Full text of Commercial and Financial Chronicle : March 5, 1898, Vol. 66, No. 1706

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

1 Entered according to A c t o f Oongreas, in the year 1898, by the W i l l i a m B. D ama C o m p a n y , in the office o f the Librarian o f C o n « « « * .

VOL. 66.

SATURDAY, MARCH 5, 1898.

C L E A R IN G

H OUSE RETURNS.

For the month of February the clearings make a very satis­
factory exhibit. A ll but tw o of the eities included in our state­
ment record gains over the corresponding month of 1897, and
in the aggregate for the whole country the excess reaches
•50’7 per cent. Outside o f New York the increase is 24-2 p. c.
February.
1898.

1897.

$

$

Two Months.
P.Ct.

1898.

New York.... 8.616.257,710 2.045,130,179
Philadelphia.. 281,063,642 234,464,474
Pittsburg......
81.011,60(
56,318,938
Baltimore.....
70,490,44«
55,178.698
Buffalo...........
16,513.589
14,510,039
Washington..
7,596.176
6,781.015
Rochester....
6,826,28(>
5,830,808
Syracuse.......
4.641,784
3,598,692
Scranton......
3,412,437
3,079,891
Wilmington..
2,831,311
2,663,116
Binghamton..
1,384.100
1,164.800
Total Middle 3,991,028,9,4 2.428,720,850
8,220,392,814
Boston........... 417,812,213
Providenoe...,
20,267,400
19,490,100
Hartford.......
8,981,868
9,339,153
New Haven...
6,256,660
6,029,067
Springfield....
5,781.770
4,850,142
Worcester.....
5,553,501
6.004,814
4,820,00*
4,715,050
Fall River.....
8,670,655
3,535,448
Lowell..........
2,658,261
2,335,069
2,578 926
New Bedford.
1,848.858
Total N.Hng 478,376,266 417.093,748 +14‘ ? 1,082,412,296
Chicago......... 411,382,351
1 +45-2
Oinoinnatl.....
48,498,700
) +8-6
Detroit..........
24,666,665
r +24*7
26,852,987
Cleveland.....
Ì 1-21-7
21,288,180
Milwaukee....
) - t l 8-8
15.»0l,300
Coin mb U8......
) +20-7
8,831,267
Hudlanaptolls...
» +30-3
6.666,976
Peoria...........
t 1-7-2
6,296,035
Toledo...........
I+20-6
3.339,312
Brand Rapids.
Ì +22'9
2,814,890
Dayton..........
' +28-5
1,636,766
Lexington....
: +35-3
1,093,322
Kalamazoo....
I +25-9
1,055,900
Akron............
I -|-5‘0
Bay City....
819,007
: +12*6
835,833
Bockford..
+18"8
7*8,121
Springfield.
i +8-6
706,814
Canton......
+31-6
Tot.M. West. 533,194,369 429,620,2^6 +35'8 ,216,675,200
San Francisco.
60.052,615
44,908.405 +83-7
125,519,189
Salt Lake Citj
5,698,597
4.304,465 +32-4
12,8S4,57u
Portland......
7,444,850
3,812,929 ■t-90'3
14,965,356
Los Angeles.
5,477,153
3,831,390 -t-42‘9
11.526,252
Tacoma.......
3,653,403
1.392,812 +1627.400,127
Seattle.........
6,079,629
1,510,220 + 2 7 0
11,253,639
Spokane.......
2,738,700
2,091,486 I-33-3
5,941,480
Fargo...........
793,210
432,4 +83-5
1.767,906
487,233
170.212 1-I8rtSioux Falls...
1.002.116
Total Pacific
91,975,286
62.462,42o|+47-3
192,209,535
Kansas City..
41.570,141
39,383,88c
85,907,698
27,391,136
Minneapolis..
19,475,51i
60,042, >-90
'Omaha..........
20.7«3,534
15,812,144
43,740,624
St. Paul.........
13,769,998
H.
214.5BÉ 30,381,652
Denver.,.......
11,624,577
10,828,728
23,514,904
Davenport....
2,882.858
2,152,748
5,413,939
St. Joseph ...
5,826,856
3,767.807
12,383.762
4,800.680
Des Moines. .
3.507,078
9,559,265
3,044,059
Sioux City ...
1.852.566
6.272,457
1.150.011
Lincoln.........
872.133
2,838,896
1.857,884
Wichita.......
1.491,970
3,911,430
2,249.528
Topeka..........
1.369,017
4,422,221
483,005
’Fremont........
247,835
958,884
429.8401
Hastings.......
354.928
838.274
Tot.oth’rW. 137,864,107 112,331.823
290,467,026
103,163,533
38,171,725
24.010,597
9,125,300
10,267,165
8,456,611
8,247,794
7,299,366
5.61 0.291
3,854,924
3.460,857
2,819,039
3,099,551
I, 468,046
1,652,541
1.252,590
977,087
1,054,956
2,157,00<
269.913.a99 ‘ 234.139 8 '3
5.663.352.301,3.t84.363.93o
2,036,094,061 1,639,132,750

Montreal.......
Toronto...... .
Halifax....... .
Winnipeg ....
Haniiiton.....
St. John........
T ot. Canada

62.332.422
33,414.909
4,480,757
5.517,340
2,663,028
2,022.1 »
110.4a0.05n

38,480,825 +62'0
24.592.142 + 3 5 9
4,208712 +6-5
3,851,013 +43-3
2,591,408 + 2'8
2.016,49* -t-0‘3
75 740 604 L4<Vf>

P .C t

7,511
1,639
9,185
7,851
9,090
9,418
3.153
9,865
1,733 1,298
>.700 5,458,606,443 +5Ö

914,688.823

916,028,175 1-32 8
100.822.
9,863,
9,027!
8.019,
3,037,'
3,3651
4.337J
986,1
363.:
139,873,539 -(-37 6
84,220,610 +2-0
44,521,768 +34-9
33,551,044 +30*4
23.839,305 +27"4
21,819.811 -C-9-1
4,389,237 -I-23-0
9,243,674 +34-0
8,256,778 +15-8
. 3,527,295 1-77-8
2,334,212 +22-1
2,886.656 1-35-5
3,326,440 +32 9
488.384 -f-93'2
740.918 + 1 3 2
243,136,127 +19-5

236,301,963
«4,717,829
59,137,426
27,005,550
28,408,107
23,147.028
20,785,668
26,893,554
13,558,908
10,575,958
8,039,397
7,104,370
6.912,999
3,950.634
4,203,447

ysii^cö

1,903,179
3.012.743
5.417.000
583,386.9ft3
511,477.894 -t-13-9
,584.443 854 8,'83.711.0<H + 4'M
:,357,903,420 3,549,233,490 +22'6
122,667.215
71.251.e65
9,490,037
11,864,508
5.691.117
4,439,876
22S.404.6I ‘

" F « r t a b l e a t c le a t-n u t e b y .t e l e g r a p h s e e p . 4 5 4 .




1897.

T h ew eek stota l for all cities shows a gain o f 56-6 per cent
over 1897. The increase over 1896 is 17-3 per cent and the
increase over 1895 is 31-8 per cent. Outside o f New York the
° 0omPared with 1897 is 27*4 per cent, the gain over
189b is 2-2 per cent, and the excess over 1895 reaches 7*5p. c.
Clearing» a t—

New Tore...........
Philadelphia........
Pittsburg.,...........
Baltimore.............
Buffalo.................
Washington.........
Rochester.............
Syracuse.. ...........
Scranton.............
Wilmington.........
Binghamton........
Total Middle....
Boston..................
Providenoe...........
Hartford...........
New Haven..........
Springfield.... . .. .
Worcester..........
Portland..............
Fall River...........
Lowell................. ,
New Bedford.
Total New Eng..
Chicago................
Cincinnati............
Detroit.................
Cleveland.............
Milwaukee...........
Columbus............
Indianapolis.......
Peoria.................. .
Toledo...................
Grand Rapids......
Dayton........
Lexington............
Kalamazoo............
Akron...................
Bay City...............
Rockford...............
Springfield, Ohio...
Canton..................
Youngstown*........
Tot. Mid. West’s
San Francisco...
Salt Lake City.....
Portland..............
Los Angeles.........
Tacoma................
Seattle.................
Spokane...............
Fargo...................
Sioux Falls..........
Total Paolflo....
Kansas City.........
Minneapolis
Omaha........
St. Paul......
Denver
Davenport..
St. Joseph .
Des Moines.
Sioux City..
Lincoln......
Wichita......
Topeka.......
Fremont....
Hastings
Tot. other West
St. Louis..............
New Orleans........
Louisville...........
Galveston..............
Houston
Savannah..
Richmond............
Memphis..............
Atlanta............... .
Nashville.., ........
Norfolk................
Fort Worth..........
Augusta...............
Birmingham........
Knoxville
Little Rook.
Jacksonville...
Chattanooga,
con
Total Southern.
Total all...........
Outside N. York

Montreal............
Toronto....... .
Halifax. .............
+1-6 Winnipeg...........
+33-9 Hamilton....,....
+4-3
John..............
- 3 -0
IOlM. 11 J_q5-a Total Canada..

82,058,756
55,709,456
9,344,111
8,860,832
5,454,760
4,575.496

NO. 1706.

681,686,217
64.231,812
12.513,778
11.747,881
8.266,568
1.770,340
1.617,766
268,984
817.084
825.034
360.000
629.794,401
81,729,880
6.327,900
3,362,217
1.352,789
1,308,908
1,196,209
1.139,683
658,351
666.163
342.771
36,084,619
83,210,233
12.698,550
6,983 264
4,868.956
4.682.049
3,278,600
1.083,032
2,675,091

+ 49 5
+27-9

Not included in totals.

,891,716

THE CHRONICLE.

444

rvoL Lxvi»

relief of the suffering reconcentrados.” What could'
be more natural than to make this occurrence a coyer
The financial markets continue highly sensitive. for an expedition for the enforcement of the interven­
Every occurrence/ however slight, that rumor con­ tion idea, and so it was construed on the Street by par
strues to give evidence of a war-like attitude on ties interested in depressing prices, and used quite
the part of the Government, and every transaction effectively. We are told also that the story as at first
interpreted to promote an upward tendency in the afloat had in it the word “ ammunition ” instead of
rates for money, quickly disturbs Wall Street values. e<provisions.” Whether this last statement is correct
We had an illustration on Wednesday, when the or not is of little consequence. The incident is inter­
security market, which had since Friday been buoy­ esting as showing how sensitive the financial markets
ant, suddenly went to pieces. Both of the influences are to even rumors of any act which bears a belliger­
referred to contributed to produce this result. As ent construction.
The Government figures of receipts and disburse­
to money, events and all indications pointed to a har­
dening condition again. With the privilege in part ments for February made public this week are very en­
restored to the banks by the Treasury of transferring couraging. Of the facts they disclose the most sig­
currency by the deposit of gold, the outflow from the nificant is that, although the month is three dayshanks to the interior was resumed to some extent. shorter than January, the total income reaches $28,That movement, though small, was suggestive of a 572,000 in February, against $28,795,000 in January.
cause other than commercial. Another fact was that In other words, as the average daily income in Feb­
$1, 000,000 of the money to be paid for the Kansas Pac­ ruary was about one million dollars, if the month had
ific purchase was deposited in the Treasury on Tues­ been as long as the previous one, the income in February
day. This was a reminder that $5,300,000 more re­ would have been about $3,000,000 larger than it was,
mained to be transferred from the banks on the same or about 314 million dollars. What adds to the im­
account, and that a considerable portion of the Union portance of the increase is that -it is due to enlarged
Indeed the Customs were nearly
Pacific money was still in the depositary institutions. Customs receipts.
As the rates for foreign exchange at the same time one million dollars more in February than in January,
also hardened, apparently shutting out further im­ notwithstanding the less days the month contains.
ports of gold, the conditions, taken together, were By examining our usual monthly table of receipts and
assumed to afford a less promising aspect for a quick disbursements on page 156 the reader will be pleased,
return to very easy money than existed during the to see how steadily this branch of the revenue has de­
veloped and the promise the late figures afford o f
previous three days.
But a more important influence adverse to a favor­ further enlargement. Another fact the month’s results-,
able security market was the Cuban situation. By indicate is that there was a surplus of $1,973,000 in
that statement we do not refer to facts in any manner February instead of, as hitherto, a deficit, the receipts
connected with our disabled battleship. The Maine having been $28,572,000 and the disbursements only
disaster has lost its exceptional interest as an inter­ $26,599,000. This condition is also gratifying; but it
national issue. To be sure the daily press has con­ would not do to assume from that state of the ac­
tinued to keep a large space devoted to that subject, counts a similar result during the rest of the year. It
as if it were a matter of deep concern still felt on the is quite likely that March receipts will also be in ex­
part of the public ; but the most of their more intel­ cess of the outgoes, but there is reason for the belief
ligent readers glance over those columns quickly, satis­ that the April statement will show a deficit again, as,
fied with taking in the head lines, or less. Nearly every the disbursements that month will be in excess o f
man of affairs fully recognizes now, as we showed in either February or MarchAll the trade indications still speak of a large v o l­
our article last week, the unreasonableness of con­
necting the Government of Spam with that calamity ume of business in progress and of favorable condi­
so as to make it in any degree responsible. This tions prevailing. The statement of bank clearings
woqld be the judgment of our people even i£ it could be for February is fully as noteworthy for improvement
clearly proven, which cannot be done, that the ship’ s as that of any month since the present expansion in.
destruction was due to design and not to accident. bank exchanges began. The increase in the aggregate*
Besides, the truth, according to late official utterances over the same month last year is more than fifty per­
on that point, probably is that the cause of the de­ cent—50*7 per cent. This is a little better even than
struction was within the ship and not without— the the ratio of gain reached last September, which-was.
reports of the week from Washington and from 50-1 per cent. After September the percentages rap­
idly declined, dropping in November to only 16’9 per
Madrid appearing to establish this conclusion.
There is, though, another phase of the Cuban situa­ cent. Since then they have again been rising, each,
tion which some have thought sooner or later might month showing an improvement over its predecessor;;
become a source of irritation and affect, it may be, our thus from 16 "9 per cent in November the ratio of gain
relations with Spain. We refer to the pressure for rose to 26*5 per cent in December, to 33’6 per cent in.
intervention on humanitarian grounds. As a part of January and now to SfrY per cent in February. We are
this idea the report had gained wide currency, though comparing with diminished totals last year, but the
now oifidially and positively denied, that our Govern­ loss then was only 430 million dollars, where now the
ment had fixed the first of March as the date for the gain is 1,867 million dollars.
Of course the result has been largely controlled by
restoration of peace in-Cuba by Spain or of intervention
by the United States. It was that suggestion, aided by a the exceptional gains at New York, where financial
trifling incident passed through the fertile imagination and speculative transactions play such a prominent
of a few Wall Street operators, that was used on Wed­ part in the totals. At this centre the increase is no
nesday to help depress values. Secretary Bong decided less than 72*2 per cent. But even outside of New
on the day mentioned “ to send two naval vessels to York, the ratio has recently been growing again, be­
Cuba with forty or fifty tons of provisions for the ing 24*2 per cent for February, as against 21*5 per

THE F IN A N C IA L S IT U A T IO N




M a r c h 5. 1898.)

THE CHRONICLE,

cent for January and 15*4 per cent, for December.
The groups of places showing the smallest percentages
of improvement are the New England and the South­
ern, the one 14*7 per cent, the other 15*3 per cent.
The Middle Western group records 35'8 per cent
addition and the Pacific group 47*3 per cent.
As regards speculation on the New Y ork Stock
Exchange, the volume of business, both in bonds
and stocks, was of extensive proportions. The deal­
ings of course were largely under the influence of the
Cuban war scare. Though February is a short month,
the share sales amounted to almost as much as in Jan­
uary, the comparison being 8,950,824 shares against
9,290,391 shares. In bonds the dealings were about
wo million dollars heavier even than in January,
which ranked as one, of the largest months on record ;
the total of the sales reached almost 95 million dol­
lars— $94,877,500.
The record of mercantile failures also contains some
encouraging features. In the number of failures the
comparison with past years does not indicate any great
change, but the amounts of the liabilities of the
defaulting traders are on a very much smaller
scale. According to the compilations given in
Dun's
Review (advance sheets of which have
been furnished
us through the kindness of
Col. W. M. Crosvenor), there were 1,155 failures in
February 1898 as against 1,158 in 1897 and 1,163 in
1896. The failures, however, were for only $9,500,641,
while in 1897 the liabilities were $13,672,512 and in 1896
$13,130,451. Thus the experience remains the same
as in other recent periods : trade revival and improved
financial conditions have served to eliminate the large
failures to a great extent but the small failures con­
tinue rather numerous.
Returns of railroad earnings reveal no particularly
new features. Of course the cutting in rates, both
passenger and freight, is an unpleasant incident.
This week the passenger war between the Canadian
Pacific and the American trans-Continental lines has
taken a further turn for the worse. On the other
hand, the Inter-State Commerce Commission has
granted the request of the American roads for a sus­
pension of the long-and-short-haul clause as applied to
business where there is competition with the Canadian
Pacific, and this tends to circumscribe the area of the
conflict, relieving the roads of the necessity of following
cuts in through rates by similar cuts in local rates. Quite
a number of returns of net earnings for January have
come to hand this week. In some cases the showing
js not quite equal to that in the months preceding, in
others it is better. The Northwestern grain-carrying
roads, like the Milwaukee & St. Paul and the
Burlington & Quincy, belong to the former
class; the anthracite coal roads and some of
the Southern and Southwestern lines to the latter.
Central of New Jersey reports net of $409,290, against
$255,218, and the Lehigh Valley (on the railroad op­
erations) net of $301,080, against $203,994, while the
Philadelphia & Reading, on the operations of the Rail­
road and the Coal & Iron Company combined, last
week reported net of $673,186, against $502,548. The
Southern Pacific is another railway which is now add­
ing to its earnings in a noteworthy way, having in­
creased gross for January $702,097 and net $433,273.
The Pennsylvania Railroad statement for January
was issued last Saturday. It shows $333,400 gain in
gross and $626,600 gain in net on the Eastern lines and
$534,700 gain in gross and $78,800 gain in net on the




445

Western lines. For the combined System the improve­
ment is $868,100 in gross and $105,400 in net. The
increase in the gross is not particularly noteworthy,
considering that it follows $613,000 decrease on th®
combined system in the same month "last year. Th$
net last year recorded $87,500 increase. The follow­
ing gives the figures for the Eastern lines for a series
of years past.
-L in e s E a st of
P it t s . & E r ie .

1898.

1897.

189e.

1893.

1894.

1893.

January.
Gross earnings......
Operat’g expenses.

$
$
$
*
$
r
6,089,071 4,765,671 4,993,771 4,678,271 4,159,829 4,923,24©
3,936,974 3,639,474 3,949,974 3,696,874 3,545,323 4,422,94©
N et earnings... 1.152.797 1,126.197 1.043,797
981,397
614.506
500,30*

Rates for call money representing bankers' balances
were 1£ to 2£ per cent, closing at 2 per cent, on MonJ
day; Tuesday they fell to I f per cent, averaging
about 2 per cent; Wednesday the market was firmer
the extremes being 2 to 2^- per cent, averaging very"
nearly 2£ per cent; Thursday it was easier again, the
average being 2 per cent, with exceptions at 2£ per
cent; Friday the range continued at 2 to 2£ per cent,
the average for the week being about 2J per cent.
Banks and trust companies loaned at 2 per cent as theminimum early in the week, on Wednesday advancipgto 2^ per cent. The offerings of time money
are moderate, and there is an indisposition
to loan fo r the present, in view of
the un­
certainty regarding the situation. At the same
time the demand is not urgent and borrower®
generally are finding sufficient accommodation in the
call loan branch of the market. Rates are 3^@4 per
cent for sixty day and 4 for longer periods on good
Stock Exchange collateral. Banks generally are out o£
the market for commercial paper, for the reason that
their loans are pretty full and their deposits are being
drawn down in some measure. Near-by interior bank®
have, however, been in the market this week, and
they have secured some of the choice names offering.
Rates are 4 per cent for sixty to ninety day endorsed
bills receivable, 4@4^- per cent for prime and 5@ 6 per
cent for good four to six months' single names. The
movement of money to the interior during the week
has continued, though smaller in amount than in the
last two weeks; there is no urgency m the demand. The
Treasury order issued last week which forbade the
deposit of gold for transfers of currency has been
modified. Now gold will be received on deposit at the
Sub-Treasuries, but shipments of currency, exchanged
therefor, will be made from Washington at Govern­
ment rates. There will be no telegraphic transfer 'of
currency. There was a deposit of $1, 000,000 in the SubTreasury on Tuesday on account o f the Kansas Pacific
Railroad sale. The remainder of this money, about
$5,300,000, will be paid in four instalments; the first
instalment will be due on the 20th inst., and the other
three instalments ten, twenty and thirty days there­
after. Thè payment of the 10 per oent instalment
of the Union Pacific purchase money on deposit with
the New Y ork banks'was not required on Thursday,
and it is reported that the remainder of this amount,
about $15,000,000, will be permitted to remain for the
present.
It is now announced in a cable from Pekin that the
Anglo-German Chinese loan bears interest at 4^ per
cent, that it is redeemable in forty-five years and that
the issue price is 83. The Bank of England minimum
rate of discount remains unchanged at 3 per cent,
The cable reports discoignts of sixty to ninety-d,ay
bank bills in London 2$ per cent. The open market.

446

THE CHRONICLE.

[V o u LX'Vl.

fate at Paris is I f per cent and at Berlin and Frank­ quarter of a cent, to 4 82@4 821 for long, 4 841@4 84i
fort it is 2f- per cent. According to our special cable for sight and 4 84f@ 4 85 for cable transfers. The
from London, the Bank of ^England lost £194,761 tone was easier on Thursday, though no change was
bullion during the week and held £33,842,454 at the made in rates. Yesterday there was a decline of half a
close of the week. Our correspondent further advises cent in the actual rates for long and short sterling, to
ns that the loss was due to withdrawals of £23,000 for 4 8 ll@ 4 81f for the former and 4 84@4 841 f ° r the
export to the United States, to £273,000 net sent to latter, while cable transfers fell one quarter of a cent,
the interior of Great Britain and to the import of to 4 844 @ 4 84f. The following shows daily posted
£101,000, of which £74,000 were from the Cape and rates for exchange by some of the leading drawers.
DAILY POSTED BATES FOB FOREIGN EXCHANGE.
£27,000 from Australia.
Though the foreign exchange market opened weak
FBI ,
M o n .. TOES.. WED.. T h u s ., FBI..
Feb. 26. Feb. 28. Mar. 1. Mar. 2. Mar. 3. Mar. 4.
on Monday and so continued throughout the day, there
83
93
83
83
83-2 «
5 60 days.
82«
85«
85
85«
85«
8 5«-5
was a recovery on Tuesday and a farther advance on Brown B ros........ { Sight.... 8 5 «
83
83
83«
83«
83
83
J 60 days.
Baring,
Wednesday, the tone becoming firm. Thursday, how­ M agoun & Co.. 1 Sight.... 86
86
85«
85«
85«
85«
83«
83
83
83
British
J 60 days.
83
ever, the market closed easier, and Friday there Bank
86
85«
85«
85«
86
85«
No. A m erica.. 1 Sight....
88«
83
83
83
83
of
5 60 days.
83«
was a sharp decline to the lowest rates of the Bank
86
86
85«
85«
85«
85«
M on treal........ { Sight....
83«
83«
83
83
83
Bank (60 days,
83
week. There was an engagement of $500,000 more Canadian
85«
86«
85«
86«
o f Comm erce.. i Sight....
85«
86«
83
83
83
83
83
Ick­ (6 0 days.
88
gold announced on Monday for the City National Heidelbach,
85«
85«
85«
85«
85«
elheim er & Co {S ig h t....
85«
88
83
83
83
83
Bank and of $500,000 for Ladenburg, Thalmann & Lazard Freres... (6 0 days. 83
86«
85«
85«
85«
85«
{S ig h t....
85«
83«
83
83
83
83
Go. Yesterday $2,000,000 was announced for ship-; Merchants’ Bk. ( 60 days. 8 3 «
86
86
85«
85«
85«
o f C anada..... { Sight....
85«
ment to-day from Havre, $1,000,000 to Lazard Freres,
The market closed weak on Friday.
Rates for
$250,000 to L. von Hoffman & Go., and $759,000 to
actual
business
were
4
811
@
4
8
I
f
for
long,
4 84@
Kuhn, Loeb & Go. Heidelbach, Ickelheimer & Go.
4
841
for
short
and
4
841@4
84f
for
cable
transfers.
have $500,000 from London, making $1, 200,000 to
that firm.
The total shipments reported last week Prime commercial 4 8 0 f@ 4 811 and documentary
and this week now reach $5,700,000. The $600,000 to 4 80f@ 4 811. Cotton bills for acceptance 4 80f@ 4 811;
Muller, Schall & Co. on La Champagne and La Gas- cotton for payment 4 801(g}4 81; grain for payment
gogne and $125,000 on La Champagne to Heidelbach, 4 811@4 81|.
The following statement gives the week’s movements
Ickelheimer & Go. are in transit to Hayana, and there­
01
money to and from the interior by the New Y ork
fore are not included in the above.
banks.
The foreign exchange market was affected on Mon­
N et Interior
Received by Shipped by
day by liberal offerings of investment bills and also of
Week Ending plarch 4,1808.
N, Y . Banks. N. Y . Banks.
Movement.
drafts made against purchases of securities for Euro­
$3.669,000 $5,628,000 L oss.$ l,9 5 9 ,0 00
pean account. Nominal’ rates were reduced by Brown
üt-old
186,000
___ I .................................................
298,000
484,000 L oss.
T o ta l gold and le g a l te n d e r s . . . . $3,967,000 $6,112,000 Los8.$2,145,000
Bros, to 4 82£ for sixty day and 4 85 for sight, the
lowest since October last year. Then, however, the
With the Sub-Treasury operations the result is as
xeduction was due to the offerings of commercial bills, follows.
whereas on Monday the market was chiefly influenced
Net Change in
In to
Out o f
Week Ending March 4, 1898.
Bank Holdings.
Banks.
Banks.
•by the pressure of investment and of security bills.
The reduction in nominal rates by Brown Bros, made Banks’ interior m ovem ent,as above $3.967,000 $6,112,000 Loss.* 2,145,000
13,600,000 17,000,000 Loss. 4,000,000
the range from 4 82-J to 4 83£ for sixty day and from
T otal gold and lega l ten d ers....... $17,567,000 $23,712,000 Loss $0,145,000
4 85 to 4 86 for sight. Rates for actual business were
The following table indicates the amount of bullion
reduced one-quarter of a cent compared with those
in the principal European banks this week and at the
at the close on Friday of last week, to 4 81 i @ 4 81f for
corresponding date last year.
long, 4 84@4 84£ for short and 4 84^@4 84^- for cable
March 4, 1897.
March 3, 1888.
transfers, and some sales of short sterling were made
Bank of
Silver.
Bold.
Silver.
Total.
lotd l.
Bold.
at 4 83f. These rates were lower than those for
£
£
£
£
£
£
actual business in October last year, when nominal
33,842,454
33,842,454 39,029,576
39,029,576
rates were 4 82|- for sixty day and 4 85 for sight. Prance......... 70,788,519 48,563,704 125,352,223 70,589,553 49,224.612 125,814,165
G erm any...... 30.892.000 15.650.000 46.018.000 30,224,090 15.570.000 45.794.000
Rates October 14 were 4 82@4 821 f ° r long, 4 8 4 !@ Aust.-Hung’y 36.859.000 12.489.000 49.348.000 30,961,000 12.662.000 43.623.000
4 841 for short and 4 84f@ 4 85 for cable transfers. Spain.............. 9.543.000 10.880.000 20.423.000 8.528.C00 10,820,000 10,348,006
N etherlands. 2.714.000 0,920,000 9.634.000 2.633.000 6.029.000 9.562.000
On December 24, however, when nominal rates were Nat. Belgium. 3.132.000 1,500,000 4.698.000 2.750.000 1.375.000 4.125.000
4 821 for sixty day and 4 851 for sight, rates for Tot.thls week 193,270,973 93,074,704 289,345,677 190,715,129 96,680,612 287,295,741
T o t. prev.w ’k 192,728.230 95.446,941 288.175,171 191,399 930 97,161,081 288,561.017
actual business were 4 811@4 8.11 f 1
or long, 4 841@
4 841 for short and 4 841@4 84f for cable trans­
THE QUESTION OF IN TERVEN TION.
fers. While rates for short and for cables on
The Secretary of' the Navy, in a personal statement
Monday werd one-quarter of a cent lower than
in December, those for long sterling were one- made last Tuesday, has given what may be fairly called
quarter of a cent higher. There was a steadier tone official sanction to the view of the Maine disaster set
on Tuesday. Baring, Magoun & Go. and the Can­ forth in these columns a week ago. The question of
adian bankers reduced nominal rates half a cent any official participation in the destruction of the
making the range 4 821@4 83 for sixty day and 4 85 vessel, Mr. Long affirmed, is in his judgment practi­
@ 4 851 for sight. Rates for actual business were ad­ cally eliminated. We presume that the Secretary’s
vanced one-quarter of a cent, to 4 81f@ 4 82 for long, careful limitation of this view to expression of indi­
4 8 4 !@ 4 841 f ° r short and 4 8 4 !@ 4 84f for cable vidual opinion was made because, in the absence of a
transfers. On Wednesday the market was firmer and formal report from the Naval Court of Inquiry, no
Brown Bros, advanced nominal rates half a cent, formal judgment coulil be properly expressed, by the
making the figures 4 83 for sixty day and 4 851 for administration. But in stating thus plainly his per­
sight. Rates for actual business were advanced one- sonal views upon the matter, Mr. Long has put into




March 5, 1898.J

THE CHRONICLE.

447

•words the conclusion already reached by every intelli­ ered projects of the sort, providing, as they would,
gent .citizen, and in so doing has rendered a public for ships which could not be afloat until a year
service.
or so from now, a large increase in this countryV.
But while it may be said that the Maine explosion naval armament would be distinctly undesirable.
is no longer an immediate factor in the Cuban sit­ The enormous cost involved is one consideration,
uation, and probably not even a contingent factor of though perhaps not the most serious. If we wish to
importance, it cannot yet be assumed that the general rival the first-class naval powers, we must match
question has been removed as an element of doubt. also Great Britain’s • $109,000,000* annual expendi­
The position of our Government is that Spain has ture for the purpose— a sum three times what this
twice been publicly notified that the Cuban war can­ country now devotes to it. But a decidedly more
not be allowed to continue indefinitely, and that this potent argument against such increase is the mischief
country insists on some sort of early settlement. This to which so immense a force, without obvious means
notice was served by President Cleveland as long ago of employment, would almost infallibly lead. Beyond
as December 1896 ; it was repeated by President a given point, a national navy becomes a weapon, not
McKinley in his message of last December. It re­ of defense, but of offense, and it is quite conceivable
sulted in the offer of limited autonomy by Spain to that the nervous dread entertained by conservative
Cuba, and the construction of a Government at citizens of Europe regarding the very armies organ­
Havana on that basis. But the offer of autonomy ized ostensibly to protect them would be transferred v
does not appear to have served its purpose, except in in all the new ambitious naval States to their floating
a very restricted circle. The guerrilla warfare con armaments.
tinues with undiminished activity, and the forced
The familiar answer is, of course, that this is a
paralysis of Cuban industry is still complete.
peculiar emergency; that our navy is too sm all; that
We presume, therefore, that our Government will in time of peace we should prepare for war, and so
sooner or later feel compelled to make a further pres forth. But it may be rejoined that this last policy is
entation of the case to Spain. Such a diplomatic precisely what the United States has been pursuing.
move may take the form of a more pressing tender of Mr. Dockery of Missouri, one of the most experienced
our good offices to mediate between the home Govern­ members of the appropriations committee, took the
ment and its insurgent colonists. The other possibil­ trouble to point out in the House of Representatives,
ity, that we should require the instant withdrawal of last week, that the talk of an inadequate United
Spain from Cuba, and the recognition of Cuban inde­ States navy is imaginary. Since 1883, he stated, Con­
pendence, is hardly discussed, even in these days when gress has authorized the construction of 77 war ves­
every sort of “ Cuban rumor” finds a hearing; ana this sels at a cost of $134,439,707, and he added that six­
seems to us a highly significant and interesting fact. teen of these vessels have not yet been completed,
Two years ago every belligerent orator on the floor of but that out of the sixteen now under construction
Congress indorsed this plan, or a plan equivalent to it, all will be finished during the present year except five
Apparently because the orators were anxious, first for battle ships, which will be afloat sometime in 1899.
a fight with Spain, and only as a secondary matter “ It is obvious,” Mr. Dockery very justly concluded,
were anxious for a cause of war. The nation has lived “ that the United States is not so powerless upon the
through a useful experience since 1896, and the very seas as some would have it understood.”
reassuring spectacle is witnessed to-day of even such
It is a popular argument that in order to protect
impulsive legislators as Senator Morgan advising cau -' our sea-ports this Government must have a navy
tion and expressing both hope and belief that war will large enough to oppose and obstruct any naval force
be avoided.
which could be sent against us. This argument is
We have no doubt that this view of the situation is borrowed from the Ministerial statements in the Brit­
correct. Now that the danger of an ungovernable ish House of Commons; but the English budget-makers
popular outburst over the Maine episode is past, we have reasons for their position which with us do not in
fully believe that actual hostilities between Spain and the least degree exist. It is not invasion against
the United States are far less of a possibility than which Great Britain is providing; it is the isolation of
they were .one or two years ago. We are confident, in its distant colonies and the blockade of the homeshort, that both the Spanish Government and the bound trade. Unless the English navy is large enough
Spanish people will recognize the necessity for a new to guard all its remote dependencies, the first war
and final move in this unhappy island struggle and with a first-rate Power would leave one or more of
will accept the friendly offices of the United States. these colonies at the enemy’s mercy. Unless the same
That the insurgents, on their side, would accept such navy is large enough to keep open the ocean highway,
mediation and abide by its result seems to be ad­ England, by far the greater part of whose food is
mitted.
brought from across the water, might conceivably be
We suggest this outcome of the case as probable. starved into submission. In one shape or another,
Nothing of course is certain, and therefore there is not always expressed so bluntly, this has been the
more or less warrant in the present movement to put constant and unanswerable appeal to Parliament. The
our defensive armament in proper shape. We are, United States, happily without a single distant colony
however, glad to see that even these arrangements, to protect, and able to feed and clothe its citizens for
too often planned in Congress with the accompani­ an indefinite period out of its own productive re­
ment of passionate declamation, are being considered sources, has neither argument to allege. Its single
calmly and intelligently. The positive veto which legitimate problem is the protection of its coast.
has been put by responsible Congressional leaders on
But the construction of stationary defensive
the first hap-hazard demand for a heavily increased ap­ armaments makes no such appeal to the popular
propriation for the navy ought to be approved and imagination as our floating “ Terrors ” and “ Destroy­
applauded by every sober-minded citizen. Aside from ers.” A new man-of-war is conned and criticised by
.the always powerful objection to hastv and ill-consid­ the amateurs who give the tone to popular opinion,




448

TBE CHRONICLE.

|Vor, ixvr.

much as the same authorities bring into public discus­ over a million dollars ($1,081,467) carried forward
sion our new steam yachts and ocean liners. To noth­ to the credit of profit and loss. But this tells
ing else can we attribute the fact that while our an­ only part of the story. In arriving at the" surplus
nual naval outlay between 1877 and 1889 averaged up­ given, the company has first deducted $1,067,304 to
wards of fourteen million dollars, half a million a year cover the amount expended in revising grades and
would have covered expenditure for harbor fortifica­ alignments and making other extraordinary renewals
tion and armament. Expenditure in both directions and then has deducted $1,800,000 more for amount
has been greatly increased in the last seven years, but transferred to what is called an Extraordinary Ex­
the proportion still holds good. We are aware of penditure Fund created to complete further work of
course that there will naturally exist a large discrep­ the same description. In other words, the surplus of
ancy between the two sources of expenditure, and it is $1,081,467 on the year's operations remains after
easily possible that outlay for fortifications is large allowing for nearly three million dollars of exceptional
enough already. But we cannot help noticing that in outlays— in exact figures $2,867,304. The Pennsyl­
the face of the outcry for an increased naval appro­ vania has always been distinguished for the liberal
priation in the present session, it is the fortifications way in which it has charged earnings with the cost of
bill which Congress lately seized upon as the easiest work of this character, but in the late year the com­
pany was able to carry this policy even further than
and least unpopular item for economy.
If, as appears to be the case in the present Con­ usual.
Obviously, except for the $2,867,304 of extraordinary
gressional discussion, some renewed attention is to be
directed to this matter of harbor fortification and outlays, the surplus for the twelve months instead o f
armament, we believe that sober citizens will have no being $1,081,467 would have been $3,948,771— that is
cause for objection. Of all expenditure for the m ili­ only a little less than four million dollars, equal to &
tary or naval armament, this is the least likely to per cent on the company's share capital of 129 mil­
lead to extravagance and waste. The harbor fort has lion dollars in addition to the 5 per cent actually paid
no imposing review in uniform; it has no formal on the stock. We think general approval will be ac­
“ christening;” no silver service presented by a State or corded the management for its wise and far-sighted
city; no “ record” to break in speed or ocean evolutions* policy in devoting considerable amounts out of earn­
In short, a properly managed appropriation of this ings each year in the manner outlined above. In m>
kind is a plain, practical and not at all spectacular other way could the property have reached and main­
provision which the citizens make for the security of tained its present strength and standing. Refer­
their homes, and the very fact that appropriations for ence to the matter is desirable as illustrating
the purpose are hard to get from Congress unless the remarkable earning power of the property,
their necessity can be plainly proved is, we believe, which permits these large appropriations. We may
the best reason for countenancing such expenditure. add that that even the figures given do not reflect in
Our own Chamber of Commerce, in its recent appeal full the favorable character of the year's exhibit. The
to Congress for improved protection of New York income from investments does not include anything
received on the company’s holdings of Pennsylvania
harbor, undoubtedly had these facts in mind.
As for the question of the navy, it is our own judg­ Company stock, nothing having been paid on it. The
ment that the occurrence at Havana, instead of forc­ Pennsylvania Company, as is known, controls the
ing Congress into unprecedented naval appropriation, .Western lines, and though nothing was paid on it»
ought to inspire our legislators and committees with re­ stock, its operations netted a profit of $983,165. On
doubled caution. If the Maine blew up by accident, the Western lines as a whole the surplus for 1897 was
the same fate may befall any other of our numerous $2,336,598, against $674,587 in 1896. In this case,,
floating volcanoes. If it was destroyed from the out­ though, part of the surplus in the event of a distribu­
side then so much the worse for the argument, be­ tion would belong to outside security-holders.
Nor was the year one of specially favorable condi­
cause with such a thing possible in peace it may well
be asked what would not be possible in war? From tions. Business revived the last six months, it is true.
either point of ^iew we suspect that intelligent people The first six months, however, it was still dull. This
have already begun to ask whether a great navy for is shown by the fact that in these six months gross
the United States is not both a questionable and dan­ earnings on the lines directly operated east of Pitts­
gerous investment. These are days when the Ameri­ burg and Erie fell off $715,792. For the full year
can people are learning to look clearly into the prob­ there is a gain of $2,126,610. But the Pennsylvania's
lems of war and armament, which for so many years income is of such magnitude that even this amount
does not represent a particularly large addition ; it is,
have been set before them as a kind of exciting sport.
for instance, only about 3^- per cent increase over the
THE P E N N S Y L V A N IA R A ILR O A D REPORT. year preceding. Besides this, the recuperation the
No one can take up a report of the Pennsylvania last six months was not a full revival extending to all
Railroad without being impressed with the remarkable branches of trade. The passenger traffic, certainly, was
character of this property. In physical condition it of only ordinary volume. The Pennsylvania has shared
has of course long ranked as the highest and best type the experience of other roads in having.earned less from
of American road. But in earning capacity and finan­ passengers in the twelve months of 1897 than in the
cial standing, its position is no less noteworthy and twelve months of 1896. The falling off was not large,
amounting to only $210,142 on the lines directly oper­
striking.
The fiscal results of its operations for the late calen­ ated east of Pittsburg and Erie, but that there should
dar year furnish an excellent illustration of its have been any decrease at all, following the loss the
strength. The company paid during the twelve previous year, is itself noteworthy and furnishes proof
months 5 per cent on its stock, calling for nearly that trade prosperity was partial and not complete. On
6£ million dollars— $6,465,170. The income account the lines east of Pittsburg the number of passengers
shows these dividends earned, and in addition moved was 1,172,696 less than in 1896.




March 5, 1896.]

THE CHEONICLE

449

We also know that the rate situation was very unsat­ practice as applied to embarrassed roads, where such
isfactory. The traffic statistics indicate the presence of a revision of values is always given unusual promi­
that influence, in showing a further decline in the av­ nence and heralded far and wide as indicating dishon erages received on each of the three leading divisions, est methods and dishonest practices, and as reflecting
namely the United New Jersey Division, the Phila­ discredit upon American railroad management. The
delphia & Erie Division and the Pennsylvania Rail- action of the Pennsylvania shows that wholesale con­
Toad Division. We may assume that the increase in clusions of this kind are by no means justified ; that a
"the amount of bulky or low-class freights would have reduction in book values and profit and loss surplus
had the effect of decreasing slightly the averages in may come in the ordinary course of things and may
any event. But the actual decline recorded is too have no reference whatever to the character of past
large to be explained in that way, amounting to nearly management.
•6 per cent on a rate already notably low. The com­
One other fact is worthy of mention. The Penn­
pany averaged only 5*36 mills per ton per mile on its sylvania balance sheet always records large amounts of
entire traffic, high-class and low-class, in the late year. cash on hand. This time, however, (by reason, we
On the Philadelphia & Erie Division the average has presume, of the $5,000,000 of Pensylvania Company
long been below half a cent per ton per mile—that is Guaranteed Trust Certificates issued to provide for
frOO mills. The average for the Pennsylvania RR. maturing bonds of the Western lines), the amount is
Division has now also dropped below the five-mill unusually heavy, falling but little short of fifteen mil­
point, having been only 4*75 mills.
lion dollars— $14,942,290. The total of current assets,
The company is each year operated with increased including the cash and also $2,077,068 of materials on
«conomy.
Notwithstanding the greatly enlarged hand, is reported at $26,376,352. The aggregate of
amount of transportation work done, as reflected in the current liabilities is given as $20,776,875, which in ­
increase in earnings noted above, cost of conducting cludes $10,177,316 due to controlled companies other
transportation was but little heavier in 1897than inl896, than traffic balances. This last item, however, has no
the figures being $24^774,902, against $24,697,542, an significance, it arising entirely out of the fact that the
addition of $77,359, or only about one-third of one Pennsylvania acts as banker for the controlled and
per cent— following a considerable decrease the previ­ constituent companies,
o u s year. In the operating expenses as a whole there
was actually a falling off of $201,700 in face of the in­
crease in the tonnage moved. In this case, however, MONOP O L IS T IN D TJSTR IA L COMBINA TIONS
I N G R EAT B R IT A IN .*
the falling off was occasioned mainly by a contraction
in the outlays for maintenance of equipment.
M a n c h e st e r , February 23d.
President Thomson’s remarks are not at all ex­
Ten years ago, when the controversial struggle over
tended, being briefer than usual. And indeed when the “ trusts” was actively going on in the United
the results are so extremely favorable, they may well States and Canada, he would have been a bold man
be allowed to speak for themselves. He notes, how- who would have predicted that monopolist combina­
over, that there was no increase in the funded debt of tions would take root in the United Kingdom. As
the company during the year, and that the obligations a matter of fact, however, their establishment has
issued by the Pennsylvania Company were at the begun, and no one can tell how far the process will be
"lowest prevailing rate of interest, that is 3£ per cent, carried.
and were made for the purpose of redeeming 7 per cent
The Salt Union, founded towards the close of 1888,
•securities about to mature. He refers to the creation and based upon the exclusive possession of the best
of the Extraordinary Expenditure Fund, alluded to salt mines in the country— those of Cheshire—re­
above, and says that the character of the work con­ mained fpr a long time the solitary instance of its
templated is such as to make it necessary, in order to kind. But last year the leading Scottish cottonsecure the best results, that the work, when once be­ thread manufacturers got rid of their rivalries by
gun, should be pushed to completion. It was there­ amalgamation, and now, within the last few weeks,
fore decided to create this fund in which to set apart their English competitors, together with the remain­
from time to time such sum as can properly be spared ing Scottish concern, have also united their various
from current income for the purposes intended with­ enterprises in one great undertaking. As in the case
out encroaching upon the dividend fund. A portion of the northern combination the capital is consoli­
of the fund, it is stated, will also be applicable to meet dated and the supreme command is placed in the
-the large expenditure necessitated within the next two hands of a single board of directors. Moreover, there
years by the provisions of the Inter-State Comm'-rce is a complete understanding between the Scottish and
legislation compelling the equipment of all freight the English amalgamations, and the whole of the cot­
cars with air-brakes and automatic couplers and other ton-thread industry of the kingdom is practically
improvements to the equipment.
under non-competitive, though not identical, control,
The company has charged off against profit and loss some small establishments left outside being of no
Tarious items aggregating $2,409,833; $708,337 repre­ account in this respect.
sents reduction of the valuation of equipment pur­
A further step has now been taken. The thread
chased through the 4 per cent Equipment Trust gold manufacturers are large buyers of fine-combed yarns,
loan, $1,436,119 a reduction in the valuation of the I spun chiefly in Lancashire, most of it in the Man­
Foldings of securities of its coal companies and $265,377 chester and Bolton districts.
The spinners of it
•certain sundry accounts charged off. The matter make also fine yarns for the production of the very
is of interest outside of Pennsylvania railroad circles- highest classes of cotton-piece goods, for admixture
It shows that even in the most conservatively managed with worsted and silk goods and for laces and curtains
"properties it is considered necessary or prudent at both at home and abroad. A scheme of combination
times to mark down values carried on the embracing the greater number of these spinners has
books.
The public is most familiar with the
* Communicated by our special correspondent at Manchester.




450

THE CHRONICLE.

f Vol» LXVI,

now made such progress that it is spoken of as an trade-marks, and experience proves that it is very
actual success. The conditions of amalgamation have hard to induce consumers of many kinds of commod
undoubtedly been accepted by most of the largest ities to abandon a mark to which they hav o
firms, who own altogether fully 2, 000,000 spindles. become accustomed in favor of an unknown
These possess mills and machinery of very different one. As a matter of fact, the several proprietary
types in respect of their age and efficiency, and the marks of the now united thread manfacturers
basis of valuation recognizes roughly these differences. had their more or less clearly defined fields of
A common multiplier is applied to the net profits of distribution both at home and abroad. The former
the last three years and the amounts reckoned for rivalry arose very largely from the efforts of the com­
depreciation in each case, and thus the divergencies peting firms to gain access to their competitors' ground
between the older and the more modern mills are by special reductions of price there, and there only,
Instances have occurred of English thread being
reconciled.
So far as I have learned, those who own the best and brought home from a distant market to which it had
newest plants are satisfied with the conditions,^and at been sent at such special prices and exported again in
present the arrangement appears very likely to go another direction thousands of miles away, leaving a
through to completion, although the precise number handsome profit on the operation. These conflicts,
of the firms to be embraced in it is not determined. it may be expected, will now cease. But a second
The aggregate capital of the new company will be advantage which the new combination possesses lies in
somewhere between £4,000,000 and £6,000,000. The the fact that it has manufacturing establishments
influence of the thread combinations upon this newer abroad—in the United States and in Russia; and a.
scheme was not merely exemplary. It was realized by third is the difficulty of creating fresh rival establish­
the fine spinners that since there is now practically ments with the complex organization and the trained
but one buyer, or possibly two, of that part of their service required for successful competition.
There appear to be three conditions, one at least
production which is converted into thread, they would
be much less likely to obtain satisfactory prices if of which is essential to the maintenance of an effic­
One is the exclusive or nearly
dealing singly than they would when solidly united. ient monopoly.
The contracts with the thread manufacturers are exclusive possession of a useful and more or less rare
usually made for a whole year's supply in the month natural product; a second is the holding of a valuable
of January, and it is quite possible that some of the patent right, and the third is such a concourse of ad­
spinners had begun to feel apprehensive during their vantages as the thread manufacturers have at com­
recent experience as to the dangers of their isolated mand—trade-marks in high and wide repute, numer­
position. Other motives have of course been opera­ ous and widely distributed establishments, and an or­
tive in bringing about the arrangement, but gener­ ganization which cannot be equaled except by years
ally they may be included in the prevalent desire to of persistent effort. Where none of these conditions
gain a firmer control of the market and to secure exist it is difficult to conceive how a monopolist com­
pact, however carefully guarded or loyally observed
more remunerative prices.
Movements of the same kind are now being discussed by the parties to it, can endure very long.
amongst the flax spinners of the North of Ireland and
the jute manufacturers of Dundee. Abortive efforts
THE AN TI-TICK ET-SC ALPIN G
LA W
were made last year to bring about a fusion of inter­
C
O
N
S
T
IT
U
T
IO
N
L.
ests amongst the English calico printers, and it is un­
The decision of the Appellate Division of the Su­
derstood that these are not unlikely to be renewed.
It is too soon yet to discern the tendency of British preme Court (First Department) unanimously affirm­
public opinion upon these new developments. Com­ ing the constitutionality of the Anti-Ticket-Seal pingbinations are by no means unknown in England, but law is a welcome piece of intelligence. Not that the
these have rarely gone beyond agreements between decision is a surprise or that any other result was ex­
individual producers or distributers as to the regula­ pected. But the demoralization in rates has latterly
tion of prices. These are of course terminable, and become so general and so widespread, and the railroads
Usually it is not possible to maintain them strictly have been so often and in so many different ways
sometimes not at all—in bad times when the produc­ balked in attempts to correct and prevent the demoral­
tion runs much in excess of the current demand. Th e ization, that it is somewhat refreshing to know that
“ conferences” of powerful ship owners, who, on several there is at least one device that has stood the test in
ocean routes, are able to maintain outward rates the courts and will be available for the protection of
of freight far above the level to which they would fall the roads against the evils of rate-cutting, even though
under free competition are probably the most success­ in only one branch of the service.
The statute which has now been upheld forms
ful instances of this kind of union. But whilst bad
times are a trying test for mere agreements amongst Chapter 506 oi the New Y ork State laws for 1897 and
separately conducted firms or companies, recent exper­ went into effect on the 1st of last September. It pro­
ience appears to show that they tend to encourage the vides that no person shall issue or offer for sale any
more thorough form of combination in which capital ticket giving or purporting to give any right to a pas­
sage or conveyance upon any vessel or railway train,
and control are unified.
If the question be asked, Will these more thorough or a berth or stateroom in any vessel, unless he be an
amalgamations endure ? the answer must depend in authorized agent of the owners or consigneeseach case upon the circumstances of the industries in of such vessels or of the company running such
which they exist. There are special conditions attach­ trains. And no person is to be deemed an au­
ing to the manufacture of cotton thread in this coun­ thorized agent of such owners, consignees o r
try which are undoubtedly favorable to the mainten­ company within the meaning of the statute, unless
ance of the monopoly. In the first place the once he has received authority in writing therefor. Thu
rivaljmanufacturersjpossessed v al uabl e^andjwel 1 known law also provides that no^person acting as^such agent-




M arch 5, 1898.]

_______ •

THE CHRONICLE.

451

shall sell tickets or receive any consideration therefor of the anti-ticket-scalping law of 1897 is to confine
except at the office designated in his appointment* the conduct of the business of common carriers in
The statute is not to be construed to prevent a prop­ Hew Y ork State to those carriers themselves, so far
erly authorized agent of one transportation company as the emission and sale of tickets is concerned. Rail­
from purchasing tickets from the prdperly authorized road tickets being merely the evidence of a contract
agent of another transportation company, so that a between the carrier and a passenger, the whole relation
traveler may make a continuous journey over more as to their issuance and use is limited to the carrier
than one line. The act also provides for the redemp­ and the passenger. In order to prevent fraud upon
tion of unused portions of tickets purchased from the passenger, the statute requires that the dealing
authorized agents, and the refunding of the money with reference to the evidence of the making of the
where no part of the ticket has been used. Viola­ contract shall be directly between passenger and
tion of any of the provisions of the law is punish­ carrier.
able by imprisonment in a State prison not exceeding
If as a consequence of this regulation some person
two years or by imprisonment in the county jail not who has heretofore carried on the industry of buying
exceeding six months.
and selling or speculating in railway tickets is pre­
The ticket scalpers took early occasion to have the vented from continuing to do so, he is not deprived
constitutionality of the new statute tested. Upon the in any legal sense of his property right in a busi­
mandate of a committing magistrate George Tyroler ness. He was merely engaged in doing something not
was arrested on a charge of selling tickets last Sept­ unlawful in itself, but which might be made so by
ember in contravention of the provisions of the act. the exercise of the power the State has to regulate
The prisoner took out habeas corpus proceedings and the business of carriers within its boundaries. The
was brought before a Justice of the Supreme Court. statute is not one preventing a citizen from dealing
He contended that he was unlawfully detained, inas­ in merchandise or property generally; such a law, the
much as the new law was unconstitutional and void. Court declares, would clearly be unconstitutional; but
The Justice decided adversely to the claim, and from the property right of a purchaser of a railroad ticket
the order entered on that decision appeal was taken is the right to transportation to be furnished, and of
to the Appellate Division, which has now upheld the which right the ticket is only the evidence. For the
lower court.
same reasons the statute does not infringe any of the
Quite a number of objections to the validity of the provisions of the Constitution of the United States
statute were raised by the ticket scalpers, but the with reference to the deprivation of a person of his
main grounds on which they fought the law was that liberty or property without due process of law; nor
it was unconstitutional in that it violated Section 1, deny to him the equal protection of the law secured
Article 1, of the Constitution of the State of Hew to him by the Constitution.
Y ork by depriving Tyroler of a right secured to citi­
The Court also fails to see any merit in the conten­
zens of this State, that is the right to sell or pro­ tion that the act is void because it invades the exclu­
cure tickets for the transportation over the lines of a sive power of Congress to control inter-State com­
common carrier; that it violated the Constitution of merce.
Undoubtedly, says Justice Patterson, the
the United States by depriving him of his liberty with­ transportation of passengers is a branch of commerce,
out due process of law, namely the liberty of engaging and undoubtedly a contract to transport a passenger
in the business of ticket selling; that it further vio­ from Hew York to Horfolk, in the State of Virginia,
lated the Constitution of the United States in contra­ relates, in a sense, to inter-State commerce. The real
vening the section which confers exclusive power on question involved in this branch of the case is whether
Congress to regulate commerce among the several the anti-scalping act constitutes a “ regulation” of
States.
inter-State commercein the sense in which the word is
Justice Patterson in delivering the opinion of the used in the Constitution.
On that point it is
Court, which was concurred in by all the other Jus­ to be observed in the first place that the act does not
tices (Van Brunt, Barrett, Ingraham and McLaugh­ in any way affect the fact of transportation; it does
lin), said that the objection urged to the law and not in any way hinder or obstruct or trammel a pas­
arising under the Constitution of the State, that no senger seeking to make a contract of transportation
citizen shall be disfranchised or deprived of any of with any carrier. It is merely a statute designating and
his rights, unless by the law of the land or the judg­ defining, as a police regulation operating within the
ment of his peers, or that he shall not be deprived of State of Hew York, the persons with whom and the
life, liberty or property without due process of law, places at which arrangements for transportation shall
is not well taken. There was nothing, he declared, in be made, prohibiting under penalties the selling of
the statute which deprived Tyroler of any right he held tickets by any other persons or in any other places,
in common with the other citizens of the State. and confining those incidents of business to the car­
Placing the question upon the broad ground riers themselves and the persons they authorize to
whether the business of dealing in railroad tick­ issue evidences of the contract for them.
ets can be interfered with, the Court holds that
The opinion refers to Hall vs. De Ouir, where it
the buying and selling of such tickets is noth­ was declared that legislation may in a great variety of
ing but the buying and selling of the evidence ways affect commerce and persons engaged in it with­
which entitles a person to transportation by a out constituting a regulation within the meaning of
public carrier. The issuing of tickets is a feature the Constitution. Reference is also made to State
of the carriers* business, and the regulation and con­ vs. Corbett.
In that case it was held that in a
trol of the business of a public carrier can not be mere police regulation as to the sale and transfer
questioned. If the exercise of that power of regula­ of tickets designed to protect the public from
tion and control prevents a third party from securing frauds, the interference, if any, with inter-State
a personal advantage, which he calls his business, he commerce must be regarded as purely incidental
is not deprived of any constitutional right. The effect and accidental. “ The grant of power to the Congress




THE CHRONICLE.

4ò2

to regulate inter-State commerce was not designed to,
and does not at all, interfere with the police power of
the States to promote domestic order and to prevent
crime and protect the lives and property of its citi­
zens. Although such regulations may indirectly
operate upon and affect inter-State commerce, such
regulations are valid in spite of their operation
on commerce, and the right to pass them does not
originate from any power of the State to regulate
commerce.”

[V o l . L X V I.

lying outside the United States—we mean Mexican
and Canadian roads.
The amount of increase
over 1896 for the 168,900 miles, it will be seen, is fully
65£ million dollars* This confirms our estimate made
early in January that for the whole railroad system of
the country the improvement in gross revenues in 1897
must have been between 70 and 75 million dollars.
We bring forward again the list of roads having in­
creases or decreases in excess of $200,000, the list
being revised so as to embrace the roads not included
last week.
/
PRINCIPAL CHANGES IN GROSS EARNINGS FOR 12 M O N T H S .

R A IL W A Y EAR N IN G S FOR CALENDAR
YEAR.

In creases.
Chicago Bur. & Q uin...$5,'713,802 Union Pac. Den. & G.. $452,861
442,551
Pennsylvania t.............. 4,178,100 St. Louis & San Fran..
438,597
Top. & Santa Fe. 3,716,949 St. Jos. & Gr. Island..
J3 applementing our report last week of the earnings Atch.
432,484
Canadian Pacific.......... 3,367,938 Kan. C. Ft. S. & Mem.
Denv.
&
Rio
Grande..
412,744
Mo.
Pacific.....................
3,217,031
o f United States railroads for the calendar year, we
399,370
Illinois Central,............ 2,962,959 Chic. Great Western..
Oregon
Short
L
in
e....
390,735
bring forward to-day some further figures to com­ Union Pacific................ 2,930,473 New England...............
359,550
Mexican Central.......... 2,637,803
3 2 9 /3 2
plete the statement. The report last week com­ Southern P acific.......... 2,244,039 Interocean (Mex.).......
308,953
Northern Pacific........... 2,102,988 Ft. Worth & Den. C...
296,945
MobUe
&
Ohio.............
prised all roads from which we could secure Erie.................................. 1,805,146
287,462
New York Central........ 1,568,921 Cin. N. O. <fe Tex. Pac.
277,354
returns of both gross and net.
In addition K. C. Pittsb. & Gulf t... 1,548,277 Balt. & Ohio So’ west.
270,187
Chic. Rock l8 l.& P a c... 1,421,200 Wisconsin Central.......
there is a considerable number of roads which Chicago & North West. 1,394,019 Mont. & Mex. G ulf.. . .
263,911
261,201
Balt. & Ohio.................. 1,164,172 Georgia & Alabama...
will furnish returns only as to the gross. By comb in. Great Northern............. 1,115,332 Chic. & East. IUs........
257,471
242,296
Railway........ 1,067,696 Wabash........................
ing these latter with the former we get a statement Southern
230.784
Ches. & Ohio................. 1,022,223 Fla. Cent. & Penin*...
Mo.
Kansas
&
T
exas..
227,522
BR. & Navig’n.
979,024
o f the gross more comprehensive even than that pub­ Oregon
227,450
Grand Trunk ....... . —
887,211 N. Y. Ohio. & St. L . . . .
AUegheny
VaUey.......
211,521
Cin. Chic. & St. L.
837,066
lished a week ago. Such a statement we present in Clev.
211,494
Chic. MU. & St. P a u l...
826,378 Minn. St. P. & S. S. M.
201,696
Y. N. H. & Hartf’d ..
789,144 Long Island System..
the following. It will be observed that we start with N.
Mexican National........
7 8 1 /3 7
Total (representing
the previous week’s total, and then add the roads for Pacific Coast.................. 739,934
73 roads)..............$62,868,383
674,559
Texas & Pacific.............
Decreases.
Duluth & Iron Range ..
670,693
which we have merely the figures of gross.
$314,696
Louisv. & Nashv..........
589,657 Dul. So. Sh. & A t!.......
230,953
Rio Grande W estern...
571,380 Del. Lack. & W est....
OBOSS EARNINGS FOB CALENDAR YEARS.
in Railway........
509,14 *
Total (representing
t. P. M. & O m ...
496,600
C
3 roads)...............
$545,649
& St. L.........
456,015
N
Increase. Deer’se. _____lhat.
1896.
1897.
Jan. 1 to Dec. 31.
446,101
_______N Northern Central.........
$
$
$
$
* For eleven months, t Covers lines directly operated East and West
Prev’slyrep’cKlSOrcls) 1,092,732,890 1,037,511,872 55.221,018
sburg; the gross increased $2,126,600 on Eastern Unes and
o
Art (lit ’ns for road in -1
^,WJ.,500 on Western lines,
c l’d’ din above t o t - 1
6,878
$
239,213
1,685,344
i
Inorease
based in part on larger mUeage.
1,917,679
als for only 1 linos. }
'which have since
reported for Deo.. J
Ala N.Orl.&Tex. Pao
749
1,324,901
1,324,152
New Orl.&No East.
OTTON CONSUMPTION AN D OVERLAND
608,578
15,107
623,685
Alabama & Vicksb.
15,290
575,903
560,613
Viok8b.Shrev.&Pac.
...
MOVEMENT TO MARCH 1.
143,438
1,170,751
1,314,189
Ann Arbor..... ............
171
59,449
59,278
Carolina Midland......
46,315
879,615
833,300
We give below our usual monthly statements of
Chic. Peo. & St. Louis.
15,421,698 1,421,200
16/42 ,8 9 8
Ohio.Rook Is’d & Pao.
2,480,924
52,681
2,533,605
Q
Col. Hock. Val. & Tol
3,474
19.591
23,055
Colusa & Lake...........
......
Ì.276 ^
292,373
291.097
. . . . ..
39,485
1,065,270
1,104,755
The market230,784
1,935.588
2,166,372
........ t
Fla. Cent. & Penin.*
82,035
330,194
412,259
cotton during the month has been of large
36,086
853,877
889,963
........ i
Grand Trunk—
3,504
127,108
123,604
*------------------w
~
27.680
83,829
111,509
year.
There
has
come
into
sight
during
the
month
919,212
15,771,859
16,691,071
------- 3
<Gt. Nor.—8. P M.&M
36,882
1,933,745
1,970,627
Eastern of M ian...
L83 bales, against 464,730 bales in February of
........ <
159,238
1,926,488
2,085,726
Montana Central..
97,316
35,398
132,714
G ulf Beam’t&Kan.C
and 483,475 bales in 1896. The heaviest total
........
.
12,863
419,095
431,958
la d .D eo. & West.*..
3,523.184
1 2 1 /6 1
3,645.045
——
Internaci & GL Nor
tofore
recorded in February was in 1892, when
........
329,632
2.321,678
2,651,310
Interi ceanio (Mex.)..
340,410
155,724
496,134
Kan. City Sub. B elt..
)12
bales
came into sight. The aggregate amount
119,668
123,187
242,855
Kan. City & Omaha.
......
3,025
390,851
387,826
Lehigh & H udson...
9,869
83,379
93.248
Los Angeles Term’l
3§,436
1,491,247
1,457,811
170,493
2,900,925
3,071,418
509,145
3,275.609
3.784,754
549,316
120,195
677,411
Mexican Southern.
227,522
11,746,244
exceed those for the same period of last year by
11,973,76«
22,792,96« 3,217,031
t.
26,010,00«
454,002 bales, and contrasted with 1895-06 the gain is
26]
184,57«
184,84«
711,SIS
7 0 1 /2 8
10,084 1 ........
Ohio Southern.
........ slightly heavier.
608,327
94,288
t.
702,615
979/2<
5,618.864
4,639,84«
639,512
3,081
642,595
Pitts.Bess.& L. Erie.
O V E R L A N D M O V E M E N T TO M A R C H 1 .
10,46]
297,841
308,308
86«
........
4,883,251
u
4,884,114
Th
e‘gross
movement overland in February has been
71,10«
........
1,537,46]
1.608,56«
........ 191,316 bales, which compares with 115,511 bales last
13,601
314,91328,541
6,825,14674,55i i ........
7,199,70«
T -xa s & P a cific.
1100,934 year and 91,928 bales in 1896.
1,297,95«
6
1,197,0 K
The excess over a year
......
4,259,07*
270,18' '
4,529 264
Wisconsin Central...
L,227,884,325 1,162,303,52' 55,580,795!
167.3Q5
1,508'
168.90Í>

Miles o f roads.

........
........

months only.

In this final shape our statement covers 235 compan­
ies operating 168,900 miles of road, and the aggregate
o f the gross for 1897 reaches the imposing total of
1,227 million dollars— $1,227,881,322. The entire
railroad mileage of the country at the end of 1897
was, roughly, 184,500 miles. Our statement, however,
comprises ten roads or systems wholly or in part




ago in the total for the season to date now reaches
377,344 bales, and contrasted with 1895-1 ^he increase
is 493,405. The net for the month has been v e ., much
heavier than ever before recorded in February, reach­
ing 124,403 bales, or a gain over 1897 of 39,649 bales,
the total then being 84,754 bales. In 1896 the net
reached 62,377 bales.
The aggregate for the six
months records an increase over last year of 269,887
bales, and the gain compared with two years ago ia
322,143 bales.
r*-, **»

THE

March 5, 18«8.J

CHRONICLE

OVERLAND FROM SEPT. 1 TO FEB. 28.

1897-98.
Am ount shipped—
Via St. L o u is .........................................
Via Cairo..................................................
Via P a rk er.................................... .
"Via Rock Island._____________ _____ _
Via Louisville ....................
Via Cincinnati........... ..............................
Via other routes.......................................
Skipped to mills, not included above...

1896-97. 1895-96.

702,051
293,981
24,630
41,200
94,943
103,007
110,980
8,779

427,704
231,732
13,624
12,769
114,524
110,087
84,179
7,608

425,766
196,102
13,398
107,146
69,399
67,160
7,195
886,166

Total across overland......................... 1,379,571 1,002,227
Deduct shipm ents—
356,689 267,666
Overland to New York, Boston, <fec...
20,698
3,308
Between interior tow ns.......................
2,540
3,319
Galveston, inland and local mills........
12,725
New Orleans, inland and local mills... % 9,413
4,649
4,276
Mobile, inland and looal mills.............
313
1,155
Savannah, inland and looal mills..........
2,047
Charleston, inland and looal m ills.....
927
1,097
N. Carol’ a ports, inland and local mills.
4,781
8,508
Virginia ports, inland and looal mills..

196,651
2,859
3,883
12,839
4,291
1,113
6,077
841
5,968

298,327

234,522

Total to be deducted....................... .

405,784

Leaving total net overland*............ 973,787 703,900 651,644
* This total inoltfdes shipments to Canada by rail, whioh since
September 1 in 1897-98 amounted to 94,329 bales, in 1896-97 were
52,773 bales and in 1895-96 were 52.832 bales.
R E C E IP T S , E X P O R T S A N D

S P IN N E R S ' T A K IN G S .

The net receipts at the ports for the month also
make a new record for February, reaching a total of
737,080 bales, against 404.976 bales in February last
year and 441,776 bales in .1896. The aggregate for the
six months is of course very much in excess of that of
last year. The exports to foreign ports, in common
with the overland movement and port receipts, have
been decidedly liberal, the shipments for the month
this year being only 708,798 bales, against only 485,962 bales in 1897 and 562,069 bales in 1896. For the
season to date the total exports are 732,965 bales
greater than in 1896-97 and exhibit again of 2,100,875
bales over 1895-96.
Movement from Receipts Receipt EXPO RTS SINCE S E P T . 1, 1897 TO— Stocki
since
Sept. 1, 1897, to since
Feb. 2^,
Sept. 1 Sept. 1, Great France. Contilotal.
Feb. 28, 1898.
nent.
1897.
1896. Britain*
G alveston.......... 1,744,895 1,24',410
79,013
95,027
Texas City,&e.
New Orleans. .. 2,218,313 1,835,737
M obile................ 317,000 257,258
95,353
71,736
Savannah.......... 1,050,649 747,608
Brunswick, Ac. 217,240 137,48 i
Charleston.......... 435,369 871,466
61,812
P ort Royal,Ac.
58,486
300,619 229,186
W ilm ington......
1,177
Washingt’n,Ac
826
N orfolk.............. 602,028 036,176
Newp’tNews.Ao.
16Ì140
15,06'
New Y o r k ..........
79,116
42,828
163,050 138,728
61,670
B altim ore..........
65.063
Philadelphia, Ac
61.653
81,047
San Fran’sco.Ac
T otal 1897-98.. 7,425,417

654,788
4,949
724,209
113,122
69,818
73,740
126,456
8'3,489
45,662
108,586
54,746
9,538
194,085
199,209
66,459
11,315
3,331
2,533,652

271,019
332,314

32,547

200
37,702
2,188

345,1:01 1,271,608
22,743
17,794
407,275 1,553,838
43,708 156,830
30,832
90,700
503,802 609,589
58,497 184,953
196,416 279,905
53,662
8,000
160,083 268,669
23,427
1,149
153,210
4 610
77,502
1,350
80,953

10,887
384,997
146,239
12,066
84,28i

156,331
554,020
46,423
95,640
9,687
39,025
20 580

453

1895-96. To determine the portion which has gone*
into the hands of Northern spinners during the same
period we have prepared the following :
Total receipts to February 28,1898, as above............bales. 8,979,2048tockon band commencement of year (Sept. 1,1897)—
At Northern ports.
...................
42,351
34,664— 77,015
At Southern ports......... .....................
At Northern interior markets.......... ................
2,989— 80,0
Total supply to February 2 8 ,18 9 8 .......... ......................... 9,059,205
Of this supply there has been exported
to foreign ports since Sept. 1,1897.5,413,677
Less foreign cotton included ....hales.
36,158—5,377,519
Sent to Canada direct from W e s t................... .
94,329
Burnt North and South....... .
1,123
St >ok on hand end of month (Feb. 28,1898)—
At Northern p o r ts ............... ............. 291,161
At Southern p orts............... ............... 986,851- 1,278,012
7,989- 6,758,972
At Northern interior m a r k e ts .............. ..........
Total takings by spinners since September 1 ,1 89 7 ............... 2,300,236
Taken by Southern spinners.......................................................
580,000
Taken by Northern spinners since September 1, 1897......... 1,720,236
Taken by Northern spinners same time in 1896-97.............. 1,266,234
Increase in takings by Northern spinners this year..bales.
454 ,0 0

The above indicates that-Northern spinners had up
to Feb. 28 taken 1,720,236 bales, an increase over the
corresponding period of 1896-97 of 454,002 bales and a
gain over the same time of 1895-96 of 459,532 bales.
A M O U N T OF CROP N O W

IN

S IG H T .

