserve is needed, in favor of what is ordi¬ things were winked at which would not bear the light
narily go d but becomes unavailable the moment it is to day; nor can they fairly be used as precedents for
most sharply wanted, is as fatuitous as it would be to present action.
We hold that Congress has no right,
increase sail and diminish draught, for the sake of speed. under our Constitution, to subsidize a railroad, bolster¬
Unless the reserve kept is to be the sort which is ing up private enterprises by guaranteeing bonds or
wanted, the pretense of keeping any is idle; in fact, the lending money or credit in any form; and this was
bill in question, instead of being entitled “a bid regu¬ always the prevailing opinion among our best statesmen
lating the reserve fund of national banks” should be in the ante-war period, not a few of whom came from
entitled “ a bill to abolish” them. For such it really is. the South. To repeat the objections urged to a contrary
If passed and carried out by the voluntary action of the policy seems almost a primer exercise. Besides, repeti¬
banks, there will be no legal reserves remaining, and, so tion is especially unnecessary now, with such recent
far as compulsion of law affects the matter, the fright illustrations of the aggressiveness in the assumption of
ened depositor who demands his money may be told that power and of the corruption which always accompanies
Certainly no
there is no money on hand, but we can give you some the stretching of constitutional limits.
excellent bonds.”
Surely Congress cannot intend to part of the country has suffered more, from a loose
interpretation of the Constitution, or is more interested
produce such results.
in the recovery of the old landmarks, than the South
whether its real and ultimate
u
THE
We have la
TEXAS
PACIFIC
SUBSIDY.
itself.
But
ely been looking over a series of maps
passing by such considerations—why should the
special benefit from this road, pressed
by the Texas Pacific Railroad. These illustra¬
head of the Pennsylvania Railroad.
tions show how thoroughly the conductors of that
To be sure the maps (object-teaching) we have referred *
enterprise have become possessed with the idea of the
to above indicate that there must be, and look with their
efficacy of pictures for influencing -men’s minds. In
examining the maps, we have experienced great pleasure, red and blue streaks as if there might be some benefits;
and, we must admit also, some little amusement. One of but as there are so many maps, the teaching finally,
them makes St. Louis almost in a direct lin - with San becomes quite diffusive and hence rather impersonal*
Diego, through the St. Louis & Iron Mountain road. Texas will be opened up to a certain extent; but that must
In looking at it, a friend innocently questioned its come soon anyway, for it is a State growing so
accuracy, never having supposed that St. Louis was on rapidly, its own development forces railroad growth;
or near the thirty-second parallel of latitude.
Another and besides she is sure to get it in a better form by
South expect any
as it is by the
issued
map
of the series, however,
relieved this friend’s mind,
Cairo, Louisville and Cincinnati
had arranged themselves on the s me old line, and St.
for there he found that
Going deeper still into our
collection, another map gave us Memphis, Little Rock
and Norfolk toeing the mark with the precision of a
company of infantry; but this time St. Ltuis, Louisville
and Cincinnati were all decidedly off stations. In the
next map Shreveport, Vicksburg and Savannah have
risen up intqjthe places just occupied by Little Rock,
Memphis and Norfolk; while in the last map of all,
New Orleans has become the objective point, and appar¬
ently the only point worth considering in the building
Louis
was
put off one side.
Pacific railroad.
What is all this for? Why, clearly enough, Congress¬
men’s votes were wanted. A blue streak running direct¬
of this
v
^
new
^
ly from San Diego to St. Louis is a wonderful instrument
for manufacturing public opinion in Missouri; and as the
road is not to cost anyone anything, the unbidden
thought is, why not tell our Congressmen to vote for
the bonds?
In the same way, Tennessee, Arkansas,
Mississippi aud Louisiana are captured, until the cry
becomes a Southern one, and the question sectional.
without the
giving away of public credit and without the sacrifice of
any principle. Aside from the Western half of Texas no
new road will be opened in any State under the auspices
of the Texas Pacific, except as may be necessary to make
an air line to the Pennsylvania organization of roads;
and when St. Louis spends its money in manufacturing
public opinion by public meetings in favor of Mr. Scott’s
little scheme, unless her people get some of the bonds,
they are spending their money for that which profiteth a
not.
He will no more direct his enterprise to St. Louis |
another
corporation,
as we
shall
than he will to New Orleans or
soon see,
Galveston.
again, if it is desirable to build the road, why £
should the Government be called on to pay Mr. Scott and J;
his friends so much money for doing a work anyone would:
be glad to undertake for a less consideration. In addi¬
tion to a land grant of 18,000,000 acres, they modestly
ask for a guaranty by the Government of twenty-five
thousand dollars per mile for the easier and fort) thou¬
sand dollars for the heavier portions of the road. As in
these times it cannot honestly cost so much to build it,
what possible excuse can be made; for so loosely and
lavishly
there j
voting away
the public credit? Could
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THE CHRONICLE.
1878. |
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303
better illustration of the viciousness of the whole disadvantageous to the Southern Road. Besides, the
subsidy system than this very proposition, made too portion between Arizona and San Francisco is already
even before the scandals with regard to the Union built and in the hands of this
management, and for
be any,
Pacific have lost their freshness ?
many years most of the business for the Texas Pacific
But this proposition of the Texas Pacific is coupled must come over their road from San
Francisco, as it
with the further peculiar feature, that another com¬ will take time to build up a trade
pany, the Southern Pacific, offers to do the same work
without any guaranty or any subsidy except the land
our readers are aware, the Southern Pacific
is a California corporation of good credit, with about
720 miles of road already built to the southwesterly
corner of the Territory of Arizona, where it was to form
a connection with the proposed Texas Pacific.
It has
never asked for any Government guaranty, but is
seeking
As
grant.
simply with its own money to obtain
through San Diego.
Hence, if there is
any connection between the Southern
and the Central Pacific, they have the
ability already,
if they had the will, to block in
large part the movement
over
the Texas
Pacific, by whomsoever built.
Does not
this power therefore even now have control of the road’s
future business ? San Diego will
grow into a command¬
ing position with regard to the trade of the Pacific coast
just as any other port grows in importance—very slowly
outlet through for a long time; and until that end is attained, San Fran¬
a
point where cisco, we repeat, must be the objective point in the West,
it expected to find the other road constructed, and finds and the Southern Pacific the feeder.
instead no road and no movement to build any, for that
We have not room to
pursue this subject further.
It
other road, having spent all it could beg or borrow, like is one of so much
importance that we give up consider¬
the Southern
States.
an
It has reached
many individuals and corporations similarly situated,
has betaken itself to Washington as its headquarters and
able space
to-day to a reproduction of the minority
reports made by the Congressional committee having the
lobbying as its business. Why should there be any hesita¬ matter in charge. Any one who wishes to act
wisely
tion between two such applicants and two such proposi¬
upon the subject should study them closely.
tions. On the one side we have a company of
good credit,
which has shown its good faith by building up to the
CHOICE RAILROAD BONDS.
very limit of its charter, absolutely needing the connec
A subscriber of the
Chronicle, resident in Switzer¬
tion through Texas to utilize what it has
already built, land, in renewing his subscription, requests the publishers
and offering to make the connection if
only the right of to “ underscore on the Chronicle quotations first
way and the land grant will be turned over to it. On the
“mortgage railroad bonds perfectly safe, paying an
other hand we have a
j;_ '■ *
corporation with very poor credit,
possessing for years the right of way and land grant, yet
failing to fulfil its part of the contract, and now admit¬
ting itself to be so involved that it cannot do it unless it
is guaranteed more money than would cover the whole
cost of construction.
Truly, our Congressmen will have
to be in a desperate condition indeed when
they are able
to find arguments strong
to
enough
lead them to vote
under such conditions for a
subsidy of about forty
“
actual interest
of 6
and 7 per
cent.” This request
sincerity and, in fact, a little naivete, is so
exceedingly comprehensive in its scope, that the oldest*
and most experienced dealer in railroad
securities would
made with all
hesitate to undertake the task of
complying with it.
The rate per cent of interest which a
given stock or
bond will yield at current
prices, is easily deter¬
mined by the table for investors
Financial
published in our
annual
Review; but to ascertain what bonds are
millions of dollars.
safe for a permanent investment is a
point which
But one argument is urged against the Southern Pacific
purchasers have always been endeavoring to solve, and
which may, and undoubtedly does, have some
influence; have never yet been able to with complete success. Let
it is this—that the road is owned
by or under the direc¬ us see, however, if we cannot in some measure
answer
tion of the Central Pacific. The truth of this
assertion this inquiry
by
showing
test
what
can
be
applied by the
is denied; granting however that it is as
stated, why is average investor which will enable him to form an intel¬
it not desirable ? Remember that the issue is
between ligent opinion.
the Pennsylvania
Company’s management and the Cen
The experience furnished
by the past ten years, with
tral Pacific management; remember also that the
former a careful observation of the various
causes which have
company has just had a meeting in Philadelphia, at led to the
numerous defaults in railroad
leads us
which the President
acknowledged that his management to the conclusion that a solution of bonds,
this question
had been a failure, and the
meeting ended by a forced can only be reached through an examination of the
net;
borrowing of money from his stockholders at 4 per cent,
their
the
earnings
and
relation
to
charges upon the road.
as the
only chance of getting his company out of the This
point is so essential that it is almost a truism, and
scrape; starting with a magnificent property, such is the
yet great prominence is often given by many to other
condition we find it in
to-day. On the other hand the features which are,
comparatively, of little moment,
Central Pacific has been most
wisely directed—a new such as the amount of bonds issued
per mile, the
and untried work of
unsurpassed
difficulties, and yet guaranty of another substantial
corporation, the large
should think everyone inter¬
gross earnings per mile, and various other considera¬
southern Pacific road would
successfully executed;
ested in
a
rejoice if the men tions commonly urged as furnishing
an assurance of
prevailed safety; all of them, however, have proved inferior
to,
upon to take hold of their new
enterprise, for, in that and in fact of little moment
compared with the simple
case, great confidence might be felt in its successful
test of the amount of
surplus net earnings for a series
issue. Nor need we fear that the Central
Pacific in of years over and above all
the necessary annual
their hands would act as a rival or
charges,
adverse interest.
including
interest.
; The Central is only 742 mile3
long, and this new route
Taking this single standard as furnishing the only
be more than twice that
length, and if there is practicable basis upon which to make
up any general
|to be a rivalry, the greater favor would necessarily be list of railroad bonds that are
probably safe, a table haa
i?shown the longer line; in this case they would own the been
prepared and is published in the Investors’ Sup¬
;;Whole, while in the other the Union Pacific owns the
plement, showing those bonds on which the interest has
larger share. Such a rivalry as that could never be been
earned in any or all of the
v
past three years, with
who have done
t2
,ft£3El
£-v,?N
•
we
so
well, could
on
fair
terms be
V-V
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•
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THE CHRONICLE.
■
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•
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-
-
■
.
-
.
prol.
xxvi '
7y
*
.v-
;
clear
surplus balance in net earnings, oyer and above Catcat fllonetarn and (Hamnurrial
<Sitgit*l) Nero*
charge, of 25 per cent. The earn¬
ings are given for the particular road, or section of RITB« OF 8XCHANGE AT LONDON
AND ON LONDON
Toad, upon which the bonds are secured, whenever they
AT LATBST DATES.
can be so obtained,
although it is obvious that in the case
of many consolidated lines, such as Central Pacific or
EXCHANGE AT LONDONEXCHANGE ON LONDON.
MARCH 15.
Chicago & Northwestern, the earnings of each section
of road cannot be
TOCS.
LATEST
TOCS.
BATS.
separately furnished, and when the
DATS.
surplus is large it is hardly necessary for our purposes
that they should be. The basis of 75
Paris
short.
short
25.123ft @25.22* Mar. 15.
93.14
per cent of net Paris
i months. 25. SO @35.35
20.55 @30.59
Var. 15.
earnings as a minimum to secure the payment of interest Berlin
short.
20.4.1
Hamburg
<055 @20.59
Mar. 15.
8
20.41
is assumed as a purely arbitrary standard, on the supposi¬ Frankfort
20.55 @20.59
Mar. 15.
short.
20.41
Amsterdam
short.
15.
Mar.
12.1X@12.JK
12.12
tion that roads which, during the recent unfavorable Amsterdam
3 months. 113X@13.4X
Antwerp
25.33X@35.8tX Mar. 15. short.
*5.18
years, have earned 25 per cent more than sufficient to Vienna
12.15 @12.20
Mar. 15.
8
119.30
8t. Petersburg
Mar. 13.
26 1-16
25X@J5X
pay all their interest, will not be likely hereafter to earn Madrid
Mar. 13
4?X@47X
47.95
Cadiz
4?X@48
less than enough to pay the same.
Lisbon
90 days.
51X@52
3 months. 27.80 @27.85
Mar. 15.
short.
t7.25
From these explanations it will be understood that Genoa
27.80 @27.85
Naples.
a
the annual interest
OH—
BATS.
'
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mos.
ftft
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ftft
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ftft
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leased
railroads, on whose bonds the interest has been
regularly paid by the lessee, but not actually earned on
the road, are not included; nor can those roads be
included from which
no
statements of
earnings
are ever
received, even in annual reports, however prosperous
they may be; but the securities of this latter class can
hardly be wanted by the outside investor, and they
should be held entirely by directors and their friends
who have
the books of the
company.
The table will be continued from month to month in the
New York
....
Rio de Jan eh o.
Pernambuco...
Buenos Ayres.
•
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Bombay
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Calcutta
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Hong Kong...
Shanghai
Batavia
Alexandria....
days.
ftft
ftft
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18.8X<*.
Is.
8X<*.
i*. 8 XdSs. 10 \d.
5s. 3
Mar. 15
Feb. 9.
Feb. 13.
Feb. J.
Mar. 1.
Mar.° 14.
Mar. 13.
Mar. 4.
Mar. 4.
Feb. 1.
Mar. 13.
60
days.
90
days.
4.£6
24&24X
ftft
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ftft
6 mos.
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8 18-16d.
18. 9d.
3s. 1 Id.
58.5 Md.
12f.
97X
IFrotn our own correspondent-]
London, Saturday, March 16, 1878.
access to
Another week of
political anxiety has been passed, and it is
as doubtful if tlm Congress assembles at Berlin*
regarded
Investors’ Supplement, the roads
being given in The proposal of the English Government to admit Greece is cansalphabetical order.
But while this statement is ing some delay, and it is even said that Russia objects to the new
presented as a general classification of a large suggestion, as well as to the submission of all arrangements
number of railroad bonds
which
ought to be between herself and Turkey to the Congress. To day, however,
safe, on the single standard of adequate net earnings of some reports have been current to the effect that Russia will
withdraw her objections, assuming them to have been
put for¬
their respective properties, it is far from the intention of
ward ; bnt, unfortunately, since the fall of Plevna and the
collapse
the publishers to intimate that all these bonds are a
of Turkey in Europe, there has been so much prevarication on the
desirable purchase, or, on the other hand, that these are
part of the Russian Government, that the British public, as well
the only safe bonds. There may be other questions to be as that of tbe Continent, does not know what to believe. There
considered—pending litigations, uncertainty as to mort¬ is, nevertheless, still a hope that the end will be peace; but it is
difficult to assign adequate reason for believing in such a result.
gage provisions, peculiarities in the form of the bonds,
If the saying be true that, to preserve peace, a country should be
the possibility of floating debts being pressed ahead , of
prepared for war, then peace should be a certainty, as never were
mortgage bonds, the fact that bonds have no place on our preparations or those of other countries on so vast a scale as
any public Stock Exchange, and various other points are they are at the present time. These political uncertainties, how¬
all matters to be considered in making a purchase. The ever, which are of a very grave character, are not duly checking
list is furnished rather as a suggestion to investors, with aoy improvement in our trade, but are, it is believed, producing
which they may go to reliable and well-informed considerable anxiety, and, in many districts, much distress. Dur¬
ing the greater part of last year, manufacturers were large buy¬
brokers, and under their advice, select bonds issued by ers of raw materials, and were producers of
large quantities of
railroads that will, in all prob bility, be good for both the
goods. Owing to the limited export inquiry, the stocks of goods
interest and principal of their obligations.
accumulated ; but as the cost of manufacture bad been small,
producers naturally expected that with a termination to the war,
an active export
inquiry would arise. And it was never expected
when Plevna fell, that three months would elapse without any¬
St. Louis & Southeastern.—In Louisville, Ky., March 27. 'lie
thing official becoming known with regard to ths terms of peace,
United States Circuit Court granted a decree against
the Ken¬
tucky division, formerly the Evansville Henderson & Nashville and with many difficulties cropping up with reference to the
Bo&d. The decree provides that the road shall be sold to
satisfy meeting of a Congress. What appeared, therefore, to be a sound
the first mortgage for $998,000, unless all arrears are
paid up by and legitimate speculation, calculated to yield a liberal profit, is
October 1.
being shorn of all advantage, as the goods are remaining too long
Western Union Telegraph—Atlantic & Pacific.—The on
hand. There are many who believe that our trade is in
Tribune says that the managers of the Western Union
Telegraph by no means so sound a condition as .it
was, and they are pre¬
Company decline to pay any more money to the Atlantic & Pacific
Company, in settlement of balances due under the pooling agree- paring themselves for numerous failures. The failures reported
ment,'until the suit of Mr. Benedict against the Western Union to from the United States do not, of course, improve matters ; and
cancel the compact is decided. The balance on December account?
the only hope of an improvement can at the moment arise out of
was paid by the Western Union a
day or two before the Benedict the establishment of
a durable peace.
Suit was brought, and no payments have since been made.
It is, however, some satis¬
It was proposed that the Western Union should loan the faction to be able to announce that the agricultural prospect is
Atlantic & Pacific the amount due on the January account
(a little more than usually encouraging. The weather is now cold and
over $40,000), as the latter
company was in need of funds. A dif¬ dry, and
spring sowing is progressing rapidly under most favor¬
ference arose as to the security for such a loan, but the officers
A good harvest will prove to be a great boon to
Stated that there was little doubt that the matter.would be satis¬ able conditions.
this
factorily settled, and in such a way as to furnish the Atlantic &
country, and Continental reports are equally satisfactory.
Pacific with the money required.
Grave and threatening as is the present position of affairs, there
The case was before Judge Lawrence this week.
may yet be a sudden change from the existing depression to com¬
United Companies of New Jersey.—Bordentown, N. J., parative, if not actual,
prosperity.
March 27.—The suit of Dr. H. H.
Longstreet, of Bordentown,
The directors of the. Bank of England have made no change
N. J., who opposed the leasing of the United Railroads of New
Jersey to the Pennsylvania Railroad Company, has been ami¬ in their rates of discount. The directors of the Bank now hold
cably settled in the Court of Chancery. The suit Was begun in large supplies of public money, for which they pay no interest,
1871.
and the open market supply of floating capital having been
still
THE CHRONICLE.
March 80, 1878. j
Maced ia proportion, tbe Bank has now the control of the
mosey market, and is now likely to exercise it until the dividends
*re paid in April.
There is no doubt that had there been more
commercial demand for money and a larger inquiry lor gold for
exportation, an advance in the Bank rate would have been made
this week. Trade, however, is so slack that the
supply of mer¬
cantile bills is very limited, with still no prospect of increase,
while the demand for gold for export is far from
pressing. In
the early part of the week the money market was decidedly firm
in tone, and no accommodation was procurable under the Bank
rate, but latterly a somewhat easier tone has been apparent, and
the quotations are now as under.
Per cent. I
3
i
Bank rate.....
Open-market rates:
30 and €0dxys* bills
Open-market
I
1
8 months’bills
rates:
Per cent.
4 months’bank bills
2%©2%
6 months’bank bills
4 and 6 months’ trade bills.
•
The rates of interest allowed
discount houses for
deposits
by the joint-stock banks and
subjoined
are
:
305
Company, which company
majority of the shares (pur¬
chased at 96 per cent of their
par value) of the Syracuse
Bing*
hamton & New York Railroad
Company.
The amount authorzed
by the mortgage is 2,500,000 dols., of
which 1,750,000 dols. are issued for
the purposes above named
?
270,100 dols. are reserved lor the payment of the
outstanding
mortgage due in 1887, making a total issue of less than
25,000
dols. pef mile of main line. No
part of the remaining 479,900
dols. can be issued except for
permanent improvements.
The company has no
floating
debt. Its share capital is 2,004,000 dols.
owns a
The gross
earnings of the company for the ten years ending 1st
October, 1877, were 6,669,079 dols., net
earniDgs, 2,025,166 dols.,
and the total amount of interest
upon the bonded debt for the
period was 1,196,279 dols., showing an excess of net earn¬
ings of 328,886 dols., or about seventy per cent more than the
amount required for the interest
charge.
At the present rate of
exchange on New York, the bonds will
yield fully 7 per cent.
Payment under discount can be made at any time at the rate of
same
4 per cent per annum.
Professor
Wagner publishes a statement, compiled from the
Imperial Statistical Office, showing that since the
1
termination of the French war the balance of trade
I%
has been against
1% Germany to the
amounts:
In
following
1872, £4',000,000 sterl¬
Annexed is a statement showing the present
position of the ing; 1873, £72,750,000;
1874,
£64,500,000;
1875, £63,000,000*
Bank of England, the Bank rate of discount, the
price of Consols, 1876, £71,500,000; total in five
years,
£319,000,000 sterling,which,
the average quotation foiT English wheat, the
price of Middling allowing for interest and
possible errors, leaves Germany with an
Upland cotton, of No. 4Q’s Mule twist, fair second quality, and exce»s of
imports of at least £200,000,000, which is equal to the
the Bankers’ Clearing House return,
compared with the four entire amount of the war
indemnity exacted from France. In this
previous years:
Per cent.
1
,
Joint-stocK banks..
Discount hettfes at call
Discount bouses with 7 days’ notice
Discount houses with 14 days’ notice
—
1S74.
1875.
£
estimate the results of 1877
1876.
£
1877.
£
included, the returns not yet
being completed. The excess of imports would
probably be be¬
tween £70,000,000 and
£80,000,000 sterling, as last year was an
exceptionally bad one for German manufactures in all branches of
productive industry, and this year’s prospects,
according to finan¬
cial and commercial
authorities, are gloomier than ever. These
facts deserve consideration as
mainly accounting for this Govern,
ment’s profound anxiety to further the
achievement of peace.
1878.
£
Circulation—including
£
bank post bills
25,487,344 25,850,283 26,638,186 27,322,505
26.976,517
Public deposits
10.10C.202
Other
8,089,214
17,502,470
13.608,887
20,374,512
10,012,167
8,695,941 11,312.460
19,694,577 22,289,135 22,396,657
13,853,215 15,998,532 15,536,187
21,805,854 19,103,570 24,001,835
19,583,064
12,603,915
14,441,048
12,754,429
23,1*0,820 21,131,104
23,937,465
26,499,233
24,428,274
46*21
37 50
2 p. c.
deposits
17,385,287
Government securities. 13,812,524
Other securities
,..
19,340,664
Reserve of notes and
coin
.*... :. 13,062,051
Coin & bullion in both
departments
Proportion of
...
....
reserve
to liabilities
Bank-rate
Consols
3% p. c.
92%
60s. 8d.
8%d.
English wheat,av. price
Mid. TTpland cotton...
No. 40’s mule twist,fair
2d quality
Is. l%d.
Clearing House return. 128,804,000
^
8%
p.
c.*
4 p. c.
93%
2 p. c.
94%
96%
In the grain trade there is
great want of activity, and prices
again lower. English supplies are insignificant, but there is
no
deficiency of foreign produce. During the last two days
holders have, perhaps, been rather firmer in their
demands, but
buyers operate with extreme caution.
During the week ended March 9 the sales of home-grown wheat
in the 150
principal markets of England and Wales amounted
to 35,747 quarters,
against 42,370 quarters last year; and it is
95%
4!s. 4d.
43s. 3d.
518. 4d.
VAH.
10s. 2d.
6*d.
6%d.
6%d.
1*.
lid.
10%d.
lOd.
35,335,0C0 116,419,000 103,265,000 90,026,000
estimated
Germany, however, is
not
that
in
the
whole
kingdom they were 143,000
against 170,000 quarters.
Since harvest, the sales
in the 150 principal markets have been
1,219,902 quarters, against
1,334,698 quarters; while they are computed to have been in the
whole kingdom 4,879,600
quarters, against 5,388,700 quarters
in the corresponding
period of last season. Without reckoning
the supplies furnished
ex-granary, it is estimated that the fol¬
lowing quantities of wheat and flour have been placed upon the
any
board.
a
quarters,
£12,754,429, against £14,441,.
048, and its proportion to the liabilities of the establishment
amounts to 87*50 per cent.
In silver, very little has been
doing.
Owing to the increase to £500,000 in the weekly sales of India
Council drafts, tbia week’s steamer for the East
left without
on
are not
are
There has been a moderate demand for
gold for export, and in
the absence of adequate
supplies from abroad, a few parcels have
been purchased at the Bank of
England ; but the supply held by
that establishment still amounts to
£24,428,274, being £2,000,000
less than in 1877. The reserve is
silver
returns of the
seller, and, although
very little business has been done, the market is
tolerably steady British markets since
at 54£@54fd. per ounce.
harvest:
It is understood that about
£180,000
has been purchased for New
1877-8.
1876-7.
1875-6.
York, and, naturally, that
1874-5.
cwt*
cwt.
cwt
operation has given a better tone to the market. It is believed Imports of wheat
31,529,905 19,690,924 31,913,233 20,012,946
Imports of flour
that tbe Indian Government will continue to
4,665,313
3,171,338
3,725,724
4.008,183
sell £500,000 in Sales of home-grown produce
21,145,000 24,024,000 23,059,300 42,043,000
Council drafts weekly during the remainder of the
financial year
Total
Annexed
a
the current rates of discount at the
are
foreign markets:
Open
rate.
mark’t.
3
4
4
Hamburg
Frankfort
4
Leipzig.
4
....
Geneva...........
...
Brussels
Bank
|1
p. C.
I
I
1
1%
2%
Result.........
1
.
.
Vienna and Trieste...
| Madrid,Cadiz and Bar¬
2*
celona
2%
I Lisbon and
Oporto....
mm | St. Petersburg
|
p.O.
Pans
Amsterdam
Berlin
Genoa
Bank
214
5
3
3
2'A
2%
4%
j New York...
1|
-1 j
Exports of wheat and flour
principal
Calcutta
Copenhagen
Open
Aver, price of Eng. wheat for
rate. mark’t
p. c.
p. c.
4% 3%(&4
6
6
6
9
4%@5
6®7
4%
4@5
134,325
66,464,129
198,048
56,278,175
46,262,591
53,573,982
66,266,08f
533.3d.
49s. Id.
season
45s. 9d.
44s. 2d.
IMPORTS.
4%®5
A'heal
cwi.
Barley
Oats
Peas
Beans
Indian Corn
Flour
toil, Rose & Co. have issued the
prospectus this week of a 7 per
cent first consolidated
mortgage loan for $1,750,000 of the Syra¬
Binghamton
58,708,307
following figures show the imports and exports of cereal
produce into and from the United Kingdom since
harvest, viz.:
from the 1st of September to the close
of last week,
compared
with the
corresponding periods in tbe three previous years:
5
1877-8.
1876-7.
31,529,905
7,8S0,766
6,009,116
973,544
2,191,943
15,931,471
4,665,313
1875-6.
19,690,924
7,5b7,259
5,404,106
31,913.283
5,489,420
5,877,794
914,017
2,086,192
11,437,552
763.379
2,406,035
18,609.895
3,171,388
3,7:5,724
1874-5.
20,012,946
8,921,926
4,679,654
988,390
1,256,853
7,586,756
4,008,183
EXPORTS.
& New
York Railroad Gompany,
principal and
interest being guaranteed
by tbe Delaware Lackawanna & Western
Railroad Company. The price of issue is £200 for
$1,000 bond,
or par, £10
per bond being payable on allotment, and the balance
on April 15.
The prospectus says :
46,836,312
b73,721
The
Notwithstanding the anxiety which prevails in the public mind
regarding their investments in American securities, Messrs. Mor
cuse
57,340,218
1,062,043
tfheai
cwt.
Barley
Oats
Peas
Beans
Indian Cora
Flour....
'
;
1,025,961
32,557
68,035
14,6W7
11.546
75,530
36,082
602.930
18.823
70.553
16,938
16,766
269,145
20.741
122,100
16,206
156,990
17,863
4,915
25,624
12,125
159,452
153,580
38,923
14,513
l,13o
83,227
89,019
These bonds which were issued to
In reference to the
public sales of colonial wool now in prog¬
replace 1,400,000 dole, of 20year bonds which matured and were (with the
Windeler
& Bowes report:—
ress,
Messrs.
exception of 99,500
dols., which have not yet been presented for
The
payment)
in
paid
colonial
1876,
wool auctions opened on the 26th ult. with a
and to provide for
additional equipment, are secured
by a first attendance of buyers, and, as we had anticipated, all sound large
^mortgage upon the 81 miles of road from Syracuse to Bingham- wools were in
staple
tofli'Nsw York, its franchises and
strong request, fully on a par with last December
equipment, subject only to an rates, while clothing wools were not in
equal favor. This position
existing lien-of 270,100 dole., and are also
gained further strength as the sales have progressed, with at times
vSfr.kterest—by the Delaware Lackawannaguaranteed—principal
& Western Railroad a fractional
advance; during the past week the rates have been
-
~
•
THE CHRONICLE.
306
[Vol. XXVI.
The following will show the exports of specie from the port
fairly maintained ; there is. however, little in the state of trade to
of
warrant the activity here, and as advices from the continental and
New York for the week ending Mar. 23. 1878, and also a com*
home manufacturing centres do not show that those markets have parison of the total since Jan. 1, 1878, with the
corresponding
followed the movement here, it is possible that after consumers totals for several previous years;
*
have replenished their stocks somewhat of a reaction may set in.
The quantities catalogued to date amount to 100,322 bales, leav¬
ing about 150,000 bales still to
forward; it is probable that
the series will terminate earlier than the 9th April, the date first
fixed. The selection has comprised a good assortment of new clip
Australian, with a larger share of last season's scoured wools than
subsequent catalogues will probably bring forward. The propor¬
tion ot unwashed has increased, and although some of the best
flocks are remarkably light in grease, the condition in general
varies considerably, and many clips show the effects of the drought
in a weaknes and poverty of staple; but the prevalence of burr is
certainly less than in last season's wools.
Cape wools do not attract the same attention as the deeper-grown
classes of wool and are relatively cheap. Fleece washed are scarce
and do not show much alteration in price;
good to superior snow
whites are also fairly supported, but extra parcels and ordinary
lots sell fractionally below last December rates.
come
Mar. 18—Str. Bermuda
Mar. 20—Str. Parthia..
Mar. 20—Str. Columbus
Mar. 23—Str. Weser.......
.Porto
Cabello....Foreign gold coin.
Liverpool
Amer. silver bars.
....Foreign gold coin.
Southampton.. .. Amer. silver bars.
Havana
.....
Total for the week
Same time in—
1877
1876
1875
1874
;
$2,601^527
..
Same time in—
I
$3,343,606 1 J871
11,530,959 1870
16,236.3 J6 1869
7.979,048 1868
14,352,316 1867
5,222,581 1866....
1873
187*.
$14,131,847
*
6.582,314
8,797,027
14,724:399
6,513,641
5,363,304
j
imports of specie at this port during the
as
same
periods have
follows:
Mar. 18—Str. Crescent
City....
Foreign silver
Amer. silver......
Bullish
fi mer.
Uarkei Report*—Per Cable.
The daily
closing quotations in the markets of London and Liver¬
pool for the past week have been reported by cable, as showD in
the following summary;
London Money and Stock Market.—The directors of the Bank
of England, at their meeting on Thursday, advanced the mini¬
mum rate of discount from 2 to 3 per cent.
The bullion in the
Bank has decreased £341,0C0 during the week.
-
Sat.
95 1-16
Tuee.
94 15-16 95 3-16
95
95 3-16
95*
0.8.6s (5-20e) 1867.... 107
&
107*
0. s. kmob
ios*
105*
107*
107*
105*
5a of 1881
105
105
New 4*b
105*
104*
10
104*
103*
103*
,
18—Str. Weser
21—Str. City of
Foreign gold
Washington.Havana.
.
22—Str. Niagara
23—Str. Andes
Wed.
95 3-16
95 3-18
Thur.
94 15-16
94 15-16
Frl.
94 7-16
94 7-16
107*
107*
105*
107*
105*
105*
103*
105*
105
*
104*
103*
1C 3
Liverpool Ootton Market.—See special report of cotton.
Total for the week
1,100
6,900
3,000
3,254
1,858
.Amer. sliver
Amer. gold
Foreign gold
Silver* bars
Mar. 23—Str. Celtic
$375
4,050
4,325
6,185
1,930
Amer. silver
.Foreign gold
,
Mod.
gold
Silver bars
Mar.
Mar.
Mar.
Mar.
55,000
2,438,827
Total since Jan. 1. 1878
The
17 100
931600
$ 168,700
Previously reported
been
$3,000
243,325
$276,302
..
Previously reported
4t152.535
Total since Jan. 1, 1878
Same time in1877
:
1876
1875
1874
1873
1872
$4,428,837
Same time in—
1871
1870
1869
1868....
1867
$4,705,255
1,171,723
-
3,995.85?
1,062,838
666,909
561.214
$2,777,007
.
5.818,954
4.872,055
.....
1.798,025
477,340
The transactions for the week at the Sub-Treasury have been
follows:
Tues.
Wed.
Thur.
Fri.
e. d
8.
d
Receipts.
-Payments.
s.
d.
8.
d.
8.
d.
a.
d.
Customs.
Gold.
Gold.
Flour (extra State)
Currency.
28 6
28 6
tfbbl *23 6
28 6
Currency.
28 6
29 0
.
.
3
2
Mar.
Wheat (R. W. spring).^ ctl 9 7
$320,000
$394,389 39
$443,367 16 $556,274 19 $661,724 41
9 7
9 7
9 7
9 7
9 7
“
.
.
5
2
441.000
608,820 87
936.762 08
786,442 97
225,605 16
(Red winter)...
10 10
“ 10 10
10 10
10 10
10 10
10 10
26..
799,406 39
266,130 47
240,000
338,058 97
258,546 97
11 0
(Av. Cal. white).. 44 11 0
11 0
11 0
11 0
11 0
“
7..
215,000
848,575 37
561,915 61 1,079,493 96
1,458,759 02
11
(C. White club)... “ 11 6
11 6
11 6
6
11 6
11
6
28
50.VH86 00
335,000
Corn (new W. mix.) $ quar. 25 fi
234,420 41
172,461*57
811,492 13
25 3
25 3
25 3
25 3
26 3
29..
513.160 03
Peas (Canadian) 9 Quarter. 36 0
218,000
446,633 54
516,451 85
904,894 94
36 0
36 0
36 0
36 0
36 0
Liverpool Breadstufts Market.—
as
Mon.
sat.
.
“
...
Liverpool Provisions Market.—
Sat.
s. d.
82 0
Beef (prime raess) 9 tc.
Pork (W’t. mess)....9 bbl 51
Bacon (l*g cl. in.)
v cwt 27
Lard (American).... 44
37
Cheese (Am. flue).... 44
66
Total
Mou.
s.
d.
82
51
27
37
68
0
3
0
0
Tues.
«. d.
81 0
0
0
0
6
0
51
27
37
66
Wed.
8. d.
Thur.
8.
d.
81
51
27
37
06
81
51
27
37
66
u
0
0
6
0
0
0
0
6
0
Fri.
8.
81
51
27
37
66
0
0
6
0
d0
0
0
6
0
Liverpool Produce Market.—
Sat.
s. d.
Rosin (common)... 9cwt.. 5 0
**
10 0
(fine)
44
Petroleum( refined).... 9 gal
...
.
10*
,
**
(spirits)
4i
Tallow(primeCity)..9 cwt
ftnlfltal
*
-
Spirits targentine..
Cloverseed (Amer, red)
Mon.
d.
5 0
10 0
7*
44
39
6
25
9
0
42
0
Tues.
s.
39
25
42
d.
0
0
e.
5
10
10*
10*
V<
7*
39
25
40
6
9
0
3
6
0
Wed.
Thur.
d.
0
0
s.
5
10
s.
5
10
10*
39
25
40
d.
0
0
Frl.
d.
5 0
10 0
8.
10*
10*
7*
7*
0
0
0
*
39
25
40
0
0
0
3?
25
40
0
0
0
London Produce and Oil Markets.—
Sat.
£ 8. d.
Lins'dc,ke(obl).9 tn. S 15 0
linseed (Cal.) 9 quar.
Mon.
£. 8. d.
8 15
50
19 6
Bugar (No. 12 D’ch std>
on spot, 9cwt
23 3
9 tun..74 0 0
8permoil
44 ..c5
Whale oil
Linseed oil....9 ton .26
0
0
0
0
Tues.
£ s. d.
8 15
74
25
26
23
0
0
5
50
3
0
0
0
23
74
85
26
6
0 0
0 0
5 0
Wed.
£ s. d.
8 15 0
50 0
Thur.
£ s. d.
8 15 0
50 0
£ 8. d.
8 15 0
50
0
23
74 0
35 0
26 10
23
74 0
85 0
26 10
23
74 0
35 0
26 10
6
0
0
6
0
0
0
6
0
0
0
Frl.
n
Imports and Exports for the Week.—The imports last
showed an increase in both dry goods and
general
merchandise.
The total imports were $6,893,801,
against
|6,776,024 the preceding week and $6,608,083 two weeks pre¬
The exports for the week ended Mar. 26 amounted to
$6,943,985, against f8,154,874 last week and $6,438,220 the pre¬
vious week. The exports of cotton for the week ending Mar. 27
were 13,354 bales, against 13,701 bales the week
before. The toilowing are’the imports at New York tor week ending (foi dry
goods) Mar. 21 and for the week ending (for general mer¬
vious.
chandise) Mar. 22:
1875.
^
Drj goods
Total for the week.
Previously reported....
1876.
31,658,463 32
Wabash.—The company’s interest, rentals, &c„ in fixed
Earnings for year
Operating expenses.
$2,047,327
3,533,255
1877.
$1,946,801
5,691,473
$1,942,845
$7.12',029
82,004,671
$5,610,582
74,137,632
$7,638,271
68,849,724
$6,893,801
1878.
4,950.956
68.806,271
$4,585,914
3,200,919
»
*
$1,334^94
$128,881
Construction
9S,403
Improvements.......
97,305—
Actual net
Fixed charges.
.....
324,595
$1,060,398
891,498
Surplus
$168,900
The following are given as the earnings and expenses of Jan¬
uary and February of this year as compared with the same
months of 1877:
Gross earnings
Operating expenses
Net
earnings....
..
1877.
1978.
$650,0^9
564,479
$698,217
535,496
$95,530
$162,721
Inc. $48,208
Dec. 23,983
Inc. $77,191
The per cent of expenses to receipts for the first seven months
81*5 per cent, and for the last five months, 66*2 per cent. ,
The directors have considered it judicious to continue the per¬
was
improvement of the road by replacing iron with steel
rails, having laid fifty-two and one-half miles during the year.
They have also been able, out o! the earniugs of the year, to pay,
when due, all interest and fixed charges ; they have renewed iron
with steel rails, built 115 new cars, new iron bridges, paid expenses
of reorganization, and had a surplus. A large portion of the track
manent
now
laid with steel.
•
^
$17,010,000 in mortgage bonds, $14,728,450
have funded their coupons up to this date. Under the foreclosure
sale all the leases, guarantees and contracts of the old company
have been cancelled, and the only lease that has been renewed is
the Hannibal & Naples Railroad, at a rental of $35,000 per annum,
Out of
$1,958,049
5,168,980
charges,
the Hannibal
1877, against
$1,849,803 for the present year. The debt to the equipment
company is the balance due that company for cars, the original
contract amounting to $1,000,000.
By agreement this was
reduced to $560,000, the principal of which the Wabash Railway
Company is to pay at the rate of $56,000 per annum.
The business for the year of 1877 is reported as follows:
is
TORSION IMPORTS AT NEW YORK TOR THIS WEEK.
Ceneral merchandise...
32,231,860 52
for 1877 and 1878, on 649 miles of road, including
& Naples leased line are given at $891,498 in
week
•
106,334,541 70
107,174,748 48
Taxes and insurance
®ommerciaI anfc JftisceUaiwous Nftns.
_
$1,769,0:0 $8,131,402 13 $4,124,029 49 $2,291,255 35 $4,747,426 49
Balance, Mar. 22
Balance. Mar. 29
a
total of
against the former rental of $63,000. ..
—The Missouri Pacific Railway Company will pay, on and
after April* 1, the coupons due on that date on the first mortgage
bonds ojf the Carondelet Branch Railroad (Missouri) that have
been presented and stamped in conformity with the plan approved
'
by the Committee of Bondholders.
