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HUNT'S MERCHANTS' MAGAZINE,
RffiPRBSBNriNQ
VOL.
THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES.
SATURDAY, MARCH
48.
Terms of iiinbgerlptlon— Payable In
For One Year (inoludlnir postage)
Advance
WtUJAH B
a. FI>OTD.•
:
tlie
New York.
week ending March 2 reach a total
than for the corresponding period of 1888.
All sections of the country share in the improvement, only
clearings for the
four cities showing any decline. The exchanges at New York
other than those arising through stock operations, record
a
gain of 7-9 per cent.
Wuk
2.
P.OtnUI
368,479,407
19,248,400
Hartford
640.840.3S7
Salu of—
(StockM
$haTa.),
a.iis.sai),
balu.y
(S21,200)
buthelt.), (14,771.220)
iOotton
(Grain
(Petroleum
bblt.)
(ltf.02S,000)
I
Boiton
(835,062)1
(625.300)1
(40,408,000)1
Haven....
Borln^eld
Worcester
Portland
Lowell
P. Cent.
l.»S7.6>«
1,106.187
978.821
935,181
828,7891
628,051'
1,094,793
1, 008,594
COl.OlHi
667,464
England...;
Worcester...
3,843,V6i'
Portland
Lowell
8,689,960
2,653,733
Total N. Eng
Total Middle
Chicago
Cincinnati...
Chicago
|
I
63,990,888'
11,018,7651
12,244,71,9
+24-5
+17-4
+3-4
Detroit
Ctereland
I
I
Colombus
I
Indianapolis
Peoria
|
GrandRaplda
i
ToUl Middle Western'
San Franolsoo..
Kansas City....
11,.T54,80U
5.318.1311
4.187,87a
3,395,405l
2.270,536
1.8:«,ou0
i,5«),l»0
865,259
91,909,627
18,499.731
8,444,708
3,864,9981
Minneapolis...,
Paul
3,865,4'i3
Denver
8,349,819
3,682,400
1,814,18H
Omaha
Dnlatb
8t.Joseph
1,49U,7-'«|
IjOS Angeles....
736,000
639.881
371.171
438,282
341,731
WlohlU
Topeka
Sioux City'
Taooma*
Total other Western..'
1.6-.H.876'
Louisville..
Memphis....
Richmond..
Oalveston..
Norfolk
-8-8;
+18-9
+18-8
+8-11
+23-8
+3-1
+4 0;
+10 8
+64-1
918,382
890,614
+3-2
"
i
46,678,4
41,883,014
318,688,841 +12-2
782,443,438
683,0S0,2;8 +12-9
217,428,f5o +7-8
40,856,250 -I-2-8
17,281,560 +15-3
4-0
16,816,512
11,694,132 tll-4
14-1
9,261,160
11-6
7,981,644
6,832,768 +20
601,607,097
91,980.850
42.288.158
38,389,767
28,8H3,999
18,069,872
16,k20,261
451,738.911 + 11-5
88,812.450
35.078,963 +-20-4
35.174,880
21,858,623 +16-1
19.265,858
17,038,468 -7-1
7,042,.528
6,793,-260
nys
+4-2
+9-4
-«
688,775,960 +10-0
83.457 ,0;2
7-7
128.831,405
34,810,-245
27.2-26,422
12,452,467
+27-1
-1-3
-5-1
+15'2
+13-9
Denver.
Duluth
+15
St.
18,082,868
8,057,237
5,343,582
2,816,000
2,663,534
1,607,949
12,622,439
13,935,424
11,709,873
9.678,846
4.891,902
5,868,921
5,371,990
2,872.488
918,342
-H61-2
128,103,469
72,908,658
29,422,272
29,407,368
29,702,709
28.949,885
17.722,341
11.570.076
6.846.000
6,637,717
3,463,898
W
166,801,440
167,949,119
+5-0
Orleans..
Louisville
72,600.980
48,137,979
2n,IOD,I88
11,838,410
-1-a
+ 146
+10-4
+25-4
5,45S,432
3,777,556
73,689,246
42,037,542
26,461,85!
9,439,479
7,062,000
3,512,475
3,625,788
178,453,856
164,820,860
940,314
8<K,HI3
91,126,9
iSi
Peoria
5
+18-8
13,061,320
7,^91,79'
2,812,195!
2,691,8711
2.W3.-J90i
l,S70.oa-i
l,16t,5l4
580,111!
-1-0
+3-7
+9-8
Total oth'r
+12 8]
-07
—5-1
+0-8
11,699,-220
New
Memphis
-0
....
Galveston
Norfolk
Total Soutb.
Total an
Outside N.
18,229,'^65
1.3,488,265
8,835, r-'4
4,052,017, 1 12:3,560.544,041
Y.. 1.456.887.095! 1.347,016,104
+1-0
67.739,614+98-8
26,093,617
29.0; 6.456
+12«
19,081 .963
10,680.481
11,614,801
12,087,286
6.150,265
2,128,667
-1-61-7
363,653,073
325,890,877
+ 11-6
147,171,690
98,337,011
+••6
+6-6
+1-2
156,700,783
101,805,870
59,869,008
28,046,400
18,933,121
12,509,916
7,841,968
+8-3
884,208,079
349,837,066 +10-4
1-36-7
(-64-7
-0-5
-47-6
-7-3
-1-22-3
+66-4
+1-1
24,4.5,288+218
-1^8-7
62,539,1153 fl3-0
20,466,463 +273
14.631,000 +30-1
8,928,276 -+40-1
7,845,078 -O-fle
+13-8 8.818,718,088 7,390,459,871
f8-2 8.183.884,187
+6e-a
-0-4
-*4-»
-6'3
+168
2.865,760,899 +11-S
Our compilation embracing operations on the various New
+ 17-0 York Exchanges now covers two months of 1889 and 1888:
-41
1
+29-2
+41
+•26-9
Two numtht.
+1000
+43 DacrtvUon. Par Value
—49-9
-0
+21-8
•^or
4
afny,fcj Sh's;
stock
BR.
J
y^,
1
QuantiVui
10.801. los;
,98.i,7H5 „5o
bonds.., J97.014.525
|1,071.000
Gov't bonds!
88,783,803
Statebonds.!
-50
— !!«
6,771,C1H
2,934,883;
+24-9
+20-5
2,065,119;
4--27
1,160,427
778,285
+00-2
-2-0
37,1«4.636|
Louis
3
-ns Hlchmoni
4- 2-,;
+ 13-3
293,900
8,8;o,-207
....
Los Angeles..
Wichita
+10-6
697,493;
16,744,817
Joseph
+81 Topeka
+6-5
78,l03,40s!
13,424,1-26
-(4-8
+ 14-9
8,19;l,488|
+21-6;
1,80-2,000
858,727,952
96,902,451
58,055,838
477,875
+39-S
+50-8
+76-3
+2S-S
—47-1
2,«69.2i0
100,574,067
106,016,769
—HO San Francisco.
-17-2 Kansas City...
-0 9 .Minneapolis...
St. Paul.
+41 Omaha
+5-3
j
17,227.1821
10,87 1.5i7
7,0<n,999;
+6-9
+6-8
6,429,177
860,820
18,800,200:
13,456,153;
7.223,304
2,776.294
1.997,018
1,6( '6,819
919,486;
Louis
New Orleans
Bt.
44.576.083
44,762,577
499,678,57t96,4u9.-249
767,798,797
1.010,289;
1,430,836
+6-9
39,850,13«;
798,166,918 I-I2-0
57^823,6«2
+4-3
876,9671
48,448,9I4i
893,886,800
+160
+6-3
2,191,313
+9 9;
701,162
312,291
+7-3
229,.S47,284
2,209,-i65
4,581.809
+29-81
2,44-2,417
1,0-29,313
1.20S,6:f0,
1,390,00(1
...
376,418,217
263,784,711
47,15).5S2
47,787,829
S29,145,0.'i4
8.55l.6i>2|
+lS-5i
18,838.280
6,507,861
3,168,707
3,102,838
2,5)M.870
....
Indianapolis..
404,013,438
2,303,540
3.187,821,
+18 9
+38 9
80,936,3861
8,210,620 +«•(»
8,181,391 -I-2-1
6.494,930 +1U-0
849,857,809
9.',ilC,900,
+8 5
1,312,768
48^,537:
8,868,240
8,298,723
6,046,148
-t9-7
-fO-4
+80
llaplds.
5l,9l9,-2.5l
+17-4
+6-1
+22-6
+2-0
4,5-^9.797
3.98^.918
2.770,526
2.226,274
+4-0
+U-3
-0-9
-fl
M.West
7S,869,8«4
+12 7
+19 4
9.609.400,
10,21 P8,152
43,128.401
16,H29,:iB4
10.381,-^87
9,466,001
Tot.
68,062,167
11,133,262
9,601,235
+20-1
54,415,400
18.236.719
10,410,034
802,488:
+7 2,
-2'7
+6-3
+18-91
81.333,532;
;
Cincinnati
Total Sonthero
Detroit
St.
Milwaukee
42,6.3;H,900
flO-6
696,766,973 +13-8
Grand
857.481!
91,9(4514
77,2S2,41So'
.
Columbus.
—2-B
4,734,'; 08,872
2^4,398,018
41,923,900
19,927,974
18,484,086
18,022,108
7,957,199
Philadelphia.
Pittsburg
Cleveland
789,184,884
+17-:
81.101,386
+0-S
+I19[
104.7t.9.583|
92,836.8^
0)
4,553.
4,843,
3,696,
3,660,
2,878,
5,664,833,901
+14-8
6,118.695 +6-1
4,364,:;oo,
1.429.1)15
12,666,001)
Total Middle
+23-3
i+59
6.t'27,
1,493,574
4,521,265
.
-h8-4
-1-8
+5-6
—1-3
(-22-2)
(14..'!86,M5)! (-31-81
(16.000,000)1 (-40-1)
+201
12,9«3,if(,6|
,
(1,059.288,
P.Ot.
685,499
I
+15-41
-8-9'
67.207,5031
-
Philadelphia..
Plltubarg
Baltimore
4,82S,00(i
565,708.308
(3.S7.4()0)
(—«0-3
81,086.7041
l,llO,01nl
t
(-47-0
1,870.H4(
N«w
(+80 5
(—48 6
(27,8«3.000
4,«.'W,S'lO
Hutford
Bt.
+ 16-0!
653.531,756
93,57*.464!
ProTldence....
New
1889.
itonttu.
1889.
330.848,
19.603,
7,210,1.'>5
New Haven.
Sprlngfleld
Milwaukee
New York
Total
Bnd'g Feb. 23.
Two
1888.
2,595,130,017 2,2 13,623,
,937 +17-8
..
Providence..
Baltimore
March
16-6 per cent.
t
Boston
15-9 per cent greater
Wetlt Eniing
is
February.
1880.
CLEARING HOUSE RETURNS.
Bank
two months the increase
102 William Street, NEW YOKK.
Post Office Box 9.'i8.
)
1,237.
between months so unequal— were only about eight millions
smaller than in the preceding month. Moreover, the lai^
mterest payments at the opening of January would in great
measure cover this difference. Compared with Febiniary of
1888 the current total shows an excess of 13-8 per cent, and for
810 20
For Six Months
do.
6 10
Unropean Subsorlptlon (Inolnaing postage)"'.'.".".!
11 28
European Subscription Six Mouths (including postage) "
6 64
Annual subsoriptlon In London (including postage).. " *2 7s
BlzMos.
do
do
do
*l gs
JOHH
NO.
1889.
9,
1
Bankitooksi
|l.:i28,-.;oo
ts-27,36o;
Two montht,
1888
Actual
Value.
Aver'ge
Pr*et.
)„„„,.„ ,,„ 64-8
630,505,118
186,539.873 89-2
11.343.419 126-4
1918,-297 89-2
$441,414 134-9
1
Total ... 1082.535,023! 1719.747.551 66-5
PetTm.bbls' 114.449.0O0 »100.6S9,90o'8,Sc.
Cotton, bis.
Grain. bush.
3.50-2,600; »174,-20),47d «49-74
197,711,877 »182,»l5,8fl9r82 a-5o
Total value
I;i576e8.71i5i
+3-5
Par Vatu»
or QuanUlV
7,071,487
$696,284,760
1888 .
Actual
FoliM.
^^r
{ 388190,878
$63,768,138
llS-7
678.446
$856,941,700 $444,649,456 878
28»,018,O'0 $262,006,770
etc
4,603.100
846,604,840 $63-33
197,314,684 $160,607,686 81 !-«•.•
$lll««6a764
The returns of exchan^ for the five days have been
Total all
1,033,473,720 883,817,892
+16-9! 887,885,667
19 3 received
by telegraph this evening. Contrasted with the
Oatslde Mew York.
882,633,483 830,786,138
+ 15-71 321,977,369 +10-0 five days of 1888, the total for the seven cities records an
• Not Included In
totals.
increase of 11
per cent.
Our estimate for the full weak
The result for the month of February is quite satisfactory^ ended March 9 imlicates an excess over a year ago of about
12
for although the total is seven hundred
per cent. Messrs. R. G. !Dun & Co. rejxirt tlie number of
and forty-four milfailures for the week ended to-night as 281 (341 in the United
lions less than the aggregate for January,
the average daily States and 40 in Canada), against 2.'J2 last week and 268 for the
clearings—the only figures wliich furnish a true comparison same time year ago.
a
-.5
-,5
!
.
THE CHRONICLR
30B
LVOL. XLVIIl.
As a conLondon were
which resulted in a run upon the bank.
THE FINANCIAL SITUATION.
Further progress in the improving tendency of money
made tliis week, and money seems likely to continue in better demand through this month at least.
The inquiry from the interior has been active and
irom many sections. There is nothing unusual in
has been
sequence, the metal markets at Paris and
feverish during the latter part of the week,
and proba-
bly the wild speculation in copper shares has at least
This flurry did not seem to
have any influence on the money markets of London or
At Paris the open market rate is now
the Continent.
temporarily culminated.
& currency movement to the interior at this season of 2J per cent, and at Berlin and Frankfort it is 1^ per
the year in fact it is an annual affair. Corn and pro- cent.
Our foreign exchailge market has been dull and
visions have been coming East freely and been exported
month or more now, and must be moved growing easier towards the close of the week under the
freely for a
from producers' hands to market in greater volume for influence of more liberal offerings of bills, chiefly bankweeks to come. Moreover, besides the demand for ers'. On Monday the nominal rate for long sterling
money arising out of these facts, the mercantile was reduced to 4 86^, while the short rate remained at
—
requirements are always large the latter part of Feb- 4 89^ as before. At first the reason for the reductionruary or beginning of March, and we are told there has was not apparent, since the rate for actual busi
On Wednesday,
been this week considerable discounting of bills for ness did not at once respond.
tradesmen, particularly dry goods merchants, chiefly
Last week the loans of our assofor Western cities.
however, there was an easier
but even then the reduction
tone
for
long
bills,
amount to
ciated banks reached the unprecedented figure of more than a quarter of a cent; thereupon more liberal
#413,001,200 against $307,500,300 on March 3, 1888, offerings followed, it being understood on Thursday that
or an increase of ^b\ millions in the twelve months. these were drawn against purchases of bonds for
European account, a more confident feeling abroad
Still, the banks are strong in reserves.
This natural upward tendency in rates makes manipu- regarding American securities being reported. Commerlation possible, and on Monday call loans as represented cial sterling has been affected chiefly in sympathy with
by bankers' balances were forced up to 6 per cent by long bankers' bills, the supply of commercial seeming
vigorous bidding, and at that figure a small loan was to be but little greater than it was last week or indeed
made. But although the offerings drawn out by this has been of late.
Under the head of Reports and Documents in a submanipulation were liberal, the rate did not fall below
per cent, and for the remainder of the week the sequent part of this paper will be found a very inter3^
range was from 3 to 3 per cent. The average for the esting report of President Ashley of the Wabash
Mr. Ashley among other
six days was a fraction above 2^ per cent, at which Western Railway Company.
Banks and trust companies had things discusses at considerable length the effect which
renewals were made.
no difficulty in obtaining 3 per cent as the minimum hostile State legislation is having and must have in the
One
For time money there has likewise future on railway facilities and management.
for call loans.
been an improved demand, which seems to have come influence which he refers to has received very little
from every quarter. Lenders now are sought by, instead attention, and yet it certainly ought to have the immeof seeking customers as they have been doing. Boston, diate consideration and study of our labor organizations.
Philadelphia, and other near-by points, as well as West- We have in mind his remarks respecting employees and
ern cities, are represented among the borrowers, the the necessary connection which exists between the proslatter, however, chiefly for the discount of paper, but that perity of the roads and high wages.
Any one will
also tends to make time money higher. Banks are doing recognize how close that relationship is.
Prosperity
nothing in such loans; trust companies and large insti- permits and leads every corporation, just as it does
tutions other than banks are the lenders and the offerings
are by no means excessive.
Rates on
first
class stock
bond collateral are 3 per cent for sixty to ninety
days, 4 per cent for four months, and 4^ per cent for
five to six months; where the collateral consists of
•or
did
not
every individual, to be liberal in expenses; while on the
other hand adversity compels a severe curtailing of
expenses.
Some
of the State Railroad
Commissioners
These
are reducing traffic rates to a non-paying basis.
if permitted to go into operation, will put the
changes,
about 25 per cent of dividend or interest-paying stocks roads to thei'r wits' end in the effort to keep their propor bonds, and the remainder of active non-dividend erties from bankruptcy. Of course under such circumpaying stocks with a good margin, tlie rates are i of 1 stances they will engage in no work they can avoid
per cent higher. Commercial paper is in less urgent doing, they will discharge every employee they can
demand; with many of our banks this line is full and possibly do without, and they will pay no more than they
they are out of the market.
Rates are 4^ per cent for are forced to pay to those they retain.
The scheme of..
sixty to ninety day endorsed bills receivable, 4J@5^ for the Iowa Commissioners, therefore, is virtually a direct^
four months' acceptances, and 5^@6^ for single names attack on the wage-earning population; and as the railhaving from four to six months to run.
way companies paid out in 1887 for operating exIn London money has been a trifle easier this week, penses the vast amount of $600,249,478 (the bulk of
probably due to the better condition of the Bank of which represents labor in one capacity or another), it
England, resulting from small withdrawals for ship- will be quickly understood what is involved to the laborer
ment and a considerable addition by purchases of bullion in the decision of this question.
in the open market.
Altogether the net gain by the
This unfavorable aspect of the railroad situation is
i
]
Bank
made
London correspond- perhaps the only thing (certainly it is the chief thing)
ent cables to us, principally by purchases of £352,000,
that makes the outlook for general business in the
by shipments chiefly to South America of £40,000 and' future a little uncertain. With the attitude of Westis
£280,000,
up, as our
'
shipments to the interior of Great Britain of £33,000.
em State legislatures and commissions as antagonistic |
The event of the week has been the flurry in copper as ever, reports of a reduction in the working force of]
shares caused by the sudden death of a prominent
the roads, with a scaling down also of wages where pos--|
operator and a director in the Comptoir d'Escompte.
sible, are becoming one of the incidents of the day-
—
1
.
March
9,
i-
THE CIIRONKJLK
9
307
tho very heavy losses of last year leaving managers no tions condemnatory of the practice, and instructing the
Such chairman to bring tho matter to the attention of the
other altomativo under existing conditions.
restriction and contraction of the income of the wage- Inter-State Commerce Commission, tho utmost har-
earning
mont
class,
however,
means a corresponding
of course slow iu its action,
is
ble
to
cnrtuil- mony marking the course of proceedings.
In addition,
agency of this kind there has been one other favorable develojjment; the
An
of their buying power.
so
avert tho most serious
it
may
yet
bo possi- late session of Congress, in
adverse effects.
To an agreement on
end it is only necessary to treat tho roads
It is to be hoped
fairly and give them a chance to live.
that such will be the final outcome, for aside from tliis
feature there are few unfavorable developments to note
Complaints of
in the general business situation.
small sales on account of the mild winter weather are
a little more frequent in those lines of trade which have
suffered in this way, but that is a special and temporary
circumstance, having no marked bearing upon the genthis
eral outlook.
Profits
of course continue small every-
its
expiring hours, reached
amendments
the proposed
to
the
and the measure having received
the approval of the President, has now become a law.
We have sought to get a complete copy of the bill, bat
have not yet succeeded. It is known, however, that
the amendments contain provisions which ought to aid
greatly in the effort to establish reasonable and stable
rates, and thus make violations of the law more difficult and hazardous.
The accounts say that three days*
Inter-State statute,
notice of a reduction in rates, as well as ten days' notice
is required, while false billing, false
of an advance,
where as for a long time past; on the other hand the classification and false weighing are prohibited, and made
volume of business remains large. This latter feature punishable not only by fine but also by imprisonment.
is disclosed both by the increasing volume of bank
On the Stock Exchange the tone and course have been
clearings and the good reports of railroad gross earnings. much the same as in the weeks immediately preceding
With regard to the clearings, the following is a summary that is, there has been no marked activity, and no disof the results for January and February.
tinct movement either up or down. The only important
JIONTin.Y CLEARrSOS.
fluctuations have been in special stocks, and these also
have commanded most of the sjieculative attention.
CltarinQs, Total AU.
CleariTigi Otittiit Ntto York.
Thus Manhattan Elevated had a sharp rise on reports
1839.
18f<e.
1888.
P.m.
1888.
of an increase in dividends, and an equally pronounced
*
*
*
fall when it appeared that the higher rate would be iu
l,72li,B97,09:
JaDn&ry.
4,790.700.971) 4,080.915,530+19
1,508.78S,7»6 1-14 5
!)
4.0S2.017.112I 8.S«0.544.04|l+13Hi 1.J5«.887
1..'»47.015.UU
Febrnarrscrip, and not in ca.sh.
Tennessee 'Coal & Iron is anThe total for February this year, for the entire other specialty that has been quite active, at an advance
of nearly five points for the week.
As regards the
country, is thus nearly 500 million dollars, or 13 "8 pe
cent, greater than in the same month last year.
It is list as a whole, the change of administration, reports of
true that a good part of this increase is ascribable to cuts in rates in the West, good exhibits of gross and net
the larger stock speculation at New York, but on the earnings, rumors as to the probable action of Interother hand it must be remembered that the month of State Commissioner Walker on the proposition to make
February in 1889 contained only 28 days, against 29 him chairman of the new association, and the course of
days in 1888.
Outside of New York, moreover, we the trunk lines on the question of paying commissions
find an increase of over 109 millions, or 8 -3 per cent, on passenger business, have had varying influence on the
market without leaving any special trace of their presnotwithstanding the loss of one day.
With regard to the railroad earnings, we defer till ence. The Oregon Railway & Navigation has suffered
next week our usual detailed tables and monthly from a strike of its steamship employees, but on the
review, in order to make the statement more complete, other hand the Supreme Court has rendered a decision
but for the information of our readers give this week in its favor on the Oregonian lease, and as a market
I
I
influence the latter has predominated.
the following preliminary summary.
Month of Ftimary.
Gross earnings, 98 roads*
The
ratio of gain
1889.
$20,824,068
188P.
$19,723,081
Tnerea»e.
$1,100,987
The
following
statement gives the week's receipts
New York
and shipments of currency and gold by the
not very large (about 5^ per cent), banks.
but considering that February last year was a pretty
is
good month for the railroads, and that thifc year there
was one less day, the exhibit is satisfactory. Returns
of net earnings by the large companies also continue
generally to show improvement, the Illinois Central
As far as railroad managers have it within their own
power to control the situation, the outlook is daily
growing more favorable. There is no doubt at all that
the Inter-State Railway Association will be established
on a permanent and lasting basis. If the report that
has accepted the
chairmanship of
the
8, 18^9.
neceivtd bv
SMvped bti
N. T. Banks. N. Y. Bank:',
|
(1.019,000
CurrencT..
I
(3,840.000
I
Set InUrtar
Movmtnt.
LOM. IS.'OS.OM
Oold
Total gold and legal tendera....
With
statement for Jsinuary being the latest illustration.
Mr. Walker
Week ending March
ti.on.oQo
I
*3,8io.ooo
Jiiou. ia,8aik,no
the Sub-Treasury operations tho result
is
as
follows.
Wuk
mdinij Mnrch
8.
IW9.
Into finnlu.
'owof Baukf
y<t
Okann i»
Bank BolMnf,
i.100.000
Voti M.8i$.U0O
MO,«<M
(lain.
1 16.5 10.000
V^M. W.7W.00O
Banks Interior Moveraeot. as »b jTe'
SabTreas'y operation s
»1.01\.i>>iO
fS,8tO,000
ia.8 i0.0ou
1
Total gold and legal tendera
11 i.8i5.i<na
Bullion holdings of European banks.
on a long-time contract proves true, such
would indicate both the confidence of Mr.
Martha, DiFS
March 7. i8f
Walker and the opinion of the railroad managers as to
rtatMMO/
Total.
Slhw.
SoM.
ntoL
eou.
the vitality of the organization.
In other directions,
J
i
33.0W.&73
«!,ooe.osi 33.089.573
«8.0CS1,081
also, the developments are to the same effect.
Thus this EDRland
8U.331.8« 44.aa8,IM7 47.033 US
40.346.0i8j C8.90e.84
rranee.
week the trunk-line managers took vigorous and Oermanr
«<,A77.833 M33aM1 43,oia,aat
S1.I04.00U 16 057.000 4e eai.ooi
emphatic action on the question of paying commissions An«t..Bnng'j ».6W».o<" I9.510.WJ ai.239.'lO- e.899.0'>14.7'J<l.0e l«,7S*,00«l
4.4&9.li0n sjin,«t
6.101.aut 7.l««.>»
Netherlands..'
on passenger business, passing a spirited set of resolu- NaUBelKlum. S,«8».0« 1,341.00' 4.0 U.!** a,8l>3.000 l.4«>.0» 4.338,000
association
action
t».
I
'
'
Including 18 Toada which have reported for only three weeks of tho
month.
Tot. this
week
Tnt.nroT.Wk.
10«.»l5,Ii9
-8Ss,8».
iO«.Mt7.iiv tweat.iz
lia,490.(170 109.039.873
95.aa8.8ii
1
M.431.819 l9S.37l.an
H9.988.991 H6.4y7.WH I9«.01«.aiie
THE CHRONICLE.
308
[Vol.
XLVm.
decreased, the tumble to a silver basis would only be a
TREASURY
MANAGEMENT PAST AND
question of months.
Financial circles will remember the gloom under
which the year 1885 opaned. Our industries were all
Though the General Government has passed from greatly depressed and the work of sustaining the Treasunder one administration into the hands of another ury on a gold basis was each week becoming more desduring the week, business affairs in this city have made perate. Enterprise being arrested, silver certificates
no note of the change. A little anxiety has been felt accumulated at busines centres and every kind of payThe
for some weeks over the coming Treasury management, ment to the Government was made in them.
because of a fear that the substitution of a new Treasurer was, of course, all the time pushing them out
simply
head might cause a modification and interruption in again as fast as- possible, but only to have them return
Treasury methods, and consequent friction in the money upon him in increasing volume, until it seemed inevitamarket. But that in great part passed away as soon as ble that the Government balance would very shortly
Towards the close of February
it was known that Mr. AVindom had been selected as become wholly silver.
It was felt that his experience would serve the then Secretary of the Treasury wrote to one of the
Secretary.
New York banks that it would be impracticable to keep
him well now and so serve the people too.
and of enterprise in this city have no gold and silver interchangeable until the 4th of March.
Men of money
desire in their financial operations for Government co- The matter was brought before the Clearing-House, and
operation or help. That is a point upon which the the outcome of it all was an acceptance by the ClearingWest apparently misunderstands the attitude of Wall House of silver certificates in part payment of a debit
And the reason why we expressed the wish on balance and an understanding that the Secretary should
Street.
a previous •ccasion that a Western man might be put in await events, and manage if possible to keep the situacontrol of the Government finances for the next four tion as it then was, until the new administration had
years, was that the needs for a successful administration entered upon its term of office.
Just before the change of administration occurred,
might be better understood in that section, and that
No political the net gold in the Treasury (February 38, 1885,) had
this misconception might be removed.
party, and no individual of character sufficient to hold been reduced to a nominal amount of 127 million
however much
the position of Secretary, can wish to, or will knowingly, dollars, the real condition being
bring disaster to business interests. Hence, as there is worse, because of deferred payments' and of the increasbut one safe way to conduct affairs, we have no fear ing proportion of silver in the Treasury receipts.
that any other will be adopted by the man, from what- During the next three months every device was used,
ever section he may come, who may be called upon to consistent with keeping silver and gold interchangeable,
assume the responsibility and trust. Any kind of to lessen the outflow of gold, but the shrinkage in the
interference by the Government with monetary affairs stock was constant, the net holdings of that metal
is not desirable.
But legislation has unfortunately reported on the first of June (or more accurately May
made official care and watchfulness in two particulars 39th, the date of the monthly report) being only S115,very needful, and one in charge of the Treasury would 810,533.
Nor was that the most embarrassing point
FUTURE.
J
not
long in discovering
be
sufficient
Government balance
stability in gold values
other
is
receipts
is
these
requirements.
A
in the Treasury to ensure
the
first
essential,
and the
reached.
To be
sure, in
June the gold item
rose again
about 4^ millions, but this was an apparent gain merely,
as it was secured by reducing the net Government hold-
a constant equilibrium kept between revenue
ings of legal tenders a little over 8 million dollars.
and disbursements.
occurred the
first
Then
of July interest payments, reaching at
We think the occasion cannot be better improved
than by looking back and seeing what good management during the past four years has avoided and how it
has secured exemption from trouble. The past week
we have noticed a criticism and similar criticism has
•often been made before
upon the large gold balance
Mr. Cleveland's administration has accumulated. It is
easy enough for those not responsible for the Government to criticise; but that balance is there as a guaranty of the convertibility of our currency. For it is of
no advantage to shut our eyes to the fact that the sOver
dollar is a source of danger and of increasing danger.
Furthermore, it is due to the new administration to say
that date $9,528,309;
at the outset that
in gold as the
—
—
it has for treatment a more embarrassing future situation (though presenting no difficulty
at the moment) than even the former one had when it
after
which, as we understand
(though no report was issued), a very few million dollars
above the 100 millions held for the legal tender reserve
was all the gold the Government could call its own.
The position had evidently become most critical. How
urgent the need was, financial circles fully appreciated.
It will be remembered that it was at this juncture, and in
the latter half of July (on Thursday, July 33, 1885),
that arrangements were completed between our Clearing
House banks and the Treasury Department for re-enforc-
The agreement of
ing the Government's gold reserve.
our banks was to purchase from the Treasurer ten to
twenty millions of subsidiary silver and pay for it at par
Government holdings might need replenthe same day issued a circular to
all banks and bankers in the country announcing their
took control. The Government may be carried through decision, and asking aid from them in distributing the
another four years, and even another four after that, coin. That proved the turning point in the crisis.
with the gold and silver dollar kept all the time inter- The banks never found it necessary to take under the
changeable and yet silver dollar coinage be continued. agreement more than the first five millions. Confidence
This we assume is possible, but it is only possible so was restored; business revived; the Government secured
long as it is evident that the Government can freely pay the control of the gold currents, and has held that conon demand every creditor in the kind of money he trol until this day.
desires.
That was a matter of doubt March 4, 1885,
But what is the present position and what are the
ishing.
The banks on
but that doubt does not exist to-day. And yet, if the Government's future needs in this particular? We have
Advice which some are offering now were followed, and the experience cited above to teach us (so there is no
the gold balance in the Treasury were materially room for differences of opinion), that under certain
March
0,
THE CHRONICLE.
1889. |
conditions gold will
into the Treasury
flow out
faster
and
of
flow
silver will
than gold can be got in and
can be pushed out. Of course, when those
conditions are present, unless the movement is arrested
the sequel must be the conversion of the Treasury balance into silver and an end be reached to the present consilver
809
fact, the deficiency is
comparatively trifling, only $170,that the contrast with the previous year a*
regards gross and not earnings is so very decided. The
145
—but
Western lines are comprised under three distinct heads^
namely the Pennsylvania Company, the Pittsburg Cincinnati & St. Louis and the "other Western lines" in
We do not need to say that which the Pennsylvania Railroad is interested.
vertibility of silver and gold.
no one desires such a result or a near approach to it. Earnings have fallen off in each of these groups. ThuB,
That is obvious, as no one would choose to have even the gross on the Pennsylvania Company stands at $19,the
fear
financial
of
losing
circles,
for
standard
gold
our
as
soon
as
that
felt
calamity
in
is
believed to be approaching confidence is destroyed and
industrial activity or enterprise of any kind becomes
Our insecure position of four years ago
impossible.
was simply the result of an over-issue of silver certifiWe put out when business was active more than
cates.
our trade could absorb when business was depressed^
Had there been gold enough in the Treasury to at once
redeem the surplus certificates, and hold them until
employment
trade revived and found
for
them
again,
the subsequent trial could have been avoided.
To meet
just such a contingency,
and every
combination of events of like nature, that gold baland not only is it needed, it is the
is needed ;
essential link in the chain of influences sustaining confidence.
Every well informed man knows that we have
out to-day more silver certificates than the country can
keep employed, if business should lose in activity. In
would accumulate at our business
and would gradually
pass into the Treasury in payment of taxes and customs
When this occurs, it is the signal of danger, and
dues.
difiiculty can only be successfully treated by temporthe
that case the surplus
centres to a troublesome extent,
notes
;
that
is,
&
St. Louis, $7,821,284, against $8,280,254,
permitting them to
accumulate in the Treasury until the number afloat is
brought down to the wants of our contracted trade,
So long as we
there to remain until again in demand.
continue to coin silver dollars, this method offers the
only hope of safety open to us.
We have no room left, and shall in consequence have
to pass without notice, the other requirement in Treasury management referred to above, and which has been
such a conspicuous feature during the last four years.
Keeping the equilibrium between the Treasury receipts
and disbursements through bond purchases, is a work
which a surplus revenue and a Sub-Treasury system have
and on
the other lines, $10,493,908, against $11,253,841, being
a total falling
off of
But an even heavier
$2,430,129.
decrease occurs in the case of the net, for these Western
the same characteristic that has distinguished the year generally in the railroad world that is,
show augmented expenses coincident with diminished
receipts.
The Pennsylvania Company has net of
lines reveal
—
only $6,562,360, against $7,924,980; the Pittsburg Cincinnati & St. Louis, $1,669,703, against $2,427,055,
and the other
lesser
ance
arily retiring the
579,177, against $20,784,403; on the Pittsburg Cincinnati
lines, $2,273,923, against $3,340,806,
th©
Such
the same
decrease being $3,186,855, or 23 per cent.
total
a result
the more noteworthy because in
is
period the earnings of the lines directly operated east
of Pittsburg increased
2^ millions gross and about one-
quarter of a million net.
But
merely shows the severity of the depressing,
at work on the Western lines.
These lines are situated in a section of country where
the difficulties in the way of maintenance of rates are
very great, and where in fact rates were badly unsetMileage is very dense
tled all through the year 1888.
tliere, and has been largely added to in recent years ;
moreover, the roads intersect each other at so many difthis
influences that were
ferent points, and there are so
many weak
short lines
eager to get business, apparently regardless of agree-
ments with the larger roads, that
management
is
favorable conditions as to
of
these
conditions
were
traffic.
quite
previous season's corn crop had
wheat
1888
ume
of
yield
traffic
most
the
skillful
necessary to avoid trouble even under
also
proved
But
in
1888 somflf
The'
unfavorable.
been poor, and the
short.
The
vol-,
having been reduced, competition for
what there was, naturally became keen, and rates
dropped to unremunerative figures. President Roberts
points out that it was these difficulties on the Western
imposed on the Secretary. A recital of the crises in the connections of the trunk lines that finally led to the
money market and the experience of the late adminis- trouble further east and which found expression in the
tration with reference to them would be interesting. celebrated cut in west-bound rates by the New York
But these matters are quite familiar, while bond pur- Central. The Eastern lines did not suffer so much as the
chases are now so far reduced to a daily routine that the Western because of the large amount of their local traflBc,
examination would probably yield very little affecting a feature to which we shall allude further below.
the practice in the future which is not already There are fewer manufacturing industries in the West
acquiesced in.
and traffic is not so diversified. Then too the construction of new competing lines has been more marked
in that section, while State Railroad Commissions have
THE PENNSYLVANIA STATEMENT.
by their action added still further to the difl&culty of
Perhaps the most striking point in the Pennsylvania securing profitable returns.
report for the late calendar year, issued this week,
The loss in revenue on the Western lines has been
relates to the results of
by a reduction of charges; nevertheless,
a slight deficit as compared with a surplus the
previous year of $1,278,463, being a difference against
operations on the lines west of
Pittsburg and Erie.
The monthly returns published
by us during the progress of the year had made it appa-
met
rent that the Eastern system
1888 of nearly 1^ million dollars. But though the
actual deficiency is small the company has charged
itself with a loss of $1,020,000 on account of these West-
was doing
relatively better
than any of the other leading trunk roads. The annual
statement now submitted, however, shows that on its
in part
there
is
Western lines the Pennsylvania suffered just as severely ern lines, being part of the money advanced to them for
competitors in the same section.
betterments and improvements. It is a gratifying proof
It is not that these Western lines report a large defi- of the strength of the property that after charging off
ciency in meeting their annual charges
in point of this loss (against nothing the previous year), beside^
as did its
—
—
.
THE CHRONICLE.
310
allowing nearly as much as in 1887 for construction and
improvements on the Eastern system, with at the same
time a slightly heavier call for interest and rentals on
the Eastern system, and also a diminished income from
investments—it is a gratifying fact that in the face of
all
company should be able to
$1,713,693 over and above the 5 per
these circumstances the
show a
suri)lus of
cent dividends paid; that is, even on this extremely
conservative basis the company has earned over 6^ per
cent on
its
$106,545,400 of stock.
The magnitude of the company's operations, when
aggregated, always constitutes a notetvorthy feature of
the report, and the remarks above with reference to tlie
situation on the Western lines enable one to study these
The summary of course covaggregates intelligently.
only a few leading items, such as gross and net
In
earnings, and passenger and freight movements.
earnings, covering all roads
the following we give the
ers
owned
we have
ALL LTNES
OWNED OR CONTROLLED EAST AND WEST OF
Entire System
of Roada.
Bast of Pitts.
1887.
1686.
t
t
Total tons
Tons one mile.
116,509.292 115,515,506 101,697,981
t
92,994,549
i
97,819,875
Operating expenses
80,';37,335
77,238,082
67.102,716
01,690,901
64,434,317
Net earnings
85,771,957
38,277,424
34,595.266
31,303,648
33.415.558
sum
earnings in 1888 reached
116^ million dollars, and the net 35f
In the latest year reported by Mr.
Poor, the whole railroad system of the United States
earned 931 millions gross and 331 millions net, and on
has
one-eighth
that basis the Pennsylvania
of
the vast
of
million dollars.
the
entire
ninth
was
of
amount
the
net.
of
In
the
gross
and
1885, which,
as
nearly
is
year
of
great
1888.
72,356,096
78,512,723;
64,171,i«0
60,254,173
Be,,523,890
7,114,512,509 8,415,612,576 5,891,216,707 5,488,165,383 5,114,,912,180
86,618,397
25,.061.208
3<,834,l':i
32,297,431
88,772,120
3,388,6 ;0,3«P 3,508,421,458 2,999,627.781 Z,S88,6T5,4!5'2,576,,609,303
1
108,128.215'
80.872,5701
81,,585,093
113.3 J0,8«4
96,769.381
10.503182898 9.922,0J7.034'8,690,844,488 8.368,810.77817,691, 581,492
PASSENGERS.
dast ot Pitts.
1888.
1888.
1887.
&
Brie—
58,024,787
64.733,9:
No. carried...
No. one mile. 1,049,909,680 1,014,127,707
48,115,29S
43,880,237
40,133,107
902,432,455
876,839,905
814,827,710
12,189,992
S42,58S,887
15,075,899
13,419,778
12,350,940
11,474.534
413,630,33!<
863,845,197
326,793,190
357,519,5.11
68,153,705
60.488.238
58,323,099
74,000,088
64,751,771
Tot. carried....
Tot. one mile.. 1,483,639,998 1,382.7:2,904 1,229,225,645 1,234,389,436 1,157,416,597
appears from this that on the entire system of roads
over 74 million passengers and over
were carried,
113 million tons
while the equivalent in passengers and
moved one mile can only be represented by
running into thousands of millions 1^ thousand
million passengers and 10^ thousand million tons of
freight one mile having been carried. In 1884 the tons
moved one mile aggregated not quite 7J thousand
millions, so that since then there has been an addition of
nearly three thousand millions, or considerably over
In the same interval the volume of the
one-third.
freight
—
figures
one- passenger traffic has increased over one-fourth.
known,
with the trunk
line roads, the gross on the Pennsylvania was only 93
million, so that in three years there has been an addition of ?3i million dollars.
We have no totals in this
form extending further back than 1882, but there
would appear to be no doubt that the 1888 gross earnings are the largest in the company's history.
The net,
of course, is not the largest, there being a falling off as
compared with the year preceding of 2^ million dollars.
We have seen above that the Western lines, by thema
a
five
PITTSBURG.
18S4.
gross
1887.
Entire System
0/ Roads.
No. carried...
No. one mile.
188S.
Thus the aggregate
is
&.
ErieTons moved.
Tons one mile
Westof Pitts.Tona moved
Tons one mile
It
1888.
BrUire System of Roads.
satisfactory development, both on the
years.
and
cafried the comparison back a series of years.
XLVUI.
The following
Eastern and the Western lines.
comparison of the freight and passenger figures for
interesting
make the statement more
1*0
movement shows
Westof Pitts —
or controlled by the Pennsylvania, directly
indirectly.
[Vol.
depression
Studying the
traffic
movement now with
reference to
that for the entire railroad system of the country, some
interesting results are disclosed. According to ^Ir. Poor,
the passengers transported one mile on United States
rail-
roads was 10,570 millions, so that the 1,463 millions on the
Pennsylvania would be between one-seventh and oneThe proportion in the case of the
eighth of the whole.
freight
traffic,
however,
is
much
62,061 million tons of freight were
greater; altogether
moved one mile
in
the latest year reported,''while the Pennsylvania for 1888
In actual tons
has 10,503 millions, being one-sixth.
had lost $3,186,855, so that on the rest of the handled, the ratio is as 113 to 552, giving in that
system there was a gain in net of about five-eighths of a instance one-fifth the whole. Of course Mr. Poor's
million dollars, this " rest of the system " covering not figures are now a year old, but the relation of the Pennselves,
alone what are ordinarily designated as the lines east of sylvania to the railroad system of the country may be
Pittsburg and Erie and on which the gain was about roughly stated about as follows: on one-twentieth
$250,000, but also certain lines operated through sep- of the
length
of
one-ninth the
road
it
has
arate organizations like the Northern Central, Alle- net earnings,
one-eighth the gross earnings, onegheny Valley, etc. In gross the Western lines lost seventh the passenger mileage, one-sixth the freight
$3,430,129, but the entire system as will be seen has a
gain of a million dollars, so that outside the Western
lines the gain
mileage, and about
freight moved.
The
one-fifth
the
number
of tons of
density of traffic revealed by these
was nearly 3^ million dollars, of which 21 figures is due largely to the heavy local business on the
on the Eastern lines directly operated.
Eastern system. Taking the main line and branches,
The traffic movements reveal the same characteristics the United New Jersey Company and the Philadelphia
that, is, a much more marked growth on the
Eastern & Erie, we find that out of a total of 55,708,046 tons,
system than on the Western.
In fact though the 49,097,646 tons, or over 88 per cent, was local. On the
number of tons moved over the Western lines was actu- main line and branches
(1,617 miles) the local traffic
ally a million tons greater than in 1887 (the way
traffic forms 93 "52 per cent of the whole; on this jiart of the
having doubtless increased on these lines as on tlie
system we can trace the movement back for a number
Eastern, though not to the same extent), the tonnage
and it is instructive to note that while
of years,
mileage or tons one mile was 118 million tons less.
On between 1878 and 1888 the through tonnage increased
the Eastern roads, liowever, (comprising everythiiioonly from 1,738,543 to 2,240,282 tons, in the same
operated, directly or indirectly) there is a gain
of 6 period the local tonnage increased from 9,208,209 to
million tons in the total of freight handled, and
of 700 32,328,804 tons.
Partly on account of this heavy local
million in the tonnage moved one mile.
The passenger business, and also because of the great volume of
millions
—
is
Mahoh
0,
THE CHRONICLE
U69.]
»11
"At the time of drafting the inortpage of 1886 tlie company
through business sent over the road by its connecting
liad earned sorno 7,500,000 acres on ita main lino and 1,000.000
of main stem
lines, the earnings of the 358 miles
acres on it« California & Oregon brancli, of wlu<;li iiorti«n» had
between Philadelphia and Pittsburg have reached lx«n sold DO at to leave about 8,000,000 acrcH. 'f hero liad alao
been a small portion of that branch conHtructed "out of time,"
enormous proportions. There was a further increase of and since then tlie remainder, 140 mili-s in all, coinpletcfl, lands
over a thousand dollars per mile in 1888, and the gross adjoining whicli ai-e claimed at the rate of 12,WX) acres per mile.
The company then had 8,000,000 acroH of unimpearhablc title
earnings on that stem are now up to the remarkable and some 2,000,000 acres more as to which soim^ (lucwtion ia
raised in Congress, which action has retarded tho sales. All
total of $77,634 per mile.
granted lands (except right of way) are embracofl in the mortgage of 1986 without any reservation."
SINKING FUNDS— CENTRAL PACIFIC.
Third Article.
As regards the land
so mortgaged, tho
bonds of 1886
are subject only to $4,261,000 land grant bonds falling
due in 1890, to whose credit there stood on January 1,
In our last article we spoke at length of the Northern
Pacific with its $84,500,000* indebtedness, which, besides 1888, $1,117,407 in deferred payments for land and
being a lien on 2,155 miles of railroad, covered over $1,572,890 in the sinking fund, secured by deposit of
40 million acres of land. We further dwelt on the 1 per $1,500,000 new 68 themselves. The land sales in 1887,
cent sinking funds provided by the company for all its as shown last week, were 231,562 acres, for $405,324.
mortgages which receiving, besides the one per cent
year then the old land grant bonds will be re.
Another
bonds from time to time tired, and the revenue from land will belong to the 6s
redeemed would by 1914 be disposing of some 2i of 1886, which will be purchased therewith at the
Moremillions of dollars a year, only a part of which could the trustees' discretion for the lowest price offered.
lajQd grant supply, its income being available only for over, in 1895, and yearly thereafter, $50,000 from the
This statement does not, of course, railroad's net earnings will constitute another sinking
the first lien bonds.
that the fixed charges would be increased to such fund for them. It will be invested, and, if possible, used
mean
an extent, for 2 millions of dollars would be for interest for their purchase at not above par. Should these two
on bonds once outstanding, and therefore paid to out- sources of income net only $500,000 a year, it is evident
yearly,
the interest on
all
But it they will have a marked influence on the intrinsic worth
of to the sinking fund.
that the sinking funds will absorb money of the bonds.
which, it would seem, might properly go to the stock.
But, as said above, the company has other sinking
We have now to consider the next largest claimant of funds. Some of these are attached to the prior bonds
land— the Central Pacific with 8,000,000 acres, valued on the road conveyed in this mortgage, and so indiat $10,000,000, though worth at the price fixed by law
affecting its standing. Let us see to what extent.
side parties instead
does
mean
rectly
adjoining about double It should be said in passing that the Southern Pacific
Like the Northern Pacific grant, the full under the lease of this road meets all these sinking fund
this sum.
amount of this is placed in trust, and, like that com- charges which are independent of the land grant.
pany, too, the Central Pacific maintains for all its issues
For the $11,865,000 California & Oregon firsts (on
of bonds (whether covering the land grant or not), sink- the road from Eoseville to the Oregon boundary, 296
ing funds in liberal supply. Its method with the latter, miles—all under mortgage of 1886) the sinking fund is
however, is in striking contrast to that which the $100,000 a year, and January 1, 1888, its investments
for the
Government
sections
Northern Pacfic, for all its mortgages, excepting the
third and a recent issue of leased-line bonds, employs.
With these exceptions, all the Northern Pacfic bonds
may be "called," and hence the sinking fund income is
None
nsed in paying off its own issues drawn by lot.
$1,757,302, they having yielded $91,949
Further, for the $6,080,000 San Joaquin
branch firsts (on road from Lathrop to Goshen, 146
miles—also covered by this mortgage), the sinking fund
amounted
in
to
1887.
invested at date named
is $50,000 yearly, while the sum
Central Pacific bonds, however, are redeemable was $495,795, and the investment income in 1887 was
of the
before maturity, consequently their sinking funds' $24,757. And, finally, for the $2,735,000 Western Pacific
income must be otherwise invested. Therefore, while firsts (on 147 miles of road, only 24 miles of which, Niles
the Northern Pacific holds for the purpose stated no to East Oakland, are under the recent mortgage)
bonds but its own, the Ceiitral Pacific possesses on the the sinking fund is $25,000 yearly, its invested holdsame account those of other companies to a very large ings $426,415, and the amount realized therefrom in
amount.
1887 $22,255.
how
The Cen- 000
It therefore appears that
the $20,680,-
mortgage railroad bonds on 589 miles of
due in road, of which 466 miles are subject to the deed of
tral Pacific land grant and railroad 6s of 1886,
1936, are authorized to a total of $16,000,000, but only 1886, had in 1887 a total sinking fund income of $313,$8,563,000 of them are outstanding. They are a first 961 (a constantly increasing sum), and the accumulated
lien on an undivided half of about sixty acres of land amount invested for them was $2,679,512, strengthenand water front in San Francisco, known as the Mission yig beyond question the lien of the later issue.
