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HUNT'S MERCHANTS' MAGAZINE,
R:PRE3ENriNa THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.
VOL.
SATURDAY, MARCH
48.
30,
NO.
1889.
Week BnMnt March
1889.
Terms of Subscription— Payable
In
Advance
New Tork
For Six Months
do.
European Hiibsorlptlon (iDolnaing postaee)
f Tiarej.
iOotton
(Grain
(Pttroteum
JBuropean SubsoriptlonSixMontUs (Including postage)...
i(2 7s.
.
Anniiul subscription In London (Including postage).
(6I,017.1!»5|
(-1-1
(18.744,000)
(35,650,000)
(-60-3.
(14,3(18.000)
89.896.851
4,632.200
1.60^.436
-t-26
85.761.436
1,18H,7I7
87,6a6,«a8
4,602,600
1,742.328
l,I2a.H53
1,184.071
l,00fl,.'?42
1,').'<3,4S7
855,9 -.4
74U.U01
,
,
Worcester
Portland
18
Total
of AdTcrtislng.
,..../.,
New Bngland...
Pittsburg
Baltimore
Total Ulddle.,
Chicago
Clnoinnati
Milwaukee....
Detroit
Cleveland
C!olumbD8
I<endon AKents
WILLIUl
^HM
O.
+oe
4,9W.600
-9-2
-2-2
-2 6
1,744.460
1.067.291
1,107.2«8
1.020.768
>-04.3l)2
-f6 4
l,062.H6ll
559.401
-(-34-1
702,282
98,669,020
-f2«
97,423,982
68,10i,S«9;
12,447,6851
ll,8»l,?83l
69,278,370
9,951.151
11,760,381
-H4 9
66,>>13,828
-I-25I
11,378,344
11,969,787
92.441.8?7i
t0,988,9O5
+141
57,758,9981
9.850,900
4,215,746
4.185.496,
».a68,f08
53.150,451
8.856,250
3,570,903
+8-7
-I-II-S
11,381,8001
-i-18-1
3,i!«8,626
+Ta
5.066,098
4JS01,0O4
2.942.442
-HO-7
3,1113,704
-^2»fl
--2-0
-l-I6'4
-i-lS-S
100,804,60;!
I
H-l-l
-h841
90,155,837;
-fSe-S
62.930,586
-j-H»
2.22».5l)0
).680.4.?8
».18rt.2:!«
iDdianapollB...
Peoria
1,315,302
I.2B5.2>t4
605,177
660,372
-TO
3,536.000
1,691,110
1,472,129
786,119
86,109,466
79,409,888
-f8-6
98,968,(80
-HS-8
13.345,,654!
7.7-7,,238
3.270,,397
8.199 ,655
3.323,,132
3.200, 750
1,9^9,,:-l42
1,365,.963
13,608,183
-(-5-9
6,6;)3,390
-+198
-I-4-5
14,632,231
8,150,189
3,617,:94
3,453,687
8,033,2971
3,683,673'
-7-8
+16-6
3.129,226
3,025,923
2,540.321
2,893,581
arsnd Baplds.
Smith, 1 Drapers' Gardens, E. C, who will take
subscriptions and advertisements and supply single copies of the paper
at Is. each.
1-9
-f78-6
-18 8
J,'i22,29S
BorlnKfleld
for less than one month, in the Commercial
Financial Ciikonicle. are publlslicd at 23 cents per line each insertion. When orders are ilefliiitely given for one month or longer, a liberal discount is allowed, and the net prices may he obtained on application at the ofllce. The lowest rates on permanent cards definit«Iy ordered for one year are 8 cents per line each insertion, making $58 for
one Inoli space one year. Space is measured in agate type -14 lines to
tlie inch.
Edwards
(2W9.600)
(43,;93.890l
(80,4B<),«5'J)
New Haven
fldverUsements ordered
Messrs
il.56n.e2-i)
biuhela.
Uilf
Phlladelptala.,
Terms
«80,9l4.e47
(-(-6-8)
(-688)
(274.300)
tiowell
is
+12-8
(1.410.300J
(880.800)
6al«j.
Bolton
ProTldenoe
Hartford
monej orders.
A file cover Is furnished at 50 cents; postage on the same
eents. Volumes bound for subscribers at $1 00.
P.Omc
988.273.380
(1.50fl.0441l
14,
•
Ml Ss.
BlxMos.
do
do
do
These prices Include the Investors' Sopplembnt, of 150 pages
Issued onoe in two months, and furnished without extra charge to
subscribers of the Chronicle.
Subscrfptionfl will be continued until definitely ordered stopped. The
pabU8Uer>< cannot b« responsible for remittances unless made by drafts
or Post Oilioe
66e,0i4,8«e
(Stoekt
6 10
11 28
6 64
Week End't Mar.
23.
P, Cent.
1888.
Bala of—
*10 20
For One Year (Including postage)
1,240.
-11
1.888.738
-f40
-f«8-7
+9-9
A.
Total Middle Western
B. DANA & Co., Pnbllabers,
"]^riI<I.IA<a
103 IVlUlain Street, NEW YORK.
B. DAHA.
FLOTD,
San Francisco..
Kansas City....
Minneapolis...,
at. Paul.
Post Office Box 958.
Omaha
Denver
CLEARING HOUSE RETURNS.
Dalutb
Joseph
Los AnKeles...,
Wichita
Topeka.
Sioux City»
3t.
The returns of bank exchanges for the week ending March
23 record a decline from the preceding week of a little more
Tacoma*
than forty-two millions of dollars. Thirty-three millions of
Total Other Westers.
New York,
1,81)4,145
1,138,346
1,200,0
651. «45
592,1,000
853,,H84
3)9,,790
436,,790
377,,914
,
-h5-7
+S0-8
+33-7
-(-i5-9
-HI 1-8
l,8!!9,37ll
-50-7
790,790
683.438
886,790
-t-0-3
+19-0
308,256
1,363,700
-1-90-6
-t8-9
480-*
-HI-*
—-W
18-S
-t-14-8
+af9
B1«A«
»7^>
+10-6
86,187,016
38,926,908
48,384.449
•i-8-8
and apparently due to operations
)-10-2
18,504,864;
16,786,180
18,694,688!
dt. LoDls
-t9-6
--23-9
other than those on the Stock Exchange, for, although the New Orleans
-1-28 1
8.481.849
10,505,896
11.646,562
-26 8
4.519.112
6,692,4931
5,718,902
+87«
number of shares dealt in is less than last week, the actual LonlBVille
-•41-5
l,180.970l
3.596.986
8,520.513
-l«
Memphis
l,58B,0O0
310
3.131.636
2,080.509
4^6
Richmond
value covered is slightly greater. The New England and mid- (Galveston
--34-7
090,6N9
736,423
l,2ei,v7()
+»*
-240
815,186
795,041
619,160
-fO-8
dle sections show gains compared with March 16, but in the Norfolk
43,807,8881
40,939,363
34,706,670
-i-ie-8
Total Bonttaem...
-t-18
Western and Southern divisions losses are exhibited, in which
453-7
-H15;i,057.594,783
,016,166,789' 010,334,173!
Total all
all but two of the clearing
houses included participate.
3M,2n,71)3 827,9603^
-H9 2I 367,680,1761
-H24-8
Transactions on the Boston Stock Exchange exceeded in Ontslde New York.,
• .Not included In l.DtalHvolume those of a week ago, as well as for the corresponding
The returns of exchanges for the five days have been received
l>eriod last year.
While unfavorable in some particulars, the by telegi-aph this evening and are given below. Contrasted
this decrease is at
1
with the five days of 1888, the total for the seven cities records
an increase of 14-1 per cent. Our estimate for the full week
interests, and preparations for the crops are well advanced
ended March 30 indicates an excess over a year ago of about
generally. The movement of cotton to the ports continues 22-3 per cent.
Part of tills gain ia due to the observance of
considerably in excess of last year, and the same is equally Goocl Friday in the week of 1^. Messrs. R. O. Dun & Co.
report the number of failures for the week ended to-night as
true of foreign shipments.
340 (204 in the United States and 36 in Canada), against 249
Contrasted with the week of 1888 the current figures make
the previous week, and 223 for the week of last year.
present season has been quite
satisfactory for agricultural
a favorable exhibit, all .sections sliowing
some augmentation.
from those at Los
ITMk EndiftQ March
Losses are recorded at eight cities, but aside
the
New York total,
respectively in the
origin, or
there remains $434,059,996
two
an increase
years, representing
year of 8-9
i)er
New York
Boston
ClUoaco
St.Laali
New Orleans
Total. 6 days.
1
Jfir. 83
SBoll6,87«
+15
(1,803.890
(+12-6)
-i-9-3
8,622)
(-13-6)
78.520,200
69.916.038
T?,440,83S
B3.985.486
9.848.698
88.161.144
+23-6
-fM-B
-I-88-0
10.163,418
tl, 154.943,'
1
1.3'
P.Omt.
46.880.000
7.840.C83
38.718,000
-H4-6
48.S10.0o0
14,360,831
12,T&8,0«e
-H4l
16.629.958
+8 2
+18-7
+1-1
+7 8
+«-l
7,913,451
6*71,875
-|-30'4
9.818.800
+991
W7,»I»,S28
+141
7Siil7.809
146,314,108
638,180,700
78,07»,4S9
105,401,208
711,197,139
89,501,596
»,14«w069
148,1«8,«17
-fS-4
+389
913 406.480
+U4
+17-3
103,013,818
•»18-1
+33-3 1.015.419,688
800,698.731
9TflJ>27.«S4
Total week. aU
iror toe luu we«« basea on last we«-.'s retanu.
+11-5
1
day...
Total full week
Balance Conntif *-
•
1889.
flOOl
Bittmated
and $398,408,280
P.Onu.
478,570,993
523,171.653
Satee of Stock (sfuwM)...
exchanges of other
ent.
1888,
1889.
'
this
Week and
SO.
Sttunu In TeUtraph,
Angeles and Norfolk, they are not important. Most prominent
in percentage and increase this week is Memphw, with 41 '5 per
cent, and a number of other jxiints in the West and South
exhibit gains ranging from 23-9 per cent to 34-7 per cent.
Compare*! with earlier .years back to and including 1888, the
•pre-sent total is in excess of any corresponding week.
Dealings in shares on the New York Stock Exchange cover a
market value of $89,1.54,000. which compares with $73,546,000
for the corresponding period a year ago.
Pursuing our usual
method of deducting two-and-a-half times these values from
..
THE CHRONICLE.
412
of £344,000,
THE FINANCIAL SITUATION.
The money market
lias^_continued
through the week
[Vol. XLVirr.
principally sent to the
Cape but some to
Lisbon, &c., and by £25,000 sent to the interior of
The probability is, with regard to the
Great Britain.
wHh the same tendency towards increased activity which liquidation at the Paris Bourse, that precautions have
has been noted since the month began. The underlying been taken privately to extend such accounts as were
The efforts to sustain the
cause has been the outflow of currency to the interior likely to fail of adjustment.
in progress ever since the last of February, this loss
price of copper appear to have been futile, the cable
month closes by the reporting a decline to about £39 per ton. Discounts in
the
as
aggravated
being
customary quickening in the demand about the London of sixty days to three months' bank bills are
There was a special withdrawal on now 2f per cent; at Paris the open market rate is 8f
the 1st of April.
Monday of a large amount loaned by a leading banking per cent, and at Berlin and Frankfort it is 1|^ per cent.
Our foreign exchange market was dull and withhouse for the purpose of meeting a payment in Boston
of about six million dollars on account of Boston Gas out special feature until Wednesday, when the rate for
Light stock, wliich added materially to the ordinary long sterling grew firmer in consequence of a demand
movements incident to the period. It is to be said also induced by easier discounts in London. On Thursday
that the
March outflow
of currency to the interior
has
this year been in excess of 1888, so that the surplus
bank reserves are now comparatively small. In fact
some of the drawers advanced the
rate to 4-87,
and
yesterday the leading drawer also put the rate at that
The tone is
figure, while sight remained at 4-89^.
four of the principal clearing house institutions held, firmer for sixty day bills and for Paris francs, and
as appeared by last Saturday's statement, $5,017,700 although sight sterling is steady, there are no indicaout of the $6,698,925 shown by all the banks, bringing tions of an export of gold at present.
Still the out-
many below
the 25 per cent limit and hence unable to
It is claimed that the
may wholly change
look
the
first
when the
of the week,
The
deal liberally 'with borrowers.
settlement begins at Paris.
increased calls from the interior this year are due to
the week between New York and London
have had little or no effect upon the exchange market.
Commercial bills remain scarce; but tlie-sliipments
of cotton, provisions and corn continue largely in
We have this week a report from
excess of a year ago.
urgent demands from mercantile sources. Western and
in some sections Southern merchants are said to be
carrying large lines of goods which they have been
unable to sell because of the unusually mild winter; to
meet their engagements they have been obliged to
borrow, and this borrowing has led to discounts at our
banks, the proceeds of which have been remitted.
That explanation seems reasonable, and no doubt is in
some measure 'correct, and yet bank clearings all the
time keep up larger than a year ago, which indicates
greater industrial activity and therefore greater needs
for currency in divers ways.
Call money, so far as represented by bankers' balances,
has loaned at 6 and 2^ per cent, the average being
about 3i per cent; renewals each day were at 3 per
cent until Thursday, when an attempt was made to
mark them up to 4 per cent and this was in some
cases successful.
The minimum rate of banks and
trust companies on call was 3 per cent early in the
week, but later it was advanced to 4 per cent. Time
loans are still quoted about as we reported last week;
that is to say, the bid for thirty days is 4 per cent, and
the quotation for sixty to ninety days is also 4 per cent,
while 4| per cent is the highest for four, five and six
months. Of course all these rates cover loans on prime
collateral only;
with the security
off
color the rate
arbitrage operations
during
the Bureau
of
Statistics
of
the total foreign-trade
movement for another month, which brings the figures
down to the first of March. They still record large
imports, so that notwithstanding the increased shipments
as above stated, the aggregate of
in February was $2,220,000
exports
merchandise
the
imports.
Our
usual summary of the total
the
than
less
trade for January and February, 1889, and for the
of cotton, corn, &c.
same two months of previous years, we give below<.
FOHIIQN TBAOE HOTEUENT OF THE UNITED STATES— (OOOS
Merchandise.
2ioo
GOLD.
Exceui
Mos.
Export: ImporU. 0/
Ex
porU.
1889.
Jan....
Feb...
I
73,482
59,871
t
«8,848
5,133
6-j.oei
•J,220
133.353 130.440
119,T36 Vi5.3W
ia«f,3U 111,107
109.883 104,101
84,249!
134,478
1885
1884. 135.836 109,021
1883. 147.833 113.272]
lS8-i Vi\ ,62b 113,7831
' Excess of imports.
Total
188S.
1887.
1886.
%
2.813
•5,633
15,204
3,702
50,824
20,215
33.603
5,745
t
Silver.
Excess
iTIl.
porU.
pert*.
of
ImporU.
%
6jg
817
%
1,187
1,478
t
+548
1,46«
1,409
3.680
2,692
3,963
918
2,675
2,291
2,308
8,236
3,082
3,565
+ 1,808
1,601
1,603
7,831
'»'
Omitted.)
+661
+8S»
1,371
+5,544
881
+2,617
821
+5,731
Ex-
Im- Exuss
0/ Bx-
porU.
ports.
*
3,003
2,693
$
1,563
1,149
t
1,440
1.450
5.602
4,356
4,26?
4,908
4,736
4,663
3.912
3,731
2,718
2,368
2.628
2,160
2,097
2,039
1,881
1,165
2.880
1,990
1.741
2,739
2.639
2.684
a,061
a,s8«
porU.
Excess of exports.
For the two months of 1889 the merchandise exports
limited demand, mainly in consequence of the low have been $13,617,000 more than for the corresponding
reserves of the banks; the supply at present is only months of 1888, and also in excess of the first
fair, but it is expected that it will be better after the two months of each year since 1885
due almost wholly
beginning of the next month. Rates are 4^
5 per to the later movement of cotton, thereby postponing
cent for sixty to ninety day endorsed bills receivable, exports which should have moved in the fall months of
5 @ 5| per cent for four months' acceptances, and 5| 1888 to the early months of 1889.
But the increase in
6^ per cent for good single names having from four imports more than offsets these extra cotton shipments,
to six months to run
making the total imports for the two months of 1889
The feeling at London has improved this week. That the largest in the record, and very much larger than
has been due (1) to an increase of confidence in the for the same period of most of the years given in the
situation at Paris, with a growing belief that the monthly table; compared with 1885, the year when the imports
settlement on the Paris Bourse is likely to be effected were smallest, this increase for the two months is $46,without any serious trouble and (2) to the larger bul- 191,000.
lion holdings of the Bank of England, the total now
At the same time although such is the condition of
being £22,681,153, the gain of the week being £327,000, our foreign trade, and furthermore, although there is
made up, according to a private cable to us, by an ac- nothing new in this condition, it being of the same
cession of £696,000, which was bought in the market
character reported almost month by month for years
and received from Australia, &c., decreased by an export past we not infrequently feel when referring to it like
varies according to the shade.
Commercial paper
is
in
—
@
@
;
—
—
;
March
adding
ii
.
THE CHRONICLE.
80. 182:0,1
caution, lest tho public
may
give, as
it
easily
413
Pacific stands at $427,485, against $187,920 in 1888,
and
may, too great prominence to its eifoct on tlie course o for the two months at $760,683, against $196,386.
In other sections the returns are not so generally
commercial events in the immediate ftitiire of the
The Reading, which last year lost over
It is of course an important fact, and one satisfactory.
country.
worth keeping in mind, yet the United States has li million in gross receipts (combined companies) and
often
in
past
the
set
at
laws
defiance
of
older or
trade
half a million in net, this year gains
more gross and but $90,000
The
only $058,000 in
which is al.so a
seems as if large coal carrier, loses heavily in gross, but haa
a new code applicable to itself had been written by managed to offset nearly the whole of this loss by a
events.
No doubt retribution comes here as elsewhere reduction in expenses. The Pennsylvania statement
from over-trading, from unscientific currency experi- for February has also come to hand this week, and the
ments, from false financiering, but it seems to come following is our usual exhibit, covering the last six years.
finance which the
and
experience of
finished countries has established, until
in net.
Erie,
it
very slowly and only after a repeated scattering of the
cloud which appeared about to break a new industrial
That may
development deferring the catastrophe.
us
it
seems
not only
but
to
fanciful,
read a little
—
Lixis EAST or
PiTTBDDBO.
1»9.
1887.
1886.
188S.
Fehruaru.
WBt.
I
Oross eamlDKa
4,4S1,15';
4,S79.4!SS
8,1)88.789
8.S4e,4T5
8,075,700
8,488.733
Operat'K expenaes.
3.02B,714
.S.Cai.lTj
2.606,631
.1.241,871
2.343,21
«,80a.lM
1,3S0.157
1,267,604
investor
Net earnings... 1.3«],413 1,»S8..^3^
Western lines
-110,152 —112,543
dollars incurred in a currency greatly depreciated for an
Jan, 1 tfl ^{arch 1.
Gross earnLiiKB
OperatV expenses.
history but a thought which every merchant and every
must consider when interpreting the signs of
A nation that has grown rich while contractthe times.
ing and then paying a debt of thousands of millions of
extremely wasteful war; and which only a few years
since built railroads absurdly in excess of the needs
of the moment, and yet found for them almost at a
jump active use and abundant occupation— must
in many ways have possibilities of. recouping the damage or averting or postponing the embarrassment which
would bo likely to flow from such a trade condition as
Result.
Net eamlnRB...
Western lines
1,124,979
-53,102; -205.180
-14«,«8S
625,809
978,893
6,353,222
4,532,159
7,000,966
4,710,261
2,290,715
1,251,281
1,248,740
1,383,632' 1,212,502
8,849.8SB
8.573,4Sa
7,840.559
6,971.011
8.477,(J«4
8,209.2.30
6,248,1'61
1.7!51,8«)
2,472.236
2,364.203
2.591.508| 2.219,145
1,821,068
-101,201
—54,612
+lS8,42e| -188,789
—247,9871 -286,271
2.752.934; 2,030,886
1.573,0761 2.034.444
2.3-1,^31
RSRUlt.
+3,475
830.4ij»
be observed that the net result, both for
January and the two months, is about the same as it
It
was
will
last year.
stock market this week has been active, depressed
The
&
Eock
weak specialIn railroad affairs the matter of chief importance conties, Atchison particularly being depressed and selling
tinues to be the character of the current reports of earndown to 40^ yesterday. There have been no new deyelThere are still doubting Thomases who are not
ings.
opments with regard to any of these properties except
sure that the Presidents' agi-eement has effected any
that Rock Island declared its regular quarterly dividencj.
good, and reports of occasional reductions in rates give
St. Paul has maintained its price well, and Northwcrt
just the slightest air of plausibility to their claims. The
comparatively
firm.
Unica
been
likewise
has
indicated above.
tnie test, however,
Burlington
Atchison,
lower.
Quincy,
Island and Missouri Pacific have been the
is
found in the
results as regards earn-
ings in the period since the agi-eement has been in force.
On
and
that point there
is
no cause for complaint.
as yet
Pacific
of
was
the
board
sharply
on
attacked
directors
of
in
the
actif'n
declaring
that
was inexpedient to resume dividends at this time.
Keturns of gross earnings are very satisfactory, while the
The coal .stocks have also been a weak feature, and
The latter offer
net earnings as a rule are even better.
especially Reading, whi«h declined on the unsatisfactory
the best guide to existing conditions, for they show
statement for February. The Lackawanna yesterday
whether the business is being done at a reasonable margin
declared the usual If per cent quarterly dividend.
it
of profit.
A
given amount of gross earnings
now is sure
The following statement gives the week's receipts and
shipments of currency and gold from and to the interior
year, (since rates are so much better), and consequently
by the New York^^banks.
a smaller operating cost.
This is what appears to be
happening in a great many cases.
We referred last Wuk ending March 29, 18^9.
Set Interior
Received by
Shipped by
MovenmU.
N. r. BanJcs. N. T. Bonks
week to the returns for January. A good many reports
Loas. 1808,000
(2,086.000
»1,210,000
That of the Gold
of net have now come in for February.
981,000
8
934,000
The road gained
St. Paul is conspicuous among them.
|3.0SO,0JO iLoss. 11,840,000
$1,210,000
Total gold and legal tenders
$99,546 in gross over 1888, and has at the same time
With the Sub-Treasury operations and gold exports
to represent a
much
smaller aggregate traffic than last
.
managed
to reduce expenses ll.5G,18G, so the net stands
the result
is
.
as follows.
at $395,072, against only $139,340 in February, 1888,
the increase being $255,732.
In January the increase
Wuk endlflj March 29, 1889.
Into Banks.
OtttO/Bon»». Set Okante i»
Bank
BolMitt'.
had been $300,414, making a total improvement in Banks Interior Morement, as abore »1,210.0.10
t3.0o0.000
Loss. tl,840.000
13,900,000
Loss. 1,900.000
these two months in the large sum of $550,140.
It Sab-Treas'7oper.and gold exports. 12,000.000
fit.aio.ooo
116,880,000
Loss. $3,040,000
legal
tenders
,,,
gold
and
Total
should be remembered that the gain for February is
more significant than for January, since February,
The following table indicates the amount of bullion
the whole year
1888, was the best month
of
in the principal European banks this week and at the
besides,
one
less
day. corresponding date last year.
there
was
this
year
The Union Pacific had an exceptionally good exhibit
last
now
and
year in February, so
find
net.
some
it is
not surprising that
we
Harch
Sold.
falling off the present year in both gross
In neither case, however,
as last year's gain,
is
the loss as large
and for the two months there
is
an
improvement in the net of $95,000, after a gain of
$51,000 last year. Further north the Canadian Pacific
and Northern Pacific have additions this year after additions last year.
The net^for February on the Northern
March 29.
93. 18(0.
Banks 0/
England
Franco.
Germany
AuBt.-IIung'y
Netherlands..
Nat. Belgium.
22.681.153
40.031.817 40,490.422
81,293.334 lS.64«,e6«
6,536 000 15.535.000
7,071,000
1.383,000
1888.
SotiL
auver.
M
a
23.912.139;
44.854,808 47,887.167
7<M.
a
22.91S,1S0
92,841.970
37JM8.667 13,994,338 41.888,004
6.258,000 14,006 000 «o,8si,aoo
4,49:.O0o| 8,8J7,000 13,888,000
«.« oe,o?o
3,937.000, 1.460,000
1
IO7*W,334'89.066.O'i8 196.924,429 109J241.60g'86,283,600 I96MS,1U«
Tot.prer.Wk. 107.462,453V8,926.9S1 lCe.389.38S. 110.705.188 H6.788.8S3 I97.49l.a*l
Tot. this
week
—
THE CHRONICLE.
414
preferred
MATURING BONDS AND LOWER INTEREST
stock
controlled by the
[Vol. XlVIII.
The
outstanding.
Burlington
&
road is wholly
Quincy, which owns
RATES.
The Quincy itself
nearly all the stock of both classes.
mortgages
(or
say
divisional
and
per
cent
of
7
8
1900
year
has
$9,272,050
Between now and the close of the
Assuming
highthat
now
and
1900.
of
between
ions
fall
due
mil
which
668
years)
within the period of eleven
6
stand,
the
bearing
or
just
as
they
by
5s
4s
replaced
bonds
were
these
that
is,
bonds—
rate interest railroad
is savimg would be in the one case $224,451 per annum,
result
This
due.
fall
more—
or
per cent interest
But in reality the change
reached in an investigation of the subject in our pres- and in the other $317,171.
We give will be greater. At least one of the issues (the
ent issue of the Investoes' Supplement.
mortgage) has
full details there, but the room for editorial comment Burlington & Missouri River land grant
being limited (the tables covering much space), we a sinking fund the accumulations of which already
propose here to review some of the interesting features amount to nearly 2^ millions more than the whole
As bearing upon the future of remainder of the outstanding bonds under the mortgage.
disclosed by our labor.
the matter is an important On that issue, therefore, the saving will be not merely
companies,
many different
the difference between the old and a new rate of interest
one.
In the early days of our railroad history, interest ($125,116, as we have calculated it on a 4 per cent
higher than now, so that railroad companies basis), but the whole amount of the interest now paid,
money on as advantageous terms as at as the bonds will be extinguished at maturity. And
As these old-time and old-rate bonds mature, that is a consideration which must be remembered with
much
ruled
could not borrow
present.
replaced by others bearing a lower reference to bonds of other companies having the same
rate of interest, and the position of the stock and of feature, for the table in the Stpplement has been
Dur- prepared with the single idea of showing the saving to
junior securities is correspondingly improved.
they are
now being
ing the eleven years under review, the changes may in accrue from a reduction in interest.
It will doubtless be a surprise to see how many comsome cases be sufficient to raise a stock from a nonThere are even panies there are whose future outlook is materially
dividend to a dividend-paying basis.
yet some 10 per cent bonds outstanding, though not improved by this prospect of being able to renew matur-
more than two or three the Hannibal & St. Joseph has
an issue of that kind (tlie Kansas City & Cameron Ists)
made in 1867, and which matures three years hence in
the coupon notes (now to be redeemed) and
1892
debentures of the Mexican Central are also 10 per cents,
;
;
ing loans at lower interest rates, and also the extent of
the aggregate difference in special instances.
The Cen-
Railroad of Georgia has three issues of 6s and 7»
if these are
falling due within the next four years
tral
;
refunded or extended at 4 per cent, the saving will be
recent
period
comparatively
within
a
but .were issued
$261,710 per annum. As the stock of- the road is only
exceptional
circumstress
of
under
the
and
1885)
(1884
7i millions, this would be equivalent to about 3| per
The Lake Shore has several large
Of 8 per cents, the number is much larger
stances.
cent on the same.
the Burlington & Quincy, the Northwest, the St. Paul, issues maturing before 1901 on which the saving at 4
the Michigan Central, the Illinois Central, and the per cent would be $630,000, and even at 5 per cent
Union
rate.
Pacific, all
The bulk
having one or more issues at that
of the high-rate bonds, however, are 7
per cents and 6 per cents, as an examination of the
statement referred to will show.
would be $420,000, or nearly 1 per cent on the 49^ milThe Michigan Central has certain
of stock.
underlying 8s and 6s which fall due in about two years;
the saving at 5 per cent would be $146,830 and at 4 per
cent $203,020, or more than one per cent on the ISf
millions of stock, ae, under the arrangement with the
Canada Southern the benefit from such reductions will
go exclusively to the Michigan Central. The Maine
Central can save $119,128 by refunding at 4 per cent,
and $63,348 by refunding at 5 per cent the stock being
only $3,600,000, the former amount would be over 3 per
The Boston & Maine can save $105,000 per
cent on it.
annum on a ih million issue maturing in 1893 and 1894,
beiug 1^ per cent on its 7 millions stock. The Boston &
Albany on 5 million 7s falling due in 1892 and 2 million
6s falling due in 1895, would save together $190,000, or
nearly 1 per cent on its capital; but stock will be issued
The Old Colony by renewals at 4 per
for the bonds.
lions
With reference to the rate at which the maturing
bonds can be refunded, a very favorable point is the
character of the lien.
As the bonds were issued, most
of them, many years since, and have in numerous
instances been succeeded by various other and later
issues, the property being improved and extended
meanwhile, they have in not a few instances become
choice securities, and will command the best prices and
most advantageous terms at the hands of investors and
lenders when they mature and the time comes to extend
or replace them.
Of course, this does not apply to all
the issues, and perhaps not even to the largest part of
th£m, but it does apply to many of them. Where the
character and standing of a company are unquestioned
and the lien first class, there would seem no doubt that cent could save $149,505, or over 1 per cent.
the bonds can be renewed at 4 per cent.
Among roads in the West the Missouri Pacific and
But whether we take 4 per cent or 5 per cent as the Iron Mountain have various large issues at high rates
renewing rate for the bonds, the contrast with the falling due within a few years. Last year the Pacific
old figure is very striking.
On the 10 per cent of Missouri firsts were extended at 4 per cent. If all
issue of the Hannibal & St. .Joseph above referred the other issues of the two companies should be extended
to, the saving even at
per cent would be one-half. at the same rate, the saving would be $747,680 per
But in this case the bonds could doubtless be readily annum, but even at 5 per cent it would be $501,120, or
renewed at 4 per cent, making a difference of 6 per more than 1 per cent on Missouri Pacific stock. The
cent.
The issue is not a large one (only $1,200,000), Chicago & Alton also will be able to save the equivayet the saving on that basis would be $72,000 a year. lent
of 1 per cent or more by extensions of its bonded
The company also has 1433,000 of 8s maturing in the debt at lower rates. The St. Paul in a similar njanner
same year (1892), and if these likewise were refunded could reduce charges in the aggregate nearly half a milat 4 per cent, the total saving per annum would be
lion dollars if 4 per cent is taken as the renewal rate,
189,320, equal to about 1 J per cent on the five millions and
The
$341,723 per annum if 5 is the figure.
;
.5
March
THE CHRONICLE.
80, 1889.J
415
New York & Hiirlem, the Rook mon, it is easy to see what an important item thia
Denver & Rio Grande, and tlio Grand saving will be. But there is also a sinking fund conRapids & Indiana, are some other companies wliich will nected with the first mortgage of this road, which now
be in position to renp larger or smaller benefits in this holds considerably over a million dollars in cash and
bonds, so to that extent the position of the company
way.
instances
would
be still further improved.
On the other hand,
conspicuous
are
But perhaps the two most
the
of
the
Dividend
Bonds
somewhat complilarger
existence
the
companies,
among
those of the Union Pacific
at
least
.so
far
as
the
common stock is
Haute
cates
the
matter
Tcrro
among
the
&
Alton
Louis
and the St.
These Dividend Bonds ($1,357,000 in
Counting the principal of the concerned.
smaller companies.
Government debt, the Union Pacific has 88i millions of amount) come in after the preferred stock, and no interbonds falling due within the next ten years, over 15 est is now being paid on them. They can be called at
millions of the amount bearing 8 per cent interest, and any time, and are payable on or after January 1, 1894.
Supposing this debt all If not paid on this latter date, however, the company
the remainder C per cent.
refunded at 4 per cent, the annual charge would be must appropriate its entire net earnings above charges
reduced $3,069,070 equivalent to 3^ per cent on the and the dividend on the preferred stock to the principal
The saving, as of these Dividend Bonds. This provision would shut
$60,868,500 of the company's stock.
interest
now charged out the common stock from participation in the benefits
compared with the amount of
much
quite
as
as that, for arising from the lower interest charges, till these bonds
would
not
be
against income,
But doubtwhile the company will have to meet the interest on the had been paid in full out of net earnings.
Government debt in full at maturity, in the meantime less the issue will be provided for in some other way.
annual payments to the United States (under It could be covered by a new issue, and this without
its
Wabiiah
Island,
Western, the
the
—
—
the act of
1878)
fall
short
of
the
accruing annual
increasing the aggregate of debt as
it
now
exists, since
But even allowing about the sinking fund above mentioned will extinguish a
three-quarters of a million dollars on that account, the large amount of the old first mortgage bonds.
saving in charges on a 4 per cent basis, as compared
THE LATEST CONSOLIDATION.
with the present annual cash payments on the 88^
million bonds, would be equivalent to full 3 per cent
The arrangements for the consolidation of the " Big
on the stock.
Four" (Gin. Ind. St. Louis & Chic.) with the Bee Line
The advantages to result from this reduction of inter- (Clev. Col. Cin. & Ind.) seem now to be definitely
est suggest that it is quite within the range of possi- settled.
It is announced that all the preliminary details
bilities that at the maturity of the debt the company may have been agreed to and approved by the two boards of
be able to make arrangements for meeting all its obliga- directors, and that the only other thing necessary to
tions to the Government, principal and interest, without perfect the amalgamation, is ratification by the stockany additional legislation in other words, the company holders, which of course is assured.
may not have to ask leniency or favor from the United
If on the one hand the union of these two roads seems
States. Of the 88^ millions, 14 millions are the 3d mort- somewhat unnatural
the Big Four running almost at
gage land grant sinking funds, which will be practically right angles with the Bee Line on the other hand there
extinguished by the operation of the land grant]]trust, are reasons why the merger must be regarded with favor.
since the cash and land contracts held by that fund Looking at the general condition of railroad affairs in
will with the accruing interest be more than sufficient the territory traversed by these roads, the step is
charges
on
that
debt.
—
—
to cover the whole 14 millions of bonds.
This leaves
about 74 millions of other bonds, all possessing either a
first or a second lien.
The unpaid accumulations of
interest on the Government debt amounted December
31, 1887, to $16,363,744.
Suppose that this is further
increased during the next ten years, say, 7 or 8 million
dollars; there would then be a total of about 98 millions
of bonds and interest, including both the Government
second mortgage and the underlying first mortgages.
What is to hinder the Union Pacific from issuing a
100 million mortgage (or slightly more if necessary) to
The company could give pracmortgage, and the bonds therefore would
be quite desirable.
In case that were done the charge
on the 100 million mortgage would be 4 millions per
year, whereas on the 88^ million now out it is $5,598,take care of this debt.
tically a first
—
certainly a very desirable one.
try are the difficulties in the
ment
to preserve
its
of successful
so great as in that very section.
know how hard
ill
In no part of the coun-
way
it is
Our
manage-
readers
all
for the Central Traffic Association
harmonious arrangements among the roads
charge, and
how frequently
the Eastern trunk-lines
are involved in conflicts having their origin with those
There is so much railroad mileage in the MidWestern States, and it is owned by so many separate companies, that permanent and complete harmony
seems almost out of the question, as things are now.
The Bee Line and the Big Four probably give as little
trouble in this respect as any roads, and yet it is obviously more advantageous and less provocative of discord
to have a single interest to deal with than to have two
separate parties to consult, no matter how closely allied
roads.
dle
The consolidation is also to be
is, as stated above, less
or pacific they may be.
than this (say, $700,000 less), as the payments by the commended as in consonance with an apparent tendency
company to the Government fall that much short of in the same direction developing on the part of other
meeting the present interest on the subsidy bonds issued roads in that section.
We see the Mackay syndicate
to the road.
various small roads, while
absorbing
and
stretching out
In the case of the St. Louis Alton & Terre Haute there seems at the same time to be reason for thinking
€90, though the actual cash paid
tliere are $6,700,000 of 1st and 2d mortgage 7 per cent that the Cincinnati Hamilton & Dayton, the Wheeling
bonds which fall due in 1894. They can doubtless be & Lake Erie and the Dayton Fort Wayne & Chicago will
replaced by 4 per cents, as besides the income from its also ultimately be united under some fonn of joint conbranches, the company has a guaranteed rental on its trol. It will be well if a few strong systems shall replace
main line of $450,000 per annum. The reduction in the many weak ones in the Middle Western States, for
charges would amount to $201,000 per year.
As the only through the concentration of power and responsibilfitock is only $2,468,400 preferred and $2,300,000 comity in this way can lasting and successful harmony be
—
THE CHRONICLE.
416
assured
among
the Western connections of the trunk
XLVin.
change in this regard, but neverwest-bound freight formed nearly 39 per
cent of the whole, as compared with only 36 per cent in
1879.
This refers to the tonnage actually handled.
In the case of the tonnage mileage, the change has been
even more decided, for in 1879 the proportion of westbound was less than 35 per cent, against about 39^ per
cent now.
Not only that, but this percentage is large
as compared with many other prominent roads.
As regards the clianges in traffic which have helped
to bring the two movements closer together, there has
been on the one hand an absolute loss in agricultural
tonnage, and on the other hand a marked gain in othei*
items of tonnage.
To a certain extent the changes during 1888 were in the same direction, but not with equal
uniformity.
The item of corn, oats and seeds for instance shows an increase over 1887 of over 50,000 tons;
yet the total of 343,006 tons for 1888 compares with
426,177 tons in 1879. Wheat further decreased during
the late year, and as against 220,538 tons moved in 1879
and 340,288 tons in 1883, the amount in 1888 was only
Of flour the road carried (these figures
70,202 tons.
all refer to the Cleveland proper, there being no comparison so far back for the entire system) 65,960 tons in
1888, against 87,349.tons in 1887 and 152,482 in 1880.
slight unfavorable
theless the
lines.
at the direct benefits to result to the con-
Looking
we suppose
tracting parties in the present alliance,
one
[Vol.
reason
greater
the
for
economy
of
merger
a desire
is
management
in
to
the
that
secure
operation
Both roads have been well
of the two properties.
various ways in which
are
there
managed, but
expenses could be reduced under a single conThere is certainly no road to which economy
trol.
of operation is more essential than to the Bee Line.
This follows from the fact that so large a part of its
traffic is through traffic, or else subject to through
rates.
The company
publishes a very complete annual
statement, and last week issued the report for the year
1888.
Some
of the
results
interest at this juncture.
carried on the Clev.
Col.
disclosed, possess
Thus out
Cin.
&
special
of 2,8^4,406 tons
Ind. proper in the
late year, only 983,543 tons constituted local freight.
In the case of the tonnage mileage the disparity
is
even
greater, for out of 443,830,314 tons carried one mile,
but 95,839,195 tons (not 35 per cent) was
result of this
that the
is
average rates on
traffic,
its
company
and
local.
realizes
to got
the business the cost of moving the
aay
The
very low
profit out of
traffic
must be
correspondingly low.
The
In 1888 the conditions of course were quite unfavorable; nevertheless, it is interesting to note that on the
whole system (including all lines operated) the average
received was less than 7 mills per ton per mile, the actual
crops and in part to increased competition and the mul-
Taking the Clev. Col. Cin.
Ind. proper, the rate was only 0-658 cent. This latter
figure being 0-693 cent.
&
is
items
loss in these
tiplication of
new
is
roads.
ascribable in part to smaller
As compared with the
best
and tobacco.
But the items reflecting the growth and development of
general industries show gains not all as compared with
the year preceding, but as compared with the earlier
years.
Thus the tonnage of such articles as manufactures, coal, stone and lime, forest produce, provisions,
petroleum, and merchandise, stands greatly above that of
either 1879 or 1880, and in some cases is the largest ever
previous years, there
is
also a loss in cotton
—
than the lowest average ever received on the New
in any year less even than on the
Central at the time of the trunk-line war in 1885 and
compares with 0-77 cent realized on that system in the
year ending September 30, 1888.
It is not lower, how- reached.