.
Since Jan. 1
$89,131,700
$79,798,214
$76,487,995
$70,202,072
a statement of the exports (exclusive of specie)
The following is
from the port of New York to
Mar. 26:
foreign ports for the week ending
EXPORTS PROM MEW YORK POR THE WEEK.
-
■
For the week
Previously reported....
Since Jan. 1
1875.
$4,104,679
49,730,842
1873.
1877.
1878
$4,410,4*3
51,*11,358
$3,958,107
56,7C0,l02
$6,948,985
75,187,785
$58,835,0*1
$55,621,776
$60,652,109
$82,136,770
—Messrs. John J. Cisco & Son will pay
the coupons due April 1,
1878, on the consolidated bonds of the Houston St Texas
Railway Company, on and after that date.
Central
THE CHRONICLE.
187a]
March 30,
(fcfte Bankets’
Ko National Banka
State ana Railroad
<&ajettc.
organizad during the past week.
DIVIDENDS.
The following dividends have recently been announced:
Name
oy
Company.
Peb
Cent.
When
Payable.
(Days inclusive.)
2
May 1.
April 4 to April 10
3ft
April 10.
Mch. 30 to Apr. 7
Railroads.
Atlanta A Charlotte Air-Line (qnar.)...
Chicago Rock Island & Pacific (quar.).
Banks.
Gallatin National
Books Closed.
of
.
FRIDAY, MARCH 29, 1878-5 P. M.
the Money Market and Financial
ing strength in prices at
rumors,
Situation.—The grow¬
the Stock Exchange, the European
war
The
Son:
paper.
The Bank of
England statement on Thursday showed a decrease
specie for the week of £341,000, and a reserve of 33 5-16 against
36 the previous week.
The discount rate was advanced to 3 per
The Bank of France gained 15,800,000 francs in
cent.
specie.
The last statement of the New York
banks, issued March 23, showed
City Clearing-House
increase of $20?,75'J in the
excess above their 25 per cent
legal reserve, the whole of such
excess being $16,308,575,
against $16,100,825 the previous week.
The following table shows the changes
from the previous
week and
comparison with the two preceding years:
a
1878
March 16. March 23.
*
Loans and dis. $242,978,900 $241,566,700
Specie
39,545,900
.
89,687.500
Circulation
Net deposits..
19,910,700
19.906,300
215,085,100
Legal tender*.
30,326,200
211,938,500
29,605.700
...
United
an
Slates
quite active,
1877.
1876.
Differences.
March 24. March 25.
Dec .$1,412,*00 $259^90,200 $261,251,000
Inc..
14!,600
22,391,200
21,504,000
Dec.
4,400
15,732,100
16,199,700
Dec. 3,146,600 221,820,000 214,181,6'0
Dec.
720,500
44,454,000
43,773,900
Bonds.—Government securities have been
the
same sort of demand heretofore noticed
from moderate investors in all
parts of the country. There have
been cons derable imports of bonds from
Europe) which, if not
actually thrown on the market, are in transitu, as the leading
on
importers of bonds have been considerable purchasers of ex¬
change, and this indicates a bond movement in progress. In
addition to the amount of government bonds taken
personally by
parties who have previously been depositors in savings
banks/it
is to be observed that the
necessity of keeping marketable assets
on hand is an inducement to the hanks
themselves to change cff
some of their real estate
mortgages for governme its.
Closing prices at the Board have been as follows:
Mar.
Mar.
Mar.
Mar.
23.
25.
26.
27.
106ft
106ft
107
107
Int. period.
.
w.1881
reg.. Jan. & July. 106ft
coup.. J an. & July. 106ft
106ft
106ft
H28*
n. l...reg..Jan. A Jnly.*104ft 104ft 104ft
6a, 5-208.1865,n.1..coup..Jan. & July. 104ft * 104ft 104ft
JUS?* JS?
reg..Jan. & July.*107
107 *l07ft
6a,5-20s,1867
coup..Jan. & July. 107
uw
107
107ft
ia,5-20p, 1868.
reg..Jan. & July.*108ft *108ft 109
5-208,1868
coup..Jan. <fc July. 108ft * 108ft 109
5a, 10-40a
reg..Mar. & Sept. 105
105ft * 105ft
5a, 10-408...
coup..Mar. A Sept. 105ft 105ft *105
5a, funded, 1881
reg..Quar.—Feb. 104ft *104ft 104ft
5e, funded, 1881... coup. .Quar.—Feb. 104
104ft
ft 104ft 104 ft
1891
.....reg,. Quar.—Mar. 102ft 102ft 102ft
4fta, 1891
coup..Quar.—Mar. 102ft 102ft 102ft
4a, registered, 1907
iwt
wuar.—
Jan. luuft
Quar.— dan.
100ft wiuuft
*100ft 100ft
£»
wupon,
i907
Quar.—Jan.*101ft
101ft 101ft
6a, Currency,1895-99 reg,.Jan. A
July. *118ft *L8ft *118*4
...
•This la the price bid;
no sale waa made at
Mar.
28.
Mar
29.
107
*106ft
106ft 107
104ft 104ft
104ft
104ft
104ft
104ft
107ft *107ft *1(H
i/v*74 107
107ft 107'
*109ft *109 *109
♦lC9ft *109 *109
105ft
105ft
105ft
105ft 105ft
104ft
104ft
104ft
103ft
104ft
104ft
102ft
102ft
104 ft
103
105 ft
102ft 102ft
100ft 100ft
101ft *101ft
100ft
*101 ft
118ft
*118* 118*
the Board.
The range in prices since Jan.
1, 1878, and the amount of each
bonds outstanding March 1,1878, were as
follows:
«»bs of
1881
coup.
}*! 5-90a, 1865, new..coup.
68| 5-20e, 1867
coup.
6a. M0b, 1868
coup.
5a, 10-408.
coup.
*■»
1881.... coup.
12* loiS91***.
6a, Currency
dosing prices
«°np-
.coup. 100ft Mch. 12 102ft Jan.
reg. 118
Mch. 29 120ft Jan.
9
16
/—Amount March 1.—,
Registered.
$194,126,000
50,849,050
100,819,100
15,775,000
142,5*3,250
224,388,300
121,912,450
61.541,300
64,623,512
of securities in.London have been
U. 8. 6a, 5-20e. 1867...
...
•••••••
percents....*...
Range since Jan. 1,1878—,
Lowest.
Highest.
105ft Feb.
107ft Jan. 26
102ft Jan.
104ft Mch. 27
105
Feb.
107ft Mch. 21
106ft Jan.
109ft Jan? 25
103ft Mch.
108ft Jan 26
102ft Feb.
106ft Jan. 24
101ft Mch.
104ft Jan. 11
Mch.
Mch.
Mch.
15.
22.
29.
107ft
107ft
105ft
105ft
104ft
107ft
105ft
104ft
103ft
105
103ft
m
as
/-Range since
Lowest.
Coupon.
88,610,850
66,053,100
210,297,950
21,690,800
52 003JK0
284,052,050
78,087,550
14,808,700
follows:
Jan. l, 18V8.-
Hlghest.
105ft Jan. 2 •108ft Mch. 13
104ft Feb. 25 109ft Jan. 26
103ft Mch. 1 106ft Jan. 15
102ft Feb. 25 105ft Jan. 24
following
were
sold at auction by Messrs. A. H. Muller &
8HABE9i
40 Harlem
financial markets this week.
adoption by the Pennsylvania Railroad stockholders of
the so-called Trust scheme was also a matter of no small import¬
ance.
It is significant both as regards the corporation itself and
as a precedent likely to be followed by other companies, and is
emphatically a new departure in railroad financiering in this
country. The proposed measure, if faithfully carried out, will
greatly strengthen the credit of the company, both at home and
abroad; and, coming at a time when American credit is not at
the highest point, it will have a good effect as a formal declara¬
tion on the part of the Pennsylvania Railroad of an intention to
live up to its burdensome contracts of
guaranty.
Our money market remains quite
easy at 4 to 6 per cent for
call loans, and 4J to
per cent on choice grades of commercial
a settlement favorable to bondholders
Railroad bonds have been strong and ac ive, and many
stronger.
ott inva
Gaslight Co
IS Phenix Nat Bank .*
85ft
100 Citizens’ Gaslight Co., B’klyn 80
20 Huffman Fire Ins
100
20 Standard Fire Ins..^.
128
83 Citizens’ Fire Ins
173
10 Amity Fire Ins
59ft
75 Mech. & Traders’ Nat. B’k... 96ft
30 Nat. Mech. Banking Asso.... 52ft
93
75 Bank of Commerce
Ill
8 Home Ins
106ft
3 Resolute Fire Ins
40ft
75 Butch. A Drovers’ Nat B’k.. 61ft
24 Mechanics’ Nat Bank
...131
10 Merchants’ Nat Bank
lOift
4 Nat City Bank
206ft
4 Amer. inch. Nat Bank
100
The
in
was some
of the
popular bonds show higher prices than last week, this remark
applying to a number of bonds seldom or never quoted at the
Stock Board. The Pennsylvania guaranteed bonds are naturally
and the firmness in exchange have been the prominent
features of our
Bonds—IQ State bonds there
in Lonisianas from the extreme depression noticed last
week, and they have sold readily here at 78 and a fraction, until
to-day, when the closing price was 77£, while telegrams from
New Orleans this afternoon quote only 76± there. The case made
up to try the validity of the new issue of bonds is before their
courts.
Virginias are tolerably firm and a few bonds are coming
from London.
Private letters from bankers at Nashville, Tenn.,
say that their State bonds are better thought of in New York
than at home, and they do not speak hopefully of thi prospects
recovery
Closing prices of leading State and Railroad Bonds for three
and the range since January. 1, 1878, have been as
weeks past,
follows:
STATES.
Louisiana consols
Missouri 6a. *89 or *90
North Carolina 6s, old
Tennessee 6a, old
.
do
Mch.
15.
22.
Mch. ,-Range since Jan.l,1878.->
29.
Lowest
|
Highest
*80ft
77ft 77ft
73ft
*105ft •106 •105ft 104ft
15
*1554 *15ft 15
*37ft
88ft *38ft 88ft
*67
*67
*70
Virginia 6a, consol
do
Mch.
Mch.29; 85
Jan.
71C6
Mch. 29
Jan.
2d series...
*37
76
*75ft
75
75
Mch. 26
*64ft
64ft
68
64 ft
Mch.
Jan.
Railroads.
Central of N. J. 1st consol....
Central Pacific 1st 6a, gold ...
Chic. Bnrl. A Quincy consol. 7s
Chic. & Northweafn, cp., gold
Chic. M. & St. P. cons. s. fd, 7s
Chic. R. I. & Pac. 6sl 1917
Brie 1st, 7a, extended
i...
Lake Sh. & Mich.So.lst cona.cp
Michigan Central, consol. 7a...
Morris & Essex, 1st mort
N. Y. Cen. & Hud. 1st, coop...
Ohio & Miss., cons. sink, fund
Pittsb. Ft. Wayne & Chic. 1st.
St'Louis A Iron Mt. 1st mort.
Union Pacific lat 6a, gold
do
*
This
110ft
10S
*117ft
*119
*97ft
*118
107
95
sinking fund....
is
6
Feb.
*35
106ft 106ft 106ft 103ft
•110ft •110ft 109
* 110
96ft
96ft
97ft 91ft
95ft
95ft
96ft 91ft
107ft 107ft ♦107ft 106
110
*112ft •113
*105
Feb.
17ft Feb.
4 39
District of Columbia, 3-65a 1924
Feb. 11
♦108" *108ft
*118
*119
*98
*118
*118
109
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
105ft Jan.
115ft Jan.
118
*98ft 95ft
♦1183ft 118
104ft *103ft 108ft
106ft 107 103ft
95ft
95ft 92ft
;Jan.
80
68ft
106ft
U9ft
97ft
06ft
7.118
110ft
108
118ft
120
Feb.
Feb.
}00ft
119
Feb.
Jan.
Mch.
106ft
107ft
97ft
the price Did; no sale was made at the Board.
Jan. 29
Feb.
5
Mch.28
Mch.16
Mch.27
Mch. 28
Mch.20
Mch 25
Mch. 28
Mch. 15
Mch.23
Mch. 19
Jan. 30
Mch.13
Jan. 24
Mch. 9
Feb. 18
•
»
Railroad and Miscellaneous Stocks.—The stock market
has shown more strength and animation, and several events
which have recently occurred appear to warrant a tone of
increased confidence.
D-spatches from Chicago on the 27th
stated that the railroad managers and agents of the trunk line&
had adjusted the!r differences and completed their apportionment
of freight, making grain as a special class, and
fixing the rate on
the basis of 25 cents from Chicago to New York, and
retaining
the rate of 30 cents for fourth-class
freight. The nominal rate
for grain has hitherto been 80 cent*.
The allotment mado
Commissioner Fink is
follows
by
Michigan Central, 32 ; Lake
Shore, 27; Pittsburgh Fort Wayne & Chicago (Pennsylvania Rail¬
road), 24; Baltimore & Ohio, 10; and Pittsburgh Cincinnati & St.
Louis (Pennsylvania) 7 per cent.
In Philadelphia, the adoption of the Trust scheme, b~ which
as
:
the
Pennsylvania Railroad will invest $1,200,000 per year in the
purchase of its guaranteed stocks and bonds before paying divi¬
dends, was a move of great importance and had the effect of
imtnt diately
strengthening its guaranteed stocks selling on this
market, particularly Cleveland & Pittsburgh. The passage of a
bill in the Maryland Legislature for a settlement with the Balti¬
more & Ohio Railroad was also a measure of some
importance for
that company and its dependencies. These influence*, and the
warlike aspect of affairs in Europe,
were calculated to have a
general hearing upon the values of stocks, and so far to assist in
giving the market an improved tone. Coal also sold higher at
the late auction sal *. Rock Island announces its
regular quar¬
terly dividend, payable May 1.
'The daily highest and lowest nrice* have been as follows:
Batura*)
v.
Monday, Tuesday, Wednes’y, Thursday,
Frldav.
March VS. March 25. March 26. March 2*. March 28. March 29.
14
14
14
14
15
14
16
14ft
18ft 18ft
17
17ft
Chic. Burl.&Q 100ft ICOft 101
101 ft 101 ft
101
101ft 10lft 101 ft 101
C. Mil. A St. F.
39ft 40ft
40ft 40ft
40ft 41ft
41ft 43
42ft 43ft
do
pref. 72ft “
•2ft 72ft x69ft 70ft
70ft 72ft
72ft 73ft
Chic.* North.
42
43
43ft
44ft
44ft 45ft
44ft 45ft
do
pref.
69ft
69ft 70ft
70ft 71ft
70ft 71ft
70ft 71ft
70ft 7lft
C. R. I. * Pac. m
lOi
102ft ioe* 102ft 102ft 103ft 102ft 103 103ft 103ft I03ft
Del.* H. Canal
51ft 52ft
51
50ft 51ft
52
54
51ft 52
51ft
53ft
Del. L. * West
52ft 53ft
51ft 5’ft 52ft
52ft 54ft
54ft
Central of N.J
*8* *88
illl 88
Brie.,
10ft
10ft
10ft ■10
•22ft
73ft 75ft
68ft 64ft
fSft
Michigan Cent 64
64ft
Morris AEsaex
74 ft 76
Hft
N.Y.Cen.*H.B 105ft 105ft
Ohio * Miss...
8
8
Pacific Mall...
16ft 19ft
Ban. * St. Jos
do
pref.
Ill. Central...
Lake Shore...
108
ft
■22ft
V
*"
Panama.......
*120
Wabash, stock
16
123ft •120
16ft
l«ft
Union Pacific. xiO
70ft 69ft
West. Un. Tel.
ttft 79ft
78ft
Adams Exp... *101
not
American Ex.
49
49
•iSft
United State*. *49ft 50
•49ft
Wells, Fargo..
Quicksilver....
do
•
t
pref.
S6ft
18
,1*
*S5
•17
This la the price hid and asked:
i0ft 10ft
-
84*
23ft
75ft
m
63ft
74ft
105ft 105;
.
8ft
..
81
9 s*
10ft
lift
24ft 25ft
75ft
75ft
64ft
64ft 65ft
75ft 75ft
64
106
8ft
18ft
106
8ft
17
79*
10!ft 10lft *101ft
*49
•49ft 50ft
51
•48ft 49 ft
87
•17
87
18
*87
■29
no sale waa made at the Board.
308
THE
Total sales of the week in
North¬
west.
March 28
“
6,250
27,780
28,600
23,150
18,600
16,400
25
26
27
28
29
“
“
“
“
Total
leading stocks
Lake West’ll
Shore. Union.
32,645
24,881
17,7 0
36,900
33,650
22,210
7.100
4,660
1,900
St.
Paul.
108,780 167,966
11892))44
—
—
..
har@*prem.
Exchange.—Foreign exchange showed a good business up to
Thursday, when the higher rates and the engagem-nt of some
coin for shipment had the effect of
checking business. The bond
outstanding is given in
the last line, for the purpose of comparison.
Total sales this week, and the range in prices since Jan.
1,
1877. were as follows:
Sales
of w’k.
Shares
Central of New Jersey
Chicago Burl. & Quincy
Chicago Mil. A St. Pan!
6,604
do
pref...
Hannibal A St. Joseph
do
do
pref
Illinois Central
Lake Shore
were not inclined to pay over
Actual business to-day was about $ point
ing rates of leading drawers, which
tively.
13* Jan.
2
36
Highest.
18)4 Jan. 14
2 43)4
Jan.
68)4 Jan. 80 73)4
83)4 Feb. 11 45)4
59* Feb. 9 71)4
98)4 Jan. 15 108)4
45
Jan.
5 5634
46)4 Mch. 5 56)4
7)4 Jan. 5
3,410 10
Feb. 28
Feb. 28 27
Feb. 14 77 Jan. 15 65)4
Jan. 3 65)4
Feb. 28 79)4
Feb. 11 108)4
Jan. 16
9)4
Mch. 16 23)4
112
Jan. 5 131
13)4 Mch. 14
64)4 Jan. 4 73
753* Feb. 13 80*4
98
Jan. 8 KWH
47J4 Jan. 14 50
46
Jan. 22 51)4
8234 Jan. 7 8/34
15 * Jan. 26
59)4 Feb. 5 31)*
Panama
Wabash stock,...
Union Pacific
Western Union Telegraph.
Adams Express
American Express •
United States Express
5
19,508
1,842
27,637
.....
19
750
50
Wells, Fargo A Co
Quicksilver
I
115
10
1
pref
The latest railroad
Mch.29
Jan. 9
Mch.28
Mch. 27
Mch.28
-Mar. 29.
Mch.29
Mch. 29
60
Prime bankers’ sterling bills on London....
Mch.21
Jan. 8
Good bankers’ and
Good commercial
Jan. 21
Feb.
4
Paris (francs)
Feb. 25
Berlin (reichmarks)
Latest
earnings reported
1878.
Atch. Top. A S. Fe.. .Month of Feb... $185,500
Atlantic A Gt. West..Month of Jan...
299,052
Atlantic Mi-s-A O...Month of Jan...
142,537
Bur. C. Rap. A North.2d week of Mch.
28,292
Cairo A St. Louis
2d week of Mch.
4,575
Central Pacific
Month of Feb...
974,000
3 weeks of Mch.
Chicago A Alton
267,997
Chic. Burl. A Quincy..Month of Jan... 1,045,467
Chic. Mil. A St. Paul...3d week of Mch.
137,000
Chicago & Northwest.Month of Feb
1,062,013
Clev. Mt. V. A D.,Ac. .2d week of Mch.
6,843
Dakota Southern
Month of Feb...
15,609
Denv. A Rio Grande...2d week of Mch.
14,372
Gal. H. A S Antonio..Month of Jan...
Grand Trunk
W’k end. Mch. 16
Great Western
W’k end. Mch. 15
Hannibal A St Jo... 1st week of Feb.
Honst’n A Tex. Cent.Month of Feb...
Illinois Cent.(U).line.)Month of Feb...
do Iowa Lines. Month of Feb...
do Springf. div.Month of Feb...
Indianan. Bl. A W....3d week of Mch.
Infc. A Gt. Northern.. 2d week of Mch.
Kansas Pacific
8d week of Mch.
Lonisv. A Nashville...Month of Jan...
Michigan Central... 1st week of Feb,
Minneapolis A St. L..lst week of Mch
Missouri Pacific
Month of Feb...
Mo. Kansas A Texas..Month of Feb
Mobile A Ohio
Month of Feb...
Nashv.Chatt. A St.L..Month of Feb...
New Jersey Midland..Month of Feb...
Pad. A Elizabethan...2d week of Mch.
Pad. A Memphis
2d week of Mch.
Phila. A Erie
Month of Feb...
Phila. A Reading
Month of Jan...
St. Jos. A Western...Month of Jan...
StL. A.AT.H.(brchs;.2d week of Mch.
St L. I, Mt A South.3d week of Mch.
..
St L. K. C. A North’n.3d week of Mch.
St L. A S. Francisco .3d week of Mch.
StL.AS.E’n(StL.div.) 1st week of Mch
“
“
(Ken.div.)..lst week of Mch
(Tenn.div.)..lst week of Mch
St Paul A S. City
Month of Feb...
Sioux CityASt.Paul. .Month of Feb...
Southern Minnesota. Month of Feb...
Tol.Peoria A Warsaw.3d week of Mch.
Union Pacific
Month of Jan...
Wabash
.3d week of Mch.
Tl’li© Gold
1877.
$136,350
266,549
109,986
14 2.52
3,846
945,171
257,760
876,835
97,559
779,057
6,190
...
Det. Lansing ANorth.Month of Jan...
Dubuque A S. City.. .8d week of Mch.
,
9,467
11,002
56,963
20,933
94,053
174,785
83,702
25,000
205,883
364,413
124,371
45,602
15,874
83,717
162,436
73,812
26,925
189,600
358,866
1l0,257
11.213
..
30 684
..
23,370
28,910
23.379
67,605
58,302
445,768
114,440
490.000
126,019
8,611
279,866
181,118
265,339
235,809
188.790
174.393
155,771
33,329
6,822
148,494
42,631
6,254
2,944
4.597
160,507
673,980
45,802
9,850
78,600
87,822
22,751
14,043
8,110
3,753
41,841
23,176
61,759
.
193,402
730,805
28,280
10,562
90,322
75,148
24,518
18,505
6,024
2,515
29,409
17,554
31,042
23,033
27,347
837,340
815,354
82.327
69.125
Mch.58
Mch. 20
'an.
ending at the commencement of business
2
2i
Loansand
Feb. 23}
Jan. 2 »-
Banks
Current week..
Previous week....
dan. 1 to date..
ioi*
...
New York
3,000,000
Manhattan Co... 2,050,0l0
Merchants’
3,000,000
Mechanics’
2,000,000
Union
1,200,000
America
3,000,000
Phcenix
1,000,000
latest
City.
1878.
$271,214
142 537
109,986
374,433
33,007
171,967
49,538
....
.
2,115,786
8^9,257
934,415
876,835
1,045,467
1,818,000 1,084,220
2,139,904 1,566,783
69,575
64.402
30,663
17,964
143,504
103,496
66,963
45,692
1> 3,489
227,786
94,053
83,717
1,*>55,942 1,775,437
994,402
7/4,215
-157,148
149,721
609,lh4
Broadway
Mercantile..
Pacific
Republic
Chatham.........
People’s
North America...
Hanover
Irving
Metropolitan
726,267
252,793
30,750
299/64
Citizens’
Nassau
Market
St. Nicholas......
Shoe and Leather.
Corn Exchange...
Continental
Oriental
Marine
193,512
254,558
293,278
563,829
865,451
523.819
490,000
669,897
79,486
574,677
398,147
460,782
445,768
578,493
531,24*2
333,577
472,341
-406,775
298,960
96,601
92,835
44,565
* 401,003
673,980
45,602
94,590
1,004.500
723,238
247/07
106,479
36,944
430.952
Importers’ ATrad.
Park...
Mech. Bkg. Ass’n.
Grocers’
North River
East River
Manuf’rs’ A Mer.
Fourth National..
Central National..
Second National..
Ninth National...
First National....
Third National...
N. Y. Nat. Exch..
780,806
23/80
108,864
1,006,156
677,138
27 r,933
108,634
56,966
58,967
28,792
German American
60,006
33,076
67.565
296,362
837,340
928,770
220,266
815,354
876,213
] Currency.
-
•
•*
••••
'
.
$
8,270,000
5,898,500
7,987,400
6,336,000
4,143,600
7,944,300
2,735,000
1,000,000 5,438,600
1,000,000 3,103,100
1,543,000
600,000
300,000 10,087.900
1,000,000 3,567,100
l,5u0,000 8,583,300
500,000
1,393,000
600,000
1,461,000
200.000
853,600
600,000 2,3ul,800
300,000
848,UK)
800,000 1,613,500
5,000,000 11,631,000
5,000,000 12,933,500
1,000,000 4,499,800
1,000.000 3,476,000
422,700
2,088,600
1,500,000 3,118,700
450,000 2,984.700
412,500
1,233,100
700,000
1,333,700
1,000,000 5,009 900
500,000 1,977,500
3,000,000 12,472,000
600,000 1,654,600
1,000,000
1,890,000
1,000,000 2,777,600
1,000,000 1,975,000
1,000,000 3,614,500
1,000,000 3,064,400
1,250,000 3,144,400
300,000
1,221,300
400,000 1,903,000
1,500,000 15,658,900
2,000,000 13,237.800
500,000
660,400
304,000
557,900
240,000
818,300
350,000
715,700
1GO,000
454,100
3,500/00 13,889,700
2,000,000 6,927,000
300,000
1,921,000
750,000 3,209,900
500,000 8,346.000
1,000,000 6,174,500
Bowery National.
New York County
27.465
81,808
54,185
121,775
$15,540,000 $1,519,153 $1,684,304
9,347,000 1,305.000 1,819,669
12,094,000 1,423,700 1,440,108
11,636,000 1,208,986 1,224,217
14,624.000 1,551,500 1,570,014
16,4:3,000 1,080,282 1,076,437
...
Merchants’ Exch.
Gallatin National
Butchers’A Drov.
Mechanics’ A Tr.
Greenwich
Leather Manuftrs.
Seventh Ward....
State of N. York.
American Exch’e.
Commerce
266.549
2,099,000
....
Fulton
Chemical
-1877.
$356,500
,299,052
Gold
101
101
Tradesmen’s
Jan. 1 to latest date.
101H 101* $79,729,000 $
$
101* 101
88,411,000 1,172,923 1,186,560
102* 100* 102* 101*
.1
101*
Capital. Discounts.
$
,
Gold.
days.
4.87
@4.88
5.14*@5.11*
5.14*@5.11*
ft.l4X@5.1tJ,
*
95*
95*
95*
95*
4C*@
40
96
96
96
96
96)*
95*
96*
96*
@
@
@
<&
on
March 23, 1878:
AVERAGE AMOUNT OP
.
Clearings.
@4.86
4.81*@4.85*
5.16*@5.13*
5.16*@5.13*
5.16*@5.13*
40*@ 40)4
95*@
95*@
9S*@
95*@
Feb. 25
firmer, and the shipments
nearly $2,000,000 this week (of which $1,500,000 to-morrow)
necessarily strengthens the premium. On gold loans to-day the
carrying rates were 3$ to 5 per cent.
The range of gold and clearings and balances were as follows :
Ebw: High Clos.
101* 101* ioi* 101*
101* 101* 101* 101*
101* 101
101* 101*
101
101
101* 101*
101* 101* 101* 10!*
101H 101* 101* 101*
.
3
4.89*@4.90*
4.89*@4.89*
4.87*@4.68*
New York City Banks—The
following statement shows the
condition of the Associated Banks of New York City for the week
Mch.19
Feb. 8
of
Op’n
.......
(guilders)
Hamburg (reichmarks)
Frankfort (reichmarks)
Bremen (reichmarks)
Market.—Gold lias been
Saturday, March 23...
25...
Monday,
“
Tuesday.
“
26...
Wednesday, “ 27...
Thursday, “
23...
Friday,
4‘ 29...
*.....................
(francs)
Amsterdam
dates, are
earn¬
ings of all railroads from which returns can be obtained. The
columns under the heading “ Jan, 1 to latest date” furnish the
gross earnings from Jan. 1, to, and including, the period mentioned
/
..
Antwerp (francs).....
8wiss
days.
4.S7*@4.88*
4.86)*@4.87M
4.85
Documentary commercial.
earnings, and the totals from Jan. 1 to
given below. The statement includes the gross
in the second column.
prime commercial
Mch.20
Mch.21
Mch.k9
Jan. 9
Mch.28
Jan. 16
Jan.
were
4.89 for bankers’ bills.
lower than the ask¬
4.88$ and 4.90$ respec-
In domestic bills rates on New York
to-day were as follows:
Savannah, buyir g at 1-16 premium, selling at $ premium; Char¬
leston, easy, par@l-16 premium, 3-16@$ premium; St. Louis, 75
premium; New Orleans, commercial $ discount, bank par; Chi¬
cago, 60 premium, and Boston par.
Quotations for foreign exchange are as follows:
Jan. 1, 1878, to date.—
Lowest.
1,700 21 *
2,015 72)4
167,966 59)4
Michigan Central
20,566 58*
Morris A Essex
25,950 67*;
N. Y. Central A Hudson River..
2,729 103)4
Ohio A Mississippi
16,725 7
Pacific Mail
54,220 1634
do
importers
1,210 99j< Feb. 28 105)4 Feb. 18
118,437
49,199
Chicago & Northwestern
108,7:0
do
do
pref... 67,400
Chicago Rock Island A Pacific.. 10,457
Delaware A Hudson Canal
20,375
Delaware Lack. A Western
171,501
Brie
16,380
do
/■■■- -
—
—
27,637 118,437
2,720 171,601 25,950 5L220
151,031 494,665 337,874 154,012 894 2S3 524,000 300,000 200,000
The total number of shares of stock
Whole stock
fV0L. XXVI.
The following are quotations in gold for various
coins:
Sovereigns
Dimes A half dimes. —
$4 84 @ $4 89
ga
Napoleons
3 86 @ 3 90
Large silver, *s A#s — 97*<@ — 98
X X Reichmarks.... 4 72 @ 4 78
Five francs
90 @ — 93
X Guilders
8 00 @ 4 10
Mexican dollars.
— 94
a
95
Spanish Doubloons. 15 60 Q 15 80
English silver
4 75 @ 4 85
Mexican Doubloons 15 50 @ 15 70
Prussian silv. thalers
65 @
79
Fine silver bare
Trade dollars,....... — 97*@ —
121
120*@
98
Pine gold bars
were as follows'
Del. L. Morris Psc.
AW.
A E. Mail.
405 35,895
4,840 13,350
366 21,901
500
5,750
100 10,965
1 810 10,250
563 14,800
1,100
4,110
710 36,660
8,000
2,110
585 51,780
9,700 18,650
N. Y.
Cent.
5,705
13,025
22,400
27,307
80,500
19,50J
4,006
5,861
4,110
CHRONICLE.
300,000
1,018,600
250,000
1,131,100
200,000
750,000
1,126,800
2,451,900
Legal
—,
Net
Circula-
Specie. 1
$
$
$
4,735,500
804.600 10,071,600
643.600
1,470,300
5.176.100
2,050,800 1,099,100 7.609.500
707,600
631,000 4.720.700
846,100
438.700 3,526,000
2,093,400 1,037,700 6,967,200
556,000
148,000 2,540,000
2,066,500 1,216,000 4.622.600
350,200
185.300
1,825,800
453.900
301,000
1,325X00
1,819,700 1,685,700 10.452.800
430,400
428.100
2.983.300
213,000
676,100
2.269.600
95,000
213,000 1,057,000
8,000
207,000
838,000
*
176.500
766.900
687,700
810,200
2.262.800
.155,600
788,300
78,600
254.900
517,700
1.712.800
829,000
2,847,000
9,398,000
679.800
2,009,700
6,116,000
612,600
218.700 2.891.600
364.300
371,300
3,072,100
52,400
469.800 1.993.100
233,400
336.800 1.723.600
314,300
313.400 2.752.100
7,400
181.700
1,052,000
71,000
382,004) 1,281,0C0
642,500
500.700 4,813/00
313.100
263,700
2,056,400
1,571,000 1,065,000 9,781,000
68,500
370.100 1.673.100
105,900
257.800
1,737,400
252.300 1.932.800
273,400
96,700
124.400
754,500
326,900
4u7,500 2.798.700
267,500
251,000 1.842.600
211,700
327.400 2,020,400
195,000
29,800
1,078,700
275,C00
206,000 1,833,COO
1,733,100 3,113,900 17,551,600
2,617,400 1,834,300 15,?8S,400
25,800
86,000
464.600
2,100
117,000
456.600
132.400
16,200
685.900
70,100
71,700
541.900
66,700
53,900
454,000
1,101,500 1,717,100 11,336,700
453,000 1,0-24,000 5,579,<00
503,000 1,911,000
230,600
686.900
2.939.500
1,107,900
719.800 8,62C,600
1,440,400
599.100
6.548.600
281,200
83,800
805,200
210,000
12,000
780,000
307.700
1,170,900
316,400
186.800 2.328.300
......
Total
65,725,200 241,566/00 39,687,500 29,605,700 211,933,500 19,906,300
The deviations from returns of previous week are as follows:
Loans
Dec. $1,412,200 | Net Deposits
Dec. $3,146,600
Inc..
4,400
Specie
141,600 Circulation
Dec.
Legal Tenders ........Dec.
720,500 |
Boston
banks for
Banks.—The following are
series of weeks past:
Loans.
Specie. L. Tenders. Deposits. Circulation. Agg. Clear.
Mar? 4.. 124,4*6,100 5,02*400
Mar. 11.
Mar. 18.
Mar. 25.
the totals of the Boston
a
124,684,400
124,650,900
124,537,400
5,438,700
5,850,700
8,996,600
4,039,400
4,113,400
6,294,400
4,174,000
40,491,200
49,035,900
49,212,400
48,572,600
Philadelphia Banks.—The totals of the
follows:
Loans.
Specie. L. Tenders. Deposits.
40,546,165'
42,727,810
43,612,375
25,227,700
25,174,300
25,272,000
44,231,065
25,211,700
Philadelphia banks
are as
1878.
Mar. 4..
Mar. 11.
Mar. 18.
Mar. 25.
*
9 8
2,172,782
2.363.625
2,07*
12,794,862
58,694,000
58,420,689
58.2'6.713
2.811.626
12.262!085
58,679,840
12,635,756
12,148,650
Circulation! Agg. Wear.
45,803,630 11,003,734
44,997,112 11,008,028
44,770,251 ll,0O9,4to
44.546.917
11016 926
t;
32,406,006
83,104,101
29/18,674
884,916
March SO,
THE CHRONICLE
1878.J
GENERAL
309
QUOTATIONS OF STOCKS AND
BONDS.
Quotations in New York represent the per eent value, whatever the
par may be; other quotations are
frequently male per share.
The following abbreviations are often
used, viz.: “ M.,” for mortgage; “ g.,” for gold; “ g’d,” for
guaranteed; “end.,” for endorsed; “cons.,”
for consolidated; “ conv.,” for
convertible; “ s. f.,” for sinking fund; “ 1. g.,” for land
grant.
Quotations in New York are to Thursday; from other cities, to late mail dates.
Subscribers will confer a favor
by giving notice of any error discovered in tbese
Quotations.
United States Bonds.
Bid.
Ask.
South
UNITED STATES BONES.
6s, 1881
6s, 1881
reg..J & J 107
107*8
coup .J & J 10678 107*8
Called Bonds.
reg
ds
.coup...
6s, 5-20s, 1865, new
&
reg.
1045s 104%
6s, 5-208,1865, new... coup.
&
104*2 1045s
6s, 5-20s, 1867
&
107*4 107*2
reg.
6s, 5-20s, 1867
&
coup.
107*8 107*4
68, 5-20s, 1868..
&
109
reg.
6s, 5-20s, 1868
&
109
coup.
5s, 10-40s.
r eg. M& S 105*4 105*2
5s, 10-40s
coup. M& S 105*4 105*2
5s, funded, 1881
reg.. Q-F 1043s 104*2
5s, funded, 1881
coup.. Q-F 1043s 104*2
4*28,1891
reg. Q-M 10278 103
4*28, 1891
coup. Q-M 10278 103
4s, 1907
reg
1005s
4s, 1907...
coup
101%
4s, small
coup
101%
6s, Currency, 1895-99..reg..J & J 118
STATE
Various
43
43
20
6
20
43
71
43
15
4
8s, 1886 & 1888.....'
8s Monticello & Eufala
88, Ala. & Chat
8s of 1892
J & J
2s of 1906, funded “A”
J & J
5s of 1906, funded, HR. “ B”
Class “C”
Arkansas—6s, funded, 1899
•
..J &
&
&
&
&
&
7s, L. R. & Ft. S. issue, 1900. A
78, Memphis & L.R., 1899..A
7s,L. R.P.B.&N.O., 1900..A
7s, Miss. O. & R. Riv., 1900. .A
7b, Ark. Central RR., 1900. A
7s, Levee of 1872
J
O
O
O
O
O
J & J
A&O
7s of 1888
6s, non-fundable bonds
Var.
6s, consols, 1893
J & J
Tennessee—6s, old, ’75-1900..J & J
6s, new bonds, 1875-1900...J & J
68, new series, 1914
J & J
Texas—68, 1892
City Securities.
72
38%
37
365a
110*2
111*2
103*2
100*4
103
111
113
Washington—10-year 6s,
104*2
100%
58*4
Georgetown—Gen’l st’k, 8s, ’81...
36
6s, various
Board P.W.,ctfs. imp. 8s,’77-8...
Certificates,
East
6s, 1876-’90
Wharf 7s, 1880
Allegheny Co., 5s..
Atlanta, Ga.—7s
Do.
Waterworks
8s, ’74-77
7s, consol., 1885-98
82
80
A&O
80
At 109
58,1894, gold
F&At 101*2
Fitchburg, Mass.—6s. ’91,W.L.. J&Jt 109
Fredericksburg, Va.—7s.
M&N 101
Galveston, Tex.—10s, ’80-’95 ..Var. 102
Galvest’n County,10s, 1901.J & J
Georgetown, D.C.—See Dist. of Col.
Harrisburg, Pa.—6s,coupon...Var.. 103
Hartford, Ct.—City 6s, various
104
Fall River,
Mass.—6s, 1904.. .F&
.
92*4
96
104
97
8s
sewer,
Saginaw, Mich.—8s
Elizabeth, N.J.—7s,imp.,’76-86. Var t
7s, funded, 1880-’95
Var.
Various
Various
J&J
J&J
J&J
J&J
’78..Var.
Fund, loan (Cong.) 6s,g.,*92...<<
Fund, loan (Leg.)6s, g., 1902..
g
Certifs.of st’k (’28) 5s, at pleas, _r
do
(’43) 68,
do
P
Ches. & O. st’k (’47) 6s, at pleas.
CITY SECURITIES.
78
Var.t 110
Ill
Var.t 110
111
Diet. Columbia—
Consol. 3-65s, 1924, coup
F &A 75*8 75*4
do
75
reg
Perm. imp. 6s, guar., 1891....J&J
Perm. imp. 7s, 1891
J&J
Market stock bds, 7s, 92
J&J
Water stock bds, 7s, 1901
J&J
do
1903
2
36
Ask.
1
Detroit, Mich.—7s, long
'78, water, long
65
27
30
68
57
Bid.
Dayton. O.—8s
40
40
30
M & 8 101
7s, gold, 1910
M&S
7s, gold, 1904
J&J
10s, pension, 1894
J & J
Vermont—6s, 1878
J & D
Virginia—6s, old, 1886-’95....J & J
6s, new bonds, 1886-1895...J & J
6s, consol., 1905
J & J
6s,
do
ex-coup., 1905...J & J
6s, consol., 2d series
J & J
6s, deferred bonds
Allegheny, Pa.—4s
4
4
4
4
5
7
102 104
Ask.
Carolina—(Continued.)
Albany, N. Y.—6s, long
44
73
44
25
Bid.
6s, Land C., ’89
6s, Land C.,1889
118*2
SECURITIES.
Alabama—58, fundable
State Securities.
Augusta, Me.—6s, 1887, mun..F&At 103*2
Augusta, Ga—7s
Various 92
Austin, Texas—10s
100
Baltimore—6s, City Hall, 1884 Q—Jt 105
6s, Pitts. & Con’v. RR.,1886. .J&Jt 107
95
98
106
99
105
97
102
Capitol, untax, 6s
Hartford Town bonds,6s.
107
untax...