Bay Grant; also on about 500 acres of the same kind of
The Central Pacific has one other sinking fund issue.
property on the easterly shore of the Bay of San Fran- Its first mortgage bonds of $25,883,000 on the main
cisco, in the city of Oakland, with extensive wharves, line, 737 miles, are in series and have two sinking funds
.stations, etc., thereon, and some twelve and a half miles
The aggregate receipts of these sinkfor $50,000 each.
of track; and on five miles of road formerly belonging ing funds in 1887 were $264,358, and their total sinkto the San Francisco Oakland & Alameda Railroad. ing fund assets $3,062,140.
We reach at length this
on 466
They are also a second lien, as appears belowj
fact—all the Central Pacific sinking funds above
But we
shall learn
miles of other railroad.
this is farther on.
They
also cover the land grant.
prior first
grant bonds,
described, not including that for the land
There being some question as to precisely the number of (which is solely supported by land sales, amounting to
which cost
acres embraced by them, we quote the following state$405,324 in 1887,) held Jan. 1, 1888, bonds
ment received from the company's oflRce
at their par value about $6,$5,741,652 and aggregated
*Ag lK>Dd« retired by the aluking funds continue to draw Interost, they 440,000, the total yield from investments in 1887 being
are counted by the company as part of Its "outstanding debt." Of th«
Southern Pacifie Co.
$303,319 and their income from the
tmnii outstanding June
30, 1868, the sinking funds held $823,700.
.
.
THE CHRONICLE.
312
held
1275,000, a total income of $578,319. The securities
lines, the following
were all bouds of the Huntington
Pacific of
New Mex-
being the principal ones*: Southern
Harrisburg
ico 1st mortgage Gs, 13,535,000; Galveston
mortgage 5s, $1,343,000; San Pablo
& San Antonio first
& Tulare 1st mortgage 6s, $992,000, and Central Pacific
for land, he says,
in his office, while over two years
had been
1888-9.
Deduct—
XLVin.
1886 7
1837-8.
Becelpts overland at N.T., Boston. Ac.
Shipments between (or South from)
239,679
185,885
247,^4
Western interior towns
Deduct also ShipmenU inland and Takings for Southern Consumption
frvm the following Southern ports—
Galveston
63,908
46,869
39,671
22,076-
37,137
38,481
18,802
1,713
3,660
1,194
29,646
33,852
399,936
326,033
358,30&
New
68 of 1936, $916,000.
In its last report the company's land grant agent complains of the Government's tardiness in issuing patents.
Over 2,000 applications
[Vol.
Orleans
MobUe
5,297
15,169
28,350
790
Savannah
8,612
Charleston
North Carolina ports
Virginia ports
filed
had elapsed since the
994
Total to be deducted.
9,514
819
4,154
535
When once
the company were granted.
779.B91
Leaving total net overland*
816.752
623.233
disposed of, the annual income
the lands are free to be
*TIil8 total Includes shipments to Canada by rail, which since
from their sale will be largely increased, and there will September 1 in 1888 amounted to 32,314 bales in 1387-8 were 30,5SG
last patents to
;
be an annual accumulation from sinking funds and
land grant of more than a million dollars a year.
December 31, 1887, when the last report was made there were other
lf8uee, since retired, that had slnkinR funds whose assets aggregated
$500,000. The total assets of aU sinking funds then were $6,241,052,
all but $545 of which was invested in bonds amounting at par to
bales
We estimate the proportion of these held for the mortgages mentioned abOTe, but give the principal Issues of the $7,007,000
held for all the sinking funds without regard to the fact that part of
these may have belonged to the issues since paid off.
COTTON CONSUMPTION AND OVERLAND
MOVEMENT
MARCH
TO
1.
in 1886-7
were 26,387
RECEIPTS, EXPORTS
bales.
AND SPINNERS' TAKINGS.
Receipts at the ports have been quite free during Feb-
*
$7,007,000.
and
for the same month in any
when they reached nearly six
The month's aggregate is
hundred thousand bales.
and exceed the
ruary,
total
previous year since 1883,
461,201 bales, against 341,274 bales a year ago and 404,-
272 bales in 1887.
there
now a
is
For the season
to date, therefore,
gain of 28,057 bales compared with
1887-88, while contrasted with 1886-87 the increase
is
There has been a very full export
We present below our usual statements of overland movement during the month, the shipments aggregating
movement, receipts, exports, &c., and they cover the first 469,213 bales, which compares with 392,176' bales in
The large deficit 1888 and 414,604 bales two years ago, and for the six
flix months of the cotton crop year.
compared with last year in the amount in sight (which months the total is in excess of either year. Port stocks
hitherto has been the feature of the year's movement) is
as well as those at interior towns are below what they
now further and decidedly reduced, so that on March were last year.
Our usual table of receipts, exports
let
it
102,350 bales.
reached only 31,704 bales.
and stocks
OVERLAND MOVEMENT TO MARCH 1.
Rail shipments during the month have been very free,
and are largely in excess of the movement during
February of earlier years. The month's gross has been
159,843
bales,
against
112,050 bales in 1887.
is
now greater than
109,315
Galveston
El Paso. &c
...
..
heretofore recorded during any simi-
the
37,122
month has
bales,
bales.
also
The
been
net
heavy,
against about 50,000 bales last year.
for the six
Cturleaton
Wuhlngt'n.&c
The
net
like
period of 1887-8 of 36,761 bales; but, contrasted with
1886-87, there is a gain of 156,758 bales.
[Our readers will remember that in reviewing the
overland for February of 1888 we stated that although
the actual addition to the preceding figures of net was
only 24,339 bales, the net movement had in reality been
1,
1888,
607,897
17,698
621,079
191,8:;4
222,464
ConM-
21,076
1,516,931 1,627,523
65,483
17,650
196,647
23,056
809,659
69,029
32,607
5,352
29,683
881,057
54,133
25,740
141,700
Norfolk
West Point....
18,708
421,741
1.
268,383
17.P60
822,801 1,078,486
42,487
11,542
March
185,051
325.259
80,403
279,916
67.492
22i,573
73,0S»
19,970
13,201
146,860
4.328
451,766
Total.
nent.
533,120
42,487
763,670
113,844
851,787
TO—
Stock*
Great
France.
Britain*
22,16.3
Savannah
Bmnswick, &c.
Port Royal ,tc.
Wilmington
months exhibits a decrease from the
1,
since
Sept.
1887.
E'lorida
90,402
reaching
1,
194.194
Mobile
during
movement
since
Sept.
1888.
New Orleans.
1888
and compared with the aggregate for last
which until now had been unsurpassed, the gain
reaches
Sept. 1, 1888, to
March 1. 1880.
and
in
lar period,
year,
Movtment from Receipts Receipts EXPORTS SIWCE SEPT.
to date the total
bales
Por the season
as follows.
is
164,693
78,082
22.665
100,747
5,543
200,286
117,951
69,611
452,849
144,665
92.309
27,176
31.026
231,812
130,312
40,203
69,611
674,816
4,869
357,128
106.B62
79,760
66,338
66,270
381,781
87,311
22,907
12,361
37,524
23,048
231,640
11,200
15,364
12,358
2,109,522
329,153 1,046,660 3.485,ae8
82a8IS
Total 1887-88...
4,879,044 2,170,743
296,884 1,01S?,222 3,479,249
840,670
Total 1886-87
4,804.751 2,151,116
441.574
861,670
Newp'tNewfl.&c.
N«wYork
Bostom
Baltimore
PhUadelphla,&c.
93,144
66,610
63,470,
82,648!
Total 1888-89... 4,907,101
*
...
42,179
800
179,788
2,006
35,088
10.348
140,731
128,197
860,4:i5 3,453.125
Great Britain exports include to the Channel.
about 50,000 bales, a count of stock at Kew Orleans
Using the facts disclosed by the foregoing statements?
revealing the fact that some 30,000 bales more than had
we shall find that the portion of the crop which has
been before reported had gone to the interior from that
reached a market through the outports and overland,
port.
The additional amount was, therefore, deducted
and the Southern consumption since September 1, this
in our statement.]
year and the two previous years, is as follows:
OVERLAND FROM SEPTEMBER 1 TO MARCH 1.
1888-9.
Amount Shipped—
From St. Louis
Over the Mississippi Elver, above St. L.
Over Evans viUe & Terre Haute
Oyer JeffersonvlUe Mad. (tind
Over Ohio & Mississippi Branch
Over Louisville Cincinnati A Lexington
Beoelpts at Cincinnati by Ohio River..
Becelpts at Cincinnati by Cln. SoutU'ru
Over other routes
mills,
1888-89.
1388-7.
1887-88.
1886-87.
Receipts at the ports to March 1 . bales. 4,907,101 4,879,044 4,804,751
Net shipments overland during same time 779,991 816,752 623,233
. .
Orernilnois Central
Over Cairo & TIncennea
Shipped to
1887-8
not included above...
Total gross overland
.
454,149
137,860
112,810
7,901
29,364
29,996
8,148
398,132
157,564
80,991
75,594
41,931
8,996
79,629
13,276
120,729
160,958
7,105
318,273
154,693
109,374
12,246
56,108
19,985
7,407
79,230
17,474
88,575
109,405
8,753
1.179,927 1,142,805
981,538
76,6!>4
46,625
107,732
161,362
7,077
bales. 5,687,092 5,695,796 5,427,984
Total receipts
Southern consumption since September 1
Total to March 1
The amount
1888-89
is
of cotton
325,000
30O,0OO|
250,000
bales. 6,012.092 5,995,796 5,677,984
marketed since September
1 in
thus seen to be 16,296 bales more than in
1887-88 and 334,108 bales more than in 1886-87, To
determine the portion which has gone into the hands of
Northern spinners during the same period, we have pre-
pared the following:
.
March
1
.
:
THE CHRONICLE.
18t9.]
9,
M
btita. 6,013,002
above
TV>tal recelptfi to MMoh 1, 1888,
«tock on Imml noianiFno«meiit of year (Sept. 1, 188S)—
146,593
At Nortlioni port"
84,632— 181,225
At Soutlicni jiortii
1,065- 182,200
At Nortlimn Intorlor inarkou
Total Kiipp'y to MiircU 1.1889
6,194,383
boon exported
to for«l»,-ii porta since Sept. 1, ISiJS. 3,135,235
4,019-3,480,316
Leu foreign uottou lucludod
32,314
flent to Can.tdii direct from West
4,503
Burut North and South
«tock on hund end of month (UdToh 1, 1889)—
270,592
AtNorth.-ru ports
853,223- 823,81.'5
At Southern porU
12,642—4.353,590
AtNorth.rn hiteriormarkets
Of tlila «u|iply
ibiirn liiM
Total taklnes by spinners since September
1,
1888.balee.
Taken by Northern spinners
Taken by Northern tpinners
makes of bleached goods
was made at "cut prices " by some of the leading jobbers.
Quotations for leading makes of brown, bleached
and colored cottons are steadily maintained by the mill
distribution of certain popnlar
and stocks are well in hand as a rule despite the
demand. Print cloths were fairly active at
times, but the market closed barely steady at a decline
of about twelve points from the opening quotations of
the month.
agents,
late lull in
1889.
1,8 10,792
Ooten
since September 1, 1883
sauio time 1887-88
fDorease In takings bv Northern spinners tMs year
—
1,515.792
1,420,862
PHnU
low
miO-
94,930
3
4-06
•corresponding period of 1887-88 of 94,930 bales and an
increase over the same time in 1886-87 of 269,102 bales.
AMOUNT OF CROP NOW IN
SIGHT.
In the foregoing we have the number of bales which
has already been marketed this year and the two pre-
An
vious seasons.
additional fact of interest
is
the total
.
4-06
4-06
6
7
10
11
12
13
14
15
4-00
3-94
...8...
3-88
3-88
3-88
9=8
9»8
9l»l«
23
24
25
26
27
5,'>27.984
3-88
28
6 303 796
.•K8
7'*
7V
1886-87,
..
3-88
3-88
3-94
3-94
911,,
911,,
7%
4»>
9
9
7^
4-00
7««
7'«
7>a
7<«
7'a
4-00
400
400
9""
4-00
4 00
10116
'7\
'
101 IS
loiig
10116
7
3-50
7
.8...
9
9
9
3-50
3-50
1(»
7
71a
Oili'
71a
713
«lis
9'1«
91,6
9»1«
3-44
7
3-44
3-44
3-44
3-41
9l|i
7
7
.8...
7
3-4'i
H'day
3-75
3-75
375
loiiB
7
3-48
3-48
3-48
9
8...
10
714
7I4
7
350
9>1«
3-KS
s-a*
3-88
7'4
.
7
350
H'day
7>4
7
7
9
->,
4-00
4-00
ioi'ii'
7
'9"
71a
7'«
7i«
...8.
7*4
714
3-50
3-50
3,50
3-5a
71<i
1
4-00
-^
...8...
9
400
10>«
I0l8
'iU." 10>8
7
7
7
7i«
71a
400
714
7
9
»
9
..8...
4-00
10%
10%
-,
3-50
3-SO
8-50
3-50
3-5U
9
400
ioig"
29
30
31
1887-88
..8
400
71,
7'«
4-00
H'day
:
6,372,192
7>4
394
S»16
9»»
4-00
...8...
4-O0
19
250,000
8...
400
400
9»i«
913
18
5,677.984
IOI9
101,«
lOiis
IOI9
io>e
I0i«
..
16
17
5,995,796
308,000
7 '4
7I4
4-06
4 06
4-06
VH
9»8
6,012,092
260,000
10%
406
91>8
8
91'„
9Ui«
hales.
Total marketed, as above
Interior stocks In excess of Sept. 1
7«4
7»4
8...
919
958
400
103,,
10>8
1019
..
6
of the crop which was in sight on March 1, compared 20
21
22
•with previous years, and this is shown in the following
1888-89.
OoWn
714
7-4
406
Oifl
.
Sheet-
ing
4
bales.
1887.
clothe, ttandr
1
2
The above indicates that Northern spinners had up to
March 1 taken 1,515,792 bales, an increase over the
1888.
Print- aheel- Oolfn PHnt- aheellow
low
ing
inge,
mid- cMhi, eland- mid- elothg. elanddling. 64*64 ard. dling. 64x64 ard. dling. 64x64 ard.
Feb.
325,000
Taken by Southern spinners
P13
.8
i'tii"
71s
7
7
7
7
..
7
—
—
: :
^^
This indicates that the movement up to March 1
The above prices are— For cotton, lovr mtldling np-and at New York
of the present year is 31,704 bales less than in 1887-88 forprin ingolo'hs, mnnufacturera' prices; forsh «tlni;,<, aKcutV prices,
which are subject to au averajfe discount of per cent.
and 344,108 bales greater than in 1880-87.
.">
As
what has come
month of the season during this and
previous years, we have prepared the following, which
«how3 the movement for the last four seasons.
it
Monlhs.
1888-87.
1887-88.
1888-89.
1885-86.
424,209
824,3 9
434,838
Ootobt-r
1.49M.289
1,.588.766
1..3.'.9,9i»l
1,3«0 870
November
1.51.->.207
1,639,906
l,55?,.'iTO
1.44.'?,433
eeptemtter
1,5J7,937
79l,»47
--
519.r.03
Total 6 months.
6.272,092
6,30J,796
January
February
1
l,4«8,.'i8-/
5,927,984
1
eifime
1889.
Same
Weight in
Average Average Average
Bales.
POHilftg.
Weight.
Weight.
Weight.
328.302.85
^24-79
493- 10
515-71
482-10
499-O0
61 4.56
Texas
625.589
LonlHlana
1,516,131
Alatiama
.191,194
..
Geor*cla*
899,577
Ooath i;aro!uiH.
365.493
915.4i0
Tlrglnla
ITwtli Carolina.
150.188
Venneesee, <Sto.
1,341,670
Total
* Inclnd'iiK
6.012,"9J
7t7.99-<,676
98 456,358
410:684,781
1 6,916,837
418,707,818
72,961,330
674,620,939
;0700
.501-70
473 00
488 0.1
2988,649,610
49711
485 41
48 )-88
481-05
490 15
««5 80
Coupon.
Tbtal.
AUnpaiit.
Intereet.
t
t
«
%
1891.
Q.-M.
1907.
tH»
t
1.831,974
Q.-J.
Q.-J.
J.*J.
J.&J.
is
163.81-3.200
191.568
681.138.000
29.832.950
681,137.600 100.000.400
133.019.250
1,033,808
4.S10,«M
840
49.147
126.020
•84,623,512
•64,823,.'512
210,000
47.IS9
70,000
eu),23S
7T8.7»).3«2 IBI.833.350
9*3.729,73'.!
'.,534.51»
7.0S9,970
14,000,000
»8»0,OUO Not. 1. li««: avoraife date ot
maturltj, Uarch 19, 1895: t.3.880,000 Jan. 1, 1896, »4,3«.000 Fan. 1. IMS
average date of matarltf , Jan. 18, 1896 ; $9,712,000 Jan. 1, 1897 «i9.901.9i» Jan.
1, 189H: t14.004.9«0 lan. 1. 1899.
matures Jan.
18,
1893;
-,
DKB-r
ON WHICH
l.VrHJRreST
HAS C8A8BD 81NCS MATDRITT.
AgKregate of debt on which Interest has ceased since maturity Is $8,047,345
interest due and unpaid thereon, $1!17,823. This debt oonsists of anamMro
Items of which the principal amounts are called bonds.
DKBT BKAKl.Nii NO INTBllKST.
peri'd in peri'd iv
1887-8. 18S6-7.
Xuinber of
4-(0-75
474-50
475-00
48400
403-00
477 -75
469 00
477 30
467 50
$B«.80T
St8.681.01S
demand notes
Letrai-tender notes
Certificates of deposit
16,200.000
In Treasurer's cash
280.000IS.920,000
I5V013.530
a4.M02.8l3- 180.n0,717
In Treasurer's cash
352.348,891
5.717.8a8-
Less amount held In Treasurer's cash
(jold certtdcates
Ijess
amount held
4Uver certificates
Ijess
amount held
fTractlonal currency....
Less amouut estimated as lost or destroyed....
15,394.063
8,inB,Wtl4-
InUreet,
Prinrtpnl.
tnterest-bearlne debt
Oebt on which Int. bus ceased..
Debt bearing no Interest
thisyear being 497-11 Ib.^. por b.Ue, against 4S5 -41 lbs,
per bale for the same time in 1887-88 and 487-84 in
bess cash Items available for reduction of the debt.. .$401,889,431
iauM0,0Oo
Less reserve held for redemption of U. 8. notea
strictly
moderate during the month, but » large
IbUl.
$
be noticed that the movement up to March
1 shows an increase in the average weight as compared
with the samo periods of the last two years, the average
was
e.913.IM
RKCAPirnLATIDN.
Florida
THE COTTON GOODS TRADE IN FEBRUARY.
The deaiani for staple cotton goods &t first hands
346.028.953
^eTisiiis
Aggretfate of debt bearing no Interest.
48781
188G-87.
*
iltnount.
Old
499-88
It will
Accrued
Owe
Int.
Rtgletend.
Ajturettate
weight of bales. We give for comparison the figures
for the same time in the two previous years.
1,
Aiiumnt OuUttanding.
Intern
P-y'bU
I$$ue.
• $3,382,000
more exact measure of the receipts up
we give below our usual table of the
SixXontlu ending Uir.
is
INTKKBST-BBARINQ DBBT.
CnaraeUr of
5, 799,8 .il
furnish a
March
1889.
Che offioial statement of the public debt as
it apuears from the bootu and Treasurer's returos at tbu close
of business February 2S, 1889.
511,703
479,591
WEIGHT OF BALES.
To
The following
48.'^.'^57
1,467,767
662,654
450,285
1,340,'*71
540. ;71
ii69,613
X)e('eriil)er
to
DEBT STATEMENT FEBRUARY 28,
will interest the reader to see
into sight each
Total debt..
982,729.732
2.017.245
931.S5t.tlT
2.20S.067
748.413«(.1
748,416,038
l,6;i, 192.800
l,dT8,»7t,«ll8
Total debt, less arallable cash Items
Metcashin the Treasury
Debt, less cash In the Treasury. March 1. 1889
Debt, less cash In the Treasury, Feb. 1, 188S...,
.
Inerease of debt during the month
Decrease of debt slnoe June iW). 1888
8,624,485
1S7,S22
tS0$.98a,4Sl
8
!
..
THE CHRONICLK
314
PACIFIC RAILKOAD8.
Int. repaid by Companies.
Intertst
Principal
Out-
Name
0/ Jtailwav.
staniing.
accrued
and not
yet paid.
Interest
paid by
the V. S.
Transportation
Kan.
2S,88jS,l20
6,S08,0C0
Pacific.
t
«48,271
11,859,032
373,104
21,824,700
l,9<0,5i'0
BlouxC.&P.
>,e2H,320
Totals .,..!«4,8i3.5l2
648,285 80,547,8521
25,580,329
283,162
t
5,778,031
Pacific
West.
paidby
S
net eaminijs. the U.
358,851 31,994,644
63,030 8,209,323
272,865 33.045,SUfl
18.000 2,077,808
19,705 2,318,533
18,283 2,001,643
TJnl'n Pacific 27.23n..^l2
Cen.Br. U.P.I 1.800,000
Interest
pav- of
m^ts: 5 p. c.
Service.
t
Cen. PaciSc.
By cash
By
Balance
21,(M8.457
4,519,012
8,850,410
1.697.776
2.309.166
9,367
1,863.889
147,753
938,301
i7,«19,532
The BlnklDK fands held (f 10,376,650 bonds and |15,7D5 cash) $10,392,355, of
which 13.141,908 was on account of Central Pacific and t7,260,4n on account of
Un^on Pacific.
UNITED STATES TREASURY STATEMENT.
The following statement for February from the office of
the Treasurer was issued this week. It is based upon the
actual returns from Assistant Tieasurers, depositaries and
superintendents of mints and assay ofiices, and shows the
condition of the United States Treasury February 28; we
give the figures for January 31 for comparison:
Fbbruaby
ana
LidMMies.
Assets
Gold— Coin..
JA^^ARY31,1889.
28, 1889.
Balanees.
Assets
and
229.785.869
98.8;0,7t9
(Asset) .128,456.0118
Total KOld
326,e41,N56
156,0;W,110
25,043,518
Certificates issued
Certificates on hand.
.
165.013.530
24,802,bl3
BILVER— l>ollar8.8tand'rd
194,655,284
263.514,586
4,B79,3iS
259,811,329
4,522,881
Total silver
(.Asset) 289,193,919
S>5?.346.851
Certiflcutes Issued...
5,717,81
Certificates on band.
264.334,210
i50,054.651
4,717.113
Bullion
Certiflo's.
Net
245,837.438
Dat.(Uabnity)
21,564,066
silver in treas'y
Certificates issued
Certificates on hand ...
45,820,511
16,200.000
280,000
Certiflo's, net.(LI<iMH(i/!
18,990,772
15,920,000
U. States notes
(Asset)
Net O.H.noles in treas.
Trade dollar bullion
National Bank notes
•iS..S«l
,498
14,010,000
95,000
29,300,511
6,083,626
818,537
48,818,991
Deposits In Nat. Banks..
Balances... .(Asset;
29,44e.49S
«.08;l.79"
309.198
60.499.122
it99,9g0,«30
30!2,33-.i,611
Public Debt and int.iQterest due. unpaid
Accrued interest
1,487,328
8,< 43,735
Matured debt
Inter't on matured debl
'.i,047,'il5
2,034.503
3.H06.17S
2,067,095
159,647
156,8ji2
1,209
879
BR. b'ds
47,190
848,2»5
95,700
323,117
\Tky.{LinbUity)
10,83«,762
8,288,114
],'209
879
due, unpaid
Acc'd Int.. Pac.
Debt and
Fraot'l our'cy redeeiued
U.
:<.
bonds and
Int.ch'ohs
inte'st.
& f-nnpuns p'd
Reg. &coup.
int.
prep'd
627,008
D'btSint.netlLuiWitj/)
Res'veforred. U.S. notes. loo.ooo.bdtj
Fund held for redenip. of
83,577.'i50
notes of Nat. Bantts
Five p. c. f 'nd for redemp.
of Nat. Bank notes
179.954
10,302,701
8,106,:80
100,000,000
83,979.9.88
6.207.318
5.709.6.^7
Redemp.res*r.(I/iafc(::(v) 188,784.568
189,689,613
Nat. Bank notes in process of redemp. .(Asvet)
Net re8'rve8.(Lfu(>i/i(y)
Post Office dep'i account.
.
Disburs'g office rs'bai'ces.
Undistrib'daas'tsof fall'd
National banks
Currency and minor coin
redemption account
3,115,035
5,130,032
165,669,033
184,559,681
3,746.859
47,»05,4a8
5,535,728
28,720,005
1,648,74;
1,599,650
1,460
1,200
5,600
9,77<:!
Fractional silver coin re-
demption account
Kedemptton and exch'ge
account
684,026
685,547
Treasurer's transf'rch'ks
and drafts outstanding.
4,!7S,775
5,490,994
Treasurer V. 8., agent for
paying Int. on U.Col.bds
129,338'
462,259
58,295,128'
42,6:5,151
117,185
Total
(lAabiWy)
InUon O.Col.bds pd (a>»I)
Not
(hlahUU),)
—
(Asscti
Assets not available-
Minor coin
Subsidiary silver cola.
AKgregate net.dMet
42.397,868
•i35^p33i70»
«4.93«,9I3
188,249
24,715,021
•
5S,264,916
48,096,138
...|
'i5T.am433
143.1 6,S
S4.449,51)T
72,097,428
Balances.. (LInblllty,
Met balance
J
3(i,M12
89,629,70S
(From our own oorreapondent.
being more recognized. And it is probGrovemment proposes to authorize
the issue of small notes it wUl be successful.
During the present week the India Council sold not far short
of three-quarters of a crore of rupees in bills upon the Presidency trea-suries and in telegraphic transfers, making the total
sales since New- Year's day nearly i}4 crores, equivalent to
The transfers are payable
about 28 millions of silver dollars.
Yet
in India immediately and the bUls in about three weeks.
notwithstanding so lai'ge a ti'ansfer of money from the Government treasuries to the market, the stringency in India continues to increase. Oh Thursday the Bank of Bengal raised its
rate of discount from 11 per cent to 13 per cent, and the Bank
of Bombay is expected to follow the example. How great a
pressure this indicates will be understood from the fact that
last year the highest rate of the Bank of Bengal was 7 per cent.
Still there is no material increase in the exports of silver, and
the price is a small fraction under 4354d. per ounce. At the
end of December the price was 43)^d. per ounce.
From a report issued this week by the Agricultiual Department of the Privy Council, it appears that the wheat harvest
in the United Kingdom was not so deficient in quantity as has
previously been believed. Compared with 1887, there is a
faUing off in England alone, in which practically ninet^entwentieths of the crop is growTi, of 3-83 per cent. But as the
acreage under wheat last year exceeded that of 1887 by over
10 per cent, the falling off per acre is of course much larger.
The average yield per acre in 1887 was 33-25 bushels, last year
every possible
way
is
able, therefore, that if the
471,420
54,439
Debt and inter'8t.(jl8sct)
The joiut-stock and private banks, so great is their
competition with one another, are afraid to offend their customers by refusing light coins. But the Bank of England will
accept these coins only at their mint value. As your readers
are aware, the Bank of England is the bankers' bank. If,
therefore, the joint-stock and private banks pay in light coins
to the Bank of England, they incur a loss. The result is that
the light coins remain in circulation, only'fuU-weight coins
going into the Bank of England. Mr. Cliilders, when Chancellor of the Exchequer, proposed to deal with this matter, but
was prevented by the pressure of other business, Tlie Queen's
speech now announces that Mr, Goschen will introduce a bill
for a rocoinage. There is a report that at the same time he
will propose to carry into effect the recommendation of the
Gk)ld and Silver Commission for the issue of £l-notes.
Although all the Scotch banks and most of the Irish issue £1Of
notes, there is a strong prejudice against them in England.
late years, however, the expediency of economizing coin in
Int. prepaid not. accr'd.
Debt bearing no Inter'sl
Int. on Puc. BK. bond^
of May the expansion of the coin circulation in consequence of
the rise in wages and the improvement in trade will be so
large.
130,986,592
Certiflc's. jiet.(Habaity)
Net gold In treasury.
was announced ostentatiously that gold was being shipped
from Buenos Ayres to London, Quite unexpectedly, too, the
supply of loanable capital in the outside market increased.
Apart from manipulation, there were two genuine causes for
this.
One was that the outside markets had borrowed from
the Bank of England very large amounts last week, and the
other that the India council had at its disposal the proceeds of
recent large sales of bills and telegraphic transfers. On Thursday, however, the loans from the Bank of England fell due,
and the rate of interest again advanced. The whole of the
loans, it is understood, were renewed. The rate of discount,
has not, however, recovered, and the tendency is downward,
especially for long bills. There is about a miUion sterling in
gold on the way to this country. But on the other hand the
exports to South Africa and to Brazil are considerable every
week.
There is, moreover, a rumor, which seems well
founded, that exports on a large scale to Buenos Ayres are
about to begin again, notwithstanding the announced shipment
of gold from that city at the beginning of the week.
The premium on gold at Buenos Ayres is once more rising. The probability seems to be that after the middle of March there will
be decided ease in the market here wliich may last a month or
six weeks, but that towards the end of April or the begLiming
great as to cause a considerable advance in rates.
For many years the number of worn and light gold coins
has been increasing here, and is now becoming inconveniently
229,051,535
96,590,321
Bullion....
_^
Bdliinces.
LtaMUttes.
[Vol. XXVIII.
1
London, Saturday, February
it
23, 1889,
was only 38-18 bushels, being a decrease of
But while the quantity was not so
acre.
The money market was easier in the early part of the week, hitherto been
and Meesrs, Barmg Brothers and Messrs, Murrietta
brought sion as to the
out a loan for the conversion of four Argentine 6
per cent
Ioan8, The new loan bears 4^4 per cent interest,
and the
i8_u? price is 90. Tlie day before this loan was
advertised u
4-07 bushels per
deficient as
had
believed, the report confirms the general impres-
m
inferiority both
quality and condition of last
In many cases the e.stimators state that the grain
was unfit for milling purposes, especially in hilly districts. In
year's crop.
still
more instances
it
was housed
in
damp
condition.
The
.
Makch
and condition of the grain to a large eTtcnt
account for the very low pricea now ruling for English
wheat.
In 187 towns of England and Wales the average price for the
week ended February 16 was only 293. 6d. per quarter against
SOs. Id. in the corresponding week of last year, being a fall of
7d. per quarter, or nearly 2 per cent. In the North of Eughind,
however, tlie price was far lower than the average for the
whole country. It was as low as 36s. 7d. per quarter in the
great seaport of Hull, while at Scarlwrough the price actually
was no higher than 24s. 7d. The explanation of these quotations is furnished by the official report referred to above.
For
while the average yield per acre for the whole of England, as
already stated, was 28"18 bushels, in the North of England, the
average yield per acre was only 28*29 bushels. The oflicial
estiinatore report that the deficiency is due to the absence of
sunshine and the excessive rainfaU during the summer, and
they also refer to the indifferent quality of the crop. Wliere
the grain is in good condition the price is much liigher. In
the week ended February 12th the average price in London for
English wheat was 33s. 2d. per quarter, only good quaUty
wheat, however, being bought.
This is 3s. 8d. a quarter, or
about 12; j' per cent, above the average for the whole of England.
In regard to foreign wheat there is a growing demand
upon the Continent for Califomian. ' At the present time the
cargoes on the way to Europe from California are about 25 per
cent greater than at the coiTesponding period of last year.
But it is thought probable that the Continent will absorb more
than the excess, and the tendency therefore appears to be upward for Califomian wheat. On the other hand, Russia is
again exporting very largely and Russian wheat consequently
is tending downwards.
There is a general movement amongst the working classes
here for higher wages. Practically tlie steamsliip companies
have given way to the demand of the sailors. In the hoUowware industry the employers have agreed to arbitrate. There
is a movement in the ship-building yards of the Wear district
for an advance, and in the coal-mining districts of Wales the
men are also putting forward demands. The probabUity is
very strong that in most cases these demands will be conceded.
Ti-ade is good and is steadily improving.
Employment is full,
and consequently a moderate rise in wages must follow. With
the exception of those industries which are affected by the
winter season there is great activity and full employment. In
the shipping, boiler-making, iron-founding and other branches
of the engineering trade, the upward tendency in wages has
been manifesting
and
tlie
itself
movement
,
THE CHRONICLE
9. 18!^9.|
inferior (jiiiJity
year,
:
strongly since the beginning of the
certain to go on and to extend to all
315
I omefl may cause some difi^ultiea.
The liquidation begiiu on
Friday next.
Although for the moment there is little apccuhition in the
leading stock markets, the speculative spirit is in reality very
This is well illustrated by an event of the week. The
Messrs. Rothschilds are on the point of bringing out a Burmah
strong.
Rubies Company. It is said that tlfb capital is to consist o
ordinary shares and 1,000 £1 founders' shares
Although the prospectus of the Company is not yet issued,
the ordinary shares are at a premium of nearly 300 per cent
299,000 £1
and the founders' shares have actually changed hand at £8iiO
and are at nearly £400. Comment would be superfluous.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.
last three years
compared with the
ism.
aironlatlon
Pablio depoalti
other deposit!
23.441,880
7.«80,1M
*3.I70JM
OoTemment teoorlttea
13.7(l«.«88
Other seoarltlea
Reierreof notes and ooln
Coin and bullion
19,800,110
Prop, assets to
19.lieS.744
22.9ei.«ro
liabilities
p. o.
49X
Bank rate
Sp.a
Vl«
Oonsola
101
Clearlns-Hoosa retnm
8<t,«OS,000
The following shows the imports of oereal products into the
United Kingdora during the past twenty-five weeks of the
season compared with previous seasons
:
IMPORTg.
1 QQQ.9
1887-8.
188C-7.
1885^.
cwt. 30,3l3.f>6o 24,049,913 24,71a,8l2 24,993,952
11,069.971 10.053,003 10,520,5.58
6,918.835
8,546,780
8,651,590
7,448.667
5.1.57,129
1,069,703
1,85«,54S
1,226,100
995,135
Beans
1.471.158
1,351.606
1,292,483
1,660,242
Indian com
12,394,400 11, 105.171 12.705,216 13.123,009
Flour
7,427,972
9.234.030
8.057.161
6,879.822
,
Supplies available for consumption (exclusive of stocks on
Wheat
Barley
Oat«
Peas
September
1):
1
Qg^-9
1887-8.
1886-7.
rraport8 0fwheat.owt. 30,313,900 24.049,913
Imports of Uour
9,234.030
7,427,972
Sales of home-grown. 18.212.503 21,477.621
55.954,375
Total....
24,713,812
8,057.161
6879.822
17,7H,726 22.062,162
54,761.564
1898-9.
Aver, price wheat
week. 29s. 6d.
Aver, price wheat ....season. 3l8. lOd.
50,4fe9,6v»9
1887-8.
303.
SOa.
1885-B.
24.993.952
53,935,936
1886-7.
1885-6.
328. lid.
329. 6d.
Id.
2d.
298.
30a.
i-l.
6d.
EiiKllsli Financial Market»->Per Cable.
The daily closing quotations for securities, &c., at London
are reported by cable as follows for the week ending March 8.
is
departments of trade. Natiu-ally this will bring with it a rise
in prices, but as yet at all events there is very little speculation
in commodities.
It does not seem probable, therefore, that
the rise in prices wUl be considerable for some time to come.
Still the rise both in wages and in prices must lead to an ex-
London.
311ver,
peroz
Sat.
d.
42»ie
98iie
985
Hon.
Tuet.
Wed.
Thurt.
JH.
429,,
421a
421a
429,fl
429,a
9716,8 9713,8 97ia,g 97U„
971J
98»4
9778
93
981,,
85-47 «« 85-37ia 85-57»a 85-37ia 84-85
Consols, new 2%percts.
do
for account. .
BVch rentes (In Paris) fr.j85 ^a»
11014
0.8.4138 of 1891
110
13114
O. 8. 48 of 1907
131
5279
Canadian Faclllo
53
Ohio. MIL & St. Paul.... 6438
6378
30 '4
Erie common stock
30=8
II2J4
QUnois Central
112!U
110
ism
110
110
I3II4
131 14
110
132
52 14
5214
52°8
52%
pansion of the coin circulation throughout the country, and
6438
65
64^
63%
must tend to l&ssen the reserve of the Bank of England and
30 14
30
30
30 H
113
1121*
113
112%
consequently to raise the rates of interest and discount. At
56I3
56Ba
Pennsylvania
56=8
56*8
56 Vt
561a
the same time, a mere internal movement would not affect the Philadelphia * Reading. 24%
24
23%
24 la
24 !«
23%
Sew York Central
111^ 111% IIII3 111% IIII4 11051
value of money sufficiently to check the improvement in trade.
As each industry becomes more prosperous the purchases of
its members from subsidiary trades stimulate
these latter, and
thus the improvement goes on extending. The greater prosBonds Held by National Banks.—The foUiiwing interestperity of trade generally is reacting upon agiiculture, and is
ing statement, furnished by the Comptroller of the Currency,
certainly improving the position of our fanners.
shows the amount of each class of bonds held against national
The stock markets have been generally quiet throughout the bank circulation and to secure public moneys in national bank
We gave the statement for Feb. 1
week. Tliere^is still a good demand for American raihoad depositaries on Mar. 1.
in CHBONICI..E of February 9. page 181, and by referring to
bonds, but the'pubUc abstains from dealing in shares. Keen
that the changes made during the month can be aeea.
observers expect that as the supply of bonds is growing scarcer
and scarcer, the best class of shares will by-and-by come into
XT. 8. Bond! Held Mir. 1. 1899. to tHem-^-
demand, and that afterwards there wiU follow a movement in
the more speculative securities. As yet, however, there is no
symptom of such a movement. The announcement in tlie
Queen's speech that Mr. Goschen is about t» introduce n bill
for the conversion of the outstanding three per cents has
strengthened the market for consols. The mai-ket for British
railway stocks is also firm. In international securities tliere is
littl« doing here, the state of the Paris
Bourse having for the
moment checked speculation. The formation of a new ministry in France relieves political apprelieasions for the moment,
but there is some uneasiness respecting the approaching
m
—
monthly liquidation. There was
the early part of this week
. »
a heavy faU in copper-mining shares, and it is feared that the
De$eription of Bonds.
3s,AotJnIrl2, 1882....
4 per cents
Total
Pubtie DepotUt
in Bank:
Bank
ToUUHtUL
•100,030
$100,000
1,253.000
12,436.500
32.734.500
$4,236,000
51,864.150
100,976,350
5.539,000
61.300,630
133,710,880
M6.524,000
«>157,12e,500
$30X650,500
Chanoes in Leoal Tenders and National Bank Notep to
Mar. 1.—The Comptroller of the Currency has furnished
us the following, showing the amounts of national bank notes
February 1. together with the amounts outstanding March
the
1, and the increase or decrease during the month; also
"for the redemption of baak
changes In legal tondors held
notes up to March 1;
—
. ,
.
.
.
.
:
I
.
,
THE CHRONICLE.
31fi
Ifalional Bank Ifoia—
Amoiml outstanding February 1, 1889.
Amount Issued during February
Amount retired daring February
Amount outstandmg March
$229,089,957
$435,970
4,871,332
6,307,302
$224,218,625
1889'...
1,
Ltgal Tender Ifotes—
deposit to redeem national bank
notes February I, 1889
Amount on
Amount deposited durln)? February
Amount reissued & banknotes retlr'd
in
$85,509,641
$3,130,695
Feb
Qen'l mer'dlee.
by—
Xov.
Feb.
1.
1.
Mar.
970,386
6,660,394
Bea'o'g undr
^9,178,785 79,220,472 79.502.091 77,825,574
act of '74,
75,713,330
i
H6.«29.922 96,770,027 87,103,297 85,509.644
Total
•
1,039,25
6,561,955
1,069,676
6,480,879
Act of June 20, 1874, and July
Vi. 1882.
—
$8,225,481
$10,582,025
$12,059,665
$10,741,673
$27,9.^9,368
Oen'l mer'dlse.
53,694,314
$29,830,243
58,131.417
$29,783,128
60,072,167
Total 9 weeks..
$76,103,302
$81,653,682
$87.961,6t;0
4>89.855,295
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending March 5 and from January 1 to date:
EXPORTS FRO.W KEW YORK FOR THE WEEK.
1886.
For the week,. .
Prev. reported..
Total 9 week;
47,742,35 J
$6,754,657
54,614,582
$50,695,861
.
$52,627,112
$.53,^11,661
$61,369,239
Pieces.
Faiue.
$
$
51,000
42,000
132,000
100,000
1,020,000
420,100
Half eagles
Tbree dollars...
Suarter eagles
$6,069,.^07
table
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports,
2,640,000
1,000,000
Imports,
Bold.
Since Jan.X
$
Great Britain
France
Germany
Eagles
|
1889,
$8,083,993
44,543,119
Week.
Denomination.
Talue.
1888.
$6,254,223
44,441,638
The following
month
Two Months of 1889.
February.
1887.
shows the exports and imports of specie
at the port of New York for the week ending March 2 and
83.144,110
since January 1, 1889, and for the corresponding periods in
1888 and 1887:
the coinage at the Mints of the United States during the
of February, and the two months of 18S9.
Doable eagles..
$3,021,636
7,720,137
1.
Dry Ooods
CoiNAaK BY United States Mints, The following statement, kindly furnished us by the Director of the Mint, shows
Piece*.
$3,533,262
8,526,403
1.
1,009.176
6,674,894
1,099,076
0,552,061
Insolv't bks.
Umiid'K bks.
$3,440,682
7,141,343
$24,565,378
51,537,924
Total
Since Jan,
According to the above, the amount of legal tenders on
depoBit March 1 veith the Treasurer of the United States to
redeem national bank notes was 183.344,110, The portion of
this deposit made (1) by banks becoming insolvent, (2) by
b^ks going into voluntary liquidation, and (3) by banks reducing or retiring their circulation, was as follows on the first
of each of the last five months
Jan.
I
$3,034,789
5,140,692
$»3,344,110
Cirootatlon of national Kold banks, not moluded above, $176,102.
Vec. 1.
exports for the week ended March 5 amounted to $6,754,657,
against $6,003,660 last week and $7,798,498 two weeks previous.
The following are the imports at New York for the week
ending* (for dry goods) February 28 and for the week ending
(for general merchandise) Mai-ch 1; also totals since the begin
ning of the first week in January.
FOREIGN IMPORTS AT KEW YORK.
For Week.
1886.
1887.
1888.
1889.
Dry Ooods
deposit to redeem national bank
notes March 1.1889
1.
fvou XLVin.
2,165,M4
5,296,2li9
Amount on
Deposits
'
.
Week.
$1,319,896
20,950
*
167,115
148,3 iO
6,383
1.131
2,104
,
West Indies
Keiioo
South America
25,000
30,000
$73,300
374,000
141,081
All other countries.
17,600
44,0J0
Total 1889
Total 1888
Total 1887
249,600
3,684,000
116.324
3,000
860,680
51,100
$2,371,950
2,464.154
2,950,970
18,300
,
Since Jan. 1.
746,565
480,300
84,491
10,588
33,603
48,636
10,220
Silver.
.
.
.
lf274,293
321,088
50,443
$1,404,183
1,099,047
3,326,207
ollars
Imports.
Exports.
Total gold
93,000
Standard dollars.
Half dollars
Suarter dollars .
Imes
Total
2,710,300
2,710,300
5,810,300
300
300
1.50
75
300
300
22.300
2,230
22,3u0
2,230
5,833,200
5,812,755
,
2,733,200
silver.,
Five cents...
Tbiee cents..
2,712,755
972,800
5,810,300
l.^iO
7.1
4,630,800
48,640
24
46,308
5,604,400
94,972
11.818,400
215,272
8,430,600
4,217,"27
17,901,200
0,712,027
80;i
One cent
Total minor
1,440,000
..,
Ttoal oolnaee.
121,340
24
93.908
Government Kevenoe and Expenditures.—Through the
courtesy of the Secretary of the Treasury, we are enabled
to place before our readers to-day the details of Government
receipts and distiursements for the month of February.
From previous returns we obtain the figures for previous
months, and in that manner complete the statement since the
beginnmg of the fiscal year for 18S8-89 and 1837-88.
RECEIPTS (OODs omitted).
1888-89.
OutUim».
Ous-
Inter'l JflJC'ls
Rev'ue Sourc'i
toms.
Rev'ue Sourc'a
JBir
I
19,498
*
9.So3
Awmtt
8l.9«9
September.
October
Koveraber.
December.
January
IS.OSS
10,832
10,263
18,T87
13.aS5
February...
Total 8 months.
18S7.8S.
MUc'U
Inter'
*
2,022
t
31.205
34.623
23,574
2,45a
S1,69S
20,709
12,361
8.255
34,403
2,912
16.910
10,39U
10,425
20,712
10,4:1
3,215
28,590
80,160
34,398
18,709
15,742
2,181
30,133
18,277
19,691
20.99S 255,210
H 9,989
18.76^
9,178
150.912
»3,27S
2.154
2,795
t
18,215
14,982
t
2otai.
2.832
t
30.815
11,212
10,442
10.487
2,887
37,6.53
2,619
33,860
31,803
9,881
10,702
9,400
8,506
9,080
80.932
2,827
3,498
29,129
29,182
3,096
30,773
2,381
31,152
:3,428 251,367
BISBOBSEMENTS (OOOs Omitted).
Week.
Since Jan.
1.
Since Jan,l
Week.
.
$484,853
7,500
$2,956,950
52,400
West Indies...
7,210
'i5",968
Mexico.
South America
AU other countries..
1,818
8,822
74,188
45,921
57,297
29,144
5,619
211,12s
$501,381 $3,108,328
185,799
2,270,708
201,260
1,691,625
$61,010
117.568
64,912
$303,188
393,239
357,563
Great Britain..
France
Germany
Total 1889..
Total 1888.
Total 1887..
,
2,222
12,897
—
The forty-third annual statement of the Connecticut Mutual Life Insurance Co. of Hartford, Conn., was published in
the last issue of the Chronicle. The receipts for the year 1888
aggregated §7,423,475, the disbursements §6,699,144. The net
a.ssets Deo. 31, 1888, were §55,853,899. The President remarks:
" The year 1888 has been one of great prosperity. In every
direction the company experiences a steady increase in size
and strength, with a decreasing ratio of expenses (the expense
ratio for 1888 being only 8 -96 per cent); so tliat while it becomes
thereby increasingly attractive to new insurers, it is also increasingly valuable to its older members, its new business
being secured on such terms as to make it an advantage and
not an expense to them."
—
Mr. Samuel Spencer, lately President of the Baltimore &
Ohio Railroad, has become connected with the house of Drexel,
Morgan & Co. Within the last year or two the transactions of
this firm in connection with various important railroad properties have become well knoven, and the expert railroad experience and practical knowlfedge of raih'oad detail required in
their business has made it desirable that they should h.ave the
services of a practical man of acknowledged skill and reputation.
—The attention of investors
is
called to the
two
classes of in-
vestment bonds offered in our columns to-day by Messrs. Coffin & Stanton, viz. The Helena & Red Mountain first mortgage 6 per cent gold bonds and the City of Erie 4 i^er cent 1020 refunding bonds. These securities are recommended by
Messrs. Coffin & Stanton, and parties wishing to invest money
will do well to inquire into their merits.
Messrs. La Montagne, Clark & Co., stockbrokers, 44 Broadway, have private wires to Philadelphia, Pittsburg and other
large cities in Pennsylvania, and have every facility for attending promptly to customers' business.
Their card appears
in to-day's Chronicle.
The Washington Life Insurance Company of New York
has issued its statement for the year 1888, and it will be found
in the advertising columns of to-day's issue. The Wasliington
statement shows it to be a sound and prosperous company,
Investors in search of a list of choice railway 1st mortgage
bonds will do well to inspect tlie list in to-day's Chronicle of
Mr. Frank E. Wing, manager of the bond depaitment of
Messrs. A. M. Kidder & Co.
Mr. Julius A. Kohn offers to investors a limited amoimt of
State of Louisiana four per cent bonds due 1914.
:
—
J
;
'
I
—
Imports and Exports for the WEEK.-The
imports of la.m^eek, compared with those of the preceding
week show a
decrease in dry goods a^d an increase in
general merchandle
The total importe v^ere $10,741,673, against
§8,9.51,
precedmg week and *9,691,434 two Wleks preWou^TWuf
The
j
|
;
j
—
j
[
1
—
I
g
:
March
9.
.
:
.
THE CHRONICLE.
18P9.J
'glxt ganfejers^ (^^ztttt.
317
Cablea, 4 89J^(84 89J^.
Commorcial bills
Continental bilk were: France, 6 19^96
were 4 84W@4 844<
1
D I VIDEIf DSi
When
JPtr
Name of Company.
Cent.
Books Olottd,
(Days iaeluHve.)
Payablt.
Hallronda.
Boston
A- Alliiiny (qiuir.)