In the foregoing we have the number of bales which
has already been marketed this year and the two
previous seasons. An ‘additional fact of interest is the
total of the crop which was in sight on March 1
compared with previous years. We reach that point
by adding to the above the stock remaining at that
date at the interior towns less stock held by them at
the beginning of the season.
In this manner we
find the result for three years on March 1 to be as
follows :
1897-98

1896-97.

1895-96

Total marketed, as above....bales,
'nterior stocks In excess of Sept. 1.

8,979,204
461,000

7,198,007
245,000

5,646.542
376,500

Total in sight...................bales.

9,440,204

7,443.007

6,028,042

This indicates that the movement up to March 1
of the present year is 1,997,197 bales more than in
1896-97 and 3,417,162 bales greater than in 1895-96.
As it will interest the reader to see what has come
into sight each month of the season during this and
previous years, we have prepared the following, which
shows the movement for the last four seasons.
Months.

1897-98.

1896-97

1895-96

September...........
October................
November...........
December............
32,030 January............. .
February.............
11,215

1,069,800
1,871,654
2,337,112
1,950,210
1,342,945
r 68,483

1,222,287
1,891,562
1,634,210
1,549,705
630,513
461,730

542,394
1,722,122
1,321,097
1,336,030
617,924
483,475

663,703
2,116,630
2,197,167
1,971,989
981,289
583,062

Total 6 months
Balance season..

9,440,201

7,443,007
1,271,004

6,023,042
1 13 J,431

8,513,839
1.378,927

Total orop ...

........

8,714,011

7,162,473

9,892,766

963
200,916

675,970 2,204,055 5.413,677 1,278,013

Total 1896-97..

5,964,107 2,556,983

563,095 1.560,634 4,680,712

916,461

Total 1895-96..

........ 4,476,996 1.574,964

400,760 1.337.088' 8,313.802

824.246

1894-95.

W E IG H T OF B A L E S .

* Great Britalu exports include to the Channel.

To furnish a more exact measure of the receipts up
Using the facts disclosed by the foregoing state
to Feb. 28 we give below our usual table of the weight
ments, we shall find that the portion of the crop which
of bales. We give for comparison the figures for the
has reached a market through the outports and over­ same time in the two previous years.
land, and the Southern consumption, since Sep­
Same
Same .
tember 1 this year and the two previous years, is as
Six Months Unding Feb. 28,1898. peri’d in peri’d in
follow s:
1896-97 189E-96
1897-98

1890-97

1895-96

Reoelpts at the ports to Mar. 1___bales. 7,425,417 5,964,107 4.476,898
Net shipments overland during same time 973,787 703,900 651,644
Total re ce ip ts ............................ bales. 8,399,204 6,668.007 5,128,542
Southern consumption since September 1 580,000 530,0t 0 f 518,000
Total to Mar. 1.....................

bales. 8.979,204 7,198,0(7 5.646,542

The amount of cotton marketed since September 1
in 1897-98 is thus seen to be 1,781,197 bales greater
than][in*1896-97 and 3,332,662 bales more than for I




Texas . . i ..........
Louisiana.........
Alabama....... .
Georgia*...........
South Carolina.
V irg in ia ........
North Carolina.
Tennessee, <Stc..

Nurriber of
Bales.

Weight in
Pounds.

1,823,908
2,248,343
317,090
1,363,242
.497,181
517,168
301.796
1,910,476

968,239,801
1,146,452,57 9
162,032,990
674,927,482
243,931,914
253,577,814
151,160,563
955,238,000

...
8,979,204
* Including Fiona*.

Average Average Average.
Weight. Weight. Weight.
530-86
509-91
511 0()
495-09
490 63
490-32
500-87
50000

528-55
50903
50400
486-15
485-02
478-40
489-22
498 45

526 12
510 60
499-00)
483-33
48202
484-84
488 91
500-00

4,55R.561,143 507-35
wfêEUà ÜS8C&

502-39

50214

THE CHRONICLE,

454

It will be noticed that the movement up to Feb. 28
hows an increase in the average weight as compared
with the same period of last year, the average this
year being 507*35 lbs. per bale, against 502*39 lbs. per
bale for the same time in 1896-97 and 502*14 lbs. in
1895-96.
THE

D R Y GOODS T R A D E D U R IN G E E B R U A R Y .

The progress of the market for staple cottons during
the month has not been marked by any new feature of
moment. The export demand, so prominent during
January, has not been sustained on as large a scale,
but has-been sufficient, in conjunction with the strikes
at certain Eastern mills, to keep stocks of heavy brown
goods from accumulating, and to enable sellers to se­
cure occasionally a slight advance in prices. The con­
verting and jobbing demand has been fair for both
brown and colored staples, and jobbers and cutters
have purchased fairly of bleached cottons ; prices of
all these have been maintained.
Wide sheetings,
owing to reduced supplies, have generally advanced 10
per cent. The strikes have cut off a large proportion
of the output of these. Prints have not sold up to
expectations, but ginghams, in both staples and dress
styles, have done better than for several seasons past.
The print cloth market has ruled firm all month at
2 3~16c. for regulars, but the demand has been in
active 5 odd goods have sold moderately and at the
close are in favor of buyers. The war scare has had
very little effect on the market in any department.
The jobbing trade here and elsewhere has improved
as the month advanced and is active at the close.
Collections satisfactory.
M
P Oott’n Print­ Sheet­
ing ings,
low
«
«
stand­
W mid­ cloths,
64x64
ard.
dling.
(*(
23.0
4*2
1.. 513
23ie 4*2
2.. 5*2
23.0
4+
3.. 5*2
23.0 412
4.. 5*2
23.0
4*2
5.. 5*2
6^
23.0 *4fe
7.i 559
23i0 412
8.. 5%
9.. 5 » i e , 23,0 412
10.. 5 « i e 23.0 412
11.. 5i3ie 23te 412
13„
14..
15..
16..
17..
18..
19...
20
21..

Lan­
caster
ging­
hams.

S’th’n Oott’n Print­ Sheet­
ing ings,
Z-yd. low
sheet­ mid­ cloths, stand­
ings. dling. 6-4x64 ard.

4%
434
43*
43*
4%

4
4
4
4
4

434
4%
434
4%
4%

4
4
4
4
4

4%
412
43i
4*2
43i
4*2
4%
4 I2
434
23.0 4I2
23.0 4 I2
43s
,.S.. 4 Va
513,6 23,0 ¿I*

4
4
4
4
4
4

513l6
5i316
5i»ie
5l8la
513le
51318

28,0
2316
23.0

4

Lan­
caster
ging­
hams.

New Y o r k ......................» .......
Boston . . . . . . . . . . -------------......
Philadelphia . ......... .
B a ltim ore. . . . . . . . . — . . . . . . . .
Chicago ................ .................
St. L ou is ________ ____ _______
N ew O rleans.......... . . . . . ____

$774,818,169
103,043,098
71,362,434
15,723,644
93,473,713
25,929,031
9,705,268

$438,614,818
82,271,499
51,514,063
12,168,279
70,311,366
19,255,656
7,085,679

+58-6
+25-2
+ 38 -5
+ 2 9 '2
+32-9
+ 34 -7
37-0

Seven cities, 5 d a y s ..........
Other citie s, 5 d a y s . . . . . ........

$1,094,055,357
157,019,869

$731,221,360
130,102,464

+49-6
+20-7

T otal aU olties, 5 d a y s __
A ll olties, 1 d a y ......... ............

$1,249,075.226
245,986,341

$831,323,821
163,119,714

+450
+ 50‘8

$1,024,443,533

+ 4 6 -7

478
4 78
478
4 7a
478
478

5

4 7a

5
5
5
5
5
5

434
4%
43,
43s
4%
4%

2D,e
211,6
211,6
211,6
211,0
211,6
2U,e

514
...8...
514
514
514
514
514
514
...8...
. H ...
514
514
514
5H
514
...8 ...

Aver’g
Price.

Actual
Value.

A ver’ge P a r Value
Price. or Quantity

Actual
Value.

P a r Value
or Quantity

6,168,813
18,241.215
Stock {1^® ; 11786083075 i 1288119230 72*7 \ $590,204,850
$77,683,310
UR. bonds.. $187,747.710 $150,296,001 80-1
$1.457,567 120-5
$3.605 000
$1,209,800
Gov’t bonds
$435,000
$174,985 66-0
$269,000
State bonds
$85,360
$136,310 221-7
$61,500
Bank stocks
$671,913,550
$1,450184123
73-4
$1975370585
T o t a l....
4,933.700
5,169,500 $154,786,305 $29-94
Cotton, .bis.
150,283.230
Grain, bush. 185,009,025 $151,231,380 91&C.
$1,758202308
Total vaine.

J 380,192,126
$59,953,243
$4,294 766
*237,396
$159,262

64*4
77-0
122-5
54-6
186-6

*444,836,790 68-2
$173,670,560 $35-20
$114,977,784 76Jéc.

_

$733,485,134

The volume of transactions in share properties on the N ew
York Stock Exchange each month since January 1 in 1898 and
1897 is indicated in the following :

47a
4 7a
478
478

Clearings by Telegraph.—Sales o f Stocks, Bonds, &c.—
The subjoined table, covering clearings for current week, usu.
ally appears on the first page of the C h r o n i c l e , but on
account of the length o f the other tables is crowded out
once a month. The figures are received by telegraph from
the leading cities. It will be observed that as compared with
the corresponding week of 1897 there is an increase in the
aggregate of 46*7 per cent. So far as the individual cities are
concerned, New York exhibits an excess o f 58‘6 per cent, and
the gains at other points are: Boston 25*2 per cent, Phila.
delphia 38*5 per cent, Chicago 32-9 per cent, St. Louis 34*7
per cent, New Orleans 37*0 per cent and Baltimore 29-2 per




Two Months, 1897.

Two Months, 1898.

»
Description.

5
4%
6%
211,6
4
4%
23.. 513le 2 ?i0 412
5
4%
211,0
6S>
4
4!%
24.. 513,0 23.0 412
43,
5
211,6
4
4%
678
25.. 5i3,e 23,6 4I2
43,
208
5
4
4%
23.0 4I2
615,6
26.. 578
5
4%
7l,e 258
...8 ... 4%
27..
4% *4* ”
28.. ’ öV ' 2*3,0 4*2
.......
29..
1
SO
31..
j g p The above prices are—For cotton, low middling uplands at New
York; for printing cloths, manufacturers’ net prices; for sheetings and
ginghams, agents’ prices, which are subject to au average discount of 5
per cent, except when otherwise stated; Southern sheetings net.

cent.

$1,496.06Ï."667_

T otal a ll oltie s fo r w eek

Another table, our usual monthly detailed statement o f
transactions on the various New York Exchanges, has also
bean crowded off of the first page. The results for the tw o
months are, however, given below and for purposes o f
comparison the figures for the correspond ng period of 1897
are also presented.

S’th’n
3-yd.
sheet­
ings.

5
51*
5
ölt
5
514
‘
5
514
5
514
5
514
...8 ...
5
29.0 514
678
5
Bk
25a
678
5
613.0 211,6 534
5
613.0 211.0 5H

65g
6U,0
6H,0
634
63,
63i

P er Cent.

1897.

1898.

SALES OP 8TOCK8 AT THE NEW YORK STOCK EXCHANGE.
1897.

1898.
Values.

Month. Number
o f Shares
Jan ...
F e b ....

9,290,391
8,850.824

Actual.

P ar.
$
912,554,675
873,528.400

Number
of Shares.

$
641,911,009 3,385,412
656,208.221 2,803.401

Values.
Actual.

P a r.
$
328,774,750
266,430,100

$
208,687,472
171,604,654

The following compilation covers the clearings by months
since January 1.

212
2Ï2
678
21«
6*8
6 lBi0 2»,0
615,0 29,e
61&16 2»,0

65s

Week E nding March 5.

CLEARINGS.
Returns by 1 elegraph.

1897.

1898.

[V o l . l x v i

MONTHLY CLEARINGS.

Month.

1898.
January. ..
February

Clearings Outside New York.

Clearings, lota l All.
1897.

P.Ct.

1898.

1897.

P .C t.

$
$
$
$
6,012,091,46:^ 4,499,448,066 l-33-e 2,321,808,739 1,910,100,734 +21-5
5.552.352.391 3,684.282,935 +50*7 2,036,094,681 1,639,132,756 +24-2

The course of bank clearings at leading cities of the coun­
try for the month of Febuary and since January 1 in each of
the last four years is shown in the subjoined statement.
BANK CLEARINGS AT LEADING CITIES.

(000.0008

Philadelphia
8t. L ou is. . . .
Pittsbu rg...
Baltimore...
Cincinnati...
Kansas City
New Orleans
Louisville...
Minneapolis.
Cleveland...
Detroit
Providence..
Milwaukee..
Columbus...
H artford....
Denver.........

---------- February.------ -------- , ,------- Jan. 1 to Feb. 28.------- «
1898. 1897. 1896. 1895. 1898. 1897. 1896. 1895.
3,516 2,045 2,373 1,864 7,207 4,6?4 4,935 4,259
706
729
926
783
299
338
360
418
696
720
840
602
311
331
283
411
526
499
559
230
608
254
234
281
200
202
217
83
236
103
91
111
103
122
125
161
45
57
56
81
110
121
123
153
43
55
56
70
110 - 100
101
48
126
53
45
60
107
94
96
1<*6
47
45
43
48
78
84
89
86
35
40
42
39
81
93
82
30
95
43
42
36
55
54
52
24
59
25
24
29
41
61
17
60
45
27
19
27
42
51
48
17
58
23
22
27
48
51
43
56
22
20
23
25
44
46
47
19
45
19
20
20
39
41
38
20
19
45
21
18
37
32
34
44
14
17
16
21
32
36
31
14
35
15
16
16
26
29
28
35
12
13
16
13
32
37
24
30
15
11
17
14
20
22
22
22
8
10
9
9
22
24
22
24
11
10
11
12

T o t a l...... 5,317 3,498 3,901 3,226 11,057 7,773 8,270 7,399
411
473
411
507
214
181
187
235
Other cities..
7,810
Total a ll... 5,552 3,685 4,115 3,407 11,564 8,184 8,743
Outside N.Y. 2,036 1,640 1,742 1,543 4,357 3,550 3,808 3,551

plmxetarojs CcmxmctxiaX gtiQXxslxHexxrs
[From our own correspondent.]
L o n d o n , Saturday, February 19, 1898.
Political apprehension has increased this week and busi­
ness upon the Stock E xcha nge is certainly very small. To
some extent, no doubt, the apprehension is due to the Dupuy
de Lome incident and to the lamentable disaster to the Maine
in Havana Harbor. But it has other and far-reaching
causes. The dispute between this country and France re-

March 5, 1898.]

THE CHRONICLE.

specting W est A frica has been referred to a Commission,
which is now sitting in Paris, and though great reticence is
maintained concerning what is going on, there is a general
impression both in London and Paris that there is exceed­
ingly little probability o f an agreement being arrived at by
the Commission. Some little time ago Mr. Chamberlain re­
ferred to the matter in a public speech, saying that the
French had not only seized possessions which the Govern­
ment of this country had considered to belong to it for many
years, but that they were shooting natives who had placed
themselves under British protection.
It is hardly credible that the tw o countries will fight about
such territory. A t the same time it is idle to deny that there
is a good deal of uneasiness both in this country and France.
No doubt the uneasiness is increased by the excitement in
France over the Dreyfus case. Many people think that the
desire to turn attention away from home affairs may tempt
the Government into a policy fraught with grave dangers.
In the Far East the crisis is believed to have passed. The
general impression here is that an understanding has been
arrived at between this country, Russia and Germany, and
that the Chinese Government w ill be induced or compelled
to open up a great number of other treaty ports.
But there is a good deal of anxiety both in Austria-Hun­
gary and in Germany respecting the Balkan Peninsula. It is
alleged that Bulgaria is in a position to put 150,000 men in
the field ; that she is preparing as soon as the spring sets in
to enter Macedonia, and that she is being egged on by Rus­
sia. Almost every winter there are rumors like this, and it
is difficult, therefore, to know what foundation there is for
the present categorical statement. But it appeared in one of
the official Austrian papers, and either, therefore, it has
'more foundation than similar rumors in the past or the Aus­
trian Government brings forward this charge to back up its
objection to the appointment of Prince George of Greece as
Governor of Crete.
Furthermore, the troubles in Austria-Hungary seem to be
growing. The antagonism between the Germans and the
Czechs is as great as ever, and now it is reported that there is
serious danger o f a peasant rising in parts o f Hungary. The
last harvest was bad, and the farmers, therefore, are out of
funds. It is alleged, moreover, that recent legislation has
favored the landowners at the expense o f the tenants, and
consequently a kind of Socialistic movement has sprung up,
which has grown so acute that it is stated tw o Hungarian
regiments have had to be removed from the .affected districts
because o f the strong sympathy felt by the Magyar soldiers
for the Magyar peasants. Croatian and Bosnian troops are
ordered to replace the pure Hungarian, and it is feared that
this w ill import race hatred into a quarrel already serious
enough.
In the Transvaal President Kruger has been re-elected by
a larger majority than anybody expected, and he appears to
be carrying everything with a very high hand. He has
removed the Chief Justice on the plea that the latter has
broken the arrangement entered into with the Executive
last year, and he does not in the least seem inclined to make
any concessions to the mining industry.
Owing to all these causes political uneasiness has rather
increased this week, and business on the Stock Exchange
has decidedly diminished. Strange to say, the most active
market has been that for American railroad securities, where
speculators have been induced to purchase at each fall that has
occurred this week on account of the Cuban scare. There is
little investment going on, but undoubtedly the speculative
activity is much greater than it was, and it looks as if the mar­
ket was broadening On Thursday, for example, the dealings in
this market were large, not only the Stock Exchange, but pro­
fessional operators outside, being of opinion that the disaster
to the Maine was entirely due to accident, and therefore
would have no unfavorable consequences. In every other
department there is stagnation.. The Paris Bourse is utterly
lifeless. Paris has been selling for a long time past, and it
has begun to sell even more under the influence of the Zola
trial.
Constantinople and Vienna are likewise suffering
from their own political troubles, and Berlin is depressed by
the depression in Paris, Vienna and Constantinople. Mean­
while trade throughout the United Kingdom continues very
good, and there are signs even of increasing activity.
In the money market there is at the same time a short sup­
ply of money and very high interest rates, while the dispount
rate is declining. Just now the Bank of England has abso­
lute contr ol of the outside market. Because of the excep­
tionally large tax payments, money is being transferred in
immense amounts from the other banks to the Bank of Eng­
land, and this will probably go on until the middle o f March,
when the payments out of the exchequer will be enormous.
The outside market in consequence has been unable to pay
off many of the loans that fell due at the Bank this week,




455

and has had to borrow considerable amounts afresh. On the
other hand there is a notion that the Government will have
to make payments on account o f ships and other large con­
tracts earlier than usual, while it is certain that the demand
for gold in the outside market has fallen off. Consequently,
while the market has had to pay 2% per cent and sometimes
very nearly 3 per cent for short loans, it is inclined to look
for easier discount rates!
gggg
In India the market is as tight as ever, and in all reasona­
ble probability w ill remain so for another six weeks. But
the exchange banks are unwilling to apply for more Council
drafts than are absolutely needed from day to day. On
Wednesday the Council offered for tender 40 lacs, as usual.
The applications amounted to 44 lacs, and only 36 lacs were
allotted, 14 lacs being in bills at prices ranging from Is.
3 25-32d. to Is. 3 13-16d. per rupee, and 22 lacs in telegraphic
transiers at from Is. 3 29-32d. to 1 3 15*16 per rupee. Subse­
quently three-quarters of a lac were sold by private contract
at Is. 3 13-16d. per rupee. The exports from Burmah are
very large and w ill continue so until nearly the end of April.
The plague in Bombay is interfering with the exports from
that port.
The revenue in India is coming in w ell; but the private
deposits in the banks are exceedingly small. Indeed, the
banks of Bengal and Bombay would be almost compelled to
suspend operations were it not for the large deposits in them
made by the Government. On the other hand, it is known
that the Government outlay w ill soon become very large.
For instance, the operations against the Afridis will have to
be resumed in the spring, the plague in Bombay will have to
be combatted, and it is known that payments which fell due
some months before the famine expenditure was at an end
were postponed, but w ill now have to be met.
The follow ing return shows the position o f the Bank o f
England, the Bank rate o f discount, the price o f consols,
&c., compared w ith the last three years:

C irculation.. . ,
•
Public deposits...........................
Other deposits...........................
G overnm ent s e cu ritie s............
Other securities........................
Reserve o f notes and o o ln . . . .
C o in * bullion, b oth depart’ts.
Prop.reserve to liablllties.p.c.
Bank rate ................. p e rce n t.
Consols, 2% per cen t .. . . . . .
811ver.........................................
Clearing-House returns..........

1897.
IflSR.
1896.
1895.
Feb. 17.
Feb. 10.
Feb. 19.
Feb. 20.
£
£
£
£
«6,410,055 25,472,905 24,852,235 24.029,095
10,878,487 15,093,026 13,896,973
9,387,202
35,182,980 40,188,702 47,830,709 32.149,237
13,991,565 15,088,858 14,569,328 12,478,488
82,334,715 28,635,374 27,052,239 17,830,049
23,877,509 29,810,431 40,745.310 29,073,083
33,493,864 88,183,396 48,797,578 37,502,178
45%
53%
70 11-16
63%
3
3
2
2
112
3-16
109%
104 11-10
118%
85%d.
29 ll-10 d
31d.
+27%d.
184,403,000 102,108,000 166,670,000 153,788,000

t February 21.

The follow ing shows the imports o f cereal produce in to
the United Kingdom during the first twenty-four weeks o f
the new season compared with previous seasons:
IMPORTS.

1897-8.
1896-7.
1895-6.
1894-5.
Importsofwheat,owt.28,967,OlO 32,83^,310 31,197,760 31,460,266
Barley......................... 10,573,194 13,617,250 13,170,410 16,326,934
O ats............................ 6.957,060
9,342,410
6,596,940
7,419,337
Peas............................ 1,343,480
1,835,258
1,494,150
1,280,679
Beans..-....................... 1,505,750
1,522,010
1,878,682
2,205,332
Indian corn ................. 21,439,360 28,621,700 20,883,780 11,769,714
Flour........................... 9,864,280 10.856.750
9,915,690
9,258,010

Supplies available for consumption (exclusive o f stpcks on
September 1):

, 1897-8*
1896-7.
1895-6.
1894-5.
Wheat Imported. ow t.28,967,oio 32,839,310 31,197,760 31,460,266
Imports of flour........ 9,864,280 10.856.750
9,915,690
9,258,010
Sales of home-grown. 13,880,757 13,180,868
7,630,914 10,350,975

Total....................52,702,047 56,876,928 48,744,364 51,069,251
1897-8.
1896-7.
1895-6.
1894 5.
Aver.price wheat,weeh.35s. Id.
298. 8d.
26s. 7d.
19s. l i d ’
Average price, season..33s. 9d.
29s. 5d.
25s. Od.
19s. 9d.
E a s li s h F in a n c ia l M a rk ets—P er Cable.

The daily closing quotations for securities, etc., at London
are reported by cable as follows for the week ending Mar. 4 :
L ondon.
Silver, per ounce.......d.
Consols-., new, 2 % p.ots.
For accou n t..............
Fr’oh rentes (in Paris) fr.
At oh. Top. & Santa Fe.
Do
do
pref.
Canadian Pacific..........
Chesapeake & Ohio......
Chic. Mllw. «fc St. Paul.
Denv. & Rio Gr., pref..
Srle, com m on ...............
1st preferred............
Illinois Central...........
Lake Shore....................
Louisville & Nashville.
Mexican Central, 4s ..
Mo. Kan. & Tex., com..
N. Y. Cent’l & Hudson.
if. Y. Ontario & West’n
Norfolk & West’n, pref.
Northern Pacific, com ..
Preferred....................
Pennsylvania.....„........
Phila. <fe Read., per sh.
Phil. & Read., 1st pref.
Phil. & Read., 2d pref.
South’ n Railway, com .
Preferred..............
Union Pacific.............
Do
new pref..
Wabash, preferred___

Sat.

Mon.

25%
25%
1123* 112%
1121316 113
103-70 03-82%
12%
12%
29
28%
84%
84%
21
21%
95%
95%
49
49%
14%
14%
39%
40
105
104%
196
196
55%
56%
67%
67%
12
12%
116% 116
16
16
49%
48%
22%
22%
63%
63%
59%
58%
9%
9%
22%
23
12
11%
9
8%
29%
29%
31%
30%
55%
63%
17
17%

Tv.es.

Wed.

Thurs.

Fri.

259,6
112
112%
04-12%
12%
28%
86%
21%
96%
49
14%
40
105%
196
56%
67%
12
117%
16%
49%
23%
64 %
59%
•10
53
12
8%
29%
31%
57%
16%

25%
112116
1125,«
104-25
12%
29%
86%
22%
97%
50%
14%
40%
105%
196
57%
67
12%
119
16%
50%
25%
66
59%
10
2338
12%
9
30
31%
58%
17%

25
1121,6
1125,6
104-30
12%
28%
86%
22
96%
49%
14%
41
105%
196
56%
67
12%
117%
16
49%
24%
64%
59%
9%
23%
12%
9
29%
31%
57
17

25%
11115,6
112%
104-25
12%
28%
87%
22
96%
49%
14%
39%
105%
56%
67
12%
117%
16
50%
25
6530
60%
10
23%
12%
9 ’
29%
31%
57%
16%

THE CHRONICLE.

456

IV ol . IxXA I.

ary 26 and since January 1, 1898, and for the corresponding
periods in 1897 and 1896.

CjomtiXicrjcial atxd

EXPORTS AND IMPORTS OP SPECIE AT NEW YORK.

Through the
courtesy of the Secretary of the Treasury, we are enabled to
Gold.
place before our readers to-day the details o f Government
receipts and disbursements for the month of February.
previous returns we obtain the figures for previous months Great Britain...
France...............
and in that manner complete the statement for the eight Germany..........
GOVERNM ENT R E V E N U E AND E X P E N D ITU R E S .—

Beceipts (000 omitted)
1896-97.

Beceipts (000 omitted)
1897 98.
Cuttoms.

Nat. Bank
Bede’n Fund

Beceipts.
Out- Int«r ’1 Mise’ Votai
toms. dev'ut S’rces Bec'pts ’97-98 96-97.

Inter' MiiC’ i Tritai.
Rtv’ue S’rces Bec’pts

9
9
9
9
9
9
%
370
771
39.085 12,157 14,303 2,600 29,<2w
23
1,395
25,î
62
11,961
1,271
12,330
19,024
66
22,250 11,374 ll,07r 1,531 24,581 1,313
89
24,391 11,251 13,475 2,538 27,264 1,572
958
9,930 13,105 2,175 25,210 2,892
25,169
28,823 10.780 13,199 1,880 25,859 6,149 1,222
28,795 11,090 10,624 2,719 24,438 3,571 3.006
28,572 11,537 10,889 1,925; 24,301 2,195 3,201
8 m o s ., 92,052 110,819 13,238 216,109 00.499 99,235 16,708 200,342 19,857 8,935
9

July...
A u g...
S ept....
O c t . . ..
N ov __
D ec .
J a n ....
F e b ...

XU

16,967
6.988
7,666
9,713
9,830
11,578
14,269
15,041

t
19,768
11,193
13,049
13,615
13,531
15,217
12,443
12,003

9

2,350
813
1,535
1,063
1.808
2,028
2,083
1,528

XO v I *vO lillU IX v V o l l i U v l ^ 1 /U v U I U U U i

t' UUi u u u u u i t j

r

from “ miscellaneous sources ” (according to the Government
figures) include for November $18,194,618 26, for December
,$31,'715,204 14, and for January $8,538,401 35, derived by the
Government from the Union Pacific Railroad purchase.
Hence, to make miscellaneous*receipts for those months con­
form to the Government figures, the amounts mentioned
should be added. As, however, Union Pacific purchase
money is not revenue and as (if included) it disturbs the com ­
parison with former and future years, we omit it in each case.
For like reason $4,549,368 26 uninvested cash in Union Pacific
Sinking Fund which the Government included in November
ordinary expenditures and $900,006 paid out to secure bid on
Kansas Pacific and $517,428 96 interest paid on Pacific Rail­
road subsidy bonds included in December expenditures are
also omitted.
Nat. Bank
Disbursements (000 omitted) Bede'n Fund
1898-07.
Disbursed.
In­ lo t"
Ordi­ Pen­
nary sions. terest. Disb’ts ’97-98 ’06-97

Disbursements (000 omitted)
1897-98.

Qrdinary.

Pen- In- Total
sions. tcrest. Disb’ts

9

9

9

~9~

9

J u ly .... 23,482 14,958 0,060 60,100
16,869 13,703 2,026 83,588
A u g ...
388 25,360
S ppt.... 13,989 10,992
O ct...... 17,005 10,885 5,212 33.702
N o v .... 16,595 13,660 8,017 33,262
381 26.2C4
D e c .... 13,016 12,207
Jan...... 18,183 12,375 6,139 36,697
F e b .... 11,638 11,979 2,982 26,699
8 m os.. 136,977 100.839 27,705 265,521

22,277
20,968
14,671
18,588
16,885
11,891
12,964
12,630

»

$

18,101
12,396
11,186
10,316
13,179
11,131
10,512
13,208

6,710
2,938
423
5,033
3,197
487
6,785
2,958

»
42.088
35,702
26,580
33,967
33,261
23,812
30,271
28,796

TREASURY NET HOLDINGS.
Jan. 1, ’97. Mar. 1, ’97. Jan. 1, ’98.
9
Holdings in Sub-Treasuries—
*
*
137,310,543 148,001,209 160,911,547
13,587,913
18,591,402
13,927.739
N et silver coin and b u llion ....
2,904,344
35,615,059 32.003,659
N et U. 8. Treasury notes.........
0,421.400 40,885,089
84,983,253
6,186,386
14,278,970 15,005,934
14,215,766 15.805.023 10,679,899
N et fractional silver..

t
1,091
962
802
584
1,321
1,152
2,582

783
482
450
161

A c t u a l cash balance...

* “ Ohieflv disbursing officers’ balances.”

I m p o r t s a n d E x p o r t s f o r t h e W e e k .— The following are
the imports at New York for the week ending for dry goods
February 34 a n d for the week ending for general merchandise
February 25 also totals since the beginning of the first week
In January.
FOREIGN IMPORTS AT NEW YORK.

1898.

1897.
$2,401,405
5,915,488

1896.
$3,935,205
8,615,976

1895
$3,807,914
8,212,950

$8,316,893 $12,551,181 $12,020,864
$9,398,124
T o t a l........
Since Jan. 1.
$26,269,511 $28,793,522
$20,005,052
D ry g o o d s ..... $19,726,097
55,352,382
51,817,318
53,724,220
48,062,716
Gen’l mer’dise
$80,610,840
$81,621,893
$73,729,272
$67,788,813
Fötal 8 weeks..

specie) from the port of New Y ork to foreign ports for the
week ending February 28 and from January 1 to date :
EXPORTS PROM NEW TORK POR THE WEEK.

1898.
For the week..
Frev. reported

$9,577,983
62,179,745

Fetal 8 weeks..

$71,757,728

. 1897.
$6,398,407
54,682,755

1896.
$7,022,957
54,422,535

1895.
$5,719,401
47,170,339

$61,081,162 $61,445,492 $52,889.740

The follow ing taD ie s n o w » m e c i p u n »
v.
jed e at the port o f New York for the week ending Febrn




$200

West In d ies. . . .
M exico..............
South America.

3,397,015

" Ï .8 4 Ï

*5,000

21,470

8,678
3,253

Exports,
Silver.

Week.

Since Jan. 1.

$795,470 $6,675,308
286,000
410
4 10
121,854
4,866
14,159
44,050
$800,746 $7,141,781
1,130,950 6-,979,094
1.338.000
8,534,926

Total 1898.
Total 1897.
Total 1896.

Bank Stock L ist—La test prices.
ban ks

.

Bid.

A sk.

BANKS.

Bid.

G a rfield .....
Germ an A m .
German E x.*
G e rm a n ia ....
G reen w ich ...
245
H a n over.......
100
H ide & L .* ..
C entral......... 165 180
H ud. R iv e r..
Im . A T rad’rs
Chatham....... 290 300
I r v in g ....— ..
Leather M is ’
850
L iberty*.......
Citizens’ ....... 125 140
L i n c o l n ......
Colum bia— 150
M anhattan...
C om m erce... 205 212
M arket A Ful
C ontin ental. 125
M echanics’ . .
Corn E x o h ... 280 290
M ’ohs’ A T rs ’
E ast R iv e r .. 125
M ercantile...
11th W a r d ..
Fifth A v e .... 2900 3500 M erchant.’ ..
M erch’t . E x .
F ifth*............ 220
F irst.............. 3000 3500 M etropol’s ...
M t. M o r ris..
F irst N ., S. I. 125 160
1I 6O N assan . . . . . .
14th S treet..
N . A m s’ dam.
Fourth.......... 180 190
N ew Y o r k ...
G a lla tin ....... 300
N Y . C o’ n ty
105
Amerioa........ 350
Km. E x c h ... 170
Astor Place* 220
300
Broadw ay.... 225

365
177

......

_

.....
.......

750
115
250
315
165
390
90
150
140
170
130
700
23<>
225
180

$135,362 $4,073,200
191,046
488,641
762,447 17,048,654
Imports,
Week.

Since Jan. 1.
$548
22,081

$10,115
8,339

..... *521
$18,506
65,621
51,613'

120

63,256
184,245
175,706
14 217
$460,173
381,948
373,714

* Not Listed,
A sk
125

520
180
240
230

200

110 120

160
145
115
425

$557,399
3,171,757
180
108,436
20,337
142,593
76,498

$121,590

$52,210

$57,210, $3,418,685
203,495
534,871
547,500; 12,428,485

Total 1898........
Total 1897........
Total 1896........

Since Jan. 1.

175
155

1*40*
235
235 245
800

BAN KS.
N .Y .N a t.E x
N inth............
19th W ard ..
N. A m erica.
Oriental.......
P a c ific ....... .
P a rk .............
People’ s.......
P h e n ix ....... .
P r o d .E x ,* „ .
R e p u b lic___
Seaboard___

Bid. Ask.
90

85

100
130

180
275

190
285

90
180
114
155
175
450
108
95

97

200

S e v e n th .. . .
Shoe A Le’th
S tateof N .Y . 110
T h ird ............
Tradesm ’ n’ s. 110
125
U n io n ........... 235
U nion S q .* .. 180
U n’ d States.
Y o rk vilie * ... 170
W estern ....... 150
W e st S id e ... 290

.

165
115

101

116

250
——
165
310

Miscellaneous Bonds :

M is c e lla n e o u s B o n d s.
Jeff. A Clear. C. A I . I s t g. 5s
2d g. 5s ..................................
OoloradoC. A 1 .1 st cons. 6s,g.
M anhat. Beach H . A L . g. 4s.
Colorado F uel A I .—Gen. 5s.
M etropol. T el. A Tel. I s t 5 s..
Columbus Gas—1st, g., 5 s —
M loh.-Pbflln. Car I s t 5a------Comm ercial Cable—1st g. 4 s.
M utual U nion T eleg.—6s, g ..
Cons.Gas Co.,Ohio.—1st gu.5s
N at. Starch M fg. I s t 6s ........ *106 to.
De Bardeleben C. A*I.—g. 6s.
N . Y. A N . J . Telep. gen. 5 s..
Det. Gas eon. 1st 5 - .—............
P eople’ s Gas A C. l Ist g. 6s.
Edison E leo. 111. Co.—1st 5 s..
Mar. 1, ’98
Co., C hloago....... 1 2d g. 6s. 109 H»a.
D o o f B klyn., 1st 5 s ..
*120 a.
I s t oons. g. 6s ............... .
1
Equit. G.-L., N . Y ., 0ons.g. 5 s.
Sem et-Solvay—Debent’ e 5s.. 103
E quitable G. A F .—1st 6s —
167,623,182
South
Yuha
w
a
te
r—Oon.
6
s.
Erie Teleg, A Telep. 5s, g . ...
14,942,036
13 a .
Standard R op e A T .—In o. 5s.
Galveston W h a rf Co.—1 st 5s.
6,204,85 0 Henderson B ridge—1st g. 6s.
Sunday C reek Coal I s t g. 6s.
W estern U nion T eleg.—7 s ... *Ï05* to.
34,086,830 Illinois Steel deb. 5s
W estern Gas ooll. tr. 5 s.........
N on-conv. deb. 5s
3,417,84 2
N o te .—‘V in d ica tes p rice bidi “ a ” p rlo e asked * L a test p rice th is w e e k .
11,960,092

.271,520,488 255,917,778 283,318,395 270,017,339
. 43,200,108 43,110,522 47,833,020 44,453,135
.228,320,380 212,837,256 235,471,709 225,564,204

$2,940,365
6,457,759

\8inceJan.l.

890
885
2,100 1,108

„255,307,335 239,491.737 234,135,078 238,234,832
. 16,159,153 16.456,041 49,183,717 31,782,507

For week.

Week.

Week.

M is c e lla n e o u s B o n d s .
688 Oh.
Jun. A 8 . Yds.—C ol.t.g.,5s

A m ount in national banks.

D ry goods.......
Qen’l mer’dise

Imports.

Exports.

City Railroad Securities. —Brokers’ Quotations.________
B id.

B id. A sk.

A sk.

Atlan. A v e ., B ’k lyn—
Con. 5s, g., 1 9 3 1 ..A A O 3104 107
90
85
Im pt. os, gî, 1934. J A J
33
Bl’eoK. St. A F u l.F .—Stk.
31
ls t m o r t ., 7s, 1900. J A J 100 108
B’.way A 7tn A v e .—S tock 206 212
lstm o rt.,5 s , 1904. J A D 106 110
2d m ort., 5s, 1914. J A J 8111 112ia
B ’ w ay lst,5 s,gu a r.l9 2 4 8117 118
2d 5s, int. as rent’l . 1905 8106 107
Consol. 5s, 1 9 4 3 ..J A D 120 121
M et. S t.R ÿ.,gen . 5s, ’ 97 111»« 112
B rooklyn City—S t o c k ... 202 203
Consol. 5s, 1 9 4 1 .. J A J 115 117
B klyn. Crosst’ n 58.1908 106 108
B kl’nQ’ns C o .A S u b .l 8t 105 *a 108
Bkl’n C. A N e w t’w n—Stk 160
5s, 1939.................. ....... 113 116
40H» 41ig
B rooklyn B apld T ransit.
94*g 95
6 s, 1945................. A A O
Central C rosstow n—Stk. 230
l s t M., 6s, 1 9 2 2 ..M A N 8122
Cen. P k .N .A E .R iv __ Stk 173 177
Consol. 7b, 1 90 2 ...J A D 113 115
C olum bus A 9th A v e . 5s. 119 120
Ohrist’ p’rA lOth St.—Stk 160 165
l s t m ort., 1 89 8 ...A A O 102 104

D. D. E . B. A B at’ v—Stk. 175
1st, gold, 5s, 1932. J A D 115 117
S crip ____ —-----------. . . . . 8100 >a 101%
E ig h th A v e n u e —S to o k .. 325
Scrip, 6s, 1914............... 105 ïoT‘
42d A Gr. St. Fer.—S took 325 340
67
64
42d St. Man. A St. N. A v .
l s t m ort. 8s, 1910.M AS 116 118
91
90
2d m ort. inoom e 6s. J A J
50
48
K in gs Co. Trao.—S to ck ..
L ex. A v e . A P av. F erry 5s 119 120
M etropolitan St. R y.-S tk 150 151
N assau E le c, 5s, 1 9 4 4 ... 100 103
N .Y . A Queens Co.5s.1946
S te in w a y lst 6s.’ 22 J A J 115 117
N inth A venu e—S to o k ... 192 194
Second A ven u e—Stock­ 158
i s t m ort., 5 s,1909.M A N 108 >3 110
Dehenture5s,1909. J A J 106
Sixth A ven u e—S to c k .... 195 210
T h ird A ven u e—Stock . . . 184 186
ls t m ort..5s, 1937.. J A J 12334
28thA 29th St. l s t 5s,1990 108 Ht U S
T w en ty-T hird St.—sto c k 300
Deb. 5s, 1903................... 103
175
U nion R y —S tock..........
8115 116
ls t 5s, 1942............... W estohest'r, ls t , gu.,5s 8108

4 A nd aoorued Interest.

Gas Securities.—Brokers’ Quotations.
G A S C O M P A N IE S .
B ’k lyn U nion Gas—Stock.
B o n d s .................... .
C entral ....... ..............—
Consum ers’ (Jersey C ity ).
B onds ............... ..............
Jersey City A H o b o k e n ...
M etropolitan —Boiids........
M utual (N. Y .) .................
N. Y. A E ast R iv . 1st 5s..
Consol. 5s....... .
N ew A m ste rd a m .... . ,. . . .
P re fe r re d . . . . — -------—

Bid.
116
I I 41*
205
75
102 >9
185
105
330
111
107
31
68

A sk.

80
104
195

..

340
113
109
32
69

G A S C O M P A N IE S .

Bid. A sk

P eople’ s (J ersey C ity).
W illia m sb u rg l s t 6 s ...
F u lton M unicipal 6 s ...
E q n ita b le .............. .......
B onds, 6s, 1899 . .. .
St. P a u l_______________
Bonds, 5s. .. . . . . . . .
Standard p r e f.................
Com m on....... ...............
W estern G as...................
B onds, 5s................... .

160 170*
104
105
225 235
103 105
41
38
80
75
165 160
135 140
84
82
103*4 104>s

M arch

TU K (JHROJNICLK

5, 1898.]

m u\ ^ iw x u t îx X .

C O N N E C T IC U T M UTUAL LIFE INSURAN CE
COM PANY.
FIFTY-SECOND ANNUAL REPORT.
To the Members:
The financial operations of the last year, as summarized in our report
to the Insurance Department, were as follow s :
Net assets January 1 ,1 89 7 ................................................ $60,981,671 61
Received—
For premiums........................................... ..$4,743,410 04
For interest and rents............................... 3,153,044 47
Balance profit and loss.............. ...............
65,289 82
Total incom e..................................................................
Disbursed—
For claims by death and matured en­
dowments..................................... ............$1,456,832 23
Surplus returned to policy holders.......... 1,284,481 48
Lapsed and surrendered policies.............
596,133 76

7,961,744 33
$68,943,415 94

Total paid p o licy h o ld e rs ...................$6,337,44747
Commissions to agents, salaries, medical
examiners’ fees, printing, advertising,
legal, real estate and all other ex­
penses of management..............................
850,479 66
Taxes..................................................................
316,938 43
Total expenditures.........................................................

7,534,865 56

Balance net assets January 1,1898............................$61,408,550 38
Add interest due and accrued, market value of stocks
and bonds over cost, and net deferred and uncolleoted premiums, as per itemized statement herewith. 2,180,110 60
Gross assets January 1,1898.......................................$63,588,660 98
Total liabilities............................................... ...................... 56,227,724 97
Surplus January 1,1898............................................... $7,360,936 01
THE GENERAL RESULTS IN 1897
have been satisfactory notwithstanding conditions not wholly favor­
able. The recovery from the previous business depression has not
been as rapid or as complete as many had hoped; the uncertainties
o f a confused currency system still remain to keep prudent men
w ary; great caution has prevailed as to extended and new undertak­
ings ; the demand for loanable funds on our usual standard of security
has been small; the price of desirable bonds has increased, which
means a lower interest rate on such securities; the liquidations
growing out of the depression of the last five years, which have made
it necessary to foreclose some of our mortgages, have not entirely
ceased; and the market for real estate has, in consequence, seen no
general revival such as may be anticipated when all these disturbing
conditions shall have disappeared. Although there has b een a g row ­
ing amendment in some or the conditions affecting the many-sided
operations of a life insurauce company, something of the special diffi­
culties of recent years has remained.
WHAT HAS BEEN ACCOMPLISHED.
It is, therefore, gratifying that at substantially the same unequaled
low rate o f expense as heretofore we have more than kept our volume
o f business good, have maintained to the full the company’s great
strength, and, from the savings through economy, from the savings on
a mortality more favorable than our calculation, and from the interest
earned over and above the rate calculated upon, we have earned a div­
idend on the same increasing scale as that paid during the year 1897;
a dividend equaled by no other company.
THE FULL MEASURE OF OUR SUCCESS.
In judging the success of a company one should have clearly in mind
what is the precise best standard of accomplishment which it can set
for itself; the highest which the business intrinsically permits; to
completely realize which is the only true success, and, failing which,
no achievement in the way of magnitude in operation can be other
than comparative failure. The Connecticut Mutual takes for its single
aim the one peculiar service which life insurance alone can render and
which no other institution can riv a l: the perfect protection of de­
pendent families at the lowest possible cost—the cheapest, simplest,
most thorough family protection. By dint of incessant care and econ­
omy at every point it has succeeded and does succeed in this purpose
as none other has done or is doing. It secures the best and highest
obtainable results from the prudent and unselfish policyholder’ s point
o f view; and to make sure of and to maintain these it steadily foregoes
those things for which others strive at such fearful cost, to wit, rapid
growth and enormous size; things very impressive, even startling, to
the general eye, but which do not benefit the policyholder in the slight­
est and which can be had only at an enormous cost, which he must pay.
Therefore the Connecticut Mutual refuses to seek to attract any
other constituency than those who desire to give their families and
estates the highest protection at its lowest possible cost, in furnish­
ing which it stands alone. And we deem it our duty to our present
great membership to consider their interest first, to do the best we
oan for them to make their insurance as secure and as cheap as possi­
ble, rather than seek to greatly increase their number by schemes
which would greatly increase the cost of their insurance and benefit
them in no wise. We prefer to draw to us as new members those who
desire to share in the present low cost of insurance to our old mem­
bers and who oan appreciate that benefit at its full value, rather
than attract men by speculations in dividends postponed ten or
twenty years, of great apparent promise in the far future, the prom­
ised or “ estimated” benefits of which could, at least, be realized for
but a few by the sacrifice of the many, and which, by reason of the
enormous expenses of the companies floating them, have so far been
and must continue to be egregiously disappointing. Thousands of
their old policyholders know just what we mean.
THE INTEREST STANDARD.
One of the most interesting events of the year has been the change
by a number of companies ia the rate of interest assumed in calcu­
lating their premiums and reserves, in which respect they have more
or less closely followed the action of the Connecticut Mutual sixteen
years ago. In 1882 we bacarne satisfied that the rapid increase of
wealth in this oountry and the increasing confidence of foreign in­
vestors in our resources were certain to so increase the supply of capi­
tal as to cause a serious and prolonged depline in the rate of interest




457

on conservative investments. We were then, as all other companies
were, calculating our premiums and reserves on the assumption o f
earning at least 4 per oent annual interest for all the time any of our
policies might remain in force, that is, for at least seventy or eighty
years. We became satisfied that this assumption was not entirely
safe, and that 3 per cent was as high a rate as could be safely assumed
for so long a time ahead. That rate was accordingly then adopted by
us to our continually increasing satisfaction ever sinoe. A t the time
our aotion was much oritioised as unnecessarily timid instead of
really conservative, and our rivals affected to treat it as a mark o f
weakness rather than a prudent provision for future strength and
safety. But that which we then foresaw and guarded against as the
inevitable result of causes then operating has been so fully demon­
strated oy time that the way of prudence has become clear to all, even
to our then harshest critics.
SUNDRY MATTERS.
It is our usual habit to take up the various items of the year’s opera­
tions and comment upon them in detail. But as the effect of these
items is fully set forth in our detailed financial statement herewith,
and as the experience of the year has developed nothing of unusual
interest or significance respecting them, we venture to use the space
usually devoted to them to call your especial attention to a matter o f
profound personal interest to every polioyholder in every mutual com­
pany—namely,
THE TAXATION OF LIFE INSURANCE.
Among the most threatening features of our political life to-day is
the disposition of those concerned in various enterprises to turn to
the State for aid, and also the disposition of legislators to grant such
aid, either to win popularity or to avoid unpopularity. States have
no income except from taxes. What they give to one has to be first
taken from others by taxation. They have nothing of their own to
give. In order to indulge this free-handed response to growing de
mands, taxation must be increased. But increased taxation by the
voter endangers the political aspirations of those responsible for the
increase. So to gratify their constituents who want State aid for
some project, and at the same time not to offend their constituents
who are voters, legislators are put under a strong temptation to ta x
somebody who doesn’ t vote for the benefit of those who do. Atteu,
tion is at once directed to corporations, which are only •*soulless'1
personalities, whose funds are in plain sight and easy to reach, and
against which it is easy to excite such prejudice as to make many
people blind to all questions of justice or propriety, and careless of
those who really compose these corporations, or where their funds
come from and what they are held for. Not a session of Legis­
lature passes in any State but more or less measures for taxing or
increasing the taxes on life insurauce companies are brought forward
and almost always with some degree of success.
It is high time that policyholders should understand clearly and pre­
cisely how this matter affects them personally; that whatever their
company is taxed is paid by themselves; that the tax is really upon
them personally, and that the company merely collects it from them
and pays it over to the State. For a mutual company has no funds
except those derived from the premiums paid in by its policyholders.
The p emium paid in by a member or policyholder is oalculatea to ful­
fill two purposes: First, to pay the death losses of the year and also to
provide a reserve against the certain future greater losses as the mem­
bership gets older; and, second, to pay running expenses. These
things cover the normal cost of insurance. Whatever is left of the
premium after providing these things through the year is surplus, and
is returned to the policyholder as an overpayment, or in ordinary but
incorrect speech, as a “ dividend.” Whatever is paid for taxes comes
out of that surplus and makes the return of surplus ju st so much less
and makes the cost of his insurance just so much more. Any tax on a
life insurance company or on its premiums is a direct tax on the indi­
vidual polioyholder who pays the premium taxed. He does not see the
tax. It is not intended that he should. It is intended that he shall
suppose that it is a tax on a corporation only and not on him. But he
pays it, and no one else, and it is the State’s addition to the cost of his
family’ s protection.
A second matter for your most serious consideration is this :
LIFE INSURANCE OUGHT NOT TO BE TAXED AT ALL.
Taxation ought to bear on the possession and use of property and
not upon the loss of property or upon the means by which such losses
are distributed.
The only moral and humane theory of taxation is the collection o f
only such moneys as are necessary for the proper and legitimate ex­
penditures of the State, from such sources, that is, from such persons
owning such properties, as ought to bear those expenditures and in
the proportion in which they ought to bear them.
Under such a theory no one would suggest a tax upon people’s losses.
These could be regarded neither as the proper subject matter of taxa­
tion nor as a humane basis of the distribution of tax burdens.
To illustrate:
No one would suggest that because a mams house, on which he has
been paying taxes, has been burned, he should at once pay a special
tax on its value which he has just lost. Or that a man’s family should
be. taxed on the money value of his life to them because he has died
and they have lost that value.
Insurance is merely a method of distributing the property losses o f
those who have lost property among those who have not lost it. It is
effected through contributions or payments, called premiums.
A’s house, worth $5,000, and on which he has paid taxes while it was
in being, has burned. A has lost $5,000. There is no restoring
it. That property and its value are gone forever, not only to A, but to
the whole world. To tax A on that loss would be an unspeakable in
humanity.
But A has insured against that loss —that] is,ghe has agreed with
other house owners to share their like losses if they will assume his
loss if it comes. While his house is unburnt, he, by his premiums, as
sumes his share of the losses of those whose houses burn meantime
When his house burns, they, by their premiums, take his loss on their
shoulders and make it good to him. They lose it instead of A, because
before that he had, through his premiums, been losing his share of
their houses which had burnt.
Their assumption of the loss and giving A the money in place o f his
house hasn’t retored the house. It hasn’ t changed the loss into gain
or into an even thing. The property is gone. The loss remains. It
has merely been distributed. A is made whole, but the contributors to
that result have taken the loss to themselves and are just so much
worse off. They have lost A s house. They have divided up the $5,000
I obs among them.
To tax A additionally on the $5,000 because it was returned to him
would be inhuman. It would be to make him lose something in spite
o f his own and others’ efforts to avoid loss. It would be a loss
created and inflicted by government on the occasion o f his escaping
from a greater loss. It would be a fine or
f t r not losing

458

THE CHRONICLE.

To tax the other men, w ho,hy their premiums, have taken A’s loss
upon themselves and distributed it among themselves, is an equal
inhumanity. They have made A’s loss their own to save him. To tax
them on their loss is an equal outrage to taxing A upon that same loss
if it had remained on him.
It is taxing a loss and it is a fine, a punishment, upon men for so shar­
ing each others’ losses that it becomes possible for them to be borne.
The group of men forming a mutual insurance oqmpany can together
bear losses which would crush and destroy the individual. But it is
as inhuman and tyrannous to tax the losses of the group as to tax
those of the individual which he would have to bear but for the action
o f the group.
The only element in the transaction that suggests taxation of these
losses, either to the individual or to the group or mutual company, is
the fact that it requires the use of money to adjust them, and that the
money is brought into sight, in the hand of the adjusting association
or corporation, and in easy reach of the tax-gatherer, and so becomes
a temptation to ignore the true nature of the fund,which is sirsply the
collective losses of the group or company, thereby relieving the indi­
vidual calamities of its members.
Life insurance differs from fire insurance only in the subject matter
o f the loss. Instead of a man’s losing his house or other perishable
property his family loses the money value, the earning and producing
capacity of his life. His life, its money value, what it will do for
them, what it will earn, is just as much property, and their property,
their financial dependence, as is the house; and the loss of that life is
lust as much a property loss to them as that of his house is to him.
For example: If a man, aged 30, is earning $1,000 a year for his
family, taking his chances of life according to the Actuaries’ table,
and assuming money to be worth 4 per cent, the present value of his
life in money to his family is »17,000. That is their actual money
property in his life. That is the money they lose if he dies.
If, when he dies, the State should openly tax that family on that
loss, on that amount, the world would stand aghast. Such a govern­
ment could not live, for no one could live under it.
Life insurance is simply the distribution of the loss of family prop­
erty in the lives of husbands and fathers. The father, while he lives,
bv his yearly premiums assumes his share of the loss of those families
whose heads have died during the year. A ll the fathers who have
associated themselves with him do the same thing. They, by their
premiums, take each family’s loss as it occurs over upon themselves
and divide it among themselves. They lose the money value of the
man’ s life, instead of his family. The family is not financially crushed,
for these men have taken the burden from it. They are not crushed,
for they are many and have divided the burden, and the losses do not
come all at once. But these men have lost the money value of that
life jAst as truly as the family would have lost it if these men had not
assumed and divided it among themselves.
...
To tax them as a group or company upon the loss they have thus
assumed and suffered is as abhorrent to justice and humanity as it
would be to leave the loss on the family and then tax the family on
that loss.
.
. ..
..
.• ,
The division of the tax among .these men does not alter its unjust
auality. It simply reduces the tax which any one man has to pay on
anv one loss. He doesn’t have to pay the whole of the tax any more
than he has to pay the whole of the loss. But the portion which he
does pay is a tax on a loss which he has suffered by helping others to
bear it, and in proportion as he has suffered it, just as much as if he
had borne the whole loss and paid the whole tax on that loss.
To summarize: A tax in any form upon a mutual insurance com­
pany is a tax on its members individually, and is paid and must be
paid only by them out of their premiums, so much reducing the sur­
plus to be returned and so much increasing consequently the yearly
cost o f their policies. It is not a tax on their property, but upon their
losses, and is laid upon the money which is the distributive share of
each member in those losses as it passes through the hands of the com­
pany to make good the original sufferer.
, SH
The remedy for this matter lies with the policyholders themselves.
They should make the immorality and inhumanity of such taxes clear
to those whom they send to their Legislatures.
CONSOLIDATED STATEMENT.
From its organization to January 1,1898, the company received—
For premiums.................. .
— . ..$196,855,215 69
For Interest............................................ 79,295,835 23
For rents........ .......................................
7,354,783 30
Balance profit and loss.........................
1,100,509 41

i VOL, LX'VI.

—In our advertising columns will be found reports of the
condition on February 18 of the following national banks :
Gallatin, Market & Fulton, Mercantile, Second. American
Exchange, City, Continental and Chase, of New Y o r k ;
Fourth Street of Philadelphia, and Chicago National and
Union National banks of Chicago.
The statement o f the
Chemical National Bank o f New York, will be found on
page 47 of the Q u o t a t io n S u p p l e m e n t , furnished with
to-day’s C h r o n ic l e .
Auction Sales.— Among other securities the follow ing, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son :
Bonds.
$15,500 Railroad Equipment
Co. 6s............................ 25 to 9 9 ^
$5,500 Railroad Equipment
Co. Car Trust Loan 6s........ $950
$24,000 Terre Haute Elec.
Ry. Co. 6s, Jan., 1898, cou-.
pons on............. ................... 5

$53,000 Terre Haute Eleo.
Ry. Co. ls t 6s, 1914; 1896
coupons on ............................ 2
Shares.
100 Brooklyn City RR, Co..,203%
50 Mechantes’ &Traders’ B k .ll4 :i3
32 North Hudson Co. R y ... 91

New York City, Boston and Philadelphia Banks.—Below
we furnish a summary of the weekly returns of the Clearing
House banks of New York City, Boston and Philadelphia.
The New York figures do’ not include results for the non­
member banks, which will be found separately reported on
the third page following.
BANES.

vapttai ct
Surplus.

$
iii.1T.*
Feb. 5. 133.293.9
*• 11. 133.293.9
I 19. 133.293.9
“ •26. 138.293.9
Bos."
Feb. 12. 68,587,8
“ 19.. 68.587.6
g 26. 68.587.6
P h fla .1
Feb. 12.. 35.388.0
“ 19, 35.388.0
« 26. 35.388.0

Loans.

Specie.

Legal».

$
$
1140882 104.150.3
1149677 102.140.3
1168338 93,494,8
1191865 80,076,4
181.695.0 11.683.0 8.574.0
180.776.0 11.616.0 9.208.0
180.507.0 11,454,0 9.266.0
43.283.0
115.834.0
43.199.0
116.771.0
40 928,0 •
117.841.0

$
633,859,8
639.836.4
646,915,2
641.878.4

Deposit».'* Oirc’l’n Clearing»,

$
733.827.5
738,683,8
738.560.6
729,214,3

9
~ 9
Æ
14.392,4 988.210.9
13.914.7 725.199.0
13.778.1 990.600,6
13.727.7 803.511.0

189.867.0 5.248.0 110.334.9
189.895.0 5.260.0 111.044,4
186.371.0 5.249.0 89.314.7
131.561.0 5.840.0 55.742.8
133.105.0 5.734.0 81.480.2
131.446.0 5.735.0 67.112.2

Im perial Bank o f Germany.—Reported condition February 15,1898:
(M. 4-20
Assets—
Gold and coin reserve
(being funds on
hand in coin in cir­
culation in Ger­
many and of gold
in bars or foreign
coins).......................$226,527,600
Papermoney onhand
5,261,1)00
Bank notes of other
banks.......................
3,444,000
Discounts . . i ............. 121,961,900
Loans on collateral.. 19,802,900
Bonds and stocks___
ft55.0C0
Other assets............... 18,488,100

=$1 00.)
Liabilities—
Capital....................... $28,571,900
Reserve fund ..........
7,142,900
Notes in circulation. 241,165,700
Deposits..................... 111,043,800
Other liabilities..:...
8,117,100
T o ta l....................$396,041,400

T otal.......................$396,041,400

The bank reduced its rate of interest on February 18,1898,
from 4 per cent to 3 per cent. The dividends paid during the
past five years have averaged about 7 per cent per annum.
Deutsche Bank. B erlin .—Condition December 31,1897.

(M.4*20 $1 00.)
Liabilities—
A SRP.1.Si—
Cash andforeigncoins.$15,393,059 Capital fully paid___ $35,714,285
R eserve.....................
10,539,851
Bills of ex­
Total receipts...............- ...................... .— ia W f f l i B B p i l i 63
Deposits..................... 24,214,712
ch ange..$43,754,310
It has paid death claims for................. $93,168,669 30
Current accou n ts.... 61,432,657
Loans agsr.
Endowments for..................................
13,971,779 30
Sundries..................... * 1,326,143
securities. 20,898,434
For surrendered policies..................... 24,399,863 68
A cceptances— . . . . . 31,074,231
Advan c e s
For dividends..............................
57,251,245 12
on collat’ls 3,210,510 67,863,254 Sureties pledged for
cu stom ers.............
3,448,747
Government b o n d s
A total returned to policyholders or
and other securities. 6,928,900 Employes’ pension
their beneficiaries, being 95-91 per
f u n d .......................
468,006
Investments in capital
cent of the entire premiums reNet profits for 1897.
3,591,099
of allied banks, firms
ceived................................................... $188,791,557 40
and trust companies 11,415,788
It has paid for expenses.....................
25,166,582 07
Current accounts....... 52,444,918
Taxes.................................................. 9,239,653 78
Advanc. on merchand. 4,953,231
Debtors f o r surety
Total expenditures.......................................................... 223,197,793 25
(customs, taxes, etc.) 3,448,747
Participation in Govt.
Balance net assets, January 1,1 89 8 ..................... ......... $61,408,550 38
& municipal loans &
It has additional assets (see statement)..................j—
2,180,110 60
financial syndicates. 7,532,040
Bank premises............ 1,700,524
Total assets..................................................................... $63,588,660 98 Sundries...................
129,270
We invite careful attention to this condensed but very instructive
Total....................$171,809,731
T o ta l.................. $171,809,731
summary of the operations of fifty-two years. It exhibits at a glance
not only ths magnitude of the good work which has been done through­
It is understood among the stockholders that although the
out all those years, but also the proof of what we desire to impress
upon the public as our unimpeachable claim to its confidence; that we balance sheet shows reserve funds amounting to $10,500,000,
aive our policy holders’ families the most protection at the lowes cost. such reserve actually exceeds double that amount, as various
Against the $196,855,215 69 received from our policyholders we
have already returned to them in the several ways above noted $188,- assets are carried upon the books at prices much below
791 557 40, and now hold as the abundant protection to their pres­ present market values. The dividend payments during the
en t contracts $63,588,660 98: a total returned to them or now held past few years have been at the rate of 10 per cent per
for them of $252,380,218 38, or 128*20 per cent of what has been re­
ceived from them. This has been done at an average expense ratio of annum.
onlv 8*84 per cent.
In these supreme tests of accomplishment the Connecticut Mutual
stands alone. And in what it has done, and Is doing, these incompar­
able benefits have not been, and are not, done for a class at the
the expense of another class. They have been and are for all alike.
BAN KERS
We have not persuaded men to put at hazard the protection of their
NEW YORK.
f amilies nor to leave their yearly overpayments (accruing dividends) 2 7 & 2 9 P IN E S T R E E T ,
65 State Street, Albany.
with us at the like hazard of loss, in the hope that they may by living
lo n g and holding on catch some part of what less fortunate men and _________ I N V E S T M E N T S E C U R I T I E S .
less fortunate families may lose by forfeiture. We have no schemes
for despoiling some of our members for the benefit of others. We G e o r g e B a r c l a y M o f f a t .
A l e x a n d e r M . W h it e , J r
fieflnitelv secure to each family all the protection its prudent, un­
selfish head pays f o r ; we require him to pay year by year only what
M
o f f a t
&
W
h i t e ,
it actually costs for the yea r; and we have made that cost lower than
hnn heen done bv any other company.
. . .
BAN
KERS,
What more perfect work, to what more perfect end, can be donel
Respectfully submitted,
N o. 1 N ASSAU S T R E E T ,
.
.
.
NEW YORK
JACOB L. GREENE, President.
IN V E S T M E N T S E C U R IT IE S
H a r t f o r d , February 10,1898.




Spencer Trask & C o .,'

THE CHRONICLE,

M arch 5, 1898,]

¿B a n k ers'

459

Posted rates of leading bankers follow :

(fla g r ile .

Sixty days.

March 4.
d i v i d e n d s

Name o f Company.

.

Prime bankers’ sterling bills on London

When
Per
Oent. Payable.

R a i l r o a d s (S te a m .)
1
Hartford & Connecticut W est...
2
Little Miami guar, (quar.)..........
Pittsburg Junction com ............. 75o.
1
Portland & Rumf’d Falls (quar.)
2%
West Jersey & 3eastiore com ---S tre e t R a i l w a y s .
1
Buffalo (N. Y.) By. (quar.)..........
3
Chicago City Ry. (quar.).......... ..
3
North Shore Trac., Boston, pref.
4
•Ph ila d e lp h ia Traction.................
1
Troy City Ry. (quar ) ..................
M is c e lla n e o u s .
$10
Calumet & Hecla Mining............
1
Chicago Telephone (m onthly)...
Commercial Cable (quar.)..........
1%
2
Consolidated Gas, N. Y. (quar.).

Feb.
Mar.
Mar.
Mar.
Mar.

28
10
1
15
15

Books closed.
( Days inclusive.)
Feb. 21 to Feb. 28
Mar. 1 to Mar. 9
Feb. 21 to Feb. 28
---------- to -------------

Mar. 15 Mar. 6 to Mar. 15
Mar. 31 Mar. 16 to Mar. 20
April 1 Mar. 16 to Apr. 1
April 1 Mar. 16 to Mar. 31
Mar.
1 Feb. 20 to Mar. 1
April 1 ---------- t
Mar.
5 Mar. 1
April 1 Mar. 22
Mar. 15 Mar. 3

o ------------to Mar. 6
to Apr. 1
to Mar. 15

Documentary commercial.........................
Paris bankers’ (francs)..............................
Amsterdam (guilders) bankers..................
Frankfort or Bremen (reichmarks) b’kers

The following were the rates o f domestic exchange on
New York at the under-mentioned cities to-day: Savannah,
buying par, selling 1-10 premium: Charleston buying 1-16
discount, selling 1-16 premium; New Orleans, bank, par,
commercial $1 00 discount; Chicago, par ; St. Louis, 12%c.
@par discount.
United States Bonds.—Sales o f Government bonds at the
Board include $90,000 4s, coup., 1925, at 123% to 125; $96,000
4s, reg., 1925, at 124% to 125%; $10,000 4s, coup., 1907, at 113;
$3,000 cur. 6s, at 103% and $34,000 5s, coup., at 112 to 112%.
The following are the closing quotations :

W A L L ST R E E T, F R ID A Y , M A R C H 4, 1 8 9 8 - 5 P . M.

The Money Market and Financial Situation.—An import­
ant change took place in the stock market on Wednesday.
Up to noon of that day securities had been buoyant and
higher. A fter the morning Board prices broke badly, and
since then the market has been dull, with little or no recov­
ery in values.
The mystery surrounding the Maine disaster has not been
cleared up and the whole country seems to be in a waiting
attitude. In the meantime business in Wall Street is chiefly
in the hands of the professional element and transactions are
on a very limited scale. The bond market has, however,
been relatively steady and net changes are in most cases to
higher quotations.
An event which under ordinary circumstances would at­
tract attention, because unusual at this season of the year,
is largely overlooked at present. W e refer to the current
gold-import movement, which began a week ago. The amount
reported thus far is only $5,700,000, but some of the existing
conditions are favorable to its becoming much larger. The
money market is dull and firm, lenders preferring to make
only short-time contracts.
The open market rates for call loans on the Stock E x­
change during the week on stock and bond collaterals have
ranged from X% to 2% per oent. To-day’s rates on call were
2 to 2% per cent. Prime commercial paper is quoted at
4 to m per cent.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £194,761 and the percentage
of reserve to liabilities was 48-02, against 44-10 last week; the
discount rate remains unchanged at 3 per cent. The Bank
of France shows a decrease of 11,825,000 francs in gold and
an increase of 1,325,000 francs in silver.
The New York City Clearing-House banks in their state­
ment of February 26 showed a decrease in the reserve held
of $5,065,700 and a surplus over the required reserve of
$22,959,325, against $25,688,450 the previous week.

Demand.

4 83
4 85is
4 80%®4 81%
4 80%®4 81%
5 23%®5 227lfl 5 2178®5 213,8
3915,6®40
40%«®40%
94 j4,®9438
949]6®94Hi8

Interest Feb.
Periods. 26.

Feb.
28.

Mar.
1.

Mar.
2.

Mar.
3.

Mar.
4.

2 b, . . . . ............. ..reg. Q, -Mch. * 99% * 99 * 99 * 99 * 99 * 99
4s, 1 9 0 7 ........ --reg. <5.- Jan. *11112 *111 *110 *111% *111 *111
113
4s, 1907........ .coup. Q .-J a n . *11212 *112 *112
1121« *1121«
125 *1241«
4s, 1 9 2 5........ - reg. Q,.-Feb. *12414 *1231« 1241« *125
I 2412 125% 125 *1241«
is , 1925........ .coup. Q .-F eb . *12414 124
5s, 1 9 0 4 ...... ..,reg. Q ,-F eb . *112 *112 *11112 *1121« *1121« *112%
112 *1121« *11212 *112i¿
5s, 1904........ .coup^ Q .-F eb . *112 *112
6s. cur’cy,’99 . -reg. J. & J. *10312 1031« *1031fl *103% *103% *103%
4s, (Cher.)1898.reg. March. *103% *1031« *103% *103% *103% *1031«
4s, (Cher.) 1899.reg. March. *103% *10312 *103% *103% *103% *1031«
* This is the D r i c e bid at the morning board ; no sale was made.

• United States Sab-Treasury,—The following table shows
the daily receipts and payments at the Sub-Treasury j
Balances.
Date.

Receipts.

Payments.

Feb. 26
1 28
Mar. 1
“
2
I
3
“
4

$
2,716,286
3,344,037
3,212,672
3,486,166
3,339,695
3,277,334

$
3,000,490
2,378,022
2,222,128
2,115,945
3,297,157
3,153,856

Total..

19,376,190

16,167,598

Coin.
Ooin Oert’s.
■ <g
$
147,247,503 1,202,079
147,268,336 1,504,582
147.474,568 1,314,808
147,624,436 1,158,752
147,382,360 1,159,433
147,275,493 1,058,425

Currency
$
44,195,885
44,838,565
45,812,651
47,189,059
47,472,993
47,804,346

Coins.—Following are the current quotations in gold for
coin s:
Sovereigns...........$4 85 '@$4 88
Napoleons............ 3 85 ® 3 88
X X Reichmarks. 4 74 ® 1 78
25 Pesetas........... 4 78 ® 4 81
Span. Doubloons.15 50 ®15 60
Mex. Doubloons.15 50 ”©15 60
Fine gold bars... par ®% prem.