95
88
88
110
102*2
110
105
102*2
107
115
116*2
107
109
Haverhill, Mass.—6s,’85-89.. A&Ot 107
109*4 Houston, Tex.—10s
107*4
6s, consol., 1890
Q—Jt 110% 111
6s, funded
20
25
6s, Balt. & O. loan, 1890
Q—Jt 110% 111
Indianapolis, Ind.—7-30s,’93-99. J&J 105 107*2
California—6s, 1874
6s, Park, 1890
110
111
Q—
M
Connecticut—5s
Jersey City—6s, water, long, 1895.. 101 102
110 113
68, bounty, 1893
....M& 8 110
112
6s
7s,
do
1899-1902
J & J 108*2 109*2
108
68,
do
exempt,
1893
...M&S
113
114
7s, sewerage, 1878-’79......J & J 100
Delaware—68
J& J
101
6s,
1894
funding,
J&Jt
113
115
Florida—Consol, gold 6s
7s, assessment, ’78-79. J&J-M& N 100
101
J & J
6s, 1900
J&Jt
113
114
7s, improvement, 1891-’a4
Georgia—6s...
F & A 99
Var. 107
108
6s,
West.
Md.
RR., 1902
J&Jt 113
114
78, Bergen, long
7s, new bonds
J & J 105
J & J 108
106
58, consol, 1885
105
Q—Jt 98
Hudson County, 6s
7s, endorsed.
103
A&O 102
106
6s,
A & O 107
Valley RR., 1886
110
do
7s, gold bonds
7s.M&SandJ&D 107
108
Q—J 107
5s,
new 1916
105%
106*4
8s, *76, '86
Bayonne
A & O 104
J&J 104
105
110
Bangor, Me.—6s, RR.,1890-’94.Var.f 103 103*4 Lawrence, City, 7s, long
Illinois—6s, coupon, 1879... .J & J 101 103
Mass.—6s, 1894...A& Ot 109% 110*4
6s, water, 1905
J&Jt
105
106
War loan, 1880
J & J 101
99
Long Island City, N. Y
t 96
6s, E.& N.A. Railroad, 1894..J&Jt 103
103*4 Louisville, Ky.—7s, longdates. Var.t 103*2 107
Kansas—7s, '76 to ’99
J&Ji 100
6s. B. & Piscataquis RR.,’99.A&Ot 103
103*4
7s, short dates
Kentucky—6s
Var. 102*2 105
100
Bath, Mo.—68, railroad aid
Vart 102*2 103
Louisiana—Old bonds,fundable.Var. 55
6s, long
Var.t 97*2 98*2
5s,
1897,
municipal
100
101
8s, non-fundable
6s, short
100
Var
55
Var.t 99
Belfast, Me.—68,railroad aid, ’98..+ 100
New consol. 7s, 1914
102
Lowell, Mass.—6s, 1894
J & J 783s 79
M&Nt 110
110*4
115
Boston,Mass.—6s,cur,long,1905Vart
115*2
Lynchburg, Va.—6s
J & J 97
Maine—Bounty, 6s, 1880
F&A 102*2 103
98
6s, currency, short, 1880
Var.t 103
War debts assumed, 6s,’89.A& Ot
8s
103*2
J&J 105
112*2 113
5s, gold, 1905
110
Var.t
112
War loan, 6s, 1883
Lynn, Mass.—6s, 1887
M&S 106
F&At 106*2 107*2
107
Sterling, 5s, gold, 1893
A&O} 106
108
Water loan, 1894-96
Maryland—6s, defence, 1893..J&Jt 107 108*2
J&J 109% 110*4
do
5s,
104
gold,
1899
J&Jt
106
5s, 1882
6s, exempt, 1887
....J&Jt 110*2 113
..M&Nt 100*2 101
do
58,
1902
gold,
106
108
A&O}
6s, Hospital, 1882-87
Macon, Ga.—7s
70
80
J&Jt 106
108*2 Brooklyn, N.Y.—7s, ’77-80....J & J 101
106
6s, 1890
Manchester, N. H.—5s, 1882-’85... t 101 102
Q—J 107
110
1&81-95
7s,
J&J 105
112
6s, 1894.
5s, ISSO-TK)...,
110
t 109
Q—J 99 105
7s, Park, 1915-24
J&J 117
119
Memphis, Tenu.—6s, old, C...J & J 35
45
Massachusetts—58,1878,
gold.J&J I 101
101*2
7s,
Water, 1903
J&J 117
119
5s, gold, 1883
6s,
new, A & B
J & J 35
45
J&J 104*4 104%
78,
Bridge,
1915
J
J
&
117
119
5s, gold, long
6s, gold, fund., 1900
M&N 35
45
;
Var.t 113
114
6s, Water, 1902-5
J & J 106
109
5s, g., sterling, 1891
6s, end.,M. & C. RR
35
45
J&J } 106
108
6s,
Park,
1900-1924....
J
&
J
106
109
do
do
6s, consols
1894
J&J 61
64
M&Nl 107 109
Kings Co. 7s, 1882-’89
M&N 109
112
do
do
1888
Milwaukee, Wis.—5s, 1891....J & D 95 100
A&Ot 106 108
do
6s,
1877-’86
M&N
105
107
Vs, 1896-1901
Michigan—6s, 1878-791.......J & J 101*4
Var. 104
105
Buffalo, N, Y.—7s, 1876-’80.... Var. 100
104
7s, water, 1902
6s, 1883
J & J 105
106
J&J 103
7s,
1880-’95
Var. 103
111
7s, 1890
!
Mobile, Ala.—8s
J & J
20
M&N 110
7s, water, long
Var. 110
113
5s
Minnesota—7s, RR. repudiated
J&J
20
20
35
6s, Park, 1926
M&
8 101
104
6s,
funded
Missouri—6s, 1878
.M&N 30
36
J & J 1013s 1015s
Cambridge, Mass.—5s, 1889...A&Ot 101*2 102*2 Montgomery, Ala.—8s
J & J
Funding bonds, 1894-95
J & J 108*2 109*2
6s, 1894-96, water loan
J&J'.
112
111*2
Long bus, ’82 to ’90
Nashville, Tenn.—6s, old
80
90
J & J 103
105*4 Camden Co., N, J.—6s, coup
100
6s, new
Asylum or University, 1892. J & J 105
80
90
Camden City, N. J.—6s, coup.'
103
*
i'll
Hannibal & St. Jo., 1886 ...J & J
Newark—6s, long
105
Var. 102
104*2
78,
reg.
and
coup
114
115
do
7s, long
do
Var. 107
110
1887....J & J
104*2 Charleston, S.C.—6s, st’k,’76-98..Q-J
60
N. Hampshire—6s, 1892-1905.
7s, water, long
Var. t 112
116
.J&J I 112*2 113
7s,
fire
loan
bonds, 1890....J & J
79
New Bedford, Mass.—6s, 1893
War loan, 6s, 1884...111%
t
M&S 106
112*4
107
7s,
non-tax
bonds
96
N. Brunswick, N. J.—7s
New Jersey—6s, 1897-1902... .J&J*
t
Chelsea, Mass.—6s, ’97,water l.F&At 109*2 109% Newburyport,
6s, exempt, 1877-1896
t 109*2 110
Mass.—6s, 1890
J&JChicago,
Ill.—6s,
96
long
J&Jt
dates
N.
100
New York—6s,Canal loan,1878. J&J
Haven, Ct.—Town, 6s, Air Line... 103 105
7s, sewerage, 1892-95
J&Jt 103
103*2
Town, 6s, war loan.
68, gold, reg., 1887
103
105
J & J
7s,
water,
1890-’95
102
J&Jt
104
do
6s, gold, coup., 1887
68, Town Hall
103
105
J & J 120
7s,
river
impr.,
1890-’95
100
J&J t
6s, gold, 1883
City, 7s, sewerage
112
115
J & J
7s, 1890-’95
J&Jt 103
do
104*2
6s, gold, 1891
6s, City Hall
103
105
J & J
Cook Co. 7s, 1880
M&N t 100
102
do
6s, gold, 1892
7s, Q’nnipick Bridge
,.A&0
do
7s, 1892
M&N 105
107*2 New Orleans, La.—Premium bonds. 36
37
„6s, gold, 1893
J&J 123*2
Lake
View
Water Loan 7s
t 100
100
N. Carolina—6s,
Consolidated 6s, 1892
Var. 39
42
old,’68-’98..J & J 15
16
Lincoln Park 7s
97*2
100
Railroad
6s, old
issues, 6s, ’75 & ’94.*.Var. 36
38
A&O 15
16
South Park 7s, 1876-’79
J & J 97*2 100
Wharf impr., 7-30s, 1880—J &D
6s, N C. RR
J&J 67
West Park 7s, 1890
95
100
New York City6s, do
...A & O 67
Cincinnati, O— 6s, long
Var.*t 97
100
do
6s,
63, water stock, 1876-80
Q—FI 100 103
coup, off
J & J 48
6s,
short...*?
Var.*t 98
68, do
6s,
do
1877-79....Q-F t 100 103
A & O 48
coup. off.
7-30s.
..Var.*t 108
110
6s, Funding act of 1866
do
5s,
1890
Q—Fi 100 102
J&J
9
7s
Var *t 105
106
6s,
6s,
do
1883-90
Q—F 103
do
106
1868
A&O
8*2
Southern'
RR*'7-30% 1902.’. .J&Jt 99*2 100*2 6s, aqueduct stock, ’84-1911..Q—F 103 106
6s, new bonds
J&J
8
do
7-30s,
new
t
98*2
6s,
do
78, pipes and mains, 1900..M&N 115
118
;
A&O
8
do
6s, g., 1906..M&N t86
86*2
6s, special tax, class 1
68, reservoir bonds, 1907-’11.Q—F 108
109
A&O
Hamilton Co., O., 6s
2*4
6s,
do
5s, Cent. Park bonds, ’77-98.-Q-F 101
103
class 2
A&O
2
do
7s, short
t 100
6s,
do
’77-95.. Q—F 100
108
>68«
do
class 3
A&O
2
do
long 7s & 7-30s.t 105
110
7s, dock bonds, 1901
M & N 118
119
105
Cleveland, O.—6s. long
Various. 103
105
6s, 1886
6s,
do
1905.:
M&N 107
;
108
J & J 108
30-year 5s
99
100
6s, floating debt stock,1878..Q—F 101*2 102
Pennsylvania—5s, gold, ’77-8..F&A 101 104
6s, short
Various. 99
101
5s, cur., reg., 1877-’82.
7s, market stock, 1894-97..M&N 116
117
F&A*
7s, long.
Various t 109
110
5s, new, reg., 1892-1902....F&A.
6s, improvem’t stock, 1889-M & N 104
105
11*6*2 111*4 78, short
Various t 102
6s. 10-15,
104*2
7s,
do
1879-90.M & N 101
114
reg., 1877-’82
F & A 104*4 105
Special 7s, 1876-’81
101
102
Yearly t
6s, gold, cons, bonds, 1901. M&N X 110
112
15-2d, Te}rmf i8g2-’92
„6s>
F & A 112*2 113
Columbia, 8.C.—6s, bonds
Rhode Island—6s, 1882
6s, street impr. stock, 1888.M & N 102*2 105
M&St 106
107
Columbus,
Ga.—7s,
Various..., Var. 60*' *70*’
6s,.1894.
7s,
do
do
’79-82.M & N 104
107
F&A 110
118
Covington. Ky.—7.30s
.t 100
102
South Carolina—6s
68, gold, new consol., 1896........ 107
109
J & J 30
8S
...t 103
105
6s*.
7s, Westchester Co., 1891
106
107
........A & O 30
Dallas, Texas—8s, 1904........vj... 82*2 85
6s, funding act, 1866
Newton—6s, 1905.
J&J 111*2 112*1
J & J 30
10s, 1883-96..
95
100
5s, 1905
J&J 102*2 103
fi
....
•
•
,
•
.
*
'
,
•••.
.
„
'
••»•••
......
......
*
Price nominal;
no late
transactions.
I Purchaser also pays accrued interest.
I In London, V
THE CHRONICLE.
310
GENERAL
For
Bid.
\
*
3 t
Oswego, N. Y.—7s
Paterson, N. J.—7
.
Bost. Hart.& E.—1st, 7s, 1900. J&J
1st mort., 7s, guar
J&J
Boston & Lowell—New 7s, ’92. A&O
do 6s, 1879
A&O 1*
New 6s, 1896
J&J
Boston & Maine—7s. 1893-94. J&J
Bost. & N. Y. Air L.—1st 7s
Bost. & Providence—7s, 1893.J&J
Bruns’k & Alb.—1st,end.,6s, g.A&O
Buff. Brad.& P.—Gen. M.7s,’96.J&J
...
1103
.
*10*5
r
95
102
1
J
8s
8s, special tax.
105
.
97
105
L07
J *
108
J 104
113
J 112
j
85
J
82
) xl02% 103
r
*
Bid.
Railroad Bonds.
Ask.
94
90
105 ^ 109
113^ 114
J
Orange, N. J.—7s.
QUOTATIONS OF STOCKS AND BONDS—Continued.
Explanations See Notes at Head of First Page of Quotations*
City Securities.
8s, coup.,
mo
100%
tl00%
till
102%
H15
i
**40
1
Poughkeepsie, N. Y.-
1106%
*1*0*7%
J&J
1106
10
20
126
92
77
J&J
Exten., 7s
f
109
t106% 107% Camden & Atl.—1st, 7s, g.,’93.. J&J
2d mort., 7s, 1879
102%
102
A&O
117% Cam.& Bur. Co.—1st M., 6s,’97.F&A
r ii7
gg
J
105
Canada So.—1st M., 7s, g.,1906.J&J
Rochester, N. y!—6s, ’76^1902. Yar. 103
5
r
99%
101
^
in
t99
g.30
113
LOO
32
> till
tl02
112
103
35
30
.
>
do
do
(new),
1103
tioo
tl06
tl06
1106
tl06
tl06
Bridge approach, 6s.
do
reg
Deb. certificates
1106
87%
100
103
g-107
..Yar.
Stockton, Cal.—8s.
Toledo, O—7-30s,
8s, 1877-89
88, water, 1893
Washington, D.C.-
42
42
tlOl
tl05
1106 34
till
tll7
1st mort., 7s, 1916
ent. of Ga.—1st, cons., 7s, ’93. J&J
ent. of Iowa— 1st M., 7s, g
7s,
conv
107
90
104
108
50
50
heraw & Dari.—1st M.,8s,’88. A&O
2d mort., 7s
1
111%
..
35
8%
J&D
123
25
11
i+9
T4 %
t38
M6
+26
t26
79
75
94
122
do
(
(
<
60
30
30
•82
40
80
96
27
27
108
Sterling, 6s, 1895
M&S 1104
Sterling mort., 6s, g., 1902..M&S 1104
do
6s, g., 1910. M&N 1105
108
106
106
107
185
87
1st, tunnel, 6s, g., g’d, 1911. A&O 184
90
BeUev.& S. Ill.—1st, S.F.8s,’96. A&O
Belvidere Del.—1st,6s,c.,1902. J&D 104
2d mort., 6s, 1885
99
M&S
3d mort., 6s, 1887
93
F&A
Boston & Albany—78,1892-5.F&A tl35
86
97
Balt. & Pot’c—1st, 6s, g., 1911 .J&J
Convertible 7s, 1892
Denver Pac.—Ist M.,7s,
Price nominal; no late transactions.
.....
100
41
*46
10
J&D
g.,’99.M&N
Detroit & Bay C.—lst,8s,1902.M&N *35
1st M., 8s, end. M. C., 1902.M&N *t70
Det. Eel Riv. & Ill.—M., 8s, ’91..J&J
Det. L. & North.—1st,7s,1907.A&O t83
+35
Detr. &Milw.—1st M., 7s, ’75.M&N
2d mort., 8s, 1875
M&N +35
102
105
100
10
Dubuque& Sioux C.—1st,7s,’83. J&J
1st mort., 2d Div
J&J
Dunk.A.V.&P.—l8t,7s,g..l900J&D
Dutchess & Col.—1st,7s, 1908. J&J
East Penn.—1st M., 7s, 1888 ..M&S
15
31
67%
103
**
Exten. mort., 7s, 1885
1st mort., 78,1885..,
Erie Railway—
1st mort., 7s,
111%
11
56%
83
62
63
70
102
103
100
86
40
'
106
99
96
96
F&A
F&A
.
.
95
98
reg
99
93
80
105
96%
106
101
46%
50
*25*'
45
45
97
.
106
*9*9
104
20
98
85
100
88
90
62%
105
70
...M&N 112%
M&S 103% 104
3d mort., 7s, 1883
106%
M&S
107
4th mort., 7s, 1880.
A&O
5th mort., 7s, 1888
*
J&D 105% 107
Sterling, 6s, gold, 1875
M&S }99 101
94
1st cous., 78, gold, 1920
J&J :92
2d cons., 7s, gold, 1894.
J&D
Debentures, 7s, g., 1903 —Q—J
*
Recon. trustees’ certs.,
7s
+51
110
53
111
98
80
101
85
78
A&O
Equipment, 7s, 1890
Flint& PeroM.—lst,l.g.8s,’88.M&N
Cons.S. F., 8s, 1902..
..M&N
Flint & Holly, 1st, 10s, ’88.M&N
*••••»
101
50
i*0*5
*80
85
30
k
65
*50
BayC.& E. Sag.—1st, 10s„82.J&J 100
M., 8s, 1900. A&O
Holly W. & M—1st, 8s, 1901.J&J * 60
Gal. & Chic, ext., 1st, 7s,’82.F&A 106% 107% Flushing & N. S.—1st, 7, ’89..M&N
Peninsula, 1st, conv., 7s,’98.M&9 107
2d mort., 7s
M&N
110
Chic. & Mil., 1st M., 7s, ’98..J&J 108
Cent. L.I., 1st, 78,1902.,—M&S
95
Madison ext., 7s, g., 1911...A&O 1T94
Cent, exten., 7s, 1903
..M&N *
42
Menominee ext., 7s, g., 1911.J&D V.93 % 94
Ft. W. Jack. &S.—1st, 8s, ’89..J&J
*
La C. Ir.&P., 1st M., 10s,’78. A&O
Ft. W. Mun.& C.—1st, 7s, g.,’89. A&O
North w. Un.,lst, 7s, g.. 1915.M&S W7% *88** Fram’gham & Lowell—1st, 7s, 1891 *t60
do
do
Iowa Mid.,.1st
23%
102
1897
......
10734
96 34
Consol., gold, 7s, cp., 1902..J&D
103
20
105
>62%
Europ’n & N.Am.—1st, 69, ’89. J&J
Land gr., 6s, g
96% 96%
M&S
109
Bangor & Pise. 6& 7s,’99...A&O
Evansv. & Crawf.—1st, 7s, ’87. J&J
108%
Q—F 108% 109% Evansv.T.H.&Chi.—1st, 7s, g.M&N
a
24
104
102
85
Long Dock mort., 7s, 1893..J&D
99% Erie & Pittsb.—1st M., 7s, ’82.J&J
Cons, mort,, 7s, 1898
J&J
106
.
......
2d mort., 7s, 1879
......
...
...
75
......
....
(
*
(
*60*
do
(notes)', 8s, 1883
Gal.Har.& S.A.—lst,6e,g.l910.F&A
Gal.Hous.&H.—1st, 7S, g.,1902.J&J
S. F., income, 6s, 1895
F&A 106
Georgiar—7s, 1876-904
J&J
J
68
115%
68,1917, coup
J&J 107% 108
Gilman C1.& Sp.—lst,7s,g.l900M&S
J&J 1106ia 107
68,1917, reg
J&J 107% 108
6fl,1895..
Boat. Clint.&F.—1st M., 6s,’84. J&J *t 85
90
C !hic.& S.W.—1st,7s, g. g’d,’90.M&N fl93% 94% Gr.Rap. & Ind.—1st, l.g., g’d, 7s, g.
1st M.. 7s. 1889-90
90
1st M., 7s, g.,’90, Atch. Br..J&D IT
J&J *t 85
IstM.,7s, l.g., gold,not guar.A&O
N. Bedford RR., 7s, 1894... .J&J *t 99
100
Ex land grant, 1st 7s, ’99
( lin. & Indiana—1st M., 7s, ’92.J&D
Bost. Conc.& Mon.—S.F., 6s,’89.J&J *t....
2d mort., 7s, 1882-87...
Greenv. & CoL—1st M., 7s, “guar
J&J
Consol, mort., 7s, 1893
C
A&O tlOl
*72% **78** Bonds, guar.........
*
95%
Sterling debs., 6s, g., 1906..M&S $
Elmira& W’msport—1st, 7s,’80. J&J 103
65
5s, perpetual
A&O
,
...
Consol, mort., 7s, 1915
104% (
101
105%
102
*16
21
101
96
91
75
90
*102
21%
53
t75
Hast. & Dak., 1st M.,7s, 1902. J&J
Chic. & Mil., 1st M.,7s, 1903.J&J
1st mort., consol., 7s, 1905..J&J
( Jhic. &N.W.—S.F., 1st, 7s,’85.F&A
Interest mort., 7s, 1883
.M&N
Com. bondholders certs
122
Atl. & 8t. Law.—St’g 2d, 6s ,g. A&O 1106
Bald Eagle Val.—1st M., Gs,’81.J&J
Baltimore & Ohio—6s, 1880..-J&J *101% 102%
A&O *106
~
★
Eastern, Mass.—7s, old
Var.
New M.,fund., 3%s, g.,1906.M&S
31
1890-’92
J&J
La. C., 1st M., 7s, 1905
I. & M., 1st M., 7s, 1897
J&J
I’a. & Dak., 1st M., 7s, 1899. J&J
5%
40
19
T
91
91%
6*'
5
Var.
3kio. Mil.& St. P.—P.D., 1st 8S.F&A 117% 118%
P. D., 2d M., 7 3-1 Os, 1898..F&A 102
102%
St. P. & Chic., 7s, g., 1902... .J&J 104% 105
102
Mil. & St. P.. 2d Mi, 7s, 1884.A&O
1st mort., 8s,
92%
573s
t90
15
30
51
income M., 7s.
10
30
62
-1st M., 78,’8S. J&J tl02
1
107% <
83
<
105
22
103
....
A&O
tl04
40
T
Connecting (Phila.)—1st, 6s ..M&S
Cumberl.Val.—1st M.,8s,1904.A&O
114% E.Tenn.Va.& Ga.—1st, 7s,1900. J&J
S.F.,8s, ’83. J&J
E. Tenn. & Ga., 1st, 6s,’80-86.J&J
J&J tios% 108%
E.Tenn.& Va.,end.,6s, 1886.M&N
Consol, mort., 7s, 1903
J&J 110% L10%
!hic. B. & Q.—1st,
do 7s, 1896
65
94
91
100
70
Det.&Pontiac, 1st M.,7s, ’78.J&J
50
3d M., 8s, 1886.F&A
do
Dixon Peo.&H.—IstM., 8s,’89.J&J 1101% 102%
J&J t99% 100
1872.M&N
!hic. & Alton—1st M., 7s, ’93..J&J 3.14%
106
Sterling mort., 6s, g., 1903..J&J U04
Income, 7s, 1883
A&O 107% 108%
5s, 1902
t57%
mortgage, 7s, end
J&J
S. Ga. & Fla., 1st M. 7s. 1889.M&N
At.MJss.&Ohio.—Cons.,g.l901.A&O
*2*5**
96
75
90
85
to 8
funding, 8s, 1877.J&J
Bonds, 5s, 1895
*93%
t9‘2%
1st
83
1st, 6s, g., 1899, ex coup
2d mort., 7s, g., 1902
J&J
Va. Cent., 1st M., 6s, 1880...J&J
do
3d M., 6s, 1884...J&J
do
4th M., 8s, 1876
J&J
93
35
iio“
$89
105
24
85
38
101
10
45
109
Del.& Bound B’k—1st, 7s,1905F&A
Del. Lack.& W.—2d M., 7s, ’81.M&S
1
J&J
96%
35
tioo
t
Conn. West.—1st M., 7s, 1900. J&J
Danb’y & Norwalk—7s, ’80-92. .J&J
Danv. Haz.& W.—1st, 7s, ’88.. A&O
103% 104
ter Val.—1st M„ 7s,
81
West. ext. certifs, 8s, 1876.. J&J
do
do
7s, guar. Erie
Atl. AGulf—Cons. M., 7s, ’97...J&J
Consol. M., 78, end. Sav
90
6s, 1880
107
3d mort.. 7s, g., 1902
M&N
Leased L. rental, 7s, g., 1902. J&J
do
do 7s, g., 1903.J&J
:88
Consol., 7s, 1895
109
Atl.& Gt. West.-
M&N
1890. A&O
107
109
*99
55
*t 55
-
105
33
111% 112
66
67
93
100
104
106
:97
85
......
*91
g.90
20
40
Clev.&M. Val.—1st, 7s, g.,’93.F&A
S. F. 2d mort., 7s, 1876
M&S
Clev. & Pitts.—4th M., 6s, 1892.J&J io*5%
107
Consol. S. F., 7s, 1900
M&N
14
Clev. Mt. V. & Del.—1st, 7s, g. .J&J IF
Colorado Cent.—1st, 8s, g., ’90. J&D *tioo
30
Col. Chic. & I. C.—1st, 7s, 1908. A&O
32%
6
95
2d mort., 7s, 1890
F&A
45
80
Chic. & Gt. East., 1st, 7s, ’93-’95.
60
80
Col.& Ind. C., 1st M., 7s, 1904.J&J
115
do
2d M., 7s, 1904.M&N *57
Un.& Logan8p.,l8t,7s, 1905. A&O *60
66
104
T. Logansp. & B., 7s, 1884..F&A
Cin. & Chic. A. L., 1886-’90.
Ind. Cent., 2d M., ’10s, 1882. J&J 100
67% Col. & Hock. V.—1st M., 7s, ’97. A&O 100
1st M., 7s, 1880
104%
....J&J 98
40
90
2d M.. 7s, 1892
J&J
85
101
Col. & Toledo—1st mort. bonds
Col. 8pringf.& C.—1st, 7s,1901.M&S
104
Col. & Xenia—1st M., 7s,1890.M&S 104
65
Conn. & Passump.—M.. 7s, ’93. A&O tl02
86
Mas8awippi, g., 6s, gold, ’89 J&J *t
103
31
West. Pacif., 1st, 6s, g., ’99. .J&J
harl’te Col. & A.—1st, 7s, '90. J&J
RAILROAD RONDS.
East, exten. M.,
......
6s,g.,’92 J&J
Land grant M., 6s, g..
do
78, receiver’s certs, (var. Nos.)...
Ala. & Tenn. Riv.—1st, 7s
75
30
82
40
66%
Q—J
Dan. Ur. Bl. & P.—1st,7s, g...A&0
43% 45
J&J
38
39% Dayton & Mich.—1st M., 7s, ’81.J&J
L.&W.Coal, cons.,7s,g’d,1900Q-M
2d mort., 78, 1887
lent. Ohio—1st M., 6s, 1890. .M&S
M&S
3d mort., 7s, 1888
lent. Pac.(Cal.)—1st M., 6s, g..J&J 106% 106%
A&O
State Aid, 7s, g., 1884
J&J
Dayt. & West.—1st M.,6s, 1905.J&J
89
89%
1st mort., 78,1905
S. Joaquin, 1st M., 6s, g.1900. A&O
..J&J
88
Cal. & Oregon, 1st, 6s, g., ’88.J&J
Delaware—Mort., 6s, g’d, ’95. .J&J
Consol. M., 7s, 1899
Am. Dock & Imp. Co., 7s
106
107
112
118
95
7ie
103%
....
101
107
107
107
107
107
Cal.& Or. C.P.bonds,
23
70
102
96
102%
84%
tl02% 102% Conn. Riv.—S.F. 1st M.,6s, ’78..M&S tioo% 101%
50
53
M&N H02 102% Conu. Val.—1st M., 7s, 1901...J&J
104%
101%
75
till
Ask.
......
*40
Yonkers, N. Y.—Water, 1903.
6s, 1885
F&A tl03%
34
6s,g.,1923.J&J
Carthage & Burl.—1st, 8s, ’79.M&N tioo
iatawissa—1st M.,7s, 1882..F&A
New mort., 7s, 1900
F&A 103
■See Dist. of Col.
Wilmington, N.C.8s, gold, cou. on.
-
67
Cape Cod—7s, 1881
1105% 106%
Savannah, Ga.—7 s, old
7s, new
68%
Carolina Cent.—1st,
Sacramento Co. bonds, 6s.
14% Cin. Laf.&Ch.—1st, 7s,g.,1901.M&S
Cin. Ham.& D—1st M., 7s,’80.M&N
2d mort., 7s, 1885
110%
J&J
101
Consol, mort., 7s, 1905
A&O
Cin. H. & I., 1st M., 7s, 1903. J&J
101%
111% Cin. Rich. &Chic.—1st, 7s, ’95.J&J.’
Cin.Rich. & F. W.—1st, 7s, g...J&D
115% Cin. Sand’ky & CL—6s, 1900.-F&A
7s, 1887 extended
M&S
*60*
Consol, mort., 7s, 1890
J&D
103% Clev. Col. C. & I.—1st, 7s, ’99.M&N
Consol, mort., 7s, 1914
J&D
Belief. & Ind. M., 7s, 1899...J&J
69%
......
Buff.N.Y.&Erie—1st, 7s, 1916. J&D 108%
i Buff.N.Y.& Phil.—1st, 6s,g.,’96. J&J
69
j1 Bur. C. R.&N.—1st,5s,new,’06. J&D
110% 111
Bur. & Mo. R.—L’d M., 7s, 93.A&0
j Conv. 88, various series..—J&J mo 112
Bur.&Mo.(Neb.)—1st M.,8m, 94.J&J tno% 110%
8s, conv., 1883
Bid.
Railroad Bonds.
Ask.
14%
13%
Bur.&Southw.—1st M., 8s,’95.M&N
v 1103*2 104
| Cairo & St.L.—1st M., 7s, 1901.A&O
106
Cairo & Vine.—1st, 7s, g.,1909. A&O
t104
1 ilia Califor. Pac.—1st M., 7s, g.,’89. J&J
110
107%
2d M.. 6s, g.,eud C. Pac., ’89.J&.1
r no7
r
|Vol. XXVI.
94
1 The purchaser
also pays accrued interest.
tIn London.
f In Amsterdam.
47
i
.
70
15
30
77%
80
80
107
94
......
109
97
*96*'
82%
85%
45
55
90
37
42
March 30,
THE CHRONICLE.
1878.]
GENERAL QUOTATIONS
OF
STOCKS AND
For Explanations See Notes at Head of First
Bid.
Railroad Bonds.
N *
N
S
0
&
J
t93
......
84^
Harl.& Portchester-
MM.&.SoA
0 104
J *105
J 1108
A
i
J
J
J
J
Cons. iuort., 8s, 1912...
Hunt. & Br. Top—1st, 7s,
9
105
\
93
9
25
58,1905
3
3
*20
O., M., 8s, 1892.....J&D)
Houghton & O., 1st, 8s, ’91...J&Jr
Mass. Central—1st, 7s, 1893.
|108
JOG
Memp. & CliaiTn—1st.7s,’80.M&N
2d mort., 7s, 1S85
109*2 110*2
J&J
15
Mem. & L. Rock—1st, 8s, ’90.M&N
2
Mich. Cen.--1st M., 8s, 1882.. A&O
8
v 5
Consol., 7s, 1902
M&N
61
*55
1st M. Air Line, 8s, 1890
J&J.
1st
do
8s, guar....M&N
95
*94
Equipment bonds, 8s, ’83.. .A&O
65
75
Ga. Riv. A'., 1st 8s, guar.,’86.J&J
40
30
do
2d mort., 8s, 1879.M&S
*94
......
J
J
1
)
)
...
)
1
i
)
I
75
80
63*2
67*2 Mich. L. Shore
,
52
95
98
83
i
Lansing— 1st 8s, ’89.
r
> t
*105
Jack. L. & Sag.-
r
r
2d mort., 1878..
Jamest. & Frankl.2d mort., 7s, 18(
J efferson—Hawl’y
t97
wo
98
92
168*2
69*2
+98
Junction RR.(Pliil.)-
96
196
99
78
25
50
97
177*2
22*2
......
196%
Kansas Pacific¬
ist mort., 6s, gold, 1895
F&A
1st mort., 6s, g., 1896
J&D
L. gr., 1st mort., 7s, g.,1899-M&N
Land 1st mort., 7s, g., 1880.. J&J
.
95:
75
50
65
Land 2d mort, 7s, g., 1886. .MAS
17
Leav. Branch, 7s, 1896
32
M&N
Income hds, No. 11,7s, 1916.M&S
17*2
do
No. 16,7s, 1916.M&S
16*4
Keokuk&Des M.—lst,7s,1904. A&O
50
Funded interest, 8s, 1884.. .A&O
65
Keokuk & St. P.—1st, 8s,’79..A&0 1100*2
Laf. B1.&Miss.—1st, 7s, g.,’91.F&A
Laf.Munc.&Bl.—lst,7s,g.l901F&A
Lake Shore & Mich. So.—
,
A&O
L. S.& M. S., cons., cp., 1st,7s. J&J
do cons., reg.,lst,7s,1900.Q—J
do cons., cp., 2d,7s, 1903..J&D
do cons.,rog.,2d, 7s,1903.J&D
98*«
98
*15
90
20
Price nominal; no late transactions.
102
110*9
106
92
72
45
22
60
15
38
95
;33
90
•••«••
ti io *
111
101 ®8 102
91*8 92
112
90
2
PekinL.&Dec.—lstM.,7s,1900.F&A
Pennsylvania—1st M., 6s, ’80. .J&J 104*2
55
General mort, 6s, coup., 1910 Q—J
do
99
92
78
6
106
77
do
Peoria & Hannibal—1st, 8s, 1878
Peoria Pekin & J.—1st, 7s, ’94. J&J
Petersburg—1st M., 8s, ’79-’98.J&J
2d mort., 8s, 1902
J&J
Phil. & Erie—1st M., 6s, 1S81.A&0
2d mort., 7s, 1888
J&J
43
VlO
80
76
11
85
2d mort., guar., 6s, g., 1920. J&J
Phila. & Reading—6s, 1880
J&J
1st mort., 7s, 1893
A&O
77*2
13
40‘
55
45
45
30
47
47
35
10
45
7
......
30
4
25
100
*20
15
*75
.
50..
101
40
25
82
4
'
80
88
••••••
103**
104
95*2
J84
96*2
86
104
103
113
114
Debenture, 1893
40
J&J
Mort., 78, coup., 1911
J&D 100
Gold mort., 6s, 1911
J&D
New convertible, 7s, 1893...J&J
40
G.s.f., $ & £, 6s, g., 1908.J&J(ex) +53
Coal & I., guar. M., 7s, ’92.. M&S
42
Phil.Wil.&Balt.—6s, ’84-1900.A&O *104
35
A
_
93
106
114
113
Penn.&N.Y.—lst.7s,’96&1906.J&D
44
11
+42
^
.
105
107
92
*99
6s, coup., 1905..J&D
reg., 1881 ...J&J
Peoria&R’k I.—1st,7s,g.,1900. F&A
Perkiomen—1st M., 6s, 1897. .A&C
C. M., guar.,P.&.R., 6g.,1913.J&D
.
108*2 109*9
90
92*9
1905..Q—M
Navy Yard, 6s,
108
80
.
106
6s, reg., 1910.A&O
Cons, mort., 6s, reg.,
102
94
81
*
.
30
......
50
100*2
50
55
44
108
80
79
Pitts.C.&St.L.—lstM.,7s,1900.F&A
Morris & Essex—1st, 7s, 1914.M&N ii8*8
2d mort., 7s, 1913
A&O
2d mort, 7s, 1891
F&A 104
90
104*2 Pittsb.&Con’Usv.—lstM.7s,’98.J&J
92
Construction, 7s, 1889
F&A
98
Sterling cons. M., 6s, g., guar.J&J 196
75
Bonds, 1900
J&J
Pitts.Ft.W.&C.—IstM.,7s,1912.J&J 118
97*2
General mort., 7s
2d mort., 7s, 1912
A&O
97*4
J&J 114
77
.Consol, mort., 7s, 1915
3d mort., 78,1912
.T&D
83*2 *87
A&O 102*2
52*2 Nash.Chat.&St.L.—1st,7s,191J J&J
97
98
104
Equipment, 8s, 1884
M&S +102
69
N ash v. & Decpt’r.—1 s t,7s,1900. J & J
Pitts. Titusv.& B.—New 7st’96F&A
96*2
50
51
Nashua & Low.—6s, g., 1893.F&A tl03*2 104
Port Hur.&L.M.—1st,7s,g.,’99 M&N
13
18
40
Neb. R’y.—1st end. B.&M.R. in Neb.
92
20
50
Portl’nd&Ogb’g— lst6s,g.,1900J&J
18*2 Newark &N. Y—1st, 7s, 18S7.J&J
Vt. div., 1st M., 6s,g.,1891..M&N
10
30
18
*84 " Portl.&Roch.—1st
New’kS’set&S.—1st, 7s, g.,’89.M&N
55
ioi*2
60
60
N. H.
i
......
******
1st M., 7s,’98.Var
*9*6
&N’th’ton—lstM.,7s,’99-J&J
104
84
22
2
3 5
00
100
Conv. 6s, 1882
N. J. Midl’d—1st
A&O
N.O.Mob.&Tex.—IstM.,8s,1915J&J
N.Y.Cen.&H.—M.,7s,
cp.,
1903.J&J
94
108
87
25
5
Port
Reading & Columbia 7s
Ren.&S’toga—1st 7s,1921 cou.M&N
1st 7s, 1921, reg
112
100
27
90
*30
95
35
*3
5
+89
20
91
.
.
88
114
114
116*2
71*2
Rich’d&Petersb’g—8s, ’80-’86.A&O
104
95
5
96*2
RomeWat’n&O.—S.F.,7s,1891.J&D
2d mort., 7s, 1892
J&J
Consol, mort., 7s, 1904
A&O
Rutland—1st M., 8s, 1902....M&N
Equipment, 8s, 1880.
M&S
Equipment, 7s, 1830
.
.
......
M&N
Sandusky M.&N.—1st, 7s,1902. J&J
Savannah&Chas.—lstM.,7s,’89J&J
Chas.&Sav.. guar., ’6s, 1877.M&S
......
•
25
187*2
95
80
....
......
.
106
16
Piedmont Br., 8s, 1888
A&O
Rich. Fred. & Potomac—6s, 1875..
Mort, 7s, 1881-90
J&J
New mort., 7s, 1915
M&N
Rkf’dR.I.&St.L.—1st 7s g.l918F&A
119% 120*2
.
95
Quincy&Wars’w—IstM.,8s,’90. J&J H09*2 110*2
Rich’d&Dan.—C.M.,6s,’75-90.M&N
108
t The purchaser also pays accrued interest.
M.,73,1887. A&O
Royal—1st 7s, g., end.’89.M&N
do
do
not endorsed..
Pueblo & Ark. V.—1st, 7s, g., 1903.
Mort., 7s, reg., 1903
....J&J 119*8
L. Sup.& Miss—1st, 7s, g.,1900. J&J
20
Subscription, 6s, 1883
M&N 105
Lawrence—1st mort., 7s,1895.F&A
Sterling mort., 6s, g., 1903... J&J +114*2 115*2
Leav. Law. & G.—1st, 10s, ’99.J&J
25
N. Y. C., premium,6s, 1883.M&N 105^8 106*2
South. Kans., 1st M., 8s, 1892
do
J&D 106*4
6s, 1887...
Lehigh & Lack.—1st M.,7s, ’97.F&A
do
real est., 6s. 1883..M&N 105
Lehigh Val.—1st M., 6s, 1898. J&D iii*' li i *2
Hud. R., 2d M., 7s., 1885....J&D 112
113
2d mort., 7s, 1910.:
M&S 113*4 113% N. Y. Elevated.—1st Mortgage.....
Gen. M* s. f., 6s, g., 1923....J&D
93
97
N.Y.&Harlem—7s,coup.,1900.M&N 1*21**
Delano Ld Co. hds, end. ,7s,’92 J&J
7s, reg., 1900...'.
M&N
i2i*2
Lewisb. & Spruce Cr.—1st, 7s.M&N
N.Y.&Os.Mid—1st M.,‘7s,g,’94.J&J
4
6
Lex’ton* St, L.—1st, 6s, g.,1900J&J
2d mort., 7s, 1895.
