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,
xmm
AND^
HUNT'S MERCHANTS' MAGAZINE,
REPRBSENFINQ THE INDUSTRIAL AND COMMEROIAIi INTERESTS OP THE UNITED STATES;
VOL.
SATURDAY. MAY
48.
11,
NO.
1889.
WWk ZmMno Mnv 4.
:
$10 20
For One Tear (tnclndlng postage)
6 10
For BU Months
do.
11 28
Enropean Subscription (Inoluaing postage)
6 64
European Subscription SixMonths (including postage)...
M2 7«.
.
Annual snbsoriptlon in London (including postage)
«1 88.
do
SlzMos.
do
do
These prices Include the Investors' Supplembht, of 150 pages
issued once in two months, and furnished without extra charge to
Bubsorlbers of the Chronicle.
Bubscrlptions will be continued until definitely ordered stopped. The
publishers cannot be responsible for remittances unless made by drafts
or Post Oflioe money orders.
A file ooTer is furnished at 50 cents; postage on the same
cents. Volumes bound for subscribers at $1 00.
18
719^07.118
9^17,
-84-*
(687,SaO)
(389.300)
(21.«ie,400)
(4,810,000)
(8,009,549)
(371,100)
(84,931,460)
(-70«)
Providence..
Hartford....
86.095,189
4,801.900
1,&B2.S18
1.088,109
-aoi>
-1-8
-6-4
-80-1
SorinKfleld...
1.12li,489
Worcester...
Portland
1,030,483
1,008,283
746,221
107,e24,86«
4.686.800
1,678,004
1,484,760
1,195,396
1,072.110
1,002,414
671.481
96,330,475
119,810,793
65,007,088
12,867,012
11,277,906
64.787,875
12,072,768
18,788.661
815,871
89,715,738
68.964,428
oj—
ilSUitkt
i)iaret.;
MiM.,
KCotton.
\Qrain
(P«trol«um
buafieU.
Ml*.
Botton
New Haven.
Total
Mew
Messrs. Edwards dc smith, l Drapers' Gardens, E. C, who will take
subscriptions and advertisements and supply single copies of the paper
at Is. each.
B. DANA & Co., Pnbllsbers,
103 \rnilam street, NEW YORK.
Post Office box 958.
^V^IIiIiIAin
,
Total Middle..
Chicago
Columbus
Indianapolis...
Peoria
Orand Rapids..
Total Middle Western
3an Franotsoo..
SansasClty....
Omaha
Doluth
St. Joseph
Los Angeles....
Wichita
week
of
•
millions of dollars.
In consequence of the closing of the Stock Exchange on
three days and the suspension of general mercantile business
on two days of the week of this year, the clearings at New
York also show a large decline when compared with 1888.
But the average daily exchanges, after eliminating the portion due to share transactions, are greater than they were in
the week of last year. Outside of New York the decrease
from a year ago is not heavy only 6*4 per cent and, more
over, a number of cities show important gains, notably Syra-
—
Not Included
1.171.904
wie,«M
\vn
+-^
808398
^^
688,613
-|-8l>'4
-19«
90,974,170
-*t
-1*8
683dM390
—17-9
-H8-7
-I-1-6
15.667.986
11,(«7,777
692,352
2.883.06O
91,414,075
-1-9
90.948.880
67.931,478
10,494,800
4.960,880
4,087,358
8.061,870
2,172,346
1,675,808
1,480,865
593,890
+1-8
-6-9
61.639,088
-MW
-W-0
+e«
4.260,217
4.060398
-t*0
-ns-s
-1'8
8377.000
1360,064
90,487,733
17.472.978
8.608,187
4,501.286
8.615,460
3,680,976
8,849,962
8,899,505
1,116.396
1,281,900
9,548360
830S319
-M0«
-1-3
¥\m
«?