Fine Silver bars.. —549ie® — 55%
Five francs.......... — 93 ® — 96
Mexican dollars.. — 44%® — 45%
Peruvian s o l s . . . . — 40 ® — 42
English silver__ 4 82 ® 4 85
U. 8. trade dollars — 65 ® — 75

State and Railroad Bonds.—Sales of State bonds at the
Board include $7,000 Tennessee settlement 3s at 89% to 90;
$16,000 Virginia fund, debt 2-3s of 1991 at 70%; $1,000 Ala­
bama class C at 100, $500 ditto class A at 108 and $300 Lou­
isiana con. 4s (small) at 98.
The market for railway bonds has partially recovered from
the depression which followed the first news of the disaster
at Havana. On a volume of business at the Exchange rang­
ing from $2,200,000 to $3,444,500, and averaging only $2,621500 per day, par value, prices in the active list advanced an
average of 1 point or more, a part of which was lost to-day.
Offerings of high-grade bonds were limited and transactions
have been confined largely to issues which are likely to be
benefited by the more favorable traffic and other conditions
Differen’ sfr’m
1896.
1897.
1898.
Feb. 29.
Feb. 26.
Prev. week.
Feb. 27.
now prevailing. Special activity is noted in Atchison, Erie,
Northern Pacific, Oregon Short Line, Texas & Pacific, Union
$
$
$
. $
59,772,700 61,122,700 Pacific and Wisconsin Central bonds.
Capital................. 59.022.700
74.888.100 63,017,100
Surplus................ 74,271,200
Railroad and Miscellaneous Stocks.—The stock market
Loans & diso’nts. 641,878,400 Dec.5,036,800 497,609,700 462,521,900
50,400 16.491.100 13,619,600 has been decidedly unsteady this week, on transactions rang­
Circulation.......... 13.727.700 Deo.
Net deposits........ 729,214,300 Deo.9,346,300 573.769.300 489.612.200 ing from 280,000 to 457,500 shares and averaging 365,645 shares
Bpecie.................. 119,186,500 Inc.2,35 2,700 83,940,900 60,304,000 per day. Prices advanced an average of about 3 points in the
Legal tenders___ 86,076,400 Dec.7,418,400 117,022,400 86,521,200
active list on attempts to cover short contracts, a part of
Reserve held....... 205,262,900 Deo.5,065,700 200.963.300 146.825.200
Naturally the speculative
Legal reserve— 182,303,575 Deo. 2,336,575 143,442,325 122,403,050 which was subsequently lost.
issues were most erratic in movement. Metropolitan Street
Surplus reserve 22,959,325 Deo.2,729,125 57,520,975 24,422,150 Railway covered a range of 19 points, Manhattan Elevated a
The Clearing-House, on Oct. 30, 1897, also began issuing range of 7% points and American Sugar a range of 7 points.
Of the more substantial railway list, New York Central, Bur­
weekly returns showing the condition of the non-member lington & Quincy, Union Pacific preferred, Rock Island and
banks which clear through the Clearing-House institutions. St. Paul & Omaha covered a wider than the average range.
The statement in full for the latest week will be found on New York Central declined on rumors that there are legal
obstacles in the way of the plan for buying the Lake Shore,
the second page following.
but recovered promptly when the rumor was officially denied.
F oreign Exchange.—The foreign exchange market be­
The following table shows the highest and lowest prices of
came firmer in tone as the week advanced, and rates were the week and the closing to-day of a few of the active stocks:
Lowest.
Closing.
marked up a fraction. To-day there was a break, and rates
Highest.
111%
114
116
York Central...............
dropped to the lowest recently quoted. The volume of busi­ New
190%
191
1921«
Lake Shore............................
114%.
1173s
11578
Pennsylvania.......................
ness was limited.
121%
122%
12478
North West............................
To-day’s aotual rates o f exchange were as follows: Bank­ Burlington & Quincy..........
94%
97%
93%
93
9478
9178
Paul..................................
ers’ sixty days’ sterling, 4 81%@4 81% ; demand, 4 84@ St.
85.
86%
89%
Rook Island..........................
6058
62%
637a
4 84% >cables, 4 84%@4 84% ; prime commercial, sixty days, Northern Pacific preferred.
52%
57
5338
Union Paciflo preferred___
4 80%@4 81%; documentary commercial, sixty days,#4 80%@ Louisville <&Nashville........
54
537s
56%
1013s
104%
10878
4 81%; grain, 4 81%@4 81%; cotton for payment, 4 80%@ Manhattan E levated..........
156
137
146
Metropolitan Street R y ....
81; cotton for acceptance, 4 80%@4 81%.
39
40%
4214
Brooklyn Rapid Transit... .




THE CHRONICLE,

460

[V ol. LXVI,

NEW YOKE STOCK EXCHANGE—A C T IV E STOCKS fo r week ending M ARC H 4 , and since JAN.
HIGHJEST AND LOWEST PRICES.
Saturday,
Feb. 26.

Monday,
Feb. 28.

Tuesday,
Mar. 1.

Wednesday, Thursday,
Mar. 3.
Mar. 2.

Friday,
Mar. 4.

STOCKS.

Sales o f
Range for year 1898.
the [ 0 » basis o f 100 -share lots.'
W e e k .---------------------------------------- :
Shares.
Lowest,
i Highest.

A c t iv e R K , S t o c k s ,
6,375 10% Feb.
13% Feb. 7
12% 11% 11% 11% 11% tchison Topeka & Santa Fe. 25,795i
26 Feb.
32% Feb. 8
Do
pref.
28% 27% 28% 27% 28%
9,912'
19 Feb, 3
17% 18 ¡Baltimore & Ohio..................
12% Jan.
18
17
17
69,425 36% Jan.
43% Feb, 18
42% 40% 41% 40% 41%
5,925
90% Jan. 20
81% Feb.
84% 83% 84% 85% 85%
5,369 46% Feb.
57% Feb. 5
49%
50% 49% 50% 49
6,785 89 Feb.
98% J an. 7
92% 93%
94% 93% 94
17,499
19%
Feb.
24% Feb. 1
21%
20%
21%
21%
21%
135,193 91% Feb.
103% Feb. Ik
95% 96% 94% 95%
97
60%
Feb. 1
55
Jan.
*54%
58
¡Chicago
&
Eastern
Illinois...
*54% 58
58
113% Feb. 1
102 Jan.
Do
pref.
111 *107 111 *107 111
12,435
16%
Jan. 8
9%
Feb.
10%
n%
11% 10% 11%
305
10% Jan. 14
7 Feb.
8
8 Chic. Indianapolis & Louisv.
8
*7
8
2,821
33%
Feb.
2
27
Feb.
28
Do
pref.
28
28% 28% 28%
97% Jan. 12
94% 93% 94% 92% 94 IChicago Milwaukee & St. Paul 177,136 91% Feb.
1.141
149%
Feb.
16
142%
Jan.
147%
Do
pref.
§147
147% §147% 148
12,229 119% Jan. 4¡130% Feb. Ill
124% 122% 123% 121% 1Z3*S
25 163 Jan. 3 174 Feb. 18
Do
pref.
"IVO
*174.
176
62,186 81% Feb.
94% Jan. 28
85%
87%
88%
87
89
85
87%
85% 86
9,015
79 Feb. 11
67 Feb.
¡Chicago
St.
Paul
Minn.
&
Om.
71
72 ,
74% 71% 72%
70% 70% 73%
70
200
155
Feb. 28
§148
Jan.
Do
pref.
*150
160
*150
160
160
155
155
150% 150%
6,186
9% Mar. 3
4%
Jan.
ago Terminal Trans.er..
9%
9%
9%
9%
9%
9%
9
9
3,914
33
Feb. 5
22%
Jan.
30
Do
pref.
31
30%
80%
30%
§28% 28% 28% 28%
3,735 29% Feb.
38% Jan 31
32% 31% 31% 30% 31 ¡Clev. Cincin. Chic. & St. Louis
32%
31% 32
S31
87 Feb. I
80 Jan.
Do
pref.
2,570 108% Feb.
114% Feb. 3
110% 110%
109% 109% 109% 110
n o 110% 110% 110% "ÌO
§109 109
170 150% Jan.
159 Feb. 5
Delà wareLaekawanna& West
U
i§~1fSO 151% *150%
152 152
*150
13 Jan. 12
12 Jan.
¡Denver & Rio G rande............
12%
*12
5,285 46 Jan.
52% Feb. 8
Do
pref.
48%
46% 47% 48
49% 47% 48 ” 47% 47% 47
48
48
1,341 13% Mar.
16% Feb. 4
14% *13% 14% 13% 13%
14
14% §13% 13% 14% 14% 14
5,274 37 Jan.
43% Feb. 11
Do
38
1st pref
39% 38% 38% 38% 39% 38% 39% 38% 38% 37
39
320 18% Jan.
21% Feb. 11
Do
2d pref
*18
19% *18% 19% §17% 17% 18% 18% 18% 18%
19
*18
675
162
Feb. 4
130
Jan.
Great
Northern,
pref
*154
158
155 156
156 156 *155 158
*153 157 §156 156
4,663,100 Feb. 24 108% Jan. 31
1U1% 103%
102% 103
102% 103
102% 103
101% 101% 101 102
7%
Feb.
25
200
9%
Jan. 12
8*2
8%
§8%
8% *8% 8% *8
8
8
§8% 8%
Do
28 Feb. 24 35 Jan. 8
pref.
31
*30
§31
31
32
30% 30% *30
29
28% 28% 29
840
14
Mar.
4
)
Eri
18%
Feb. 8
14
14%
*15
16%
15% 15% *15% 17
16
15% *15
*15
________
664 69%
Feb. 28 76% Feb. 8
Do
pref.
72
69% 69% 70% 70% 71% 71% *70
§7l _ 71
69% 70
7,257
170%
Jan.
4
194%
Jan.
28»
J9U'e 191%
190% 191
191% 192
190%191
191% 192% 191 192
33,121 52 Feb. 24| 60% Jan. 31
54% 54% 53% 54% 54% 56
54% 56% 54% 55% 03% 04%
123,625
__
____
98 Feb. 24 120% Jan. 14
103% 108% 105 108% 105% 107% 1U3*S lUoM
101% 103% 101% 104
66,268 128% Jan. 4171% Feb. 14
148% 152% 145%151
137% 139% 137 141% 142% 153% 150 156
3,225 100 Jan. 4 114% Feb. 8
107% 107% 1UY 1U7 Michigan Central.
106% 107% 108 109
107%108
*105 107
8,600 25
'
Jan.
30% Feb. 15
28%
29% 28
29% 28
26% 27% 28% 29% 29
*25% 27
Do
85% Jan.
88% Feb. 15
1st pref
*84
86% *86 89 *85 87 *85 87
*84
86% *84% 87
900
Do
59% Feb. 15
53
Feb.
54%
2d
pref
54%
55%
55%
55% 55% 55%
55
55
53% 53% 55
14% Jan. 26
1,597 11% Feb.
rexas . . . .
11% 11% 11% 11%
§11% 11% 11% 12% 12 12
12
§12
7,025 33% Jan.
41 Jan. 28
Do
pref.
35% 36% 36% 37% §36% 36% 36% 36% 35% 36%
36% 37
23,142 24 Feb.
35% Jan. 28
27%
28% 28
29% 27% 28% 26
28
26% 28
26% 27
400
Mobile
&
O
h
io.........................
27
Feb.
32% Feb. 7
28
28
29
*28
*28
29
28
*27% 30% *27% 29
28
105% Jan.
119% Jan. 28
111% 113% 113% 116
112% 113
113% 115% 112% 114% 112% 114% New York Central & Hudson. 80,532
250
]
2%
Feb.
15% Jan. 31
New
York
Chicago
&
St.
Louis
13%
*12% 13
*12*2
*12% 13
*12% 13
12% 12% *12% 13
73 Feb.
76 Jan. 31
*65
Do
1st pref.
73
75
*68 73 *68 73 *65 78 *65 75 *65
100
35
Jan.
40%
Jan. 28
Do
2d
pref.
*34
35
35
35
*34
36
*34
36
*34
35% 35
35
365 ;178% Jan.
§195%Feb. 2
187 187 *187 189 *187% 189% §188 189% New York New Haven & Hart.
4185% 185% 188 188
5,550
2
New
York
Ontario
&
Western.
15
Feb.
24
18%
Feb.
15% 15% 15% 15% 15% 15%
15% 15% 15% 15% 15% 16
37
8 Jan. 8 18 Jan. 5
*12
14 ¡New York Susq. & West., new
§12
12
*13
14
14
*13
*13
14
14
*13
510
11
Do
pref.
23 Jan. 10 38 Feb.
*33
34
33
33% 33% 34% 34% §33
33
33
34
34
112
Jan. 25 17 Feb. 7
*14
15%
14
15
*14% 16% §14
*13% 15% §14% 15% *14
Do
pref. 17,756
Feb. 24 56% Feb. 7
48% 47% 47%
47% 48%' 46% 48% 48% 49% 48% 49% 48
28% Jan. 31
Nor.
Pacifie
Ry.,voting
tr.ctfs.
46,451
19
Feb.
24%
23
23%
24%
24%
23%
24%
23%
21% 23%
21% 22
69 Jan. 31
Do
pref. 57,297 58 Jan.
61% 60% 62% 62% 63% 62% 63% 62% 63% 61% 63%
61
54%
Feb. 1
100
Or.RR.&Nav.
Co.
vot.
tr.
otfs.
35%
Jan.
*49
51
*48
51
50
50
50
*48% 51
*47
*48
50
72% Jan. 20
225 68 Jan.
Do pref., vot. trust otfs.
69
69
*68
71
*67
70
*67
70
70
§70
§70
70
33% Feb. 17
1,000 19% Jan.
30 Oregon Short Line..................
29% 29% 30
S«R% 9,8In *2SL.
29% 29%
120% Feb. 7
115% 116% Pennsylvania.......................... 15,738 111% Feb.
116%117
115%117
114% 115% 116%117
114% 115
46% Feb. 7
*44
40^ 44% 44% Pittsburg Cinn. Chie. & St. L. 1,612 38% Jan.
44
44% 44% 45% 44
43% 43% 44
810 64% Jan.
Do
pref.
71 Feb. 7
67
67
66 *65% 68
67
68 *67 70
66% 66% 66
14,902
23% Jan. 6
Reading,
voting
trust
certifs.
18
Feb.
18%
19%
18% 18% 18% 19% 19% 19% 18% 19% 19% 19%
54% Feb. 3
45
46
44% 45% 44% 45% 41% 44% 1st pref. voting trust certs. 23,410 41% Feb.
43% 44% 43% 45
3,420
2d
pref.,
voting
trust
certs.
29 Jan. 6
21%
Feb.
24
23
23% 23% *23% 23% 22
22% 23% 23% 24
23
23
Rio Grande Western...............
23 Feb. 21 25 Feb. 11
Do
pref.
57 Mar. 2 61% Jan. 8
57
57
8% Feb. 11
5% Feb. 25
6% 6% St. Jos. & Gd. Isl., vot. tr. ctfs.
*6%
7
6% 7%
7
7
6
6%
Do
1st pref.
45 Feb. 24 56 Feb. 10
48
48
*47% 4-0%
49% 50
49% *48
48
22%
Feb. 11
Do
2d
pref.
16
Feb.
23
16%
§16%
*17%
lfi%
18%
*17%
18%
16%
7% Jan. 8
6% Feb. 23
7 St. L. & San Fr., vot. tr. ctfs.
7
7
7
7
7%
6% 7 ,
6% 6% *6% 7
7
Do
1st
pref.
58%
Feb.
53%
Jan.
24
*50
56%
§56%
57
56%
56
*56
56%
§55
55%
54% 55
Do
2d pref.
22% Feb. 24 28 Feb. 8
26
24
25% 26% 25% 25% 25% 2578
24% 24% 25% 25
1
St.
Louis
Southwestern..........
5
Feb.
3%
Jan.
24
4%
4%
§5%
5%
4%
4%
*4
*4
5
5
5
5
Do
pref.
9 Jan. 24 11 Jan. 27
10% 10% *9% 10%
10
10
10
10
9
10
10
10
8
St.
Paul
&
Duluth....................
Jan.
25
20%
Jan.
6
*20
25
*20
25
*20
25
*20
*20
25
20
25
25
80% Feb 23 87% Feb. 14
Do
pref.
87
*80
*80
87
*80
87
*80
*75
87
85
*78
85
St.
Paul
Minn.
&
M
anitoba...
1,105
137
Feb.
28
123%
Jan.
12
*132
*133
138
138
137 137 *134 139 *134 138
*130 137
1,700 17% Mar. 4 22 Jan. 12
18% 17% 18 Southern Pacific Co.................
18% 18% 18% 18% 18
19
19% 19
19
9% Feb. IO
2,169
8% Feb. 25
8% Southern, voting trust, certif.
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
§8%
28% Do pref., voting trust cert. 12,004 26% Feb. 24 33% Feb. 11
28
28% 28% 29% 28% 29% 28% 29
28% 28% 28
Texas
&
Pacific.....................
12%
Feb. 15
10
Feb.
24
3,730
10% 10%
10% 10% 10% 10% 10% 11% 10% 11% *10% 11
31% 29% 30% 28% 30% Un. Pac., tr. reo., all inst. pd. 49,748 25% Jan. 3 36% Feb. 1
30% 30% 29% 30% 30% 31% 30
Do
new.......pref.
63%
Feb. 2
123,722
51 Feb. 24
55% 52% 55%
55
56% 55
53% 54% 53% 55% 55% 57
6% Jan. 5 10% Feb. 18
9 Un. Pac. Den.& Gulftr.rëcts 10,975
9%
9
9%
9%
9%
8%
9%
8%
9%
9%
8%
30
6% Feb. 24 7% Jan. 12
*6% 7% Wabash....................................
*6% 7%
§7
7
*6%
‘ 6% 7%
*6% 7%
7%
Do
pref.
5,865 15 Feb. 24 19% Jan. 18
15% 16% 16% 16% 16% 16% 16% 16% 16% 16% 15% 16
____3%5Jan. 11
345
2 Jan.
*2% 2% Wheel. & It. Erie, $1 ass’t pd
§2% 2%
2%
2%
2%
2%
*2%
*2% 2%
2%
Do
pref. do.
9% Jan. 4 16 Jan. 12
235
10% 10% *10% 11
10
*10% 11
*9% 10%
*9% 11% 10
m i s c e lla n e o u s S t o c k s .
3,310 17 Feb.
23% Jan. 10
19
*18
18% 18% American Cotton Oil Co.......
20
19% 20
18
17% 17% 17% 18
947 70 Feb.
Do
pref
77% Feb. 1
73
73
§72% 73
73
73
74
75
71% 71% 71% 72
2,629
American
Spirits
Mfg.
C
o
...
6%
Jan.
9% Jan. 26
§7%
7%
7%
7%
7%
7%
8%
7%
7%
7%
7%
7%
104 18 Jan.
Do
pref
22% Jan. 31
21
*19
21
*19
22
*19
§20% 20%
19
19
*18% 21
356
949
Ajnerioan
Sugar
Refining
Co
Jan. 7
120%
Feb.
145
125%
129%
126%
128%
125% 128%
122% 123% 122% 126% 127% 129%
1,075 110 Feb.
Do
pref
116 Jan. 6
111% 111% 111 111% 112%112% 112% 112% §112 113% §112% 112%
45,132
American
Tobacco
Co..........
83%
Jan.
Mar. 3
92%
90%
92%
91% 91%
88% 89% 88% 89% 89% 91% 90% 91%
150 113% Jan.
Do
pref
118% Feb. 18
115% 115% *115 119 ‘ 115 119
*112 117 *112 117 *113 L17
6,345
2%
Feb.
Jan.
21
5%
3 Bay State Gas.......... .............
3%
3%
3%
3%
§3
3%
3%
3%
3%
3
3%
6,312 176 Jan.
195% Jan. 25
183 184 Consolidated Gas Company.
182% 183
181% 183% 183% 186% xl81% !84% 182% 184
600
37% Jan. 24
30 Jan.
31% *30% 33
31
30% 30% Consolidated Ice C o .........
32
32
33
*31
*30% 33
120 85 Jan.
Do
pref
*87
90
91 Feb. 15
87
90
*87
87% 87
*86% 88% §87
90
*86
13,088 30% Feb.
39% Feb. 7
33% 34% 33% 34
32% 33% General Electric Co..........
33% 33% 35
32% 32% 32
5,350 30 Feb.
37% Jan. 7
31% *31% 33 National Lead C o ................
30% 32% 31% 32% 31% 33% 31
30% 31
821 103% Feb.
Do
pref
109% Feb. 18
106% 106% §106% 107% 106% 106% §106 106% §104% 105
«103% 104
7,421
32% Feb. 4
Pacific
Mail............................
26%
Feb.
28%
27
28
26%
27%
27%
28%
28
28%
27
27% 27%
94% 91% 93% 91% 93 People’ s Gas L. & O. o f Chic 55,208 88% Feb.
99% Feb. 11
92% 94% 92
93
90% 91% 90
Silver Bullion Certificates...
56% Feb.
56% Feb. 24
*54%
600
3% Jan.
4% 4%
5% Feb. 16
4%
*4
4% Standard Rope & Twine— .»
*4
4
4% |i
*4% 4%
4%
12,258
Tennessee
Coal
Iron
&
R
B
...
21%
19
Feb.
22
20
21
28% Jan. 11
22%
21
19% 20% 19% 20% 20% 21%
400
6% Feb.
7% Feb. 7
6%
6%
*6%
*6% 6%
6%
6%
6% United States Leather Co . . . .
6%
6%
*6%
6%
8,219 59% Feb.
Do
pref
62%
67 Jan. 31
63% 62% 63% 62% 62% 61
61% 61% 61% 62% 63
3,530 15 Jan.
21% Feb. 15
16% 17% United States Rubber C o .....
17% *17
18
17% 17% 17
17
16% Its
16
2,471
Feb. 15
Do
pref.
74%
63%
Jan.
*66
68
65
67
67
66% 66% 65% 66% 67% 67% 66
32.578 86% Feb.
93% Jan. IO
86% 87% 86% 87% 87% 89% 87% 89% 87% 88% 87% 88 Western Union Telegraph ...
F o r I n a c t i v e S t o c k s see f o l l o w i n g p a g e .
* These are bid and asked no sale made. § Less than 100 shares.
11%
27%
16%
38%
82%
49
92
20%
93%
*54%
*107
10%
*7
27%
92%
§145%
120%

11%
28
16%
39%
83%
49
92%
20%
94%
58
110
11%
8
27%
92%
146
121

11%
27%
15%
39
82%
48%
91%
20%
93%
*54%
*107
10%
§8
27%
91%
146%
121%

12
28
15%
40%
82%
49
94%
20%
95%
58
110
11%
8%
28
93%
146%
124




11%
28
16%
40%
83
49%
93%
20%
95%
*54%
*107
11
8
27
93%
147%
123%
*175
87
73%
*150
9%
28%
32%

12% 11%
28% 28
17
16%
42
40%
84% 84
50% 49%
95
93%
21% 21%
97% 95%
60% *54%
n o *107
n% 10%
8
*7
28% 27%
94% 93%
147% 147%
124% 122%
§176
^89% 86%
74% 71%
160 *150
9%
9%
29% 29%
32% 31%

THE CHRONICLE.

M a r c h 5, 18 9 8,J

461

NEW YORK STOCK EXCHANGE PRICES (Continue!)—IN AC TIVE STOCKS.
I n a c t iv e

f

liar. 4.

stocks.

Bid.

ndloates unlisted.

R a ilr o a d Stock s.
Ann A r b o r ..... . . . . . . . . . . . . . . . . . 1 0 0
P r e fe r r e d ................... ......1 0 0
Buffalo Rochester & Pittsburg. 100
P r e fe r r e d ..................... -'•3-99
Burl Jedar Rapids & Nor.........100
Central Pacific............................ 100
Chioapo & Alton . . . . . . . . . . . . . . . 100
Chicago Qreat West. pref. A ... 100
PreferredB ................. . . ....1 0 0
Olev Lor. & W h e e l......— .—-100
P r e f e r r e d . . .. . . . . . . . . .. .......1 0 0
Cfieve and & P ittsbu rg.... ... 50
OoL Hock. Valley & T ol............100
P r e fe r r e d ..........— . — . — 100
Des Moines & Ft. D odge.......... 100
Preferred........................
100
Evansville & Terre Haute......... 50
Preferred <
. . . . . . . . . . . . . . . 50
Flint & Pere Marquette... ....1 0 0
P r e f e r r e d .............. . . . ___ 100
Green Bay & W estern.. .......1 0 0
Deb. certfs. B........................1000
Kansas City Pitts. & Gulf ......1 0 0
Keokuk & Des M oines... . . . . — 100
P r e fe r r e d ............. . .......1 0 0
Long Is la n d ............ . . . . .. . . . . . 1 0 0
Mexican National tr. o tfs ........ 100
Morris & Essex.. . . . . . . . . . . . . . . . 50
N.Y. & Harlem........ .
50
N.Y. Lao*. & Western.............. 100
Peoria Decatur & Evansville..100
Peoria & Eastern.. . . — . — *.100
Pitts. Ft. W. & Chic. gu a r......1 0 0
Bensselaer & Saratoga..— ....1 0 0
Borne Watertown & Ogdens. _.100
Third Avenue .............. . .......1 0 0

Bangt (tales) in 1898.

Ask.

Lowest.

131$ 121$ Jan.
15 Feb.
34 Jan.
40% Feb.
30>$ 28 Jan.
30% Jan.
65 Jan. 67% Jan.
64
72 Jan. 72 Jan.
12% 13% 1130 Jan.
13% Jan.
{158 162 158 Mar. 16678 Jan.
337« 30 Feb. 36% Jan.
24% 22i$ pet). 25% Jan.
20
{13% 14
13% Feb.
19% Jan.
49
47 Feb. 50% Feb.
{6%
25
19
11% 14
75
20
25
41
39
—
........
40
30
{21%
31$
15
42
1
171

211$
4«$
161$
50
1%
173

1
1%
7
3
169
180
121% 1221$
182 187
{20% 22
West Chicago Street................. 100 {971$ 97%
1% 2%
Wisconsin Cent. vot. tr. ctfs ... 100)
* No price Friday latest price this week.

5% Jan.
17 Jan.
11 Feb.

Mar. 4.

I n a c t i v e St o c k s .

Bid.

ff Indicates unlisted.

Highest.

121«
’ 36
28
61

m iscella n eo u s Stock s.
American Bank Note Co i f .

8% Feb.
25 Keb.
15% Feb.

23 Jan.
25 Jan.
40 Jan.
41 Jan.
12 Jan. 14% Feb.
41 Jan. 43 Jan.
30 Jan.
32% Feb.
6 Jan.
6% Jan.
19% Jan. 24% Feb.
3 Jan.
4% Feb.
18 Feb.
18 Feb.
40 Jan.
50 Feb.
1 ' Feb.
1% Feb.
167% Jan. 175 Jan.
320 Jan.
121 Jan. 123% Feb.
7e Jan.
1% Feb.
3 Jan.
5% Feb.
168 Feb. 171% Feb.
182 Jan. 184 Feb.
120% Feb. 123 Jan.
164 Jan. 194% Feb.
20% Mar. 22% Feb.
97% Feb. 102% Jan.
7g Jan.
3 7s J"an.
1 Actual sales.

(\ Indicates actual sales.)

Hawaiian Com. & Sugar.

U. S. Express.

Bange (sales) in 1898.

Ask.

100 {102

104

118
100 {127
100 {91
100 {117
.100 __
100 {20%
100
5%
.100
100 170
100 {45
50
100 {128%
100 {107%
100
{30
100 {47
{43
100 88
100 45
.100
.100
‘{62%
100 17
5%
100
100
7
100
,100
{5%
100
3%
100
50 340
100 {177
100
1%
100
3
100
"100
100 42
IOC {120

140
130

Lowest.
100

Feb. 180

Feb.

116 Jan. 130
90 Jan.
93
114% Feb. 125

Feb.
Feb.
Jan.

20% Feb,

78
6%

_

Highest.

5% Feb.

26% Jan
7% Jan.

45 Feb. 45
50 Jan.
60%
127% Jan. 135
107 7s Mar. I l l

32
48

Feb.
Feb.
Jan.
Feb.

28%
46
39%
92
50

Jan.
Feb.
Feb.
Feb.
Feb.

36%
55%
48
94%
51

54
62% 57
18% 17
7
8%
7
8

Jan.
Jan.
Jan.
Feb.
Jan.

54 Jan,
65 Feb.
19 Jan.
9 Feb.
8% Feb.

90

5%
2
7
45

Feb.
Feb.
Jan.
Jan.
Feb.

4% Jan.
6% Feb.
3% Jan
350 " Feb. 350 Feb.
189% Feb.
2 Jan.
2% Jan

40
113

Jan. 45
Jan. 120

Feb.
Feb.

NEW YORK STOCK EXCHANGE PRICES.—STATE BONDS M ARC H 4 .
SECURITIES.

Bid.

Alabama—Class A, 4 to 5 ....1 9 0 6
Class B, 5s..............................1906
Class O, 4s..............................1906
Currency funding 4s............1920
Arkansas—6s,fund,Hol.l899-1900
Non H olford..................................
7s, Arkansas Central R R .. . . . . . .
Louisiana—7s, c o n s ............... 1914
Stamped 4 s....................................
New oonsols, 4 s . .. ................1914

108%
107
100
100

Ask.

102ia 104

SECURITIES.

Bid.

SECURITIES.

Bid.

Tennessee—6s, old........ 1892-1898
6s, w bonds.......... 1892-8-1900
Do
New series... . 1914
Compromise, 3-4-5-68.......... 1912
New settlement 3s..............1913
Redemption 4s..................... 1907
Do
4*88......................1913
Penitentiary 4%s.................. 1913
Virginia funded debt, 2-3S....1991
6s, deferred t’st reo’ts, stamped.

90

Ask.

Missouri—Fund..............1894-1895
North Carolina—6s, o ld ........... J & J
Funding act...........................1900
New bonds, J& J........ 1892-1898
Chatham R R ..................................
Special tax, Class I .......................
Consolidated 4s.................... 1910 103
6s.................................'........... 1919 125
South Carolina—4%s, 20-40.. 1933 103
6s. noo-fund.......................... 1888

Ask.

71
5 J

New York City Clearing House Banks.—Statement o f c o n '
R eports of Non-Member Banks.—The Clearing-House now
dition for the week ending February 26, based on averages of also publishes returns for non-member banks. Statement of
averages for week ending Feb. 26, 1897, is as follows:
daily results. W e omit two ciphers COO) in all cases.
B an ks.

(00s omitted.)

Capital Sterpi’s Loans.

Specie. Legáis. Deposits.

Bank of New York.. $2,000,0 $1,900,6 $14,490,0 $3,670,0 $2,090, 0 $16,810,0
Manhattan Co......... 2.050.0 2, 100,8 15.790.0 2.415.0 2,132, S 17,372,0
Merchants’ ............. 2, 000,0 1,060,9 13.841.5 2,637,8 1, 000,
15.776.5
Mechanics’ .............. 2, 000,0 2.087.6 9.297.0 1.517.0 1,706,
9.154.0
America.................. 1.500.0 2.597.2 20.148.8 3,269,3 2,423, 23,087,9
1
,
000,0
672,
246.6 3.905.0
Phenix.............. .
398.0
4.012.0
•City........................ 1, 000,0 3.745.8 69.348.9 19,144,1 3,029, 86.471.3
120,8
750.0
355,9
676,
Tradesmen’s ...........
3.804.2
3.532.7
300.0 7.454.7 23.686.4 6.637.0 3,843, 26.286.4
Chemical.................
600.0
180,9 5.007.8
Merchants’ Exch’g#
935.0
691,
5.809.0
912.4 1,061,
Gallatin................... 1, 000,0 1.653.9 7.197.0
6,254,8
211.1
169.3 1.163.7
300.0
Batchers’ & Drov’rs’
203,
1.330.7
Mechanics’& Trad’s’
228,5 2.024.0
400.0
274,
283.0
2 .201.0
163.4
200.0
Greenwich...............
235,
890,4
109.7
903,7
600,0
Leather Manufac’rs’
489.8 8.089.5
358.8
425,
2,754,6
800,0
Seventh............... .
90,5 1.796.2
2.318.0
322.6
400,
State of New York.. 1.200.0
496.7 3.399.8
130.0
641
2.763.5
0
American Exchange 5.000. 2.480.8
26.405.0 2.246.0 3,726,
21.467.0
5.000. 3.559.0
0
Commerce....... .
26.552.1 2.827.5 3,650, 22.988.8
Broadway................ 1.000. 1.634.2
0
247,
6.321.5 1.017.5
5.648.5
Mercantile.............. 1,000,0 1.030.0 10.014.2 1.103.5 2,063, 11.292.8
Pacific.....................
465.4 2.357.2
388.2
422,7
692,
2.891.8
Republic................. 1.500.0
858.2 17.625.8 3.501.1 2,699, 21.328.6
Chatham..................
988.0 6.161.3
450.0
731.2
6.307.2
990,
200.0
People’s .................
250.8
133.1
1.747.8
2.401.1
553,
554.4 12.677.9 1.843.7 1,762. _ 14,866,8
700.0
North America...... .
Hanover.................. 1, 000,0 2.196.0 28.764.1 5.733.0 4,740, 0, 87,207,0
Irv in g ....................
500.0
359.0 2.945.0
263.6
769, 3 3,202,0
600.0
407.0 2.447.2
Citizens’ ..................
410.5
287,
2.631.4
264.3 2.397.4
166.2
500.0
Nassau.............. .
634,
3.144.0
Market & Fulton...
900.0 1.021.1 6.303.9
715.8 1,097,
5.816.0
159.5 3.607.6
Shoe & Leather...... 1, 000,0
581.9
576,
4.166.3
Corn Exchange...... 1,000,0 1.314.0 8.956.5 1.682.2 1,009,
10.212.5
204.1 5.632.7
Continental.............. 1,000,0
899.0
786,
6.760.2
406.3 1.887.0
•Oriental .................
300.0
184.0
384,
1.910.3
Importers’ & Trad’rs 1.500.0 5.716.1 25,427,0 4.954.0 1,805,
26.282.0
P ark........................ 2 , 000,0 3.265.7 40,017,7 10,617,7 4,367,
50.780.0
146.4 1.319.7
East River..............
174.9
250.0
156
1.243.3
Fourth..................... 3.200.0 2.056.7 22.577.4 4.370.0 1,620, : 23,767,6
519.1 9.712.0 2.234.0 2,228,
Central. . . . . . . . ____ 1,000,0
13.467.0
689.9 5.379.0
300.0
Second................
946.0
6.255.0
753,
282.4 3.460.2
750.0
Ninth............... . ...
561.5
414,
3.817.0
F irst........................
500.0 7.012.9 30.188.2 4.620.7 4,511,
31.938.2
63,4 1.362.8
N. Y. Nat’l Exch’ge.
188.1
300.0
215,
1.324.6
618.8 3.006.0
250.0
Bowery....................
446.0
698,
3.602.0
434.2 3.172.5
New York County..
646.1
200.0
322,
3.866.0
German American..
285.7 2.747.6
231.8
750.0
476,
2.626.5
'Chase...... ................. 1, 000,0 1.037.3 22.401.6 6.622.7 5,526,
32.323.1
Fifth Avenue..........
702,
100.0 1.113.8 8.255.9 1.788.0
9.615.8
German Exchange..
570.7 2.414.2
164.3
200,0
553,
3.064.2
711.4 3,689,8
Germania................
564.8
200,0
598,
4.718.6
Lincoln ...................
646.1 6.404.5 1.067.0
300.0
964,
7.267.5
G arfield.................
810.3 5.325.1
894.4
684,
200.0
6.377.2
Fifth.........................
312, l 1.869.6
390.7
232,
200,0
2.265.0
Bank of the Metrop.
816.8 5)082.6 1.034.8 1,246
300.0
6.854.5
West Side...............
341.1 2.363.0
200.0
251.0
398,
2.533.0
Seaboard................
324.8 9.349.0 1.627.0 1,702,
500.0
11.856.0
Sixth........................
843.6 1.745.0
200.0
223.0
275
1.602.0
Western................. 2.100.0
587.8 27.085.2 2,987,7 5,259
32.062.0
First Nat. B’klyn__
957.5 5.204.0
300.0
441.6
921
5.305.0
Nat. Union Bank... 1, 200,0
786.6 12.079.4 2.972.5
480
13.211.3
Liberty...................
290.8 3.041.3
500.0
362.7
3.241.4
487
N. Y. Fred. Exch’ge. 1,000,0
314.6 4.031.3
353
3.638.1
586.6
Bk.of N. Amsterdam
277,5 2.752.6
250.0
483.2
206
2.969.1
Total.
59.022. 74,271.2 641.878.4 1191865 86.076.4 729,214,3




BANKS.
(00s omitted.)
N e w Y o r k Ci t v .

Capi­
tal.

Deposit, with
Legal
Tend’r Clear­ Other
Loam A
N et
AB’k ing Bits. A De­
Stir- Invest­
plus. ments. Specie. Holes. House Trust posits.
Agent. Go’s.

$

$

Astor Nat’l Bank..
Astor Place...........
Colonial...... .......
Columbia..............
Eleventh Ward,...
Fourteenth Street.
Franklin National.
Gansevoort...........
Hamilton....... ...
Hide & Loath. Nat.
H om e..................
Hudson River......
Mount Morris......
Mutual..................
Nineteenth Ward.
P la z a .......______
Hirerside...............
Standard National.
State......................
Twelfth Ward......
Twenty.third W’d.
Union Sqnare........
Yorkville..............

507.7 22,0
300.0
250.0 855.6 2.438.9 206,1
5.5
100.0 48.6 586,9
300.0 185.8 1.863.4 132.6
61,6
100.0 112.6 1.093.2
100,0 44.1 771.7 12,6
200,0 31.2 460.0 130.0
8,8
200,0 24.3 648.7
200,0 94.5 1.220.4 50.4
500.0 144.6 2, 000,8 259.4
81,8 459.8 92.5
100.0
200,0 186.8 1.069.0 41.0
250.0 82,0 1.282.4 73.0
200.0 94.7 857.9 26,2
100,0 22.3 600.0 34.0
100,0 105.7 1.035.6 12.6
9,0
100,0 94.3 715.6
200,0 27.8 443.0 13.4
100,0 65.0 1.474.0 50.0
200,0 148.7 1.084.7 15.2
100,0 42.8 666.4 20.3
200,0 269.9 2.064.7 40.0
100,0 114.5 1.173.6 93.8

Bedford.............
Broadway......... ...
Brooklyn......... .....
Eighth Ward........
Fifth Avenue........
Fulton..................
Kings County.......
Mannfaot’rs’ Nat’l
Mechanics.______
Meoh’ s* & Tradr’s’
Nassau National..
National City........
North Side............
People’s.................
Queens Co. (L.I.C.)
Sohermerhorn......
Seventeenth Ward
Sprague National..
Twenty-sixth W’d.
Union....................
Wallabout.............

150.0 110.3
100.0 115.7
300.0 165.3
100.0 31.0
100,0 51.2
200,0 180.9
150.0 78.9
252.0 398.6
500.0 426.9
100.0 189,2
300.0 581.6
300.0 574.4
100.0 108,1
100,0 106,0
100,0 117.6
100,0 58,8

Brooklyn .

O t h e r Cit ie s .

1st Nat., Jer. City.
Hud. Co. Nat. J. 0.
2d Nat., Jer. City..
3d N at, Jer. City..
1st Nat., Hoboken.
2d Nat., Hoboken.
Bank of Staten Isl.
1st Nat.,Staten Isl.

100,0 66.2
200,0 220.5
100,0 51,2
100,0 48.1
100,0 31.5

100,0 467.1

42.8
62.3
113.0
71.4
133.1
17,»
53.8
56.6
30.5
52,1
81,0
116.7
95.7
123.0
64.0
46.7
48.1
25.0
110.3
90.4
212.4
70.2

944.7 29.5 56.9
1.271.6 32.6 123.2
1.064.3 55.6 68.1
9,7 16.6
272.3
452.3 24.1 18,6
870.9 56.4 38.6
579.5 39.5 29.4
2.129.1 223.5 263.7
2.400.9 101.5 118.8
868.8 51.2 36.4
3.684.0 203.0 162.0
2.260.0 78.0 340,0
640.7 10.3 66.6
779.7 41.1 29.7
1.700.4 86.6 111.9
445.3 35.4 12.2
394.4
7,3 37.9
1.054.4 89.1 13.0
20.4
6.6
354.0
13.2
6.6
255,3
482.8 12,6 37.1

797.7
178.0 160,0 2.687.8
157,8
782.8
181.7 27,7 1.939.7
256.2
1.392.3
115.4
964,1
70.0
440.0
57.8
600.1
5,5
109.3
1.248.5
134.3
1.486.7
53.6 1.7.1
557.3
173.0
1.103.0
100.1 117,5 1.596.3
227.5 16.1
920,2
113,2 42,5
860,0
279.8
1.227.9
79.2
713,5
65.8
300.1
5
52.0 96,0 1.601.0
117.4 129,8 1.428.5
75.5 91,8 860.1
152,1
2,320,2
98.2
1, 220,0
112.6
85.0 1.076.8
47.1
1.323.6
462.6 13,2 1.366.6
43.9
1,0
211,0
46.2 33.1
424.8
143.7
794.4
99.9
588.8
435.7
2.652.4
206,0
2.276.5
76,0 22,9
855.1
560.0 72.0 3.847.0
312.0 60.0 2.613.0
184.7 539,9 1.259.5
60.7 37,3
821.2
342.7 117,3 2.131.5
115.1
457.8
73.7
341.0
825,0 10,7 1,035;0
54,4
348.0
1.9
30.9 40,1
208.1
67.6
9,4
467.4

400.0 730.9 3.770.7 172.7 192.9 459.8 783,8 4.528.6
250.0 507.4 1.872.9 92.1 59.8 263.2 519.6 2.141.7
250.0 393.1 1.413.9 63.3 61,7 509.6
1.484.9
200.0 165.5 702.7 29,6 81.3 278.9 198.6
977.7
110,0 409.9 1,493,6 87.8 19.1 110.6 256,4 1.473.0
125.0 82,7 685.0 40.1 35.3 64.3 157.7
802.9
8
25,0 42.6 392.8 11.3 13.9 61.8
444.8
100.0 71.6 652,2 19.2 24.4 69,8
512.8

Totals Feb. 26... q,212,0 8.4933 58, 187,3 3,12 6 3 1,9/5,7 8,943,4 3,647,4 64381,
Totals Feb. 19... q,qi2,0 8.4933 5 8 3 9 3 3 7,111,0 3,97o.J 9,oqo,b 3 3 5 4 3 64,717,
Totals Feb. 11... 8,qi2,o 8.4933 58,7063)3 0 9 13 3 ,786,6 8 3 5 5 3 3344,6 64,168,
t W F o r prices of bank stocks (form erly given on this page) and
sum m aries o f the w eek ly returns of the banks in New Y o rk C ity.
Philadeluhia and Boston, see the tl^ird page preceding.

THE CHRONICLE.

S 462

BOSTON, PHILADELPHIA

[V ol . LX v i .

AND BALTIMORE STOCK EXCHANGES.
Sales
of the
Week,
Shares.

ET* Sitare P rlo es — n o t P er C en tu m P rices.

Active Stocks.

Saturday.
Feb. 26.

If Indicates unlisted.

Monday,
Feb. 28.

Tuesday,
Mar. 1.

Wednesday.
Mar. 2.

Thursday,
Mar. 3

Friday,
Mar. 4.

11% 11% 11% 11%
Atcli. T. A B. F e.(Boston). 100 11% 11% 11% 11% 11% 11% 11% 12
*17
18
*16% 17% *17% 18
17
17
*15
17
Baltimore & Ohio (Balt.).100 *16%
72% 72%
*72 __
73% *72%
*71
73
*71
Balt. City Pass’ger “
25 *72
23%
24
24
24
24
24
24
23%
23%
23%
Baltimore Consol. “
25 23% 23%
*23% 24
23% 23% QSIa 23%
BalttmoreConsol.if(Phil.). 25
224 224 *224 225
223 223
222 222 ” *222% 225
Boston & Albany (Boston). 100 *221
222 222 *221 223
222 222 *222 224 *222 ...
Boston & Lowell
“
100 *222 224
x l6 4 165% 165 165 ‘ 165 ...... *164 165
Boston & Maine.
“
100 162 162% *162
*8 % 10
*8 % 9%
9
9
8% 8 %
*8 % 10
9
9
Central o f Mass..
'*
100
...... *55 57
__
._„
P referred ......
“
100
94%
96
95%
96%
95%
97
97%
93%
95%
95%
94%
93%
Ohic.Bur.&Quin.
“
100
93% 94% 93% 94% 92% 93%
Chle.Mil.A Bt. P (Phil.).100 *92% 92% 92% 93% 93% 95
10
10%
10
10
10
10
10
9%
9%
9%
10
9%
hoo.Okla AGulf
“
50
30% 30
30%
30% 30% 30
30
29% 30
Preferred.........
**
50 29% 29% 29
*99
99%
99%
99%
99%
99%
99%
99%
99
99
99
99
Fitchburg p r e f .. (Boston;. 100
22%
22
22% 22
22% 23
23
22
Lehign"Valley.. (Phila.). 50 21 % 22% 21% 22
146%150% 153% 153% 149% 149% 146% 146%
141 141
Metropol’n Str’tif
“
100
6
*5% 6
*5%
*5% ......
5%
5%
5%
*5%
*5% 5%
Mexican Cent’ l (Boston). 100
*30
35
35
35
New E ngland....
“
100
*
90
90
90
*88
91
*89
90
*86
90
91
Preferred........
“
100 * "89
__
80
80
‘
79
80
Northern Central (B a l.). 50
23% 24% 24% 24% *23% 23%
23% 24
Northern Pacific (Phila.) 100 21% 21% 22% 23
62
63%
63%
62%
63%
63%
62%
63%
--Preferred
100 61% 61% * 61% 61%
192 *192 192%
192 192
192 *190 192
Old Colony.......(Boston) .100 192 192
58% 58% 58% 57% 58%
58% 58
Pennsylvania ...(P h ila .). 50 57% 57% 57% 57% 58
83%
83% 82% S3 *4
83%
84%
84
82%
81
81%
81%
81%
Philadelph. Trao.
“
50
9% 9Uie
9%
9% 9l3,e
9%
9%
9>
9% 9%« S»ie
9B16 30%
“
50
Beading Co........
30%
28% 20%
30%
31
31%
29%
30%
29%
30%
30%
Union Pacific!-. (Boston). 100
16
16
15% 16
16%
15% 15% 16% 16
Union Traction.. (Phila. ) . 50 15% 15% 15
M iscellan eou s Stock s.
126%
128
125% 128%
Am.Bug’r Refln.il (B oston).... 122% 123% 123 12fi% 127% 129% 126 130
112 112% 112 112% 112% 112% 114% 1 12%
111 112
, Preferred........
“
. . . . 111 112
262%
260
259 259% 260 262
258 259
Bell Telephone..
“
100 257 258% 256 258
186% 189
188% 191
Bost. A Montana.
“
25 178 180% 182% 188% 188 190% 187% 191
25
26% 25% 26% 24% 26
Butte A Boston.!
“
25 24% 24% 25% 26% 26% 27
532
531
532
535
540
540
530
530
525
520
525
Calumet A Heola
“
25 520
*
75
*75
75
77%
80
80
Canton Co . . . . . . . (Salt.). 100
56
56%
56%
55%
56
56
55%
Consolidated Gas
'*
100 55% 55% 55% 55% 56
20%
20% 17
Dominion Coal. (Boston) .100 20% 20% *20% 20% 20% 20% 20% 20% 20% 21%
21
21%
21
21
21%
20
20
20
19%
20
Elec.8tor. Bat’yif (Phila.) .100 20
23
23
24
23% 23%
22% 23
Preferred if
“
100 21% 21% 22% 22% 22
*67% 68
68
68% 68
67
68% 68
67
68
68
Erie Telephone.(Boston) .100 67
33
34%
33
33%
34
33%
34%
32%
34%
32%
33
32%
General Electric.
“
100 90
89
89
*90
93
90
*90
*90
*90
P r e fe rre d ......
100
49
*49
*48
*48
50
*48
Illinois S teel. . . .
“
100
*21%
22
22
22
22
"21% 21% 21% 21% 22
LamsonStoreSer
"
50 *21% 22
39%
40% 40% 40% 40% 39% 40% 39
40
40
Lehi’h CoalANav. (Phila.) 50
128% 128%
128 128 *127 130
126 126 *126 128
N. E. Telephone (Boston). 100 126 126
22
22
21%
21%
21%
21%
21
21%
21%
21%
ra.Heat,L.APow(PAi(a.;----103% 105% 107 108% 112 116% 112 iÏ4 % 110% 111%
Unit’d GasImp.H
“
50 103% 104
38
38%
39
38% 38
38
37
37
37
Welshach Light 11 “
® 37
*1
*1
1
1
1%
1%
*1
1
1
1%
*1
1%
West En d Land.. (Boston)...
* Bid and asked prloes; no sale was m ade.

Inactive Stocks.
Prices o f March 4.
Atlanta & Charlotte (Balt.).100
Boston A Providence (Poston). 100
Boston Elevated.......
**
100
Catawissa__ . . . . . . . . . (Phila.). 60
1st preferred..........
‘ V k 50
Central O h i o .......... (Balt.) 50
Chicago A West Mioh.(Poston).100
Cltiz’ns St. Ry.oflnd.ii (Phila.) 100
Connecticut & Pass~(JBo«ton;-100
Connecticut R iv e r .... '*
, 100
Consol. Tract, o f N. J.il (Pfcitot.) .100
Flint A Pere M a rq ...(Boston). 100
Preferred — . . . ---‘‘
100
Georgia Sou. A F la .. (Balt.) .100
1st preferred.. . . . . .
**
100
2d p re fe rre d ........ *
100
Hestonville Passeng. (Phila.). 50
Preferred if.............
"
50
Hunt. A Broad T op ... “
50
Preferred.................
‘
50
Kan. C’y Ft.8. A Mem. (Boston) .100
Preferred.................
**,
!0 0
Little Schuylkill....... (Phila.). 50
Maine Central.......... (Boston). 100
MHne Hill A 8. Haven. (PAiia.;_ 50
Nesquehoning V a l. . .
**
50
North Pennsylvania.
“
50
Or.Sh.Line all asst.pd(,Po*ton;.10C
Pennsylvania AN. W. (Phila.). 50
Philadel. A E r ie ...... _ ‘
50
West End................... (Boston). 50
Preferrea............... i- “ , , , 50
United Cos. o f N. J .. (Phila.).100
West Jersey A Sea Sh.
“
50
Western N .Y . A Penn
“
100
Wisconsin Central...(Boston).100
Preferred..................
“ 100
Woro’st.NaSh. ARoch.
“
100
MISCELLANEOUS.

Allonez Min’ g, asstpdfPoiton). 25
Am er.Ry. E l.Light.. (Phila.).......
Atlantic Mining........ (Boston). 25
Bay State GasU. . . . . .
“
50
Boston Land.. . . . . . . .
Centennial M ining...
Fort Wayne Elect.1T..
Franklin Mining-----Frenchm’n’s Bay L’ d.
Kearsarge Mining....M
Marsden G o ............. (P h ila .).....
Meigenthaler Linot..(Poston;. 100
Osceola M in in g .« ...
“
25
Pullman Palace Car.
“
100
Pennsylvania Steel.. (Phila.).100
_ Preferred If.......... .
“
100
Quincy Mining.
Boston). 25
25
>amarack Mining
100
u ater P o w e r...........
50
W estin g h . Elec. A M..
50
Pref., cumulative .-

Bonds-Boston.—

,

At.Top. A 8. F. general g. 4s, 1995
Adjustment g. 4s, 1 9 9 5 ..........
B o s t o n ’'>***<*

S '«.,. . ... .. .

Bid.

Ask.

Bonds.

Lowest,

Highest

10% Feb. 24 13% Feb
12% Jan. 11 17% Feb.
66 Jan. 4 75% Feb.
23 Jan. 17 24% Feb.
23 Jan. 8 24% Feb.
219% Jan. 3 225% Feb.
219 Jan. 4 225 Jan.
161% Feb. 25 171% Jan.
8% Mar. 1 9% Jan.
54 Jan. 3 56 Jan.
92% Feb. 24 103% Feb.
90% Feb. 24 97% Jan.
9 Feb. 25 11% Jan.
27% Jan. 4 33 Feb.
98% Jan. 3 100 Jan.
20% Feb. 25 26% Jan.
13078 Jan. 3 169% Feb.
5% Jan. 24
6% Jan.
35 Feb. 14 35% Feb.
80 Jan. 10 93 Feb.
76% Jan. 14 81% Feb.
19 Feb. 24 28% Jan.
58% Jan. 5 68% Jan.
187 Jan. 13 193 Jan.
56 Feb. 24 60% Feb.
78% Jan. 3 85% Feb.
8l»n Feb. 24 11% Jan.
25% Jan. 4 36% Feb.
12% Jan. 3 17% Feb.

T
Kr
11
1423
17
2Z
7
1028
11
1231
11
3
3
11
12
1614
7
31
31
31
7
13
6
2
14

66,179 120% Feb. 24 144% Jan.
306 110 Feb 24 116% Jan.
627 247 Feb. 24 272% Jan.
19,572 149% Jan. 4 191 Mar.
13,494 22% Feb. 24 28% Feb.
166 489 Jan. 3 540 MhX.
100 75 Mar. 3 75 Mar.
1,181 52% Jan. 10 57% Jan.
5,255 17 Mar. 4 24 Jan.
1,78* 20 Feb. 26 29% Jan.
527 21% Feb. 26 32 Jan.
562 67 Feb. 26 72% Jan.
1,96* 31% Feb. 24 39% Feb.
35 84 Jan. 3 96 Feb.
5 46 Feb. 2f 55% Jan.
196 20% Jan. 10 22% Feb.
296 39 Mar. 4 43% Jan.
34 126 Feb. 26 134 Feb.
1,210 18% Jan. 3 24% Jan.
32,155 97% Feb. 24 114% Feb.
216 33% Feb. 8 42 Jan.
1% Jan.
1 Jan. 13
41
reo.,all instai. paid.

7
6
14
2
%
2
3
19
3
IO
10
5
7
15
20
8
7
7
20
18

1,447
2,478
319
20
16
88

298
21.993
5,700
3,476
1,587
165
1,660
1,330
550
60
8

50
5,615
3,140
13
4.083
8.084
9,711
7,379
29,982

Bonds.

.7 1
Boston United Gas, 2d m. 5 s..1939
119%
Bnrl.AMo. River Exe nut 6s, JAJ
100 103
108
Non-exempt 6 s.....« 1 9 1 8 , JAJ
265 268
99
Plain 4 s . . . . . . . . . . .........1910, JAJ
60
59
107%
Ohio. Burl. A Nor. 1st 5,1926, AAO
%
102
2d mort, 6s...........1 9 1 8 , JAD
53%
101
Ohio. Bnrl. A Quincy 4 s.,1922, FAA
23
22
Iowa Division 4 s.....1 9 1 9 , AAO
14
11
67
Ohio.AW.Mioh. gen. 5s, 1921, JAD
25
67
Consol, o f Vermont, 5s. 1913, JAJ
155 160
80
Current
River,
1st,
5s..1927,
AAO
260
250
78
Det.Gr.Rap.A W .,lst 4s,1946.AAO
47
46
121
Eastern
1st
mort
6
g,1906,MAS..
13
11
Free,Elk. A M.V., 1st, 6s.1933, end.
43
40
Unstamped, 1st, 6s, 1 9 3 3 ........
30
27
80
K.C. C. A Spring.,1st,5g.,1925, AAO
85
82
102%
K a F.S.A M . con.6s, 1928, MAN
52% 55
80
K.C. Mem. A Bir.,lst,2s,1927, MAS
K.
O. St. Jo. A C . B .,78..1907, JAJ121
65“
105
L. R ookA F t By 1st,7s«1905, JAJ
103
Louis.,Ev.ASt.L.,lst,6g.l926,AAO
42
87
2m., 5—6 g ...........1 9 3 6 , AAO
15
10
108
Mar. H. A Ont., 6s.......1925, AAO
48
35
65%
53% 54 Mexioan. Central, 4 g . . . 1911, JAJ
15%
1st oonsoLinoomes, 8 g, non- cum.
130 131
6
5
2d consol, incomes. 3s, non-onm
56% 57
N. Y. A N.Eng,, 1st, 7e,1905, JAJ1 §119 119%
1st mort. 6 s ...........1 9 0 5 , JAJ §113 113%
97
95
29% Ogden. AL.C.,Oon.6s«.1920,AAO
29
15
Inc. 6s........................
. .1920
Rn tland, 1st,6 s ........1 9 0 2 ,MAN [l05 107
§
99
100
2d,
5
s
........................
1898,FAA
82% 83
103 103%
B on d s.—P hiladel i h i a , , .
109%
Atlantio City 1st 5s, g., 1919, MAN
....... .¡260
52 „..., Buffalo By. con. 1st, 5s.......... 1931
i*07**
3%' 8% Catawissa, M .,7 s ......1 9 0 0 , FAA
Choc. Okia. A Gulf, prior lieu 6s.. 109 110
1% 2
89
90
General 5s....................1919, JAJ
5
2
80
Citizens’ 8t.Ry.of Ind.,oon.5s.l933 79
120 125
Colnmb. St. R y „ 1st, eon. 5s.. 1932
Coiumb.
O.
Crosstown,
lst.5s.1933
1®8 178 Consol. Tract, of N. J., 1st,5s. 1933 103 103%
5
4%
126
31% Del. A B’d Br’k, 1st, 78.1905,FAA
31
8 Easton A Am. IstM. ,5s.1920, M&N 109%
1% 1Ö
81%
Eleo.
A
People’s
Trao.
stock,
tr.
otf
s
4%
4
14% Elmir. A Wilm., 1st, 6s. 1910, JAJ.
14
1
1 % Hestonville M. A F., con. 5s..1924
14% 15 Hunt. A Br’d Top,Con.5s.’95,AAO
C. Sub. Belt 1st 6 s ...1920, JAD
% % K.
"79%
g-fln.fi- Pitts. A G .lst 58.1923, AAO 79
Lehigh
Nav. 4% s.......1 9 1 4 , Q—J 114
7%
8
RR. 4s, g., 1914........... .....Q —F 109%
144 145
General mort. 4%s, g.l9 2 4 ,Q —F 105
42% 42%
95
Lehigh Val. Coal 1st 5s,g.l933,JAJ
177 178
Lehigh Valley, 1st 6s. ..1898, JAD 104%
14
130 __r
2d vs..............; ......................1910,MAP
116
Consol. 6 . . « ........................ 1923,JAD
110%
Newark Passenger, eon. 5s...1930 110 111
156
1 North Penn. 1st, 4s....1 93 6 , MAN 117
Gen. M. 7 s . . « ....................1 9 0 3 , JAJ
23%
53% Pennsylvania gen.6s,r.,1910, Var 130
Consol. 6s, c . . . . .....« .1 9 0 5 , Var ......... 119
Consol. 5s, r. . « . . . . « . . 1 9 1 9 , Var
90
Collat.
Tr. 4% nr....... . . i « l 3, JAD ........
60
Pa. A N. Y. Canal, 7 s... 1906, JAD
91

: Price includes overdue ooupons. i Unlisted. § And accrued interest*




Bid, Ask

Bange of sales in 1898.

Pa. A N. Y. Can.,oon. 58.1939, AAO
People’s Trao. trust eerts. 4s..1943
Perkiomen, 1st ser., 58.1918, Q—J
Phila. A Erie gen. M. 5g.,1920, AAO
Gen. mort., 4 g .......1 9 2 0 , AAO
Fhlla A Read. 2d, 5 s ...1933, AAO
Consol, mort. 7 e......1 9 1 1 , JAD
Consol, mort. 6 g ..« ..1 9 1 1 , JAP
Ext. Imp. M. 4s, g., 1947..AAO
Con. M .of 1882, 4s__ .1937, JAJ
Terminal 5s, g . « . M1941, Q.—F.
Phil. Wilm. A Balt., 4S.1917, AAO
Pitts. O. A St. L., 7s..« 1 9 0 0 , FAA
Beading Co. gen. 4 s ...« 1 9 9 7 , JAJ
Rochester Railway, eon. 5s ..1930
SohuyLR.E.Side,lst 5 g.1935, JAD
Union Terminal 1st 5 s .......F A A
B on d s.—B a ltim ore,
Atlanta*Charf., l s t 7871907, JAJ
Baltimore Belt, 1st, 58.1990, MAN
Balt. C. Pass. 1st 5 s ....1911, MAN
Balt. Traction, 1st 5s..1929, MAN
Exten. A impt. 6 s .... 1901, MAS
No. Balt. Div., 5s....... 1942, JAD
Baltimore A Ohio 4 g., 1935, A&O
Pitts. A Conn., 5 g .«.1 9 2 5 , FAA
Staten Island, 2d, 5 g.1926, JAJ
Receivers’ certificates, 6s..JAD
Do. Maryland Construe., 5s____
Do. Pittsb. A Connells., 5s..JA J
Do. Main Line 5s....... .
...
Bal. AOhio S.W.,1st,4%g.1990, JAJ
CapeF.AYad.,Ser.A.,6g.l916, JAD
Cent. Ohio, 4% g ____...1 93 0 , MAS
Cent.Pass.ext. A imp.5e.l932,MAS
City A Sub., 1st 6 s......1 9 2 2 , JAD
Chari. Col.<sAug.ext.5a.l910, JAJ
Col. A Greeny., 1st 5-68.1917, JAJ
Georgia A Ala., 1st pf. 5s.l945,AAO
Ga.Car. A Nor. 1st 5 g.,1929, JAJ
Georgia Pao., 1st 5-6S...1922, JAJ
Geor. So. A Fla.. 1st 5 s ..1945, JAJ
Metrop.St. (Wash.) 1st 5s ’25,FAA
North. Cent. 6 s..........1 9 0 0 , JAJ
6s............... ...... ............ 1904, JAJ
Series A , 5 b. . . « « ....1 9 2 6 , JAJ
4 % s. . . . . . . . . . . . . . ...1 92 5 , AAO
Pitts. A Councils. Ist7 s.l8 9 8 , JAJ
Pitts. United Trao., 5s.. .1997, JAJ
2d Ave. Trao. (Pitts.) 5s, 1934,JAD
Virginia Mid., 1st 6S ...1906, MAS
2d Series, 6 s ... . « . . « . 1911 MAS
3d Series, 6 s ....« ....1 9 1 6 ,M A S
4th Series, 3-4-5S.....1921, MAS
5th Series, 5s........ «1 9 2 6 , MAS
West Va. C. A P. 1st, 6 g.1911, J AJ
Wilm. Ool. A Aug., 6 s ..1910, JAD

Bid
102

130*

133“'
124
104%

102
........ 118%
107
83
83%
108
120%
91
115
115
103%
116
104
65
102

91%
116
105
116%

Ï03

100
100
70

100%

113
114%
107
115
104
88
119
101%
117
106
112%
117
110
101
100%
108
ILO
116
114
96
105
109
118

115
115
109
117
104%
92
120
101%

M ISCE LLAN EO U S.

Baltimore Funding 58.1916, MAN 122
Exchange 3 % s ........1 9 3 0 , JAJ 106
78%
Virginia (Stace) S s,new .l932, JAJ
70
Funded debt, 2-3S.....1991, JAJ
106
Ohesapeaxe Gas- 6 s . . « .1900, JA I
Consol. Gasl 6 s ..« Ma..« 1 9 1 0 i JAT 119
108
5s_________
.—V»3Q.

>iail

102%.

120%
108 109

JH
Ó

73%

101
110

__ftr
110
123
106%
79%
70%
106%
119%
108%

ÄJÄ

THE CHRONICLE.

March 5, 1898.]

463

WEff YORK STOCK E X OHANftH PRICES ( Continued)—A C T I V E B O N D S M A R C H 4 AND FOB Y E A R 1 8 9 $ ;
R a il r o a d an d
M is c e l l a n e o u s B o n d s .

Int’ st °PH cta Swn0* C o b * ) in 1898
Period Mar, 4.
Lowest.
Highest.

R a il r o a d an d
M is c e l l a n e o u s B o n d s .

Bangs (salts) in 1898
Int’st Closing
Price
Period Mar.
4. Lowest.
Highest.