1
M&N
*4
Little Miami—1st M., 6s,1883.M&N
100
98
Receiver’s certifs. (labor)
27
34
L. Rock& Ft. 8.—lst,l. gr. ,7 8 ’95. J&J *130
45
do
do
20
25
(other)
little Schuylkill—1st, 7s, ’77. A&O *105
N Y.Prov.&B’n—Gen. 7s, 1899. J&J
Long Island—1st M., 7s, 1890.M&S 90
Norf’k&Petorsb.—IstM.,8s,’77. J&J 100* 102*2
Newtown & FI., 7s, 1903 ...M&N
80
1st mort., 78,1877
95
J&J
N. Y. & Rockaway, 7s, 1901.A&O
80
2d mort., 8s, 1893
85
...J&J
Smitht’n & Pt. Jeff., 7s, 1901 .M&S
North Carolina—M., 8s, 1878.M&N 100
110
Louis’a & Mo.R.—1st, 7s, 1900F&A
93
90
North Missouri—1st mort
J&J 104*8 104*2
Lou’v.C.& Lex.—1st,7s,’97 J&J (ex) tl04 105
North Penn.—1st M., 6s, 1835. J&J 109
110,
2d mort., 7s, 1907
2d mort., 7s, 1896
A&O
115
M&N 113
Louisville & NashvilleGen. mort., 7s, 1903....
J&J 103
103*2
Con. Istmort., 7s...
A&O 105*2
Northeastern—1st M., 8s, ’99..M&S 104
2d mort., 7s, g., 1883
2d mort., 8s, 1899
88
M&N
M&S
86
Louisville loan, 6s, ’86-’87..A&0
Northern Cen.—2d M., 6s, 1835. J&J 102*2 105
Leb. Br. ext., 7s, ’80-’85
3d mort., 6s, 1900
102
.A&O 101
Leb. Br. Louisv. l’n, 6s, ’93..A&O
Con. mort., 6s, g., coup., 1900. J&J
92
93*2
Mem.& 0.,stl., M.,7s, g.,1901J&D ♦102
104
6s, g., reg., 1900
90
95
A&O
Clarksv., st’g, M., 6s, g.F&A :9i
93
Mort. bonds., 5s, 1926
40
50
J&J
1*. Paducah & S.W.—8s, 1890..M&S
Con. mort, stg. 6s, g., 1904...J&J
IT
83
:si
Macon & Aug.—2d, end.,7s,’79.J&J
96
j 98* Northern Cent’i Mich.—1st, 7s
*
89
102*4
Pacific of Mo.—lstM.,6s,g.,’88.F&A
2d mort., 7s, 1891
J&J
Car. B., 1st mort., 6s, g. ’93..A&0
95
Income, 7s
,
M&S
62*2 Panama—Sterl’gM., 7s, g. ’97.A&O |110
Paris & Danville—1st M., 7s .1903.
90
Paris&Dec’t’r— lstM.,7s,g.,’92.J&J
|20
Pat’son&New’k—1st M.,7s, ’78. J&J
75
45
Montclair & G. L.—1st 7s, (new)..
2d mort., 7s (old mort lsts).....
Mont.&Euf.—1st, end.8s,g.,’86 M&S
110% N.Y.Bost.&M’nt—lst,78,g.,’89 F&A
110*2 110% N.Y. & Can.—£ M., 6s, g., 1904.M&N
110
55
30
40
10*8
M., 7s, g.,’95.F&A
2d mort., 7s, 1881
F&A
N. J. Southern—1st M., 7s, ’89.M&N
111*4 111*2 N’burgh&N.Y— 1st M.7s,1888.J&J
110*4 110*2 N. Lon.&North.—1st M.,6s,’85.M&8
2d mort., 7s, 1892
107*2
J&D
no
J&J
M&N
4th mort., 8s, 1880
M&S
Or. Alex.& M., IstM., 7s.’82.J&J
Oregon & Cal. 1st M. 7s, 1890. A&O
Osw.&Rome—1st M., 7s, 1915.M&N
98*2 Osw. & Syracuse—1st, 7s, ’80.M&N
81
Ott. Osw. & Fox R.—M., 8s, ’90.J&J
*t85
*t65
too
Mo.Kans.&T.—lst,7s,g.,1904-6F&A
Monticello&Pt.J.—lst,7s,g.’90Q—J
98*a
90
70*2
2d mort., 6s, 1875
3d mort., 8s, 1873
30
57*2
M&N
N.I., S.F.,lst, 7s,’85.M&N
Cleve. & Tol., 1st M.,7s, ’85-J&J
do
2d M., 7s, 1886.A&0
Cl. P. & Ash., 2d M., 7s, ’80.. J&J 103
N.O.Jack.&Gt.N.—IstM.,8s’86. J&J
do
3d M., 7s, 1892. A&O 111*4
2d mort., 8s, 1890, certifs ..A&O
Buff.& E., new hds, M.,7s,'98. A&O 110
Cons. 7s, g., 1912
..J&J
Buff. & State L., 7s, 1882....J&J
2d mort. debt
A&O
Det. Mon. & Tol., 1st, 7s, 1906...
106*2 N.O.Mob.&Chatt.—1st,8s,1915. J&J
Lake Shore Div. bonds
Orange&Alex’a—lstM.,6s,’73.M&N
R.—1st,7 s,g’90. J&J
Kans. C. St. Jo. & C. B.—
•••«•«
......
Ex coup...
1st, 6s, g., 1899. (U. P. S. Br.)J&J
74
79
7s, assented
80
Income, 6s
Han. & C. Mo., 1st 7s, g.,’90.M&N
1105*2 107
Mo. F. Scott & G.—1st., 10s, ’99.J&J
82*2 86
100
2d mort., 10s, 1890
103*2
A&O
110
111
Mob. & Mont.—1st, end. 8s, g.M&N
*100
Mob.&Oliio—lst,ster.8s,g. ’83.M&N
*102
Ex. certif., ster., 6s, 1883.. M&N
90
96
Interest 8s, 1883
M&N
82
85
2d mort., 8s, var
March
22*9
108
102
103
H H ©OH H O
50
40
t94
2d mort., income.
94
Ogd’nsb’g&L.Ch.—Eq.8s,
95
92
20
106
1879. J&J 1101
M&S 1102
112*2 114
108*4
Cons, mort., 8s, “ B”
100
Ask.
Northern, N.J.—1st M., 7s, ’78.J&J
N’th. Pacific—1st,73s, g., 1900. J&J
Norw’h&Worc’r—1st M., 6s.’97. J&J
-
Cons, mort., 7s, g., 1912
Miss.&Tenn.—IstM., “A”
Bid.
S. F., 8s. 1890
Ohio&Miss.—Cons. 8. F.7s,’98.J&J
97*4
Cons, mort., 7s, ’98
97*2
J&J
2d mort., 7s, 1911
54
A&O
OU Creek—1st M., 7s, 1882...A&O
85
Old Colony—6s, 1897
F&A
32*2
6s, 1895
J&D
14%
7s, 1895
M&S
87
60
Omaha&N.W.—1st, 1. g.,7.3, g.J&J
89
Omaha & S.W.—IstM.,8s,1896. J&D 105*2
*30
Kalamazoo&S.H.,l8t,88,’90.M&N
do
*
(
106
90
90
100
94
100
100
95
86
86
*20
94
75
32
.
1st M., 8s, ’89. J&J
MU. & North.—1st, 8s, 1901... J&D
Minn. & St. Louis, 1st mort
Miss. Cen.—1st M., 7s, ’74-84.M&N
2d mort., 8s, 1886
F&A
58
50
Railroad Bonds.
J&D>
Marq’tte Ho. & O.—1st, 8s,’92.F&Al
101
110
93
Quotations.
Ask.
Maine Cent.—Mort. 7s, 1898. ..J&JI f 104
Exten. bonds, 6s, g., 1900...A&O) t89
84!%
Cbns. 7s, 1912
A&O> t39
Androscog. & Ken., 6s, 1891.F&A1 t99
Leeds & Fann’gt’n, 6s, 1901 .J&Jri t93
100
Portl’d & Ken., 1st, 6s, ’83..A&O) t99
do
Cons. M., 6s, ’95.A&0) t99
110
MauSf. & Fr’harn.—1st, 7s,’89..J&Jr
85
108% Marietta & Cin.—1st M.,7s,’91F&AL
84
Sterling, 1st M., 7s, g., 1891.F&AL 85
2d mort., 7s, 1896
M&Nr
31*2
87
3d mort., 8s, 1890
J&Jr
13*4
80
Scioto & Hock.Val., 1st, 7s..M&N
80
Balt. Short L., 1st, 7s, 1900..J&Jr
70
Cin. & Balt., 1st, 7s, 1900....J&Jr
110
Marietta P. & Clev.—1st, 7s, g., ’95j
32
BONDS—Continued.
Page of
Bid.
Mar. &
3
Ind’polis Bl’m.& W.—1st, 7
15
70
Railroad Bonds.
Consol. 7s
t99
3
Ill. Grand Tr.—1st M., 8s,
Ionia &
6
85
78
77
68
3
3
Sterling, gen. M.,6s, g., li
do
••••..
MN.H.Oauvaeenl&i&DRrbdy,
Ask.
311
Seab’d&Roan’ke—lstM.,7s,’81F&A
Sham. Val. & P.—1st, 7s, g.,1901 J&J
8heboyg’n& F-du-L.—1st,7s,’84 J&D
Shore L., Conn.—IstM.,7s.’80.M&S
40*4
80*4
t30
t58
60
t55
58
93
20
96
25
25
101
20
95
*25**
*15'’
101
105
SiouxC.&St.P.—lstM.,8s,1901M&N *
Sioux C. & Pac., 1st M., 6s,’98. J&J
So. &N. Ala.—1 st,8s,g. ,end.’90 ..J&J
95
93
82
Sterling mort., 6s, g
M&N
3o. Carolina—1st M.,7s,’82-’88.J&J
78
1st, sterl. mort., 5s,g.,’82-’88.J&J +
Bonds, 7s, 1902, 2d mort... .A&O
Bonds, 78. non. mort
A&O
Southern of L. I.—M., 7s, ’79.-M&S
80
South Side, 1st, 7,1887
M&S
S. F., 2d, 7s,1900.M&N
do
30
South Side, Va.—1st, 8s,’84r’90.J&J
98
2d mort., 6s, 1884-’90
72
J&J
3d mort., 6s, 1886-’90.... ^. .J&J
62
So. Cen. (N.Y.)—1st 7s,’99,guar.F&A
35
..
.
So. Minnes’ta—IstM.,8s,’78-88.J&J
1st mort. 7s
71
98
'
r
So.Pac.,Cal.—lstM.,6s,g.,1905.J&J
Southwe8tern(Ga.)—Conv.,7s,1886 100
Muscogee R.R., 7s
Var.
Steubenv. &Ind.—1 stM.,6s,’84. V ar.
86*
St.Jo.&D.C.,E.D.—lst,8s,g.,’99F&A
W. D., 1st mort., 8s, 1900...F&A
2*9
3*
+
In London.
11 In Amsterdam.
.
.
35
100
74
65
50
75
•
•
•
•
»
95
101
93
•
•
« •
*
•
•
•
♦ar.
'Tna'.v
%
THE CHRONICLE.
312
GESTERAL
QUOTATIONS OF STOCKS AND BONDS—Continued.
Explanation* See Notea at Head of First Page of Quotations.
For
Railroad Bonds.
Bid.
Ask.
8tX.Alfc.&T.H.—1st M..78,’94.Var. 108
2d mort., pref., 7s, 1894
86
F&A
2d income, 7s, 1894...
M&N
Equipment, 10s, 1880.......M&S
StX.&IronM’tr—1 st M., 7s, ’92. F&A
2d mort., 7fl, g., 1897.
55
M&N
Cons, mort., 7s, g., 1914... .A&O
Ark. Br. L gr., M., 7s, g., ’97.J&D
64
Cairo Ark. & T.,1st,7 s,g.,’97. J&D
Cairo <Si FuL,l8t,l.g.,7sg., 91.J&J
St. L.K.C.&N.lst(N.Mo.)7s,’95 .J&J
2d M. (real estate), 7s,1904. -MAS
8t. L.& 8.E.—Con. M..7s, g.,’94M&N
do
J&g
Bonds of 1869, 7s
M&N
St. Vincent & B.. 7s
J&J
do Receivers’ certfs., 10s. J&J
Summit Br.—1st, 7s, 1903
J&J
75
q%rre H.& Ind.—1st M., 7s,’79. A&O
Texas & Pac.—1st M., 6s, g—M&S
Consol, mort., 6s, g
J&D
Tol.Can. S.&D’t.—lst,7s,g.l906J&J
T01.P.& W.-lstM.,E.D..7s,’94.J&D
1st mort., W. D., 7s, 1896...F&A
2d mort., W D., 7s, 1886....A&O
Burl. Div., 1st, 7s, 1901
J&D
do
Cons. M., 7s, 1910..M&N
Tol. Wab. & W.—1st M., 7s,’90.F&A
2d mort., 7s, 1878
M&N
Equipment, 7s, 1883
Cons, mort., 7s, 1907
QrF
1st, St. L. div., 7s, 1889
F&A
Gt. West., Ill., 1st, 7s, ’88... F&A
do
do ex coup.F&A
2d, 7s,’93...M&N
1. & S.
S’ncy
&Tol.,
1st,7s,7s,’821890..M&N
Ia., 1st,
F&A
do
do
ex coup.. F&A
United Co’s N.J.—Cons.,6s,’94.A&0
Sterling mort., 6s, 1894
M&S
do
6s, 1901
M&S
Cam. & Amb., 6s, 1883
F&A
do
6s, 1889
J&D
do
mort., 6s, ’89.M&N
UnionPac.—1st M.,6s,g.’96-’99.J&J
Land Grant, 7s, 1889
A&O
Sink. F., 8s, g., 1894
M&S
Om. Bridge, sterl. 8s, g., ’96.A&0
Union & Titnsv.—1st, 7s, 1890,J&J
Utah Cen.—1st M., 6s, g.,1890.J&J
Utica & Bl’k R.—1st M., 7s, ’78.J&J
r
Mort.,7s, 1891
-----J&J
Utica Ith.&El.—1st,7s,g.,1902. J&J
Verm’t & Can.—New M., 8s
Mississquoi, 7s, 1891
J&J
Verm’t&Mass.—1st M.,6s, ’83. J&J
Conv. 7s, 1879....
J&J
do
7s, 1885
J&J
Vermont Cen.—1st M., 7s, ’86.M&N
2d mort., 7s, 1891
J&D
Stanstead S. & C., 7s, 1887..J&J
Vick.&Mer.—IstM. ,end. ,7 s,’90. J &J
2d mort, end., 7s, 1890
J&J
Yirginia&Tenn.—M., 6s, 1884.. J&J
4tn mort., 8s, 1900
J&J
Warren (N.J.)—2d M., 7s, 1900
Warren&Fr’kln—lstM.,7s,’96.F& A
Westch’r& Phil.—Cons.,7 s,’91. A&O
Wesfn Ala.—1st M., 8s, ’88..-A&O
2d mort., 8s, guar., ’90
A&O
West. Md.—Ena., 1st, 6s,90...J&J
1st mort., 6s, 1890
J&J
End., 2d mort., 6s, 1890
J&J
2d mort., pref., 6s, 1895
J&J
2d, end. Wash. Co., 6s, 1890. J&J
3d, end., 6s, 1900....
J&J
West’nPenn.—1st M., 6s, ’93..A&O
Pitts. Br., 1st M., 6s, ’96
J&J
West. Union RR.—1 stM. ,7 s,’96F& A
W. Jersey—Debent. 6s, 1883..M&S
1st mort., 6s, 1896
J&J
Consol, mort., 7s, 1890
A&O
*
W.
Wisconsin—IstM.,7s,g.,’87..J&J
Wichita&8.W.-lst,7s,g.,guar.,1902
W1L&
Weldon—8. F., 7s, g., ’96. J&J
Wil.CoL&Aug.—IstM.,7s,1900. J&D
J&J
■Winona&St.Pet.—IstM.,7s,’87.
2d
714!
Allegheny Valley
Atchison Topeka & 8. Fe
50
11*66
do
2d, pref.
Washington Branch.
kersburg Branch...”
Parkersburg
..
^
91*2
_
25
118
84
....
53
.
.
.
118
99
SO
80
no
100
ids
*104
1108
$108
110
110
102
104
too
*100
109
,
Delaware & Bound Brook
Delaware Lack. & Western
Dubuque & Sioux City
do
do
pref., 10.100
50.
Sandusky Mansfield & N
50
Schuylkill Valley, leased, 5
Erie
_
30
1110
tll2
112
113
1234 13
1
3
30
35
40
30
86%
93%
95
*80
78
85
80
85
*80
t88%
.
do
Illinois Central
do
50
.
A&O
A&O
Jas. Riv. & Kan.—1st M., 6s. .M&N
65%
2d mort., 6s
M&N
§
*8*7*
50
50
§42
10...’.’!!l00
Maine Central
l!.’!l!l00
Manchester & Lawrence..!!.* *.*100
Marietta & Cin., 1st pref
*..50
do
2d pref
[50
Balt. Short Line, guar., 8
Cincinnati & Balt., guar., 8
Memphis & Charleston
25
*15
130
25
1133
Michigan Central
.*’*i(K)
Haven, leased... .50
,
1*0*5
8*4%
96
87
100
100
t The
*
arc baser also pays accrued interest,
10
98
4
5
5
- -
80
1
*71
60
73
100
96
96
98
95 %
95%
97%
Lehigh Nav.—6s, reg., 1884...Q—J 102
Railroad 6s, reg., 1897
Q—F 102
Debenture 6s, reg., 1877
J&D
‘Convertible 6s, reg., 1882...J&D
do
68, g., reg., 1894.M&S
6s, gold, coup. & reg., 1897..J&D
(1*0*3**
6s, boat and car, 1913
M&N
7s, boat and car, 1915...: ..M&N
Susquehanna—6s, coup., 1918. J&J
7s, coup., 1902
J&J
CANAL STOCKS.
102%’
58%
90
60
50
50
*30
par
Chesapeake & Delaware.....
Lehigh Navigation
Morris, guar., 4
50i
.
- ----
52 | 52%
50 §17%i
..100
50
pref., guar. 10.
1001 120
85
Pennsylvania..
50i *§2
149*2 ‘SchuylkillNavigation.. .........50'
150
do
do
§6
pref.......50
158% I Susquehanna..,.
,1.
50I5*..
106*4
do
50
6s, 1883.. .M&N
Delaware & Hudson\
lOOl
Delaware Division, leased, 8... .50
James River & Kanawha
100
Nesquekoning VaHey, leased, 10.50
99
98%
[Union—1st mort.,
New Haven & Northampton... 100
New Jersey Southern RR
loo
N. London Northern, leased,8.. 100
N. Y. Central & Hudson Riv
100 106
New York Elevated
80
New York & Harlem
\7 * * * *56 147
do
140
pref
N. Y. N. Haven & Hanford ...ioo 158
95
§§0
Pennsylvania—6s, coup., 1910.J&J
8chuylkill Nav.—1st, 6s,1897.Q—M
2d mort., 6s, 1907
J&J
Mortgage 6s, coup., 1895
J&J
6s, improvement, cp., 1880.M&N
Mine HU1 & S.
98 hi 99*2
130
135
__
*>%
Consol, mort., 7s, 1911
J&D
Louisv. & Portl.—3d mort., 6s...
4th mort., 6s
Morris—Boat loan, reg., 1885.A&O
New mortgage
40
......
88% Missouri Kansas & Texas
100
Mobile & Ohio
100
Morris & Essex, guar., 7*
50
78
Nashville. Chat. & St. Louis‘.**‘*25
Nashua & Lowell
ion
15% Naugatuck
.!"! *' ‘ * '100
Newcastle & B. Val., leased, id. .50
1*2*
98
40
Registered 7s, 1894
§38%| 38%!
50
J&J
Coupon 7s. 1894
9*2
.*.100 *39* I
Louisville & Nashville
Lykens Valley, leased,
Macon & Augusta
100
7s, 1884
65*4
55
5
BONDS.
Delaware Division—6s, 1878..J&J
Del. & Hudson—7s, 1891
J&J
8 hi
3
7
6
50
100
Chesap. & Del.—1st, 6s, 1886. .J&J
Chesapeake & Ohio—6s, 1870 Q.—J
Lafayette.*.*...50
Long Island
......
late transactions,
CANAL
100
JefTv. Mad. & Ind’p’s, l’sed. 7..100
Joliet & Chicago, guar., 7
100
Kalamazoo A. & Gr.R., guar., 6.100
Kansas City St. Jos. & Coun. B.100
Kansas Pacific
100
Keokuk & Des Moines, pref.*!!!lOO
Lake Shore & Mich. So
100
Lawrence (Pa.), leased, 10 .*.*.*.*..50
Leavenworth Law. & Galv
100
34
90
Pref... 50
Little Rock & Fort Smith
Little Miami, leased, 8
Little Schuylkill, leased, 7..
103
55
70
98
30
93
82
90
33
109
tl06
50
.
Lehigh Valley
102% 104
100
48
t65
90
25
92
Huntingdon & Broad Top
Indianap’s Cin. &
113% 115
105
105
112
100
112
60
105
112
90
!!!!.*100
100
,
80
93
*§*5*5*
*5*5*
100
Houston & jret-’3
Texas Central
rr
100
yJ
il*8*
United N. Jersey RR. & C. Co..100 114
69%
Union Pacific
.100
10
15
Vermont & Canada, leased.....100
Vermont & Mass., leased, 5—100 111% 112%
17% 18
Wabash Pur. Com. receipts..
Warren (N. J.), leased, 7
*60*’
Westchester* Phila.,pref
50,
30
West Jersey....
501§
5
West. Maryland
60
Wilmingt’n & Weldon, leas’d, 7.100
40
Worcester & Nashua
1001
30
12
Pref., 7.. 100
Housatonic
70
78
2
80
Troy & Boston
100
Harrisburg P. Mt. J.& L., guar.,7.50
*8*7%
102
102
108
98
108
55
103
108
85
100
Pref., 7
.do
„
*77*
75
Pref., 7..50
6*2
95
Toledo Peoria & Warsaw
100
1st pref .100
do
do
do
do
2d pref.. 100
Pittsburg, guar., 7
50
Fitchburg
100
Georgia Railroad & Bank’g Co! 100
Grand River Valley, guar., 5.. 100
Hannibal & St. Joseph
100
*30
tl03% 104
75
do
Erie &
20
20
75%
,
do
„
Railway
10
Seaboard* Roanoke
100
80
do
guar
100
92
Shamokin Val. & P., leased, 6...50 §Shore Line (Conn.), leased, 8...100 i-9
South Carolina
100.
Southwestern, Ga., guar., 7.,. ..1001
Syracuse, Bingh’ton & N. Y—100
Summit Branch, Pa
50
Terre Haute & Indianapolis.... 100
106% 106 % East Tennessee Virginia & Ga.100
106
106% Eastern (Mass.)
100
95% 95% Eastern in N. H
100
1108
110
Elmira & Williamsport, 5
50
65
*95
80
92
|St. Louis Iron M’n & Southern.lOOl
(St. Louis Kansas C. & North... 100
.100
50
109% East Pennsylvania, leased
Pittsb. Ft. W. & Chic, guar., 7.100
do
do
Pref. 100
Belleville & So. Ill., pref
100..
100
50
97
62%
Prbf., 7
100
Scrip
100
|St. Louis Alton & Terre Haute. 100
88
i*2*d"
Phila. Wilmington & Balt
do
do
.50
3*2..50
Pref., guar., 8.50
50
do
Delaware
_
guar.,
13%
§13%
50
do
Special, 7.100
Portland Saco& Portsm-J’sed 6100
Portsm’th Gt. Falls & Conway. 100
Providence & Worcester
100.
Rensselaer & Saratoga
•. .1001
Richmond & Danville
100
Richmond Fred. & P
100.
do
do
guar. 6
100
do
do
guar. 7
lOOl
Richmond & Petersburg
100
Rome Watertown & Ogdensb. .100
Rutland
100
Pref., 6.50
Danbury & Norwalk
Dayton & Michigan,
8%
50 §62
Pittsburgh Cincinnati & St. L...50.
Pittsb. & Conuellsville, leased... 501§Pittsburg Titusville & Buffalo...50
Clev. Col. Cin. & Indianapolis.. 100
Clev. & Mahoning Val., leased.. .50
Clev. & Pittsburgh, guar., 7
50
Col. Chic. & Indiana Central... 100
85
Columbus & Hocking Valley....50
22
Columbus & Xenia, guar., 8
50
54
Concord
;.50
90
Concord & Portsmouth,guar.,7 ioo
Connecticut & Passumpsic
100|
100 132%
99% Connecticut River
83
Cumberland Valley
50
do
Pref
50
.
Trie*? Aontfnal;
85
Pref., 7.100
,.100
do
_
§8
50
Pref., 7
50
Phila. & Trenton, leased, 10... 100 §110
Phila. Germ’n & Nor., l’sed, 12. .50 §96
100
100
.100
do
.
Pref., 8
do
100
28%
••••••
100
50
(Philadelphia & Reading
Pref., 7.100
100
Chicago & Rock Island
Cin. Hamilton & Dayton
100
Gin. Sandusky & Cleveland
50
91%i
.
50
50
100
Chicago & North Western
41
.
do
§28
50
Petersburg
Philadelphia & Erie
100
...100
125
50
50
Pref
do
100
Pref., 7
98
100
100
Pennsylvania Railroad
Pennsylvania Company
50
100
do
50
100
15%
100
100
100
100 $xl03
Augusta & Savannah, leased... 100
Baltimore & Ohio
100
83
do
Pref., 6
100
90
Atlanta & West Pt
Atlantic & Gulf
do
Guar.,7
Ati. & St. Law., leased, 6, £
do
Pacific of Missouri
Panama
50
Cheshire, pref
Chicago & Alton
12
100
100
Colony
Oswego & Syracuse, guar., 9.. ..501
Chicago Burlington & Quincy.. 100
Chicago & East Illinois
Chicago Iowa & Nebraska
ioo
62%| Chicago Milwaukee & St. Paul. 100
......
RAILROAD STOCKS. Par.
Albany & Susqueh., Guar., 7...100
Georgia
8%
100
Old
50
50
Pref., 7
50
Ohio & Mississippi
do
Pref
90
mort., 7s, 1907
M&N
Ex., 1. g., mort., 7s,g., 1916..J&D
Wisconsin Cent.—1st, 7s, 1901. J&J 1T89
Worc’r & Nashua—'7s, ’93-’95. .Var.
Roeh., guar., 6s,’94.A&O
Pref
do
Pref
Central Pacific.
Charlotte Col. & Aug
TI65
<r...
*[30
117
1T93
*180
110
.50
78% Central of New Jersey
105
Central Ohio
Sunbury&Erie—1st M., 7s,’77 .A&O
Nash. &
„
1T43%(
Susp.B.&ErieJunc.—lstM.,7s
SyrJBing.&N.Y.—lstM.,7s,’77.A&0
do
do
Central of
...
-
24
8t. Paul & Pac.—1st sec., 7S...J&D
2d sec., 7s
M&N
do
50
Northern Central
Northern New Hampshire.....
Northern Pacific, new pref
100
Camden & Atlantic
„
77
101
70
St.Id.Vand.&T.H.—lstM.,70**97. J&J
2d, 7s, guar.,’98
M&N
500
100
100
5% Catawissa
do
Old, pref
do
New, pref
50
Cedar Rapids & Mo
22%
§36
§13%
.100 88%
100 §15
Norwich&Worcester,leased,10.100 127%
Ogdensburgh & Lake Champ.. .100
36%
do
Pref., 8. .100x105%
3..
Burlington C. Rapids & Northern..
Burlington & Mo., in Neb
100
3*5*
107
48
do
class C
South Pacific.—1st M...
vs
*68*
*40
2dM., class B.
Cons.,
66
Ask.
New York Providence & Bos... 100
Pref., 6... 100
Boston & Lowell
Boston & Maine
Boston & Providence
Buff. N. Y. & Erie, leased..
Bid.
Railroad Stocks.
122581 North Pennsylvania
Boston & Albany
100
Bost. Clint. Fitcnb. & New Bed. 100
Bost. Con. & Montreal
100
25
3
F&A
Ask.
100
Berkshire, leased, 7
45
65
Evansv. H.&N.,1st,7s, 1897. J&J
8t.Lu Jacket.* C.—1st, 7s, ’94.A&0
gt. Ij. & San F.—2d M., class A
Bid.
Railroad Stocks.
.
1st, cons., 78, g., 1902
fToL. XXVI.
-
...
t In London. H In Amsterdam.
§ Quotation per share.
iH!
1
VM'
L&fr
ir&a
■
.
THE CHRONICLE.
1878.J
Mabch 30,
GENERAL
For
Bid.
Miscellaneous.
QUOTATIONS OF STOCKS AND BONDS—Continued.
Explanations See Notes at Head
Ask.
ai3
Miscellaneous.
Bid.
Ask.
of First
Page of Quotations.
Miscellaneous.
Bid.
Ask.
Bank Stocks.
Bid.
Ask.
T
i
MANUFACTING
BONUS.
N. If. BOARD
MINING STOCKS.
STOCKS.
87
87
101
90
J
J
j.
sr
Am.B.H.8.M.(Pa.)12%
Amoskeag (N.H.) 1000
88
88
102
102
1575
Androscog’n (Me.). 100 80
Appleton (Mass.). 1000 800
Atlantic (Mass.).. .100 119
Consol. Coal-
1600
81
805
120
30
Americ an Consol
American Flag
Belcher Silver.... 100
Bertha & Edith.
85
100
123
79
100
Monument
23% Alpha Consol G& S.100
§23%
100
Metropolitan
Par.
Canton (Balt.)—
£6s. g., 1904.
Merchandise
Merchants’
•18
3
20
3-37
15
100
100
Mt. Vernon
New England
100
North
•.
100
North America... .100
179
103
127
111
107
61
135
125
86 4
123%
80
180
104
128
.
112
107%
Best & Belcher... .100
62
50
19% OldBoston
140
People’s
100
2*50 300
33% Bobtail
127
1500 Bullion
1450
100 400
Redemption
100
127
Republic..*
100 126
1000 Caledonia Silver ..10O
950
2**50
J
100
98
100 108
725
California
700
100 **2814 2912 Revere
108%
1
95
98
Rockland
125
100 124
Cashier
55
110
§51
Ill. & St. L. Bridge—
Second
Nat
100 139
140
115
Chollar-Potosi
113
100
1
98
t96
200 Cleveland Gold
Security
100 190
705
700
10
J
50
,45
Shawmut
100 108
108%
7 ’
7% Consol. North Slope
9 J 15
20
Consol. Virginia... 100
54
52
20*2 2112 Shoe & Leather... .100 102% 103%
State
:..100 110
Contidence Silver. 100
110%
Dougl’s Axe (Mass) 100 109% 111
Crown Point
100 114% 115
100
*6 8uffolk
Dwight (Mass.). ..500 440 445
J
Third Nat
86
Eureka Consol.... 100
100
85
85
80
97
s
ioo
Traders’
97
96
100
58
57
2*75
S.100
Exchequer
G.
&
s tl05% 105%
Tremont
Gold Placer
100 101% 102
97
96
2-25
Pullnrn Palace Car—
Union
129
Gould & Curry S..100
100 127
960
955
7
95
f
99
127
Grant
224
Washington
100 126
220
100
i
92% 95
Webster
95
94
Granville Gold Co
100
64*2 65
4th do
L
91
93
Hale & Norcro88. .100
150
9%
)
1060 Henry Tunnel Co
Brooklyn.
.1000 1040
) 100
100%
Hukill
...100
4-70
Atlantic
90
96
3
80
90
401
Imperial
400
1
Brooklyn
>t:
Julia
660
Consol...
650
100 2*50
3
First National.
190
170
6s, g., $
1340 Justice
1330
100
Fulton
95
85
Western Union Tel.—
Kentuck
575
565
*'3*
200
230
City National
J 108
235
230
Kings Mountain....
1*70
Commercial
75
65
I
720
Kossuth......
710
50
100
Long Island
90
5 1101
103
70
Lacrosse....
69
•45
Manufacturers’.
90
95
128
127
Leopard
100
1
Mechanics’
170
165
Lucerne
1055
1045
10
Nassau....
170
150
;
1340 Memphis
1330
15
*25
Trust
Brooklyn
i
Merrimac Silver.... 10
1791s 180
]
STOCKS.
Mexican G. & Silv.100
570
560
Moose
Charleston.
89
8%
N. Y. & Colorado
100
90
2*25
B’k of Chas.(NBA) 100
50
:
18%
1905 Northern Belle....100
1900
8% First Nat. Cbas.. .100
118
'
2
2%
66
Ontario
34% 35% People’s National. 100
§64%
105
1%
745
1%
Opliir Silver
740
100
10
People’s of S.C.(new)2o
14
2% J
Orig.Comst’k G& S100
S. C. Loan & Tr. Co.
1312
60
10o
i
13%
205
Overman G. & S...100
200
Union Bank of S. C.5o
40
15c. £
22
Plumas
20
3*65
•13
£
825
820
Raymond & Ely. ..100
5
Chicago.
70
80
r
St. Joseph Lead
131
130
10
140
100
102
Commercial Nat.. .100
:
720
700
Savage Gold& Silv.100
Com Exch. Nat.. .100 130
15
Seaton consol
13
205 2-25
Fifth National... .100 140
84
83
Segregated Belch’rlOO
First National
106
100 175
i*o*6% 1
8
SierraNevada Silv.100
5
"3*
Hide and Leather...
99
i
98
69ie Silver City
68
100
Home National... 100
93
1838 18% 1
1200 1210 Silver Hill
100
Merchants’ Nat.. .100 210*
Southern Star G&S100
110
Nat. B’k of Illinois.lOO 108
no"'
Union Consol
73%
St. Louis Transfer Co.
N orthwestem Nat. 100
20
40
Yellow Jacket
100
8% Union
*8*6**
National... .100
;<
Union Trust.
Un.Stock Y’ds Nat.100 150
BANK STOCKS.
i
315
95
70
J
J
Bartlett (Mass.)... 100
Bates (Me)
100
Boott Cot. (Mass.) 1000
Boston Co.(Mass.) 1000
Bost. Duck (Ma88.)700
Cambria Iron(Pa.)..50
Chicopee (Mass.) ..100
Cocheco (N.H.)
500
Collins Co. (Conn.).. 10
Continental (Me.). 100
100
80
•
25
33
___
•
’
......
.
......
Baltimore.
West. Union Tel.
79%
79%
j
101%
49
49%
49%
51
87
87%
30
25
J
I
(
(
EXPRESS ST'CKS
American
United States.
Coal
\
do
100
101
certs...
People’s G.L.of Balt.25
Farmers’&Planter8’25
1
pref.100
J
I
1%
10
*
i
34
V
118
g
8
8
35
119
112% 113
138
138%
98
102
99% 100
131
133
89% 90
80
90
Cambridge, Mass.. 100
100
Dorchester, Mass.. 100
Lawrence, Mass... 100
Lynn, Mass., Gas.. 100
Maid.& Melrose.. .100
Newton & Wat’n
100 113
114
Salem, Mass., Gas. 100 97% 98
Brooklyn, L. 1
25 155
165
34
\
152
13% 13% j
807% 810
^
Boston Gaslight.. .500
East Boston
25
South Boston
100
Brookline, Mass... 100
Chelsea G. L
120
102
*20
25
f
do
Baltimore Gas....100
40
...10
J
GAS STOCKS.
*30
do
31
17
29
pref
?oal...lO
10
15
pref.100
a
s
>al
25
v
5
15
25
'
35*
*68
72
v
..
Citizens’, Brooklyn. 20
81
Nassau, Brooklyn ..25
People’s, Brooklyn. 10
Wilfiamsb’g, B’klyn 50
68
75
25
102
Metropolitan, B’klyn.
Charlest’n,S.C.,Gas.25
Chicago G.&
Coke. 100
Cincinnati G. & Coke.
'
.
Louisville G. L....
Francisco GL.....
*
Priconomin.il;
no
.
1.
80
40
111
24
155
172
49
160
118
80
87%
200
129
60
115
100
§47
75
140
90
.
i
i
93
MINING
1
C
C
C
.25
...20
...20
1
I
»
A
*
70
118
h
C
49
76
I
150
I
95
I
8
8
«
94
25
d
silver20
25
25
i
ick
ic
c;
late transactions,
L79%
1%
I
I
I
87%
92%
202%
132%
100
100
100
City
A
...
t The
25
25
25
50
25
25
25
....25
...25
5c.
1%
6%
120
8
27
14
102
25
36
123
First National
1112 Fourth National
33
German Banking Co..
1412 Merchants’ National..
106
Nat. Bank Commerce
30
Second National
38
Third National
.
33^2
3
Columbian
180
Commerce
100
32
Commonwealth.. .100
1% Continental
100
10c. Eagle
100
7c. Eleventh Ward.... 100
2
Eliot
100
7
87
purchaser also pays accrued int.
...
tin London.
4
88
104% 106
128
87
94
84
104
130
1*0412
106
Exchange
100 142
20c. 30c. Everett
100 102
25c. 35c. Faneuil Hall
100 12812
First National
50c.
100 172
60c. First Ward
40c.
100
50c. 100c. Fourth National.. 100
40c. 60c. Freemans’
100
97
10% 12% Globe
100
94
5c. Hamilton
.100 10812
2
Hide & Leather.. .100 102
1
6% Howard
...100 107
1*7
17% Manufacturers’.. .100
84
1% Market
1%
100
93
25c. Massachusetts
.250 108
25c. Maverick
100 145
5c. Mechanics’ (So. B.)100 130
148
130
101
145
126
98
108
90
117
148
120
152
105
*115
*150
120
*120
90
120
110
120
160
125
125
92
125
115
62
125
86
37
108
90
152
113
63
149
114
118
64
127
89
39
no
93
154
115
65
151
117
117
120
68
.88
101
10
85
90
92
102
100
101
100
108
160
87
96
115
15
86
122
86
98
88
HO
95
34
First Nat. of Balt.. 100 xl20
128
Cleveland.
Franklin
6
12%
712 Citizens’ S.
& L
100
German American.... 103
106
Commercial Nat ..100
Howard
1
8
712
First Nat
100
Marino
30
30
32
Merchants’ Nat... 100
Mechanics’
10
1018 10%
National City
100
Merchants’
100 105
107
Ohio Nat
100
National Exch’ge. 100 10212 104
Second Nat
100
People’s
..25
20
25
Second National ..100 130
140
Hartford.
Third National.... 100
90
95
Union
75
59
58
A5tna Nat
100
Western
20
29
30% American Nat
50
Charter Oak Nat.. 100
Boston.
City Nat
100
Connecticut River. .50
Atlantic
100 126
128
Far. & Mech. Nat. 100
Atlas....
100 107
108
First Nat
100
Blackstone
100
95
95% Hartford Nat
100
Blue Hill
100
Mercantile Nat.... 100
Boston Nat
,..100 10*212 1*0*3*
National Exchange.50
110
Boylston
100 109
Phoenix Nat
100
100
75
Broadway
80
State
100
Bunker Hill
100 167
168
Central
STOCKS*
100% I
47% I
§45
‘
i
BOSTON
116% I
......
.
50
.
116
Mobile Gas & Coke....
Central of N. Y.....50
Harlem, N. Y.......50
Manhattan, N. Y... 50
Metropolitan, N.Y.100
Mutual of N. Y....100
New York,N.Y....100
N. Orleans G. L. ..100
N. Liberties,
Phila..25
Washington, Pliila....
Portland, Me., G. L.50
St. Louis G. L
50
Laclede, St. Louis. 100
Ban
72%
150
171
45
155
Hartford, Ct., G. L..25
Jersey C.& Hobok’n 20
People’s. Jersey C
Carondelet.i...
85
Cincinnati.
Bank of Baltimore 100
Bank of Commerce.25
Chesapeake
25
Citizens’
10
Com. & Farmers’.. 100
Farmers’ B’k of Md.30
Farmers’ & Merch. .40
87%
95
85
106
Citizens’ National
City Nat
*
143
103
130
173
83
81
98
95
109
103
108
86
94
109
145%
132
Louisville.
Bank of Kentucky....
Bank of Louisville....
65
85
100
Commercial of Ky....
Falls City Tobacco....
Farmersr of Ky
:..
Farmers* <fe Drovers’..
First Nat
German Ins. Co.’s.....
German
German National
83
88
90
100
Kentucky Nat
Louisville Ins. & B. Co
Masonic
Merchants’ National..
Northern of Ky
People’s
Second Nat
120
Security
Third National
Western
West’n Finano’l
§ Quotation per share.
85
97
C’p’n.
THE CHRONICLE.
314
3 tujtstmcwffi
Chemung Railroad....
Canandaigua Railroad
AND
Total
Net Increase, 24,200,219, or 9 54-100 per cent.
STATE, CITY AND CORPORATION FINANCES.
TRe Investors’ Supplement is published on the last Saturday
Of each month, and furnished to all regular subscribers oi the
Chronicle.