It is to be noted also that the passenger traffic
ever, than the average on the Pennsylvania main line shows a decided and steady growth on all the divisions,
and branches, which earned 0-634 cent per ton per mile being for 1888 the heaviest on record.
in the late year; but the Pennsylvania has a very large
If the consolidation with the Big Four shall operate
less
—
York Central system
coal traffic
which
is
carried at low rates and can be very
The Cleveland
distinct from the
cheaply handled.
through rate as
—
report also gives the
local rates,
it
bound through
same
business,
and from in
appears that on the road proper the average on
through freight alone was 0-557 cent, while on the eastthis
in the
senger
the
equalize
the
direction
and
east
advantages
to
accrue
add
is,
a
tonnage,
freight
the
—that
secure
still
to
greater
the
pas-
variety
and tend further to
bound movements
west
will
be
great,
entirely
was only 0-534 cent—that is, aside from the general good to result from the arrangeonly a little over a half a cent a ton a mile. This is in ment. The effect ought to be to increase the traffic
every case lower than in the year preceding, but above the over parts of the Cleveland system.
The piece of road
results reached in some of the years of violent rate wars. between Indianapolis and St. Louis now makes the least
freight
it
It is for these reasons that economy of operation is so favorable showing, and it is this piece that can be best
necessary to good results on this system. The cost per utilized in the new combination, for in connection with
ton per mile on the Cleveland proper has increased for that part of the Big Four between Indianapolis and
two years, yet the average for 1888 stands at only 0-4GG Cincinnati, it forms a through line between Cincinnati
On the New York Central we find it 0-59 cent.
the Pennsylvania main line and branches it is 0-413.
cent.
On
Bearing in mind that the Pennsylvania, as already said,
has a very large coal traffic, the comparison is certainly
Tery favorable to the Cleveland road. We have on a
previous occasion explained what makes it possible for
the road to haul freight so cheaply. The reason is,
that
and
St. Louis.
Some
benefits are
already resulting in
was announced a few weeks ago that the
Chesapeake & Ohio traffic to and from St. Louis was
hereafter to be given to that route.
Should the Cairo
Vincennes & Chicago also be taken into the combination, as some reports state, there might be further
benefits in the same way.
this way, for it
during recent years there has been a greater diversification of the traffic, so that agricultural
BRIGHT.
produce no
longer forms so large a proportion of the whole,
and the
The death of John Bright, although expected for
effect being to make the movement of freight
in one months past, has made a deep and wide impression.
It
direction less pronounced than formerly.
The more is fair to say that wherever, during the best part of the.
nearly of course the east-bound and the
west-bound last fifty years, England and the affairs of England
movements approach each other, so as to admit of
the have been known, and men have been able to draw a
carrying of a heavy load both ways, the
cheaper the distinction between liberty and bondage, no name has
average cost per toH. In the late year
there was a been better known or more highly honored.
It was in.
JOHN
—
March
1843 he
30,
first
same year
the House
THE CHRONICLE.
1889.J
Jio
of
entered Parliament,
and
We
was in the
it
417
presume the dates given are carried forward a day
that each
made his maiden speecii on the floor of wherever a Sunday intervenes. It will bo noticed
Commons; from that time until the hour settlement needs seven days to fully complete it.
to the extent to which strength was
granted him, he was the steady and consistent friend of
liberty, tlie chosen champion of the rights of man,
of his death,
{From onr own oorreii)ondent.l
among his own people,
London,' Saturday, March^^lO, 1889.
but wherever in any land or among any joeojilo these
The money and tlie stock markets liave both been under the
Such men come as rare gifts to shadow of the Paris crisis throughout the week. On Saturday
rights were in danger.
properly nnderstood,
not only
humanity.
Mr. Bright had passed through some bitter experience wlieu he formed the alliance with Itichard Cobden,
one of the most honorable alliances into which any two
men ever entered, and one of the most honorably
maintained.
He had been married and had lost his
young wife. He was living in retirement at Leamington, as he himself has touchingly told, in the depths
of desolation,
when Cobden made him
you want," said Cobden,
me
''is
Law
in this anti-Corn
a
occupation.
Crusade;
"What
visit.
Come,
and we
join
shall not
the hoi)e was general here that the Comptoir d'Edcompte
would be enabled, by the assistance of tlie Bank of France, to
weather the storm. But the hope has been disappointed. The
directors of that institution have committed mistake upon
mistake. With a paid-up capital of 80 mUliona of francs and
a reserve fund of 20 millions of francs, they had deposits of
considerably more than twice the aggregate of these two sums,
and they had acceptances of about 33 millions of francs.
Over and above all this, they had given guarantees for three
years, amounting in the aggregate to about twice the capital
and reserve, and it is said they had lent upon copper warrants
last
about 50 millions of francs.
Regardless of these conditions, and although
it
was notorious
work until the iniquitous system is that a copper crisis was rapidly approaching, the Cumptoir
abolished." They joined hands and acted together for d'Escompte had collected no cash reserve to meet the crisis.
Consequently, when a run upon the bank began, they had to
years, Cobden moving the people by his figures and his
apply for assistance to the Messrs. Rothschild and other banklogic and Bright arousing them by his earnest eloquence. ers, and at the end of two days the Minister of
Finance had to
Nor did they desist until .the work was accomplished. call together the chiefs of the Bank of France, and of .several
The abolition of the Cora Laws was his first great other banking institutions in Paris, and the Bank of France had
service to his country.
The greater glory was given to make a loan to the Comptoir d'Escompte of 100 millions of
desist
in
our
to Cobden; but the imjjortance of the service rendered
by Bright can never be over-estimated.
In all of Gladstone's earlier efforts to remove what
seemed wrongs and grievances in Ireland Mr. Bright was
his right-hand man, and steadily maintained his allegiance to his chief.
In 1882, however, he broke with
Gladstone on the Egyptian question, his principles forbidding approval of the bombardment of Alexandria. When
Mr. Gladstone introduced his Home Eule measure
Bright was no longer a member of the Cabinet. His
open denunciation of Mr. Gladstone's measure and of
Home Kulers generally, and his avowed sympathy with
Hartington, Chamb.erlain, and the rest, left no doubt as
to his views on the situation.
He had been the friend
of Ireland so long as reform was conducted with safety
to the Union, but he would not follow Mr. Gladstone in
a course which to his thinking meant disintegration
and the breaking up of the Empire.
Mr. Bright had a claim upon the gratitude of the
American people. In our hour of trouble, when the
statesmen of England were prepared to leave us to our
fate, Mr. Bright never wavered in his devotion to the
and wisely identified that liberty
cause of liberty
with the Union cause. For the service ho rendered us,
he won our love: and for that reason, if for no other, the
American people will not fail to do his memory honor.
;
Teie " liiQunjATiONS "
to be
no
AT THE Pakis Bouesk.— There seems
confusion as to the dates and duration of the
"Liquidations" at the Bourse at Paris. Our London correspondent gives to-day some information with regard to them;
but we find in the London Statist a statement which apjiears
little
make the dates also clear. There are two liquidations, one
begimiing the middle of the month and the other beginning
the last day of the month, the latter being of far greater
importance tlian the adjustment at the middle of the month.
The order of the various transactions included in each is as
to
follows.
Ifontiav
Liquidation,
Last day of month
Kente "continued"
1st of next month
Other securities continued
iid of next month
Accounts made up
3d of next month
Clients, p ly bniker?, deliver securities 4th of next month
Options declared
'
'
Brokers pay clien <
.
Brolten dellTsr •ourttl9 to elitnts
1
Sth of next
Oth uf next
month
mouth
Jlid-vummv
The good effect of the loan, however, was in a measure destroyed by the fact that the Bank of France insisted
upon a guarantee being given to it by the other banks for 80
millions of francs. The natural inference of the public was
that in the opinion of the Bank of France the assets were not
sufficient, and the run continued.
The mistakes, however, did
not end here. The director of the Comptoir d'Escompte contradicted the report that their chief manager had committed
suicide, and also failed to make a frank and full statement as
to their position. Depositors have all been paid, and it is
understood that the acceptances likewise will be met as. they
fall due.
But the credit of the institution is utterly gone.
The first idea was to reorganize the bank. But it is understood
that that plan lias now been given up, and that it is intended
to hand over the foreign business of the Comptoir d'Escompte
to the Banque Indo-Chine, an ofif-shoot of the Comptoir,
controlled by the same people, and to part with the rest of the
business to the Banque de Paris et des Pays Bas. The mistakes committed by the directors were sufficient to ruin any
institution.
But the truth is that the system of the Comptoir
d'Escompte was utterly vicious. It was carrying on the business of an ordinary deposit bank with that of an accepting
bank, as well as that of an exchange bank, and it was also
carrying on Stock Exchange business and loan and company
francs.
mongering.
The fear was very generally entertained in London that the
break-down of the Comptoir d'Escompte would cause a large
export of gold from London. At the time of the failure of the
Union Generale, about 3 millions sterling in gold were sent
from London to Paris, and it was supposed that at least an
equal amount would be required now, for the Comptoir d'Escompte occupied a much more important position tlian the
Union Generale ever did. Consequently, the rate of discount
here rose to 3Jg per cent, and the rate for short loans has been
fully 8 per cent throughout the week. So far, however, gold
has not been remitted to Paris. Apparently the other deposit
banks are satisfied that they can obtain enough of the metal
in Germany and elsewhere to insure them against all accidents.
But the danger of gold withdrawals is not yet over. Tlie midmonthly liquidation on the Paris Bourse has just begun
The liquidation at the
that, however, is a small settlement.
end of the month is much larger andjpregnaut, witli far more
serious danger.
to foresee
Until that liquidation
what may happen
is
over,
it ia
impossible
in Paris.
The Chancellor of the Exchequer is in the habit of raising
money which he advances to the local authorities by the
by
montb issue of Treasiuy bills running for three or six months, and
LiQUidatlon.
15th of month
16th
17th
18th
19th
of
of
of
of
ilOlh
of«munth
month
month
month
the
the issue of Exchequer
bills
running usually for
five years.
The Exchequer bills, however, have fallen into disfavor. The
interest upon them is fixed for only six mouths at a time, and
THE CHRONICLK
418
[Vol. JLLViIl.
boycotted by his colleagues. It is reported
complained that the interest is often fixed at rates unduly in consequence
have likewise sent in their resignations.
three
others
that
has
there
Consequently,
money.
of
value
below the market
these latter is contradicted, but the contrabeen an unwillingness to take Exchequer Bills of late. The Tlie report as to
diction is not believed. The general impression is that the
Chancellor of the Exchequer has, therefore, decided to issue
resignations have been tendered, and that strong pressure,
months.
six
and
three
twelve months' Treasury bills as well as
being brought to bear upon the
is
The Treasm-y bills will be offered for discount, and there will official and financial,
induce
them to withdraw their resiggentlemen
to
three
are
to
they
of
interest
be, therefore, no question as to the rate
If they persist, the public will conclude that the
nations.
bear. The immediate object of the Chancellor of the Exd'Escompte is in even a worse plight than is
chequer is doubtless to obtain means to complete the conversion Comptoir
now supposed. Here in London every department of the
of the old three per cents. New consols are nearly 2}^ per
Exchange is very inactive. Since the flurry on Monday
cent below par. It is impossible, therefore, to issue two and Stock
engage in new ventures
per cents to complete the conversion, and the there has been a disinclination to
it is
three-quarters
^
of uncertainty is
hope of the Chancellor of the Exchequer is that he may be of every kind, and the feeling
aHe to carry out his plans by the issue of long-dated Treasui-y to continue, at all events until the licjuidation in Paris
bills.
market has not been as much affected by the disablement of the Comptoir d'Escompte, as might have been
expected. That institution has branches in India, China,
Japan, Tonquin, Cochin Cliina and Australasia, and has been
doing a very large exchange business. It might reasonably
have been expected, therefore, that Eastern trade would have
been considerably disturbed by what has happened, and
especially ihat the holders and endorsers of Comptoir d'Escompte bills would be anxious. There has, however, not been
T ® y much demand for silver as yet. although the market is
somewhat firmer. But on Wednesday the India Council was
able to sell a larger quantity of its bills and telegraphic
transfers than it has lately done, and at somewhat better
The hope is entertained that no crisis will occur in the
prices.
Eastern trade, inasmuch as everybody believes that the
acceptances of the Comptoir d'Escompte will be duly met.
But still it is reasonable to anticipate that there must be some
derangement in the trade. The break-down of so great an
institution cannot take place without causing more or less
serious and lasting consequences.
On Monday morning the stock markets here opened in a
very feverish state. Up to the close of business on Saturday.
the hope was general that the assistance of the Bank of
France would save the Comptoir d'Escompte, and avert the
worst consequences of the crisis. But when it was found that
the run upon the Comptoir d'Escompte had not been stopped,
people in London became alarmed lest the run which had
begun on other banks might assume serious proportions. All
through last week, moreover, there was very general buying
both on German and Dutch account, and the London Market
consequently was well maintained. But on Monday morning
buying ordei-s from the Continent completely ceased. Had the
selling from Paris continued, the consequences would have
been very serious. But, to the general surprise, the Paris
Bourse opened with a much better tone. Prices immediately
recovered, and the recovery has been fairly maintained ever
The
since.
silver
It
appears that the great financial houses
all
over
Europe had concentrated their efforts upon Paris, and those
efforts have been so far successful beyond hope.
But the fact
remains, nevertheless, that the losses in Paris have been enormous. The shares of the Societe das Metaux, which a few
months ago were quoted about 1,000 francs, fell on Saturday
afternoon to 85 francs the shares of the Rio Tinto Company,
which a little before Christmas were 27J^ in London, fell here
yesterday to 12J^, and the shares of the Comptoir d'Escompte
in a few weeks fell from about 1,000 francs to about 300.
As I
write, there has been a slight recovery in these quotations
but, even should that prove permanent, these disasters must be
niinoufl to many.
Those who try to take a hopeful view of the situation argue
that the losses fall upon rich people who can afford them.
;
;
likely
at the
beginning of next month is over. Outside of copper shares
the fall has been comparatively slight, but every one distrusts
the situation.
The market
for
American
railroad securities
has been especially well sustained, but it cannot for the time
being count upon European support. Throughout the week
there has been a cessation of the Continental demand for
bonds, and the course of tlie market, therefore, depends entirely upon America.
The price of copper has fallen to about £50 a ton. The guarantors of the French copper syndicate have taken from the So.
ciete des Metaux the whole of the stock of the metal held by it,
and have appointed Messrs. Mathieson & Co., of London, their
sole agents for its sale. Messre. Mathieson have obtained an engagement from the copper-producing companies to sell no fresh
copper for the next 2}^ months, and to restrict the output this
year to the extent of 30 per cent. They have been able ah-eady
to dispose of about 30.000 tons, and they hope that they may
continue to sell large quantities. The English smeltei-s were
very bai-e of suppUes. For the last year they have been buying only as much copper as was absolutely necessary for their
immediate requirements, and many of them had sold at £80 a
ton stocks which they had laid in when copper was cheap.
They were consequently compelled to buy largely this week.
The great question now is whether they will be content to go
on buying at the present price, or whether, when they have obtained as much as they need for some time to come, they will
stop their purchases in the hope that the Messrs. Mathieson may
be compelled to lower the price considerably. In favor of the
latter course it is argued that tlxree or four mines can produce
copper at from £30 to £30 a ton that therefore they would
have a profit even if the price fell to £35: tliat it
still
interest to bring down the price, because the
is their
mines which cannot produce cheaply would thereby be
compelled to stop working, and that thus the economically managed mines would have the whole trade in their
own hands.
To the surprise of everybody, the Czar issued a ukase in the
very middle of the Paris crisis for the conversion of four old
It was known that certain of the great Frencli houses
loans.
had concluded contracts with the Russian Government for the
conversion of those loans, but the aiTaugement was made before the copper crisis began and when it was hoped that that criIt is singular that the contractsis would be confined to copper.
ing houses did not induce the Russian Government to postpone
the issue of the ukase. But whether their remonstrances were
in vain, or whether they neglected to make them urgent
enough, being too much occupied with the Paris market, the
ukase came out. It was obvious to everybody that the conversion could not be can-ied, for London certainly will not asThe Russist, and it is extremely improbable that BerUn will.
sian Government now has recognized the fact and has postponed the conversion. But it is unfortunate for the Paris
market that the ukase was issued, since it is one more testimony to the utter crippling of that market. It is clear that
the negotiations for the conversion of the Egyptian preference
;
Whether that is so or not, will be seen when the liquidation
comes on at the beginning of next month. Meantime the
Comptoir d'Escompte is stranded and disabled, the Societe des
Metaux is ruined, and all this has happened only a few months debt must also be suspended. And it is not difficult to see
after the failure of the Panama Canal Company, and all the
that the Chancellor of the Exchequer's operations are also
losses that it entailed.
It will be strange indeed if the Paris made less easy.
Fortunately, however, the amount of old three
Bourse recovers for many a day from such a series of disasters. per cents to be dealt with is now manageable, and with the
The probability appears to be that speculative business there assistance of the great banks here it ought to be possible to
has been stopped completely, that trade has been checked, and
that the prices of what are called international securities must
decline gradually, but continuously. One of the directors
of
the Bank of France has resigned, according to some because
he disapproved of the loan made to the Comptoir d'Escompte,
according to others because as head of his firm, he refused
to
join in the bankers' guarantee to the Bank of France,
and was
through without much' delay.
wheat market continues without appreciable change.
Supplies are large and consumption not very active, and con-
carry
it
Tlie
'
sequently there is little alteration in prices to note.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.,.
compared with the last tliree years
:
—
.
MabOH
.
THE CHRONICLR
80, 1889.]
lifO.
1888.
1887.
M
i!
Exroirrg Ain> ncrowTg
83,SS8,90(>
Other dapoilM
:3.4«I.44T
23,064,103
SoTtramant MonrltiM
16,684,049
I4,!.'M.14I
89,804,618
I5.aW,478^ ie,«06,eMi
9l,i!KI,104
23.101.680
Public depoalta
1I.0IIT.817
RMcrreof not«i and ooln.
Coin and bnlllon
Prop. RUMts to Mabllltlaa.
Week.
Qreat Britain
Pranoe
4^^
•P.O.
Bank rate
3
Ooniola
44 T-I6
Claarlnr-Houa ratsm
9H
lom
I
The following shows the imports of cereal products into the
United Kingdom during the past twenty-eight weeks of the
season compared with previous seasons
746,965
103,686
Total 1889
Total 1888
Total 1887
t28,MS,000 143,728,000 138,916,00>
WiiM/an.1.
$8,7.57,966
.
.
.
151.290
15,000
$1,425,477
275.450
648,329
$5.9 7.026
3,430,029
3,670,700
86.64S
14,848
3d,86S
70380
"S'.ido
$195,736: $1,912,204
007,773
2,788,978
74,4711
8,711,237
BxporU.
ImporU.
auvr.
Week.
048397
6'
2,230
10,000
1,447,780
68,100
South America.
411 other countries.
lOlH
Wi»k.
20,950
199,497
.Hexico
a
p.
$1,060,770
West Indies
48M
8 P.O.
p. 0.
lOOTK
Bince Jan.l
Germany
16,470,861
«8.iel,133' 93.888,014, 24.' 61 ,861
.
Imporlt.
eotd.
I0,B0«.8OH
88.8M.e88
Otiiar MOnrltlaa
or rpbcir at iniw tobk.
txporl§.
a8.o«i,8s&
13.588.8^ «
01r«nlfttlon
4l»
aineeJan. 1.
Week.
ainee Jan.
:
IMPOBTg.
1887-8.
1888-9.
Wlieat
owt. 33,770,692
11,953,662
Barley
Oat*
Peas
2.5,7.53.065
10,970,256
9,126,091
8,873,772'
1885-6,
2«,4a9,496
7267,321
1,165,912
1,674,939
l.(<74,077
1.458.427
1,44.5,546
14,3.53,698
12,234.2?.9
8,179,362
10,229,000
14,535,811
9,190,211
Beans
Indian corn
1886-7.
27,762,119
11,261,292
8,042,991
1 ,364,578
Floiir
5,408.080
1,075,381
1.827,402
14.359,857
7,446,747
Great Britain.
France
Germany.
West Indl(
Lies..
Mexico
South America
Ul
1):
188«-9.
1887-8.
1886-7.
188.5-6.
Imports of wheat.owt. 33.770,892 25,753.065 27,762.118
Imports of Hour
8,179,352 10,229,006
9,190.211
Bales of home-grotfn. 20,596,784 23,907,901 19,530,004
Total
..
62.547,028
59,889,975
lS?8-9.
Aver, price wheat
Aver, price wheat
—
week. SOs.
Id.
season. 318.
7d.
56,482,393
1887-8.
Od.
2d.
30s.
SOs.
26.489.496
7,446.747
24.984,154
58,920,397
1986-7.
32s. 7d.
32s. 7d.
The following shows the quantities of wheat,
1885-6.
298
9d
308.
4d'
flour
and
maize afloat to the United Kingdom:
qrs.
Flour, equal to qrs.
Maize
ars.
1.831,500
Last weel'
1,929,000
201.000
279.000
228,000
398,500
1888.
1,654,000
264,000
250,000
1887.
1,874,500
212,000
2t>3.oOO
EiiKlIsh Financial ITIarkets— Per Cable.
The daily closing quotations
are reported by cable as follows
/London.
Sat.
d.
429,8
4is8 0f 1891
110
U.S. 4a of 1907
131 Jg
Canadian Paclflo
50
Chlo. Mil. A St. Paul.... 6308
Erie common stock...... 2314
nilnols Central
nils
U.
8.
56%
Pennsylvania
Philadelphia A Residing. 22^8
New York Central
IIOI9
iron.
Fua.
Wed.
Thurt.
Fri.
42 H)
110
131
50«9
63 >9
28 >4
110
131
50 Sb
110
131
6314
51%
63%
28
28 "4
111%
111%
111%
5519
5538
22 '8
110
22 1«
55 »4
22 >s
110
109%
110
110
131
52
131
52=8
64%
63%
28
28H1
111%
112
55=^
5536
22%
xlOO^
21 '8
109 14
dPommjerjctal uu& Wiscjell^nzous Hew i
National Banks.— The following National Banks have
recently been organized:
3,994.— The Ml(ldlPl)oroUf;h National Bank, Mass. Caplti.1, !f5O,0OO
Calvin D. KinKman, President; William K. Mitchell, C<ehler.
Imports and Exports for the Week.— The imports of last
week, compared with those of the preceding week, show an
increase in
both dry goods and general mercliandise.
The total imports were S11,255,.5,J3 against $9,92.5,436 the
preceding week and |1 1,761, 91,5 two weeks previous. The
exports for the week ended March 26 amounted to $7,307,241
against $5,496,705 last w-eek and $7,698,595 two weeks previous.
The following are the imports at New York for the week
ending (for dry goods) March 21 and for the week ending
(for general merchandise) March 23; also totals since the beginning of the first week in January.
FOBEION IMPORTS AT
For Week.
Dry Goods
Oen'l mer'dtse.
Total
Strife
Jan.
1886.
$1,635,816
5,577,373
$7,213,189
NEW YORK.
1887.
$2,212,509
6.514,09"
$8,726,t06
1888.
$2,093,628!
6,660,351'
$7,753,979
1889.
$3,438,607
7.816.948
$11,2,' 5,553
I.
Dry Goods
Oen'l mer'dlse..
$32,040,825
69,369,413
Total 12 weekt.
181,8901
2.031.0301
$381,804
571,121
413.1.58
—
*35,2- 1,173
72,803,226
$37,660,864' r40.082.6fl8
82,-; 15,501
77.334,0971
—
,
—
&
The card of Messrs. Samuel D. Davis
Co. appears in tho
issue of the Investors' Supplement of this date, and the many
subscribers of the Chronicle who use the Supplement as a
guide and hand-book for investments will do well to notice the
card of the firm.
Mr. Davis was formerly in the firm of Wood
Davis for many years and has had a long experience in investment business.
&
—
The attention of investors is called to the adverti.'iement
of the Empire Manganese
Iron Company in the colunms
of to-day's Chronicle, of which the names of D. M. Yeomans, President of the N. Y.
Ohio RB. Companv, and James
GilfiUan, ex-U. S. Treasurer, appear as among the directors.
The mines of this company are situate<l in Cuba and assays
show from 50 to 60 per cent of metallic mang-auese.
are
informed that the output so far has met with a ready sale,
ordei-s being already in for the entire product.
The stock will
be offered at five dollai-s per share till April 1, inclusive, after
which time it wiU be raised to its full par value.
&
&
We
Unlisted Secnrities.— Quotations from both Exchangee:
Bid. A8k
SECURITIEa;
8BCURIT1E8.
BM Afk.
1887.
$4,990,425
65,554.709
1888.
$3,784,360
64.207,053
1889.
$7,307,241
74,564,539
Mt
Am. Bank Note Co
Atl.
A
Char. Air Line....
121
78. 1907
1st.
Brooklyn EleT'd—stock..
36>s
BrnDBwlck Co
20
California Paclflo
Iftt moTt., 448
2d mort., guar
Chlo. A Atl.— Beoetlclary.
C.V. W. ,ft M.-Ceo. D.lst.
CoitlDcutal Con. A Imp..
Dnl. B. shore
At.— »lk.
A
Pret
Georgia Pao.—Stock.....
iBt^S
ads
•«
Consol. 58
Income 5s
Kanawha
dk
K*»ely
7^
7
S
20
15
14
12
109 >i 110
«8
2
.
2(1 iicc. int. i-«Tt
Ocean
.Steam. Co., lat guar.
A Atlantic
Postal Telegraph— Cable,
3>s
f'cio'o Vallny. 1st, 7a....
West...
9HI Tolmio Peoria
98>«
15
Pensacola
5
38
4
as
79 >« at. Lools A Chicago
Pref
St. PaalB.<£Or.'rr.,lstes 101
103
4
...
—
A
DUb Central.— Ist
6s
»8
17
401 >t
Vluksb.dt Merldlai.— l«t. 105
Motor
Klnest'n
A
4%
Pemb., 1st M.
W- like*. Coal..
L.N.A.&C.— O.AI.Dlv..fl9 105
MemphlBA Cha'Ht. consols
Mex. Nai.ConBtmct*n Co. 2»'
Lebigti
20%
93
37
2a\
Ohio..........
123
39
10
78»4
JarriH.onklin.M.Deb.Ss
Des.* East Sh. Ld.Co. 1-87 8-00
18
21
N. J. Southern
N. O. Pac. I.anil Grant... 17^ 20
Newp. N. A Miss. Val
las, 14
N. V. V,-.8.* BnBT
a
N. T. A Green'd Lake, Ist 30
3d mort
6
8
60
N.Y. Loan A Itnpr
53
N. Pac. P. dOreUle blT.. loa
Mlsaonrl OiTtston
.... 103
North RlT.Cons. C^o.scrip.
O.I.AW.— l8t acc.lnt.cert. 60
Newb. Dutch.ACoun
Atcta. A. Pike's F'k, 1st 6e
IstSs
$4,260,444
62,22U,339
.
853
$16,938
31,062
3.490
The Engineering Neirs this week publishes the first number
of its second series of mai)s of railway con.struction, showing
the new lines of railway buUt since January 1 1888, and now
under construction, surveyed or projected with some fair
prospect of completion. Advance sheets of the accompanying
editorial summarize the work done east of Chicago.
The Bankers' Directory for 1889, issued by Rand, McNally
Co. Chicago, is replete with valuable information pertaining to the banking mterest. The revised banking and commercial laws are given of each State and TeiTitory, inclmling
the laws relating to insolvency, interest, taxes, notes and bills
of exchange, etc. The usual lists of banks and bankers, commercial lawyers, cashiers, directors, etc., are full, and conveniently arranged,
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending March 26 and from January 1 to date:
EXPORTS FROM NEW YORK FOR TUB WEEK.
Ftbv, reported..
$4,144,474
3.012,467
—
let pref
2A pref
1886.
19,085
$536,485
200,539
Among the leading State, municipal and railroail bond
brokers and dealers in this city is the house of Messrs. J. S.
Farlee & Bro. Their card will be found in this issue of the
Investors' Supplement.
Total 12 weekf. $101,410,238 $108,074,399 $114,994,961 $122,798,199
For the week....
61,240
30,629
0,610
360,800
1,485
Of the above imports for the week in 1889, $900 were
American gold coin and $853 American silver coin. Of the exports during the same time, $131,257 were American gold coin.
&
for securities, &c., at London
for the week ending March 29,
42I3
42i«
429,8
42%
Consols, new 2%perots. 97 '8
97161, 983,8
987,8
986,8
do
for account.
97 5,8 98
98^4
081*
98 "4
FVoh rentes (In Paris) fr. 35-65 85-55 95-67 % 85-85 85-70 85-62ls
BUver.peroz
$14,600
,
This leeek
Wheat
$14,600
15,968
10.722
103,473
other oountrtee...
Total 1889..
Total 1888.
Total 1887..
Supplies available for consumption (exclusive of stocks on
September
9910,400 $3,941,911
7,000
72,400
<b
MlcMg«n A Ohio
6%
30
3d mort
Incomes
Stock, pret
West N. Car. -Ooo. 6s
43
87
83
'
86
Columbia Bank
187 •«
27 >« Produce Exchange Bank.
Tblnl Natianal Aink
114 I.
1
Troy & Boston.— Messrs. J. M. Noyes & Co.. No. 53 Exchange Place, advertise that they will cash at their face and
6 per cent interest thereon the overdue coupons from Troy &
$66,489,783 $70,545,134 $67,991,413 $81,871,780
Boston Railroa<l Company 7 per cent ^coupon bonds, payable
The following table shows the exports and imports of specie July, 1934, in blocks of $.5,000, or the multiples thereof, to the
at the port of New York for the week ending March 28 and aggregate amount of $100,000, on receiving options for 90 dajrs
Bmce January 1, 1889, and for the corresponding
periods in to buy such bonds at 115 per cent and impaid interest on the
*^
1888 and 1887:
bonds to date of purchase.
M.
——
:
THE CHRONICLE.
420
of Finance have
Jerser City Bonds.-The Jersey City Board
the amount of
decided" to make a new issue of bonds to
city to the Smkmg
$2 867,654, to wipe out the indebtedness of the
ot
Fund Commissioners and to Hudson County on account
for these purposes
arrears of taxes. The issue of bonds was made
To replace temporary loan bonds in'sinking
;-„-^«*
Interest on 84 mo
For coimty taxes from 1875 to 1887...
To
made
replace loans
fiina.
^^goOOO
:----"V,:rA>
monejs of
out of current expense
present year
To make sinking funds intact
Total
»iHf^'«sflfi
685,585
^^^ ^^^
nsi'ooo
j,uo..uwu
$2,867,654
Times, ex
Citv Compti-oUer Dickinson, as reported by the
to tide over
plained that the Board of Finance has been forced
purposes
the difficulties of the city by borrowing for general
was made
the money in the sinking fund. As often a.s a loan
are taken
the city put its notes into the smking fund. These
replace them.
out and city bonds that are worth more than par
The ninety-thousand-dollar issue is for interest on these certiamounting
ficates of indebtedness. The debt to the county,
round numbers, is settled by the payment to County
to $586 000
Collector Dugan of a warrant for the sum, and he is at once
money. The
to purchase city bonds of that value with the
law requires that ten per cent shall be reserved from each tax
levy for the redemption of city bonds. This reserve has not
been put into the funds because the collections have never secured within ten per cent of the full amount of the levy, and the
sinking fund part of the taxes of many years back is represented
in the tax arrearages. As the city owes all the monej; to be paid
out of the new bonds, the issue does not increase the city debt.
m
Knoxville
Cnmberlaiid
(Jap
&
Louisville-KnoxTille
Soutjern—Marietta & North (Jeorgia,—Tracklaymg on
[Vol.
XLVIIL
for railroad bondholdarose in this way In 1865 the Wabash Company proposed to the bondholders on the Ohio and Indiana divisions to
extend their bonds for twenty-five years—till 1890, adding to
the bonds new coupon sheets for semi-annual interest. This
arrangement passed unquestioned until the coming on of the
present suit, when Solon Humphreys, ti-ustee of the general
mortgage of 1879. set up the claim that this extension was
invalid that the bonds matured in 1865. and more than twenty
years having elapsed, they were outlawed as to principal and
New York
The masters who took the testimony
interest.
found no difficulty in reaching the conclusion that the claim
would have been a damaging decision
ers, as it
:
;
m
was unfounded.
Considerable time was occupied in conferences between coimby which the details of the decree were arranged.
motion was then made by Gov. Chamberlain, on behalf of the
Johnson and Popper Committee, for the court to fix an upset
price for the sale of the various divisions in which the bonds
lengthyrepresented by that committee were interested.
discussion ensued over this proposition, and after a good deal
of consideration the judges agreed in granting the motion.
The decree therefore provides that the bid for the four
lines shall be the amount of the principal sum and interest of
the indebtedness- No bid shall be accepted for the Ohio division that is not sufficient in amount to pay off the first and
second mortgage bonds in full, and that in the case of the Indiana division and the Great Western of 1859 the bid must be
The decree, howsufficient to pay the first mortgage bonds.
ever, provides that in case the suggested price is not offered,
the masters shall forthwith adjourn the sale and apply to tho
court for advice, a matter which probably will not in practice
be very difficult for them to do, in view of the fact that the
sale is to take place at the door of the United States building
in Cliicago, and the court rooms are in the same building. The
sale is expected to take place in about a month.
A
sel,
A
mam
the
road has been completed from Knoxville north
for a distance of thirty miles to a point near the Clinch River.
This leaves about thirty-five miles to complete the road through
the Cumberland Gap tunnel to the connection with the LouisThe tunnel is 3,750 feet long and is now
ville & NashvUle.
New York City Bank Statement for the week ending Mch.
about two-thirds completed. Work is in progress on the
We omit two ciphers (00) in all cases.
bridges over the Clinch and Powell's rivers. The former 23, 1889, is as follows.
bridge has three spans of 150 feet each and the latter one span
OapUaL SurpliM. Loam. 8pMi«. LegaU. DepotiU.
of 160 feet. Work is aLso in progress on the Knoxville SouthBANKS.
100» omitted.)
em, which is being built south from Knoxville about 114 miles
near
the
S
$
$
$
to a connection with the Marietta & North Georgia,
1,562,2 13,090,0 2,700,0 1,150.0 13,820.0
map showing these lines may be found Bank of NewCoYork... 2,000,0
Georgia State line.
698,0 10,389,0
2,050,0 1,171,.^ 10,198,0 1,739,0
Manhattan
issued
to-day.
630,2
8,097,6
1,739,4
on page 81 of the Investors' Supplement
798,^1
7,537,.5
2,000,0
Merchants'
8.824.0
827,0
9,308,0 2,100.0
2,000.0 1,640,3
Monterey & Mexican Gnlf.—Some time since the Mexican Mechanics'
750.2 10,411,6
3,000.0. 1,868,1 11,382,7 1,459.3
America
4,219,0
140,0
4,640,0 1,087,0
623,1
1,000,0
Government made a very liberal concession for a road to run Phenlx
9.775,9 2,015,1 1,629,0 10.4t-7.8
1,000,0 2,335,0
from Monterey through the States of Nuevo Leon and Tamau- City
227,5
2,727,1
358,8
3,035.2
213,3
1,000,0
rratlesmen's
The company Chemical
7.13.1 23,569,4
lipas to Tampico, a distance of about 400 miles.
300,0 6,809,3 21,307,8 7,291,3
4,313,8
626,2
309,5
104,2
3,816,4
600,0
Exoh'nge
was organized under the laws of New York as the Monterey & Merchants'
6,374,0
615,6
910,3
3,087,6
1,000,0 1,290,8
National
89,0
2,240,0
612,1
Mexican Gulf Railroad Company, with the general offices in Uallatln
2,095,4
279,9
300,0
Drovers'.
Batchers'
273,0
2,848,0
167,0
2,542.0
160,5
200,0
this city. Work on the road was immediately commenced, Mechanics' & Traders
115,0
1,215,1
143,9
1,229,4
85,4
-•-.
200,0
Greenwich
2,668,5
227,1
and the first thirty miles wiU be in running order this month, Leather Manntaot'rs.
66i).7
3,315,9
603,6
600,0
1.394,1
62,4
306,6
1,394,4
73,9
300,0
material and equipment aU being on the ground and the laying Seventh National
2,871,2
298,0
295.4
3,610,7
454,2
York..
1,200,0
of rails going aliead at the rate of two miles a day. This road SUteof New
2.189,0 16,268,0
1,618.0
17.746,0
1,606,2
5,000,0
Exchange.
American
opens up a ricli section of country in old Mexico, the Juestecas Commerce
6,000,0 3,1»3,4 18,696,0 2,289.7 1.985,8 13,904,9
....
5,574,0
245.0
6,318,8 1,289.6
1,000,0 1,549,6
country being famous. The country is thickly populated. It Broadway
9,6,59,0
909,8
8,4,39,4
1,8^4.1
695,4
1,000,0
Mercantile
2,798,5
319,9
154,3
2!843,8
303,9
is the gi-eat sugar-producing district of Mexico and the largest
422,7
PacHlo
565.3 13,203,7
824,5 12,335,3 2,666.7
1,500,0
rice market of the repubhc. The whole country through which RepnbUo
5,642,1
418,7
6,226,8 1,05'2.4
652,4
450,0
2,643,5
•201.6
151,3
the road runs is said to be rich in a^icultural and fruit Chatham
'2,168,0
239,8
200,0
Peoples'
K.
C. G.
& L.
A
—
ft.
— —
'.
products, and forests of mahogany, Brazil, and rose wood, etc.
New York Stock Exchauge.—New Securities Listed.—
The Governing Committee have listed the following:
—
Consolidated Electric Light Company. $1,780,000 capi[See "Reports and
tal stock ("Brown," certificates only).
Documents " in this issue.]
Railway.—
Western
$931,000 addiDenver & Rio Grande
tional first mortgage six per cent bonds, making the total
amount listed .56,900,000. (See " Reports and Documents.")
Long Island Railroad. $2,000,000 additional capital stock,
making total amount listed $12,000,000, and that the common
capital stock, $900,000, and preferred capital stock, $1,000,000,
of the Brooklyn & Montauk Railroad be stricken from the list.
Pullman's "Palace Car Company.— $5,091,000 additional
—
capital stock,
making the
total
amount
—
listed $25,000,000.
North America.......
Hanover
Irving
Citimns'
Nassan
Market
A Fnlton
Nicholas
Sboe<& Leather
St.
Corn Exchange
Continental
:••;
Oriental
Importers' A Traders
Parit
North River
East River
Ponrth National
Oeutral National
Second National
Ninth National
First National
Third National
N. Y. Nat'l Exchange
of DirectorUnion Pacific. A special meeting
of the Union Pacific Railway Company was held in Boston on
annual
report
to
be
submitted Chase National
draft
of
the
Wednesday. The
Fifth Avenne
to the stockholders was submitted, and in connection with it Serman
Exchange...
••
the question of the resumption of dividends was considered. derm aula
It appeared that the Union Pacific had earned during the year United states
Lincoln
1888 in the neighborhood of $2,400,000, which amount had Oarfleld
been reduced by about $800,000 through the failure of Filth National
Bank ot the Metrop..
the St. Joseph & Grand Island, the Oregon Railway & West
side
Navigation Company and the Central Branch to earn their Seaboard
National
fixed charges. The money to meet these the Union Pacific Sixth
Western National
of the
Board
Bowery
New Yolk Connty....
aerman- American
-
Company had
On
the motion of Mr. Cook, of
New York, it was unanimously voted that under existing circumstances the railroad situation it was inexpedient to
resume the payment of dividends at present.
Wabash. The decree for the foreclosure of the Wabash lines
of railroad east of the Mississippi was signed on March 23 at
Chicago by the judges of the two circuits in which the property is situated. Judges Gresham and Jackson. The hearing
commenced on the 21st. The attack made by Mr. Solon
Humphreys, as trustee under the mortgage of 1879, upon the
first mortgage coupons and the funded debt bonds, was
dropped at Chicago, and thfe report of the masters, which sustained the priority of the mortgages and of the funded debt
bonds, principal and interest, was confirmed without opposition.
Had that claim by Mr, Humphreys been sustained, it
—
—
advanced.