106 Feb. 109 Jan.
Amer. Cotton Oil, deb., 8g. 1900 Q—F 107
Lpuls. N. A. A Oh.—1st,68.1910 J A J
112 Feb. 113% Feb.
72 Mar.
Amer. Spirit Mfg., 1st 6g.l915 M A S 72
77 Feb.
Manhattan consol. 4 s .....1 99 0 A A O 96%a 95% Jan.
98% Jan.
84%
82 Jan.
Ann Arbor.—1st,4s, g .....l9 9 5 Q—J
86% Feb.
J
A
J
118
Metro.
E
lev.1st,
6g
.
...1908
118
Mar. 119% Feb
8913 Feb. 94 Feb.
At.T. AS.F.—New gen. 48.1995 A & O 91
2d.6s ..............................1899 M A N 104 %b 104% Jan. 105 Jan.
59%
Nov.
57% Jan.
Adjustment 4s.............. ..1995
64% Feb. Metrop. St. ,gen. ool. tr.g.5s.l997 F A A 111% I l l Feb. 116% Jan.
B’wayA7thAv.-lst.oomg.5s’43 J & D .121 1 120 Feb. 122% Jan.
Mich. Cent.—1st, oons., 7s. 1902 M A N 113%b 11378 Feb. 116% Feb.
Brooklyn Elev. 1st, 6 g ....l9 2 4 A & O Î 84% 183 Jan. 187% Feb.
OonsoL, 5s..............„....1 9 0 2 M A N 106 b, 106% Jan. 106% Feb.
Union Elevated.—6 g ....l9 3 7 M A N t 84
1825g Mar. 187% Feb. Mlnm&St.L.—1st eon.5s,g. 1934 M A N 107
Jan. 108% Feb.
Bklyn Rap. Trans., 5 g ....l9 4 5 A & O * 94%
92 Feb. 97 Feb. Mo. K. A E.—1st 5s, g., gu..l942 A A O 96 b 106%
94 Jan.
99% Feb.
Bkly n.Un. Gas, 1st, cou.5g. 1945 J & J 11214b. 112% Jan. 114% Feb.
J
A
D
88
A
Texas.—1st,
4s,
g.
1990
8578
Jan.
91% Feb.
B’klynWhrf&W.H—lst,5s,g. 45 F & A 96 b 97 Feb. 100% J an.
2d, 48, g ............................ 1990 F A A 61 b 60% Feb.
67% Jan.
Burf. R. A P.—Gen. g. 58.1937 M A S 103 b 104% Jan. 106 Feb. Mo. Pao.—1st, con., 6g___ 1920 M A N
97
94 Jan. 100% Feb.
Canada Southern.—1st,5s,1908 J & J 110% 10919 Feb. I l l Jan.
3d, 7s.................................1906 M A N 110 a 107% Jan. 109 Jan.
8d, 5s................................ 1913 M A S *108
108 Mar. H I Feb.
F
A
A
103
%b
Pao.
of
Mo.—1st,
ex
.,4
g.l9
3
8
103
Feb. 106 Jan.
Cent, of Ga.—1st, g., 5 s ...1945 F & A 118 a. 116% Feb. 119% Jan.
2d ext 5s...................... 1938 J A J 106%b 106% Feb. 106% Feb.
Cons., 5s, g .....................1945 M & N * 89%
88 Feb. 92% Jan.
J
A
D
St.
L.AIr.Mt.Ark.
B.,5s.l935
106%
Jan.
108 Feb.
Central o f N. J.—Cons.,7s,1899 Q - J ,104 b. 104% Jan. 104% Feb.
1st ext., g., 4%s........... 1947 F A A 110
107% Feb. 110% Jan.
Consol.. 7 s ...................1 9 0 2 M & N 112 b.
91
A
A
O
„
R’y
Aland
gr.,5g.l931
88
J
an.
9478 Feb.
General mortgage, 5 g ...l9 8 7 J & J 113 b. 110 Jan. 11478 Feb. Mobile A Ohio—New6g ...1927 J A D 122 ;
121 Jan* 123 Feb.
Leh.AW.B.,oon.,7s,as’d. 1900 Q—M 10113a. 100 Jan. 103% Feb.
M
A
S
76%
mortgage,
4
s
..
1938
76%
Mar.
80%
Feb.
**
mortgage5s.l912 M & N 91 a. 90 Jan. 93 Feb. Nash. Oh. ASt.L.—1st, 7 s..1913 J A J
130% Jan. 131% Feb.
Am. Dock & Imp., 5s___1921 J & J 116
114 Feb* 116 Mar.
A
A
O
1928
OonsoL.Sg.......................
Í04%bl
103
Jan.
105
Feb.
Central Paoifio.-Gold, 6S.1898 J & J
N. Y. Central—Debtext.4s.1905 M A N 104 b. 103% Jan. 105 Feb
Exten. 5 g . .................... 1898 J & J
A J 116%b. 116 Jan. 117% Feb.
1st. coupon, 7s................1903
Ches. A Ohio. —Ser. A, 6g..l908 A & O 11913b. 119% Mar. 120% Feb.
Deben., 5 s, coup., 1884..1904 M A S 108 %b. 110% Jan. 112 Feb.
A
&
O
11913b.
Mortgage, 6 g ...................1911
120% Jan. 120% Jan.
MA
N , 109 b. 109% Jan. 109% Jan.
g*
Y.
A
Harlem,
7s,
reg,.1900
le t consol.,5 g .................1939 M & N 11513 114 Jan. 117 Feb.
Ogd., consols, 58.1922 A A O 122% 121% Jan. 123 Jan.
General 4%s, g ................ 1992 M & S 79%
79% Mar. 84% Feb.
J
A
J 110% 109 Jan. 110% Feb.
We8t8hore,guar.,
4
s
..„2
3
6
1
R.& A. Div., lstoom , 4 g.l989 J & J 105 a. 103% Jan. 105 Jan. X*
Ohio. A St. L.—i. g ...l9 3 7 A A O 105 b.
Mar. 107% Jan.
rih,- » , . 2d co n .,4 g „ 1989 J & J 93 %a. 93% Jan. 93% Jan. N. Y. Lack. A W.—1st, 6 s.. 1921 J A J 134 b. 105
138 Feb. 13878 Jan.
Chic. Burl. & Q.—Con. 7s. 1903 J & J 115 %b. 115% Jan. 116% Feb.
F
A
A
in
s
tr
u
c
tio
n
,
5s.............1923
Debenture, 5s.................. 1913 M & N 107isa. 106 Jan. 109 Feb.
*v‘
dsk. otfa. A A O
145 Jan. 150 Jan.
Convertible 5s.................1903 M & S 10813a. 107% Mar. 112 Jan. N.Y.Ont,
A W.—Ref.4s, g.1992 M A S 101 a. 97% Jan. 102% Feb.
Denver Division 4e.........1922 F & A 9914
99% Feb. 101% Jan.
Cons01., 1st, 5a, g ............ 1939 J A D 108
107% Jan. 108% Jan.
Nebraska Extension, 4S.1927 M & N 9713a. 97% Feb. 100 Jap. N.Y.SU8.A
W .lstref.,5s, g.1937 J A J 108
103 Jan. 108% Feb.
Han.& St. Jos.—Cons.6s.1911 M & S 11913b. 122% Jan. 123 Jan.
Gen. 5 g ........
1940 F A A 92%
87 Jan.
98 Feb.
Chic. & E. 111.—1st,s. f. 68.1907 J & D 116 b. 116 ^ Jan. 116% Feb.
Midland of N. J., 6s," g " ! 1910 A A O '120 b. 120 Jan. 121 Jan.
Consol. 6g.........................1934 A & O 131isa. 129 Jan. 130 Jan. No
l A W Ry.—1st,oons.,4g.’96 A A O
81%b. 79 Jan.
85 Feb.
General consol., 1st 5 s.. 1937 M & N 106
101% Jan. 108 Feb. No.Paoiflo—1st, ooup. 6g.l921 J A J 116%b. 116 Jan. 119%
Feb.
Chicago & Erie.—1st, 5 g ..l9 8 2 M A N 112
111% Feb. 113 Feb.
Prior lien, ry. A l.g. 4, g.1997 Q - J
95%
97%
Feb.
94%
Feb.
Chic. GasL.&C.—1st,5 g ..1937 J * J 106
104% Feb. 106% Jan.
Q
F
General
lien
3
g
.
.
.......2
0
4
7
61%
63%
Feb.
59% Feb.
*
Ok; ind- & L.—Ref., g., 5S.1947
85
83 Jan. 89 Feb. No.Pacific Ter. Co—6 g . . . . 1938 J A J 105 %b. 104
Jan. 107% Feb.
*
141
Chic.Mil.ASt. P.—(3on.7s.l905
138 Jan. 142% Feb. Oklo Southern—1st, 6 g ...l9 2 1 J A D
80
b.
84%
Feb.
80 Jan.
,121
let, SouthwestDiv., 6s.. 1909 J
118% Jan. 119% Jan.
General mortgage, 4 g ..l9 2 1 M A N
11 Jan. 15 Jan.
let, So. Minn. Div., 6 s ..l9 lo J
119
118% Jan. 121 Feb. Oregonlmpr. Co.—Is t6g . . l 910 J A D tllO a tl03%Jan.
tll2 % F eb.
116
l8t,Ch.APao.W.Dtv.5s..l921 J
115% Jan. 117 Jan.
Consol., 5 g . . . . . . . .
1939 A A O t58 b t46% Jan. 162% Feb.
J
Chic. A Mo. Riv.D iv.,5s..l926
I I 413 114% Jan. 117 Feb. ° ^ ^ - £ S av* Co. —1st,*6gl 1909 J A J 114
112% Jan. 115 Jan.
Wise. & Minn., Div ,5 g...l9 21 J
113 b. 114% Jan. 115% Feb
95
4 g.1946 J A D
97 Feb.
93% Jan.
Terminal, 5 g.................... 1914 J
115 b 114 Jan. 115 Feb. Oreg. Sh. LineoonaoL»
-1 s t,os, ¿.1 9 2 2 F A A 123 b, 122 Mar. 127% Feb.
105 b. 104% Jan. 107 Feb.
«??• K a
seriesA ....1989 J
1st, eon. 5s, g...................1946 J A J 100
10£
Feb.
96%
Jan.
Mil. & Nor.—1st,con.,6s. 1913 J & D 122 a. 123 Feb. 123 Feb.
Non-oumul. ino. A, 5 s ...1946 Sept.
65
69 Feb.
58 Jan.
Ohio. & N. W.—Consol., 78.1915 Q - F 141
141 Mar. 145 Jan. Penn. Co.—4%g, ooup....... 1921 J A J 112% 112%
114
Jan.
Mar.
Coupon, gold, 7 s .. .......... 1902 J & D 116 b. 116% Jan. 116% Jan.
Deo. A Evansv.—6 g .1920 J A J t 99 %b. î99% Jan. tlOO%Mar.
Sinking fund, 6s..............1929 A & O 11713b. 116% Jan. 117% Jan. Peo.
Evans. Division, 6 g ....,1 9 2 0 M A S t 97 a. 96 Feb. 96 Feb
Sinking fund, 5s..............1929 A & O lll% a . 111% Jan. 111% Feb.
2d
mortage,
5 g ................1926 M A N , tl7 a.
Sinking fund, deben.,5s. 1933 M & N 117% 117% Jan. 118% Feb. Pitts Sh. A L. E., 1st, 5 g.1940 A A O **108
b. 106% Jan. 109 Feb,
go-year debenture, 5 s.. .1909 M A N 109 %b. 110% Jan. 110% Feb. Pittsburg
A
Western—4
. 1917 J A
83%
86% Feb.
77 Jan.
p e n s i o n , 4s.................. 1926 F & A *104 b. 105 Feb. 107 Feb. Reading Co.—Gen., g. 4sg .1997
J
A
J
83%
82% Feb.
87% Feb.
Mjh-L. Sh. A W., 1st, 6g.l921 M& N 136%a. 136 Mar. 137 Jan. RioGr. Western—1 s t4 g ..1939 J A J
82%
86% Feb.
81
Feb.
E xtern* Imp., 5 g .« .1 9 2 9 F & A
116% Feb. 117% Feb. St. Jo. A Gr I81.-2-3-4S.. 1947 J A J 74
76 Feb.
70 Jan.
Chio.R.I.APao.—6s,ooup.l917 J & J 131 b.
St. L. ASan Fr.—6g, 01. B.1906 M A N 115 %b. 115 Jan. 116% Feb.
Extension and 00L, 5 s ...1934 J & J 105% 105% Jan. 106% Jan.
J
A
J
General
mortgage,
6
g
..l
9
3
l
118%
119%
Feb.
116%
Jan.
80-year debenture,5s...1921 M & S 105% 105 Mar. 108 Feb.
General, 5 g ...............
193! J A J 103 b. 103% Jan. 105% Feb.
» . S I , P.M . * O.—6 s ...1930 J & D 135
135 Mar. 138 Jan.
Railroad,
4
g
........
.
.
.
.
.
.
199«
J
A
J
74
77
Feb.
72 Feb.
Chic. Ter. Transfer.—4 g .,1947
85
83 % Jan. 87% Feb. st-L-.& 80. W7—1st, 4s, g.1989 M A N
74%
76% Feb.
72 Jan.
01®7 ' k,or. <fe Wheel.—5 s ...1933 A & O
102% Jan. 102% Jan.
2d, 4s, g., in c o m e ...,....1 98 9 J A J 28 b. 27% Jan.
30 Feb.
0 . 0 . 0. * 1 .—Consol.7 g . . . l 9 l 4 J & D *Í34%b! 135 Jan. 137 Jan. St.P.
M.
AM.—Dak.Ex.,6
g
.
1910
M
A
N
120
b.
122
J an.
121%
Jan.
_ Sl&por&l, consol., 6 g . . . . 1934 J & j
lstoonsol.,6 £ . . „ , . . „ . . 1 9 3 3 J A J
128 Jan. 129 Feb.
C.0.C&St.L.—St.L.Div.,4s.l990 M A N
95 b. 96% Jan. 98% Feb.
J
A
J
"
reduoedto4
%g
.
.
100%
100%
Mar.
108%
Feb.
—Teoria a Eastern, 4s..,.1940 A * O 75 b. 73 Jan. 78% Feb.
Montana extension, 4 g .1937 J A D
99%D. 93% Jan.
99 Feb.
Col, * 9th Ave. gu. 5s. £..1993 M A S 120 a. 121% Jan. 123%
Jan.
Ant. A A .P.—ls t,4g.,gu.’43 J A J 60 a. 59% Jan.
62% Jan.
Col.H. Val.&Tc h—Oom,5g.l931 M A S 77 b. t74 Jan. 182 Feb. San.
So.
Oar. A Ga.—1st, & g ...l9 1 9 M & N
95 b. 95 Jan.
98 Feb.
General, 6 g . „ . . . . . . . . . 1904 J A D
57 b. 54 Jan. 61 Feb. 80. Paoiflo, Aria.—6 g ...1909-10 J A J 103%
104
Feb.
100%
Jan.
D e n y .* RioGr.—Ist,7s,gll900 M A N 110%a. 110% Feb. 110% Feb. So. Paolfio, Cal.—6 g . . . 1905-12 A A O
110 Jan. 110 Jan.
1st oonsol.. 4 g...............1936 J A J 94 a. 89% Jan. 95% Feb.
1s toonsol..gold, 5 g . . . . . 1937 M A N
96
b.
97
Feb.
92%
Jan.
nSi1«So. Sh, A
J*’*
e " lBt» 58.1937 A A O 106 %a. 104 Jan. 110% Feb. So.Paoiflo, N. M.—6 £ .....1 9 1 1
A J 108% 105% Jan. 108% Feb.
Dul.
Atl.—5g.._.1937
J A J
105 Jan. 106% Feb. Southern—1st oons. g, 5s. 1994 J A J 91
90 Feb. 94% Feb.
Sifi80niK1^ U-~ l8t,Con.g.58.,95 J A J 115 b 115% Jan. 117 Jan.
E. Tenn.reorg. lien 4-5s. 193 8 M A S
96 Jan. 100 Feb.
fib prior bonds....1996 J A J 90
89% Feb. 93 Feb.
E.T. V. AG.—1st,7 g ..„ 1 9 0 0 J A J 106%b 106% Jan. 107 Jan.
70 Jan. 74% Feb.
' 3' 4' g ...............1996 J A J 71%
„ 0 ° n .5 g
- . . . „ 1956 M A N 110% 110% Jan. 111% Feb.
r , ^ • —ist, con., 7 g..l9 2 0 M A S ’"IIS a 143 Mar. 147% Feb.
Georgia Pao. Ist5-6s, g .,1922 J A J 119 %b 118% Jan. 121 Feb.
. . . D gD ock ,con sol., 6 g . l 935 A A O 139%a 139 Feb. 139 Feb.
Knoxv. A Ohio Is t6 s ,g .’ l925 J A J 116 b. 116 Mar. 117% Feb.
& Den. City.—4-6 g.1921 J A D
71 b 69% Feb. 75 Jan.
jRieh. ADanv. oon. 6s ,g ..l9 i ,, J A J 123
122 Jan. 125 Feb.
GaL H. ASarn An-M. <feP.D?lst,5g M A N
95 b, 92 Jan. 95% Mar.
WestuNo.Carlstoon.6s,g 1914 J A J
112% Jan. 116% Jam
Gen. Electric,deb. 5 s ,g ...1^22 J A D 101 %b, 100% Jan. 101% Feb. Standard RopeAT.,lst,6g.l946 F A A 57
61% Jam
56 Feb.
H ous.* T. Cent. gen. 4s, g. 1921 A A O 79 %b, 78 % Jan.
80 Jan. Tenn. O. I. A Ry—Ten. D .lst, 6«- A A O 84 b. 84 Feb. 86 Feb.
Illinois Central.—4s,g.. . . . 1953 M A N *102 a, 101% Jan. 102
Blrmlngham Div., 6 g . . . 1917 J A J 84
Jan.
87 Jam
84 Jan.
r W eBternLines,l8t,48,g.l95l F A A 103
103 Mar. 105 Jan. Texas A Paoiflo—1st, 5g..2 0 00 J A D 101
97% Jan. 102% Feb.
Int.*GreatNor.—lst,6s,g 1919 M A N *123 b. 121% Jan. 123% Jan.
2 d ,income, 5 *
„2 9 0 0 Maroh
34%
35 Feb.
28 Jan.
2d, 4 % -5 s....................... 1909 M A S 84 b. 85 Jan.
90 Feb. Toledo A Ohio Cent. 5 g ..l9 3 5 J A J
102% Jan. 104% Feb.
Iow a Central.—1st,5 g ....l9 3 8 J A D 102 %a. 99 Jan. 103% Feb. ToL St. L. A Ran. O.—6 g..,1916 J A D 104%b.
83 %b. 86 Jan. t90 Jan.
Ean.O.P.&G.--lst & col.g.5s’ 23 A A O 78%
78% Jan. 81% Feb. Union Paoiflo—6 g . . . . . . . 1 8 9 8 J A J
103
Jan. 103 Jam
Co. Elev.—l8 t,5 g.. 1925 J A J 45 b. 45 Feb.
50 J an.
Ext. sinking fund, 8 ...„1 8 9 9 M A S
113% Jan. tl34% Feb.
Laclede Gas.—1st, 5 s ,g ... 1919 Q—F 102% 102% Mar. 105% Jan.
Ooliat. tr. 6s, g. notes... 1902 F A A
¿50% Feb.
¿43
Jan.
LakeErie & West.—5 g .... 1937 J A J 115%b. 115% Jan. 117% Feb.‘
New 4 s . . . . . . ............................
93%
92 Feb. 95% Feb.
L. Shore.—Con,op., Ist,7 s.l9 0 0 J A J 109% 107% Jan. 109% Feb.
Purchase money c e r t s ...” ”
126%
Feb
111%
Jan.
Consol, coup.,2d, 7s. . ...1903 J A D 120 a. 119 Jan. 120% Feb.
Kan. Pao.-D en.D iv.,8g . 1899 M A N
120 Jan. 130% Feb
Gold, o^as.........................1997 J A D 105%a. 104% Jan. 106% Jan.
1st
consol^
6
g
.
.
„
,
.
.
„
l
9
1
9
M
A
N
tl0
6
b.
tll5
%
F
eb.
t84%
Jan.
Leh.V al.Ter.-lst, gu 5s.l911 A A O 111% I l l Jan. 111% Feb.
J A D t 56
t48% Jan. t59 Mar.
Lex. Av. APav.F.gm 5s,g 1993 M A S 117 b. 121 Feb. 123% Jan. U.U.P.Den.AGoli,oon.,5g.l939
S. Leather—S.F.deb.6g.l913 M A N 115 b. 114% Jan. 116 Feb.
Long Island.—1st oon.,5g . l 93i Q—J 118 b. 117% Jan. 120 Feb. Virginia Mid.—Gen.M., 5s. 1936 M A N
105% 103% Jan. 106 Feb.
r
»»ortgag®,4g...l938 J A D
87 b. 85% Jan.
89 Feb. Wabash—lBt, 5 £ . . „ . „ « 1 9 3 9 M A N 107% 107% Mar. 110 Feb.
Louis. »N ash .—Cons. 7 s..1898 A A O 103 b. 102% Jan. 105 Feb.
2d
mortgage,
5
g
.
«
.
„
„
1
9
3
9
F
A
A
82% Feb. i1
78
78 Feb.
N.O, A Mobile, 1st, 6g . . . 1930 J A J 122 %b. 120% Jan. 122 Feb. West
^ A Pa.—is t, 5 g .1937 J A J 108% 106 Jan. 108% Jam t
“
2d, 6g .. 1930 J A J 107%b.
Gen. 2-3-4S, g o l d . « ..„1 9 4 3 A A O 52%
55 Feb. C
48
Jan.
J A D 119% 117 Jan. 120 Feb. West.Un.ToL—CoLtr. 6 s ..1938 J A J 110 b 109 Jan. 111 Jan. I
Unliied,4g.......... .... .„ .1 9 4 0 J A J 88 %
85% Jan. 91% Feb
Wise. Cent. Co. 1st 5s, g . .. 1937 J A
t 40% t33% Jan. t47% Jan i1
Note.—“ b” indicates price bid; “ a” price asked; the range is made up from sales. *Latest price this week. ¿Trust reoeipts. ¿62%% prim pd.
m w

Y O R K S T O C K E X C H A N G E P R I C E S - ( C o n t i n u e d W i Y A C T I F t f B O N D S -M A R C H 4 .

s e c u r it ie s .

Bid

Ask.

Railroad Bonds.
( Stock Exchange Prices.)
labama Mid.- 1 s t , g., guar.. 1928
Atoh. Topeka A San Fran.—
Equip, trust, ser. A, 5s, g ..l9 0 2 •mmmrnm
Chicago A St. Lou.—1st, 6s. 1915
......
AtlamAve.,Bklyn—Imp.g.5s.l934
Atlan. A Danv.—1st, g., 5 s ... j. j 5o ........ 100




SECURITIES.
Bid. Ask.
SECURITIES.
Balt. A O h io -1st, 6s, Park B.1919 116 118
Ohio A M.—2d oonsol. 7s. ..1911
5s, g old .................................. 1925
98
Springfield Div. 1st 7s........ 1905
Cons, mort., gold, 5s.......... .1988
93
General 5s............. - . .„ . . . .. 1 9 3 2
W Va. A Pitts.—?st,g., 5s..1990
93
Brooklyn Elevared—2d, 5 S...19U
Monon. River, ls t,g ., g. 5 s ..1919
Seaside A B.B.—lst,g,5s,gn.l -»42
Cent’l Ohio Reo .—1st, 4% s.l93e *9 8 "
Brunswick A W’n—1st, g .,4 s.l9 38
Col. Cin. A Mid.—1st, i% g .. 1939
........ Buff.R. A Pitts.—R. A P .lst,6 s.l9 2 1
Ak.ACh.Juno.—Ist,g,5s,£n.l9l«
Roch A Pitts.—Oons.lst,68.1922
B. A O 8. W., 1st, g .,4 % s ...!9 9 0 *98
Clear. A Mah.—lst,gu.,g.,5s.l943
Om'-' *■ Miss,—lst.eon. 4 s...
Buff. A Susqneh —1st, 5s, g ..l» !H

Bid.
.......

Ask.
106%

Ì 25"
121 123
118

THE CHRONICLE.

464

[VOL. LXVI,

NEW YORK STOCK EXCHANGE PRICES. —IN AC TIVE BONDS—( ContinuedJ—MARÖH 4 .
SECURITIES,

Bid.

Ask.

SECURITIES.

Bid.

Ask.

SECURITIES.

Bid.

Ask.

Northern Pacific—
107*3 Erie—5th extended, 4s ......1 9 2 8 104
Burl. Ced.Rap. A No.—1st, 5s.1906
St.Panl A N . P.—Gen., 6S..1923 *126
lit , oon., gy, f d , 7 s .............. 1920
ConsoL A collat. trust, 5 s ..1934
Norfolk A South’n—1st, 5s,g.l941 *104*s
B. N. Y. A E.—1st, 7s..........1916
Minn. & St. L.—1st, 7s, gu ..l9 2 7
Norfolk A West.—General, 6s.l931
115
Bufl.
A
8.
W.—Mortg.
6s---1908
105
Ced. Hap. I. F. A N „ 1st, 6S.1920
New River 1st 6s ................1932
/efterson—1st, gu. g 5 s . — 1909 106
1st 5s..................................1921 105*3
Imp. A Ext., 6s......................... 1934
Coal A R R .-6 S ...............
>922
Osut. HR. A, Bank.—Col. g.5s.l937 *91*8
Col. Conn. ATer..l si.gu. g. 5s. 1922
*116
r»nok A Trapt.,1 st 6s. our’ oy.l 913
Cent. By. o f Ga.—
87%
Scioto V.AN.E.—1st,gu.g.4s.1989 87
N. Y. AGr’nw’dL.—Gu.g.5s.l946
1st, pref. income, g., 5s ....1 9 4 5 39*3 41
Ohio
River RR.—1st, 5s, g . ...1936 104
118%
116
14*3 Svans. A T.H.— ist, cons., 6s. 1921
14
2d, pref. inoome, g., 5 s ....... 1945
Gen,
g
.,5
s
.............................1937
85
82*3
1st,
general,
g.,
5
s
.......
.—
1942
7% 8*3
8d, pref. inoome,g., 5 s......1 9 4 5
Omaha A St. Louis.—1st, 4 s ..1937 76% 79%
MLVernon 1st 6 s . . . . . . ......1 9 2 3
Mae. A Nor. Div., 1st, g., 5s. 1946
Ore. Short L in e-U . AN.lst.7s.190» 116%' . . .
SuL Co. Br. 1st, g., 5s..........1930
Mobile Div., 1st, g., 5 s.......1946
Gold, 5s...............................1926 100
Evans. A Indian.—1st, oon s..l926
Osnt. of N. J.—C onv.deb.,68.1908
49%
Non-onm. ino. B. and ool. trust..
Flint A P. Marq.—Mort., 6s. ..1920
0*nt. Paoif c—
„
Penn-P.C.C.AStL.Cn.g.4%sA1940
113
1st, oon. gold, 5 s . . . . . . .........1939
SpeyerACo.ctfs, A B C D --1899
Do . do
Series
B1942 113
Pt.
Huron
Div.—1st,
5
s
---1939
wold 5s, series E .........1898
Do
do
Series
C 1942
ria. Cen A Pen.—1st g. 5 s ....1918
San Joaquin Br., 6s.......... -'-1900
104
Do
do
Series D, 4s, 1945
1st, 1. g.. ext. g., 5s............... 1930
Mort. gold 5 s . . . . . . . . . .......1 9 3 9
P.O.AS.L.-lst,o.,7s............... 1900
1st
oon.
g.,
5
s
-----.
.
.
.
.
.
.
.
.
.
.
1943
Land grant, 5s, g ..— . . . . — 1900
Pitts.
Ft.
W.
A
O.—1st,
7
s
...1912
60
Ft. W. A Rio Gr.—1st, g., 3-48.1928
Oal. A O. Div., ext., g. 5 s ...l9 1 8
2d, 7 s .................................1912
Gal. H.&H. of 1882,1st,5s...1913 92
Vest. Paoiflo—Bonds, 6s---- 1899 102
3d, 7s.................................. 1912
Ga. A Ala., 1st, pref., g. 5 s ...1945
No. Railway (Ca1.)—1st, 6 s.1907
0h.8t.L.AP.—1st,con.5s,g...1932 *118
Ga.
Car.
A
Nor.—1st,
gu.
5s,
g.1929
50-year 5 s .....................--1 9 3 8
Olev. A P.—Cons., s. fd., 78.1900 108 110*3
Illinois Central—1st, g., 4 s ...1951 114*3
Cent. Washington—1st. g., 68.1938
Gen. 4%s, g., “ A” ........... 1912
1st. gold, 3*ss................
1951 *: 0 1*s 105
Okas. A Sav.—1st, g., 7s . . . . . . 1936
Do
do
Series
B1942
Gold ...................................... 1952 *102*s
Obes. A O.—Pur. M. fund, 68.1898 101*8
St. L .V .A T .H .—1st,6s., 78.189 102*3 . . . . . .
2-10
g.,
4
s
..............................1904
oraig Valley—1st, g., 5s.— 1940
103
2d,
gnar.,
7
s
.
..
.
................189B
Cairo Bridge—4s...................1950
Warm Spr. Val., 1st, g. 5s.. 1941
Gd.R.AI.Ext.—1st,4%s,G.g. 1941
Middle Div.—Reg., 5s.......... 1921
101
Eliz. L.A Big Sandy—G. 58.1902
Alleg.Val.—Gen.,
gu.,
4s,
g.1942
O.
8t. L. AN. O.—G. 5s,oon-1951
Otxlcago A Alton—8. F., 6 b.. ..1903 112*s
N.&Cin.JBdg., gen.gu.4%s.g.l945
Memp. Div., 1st ft. 4s.......1951
Louis. & Mo. River—1st, 78.1900
Penn.RR.—1st real. est. g. 4s.l923
8t. L. A. A T. H.—Term. 5sl914
2d, 7 s ...........
—.1900
Cle.A Mar’ta—lst.gn.g.4%s.l935 108*3.........
114
Bellev.
A
Oar.—1st,
6s-----1923
Sfc L. Jacks. A Ohio.—2d, 7S.1898
UnitedNJ.RR.AO.--Gen.4s.1944
Bt. Louis So.—1st, gd. g. 48.1931
Miss.R. Bridge—1st, a. f., 6s,1912
D. Riv. R R. ABdg—lst,gu.g.4s.’36
Car.
AShawt.—1st
g.
4S....1932
Okie. Burling. A Q.—5s, s. f..l9 0 1 104*3
Peoria A Pek.Union—1st, 6 s .1921 121
Ind. Deo. A W.—1st, g., 5 s ....1935 102
Iowa Div.—Sink, fu n d ,5 s..1919 *109*3
2d mortg., 4 % s.-.................. 1921
85
Ind. Ills. A Iowa.—1st, g, 4s..1939
Sinking fund, 4s............ 1919 ♦102*3 104
Pitts. Cleve. A T ol.—1st, 6s... 1922
1st, ext., g. 5s. ................. ..1943
Slain, 4s................................. 1921 85*3
Pitts.
A
L.
Er.—2d
g.
5
s
,“
A
”
.
1928
55
50
Int. A G. N’n.—3d, 4s, g ........ 1921
Chicago & Iowa Div.—5 s ...1905
Pitts. Mo. K. A Y.—1st 6s.......1932
38
Kings Co.-F.El.,lst,5,g.,gn. A. 1929 *37
Chic« Burl. & Nor.—1st, 5 s..1926
Pitts. Painsv. A F.—1st, 5 s ...1916
Lake Erie A West.—2d g., 58.1941 102*3
0 >1«. A Indiana Coal—1st 58.1936
Pitts. Shen. AL.E.—lstoon.5s.1943
103*s
North’n
Ohio—1st,
gu.
g.
58.1945
Chic. Ind. & L.—Ref. g., 6s. ...1947
Pitts. A West.—M. 5s,g.l891-1941
ioT
L. S. A M.8on.—B. AE.—New 7s.’ 98
Ch.Mil.ASt. P.—1*6 7s,$g.,R.D1902 141 143
Pitts. Y ’gst’nAA.—1st, os,oon. 1927
Det.
M.
A
T
.—1st,7
s
...¿....1
9
0
6
143
141
Lab, L. * D., 78......................1899
Rio Grande So.—1st, g., 3-48.1940 —
Lake Shore—Div.bonds, 7 s .1899 106
1st ,C. A M., 7 s..................... 1903 141 143
St. L. A S. F.—2d 6s,g., Ol. A.1906 115% 116%
Cin.A
8.—lst,gu.L.S.AM.S.7s.’01
iatJl. & D. Extension, 7 s ... 1908 141*3
2d, 6s, g., class C .... .. . . . . . 1 9 0 6 115% 116%
Kal. All. A G.
1st gu. 5S.1938 * 120"
1st, La C. A Dav., 5s.......... 1919
1st, trust, gold 5 s . .. . . . . . . . 1987
Mahon’ g CoalRR.—1st, 5s. 1934 *118
1st, H . A D .,7 s ....................1910 128*3 131
Ft. S. A V .B . B g.—1st, 6 s ...1910 105
Lehigh Val’ y(Pa.)—Col. g. 5s. 1997 *102*3 103*s
1st, H. A D .,5 s ............-r—
Kansas Midland—1st, g.,4s.l937
105
103*2
LehighV.,N.Y.—1st
gn.g.4*ss.l940
121*8
Chicago A Paoiflo Div., 6 s ..1910
95%
Southwest Div., 1st, g. 5 s..1947
Lehigh V’y Coal—1st 5s,gu.g.l933
Mineral Point Div. 5 s . .. . . ..1910 *110
St.
Paul City Ry, oon. 5s, g,..1937
92
Lehigh A N.Y.—1st, ga. g. 4s. 1945
C. A L. Sup. Div., 5 s........1 9 2 1 *113*8
Gold 5s, gu a r. . . . . -----.....1 9 3 7
ElmiraC.AN.,lst.g.lstpf.6s.l914
Fargo A South., 6s, A ssu...l924 *118
St. Paul A Duluth—1st, 5s. ...1931 117
Guar., gold, 5s..........¿....1 9 1 4
Ino. conv. sink, fund, 6s....1916 105
2d mortgage 5 s........ . . . . . . 1 9 1 7 108 109
Dakota A Gt. South., 5s___1916 111 113*8 Litohf. Car. A West.—1st 6s. g.1916
Bt. Paul Minn A M.—2d M, 6S.1909 120
Little Rook A M.—1st, 5s g ..l9 3 7
122
m i. A Nor. main line—6 s ...1910
Minneap. Union—1st 6s___1922
o ^«.&Norw.—30-year deb.5s.\921
116*2 Long Island—
Mont. Cen.—1st, guar., 6 s..1937 *124
1st,7s............................ .....1 8 9 8 *102
Gen. g., 3*23 ............. .......1 9 8 7 100 103
1st gnar. g. 5 s.... . .. . . . . . . 1 9 3 7 109%
91
Ferry, 1st, g., 4*38..........1 9 2 2 *86
Rsoanaba dr L. S. 1st, 6s....1901
East. Minn., 1st div. 1st 5s.1908 108
Gold 4 s . . . . . . .........................1932
DesM. A Minn.—1st, 7 s....1907
W**TrarA8iouxF.—1st, g,5s.l938 « i l l
N. Y. A R’ way B.—1st, g. 58.1927
Iowa Midland—1st, 8 s ......1 9 0 0
San Fran. A N. P.—1st, g., 5s.l919
2d mortg., i n o . .. . . ........1 9 2 7
102*8
Ohio. & Milwaukee—1st, 7S.1898
Sav.FLAWest. —1st, oon. g.6s.l934
N.Y.B. AM.B.—1st oon. 5s,g.l935
Win. A St. P.—2d, 7s............1907
Seaboard A Roanoke—1st, 58.1926
Brookl’nAMontank—lst,6s.l911
Mil. A Mad.—1st, 6s............1905
Seat.L.S.AEast.,lst6s,asst.pdl93
1st,
5
s
.................................1911
Ott. O. F. A St. P.—1st, 5s. 1909
Southern Paoiflo Co.—
No. Shore Br.—lstoon.5s,g.l932
Northern 111.—1st, 5 s ....... 1910
GaL Aar. ASan Ant.—1st,6s.1910 104
36
Louis.Evans.
A
St.
L.—Con.5s.1939
Mil. L. S.AW .-Con.deb.,58.1907
2d mort., 7s..................... .1905 103
134 Louis. ANash.—Cecil. Br. 7s..1907 104*«
Mich. Div., 1st, 6 b............. 1924
Hons. ATex. O.WaooAN.7a.l903 125
119
E.
H.
A
Nash.—1st
6s,
g
....l9
1
9
116%
Ashland Division—1st, 6s 1925
1st g., 5s (int. gtd)............1937 109
Pensaooia Division, 6 s......1 9 2 0 104%
ma.R.I.&P—D.M.&F.D.lst 48.1905
Cons. g. 6s (int. gtd).........1912 105 110
St. Louis Division, 1st, 6 s... 1921
1st, 2*38..............................1905
Morgan’s La. A T.—1st, 6s.. 1920
2d, 3s...................................1980
Extension, 4s.................... 1905
1918 *129
1st, 7s....................
109
107
Nashv. A Deoatur—1st,7 s ..1900
Keokuk & Dos M.—1st,5s.. 1923
Oregon A Califor. 1st, 5s, g.1927
ft. f.,6s.—8. A N. A la ............1910 104
Chie. St. P. A Minn.—1st,6s.. 1918 132
Texas
A
New
Orleanslst.7s.1905
50-year 5s, g.,....................... 1937 95
Bt. Paul A S. C.—1st, 6s.......1919
BaDine Division, 1st, 6 s ...1912 105
Pens. A At.—1st, 6s, g o ld ... 1921 104% 104*s
m»iw. A W. Ind.—1st, s. f., 68.1919 105
ConsoL 5 s .g ... . . . .. . . . . . . . 1 9 4 3
98
Collat. trust, 5s, g . .........1 9 3 1 104%
1932 120*3
Gen. g., 6s....................
85
Austin
A N. W.—1st gu g.5s.1941
L.AN.
A
M.&M.—1st,g.,4*381945
92%
Ohio. A West. Mich.—5s........ 1921
Southern—Ala.
Cent.,
1st
6
s.1918
96
Nash.Flor.AS.—1st, gu., 5s. 1937 94
Oin Ham. A D.—Con. s. f ., 78.1905
Atl.
A
Char.—Income,
6
s
...
1900
95
So.
A
No.
Ala.,
oon.
gn.
g.,
5
b
.
1936
Sd. gold, 4 * 3 8 ................1 9 3 7
Colum. A Green.—1st, 5-6s.l916
Kentnoky Central—4s, g ... 1987 88
O n. D. A Ir’n—1st, gu. 5s, g.1941 110
114%
E. Tenu.V. A G a.-D ivis.5s 1930
L. AN.—Lou.O.AL.—g. 4*38.1931 107
City A Sub. (Balt.)—1st, g., 5s.1922
Rioh.A Dan.—Eq. s. f. g. 5S.1909 *97
Lon. AJefl. Bdge Co.—Gu.g,4s. 1945
01ev.Ak. A Col.—Eq. A 2d 6S.1930
Deben.
5s,
stamped
......1
9
2
7
*102
Louisville
Ry—1st,
oon.,g.,5s.l930
Olev.&Can.—Tr.otfs.forlst5s.1917
Vir’ a Mid.—Serial ser.A, 6s. 1906
Mexican Cent. ConsoL—4s, g.1911
0 . 0 . 0. ASt. L.—Gen., g. 4 s ..1993
Series B, 6s......................... 1911
1st, eons. Inoome 3s, g ......l9 3 9
90
Cairo division, 4 s ...........1 9 3 9
Series 0 , 6 s . . . . . . . . . . . ....... 1916
2d cons, inoome 3s, g .........1939
Boring. ACoLDiv.—1st,g. 4s. 1940
Series D, 4-5s . . . . . . . . . . . . . 1 9 2 1
Mex.Internat.—lst,oon.g.,48.1977
71
WhiteW.Val.Div.—1st,g. 4s. 1940
Series E, 5s ...................... .1926
Mexican National—1st, g., 68.1927
Oin.Wab.AM.Div.—1st,g.4s.l991 88
Series F, 5 s . . . . . . . .............1931
2 d ,inoome, 6s, “ A” . . . . .......1917
ran. I. St. L. A 0.—1st,g.,4S.1936
Gen., 5s, guar., stamped .1936 *103%
2d, inoome, 6s, “ B ” . .......1 9 1 7
Consol, 6 s ..... . . . .. . . . . . . . . .1 9 2 0
Wash.O.AW.—1st
eur.gu.4s.1924 ’ 114%
Mexican Northern—1st, g. ,6 3.1910
Oin.San.ACL—Con.lst,g.5s, 1928 110
Sunbury A Lewis.—1st, g., 4s. 1936
Michigan Central—6 s.. . . . . . . 1909 117
Indiana B. A W.—1st pf.7s.1900
Ter.
As’n
of
St.
L.—1st,
4%s.l939
Coupon, 5 s . . . . . . . . . . . . .......... 1931
Ohio InfL&W.—Istprei.5s..l938
1st, oon. g. 5s..............1894-1944 107
Mortgage 4 s ... . . . .. . . . . . . . . .1 9 4 0 ibi"
Poor. A East.—Inoome 4s ..1990 20
8t.L.Mer.Br.Term.,g.5s,go..l930
Bat.<j.AStrgis.—Ist,3s,g.gn.l989
0 , Col. Oin. A Ind.—1st, 7s,s.f.l899 *105 106
Terre Haute Eleo. Ry—g., 68.1914
Minn. A bt. L.—1st, g. 7s........ 1927 *140
Consol, sink, fund, 7s.......... 1914
Tex. A Pao., E. D.—1st, g. 6s. 1905 106
Iow a Extension, 1st, 7s.......1909
Cta.&Spr.—lst,C.C.0.&I.7s.l901
Third Avenue (N.Y).—is t 5s, 193^ 123%
Southwest
Ext.
-1st,
7s.....1910
rneve. Lorain A Wh.—1st, 5S.1933
T. AO. G —Kan. AM ., Mort. 4S.1990 *81
Paoiflo Ext.—Is t,6s ........1 9 2 1
Sieve A M ah .V .—Gold, 5 s ...1938
75
ToLPeo. A West.—1st, g., 4s.i917
72
Mo.K.ATex.—1st,
ext.,
5s,
g.1,944
001. Mid. 1st, g., 6s, asstd— 1936 64*3 65
81% Ulster A DeL—1st, oon„6.,5s,1928
103%
Mo.K.AT.of Tex. Ist,gn.5s.g.l942
Tr. etfs., oon.,4s,2d ass’tpd.1940 *20
s.
58.1945
74
I
Union
Elev.,
Ohio.—1st,
Kansas
City
A
P.,
1st,4
s,g..1990
DeL Lack. A West.— Aort. 7s. 1907
Un. Pao.—6s,tr. reo. ex mat 0.1896
Dal. A Waoo—1st, 5s, gu..,.1940
Syra, Huig.dc N. V.—1st, 78.1906
6s. tr. reo. ex mat. c o u p ....1897
Missouri Paoiflo—Trust 5 s ...1917
Morris A E ssex—1st, 7s....1 91 4
68
6s, tr. reo. ex mat. coup....1 89 8
lstoolL .S s, g ..... ................. 1920 65
Bonds, 7 s . . . . . . . . . . . ...........1900 105
6s, tr. reo. ex mat. coup ....18 9 9
St.L. A I, M.—2d ext. g., 5s.l946
7s o f ¿871.......................... 1901 112 114
Collateral Trust, 6s............1 90 8 100
Mobile A Ohio—1st ext., 6s...1927
143
1st, con., guar., 7s............1915
Collateral Trust, 5s..............1907 75
Bt. L. A Cairo—4s, g n a r.....1931
Warren—2d, 7 s ............ .....1 9 0 0 108
105
Kansas Paoiflo—1st 6s, g . .. 1895
Nash. Chat. A St. L.—2d, 6 s..1901
j),AH.Can.—Pa.Div.,ooup.7s.l917 *140
1st, 6s, g ................
_1896
N. O. A. No. E.—Pr. L, g., 6s..1915
Albany A Susq —1st, gu.,7s.l906 *123%
O. Br. U P „ —F . o.,7 3 ...........1895 65
N. Y. Central.—Deb. g. 4 s ....1905 *104
1st, eons., guar., 6s.......... 1906 *11638
Atch.
Ool.
A
Pao.—1st,
6s...
1905 35
N. J. June—Gnar. 1st, 4s...198b 102
Hers. A Sar. 1st. aoup., 78.1921 *145*3
38
U. P. Lin. A Col.—1st,g., 5s. 1918 35
Beeoh Creek—1st, gold, 4 s ..1936
Dsuv. Tramway—Cons. 6 s ,g .l9 1 0
Wabash—Debenture, Ser. A . . 1939
Osw. A Rome—2d, 5s, g.,gn.l915
Metropol. By —lBt,gu. g.6s.l911
Debenture,
Series
B
...........1939
26
24
Utica
A
Bl.
Riv.—4s,
g.,
gn.1922
92*s
Denv. A R. O— 1 up g.f 5s. ..1928
102
Det. A Ohio. Ext. 1st, 5s, g . 1940
N. Y. A Put.—1st, ft., 4«. gu.1993
97
Des Moines Un.Ry.—Ist,g.5s.l917
St
L.K.O.AN.—St.0.Bdge6s.l906
18*3 N.Y. A Northern—1st, 5s,g.l927
Det.M. A M.—L. g. ,s,ser.A.1911
15%
West N.Y.A Pa.—Income 5 s ..1943
N. Y. N. H. A H.—1st, rev. 4s. 1903
Det. A Mack.—1st lien, 4s,g.. 1995 *50
W est Va. 0. A Pitts.—1st, 6 s .l9 1 1
Honsatonlo—Cons, gold 5s.. 1937
4s, g o l d . .. . . . . .......... ........1 9 9 5
Wheel.AL.E.—1st. 5s, g o ld ...1926 '102
N.Hav’nADerby,Cons.5s.l918
Erie—1st, ext. g. 4s................. 1947 112
Wheeling Div., 1st, 5s, g ...l9 2 8
W. Y. Susq. A West.—2d, 4% s.l937
2d extended,5s ...... . . . . . . 1 9 1 9 *119
Extension A Imp, g., 5s.......1930
Terminal, 1st, «. 5 s ...........1943 *110*3
8d, extended, 4 * s s...........1 9 2 3 110
93%
Wig.
Pont., inoome Sa.. . . . __ .1937
W ilk.AEast—l«t.artd..sr.Rg.t942l 98%
4th extended. 5s------- ------ 1920 *118
* No ppqioe Friday; these are the latest quotations made this week.




M arch 5, 1898. j

THE CHROM CI LE

Imreslroetti
AND

Roads.

465
Latest Grot* Earnings.

W eekorM o' 1897-98.

$

1896-97,

Jan. 1 to Latest D ate.
1897-98. I 1896-97,

8

tlnteroo. (M ex.rwk.Feb.12
64,600
52,840
382,900
300,33a
Iowa Central...'4thwkFeb.
41,939
30,287
281,473
24a,728
Iron Railway...(January.
3,498
3.695
3,498
3,695
Jaok. T. A K. ^ .'Jan uary...
30,262
26,985
30,262
26,985
KanawhaAMich 3d wk Feb.
8,997
8,523
70,168
68,674
K.C.F.SoottAM. !3dw k Feb.
88.050
87,988
618,468
RAILROAD EARNINGS.
550,417
K.C.Mem. A Bir. 3d wk Feb.
35,073
27,024
232.669
185,598The following table shows the gross earnings of every Kan. C.N. W ...J January...
34,575
29,606
34,575
29,606
Kan.City
A
Om.
'3d
wk
Feb.
7,207
8,501
s t e a m railroad from which regular weekly or monthly returns
44,230
43,007
K.
C. Pitts. A G .. ItthwkFeb.
65,971
28,156
512,151
200,825
can be obtained. The first two columns of figures give the Kan.C. Sub. Belt 4thwkFeb.
9,571
9,216
71,895
53,386
gross earnings for the latest week or month, and the last two Keokuk A West. 3d wk Feb.
7,830
7,488
56,325
49,857’
68,1791
columns the earnings for the period from January 1 to and L. Erie A West. 4thwkFeb.
68,896
545,902
521,2:8
Lehigh A H ud.. January...
30,407
25,502
30,407
including such latest week or month.
25.502
Lehigh Val. RR IJanuary... 1.343,738 1,304,321 1,343,738 1,304,321
The returns o f the street railways are brought together sep- Leh. V. Coal Co. 'January... 1,421,535
1,272,987 1,421,535 1,272,987
aracti y on a subsequent page.
Lex’gton AEast. 'December.
15,308
16,649
204,077
194,894
Long Island RR.j February. 194,624 179,041
432,115
374,711
Latest Gross Earning*.
Jan. 1 to Latest Date. Long Is. System ;February. 199,946 184,147
446,417
386,920
R oads.
Los Ang. Term. January...
8,320
4,738
8,320
4,738
Week or Mo 1897-98. 1896-97
Louis.Ev.A8t.U3d wk Feb.
29,997
1897-98. I 1896-97.
26,373
207,028
175,595
Lou. H. A St. L..|3d wk Feb.
9,359
8,531
63,092
57,748
Louisv. ANashv. 3d wk Feb. 435,270 398,130 3,102,649 2,769,391
s
Adirondack
December
23,343
17,710
207,979
5.894
196,545 Macon A Birm.. January...
5,667
5,894
5,667
Ala. Gt. South.. 3d wk Feb
37,546
Manistique. . . . . January...
31,474
271,844
10,640
10,123
229,893
10,640
10,123
Ala. M idland... December.
68,799
57,246
MemphisAChas. 2d wk Feb.
694,722
29,548
22,187
640,356
217,207
144,415
Ala. N. O.Tex. A Pao. June,
tMexloan Cent.. 14thwkFeb. 271,697 258,725 2,107,168 2,076,649
N. O rl.A N . E lstw k Feb,
25.000
23.000
158,738
139,58« Mexican Inter*! December.
3,074,418 2,900,925
Ala. A Vioksb IstwkFeb,
14.000
IMex, National. 3d wk Feb
10.000
87,925
115,407 112,773
64,372
809,516
717,173
Vicks. Sh. & P lstwk Feb,
11.000
Mex. Northern. Novemb’r.
9,000
78,354
39,036
61,<
06
36,897
537,177
662,008
Allegheny Val.. January... 212.760 177,398
212,760
88,000
177,398 (Mexican R’way Wk.Feb.12
76,500
476,000
422,500
Ann Arbor........ 4th wk Feb
31,001
MexioanSo.......2dw k Feb
21,825
259,210
12,330
181,818
14,499
85,071
82,366*
Ark. Midland... December.
14,036
12,408
122,836
39,294
96,476 Mlnneap.ASt.L. 4thwkFeb,
33,863
289,294
262,647
Atob.T. A S.Fe.e January... 2,860,448 2,463,930 2,860,448 2,463,930
M. St.P.AS.St.M. 3d wkFeb!
10,642
55,943
448,343
362.314
Atlanta A Char. NoTemb’r
148,489 163,724 1,515,568 1,447,384 Mo. Kan. A Tex. 3d wk Feb. 210,967 224,093 1,649,089 1,632,403
Atl. Knox.& No. January...
25,020
19,010
25,020
19,010 Mo.Pac. AlronM 3d wk Feb. 470,000 434.000 3,378,114 2,981,087
Atlanta & W. P December.
58,603
Central BFch. 3dw k Feb.
52,214
516,167
24.0C0
531,430
21,000
167,354
141,415*
Atlan. &Danv.. 4th wk Feb
6,415
Total............3dw k Feb.
5,072
84,574
494,060 455.000 3,545,468 3,122,502
75,201
Austin AN’ west December.
17,975
Mobile
A Birm.. 3d wk Feb.
27,651
178,039
9,302
273,581
5,875
Balt. A O hio... January... 2,017,851 1,950,844 2,017,851 1,950,844 Mobile A Ohio.. January... 372,200 322,718
372,200
322,798
Bal. A O . Sou’ w 4thwkFeb
143,7f>7 116,303 1,028,191
942,558 Mont. A Mex. Gif IJanuary... 127,865 101,414
127,865
101,414
Bath A Ham’nds December.
4,094
Nash.Ch. A St. L. 'January... 462,072 413,051
3,101
39,697
38,675
462,072
413,051
Bit. A Atlantic. January...
1,969
Nel.
A
Ft.
Sh’p’a
¡October...
1,559
1,969
• 13,114
1,559
7,718
Brunsw’ kAW est December.
51,370
48,008
580,606
4,447
601,125 Nevada Central. ¡Novemb’r
3,004
37,757
32,741
Buff.Roch.APlti 4thwkFeb.
62,666
58,932
532,241
486,170 N. Y.C. A H. R .. January... 3,503,435 3,139,943 3,505,435 3,139,943
Buffalo A Susq.. January...
40,466
N Y .O n tA W .. 4thwkB’eb.
37,063
40,466
72.964
37,063
0,252
540,142
515,103
Bur.C. Rap. A N. ¿thwbFeb.
73,688
73,026
January... 196,551 180,475
528,456
534,485
196,551
180,475
OanadlanPaciflc 4ihwkFeb. 377,001 306,001 3,160,372
2,585,018 Norfolk A West. 4thwkFeb. 212,776 154,566 1,736,643 1,589,808
Car. Midland... January...
4,405
5,119
Northes’niG a.). December.
4,405
7,711
5.119
6,352
67,730
66,044
Cent, o f Georgia 3d wk Feb. 135,244 117,016
887,972
506,536 525,886
867,925 North’n Central January.
506,536
525.886
Central of N. J. January... 1,055,700 855,216 1,055,700
North’n Pacific 3d wk Feb. 341,142 256,979 2,475,475 1, 688
855,216
, 082:
Central Pacific. December 1,141,951 945,612 14.173,604 12,453,953 Ohio River........ 4thwkFeb.
14,143
14,122
131,068
124,561
CJharlest’ nASav. December.
52,072
Ohio Riv. AChas January...
48,433
600,249
15,635
556,589
15,635
15,359
15,359
Char. A W. Car. December.
72,260
Ohio Riv. AL.E. January...
2,000
2,360
2,000
2,3ta
Ches. A O hio.... thwkFeb. 237,670 193,928 1,860,194 1,693.957 Ohio Southern.. January...
67.889
44,925
67,889
44,925
Chic. B ur.A Q .d January... 3,044,457 2,672,628 3,044,457 2,672,628 Om.Kan. C. AE. 2d wk Feb.
14,588
95,5f
0
11,708
69,275
Chic. A East. 111. 4tliwkFeb.
84,100
76,500
686,619
661,215 Oreg.RR.ANav. 3d wk Feb. 144,581
77,650
865.051
511,340
Ohio. Gt. West’n 4tliwkFeb. 107,129
92,810
775,298
710,566 Oreg. Sh. Line.. December. 531,082 473.591 5,969,608 5,578,873
Chic. Ind. A L .. 3d wk Feb.
53,564
Pao. Coast R y .. December. 349,857 250.946 3,978,173 3,238,239
53,512
383,838
345,090
Chio.Mil. ASt.P. 4thwkFeb. 657,687 554,507 4,755,956 4,130,188 Pacific Mail.. . . . 1J anuary.
323,051 356,707
323.051
356,707
Ohio. AN’thw’n. January... 2,561,557 2,096,136 2,561,557 2,096,136 Pennsylvania, j. IJanuary. 5,089,071
4.755,671 5,069,071 4,755,671
Chio.Peo.ASt.L. January.
76.000
PeonaDeo.AEv. 4thwkFeb
63,861
76.000
17,659
63,861
18,855
141,831
149.886
Ohic.U'Kl. A P .. February. 1,356,820 1,070,835 i 2,5«5,278 2,091,642 Petersburg....... 'January...
42,808
42,808
39,778
39,778*
Chic.St.P.M.AO. January... 567,479 537,923
567,479
537,923 Phila. A E rie.... INovemb’r. 496,164 476,596 4,255,057 4,161,177
Chie.Ter.Tr. RR 3dw k Feb
22,793
Phila. A Read...' j anuary... 1,724,472 1,509,871 1,724,472 1,509,871
19,3t>6
157,803
162,102
Chic. AW . Mich 3d wk Feb
32,281
Coal A Ir. Co.. 'January... 1,944.4011,694,066 1,944,401 1,694,066
28,979
194,684
177,fc02
Choo. Ok. A Gulf 4th wk Jan
26.000
Tot. both Co’ s. 'January... 3,668,873 3,203.937 3,668,873 3,203,937
18,000
92.000
57,000
CIn.G.APorts’tb January...
4,500
Ph. Read. A N.E. ¡January...
4,184
4,500
4,184
47.2891
42,429
47,289
42,429
Cin.N.O. & T.P. January... 332,835 263,283
332,835
263,283 Phil. Wilm. A B. January... 741,617 678,817
741,617
687,417
Cin.Ports. A Yir, 4th wk Jan
6,277
Pltts.C.C. A St.L. 'January... 1,314,585 1,084,420 1,314,595 1,034,420
5,038
20,087
17,597
Clev.Can. A S o.. IstwkFeb,
11,415
10,645
64,608
4,187
52,363 Pltts.Lisb. AW’n 'January...
3,796
4,187
3,796
Cl.Cln.Ch.ASt.1 3d wk Feb. 265,384 246,365 1,902,686 1,795,816
Pitts.Bes. AL.E. ¡January...
62.655
33,115
62,655
33,115
Peo. A East’n J anuary... 147,016 125,407
147,016
28.040
125,407 Pittsb.A Wes’n. 4thwkFeb.
24,650
203,553
200,367
Cl.Lor. * Wheel 3d wk Feb.
26,825
Pitts. CLATol. 4thwkFeb.
21,261
208.604
16,166
149,513
13,430
122,878
97,517
Col. Midland.... January... 145,664 128,708
Pitts. Pa. A F . 4thwkFeb.
145,664
4,949
128,708
4,473
28,882
26,548
Col. H. V. A Tol. February. 163.939 157,744
Total system.. 4thwkFeb.
375,545
49,155
335,841
46,553
355,313
324,432
Col. Sand’y A H 3d wk Feb.
9,598
10,600
84,444
100,115
109,663 Pitt. Young. A A .'J anuary...
55,959
84,444
55,959
Colusa A Lake.. January...
1,700
1,250
1,700
54,487
1,250 Rich.Fr’ksb,AP. ¡December.
52,634
697,986
695,094
Crystal
December.
803
565
13,207
26,677
10,782 Rich. A Petersb. J anuary...
23,472
26,677
23,472
Comb’l’d Valley December. ■78,988
80,181
836,317
37,459
836,183 Rio Grande Jet Novemb’r.
26,355
Oenv. A Rio Gr. IthwkFeb. 188,600 107,100 1,180,700
7,827
904,200 Rio Gr. South’n. 3d wk Feb.
5,835
60,379
44,636
Des M. AKan.C 3d wk Feb.
3,835
Rio OFde West. ;3d wk Feb.
2,876
23,699
47,200
20,768
366,600
38,900
278,350
Des.M.N. A W.. January...
34,S'. 6
St. Jos. A Gr. I ... 4th wkFeb.
28,367
34,876
22,764
28,367
19,*84
203,078
186,821
Det.G.Rap.AW. 3d wk Feb.
23.760
21,852
159,910
27,500
143.009 St.L. Ch.A St. P. January...
24,113
27,500
24,113
Det. A Lima No. 4thwkFeb.
8,306
74,436
6,747
25,382 St.L.Ken’etASo. Ja nuary...
5,905
6,747
5,905
D st. A Mackinac December.
29,615
St.L.ASanFran.
3d
wk
Feb.
23,959
464,232
145,887 108,852
400,812
915,501
726,717
Duluth A Ir. R. December.
8t.L.
Southwest.
4thwkFeb.
2,644,539
133,300
1,973,846
935,500
102,800
757.328
D aluthS.S. AAtl. 3d wk Feb,
27,630
22,523
192,291
97.920
165,462 St. Paul A D ul.. January...
97,920
90,737
90,737
Elgin Jol.A East. January... 116,715
76,029
116.715
76,029 San Ant. A A. P. January... 160,659 151,923
160,659
151,923
E rie.................... January... 2,363,702 2.222,620
2,363,702 2,222,620 San Fran. A N.P. 'January...
58,139
58,139
45,040
45,040
EurekaSprings. December.
3,90;
5,591
62,788
61,262 S.Fe Pres. A Ph. 2d wk Feb.
15,536
78,865
10,778 [
68,567
Evans. AInd’plie 4thwkFeb,
6,016
5.132
44,204
38,315 Sav. Fla.AWest. December. 323,892 298.988 3,436,357 3,417,477
Evansv. & T. H. tth wkFeb,
25,033
20,900
Sher.Shrev.A8o. 4th wk Jan
181,409
9,799
162,277
31,182
9,249
27,262
Fitchburg.......... December. 618,834 585,027 7,305,825 7,285,902 Sil.Sprs. O. A G. December.
15,762
14,172
191,249
188,264
Flint. A P.Marq. 3d wk Feb,
54,701
58,330
389,808
5,564
365,968 Silverton........ December.
3,844
Fla.Cent.APen. lstw k Dec,
46,009
39,923 2,212,381 1,975,511 Sioux C. A Nor. December.
25,539
18,694
279 ,ie i
224,256
Ft.W’thADen.C. 4th wk Jan
30,862
19,101
112,692
1,606
83,334 So.HavenAEast January...
1,606
1.334
1,334
Ft. W. A Rio Gr. 3d wk Feb,
6.983
So. Pacific Co.—
5,008
63,369
41,r
,
7
Gads. A Att. U. January...
663
687
Gal.Hax.AS.A December. 466,510 412,934 4,477,092 5,056,122
663
687
Georgia R R ....... 3d wk Feb,
38,944
35,694
Louis’a. West. December. 105,920 108,886
258,512
252,230
907.931
940,777
Georgia A A la.. tth wkFeb, ¡129,425
Morgan’ sLAT. December. 681,102 643,287 5,173,879 5,340,183
23,948
210,473
172.940
Ga.Car’la A No. December.
74,726
82,731
N.Y. T. A Mex. December.
889,963
31.572
853,877
348,772
39,535
298.998
Geo. So, A Fla.. January...
83,732
79,652
Tex. AN. Orl.. December. 140,958 158,582 1,442,229 1,395,967
83,732
79,652
Gr. Rap. A In d .. 3d wk Feb.
36,722
38,770
249,241
Atl. Prop’tes.o December. 1,459,123 1,389,794 12.578,435 13,262,746
239.940
Cln.R. A Ft. W. 3d wk Feb.
8,051
7,789
54,141
Pacific system|December. 2,998,392 2,519,779 34,647,175 31,638,696
51,678
Traverse City. 3d wk Feb.
721
939
5,291
Total of ail./; January... 4,367,707 3,665,610 4,367,707 3,665,610’
5,354
Mus. G. R. A 1. 3d wk Feb.
1.984
2,405
So.
Pao. of Cal. December. 919,494 774,858 10,275,550 9.857,848
17,345
14,037
Tot. all lines 3d wk Feb.
47,478
49,903
So.Pao.ofAriz.
December. 272,491 223,884 2,579,351 2,284,682
326,018
311.009
Gr.Tr'nk Syst’ m 3d wk Feb. 411,644 387,692
So.Pao.ofN.M. December. 130,622 114.754 1,336,421 1,156,618
,139,198 2,756,334
Ohio. A Gr. Tr. lstw k Feb.
60,711
50,521
355.715
Northern R y.. December. 192,617 171,832 2,276,598 2,202.839
297,043
Det.Gr.H.AM. lgtwk Feb.
15,223
17,413
85,390
92,612 Southern B y .... 3dw k Feb. 430,103 400,896 2,943,502 2,743,358
Cin.Sag.AMac 4thwkDeo.
4,384
3,632
123.604
127,108 Spok.F’ls ANor. December.
596,910
439,759
Tol.S. A Musk. 4thwkDec.
3,147
3,024
StonyCl. A C.Mt. December.
111,509
83,829
'T,iÖ2
1,460
34,997
40,023
Grea tNorth’n—
Texas
Central..
3dw
k
Feb.
49,231
5,159
4,566
32,321
St. P.M. A M. January... 1,087,784 788,423 1,087,784
788,423 Texas APaoiflo. 3d wk Feb. 153,471 126,039 1,140.253
984,365
Fast of Minn.. January... 104,947
94,872
104,947
94,872 Tex. S.V. A N,W. Septemb’r.
4,569
3,597
MontanaCent. January... 173,683 148,121
173,683
148,121
A Ohio Cent. ¿thwkFeb.
29,296
244,471
24,593
253,783
^ Tot. system. January... 1,366,414 1,031,416 1,366,414 1,031,416 Tol.
Tol. P. A West.. 3d wk Feb.
19,273
17,804
135,881
131,501
G*lfB’mntAK. C. January...
10,014
8,142
10,014
8,142
Tol.
St.
L.
A
K.C.
4thwkFeb.
34,455
42,935
302,433
330,620
Gulf A Chicago. J anuary...
4,403
3,471
4,403
3,471 Union P a cificH a a o H Tn«
Hoos.Tun.AWil.
January...
3,300
2,879
3,300
Union P .R R .. December. 1,441,062 1,175,593 16,444,892 14,382,291
2,879
Mous.ATex.Cen January... 318,105 281,427
318,105
281,427
Aoh.Col.AP.) T-.
.
Illinois Oentralt January... 12303898 11898262 12,303,898
43,548
33,622
514,206
335,087
Aoh.J.C.AW j Ueoember.
11,898,262
Ind Dee. A West. Novemb'r.
38,110
36,591
431,958
419,096
Cent.Branch v 3d wk Feb21,000
167,354
141,415
Ind. 111. A Iowa. December.
W7,3i.0 , 83,836 1,126,871
70.889
65,094
Cen.Br.AL’d
L
December.
I
758,488
747,181
781,008
In, A Gt. V()rth'T> 4 th w ltF eb.
75.50«
73.7571
V
1 *-.402.977 19.4 20.983 16.490.510
609.056
Gr’d tota l... ‘Dee«r*»her.1JU
554.698

Haxlrcad IttMIipwce.




THE CHRONICLE

466
R oads .

Latest Gross Earnings.

Jan. 1 to Latest Date.

WeekorMol 1897-98. 1896-97.

1897-98. I 1896-97.

$
435.779
566,050
68,639
86,571
Un.P.Den.&G.. 3d wk Feb.]
W aba all............. IthwkFeb. 243,265 221,570 1,894,563 1,697,916
278,579
224,741
35,081
17,717
Waco &Northw. December.
124,955
141,210
W. Jersey «feSea’e January... 141,21«* 123,955
1,162,612
1,137,553
93,387
98,306
W.V.Cen &Pitts December.
357,893
361.503
31,067
31.644
Novemb’r.
WestVa.<& Pitts.
593,128
601,076
60,976
61,706
Western of Ala. December.
356,*94
374,756
51,400
49,900
3d
wk
Feb.
West.N. Y.&Pa.
144,325
218,453
17,430
24,735
Wheel. & L. Erie 4thwkFeb.
580,618
693,642
82,448
87,152
4thwkFeb.
Wisconsin Cent
92,999
88,361
8,249
7,693
Wrightsv. &Ten December.
68,838
70,129
5,552
5,734
York Southern. ¡December.
a These figures inolude results on leased lines, b Includes earnings
from ferries, etc., not given separately, t Mexioan currency, a in
eludes operations of the Ohio. Burlington & Northern in botn years.
5 Covers results of lines direstly operated east of Pittsburg.
t Includes Chesapeake & Ohio So’ western, Ohio Valley and Chicago
and Texas for 1898 but not for 1897.
_ _ .fl„
e Includes results on A. T. & 8. Fe, Gulf Col. & 8. Fe, S. Fe Pacific
(old Atlantic & Pacific' and So. Cal. Ry.

[ vo l ; l x v i .

Net Earnings JLoatbly to Latest Dates.—Thetable fo llo w ­
ing shows the gross a ad net earnings o f S t e a m railroads
reported this week. A full detailed statement, inoluding all
roads from which monthly returns oan be obtained, is given
onoe a montb in these oolumns, and the latest statement o f
this kind will be found in the C h r o n ic l e o f February 26,1898.
The next will appear in the issue o f March 19,1898.

— Gross Earnings.---- ..------ Nei Earnings.— —»
1896-7.
1897-8.
1896-7.
1897-8.
$
$
$
$
Soads.
102,369
82,254
250,419
283,199
Batí. Rooh.dc Pitts. b.. Jan.
795,559
691,530
July l to Jan. 3 1 ..... 2,183,055 2,045,473
Cañada Atlantic—
51,640
55,363
168,687
174,442
Oct. i to Deo. 31.......
241,102
185.03 8
644,007
732,526
Jan. 1 to Deo. 3 1 .....
373,343
515,628
Oanadian Paoiflo.a.. Jan. 1,672,372 1,3 L2,924
171,324
216,935
508,630
522,698
Cent, o f Georgia.a... Jan,
1,343,424
1,370,454
3,408,788
3,565,713
July 1 to Jan. 3 1 .....
409,290
255,218
1,055,700
855,216
Cent, of N. Jersey.a.Jan.
315.809
296.348
918.249
954,353
Ches. «fe Obi®.a. .....J a n .
July 1 to Jan. 3 1 ..... 7,002,118 6,276,778 2.34Ç.822 2,167,017
Latest dross Earnings by Weeks —The latest weekly earn­
Chic. Burl.&Qain.b.. Jan. 3,044,457 2,672,628 1,054,612 1,007,646
ings in the foregoing are separately summed up as follow s:
July 1 to Jan. 31. ..25,992,867 21,256,967 10,740,531 9,051.222
756,530
704,592
For the fourth week of February our preliminary statement Ohio. M. & 8t. P.a..-Jan. 2,361,297 2,010,449
July 1 to Jan. 31.......20,791.578 18,748,732 8,289,617 7,489,468
covers 32 roads, and shows 17-93 per cent inorease in the Gleve. Canton & So.. Jan.
2 574
3,001
41,718
53,193
90,309
73,864
418,371
July 1 to Jan. 31. . . .
409,208
aggregate over the same week last year.
________
272,872
277,623
Olev.Cin. C.«feSt.L.a. Jau. 1,098,578 1,0 >6.721
July 1 to Jau. 3 1 ..... 8,519,415 7,746,144 1,970,253 1,955,761
Increase. Decrease.
I8S8
1897.
Mh week of February.
37,710
28.628
125.417
Peoria & East’n.a.. Jaa.
147,016
281,039
208,504
$
958,784
»
*
$
July l«to Jan. 31....... 1,099,316
9,176
21,825
31,001
12,742 def. 4,768
80,181
Ann A r b o r ......... — —
Onmherlaud Valley..Deo.
78,988
1.343
5,072
6,415
255,751
226,364
Atlantic <&Danville.---- 836.183
Jau. 1 to Deo. 3 1 .-...
836,317
27,454
116,303
143,757
Bai'. <fe Ohio Southwest..
370,916
338,267
2,222,620
Eric
a
.
.
.
.
.
.
-Jau.
2,363,702
3,734
58,932
62,666
Buff. Roch. & Pitts..........
July 1 to Jau. 3 1 ...—20,604,6ij5 18,823,543 5,436,581 5,124,076
71,000
308,000
377,000
Canadian P a oiflo...........
*50,413
43,742
193.928
237,670
Chesapeake & O hio....
Georgia.a ................Jauio a ’S t?
145,130
7,600,
76,500
84,100
July 1 to Jan. 3 1 ..... 1,026,914 1,003,630 *297,259 *344,270
Chicago <& East. Illinois.
14
319)
92,810
107,129
106,331
55,431
Ohio. Great Western.......
281,427
Houston & Tex.Cent. Jan.
318,105
103,180
554,507
657,637
Chicago Milw. & St. Paul
July 1 to Jan. 3 1 ..... 2,47o,409 2,530,685 1,000,677 1,046,351
31,500
107,100
138,600
Denver <fe Rio Grande...
33,798
28,654
114,328
Iowa Central.b........Jan.
*31,729
834
5,132
6,016
Evansv. & Indianapolis.
378,026
230,037
929.009
July 1 to Jan. 3 L....... 1,110,434
4,133
20,900
25,033
Evansv. <&Terre Haute..
73,011
23,500
97,835
5,477
23,948
29,425
Kan. C. Pitts. & G.b. Deo.
262.95L
Georgia <&Alabama..
833,457
179,378
1,751
865,759
73,757
75,508
Jan. 1 to Deo, 3 1 ..... 2,414,036
International & Gt. Not.
11,652
30,287
41,939
301,080
203,994
1,304,321
Iowa Central...................
Lehigh Valley RR -..Jan. 1,343,738
37,815
28,156
65,971
765,i62
560,918
Kan. City Plttsb. & Gulf
D e o . 1 to Jan. 31....... 2,882,8 d1 2,855,660
355
9,216
9,571
Kan. City Sub, B e lt .......
Lehigh Val. Coal Co.Jan. 1,421,535 1,272,987 def.25,307 def.41,877
717
68,396
68,179
Lake Erie <fc Western...
2,732,749
del.84,702
def.71,453
*12*972
Bee. I to Jan. 31. . . . 2,930,512
258,725
271.697
Mexioan Central.............
12,151 def.11,588
5,431
33,863
195,670
39,294
Long Island R R .b ... Jan.
237,491
annnea,polls & St. Louis.
930,632
845,932
2,712
70,252
72,964
N. Y. Ontario & Western
July 1 to Jan. 31....... 2,733,112 2,463,662
58,210
154,566
212,776
8,160 def.17.78 9
Norfolk <fe Western.........
302,773
Long Isl’ dRR.Sys.b.Jan. „ 246,471
21
14,122
932,612
14,143
Ohio River.............
July 1 to Jan. 31. . . . 2,993,445 2,737,604 1,040,075
1,196
18,855
17,659
Peoria Deo. & E vansv...
493,783
627,905
1,602,516
Louisv.
<
fe
N
ashv.b..
Jan.
1,807,684
6,602
42,553
49,155
Pittsburg <s Western. ...
July 1 to Jan. 31.....12,831,496 12,195,433 4,43 8,29 L 4,025,036
3,480
19,284
22,764
St. Joseph <fe Gd. Island.
316,843
30,500
318,711
133.300 -102,800
Mexioan National....Deo.
599,182
573,269
8t. Louis Southwestern..
4,703
24,593
29,296
Toledo <&Ohio Central...
Jan. 1 to Deo, 31---- - 6,080,663 5,299,028 2,986,238 2,525,958
8,480
42,935
40,452
34,455
Toledo St. L. <feKan. City.
52,092
127,477
Minn. <fe St. Louis.a. Jan. 146,512
18.695
224,570
243.265
532,837
574,836
Wabash.............................
July 1 to Jau. 31....... l,390,14o 1,224,631
7,305
17,430
24,735
Wheeling & Lake E rie...
42,307
74,435
256,869
4,704
N. Y. Out. <fe West a.Jau.
287,787
82,448
87,152
Wisconsin Central..........
733.824
775,910
J u ly 1 to Jan. 31....... 2,470,368 2,383,574
268,718
10,393
530,450
282,531
832,070
2,900,265
3,420,322
Norfolk
«feWest’n
.a
..
Jan.
915,747
Total (32 roads) . . . . . . .
1,534,055
520,057
July 1 to Jau. 3L....... 6,687,903 6,299,692 2,166,817
Net inorease (17‘93 p.o.)
def.642
3,905
6,352
of Ga..Deo.
7,711
22,734
For the third week of February our final statement covers Northeastern
23,025
66,044
Jan. 1 to Deo. 3 1 .....
67^730
79 roads, and shows 11-43 per oent inorease in the aggregate Ogdensb. «& L. Champlain
44,458
48,473
203,953
189,935
Oot. 1 to Deo. 31.......
over the same week last year,
72,591
137,16L
299,746
469.496
;on RR. <fe Nav...Jan.
1,343,5
50
1,932,894
July 1 to Jau. 31....... 4,111,874 3,0 98,76 L
Decrease•
,
74,363
Increase.
1897.
52,533
1898.
356,707
3d week o f February.
323,051
568,934
552,351
July 1 to Jan. 3 1 .... 2,963,050 2,987,532
$
$
$
$
21,404
420,935
Previously rep’d (36 r’ds) 4,152,410 3,752,879
6,072
. . . . ...
31,474
37,546
Lines directly operated—
Alabama Gt. Southern...
1,803
........
12.789
10,986
E a s t o f Pitts.«feE..Jau. 5,089,071 4,755,671 1,152,797 1,126,197
Atlantic <& Danville........
662
. . . . ....
73,026
78,800
73,688
Ino.
Burl. Ced. Ran. <feNorth.
West
of Pitts.«feE..Jan.
In c. 534,700
18.228
117,016
135.244
Central of G e o rg ia .......
12,634
5,339
42,429
47,289
►
hil.
Read.
«feN.Eng..
Jan.
52
53,512
53,564
Chio.Indianap.& Louisv.
113,209
141,271
402,046
424,268
3,427
July 1 to Jau. 3 1 .....
........
19,366
22,793
Chic. Term. Transfer ...
104,281
117,281
3,302
678,817
28,979
_______
741,617
32,281
Chicago <&W. Michigan..
443,780
513,960
19,019
246,365
265,384
Nov. I t o Jan. 31....... 2,240,579 2,026,879
Olev. Oin. Chic. <& St. L ..
___
Ì.002
11,032
10,600
9,598
21,122
Col. Sandusky <& Hook’ g.
27,439
RioGr’nde South.b.. Jan.
38,431
....... .
959
2,876
117,939
3,835
107,541
Des Moines & Kan. City..
256,176
July 1 to Jaa. 31.......
250,929
........
1,908
21,852
23,780
Det. Gd. Rapids <fe West.
6,029
30,476
78,503
Tos. <fe Gd. Isl.a ..J a n .
95,105
5,107
22,523
27,630
Dolnth So. Shore <&A tl..
73,489
285,8 55
514,466
July 1 to Jan. 31.......
754,746
3,629
58,330
54,701
157,450
212,016
1,975
415,640
5,008
6,983
St. Louis «fe Sau Fr...Jau.
524,812
Ft. Worth & Rio G r........
1,568,844
2,048
38,770
....
36,722
July 1 to Jan. 3 1 ..... 4,134,559 3,536,575 1,822,711
Grand Rapids & Indiana.
262
24,560
7,789
8,051
30,072
Cincinnati R. <fe Ft. W ..
218 St. Paul Gas-Lt. Co..Jan....................
939
72 i
Traverse City...... . . . . . .
28,855
37,126
151,923
421
San
Ant.
«fe
Aran.
P..Jan.
160,659
2,405
1,984
Musk. Gr. Rap. <& Ind .
571,050
442,309
July 1 to Jan. 31....... 1,309,516 1,454,125
Grand Trunk.................)
def.992
97
23,952
387,692
1,923
411,644
South Haven & East..Deo.
1,653
def.
4,05 2
1,813
27,786
Jan. 1 to Deo. 3 1 .....
26,806
62
87,988
88,050
gan city Ft. S. & Mem.
3,665,610 1,496,595 1,063,322
Southern
Paoiflo.b..Jan.
4,367,707
27,024
8,049
....
35,073
Kan, c. Mem. «feBirm...
jX
i tH a m 3 L . . . : 3?,8 3 8 ;22 i 30:ÏÏ7,882 13,512,519 11,503,445
1,294
8,501
7,207
Kansas City & Omaha..
14,448
Tflira« Central
..Dee.
43,310
33,156
26,010
342
7,488
7,830
Keokuk & Western........ .
84,287
ï
e
Tam
r
t o D e c V s i!.^ :
344,533
293:515
133.440
3,624
26,373
29,997
Louisv. Evansv, & St. L
80,803
8,531
828
9,359
Un.P. D.<& Gulf.......Jan.
323,290
248,247
113,931
Louisville Hend.«fe St. L.
37,140
398,130
196,588
435,270
Louisville <&Nashville..
941,752
835,058
-202,906 2,097,327
Wabash .b..................Jan.
55,943
4,699
60,642
Minn. St. P. «&Ste. S. M.
July I t o Jan. 3 1 ..... 7,755,225 6,969,116 2,436,315
3,427
5,875
9,302
Mobile & Birmingham..
316
141,210
123,955
12,604
84,163
256,979
. . . . . . . . W. Jersey <&Seash’e.Jan.
341,142
Northern Pacific............
39,850
77,650
66,931
144,581
V est.N . Y.«fe Penn. b.. Jan.
226,956 205,995
Oregon RR. & Nav.......
672,050
3,273
19,715
16,442
July I t o Jan. 31....... 2,073,781 1,877,131
786,431
Peoria Dec. <& Evansv.
2,410
........
42,553
44,963
Pittsburg <feWestern---____
.
5,835
1,992
7,827
a Net earnings here given are after deducting taxes,
RxO Grande Southern...
476
30,96£
30.493
b Net earnings here given are before deducting taxes.
Bt. Joseph <fe Gd. Island.
108,852
87,035
145,887
t Deducting other expenditures for repairs, replacements ana general
400.896
29,207
430,103
exnenses,
net income applicable to interest on bonds in December was
Southern R a ilw a y.....
593
4,566
5 15Í
$1027963, against $139,833 last year, and from January 1 to December
Texas Central...............
17,804
1,469
31
$
i
373
855,against $1,362,972. This is the result luMexioan dollars
19,275
Toledo Peoria <&West’n
40,948
8,698 treated (according to the company’ s method of keeping its aooounts
32,24'!
Tol. St. L. <feKan. City.
17,932
68.639
as
equivalent
to 80 cents in United States money—that is, all depreci­
86,571
Un. Pac. Den. & G ulf...
1,500 ation beyond 20 per oent has already been allowed for.
___ _
51,400
9.90C
Western N. Y. <fePenn,
♦After allowing for other income reoeived, total net for'January was
45,766
805,763
6,646,846
$69,155,
against
$105,238,
and
from
July
1
to
January
31
was
$358,
7,406,843
Total (79 roads)
759,997
071, against $430,471.