No single copies of the Supplement are sold at the
Office, as only a sufficient number is printed to supply regular
subscribers. One number of the Supplement, however, is bound
up with The Financial
in that shape.
Review (Annual), and can be purchased
ANNUAL
REPORTS.
Northern Central
Railway.
From the annual report we have the following:
The revenue and operating expeuses of the main line, with its
leased and controlled roads, were as follows:
Earnings.
From
From
From
From
freight
I
Operating Expenses.
$6v8,177 J For conducting transportat’n $?62,697
3,152,612 i For motive power
7t9 405
.
express
mails
miscellaneous
way
cars.
$4,070,3?; |
as
For mail tennnee of
104,048 | For general
Total
Leaving
6‘i,v7S J For maintenance of
46.191
844,164
255,411
74,515
...
expenses
Total
$2,745,924
net earnings.
$1 324,462
In
comparison with the year 1876 there was a decrease in
earnings of $299,537, equal to 6 85*100 per cent.
The ordinary operating expenses for the year 1876 were
Extraordinary expenditures for betterments
expenses for 1376—
The expenses for 1877, which include similir expenditure* for
terments, amountiug to $135,433, were
c
receipts
Which has be-n
,
net
...
groBS
Passengers carried one mile: 1877,25,726.768; 1876,43,401,086;
decrease, 17,674,318, or 40*7 per cent. The tons of freight moved*
were: In 1877,6,160,171; in 1876, 5,579,024.
Tons moved one
mile: In 1877, 277,752,734; in 1876, 253,552,485; increase
24,200,249.
The coal tonnage of the Northern Central Railway in
1876 was
832,172 tons, and in 1877, 899,151 tons. There was a decrease iu
the trade going on to the Pennsylvania Railroad at
Marysville
and Dauphin of 90,016 tons.
There was a decrease of 19,189
tous to points on the Cumberland Valley Railroad.
The total
tonnage to Baltimore was 314,590 tons, an increase of 53,205
in 1877.
Your board,
have disposed
bonds.
which
$! ,324,46?
134,814
65,779
Ihe amount realized from these sales was
$1,433,404,
applied as follows :
To the payment of $500,COO York & Cumberland
bonds, due Janu¬
ary 1, 1877
$'00,000
To reduction of bills payable
633,404
It will be observed that the amount of bills payable has been
reduced from $1,345,322 on December 31, 1876, to $376,557 on
D.cember 31,1877, being a reduction of $968,764. The
profit and
loss account is now debited with a balance of $368,413.
This has
being balance of discount on consolidated
general mortgage bonds, sold prior to 1877
To depr. ciation in market value of certain bonds and stocks held
by
sundry old judgment claims paid during the
vania
amounting to $31,599—
notwithstanding, also, the expenditure above stated of $135,433
for .betterments to your property, it will be observed that the net
earnings of the company have exceeded the charges of all kinds
same
.
,.
was as as
follows
1877.
1876.
16,551,990
27,222,495
105.064
b24,949
853,924
4,12?,491
1,826,264
7,912,457
3,070,725
2.4*3,626
4,236.421
25,726,768
48,401,086
Bbamokin Railroad.....
Elmira Railroad
172,734,748
107,159
18,135,520
89,765,541
1876.
157,<81,565
117 6S9
13,155,850
86,675,465
270,6S9
$368,413
NE ATS.
Atlanta & Charlotte Air Line.—The quarterly report shows
profits for the quarter endiug March 31,estimating for March,
net
of about $712,475 ; add
The board has declared
surplus Jan. 1, $88,499—total, $800,674.
dividend of 1| per cent for the quarter
a
ending March 31.
Central of New Jersey.—A statement by the Receiver of this
Company, Mr. Francis S. Lathrop, will be found in the advertising
columns of the Chronicle to-day, and it is worthy of the careful
attention of all the stock and bond holders of this company.
As a foreclosure suit is pending, there is need for prompt action
of some sort, and as the present plan has been devised after the
most thorough deliberatious of committees representing all the
separate interests, there seems to be nothing better than to accept
it promptly.
Certainly, the stockholders appear to have little
hope of securing anything for themselves except in the carrying
out of this plan, as they must face the stubborn fact that all
classes of debt take precedence of their stock.
—The official report filed at Trenton, N. J., has the following
for the calendar year,
1877
:
Capital stock, December 31, 1877
Funded debt, December 31, 1877
$20,600,000
24,700,000
Other indebtedness, December 31, 1877.
6,331,115
Railroad, main stem, Newark Branch and Perth Amboy
Branch....
Jersey City station
Port Johnston coal station
$13,768,242
1,815,805
873,2147
450,146
£24,850— 17, 32,341
Elizabethport station
shops. &c
Equipment of road....
2,851,870
*
Receipts.
$1,409,850
1,008.758
1,172,347
Passengers
Merchandise......
Coal....
Mail, express, rents, Ac
..........
Total receipts
Fuel consumed
TONS ONE MILE.
Northern Central Railway
Green Spring Bench
..
129,289
$3,720,195
;
..,
Hanning expenses
:
1877.
61,705-
GENERAL INVESTMENT
Station houses,
PASSENGERS CARRIED ONE MILE.
Total
Net decrease, 17,674,318, or 40 72-100 per cent.
1,000
Debit balance
yet been paid over to your treasurer,
Canandaigua Railroad
$176,516
31,437
-.
By net income for 1877
been made to the income account, and that no credit has been
taken for the net earnings ot the coal property, which have not
Smira
Railroad
temung
Railroad
$639^103
By insurance fund....
By rebate of interstate tonnage tax from State of Pennsyl¬
gold bonds of the Sbamokin Valley & Pottsville Railroad
Company, appears for the first time. The interest upon these
bonds, heretofore paid by your company, has been charged as an
advance against the operations of the coal property owned
by
the Sbamokin Valley & Pottsville Railroad Company, it
having
been expected that the net earnings of the mines would
provide
for the advances. It has, however, beeu decided by your
Board
to charge, hereafter, the interest on these bonds to the annual
income account, crediting to that account the net
earnings de¬
rived from the operations of the coal property.
Accordingly, the
entire amount of accrued interest to December 31, 1876. has been
charged to profit and loss, and the interest for 1877 has been
charged to the income account for the year, as already stated.
Notwithstanding the fact that this large additional charge has
116,438
538,010
58,399
By balance December 31st 1876
cent
Northern Central Railway
Green Spring Branch
Shamokin Railroad
52,378
year
CREDITOR.
$61,705
It will be observed that in the above statement of the fixed
annual charges for interest, rentals, etc., the it6m of $145,625,
being interest and gold premium upon the $2,060,000 seven per
.
83,719
that company
To
account
:
$201,595
the company
To interest and
Balance of net income for 1877 carried to credit of profit and loss
by the sum of $61,705.
The passenger movement was as follows
$1,635,000 consolidated general mortgage bonds, sold
on
during the year
To suspense account,
$’,513,342
freight movement
$1,433^404
Total
.
The
was
gold premium paid on the bonds of the Shamokin
Valley & Pottsville Railroad Company, prior to 1577, and charged to
follows:
.
against the
acting under the authority conferred upon them,
of $1,635,000 consolidated general mortgage gold
DEBTOR.
Total interest on emire morigage in lebtedne* of the com¬
pany
$819,540
Intere t, discount, gold premiums, taxes, &c
111,493
Rents and iuterest on mortgages
46,442
Rental Shamokin Valle* & Pottsville Railroad
52,167
Interest and gold premium on bonds Sbamokin Valley &
Pottsyille Railroad
145,625
Interest on equipment Shamokin Val. & P. Railroad
; 1,794
Rental Elmira & Williamsport Railroad
165,009
Interest ou equipment Elmira & Williamsport Railroad. .*-... 3?,164
Dividends Chemung Railroad
22,800
Interest on equipment Chemung Railroad
14,622
Rental Elmira Jefferson <fc < ’anaudaigna Railroad...
25,009
Interest on equipment Elmiia Jtff. & eanandaigna Railroad. 29,691
as
253,552,485
The total passenger movement was as follows: Passengers car¬
ried in 1877, 1,479,692; in 1876, 1,903.645 ; decrease, 423,953.
To discount
$1,575,017
as
277,752,734
the
$196,863.
....
applied
29,030,178
resulted from charging directly to this account the discount on all
company’s bonds sold, and all the interest paid (prior to 1877)
$3,036,485 on the bonds of the Shamokin Valley and Pottsville Railroad
205,839 Company; your board, after a very careful consideration of the
subject, having deemed it wi<e to adopt this course. They have
$3,242,325
also directed that sundry old claims paid, together
bet¬
with the de¬
2,745 924 preciation of certain securities held by the company to represent
the same at their market value, be charged to profit and loss.
$496,403
The profit and loss account is, therefore, stated as follows:
In addition to the net earnings as above stated of
There were received from dividends and interest
And contribntiom for Elmira cheinnug & Canandaigua divisions...
Total
1876.
18,285.681
27.836,235
...
Making total
Showing a decrease in expenses of
Or 15 31 100 per cent le?s than 1876.
The increase in the net earnings was
1377.
18,039,583
to us
iFor the year ending December 31, 1877.)
From passengers
[Von XXVI.
Expenses.
....
,,
Repairs of road, docks, etc
Repairs of equipment
Ferry expenses
,
.........
438,659
265,702
W«i*
...
Miscellaneous expenses
Net earnings..
$941,623
153,975
..........
283,453— s,171,ujti
>
* •
.........
45781
March 30.
THE CHRONICLE.
1878.J
Chicago Clinton Dubuque & Minnesota*—The Clinton &
Dubuque and Dubuque & Minnesota railroad companies, formerly
known as the Chicago Clinton & Dubuque and Chicago Dubuque
& Minnesota railroads, have been consolidated under the name of
Chicago Clinton Dubuque & Minnesota Railroad Company. This
consolidation embraces all the line of road between Clinton and
La Crescent Junction heretofore owned and operated by the two
companies, and includes the Turkey River branch.
Chicago & Eastern Illinois.—The receiver of the National
Trust Company invites offers lor 300 of the first mortgage bonds
of this company, each of the par value of $1,000, principal due
1907, interest six per cent, payable June and December. J'he
Chicago & Eastern Illinois Railroad Company is the successor of
the Chicago Danville & Vincennes Railroad Co. The bonds now
offered cover the entire property of the company.
Chicago & Lake Huron.—In the United States Circuit Court
at Detroit, a final decree of foreclosure and sale was entered, by
315
The receipts from taxes and amounts
supplied
eral fund for the last five years were as follows:
Receipts
Amonnt
from general
from taxes
and arrears.
Year.
1873
•««
1875»•••••••••
•
••,••«,••
•••*
•
$3,080,200
3,000,000
4,000,000
4,000,000
2,500,000
$23,420,192
$16,531200
$161,119,068
30.481,717
23,875,026
1876
1877
28,498,755
Total
$144,5S5,8bS
The unpaid taxes upon real estate
and for both real and personal estate
Prior to 1873
533,331 | 1877
1,003,034 I
|
34,*93,818
84,431,177
81875,026
30,998,753
for the years prior to 1877,
for 1877, are as follows:
$662,716 11876......
1,835,163
gen¬
Total
•mount
fund.
$25,386,992
31,393,318
•
from the
.
$*,111,517
6,016,147
.
-
Total
$13,161,910
The unpaid personal taxes for the years 1873 to 1876, inclusive,
a£>gregate $2,524,800, which is considered uncollectible and a total
which the amount overdue for coupons and interest loss to the Treasury. In addition to this deficiency, ic is estiAated that there will eventually be a loss from the non-col lection
on the mortgages foreclosed ($1,394,310) is to be paid within ten
of personal taxes for 1877 of at least $250,000.
days or the road is to be sold. The Port Huron & Lake Michigan
DEFICIENCIES IN TAXES.
road shall be sold under the original mortgage upon that section,
Prior to 1871 the practice of the Board of Supervisors wa6 to
which covers only the line from Port Huron to FJint; that the
Peninsular road shall in like manner be sold under the first bonds include in the tax levy such a sum a-* was estimated by them an
issued by the original compauy, which cover the road from Lan¬ sufficient to supply the deficiency in the actual product ot the
sing to the Indiana State line ; these roads to be sold separately taxes from discounts, errors, remissions and loss of personal
and the proceeds devoted to the payment of the bonds of the indi¬ taxes under the provision of ch ipter 293, section 6, laws of 1861.
vidual corporations mentioned, and the surplus, if any, shall This provision of law was repealed in 1871, and was re-enacted
await the order of the Court,
it afeo. decreed that the order by chapter 756 in 1873.
For the year 1877 the following sums were added in the tax
heretofore granted authorizing ex-Receiver Bancroft to issue his
certificates of indebtedness was vacated, providing that the levy by the Board of Aldermen, which, it is believed, will be suf¬
ficient to cover deficiencies in the actual product of the tax :
validity of certificates already issued shall not be affected.
Amount added for deficiencies in actual product of taxes, 1877, $69 j,599.
Erie Railway.— Judge Daniels granted the order asked for by
Discounts, errors and remissions a lowed, $94,147.
Albert DeBetz, Moritz Lewin Borchard and Jnles Levita, and in
Uncollected personal taxes (estimated), $*50,000.
the terms of
1874.
~
_
granting their petition he stayed the sale of the Erie Railway
under the forec
for
thirty days in any case, and, unless the
Farmers’ Loan & Trust Company and the Erie Railway Company
make certain stipulations within fifteen days, nniil the end of the
osure
reference ordered.
The netitioners claim to be holders of bonds
under the second consolidated mortgage, which is being fore¬
closed. They complain that-the receiver has been allowed to
prefer various claims and debts subsequent to that mortgage, so
that these will be pail before the bondholders under the present
decree of sale.
Judge Daniels refers the matters involved
to William Allen Butler.
The Erie Railway Company’s books
and those of the receiver are to be open to the petitioners, and
the referee is to have power to order the books to be produced
before him.
The stipulation which will limit ihe stay to thirty days is to be that “ all
sucb amounts or turns as may appear by the referee’s report to be contained
in
or
established by said judgment as liens upon or charges against said
proper y, which should not have been allowed as such liens or
mortgaged
charges, shall be deducted from said judgment, and that the said judgment
shall be corrected a- to such amounts of indebtedness and that all such soms
may appear by the referee’s report and confirmation thereof to have been
charged against said property, or in any form allowed to the said receiver,
which legally and jastiy should not have been so charged and allowed, shall
he deducted from the sums allowed as charged agatest said mortgaged prop¬
erty or in favor of the receiver, ana that the petitioners, on surrendering
their bonds and coupons within thirty days, shall have all the advantages of
the subscribers to the reconstruction scheme.”
as
—Judge Lawrence, in Supreme Court Chambers, heard the
motion made on behalf of James McHenry, as an alleged creditor
of the Erie Rai way Company, to be allowed to intervene as party
defendant in the two Erie foreclosure suits, one by the Farmers’
Loan and Trust
Company and the other by J. C. Bancroft Davis,
each as trustee of ti.e bondholders, and also the peop'e’s suit
the dissolution of the Erje Company and sequestration of
for
its
property.
Louisiana State Bonds to N. 0. Pacific Railroad.—The New
Orleans Times says: The New Orleans Pacific Railway Company
filed an application in the Fifth District Coart for a mandamus
against the Governor, Auditor and Secretary of State to compel
the issuance and signing of the first $250,000 of the $2,500,000
State bonds authorized by the late act. The proceedings are of a
friendly character, to have a decision of the highest court in
the State upon the act in question as soon as possible. The Gov¬
ernor stated when he
approved the bill that he would not sign the
bonds till the law bad been held to be constitutional.
Missouri River Pori Scott & Gulf.—A
circular
dated
at
Kansas
City, Mo., March 18,1878, is issued by George H. Nettle
ton, Receiver, under an order of the Circuit Court of the United
States for the District of Kansas, made March 16,1878. He states
that he is authorized to make sales of the company’s lands and
execute contracts or deeds therefor.
New York Central & Hudson.—Utica, N. Y., March 27.—In
the case against John M. Bailey, ex-United States Collector at
Albany, the jury to-day rendered a verdict of $499,432 for the
railroad. The court granted a stay of proceedings for sixty days,
to enable the defendant to
prepare a
bill of exceptions.
Now York City Debt.—Comptroller Kelly, in response to a
request by the Assembly on the 6th and 12th inst., has submitted
statements which contain the following:
Funded
Year
Debt—
^-Temporary Debt—»
ended Stocks and Assessm’t Revenue
Dec 31.
Bonds.*
Bonds.
Bonds.
1873
$
$
99,402.219
21,9*/,872
118.241,667
110,056,903
119,631,318
121,440,133
21.S2i.200
20,851,000
22,871,400
21,3*9,500
$
Total
Bonded
Debt.
.
Ara’utof
Sinking
Net
Bonded
Fund.
$
$
10,449,979 131,869,571 24,841,100
2,711200 141,803,763 26.823,788
4,142,927 144,522,031 27,748,807
6,104,814 148,107,667 28,*9*.247
6,051,424 148,821,057 31,120,815
Debt.
$
107,023,471
114,979,969
116.7*.3,724
119,811,310
117,700,142
:*• Payable from taxes and sinking fund.
^Noy*.—1The debt of the towns annexed from Westchester county, amount¬
ing Dec. 81,1877, to $1,162,236 42, is not included in this statement.
Estimated surplus, $35),4M).
/
Pennsylvania Railroad.—One of the great
events of the
of the most important that has occurred in
railroad circles for a long time past, was the adoption of the
week, and indeed
one
Trust scheme by the Pennsylvania RR. stockholders. The great
significance of this measure is in the fact that it is a practical decla’ation that the c mpany proposes to stand up squarely to its.
obligations (those acknowledged by it) and meet its guarantees
before it pays'dividends. If the guaranteed securities do not
materially advance in price the company will gain immensely by
their purchase.
If they do advance in price, the whole credit of
the company will be so improved that it will gain enormously by
the ability to sell bonds at a low rate of interest and pay off or
buy up obligations carrying a higher rate. The committee's
report upon the company’s affairs, and the trnst scheme in par*
ticular, contained the following:
The general account of the Pennsylvania Railroad Company
shows its floating debt December 31,1877, to have been $1,500,000,
and that of the Pennsylvania Company $2 933,699.
To meet the
floating debt of the Pennsylvania Cimpany, there are $3,200,000
of Pennsylvania Company’s bonds, secured* by $4,000,000 of 7 per
cent special guaranteed stock ot the Pittsburg Fort
Wayne &
Chicago Railway Company. As the bonds are sold the proceeds
are applied to the reduction ot the
floating debt on account of
which they were issued.
TRUST FUND.
In the report of the board of directors, on page 48, the fixed
liabilities on the guaranteed endorsements of the Pennsylvania
Railroad Company are stated at $178,016 293. The committee
fear that the statement in the report is liable to misapprehension,
and therefore make the following explanation, as aiding in the
better understanding of the character of these liabilities.
The
capitalized amount of the liabilities of the Pennsylvania Railroad Com¬
for rentals aa
lessee, is stated in the report of the board at...
$178,616,293
Deducting tbe amount representing the capitalized principal «f
the stocks upon which the company guarantees certain divi¬
dends, and npon which, therefore, its utmost liability is con¬
fined to tte dividends themselves
68,699,697
pany. on account of endorsements of bonds as guarantor, or
we
obtain
as
the amount of the bonds npon
or
indirectly.
$109,316,5$t
which the company is
a
guarantor, diiectlj
Upon these bonds the Pennsylvania RR. Company is
guarantor of principal and interest as follows:
Under the lease of the United Railroads of New Jersey to the
amonnt of.
:
On other lines ea*t of Pittsburg & Erie, embracing the Philadel-
a
direct
$25,4 96,100
unction
s, Connecting
and
Jhia
& Erie,
Choitie
road",Weetj
ana Pennsylvania,
the Sasqachanna
Coal Company,
on which
it is the sole guarantor, and the Alleghany Valley and Baltimore
& Potomac, on which the Northern Central and Philadelphia &
Erie companies are co-guarantors
And on the lines west of Pittsburg & Erie to the amonnt of
In all...
On the bonds of the
guaranteed)
Pennsylvania Canal Company (interest only
On the lines west cf Pittsburg & Erie the indirect guarantees of
the company, through h ases directly made to it, are.
And through leases made to your Western lines
82,460,266
3,160,010
$61,696,86$
8,000,600
30,943,629
14,277,600
Making up the total as above of
$109,816,596
It must be borne in mind that the bonds which the Pennsylva¬
nia Railroad Company has guaranteed have for their
security
railway property entirely distinct from the main line of your com¬
pany, so that in case of foreclosure, or by the purchase of these
bonds, your company would practically become the owners of the
roads upon which these securities are a lien, and npon which, in
many ctses, large snms of money outside of the mor.gage debt
have been expended.
In the case of tbe United Railroads of New Jersey, the Penn¬
sylvania Railroad Company agreed to pay their bonded debt as it
became due, the lessor being bonnd to furnish new bonds to a cor-
316
THE CHRONICLE.
responding amount with which to pay off the maturing loans, so
that the only practical liability connected with the
principal of
maturing bonds would be in case the new bonds did not bring par;
in which case the Pennsylvania Railroad
Company would have to
make up the deficiency. As these bonds now sell at from 107 to
109, it will be readily seen that no deficit is likely to occur from
that source; on the contrary, as the lease
stipulates that the excess
in the proceeds of the new bond shall inure to the lessee
they are
much more likely to become a source of
profit.
The same state of facts exists with the bonds of the Fort
Wayne
Cleveland & Pittsburg and other roads west of
Pittsburg, consti¬
tuting the larger portion of your liabilities in connection with the
Western lines. The lessor companies
agreed in the same way to
supply new bonds to take the place of maturing obligations, and
many of their securities are selling in the market at from 105 to
120, and it is very hard to obtain them even at these prices, so that
it will be readily seen there can be no
difficulty in securing their
renewal, if found expedient.
At the election held on the 26th the ticket
nominated by the
stockholders* committee was as follows: Thomas A.
Scott, Josiah
Bacon, Wistar Morris, John M. Kennedy, Samuel M. Felton,
Alexander Biddle, N. Parker
Shortridge, Henry D. Welsh. This
ticket, termed “ the regular,” was successful. The highest one
on the ticket had voted for him
479,276 shares, and the lowest
420,649 shares. Thomas Potter, who submitted the minority
report on the funding scheme, received votes representing 66,652
shares, and A. J. Derbyshire, who was a director last year and
whose name was taken off the ticket
by the stockholders’ com¬
mittee, waB complimented with votes representing 46,314 shares.
The funding plan was
approved, the vote standing thus: For
the adoption of the resolution on the creation of
trust, recom¬
mended in the majority report of the
committee, 375,299 shares ;
for the adoption of the resolution on the creation
of the trust as
recommended in the
minority report of the committee, 105,885
shares. The largest number of shares ever voted at
any previous
election of the company was 284,000.
Last year only 125,000
were voted.
—The follow ng
stat3mentismadeby the Pennsylvania Railioad
Company of the increase or decrease of earnings and expenses iD
Feb.u
r/,
1878,
All lines east of
ings of
as
compared with 1877:
Piltsbarg and Erie show
a
decrease in gross earn¬
$*,790
A decrease in expenses of
An increase in net
earning* of
The two months of 1878, as compared with the same
show an increase in gross earnings of
43,637
[Vol. XXV L
Southern Pacific Railroad.—The
following three reports of
Representatives give an emphatic
condemnation of subsidies. The
Thirty-Second Parallel Hoad,
they say, can be constructed without pledging the public
credit.
the Committee of the House of
These reports give tbe recommendations of Messrs.
Blair,
Morrison and
others, and
are
& Pacific Railroad:
decidedly in opposition
Luttrell,
to the Texas
A
minority of the Committee on Pacific Railroads, to whom
referred House bills H. R. 1919, H. R.
1964, H. R. 2031, H. R.
2118, and H. R. 2573, submit their views through Mr. Biair
were
We
are
unable to
in tbe views of the
concur
majority of the
committee, but desire the adoption by Congress of such measures
as will secure the
early construction of a trans-contir.ebtal railroad
for the special use and
development of the Southern and South¬
western States and Territories.
We believe that this
important
object can be accomplished without subsidy from the Government,
and submit the following vieAvs and the
accompanying bill for the
consideration of the House:
NECESSITY FOR THE
CONSTRUCTION OF
A
SOUTHERN ROAD.
Although the present necessity for the construction of either a
Northern or Southern Pacific Railroad is less
imperative than was
the emergency which compelled the Government in
time of war
to secure at once territorial
integrity and material prosperity by
large appropriations for the construction of a middle line of interoceanic communication, yet the original idea of three
main trans¬
continental railroad routes for the accommodation of the
whole
country, so far separated as to be practically independent of each
other, should be steadily kept in view by Congress until it is
realized.
Numerous cross-lines and feeders will
main
lines, and other roads
on
ultimately unite thesa
intervening parallels will girdle
the continent; but this generation will do well if it shall
complete
these great prophetic lines, opening to settlement tbe
Western
Territories and furnishing tbe batis of a vast
prospective develop¬
ment of wealth and
population.
tbe commerce now waiting for ac¬
9,940
A decrease in expenses of
commodation,
the
and
three
together
will, in less than a quarter
181,534
of a century, be insufficient to perform the
An increase in net earnings of
land-carrying trade of
$191,524 the country between the oceans.
All lines west of Pittsburg and Erie, for the two months of
1878, show
a profit, after
This great development, only
meeting all liabilities, of
45 698
partially anticipated by tbe pro¬
In the same period of 1877 there was a
deficiency of
105,409 jectors of these roads, Congress is now called upon to promote by
Philadelphia & Reading.—The receipts in the month of appropriate legislation.
February are reported as $844,470 against $1,216,000 in the same
THE PRESENT CONDITION OF THE
SOUTHERN LINE.
month last year.
The Texas & Pacific Railway
The tonnage transported was 173,462 coal and
Company, a corporation of the
237,282 merchandise in 1878, against 321,655 coal and
229,657 State of Texas, in the year 1871 was authorized by Congress to
merchandise in 1877.
The number of
passengers carried was construct its road and telegraph irom Marshall, in Eastern Texas,
899,057 in 1878, against 430,853 in 1877. The quantity of coal along and near tbe thirty-second parallel of North
latitude, through
mined was 93,727 tons in
1878, against 187,119 in 1877. The that State and the Territories of New Mexico and Arizona, to
decrease in the receipts is due to a
voluntary suspension of tbe San Diego, a small city on the Pacific coast, on the
production of coal to & great extent, in order to increase their same name, supposed to be well adapted to commercialbay of the
purposes,
allotment hereafter. The business for tbe first
three months of and having a population of 4,000 to 5,000 people.
The distance
the year shows an increase of
$234,649 over the same period of from Marshall to San Diego is estimated at 1,574 miles by the
last year.
authorities of the Texas & Pacific
Company, while those of the
Rome Watertown & Ogdenshurg.-—The
coupons due April Southern Pacific Company believe it to be about 100 miles greater.
1 on $4,250,000 consolidated bonds will not be
The seventeenth section of the charter of the Texas &
paid. Officers of
Paci6c
the company state that all
Railroad Company, by Congress approved March
prior loans will be protected.
3,1871,
enacted:
St. Paul & Pacific.—In the suits of
That the said Texas Pacific Railroad
Rice, Thompson and
shall commence the construc¬
others, trustees, against this company, the Supreme Court of tion of its road simultaneously at San DLCompany
go. in the State of California, and from
a point at or near Marshall, Texas, as hereinbefore
Minnesota has granted a motion made on behalf of the
trustees the same as to haveat least 50 consecutive miles ofdescribed, and so prosecute
railroad from eac\ of said
to proceed with the consideration of certain
appeals
taken
in the points “ complete and in running order” in two years after the passage of this
foreclosure suits. Consideration of these
and
continue
to
act;
so
construct
each
year thereafter a sufficient number
appeals and of tbe
qf
to secure the completion of the «hoie line from the aforesaid
suits themselves was
suspended in 1875, at the request of all miles
point on the
eas’ern boundary of the State of Texas to the
Bay
of
San
Diego,
in
State
the
of
parties in the case, pending the execution of a certain agreement California, as aforesaid, within 1) years after the
passage of this act; and upon
with the bondholders. This agreement
having failed, the Court failure to so complete it, Congress may adopt such measures as it may deem
now decides that there is
nothing to prevent the further progress necessary and proper to secure its speedy completion.
of the suits.
Another act was procured by the corporation ;
approved May 2,
Syracuse Binghamton & New York.—In London, March 16, 1872, which, in the fifth section, provided as follows:
Messrs. Morton, Rose & Co. invited
That the said Texas & Pacific Railway
subscriptions for the 7 per
Company ehall c >mmence the con¬
cent first consolidated
struction of its road at or near Marshall,
(currency) mortgage, to the amount of tion
Texas, and proceed with its construc¬
under the original act and this
supplement or in pursuance of the authority
$1,750,000, in $1,000 bonds, at the price of £200 per bond,
principal derived from [any consolidation as aforesaid, westerly
and interest being guaranteed
from a point near
by tbe Delaware Lackawanna & Marshall, and toward San Diego, in the State of California,
on the line author¬
Western Railroad Company.
ized
by the original act, an<T so prosecate the same as to have at least 100
The issue is made to replace
consecutive
miles
of
railroad from said
$1 ,400,000 bonds paid off and to provide additional
complete and in running order
equipment; within two years after the passage of this pointand
and it forms a first
so continue to construct, each
mortgage on eighty-one miles of line from yeir thereafter, a sufficient number of miles,act;
not less than one hundred, to secure
Syracuse to Binghamton.
There is, however, a lien of $270,100. the completion of the whole line, from the aforesaid point on the Eastern
The first coupon is due on October
of the State of Texas to the Bay of S*n Diego, in the state of Cali¬
1, and the principal is repay¬ boundary
fornia, as aforesaid, within 10 years after.the passage of this
able in 1906. The same bonds were
act; Provided,
put on the New York Stock however, that the said company shall commence the construction
of said road
Board list this week.
Toledo
Peoria
&
period of 1877,
$40,347
No
tingle line
can transport
from] San Diego eastward within
one year
from the passage of this act, and
Warsaw.—In the United States Circuit construct not less than ten miles before the expiration of the second year,
and after the second
Court at Chicago, March 23, an order was
year not less than twenty-five miles per annum in continu¬
made directing Receiver ous line
thereafter, between San Diego and the Colorado River, until the
Hopkins to deposit with the Farmers’ Loan & TruBt
is formed with the line from the East at the latter point, or east there¬
Company, of junction
New York, $2,275 to pay certain
of, and upon failure soto complete it Congress may adopt such measures as it may
coupons on the first-mortgage deem
Eastern Division bonds which became due
and proper to secure its speedy completion; and it sbail also be
before June 1, 1874, lawfulnecessary
for said company to commence and prosecute the construction of its
and $3;500 to pay
coupons on Western Division bonds which line from any other point or
points on its line ; but nothing in this act contained
became due before Aug. 1, 1874, such
be so construed as to authorize the grant
of any additional lands or subsidy,
coupons to be pai<d at their shall
of any nature or kind whatsoever, cn the
face value, without
part of the Government of the United
It was further ordered that the States.
any interest.
Receiver deposit with the Farmers’ Loan & Trust
Failing to meet these provisions, the Texas & Pacific
Company a sum
sufficient to pay a dividend of $21 92 on each
Company has ob¬
by construction and purchase, and now has in operation,
443 miles
first-mortgage East¬ tained
ern Division bond for
of road, which enclose a
parallelogram
in
Northeastern
Texas, having a
$l,000,4and one of $21 68 on each first- base of 183 miles, extending from Marshall to Fort
Worth, now the west¬
mortgage Western Division bond for $1,000, such payment to be ern terminus of the
road, which only is a part of the trunk line.
;
stamped or endorsed upon the bonds and coupons, or upon the
The remainder of the 443 miles is so located as to secure the inore
certificates representing bonds deposited, where such
valuable lands granted by the State of Texas,
probably because the pe¬
certificates cuniary embarrassments of the
have been issued.
company were such that its credit was
•
.
based chiefly upon the granted lands.
There is thus remaining of tn
March
THE
30, 1878.]
CHRONICLE.
trunk line between Fort Worth and San Diego a distance of 1,491 miles
<
upon
which nothing has been done.
should take such measures as should enable it to connect with
the South
States of the Union.
:•••.
The Southern Pacific Railroad
Company, therefore, will suffer great
loss unless it receives immediate relief by such
legislation as will secure
the early completion of the road
along the thirty-second parallel,
it might prolong its existence by high tariffs levied
upon the scanty com¬
merce of that sparse population, which, if now
burdensome to the
must remain so until Eastern communications, and consequent people,
increas¬
ing traffic, shall result in a reduction consistent with the continued
existence of the corporation itself, and with some return
upon the enor¬
mous sums invested.
An increase of railroad facilities ana
connections
is the only means of
relieving the people of those Territories from the
high rates of transportation incident to their isolated condition and the
development of the vast mineral wealth of those great Territories, larger
and richer in natural resources than
many powerful kingdoms of the
world.
em
Of the 10 years allowed by the charter within which to complete this
great work only four remain, and a considerable portion of one of these
must elapse before the enactment of the desired legislation is possible.
Six-tenths of the time have been consumed in the construction of less than
one-eighth of the trunk line, and that at the easterly terminus, in close
connection with the great middle system of roads and the central belt of
States, rather than with the Southern system of roads and the Southern
The corporation has fallen thus far short of the performance of its un¬
dertaking, although it received from the State of Texas the munificent
grant of the alternate sections of land for 40 miles in width along each
side of its line, or 80 miles in all, through the State of Texas, and the
same from the United States through the Territories and in
California,
contingent upon its compliance with the conditions of the grant.
line,
THE DESIRED SUBSIDY.
The credit of the Texas <fc Pacific Company was seriously
impaired
before the panic of 1873, and under its influence has still further declined.
It admits its pecuniary
inability, and assigns that as a reason for its
failure to comply with the conditions imposed upon it by law.
In 1875 it applied to Congress for a subsidy of over $ 60,000,000, in
addition to its land grant of 22,528,000 acres in Texas and 18,000,000
in the territories, being a money subsidy of twice the probable cost of
building and equipping its road.
The application failed. It now changes the form, rather than the sub¬
stance of its request, and asks for a guaranty of interest on
$ 25,000 a
mile for the easier and $40,000 for the heavier portions of the
road,
amounting in all to $ 38,500,000, at 5 per cent annually, for 50 years.
The bonds of the Government bearing 41a per cent interest have
re¬
cently been sold at par in refunding the national debt. If the public
faith is kept and its credit unimpaired, the time is not remote when the
Government will be able to effect loans at the rates of 3 and 3*2
per’cent,
paid by England. The difference between the interest on these
5 per cent Texas & Pacific bonds for fifty years and the
ordinary rates
which the Government will have to pay on the same amount for the
same time, if invested, as it might be, by the Government for the
payment
of its own debt, would amount to much more than the cost of the
road,
so that the Government would be far better off to build the
road and
give it to the Texas & Pacific Company outright than to guarantee the
interest on its 5 per cent 50-year bonds, according to its request.
Assume that the average interest of Government loans for the next 50
as now
be paid
4 pertocent,
loss to
Government
Jears
the will
andbondholders
we have anofannual
excess
these
1 per cent
on the
$ 38,500,000,
or
i
$385,000, which, investedin
-
317
POSITION OF THE SOUTHERN PACIFIC ROAD.
The Southern Pacific Railroad, by force of the absolute
necessity of its
securing Eastern connections as soon as possible, in order to preserve its
capital, is the only party which has both the power and the disposition
to build this road.
Early in the sessions of this Congress a bill was introduced by Mr.
Money, of Mississippi, proposing in substance to declare the franchise
and land grant of the Texas & Pacific
Company West of the Rio Grande
River (the boundary between Texas and New Mexico) to be
forfeited,
and that the Southern Pacific
Company be subrogated to the grants
originally made to the Texas Pacific Company west of said river. By
the terms of this bill the Southern Pacific was to
complete the road to
El Paso, on the Rio Grande, 600 miles
easterly from its present
which is at Fort Yuma, in six years; and if, at the end of thatterminus,
time, no
other railroad should have been constructed
westerly to connect the
Southern States with its line at El Paso, then, with the consent of
the
State of Texas, the Southern Pacific Company
might push easterly until
the connection indispensable to this
company could be made with the
.
Mississippi Valley.
On the
contrary, if the Texas & Pacific Company, or any other road
sooner at the Rio Grande than the
Southern Pacific Company building easterly, such road could build
west¬
erly through the Territories till the approaching lines of the two corpora¬
tions should meet. This proposal was calculated to. excite
competition
similar to that which drove the existing trans-continental line to
com¬
pletion before half the time allowed by Congress for that purpose had
expired. In this bill were numerous and well-guarded
provisions to
secure compliance with the terms and conditions which
might be impose l
by Congress, including Government regulation of tariffs and proper con
nections and running arrangements with other roads,
prorating wit i
the Eastern lines, and other commendable features unusual
but neces¬
sary in the charters of railroads.
The passage of this bill was advocated by the Southern Pacific Com¬
pany before the committee, asking of the Government no other aid but
the land grant.through the Territories.
The Southern Pacific
Company interposed no opposition to the guar¬
antee asked by the Texas & Pacific east of the Rio
Grande; but contem¬
plating the contingency of the denial of guarantee of bonds to the Texas
& Pacific Company, and the consequent total collapse of its
undertaking,
strongly insisted that justice required that they should not be held in
building westerly, should arrive
a sinking fund, would amount to $140,000,000 at the maturity of the bonds, or three and one-half times the amount
of the principal. Besides all this, there is no doubt that the whole
road
can be built and
equipped for less than $20,000, probably for not more
than $15,000, per mile. Assuming it to cost $20,000
per mile, and the
aggregate will be (estimating the distance at nearly 100 miles more than
the Texas & Pacific authorities represent it) $29,420,000,
leaving an ex¬
cess of $9,080,000 to be taken from the
principal for the benefit of those
who manipulate the bonds at the start, and who do not
propose to risk a
dollar of their own in the enterprise.
True, they say that no more bonds shall be issued than are necessary
to complete and equip the road; but no one can doubt that a
necessity check
will be found for the full amoimt named in the bill.
awaiting the result of continued applications by the Texas &
We have said nothing about the returns by
Pacific Company for the money or credit or
the nation with which to
way of Government service
in its various forms, because that source of benefit is
just as available perform what the Southern Pacific was ready to do immediately for the
from a road built with private as with public
capital; and, besides, com¬ land grant alone.
To this bill the Texas & Pacific Company
plications in matters of account always arise between the Government
objected. The only argument
and such corporations that surpass the
understanding of those who rep¬ entitled to weight, in our opinion, was that the Southern Pacific, connect¬
resent the nation.
ing with the ocean at San Francisco, and having immediate business
The total amount of interest guaranteed
by the Government would, relations with the Central Pacific Railroad, might enter into combina¬
if paid into a
sinking fund, amoimt to more than $700,000,000 in 50 tions with that corporation against the public interest, and that the
years, and we are called upon to guarantee the payment of this
advantages of competition and of an ocean connection at San Diego
addition to the proceeds of the land grant, in order to enable the sum, in would then be lost.
Texas &
Pacific Company to complete its road.
COMPETITION AND COMBINATION.
It is unnecessary to recite further the details of the bill or to
We believe that
any competition between rival parallel lines of •rail¬
repeat
the arguments bearing upon the general
question of subsidies. This road for the same business, which results in a loss to the companies, is
matter is discussed in the report of the
minority of the sub-committee by sure to end in one of two ways, either in a combination by which the
Mr. Luttrell.
public will lose far more than it has ever gained from competition,
or,
We are opposed to all pecuniary
subsidies and guarantees by the
on
other hand, in the ruinous cutting of rates persisted in .until the
erament, in whatever form, for the benefit of railroads, at this time, how-1 wea^er corporation is ruined, the public is left to the
rapacity of the
ever desirable tlieir construction.
survivor. There is no real protection to the public but in the
In time of peace, private
enforce¬
^
1Q ™
seeking profitable investment will generally promote commercial ment of the law of the land. Competition which takes from corporations
development quite as fast as is consistent with safety and permanent just compensation is quite as ruinous as combinations which
give them
prosperity. If the men in charge of a meritorious enterprise command too much.
the confidence of capitalists, or even the
No one can believe that the Texas & Pacific
won trust of the
too-easily
Company would, after
middle classes, there is no need of
calling upon the nation for subsidies constructing its line to the Pacific Ocean, long compete with any rival to
or guarantees.
its own loss, or even so as to produce any reduction of rates below
the
As the Texas & Pacific
Company is controlled by men of great experi¬ maximum to which the public would submit; or that it would fail to
ence in affairs, who have for
repair
or
increase
its
losses
its
many years been prominent in the develop¬
gains whenever an opportunity might
ment of some portions of our railroad
system, we are forced to the con¬ ofter. We repeat that nothing but the law, and the enforcement of the
clusion that this enterprise under their
law
by the government, can protect the public against the love of gain
management is not one which
commands the confidence of astute business men who have to
invest in which is inherent in human nature.
desirable securities. It is this want of capital and public confidence
This truth is recognized by the bill of the Texas & Pacific
Company
which renders it impossible for the Texas & Pacific
Company to build reported by the majority of the committee, and stringent provisions are
the road along the thirty-second
parallel. Were it a corporation with therein made to hold that corporation within the bounds of justice and
capital and credit, or were the project one commanding the confidence law; very unusual safeguards being provided for, in consideration of the
of business men under this
management, the road might be built by the fact that the Government itself is really required by the bill to furnish
Texas & Pacific Company. But, in our belief, unless the
Government the means necessary to build the road and give to the projectors an
assumes the burden of the
undertaking,
while its management is left to additional bonus of $10,000,000. Restrictions and conditions in a char¬
the Texas <fe Pacific
ter can be enforced by the machinery of the law
Company, there would be no
against one corporation
struction of the road, even if the company should possibility of the con¬ as well as another.
profess its purpose to
Gov-1
capital1
accomplish it.