Biitliilo iV.'^oiillnvostfin prcf
Mantmttnii
MarchSO March 10 to March
ivb.
aitoMarch 25March 12 to Mar
]>3 8Cp April
March 16 to Aj)r 1
1
April 15 March -I.l to Apr. 15
April 15 March Hi to Apr.l7
April
1 March iti to Apr.
1
March 6 March 6 to
2
5
Nditlnv. prof. (quar.)..
Cliii'iitrn \-
(<iiiar,)
i
Wissoiiii I'acillc (qtinr.)
N. Y. Cinlrul A Hiid. Hlv. (quar.)
N. Y. & lliiiicm com. and prof
Panama
WA1.L, HTUEET,
FRIDAY, March
18S9.-3 P. M.
The Money Market and Financial Silnatlon.— The financial markets have not been disturbed by any untoward occurrences
at least, anytliiug worse tliaii the failure of the
Reading Iron Company. But tliere is not much snap to tlie
general dealings iu stocks, and the chief movements are in
specialties here and there wliich are touched by some underlying force not applicable to the whole market.
Tlie outlook seems to be good, and even the few specks that
appear ou the liorizon, such as the iron failure or the peril of
the French copper syndicate, do not appear to be very serious
in their bearing upon our general stock market.
The imcertainty about the Western railroads agreement may be a matter
of greater consequence, but as to that the harmony among so
many leading roads is likely to accomplish much, even without the accession of the few dissenters.
Railroad business for the two months, January and February, lias been remarkably good, and the companies have
probably been saved many millions of dollars in expenses by the
unusually mild winter. The prospect for spring business is
excellent, but we doubt whether there will be anything like
the railroad building tliis year that there was in 1888 or 1887,
and so far as earnings ai-e stimulated by activity in that dii-ection they may lose something.
On the other hand the
com crop of 1888 remains in large part yet to
be moved, and general business arising from trade and
manufactures is of very large volume, though profits may be
small. The annual reports for 1888 now appearmg from day
to day are worthy of careful study, as these are the only full
statements regarding the financial status of the respective
companies, and the last year always forms a basis of comparison
for estimating the current year's operations as we get the brief
reports of earnings from month to month. It is a hopeful sign
that more companies are beginning to report their net earnings.
An interesting decision is reported by the TJ. S. Supreme
Court, in a case from Ohio, on the question of evading taxation
by converting personal property into greenbacks just prior to
the day on which returns were made to the assessors. The
court holds that such an evasion of law cannot be allowed,
and also holds that the selection of a particular day on which
to make tax returns does not necessarily preclude the making
of the assessments so as to include other periods of the year.
The oi>en market rates for call loans during the week on
stock and bond collaterals have ranged from 1 to 3 per cent,
with 6 per cent an exceptional rate. To-day the rates were 2@ 3
per cent. Prime commercial paper is quoted at 4@4i^ per cent.
The Bank of England weekly statement on Thursday showed
a gam
specie of £280,000, and the percentage of reserve to
habihties was 43-79, against 43-58 last week the discount rate
remains unchanged at 3 per cent. The Bank of France lost
700,000 francs gold and 2,125,000 francs silver.
The following table shows the changes from the previous
week and a comparison with the two preceding years in the
averages of the New York Clearing House banks
m
;
:
1889.
2.
Capital
1888.
March, 3.
1887.
March, 5.
60,702,700
Hurplim
Diffr'n^s ft'm
Prev. Week.
52,402,(500
IjoaiLs
and
disu'ta. 413,0<)l,-200lllic. 1,045,300 367.5()0,;t00
369,487,600
Specie
86,'.'H(i..500 Dec.;i,7.5»>,4o0 7r),:iO!i,700,
85,278.200
CSrcuIatlon
4,:i-2:i.!K)IJ Dec.
MH.IOO
7,<;0).7()0'
7,617,700
Net deposits
438,0!);,.OO0 Doc.
liegal tenders
3o,527,SOO,Inc.
109,523,750 Dec.
Legal rcicrvc.
Reserve held
Surplus reserve
204,400 377,54!),200 385,;i25,800
',700 31,8'-'2,300, 20,141,300
235,700. 31.8'.'2.300, 20.141.300
51,100 94,387,30o' 96,331,450
!m,794,300Dec :3,520,'700
..I
107:i32,'0OO|105:4l9,'500
12.270.55o'Dee.3,4«9,60ol 12.74 4,700
Exchange.—There has been very
Uttle
United States Bonds,— Government bonds continue very
so far as Stot-k ExchnnRe transactinns are concemwl,
but
the market is firm and tlie 4s liave improved in price
a little
PurcliaseH have been quite large, amounting
P?-YP??"'"y
to
$l,5n,m for U.e week, all 4J^8 at ]08 ex inte^st. Jnsti!^
the policy of the now adminiHtnition will be in regard to
bond
purchaiies is not yet kno\vn, tliougli the purchases have
contmued thus far smce the new Secretary took olHce. The state(lull
ment
for this
9,088,050
demand
for sterling
exchange, and the market has continued extremely dull all
the week in consequence. Prices have been shaded somewhat
to induce purcliaaes, and some drawers early reduced their
askuig rate for long sterling J^c. but the rate for short has
Doen better maintained in consequence of the scarcity of commercial bills. Posted rates to-day are 4 86i^@4 87
and 4 89J.<.
The rates of leading bankers are as follows:
,
week
is
as follows:
m Per CmU
S.
—
March
'^^ WJ^aWfi; guilders, 4b}i@46^
and'wjiQ'foV.^^'^®'"^
The foUowluK dividends havo reoonUy been annonnoed
tut ISM.
« Ptr Omtj du* 1907.
Offering. Purch'n. Pricapald,
Bttturda7
ttso.ioo
fiso.ioo
765,000
277.500
22S.750
140,800
109
103
108
1U8
PricupaU.
tos
755.000
277,600
...
Oferinti- Purch'a.
Monday
Tnesdaj....
Wedn'sday.
Thanday..
S33.';50
Frtday
Total. . ..
BlnooAp.23.
ue.iMo
1,538,850
1,678,880
73.105,Sf.O
The closing
100,000
l.OuO.OOO
108
lOOH-lOBHi
prices at the N. Y.
1,100,000
lM-7»-lM
B1JIS7,!<00
Board have been as follows
Intemt March March March March March March
Peruxtg
4I2B, 1891
4»28, 1891
4s, 1907
reg
coup
rcR.
48,1907
68,
68,
68,
6s,
6s,
cur'cy,'95
cur'cy,'96
CHr'oy,'97
cur'cy,'98
cur'cy,'99
reg.
reg.
reg.
reg.
reg.
2.
I
4.
5
I
6.
I
7.
107'8 107''8 107^ n07^ -10731
*107'8 *107% *107:it "10731 1073i
127% l27'8*l-27^ 128 *128'4
*128''8 "12831, 128^ I28'8 '12914
120
,'120
['•120
122'3 *122i3 *122i3
125-Ti
120
12231 •12231
*125%'*125^ 126
129
M20
'128
8.
'lO?!!!
'lOT^
12831
12959
'120
'122%
M26
129 1*129 1*129
i*129 1*129
131 ig •131'3!*131'a '13113 'ISlifl 'ISlia
This Is the price bid at the moriilng board no aale was made.
State and Uallroad Bonds.— There is still nothing new to
mention in regard to State bonds. A few scattered sales occur,
but there has been no activity in any class, and no change of
importance in prices.
Kaih-oad bonds have shown a better tone than stocks during
the past week, and a better market has prevailed on the whole
than during the week previous. There has been some irregrularity, but the majority of bonds dealt in are well held, and
the prevailing temper of the market continues strong. Business continues to be mainly in tlie lower-priced classes, and it
is in these that the greatest strength has been displayed
through the late buoyant state of the bond market. Denver
Rio Grande Western bonds were again a feature for strength,
and Tennessee Coal & Iron 63 also advanced still further, liie
Reading bonds have been weak, and Texas & Pacific firsts and
*
;
M
&
incomes irregular.
Railroad and Hificellaneoas Stocks.—The stock market
has been only moderately active and somewhat irregular in its
tone and tendency. There has not been any decided movement in either direction, being strong as to some stocks and
weak as to others, according to special influences. There has
also been Uttle news of a general cliaracter to affect values,
and the
fluctuations are either the result of special influences
or the operations of the traders in some particular stocks.
Manv stocks have tended downward, however, and the majority show slight concessions in price from a week ago, so that
the temper of the market for the time being is rather bearish,
than otherwise.
The affairs of the Western roads are unchanged, and there is
still some uncertainty as to the ultimate effect of the InterState Railway Association, and the acceptance by Mr. Walker
of the presidency. But notwithstanding these facts the grangers have been among the firmer stoclS and have been relatively well held, St. Paul in particular being <|uite firm, on a
good exhibit of net earnings in January, with purchases to
cover and some foreign demand. Perhaps there is a little more
confidence in the stock since the ofllcers havo begun to publish
net earnings again. On the other hand, the coalers have been
weak, as usual of late, the coal business showing no signs of
improvement, and there being talk of a reduction in prices in
consequence of the light demand and surplus stocks.
prominent feature of the week has been Manhattan, with
an active business in small amounts, and wide fluctuations.
On Saturday and Monday last tliere was a continuation of the
strength mentioned last week, on the prospect of larger dividends. But the manner of paying this increased dividend was
a disappointment, for, though the rate was raisetl to a 6 per
cent basis, it was paid in 4 per cent scrip, which will be conAfter this anvertible into new 4 per cent Donds to be issued.
novmcement weakness set in and continued the balance of the
week, the stock declining to 100, from 109^^ on Monday.
Another feature has been the Oregon stocks. Short Line has
been very strong, under the jiending negotiations between
A
Pacific and Northern Pacific, and Navigation w;vs influenced by a favorable decision by the U. S. Supreme Court
declaring void the lease of the Oregonian Railway. The Gould
stocks have been somewhat unsettled, in sympathy with Manhattan. The Chesaijeake & Ohio stocks have come into some
activity and been quite strong.
Union
March
8.
Demand.
Blxty Dayt.
Prime ban leers' sterling bills on London. 4 86i3«4
87
4 89'3
Primp commercial
4 84%«f4 85
Documentary commercial....'.'.'
4 S4iai4 84?i
Paris (francs).
5 20 a5 1938 5 18>«- 5 17^
'..!.'.".'
Amsterdam
(guilders')
franteforj or
Bremen (rclchmarks)
40iin!»40i8
OS'S" 9514
4038
I
407,
05>ai95'H
To-day the rates on actual business were aa follows, viz.:
^Jankers 00 days' sterling, 4
85J^@4 80; demand, 4 88^^04 89.
To-day, Friday,tlie market was dull,and the principal features
were the activity in Teimease Coal & Iron, which advanced to
4214, ciosmg at
*«vi, closing j 40;!^, and the weakness in Reading, which declined tn XS'^yi
to 45%,
—
!.
.
..
.
1
THE CHRONICLK
318
STOCKS-PRICES AT
STOCK EXCHANGE FOR AVEEK ENDING
N. T.
MAUCH
AND SINCE
8,
HIGHEST AND LOWEST PRICES.
STOCKS.
2.
Monday,
March 4.
5168
52
51% 52
*7%
8
5212
52ie
55
95 la
55
55
36%
151s
3614
I514
57
57
Saturday,
March
KU.
ActlTC
Atchison Top.
&
Atlantic
&
SlooUs.
Santa Fe
I'aciflc
*51S8
Canadian raclUc
Canada Sonthern
Centi-al of Kew Jersey
Central Taciflc
Chesapeake &0.—Vot.Ti-.cert.
Do
Do
do 1st pref
do 2d pref...
Chicago Burlinston & Quincy.
Chicago & Eastern Illinois
.
Do
Chicago Milwaukee
Do
95%
95^8
36I4
*15
57%
98
62 13
4438,
98I4
627s
98ie 98%!
io6»8 loe's
pref.
Chicago Eock Island & Pacific.
Chicago St. Louis & Pittshurg.
Do
96
St.
40%
J""^*-
Paul Min
96%
*17% 18%
& Om.
pref.
Ctncin. Ind. St. Louis & Chic.
Chicago
33
92
.
Do
41 14
33
93
IO714 109
73
73%
26=8
CleTOland Col.Cin.&Indianap.;
Colnmbu.i Hooking Val. & Tol
2634
Delaware Lackawanna &West 141% 141%!
Denver & Klo Q., as.sessm't pd. *16% 17%l
""
prof. *42% 43%
Do
East Tennessee Va.
& Ga
Do
Do
9%
—
& Terre Haute
Green Bay Winona & St. Paul,
j
Illinois Central
51%
7%;
5II4
5439
51i.ii
95%'
93
95%'
I
8I4'
36I4I *36
Do
pref
Lake Shore & Mich. Southern
Long Lsland
.
Louisville & Nashville
Louis. New Alb. & Chicago . .
Manhattan Elevated, consol..
.
Michigan Central
Milwaukee Lake Sh.
&
West..
Do
pref.
& St. Louis
pref.
Do
Missouri Kansas & Texas
Mobile* Ohio
'
New York Central & Hudson
New York Chic. & St. Louis.
9%
9581
9%
•914
1st pref.
2d pref.
*18
*73
'43
i
I
*18
•72
•42
19
75
45
I
'
Oregon Short Line
Oregon & Trans-Continental..
Peoria Decatur & Evansville.
.5014
'
3414
Do
51%
34%
*25% 26%
47%
•18
•72
•41
19
75
44
29% 30
69%
70I4
47%
17% 17%
47
•8%
33
•17
5178
9
33%
18
52
26
47
26
1
i
Do
Do
64% 64%
pref.'
Ist pref. !*109
Paul
St.
Paul Mlnnap.
Duluth
Texas*
& Manitoba.
Pacific
Pacific
*102
Do
& Pacific...
pref.
Wheeling & Lake Erie, pref.
inisoellanpoiiN Stocks.
Chicago Gas Trust
.
103
I
!
1
66I4
14
14
27 14 28
6514
14
.27%
6579
26%
140%
15% 15%
26
•42 14
44
44
34%
83%
3.3%
37
i
23%
•95
•7
97
7%
110% 110%
1779
1779:
56% 57%
103%
103
96
60%
96
14
49
101
88
80
107
102%
88%'
81
107%;
>6
7
•13% 15
13% 13%
70%
7134
11
11
'18
•72
56
58
37%!
19
I
75
!
27
44
34
4414
43
44%
83 14
ad.
425 35
83 H
3178
827e
3379
8314
2714
99
Feb.
4214 Jan.
94% Jan.
Highest.
58
.Tan.
8% Jan. 14
Feb. 7
Feb. 14
Jan. 4
3634 Jan. 16
177r Feb. 14
531.2
36%
100
64
Mar.
7
34% Miir. 8
111% Jan. 15
45i4Feb. 11
100 Feb. 8
66% Feb. 1
106 Jan. 14
10478 Feb.
109% Jan. 15
190 13914 Feb.
142 Jan. 21
141 142
11,156 95 Feb.
10078 Jau. 14
95
96
•17% 18%
415 14 Jan.
19% Feb. 6
•40
4234 Feb. 6
41% 2,042 33 Jan.
33I4 .3314
785 30% Jan.
34% Jau. 14
415 89 Feb.
961-2 Feb.
'91% 94
1
IIOI4 Feb. 26
7,590 91% Jan.
108% 110
5.423 35% Jan.
74% Feb. 14
70% 72
25 14 25 14
28 14 Feb. 7
1,705 24% Jan.
144% Jan. 2
139% 140% 52,630 139% Jan.
100 15% Mar,
17% Jan. 14
105 4214 Jan.
45 Jan. 10
8I4 Jan.
979
973 Mar. 7
979
2,220
250 63 Jan.
70% Feb. 13
70% 70%
1,475 21%,Tan.
2334 Feb. 8
23
23
•95
700 86 Jan.
97 Mar. 4
97
110
4% Jan.
7% Feb. 8
7
7
11634 Jan. 15
10979 110
1,255 106 Feb.
700! 16 Jan.
19 Feb. 7
17% 1778
56% 5678! 4,750! 51% Jan.
58% Feb. 13
106 Jan. 15
1027b 103% 17,550!l0178.Tan
1,973! 90% Jan.
96
96
96% Alar. 4
62% Mar. 4
6O79 6II4 57,986! 56i4Jan.
3714 Jan.
49% Mar. 8
49% 49%
10!) % Mar. 4
100 101%: 38,136 90 Jan.
8734 88
1,610 84% Jan.
91% Feb. 14
80
1,075 51%,Tan.
83 Mar. 2
80
10.'^% Mar. 2
1,325 91% Jan.
107% 107%
100
5% Jan.
7 Feb. 7
6
6
734 11% Jan.
1414 I414
14% Mar. 5
800 12i4Feb.
14 Jan. 14
127e 1278
75% Jan. 14
71% 72 14! 28,652 7014 Jan.
•10% 11%!
200
8
Jan.
12 Feb. 12
9II4 9II4!
8178 Jan.
9214 Mar. 4
2,700
826 107% Jan.
108 108%
110% Feb. 2
1714 Jan.
200
19% Feb. 4
18% 18%!
•72
67% Jan.
77 Feb. 4
75
4434 Feb. 2
37 Jan.
41% 44
29%! 25,443 26%Jan.
30% Feb. 18
29
7014 Mar. 4
6,700! 61
6914 69%!
J.an.
4873 Feb. 18
46% 4714! 30,100! 42% Jan.
19% Feb. 7
17% 17%, 1,544 14% Jan.
•8% 8%
125
8% Jan.
9% Feb. 12
810 32i4Mar.
35 Feb. 8
3214 32%i
235 15% Mar.
16
18 Feb. 1
16
53% Feb. 2
50% 50%; 6.430' 49% Jan.
2734 Feb. 11
2079 26781
1,724 25 Jan.
63% Mar. 4
61% 6214 27,226, 59 Jan.
700 21 Jan.
24 Feb. 11
58 Mar. 6
56% 57%! 28,893! 4178 Jan.
34% Mar. 1
33% 34% 35,745 30i4Jan.
720, 22 Jan.
2S>4Fob. 13
25% 25%
50 Jan. 15
45% 46%'l45,795 4534 Mar.
26I4 2678' 16,810! 22% .Tan.
2734 Feb. 13
•80
82% Feb. 8
2,100! 76 Jan.
81
100 100
136! 93 Jan. 3:10314 Jan. 31
'23
410 23 Jiiu. 18 26% Jau. 15
26
61% 61 34 1,250! 61 Jan. 18 667f,jan. 2
37109 Mar. 8 114% Jan. 12
109 109
•36
l,760i 35% Feb. 28 40% Jau. 14
37
•88
200 88 Mar. 7 93% Jau. 18
90
10034 10034
800 98% Jan. 4 105 Feb, 1
23 Jan. 14
20% 2078 13,887 lOH.Tan.
67i4Mar. 4
65% 6578 65,531 62i4J»n.
•13
175, 12% Jan.
14% Feb. 2
14
28 Mar. 4
26% 27% 2,325 24 Jan.
6778 Feb. 4
6478 6478!
1,785! 59% Jan.
61i4Feb.
97 Feb.
I
3679
36781
89
64% 65
64% 65%
Mar.
15% Mar.
56% Feb.
29% Feb.
8,452
1889.
1,
!
58
•13% 14
•26% 27%
•13% 14
14
94% Mar.
1889.
:
61 14'
*47
88
4314
*34
8314
56% 57%
44%
83% 83%;
134% 134%
52
95
I3414
34%
;
i
I
!
150
113
American
United States
Wells, Fargo & Co
152
113
'150
II314
83% 83%
Cable Co ...
Cleveland & Pittsburg, guar
Denver & Rio Grande West.
Denv. Tex. <k Ft. W., Vot. cert
143
141
85
157
&
85
85
157
18%
21%
Central, pref
2414
157
1879
2179
2414
'.'.
Rich. & Allegli'ny, Drexel reo!
St. Louis Ark. & Texas
Tol. Ann Arbor & N.
Cameron Iron & Coal
Maryland Coal
N. Y. & Perry Coal & Iron.
9
M
•25
34
•8%
9
27
34
150
26%
33%
'.
Iron. . .
pref...
Storks, dec. (Unl Isfed.
AmericanCtottonOil Trustt...!
Pipe Lin o Certificates t
I
102
;
150
'113% 115
143
•141
141
83% 83%
85
141
143
•85
1
36
j
•36
38
16
16
914
9
•28
27
27
34
3379 34
•15
16
16
38
103
30
.37%
102
17
I
•8%
38
17
9%
2534
26%
34
34
13% 15%
30
27
29
38%! 38
39%
102
IO214 102 14
!
SSU 58%
92
92%
These are the prices hid and askod
150
!
8679!
114% 113 115
83% 84
15% 15% •15
30% 30%
37
37% 3714 'Wig:
'.
150
201
44% Feb. 27
36% Feb. 11
179:144%
.Tan.
Feb. 4
Feb. 4
Feb. 19
Feb. 8
80% Jan.
7
28
4
11
151
113
8279
55
56
95
*a3
151
1.50
'
83 14
150
II314 II3I4II414
82 14 83%
142
'141
130%
4,135, 50
101
90
101%! 12,1821 92
83% 83%
142
80%
3,175
2,170
56%
143
85% 85
85
85
85
84% 84%
157
157% 157% 157 157% 157% 157% 157% 157%
1878 20
18% 19%
18
19
21% 22
21% 22
21%
21% 21% 21% 21% 21
•24%
26
27
27% 28
27
27
28% 28%
7% 7%
7% 7% •6% 7% •6% 7%
149% 149%
13% 13% 14
•14
14% 14% 14% '14
16
15
150% 151% 1.5034 151
150% 150% 15034 I5114 150% 130%
•6% 7
•6% 7
•6% 7
6% 6% •6
6%
Wayne & Chio.!!"" •150% I5II4
Qnlcksllver Mining Co
•6% 7
Do
pref
•36
.... 38
Pitts. Ft.
152
I
3879
28,020, 34
6,235! 29
100% 101% 101
38
38% 37% 38141 16,425! 35%
199% 199% 199 199%! 2,333 172
80% 86% 86% 86% 53,225 83
53%
•85
102
43 14 44
3278 33
Jan.
Jau.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
8278 8314:
1.32% 133%;
134% 133% 134%
83% 83%
141
Inactive Stocks.
43% 44%
32
32%
57 14 53% 53%
•90
95
94
I
Adams
&
978
7014
23
100% IOII4I
19% 20141 20% 21%;
0379 66%1 65% 66%
I
Tennessee Coal
43
9%
7014
26
27% 27%
65
65%
65% 65%
&
Mexican National cert
Morris & E-ssex
Ohio Southern
32%
92%
13978
75
pref.i *93
100
99I4 IOOI4
Navigation Co.' I0014 101
99% 100% 100
37% 38I4 38% 39% 3879 3934, 3314
Pullman Palace Car Co
200% 201 % 201 202
199 14 201
201
Western Union Telegiaph
86% 87
86% 87% 86% 87% 8614
Express i^tucks.
„ Do
Varlniis
92
19
'72
37 14 37 14
2114
6714
14
27
Canal...!
Pacific Mail
Iowa
3234
IO8I4 109
7134
70
9%
18
,
•88
90%
101% 101%
19% 20%
66% 67
101
66% 66%
j
,
Oregon Improvement Co
Tel.
95% 96%
•17% 18%
•40% 41%
1,
I
Colorado Coal & Iron
Consolidated Gas Co
& Hudson
63% 64%!
109% IIOI4
37% 38
101
21% 2114 20
I
Louis
II014
37
38
*87% 89
'
pref
American
1411414114
33% 34% 33% 34%
23% 26% •25% 26%
40 14 47
40
4679 47%
46%
26% 27% 26 14 26% 26% 2634
80
79% 80% 80 80% 80
101 101
*9,S% 100% 101% 101%
•25% 25% 23 >4 25%| •2514 25%,
64
64
(>3% 63%! 61% 6134'
IO914 IO9I4 109% 109% 110 110%
26
1
EomeWatertown&Ogdeiisb'g 101 101
•97 100%!
St. Louis & San Francisco
25% 25% 25% 25%;
St.
10
75
27%
62% 63%
23% 23% •23% 24
51% 5414 52% 57%
34% 34% 34
34%
27 14
27
pref.
Do
9%
9,705
3,G77
64
43% *41% 43% •41% 43%;
29% 29% 2914 29% 29% 29%!
69% 70
09% 69% 69% 69%!
46% 47 14 46I4 4678 46% 47%
17%;
17% 17% 17% 1779 •17
•8% 9
8% 8%
8% 834
•32% 33% '32% 3314 32% 32%
15% 1534
17% 17% '16% 18
5II4
50% 50%
50% 51% 51
27% 27% '26% 27% 2078 267e
62 14 62
62 14 62% 62
62%
47^8
47%
27
26% 27%!
80% 80% •79% 81
Phila.&Read.Vot. Trust. Cert.:
Bichmond&WeatP't Terminal
Oregon E'y
62
*70
New York Lake Erie & Wesfn; 29% 29%
Do
pref.
68
68%
New York & New England
47% 47%
New York Ontario & West....! *17i4 17%
New York Susquehan. & West. *8% 9
Do
pref. *33
33%
Norfolk & Western
*16
18
•5II4 51%
Do
pref
Northern Paoiflo
27% 2714
Do
pref
62% 62^8
Ohio & Mississippi
23% 23%
Delaw.tre
9%
405
17
1634
4779 Jan.
7% Feb.
50% Mar.
30% Jan.
28,415
50
8
50%:
62% 63% i),578
5,17'
3414
3378 34%
100% 101 '4 100% 101 14! 16,230
43% 43% 43% 43%l 2,880
97
97% 96% 9678 4,500
62% 63% 63 14 6378 122,445
98% 98% 99% 9914! 9,920
15,905
106% 107
106% 107
62 14
33
33% 33%
32
32
100% 101 14 100% 100% 100% 101%
13% 43%
44% 44% 43^8 44
97% 9H% 97% 97'8 9678 9714
6214 63%
62% 62'e (12% 63%
98I4 99
98I4 99%
93% 98^8
106% 107
106% 107
106% 107
110 141%
'140 141
141
141
9534 96%
95% 96% 03% 96%
18% 18% 18% *17% 18%
18
41 14
41% 41% 40% 41% 41
32% 32%
32^8 32^8
91
93% 91% 91%
108 108% 107% 108% 108% 109
73
73% 72% 72% 71^8 72%
25% 25%
26% 26%l 25% 26
140% 140'8
140% 141% 140% 141
*16
16%
*42% 43% •42 14 431,1 43
43
71
35
Lowest.
Shares',
53% 53%
94% 94%
•3514 35%
91% 91%
109% 109% 10914109%*'109 14 109% 108% 108% 108% IO879!
.
. .
Do
Do
St.
60
'7%
.50%
16% 17 14
;
Nashv.Chattanooga&Bt.Louisi
Union
35
16% 17
t
Missouri Pacific
Wabash
'35% 36
36I4
i
Minneapolis
Do
5479!
8.
51% 51%,
51
'7%
15% 16
58% 61
15%;
57%j
March
7.
51%
51% 51
SU *7% 8
50% 50% •50% 51%
53% 5414 5314 5379
9438 95
94% 95
51^8'
7%
52%
55%
March
6.
1
Lake Erie & Western
c&
March
5.
71
71
70% 70% 70
>22% 23% *22% 23%, •22% 23% 2278 23
•95
96% 96%
95
96% 97
95
*7% 7%l *7l4 7%1 •7
7%
7%: •7
11014 11014 11014110%
110 110%; 110 111
I8I4 •18
IHI41
17% 1779 17% 17%i
*1S
57% 57% 57I4 57%l 57% 5734 .56% 3714!
IO314 104%:
104% IO414 104 14 104%! 103% 104
*94% 96%l 96% 96%' 94% 94% "94% 96
61
61%
6O34 6II4J 6II4 62%; 61% 62
4814 48I4
'47
48
48
48
48
48
IO314
105 106% 107
i09%l IO414 108% 101
89 14
*89
8978 90
89
89
89
90
84
85
35
82% 82%! 82% 82% •81
107 107%
L08% 107 107
108 108% 108
*5
•514
*5
7
7
7
6
7
13
13
12% 14% 13% 13%
"lO
*13% 13% 13% 13% •13
13
I314
13
72
72% 7178 72%: 71% 72% 70% 71%
*10
*11
1134
11
11
12
11%! •10
9214!
91
921*
92
91% 91% 91% 91%;
*70
Ist pref.
2d pref.
Evansville
March
;
•
102
44%
pref.
&St. Paul.
pref.
& Northwestern
Chicago
*7%
29% 30
101
.
Do
j
Week,
Friday,
JaN.
Bange Since Jan.
Sales
of the
Wednesday, Thursday,
Tuesday,
:
XLVIII.
[Vol.
423109
2,5361
73%
110134
83
102
40
Mar.
Feb.
2 153
Jan. 10 116
.lau.
4 84%
Jan. 19 144
87 Feb.
1371-1 Jan.
Jan.
20 Mar.
Jan.
2434 Feb.
Jan.
281-2 Mar.
Jan.
8 Jan.
Jan.
5!l50i4Feb.
205 144 Jan.
450 12 Jan. 241 1434 Mar.
323 149% Jau. 14 131 Feb.
5% Jan. 30! 7% Feb.
100!
3678 3678 •36
38% Feb.
38
100 35 Jan.
17% Feb.
17% 17% •16% 17%
800 14% Jan.
•8I0
8I4 Jan.
•8%
I014 Jau.
9%
9%
300;
•26
27 Feb.
27
26% 26%
600 21 Jan.
34 Feb.
.33% 34
3379 34
3,900 24% Jan.
Mar.
](i
15% 157e 16
16
800 12% Jan.
32 Feb.
25
28
27% 23%; l.KiO 23 Mar.
42 '4 Mar.
38% 40% 40% 4214! 40,788 31 .Tan.
102 103% 102 14 102%: 1,210 93 Jau. 4 105 Feb.
785
6
7
205% Feb. 11
87% Mar. 4
1,275 155
2,710 11%
2,335 13
1,023 1334
600
7
i;
^8% 58%! 57% 58>4 .5779 58% .57% 5314 30,970 18% Jan. 16 00%
91% 92%! 90% 91% 9079 917e 91
91%j-.Q.i'.<,ooo 83% Jan. 18 93%
no sale was made at the Board,
t Prices from Ijoth Exchanges,
S?- ^^\
91% 92%l
Jau. 16
138% Jau. 30
~2% Jan. 16
107% Jan. 30
8
31
9
6
11
12
15
13
11.
19
28
8
11
8
19
Feb. 13
Feb. 26
I
.
MariH
BONUS
-
.
THE CHRONICLE.
ltM-8.1
9,
.
LATEST PRICES OF ACTITE BONDS AT
W. ¥.
319
STOCK EXCHAWQE, ANB BANQE SINCE JAN.
I,
Igga.
Itange Since Jan.l,
alotiiig.
BAII.R0AI> BOKU8.
B.tUeh.
IjfcA.
Inc., 6b, 1010.
Atl. ie I'ao.— W. U.
(Imir., ta, 10:t7
Ciui. Soiitli.-l»t gimr., 5»,
2(1, ">H,
21'e
va',^??*
1008 108 Ha
1013
Coulriil of N. J.-lBt, 7b, 1800
Cousiil. 79, 1800
Convert. 7», 1002
General mort., SB, 1087
Lowttt,
1.
niuhesl.
20
22%
.Tan.
03i4Jan.
O-IU
103>8b. 103
l-'pb.
!120 Jan.
12,'5
b.;l'-'.5
Jan.
9438
..103'!
la^sa. laiHi
117
122
120
110
119
109^ jlOU^Jan.
look's
l.eb.A W.Ii.,con.7H, ia09,»8'nt
117
b.
Imp., h», 1921 ... lOOiub. llOi^a. 108 Jan.
Central I'lieillc— (ioid Os, 1898.. 115 b. 11 r<4b. 113'4 Feb.
1105 b. 10434b., log's Jan.
I-nud irraut (is, 1800
10738
105% Jan.
[10738
MortKn^'o (i.B. 1030
79% Jan.
Ches. \- ().— (iB,K., B.,reorg. oer.'
79HJan.
Ext.conp.. 4b, 108(1, reorg.cer.l
gg^a Jan.
Bs, currencv, lOlH, reorg. cerJ
Am. Dock
.V
117
MortKawUB, 1011
Clu-H. O. .tSo.
Chle. Burl.
Chl«. Burl.
W.— .Vtis,
1911... 109
& No.— lal, 3s, 1020.102
* Q.— Con. 7, 1003.. 131''8
Chle. A IU(l.CoalK.,l8t,59,103« 104
Chie. Mil. \St. P.— COU.7B, 1903 123
lat,S(mtli\vei.tDiv.—ti9, 1000.113
b.
09
.
'
I
Feb.
Feb.
102%
Feb.
Feb.
.Tan.
ia3
107
Mch.
Ian.
135% Jan.
Jan.
130 Jan.
01% Jan.
116 Jon.
131% Jan.
Ill 1,1 Fob.
108 Jan.
1
1
113'4Fob.
05
131% Jan.
05 '4
I
Ore. R. &Nav.
Consol., 3s, 1025
113% Jan.
108% Jan.
lll%Mch, 113 Feb.
04 Jan.
90 Mch.
114%Jan. 117% Mch.
11914 Mch.
II714 .Tan
115% Jon.
112 Jan,
07% Jan.
103% Jan.
64% Jan.
115 Jan.
119 Jan.
103 Jan.
44% Jan.
71% Jon.
104
104% 102 Feb.
111
110%b.llO Jan.
105
104% 102 Jan.
106 b. IO6I4 101% Jan.
108i4b.ll08i4b. loo'e Jan.
108 b.lllO b. 104%Feb,
118% Mch.
110
106
107%
73
117
120
107
76
I
105
KM
76% Moh.
94
6214 Jan.
82 14 Feb.
64% Feb.
31 14 Feb.
116
I
116 Feb.
108 <4 Jan.
111 Feb.
107% Feb.
114
110
09
38
110
Feb.
Feb.
Jan.
107% Feb.
10314 Feb.
106 Feb.
90 Feb.
116 Jan.
118 Feb.
118 Feb.
117 Feb.
I
[
i.'.
t
'
[
[
I
I
104% Mch.
120
120
1
C—
'
I
. .
90
i
92%
34
96
1
I
I
60%
10
107
116
j
I
1
100
99
I
108
107
103
1112% Feb.
115i4Feb.
116% Jan.
114% Jan.
88
42
94
87
95
Feb.
Feb.
Feb.
Jan.
Feb.
9414 Feb.
90% Feb.
80 Feb.
i
|
t
i
I
!
[
99
94
[
Mob.
Feb.
106% Feb.
,
100
44
!
i
Feb.
Feb.
111% Jan.
110% Jan.
,
1
Feb.
120%. Tan.
i
,
Hob.
Mch.
117'3Mch.
|
I
Moh.
102% Meh.
I
1
'
01% Jan,
30% Jan.
1
;
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Fob.
IO8I4 Fob.
1
!
Feb.
Feb.
100% Moh.
98% Jan.
1
'
Jon.
Jan.
104% Jan.
.
I
I
Feb.
91% Mch.
00% Feb.
I
1
i
Jan.
94% Jan.'
82% Jon.
I
;
Feb.
IOS'b Feb.
% Feb.
100% Feb.
I
|
Moh.
106% Mch.
,
.
Moh.
Jan.
Feb.
lOO'e Feb.
11214 Jan.
Oregon & Transcon'l-Oa, 1922.
Penn. Co.—4%9, coupon, 1921..
Peo.Dec. & Evans.— l8t,6s, 1920
Evansv. Dlv.— Ist, 6s, 1920... 106%b. 105 b. 102%
176
2d mort., 39, 1927
66
Phila. & Head.— Gen. 4s, 1058.. 01%
02%
88%
1st pref. income 53, 1058
82%
8414
81^8
2d pref. income 58, 1958
60%
72
60
57 b. 58 b. 56%
3d pref. income 39, 1958
76I4
Pittsb. & West.— Ist, g., 4s, 1917 81 b. 81%
Rich. &A11.— l9t,78,Drexelcert. 62%
63 a. 58
2d mort., 69, 1016, Drexel cert. 30
29 %a. 26
Rich, ii Danv.— Con., 69, 1015 ..
115%b.;114
[
Fob.
Fob.
Feb.
Jan.
51% Moh.
I
i
|
Feb.
Feb.
135
no
68, 1910.
Co.— Ist, 6s, 1909
.Mob.
118%
.
Oregon Imp. Co.— Ist,
reb.
.Inn.
Wi9. A Jlinn. Div.— 53, 1021 ..'
Jan
lOlSeb.
Terminal 3s, 1014
Jan.
CUo. & N. «".-Consol. 7s, 1015. 145%a.
Jan.
130i2b.
Gold, 7.-', 1002
Mch,
SlnkiuK fund (is, 1929
.Mch,
IllO^ab.
SinkinKfund 39, 1020
Mcb.
SiukiuK fund debent. 59, 1933 113 b.
Jan.
25-year debenture us, 1000... lOOi^b.
Jan.
100 b.
Extention 49, 102G
Jan.
Cblc. K.I. iHrPac.—Os.conp., 1917 13112b.
Jan.
91%" 88
IO534
Extension & col. 5x, 1034
Consol. gold, 38, 1036
86 Jan.
Rich. & W.P.Ter. —Trust 6s, 1897 90180. 98%
Chlc.St. P.M.&O.— Con.6s,1030 VZY^h.
06 Feb.
Ch.St.L.A Pitt.— l9t,con.5»,1032. 100 h.
Roch. & Pittsb.— Con. 6s, 1922.. 116%b.!ll4%b. 113 Jan.
96i4Fcb. Rome Wat. &Ogd.— Ist, 7s, 1801 108i6b. 108%b. 107% Jan.
Cleve. & Canton- 1st, 59, 1017. 9312b. 05%b. 92i2Jan.
132 b.!l30 Jan. [134 Mch.
Consol., extended, 3s, 1022... 110%b. IIOU
108i4Jan.
C.C.C.& I.— Consol. 7s, 1014.. 133
116 b. 116 b.'ll2 Jan. 116% Feb. St. Jos. & Gr. Isl.— Ist, 6s, 1025. 107
General «9, 1034
107 %o. 104 Jan.
102 b. 100 Jan, [105 Jan. St. L. Alt. & T. H.— Ist, 78, 1804'
Col. Coal A Iron— 1st 69, 1000.. IO214
112% Jan.
84»9
80% Jan. 87% Feb.
Col. H.Val.&Tol.— Con. 58, 19311 83
2d, mort., pref., 7s, 1804
ll05%Feb.
86 b.' 86 b. 82 Jan.
87 Feb.
.100 b. 107%b. 104% Jan.
General gold, 68, 1904
2d, mort., mcorae, 7s, 1894
120i2b. 120 b. 119 Jan. 122 Feb. 8t. I,. Ark. & Tex.— Ist, 6s, 1936j 08%
Denver & Rio Or.— 1st, 78, 1900
98%
02 Jan.
_
8OI4
75 Jan.
35 b.
80%
80% Mch.
2d,6s,1036
__
l9t consol. 4s, 1036
35 Jan.
Denv.&K.G.W.— 1st, 6s, 1911.1 99 b. OSiab. 84% Jan. 102 Mch. St. &'lr6n Mt.— ist.'fs, 1892! 106%b. id6'8b.'l06i4 Fob'.
'
108 b.'
73% Jan. 89% Mch.
Assented
86%
84%
2d mort., 78. 1897
105 Jan.
Denv. S. Pk. &Pac.— l9t,78,1905! 8414b. 84 b. 81 Jan.
85 Feb.
Cairo&Fnlton— 1st, 7a, 1891. 103 b.|103 b. 102 Jan.
103 Jan. 108% Feb.
Det. B. C. & Alp.— l8t,ff.,6s, 1013 107%b.
CalroArk. &Tex.— lst,78,1807 10.l%b. 104 b.:l04 Feb.
Jan.
Det. Mac. &M.—I,a.cr.3%s, 1911 3714b. 38 b. 34
40 Feb.
Gen. R'y & land gr., 5a, 1031. 85
84 b.l 81 Jan.
Dul. & Iron Range— Ist, 5s, 1037 lOO'eb. 102
OO'aJan- 104 Feb. St. L. &SanFr.— 6s, CI. A, 1906ll8%b.lll8 b.He Jan.
'118%b.'ll8 b. 115% Jan.
E. Tenn. V. & O.— Con., 3s, 10.36 IO514
IO514 102 Jan. 105% Meh.
68, Class B, 1906
ill8%b.ll8 b.,ll3%Jan.
Eliz. Lex. & BIgSan.—«9, 1902. 101%
102
99 Jan. 106 Feb.
6a, Class C, 1906
General mort., 6a, 1031
116%b.!H7 b. 115% Jan.
Erie— Ist, consol. gold, 79, 1920 137%b. 137% 137% .Tan 141^8 Feb.
'104%b. 104%b. lomJan.
illl%b.'lll%b.lll034 Jan. 112% Feb.
Long Dock, 79,1803
General mort., 5a, 1031
Consol. 63, 1033
121 b.;i21 Mcb. 123 Feb. 8. P.M. &M.— Dak.Ext.,6s,1010llO b. 122 0.118 Jan.
llO'sa. 118 b. 113% Jan.
N.Y.L.E.ifcW.- 2dcon.6s,1969 103
IO314
98 .Tan. 104% Meh.
Ist consol., 6s, 1933
Ft. W. A-Donv.
Ist, 6s, 10211 93%
Do
reduced to 4%8...100%b. lOOkb.i 98I4 Jan
04%
90 Jan.
96 Feb.
94i4Jan.
97 %b. 97 b.; 06i4Feb.
Gal.II.A8anAnt.— W.Div.l8t,58l 9539
Collateral trust, 5s, 1808
9514
95% Feb.
8914
Gr.B.W.Ait^t.P.- 2dinc. 8s, 1011 21%h. 21 h.! 18 Jan.
Montana Ext. 1st, 48, 1037
83i4Jan.
89%
23 Feb.
OullCol.&8an.Fe—l»t, 79,1909, 114% 114 b.il06%Jan. 116 Feb. Shcn. Val.— lat, 79, 1000, Tr. reo. 00 a. 91 b.l 90 Jan.
30 b. 31 Jan.
Gold, 69, 1923
80%b. 70%b.i 7OI4 Jan.
General 6.S, 1921, Trust reo... 33
87% Jan.
Han. iSt. .los.— Con9. 6s, 1911. 121 a. 120 b.ll20i4Jan. 124 Feb. South Carolina— Ist, 6s, 1920. .. 95 a. 95
90 Jan.
57
lut.AGt.No.— lst,69,gold,1919:103 b. 102%b.il02 Feb. 109% Jan.
2d, 68,1931
i:53 b.l 47 Jan.
63I4 Mcb. 74% Jan.
5 b.' 9%a.
Coupon, (!s, 1009
Income, 69, 1931
5% Jan.
65 b. 63%
100%a. 105% Jan.
Kentucky Cent.—Gold 4, 1987..' 79%b. 79''8
71% Jan. 80% Meh. So. Pac., Ailz.— 1st, 68, 1909-10.
Knoxv. &0.—l8t, 69, gold, 1925 103 b. 106
101 Jan. 105% Feb. Bo. Pac, Cal.— 1st, Os, 1005-12.. 115%b. 115%b. 114 Jan.
I.. Erie & West.- 1st, g., 5s, 1937 10914b. 10834b.ll07
Jan. IllO Feb. So. Pac, N. M.— 1st, 6s, 1011 ... 106 b.
105% Jan.
Lake i?hore.-Con.cp.,lsf,79,1900 128 b. 128 b. 12514 ,ran. 1129 Feb. Tenn.C.I.&Rv.—Ten.D.,l8t,6s 09 o. 98
89 Jan.
Consol. eoup., 2d, 79, 1903. ...112738b. 127 b.124 Jan. 1127% Feb.
98 b. 98
Birm. Div., 1st, 6s, 1917
89 Jan.
r.ong Island— Ist, con., 58, 1931 116%b. 116 b.ill4i4 Jan. llO's Mch. Tex. & Pac— 1st, gold, 5s, 2000 88%
89 b. 87% Mch.
General inort., 4s, 1038
36%
35 Mch.
36%
100 a. 09%R.I| 92% Jan. 100 Feb.
2d, gold. Income, 59, 2000
TxHiisv. 6i Nasbv.— Con.,79, 1898;121%b. 120%b.lll8% Jan. 1I2II4 Mch. Tol. A. A. & N. M.— Ist, 6s, 1924 107 b. 108
99 Mch.
E. IT. & N.— 1st, 68, 1010
116 b. 117%a.ill6 Jan. [117 Feb. iToI. A. A.& Gr. Tr.— 1st, 68, 1921 103%b. 106
X03 Jan.
General, 69, 1030
111338b. 113 b.'ll2
Mch. Tol. & Ohio Cent.— Ist, ,3s, 1933 102% 102%b. 101 Jan.
Jan. 113%
Tnist Bonds, 69, 1922
101
llll%b. Ill b.ilOOia Jan, 111214 Feb. Tol. St. L. & Kan.C— Ist, 69,1916 102
92% Jan.
'
"
tl03%b.l
10-40,69,1924
101% Jan. 101% Jan. UnionPaciflc— Ist, 63, 1800 ....ill7Ta 116 b. 115 Jan.
1103 b. 103 b. 102% Feb.
50-year3.s, 1937
Land grant, 7a, 1887-0
101%b. 101
98 Jan. 102% Meh.
Ix)uis.N. A. &Ch.— 1st, 69, 1910 117 b. 116 b. II214 .Tan. 117
116 b. 115%b. 110 Jan.
Sinking fund, 88, 1803
Feb.
Consol., gold, 69, 1916
KansasPaeiflc- 1st, 6s, 1805.'100%b. 105%b. 111% Jan.
101% H0214
93 Jan. 102% Mch.
Mem. & Cbar.—6.9, gold, 1924... 103i4b.!l03
110%b. 110%b. 100% Jan.
1.9t,69, 1806
102% Jan. 103% Feb.
Metro. Elevated— lst,6s,1908.. 116%
114%b
DenverDtv.- 69, 1899
114 Jan.
117
Ill's Jan. 117% Feb.
2d, 6,s, 1809
114% 114 b. 112 Jan.
1st consol., 68, 1919
108 b. 107 b. 106 Jan. 110 Feb.
Mieli. Cent.— iBt, eon., 79, 1002. 132 b.'132 b. 131 H Jan. 133
111 b.lll Feb.
Oreg. Short Line— 1st, 68, 1922113
Jan.
Consol., 5s, 1902
78% Jan.
Ill Jan. 112% Feb. VirginlaMld.—Gen. m.,.38.1936 85%b.| 88
b.l 37% Jan.
Mil. Lake8h.&W.— l9t,6s, 1921 121 b.l2158
'
118%,Tan. 121% Fel). Wab. St. L. & P.— Gen.,6s, Tr.reo. 40 b. 40 "
Con v. debentitre, .39, 1907
93%
88% Jan.
Chicago Div.— 5s, 1910, Tr.reo. 94
100%
92% Jan. 10034 -Mch.
90%
Milw. ii North.— M. L.,68, 1910. 109%b. 109%b. 106% Jan. 109% Mch.
Wabash— M., 78, 1909, Tr. reo. 85 b.' 85%b. 86 Jan.
Extension, Ist, 68, 1013
%b. 89% Jan.
03
108 a. 108
Tol. &W.— Ist, ext., 7s, Tr.reo.' 94%
10514 Jan. 108 Feb.
Minn. & St. Ix)ul.s— Ist, 79, 1027' Ol-'sb.
lst,8t.L.Div.,78,1880,Tr.rcc.l 94 b.i 93 %b. 93% Feb.
90 Jan.
92 Feb.
Mo. Kan. & Tex.—Con., 6», 1020; 56 b.' 56
2d,extend.,79, 1803,Tr.rcc. 86 b.l 85 b. 87 Jan.
54% Jan. 62 Jan.
Con.Hol., .3s, 1920
Feb.
53
51 14 Jan.
57i4,Tan.
Con., conv., 79, 1007, Tr.reo., 85 b. 83 b. 85
53%
Consol., 7s, 1904-5-6
Jan.
Gt. West.— lst,7s,1888,Tr.recl 94 b., 93%b. 89
90%b. 90%
90 Jan.
92% .Tan.
Mo. raeitic— l8t, con., 68, 1920. 114 b.'ll4
Mob.
2d, 79, 1893, Trust receipts. 86 b. 85 b. 86
110% Jan. 114 Fell.
3d, 79, 1906
106% 106% 102% Jan.
_
118 b. 118 b. 116% Jan. 119% Feb. West Shore— Guar., 49
95i4Jan.
Pac. of Mo.— Ist, oxt.,48, 19381 9858b.l 99
99%
97% Jan. llOl .Tan. West. N. Y. & Pa.— iBt, 5, 1937. 09%
2dmort., 79, 1891
40%b.! 41%
30% Jan.
105 b 105 b. 104 -»«. 103 Jan.
2d mort., 3g., 58C., 1027
^.^ Jan.
Mobile & Ohio— New, 6s, 1927.. 112%b. H258b.ill2% Feb, 113% Feb. West. Un. Tel.—Col. tr., 59, 1938 101% 101%
98 'a Jan.
General mort. 48, 1038
104 b. 102% Jan.
47%
48 a. 41%.Tan
SO'sFeb. Wheel. & Lake E.— Ist, 5s, 1926
Note.— The letter "b" indicates price but, and "a" price atkal ; all other prioes and the range are from actual sales.
1
13m
illicjo. 111
|
107
98
131
IO3J2
Jan.
Jan.