THE

March 5, 1818,1

CHRONICLE.

NORTHERS' PACIFIC.
July 1 to
Jan., 1893. Jan., 1897. Jan. 31,’ 98.
dross earnings.................. .............$1,440,049
f l j 'i A A l A
$958,868 $14,815,711
Operating expenses.. . . . . . ___. . . . .
829,015
821,598
7,127,154
Taxes.

$611,034
70,550

$137,270 $7,638,557
36,500
330,050

Mlsoel. inoome,not inol. land sales

$540,484
74,744

$100,770 $7,358,507
25,991
199,340

$615,223

$126,761 $7,558,347

Interest Charges and Surplus.—The follow ing roads, in
addition to their gross and net earnings given in the fore­
going, also report charges for interest, &o., with the surplus
or deficit above or below those oharges.

C ro ss
E a r n in g s .

467
Latest Gross Earninge.

J an .l to Latest Date.

WeeTcorMo 1897-8. 1896-7.

1897-8.

1896-7,

$
$
Syracuse Rap. Tr. Ry. January... 37,487 32,190
37,487
32,190
Terre Haute El’c. Ry. Septemo’r. 14,259 13,705 111,790 120,3 41
Third Avenue (N. Y.). December.
2,597,632 2,626,895
Toronto Ry . . . . . . . . January... 86,563 74,546
86,563
74.546
Twin City Rap. Tran. January... 163,723 151,968 163,723 151,968
Union (N. Bedford).. January... 15,802 16,851
15,802
16,851
United Tract. (Pitts.) ¡January... 117 960 104,967 117,960 104,967
United Tract. (Prov.) January... 138,578 129,183 138,578 129,183
Unit. Trac. (Reading) January... 12,824 11,677
12,824
11,677
Wakefield & Stone__ January...
3,614
3,288
3,614
3,288
Waterbury Traction.. January... 22,235 19,071
22,235
19,071
West Chicago St. Ry. 4thwkFeb. 66,027 64,056 554,628 528,886
Wheeling Railw ay... January... 14,276 12,925
14,276
12,925
Wilkesb. & Wy. Valley___________
January... 40.356 39.419
40,356
39,419
* Includes Baltimore Traction and City & Suburban for both years.

---- lnl., Rental», <&e. — , —jSal. o f Net Earn'd».-,
Street Railway Net Earnings.—The follow ing table gives
1897-8.
1896-7.
1897-8.
1896 7.
Roads.
$
$
$
$
the returns o f S t r e e t railway gross and nebearningsreoeived
Chic. Burl.* Quincy. Jan.
890,000
876,202
164,612
131.444<
July 1 to Jan. 31....... 6,230,000 6,133,413 4,510,531 2,917,809 this week. Ia reporting these net earnings for the street rail­
Clev.Cin. Ch. & 8t. L.. Jan.
238,398
240,805
34,474
36 818 ways, we adopt the same plan as that for the steam roads—
July 1 to Jan. 31....... 1,692,318 1,663,411
277,940 292,350
that-is, we print each week all the returns reoeived that
Peoria & Eastern.. Jan.
36,802
36,802
998 def 8,174
July l to Jan. 31___
257,812
257,612
23,477 def.49,108 week, but onoe a month (on the third or the fourth Saturday)
Kan. C. Pitts.& dull. Deo.
67,147
5,864
......we bring together all the roads furnishing returns, and the
Long Island R R ....... Jan.
100,245
95,454 *df.88,952*6,1.109,070
716,002
715,426 *312,854 *204,575 latest statement o f this kind will be f >und in the C h r o n i c l e
July 1 to Jan. 31.......
Long Island RR.Sys.Jan. ¡111,743
105,627*dfl04,4il*df.l26,444 of February 26, 1898. The next will appear in the issue of
July 1 to Jan. 31.......
796,590
793,814 *341,659 *212,867 March 19, 1898.
•Rio Grande Sooth....Jan.
17,898
14,106
*3,224 *df.3,074
.
•----Gross Earnings.— .,----- Net Earnings.
July 1 to Jan. 31.......
102,733
98,747
*4,803 *19,242
1897-8.
1896-7.
1897-8.
1896-7.
* After allowing for other income received.
Roads.
$
$
$
$
Amsterdam St. Ry... Jan.
4,279
3,697
1,075
768
Atlanta Railway.......Jan.
6,221
5,155
STREET RAILWAYS AND TRAC 1 1 9 Y COMPANIES.
643
167
Denver Con. Trarnw.. Jan.
56,473
53,938
20,430
21,557
The following table shows the gross earnings for the latest Nassau Electric RR.—
Oot 1 to Dec. 3 1 .....
430,702
367,782
170,026
130,416
peridd of all s t r e e t railways from which we are able to o b ­
Jan. 1 to Deo. 3 1 ..... 1,905,352 1,461,136
800,904
580,913
tain weekly or monthly returns. The arrangement|of the New Orleans Tract..Jan. 107,222
101,259
44,157
31,227
table is the same as that for the steam roads—that is, the North Shore Traot’ n.. Jan.
93,864
92,705
34,477
24,471
Oot. 1 to Jan. 3 1 .....
435,401
410,623
165,160
145,444
first two columns of figures give the gross earnings for the

latest week or month, aad the last two columns the earnings
for the calendar year from January 1 to and including such
latest week or month.
Latest Gross Earnings.
E a r n in g s .

Week or Jf< 1897-8
$
5,65a
4.27Í
6, i21
7,721

1896-7,

$
5.55C
3,697
5,15?
6,282

$
5,655
4.27S
6,221

$
5,550
3,697
5,155

. Novemb’r.
2,863
2,103
Baltimore Con. Ry,‘ .. . January... 167,52b 159,292
January...
1,306
1,31]
January...
6,33(
6.2iS
Binghamton St. Ry.. January... 11,102 10,029
Bridgeport Traction January... 26,89s 22,606
Brockton Con. St. Ry January... 25,111 22.91«
January... 98,000 89,000

38,582
167,526
1,30(
6 , ¿5c
11,102
26.89É
25,111
98,000

159,292
1,311
6,336
10,029
22,606
22,918
89,000

800,777

752,414

Akron Bedf’d & Clev
Amsterdam St. Ry.
Atlanta Railway. .. .
Atlantic Coast Elec. .

January..
J anuary..
January..
October..

Brooklyn Heights ) February.
385,967 360,128
B’klynQ’ns&Sub. 5
Calumet Electric
December. 14.892
January... 11,773
December. 87,650 77,378
ditiz’ns’ (Muneie Ind. ) J anuary...
5,418
4,390
City Elec. (Rome.Ga.) January...
1,572
1,43Cleveland Electric... January... 135,75-1 124,178
Cleve. Painsv. & E. January...
5,417
4,500
Columbus St. Ry. (O.) January... 53,788 4 «,869
Consoli’d Trac. (N. J.) January... 242,590 217,316
Danv. Gas El. Light &
Street Ry.......
Novemb’r. 10,141
Denver Con. Trarnw.. January... 56,473 53,998
Detroit Citi’ns’ St.Ry. 2 wks Feb. 42,398 38,132
Detroit Elec. R y.____ January... 33,567 33,457
Duluth St. Ry............ J anuary... 14,359 13,024
Erie Elec. Motor Co.. January... 10,986 10,258
Galveston City R y ... Septemb’r. 18,542 19,148
Harrisburg Traction. January... 18,497 16,376
Herkimer Mohawk IIion & F’kfort El. Ry, December.
3,492
3,765
Hoosick R v................ October...
619
600
Houston Eleo. St. Ry. January... 16,623 14,072
Interstate Consol, oi
North Attleboro__ January...
9,934
8,943
Kingston City R y..... January...
4,000
3,679
Lehigh Traction ..... ranuary...
8,170
8,702
London St. Ry. (Can.) J anuary...
7,706
6.601
Lowell Law. & H av .. J anuary... 30,705 27,541
Metrop. (Kansas City) January... 147,659 128,793
Metro. W. Side (Ohio.) January... 99,632
Montgomery St. Ry.. January...
4,261
3,650
Montreal 8 creet Ry... January... 110,156 99,636
Nassau Eleo. (B’klyn) February . 126,809 102,409
Newburgh Eleotrio... January...
4,921
4,520
New London St. R y.. December.
3,311
3,082
New Orleans Traction January... 107,222 LO1,259
North Shore Tracticm January... 98,1-64 92,705
Ogdeusburg St. R y... J anuary...
1,044
1,031
Paterson R y . . . . . . __ January... 27,46z 23,769
Po’keepsie & Wapp.F. December.
6,179
6,065
Richmond Traction.. January...
8,633
8,034
Rochester R y .......... December.
Roxb’h Ch.H.& Nor’n January...
4,373
4,029
Schuylkill Traction.. Septemb’r.
8,523
8,480
Schuylkill Val. Trac. January...
4,066
3,509
Scranton & Carbond’e January...
2,891
Scranton & Pittston. January...
4,788
4,730
January... 30,166 27,572




St r e e t

th e fo r e g o in g , a ls o r e p o r t o h a r g e s f o r in t e r e s t , & o ., w i t h t h e

Jan. 1 to Latest Date.

1B96-7. 1897-8.

fo llo w in g

s u r p lu s or d e fio it a b o v e or b e lo w th o s e c h a r g e s .

SfR E E T RAILWAYS AND TRACTION COMPANIES.
C r o ss

Interest Charges and Surplus.— T h e

r a ilw a y s , in a d d itio n t o t h e ir g r o s s a n d n e t e a r n in g s g i v e n in

11,773
5,418
1,572
135,753
5,437
53,788
242,590

4,390
1,438
124,178
4,500
46.869
217,316

95,785
56,473
133,983
33,567
14,359
10,936
163,399
18,497

53,998
120,371
33,457
13,024
10,258
161,692
16,376

39,571
6,541
16,623

42,604
7,233
14,072

9,934
4,000
8,170
7,706
30,705
147,659
99,632
4,261
110,156
262,247
4,921
53,587
107,22z
98,864
1,044
27,462
86,406
8,633
791,181
4,373
67,086
4,066
2,891
4,788
30.166

8,943
3,679
8,702
6,601
27,541
128,793
3,650
99,636
212,032
4,520
53,428
101,259
92,705
1,031
23,769
86,134
8,034
847,440
4,029
72,816
3,509
4,730
27.572

Roads.
Atlanta Railway...... J an.
Denver Oon.Tramw..Jan.

- —Int., rentals, etc.—
-Bal. of Net Barn’s «
1898.
1897.
1898.
1897.
$
$
$
1.250
1,250
def. 607 def.1,083
18,769
18,222
1.661
3,335

ANNUAL REPORTS.
A n n u a l R e p o r t s .— T h e f o l l o w i n g is an in d e x t o a ll a n n u a l
re p o r ts o f s te a m r a ilr o a d s , s tr e e t r a ilw a y s a n d m is c e lla n e o u s
c o m p a n ie s w h ic h h a v e b e e n p u b lis h e d s in c e th e la s t e d it io n s
o f th e I n v e s t o r s ’ a n d S t r e e t R a i l w a y S u p p l e m e n t s .
T h is in d e x d oe s not in c lu d e r e p o r ts iu t o -d a y ’s C h r o n ­
ic l e .
R a il r o a d a n d M ise e l . C o ’ s
R a i l r o a o a n d M is o e l . C o ’ s ( d o n . )
Volume 66—
Page.
V o lu m e 6 6 —
P age.
Alabama N. O. & Tex. Pac. June... 281 Lehigh Valley .................158,181, 186
Am erican Screw Company............. 382 Manchester & A ugusta.................... 233
American District T elegraph........ 234 Maryland Coal G o .............................. 383
Am erican Soda F ountain.............. 333 Mobile & Birmingham ,....................... 424
Am erican Straw Board .................. 333 M exican C entral........................
424
Baltimore Chesapeake & Atlantic. 234 NattonaL Search. M fg. Cq.............
334
Brooklyn W harf & W areh. Co.......425
National Lead C o............................. 381
Canadian Pacific R ailw ay.............. 379 N. V. Chicago & St. L ouis................ 283
Central RR. o f New Jersey .......... 423 Norfolk & C a r o lin a ......................... 233
Central Union Telephone ............. 236 Northeastern R R . ( o f So. C a r .).... 233
Cheraw & Darlington................... 233
Northern Central R R ....................... 3S0
Chicago & A lton ................................ 423 P eople’s Gas Light & C oke...... 332, 383
Chicago Junction .Rys. & Union
Phil. W ilm ington & B a ltim o re .... 233
Stock Yards Co ........................... 380 Quincy Mining C o.............................. 333
Chic. St. Paul Minn. & Omaha...... 424 St. Louis Vandalia jfc Terre Haute. 331
Chicago Telep hone.......................
234
South’n New England T elephone. 334
Chicago & G’t W est. .h alf-year ..235 233 Street’s W estern Stable Car Line.. 285
Consolidation Coal............................. 330 Summit Branch RR.......................... 332
Delaware & Hudson Canal............. 232 Sunday Creek Coal C o............. . . . . . 334
Delaware Lackawanna & Western. 232 Terre Haute & Indianapolis.......... 331
Detroit Grand Rapids & W estern. 424 Terre Haute & L ogan sport............ 331
Diamond M atch................................ 236
Terre H aute & P eoria..................... 331
Edison Elect. 111. o f B rooklyn .235, 333 T renton P o tte r ie s .......................... 286
Edison Electric III. o f Boston........ 333 United States L eather..................... 425
Edison Electric UlSof New Xork.. 332 W estern Maryland ..................
232
H untingdon & Broad T op Moun­
Western Stone Co. ........................ 234
tain RR. & Coal C o........................ 331 Wilmington Columbia & Augusta. 181
Illinois Steel. .............................
332
St r e e t R a i l w a y s .
Indiana & Lake Michigan....... ... 33L
Lake Erie & W estern........ ..............424
Volume 66—
Page
Lehigh Coal& Navigation Co . . . . . 380 T w in City Rapid Transit C o..........424

Pennsylvania Railroad.
( Report for the year ending Dec. 81, 1897.J
The text of President Frank Thomson’s report will be
found on subsequent pages. Remarks upon the report wilS
also be found in the editorial columns.
Q.
The earnings, general income account and balance sheet for
aseriesof years, compiled for the C h r o n ic l e , aregiven here­
with, presenting an interesting comparison.
EARNINGS ON ALL LINES BOTH EAST AND WEST OP PITTSBURG AND ERIE.

1897.
Gross earnings. ............... $128,278,087
Operating expenses.......... 87,641,032

1896.
$123,641,268
88,329,329

1895.
$130,319,354
90,893,610

Net earnings................. $40,637,055

$35,311,939

$39,425,743

[V o l , LXVI.

THE CHROM LCLK

468

TRAFFIC ON AL L LINES BOTH EAST AND W EST OP PITTSBURG AND ERIE.

Passengers c a rrie d .........

1897
68,848,697

I ffiS ffS S iS ljS « .

1896.
71,919,860

1895.
74,654,116

1.5|W 0.1|6 l.» !« ;» » ;« ”

Below are given the results on the lines east o f P^tsburg
and Erie, comprising the “ Pennsylvania Railroad P 17*®10. /
the “ United Railroads of New Jersey Division and the
“ Philadelphia & Erie Division.”
TRAPPIC OP LINES EAST OP PITTSBURG AND ERIE

1897.
p S S f c a r r i V d : ; ; . '! '. " . '.

P a s s e n g e rs ca r r ie d 1 m i l e . .
B a t e p e r pass, p e r m i l e . . . .

34,997*524

6 9 3 .| 7 9 ,^ 3 6
1-94 8 cm .

1896.
36,170,220

699^799^213
l
=oxs.

Tons carried........................
622 317 7 727*923*844
Tons carried one m ile.........8,555,622,317
Bate per ton per mile..........
0 orfo ots.
o o o t uuo.

1895.
2,675
37,452,437
712,072,950
1-953 cts.
j p
78,259,526
8,173,218,403
8’ % .^ 63 ¿t8.

EARNINGS AND EXPENSES ON LINES EAST OP PITTSBURG AND ERIE.

,

1896.
$
43,500,713
14,483,523
1,445,070
1,421,438
432,714
552,162
260,882

1895.
$
45,922,018
14,621,922
1,517,043
1,417,783
429,647
444,328
274,438

Total earnings.................. 64,223,113
Expenses—
.
Maint. of way and struct.. . . 7,776,704
Maintenance of equipment.. 9,063,110
Transportation....................... 24,774,902
General— .......•— . . . . . . . . . . LS 67,640
Delaware & B aritan Canal...
275,2/0

62,096,503

64,627,179

7,522,385
9,572,569
24,697,542
1,373,986
292,845

7.993.885
9.555.886
25,300,941
1,351,078
308,865

43,257,627
Total expenses.........
Net earnings............................ 20,965,487
P. ct. op. exp. to earnings.. . .
67*36

43,459,327
18,637,176
69-99

1897.
5 8 S t e . ............................ 15,770,174
Passeneer.........V..................... 14,273,381
T&SwSS .............. ................. 1,470,397
Ma?ls
1,433,938
Een°mian.e0U8. . . V ''. : : : :
Delaware & Raritan Canal...

H I ,'206
237,299

GEIsERAL INCOME ACCOUNT,

1897.
Netfeaimings, as above. . . . . . . 20,965,487
Int. onPa. RR. investments.. 4,61b,2ib
Int. on United N. J. RR. &
231,
Canal securities...........
Int. f o r u se o f e q u ip m e n t .. . .
3 5 3 ,2 b /
I n te r e s t, g e n e r a l a c c o u n t —
189,574,
M is c e lla n e o u s ..........................
104,24,8
............................................ 26,459,985

1896.
$
18,637,176
4,615,433
320,435
335,634
54,180
93,198
24,056,057

R e n Ä i .................................. 9,718,430
Interest o n ’funded d e b t ...... 4,261,039
133,023
Int.on morts. & ground rents.
549,154
Interest on car trusts........
136,400
Equip, trust loan sink. fund..
828,806
State taxes and miscellan’us. _____
___

8,824,163
4,257,819
131,978
575,592

Total.................................... 15,626,853
Balance.................................. . 10,833,132
The above balance was made
up as follow s:
Net income Pa. RR. D i v „ . . . . 10,||q’^2 o
Profit on United N. J. D iv—
87,661
Profit on Phila. & Erie D iv—

14,664,936
9,391,121

Balance, as above............. 10,833,132
From this balance deduct—
94,410
Payments to trust funds........
324,780
Con. mort. sink, fund acct—
Allegheny V. RR.deficiency..
---•••v
Extraordinary expenses........ I,0b7,doo

9,391,121

Balance to credit of income
after deduct’g all payments
Dividends (5 per ce n t)..........
Transfer to “ Extraordinary
Expenditure Fund” ............

1,486,495
_
9,346,637
6,465,170

875,384

8,898,589
439,424
53,108

73,048
324,780
244,570
1,516,899

1895.
1896.
1897.
$
$
Liabilities—
_„
129,303,150 129,301.550*
Capital stock........................... 129,303,700
83,655,840
83,655,839
Funded debt............................
4,003,071
4,288,071
Mortgs. and ground rents.. . . 4,2eb,o 1 1
H ar.Pt. M t,J, & Lan. stotk
1,182,550
1.182,550
g u a r........... ......................... i fio^,DDU
700.000
700,000
D o .' bonds guar............
700,000
889.205
2,179,821
Traf. bal’s due other roads.. 1,768,315
483.000
563,500
Payments for leased equip. . .
644,000
6,233,450'
4,556,495
Pay-rolls and vou ch ers...—
-sY’oRtv
101,412
72,984
Dividends and int. unpaid...
64,357
9,374,740
8,505,269
Sundry acots. due oth. roads. 10,177,317
80,997
64,434
Due employes’ savings fund.
155,972
309,792
463,368
“ relief fund.......................
599,791
65,227
70,254
23,94b
“ insurance fund...............
981,359'
708,820
Miscellaneous........................
929,666
Seour.of Un. N. J. Co.’s trans.
3,283,461
3,283,462
with the lease....................... 3,283,462
Fund for pur. of secur. guar.
4,582,408
4,655,456
4,749,867
(tr. of Oct. 9 ,1 8 7 8 ).........
Extrordin’y expend’re fund.. 1,800,000
411,882
51,647
Trustee of consol, m ort..........
226,159
5,339,800
5,664,580
Con. M. bonds sink, fund....... 5,989,360
2,095,307
All’y V. By redemp. a co t....
1,637,277"
1,637,277
Int. acc’d on Penn. RR. bonds 1,637,277
23,553,470
24,152,323
Balance to profit and loss— 22,823,957
Total................................... 279,423,841 275,759,302 278,265,809

10,530,432

1894.
0-418 cts.
2-399 ots.
$
598,581
3,24 ',065
126,550-

1,181,236

995,621

1,895,962

25,233,790
Deduct int. on bonds accrued
to Jan. ’96,not matuiedless
amount due from investm’s......................

24,320,171

A m t. c h a r g e d * ff fo r s ecu rities
a n d s u n d ry a c c o u n t s ............. 112,409, boo

167,848

N e t e a rn in g s ..................1,233,864 1,231.451

3,965.196
2,969,575

INCOME ACCOUNT.

1894.
1895.
$
9
995,621
1,181,236
24,790
604
N e t ^ a r n in g s ..........................1 ,2 3 i ’ 3 23 1 ,2 3 1 ,5 4 5
o t h e r receipts.
r e c e in ts ........................
L323
043
Other
6,465,011
1,020,411
Total income.............. 1,235,187 1,231,996 1,181,840
2,169,459
Disbursements—
23,155,632
1,047,470*
1,047,470
Interest on debt . . . . . . . . . -1,017,470 1,017,470
Interest on special stock .
48.000
110,124
106,978
114*911
25,325,091 Interest on equipment..... 117,564
8,000
22,865
62,051
1897.

M is ce lla n e o u s ......................

826,537
945,083

1,771,621.
16»,848
2,409,833
23,553,470
24,152,323
Bal to profit and loss Dec. 31 22,823,957
rr Aa follows: Reduction in valuation of equipment, $708,337; re­
duction in value of securities of coal companies, $1,436,119; charged
off for old accounts, $265,377.
GENERAL BALANCE SHEET DECEMBER 31.
1895.
Assets—
18971896$
Constructs,equipm’t,&c.,RR.
§
191 / i f - q4fi
between Phila. & Pittsb....l21,189,347 121,075,946 118,402,331
33,628,956
34,901,645
Cost of bonds of railroads.
73,713,702
74,392,584
C o s t of stocks of railroads. I 119,659,344
Cost of bonds ¡and stocks
10,693,248
i
10,653,666
of other corporations... J
4,495,191
4,582,408
Trust of Oct 9,1878 . . . . . . . . .
3,567.820
3,892,600
4,217,380
Penn. RR. con. mort. s. fund.
10,000
10,000
10,000
Insurance fund.......................
103,000
45,000
32,500
Morts. and ground re n ts ......
2,095,307
Cash to redeem Al. Val. bds.
3,283 461
3,283,462
3,283,’462
Securities of U. N, J. Cos—
wnnn caa
3,021,431
2,850,389
Materials on hand............. -• - 2,077,068
Advances to other Co’s for
.„
7,183,600
4,263,022
const’n and other purposes. 3,853,64^
565,115
428,877
12,691,683
10,655,552
cS h * ” ? !!™ “ !:::::::-".-.-.-.-. i s ! » ! »
4,810,963
4,724,151
Miscellaneous.........................
1,633,3 97
.279,423,841 275,759,302 278,265,808
Total




EARNINGS AND EXPENSES.

1895.
1896.
1897.
0-399 cts.
Av. rate per ton per m ile.2-371 cts. 0-391 cts. 2-374
cts.
2-5)92
cts.
Av. rate per pass. p. mile.2-348 cts.
$
$
10,530,432
Earnings—
k s iiv s
614,197
600.959
Passengers.........................
87,217 F r e ig h t ................................... 3>°6 0 ,5 8 3 3,765.352 3,611,291
153,086
146,200
324,780 Mail, express, etc...............
156,715
4,378,574
Tivtiftl
- ..........-4 ,6 0 1 ,2 5 7 4,512,511
1,327,250
E x p e n s e s (in cl. a ll ta y e s ) .3,367,393 3,281,060 3,197,338
8,634,470
6,465,011

6,465,123
766,701
23,553,470

1DThe earnings, expenses and charges were as follows :

9,778,234
727,694
24,505

2,159,297

8,265,170
Bal. to credit of profit & loss . 1,081,467
24,152,323
Add profit and loss Jan. 1 ....

P hiladelphia & Erie R ailroad.
(R eport fo r the year ending Dee. 31, 1897.)

President Shortridge says in part:
.
Coal Shipments.—Anthracite coal shipments to Erie show
an increase of 29,684 tons. Anchor Line shipments eastward
from Erie show an increase of 109,655 tons. Iron-ore ship4 4 5 10 ,6 5 6 fcments eastward from the Company’s piers at Erie show an
mtm--------- in c r e a s e of 162,988 tons.
, 0 .
- ™.
20,116,523
R ef u n d in g.-T h e $976,000 7 per cent Sunbury & E r e
68-87
bonds for $1,000,000, which matured Oct. 1, 1897, hare all
been paid and canceled. To meet this obligation there was
1895.
issued|l,000,000 of the company’s general mortgage 4 per
$
.
, , ,
20,116,522 cent registered bonds.
Change in Method o f Accounting. - T h e large cash bal­
4,353,987
ance shown in former reports has been misleading, for the
257,100
332,340 reason that the sum o f $260,400 became due and payable on
120,032 the following day, account of interest on general mortgage
6 per cent bonds. This amount has now been set apart out
o f the funds in the hands of the Treasurer.
25,179,983
Improvements.—During the year considerable work has
8,896,061 been done in renewals and repairs. Included in this work is
4,163,775 38,960 cubic yards of stone, gravel and cinder ballast; one
128,069
602,031 double-track iron, tw o double-track stone and two single
track iron bridges, and the replacing of tw o w o 9 den Howe
859,614 truss bridges with iron structures; extensive repairs to Erie
14,649,550 coal trestle, passenger and freight stations, and other bmld-

7,231,824
6,465,123

1,800,000

* Includes cash to pay coupons, cash iin hands of ^
T
x
e
Wltl*
agents, and amount to pay St. L. V. & T. H. bonds. V. 66, p. 289.

1896.

a.uuu

T o t a l d is b u r s e m e n t s ..1 ,2 2 1 ,0 3 4

1 .2 2 4 ,4 3 2

B a l a n c e ... — . — ............... sur. 14,1 53

su r.7 ,5 6 4

1,177,313 1,165,594
sur.4,527*df. 145,183

- In March, 1894, paid a 2 per cent dividend The b a la n c e t o c r e d i t
of profit and loss account Dec. 31,1897, was $318,759.
GENERAL BALANCE SHEET DECEMBER 31, 1897
Dr
Construction..............$30,466,182
Securities owned........
^9,yo^
Rails used under agree2Q2
c S r !!" ;" " " ------b o n d s due
Jan., 1898................

C a sh ‘ fo r

0 r common........... $7,985,000Stock,
Stock, sp ecia l............. S’ÀSS’ aSR
B onds.......................... 19,823,000*
Interest on b’ ds unool.
1,020
int. on bonds
123,*239 Accrued
to Dec. 31,1897.......
384,987
260,400 Individuals and Co.’ s.
Profit and loss.............
318,760-

Total .................... $30,917,986
—V. 66, p. 385.

T o t a l...................... $30,917,986

Grand Rapids & Indiana Railw ay.
(Statement fo r the year ending Dec. 31,1897.)
1894.
1895.
1897.
1896.
nrnaa earnings..........$1,978/ 67 $1,899,444 $2,074,841 $1,900,401
1,495,721
1,664,724
Qper explfinc?taxes. 1,453,481 JU_595,194
N et........................ $525,086
$304,250
$410,116
$404,680”
Charges................ .
455,0091 Reorganized company took pos,
«7 0 0 7 7 Ssession Aug. 1,1896.
S u rp lu s ....................

- V . 65, p. 25.

$ 7 0 ,0 7 7 )

M a r c h 5, 1888. J

THE CHEOJSICLE

46*

P eoria Decatur & E vansville Railway.
(Divisional statement fo r calendar year 1897.)
The following statement of the operation o f the two divisions
-of the main line for the year 1897, December estimated, has
been issued by the receiver:

main plant, at 3,500 volts alternating pressure, and to St.
Paul, a distance o f 9 miles, at 12,000 volts. The loss in
transmission to St. Paul will be about 4 per cent. A t the
substations the power is reduced in pressure and converted
into direct current by transformers and rotary connectors.
The lead-covered insulated cables are conducted through
Peoria Evansville
Div.
Div.
Total.
a substantial cement-lined conduit to St. Paul and to the
Earnings......................................................$451,090 $390,465 $841,556 substations in Minneapolis. When required, the PillsburyOperating expenses and betterments... 308,306
339,461
647,767
Washburn Co. have agreed to furnish apparatus for 3,01)0
Net earnings........................................$142,784 $51,004 $193,788 more horse power, thus making a total of 10,009 horse
Per cent, of op. exp.& bet’m’ts.toearn’s. (68-35)
(86-94)
(76-97)
power. This company can safely lease sufficient power to
Taxes, tracd rentals, etc.......................... 50,130
28,859
78,989
reduce greatly the net cost of operating its cars.
Statistics.—Various statistics of interest are shown in the
Surplus from operations...-.............. $92,654 $22,144 $114,799
Interest on first mortgage bonds............ 79,378 89,601 168,979
following tables:
1897.
1896.
1895.
1894.
Balance...........................................sur.$13,276df.$67,456df.$54,l80
Receipts—
$
$
$
$
Passengers.........................
.1,982,785
2,037,935 1,934,772 1,981,706
The above-given figures include $15,000 Peoria & Pekin
Other
sources....................
26,336
21,283
24,031
21,973
Union dividend for 1897.
If the outcome o f litigation regarding ownership o f the
Total receipts.............. 2,1,09,121 2,059,218 1,988,803 2.003.678
Expenses -stock is adverse to the Peoria Decatur & Evansville Railway,
General
expenses.............
67,102
54,053
56,934
61,162
the result would be :
Maint, of equipment........ 110,496
97,724
81.816

Peoria Div. Evansville Div.
-Surplus........ ......... .......................... $5,776
............
© eflcit............................................................
$74,956

Total.

$69,180

The above is important in its bearing on the value of the
%onds covering the aforesaid divisions. —Y. 66, p. 184.
United T raction Company o f Pittsburg.
( Report o f Feb. IJ, 1898.)
There have been listed on the Baltimore Stock Exchange
$4,725,090 five per cent bonds o f the United Traction
Company and $3,000,C03 preferred stock and $17,010,000 com
mon stock.
The authorized capital is $30,000,000, of which $8,000,000 is
preferred and the remaining $17,000,000 is common. The par
value of the shares is $50. The preferred stock paid a divi­
dend of 2% per cent January 3, 1898. There is a floating debt
-of $432,143. The transfer office for the stock is at the com ­
pany’s office at Pittsburg. Of the issue of $10,000,( 00 of
bonds, $5,275,000 are reserved in the hands o f the trustee to
(retire a similar amount of outstanding divisional bonds.
The earnings o f the company have been since it has been in
operation, six months ended December 31, 1897: Gross, $746,646; net, $354,793. The equipment consists of 205 closed
cars, 88 open cars, 8 sweepers, 26 work cars. There are
.117-13 miles of track, all laid with s:eel rails.
The company makes the following statement:
STATEMENT JA N U AR Y 1ST, 1898.
Assets.
Liabilities.
Cash..............................
$559,977 Capital stock (com.)... $17,000,000
Construction and fran­
K
“ (pref.)... 3,000,000
chises acquired....... 29,974,171 Bonds (see table above) 10,000,000
Materials on hand___
21,511 Floating debt........
432,143
D iv.N o.l on pref. st’ck.,
•Sundry accounts re­
payable Jan. 3,1898
75,000
ceivable.....................
9,183
57,699
Profit and loss............

Maint, of way and struo..
76,877
Cond’s’ & motor’s wages.. 378.567
Inspec’s’ & tr. agts’ wages
7,726
Cond’ ting transp. misoel.,. 82,939
Cost maint, power stati’n., 133,829
Machine shop expense....
20,080

62,738
386,464
9,019
84,902
156,764
24,122

58,069
378.256
8,859
87,131
154,104
21,722

103,350
66,607
369,598
14,300
90,639
161,375
23,000

Total general operat’g . 877,616
Insurance...........................
6,408
Injuries and damages......
72,000
Legal expenses........ ........:
18.701
Contingent expenses........
27,355

875,787
11,520
65,587
19,276
22,989

816,892
13,638
80,891
14,925
23,139

890,031
16,685
106,814
17,038
13,980

Total operating.............. 1,002,080
979,485 1,044,547
995,159
Net earnings..... ................. 1,007,041 1,064,059 1,009.319
959.131
Deduct—
Int. on bonds and 6% certs, )
iC 618,131
649,753
660,300
Interest on floating debt... >705,438-(
8,226
52,015
25,722
Div. on pref. stock 7 % ....
t
79,534
Taxes.................................. .
66,469
58,170
49,071
52,939
Total................................. , 771,907
Surplus................................ 235,134
P. ct. exp. & tax. to earns.
53-18

764,061
299,998
51T5

750,839
258,479
51-72

738,961
220,170
54-77

The balance sheet for two years was published in last
week’s C h r o n ic l e on page 425.—V. 66, p. 424, 428.
New Y ork & New Jersey Telephone Co.
( Report fo r year ending Dec. 31, 1897.J
President Charles F. Cutler says:

Securities.—On Sept. 30,1897. the directors, in order to provide the
funds requisite for new construction and extensions during 1897 and
1898 authorized the issue to the stockholders, at par, or $932,500
stock. When the final installments upon the subscription shall be paid,
the oatstanding capital stock of the company will amount to $4,662,400. The sale of $ 100,000 of 5 per cent general mortgage bonds was
also effected at a substantial premium.
Favorable Decision.—Allusion was made in the last report to the de­
cision of the New York Court of Appeals favorable to this company in
its
suit against the Metropolitan Telephone & Telegraph Co. of New
Total..................... .$30,564,841
Total........... .......... $30,564,841 York.
A satisfactory settlement of the claim has been effected and
—Y, 65, p. 1222.
the balance of the amount reoeived, $173,258, after deducting legal
expenses, etc., has been credited to surplus account.
Twin City R apid Transit Company.
Additions.—The additions to plant, equipment and real estate have
amounted to $699,138. Your company is the only one furnishing a
CReport fo r the year ending Dee. 31, 1897.J
general system of telephone communication throughout the densely
President Thomas Lowry says:
populated territory surrounding New York. The demand for tele­
General Results.—Eliminating the abnormal increase in phone service is steadily increasing and must, in the judgment o f your
directors, be promptly resnonded to. It is gratifying to note that the
•earnings during August and September, 1896, due to the enlargement
of capital promises a reasonable return.
meeting of the Grand Army o f the Republic in St. Paul and
Increased Business.—The revival in general business conditions
o f the Knights of Pythias in Minneapolis, the gross for 1897 during the past year has been amply reflected in the growth of your
company’s business, both in increased earnings and in the large gain
shows a slight increase over the three preceding years. in
the number of stations. The net inorease in stations has amounted
This, however, is disappointing, as the expected revival of to 3,760, making the total number of stations on January ist, 1898,
■business was not realized (and then only partially) until the 18,093; a gain of over 25 per cent for the year, as against a gain of
latter part of 1897, The gross receipts for the last quarter about 20 per cent for the preceding year.
Competitors.—In respect to competing companies, the only oppo­
o f 1897 show an increase of 6‘09 per cent over 1893, 3 88 per sition
worthy o f note is that maintained at Newark, Jersey City and
•cent over 1894, 3-82 p. c. over 1895 and 5*57 p. c. over 1896.
Elizabeth, N. J. The unprofitable rates at which sendee has been ren­
dered
by
competing companies have apparently been productive of
Notwithstanding the general depression of the past three
results to those persons who have been induced to in­
years, the company has kept the physical condition of the unsatisfactory
vest with them. During the year your company has gained in the
property up to the highest standard.
city of Newark 718 stations, in Jersey City 174 stations, and in Eliza­
Sale o f P referrei Stock, etc., to Pay Certificate Loan.— beth 157 stations, and in every case the increase has surpassed that of
any year in the company’s history. Your management believe the
The company paid on Dec. 21,1897, the balance of the “ 6 best
weapon with which to meet and to forestall such competition is
per cent certificate loan” by selling $500,003 of its 7 per the continued extension and improvement of the service, together with
cent cumulative preferred stock and borrowing $750,000 for such reductions in the cost of the same to our customers as experience
three years. Of the total issue of $3,000,000 preferred stock, may justify.

the company has in its treasury $1,362,800.
Welding Rail Joints.—The work of “ cast w elding” the
rail joints spoken of in our last annual report has been v ig ­
orously pushed during the past season, until we now have
the joints of about 60 miles of the 235 miles o f our track
“.cast welded.”
New Dam and Power House now Completed.—In our last
. annual report mention was made of the new stone dam
being fbuilt by the Pillsbury-Washburn Milling Co., which
was to have been completed July 1, 1897, and which your
company has leased for a term of forty years. Owing to the
great flood in April last about 200 feet of the dam, then in
process of construction, was washed out, and continued high
water delayed the completion of the work until the latter
part of the year and the power was not available for any
part of 1897.
The dam and power house are now completed, the
latter being equipped with Stillwell-Bierce & SmithYaile Co. horizontal slow speed turbines, aggregating 7,000
horse power, also seven multipoler electric generators of
1,000 horse power each directly connected with the turbines.
The power is transmitted to tw o substations in Minneapolis,
-one of which is 1% milesJand the other 4}*£ miles from the




Earnings, charges, etc., have been as follows:
1897.
1896.
1895.
1894,
$
$
$
$
Gross earnings.................. 1,790,287 1,554,585 1,405,882 1,252,509
Operating expenses......... 1,236,820 1,076,855
855,275
804,567
Net earnings................. 553,467
Deduct Interest on bonds..............
64,564
Taxes...................................
39,000
Real estate, interest, etc..
5,741
Dividends........................... 272,42 L
Total.............................
Balance, surplus...............

381,726
171,741

477,730

550.607

447,942

63,353
38,066
5,850
253,363

65,332
35,447
5,725
215,125

69,699
27,603
5,725
190,190

360,632
117,098

321,629
228,978

293,217
154,725

RESOURCES AND LIABILITIES.

Resources—
1897.
Property.........................................................$5,748,310
Equipment........ . ..........................................
547,041
Real estate....................... : ...................... .
642,984
Material...........................................................
196,385
Sundry accounts.. : .......................................
371,766
Treasury stock...................
808,900
Treasury bonds.......................
31,000
Cash.................................................................
57,566
Total........................................................ $8,403,951

1896.
$5,334,729
473,487
408,616
158,593
379,528
396,900
150,000
33,519
'

$7,335,363

THE CHRONICLE,

¡*470
Liabilities—
J897.
Capital S to ck - - - ..........- - - - - ...............................
General mort. bonds.................................... 1.692,000
Beal estate mortgages.................................
121,500
Bills payable. ......................... ........................ - - - - ----Vouchers........................................................
lg^>941
S u n d ry a c c o u n t s ..................................................
A c c r u e d i n t e r e s t ............4;......................- ...........

6 4 ,£ 7 5
i o ’* ?«

R e s e r v e d f o r d iv id e n d s .................. - ...............

• ¿ 9 4 ,7 7 8

Unearned ren tal...........................................

68,540

Surplus Deo. 31............................................ 1,528,647
Total........................................................ .$8,403,951
—V. 64, p. 515.

GENERAL

INVESTMENT

age by reason of personal liability in respect o f the conduct
o f its business.” A ll other property of the company, how­
ever, must be exhausted before the said securities and prop­
erty are used for such purpose. The deed further says:
“ Any judgment creditor of the company who shall have ex­
hausted all remedv against the assets of the company
* * * * * may likewise require payment in the same
manner” as is permitted to a shareholder. The company has
never had to trench upon the securities constituting this
$7,335,363 fund for any such ^purpose, and the possibility that it will
ever have to do so is considered very remote.
The securities pledged are as follows:

1896.
$4,120,000
1,411,000
121,500
50,000
263,872
26,105
11,669
54,492
93,077
1,183,647

NEWS.

Reorganizations, Etc.—Latest Data as to Defaults, R gotganization Plans, Payment o f Overdue Coupons, -Etc. -A ll
facts of this nature appearing since the publication of the last
issues of the I n v e s t o r s ’ and the S t r e e t R a i l w a y S u p p l e m ents may bo roadily found by means of the following index.
This index does not include matter in to-day’s C h r o n ic l e .
R a il r o a d s

and

Volume 66—

RAILROADS AND M lS. CO. (Con.)
Mise e l . Co.’s.
Volume 66—
> -PWJ*;
Pane.

Brooklyn & Bright’n B ’c h .revsetfs. 287
Brunswick Light & W ater...... sale. 183
Central W ashington R R .......snld. 183
Chicago R. I. & Pae...refund. .235, 288
Chic. & So. East RR.applic. fo r revr. 288
Cit. E lec. Light (H ouston) .receiver. 235
Col. & H ock. C. & l.recv.discharged. 183
Conner sville Gas & E lectric, sold. 336
D enver & R io Grande...refunding. 236
Duluth Gas & W ater C o.......... sold. 336
Electro-Pneu. Tran..com . 183,236, 384
East & W est (Ala.) R R...decision. 884
Equitable Gas Lt..plan operative... 337
F o rt Plain & Rich.Spr.saie postp’d. 183
Great Sou. Teleph. & Teleg-.consol. 884
H utchins’n &So.so!d.l83; new sect/. 236
International Paper Cos.
consol. 288
Kankakee W ater Co..........receiver 183
L a Folletto Coal& lr.Co.foreclosure. 336
Lake S.& Mich So.pend’flconsol.237, 288
Mammoth Cave R y......... sale. .236, 287
Memphis & Charleston........... sale. 237
M ontgom ery Light Co ........... sold. 237
Morristown & Cumb. Gap........ sold. 426
Musk. Gd. Rap. & Ind.cowp.. .paid. 426
Natalie Anthracite Coal..........sale. 184
N. Y. & E. Riv. Gas.plan operative. 837
N. Y. B iscu it... .plan, underwritten. 237
N.Y.C. & H. R . .pending consol.237, 288
N.Y. 8usq. & W . RR.ojfer/rom Erie. 335
N orfolk & Ocean V iew .............sale. 181
No. Pac. R y .offer to General F irsts s, 337

[V ol . L X V l.

Ogdensb. & Lake Champ, .sale ord.
Pecos Val. RR.rtorgawfe’n. effected.
Penn.Heat.Lt.&Pow.plan effective.
Penn. Steel C o .... coupon in scrip.
Peoria Dec. & E v .. .deposit notice..
Peoria W ater Co. .. plan modified.
Rapid Transit in N .Y. C ity ... .plan.
R ocky Mountain Oil Co........ recur.
South Jersey..................reorg.ilan.
Standard Plate Glass........ receiver.
T oledo St. L. & K. C...... recivs ctfs.
Topeka B elt R y ........... sale ordered.
Topeka W ater Co.eoups. to be fund.
Union P a c........... payment of 1st os.
do
sale o f m ain line confirmed.
do
Morgan notes (gold 6s^o/ ^H)

427
338
384
427
184
338
289
338
185
238
428
428
339
/38
385

do coU.for 6s of 1879 sold.23$,385,
do Kansas Pacific sold...........386,
do sale o f coll, for tr. mort. o f
1883......................
339,
do final notice to stockholders—
do pref. stock issuable to ctrt.
holders fo r gold notes 6s........
U nion Pacific Lincoln & Colorado
B y ........................offer from V. P.
W .G . H itchcock & Co.pl.operative.
W isconsin Central.................. reorg.
Zanesville Terminal R y ,. .receiver.

427
427
487
339
4*7
385
185
385
185

BONDS.
I P a r value.
N.Y.C. & H . RR. 1st M. 7s, 1903.$520,000 Erie R R. gen. lien, 1996 ..........
W est Shore RR. 1st M. 4 s...... 600,000 Union Pac. Ry. 1st M................
W estern Union Tel. S. F.. i900 600,000 Kan. Pac. Ry. (tr. ree.) 1st con.
Del. L . & W .R R .lst con.7s,1907 500,000 C.M.& St. P. R y. con v. 7s, 1905.
Do Term. M. 5s. due 1914....
Lehigh Val. Ter. R?. 1st M. 5s,
1941, guar.................................. 300,000
Do G en.M .4s,ser.A ,duel98i
Cent. RR. N. J. gen. M. 5s,1987. 316,000 Chic. & N. W . Ry. deb. 5s, 1921..
do
do con. 7s, 1899.... 250,000 C. B. & Q. RR. con. 7s, 1903....
Pitts. Cin. C. & St. L. 4s, 1945..
Morris & Essex R R . construe.
150,000 Longlsl.R R .N o.Sh. Br.6s,1932„
M. 7s, 1901.....................
N, YTBay Ext.RR.guar.5s,1943..
Morris & Essex R R . 1st consol.
guar. 7s, 1915........................... 150,000 Cent, o t Ga. R y. 1st M. 5s, 1945,
Sav. Fla. & W .R y.ist M.fs,1934 200.000 Mich. Cen. Ry. con. M. 7s, 1902.
N .Y .S .& W .R R .T .lstM . 68,1943 200,000 Day. & M .RR .lst M.5s gu.,1911.
Do
IstM . ref.5s, 1937 100,000 Cl. Col. Cin. & Indplis 6s. 1934.
R.W .& Og. R R . 1st con. 5s, 1922 200,000 j N. Y. N. H . & H. conv. deb. 4s.

2*5,000
100,000
100,000175,000
100,000
100,000
100,000100.000
100,000
100,000
100,000
75,000
50,000
55,000
35,000
238,000

STOCKS.
P a r value. I
P a r value*
Pennsylvania R R .................... $1,000,000 Am. Exchange Nat. Bank........ $100,000
United N. J. R R . & Canal......... 504.000 I F ourth National Bank.............. 5a,00O
Morris & Essex R R ................... 400,000 National Park B a n k ............... 55,000N. Y. N. H . & H . R R .................. 300,0001 National Bank o f Republic...... 49,100
C. M. & St. P. Ry. p re f................ X50.000I H anover National Bank........... 13,400
Boston & Albany R R ................ 60,000 Bank o f New Y ork ..................... 20,600
7,500
Northern Central R y.................. 158,850! Merchants’ National Bank......
Chicago & N. W . R y. p re f......... 200,000 I Nat. Bank o f Com., Louisville. 10,000
4,225Boston & N. Y. A ir Line RR. p f. 93,000. Mechanics’ Bank........................
Am erican Express Co..........— 100,000

An interesting feature o f the deed of trust is the following,
which provides that when the bonds mature and have been
paid from the proceeds of sale of the collateral, any surplusfunds remaining therefrom after meeting the expenses of the
trust, etc., shall also he distributed among the bondholders.
This provision is as follows:

“ When the principal of said bonds becomes due and payable, the
Trustee shall sell and dispose of all andjsingular the said securities and
property in the manner herein provided, and distribute all the pro­
ceeds, including any surplus realized over the amount due for prin­
St r e e t R a i l w a y s .
cipal and interest of said bonds, as provided in Article Sixth hereof,”'
Brooklyn El. R R.2d in sta l.of asses. 883 viz.: First, to the payment of the expenses of the trust; second, of any
claims of shareholders under their personal liability rights, or of any
judgment creditors, as aforesaid, and, third, after reimbursing the
for any payments on account of the principal of the bonds,
Adams Express Co.—Official Circular—Reduction o f Divi­ company
“ to distribute the surplus, if any, prorata, among the holders o f the
dend to 4 p er cent —The dividends on the common stock, it said bonds then outstanding.” —Y. 66, p. 334.

is announced, will hereafter be semi-annual, at the rate, it is
American Hay Co.—Incorporated.—This company, it ia
expected, of 4 per cent per annum, payable in June and De­
cember, instead of 8 per cent, payable quarterly, as hereto­ stated, is being organized under the laws of Michigan by Chi­
cago men as a consolidation o f “ more than 100 of the largest
fore. The managers and trustees submit this explanation :
buyers and shippers of hay in Illinois, Indiana, Ohio and
Collateral Trust Bonds and Cash Dividends.—Taxation in many
States has of late years become so burdensome as to be out o f all pro­ Michigan.” The capital stock is $5,000,000. The press de­
portion to the business transacted therein or the profits derivable spatch adds :
therefrom. The managers have, therefore, determined to reduce the
surplus assets o f the company and to distribute a portion thereof
among the shareholders by way of dividend. To that end there has
been transferred to the Mercantile Trust Co. property equal to $100
per share, which will be represented by a bond issued to the share­
holders, hearing interest at the rate of 4 per cent per annum, by semi­
annual coupons of 2 per cent each, payable in March and September,
the principal being payable in gold in fifty years from March 1,1898.
These bonds will be of the denomination of $1,000 and $500, and will
he secured by a pro rata interest in the securities and property so
transferred and assigned to the Mercantile Trust co. as trustee. The
dividends on the shares will hereafter be declared semi annually, June
and December, and not quarterly. The managers confidently expect
to continue these dividends at the rate o f $4 per share per annum,
thus, with the interest payable on the bonds, equaling the $8 per
share per annum heretofore paid,
, ^
Fund to Proteet Shareholders Against Their Personal Liability —
Under the form of the organization of our company as an unincorpo­
rated association or partnership, the shareholders are personally lia­
ble for its debts. To proteet the shareholaer against this personal
liability a fund was created forty years ago which was added to and
accumulated as the business of the company developed and increased.
In order to continue this necessary protection to shareholders against
personal liability, the deed of trust securing the bonds provides,
among other things, that the securities and property held by the Trust
Company shall stand as indemnity to the shareholders against this per­
sonal liability as well as security for the bonds. The title to the prop­
erty and securities, however, has been absolutely transferred and as­
signed to the Trust Company, and whatever surplusmay he ultimately
realized thereon will he distributed pro rata among the holders of the
bonds at maturity.
, „
^ ^ ^
,
Delivery o f Scrip—Bonds to be Beady May /.—Each shareholder of
record on the closing of the hooks Feb. 11,1898, is entitled to receive
atthe rate of $100 in bonds for each share standing in his name. Scrip
will he exchangeable for bonds at the office of the Mercantile Trust
Co. on and after May 1,1898, when the engraved bonds should be
ready for delivery. The Treasurer of the Adams Express Company
w ill purchase at par for cash scrip representing amounts less than
$500 allotted to any shareholder.
.
3
. J
..
Amendment o f Articles o f Association,—It is d©sira»t)l© that th© articles of association be amended so as to extend the term and dura­
tion o f the company until after the due date of the bonds, and to
authorize the managers and trustees to purchase shares or holders de­
siring to sell at a price not exceeding the fair value thereof, and to re­
issue the same for the benefit of this company.

“ A traot of land near Buffalo is to he purchased as a site for an im
mense warehouse. F. W. Lope, President of the Allen Line Company
of this city, is the originator of the scheme. A meeting will be held at
Toledo, O., March 15, to complete the organization. Mr. Lope says it
will not he the object to raise the price of hay to the consumer or low er
the price paid to the farmer, but to handle the product at a legitimate
profit.”

Baltim ore & Ohio R R.—Central Ohio R R .—Coupon Pay­
ments.—The receivers of the B. & O. paid on March 1st the
interest, amounting to $56,250, on the Central Ohio bonds,
but left unpaid the interest ti-en maturing on the $9,301,512
of 6 per cent sterling bonds o f 1872.
Bill to Incorporate Successor Company.—A bill was intro­
duced into the House o f Delegates at Annapolis, Md., on
Wednesday, to permit the incorporation of a new company,
to succeed after reorganization to the property of the Balti­
more & Ohio R R. system. The incorporators named are
Louis Fitzgerald, Henry Budge, Eugene Delano and E. R.
Bacon, of New York ; George H. Earl, Jr., of Philadelphia *,
Alexander Brown. John Gill, W . F. Frick, Edwin Warfield,
James Bond, J. McKenny White, and Thomas J. Hayward,
of Baltimore.
The following statement is made concerning the bill:
‘The hill has not been introduced because it is at all certain that
the property must be sold under foreclosure and reorganized, hat be­
cause the friends of the road have considered it wise to anticipate any
contingency. When the road went into the hands of receivers its
friends believed that it could he rehabilitated without a foreclosure
and sale, and the fine business done by the road lately tends to show
that this hope will he fulfilled. When the present session of the Legis­
lature adjourns, however, it will not meet again for two years. The
bill was prepared for the purpose of placing the friends of the road in,
a position to protect the interests of the State of Maryland and the
city of Baltimore, as well as the railroad company itself, if a fore­
closure is necessary before the Legislature meets in 1900.
“ The hill should be passed for the following reason: Under the gen­
eral railroad law of Maryland a corporation can only he organized to
purchase and reorganize a single railroad sold under one mortgage at
one sale. It would therefore be impossible to organize a corporation
as the law now stands to purchase and reorganize the whole system
composed of many separate railroad companies.
“ The gentlemen named in the bill represent all interests and have
not been selected for the purpose of furthering the interests of any
special party or clique. The bill merely puts them or their successors
in the position of being able to properly reorganize the company if such
a step is found to be necessary. The introduction of the hill does not
mean that the Baltimore & Ohio must he sold under foreclosure, hut
merely a wise desire on the part of its friends to be prepared for any
emergency.”

Collateral Securing New Bonds.—Following are the securi­
ties deposited with the Mercantile Trust Co. to secure th®
new collateral trust 4s : The total value of the securities at
the time the deed was made was $12,400,000, while their an­
nual return by way of interest and dividends aggregates
about $70,000 in excess of the interest on the new bonds. The
sue of the latter is limited absolutely to $12,000,000.
The deed of trust is in the usual form of a collateral trust
New Rails.—The company has purchased 10,000 tons of 80■mortgage, except that it provides, as stated in the circular
-inst cited, that “ the said securities and property shall be held pound steel rails for the lines west of the Ohio River. The
primarily to indemnify and guarantee the shareholders order will be divided between the Central Ohio, the Chicago
of the company from time to time against any loss or dam­ and the Lake Erie divisions and will make these portions of




M a r c h 5, ld 9 8 ,]

THE CHRONICLE

the system compare favorably with the lines east o f the Ohio,
which are rapidly being placed in the best shape. About
15,000 tons of the 40,000 bought last summer for the main
line will be placed in the tracks this spring, giving the B. &
O. new rail from the Ohio River to tidewater.—V. 86, p. 383.
Boston & L ow ell R R.—Refunding Bonds.—The company
has applied to the Massachusetts Railroad Commissioners for
permission to issue bonds amounting to $500,000 to retire
bonds due in April.—Y . 66, p. 80.
B runsw ick L ight & W ater.—Sold.—A t the foreclosure
sale Feb. 26 the property was bid in for the bondholders for
$125,000.— Y. 66, p. 183.
Chicago Milwaukee & St. P aul R R .—Electricity on Evans­
ton Division.—The company on Monday asked the City Coun­
cil of Chicago for permission to use electric power on the
Evanston Branch between Kinzie Street station and the
northern limits o f the city. The idea is to bring the subur­
ban trains of this division into Chicago over the Northwest­
ern Elevated RR. and so to the Loop.—V. 66, p. 335.
Cincinnati Inclined Plane Ry.—Foreclosure Sale April 1I¡..
—The foreclosure sale is advertised for April 14. N o bid
w ill be received for that part of the property south of Erkenbrecher Avenue at the entrance to the Zoological Gardens,
including three elevenths of its entire equipment (the prop­
erty adjudged to be subject to the first mortgage of 1879), of
less than $90,000, and for that part of the property north of
Erkenbrecher Avenue to Lock Street in the village of Lockland, including eight-elevenths (8 11) of its entire equipment
(the property held to be under the consol, mortgage of 1894).
o f less than $187,500.—Y. 68, p. 81.
Cleveland B rew ing & M alting.—Consolidation.—The con­
solidation of all the breweries in Cleveland except one, thir­
teen in number, and one of Sandusky, it is stated, is being
effected under the title of the Cleveland Brewing & Malting
Co., with a reported capital of $10,000,000.—Y . 66, p. 335.
Columbus H ocking T alley & Toledo R R .—$20 Advanced
on March Coupon o f Consol. 5s.—J. P. Morgan & Co., refer­
ring to their previous circulars, give notice to holders of the
5 per cent consols that they are prepared to make a further
advance of $20 on each $1,000 consol now deposited with
them. This advance is on account o f interest due March 1,
1898.—V. 66, p. 335.
Columbus Sandusky & H ocking R R .—Application fo r
Receiver's Certificates.—A hearing will be had March 5 be­
fore Judge Taft, at Cincinnati, on the application of the
Receiver for authority to issue $520,000 certificates to be used
in part to pay $360,000 car trust notes due and maturing in
the near future, and the remainder to comply with the law
for equipping the freight cars with standard couplers.
Authority is also asked to buy 500 box and coal cars on the
car trust plan of monthly payments.—V. 66, p. 185.
Consolidated Kansas City Sm elting & Refining.—Earn
ings for the year ending Dec. 31, have been reported:
Gross
Net
Interest,
earnings, earnings.
etc.
Dividends. Surplus.
1897........................ $588,998 $472,997 $287,069 $46,992 $138,935
1896........................ 357,311
252,042
....................................... .
1895........................ 595,860
501,382
....................t....................
—Vf 64, p. 754

47v

Great Northern 'R y.—Eastern Ry. o f Minnesota.—-New
Bonds.—The Great Northern has sold to Messrs. Kuhn, Loeb
& Co. $5,000,000 Eastern Ry. of Minnesota fifty-year 4 per
cent bonds, the proceeds to be used for the construction of
the extension from Fosston, Minn., to Duluth. The new
road will give the Great Northern a direct extension of its
main line to the head of lake navigation at Duluth. The
new mortgage of the Eastern Ry. of Minnesota will be for
$15,000,0 0, so as to provide for future requirements, includ­
ing the retirement of the present issue of $4,700,000 5 per
cent bonds of the Eastern Minnesota at their maturity in
1908.—Y. 66, p. 288.
Illin o is Central RR.—Extension,—According to a press
dispatch from Birmingham, Ala., the company has ordered
the survey for a proposed extension of the Aberdeen branch
from Aberdeen, Miss., to Carbon Hill, Ala., whence is said
to be proposed a further extension to Birmingham, making
the total length o f new line 120 miles. It is also suggested
that by purchase of the Northern Alabama R y., 119 miles in
length, direct connection might be obtained by the Central
between Birmingham and the Sheffield iron district in the
Northwestern section o f Alabama.—Y. 68, p. 236.
International & Great Northern RR.—First Interest Pay­
ment on Third Mort gag ?.—The company on March 1 made
the first payment of interest on its $2,703,509 of 4 per cent
third mortgage bo ids. These bonds, heretofore incomes,
are now a fixed interest charge. The $7,051,000 of second
mortgage bonds also on March 1 received interest at the rate
of 5 per cent per annum instead of 4% per cent, as during
the last five years. By these changes the company’s fixed
charges are increased by $143,395 yearly.—Y. 63, p. 647.
Inter-State Commerce Commission.—Long and-ShortHaul Clause.—The Inter-State Commerce Commission on
Feb. 25 issued an order suspending the operation of the longand short-haul clause upon passenger traffic between points
on certain United States lines which are in competition with
the Canadian Pacific Railway and its connections, but pro­
hibiting lower rates than are made by the Canadian Pacific.
This is an additional order to the suspension of Feb. 16, and
is meant to cover all passenger traffic between the Atlantic
and Pacific coasts subject to competition with the Canadian
Pacific. The order is as follows:
It is ordered, pending] further investigation, that, upon publishing
and filing tariffs, as required by the act, and until July 1,1898, unless
this order be in the meantime revoked or modified by the Commission,
the above-named petitioners, and their connections in the United
States forming through lines with the petitioners, be and they are
hereby authorized to charge for the transportation of passengers,
both east-bound and west-bound, less for longer distances than for
shorter distances by such lines, between all points on the petitioners’
lines or lines of their said connections, at which the petitioners or their
said connections are in competition for passenger traffic with the Can­
adian Pacific Railway and its connections; provided, however, that
such lower rates for longer distances shall not at anytime be less than
those previously established or charged by the Canadian Pacific Rail­
way, separately or with its connections, for the transportation of such
passenger traffic; and provided, further, that this order may be re­
voked or modified at any time, in the discretion of the Commission and
with or without notice to said petitioners.”

This applies to a long list of roads, embracing practically
all the East and W est lines of the United States which do a
through business.—V. 66, p. 134.
Lake Shore & M ichigan Southern R y.—Earnings for the
F ort W orth & Denver City Ry.—Payment o f Interest on quarter and the six months ending Dec. 31 have been re­
Stamped Stock Certificates.—On March 15, 1898, the State ported as follows :
Trust Co. of New York, as trustee, w ill make a payment of 2 3 mos. end’g
Gross
Net
Other
Interest,
per cent on the stamped stock certificates to holders of record
Dec. 31.
earnings, earnings, income, taxes, die. Balance.
$942,963 $1,152,287
March 10, being the amount of surplus earnings for the six 1897........... $5,458,i86 $1,827,774 $267,476
............ 5,042,531 1,800,323
20,553
1,212,870 608,006
months ending Dec. 31,1897, applicable to the payment of in­ 1896
12 months.
terest on the company’s deferred coupon debt under the 1897 ...........$20,297,719 $7,430,745 $395,621 $4,081,108 $3,745,258
4,562,128 3,022,393
agreement of Oct. 12,1895. The stamped certificates amount 1 8 9 6 ............. 20,193,956 7,229,715 354,811
to $2 555,000, and they are entitled to interest at not exceed­ —V. 66, p 336.
L ittle R ock & Memphis R R .—Site Postponed till A pril 18.
ing 4 per cent per annum, in so far as earned, as appears from
the indorsement thereon, as shown in the C h r o n ic l e of Dec. —The foreclosure sale has been again postponed, this time
12, 1896, page 1063. The present payment calls for $51,100. till April 18.—V. 65, p. 1115.
The company’s earnings for the half year, in connection with
Long Island R .R .—Act regirding franchise fo r Street S ur­
this distribution, as reported by months are as follows :
face Road.—The vote taken on Tuesday, which defeated Mr*
HALF-TEAK ENDING DEC. 31.
Marshall’s bill giving the right of way to railroad companies
Gross
Net
2% ini.
2% on
Balance, in cities of the first class along the surface of streets through
6 mos.
earnings.
earnings.
on bds.
sVp'd cer.
surplus.
$368,724
$163,520
$51,100
$154,104 which they pass on elevated or depressed tracks, was recon­
1 8 9 7 .........$-<27,208
1896........... 580,800
207,854
....................................................... sidered by the Assembly on Thursday, and the bill was
Other payments may reduce this surplus slightly.—Y. 64, passed. President Baldwin says this is the same bill that
was introduced last year, and that it is necessary that this or
p. 1136.
Galveston H arrisburg & San A ntonio Ry.—Houston & some similar bill become a law in order that the company
Texas Central R R .—Juagment in Favor o f State Confirmed may have the right to carry out its plan for operating a sur­
by State Supreme Court.—At Austin, Texas, Feb. 28, the face street railroad on Atlantic Avenue.
Status o f Tunnel Plan.—As to the proposed tunnel, Presi­
State Supreme Court affirmed the decision of the lower court
in favor of the State and against the Houston & Texas Cen­ dent Baldwin said:
“ I see that Senator Wray bas introduced a bill in the Legislature to
tral R R. Co. for $673,100 and against the Galveston Harris­ depress
the tracks on Atlantic Avenue without respect to the tunnel
burg & San Antonio Railway Co. for $447,560. The suit was improvement. The delay in executing the plans of improvement on
for moneys borrowed from the State school fund before the Atlantic Avenue and the construction of the tunnel, which appeared
war, and which tne railroad companies claimed had been to the Atlantic Avenue Commission to be a necessary part of the
improvement, has not been due to any action on the part of the
repaid. Houston & Texas Central first mortgage bonds for whole
Long Island RR. Co., nor is the Atlantic Avenue Commission responsi­
$570,000 were held against this claim, which attaches to 75 ble for it. TJie Greater New York charter, which limited franchises
to twenty-five years, made it impossible for any company to construct
miles of its road.
tunnel between Brooklyn and New York. I believe that it should be
Appeal has been taken to the Supreme Court of the United apossible
to secure permanent franchises for this important work.
States on account of the Federal question involved, the State Everything possible is being done io carry out the original plan.
claiming the right to throw out and ignore payments made
President Blackford of the Atlantic Avenue Commission
by the railroad company during the war in accordance with has suggested that if the desired franchise cannot be obtained
the State Statutes.—Y. 64, p. 1137; V . 65, p. 1025.
from the Legislature it may, perhaps, be possible to obtain
Galveston Laporte & Houston Ry.—Sale May 3.—The it through the medium of the New York Rapid Transit Com­
foreclosure sale has been set for May 3 at Galveston, Texas, mission under the provisions of the Rapid Transit A ct.—V. 66,
the upset price being $500,000.—V. 65, p. 976. j
p. 336. /f




4 ?2

THE CHRONICLE

(VOL. 1 X \ I.