Jtvn
\Mn
+18-7
507364
-W4
rt-7
-a*
-hi-s
88384,649
kvn
-11-7
13366.016
7,460388
-no
-H)-4
-f8-6
-tan
-(-84-6
-15-0
-4-8
-48-4
1370386
3370378
3.321.111
3.458,088
8328.100
Ui)l.008
1.096,473
-*8
-»8
+*s
-SD
+1-3
44»8
4^4
-0-*
—44-0
687,208
368.640
567,988
367,806
798318
— lS-9
601.970
788,116
361,081
-f8-3
384391
44,618,349
46,475,038
16.191,782
8,906,165
-11-7
-n«-s
016^48
18,331.546
7.700,000
7,197,838
8,587,974
1,620,000
644,684
845,861
601,786
600368
-18<
39,015,335
39.584.120
10-8
37,81836«
*•»
841,073,284 1,112,679,778
-84-4
987.071316
39S.172.654
—«'4|
351 .034.942
— +W
7,618,
«0
2,288,504
2.062,609
758.700
1,2«7,9S3
867.917.259
584.491
1^
8«»388
88306,904
-(5-8
—10-0
-(-26-9
-fl7"7
-U5-S
-80-8
-0-4
15,608,406
9.068.688
5.769.711
4-a«'8
-8-8
•+V0
8.765376
1.807384
+»?
617,443
949,114
-(-86-X
in totals.
The returns of exchanges for the five days, received by teteperiod
this evening, exhibit an increase over the like
full week
of 1888 of 12-8 per cent. Our estimate for the
graph
of about
May 11 indicates an excess over a year agonumber of
Co. report the
Messrs. R. G. Dun
12-8 per cent.
agmiuBt
failures for the week ended Friday night as 227,
for the same time a year ago.
ended
&
9W
WA mtnUm Van IL
Sttunu 5v
—
1888.
1889.
Total week,
•
P. Cknt
1889.
690.063,447
New York
Worth, 45-3; Richmond, 26-9; Den- Sous 0/ 5to<A (skorM)..
ver, 246, and Galveston 177 per cent. Altogether the stote- Boston
Philadelphia
ment is a quite satisfactory one under the circumstances.
Baltimore
Exchange for Chioago
Dealings in share* on the New York Stock
St. Lonis
the three days embrace a market value of only 136,754,000,
New Orleans
which contrast with $103,794,000 for the full week a year ago.
Total. 5 days
Pursuing our usual method of deducting two-and-a-half times
Estimated 1 dartotals, leaves, as the exthese values from the New York
Total full week....
changes arising through other business, |381, 371,025 and Balance Ooontrf*-....
years, or a falling off of
WtA »Mr« Jfair 4.
rel«<ravk.
cuse, 42-7 per cent; Fort
^60,023,118 respectively in the two
17'1 per cent.
-fl»7
H-iin
1,069,8M
^B8,90»
,
a gain over the preceding
-41
4,476300
1.694368
1,166,448
8.661,324
1,993,488
Denver
The Centennial celebration, with its accompanying
monies and parade?, resulting in a total stoppage of business
at New York on two days and its partial suspension on a Topeka
SloniClty*
third, caused a very appreciable reduction in the volume of Tacoma*
bank exchanges in this city for the week ending May 4. In Total other Western.
fact the loss of clearings here due to ordinary transactions St. Loals
New Orleans..
was greater than our statement indicates, the monthly inter- LiOuisviUe.....
Memphis......
est settlements, &c., which are included in the week's total, liichmond
'Jalveston.....
having been an important item. Tuesday, April 30, was quite Fort Worth..,
Norfol*
generally observed as a holiday throughout the entire counTotal Southern...
try, more particularly in the larger cities; but notwithstandTotal all
ing this the aggregate of exchanges outside of New York exNew York.
nearly seventeen Oatslde
hibits
-1-2-5
80,0UJ8I
-H»-6
(1,766,600
Cincinnati
Milwaukee....
Detroit
8t.Paul
cere-
(16,4rAa00)
15,480.163
8,597,238
4,619.919
3,818,711
"
Minneapolis.!.,
CLEARING HOUSE RETURNS.
(»m«7)
(430.400
(45,801.056!
(86,976,000)
-8-4
1,163.711
2,762,913
Cleveland
London Aeents
688,!
,038^78
97,787,874
,
Bsltfmore
Syracuse
Buffalo
r.omt.
4,979,411
4,419,967
8.264,821
2,3*6,800
1,981.901
1,482.960
638,474
England..
Philadelphia..
Pittaburg
Terms of AdTertlsing.
f
473,106.029
Sale*
tjowell
Is
Advertisements ordered for less than one month, In the Commerciai.
A FiNAsciAL CnRONiCLE, are published at 25 cents per line each insertion. When orders are rteflnltely given for one month or longer, a liberal discount is allowed, and the net prices may be obtained on application at the office. The lowest rates on permanent cards definitely ordered for one year are 8 cents per line each insertion, making $58 for
one inch space one year. Space is measured In agate type— 14 lines to
the Inch.