129
.
I
HO
Min. Div.— (>9, 1010... 112»2
l9t,Cli..trao.W.Dtv.— 59,1021 103 b.
1st, 80.
6», 1911. 101 %b.
7», 1013 i:i2 b.'
no
86% Feb.
87% Feb.
Jan. 110 Jan.
Jan. IIOOI4 Feb.
Jan. 1132 Feb.
Feb. 106 Jan.
92i2b. O2I3 Feb.
94% Jan.
O414
01 ^g Jan.
05 Feb.
119 b.ll8 Jan. 119i4Jan.
124
118 Jan. 12414 Mch.
103
197 Jan. 104% Fell.
89 %b. 83 Fob.
01% Mch.
104
199 Jan. 105 Feb.
124
12212 Jan. 125 Mch.
112 b. 112 Jan. 115i4Fob.
IIOI3
Jan. 113 Feb.
103 Jan. 106 Feb.
00 Jan. 102 Feb.
100 b. im) Jan. 102% Feb.
14514 143% Jan. 147 Jan.
130i.jb. 120i2Jan. 132
Jan.
122V!b.illO Jan. 122 Feb.
110 b. I()8i2 Jan. Illl Feb.
Ill h.109 Jan. 110% Jan.
lOGifib.tlOo
Jan. 107 Feb.
100% 108 Jan. il04iiFeb.
132 a.]l31i4Meh. 133 Jan.
I0534 lOi'^Jan. 1106% Feb.
121% 1IIOI2 Jan. 122 Fob.
100 b.; OO^Jan. 100 Feb.
,104 b.
Debenture 5.x, 1013
DenverDivlslon, 49, 1022 ....! 93'Va.
Nebraska Extension 49, 1027. 04's
Cblc. AK. III.— l»t,9. f.,««, 1007ill0%b.
1123 b.
Consol. (!s, 1034
General cousol. Ist, 38,1037.. 102%
Chic. Ua.x. I..iC.— l8t,K,3s,1937 91 la
f.,
L.— l»t,
N. Y. Elevated— 1st, 7», 1906... 117
117 b.
N. Y. Lack. & \V.— lat, 69, 1921. l.T'l%b. 134 b.
Construction, 59, 1923
112%b.ll2 b.
N. Y. ANorth'n- Ist, 5s, 1027.. 100%b.'100 b.
N. Y'. Ont. & W.— Ist, (is, 1014..
b. 112
N.Y.SUB.&W.— l8trcf.,5a,1037 09
97''9
Mldlandof N. J.— lat,6B, 1010 117
Norfolk & West.- Gen., 6s, 1031 119%b. llokb.
North. Pac.—l8t, coup., 6s, 1921 118%
118
General, 2d, coup., 1933
115
116%
General, 3d, coup. 6b, 1937... 105% 105%b,
No. I'ac. Tor. Co.— Ist, 6a, 1933. 107
lOe'g
Ohio Ind. & Weat.— 1st, 58, 10381 70%b. 7114b,
Ohio A Miss.- Consol., 78, 1898.'ll0i4b. II6I4
,.
"
2d, consol., 79, 1011
119 b.
Ohio Southern- Ist, 6a, 1021 ...llOO b, 106%a.
2d, Income, Os, 1921
51
48
Omaha & St. I,.— Ist, 4b, 1037.. 75'8
74%
115% Mch.
105% Feb.
107% Feb.
33
St.
Debenture, 3fl, 1004
111%
N. Y. & Harlem— Ist, 7s, 1900'
N. Y.Chlo. &St.L.— l8t,4s,1937| 05%
B'cb.
.Tan.
llSHJan. 118
117 b.
100
101 b.
132
103 la
b.
b.
b.
A
Consol. fis, 1938
105 b. 10
N. Y. Central— Extend., 5b, 1803 106 %b. 1
N. Y. C. & II.— 1st, op., 78, 1003 135%b. 1.;
Jan.
Jan.
1101% Feb.
lljiflJan.
b.
Nash. Ch.
Feb.
Feb.
Feb.
108%
07 14 Feb.
106% Jan.
loeis Jan.
'108>a
Mntnal Uu. Tcl.-8.
83
Jan.
78 "s
21
83
I
Feb.
Feb.
Feb.
10414 Feb.
'l03
1
NTATB BONDS.
BECUKITIEfl.
Habama
A
I
1906
Class B, 5s
1006
Class C, 48
10O6
6s, 10-20
1900
Itkansas—tia, funded.. 1899-1900
7b, LlWle Rook A Fort Smith, Iss.
7«, Memphis & Little Koek, las..
Class
3 to 5
7«, ArkaUHiie C^eiitial
Beorgla— 78, gold
wnlstana— 79, cons
Stamped, 49
Wohlgan— 7b
..
Bid.
SECURTTrES.
Ask,
MIssonri— 6s
111
101
New York—6s,
101%
6s, loan
loan
—6s, old
North Carolina
Funding act
KK
New bonds,
1890 104
1914
87
1890 106
Bid.
due 1889 or 1890 100
Asylnmor University, dne 18921 108
1894-18951 1 12'»
Funding
••'
105%
104%
87%
Cliatham
..
J.
KR
&
ni
1892|
1893| 11114
JAJi
1900
J.. -.1892-1898
Special tax, Class 1
ConsoUdated 48
es
35
10
20
Ask
SECURITIES.
Bid.
Rhode l8land-6s, con. .1893-1894 Ill
5
South Carolina—«s, non-fund. 1888
105
1893
Brown oonsoUdated 6s
65
Tennessee—6s, old
1 892-1898
Oompromlse, S-4-5-6s
1912 75
1913 103 104
New settlement—6s
101%
1913
5s
1913
72% 72%
3s
Virginia- 6s,old
,.
1010
1919 124
68, conpolldated bonds
es, lonsolidated, 3d series
6s. deferred, crust reo
10
2
1
.
THE CHRONICLE.
320
[vou xLvni.
BONDS-STOCK EXCHANGE QUOTATIONS ON FRIDAY OP THE LESS ACTIVE RAILROAD BONDS.
BECUKITIES.
Bid.
BECUBITIES.
Ask
1937
Dul. 80. Sh. & Atl.-5s
Railroad Bond?.
E. Tenn. Va. & Ga.— Ist, 78. ..1900
(Slock Eichangt Prices,)
1930
95
Divisional 5s
Atoh. Tod. & San. Fe—4i8S...1920
1937
1911 10312 1031s
Istext., goU, 53
flInUng fimrt, 68
98
Equip. & Improvem't, g. .'i8.1938
Chic. 8. Fe&Cal.— 1st ff.. 58.1937
120
Mobile & Birni.— iRt, g.. 58.1937
Bait. & Onio-lstes, Park B ..1919 118
192,5 1071* 108
Alabama Central— 1st 68 ...1918
6b, gold
1897
1988 1081*
Erie— Ist, extended, 78
Cons. mort.. gold, 5s
1919
1936
2d, extended, 53
Beecu Creek— let gold, 4s
98%
1923
3d, extended, 4128
H. Tun. & W.—Del). 5s... 1913
Host.
1920
Bmoklyn Elev.-lst, G., 6S...1924 110 IIOI4 4tli, extended, 58
89
1928
1915
5th, extended, 48
2d. 3-.=)B
1920
let, cone., fd. coup., 78
Union EL, lat, guar., 6s. ...1937 ioeia 10676
Bninswick & West.— Ist, g.,4s.l938
Bufl.Eoch.*Pltt8.— Gen.,5s...l937
1921
Eoch. & Pitts.— 1st 68
Bnrl. Ce. Eai>.
ConsoL
&
95
col. tr,
ibo'
120
98
& No.— let, 58. 1906
1934
5s
&St. L.-lst78, gu .1927
& West.-lst 78. ...1909 99
Oed. Eap. L F. & N., Ist 6s. 1920
l8t ,5s
1921
102%
Central OhioEeor.—istr4'2e,'l930 102
Cent. KE. & Bank.— Col. g..58.1937 101i£ 102
Cent, of N. J.-Conv. dob. 68.1908 106
Central Paciflo— Gold tods., 681895 113
Gold bonds, 68
1896 11358
Gold bonds, 6s
1897 II3I3
Ban Joaquin Br. 68
1900 H4ii
Cal. & Oregon— Ser.B., 68.1892 102
West. PacUlo— Bonds. 68. ...1899 112
No. Eailway (Cal.)— 1st, 68.1907
ChM. A O.— Pur. M. fund. 6s. 1898 115
6s, gold, ser. A
1908 '117
94O8 94%
iBtconsol. 58. g
1939
Chee. O. & So. West.- 2d 68.. .1911
77
Chicago & Alton— Ist. 78
1893 IIII2 1131s
BlnHng fund, 68
1903 124 126
Ifluis. & Mo. River— lst78.. 1900 1211s
2d 78
1900 121
8t. JL. Jacks.A Chic— l8t,78. 1894 II5I3
1st, guar. (564), 7s
1894 115
2dniortg. (360), 78
1898 II8I4
2d, guar. (188), 78
1898 118
Miss. E. BridKe— 1st, s.f. 68.1912 1061s
CUo. Burl. & No.— Deb. 6s. ...1896
CWo. BurUng. & Q.— 58, 8. f...l901 103 109 5&
Xowa Dir.— Sink, fund, 58. .1919 •111
Sinking fund, 4s
1919 971s 98
Plaln,48.
901s
1921
Clilc.Mll.&8t.P.— lBl,88,P.D.1898 12415 125
2d, 7 3-108, P. D
120
1898
l8t,78,$g.,E. D
126
1902
let, La Crosse Division, 78. .1893 110
1st, I. <feM. 7s
1897 115 116
Jat, I. & D., 78
1899 118
iBt, C. & M., 7s
1903 125 127
l8t. 78, r. & D. Ext
1908 1241s
1st Southwest Dlv., 6s,
1909 113
let, La C. & Day., Ss
1919 102
let, H. & D., 78
1910 120 122
};«(H.& 1)^58
1910 100
Chicago & Paciflo Dlv., 6s. .1910 118
I1914
Chic. & Mo. Eiv. Dlv.. 5s ...1926
9914 99%
Mineral Point I)ir 5s.... 19 lo ICO 101
C. & 1 Sup. Dlv., 58
99 102
1921
Fargo <fc South., os, Absu . 1924
12118'
Inaconv. sink, fund 58
1916 90ifl 95
Oakota is. ot. South., 58
90
1916
Olio igo & Northwestern—
Kscanaba & L. 8.— 1st, 68. ..1901 111
pes M. & Minn.-lst, 78 ....1907 1261a
towa Midlaud-lst, 88
1900 1321s 135 "s
Peniu8ular-l8t, conv.,7s. .. .1898 124
CWo. & Milwaukee— Ist, 7s. 1898 122 124
* St. P.-2d, 78...:....1907 135 137
SJf & Mad.— 1st, 68
MU,
1905 II514
8?-?- ^- S,^*- P--l8t, 58::i909 106
Northern 111.— Ist, 5
1910 106 1« 108
^^' w™^^ ^, St. L.-Gd.g. 5s. 1928 95I4 96
BlUin.
Iowa
C.
.
,
1
.
•
.
Cmc. Eock Isl. & Pac—
Ces Moines & Ft. D.— Ist,4s.l905
^t,2ia6....
80
1905
Exten8lon,4s
1905
80
Keok. "feDesM.— Ist, 5s!"'l923 105
14
OWo. * St. Louis— Ist, 68
Chio.6t P.&Kan.C.-58
1915
19a6
Mlnn.&N.W.— Istg. es....l934
CHlo. 8t. Paul M. & orOhio. 8. P. & Minn.-l6t, 68.1918
81
50
11919
9518
•126
No. Wisconsin— l8t, 68
1930
C.-lst, 6s
CWc. A W. rnd.-lst, s.f., 6s.. 1919 i25' 127
1919 114
General mortgage, 6s
1932 1171*
Cto. Ham. & D.— Con. s. f., 78. 1905 I22I3
2d, gold, 4'.2S
1937
991s 101
Cto. l.dt.L.& Chlo.-l8t,g.,48.1936
97''(
93
S.
.riK^'- ?.^'!} *?
Consol. 6a
1920
l^m. 8,nd. & Clevc. -l8t, 78. .1890
J^°?80'- 1»- 8 88
1928 1031s
i/T. t/ol.
95
.
Cm. & Ind.— i8t.
7s. a f '99
*
Consol. Hink. fd.. 78 ...
1914
Cleve. * Mah. V.-Gold Ss
19^«
Colox^ado MidlM-lXgold.V,;i936
OoL&Green.-l8t,6»
123 18 1231s
i09"
100
....1916
90
We»t.-Couv. 78.1892 109
1907
139
*^"»='-lst.78
1914 147
*
tX^^
Mortgage, 7s
"2?^ *
91
139
148
1071* 107 14
*l2i
::::::::::::iggi' * 129 Is
Tv'isTi
OcL & Hud Canal-lst,
. .
189
v^\
ooai>ou,7«,..:::
??J,^'T-. tour.,78
Albany
7e.
1917
i 8u8q.-l8t,gu.,78.1906
1441s 145
10638 107
Ill's
II7I4 il7%
145
lat, COU8., guar., 6s
1906'
Bens.
8ar.— l8t, coup.,78.1921
12514
14»is
g.58....1928
Soifl
Deny.
•
&
& E. U.-Imp.
No
price Friday
;
81
Bid.
89
12114 122
112
90
BECUBITIES.
Ask.
92
Bid.
Northern PaciSc— (Continued)
JOS
, Dul.&Man. Dak. Dlv.— Ist 6s. 1937
La. M. & Mo. E.— l8t,5s
1937
Ask.
loeia
North. Pac. ifcMon.-l8t,G8.193S 10238 i02'ii
Cteur d'Alene. Ist, 6s, gold. 191C *105
& W.—New Klv.— lst,68.1932
113 115
1934 108
1924 111
117
Equipment. ,58
1908
109 112
Clinch Val.D., let equip, 58.1957 * 91
114 II8I2 Ogd. & Lake Ch.— Ist.con. 68,1920 «
102
100 Is
Ohio & Miss,- Cone,, s. f,, 7s.. 1898 II6I4
139
Sp'gneld Div.— 1st, 78
1905
General 58
1932
1908 110 113
Eeorg., let lien, 6a
144
Ohio Elver ER.-lst. 58
1936 100 102
1916
B. N. Y. & E.— Ist, 78
General mort., gold, Se
1937 83
N. Y. L. E. & W.— CoL tr., 681922
1969
9 4 is Oregon & Cal.— let, 58
1927
Funded coup., 5s
Panamar-Sink. fd., sub., 68. ..1910
Income, 6a
1977 73
Pennsylvania EE.—
Buff. &, 8. W.— Mortg. 68.. ..1908
Pitts. C.&St.L.— l8t,op.,7s.l900 118%
Eureka Springs E'y. 1st, 6s, g.l933
Pitts. Ft. W. &
Evan. & T. H.— 1st, cons., 68.1921 120
1st, 78. ..1912 145
2d, 78
1912 141 115
Mt. Vernon— 1st, 68
1923 110
Evans. <fe Indian.— Ist; cons. ..1926
3d, 7s
1912 •140
Clev. & P.—Cons., 8. fd., 7s.l900 •128
Fl't & P. Marri.— Mortg., 68.. .1920 12Hs
133
109
4th, sink, fd., 68
1892 105 13 loak
Gal. Har. & San Ant.- l8t,68.1910
ioi" 1031s
Bt. L. V. &T.H.— lst,g.,78.1897 115
1905
116%
2d mort. 7s
95%
2d, 78
1898
Grand Eap. & Ind.— Gen. 58.. 1924 95
83
2d, guar., 7e
1898 110
Green B. W. & St. P.— 1st, 68. 1911
Housatonic— Cone, gold 5s. .1937 108 108% Peoria & Pek U'n— let, 6e....l921 113 114
2d M., 4138
_..1921
Hone.&Tex.C— Ist.iu. 1. 78.Tr.reo. 125 126
69
70
West Dlv. 78. Trust receipts. 1891 125 125% Phlla. & E.— 3d pr. lac. conv.,1953
Pine Creek EaUway— 6s of 1932
1st Waco & Nor. 7s
1903 103
115 118
Pitts. Cleve. &T0I.— l8t,68...1922
2d m. 8s M. 1.. Trust receipt8.19 1
6
75
Pitts. Junction— let, 68
1922 109 ...Ma
Gen. mort.68.Trust receipt3.1921
Pitts. McK. & Y.— 1st, 6s
1932 120 ..-•«
Illinois Central— let, g., 4e. ..1951 1081a 109
95
Pitts. Painsv. & P.— Ist, 58. ..1916
let, gold, Siss
1951
99 >s
Gold 4s
Pitts. Y. iS Ash.- l8t 58
1927
1952 ibo'ifl 101
Springf, Div.— Coup., 68.. ..1898 113
Presc't & Ariz. Cent, let 68, g.. 1916
96
1916
Middle Dlv.— Eeg., 5s
1921 113
2d income Os
40
Elch.&Danv.— Debenture 68.1927
C. St. L. & N. O.— Ten. 1., 78. 1897 1201s 123
Debenture, ex coupon
1st, consol., 78
1897 120's 123
100
2d, 68
1907 120
Atl. & Char.— 1st, pr., 78.. ..1897
1900
Gold, 58, coupon
1951 11714
Incomes
,
113
Ddb. & S.
2rt Div., 78 ...1894 110
1923
49
St. Jos. & Gr. Is.— 2dlno
6'>
67
Kan. C. & Ouiaha— 1st, 58, 1927 *....., 8S
Ced. Palle & Minn.— Ist. 78.1907
•
40
Ind. Bloom. &W.— l8tpref.78.1900 II5I3
St. L. Al. & T. H.-Div. b-nde.l894
Ohio Ind. & W.— iKt, pf., 5e.l938 100
Bellev. &. 80. 111.— let, 88. ..1890 •117
80
85
BeUev. & Car.— 1st, 68
1923 •109
I. B. & W., Ist, 5-6s, Trust rec.
80
30
42
do
Ea.st. Div. Trust rec.
St. LoiUsi&Chic.— let,con.6s.l92
lOtfij 107
Ohio Ind. & West., 2d, 58 ...1938
45
8t L.&LM.— Ark.Bi-.,let,78.139;
I. B. & W., con. Inc. Trust rec ...
10
dt.L.&S.Fran.- l8t,68,P.C.&01919 •10.^ ..«."
ioi'
Equipment, 78
1895 •103
Ind. D. & 8pr.— Ist, 7s, ex.op.l906
9938 9979
89
Ind. Dec. & West.— M. 58
1947
lat, trust, gold, 5s
1987
DO
Kan. City <fe 8.— Ist, 68, g.l916
106
2d M. inc. 58
1948
Iowa Central -Ist, gold, 58.. .1938 88% 891a
Ft. 8. & V.B. Bg.— let, 6e.l910
Kan. C. Wyan. & N.W.— l8t,58.1938 .92%
Bt. L. K.& So.Wn.- let, 68.1916
Lake Shore <fc Mich. Bo.—
Kansas Mld'd.— let, g. 4s. 1937
Cleve. P. & A.— 78
1892 112 114
St. Paul & DiUuth— let, 5a. ...1931 *il2
Er.— New bonds. 78.1898 1241s 1261s
1917
107
Buff. &
2d mortg. 58
Kal. & W. Pigeon— Ist, 78.. .1890 103
St.e.Minn.&M.— Ist, 78
1909 113 115
133
1906
1909 119 ...>••
Det. M. & T.— 1st. 7e
2d mort., 6a
1922
Lake Shore— Div. bonds, 7e. 1899 124 14
Mm'8 Un.— 1st, 68
Coneol., reg., let, 78
1900 127
Mont. Cen.— let, guar,, 68. .1937 iii .•••M
1903 12678
Consol., rcg., 2d, 78
East. Minn., Ist (flv. 1st 53 1908 102
88
Mahon'g. Coal EE.— let, 58.1934 111
3an Ant.A Arans.— l8t,6s,'85-1916
19'26
105
88
LltcUf. Car. & West.. Ist 6s.g.l91G
1st, 63, 1886
Long Island— Ist, 78
1910
1898 121 125
Scioto Val.— let, cons., 78
*••
N. Y. & E'wayB.— Ist,g.,5s.l92' 102
Coupons oil
70
110
2d mortg., Inc
1927 32
381s Sodus Bay & 80.— let. 5a, g...l924
N. Y. & m! Beach— 1st, 78.. 1897 113
1909
55
Tex. Central- let, a. f., 78
N. Y. B. & M. B.— Ist.g., 58.1935 100
ioiiis
1911 * 45% 50
1st mortg. 7»
1905
Brooklyn AMont.— let, 6».. 1911
let, 7s
Tex. & N.
Ist, 58
1912 100
1911
Sabine Division, 1st, 68
Loule.&Nash.— Cecil. Br—78. 1907 1081a 109
rex. &Pac.,E.Div.-l8t, 68 ..1905 *105ia
N. O. & M.— Ist, be
1917
103
1930 11438 1161s Tol. A. A & Cad.— 68
do
1919 * 92
2d, 68
1930 102 103
Tol. A. A. & Mt. PL— 68
Pensacola Div.—68
1917
1920 101 la
Tol. Peoria & W.— lat 48
741s 77"4
Bt. Louis Div.— 1st, 6s
1896 1131s ..••
1921 1171s
Union Pau.— Ist, 68
2d, 3s
1897 114
1980 GOia
1st, 68
Nashv. & Decatui^lst, 78.. 1900 122
189b II514
l3t, 6s
8. & N. Ala.—8. f., 68
1908 105 >a
1910
Col. Trust, 68
Pens. tk. At.-l8t, 68, gold.. 1921
98
1907
Col. Trust, 58
OS's
971s
93I4
Collateral trust, 58
1931
98
1895 108
C. Br. U. P.— F. o.,78
Lou. N. O. & Tex.— l8t,48.... 1934
AWJh. CoL & Pac— 1st, 68.1905 101 la 102
851s
2d mort., 5s
1934 40
Atoh. J. Co. & W.— let, 68.1905
Manitoba S. W. Col.— G. 58...193t
1909 106
Ut. 80.—Gen., 78
Uexicau National— 1st, g., 68.1927 i'oo
1909 103 14
Extern, 1st, 78
2d, income, 6s, "A"
63
1917
99^
66
Liu. & Col.— 1st, g. 5a. 1918
U. P.
2d, income, 6s, " B"
1926
1917
19
21
Utab & NortU'n.— G., 58
Michigan Cent.— 68
1909
Co. ot O.— Con. 6s. 1921
Valley Ey
Coupon, 58
.12% Wab. St. L. & Pac— Gen.M., 63.1920
...1931 112
Jack. Lan. & Sag.- Gs
1910
1891 101
Chicago Div.. 58,
Mllw.L.8.diW.— Mich.D.,l8t,68.'24
116
1921
-— ••
Detroit Div.—6e
Ashland Dlv.— Ist, 68
ii'J 116
116'4 116
1925
Trusi receipta
Incomes
10113
1909
Wabash, M., 78, 1879
81i« 82
Minn.&St.L.— I'a Ex.— l8t,78.1909
Toledo i Wab.— 1st ext, 78.1s90 '114
2d mortg., 7s
1889 •iHJe
1891
60
8t. Louis Ulv.,78
Southwest Ext.— 1st, 78 ....1910
tl
1893
2d M. ext., 78
Pacitlo Ext.— Ist, 68
1921
...lrt.^3 *.....
23
90
Equip, bonds
Impr. Aeiiuipment 68
5078
1922
1997
C0U80I, couv,, 78
Minn. & Pac— let mortg. 5b.. 1936
1888 114
Great West.— Ist, 78
Minn. b.Ste.M.&Atl.—l8t,58.. 1926
1893
2d, 78
Missouri Pac— Trust, g.. 5s,. .1917
92 •->««
94 >e
Quiu. & Tol.— lat, 78, Trust rec
Mobile & Ohio— Ist Kxt. 68 ..lb27 104
Tr, reo • 92
Han. & Naples— 1st, 7s,
Ist pref. debenture
49
54
92
111, & 8o.I'a— l8t,ex.6,s,Ti', rec
2dpref. debentures
8t.L.K,C.&N,--E,E.& EE./a.'95 110 112
Bt. L. <& Calro-48, guar
1931
....•«
72
St,Charles Br'ge— l8t,68,1908 106
Morgan's La. *T.— Isl,, be
1920
18.^5 113%
116
No. Missouri- l8t, 78
let, 7b
1918 125
Warren Ac Frank.— Ist 7b. ...1896
Nash. Chat. &. 8t. L.— 2d, 68. .1901 111
112
Weet. Va. C. & Pitts.- Ist, 63.. 1911 ....„ ...—
New Or. <t Gulf -Ist, 68
1926
iniiiccilaueuus Bonds.
N. O. & No. E.— Pr. 1., g., 6s ..1915
Am. Water VV. Co.— lot 6s. ...1907 106%
N.J. June- Guar. Ist, 48
1986 103 1031s Culiaba Coal Min.— 1st g. 78. .1907 112
...-•N
N. Y. N. H. & U.— Ist, reg. 48.1903
111% Col. Ji Hock. Coal <fe I.— 68, g..l9l7 * 97
N. Y. dt Northern.— 2d, 48
looie
1927 '51
Equitable G. & F.— 1st 68. ...1905
N.Y. buati.dc West.- Deo. 68... 1897
HaokeusacK Water— 1st, 58.. .1926 *102 ....••
2d, 4is»
1937 '78 ij 80
H ndeisun oridgo-lstg. 6s., 1931 103%
N. Y. Tex. & Mex.-lst, 4s. ...1912
90
1901
Iron Steamboat Co.— Os
Northern Pac -Divid. scrip ext... 101
....•«
Maulxat. Beach Imp. Co.— 7a. 1909
James Elver Val.— Isi, be. .1936 105%
1901
Northwest Telegraph.- 78
Spokane & Pal.— lat, 68
......
1936 1041s
People's Gas & Coke ( l8tg.6.M904 • 98
Bt. Paul i N. P.— Wen., 68.. 1923 119
)2dg.o8,.19.r4
Co., Chicago
981s ...»«
1211s
Helena &. Eud M'n— l8t,g.,6s. 1937
PhiiadelplilaCo. -lets. f. 6a. .1898 101
Dul. & Manitoba— let, g. 68.1936 ioijia
....
West. Union Tel.—Coup. 7>i.. .1900' 119
these are latest quotatloofl
Norf.
llSis 115
'120
Imp. & Ext.. 68
Adiu.stmentM., 78
C—
C—
J
I
1
O—
made this week.
1
1
f
.
Habcb
New York
Bank Htatement for the week ending Mch.
We omit two cipher* (00) in all ocuea.
City
as followa.
S, 1880, is
J
.
. ..
THE CHRONICLE.
1889. J
0,
1
321
BXCT7RITIKB.
RnntlnKton
A
BXCTTRtTIM.
Broad Top
Phila.
Krl»-«>n. S«
General morlx. 4s
Preferred
Bankh.
Bank
OavitaL Surfliu.
Hercliauts*
2.000,0
2,000.0
FhenU
City
Tradeflmeu's.
Chenilea!
Merchantrt' Fxch'nsre
eallalln National
A
Greenwich
l»rovern
1,200,0
S,000,0
6,000,0
1,000,0
1,000,0
American Kxohange..
Broadway
J1ercantl"ie
Pacin.
422,7
1,S00,0
4S0,0
200,0
700,0
1,000,0
B00,0
600,0
600,0
760,0
800,0
500,0
1,000,0
1,000,0
300,0
1,500,0
2,000,0
240,0
250,0
3,200,0
2,000,0
300,0
750,0
500,0
1,000,0
300,0
Bepablic
Chatham
Peoples'
Korth Aiuertoa.
Clti£4<lln'
KflRH.'in
Market
,
,
Oontlneiital
Oriental
Traders'
Fark
North River
Bast Rivo'
Foarth National.
Oeotral National...
Second National
Ninth National.
llrst National
Third National
.
N. Y. Natl Kxchange
Boweiy
WeWYork
County...
German- American...
Chase National
Arenne
German Exchangre.
Fifth
Germanla
United states
Lincoln
,
Oarflel.l
287,6
160,6
85,4
611,8
80,0
454,2
1,493,3
3,211,0
'.
Fifth National. ..I."'
Bank of the Metrop
West bide
..."
]"[
Beaboard
Blxth National
H esteni National...
S'24,0
2,901!,0
2,596,0
119,7
203,5
65,6
349,2
2.205,0
1,214,0
2,871,3
1,402,6
2,970,3
15,573,0
l,69vl.4
•2.308,3
13,0(12,7
1,491.8
1,604,7
248.2
1,008,4
6,170,0
9.335,9
•282,7
11,954,3
1,128,4
21 "J, 2
6,'28!2,1
361,6
114,4
•2,322,2
207,5
603,8
673,2
369,0
854,2
480,4
176,3
238,6
239,7
428,0
2,770,7
8,821,4
4,104,8
2,739,7
2.4t3,2
6,395,4
2,994,8
2,645,0
1,514,0
4,318,o
1,994,0
3,082,0
1,800,0
10,784,4
466,8
1.067,0
270,4
888, it
167,3
664,0
211,3
2,'!4,5
1,078,7
250,6
353, (>
4,190,5
1,807,6
107,8
121,1
1,378,8
676,1
213,4
260,5
8,843,4
247,2
123,6
211,2!
134,6;
61,7
82,4
878.9
728,2
450,8
140,4
285,7
667,2
335,9
276,5
322,5
241,6
129,4
380,0
285,3
2,875,0
2,164,0
4,328,2
15,423,3
2,827,0
2,972,4
'A601,5
4.061,6
2,094,9
3,139,0
6.561,9
5,247,2
2.141,0
23,763,5
21,282,8
2,058.2
1,372,0
18.901,6
8,144.0
3,765,0
5,328.6
23,8S«,2
7,218,5
1,556,9
2,312,4
619,8
3,715,4
620,7
488,6
293,2
957,4
260,0
586,0
892.7
1,002,3
171,6
4,638,0
4,143,6
118,9
196,9
4,156,2
1,144,0
1,246,0
1,285.6
4,194,1
1,972,5
.'5,04'2,5
13,101,3
6,814,6
'2,040,
4,h85,5
16,766,6
2,975,0
3,139,4
3,019,6
4,180,4
1,845,4
3,867,0
5,900,0
6,069,0
21'2,0
611,1
376,0
•2,105,(1
1,868,7' 25,603.3
25.700,6
2,081,0
1,478,0
19,811,1
9,631,0
4,760,0
5,867,3
1,980,6
128,1
130,1
986,1
1,391,0
681,4
568,0
126,0
327,0
2,212,0
361,7
117,6
105,0
182,3
141,8
2,965,1
64.3,2
919,9
155,2
191,5
126,8
781,8
443,5
299,5
61'2,0
24, ,555,4
Bakes.
Loant.
Specie.
N. York.
$
£
113,165,3
113,165.3
113.165,3
113,165.3
113,165,3
S
399,910,0
408,013.9
408,004,6
408,956,9
413,001,2
2
.
9
..
" 16 ..
" 2X. ..
Mfh. 3...
Hoifton.*
Feb. 16
••
23 .
65.043,5 152,527,2
60,043,5 15^2,010,9
65.043,5 15'2,3U8,9
.
Mch. 2
Fhlln.Feb. 16...
"
23 ..
34,552,8;
S
•2,867,7
18,2
6,982,6
4,02,5,8
3,2'26,3
669,0
446,0
2,06^2,1
1,249,1
$
1,709,8
6,214,7
2,338,0
3,834,0
2,060,1
10,635,6
$
—
9.586,3
9.330,5
9,477,9
951,220,7
746,354,2
718,099,2
555,708,3
640,840,3
5,677,2 1.30.477.3 3,010,7
6,411,3 128.659,7 3,019,1
4,997,9, 128,644,3 3,023,7
26,109,0]
25,691,0
26.524,0
93,546,0
.
93,722,4
81,194,4
93,574,5
94.176,0 2,317,8 64,1.58,3
93,812,0 2,316,0 68,062,2
94,207,0 alsieio, 87,'207,5
t Includlnx, for
Boston and Phila
BOSTOW.
_
BAILKOAD fTOCKS.t
Atohisoi, A To| efca
Albany
Atch.
61^
216
160
167
,
Lowell
Maine
Oentral of Massacbasetts
Preferred
Cheshire, pief
Ohio. Hurl,* North'n...'
Ohii-niro * West. Mich...
OI»TelandI<£ Canton
Frereriea
Ooncord
Connecilriit
,t
161
'
"io"
13
•20
30
132
112
193
82
Hi
84'
119
.'..."
66
30
97
Jan. C. Kt. Scott A Mem
«. I). Meninh. * Blrm.
77la
.
60
.
A St L.
'is'
121
Manchester & Lawrence'
Mexican Central
W.'r.
4
N. En/f..
Korthem
prof..!.'.
_..
BONDS.
'
'
"I
"'"'"''»— !"•''».; lis
.^.;^.
Coll.
1 nis'. 6»
t
Per
Bliara.
j
i
A
1923,6s
Mexican Central—4b
Income
71'«'
17
Knir.-lst, 7fl.;
Ist mort., es
2d mort.. 6b
Oftdcns. A L.C.— Cons., 68
126"!i
>t
{.
88'4
TOHs
!0'4
110
853.
RAILROAD STOCKS,
88 Hi
36
43Hi'
40
Kast Pennsylvania
Elmira A williamsport..
Laat ptiM Ibis week.
I,
t
Bell's Gap
Camden at Atlantic, pre*.
Preferred
79
78
E8
Income 58
FlllL.AUi!,I,t'HlA.
10
99
..
|lOO
Wlsoon. Cent. -1st M., 6b
40
100
72
19
127
116 1174
107 "a 107=4
Incomes
7
171
125
9
16
,„
J 37
Old t;iilonv
Portland -aco * Ports
gnmuiit Uianch
Wisconsin (.eLtral
85
{
A
14
14^ Hut land— fls
118^1 117
southern Kanaax— 6s..
145
I'exaa Division— 58.
A Worcester
Ogdensb. & Lake Cham..
Preferred
Vermont^s.
Saatern.-Hasi,.— Ba, ne^
126 126>a
S. C. I't. Scott &Mea!.. 68
112H,113
K. C. Port Scoit
«.— 7s 117
Kans. City Law. A So.— 68 5107
K.C. Memph. A Bimi— 88
98
Kan. Cit.«t.Jo.4C. B.— 78
K. City Sp'd A Mem.-Bs
K.O. Clint.
Sprlngf .— 6b ;ioo
Uttle R.
Ft. 8.-?8
Louisv.Ev.Ast.L.— let, 6s i'o'o'
2dmort.,2-«»
58 =<
Mar. H. <t Ont.— 1908, 6b, 103
N.Y.*N.
aineCfntral
Norwich
I
I
80
99
8
Trust, 68
no2'v 102=,
Bnrl. <fe Mo. R. in Neb
Exempt, 6b
U8><i
Non exempt, 68
5107 Hi
Land grant, •/s
112
California Hoath
let, 8e. {101
Income, 6s
46
43
A
Flint <ft Pere Marqnette.
Preferred
*oaisTille kvma.
Freferre.1
A T'p'a.—( Cont'd)—
'.
Consol.of
53>9
33>«
"ass...
Connecticut River
Xasiem
Preferred
Fltohbnrg, pref
51",
'ieo
Bid.
Plain, 5s
Mortgaffe, 68
2161-j
Providence...
Sonthem
BKCURITIES.
Ask.
45
Warren
».in«. -an
Ino. 7s, end,,conp., '94.
Bells (lap— Ist M., 7b
Cam.
AmU.-M., 68, '89
W. Jersey A
West Penn.— 6*, 1898
BALTItnOIlK.
)
48
..
Western Maryland
BAILKOAij IjoNDS.
& Char.— let. 7b.
119H: Atlanta
137 Hi
2d,78,reg.,1910
Income. 6b
.V Ohio-
Cons. 6b. C.A R., 192.S
Bait.
106
4s, 1938.
Cape Fear A > ud. 1st, 6s {102
{10-2
Cent. Ohlo-6s, 1890
Char. Col.4 Aug.- let, 7s
ICin. Wash. A italt.— isle.
7s.
Qeneral mort. 1', 1903.
N.Y. Phil. JkNorf— 181,68 108
Income, 6b
Peim...(ien.,68,coQp.l91U
Cons., 6s, coup.. .1908.
Cons., 8s, coup. ..1919.
Trust Loan
Perkiomen- Ist 60.5,1918
Penn. 4 N. Y. Can.—7 s,' 96
t Per ebare. i Last price this week.
60V
27%.
12
107 >»
Soab'd&Ko'n'ko— 8a, 1936
West. Md., 3d guar., 6s..
Wil. Col. A Aug.,68,19m
4 Jga,
New Vork
i02V
2dB, 8b
Sds, 3s
Ist Inc., 8s, 1931
I
Local Securities.
B«nk Btoek L.l*(.
BANKS. Bid. Ask.
BANKS.
A»lr
Bid.
I
America... I.
An:. Exch... 146
Garfield...
Broadway
Germania
.
German Am.
.
Chase
Chatham
Chemical
City
180
Commerce... 185
Continental . 128
Corn Kxch... 228
Eawt Kiver..
11th Ward...
FifthAve....
Citjaena'
190
'^
Irving
Leather Mfs'
Manhattan...
Market* Ful
Mecliuiiics'..
M'chs'ift Trs'.
Mercantile...
First
Merchants'..
Merch'ts Ex.
Metroplitan.
14th Street.. 168
150
Fourth
Nassan
Metropolis...
New York...
Gallatin
N.Y. CoHUty. 300" soo
119Hi N.Y.Nat.Ex.
Ninth
ISO
N. America..
185
220
North River.
OrieiitaL
205
150
Pacific
612
165
Park
225
160
228
People's.
200
Phenix
170
134 135>»
185
Republic
Seaboard
188
130
175
Secoita
320
175
Seventh
127 H.
ShoeALeath.
ISS
St Nicholas.
118
IIS^
IIH, 12 Ig SUteof N.Y.
.
lOi
Tradesmen's.
169
United St'ea. 210
260, Weatem
oe
96
.
Oaa and OUT Railroad 8(aelM and Honda.
Bid. Ask.
GAS COMPANIES.
GAS COMPANIES.
102
65
Brooklyn Gas.LlRlit
Citizens' Gas-Light
Bonds, 5s
104
60
103
84
10(1
83
ConsolHiated Gas
Jersey City A Hoboken... 170
114
Metropolitan— Bonds
98
Mutual (N. Y.)
100
Bonds, 6a
11(1
Nassau (Brooklyn)
,,
72
73.
^120
111
1'24
128.
105
113
109
68
lita
106
87
105
Bonds, 88
Metropolitan (Brookl3rn).
Manicipal— Bunds, 78
Fulton Municipal
Bonds, 68
Emiilable
Boud.'»,
99
Scrip
i
Williamsburg
100
102
Aak.
Bid.
People's (Brooklyn)
_,
IIT
IK.
90-
110
109
ioi
KB. QaotatlonB by H. L. Qbant, Broker, W> Broadway.]
28
D.D.E.B.&B.— Scrip 68.. 105 106
Bl'ckerSt. & Ful.F.-Stk. 26
125 jlSS112
114
Eighth Av.— Stock
l.stmort., 78., 1900
[City
,
&
7thAv.— St'k.. 180
190
105 108
106 Hi 106
B'way Sui-face b'd8...1924 102 105
911
Bonds guar., 5h, 1905
98
r28 132
Brooklyn City— Stock
105
107
let mort., 68, 1902
Bklyn, Crosstown- Stock. 160 165
100
Ist mort., 7s, 1888
Bu8liw'kAv.(Bklyn)— St'k 140 1,50
148
Central Crosstown — St'k.. 143
118 125
Ist mort., 68, 1922
Bi'd»ay
59,
Scrip, 68, 1914
Ur'nd St. F'ry-Stk.
'42d
Ist mort, 7s, 1893
StN.Ave.
42d St Maiih.
1st mort, Os, 1910.
2d mort., income, 68 ....
Houst W.St. P.F'y— Stk.
let mort, 78, 1894
A
1914
A
I
107
206
108
28
IllO
;215.
110
81
112<4'll5-
40
&
165
110 lis
SO
102 ioi"
Second Ave.— Stock
104 Hi 108
1st mort, 5s, 1910
ISO
Sixth Ave. Stock
105 1106
91
Ist mort, 78, 1800.
Cent. Pk. N.& E. Illv.— Stk. 88
216 220
120 V20>« Third Ave.— Stock.
Consols. 7s, 1902
102 103
125
Bonds, 78, 1890
Chrlst'ph'rilOIUBt.-Stk. 1'22
118 115
Tweuty.tlilnl St— Stock.. 223 325
Bonds, 7s. 1898
IIU 111
DryDk.E.B.&Bat'y-Stk. 122Hil25
Ist mort, 78, 1893.
109 1111
1st mort., 7s, 1896
I
iNinth
Ave
Unlisted Secarl ties.—Quotations from l>oth Ezcliangefl:
SKCURITIKS.
Bid.
SECURITIES.
I
Am. Bank Note Co
A
Atl.
Char. Air Line.
7s, 1907
A
1st,
i-lko's P'k. let
Brooklyn Eiev'd— stock..
Brunswick Co
IMt DCS.* East Sh. Ld.Co. 2-00
18
•Newb. Dutch.ttConu
N. J. Southern.
\
N. O. Pac. Laid Grant... 17
Newp. N. A Miss. Val.... 13
86 >i 89
a
21Hi 22Hl N. V. V.-.S.A Buir
N. Y. <& Oreen'd Lake, let 30
8'e 18
3d mort
U
107 112
lOB
102
N.Y. Loan A Impr
50
7'! N. Y Mutual Te<
7
03
00
N. Pao. P. d'OrelUe Div... 103
37
North Riv.Oona. Co.Kerip.
4
8Hl O.I.A W.— l8t acciutcert
18
15
2d ace. int cert
40
Atch.
..
California Pacific
1st mort., 4's8
2d mort.. guar
Chic. A Atl.— Bei'Oficlar}-.
C.V. W. * M.- Cen. D.lst,
Continental Cuu. A Imp..
Dul. s. shore A At— stk.
Pref
18
14>a
Georgia Pao.—Stock...
10 Hi 110
let 6a
60
Sds
Consol. 53. ...........
78>s 79
28
24
Income 58
108
Jarvi».c>inklin,M.,Deb.68 98
Kanawha
tK Otiio.....
IHl
1st pref
so
14
40**
»
S3
84
«0
Atiantii^
Postal Telegmph-Cable.
A
SHi
86
Chicago
"b"
40
4
38
St.
Sugar Refiueiies Co
M4^
Toiedo Peoria A West... 15
VIcksb.dt Meridiai:— 1st. 100
Sd mort
b't
I
Incomes
Wilkea,CoKl...
Mex. Nal.Construct'uCo.
Mlchigsn A Ohio
A
Penaaoola
St. Louis
8>a'
4
3d pref
latee
Keely Motor
KiDgst'n A Ponib., Ist M. 105
.X
912
"i"
Ocean steam.Co.,lBt guar.
Pref
Paul E.ft Ur. Tr., iBt 8s 101
SHi Holoto VaUey. Ist, 7b.... 08 H
Stock, pref
Car.-ioB. 6s....
W<'»t
N
Columbia Bank
127S
Produce Exchange Bank.l
113
Mempbl8,ft cha'st. consols
70 H:
80
Preferred
,
Ask.
i
3d pref
Central Ohio
Charl. Col.A .tugnsla.
Leb.V.— l8t,«s,C.*R.,'9t
North Penn.— IstM..
Obio
let pref
118
A WiU'm.— 1st, 68
2d morte., 78
Consol. M,, 68
A
Baltimore
L.N.A.iC.-0.<t I.Dlv.,88
irou'
108
RAILROAD STOCK8.1
119S
Karris. P. M't J. * L.—4b
Unnl'udt B. T.— Ist, 78
Bid.
lll6
....
I>ltUburgBr.,e*
Cbai-tlers- 1 St mort., 7s.
Cle>rlleld <ft Jeir.- 1st, 6b
BANKS.
110
128
104
Ati.-1«l, Os
1900
7a,
Connecting— 6s...
l)ei..v Hd.B.— 1st. 7B.190S
KastoiiAAinbuy.mort 5s.
Klrulra
A Frank.- lst.7s
West J ersey— lat M.. '7a.
*
CatawlBsa— M.
Lehlgli
I
65'-j'
{
nolted N. J.— tien. 4s
AUeRh. Val.— 7
lat mort., 68, 1904
FoUowing are quotBtions of active stocks and bonds. A full
given in the Chronicle the third Saturday of each month.
Bid.
.
* St. r,.-7s,cp.
iBchayL R. K. 8.— ltt,6s..
Steuben. A lud.lst m. 8s.
Pitts, rin.
Weal j»*r«ey
WcHt Ji'rscy A Atlantic.
RAILUUALI BUMutj.
2d mort.,
liat 18
SF.CUKITIES.
DefariM Incomea, cp.
PhU.W.*B»lt.— Tr ••..4.
Hanover
Hud. River..
Im.& Trad's'
833,3
832,4
199,4
276,7
327,0
444,0
110,0
\
W7
i'oniiHylTaxiia.....
Greenwich...
2,773,9
10,910.1
4,112,3
8,410,6
970,7
538,3
267,1
1,070,1
336,0
North
Penunylvniiia
Phil. 4 Krte
Huuhnry A I.ewl8toD.
U n'ted tro's of N.
Central
Qnotations in Boston, Pliilndelpiiia and Baltimore
Oalltornla
*
Butch8'& Dr.
Legalt. \DepotUi.* Circ'Vn Clearingt.
\
tr« omit two ciphert in aU thete figuret.
lelDhIa the Item
delphla, th« ifj.f« ''due toother banks."
B)Aton<£
BiMtoD (&
Boston <£
Boston <t
Fbil. «K.-lst M., 6*..
3d, T«, 0.
r. 1H98
Cont., 7b, eonp^ IBll
Oooa., 6«,f., rB.C.lBll
Imp., 6b, g., oonp., 1
Cont. 6l iBtser., 1923
N««<|urhoninK Valley..
Nnrtlierr. Central
._
3,00'2,9
1,624,9
89,205,6 37,473,1 431,142,1 4,709,7
86.8^20,6;36,072,0 434,958,5 ,4.380,3
-'
'90,536,036,281 7 438,088,4 14,358,0
90,022,9 3,5,292,1 438,299,4 4,360,0
86,266,6 36,527,8 438,095,0,4,323,9
34,652 8 94,276,0
34,5628i 9.3.979,0
2....
LehlKh Valley
I.Ullt. HihiiylklU
MiiK'liill
H. Haven...
8,273,2
1,574,4
2,767,4
60.76'2.7 62.402,6'413.001,28 6,266,5 35,527,8 438.095,0
Capital Ai
Surplus.
Mch.
49'A6
143.0
143,2
679,5
341,7
•2,927,2
23i»,8
3,600,0
Total
319,7
7,798,8
661
870;r
872,4
10,747.0
18,038,1
6.679,5
8,228.2
667,2
S03,«
820, J
641,1
lS,li!0.0
603,0 11,133,0
637,8
8,765,3
820,0
8,31)0.0
760,7
•tHiii'i,
183,0
3,964,0
1,456,0 12,23'2Ji
267,8
2.67l>S
757,2 23,4 18*1
662,4
4,60i,9
409,0
4,901,0
122,7
1,973,9
853,0
l,3ll7,6
1,587,1
$
1,110,0
4,074,:<
•t,
2.50,0
imng
Feb.
DepotiU.
*
2,400,0
3,001,0
2,163,7
1,843,0
1.768.0
12,000,0
9,777,0
7,714,5
»,116,0
10,863.9
4,62»,0
9.500,7
3.008.4
20.836.3
8,800,5
8,877,4
1,916,7
2,598,0
1,227,2
8,519,3
200,0
750,0
500,0
100,0
200,0
200,0
600,0
800,0
200,0
150,0
300,0
200,0
600,0
200,0
BanoTer
<t
620,3
200,01
200.0
600,0
800,0
CoDOnierre...,
Importers'
1,888,1
300,0
.
Leather MaDiifacfrB.
BeTenlh National..
Bute of New York
& Fulton...
Nlchola-
.'S
2,254,1
232,4
8,727,7
128,5
1,000,0| 1,2«7,5
& Trader?
Shoe & Leather
Corn KxchauKe
820,4
1,626,0
2,000,0
3,000,0
1,000.0
1,000,0
1,000,0
800,0
600,0
Ainerlca
MechaiilrB'
1,57S,4
1,171.
•J,000,0
.
MechaulOH'
Bntolieri*'
•
9
S
llauhHtian Co
8t.
Levtlt.
A
New York
or
Specit.
omUted.)
(00>
BM. Ait.
*
34 Hi.
•I
1
('1
bird National
Bank
110
I
..
.
—
1
. . .
.
.
.
THE CHRONICLE
322
XLVni.
[Vol.
Latest Earnings Seportea.
Jan. 1
Latest Date.
to
Roads.
%nvizstmtnt
Week or Ho
1888-9.
1887-3
1883-9.
1887-8.
AMD
Canawha& Ohio |4th wk Feb
K.C.Ft>8.&Mem. 3d wk Feb.