Mr. Depew says that the unsecured bonds have now been
reduced in amount “ to perhaps $5,000,0< 0,” which is highly
probable in view o f the fact that over two weeks ago it was
officially announced that over twenty millions of the several
issues of the old bonds had been turned in for exchange. In
Madison Square Garden—Coupon Payment.—The interest the absence, however, of detailed information as to the ex­
due Nov. 1 on the first mortgage bonds was payable on and tent to which the old loans have been retired, the New York
after March 1 at the Mercantile Trust Co.—V. 66, p. 288.
Stock Exchange (like the I n v e s t o r s ’ S u p p l e m e n t ) still re­
Maine Central R R .—Bonds Sold.—The company, it is sta­ ports the old amounts as outstanding.— Y. 66, p. 384,
ted, has sold $626,500 consolidated mortgage 4 per cent bonds
Ogdensburg & Lake Champlain R R .—Quarterly.— The
due April, 1912, at 103'29 and accrued interest.—Y . 65, p. 821. receiver reports earnings for the quarter ending Dec. 31,
1897.
The earnings for the quarter and half-year compare as
Manitoba & Northwestern B j .—Foreclosure.—Foreclosure
proceedings have been brought against the company at W in­ follows with the same period in 1898, when the road was
nipeg. A controlling interest in the bonds was recently pur­ operated in connection with the Central Vermont:
Gross
Operating
Net
Other Net fo r in t.,
chased by Coates, Son & Co., of London, for an unknown 3 mos. ending
Dec. 31.
earnings. expenses, earnings, income, taxes, etc.
client. Foreclosure is, therefore, presumably the step by 1897...................
$189,935
$L41,462
$48,473
$2,528
$51,001
which the new owners of the bonds will obtain a clear title 1896
......... 203,953
159,495
44,458
1,154
45,612
6 months —
to the property.—V. 66, p. 288.
1897
$390,976
$281,781 $109,195
$3,928 $113,123
Memphis & Charleston R R .—Southern Ry.—Purchased 1895................... 428,296
317,773
110,523
2,141
112,664
at Foreclosure Sale.—As expected, the Memphis & Charleston
The receiver paid $8,100 taxes and $316 rentals for the 1897
was purchased at foreclosure sale on Feb. 26 by the Southern quarter, but no interest charges. Interest, taxes, etc,, for
Ry. Co. at the upset price of $2,500,000. The property will 1896 quarter were $63,428.—V. 66, p. 427,
now be merged into the Southern Ry. Co., which will issue
Ogden Street Ry.—W est Chicago Street R R.— Extension
its own securities thereon in accordance with the announce­
ment in the Chronicle of Jan. 1,1898, page 39; see also V. 65, Completed.—Mortgage Limited to $1,500,000.—The Ogden
road now consists o f 3 4 miles of track, and passes through
p. 1220 ; V. 66, p. 385.
the towns of Hawthorne, Morton Park. Clyde, La Vergne,
M issouri Kansas & Texas R y.—Kansas City & Pacific Berwyn, Riverside, Lyons and Harlem. The Hawthorne and
Ry,—Consolidation.—The stockholders of the M. K. & T. Harlem race tracks are contiguous to its line3. which connect
w ill vote April 7 on a proposition to absorb by consolidation with the West Chicago system in the city of Chicago at sev-‘
the Kansas & Pacific Ry., now operated under lease, and to eral different points; also with the Cicero & Proviso R y., the
exchange common stock of the M. K v & T. for the stock of Suburban R R. and the Metropolitan Elevated.
the K. & P. The stock of the latter is $3,500,000, of which
The company has an authorized issue of $1,500,000 o f 6 per
the lessee owns $1,675,000. The consolidation will result in cent bonds, due May 1, 1916, o f which $750,000 are outstand­
making the guaranteed bonds of the absorbed company the ing. These bonds bear the unconditional guaranty as to prin­
direct obligations of the Missouri Kan. & Tex.—Y. 65, p. 925. cipal and interest o f the We3t Chicago Street RR. Of the
M obile & Ohio RR.—New President.—Edward Lafayette amount outstanding $504,000 were issued to build the 8 4^
Russell, First Vice President and formerly General Solicitor miles of track at present constructed and $246,000 for equip­
of the company, was this week elected President of the com­ ment, power house, &e. These $750,000 bonds are all that
pany, to succeed James C. Clarke, who resigned in his sev­ can be sold on the present property. The remaining $750,000
enty-fourth year, and after fifty-four years of active railroad are held by the trustee to be issued for 75 per cent only of the
actual cost of new construction. A supplemental mortgage
service.—V . 66, p. 184.
was executed Jan. 22,1898, reading as follows :• “ The total
Nassau E lectric R R.— Quarterly.—Earnings for the quar­ amount of bonds issued under and secured by the aforesaid
ter and the six months ending Dec. 31 have been reported as mortgage, or deed of trust, shall never exceed the sum o f
fo llo w s:
%1,500,000.” —V. 66, p. 135.
3m os. end’g
Gross
Net
Other
Interest,
P ark City (S treet) Ry. of Bowling Green, Ky.—Sold.—
Dec. 31.
earnings, earnings, income, taxes. <6c. Balance.
1897.................. «430,702 «170,026 30,624
196,179 sur. $4,471 This property was sold under foreclosure on Feb. 28 and pur­
1896..................
367,782 130,416 17,301
175,805 def. 28,088 chased for $23,350 by the Fidelity Safety Vault and Trust
6 months_
1897................. $1,063,743 $460,849 $31,295 $394,674 sur.$97,470 Co., of Louisville, the mortgage trustee.—V. 63. p. 1159.
1896..................
918,952 372,504 35,957
353,673 s u r.. 54,788
P eople’s Gas Light & Coke Co.—Mutual Fuel Gas M ort­
Loans and bills payable, $766,852, against $766,744 on Sept. gage.—The Mutual Fuel Gas Company’s bonds, secured b y
the mortgage referred to last week, are gold 5 per cents due
80, 1897.—V. 66, p. 383.
Nov. 1,1947. They carry the following guaranty:
New England R R . Co.—Earnings.—Earnings for the quar­
For value reoeived, the People’s Gas Light & Ooke Oo. hereby guar
ter and the six months ending Dec. 31 have been reported as antees the due and punctual payment o f the principal of and interest
upon
the within bond according to its tenor.
follows :
Iu view of the statement, however, made by President
3 m.08.endGross
Net
Other
Interest,
m g Dec. 31. earnings, earnings. income.
taxes, etc. Balance.
Billings at the adjourned meeting of the Pe qjle’s Company
1897........ $1,604,122
$395,710
$7,519
$389,825 sur.$13,404 on Feb. 10 it would appear that these bonds must also be
1896 ..... 1,373,555
318,877
8,016
388,244 def.61,321
direct obligations of the People’s Company by virtue of the6 mos.
1897 ..... 3,239,397
841,294
15,812
788,063 sur.69,043 recent consolidation. This statement made to the stockhold-,
1896........ 2,730,276
568,796
14,459
777,001 def.193,746 ers of the People’s Company, is as follow s:
You approved, by unanimous vote, at the annual meeting Jan. 10-,
The figures for 1897 above include the results on the N or­
1898, the agreements of consolidation, whereby the Hyde Park Gas.
wich Line steamers, which were not included in the figures for Oo.
and the Mutual Fuel Gas Oo. have become consolidated with this
1896. During the quarter ending Sept. 30, 1896, the steamers company. * * * Under the agreements o f consolidation the capital
earned a surplus of $38,750. Subsequent figures are not at stocks of there Hyde Park Gas Oo. and o f the Mutual Fuel Gas Co. are
hand. Loans and bills payable were $100,000 on Dec. 31, canoeled, and there are issued by the Mutual Fuel Gas Oo. and guar
anteed by the People’ s Gas Light & Ooke Co. $5,009,000 of 5 per oent
1897, being the same as on Sept. 30,—V. 66, p. 384.
bonds.
Consumers’ Gas Bonds.—The capital stock o f the Hyde
New York Central & Hudson R iv e r R R .—Bight to Issue Col­
lateral Trust Bonds.—The Assembly on Thursday reconsidered Park Co. was originally pledged as part security for the
and passed the bill of Senator Ellsworth permitting railroad Consumers’ Gas bonds of 1836. To preserve, therefore, to
companies to incur indebtedness, that is not secured by the holders of said bonds their equity iu the Hyde Park
mortgage lien upon their property, to an amount in excess of property, upon cancellation of this stock as already described,
their capital stock. The bill now goes to the Governor. the People’s Company has conveyed to the Central Trust Co.,
The earlier adverse vote on the bill gave rise to the report as trustee of the Consumers’ mortgage, all the property until
that the company might be prevented by its outstanding recently belonging to the Hyde Park Co. The conveyance
amount of debenture indebtedness from carrying out the was made subject to the $200,000 first mortgage 6 per cent
plan for issuing its collateral trust bonds in exchange for bonds which the Hyde Park Co. issued in 1884.—V . 66, p. 427.
Produce Exchange Trust Co., New York— T’o Begin Busi­
Lake Shore stock. Referring to this report President Depew
pointed out that the new $109,000,000 mortgage made by the ness.—This company, which was recently organized with Dr.
Central in 1897 is retiring all the company’s former indebted­ James H. Parker as President, w ill begin business next Mon­
ness, both mortgage bonds and debentures, and will leave the day in the Standard Oil Building, No. 26 Broadway. The
company free, whether the bill becomes a law or not, to issue Trust Company’s Clearing-house agent will be the Western
the collateral bonds called for by the Lake Shore agreement. National Bank.—V. 66, p. 289.
When the last issue of the I n v e s t o r s ’ S u p p l e m e n t , which
Queens Borough Electric Light & Power Co.—Incor­
forms part of the F in a n c ia l R e v i e w , was printed, in Jan­ porated.—This company has been incorporated at Albany t o
uary, the exchange of the old bonds for the new 3 ^ s on the operate in Kings. Queens and Suffolk counties. The capital
terms offered by J. P. Morgan & Co. had been only a short is $250,000, and the principal office will be at Far Rockaway.
time in progress. How far the exchange had been carried The directors are:
was not then, nor is it now, precisely known. For this
Van Wyok Rossiter, D. H. Valentine, Royal C. Peabody, O. L. Rossireason the amount of the old bonds outstanding appears the ter and T. S. Williams of Brooklyn, Frank MaoGovern of New Y o rk
same as in previous S u p p l e m e n t s , and the amount of the new City. Joseph C. Biglin of Ear Rockaway, I. M. Sutton of Flushing, and
3 ^ s issued is questioned. One important change, however, H. Hohart Porter, Jr., of Lawrence.
Richmond & Petersburg RR.—Petersburg RR.—Atlantic
was made, namely, the words “ all equally secured by mort­
gage of 1897 ” was placed opposite all the debenture loans ex­ Coast Line Co.—Consolidation Authorized.—Governor Tyler
cept that of 1853. Consequently, as a matter of fact, only has signed the bill allowing these companies to consolidate
$6,450,000 of the old debenture bonds are shown in Jthe F in a n ­ under the nam9 o f the. Atlantic Coast Line Company.—V. 65,
p. 1111 ; V. 66, p. 335»..
^ \^
c ia l R e v ie w as unsecured indebtedness £




.

Lynchburg E lectric.—Sold.—At the foreclosure sale on
Feb. 28 the property was bought in on behalf of certain o f
the bondholders for $81,300 by Walter S. Johnson, President
o f the American Surety Co. of New York. —Y. 66, p. 236.

M a r c h 5, 18>8.J

Rome & Carrollton R R .—Chattanooga Rome & Southern
R R .—Fcreclosure Suits.—Two suits to foreclose the Rome &
'Carrollton mortgage have been filed in the Georgia courts.
The first action was begun by L. D. McKee and L. M. Mar­
shall, bondholders, and the second by the Farmers’ Loan &
Trust Co., the trustees under the mortgage. A t Atlanta,
March 1, C. B. W ilburn, the President of the Chattanooga
Rome & Southern, was appointed Receiver for the Rome &
Carrollton. The latter is the original company which built
the first twenty-two miles of the road, Rome to Cedartown,
on which it issued its first mortgage bonds for $150,000.
W hen the Chattanooga Rome & Columbus was foreclosed
last year, the road was sold subject to the R. & C. mortgage,
but default on the latter bonds has continued.—V. 63, p. 135.
Savannah F lorida & W estern R R .—W alterboro & West­
e r n R R,—Control Purchased.—A. press dispatch from
Charleston, S. C., March 2, says that R. G. Irwin and D. F.
Jack, representing the Plant system, have completed the
purchase of the Walterboro & Western R R ., extending from
Walterboro, S. C., to Eb.rh.ardt in Barnwell County, S. C., a
distance of 27 miles.—V. 64, p. 1228.
South J e rs e y R lt.—Sale M irch 25.—The foreclosure sale
w ill occur at Winslow Junction, N. J., March 25. See the
reorganization plan—V. 66, p. 185.
Syracuse East Side R y.—Syracuse R apid Transit.—De­
fa u lt.— Lease.—W e have received the following:
“ The Syracuse Rapid Transit Railway Co., which states
that it owns all of the stock of the East Side Road, on Nov.
1st, 1897, defaulted in the payment of the interest due on the
East Side bonds at that date, and the default still continues.
A t a meeting of the bondholders held on the 28th ult. notice
was sent to the Rapid Transit Co. that unless the interest
was paid in ten days foreclosure proceedings under the mort­
gage would be commenced. The lease, reported as consum­
mated in 1897, we are told has not been made, or, if it has, is
subject to the conditions of a contract with a third party who
has not yet complied with these conditions. The rate of in­
terest has not yet been reduced to 5 per cent nor its payment
guaranteed, and the preferred stock, we are told, has not been
issued.—V. 61, p. 704.
Texas & P acific R y .—iVo Interest at Present on Second
Mortgage.—President George J. Gould announced this week
that the judgment of the board of directors was against the
■expediency o f paying interest at present on the second mort­
gage bonds. The decision, he added, should be regarded as
temporary.—Y. 64, p. 564.
Third Avenue RR., New York.— Underground Trolley
Plans.—Edward Lauterbacb, counsel for the company, is
quoted as saying that the underground trolley will first be in­
troduced on the 125th Street and Tenth Avenue line, so as to
connect with the underground trolley line to be constructed
on the Boulevard this spring, giving an electric road from
F ort George to Forty-second Street, all under the company’s
control. The change to electricity on Third Avenue will, it
is stated, follow later.—V. 66, p. 343.
Union Pacific R R .— Application to List New Securities.—
T h e company has applied to the New York Stock Exchange
•for permission to list new securities as follows: $71,235,00 >
ifirst mortgage 4s, $59,250,000 preferred and $61,000,000 com ­
mon stock.
A tlen p t to Enjoin the Itsue o f Bonds.— Justice Emory A.
Chase, in Special Term of the Supreme Court, oa Wednes­
d a y reserved decision upon a motion made in behalf of
A rth ur Bannard, who sued as a shareholder o f the Union
Pacific Ry. for an injunction to restrain the reorganization
-committee from issuing in excess of $75,000,000 of bonds.
T h e amount originally suggested was $100,00 ),0 0, which
■was reduced by one-quarter in the plan formally offered. It
is now proposed to bond the road for $90,* 00,000, and the
plaintiff seeks to restrain the increase, which he claims is
unauthorized by him and in violation of his rights. No im ­
portance is attached to the suit.
1light t >Sue Accorded to Holders o f Guaranteed Bonds.—
-Judge Lacombe, in the United Spates Circuit Court, on Feb.
25, granted an order permitting Josiah B. French and others
rto bringsaitagainsttheU . P. Receivers in the Supreme Court
o f the State of New York. The complainants are holders of
Leavenworth Topeka & Southwestern bonds to the amount
o f $56,500, guaranteed by the Union Pacific Railway Com­
pany, and they allege that the securities bought by Louis
Fitzgerald, representing the reorganization committee, from
J. p . Morgan & Co , as trustees, are assets liable for the pay­
ment of their claims.
Union Pacific Lincoln & Colorado — As stated below, the
depositing bondholders of this road have endorsed the terms
offered by the U, P. reorganization committee.
Of the
$4,380,000 of the bonds $3,572,0JO in September, 1897, had
been deposited under the protective agreement. To take up
the entire issue on the term3 accepted by the latter would
■require only $1,752,000 of the new U. P. preferred and
$2,623,000 of the new common stock and $87,600 cash. - Y .
fi6, p. 427
Union Pacific L incoln & Colorado Ry.—Terms Accepted.—
The depositing bondholders at their meeting this week voted
to accept 2 per cent cash, 40 per cent in new Union Pacific
preferred and 60 psr cent iu new U. P. common in exchange
for their bonds.—Y . 66, p. 385.______
,
. t e r f o r o th er Investm ent Item « eee » u - e 4 7 5 .




473

THE ( HRONIOLE

. 7~2

ü e p o r t s

a n d

H J o cu ra e u ts.

PENNSYLVANIA RAILROAD CO.
FIFTY-FIRST ANNUAL REPORT, FOR THE YEA R
ENDING DEC. 31, 1897.
P e n n s y l v a n ia R a il r o a d C n m p a n y , 1
G e n e r a l Of f ic e ,
>•
P h i l a d e l p h i a , March 1st, 1898.
)

The Board o f Directors submit herewith a synopsis of their
Annual Report for the year' 1897 :
The gross earninvs of the three grand divisions east of
Pittsburg and Erie, embracing the ¡Main Line, United
Railroads of New Jersey and Philadelphia & Erie
Railroad and Brauohes thereof were............................. $64,223.11115
E xp en ses................ ........... ....................... .....................
43,257,626 59
.........................$20,965,486 56

Net earnings............... .
To which a d d :
Interest from investments.
Rental of equipment, etc...

$4,847,409 66
647,08 3 43
-------------------

5,494,498 09

Gross incom e.................................................................. $26,459,984 65
D edu ct:
Rentals, leased and operated r o a d s .......$9,718,430 42
Interest on funded d e b t............................ 4,261,038 74
Interest on mortgages and ground rents,
car trusts, taxes, &c.............................. 1,647,383 64
------------------- 15,626,852 80
Net income................ ......... - ........................................... $10,833,131 85
From this amount the folio wing deductions have been
m ad e:
Payments account Sinking and Trust
Funds.................. ....................................... *419.190 47
Extraordinary renewals, &c..................... 1,067,304 51
-------------------1,486,494 98
Balance after above payments
Dividend of 5 per cent.............

$9,346,636 87
6,465,170 00

$2,881,466 87
Deduct amount transferred to Extraordinary Expendi­
ture Fund to ooinplete work already authorized........ 1,800,000 00
Amount transferred to credit of nroflt and loss for the
year 1897........... .............. ......"I.................................... $1,081,466 87
Add amount to credit of profit and loss Dec. 31,18 9 5 .. 24,152,322 86
$25,233,789 73
Deduct amounts charged off as follow s:
Reduction of valuation of equipment
purchased through Equipment Trust
Gold Loan..........I ........... ............... .
$708,336 69
Reduction in valuation of securities of
Coal Companies......................................... 1,436,119 00
Amount charged off in adjustment of old
accounts.................... ...............................
265,377 06

2,409,832 75

Balance to credit of profit and loss Dec. 31,1897....$22,823,956 98
SINKING FUNDS.

Under the provisions o f the consolidated mortgage of the
Company, $324,780 were set apart on the first day of Jply
last, out of the net income, as a sinking fund for the re­
demption o f the outstanding bonds secured b y that mort­
gage. There are now $5,319,908 41 in securities and cash in
the fund for the redemption of these bonds.
Under the provisions of the 4 per cent Equipment Trust
Gold Loan, there was paid to the trustee during 1897, for
the sinking fund, the sum of $136,400. The trustee was
unable to obtain any o f the bonds at the price fixed in the
lease, and in accordance with the terms thereof the whole
amount has been invested in additional equipment.
SECURITIES OF OTHER CORPORATIONS.

The entire cost o f the securities of other corporations, in­
cluding real estate mortgages now held by your Company,
is $119,659,343 61.
The direct, [revenue received there­
from was $4,616,215 84, which amounted to nearly 4 per
cent upon their cost, and more than provided for the inter­
est on your funded debt.
CAR TRUSTS.

No further issues of these securities were made during the
year. The outstanding certificates o f Series “ A ,” “ C,”
“ D ” and “ E ” o f the Pennsylvania Equipment Trust were
paid and canceled. These series covered 5,362 hopper gon­
dolas in service on the Pennsylvania Railroad; 1,000 box cars
sub-leased to the Pennsylvania Company; 1,256 gondolas
sub-leased to the Northern Central Railway Company, and
516 box, 100 gondola and 400 flat cars sub-leased to the
Grand Rapids & Indiana Railroad Company, representing
in all 8,634 cars, and a total cost o f $4,000,000. These cars,
have, therefore, now become the property o f the respective
lines which contributed to the cost thereof.
The total number of cars provided under the car-trust
system is 57,997.
Total amount of certificates issued therefor .................*30,644.000 00
Amount redeemed............................................................... 27,862,000 00
Balance of certificates outstanding Deo. 3 1,1897.. $2,782,000 00

There were no charges t o capital account discing the year
except for equipment.
This expenditure amounted to
$821,737 50, and represented the usual outlay for Trust cars.
The number of tons o f freight moved on the three grand
I divisions east of Pittsburg and Erie in 1897 was 79,562,465,

THE CHR0NC1LE

474

an increase of 6,595,340, or 9’04 per cent; the number of
passengers was 34,997,524, a decrease of 1,172,696, or 3-24
per cent.
v The other railroad companies east o f Pittsburg and Erie
in which your company is interested show generally im ­
proved results. Detailed statements of their operations will
be found in their respective annual reports, as well as in the
pamphlet report of your Company.
LINES WEST OP PITTSBURG.

On the lines west of Pittsburg operated by the Pennsyl
vania Company and the Pittsburg Cincinnati Chicago &
St. Louis Railway Company the results were as follows:
Earnings of Pennsylvania Co................... t........................$20,225,67012
E xp en ses.................
12,175,600 84
Leaving net earnings............................................................. $8,050,069 28
Rental, interest, &e............................................................... 7,066*904 04
Net profit on Pennsylvania Co.’s lines...............................

$983,165 24

Earnings of Pittsburg Cincinnati Chicago & St. L. R y ..$17,771,942 18
Expenses.................................................................................. 12,114,034 38
Leaving net earnings............................................................. $5,657,907 80
Rental, interest, & o .............................................................. 4,187,203 26

[V o l . LXVI,

tory to the various interests involved, upon which its liabil­
ities could be brought more into accord with its earning
capacity.
The rebuilding o f the bridge over the Ohio River at Cin­
cinnati was completed on the 22d o f May, 1897, and the im­
proved structure furnishes admirable facilities for rail, trol­
ley and highway traffic. The reconstruction o f the passen­
ger station at Columbus, Ohio, was also practically com ­
pleted on the second day o f July, 1897, and it is now fully
adapted to the requirements of the passenger traffic at that
point.
The number o f tons of freight moved on the lines west o f
Pittsburg was 51,809,056, an increase o f 5,623,916. The num
ber of passengers was 15,532,725, a decrease o f 846,559.
The gross earnings o f all lines east and west of Pittsburg
for the year were $128,278,086 86, operating expenses, $87,641,031 91, and net earnings, $40,637,054 95, an increase in
gross earnings, compared with 1896, of $4,636,818 56, and in
net earnings of $5,325,116 04. There were 159,515,950 tons o f
freight moved, being an increase of 14,323,306 tons, and 63,848,697 passengers carried, a decrease o f 3,071,163.
GENERAL REMARKS.

It will be noted that there was no increase in the funded
Net profit on Pitts. Cin. Chi. & St. L.Ry. Co.’ s lines...... $1,470,704 54 debt of your Company, and that the obligations issued b y
the Pennsylvania Company w ere, at the lowest prevailing
Net profit on lines directly operated west of Pittsburg. $2,453,869 78 rate o f interest, and for the purpose o f redeeming seven per
cent securities about to mature on lines form ing a part of
The other lines west of Pittsburg on account of which the system o f that Company.
your Company has assumed direct obligations, or in which
The report o f the Managers o f the Trust created October
it is largely interested through ownership of securities, but 9th, 1878, hereto appended, shows that there has been paid
which are operated through their own organizations, show by the Company to December 31, 1897, the sum o f $4,655,the following results:
456 50, that the total income therefrom has been $6,525,The aggregate gross earnings of these roads w e r e .........$6,267,837 77 146 98, and that on that date securities amounting at par to
Expenses.......................................................................... ...... 4,894,08162 $8,720,410 were held in the Trust. There was appropriated,
to the Trust for. the year 1897 the sum of $94,410 47.
Net earn ings........................................
$1,373.756 15
This Trust having been in operation for nearly twenty
Deduct rental,interest, &c.......................................
1,537,935 88
years, it has become quite difficult to purchase the securities
L o s s ...................................................................
$164,179 73 prescribed by its terms, its operation being now confined to
Of this loss the Pennsylvania Railroad is responsible for. $117,271 24 bonds or stocks o f which the principal or the interest or
Which deducted from the profit shown above....................... 2,453,86978 dividend thereon had been guaranteed by your Company
prior to jts creation. It is deemed wise, therefore, that its
Leaves a net profit on all lines west of Pittsburg.......$2,336,598 54 scope shall be enlarged so as to include guaranties made
since 1878, and its continued efficiency thus assured. A
The favorable results from the working of these lines resolution to that effect will be brought before the stock­
show the improved conditions existing during the past year. holders at the next annual meeting, the notice required by
The traffic and revenue both show a large increase, and a the terms of the Trust making it necessary to defer action
substantial surplus was carried to the credit o f profit and until that time.
loss, after providing for all obligations, on each system.
The assets o f the Insurance Fund at the end o f the year
The amount expended on account o f construction, equip­ were $3,886,363 56, being an increase o f $123,752 29 as com ­
ment and real estate was $609,687 13.
pared with 1896.
The principal item of expenditure, in addition to the usual
The membership o f the Employes’ Relief Fund of the lines
outlay for car-trust equipment, was on the elevation of a east of Pittsburg and Erie at the close o f the year was
portion of the Pittsburg Fort W ayne & Chicago Railway in 43,675, the largest since its establishment. During the year
the city of Chicago, in compliance with the requirements of the members contributed $739,052 21, while the Company
its municipal legislation. A large part of the work between and its affiliated lines contributed $109,619 89 for operating
Fifty-fifth Street and State Street has been completed, while expenses and $45,939 90 for extra benefits to members whose
on the Pittsburg Cincinnati Chicago & St. Louis Railway disability had continued for over 52 weeks and who were
the elevated track between Western and Ogden Avenues therefore no longer entitled to regular benefits from the
has been in use for several months past.
Fund. The total receipts were $914,789 12, and the balance
FUNDED DEBT.
on hand at the beginning o f the year $436,968 09. After
In view of the fact that a large amount of bonds upon the distributing $308,284 31 in death benefits and $326,933 96 ini
lines embraced in your Western System would mature early cases o f disability arising from sickness and accident and
in 1898, it was deemed wise to take advantage o f the pre­ meeting all its obligations and providing for unadjusted
vailing ease in the money market to secure, at exceptionally death claims, a balance of $503,736 95 remained to the credit
favorable rates, the necessary funds to meet such obliga­ of the Fund as the result o f its operations for the last three
tions. A sale was therefore made o f $5,000,000 Guaranteed years, out o f which must be paid unadjusted claims for ben­
Trust Certificates of the Pensylvania Company, dated Sep­ efits growing out o f sickness or accident occurring during
tember 1st, 1897, having forty years to run and bearing three that period. There will probably be a surplus of $246,937 50
and one-half per cent interest. These certificates were issued after providing for such liabilities, making its aggregate
by the Girard Life Insurance, Annuity & Trust Company of surplus for the entire period of the Fund $616,523 18.
Philadelphia, as Trustee, and are secured by the deposit with
The number of depositors in the Employes’ Saving Fund
that company of an equal amount of the seven per cent at the end o f the year was 5,267, an increase o f 323. The
Guaranteed Special Stock o f the Pittsburg Fort Wayne & amount received during the year from depositors was $479,Chicago Railway Company. The Pennsylvania Company 424, and the balance in the fund at the close o f the year was
covenants to pay the principal and interest of these certifi­ $1,953,114 72, of which $1,800,000 is invested in securities
cates, and your Company guarantees the performance of bearing interest at the average rate of four per ce n t.
that obligation. They constitute Series A of an authorized
It will be remembered, as stated in the last annual report,
issue of $20,000,000, and the other series will be available that the heavy reduction in traffic and revenue consequent
from time to time for the capital requirements o f your W est­ upon the depression theretofore existing in the commercial
and manufacturing interests of the country, had compelled
ern lines.
Am ong the securities to be provided for through the sale the discontinuance of the greater portion of the work which
referred to are the second m ortgage bonds o f the St. Louis was in progress in revising the alignment and grades of the
Vandalia & Terre Haute Railroad Company, maturing May Main Line. As a consequence thereof the large expenditure
1st, 1898, and amounting to $2,600,000. For the purpose of already made remained unproductive, and the work was not
protecting your interests in that road, in which your system resumed until the latter part o f 1897, when more favorable
has a controlling interest, these bonds will be purchased and conditions justified its continuance. It has since been regu­
held until the relations between the Terre Haute & In­ larly prosecuted at Kinzer, on the Philadelphia Division,
dianapolis Railroad Company and its leased lines are further and between Lilly and Portage, and from Conemaugh Fur­
nace to Nineveh on the Pittsburg Division, while it has been
adjusted.
No definite result has yet been reached in the litigation finished at Rheems on the former division, and, except the
growing out of those leases and the guaranties made by the laying o f the track, at Radebaugh on the latter division.
In consequence o f the late period in the year at which the
Terre Haute & Indianapolis Railroad Company prior to your
securing the control of that system. The property is still in work was resumed, a large portion thereof still remains to
the hands of Mr. V, T. Malott, as receiver, and has been be done, and, as further noted, a special appropriation has
faithfully and prudently administered in the interest o f its been made for its speedy completion.
In order to facilitate the movement of trains over the A l­
owners and creditors. But the current revenues of the sys­
tem are unable to meet its obligations and provide for the legheny Mountain provision is also now being made for four
renewals and betterments absolntely essential to the proper tracks from Altoona to Kittanning Point and for a complete
maintenance of the property ; and it would be greatly to its three-track system from KittanniUg Point to the east end o f
advantage if an equitable basis could be reached, satisfac­ the Gallitzin Tunnel. The widening of the new Portage




M a r c h 5, 1898.]

THE CHRONICLE.

Tunnel and the double tracking o f the Portage Road from
the tunnel to Cresson have also been placed under contract.
In order to secure the best results from outlays o f this
character, it is necessary that the work should, when once
begun, be pushed to completion, and to that end it has been
decided to create an Extraordinary Expenditure Fhnd, in
which shall be set apart from time to time such sum as can
properly be spared for such purposes from the current in­
come without encroaching upon the dividend fund.
A portion o f this fund will also be applicable to meet the
large expenditure necessitated within the next tw o years
by the provisions o f the Inter-State Commerce legislation,
compelling the equipment of all freight cars with air brakes
and automatic couplers and other improvements to the
equipment.
The bridge over the Susquehanna River at Columbia,
about a mile in length, which was destroyed by a wind
storm late in 1896, was fully restored and opened for traffic
on July 8th, 1897. The piers that had been damaged were
entirely rebuilt and a new steel superstructure replaced the
old wooden spans. The erection of the new spans was a
creditable piece of work, several o f them having been placed
in position in ten working hours, while the whole structure
was erected in twenty-one days.
Various improvements were made during the year upon
the United Railroads o f New Jersey Division. A change
o f line was made in New Brunswick and four tracks laid
through the city, and further progress was made toward
completing the automatic signals between Monmouth Junc­
tion and Trenton, and between Morrisville and Holmesburg
Junction.
The new ferry between Jersey City and Twenty-third
Street, New York, was put in operation May 16, 1897. The
public convenience has been largely promoted by the estab­
lishment of this new route, and your passenger traffic
increased thereby. A cab service, similar to that in opera-*
tion at Broad Street Station, Philadelphia, was also
established in connection with this ferry, and provision
made therefor through the purchase o f property and the
erection of the necessary buildings thereon.
The amount expended in construction on branch and
auxiliary lines was $188,800 65, on account o f which there
was received from those companies the sum of $144,947 05
in cash. This expenditure was mainly in the completion of
the all-rail connection via the Delaware River Bridge, near
Frankford, between your lines in Pennsylvania and your
seashore lines, and in the construction o f a branch and
sidings on the South Fork Railroad.
On the seventh day of January a consolidation was made of
the Hanover & York Railroad Company and the Frederick &
Northern Railroad Company under the name of the York
Hanover & Frederick Railroad Company, thus placing the
entire line between York and Frederick under one organi­
zation.
The property heretofore known as the Brooklyn Annex
and comprising the ferry boats operating between your
Jersey City piers and Brooklyn, and other points in the harbor
o f New York, has been purchased by your Company with
the view o f improving the facilities for the passenger
traffic to and from those important centres.
In connection with the widening of Delaware Avenue and
the general improvement of the harbor front on the Dela­
ware River by the City of Philadelphia, the work of recon­
structing the ferry facilities at Market Street W harf is being
rapidly prosecuted. It is expected that by the 1st of May
the southern half of this work w ill be completed, and the
convenience of the public will be thereby materially pro­
moted. W ith the view of further increasing the facilities
for seashore travel the doublertracking of the line of the old
Camden & Atlantic road is being completed with rail
weighing 100 pounds to the yard, and by the 1st of May will
be in excellent condition to meet the requirements of the
passenger traffic, which reaches the W est Jersey & Sea­
shore Railroad by the ferries as well as by the all-rail con­
nection via the Delaware River Bridge.
When the $3,000,000 of four per cent Equipment Trust Gold
Bonds were issued by your Company in 1889, it was provided
that, should it be found impracticable to retire the same
through the Sinking Fund pledged for their redemption, such
fund should be applied to the purchase of additional equip­
ment to be also held under the terms o f the Trust. As the
bonds had twenty-five years to run, the object o f this pro­
vision was to guard against the depreciation naturally oc­
curring during that period and ensure to the holder of the
securities the continued possession by the Trustee o f cars
fully equal in value to the obligations outstanding against
them. The original equipment and the additions thereto,
amounting to 1,078 cars, having heretofore been carried a
cost on your books, it has been deemed wise to reduce their
value to that of the original equipment, and the excess
has therefore been charged against your Profit and Loss
Account.
There has also been charged against your General Profit
and Loss Account the cost of the stock held by you in the
Summit Branch Coal Company, this property having been
sold under foreclosure proceedings by the mortgage bond­
holders, The condition of this property and the increased
expense resulting from the depth of its workings, have made
its future very problematical, and it was deemed wise to re­
duce the w>i” ation of its securities in your accounts accord­
ingly.




475

The Board record with regret the loss by death, on the
twenty-ninth day o f January, 1898, o f your Purchasing
Agent, Mr. A. W . Sumner. Mr. Sumner had been con ­
nected officially with that department since June 1st, 1888,
having been Assistant Purchasing Agent from that date
until December 1st, 1893, when he was promoted to be its
head. He performed the responsible duties devolving upon
him with the utmost integrity and ability, and possessed
the thorough confidence and regard o f his associates.
Under the revised organization, Mr. Charles A. Chipley
was, on March 10th, 1897, appointed General Freight Agent
in charge of local traffic, and Mr. John B. Thayer, Jr., G en ­
eral Freight Agent in charge o f through traffic.
A condensed General Balance-Sheet o f the Company is
hereto appended.
The Board renew their acknowledgments to the officers
and employes for the fidelity and efficiency with which
they have discharged their duties during the past year.
By order o f the Board.
FRANK THOMSON, President.
CONDENSED GENERAL BALANCE SHEET DECEMBER 31,1897.
Assets—
Dr.
Cost of road and" equipment............................................. $121,189,346 88
Cost of securities owned .................................................. 119,691,843 61
Securities received with the lease of the U. N. J. RR.
&C. Co.................................................................... : ........
3,283,462 25
Garrent Assets—
Due for advances for construction and
other purposes. . . i ........................................ $3,853,842 34
Due from agents and superiutendents.. 3,370,16197
Bills receivable and miscellaneous assets 2,132,989 02
Materials........ ............................................. 2,077,068 08
Cash........................................
14,942,29040
-------------------- 26,376,35181
Sinking Fund, Trust Fund and Insurance Fund..........
8,882,836 50'
Total................................................................................ $279,423,841 05
Liabilities—
■Or.
Capital stock.........................................................................$129,303,700 OO
Funded debt (including mortgages and ground rents). 87,943,910 72
Guaranteed stock and bonds of the Harrisburg Ports­
mouth Mt. Joy & Lancaster RR. Co....... , , ...............
1,882,550 00
Securities received with the lease of the U. N. J. RR.
3,283,462 25
& O. Co......................
Extraordinary Expenditure Fund............, .....................
1,800,000 OO
Ourrent Liabilities—
Payrolls, vouchers and traffic balances.$7,188,548 01
Due controlled companies other than
traffio balances..............................................10,177,316 56
Interest accrued, matured and uncol­
lected and dividends uncollected........ 1,701,634 34
Due Saving Fund, Relief Fund and In­
surance Fund...................
779,709 47
Miscellaneous liabilities......................
929,666 43
--------------------- 20,776,874 81
Sinking Funds and Trust Fund............
11,609,386 291
Profit and loss........................................................................
22,823,956 98
Total........................................................ .......'.......$ 2 7 9 ,4 2 3 ,8 4 1 05
ROBT. W. SMITH, Treasurer.
[Stockholders may obtain copies of the report in pamphlet form on
application, in person or by letter, to the Secretary, Room 271, Broad
Street Station, Philadelphia. [____________ _________ .
______ _

United Gas Im provem ent.—Increase o f Stock.—The stock­
holders will vote May 2 on a proposition to increase the cap­
ital stock from $11,500,000 to $15,000,000, the stockholders to
have the right to subscribe to the new shares at par—$50 per
share—to the amount of about 32 per cent of their holdings..
Ten per cent, it is thought, will be called at once on the new
stock, and the remainder from time to time as needed.
Upon the basis o f present prices the new stock is worth about
double its par value. The proceeds will “ be used in extend­
ing and developing the company’s business throughout the
United States.” —Y . 66, p. 426.
Wabash R R .—Grand TrunkR y.— Trackage to Buffalo—The
Grand Trunk Railway has leased to the Wabash R R. Co. for
a long term of years the joint use of that portion o f its rail­
way between Windsor, Ont., and Black Rock Station, four
miles from Erie Station in Buffalo, N. Y ., via Glencoe, St.
Thomas, Welland Junction and Fort E rie; also between
Welland Junction (via Allanburg Junction) and Suspension
Bridge, N. Y . The tracks of the Erie are used into Buffalo,
giving the Wabash an Eastern terminus at that city.— Y.
66, p. 39.
West Jersey & Seashore R R .—Earnings for the year end­
ing Dec. 31 have been reported as follows :
Gross
earnings.
1897.............. $2,550,940
1896.. .......... 2,554,920
V. 62, p. 1179.

Net
earnings.
$591,922
586,889

DimBalaneer
Int., etc.
dends.
surplus.
$317,517 $235,620
$46,660
......................................................

Women’ s H otel—$1,000,000 Stock Offered.—J. P. Morgan
& Co. and the Knickerbocker Trust Co. are receiving sub­
scriptions for $1,000,000 stock in $100 shares. Prospectuswill be sent on application._______________________________
—The fifty-second annual statement of the Connecticut
Mutual Life Insurance Company, published in this issue of
the C h r o n ic l e , shows that reliable old institution to be in
strong financial condition, and to have made handsome gains
in 1897. The Connecticut Mutual Life now has gross assets
of $63,588,660, including a net surplus of $7,360,936. The ratioof expenses of management to premium receipts in 1897 waa
10'68 per cent, and on December 31, 1897, the company had
66,705 policies in force, insuring $157,701,387. President
Greene steadily pursues his policy of endeavoring to give re­
liable insurance at the lowest price at which it can be fur­
nished ; and what he has to say on the subject will be found
well worth the reading.

476

'

■ ip u e

"-.■ ■ ■ ■ .......................
© jc r w m

m

COMMERCIAL

M

THE CHUOMOLE.

■■■

3 p r a e s .
T h e M o v e m en t

EPITOME.

F r i d a y N i g h t , March 4, 1898.
The existing relations between Spain and the United States
•have continued to receive close attention in business circles,
and inasmuch as there has been less uneasiness felt over the
possibilities of a rupture, trade conditions have improved,
a fair volume of business having been transacted during the
week. Furthermore •the spring trade is now beginning to
open up quite generally and encouraging reports have been
•¡received from nearly all sections of the country. Advices
received from Madrid repotted that the Queen Regent had
•signed the decree reducing the import duties on wheat and
•flour. The project of transferring the State canals to the
National Government has been a subject of much interest
among local steamship and grain men, and it is thought to
have some bearing on New York’s future shipping trade.
Slocks o f Merchandise.
"Pork............... .................... bbls.
L a rd .............
. . . . . . . . tos.
Tobacco, domestic ............hhds.
Tobacco, foreign............... bales.
Coffee, B io ............... ......b a g s .
Coffee, other........................bags.
Coffee, Java, &o................. mats.
Bng a r .......... ......................hhds.
S u g a r...... . . . . . .......b a g s , &c.
Molasses, foreign ..............hhds.
H id e s.... ...............................No.
C otton ............................... bales.
B o t i n . . . . . . .. . ........
bbls.
Bpirits turpentine....... ....... bbls.
Tar.......... ..........
bbls.
B ice, E. I ............................. bags.
Bice, dom estic..... ............. bbls.
L in s e e d .............................bags.
Saltpetre..............................bags.
Jute butts....... ...................bales.
Manila hemp.......... ..........bales.
Sisal hemp......................... bales.
'F lou r.............bbls. and sacks.

March 1,
1898.

February 1,
1898.

15,991
24,005
12,948
5,480
665,393
64,181
68,970
182
223,733
322
34,100
200,916
44,846
984
2,631
8,500
5,100
None.
10.4Ö0
None.
20,134
2,400
141,000

M archi,
1897.
11,227
24,661
13,120
5,070
307,262
58,651
40,558
2,521
1,513,806
None.
27,400
266,113
53,305
1,503
2,373
35.000
10,800
None.
18.000
None.
19,592
23,170
115,100

18,627
21.349
11,895
5,634
670,735
79,333
68,784
235
264,117
359
19,700
166,650
45,110
2,240
2.499
3.500
5,600
None.
14.350
None.
23,925
3,853
169,80c

Lard on the spot has had only a limited sale in the local mar­
ket, but at the West exporters have been buyers, and prices
have been firmly maintained, closing at 5*45c. for prime
Western and 5'lac. for prime City, Refined lard has been
in fair demand at steady prices, closing at 5 -85c. for refined
for the Continent. A t the West speculation in lard for
future delivery has been moderately active, but no changes
•of a radical nature have occurred in values, closing steady.
D A IL Y CLOSING PRICES OF LA RD FUTURES.

Sat.
M ay delivery................ c. 5*52

Mon.
5*45

[V ol . LXVI,

-■=

Tues.
5*50

Wed.
5*50

Thurs.
5-60

Fri.
5*55

of

C O T T O N .
F r i d a y N i g h t , March 4, 1898.
t h e C r o p , as indicated by our telegrams

from the South to-night, is given below. For the week ending
this evening the total receipts have reached 150,717 bales,
against 162,474 bales last week and 185,133 bales the previous
week, making the total receipts since the 1st o f Sept., 1897,
7,519,177 bales, against 6,035,475 bales for the same period o f
1896-7, showing an increase since Sep.1,1897, o f 1,483,702 bales.
Receipts at—

Mon.

Sat.

Galveston........

4,657

New Orleans...
Mobile.............
Florida..........__
Savannah........
Brunsw’k,&c.
Charleston.......
Pt. Royal,&c.
Wilmington....
Wash’ton, &c.
Norfolk............

5,569
88

New Y ork.......
Boston.............

813
358

2,541
1,316

......
304
......
936

Philadel’ a, &c..

4,620
539
16,011
1,291
100
3,993
7,983
2,149
......
408
......
608
285
770
244
1,118
261

Tues.

Wed.

Thurs.

5,372

5,320

7,666 12,236
400
442

5,528
866

4,011

3,621

3,553

449

911

882
........
255
.........
343

531
.........
519
........
748

714
746

617
381

503
408

171

263

122

4,709

......
......

515

......

......

......

Fri.

lotal.

3,859
1,698
10,082
1,828
3,142
3,176
2,986
600
406
355
18
403
397
617
475
396
520

28,537
2,237
57,092
4,915
3,242
20,895
10,969
5,927
406
2,356
18
3,949
682
4,034
2,607
1,514
1,337

Tot. this week 16,577 40,380 20,334 24,370 18,098 30.958 150,717

The following shows the week’s total receipts,the total sine e
Sept. 1,1897, and the stock to-night, compared with last year
Receipts to
, March 4.

1897-98.
This Since Sep.
week. 1,1897.

Galveston...
Tex. C.,&c.
New Orleans
M obile........
Florida........
Savannah...
Br’ wiok,«feo.
Charleston..
P.Royal,&o.
Wilmington.
Wash’n, &o.
N orfolk.......
N’portN.,&c
New Y ork...
Boston........
Baltimore. .
Philadel.&e.

28,537
2,237
57,092
4,915
3,242
20,895
10,969
5,927
406
2,356
18
3,949
682
4,034
2,607
1,514
1,337

1896-97.
This Since Sep.
week. 1,1896.

1,764,155 19,099 1,256,891
97,221
5,073
80,711
2,283,855 29,424 1,857,523
5,632 262,392
320,626
73,199
4,473
93,495
1,065,010 12,715 758,638
3,287 139,461
2*20,226
3,441 374,639
*437,831
12
62,218
58,498
302,263
1,406 230,447
833
1,195
7
504,433
4,237 639,916
15,191
15,537
455
81,567
480
42,828
155,960
2,073 140,230
55,425
62,066
1,636
63,029
32,143
1,816

Stock.
1898.

1897.

139,522
507,014
42,877

86,008
4,792
340,820
24,771

94,401
5,208
32,185

60,945
2,279
34,799

21,995

12,559

63,572
1,211
190,955
45,000
30,937
12,191

17,441
100
261,602
20,000
14,295
5,239

Pork has been in moderate demand and firm, closing at
$10 75@11 for mess. Cut meats have had a fair sale at full
valu es.. Tallow has been moderately active and steady at
3%c. for prime City. Oleo stearine has been in more active
Totals....... 150,717 7,519,177 95,266 6.035,475 1,187,063 885,653
demand and steady at 4%(c. Cotton-seed oil has been quiet at
* 9,000 bales added as correction o f receipts since Sept. 1.
23c. for prime yellow. Butter and cheese have been steady.
In order that comparison may be made with other years,
Eggs have been lower.
we give below the totals at leading ports for six seasons.
Brazil grades of coffee have continued to sell slowly, and
1894.
1893.
1896.
1895.
1897.
values have weakened slightly, closing at 6% c. for R io No. Receipts at— 1898.
7. Mild grades have been in fair demand for desirable Gaives’n,&o. 30,774 24,172 12,690 17,895
5,937
11,742
grades, and offerings, which have been moderate, have had a New Orleans 57,092 29,424 27,197 44,231 30,162 20,911
•quick sale at full values, closing at 9^@9}-^ g. for good Cu- M obile.........
5,632
1,251
4,915
2,170
1,881
2,136
cuta. East India growths have been quiet and unchanged, Savannah... 20,895 12,715 14,893 13,023
3,622
9,623
closing at 24c. for standard Java. There has been slightly Chaj’ton, &c.
2,551
6,333
3,453
1,770
8,797
3,328
increased activity to the speculative dealings in the markets Wilm’ton, &c
293
2,374
1,906
1,413
1,776
1,745
for contracts, and the tone has been somewhat unsettled,
5,792
3,657
11,113
3,949
4,237
10,777
closing easier under selling against lower firm offers from Norfolk.......
5,747
1,163
682
N. News, <&o.
455
3,493
1,281
Brazil. Following are final asking prices:
All others...

23,703

13,7d5

11,239

17,282

8,537

9,031

April................. 5-55o. July................... 5-70o. j Oot...............

Tot. this wk.

150,717

95,266

85,286

119,835

70,051

55,575

Raw sugars have been dull, as buyers and sellers have been
apart in their views prices closing at 4 3-16c. for centrifugals,
D6 deg. test and 3 11 16c. for muscovado, 89 deg. test. R e­
fined has been quiet, and immediately following our last
prices weakened slightly, closing at 5J^c. for granulated.
Other staple groceries have been without changes.
Kentucky tobacco has been in fair demand for export at
f ull valu es; sales, 275 hhds. Seed leaf tobacco has been in
more active demand and steady; sales for the week were
2,110 cases; also 650 biles Havana at 55c.@$l 10 in bond,
and 125 bales Sumatra at 85c. @$1 70 in bond.
Straits tin has had a fair sale, and as foreign advices have
been steady prices have been well maintained, closing
at 14‘15@14’20c. Ingot copper has had an active demand for
export at higher prices, closing firm at
fer Lake.
Lead has declined, but the close was steady at 3 75@3-773^c.
for domestic. Spelter has been quiet but steady at 4,10@4,15c.
for domestic. Pig iron has had a fair sale at steady prices,
closing at $9 75@13 for domestic.
Refined petroleum has further advanced, closing at 5*90c.
in bbls., 3 '40c. in bulk and 6’55c. in cases; naphtha quiet at
5‘50c. Crude certificates have declined, closing at 84%c. bid;
credit balances have been advanced to 82c. Spirits turpen­
tine has been fairly active and higher, closing at 36%@37c.
Rosins have been in molerate demand and steady at $1 40@
1 45 for common and good strained. W ool has been quiet
Hops have been fairly active, and prices have been firmly
maintained.

Since Sept. 1 7519.177 6035,475 4545,497 6856;034 5306,779 4403,966

March................... 5*45o. I June.................¡5*600. I Sept__________SSOo1
5-85c.
May.................. 5’ 55o. 1Aug..................5 ’75c. l D eo...............
5'95o




The exports for the week ending this evening reach a total
of 229,693 bales, of which 79,819 were to Great Britain, 41,452
to France and 101,373 to the rest of the Continent. Below
are the exports for the week and since SeDt. 1, 1897.______
Week Ending Mch. 1,1898.
Exported to—
from —

G alveston...... 13,884 11,645 '21,534 47,063
2S9
289
T ex. City, &c..
New Orleans.. 24,100 29,646 63,789 107,535
6,683
6,586
3,142
3,142
Pensacola.......
6,225 6,225
Savannah.......
Brunswick.. . .
7,047
4,500 11,517
6,844 6,844
C harleston....
Port R o y a l....
W ilm ington...
N orfolk...........
N’port N., &c..
••••
New Y o rk ....... 14,302
161 11,799 26,262
120 7,233
7,113
961 3,747
2,786
Baltim ore......
100
100
Philadelphia..
2,2L1 3,120
San Fran., &c.
939
T o t a l . ... ... .

From Sept. 1,1897, to Mch. 4,1898.
Exported to—__________

Great
Conti­ lo ta l
Great France
France
BriVn.
nent. Week. Britain.
666,996 278,580
4,949
748(399 345,827
11 ÿ,708
62,960
73,798 ’ 32,547
133,503
83,489 1 .......
45,662
108,556 - .......
54,716
290
9(538
207,498 ; 37,86,1
199,803
68,593 3,1*38
11,315
3,331

Conti­
nent.

Total.

368,261 1,303,843
18,083
23,032
537,106 1,631,332
43,708 183,416
30,832
93,813
509,355 615,700
58,497 192,000
203,280 286,749
8,000
53,662
160,083 268,639
23,427
78,173
719
10,487
157,883 403,242
4,615 204,453
78,553 149,334
12,765
1,450
87,230
83,899

79,869 41,452 1(8,372 229.693 2,602,852 697,203 2,277,844 5,577,89»
8,910 55,239 122,421 2,595 641 543.230 1.602,909 4.761,780

Total, 1898-07. 68.273

THE CHRONICLE

M arch 5, 1818.]

477

• In addition to above exports, our telegrams to-night also
give us the following amounts o f cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York, which are prepared for our special use by Messrs.
Lambert & Barrows, Produce Exchange Building.

T h e S a l e s a n d P r i c e s o f F u t u r e s at New York a r e
shown in the following comprehensive table.
«
te«
COST
oûà
k
» 0. issi gsas issi
a
m
13
I3S|
OBO © 09 OB © ® P
OBO
* a v
Ä (p
A ^
A
w
o o
a>a ® 2 « w
O
B
p
M
*®
m
®
£i®
®
S'
P OB'* *
P OB'V vj P OB» M
ON SHIPBOARD, NOT CLEARED FOR—
w'wSS*
««S '
►
Se l
Leaving
SBe t'
■ g.SfP. : i.3 I
:
3-et
Coast­
stock.
Great
Other
March 4 at
S
F
g
:
Total.
; A ,* o
■
P
Britain. France. Foreign wise.
p ; te • I *3*
**i *
«a «•
S’ F •
• 80. •
> 80 i H*
Si
»
44
H • 00
a
:• <*•
p : co
437,296
9,602 30,710
481
69,718
New Orleans... 28,925
5:. 1i
è»5 i. I :! (ft
a>®
s,
•
®
I
O
S
.
I
<*:
i
®
®
• Al »
6,239
31,811
107,711
Galveston........
10,759
AI *
887 13,926
®. I

Savannah........
Charleston.......
M obile..............
Norfolk.............
New Y ork........
Other ports___

None.
None.
10,200
5,000
7,400
23,000

20,000
8,000
22,800
27,500
13,425
41,000

None. 20,000 None.
5,000
3,000
None.
None. 12,600 None.
5,500 17,000
None.
2,600
3,425 None.
None. 18,000 None.

74,401
24,185
20,077
36,072
177,530
75,542

Total 1898...

85,284 13,089 109,161 26,720 234,254

952,814

Total 1897...
Total 1896...

36,466 22,621 69,311
76,217 16,850 66,173

751,107
627,870

134,546
174,049

6,148
14,809

Speculation in cotton for future delivery has been on a
limited scale only. The fluctuations in prices have been
within a comparatively narrow range, and no changes of a
radical nature have occurred in values for the week. Sat­
urday there was a small advance in response to stronger
foreign advices and some buying for outside account. Mon­
day there was an easier market, prices for the day showing a
loss of 4 to 5 points under moderate selling by Liverpool and
the Continent, particularly of the distant deliveries, and also
some selling for New Orleans account. Tuesday the market
was easier early in the day under selling for foreign account.
Subsequently, however, on fair outside buying, largely for
W all Street account, there developed a firmer tone and
prices advanced, closing slightly higher for the day. Wednes­
day there was a firmer market, particularly for the near-by
deliveries, reflecting unexpectedly stronger foreign advices
and moderate buying for Europe. Southern advices reported
firm and slightly higher markets, which also had a strength­
ening influence; but the demand at the South, it was stated
later, was almost exclusively to fill old contracts. Thursday
prices weakened slightly, as foreign advices were disappoint­
ing, and there was selling both for local and foreign account.
To-day there was a dull market and prices weakened a few
points under the crop movement for the week being larger
than expected. The close was steady with prices 1@2 points
lower .for the day. The spot market advanced l-10c. on Sat­
urday, but business has been quiet and the close was easy at
6 5-16c. for middling uplands.
The rates on and off middling, as established Nov. 17, 1897,
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows.
Fair......................................o.
1 on
Middling Fair....................... u , 6 on
Strict Good MiddUng.......... 38 on
H on
Good Middling.....................
Strict Low Middling............ 3ie off
Low Middling....................... 7i« o ff
Strict Good Ordinary.......... ' 7s off

Good Ordinary.................o.
Good Middling Tinged.......
Strict Middling Stained___
Middling Stained.................
Strict Low Mid. Stained...
Low Middling Stained.......

1H off
Even
732 off
7ig off
lie off
l&s off

On this basis the official prices for a few o f the grades for
the past week—Feb. 20 to Mch. 4—would be as follows.
UPLANDS.

M on T ues W ed

S at.

Good Ordinary.......................... filie
Low Middling............................. 57a
Middling..................................... ¿!>l6
Good Middling........................... 69i 0
Middling Fair............................. 7
GULF.

5tie
57e
6 He
M l
7

STAINED.,

•

Low Middling.............................
Middling.....................................
Strict Middling..........................
Good Middling Tinged.............

578
6516
6®ie
7

F r i.

5be
57e
65l6
69,g
7

oHe
57s
6 ’ ie
69,6
7

5®ie
6^8
6 9ie
6i318
7H

ft®,«
6*8
6 9ie
6i3,e
7H

5516
6*8
6 9ie
fM
7H

55ie
6^8
6 9ie
6>»ie
714

5H«
6^8
6 8ie
6iSlf
714

Sat.

M on T ues W ed T b .

41I16
57a
63.«
65- e

4Ulf
5 78
6*32
65,„

6*32
65, g

578
6^2
65ie

55lfl
6%
69ie
61*18
7H
F r i.

5 78
6832
65i"

ÍV 16
578
6339
65, g

The quotations for middling upland at New York on
March 4 for each o f the past 82 years have been as follows.
1874. ...0.16
1890.. ..0.105,8 1882.. ..c.11%
1 8 9 8 ....o. 6®!«
1873. ....20%
1897........ 73,8 1889.. ....lO 'ie 1881.. ....1138
1872. ..... 22°8
1880.. ....1318
1896........ 7 n lt) 1888..
1879..
1871. ....14%
1895.......... 55a 1887.. .... 95a
1870. ......228a
1878.. ....11
1894.......... 75s 1886..
1877.. ...a 2 7,a 1869. ....29
1893 ........ 93ie 1885.. ....1138
1868. ....25
1876.. ....1288
1892......... 7 i,e 1884.. ....1078
1867. ......31
1883.. ....103ie 1875.. ....163é
1891........ 87s
N ote .—On Oct. 1,1874, grades, of cotton as quoted were changed.
According to the new classification Middling was on that day quoted
?eo. lower than Middling of the old classification.
MARKET AND SALES.
sales of

SPOT MARKET
CLOSED.
Bat’day..
Monday.
Tuesday
Wed’day
Tb’d a y..
Friday..

Quiet at lie adv.
Dull..................
Dull....................
Dull....................
Dull....................
Dull and easy..

Total..




Ex­
port.

Spot

and contract .

Sales o f
Futures.
Con- Spec- Con­
sump. ul’ Vn tract. Total.

__
....

36
....
....

__
....

65
600
11,700
2,836
....
....

122,200
106.500
119,900
135,200
99,900
68,100

....

101

..te. 15,100 15,201

651,800

65
T

600
11,700
2,800
....

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Sat.

Good Ordinary..........................
Low Middling.......................
Middling..................... , ..............
Good Middling..........................
Middling Fair............................

gbe
578
6 Bie
6®ie
7

Tb.

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* Includes sa'es in September, for September, 84.900; September
October, for October, 375,200; September-November, for November,
316,100; September-December, for December,-1,181,400; September-January, for January, 3,979,600.

The following exchanges have been made during the week t
•06 pd. to exeb. 4,000 Mob for May
•02 pd. to exob. 500 Sept, for Aug.
•05 pa. to exe b . 10 0 Oot. for Aug.

•06 pd. to exob. 300 June for Aug.
•11 pd. to exob. 1.800 Mch for July.
04 pd. to exob. 100 Oot. for Aug.
•03 pd. to exoh. 600 May for Oot.
•03 pd. to exeb. 600 July for Aug.
•08 pd. to exob. 2,100 May for Aug.
•05 pd. to exoh. 500 Nov. for Jan.

13 pd. to exob. 700 Mob. for Aug,
09 pd. to exeh. 100 M «y for Aug.
08 pd. to exoh. 1,100 Oot. for Aug..
•10 pd. to exeh. 1,000 Apr. for Aug.
03 pd. to exoh. 1,100 May for J’ ne.,
•07 pd. to exoh. 1,200 May for Aug,
•04 pd. to exob. 100 May for July*
•06 pd. to exob. 800 Oot. for Aug,
•07 pd. to exob. 200 Oot. for Aug.

T h e V i s i b l e S u p p l y o f C o t t o n to -n ig h t , a s m a d e u p b y
c a b le a n d te le g r a p h is a s f o llo w s . C o n t in e n t a l s t o c k s , a s w e l l

THE CHRONICLE,

478

IV o l . LX\1,

as those for Great Britain and the afloat are this week’s re­
turns and consequently all European figures are brought down
to-Thursday evening. But to make the total the complete
figures for to-night (Mch. 4), we add the item of exports from
the United States including in it the exports of Friday only.

bales more than at the same period last year. The receipts at
all the towns have been 55,153 bales more than the same
week last year, and since Sept. I they are 1,397,573 bales m ore
than for the same time in 1896-97.

1898.
1897.
1896
1895.
Stock at L iverpool....... bales. 1,203,000 1,396,000 1,148,000 1,860,000
Btook at L o n d o n ....... . . . . . . .
4,000
3,000
5,000
7,000
Total Great Britain stock. 1,207,0001,399,000 1,153,000 1,867,000
30,000
26,000
19.000
9.000
Stock at Ham burg.
357,000 219.000 278.000 347.000
Stock at Bremen.......
20,000
9,000
6,000
3.000
Stock at Am sterdam.
200
200
300
300
Stock at Rotterdam .,
11,000
16,000
12.000
7.000
Btook at Antwerp.
Btook a tH a v r e .f.... . . . . . . . . . . 288,000 226.000 309.000 529.000
5,000
7,000
5,000
Stock at Marseilles..................
4,000
87,000
77.000
64.000
75,000
Stock at B a rcelon a ...............
30,000
71.000
54.000
Stock at Genoa.......................
37,000
14,000
23.000
13.000
Stock at Trieste......................
5,000
785,300 618,300 816,200 1,073,200
Total Continental stocks
Total European stock s.... 1,992,300 2,017,300 1,969,200 2,940,200
India cotton afioat for Europe
50,000 139,000 150,000
75,000
Am er.oottonatioatforEurope 557,000 293,000 355,000 352,000
Egypt, Brazil, &o. .aflt.f or E’pe
46,000
37,000
35,000
34,000
Stock in United States ports . 1,187,068 885,653 801,919 949,993
Btook in U. 8. interior towns.. 488,844 350,127 384,268 388,860
United States exports to-day.
24,607
34,173
11,137
14,856
Total visible su n p ly ....... 4,345,819 3,756,253 3,706,524 4,754,909
O f tke above, totals or Amerioan and other descriptions are as follow s:
a yncriccirt_
Liverpool stock. ....... bales. 1,077,0001,225,000 962,0001,713,000
Continental stocks.................. 751,000 553,000 718,000 995,000
Amerioan afloat for Europe.. 557,000 293,000 355,000 352,000
United States stock................ 1,187,068 885,653 801,919 949,993
United States interior stocks. 488,844 350,127 384,268 388,860
UnitedStates exports to-day.
24,607
34,173
11,137
14,856
Total Amerioan..................4,085,519 3,340,953 3,232,324 4,413,709
East Indian, Brazil, die.—
Liverpool s t o c k ................ 126,000 171,000 186,000 147,000
London s to c k ...................
4,000
3,000
5,000
7,000
Continental sto o k s .............
34,300
65,300
98,200
78,200
India afloat for E u r o p e .......
50,000 139,000 150,000
75,000
Egypt, Brazil, &c., afloat.......
46,000
37,000
35,000
34,000
Total East India, &0........ 260,300 415,300 474,200 341,200
Total Am erican..................4,085,519 3,340,953 3,232,324 4,413,709
Total visible su p p ly ........ 4,345,819 3,756,253 3,706,524 4,754,909
Middling Upland, Liverpool..
3?16d.
3'^32<i.
4^.
3iie<J.
Middling Upland, New Y ork.
65i«c.
7316c.
7®80.
5i3iec.
Egypt GooaBrown, Liverpool
49i„d.
551(,d.
65ifid.
4i5,ecl.
Peruv.Rough Good, Liverpool
67gd.
O^d.
6%d.
5*e1.
3^.
3i5xed.
41ed.
3*83.
Broach Pine, Liverpool..........
Ttnnevelly Good, Liverpool..
3®8d.
4 i32d.
4!ecl.
33ied.

Below are closing quotations of middling cotton at Southern
and other principal ootton markets for each day o f the week.

[gg* Imports into Continental ports past week 155,000 bales.
The above figures indicate an increase in the cotton in sight
to-night of 539 566 bales as compared with the same dat<
of 1897, a gain of 639,295 bales over the corresponding date
o f 1896 and a decrease o f 409,090 bales from 1895.
A t t h e I n t e r io r T o w n s the movement—that is the receipt s
for the week and since September 1, the shipments for t ie
week and the stocks to-night, and the same items for the
corresponding period o f 1896-97—is set out in detail below.

Q u o t a t io n s

for

M i d d l in g C o t t o n

at

O t h e r M a r k e t s .—

OliOSm O QUOTATIONS FOB MIDDLING OOTTON ON—

Week ending
March 4. ”

Satur.

Mon.

Tues.

Wednes.

Thurs.

Fri.

Galveston. .
New Orleans
M obile........
Savannah. .
Charleston..
Wilmington.
Norfolk.......
Boston........
Baltimore...
Philadelphia
Augusta.......
Memphis___
St. Louis___
Houston___
Cincinnati..
Louisville...

51516
51116
5U i 6
5%
511X6
5%
51®16
614
618
6»X6
6^8
511X6
5%
5151«
5%
5%

6
511x6
511x6

6
511X6
5%
53x
53t
53t
515x6
65l6
6ie
6«xe
fliie
5%
53i
5l5le
6
578

öXX6
53t
578
5%
5%
5%
6
6°16
6%
6*16
ßl8
51316
513ln
515ia
6
578

61X6
5%
578
5%
5\
5 7s
6
65ie
6is
69,6
618
513,3
51316
6
6
578

eh e
5%
57a
5\
5%
6
6
65,6
618
69,6
618
51316
51316
6
6
578

5%
5$x
5i»ie
65ie
69)6
618
5%
5%
5l610
6
5%

The closing quotations to-day (Friday) at other im portant
Southern markets were as follows.
Nashville....... . 55g
Athens............. 6l8-3i6 Columbus, Miss 538
Natohez.......... 59l8
Eufaula.. . . . . . . 5%
Atlanta............ 578
Little R o o k .... 55,6 R aleigh.......... . 5%
Charlotte........
618
515,8
Montgom ery...
Shreveport.... . 513
Columbus. Ga. 5 78
R e c e ip t s p r o m t h e F l a n t a t i o n s .— The follow ing table

indicates the actual movement each week from the plantations.
Ih e figures do not include overland receipts nor Southern
consumption; they are simply a statement o f the weekly
movement from the plantations o f that part o f the crop whicn
Snally reaches the market through the outports.
Week
Ending—

Receipts at the Ports. St'k at Interior Towns. Rec’ptsjrom Plant’ns,
1898.

1897.

1896.

1897.

1898.

1896.

1898.

“
“
“

M i ••
18__
25......
Mch. 4

200,866
185,133
182,471
Il50.717

119,423
84,391
81,395
95,266

106,446
109,395
95,659
85.286

658,555
540,768
511,247
488,884

429,094
401,905
374,238
350.127

458,279
488,487
410,983
384,208

190,170
167,316
182,953
128,314

1897-98.
Week.
Shipped—
Via St. L ou is........ .......................
Via C a iro .....................................
Via P a rk er................................ .
Via Rock Island....... ..................
Via Louisville..............................
Via Cincinnati.............................
Via other routes, & e . . . . .......... .

o: *-*
07 W
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CDCOfcO^O:QDH-OfcOtO<l.COQDOOCO«^JO»tf^ CXI 05 <000COCO<100Ü»*0
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»cob oo
k.«,051• b oo*• b(•.*!^.»s.wet^»u
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if-

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CO If-CI>C» to t o i— W to to 05 C» -3 05 M C » CO CO 05 05 d- 05 to c » CO 00 rf- 05 to M
0 © K H C O ^ lf- M C O © W « O O t O O O C » C O O O C » O p C O C » C O C O K > p ç O ivlC O C »
o 1 o w 1- c» 7 o c d w o s c o - i d - c o l - t o i - w ' e c s i o t i - ' o © c o c o t o " c » c c d - d - - o
O O O O I £ « - - 1I » M H O W C D O - 3 0 5 O C » t 0 C0 C0 0 r W C » f - O 0 0 O - l l — -IC O
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I

Since
Sept. 1.

9,678
3,619
596
239
2,728
4,501
4,003

jj.

—
cofàj.
I S' ûa
^-1 p ri-pp^—p p p ^ f - j j». S*

COC» tO-1 COI—-J 00 <0CO05enl—-*©tolc 1—05©ri-©c»05î0t000 —C» I ■ s
C»lf-C»©'5OlOC»C»C»©©0OC»-^©©,—C»i^©GO©l^tO©COCOCOCOi—I C»
mCTft§»C»-3».e>»M»^COCCOtOOWri-l-ri--l-lCOOOMcOO-J
rLast year’ s figures are for Columbia. S. C.
1 Corrected.

this year has been 26,618 bales, against 17,936 bales for the
week in 1897, and that for the season to date the aggregate net
overland exhibits an increase o v e r a year ago of 267,178 bales1897-98.
Week.

Since
Sept. 1.

1896-97.
Week.

Since
Sept. 1.

108,085
Came into sight during week. 175,932
7,532,819
9,544,934
Total in sight Mch. 4 ...............
North’n s pinners tak’ gs to Mch.4.
* Decrease during week.

61,505 1,752,908

34,929 1,301,110

It will be seen bv the above that there has come Into sight
during the week 175,932 bales, against 108,085 bales for the
3ame week of 1897, and that the increase in amount in sight

: - The above totals show that the interior stocks have
decreased during the week 22,403 bales, and are to-night 138,717 to-Dight as compared with last year is 2,012,115 hales.




436,794
234,680
14,003
12,887
116,492
114,140
92,978

Total m arketed........................ 198,335 9,101,166 132,196 7,303,286
interior stocks in e x c e s s ..—. . . . . *22,403 443,768 *24,111 229,533

I|
1

714,580
296,974
24,907
41,695
96,842
103,795
122,169

Week.

Receipts at ports to Mch. 4 .......... 150,717 7,519,177 95,266 6,035,475
Vet overland to Mch. 4................. 26,618 987,989 17,930 720,811
ionthern consumption to Mch. 4. 21,000 594,000 19,000 547,000

S .®
J_, S-

o5M ® i-c»to<ao5M <-'î-'oto®'ônM M œ ooV ioocc»-a-i©05M j * .3 .»

tO tf-WOC»(»0»© ^© C 0 0 0 C»t0 W©C»ü.©W©©C0 MC»t0 W00 © 05 l—

15,746
10,150
696
807
3,519
3,350
3,982

Since
Sept. 1

1896-97.

Leaving total net overland*.. 26,618 987,989 17,930 720,811
* Including movement by rail to Canada.
The foregoing shows that the w e e k ’ s net overland movement

In Sight and Spinners’
Takings.