THE SOUTHERN
The Southern Pacific Railroad
RACIFIC RAILROAD.
Company is a corporation
of the State
of California. Its
original charter required the yearly construction of
certain definite portions of its
road, which condition, with others therein
imposed, have been substantially complied with. The 23d section of the
Act of Congress of 1871, above cited,
is as follows:
“
That, for the purpose of connecting the Texas Pacific Railroad with
the city of San
Francisco, the Southern Pacific Railroad Company of
California is hereby authorized (subject to the laws of
California) to con¬
struct a line of railroad from a point at or near
Tehachapa Pass, by way
of Los
Angeles, to the Texas Pacific Railroad, at or near the Colorado
River, with the same rights, grants and privileges, and subject to the
same limitations, restrictions and conditions
as were granted to said
Southern Pacific Railroad Company of California by the
Act of July
twenty-seven, eighteen hundred and sixty-six.”
This corporation has constructed its road to Fort
Yuma, on the easterly
bank of the Colorado River, in the
southwesterly corner of the Territory
of Arizona, which it claims to be the
authorized point of connection with
the Texas & Pacific
road, a distance of about 720 miles. Its track has
been laid through and over
extraordinary natural obstacles at the
expense of about $60,000,000, and the 350 miles of its Southern
portion
passes through a desert, and for 164 miles nearest the Colorado without
an oasis.
This road, built to preserve the charter, is of little value
except for its anticipated connections with the Southern States, from
which, owing to the failure of the Texas & Pacific Company ito comply
with the requisitions of
law, it is how more than 1,200 md.es, distant.
It is true that the road would do a limited
business with Ambtfashould
it be built no farther.' But the
population of that Terri tbty>i*rbhiy about
35,000, and of these not a large proportion would do business jw4th it,
because of the inconvenient point of
contact, and of the imperfect com¬
munication via the Colorado River.
The road is
already there, with its millions of money invested over a
the Government that the Texas &
should be constructed so as to meet it at the Colorado
River,
or, in the event of the failure of that
corporation so to do that Congress
fhNdy waste, upon the good faith of
Pacific Road
RELATIONS OF THE SOUTHERN CENTRAL AND TEXAS PACIFIC
EACH OTHER AND TO THE SOUTHERN STATES.
ROADS
TO
Assuming that the Southern Pacific is controlled by the Central Paciflo
(which is denied), there is the strongest reason to suppose that this cir¬
cumstance would operate rather to the benefit than to the
injury of the
South and Southwest. The whole length of the Central Paciflo
is about
800 miles. The Southern Pacific from San Francisco to the Colorado is
than 700 miles. Add to this the proposed extension of 600
miles,
and the total is over 1,300 miles, and we believe it probable that the
Southern Pacific will extend its line easterly across
Texas, unless the
desired subsidy should enable the Texas Pacific Company
to form the
connection at El Paso.
more
Therefore, if San Francisco would be the point to which all business
would converge—the focus of inland and oceanic communication on the
Pacific shores—the Southern Pacific branch, offers to this
imagined
Central and Southern combination the
earnings of at least 1,300 miles of
road against
800 on the Central Pacific. Which branch,
0
then, will this
Impelled by its own
,
supposed combination most naturally employ?
,
interests, its own investments and connections, what section of the
country will it seek to develop 1 Is it not apparent that whatever may
have been its previous purposes, by virtue of the proposed extension of
its line it is at once converted into essentially a Southern road ? It is no
reply to this to say that owning the westerly ends of the Middle and
Southern routes it will blockade both until its exactions
are
complied
with, for the bill we recommend expressly reserves and confers upon
Congress far greater powers of control over the Southern Paciflo than
are contained in the bill reported by the
majority, and so long as the
people are so disposed they can protect themselves by the same methods
which must be resorted to in order to secure performance of their
obliga¬
tions by the Texas & Pacific
Company,
and
with
no greater powersof
resistance on the part of the one than the other, except that the restric¬
tions in the organic law of the Southern Pacific are the more stringent
and explicit. Again, for what business will this supposed competition
arise ? The Southern road should be built to benefit the Southern States.
Do these States expect that the Central & Union Pacific can or ever will
compete with
a
Southern road for the
commerce
of the Southern States!
THE CHRONICLE.
318
The Middle and Southern line might indeed compete for business in the
latitude of New York and Philadelphia, but the Pennsylvania Central
Railroad and its 6,000 miles of trunk and western connections does not
run through the South Atlantic, the Gulf and Southwestern States, any
more than does the Union Pacific and its easterly extensions via Chicago
to New York. Is not this monster (speaking after the mannor of tne
majority) the more dangerous rather because, while the nearer to them,
it is yet not of them; and if they enlarge its power, are they not the
surer to become its victims and to pour forever their tribute into the lap
of the Middle Atlantic States ? Will not the Southern business, if it ha6
a fair chance, go over the Southern route, no matter who builds it or who
runs it I Can that business ever be forced northerly to Omaha %
Coming
from the Occident, how can transportation climb the Sierras via that city
to be distributed in Georgia. Florida and South Carolina when there is
communication along the thirty-second parallel ? How, then, can there
be any competition by the Union and Central Pacific for the busi¬
ness of these Southern States 1
There might be competition which would inure to the benefit of Phila¬
delphia ana New York, but just as soon as the Middle and Southern
portions of the country are reached, the Pennsylvania Central, owning
and running this whole Southern route, will control all the commerce of
the South along the thirty-second parallel, from the Atlantic to the
Pacific. Is not the fact appareut that one owner controlling a through
line, the easterly half of which runs through the Middle and border
States, and the westerly half of which curving southerly holds the com¬
munications of the South Atlantic and Gulf States of the Lower Missis¬
sippi Valley, of Texas, and the far Southwest, is infinitely more danger¬
ous to the country, and to the South especially, which must use Southern
routes in any event, than two owners, one in California and one in Phila¬
delphia, who are sufficiently hostile to hold each other in check under
the superintendence of the law 1 But the bill of the majority simply
locates another Omaha on the Lower Mississippi, ;uad demands that the
Texas A Pacific Company shall thus be to the South all they charge that
the Union and Central Pacific combined are to the country.
We talk of the outlets to the Pacific; but we must remember that the
main channels of business are controlled by their ownership and location
on the Atlantic as well as the Pacific, and the time is not far distant
when the surpassing development of our Western and Southwestern
possessions will require and secure not one, but many tracks, which may
be laid along lines already surveyed, or may debouch through new
passes, which the surveyor is sure to find and the engineer to subdue,
upon our Western shores.
This certainty of the future is provided for by the final section of our
bill.
As bearing upon the alleged desire of the Southern and Centaal Pacific
Rairo&ds to monopolize the commercial outlets of the Pacific coast, it
should be stated that it was sliowin before the committee that in 1873,
when both those corporations were under substantially the same control
ever
Southern Pacific sold its entire franchise and property to
now,* the
as
Colonel Thomas A. Scott, of Philadelphia, in the iutereet of this same
Texas & Pacific Company, including the whole route to San Francisco,
and his failure to keep the control alone prevented the consolidation of
that corporation with the line to San Francisco. After this it seems
strange that the Southern Pacific should expend so many millions in
building its road through a desert merely to prevent the construction of
the Texas A Pacific Lines. One would imagine that the expenditure of a
tithe of that money would have purchased the Texas A Pacific franchise,
and exploded the whole project of a Southern road along the thirty-second
arallel for years.
It is also worthy of notice that in the last Congress the Texas A Pacific
Company entered into an arrangement with the Southern Pacific by
wbicn the former was to build and own easterly, and the latter to build
and own westerly, meeting at the Rio Grande. Is there, then, either sense
or
sincerity in this praise of competition and denunciation of combination
—all for the
The truth
public good!
that
subsidy is of more consequence than the railroad to
those who ask for it, while to those who will have to pay for both, the
railroad is the principal thing.
is
a
THE FORFEITURE OF LAND GRANTS IN THE TERRITORIES.
[Voi.. XXV).
restore to the Texas A Pacific Company all its old privileges long before
that company will get to the Kio G.\*nde, or take any otht r measures neces¬
sary to secure its completion forth vith. There would be no room for the
unreasonable and obstructive construction which the Texas A Pacific Com pany sets up under its own charter to delay the building of
required money can be extorted from the public '1 reasury.
If no road built westerly through Texas
El
then, the State of Texas
the road until the
has reached
Paso in six years,
consenting, the Southern Pacific may build easterly
and connect with the Texas Pacific
cr some other company; and. on the other
hand, if the Southern Pacific fails to reach the Rio Grande in six years, the
Texas Pacific Comp ny, or any other company, may build through the Terri¬
tories to connect with the Southern Pacific, and have for the part of its road
so contracted the rights herein given to that corporation.
Sections 5, 6 and 8 are too long to state in this report, but we
respectfully
ask close attention to the cautious and
onerous
nature of their conditions and
safeguards for the protection of the public and of the private citizen.
All the
the billthe
Money, which
advocated
Srevisions
of thisPacific
natureRailroad
found inbefore
of Mr.
werepreserved:
y the Southern
committee,
are here
also every provision of this nature for Governmental
of fares and freights, to secure an open highway so
supervision and control
far as practicable, and a
competing line along the thirty-second parallel, ihe first
use of the road to the
Government for
postal
and
military purposes, connections, pro-rating, preven¬
tion of combinations, &c.. &c , which are proposed in the bill of the Texas
Pacific Company, in consideration of subsidy and lani grant, are, in the very
langnage employed in that bill, incorporated into this, with other provisions
deemed essential to the public good, and this without any grant to the Company but the naked right of way above slated.
Section 7 sav s all rights, if any, of the Texas Pacific in California derived
from that State.
Section 9 gives
right of way through military reservations, and requires the
suitable stations and accommodations for use of the
company to furnish
Government.
Section 11 reserves
expressly full powers to compel compliance with the
provisions of the bill in the most eff ctual manner oossible. These restrictions
and reservations are more comprehensive and explicit than are contained in
tg the rights and franchises herein granted to the
Rai’road, Congress reserves the power to anthorize the con¬
struction of other independent and competing lines of railroad and telegraph
along or near Jhe thirty-second parallel of North latitude or any part thereof,
Southern Pacific
from the westerly boundary of the State of Texas to San Diego, or other
the P. cific coast in California, whenever the public good shall require,
port
and
especially whenever it shall be deemed necessary by Congress iu order toseenre or preserve to the
country the benefit of a trans-continental and com¬
peting line between the Mississippi Valley and the Pacific Ocean along theon
said parallel.
• ' ■
'
And Congress hereby expressly reserves the same powerj to regulate and
control rates of transportation and telegraph charges, connections, and running:
arrangements, and all powers uf every description over the existence, opera¬
tion and management of said Southern Pacific Railroad, between the points
above ment oned, as were by law reserved over the Texas Pacific Railroad
CAN
AND
WILL
THE
80UTHERN
PACIFIC
PERMITTED
COMPANY
BUILD
THE
ROAD
IT-
?
The Southern Pacific Railroad desires the land grant through the Territories,
but being notified that we are unwilling to support a less stringent bill, has
declared Its purpose to proceed to build the road as soon as it shall b-. come a
law. We are not willing to recommend the appropriation of either land or
money to secure the construction of this road By the Southern Pacific Com¬
pany, because its credit is unassailable, its bonds now selling at nearly par; and
espeually do we think it uncalled for wheu an actual necessity, amounting to
compulsion, exists that it shonld build the road and form those Eastern
nections
which
are
essential to its continual life; unle s
con¬
Congress decides to
give both land ana m ney to secure what can be ju?t as well had, with as mnch
or m^Te certa'n»y of promoting the. public good, without
public expense.
Since our views were made public, it fcas been i haiged that the Southern Pacific
Upon the question of the power of Congress to declare the rights of the would never build the road under a charter so restr.ct.ve and stringeut; that it
Texas & Pacific Company derived from the United States West of the could and would only use this legislation as an obstacle to others at the west,
Rio Grande to be forfeited by reason of its default and breach of the just as the Texas & Pacific Company is used at the east end of the proposed,
conditions upon which they were granted and revested in the nation it is route. But when the history and achievements of this corporation in the con¬
contended by that corpoi ation that, without its consent, no such action struction of "CO miles of far more difficult and expensive real in California,
or measures to secure the completion of the road can be taken until the
for the express purpose ot securing & southeasterly connection with the Gulf'
expiration of the full ten years allowed for the construction of the entire and Atlantic States, its present credit, and its corps of trained builders now
idling away their time, its accumulations of materials awaiting this erislation,
road. We cannot discuss the legal question if there is one, in this report,
and the necessity that it must build or die before any other road is likely to
but it appears to us that a simple perusal of the law above cited in view
of the facts stated, which are not denied, must be a sufficient reply to reach it,—when all these circumstances are fully c m.-idered by the House and
by the coun ry, wTe are confident that the declaration of thore whose interests
this position. It cannot be that Congress has given any corporation the
right to barricade this great enterprise for 10 years at will. Least of all are in the direction of converting the public Treasury into a railroad subsidy
fund that the Southern Pacific is not acting in good faith and will never build
can it be that such wrong is perpetrated in a charter, which,
by its own
terms, may in any event, be altered, amended and repealed whenever the the road is inspired only by the fear that ir afforded the oDportnnity that cor¬
poration certainly will build it tt once, and thus for ever end th**ee raids upon,
public good requires.
That charter was given, to secure the completion of the road, not to the Treasury in the interest of private associations under the pretense of
prevent it, and any construction of its language which defeats its pur¬ promoting tne public good.
CONCLUSION.
pose is legally false.
PROVISIONS OF THE MINORITY BILL.
Influenced
by these considerations, and others which cannot now be
brevity, we beg leave to report the accompanying
stated with desirable
bill, as
a
subsitute for the bill reported by the majority, and recommend
ts passage.
It is proper to 6ay that the biil is substantially the same as that intro¬
duced by Mr. Blair, on the 25th day of February, being House bill No.
3,526, with an amendment extending the time of the Texas A Pacific
Company two years, making six years within which to build its road to
We submit that it will work great wrong to the Southern Pacific Railroad!
corporation, to the great Souih and Southwest, and to thw whole country, to
reject this bill and to enact the bill recommended by the majority of the com¬
mittee in the interest of the Texas A Pacific Company, or to reject this bill
under any circumstances. This measure does not antagonize, nor did the*
Southern Pacific Railfoad antagonize before us, any railroad project, branch or
connection east of the Rio Grande. It simply asks to build tOO miles of rail¬
road half w ay from the Colorado to Fort Worth, the present westerly terminus
of the Texas & Pacific Company, and 90 additional miles iu California, to com¬
plete the San Diego connection, without any public aid and subject to all
reasonable restrictions in the public iujerest. True, it desires the land grant,
Pacific, building easterly. See the second section of the bill.
but we do not recommend it, because we believe that this corporation wilt
Its provisions may be epitomized as follows :
build the road with Dut.
After reciting the failure of the Texas A Pacific Company to perform
should the representatives of that portion of the courtry chiefly to be benethe conditions of its organic act, and amendments thereto, and alleging
fitted, not by the
in section 1 that the occasion has arisen in which Congress may and for us to see how subsidy, but by the road, defeat this measure, it is difficult
they can reasonably expect he rest < f the country to consent
should assert the power expressly reserved, as above stated, to adopt
to burden the tax-payer and embarrass our pol cy with the most dangerous
such measures as it might deem necessary and proper to secure the
precedent, which would exhaust the Treasury with hundreds if subsidies
speedy completion of said railroad, in section 2 the bill provides that the throughout the unlimited future of the nation. Southern Pacific Railroad may extend its line of railroad aud telegraph
It would seem impossible for any man to justify himself »o his constituency
from the present terminus to the easterly bank of the Rio Grande, there and to his
country at large in a course which depletes the Treasury when all
to connect with the constructed road of the Texas Pacific or any other that is desired is attainable without
expense to the people.
road in the State of Texas which shall have arrived at that point, and
Profoundly desirous as we are for the speedy completion of this great enterthat upon the passage of the Act all the rights formerly conferred upon
the Texas Pacific Company westerly of the Rio Grande, shall be deemed
we we respectfully recommend the passage
or
egislation upon the subject,
of this
to have lapsed and terminated as to said Company, and to be revested in bill
J. K. LUTTRELL,
the United Stated for the purposes of this Act. The bill does not under¬
G. M. LANDERS.
take to interfere with the rights, if any, acquired by the Texas & Pacific
HENRY W. BLAIR.
Company from the State of California.
We concur substantially in the conclusions of this report.
Section 3 confers the right of way through the territories in common
W. W. RICE.
form, 200 feet wide on either side, with an aggregate amount of land,
ABRAM 3. HEWITT..
not exceeding one section in five, for depots and other necessary uses of
the road, and that the United States shall extinguish any Indian titles,
as usual in such .-mints.
VIEWS OF MESSRS. LUTTRELL AND BLAIR.
Probably, however, there are none which would
he Interfered with.
The
Stcnon 4 provides that the Southern Pacific Railroad shall commence its
undersigned, of the sub-committee to whom were referred House bill®
road within ore year after the passage of the act, and within one ye r there¬ Nos. 1,919, $,116,1,964, 2,031 and 2,573, report that we have had the same under
after shall comp ete 100 miles, ard not lets than 50 mi'es yearly, and shull
consideration, and, while differing with the majority, we are as sensible to the
complete the who * to the Rio Grande, and shall also extend its Itne to San
JHego (within 9» miles « f which city it 1* now in operation, and is being advantages to follow the speedy completion of the thirty-second parallel Pacific
pushed * long some C 5 miles annually), within eix years after the paesage or Railroad, in the way of encouragement to trade, manufactures and mining:
this act. being an aveiace of 115 miles per year.
Upon failure to comp ete each year, as in th's section provided. Congress throughout the country; in the development of the population and industries
of the Southwest Territory; in the military protection of our frontier, and in
may \mmtdinUly take any measures it »hail d«em necessary
the comple¬
tion of the road; thus erabl ng Congress, if it should become desirable, to the economies to the administration of the Government, at the majority of if it
El Paso, provided it is not sooner met in the State of Texas by the South¬
ern
{>rise, and believing that
recommend the only practicable
justifiable
March BO,
members
THE CHRONICLE.
1878.]
stock-raiser because horses are necessary in war. The United States has
power to regulate foreign commerce and commerce between the States, bnt it
does not follow that it may indorse the notes of a ahipbnilder or merchant
by way of stimulating and encouraging business. The undersigned is unable
to perceive any distinction in principle between these cases and the demand
of the projectors of ths railroad for a loan of the Government credit, to
the
excent of many millions, with which to prosecute a private specula*ion.
President Jackson, in his veto message of the Maysville Road Bill, die*
cussed the power in question and denied the right of Congress to the
are as desirous to promote that object. We differ only as
employed.
Two propositions are before ns looking to that end. One of them, the Texas
is Pacific, seeks to-retain its land grant from the United States, amounting to
18,000,000 acres, to obtain two years' additional time, and a special and extra¬
ordinary grant of the credit of the nation in the form of an endorsement upon
$38,750,000 of the company's bonds, pledging it to the payment of 5 per cent
gold interest for 50 years.
V
The other, the Southern Pacific, asks only our sanction to continue its road
can
be, and
to the means to be
premises without a previous amendment to the Constitution granting the
power, which, in his opinion, was clearly reserved by the instrument as R
stoed and now stands in respect to this power. President Polk held the
same views, and devottd a large part of his last annual
message to this grave
ques ion, then just beginning to assume dangerous proportions. The weight
of authority in favor of ihe views of Presidents Jackson and Polk is over¬
whelming. Among the statesmen of the earlier days of the Republic there
was little or no difference of opinion.
I content mvself with the naked state¬
ment of the historical truth, and I will not harden these
pages with the bright
array of names, from Jefferson down, which might be brought to its support.
The railway company which asks for this enormous appreciation of credit
presents no claim upon the public which entitles it to exemption from the
general mle.JThe enterprise is essentially a private one, and the company has
already received from the United States and tie State of Texas a sufficient
basis of credit to have built the road, had its assets been prudently managed.
'1 he undersigned is not unmindful of the fact that at a later period a dif¬
ferent rule of construction prevailed from that which prevailed in the earlier
days of the Republic, and which is now here insisted upon.
eastward
or
819
across the Territories within the same time, bnt without any other
farther assistance than the contiguous grant of lands now at the disposal of
Congress.
Which of these two
propositions, as guardians of the public interests, can we
adopt? Which of these two candidates, as practical business men, ought we
to intrust with this undertaking? We should select the proposition most fav¬
orable to the good of the people. It would seem that by the charter the grant
of land along this thirty-second parallel line in the Territories was made double
that of the pioneer line by the forty-first parallel, as if in lieu of future aid in
money or credit. This purpose again appears iu the amendment of 1372,
which further lightened the burdens and enlarged the privileges of the Texas
is Pacific Company, and which were granted upon the express condition—
“That nothing in this act shall be so construed as to authorize the grant of
additional lands or subsidy, of any nature or kind whatsoever, on the Govern
DANGER OF SUBSIDIES.
Undelegated
is necessarily unregulated and unrestrained. Power
usurped never was and never will be honestly administered.
When
we
ment of the United States.”
passed the limits of constitutional power we invited venality,
Both the act and its amendments required as a condition precedent that the
corruption and all the perils of corporate greed with which the country
work should be prosecuted
simultaneously from the eastern and weste n uucier the later construction has become unhappily familiar. First, as if by
termibi. By the act of 1:72 there were required to be completed not less than stealth and indirection, gifts and grants tf the public property were made
509 miles of the main lire in Texas and not less than 110 miles in California by
through the Mates ; then directly to private corporations; and finally, under
May 2. 1878, whereas, in fact, less th in 200 miles of the ma n line have been the necessities, real or supposed, of civil war, subsidies assumed the objeccompleted westerly from the Marsh ill terminus in Texas, and not one mile, or lionab e form proposed in the pending bill.
Tne undersigned would remind the House that this later rule of construc¬
even a foot from San Diego
easterly. There has been a marked failure on the
part of the company to comply with t’ e terms on which the lauds and fran¬ tion only obtained a footing at a period when American statesmanship had
grown restive nnder constitutional restraints, which are still believed to he
chises were granted. This contingency of failure was, by the caution of Con¬
essential and indispensable to the protection and well-being of the
gress. foreseen and provided for in both acts by a proviso that—
people;
“Upon failure to so complete it Congress may adopt such measures as it and when rules of construction obtained a footing which finally wrecked us
in civil war, we should retrace our
steps and return to the doctrines and the
may deem necessary and proper to secure its speedy completion.”
The fact of such failure is obvious by its appearance here for further aid and
practices of the fathers. In this the people have preceded us, and this House
indulgence, and it thereby confesses inability to proceed with the construction has, »>y solemn resolution, condemned the furthtr grant or renewal of subsi¬
dies iu any form. Ihe lands already granted exceed 200,090,0H) of acres,
and to makegoed its delinquencies.
a
By the sums act of charter the Southern Pacific was authorized to construct quantity in area and acres equal to the seven great States or Ohio, Kentucky,
some 359 miles of road in California to connect this
Indiana, Illinois, Wisconsin and Iowa, equal to the original thir¬
thirty-second parallel road Tennessee,
teen States, if we exclude West Virginia. The money' subsidies
with one previously authorized, extending to San Francisco, at the rate of 5»
already
miles per annum. It appears by the record that it has completed that portion
granted, guaranteed, loaued or given, which in Pacific Railroad legislation
have h therto proved to be equivalent terms, used as a sinking tana, would
within the seven years allotted, notwithstanding the great physical obstruct¬
ions and the hardness of the times, and has over 700 miles of road iu operation
liquidate more than $380/ 00,000 of the public debt.
The property out of which this 1,400 miles of railway, to he owned by pri¬
with branch roads, and termini at seapoits in Southern California in rail com¬
vate individuals, is to h i constructed is
munication with San Francisco, while its eastern terminus is on the eastern
wholly the creature of the Govern¬
ment. The shareholders contribute no part of it under the provisions of this
bank of the Rio Colorad »in Arizona.
this
road
is
a
hill.
If
matter
of
sufficient national concern to he built by the
In this attitude of affairs it represents that it would be a great hardship to be
compelled to wait indefinitely upon a disabled company for a connecting roai Government, it is submitted that the Government, and not the railroad com¬
from the East, and asks of ns ihe privilege of continuing its road eastward
pany, should own it. The present value of the $38,750,000 of fifty-year bonds,
through the Territories to the Rio Grande, and as much further as may be nec¬ were the principal also guaranteed by the Government, would not exceed
1,000,000. In tneir “proposed form, were the interest-guaranty of the Govessary to meet the Texas roads, within six years. Such is the desire for an
nmeni detached, the bonds would be absolutely worthless.
outlet to the East, which shall admit it to participation m
overlaud
through
The *44 mi.es of constructed road is not included in the proposed mortgage
traffic, that it offers that if its request be granted to construct a line to San
Diego Harbor iu addition to its present ocean termini, and to pro-rate on to indemnify the Government for its guaranty. The land grant of the bt&te
through business with all Eastern connections to San Francisco or other points, of Texas, wnich constituted the most valuable of the securities heretofore
offered by the Texas & Pacific Railroad Company to the Government,,as
and to allow Congress to impose the rates and fares on the line between its
eastern and western termini at Pacific ports, although asking
indemnity for its guaranty, has lapsed and is not included in the proposed
no aid of the
United States which it is not
mortgage for indemnity UDder this bill. The lands heretofore granted to the
tys
advantage
for
Congre*s
to
grant.
This
is
rather more that it is within the power of the other company to offer.
by C ngress, situate in the Territories of New Mexico and Arizona
No good company
and the State of California, are believed to afford the Government no suband satisfacory reason is found why this
proposition should not be promptly siautial
and cheerfully accepted.
indemnity for its guaranty; the area of tillable or available agricul¬
tural lands is inconsiderable—the whole proceeds are liable to be consumed
Were we administering our own private business,could we fora m-ment hesi¬
their survey and sale. If railroad history repeats itself, the bondholders
tate between these offers, one of which, besides
being an undeserved favor, in
involves grivc responsibilities, dangerous precedent an 1 great risks, while the w.ll foreclose any claim of the Government when the bonds are payable. The
other avoids all commitments, all doubtful policy, and insures a'l its proffered
only real indemnity, therefore, which the Government obtains for its guar¬
benefits within the same time, without the risk of a dollar of the people’s anty is found in its right to letain ihe price and cost of carrying its mails,
troops and supplies over, not the Texas & Pacific Railroad, hut over that
money or credit? We conceive we are not here as the almoners of the bounty
of the Government to its citizens or
corporations, but as guardians «t the pub¬ part of it to be built upon its (the Government's) own credit. The local or
lic welfare and trustees of its
carrying on the road to be constructed west of Fort Worth to be paid for
propertyjand credit of the nation, sworn to obey way
the Constitution and protect th9
best Interests of the people, and in this view by the Government must long be inconsiderable, while through carrying will
be
divided between this and other roads and rranches.
weeannot concur in the report of the majority, which
proposes togra-1 a sub¬
The history of Pacific Railroad legislation, and the practices under it, does
sidy or guaranty of $38,750,000 of the people’s money or credit to a corporation.
net justify the expectation of net earnings which will inure to the benefit of
We are opposed to granting Government aid’in
money “bonds, lands or public
credit to any corporation, but of the two propositions before ns we
prefer the the Government in compensation for its guaranty or otherwise. That the
road might be so constructed and so operated as iu a considerable degree to
one that will save to the Government and the
taxpaying people
save the Government harm in its gn rantee is possible; »hM it will not be
so constructed or operated, our experience abundantly groves.
I concur substantially in this report.
We have fospower
‘
nearly$40,000,-
HENRY W. BLAIR.
ANTI-SUBSIDY VIEWS OF MR. MORRISON.
The Texas & Pacific Railroad Company seik to obtain the guaranty of the
United States f. r the payment of the interest on $38 75 >,0C0 of 50
year 5 per
bords to be issued by said railroad company, and used by it in building
and extending its railro..d from Fort '.Vorth, iu Texas, to the Pacific Ocean at.
San Diego, in California. The road to be constructed is 1,409 mile6 in
length;
the bonds to be issued amount to $27,678
per mile; and the interest guaran¬
teed to be paid by the United States, used as a sinking fund and invested id
Government bonds bearing the same rate of interest, would pay $£00,000,000
of the public debt.
Has Congress the power to authorize the covet* d
guaranty ? If it has, then
Cent
power has been conferred npon Congress to make gifts of the
aid public property to private corpora ions and individuals.
power been granted by the Constitution, or is it necessary to
of any power that is
public moneys
Has any such
the execution
granted?
This railroad, when built, will be the private property of the shareholders.
It will be
military and a post road in the same sense, and to the same extent,
other, that all other railroads of the country over which the Govern¬
ment n ay
transport its mails, troops, or supplies for reasonable compensa¬
tion, are military and post roads. It is submitted that the power has not
been conferred upon Congress
to make the United States a partner in such au
enterprise by subscription to* its capital stock; or, more, to authorize the con¬
struction of the road out of the resources of the people to be made a gift to
a
and none
the railroad company.
POWER OF CONGRESS DOUBTFUL.
The attempt to derive such power—the power to build and give away a rail¬
road—from the power to establish military and post road* is, iu the opinion of
the undersigned, an attempt to pervert the obvious purpose of a power in¬
tended for the public good to private ends. The United States i« bound to
provide for the general defense, hat it does not follow that it may cor.
■Struct or operate a railroad for the exclusive benefit of a private corporation
because it may ultimately and in some possible contingency want to nse it
for a mi itary purpose, any more than it may go into partnership with a
The proof is abundant that Congress itself his failed to withstand the
corrupting mflueuces of the g eat corporations it has created. There is
nothing in the Irstory of the Texas and racific Railroad Company which justifi s the conclusion that its methods, and practices will be different from the
methods and practices of its predecessors;
cers.
RECORD OF THE DEMOCRATIC PARTY.
undersigned is
not unmintful of the commercial importance and
special advantages of the propostd road as a trans-continental ^railway, and
concurs in the belief expresred by the majority of the committee that, “but
The
unfortunate civil disturbances, there can be little doubt that the first
inental line of railway constructed would have been on or near the
thirty-sec >nd parallel.” But it is submits d that this belief affoids no suffi¬
cient justification for the guaranty and subsidy asked. For were it conceded,
as it is not, that this enterpr Si is easen Lilly of the S jutkern character with
which it is attempted to be stamps *, no rtasoncau be built upou that fact
which may not be nrged with equal force as a reason why the Government
for
our
trans-con
should
equalize between the lately-contending sections all the losses result¬
ing from ** our unfortunate civil disturbances.”
The statement of the maj irity that the Government of the United Statevin
view of the quantity of lands given to it by Southern States, has been unjust
to the S nth in the bestowal of bounties, is,bel:eved to find its refu ation in
the character ol the men who before the war represented that section. They
were too sensitive as to the tights of their section to be satisfied with less
than what was r ghtful y theirs. The undersigned is not advised as to ho*pr
the Texas and Pacific Railroad Company acquired the franchise and right of
way by which it is authorized to consTuct its railroad from Fort Worth to
El Paso in the 8 .ate of Texas, whether by grant from the State of Texas or
by purchase from cr consolidation with the Memphis El Pa>o & Pacific
Rauroftd Company, under the fourth section of the act of March 3,1871,
entitled, “ An act t<> incorporate the -Texas Pacific Railroad Company and to
aid in the construction of Its road and for other purposes.”
In the case of Davis vs. Gray, 16 Wallace, p. 2d8, United States Supreme
Court decided that the Memphis El Paso & Pacific was a surviving corpora¬
tion with all its property in possession, and all its faculties unimpaired.
This franchise ana right of way the company proposes to mortgage to Indem¬
nify the Government for its guaranty. It becomes a material fact, there¬
acquired iu either of the. modes suggested, or
otherwise, and whether it has been forfeited or lost with the Texas land
grant. The undersign* d expresses nq opinion npon this question, which was
not considered by the committee, but aubmits that due regard for the inter¬
ests of the Government demands that before any guaranty is made based In
jart on a mortgage of the said franchise and right of way, the House should
ie informed and advised as to the title to what Is proposed to be mortgaged
Respectfully submitted.
WILLIAM R. MORRISOK,
fore. to know if it was ever
320
THE
e
CHRONICLE.
Voi. XXVI
OOTTON.
Commercial ®imes.
Friday. P. M., March 29. 1878.
^
.
-t7
...
COMMERCIAL EPITOME.
Friday
this
Night, March 29, 1878.
General trade presents few new features. The more warlike
character of the European advices has stimulated export business
in breadstuff*, and caused some recovery in values of flour and
wheat. The provision market has also felt a slirht impulse,
while cotton has been correspondingly depressed. Ear.y in the
week the weather was quite wintry, bat at the close it ii springlike again. It was feared that the frost and snow of Sunday and
Monday bad done much injury to the fruit crops in the Middle
States, but nothing serious is reported. To-day, the Produce
Exchange was buoyant for most articles of breadstuff's and pro¬
visions.
Pork has been without much change—mess selling on the spot
at $10 10@10 25, and for June delivery at $10 2Q@1Q 25 ; held
firmly at the close. Lard has been active, and latterly
advanced, prime Western steam closing to-day at $7 52|, spot
and April, $7 60 for May, and $7 67| for June. Bacon closes firmer
but quiet ; Western long clear, on the spot, 5 5-16c.
Cutmeats
are also doing rather better.
Beef is in better export demand
and firm.
Beef hams have a steady sale at full prices.
Butter
has been drooping for medium qualities. Cheese has declined to
12@13c. for good to prime factories. Tallow has been dull and
closes somewhat unsettled at 7f@7|c. Stearine held at 7$c. for
more
prime.
The following is a comparative summary
from November 1 to March 23, inclusive :
1877-78.
Pork, lbs
Bacon, Ac., lbs
Lard, lbs
Total, lbs
27,413,800
213,773,276
99,617,429
493,809,?80
370,804,505
ceipts since the 1st of
September, 1877, 3,893,458 bales, against1
period of 1876-7, showing an increase'
since Sept. 1, 1877, of 163,409 bales.
The details di the receipts
for this week (as per telegraph) and for the
corresponding weeks
of five previous years are as follows :
31,049 bales for the
Receipts this week at—
1878.
New Orleans
1877.
22,016
Mobile
Charleston
Port Royal. Ac.
Savannah. Ac...
Galveston
1875.
1876.
5,246
2,761
14,290
2,026
1,237
693
269
378
8,222
4,138
2,779
1,770
indianola, Ac.
Tennessee, Ac
25,461
5,46G
1374.
10,539
1873.
2,159
3,055
17,945
3,892
5,439
3,219
3,845
10,307
5,997
4,227
5,300
4,569
19,747
3,490
}
2,892
V
A
5,771
15
23
145
318
369
12,511
3,794
5,481
4,441
7,219
221
35
61
81
123
64
766
2,207
7,335
1,095
7,650
543
7,349
583
775
59,922
48,637
Florida
North Carolina.
Norfolk
'
1,835
6,876
Total this week
Increase.
Decrease.
381/00
56.450,574
65t935,6:>l
2,932
1,538
7,266
843
426
331
324
65,470
30,397
59,912
38,531
3,643
Total since Sept. 1
|
3,893,458 3,731,049 3,757,676 3,194,907 •3,421,161 3,039,435
The exports for the week
The market for Kentucky tobacco has been less active for the
past week, and yet a fair business has been done, the sales
amounting to 706 hhds., of which 100 were for home consumption
and 600 for export. Prices are unchanged ; lugs quoted at
3@
4|c., and leaf at 5£@12c. Seed leaf has been very quiet, the sales
being only 554 cases, as follows: 279 cases, 1876 crop, New Eng
land, 7I@25c.; 75 cases, 1876 crop, Pennsylvania, 6£@15c.; 100
cases, 1876 crop, New York State, Big Flats, private terms, and 100
cases sundries, 5@10c.
Spanish tobacco has also been without
important movement ; sales 450 bales Havana at 80c., 87£c, and
$1 10.
ending this evening reach a total of
93,991 bales, of which 71,002 were to Great Britain, 1,577 to
France, and 21,412 to rest of the Continent, while the stocks as
made up this evening are now 631,970 bales.
Below are the
stocks and exports for the week, and also for the
corresponding
week of last
season:
Exported to
Week
Total
Same
Conti¬
this
week
nent.
week.
1877.
ending
March 29.
Great
•
Britain.
New Orleans*....
France
22,018
4,823
Mobile
have been
same
of aggregate exports
'
There
evening (March 29). the total receipts have reached 65,470
bales, against 75,723 bales last week, 82,264 bales the previous
week, and 93,947 bales three weeks since, making the total re¬
City Point, Ac
1876-77.
27,032,400
800,228,S£0
166,553,080
4
-
The Movement of the Crop, as indicated
by our telegram a
from the South to-night, is given below.
For the week ending
fair transactions effected
•
•
•
3,037
2,154
8,475
3,300
4,170
«
25,053
6,980
Stock.
1878.
1877
16,922 270,729 248,693
9 354
38,C93 52,584
3,985 20,709 22,560
1,616 45,562 28,67?
7,008 41,007 47,691
3,212 152,061 270,204
19,809 11,063
3,566 44,000 88,000
in Rio grades of
Charleston
3,769
12,244
generally firm tone prevails, though prices are Savannah, Ac....
4,207
1,577
9,084
unmistakably low. Fair to prime cargoes quoted at 15i@17c., Galveston t.
9,692
•13,862
gold. Stock her® on the 27th inst., in first hands, 74,508 bags. In New York
226
13,128
13,354
mild grades, a moderately fair business has been reported.
Norfolk.
3,820
3,820
Rice has been fairly active in a jobbing way at late
9.541
steady Other ports $
50
9,592
figures. Molasses is quite firm: boiling grades are in limited
Total this week..
71,002
1,577 21,412
93,991
45,653 631,970 719,468
receipt, and 50 test Cuba is strongly quoted at 35@36c.; New Or
leans sells steadily at 22(g48c., the latter figures for choice. Re¬ Total since
Sept. 1 1,655,453 427,188 573,767 2,656,413 2,433,549 i
fined sugars have been in demand and firm, standard crushed
Aero Orleans.—Oar telegram to-night from New Orleans snows that
(beside*
being quoted at. 10@10£c. Raw grades have been rather quiet, above exports) the amount of cotton on shipboard and engaged for shipment
st
but nevertheless very firm: fair to good refining Cuba quoted at that port is as follows: For Liverpool, 39,75U bales: for Havre, 14,500 bales; lor
the Continent, 17,750 bales; for coastwise ports, 2,000
bales; which, If deducted from
7*<a7*c.
the stock, would leave 176,750 bales, representing
the quantity at the landing and Id
coffee, and
•
•
•
a
....
.
....
.
....
.
.
.
•
•
•
•
.
....
...
•
.
•
#
...
*
Bhds.
BUck March 1, 1878
Receipts since March 1, 1878
Sales since March 1, 1878
Stock March 27, 1878
Stock March 28,1877
19,121
27,060
31,561
14,620
Boxes.
9,590
Bags.
42.820
191
4,728
5,534
8,784
7,461
198,711
210,422
31,109
1.718
Melado.
1,909
27,732
174,560
1,112
Ocean freight room has been, at times, in active
request, both
berth and chartering tonnage.