Kan. C. CI. &S,\t 3d wk Feb,
1
W. January
Kentucky Cent Jauunr.y
K. C.Wy.<t N.
-
The Investors' Supplement, a pamphlet of
150 pages,
Funded Debt of States and
and Bonds of Railroads and other
tontains extended tables of the
Cities
and of
the Stocks
published on the last Saturday of every
ether month—^iz., January, March, May, July, SeptemJfer and November, and is furnished without extra charge
Extra copies
to all regular subscribers of the Oibonicle,
arc sold to subscribers of the Cbronicle at 50 cents each,
and to others at $1 per copy.
The General Quotations of Stocks and Bonds, occupying
Hjo pages of the Chronicle, are now published on the
third Saturday of each month.
Companies.
It is
"
RAILROAD EARNINGS.
Lalett Earnings Reported
EOADS.
1888-9
Weekorito
1888-9
169,069
8,675
1887-8.
155,155
8,200
(
1,325,121
48,266
1,319,377
41,514
476,782
411,422
1,209,805 1,093,274
356,402
371,495
Total
January
1,566,207 1,464.769 1,566,207 1,464,769
115,701
122,498
115,701
& Potomac: January
122,498
Bait.
Ijanuary
74,517
77,933
74,517
Beech Crock
77,93!)
BufF.Roch.&Pitt 4th\vkrcb
42,977
42,391
306,548
314,17(>
Bur.C.Rap.&Xo. a wks Feb. 11.5,671 108,674
320,799
316,919
Cairo V. <t Chic. Ith wk Fob
10,024
12,076
104,107
111,301!
Callfor'a South.. December
83,915 162,471 1,452,536 1,496,22.-.
•Camden & Atl. January
3(),041
36,041
32,934
32,934
Canadian E'aciflc 4th \vk Feb 227,000 244,000 1,719,938 1,639,199
Cp.F'r&Yad.Val February..!
31,694
27,984
66,508
55,904
Carolina Centr.. November.'
63,416
56,975
490,868
468,202
Cen.Klt.&Bg.Co January .. 690,695 679,658
690,695
679,658
Central otN. J.. December.
977,212 992,478 13,177,473 11,424.675
Central Pacilic. November. 1,381,562 1,300,303 14,615,850 12,427,832
Centrftlof B.C.. December.
8,975
8,937
103,314
91,716
Charlest'n & 8av December.
56,994
49,557
554,191
495,763
Ohar.Col. &Aug. January ..
87,900
84,700
87,900
84,700
Cheraw. &Darl. December.
7,675
8,761
82,148
83,348
Chea. & Ohio.... February ..
316,040 339,173
682,203
722,415
Ches.O. &S. W. January .. 167,610 160,760
157,610
160,760
Cheshire
December.
45,052
49,155
593,478
653,631
Ches, & Lenoir December.
7,266
6,808
79,181
70,144
Chic. & Atlantic. 4th wk Fob
44,460
39,067
317,409
305,999
Chic. Burl. & No December
183,400 141,998 2,026,319 2,276,199
Chic. Burl. & Q. December. 12,167,674 2,163,388 23,789,168 27,576,078
Chic. &!•:. 111. ( ). 4th wk Feb
53,3,52
53,224
419,982
413,684
Chic.MU. &St.l*. 4th -wk Feb 462,000 470,017 3,332,410 3,029,108
Chlc.&N'thw'n. Januaiy .. 1,613,245 1,571,289 1,613,245 1,571,289
Chic. & Oh. Riv. January ..
7,872
3,274
7,872
3,274
Chic. Pe. & St. L. January ..
25,124
21,709
25,124
21,709
Chle.Bt.P.&K.C. 2(1 wit Feb.
49,882
28,392
289,023
181,831
Chic.BtP.M.iO. January .. 366,634 324,888
366,634
324,888
Chlo.& W.Mich. 4th wk Feb
24,920
27,405
193,344
181,907
Cln.Ind.St,L.&C 3d wk Feb.
52,924
50,568
395,672
357,636
Cln. Jack. & Mac 4th wk Feb
10,118
8,701
84,695
65,986
On.N.O.&T.P. 3d wk Feb.
51,206
62,324
516,872
462,69.-!
Ala. Gt. South. 3d wk Feb.
33,436
29,475
261,345
226,145
N. Orl. & N. E. 3d wk Feb.
18,735
14,456
164,426
123,03(i
VlckBb. & Mcr. 3d wk Feb.
10,743
9,339
91,810
75,437
Vioks. 8h. & P. 3(1 wk Feb.
10,179
8.951
87,094
77,166
Erlanser Sv.sl. 3rtwk Feb. 124.299 124,545 1,121,547
964,477
Cln.Rich.&l't.W ItliwkFeb
10,207
10,085
66,1.54
64,313
Cin. Bel. A' Moli.llanuary ..
12,989
9,708
12,989
9,708
Cln.Wash.*: Bait l4th wk Feb
40,143
42,802
334,561
341,808
Clev.AkrouiCol'3dwk Feb.
11,72^
12,132
85,923
75,288
Clev. <fc Canton. .Ijaniuiry ..
28,151
26,533
28,151
26,533
Cley.Col.C.it Ind .^iveinber.
343,968 424,437 3,950,887 4,199,715
Whole System. January
569,920 574,994
569,920
574,994
dev. & Marietta d wk F.l):
3,879
5,559
26,372
36,102
Color. Midland.. 3dwk Feb,
30,950
21,152
199,681
148,972
Col. & Greenv .. Jaimarv
64,700
57,900
64,700
57,900
Col. & Cin. Mid.. 4th wk Feb
6,751
5,913
52,032
49,947
Col. nock.V.A T. 4(11 wk Feb
51,485
49,836
396,954
396,068
Day.Ft.VV.A Clii.tJauuarv
37,122
34,817
37,122
34,817
Deny. & Rio Gr.!4thwkreb 131,600 124,480 1,064,600 1,101,138
Deny. & R. O. W. 'Sd wk Feb.
23,075
20,075
176,875
145,150
Denv.S.P'k&Pae l).c-,inber.
70,727
90,213 1,065,380 1,282,680
Dot.Bay C.& Alp 3d wk Feb.
0,774
8,339
68,980
52,0O<»
Det. Lans'K & No 401 wk Feb
20,095
20,433
146,341
130,092
DuluthS.B.A Atl Hh wk Jan
31,178
24,369
97,386
77,0.50
E.Tenn.Va.A;Ga.'3dwk Feb. 110,413 109,572
849,684
800,4
BT8n8.AInd'i>Ii8 4th wk Feb
5,8.56
4,014
40,837
34,1;;',)
Bvansv. & T. H. 4thwkFob
16,111
18,582
135,834
129,3i;i;
Sfchburg
Januiiiy
425,169; 377,935
425,169
377,935
Flint. & P. Marq. 4th wk Veb
44,0781
54,589
375.285
384,981
Flor. Ey Kav. Co 3d wk Feb.
25,200;
24,926
189,137
105,052
Ft.W.&Den.Ctty 2d wk Feb.
18,180,
17,266
11.3,556
91,022
Den. T.& Oul 4 h wli Jan
13,728
53,464
22,871
I>en.T. &rt.W 4th wk Jan
16,664
62,219
fWhole Syst'ni Ith wk Jan
50,444'
190,537
Georgia Pacific. Jiinuarv .. 118,499' 116,571
118,499
116,571
Or.Rap. i&lnd.. tlfawki-eb'
41,885;
51,407
324,055
314,127
Other lines
4th wk Feb
3,987
4,916
28,610
27,903
Grand Trunk. .. Wk Feb. 23 327,288 301,6.57 2,531,862
2,295,309
GulfCol.&B. Fc. _
December
374,134 356,270 3,249,497 2,939,229
HouB.<tTex.Cen.iJi,niiary
243,701 176,802
243,761
176,802
Humest'n&Shen January
10,500
13,174
10,500
13,174
Ill.Cen.(Il].&So.)' January
003,852 957,803
993,852
957,803
Cedar F.&Min. January
6,265
4,929
'
6,26!:
4,929
JDub.&Slo'xC. January
128,885 113,642
128,865
113,(!42
Iowa lines
January
135,130 118,571
135,130
118,.571
Total all
January
1,135,247 1,081,304 1,135,247 1,081,304
^
Ind. Uee. <v >i e«i February
36,251
23,864
69,475
53.803
InwaQen-nil
'4th wk Feb
26,747
19,580
242,083
200,226
1
.
.
.
.
.
SJ-_'
.
I
l".
1
.
.
!
I
.
I
.
.
Knoxv.
Lake E.
..
Pern.
Dcceuili.
iteOhlo
<k
4ll,:,9
& West 4th wk Feb
Lehigh & Hud
February
L. Rock & Mem .'d wk Feb,
Long Island
February..
La. <S Mo. Riv.
U>ul8.Ev.ifeSt.L
December
4tli
wk J)iu
Louisv.&Nashv 4th wk Feb
Lou.N.A. & Chic. 4th wk Feb
Loulsv.N.O.&T. 4th wk Feb
Louisville So
Janua)y
53,582
18,498
13,192
165,432
33,508
18
356,065
40,394
55,761
37.303
6,162
79,603
4,195
72,709
6,2
i
3,758
39.890
40,170
17,631
16,430
174,869
39,001
7,751
8,045
42,241
133,592
1,146
291,236
95,114
46,226
23,082
39,297
134,049
83,00i
188,721
87,058
36,796
21,493
86.600
440.97
455,12.-!
277,750 215,992
293 080 ;.iT0.'506
Nash. Ch.*,St.L. .r -nujiry
3,478
3,480
Natchez .Iao.At(^ 4th wk Feb
58,621
46,309
New liruuflwick jMunary ..
N.Y.Cen.&H.R February.. 2,461,730 ,586,483
N.Y. L.E. cfe W. January .. 1,924,291 1,890,183
4»2.(i3,
50U. 101
N.Y. Peun.&O.. Nitveiiiln^r
N.Y.&NowEng. Januaiy .. 412,571 391,539
41,425
38,660
Northern Februaiv ..
N. Y.&
31,730
31,166
N.Y. Ont. &W.. 4th wk Feb
& W.. January .. 103,24^ 119,527
N.Y.Sus.
89,694
96.080
Norfolk & West tthwkFeb
53,616
50,989
N'thea8trn(S.('.) December,
464,749 452,441
Northern Cent'l .lauu.ary ..
Northern Paci He 4tUwkFeb 339.929 313,669
34.840
34,690
Ohio Ind. i W.. 3d wk Fob.
51.351
57,067
Ohio i!e .Miss .... 4th wk Feb
6,974
4th wk Feb
6,933
Ohio Kiver
Xovelunei.
4t<,41i
60,153
Ohio Southern
2,125
2,1 rM
Ohio Val. of Ky '.St wk Fei)
45. .-17.
4<.554
Omaha tx St. L t><-ccml<or
298,036 342,879
Oregon Imii. Co January9-.i. 118
68,89;
Oreg. R. &N.CO. 1st wk Feb
171.811
Oreg. Short Liue December,
.lanuarv .. 4,528.744 4,193,979
Pennsylvania.
13,559
PeorlaUec.iiEv 1th wk Feb
13,640
lanuary ..
42.671
Petersburg
32,019
Phlla.<feErle .. T.niuary
258,570 223,744
Phlla.& Rcad't!. January .. 1,016,047 930,240
Coal & Iron Co. lanuary .. 1,048,952 332,828
Tot.l'othCo'8.. Tanuary .. 2,664,999 1,203,068
38,707
Pitta. Clev. & T. .January ..
30,443
20,581
13,889
Pltt«. Pain. & V. January ..
36,875
Pitts, it West'ru 4th wk Feb
31,438
P'rtRoyulAiAiiK. Decemliei".
25,20
27,544
41,16if
Pt.R'al&W.Car. December.
30.7:^3
11,925
Prescolt. <fe Ariz. January ..
8,712
22,265
Rich. & All' g'y.. Wk Feb. 29
10,333
cR.&D.inv.Sy3 1th wk Feb 164,453 156,604
24,087
Kleli. & PetersV January ..
20,004
26».161
RoincW. AOg. Uecenii>er. 267,36
4th wk Feb
15,190
St.Jos'ph&Gr.I.
16,865
8t.L.A.iST.H.Ua. 4th wk Feb
17,960
22,484
8t.L.Ark.&Tex 4th wk Feb
(>8,664
61,702
StL.Ji San Fran. Ith wk Feb 109,090 126,674
8t.Paul&DiauUi February..
65,595
84,871
.
.
St.P.Mhi.itM:iu.
8.Ant.&.^'.Pa8b.
Soloto Valley
Seab'rd & Roan.
Seattle L.S.& E
J:tnuai\'
..
3!)l.(iOI>
3d wk Feb.
4S2. .21
22,409
54,683
77.127
15,696
57,000
134,588
14,627
62,901
71.489
Di-ccmber.
November
February..
ShenandoahVal February..
South Carolloa January ..
40,078
586,938
32,245
72,709
41.629
21,941
4..5.653
289,823
33,582
105,289
349,276
589,640
711.7110
Mar.Col.ife Nor'ii February..
JMex. N. (all Ins) February
tMerioauRatlwv Wk Feb. 16
Mil.L.8h.&West 4th wk Feb
Milwaukee & No. 4th wk Feb
41,107
669,075
34,030
26,430
70,959
38.888
22,340
50 .2-6
389,947
37,758
84,781
353,180
451,901
19.4
348,720
43,258
55,075
Memphis «&Chas. 3d wk Feb.
tftMexlcan Cent 4th wk Feb
San Luis Div 4th wk Feb
.
9
Allegheny Val.J January .. 169,069 155,155
8,675
8,200
Ashv.cfe Spartan. January ..
Atcli. T. i- B.Fe Inpnember 2,354,319
129,103 120,628
Atlanta & Char. December.
48,266
41,544
Atlanta cfe W.Pt. January ..
30,113
30,263
Atlantic & Pac. 4thwkFeh
1,209,805 1,093,274
B.&O.East Lilies January
356,402 371,495
Western Lines January
KinKst'n
..
wk F.b.
4th wk Feb
2il
MiQneap.&8t.L. January
Mo. ICan.cfe Tex. .liinuary
MobUe & Ohio February.,
Jan. 1 to Latest Date.
1887-8.
Keokuk & West
4,581
95.560
5,053
26,430
7o,95a
6,715
4,713
57,461
127,577
Co.—
GaLHar.&S.A. December.
75.t;6i
2,740,197
307,581
472,463
37,303
14,677
298,650
924,138
14,272
553,824
609,824
357,407
161,059
2,587,212
285.166
459,873
15,230
274,234
994,206
8.1.000
44(.,972
366,854
552,984
277,659
137,693
86.600
455.123
561,953
418,'202
270.806
32,128
29,960
58,621
40,309
5,171,880 5,303,187
1,924,291 1,890,183
6,694 -t'.c 5,858.815
412,571
391,539
84,335
78,933
221,933
212.493
103,247
119,527
770,112
708.742
610,596
5.50.949
464,749
452,441
2,329,181 1,639.692
208,093
214,327
606,477
595,505
70,475
54,715
506,140
532,7 70
11.598
10,730
4V7,7
443.619
342,879
298,636
436. -jyt;
341 495
2.671.865 2.0 IK. 068
4,528.744 4,193,979
116,404
108,986
32.019
42,671
258,570
223,744
930,240
1,616,047
332,828
1,048,952
2,664,999 1,263,068
30,443
38,707
13,889
20,581
268,603
295,974
320,404
317,60H
301.665
335,575
8.713
11,925
84,937
185,354
1,844,888 1,709,366
20,004
24,087
3,3 .7,35x 3.222,607
152,976
168,195
156,.534
159,084
434,632
516,705
783, (i37
834,568
149,382
130,558
482.421
39-1.000
105,231
146,618
7n9,1'25
665,927
571,798
6'.il.fiH4
33,923
108,561
110,000
127,577
134,588
2K.i.()-()
1
1
80. Paeitlc
314.922 314,878
83,167
77,846
Louia'a West. December.
Morgan's LiT. December. 581.420 620,732
15.8.39
15,5.:6
N. Y. T. & Mex. December.
l'.'6,30(<
119.126
Tex. itN. Orl.. Deco uber.
Atlau'c system December 1,151.656 l.ltf^.ll
Paciflo system December. 2.826,037 1,481,690
Total of all
So. Pao. K14.— ..
No. Div. (Cal.)
80. Div. (Cal.)
Arizona Div..
New Mex. Div.
Bpar. Uu. <feC()l
Beaten Is. K)ip.ri
.
Summit Bninch
December 3,977,69i 3,632,80
December.
December.
December,
Decemlicr.
December.
February.,
.ianuary ..
154,388
546,492
175,55
86,913
11,301
43,475
119,560
137,082
245.895
234,704
9.1,937
8,191
41,569
156.973
3,804.674
966.494
3.347.181
643,795
5,2-^6.101 4,684,339
146.5-27
i:0.526
1,267, 5t;4
l,438,.57^
11.58.'.3:3 10,313.406
35,117,2 H 2 -,459,739
16,699,614 J8,773,147
1.727,215
2,083,938
6,66 -".OOO
4.138, ;i99
2.0 19,140
1,00 1.638
1,756,519
735.7S6
78,363
105,127
93,417
119,560
84,3.50
156.973
99. -142
-(S.'.'OO
88,2
99.342
Lykens Valley Januarv
956,006 1,009,742
Texas APacinc 4th wk Feb 113,796 116,912
88,008
19,412
138,072
ToLA.A.iS:N.M 4lh wlc Fob
12,247
211,469
19,811
157,511
28,916
Tol. it Ohio Cent. 4th wk Feb
123,414
19,477
125,438
3d wk Feb.
P. & West
19,103
Tol.
0S,144
70,388
136,581
Tol.St.L.&K.C Februaiy..
35,272
Union Pad Ho... January .. 1,918,000.1,727,832 1,918,000 1,727,<V2
li
.
Valley ot Ohio.. February ..
Virginia Mldi'il January ..
Wabash Haihv'y Decemncr.
4th wk Feb
Wab. Western
Wash.O. * West. Jamiiiy
Western of Ala January
WestN.Y.APa
4th
..
7,'^0o
..
60,021
56,700
63,000
wk Feb
January
West Jersey... January
West. No. Caro.
..
1
..
W.V.0en.&Pltt8
Wheeling A- L.E.
WU-CoL A Aug.
HWtaeon sin C ent
•
t
43,695
140,300
521.77'
105,974
.lanuarv ..
4thwkli'eb
82,9591
61,020'
17,935,
December.'
77,877
And branohea.
4th
wk Feb
70,245!
40,012
12 .,900
54 6.706
107,393
1,00)
49,440
56,900
50.700
85.705
37,674
19,081
68,833
81,035
87,203
140,11.0
6,549.84S
891,9.52
7,!)00
60,021
458,190
63,0u0
S 2.95 'I
61,020
140,311
800,319
486,492
7S.O:)S
1-J...
6,93;;
"0
';;•-.!
76i.st6
7.O00
49,440
428,;i23
50, .00
85,705
37,674
139.582
747,057
483,484
All lines lncluil<ML
Maxloan oorrenoy.
Includes whole system from Port Worth to Denver, but n.u earnli fC
J
II
onjolnttrao'i— Puelilo to Trinidad.
Iowa Palle & Sioux City.
6 Including in 1889 Ouadal<|ara branch.
c Earnin^B of cut. re system, including all road opor
(< [ucUidiug Chicago & ludlaDa Coal
( Incliiaing
it 'd.
MAlteB
9.
—
.
. .
hj Weeks.—The
latest
weekly
_
323
^--/onuo-v.
.
tlotidi.
Bummed
iu tlio foregoing table are separately
«amings
—
.
THE CHRONICLK
1889.J
Gross Earnings
Latest
1
1889.
aa
tip
Toledo A Ohio Cent'l. Gross.
follows:
.
,
1889.
4(A week of February.
1889.
Atlantic A PonUlo
BufTiil'i Kocli <b Pittsburg.
Cairo V'ln. .t CUto
30,113
42,«77
10.024
227,000
44,460
53,H52
462.000
24.920
10.118
10,207
40,143
Caniidltin Pjiciflc
Chliiik'O » Atlantic
Chco. A K. Ills. AC. &[.0.
ChliiiKO
Clilciiiro
.fe
& St.
.Mil.
Wa<it
Paul.
..
Mich
Cincinnati Jack. A Miwk.
Cincinnati Rien <fe l"t. \V.
CIn. Wasli. A. Bait
A
Cn.
Col.
Col. H. Vul
36,796
21,493
3,480
31,166
9H.080
313.669
26,747
Central.
Kanawha A Ohio
4,581
4,713
53.582
Kini^stonA Pembroke....
Wertteni.....
A Nashville
N Alli. A Chic.
K O. ATex
356,065
L«al8vl!l.'
IxnilsvUl-
Loulsv.
Mexican Central
Mllwankoe L. 8U.
A
If ilwaukee
A West.
Northern...
Natchez .TacK.ACol'iubue.
N. Y. Out.
4'
I
A West
Norfolk A Western
Northern Pacilic
Ohio A Mississippi
Ohio Itlver
Peoria Dec.
Pltuburg
A Evans
13.5.'i9
& Western
36,875
nd A Allcjrhany.
Rich A Dauv. (8 toad<)
22,2'i5
*KlcUin>
16+,. 53
AT.
Bt.
Louis
A
Texas
Ann A. A No. Mich
Toledo
Toledo
A
Ohio Central
Wabash Western
Western N. Y. A Pomi
WheeiinK A Lake Eile
Wisconsin Central
Total (58 roads)
Kwt decrease (O-IO
Vloks.Bhrev.&Pac.Gross.
Net...
338
'i',242
2,471
10,511
9,722
949
7,167
""'955
"i'.58i
13,112
7,345
2,884
686
"457
9,430
1,589
2
561
6,386
26,260
"si
5,437
11,932
7,849
156.t,04
16,8'i5
22.184
61.702
126,674
116,912
13,247
28,916
107.393
56,900
19,081
81,035
3,400,481
Flint
A P.Marquette. Gross.
Not...
330,048
256,6fi9
Louis. N.O. 4 Texas. Gross.
Net...
81,034
Oregon Impr'm't Co. Gross. 298.636
Net... det. 12,400
Philadelphia A Erie. Gross.
258,570
Net...
38,484
Pitts.
Clev.&Toledot Gross.
1,669
4,524
6,962
"iV,584
3,116
•
208,249
31,981
277,626
71,785
75,049
19,000
46,066
3,000
47,252
10,000
194,306
31,182
957,803
993,852
263,410
330,948
241,528
256,609
81,081
81,034
342,879
298,636
38,906 def.12,100
223,744
258,570
3-., 461
52,147
30,443
38,707
4,181
2,310
13,889
20,581
4,787
4,473
250,588
228,012
41,322
067,803
263,410
241,528
81,081
342,870
38,906
223,744
52,147
30,448
4,181
13380
4,787
228,012
December, 1888.
»
"''<'*'
Operating Ifet Bam^^'^
Ex,>enses.
tngt.
ofR'd Earnings.
Atoh.Top.e.F. Aleased lines*. 4.PJ2 $1,799,3.55 $1,116,918 f68i,437
5,652 def. 1,843
St. Louis Kan. CItyAColorado.
61
3,809
280,740
93,394
Gulf Colorado A Santa Fc
374,131
1,058
6,991
California Central
269
9.1,106
86.115
81,486
2,429
Call lornia Southern
211
83,915
KamrnfRni,}
jsameoj- Koia.
Total
Railroads Jointly
Atchison's halt
"9, ids
1,419
200
6,531 $2,354,319 $1,570,911 $783,108
owned—
583
171,317
.
137,873
33,414
1,146
10,790
125,2891
7,114 $2,525,036 $1,708,784 $816,852
Grand total
Including Chicago Line. St. Joseph Railway, Chicago Kansas 4c
Western. New Mn-xlco A Arizona and Sonora.
- these roads are
included in the totals of the Pittst Ihe earnings
burg A Western given further above.
128,994
3,705
week endms March 1.
For the month of February we have returns from 98 roads
(including 18 roads for only three weeks in the month), and
* P'or
ANNUAL REPORTS
I'ennsjlraqia Railroad,
as follows:
is
1888.
$
"7,165
p. o.).
the residt in the aggregate
38,707
2,310
20,581
4,473
250,588
41,322
Net...
Pitts.Palns.AFairp.l Gross.
Net...
Wisconsin Central. ..Gross.
Net...
9
6n4,28«
58,670
/an. 31. -s
203,62^
50,899
319,378
121,000
100,801
80,000
56,853
25,000
53,624
12,000
203,778
49,804
208,245
31,981
277,626
71,786
75,049
19,000
46,066
3,000
47,252
10,000
194,396
31,182
,
41
6,933
13,64o
31,4S8
10,333
3,396,77«
A San Fran
Pacltlo
993,852
A
2,659
1,649
7,120
"6,716
17.960
68,664
10H,090
113,79*
19,412
lM.811
105.974
56,700
17,935
70,215
A
Illinois Central—
ni. ASoulh'n Dlv.Gross.
Ticks.
57,<»67
lo.lOii
Bt. Joseph A(ir. I>lani...
Bt. L.Alt.
H. Brohs..
Bt. Louis Ark.
Texas..
Net...
30,000
56,853
25,000
53,624
12,000
203,778
49,804
1,41
46,226
23,082
3,478
31,730
89,694
339,929
51,351
6,974
3,9i>7
lines
Lake Krlo A
8,701
134,'i49
le.tll
44,078
41,68 >
.
Iowa
14,017
2,485
133,'.92
20.0.'5
5.8".6
I(i0.804
Net...
Meridian. Gross.
Not...
A Tex. Pac. Gross.
128
.394
55,761
A North ...
£TauHMIIe A Indlauap...
Evansvlllp AT. H
Flint A Peru Marqnette
Grand Rapids A ludiaiia.
N.O.AN'rlheast'n.OroBS.
No..ar.)SS.
Net...
1887-8.
,-/an. 1 <o
1880.
,
$
205,628
60,899
319,378
121,003
Cm. N.O.
5,393
'"'ass
Detroit Laun.
A
18889.
1888.
$
722,e3C
270,004
97,238
Jan. 81.—.
*
514,863
40,700
112,415 107,572
5,100
3,656
January.
1889.
Roads.
Burl. C. Rap.
Oel. 1 lo
.
9
Net...
2.052
17,000
5.913
49,836
124,480
20,433
4,614
18,582
54,589
51,407
4,916
19,5 <0
6.162
3,75«
40.170
348,720
43.258
55,075
51,4S5
131, too
Weit'n. Gross.
Net...
.
150
686
122
6,-51
A Toledo.....
Deereaie.
Ont &
9
$
30,263
42,H91
12.076
214.000
39,067
53.224
476,017
27.409
10,0->5
42.IS0
Mldhmil
Denvir A Uio Cramlo
Other
InerewK.
1888.
N. Y.
to/on. ai.^
1887-6.
721.430
228,021
119,315
1888.
9
Road.
1
1886-0.
81.456 108,212
22,568
43,032
8,669
17,922
January.
Net...
For the fourth week of February there is only a trifling WhitebraastFuelCo.Met...
change in the aggregates as compared with last year. Results
are pretty generally oased on one leas day in 1889.
^/u<w
.
1888,
("For the year ending Dec. 31 1888.^'
The full text of the annual report of Mr. G. B. Roberts,
President of this company, will be f otmd on a subsequent page,
containmg statistics of the traffic and earnings of the past year.
The eamings.-general income aocoimt and balance sheet for
three years, compiled for the Chronicle, are given herewith,
as they present an interesting comparison with previous years.
,
Month 0/ February.
1889.
Gross carn'gs. 98 roads.
188S.
Increase.
20,824,0631 19,723,081
Per Cent.
5-58
1,100,987
On 75 roads for the third week of February the result
gain of 5'65 per cent.
3d
ureek of
February.
1889.
1888.
Jncreate.
is
a
Decrean,
S
3,071,752 2,911.868
51.206
62,321
33.436
29,475
18,735
14.45H
10,743
9,:i39
10,1 U
8,951
12,l3i
11,727
3>.950
21,152
116,413,
109,572
25,200
24,926
327.288
301,657
9^,560
79,603
5.053
4,195
42,241
39,297
34.840
31.690
226, '35
237,449
22,007
18,32x
2.!,109
14.627
19,477
19,10.
Alabama
(it.
Southern
Orleans A N. E....
Vlck.sburs A Meridian..
Vlcksliiux Slirev. A Pac.
Now
Cleveland Akron ACol...
Colondo Midland.
East Tenii. Va. AGa
Florida Ky. A Nav. Co...
•Grautl Trunk of Canada.
Kansas
KausuH
C. Ft. 8.
C. CUn.
MeniplLls
A
A Mem
A Spr
..
Charleston..
Ohio Irdinna A We^t^rn.
A Danv. (8 road.'*).
tBioh.
Alt.AT H.,l>r»nchei<
Ban Antonio A Ar. Pass
Toledo Peoria A Western
St. L.
.
Total (75 roads)
Ket Increase
*
(5
65
240,743
4,176,156
Prev'ly report'd {50 roads)
Oln. N. O. A Texas Pac...
326,30Si
80,859
11,118
'"3,9'6'i
4,27!t
1,401
1,228
405
9,798
6,811
274
858
150
10,9
U
Advances
7,782
to Penn.
102,891
Oneday
—
.
1889.
$
Gross
Net
Mississippi.. Gross.
.
Ohio
A
Net.
Wesl'D.. Gross.
Net...
.
Pittsburg
4
58,621
13,541
318,922
102,232
169.599
47,590
1888.
S
18b8-9.
$
46,309
525,7.M
5,941
161,907
301,827 2,447.388
86,503
80 .,173
142,853 1,295,520
48,561
334,337
1887.3.
#
60;1.375
176,362
2,541,«68
910.142
1,261,696
368,208
1888.
1887.
1886.
$8,974,070 $10,441,287
227,991
179,016
$9,969,662
•9,8094.01
charged
$667,093
RK.Income
Allegheny Val. RR.— Dellotenoy
do ..
A Penn. Line RR.
Am. 83. Co.- To meet int. guar.
Settlement of balances tinder
--•
trunk line p<«)l
For tire at N. Bnin«wiok, N. J..
E«traoitllnBry expenses, not
proi)crly chargeable to capital
Fred.
less In 1889.
80,737,336
160^1
balance deduct :—
to Penn. Co.
Payments to trust fund
Cnnsol. mortgage redeemed
Net Earnings Monthly to Latest Dates. The tables following show the latest net earnings reported this week, the
returns for each road being published here as soon as received
but not kept standing from week to week. The figures cover
the latest munti and the totals from January 1, and also the
totals for the fiscal year on those companies whose fiscal year
does not correspond with the calendar year.
—January.July 1 tn Jan. 31.
Roads.
BlUanee
Froiii this
3, -79
374
77.238,082
$8,795,954 $10,213,296
2,944
223,417
New Brunswick
67,102,714
$34,595,267 $38,277,424 $35,771,067
Net earnings
INCOME ACOOCNT OP PBNNSnVANtA KAILROAD COMTANT.
The f oUowing'statement shows the detailed income acoounft
of the Pennsylvania Railroad Company for the years 1886,
1887 and 1888, the "net income" given in the first line being
the amount of mcome after deducting interest payments.
Net income Penn. RR. Division.
Net loss New Jersey Division..
15,957
3,952,739
t
OperaS^xpii^s..
25,1:3
p. c)
For week ending February 23.
BAENINOS ON AIX LnfES BOTH BAST AND WEST OP PITT8UUBQ A BMB.
.1888.
1887.
1886.
$101,697,981 $115,315,606 $1161509.293
GroBseamlngs
69395
324.800
698,390
15,000
00,000
$
78,624
324,800
352,835
"ob^flioo
81,020.000
71.121
324.800
100,780
"odiooo
Balance to credit of proflt
loss account for > car
and
Dednot balance Insettb-mentot
claims aud old accounts, Ac
1,241,118
1,161,647
$2,429,5&7
82.768,108
$7,783,730
5,418.702
$7,040,063
5,327,270
„„.„„.,
»6.>«,B04
4,738.892
(5)
Jan. 1
(5>«)
rS)
$l,0l4,wi,i
„,,..,„
$2,365,037
623,756
381,437
03,878
$1,983,600
15,625,347
81,620,421
17,606,048
•891,156
Balance
Add proflt and loss
167.183
175,000
$2,542,150
Balance to credit of income
after deducting aU paymenU
Dividends
Bate of dividend
411,972
265,000
14.734.193
$1,713,698
Balanwpro«tandloa«Deo.31. $15,626,340 $17,608,847 •10,2a»,8e8
.
THE CHRONICLE.
324
GENKSAL BALANCE DECEMBER
31.
Aitett.
1S86.
1888.
1887.
9
*
77,045,510
36,004,428
61,652,327
35,444,399
63,654,469
6a,4'^8,789
6,604,286
9,610,239
7,710,796
3,758,621
10,000
22,650
56,997
3,828,517
3,907,141
10,000
ConBtrnct'n.equlp't. &o.,rallroaaB
Iwtwcen Phlla. & I'itteburg
Cost of liouda of ruilioads
CkiBt of etoiks of railroads
Cost of boud(i and stocks and Investm'ts not orberwise enum't*d
Managers of Trust created by
Penn KR. Co. Oct 9, 1878
Insuranre fund
MortgaccB and f!:round rentals....
Freight lialancee due
Cost of autlUHi It" oal lands
Becuritic 8 of United N. J. Comp's,
transferre'd with lease
Squipment of United N. J. Go's,
transferri d with lease
Fuel and materials on hand
Bills and aeiouuts receivable, and
amounts due rrom other roads,
ineluilinp advances, viz.:
United N. J KK. & Canal Co.—
& Trenton—Construc'n..
Real estate
Other C( mpanicB
Cash balance lu London
Cash in hands of auents
Cash in hands of Treasurer
Total.
3,774,895
1,376,981
4,173,940
1.242,436
3,784,217
1,137,728
2,721,750
1,428,460
819,555
233.249
8,108,208
1,078,329
2,215,958
8,110,078
fund* redemption.
3,817,015
1,527,766
2,635,212
Real estate
60.150
467,715
446.024
102,r 89
446,021
Construction
Phil.
10,(.'00
84,134,800
36,156,454
3,838,785
I
Sliikg.
81,688,003'
2,072,120
2,984,870
1,640,739
1,025,405
244,495
8.867,4.3
1,098,446
2,682,2U4
3,521,799
2,466,864
87,3.'S0
446,024
3,247,-:
90
1,767.440
1.04«.5!I6
266,944
10,53-',2,=>l
1,120,981)
2,r>8!«,l(i2
3,233,014
214.455,923 228,715,053 233,064,538
,
Liabilities.
1887.
1886.
Mortgaizesand ground rents
Penns'lvania Co. for Inetirance on
Lives, Ac, " Truht certiUcates,".
Ear. Ft. Mt. J. & Lun. stock guar.
"
"
4 p. c. bonds guar.
Balances due other roiMls
Pay-rolls and vouchers for Dec'ber
Cash divide: d unpaid
Dividend scr p outstanding
Sundry aceoi uts due other roads..
Securities of tlu^ United N. J. Go's,
transferred with the lease
Stiuipujent of United N. J. CoV,
transferred with lease
Fund
1888.
98,521,300 106,544,500 106.545,400
63,364,762 64,997,3,'i3 6J.6. 1.498
1,540.448
1,948,956
l,95S,7b6
Capital stock
Funded debt
8,174,000
8,174,000
1,182,550
700,001)
8.089,000
1,182,550
700,0(
96,533
1,303
8,560,685
911. IHI
5,801,408
106,462
1.283
ll,804,B8s
3,838,785
3,817,015
3,774,895
1,527,766
1,376,981
1,242,436
786,190
759,843
5,196,502
94,764
1,408
7,554,615
6,245.241
for the purehiise of securi-
guaranteed (trust of Oct. 9,
187h)
3,828,517
3,907,140
3,978,262
Consol. irortgago bonds redeemed
2,427,8t5
2,767,656 3,127,(il6
Balance to proht and loss
15,625,348 17,t08,948 19,229,368
ties
[Vol.
to construction account, to which they were properly chargeable, the net earnings would have been materially increased,
"During the winter and spring of the past year the eompany suffered a serious loss in revenue, occasioned by the deep
snow and blockade in January, followed by the memorable
"March Blizzard," causing the enth-e suspension of trafRc for
several days, and largely increasing expenses. It is difficult
to accurately estimate the actual loss, but it could not have
been less than $50,000.
"The coal tonnage of the company for the year was 707,072
tons an increase over the previous year of 31,353 tons, or 4-63
per cent. Had it not been for the loss of tonnage from one of
the largest collieries under its control, coupled with the temporary suspension of production during the snow blockade in
January and the blizzard in March, your company would have
transported at lea.st 900,000 tons of coal during the past year.
—
The 'Dunn Colliery,' operated by Jermyn&Co., the output
of which is controlled by your company, was destroyed by fire
on July 17. This coUiery had a producing capacity of about
12,000 tons per month, and the loss of its production very ma-
214,455,923 228,715,051233,064,538
Cleveland Colnmbas Cincinnati
&
&
amount unconverted December 31, 1888, $1,375,731. These
were divided as foUows: Capital stock, §233,251; income bonds,
class A, $520,100; income bonds, class B, $329,884; scrip No. 1,
§254,096; scrip No. 2, §38,400.
On December 31, 1888, there were but §6,000 of the old
first mortgage six per cent bonds of 1911 and §93,500 of debenture bonds of 1897 outstanding and unconverted into the
new bonds provided for in the refimding plan adopted in 1886.
The comparative statistics for four years have been compiled
for the Chronicle as foUows:
18S5.
188C
1887.
1888.
Earnings from—
.Passengei s
Freight.
Carseivlce
Operating expenses
{Far the year ending Dec. 31, 1888.)
From advance sheets of the annual report the figures for
1888 have been obtained. The complete report wiU not be
ready for several weeks.
The comparative statistics for four years, compiled for the
Chronicle, are as below given.
OFEBAIIONS AND FISCAL RESULTS.
1885.
—
18F6.
1887.
391
Miles owned
Optrotwris
Passtn^.ei8 carried..
Miscellaneous
Total earnings
Indianapolis.
391
391
Net earnings.
Per cent of exp.
820,P07
956,591
1,008,031
1,323,265
Passenger mil' age .. 38,145,360 39.496,055 43,453,760 50,900,481
Eate |! pass ijimile. •20!) 1 ctp.
2-150 cts.
2-282 cts.
2-lS?0 cts.
Freight (toui.) moved
2,8'i8,119
2,644,021
2,8:4,466
Freight (lonp) niil'Ke.428, 091.881 423;545',587 452',776',169 442','8 o'Sli'
"
-"
Av.rate ^ ton ^ mile 0577 cts.
0679 ots,
0-700 cts.
0-658 cts.
'
to earns.
$
$
259,522
234.068
807.189
24,360
17,976
8,762
247,155
830,954
24.3b6
18,977
7,969
1,092,355
587,441
1,129,441
1,395.!S:6
637,662
762,139
504,914
491,779
53-77
66-16
INCOME ACCOCNT.
633,017
54-£2
1,078. e33
26,933
20,253
9,843
261,580
1,109.752
25,116
27.292
2-2,
leo
1,445,900
821,990
623,91*
56-85
1885.
1886.
1887.
1888.
504,914
Net earnings..
491,779
44,023
$
633,047
27,159
623.910
25,828
Ollitr income.
1888.
391
A
company's tonnage for the year.
new
breaker, having a much larger producing capacity, is now
being erected by Jermyn
Co. to replace the one destroyed.
It is expected that this new breaker will be fuUy completed
and ready for operation by March 15 next. With the tonnage
from this colliery, and the expected increased output from the
other colUeiies controlled by your company, your management feel confident that the coal tonnage for the current year
will show a very large increase as compared with that of the
past year." * * * *
The Midland EaUroad Company of New Jersey securities
converted into preferred and common stock of the company up to December 31, 1888, were §7,621,448, leaving
terially affected the
Mall, exircss, lic.
Total
XLVm.
«
504,914
535,802
6t;0,206
649,738-
*322,095
Total
•327,765
29,500
441,120
26,414
441,120
';i5,455
28,60O
2,69»
Diibursemenls—
Interest ou bonds
00
Rentals
25,'
Car
92,352
30,079
trust obligations
T.ixe.B
1.5^,919
34,493
H
2 541
Miscellaneous
26,497
'
Eamingt—
$
PaB3en«er
S
$
$
..
797,679
2,471,863
136,865
849,168
2,877,157
194,165
991,445
3,170,564
196,380
1,109,698
2,915,5p6
198,715
Total groBB eam'gs.
Oper. ezp. (ji taxes..
3,456,407
2,812,182
3,920,400
2,699,361
4,358.389
2,915,931
4,223,999
2.983,533
1,221,129
INCOHE AOOOtrNT.
1885.
1886.
1,442,458
1,240,466
I^lgHt
Mall, express, dEO..
Net earnings...,
644,225
.....
Receipts—
Net earnings
Total disbursements.
Balance
'
1888.
$
644,225
213,032
1,221,129
263,626
1,442,458
Keutals, Interest,* c.
258,004
130,430
Total income....
857,257
1.484,755
1,700,462
659,385
79,896
702,810
2,133
700,675
1,800
698,550
739,281
117,976
704,943
779,812
702,475
•997,987
Miscellaneous
Total dlsbnrsem'tB
Balance BurpluB.....
*
*
1,240,466
Half interest only paid on N. Y. Sua
& \f. firsts and
aebenturee.
1835.
1886.
1887.
1888.
$
S
S
£
A sscts^
RH.
26,393,494 27,031,081 27,910,023 28,059,14^
etocks&l>'d8 0wn'd,coBt. 2,4.32,156 1,924,081 1.354,955 ],3-0,31&
Current accoiuitB
208,450
16?,876
179,955
421,562
Bills receiv. & advauces.
374,189
369,183
260,583
312,254
Materia s, fuel, Ac
20,835
2J,158
25,(;07
32,813
C-sb <n hand
28,448
130,417
117,108
21,156
Miscellaneous
11,717
51,94a
Inilide'a. equip., &c..
Total assets
Liabilities
—
29,457,572 29,532,535 29,903,257 30,375,139
$
S
£
S
21 ,000,000 21 ,000,000 21 ,000,000 21 ,00",00O
0,8.50,000 e.Si^O.OOO 8,lo6,OCO t-, 130,000
I-'unded e oup. obligations.
93,000
18(>,000
St.ck
Funded debt
698,.">50
"672,346
l"rom the surplus as here given each year, there was spent for
addl-
payable
274, (WO
Coal trust notes
•Sundry accounts
145,000
213,713
831,420
43,088
7,316
Bills
Car trust oMif-atioUB
Land de)iartment
ProUt and loss
New York Snsfiiielianna & Western Railroad.
The annual report of Mr. Chas. M. Heald, President,
Dunng
547,677
505,610
499,318
11,875 SU.154,5E6 8U.151,42(>
df.
GENERAL BALANCE AT CLOSE OF EACH FISCAL YEAR.
1,370,896
IHubnrsem eii Is —
35,388
.
1887.
$
Interest on debt
409,.=i20
but.
Total liabiUties
says-
the year just closed 5-6 miles of new sixty-pound
rails were laid on the Middletown Branch, at a cost of
$19 764
and 76,598 new cross-ties and 21,510 feet of switch timber were
placed
track and sidings, at a cost of $49,853. One and
seven tenths miles of new side track was added ,at a cost of
Hew double-track u-on draws were placed in Belhnan's$6,068
Creek
and Little Ferry bridges, at a cost of §21,629. Two new iron
bridges were built at Hawthorne and Johnsons, at an
aKirregate cost of $9,286. The foregoing are some of the
morl important betterments made during the year, the cost of
which
togotlier with ?;!0,097, the cost of the second ti-ack
constructed'
was charged agamst income- Had these amounts been charged
298,022
135,000
1?5,000
105,000
20-',797
408,615
6o7,74!>
789,983
43,083
27,64 5
39,988
183,385
51 ,589
334,t!06
28,457,572 29,632,535 29,903,257 30,375,13»
•
Consists of current seoounts, audited payrolls and vouchers,
R. iiartlett, trustee, and interest and rental accounts tot due.
John
Texas & Faclilc Railway.
CFor the year ending Dec. 31, 1888.^
m mam
The Lrst annual report of this reorganized company has just
iiijued.
The Pi-esident, Mr. Jno. C. Brown, remaiks
& Pacific Railway was finally discharged October 31, 1888. His accounting had been made to
the Court to the 31st of May preceding, which was ratified and
approved by the Court, and the balance in his hancls brought
forward and turned over to the company as of that date." * *
been
:
" The Receiver of the Texas
For the information of
the stockholders,
a
summary
is
;
.
Mabch
0,
THE CHRONICLE.
1889.]
under the roceiversliip. In the resand iinprovemont of tho property from December 15,
18«5, to May ai, 1B88, amounting in all to $5,150,888.
In addition to tliat amount, expenditures for additional
betterments have Iwen made from Juno 1st to December Slat,
1888, amounting to $630,129.
Conmioncinjj with January 1, 1889, all further expenditures
on account of improvements will be charged to and be included in current operating exitensos. While the earningR of
fCivpn of the expenditures,
toriitioii
the pri)|x;rty as well as all disbursements are fully exhibited
for tho year ending December, 31, 1888, yet there was much embarrassment in attempting to present a comparative statement
of either when for tho first live montlis large imjirovements
were made from funds derived from contributions by sttxikholders as well as from earnings, and very much of that work
was not completed until tlio 31st of October, and since that
date such exi)onditures have depended entirely upon the earnings of the road. From the same cause and because of moving
large amounts of construction material until late in the summer, a comparison of the operating expenses cannot be fairly
made for the last months of the year. It is proper to say, on
the other hand, th.at aliout $150,000 of betterments in the year
1887 were cliarged directly to oi^eratiug expenses.
" It will be noticed from accompany mg statements that the
percentage of expenses to earnings diminished very greatly
after the close of tiie receivership, and is diminishing in regular ratio all the while. Expenses to earnings in the closing
months of 1888 were: October, 61 per cent; November, 63 per
cent; December, 60 per cent; being an average for the three
montlis of less than 63 per cent. The failure to realize the
large earnings reasonably anticipated at the beginning of
the fiscal year is due in a great measiu-e to temporary causes,
not the least of which is the fact that the cotton crop tributary
to your line was six weeks later in its preparation for the market than the preceding year, in addition to wliich the crop in
the same locality was cut short from 13 to 15 per cent by the
cold rains of October, Besides this, new competing lines have
been opened.
"Rate cutting, which prevailed in the latter part of the summer or the first of the autumn, materially reduced the aggregate
gross earnings, while there was no corresponding reduction in
expenses, because the tonnage handled was not dimiuislied,
but really increased, your company having transported from
New Orleans and intermediate points to El Paso a large
amount of construction material for the Mexican Central Itailway at a very low rate, thereby somewhat decreasing the rate
of revenue per ton per mile as compared with the previous
year."
EABNINGS AND IXPBSSES.
Earntnge—
1888.
$4,380,107
1,586,734
Pas-eugerg
MaU
1887.
Increate.
$1,186,781
$193,325
13,503
194,824
IbO.OOO
2,321
60,399
Freljtht
194,824
19J.O00
1,201
65,734
Express
Kenta
Miscellaneous
1,.543,226
Total
$6,374,336
Eipmista and lazes.
1888.
Expenses
$4,92 '^,'156
Taxes
143,213
Deereast.
Balaneet {apiMtd
Old rails sold
Hoei'tvcr's acoounis
luoouio account
•
$12,000
5,335'
beUermenlt)--
•2S«,37S
I .'>«
this sorlp since
Increase.
the year ending Dec. 81
&
:
BOAD AND EQUIPMEMT.
1897.
1,002
1888.
l.OOZ
168
143
6, SO?
5,923
Ol'ERATIOKS AXO FlgCAL RESULTS.
Operations—
1887.
PnswnsreiB carried
1,272,124
Passenger mileage
71.837,023
Kate per pasaenKer per mile
2-233 cts.
Krelfiht (tons) moved
3.035.505
Freight (tons) mileage
460.011,392
Average rate per ton per mile
0'964 cts.
1,351,607
70.937,362
2 079 ct«.
2,799,733
400,382,872
0-798 cts.
Miles operated
Ixicomotlves
Passenger, mail and express oars
Freight, ooal and other oars
Earnings—
$
9
],634,.503
4,475,477
403,082
1.661,913
3,679,655
438,018
6,518,062
6,779,888
To
al gross
earnings
OpernliiKj jLxpetises—
$
Maintenance of way, &o
Maintenance of cars
Motive power
Transportation expenses
1?" $315,913
1887.
...«
1,277.588
1,692,013
General
150,'.i30
Total
4,680,125
Net earnings
1,837,937
71-8
Per cent of oporat'g expenses to earnings.
INCOME ACCOUNT.
tH/ $332,544
INCOME ACCOOST, 1888,
$1,302,717
130,836
Aid other income
Total net Incoffie
were paid—
„,
From which
Intercston lionds
Expeiisi'H prhir t) Dec. 1,1887
Rental-, iiitorest, dis ouiit, <fec
Balance aipplied to bettermunts
$1,433,653
$916,791
260,675
73,460
182,724,-$1,433,653
The/nil amount of annual fixed charges isnow as follows.
Interest of
Interest of
tlr.sf
mortKase
new
first
K.i)iv. I.onds
$2-.i7.050
mortgajfo bonds
Total
l.OU0,80O
$1,287,840
CKNERAL llALAKCK 8HEKT I>£CEMBEB
31, 1883.
Debit.