I— II >â?
§

85,682
89.603
68,156
68,571

Total gross overla n d ............. 38,250 1,400,962 25,364 1,021,974
: Deduct shipments—
6,005 270,626
9,492 362,622
Overland to N. Y ., Boston, &o..
84
3,315
150
20,823
Between interior t o w n s .........
27,222
1,345
1,990 ■ 29,528
Inland, &c., from Sou th ............
7,434 301,163
Total to be deduoted............... 11,632 412,973

Ig

1^ o ri- (P- C» o ri- CO to W ri- K l 03 W î » H* to H >— -3 tO U) A OO OS
05 W I— W
w»
tocnwtai—î»>-toww-iif-o>it-if-©<35too5i—©-3co--ri-wto.—©i—
K»-ri- C»10COO OI—C»QOCOI- if- C»1^O W05WO ri- tOi» 50O <15CK0-J -1 -1

104,117
57,745
56,728
71,155

The above statement shows; 1.—That the total receipt®
from the plantations since Sept. 1,1897, are 7,962 945 bales; in
1896-97 were 6,255,008 bales; in 1895-96 were 4,897,065 bales.
2.—That although the receipts at the outports the past week
were 150,717 bales, the actual movement from plantations was
128,314 bales, the balance being; taken from stocks at interior
towns. Last year receipts from the plantations for the week
were 71,155 bales and for 1896 they were 58,571 bales.
O v e r l a n d M o v e m e n t p o r t h e W e e k a n d S in c e S e p t . 1.—
We give below a statement showing the overland movement
for the week and since Sept. 1, as made up from telegraphic
reports Friday night. The results for the week ending
Mch. 4 and since Sept. 1 in the last two years are as follows.
March 4.

j*. MS&M
JsOH
M
toVj Ci Oi OTQOHM £>>COCOCCh'o C^'o 'o 'o HCfifcOÜ»0*00ui CffHCOV
CDC^Oi^iOOlOSCOMOrf^CnüiOiOOQDH^CuMCOMOCO^OiCOCOCOOO^M
fcOmCOOlHQOQOCOKXiO^OOCD^J M-00tf*O Ç*O CN00ODCCtfvfcö mQ

1896.

1897.

Jan. 28....... 208,710 138,302 122,902 590,970 471,186 605.878 196,852 106,571 95,092
Feb. 4 ...... 228,128 101,561 113,589 569,251 444,400 479,143 201,10» 74,778 86,854

(

M arch 5, 1898. J
W e a t h e r R e p o r t s b y T e l e g r a p h .— Advices t o us by tel­
egraph this evening denote that rain has been quite general
a t the South during the week, and that in a few sections the
precipitation has been a little heavy. Temperature has been
low at some points. Good progress is being made with farm
work at many points, and our reports from Alabama indicate
a decreased use of fertilizers.
Galveston, Texas.—Freezing weather on the 3d, except
over the coast district. There has been rain on three days of
the week, the rainfall being one inch and thirty tw o hun­
dredths. Average thermometer 58, highest 75 and lowest 42.
Month’s rainfall, four inches and three hundredths.
Palestine, Texas.—W e have had rain on three days of the
week, to the extent of sixty hundredths of an inch. The
thermometer has averaged 54, the highest being 77 and the
lowest 32. Daring the month of February the rainfall
reached four inches and sixty eight hundredths.
Corpus Cliristi, Texas.—There has been rain on four days
during the past week, to the extent of two inches and
twenty-seven hundredths. The thermometer has averaged
58, ranging from 40 to 77. February rainfall one inch.
San Antonio, Texas.—Rain has fallen on two days of the
week, to the extent o f twelve hundredths of an inch. The
thermometer has averaged 59, the highest being 84 and the
lowest 34. February rainfall one inch and sixteen hun­
dredths.
New Orleans, Louisiana.—Rain has fallen on five days of
the week, to the extent of one inch and twenty-one hun­
dredths. Average thermometer 57.
Shreveport, Louisiana.—There has been rain on three days
during the week, to the extent o f eleven hundredths of an
inch. The thermometer has averaged 52, the highest being
71 and the lowest 34.
Columbus, Mississippi.—It has rained on tw o days of the
week, the precipitation reaching one inch and twenty-one
hundredths. The thermometer has averaged 52, ranging
from 32 to 70.
Leland, Mississippi.—W e have had rain during the week
to the extent of one inch and five hundredths. The ther­
mometer has ranged from 30 to 70, averaging 51*3.
Vicksburg, Mississippi.—W e have had light rain on two
days during the past week, the rainfall being one inch.
Average thermometer 52, highest 73 and lowest 34.
Little Rock, Arkansas.—There has been rain on one day
during the week, the precipitation being inappreciable. The
thermometer has averaged 43, the highest being 70 and the
lowest 29. .
Helena, Arkansas.—W e have had rain on two days of the
week, the rainfall reaching seventy-one hundredths o f an
inch. Good weather for farming. The thermometer has
ranged from 31 to 63. averaging 43-6. Month’s rainfall two
inches and nine hundredths.
Memphis, Tennessee.—There has been rain on two days
during the week, the precipitation being seventy-three hun­
dredths of an inch. The thermometer has averaged 43-9,
ranging from 30-4 to 63. Month’s rainfall one inch and
eighty-two hundredths on nine days.
Nashville, Tennessee.—February rainfall sixty-three hun­
dredths of an inch.
Mobile, Alabama.—There has been rain on three days the
past week, the rainfall reaching one inch and sixty hun­
dredths. The thermometer has averaged 53, the highest
being 70 and the lowest 36. Month’s rainfall five inches and
fifty-eight hundredths.
Montgomery, Alabama.—Farmers are pushing work. The
use of fertilizers is decreasing. W e have had rain on four
days of the week, the precipitation reaching one inch and
forty-five hundredths. The thermometer has averaged 49,
ranging from 36 to 62. Month’s rainfall two inches and
thirty-three hundredths.
Selma, Alabama.—W e have had rain on three days dur­
ing the week, to the extent of eighty-two hundredths of an
inch. The thermometer has ranged from 33 to 79, averag­
ing 51.
Madison, Florida.—Telegram not received.
Savannah, Georgia.—There has been rain on three days
during the past week, to the extent o f two inches and eleven
hundredths
The thermometer has averaged 52, ranging
from 37 to 72.
Augusta, Georgia.— We have had rain on three days of the
past week, to the extent o f fifty-one hundredths of an inch.
The thermometer has ranged from 30 to 67, averaging 48.
February rainfall, fifty-two hundredths of an inch.
Charleston, South Carolina.—W e have had rain on three
days during the past week, the rainfall being two inches and
ninety hundredths Average thermometer 5 ', highest 68 and
lowest 39. February rainfall, forty-five hundredths of an
inch.
Stateburg, South Carolina.—Rain has fallen lightlv on
three days of the week, to the extent of twenty-eight hun­
dredths of an inch, and it is raining lightly now. Heavy frost
on Tuesday. The thermometer has averaged 45*5, the highest
being 65 and the lowest 31. Rainfall for the month, one inch
and twelve hundredths.
Greenwood, South Carolina.—It has rained on three days of
the week, the precipitation reaching one inch and twelve
hundredths. The thermometer has averaged 42, ranging
from 34 to 51.
Wilson, North Carolina.—W e have had no rain during the
Week. The thermometer has ranged from 24 to 60, averaging




The follow ing statement we have also received by telegraph,
showing the height o f the rivers at the points named at
3 o’clock March 3, 1898, and March 4, 1897.
Mch. 3, ’ 98. Mch. 4, ’97."
Feet.
Feet. 10-7
11-9
176
29-9
61
200
5-3
0*1
26-6
34*4

New Orleans.......
Memphis.............
JSTaahvlMe.............
Shreveport..........
Vicksburg............

I n d ia C o t t o n M o v e m e n t p r o m a l l P o r t s .— The receipts
of cotton at Bombay and the shipments from all India ports
for the week ending Mch. 3, and for the season from Sept. 1
to March 3 for three years have been as follows:
1897-98.
Receipts at—
Bombay..........
Exports
from—

Week.
54,000

581,000 57,000

Week.

For the Week.
Great
Britain.

Bombay—
1897-98..
4.000
189697..
1895- 96.. 3.000
Calcutta—
189798..
189697..
1895-96..
Madras—
1897-98..
189697..
1895- 96..
All others—
189798..
1,000
189697..
2,000
1895-96..
Total all—
1897-98..
1896-97
1895-96..

1896-97.

Since
Sept. 1.

1,000
6,000
3,000

1895-96. i

Since
Sept. 1.

735,000 67,uoO 1,103,000
Since September 1.

Conti­
nent.

Total.

18,000
62,000
24,000

66,000

Great
Britain.

18,000

2,000

27,000

Conti­
nent.

19.000
63.000
26.000

2,000

3.000

102,000

100,000

256.000
324.000

267.000
351.000

2,000

9.000
19.000
13.000

11,000
23.000
16.000

2,000

1,000
1,000

Total.

11,000

27,000
4.000
3.000

2,000

Since
Sept. 1.

Week.

9,000
18,000

17.000
13.000

6,000

8,000
26,000
31,000

10,000
15.000

24.000
42.000
32.000

34.000
57.000
52.000

139.000
334.000
382.000

155.000
373.000
450.000

2.000

20.000

20,000
69.000
29.000

16,000
39.000
68.000

According to the foregoing Bombay appears to show a
decrease compared with last year in the week’s receipts o f
3,000 bales. Exports from all India ports record a loss
of 49,000 bales during the week, and since September 1 show
a decrease o f 218,000 bales.
A l e x a n d r ia

R e c e ip t s

and

S h ip m e n t s

C o t t o n .__

op

Through arrangements we made with Messrs. Davis, Benachi
& Co., of Liverpool and Alexandria, we now receive a weekyl
cable of the movements o f cotton at Alexandria, Egypt. The
following are the receipts and shipments for the past week
and for the corresponding week o f the previous two years.
Alexandria, Egypt,
March 2.
Receipts (oantara*)....
This week.. . . . . . . . ___
8inoe Sept. 1.............

1897-98.

1896-97.

1895-96.

150,000
5,744,000
Since
This
week. Sept. 1.

115,000
5,091,000
This
Since
week. Sept. 1.

90,000
4,856,000
This
Since
week. Sept, 1.

Exports (bales)—
To L iverpool. . . . . . . . 17.000 262,000 11,000 261,000
To Continentt.. . . . . . 16.000 260,000 6,000 228,000

7.000
5.000 225,000

Total Europe____ 33,000 522,000 17,000 489,000 12,000 499,000
tÖ fw h ioh to Américain 1897-98,31,680 bales; in 1896-97, 31.455
bales; in 1895-96, 44,672 bales.
M a n c h e s t e r M a r k e t .— Our report received by cable

to-night from Manchester states that the market is firm for
both yarns and shirtings. Manufacturers are generally well
under contract. We give the prices for to-day below and
leave those for previous weeks of this and last year for
comparison.
1898.

1897.

81* lbs. Shirt­ CoWn
81* lbs. Shirt­ Cotfn
32« Cop. ings, common Mid. 32« Cop. ings,
common Mid.
Twist.
to finest.
Uplds Tvnst.
to finest.
Uplds

d.

d. s. d. s.
1 ®6
1 ®6
lia®6
1!2®6
2 ®6
2

Ju. 28
® 6 ?8 4
Feb. 4 558 @058 4
« 11 5 % ® 6 % 4
“ 18 511 i e ® 6 ^ 4
a 9A 5 % ® 6 1 3 ,a 4
WCoh 4 513ip-61318 4

d.
7ifl
7^2
8*2
sig
9
9

d.

d.

d. s.
4
®7i8 4
®7 4
®7 4
63j8 ®7l8 4
l ’, : : 61* ®73j8 4

3T32 61*
3J32 61*
3H32 6i8
31133 6i8

97*8

d. s.
1 ®6
1 ®6
Ois®6
0 ®6
0^96
1 ®6

d.

7
7
6

513

6
7

d.

33133
33I32
32733
3 78

4

329^2

J u t e B u t t s , B a g g in g , & c . —The market for jute bagging
has been very dull during the week under review, but ruling
quotations are unchanged at 4%c. for 1% lbs., 5c. for 2 lbs.
and 5 ^ c. for
lbs. The market for jute butts continues
very quiet. Quotations are *80c., for paper quality, li^c. for
mixing and l^ @ l % c . for spinning cuttings, to arrive. From
Messrs. Ira A. Kip & Co.’s circular we ascertain that the d e­
liveries o f jute butts and rejections at New York and Boston
during February were 13,569 bales against 34,714 bales for'
the same month last year, and for the two months since Jan­
uary 1 the deliveries have been 80,751 bales, against 51,666
bales last year. Importers and speculators at New Y ork and
Boston on February 28 held no stock, against no stock at the
corresponding date in 1897; and the amount afloat for the
United States reaches 189,787 bales, against 167,393 bales last
year

480

THE CHRONICLE.

S e a I s l a n d C o t t o n M o v e m e n t . — We have received this
(Friday) evening by telegraph from the various ports the
details of the Sea Island cotton movement for the week. The
receipts for the week ending to-night (March 4) and since
Sept, 1,1897, the stocks to-night, and the same items for the
corresponding periods of 1896-97, are as follows.
1897-98.
Receipt» to March 4.

Stock.

1896-97.

Since
Since
This
This
week. Sept. 1. week. Sept. 1. 1898. 1897.
80,539 16,654 17,795
10,237 3,913 3,566
6,491 2,258 4,091

Savannah_____________
Charleston, dec....... .
Florida, A c________ ____

450 55,721
9,739
6,349
18

517
76
56

Total............................

468 71,809

649 97,267 22,825 25,452

[ Y o l . LXVI.

A u g u s t a C o tto n R e c e ip t s .— Mr. W . F. Alexander, Secre­
tary and Treasurer of the Augusta Exchange and Board o f
Trade, informs us of an important correction in the total
receipts of cotton at that point since Sept. 1 The necessity
for the correction was due to the failure of the railroads to
make complete returns. Shipments from compresses and
mill takings from Sept. 1 to March 1 reached 288,770 bales,
and stock on hand March 1 was 54,627 bales, or 53,293 bales
greater than at the close of 1896-97, making aggregate receipts
for the season to March 1, 342,063 bales. W e have made the
necessary correction in our Interior Towns table.”
S h ip p in g N e w s .—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 229,693 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:

The exports for the week ending this evening reach a total
Of
bales, of which ----- bales were to Great Britain, —
to France and — to Reval, and the amount forwarded to
Total bales.
Northern mills has been 294 bales. Below are the exports New Y ork —T o Liverpool, per steamer Cymric, 13,413.............
13,413
for the week and since September 1 in 1897-98 and 1896-97.
To Hull, per steamer Martello, 543....................................... .
543
Export»
from,—
Savannah...

Week Ending Mch. 4. Since Sept. 1, 1897. North’n Mil

a

Sine■
Oreat Fr’nce
Oreat F r’nce
Brit’n. de. Total. BriVn. dc. Total. Week. Sept.l
.........

.........

Florida, &o.
New Y ork..
B oston........
Balt., &o—

........

‘2
2
......
........

Total........

........

........

Total 1896-7

735

25

........ 12,205 3,234 15,439
4,529
4,529
1,725
1,725
4,889 3,028 7,917
........
262
262
200
2ÖÖ
........ ........
30,072
6,462
23,610
.........
8,156 43,587

760 35,431

276 18,849
1,243
18 6,149
...... .... m
*
. . . . . . rnmmmmm
—
.........
294 26,241
754 31,200

A considerable portion of the Sea Island cotton shipped to
foreign ports goes via New York, and some small amounts via
Boston and Baltimore. Instead of including this cotton for
the week in which it leaves the Southern outports, we follow
the same plan as in our regular table of including it wheD
actually exported from New York, &c. The details of the
shipments of Sea Island cotton for the week will be found
under the head “ Shipping News,” on a subsequent page.
Quotations March 4 at Savannah, for Flondas, 'commoD,
9J£c.; medium tine, 10c.: choice, 13%c.
Charleston, Carolinas. medium fine, 153^ to 16c.; flue, 17c.;
fully fine, 19 to 20c.; extra fine, 26 to 33c.
O v e r l a n d M o v e m e n t , & c ., to M a r c h 1.—In our editorial
columns to-day will be found our regular statements of
overland movement, receipts, exports, spinners’ takings, &c.,
brought down to March 1.
E x p o r t s o f C o tto n G oods f r o m G r e a t B r it a i n . —Below
we give the exports of cotton yarn, goods, &c., from Great
Britain for the month of January and since October 1 in
1897 and 1896, as compiled by us from the British Board
of Trade returns. It will be noticed that we have reduced
the movement all to pounds.
lotal of AH.

Oloth.

Yam&Thread.
000* omitted.
1897-98 1896-97 1897-98

Lbs.
Ootober.......
November...
Deoember...
Tot.lit quar.

Lbs.

1896-97 1897-98 1896-97 1897-98

Yds.

Yds.

Lbs.

Lbs.

Lbs.

1896-97

Lbs.

417,049 74,631 79,773
397,483 82,581 75,668
431,839 80,058 81,666

98,885
110,533
106,102

103,242
97,182
103,875

78,230 67,192 1,241.636 1,216,371 237,270 237,107

24,234 23,469
27,952 21,514
26,014 22,209

390,544
432,148
418,944

315,500

304,299

447.452 86.037 85.506

109,878

106.687

Blockings and
Sundry articl
Total exp arts of cotton manufactures...............................

293
8,499

383
8,579

434,170

419,918

January...... 23,841 21,181

449,974

To Newcastle, per steamer Marengo, 346*............................
346
To Havre, per steamer La Bretagne, 59..................................
59
To Marseilles, per steamers Neustria, 100— Soindia, 2.
102
To Bremen, per steamer Friedrich der Grosse, 2,800—
Lahn, 5 2 8 ....Trave, 249.......................................................... 3,577
To Hamburg, per steamers Hispana, 200__ Prussia, 1,851. 2,051
To Antwerp, per steamers Noordland, 8 5 0 ....St. Leonards,
7 2 5 .................... ..............................-......................................
1,575
To Genoa, per steamers Scindia, 2,991
Trojan Prince,100 3,091
To Naples, per steamers Ems, 750___Scindia, 81___ Trojan
Prince, 674................................................................................ 1,505
New Orleans—T o Liverpool—March 1—Steamer Phidias, 3,000
.......March 2 —Steamer Mexican, 5,500....... March 3—
Steamers Guido, 5,300; Navarro, 6,600................................ 20,400
To Manchester—March 2—Steamer Roddam, 3,700............... 3,700
To Havre—Feb. 25—Steamers Concordia, 6,425; Portu­
guese Prince, 2,700
Feb. 26—Steamer Parayhba, 7,008
Feb. 28 Steamers Afghan Prince, 3,400; Benridge, 7.213. 26,746
To Dunkirk—Feb. 28—Steamer Teutonia, 2,900. ................
2,900
To Bremen—Feb. 25—Steamer Sirona, 9,161— Feb. 2 8 Steamer Madura, 5,400........ March 2—Steamer Samoa,
18,4^0................................................
33,011
To Hamburg—Feb. 26—Steamer Glantivy, 1,901.......March
4 -Steamer Castil’ a, 3,500.................. .%................................ 6,401
908
To Rotterdam—Feb. 26—Steamer Dartmoor. 903..................
To Copenhagen Feb. 26—Steamer Louisiana. POO...............
900
To Antwerp—Feb. 25—Steamer Portuguese Prince, 1,100.. 1,100
To Narva—March 1—Bark Frieda, 4,304................................. 4,304
To Barcelona—Feb. 28—Steamer Miguel Gallart, 3,7403,740
To Genoa—Feb. 28 -Steam er Miguel Gallart, 4.700............. 4,700
Galveston—To Liverpool—Feb. 25—Steamer Barnesmore,
1,673___March 1—Steamers Niagara, 5,034; Rita, 2,783. 9,490
To Manchester—March 1—Steamer Whitehall, 4 ,3 9 4 ............ 4,394
To Havre—Feb. 25—Steamer Blenheim, 4,084— March 1—
Steamer Breokfleld, 7,561........................................................ 11,645
To Bremen—Feb. 24—Steamer Hemisphere, 6 ,3 36 ..... ........
6,336
To Hamburg—Feb. 25—Steamer Sobraon, 3 16....M arch 2—
Steamers Birohtor, 801; Plympton, 1,206................ 1......... 2,323
To St. Petersburg—March 3—Bark Colin Archer, 2,056---- 2,056
To Genoa^-Feb. 25—Steamer Queenswood, 2.419.................. 2,419To Japan—March 1—Steamer Kilburn, 8,400........................
8,400
T exas Cit y , & c.—To Mexico, per railroad, 289...........................
289
Mobile —To Liverpool—March 2—Steamer Verax, 6,586........... 6,556
P ensacola—To Japan—Feb. 28—Steamer Vivina, 3,142...........
3,142
Savannah —To St. Petersburg—March 1—Barks Augusta, 2,700;
Magnat, 2,100............................................................................ 4,800
To Lisbon—Feb. 26—Bark Laura, 175..................... ...............
175
To Oporto—March 4 - Bark Calcium, 1,250...........................
1,250
Brunswick —To Liverpool-M arch 1—Steamer Worsley Hall,
7,047........ .......... .......... ..........................*....... ......................... 7,047
To Bremen—Feb. 28—Steamer Velleda, 4,500.................... .
4,500Charleston —To Narva—March 2—Bark Storcken, 1,569........ 1,569
To Barcelona—March 1—Steamer Sam Handford, 5,275—
5,275
Boston—To Liverpool—Feb. 23—Steamers Cephalonia, 1,158;
Cestrian, 4,863___Feb. 28—Steamer Ottoman, 539....... 6,560
To H ull—Feb. 25—Steamer Ontario, 553.................................
553
To Halifax—Feb. 25—Steamer Halifax, 120— .......- ...........
120
B altimore —To Liverpool—Feb. 23—Steamer Ulstermore, 1,027
..'..M arch 1—Steamer Vedamore, 1,107......... ...................... 2,134
To London—Feb. 25—Steamer Lord Erne, 652......................
652:
To Hamburg—Feb. 28—Steamer Bohemia, 401 ....................
401
To Rotterdam—Feb. 19—8teamer Durango, 360__ ,.Feb.
25—Steamer Mohican, 2CO......................................................
560
P hiladelphia —To Antwerp—Meh. 2—Steamer Nederland, 100
100
P ortland , M e .—To Liverpool—Feb. 25—Steamer Sjotsman,
909.....................................................
909San F rancisco—To Japan—March 3—Steamer City of Peking,
1,650............................................................................................. 1,650
Seattle —To Japan—Feb. 27—Steamer Riojun Maru, 561........
561

. The foregoing shows that there has been exported from the
United Kingdom during the four months 434,170,000 lbs.
of manufactured cotton, against 419,943,000 lbs. last year, or
Total..................................................................... .......................... 229,693
an increase of 14,232,000 lbs.
N o t e . — In last week’ s exports steamer Roland, from Baltimore, took
A further matter of interest is the destination of these
1,045 hales to Bremen, the remaining 1,450 bales having gone to
exports, and we have therefore prepared the following Antwerp
per steamer Trojan.
statements, showing the amounts taken by the principal
The particulars o f the foregoing shipments, arranged in?
countries during January and since October 1 in each of the
our usual form, are as follows.
last three years:
EXPORTS OP PIECE GOODS AND YAKN8 TO PRINCIPAL COUNTRIES IN
JAN U AR Y AND FROM OCTOBER 1 TO JAN U AR Y 31.
Piece Goods—Yards.
(0008 omitted.)
Hast Indies .........................
Turkey, Egypt and Africa...
China and Japan..........
Europe (except Turkey).......
South America............. .
North America....................
All other countries..............

January.

Oct. 1 to Jan. 31.

1898.

1897.

1896.

1897-98

1896-97

1895-96

226.054
64,852
87,818
28,794
39,146
19,990
33,320

196,746
71,194
53,053
26,656
38,714
24,291
36,798

169,110
46,250
75,464
30,865
51,987
31,723
32,081

816,382
309,918
125,379
98.232
150,334
81,198
110,165

732,445
281,058
185,719
95,367
174,953
102,293
123,988

636,902
226,113
261,652
97,195
255,895
114,970
117,806

Total yards..................... 449.974 447,452 437,480 1,691,608 1,695,823 1,709,433
Total value.......... . ......... £4,212 £4,425 £4,385 £15,736 £16,663 £16,478
Yarns—Lbs.
(000* omitted.)
2,921
4,119
4,186
4,21 +
2,474
979
1,325

13,171
13,723
15,875
21,11+
11,293
10,768
6,655

12,344
14,668
16.153
14,726
7,427
8,811
6,521

11.745
16.481
17,439
13,751
11,271
5,991
5,167

Total lbs.......................... 21,663 19.10»| 20.218
£7"8
181*
‘ 8"2
Total value...............

92.599

79,550
‘ H.R0S

81.84»
*8.266

Germany..................
Oth. Europe (except Turkey)
Bast Indies...........................
China and Japan..................
Turkey and Egypt................
All otber countries...............




2,628
3,410
3,990
5,792
2,005
2,260
1,578

3,281
8,223
3,35»
3.178
2,332
2,370
1,866

Great Frencfy Ger- r—Oth.E’rope—^Mexico,
Brit’n. ports. many. North. South.
dc. Japan. Total.
. . . . .. 26,262
161 5,628 1,575 4,596
New York. 14,302
........ 107,530
N. Orleans. 24.100 29,646 38,412 6,937 8,440
8,400 47,063
Galveston. 13,884 11,645 8,659 2,056 2,419
289
289
Tex.C.,&o
6,586
......
Mobile....... 6,586 ....... ......
____
___
........
3,142'
Pensacola. 3,142 .......
........ 4,800 1,425
___ . . . . . .
6,225
Savannah..
........ 11,547'
Brunswick 7,047 ....... 4,500
.....
6,844
......
i,569 5,275
O harleston
7,233
120
B oston . . . . 7,113 ........ . . . __
....
3,747
401
560
Baltimore. 2,786 ......
........
100100 . . ___
.... ......
Philadelp’a
........
........
90$
.
.
.
.
.
.
909 .......
Portl’d.Me.
, ........ . . . . . . ____
__ 1,650 1,650
San Fran..
561
561
Seattle....... ..................... ......... ......... ......... . . . . . .
T o ta l.... 79,869 41,452 57,600 17,597 22,155
409 10,611229,693

To Japan since September 1 shipments have 'been 80,689
bales from Pacific Coast, 8,400 bales from Galveston, 7,100
bales from Pensacola, 3,800 bales from Mobile, and 15,243
bales from New York.*
Cotton freights at New Y ork the past week have beec' as follows.

481

THE CHRONICLE.

March 5, 1898,]
Satur.

Tues.

Mon.

Wednes. Thurs.

Fri.

23t
Liverpool, asked, d. 25@26t 25 »261 2 5 »2 6 t 25 »261 25 »261
H avre...............
30@32t 30»321 30@32< 30@321 3 0 »3 2 t 30»32<
30t
Brem en........... .d. 30@321 30®321 30@32' 30® 321 30@321
30)
30+
30t
30)
30
H am burg....... .d.
301
Amsterdam___ ..c. 28@30t 28® 101 23@ 101 28®30t 28 ®30t 28 ® 301
46
46t
46 +:
46!
461
Reval, V. Hamb.d.
461
45»
45t
401
4SI
451
45i
Do V. Hull. .d.
Rotterdam ___ .d. 28@301 28@30t 28 »301 28 »301 28 »301 28 »301
401
40t
401
40t
401
401
G enoa............. ..d.
Trieste............. .d.
1364
1%«
13et
1364
1S64
1364
%
% .
%
%
Antwerp.......... ..d.
%
%
5„2
%2
532
Ghent, V. Antw’p.d.
B89
®S2
58*
t Cents net per 100 lbs.
L i v e r p o o l . —By cable from Liverpool we have the fo llo w ­

to-day business was quiet. The sales for export here and at
outports were 40,000 bushels, closing with No. 2 red winter
at $1 07% f. o. b. afloat and No. 1 hard Manitoba at $ 1 1Î
f. o. b. afloat.
DAILY CLOSING PRICES OP NO. 2 RED WINTER WHEAT.

March delivery.............o.
May delivery.................c.
July delivery................ c.
September delivery___o.

Sat..
Mon. Tues.
104% 105% 105%
98% 100% 100%
91% 92% 92%
81% 82% 83

Wed.
106%
101%
92%
82%

Thurs. JFri.
107
106%
101%
10078
92%
91%
817e
81%

Speculation in the market for Indian corn futures has been
on a limited s^ale only. Early in the week there was an ad­
vance in prices on the reserves in farmers’ hands being esti­
mated at considerably less than last year, and large clear­
ances for export also had a strengthening influence. Wednes­
day prices weakened slightly under free selling by longs to
realize) profits. Thursday, however, the loss was recovered
ing: statement of the week’s sales, stocks, &c., at that port.
on renewed buying for investment account. To day the mar­
ket was easier under selling to realize profits and sympathy
Mch. 4.
Feb. 11. Feb. 18. Feb. 25.
with the decline in wheat. Exporters have been active buyers
60,000
69.000 in the spot market. To day there was a fairly large business*
56.000
81,000
Sales o f the week.......... bales.
500
1,600 the export sales here and at outports amounting to 250,000
3,500
5,600
Of which exporters to o k ...
1,000
1,300 bushels, including No. 2 mixed at 3?}^c. f. o. b. afloat.
1,000
2,100
Of which speculators took.
56.000
63.000
52.000
71,000
4,000
8,000
7,000
5,000
69.000
84.000
73,000
80,000
1.140.000 1.163.000 1.179.000 1,203,000
Of which American—Estm’d 1.015.000 1.043.000 1.051.000 1,077,000
83.000 117.000
Total Import o f the week....... 175.000 109,000
72.000 100.000
96,000
156.000
258.000 246.000 242.000 202,000
Of which American............. 256.000 244.000 240.000 200,000

The tone of the Liverpool market for spots and futures
each day o f the week ending March 4 and the daily closing
prices o f spot cotton, have been as follows.
Spot.
Market, }
1:45 P. M.J

Sat'day. Monday. Tuesday. Wed'day. Thursd’ y Friday.
Fair
demand.

Easier.

In buyers’ Harden’g
favor.
tendency.

M id.Upl’ds.

31582

3he

3 716

Spec. & e x p .

8,000
500

12,000
1,000

10,000
500

Futures.
at
Market, ? Steady
2-64 ad­
1:45 P. M. \ vance.

Quiet.

Market, ( Qnlet but Quiet hut
steady.
4. P. M. ) steady.

Steady.

3 1532

31%2

12,000
1,000

12,000
1,000

Quiet at Steady at Quiet at
1-64 de­ 1-64 @ 2-64 partially
advance. 1-64 dec.
clin e.
Quiet.

Steady.

Steady.

Quieter.
3 716

10,000
500
Quiet at
partially
1-64 dec.
Quiet.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis o f Uplands, Low M iddling
clause, unless otherwise stated.
Feb. 26 to
March 4.

Feb.-M ch....
Moh.-April..
April-May...
M ay-June...
June-July...
July-Aug ...
Aug.-Sept...
Sept.-Oct....
Oot.-Nov___
Nov-.Deo. ..
Deo.-Jan___

S a t.
12%

1

d.
3 25
3 2i
3 25
3 25
3 25
3 25
3 25
3 25
3 25
3 25
3 25

d.
3 25
3 25
3 25
3 25
3 25
3 25
3 25
3 25
3 25
3 25
3 25

M on,
1:45

4

T u es.
1:45

4

W ed.
1:45

4

T h n rs.
1:45

4

F r i.
1:45

4

P.M . P .M . P .M . P .M . P .M . P.M . P. M. P .M . P. M. P.M . P .M . P.M .

d.
3 24
3 24
3 24
3 24
3 24
3 25
3 25
3 25
3 25
3 24
3 25
3 25

d.
d.
3 24
3 24 3 23
3 24 3 23
3 24 3 23
3 25 3 23
3 25 3 23
3 25 3 24
3 25 3 24
3 25 3 23
3 24 3 23
3 24 3 23
3 24 3 23

d..

d.

d.

d.

d.

3 23
3 23
3 23
3 23
3 24
3 24
3 24
3 23
3 24
3 23
3 23

3 25
3 25
3 25
3 26
3 26
3 26
3 26
3 25
3 24
3 23
3 23

3 26
3 26
3 26
3 27
3 26
3 26
3 26
3 25
3 24
3 24
3 24

3 25
3 25
3 25
3 25
3 25
3 25
3 25
3 25
3 24
3 23
3 23

3 25
3 25
3 25
3 26
3 25
3 25
3 25
3 25
3 24
3 24
3 24

d.

d.

3 24 3 24
3 24 3 24
3 24 3 24
3 24 3 24
3 24 3 24
3 24 3 24
3 24 3 24
3 24 3 24
3 23 3 24
3 23 3 23
3 23 3 23

BREADSTUFFS.
F r i d a y , March 4, 1898.

DAILY CLOSING PRICES OP NO. 2 MIXED CORN.

Sat.
May delivery....................c. 34%
July delivery................... c. 35%

Mon.
35
36%

Tues.
35%
36%

Wed. Thurs.
35% 35%
36% 36%

Fri.
35%
36%

Oats for future delivery have been quiet, but the tendency
of prices has been upward, showing a moderate advance for
the week in sympathy with the improvement in corn and in
the absence o f aggressive selling. Thursday there was an
advance in prices of J^c. on renewed interest being shown
by exporters, their bids being nearer a working basis
than for several days past, when they had been out o f the
market as buyers. To-day the market was quiet but steady.
Exporters have been out of the spot market as buyers, al­
though to-day advices from the West reported sales of
200,000 bushels. No. 2 mixed in elevator was quoted at 32c.
and No. 2 white at 33^c. in elevator.
DAILY CLOSING PRICES OP NO. 2 MIXED OATS.

Thurs.
3078

Fri.
307&

Rye has been in fair demand for export and firmer.
ley has been quiet but steady.
The following are closing quotations:

Bar­

May delivery................. o.

Sat.
30%

Mon.
30%

Tues.
30%

Wed.
30%

Patent, w inter.......$5 00 @5 25
Pine..............
$3 15 @3 25
City mills, extras . 5 60 @ 5 70
Superfine........... .
3 35 @ 3 45
Rye flour, superfine 2 75 @3 15
Extra, No. 2 . . . . . . . 3 60 @3 80
Buckwheat flour... 1 2 5 @ 1 3 0
Extra, NO. 1 .......... 3 40 @4 10
Corn meal—
Clears..................... 4 20 @4 40
Western, eto........ 2 1 0 @2 15
Straights................ 4 45 @5 25
Brandywine
2 20
Patent, S p rin g ..... 5 25 @6 05
[Wheat flour in sacks sells at prices below those for barrels.]
GRAIN.

0.
Wheat—
Hard Duluth. No. 1.110%@
Red Winter. No. 2..105%@
Hard Man., No. 1..109% @
Northern, eio. 2 ...106% @
Oats—Mix’d, perbsh. 31%@
W h ite................ . . . 33 @
No. 2 mixed.......
No. 2 white........

Corn, per hush—
0.
C.
Western mixed....... ...3 5 @38%
112%
No. 2 m ixed........... ...3 5% @ 3 8 %
107%
Western Yellow ___ ...3 6 @38
111%
Western White....... ...3 6 @38
108%
33% Rye—
Western, per hash. ...5 9 @59%
38
State and Jersey... ...5 4 @58%Barley—W estern__ ...4 5 @54
Feeding;................. ...4 0 @41
0.

The movement o f breadstuffs to market as indicated in the
statements below is prepared by us from the figures o f the
New Y ork Produce Exchange. The receipts at Western lake
and river ports for the week ending Feb. 26, and since Aug.
1, for each o f the last three years, have been as follows:
Receipts at—

Flour.

Wheat.

Corn.

Oats.

Barley.

R t.

Bbls.XQQlbs Bush.QOlbs Bush.b&lbs Bush.SZlbs BushAdlbs Bu. 56 lbs.
255,700
46,300
303,601 2,697,535 1,830,550
80,466
C h ica go....
104,000
25,200
110,400
• 50,050
117,000
27,180
Milwaukee
105,170
325,825
3,891
22,800
175,970
116,340
198,400
823.660
Minneapolis
7,131
261,800
41,010
4,5j0©
64,990
9,849
73,887
23,828
45,000
36,268
D e tro it.. . .
6,575
115,637
297,734
53,830
21,785
21,745
590,695
173,186
89,548
St. L o u is .. . .
25,330
33,000
3,600
379,650
171,100
7,800
5,200
P eoria .......
390,000
90,000
478,000
Kansas City.
133,994
470,376
151,754 2,150,570 4,968,861 3,073,535
Tot.w k.’98.
77,719074,539
12J,486 1,484,358 3,010,100 2,982,077
Same wk.’97.
53,461
957,728
Same wk.’96.
180,307 2,799,065 3,569,845 3,047,773
Since Axis. 1.
1897-98..........
6,577,052 168,255,512 151,214,933 119,066,780 28,163,440 7,986,866
1896 97.......
7,345,787 121,098,267.102,982,213 113,911,950 31,309,043 5,661,686
7,234.873 153,345.415 76,593,958 H9.8Í8.731 30,035,371 2,722,377
1895-96.......

Only a very moderate volume of business has been trans­
acted in the market for wheat flour. The undertone has
been fairly firm, reflecting an advance in the grain values,
but buyers have been slow to operate at the limit set by
mills, confining their purchases to only such supplies as have
been needed to meet their current wants. City mills have
had a moderate sale and have brought full values. Rye flour
has had a moderate sale at steady prices. Buckwheat flour
has been firm but quiet. Corn meal has been quiet and last
week’ s improvement has been lost.
The speculative dealings in the market for wheat futures
have been fairly active, and the tendency of prices has been
towards a higher basis, particularly for the near-by deliv­
eries. Saturday there was an easier market in response to
weaker foreign advices. Monday, however, there was a
decided turn for the better; the weekly reports of the statis­
tical position were of an encouraging nature, foreign advices
The receipts o f flour and grain at the seaboard pores for the
were stronger, offerings were limited and shorts showed
anxiety to cover contracts, which resulted in an advance in week ended Feb. 26, 1898, follows:
Bye,
Barley.
Oats,
Corn,
Flour, Wheat,
prices of ^ @ U ^ c. Tuesday the market was again higher
bush.
hush.
bush.
bush.
bush.
Receipts at—
144,300
53,620’
650.400
644,475
342,250
on
continued
baying
by
shorts
to
cover con­ New Y ork .............
8,271
390,683
153,428
142.012
Boston..................
tracts.
Wednesday there was an advance in the M
7,405
9,250
75.190
1,630
on treal.............
44.985
12,000
215,970
830,045
near-by deliveries in response to stronger foreign P hiladelphia........... 58,532 119.517 1,096,357
107,384
169,735
6,900
401.046
58,620
Baltimore . . . . . . . . .. .
advices accompanied by buying orders, and smaller
10,912
26,400
12,730
71.745
740,733
90,750
receipts in the Northwest stimulated moderate buying for New O rleans*.... .. . 16,141
10,000
085,000
36,000
07,000
Newport N ew s... ...
local account. Thursday the near-by deliveries were again N
441,330
orfolk................ .. .
508
60,000
higher, a report that Spain had reduced her import duty on
29,843
T T*
2,100
wheat and continued light receipts in the Northwest being G alveston...........
2,100
141,400
106.200
141.889
5.000
138,104
0,885
the strengthening factors. To-day the market was firmer Portland.M e .. .
154,680
'29,37&
40,657
495
3,490
during early change. Subsequently, however, realizing sales, St. John, N. B . ...
177.821
i «7,789
.. . 410.110 1.554,149 4.844.298 1.893.210
prompted by weaker European advices and increased Argen­ --r
287,766
292,248449,098 5.594,520 1.439,868
..............
.. . 248.268
1897...........
tine shipment«,.resulted in a decline, closing
c. lower
* Receipts do n o t include «rain passing through New Orleans to r foreign
for the day, Exporters have been moderate buyers, although ports on through bills o f lading.




482

THE CHRONICLE,

[V o l ,

Total receipts at ports from Jan. 1 to Feb. 26 compare as well situated as a rule and steady in price. The overcoating
follows for four years:
business continues dull and without feature and cloakings
Receipts of—
1898.
1895.
1897.
1896.
sell slowly. Plain dress goods are in good request for fall
F lo u r .........................bbls
3,128,816
2,358,746
2,442,465
2.120,668
and firm in price, but business in fancies still quiet. Flan­
Wheat...................bush. 11,117.528
2,616,444 nels are not selling up to expectations and there is some ir­
3,340,741
2,138.316
C om .................... “
33,125,954
35,114.153
12,84 2,057
8.690,985
regularity
in prices. Blankets quietly steady.
O a ts........................
11
17.237,786
4,012,679
8,381,973
5,475,744
Barley.....................
“
1,146.155
1.468.707
707.800
877,843
D
om
estic
C otton G o o d s . —The exports o f cotton goods
Bye........................
“ 2,356,738
161,489
68,254
989,718
from this port for the week ending Feb. 28 were 7,101
Total grain.... “
64,983,158
49,285,292
20,995,449
11,085,722
packages, valued at $256,567, their destination being to the
The exports from t h e s e v e r a l s e a b o a r d p o r t s f o r t h e w e e k points specified in the tables below :
ending Feb. 28, 1898, are shown in the annexed statement:
.
Wheat,
Fxports from — bush.
New York...... 368,818
B oston............ 121,288
Portland . . . . 138,164
Philadelphia.. 82,000
Baltimore...... 206,840
New Orleans.. 72,200
N o rfo lk ....... 441,330
Newp’rtN ew s 86,000
G a lveston .... 180,775
C h a rleston ... 60,000
M obile..........
29,843
St. John, N. B.
495

Corn,
flo w ,
Oats,
bush.
bbls.
bush.
374,850 142,630 604,267
216,786
1,672 175,000
5,000 6,885 141,889
405,431 17,671
60,373
1,168,871 46,727
896,411 2.293
98,050
618
6fc6,000 67,000 To'.btb
602,450
916
............
6,600
...........
46,657 3,490 154,680

R ye,
Peas
bush.
bush.
134,986 ;
4,105
17,728

Barle V
bush.
35,200
8,376

N ew Y obk

to

F eb . 28.

43,576
121,290

Great Britain.......... .............
Other European....................
China......................................
India.......................................
Arabia...................................
A fr ic a .............................
West Indies............................
Mexico................................
Central America...................
South America.....................
Other Countries....................

The destination o f these exports for the week and since
September 1,1897, is as below.

Total.................................
China, via Vancouver*___

T ota lw ’k ...1,224,078 4,671,599
S am etim e’97. 557,551 4,270,928

296,292 1,234,259
148,069 663,311

189,818

............

' 29,375
354.179
276,801

»----------H our.----------, *—----- Wheat.-------- ,
Exports for
Week Since Sept,
Week Since Sept.
week and since Feb. 26.
1,1897.
Feb. 26. 1, 1897.
Sept. 1 to—
bbls.
bbls.
bush.
bush.
U nited Kingdom 194,871 5,691,115
884,301 38,322,715
C ontinent............ 57.088
733,825
369,777 30,378,177
S .& C . A m erica..
18.378
550,926
............
861,664
W est Indies.......
23,925
677,044
............
1,375
Brit. N. A . Col’s.
1,372
140,433
............
300
Other countries..
658
145,878
............
564,035

21833
87,649

,----------- Corn_______ ,
Week
Since Sept.
Feb. 26.
1,1897.
bush.
bush.
1,995,592 43,096,604
2,633,744 46,209.644
4,060
103,854
27.C81
912,909
239,810
10.800
822
363,250

1898,

1897.

Week. Since Jan. 1.

Week. Since Jan. 1-

14
7

66
24

259
3,799
192
393
90
147
2,126
74

636
157
17,344
4,474
8,037
5,402
2.530
673
914
8,916
1,466

288
28
81
1,375
154

669
615
17,695
574
4,121
1,761
3,120
442
1,199
10,928
886

7,101
100

50,549
200

2,016
800

42,010
8,750

Total................................. 7,201
50,749
* From New England, mill pointa direct.

2,816

50,760

The value of the New York exports for the year to date
has been $1,818,532 in 1898 against $1,725,345 in 1897.
There have been few transac ions of any moment reported
in either heavy or light brown go <ds, any bid for quantities
T otal
. .. 296,292 7.889^221 1 2 4,078 70,128 266 4 571,599 90 925,971 being as a rule under sellers’ limits, and only a moderate
T otal 1896-7........ 148,069 6.772,183
557,561 33,446,166 4¡270,9¿8 81,985,459 business has been done. Prices are steady. Bleached cot­
The visible supply o f grain, comprising the stocks in tons are selling steadily but nob in large volu me, and although
granary at the prinoipal points o f accumulation at lake and prices keep firm they have not the hardening appearance
seaboard ports, Feb. 26,1898, was as follow s:
which they were expected to show about now. Wide sheet­
Com ,
Wheat.
Oats
ings are very firm and scarce. Cotton flannels and blankets
Barley
Rye.
I n store at—
bush.
bush
bush
bush,
bush.
improving in demand on new season account. Denims quiet,
3,016.000
New Y ork .................. 1,525,000
2,608,000
639,000
67.000
233,000
25,000
179.000 jobbers buy sparingly, and the cutting-up trades moderately;
90,000
60,000
10.000 prices unchanged.
Ticks, plaids, cheviots and other colored
915.ÓOÓ
B u ffa lo.......................
1,329,000
95,000
50.000
428.000
440.000
cottons are quiet and unchanged Fancy prints show some
84.000
8.877.000
16.284.000
1.373.000
C h ica g o .....................
832.000
587,000 irregularity in prices and are not selling up to expectations.
Do
a floa t....... 1.521.000
6.788.000
232.000
181.000
93.000
123.000
85,900
107.000
M ilw aukee................
47.000
26.000 Other printed calicoes in steady request at previous prices.
Do
a flo a t.......
1.099.000
316.000
Ginghams firm in
D u lu th.......... ............ 2.593.000
2.457.000
2.471.000
565,OoV Fine specialties fairly well reordered.
1,240,000
Do
a flo a t.......
both staples and dress styles, with a steady business doing.
T oled o........................
198,000
605,000
299.ÒÓÓ
20.000
Print cloths have been inactive, and at the close the quota­
Do
afloat.........
'97,000
D e tro it.......................
“ 6,'dbb
‘ 17.000
20,000
” 3,000 tion of 2 3-16c. is barely maintained.
Do
afloat........
O sw egc.......................
F o r e ig n D r y G oods . —A quiet business has been done in
3,201,000
at. L o u ii................... 1,407,000
170, ÓÒÒ
68.ÓÓÒ
1,000 seasonable lines, stocks of which are generally in small com ­
72,000
Do
a flo a t ......
36,GOO
7,000
18,000
12.0ÓÓ
59,Ou; pass. Orders for dress goods, silks and ribbons for fall are
321,000
Boaton.........................
905.ÒÒÓ
510.000
11,000
T oronto.......................
32,000
17.000
9,000 improving in volume. Linens are firm but demand is quiet.
M ontreal.....................

Philadelphia.............

112,000
689,000

Indianapolis.............
43,000
Kansas C ity................
957.000
B altim ore.................. 1,885,000
Minneapolis............... 12,623.000
267.000
On Mississippi River
On Lakes....................
On canal and river ,.
T otal Feb. 26,1898.34,088,000
T otal Feb. 19,1898 85,432,000
T otal Feb. 27,1897 43,797,000
T otal Feb. 29,1896 64,089,000
T otal Mar, 2,1895.78,761,000

‘ 56,000
1.374.000
857.000
72,000
651.000
787.000
1.181.000
347.000

752.000
550.000
99.000
30.000
170.000
432.000
2,42H.ono
67.000

33.000

1 8,000
1,000 •
10.000
295.000
124,009
25,000

51,00

56,000

46,000
40.870.000
39.908.000
26.408.000
13.088.000
13.676.000

13.473.000
13.862.000
13.897.000
7.001.000
6.586.000

I m p o r t a t io n « a n d W a reu ou M e W i t h d r a w a l * o f O r r b « o « m

The importations and warehouse withdrawals of dry goods
at this port for the week ending March 3, 1898, and since
January 1, 1898, and for the corresponding periods of last
year are as fo llo w s:
H
g
g
as

8,660,000
3.634.000
3.582.000
1.507.000
318.OO0

2,165,01 0
2,314,0« 0
3.315.000
1,927,010
1.417.000

B

8 j.

§

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I 1|
I II

GOODS TRADE.

N ew Y o r k , F r i d a y , P. M., March 4, 1898.
The market at first hands has passed through an unevent,
iu l week. There has been a good attendance of buyers from
day to day, but the demand has, with few exceptions, been
eonfined to moderate purchases. Bayers appear to be fairly
well supplied with the general run of cotton goods and are
evidently free from apprehension as to the immediate coarse
o f prices. If it were not so there could hardly fail to be an
active business in the primary market, for there has been and
still is an unusaally good spring trade in jobbing circles. The
local jobbers have had an excellent week, and from all the out
■of-town distributing centres of importance reports come in of
very encouraging character, while some of the large Western
houses state that their business for January and February
has been larger than any previous January and February in
their history. Such conditions ought soon to tell here, but
just now there is hardly a mild reflection of them. The tone
is steady and prices are without change. Business in the
woolen goods division has again been quiet in men’s-wear
fabrics but improving in dress goods. Collections are reported
satisfactory.
W o o l e n G o ods . —The situation in men’s-wear woolen and
worsted fabrics for fall shows more irregularity than at any
tim e since the opening o f the season, and in favor of buyers,
too. The demand has again been disappointing, particularly
in fine grades of worsteds, and in order to sell the produc­
tion o f their mills agents are making special efforts to inter­
est buyers. New lines are being put out at relatively lower
prices than original ones, and concessions have been
made in some quarters in prices of the latter.
Low
.grades of all-wool and of wool-and-cotton makes are

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THE CHRONICLE

M ar ch 5, 1898.j

S tate

and

C ity D

epartm ent,

TERM S

O F S U B S C R IP T IO N .

The I n v e s t o r s ’ S u p p l e m e n t w ill be furnished without
extra charge to every annual subscriber of the C o m m e r c i a l
and

F in a n c ia l C h r o n ic l e .

The S t a t e a n d C i t y S u p p l e m e n t will also be furnished
without extra charge to every subscriber of the C h r o n i c l e .
T h e S t r e e t K a i l w a y S u p p l e m e n t w i ll lik e w is e b e f u r ­
n is h e d without extra charge t o e v e r y s u b s c r ib e r o f t h e
C h r o n ic l e .
The Q u o t a t i o n S u p p l e m e n t , is s u e d m o n t h l y , w i l l a ls o b e
u r n is h e d without extra charge t o e v e r y s u b s c r ib e r o f t h e
C h r o n ic l e .
TERMS for the C h r o n i c l e with the four Supplements

above named are Ten Dollars within the United States and
Twelve Dollars in Europe, which in both cases includes
postage.
_____ \__
Terms o f A dvertising—(P e r inch space.)
Transient matter (1 tim e).. $3 50 I Three Months (13 tim es)..$25 00
s t a n d in g b u s in e s s c a k d s .
Six months
(26 times).. 43 00
Two months 18 times).......... 18 00 I Twelve Months (52 times). 58 00

M U N IC IP A L BOND SALES I N F E B R U A R Y .
The municipal bond market during February con­
tinued quiet, there being comparatively few issues
offered for sale. According to our records the aggre­
gate of the sales for February was $9,249,301, not in­
cluding $2,205,024 of temporary loans reported. This
total is slightly in excess of that for the previous
month ($8,147,893), but a decided decrease is shown
when compared with the $12,676,477 sales for Feb­
ruary of last year.
The number of municipalities issuing bonds during
February was slightly more than in January, there
being 100 (emitting 108 separate issues) as compared
with 98 municipalities emitting 120 separate issues. *
Prices have continued firm. The strength of the
market was well shown in the recent sale of the New
Y ork State Canal bonds on a 2 ’59 per cent basis, and
that, too, but a few days after the destruction of the
Maine in Havana Harbor, when the financial markets
were much disturbed.
The principal sales of the
month were the $3,230,000 3 per cent 15-year New
York State gold canal bonds awarded to Vermilye &
Co., New York, at 105*07; the $400,000 3£ per cent
Adirondack Park bonds of New Y ork State, awarded
to Joseph E. Gavin, Buffalo, at 104'415, and the $1,000,000 4 per cent 1-3-year Chicago water certificates,
sold at par. These three sales amount to more than
one-half of the total for the month.
In the following table we give the prices which were
paid for February loans to the amount of $7,966,787
issued by 67 municipalities. The aggregate of sales
for which no price has been reported is $1,282,514, and
the total bond sales for the month $9,249,301.
In
the case of each loan reference is made to the page of
the C h r o n i c l e where a full account of the sale is
given.
F e b r u a r y B ond Sa l e s.

Pape.
Location.
Rate.
4 3 5 ..Ada Co. (Idaho) School
District No. 6............ 8
392.. Albany Co., N .Y ........ 4
4 3 5 ..
Allegheny (Pa.) Third
Ward School Dist . . .
3 9 2 ..Athens, Ohio.............
é
3*2
3*2
4 3 6 ..Charleston, S. C.......... 4^3
3 9 3 ..
Chicago, 111........ 4
4 8 4 ..
Cincinnati (Ohio) Sch.
D is trict..................... 312
352.. Cleveland, Ohio.......... 4
393.. Columbus, Ohio............ 4
4 3 6 ..
Columbus (Ohio) Sch.
District...............
4
4 8 4 ..Delhi Township (Ohio)
School oistrict No. 2. 6
3 5 2 ..Dodge Co. (Minn.j Ind.
Sch. Dist. No. 50....... 4
393..Duquoin, 111.................. 5
3 5 2 ..East Chester, N. Y ...
4
35 2 ..Elk Point, S. D ........... 5
4 3 6 ..Elsinore, Cal............... 6




Maturity.
1901-1910
1899-1916
1898-1908
1923
1898 1899
11906-1936
Apr. 1, 1926
1903
1918
1898-1910
1913
11908-1918
1918-1926
11903-1913
1898-1937

Amount.

101*87
108 525
100
100
104*114
100

42,500 100
90,000 114*42
26,000 100
33,000

104*003

6,500 107*09
15,000
6,000
83,200
12,0U0
20,000

Page.
Location.
Rate,
Maturity.
Amount. Price.
3 9 3 ..
Excelsior Springs,Mo. 511903-1918
$12,000 101*55
436.. Fall River, Mass.......... 4
Feb. 1,1908
205.000 107*092
4 8 4 ..
Fostoria, Ohio.... 4
Mar. 1,1918
14,867 100114
8 9 3 ..
Gallipolis, Ohio... 5
1918
9,000 112*255
3 9 3 ..
Glastonbury, Conn_ 4
*1918
100.000 106*279
3 9 3 ..
Hamilton (Ohio) Sch.
D istrict..................... 4
1908-1931
13,500 103*80
4 8 4 ..
Hamilton (Ohio) Sch.
District...................... 3*2
1923-1928
16,000 100
4 3 7 ..
Harmon and Marion
Townships Drainage
District No. 1, 111...........
15.000 104*50
4 8 4 ..
Harrison, Ohio.... 5
1916-1917
1,000 106*51
3 5 3 ..
Hays Co., Texas......
24.000 102
4 3 7 ..
Houston, T ex a s____ . . . 5
60.000 103*125
393.. Jaokson Co., K an........ 5
"ibis"
100,000 100
4 3 7 ..
Lawrenceburg, In d ... 4*2 1913
50.000 102*85
3 5 3 ..
Lima (Ohio) Sch. Dist. 5 1899
7.000 101*506
4 8 5 ..
Louisville, KyTT.. 5
U900-1920
74.0001 102*80
102*685
4 85..
McLean Co., N. D ..... 6
1918
9.000 101*77
4 3 7 ..
Marin Co. (Cal.) Fair­
fax School District.. 6
1904-1908
2,700 106*6T
4 8 5 ..
Media, Pa............ 3*2
65,000 100
4 3 7 ..
Middletown (Pa.) Sch.
D istrict...................... 4
11908-1918
35.000 102*515.
3 0 2 .. Mount Kisco, N.Y___3*60
1899-1923
25.000 100*50
3 0 2 ..
Mount Vernon, N. Y
Feb. 1,1901
22.000 104*27
4 3 7 ..
Mount Vernon, N. Y .. 5 1900
32.000 104*375'
4 3 7 ..
Mount Vernon, Ohio.. C 1899-1908
7,500 109*81
4 3 7 .. Muscatine, Io w a ..
4*2
1899-1918
300,000 100
39 4 ..
New Bedford, M ass... 3*2 1918
92.00 i 104*295
3 J4..N ew Bedford, Mass... 3 ^
1908
62.000 102*415
3 9 4 ..
New Bedford, M ass...
1928
31a
35,000 105*565
3 9 4 ..
New York State. 3
Jan. 1,1913 5,230,000 105*07
48 a .. New York State.......... 3*2
1907-1908
¿ 00,000 104*415
303.. North Dakota State
Hospital for the In­
sane................... J... 6
1918
40,000 120*25
485.. North Milwaukee, Wis. 6
1898-1903
4,000 100
303..Olean, N. Y .................. 4
1899-1907
17,100 102*29
4 3 5 ..Omaha, Neb................ 4
Mar. 1,1918
30 ),000 104*285353.. Orton ville, Minn........ 5
1918
15,000 105*67
3 9 4 ..Peoria, 111.....................
3,200 105*25
4 3 7 ..Peru, in d .................. . 5
1899-1910
12,000 100
4
4 3 7 ..
Pbiilipsburg, N. J ....
1920
1,900 101
4 3 8 ..
Pontiac (111.) Sch. Dlst.
5
*1904
10,000 104*49
3 0 3 ..Portland, O re............ . 6
75,000 107*50
30 3 ..Rom e (N. Y.) School
District No. 1............ 4
1899-1918
65,000 106*065
394..Sault Ste. Marie, Mich. 5^2
1899-1908
24,265 103 008
3 9 4 ..Schenectady, N. Y ....... 4
1899-1902
9,005 101*34
4b6..Sedgwick Co., K an__ 4 ^
140,000 100*178
3 9 4 ..Sevier Co , Tenn.......... 5
1913
35,000 100*389
4 3 8 ..Slater, M o..................... 5
1903-1918
15,000 102*33
4 38..Syracuse, N. Y . ............ 4
1899-1902
132.000 101*815
3 5 4 ..Terre Haute, Ind........ 6
1899-1908
30,050 106
4 38..Tiffin, Ohio.................... 6
Mai*. 1, 1908
9,500 112*01
438..Tonawanda (S.Y.)Sch.
D is tr ic t.................... 4
*1922
12,000 105*14
4 3 8 ..Trenton, N. J ............... 4
1908
45,000 102*50
100*96
395.. Ulster Co., N .Y ............ 4
1899-1923
75.000 (i 117*50
3 9 5 ..
Ulster Co., N. Y ... 4
Mar. 1,1923
32.000 115*10
3 95..
Ware, Mass........ 4
18991906 8,000 102*7375
395..
Ware, M ass.. .
4
1«99
, 4,500 100*8275
3 9 3 ..
Warren Co., M is s ...... 5 1918
15,500 102*50
354.. Washington Co., W ls.. 5
1900- 1909
50.000 106*71
395.. Water town, N. Y ....... 3*2
1900-1922
125,000 102*425
Total (67 municipalities, covering 75
*7,966,787
separate issues).........................................
Aggregate of sales for which no price has
been reported (33 municipalities, covering
33 separate issues)......................................... 1,282,514
Total bond sales for February, 1898....... J$9,249,301
I Average of dates of maturity, t Subject to call in and after t h e
earlier year and mature in the later year. JNot including $2,205,024
of temporary loans reported and which do not belong in the list.
If Sold by the Sinking Fund Commissioners and not included in total.

In the C h r o n i c l e of' February 5, 1898, page 299,.
a list of January bond sales amounting to $8,145,453
will be found. Since the publication of that state­
ment we have received the following additional reportsr
A d d it io n a l J a n u a r y B o n d Sa l e s .

Page.
Location.
Rate.
3 52.. Evanston, Ohio............ 6
3 5 4 .. Tippecanoe City, Ohio. 6 •

Maturity.
1899-1908
1898-1907

Total additional sales for January..................

Amount. Price.
$844 108*41
1,596 106*95
$2,440

These additional loans will make the total sale»
(not including temporary loans) as reported for Jan­
uary 1898 amount to $8,147,893.

Price.

$4,000 102*55
102*87
36,000 S
( 112*95
170,000
3,000
28,000
42,600
100,000
1,000,000

483

100*67
103 86
110*179
100*25
( 101*50
■
(100

New Jersey.—Bill as to Savings Banks Investments.—The
State Senate has passed a bill alio wing savings banks to invest
in bonds issued by boroughs.
Btll Limiting the Issuance o f Bonds.—The State Senatelias passed a bill prohibiting cities from issuing bonds in
excess of 10$ of their tax valuation.

Bond Proposals and Negotiations this

week have been as follows:
Alameda County (C al.) Bray School D istrict.—Bonds
Voted.—ron February 24, 1898, the election in this district re­
sulted in favor o f issuing $13,000 bonds for a new school house.
Albany, N. T .—Bonds Proposed.—A bill has been intro­
duced in the State Legislature authorizing the city to issue
$85,000 bonds for the improvement of Beaver Park.
A lexandria County (P . 0. A lexandria City), Ya.—Bond
Offering.—Proposals will be received until 12 m . March 31,,

484

THE CHRONICLE

1898, by H. H. Young, County Clerk, for $20,000 6$ court­
house and jail bonds. Securities are in denominations of
$100, dated March 31, 1898. Interest w ill be payable semi­
annually, and the principal will mature thirty years from
date of issue, subject to call after five years. The county has
no debt. The assessed valuation is $1,800,000, about one-half
actual value.
Augusta, Ga.—Bond Sole.—The city has sold the remain­
ing $42,000 of the $100,000 3%ff, refunding bonds to John J.
Cohen of Augusta at par.
B aker City ([Ore.) School D istrict No. 5.—No New Bonds.
—W e are advised that the election which was held January
22,1898, in this district was for the purpose of voting a special
tax of $6,000 for school purposes and not to authorize the issu­
ance o f bonds. The tax was authorized.
Bayonne, N. J.—Bond Bill Approved by the Governor. —
The Governor has approved a bill recently passed by the
State Legislature authorizing the issuance of $100,000 school
bonds.
B iddeford, Me.—Temporary Loans.—The city recently
negotiated the following loans : $25,000 with P. S. Moseley &
C o., Boston, at 3*05$, and $25,000 with Curtis & Motley, Bos­
ton, at 3*10# and $2 premium.
B ird Island, Minn.—Bonds Voted.—The village recently
voted an issue of $12,000 bonds for a new hall.
Brandon, Miss.—Bond Sale.—The town has sold an issue
o f $3,200 school bonds to Stafford & Co., Chattanooga, at 96.
B rooklyn (T ow n ) Conn.—Bonds Authorized.—At a town
meeting held February 26,1898, it was voted to issue $28,000
■4% bonds to pay floating indebtedness. Securities will be
dated May 1, 1898, and mature $3,COO May 1,1903; $5,000 May
1, 1908; $5,000 May 1, 1913; $5,000 May 1, 1918; $5,000 May 1,
1923, and $5,000 May 1, 1928. The town has no other bonded
indebtedness.
Buffalo, N. Y.—Bond Bills Approved by the Governor.—
The Governor has signed the bills recently passed by the
State Legislature authorizing the issuance of $84,548 bonds
for the improvement of Elk Street Market and $250,000 bonds
for refunding outstanding park bonds.
Calhoun, Ga.—Bond Election.—A n election will be held
March 26,1898, to vote on the question o f issuing $12,500
water-works bonds.
Cambridge, Mass.— Temporary Loan.—The City Treasurer
recently borrowed $50,000 at 3$ discount. Loan matures
October Iff. 1898.
Loans Authorized by the Common Council.—The Common
Council on March 1, 1898, adopted orders providing for the
follow ing Joans:
$10,000 Clay liana Im provem ent.
125,000 water-works extension.;
10,000 fo r park purposes.

I $145,000 fo r school houses.
I 15,000 fo r street purposes.
| 10,000 fo r com pleting esplanade.

Camden, N. J .-^Bonds Authorized.—The State Legislature
has passed a bill authorizing the city to issue $200,000 streetimprovement bonds.
Cattaraugus County, N. Y.—Bond Sale.—The county has
sold $40,000 5# one-year bonds to the First National Bank of
Franklinville and the City Bank of Buffalo at from par to
101*35.
Cincinnati, Ohio.—Bonds Authorized.—The Board of Leg­
islation has passed an ordinance providing for the issuance of
bonds for the improvement o f Chateau Avenue, providing
that the property-owners do not pay their assessments in full
prior to the issuance of the bonds.
Cincinnati (O hio) School D istrict.—Bond Sale.—On Feb­
ruary 28, 1898. the $42,500 bonds were sold to the Trustees of
the Sinking Fund at par for 3% per cents. Following bids
were received for 4% bonds as advertised:
Milwaukee Insurance C o...... .. .$44,200 8. Kuhn & Sons, Cincinnnti...... $43,300
Atlas Nat. Bank, Cincinnati..... 43,778 W estern German Bank, Cincin.. 43,295
Dietz, Denison & Prior, C lev e... 43,830 |Seasongood & Mayer, d in c in ..4 3 | l0 0

Bonds mature September 1,1936, subject to call after Sept­
ember 1,1906. For further description of bonds see C h r o n ­
ic l e January 29,1898, p. 250.
Clarinda (Iow a ) School D istrict.—Bond Election.—An
election will be held to vote on the question of issuing $10,000
bonds for a new high school.
Cleveland, Ohio.—Bonds Proposed.—A committee ap­
pointed by Mayer McKisson to devise ways and means for
the erection of a new City Hall have reported in favor of the
issuance of $1,500,000 4% bonds for this purpose.
Bonds Proposed.—A bill recently introduced in the State
Legislature authorizes the city to issue $1,000,000 bonds for
the purpose of widening Cuyahoga River.
Columbia County, N. Y.—Bond Sale* -O n March 1, 1898,
the $20,000 4% “ Hudson Armory Bonds” were awarded to the
Hudson City Savings Institution at the following prices:
$3,000 due March 1, ID'S, at............103'50 I$3.000 due March 1,1907, at......... 105-75
3,000due March 1,1904, a t............lOi 75 I 3,000 due March 1,1908, at..... 105-95
13,000 due March i, 1905, at...... 104-75 1 2,000 due March 1,1909, at.........106"42
3,000 due March l, 1906, at..........105*00 |

A description'of the bonds will be found in the C h r o n ic l e
Feb. 12, 1898, page 352.
Columbus, Ohio.—Bond Election.—The question of issuing
$175,OOd water-works bonds for the construction o f a storage
-dam across the Scioto River will be submitted to a vote of
the people April 4, 1898.
Bonds Proposed.—A resolution has been introduced in the
City Council providing for the submission of the question of
issuing $25,000 bonds for the erection of patrol houses to a
vote of the people April 4,1898.
Columbus (O hio) School D istrict.—Bids.—The following
are the bids received February 23, 1898, forathe $33,000 4%
20-year school bonds:




[-VCL. L X Y I .

Hinman
&1
Beatty,
Columbus.$34,32l
0/l0I1LEdw.
C.aIJones
Co.,
New
York.$33.860
00
DnriaI
w
Ka1
4
af
c
V
/
"
Ia ni
A f IO
V
i X
T D
U
m
n O
a
m
mT
l—
a
.
aa
a
«
. a^
Rudolph
Ka
leybolte
&
Co.,
Cin. O
34,118
70 E.
H
. Rollins
& Sons,
B
oston.
33,837
21
N. W . Harris & C o.,C hicago.. 34,105 00 |W . J.H ayes & S on s,C le v o .... 3,807 00
Seasongood & Mayer, Cincin. 34,065 90 ( Jose, Parker & Co.. B o s to n .... 33,673 20
The New First National Bk.,
i Lamprecht Bros. Co., C lev e.. 33,627 00
Columbus............................. 34,025 75 ' Mason, Lewis & Co., Chicago. 33,527 00
A tlas National Bank. Cincin. 34,001 0 0 1Adams & Co., B oston............. 33,468 60
Society fo r Savings. C le v e .... 33.965 00 S. A . Kean, Chicago................ 38,165 00
Dietz, Denison & Prior, Cleve. 33,865 75 I

As stated last week, bonds were awarded to Hinman &
Beatty, Columbus, at 104-003.
Council Bluffs (Io w a ) School D istrict.—No Bond Election.
—Owing to the financial condition of the district the Board of
Education has decided not to call an election to vote on the
question of issuing bonds for a new high school. The present
indebtedness of the district, it is stated, is within $70,000 of
the debt limitation.
Delhi Township, W illiam s Special School D istrict No.
2, Hamilton County, Ohio.—Bond Sale.—On February 21,
1898, the $6,500 3% bonds were awarded to Seasongood &
Mayer, Cincinnati, at 107*09. Bonds mature $500 yearly.
For further description of bonds see C h r o n ic l e February 12,
1898, p. 352.
East Cleveland, Ohio.—Bond Sale Postponed.—It is re­
ported that the sale of $5,000 lighting and $20,(00 water­
works bonds has been postponed to March 7,1898. Bids were
to be received on March 3, 1898. A description of the bonds
will be found in the C h r o n ic l e January 29, 1898, p. 251.
Easton, Pa.—Bond Sale.— We are advised that on March
1, 1898, bids ranging from par to 104 were received for the
120,200 3%% bonds. Part of the bonds were awarded to
Sailer & Stevenson, Philadelphia, at 101; part to E. & C.
Shawde & Co., Easton, at from 101'52 to 104, and part to local
investors. Bonds mature April 1,1928. For further descrip­
tion of bonds see C h r o n ic l e February 26, 1898, p, 436.
Elma, Iow a.—Bond Election.—Local' press reports state
that the city will vote on the question of issuing bonds for a
water works system.
El Paso County, Texas.—Bond Sale.—The State School
Fund Commissioners have purchased the $78,000 refunding
court-house bonds which were recently approved by the
Attorney- General.
E stherville (Io w a ) School D istrict.—Bond Election.—An
election will be held to vote on the question of borrowing
$5,000 for a new school house.
Evanston, 111.—Bond Sale.—The city has awarded $30,000
4% city-hall bonds to Mason, Lewis & Co., Chicago, at 102*53.
Bonds mature $3,000 every other year, beginning Apr. 1,1918.
F ort Collins (C ol.) School D istrict. —Bond Offering.—
Proposals will be received until April 1, 1898, by the Board
of Education, Mrs. Sara B. G. Stephenson, Clerk, for $11,000
5% funding bonds. Interest will be payable semi annually in
Fort Collins or New York. Bonds will be subject to call
after 5 years.
Fostoria, Ohio.—Bond Sale.— On February 17, 1898, the
$14,867 4% refunding bonds were awarded to W. J. Hayes &
Sons, Cleveland, at 100*114. Bonds mature March 1, 1918.
For further description of bonds see C h r o n ic l e February
12, 1898, p. 352.
Green Bay, W is.—Bond Ordinance Vetoed.—Mayor Desnoyers has vetoed the ordinance recently passed by the
Council authorizing the issuance of $19 000 bridge bonds.
Ham ilton (O hio) School District.—Bond Scde.—On Feb­
ruary 26, 1898, the $16,000 3%% 25 30-year real estate im­
provement bonds were awarded to Seasongood & Mayer, Cincinnrti, at par. Other bids were informal and below par.
H arrison (T illa g e), Ham ilton County, Ohio.—Bond Sale.
—On February 28, 1898, the $1,000 5% bonds were awarded to
the German National Bank of Cincinnati at 106 51. Bonds
mature one-half in eighteen and one half in nineteen years.
For further description of bonds see C h r o n ic l e February 12,
1898, p. 353.
Hazleton, P a .—Bond Sale.— On March 1, 1898, the $35,000
4% bonds were awarded to Cyrus Pierce for the Pennsylvania
Mutual Life Insurance Co. of Philadelphia at 101*832. Bonds
mature Feb. 1, 1928, subject to call after Feb, 1, 1903. For
further description of bonds see C h r o n ic l e Feb. 19, 1898, p.
393.
Holyoke, Mass.—Temporary Loan.—The city has nego­
tiated a nine-months’ loan of $100,000 with Bond & Goodwin,
Boston, at 3%# discount.
Houghton, Mich.—No Bond Election.—W e are advised by
Geo. W. Quick, City Treasurer, relative to the calling of an
election to vote on the issuance of $10,000 paving bonds, that
“ no such proposition will be submitted.”
Independence School D istrict, Jackson County, Mo.—
Bond Offering.—Proposals will be received until 12 M. March
15, 1898, by the Board of Education for $30,000 4% school
building bonds. Securities are in denominations of $500
dated April 1, 1898. Interest will be payable April and Oct­
ober, and the principal matures April 1, 1918, subject to call
after 19. 3 Securities were authorized by a vote of 615 to
249 at an election held February 23, 1898. A certified check
for 1% of the par value of the bonds bid for must accompany
proposals.
Jefferson County, Texas.—Bond Sale.—The State Board
of Education on February 25, 1898, purchased $11,000 40-year
bridge bonds for the school fund.
Kingston, W is.—Bonds Proposed—It is stated that the cit­
izens o f this village have decided to issue $20,000 bonds to
any railroad that will build a branch to this place.
Knox County, Ind.—Bond Sale.—On March 1,1898, $7,211
3% 5-84 year (average) drainage system bonds were awarded
to Seasongood & Mayer, Cincinnati, at 104*49.
__

M arch 5, 1898,]

THE CHRONICLE.