Rates in some instances have
shown irregularity. Late engagements and charters included
Grain to Liverpool, by steam, 6Jd.per60 lbs.; flour, 2s. 9J.;
provi¬
flour, by sail, 2s. l£d.; cotton
7-82@15-64d.; grain to London, by steam, 7£d.; hops, ^d.; grain
by tail, 6£d.; flour, Is. 10£d.@2a.@2s. l|d.; grain to Bristol, by
sail, 7^d.; do. to Antwerp, by steam, 8£d.; do., by sail, 7@7fd.
grain to Cork for orders, os. 5d.@5s. 6d. per quarter; do. to
Havre, 4s. 9d.; do. to Cette, 5s. 6d ; do. to Naples, 5*. 4|d.; do. to
Marseilles for orders, 5s. 9d.; do. to Lisbon, M|c.,
gold, per bush ;
crude petroleum to Bremen, 3s. 3d .per bbl.; refined do., same
voy¬
agers.; do. to Baltic, 3s. 9d.; do., in cases, to Salonica, 27c., gold;
do. to Java, 82|@35c.; naphtha to Eimouth, 4s.; rosin to Stettin,
2s. 9d. To-day, rates were higher and firm, with a fair business.
Grain to Liverpool, by steam, 6f*®7d.; cotton, by sail, 7-32d ;
peas
to London, by sail, 7i<L; flour, 2a.@2s. If1.@2s. 3d.;
grain to Ant¬
werp, by sail, ?f@7id.; do. to Bremen, by sail, 7|d.; do. to Hull,
by steam, 7^4.; do. to Cork for order*, 5s. 9d. per quarter; do. to
Havre, 5s. 4$d.; do. to New Castle, 5s. 3d.; refined petroleum to
Bremen, 3s.; do. from Philadelphia to the Continent, 3s. 3d@3s. 6d.
There has been some movement in rosins for export,
but with¬
out Improvement to prices, common to good strained still
being
quoted at $1 60@1 65. Spirits turpentine has sold only in a job¬
bing way, at the late figures of 30i@31c. Petroleum has con¬
tinued weak and declining, owing to similar advices from the
Creek and the almost entire absence of a
satisfactory export
demand; crude, in bulk, 7c.; refined, in bbls, at life, for prompt
delivery. American pig iron has continued quiet, but all holders
retain Lute views with firmness ; No. 1 has sold to the extent of
500 tons at $19. In steel rails little has been done of late
beyond
the sale of 4,000 tons, in lots, for delivery in the
Eastern and
Western States, at $43 50<®44. Ingot copper was still qfuiet,
but
unchanged
at 17c. Cloverseed
in demand at 7±<a7fc. per lb.
aw
'
sions, 228. 6d.@25s.@30s. per ton
■
;
unsold or awaiting orders.
t Galveston.—Our Galveston telegram shows (besides above exports)
presses
board at that port, not cleared: For
shu>-
on
Liverpool, 10,703 bales; for other foreign,
2.680 bales; for coastwise ports, 2,219 bales; which. If deducted from the
stoc),
would leave remaining 25.405 bales. *
t The exports this week under the head of “other ports” include, from Balti¬
more, 493 bales to Liverpool and 50 bates to Continent; from
Boston, 6,447 balea
to Liverpool; f i om Philadelphia, 2,<K'2 bales to
Liverpool.
From the
foregoing statement It will be seen that, compared
corresponding week of last season, there is an increase
exports this week of 48,328 bales, while the stocks to-night
with the
In the
are
The
87,498 bales less than they were at this time a year ago.
following is our usual table showing *he movement of cotton
at all the ports from
Sept. 1 to Mar. 22. the latest mail dates:
HECELTT8
PORTS.
SINCS 8KPT. 1.
1877.
1876.
BXPOBTKO SINCE S^PT. 1 TO—
Great
Britain
France
Other
forei’u
Co&8t*
wise
Total.
Stoc-
Ports.
N. Orleans. 1,255,181 1,032,333
380,771 344,991
Mobile
Charleston*
Savannah..
Galveston*.
New York..
Florida
N. Carolina
Norfolk*..
Other ports
432,801
541,947
409,811
98,315
12,731
130,812
441,138
121,421
575,549 2A976 233,389 1083,914 173,002 271,177
84,697 20,874 24,213 129,784 207,734 45,724
450,393 110,403 66,816 91,891 269,113 113,014 81,443
451,420 141,877 34,794 119,760 296,431 206,771
50,123
487,090 146,458 25,574 10,321 182,353 181,586 52,614
116,251 232,216
4,722 31,62! 268,559
151,797
20,084
12,731
...
.
.
120,070 33,153
511,305 128,594
116,665 131,509
.
.
.
.
.
..
.
•
•
•
1,790 19,S90 54,823 73,236
1,075 2,929 132,593 238 411
13,333 144,84?
21,037
1581,456 425,611 552,355 2562,422 1256,485
667,594
3,700,652 1716,723 367,574 303,539 2387,886 1166,579
751,876
Tot. this yr. 3,8.7,938
Tot last yr.
•
....
....
3,179
39,500
*
Under the head of Charleston la included Port Royal,\ Ac.; under the neau of
fltofosstonIs included Indianoia, Ac.; under the head of Norfolk is Included City
Point Ac.
\
\
4
These mail returns do not correspond precisely with the total of
the telegraphic figures, because in preparing them it is always
necessary to incorporate every correction made at the ports.
The market for cotton
on the spot has been
quiet during the
Quotations were yesterday reduced 1-16c., and again
to-day they were further reduced 1 16c, to lOfc. lor middling up-
past week.
0
0
4
.
1
009.1
0
0
4
.
2
009.1
Mahch 30.
1878.]
y
THE CHRONICLE.
lands, and closed flit
This want of spirit and
depression is the
321
=35-
For July,
For
; b *ies.
August.
eta.
natural tconseqnence of the
cts.
bales.
cu
100
10*51
increasingly-threatening nature of the bales.
400
.10*91
Wtt
100....
reports with regard to Great Britain and Russia, and the contin¬ 8,100...
....10*98
.10 92
2.100
10*93
60C....
....10*95
ued large recei ts at the Southern
800
10*1*8
2.100
10*99
..
.0
9
ports. For 0
future delivery
....10*94
l.tOU.
.10*91
900
there was, towards the close, an im ortant
11*00
1,100....
....10*97
1.710
decline. On Saturday,
10*&.»
400
..11*02
100....
...11-C0
.li *76
100
Tuesday and Wednesday, a strong effort was made to support 1.200..........
11*. 8
100
....11*0*2
700
.11*01
1.000
1100
values ; but yesterday afternoon and this
800.
...11*04
.11*02
morning prices gave
1,000
11*10
1U0
4,4uu total Sept.
lie*
way sharply.
2.SOO
On Monday- there were some indications of
l!*ll
500
50U
8.300.
.11*04
.nos
.11*06
.11*07
a,400
.11*08
.11*09
demoralization, but they
were overcome for the moment only to
become conspicuous lat r on, when the
hope that peace would be
maintained between Great Britain and Russia seemed
to be gen¬
erally given up. The despondency was increased by the fact that
the receipts at the ports and at the interior
towns of the South
have continued to be
greatly in excess of corresponding d ites of
last season.
Some use was made of the “ cold
snap” on Sunday
and Monday to check the
decline, but it was generally felt that
it could have no serious effect
upon the next crop.
The market
closed this afternoon, however, rather
steadier, at a decline of
6 to 12 p ints from
yesterday for this crop and 1 to 7 points for
the next crop, aud 16 to 31
points for the week. In the final
.008561.349785..24610.
2,409
1.80
2C0
10n
10 >
<10
10>
100.
400
500
The
dealings, March and April, which have been nearly together,
Sat. Mon.
Sat.
N. ORLEANS.
Mon.
Sat. Mon.
Mar .23. Mar .25. Mar 23. Mar .25. Mar .23
Ordinary
..V Tb. 8 1-16
S 1-16
Strict Ordinary
8 13-16 8 13-16
Hood Ordinary
9*
9*
Strict Good Ord’ry.
Low Middling
Strict Low Mlddl’g 10 9-lG 10 9-16
8 1-16
8 13-16
..
10I-I6 Si* 10»
Middling
Good Middling
Strict GoodMlddl’g
Middling Fair
103<
11
12 1-16
12 9-16
1-16
12 9-16
Sat. Mon.
8 1-16
8 13-16
8 3-16
8 15-16
8 3-16
8 15-16
9*
9*
8 3-16
8 15-16
9*
«*
8 3-16
8 15-16
9*
9*
»*
10 3-16
10 9-16
10*
ffU !!&9-16 ill-:. iil-i#
12
12
12 1-16
12 9-16
Fair
3-’6
10 9-16
10 k
1-16
12 9-16
,81k I0I-I6 10^-16
11*
u*
11 11-16 11 11-16 11 11-16 11 11-16
12 3-16 12 3-16 12 8-16 12 3 W
12 11-16 12 11-16 12 11-16 12 11-16
Tuea Wed. Tuea Wed. Tues Wed. Tues
W ed.
Mar.26. Mar.27. Mar.26. Mar.27. Mar.26. Mar.27. Mar.26.
Mar 27.
Ordinary
it. 8 1-16
Strict Ordinary.
8 13-16
Good Ordinary
9*
Strict Good Ord’ry. 9.V
Low Middling
10 3-16
Strict Low Middl’g 10 9-16
...
Middling.
Good Middling
Strict Good Middrg
Middling Fair
Fair
8 1-16
8 13-16
8 1-16
8 13-16
j>*
»•*
9k
9*
**
9*
8 3-16
8 13-16
8 3-16
8 8-16
8 15-16 6 15-16
9*
8 3-18
8 15-16
9*
«*
9*
9*
10 8-16
10 9-16
10 3-16
10 9-16
10*
10 3-16
10 9-16
I0I-I6 '.0*1-16 I0I-I6
10 11-16 10
10*
10*
11
liil6
1-16
UK
u*
12 9-16
12 9-16
11 9-16
>2 1-16
12 9-16
U*
i‘2
11 9-16
12 1-16
10*
UK
10 5-16
11-16 10 11-16 10 11-16
It
11
11
Th.
Frt.
Til.
Fri.
Th,
Fri.
Tb.
7 15-16
8*
8 1-16
8 13-16
8*
9*3-16
8 11-16
ill!.
!2 1-16
12 9-!6
U*
11*
11 11-18 11 11-16 11 *.1-16 11 11-16
12 3-16 12 3-16 12 3-16 12 3-16
12 11-16 12 11-16 12 11-16 12 11-16
Fri.
Mar. 28. Mar .29. Mar .23. Mar.29. Mar .28. Mar.29.
Mar.28. Mar.29.
c
Ordinary......V
n>.
k.
Strict Ordinary
Good Ordinary
Strict Good Ord’ry. 9 11-16
Low Middling
10*
Strict Low Mlddl’g in*
Middling....
„
7 15-16
8 11-16
9*
9*
10 1-16
10 7-16
Mfddl’g
9*
9 11-16
SU
io*
Si-16
9*
9 13-16
10 3-15
10 9-16
10 13-16 10*
10 15-16
11 MS 11*
11 5-1*5
11 4-18 U*
UK
,1 9-16
11 .5-16 12
11 15-16 12*
12 1-16
12 7-16 m
72 7-16 12*
12 9-!6
Middling Fair...;.. 12
Fair....
12*
11-16
9*
9 13-16
10*
10 7-16 10*
10*
10 13-16 10*
11 8-16 UK
11 7-16
tm
Good Middling
Strict Good
8 1-16
8 13-16
10*
10*
8 1-16
8 13-16
9*
lo1-16
10 9-16
10 15-16
11 5-16
U*
12*
12*
ffl
11A-16
12 1-16
12 9-16
Sood
Ordinary
8
8
9
9
Middling
1-16
3 1-16
13-16 8 13-16
5-16
9 5-16
15-16 9 15-16
8
S
9
9
1-16
13-16
5-16
15-’6
8
8
9
9
1-16
3
13-16
3\‘
9*
9*
5-16
15-16
Closed.
8ALRS OF 8POT AND TRANSIT.
Ex¬
7
8
9
9
15-16
11-16
3-16
13-16
port.
Saturday.. Quiet, unch. quo..
Monday
Weak, unch. qu:>.
Tuesday
Dull, easier
100
'503
141
451
199
299
230
120
823
620
439
1.019
1.684
1,978
91
..
200
.
Wednesday Weak, unch.
Thursday.. Quiet, lower
Friday
Weak, ljwer
Total
quo.
....
FOTUBR8.
Con- Spec¬ Tran¬
Total.
sump. ulate
sit.
Sales.
241
592
658
889
'*50
2?4
599
a
•
• •
•'•••
Deliv¬
eries.
30,000
29.600
44.100
45,900
43.600
800
500
900
-
1.S53
893
80,200
1,500
1,100
1,800
4,626
273,400
6,100
For forward delivery, the sales
(including — free on board)
have reached during the week
273,400 bales (all middling or on
the basis of
middling), aud the following is a statement of the
sales and prises:
bales.
For March,
bales.
cts.
100
10*51
300
...10*61
100
10*65
60J
100
800
100
*
11*66
400......
£00.
500
590
..19-61
’0*S3
*...1/34
400
900
700
10*85
10*88
10*37
1,*»
10-88
10*39
10*9C
50J
260
100
100
500
....10*92
....10*53
10 95
700...........1C*96
For April.
1.80J
10*66
100».n lat.. 10*67
****'***
7W...
7.900
10,300
3,009
2,100.....
600
200
1.200
500
cts.
10*59
10* ;p
ltrie
10*77
10*73
10*79
10*30
10*82
10*33
10*94
10*95
10*85
10*37
10*38
10*89
10*90.
10*92*
10*98
1091
‘
.10*68
bales. ‘
c*s.
900
300
10-76
1C*77
10*83
’0*84
10*85
1.000
401
810
300
3,700
4.500
2,200
5,300
600
900
400
8 JO
10*96
For May.
600
10*72
2,WO...
10*73
2.100
...10*7i
3.400.
IC*75
900
800
bales.
cts.
8,800
10*83
lu*34
500
100
10*86
10*95
63,200 total April.
100 An. 1st.. 10 65
*
1.30.'
800
7,490 total March.
,
4"0
600
2W)
*
.
10*87
10*83
10*89
10 90
10*91
10*92
10*98
10*94
10*95
10*95
10*97
10*99
10*99
11*00
..not
11*02
11*08
53,400 total May..
2.200
4,000
3,000
7.700
6,W0
6.500
MOO
600
800
500
400
6.110
1,300
1,700
For June.
400.
200
10*81
8,200
10*82
September.
100
For October.
200
10*60
2.500 total Nov.
400
For December.
300
,.:10*58
300
10*64
1,000
...10*6*
10*64
10*65
10*71
1 *72
*78 ,
11*73
10 7>
•76 I
.10*78
10*77
200
100
500
100...
1,930
2.110
W79
10 80
7,400 total Oct.
*06
*14
pd. to exch. lr0 March for Msy.!
pd. to exch. 100 June for August.
several dates named:
JUDDUNS UPLANDS—AMCBIOAN OLA.a8IFIOa.T70H.
Fri.
Easier.
MarketMarch
.
.
........
. ..
June
.
July
.
August
September....
,.
October
.
November....
Sat.
Mon.
Variable.
Lower.
10*93
10-93
10*99
11*08
11-16
11-21
lo-si
10*86
10 92
11-01
10*93
10*92
i:-oo
11*09
11*17
11*23
11*01
li>**4
1C*72
l(i* 3
Trauit. ordersl. 10*95
ClosedSt ady.
Gold
(exchange
4*85
r
.
....
Quiet.
101*
4*83
..
Wed.
10*87
10*86
Steady.
10i*
Steady.
101*
of
10*76
10-84
10-93
11-01
11*07
10-83
10*68
10-58
10*59
10-80
Steady.
Steady.
11*09
11*14
10-94
10*74
10*61
10* 66
uotton,
loi*
4 83
as made up
this
11*07
..11*09
.11*10
....11*11
11* 12
.11*18
88,600 total June.
10*95
11-01
10*8110*65
10*57
10-58 '
10*65
Steady.
101*
4*85
by cable
ana
stocks are" the figures
Britain and ihe afloat
are
only:
1878.
1877.
1876.
1875.
753,000
908,000
56,500
106,750
1,106,750
194,250
809,500
196,730
6,000
3,500
30,000
7,000
66.0C0
1,014,750
184,000
7,500
76,000
9,750
32,230
49,250
11,000
Stoat at Liverpool
Stock at London
735,000
1.073,000
12,750
33.750
Total Great Britain stock
Stock at Havre
Stock at Marseilles
743,750
2(55,000
Steck
at
6,500
6,750
7,750
14,500
393,000
441,500
466,500
377,750
1,146,750
1,548,250
180,000
345,000
1,276,000
1,332,500
311,000
433,000
74,000
606,912
89,865
5,000
Stock at Hamburg
Stock at Bremen
Stock at Amsterdam
Stock at Rotterdam
30,000
35,500
10,250
Stock at Antwerp
Steck at other continental ports.
*
4,750
96,000
19,000
47,750
49,750
16,500
14,750
21,250
Barcelona
Total European stocks
India cotton afloat for Europe....
.
161,000
American cotton afloat for Europe 639,000
Egypt, Brasil, Ac.,afloat for E'rope 53,000
Stock in United States porta
8tock in U. S. interior porta
United State? exports to-day
14,500
58,500
73,500
10,000
6,000
12,000
631,970
77,253
17,000
36,000
719,463
88,742
10,000
172,000
731,000
55,000
619,420
92,258
.18,000
Total visible supply.
.baies.2,725,973
2,927,460
2.966,678
Or the above, the totals of American and other descriptions are
2,872.277
.
ts
follo
w
•
"
Liverpool stock
556,000
351,000
639,000
Continental stocks
American afloat to Europe
United States stock
....
United States interior stocks
United States exports to-day
Total American.
737,000
421,000
290,000
734,000
544,000
631,970
356,000
845,000
719,468
619,420
171,000
423,000
606,911
77,253
88,742
9*2,253
89,865
17,000
10,000
18,000
5,000
2,256,210
2,174,673
1,849,777
836,000
332,000
56,500
176,500
172,000
55,000
£84,000
106,750
166,750
bales. 2,272,223
East Indian, Brazil, dtc.—
Liverpool stock
London stoefe#•••
••••••••
♦•••••••
Egypt, Brazil, &c., afloat...
..
v .
Total East India, *c
180,000
12,750
47,000
261,000
53,000
83,750
65,500
180,000
36,000
311,000
74,000
453,750
671,250
792,000
1,022,500
2,272,223
2,258,210
2,174,679
1,849,777
Totalvisible supply.... bales. 2,725,973
2,927,460
2,966,678
2,872,277
Total American♦
•
••
Price Mid. Uplands. Liverpool...
4W
*»•-*%»*
W
—— —
»
Jr
-
-----
5*d.
6*d.
6*d.
8d.
These
figures indicate a decrease in the cotton in sight to-night
of 201,487 bales as compared with the same date of
1877, a
decrease of 240,705 bales as compared with the
corresponding
date of 1876, and a decrease of 146,304 bales as
compared
with 1875.
At the Interior Ports the movement—that is the
receipts
shipments for the week, and stock to-night, and for the
corresponding week of 1877—is set out in detail in the following
and
statement.
.
<!
American—
India afloat for Europe
11*08
10*62
10*68
10*76
10-86
week’s returns, and consequently
brought down to Thurnday evening; hence, to make the totals the
complete figures for to night (Mar. 29). we add the item of exports
from the United 'States,
including in it the exports of Friday
Continental stocks
11*02
11*08
U*04
11*05
11*06
Fri.
Lower.
10*76
10*
4*t5*
4*85 K
telegraph, is as follows. The continental
of last Saturday, but the totals for Great
for the Continent
Thurs.
Lower.
10*83
10*35
10*90
10*93
11*07
U-13
10* *5
10*75
10*64
10*87
10*9)
10*92
11-01
Ij-90
4-80*
The Visible Supply
Tues.
Variable. Irregular.
11-09
11*14
10-94
10*73
10*63
10*61
10*90
11-01
10*81
10*69
10*70
l‘J’95
.
10*87'
10*S2
10*97
10*93
10*99
,.11*00
ll*(Jl
8
2,300 total Dec.
following exchanges have been made during the waek:
10-85
10*36
.10*93
10 94
10*93
,...10*98
10*6*
40(1..
400
10*18
..10*79
16*80
10*33
10* ?4
10*78
*0*61
308
808
j
260
700
300
100
400
100
Fri.
MARKET AND SALES.
8pot Market
For
690
100
Total continental porta
Tb.
Mar .23. M*rj25. Mar.26. Mar.27. Mar.23.
Mar.29.
Strict Good Ordinary
Low Middling
sOxTtotal Aug.
~
.
The following will show the
closing prices bid for future de¬
livery, and the tone of the market, at three o’clock P. M. on the
8TAINED.
Sat. Mon. Tues Wed.
200
800
100
8)0
2,090
100.
.11*19
..
u*
1.9 41
pd. to exch. 200 April for March.
Dec mb
10 5-16
10 11-16 10 11-16 10 11-16 10 11-16
11
11
11
H
U*
*01
May
Mar.25. Mar.28. Mar.25.
11*12
11* i3
11*14
11*15
11*15
11*19
11*19
!1*22
11*23
11*24
11*26
5,490
.11*20
April
TEXAS.
.
8 pd. to exch. 200 May for June.
•4) pd. to excb. <0) Oct. for Aug.
-.
delivery for the week are 273,400
bales, including — free on board. For immediate delivery the total
sales foot up this week 4,636
bales, including 1,019 for
1,634 for consumption, 1,973 for speculation, and — in export,
transit.
Of the above, 1,308 bales were to
arrive. The following tables
show the official
quotations and sales for each day of the past
week*
ALABAMA.
.11-18
...
...
3.8 W
27,400 total July.
pa ted company.
The total sales for forward
UPLANDS.
.11*10
.li*!2
.11*13
11*14
.11*15
11*17
...
For November,
bales.
eu.
500
10*58
fiOO..
10*54
800
10*55
100
.10*58
100....
10*62
300
...10*88
200
.......10*61
700
......10*67
^
THE
322
CHRONICLE.
| Week ending Mar. 80, 1877
Week ending Mar. 29, 1818
Receipts. Shipments. Stock. Receipts. Shipments. Stock.
in,6i0
8,792
3,53S
l,:95
750
?,458
Montgomery, Ala
Selma, Ala.
Memphis, Tens....
Nashville, Tenn...
60S
400
911
545
6.9S3
893
13,914
3,431
*7,279
2,841
41,401
2,762
Total, old ports
11.541
£2,746
630
471
348
4.9
3,592
3,1 4
1,819
3,089
216
600
459
157
1,280
1,945
1,582
1.0S6
4,391
1,053
Augusta, Ga
Columbus, Ga
Macon, Ga. est
..
Dallas, Texas
Jefferson, Tex
Shreveport,La
Vicksburg, Miss.
Columbus, Miss*..
Bufaula, Ala
..
2,394
719
1,829
243
211
396
C99
873
106
162
13,000
7,502
4,227
3,519
3S7
2,264
2,214
2,776
192
640
53,165
5,065
77,253
4,133
7,600
88,742
2,358
41
306
74
156
350
2.650
1,070
1.7f0
1,298
1,960
8,700
3,445
412
207
1,861
2,331
3,819
3,739
P
999
488
4:6
443
47
93
10
250
95
121
5,313
4,730
7,7C4
4,215
21,725
7,811
1,881
1,223
3,470
1,595
28,762
11,331
Total, new ports
17,744
21,994
54,542
6,397
9,772
62.457
Total, all
29,285
44,740
131,793.
10,530
250
37
542
371
Griffin, Ga
Atlanta. Ga
Rome, Ga
Charlotte, N.C
St.
1,000
1,000
Louis, Mo.
Cincinnati, O
636
40
£50
139
71
369
2,400
890
650
17,372 051,199
[VOL. XXVI.
fall (thirty.five hundredths of an inch) three days, but the rest
of the week has been fair and cool. The thermometer has aver¬
aged C3, the highest point having been 83 and the lowest 47.
Nashville, Tennessee.—It has rained here
on two days, the rain¬
reaching one inch and sixteen hundredths. The thermometer
averaged 58, the highest being 70 and the lowest 46.
Memphis, Tennessee.—Rain has fallen on three days, with a
rainfall of ninety hundredths of an inch, and the rest of the week
has been cloudy. Farmers are ploughing and planting corn
vigorously. Average thermometer 62, highest 80 and lowest 47.
Mobile, Alabama.—We have had a seveie rain one day of the
week, but the remaining six days have been pleasant. The
thermometer has averaged 67, the highest having been 83 and
the lowest 50. The rainfall has been one and eighty-three hun
fall
has
dredths inches.
Montgomery, Alabama.—It has rained steadily one day, the
hundredths inches, but the rest
The rain has been beneficial.
Planting is making splendid progress. Average thermometer
65, highest 83 and lowest 45.
Selma, Alabama.—It has rained here on one day this week, an
unusually severe storm.
Madison, Florida.—We have had rain on one day, with a rain¬
rainfall reaching one and twelve
of the week has been pleasant.
fall of two and twelve
*. Actual count to-day (Friday.)
The thermometer
hundredths inches.
has
raDged from 60 to 76, averaging 63. Planting is about com¬
pleted in this neighborhood.
Macon, Georgia.—Telegram not received.
Atlanta, Georgia.—We have had one shower during the week,
with a rainfall of twenty-two hundredths of an inch.
The ther¬
year.
mometer has averaged 66. the highest being 75 and the lowest 46.
Receipts from the Plantations.—Refer.ing to our remarks
Columbus, Georgia.—It has rained severely one day this week,
in a previous issii3f<»r an explanatim of this table, we now
the rainfall reaching one inch and ten hundredths.
The ther| mometer has averaged 70.
bring the figures down one week later, closing to night:
Savannah, Georgia.—Rain has fallen on one day, but the bal¬
RECEIPTS PROM PLANTATIONS.
ance of the week has been pleasant.
Average thermometer 65,
Receipts at the Ports. Stock at Inter’r Ports Rec’pt6 f rom Plant’ne highest 84 and lowest-.8.
The rainfall has been twenty-eight
Week
The above totals show that the old interior stocks have
decreased during the week 10,603 bales, and are to-night 11,480
bales less than at the same period last year. The receipts at the
lime towns have been 7,408 bales more than the same week last
Feb.
2...
K
9...
ft
16...
M
23...
March
2...
««
9...
w
16
ii
:
•
30.
1
1877.
1876.
ending—
..
3...
.
131,879
118,582
110,576
109,676
88,215
78,380
65,441
62,933
59,912
1978.'
1876.
133,374 159jl66 210,662
110,006 137,138 210,858
120,720 120,093 202,441
88.068 107,670 198,563
68,615 94,349 195,596
50,742 90 947 194,165
44,537 82,261 177,351
32,336 75,723 163,280
33,897 65,470 145,001
1877.
182,240 244,494
179,266 240,703
174,977 283,403
173,478 226,685
1877.
136,876
118,778
102,165
105,792
173.178 210,935
83.248
169,291 192,465
165,747 169,636
158,041 146,653
151,199 131,195
77,249
48,82:
48,862
41,633
Total.... 823,094 713,825 932,837
The interior stocks
1876.
1878.
f
1678.
125,532 161,667
137,032 133,352
116,431 112,485
86,569 101,252
68,315 73,599
46,855 72,417
40,993 5°,435
24,660 £2,740
23,555 50,612
76?,930| 669.042, 622,619
hundredths of
an
inch.
Augusta, Georgia.—The weather during the week', excepting a
light rain on one day, has been clear and pleanant, the ther¬
mometer averaging 67, and ranging from 45 to 85.
The rainfall
is two hundredths of
an
in h.
Charleston, South Carolina.—We have had showers on one
day of the week, the rainfall aggregating one inch and forty-five
hundredths.
The iheimometer has ranged from 51 to 83, aver¬
aging 63.
°
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3 o’clock
Mar. 28. We give last gear’s figures (Mar. 29, 1877) for com¬
parison:
•
January 25 were, for 1876, 235,165 bales; for 1817,
Feet.
3
195,082 bales; for 1878, 242,013 bales.
This statement shows us that
Feet!
Inch.
9
0
Inch.
—
—
22
23
9
although the receipts at the ports
6
0
18
7
Nashville
Above low-water mark.
the past week were 65,470 bales, the actual from plantations Shreveport. ...Abovelow-water mark.
15
20
10
1
41
32
0
8
were only 50,612 bales, the balance being drawn from stocks at
-water mark of 1871 until
New Orleans reported below h
the interior ports.
Last year the receipts from the plantatons
9,
1874,
when
the
zero of gauge was changed to high-water
Sept.
for the game week were 23,555, and for 1876 they were 41,633
mark of April 15 and 16, 1874, which is 6-10ths of a foot above
bales.
1871. or 16 feet above low-water mark at that point.
_
Weather Reports by Telegraph.—The past week has
been almost everywhere very favorab’e for farming purposes.
Planting has made excellent progress. The season has thus far
been an early one, and vegetation is well advanced. On this
account much fear of frost is felt.
Galveston, Texas.—The weather has been
warm and dry all the
Planting in this neighborhoo 1 is about completed, and in
lower Texas early plantings are nearly ready to chop to a stand.
Corn is growipg raoidly.
The season is very early. Average
thermometer 69, highest 78 and lowest 60.
lndianola, Texas.—It has been warm and dry all the week, the
thermometer ranging from 58 to 87, and averaging 72. Planting
is about completed in this vicinity, with a promising start for all
week.
crops.
Corsicana, Texas.—We have had rain
day, a rainfall of
eighty-e ght hundredths of an inch, which did good. Planting
is making good progress.
The thermometer has averaged 67, the
highest being 87 and he lowest 50.
Dallas, Texas.—It rained h re on one day during the week, a
welcome shower.
on one
Some sections westward
are
needing rain.
Planting is making good progress. The spring opens very early.
Average thermometer, 66 ; highest 87, and lowest 49. The rain¬
fall has been thirty-five hundredths of au inch.
Brenham, Texas.—We have had a shower on one day, the
rainfall reaching twenty hundredths of an inch,
Planting is
progressing and all crops
averaged 74, the extreme
are doing well. The thermometer
ransre having been 67 to 83.
has
COMPARATIYE PORT RECEIPTS AND DAILY CROP MOVEMENT.—
comparison of the port movement by weeks is not accurate,
the weeks in different yeara do not end on the same day of the
month.
We have consequently added to our other standing
tables a daily and monthly statement, that the reader may con¬
stantly have before him the data for seeing the exact relative
movement for the years named.
First we give the receipts at
each port each day of the week ending to-night.
A
as
PORT RECEIPTS PROM
SATURDAY, MARCH 23.
’78, TO FRIDAY, MARCH 29, ’78.
Gal¬
New
Wil¬
Nor¬
ming¬
All
folk.
ton.
others
Days of
Or¬
Mo¬
Char¬ Savan¬
week.
leans
bile.
leston
Saturday
657
1,219
496
1.662
677
1,212
4,772
1,716
570
2,201
1,188
SOi
8,064
374
576
1,316
671
1,^94
60
Wednesday.. 5,278
94
8'4
1,088
807
J,414
739
1,301
404
1,201
953
2,321
63c
331
754
140
22,016
5,216
2,761
S,222 .4,136
Monday
Tuesday
....
Thursday....
Friday
Total
nah.
ves¬
ton.
■
Total.
250
3,427
9,800
Ill
2,219
13,681
8,34
15,793
958
2,510
11,323
1,010
99
i,6o;
7,317
1,145
165
2,164
7,556
6,876
943
15,270
65,470
.
The movement each month since September 1 has been as
day this week,
follows
:
reaching thirty-five hundredths of an inch. The
thermometer has averaged 67.
Tear beginning September 1.
I^ireveport, Louisiana.—The weather during the week has
Monthly
been very favorable.
The season is well advanced, and vegeta¬
Receipts.
tion looks promising and is gr .wing fast. Soma Cvtton las bee i
1872.
1875.
1873.
1876.
1874,
1877.
planted, and planting will be general next week. Fruit will be
134 876
115,255
184,744
169,077
236,863
93,491
plentiful if no frost occurs.
Average thermometer 71, highest September
Hevo Orleans, Louisiana.—It has rained
on one
the rainfall
‘
87 and lowest 55. We have had
dreths of an inch.
a
rainfall of
eighty-eight hun-
Vicksburg, Mississippi.—The thermometer has ranged from 52
to 85 during the week, averaging 68.
It has rained on one day
the rainfall reaching seventy-one hundredths of an inch.
Columbus, Mississippi—We have had a rainfall during this
week of three inches and eighty-nine hundredths.
Little Bock,
Arkansas.—It has been cloudy, with
a
light rain¬
October........
November.....
December
January...
February......
578,538
8*2,493
900,119
689,610
472,054
Total. Fob. 28.. 3,561,300
Percentage of total port
receipts Feb. 28
675,260
610,816
901,302
740,116
821,177
637,067
479,801
787,769
500,630
449,686
536,968
676,295
759,086
444,052
353,324
355,323
576,103
811,668
702,168
432,683
3,551,655 3,457,554 2,934,051 3,043,206
444,003
530,153
524,975
669,430
462,552
1
2,715,817
'
87*95
8250
83-91
79*99
74'38
THE CHRONICLE.
1878. j
Mabch SO,
This statement shows that up to
than in 1876 and 103,746
bales more than at the same time in 1875.
By adding to the
above totals to March 1 the daily receipts since that time,
we shall be able to reach an exact comparison of the mcvement
for the different years.
*
1877-78.
1876-77.
1875-76.
1874-75.
1818-74
1872-73.
Tot. last of Feb. 3,561,300
3,551,655
6,823
9,782
4,567
3,457,554
7,842
12,58
12,817
8,934,051
8,903
3,043,205
2,715,857
9,343
10,947
14,779
26,619
12,862
14,993
10,928
18,943
17,480
10,617
8,240
10,479
14,637
11,793
12,246
13,631
S.
12,209
12,118
9,247
12,3 5
9,263
7,845
19.884
8.
10,817
15,914
12,002
11,112
10,571
13,759
14,58!
S.
12,657
5,923
7,439
7,939
8,265
5,279
16,789
8.
17,754
9,863
Receipts Mar. 1
Receipts Mar. 2
Receipts Mar. 3
Receipts Mar. 4
Receipts Mar. 6
Receipts Mar. 6
Receipts Mar. 7
Receipts Mar. 8
Receipts Mar. 9
Receipts Mar. 10
Receipts Mar. 11
Receipts Mar. 12
Receipts Mar. 13
Receipts Mar. 14
Receipts Mar. 15
Receipts Mar. 16
Receipts Mar. 17
Receipts Mar. 18
Receipts Mar. 19
Receipts &ar. 20
'Receipts Mar 21
Receipts Mar. 22
Receipts Mar. 23
Receipts M4r. 24
Receipts Mar. 25
Receipts Mar. 26
Receipts Mar. 27
Receipts Mar. 28
Receipts Mar. 29
S.
82,985
17,175
9,746
S.
19,tT9
9.
8,SIS
12,300
8,728
10.411
9.
S.
8,531
6,678
8,72*
6,561
16,228
8,473
19,134
15,922
15,674
6,381
10,351
8,451
11,487
8,391
9.
14,234
13,992
14,614
11,210
8,017
17,597
11,236
11,015
6,572
9,628
S.
18,579
6,758
7,692
6,341
4,227
10.121
9.
16,411
7,229
9.
10,897
5,378
7,554
4,982
12,539
7,913
11,024
8,072
9,800
S.
13.096
10,312
9,375
10,4:9
5,943
5.836
13,651
13,793
11,323
7.317
7,556
Total Mar. 29... 3,893,458
Per ct. of total port receipts
9.
9.
7,428
6,145
4,682
1,584
1 \80i
6,317
8,721
3,735.882
3,723,730
8914
92-26
r-Shipm'ts this week—, /—Shipments since Jan. 1.-,
March 1 the receipts at the
ports this year were 9,645 bales more
9.
8.
'
9.
8.
10,621
16.263
16,860
7,269
13,198
19,768
9,721
20.336
S.
10,008
12,628
9,222
8,804
9,433
8,220
11,804
9,270
11,312
8.
8,221
18,011
8,164
11,876
8, 21
7,955
8.
13,568
8,888
9,867
9 713
5,910
7,436
7,696
8,884
6,251
8.
10,124
9,501
11,116
8.
6,660
3,173,643
90-75
3,351,160
83-12
3.017,045
82 63
This statement shows that the
receipts since Sept. 1 up to
to-night are now 167,719 bales more than they were to the same
day of the month ip 1877, and 157,576 bales more than they
were to the same day of the month in 1876.
We add to the last
table the percentages of total port receipts which had been
received March 29 in each of the years named.
323
Great
ConBritain. tinent. Total.
1878
17,0JO
1877.... 81.CG0
:S76
*1,003
*0030
7.0J0
84,000
61,000
4.030
85,003
...
...
Great
Britaln.
Con*
tinent.
/—Receipts.—«
This
Total,
Since
Jan. 1.
week.
40.000
63,000
51,500
8r;0.033
115,003 151.000
151,000 117,000*. 263,030
1*8,000 83,000
817,Oj0
406,000
594,000
847,690
From the
foregoing it would appear that, compared with last
year, there has been a decrease of 27,000 bales in the week’s Ship*
inents from Bombay to Europe, and that the total movement
since January 1 shows an increase in shipments of 1,000 bales,
compared witn the corresponding period of 1877.
Gunny
|Bags, Bagging, &c.—Brgging has not move! to
any extent, and we do not bear of any large transactions. The
demand is only for small jobbing parcels, which are being held
at 9$@9fc. for light weight, and 10£c. for standard quality, though
a shade less would be accepted. Butts have been in some
demand,
but no round parcels have been taken,the general inquiry being for
small lots. The arrivals for the month foot up about 35,000 bales
and tbe deliveries about 23,000 bales.
The stock now on hand
here and in Boston 21,000 bales. The sales for the month have
been 3,500 bales on spot at 2f@3c. currency, and 5,000 bales to
arrive at 2$@2$c. gold. The market closes quiet but steady, with
the asking figure.
c.
Bxporta of Cotton(balee) from Now York since SeDt.lB 18TT
Same
WEEK ENDING
Total
EXPORTED to
Mar.
6.
Liverpool
Total to Gt. Britain
Mar.
20.
Mar.
27.
date.
7,588
12,667
13,128
£43,527
248,745
1,817
7,894
245,344
51,132
4,C07
5,465
32
200
15,553
7,788
Havre
871
Other French ports
•
•
....
Total French
871
Bremen and Hanover
400
431
Hamburg
•
•
....
•
•
•
•
•
•
• •
• •
•pain. OportoA Gibraltar Ac
All others
2,*£93
Total
2,398
Spaln9 Ac
Grand Total
934
•
•
« •
•
•
•
a
•
•
•
-
•
•
•
•
•
•
•
8.387
•
•••
226
•
•
•
•
•
•
•
•
•
934
579
13,150
»
year.
115
....
•
•
831
*
•
13,1-28
100
579
•
•
100
•
•
•
12,667
Other ports
Total to If. Europe.
to
Mar.
13.
15,513
Other British Ports
period
prev*HB
*26
•
•
•
•
4,723
5,465
14,863
4,454
10.182
9,648
*,226
1,586
*9,449
13,460
• •
a • •
•
• ••
2,393
200
•
•
•
2,£98
200
281.913
S70J64
•
13,701
•
•
•
•
•„
•
•
13,354
.
•
Shipping News.—The exports of cotton from the
States the past week, as per latest mail returns, have
United
reached
So far as the Southern ports are concerned, these
India Cotton Supply for 1878.—In remarking last January 113,076 bales.
are the same exports reported by telegraph, and published in
with regard to the total India exports in 1878, we gave some Thb
Chronicle, last Friday. With regard to New York, we
facts and raided some questions as to the supply to be expected include the manifests of all vessels cleared up to Wednesday
from the ports other than Bombay. This week we have received night of this week.
Total b^.
England,
from Messrs. Wal’ace & Co., of kBombay, their report underrate New York—To Liverpool, per steamers Copernicus, 1 571
1,110 ...Nevada, 1,880
China, 1*3
Britannic, 1,471... per
of February 25, in which they furnish very useful data for
ships Royal Alexandra, 3,212... Levi G. Bargees, 996
Bengal,
2.545
per bark Albina, ;03
18,188
To Bremen, per steamer Weser, 226
estimating the to al production of these other ports. They still
2*5
hold to their opinion that the Bombay shipments in 1878 are not New Orleans—To Liverpool, per steamers Yrurac-Bat, 5,030 ..Mem¬
phis, 4,871 ...per chips Caledonia, 4,325
Glad Tidings. 4.964... 19,193
To Cork, per ship Paul Boy ton, 4,201... per hark AdpJa Cerleton,
likely to exceed the shipments at .that port in 1877 by any con¬
..
siderable amount.