WtLLLAM B. DASA..
JOHN O. FLQTD.
New York
Wuk Snd't .4prU 9T
P.Omt.
1889.
Terms of Subscription—Payable in Advance
1,246.
all..
584,947.901
+18-8
(986,607)
(1.480,088)
(-8811)
(808.194)
79,643,839
78,840307
47,646368
•J3I,438
oa,7M.ooo
H-r9
T.Omt.
67.eil.SM
66.186317
9.710311
897,001.644
S13S4J81
-B-l
-1-1
•400.988
-M-a
08.490.000
18380,188
7368,944
10.191.904
-t*o
+1-9
8.061.448
-f-34-4
U.8«,«8r
8384J78
823.910,180
160.100,418
"rwSirsw
I-U8
580371308
140.948.887
+10-8
197,781.t8(
"58310.785
874,8BT3M
-t-U«
+11-8
+8»*
-8ri
118300,100
-H)-8
64,378,000
116389.479
104,a8»,887
1.099300384
97'».a97,l«l'
For the fnU week, \>»mA on
!»•»
w*** ntama.
<I41358.4«S
—»T1
+W
THE CHRONICLE.
600
[Vol.
XLVm.
Probably the government payments for the 3 per
make the market easier, but
Last week's bank statement was not au average for the strong demand for gold for Scotland, the active
six days.
No doubt its disappointing character was trade and the continual absorption of funds in new
imparted to it by reason of that circiimstaaee, and loans have a contrary influence. This week the Bank
cent.
THE FINANCIAL SITUATION.
cents have a tendency to
because on that account the gold withdrawn for ship-
of
ment
to a private cable to us,
after the holidays
figured in the statement so
England reports a
loss of
£346,000, which, according
was the net result of arrivals
much more nearly in its full amount than it would have from Australia (together with an amount bought in
done any ordinary business week, the holdings of law- the market) of £379,000, an export principally to the
ful money reported very nearly representing the situa- Cape of £137,000,and shipments to Scotland of £388,000.
tion of the banks in that particular at the close of busi- At Paris the open market rate, after declining a fraction,
ness on Friday. Had the statement been for a six days' went baclj to 2.| per cent, while at Berlin and at Frankaverage, the gold shipments would have counted only fort the quotation is If per cent.
amount in that case the figures
Our foreign exchange market has been dull all the
would have been made up on falling averages and week, the nominal rates remaining at 4 88 for long and
the real condition much worse than that disclosed. 4 89i for short. At intervals the tone has been quoted
Naturally therefore to-day's bank report ought to show firm, and then barely steady, reflecting changes in the
less loss than our figures given at the end of this article
demand and supi^ly. The shipment of about $2,800,000
For a similar reason the firmer money market gold last Saturday satisfied for the moment the more
disclose.
which ruled the last hours of Friday a week ago, follow- urgent inquiry, but yesterday $503,881 was engaged for
ing the announcement of the large gold shipments, con- shipment to-day.
The arbitrage transactions have had
tinued only through Tuesday of this week notwith- no perceptible effect upon the rates.
On the other
standing the Government was drawing largely from the hand, there has been a liberal movement of grain.
banks.
Since that day the supplies have been liberal,
Two prominent Mexican roads namely, the Mexican
and at the close of the week, with the large bond pur- Central and the Mexican National this week make
chase by the Government on Thursday, the offerings from annual reports of their operations.
The great progress
all quarters have become abundant.
The total takings taking place in Mexico, the fact that these two systems
of bonds by the Secretary of the Treasury for the week are the largest in the sister republic, and the further
ending last night (Friday) were $i,043,500, all of which fact that our people are to such an important extent
were 4-J per cents except 110,050, there having been interested in their securities all invest their statements
no other offerings of 4 per cents made during the with more than ordinary interest. The Mexican Central
week. Adding the premiums paid for these bonds, Mr. was the first road to connect the United States with the
Windom has disbursed on that account during the City of Mexico, and has now reached the point where
period mentioned about $4,300,000, but as Government it is able to present quite a favorable income statement.
receipts, especially customs payments, have been very The company owns altogether 1,031 miles of road; but on
heavy, the net gain to the banks by reason of the total au average of 1,316 miles operated in 1888 gross earnings
Thi'ough the interior move- were $5,774,331, and net $2,355,494, both in Mexican
transactions was small.
mentj however, our Clearing House institutions have currency. Reduced to American money, the net is
gained.