—
466,>'
1,104,7
600,0
600,0
600,0
750,0
600,0
600,0
204,9
378,6
107,3
663,4
211,3
211,7
4,360,7
15.341,4
3,050,0
2,909,2
2,573,8
3,964,9
2,149,8
3,169,0
1,000,0
1,000,0
300,0
1,078,7
6,5.i«,8
264,6
353,6
5,080,1
2,130,0
24,133,1
21,490,8
2,058.8
1.277,3
19.245,1
9.266,0
3,839,0
6.198.6
24,361.1
8.285,7
1,626.3
?.436,H
2.396,2
2,778,0
9,091,9
4,117,8
2,755,4
2.624,6
5,297,7
3,006,3
2,817,4
1,500.5
4.165,1
2,055,0
3,402,0
1,870.0
10,903,8
1,600,0, 4,277,8
2,000,0
240,0
250,0
3,200,0
2,000,0
300,0
750,0
600,0
i,ooo,o;
300,0
250,0
200,0
750,0
600,0
100,0
200,0
200,0
600,0
300,0
200,0
150,0
300,0
200,0
600,0
200,0
3,600.0
1,868,7
107.8
120,0
1,358,4
496,6
212,0
289,7
6,15'J,6
237,8
122,6
361,6
130,2
207,6
631,2
673,2
369,0
354,2
605,3
217,3
251,4
252,4
428,0
211,2
127,5
80,8
152,8
477,7
4,570.9
488.7
639.4
398.7
1,090,5
274,6
628,0
910,1
998.6
179,6
4,850,9
4.524,3
103,0
196,2
3,778,2
768,0
1,141.0
1,610.5
4,440.0
2.405,4
269,2
612,1
t'51,1
687,4
2,489.3
1,029,7
130,9
144,2
1,44 6,5
680,7
222.3
374,4
1,155,3
,343.0
691,0
482,0
1,836,1
369,7
908.5
272,6
301,1
235,6
242.2
146,9
362,0
278,0
513.6
319,8
1,951,8
1,685,1
141,9
152,8
1,586,3
1,414,0
121,0
338,0
2,150,2
333,7
110,1
175.3
76,4
149.1
604.6
152,3
647,2
353,2
42,9
277JJ
411,9
205,4
314,4
241.0
470,0
95.0
911,8
4,635,2
17,771,5
3,097,0
8.138,7
'2,966,5
4,290,6
1,996,0
3,910,0
6,973,8
6,995,8
2,080,0
26,104,6
25,802,0
2,169,2
1 408,0
20,346,6
10,310,0
4,718,0
6,901,0
20,614,9
9757,9
1,502,0
2.600.2
3105,1
2.776.S
11,022,7
4261,6
8,214,9
2843,2
6829,2
3,510,1
3,104,5
1,836,8
6304,2
2,293,0
4 142,0
2,120,0
10,088,3
60.762.7'63,142,1 421.311.4 82,218.7 34,856.9 441.602,7
Total.
Banks.
700,0
l,000,0l
Capital A
^urpIiM.
Loans.
LevaU.
Sptcte.
$
Devotttt.^ CTre'I'n CttaHnot.
$
$
4,360,0 55.\708,3
438,299,4 113 T65,3'408,95S,9 90,022,9 35,292,1 »oo,....„..
413,001,2
417.070.3
420.406,0
421,311,4
86.266.6
82.976,1
83,417,5
82,218,7
" 09,5,014.323.9
35,527,8 43>?
*3»./ .y,B 4,354,1
35.204,9 43S.770.8
'.^gj'i
35.324,6 442.';84.9 4.283,2
34,855,9j441.502,7 4,277.2
640,840,3
370.180,8
=i"'i?y'S
689,914,5
666,945,0
65,043.6,162.524,7
65,043,5,152,04,3,6
65.043,5 162,739,2
9,737,5
9.530,1
9,635,0
4,663,5 128.757.3 3.032.7
4,791,4 130.486.6 3,032,9
5,000,7 129,870,8 2,925,9
87,028,1
85,761,4
89,896,8
93.604,0 2,316.0
94,945,0 2,317,0
3'17 o " 314 o
66.446,9
66.812,8
113.165.3
113.904,8
113.904.8
113,904,3
34,652 8
34,552.8
34,552.8
We
I
94,117,0
94,439,0
94.391.0
26,262,0
26,777,0
26.6fifl.o
omit tura ciyluri in all th«« fifn^^a.
."
Itlphia, the Item '' due to other banki
•
1
f Inoludlnc, tot
BMton
««
,uia
lfil.9
rbua.
March
:
.
.
.
THE CHRONICLE.
80, 18(9.]
strengthened long sterling, which haa advanced, whUe short
contnmcs flrm. Posted figured to-day are 4 87 and 4 SOU,
To-day the rates on actual business were as follows, vU.:
Bankers' 60 days' sterling, 4 86(B4 86}^; demand, 4 88Va4 8».
Cables, 4 89J^.
Commercial bills were 4 8S@4 BHW. Continental bills were: Francs, 6 10f^@5 IS^^ and 6 WKmH 16}^.
oni^/7tian3^. guilders,
ami 955^(9953^;
imiMon. Ai\iy/^AMy ao<I»
reichsmarks, 051,^ and
glie gawk^rs' ^a^^tte.
DIVIDBNDS*
Tbe following dlvldenda have reoently been annonnoed
Jfain< of
Ptr
Company.
RaliroadiK*
Rock Islniid & I'uc. (qiinr.).
Dclnwnir l,iu'k. * West., (qiiar.)..
Chic.
Li>iiK Islftiirt (qiiar.)
IiOIkIoii Xorthem (qiiar.)
Yiiik i&
KiiKlnud, i)ref.
New
Now
New
Norfolk & Western, pief
JMtts. Ft.W. & rhic, upeelal
Do
&
Tlaletich
St. Paul &.
$1
May 1 April
April 20 April
May
1 April
April
a April
April
April 25 April
April
1
April
2
April
1 Mch.
March 21
1%
1
1%
(qtiar.)
1^
1%
3
40Ji@40Ji
40%@40J^.
Bookt OUiteti.
(Days inclutivt.)
Paj/able.
$100
do
Buar. (qiiar.)
Gaston...
No. Pivciflo (quar.) ...
When
Cent.
421
rates of leading bankers are as follows:
le
1 to April 28
4 to April 21
11 to ilay
5
1 to April 2
14 to May
1
14 to May
2
March
29.
DtmanA,
Sixty Day$.
Prime bankers' ntcrllng Wllg on London..
4 87
4 8«>a
Prime commercial
4 8.5>43^ 86^1
Documentary commercial
4 85 44 85'4
Paris (francs)
5 18^85 i8>e5 lems 15%
Anisterdara (guilders)
40i,»»40'4
40ag»407,«
;.
Frankfort or Bremen (relchmarta)
95'ga05'4
95»g«95^1
I
20 to April
1
United States Bonds.— Government bonds continue veryStock Exchange being limited, and
prices change very little. The offerings to the Treasury DeWALl, 8TREET, FRIDAY, March 29. 1S89.-5 P. M. partment also continue small, and the purchases are still within
The Money Market and Financial Situation.—The past the limit of 108 and amount to $781,100 for the week.
The total payment* made for bonds purchased from April 23,
weeli )ias culminated with a heavy decHne in a few stocks, led
by Atchison whicli to-day touched 40)^. This movement 1888, to March 23, 1889, were $147,018,534. The statement for
has every appearance of being a concentrated attack on the this week Ls as follows.
market in tlie bear interest, as it comes at a time when there
4H Per Centt <lu< 1891.
4 Per CenU diM 1907.
was less rea^son than usual to sell down the Southwestern
stocks, and when several events had occurred which were
OftTintt. 'Piirch'n. Pricet paid.
OJtringt. PureVet. PTieft»iX
Bank.
QaUatln National
much
I'a
April
6 March 29 to Apr.
in their favor.
5
dull, the dealings at the
Saturday
.
i200.0C0
tzoo.ooo
108
In fact the week has been rather a turning point towards
412.000
Monday
418,000
loa
better prospects in several particulars and we may enumerate Taesday.... i.iie.eoo
le.soo
108
That Atchison gave notice of the payment on Wedn'sday.
(1)
soo
500
108
84.000
April 1 of the coupons of the second mortgage Gulf Thursday..
103,000
102.000
108
Col. & Santa Fe bonds, which rank among the lowest Friday
so.ooo
80.000
108
of Atchison's obligations, and payment of them, thereTotal.
..
1,881,100
7S1,1C0
108
24,000
fore,
marks the company's determination to
meet Since Ap.gS
75.452.300 106K-10nH
51.387..S00
124-70-130
all its obligations; (3) the opening of the Oklahoma lands is a
The
closing
prices at the N. Y. Board have been as follows :
most favorable point for Atcliison; ^3) the hostile railroad bill
was defeated in Texiia and the Legislature adjoiu-ned for two
Intere»l ifarch March Mnreh\Mnreh\March March
years; (4) the Rock Island quarterly dividend of 1 per
Periods 23.
25.
20.
27.
28
29.
cent was declared as usual; (.')) the St. Paul statement of
net earnings for January and February showed an in- 4128,1891
reg. Q.-Mar. 10778 *107% '108
*108 -108 *108
coup. Q.-Mar. 10778 108% 108 1*108 1*108 *108
crease of §556,14.5, and the reports of earnings are gener- 4^28, 1891
4s, 1907
reg. Q.-Jan. 12838 *128>2 'I28I3 *128% *l28i3 *128»ir
ally good if we except the fact that Reading in Feb48, 1907
jQ.^an. 12914 * 129 1-2 12913 *129%*129>3 12978
ruary showed a gain of only $90,436 over the same month in 08, cur'cy,'95
•120
'120
reg.! J. A J. 120
120 *120 1*120
•123
>123
Os,
cur'ey,'96
reg.
]J. dt J. 123
123 *123 *123
1888.
This
latter
fact
was made the occasion for
126
•126
reg. J. & J. 120
1*126 1*126
08, cui-'cy,'97
126
selling Reading
stock down, but even
tliis
decrease 08, cur'cy,'98
*129
129 129 '•129l3*129ia
reg. J. & J. 129
would liave had less effect had not the report from 68, cur'cy,'99....reg.!J. A J. 131 13 *131'2 •132
1'31 13*132
,*132
Philadelphia
been
industriously
circulated
beforehand
* This is the price bid at the morning board
no salt was made.
that
the
net
increase
would amount to $500,000.
State Railroad Bonds. There has been a fair amount of
There may be facts not known to the public at large, but on
the face of the situation as it appears to the ordinary observer business in State bonds during the week, but nothing about
of financial matters, it would seem that there has scarcely the market calls for special comment.
Raih-oad bonds have been moderately active and the general
been a week since the break in the Southwestern stocks last
summer when there was less reason to throw them overboard tone continues firm to strong. There has been some irreguthus precipitately. Under these circumstances, the Street larity at times but no real weakness and there have also been
Business has been well
naturally looks for the cause of such a break, and while listen- few features of special importance.
ing to pleasant and hopeful utterances in certain quarters, they distributed over the list, and, as usual of late, chiefly in the
The most important feature has been
are heard to remark the voice is Jacob's voice but the grip lower-priced bonds.
Denver Western Ists assented, which have been relatively
is the grip of Esau.
Next week will bring us into April, and without apprehen- quite active and advanced sharjjly to 93}^ and afterwards fell
sion of any trouble in the money market, and without any new back to 893 g to-day.
default of importance by railroads, it seems highly probable
Railroad and Miscellaneons Stocks. The business on the
that the stock market will assume a healtliier tone.
Stock Exchange during the past week has been confined very
The open market rates for call loans during the week on much .to the dealings of professional operators, and except for
stock and bond collaterals have ranged from 2 to 5 per cent, the transactions in a few leading stocks the market would have
with 6 per cent an exceptional rate. To-day the rates were 3i^ been dull. The bearish pressure has continued against such
@6 per cent. Prime commercial paper is quoted at 43^ (§5 per stocks as Burlington, Atchison, &c., and the fluctuations of
cent.
these and a few others have given the market its weak characThe Bank of England weekly statement on Thm^day showed ter. Boston and Chicago have again been very bearish and have
gain
a
in sjjecie of £327,000, and the percentage of reserve to sold stocks quite freely in this market. Some stocks liave been
liabilities was 41-80, against 43-23 last week; the discount rate
pretty well held, however, the most consincuous of these being
remains unchanged at 3 per cent.
The Bank of France St. Paul and Louisville & Nashville, which were reported as
gained 4,425,000 francs gold and 2,350,000 francs sUver. being influenced by pools, but probably the net earnings had
The New York Clearing House banks in their statement of something to do with the firmness.
March 23 showed a decrease in surplus reserve of $1,371,9.50. the
There has been very little news of a general character.
total surplus being $6,698,925, against $8,070,875 the previous Money has been a little higher, the rate going to 6 per cent
week.
temporarily, but this has not liad much influence. The foreign
The following table shows the changes from the previous marKets are recovermg from their unsettled condition someweek and a comparison with the two preceding years in the w-hat, and London has helped this market to some extent bv
averages of the New York Clearing House banks
moderate purchases. The rumors about the passing of the Rock
Island dividend were used earlv in the week, but the usual
quarterly dividend of 1 per cent 6eing declared set this matter
1889.
Diff'r'M^t/r'm
1888.
1887.
MurcK 23. Prev. Week.
Uurch 24. March 26.
at rest for the present.
Atchison, C. B. & Q. Rock Island and Northwestern have all
been unsettled and have been leaders in point of activitv, the
Capital
60,702,700
SurplUH
5:1,142,100
first two being specially weak on persistent hammering. NorthLoans and dise'ts. 421,:U1,400 Inc
905, .400 369,377 ,800 365,403,000
west was better held than thcotliers most of tlie week, but gavB
Specie
82,21«.70ODec. 1,198, ,800 72,.54i: ,400 79.602,700
Rock Island recovered part of its early
Circnlation
4,277,200 Dec.
6 0001 7,613; ,900
7,647.800 way in the latter part.
Net dciiosits
441,.502.700Dec. 1.182, 200 375,077 100 374,702.200 decline on the declaration of the dividend. Among the coal
Legal tenders
34,855,900 Dec. 468, 700 30,641 lOO! 20,259,700 stocks the most important feature was Reading, which
Jxigal reaerve.
110.ri75.675 Dec. 295, .550 93,769 ,275| 93,075,550 declined sharply on large sales in the latter part of the week,
Beserve held.
117,074,«00|Uec. 1,007, 500 103,182, 500 99,802,400 the February statement of net earnings not snowing as well aa
advanced three jx)ints on Monday
Surplus reserve
6.698,925|Dec.l,371,950
9,413,225'
0,186,850 anticipated. Jersey Central
on the j)ublication of last year's figures, but 8ubse<iuently lost
Exchange. There is nothing new in the sterling exchange [Mirt of tills advance. Cin. Indianap. St. Louis & Cliicago has
market, and the same dull tone prevails. Rates are still firm, improved on the final aimouncement of the terms of consolihowever, which fact is partly accounted for by the scarcity of dation with Cleveland Columbus Cuicitmati & Indianapolis
all kinds of bills.
Money rates in this market have been some'To-day (Friday) the special stocks were more heavily sold
what higher this week, but this has liad no appreciable effect down than ever, Atchison toucliing 40}^, Burlington Vi}-i,
on the exchange market, but the lower rates
London has Reading
and Union Pacific 68%.
—
.
I
;
—
—
—
:
,
I
1
i
I
i
—
m
^%
..
THE CHRONICXK
422
STOCKS—PRICES AT
BIARCH
STOCK EXCHANGE FOR WEEK ENDING
N. Y.
29,
HIGHEST AND LOWEST PRICES.
6TOCK6.
Monday,
March 23.
Saturday,
March 23.
RR.
Stocks.
Atchison Top. & Santa Fe ...
ActiTe
&
Atlantic
46%
46
45
7%
*6''8
Pacific.
7
Central of New Jersey
*3i^
Central Pacific
Chesapeake &0.—V»t.Tr.cert.
16%
Do
do Istpref..
58
Do
do 2dprcf...
31%
Chicago Burlington &Qulncy.: 92%
*41
Chicago & Eastern Illinois
pref...l *96
Do
16%
31%
93%
42
97
>
Chicago Milwaukee & St. Paul.
*34i4
35
17
59
'
March
43
6%
1
49I3
51S8
"'"
49% 49%
"~"
52
52%
95% 97%'
49% 49%
52% 52%
94% 95
Canadian Pacific
Canada Southern
4614
7
Tuesday,
I
j
4316 44I2
4514'
6%
6%
"_'
49%
"'
I6I4
5714
*31
.1
*4I
4114'
.1
*95% 97
Blia
62
62
Do
|
Cinoin. Ind. St.Louis &Chic..l 108%
Cleveland CoI.Cln.&Indianap.i *70
i
*90
t
'
108
108
I
139% i37% 138% 137% 138%
15% 15% 15% '1558 16
42% 42%l 43% 42% 43
43
137^8
issg
9%
I
*66
9%'
70
8''8
*66
|
*20% 21%
*93
'
*6i4
'21
*95
98
7%' *6i4
1
9%
9
9
69
22
93
*66
•21
95
70
22
98
6%
714
I
j
70%
j
I
678
*109
Lake Erie & Western
I
'
16 100
9100 Feb. 8
16 66% Feb. 1
25 106 Jan. 14
27|109%Jan. 15
39 143 Jan. 21
28 100% Jan. 14
6
15, 19% Feb.
21 42% Feb. 6
18 31% Jan. 14
13 96% Feb. 1
9!ll0i4Feb. 26
4' 74% Feb. 14
16! 28i4Peb.
7
29,14458 Jan. 2
17%
.Tan.
14
18,
31 45 Jan. 10
9% Mar. 7
23;
28 70% Feb. 13
I
I
I
1
I
.
I
'
|
1
'
I
'
—
(
I
I
1
!
."•
I
'
I
I
I
I
I
!
I
•
I
'
I
I
'
New
Susquehan.
& West.
Do
pref
'
pref
,59%
3058
Ohio & Mississippi
Oregon Short Line
Oregon & Trans-Continental..
Peoria Decatur & Evansviile.
pref.
I
"°
.P™J'
,
m
n.,i,„h
St. T>»^?.fc
Paul&Duluth...
49%
25
59%
'Si's
2058
43%
23%
78%
98
1
"22
51%
5314
»34i4
•88
ssig
Pacific
Ilnlnn Pamfl,.
^^1*
l^\
^''"^
Vv"a'b»."LuisiPaciflc:::
11'^
tl'i
4V'
Whee}?n°g* Lake Erie, p^r^f:
if^ M^'
ll>,
Do
St.
pref
Paul Minnap.S Manitoba
99
miMccllaneoiiN Stocks.
31
82%'
82%
:
108%' 103
3453
34
90
•88
99
103
103
*83
90
nt
??!^
?5-^
64% 63 14
108
105
33
88
99 14
18%
63%
12% *12% 13%
25%; 23% 23%
63%
63% 65
18%
62.%
12%
23%
l**"*
^
103
*3Q
*85
88
99 14
99
18%' 18%
63%' 61%
99
18%
63%
62% 63%
'" '""
'"
.fit tr^
''^^^
105
34
63
"-'Sp"rt^»^
133
50
"-^
•go
95
-% ^35% -^36^ ^36^!
"* i"'^ "^ bU
,36^^^36^i
"'
"»«
!
I
j
I
18%
13% 13%
35% 23%
64% 63
^
*
'
!
^^
Charleston..
1
\^
^^
^^
\
^?^
80% 80%
139
..I
ff^|3
131
113% 112%
81
'
95%
35%
178%
19%
12% 12^ 83%
^36% ^36%
148
151
113
|
rT^
^^a|^:;;:!-i-^J'll?.?.|.i
*13o
140
83
83
?«
105;
1,375!
3,300,
I
Feb.
8
Mar.
4
7% Feb.
8
30 97
5
13
116% Jan. 15
26
19
23
23
53
Feb. 7
4; 5858 Feb. 13
18 100 Jan. 15
14 96% Mar. 4
4' 63% Mar.
4
8
7j 49% Mar.
3 109% Mar. 4
16 91% Feb. 14
Mar. 2
7| 85
7|108%Mar. 2
71
7 Feb. 7
18 14% Mar. 5
12 14 Jan. 14
29; 75% Jan. 14
11 12 Feb. 12
12! 9114 Mar. 29
2
16; 110% Feb.
19 1958 Feb. 4
Feb. 4
3, 77
3 44% Feb. 2
4 30% Feb. 18
70 14 Mar. 4
48% Feb. 18
19% Feb. 7
9% Feb. 12
33 Feb. 8
18 Feb. 1
53% Feb. 2
27% Feb. 11
161 63% Mar. 4
19 21 Feb. 11
Mar.
Mar.
6
21 23i4Fcb.
Jan.
29; 50
26 27% Feb.
20 82% Feb.
3103^4 Jan.
13
15
13
19,
19!
31%
20%
60%
18 111%
28!
13]
40%
95%
19,105
13 23
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
1
8
31
15
3
12
14
18
1
14
4
Feb. 2
Mar. 4
Feb.
4
67 14 Mar.
12% Jan.
14%
24
28
Jan.
67%
59% Jan.
lU i%
?^2
4 Perry CoaT& Iron!
Tennessee Coal & iron....
ii^
is« ?g^
1.27% Is
ip
§1^1
y.rlS?.. stocks, ^.n^ni'ird"^
Sugar
lO^-^i
.1
....I
SsiSr-Ei
I
28^
1?^ ||
'le
^^"^ ^^^
J xST
88%
91
iP
91%
-11% i J
lU'
fi^ ^^^ 33%
«7i<
i 1 E'
91 14
92
of*
ot^
25
26
37% 3914
99
101
82% 83
19% 3058
IP
i5
91
92
These are the prices bid and asked no sale was made
at the Board.
;
81
83 14
34 Jan.
48% Mar.
36% Feb.
29 Jan.
1,148 80% Jan.
83 Jan.
13358 Jan.
1,101 130 Mar.
47
4,810 42% Mar. 25; 72% Jan.
90 Feb. 35 107% Jan.
95% 1,.385 93 Jan. 3 102 Mar.
830
38
34% Mar. 19 40 Feb.
179
5,339 ;171 Mar. 19 205% Feb.
19% 7,093 18 Mar. 18 20% -Mar.
84%; 13,145 83 Jan. 2 87% Mar.
47%
30%
82
131
42,845
1.115
,
:
151
113
1
;
81%
140
^8
4,445
239
59% 59%
6%
8%
'37
101
81% 84
20
20
55%
56I4
9II4
91%
:
9S
84%
100
98
8514
20%
55% 56%
91%
90%
20
Ex-rights.
i
87
140
6%
39
8%
700
3% Jan. 30
350; 35
297
8
8OOI 21
1,200
1,220
24%
9%
200 23
100
83%
8414'
20
21
I
16,623
31
1,600,
93
14,658
19,080
27,525
55% 56%
89% 90%l ?.«>,-,o«)
Jan. 30
Mar. 18
.Tan. 28
Jan.
8
Mar. 23
Mar. 7
Jan. 23
Jan. 4
23
11
16
30
16
30
6
7
11
38
4
Feb. 4
Feb. 4
Feb. 19
Feb. 8
Feb.
Jan.
Feb.
29 '4 Mar.
60% Mar.
81% Jan.
151 Feb.
7% Feb.
38% Feb.
IOI4 .Tan.
27 Feb.
34 Feb.
14 Jan.
33 Feb.
42 14 Mar.
105 Feb.
34%
Jan.
Jan.
Jan.
Mar. 9
180; 148% Mar. 23
iP
i
^°
99
18%
49
610 73
8%
25 27
26
26
32% 33% 32% 33% 3258
10
10
9%
9% 9%
26 38
28
39% 39" "3914 38% 39%
•28
3314
13
6,635
77 14 77 14
'148% 149
37
144% Jan.
2 153
160 109 Jan. 10 116
4 84%
1,680! 73%.Tan.
30134 Jan. 19 144
5
352 80% Jan.
400 123 Mar.
8314
130 130
20 14 21
•26
27
8%
?i;^,^^^."::::::
Homcstake.MMugco::::;:::i
•148
•111
•135
€4
37
•
I
53% 62
100
90
'
Co
88
99
•
^^^
••
"
Refineries
88
Mar.
Jan.
11,300 53% Mar.
3,100 19% Mar.
2,200 41%,Ian.
8,110 30i4Jan.
210 22 Jan.
279,390 42% Mar.
11,175 3358 Jan.
1,312 76 Jan.
130; 93 Jan.
230 21% Mar.
2,330! 53
Mar.
403 101 Mar.
100 31 Mar.
10 87 Mar.
630 96% Mar.
1,933, 17% Mar.
121,153 58% Mar.
107
31
99
18
1
'148 152 ''148 1.30
f^»'"»
148 148 !^148
American..
»m, 1^3 ^^^j j^g 111 113 111
United States
ftni« fti
81 14
81 14 81 14
81
80
Wells, Fargo & Co
'..?*136
143 •135 140
133 133
136
Ina<-iive Storks.
American Tel. & Cable Co
'at
83% 83% 83%'
84
N. Y.
•33
47%
293 25
I
'
46% 47%' 46% 47% 4658 47%' 4659 4714' 45%
*30
30
30
30% 30
30
31% 30
30
82% 82%' 82% 82% 82%. 82^ 8314 8214 82
132 13358' 1321413214 130
42% 43
44
44
46
48
48% 48
46%
'
«^a;;^CarCo.^..:
Memphis*
2,330
I
23%
19;
I
475u
31
pref
r-..-*-
-
6214
46%
Delaware & Hudson Canal... 133
Oregon Improvement Co
43
Do
*8S
!
'
Texas &
Chicago Gas Trust
Colorado Coal & Iron
Consolidated Gas Co.
90
'3412
7% Mar.
100 30% Mar.
510 14% Mar.
1
107% 107% n03
Istpref.
1,993
1
I
!
3314
'23
'
99
23
7% 8
7% 7%' 7% 8
311 *31
31% '31
31% •31
31%
*15% 16
13% ^13% 16
15% 15%
50% 50
50% 3OI4 SOH 49% 49%
25%
23% 25% 23% 23%' •25% 26
"
6OI4
60% 60% 59% 60% 59 14 60
20% 20% 30% 20% SlSg 21
21% 20% 20%
52
52
52
5158 53
33
53
50
51%
32% 33% 32% 32% 32%' 33% 325«' 33% 32%
21%' *23
33% 23% '23
24% 22% 22%
45
43% 41% 435b 41% 42% 43% 42% 43%
23% 2314 23'>8 23% 25% 2314 25% 21% 2514
7914
80
79
79% 79
79
•78% 79%
79
•97 100
93
97 100
98% 98%
99
23% 23' 23% '22
•22
21 23
33
23
54%' 53% 55% .54% 55% 33% 56%
51% 55
*31
31
16
15%
49%' 5014
26
25%
"
59%' 59%
i
59%'
...
EomeWatertowii&Ogdensb'g*
Bt Louis & San Francisco.... -H
8I4
'
Si
"x--,
30%
51% 51%
3314 33%
33% 23%
44% 43%
25% 23%
Phlla.& Read. Vot. Trust. Cert.
Kichmond&We.itP't Terminal
^°
I
.31%
14% 14%
49% 49^
23% 26
'
Northern Pacific
Do
8
8
pref.; •SI
w
.
»i
.-R.".
Norfolk
& Western
8I4
'
36%
17%
2
'
I
2
Feb. 7
Feb. 14
Jan. 4
Jan. 16
Feb. 14
26!
27i
1
j
53%
56%
29,
1
'
Jan.
8% Jan. 14
261
16;
21!
108»8 109
109% 109% 109% 108% 109
17% 17% n7
17% *16% 1714 -*16% 17%
Do
pref
55^ 55% 5514 55% 55
53% *55i4 55%
Lake8hore&Mich.Southem.| loO'slOlH lOOSs 101% IO014 101% 100%101i4 100%101i4 loo's 101% 26,360, 99% Mar.
96' 96
Long Island
'94% 96
•94% 96
96% 96%' *91% 96
94% 96
218, 90% Jan.
Louisville & Na!«hviUe
6058 6II4' 60% 61%
60% 61
61% 62
61% 61% 60% 61% 35,185 56I4 Jan.
Louis. New Alb. & Chicago.,. *41
'41
*40
•40
45
^40
•40
44
45
44
44
3714 Jan.
43
Manhattan Elevated, consol.
9g% 9714 94% 95% 9414 98
•91% 98
96
96% 94% 96
3,890 90 Jan.
Michigan Central
*83
8J% 83% 85% *85
87% 85
86
83
87
88% 86% 1,650 81% Mar.
Milwaukee Lake 8h. & West.. '78
*78
•78
83
•78
82
83 14
300 51% Jan.
82% *78
80
80
Do
pref. ;n03% 107% *i06
IO8I4' 107
IO6I4 IO6I4 '106% 108
107
•106 108
250, 91% Jan.
6I4
*5i4
Minneapolis & St. Louis
'5
*3
6%' '514
•5%
6%
6%
6% •514 6%
5% Jan.
Do
pref.' •11*2 14
*11% 14
•11
*11
14
•11
"ll
14
14
11% Jan.
14
Missouri Kansas c& Texas
^...
I214 I214'
1214 12%
12% 1258 *]3l4 13% 1,525 J214 Feb.
Missouri Pacific
'efog j68%
67
68%: 6614 67% 66I4 67% 66% 67% 61% 67
31,478, 64% Mar.
MobUe&OUio
11%'
'lO
50
11% MO
11% *9% 11%
9% 9% '9
8
Jan.
Nash v.Chattanooga& St.Louis 92% 92% *91% 93
*91i4 93
9II4
1,100' 81%,Ian.
9314 93% *93
94
92%
New York Central & Hudson.'
107 107
106% 107
107% 107% 106% 107 14'
580 106% Mar.
^ 18
New York Chic. & St. Louis...' »"i7i4 18% •17
18% n?" 18% '17
17
17% •1714 18
200; 17
.Mar.
Do
Istpref
•69
*69
•68
"68
7«
72
•68
69
72
69
71
110, 67% Jan.
71
Do
2d pref. •40
*40
*39
'39
41%' 40% 43
42
43
48
41
200 37 Jan.
41
New York Lake Erie ifeWest'n 27% 27% 2714 27'8 27I4 27%, 37% 27% 37% 27% 37% 27% 10,200 26% Jan.
87 J4 6714_
Do
67I4 6714
pref.
68
66
66
66
600 61 Jan.
67
67
New York & New England
43"
43% 44
43% 44
4314 43%
43% 41% 43% 4II4 43% 43% 23,175 41% Mar.
New York Ontario & West
18
16
16
16% 16
16
'15% I6I4 1658 1658 •16% 16%
320, 14% Jan.
York
Illinois Central
1889.
61 Mar. 7
34% Mar. 8
26 111% Jan. 15
Mar. 20 43i4Feb. 11
—
1569
—
37
30% 31
108% 108
70
69% 70
108% 108% 109
71% *69% 71
ColumbusHockingVal.&Tol.'*
25
Delaware Lackawanna* West 13858 I3914
DenTer&RioG.,as3e3sm'tpd.' -issg I57g"
pref.i *42 ' 43
Do
East Tennes.see Va. & Ga
9
9
Do
l8t pref.i *66
70
Do
2d pref.i *21
22
Evansviile & Terre Haute
*93
GreenBay Winona & St. Paul.' *6% 7%
ISSg
*35
—
— 36
35%
30% 30%
90% 91
9014
•41 14
I
1
.
•30%
I
i
St.
57%'
29 58
880
1,250
4,255
8,910
100 40%
42
*94% 9514
150 94% Jan.
95
95
62 14 63
61% 62% 53,205 60% Mar.
100 IOOI4 99% IOOI4
4,674 97 Feb.
102% 10358 102% 103i4ll-5,793|102% Mar.
*136 137
1,889 135 Mar.
135 133
91%' 90% 91% 64,107 89% Mar.
91
*15
*15
600 14 Jan.
17
16
'35
•33
300 33 Jan.
37
37
31%' 31
31
1,730 30% Mar.
31
92% 92% *91
1,030 89 Feb.
93
8.OIO1 9158 Jan.
108% 110
108 109 14
70% 72% 69% 70%' 3,857 55% Jan.
50 23% Mar.
24
21
90,163 13558 Mar.
137% 138% 13358 138
700 15% Mar.
16% 16% •16% 17
43% 43%! 43% 43% 1,930 43i4Jan.
635
9
9
9
SHJan.
9
•66
50 63 Jan.
69
65% 63%
*21
•21
23
23
20% Mar.
•93
100 86 Jan.
97
96
*6% 7%
'6% 7%
340
4% Jan.
109 109 '108% 109%
1,406106 Feb.
300 16 Jan.
17% 17% -1714 17%
55% 55% 55 14 55% 3,630 51% Jan.
I
bo
33
16
57
I614'
92%
41% 41%
I
Chicago
g^
31
1,
Highest.
4014 Mar.
6% Mar.
47% Mar.
50% Jan.
92% Mar.
3414
651 33 Mar.
I6I4
5,630 15% Mar.
57 14
6,227 58% Fob.
6121 29% Feb.
91% 144,320 89% Mar.
6% 6%
50% 50%
51% 52>4
95% 96
sm
5214I
91
6258
|
ISH)
1255,945
34
91%
IS's
43
5214
gg
91
& Pittsburg.
*16^
17% '15% 17%
'
— 36 36
prei.
37
37
Paul Mln & Om.
30% 30% »30% 31%
Pref.i
91
91
90% 91
4OI4
34
'30
ChicaxoSt. Louis
45
7
5212
9634
91*8
pref.l
42I3
5314
16%
56% 57%
,
Shares.
34
16
89'8
62>a
29.
„„.
9Q%
32
42
97
March
6%
51%
.'50%
Lowest.
28.
1889.
1,
Range Since Jan.
Week,
Friday,
March
6%
50%
99% 9958 100
99
100 100
09% 100
10258 103% 102»2 103%
Chicago & Northwestern
104 104% 103ial01
136i2 136I2
pref. 137>2l37i3 13758 137% 137
137
Do
Chicago Eock Island* Pacific,
90
91% 89J2 9058 90% 91%
oo's 91%
Do
I
92%
9OI4
61=8
27.
57% 58%
30% 30%
58^8
*96
_ ,
March
|
"
52%'
__.
„_.
961* 9713:
34%' -3414 34%l
16% 16%
17
58
32
41
I
62% 62%
26.
AND SINCE JAN.
Sales
of the
Wednesday,! Thursday,
[
XLVUI.
[Vol.
7
23
11
12
23
2
11
12
15
11
19
28
30
11
8
19
81% Feb. 20 914 Mar. 23
19% Mar. 26 21 Mar. 12
43% Jan. 18 60% Feb. 13
83% .Tan. 18; 93% Feb. 36
Prices from both Exchanges,
Mabob
BONDS
THE
30, 1880.J
-
CHXIONICLE.
LATEST PRICES OF ACTIYE BONDS AT
Range Stnee Jan.
doting.
!
N. Y.
STOCK BXCHANeB. AND RANQB SINCE JiN,
Bailro.vd Bonds.
LoweMt.
Btgkett.
Mek.^\ileh.a9,
2238 Feb.
17"8 Mch.
TSiaJaii.
83 Feb.
lOBHi Jau. IOOI4 Mch.
97 14 Feb.
93'4Jan.
93»8b. 93%
2<l,a«,l!)13
103 Feb. 1061a Jan.
CeiilialorN. J.-l8t,7s, 1890.. 103'a ilOSHl
120 Jan. 122 Feb.
Coiisol. 7s, 1899
125 Jau. 125 Jan.
Convfirt. 7»,11K)2
110638 Jan. 110 Jau.
<UMU^ralniort.,5!i, 1987
109% 110
Ix>h.&W.B.,oon.78,l909,as'ntll5 b. 117 a-lL^isJan. 119 Jan.
Am. Dock & Imp., ,5«, 1921 ... log's 108 b. 108 .Tan. 1105s Feb.
113>4Fp1). 115% M<!h.
Oentiiil riuitlc-Gold «», 1898. .'115 b,
104T9b. 102>a Jan. 1051a Feb.
I.ana»rriHit (is, 1890
10.)^.Taii. 10838 .Mch.
108
MortiraRc (is, li)3«
ChM. & Ohio.— Mort. Oa, 1911 117'4b.ll8 a.ll3i4Jan. 118 Feb.
94^8
94 Feb.
95 Feb.
l«t i-onaiil. OS, 1939
94's
107 Jan. 110 Jau.
lOgVib
Chp.^t. O. A So. \^'.-6s, 1911
Jan. 102 Mch.
rhlc. Burl. & No.— l8t, 58, 1926. 102 b. 101 %b. 98
Jan. 132 Feb.
CTilc. Bnrl. & Q.— Con. 7, 1903.. 131>ab. 131 lal). 131
lOS^b. lOSia 103 Mch. 106 Jan.
Debenture o.s 1913
92ia Feb.
DenverDivialon, 48, 1922 .... 92»4b. 92ia
941a Jau.
91 'a Jan.
95 Fob.
Nebraska Extension 43, 1927. 95 a. 93 >8
119i4Jan.
lig^
119
b.
118
Jan.
III.—
9.
f.,
1907
Chic. <teE.
Ist,
68,
Jan. 12II4 Mch.
123'4b. 123'sb. 118
Consol. 6.S, 1934
97 Jau. 10413 Feb.
General C0U80I. 1st, 5s, 1937.. 102 a
Feb.
92'2b. 83
95 Moh.
Chic. Gas. l..&C.-lst,(;,58,in37 91^2
103
lOS^a.
Jan. 105 Feb.
1936
b.
99
Chle.&Ind.CoalK.,lst,5s,
Mch.
Chic. Mil. & St- P.— Con. 7s, 1905 124 b. 12 1 b. I2213 Jan. 125
Jau II514 Feb.
Ist, SoutliwcstDiv.— OS, 1909. 112 b. 112 b. 112
llliab. 110 Jan. 113 Feb.
1st, 80. Min. Div.— 68, 1910...'H2
103 Jan. 106 Feb.
l.st.Ch.&Pac.W.Dlv.— 58,1921 105%
Wia. &Minn. Div.— 5s, 1921.. 100»3
99 Jan. 102 Feb.
101 b. lOms 100 Jan. 10213 Feb.
Terminal .58,1914....
143% Jau. 147 Jau.
Chic. & N. W.— Consol. 7a, 1915. 145 b. 145
12912 Jan. 132 Jan.
Gold, 78. 1902
131%b. 131
119 .Tan. 122 Feb.
Sinking fund 6a, 1929
123 b
Ill b. 112 b. lOSJaJan. 111 Feb.
Binkinvr fund 5s, 1929
8inkin(tfunddcbent.5.a, 1933 112 b. 112 b. 109 Jan. lllOia Jau.
105 Jau. [107 Feb.
25-year debenture 5s, 1909... 106>3b
100
'98 Jan. IOII4 Feb.
E.tfentJon 4.^, 1926
Chic. Peo. &• St. I,.— Old. .5s, 1928 97
97%
95 Mob. 97% Mch.
131>2 |131i4MBh. 133 Jan.
Chic. K.I. &Pae.— 6a, coup., 1917 131%
104 's 104 ^e 104'i8 Jan. 106 1« Feb.
Exten.aion & col. 5s, 1934
Chic.St. P.M.&O.— Con.6s,1930 121
121 b.'llOHs .Tan. ,122 Feb.
Ch.St.I,.& Pitt.— l3t,con.59,1932 99 b. lOIiav. 96>a Jan. 100
Feb.
96i4Feb.
Cleve. & Canton— 1st, .5.8, 1917. 95 b. 95 b. 92><!Jan.
132 b. 130 Jan. 134 Mch.
C.C. C. &T.— Consol. 73, 1914..
General 6a. li»34
117'2b. 112
Jan 117 Mch.
Col. Coal & Iron— 1st 6.1, 19U0.. IO359 ,103i2 1100 Jan. 105
Jan.
82iab.' 80
Col. H.Val. vViTol.— Con. 5s, 1931' 82
Mch. 87% Feb.
87 Feb.
General sold, 6s, 1904
85 b.' 82 Jau.
Denver cSi Rio Gr.— lat, 78, 1900
121 b.llO Jan. !l22 Feb.
8OI4 Mch.
Istcon.aol. 4a. 1936
79'4b. 79 b.' 75 Jan.
Donv. & R. O. W.— 1st, 68, 1911. ggHjb. 102i2b. 841a Jan. 102 Mch.
89ifl
A9.sented
73% Jan. 93i4Meh.
87%
87 Mch.
Denv. S. Pk.&Pac— l8t,7s,1905 8412
85 b. 81 .Tan.
Det. B. C. & Alp.— l8t,g.,6s, 1913
107% 1103 Jan. 1081a Feb.
ItetMac. &M.— I.d.Kr.3ia3, 1911
40 Feb.
35 b. 34 Jau.
Dul. & Iron Range— 1st, 5s, 1937 102 a. 102
96^8 Jan. 104 Feb.
i;. Teun. V. & G.— Con., 5a, 19,)6 105
Mch.
106
|102 Jan. 106
KHz. I.ex. & Big San.—63, 1902. 101% 102 a. 99 Jan. 106 Feb.
Krle— 1st, consol. gold, 78, 1920 13778 137 b. 137 Mch. 14178 Feb.
I.ongDock, 78, 1893
Ill b. 112 b. 110% Jan. 1121a Feb.
Consol. 6.a. 1935
121 b. 121 Mch. 123 Feb.
N.Y.I..E.AW.— 2dcon.63, 1969 IO212
98 Jan. IO418 Mch.
Ft. W. .*; Denv.
lat, 6s, 1921
96 Feb.
93
92%
90 Jau.
Oal.H.*San Ant.— W.Di\'.l8t,.58 95»2
95=8 Mch.