_,
^
Cost of rnnil and equipment
$80,219,103
Expcudi'd rnrbftttermentJi. 1838
1 057.123
General assets (lOW 2d M. bonds in tieasmy, $l,763,od6).'
l,Hii4.051
<}r>rdon coal mine
.
139 618
F;de:iiy Trust Co., trustee 1st M. bonds reserved to reiii-B
Is: M. East. U.v. bonds at maturity and Texas school
fund loan
3,9.">1.000
Cai)it«l slo^^'k New Orleans Fa<illc Railway
0,703,400
OperathiKiPsi-o a (duo frjm ag'is and foreisurds $709,413)
1,241.191
Unadjuated accounts
61,246
$95,207,735
_
,,
Credit.
,
Capital stock
Bonded indcbtAdnesi
Oeneral UabitUies—
Texas scuuol iiMiil loan
$38. 70S, 800
63,751,912
Interest scrip inconn'. and land (iraut bonds (ruUrable under the provisioMS of reorgauizatlou)
Other
8crii>
153,143
614,342
27,543
Operating HaltiHlies—
Vouchors and pay
Due other
rolls
unpaid
railroads
Bills pay*l>le— Car trust notes
Othcn.otes
dtinaulaeirucd
Unadjusted account, Uould-Huntlngton contract
Interc-it
749,760
46,716
15S.90O
60.000
216,529
158,229
76-
1887.
1888.
3
9
5V!,980
1,381.192
1 10,270
Total receipts
Dxsbxtrsemenls—
1,890,917
1.491,462
*
Interest on oon-is
916,738
)
S
Taxes
Sundry accounts
394,005
739,735
(332.160
<
(
)
13?,139
144,036
1,310,743
"7,348,078
580,174
Total disbursements
Balance surplus
Assets.
143,386
31.
11887.
$
41,71 1,000
Cash on hand
235,995
301,420
1,093,058
43,346,471
Liabilities.
1887
18B8.
9
41,711,000
199,358
881,857
1,105,467
43,31)3,182
1888.
30,000,000
11,741,000
356,614
797,910
450,817
Bonds
due and accrued
Accounts payable
Income account
Total UaWllties
30,000,000
11,741,000
3t0,49«
43,346,471
Capital stock
Interest
NetcamlnES from operation
4,398,391
1,381,19
1,837,937
Receipts—
Decrease.
$5?,479
1,280,301
1,751,973
141,855
Net earnings
Kent of tracks, &c
Total assets
Increase.
$161,148
887,070
337,192
498,964
$893,516
$777,0S2
$280,065
9
1,061.330
•1690
Improvement aoc't..
Newoquipm'tacot...
1588.
Freight
MaU, express, ic
Supplies and materials
Accounts of railroads and Individuals
$1,084,135
179
143
Passenger
Costof road, equipment, Ac
•9646
1888.^
Wabash St. Louis
Pacific system and the pro|M>sal that consolidation should again be made with the eastern lines. The
report of Mr. Ashley, President, will be found at length on a
subsecjuent page, and it should be remembered that this company operatre !i61 miles ea-st of the Mississippi River as well as
the 640 miles west of it, making 1,002 miles in all. The statiastat
tics are as follows
Decrease.
$5,965,186
$218,582
,
Th« report of this company is a document of much intemt,
owing to its having been severed by foreclosure from the former
$372,348
21,1G8
Total
$3,071,669
Ket earninga
$1,302,717
Per ct. exp. and taxes
•7960
1888.
•«9.a07,735
Jan. 1st.
Wabash Western Rail nay.
CFor
BALANCE SaEET DEC.
$5,800,804
164,381
s.'sa
182,724
There has boen retired $135,000 of
$190,617
1887.
to
Rentals
191,1
$6,183,768
325
43,398,183
Wabash Railway— East
70'^,4''5
694,-^03
Lines.
I^For the year ending Dec. 31, 1888.^
The following statement
of the operations of the lines east
of the Mississippi River has been furnished by Receiver McNulta, and appears in the Wabash Western report, for tlie information of bondholders and stockliolders. An explanatory
letter from General McNulta accompanies the dcwument, furAs compared with
nishing many particulars of interest.
1887 there was in 1888 a decrease of gross earning of |348,748
and a decrease of net earnings of $944,577, leaving net earnings applicable to interest $527,885, as against $1,532,675 for
the year 1887. Freight earnings show a decrease of $3.'JO,S40
miscellaneous, $66,524; passenger earnings
express, $31,516
show an increase of $87,352 mails, $12,880.
" The decrease in freight and express earnings is caused almost wholly by the decrease in rat^, there being an actual increase of 76,711 tons in the tonnage of freight carried, the ton
mileage being, however, something less in 1888 than in 1887.
Applying the rate per ton per mile of 1887 to the tonnage of 1888
would have given us $335,000 more freight earnings in 1888
than was actually received during that year, and would have
While the
left us without any decrease in express earnings.
passenger earnings show the increase given, there was a decrease
the rate per passenger per mile, and the operating expenses were increased by an excess in 1888 over 1887 of 855,103
miles of passenger train and of 174,448 of freight train service,
showing an increased expense in oi)erating from these caoaes,
which, with the increase of terminal ex)>ense8 and balances
Iiaid to other roads for car mileage, amounts to $267,008 84.
" The increase in repairs for 1888 over 1887, $344,874, is represented by the renewal and improvement of track, struo—
;
;
m
:
THE CHRONICLE.
326
GENERAL INVESTMENT NEWS.
* * * The condition of the machintures and equipment.
been greatly imery, rolling stock, road bed and structures has
kept beproved; and while no separate accountmg has been
there
tween what was cun-ent repaks and what improvements,
made
can be no doubt but that the value of the betterments
shown
the year would more than cover the deficiency
—
Ba Itiniore & Ohio. This company has begun the construction of new rolling stock for all its lines. The new equipment
trust loan of $1,000,000, for wliich the Finance Company of
Pennsylvania is ti-ustee, will be used in purchasing and constructing the new rolling "stock. One-tenth of the loan is to be
paid every year with interest at 5 per cent. It was over-subscribed in Philadelphia very quickly.
during
between gross and net earnings."
The results in 1887 and 1888 compare as follows
:
1888.
1887.
$6,902,109
Gross earnings
OperaUng expenses
Taxes.
$6,553,3f2
$5,380,188
262,877
**'ol4'li^
232,817
'^'^^^'^f?
i,i»i
$1,892,215
tahh^
bo,B£/
$390,390
$527,887
Dtdvel—
Track rentals
Cartrcst charges
Mlscellaneons items
Total
Balance, applicable to interest
Cincinnati
(For
New Orleans & Texas
Nos. 102, 105, 107, 112, 413, 420, 424, 4:^8, 451, 476, 483, 4! 0, ,'JOO,
551, 554, 557, 55H, 562, 565, 571, 576, 584, .^87, 588,
624, 647, 659, 663, 666, 678, 682, 694, 698, 700, 723,
794, 796, '.im, ^00, 827, f31, 840, ^^43, 649, 851, 859,
891, 895, POl, 903, 911. 913. 916, 91f, (33, H4I, 963,
970, 972, 977, 978, 982, 1,00^. 1,009, 1,033, 1,034, 1,(39, 1,057,
1,061, 1,(166, 1.074, 1.089, 1,090. 1,092, 1.104, 1,109, 1,122, 1,123,
1,127, 1,143, 1,144, l,14i», 1,150, l,lt:0, 1,174, 1,178, 1,1?4, 1,185,
1.187, 1,203, 1.205, 1,210, 1,214, 1,215, 1,218, 1,220, 1,230, 1,233,
1,236, 1,240, 1,245, 1,253, 1,'256, 1,288, 1,291, 1,295. 1,297, l,-299,
1,311, 1,312, 1,315, 1,316, l,:^17, 1,322, 1,330, 1,334, 1.344, 1,347,
1,348, 1,349, 1,350, 1,361, 1,369. 1,380, 1,383, 1,401, 1,403, 1,419,
1,423, 1,427, 1,430, 1,431, 1,432, 1,435, 1,439, 1,446,1,451, 1,457.
Pacific.
This company is lessee of the Cincinnati Southern Railway,
and the report of Mr. Charles Schiff, President, says: "The mam
line of the Cincinnati Southern Railway extends from Cincina distance of 336 mUes. Of
nati, O. to Chattanooga, Tenn.
this road 187 miles are laid with 60-lb. steel rails and 149 miles
with 58-lb. steel rails. "Since the formation of your company
great attention has been bestowed on a coiiiplete and full
maintenance of the property, and the cost thereof in each year
has been properly debited to operating expenses. Besides the
cost of maintenance, your company has expended for additions and improvements to the road from October 13, 1881, to
the end of 1888, the large sum of $l,664,430,the benefit of which
expenditure will entirely revert to the city of Cincinnati at the
expiration of the lease." » * *
In comparison with the preceding year, the gross earnings
show an increase of $246,9818, or 7'31 per cent. The operating
expenses show an increase of §884,963, or 18'93 per cent. The
net earnings show a decrease of $138,025, or 10'28 per cent.
There were moved during the vear 1,698,727 tons of custom
freight, against 1,421,341 tons the preceding year, an increase
of 377,386 tons, or 19-53 per cent. The revenue per ton of
freight transported was |1 54, against $1 72 the preceding
year, a decrease of $0 18 per ton, or 10'47 per cent.
The capital expenditures of the company for the year were
,
:
For additions to rolling stock and equipment, real estate
and buildings thereon
$428,550
For roaiiwny and structures (iraprovemont s and additions
that will revert to the city on expiration ot lease)
194,939
Total.
From
$623,490
the date of the formation of this
company
there has
been expended:
For roadway and structures (Improvements and additions
that will revert to the city on expiration of lease)
$1,664,430
For property owned by the company
2,027,852
Or, In the aggregate
The amount
$4,292,282
of the capital stock of the
showing that the expenditures have
company
is
$3,000,000,
been $1,292,382 in excess
of the capital actually paid in.
In regard to the lease' of the Cincinnati Southern Railway
the report says it is hoped that during the session of the
Legislature of 1889 the Trustees of the railway will be successful in their endeavor to procm-e satisfactory legislation, and
that the possibility will then exist of arriving at an amicable
settlement of the claims of the company against the City of
Cincinnati, with some one authorized on behalf of the city to
co-operate with the lessee in making the necessary arrangements to secure the continuous development and permanent
mprovement of the property.
After providing for the expenses of maintenance, for operation, for taxes, and for rental, the surplus revenue for the
fiscal year 1888 was $312,294, against which there has been
charged and credited to a reserve or sinking fvmd, the sum of
174,632, for the redemption of capital expenditures, additions
and improvements to the leased property. This reserve fimd
now amounts to $363,000.
dividend of 3 per cent was declared payable Feb. 28, 1889.
The earnings and expenses of the company; have been 'as
ollows for four years past:
A
1885.
1886.
$«t)2,971
$62B.4e3
3(j,6l3
2,130,765
56,904
43,«55
24,385
1887.
$740,617
2.493,040
63,694
55.531
24,670
$2,681,546
Working expenses... 1,«16,735
$2,882,172
1,753,879
$3,377,552
2,034,572
$1,064,811
$1,128,292
$1,342,980 $1,204,954
$93,800
812,000
$79,700
834,043
$82,214
912,000
f12,000
$905,800
$913,743
$994,214
$992.eS8
Total
Ket earnings
Derfi/c*—
For taxes
For rental
Total
interest ceasing
30,658
$159,C11
$214,549
$348,766
$il2,29r,
The percentage of Ojperating expenses in 1688 was 66-76
87 was 60-24 ;
1886 was 6(l-86 in 1885 was 60-29 per cent.
;
;
May
1,
1889.
—
Ciiieago Bnrliniarton & Northern. This company gives notice that it will purchase its 6 per cent debentures, now outstanding, giving its 6 per cent 3d mortgage bonds in payment,
bond for bond. The right to sell wiU expire April 17.
Cincinnati Wasliinirton & Baltimore. The suit of the
Baltiniore & Ohio, seeking to have its claims against the C. W.
& B. Company declared a prior Hen, was before the court at
Cincinnati last week, and the council on each side submitted
printed briefs. An early decision is expected.
—
& fJreat Northern.— On March 1 at PalesW. Ozment and A. H. Bailey, bondholders and
International
tine,
Texas,
J.
stockholders, filed
a suit in the District Court against the InT. railways and
Great Northern and M. K.
ternational
the receivers of the former roads. The petition alleges that
unlawfully consoliGreat Northern has
the International
Texas and
dated its stock with that of the Missouri Kansas
the controlling interest of its stock; that for the
issued to it
purpose of carrying the consolidation into effect they procured
the appointment of Bonner and Fonley as receivers, and that
the order appointing the receivers is null for the reason that
the court had no jurisdiction. The plaintiff then asked for the
Great
appointment of receivers to operate the International
Northern Railroad in conformity with the laws of the State;
that the act of consolidation between the roads be declared
Texas
null, and the stock issued to the Jlissouri Kansas
Texas Company
be canceled, and that the Missouri Kansas
be enjoined from voting .stock at the stockholders' meeting in
April next. The resignation of Jay Gould from the dii-ectory
Great Northern caused a vacancy in the
of the International
presidency of the road, and George A, Eddy, one of the reTexas was elected President.
ceivers of the Missouri Kansas
&
&
&
&
&
&
&
&
&
Keokuk & Northwestern.— Tins railway, extending from
Keokuk to Mount Pleasant, Iowa, a distance of 48 miles, has
been sold in foreclosure, and purchased by Charles E.'Perkins,
President of the Chicago Burlington & Quincy RR., for$734,336.
Lehigh Valley. In Philadelphia it is stated that one reason
for the issue of $4,000,000 of Penn. & N. Y. Canal bonds is the
building of the proposed railroad from the terminus of the
Geneva Ithaca & Sayre Railroad to Buffalo and the Suspension
—
Bridge.
—
follow a natural
in a southwesterly direction
counties, in the State of
Pennsylvania, passing through the towns of Forest City, Carboudale, Archbald and Providence, to the city of Scranton,
where it has arranged for ample terminal facilities, favorably
located for business, .ind will also make connections with the
West. RB.
Central Railroaji of New Jersey and Dela. Lack.
The proposed line will be favorably located as to grades, and
will be aole to move lieavy trains out of the Wyoming
will
through
Burpl us revenue
m
Louisville & Nashville general mortgage bonds, dated
due June 1, 1930. In our advertising columns will be
found the numbers of 156 of these bonds ($1,000 each) wliich
wiU be redeemed at 110 at the company's office, 50 Elxchange
Place, on June 1, 1889.
Northern Pacific, Missouri Division 6 per cent first mortgage bonds, dated 1879, due May 1, 1919. In om- advertising
columns will be found the numbers of twenty-eight of these
bonds ($500 each) which will be redeemed at par on presentation at tlie office of the Farmers' Loan & Trust Company,
1880,
New York Ontario & Western. The New York Ontario &
Western Railway Company, as previously announced, lias entered into a preliminary contract with the Scranton & Forest
City Railroad Company, whereby the Ontario & Western Railway will secure an entrance into the Wyoming coal fields.
The Scranton & Forest City Railroad Company will, in due
coui-se, be consolidated with the Hancock & Wyoming Rail,
road Company, wliich will build from Hancock to connect
1F8?.
$79 •-,98 4 with it at Forest City. The name of the consolidated company
2,6f4,910 will be the Ontario & Scranton Railroad, and will, when com83,496 pleted, form part of the Ontario & Western system, and become
55.112
The new extension will cross
27,988 the property of its share-owners.
the main line of the New York Lake Erie & Western Railway
$3,*:24,490 at Hancock, above grade, over a substantial iron bridge, wliich
2,419, 5a6
will also span the Delaware River at that pouit, and the track
1,875,782
56,6K1
49,519
Passengers
Freight
Mail service
Express service
MiecellaniouB
—
543,547, 548,
.=92,609, 618,
727,760, 793,
868,877, 889.
the year ending Dec. 31, 1888.^
,
following bonds have been called for
New
$168,962
130,306
91,122
$359,541
$1,532,674
Total net Income
— The
Yoek Mutual Gaslight. First mortgage bonds,
principal only, to be paid at the Union Trust Company, 71
Broadway, N. Y. City, on and after May 1, 1889, 150 bonds,"viz.
$918,277
,.
*,IS'?l,i
Other Income
Galled Bonds.
payment:
$5,643,065
S9I 0,297
7,980
$5,017,176
Totol
Net earnings
[Vol. XL^III.
m
valley
Wayne and Lackawanna
&
MA.RCII
9,
THE CHRONICLE
18!-0.J
line will aUo form a very diroot route
and to
via the Poughkecpsio bridgo,
tiilfr-watiM" iHiint-i in conntH^tion witli tlio West Slioro and WalFor norlhoru and western points, coiikill Valley railroads.
ucctioiH iiro already pro vidod by way of tlio Went Shore, New
Ogdensburg railroads
York Central and Rome Watei-town
at Utica, Rome, Oneida, Oswp;;;o and Central Square. Tlio
distance from Hancoi-k to Scranton is about fifty miles.
Liberal estimates and allowances liave been made, and
of the com[)any to construct a supeis the intention
it
rior road, amply provided with equipment and facilities for
coal rojfion. Tliis
,_
to New EnRlaiul,
^
,
&
traffic.
.
.
L
,.
P. Fowler, President of the Company, has been
roqiiosted by the Board of Directors to issue a circular to
st<x:kholder8 (which will be found in the advertising columns of the Chronicle to-day), briefly setting forth the
plan alxivo outlined, and asking their assent to a financial arrangement which will provide means for carrying it out. It
is also propostid to refund the existing mortgage debt of the
comimnv at a lower rate of interest, an agreement witli this
object in view having already been made with a very strong
syndicate of linkers, including Messrs. Kuhn, Loeb & Co.,
Maitland, Pheliw & Co., Ladenburg, Thalman & Co., Richard
Mr.
Thomas
Irvin&Co., L. von Hoffman & Co., Marquand & Parmley
and Poor & Greenough, of New York Townsend, Whelen &
Co., of Phil.idelphia, an<l Satterthwaite & Co. and other
strong financial firms in Loudon and Wertheim, Gompertz
& Co. of Amsterdam.
Mr. Fowler states that his board intends to construct the
Manhattan
827
Ipvatoil.— Tlio Executive Committ^xs declared
'' M la
IJ^ [wr cent, i)ayabIo hi scri
convertible into new 4 per cent lK>n<lt at the pliM
in
company. The terms and amount of the profKweil
;ro
not miuie known. It was said, however, that the purpose waa
to coasoliilate all the mortgage^) and otlter obligations into a
genenil 4 p<'r cent bond, "riie issue wmld include all oatsttmding indebte<lness, land damages and |x>sKiblo extenatonfl.
Tlie mortgage would bo for 100 yoarx, but the amount could
not be fixed until the land damages at least were arranged.
The books close JIarch 15 and re-open April 3.
»
a (luarterly dividend of
;
Xpxlcan Centriil.— A notice by President Wade says that
more than .sevon-<>ighths of all the first mortgage bonds and
more than three-fourths of all the income bonds have been deposited imder the terms of the circular. See advertisement
for new terms to holders wishing to deposit their bonds.
cablegram from London to Messrs. Kuhn, Loeb ft Co.
states that flie subscriptions to the $7,000,000 jirior lien lx^ndl^
of the Mexican Central Railroad Company, which were opened
on Wednesday and closed to-day, amount to $44,000,000.
^j
—A
New York & Now Ensland.—The report for thequartar
ending Dec. 31 filed with the New York State Railroad Commissioners shows the following:
IS^A.
*1,415,8(W
9i2,882
1887.
•1,314,20S
997,974
Net oarninifs
income
$192,982
*446,33l
17,173
1,493
Total
»510,155
$147,824
*2.')2,352
$245,798
59,leO
97.2B2
5B,.'3SO
Total
iSi090M
Balance
$101,141
$388,219
$59,606
;
aro«8 eaminKS
Operating cxpeoseti
;
,
road, at the lowest possible cash cost, without the intervention
of construction companies, and the stock will be paid for at
Company liaving already
Ear, the .shares of the Penn.sylvania
een subscribed for by responsible parties at the par value of
the shares. Whatever profit or benefit is to be derived will
Western Railbelong wholly to the New York Ontario
way Company and its stockholders. -'Wo believe," said Mr.
" Fowler. " tliat we are moving in the right direction, and I
" and my associates have considered every phase of the un" dertakmg, from the standpoint of the welfare and future of
" oiu- Company, and from that standpoint only.
Since my
" connection with the Company we have devoted much
" of our time to the consideration and investigation of plans
" looking to the proper development of our business, and the
" increase of our revenues.
" I do not favor parallel Unas, and am oppased to the con" struction of reacts which trespass upon the rights of other
" companies simply for the purpose of securing traffic, which
" can only be had at unprofitable rates. In the present case
" these objections do not apply.
do not intend to deraor" alize the business of any other Company, and, in our opinion,
" the teiTitory which we enter natm-ally belongs in some
" small part to our Company.
have a line to New York,
" with ample 'terminal facilities, and by July 1st shall have
" the best possible conaection with New England via the
" Poughkeepsie Bridge. From tide- water to Hancock we liave
" our line already constructed, and long since in operation.
" By constructing a branch fifty mUes long we bring our road
" into Scranton, and the heart of the most productive of the
" anthracite coal fields of Pennsylvania. It is only a few years
" since (I think in Mr. Jewett's time) when the Erie Road first
" entered the coal fields of the Wyoming region. Last year
" that company carried more than ten miUion tons of coal, the
" greater part being anthracite.
"
shall secure a large business, in
opinion, from the
" constant and natural increase, and without harming the
" other lines. Such, I trust, will be the result, at all events,
" and now I can say with certainty that we have already
" secm'ed from responsible protlucers contracts wliicli secure
" to our new branch more than half a million tons annually to
" begin with.
intend to maintain the position of common
" carrier, throwing our line open to all shippers on equal terms,
" and showing no favors in distributing cars or naming rates.
" The Erie Ciimpany's lines are oftentimes over-burdened,
" and the Delaware
Hudson Canal and Peniwylvania Coal
" Company's traffic, is handled in connection with their own
' great tonnage with considerable difiiculty, but always in a
" masterly way, and I believe that occasionally all these vari" ous companies wiU find our route rather an advantage than
" otherwise. In addition, our connection with the New York
" Lake Erie
Western Railroad at Hancock will open
" new markets and opportunities for that company's soft
" coal. I am of the opimon that the officers of the Erie Com" pauy will welcome tlie new comer, when once on the gi'ound,
" and tliat the Delaware
Hudson Canal Company will find
" that they have secured a friend instead of an undesirable
"competitor. With the New Jersey Central Road we expect
'- to
work in harmony, and our proposed extension will in
"
judgment bo of as much advantage to that company
as to tlie Ontario
Western Railway. The Delaware L;ick'I
" awanna
Western people will likewise find us useful, .as
" well aa anxious to co-operate for mutual good, and so will
Otliei-
DatiuU —
Interest
Taxes
Rentals,
&
We
We
We
my
We
&
&
&
my
&
&
" tlie New York Susquehanna & Western and Erie & Wyoin" ing Valley, and in fact all other lines and interests centering in the Lackawanna Valley.
glance at the map (on page .5 of the Chronicle) will
" show to what extent the new road, in connection with our
line to Cornwall, will benefit the West Shore Railroad,
II
" and I feel that W(> have the goo<l will of the manager of that
'•
p;«-t of the New York Central system, and I know that our
" efforts will command the encouragement and support of our
" friends who control the affairs of other conneotiug lines."'
"A
_
&0
85,571
New York Snsqufhanna & Western.—Tlie
have been elected: Charles M.
Stephen V. White, Vice-President;
directors
dent;
following
Heald, PresiSimon Borg,
Secretary and
P. Rafferty,
J.
Second Vice-President;
Treasurer; Robert K. Dow, James M. Hartshome, Henry
Marks, Frank C. Lawrence, Jr., Alfred Sully, Charles Minzeaheimer, Henry Sanford, John I. Blair, Garret A. Hobart and
Charles Siedler.
—
Oregon Rallwiy & Navltratlon Orpgoniiin.— In an opinion rendered by Justice Miller in the United States Supreme
Court, the Court holds that the Oregonian Company had no
power to lease its railroad, and that the Navigation Company
had no power to take the lease. The constitution and laws of
Oregon, the Court holds, grant no power to foreign railroad
corporations to take or make leases. The Court also holds that
the mere fact that the lessor has for three years executed the
contract made by the lease does not compel its continuance for
ninety-three years longer, as specified. The case came up to
Court on an action at law brought by the Oregonian Railway Company to reco ver damages from the OregonRailway
Navigation Company for refusal longer to he Ixiund by the
provisions of a contract by wliich it leased the former company. The judgment was reversed, and this relieves the O. R.
N. Co. from a payment of nearly §150,000 yearly.
Pnllman's Paiaf-e Car To.— At a special meeting of the
stockholders held March 4, it was voted to increase the capital
stock to $35,000,000. For particulars see advertisement.
&
&
—
Texas Pacillc. At the annual meeting of the Texas I>acific
Railroad Company in this city, President Roberts, of the Pennsvlvania Railroad, and the other independent directors were
dropped from the board and a Gould board was elected. The
new board stands: Jay Gould, Samuel Sloan, John T. Terry,
Henry G. Marquand, Samuel Thomas, George J. Gould, Thomas
T. Eckert, Russell .Sage, C. M. McGhee, C. B. Satterlee and
A. L. Hopkins, all of New York; Isaac J. Wistar and J. N.
Hutchinson, Pliiladelpliia; E. E. Wheelock, New Orleans; Milton H. Smith, Louisville; S. H. H. Clarke, St. Louis, and John
C. Brown, Texas. The officers are: Ex-Gov. Brown, President; George J. Gould, Fu«t Vice-President; S. H. H. Clark,
Second Vice-Pres't, and C. E. Satterlee, Secretary and Treasurer.
Union Pacific— Oregon Sh»rt Line—-Utah & Northern.—
Oregon Short Line and Utah & Northern are to bo consoliknown as
dated. The consolidated company will probably be
the Oregon Short Line & Utah & Northern Railway Company.
the south and
It will operate between Granger and Ogden on
Huntington and Butte on the north and west. The question
of hicofporating with tliis company the other Utah lines of the
Union Pacific system is also imder consideration. There are
four of those companies— the Utah Central, operating 28 miles;
the Utah & Nevada, 87 miles; the Salt Lake & Western, 68
miles, and the Ogden & Syracuse, 6 miles.
Wnbatdi —The Chicago division of the Wabash will be sold
March 11 at Springfield, IlL, and will probably be bought in
by the Purchasing Committee.
Wisconsin Central —The Boston papers report that practically all of the Wisconsin Central preferred bonds have been
depositeil for exchange for the Wisconsin Central Company's
recently sent
first mortgage 5s luuler the terms of the circular
The other sccurities of the old Wisconsin Central
out.
continue to come in, and with the exception of the second ae^
About two-thirds
ies bonds the exchange is about complete.
of the seconds are
now in.
THE CHRONICLE.
328
nn&
'^tp0XtB
[vou xLvni.
Ji^acnmtnts.
FORTY-SECOND ANNUAL REPORT OF THE PENNSYLVANIA RAILROAD COMPANY.
Office of the
PENNSYLVANIA RAILROAD COMPANY,
Philadelphia, March
The Board
for
of Directors submit herewith their report
tlie
1,
1889.
year 1888:
MAIN LINE AND BRANCHES, PHILADELPHIA TO PITTSBURG.
.$36,698, 183 84
v
EarnlnRs
Expenses
•
-
•
.
.
Net earnings
Add Interest fram Inrestments
(in cash), also for
use of eauipment and from other Items
.
23,526,578 85
S13,171,604 99
^
^^T14 5J7 rt
4,714, cut bj
$17,836,142 62
Dodactrentalspaldbrancliroaas, interest oueqiiipment, interest on bonded debt, State tax on dividends, and
^.916,480_86
other Items
Total
$9,969,661 76
Net Income Pennsylvania RaUroad Division
PHILADELPHIA TO NEW YORK AND BRANCHES.
$17,100,85152
Earnings
Expenses
13.071,485 97
$1,029,365 55
699,896 82
Net earnings from operating.
Add Interest from Investments
Total income
Deduct payments on account
of dividends, interest
Net loss under the lease of United
$4,729,262 37
4,889,763 20
on ectuipment, &c
New Jersey Railroad and Canal Company's
16 0,500 83
property
$9,809,160 93
Balance
PHILADELPHIA & ERIE RAILROAD.
$4,373,042 30
Earnings
Expenses
_^733,088_32
$1,639,953 98
168,403 75
Netearnlngs
Deduct Interest charged for USB of equipment
.
Net earnings payable
to Philadelphia <& Erie Railroad
^
Company as rental
'
'
SUMMASY.
Net Income Pennsylvania Railroad Division
Net loss New Jersey Division
Balance after deducting loss on
New Jersey
$9,969,601 7
60,500 83
1
•»•
$9,809,160 93
Division
$9,809,160 98
From this
balance of Income for the year
the following amounts have been deducted, viz.:—
Payment to tvsd tok the pobohase of skcubities
ouarantbed bt the Pessstlyaxix Railboad
COMPANT
Pennsylvania Railroad Company's Consolidated Mobtoaob Bonds, sinking fund account
Allegheny Valley Railroad Company—
Deficiency In meeting interest guaranteed by Pennsylvania Railroad Company
$696,115 00
Less amount refunded by receivers, under order of court
595,385 00
$71,120 83
324,800 00
American Steamship Company—
by Pennsylvania Railroad Company
Pennsylvania Company during 18S8, $3,000,323 56, to enable It to meet Its
Its leased lines, and for other purposes, of which there has been charged to the income of the
Interest guaranteed
Amount advanced
obligations to
Pennsylvania Ridlroad Company
Amount expended in
90,000 00
to the
extraordinary repairs and Improvements, not properly chargeable to capital account...
in
^p—-^^^^—
—^^^^
2,7o8,19o IX
per cent
$7,010,962 82
5,327,270 00
settlement of sundry accounts
$1,713,692 82
93,272 01
Balance
Out of which was paid a dividend of
Leaving a balance of
Deduct amount charged off
1,020,000 00
1,161,517 28
five
Total amount traisferred to credit of profit and loss for the year 1888
Add amount to credit of profit and loss December
31,
1887
Balance to credit of profit and loss December 31, 1888
$1,620,420 81
17,608,947 53
$19,229,368 33
While the preceding statements show a continued improvement in the gross revenues of each of the main divisions, yet, o^
aocoimt of the lower rates forced upon your Company by the severe competition that prevailed during the greater portion of
the year, the profits resulting from the operation of the road were not correspondingly increased.
The interest from investments being materiaUy less in 1888 than in 1887 (when it was exceptionaUy large), the balance of income was $9,809,160 93, Bg
against $10,213,295 86 for 1887. Deductmg from this sum the amounts properly chargeable thereto, the net income for the year
was $7,040,963 83, as compared with $7,783,738 66 for 1887. Although the causes first stated existed to an even greater extent
in the territory tributary to your lines west of Pittsburg, yet the deficit of the Pennsylvania Company in meeting its fixed
was inconsiderable; but that company having been required to make large expenditures for betterments and improveof your leased properties, for which you are directly responsible, a portion of the amoimt advanced by your Company for
liabilities
ments
that purpose has been charged directly against your income account. Notwithstanding these necessary deductions, the amoimt
carried to the credit of profit and loss, after paying a five per
cent dividend, was $1,620,430 81, making the total amount now
standing to the credit of that accoimt, $19,229,368 33.
From the tabular statement in a subsequent part of the report it will be seen that the gross earnings of all the lines embraced
in your system east and west of Pittsburg amounted to $116,509,293
59, and that their operations covered the movement of
118,346,89i tons of traffic
and
74,000,086 passengers.
These results not only show the large annual increase in both your freight
1
—
March
THE CHRONICLE.
0. 188«.]
829
and paasonger traffic, but also the magnitude of the railway system managed in your interest. It may be noted that
the co«t of
the securities now hold by your company amounts to 1109,290,039 59.
Philadelphia & Erie RaUroad divisions show continued proepority,
Both the New Jersey and tlie
though the expendltUfM
on the former property continue to bo exceptionaUy large in improving the facilities for traffic between the important
cominer.
cial centres of New York and Philadelphia.
The funds for the expenditures, properly chargeable to capital account, on your main, leased and auxiliary lines
east of
Pittsburg, having been obtained from the sale of $3,000,000 four per cent bonds of the Western Pennsylvania
Railroad Company
guaranteed by your Company, and of Car Trust certificates held in your treasury, there was no increase of
your share capital or
fxmdotl debt for that pur]>08e.
The principal of the debt duo to the State of Pennsylvania on account of the purchase of the Main Line, which was chanred
to capital account, was reduced during the yejir bv the payment of |383,906 40, leaving a balance of SI
"iimui^o oi i,.so.5,(o< 43
232 757 40. The ffiS
ine nnal
payment of $035,654 94 upon this debt wiU be made July 31st, 1890.
Under the proyi.sions of the consolidat«i mortgage of the Company there was set apart, on the first day of July last,
out of
the net mcome, $324,800 as a smkmg fund for the redemption of the outstanding bonds secured by that
mortKa^e As their
market value was too high to permit of their purchase, that amount was placed to the credit of the trusteee of the anking
fund.
Tho
»(rCTeK«t:fl
amount
Ro placed with the trnstses of the fund for inrestment since the
Ini'cimn from IlrHtmortKiiK.H up.m real estate, is
Of which tlicrc lasbren invented as lollows:—
Bonds secured by ciiusnlidatcd luoi teage purchased to date, at
First luortgagis
upon
par value
3l8t,
trust ineludinir thn
•., ."i.u^uig luo
„,,„_„,._.
<«,i^/,oioow
$1 769 070 00
~
.'.'!".!"!
real estate
Cash on hand December
commenoement of the
1,'247!»00
1888
00
^^'liololuoo
'
$3,127,SI«00
Under an arrangement made with the Western Pennsylvania Railroad Company, its general mortgage securin" $5,000 000
of five per cent bonds was canceled, and a new mortgage created securing the same amoimt of l)onds at four per cent
interest
Your Company having surrendered the five and six per cent bonds held by it, aggregating $2,975,000, received in partial navment
therefor
"
of the new four per cent bonds hereinbefore referred to.
Erie Railroad Company, in order to provide the means for the payment of its $3,000,000 of seven per
July 1st, 1888, and to fund its 4}4 per cent debentures, amounting to §1,455,000, issued $4,555,000 of four
tlie S;i,000,000
The Philadelphia
&
cent bonds, matmuig
per cent bonds, secured by its General Mortgage, and guaranteed by your Company.
There are now in the sinking fimd, for the redemption of tlie obligations of the various companies forming the United NewJersey Railroad
Canal Company, securities of the par value of $5,018,400, and a cash balance, uninvestedby the trustees of
$20,515 44, makmg an aggregate of §5,038,915 44. During the current year, $5,866,000 of the outstanding six per cent loans
of
these companies will mature, making, with $154,000 of debentures tliat fell due last year, a total of
$6,020,000, which wiU be
provided for by the issue of four per cent bonds mider their general mortgage of April 20th, 1871.
The trustees of the sinking fund for the redemption of the trust certificates issued for the purchase of the shares of the
capital stock of the Pliiladelphia Wilmington & Baltimore Railroad Company were only able to purchase
$85,000 certificates
during the past year at the limit fixed in the trust agreement, and therefore returned to your treasury, of the amount appropriated for that purpose, $182,477 47. The total amount of these certificates purcliased and canceled to December 31st,
1888 is
j»
$1,911,000, leaving outstanding $8,089,000.
There has been expended for construction, equipment and real estate as follows:
&
.
Pennsylvania Railroad and branches
United Railroads ..f New Jersev
Phil^clphia A Trenton Railroad
"And tor Improvements and extensions on branch and auxiliary
.
_
.
in?
.'..'.'.".'.".'
operated by the
"I"ril."II!rJI.*."
.,,,,.
lines
Company
received from some of the companies In cash
$4 307 355 21
J.....'.".'..".'.'. ".'.'.'r..'.'.'."."J
Total amount expended on capital account in 1838
*
On account of these advances
Tliere
to
sj.
63
1,203,473 84
.'.'.".'.'.".'.'.'.'.'.'."r."."r.'.'.".'.'."."
Total
On account of these advances there has been
d^n Ton
'%Vl'!u4.i:a
.
branch and auxiliary
4.5,'(i39
'4-.ii»,'i)5l
56
$3,877,403 65
lines there
have been received
In securities of those companies,
$363,800 00.
were used on the Main line,
in construction and repairs, 20,975 tons of steel raUs and 975,543 ties; on the United
Railroads of New Jersey, 4,393 tons of steel and 341,918 ties; on the Philadelphia
Erie Railroad, 2,^49 tons of steel and
206,864 ties,— making a total of 27,717 tons of steel and 1,524,325 ties.
There were built at Altoona, and your other shops east of Pittsbtirg and Erie, for the Main Line and other roads in your
interest, on capital and repair account, 125 locomotives, 46 passenger cars, 11 baggage and maU cars, 2,807 freight cars and 120
&
cabin and maiutenance-of-way cars.
Under the Car Trust system a further issue of $3,000,000 of four per cent certificates was authorized for the equipment of
Tour roads and affiliated lines. Under this authority, and that heretofore conferred, there were furnished during die year 100
box, 6 refrigerator and 2,000 hopper gondola cars for the Main Line, 500 long gondolas for the lines in which your Company is
interested west of Pittsburg, 500 long gondolas, subleased to the Northern Central Railway Company, 500 long gondolas, subleased to the Philadelphia Wilmington
Baltimore Railroad Company, and 500 hopper gondolas, subleased to the Bell's Gap
Railroad Company.
The outstanding certificates of Series C, D, E, and F of the Railroad Car Trust of Pennsylvania were paid and canceled
during the year. These certificates represented 1,000 box cars and 1,500 hopper gondolas for your Main Line, at an original cost
of $1,435,000, and 1,000 box cars for the Pennsylvania Company, at an original cost of $573,000, and upon their cancellation the
equipment became the property respectively of your lines east and west of Pittsburg.
The 25,671 cars placed on your lines east of Pittsburg, through the system of Car Trusts, represent a cost of
813,389,305 CO
&
Tlie 15,703 cars west of Pittsburg
7,947,985 00
The cars subleased
8,706 cars
250 cars
152 car-
500 oars
500 oars
to affiliated lines, viz.:
Northern C»ntral Railway Company
Alli-t'lieny Vallny Railroad Company
New York Philadelphia & Norfolk Railroad Company
Phlladelphii Wilmiugton & Baltimore RaUroad Company
Bell's Uap Railroad Company
$1,S27,200 00
137,M>0 OO
10>>,unO
00
235,000 00
250,000 00
2.^49,700
Total, 46,482 oais
Total
amount
00
$23,837,000 00
of certificates redeemed to
Amoont paid in full payment of 15.714
Amount paid on account of 30,768 oars
December
31st, 1888, as
follows
:
$8,337,000 00
5,325,000 00
cars
13,662,000 00
Balance ofcertlQcates outstanding December 31, 1888
$10,225,000 OO
COMPARISONS
WITH
1887.
EARNINGS AND EXPENSES OP ALL LINES EAST OF PITTSBURG AND ERIE.
and Interat on Aqiiipmenl.
Rentat
firow Earningi.
1888
1887
"."."""""!;i"r."ii;r.r.;;";;;;;"i"";;i''.'."""
Increase.
Decrease
$68,172,077 66
55,671,313 13
$39,331.153 14
37,086,584 80
$5,291.038 19
4,816,128 55
$2,500,764 53
$2,244,568 34
$13,540.886 33
13.768.59078
$474,000 64
T''^?ES'*''*™'°K'P«''™"e received from the Main Line (358 miles) In 1888 were
In 1887 were
)
Showing an increase of
Net Eamingt.
$218,713 49
$T7.634 84
76,685 66
$1,00918
—
:
:
THE CHRONICLE.
330
f
[Vou XL"vin.
The percentage of operating expenses to earnings on all Unes east of Pittsburg and Erie was 67 61-100 for 1888 and 66 63-100
showing an increase for the year 1888 of 99-100 per cent.
The aggregate coal and coke shipments amounted to 21,040,918 tons, as against 17,796,708 tons in 1887, a gain of 3,244,210
for 1887,
tons, or 18-23 per cent.
The total shipments of oil during the year 1888 amounted to 3,943,266 barrels, against 3,038,138 baiTels in 1887, showing an
increase of 904,128 barrels.
The fonowing table shows the revenue and cost per ton per mile on each Division operated by the Company, as compared
with 1887
Average Earning' ver Ateraoe Cost of Trans- Average Pro/it per ton
per mile.
tonpermile/rom Trans- porting each ton of
Freignt one mile.
portation ifFreUjht.
Length of Road.
(Uilet.)
1888.
Main
line
and branches
tTnlt«d Kailroads of
PUladelpbla
,k
1887.
1888.
1887.
1888.
1887.
1888.
0634,000
0670,000
0«2,ooo
01261000
0222,000
02M,ooo
1,617-46
1,591-85
460 93
1887.
.12201000
lOMlOOO
ll«3l000
OU6,ooo
0'S2iooo
464-70
0""*'iooo
03201000
03241000
0109,000
0219,000
287-56
287-56
0693,000
AlllinpsEaat of Plttsljurg and Erie
1285,000
0619,000
New Jersey
Erie Koilroad
O^aoiooo
0«2iooo
04",000
02;t8,ooo
2,369-72
2,346-34
1
0211,000
'
Ftom the above table it wiU appear that the result upon aU lines east of Pittsburg and Erie wae a reduction in the earnings
per ton per mUe of 37-100 of a mill, a reduction in expenses of 15-100 of a mill and a decrease of 23-100 of a mUl per ton per
per mile in the net profit from freight.
TABLE SHOWING TONNAGE AND PERCENTAGE OF THROUGH AND LOCAL FREIGHT.
Through
Through Freight,
Freight.
Tons.
1888.
1887.
1888.
6-48
2605
Erie Railroad....
2,315,460
2,979.359
983.809
AU linos eaBt of Pittsbure k Erie.
6,610,400
6,278,628
11-87
Philadelphia
&
Tom.
Total.
1887.
1838.
1887.
1888.
1887.
32,323, P04
[
12-67
7,414,122
28,532,175
8,442,083
6,780,411
03-52
73-95
87-34
92-49
73-91
87-33
Dec.75,178
316,534
90,396
3,796,629
1
7-51
26-09
12-55
40,097,646
43,754,069
88-13
87-45
381,772
5,342,977
1
12-66
Increase.
Percentage of
Tone.
Total.
2,240,282
3,205,913
1,074,205
Main Lino aud brandies
United EalUcads of New Jersey.
Local Freight.
Local Freight.
Percentage of
1
1
it,3.'S4,720
!^ On the Main Line and branches the through freight east-ljound decreased one-half of 1
Through.
Local.
912,637
033,711
per cent and west-boimd 8 83-100
per cent.
The local freight shows an increase of 16 73-100 per cent east-bound and 7 82-100 per cent west-boimd.
It will be noted
that on the Main Line and branches the local tonnage represents about OSJ^ per cent of the entire traffic.
The following table shows the earnings and cost per passenger per mile on each of the Divisions as compared with 1887:
>
Average Earnings from Aterage Cost of Transeach Passenger per
porting each Passenger
mile.
per mile.
1888.
Main
line
United Railroads of
Philadelphia
&
New Jersey
1888.
1887.
1888.
220 i, 000
1080.000
1''2«1000
OBS4jooo
(Uttes.)
1887.
1887.
;
1888.
OM6,ooo
1,617-40
1,591-85
466-93
IS'-'llOOO
l«M,ooo
18"]000
1393,000
0564,000
0500,000
464-70
_2^J<iooo
2605,000
2«>8,000
2OM10OO
0546,000
0511,000
2 -,7 -56
287*56
«092,ooo
Erie Railroad
212'>,ooo
1»«1000
l"'iooo
0f«»10m)
0548,000
2,30972
2,346-34
All lines East of Pittsburg and Erie
It
1S87.
22'-'l000
and branches
Length of Road.
Average Profit per
Passenger per mile.
1
wUl be seen from the above that the
reeult upon all lines east of Pittsburg and Erie was a decrease in earnings per
mile of 33-100 of a mill, a decrease of 34-100 of a mill in expenses and an increased profit of 1-100 of a mill.
distance traveled by each passenger in 1888 over the Main Line and branches was 18 1-10 miles and in 1887
was Vo'^n'^.T?''^'' a decrease of 7-10 of a mile.
18 8-10 mUee,
following table shows the ^03s earnings, expenses, and net earnings of the coal companies in which your Company is
•
f
interested, for 1888, as compai-ed -with 1887, and also the
amount of coal mined and sold, and the price received for same at
'^
point of sale:
passenger
iior
^f
Gross Earnings.
1888.
$10,243,580 59
l,4-<!-A861 66
Totals
Increase as compared with prev lrinayear
Total tons mlued In 1883, 2,792,612-01.
^''5^<?J^'^®/?^.'P** P^""
as against $3-5!) 4-10
1887.
m
Expenses.
1888.
$9,225,723 51
1,249.353 03
Kct Earnings.
1888.
$1,017,857 08
173,508 63
Increase compared with previous year, 466,55805 tons.
^^ ** P°™*
o*
^®'
aggregating the results of the four coal companies for 1888, were §3-59 3-10
*^
LINES WEST OF PITTSBURG.
Si.'^'^the result of the lines
west of Pittsbuig operated by the Pennsylvania
vXH^ti'^n?^^^ l^^Si®°T*
nnsDurg Oincinnati & St. Louis Railway Company :—
Company and
the
1888.
^^toIi*!'."!'"?'!'.'*''®
^^'"*'"'^*''I* CoiirANV on Hues operated directly by
It
were.
$19,.^79,177 48
13,016,817 09
LoavinK net cnniinKs
Fioiii thiKdcliict:
Rental, lutcrest, and liabilities of
all
Net loss ou Pennsylvania Company's
'*d^r^th'lfyl?\?f?e'"
Ezpenseii
^"^
f?'i,562,300
kinds chargeable thereto.
39
6,637,251 02
linos
P>™BDB0
Cincinnati
$74,890 63
i,
St.
Lobis
R iiLWAv Company
on
linos operated
$7,S21,2B3 8S
6,151.580 63
IjeavlDg net earnlnm
From tills deduct
Kental, interest, and
$1,669,703 25
liabilities of all
Net loss on Pittsburg Cluolnnatl &
Net loss on lines west of Pittsburg
kinds chargeable thereto
St.
Louis Railway Companj-s
1,740,218 08
lin
76,515 73
'
$151,406 36
;
CoiiipsratiTC decrease on lines west of
Pittsburg for 1888.
;
$1,351.592 59
:
Mahcu
THE CHRONICLR
0, 1889.]
831
The other lines west of Pittsburg on account of which your Ck)inpany has assumed direct oblifiatioiia, or in
r^——^t—"
^
rly
largely iiitorestwl through ownershiij of securitiea, but which are operated through their own
--r,
-,
,
,
.
I'ittrtbiux IJailroad and roiids )l>orato<l throujjli its organization, St. [/jmn \a,<
_
St. I»uia
Ornnd Riipida & Indiana liailroatl and roads operated throuKli its organization, Ea-st .St. I^oiiis I
Muskingum Valley Railway and the Waynesburg Washington Railroad.
&
{t ta
•
,^
,
1888.
ftfirregate gross
18-8..
1887.
1887.
?10,493,908 ao
8,219,9^5 02
E.xii«n8es
N«tc»mliiK«
Deduct runtal and interest.
9t 1 ,253,8 10 no
7,913,035 13
$2,273,022 fi8
2.311.400 70
earnings of these roads were.
93,340,805 80
3,18-1,251
40
$3-,47S 02
on all lines west of PUtsbiiri? for
ull lines west of Pittsburg for 1887
I^eaves n net loss
Showing u comparative decrease
for 1888,
1888 of
Pro (It,
Pro tit.
$170,115 37
for..
Profit,
$18,730 01
151,106 30
Loaa
Of this j-oiu- Company, nnder existing conlracts is resposgible
Which, added to the loss shown In the above stutemeut
I,
&
&
NetproJlton
?••
.
&
The
whinh
Profit,
1,278.463 47
compared with 1887,
91,'iC,5.M4«
f 78,277
1.'.;00,186
H
23
$1,278,463 47
91,449,608 84
of.
It will be noted that yoiu- western lines show a comparative decrease in net results of $1,448,608 84 as compared with 1887.
While the freight movement shows a gain of 1,063,0.'51 tons, and the passenger travel an increase of l.eSii.SSl in the number
lirgo expenditures were made in the purchase of
carried, there was a genonil reduction in the rates on all clasees of traffic.
real estate and in tlie iacrea.se of facilities at terminal points, the renewal of bridges, the construction of branches and sidings
and upm freight and passenger stations and now equii)ment. The condition of the properties was fully maintained.
The amount expended durinf^ tlio year on capital account on the lines west of Pittsburg was 12,047,095 03.
There were used in construction and repairs on the northwestern lines operated directly in your interest 8,444 tons, and on
the southwestern Unes 10,674 tons of
new
steel rails.
There have been redeemed through the sinking fund $1,321,000 of the issue of $3,200,000 of the Pennsylvania Company's tt
per cent bonds, secured by Pittsburg Fort Wayne & Cliicago Railway Company stock as collateral, leaving the amount outstanding $1,879,000. There was a further issue of $3,.'500,0()0 of its 4J^ per cent bonds for the purpose of providing for construction .and other capital accounts on the lines west of Pittsburg, so that the entire issue to date is $17,500,000.