From the Madras side, their
advices lead
them to expect about 100,000 bales this year; from Cocon&da,
from 30,009 to 35,000 bales; from Tinnev lly[(Tuticorin), 70,000
bales; from Calcutta and Rango n, probably a small falling off
from last year. Using these estimates, and our figures for pre¬
vious years as given in our “ Cotton from Seed to Loom,” we
have prepared the following statement as to the total probable
8,112
6,318
To Havre, per ships Thomas Lord. 4.877
Harmonides, 5.783 ..... 10,610
To Bremen, per chip John Rutherford, 3,774 ...per bark Thomas
Ke ller, 8,985
7,750
To Revel, per ship L. 8. Gilchrest, 5,200... per bark Progress, 1,690. 6,890
To Cronstadt, per ship President, 4,401
4.408
To Genoa, per barks Domenico, 273... St. An^a, 1,037
1,810
Mobile—To Cork or Falmouth, per bark Lois. 2,84 J.
2,840
Charleston—To Havre, per barks Harriet F. Hussey, 2,r<82 Upland and
121 Sea 1*1 nd... Mindet, 1,501 Upland and 82 Sea Island
8,789
To Ueval, Russia, per steamer Redewater. 4.035 Upland
4,085
To a port in Spain, per brigs Mercedes, 278 Upland... Alfredo, 964
Upland
outturn:
PORTS.
‘
1873.
1874.
1875.
1876.
1,248
Savannah—To Liverpool, per
EXPORTS FROM INDIA TO EUROPE.
1877
"
1878.
ships C. B. Hazeltine, 2.921 Up'and
Lady Dnfferin, 3,072 Upland and 88 Sea I-land... .Kendrick Fish,
4.40J Upland. ..per bark Tiksms,2,585 Upland and 55 Sea Island.
To Bremen, per bark Mercnr, 2,052 Upland
-To Revat, Russia, per bark Jupiter, 2,?33 Upland
Texas—To Liverpool, per bark Herbert, 5.003
Wilmington—To Liverpool, per schr. E. 8. Powell, 2,057
Baltimore—To Liverpool, per steamer West Kdian, 2j0.... per bark
...
Actual.
Actual.
.
Actual.
Bombay
958.811
1,248,411
1,266,069
Korrachee.
9,300
19,127
Il7,8i7
21,950
598
17 477
18,958
117,618
33,892
1:3,69)
39,300
48,0 3
51,455
Carwar
....
Madras..
Coconada..
Tnticorin..
Calcutta
..
Rangoon.
.
68,724
115,803
19,688
£5,2 6
9.2,763
10,780
10,473
1,131,225
1,534,833
Aetna’.
Actual. Eitmat’d
985,801
2,532
6,410
125,995
29,070
840,11.9
14,491
20,573
61,385
18,464
5,194
18.467
56,257
22,035
1.6:0,542
1,234.651
969,437
None.
8 0,000
.
15.000
None.
2,904
100.000
15,1 4
35,000
7’,000
40
00°
20,0C0
Total
The
are as
figures would bIiow an export to Europe for all of India
during 1878 of 160,000 bales in excess of last year. We have
however, taken in each case tbe higher estimate, so that this
statement may be considered as representing the extreme pro¬
duction according to these advices.
BombazShipmbhts.—According to our cable despatch received
to-day,the re have been 17,000 bales shipped from Bombay to Great
Britain the past week and 7,000 bales to the Continent: while
the receipts at Bombay daring this week have been 40,000 bales.
The movement since the 1st of Ianuary ia as follows. These are
the figures of W. Nicol & Co., of Bombay, and are
brought
down to Thursday, March 23!
600
1,175
4,12*
900
118,078
particulars of these shipments, arranged in our usual foncv
follows
*.
Port
V80.000
These
Marla Catherine, 400
To B emen, per steamer Ohio, 1,125.. .*. per ship Elphinstone, 57...
Boston—To Liverpool, per steamers Iberian, 2,7.1... Victoria, 1,411...
Philadelphia—To Liverpool, per steamer Sarmatian, IKK)
13,1*8
2,<>52
2,880
5,000
2,C87
Bre-
Liver-
pool.
New York .13,128
N. Orleans. 19,193
Cork.
Mobile
Charleston.
Savannah. .18.123
Texas
5,COO
2,840
,
*
...
PhTadelp’a
900
Total...53.153
226
10,610
.
.
.
.
3,739
*
^
•
•
•
.
•
...
•
.
....
•
men.
,
6.313
Wiring’tu. 2,087
Baltimore..
bOO
Boston
4,122
,
,
Havre,
•
•
•
•
•
•
....
.
.
.
•
.
.
.
.
.
.
••.
7,759
•
••
....
2,052
.
.
.
.
.
.
.
....
6.893
....
4.037
2,3)0
•
•
•
•
•
,
,
•
•
*
•
•
•
•
»
...
4,402
....
....
....
• •
•
•
•
....
11,212 13,255
in
Spain. Genoa.
....
•
•
•
a
....
1.242
....
• •
....
....
1,1.5
•
9,153 14.319
.
Reva’.
Cronstadt.
.
T;
1,310
•
•
•
•
*
•
•
•
•
•
•
•
•
•
•
•
....
....
•
••
....
*
•
....
4,102
....
1,242
•
•
•
•
•
-
Total.
13.854
56,477
2,340
9,016
17,505
5,000
2.0S7
1,775
4,122
900
1,310 113,076
Included in the above totals are, from New Orleans, 1,382 bales to Rotterdam
and
1,C61 to Vera Crnz.
we give all news received to date of disasters to vessel*,
carrying cotton from United States ports, etc.:
Below
THE CHRONICLE.
324
Aar a Sofia, str. (Br.). Beggs, New
water forward and 21 feet aft
Orleans for Liverpool, drawing 30 feet of
grounded on the bar at Port Eads March
34th; she floated and sailed March 25th.
Gotland, etr. (Br.), Ratter, from New Orleans for Antwerp, which put into
St. Michaels in distress, repaired and sailed; arrived at destination
March 16.
James W. Gaff, str..
Wise, sank seven miles above Cannelton, on the Ken¬
tucky side, previoiis to March 22. Water six feet over her main deck.
The
[vol. xxvi.
Cotton freights the past week have been as follows:
.—Havre.-—* ,—Bremen.—»
SaU. Steam.
Sail.
Liverpool.
Steam,
d.
Saturday. 7-32®*£
Monday.. 7-32®
Tuesday. 7-32®X
Wed’day. 7-32® X
Thur’dy.. 7-32®V
Friday... 7-32®j4
Sail.
d.
Steam.
c.
c.
-
7-3.2®# comp. X cp.
7-32®M comp. X CP7-31®* comp, X cp.
Steam.
c.
;
—%X 11—16 cp.
— ®2tf = 11-16 cp.
11-16 cp.
—
^-Hamburg—*
Sail,
c.
c.
X comp.
X comp.
X comp.
X
*
X
—
—
—
Champion left last night with the barge Silver Dollar in tow to re¬
11-16 cp. X X comp. —
7-32®lf comp. X cp. —®
ceive the Gaft’s cargo.
A diver also left for the Gaff, and will arrive at
11-16 cp
7-S2® if c imp. X cp. —
X X comp. —
the wreck to-night. The Gaff was built at Cincinnati and completed in
7-32®* comp, X cp. — ®)£ 11-16 cp. X X comp. —
June, 1376, built with a full length cabin, and ranked first-class. She
had a big trip of freight, the loss on which is doubtless covered by in
surance.
The dispatch received announcing the sinking of the Gaff
BREADSTUFPS.
was dated at Owensboro, some sixty miles below Cannelton, and Cap¬
tain Wise sought the earliest opportunity of reaching a telegraph sta¬
Friday. P. M., March 29. 1878.
tion by taking passage on the first passing packet Her cotton, for
The flour market has been active during most of the past
Cincinnati, was consigned as follows: Cincinnati Transfer Company,
1.154 bales; order, 131 bales; Putnam, Hooker A Co.% 42 bales ; Robert
Maore A Co., 20 bales.
week, and prices of low grades and common shipping extras
Rita, str. (Span.l, at Liverpool, March 6. from New Orleans, was in collision have
slightly improved. The medium and better grades were
March 6. near Queen’s Dock, with the ship Contest, from Savannah, and
bad bowsprit carried away, etc.
depressed by free offerings, especially of brands from winter
Wisconsin, atr. (Br.). Forsyih, from New York via Queenstown for Liverpool,
wheat, hut these became steadier. Large lines of common extras
arrived off Holyhead March 23, apparently disabled.
Commerce, ship (Br.), Nickerson, at Havre, March 8, from New Orleans, col¬ were taken for Great Britain at $4 85@5 00, but
yesterday $4 95
lided at the former port on March 6, in the Eure Dock, with the bark
was an inside figure for
Florence Treat. Damage, if any, to the Commerce not stated.
anything desirable. Rye flour and corn
Contest, ahip (Br.), James, at Liverpool March 5, from Savannah, collided
meal are rather firmer.
To-day, flour was dearer, and lines of
near Qneen’s Dock on March 6 with steamer Rita (Span.), from New Or¬
leans. Damage to Contest, if any, not atated.
extra State sold at $5 and upward.
Magnificent, ship (Br.), for Liverpool, canght fire at Savannah March 24,
The wheat market has been active and prices show an irregular
which was extinguished with slight damage
She would proceed to sta
without delay. The M. had on board about 4,000 bales, and was com¬
*
pleting her
cargo at
Venus Point. The origin of the fire is not definitely
Known, but it is supposed was either
or was the act of an incendiaiy.
caused by a spark from the galley
Fortunately, early discovery and
prompt action prevented any serious loss. There was insurance on the
cotton, bat none on the vessel.
N. A E. Gardner, »hip (Br.), from Galveston for Liverpool, before reported
abandoned, bad on board 5,003 bales of cotton, not 1,503 as misprinted.
She had been rebuilt in 18)7, and waa insured in Yarmouth, N. S., for
$34,000.
Lara, bark (Br.>, Fulton, from Savannah for Amsterdam, remained at St.
Thomas. March 10, repairing.
Maooib Miller, bark (Br ), Cook, at Liverpool March 5, from Galve.-ton, in
docking at former port collided with the pier-head, and sustained
slight damage.
The captain of the steamer Strassburg, from Bremen, which arrived at this
port on the 23d instant, reports that on March 15, while in latitude 47
deg. 44min. and longitude 29 deg. 2d min., he fell in with a ship on fire.
The ship, which was seven miles distant when first seen was abandoned. The following is from the steamship’s log: The ship, appar¬
ently an American three-master (if fuli-rigged ship or bark we coaid not
ascertain, because the mizzen-mast was gone), was painted black, had a
hurricane deck and deck-houses abaft fore and mam-mas?, a masculine
figare-head in running position, yellow masts and spars and whitepainted blocks. She was burning foreward and aft, was free of fire be¬
tween fore and mainmast, and had all square sails, except main-sail and
foretopgallant sail, set. The cargo was very likely a compressed one
(perhaps cotton), "ecause the fire did not flare at all, but always kept
close over ihe deck.
improvemant; The better grades of wiuter wheat (amber and
white) have improved most, being taken quite freely for the
Continent. In the course of Wednesday and Thursday there
were sales on the spot and for
early arrival of abosit 600,000
bushels, including No. 2 spring at $1 25(3)1 27—the higher figure
for Milwaukee, $1 31(3)1 33 for No. 1
spring, $1 33@1 34 for
No. 2 red and amber winter, $1 36@l 39 for No. 1 do., and $1 41
@1 45 for prime to choice white. Receipts at the Western mar¬
kets
are
somewhat reduced.
The
Spring wheat is yet to be sown, or, at best, that Work has
hardly finished. To-day, the market was excited and buoyant.
Choice white brought $1 46@1 47; No. 2 Milwaukee, $1 29(3)1 30;
No. 1 Spring, $1 35; No. 3 do., $1 22(31 22£ and for future delivery,
No. 2 red winter for Apri1, $1 36J, and No. 2 Spring for April,
$1 27(31 28.
*
Indian corn has been irregular. Prime dry samples, whether
Western or Southern, have been well fupported by a relatively
small supply, though not much wanted. The receipts of West¬
Liverpool, March 29—5:00 P.M.—By Cable from Liver¬ ern have been mainly of the lower grades, and yesterday steamer
pool.—Estimated sales of the day were 7,000 bales, of which
mixed sold at 52c., and No. 3 at 47^(348c., the forming
showing
1,000 bales were for export and speculation. Of to-day’s sales
a decline of l£c. and the latter 3c.
The speculation in futures
5,900 bales were American. The weekly movement is given as
follows:
was very slow throughout the week, and yesterday the
prices for
March 8.
March 15. March 22. Mar. 29.
the next three months scarcely varied from spot figures. Receipts
Sales of the week
bale?.
46,000
46,000
63,000
43,000 at all
points continue liberal for the season. To-day, the market
Forwarded
10,000
11.000
13,000
11,000
Sales American
50,0(0
33,000
35,000
34,000 was better; No. 3 mixed, 48@49e., steamer do. 53£@54c, and No. 2,
of which exporters took
2,000
5,(WO
3,000
3,ooe 55£@56c., with sales of futures,
including steamer mixed at 53(3
of which speculators took
2.030
4,000
2,000
2,000
Total stock
653,000
704,000
730,000
736,000 53|c. for April and No. 2 at 55f(356c. for May and June.
of which American
504,000
528,000
562.000
556,000
Rye has continued active for export to the continent at 72c. for
Total import of the week
73,000
86.000
96,000
61,000 No. 2 Western, and 77c. for No. 1 State and Canada in bond; and
of which American
56,000
64,000
82,000
35,000
Actual export.
5,000
3,000
8,000
6,000 yesterday No. 1 State sold at 78c. for the last half of April.
Amount afloat
...%
332,000
297.000
805,000
342,000 To-day, there were large sales at a further advance ; No. 2 West¬
nf which American
260,000
244,000
217,000
256.000 ern for spot and to arrive, 73c.; No. 1 State, 79c.
The following table will show the daily closing prices of cotton for the week?
Barley has been in demand. Export samples are scarce. West¬
ern feeding sold at
47£@48c. Domestic malting stock has a slow
Satur.
Mon.
Tnes.
Wed.
Spot.
Thnrs.
Fn.
sale,
and
this
fact
makes
the market appear irregular. To-day,
Mid. Upl’ds... ..m
..®s
..m
..@5 5-i6
..@5 5-16
..@5J*
been
-
llid. Orl’ns...
..mx
..mu
..<as 3-i6
..@6 3-16
..©6*
Futures.
These sales
are on
the basis of
Uplands, Low Middling
clause, unless other¬
wise stated.
Saturday.
Mar.-Apr. delivery, 5 29-32d.
Apr.-May delivery, 5 15-I6d.
May-June delivery, 6d.
June-July delivery, 6 1-324.
Juiy-Aug. delivery, 6 l-16d.
Mar. delivery, 5 15-16d.
Mar.-Apr. delivery, 5 15 16d.
Apr.-May delivery, 5 31-32d.
June-July delivery, Uplands, good
ord. Clause, sail, 6 i-10d®l-82.
Monday.
Apy.-May delivery, 5 15-16d.
May-June delivery, 6d.
Juiy-Aug. delivery, 6 l-16d.
Mar.-April shipment, sail, 6 l-32d.
'3m
June-Ju)y delivery,
6 l-32d.
■
‘
Mar.-Apr. delivery, 5 15-16d.
Mar. delivery, 5 15-16d.
Sept.-Oct. delivery, 6 5-32d.
delivery, 6J£d.
Nov.-Dee.
Tuksbay.
Apr.-May delivery, 5 15-lSd.
May-June delivery, 5 31-3 2d.
Jnne-Jnly delivery, 6d.
Tuly-Auer. delivery, 6 l-32d.
Mar. delivery, 5 29-32d.
Mar.-Apr. ehipm’t, sail, 6d.
Wednesday.
delivery, 5%d.
Mar.-Apr. delivery, 5%d.
Apr.-May delivery, 5 29-82d.
Mar.
M*y-June delivery, 5 15-16d.
Aug.-Sept. delivery, 6 l-16d.
May-June delivery, 5 15-16d.
Jnne-Jnly delivery, 5 31-32d.
Juiy-Aug. delivery, 6d.
Nov.-Dee. delivery, 6 l-16d.
Feb. shipment, sail, 5 15-16d.
June-July delivery, 6d.
Feb. shipment, sail, 5 15-16d.
Apr.-May shipment, sail, 6d.
Apr.-May delivery, 5%d.
Apr.-May delivery, 5 13-16d.
May-June delivery, 5%®27-32d.
June-July delivery, 5 S9-S2d.
Juiy-Aug. delivery, 5 15-l6d.
Aug.-Sept. delivery, 5 81-32<L
Oats materially declined under a pressure to close out or reduce
stocks in store. The reduction at the close of Wednesday’s busi¬
ness was l@2c. per bush.
To-day, the market recovered part of
the late decline, No. 2 graded closing at 35ic. for white, and 34|c.
for mixed.
The following are closing quotations:
Flour.
No. 2
Apr.-May delivery, 5J£d.
Aug.-Sept. delivery, 6 l-32d.
Mar.-Apr. delivery, 5%d.
Mar.-Apr. shipment, sail, l^d.
Apr.-May delivery, 5 25-32d.
June-July delivery, 5%d.
Juiy-Aug. delivery, 5 29-82d.
Aug.-Sept. delivery, 5 15-16d.
Nov.-Dee. delivery, 6d.
Grain
ttbbl. 13 00® 4 00
Superfine State A West¬
ern
Sxtra
4 40®
5 00®
State, Ac.
Western
Spring Wheat
extras
do XX and XXX
do winter X and XX..
do Minnesota patents..
4 95® 5 20
5 35® 6 50
5 10® 6 £0
6 00® 8 00
Wheat—No.3 spring,bush $1 20® 1 23
No. 2 spring.
30
l 28®
No. 1 spring
c5
l 33®
Red Winter
1 30®
40
Amber do..
41
i 33®
White
47
l 38®
Corn—West'nmixed
56
47®
Yellow Western, old...
®
...
.
Southern, yellow,
Rye
5 10® 6 00
City shipping extras
City trade and family
Oats—Mixed
brands.
6 10® 6 50
Southern bakers’ and fa¬
mily brands
5 60® 6 75
Southernshipp’gextras.. 5 20® 5 50
Rye flour, superfine
3 40® 4 00
Oornmeal—Western, Ac. 2 40® 2 75
..
54®
72®
new..
33®
34®
60®
£8®
68®
_
White
Barley:—Canada West...
8tate, 2-rowed
States 4-rowed
Barley Malt—State
Canadian
.
65®
...
56
79
35
39
90
65
75
S5
1
00® 1 10
3 05® 3 15 i Peas—Canada.bondAfree
83® 1 00
The movement in breadstuffs at this market has been as fol¬
Corn meal—Br’wine. Ac.
lows
:
RECEIPTS AT NltW YORK.
Thursday.
Mar. delivery, 5%d.
Friday.
Mar. delivery, 5 13-16d.
six-rowed State sold at 70c.
1878.
*
EXPORTS FROM NEW YORK.-
Same
time
For the
1877.
week.
For the
week.
Since
Jan. 1.
Flour, bblS.
80,071
1,003,170
604,792
C. meal, “.
4,434
42,586
61.887
,
1878.Since
Jan, 1.
48,503
628,222 20,8*7
49,078
4,131
1,924
710,481 9,912,880 82,356
440,556 4,<)l2,032 528,538
58,912 ‘ 618,402
8,419
111,276 1,019,016 25,772
797
1,475
58,996
Wheat, bus. 744,846 10,559,642
496,915
Corn, “ . 695.306 4,671,775 3,672,885
“
451,801
117,857
Rye,
80,056
Barley. “ . 69,738 1,642,499
779,894
Oats....4*
208,760 1,439,047 1,453,145
The following tables show the Grain In sight
ment of Breadstuff to the latest mail dates:
.
.
-1877.
.
Since
Jan. 1.
For the
week.
287,891
51,536
1,586,358
4,309,794
277,291
121,158
34,593
and the move¬
r
~
4-s;5'
m
March 30, 1878. J
THE
CHRONICLE,
ftBCI^TPTS AT LAKB AND RIVER PORTS POR THE WEEK ENDING
MARCH 23, 1878, FROM DEC. 81 TO MARCH
23, AND FROM
AUG. \ TO MARCH 23.
HI
Flour,
Wheat,
''Corn,
bble.
bush.
(196 lba.) (60 Ibe.)
At-
Chicago...
Milwaukee...
32.316
31,670*
Oats,
bueb.
62,533
1?3 491
(56 lbe.)
bush.
(32 lbs.)
818,198
229,076
8 000
Barley,
8,824
5,947
4,420
4,9;0
*1*52
400
115,575
11.233
37,750
8,600
419,413
349,523
Corre8p’ngweek,*77. 61,460
205,670
*76..
81,843
219,576
Tot Dec.31 to Mar.23.1,329,075
4,199,982
Same time 1877
910,469
2,947,470
Same time 1876.
1,016,714
3,790,631
Same time 1875.. 1... 942,318
3.514,032
Tot Aug. I to Mar. 23:4,101,469 55,466,700 47.961,231 16.611,539
Same time 1377.
.3,564,161 33,064,851 52.067,744 13,993,260
Same time 1876
3,422,617 47,873,318 84.015,430 18.443,408
Same time 1875
3,432,116 44,870,720 29,393,023 15,440,839
69,535
94,817
74,450
67,751
84,716
80,138
1,903,021
690,803
471,9:1
620
Detroit
Cleveland....
St. Lottie
Peoria.
Duluth
4,611
1,550.
19.316
1,650
....
....
Total
Previous week.....:.
91,793
120,973
*•
73,656
133,480
166,329
6,054
12.850
3*22,565
221,115
-
It,160
118,711
3.517
14,383
3 220
595,912 1,558,711
514,774 1,833,582
235,903
757,187
501,140
774,693
11,931,403 12,871,665
3,671,869 13,317.843
8,030,622 13,546,751
8,823,776 10,164,431
..
14,910
20,950
17,346
11,750
1,355,375
1,790,775
235,641
1,117,773 290,381
8,381,891 2,667.620
7,421,025 2,329,395
6,477,373 1,515,491
5,064.976 1,007,002
SHIPMENTS OF FLOUR AND GRAIN FROM WESTERN
LAKB
BITER PORTS FROM DEC. 31 TO MARCH
23.
Flour,
bbls.
Weekending
Weekending
Weekending
Weekending
Mar.
Mar.
Mar.
Mar.
RECEIPTS OF
5,393,862
1,653,094
3.653,516
3,109.171
27, 1975.. 83,386
AND GRAIN
WEEK ENDED MAR.
23, 1878,
Flour,
....
Boston
Portland
Montreal
9,286,274
4,554,909
Baltimore
New Orleans...
....
.....
bush.
2,532,088 1,083,866
1,713,169 819.987
2,200,270 742,942
2,038,365 565,659
415,805
217,214
184,637
171,334
1,032,552 203,217
384.810
535 520
405,101
Corn,
bush.
86,571
765,173
5,500
25,500
145,030
15,410
70,500
19,806
17,003
101,100
118,361
278,041
Oats,
bnsh.
592,206
177,950
1,500
231,361
4 >,386
•
»
•
•
520,900
725,400
324,236
3,285
.
13,180,580
Supply
101,910
bush.
Total
1,111,357 2,342,192
Previous week.
177,402 1,054,485 1,919,227
Oor. week*77..
28,841 .1,162,732
Dec. Silo March 23
939,418 15,042,817 21,178,377
Same time 1877.
1,492,211 1,378.049 16,519,566
Same time 1876
2,009,437 4,: 60,329 16,804,714
Same time 1875.
3,869,955
The Visible
Rye,
busb.
41,107
55,651
39,034
27,016
51,248
45,747
12,217
13,315
NOR
TUB
AND FROM DEC. 31 TO MAR. 23.
794
Philadelphia...
Barley,
bush.
AT SEABOARD PORTS
Wheat,
bbls.
New York
9.103,160
6.611,775
497,750
109,364
288,92»
361,763
26, 1876.. 80.039
At-
Oats,
bush.
FLOUR AND GRAIN FROM WESTERN LAKE
AND RIVER PORTS.
Plour. Wheat.
Corn.
Oats. Barley. Rye
bbls.
bush.
bush.
bash.
bush. bush.
23, 1878.. 81,102
24, 1877.. 49.892
FLOUR
Corn
bush.
Tot.Dec. 31 to Mar.28 1,340.571
Same time 1877
318,357
Sametime 1876
1,184,066
Same time 1875
947,370
RAIL SHIPMENTS OF
Whaat,
AND
Bariey,
bush.
61,050
8.500
10,500
1,200
11,650
5,500
1,103
71.400
10,000
17,224
»
*
..
Rye,
bush.
112,314
•
92,9:0
278,847
80,400
205,581
40,600
3,028,057 1,682,016
2.958,068
772,658
3,3i8,127 1,452,277
3,423,924
55*,415
•
•
•
•
•
2,320
1,000
•
•
•
•
115,614
57,902
12,938
627,604
243,716
66,749
49,52o
of
Instore at Oswego*
In store at St. Louis
In store at Boston
In store at Toronto
In store at Montreal
In store at
Philadelphia*
In store at Peoria
In store at Indianapolis.,..
In store at Kansas
City....
In store at Baltimore.
Rail shipments, week.....
Eat. afloat in New York
..
....
Total
....
Mar. 16, 1873
Mar. 9,1878.....
Mar. 2, 1878
Feb. 23, 1878
Feb. 16, 1873.....
bush.
431,022
3.800
461,940
1,508,107
547,749
94,832
256,000
122,104
*
...
'
38.700
113,708
910,614
54,550
6,066
251,000
614
30,446
177,672
150.000
6,192
24,321
62,909
368,178
497,750
382,924
38,747
36,747
....
122,636
572,000
123,000
123,666
45,537
67,197
17*,4S4
100,789
1,806
1,078.130
3,003
•
•
•
•
4,000
8,50C
43,493
3,434
45,377
1,144
1*14*2
3,206
•
•
•
•
•
•
•
•
705
41*107*
200,000
5,728,162 2^539,359
5,630,582 2,676,624
8.214,013 5,433,182 2,655,311
8,643,262 5,331,819 2,845,722
8,095,422 5,527,841 2,913,793
9,285.489 4,835,817 2.981.715
9,691,292 6,099,408 8.297.716
9.687.450 10,495,835 2,825,399
2,583,133
630,133
2,892,392
3,842,983
581,864
51,248
621,635
2,472,578
629.098
3,415,214
668,511
719,212
786.296
3,735,914
4,184,476
2,700,125
766,516
Estimated.
THE DRY GOODS TRADE.
Friday, P. M., March 29, 1678.
£
Business Las been
irregular the past week with the package
some large transactions ia
prints and brown
and bleached cottons were
stimulated by lower prices, the
general
demand was mostly of a
hand-to-mouth character. The
jobbing
bouses, and while
V*
lagged far behind the expectations of holders. Light¬
weight cassimeres and worsted coatings were placed in small lots
with clothiers and jobbers, but in most cases
price inducements
were
found necessary in order to tffect sales.
Heavy cassimeres
some attention from
intending buyers, au i a few orders
placed for cotton-warp goods; but transactions were
light in
Special makes of cotton-warp beavers and lowgrade chinchillas were taken in small parcels by the
clothing
trade, but all-wool overcoatings were in little demand. For black
were
the aggregate.
cloths and doeskins there
with
a
a
i
ket continued in
limited inquiry, but prices
moderate amount at rather low
prices.
Cloakings
lightly
were
Worsted dress fabrics were
fairly active in jobbers
hands, and there was more frequency in the demand for re-'
assortments
by jobbers.
Worsted and Shetland shawls were
parcels to a moderate aggregate by agents
jobbers.
Foreign Dry Goods.—Business
there
was
was
light with importers, and
continued pressure on their
part to reduce their
hand by means of the auction rooms.
Silks were in
a
stocks on
fair reqnest at
the low ruling prices, and novelties in
millinery
goods and ribbons continued fairly active. Dress goods
were
only iu moderate demand,and large lines of cashmeres were pres¬
ented at auction with indifferent results. Linen
goods ruled quiet
in first hands, and white
goods, embroideries and laces were inac¬
tive.
Men's-wear woolens remained quiet, but
staple makes were
steadily hell. Canton mattings were largely distributed at auc¬
tion, and these goods were fairly active in jobber's hands.
imporUtloui of Dry Goods.
The importations of dry goods at this
port for the week endiig
Mar. 28, 1878, and for the
corresponding weeks of 1877 and
1876, have been as follows:
ENTERED FOB CONSUMPTION FOB THB
WEEK ENDING MAB.
1876——>
Pkgs Value.
Manufactures of wool.... 786
$312,506
do
cotton .,1,279
38*2,181
do
silk
689
474,328
do
flax
857
156,188
Miscellaneous dry goods.
Total.
371
170,196
3,982 $1,495,399
Withdrawn from warehouse
Manufactures of wool....
cotton.,
silk
flax
Total.
587
386
139
.
1877
Pkgs.
Value.
28, 1678.
1878
*
664
1,005
652
899
1,693
$253,580
328,646
537,001
224,357
134,075
4,910 $1,477,659
Pkgs.
530
956
588
-i
Value.
$222,441
295,450
403,275
198,732
132,712.
867
336
3,327 $1,252,618
and thrown into thb market
during thn
SAME PERIOD.
$231,603
109,243
137,420
4!5
98.803
45)
237
114
444
2,144
33,105
6,873
89,276
94,129
62,017
3,671
$610,179
3,932
1,495,399
8,121
4,910
1,477,659
Total thrown upon m’k*t. 7,653 $2,105,578
$180,868
449
76,309
283
118
592
$502,599
13,031 $1,980,258
$183,973
'
63,137
6,316
111,413
129,474
60,615
7,782
3,327
1,252,613
$559,614
11,115 $1,812,227
BNTHBBD FOB WAREHOUSING DURING SAME PERIOD.
very unsatisfactory condition and stocks of Manufactures of wool.... 565
do
cotton.. 385
Garners and
do
Harmony
silk
175
fancy
prints—amounting
to
several thousands of
do
flax
367
cases—were closed out
by agents at lower Miscellaneous dry goods. 1,106
before known in the history of the trade.
Woolen goodse7er
Total..*
for men's wear remained
2,598
very quiet,and the clothing AddentMforconsumpVn 8,982
trade se^ni inclined to
defer their'purchases .of autumn
woolens Tots* entered at the port. 6,580
a
foan
a
dealt in.
Bunnells,
w
only
Low and medium grade Kentucky jeans met
hand-to-mouth demand, and printed satinets were
sold to
trade of this
city was moderately active, and accounts from
nearly all the principal
distributing points in the West and
South-West indicate that the
spring trade is progressing more
favorably than was anticipated a short time
ago. The print mar¬
was
continued steady.
and
208,21*7
7.585.449
woolens
109,503
16,793
165,829
97,900
325,000
300,000
1,03*2,552
150,000
were
distributed in small
174,414
10,503
price; but cheviots and cottonades were less active.
depressed in sympathy with the unsettled state
of the print market, but
prices were nominally unchanged at
about 3 5-16c., 30 days, for extra
64x64s, and 3@3 l-16c., 30 days,
for 56x60s.
Prints were in irregular demand at first
hands, but
largo sales of Garner's, Harmony and Dunnell's fancies were
made by means of very low
prices. Garner's prints were offered
by a leading jobbing-house at 4$c., less 5 per cent 60
days—the
lowest point ever reached for a standard
print. Ginghams con¬
tinued iu very good demand, and cotton dress goods were
in fair
request.
Domestic Woolen Goods.—The demand for
men's-wear
Print cloth9
124.361
12,307
7,8:33
ruled firm in
452,2S5
228,900
A 14,526
114,526
579,035
421,892
4,384
275,000
32,754
15,000
23,214
109,241
more
bush.
....
• •
*
•
29,506
29.506
packages,
important quantities of which were shipped as follows:
Argentine Republic, 425 packages; Great Britain,
196; Biaail,
185; Japan, 154; Mexico, 131; Antwerp, 77; United States
of
Colombia, 43; Cuba, 35; Hayti, 31; British North
American
Colonies, 25; Hamburg, 25, etc. Brown
sheetings and drills
were in
steady demand and fairly active, aside from a few makes
of fine brown
sheetings, such as Pepperell, Nashua R, etc., which
were
subjected to a slight reduction. Bleached
shirtings con¬
tinued unsettled, and some additional
makes were reduced in
conformity with the late auction prices. Denims, ducks,
tickings
and corset jeans were in
steady demand for moderate lots and
the
bush.
bash.
-
110,000
460,225
505,152
398,292
bush.
1,082,495
105,600
105,800
469,uOO
113,831
8,051,079
Feb. 9. 1878
March 24, 1877
*
bush.
1,655,796
Domestic Cotton Goods.—The
exports of domestics from
this port for the week ended March
26 reached 1,864
•
Urain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports, and in transit
by rail, March 23, 1878, was as
follows:
Wheat, • Corn,
Oats,
Barley, Rye,
In store at New York
In store at Albany.
In store at Buffalo
[n store at Chicago and afloat
£n store at Milwaukee
;
In store at Duluth
In store at Toledo
In store at Detroit
The financial condition of
the
received
....
378.971
•
later period than usual.
promptitude.
busb.
(48 lbs.) (56 lbs.)
18,507
39,854
22,950
a
dry goods trade is considered sound, and as a rule both
wholesale
and retail buyers are
meeting their payments with com men 1 able
Rye.
bush.
26,375
Toledo........
until
325
• •
•
• «
$213,641
330
$120,936
538
145,018
188,005
96,800
200
63,883
185,117
67,533
25,465
195
149
136
67,142
259
309
$710,606
1,495,399
1,334
4,910
$3,206,005
$462,989
1,477.659
6,214 $1,910,618
408
351
I,*541
3,327
$211,294
54,482
125,173
86,523
65,066
$512,538
1,252,613
4,868 $1,765,15
THE CHRONICLE.
326
[Vol xxvi
Cotton.
COTTON
Pim, Forwood & Co.,
ttENERAL. COMMISSION
FROM
P. 0. BOX
SEED
New
TOLOOM.
613,
MERCHANTS,
P. O. BOX 4964,
Orleans, La.
,
New York.
Execute orders for Future Contracts in New York
nd
Liverpool, and make advances
produce consigned to
Cotton and
on
ther
1 8 'V 8
.
LEECH, HARRISON A FORWOOD,
LIVERPOOL.
Also, execute orders for Merchandise In
NOW
The contents of this book
are as
1MLAJP
England, China, India and Singapore.
READY.
UNDERWRITERS
follows:
OF
British Sc
Foreign Marine Insurance
Company of Liverpool.
INDIA.
W. C. Watts &
We have prepared a large Map of India, showing, among other things, all of the
*001100 districts of that country.
The map is made up from original sources and will,
we
think, be found
very
21 Brown’s
useful.
I.
CHAPTER
purchase or sale of future shipments or deliver!*,
II.
advances made
History of Cotton in the United States from the date of its earliest production,
tracing the progress from year to year, with the inventions which gave the
impulse to that progress; also a table of receipts and exports at each out-port of
the United States from the earliest records down to 1877, &c., &c
production of Cotton Goods from Earliest Dates—Interesting Review of the India
Export Trade in Goods from before the Christian Era to the Present lime, &c.—
The Monsoons and their effect upon and relation to the Cotton Crop—Also, the
past Production of Cotton in India and the present supply, with a detailed
description of each Cotton District from which the present supply comes—Several
wood-cuts and full Statistics of the Trade, &c., &c.
Stone street. New York, and Messrs. D. A. GIVEN 6
SON, 64 Baronne Street. New Orleans.
Acreage in the United States—Yield and Acreage by States since iS69—Possibilities of
Crops with Acreage given—Growth in Acreage illustrated and proved—Percentage
of Production and Acreage in Each State, &c., &c.
CHAPTER
V.
TI.
Hammer and Fall Growth—Formation of the Bud, its Shape, &c.—The Blossom, how it
TCKSBURG, MISS.
Orders to
urchase Cotton in
Aessrs. NORTON
Refer to
New York.
Prices of Spots and Futures, for a Long Series
Cotton Movement at New York, &c., &c.
H.
215
J. Baker & Bro.,
PEARL STREET, NEW YORK
Prime
of Years, at New York and Liverpool—
Quality Chemical Manures.
.
Also, strictly pure ground Bone.
Our descriptive circulars mailed free. The materia
tor special fertilizers for particular crops
George A. Clark & Bro.
brief
summary
Price,
NEEDLES.
English Cannel,
Liverpool Orrell,
American
Now
Orrell,
landing and in yard, for sale at lowest mar¬
lots to suit purchasers. Also, all kinds
.'.
ANTHRACITE
-
COALS,
'
supplied.
|
ALFRED
IX.
of the contents of this book.
It is
a
PARMELE,
32 Fine street.
Yard—537 West 2id street
.
.
_
Smith’s Umbrellas.
GUANAOO, patented
SILK, paragon
frame
J{
-‘k
$1 00
.2 00
•
2 50
GINU-HAM, any >!ze
,,
. -
Fine Silk Umbrellas in great variety.
Umbrellas and Parasols to order & repaired.
------
Wm. B. Dana &
HELIX
BROADWAY, NEW YORK.
.
-
Will be mailed to any
SUBNET
400
The Trade
large octavo volume of over three hundred pages, containing everthing the
trade needs for reference, and drawing conclusions from the experience of
tins past, which ought to make crop estimates in the future less difficult
And uncertain.
MARK.
•
Consumption of Cotton in Europe and the United States—Some Thoughts on this
Subject which may be Suggestive—Also, full Tables and Statistics Showing Past
Consumption, &c., &c.
very
OF
Chemicals for the Ville formulas, for all Crops
Chemicals for the Stockbridge formulas.
Dissolved Bone—Sulphate Ammonia, Nitrate Potash
Nitrate Soda, Sulphate of Potash, Muriate of Potash
40 per cent actual Potash.
Super-phosphate Lime
ket prices in
of the best
Till.
CHAPTER
market solicited
Miscellane ous.
MIL WARD’S
VII.
Gathering and Marketing of Crop—The Influences affecting Market—When and why
a Crop will be Marketed Early—An Analysis of the Movement to the Ports of Each
Crop from 1870 to 1877, and the Reasons tor Delays and for Haste—Tables Showing
at Several Points in Each State the Date of the Receipt of First Bales, Arrivals
New Cotton to September 1, &c., Ac.—Also, Height of Rivers for a Series of
Tears. All these facts are so arranged as to enable the reader to form a correct
opinion of the future. This chapter closes with the daily receipts and percentages
of past receipts for a series of years, &c., &c.
CHAPTER
our
SLAUGHTER A CO.
'
changes its Color and Shuts and Falls—Formation of Boll—Habits of Blossom and
Plant in Relation to Sun—Definition of Bottom Crop, Middle Crop and Top Crop—
Cotton Enemies in Summer, Lice, Rust, Shedding, Boll-Worms, Caterpillars, &c.—
Number Bolls to Make a Pound, &c.—Rainfall, Thermometer, Chronicle Weather
Reports and Agricultural Bureau Reports, from July to December, for 1870 to 1877
—Tables showing Date of Frost and End of Picking Season at a number of points
In each Southern State for Seven Years Past—Important deductions from this
Review and Analysis of Weather for past Seasons, &c., &c.
CHAPTER
Co.,
Factors,
IMPORTERS AND MANUFACTURERS
Planting—Cultivation from January to June—How Land Prepared and Seed Planted—
Old Lands being Reclaimed—Early Growth of Plant—Chopping Out—Securing
a Stand—Cotton Plant very tender in Early Life and tough afterwards—Its Early
Enemies and Diseases—Crab Grass—Wet May and June—Rainfall, Thermometer,
Chronicle W eather Reports and Agricultural Bureau Reports, from January to
Juue, for 1870 to 1877—Very important deductions from the weather data, &c., &c.
CHAPTER
Cotton
IV.
CHAPTER
consignments, and all information
D. W. Lamkin &
III.
CHAPTER
on
afforded by our friends, Messrs. D. WATTS St Co., SI
India
a
Buildings,
Solicit consignments of COTTON and orders for the
Introductory—Showing the Object and Scope of the Book.
This is
Co.,
LIVERPOOL,
CHAPTER
*
IN NEW ORLEANS
for the
Three Dollars.
address post-paid
on
receipt of price.
Co., 79 & 81 William St., N. %
HERBERT, 5 Austin Friars, Old Broad fct., London:
1203 Broadway* corner 29th street.
164 HroadWay, near Wall street.
TY Fulton Street, near Geld.
WHOLESALE:
405 Broadway, near Canal
■'
:
.
|
j
'-f
'
•m
§ ^
1 kk
? f;
street
)
",p.1802S
'
■■
-
•
•
•,
•••.
..
Si-1
@FedFRASER