95 b. 94i4.Tan.
Gr.B.W.&St.P.- 2dino. 8s, 1911 21 a. 20
25 Feb.
18 Jan.
OulfCol.&San.Fo— 1st, 78,1909 112
lOeiaJan. ill6 Feb.
110
Gold, 69, 1923
87i3Jan.
7014 Jan.
78
811s
Han. * St. Jos.— Con8. 6a, 1911 121 b. 120i2b. 12014 Jan. 124 Feb.
Int. &Qt.No.-l8t, 68, gold, 1919 IO214
Feb.
102
1091a Jan.
65i8
Coupon, 6a. 1909
67 b. 63'4Mch. 741a .Tau.
KentuckyCent.— Gold4, 1987.. 791.1
71i3Jan.
7878
80% Mch.
Knoxv. & 0.—l8t, 63, gold, 1925 106
106% 101 Jan. 1061a Mch.
L. Erie & West.— Ist, g., .58, 1937 IO912
llOis !l07 Jau. llOia Mch.
I.akpShore.-Con.ep.,l8t,78,l900 126 b. 126 b. 125i4Jan. 129
Feb.
Consol. coup., 2d. 7a, 1903.... 126 b. 126 b. 124 Jan. 127% Mch.
Long l.alaud- Ist, eon., 58, 1931 116
114'4 Jan. 116^8 Mch.
General mort., 48, 1938
100 a. 98>ab. 92ia.lan. 100 Feb.
l/Ouiav. & Nashv.— Con., 78, 1898 120 b. 120>2b. 118% Jan. 1211a Mch.
E. II. & N.— l3t, 6a, 1919
116 b. 116 b. 116 Jan. 117 Feb.
General, 6s, 1930
Mch.
llS^ab. 113i2b. 112 Jan. 114
Trust Bouda, 68, 1922
112ish. 113
Mch.
IIO9I2 Jan. 113
10-10, 68, 1924
103 b. 10438b:' 101 la Jan. lOlifl Jau.
5(Kvear58, 1937
102iaa. lOlUb. 98 Jan. 1023 Mch.
98I2
Collat. tru8t 58, 1931
9S%.Mch.
98'4b.' 96i4Jan.
Louis. N. A. ACh.— l8t, 68, 1910 117 b. 117 b.ll2i4Jan. 117
Feb.
Consol-, gold, 68, 1916
100 b. lOO'a
93 .Tan. 1021a Mch.
Mem. * Char.—68, gold, 1924. 104ia 104 b. I02I3 Jan. 101 13 Mch.
Metro. Elevated— lat, 6a, 1908.. 117
117 a. Ill's Jan. 117% Feb.
107 lab. 109
2d, 6», 1899
|106 Jau. 110 Feb.
Mich. Cent.- l8t, con., 78, 1902.il32iab. 132 b.'l31i4 Jan. 133 la Mch.
Consul., .59,1902
112 b.'lll Jan. 11218 Feb.
Mil. I.ake.Sh. &W.— l8t,6a, 1921] 121 lab. 120 b.118% Jan.
121»8Feb.
Couv. debenture, 5a, 1907
llOOiaa. 100
9213 Jan. 101% Mch.
Mlhv. .St North. —M. L., 68, 1910. ]110
110 b. 106ia Jan. llOia Mch.
Ejtension, lst,68, 1913
'1O8I3
108ia llOSkJan. IO913 Mch.
Minn. & St. Umis-lst, 78, 1927 gi^'eb. gi'sb.' 90 Jan.
92 Feb.
Mo. Kan. & Te.x.— Con., 69, 1920 SSiflb. 54 b. 54 Mch. 62 Jan.
Atl.
A P»c.-W.
Guar., 4»,
20
D. Inc., «», 1910
a.'
5«,
(tiiar.,
18
Mutual Un. Tel.-B.
Nash. Ch.
IIOSU
1U08 109'4
.
|
'•
Con.sol. gold, 58, 1936
Rlch.AW.P.Ter.—Trust 6s, 1897
Roch.
I
.
.
.
.
1
"b" indicates price
bid,
Wabaah- M., 73, 1909, Tr. rec.
Tol.
1st, ext., 7,s, Tr.rec.
l8t,8t.L.Dl<v.,7s,1889,Tr.rec.
2d, extend., 7a, 1893, Tr.rec.
Con., conv., 7a, 1907, Tr.rec.
AW.—
57i4Jan.
9213 Jau.
,
114% Mch.
and "a" price aaked;
Gt West.— lat,7a,
18S8,Tr.rec.
2d, 7s, 1893, Trust receipts.
West Shore— Guar., 49
West' N. Y. A Pa.— Ist. 5, 1937.
2d mort., %., 5bc., 1927
.
Mch.
all
94
Jan.
94% Jan.
82% Jan.
67% Moh.
Moh.
62 14 Jan.
84 Moh.
Jan.
Jan.
Jan.
Jan.
93
93%
86 Jan.
0813a. 96
98%
Feb.
120 a.' 115 b.113 Jan.
108 ^b. 108isb. 10713 Jan.
Ill
110814 Jan.
1071^ 107
104 Jan.
113
113 b..ll2"3Jan.
61%
Feb.
31i4Feb.
116% Moh.
94% Moh.
99% Feb.
116% Moh.
109
Moh.
111% Mob.
107% Feb.
,
b.
[
1
'
Land grant, 7a, 1887-9
Sinking funil, 88, 1893
Kansas Pacitlo- Ist, 68, 1895
lat, 6a, 1896
Denver Div.— 6.9, 1899
Ist con.sol., 69, 1919
Orcg. Short Line— Ist, 69, 1922
Virginia Mid.— Gen. m., is, 1936
Wab. St. L. & P.— Qon.,6s, Tr.rec.
ChioagoDlv.— 58,1910, Tr.roc.
'
letter
101% Feb.
109% Feb.
76% Mch.
j
I
Note.— The
101 Is Jan.
10413 Feb.
102% Jan.
66 Jan.
88% Jan.
8OI3 Moh.
54
Moh.
112<4Jan.
105 Feb.
106% Moh.
109 Mch.
'
I
I
51% Moh.
76
106'8 Feb.
i
,
1
I2014 Moh.
107 Feb.
lOe'sJan
54
Feb.
74% Moh.
.
. .
'
-
107%
117% Moh.
Jan.
641a Jau.
Jan.
Jan.
Jan.
44% Jan.
[
.
Jan.
Jan.
113% Feb.
50'8 Feb.
103%
115
119
103
'
I
120
101
105
Mch.
108 Jan. 108% Jan.
llOHiMch. 115 Feb.
04 Jan.
99 Moh.
1141a Jan. 117% Moh.
117i4Jan. 120 Mch.
1151a Jan. 118% Moh.
112 Jan. II6I4 Moh.
97% Jan. 106 Feb.
'
I
'
Feb.
.36
114 Jan.
107 "sb. 105%.F«b. 110 Jan
107 b.loHsJan. 104% Jan.
b.; 98 13
92 Jan.
99 Feb.
2d,6s,1936
33 b.' 33 b.l 331a Moh. 38 Feb.
St. L. & Iron Mt.— l8t, 78, 1892. lOfiiab. loeiab. 10614 Feb. 110
Jan.
2dmort.,78. 1897
108 b. 109 b. 105 Jan. 109 Moh.
Cairo A Fulton— Ist, 78, 1891 104
10313 I102 Jan. 104 Moh.
Cairo Ark. A Tex.— l9t,78,1897 10 liab. 104 b. 104
Feb. 106% Mob.
Gon. R'y A land gr.. 58, 1931.1 8113
SSisb. 81
Jan.
90 Feb.
St. L. A San Fr.— O9, CI. A, 1996 118
b. 118
b.116 Jan. 118 Mch.
68, Class B, 1906
118 b. 118 b. 115% Jan. 118 Feb.
69, Class C, 1000
118 b. 118 b. ll5i3.Tan. 119 Mch.
General mort., 63, 1931
117 b. 118
115% Jan. 118 Moh.
Geueralraort., 58. 1931
101 b. 105
l0H4Jan. 105 Mch.
8. P. M. AM.— Dak.Ext.,63,1910 120
a.
118 Jan. 120 Feb.
119 a. 118 a.ll5i3Jan. 120 Feb.
Ist oonsoL, 63, 1933
Do
reduced to 4134 ... 9913b. 100 b. 9314 Jan. 100% Moh.
97i8
Collateral triust. 5.s, 1898
97
96% Feb. 98%.Tan.
Montana Ext. 1st, 49, 1937
88 a. 8813a.; 8314 Jan.
90 Feb.
Shcn. Val— l3t,7a, 1909,Tr. rec. 85 b. 86 b.i 88 Moh., 92% Feb.
General 69, 1921, Trust rec...' 28 b. 31 b. 31 JaOi^ 34 Fob.
SouthCarolina— Ist, 63, 1920..- 85 b. 92 a. 90 Jan.
96 Feb.
2d,6s,1931
56 a. 50 b. 47 Jan.
60% Feb.
Sieb.
Income, 6s, 1931
5 b.
5% Jan. 10 Feb.
So. Pac., Ariz.— l8t, 69, 1999-10. 106
106 .b. 105% Jan. 107 Feb.
So. Pac., Cal.— l8t, 63, 1905-12.. 116 b. 11513b., 114
Jan. 116 Moh.
So. Pac., N. M.— 1st, 6s, 1911 ...lOSis
105% Jan. 108 14 Feb.
Tenn.C. I. ARv.—Ten. D.,l8t,6s 98 a. 97 '8
89 Jan. 100 Moh.
Birm. Dlv., 1st, 6s, 1917
98 a. 97
89 Jau.
99 Moh.
Tex. A Pac— 1st, gold, Ss, 2000 87%
87%
85% Moh. 91% Jan.
35'
3514
2d, gold, income, 58, 2000
31 Moh. 39% Jan.
ToL A. A. A N. M.— l8t, 63, 1924 107 isb. 107 b. 99 Mch. 108 Feb.
Tol.A. A.AGr. Tr.— 1st, 6s, 1921 lOOMja. 105 %b. 103 Jan. 107
Feb.
102. b. 101 Jan. 103
Tol. A Ohio Cent.— Ist, 5a, 1935 102^8
Feb.
Tol. St. L. A Kan.C— l8t,63,1916 103 '4
102 %b. 92% Jan. 103% Mob.
Union Pacillc-lat, 63, 1899 .... 117 b. lis
115 Jan. 118 MoL
I
I
118%
'
'
1
Mob
limFeb. 113% Jan.
82iab.
Consol., exten led, .5s, 1922 ...
A Or. Isl.— 1.9t, 69, 1925.
A T. H.— l9t, 7.9, 1891
2d, mort, pref., 78, 1894
2d, mort., iucome, 78, 1891 ... 108
St. L. Ark. A Tex.— 1st, 63, 1936, 98
Feb.
1.36%
1
I
Pittsb.— Con. 63, 1922..
Rome Wat. A Ogd.— Ist, 78, 1891
i
Con.sol., 7s, 1904-.5-0
88»8b. 87ia
Mo. Paclflc— lat, con., 68, 1920. 113%b. 114
llOHj Jau.
3d, 79, 1006
118 b. 120 b. llOiaJan.
Pac. of Mo.— Ist, ext., 4s, 1938 98 b. 98I3
97% Jan.
2d mort., 7.8, 1801
105 -b. 105
Jan.
b. 104
Mobile & Ohio— New, 63, 1927. .1113 b.ll3 b. 112% Feb.
General niort, 4s, 1938
49 a.l 481a
41% Jau.
A
St. Jo.9.
St. L. Alt.
I
Moh.
87ia Mch.
801s
67»8
56I3
. .
:
51
92
69%
107
95i4Meh.
116 Jan.
ISlisJan.
76I4
84
63ia
6313
58
2d mort., 69, 1916, Dre.xel cert. 3 1 laa. 2913b. 28
116iab. 116%b. 114
Rich. A Djuv.- Con., 6.^ 1915
'
b.^
93
82I4
'
91% .Tan.
i
71i3Jan.
102 Feb.
110 Jan.
102 Jan.
75i8a.'
'
A West.- Ist, g.. Is, 1917'
Rich. AAU.— Ist, 7s,Drexelcert.
I
50
1927
Pittsb.
i
b.'
5.9,
PhUa. AKcad.-Gen. 48, 1958..
lat pref. income 5s, 1958
2d pref. inc.ime 5s, 1958
3d pref. income 53, 1958
'
52
.
I
2d mort.,
I
'
.
1
'
1920
113>4Feb.
134 Moh.
I
'
.58,
10<li4Jan.
13513b. 133
.Tan.
a. Ill
.Ian.
b. 130
Jan.
I
;
Conaol.,
102% Feb.
133% Moh
105% Moh.
2d, conaol., 78, 1911
... 129%b.
Ohio 8outhern-l8t, Os, 1921 ... 106iab.' 107 b.
2d, income, 68, 1921
48 b. 52 a.
Omaha A St. L.— l8t, 4.9, 1937.. 7414b.; 74 b.
Oregon Imp. Co.— 1st, 6s, 1910.'103i8b. 10216
Ore. R. A Nav. Co.— 1st, 68, 1909 110%
110%
Consol., 5a, 1925
lOl's 105 a.
Oregon A Trauscon'1—68, 1922. 105% 106%
Penn. Co.— lias, coupon, 1921. 109
lOSiab.
Peo. Doc. A E vans.- l3t,6s, 1920
112 a.
Evausv. Div.— 1st, 6s, 1920...'106ia
'
.
Jan.
\
i
i
.Tan.
lW»8Jan.
I
'
I
C—
09
132iab. 129
112
132
b.
b.
1.
Lmeut. ~llight»l.
105>3
IO6I3
N. Y. Chic. A 8t. L.— Ist, 48, 1937, 94%
95
N. Y. Elevated— Ist, 78, 1906. .. 117<>b». 117%
N. Y. Lack. A W.— Ist, 69, 1921.'
136 b.
Construction, 58, 1923
112 '4b. H2i3b.
N. Y. A North'n- Ist, 5s, 1927. .110 b. 110 b.
N. Y. Ont. A W.-l9t, 6.S, 1914.. Ill
nil b.
N. Y. 8ns. A \V.— Ist ref., .58, 1937( 98%
98 b.
Midland of N. J.— Ist, 6s, 1910 II7I4
Norfolk A West.— Gen., 6.s, 1931 119iab. 120 b.
North. Pac.— Ist, coup., 69, 1921 118%
11818
II6I4
General, 2d, coup., 1933
116
IO5I4 10513
General, 3d, coup. 68, 1937
No. Pac. Ter. Co.— Ist, 6s, 1933. 107 a. 100 >4a.
Ohio Ind. A West. -1st, 58, 1938" 72 b. 72 lab.
Ohio A Miss.— Consol., 78, 1898.lll6'3b. 117 b.
'
i
.
Ucbonture, .59, 1904
...112
N. Y. & Harlem- Ist, 78, 190(J 132
'
'
102
f., «a, 1911.'l02isa,
A 8t. L.— Ist, 78, 1013'132iab.
10513
Consol. 5s, 1938
,N. Y. Central'-Extend., 5s, 1893 106 b.
N. Y. C. & JL— l9t,,ep.,7s, 1903,13.5'ab.
b.l
,80'«a.
81
1!»;{7
iset.
1,
Range Blnet Jan.
Clottng.
1.
RAiLROAn Bonds.
Can. S.)uth.-l»t
428
1
102%
102% FeK
Feb.
116%b. 116% 11614 Moh. 120% Jan'.
109%b. 110'4b. lll%Jan. lll%Jan.
110%b. Ill b. 109% .Tan. 1 10% Jan.
11413b. 114%b.ll4 Jan. 115i4Feb.
11313b.
112 14
113%
111%
:112
96
86
95
95
86
86
95
86
96
42
West Un. Tel.—CoL tr., 58, 1938 102%
WheSl. A Lake E.— Ist, 58, 1926 104
90
88%b.
95 %b.
89 b.;
87
85
89
86
I
09
38
102
Jan.
Feb.
Jan.
Moh.
116% Jan.
114% Jan.
88
42
96
37% Jan.
83% Jan.
[
9514 Jan.
39% Jan.
98^8 Jan.
b.'
i
lOaigJsn.
.
Feb.
Feb.
Moh.
88% Meb.
95% Mob.
95
I
I
'
Mob.
90% Feb.
89
05
94
Feb.
Meb.
102% Jan. 106%
10618
a.
i
88% '86 Jan.
95%b. 89% Jan.
95 %b. 93% Feb.
b.
b.
b.
b.
b.
b.
b.
TOeU
98%
Jan.
111 Feb.
78%.Tan.
87i8a.
37iab.
,
I
100
44
103
104H
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
other prices and the tange are from actual sale*.
STATE BOND8.
SECURITIES.
Alabama— Class A 3
to 5
Bid.
1906 105%
Clues B, 5s
.1906
Class C, 46,
.1906
6s, 10-20
.1900
Arkansas -68, funded.'. 1899-1900
A
7s, Little Rock
Fort
7b, Memphis
Little
78. Arkansas Cential
yeorsia 7*, gold
A
I
I
Iiouislana -78, eons.....
Stamped, 4e
MlohlKiin 7'
SECURITIES.
Ask.
111
101
1"1%
III4
Smith, isB
Rock, tss.
RR
New
1890 104%
1914
88% 89
.-.1890'
Bid.
due 1889 or 1890
Asylum or University, due 1892
1894-1895
Funding
1892
New York—6s, loan
1898
68, loan
J4J
North Carolina—6b, old
1900
Funding act
bonds, J.
Chatham
RR
A J. ...1892-1898
Special tax, Class 1
ConsoUdated 4b
68
Ask,
SECURITIES.
101% Rhode Island— 6s,
Missouri—6b
35
10
20
Bid.
oou.. 1893-1894
South Carolina— 6a, non-fund. 1888
Brown conaoUdated 68
1893
1892-1896
Tenuesaee—69, old
64
Couiproiulse, 3-4-5-6S
1912 74
Now settlement—6s
1913 103
1913 101
88
3b
1913
71%
«>•
Virginia— 6s, old
1910 96
1919 125
6s. consolidated bonds...
6s, consolidated, 2d series
6s, deterred, trust rec
.1
10
THE CHRONICLE.
424
[Vol.
XL\1IL
BONDS-STOCK EXCHANGE QUOTATIONS ON FRIDAY OF THE LESS ACTIVE RAILROAD BONDS.
Bid.
BECURITIEe.
Chie. 8. FcACal.— 1st )?.. 58. 1937
B»lt. & Onlo— l8t'6fl, ParkB ..191P
1925
68, gold
1988
Cons. mort.. gold, 58
193f
Bseen Creek-lst gold, 48
Host. H. Tun. & W.—Deb. 58... 1913
BrooilvnElev.-let,
G., 6b.. .1924
1015
2d, 3-58
Union
EI., let, (fuar.,
68....1937
Branswick&West.— l8t,g.,48.1938
Bafl.Roch.&Pltts.-Gen., 5e. . .1937
1921
Eoeli. & Pitts.— 1st 6s
Barl. Ce. Kap. & No.— let, 5s. 1906
1934
& col.tr, 5s
& St. L.— l8t 78, gu .1927
Iowa C. & We8t.-l8t 78. ...1909
CfA. Bap, L F. & N., l8t 68.1920
CoDSOl.
Minn.
1921
let 58
Central Ohio Eeor,— Ist, 4>2S. 1930
Cent, KR. * Bank.- Col. g., 58.1937
Cent, of N. J.— Conv. deb. 6s. 1908
Central Pacific— Gold bds., 681896
Gold bonds, 68
1896
Gold bonds, 6b
1897
Ban Joariuin Br. 68
1900
92
110
99'*
118
Mobile & Bimi.— 1st, g., 58 1937
109 109 >s
AlabaniaCentral— Ist 6S...1918
1897
Erie— Ist, extended, 78
108>s
911*
1919
S9
2d, extended, 58
9fm 3d, extended, 4i«b
1923
ilOSs 11118
1920
4th, extended. 58
89
1928
5th, extended, 4s
ioeij 106's
1920
1st, cons., fd. coup., 78
Reorg., Ist lien, 68
1908
95 100
B. N. Y, & E.— 1st, 78
1916
116
N. Y. L. E. <fe W,— Col, tr., 681922
96
97
Funded coup,, 58
1969
84
80
Income, 68
1977
Buff. & 8. W.— Mortg. 68.... 1908
110
Eureka Springs R'y, 1st, 68, g.l933
Evan. & T. H.— Ist, cons., 68.1921
Mt. Vernon— 1st, 6s
1923
io:
102% Evan8.& Indian.— Ist, cons. ..1926
IOII2 102
Fl't & P. Marq.— Mortg., 68. ..1920
109
Gal. Har. & San Ant.— lst,68,1910
114
2dmort, 7s
1905
114
Grand Rap, & Ind.— Gen. 58. ,1924
•114
Green B. W, & St. P.— 1st, 68.1911
lie
Housatonlc— Cons, gold .58. .1937
80
Colo. Burling. & <J.— 58, 8. f. ..1901
Iowa Div.- Sink, fund, 6b. .1919
Sinking fund, 48
1919
Pl»in,48
192]
taucago MilwaukieA
Paul.—
St.
l8l,8s,P. D
1898
Sd, 7 3-IOb, P. D
1898
Itt, 7b, $g., R.
1902
let. La Crosse Division, 78. .1893
l»t, I. & M. 78
1897
let, 1. & D., 78
1899
l8t, C. & M., 7s
1903
D
Ist, 78,
1,
109
& D. Ext
123%
117
C—
68..
118
126
110
115
118
1241s
1908 12413 126
& Northwestera—
EBcanaba&L. 8.— Ist, 68. ..1901 111
Des M. & Mlun.-l8t, 78 ... 1907 126
Iowa Midland— Ist, 88
1900
2d M. inc. 58
1948
Iowa Central— 1st, gold, 5s. ..1938
Kan. C. Wyan. & N.W.— l8t,58.1938
Lake Shore & Mich. 80.—
Cleve. P. & A.— 7s
1892
Buff, (fe Er.— New bonds, 78.1898
Kal. & W. Pigeon— Ist, 78... 1890
Dct. M. & T.— Ist. 78
1906
Lake Shore—Div. bonds, 78.1899
Consol., reg., 1st, 78
1900
Consol., reg., 2d, 78
1903
Mahon'g. Coal RK,— Ist. 58.1934
Litchf. Car.
& West.. 1st 63.g.l910
Long Island— 1st, 78
189s
N. Y. & R'way B.-lst,g.,5s.l927
2d mortg., Ino
1927
..."..::•.•.:
N, Y. & M, Beach— iBt,
N, Y. B. & M. B.—l8t,g., 58.1935
Brooklyn AMont.— 1st, 68. .1911
1st, 58
1911
Or. A Qulf-lst, 68
lOM
N. O. «fe No, E,— Pr. 1., g,, 68 ..1915
N,J, June— Guar. Ist, 48
198t>
N. Y. N, H, & H.— Ist, reg. 48.1903
N. Y, <S Northern.- 2d, 4a
192^
ibfi* N.Y.Susq.di West.- Deb, 6b. ..1897
New
139
110
2d, 41S8
1937
i29ia N, Y,Tex. &Mex.-l8t, 4s ...1912
145
Northern Pao.-Divid, scrip ext...
James Kiver VaL— Ist, 60. .1936
1065b lt6%'
111
Spokane* Pal.— 1st, 68. ...1936
117% i'ls"
Bt. Paul & N. P.- Uen„ 68. .1923
1451a 145 '8
Helena* Ked.H'n— lsl,g.,68.l937
138
Dul. A Manitoba— Ist, g. 68.1936
mij 125% Dul.cStMaii. L)ak. Ulv.— Ist 6e. 1937
148 '82"'
La. M. & Mo.K.— 1st, 58
Utsav. Sc K. (i.- Imi,. g, r,«.
1937
iti^s
North, lac. <v Mon.-lBt, 68.1938
• «o price kTiday
these
are latest quoteUous made this week.
;
.
.
123
123
104
1909
Clinch Val.D., 1st equip. 58.1957
Ogd. & Lake Ch.— l8t,con. 6s.l920
Ohio & Miss.—Cons., 8. f., 78.. 1898
110
Sp'gfleld Div,— Ist, 7b
1905
General 58
1932
Ohio River ER.-lst, 58
1936
General mort., gold, 5s
113
1937
Oregon & Cal.- 1st, 58
1927
Panama^-8ink. fd., sub., 68... 1910
94
Pennsylvania RR.—
Pitts. C.&St.L.— l8t,op.,7s.l900
75
Pitts. Ft. W, &
1st, 7s. ..1912
2d, 7s
1912
119
3d, 78
1912
Clev. & P.— Cons., 8. Id., 78.1900
4th, sink, fd., 6a
111
1892
St. L. V, &T,H,— 1st, g., 78. 1897
109
2d, 78
1898
2d, guar., 78
1898
1051s
Peoria &Pek U'n— Ist, 68.. ..1921
97
2dM.,4ias
1921
Phlla. & E.— 3d pr. inc. conv., 1958
108
123 12 Pine Creek EaUway— 6s of 1932
Pitts. Cleve. & Tol,— 1st. 68... 1922
Pitts. Junction— Ist, 68
1922
117
Pitts, McK. & Y.— lat, 6s
1932
Pitts. Painsv. & F.— lat, 5s. ..1910
75
Pitts. Y. (S Ash.— 1st OS
109
1927
Presc't & Ariz.Cent. Ist08,g..l916
101
2d Income Gs
1916
Rich. •% Danv.—Debenture Os.19'27
115
Atl. & Char,— Ist, pr., 78. ...1897
Incomes
1900
19'26
122
St. Jos. & Gr. Is.— ?d Ino
Kan. C. & Omaha— 1st, 5s, 1927
8t. L. Al.
Bellev.
BeUev.
6")
105
101
112
107
110
*'9l"
*
ioi"
iif" 117%
'108 13
ibo"
162
83
118
145
143
138
129
106
115
*
-*• 9
ii6%
110
70
»
109
113
ibo'
lOlis 103
*
*"85"
& T. H.-Div. b'nds.l891
& Bo. lU.— Ist, 88. ..1896 lie"
& Car.— 1st, 68
1923 "109
L &Pad.— Istgd.g.3s.l9l7 '100
Louis 80.— Ist gd. g. 4s .19j1 ' 81
40
2d income 58
1931
29
8t, Louis & Chic— Ist, con. 68. 1927
i'03'
St L.&I.M.— Ark. Br., 1st, 78.1895 IO6I3
89I2 dt,L.&8 Fran,— l8t,68,P,C.&01919 105
Equipment, 78
1895 105
50
Isc, trust, gold, 5s
99
1987
861s
Kan. City <» 8.— 1st, 68, g.l91b
Ft. 8, & V, B. Bg,— Ist, 68.1910
112
St. L. K.&So.Wn.— Ist, 6s.l91b
124
Kansas Mld'd.— 1st, g, 48.1937
1931
1021s 103«s St. Paul & DiUuth— Ist, Ss
2d mortg. 58
1917
1321a 135
124
St.e.Mlnu.&M,— 1st, 78
1909 113
126 128
2d mort., 6e
1909 121
126
Min'8 Un,— l8t, 6s
1922
109
Mont. Cen.— l8t, ^uar„ (5a. .1937 114%
Ease. Minn., 1st Qiv, 1st 58 1908 100
100
i22is V25
San Ant.& Arans. — lst,68,'8D-191o
84-8
Ist, 68, 1886
192b
'1021s
115%
48
87i»
40
Chi. St
»
St.
30
7b. .1897 100
U
10939
I55?
* N. Y.-lst.7j:i906
S?.'S;i*i?&
Morts
& £86ex-l8t,78
1914 145
'^^^ 10738
nS^fii::::
1900
7e of 1871..
1901 128
144
Mortgttge, 78
107%
Aak>
Equipment. 58
. .
Louls.&Nasb.- Cecil. Br— 7s. 1907
N, O. &M.— Ist, is
1930
Peninsula— Ist, con v. ,78. ... 1898
do
2d, 68
1930
CMC. & Milwaukee— let, 78.1898 I2214
Pensacola Div.— 68
1920
Win. & St. P.-2d, 78
1907
136>is
St. Louis Div,— 1st, 68
1921
lUl. & Mad.— Ist, 68
1905 ii7ie
2d, 38
1980
Ott. C. F, & St. P.-l8t, 58. .1909 106
Nashv. & Deoatui^-lst, 7b. .1900
Northern lU.-lst, 5
108
1910
8. & N, Ala.— 8. f., 68
1910
OUo. Rock Isl. & Pac—
Pens. & At.— 1st, 6s, gold.. 1921
A^eMo'nes&Ft. D.-lBt,4B.1905
85
Lou. N. O. & Tex.— l8t,48
1934
1st, 2146....
55
1905
2d mort., 58
1934
Extension, 48 ..^
80
1905
Manitoba 8. W. Col.— G. 5s.. .1931
Keok. <feDesM,— l8t, 58....1923 105 IO714 MeJioan National—
Ist, g., 6s. 1927
OHIO, & St. Louis— Ist, 6b
1915
2d, income, Os, "A"
1917
Ohio. St. P.&Kan.C.-58....:i9ab
2d, income, 6s, " li"
1917
Muin. & N.W.-l8t g. SB... .1934
Michigan Cent.— 68
1909
Ohio. St. Paul M. & or—
Coupon, 5s
..1931
Jack. Lan. & Sag.— 68
1891
E^Si,?- ^- *, Mlnn.-l8t, 68.1918 1261a 127
1930
Milw.L.S.&W.— Mich.D.,lst,6s. '24
Sf-^K'"*''*'"— 1st, 68
127"
Ashland Dlv.—l8t, 6s
1925
OUo. <fe W, Ind.-l8t, s.f., 68.. 1919 114
Incomes
General mortgage, t's
1932 *117is
Miun.&St.L.— I'a Ex.— Ist,7s.l909
Con. 8.
78. 1905
124>s
2d mortg., 7s
1891
"K- *,!>—
2d, gold,
41.^8
1937
101
Southwest Ext.— Ist, 7s
1910
Cto. i.Ht.L & Chlc,-l8t,g.,48:i936
98
99
Paclllo Ext.— Ist, 68
1921
Consol. 68
1920
Impr. & equipment (Is
1922
On. Jack, &Mao.— I8t,g.!58'"'l936
Minn. & Pac— Ist mortg. 5s.. 1936
On. S.nd & Cleve.-ifi 78.".1890
Minn.
S.Ste,M.&Atl.—lst,5s..
1926
Conso'. lstg.68...
1928
Missouri Pac— Trust, g., 5s,. .1917
CI. Col. Cln. i Ind.—
i8t, 7eVa.f.'99 I2318 124
Mobile & Ohio— ist Ext, 68...1Si27
Consol. sink. fd.. 78
IQI4
1st pref. debeuture....
raeve. & Mah. V.-Gold'Sa" 19-<s
2d pref. debentures
C^orudoMldl'd-lVt"gold.V,;il36 IOII2
St. L. & Caiio-4s, guar
1931
0^&Green.-l8t,6s
11916
Morgan's La. & T.— Ist, 6s
1920
85
Ist, 78
1918
Nash. Chat, & 8t. L.— 2d, 68.. 1901
»SlawaS'?^"''''i-i"'6«--191^ 9OI4
^
104
95
..1898
Ced. Falls & Minn.— 1st. 78.1907
Ind. Bloom. &W.— I8tpref.7s.l800
Ohio Ind. & W.— ist, pf., 5s.l938
97I2
Obio Ind. & West., 2d, 58 ...1938
90% I. B. & W., COD. Inc. Trust rec
Ind, D. & 8pr.— Ist, 7s, ex.op.l906
Ind, Dec, & West,-M, 58
1947
Ist Southwest Div., 6s,
1909 112 114
Ist, La C. & Dav., 58
1919 102 12
Ist, H. & D., 78
.1910 121
Ist, H. AD., 5s
1910 9018
Chjcago & Pacific Div., 68. .1910 118
Chic. & Mo. Riv. Div., 58 .. 1926
98
99
Mineral Point Div., 5e
1910 102
C. & L. Sup. Dlv.,58
99
1921
Btogo & South., 6s, Assu ...1924
Inc. conv. sink, fund 58
1916 921s
Dakota & ut. South., 5s
1916
Bilcago
1221s
1951
1952 100%
113
Middle Dlv.-Reg., 58
1921 113
C, St, L, & N, O.—Ten. 1,, 78. 1897 '1201s
Ist, consol., 78
1897 '12018
2d, 6s
1907
Gold, 5s, coupon
1951 117
Dab. & 8.
2d Div., 78 .1894 110
1898 '118
1898 *118
MUs. R. Bridge— l8t, s.f. 68.1912 107
Cilia Burl. & No.— Deb. 6s.... 1896
110
108
7s.
Div.— Coup.,
Northern Paclflo— (Continued)—
Ooeur d'Alene. 1st. 68, gold. 1916
C—
Ist, gold, 3<ss
1900 120
(360), 78
Sd, guar. (188), 78
120
114
109
115
104
135
111
143
Gold 4s
Bt. L. Jacks.* Chic.— 1st, 78. 1894 •llSii!
l8t, guar. (564). 78
1894 *115is
Sdmortg.
'113
Waco &
Springf.
89
Bid,
Cent. Washington— 1st g. 68.1938
Norf. & W.—New RIv.— lBt,6s.l932
Imp, &Ext., 6s
1934
911s
Adjustment M., 78
1924
1. 78.Tr.rec
Trust receipts.1891
Nor. 78
1903
2dm.8sM.I.. Trust reoeIpt8.1912
Gen. mort. 6s, Trust receipts.1921
Illinois Central- Ist, g., 48. ..1951
let
SECURITIES.
111
Hous.&Tex.C- l6t,ui.
West Div.
Ask.
I2II4 122
>
Cal. & Oregon— Ser.B., 68.1892
West. Paciflc— Bonds. 6s.. ..1899 "115
No. Eailway (Cal.)— 1st, 68.1907
Chas. * O.— Piir. M. fund. 68.1898 115
1908 118
68, gold, ser. A
76
Oies. O. & So. West.— 2d 6b. ..1911
Cilcago & Alton— Ist, 78
1893 1113»
BlnMrg fund, 68
1903 I2414
L iionis. AMo.Kiver— l8t78..1900 121
2d 78
Bid,
1937
Dul. 80. Sh. & Atl.-58
E. Tenn. Va. & Ga.— 1st, 78... 1900
1930
Divisional 58
1937
1st ext., goia, 5s
Equip. & Iraprovem't, g, 5s.l938
Railroad Bonds.
(Stock Exchange FHcet.)
Atch. Tor. & San. Fe— 4isB ...1920
1913
BlnklnK ftind, 68
BECUK1T1E8.
Ask
'
100
107
1910
381a Scioto Val.— Ist, cons., '78
Coupons oil
1021s
.5r,
Sodus
Bay
So.—
1st.
&
g...l92i
1021s
Tex. Central— Ist, s. f., 78
1909
112
Istmortg. 7s
Tex, & N, O
1st, 7s
Sabine Division, Ist, 68
—
1911
1905
II514
1912
1041s ioisg rex. <fe Pac.E.Div.- l8t, 6s ..1905
'104
Tul. A. A. & Cad.— 68
1917
Tol. A. A. & Mt. PI.— 6s
191b
"02"
Tol. Peoiia & W.— Ist 4s
1917
Union Pac— 1st, 68
121
1896
1st, 6s
1897
lat, es
1B9»
98 •'8
Col. Trust, 68
85%
1908
421*
Col. Tiuat, 58
1907
C. Br. U. P.— F. o.,7s
1895
Atch. Col. & Pac— lat, 68.1906
101
Atch. J. Co. & W.— Ist, 68.1906
61
6214
1909
17
Ut, 80,—Gen., 78
20
Exten,, 1st, 78
1909
113
U. P. Lin. & Col.— Ibt, g. 53.1918
Utah & North'n.— G., 5a
I9;^b
Valley K'y Co. of O.— Con. 68.1921
116
Wab. 8t. L. & Pac— Gen,M.,6s. 1920
1151a
103'
Chicago Div., 58,
1910
Detroit Di V,— bs
1921
'siis
"56"
Trust receipts
40
107i«
100
1041a
106''8
114
11514
90
86
75
110
42>s
4218
101
1071a
103
75"
nils 114%
1141a 115%
1151a
105
95
10818
100>a
114% 116
109
no
ii9%
101
118^1
Wabash, M., 7s, 1879
1909
Toledo & Wab.— 1st ext., 78.1890 115
1889 115
St. Louis Div., 78
2dM. ext., 78
1893
25
I8e3
Equiii. bonds
90
Consol. conv., 7a
1907
Great West.— Ist, 78
105
188S 115
I89a
2d, 78
51
55
93 .-•M
Quin. A. Tol.— 1st, 78, Trust rec
72"
92 ...•
Han. & Naples— 1st, 7s, Tr. reo
92
111. JSc Bo. I'a— l8t,ox. 6p,Ti'. rec.
llOij
Bt.L.K.C.&N.-l{.E.&
RK.78.'9d
126
...•*
at.Charles Br'ge— I8l,6s.l906 106
il2'
18»5 114
No. Missouri- l8t, 78
....
1896
Warren & Frank.— I8t78
101 IOII4 Webt. Va. C. Jt Pitts.— 1st, 63. .1911
JTIlscellaueous Bouds.
112
1907
"bk
521a Am. Water W. Co.— lot bs
Cahaba Coal Min.— lat g. 78. .190; 112 .....
97 lUU
Col. <)£ Huva, Coal &, I.— bs,g,.1917
100
1905
Equitab.e G. & P.- Ist 6s
UackeusacK Water— lat, 58.. .19'.ib 100
101 103
107 108
H ndetsuu tmdge — 1st g. 6e..ly3l 109i« 90
1901
'1U5
Iron titeamboat Co.— bs
Manhat. Beach Imp. Co.— 78.1909
119
1904
Northwest Telegraph.— 7s
957»l
People's Gas it Colie lstg.6s,1904
lOd
J'2dg.ts,.19o4
Co., Chicago
'1051s
fcS
I
.
i'o'i%
102
PhlladclpLla Co. -Ists. f. 68..1B98
West. Union Tel.—Coup. 7s.. .1900
104^
6
.
March
..
.. .
I
1
.
1
..
1
THE CHRONICLE.
30, 1889.]
425
Lateit
Bo ASH.
Jwvrjcstttttttt
Mamtngt lUporua.
ffeekorXo
1888-9.
1887-8.
Jan.
1 to
1888-9.
AND
Lalut Dal*.
1887-8.
*
nunt.iiliBd.
Top. [Fobniary..
7 1..533
l,873.a71
Fcbninry..
Ccdai-F.&Mln. Keliniury
Diib. (St.Slo'xC. February.
III.Cou.dll.iScHo.)
Iowa
11,««5
254,522
2«6,I87
Fcbnmry.
linen
Total all .... Fchrunry..
The Investors' Sufplement, a pamphlet of 150 pages,
ln<l.l)ce.c!t West. Fobrimry..
0(mtaihs extended tables of the Funded Debt of States and Iowa Central... :til v,k Mch
wk Mch
Cities and of the Stocks and Bonds of Railroads and other Knnawhact Ohio
K.C.F.B. A Mem.l2(l wk Mch
Companies. It is published on the last Saturday of every Kan. C. CI. &8n t2d wk Mch
K.C. Wy. AN.W. I'ebriuiry..
ether month-^iz., January, March, May, July, Septem- Kontuekv Ceiit.ll'ebriiar'v..
Kookuk
& West. 3d wk M^eli
ber and November, and is furnished without extra charge
Klnxat'n
Pem.llth wk Feb
Extra copies Know. A&Ohio. .lanuary
4o all regular subscribers of the 0^BONICLE.
L.
Eric
80. February.
All.
&
arc sold to subscribers of the CbronicIjK at 50 cents each, L. Erie & West..
3d wk Mch
I.e'.ilKli it llud.. F(^bruai*y
and to others at $1 per copy.
L. Rock & .Mem. 2(1 wk Mch
The General Quotations of Stocks and Bonds, occupying Lons Island
Februnrv..
I,oui.s.Ev.(feSt.L. 3d wk Mch
Mb pages of the Chronicle, are now published on the Louisy.&Nashv.
3(1 wk .Mch
third Saturday of each month.
Louis. N. A&Ch. 3(1 wk Mch
Louisv.N.O. & T. 3(1 wk Mch
2,13n,4.">9
53,H03
291,326
I 7,523
(1
813,40.5
47,663
144,010
71,80$
21,941
43,094
1
6,.'>81
391,044
33,-582
168,375
349,278
8.45.5,07!S
402,210
682,611
Louis V. Houth'u. .Lanuary
Mar. Col. &Nn.. Febru.ary ..