Of this amount
$533,000 had been retired through the oi^erations of the sinking fund, leaving outstanding at this date $16,967,000.
The report made by the trustees of the sinking funds of the first and second mortgages of the Pittsburg Fort Wayne
Chicago Railway Company shows that the regular annual payment of $104,100 was made thereto.
They redeemed during the
year $68,500 of the firat mortgage and $135,500 of the second "mortgage bonds, making the total amount redeemed to December
&
81st, 1888
mortgage bonds
Second mortgage bonds
First
$1,753,000 00
2,154,000 00
With a balance of cash in the hands of the trustees uninvested December
On account of first mortgago sinUing fund
On account of second mortgage sinking fund
of
Blst, 1888
:
$686,958 32
n
4ii:i,69l
The further amount of $148,587 was also added to the sinking funds provided for the redemption of the existing mortgages
the Cleveland & Pittsburg Railroad Company, in addition to the amounts contributed directly to other sinking funds by flSe
individual companies.
Indiana Railroad Company, owing to a reduction in rates, were not quite sufficient to
The earnings of the Grand Rapids
meet the interest on its entire funded debt and the lossee on its leased lines. The land department made sales of 6,078 acres ol
The amoimt sold to tlie
farm lands and 10,889 acres of pine lands, for $360,897 38, being an average price of $21-27 per acre.
close of the year, after deducting canceled contracts, was 474,355 acres, and the aggregate price received therefore was
$5,983,329 91, an average of $13-61 per acre. No bonds could be purchased by the trustees diuing the year out of the proceeds
of such land sales, and there are now outstanding $3,984,000 of the guarsmteed and $505,000 of the tmguaranteed first mortgage
land-grant bonds of the company.
, jj
The assets on hand December 31st, 1888, applicable to the redemption of the first mortgage land-grant bonds were : 3£.
&
<^
Cash
Cash
Bills
Bills
hands of the trustees
.^
hands of ca^^hirr
accounis receivable in hands of cashier
and
receivable and securities iB bauds ol trustees
in the
in the
^
91,304,751 28
...«.
44,.54l
20'^,028
.
25
49
227,171 00
Total
$l,926,49r9«
&
Chicago Railway and Grand Rapids
It will be noted that the sinking f tmds of the Pittsbiu-g Fort Wayne
Indiana
Railroad companies, in wliich your Company is deeply interested, contain over three millions of dollars, which the trusteee are
unable to invest in the socuritieB for the redemption of which they are pledged.
&
SUMMARY OF LINES OWNED OR CONTROLLED EAST AND WEST OF PITTSBURG.
1888.
1887.
$116,509,29 2 59
80,737,335 53
$115,515,.506 19
$35,771,957 06
$38,277,423 96
i
Showing net earnings
InereoMe.
$f93.786 40
77,238,082 23
3,4a9,253 30
Orr. $2,.5<6,46«
90
FREtGHT TRAFFIC.
1887.
1888.
Niimb€r of
Tan*.
Lines ea«t Of Pittsburg and Erie
ind
Uoes weKt of Pittsburg,
Totals.
Nttmbtr o<
One
Tom
Xambtr of
OHt
TaH»,
il'le.
:i4.U34,l71
3,388,070,380
72,356,095
33,771,120
:K1,346,^94
10.503,182.808
106,128.215
7,114,512,5(19
78.512.t23
llUe.
6,4IS,643J176
3.506.424.458
9,922,067,034
PASSENflEB TRAFFIC.
1888.
ffumbei- of
I'uttengert.
Llneaeaatof Pittsburg and Erie.......
Unes west of Pittsburg.. <
Totals
1887.
Number of Panengeri
One
If umber
of
Patetngtrt.
Uile.
Ifumber of
Paum-
gert One Mil*.
16|075,29»
1,010.909,660
413,630,33S
54.733,027
13,419,778
1,014,127,707
368,045,1»7
744(0.086
1.463.539.998
0S,158.7«»
1.382.773.904
.^8,924.787
The aggregate amount of new steel rails used in construction and repairs in 1888 on
by your Company etist and west of Pittsburg \vaa 61,843 tons.
all
lines
owned, controlled or operated
THE CHRONICLR
332
[voi.
xlvhi.
GENEEAL REMARKS.
There has been appropriated to the Managers of the Trust created October 9, 1878. from the creation of the Trust to
income of $2,243,970 45, has been invested in securities amounting
31, 1888, the sum of §3,907,140 58, which, with the
par to $6,069,950, yielding an interest of 6 86-100 per cent for the year. There was appropriated to that Trust for the year
December
at
1888 the
The
sum
of $71 ,120 83.
assets of the Insurance
year of $257,667
Fund on hand
at the
end of the year were $3,072,111
61,
being an increase over the previous
11.
gratifymg to note the increasing traffic on your Main Line between New York and Pittsburg, although large expendithus expended durmg the year waa $3,013,881 37, the principal
tures were required to properly provide therefor. The amount
freight cars, tlie extension of third and fourth tracks and increased
items of which were additional locomotives, passenger and
It is
aciUties at
termmal
points.
traffic, it wiU be necessary to continue this policy during the coming year, and especially
the faciUties in PhUadelpliia and Jei-sey City, and providing for the safer transportation of traffic thi-ough the
n increasing
within a short time your New York Division will, hke your Main Lane, be entirely
larger cities. It is confidently hoped that
from grade crossings within tlie city of Philadelphia.
relieved
There was also a considerable amount expended in the extension of branch and auxihary lines, necessary for the proper
developmant of tho traffic tributary to your system. The principal expenditures upon these lines were: On the Pittsburg
In view of the probable increase of
Vir<'ima & Charleston Railway, in the purchase of additional real estate and construction of double track, with the view of
tra^ferring to that road a portion of the traffic now passing through Pittsburg, and thus relieving both your Main Line and the
delay attendant thereon on the Southwest Pennsylvania Railway, in the develop,
streets of that city from the annoyance and
ment and extension of branches and the completion of a new connection with your Main Line on the Western Pennsylvania
Railroad, in extending the double-track on the Schuylkill Valley, in the extension of tracks and settlements for right of way ;
;
;
;
&
Clearfield Railroad in the bituminous coal region. The aggregate outlay therefor
in the construction of the Cambria
It may be noted in this
84, on account of which your Company has received from those lines in cash $429,951 56.
was $1,293,473
connection that the revenues of the Pennsylvania Schuylkill Valley Road, built for the purpose of securing a fair share of the
and
during the past year to pay the interest on its entire funded debt.
during the present year, are: The construction of a bridge over the Ohio River
immediately west of Pittsburg, for the purpose of further avoiding the very expensive and dangerous transfer of the constantly
increasing volume of traffic through the cities of Pittsburg and Allegheny, the cost of which vriU probably amount in the
aggregate to $1,500,000; the providing of necessary yards and transfer facihties at a point about fourteen miles east of Pittsburg
where the traffic to and from your western lines will naturally be transferred from and to the Main Line, the land for which
was purchased many years since, and its improvement commenced during the past year; the change of grade as already noted
throu;»-h some of the important cities on your line to avoid the dangers of street crossings; and the erection of locomotive shops
at Altoona, to be devoted exclusively to "the building of new engines, the time having arrived whien the present shop facilities
at that point are inadequate to properly care for the motive power and supply the additional locomotives required by the
increasing traffic, the outlay for which will probably be $1,000,000.
There was contributed to the Employees' Relief Fund, by your Company and affiliated lines during the year, $55,901 50 for
operating expenses, and in addition thereto the sum of $8,137 80 for extra benefits to members of the Fund whose disability had
continued over fifty-two weeks, and who were, therefore, no longer entitled to regular benefits from the Fund. Tlie amount
contributed by your employes was $341,620 03, and the receipts from interest were $8,739 24, which, with the contributions by
the companies, as stated above, $64,0.39 30, made a total of $414,398 57. This added to the balance on hand at the beginning of
the year, $192,157 56, aggregated $606,556 13. Out of this fund there was paid to the famihes of employes in death benefits,
and for sickness and accidents, the sum of $283,512 10, and for expenses, $55,901 50, leaving a balance of $367,142 53. After
deducting therefrom the amount of outstanding unadjusted claims, and setting aside a projjer reserve fund to meet UabiUties
growing out of the increasing age of the members, there remained a net surplus of $170,532 06. The number of persons
receiving death benefits was 3M, making an average in each case of $523 27. There were 19,333 members of the Fund at the
local traffic of that ten-itory,
were more than
sufficient
Among the new undertakings contemplated
close of the year.
The Employees' Saving Fund referred to in the last annual report is now in successful operation; and during the year 1,807
of your employes availed themselves of the opportunity to become depositors therein. The amount of deposits received during
the year was $421,191, and the balance remaimng at the close of the year was $364,390 66. Of this amount $300,000 have been
invested in the four per cent bonds of the Philadelphia & Erie Railroad Company.
The rates received for freight traffic show a continued annual decrease, even more marked in 1888 than in previous years ;
the partial failure of the crops in the West having affected the volume of through traffic and stimiUated an active competition
among the Western roads for that business at unremunerative rates. This disastrous competition finally extended to the
Eastern trunk lines, and found expression in an open and severe reduction in the west-bound tariff by one of the principal
Railway Companies, to meet what it beUeved to be the secret rates of some of its competitors. Your management, not
unmindful of the advantages that have accrued to your properties from the conservative policy uniformly adopted by it,
endeavored to maintain rates at a just and remunerative standaj-d, but were reluctantly compelled to meet the tariiis made by
other responsible lines in order to protect the commercial and manufacturing industries situated u}X)n your roads, and prevent
a severe depletion of the volume of your traffic.
The continuance of this unfortunate condition of affairs induced a widespread feeUng of uneasiness, not only in financial
but in general business circles, and has called forth a renewed endeavor on the part of those entrusted with the management
of railways to arrive at sonie method, in harmony with the Inter-State Commerce law, that will regulate such competition.
That law having now been in operation for nearly two years, an opportunity has been afforded to judge, in some measure,
of its effect upon the interests of the public and the railways. While in many respects it has been beneficial, yet it has tended
to fcompUcate and, render more difficult the management of the transportation interests of the country, since it has undertaken
to regulate and prescribe the manner in which the public should be served hj the transportation companies, but has failed
to provide any method which would ensm-e the maintenance of just and uniform rates, and properly protect the railway
interests.
The difficulties attending the profitable management of railways hare been further aggravated by the reckless construction
of competitive lines not necessary for the accommodation of the public, but built largely for siieculative profit. The capital for
these enterprises has been frefjuently furnished by sliareholders in the existing railways, and by financial agencies that in
promoting their construction were unmindful of the fact that they were destroying the properties in which they were already
interested. Until the different States cease to authorize the building of such lines, or tlie e^-ils resulting therefrom prevent the
f mnisliing of capital for their constmction, the responsibihty for the present compUcation must justly rest elsewhere than upon
the managers of railways.
The enactment of liasty and unjust laws in many of the Western States is seriously affecting the value of railwav property
inthat section, and seems plainly to indicate that no further hi vestments should be made by your Company in those States,
except to protect capital aheady invested, until a more Uberal and just poUcy is pursued towards the existing roads.
Your Company lost, by resignation, on June 30, the services of Mr. Edmund Smith, vonr First Vice-President, who had
been connected with your Company for over forty-one years, and had in that time filled many responsible positions. Mr.
Smith s famdianty with your system and thorough devotion to your interests had earned for him the confidence and high esteem
of his associates, and made the severance of his official relations with yom" Company an occurrence to be deeply regretted.
Mr. Frank Thomson, formerly Second Vice-President, was promoted to fill the vacancy thus caused, Mr. J. N. Du Barrypromoted to be Second V ice-President and Mr. John P. Green to be Third Vice-President.
Mr. John S. Wilson, your General Freight Traffic Agent, having resigned that position October 1st, Mr. William H. Joyce
was promoted to fill the vacancy tiius caused, and Mr. John Whittaker appointed Assisbmt General tYeight Agent.
It 18 with gieat regret that your Board liave to record the death, on September
17th, 1888, of Mr. John Pri« WetheriU,
who had been one of your Directors for over ten years. His abihty and devotion to your interests made him a trusted and
his death his colleagues lost a warm personal
valued adviser, and
friend.
Mr. Amos R. Uttle, of Philadelphia, a gentleman
long identified with the mercantile interests of the city, was elected to fiU the vacancy thus created.
Your Board desire to acknowledge the efficiency and fideUty with which the duties entrusted to the officers aid employees
have been discharged durmg the past year.
By order of the Board.
9, B. ROBERTS, President.
m
IfABOB
0,
THE CHRONICLE.
1889.]
833
WABASH WESTERN RAILWAY COMPANY.
During the past year, however, there has certainly hem
*n
uncalled-for nn<l uuneoewary slaughter of ti-afflc rauii,
and the
correction of prevalent abuses has, very properly, been
DIRECTORS
SECOND
tha
subject of recent dhscussion. If these conyentiaiis of
nUlwav
FOR THE YKAU KNDINd DECIOMBKU 31, 188?.
officials succeed in reducing the evils of reoUeaa
competitkn
to a minimum, the pwple will b<! l>etter served and
raUwaw
The tables in the annual reixirt give comparative stato- will receive a fair
comin-nsation for the service. Mnch of Wie
of the operations for the year ending December 31, 188H.
ments
trouble is the direct outgrowth of the impracticable instnunent
The result of tnese operations is an follows:
called " the Inter-State Commerce Law." A law which
?5,779.!583 28
forGrOM enrmnita
4.398.31)1 Ii7 bids discrimination in the first place, but provides no adequate
OlKsrntiiiK expense*
method of pimishing offenders, is necessarily inoperative and
........ $1,381 11)1 61
Net eari.lugi
dl2^3<i8 8« a clause which proscribes the relative charges of " long
Taxes, rental, car trust Interest, less reatals rccotvod....
liaul"
to Interest
f 1,008. 8Hi Vri and" short haul," but leaves in the shape of an exception to
Net revenue npiilicable
Interest on bonds and rentals of leased lines
_ 925.496 89 the application of the claus«' a gap made by the sentence
$143,385 80 " under substantially similar circumstances and
Surplus
conditions "
Tlie gross earnings, as compared with 1887, show a decrease through which railway trains can ]>uss on a double track is
of $738,478. and the operating expenses a decrease of $381,733. scarcely worthy of serious criticism.
Quite recently the intelligent gentleman who presides over
Net revenue applicable to interest shows a decrease of $436,the deliberations of the Commissioners annoimced to a crowded
787, and the surpUis over all fixed charges is §143,385,
By the train and mileage statistics the Freight Department assemblage of railway officials that the discriminating clause
shows a decrease of 335,833 in the number of tons hauled, and of the law had been onenly and persistently vioLited. and he
earnings of $8,679,6.54 88, a decrease of $755,987 40, The oper- very projierly, warned them to put a stop "to such practices.'
ating exix-nses in this department were $3,983,053 66, agamst But if the law has been constantly violated and the Commission liad the proof of it, why not prosecute ? If the machinery
$8,145,861 60 in 1887, a reduction of $163,805 04.
Earnings per train mile were 1"36 48-100 cts., against 1'71 04- is ready, why not put it into operation ? It is p<jssible that the
100 in 1887, and rate per ton mile 0-798 cts, .against 0-964 in 1887. members of the Commission, in the exercise of a sound
The numlier of passengers carried was 1,351,607, a gain of discretion, have thought it more judicious to give the offenders
79,383 over 1887, and the earnings were $1,661,911 67, against a chance to correct the abuses referred to; but a careful read$1,593,763 73 in 1887, a gain of $69,148 94. The rate per pas- ing of the law leads to the conclusion that the legal remedy is
detective. The whole theory of the law is wrong.
senger per mile was 3-079 cts.. against 3-833 cts. in 1887.
It attempts
glance at the figures will show that the diminished profits to regulate business by iron clad rules, without providing
of the year came through the Freight Department, caused practical methods of enforcing them, and clumsily tries to
interfere where natural laws render interference impossible
mainly by the lower average rates of transportation.
The Company has no floating debt, except the vouchers and except by stopping the wheels of business.
The principal object of the law seems to be the establishpay-rolls wliich lap over fi-om month to month, and has ample
funds in its treasury to meet all engagements. All better- ment and maintenance of reasonable and just charges for
service performed, and to prevent discrimination. But were
ments of property have been charged to operating expenses.
The reorganization plan is nearing its period of definite so- not charges reasonable and just before the law went into operThe Chicago Division will be sold imder the fore- ation ? It is a well-known fact that rates for both freight and
lution.
closure decree March 11, in Springfield, Illinois, and Judge passenger traffic on railways in the United States are the
Gresham has appointed March 31 as the date of the final hear- cheapest in the world, and this ought to be a satisfactory
ing under tlie foreclosure suits on main line mortgages. A answer to that question. In this direction the law was needdecree is expected soon after this, and a sale is hoped for within less. As to discrimination, what has the law accomplished ?
The only instance of an open violation of this pi-incipfe, exthirty days or six weeks thereafter.
The combined net earnings of the east and west lines for the cept in cases where " the circumstances and conditions" are
two years 1887 and 1888 applicable to interest, adding the dissimilar, has just been cited, and which received the wellamount of the expenditures for betterments reported by Re- deserved rebuke of the Commission. As a matter of fact, it
ceiver McNulta, would more than suffice to pay the interest on would be safe to challenge the authors of the law to produce
the entire amotmt of new mortgage bonds to be issued under a single example of any practical public benefit derived from
theplan of reorganization.
the operation of the law. Tlie members of the Commiasion,
The year 1888 was one of severe trial to most of the railway fortunately, are men of rare intelligence, and the railway comlines west of Indiana and north of the Ohio River.
In the panies have had the advantage of a discreet administration of
States included within tliis area, and extending to the Rocky an urrwise and clumsy law.
Mountains in the West and to the Rio Grande in the SouthNo valid objection can be made to a supervLsory railway
west, railway construction has made greater progress, and the commission legally invested with power to arbitrate in aU
competition has been most severe. In addition to these dis- cases of complaint against common carriers, and thus stand
turbing agencies, adverse legislation in some of the States has between the people and railway managers, that exaction and
caused serious difficulty, and the railway companies themselves, improper discrimination may be prevented, but any step beignoring the fimdamental principles which should govern yond this will prove to be impracticable, oppressive anil unwise.
competitive traffic, have at times insisted upon a division of
But useless as the Inter-State Commerce Law may be, it is
business, not at fair and reasonable, but at unremunerative, comparatively harmless except in its pernicious inHueiice upon
rates of compensation.
railway legislation in some oi the States. The luter-State law
During the first three montlis of the year, a violent conten- does not undertake to establish rates. That jwwer is left with
tion between competing lines in Illinois, Wisconsin, Iowa, the railway companies, with the reservation that such rates
Minnesota and Missouri carried the freight tariff in those must be reasonable and just; but in a few of the States, and
Sfatcs down to points at which it became difficult for many notably in Iowa, the Legislature has deprived the railways of
lines to earn operating expenses; and, at the same time, a the rate-making power and transferred it to State Commi^ionstrike of the engineers and firemen on the extensive system of ers, who are not only required to fix the maximum of "reasonthe Chicago Burlington
Quincy RR. Co. seriously inter- able" rates, but are made the sole judges of what constitutes a
rupted its own traffic and disturbed that of connecting lines. reasonable rate. To the owners of railway proixjrty this set ms
To invite the
It IS not an exaggeration to say that had the rates of February to be nothing less than legalized confiscation.
and March prevailed tlirough the yccir, but few of the com- investment of capital in works of internal improvement within
of a State and then to pass laws to make it unpanies involved would have been solvent at its close.
the boundaries
These periodical rate wars, so destructive to railway profits, productive is not only unjust and tyrannical, but discreditable
Laws must afford equal proare to a large extent the result of the coiLstruction of new and to the people of a free country
competing lines. The new competitors, in order to divert tection to all, and the rights c ^ property must be respected or
trafii(^ from estiiblished channels, follow the old time practice
the liberty and equality of -iie jieople will be an empty
of otforing an inducement in lower rates of transportation
boast.
and this provokes retaliation, the older lines not only meeting
The citizens of the United States as a body are oppoee<I to
the reduction but often accepting still lower rates to prevent inequitable and oppressive laws and have no desire to impovThey know perfectly well that railinroads upon their traffic by the new comers. In this way, erish railway companies.
cutting and slashing continue sometimes until the weaker line ways have done more to develop the resources of the countrv
becomes bankrupt, and in other cases until all parties become and to exjjedite its progress and increase its prosperity than all
satisfied of the impolicy of self-sacrifice.
Then comes a period other agencies combined, and that in no part of the world is
of common sense. Business methods of meeting an existing, the transjKjrtation of freight and passengers conducted so
and therefore unavoidable, difficulty, are now adopted, and a cheaply, exi)editiously and sati.sfactorily. Statistics which are
compromise, which should have been tried at the outset, is the accessible to all prove this beyond question. It follows, neceftnatural result. There is nothing new in these conditions. sarily, that measures which propose to embaras.i and weaken,
They have prevailed among common carriers through the times if not to destroy, these great and useful works, are the offof stages .ind baggage-wagons, canal boats and steamers, down spring of ignorance and prejudice, and it is safe to conclude
to the railway period, varying in duration and intensity ac- that such attempts to legislate against railways in violation of
cording to circumstances, but always displaying about tlie same vested rights and of common sense will not be tolerate<l by the
characteristics.
In short, it is the natural consequence of com- intelhgent classes, who will finally control in such matters.
petition, and the method of meeting it is always substantially
So closely identifietl with the business interests of the coimtry
the same. Soimd policy would seem to dictate conciliation are these riiilwav lines, which spread in a vast network over
and compromise when new rivals 6nter the field but the the length and breadth of the land, that even now, at the
theory is that mutual sacrifice frequently checks experimental beginning of threatened trouble, there is diUnesH and hesitaand foolish enterprise. Wlien severe losses teach projectors tion in tlie many and varied industries connected with railway
and promoters of parallel and superflous lines of railw.iy tliat construction and repair. But this is only a symptom. Cripple
these ventures are not profitable, they are less likely to re^)eat the prosperity of railways, and there is not a square mile of
such experiments.
the settled portion of the country but will feel its paralyzing
ANNUAL UEPOUTOF THE
'
A
&
;
;
THE CHRONICLE.
334
Compel raUway companies to cmtail expenses
force upon skiUed
severely and the blow will fall with temble
employees,
and unskilled labor. Reductions in the force of
and
economies in the maintenance of track and motive power,
will force managere to adopt,
all the methods which poverty
" reasonable rates " of ex parte and
in order to live at tlie
manuperhaps incompetent Commissioners, will stiike at the
brakes,
factuiing industries which supply steel raUs, couplers,
ironwork
patent roofs, stock and refrigerator care, bridges,
M^d masomy, and a host of things embraced in the operation
and repairs of railways— industries, which thrive when raOways thrive and decline in the ratio of railway adversity.
becomes oppressive
It is therefore cei-tain that, if legislation
affect the army
to railways, it wiU at the same time seriously
of employees which is supported by the industries directly connected with these great channels of communication and ti-ansportation. The people of this country will not approve for any
laigth of time of a species of legislation which, under the cover
" monopoly," seeks to ruin one kind of
of absurd charges of
property, or one class of business, for the supposed benefit of
another. Wlien these comphcated questions are fmaUy underBtood, a reaction wiU set in wliich will sweep the obstructionRailways must
ists of the day from the field of legislation.
not only be made safe to travelers, but they must keep pace
with improvements for the comfort of passengers, and tliey
must have aU necessary facilities for the careful and expeditious movement of the vast and constantly increasing volume
of freight. In order to do this, railway companies must receive a fair and reasonable compensation for the service;. Tlus
is all railway companies ask, and this they will certainly receive, or the railway system of the country wiU sink into inefficiency and decay.
At the close of 1887 there were 149,912 miles of completed
railway in the United States, and at the present time the
figures are about 157,000 miles. In 1887 these roads carried
438,225,.513 passengers and moved 553,074,752 tons of freight.
The gross earnings of the combined railways for the same
year were §931,385,154, and the net earaings $331,135,176.
That is to say, out of §931,385,154 received, the railway companies paid to their employees and to the maintenance of lines
and rolling stock the enormous sum of §600,249,478.
These figures are given only to Ulusti-ate the intimate relations between the business interests of railways and the host
of mechanics and laborers employed in their operation. No
account is taken of the vast sums expended in the coustniction
of now hnes, nor of the great numbere indirectly employed in
gathering and distributing the traffic, nor of mining .and manufacturing, which depend upon the free movement of ti-ains.
The direct result of a single year's operations, which proves the
distribution of more than six hundred millions of dollars in
that period, to the industiial classes, is enough to du-ect attention to the point presented.
It is obvious, therefore, that any material interference witli
the prosperity of railways in this country will be a very serious
interference also witli the industrial interests which are dependent uixin it. The authors of adveree legislation have no
thought of making an attack upon the manufacturing, mechanical and labor interests of the people, but it is time to
consider the consequences which are sure to follow the unreasonable and arbitrary measures now in contemplation by
the legislatures of several States at the West. The experience
of 1888 shows that but little more is needed in the way of restrictive tariffs to force railway companies into economies
which will curtaU expenditures in every department of operaIt is not alone
tion, and this is exactly what is threatened.
the proprietors against whom this unjustifiable warfare is
made, not the bondholders and stockholders who are in the
greatest danger, but the great army of brave and skilful men
who move the trains and people the shoi)S, as well as switchmen, yard-men, section men, station agents, etc., etc., who are
menaced by the madness and foUy of legislation.
Nothing can be more obvious tlian this tendency to force
railroad companies into economies which cannot be introduced
without serious detriment to all railway employees. Already
it is reported that in Iowa a large reduction in the number of
trains is in contemplation to meet the compulsory tariff of
"reasonable rates," and this means nothing less than a reduction in the number of employees. Such changes wiU, of
course, be made very reluctantl;^; but if the Commissioners of
Iowa insist upon rates which vnll not pay a fair profit no other
course is left open for the railway companies. They must
obey the law, and its authors wUl be held responsible for the
onsequences.
The gravity of the situation is fully recognized by thoughtful
men. The prosperity of an interest which, with its afliliated
industries, gives employment and support to a much larger
number of people than any other in the country, is threatened
with partial destruction. It will be resisted peacefully and
legally, but the necessity of keeping these important works in
operation, with revenues greatly reduced by le^slative action,
involves a corresponding reduction in the working expenses of
the department. Similar retrenchment will follow in all manufacturing Industries which supply railways with material for
construction, operation and maintenance, as naturally as
diminishing supply follows diminishing demand.
The proposition submitted in this report is, that legislation
hostile to railways is war upon the gi-eat industrial mterests
connected therewith.
For the directors,
O. D. Ashley, President.
influeuce.
Kew
York, March
1,
1889.
CHICAGO
[Vol.
XLVm.
EAST ERN ILLINOIS RR. CO.
&.
APPLICATION TO THE
NEW YORK STOCK EXCHANGE.
Chicago, January 29th,
1889.
Referring to our application, dated January 12th, 1888, at
which tune §3,000,000 of prefeiTcd and §3,000,000 of common
stock of the Chicago & Eastern lUinoLs ER. Company were
listed, this company hereby makes application to list 14,653
shai-es of preferred and 21,978 of
stock, additional,
common
for the purpose of exchanging this for a like amount of the
preferred and common stock of the Chicago
Indiana Coal
Railway Company, in e.xercise of the authority conferred by
Ai'ticle VI. of the Articles of Consolidation, as amended on
the 9th day of February, 1888.
Application is also made to have the preferred and common
Indiana Coal Railway Co. stricken
stock of the Clucago
from the list as fast as the new stock is exchanged therefor.
The Central Ti-ust Company of New York are Registrars of
the stock, and the Metropolitan Trust Coriipany of the City of
New York are its transfer agents, and will make the exchange
of stock and stamp the C.&I. Coal 'Ry. stock as exchange is made.
CHICAGO & EASTERN ILLINOIS RR. CO. AND CHICAGO &
&
&
INDIANA COAL RAILWAY
CON'SOLIDATED.
CO.,
General Jialanee Sheet December 31st, 1888.
$22,518,937 02
Cost of road Bud eaulpment
753,603 88
Terminal grounds and buildings at Clilcago
211,990 93
Stock of niatenul, f ml, &o ....'
Sectiiiie* in Treasfirt^
>
—
Cnpital Slock of the C. & E. I. KR. Co.*2,005,200
First consolidated mortgage bonds
51,000
00
00
64 10
Income bonds
2,056,264 10
14'2,040 38
Sinking funds
Invested in securities, &c
Due from
railroads
677,976
£08,093
341,698
$26,910,654
and sundry debtors.
Gush
•
Capital
"
"
55
13
54
53
Stock—Preferred, outstanding. ...$4,465,200 00
"
"
Common
5,197,800 00
"
"
In Treasury
2,0U0,000 00
-$11,663,000 00
Sovrted de^'l—
& Indiana Coal E. W.
mortgage bond<
Chicago & Ea'tprn Illinois RR.
Cliicaao
Co. 1st
4,402,000 00
Co. 1st
3,000,000 00
morigagc bonds
CIncag"
>^
Eastern
Railroad
Illinois
income bonds
Danville A* (iraiie Creek RR. Co. bonds..
C. & E. 1. r.li. Co. exii-nsiiiu M. bonds..
C. <St E. I.RR. Co. Ist consnliilaed mori. bonds
$6,000,000
Less in hands of trustee to
64,000 00
121,000 00
111,000 00
Co.
retire prior lien bonds...
3,296,000
2,-01,000 OO
C.
& E.
I.
RR.
'-o.
sinking fund collat-
400,000 00
bonds 3,321,000 00
Strawu & Inulana State Line KR. Co.
150,000 00
bonds
.*r
eral trust bonds
C. & E. 1. RE. Co. Kcn. con. IstM.
14,273,000 00
1,189 .^0
13J,927 00
Dividends duo
Interest on bonds due
137,116 50
100,(i52 03
297,338 70
26,714 80
322,832 50
Interest, rental and taxes accrued, not due
Payrolls, vouchers and sundry liabilities
Kquipment rciilacemeut account
Balance to credit of income account...
$26,910,654 53
CHICAGO & EASTERN ILLINOIS EE. CO. AND CHICAGO
INDIANA COAL RAILWAY CO., CONSOLIDATED.
.4
Statement of Orou and Set Exrningifor half-year ending Dec. 31, 1888
—
Earriings
$264,414 53
65
65
Passeugor
1,145,267
19,167
18,181
48.048
Freight.
Express
Mail
:
Aiiscellancous
86
09
$1,495,079 78
852.526 62
$0*2, ooa 16
Operating Expenses and Taxes.
Net
Add for other Income
•
549 29
48
I}!ti43,l02
—
Dedttet
Retitals
Interest
$114,430 48
341,168 42
455,598 90
Profltfor Stock
Dividenils. s percent on Preferred Stock of both
panlis (outstanding)
ProfltB
$187,503 55
Com-
on Coal Stocks owned by the Company.
133,956 00
$53,547 55
30,000 00
$83,547 56
Surplus
Respectfully,
H. H. PORTER.
President Chicago & Eastern Illinois RR. Co.
It was recommended that the Committee on Stock List be
empowered, on March 4th, 1889, to add to the list such!
amounts of the alxive-mentioned $1,465,200 additional preferred!
and §2,197,800 additional common stocks of the Chicago &
Eastern Illinois RR. Co. as shall have been issued and ex-'
changed for the stocks of the Chicago & Indiana Coal Railway
Co. Also that authority be given to said Committee to add tO'
the list, from time to time, on receiving official notice of,'
exchanges, the balance of said C.
E. I. RR. Co. slocks, andj
to strike from the list an equal amount of the common andii
preferred stocks of the C. & I. C. Ry. Co.
j
j
j
&
Adopted February
27, 1889.
i
..
.
.
Makch
9,
THE CHRONICLE.
1880.1
Friday. P. M., March
>
Pork
1>1)1».
t«8.
Feb. 1.
14,465
19,346
4',7T5
52,007
157,815
14,034
17,100
11,140
iJii-d
1889.
21,00.'}
40,514
51,233
179,«03
25,000
Tolirtpoo.
domcstio
hhils.
Ti'liai'io.
foreign
biilM.
baiffl.
biiKS.
&0
mats.
liluU.
Biiitar
Biiitar
Biiirar
boxes.
bags, &c.
Molailo
Molasses, foreign
hhils.
hhds.
lIolasKcs, domestic
bbls.
Kice, E. I
Bice, domestic
Lln.seeil
Bl«al
hemp
]
21,537
3H,7iiO
41,321
41.329
202,957
.•i2,344
107,900
1,HI3
None.
1,503,226
None.
406
3.IKI0
2,1.59
2-.!9,346
901
9X7
16,900
5,807
None.
6,80o
64,000
None.
17,390
3,740
None.
7,300
62,000
5
1,525
353.195
bWs. and sacks
Marc/i
248
750
495,900
.........bales.
bales.
bales.
1888.
2,500
582,100
228,340
20,437
1,845
2
bags.
pkgs.
bags.
bags.
Tar
Flour
808,8 >i9
None.
No.
Bplrlts tnrpontlne
Uanila hemp
307
None.
bales.
bbls.
bbls.
bbls.
Hides
Cotton
Eosln
Saltpetre
Jute butts
2 J, 03 5
125
None.
803,172
None.
None.
24,582
100
264,320
457,900
274,159
21,S06
Rreeipit
at—
Sat.
486
436
New
4,698
2,494
9,384
362
1,871
Mobile
Florida
632
150
l,4a'l
4,984
1,473
23,203
4.530
Savannah
767
2,217
2,026
941
1,510
1.041
398
1,130
609
678
1,204
7,168,
225'
108'
154
117
220
140
280
461
Orleans...
Brunsw'k, Ac.
Charleston
Port Itoyal,&a
Wilmington....
Wash'gton,&c
Norfolk
West
17-20o.
17-30C.
17-40o.
I
Boston
Baltimore
PliiladeIph'a,&o
I
however, whs more active, sales aggregating 1,155 cases,
108
957
s'
8
1,021
609
707
66-1
918*
749
4^8
2,644
1,601
1,115
1,849
1,011
912
202
798
778
689
52
964
201
24
66
310
765
932
63
116
9,708
1,011
4,812
2,436
476
1888-89.
Receipts to
Thin
Week.
P.Royal,&o
Wilmington
Wash'tn.&c
Norfolk
West Point.
NwptN.,Ac
108
957
3
4,453
9,708
1,011
4,812
2,436
63
992
1,
1888.
T/lif
'
&c
New
Orleans
Mobile
..
Charl'st'n.&o
Tot.thisweek
Since Sept 1
;
«-x*.
1
SitiCc Sep.
Week.
1,
81,688
the week's
1888, and the stock
1889.
1887.
1888.
\
618,215
18,507
1,542,071
198,752
22,907
773,635
126,933
355,921
13,814
146,898
4,344
457,312
368,570
110,305
85,515
68,980
59,957
38,329
Comparison for six seasons
Receipts at-
68
992
8,097 13,798 .19,014
1887-88.
Sinci- Sep.
81,638 5,010,968
Totals
|
96 deg. t s'., at 5 13-16c. Mola-ses advanced, with sales yesterday of nine cargoes, to arrive from Cuba at New York
and Philadelphia, at 22c. for 50 deg. teat; and to-day there
was a further ndvance to 22>^c., but a quiet closing. At the
tea sale on Wednesday the offering was a large one, and
prices were easier, except for Formosas.
Kentucky tobacco has b e i quiet, and sales for the week
are only 230 hhds., mainly for home use. Seed leaf, how-
4,184
444
For comparison we give the f oUowini
Savannah.
887
8,502
7,158
684
271
17-050. August
May
November
17'50o.
WUm'gt'n,&o
an advance of 45(a55 p.iints for the week.
Norfollt
Rhw sujsars, though without special activity, have shown a W't Point, Ac
hardening tendency, and to day there was a further advance, All others.'...
fair rtfining Cuba bfin^ quoted at 5 l-16c., and centrifusal,
—
802
687
N'wp'tN's.ic.
New York
Qalv'ston,
8,461
1,760
Point...
total receipts, the total since Septenaber 1,
to-night, compared with last year,
September.. ..17-500.
17-60o.
October
1,689
'.'.'.'.'.'.
l'-V>00
2i»,ooO
Tallow cheaper at 4 9- 16c.
Coffee on the spot has advanced, and yesterday there were
sales of Java of toe various grades at 21@23c., with No. 4 Rio
at l»l^c. and No. 7 do. at n)4@n%c.
To-day, however, the
market was quiet, with Rio quoted nominally at 19c. for fair
cargo grade. The speculation in futures was at buoyant prices
early in the week, but became unsettled, and to-day there
was a sharp decline, closing weak, with fellers as follows:
Total.
1
1,003
Totals this wcolt 12,129 10,764 17,836
6,500
3,500
163.607
iV(.
1,497
Pork has b^en much more active and is dparer, but closes New York. ..
quiet at |12 25@|12 50 for extra prime and $13@|13 25 for Boston
new mess. Cut meats were active, and to-day 30.000 lbs. Baltimore. ..
pickled belbes, 12 (g 10 lbs. average, sold at 6^@75^c. Phil'dera, &c
July
Thurt.
764
1,873
1.415
12,700
6.200
None.
Salurd'u. Uond'y Tuesd'v. Wedntd'y. Tlmrtd^y, Fnday.
7-23
7'30
7-35
7-28
7-30
March delivery. ...c. 7 10
7-23
7-30
Apiildellvi-ry
7-35
c 710
7-28
7-30
7-30
May delivery
7-37
7i4
7-28
o. 7'tl
7S0
7-25
7-32
7-37
June delivery
7-31
c. 7*1 'J
7 30
7-27
7-34
July rteilver
7-40
7-31
c. 7-15
7-33
7-28
7-36
A Uf. delivery
7-34
7-35
c. 7"17
Z-42
7-30
7-38
7-44
7-35
Sep. delivery
c. 7-19
7-37
June
Wed
Tuet.
1,763
.
I
Jfon.
1,855
'.
1705c.
•
Galveston
El Paso, &o...
8.
Lard on the spot at some decline early in the week was
more active, but at s >me recovery the close is quiet and
7 "Si J^c. for
nearly nominal at 6-85c. for prime city, 7-30(3
Galveston
8,461
prime Western and 7'50@7'60c;. for refined for the Continent.
435
El Pa90,&c.
The speculation m lard for future delivery has been active, New Orleans. 23,293
made a sharp advance early in the w^ek. A d cline Mobile
and prices
4,530
yesterday and a weak opening this morning were followed Florida
587
by some advance, and the olise U steady at 16@18 points im- Savannali. ..
8,502
provement on last Friday's figures.
7,153
Bnm.s.,&c.
DAILY CU>HD<0 PRICES OF LARD FOTUBES,
4,134
Cliarleston ..
17-1O0.
8, 1889.
as indicatwl by our telegrams
from Iho South to-night, Ls given lajlow. For the week ending
this evening the t<ital receipts have reached 81,638 bolca,
against W\,W<i i>ales last week, and i)6,850 bales the prevkras
week; making the total receipts since the Ist of Sept., 1888,
5,010,»(>5 bale.s, against 4,074,928 bales for the same period of
1887-8, showing an increase since Sept. 1, 1888, of 36,037 balm.
Mar.
Maroli
April
OT TON.
The MovKME>fT of thk Crop,
Friday Night, March 8. 1889.
There has beon no essential change in the biuiaeas outlook
Soma i'uportant failures nro antiounoed, atno:is[
this week.
which are an iron company at Iloading and a poit'-ry company at Trenton. A violent rainstorm has been followed by
A "cut "in oc-an steamship rates for
clear, cool weather.
frei iht has led t an increast-d export of corn.
The following is a comparative statemeat of stocks of
leadmg ariicles of merchandise at dates given:
1880.
i/a.fA 1.
336
C
ghe (t'Ommeraal i^nuci*.
COMMERCIAL EPITOME.
Cotlw. Kto
C«flt'«, other
CoD'iH!, Java,
1
1889.
8,896
23,293
1888.
3,509
625,603
23,209
15,417
35,7431,560,527
720 198,380
23,169
78j
4,621
816,460
200
69,365
4,217 386,943
423
14,069
468 165,467
15
4,888
6,622 434,059
6,226 371,639
2,502
97,957
4,705*
72,953
66,538
2,025,
34,492
1,086!
309
23,419
285,959
19,433
291,006
26,327
58,207
51,842
19,695
21,886
5,426
5,866
25,884
83,686
21,847
244,063
10,000
14,607
11,948
294,011
17,000
18,906
20,156
73,469 4,974,928
740,278
797,010
!
is
428
as follows:
1887.
3,509
35,743
480
4,530j
720
8,502
4,242
4,621
4,640
3,873
33,183
2,682
7,895
5,230
960
483
428
15,172
6,022:
16,043!
6,622
8,728
8,403
81,638:
73,460
4,088J
0,552{
72,953
1886.
1885.
4,206
21,493
2,166
9,966
5,661
1,717
22,184
1.618'
6,442
3,457
7,120
62,129
7151
1.992|
1,911
1884.
8,056
13,752
2,567
3,396
4,653
391
718
3,987!
1,359
8,325
6,460
1,945
11,834
42,581
49,676
5010,965 4974,928 4929,1 38 4669,4314489,481 4486,924
The exports for the week ending this evening reach a total
of 148,053 bales, of which 91,823 were to Great Britain, 11,573
to France, and 44,657 to the rest of the Continent. Below are
the exports for the week, and since Sept. 1, 1888.
.08
Exports
follows: 500 cases 18s6 crop, Pennsylvania, ll{ai.5c.; 150
/rom—
cases 1»S6 crop, Dutch, 10@l-,;c.; 150 cases 1886 crop, Wisconsin Havana, «}^@10c.; 100 cases 1837 cop, do., \l%@\\.c.;
Oklveston
150 cases 1888 crop, do., ptiva to terms; 100 cases Isa? crop,
Sew Orleans..
State Havana, liJ^M 16c. and 75 cases 1887 crop. New Eng- Kuolle
land Uavana, 141*280.; also 550 bales Havana, 68c.@f 1 15, 3aTanD&b
and 200 bales SuTuatra, |1 20uj|2.
Branswiek ....
On the Metal E.Ychauge the chief incident has been a flurry OhaileetOQ...
in copper, the effeot of uews of trouble with the syndicate at WUmlD<lOD ..
Paris.
Yesterday lake sold at 15-75c. for March and G. M. B. Norfolk
w Ml Point
at 15c. for April, 14-35c. for May, 14o. for June and IS'SOc.
for July; and today G. M. B. sold at 14-60c. for April and Nwpt Nws.fto.
Mew York..
IS-.'iOc. for May.
Straits tin is without decide I change. L-^ad
aoetoii
was active to-day at 3-80c. for April.
Interior iron markets Baltlmor* ...
are unsettKd by the Reading failure.
PtaludelpVAt
Spirits turpentine is again dearer, with a fair demand at
T«»l
513-^0.
Rosins also dearer, with tjojd strained sold to-day at
Total I8H7-fl8..
|1 17J^. Refined petroleum for export firmer at 7'15c,
W»ek Bndino Mar.
ifajportwl to—
8,
jy«m
Stpt.
>.
U88,
to Itar. B, 1880
..
.
g
.
—
«
:
THE CHRONICLE.
336
The Sales and Pricks of Futures
In addition to above exports, our telegrams to-night also give
the following amounts of cotton on shipboard, not cleared,
at the ports named. We add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Yale &
Lambert, 24 Beaver Street.
1
AT-
Shipboard, not cleared—for
33
fD*3
Orleans.
Mobile
Cliaileaton
.
8avannali..
Galveston ...
Norfolk
New York
Other ports.
1,100
None.
42,835
6,306
42,619
Total 1889.
8,332:33,671
77,404:10,506:61,526
38,588
Total 1888
Total 1887
1
114,663
1?:
Oi
if^
g:
follow-
$
•to
C<I01-I
Pj
oiEg,
tn
a
7t:
O
fP
2
P
at•d
e-
fit
^^
-0
e <ito5
to ©053
£!:;«°
.P-t-»cnf
a*
s
*)
E»g
lir
*?
.
I; T
•
u
10
M
O^
m
Srg
r^
I
P- el Ci
3
CO*
cio'
o
625,615
92,204
163,625
11,613
14,189
i:E2;
00
WW
n a
O)
P »'
*
£&§
^s!
8
22,903
00-
^.
CC
239,978
19,433
10,695
48,007
14,077
10,984
228,613
53,828
45,981
None.
9,000
10,200
9,132
14,900
15,450
10,000
7,712
None.
1,500
3,600
5,191
4,900
None.
None.
16,254
None.
7,500
6.600
2,131
None.
8,350
2,000
5,206
None.
None.
None.
None.
None.
16,809
None.
None.
None.
1,810
10,000
6,000
8,000
T2'
art-
1
M
-I-
New
%
Stock.
Totul.
wise.
p
(3
Lcacinp
Comt-
Other
France. Foreign
Great
Britain.
shown by the
3
li
65.
Jfor. 8,
are
ing comprehensive table:
118
On
XLVin,
[Vol.
704,806
578,298
<i
The speculation in cotton for future delivery at this market
opened the week under review quite dull, but with values
showing a hardening tendency. The movement of the crop
was moderate, and the visible supply in the markets of the
w^orld the smallest in many years at this stage of the season
facts which prevented the free offering of cotton, and served
to make a very small demand sufficient to support prices. On
Tuesday, however, there was a small decline imder increased
port receipts, they being exceptionally large at New Orleans.
On Wednesday port receipts were small (only 363 bales at New
Orleans), and in conjunction with a smaller interior movement
(notably at Memphis) sei-ved to promote a more decided movement, with an advance of 4@5 points, and sales of 70,000 bales.
On Thursday there was an early advance of 2ig3 points, due to
an improvement in Liverpool, but when the Chronicle's figures
of the overland movement in February were placed on the bulletin, a quick decline of 5@7 points took place, the distant
options showing the most depression. May deliveries dropping
partial recovery followed, but the
from lO'lS to lO-llc.
bulls showed a loss of confidence. There was some disposition
to reassert maximum crop estimates. To-day a sharp decline
at Liverpool caused a weak opening at this market, but there
was a quick rally on indications of a reduced crop movement
at the ports, and at many interior towiis as well. Some of the
best prices of the day were paid in the last hour, and the close
was firm. Cotton on the spot met with a pretty fair demand
for home consumption, at about steady prices, there being on
quotable change
but to-day there was a Isu-gely increased
business for export.
The total sales for forward dehvery for the week are 321,700
bales.
For immediate delivery the total sales foot up this week
4,451 bales, including 1,300 for export, 3,151 for consumption,
for speculation, and
in transit. Of the above
bales
were to arrive. The following are the official quotations for
each day of the past week Mar. 2 to Mar. 8.
A
;
—
—
—
—
UPLANDS.
77,8
7T8
lb.
7''s
9 '4
7'8
8>->,6
813,,
914
93t
9%
10
10
Good MiddlinK
Strict Good Middling
Mid<Uing Fair
103,g 103,4
10li,„ 10U,e
lOiBie 10161,
11% 1138
Fair
12
GULF.
^Vb.
Ordinary
Strict Ordinary
914
9%
Low Middling
j>jiuiumg
Middling
Good Middling.
Strict Good Middling
Middling Fair
Fair
9%
10
9%
10
10
10'i,fl
103,g 10S,e
103,6
1011,«
1011,, 1011,, 101',
lOlSie lOis,, 1015,,
11%
11%
12
11^
12
12
5^
toto
•I
11%
12
Wed
ISon Toes
03
CO
I
o
Th. FrI.
I
P"
71I10 7ii,, 7iie
8i8
8^8
8^8
9i,g
91,9
91,
913
912
912
'10
10
10
'IOI4 hOH
10>4
i"'18 ll^O'H l<"n
[107,0 jl07,. 107,,
ilOlSjg 1016,, loiS',
ill'ig ll»ii
IllSa Ulis^
1188
II214 I1214
12>4
711,6
81s
9i,«
9I3
10
711,,
8i8
9ii«
913
10
lOM
ilO
01
°
a
toto
affl
OD^l
M OM
IOI4 11014
107,. Il07,g 1107,6
IJ
ao
o,
&
2
'^
I
Sat. nioB
o
1
ll'>« 11'18
11»8
11=8 ii4
I2I4 I12I4 1214
Good Ordinary
Strict Good Ordinary
^
75,6
Zi'"
8^8
9Ui,
MiddUng
71S16
87e
lb.
U)wMiadUng
9"u
Wed
7»,g
75jg
87e
91I1,
I,"
8^8
9"u 9Uu
I
S)
w
^
-j-j
<1C0
il9SI,
2
^
I
e)
^
:
01
>
5
a
-1
I
I
>
1
1
SPOT KAKKET
CLOBED.
Sat.
Quiet and Steady
Steady
BALES OF SPOT AND TBANSrT.
Conport.
I
tump.urt'n
Thnr. Qniet
2001
3001
lYl..., Steady
700
766
285
531
529
400
040
1,300
3,151
.
Men.
Tiies.Q't and easier.
Wed. Steady
Totall
The daily
.
lOOj
....
....
Spec- Tran-l
tit.
1
„ , ,
Total.
866
285
531
729
700
1,340
I
I
:
1
<
1
«:
1
li
1
e;
:
:
1
1
:
;
DHiteriet.
16,500
46,600
52,300
59,500
94,100
52,700
The following exchanges have been made during the week:
36 pd. to exch. 1 ,000 Mar. for Aug100 May for Aug.