485

Lawrence, Mass.—Bond Issue.—W e are advised that a
school loan of $150,000 w ill be issued at an early date.
Lawrenceburg, Ind.—Correction.—In the Chronicle last
week we stated that the $50,000 4%% 15-year bonds were
awarded to Seasongood & Mayer, Cincinnati, at 106. The
price should have been 102'85.
Lee County, Tex.—Bond Election.—An election w ill be
held to vote on the question o f issuing $40,000 court-house
bonds.
Logan, Utah.—Bond Sale.—W e are advised that the State
will purchase the $5,000 6$ funding bonds recently author,
ized by the city. The bonds are in denominations of $1,000,
■dated March 1, 1898. Principal will mature 10 years from
date of issue, subject to call after 5 years.
Loramie, Ohio.—Bond Election.—An election will be held
March 16, 1898, to vote on the question of issuing $7,000
street-improvement bonds.
L ouisville, K y.—Bond Sale.—On February 28, 1898, the
Commissioners o f the Sinking Fund awarded $64,000 5%bonds
to the Citizens’ National Bank of Louisville at 102-685, and
$10,000 to the German Security Insurance Co. of Louisville
at 102-80. Following are the bids:

M organtown, TV. Va.—Bond Election.—An election w ill be
held shortly to vote on the question of issuing street-improve­
ment bonds.
M orristown, In d .—Bond Sale.—On March 2, 1898, the
$3,COO 6# street-improvement bonds were awarded to W . J.
Hayes & Sons, Cleveland, at 106-90. Bonds mature $300
yearly from February 14,1900, to February 14,1909, inclusive.
For further description of bonds see Chronicle February 12,
1898, p. 353.
Mount Vernon, N. Y.—Bonds Authorized.—On March 1,
1898, the Common Council authorized the issuance of $21,000
5% assessment bonds.
Muscatine, Iow a.— Bond News.—W e are advised that the
$300,000 4}£% refunding bonds recently sold to the First
National Bank, Chicago, will be dated April 1, 1898, and
mature $7,500 on April 1, 1899, and $7,500 each 6 months
thereafter.
Newark, N. J .—Bonds Proposed.—A bill w ill be intro­
duced in the State Legislature authorizing a loan of $35,000
for the purpose o f cancelling the leases o f the burying
ground, so that the city may take possession for the new
City Hall. A bill also before the Legislature provides for
$10,000
102-80
German Security Insurance Co., L ouisville...........
issue
102*685 the issuance of bonds to extend the water system.
Citizens’ National Bank, Louisville...... ...... ....................... .Entire
Entire^ issue
10,000
102-60
Newton, Mass.—Bonds Authorized.—W e are advised byGerman Securitv Insurance Co., Louisville........
10,000
Germ an Secarity Insurance Co., L ouisville...........
102-40
issue
102-391 Henry E. Cobb, Mayor, that authority to issue $500,000 water
Fidelity Trust & Satety Vault Co., Louisville....................Entire
Entire issue
.
5,000
102-25
bonds recently granted by the State Legislature “ was ob­
H alsey & Halsey, L ouisville......................................
10,000
102-20
German Security Insurance Co., Louisville...........
The City Treasurer
issue
102-174 tained merely to supply future needs.”
Dietz. Denison & Prior,Cleveland................................. ...E.Entire
n tireissu
e
.Entire issue
issue
102-15
J n o . W . & D. 8. Green. L ouisville........................................Entire
has been authorized by the Board of Aldermen to issue $75,.Entire issue
issue
102-01
W . J. Hayes & Sons, Cleveland............................................Entire
.Entire issue
101-019 000 of these bonds, but it is probable that nothing will be
Louisville Banking Co., L ouisville........................
A t the same time the following bids were received for done about the matter for some weeks.
New York State.—Bond Sale.—On February 28, 1898, the
$173,500 4% bonds, all of which were rejected:
$400,000 Vffl, Adirondack-Park bonds were awarded to Jos.
German Security Insurance Co., Louisville...........................
$10,000 102-45
Germ an Security Insurance Co., Louisville............................
10,000 100-30
E. Gavin, Buffalo, at 104-415. Following are the bids:
German Security Insurance Co., Louisville............................
10,000 102'20
German Security Insurance Co., Louisville............................
10,000 102
Dietz, Denison & Prior, Cleveland........... '..........................Entire issue
101-763
W . J. Hayes & Sons. Cleveland............................................ Entire issue
10P61
F idelity Trust & Safety Vault Co., Louisville............ *. .Entire issue
101-13
A d e s c r ip tio n o f th e b o n d s w i ll be f o u n d in th e C h r o n i c l e
last w e e k , p. 437.

L ow ell, Mass.—Temporary Loan.—The city has negotiated
an eight months’ loan of $100,000 with F. S. Mosely & Co.,
Boston.
McLean County, N. D.—Bond Sale.—On February 28,
1898, the county awarded $9,000 6# 20-year refunding bonds
to F. R. Fulton & Co., Grand Forks, at 101-77.
Malta, Ohio.—Bonds Proposed.—A. bill has been introduced
in the State Legislature authorizing the issuance of $10,000
street improvement bonds.
M artin’ s Ferry, Ohio.—Bond Offering.—Proposals will be
received until 12 m. (central standard time) March 19, 1898,
by Richard F. Allender, City Clerk, for $5,500 %% sewer
bonds. Securities are in denominations of $500, with interest
payable semi-annually after March 1, 1899. Principal will
mature $500 semi annually on and after March 1, 1899.
Bonds Election Authorized.—The City Council on March 1,
1898, passed an ordinance providing for an election to vote
on the question of issuing $6,000 bonds for the erection of
hose houses.
Bonds Defeated.—A t a meeting of the City Council, held
March 1,1898, a motion to pass an ordinance providing for
an election to vote on the question of issuing $30,000 bonds
for water-works improvements was defeated.
Maryland.—Proposed Refunding o f Bonds.—On January
1, 1899, $3,000,000 3-65$ defense redemption bonds will ma­
ture. It is stated that the treasury officials are preparing a
bill to refund $800,000 of this loan.
Massachusetts.—Bond Sale.—On March 2,1898, the $2,000,000
gold “ Metropolitan Water Loan” bonds were awarded
to Kidder, Peabody & Co. and Blake Bros. & Co., Boston, at
112-877. Following are the bids:
Kidder, Peabody & Co., ?
119. o „ I Verm ilye & Co., New V ork ........ 111-389
Blake Bros, & Co.,
( Host.. .112 877 |j 'arson) Leach & Co., New York. 111*13
|Bost...H2"536 |

Bonds mature January 1, 1938. For further description of
bonds see Chronicle February 26,1898, p. 437.
Media, Pa. - Bond Sale.t—The borough has sold through
Heyl & Major, Philadelphia, $65,000 refunding bonds. Secur­
ities bear
interest. No other bids were received.
M iddlesex County, Mass.—Temporary Loan.—The county
has borrowed $100,000 on notes maturing in eight months.
Milwaukee, W is.—Bonds Authorized.—The Common Coun­
cil has adopted the report of the Finance Committee and
authorized the issuance of $140,000 street-improvement bonds.
Minneapolis (M inn.) School D istrict.— Temporary Loan.
— The Board of Education recently voted to borrow an ad­
ditional $50,000 »from the Sinking Fund Commissioners at
Notes w ill mature June 1, 1898.
Bonds Proposed.—On February 21, 1898, the Board of
Education passed a resolution requesting the City Council to
grant the authority to issue the $100,000 bonds which the
Council refused to authorize last fall.
Montana.—Bond Sale. —W e are advised that the business
men of Helena have agreed to take $20,000 of the Capitol
Building Fund Warrants for the purpose of starting the
preliminary work on the proposed capitol building. Of this
amount $7,800 has already been subscribed and will be taken
at par.
Moran, S a n .—Bond Offering.—The city will receive bids
at any time for $4,000 6# gas bonds. Interest will be payable
semi annually and the principal will mature $400 yearly on
January 1 from 1909 to 1918 inclusive. Principal and inter­
est will be payable at the city of Moran. S F. Barton is the
City Clerk.




Jos. E. Gavin, Buffalo................. 104-415
Earson, Leach & Co.. N. Y ........1C4"26
Estabrook & Co., i
R . L . Day & Co., j B oston ........103-92

F H.
TT TTWnrt
Alha’v
E.
Himroa, Alba
y ji |200,000..103-40
200.000..103-10
Verm ilye & Co.. New Y o rk ....... 103-149
A . L. Judson, A lb a n y .;.............. 102-75

Bonds mature $200,000 February 1, 1907, and $200,000 Feb­
ruary 1, 1908. For further description of bonds see Chron­
icle February 19, 1898, p. 394.
Normal (T ow n), 111.—
Bids.—Following are the bids re­
ceived January 23, 1898, for the $20,000 5% 20-year water
bonds:
Premium. 1 /

Premium

N. W . Harris & Co., C hicago...
.$250 Mason, Lewis & Co., Chicago.......... 241
Farson, Leach & Co., Chicago...... 246 1First Nat. Bank, B loom ington ......... 185

As stated in the C h r o n i c l e January 29,1898, the bonds
were awarded to N. W . Harris & Co., Chicago. Interest
will be payable in Chicago at the banking house of N. W .
Harris & Co.
North Milwaukee, W is.—Bond Sale.—The village has sold
to F. N. Webster of Milwaukee the $4,000 Q%funding bonds
at par. Bonds mature $900 yearly.
Odell, 111.—Boiyi Offering.—Proposals will be received un­
til 12 m . March 17, 1898, by F. W . Francis, Village Clerk, for
$6,000 5$ coupon bonds. Securities mature $1,000 yearly be­
ginning July 1, 1901. Interest will be payable annually, both
principal and interest being payable at the Bank o f Odell.
Omaha, Neb.—Bond Sale.—On February 28,1898, the $300,
000 4% 20-year funding bonds were awarded to Bernard, Thur­
man & Co., New York, at 104-285. Following are the bids:
Bernard. Thurman & Co., N. Y . .104-285 I Lamprecnt Bros. Co., Boston. ...100*38
Society Savings o f C leveland... 102"03 |Dietz, Denison & Prior, C lev e...100-108
Spitzer & Co.. T o le d o ..................101-169 IW . J.’H ayes & Sons, Cleveland.100*083
Estabrook & Co., B oston.............100-78 1

A description of the bonds will be found in the C h r o n ic l e
February 19,1898, p. 395.
Petroskey, M ich.—Bond Offering.—Proposals will be re­
ceived until 8 p . M. March 7, 1898 (postponed from February21, 1898), by the Common Council for $16,000 4% water-works
bonds. Securities will be dated March 1, 1898; interest pay
able annually at the Chase National Bank, New York City.
Principal will mature 30 years from date of issue, subject to
call after 20 years. W e are advised that the sale was post­
poned owing to severe storms delaying all mails and pre­
venting bids from reaching their destination in time.
P h illip s County, A rk.—Bonds Proposed. —The County
Court has under consideration the issuance of $100,000 5#
bonds to refund a like amount of 6# bonds maturing July 1,
1919, but now subject to call.
Racine, W is.—Bond Sale.—On March 3, 1898, the $25,000 5% school bonds were awarded to the Minneapolis Sav­
ings Bank at 112-625.
Reading, Pa. —Bond Offering.—Proposals will be received
until 7 p, M. March 16, 1898, by H. H. H tmmer, City Clerk,
for $100,000 street-paving bonds. Securities are in denomina­
tions of $1,01)0. A certified check for 5% of the amount bid
for must accompany proposals.
Richmond, Mich.—Bund Election.—An election will be
held March 14,1898, to vote on the question of issuing 9,000
bonds for an electric-light plant.
L
Roanoke, Va .—Bond Offering.—Proposals will be received
until 12 m . March 15,1898, for $26,000 6% school bonds bearing
date July 1,1891, but as yet unsold. These bonds are part o f
a $75,000 issue authorized by Section 50; Laws of Virginia,
and approved January 31,1884. Interest w ill be payable
January and July and the principal will mature July 1,1921. ’
Sacramento County, Cal.—Bond Sale and Litigation.—
The $75,000 4%road bonds, bids for which were received un­
til February 12, 1898, have been awarded to N. W . Harris &
Co., Chicago. The San Francisco “ Chronicle” recently stated
that the county officials have received word from the Chi­
cago firm that Judge Dillon, their attorney, holdsj that the

THE

48H

CHRONICLE,

"bonds are invalid. The “ Chronicle” then stated that a test
case would be made of the matter and that it would be car­
ried at once to the Supreme Court. If the Supreme Court
sustains Judge Dillon’s opinion, which is to the effect that
municipal property cannot be taxed for county road pur­
poses, then the bond election in the above county, which car
ried with a vote of 7 to l, will have been o f no avail.
Saginaw, M ich.—Bond Offering.—Proposals will be re­
ceived until 2 p. m . March 5, 1898, by Arthur F. Lewis,
Comptroller, for $10,000 4%refunding water bonds. Securities
are in denominations of $1,000, dated Match 1,1898. Interest
will be payable semi-annually and the principal will mature
March 10, 1917. Both principal and interest will be payable
at the office of the City Treasurer or at the current official
bank in New York City. Bonds will draw interest from and
after March 10, 1898. Securities are issued pursuant with a
resolution passed by the Common Council Feb. 21, 1890.
Bonds Authorized.—The City Council has passed a resolu­
tion authorizing the issuance of $25,000 4% bonds to refund a
like amount of 5 per cents which w ill mature May 1, 1898.
St. P aul (N eb.) School D istrict No. 1.—Bond Élection.—
The School Board has decided to call an election to vote on
the question of issuing $2,000 bonds for the purpose of build­
ing an addition to the high school.
Salem, Ohio. —Bond Offering.—Proposals will be received
until 12 M. March 8, 1898, by F. W . Allison, City Clerk, for
$2,900 6# sewer bonds. Securities are in denominations of
$290 each, dated April 1, 1898. Interest w ill be payable an
nually, and the principal will mature one bond yearly on
April 1, from 1899 to 19J8,. inclusive.
Santa Ana, Cal.— Bonds Voted.—The citizens of this place
recently authorized the issuance of $65,000 sewer bonds by a
vote of 62,4 to 276.
Sedgwick County, Kan.—Bond! Sole.—The County Com­
missioners have awarded the Eads Brokerage Co., Kansas
City, $14'‘,000 4%% refunding bonds at 100-178, the purchasers
to bear all the expense of transferring and reissuing bonds.
Shawnee, Oklahoma.—Bonds Defeated.— The Question to be
Resubmitted.— We are advised that the proposition to issue
$75,000 water works bonds failed to carry at the election held
February 21, 1898. The defeat was occasioned by the ex­
cessive amount of bonds voted upon, and therefore the ques-

tion w ill again be submitted at the regular April election
and “ in such an amount as will carry.”
Sheboygan, W is.—Bonds Authorized.—The Common Coun­
cil has passed au ordinance providing for the issuance of"
$25,000 bonds. Securities will bs in denominations of $1.000
bearing not more than 4% interest and maturing April 1.1918
Sing Sing, N. Y.—Bond Sale.—On March 1, 1898, the
$9,658 61 4% improvement bonds were awarded to Isaac W Sherrill, Poughkeepsie at 101-455. Following are the bids:
Isaac W . Sherrill, Poaghkeepsie.l01-i.55 |Ben well & Everitt, New York 100-71
Rom e Sayings Bank.....................101-205 . L W . Morrison, New York.
.100-666
Geo. M. Hahn, New Y ork........... 100 735 I S. A . Kean, C h ic a g o ..........
.100

Bonds mature $158 61 one year from date of issue an i $500
yearly thereafter. For further description of bonds see C h r o n ­
i c l e February 19, 1898, p. 39i.
South Hadley F alls (M ass.) F ire D istrict.— Bond Meet­
ing.—A meeting of the district will be held March 5, 1898 tovote on the question o f borrowing $1'\000 for 30 years at H
interest.
Springfield, Ohio.—Bonds Proposed.—A bill has been
introduced in the State Legislature authorizing the city to
issue $25,000 bonds for a new city prison, patrol and workhouse.
Sunflower County, M iss.—Bond Election.—An election
will be held shortly to vote on the question o f issuing- &20 000 court-house bonds.
8
’
T aylor County, Texas.—Bond Sale.—The county recently
sold an issue of $30,000 5% 40 year refunding court-house
bonds. These bonds are now being offered for sale bv J B
Oldham. Dallas. Texas.
T errell, Kaufman County, Texas. — Bonds Proposed.— The
City Council has under consideration the issuance of $12 000
6# water-works improvement bonds.
Tiffin, Ohio.— Bids.—Following are the bids received
February 19, 1898, for the $9,500 6% debt extension bonds:
Atlas Nat. Bank. Cincinnati... ..112^01 I Tiffin National Bank.
.. .
Seasongood & Mayer, Cincin__ 112 00 I Commercial Bank o f Tiffin ...
Spitzer & Co., Toledo
..........111-989 Caarles Seitz, T iffin.................
Edw. C. Jones Co., Cincinnati .110-263 First Nat. Bank, Barnesville .
The Lamprecht Bros. Co., C lev.ll0'03t I Tiffin Savings Bank, Tiffin ...
Rud olph K leybolte & Co.. Cin... 109 07 I S. A. Kean. Chicago..............
New First National Bank, Col­
Dietz. Denison & Prior, Cleve.
um bus........... ..............................103-50 I Mansfield Savings B an k..........

IN VESTM EN TS.

Old Virginia Securities.

Investment Bonds

JOSIAH R Y LA N D , J r .,
Second Auditor,
and President o f Commissioners o f
Sinking Fund o f Virginia,
Richmond, Va.

.108-421
.107-80
.107-789
.106-05 a*
.10381

.101-21
.101-110>.101-073

A bid of $561 35 <or each bond, or at the rate o f 112-27
was received from W. J. Hayes & Sons, Cleveland, bat was;

NEW LOAMS.
The General Assembly o f Virginia has enacted a
law, approved January 25,1898, allowing the holders
o f her old securities, n ot funded under act o. Feb­
ruary 14, 1832, or February 20, 1892, until July 1,
1898, to fund them, at the same rates as provided in
the act o f February 20, 1892, exceot as to the time
the .new bonds shall carry interes
This is probably the last time that this opportunity
will be allowed, and parties holding any o f the secur­
ities m entioned should avail them selves o f it with­
out delay.
F or particulars address,

[Vol. LXVI.

IN VESTM EN TS.
^

9 0 , 0 0 0

FOR

New York Savings Banks San Luis Potosi Electric Go*
.
and Trustees.
FIR S T M ORTGAGE
L IS T S S E N T U P O N A P P L I C A T I O N .
MEMBERS OF BOSTON A N D N E W YO RK
STOCK EXCHANGES.

R. L. DAY & CO.,
4 p W a te r Street, Boston.
1 B road Street, New Y o rk .

6 % GOLD BONDS.
Full particulars with Special Circular on
A pplication.

PR IC E TO NET 6$.

C, H. W HITE & CO.,
Government and
Notice to Warrant Holders.
BANKERS,
Municipal Bonds

N otice is hereby given to the holders o f warrants
issued by the City o£ Cedar Rapids, Iowa prior to
January 1st, 1894, to present the same fo r payment to
the Treasurer o f said City on or b efore April 1st,
1898, as interest on all such warrants Will cease from
and after that date.
Dated Ce d a r r a p i d s , I o w a , Feb. 23,1898.
F. W . G IFFO RD , City Auditor.

$ 200,000

BOUGHT AND SOLD.

A PPRAISEM EN TS M ADE OR QUOTATIONS
FURNISHED FOR TH E PURCHASE, S A L E . OB
EXCHANGE OF A BO V E SECURITIES.

L IS T S ON A P P L IC A T IO N .

N. W. HARRIS & CO.,

BANKERS,
31 NASSAU ST. IBank of Com merce Bldg.)

Central KR. & Electric Co.
, (Of New Britain, Connecticut.)

1st Mortgage Sinking Fund Gold 5s.
This road has direct connection with the Citv of
H artford.
Sen 3 fo r earnings to Oct. 1,1897, and fu ll descrip
tioD j f "operty.

E. H ROLLINS & SON S,
19 M ilk Street. Bostan, Maas.
5 1 2 5 ,0 0 0

7# W ell-secured 1st Mort. Gold Bonds,
M aturing in 1 9 0 4.

ADAMS

&

CALVIN PHIL PS,
C ALIFO RN IA

TACOM A.

-

UILDING,

W A S H IN G T O N .

WARRANTS.

BANKERS
D E A LER S IN

IN V E S T M E N T BONDS,
Members o f Boston Stock Exchange.

No. 7 Congress and 31 State Streets,

BOSTON

Blodget, Merritt & Co.,
BANKERS.

E C arefully selected. High-grade State, C oin ty , City
and Public School issues, maturing in 6 to 2i months
and earning 5 to 8 per cent our specialty.

16 Congress Street, Boston.

R O B T . E. S T R A H O R N & CO., *
E quitable B uilding,
Boston, M ass.

STATE, CITY A RAILROAD BONDS




HIGH-GRADE
State, M unicipal, County, School

BONDS.
Legal investments fo r Ravings Banks in New Y o r k
and all New England.

COMPANY, Rudolph Kleybolte & Go.,

F or particulars address

#

31 NASSAU ST ., N EW Y O R K .

B A N K E R S ,
3 5 and 3 7 Nassau Street, New Y o rk .
Cincinnati.
Philadelphia.
L IS T S M A IL E D UPON A P P L IC A T IO N .

MUNICIPAL BONDS.

E. C. S tanwood & C o. 1
BANKERS,

121 Devonshire Street,
BOSTON.
B U Y AND SE L L

T EX A S MUNICIPAL BONDS«,
BANK S T O C K S .
R. N. MENEFEE & CO., RANKERS,
CHARLES W. ROSENBERGER,
IS W a ll Street, New Y o rk .

rejected by the Finance Committee. As stated last week,
bonds were awarded to the Atlas National Bank of Cincinnati.
Tooele, Utah.—Bonds Proposed.—It is stated that the citi­
zens of this town are discussing a proposition to issue $10,000
electric light-plant bonds.
Trenton, Tenn.—Bond Election.—An election w ill be held
March 10, 1898, to vote on the question o f issuing $22,500
bonds for the purchase of the water-works and electric-light
plants, which are now owned and operated by private in­
dividuals.
Tripp, S. D.—Bond Election.^-A special election will be
held March 15, 1898, to vote on the question of issuing $5,000
water-works bonds.
V ailsburgh, N. Y — Bonds Voted.—On February 23,1898,
the borough voted in favor of issuing $40,000 water supply
bonds and $30,000 bonds to purchase the right to connect with
the proposed South Orange sewer system.
Wayne, Iow a.—Bonds Proposed.—Local press reports state
that petitions are being circulated asking that an election be
called for the purpose of voting on the question of issuing
$6,000 electric-light plant bonds.
Wayne (T ow nship) N. J.—Bond Sale. —N. W. Harris &
Co. have been awarded $8,700 5% 10 1-6-year (average) school
bonds at 105*66. Following are the bids;
N. W . Harris & Co., New Y o r k ...105-60 I Kdw. C. Jones Co., New Y o r k ....101-95
W . J. Hayes & Sons, Cleveland.. 103-07 I W alter Stanton & Co..New York.l01-U
Silk City Safe Deposit & Trust
I W ilson & Stephens, New York ...100*50
Co., Paterson................................102
|Farson, Leach & Co., New York. .100 40

W ebster Groves, Mo.— Bond Election.—It is stated that an
election will be held March 22, 1898, to vote on the question
of issuing $25,000 6$ 20 year municipal bonds.
W ellin gton (T illa g e ), Ohio.—Bond Offering.—Proposals
will be received until 12 m . March 29, 1898, by F. A. Chap
man, Village Clerk, for $30,000 4# electric-light and water­
works bonds. Securities are in denominations of $1,000,
dated March 1, 1898. Interest w ill be payable March 10 and
September 10, at the Home Savings Bank, Wellington, and
the principal will mature 30 years from date of issue, subject
to call, $1,000 yearly on March 1 from 1901 to 1930, inclusive.
Bonds are issued pursuant with sections 2835, 2836 and 2837
of the Revised Statutes of Ohio, and were authorized by or­
dinance passed February 7,1898. A deposit of $500 with the
Village Clerk w ill be required of each bidder.

INVESTM ENTS.

W . J. Hayes & Sons,
BANKERS,

SU ITABLE FOB

M ISCELLA N EO U S.
\merican Express Co.
Sstablished

D EA LER S IN MUNICIPAL BONDS,

SAVINGS BANK AND T R U S T
FUNDS.
LISTS MAILED ON APPLICATION.

Farson, Leach & Co.,
NEW Y O R K ,
2 W a ll St.

-

W esichester County, N. Y.—Bonds Proposed.—The Board
of Supervisors has under consideration the issuance of $78,000 bonds for the purpose of erecting bridges in the town of
Greenburg.
West Orange (N. J .) School D istrict.—Bond Offering.—
Proposals w ill be received until March 8, 1898, by John J.
Kennev, District Clerk, or by A lfred R. Kimball, Chairman
of the Finance Committee, 15 W all Street, New York, for
$50,000 4# gold school bonds. Securities are dated April 1,
1898, with interest payable April and October. Principal will
mature $5,000 yearly on April 1 from 1913 to 1922 inclusive.
Bids will be opened during the evening of March 8, 1898, at
the St. Mark’s school house on Valley Road, West Orange.
The bonded debt of the district at present is $126,000. The
assessed valuation in 1897 was $3,473,675. The population is
6, 000.
West P oint, Miss.—Bonds Proposed.--W e are advised that
the city of West Point contemplates the building o f an elec­
tric-light plant in connection with its water-works, and w ill
probably issue $10,000 bonds for this purpose.
W est Salem, Ohio.—Bonds Proposed.—The State Legisla­
ture is considering a bill authorizing W est Salem to issue
$5,000 town hall bonds.
W ilm ington, Ohio.—Bond Offering.—Proposals w ill be re­
ceived until 12 M. April 18,1898, for $10,000 5% electric-lightplant bonds. Securities mature $2,000 each March 1 and
September i , 1900 and 1901 and $1,000 March 1,1902, and Sep­
tember 1, 1902. Interest will be payable at the office o f the
Corporation Clerk.
W ilton, Iow a.—Bonds Proposed.—Local papers state that
the city will refund $7,000
bonds. An offer to take the
bonds at 4# has already been received, according to the report.
W oodbury County (P . 0. Sioux City), Iow a.—Bonds Pror
p oied .—The County Board will consider early in April the
question of funding about $100,000 of outstanding warrants.
Yonkers, N. Y.—Bond Bill Approved by the Governor.—
The bill recently passed by the State Legislature authorizing
the city to issue $25,00) bonds to refund those issued for the
grading of South Broadway has been approved by the
Governor.
York (P a .) School D istrict.—Bond News.—The district
w ill sell about May 1, 1898, $67,000 school bonds.

M ISCELLA N EO U S.

PUBLIC SECURITIES

CH ICAG O ,
100 D earborn St.

487

THE CHRONICLE.

M a r c h 5-, 1898.]

Street Railway Bonds, and other high-grade In
vestments.
BOSTON, MASS.,
C lev e la n d , O h io,
7 Exchange Place.
3 1 1 - 3 1 3 S u p e rio r S t,
Cable Address. "K E N N E T H .”

William E. Nichols,
15 W A L L STREET,

-

NEW Y O R K .

MUNICIPAL W ARRANTS.
SEND FOR

LISTS.

W H A M & SOHLESINGER

65 BROADWAY, N. Y.
"Draws FOREIGN DRAFTS in Sterling,
Francs,-Marks, and Money Orders,
on all parts of the Commercial World.
Makes CARLE TRANSFERS of money
to England and the Continent.
These facilities are obtainable at all
ifQces of the Company.

Bank and Trust CompanyStocks
New York and Brooklyn

1 SUCCESSOR TO
B r l n c k e r h o l t , T u r n e r & C o .,
*
MANUFACTURER AND DEALER IN

BOUGHT A N D SOLD.

CLINTON G IL B E R T

OOTTON SAIL DUCK
3 W A L L ST R E E T,

OOTTON CANVAS FELTING DUCK
CAR COVERING BAGGING,
RAVENS DUCK, SAIL TWINE,
POPE “ AWNING” STRIFES.

SYRACUSE

AG EN T

UNITED STATES BUNTING CO.

RAILW AY

A full supply all W idths and Colors, always In
stook.

BONDS

1 0 9 Duane Street, New Y o rk .

SM M ILES N O R F O L K TO OCEAN V IE W

Bought and Sold.

ED W A R D C . JO N ES CO,
N EW YO RK ,
P H IL A D E L P H IA

- 1 NASSAU STREET,
CINCINNATI.

MASON, LEWIS & CO.,
BANKERS.
Or M ilk Street, Boston,
171 L a S a lle Street, Chicago,
OFFER FOR SALE
S to w e , Y t .........................
4s
w -e d a lia , M o .............................................................4 ^ 8

T rinid ad , Col. (G old).......................

L a k e C ounty, In d ..........................................

5s

.5 s

South Omaha, Neb.. .....................................5s

N o m e n c e , 1 1 1 :........:.........
.........5 s
B a n g o r & A ro o sto o k R R . F ir s t M o rtg .. .5 s
T h e A k ro n G a s C o ,, A k ro n , O ., I s t M t g .S s




!l W ALL, S T .. NEW Y O R K .

AND AT,T, KINDS Or

NEW Y O R K .

RAPID TR A N SIT

Capital, #18 , 000 , 000 .

Issues TRAVELERS CHEQUES imme­
diately available as funds everywhere.

J. Spencer Turner,

MUNICIPAL BONDS.

18 4 1 .

‘

STAN DARD GAUGW, ELECTRIC P O W E R. Special Commissioners’ sale o f the N orfolk & Ocean
View Railroad, Its Propertv and Franchises, includ­
ing the Ocean View H otel Property.
Pursuant to a decree o f the Circuit Court o f the
United States fo r the Eastern District o f Virginia,
we shall sell at Public A uction in fron t o f the Cus­
tom House, Norfolk, Viiginia, on W ednesday the
23d day o f March, 1898, at 12 o ’clock M., the above
referred to property.
For further inform ation apply to W . W . OLD,
C ALD W E LL H A R D
pecial Commissioner
Norfolk, Va.

WM . FRANKLIN HALL,

Accountant
B S S R iS S rf■ boston, m ass .
Books audited. Examinations and inveatigatidna
conducted with the utmost care and efficiency,

BAN K ERS,
18

W ALL

STREET,

NEW

YORK.

E sta b lish e d 1 8 6 5 .
MEMBERS OF N E W YO RK STOCK EXCH AN G E
A llow interest on deposits subject to sight cheoa
Buy and sell on commission stocks and bonds slthei
for cash or on margin, and deal In

Investment Securities.
11. J.

m orsk .

C h a s D . M a r v in ,

w

m

K id d x b

S EC U R E BANK VAULTS.

C F N U IM F

WELDED CHROME STEEL AND IRON
Round and Flat Bars and 5-ply Plates and Angles
FOR SAFES, V A U L T S , Ac.
Cannot be Sawed, Cut or Drilled, and positivelj
Burglar P roof.

CH RO M E STEEL W O R K S .
- Kent A ve., Keap & H ooper 8ts.
Sole Man’f ’erslin tbe.U .,8. B R O O K L Y N , N. Y

488

THE CHRONICLE.
S r a s l

£V ol L X V I .

(Z o m p tm U s*

Union Trust Company United States Trust Co.
OF N E W F O R K .

Nos. 4 8 & 47 W A L L STREET.
CAPITAL AND SURPLUS,

80 Broadway, New York.
C A P IT A I;,
SUBPLUS,

$ 1, 000,000

$ 5 ,2 1 3 ,0 0 0

AUTHORIZED TO ACT AS

Executor, Administrator, Guardian,
Receiver or Trustee,
AND IS

$ 1 1 )8 0 0 ,0 0 0 .
This Company is a legal depository for moneys
aid into Court, and is authorized to act as Guardian,
Tustee or Executor.
INTEREST ALLOWED ON DEPOSITS
which may be made at any time and withdrawn
after five days’ notice, and will be entitled to inter­
est for the whole time they may remain with Hie
Company.
. Executors, Administrators, or Trustees of Estates,
Religious and Benevolent Institutions, and individ­
uals, will find this Company a convenient depository
for money.
JOHN A. STEWART, President,
; D. WILLIS JAMES. Vice-President,
JAMES S. CLARK, 2d Vice-President.
HENRY L. THORNELL, Secretary,
LOUIS G. HAMPTON, Assist. Bec’y.
TRU STEES«
Samuel Sloan, Charles S. Smith, W. Wald. Astor,
D. Willis James, Wm. Rockefeller,James Stillman,
John A. Stewart, Alexander E. Orr.John Claflin,
J. H. Rhoades, Wm. H. Macy, Jr.John J, Phelps,
Anson P. Stokes,Wm. D. Sloane, Daniel Lord,
John C. Brown, G. H. Schwab, Johns.Kennedy,
Edward Cooper, Frank Lyman, D. 0. Mills,
W. B. Cutting, Geo. F. Vietor, Lewis C. Ledyard

5

A LEGAL DEPOSITARY FOR MONEY.
ACTS AS TRUSTEE OF MORTGAGES OF
CORPORATIONS and accepts the transfer agency
and registry of stocks.
ALLOWS INTEREST ON DEPOSITS, which may
be made at any time, and withdrawn on five days’
notice, with interest for the whole time they remain
with the company.
For the convenience of depositors this company
also opens CURRENT ACCOUNTS, subject, in acoordanoe with its rules, to check at sight, and allows:
interest upon the resulting daily balances. Such
enecks pass through the Clearing House.
Attends specially to the
MANAGEMENT OF REAL ESTATE
and to the collection and remittance of rents.
It makes ample provision in its
BURGLAR AND FIRE PROOF VAULTS
tor the safe-keeping of securities placed in its cus-'
OF THE C IT Y OF NEW Y O R K .
tody, on which it collects and remits income.
EDWARD KING, President.
30 BROAD S T R E E T .
CORNELIUS D. WOOD,
J
CAPITAL................................$5 00 ,0 00
JAMBS H. OGILVIE,
>Vice-Presidents.
AUGU8TUS W. KELLEY, S
.,:
3 5 0,00 0
SURPLUS.......................... .
J. V. B. THAYER, Secretary.
OTTO T. BANNARD.................................President
K. R. MERRITT, Assistant Secretary.
C. C. RA WLINGS. Trust Officer.
WILLIAM ALEXANDER SMITH...1st Vice-Pres’t
GORDON MACDONALD.. .2d Yice-Pres’t and Sec’y
HENRY R. DABOLL............... Assistant Secretary
Designated by the Supreme Court as a
Depositary lor Court Moneys.
Interest allowed on Deposits.
Executes all Trusts.
TRUSTEES
4 « W A L L STR EET, N EW Y O R K .
William Jay,
Giraud Foster.
Alfred M. Hoyt,
Gordon Macdonald,
Capital, $ 1 , 0 0 0 , 0 0 0 I S u rp lu s, $ 1 , 5 0 0 , 0 0 0 Rudolf E. F. Flinsch,
Gordon Norrie,
Robert
S.
Holt,
A. Lanfear Norrie.
CHARLES S. FAIRCHILD, President.
Oliver Harriman, Jr.,
William F. Cochran,
WM. L. STRONG, 1st Vioe-Pres.
Wm. Alexander Smith, Walter Jennings,
Olyphant,
William A. Hazard
ABRAM M. HYATT, 2d Vlce-Pres. Robert
W. 8eward Webb,
Frank H, Platt
OSBORN W. BRIGHT, Secretary.
Otto T. Bannard.
Trenor L Park,
Robert W. DeForest.
Oswald Sanderson.
ZELAH VAN LOAN. Asst. Secretary.

C O N T IN E N T A L
TRUST CO M PAN Y,

New York Security &
Trust Company,

Authorized to act as executor, trustee, administra­
tor, guardian, agent and reoeiver.
Receives deposits subject to sight drafts, allowing
interest. A legal depository for court and trust funds.
A designated depository for the reserve of State
banks. Accounts of banks and bankers solicited.
TRUSTEES.
0. 8, Fairchild, M. C. D. Borden, James A. Biair,
W H. Applebon, B. Aymar Sands, J. G. McCullough,
Wat t Strong, James J. Hill,
H. Hoagland,
W. F. Bnckley, E. N. Gibbs,
J. W. Sterling,
8. G. Nelson,
F. R. Coudert,
H. Walter Webb,
Edward Uhl.
.Tames Stillman. John A. McCall.
Edmund D. Randolph, Frank W. Stearns.

Rhode Island Hospital
Trust Company,
PROVIDENCE, R . I.
Capital...$ 1 , 00«,000 ISurplus....$7 50 ,0 00
DIRECTORS,
Christopher Lippitt, Horatio N. Campbell,
Royal C. Taft,
Rebert Knight,
Robt. H. L Goddard, John W. Danielson,
Geo. W. R. Matteson, Herbert J. Wells,
William D, Ely,
John C. Pegram,
Robert L Gammell, Lyman B. Goff,
William Binney,
Eugene W. Mason
William B. Weeden, Geo. Gordon King
Rowland Hazard,
Rowland G. Hazard,
Edward D. Pearce,
Lucian Sharpe.
HERBERT J. WELLS, SAM’L R. DORRANCB
President.
Vice-Presidei t.
EDWARD 8. CLARK, WM. A. GAMWELL
K o o r ft t a r v

The

Union

A sM ste in t

.

Trust Co.

716-717-719 Ch e s t n u t Str e e t

P H IL A D E L P H IA , PA.,
Incorporated 1882.
C A P IT A L ,
.
.
.
$ 1 ,0 0 0 ,0 0 0
Transacts a General Trust and Safe Deposit Business
Acts as Transfer Agent, Registrar and Trustees
under corporation mortgages
Collects and Remits Income at Reasonable Rates.
Solicits Accounts of Bankers and others.
Interest Allowed on Deposits.
,
President,.
Vice-President,
j. rtmpson A f r ic a , t h o h a s r . p i t t o n
2d Vice-President, GEORGE A. FLETCHER.
Treasurer and Secretary,
Trust Officer
RICHARD S. EDWARDS. PERCY B. METZGER
DIRECTORS.
J. S, Africa,
Joseph 1. Keefe, [Thos. R. Patton
Edward Bailey, Chas. A. Lagen, Edw. L. Perkins,
Geo. A. Fletcher, John P.McGrath. Wm. C- Stoever,
TiomasG. Hood, Francis E. Bond. J. W, Suppiee,
Wm. B. Irvine,.- JOsoar R. Meyers,[Joseph Thomas




T he State T rust C o.
100

BROADW AY.

C apital a n d Surplus)

-

$ 1 ,8 0 0 )0 0 0

Acts as Trustee, Registrar, Transfer and
Fiscal Agent of Corporations, and as Ex­
ecutor, Administrator, Trustee, Guardian
and Committee of Estates. Legal Deposi­
tory for Court and Trust Funds. Takes
full charge of Real and Personal Estates.
Interest allowed on Deposits.
FRANCIS 8. BANGS. President.
WM. A. NASH, Vice-President.
MAURICE 8. DECKER, Secretary.
H. M. FRANCIS, Treasurer
H. B. BERRY, Trust Officer.
TRUSTEES.
Willis 8. Paine,
Forrest H. Parker,
Henry H. Cook,
Charles Scribner,
Walter S. Johnston, Charles L. Tiffany,
Joseph N. Hallock.
George W. White,
Edwin A. McAlpin,
Percival Knauth,
Andrew Mills,
Francis 8. Bangs,
William A. Nash,
Francis Lynde Stetson,
Geo. Foster Peabody, Thomas A., McIntyre.
J. D. Probst,
Edward E. Poor.
Henry Steers,
Anson G. McCook.
George W. Quintard R. A. C. Smith,
Thos. F. Ryan.

OLD C O LO N Y
TRUST COM PANY.
BOSTON, BASS,
C A P IT A L ,
$ 1 )0 0 0 ,0 0 0
SU RPLU S,
1 ,0 0 0 ,0 0 0
Transacts a General Banking Business,
ALLOWS INTEREST ON D AILY BALANCES SUBJECT!
TO CHECK
TRUSTEE UNDER MORTGAGES. TRANSFER AGENT
REGISTRAR

BOARD OF DIRECTORS:
T. Jeflerson Coolidge, Jr., President.
Oliver Ames,
Walter Hunnewell
C. W. Amory,
Samuel Carr,
B. P. Cheney,
Geo. V. L. Meyer,
T. Jefferson Coolidge,
Laurence Minot,
Chas. E. Cotting,
Richard Olney,
Geo. F. Fabyan,
Henry K. Reed.
Geo. P. Gardner,
. Nathaniel Thaye \
Henry S. Howe,
Stephen M. Weld.
Henry C. Weston.
T. J e f f e r s o n Co o l id g e , J r ., President.
C. S. T u c k e r m a n , Vice-Pres’t and Treat.
G eo . P. Ga r d n e r , G o r d o n A b b o t t ,
F r a n c is R. H a r t , Vice-Prestd
H. A . P h ip p e n , Secretary and Ass’t Treas.
J o s e p h G. St e a r n s , Ass’t Secretary.

A M E R IC A N L O A N
-A N D -

TRUST

COM PANY,

BOSTON, BASS.
C A P IT A L ,
$ 1 ,0 0 0 ,0 0 0
SU RPLU S,
5 0 0 ,0 0 0
A legal depository of moneys paid into Court and
for Administrators, Executors, Guardians
Trustees.
INTEREST ALLOWED ON DEPOSITS.
Trustees under Mortgages, Transfer Agents and
Registrars of Stock.
BOARD OF DIRECTORS.
Chas. Francis Adams, 2d. Samuel Little,
Oakes A. Ames,
S- E. Peabody,
Edwin F. Atkins,
Francis Peabody
Isaac T. Burr,
Albert A. Pope,
Samuel Carr,
N. W. Rloe,
F. Gordon Dexter
R. E. Robbins.
David P. Kimball
W. B. Thomas,
8. ENDICOTT PEABODY, President.
N, W. JORDAN, Actuary,
E. A. COFFIN Treasurer

Maryland Trust C o.,
CORNER SOUTH AND GERMAN STS,

B A LTIM O R E.
CAPITAL, $ 1 ,0 0 0 ,0 0 0
A LEGAL DEPOSITORY , FOR COURT AND
TRUST FUNDS.
Acts as Financial Agent for States, Cities Towns«
Railroads and other Corporations. Transacts a gen .
eral trust business. Lends money on approved se
ourity. Allows interest on special deposits. Aotf
as Trustee under Mortgages, Assignments anc
Deeds of Trust, as Agent for the Transfer or Regis
tration of Stocks and Bonds, and for the payment oi
coupons interest and dividends.
J. WILLCOX BROWN, President
LLOYD L. JACKSON, First Vlce-PreBldent
HENRY J. BOWDOIN, Second Vice-President*
,
J. BERNARD SCOTT, Secy. & Treas.
DIRECTORS'
Wm. A.Marburg,[Lloyd L.Jackson, JosbuaLevering,
Frank Brown,
H. A. Parr,
James Bond,
Alex. Brown,
Clayton C. Hall. J. 1). Baker,
H, J. Bowdoin, J. Wilcox Brown, John B. Garret’ ,
Leopold Stronse, B. N. Baker,
F. M.Thlerioti
Basil B. Gordon, Fred’k W. Wood. G. A. von Lingen,
Henry Walters, Andrew D.Jnnee Jos. E. Willard,
W. B. Brooks,Jr., W.H. Baldwin,jr J. A. Tompkins.

GUARDIAN

Missouri Kansas & Texas
Trust & Deposit Gomuanv,
Trust C o.,
SECURITY

B A LTIM O R E.

General Banking and Trust Business. Becomes
Trustee under Mortgages or Deeds of Trnst, Financialor Transfer Agent for States, Cities or Corpora­
tions, etc., etc. Pays interest on Deposits.
EDWARD STABLER, Jr „ President.
WM. M. BYRN, Secretary and Treasurer.
DANIEL MILLER, JON. K. TAYLOR,Vice-Pres’ts.
Executive Committee: Wm. H. Bosley (John 8.
Gittings & Co.), Chairman; George B. Baker, Henry
C. Matthews, Jobn L. Blake, Francis A. White, Matt.
C. Fenton, Lewis A. Gusdorff.

Metropolitan Trust Co.
Of the City of New York.
37 and 3 9 W a ll Street. New Y ork .
Paid-up ca p ita l............................ $ 1 «0 0 0 ,0 0 0
Surplus...... ..........................150 00 ,0 0 «
Designated as a legal depositary bY-order of
Supremo Court. Receive deposits of money on in­
terest, act as fiscal or transfer agent, or trustee for
corporations, and accept and execute any legal trusts
from persous qr corporations, on as favorable terms
as other similar companies.
Brajtonlves, President. Fred’k D. Tappen.V.-Pres.
C. M. Jesup, 2d V.-Pres. Beverly Chew, Secretary.
Raymond J. Chatry. Assistant Secretary -

7th and Wyandotte Sts., Kansas City. Mo.
1 Nassau St., N .Y .. 4 0 0 Chestnut St.,Phlla.
194 Washington St., Boston.
Slngel 238i Amsterdam. Holland.
Dorotheen-Strassc 54 Berlin, Germany.
31 Lombard Street, London, England.
Sandthorqual 9 ,” Hamburg, Ger.
15 Rue du Louvre, Paris, France.
Capital............................................ Hl.fi.to.nno
Surplus and Undivided Profits.. 1,'J50,000
^ARTHUR E. STILWELL. President.
Vice-Presidents! J. McD. Trimble, B. L. Martin
W. 8. Taylor, Jacques T. Nolthenius
A. C.Robtason,Secretary; Wm. S. Taylor, Treas.
urer; Frank B. Wilcox, Assistant Treasurer: J, J.
Cairnes, Assistant Secretary: E S. Mosher Asst.
Secretary: Nath’l Norton, Ass’t Secretary; Trimble
& Braley, General Attorneys.
Executes a General Trust Buslnr«.,
Acts as Trustee; Transfer Agent or Roststrar for Corporations.
Acts as Executor, Administrator, Guardlaa
_ „OF Trustee o f Estates.
Collects Western Mortgages.
Takes charge of properties, collecting
Rents, paylngtaxes, etc., for
Eastern Investors.

THE

M arch 5, 1898.]

CHRONICLE,

a

’Spust (&ompKuiz&.

Guaranty TrustCo.

C°L°N1Al TrVST 0MPANY
ST.PAVLBVILDING.

2 2 0 . BR2ADV/AYF

of New York,
. • NASSAU, CORNER CEDAR STREET.
C A P IT A L . a
- * • $ 3 ,0 0 0 ,0 0 0
SU RPLU S,
•
•
•
•
$ 3 ,5 0 0 ,0 0 0
ACTS AS TRUSTEE FOR CORPORATIONS,
FIRMS, AND INDIVIDUALS, AS GUARDIAN,
EXECUTOR, AND ADMINISTRATOR, TA KE S
ENTIRE CHARGE OF R EA L AND PE R ­
SONAL ESTATES.
I N T E R E S T A L L O W E D ON D E P O S IT S
subject to cheque or on certificate.
S T E R L I N G D R A F T S ON A LL PA RTS OF
GREAT
BRITAIN
BOUGHT AND
SOLD.
COLLECTIONS MADE.
TRAV E LLER S’ LETTERS OF CREDIT AVA IL­
A B L E IN ALL PARTS OF T H E W ORLD, AND
COMMERCIAL LETTERS OF C REDIT ISSUED.
W ALTER G. OAKMAN, President.
A D R IA N ISE LIN , J r ., Vice-President.
GEORGE R, TURN BU LL, 2d Vice-President.
H E N R Y A. M U RRAY. Treas. and Sec.
J. NELSON BORLAND, Asst. Treas. and Sec.
JOHN GAU LT, Manager Foreign Dept.
DIRECTORS.
Samuel D. Babcock,
Charles fi. Henderson,
George F. Baker,
A drian Iselin, Jr.,
George & Bowdoln,
Augustus D. J uilllard,
August Belmont,
James N . Jarvie,
Frederic Cromwell,
R ichard A . McCurdy, < '
Walter R. Gillette,
A lexander E. Orr,
Robert Goelat,
Walter G. Oakman, .
G. G. Haven,
Henry H. Rogers,
O liver Harriman,
H. McK. Twom bly, J
B . Somers Hayes,
Frederick W. V a n d erb ilt
Harry Payne Whitney.

LONDON BRANCH.
38 LOMBARD STREET, E . O.
F .N e v il l J a c k s o n , Ma n a g e r a n d Se c r e t a r y .
Buys and sells exchange on the principal
cities o f the world, collects dividends and cou­
pons without charge, Issues travellers’ and com­
mercial letters o f credit, receives and . pays
Interest on deposits subject to cheque at sight or
on notice, lends money on collaterals, deals In
American and other investment securities, and
offers its services as correspondent and financial
agent to corporations, bankers and merchants.

M EW Y 9 R * .

CAPITAL AND SURPLUS $1,500,000.
TRANSACTS A GENERAL TRUST BUSINESS.
Acts as Executor, Administrator, Guar­
dian, Committee, Trustee, Receiver, As­
signee, Registrar, Transfer and Fiscal
Agent.
PAYS INTEREST ON DAILY BALANCES.
Subject td check, payable at sight or
through -lthe New York Clearing-house
and on Certificates o f Deposit.
TAKES ENTIRE CHARGE OF REAL ESTATE.
Loans M oney on Bond and Mortgage.
A C TS A S T R U ST E E F O R R A IL R O A D AND
O TH ER M ORTGAGES.

TRANSACTS A GENERAL BANKING BUSINESS.
O F F IC E R S .
JOHN E. BORNE, President.
ROSW ELL P. FLOW ER, 1
_
.. ,
CHAS. C. DICKINSON, J Vice-Presidents.
JAMES W . TA PPIN , Secretary.
A R P A D S. GROSSMANN, Treasurer.
EDMUND L. JUDSON, Asst. Secretary.
PH ILIP S. BABCOCK, Trust Officer.

OF

S o li c i t o r s .
FRESHFIELDS AND W ILLIAMS.
L o n d o n C o m m it te e .
A R T H U R JOHN F R A S E R , C h a ir m a n .
DONALD C. HALDEMAN.

tlm tó t States
H u r t l e & ®imî<Σo;
59 CEDAR STREET, NEW Y O R K .
C A P IT A L ............................... ....$ 3 ,0 0 0 ,0 0 0 .
SU RPLU S.............................. ..
1,3 50,0 00 .
T r a n s a c t s a G e n e r a l T r u s t B u s in e s s .
A cts a s T ru s te e , R e g is tr a r - a n d T ra n s fe r
A g e n t | E x e c u t o r , G u a r d ia n , A d m i n i s t r a ­
t o r , & c . T a k e s e n tir e c h a r g e o f R e a l and
P e rs o n a l E sta te s . A cts a s F is c a l A g e n t fo r
S t a t e s , M u n i c i p a l i t ie s , a n d C o r p o r a t io n s .
L e g a l D e p o s ita r y f o r C o u rt a n d T rn st
F u n d s. In te re s t
a llo w e d
on D e p o s its .
C h e ck s p a ss th r o u g h th e N e w Y o r k C le a r ­
in g -H o u s e . M on ey lo a n e d on b on d and
ft io r t g a g e . I s s u e s F i r s t M o r t g a g e T r u s t
G o ld B o n d s.
OFFICERS.
G e o r g e W . Y o u n g ................................ P r e s i d e n t
L u t h e r K o u n t z e .......... ...........V i c e - P r e s i d e n t
J a m e s T i i n p s o n ................... 3 d V i c e - P r e s i d e n t
A r t h u r T u r n b u l l .................
T rea su rer
W i l l i a m P . E l l i o t t .............................. S e c r e t a r y
C la r k W i l l i a m s ...................... A s s t . T r e a s u r e r
R i c h a r d M . H u r d .....................A s s t . S e c r e t a r y
DIRECTORS.
Samuel D. Babcock,
Gustav E. Kissel,
Luther Kountze,
Dumont Clarke,
Charles D. Dickey,
Charlton T. Lewis.
W illiam P. Dixon,
Richard A. McCurdy,
David Dows, jr.,
Theodore Morford.
Robert Olyphant,
Robert A. Granniss,
G. G. Haven, jr.,
Charles M. Pratt.
Charles R. Henderson, Jam es Tlmpson,
George W . Y ou ng.
James J. Hill,

The
EquitableT rustCompany




CAPITAL, PAID U PT^ - - - $500,000
SURPLU8- - - - - - - - - 1¿5,000
AU TH O RIZED B Y L A W TO RECEIVE and ex
ecute trusts o f every character from courts, corpora­
tions and Individuals. Takes entire charge o f estates,
real and personal. A cts as agent fo r the registra­
tion and transfer o f bonds and stocks and the pay­
m ent o f coupons, Interest and dividends. A legal
depository fo r court and trust funds.
IN TEREST A LLO W ED ON DEPOSITS o f money
which may be made at anytim e and withdrawn after
five days’ notice, or at a fixed date.
TRUST FUNDS AN D TRUST INVESTMENTS
are kept separate and apart from the assets o f the
company.
DIRECTORS
A Z E L F. H A T C H ,
CHAS. H. H ULBURD
GEO. F. JENNINGS,
GEORGE T. SMITH,
J. R . W A LS H ,
M AURICE ROSENFELD
SAM UEL D. W A R D ,
OTTO YOUNG.
OFFICERS.
9
J. R. W A L S H . President.
CHAS. H . H U LBU RD, Vice-President.
LY M AN A . W ALTO N , Secy, and Treas.
C. D. ORGAN Cashier.

M anhattan T
Company.

CO.

Branch Office« 66 Broadway, New York.
CAPITAL............................ $ 1 ,0 0 0 ,0 0 0 OO

LEGAL DEPOSITORY

For State, City and Court Moneys.
Interest Allowed on Time Deposits.
Checks pass through N Y . Clearing-House.
A cts as Executor, Guardian or Administrator o f
Estates, and as R eceiver .Registrar, Transfer and Fi­
nancial agent fo r States, Railroads and Corporations.
Separate Department with

Special Facilities for Ladles
R OBERT M A C LAY, President.
CH ARLES T . B AR N EY . Vice-President.- '™ ’
JOSEPH T. BROW N, 2d V ice-President
D IR E C T O R S I
Jos. S. Auerbach, Ja ' esILBreslin. Robert Maclay,
Harry B. Hollins. I. Town. Burden, C. L. Perkins,
Jacob Hays,
E. V . L cew ,
A lfred L . W hite,
Chas. T. Barney, Henry F.Dlmock, Chas. R . Flint,
A . F. Higgins,
J. P . Townsend, Amzi L. Barber.
H enry w/T.M ali, Chas. F . W atson, Charles T. Cook.
A udrewH.Sands. Kre’k G. Bourne, John Magee,
H enrv A. Morgan.
Henry C. Berlin
F R E D ’K L. ELDRIDGE, Sec. and Treas.
J. H E N R V TOWNSEND. A ssist.Secy.
A L F R E D B. M A C LAY, Asst. Treas.

Mississippi Valley Trust
Company,
N. W. cor. 4th & Pine Sts., St. Louis, Mo.
Capital and Surplus.....................$3 ,0 0 0 ,0 0 0

TRUSTEES.
Henry O. H&vemeyer,
Cord Meyer,
Roswell P. Flower, .
Perry Belmont,
Lowell M. Palmer, ■
W m . T. W ar dwell,
Chas. C. Dickinson,
John E. Borne,
Henry N. W hitney,
Richard Delafleld,
Theo. W . Myers,
Daniel O’Day,
L. C. Dessar,
Percival Ktthne,
Geo. Warren Smith,
Frank Curtiss,
John S. Dickerson,
Vernon H. Brown,
Geo. W . Quintard,
Seth M. Milllken,
W. Seward W ebb.

1 8 5 D E A R B O R N S T ., C H IC AG O .
B an k ers.
BANK OF ENGLAND,
CLYDESDALE BANK, Limited,
NATIONAL PROVINCIAL BANK
ENGLAND, Limited,
P A R R ’ S BANK, Limited.

TRUST

284 F IF T H AVE N U E, COR. 27TH S T RE E T. *

rvst

WALL STREET, comer NASSAU.

UNDER 8T A T E SUPERVISION.

$3 00 ,0 00 deposited with State officer te
protect trust liabilities.
A GE N ER A L TRUST COMPANY BUSINESS.
Allows interest on Deposits.
Authorized to act as Executor, Guardian, Receiver
Trustee, &c. Manages Estates. Collects Rents.
Becomes Surety on all kinds o f Court Bonds.
Has Safety Deposit V au lts; a Savings Department
INVESTMENT SECURITIES A SPECIAL TY. ^
DIRECTORS
Charles Clark,
James Campbell
Chas. H . Turner, H . I. Drummond, August Gehner,
W m. F. Nolker, S. E. Hoffman, Julius S. Walsh,
T. O’ Reilly,M. D., D. W . Caruth,
Wiliiams’ n Bacon
Sam.M.Kennaid, W . G. Boyd,
Breckmr’geJones
Aug. B. Ewing W m .D.Orthwein,H enryH ltcjicock
Elmer B. Adams, Geo IT. Goddard, Holla Wells.
OFFICERS.
J u l iu s S. W a l s h . President.
B r e c k in r id g e J o n e s , 1st V .-P . and Counsel.
Sa m u e l E. H o p p m a n , Second Vlce-Pres.
D k L a c y Ch a n d l e r , Secretary.
J a m e s E. B r o c k , Asst. Secretary.
Kr e d e r ic k V ie r u n g . Trust Office

UNION T R U S T CO.,
OF

S T . L O U IS , M O .
CAPITAL, $1 ,0 0 0 ,0 0 0 , FULL PAIO.
SURPLUS. $ 3 5 0 .0 0 0 .
Authorized by law to ac as E xecutor, A d m in lstn
tor. Guardian, Curator, Assignee and Receiver.
Takes fa ll charge o f and manages estates,
Interest allowed on deposits?
M oney loaned on real estate and other collateral
security.
Real estate loans, In any amount, fo r sale.
Titles investigated and abstracts and certificates
thereof furnished"
George A . Madill, Pres.
W m . Taussig, 1st V.-Pres
R. 8. Brookings, 2d Y .-P . B. B. Graham, 8d V .-P res,
N. A . McMillan, Treasurer, I. Z. Smith, Secretary.
DIRECTORS:
G eo.E Leighton, E. M allinckrodt,
Geo. A . Madill.
M M Buck,
Geo. S. Myers.
W m. Taussig,
Geo. W . Parker,
R. S. Brookings, W m . H . Lee,
H. A . Crawford
J. W . Morton,
B. B. Graham,
C. S. Greeley,
W . K. Bixby.
E.C. Sterling,
W m . E. Hughes. John Scullln,
W . M. Senter,
A. L. Shauleigh Festus J. Wade. C. Tomukins

4 TUBITIC

CO,

89 W IL L IA M STREET, N EW YORK.
ESTABLISHED 1887.

Capital and Surplus, $1,500,000, C a p i t a l ...........- .................$1,000,000
JOHN I. W ATERBU RY, President.
J o h n K e a n , A mos T. F r e n c h , Vice-Presidents.
C h a r l e s H. S m it h , Secretary and Treasurer.
W.N.D o a n e , Ass’t Sec. N.T h a t e r R o b b . Ass’t Treas.
Directors.
John Howard Latham,
August Belmont,
John G. Moore.
H. W . Cannon,
E. D. Randolph,
A . J. Cassatt,
Grant B. Schley,
R. J. Cross,
James O. Sheldon,
Rudolph Ellis,
Samuel Thomas,
A m osT . French,
Edward Tuck,
John N. A. Griswold,
John I. WaterburvH. h. Htgglnson,
R . T: W ilson.
John Kean,

DOES BAN K IN G AN D TRUST BUSINESS.
ALLOW S INTEREST.
M ANAGES ESTATES
MAKES INVESTMENTS AND COLLECTIONS.
L.V. F. Randolph,F re st. John Alvin Young,Sec
TRUSTEES.
iseph H . Ch a p m a n , '
L e w is C a ss L e d ÿ a r d ,
m . Ca r p e n d e r ,
C. D. L e v e r ic h ,
•e l F r a n c is F r e e m a n , L e a n d e r N, L o v e l l
iid r e w H. G r e e n ,
W . H . H . Mo o r e ,
ia r l e s r .H en d e r so n , M a t t h ia s N ic o l l ,
ih n f . H a l s t e d ,
L. V. F. R a n d o l p h ,
.ippoRD a . H a n d ,
A n to n A R a v e n ,
m . B. I sh a m ,
J o h n L. R i k e r ,
. r . T. J o n e s ,
H . H . R o g e rs,
a r t in J oost ,
F r e d e r ic k St u r g e s
A lpred w a g s t a p p .

THEklCHKONXCLE.
©xrttcrtï.

[V ol . LXVI.

ffitn ro cia l.

f in a n c ia l.

WOODW ARD

W . T . Hatch & Sons,

& S T IL L M A N ,

BANKERS AND BROKERS,

Chas. Fairchild & C o.,
COTTON

MERCHANTS

High-Grade Investments,

16 to 22 WILLIAM S T R EET *

Members o f N. Y . Stock and Produce Exchanges.

29 W a l l S tre e t, N e w Y o r k .

NEW YORK.

Members N ew YoRk S tock

96 Broadway & 6 W all St., New Yorfc,

Exchange.

Dealers n Investment stocks and bonds.
Personal attention g ven at the New York 8took
Exchange fo r the purchase and sale on commission
o f stocks and bonds fo r cash or on margin

OOTTON OP ALL GRADES SUITABLE* TO
WANTS OP AMERICAN SPINNERS.
Lehman, St e r n & Co., Lim ited, New Orleans; La.
Lihman -D u r r Co., Montgomery, Ala.

LEHMAN

BROS.,

COntRISSION MERCHANTS,
Nos. 16-22 William Street,
NEW

YORK.

HAVEN & S T O U T ,
B A N K ER S AND B R O K ER S,

1 Nassau Street, Corner Wall Street,
f N EW YO RK STOCK EXCH ANGE,
Members o f ■! N EW YO RK COTTON EXCHANGE,
[ CHICAGO B O A RD OF TR AD E.
Orders ëxecuted on above Exchanges in

MEMBERS OP THE STOCK, OOTTON, COF­
FEE AND PRODUCE EXCHANGES,
NEW YORK

BONDS, STOCKS, COTTON, GRAIN

Orders executed on the above Exchanges, as well
in New Orleans, Chicago and foreign markets

F.

H.

Prince &

C o.,

BANKERS1

B O S T O N , MASS.
HIGH GRADE INVESTM ENTS
Members o f New York and Boston Stook Exchanges

Henry Hentz & C o.,
COMM ISSION MERCHANTS,
16 tt 3 3 W illiam Street, New York.

R I O R D A N & C O .,

EXECUTE ORDERS FO R FU TU RE D E L IV E R Y

Cotton, Grain,

COTTON,
A t the New York, Liverpool and New Orleans
Cotton Exchanges. A lso orders fo r

COFFEE,

Stocks
R. A . Lancaster & Sons,

43 OOTTON EXCHANGE,

BANKERS,

NEW YORK.

No. 10 WALL STREET,
MEW YORK.

A t the New York Coffee Exchange, and

DEALERS

G R A IN AND P R O V IS IO N S ,

Southern Securities a Specialty.

Hopkins, Dwight & C o., Hubbard Bros. & C o.,
Coffee Exchange Building;
Hanover Square,

OOTTON, COTTON-SEED OIL
ANT
SOUTHERN PRODUCB

COMMISSION

NEW YORK.

MERCHANTS,

Ream 53, Cotton Exchange Building.

Charles D, Miller.

Lucius Hopkins Smith.
8amuel Hopkins.

Geo. H. M°Fadden & Bro.;
COTTON M ERCH AN TS,
P H IL A D E L P H IA .
■ _■ .

Frederic Zeresa tV Co.

McFadden, Zerega & Co.
Wb.

ray.

Geo. Copeland & C o.,
COTTON B R O K E R S ,
1 3 9 P e a rl Street,
N ew Y o r k .
Cotton landed at mills from Southern markets a

•specialty. Orders fo r future delivery contracts
executed on New Fork Cotton Exchange.

Mason Smith & C o.,
COTTON COMMISSION MERCHANTS,
NEW ORLEANS, L A ,
MEMPHIS, TENN
D ALLAS, T E X .
Bayers of Spot Cotton. Orders fo r Contracts exe•seed In the New Orleans, New Fork, Liverpool and

davreMarkets.

COTTON

M ERCHANTS.

Liberal Advances Made on Cotton
Consignments.

R. H. ROUNTREE & CO..
COTTON EXC H AN G E BUILDING,
N E W YORK.
P a u l Sc h w a r z .

G. H o w a r d W il so n .

Paul Schwarz & C o.,
COTTON COMMISSION MERCHANTS,

1 William Street. New York.
Members New Fork Cotton and Coffee Hxobange.

LOCOMOTIVES*
Richmond Locomotive & Machine W orki
RICHMOND, VIRGINIA.
SIM PLE OR COMPOUND LOCOMOTIVES
T H E IR OW N DESIGNS OR TO SPECIFICATIONS

Modernly equipped shops.
Term. m a d e ™ a t l s ? Ä £ 3 ° ° ,oc* n,otl™
Correspondence Solicited

Fifth Avenue Hotel,
M a d ison Squ are, N ew Y o r k .

Gao. W. Ba il y .

J. a . M o n t g o m e r y

Baily & Montgomery,
COMMISSION MERCHANTS,
Cotton Exchange Bldg.
NEW Y O R K ,
Execute Orders fo r future Delivery o f Cotton *
Grain and Provisions




IN V E S T M E N T

The largest, best appointed anji m ost liberalij
managed hotel In the city; with the m ost centra
and delightful location'
_________
HITCHCOCK DA R LIN G & CO.

Haskins

&

Sells,

Certified Public Accountants,
N O . 3 0 B R O A D S T., N E W Y O R K .

S E C U R IT IE S .
H enry

b,

W ilson

Emerson McMillin & Go.,
4 0 W A L L STREET, NEW YO R K ,
D E A L E R S IN

GAS W O R K S , STREET R A IL W A Y S
AND INVESTMENT SECURITIES.

BANKS.

COMMISSION MERCHANTS.

B r e m e n Co r r e s p o n d e n t s ,
M, T. Ma in i .

BANKER,

No. 1 BROADWAY, NEW YORK.

Cotton, Grain, Provisions and C offee.

LIVERPOOL CORRESPONDENTS,

_

A . S. Van Wickle,

E m e r s o n M oM il l l in .

N EW YO RK

Gustavos 0 . Hopkins,

in

INVESTMENT and MISCELLANEOUS
SECURITIES.

A t the New York Produce Exchange
and the Chicago Board o f Trade.

FIRST NATIONAL BANK
OF M ILW AUKEE.
CAPITAL,
SURPLUS,

8 1 ,0 0 0 ,0 0 0
8 3 5 0 ,0 0 0

a
Banking and Foreign Exchange
Business. Collections receive Special Attention*
F .G .B ig e l o w , P r e s ^ F ? j . Sk n »P cashier
W m . Bi a m o w T . E. Ca m p , A ss’t Cashier.
K r u e g e r , 2d A ss’t Cashier.

San Francisco.
The hirst National Bank
OF SAM FRANCISCO, CAL.
UNITED STATES DEPOSITARY.
8 1 ,5 0 0 ,0 0 0 1Surplus, 8 9 5 0 ,0 0 0
LYNCH, Cashier
james MorriïT, V.-Pres„ j . k . Mojpmtt, A»t. Cash
General Banking Business. Accounts Solicited.

Canal Bank,
N E W O RLEAN S, LA .
(Successor o f N. O. Canal & Banking Co.)

CAPITAL, 8 1 ,0 0 0 ,0 0 0 .
C. MORRIS, President. E D W A R D TOB Y. V ice
Pres. E D G A R NOTT. Cashler)
Correspondents-^National city Bank N ation«

W

S

JY* National Bank, Chicago* Mer
chan t a x a tio n a l Bank Boston