.
RAILROAD EARNINGS.
Eamingt
LatctI
Reported.
Jan. 1
to
Latett Dale.
Roads.
WeekorMol 1888-9.
1887-8.
1888-9.
$
AUetbcny
»t Chas 2d wk .Mch
JfeMcxican Cent. 3(1 wk Mch
San Louis l)iv 3(1 wk .Meh
tMex.N.,all lines February..
Memphis
1887-8.
1
8.0I5
30,155
19,996
15,230
366,753
1,364,45«
am,h'iii
IMexican R'wav Wk Mch 9
Mll.L.Sh. & West 3d wk Meh
Milwaukee & No 3(1 wk .Mch
Mineral Range.. February..
801,826
387,167
liM.234
12,3*0
195,834
918,099
331,678
311,505 .Miuneap. itSt.L. February..
19,011
18,110 Mo. Kan. ife Tex. February..
Missouri Pacifle. February..
1,412,958
1,6.51,524
•2,S07
Mobile & Ohio.. February..
Pt.I..K.C.&(cil.i,Ianiiaiy ..
2,807
418,202
Gulf.Ciil.iS.F.jJaniiary ..
2t:t,4,50
243,450
181,690
181,690 Nash. Ch.&St.L February.,
519,641
Natchez Jac.itc. id wk Mch
Califor'a Coiit. .Tanuary ..
94,597
94,597
38,578
8(),951
Califor'a S(i...!Jamiary ..
151,051
80,951
ibi'.osi New Brunswick. .lanuary
46,309
1,979,17")
N. Jersey & N.Y. February..
Tdtal svsteml. JanuarV
1,979,175
33,215
i:t:i,048|
Atlania AChar .lainiary
123,592
133,048
12.V,592 New on. & Gulf February..
32,962
41,'.'2:tl
Atlauta A W.l't I''(>bruarv.
89,489
43,029
5,303,187
84,573 N. Y. C. & n. R February
Atlantic 6c I'a
3ii H k >I(b
r)(),2H4
February
634,360
47,145
54<i,939 N. Y. L. E. &
3,938,463
B.A-O.Kastr.lncsll'Vbniary.. 1,1^8,845 1,088,35:
2,363,080 2,181,626 N. Y. Pa. & Ohio January
460,210
Wp.-itciu UuiMiFi'briiary..! 343,872
393,291
715,956
764,7S(i N. Y-. AN.Eng.. February ..
778,492
Total
Ffbniarv.. 1,472,7171,481,643 3,079,036 2,946,412 N. Y.<tNorth'ii. February..
78,933
Bait, it rotomaeiFi>brnary..| 113,774| 113,949
229,475
23(!,417 N. Y. Ont.it W.. 3d wk .Mch
284.053
~~
[February
N. Y. Susq. & W. January
Beech Creek
67,1571
167,9S-<
90,055
141,674
119,.527
Bufl'.Koch.i- Pitt 3(1 wk .Mch
34,955;
37,61
41(!,981
427.021 Norfolk it West. 3d wk Mch
1,035,605
Biir.C.Rap.&Xo, 2d wk Mch
53,636
531,767
46,780
519,363 N'tbeasifu (8. C.) Jaiuiary ..
59,704
iro V. & Chic 3d wk .Mch
13..50^
14,607!
144.830
152, '-23 North'n Central. February..
907,192
iiniden & Atl. January
36,041
32,934
36,041
2,400,782
32,934 Northern Pacillc 3d wk .Mch
Liuadiauracifle 3d wk Mch
248,000 19.5,0«) 2,453,984 2,84 4,199 Ohiolnd. <t W.. 2d wk Mch
290,985
Cp.F'riYad.Val February..
31,9751
27.985
66,789
820,412
55,905 Ohio A Miss.... 3d wk .Mch
Cent. Br. U. P January ..
3d wk Mch
38,000,
58,000
64,867
74,397
64,867 Ohio River
Cen.l{K.& Bk.C'o February..
658,8071 634,736 1,349,.502 1,314,414 Ohio Val. of Ky 3d wk Fob.
15,815
"iitralof N. J., January .. 1,044,918! 835,,'>05 1,044,918
35,764
835.505 Omaha A St. L January
ritralof 8. C. .Tamuiry ..
10,104
10,028
342,979
10,628|
10,104 Oregon Imp. Co. January
'i nt. Vermont.. January
31(i,368l 290,611
316,368
341,495
290,611 Oreg. R. & N. Co, 1st wk Feb
C'harle.st'n & i*a\ .lauuary
133,160
61,992i
47,860
61,992
47,860 Orcg. Short Line January ..
Char.Col.&AuK. February..
80,999|
92,359
164,565
8,573,435
176,626 Pennsylvania .. rcbruary..
Cheraw. & Darl. January ..
132,787
8,9301
9,074
8,930
9,074 Peoria Dec. AEv. 2d wk Mch
Che3. & Ohio.
February..
February..
316,040 339,173
70,767
664,099
722.414 Petersburg
Ches. O. & 8. W. Febriuiry..
154,1921 153,762
223,744
324,518
316,522 Phila. A Erie... January ..
Ches. & Lenoir January
7,141
2,036,597
7,141
8,108
8,108 Phila. & Read'B. February..
Chic. * Atlantic. 3d wk Mch
(^'oal A Iron Co. February ..
48.599,
616,272
37.527
449,678
418,5'iO
Chic. Bnrl. & So January ..I 158,628
10S,S35
Tot. both Co.'s February.. 2,048,144 1,389,801
108,835
158,628
2,652,869
Chic. Burl. & Q. lanuary .. 1,916,205 1,671,294 1,916,205 1,671,294 Pitts. Clev. A T. January ..
30,443
38,707
Lines eontr'l'd .Taniiarv
548,421
20,381
13.889
34-<,421t 470,799
470,799 Pitts. Pain. & F. January ..
Chie. & E. Ill.(f0. 3cl wk .Srch
860..573
52.5371
45,420
54,127
577,649
568,245 Pltt.sb. A West'n 3d wk Mch
Chie.MU. &8t.l'. ;id wk Mch, 465,0001 4.30,459 4,678,017 4,267,092 Pt. Royal A Aug. January ..
29,412
36,216
CWc.&N'thw'n. February., [l, 560,8791 1,676,493 3,174,124 3,247,782 Pt.Roy.AW.Car. January ..
38,764
31,326
Chlc.&Oh. Riv. February..
17,222
6,586
3.333
14.458
9,87
6,609 Prescott it Ariz. February..
Chtc. I'e. & St. L. February..!
26,345
120,877
20,390
19,839
51,469
42,099 Rich. A All'Khy. Wk .Mch 23
Chic. 8t.P.& K.C. 1 St w k .Mehl
47,400
2,367,046
33,112
428,503
284,810 (R.&Dau. Sys'iu 3d wk Mch 237,959
Chic.Pt.P.M.&O. February..! 429,173 438,927
23,366
42,198
795,807
763,815 Rich. A Petersb. February..
Chic. & W. Mich. 3(1 wk Mch
437.257
27,882
274,109
26,764
255,883 Rome W. A Ogd. February.. 203,925
Cin. Ga. & Port.s. February ..
2(i,229
3,820
226,278
3,911
7,796
7,987 St. Job. AG. Isl. 3d wk Mch
Cln.Iii(l.St.L.,S.- Cllst wk .Mehl
46,845
St.L.A.AT.H.B's 2d wk .Mch
49,042
22,780
191,851
Clu. Jack. & Mac 3d wk .Alchi
11,2291
52,198
572,284
8,926
116,440
93,6i9 St.L.Ark. ATox. Ijd wk Mch
Cln. N. O. & T. P. 2d wk .Meb
6s,(J89!
I''rau.'3d
wk
St.L.A
San
Meh
104,370
62.387
715,521
1,072,449
682,662
Ala. Gt. South. 2d wk .Mch
36,7001
65,595
149,382
27.332
376,536
319,4.55 St. Paul A Uul'th February..
N. Orl. & N. E. 2d wk Meh,
482,25^
21,762
1,034,433
16,090
233,667
17.5,843 St.P.Min.A Man. February..
Vicksb. & Mcr. 2(1 wk .Mch
16,244
154,575
8,056
125,866
9,066l
105,175 St.Ant.AAr.Pas8 2d wk Mch
VlckR. Sh. (fe P. 2d w k Mch
8,860j
15,696
8.228
121,911
111,524 Seattle L. S. A E. February
Erlantcer Pyst. 2d wk Mch
145,077 122,293 1,573,,501 1,394,659 Shenandoah Val February
57,000
110,0001
108,5«1
57,461
Cln.Rlch.A Ft.W 3d wk .Mch
8,226'
134,588 127,577
134,588
127,577
9,732
90,920
90,896 South Carolina .'January
On. .Sel. & Mob. Fet)ruarv..
•10,.507(
10,380
23,496
20,088 So. Pacific Co.—
Cln.Wab.&Mieh. February..
915,767
3.5,3001
Atlantic sys'm January
1,002,100 915,767 1,002,100
34,306
71,775
65,000
Cin. Wash. & lialt 3d wk .Mch!
36,130|
Pacific system January
2,512,672 2,330,998 2,512,672 2,330,998
38.172
451,636
456,324
CloT.AkronACol 2d wk Mch,
of
3,246,965
Total
all.
January
1,314,772
11,856
3,514,772 3,246,765
11,480
123,943
111,039
Clev. A Canton.. [Februarv..
84,351
30,030
43,475
41,.569
93,750
26,370
58,181
52,903 Statcn I. Rap. T. F(^bruary..
CleT.Col.C.A Iiid Februar'v ..
278,692
219,0.54
550,266 522,520 1,120,186 1,097,514 Summit Branch. February..
99,494 121,719
Clev. & Marietta 2d wk Feb.,
194,115
3.K79
t>3,^"
151,952
Lykens ValleyiFebruary..
94,773
5,559
26,372
36,162
Color. Midland.. 2(1 wk Mch
32,577
20,7651
299,027
211,655 Texas & PaciUc.i3d wk Mch 110,740 119,689 1,284,3.54 1,3.39,004
Col. & Greenv .. February..
120,967
193,316!
74,383
19,264
10,711
69,829
143,350
127,693 Tol. A. A.A N. M.'3d wk Mch
Col. & Cin. Mid.. 2(1 wk Meh
23,149
3.5,200
16,466
13.074
6,208
5,558
63,777
61,063 Tol. Col. & So...] February.
Col. Hock. V.&T. 3d wk Mch
2.59,687
41.897i
211,730!
17,477
18,273
544,274
541,452 Tol.A Ohio Cent.'3d wk Mch
45,232i
Day.Ft.W.&Chi. February..
175,798
179,4981
17,037
41,023!
17,138
33,2681
78,145
68,085 Tol. P. A West.. '2d wk Mch
Jenv. & Rio Gr. 3d wk .Mch
93,414
191.861
! 25,.500
116,500' 1,450,692 1,425,012 Tol. St. L. A K.C.'3d wk .Meh
18,730
7,954
Denv. ii n. G.W. 3d wk Mch
22,800
21,1001
272,800
234,584 Union Pacific. ..^February.. 1.745,758 1,917,938 1,663,801' 3,645,770
•Denv.S.P'k&Pac.Innuary ..
1,457,676' 2,168,543
Total system.. January .. 2,457,676 2,168,543
57,0161
74,634!
57,016
74,634
Det.Bay C.& Alp'3d wk Jlch
120,451
161,084
161,9841 120,45 1
11.174
8,102!
111,789
86,771 Utah A North'n. '.lanuary ..
Det.Lans'),'JiiSo'3d wk Mch
78,058
40,012
87,203!
43,695
21,022
16,3271
205.396
177,311 Valley of Ohio.. February..
DtUuthS.S.AAtl February ..
203,183
132,902'
129,914
277,264
81,367
73,786!
178,753
150,836 Virginia Midl'd. February..
E.Tenu.Va.AGa. 3d wk ,Mch 116,42(!
1,549,848 6.933,692
521,7791 546,796
96,316, 1,329,4,56 1,218.426 Wabash Railw'y December.
Erans.ifclnd'ulis 3d wk Mch
102,426
,199,948 1,053,704
4,629
3,881
56,.529
46,612 Wabash Wost'n, 3d wk Mch 106,461
Evansv. & T. II. 3d wk -Mch
13,188
12,810
6,17S
5,939
1.5,251
14,662
181,957
173,732 Wash. O.A West. February..
Fitchburj^.
100,863
47,4771
61,423
107,498]
February..
393.312 389,1731
818,481
767,108 Western of Alji. February..
FlInt.A-I'.Marq. 3d wk Mch
581,423
52,800'
634,737
51,200
57,1.53
50,919
537,895
523,370 West. N. Y A Pa. 3d wk Mch
Flor.RyNav. Co
107,-565
134,190
71,723
56,891
wk Mchi 23,164
21,002
25(i,576
232,474 West. N. Car'l'a. February..
Et.M.AUc,i.(it, ..,1 ,vk ,Mch
85,705
85,705
82,959i
January ..
82,959
22,5.57
12,6231
195,384
162,875 IWest Jersey
Den. T.i Gulf. Fcbriuirv..
74,411
11,5,1341
54,114
36,737
50,0O0
103,464
21,686
44,557 W.V.Ccn.APltts. February..
Dcu.T. & Ft.W February..
187,993
16,749
17,648
187,612
56,(iO0
Wheeling A L.E. 3d wk Mch
118,819
Whole Sy.Ht'ni. February.. 176,600
74,769
87,651
87,651
74,769
WIL Col. A Aug. [January ..
367,137
Oeorirta Pa<anc. February..
664,747
690,9731
108,5.59' 103.886
77,544
68.093
235,289
220,457 IIWlHCOnsin Cent 3(1 wk Mch
Or. Rap. & lud.. 'Sd wk .Meh
40,H09
48,237
459,356
430.610
* And branche.8.
Other lines
D All Unes tnoluded.
t Mexioan onnenor.
3d wk Mch
5.130
39,6(M)
4,074
43,311
Grand Trunk ..' Wk Meh 1
359.07v; 282,809 3,582,192 3,193,673
t Including lines in which half ownership Is held.
Chic. & Gr. Tr. Wk Mch 23
70,0871
60,6751
746.246
702,144
Det.Gr.II.A .M. Wk -Mcii 23
b Including in 1889 OuadalivJara branch.
21,927|
19,167
312,082
216,174
nousatonic
January .,
86,329
67.021!
67,021
86,329
e Earnings of entire system, including all road operated.
Hons.&Tex.Cen. lehruary.. 210,776 162,913
454,537
339,715
Haraest'ni8bcn February..
9..500'
12,787
20,000
25,961
<t Including Chicago A Indiana Coal.
Hl'2,609
Val.. February..
»,(i94
Ashv.iVSitartaii.iFcbriuiry..
1,412,938
Atcli. T. Si ti. Vv I.raimarj
9,911
.
.
.
156,3.50
.
'
W
.
.
.
j
.
'
'
.
.
.
.
.
.
"
i
!
I
.
.
,
.
I
!
I
.
l
.
.
. .
.
i
... ..
.-
THE CHRONICLE.
426
Latest
by Weeks.— The
Gross Earnings
earnings in the foregoing table are separately
latest
as
For the third week of March the gain on the 61 roads thus
far reporting reaches 12'47 per cent.
March.
1889.
$
50.234
AUantlodk Paolflo
Buffalo Roch.A Pittsburg.
Cairo Vln. A ClUo
34,9.'i5
14 607
248,000
48.599
52,537
70,087
465,000
27,88
11,229
8,226
Oliicago * Atlantic
Ohio. &E. Ills.* C.& I.e.
•Chioapo & Grand Tr
Ohloago Mil. A St. Paul.
Ohloaeo A West Mich
1888.
Increase.
Dec? eate.
S
9
9
47,145
37.615
13,507
195,000
37,527
54,127
60,675
430,459
26,764
8.926
9,732
38,172
45,232
3,089
2,e€6
i,ib6
53.000
11,072
i
.590
9,412
34,541
1,118
2,303
February
.
1888.
$
$
& St.
$
Paul.Gross 1,676,608 1.577,062
Net
395,072 139,340
Clev. Col. Cin. A Ind. Gross
550,266 522,520
Net...
141,584 1 13,703
Mexican Central
Gross. 433,293 482,164
Net...
170,244 213,305
8. Luis Potosi Dlv. Gross.
4,896
Net...
1,872
N. Y. Lake Erie A W.Gross. 1,711 ,177 2,048,280
Net...
582,476 609,298
Net less pro. due roads
operated on a % basis...
422,794 441,495
Oct. 1 to Feb. 28 \ Gross..
3,332,517
789,240
1,120.186
252,243
949,965
411,650
13,165
6,312
3,635,468
1,125,002
788,106
$
3,029,108
233,095
1.097,514
239.633
994,206
406,615
3,938,463
1,141,632
802,074
10^99,885 11,111,516
Smonths
>Net....
Net less pro. due roads
operated on a % basis..
N. Y. Ont A West... G- OSS.
Net...
Oct. 1 to Feb. 28 1 Gross.
5 months
JNet...
Norfolk A Western.. Gross.
Net...
Gross.
Northern Central
Net...
Gross.
Northern Pacific
Net...
July 1 to Feb. 28, ( Gross.
JNet...
8 montbs
XLVm.
,-Jan. 1 to Feb. 28—,
1889.
1888.
,
1889.
Roads.
Chic. Mil.
yeeek of
[Vol.
weekly
summed up
follows:
3d
.
.
3,631,775
3,661,999
2,686,054 2,671,785
225,838
215,708
Cincinnati Jack. & Mack
12,605
8,595
1,506
Cincinnati Kicn. A Ft. W.
028,286
612,422
36,13'
2.042
Oln.Wa8h. 4. Bait
63,61 9
48,205
41,897
3,335
OoL H. Val. 4 Toledo
403,019 350,768
801,084
731,569
125,500
116,.500
9.000
Denver A Rio Grande
133,886 128,758
244,565
2*7,393
22,H00
21.10C
Denrer A R. Gr. West1,700
11,174
8.102
3.072
Detroit Bay C. A Alpena.
435,191 454,751
899,940
907,192
21,927
19,167
•DetroitGr. H. AMU....
2,760
l'.i2,270
147,671
271,788
275,818
21,022
16,327
Detroit Lans. A North...
4,695
,193,159 936,085 2,376,557 l,639,fi92
116,426
EaetTenn. Va. A Ga
96,316
20,110
427,485
766,682
196,386
187,920
4,62!t
Eransvllle A Indianap.
3,881
748
12,997,498 10,046,858
15,25!
EvansvUle A T. H
14.662
589
5,123.708 4.327,972
Flint A Pere Marquette.
67,153
50,919
6,234
Gross 4,421,157 4,379,455 8,949,901 8,573,435
Pennsylvania
48,23T
Grand Rapids A Indiana
40,809
7,42?
Net... 1,391,443 1,358,283 2,472.236 2,364,204
Other lines
»,430
4,074
1,356
Iowa Central
26.210
2,'.21
24,089
Petersburg
G ross
42,296
38,748
84,967
70,767
Keokuk A Western
6,008
5,843
165
Net..
12,423
34.605
17,240
32,701
49,580
Lake Erie A Western....
32,725
16,855
Feb.
Gross
Oct. 1 to
28 }
165,021
182,625
Iionisv. Evans. A St. L.
20,400
4.065
16,335
5 months
JNet
73,721
81,893
Lontaville A Nashville. . .
28H,160
3?4,865
41,705
Phlhi. A Reading.... Gross. 1,326,524 1 ,106,357 24)42,571 2,036,597
liOulsvUl.- N Alb. A Chic
39,271
36.105
3,166
Net...
533,669 349,132 1,267,283
449,774
loulsv. N. O. A Tex
•46,742
38,710
8,032
Dec. 1 to F. 28 ? Gross
4,459,637 3,752,253
Mexican Central
108,503
119,996
11,493
3 months
JNet
1,894,929 1.243,4r6
Milwaukee L. 8h. A West.
58,586
39,741
18,845
721,620 28S,444 1.770,572
Coal A Iron Co.... Gross.
616,272
Milwaukee A Northern..
23,180
13,113
4,067
Net... df. 219,576 df.125,475 df.373,185 df.299,129
Hatchf Jai kson
3,441
2,841
600
Dec. 1 to F. 28 > Gross.
2,896,135 2.189,694
N.Y. Ont. A West
28,52f
23,518
5,008
(Net
3 months
dr.625,105 df.345,333
Norfolk A Western
82,56e
99,952
i7,386
Northern Paelflc
270,16e
371,501
101,335
Total both Co.'s... Gross. 2,048,144 1,389,801 4,713,143 2,652,869
Ohio AMIsslsslppl
70.625
75,347
Net...
4,722
314,093 223,b57
150,645
894,098
10,800
6,561
4,239
Deo. 1 to Feb. 28 ( Gross
7,355,772 5,941,947
Pittsburg A Western
17,8R0
45,420
27,590
3 months
JNet
398.072
1 ,269,823
'Rlchnx nd A Allegisny.
19,839
10,642
9,197
Rich. A Petersburg.. Gross.
42,198
23,366
22,194
47,453
Klch. ADanv. (8 road*.) ..
237,95(1
219,19P
18,763
Net...
19,811
11,717
20.209
9,588
St. Joseph AGr. Island...
26.228
25.49b
733
101,271
Oct. 1 to Feb. 28 ) Gioss.
118,879
Bt Louis Ark. A Texas.
'.'.'.'.'.'.'.'.
52,196
44.709
7,489
5
months
51,300
50,295
5 Net...
8t. Louis A San Fran
104,376
106,880
2,504
109.800
47,200
45,300
108,000
Texas APacinc..'.
n0,74€
119,(i8S
8,913 Tenn. Coai A Iron Co Net...
Toledo Ann A. A No. Mich
19,264
10,711
8 553
Union Pacific
Gross. 1,7-15,758 1,917,938 3,663,861 3,6^5,770
Toledo A Ohio Central
•
17.477
18,273
796
926,985
Net...
500,785 577,974 1,021,881
Toledo St. \j. & Kan. C...
18,7.5C
10,796
7,954
428,323
Western N. Y. A Pa Gross. 222,947 215,5fi4
470,237
Wabash Western
106.461
102,426
4,035
114,787
33,f;26
Net
66,451
81,021
..
Western N. Y. A Penn....
52,800
51,200
1,600
1.159.083
Oct.
1
to
Feb.
28
Gross.
1,317,422
<
Wheeling A Lake Erie...
16,746
17,646
899
284,431
299,194
5 months
Wisconsin Central
J Net .
77,544
68,093
9,451
31.990
WhltebreastFuelCo.Not...
23,425
14,756
14,063
Total (61 roads)
3,735,548 3,321,447
471,977
57,876
111,296
July 1 to Feb. 28.. Net
131,071
Ket increase (12-47 p. o.l.
414,101
January.
/—/an. 1 to Jan. 31.-^
18881889.
1889.
1888.
* For week ending March 23.
Boads.
$
$
$
$
83^,505
The complete statement for the second week of March cov- Oent'l of New Jersey. Gross. 1,044,918 835,505 1,044.918
310,086
Net...
471,494
471,494 310,086
ers 82 roads, and shows a gain of 16-60 per cent.
586,437
Dcnv. A Rio Grande. Gross. 872,592 586,437
572,592
156,163!
Net...
156,163
157,401
157,401
145,407
2d weth of March.
186,454
Lake Erie A West'n. Gross. 186,4.54 145,407
1889.
1888.
Increase.
Decrease.
43.789
Net...
70,997
43,789
70,997
»
7.a,840
S
78 840
78,603
8t. Louts Alt. AT. n. Gross.
78,003
Prev'ly report'd (56 roads) 3,538.396 3,090.121
483,374
35,099
36,612
Net...
30,205
36,612
30,205
Oln. N. O. A Texas Pao...
68,689
62,587
6,102
,
January.
t—July 1 lo Jan. 31.-^
Alabama Gt. Southern.
36,700
27,332
9,368
1887-8.
1888-9.
1889.
1888.
New Orleans A N. E
21,762
16.090
5,672
Roads.
$
$
$
Vloksburg A Meridian..
9,066
8,056
1,010
East Tenn.Va. A Ga. Gross. 510,641 409,444 3,471,013 3,414,059
Vicksburg Shrev. A Pac.
8,860
8,228
632
1.274,228
Net...
1 ,165,092
146,274
158,423
Cleveland Akron A Col..
11,856
11,480
376
Oolon-do Midland
2'^B,026
32.57
Gross.
305,931
Knoxville A Ohio
20,765
43,006
43,094
11,812
Worth
A
Den
Fort
v. City.
105,28222,557
12,623
Net...
120,786
16,894
18,374
9,934
•Grand Trunk of Canada
359,074
282,809
76,205
909,747 1,141,349
Memphis A Char. ...Gross. 162,520 157.940
'Chicago A Gr. Trunk
71,235
58,769
12,467
385,b28
Net...
203,823
38,799
41,785
•Det. Grand H. A Mil..
20,460
19,270
1,190
^Orl. 1 to Jan. 31.->
January
Kansas C. Ft. S. A Mem ..
91,954
74,499
17,455
1888.
1»=89.
1889.
1888.
Kansas C. Clin. A Spr...,
5,092
4,667
425
Keokuk A Western
6,072
5.843
229
Borne
Wat. A Ogd. .Gross. 252,312 213,198 1,133,260 1,074,508
Little Hock A Memphis
11.491
15,469
3,978
473,66a
Net...90,174
•68,644
489,521
Memphis A Charleston.
35,667
30,455
5,212
Hatohez Jack. ACol'njbus.
3,361
2,805
55B
Ohio IndlBua A Western
27,303
25,291
2,012
Rich. A Danv. (8 roads)
280,376
221,551
58,825
.
113,423
7,505
108,138
4,939
.
.
7,
AC
.
.
,
.
.
.
ANNUAL REPORTS
Total (82 roads)
4,662,548
3,998,709
702,916
663,839
ITet increase (16-60 p. o)
*
For week ending March
39,077
Central Railroad of
16.
—
Net Gamines Monthly to Latest Dates. The tables following show the latest net earnings reported this week, the
returns for each road being published here as soon as received
but not kept standing from week to week. The figures cover
the latest month and the totals from January 1, and also the
totals for the fiscal yrar on those companies whose fiscal
year
does not correspond with the calendar year.
February.
1889.
1888.
.
Roads.
Allegheny Valley... Gross.
Net...
Bait. A Potomac. ..Gross.
Net...
CanadlanPaclflc... .Gross.
Net...
Central of Georfla-.Grofs.
Net...
,
.,,
Netinclnd'ginvestm'te..
July 1 to Feb. 28 lO- OSS
6 months
$
162,609
66,895
113,774
19,882
844,046
150,544
6,'8,807
208,516
217,366
jNet
Ketinrlud'g Investm'ts..
t
New
Jersey.
fFoi- the year ending Dec. 31, 1888.^
!B
,
r~Jan. 1
1889.
S
to Feb.
28.^
1888.
156,350
331,678
311.505
66,729
138,276
134,014
113,949
229,475
236,447
36,e05
52,773
84,553
837,994 1,741 984 1,639,199
46,922
301,507
69,208
634,756 1,349,602 1,314,414
276,951
439,217
512,882
276,972
501,830
521,316
5,472 708 5,365,550
2 029*144 2,182,906
2 098'624 2,213,709
The first annual report of this reorganized company states
that there is operated by the company 627 miles of railroad,
and 33 miles of steamer and ferry lines, a total of 660 miles,
which includes 48 miles of road operated jointly. The company also controls through proprietary interest 48 miles of
and Maryland, extending from Bombay
Hook, Del., to Chestertown, Md., with extension to Nicholson,
Md. making a total mileage controlled of 709 miles. The company is the absolute owner of nearly the entire mileage operated by it in the State of New Jersey, and is the lessee in perfietuity of the balance, with the exception of the N. Y. & Atantic Highlands and Toms River & Waretown railroads and
the Lehigh & Lackawanna Branch in Pennsylvania..
The valuation of .stocks of other companies owned has been
materially reduced. The letlger value of $.5,440,899 now represents stocks of the par value of $10,378,123. The valuation of
railroad in Delaware
,
.
stocks of the constituent companies, covering proprietary interests now included in property account, has been redin-txl to
the nominal amount of $1,000, in each instance representing
merely the franchises of these companies. The bonds of other
—
March
3",
i-
9
.
THE CHRONIOLE.
J
owned, of the par value of |14,ni4,082, have been on same
and their cost re<luc<>d on tlie books of the company. increase
iM)nipanii's
re-viihicil
The autliori/A'd capital stock of the company is $80,000,0(X),
The total outstanding
of wliicli $18,503,200 in outstanding.
ruiided iudebtednees of the company, including principal of
cur tnust obligations, is $46,36i'5,.'578. Of the $50,0()0,0{K) general mortgage !i jK'r cent bonds there lias been issued (includ*
ing lioth registered and coui)on bonds) $80,480,000, leaving a
lialance of ?t9,.')40,00() uni.ss\ied; of this amount, bonds are held
liy the trustee to cover $14. 14a, 5(K) of prior liens and obligations, and the balance available for other purposes is §.'),397,r)0().
The company has no floating debt, and its cash assets e.xcced
its current liabilities for supplies, accrued interest, rentals and
taxes by $1,4S6,262. The balance of assets over all liabilities
held for account of future adjustments and suspense accounts
is $873,929.
In conclusion, the President, Mr. J. R. Maxwell, remarks:
••
In submitting this repn't for the first year after the expiration of the late receivership (and the first report issued by the
company since that for the year 187.'>), it is proper to state that
the reorganization of tlie company's finances lias been carried
out with the gratifying result of leaving as an available reserve an miused balance of $5,397,.'500 general mortgage bonds
(which have not been stated among the cash assets), instead of
$3,590,015 estimated in the published plan of reorganization.
It has been the policy of the Direction to place and maintain
the railroad and projierty at tlie highest standard of condition
and to increase its earning capacity by extensions, improvements and large additions to its equipment, paying therefor
out of current earnings rather than by increase of fixed indebtedness and permanent interest charges. It is expected that by
July 1 proximo, most of the extraordinary repairs and renewals of roadway and bridges will have been completed, that the
new equipment will have been received and that the road will
then lie able to handle the increasing traffic at a minimum cost
and with corresponding results to the stockholders. It is the
t-ense of the board that it will then be justified in commencing
the declaration of dividends at such rate as the earnings shaU
then warrant, with expectation of continuance."
The tonnage hauled during the year exceeded that of the
precetling year 11,036 tons. The reductions in rates resulted
in a decrease in gross earnings of $267,100.
The.«e results were
augmented by the lass of transportation of oil through the establishment of pipe lines and consequent shorter average haul
of through traffic.
While tons of local traffic hauled one mile
show an increase of 10,470,159 tons, the through traffic shows a
decrease of 22,543,732 tons, resulting in a net decrease of 12,073,573 tons one mile. There was an increase in anthracite
coal tonnage of 1,033,393 tons hauled, and 139,176,006 tons one
mile, netting an increase of $1,867,923 in gross receipts.
,
EAK.VINCS
AND
EXPENSE.S.
Earnings—
PasfeDKer
Merchai dise frelgUt
1887
188P.
$2,269,615
3.12R,674
,
Antlirac te coal
EJtjr^ss
Total
Op«ratlug expenses and taxes
413,177,472
7,204,067
Net earnings
$5,973, t'.4
Per cent of expenses to earnings
54*86
INCOME ACCOUNT, 1888.
lifceip'ft—
Net eaniings
Income from Investments
*.-.
1,507,159
Total net income...
$7,480,564
IHsbut semen tg
on t)onded deb*, oar trusts, &c
$3,860,313
Proportion of earnings due for rentals nnder
leases of tbe L. & Sua. RK. and other lines.. . 1,862,126— 4,7'.2,440
—
Interesi
Bnrplas for Uie year
$2,758,123
There was also expended during the year for
Improviments and extensions
$1,050,258
177,952
1,063,105
Real estate
New equipment
Total
$7,291,315
• Of $1,507,159 19 incnme fiom invettments, $952,«31 75 represents
income accrued during tbe year, $554,327 41 received on account of
interest on Investments maturing prior to January I, lt88— upon
wbich date tbe present wansg-^ment assumed control of the property.
CONDI N8ED IIAI.ANCB SHEET DEC 31, 1883.
Attet:
LittbilUit>.
Railroads and appur's. $31,529,670
R<al est. and oth. prop.
2.324,(69
Eiiuipujeait
ll',909,768
ijecui's otber comp's—
Stocks owned
5,440.899
Bonds owned
Cash, cash assets,
Ac.
14,012,038
4,636,280
IS 563,200
Capital stock
Funde(i»debt
45,749,378
16,200
Cartrusis
]>ue
(or
;
waites,
t>lies,intereet,
Contingent fund
&
The following is a comparative statement of earnings, expenses and income
BARNIKOg AND BXFBHSES.
:
18H6.
1887.
188S.
$2,109,492 $2,2«4.824 $2,4&3,27U
844,556
1,013,037
1,213,857
Extra Territorial and branob line*
78,110
80,444
78,711
Telegraph Commission
1«,681
19,962
21,165
Inteipst
34,561
70,236
90,467
HiscelUneous
1?,601
4,525
7,ft40
Rental of telephone!
Dividends
Total
$3,097,001
Net earnings..
$68,852,726
$3,865,119
1,450,013
..$1,947,283
$2,210,597
$2,414,20«
$1,947,283
26,068
1887.
$2,210,597
27,011
$2,414,206
22,258
$1,973,351
$2,237,608
$2,436,461
$1,176,252
392,084
117.755
$1,176,252 $1,192,152
392,0^4
597.726
132,616
646,586
$1,686,091
$1,700,952
Miscellaneous itema
Total
Disbursement—
Regular dividends
E.\lra dividends
Reserved (or depreciation
Total
t
*
1888.
2.436,464
sur $287,260 8ur.$536,65e
Balance
$294,063 was the dividend payable Jan. 14, 1888.
$298,803 dividend payable Jan. 15, 1889.
GENERAL INVESTMENT NEWS.
—
Canadian Pacific. A press dispatch reports that by the incorporation of the Buffalo Lackawanna & Pacific Railroad
in Albany the Canadian Pacific Road will obtain an entrance
into Buffalo. Tlie new road wUl run from Buffalo to the Suspension Bridge, connecting with the Canadian Pacific at that
point. It wUl cross the Niagara River by a bridge to be built
on the site of the old suspension bridge at Lewiston, a charter
for
which
still exists.
sup-
Ac...
3,150,017
873,»2i
ferred and $20,500,000 common. The preferred goes to the
C. I. St. Louis & Chic. (Big Four) stockholders, dollar for dolTTie common stock is divided in the proportion of $17,lar.
The
I. and $3,000,000 to the Big Four.
,500,000 to the C. C. C.
Big Four, in consideration of the $3,00>0.000 common stock given
it, takes a non-cumulative preference for the 5 per cent on its
all benefit to be derived from the new connection
preferred
and the reduction of expenses by union of properties will
therefore go to the new common stock, of which the C. C. C.
I. stockholders receive 16*^ per cent more than their present
holdings. Before the consolidation goes into effect the C. C. C.
I. will declare a cash dividend out of the surplus at the end
of last year and its net earnings, but the per cent of this dividend is not yet known.
&
;
&
&
Cleveland Columbns Cincinnati & Indianapolis.—The
following statement shows the earnings, expenses, charges, &c,
(including the Cincinnati & Springfield and Indianapolis & S*.
Louis), for the month of February and two months ended
March 1
.
,
„ „„
Jan.
to Feb. 38.
:
February.
1888.
188?.
$5i?0,266 $522,520
Eamines
408,817
40
8,682
Opcratfngexpcnses....
.
.
Netearnings
Total.
$3,453,028
1,242,431
INCO.ME ACCODHT.
1886.
RtctipU—
Net earnings
rnte^est; taxes,
Total
1,14!>,"18
Expenses
Cleveland Columbus Cincinnati & Indianapolis— Cincinnati Innianapolis St. Louis & Ch ion go.—The long-pending
consolidation agreement between these companies has been
voted by the directors of each and signed by the officers; the
stockholders meet in May, and will no doubt ratify the
unable to get a copy
$11,424,674 arrangement. The Chronicle has been
6,J 25,772
of the agreement from the officers, but there seems to chb
no reason to doubt the substantial accuracy of the terms first
4,998,902
reported by Dow, Jones & Co., as follows: The new company
56 24
is to be known as the Cleveland Cincinnati Chicago & St.
Louis, and a majoritv of the directors are to be VanderbUt
The capital of the new company is $10,000,000 pre$5,973,404 nominees.
101,139
24,498
88,891
8.
84,010, increase 1,582; miles of wire on same 78,298,
17,114.
Total underground wires Jan. 1, 1880, 17,088,
increase 9,020; American Telephone
Telegraph Oiinjiany'B
long-distance wires 827, increase 187; instruments in liands of
licensers, under rental Dec. 20, 1888, 411,511, Increase 81,284;
the average dally numter of extra territorial connections is
7,223, or a total per year of 2,686,080; the extra territorial
earnings for the year amounted to $771,784 (against $066,718
in 1887), of which the Bell Company's share was $79,792, an
increase over 1887 of $3,717. The net output of inHlrumentH
under rental was 81,234, increase 4,476 over 1887, and the
largest number since 1883.
The mileage of wire is 248,764,
against 201 ,91 1 in 1887. Manv of the local companies are replacing iron wire with copper for extra territorial work.
$2,207,574
3,a95,774
8,632,728
80,797
23,533
8l,2t6
7,500,6.'32
mall
Miscellaneous
IJ,
427
$6?,852,726
Deficit
Ac
.
1
.
188".
$1,120,186
.^
—
867,943
1888.
$1,097,514
857,881
$141,684 $113 703
159,3 49
159,684
$252,243
316 ,757
$^39,633
315,584
$45,646
$64,511
$7,\981
$18,100
156,661
1 8,540
3 7,115
Additions to property.. 15 6,661
American Bell Telephone Company.
$221,175
$113,066
$174,7(1
$64,186
Dellcit
(For the year ending Dec. 81, \m9.J
Consolidated Electric Light Co.— Tlie capital stock of this
The annual report shows that there are now 742 exchanges,
New York Ste)ck Elxan increase of three from 1888; 452 branch offices, the same as company was listed this week on the
The history of the company and its present status are
last year; 142,631 miles of wire on poles, increase 14,792; 10,266 change.
application to the Exchaiij?e, and we
miles of wire on buildings, increase 41; 17.038 miles of wire given at length in the
of this issue under
underground, increase 9,029; 536 miles of wire sub-marine, in- give the same fn fidl on a subsequent page
crease 171; making a total of 170,471 miles of wire, increase "Reports and Documents."
24.033; number of subscribers 171,454, increase 12,742.
NumDenver & Kio (irande Western.— The committee of secur J
ber of extra territorial lines 947. increase 20; miles of pole lines ity holders of this railway company makes the annoimcc-
;
.
THE (CHRONICLE.
428
of §4,250,000 new 4 per cen* bonds
required to assure the execution of a
for widenSan referred to in a recent issue of the Cheonicle
been subiigand improving and equipping this road, has both bonds
of
Bcnbed. Also that a majority of the holders
provides for the
and stock have assented to the plan. Tins (with the coupon
of each existing bon(f of §1,000
per
belonging thereto) into $1,000 of the new 4
committee wil
cent bonds and §600 of preferred stock. The
plan and will request
issue in a few days their report and
securities with
bondliolders and stockholders to deposit their
engraved negot the Central Trust Company in exchange for
^lU ,be fo^d o"
able certificates. In the meantine there
an advance
another page, under " Reports and Doc'unents,"
ment
the
that the full
%zxfOXts
amount
[Vol.
XL"VIU.
and J^atumtuts,
minimum amount
THE CONSOLIDATED ELECTRIC LIGHT CO.
APPLICATION TO THE
Sange
Scltes
this report
coDT of
and
New
listed this
new
close
agreement
is pendmg
for interchange of traffic between these compames
conand the Northern Pacific directors have the matter under- any
As a conclusion has not yet been reached and
sideration.
contract
terms heretofore proposed may be changed before a
the possible provisions
is signed, it seems premature to go into
were sugof the agi-eement or to specify the particulara that
gested by Wisconsin Central.
The company was incorporated September 8, 1883, and
immediately entered upon the transaction of the business
contemplated in its charter.
,
„
The real estate of the Consolidated Electric Light Company
consists of 13 city lots with the extensive improvements
thereon, situated on the south, side of Twenty-third Street,
west of Tenth Avenue, in the Sixteenth Ward of the City of
New York, numbered respectively from 510 to 534, inclusive,
being 335 feet front, on Twenty-thu-d Street, and extending in
depth, southerly, from the South side of Twenty-third Street,
.
given that the January
Ohio Indiana & Western.— Notice
paid
coupons on the O. I. & W. first mortgage bonds will be
1.
on presentation to the Corbin Banking Company, April
hand tor payPrompt notice will be given when funds are
ment of April interest, and of second mortgage couix>ns.