22 pd. to exch. 300 Apr. for .July. •08 pd. to exch. 300 Apr. for May•21 pd. to exch.
4,451 321,700
deliveries given above are actually aeuverea thA do..
delivered the day
previous to that on which they are reported
I
1
'
Includes sales in September, 1888, for Scptcmlior, 165,300 September-October, for October, 394,100; September-November, for November, 585,500 ; September-December, for Deceml)er, 980,400 St'pt4'iul>er.lanuary, for January, 1,650,500; September-February, for Februaiy,
881,300.
VW" We have included in the aliove taiile, and shall continue each
weelc to give, the average price of futures eacli day for each month. It
will Ije found under eacli da.v following the abbreviation "Aver." The
average for each month for the \\'eek is also given at Ijottom of table.
Transferable Orders— Saturday, 9-95c.: Monday, lO'OOc.: Tuesday.
lOOOc; Wednesday, 10-05c.; Thursday, lO-OOo.; Friday, lO-OSc.
FCTOREF.
Sola.
I
>
<
>
<
n
1
MARKET AND SALES.
The total sales and future deliveries each day during the
week are indicated in the following statement. For the convenience of the reader we also add a column which shows at
a
glance how the market closed on same days.
1
->1
CO
cotooo coccoco
iS.
-4<1 Oj
7»16
87e
91ii,
1
<o
too
ceo
Tb. FrI.
^
to
lOltie'lOlo,,
Tne*
Si
o:
I
fTAINED.
^
-1
OO'O
=
I
6^
ccogco
711,6
8l8
9118
91a
1
00
'
V
ODCD
I
Ix)w MiddliUK
77,8
778
8ia,8
9'4
7,>
778
81»,6
0>4
914
9%
10
j
GoodOrdinary
Strict Good Ordinary
Strict
,12
Sat.
Tb. FrI.
771,
778
8t»,c
813,«
IMiddlinjr
Wed
inon Toe*
Bat.
^
Ordinary
Strict Ordinary
Good Ordinary
Striit Good Ordinary
Low MlddlluE
Strict Low Middling
'
•22 pd. to exch. 100 Mar. for June.
•07 pd. to exch. 1,000 June for July.
•35 pd. to exch. 1,000 Mar. for Aug.
16 pd. to exch. 1,700 Apr. for June.
•23
•08
•16
•09
pd,
pd.
pd.
pd.
to excli. 100 Mar. for June.
to exch. 100 May for June.
toexch. 1,000 Aiir. for June.
to exch. 100 May for June.
;
March
9.
THE CHRONICLE.
1889.]
Visible Supply of Cotton to-niKht, aa made up by cable
telegraph, is an follows. The Coiitinentid stocks, as wi-U as
those for Oroat Britain and tho afloat arc this week's returns,
and conaoquently all the Euri>pcan figures are brought down
But to make tho totals the complete
to Thursday evening.
figures for to-night (Mar. 8), we add the item of exports from
the Uaittnl States, including in it the exports of Friday only.
1887.
1888.
1880.
1889.
671,000
bale* 761,000 883,000 947,000
Btook at Liverpool
25,000
14,000
7,000
15,000
Btook at I.<milon
Thk
and
BuHJkat Genoa
Buiokat Trieste
768,000
2,200
25,900
20,000
500
1,100
128,000
4,000
53,000
7,000
0,000
Total Continental stocks
250,700
Total Great Britain stook.
at llaiiiliurg
at Bmiitt^ii..
at AmHtt-ritain
Btook
Bcoek
Btook
Btouk
Stock
Btook
Btook
Btook
at Ki>tt»r.lAm
at Atitwxrp
at llttvre
at MarcfoUles
at Karoeluua...
908,000
4,100
45,900
22,000
961,000
3,100
35,600
29,000
689,000
400
700
300
900
266,000
5,000
51,000
5,000
11,000
1,500
156,000
6,000
75,000
11,000
4,000
309,100
406,900
327,700
The above totals show that tho old interior nUtckn hsTtt
decreased during the week 84.690 bales, and are to-night M.IW
bales less than at tho aame period last year. The receipts
at
the same towns have Iwen 0,761 bales more than the
week last year, and since Sejit. 1 the receipts at all tho towns
are 68,808 Dales more than for the same time in 1887-88.
mma
Quotations fob Midduno Cotton at Other Marketr.—
In the table below we give tho closing quotations of middling
cotton at Southern and other priucip^ cotton markets for cacn
day of the past week:
400
164,000
3,000
61,000
4,000
4,000
337
4,0(X)
40,800
29,000
oiaaaa QcoTATiom fob mtddliko ootton oh—
Hon.
Tuti.
Wednu. J»i«rf.
IH.
WUK
ending
Mar. S.
AKur.
1
10
Galveston...
New Orleans
Mobile
Savannah...
10
10>a
913,4
s
9:\l
9>iis
9>a
10i«
Charleston..
101,,
9lt|s
9"
fli'
91a
lO's
io4
Wilmington.
9:\i
9^
Norfolk
9i»,s
9'8
lO^wag
9'8
10>4'<»38
10143 3»
10 'is
lO'ls
..
..
Boston
9%
9ll„
9il,«
J
9'm
10i«
'9»i«
9%
9ie,«
10>49SS
8^li
10«S
OTj
9l»,.
9*ia
ID'S
10V(34s
10l4»%
10
Total European stocks.... 1,018,700 1,217,100 1,367,900 1,016,700
270,000 190,(X)0 175,000 229,000
Indlaoottiiuadiiat for Europe.
Amer. ootfii iitlimt for Eur'pe. 327,000 '2a<;,000 423,000 457,000
37,(>00
51.000
56,000
B(fypt,Br»ill.iSio..aUtforEVpe
17,000
etook in Ilnltwlritates ports.. 740,278 797,010 741,923 930,901
227,479 282,641 212,556 394,467
Btook In U. 8. Interior towns..
60,094
24,764
6,873
17,775
Onlted States exports to-day.
Baltimore...
Philadelphia
Total visible supply
2,070,551 2,858,515 2,983,252 3,062,843
Of the above, the totals of Imerloan and other descriptions are as follow s:
Receipts from the Plantations.— The following table indicates the actual movement each week from the plantations.
Tlie figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that part of the crop which final*
ly reaches the market through the outports.
Amaican—
Uverpool stock
Continental stocks
592,000
169,000
327,000
740,278
227,479
50,094
bales
American afloat for Europe..
United States stock
United States Interior stocks.
United States exports to-dj»y.
Total Amerloan
Wtut Indian, Braail, *e.—
Uverpool stook
745,000
308,000
423,000
741,923
212,556
495,000
252,000
457,000
9.TO,901
6,873
169,000
7,000
81,700
270,000
37,000
Oontln<"Utal stocks.
I
ila afloat for Europe
Egypt. BraiU, Ac, afloat
Ao
178,000
25,000
112,100
190,000
51,000
202,000
14,000
98,900
175,000
56,000
1.5,000
75,700
229,000
17,000
564,700 556,100 545,900 515,700
2,105,851 2,302,415 2,437,352 2,547,143
103a
9'8
0\
9'8
9U,.
9H
9^
9%
9\
9''8
9^8
9'fl
9%
9%
9%
934
Cincinnati..
Lnulsvllln...
9^8
St.
394,407
17,775
179,000
io4
9''9
Memphis
Louis...
Week
JtecHpU at
1887.
Feb.
"
"
1..
8..
18..
••
US7.
188S.
10
»«,5"a
84.137
f».024
1..
79,891
65.5H2
»..
72.953
73.489
10
9I»i,
97s
9'8
9^;
Townt. Rec'vte from PUuttfmt,
1887.
18t>9.
S79,59e S«l,239 119.004
1J8,347 .S33.7<:8j368,8«S :i3«.521 104.443
135 870, 121,36e!360,«41 saojiST 7M50
96,350 301.199 <&0.H14 297.54.1 74.8U)
99,993 265,»ill|324,386 J70.HT9J 44,743
81.S38 238.9flwIsO.J.5<* ii4ll.09-.il 43,934
98.6(I» 155.854 334,819
»9.013
M..,
Mar.
"
130.753
108.SS7
8S.58X
lt)i<8.
lO'is
10«i
loaj
B\
9%
the Parte. 8tlt at Interior
MnMnt—
2,105,851 2,302,415 2,437,352.2,547,143
London stock
Total East India,
Total Amerloan
705,000
197,000
296,000
797,010
282,641
24,764
loC
9-'8
Aumista
1SS8.
80.919
»<.«90
1880.
96^
IOI.MS
75.91S II 9.43*
69,197
39,536
S1.3A9
78.808
70,0»0
56,668
—
The above statement shows: 1. That the total receipts from
Total visible snpply
2,670,551 2,858,515 2,983,252 3,062,843 the plantations since September 1, 1888, are
5,241,592 bales; in
4ia,,d.
Prtoe Mid. Dpi., Liverpool
536d.
S^sd.
5»ifcd.
1887-88 were 5,253,606 bales; in 1886-87 were 5,118,040 bales.
10i,,o.
9'8C.
Price Mill. Ut.l.. New York...
lO'iuC.
OV2.— That, although the receipts at the outports the past
I^~ The imports into Continental ports tliis week have been were 81,638 bales, the actual movement from plantationsweek
was
S8,000 bales.
only 56,668 bales, the balance being taken from the stocks at
The above figures indicate a decrease in tho cotton in sight
the interior towns. Last year the receipts from the plantations
to-night of 187,964 bales as compared with the same date of
for the same week were 51,380 bales and for 1887 they were
1888, a decrease of 312,701 bales as compared with the corres43,924 bales.
ponding date of 1887, and a decrease of 393,292 bales as compared with 1886.
Amount op Cotton in Sight Mar. 8.— In the table below
we give
At the Interior Towns the movement that is the receipts to them the receipts from plantations in another form, and add
the net overland movement to Mar. 1, and also the
for the week, and since Sept. 1, the shipments for the week,
takings by Southern spinners to the same date, so as to give
and the stocks to-night, and the same items for the correspondsubstantially the amount of cotton now in sight.
ing period of 1887-88
out in detail in the following
—
—
is set
statement.
1888-89.
1887-88.
i
188B-87.
'
1885-88.
Receipts at the ports to Mar. 8. 5,010,965 4,974,928 4,929,138 4,669,431
Interior stocks on Mar. 8 In
excess of September 1
230,627 278,678 188,902 405,888
I
Tot. receipts from plantat'ns, 5,241,592 5,2.53,606 5,118,040 5,075,317
Net overland to Mar. 1
779,991 816,752 623,2:i3 617,134
Southern cousumpt'n to Mar. 1 325,000 300,000 250,000 205,000
Total In sight Mar. 8
6,346,583 6,370,358 5,991,273 5,897,451
Alorthem spinners' takings to
Mar. 8
1,538,489 1,452,448 1,303,362 1,368,802
I
\
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-If
XMI-C^OM^-COCDOD MCnM-^^DOJCHGD
*«rf*. <Sp W tO;-l Mjqrf»-X COMOO <ixp OIQO
O CO ioV M *»
I
i!?
't0'^"lc'^"OJC0"tO'tO*>rf*Q^*k^^COM*».
O^MXtOO)tOCCCOtO<OOf^COX-slK>COCnCi9
MXM
CflOH-c-.-^OlCfi
i,) i-»
i
419.132 bales.
Whather Repo'^ts by Tklfgraph.— Reports to us by telegraph to-night indicate that, while in some sections of the
South the rainfall lias been heavy, in others the weather lias
been favorable, and that farm work is progressing well.
Galveston, Texas. Wo have had rain on throe days of the
week, the rainfall reaching two inches and siztr-eight hundredths. The thermometer has averaged 68, the nighost being
—
60 and the lowest 50.
Palestine, Te.vas. It has rained liard on two days of tho
week, the rainfall reaching two inches and forty-four hundredths. The thermemeter has averaged 58, ranging from 44
—
to 73.
?-S^
^1
>-ii^;t^
--]
I
iH
co^xxbx*»-wbi«DWCic;tiobDC;»Mc;<ai
M tO-IMXWO-^
(0
eonipured with
M
OS
he seen by the above that the decrease In amount In sljrht toas conixiari-il with lant .veur, is 23,775 bales, the luoreasa as
886-7 Is 365,310 bales and the increase over 18ti5-a
It will
OT *J
alKlit,
coot
O CO Cl CO M W CO ^ CO OS -^ a 00 c»
—
San Antonio, Texas. Rain has fallen heavily on two davs
of the week, the rainfall reaching two inches anil twenty-eight
hundredtlis. Tho thermometer has ranged from 44 to 70, averaging
57.
Neie Orleans, Louisiana.—It has rained on three days of the
Tveek, the rainfall reaching one inch and fifty-eight hundredths.
Average thermometer
58.
CO
_
I
'
;:{
I
OD*;.
©Wi.^C;,
0DOi»©»
is!
I
t-*
I
I
*Tha
-©31^WM»»tOifcWtC®t0©OlO«0DM
*J Ci -q
C Oi
•
-^OMttXtO-
[
I
oip
cop
coVmVx
»_»-•» to
looi^D*^:
^
§'1
Mc^btoto^
ciC^O'-'OoiostoiOM: cooiMrf-waiOM
C3CCOOi^>(^Mt0i«^M. xoxoo<oooco
ttcorai tor UtolnvUle la both
yean ar*
"net,"
—
Rainfall ninety-five himdredths of
an inch. The thermometer has averaged 53, the highest being
75 and tho lowest 42.
Columbus, Mi.tsissipm.— It has rained on two days of the
week, the i-ainfall reaching three inches and five hundredths.
The thermometer has averaged 44, ranging from 80 to 68.
Leland, Afmi3»tpj}i.— Rainfall for the week eigh^-aix haadredths of an inch. The thermometer has ranged front 82 to
Shreveport, Louisiana.
66,
averaging
50'4.
.
THE (CHRONICLE.
338
'
:
[Vol. XLVIII.
—
EXPORTS TO EUROPE FROM ALL IKDLl,
Vicksburg, Mississippi. It has rained on three days of the
week, the precipitation reacliing two inches and nine hun1889.
1888.
1887.
ShipmenU
dredths. Plowing and planting corn is in full progress.
loallSurope
ThU
Sintt
ThU
Sinee
TAw
Stnce
are claiming a good and advanced season thus far.
Farmers
from—
week.
Jan. 1.
week.
Jan. 1.
week.
Jan. I.
The thermometer has averaged 58, ranging from 88 to 78.
lAttle Rock, Arkansas. Telegram not received.
Bombay
99,000| 429,000 46,000
221,000 43,000| 255,000
77,000 12,000
72,000 13,000]
Helena. Arkansas. Rain fell on Saturday last to the extent of 4U otlior port» 1 1,000]
83,000
seventy-seven hundredths of an inch. The remainder of the
Total
110,000! 506,000 58,000l 293,000 56,000
338,000
week has been clear and splendid for farm work, which is proAlexandria Receipts and Shipments. Through an-angegressing finely. Receipts for the week are heavier than last
ments we have made with Messrs. Davies, Benacni & Co., of
year. Average thermometer 48, highest 64 and lowest 32.
Memphis, Tennessee. —It has rained on two days of the week, Liverpool and Alexandria, we now receive a weekly cable of
the raiufaJl reaching eighty-eight himdredths of an inch. The the movements of cotton at Alexandi-ia, Egypt. The following
thermometer has averaged 48, the highest being 65 and the are the receipts and shipments for the past week and for the
corresponding week of the previous two years.
lowest 37'o.
—
—
—
Nashville, Tennessee.— Telegraia not received.
—
Aleaanrtria, Egypt,
Mobile, Alabama. It has been showery on two days and
1888-89.
1887-88.
1886-87.
Mar. 6.
has rained severely on one day of the week, the rainfall reachthermometer has Ksoelpts (oantars*)—
ing two inches and forty himdredths. The
This week....
30,000
32,000
24.000
ranged from 38 to 71, averaging 53.
Since Sept. 1
2,562,000
2,792,000
2,783,000
Montgomery, Alabama. We had rain on three days in the
ThU
Since
ThU
Since
Thit
Sit.ee
early part of the week, but the weather is now clear. The
week. Sept. 1. week. 'Sept. 1. week, Sept. 1.
Averrainfall reached two ijichcs and thirty -four hundredths.
age thermometer 50, Wghest 68, lowest 39.
Exports (bales 1—
To Llveri>oolt
2,000 193,000
7,000 215,000 7,000 227,000
Selma, Alabama.— Telegram, not received.
ToContiiientt
5,000 114,000 4,000 129,000^ 6,000 121.000
Auburn, Alabama. Rainfall for the week one inch and
The thermometer has averaged 51,
forty-two himdredtlis.
Total Europe
7,000 307,000 11,000 344,000 13,000 348,000
ranging from 33 to 65.
* A oantar U 98 pouuda.
Madison, Florida. Rain has fallen on one day of the week
This statement shows that the receipts for t e week endingto the extent of seventy-thi-ee hundredths of an inch. The
Mar. 6 were 38,000 oantars and the shipmen
Europe
o
thermometer has ranged from 38 to 76, averaging 57.
Columbus, Georgia. It has rained on two days of the week, 7,000 bales.
tie rainfall reaching two inches and sixty-seven himdredths.
Manchester Market. Our report received by cable to-night
Average thermometer 48, highest 58, lowest 39.
from Manchester states that the market is firm for both yarns
Augusta, Georgia. The early part of the week we had and sheetings, but that the demand in each case continues
heavy rain on two days, but latterly the weather has been poor.
We give the prices for to-day below, and leave
clear and pleasant and farmers are now breaking ground for those for previous weeks of this and last year for comparison
planting. The rainfall reached one inch and foi-ty-two hun1889.
1888.
dredtlis.
The theiinometer has averaged 49, ranging from 34
—
1
1
1
1
—
1
>
—
—
—
—
to 70.
—
Savannah, Georgia. It has rained on three days .".nd the
remainder of the week has been pleasant. The rainfall reached
one inch and seventy-three hundredths. The thermometer has
averaged 49, the highest being 69 and the lowest 37.
Charleston, So^ith CaroKna.— Rain has faUon on tlu-ee days
of the week, to the extent of one inch and thirty-seven hundredths. The thermometer has averaged 52, the highest being
66 and the lowest 40.
Stateburg, Soiith Carolina.—We have had rain on two days
of the week, the rainfall reaching one inch and twelve hundredths. The thermometer has averaged 48-5, ranging frm 36
to 63-6.
Wilson, North Carolina. It has rained on one day of the
week, the rainfall reaching one inch and seven hundredths.
Average thermometer 47, highest 58 and lowest 32.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3
o'clock Mar. 7, 1889, and Mar. 8, 1888.
—
Mar.
Feet.
TewOrleana
MempBla
..Above low-water mark.
Above lo w- water murb.
Above low-water mark
.....Above low-water mark
Above low-water mark
XaUiviUe
BbNTepoit
Tlokaburi!
7,
'89.1
Inch.
11
Feet.
9
20
13
23
32
Mar.
3
10
22
9
22
29
8
6
8, "88.
Inch.
3
6
6
1
1
8H
32» Cop.
IwUt.
d.
d.
«.
Feb. IViSis'S^efi
"
8 7i-iiafl8Tif, 6
" 15 8l,« «8»i«16
••
22 7i5,aS87,6 6
Mar. i;7i5,„r8'i, 6
"
8 7is,„<;87,, 6
Ootfn
Oott'n
d.
8.
1
«7
2
a
1
1
87
B7
1
1
87
8
7
7
Overland Movement,
8H
32« Cop.
TwUl.
JJpids
lit.
ma.
Shirtings.
d.
A.
II3
2H3
l%i
1»2
II3
II3
March
reported
for bagging, the trade being confined to small parcels of the
various grades, though in the aggregate a fair amount of stock
has been placed. Prices are quoted at 7)^ §9>^c. as to quality.
The trade in jute butts is rather light, but prices are steady a
t
2 3-16@2>^c. for_paper grades and 2%@%]^c. for bagging
is
Vptdi
1.
d.
d.
^-^nl II2
8
8
8
a7
a7
27
»7
7»S'j7
SXjg
51s
5»18
513
OI2
5%
—In our editorial
columns to-day will be found our regular statement of overland movement, receipts, exports, spinners' takings, &c.
brought do-wn to March 1.
—We
India Cotton Movement in 1888.
have now before
us the circular of Messrs. Lyon & Co., issued in Bombay on January 28, which covers the exports from all India
ports for the year 1888, and we find that the total amount there
given, as sent to Europe, is precisely the same as the result
pubUshed more than two months ago in the Chronicle of January 5, page 43. Messrs. Lyon
Co.'s statement is as follows:
&
1888.
ExpoRTKD From
Oreat Bntain.
Jute Butts, Baggino, &c.— Not much inquu^
Al%tt.
8.
5ia 7i3,„'»87,e5
734 /838
5
55a
59,8 ,7% 08%
553
7% a8S8
51^ |7% a 8%
558
7iiiB<i8Sie
&c., to
Ibt.
Shirtings.
Bombay
Kurracliee.
Calcutta
—
Cvniincht.
232,278
10,122
29,205
654,771
11,599
63,718
10,730
6,701
Total.
887,047
21,7iil
Coconada..
1-^,394
Tutlcorin. .
60,122
2(>,162
92,923
56,348
19,095
86,a84
389,737
773,681
1,163.418
Madras
Total bales.
4.'',618
bo noticed by reference to the Chronicle that our annual
INDLA. Cotton Mq-vement from all Ports.— The receipts total in the paper of January 5 was 1,163,000, and this total is
and shipments of cotton at Bombay have been as follows for 1,163,418, or a difference of only 418 bales no difference at all
as all cable results are given in roimd thousands. There ia
the week and year, bringing the figures down to Mar. 7.
especial cause for gratification in this matter, from the fact
BOHBAT RECEIFTB AKD SniPMEMTH FOB FOUR TEAKS.
that on account of interclianges between the various India
\8hipmenU IhU week. ShipmenU Since Jan. 1.
ports it is extremely diificult to properly compile the figures
_^>eceipts.
and keep them approximately correct and it is therefore parTear] Great Oonli- „
Orrat
OonliThU
Since
^otal. Britain
Total.
ticularly pleasant to have results pubUshed in the United States
\SrU'n.\ nent.
tieni.
Week. Jan. 1.
the first week of January confli-med by figmes -which were not
1889 14,000 85,000 99,000 115,000314,000 429,000 78,000 652,000 issued in India until near the first of February, and not
1888,22,0(KI 21,000:46,000; 49,000 172,000' 321,000 55,000
407,000 received here until after the first of March.
1887 »,0(K) 34,000 4:i,(M>0l 59,(X.IO:]0(i,(KH) 255,0(JO 51, (XK) 431,000
1886l2:),(KKl| 4,00ol27,0(>o! 71, (MX)! 170,000
Since writing the foregoing the Bombay Company's (limited)]
241,000 40,000 395,000
cotton report has been received, and it places the total exportsi
ShipmenU for the week.
ahipmethts since January 1.
quality.
It will
—
);
;
I
J
at 1,163,607 bales.
Oreat
Britain,
Oontir
nent.
Total.
Great
Britain.
«
0<»»<»»«n<.
Total.
OUoatta—
1889
1888
II>dTa»1889
1888
1,000
3,000
4,000
3,000
1889
1888
21,000
20,000
25,000
23,000
46,000
43,000
5,000
5,000
2,000
1,000
1,000
All other»—
5,000
6,000
7,000
5,000
2,000
3,000
4,000
2,000
6,000
5,000
17,000
14,000
7,000
10,000
24,000
24,000
4,O0O
7,000
8,000
5.000
11,000
12,000
43,000
3»,0(X)
34,000
33,000
77,000
72,000
n>talaU1889
1
Qug
East India Crop.— Messrs.
dated Bombay, Feb. 1, says:
Gaddum, BytheU
.
& Co.'s report,
Kecelpts into Bombay exceed those of last week, and the iiptryp
pDJ,
markets, taking thorn all round, show an increa.se also. Rain has falleni,
in Broach and part of DhoUera districts, but so lightly that no harnji
Hilt
hug ensued; indeed, this shower will rather do good in some parts ol"
the DhoUera district, where the plants were in want of moisture. Eel
teg
porta from the Western and Dharwar districts are still favorable.
—
Domestic Exports of Cotton Manufactorks. Througli
the courtesy of Mr. W. F. Switzler, Chief of the Bureau ol
Statistics, we have received this week a statement showing tb^
exports of domestic cotton manufactures for January, anoi
"
1^*88, with like fif-'uren
for the eeven monMis since July '
1,
i
:
UabCB
.
.
..
.
.
THE CHRONICLE.
1H£0.J
0,
and give
for the corresponding periods of the preTioua year,
them below
Quantitiu of Manufacttira at Cot- Month ending Jan.
ton (colored nnd uncotorMJ
rxporttit to
—
LiVKBPOOL,— By cable from Liverpool we have the foOow
ing statement of the week's sales, stocks, &c, at that port.
7 mot.sndtng ,/an. 81.
31.
Feb. 15.
1888-9.
1888.
1889.
1887-8,
Sales ot the
SSS.8M
1M.SV8
Srest Britain and Ireland. ...rardi
Other countries In Korope.... "
British .Nurlh
4.8U6,('87
7,663,644
91,617
60,808
1,068,688
I,1SH.7S1
2,1*4.3.37
614,660
6,901,100
825.153
9,866,991
6.068,371
6.190,694
8.088,387
3,93V.»&7
2,46H,KtO
18.01t.lH6
9,<64,768
4.612.;iOg
10,022.1!42
30,tf87,71)R
5,PS8.838
4,92?, 101
al7,»ai)
465,074
149,678
8.67a..l88
8S8.a6S
1,356,681
e,164,8<3
4.151,113
3.588,768
70.787
Mexico
803,SI)A
Central Aniorlcan States and
British llimduras
West
1,686,81)7
America
413,284
488,898
l,fi(H,4S3
Itn,tl6i
Indies
ArKCntlno Uopubllo
I.1S8.3S8
887.S78
629,696
266.700
1.274,850
5,816,809
«88.002
Brazil
M43)0
United slHli's of Colombia...
OtheruouiitrteslnS. America
t.801,931
»,837J878
China
Other countries in Asia and
Ooennica
Africa
Other countries.
863.140
Total values of abore..^
14,844,784
(0716
(-0669
8
41B
100
&
15U
8.884
88.787
11,617
4.057
13.821
15.884
».416
9,009
4,6»3
8,473
88,972
..'
North America
Mexico
Centnii American States
»
288,822
16,386
0,469
11,241
165.073
114,413
47,922
i.sia
Fmnce
Rurope.
1.546
6,640
280,337
12,8tl
l.i'60
16.704
152,460
83,;!', a
British
Honduras
West Indies
United States of Colombia
other countries In So. America.
Asia and Oceanica
. .
Africa
a8,049
61.895
42,022
62.730
187,162
4.170
8.879
6,856
7,121
22.650
62.623
42.976
43,436
51.011
15«,586
931,968
8.066.670
318
295
3,197
4.C48
155,609
128,718
1,009.901
933.58S
1.181.502
5.834,625
other countries
Total Talue of other manufaoturea of
AffKrecrate rulue df all cotton croodn
3.607
18,197
Smppisa News,—The exports
of cotton from the United
States the past week, as per latest mail returns, have reached
122,983 bales,
_
New „
York—To Liverpool, per
rla, 440...(;criii,-viitp,
1,861.... Spain, '_>,«81
mount
alloat
Feb. 22,
51,000
3,000
2,000
44,000
9,000
75,000
733,000
687,000
126,000
97,000
231,000
156,000
Of whlob exporter* took
Of wbloh ipecolatort took.
Sales American
Aotaal export
Forwarded
Total (took—Estimated
^
01 which American— EsUm'd
Total Import of the week...,
Of wbloh American
.....,.,
Of which Amerloan. .......
40,000
3.100
1,600
41,000
9,000
69,000
732.000
678,000
77,000
55,000
252,000
156.000
Xar.
Xar.a.
1,
03,000
2,000
4,000
48,000
11,000
60,000
763,000
603,000
100,000
87,000
237,000
133,000
04,000
1,000
2.000
56,000
8.000
aiAW
761.000
502,000
98,000
61,000
232,000
127,000
The tone of the Liverpool market for spots and futures e.\oh
day of the week ending Mar. 8, and the daily closing prtoM
of spot cotton, have been as follows
Total btUer.
eteamers Besse', 1,564
Saturday Monday. Tuttday.
Market,
12:30 P.M.
Wednet. Thund'y.
Friday.
.Moderate
gpot.
Fair
business
dolus.
offered.
demand.
559
5»8
Sales
Speo,<feexp.
7,000
Futuret.
Market,
12:30 P.M.
Market,
4 P.M.
Basy at
8,000
10,000
500
500
SI'IS
15,000
1,000
10,000
1,000
Steady at Steady
at Steady ai Steady it
partially
partially
l.«4ad.
1.61 adv.
1.64 dec.
rano*.
partially
1-64 adv.
Qnlat at
uartlally
1.64 dee.
]
Stawl;.
l
steady.
Steady.
Firm.
Basf.
J
The opening, highest, lowest and closing prices of futures at
Liverpool for each day are given below. Prices are on the
basis of Uplands, Low Middling clause, unless otherwise stated.
t^TKt price* are given in pence and 64<Af thiui 6 63 vteen
6 63 64d.. and 6 01 meant 6 l-64d.
Gaditano, 6,775.-.
Antonio Jane, 1,800
""
'.'.'.
WkstPoist— To Liverpool, per steamer Croma, 5,025
Newport News— To Liverpool, per steamers Jesmond,
Open Bith io«.
5 41
6 41
5 41
6 41
6 41
May-June.. 6 41
486
31,255
6,300
4,835
Mar.-April
April-May.. S41
l
6 182
51
'
8 291
970
2,008
122.983
The particulars of these shipments, arranged in our usual
~"~
form are as follows
541
641 6 41
6 41 641
5 41 5 41
6 42 5 42
5 39 5 39
6 39 6 39
6 26 5 26
June-July.. 5 41
July-Au«.,. 6 42
Ang.-Sept. 6n9
September 5 39
Sept.-Oct... 6 26
541
6 41
5 41
6 42
6 39
5 89
526
Wedne*., Mar,
862
500
1,455..'.' Istri-
„
Taes., Mar. 8.
4.
Open
Higti
d.
d.
643 6
March
Low.
d.
1,574
12 254
'
d.
March
9,603
Montreal, 3,547
'
To Loudon, per steamers Maryland, 7()i6..I.Montana,'2"76
To Bremen, per steamer Main, 2,008
d.
2,815
1,585
3,844
5,025
To Yannouth, per steamer Dominion, 51
II""""".
BALTI.MORK— To Liverpool, per steamers Barrowmore, 4,744
Mar.
6 43
Uar.-Apill
April-May.. 6 43
May-June.. 6 43
6
6
Jane-July.. 643
July-Auff... 6 44
AuK.-Sept. 6 41
September 5 41
527
Sept.-cct
6
5
5
6
6
6
4t
43
43
43
44
44
42
42
lis
6.
d.
Clot.
0pm
d.
Open
d.
5 41
5 41
864
OlOS.
<L
1,521
7,875
5,074
3,500
.
Liverpool, per steamer Heathmore, 5,oii'..'."'.
To Barcelona, per stt-amer Carn MartU, 3,500
To Miyorea, per baik SantiaKO, 862
Charleston— To Buicclona, per bark Altna, 1,500
Galveston—To Liverpool, per steamer Titauio, 3,844
lUoB.,
2,.")65
Liverpool, per steamers Costa Rican, 7,950
...Discoverer, 5,270. ..Enrique, 4,763... Florldian, 6,497
To Havre, per steamer (ilenorchy, 6,300
To Bremen, per steinier Kecalona, 4,835...
To Biirctloua. per steamer Cristobal Colon, 6,075... per bark
Mar. 3.
11,744
New OKLKAN9—To
*'»**1
dec
Sat.,
Antwerp, per steamer Noordland, 1,585
To Copenhaseu, per steamers Slavonla, 1,300.. .Thlngvalla,
274
To Genoa, per steamer Utopia, 486
an, 2,433. ...Koman, L!,a91
6Hie
10,000
1,000
.5C0
1-64
l
raalnt'ned
ruiij
malnt'aad
Etru-
„ 1.865
To
Lake Neplgon, 2,651
BosTo.s—To Liverpool, per steamers Bulgarian,
Fully
Harden'!.
Mld.Upl'd8.
2,073. ..Lake Huron, 2,925. ..Ohio,
To null, per steamer Buffalo, 2.565
To Havre, per steamer La.BietaKnc, 1,524
To Breiueu, per steamers Ems, 714
Trave, 150
To ilamburg, per steamers Rliaetla, 1,150
Taormlna,
Bkdnswick— To
bales
17,164,702
r0711
Geo-many
In
week
:
tl.U»Si,78i
t'0e84
Values of other .Vanu/octures of
Cotton exnorttd to—
Great Britain ana Ireland
British
S,7|J9.3«0
3.282.666
18.e21.2KI
»7;7,K14
Yalueperyard
Other countries
4.671.969
14.680,846
Total Thrds of abOTe...
339
d.
d.
d.
d.
6 43
6 43
5 43
648
642
642 5 42 6 42 6 42
5 41 642 6 41 5 42
6 42 5 42 5 41 543
5 42 5 42 641 64S
5 42 5 42 3 42 642
542 5 43 6 48 6 42
539 539 539 639
6S9 63S 639 639
627 527 587 5271
'
!
d.
643 544
5 43
6 43
6 43
6 43
5 43
5 43
d.
5 43
6 43
6
d.
1
4'i
I
;
6 46
5 45
5 45
5 44 5 46
6 46 6 41
6 46 5 46
5 43 5 43
6 43 5 43
6 28 Mf9
I
543 641
6 44
5 44
541 6 42
I
I
5 41
6 27
5 42
628
6 42 643 3 4^
6 43 642
643 6 48
6 44 643
6 40
6 41
i
6 41
527 6i«
6 40
5 40
6 27
64S
648
643
648
S4S
S44
S41
B41
5SS
FriM Mar. 8.
CTos.
Op«n
d.
d.
d.
543 643
6 4a
S 42
5 43
5 43
642 5
5 43
5 44
&4S
546
d.
Olas.
d.
542
943
643
840
Thura., Mar, 7
Low. OlM. OpcnlSiok Zm«.
d.
648
High Low.
ffl«D Lov>.
Oat.
d.
312
42
5 42
5 42
6 42
643
643
642 6 4i
643 6 44
644 5 44
6«t 6 42
6 41 548
628 6 29
6 27 6 28
S49
64*
S4a
643
543
6 37
645 5 46
645 64«
6 43
5 43
6 43
5 42
6 43
643
5 44
6 43
6 41
S4l| 643
37
1
:
BREADSTUFF S.
Antwerp
Hull it
Liver- Lon-
New York..
pnol.
Brunswick.
Ham-
11,744
burg. hauen.
.
"""
5,074
West Point.
3,814
5,025
Nws
12,2.34
N-wp-t
Boston
Baltimore.
''*t»l
.
6,182
8,291
83,669
.
."
......
......
.
970
.'.".*.'.".'
Batur.
Uverpool, 8teamd.|iij4®3,j
DoTlaOrsg'w.rf.
Havre, steam
e.
Do saU
c.
Bremen, steam., e.
Hon.
23,157
50,265
9,4 36
1,500
3,844
5,025
12,254
6,233
11,269
3,159 14,223
TueM.
51 122,983
as follows
:
Wedne*.
I
"84®»18 "m^'js
«3S
,....«
...,,,
51
week have been
iifi'tsSj,
Total.
,
2*008
3,535 7,824 10,522
Cotton freights the past
Do
B'lona,
Oopen- Genoa, Tarlie.
mouth.
3,079 3,159
486
6,300 4,835
7,875
4,362
1,500
don. Havre.
2,565 1,524
N. Orleans. 31, 2i5
Charleston
Galveston..
and
Brem.it
">32
1639
tH.
T/iun.
"«4
^>«4
«3S
via Lelthd.
Hamborg, steam.c.
DovlaLondon.d.
imst'd'm, steam. c.
H
62'a'
DovlaLondon.d,
52
V
52's*
Beval, steam ....d. aie^-Ujij ai,4-ii,j 21^-11
Do
saU
d.
Baroelona,steam d.
Senoa, steam .. .d,
«^noa,
...d.
itleste. st«am...d.
52
V
52V
62
V
2««4-"3a 2»«4-»32 21g4.Il,j
Fridat, p. H., March 8, 1889.
for flour and meal was dull at barely steady
prices down to the close of Wednesday's business. Tne bad
weather and the depression in the grain markets had kept the
demand within the narrowest limits. But on Thursday wheat
flour was more active, the low grades showing a volume of
business that has been wanting for a long time, and values
took a turn in favor of holders, though showing no decided
advance. To day the market was fairly active, but prices
were barely steady.
The wheat market was depressed daring the first half of
the week under review. The better crop accounts, the prolonged dulness of the regular trade, and some increaiie in the
deliveries at Western markets, caused a good deal of "unloading," especially at the AVest, .and prices gave way. Cable advices were fairly strong, except as affected by advices from
this side; and on Wednesday a demand to cover contracts
gave an upward turn to values, which on Thursday was continued with considerable vigor, on the purchase of 136,000
bushels of France and Portugal, mostly choice red winter, at
about |1 06, delivered. To day the most of yesterday's improvement was lost, under sales to realize, prompted by the
otssation of the export demand.
WBmAT.
DAILT OLOSnfO PKIOBS OF DO. 3 RID
The market
WUTm
Sat.
M anb deUverv
April deliveiy
s„
e,,
5„
,„
^iS
•is
B„9ii, u^^Ugj B,g«ii3j, B,„aii3j, 5igaii,j
»„
Antwerp, steam d.\ ha^t^ta]
he'^h t' 'is^Tsa' Sjg-aTajl
'" * Per IAA IK* Pai> 100 lbs.
'
3,g
|
«lardellTerr
Jame delivery
July deliver}AUKUst delivery
December deUvery
a.
O.
O.
o.
0.
MoH.
Am*.
99
96*4
97>9
95%
97
96>«
OS-'t
98>e
98<«
95>a
97»||
99l4
0,
96^
92\
0.
95'*
....
94<%
97'.
»4>«
Om
OS's
Wtd. Thura.
96
94T|
«7>«
96>s
B?"*
96H
97»8
98^8
94««
96^
99^
91'a
96>«
94
/H.
0&>s
96%
97>s
09
95
9VH
94«»
—
.
'
;
THE CHRONICLE,
340
Indian corn also latterly improved in value, though someiiregularly; the secondary grade known as "steamer
mixed'' seems to have been partially "cornered," as it
brought yesterday within J^@J^c. of regular No. 2 mixed.
The demand was stimulated by a decline in freights to British
ports. The speculation in futures took yesterday a strong
turn toward higher prices, but without much activity.
To-day the market was weaker and somewhat unsettled, the
export demand being less active.
DAILT OLOSDia PRICES OF HO. 2 MIXBD CORN.
what
Sat.
Marcli delivery
April delivery
c.
Hon.
43^8
43«8
TAurj.
445a
Wed.
44ie
Tues.
43''8
44
Fri.
4498
4438
44
44%
43ia
43%
4414
44
44%
4378
43»8
43%
44I8
43''8
44
44
43%
44
Oats were dull and somewhat irregular, without important
feature until yesterday, when they became firmer. To-day
mixed grades on the spot advanced, but later deliveries were
o.
o.
o.
Maydellverv
Jane delivery
dull
and
easier.
DAILT CLOSIKO PRICKS OF NO. 2 MIXED OATS.
Tues.
Wed. Thuri.
Man.
Bat.
March
30%
c.
3114
30^8
31=4
0.
rtellvery
31%
31%
o.
April deUvery
May delivery
Jnnedellvery
Si's
c
31»a
3138
3m
Fri.
31%
31i8
3113
3I14
31%
31>8
3138
31i8
31
SO'^s
31^4
31'4
31
Bye, barley and buckwheat have been dull, at prices favoring buyers.
The following are the closing quotations
:
»bbl. $2 25'3$2 85 Soatbem bakers' and
»lne
family brands
2 653 3 40
Bapeiflne
wheat extras. 3 30» 3 75 Rve flour, superttne..
Spring
Fine
If Inn. clear and Btra't. 4 309 5 75
Winter sUnp'g extras. 3 403 3 85 Oom meal
Weatom, &o
Winter XX and ZXX 4 00® 5 50
Brandyvirlne
6 503 6 85
_
Patents
3 00® ?45 Buckwheat flour, per
Boathem supers
100 lbs
oom. extras.. 3 50® 4 00
Bonth'n
$4 259 5 00
3 009 3 10
2 509 2 75
709
909
2
2
2 90
....
1559 185
[Vol. XLVIII.
THE DRY GOODS TRADE.
New York, Friday P. M., March 8, 1889.
There was a buoyant feeling in most departments of the
jobbing trade during the period under review, and though
business opened rather quiet because of unfavorable weather
conditions, and the absenc? of many buyers who attended the
Presidential Inauguration ceremonies at Washington in the
fore part of the week, an excellent business in regular goods
was done by most of the principal houses, while " job lots
of ginghams, &c., were freely distributed in some quarters.
The re-order demand at first hands was of somewhat better
proportions than of late, but there was a comparatively small
'orce of out-of-town wholesale buyers in the market, and
their operations were strictly moderate in the aggregate amount
Aside from low grade ginghams, which C03tinu3 unssttled
and in buyers' favor, the general market for dry goods retains
the steadiness of tone reported for some time past, and stocks
of both domestic and foreign fabrics are so well in hand that
values are not likely to undergo any material change during
''
the current season.
—
Domestic Cotton Goods, The exports of cotton goods
from this port for the week ending March 5 were 2,271 packages valued at $127,105. The shipments include 1,266 packages to China, 311 to the West ladies, 163 to South America,
159 to Aden, 115 to Central America, 94 to Great Britain, 46
to Mexico, 45 to Newfoundland, 30 to British Honduras, 24 to
Continental Europe, and 19 to all other countries.
Since
January t the exports aggregate 29,764 packages valued at $1,698,494, distributed as follows
:
NEW TORK BXPOK
Wtteat—
c.
0.
90 9125
Spring No. 2.....,..1 07 91 03
Bed winter No. 2... 96 9 98
Eedwlnter
88 91 06
90 9106
White
Oom—West'n mixed. 42 9 46
We8fnmlxedNo.2. 44^49 46
43%9 45
Steamer Mo. 2
Western yellow.... 42 9 46
Western wliite
42 9 46
Spring, per bush...
9
Boathem white
Eye-
o.
western
S
bn.
Jersev ..
State and
Oita— Mixed
White
Birley— O'nada No.l
Canada No. 2
Two-rowed State..
Six-rowed State
TS.
0.
55
58
33
39
33
ai
9
9
31 9
31%a
32139
76 9
73 9
69 9
70
49 9
30
No. 2 mixed
No. 2 white
Buckwheat
^3
55
33>s
78
75
71
73
53
The movement of breadstuffs to market is indicated in the
statement below, prepared by U3 from the figures of the New
York Produce Exchange. We first give the receipts at Western lake and river potts, arranged so as to present the com
paiative movement for the week ending March 2, 1889.
1889.
Packages
1888.
to
This
week.
2
1,363
Africa
115
and Arabia
.........
Europe
South America
AU other countries
•
925
1,266
JSast Indies
This
week.
Sinee
Jan. 1
11,035
2.493
2,282
6,849
3,350
159
118
162
311
140
14
777
64
751
02
Since
Jan. 1.
1,113
654
13,612
3,619
1,465
5,256
2,898
1,426
67
210
Total
2,271
29,764
16,079
1,880
30,043
4,350
Total
2,271
45,843
1,880
34,393
1,4
•
BMMptt ot-
FUmr,
Oom.
Wheat.
Oats.
Barley.
Rvs
j3M>.igeu» Bwih.eOlbr Bu»7i.56Ui- BlM?i.32l6» BlM^.4« !/. Bu. 58 Ih,
fl?.054
Ohloago
239,799
964,955
7l8,2i)3
216,194
31.291
MUwaukee...
62.538
128,703
20,165
62,000
157,250
1,120
35,812
Dalnth
89,056
581,510
Mlnneapolla,
-.— ..
Toledo
3.186
21,256
110,245
a,«09
2,390
1,076
Detroit
4,402
30,829
91,487
36.847
22,969
Olereland
6.024
51,3(10
17.639
30,054
8,930
9
BUIahIi
21.403
52,941
612,190
130.740
31,2.)(
Paoria
3,150
27,0)0
595,000
123,000
31,600
13,200
1
.
Tot-wk.
'SO.
203,159;
Bamewk.'88.
BaiieKk.'S?.
Mnca Aug.
1,828,471
2.3S4.881
965,179
842,033
232,301
101,137
1,523,772
1,104.543
879,517
1,257,517
1.257,058
488,533
883,687
418,907
49.696
30,760
25,790
1.
18S8-9
188T-3
1880-7
6.065,028
71,180.6.37
7.473,470
6,515.150
80.306,298
88.165,963
77,783.999
55,121,251
66,137,018
53,964.484
47,652.153
21,181,162
4,077,415
H4
1,504.029
42,818.383
18,083,550
1,589,451
19,494.
The visiMe supply of grain, compriaiui? the stooka in graoary
at the principal points of aocumulatioa at lake anl SMiKmid
ports, and in transit by water, March 2, 1889 :
From New England mill points direct.
The demand for staple cotton goois at fl'st hands was steady
but moderate, and a fairly good distribution was made (in
Brown sheetpackage and assorted lots) by leading jobbers
ings were ia irregular demand, but the best corporation
brands are steadily held. Fine and low grade bleached cottons
'
continued in fair request, but medium qualities ruled quiet.
Cotton flannels were more sought after by large buyers, and
there was a moderate business in corset jeans, sat;eens and
colored cottons. Pi int cloths were ia light demand at about
last week's prices, and the stocks on hand last Saturday, and
for the three previous years, wer,3 as follows
:
1886.
Mar. 6.
105,000
1889.
Total stock (pieces)
1888.
Mar. 2.
None.
3,000
None.
None.
Mar. 3.
8,000
1,000
None.
4,000
Mar. 5.
48,000
64,000
27,000
25,000
57,000
256,000
20,000
3,000
Stock of Print Cloths—
Held by Providence manuTrers
Fall River manufacturers ....
Providence speculators
Outside speculators (est)
13,000
164,000
438,000
1887.
Prints were in rather better request at first hands and fairly
active in jobbing circles, and there was a steady business in
printed sat eis, challies, lawns, &c., while ginghams and
woven wash dress goods were freely distributed by agente
and jobbers alike, though some makes of the former were
occasionally marketed at very low prices.
Domestic Woolen Goods.— H-avy woolen goods for
men's wear were less active in demand, because many buyers'
have comp'eted their early purchases, but there was a good
steady movement in some descriptiins on account of back
orders, and the tone of the market continues firm. Spring
worsted suitings and cassi meres were in moderate request,
and stocks are so well in hand that prices are firmly sustained,
Fall c'oakings and stockinets continued in fair demand by the;
manufacturing trade, and very fair deliveries of indigo-bluef'
flinnel suitings, shirting flannels, satinets and doeskin jeansl
are made by the commission houses on account of back orders.
Soft wool and worsted dress goods were in steady request,
and a moderate busmess was done in spring shawls and car'
In ttore at Hew York
Do
afloat
Albany
B^Ialo
Do afloat
ataeago
Do afloat...
MUwaukee
Duluth
JS???,
Detroit
Oswego
St Louis
Do
Wheal,
bush.
7,987,039
80.000
1,000
2,626,528
4,442,404
92.500
719,941
1,661,957
1.677,689
753,375
2,392,58i
afloat
Oinolnnati
9.5,bo6
go«t»n
2>ronto
MoBtreal.
433,5.50
Phlladelplila
330.725
foorta
l.'il.371
Indianapolis
Kansas City
BalUmore
Miimeapolls
U: £,»"'•
On Mississippi
18.815
137,481
283.629
178,126
1,187.201
6,449,144
300,000
Oom,
Oatt,
buih.
biuh.
1,683,377 1.457,916
41,500
30,500
142,098
42,700
95.000
30,971
6,000
3,325,683 3,838,565
525,279
10,246
20.012
510,0U4
41,404
595,069
62,411
633,839
57,695
22,000
5,071,263 587,416
192,625
58,000
31,000
678,175 461,768
613
4.736
34.065
43.118
536,124 129,903
165, 020 508,045
22,541
269,241 239,455
1,289,194
92,b79
2,806 146,428
Rye,
Barki,
biia/l.
6u8A.
115,031
24,500
70,550
29i,729
134,051
21,000
36,000
67,375
,
i
'
'
I
857;i65
isslibl
2i6,337
199,997
2,091
'
40',263
7,202
70,738
80,000
2,551
102,215
6,843
11,056
16,800
43,799
250,000
148,172
92,000
40,997
203,077
56,474
gsisVg
....
....'
....
6,84'8
"3,363
pp'l:S:iilsl?iSisBi!|ilPiPi
|
i
pets.
—
Foreign Dry GtoODS. The demand for seasonable sorts of
first hands was somewhat irregular, but a
fair business in most descriptions was reported by jobbers.'
Imporiadon orders for falldrejs goods, &c., were placed with
considerable fieedom by jobbers and large retailers, and the('
volume of transactions in this connection was of very fsiri
imported goods at
proportions. Prices of staple foreign goods continue stead;|i
here and in Europe.
I
@FedFRASER