Improvement Co.—The gross earning) on all the
m
Oregon
inlines for the year 1887-8 were §4,891,674; net, §1,066,129 ;
(mterterest an.l premiums, §33,436 total, §1,089,565 ; deduct
dividends. §164,231), §517,540 ; balance surplus,
est, §353,319
§572,021. The report will appear in next week's Chbonicle.
;
;
PennsTlvania Railroad.— The gross and net earnmgs for
February, and the two months ended March 1, 1889 and 1888,
were as below stated. On the lines west of Pittsburg and Erie
the net results, after payment of interest and all charges, is
shown in the second table:
UMES EAST OF PITTSBDRO AKD ERIE.
Gross Earninss.
1888.
.
January .
February
.
4,421157
.
-n
$4,213,979
4,379,455
Ifel Earninqf.
1888.
1889.
$1,00.%920
$1,080,793
l,3o8,283
1,391,443
.
$2,364,203
$2,472,236
$8^93,434
Total 2 mos.. $8,969,901
LINES WEST OF PITTSBtlRO AN1> ERIE.
.Vei turplus or deficit after payment of ctMrges.
1888.
Diff. in 1889.
1889.
$38,»i8
140,15i
8ur.
De£.
$i)0,510
L033.
115,422
Lo.s?.
$21,562
24,730
Total 2 months. Def. $101,204
Def.
$54,912
Los8.
$46,292
January
Febiuary
Sur.
Def.
gross and net earnings for
February in 1889 and 1888, and for the fiscal years, have been as
below given. The net earnings of both companies aggregated
§314,093 in February, 1889, against §323,657 in February, 1888.
For the two months from Dec. 1, net earnings of both companies were §1,269,833 in 1888-89, against §898,073 in 1887-88.
RAILROAD COJU'ANY
Dec. 1 to Feb. 28.
-February.-
Pliiladelphia
& Beading.—The
1888.
$1,106,357
1888-9.
$4,4.59,637
757,225
2,504,709
$1,894,928
$349,132
Net earnings $533,669
COAL AND IRON COMPANY.
,
Gross eamin)?8..
Oper. exiHsnaes..
Net
-February.
1888.
1889.
$721,619
941,196
.
$283,443
408.919
L0S8$219,577L0S8.125,476
98 feet 8 inches.
The personal property of the company consists ot the plant
the
of the Incandescent Electric Lamp factory operated by
Sawver-Man Electric Company, a corporation owned and conestabtrolled by the Consolidated Electric Light Company,
lished upon its real estate on Twenty-third Street, in the City
capacity
of New York, as above mentioned, having a present
which is
of 8,000 incandescent electric lamps per day, and
being rapidly increased to a capacity of 10,000 lamps per day
of the
also the plant of the incandescent elecric lamps factory
Westiughouse Electi-ic Company, situated at Pittsburg, Pa.,
which has a capacity of 5,000 incandescent electric lamps per
diem; also of manufactvu-ed product, supplies, and cash for
accounts
the operation of said factories, bonds, stocks and
of the
receivable, aggregating §599,332 49; also of the patents
United States issued to William E. Sawyer, Albon Man and
wluch
others, relating to the art of electric lighting, under
patents, by license from this company, to the Sawyer-Man
to
Electric Company, to the Westmghouse Electric Company,
the
the United States Electric Lighting Company, and to
Thomson-Houston Electric Company, all of their mcandescent
electric lamps are manufactured and sold.
The present product of incandescent electric lamps from
manufactories operating under the Sawyer-Man patents, and
part derived, w
from which the revenue of this company is
m
lamps per diem. The product has more than doubled
during the past year and is steadily increasing.
The plants and central stations in the United States usmg
incandescent electric lamps manufactured under the SawyerMan patents, exceed at the present time. 1,100 in number, with
1887-8.
an aggregate capacity of more than 1,000,000 lamps.
$3,752,253
On October 1, 1888, the real and personal property of the
2,508,847
Consolidated Electric Light Company was leased perpetuaUy
corporation organ$1,243,406 to the Westinghouse Electric Company, a
for an
ized under the laws of the State of Pennsylvania,
annual rental of §150,000— being six per cent upon the entire
.
Dee. 1 to Feb. 28.
,
1888-9.
1887-8.
$2,896,134
3,521,240
$2,189,692
2,535,027
Lo83$625,106 Lo88$345,355
Pacific Comi)any.— This Corporation (not the
Southern Pacific Railroad of California) controls the Huntington lines in California by ownership of most of their stocks,
it has given notice to the Stock Exchange that it intends to
increase its capital stock from §100,000,000 to §150,000,000. Of
the present capital stock §88,076,300 have already been issued.
Of the increase it is proposed now to issue 400,000 shares at
the par value of §40,000,000, making the total amount outstanding equal §138,076,300. The following statement is made
at the company's office " The new issue of stock is not due to
any departure from the policy heretofore adopted. The SouthPacific of California has 1,500 miles of road completed,
and has projected and in progress 1,030 miles additional; the
Northern of California has 400 miles completed and 300 miles in
progress, and the Oregon
California has 475 miles completed
and 25 miles projected. The new stock is to be issued in exchange for the stocks of these companies not hitherto absorbed. There are some other smaller roads in both States
which are involved, but the details as to these cannot be given
at this time.
The stocks of the constituent and controlled
roads are deposited in trust, so that there cannot be two sets
of securities representing the same property afloat in the market at the same time."
Sontliern
:
em
&
IW
., .
8,000
.
.
1889.
Otoss earninss $1,326,524
Oper. expenses. . 792.855
to
par value of §100
1887, to §2,500,000 in 35,000 shares of the
is
1889.
...$4,548,744
1889.
New
plan.
Northern Pacific—Wisconsin Ceiitral.—A
1,
have the regular registered stock of the company
placed on the regular list, and submits the following statement.
The Consolidated Electric Light Company was organized
under the general law of the State of New York, passed
February 17, 1848, entitled " An act authorizing the formation
and
of corporations for manufacturing, mining, mechanical "
other purposes, and the several acts of the Legislature amendatory thereof, with a capital of §1,200,000 in 13,000 shares of
the par value of §100 each, which subsequently was reduced
by resolution of the stockliolders at a meeting held on the 6th
day of January, 1885, to §970,000 in 9,700 shares of the par
value of §100 each, and which was subsequently increased by
resolution of the stockholders at a meeting held September 31,
Exchange
the original
or additional issue, but are a part of
years ago declmed
issue which the Stock Exchange, several
Ihe
enturely completed.
to list because the road was not
bonds are in all respects like those previously hsted.
not a
York, March
Tlie Consolidated Electric Light Company respectfully appUea
York Stock
to the Committee on Stock List of the
Denver & Rio Grande Western 1st mortgage
—Tlie 8931 000 week
on the New York Stock Exchange are
bonds
NEW YORK STOCK EX JHANGE.
For balance of InTeslment items see pages 419 and
i'iO,
payCapital Stock of the company—payable quarterly the
ment of one per cent upon every incandescent electric lamp
with
sold by the Westinghouse Electric Company, or by others
shares of the
its assent, and the subscription at par to 1,350
Capital Stock of the Consohdated Electric Light Company.
Under said lease a quarterly dividend of at least one pOT
centum, beginning April 1, 1889, is guaranteed to the stocKthe
holders of the Consohdated Electric Light ^Company, until
Debenture Bonds of the company, amounting to ^32o,000, are
jper anpaid, and for the payment of which at least §58,400
num, in equal quarterly sums, has been irrevocably appropriUnder this provision, during first quarter of said lease,
ated.
company,
§34,600 of said bonds have been purchased by the
;
and carried into the Sinking Fund.
.
De
After the discharge of said indebtedness, dividends wiU
plus
increased by the application thereto of the entire rental,
the
the royalty of the lamps, less the reasonable expenses of
company.
„»
-t
The Westinghouse Electric Company, lessee, has a capital or
diviquarterly
paid
year,
§5,000,000, and has, during the past
dends of one and one-half per cent from its earnings. It is conducting the business transferred to it by the Consohdatea
Sawyer-Man
Electric Light Company, under the name of the
lease
Electric Company, and during the first quarter of the
exhas earned more than sufficient to pay all the operating
be
penses and charges, together with the rentals contracted to
lortne
paid to the Consohdated Electric Light Company.
have been in
first month of the second quarter, the earnings
busmess
excess of all charges and rentals, indicatmg that the
i
"
MiHcn
is
oaming on
Light
tlio
Capital Stock of the Consolidated Electric
ten per centum per annum.
Company over
AB8KTS.
" A"..
$80,fl32 89
Factory |il:int. 2Ul stnM^t, New York
91,121 18
Factory I'litiit. I'uiHlmrir, I'li
Persoiml pr. pcrtv. -'3il l<t.. N. Y mid IMttsb.,
I'n. (cuibnicod la Wclicilulca "C" & "D") 350,061 10
$30B,010 e3
1,888,373 91
,
33,000 00
(par)
Accounts receivable
Gush
Olbce furniture
Invct:tiuent account (stock* at market value)
lutcrcat accrued to iliitc ou Sfi33.(iOO bonds of the CousoUdated Kloctrlo l.ixbt Co. In thi' WlnklnR Fund
rroportion of rental due from tlie Westlngbouse Electric
to .March I,18->y,
months
Kstlm'd royalties for lamps for 2mos.end.
<'o.
The said Tnt.steos hold Ioms than onc-Ofth cf the l>r<MQU
Capital Stock of the company.
Officers.— Hugh R. Garden, PrcHidcnt Jacob Hays, VicePresident George H. Lewon, Secretary and Tn-n«tirer.
Trustees.— George Westinghouse, jr., Pittsburg, I'a.; Iluirh
R. Garden, New York, N. Y.; Jacob Ilayg, New York, N. y •
Henry C. Davis, New York, N. Y.; Thomas B. Kerr, Pitt».
burg. Pa.; Amos Broadnax, New York, N. Y.;
vacant.
Charles H. Bancs, President of the Market Street National
Bank, Philadelphia, Pa., formerly President of the Consolidated Electric Light Company, and one of its trusteex, lias recently been compelled to resign, aa trustee, by reason of demands upon his time growing out of Iiia official and other
relations in Philadelphia, and the vacancy has not yet been
'.i
Marcbl, 1889..
1,701 12
2,607 60
0l
4,507 50
l,27.'5
;
,
628,115 20
above leased to the Westinxbouac Electric Co.
Bonds of the Congolidiitcd Eloctrlo Lfxbt Co., pUEchased
All
Fund
429
;
csfii'o 2^.1 srroot, N. Y. Ci'y, as per Schedule
Pntrnts, per Srliriliilo "K," iind fniucfifsog
Be«I
fur SiiikliiK
—
:
THE CHRONICLR
30, 18S9.J
filled.
516 00
25,000 00
2,000 00
$2,770,607 23
I.IAniLITIES.
Capitul stock (sharci issucd.^a.ssi; par valuo,$100 each) .$2,388,-100
Bonds issued on credit of company without
further security: —
Six per cent bonds duo Oct. 1, 1892,
Int. CJ up. due .\pril 1 and Oct. 1 ... $125,000 00
Six per cent bonds due Jan. 1, 1805,
int. coup, due Jan. laud July 1 ... 200,000 00
00
THE CONSOLIDATED ELECTRIC LIGHT COMPANY,
By HuoH R. Garden, President.
The Committee recommended that $1 .780,000 of above described capital stock (" Brown" certificates only) be admitted
to the list. Also that the committee be empowered to add to
the list from time to time additional amounts of sairl stock to
the total amount of $3,000,000, when they shall have receiv^
official information that it has been issuetl in exchange for
other stock outstanding.
Adopted March
27th, 1889.
325,000 00
Accounts payable
^
Coupons due Jauu.ary 1, 1889 (not called for)
Int. accr'd to date, payable April 1, IfSO, onbds. due '92.
Int. acci'd to date, payable July 1, 1889, on bds. due 1805
1,337
1,101
3,125
2,C0O
21
00
00
00
$2,720,963 21
The original capital stock of $1,200,000 was not registered.
The reduction of the capital stock to $970,000 was not at lirst
registered, but after certificates representing that capitalization had been issued it was decicfed to recall them and issue
certificates under the same capitalization, but requiring to be
registered by the MercantUe Trust Company of
York;
those first registered certificates are known as the " Green
Certificates.
All of the old unregistered certificates under
capitalization of §970,000 have not yet been brought in for
exchange, there remaining outstanding at this date certificates
representing 645 480-1,000 shares.
When tlie capital of this company was increased to
|2..'500.000, it became necessary to issue new certificates, also
required to be registered by the Mercantile Trust Company of
New York, and for that purpose all of the "Green" Certificates were recalled for surrender and exchange into certificates
representing the capitalization of $2,500,000, known as the
" Brown " Certificates. There are still outstanding and not yet
exchanged "Green" Certificates representing 587 540-1000
shares.
Wliat are known as the ' ' Brown " Certificates, tmder capitalization of $2,500,000, and amounting to 17,800 shares of $100
each, it Ls propo.sed to place upon the regular list of the New
New
DENVER & RIO GRANDE WESTERN
R'V'J
STATEMENT OF FACTS AND PLAN OF REOEQANIZATION.
New
York, April
1,
1889.
To the Bondholders and Stockholders of the Denver <fc Hio
Orande Western Railway Company :
The undersigned, acting aa a committee at the request of
holders of two millions of bonds the company concurring
have carefully considered the existing conditions and future
prospects of your property, and beg leave to submit the follow-
—
ing facts, w^ith a plan based thereon
:
STATEMENT OP FACTS.
The company had 369 miles of constructed narrow-gauge
road in operation in the fall of 1885, when the existing funding plan became operative. It has since paid the interest that
became due under this plan, which requires that the company
shall resume payment in full of all interest that will become
due hereafter, viz.
$8,900,000 bonds, at 6 per cent.
with $1,345,500 certlflcates belonging thereto, at 5
Tot.al fixed
charges per
annum
$^414,''0O
p. c.
67.275
$181,275
In 1888 the Company operated 373 miles of narrow gauge
railway in Utah, consisting of 310 miles of main Une, extending from Ogden (where connection is made with tlie Central
York Stock Exchange.
Pacific and lines controlled by the Union Pacific) eastward to
Copy of "Brown" Certificate hereto attached, marked the boundary line between Utah and Colorado (where connec"
Exhibit
B."
tion is made with the Denver and Rio Grande Railroad), and
ST.VTEMKNT MARCH 6, 1889.
63 miles of branches, including one of about twenty miles to
Authorized Capital Stock
25,000 shares. the Pleasant Valley coal mines.
Total issue to dite
23,884
The net earnings during the calendar year 1888 amounted to
Kegistcrcd— Kecular
18.387 B40jg^„
Trust.
$378,000, after deducting taxes, insurance and $.58,000 for
4,851
wheelage of extra rolUng stock belonging to the Denver and
23,238640,000
Rio Grande Railroad Co. and for expenditures in anticipation of
Issued, but not registered
845*6o,oo(,
widening the gauge. It appears that, except for such outlays
Stock subscribed for but not yet issued
1,116525,000 shares. in widening and for wheelage (the latter of which could have
Of the Regular Stock above stated as Registered, the issue of been avoided by acquiring fresh rolUng stock, had it been
deemed prudent on the eve of a contemplated change of
certificates covering the same are as follows
gauge), the net earnings would have been $436,000, or about
"Brown" Capital. $2,500,000
17,800
shares.
"
"Green" Capital, .1iJ70,000
§1,169 per mile. An analysis shows that the through i)assenger
587540j(,oo
travel and local freight traffic produced the bulk of the earn18,387640iooo shares.
ings, and it is believed by the Officers of the Company that
Registrar: The Mercantile ^rust Company of New York.
this local tonnage, though it yieldeil over 80 per cent of all
Transfer oflice of the Company: 32 Nassau Street, New York. the freight earnings, would have been still larger had the rood
The circumstances attending the issue of the " Trust Stock" controlled sufficient rolling stock to utilize all the opportunities
:
are aa follows:
On the 18th day of June, 1885, the capital stock of this company, consisting of 9,700 shares, being all issued, the stockholders severally transferred and dehvered one-haU of their
respective holdings of stock to Jacob Hays and Hugh R.
Garden, of New York; E. S. Thayer and C. A. Coffin, of
Mas.sachusetts; and Chas. H. Banes, of Philadelphia, Trustees;
with power to hold said stock for the benefit of said stockholders for the period of ten years from January 1, 1885; the
said stockholders receiving therefor Trust Certificates, signetl
by Chas. H. Banes as Chairman and Hugh R. Garden as
Secretary of said Trustees, and coimtersigned by the Mercantile
Trust Company of New York. Registrar. The purpose for
which the said Trust was created was to preserve tlie property
of the company intact for the benefit of its creditors and stockholders, and the powers of said Trustees were limited to voting
upori said stock; to receive and pay to the holders of the Trust
Certificates any dividends which" might be declaretl; and on
tlie expiration of said trust to deUver to the holders of tht?
Trust Certificates the shares of stock of this company to which
they were entitled.
Under said Trust the said Trustees held a majority, to wit:
4,851 shares, of said stock.
The purpose for which said Trust was created has been
practically accomplished, but said Trust has not expired by
hmitation.
for business that were offered.
The position of the roa*l with reference to connections with
other roads is, as shown by the map (published to-day in the
Investors' Supplement), as follows:
At the west end it meets the Central Pacific, the Union Pacific, the Utah Northern and through it the line to Oregon;
also the Utah Central and Utah Southern Railroads.
On the cast at the boundary line between Colorado and
Utah, it joins the Denver
Rio Grande Railroad, at present a
narrow gauge line extending thence eastward to Denver. Colorado .Springs and Pueblo, where it meets and connects with
the Chicago Burlington
Qtiincv, the Chicago Rock lslan<l
&
& Pacific,
&
the Atchison Topeka & Santa Fe the Mis.souri Pacific and the Denver Texas & Gulf, besides the Kansas Pacific
Railway to Kansas City and the Union Pacific to Omaha, all
long standard-gauge trunk lines extending from the eastern
base of the Rocky Mountains easterly to Chicago, St. Louis,
Texas and the Gulf of Mexico. The Denver & Rio Grande has
already laid a third rail from Denver, via -Pueblo, to Canyon
City (about 162 miles), and has done a Large amount of work
preiwratory to widening the gauge of its line west of Canyon
City (via Leadville) to Glenwotxl, a txiint on the Grand River,
distant about 127 miles east of the Utah border. It is now engaged in, and announces its purpose of. completing without
delay the widening of that line and the extension of the same
to New Castle, a point about 12 miles further west.
Frcm
THE CHRONICLE,
430
New
Castle its declared policy is to widen absoCity to
lutely, not to lay third rail.
standard gauge line has already been constructed by the
Canyon
that
A
Colorado Midland Company from Colorado Springs, at the
eastern foot of the Rocky Mountains (where it also connects
directly with some and indirectly with the remainder of all
the eastern trunk lines mentioned), westward to New Castle.
When the work which the Denver & Rio Grande is now engaged in doing shall have been completed, the Denver Western
will thus be b funded on the east and west by standard gauge
Wliile
lines, and be a practically isolated narrow-gau^e road.
the narrow gauge may be the best under principally local conditions, especiafly in such movmtainous territory, yet the considerations that originally led to its adoption have since been
superseded by others arising from change of conditions. Bulk
is no longer "broken where, even with an uniform gauge, it
used to be. Refrigerator cars and other special facilities, and
the vast reduction in the rates of transportation of freight, have
caused traffic to come from greater distances, enhancing the
relative importance of interchanged business, and have developed new sorts of traffic that will not stand transhipment, unShippers, as a rule, are adless there is no competitor for it.
verse to transfers of certain articles, like wagons, agricultural
implements, stoves, furniture, crockery, stone and chinaware,
as interfering with both safety and dispatch, and are apt to
send the remainder of their goods by the same way that a part
has to go. Vestibule trains and luxuries in the matter of space
and accommodations, such as no country in Europe expects,
are now demanded by the miners of the Rocky Mountains and
the traders of Salt Lake and California.
Liines that do not meet the new conditions cannot expect to
get their share of the traffic of competing points. The fact
that the Denver & Rio Grande is widening its line into territory also occupied by the Colorado Midland, and the no less
important fact that the through freight business handled by
the Denver Western during the past year was so small, are
pertinent illustrations. Its east and west connections apparently would not work for traffic to go over it to Salt Lake and
the Pacific slope under these handicapped conditions.
The territory now occupied by the "Denver Western"'
seems, however, destined to be traversed by some great through
route. The facilities already provided or contemplated by the
Colorado Midland and the Denver & Rio Grande respectively,
leave a gap of 140 miles to the Utah border and 450 miles to
Ogden. It is evident that a strong incentive to competitive
building will be furnished if the " Denver Western " continues unable to forward the business without transfer
that is offered or desired by the many powerful connections
that meet the above roads at Denver, Colorado Sprhigs and
Pueblo. Unless, therefore, it promptly conforms to modem
conditions, a standard-gauge line connecting the ea.stern slope
with Ogden, through Glen wood and the " Denver Western's "
territory must, sooner or later, be forced through by the pressure of the half dozen long trunk lines now resting at the
eastern base of the Rocky Mountains. The constmction of
such a rival road, however, would affect not only the through
',.
for their Une, either:
risk its being presently deprived of
lx)th
operation of the Company.
(Signed)
George Foster Peabody, Chairman,
j>
To
will result in a large increase in business,
through and local, and in making the road a solid and permanently valuable property.
To accomplish this result, however, virill require a large
amount of additional capital that cannot be expected to be
subscribed unless adequately secured. The existing mortgage
bonds stand in the way of giving sufficient security, and the
undersigned believe that as the widening has become a necessity, it is best at once to reorganize the property on a more
comprehensive basis, which will make the Company strong
and able to protect itself under the new conditions referred to.
The co-operation of bondholders is essential to this end. The
following plan is accordingly^ submitted, and if approved by
the bondholders to a sufficient extent, will receive the co-
i.<x!u
^
jt-xi-..T^- ,iT X
C\^T;;.i'."^e„^.':?^°S•„^!^i°J/^.^^^^^
although it would be planned chiefly with reference to a
but
through connection, it would necessarily cut into local traffic.
The holders of the securities of the Denver Western Railway
Company are, therefore, in a position where it would seem to
be necessary for them to deteiinine between two alternatives
1st.
they
(Vol. XLVIII.
Charles J. Canda,
Frederick P. Olcott,
James C. Parrish,
Barthold Schlesinger
Joseph D. Potts.
Hubbard,
&
Butler, Stillman
Counsel to the Committee.
Samuel Scovu^, Secretary,
16 Broad Street,
New York
8U.VIMARY OF
City.
THE PL VN.
issues of the Company consist of:
in First Mortgage 6 per cent 3>year bonds,
$6,900,000,
maturing September 1st, 1911, with the coupon certificates
belonging thereto, and $7,500,000, in stock.
These securities shall be exchanged as hereinafter stated.
The present
I
A Company is to be formed to be called the Utah & Colorado
Railway Company, which is to acquire and succeed to all the
properties and rights now owned by the Denver & Rio Grande
Western Railway Company, and is to acquire and possess such
other rights and powers as shall be advisable to carry out the
objects of this plan. This Company is to issue the following
securities:
It is to make its Fu-st Trust Mortgage wliich wiU constitute
a first lien upon all its property, including Rolling Stock, and
provide for the issue of 4 per cent 50-year Gold bonds thereimder for the purposes contemplated, the aggregate issue to be
limited to $16,000,000.
It is to issue Preferred Stock entitled to dividends up to 5
per cent per annum (non-cumulative) before the Common Stock
After the payment in any
shall be entitled to any dividend.
one year of 5 jxjr cent on the Pi-ef erred and Common Stocks,
both classes to share on equal footing in any further dividend
Preferred Stock shall be issued to an amount
for that year.
suificient to carry out tliis plan, and may be issued to the
extent of $7,500,000.
Also
Common
Stock not exceeding $7,500,000.
The Board of Directors of the Company
shall be named by this Committee.
for the first year
Tbea.,ovesec«Ht1eB«LaUbeapp.icaU.eaBfonow.:
MORTGAGE
BONDS shall be
FIE8T TRUST
issued to the li"ldcr8 ot present First Mortgage Bonds
(with the certiflcaes there o beloiiKing) In exchange
.«6,000,000, in said
thprcfor.
purposes of widoi.ing the gauge, providing an
adecinate amount of rolling stock, to betterments, and
building xteneioBS as heieinalter referre*i to.
jil, 400,000 shall be kept as a capial reserve, only to be issued aga'nst
new lines at a rate that will nut, under this mortgage,
iinpoee an annual charge exceeding $1,000 per mile
$7,700,000 to the
,
(
through busi-
ness, including through passengers, and being forced to share
its local traffic with some new comjietitor of standard gauge,
or, 2d, to take immediate steps to widen its gauge and fit the
road to become the connecting neutral link between the great
eastern lines that reach all the markets from tlie Atlantic and
the Gulf of Mexico to the eastern base of the Rocky Mountains, and the western lines that reach the Pacific States and
the Territories.
Even if the "Denver Western" should for some time remain
undisturbed in the possession of the business it now controls,
it may still be doubted whether, at the prevailing low rates,
that business will be sufficient to meet the necessities of the
existing financial programme, without incurring a considerable expenditure in providing rolling stock and other facilities.
Such expenditure, however, is, under the circumstances,
deemed improvident, and the Committee concur in this view,
for if the gauge be widened different rolling stock will be required, and if not widened, the advent of a competitor may
dispense with the necessity of any increase.
It has already been pointed out that the construction of a
rival line would tend to largely deprive the " Denver Westem " of its present through passenger business and to divide
its local traffic.
With earnings thus impaired, the Une could
scarcely be expected to earn its current interest obligations,
not to mention its promise to pay the principal of its
coupon certificates on Sept. 1, 1895. On the other hand, the
expectation is warranted that, if the gauge is widened and the
gap tiUed between the Utah border and the two standard
gauge roads which connect with the half-dozen trunk lines on
the east, and if the " Denver Western " then offers to all connecting lines, east and west, fair and equal terms, it will be
assured in the possession of the traffic, as tlie inducements to
build a parallel line wiU be removed. The widening of the
gauge will also enable the company to engage in and develop
an additional coal traffic from mines on its lines to points
reached over its western connections, so that the contemxjlated
improvements would seem to justify a confident expectation
thereof.
^le.ooo.oco.
$4, 140,000 in
PREFERRED STOCK shall be distributed pro rata to
holders cf present bonds, to compensate for the reduction
In interest and to repesent the coupon certiflcate to
each bond lielonging, being at the rate of $600 to each
•
.
I>res^nt bond
!i!3,360,000,"exoept as mar be otherwise appropriated by the Committee
to carry out thi- plan, shall be held in the treasury of
the Company as a capital refler\ e.
*7..">00.000.
COMMON STOCK
will be issu d to the holders ot the present
exchange therefor, do'lar for dollar.
Tlie new First Trust Mortgage will contain provisions that
in case of default in the payment of interest in whole or in
part, the Mortgage Trustees, or in case they do not act, a majority of the bondholders, shall have the right to nominate and
have elected a majority of all the Directors of the Company,
thus providing an easy and efficient remedj, avoiding, if they
so desire, the delay, expense and uncertainties attending receiverships, foreclosure and litigation.
The
stock, in
To provide means for widening the gauge, procuring standard-gauge rolling stock, and doing the other things appurtenant
to this plan, a present issue shall be made of not lass than $4,3.50,000, and not more than $7,700,000, of the new First Trust
Mortgage Bonds.
The money realized from this issue shall be deposited in a
Trust Company in New York to be expended only under
proper checKs for such improvements, extensions and expenses
connected with or involved in the execution of this plan, as a
majority of this Committee shall from time to time approve.
On the delivery of the new bonds interest on the present securities is to be paid at the rates they call for to May 1st, 1889,
from which date the new Iwnds will commence to draw
'
.
interest.
MaBCH
THE CHRONICLE.
30, 1889.]
481
Present Bonds exchanged will be kept alive and in trust to
Srotect tlioee assenting until the existing mortgage or trust
ee<l of August Ist, 1881, is canceled or annulled.
COMMERCIAL EPITOME.
The Committee has securetl subscriptions underwriting the
amount of $4,250,000 in bonds, the minimum amount required
—
make
to
CONCLUSION.
plan be executed the yearly fixed charges under it
will be less than $1,200 iier mile, as against .about $1,300 under
present comlitions, while the property w-ill Ih? greatly improved
and its ciiniing captieity increased. Tlie bond will be lifted up
from tlie speculative stage, and placed on a platform of business certainty and contidenco as to the actual income it promises.
The remainder is capitalized in preferred stock, and so
given an appreciable value.
Bondholders exchanging will, instead of 6 per cent bonds
having a life of 22 years and secured by a lien on a narrowfiuge line, inade(|uately e^juipixjd. get an equal amount in new
per cent bonds having a life of .50 years, and secured by a
lien on an improved road, well equipped with modem rolling stock. To compensate for the reduction of interest and
for the interest accrued, now represented by a five percent certificate that has six yeara to run, they will get $600 in a new permament security entitled to all tlie rights of ordinary stock,
but with a preference in dividends up to 5 per cent per annum.
Bondliolders are uivited to dejx>sit their Ixinds with the coupon certificates thereto belonging, and stockholders are invited to deposit their stock, with the Central Ti-ust Company,
which will issue engraved negotiable certificates for each.
Application wiU be at once maile to list the Trust Company's
cei-tificates at tlie New York Stock Exchange, so that they may
be as available for all purposes as the present bonds and stock.
The committee reserves the right to amend this plan within
its general scope and purpose, but in case of any amendment
beyond its present scope and purpose the deposited securities
may be withdrawn within one week after notice by advertisement of such amendment, but those not so withdrawn shall be
If this
I
deemed to assent.
The plan in detail
'
:
Fbiday Night, March 29, 1880.
The weather has continued seasonable, and good progress
the plan eirective.
is embodied in the agreement deposited
with the Central Trust Co. under which the certificates of deposit are issued, to which reference is made.
As the season is at hand when the work contemplated should
be begun, bondholders are requested to deposit their bonds
without delay, and before April 20th, after which date the
committee reserves the right to make less favorable terms for
bonds thereafter admitted. The holders of a majority of the
total issue of bonds have so far assented, and a majority of the
stock has already deen deposited under the plan.
Hudson Suspension Bridge & New England Railroad.—In
Investors' Supplement, issued to-day, will be found a
map which shows clearly this project and the important connections which will be afforded by means of this route between
tlie coal fields of Pennsylvania and the New England States.
Officers of the company state that the New York & New Engiind RR. Co. has entered into an exclusive contract with this
nqMny for all their business, by which the former will build
extension of their main line from Brewster's to Somerstown
making connection there
I'lain, a distance of eight miles,
with the Bridge Comi)any. The New York & New England
RR. are to operate the road to and across the bridge, paying a
(lercentage on the receipts and agi-eeing to a fixed rate on coal,
which latter may be reduced when the net earnings of the
Bridge Company are sufficient to meet the fixed charges and
uay 8 per cent on the stock. The N. Y. & N. E. RR. transfers
i-r its ferry at Newburg for the current year wiU he over
JK)0 cars, which, by way of the Hudson Suspension Bridge
N. E. Ry., would yield the latter, at an average of
a car, $.300,000. Further contrsicts have been 8igne<l
ith the New York Su.squehanna & Western, the Lehigh valy and the Lehigh & Hudson River (this latter includes the
Titral of New Jersey and the Philadelphia & Reading). Other
ntracts have been formulated, but are not yet signed. Presiiit Serrell says that the contracts now made with the Bridge
the
1
>
•
nipany assure sufficient business to meet the fixed charges,
On
operating expenses, taxes, and 4J^ per cent on the stock.
lie west side of the river the road will be 16 miles in length,
&
made in the resumption of inland navigation at the West,
but the Erie Canal and similar works in the North remain
closed. Qcneral trade is dull, and ia not likely to improre
until the latter part of April, when the centennial of the inauguration of President Washington is to be celebrated with
a great display in this city. Fffsh rumors regarding the
I roubles of
the copper syndicate in Paiis had a depressing
is
upon speculative circhs early in the week. Among
important changes in values since our last are the decline in
infiuence
wheat and the advance in sugars.
Pork bas coniinued to meet with a moderate demand, and
prices show some further advance, as follows:
$12.30 for
extra prime, $13@14for old and new mess and $14@10 25 for
clear back.
Cut meats are generally quiet, but light weight
bellies are in demand, and to-day 30,000 lbs. pickled, 10 Ibe.
average, sold at 7^c. with some 12 lbs. at 7o.
Quoted:
and hams
pickled bellies, 6i:i@8i^c.; shoulderc, 5J^@oS^c.
9fi@t0c; smoked shoulders, 6@6,'^c. and hams 10?<i@Uc.
Beef is nominal at $7 for extra mesj and $9 50@ 10 for packet
Beef
perbbl.; India mess steady at $13 50@15 per tierce.
hams are steady at $13® 13 50 per bbl. Tallow is firmer and
Stearine is lower at 1}4c., and oleofairly active at 4?^c,
margarine firmer at 7}^c. Butter is steadier at 18® 27c. for
creamery and 13@17c. for Wi stern factory. Cheese is lower
Fresh eggs down to 1114&
at 9}^@llJ^c. for State factory.
,
,
12o per dozen.
Lard on the fpot, though not active, has shown an upward
tendency in values, and to-day was firm at 6'95c. for prime
city and 7'42>^o. for prime Western, with refined for the Continent quoted in the range of 7'55@7-75c. as to brand. The
speculation in lard for future delivery was fairly active, but
values were feverishly unsettled, aLu to-day an easier opening wa« followed by an advance to the best pi ices of the week.
DAILT CLOSINO PRICES OF LARD FUTUKE8.
Salura'i/. Mona'i/.Tuesd'i/.Wedn'sil'!/. T/^ur.li'!/,
ApiUdeUvery
0733
7-34
May
o.7'35
0.7 '37
c.7-38
c.T-iO
0.7-43
7-38
7-40
7-42
7-44
delivery
June delivery
July
rtellvert
AiU'. delivery
Sept. delivery
737
Friday,
7-3S
7-42
7-41
7-45
7-38
7-41
7-43
7-35
7-40
7-4
7 -40
743
7-4.5
7 47
7-47
7-30
7-45
7-47
7-50
7-42
7-44
7-4«
7-57
7-48
Coffee on the spot has been drooping, with much less doingo
Yesterday 1,000 piculs Java told at21(a22}^c. To-day Rio.
was quoted at 18k@18?gC. for fair cargo grade, and sold at
The speculation in Rio options was (in symlejsC. for No. 7.
pathy with advices from ContiLental markets) dull at declining prices from Monday until Thursday,when there was a
To-day, however, the market again departial recovery.
clined, closing barely steady, wi h sellers as follows:
16-7CC. October
1700c.
16 40c. July
April
.6-80C. November. ...17'00o.
17-50C. AUigiiBt
May
Dtcoiuber
16-9:c.
Seplemlicr
17'05o.
16(j0c.
June
a decline of 45@55 points this week.
Teas are more firmly held, a fire at Chicago Laving destroyed 35,000 half chtsts. Raw sugars w»re active at buoyant prices early in the wetk. The entire offerings of centri."ugal were taken up, and many thousand tons of muscovado
and molafses grades changed hands. To-day the market was
I
|
—
firm, but less active, at Sf^gS ll-16r. for fair refining Cuba,
&%c. for centrifugal, 96 deg. test and a Ci rgoof English
Islands sold at 5J^c. for 87 deg. test. Refined sugais are bIbo
decidedly higher at h%c. for crushed. Molasses is also
heavier, ai^d was very active early in the week, but c'oses
somewhat unsettled at 25}^(a26c. for 50 deg. test, with a
cargo selling to day at 25p4C., to arrive at Philadelphia.
Kentucky tobacco has been quiet, the little lusinets being
mainly for export. In seed le..f the business of the week
ar.d
;
Hudxtending from Fort Clinton to Turner's the Lehigh
•n are to build about 7 miles
of road from Lake station amounts to 1,080 ctses, as follows 400 c.ses 1887 crop, Penntheir lino to a connection at Turners.
By a line recently sylvania seed, 10@13c.; 150 cases IS'^iJ c op. do., ir@13c.; 130
rveyed from the west end of Bull Hill Tunnel to the main cases 1887 crop. State Havana, 12@16c.; 200 cases 1887 crop,
II'
Western east of Middle- \V iscom in Havana, 9@ lie, and 150 cases sundries, 5@30c.,
of the New York Ontario
^vn, and about six miles long, the New York Ontario
West- also 650 t ales Havana, 6?c.@$l 10, and 200 bales Sumatra,
II would, by the
bridge, have a direct New York City con- $1 20@$1 87"^.
,
,
'tion via New York
Northern Railroad.
On the Metal Exchange Straits tin me t with tome demand,
employed,
The Bridge Company have a large force of men
sellirg yesterday at 20-90c. for June and July, and to-day at
luefly at Anthony's Nose and at Bull Hill tunnel.
At An- 20-95C. on the spot and 21c. for July, the market being more
large
and
bony's Nose the foimdations are completed,
a
active at some decline. Ingot copper told yesterday at 10 05c.
mount of stone is cut and ready for the base of the tower. for G. M. B., July delivery quoted to-day at 11)^0. on the spot
be work so far has been done by the use of money supplied and Lake at H%c., showing some further declii e. Lead ha»
it the purpose, but it is intended to shortly offer the oonds been lower at 3-6oc., but is firmer to-day at 3 67Jic.
The in.» sale.
terior iron markets have been dull, but some large contracts
Maryland State Bonds. The Treasiu-er of Maryland an- hbve been given out, on which mills will probably get to
Itmnces that he will be ready between May 1 and June 15 work next month.
Spirits turpentine ia decidedly lower, in sympathy with
Merchants' National
at Annajxilis or at the Farmers'
;
:
!
&
&
'
&
.
.
;
—
.
m
;,
&
of Baltimore, to exchange certificates of indebtedness of
State of Mai-yland, part of the Exchange loan of 1889, bear3 per cen^ interest in gold, for sterling bonds issued under
act of 1838
wfaker Southern markets, selling to day at 48c. Roe ms are
weaker at $1 15® 1 17}^ for common to good strained, but a
Kefined petroleum is unchanged at 7<j,
fair business doing.
fer export.
.
. ..
.
.
THE CHRONICLE.
432
COTTON
M., March
0)1
Galveston
El Paso, &c.
Tues.
648
1,233
158
514
1,352|
Frl
Thttrs.
Tfed
j
.
2,569
1,350
2,417
438
458
92
157
46
8avanBali
Brunaw'k, &c.
Charioaton
PortRoj-al,&c
484
752
389
443
887
148
708
136.
138
235
Wilmtngton
112
76
22i
21
27
48
3
394
440
1,021
1.535
672
264
342j
i,4oo;
442
840
394
Pliiladelpli'a.&c
362
Totals tliis week
6,483
Mobile
5,439|
Florida
1,5231
1,,')23
650
3,105
1,367
1,426
1,367
61
l,383i
1,255
626
576
1,336
360
933
350
258
605
702
1.128J
7631
3
3,319
6,589
3,368
3,279
4,832
155
301
123
75
869
98
1,114
9,652 11,079
4,873
5,854 13,632
51,.')73
&c
Wasii'gton,
Norfolk
Weat
Poiut...
N*"wp'tK*9,&c.
j
3,368
New York
Boston
Baltimore
Galveston
El Pa90,&c.
5,073
New Orleans.
13,704
1,394
1,523
3,105
1,367
1,426
. .
Mobile
Florida
Savannah.
..
Bnins.,&e.
Charleston ..
P. Royal, Ac
WilmiiiKton
Wasb'tu,Ac
Korfoik
1
West Point.
Nwpt>.,&c
New York.
..
Bo.ston
BaHlniore.
Phil'dd'a,
..
&e
This
Week.
Since Sep.
1, 1888.
TliU
Week.
246
56
309
3
3,3! 9
0,589
3,308
3,279
4.832
863
1,114
Sine« Sep.
1,
1889.
1887.
2,217 636,009
638,916
19,574
1,604,173 16,653 1,627,579
640 200,311
204,573
23,327
25,474
65;
788,987
3,216: 825,572
l,014i
144,808
72,125
304,175
1,410 391,685
14,412
114
14,849
148,902
280, 166,301
4,350
4,906
4
468,763
1,160 440,318
388,37:
1.727[ 379,301
123,476
77| 100,796
75,947
97,879
1,382;
70,799
82,037
2,469,
39,401
63,269
800
168!
24,751
44,632
51,573 5,226,837
Totals
'
11,550
14,411
204,781
9,850
253,518
25,003
34,519
28,724
10,718
17,880
3,767
4,545
1886.
18,572
23,522
12,276
242,135
9,800
8,667
18,311
581
287,507
14,000
18,603
19,701
584,946
708,075
1885.
5,319
13,704
1,394
3,105
1,482
2,217
16,653
3,216
1,524
1,014
2,262
1,467
306
284
302
Point, &c
All others....
3,319
9,957
12,984
1,160
1,804
5,898
1,516
1,880
10,090
4,580
16,989
1,537
6,075
5,354
871
9,527
3,349
10,813
Tot.thisweok
51,573
33,306
34,115
59,095
Galv'ston,&o
New Orleans
Mobile
Savannah.
..
Charl'Bt'n,&o
Wllm'gt'n,&c
Norfolk
Wt
640
2,077
1 3,.507
Exports
Jmm—
981
12,683
809
2,444
860
133
3,528
1884.
2,389
9,842
1,181
2,251
2,912
519
6,137
2,864
2,368
12,765
28,111
37,091
537
Exported to—
.
Gttlvoaton.
New Orleans..
Great
ContU Total
liriVu. Pri^nce
nent.
Wetk.
10.S83
10,i»0
^.8oa
88,876
10.433
10,423
8,40?
3,197
Mobile
Savannah
UruDBWlck
—
CbarlostoD
....
Vnimlngton.
Norfolk
.
West Point...
Nwpt NWB. *c.
New York
Boston
Baltlmor?
I'blladelp'u.&c
Great
BHtain. '^'»""
202,164
.
21,078
82.470
374,788
6.075
e.075
808,695
199.644
4.sfi6
79,403
630.896
le.lll
5,903
4,888
83,480
8,038
4.nse
8.038
7,095
169,1167
2.406
875
32.622
S7S
Continent.
635.1)17 348,315
60,498
82,479
41,009
.M,133
78,082
114,393
Total
IRST-S't..
SO,'
00 11,880
37 818'
7.082
B8.091
12,''3J)
997
UPLANDS.
Ordinary
Strict Ordinary
Good Ordinary
.'itxiet Good Ordinary
I.owMiddliue
Strict Low Middling
1
None.
None.
29,694
13,949
94,722
490,224
27,408
24,506
9,949
3,352
78,338
56,270
629,737
484,922
11.642
S.3b2
UU,412
25,740
158,3i!0
ntai.
i
]
'
^Jt
lb.
Good Ordinary
Strict Good Ordinary
Middling
209.0011
2.373
40,845
511.933 2.347.343 380.832 1.087.708 3.781.073
914
9%
911,
916,f
10%
7=8
81,6
81,8
7=8
81,6
9
9
9
16
7''8
97,.
91»,e
7
'8
9»8-
9^1=
10
10
IOI.L
lO'u
1011, lOUi.
1015,, lOlB,,
1138 11%
12
7",
8l8
91 16
91s
9'H 9Tj«
9i»i, 10i»i, 10
10^,6 lO'ie IOI4
12
714
778
7'4
7'8
g!,'i«
8i-'if.
058
9=8
7>h«
8>«
9>»
10
lOH
107 )«
10i8]6l01*it
111,8 ill»t«
1158
11%
12 "4 ll2>«
1038
1078
llie
11»18
12»16
nion Tnea W^ed Tb,
7'4
778
8la,8
0=8
8l»i*
9^4
Wed Tb. VtU
BALES OF SPOT AND TRANSn.
SPOT MARKET
CLOSED.
S,at.
Quiet and st'dy.
.
Mon.jFirm
Wed. Steady
Tbur.Steady® ijeadv,
Frl.
. .
Ex-
Oon-
port.
sump,
932
1,520
206
492
^Steady
11,198
90,«54 2,423.202 .180,144 1,210,487 3,90!.83S
81-^,6
9'i"
FrU'
FH.
74,,
71B,(
I
878
911,8
9"l«
MARKET AND SALES.
The total sales and future deliveries each day during the
week are indicated in tlie following statement. For the convenience of the reader we also add a column which shows at a
glance how the market closed on same days.
Tiies .Steady
800
779
8%
8l„
9
Sat.
.^Ib.
Low Middling
22,665
43,953
47,319
7>»u
1038
10'8
11% lim III9
11»1S lt»18 110,8
123,8 )123,a 123,,
STAINED.
Good Ordinary.
Zl'i«
inou Toe*
103,8 lO'lB
1038
103b
1079 jlO-8
.
Strict
77,,
7»8
9li
Strict Low Middling.
Middling
Good Middling
Strict Good Middling
Middling Fair
Or<linary
I
97
Middling'
Good
738
9'i6
9-'i6
9he
91116 9I11, 91I1.
91616 91B,,
10i«
1018
10>8
Sat.
Strict iDrdinai-y
Fair.
733
1058 1058
10»s
10-8
lO's
lO's
11 "in llhe 11^16 11»16
'iH^k! 111^18 lUSlf lll'l,
GULF.
Low
738
713,6
83t
lO's
Fair
Ordinary
mou Tnek Wed Th.
7%
7^Ht,
8%
lO^a
Strict Good Middling
Middling Fair
38,054
18,361
—
Sat.
%i Vn.
MiddlliiK
Good JUddlinet
Total]
Total.
;
1.000
—
,
The exports for the week ending this evening reach a total
of 00,251 bales, of which 50,200 were to Great Britain, 11,960
to France, and 28,094 to the re.st of the Continent. Below are
the exports for the week, and since Sept. 1, 1888,
Srom Sept. 1, 1888, to Mar. 29 1868
Week Ending Mar. ift>,
—
|
5,018
26,219
6,494
7,872
221,910
42,821
8,300
5,056
10,700
20,225
10,000
—
we
Since Sept. 1 5226.837 5094,037 5040,883 18.50,597 4579,287 4619.661
Expurteti 10
5,561
170,040
9,850
—
50
33,396 5,094,037
1887.
8,632
35,420
27.415
i
None.
5,700
;
:
1888.
42,447
'
34,741
1.300
2,300
5.056
2,700
;
other years,
In
give below the totals at leading ports for six seasons
1889.
Total 1889.
Total 1888
Total 1887
.
2,593
None.
—
1888.
order that comparison may be made with
Receipts al-
Other ports
. .
8,969
None.
4,400
6.000
None.
None.
9,325
Stock.
Toie.1.
tcise.
temporary elements of weakness. Matters atfecting the next
crop received little attention. On Wednesday a slight advance
was caused by the smaller port receipts. On Thursday an early
advance, due to a firmer Liverpool market, was followed late
in the day by considerable activity and buoyancy, ascribed to
a demand to cover contracts, stimulated by tlie better spot
market and the reduced interior movement. To-day, Liverpool, though stronger, apparently disappointed our '•Bulls" in
particular, the small spot business in American cotton but
there was some recovery in the last hom- on the small interitMr
movement and the reduced interior stocks. The strike of the
weavers in the cotton mills at Fall River has ended by the peoCotton on the spot
ple returning to work at the old wages.
was taken early in the week more freely for export said to be
local
trade
Russia
but
the
continued dull,
high grades for
and prices did not improve. On Wednesday there was a
fair general demand, and on Thursday there was a good bn»To-day the market was quiet sA
iness at l-16c. advance.
103-16C. for middling uplands.
The total sales for forward delivery for the week are 237,900
bales.
For immediate delivery the total sales foot up this week
7,245 bales, including 3,144 for cx]X)rt, 2,869 for consumptioni
in transit. Of the above
bales
1,233 for speculation, and
were to arrive. The following are the official quotations for
each day of the past week Mar. 23 to Mar. 39.
869
to
29.
Cliarleston
Coat,t-
The speculation in cotton for future delivery at this market
was veiy dull for the first half of the week under review, and
the fluctuations in values were within the narrowest limits.
The movement of the crop continued to be watched with the
Fresh rumors from Paris, higher rates for
closest scnitiny.
money here and general depression in speculative circles were
Stock.
1887-88.
1888-89.
Mar.
7,332
None.
None.
None.
None.
None.
1.300
None.
None.
None.
None,
8.000
9,600
9,000
New York
For comparison we give the following table showing the week's
total receipts, the total since September 1, 1888, and the stock
to-night, compared with last year.
Heieiptn
15,847
JNonc.
Galveston
Norfolk
56
306
.56,
Orleans...
Mobile
Savannah
246
339 13,704
1.394
203
1,590
Orleans...
New
5,073
1,168,
246;
Other
France. Foreign
Britain.
Total.
Shipboard, not cleared—for
Leaping
Mar. 29, at—
period of
5,226,837 bales, against 5,094,037 bales for the same
bales.
1887-8. showing an increase since Sept. 1, 1888, of 133.800
Uon.
XLVia
[Vol.
We
Friday, P.
.The Movement op tsk Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
51,o73 bales,
this evening the total receipts have reached
against 84.273 bales last week, and 80,026 bales the previoi^
week; making the total receipts since the 1st of Sept., 1888,
Receipts al-
n
In addition to above exports, our telegrams to-night also give
us the foUowmg amounts of cotton on shipboard, not cleared,
add similar figures for New York,
at the ports named.
which are prepared for our special use by Messrs. Carey, Yale&
Lambert, 24 Beaver Street.
29, 1889.
I
Kew
«
.
1
3,144
!
700
427
494
308
Spe-]Tranul'l'n
sit.
^o'"'-
FCTUBIt.
. ,
Sales,
I
1.692
14,600
500
2,147, 50,4(K)
352
494 35,100
860 39,300
iso;
1,2251 51,500
5271 47,000
2,869 1,232
7,2 15; 2,37,900
5331
347,
2(10
i
D'lif'
efitt.
daily d.?livcries given above are actually delivered the dai
pr.;vioua to that on which they are reported.
The
««
I1
March
1
1
V
'
THE CHRONICLE.
SO, 1880.]
Sales and Prices of Futures are shown by the follow
TiiK
mt
22^1
1^
1
s
s*
u
S.PS5
:
*n
n
B-Sa;
:
e.?:r'
;
s.ff^
:
S:
a:
fi
a:
nn
<r.
i2|| i3|l 23|f 33|l|
c2-*Ji p^-s.
7>«Sv "wS^
1
5"J?S- d2-*» 5-2 -"I^
fflS-a '!'wS? ««?§• '^o*:^
sS-"i'
r
£.??
;
E.t?s
;
•«
S:
f
n
.
a
I
!3^
(6 a\
*~I»
a
0" ."--1
S.
SOmO
a CB
00*
eoo-
00
coco
I
8r-
1
2
"^
§S
&r:
^
SI."
§
o
oo
oo
^
—
I
»
1
*9
IJ
2
t6«
2
to:
OOO*
§rs oo
OOo §8^i
X® o
o
MM
00 [>
MM
06 2
OO
ot;
»'.":
a 0^:
S).®:
atr:
MMrfkM MMWM
MMCnM
oooo OOOO OOOO oogo
o mmOm mmOm mmOm c>o~o
u _O05 M_ h'^^ O acQO X
I
15
(9
"^
I
I
_»&.««
MM
CO
KM
I
j>"
2
ei''':
s>
I
b.
(ifo
2
15
9o
1
99
rct-o
-1
2
1
(001
e.":
I
b-
^
COKM'l
MM
.
h,
<
2
.
COCO
cntCM-i
"<
5
2
CO CO
2
ODtO
tito
2
8*
5
2
coco
66
5
00 ^1
tats
®
>*
I
5
I
COOQCD
6606
O
coco
10
I
^ CO
5
®
:
«M
CO
^
66
00
1
e
1
1
01
I
,
I
©CO
Oti
'
o
;
05
CO
I
CO
J
^
<1
2
o
CO
§
'
^
coca
5
-Jo
MCO
2
'^
s)
I
cott'u afloat for Europe.
00
coco
1
I
I
I
I
I
€>:
:
I
Total East India,
Total American
—
ttc.
420,000
38,<K)0
51,(X)0
.541,192
292,000
10,000
851,740
311.703
121,932
23,714
678,000
23,2.50
777,000
280,000
215,0(K)
23.5.00O
.")27,000
264,000
292.000
851,740
311,763
23,256
420,<KM(
708,075
.'i41,l»2
24.">.li01
121,9:12
5,920
23,714
191,000
13,000
99,400
272,000
26,000
Ac
190,000
21,000
15,000
182,000
14,000
96,000
205,0CK)
250,<KH)
1
38,000
604,400
560,000
1,918,060 2,087,596
Total visible supply
Price Mid. Upl., Liverpool..
Price Mid. Upl.. New York.
* Kevised.
186,0CO
22,000
86,10O
185,000
10,00O
51,000
593,000 489,100
2,1 63,838 2,269,759
2.522,460 2,656,596 2,756,838 2,758,859
,
5'i,,d.
10', e.
S^^d.
9i»i,c.
^" The imports into Continental ports
511. d.
1058C.
this
5d.
g^itO.
week have been
75,000 bales.
The above figures indicate a decrease in the cotton in sight
to-night of 134,136 bales as compared with the same date of
1888. a decrease of 234,378 bales as compared with the corresponding date of 1887 and a decrease of 236.399 bales as compared with 1886.
At THE Interior Towns the movement that is the receipts
for the week, and since Sept. 1, the shipments for the week,
and the stocks to-night, and the same items for the corresponding period of 1887-88^is set out in detail in the following
statement.
H Q5gK!>
«
:
CD
coco
15
66
CO
I
2
"^
s
r;
:
q:
:
;
:
S'SrfeMi'Bg:
:::;;:::
9 09
u
o
^
66
MM
2
>
S
:
I
«
o
Q
j
1'
?:::;
"
:
Fi
F:
•
I
I
1
t
1
^
c>:co*;.-'co"*-^*xx
fcO
CO rf- C;'
_
*i.
Q
M
at«oo<i
IsJ
too
co*.-M.^»iKcoc«oo»j
»
M
e-.a;-icec;<-i-i
M rx Mp — _M C. 11 IC tC wT CO tC CO O X U CO CO
c jox6co(;;iumioc;i..iccc:mm^i-jmm
';oxic'icb;o-r*c;c':.:-»*^r— "*M^o'x'.t00
@
.
ocoa>i^MCOMMOi^ccco-)c;<aococo-.4c;i
COM
I
MM
•
CX
K
oiTuiats
COM
oobww
M ^*
CPCCOICOO; m<1C0MM-3*-w-»mC -TUtC^
:
'
COOCO
t^*^OtOO. tOOtSfcCMOCOOXCCC
M
I
<1
t-i^^
I
..,.., cooMMcece;
OSMMCO-IKi;
CO
fed
CO
I
I
M-)
OCi«>.MM
*.C0
Ifk 1^ CO 1;^ C Cn M Cjl CO Ot CO Oft »v 00 0)
ooit^ootCMrf^Mcococ;txtcatcu
Ol 1^
2
*^
-)
en
I
MMCO
I
5'
MCO
;
I
as
J
WtS^MMMM
CO
CO
;.ip:tc^-ttcx*'
'a
coco
-ioj
2
"^
CO
1«
CO
COM
CM
-Im
KiUlZ^h
if-if.OV'COMOC.rf^M. I^C-iOOOSXtwO
cooos<Mco.
i^
1:
Includes sales in September. 1888, for September, 165,300; September-October, for Octoltcr, ;194,100; Heptemner-Noveniber, for November. ,'jS5,50O; Peptembcr-Deccuiber.for December. OsO, 400; SeptemberJanuary, for January, 1,050,500; September-February, for February,
00I.30O.
Transferable Orders— Saturdav, 10-05c.: Monday, 10-05C.; Tuesday,
lO-OOc.; Wednesday, 10-05c.; Thursday, 10-lOc.; Friday, 10-OOc.
M
03
The following exchanges have been made during the week:
•07 pd. to exch. 4,100 Apr. for May.
•14 pd. to exch. 1(H) Apr. for June.
13 pd. to exch. 100 June for Auir.
15 pd. to exch. 200 Apr. for June.
•06 pd. to exch. 300 July for Aujr.
•15 pd. to exch. 400 Mar. for Juno.
Even 300 Apr.,8. n., Ist for re^fular.
07 pd. to exch. 100 April for .May.
07 pd. to exch. 200 June for July.
'14 pd. to exob. 100 Apr. for June.
ji-«
K X c;
*^
CO 00
o
cs
'-C
w vt
t9
CO&9
M«MM tt
M
nCB
aooc!<c;<o<ciKDWMeuca«]UMC9^<s
M
-JMCO
l5tOOCnOi-4tO
0Dc;i»MOOc;i
(^
•
•01 pd. to exch. 500 Mar. for Apr.
•24 pd. to exch. 300 Apr. for July.
•28 pd. to exch. 100 War. for Au(f.
.23 pd.to excb. 3(H) Apr. for July.
.39 pd. to exch. KK) Sept, for Au(t.
.08 pd. to exch. (iOO April for May.
•08 pd. to exch. loo .M.-ir. for May.
.07 pd. to exch. .')()0 Mar. for Mav.
.22 pd. to exch. 1.100 Apr. for May.
•28 prt. to exch. 500 Apr. for AuR.
07 pd, to exch. 400 Juno for July.
235,000
1,918,060 2,087,596 2,163,838 2,269,759
Egypt, Brazil, &c., afloat
'-'
1
350,100
708,075
245,601
5,920
584.946
158,109
10,005
CJI
^
37C.000
26,(K)0
United 8tat<M stock
United States interior stocks..
United States exports to-day.
:
KO
^
»
CO
!?
11, (KK)
330,000
584,946
158,109
10.005
330,0<X)
i
•a
330,000
KVpe
652,000
183,000
Ct
». .
5,000
14,000
5,WK)
*j*4*6
I
CO
-1
7,fKH)
84,0(K>
CO
CO COOCO
I
COOCO
6aiO(-i
coo
.VK>
1,300
IC-l.mKt
—
:
coco
I
2
"
73,0(Kt
5,{KX)
bales
CO
90 ^
4,100
I
66*6
00 OS
1
M^-
2
1
©
I
ai*:
*-t4
M o
CO
CO cooes
cococco
^-1
ceo
MMMM
OOOO
929
o^
coOco cooa'-'to
9|
gl
2
"
coco
c.o
2
""
COOCO
ffiiiO*
CO
I
2
"^
5
5
coco
if
eoii
e.®:
MrfkM
CO COOCO
18:
:
9|
I
coco
oco
,
5
2
^^
I
,
66
coco
(0
CO
00
^to
x<i
'
o
®
I
CO
CO COOCO
CO
9|
2
1
8i"i o o * .j
I
CB
-,C
00
CO
CO
66,(K)0
:
5^
00
'
4(K)
1,400
230,000
5,00O
4«,O0O
O.OOO
afloat for Europe...
2
I
®|
9|
CO
400
700
171,000
3,000
282,400
London etocir
Cou tiueutai stocks
India afloat for Europe
MM<IM
COCO
I
29.000
7.000
9,000
Total American
East Iniliav, lirazU,
Liverpool stock
cs
(t,
00
:iJ,(KK>
400
at Tileste
American
5
2
MM
CO
1
4 1,200-
20.000
73r>,WKI
:<,'JOO
t*.
I
CO
It"
sr:
MM
8 "8
5
®.-^:
1
40,0<K)
—
I
•
s'?':
973.000
47,»<K>
•18,500
136,000
4.000
Genoa
Americati
Liverpool stoek
Continental stocks
It*'
MMCOM MM^M
OOOO OOOO OOOO
OOOO
"^
fj^Ofj
coco
-5<i
£M
81 §
MM
CO
MM
1
00 5 00
coco
CO 2 Mti
at .MarHeillcs
at Barcelona
at
889,000
4,000
Total visible supply
2,522,460 2,656,590 2,756,838 2.758,859
Of the above, the totalsof American and othcrdescriptlons are asfollom :
1
s\'*:
MM<1M
M
2..500
31,000
18,000
Stock la Unitt'd f<t.itcs port* ..
Stock In U. 8. interior towns..
United States exports to-day.
t»
!J
Ui
5
8.59,000
Antwerp
Havre
E*ryi>t, Brazil, A-e..atIt fi»r
OOOO
ooo»
r^oOA 66*6
MM >. MM
00 IJ 00
06 2 is "
Bi.":
MMC;iM
I
'
MMCJM
I
io
^
Stock
Stoek
Stock
Stock
Stock
Amer.
IJ
2
"l
CD
s).*':
'
5 00
99
tcto
2
0»Oi
a P:
66
o
IJ
oto
§*6
toioOfO
coo
'^o
b,
Total Great Britain atock.
Stock at Hamburg
Stock at Bremen
Stock at Anisterdam
Stock at Kotterdam
Total European stockR.. .. 1,141,400 1.219,000 1,349,000 l,08.'540ft
=•
—"""' •—
Indlaootton atloat for Europe. 272,000
205,(K)0
250.fK)0
189,006'
®.":
OOOO OOOO OOOO
OSO
'
MM
00
MM
b-
l-'t-'
eocoOci
~
5
2
S":
1
s.":
MMODM MMCOM
§
coco
I
lacoM'^
Sir:
fc
CCCO
MM
CO
00
=
•
MM
00
MM
figures for to-night (Mar. 29), we add the item of exports from
the United Stat«i, including in it the exports of Friday only
1880.
1888.
1887.
1886.
Stock at Liverpool
balc».
816,000 8fis,0(Ki O.Mt.fKK) 713000
Stock at l/ondon
13,000
V!1,000
14,(K)0
i!2,(K>0
Total Continental stocks
:
oooo 0060 oooo OOOO
oooo
Om mmOm mmOm mmOm
GO
CO
^ 00 <1
95.
81
00
5
1
w
(OO
I
="=§9
I
>
5^
I-"
00
66
R-«':
.
to-niKht, oh made up by cable
telcf^raph, is as follows.
The CVmtinental Httx-lcH, an well aa
those for (ircat Britain and the afloat are tliin week's returns,
and conHecniciitly all the European Hfpires are brought down
to Thursday evening.
But to make the totals the complete
2
a'i*:
*-'H'0
oooo oo5o oooo oooo 66*6
66*6 h-t0_O
66^6
<i
l-M
The Visible Supply of Cotton
8to<;k nt
at
_05
I
43a
and
ing comprelionsive table:
1
.
't^-'<tl
esS'XO-JOtou>oic3COMMO>«c«»M
5
MM
t9U
c ic c; -"©
o X c: c Ci 15
Mid
taxMMM
00 to M VI
(CCS
I-*
'
<b
i*.l»
ui (f- c: -^ 5i c ic Cii^ '^i ^
I
CO
o
I
a>
oIm
(O
Nw» WMO>-» :H*CCtt*-« *-^W
itkMXOCO<^lO>^XO> WMOCDAOO
"
C 'm
'\9
S
M
I
*ll
*
I
^CO
»
WflD'
"io"b Vi 3:"^
'
cit
osio'-woo:
MM©©;
OSMMCOO" OlCUM' MWiSCtii — -XX
MC»t5*i.i*^0'
The flKuwB
for I»ulsvllle In both year* are "net."
This year's figures estimated.
...
'
I
!
THE CHRONICLK
434
'
.
The above totals show that the old interior stocks have
decreased during the week 19,393 bales, and are to-night 87,493
bales less than at the same period last year. The receipts at
the same towns have been 5,806 bales more than the same
week last year, and since Sept. 1 the receipts at all the towns
are 101,875 bales more than for the same time in 1887-88.
Quotations for Middling Cotton at Othek Markets.—
In the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for each
day of the past weekj
Week enilina
Mar. 29.
CLOSING QCOTATIONS FOR MlDDI.nJG COTTON
Satur.
Moti.
1018
91^16
10%
Thun.
Wednea.
rues.
Fri.
[Vol. ILVlii.
Greenville, Mississippi.— The week's rainfall has been sixty-
three hundredths of an inch. Tlie thermometer has ranged
from 49 to 73, averaging 59.
Vicksburg, Mississippi. Telegram not received.
Helena, Arkansas. There have been showers during the
week to the extent of one inch and sixty-six hundredtlis. 'Tlie
days have been spring-like and the rains mostly light. Farmers are making good progress with work, and are ahead of last
year. The thermometer has ranged from 43 to 75, averaging 55.
Little Rock, Arkansas.
Rain has fallen on three days of
the week to the extent of one inch and eighty-nine-hundredtlis,
but the weather is now pleasant and spring-Uke. Planting
interests are in good condition and com is coming up. Another
week and cotton planting will begin. The thermometer lias
—
—
—
54, ranging from 41 to 73.
Memphis, Tennessee.— We have had rain on four days of the
week, and it is now falling. The rainfall reached one iuclx and
twenty-one hundredths. Average thwmometer 55, highest 76,
averaged
Galveston...
Kew Orleans
Mobile
913,8
9"
91»16
Savannah
.
958
10^6
9'8
.
Charleston.
Wilmington.
Norfolk
10
10l4»38
Boston
Baltimore...
Philadelphia
103,6
Augusta
101 1,
9^8
91»]B
....
Memphis
...
Louis ....
Cincinnati
St.
Louisville.
-
9=8
10%
10
10
lO'ii
1038
101,6
9'8
lO'ia
10
16
O'e
10
10
10%®% 1014®%
10*16
1014
10%
10%
10%
101,8
9^8
10
101,6
,8
915i8
9V
91i>l6
10
10
10%
9^8
10
10148'%
10 ',8
9'8
gK'jg
10
10%
978
10%
915,8
9'8
9=8
915x6
9i3ie
9=8
10%
9'%
9"i6
10
10
10
.
9138
,
9=8
lOJg
9'8
1014®% 10%®%
10%
978
9i3,e
9=8
913l8
10%
10%
10%
lOig
9^8
10
10
10
10
10
10
lowest 40.
Nashville, Tennessee.— There has been rain on three days of
the week, the rainfall reaching eighty-one hundredths of an
inch. The thermometer has averaged 53, (he highest being 73
and the lowest 35.
Selma, Alabama. Telegi-am not received.
Last week the
average thermometer was 58, highest 72 and lowest 49. while
the rainfall reached thirty-five hundredths of an inch on two
—
days.
—
Mobile, Alabama. The weather has been fine during the
Eeceipts from the Plantations.— The following table indicates the actual movement each week from the plantations- week and planting is progressing actively. Rain has fallen on
two
days, to the extent of forty-four hundredths of an inch.
The figures do not include overland receipts nor Southern consumption: they are simply a statement of the weekly move- The thermometer has averaged 58, ranging from 48 to 76.
Montgomery, Alabama.—^£he weather has been splendid and
ment from the plantations of that part of the crop which finalfarm work is progressing well. Rain has fallen on two days
ly reaches the market through the outports.
of the week, to the extent of thirty-two hundi-edths of an inch.
Week
Receipts at the Porta. St'Je at Interior Towns. itec'ptf from Planfm
Tlie thermometer lias ranged from 47 to 77, averaging 58.
Auburn, Alabama. The week's precipitation has been four1887.
IW8. 1889.
1887.
1888.
1889.
1887.
1888.
I8f9
teen hundredths of an inch. The thermometer has averaged
(9024
—
;
1
Feb.sa
Mar. 1
95.013
96.S50]S01,l99|:'50,ei4 297.S45
74.8
8...
.
-'
16
" 22
" 2e
....
'6
79,951
65,5i)2
7i.85;<
r8,48H
96,593 265.991 (24,581: 270.972
81.6381238.982130
24(i.002
44.743
43.924
ST.Ile
47,333
80.036 .!Q0,914'-i84,W0 tl0,270
46,298
31,116
Sn.SSO
84.273; 173,84
S3 396
59,197
89,588
78,60'
51.389
70,020
56.668
21,668
29,695
49.294
276,960 195,62"
18,230
30.470
64.631
51,573ll4.S,l8J)262.737 175,638
3,437
19,173
31,578
1
WW
j
"
!
The above statement shows: 1.— That the
total receipts from
the plantations since September 1, 1888, are 5,387,095 bales: in
1887-88 were 5,333,944 bales; in 1886-87 were 5,135,991 bales.
3.—That, although the receipts at the outports the past week
were 51,573 bales, the actual movement from plantations was
only 31,578 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantations
highest being 73 and the lowest 45.
Madison, Florida. It has rained on one day of the week,
the rainfall reacliing seventy-five hundredths of an inch. The
thermometer has averaged 63, ranging from 45. to 77.
Columbus, Georgia.— There has been no rain during the
week. Tlie thermometer lias ranged from 41 to 71, averaging
58'4, the
—
58.
—
Savannah, Georgia. It has rained very lightly on two days,
and the remainder of the week has been pleasant. The rainfall was inappreciable.
Average thern tmeter 57, highest 77,
lowest 44.
—
Augusta, Georgia, The weather has been clear and pleasant
during the week, with light rain on two days. The rainfall
were reached forty-three hundredths of an inch. The thermometer
has averaged 58, the highest being 77 and the lowest 40.
Charleston, South Carolina.— We have had rain on two days
Amount op Cotton in Sight Mar. 39.—In the table below
we give the receipts from plantations in another form, and add of the week, the rainfall reacliing sixty-five hundredths of an
to them the net overland movement to Mar. 1. and also the inch. The thermometer has averaged 58, ranging from 43 to 74.
Stateburg, South Carolina. We have had rain on two days
takings by Southern spinners to the same date, so as to give
of the week, the rainfall reaching forty-seven hundredths of
substantially the amount of cotton now in sight.
an inch. Farm work has been retarded. The thermometer
has ranged from 37 to 73, averaging 54'4.
1888-89. 3 88 7-88. 1886-87. 1885-86.
Wilson, North Carolina. It has rained on one day of the
Keceiptsat theport8toMar.29 .'>,a26,837 5,094,037 5,040,883 4850507 week, the rainfall reaching thirty -three hundredths.
The
Interior stocks on Mar. 29 in
thermometer has averaged 54, the highest being 74 and the
excess of September 1
160.258 238,907
05,108 319,813
for the same
3,437 bales.
week were
19,173 bales
and
for 1887 thev
—
—
'
I
I
'
i
|
,
'
lowest
Tot receipts from plantat'ns
^et overland to Mar.
1
1
Southern consumpt'n to Mar. 1
Total In sight Mar. 29
5,387,095 5,332,944 5,1,35,991
779,991
816,752 623,233
325,000
300,000
250,000
5T70410
617'l.34
205'o00
'6,492,086 6,449,696 6,009,2245^92,544
Northern spinners' takings to
Mar. 29
1,580,101 1,467,316 1,310,186 1 ,422.387
It will be seen by the above that the increase in amount in
sieht toI
night, as
compared with
1^™^9*542 biles
34.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 8
o'clock Mar. 38, 1889, and Max. 39, 1888.
IJfgr. 28, '89.
Mar. 29. '88.
|
last year, is 42,390 bales, the Increase
a«
482,862 bales, and the increase over 1885-6
InCi.
Feel.
New
Above
Above
Above
Above
Above
Orleans
Memphis
Nashville
Shreveport
Vicksburg
low-water
low-wator
low-water
low-water
low- water
mark.
mark
mark
.
.
mark.
mark
.
I
10
19
14
Feel.
2
9
11
27
38
26
28
3
21
25
1
5
Inch.
2
8
2
3
s'
Weather Reports by Telegraph.—Our telegraphic advices
from the South to-night are generally of a favorable tenor
In almost all sections the weather has been quite satisfactory
crop preparations continue to make good progress, and
at
some points planting is actively going on.
Oalveston, Texas.— We have had rain on three days of
the
week, the rainfall reaching sixty himdredths of an inch
Average thermometer 59, highest 73, lowest 45.
Palestine, Texas.— There have been good showers
iust as
needed, on two days of the week, the rainfall reaching
eichtv
four hundredths of an inch. Planting is active. The
ther
mometer has averaged 59, the highest being 75 and the lowest
San Antonio, Texas.—We have had splendid showers on
two
the week, and they were very beneficial. The
rainfall
reached one inch and thirty-five hundredths. The
thermom
eter has ranged from 40 to 79, averaging 60.
New Orleans, Louisiana.—It has rained on two days of the
week the rainfall reaching one inch and thirty-nine huidrehths
"lyiuns.
The thermometer has averaged 60
Shreveport, Lmtisiana.-Hainmi for the week
one inch and
India Cotton Movement from all Poets.— The receipts
and shipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to Mar. 38.
BOMBAY RECEIPTS AND SHIPMENTS FOB FOUR TEARS.
\ShipinenU this week.
Jear\ Qreai ContiBriCn. nent.
^^^"^^^ thermometer
58,
highest 77
.^"^^^S'iyM-.-We have had rain on one day of the
-w£v"^"*'
''^^*" reaching fifty-nine hundredths of an
inch
i^^^
^"''*^"* ^^' th« highest being 70 Zi
^
toelow^T
I^Leland, Mississippi.—Telegram not received.
1.
Receipts.
This
Total.
1889 27,000 40,000 67,000 170,000 403,000'
w eek.
1887 22,000 27,000 49,000: 93,000 256,000,
573,000 60,000,
317,000 60,000
349,000 74,0(X)
1886' 3,000 13,0O0!l6,O0O' 94,000 243,000l
337,O00l52,OO0|
33,000 33,000
1888!
(Clays ot
^d^;wtt5o!°
Total.
Shipments since Jan.
Great
ContiBi ituin] nent.
69,000 248,tX)0
Shipments for the
Great
Britain.
Calcutta
Continent.
toeek.
Tola'.
Since
Jan
585,0(X»
614,000
571.000
Shipments since January
Qreat
Britain.
Continent.
1
868,000
1.
Total.
-
8,000
8,000
10,000
8,000
24,000
21,000
36,000
45,000
60,000
66,000
1,000
1,000
5,000
7,000
2,000
2,000
7,000
9,000
2,000
1,000
1,000
2,000
3,000
3,000
23,000
15,IHX)
10,000
12,000
33,000
27.000
4,000
1,000
9,000
11,000
13,000
12,000
52,000
43,000
48,000
59,000
100.000
102,000
2,000
1889
1888
Madras—
1889
1888
All others
1889
1888
Total
-
all -
1889
1888
.
March
.
1
;
1
THE CHRONICLE.
90, Itw-Ul
EXrOKTS TO EURUPK FROM ALL INDIA
any
1888.
1889.
Skipmenf
Thi»
week,
Eurafic
to all
from—
Boiubtt.v
All otlici
1.
ThU
Since
Jan. 1.
Thin
week.
ainte
Jan.
Total
67,000
13,000
!\73,000
33,000
100,000
12,000|
80,000
673,000
45,000
317.000 49,(K)0
C.OOO
102,000
Alexinilria. Egypt,
Mar 27.
58,000
419,000
ALEXANDRIA RECEIPTS AND
glllPMKNTfl.
1887-88.
1888-?9.
total ahip-
tlie
inter-
1.
changes between
port*
The
necessarily go into the overland, lewened
tlrnt city
only by the amounts taken for local consumption, and
Since
Jan.
teeek.
one's reporting net receipts at St. Louis.
ments from
1887.
435
and other towns, which we deduct
340,000
100,000 in the overland statement from month to month. Hence
449,000 what are called the net figures at St. Louis have no use whatever, and the reporting of them is merely misleading.
Nkws.—The
SiuppiNO
1886-87.
St. Ijoxiia
exports of cotion from the United
127,886 bales.
Bocclpit* (ciiiitars")
14,000
2,823,000
12,000
2.689,000
This week....'
Wiu-e Sept. 1
.
Thin
Keek,
Since
I
Sept.
Tkit
1
Since
teeek.
1.
14.(K)0
Sept.
NEW YORK—To
Liverpool, per steamers Coltio, 1,491
City
of Chicago, 2,705. ..England, 1.823. ..Lake Superior, 957
Servla. 2,776
Wisconsin, 1,329
11,041
To Hull, per steamer C >lora<lo. 3,323
3,323
To London, per steamer Liidgate Hill, 217
217
To Leitb, per steamer Critic. 1,500
1,BOO
2,835,000
'
1.
This
tc
ek.
Since
Scot 1.
Kxports (balos)-
To Liverpool..
1.000 207,000
3,000 126,000
ToCdUtluent..
4,000 333,000
Europe.
Total
I
3,000 222,000
1,000 134,000
5.000 240,000
2,000 131,000
4,000 356,000
7.000 371 ,000
To
To
To
To
To
To
Havre, per steamer La Cliampagno, l,47i>
1,470
liromou, per steamers Saale, 58d
Werra, 235
821
Hamliurg, per uteamers noliemla, 8^0 .., Moravia, 1,900 2,650
Antw<rp, per steamer Pounland, 1,212
1,212
Copeuhagen, per steamer Polynesia, 600
600
Ueuoa, jicr steamer Entella, 62,6
825
NewOkleans—To Liverpool, i>er steamers Cadiz, 6,226
CMforuian, 2,ti0^...i)arieu, 4,S15...[uventor, 4,6 J3... Leonora. 6,500
24,858
To Havre, per steamer Buenos Ayrean, 5,265
5.265
To Bremen, per steamer Ocean Klug, 5,075
5,075
To Keval, per hark Prince Victor, 3,381
3,381
To St. Pcteisbiirg, per ship Priucc Albeit, 5,100
per bATk
Pallas, 2,061
7,464
To Bar.elona. per steamer Miguel M. PiuiUos, 4,055
per
barks Catallua, 500
Teresa Flgueras, 450
5,005
Savannah—To KfVaL per steamer Camellia. 3,800
3,800
To Gefle, per litlg Kudolpbiiic Biirchard, 1,000
1,000
BRIIN8WICK—To Liverpool, per steamer Jessmore, 6,802
6,802
CUAHLE8TON— To Bremen, per steamer Enfield, 4,162
4,462
To Barcelona, per steamer John Dixon, 3,970. ...per brijc
Paratonx, 6(0
4,600
Galveston— To Vera Cruz, per steamer Whitney, 1,22!)
1,229
WB8I Point—To Liverpool, per steamers AnJer Head, 5,537
Mounts Bay, 5,847
11,384
Newport News— To Liverpool, per steamer
8,802.
8,S02
Boston-To Liverpool, per steamers Kansas, 2,930
Palmyra,
372... ..
3,202
To Antwerp, per steamer Norgc, 250
250
„
To Yarmouth, per steami r Yarmouth, 7
7
BALTIMORE—To Liveri>ool, per steamer Baltimore, 4,672
1,672
To Hamburg, per steamer Rheuania, 100
400
To Antwerp, per steamers Gothenburg City, 200
Wetherliy, 1,200
1,100
PiiiLAUELPHLA— To Llveri)ool, per steamer British King, 841. ..
811
This statement shows that the receipts for the week ending
MiW. 2T were 12,000 cantars and the shipments to all Europe
bales.
t.i»oO
M ANt'HESTKR Market. —Our report received by
cable to-niglit
Manchester states that the market is diill but steady for
h yarns and sheetings, and that the demand in each case conliinies poor.
We give the prices for to-day below, and leave
those for previous weeks of this and last year for comparison:
in
iiu
1)1 it
,
JJTS Butts, Baqoinq, &C.— A fair inquiry is reported for
bagging and buyers are more disposed to take larger parcels.
Prices are firm, with indications of a f urth -r advance. At
the moment sellers are quoting 8@10c., as to quality. Not
much demand is to be noted for jute but s, and the only
sales reported are of small parcels.
Prices a e steady at 2)^c.
for paper grades and 2)^(i^2%o. for bagging quality.
Total
particulars of these
form, are as follows
Hull,
28.
lAverpool.
Bmoi.tnditKf.Feb. 28.
I
1889.
I
1888.
1888-9.
I
arranged
mour
usual
A'(w'» £ua«ia
and and B'lona
Oopen- Sweand
Havre, burg, hageii. den. Genoa,
ToUU.
New York.. 11,041 5,070 1,470 3,171 1,>J12 •
625 33.189
N. Orleans . 24,856
5,265 5,U75
10,S15 5,005 51,016
Savannah
..-.>•
4,900
4,800
Brunswick. 6,»02
......
..-•• ......
6.802
Charleston
4,462 •.. ....•• 4.600
9,062
Galveston
......
••....
1.229
West Point. 11,384
11,381
N'wp't Nws 8,802
......
......
8,802
Boston
3,202
......
250
3,459
Baltimore.. 4,672
400 1,100
6,172
t
exporttdto—
silupmen ts,
:
Domestic Exports of Cotton Manufactctres.— Through
he courtesy of Mr. W. F. Switzlcr, Cliief of the Bureau of
"Statistics, we have received this week a statement showing the
xports of domestic cotton manufactures for February, and for
'](> eight months since July 1, 1888, with like figures for
the
responding periods of the previous year, and give them
QuanlUUiof tfanufacturts of Cot- Month ending Feb.
(on (colored and uncolvred)
127.386
.^
The
1887-8.
Lon-
Brem.it
don,
Ham-
<ec.
,
Sreat Britain and Ireland
other countries In Europe.
BrtUsb North America
Tarda
"
...
'•
"
Mexico
Central American States
British Hottdaras
West Indies
and
Argentine Uepubtic
BraiU
United St <tes of Colombia.
Other countries in S. America
China
Other C'luntrles In Asia and
Oceanicu
.
Africa
Other countries
"
"
"
'•
"
"
*'
"
"
"
Total y&rds of above..
Total values of above.
Calue per yard
of
!'ff«
it
other
and Ireland
6.8D7.4H7
408.4S1,625,110
5.79J.599
268,081
2.242,165
453.048,
4.45.).5.'i8
174.076
2.161.617
2,603,904
381,853
792,599
134.519
368.6521
35.971
12,022,874
11,004,180
610.860
$825,014!
$718,096
$0686:
$0663
I
578
Americaa States
H'lniluriK
1.160
81.1«1
18,586
H
l,i»<7.425
696,570
6,t83,u95
7.177.CI71
2.671,3>I4
8,276,382
2.733,7*3
713,740
10,791,075
1.970
8,341
Inriies
St.,t.is
Vfrloa
<>Uier countries
1,5^9
4,973
16,043
949
8,a9.s
Total value of other
ture, of
211.77^.910
6.714.B91
3.464.9SI
5,288,872
5.296,820
4,187,087
4,203,628
$
83,442
818,057
196,854,
10,166
132,8d8
15,9641
16,773
12,40 1
40.1)19
6.782
6,.')18
4,871
17,459
102
4.027
70.286
43.001
67.703
203, IWS
5.119
14.172
Koods
142,638
860.734
1,136.693
6.806.431
'
siiys
the receipts ought to be 3,814 bales.
:
"sa®
^a
54,932
49.753
54,753
Do
9ft,3>l»
and
We had supposed
respondent refers to are simply what are called the net
never were able to understand the reason for
"h
'is
•it
I
sail
52'a*
*
Thurg,
FH.
1632,3119
165j®l4
'\
>•
>a
hH'h
52
V
»si»i«
hi
711
V
52V
•»»
•m
52
h*
52
V
d,
Baroelona,8team d.
Qjnoa, steam .. .d,
rrleste. steam. ..d.6i,®ii,.,o|
Per 100
Sis
•is
•1.
»„«11m »i6»»a »ia»»»»»»
"•4
d.|
»«4
»»«4
lbs.
8.947.40
10,032 bafes,
iSj^aia
"h
Do via London .d.
Beval, steam
d,
93.53'i
Wednet,
via Lelthd.
52I9*
1,074,606
Si
Do via London. d.
130;<,056
\
•'IS
e.
Amst'd'm, steam .&
There are no other figures that can be used in m*kup the overland movement. The 3,814 bales which our
We
Do
Tuet,
e.
Hamburg, steam.e.
iiree.
ipts.
sail
13.781
2.429
22,30
<iy one understood that our St. Louis figures are the gross
,'
Do
Bremen, steam
322.779
Louis Receipts.— A correspondent at Augusta this week
lites us that our St. Louis receipts for the week ending March
We gave the gross receipts,
7 bales toYarmsuth;
"i^
DovlaGl'sg'w.cl.
Havre, steam
e.
$0667
176,014
8.609
2^,224
Hon.
ScUur.
Uverpool, steam d,
$7,^72,798
Bt.
too large.
aire
Cotton freights the past week have been as follows
4ntwerp^steam
126.792
951.80K
3,162 15,645 10,230 127,386
Included in the above total from Boston
to Vera Cruz, 1,229 bales.
$
8TD
419
S,698
50.596
6,735 13,408
from Galveston
79,757,391 119.587.333
$5,009,738
$•0711
811
71,600 5.070
33.291,702
maoufao
.lEreKats valne of all cotton
u-e
Total
5.020.789
ll,6»7.85a
4,941,960
4,252,908
3,457.241
14.291.791
12.994.5^6
811
Phll'delph'a
Urltlsh
of Colombia
>ther cuuntr'Bs In So. America...
Asiua'id Oceaiilca
^
531.281
212.441
1,277,«S«
3,78».;e4
6.S04I
.:JtiC<l
Jnitod
15>t,<j38
8tf,8S6
"T countries in Europe
uHh North America
West
725.228!
986.377,
$
ii.uiy
.eninil
92S,13i.
712,718
C69,42n
88,593
925,084
Manufactures
Cotton exvorted to—
Britain
1.961.570
108.694
81.910
—
LiVBatPOOL. By cable from Liverpool we have the folio .ving statement of the week's sales, stocks, &c. at that port.
Jfar. 8.
tales of the
week
balesj
Of which exporters took....
Of which speculators took...
Sales
American
Aotoal export
Forwarded
Total
sUMk— Estimated
Or which American— Bstlm'd
week
Of whloh American
Totil Import of the
miunt alloat
Of which American.....
....
64,000
1,000
2.000
56,000
8,000
81.000
761,000
592,000
88,000
61,000
332,000
127.000
Mar. 15.
47,000
a.ooo
1.000
34.000
9,000
79.000
759.000
585.000
86,000
OU.OOO
251.000
164.000
Mar. 22.
51,000
2.000
2.0001
43,000
6.000,
69.000
793,0001
613.000
109,000
89,000
252,000i
IID.OOO'
Mar. 29.
49,000
2,000
3,000
38.000
7.000
61.000
816,000
652.000
131,000
93.000
258.000
13rt.000
.
...
,
.
THE CHRONICLE.
436
:
Saturday Monday. Tuetday.
Spot.
Harket,
In buyers
lavor.
12:30 P.M J
Mld.Upl'ds.
Huket,
4 P.M.
I
51I1
Fully
maint'ned
511,8
5"l6
511i,
10,000
8.000
10,000
10,000
7,000
500
1,000
500
500
500
500
1-M adT.
Qnlet at
partially
1-64 deu.
Steady.
Barely
steady.
steady at
Steady at Steady
partially
1-61 ady.
IMad-
1-64 ad-
Tance.
vance.
and
tjniet
l\ steady.
Firm.
Steady.
June
0.
dellve'ry
43
42''8
Frt.
42^4
42 14
43
43
43
c.
o.
30''8
o.
c.
30=8
30i2
30^8
30=8
SO^s
Frt.
30%
30%
30%
30%
3078
30"8
303i
30%
BO'S
cannot be accurately quoted.
The following are the
liiverpool for each day are given below. Prices are on the
basis of Uplands, Low Middling clause, unless otherwise stated.
|3|r The prieet are given in pence and Oitht
663 64d., and 6 01 meant 6 1-S4d.
V bbl.
Baperfine
Spring wheat extras.
Minn, olearandstra't.
Wlntershliip'Kextras.
5 63 mean
thui :
Mar.
8Rt.,
'iS.
Mon., Mar, 2S.
Winter
Patent*
Tnea., Mar. 36.
d.
d.
d.
5 39
5 39
539
5 39
5 39
sse
A.prll-May.. 5 39
May^une. 6 40
June-July.. 5 40
July- Auk... 5 41
4.
5 89
5 39
S89 5 39 5 39
5 41
5 3j
5 40
5 40
5 41
5 38
538 S38
5.'»
5 41
5 38
5 38
5 26
6
Ai]g.-Sept.. 5 88
6ept.-0ct... 5 28
5 40
5 41
6 26
5 40
5 41
2>1
Wednea.,Mar.'.i7.
Open High Low.
Clot.
d.
d.
d.
d.
a.
d.
d.
5 41
5 41
5 41
5 41
5 41
541
541
5 40
5 41
541
541
6 40
5 40
5 40
5 42
5 42
5 41
5 41
6 42
6 41
5 42
5 42
5 40
5 40
5 27
5 41
5 41
5 42
5 4«
5 40
5 40
5 37
5 40
5 40
5 40
5 42
5 40
5 40
5 42
5 40
5 40
5 28
5 41
5 40
5 42
5 42
5 40
5 40
5Si7
5 27
S40
541
5 87
Thura., Mar. 38.
5 4'j
5 42
Frt.,
Vaeat—
5 40
6 41
5 42
5 42
6 40
5 40
5 27
6 41
5 42
5 40
5 40
5 27
Mnr. 39.
I
I
Open
Hifffi
Low.
.Clot.
d.
d.
d.
d.
Open Bigk Low.
Clot.
I
d.
d.
d.
d.
March
5 41
5 41
April-May.. 5 41
llay-Jane.. 5 42
Jane-July.. 5 42
Jnly-Aug.. 542
Au(c.-Sept. 5 40
September 5 40
Bept.-Oct
528
Ilar.-Apiil
5 42 541
5 42 541
5 42 5 41
5 42 5 42
5 43 6 42
5 43 5 42
5 41 5 40
541 5 40
5 28 5 28
542
5 42
5 42
5 42
6 43
5 43
5 41
541
5 28
5 43
5 43
5 43 5 4.'t 6 43
5 43 5 44 5 43
6 44 6 44 5 44
5 44 6 44 5 44
5 41 5 42 5 41
6 41 5 42 5 41
6 29 5Si9 5 28
5 43
5 43
6 4j
5 43
I
'
I
Open HiQh Low.
d.
I
5 43
5 43
6 43
d.
641
6 43 5 44
5 43 5 44
5 43 5 44
6 44 5 45
5 45 5 45
5 46 5 45
5 4S 5 43
5 41
543
5 43
529
6 29
528
543
5 44
5 44
Clot,
d.
d.
6 43
5 43
6 43
6 45
45
42
42
39
629
6
6
6
5
3
2
3
4 00
0.
85® 30O
50® 2 70
2
2
70®
85®
2
2
8»
90
100
1
45®
1
eo
2
lbs
®1 10
85
®100
65
Bye-
V
Western
bu.
State acd Jersey
901* Oats— Mixed
.''2
o.
®
®
a
®
54
57
32i«
83
98
White
38
WUte
85 ® 97
No. 2 mixed
30%® 321a
33i8» 34
Com— West'n mixed. 41
44
No. 2 white
West'nmlxedNo.2. 42^4® 43 13 Barley— C'nada No.l 70 ® 75
42 ® 43
Steamer No. 2
Canada No. 2
65 ® 70
Western yellow.... 42 ® 45
Two-rowed State.. 65 ® 68
Western white
42 ® 46
Six-rowed State
08 » 70
Southern white
46 ® 60
The movement of breadstuffs to market is indicated in the
statement below, prepared by us from the figures of the NewYork Produce Exchange. We first give the receipts at Western lake and river ports, arranged so as to present the comparative movement for the week ending March 23, 1889.
6813a'
..
Eedwlnter
Hteeivtt
6 44
5 44
6 44
5 45
5 45
5 45
5 43
5 43
641
3
soo
2
3 65 Bye flour, supertine..
5 50
Fine
3 75 CJoru meal
5 25
Western, Aa..^ ....
6 75
Brandywine.... ..„
3 35 Buckwheat flour, per
0.
Spring, per bosb.
Spring No. 2
.
Red winter No. 2.
d.
6 40
6 40
541
25a
25®
303
85®
25®
85®
40®
3
4
OBAIH.
Oiwn HiQh Lov. Clot
5 40
5 40
:
$2 25»$2 80 Southern bakers' and
2 659 3 35
family brands
$4 25®
5
SoQtbem supers
Soath'n oom, extras..
Open Bigh Low. Olm.
closing quotations
FLOtTB
nne
XX and XXX.
September
42''a
"
°
43
42i8
42si
4214
42''8
30%
BO'S
BO'S
to meet with some export demand, and a
load of Western sold at 53J^c. afloat. Barley has been pressed
for sale, and it is not only lower, but it is so unsettled that it
The opening, highest, lowest and closing prices of futures at
lUrcb
4214
Rye has continued
(I
Mar.-April
42S8
4313
4314
DAILT CLOSINO PSI0B8 OF NO. 2 MIXED OATB.
Sat.
Mon. Tuet.
Wed. Thurt.
I
>
o.
0.
April delivery
May delivery
June delivery
Firm at
at
XLVni.
43S8
43%
43ia
43'3
435a
i3hi
Oats have been more active, but values are unsettled and
somewhat irregular. Supplies are not large, but the relative,
cheapness of other articles of "feed" limits the demand. Today the market was dull and futures depressed.
Quiet and
Brm.
7,000
Haay at
1-04 decline.
Future*.
Firm.
steady.
51118
5llifi
Balea
Bpeo.<SEexp.
Qnlet but
Steadier.
April delivery
May delivery
July delivery
Friday.
Wednet. Thurtd'y.
[Vol.
DAH-T OLOSINO PRICES OF MO. 2 MIXED CORS.
Sat.
Mon. Tuet.
Wed. TKuri.
The tone of the Liverpool market for spots and futures each
day of the -week ending Mar. 29, and the daily closing prices
of spot cotton, have been as follows
Market,
12:30 P.M.
—
.
ot—
Com.
Wheat.
Flour.
Oots.
55
29
31
Barlev.
Sv»
BM>.196Ib< Buth-eoiby BusKSeib. BMh.Silbi' Btuh.iHlb' Bu. 66 15a
54.15rt
100.375
Ohloago
1,313,717
709,134
189,880
7.D9S
48,Ufl
84,550
38.400
Ullwaukee..
33,000
4,480
85,710
4,619
97,512
163,594
Daloth
Minneapolis,
416,620
......
3.314
2J,S49
Toledo
89,676
4,170
1,19»
3,419]
2,252
Detroit
19,966
61,670
30,533,
13,229
5,t85
Oleyoland.
43,588
23,700
97tt
18,877
2,914
20,305
St. Louis....
105.578
373,124
178,445
55»
25,800
Peoria
1,7 5
32.500
352,300
228,000
12,650
17400
<
Tot.wk. '89
iamewk.-SS.
3amei>k.<87
jHnee Auq. 1.
BREADSTUFF S.
Fkidat. p. M., March 29, 18S9.
^
The improved tone of the markets for flour and m(al
which was noted in our Ust, quite disappeared on Monday,
when rent w{d depression was felt in the liading grain markets; and since then business was dull, with values quite un-
down to the close of ytbterday's dealings. Thedesire
to make an effective reduction of the current large stocks, in
view of the near approach of the fesson when warm weather
settled,
may have an
18S8-9
1887-8
1866-7
weather, exposing the fall sown plant to winter killing
caused some recovery, but there was a fresh decline late on
"Wednesday and continued on Thursday, a fall of snow having
removed that danger. Wheat on the spot has met with some
export demand, but at drooping values, No. 2 red winter
selling for Liverpool yesterday at 90c. delivered— the
lowest
price in many months. A feature of the speculation was
the
greater strength
July and December options, while early
deliveries declined. To-day a weak opening was followed
bv
more strength on reports of drought at the West.
DAILiT OLOSINa PBICB8 OF HO. 2 BED WINTKR
WHEAT.
m
.
*»*•
.,.,.
^P""" delivery
c.
o.
o.
c.
•^ydeUvery
Jme
delivery
i"'y 'V'i'^,?''y
AOfiUBt
delivery
September delivery
December delivery
c.
o.
0.
ifon.
Tuet.
9214
93>4
89=8
go'^s
8914
90^8
94
91%
oiu
Suaji
89»8
891,
9214
39%
927s
90»8
govg
93=8
om
oiaj
92=8
Wed. Thurt.
8838
893a
aoii
8958
\)i^
90%
91
91Z
90
8958
9014
8978
93^
88 '8
9018
90 14
911a
9018
9038
93ie
offerings suflicient to depress values.
Supplies
are liberal at all points. The export demand
has been f^rly
brisk, and the local trade is good, but
met by free sellers
The relative dearness of "steamer mixed"
caused a
^« '^''^^ f°- export at 41c in ele" ^?S°'^°u*''
^'^' °^ Southern corn include ordinary white
TL' and
.i^.^t
at
" horsetooth " at 60c. To-day
46c.
ther« was no oV.n«
^"^^
to Tsaues. but the demand was leM^Uve
•
K
2.075,792
1,211,576
2,581,24-3
1,821,719
319,113
260,983
334,402
27,444
34,14*
39.870
8,546,577
8.143,875
83,457,685
60.640.780
68.809.475
62.043,590
57,186,317
50,951,897
46,8«8,003
22,346.907
81.452103
7.248.700
20,449,661
19,154,f88
4,158,795
1,598,284
l,U24,ei&
74,394,280
2,304,387
1,204,331
1,961,310
1.502,695
611,528
Oswego*.....,..
Louis
St.
Do
50,000
afloat
2,004,172
afloat
Olnclnnan
Boston
roronto
Ifoiitreal
Philadelphia
Peoria
IndlanapoUs
Kansas City
Baltimore
Minneapolis
Paul
St.
92,000
11,715
125,171
432,004
280,390
137,656
211,191
151,916
1,057,699
6,228,585
290,000
40,404
54,440
43,866
40,274
5.570
473,962
48,529
80,000
35,408
527.758
132,767
5,251
271,819
691,674
2,500
13,000
395,829
4,994
65,820
81.218
448,072
31,107
224,608
84,285
151,578
368,951
52,215
1,016,778
731.518
693.997
15,000
4,285.575
267,673
47,000
637,874
600
On Hississippl
1,833
250
94,066
6,843
11,056
16,963
23,377
195,000
122,773
69,000
48,097
203.006
48,24&
77,880
54,220
Fri.
92%
Indian corn futures were slightly depressed,
mainly from
the lack of demand, the bulls showing*^ no
confidence, an™
only moderate
vSnr*T
1,601.636
1,585,419
The visible supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by water, March 23, 1889:
Wheat,
Oom,
Oatt,
Rye,
Barley,
In ttore at —
bush.
buih.
buth.
btith.
buth.
Hew Yort
7,379,373 1,973,072 943,422 117,408
69,36a
Do afloat...
80,000
14,300
13,000
10,800 132,200^
Albany
600
31,000
75.000
31,000
47,500
Buflalo
2,319,599
115,357
37,150
63,310 260,95S
OhloatfO
4,362,231 4,221,0714,062,243 845,416 138,652.
Do afloat...
273.400
92?,488
10,018
Hilwaokee
690,577
6,412
22,192 196,301
62.657
unfavorable effect upon quality and condition
becoming a ctnepicuous feature of the market. Today
the market was very dull.
The wheat market became almost panicky on Monday
last, under the influence of disquieting financial rumors
from
Paris, and such an increase in receipts at Northwestern towns
l)j
as to convey the impression that the quantity in the hands of Dnlath
Toledo
farmers, yet to come out, had been underestimated. Severe
Detroit
is
968,018
138,112
241,179
244,716
Wa"
•
Mar.
Mar.
Mar.
Mar.
"89.
'89.
'88.
'87.
27, '86.
30,233,812 17,051,473 7,338,423 1,569,718 1,602,93*
31,182,501 16,617,438 7,510,455 1,5S2,455 l-,723,447
35.437,544 9,244,854 4.081.273 355.5H9 7,010,482
52,411,694 17,368,518 3,987,075 382,825 1,431,216
Mar
49,774.300 16,797,073 2,580,9^9 545,606 1.039,70*
Last week's stocks ; this week's not received.
Tot.
Tot.
Tot.
Tot.
Tot.
.
23,
16,
24,
26,
•THE DRY GOODS TRADE.
New
York. Friday
The demand for dry goods
P. M.,
Mureh
29, 1889.
bands was only moderate
the past week, selections by wholesale buyers on the spot
having been light and irregular, while orders by mail and
wire were restricted in volume. Some good- sized "blocks"
of ginghams and seersuckers were, however, closed out by
agents at prices which favored the buj-er, and there was a
good steady movement in fine dress ginghams and other wash
dress goods at regular prices. I'rinted dress fabrics, as sateens.
at first
1
Mabch
'
THE CIIRONICLR'
30. 1889.J
«hallie8, lawns, batistes, &o., were fairly active in movement
iind demand, and liberal deliveries of men's- wear woolens
were made by the commission houses on account of back orders. The weaver.s' strike at Full River has terminated, the
operators having returned to work at old prices. Values of
BheetiogB and cotton flannels, also heavy 9 oz. di-nimg were
good demand.butother colored cottons ruled (luietin
hands. Print cloths were in good demand and closed
firm with practically no stocks in hand at 3 1518(^4c. for
64x643 and S>^c. bid for ryQzOOe. Stocks last Saturday and for
thethrce previous years were as follows:
in pretiy
first
have not materially changed,
but low-grade ginghams continued weak, and there was rather
more disposition on the part of some of the agents to grant
tjuieVy slight concessions on "off style " prints and Sauthern
tlireo-yarJ sheetings. Prices of woolen goods were mostly
steady, but the demand was not up to expectations, and
upon the whole sluggish. The jobbing trade in foreign
and domestic goods was fairly satisfactory for the time
of vear, but decidedly less active than in preceding weeks,
.ancl while jobbers look for a considerable supplementary demantl for some time to come, the most active part of the
spring business has already been done.
Domestic Cotton Goods. The exports of cotton goods
from this port for the week ending March 26 were 1,511 packages, valued at $81,39^1, their destination being to the points
specified in the table below.
staple and patterned cotton goods
1880.
New York to Mxech
Total stock
India
..... .... ............
Arabia
Total
from New England inill
1,900
"l8'
456,000
DoMESTio Woolen Goods.—There was a larjie movement
heavy clothing woolens, as fancy and piece-dyed worsteda,
fancy cassimeres and suitings, overcoatings, satinets, &c.,
on account of back orders, but new business in
1.
was conspicuously
737
2
633
1,541
4,031
34,912
20,110
2,811
37,9i2
4,350
5,572
55,022
2,811
42.302
this connection
Spring overcoatinga, fancy and
light.
piece-dyed worsted suitings and trouserings, also light-weight
flannel suitings, were taken in relatively small parcels to a
fair aggregate amount, and stocks are so well in hand that
1,127
17,186
1,309
(2,960
1,164
3,963
1,122
1.254
0,145
929
168.000
cotton towels.
536
282
71
60
427
138
10
125
503
16
Anierioa ............
Total
*ClUna, via Vancouver
'
11,235
2,120
1,254
1.397
3,907
30
Africa
M'o.Ht ludles .................
<!?eiitral
4r,0
18
50
631
XDthcr Kurupeaii ............
25
26
9.000
in
Wetk. Since Jan.
1.
2,484
5,000
(pltfcea)
188«.
Uar. 27.
113,000
70,000
258,000
15,000
were only in moderate demand at first hands, but there
was a good steady business in printed cotton dress fabrics, as
sateens, challics, lawns, batistes,- &c., on account of back
orders, and in fine ginghams and seermakera, at unchanged
prices. White goods continued active in movement ami demand, and leading makes are closely sold up to production.
Quilts are in steady demand, as are table damasks and
26.
20
1887.
41,000
47,000
47,000
30,000
itur. 26.
Prints
1888.
Wetk. Since Jan.
1888.
Block of Print Olothi—
Mar. 23. Mar. 21.
Held by Providoiioe manarrers. 5,000
4,000
Fall Ulvor luaiiuriu'tiirert
None.
None.
Provldouce specuiators.
None.
S.OuO
OuUlde spoculatora (est)
None.
None.
—
1889.
437
prices remain firm. Fall cloakiogs, stockinets and Jerseycloths were in fair request by the manufacturing trade,
and prices remain steady and unchanged. Kentucky jeans
and doeskins continued quiet and steady, and satinets were
in light demand and fairly active in movement. Soft wool
and staple and fancy worsted dreas goods, ai tricots, plaids,
Cishmeres, Henriettas, mohairs, also printel wool challies
and beiges, &c., were in very fair demand at unchanged prices,
and there was a moderate business in flinnels, blankets and
943
7,001
spring shawls.
points direct.
FouKioN Dry Goods were mostly quiet in importing circles,
demand having been chiefly for small parcels of mohair
against $2,258,3)3 in 1838.
dress goods, India and China silks, and other specialties. The
The demand for staple cotton goods at first hands was-chsr- jobbing trade in imported goods was of only moderate proacterized by a good deal of irregularity and the volume of busi- portions and I'^ss active than of late. The auction rooms were
ness was only moderate. Brown sheetings and drills were in sought as an outlet for considerable quantities of dress silks,
fair request by jobbers and converters and most descriptions ribbons, &c., and the sales were satisfactory in their general
are steady, though some of the Southern three-yard makes results.
Prices of imported goods have not materially
are a trifle easier. Bleached shirtinj^s were in fair demand, changed, but certain makrs of mohair dress goods are very
but selections average light. Corset jeans and satteens, wide firm because of their scarcity.
-".tob •^i^Oi TT
The values since January
have been $3,030,478
1
3ixsttvaticc.
in 1889,
the
giwattcial.
^iwatijcial.
The Cheque Bank, Limited. FIDELITY
lEstablisliea In London,
THE
1873.1
HEAD
EQUITABLE LIFE
1SS9.
1,
CAPITAL, *«0,000.
ASSETS. 1774.550 tV
Issues SUltETY BONDS, guaranteeing the fidelity of persons In positions of trust, such as employes of U.illn>ads, Banks, etc.; also Admlulstrators, Guardians, etc.
Baukera: B.VNK OF ENGLAND.
Repkbexces nr Pebhissiox:
Messrs. WILLIAMS, DEACON & CO.,
Lombard Street.
TUB UNION BANK OF SCOTLAND,
«0^'DEKSBD STATEinENT.
The Assets
Cornhill,
Issues
modern
London.
of this Banli being Invested in British
Jlssets
blUtles
„
4percenU
$95,042,922 96
74,248.207 81
.•
Surplus
$20,794,715 15
EQUAL TO CASH,
LAND NOTES ABB.
as
$163,933,535
$549,216,126
$26,958,977
$5,067,123
$2,690,460
$3,718,128
$10,664,018
Outstanding Assurance
Income
eurjilus earned In
1888
Inoreaao n Surplus
Increase n Income
ncroase in Assets
00
00
59
68
30
30
The Cheques are 8t)Id singly or nut up in boolts
for the special use of IMPOIITERS and TRAVELKHS who have occasion either to remit or to visit
1
a
list
of the Bank's correspondents will be for-
& CO.,
BANKERS' AGENTS.
ft Wall Mireet, New York.
REFEKKNT'ES BY PERMISSION:
JOHN W. MACKAV, Esq.. President Commercial
Cable Co. (.Mackny-Bennett Cables). New York.
KRENCII, Esq., President Manhattan Trust
P. O.
8.
North
British
Mercantile Ins.
•6c
Co,
OP
LONDON AND EDINBVRGD.
v.
S.
Branch Statement Jan.
Invested and Cash Fire Assets
BMerve for
LIABILITIES.
Dnearned Promluois..
Beserve for Unpaid Losses
All other Liabilities
Set Hurplua
1,
1888
{3,347,833 81
1,314,448 81
161,267 39
S.&tS S3
l,87 8,5<i!» -^S
^•S?J,^'„
O.
(J. Williams.
Wm. U.Male.
8.
Branch
SAM.
JAS.
Ofpicb. 54
William 5ibekt, N.Y.
P. BLADQEN, Manager.
F. DUDLEY, Assistant Manauer.
VI. A.
W.
Trust & Siife Di-uoslt Co., Philadelphia.
S. ELKl.VS, Esq., Director Pennsylvania Rail-
way
Co., Philadelphia.
MERCHANTS' NATIONAL BANK,
RICHinOND, VIRGINIA.
Collections
made on
all
Soathem
terms; prompt returns.
JOHK
JOHN
F.
P.
points on best
BRANCH.
Glenn, Cash. Faso.
President.
K,BcoTT. Vlce-Pres.
•'.'L-^'?'''^')}'"''
John
}
JKoBersMaxwell.
L. Rlker, Oeo.F.Seward
Wm
M.Kichards.
THE
;
Assets State Debenture Co.,
42 NKW STREET, NETT TORK.
CapItal.'Cliral^lMiie),
>
.
.
•300,060
H. K. BLOODOOOD.^Prealdent.
J. 8ELWIN TAIT, OenenI Manager.:
Le Directors are prepared to purchase, for oaak
assets of insolvent estates, and to make advances
on approved
securities.
Bankers, Lawyers, Ezecators and Trustees will
Company an advantaffeous medium for Mi^
prompt disposal of assets of every description.
The Directors are also ready to undertake tli«
management of estates or properties for minor*,
non-residents or others, and to close and wind n^
find the
estates.
Prospectus
mar be bad on application.
'
$3,347,833 81
D.
A. CALDWELl'.. Esq.. President Fidelity Insurance, Trust * Safe Deposit Co.. Philadelphia.
SAMUEL K. SllIl'l.EY. Esq.. President Provident
Life Insursnce K 'i'ruat Co.. Philadelphia.
THOMAS cocilKA.N. Esq., President Guarantee
—
Geo. 8. Coe.
A B. Hail,
J. G. McCuIIonih.
J.B.T.Stranahan H.A.Hurlbut, T.S.Moore
Europe.
warded on application.
E. J. .tIATHEWS
all
WM.M.BiCHARns.Prcst. Gko.F.SicwABD.T-Preat
Rout. J. H11.LAS, Sec.
DIItECTOUS:
other,
New Assurance
coutalnlns
OFFICERS
BANK OF ENG-
Every Cheque is as good in one country as anand is cashed on presentation. WITHOUT
CHARCJE, at upw„rdsof vi.OOO of the principal
BANKIN<; IIOUSKS IN EUKOPE.
Correspondence with BA.NKSand BANKERS in
every State is solicited, and a handbooic containing
ACCIDENT POLICIES,
feattires.
Also PLATE GLASS and BOILER POLICIES of
approved forms.
A«ents will appreciate the advantage of dealing
with a company which does more than one >i"e or
-"^
business
Governniont Secnrities make the Cheques absolutely
CA«iITALTF CO.
NEW YORK,
N*s. '214 de :tl« Brsadwaj.
4 Waterloo Place, Pall Mall, London.
TKUSTEES:
The Right Hon. JOHN BRIGHT, M. P.
The Right Hon. Earl BEAUCUAMP.
ASSUBANCEJSOCIETY.]
JAN.
OF
OKKICE:
THB
Ac
FKANCIB, 2d AsstsUnt Manager.
T. 8.
ALIXANDIB, Pre*.
A. A. ALIXAKDIB, Cull>r
Texas National Bank,
8AN ANTONIO, TEXASj
OOLLBOTIONB AND INYBSTMBNTB MAOII
Corraipondanc* IsTlU*.
TnOHAS BRAXCn
&. Cfjj,
BANKKKS AND COMMISSION MERCUA.\Ti
RICII.TIOND, VIHfilMA.
Circulars and information on funding the debts of
Virginia and North Carolina free of cost; one-elgbtS
per cent ohanied for f undioK. Southern Railroad
and
t and City Bonds booght and sold.
THE CHRONICLR
438
^Kun&itm and WoxidQn Sawfes
CAPITAL. Paid
Bob. air
In
DONALD
W
A.
SMITH,
BALTIinORE,
TRANSACT A GENERAL DOMESTIC ANIT
FOREIGN BANKING BUSINESS.
Agency Co.
-
-
President.
Richard
OiIMlTBD),
BUCHANAN, Generiil Blanaset.
SEW TOBS OFFICB:
tto: S9 & 61 WAIil. STREKT,
J.
«?Ai.Tini WATSON, > A-enti.
-^K"""'
I
ALBI'B LANG,
sen Sterling and Ciontlnental Excnange
asd Cable Transfers grant Commercial and TraTel•n' Credits, available in any part of tlie Worlds
luoe drafts on, and malie collections in, Cbicacro
and throngbont tbe Bominion of Canada.
N«.
BANK BDIIiBINGB
4
LONDON, ENGLAND.
Members Baltimore Stock Exchange.
Capital Paid Up, £OTI,S«0 StcrllnK.
BALTIMORE,
This
to
CAPITAL
Bank
of Canada.
-....-
(paldlip)
SiiRPL,iJ8
H. 8. HOWLAND,
Trutee
Loans on the London Market, acts as Agent for
Railways and other Corporations, either
ter of
Imperial
of
Loans of approved Railways, negotiates and
issues
No. 33 Abcbnrcb Lane.
Company ondertakei the bosiness
In
»l'3g2'8S2
eoo.ooo
B. MERRITT, V.-P.
Cable Addresi— FATT,
T.
D. R. WILKIE, Casbler.
Pres't.
Lon>ov.
OFFICE, TORONTO.
HEAD
Branches in Ontabio.— Essex
Centre, Fergus,
Salt, Ingersoll, Niagara Falls, Port Colborne, St.
American Railway Shares.
&
Whitney
PA.
1871.
Stephenson,
BANKERS AND BROKERS,
FOURTH AVENUE.
No. 5T
payments of Interest on Loans, Dividends on
-
-
btablishio
the mat-
or Registration of Stocks In London, or otherwise.
RID.
PITTSBURGH,
i
Ofllce,
Wm, Checkixt Shait
D. Fishxr.
Fisher & Shaw,
INVESTiriENT BANKERS^
Xmrand
iondon
SOUTH STRE:ET,
II
Railway Share Trust and
1818.]
«l'2,eOO,OOU Gold
80,000,000 Gold
•
.
Robert Garrett 8c Sons»
BANKERS,
No.
Bank of Montreal.
•irRPl.tJ8
^itiaticial.
fi^^nhevs.
FOREIGIH.
CANADIAN.
[XSTABLIBHBD
atuft
XLVni.
[Vol.
Oldest PIttebnrgh
members N.Y. Stock Kxohan
e.
H. B. MOREEKAD.
WU. FAIRLKT
H. B. Morehead
&
STOCK,
Co.,
BOND AND NOTE BROKERS,
Cstbarlnes, St. Thomas, Toronto (Tonge St. Br.),
THE ENGLISH ASSOCIATION OF AMERICAN
nohthwkst—Winnipeg, Brandon, BOND AND SHAREHOLDERS (LIMITED) re-
Welland, Woodstock.
Branches
in
CsUiary, and Portage la Prairie.
'°
. ^,®°l?
I;^?.*£°n„«
Harnett's
& BosUo^'s
,
I
anqaet's Bank, limited.
I
Agents
in
jjl^g. (,„
New Yori
:
Montreal.
Collections promptly made in any part of Canada.
Drawers ol Sterllnn Exchaage.
AGENCY OF THE
Bank
OI
British
North America.
No. 53
Bny and
fers.
aUo
WAI.L STREET.
sell Sterling
Exchange and Cable Trans-
drafts on Scotland and Ireland;
on Canada, British Columbia and San Fran-
Issue
demand
«i«co.
in Pounds SterCIRCCLAR NOTES issued
the world. COMMERCIAL, CREDITS ISSUED for use In
Unff, available in all parts of
jnirope, China, Japan, East and West Indies and
Oke Braills, River Plate, &c.
Bills collected and other banking business trans-
D. A.
MCTAVISH, )._._,,
Agents.
H. STIKBMAN,
i
&
mission, and transact a general
Commission Business.
d
Special attention given
demand drafts.
llMrollate Railway, State and City Loans.
Australasia.
(Incorporated by Royal Charter, 1835.)
No. 4 Threadneedle Street, London.
Paid-up Capital, £1,690,000: Reserve Fund. »800„.
QM; Reserve Liability of Proprietors under the
Obarter.tl.eoo.ooo.
Letters of Credit
and Drafts Issued on any of the
nmerous branches of the Bank throughout Australia and New Zealand. Bills negotiated or sent
for collection. Telegraphic transfers made.
Deposits received In London at Interest for fixed
periods, on terms which may be ascertained on apfUoaUon.
PRIDBAUX SELBY, Secretary.
Shanghai
BANKING CORPORATION.
BlIU. payable at Bombay, Calcutta, Singapore.
galgon, Manila, Hong Kong, Foochow, Amoy
Hlngpo. Shanghai, Ifankow, Tokohama, Hlogo
""ko.
Francisco and London.
an
TOWNSKND, Agent,
Wm.
&
G. Hopper
Stocks and Bonds bought and sold on commission.
Daily market letter mailed upon application.
Private Wire and Long Distance Telephone tO'
New York.
Rea
&
Bros.
Co.»
BANKERS AND BROKERS,
AND
DEALERS IN FOREIGN EXCHANGE,
426 Wood Street, Pltteburg, Fa
MEMBERS
New York and Philadelphia
~
Stock Exchanges,',
Pittsburg Petroleum, Stock and Metal Exchange.
Philadelphia.
Private wires to New York and
Direct wire to Chicago Board of Trade.
Naaaan
Street,
50 Wall
St.
&
Co.,
BANKERS AND BROKEKS,|
(Members of Baltimore Stock Exchange),
BALTIMORE,
(INVESTMENT and SOUTHERN SECURITIES
to
BLAKE BROTHERS &
5
Co.,
BANKERS AND BROKERS,
38 Sonth Tblrd Street. PblIadeIpUa»
an<j
CO.,
New York,
1 fiu6cialt^v
)
CorreBpondence invited and Information furnUhed.
N. Y. CorreBpondents— McKiM Brothers & Co.
&
Irving A. Evans
Co.,
BANKERS AND BROKERS,
38 State Street, Boaton, mass,
No. 68 STATE STREEV
AND
BOSTON.
ADOL.PH BOISSEVAIN A CO. MEMBERS OF BOSTON, NEW YORK AN»
PHILADELPHIA STOCK EXCHANGBa
Amiterdam, Holland.
Stock* and Bonds Bongbt and SolA
C.
W.
Branch
&
In all markets.
Co.,
bankers and brokebp,
RICHinOND, TA.
Private wires connecting with Washington. Baltimore, Philadelphia, New York. Boston and Chicago.
Matthews
&
No. lai
Whitaker,
BANKERS AND BROKERS,
No. 52
Dealers In Commercial Paper, Government ai.4
other flrst-class Bonds and Securities and Forelga
Private telegraph wire to
Hodgman,
8T. LOUIS.
E.
New York and
Boston-
W.
Harris
&
Co.,
CHICAGO and BOSTON
"' Counties Cities. 4o., of high grades, a
RnNinft
DUINUOnpeciaity
»t.,„l
tor Descriptive l.lat.
W.
Clark
&
Co.,
BANKERS AND BROKERS,
)
139 South Fourth »t., Philadelphia.
Railroad, Municipal and other desirable Investment Securities for sale.
. „„_
Transact a general banking business. Allow
Interest on deposits.
.
Members of the Philadelphia and New YorM
Stock Exchanges, and connected bv private.wlre
with New York
No.
N.
'WEYBOSSET STREET,
PROTIDESrCE, R. I.
NORTH THIRD STREET,
Leonard Matthews,!
Edwards Whitaker, >
Charles
CHARLES H. SHELDON, JR.,
JOSHtTA WlLBOUR,
BENJAMIN A.JACKSON, WIIXLiM BlNNKT, JR.
Wilbour, Jackson & Co.,
Stati Bane Butlbins,
BANKERS AND BROKERS,
Paid-up Capital
»7,5O0,0OO
Beserve fund
4 .SCO 000
Jeserve Liability of Proprietors
7,500io00
The Corporation grant Drafts, Issue Letters of
gMllt for use of travellers and negotiate or collect
A. W.
Banking
the execution of
orders for Securitiea on the New fork, Lon.
don and Amsterdam Exchanges, In correspondence with
Solicit seoointa and agencies of Banks, Rallvaji
Corporations, Finns and Indlrldnals upon
laTorable terms; also orders for the pm*
ohase and sale of Bonds, Shares, Ito., &o. or
the Stock Exchange.
latoraot allowed on Deposits, snbleot to eo-dayi
light drafts, at Bank of England rate, and
one per oent below that rate nbjeet
Hong Kong &
CINCINNATI. OHIO.
negotiate Railway, State and City loans.
Execute orders for Bonds, Shares, etc., on Com
Co.,
68 Gresham House, Ei
The Bank of
No. £1 West Tblrd Street,
Blake, Boissevain & Co.,
LONDON, ENOL.AND.
Wilson, Colston
FORE ION.
Heinemann
ceives Shares of American Railway Companies
for registration in the name of the Association.
This registration secures the prompt payment of
dividends in London, and combines the English
voting power. The original American shares will
be delivered with transfers duly endorsed.
The Association alf<o issues its Bearer Certificates, free of cost, countersigned by the London
& Westminster Bank, Limited, against any shares
registered in the Association's name and lodged
with the Bank. These certificates are exchangeable for the negotiable shares and are a great safeguard against fraud, as they are only Issued
against verified shares, and against theft, as they
are only good to the real owner, when he has attached his signature to the Certificate, as no other
person can obtain the surrender of the original
shares.
Pee, 3d. to 9d. per share, according to value,
which Includes registration and insurance to and
from America. Full particulars may be obtained
at the olfices of the Association.
The Association also obtains registration in owners' names and collects dividends by power of
attorney.
SAMUEL POPE, Q. C, Chairman.
JOSEPH PRICE, Managing Director.
T. LINDLEV, Secretary.
6 Great Winchester Street. London, E. C.
@FedFRASER