$1,748,458, and this was increased to $3,185,792 through
So far as represented by bankers' balances, the ex- subsidy collections and some minor items. Charges for
for one-sixth of their
;
—
—
—
and taxes were $1,966,341, and hence a surplus
remained on the operations for the twelve
week and the lower rate the last two days, the average months. In the present year there will be some saving
for the week being 2^ per cent, at which renewals have in interest from the calling in of the $3,825,500 ten per
een made. Banks and trust companies towards the end cent coupon notes, and also increased subsidy receipts
of the week also reduced their minimum for call money from the Mexican Government.
to 2^ per cent; of course that is the rate only on firstA strong point in favor of the Mexican Central is the
In the time-loan branch of the market excellent way in which it has been administered and
class collateral.
there has been a stronger feeling and a better^^demand, the confidence which its security holders feel on that
As is known, the early
especially for long dates, Tfrhile lenders are indisposed account in the management.
to make engagements maturing after September, except career of the road was beset with many difiiculties.
at good figures, as they very naturally look for a more Hardly had the line been opened, when, owing to the
urgent inquiry in the fall months. Quotations now are embarrassment of the Mexican Government, the sub2-J@3 per cent for sixty to ninety days, 3@3| for four sidy payments upon which the company in part relied
months, and 4@4i firm for five, six and seven months. to meet interest charges were discontinued. But a
For commercial paper there is an excellent demand from receivership and foreclosure were avoided. The manageall quarters, while the supply of good names is limited. ment was able to conclude an arrangement with the
Rates are 3i@4 per cent for sixty to ninety days endorsed bondholders for reducing interest from 7 to 4 per cent,
bills receivable, 4@4-J for four months' acceptances, and the other 3 per cent being made conditional upon earntremes for
ce
t,
call
money this week have been 3^ and 1^ per
the higher rate being recorded the early part of the
interest
of $219,451
i
and this was so generally accepted that only $131,000
now reported outstanding. Quit©
4i@5-J for good single names having from four to six
months to run. Last week's bank return showed that
four of the largest iastitutions were carrying $5,667,400
out of the $9,523,575 surplus reserve reported by the
ings,
whole.
place the various obligations on a
of unassented 7s are
recently another illustration
management with the
of
the influence of the
security holders was afforded
more
;
to
stable basis, a
There is no material change in the money markets of refunding plan was proposed. This proposition has been
Europe. At London, though the rates are off a frac- as successful as the other, for the report states that $46,tion from last week's close, they show a more active 715,000 1st mortgage bonds (out of $47,540,000) had been
iH€|«iry than existed a few weeks since.
Discounts of deposited up to the close of business on April 33,1889.
sixty days to three months' bank bills are now If per When it is remembered that the whole thing was purely
;
Mat
THE CHKONICLR
11, 1»89.J
—no
voluntary
,
or compulsion
force
being nsed
the
601
The
following stjitement gives the
weok'« receiptiT
success attending the effort must be accejitod as a strong and
shipmouts of currency and gold by tho New
York
tribute to the management and its conduct of affairs.
banks.
Mexican National affairs have also taiien a favorable
With mdlnt May 10, 188B.
lttM4n»itf»v
ntntntbt
course latterly. Net earnings for 1888 were of course hardmt IMtrltr
j
more than nominal in amount, for it was only during
the last two mouths of the year that the company had a
ly
w. r.
Cnmnoj..
ir.
r.
»M*r|
9»A1».000
6n.uoo
Gold
|l,tW.OOD
Mmttntiu.
100.000
o«in.|i.4aa,M>
Total ROM ud l«m tandera.
iaMA.000
liMoiimo
through line to the city of Mexico, the connecting piece
With the Sub-Treasury operations and
of 350 miles between the Northern and Southern divisions not being turned over to the operating department shipments the result is:
till the first of November.
Previous to that time the
property was in such a disjointed state a piece of road
here, n piece there
that good results were out of the
—
—
Week ending Man
10, 1880.
the trouble from the start,
and therefore one of the main objects which the reorganization had to provide for was the building of the
necessary link to complete the through line to the capital
Banks lnt«rlur Moremeot, lu abora! tajiea.oM
Bab-TrMi. op«r. and sold axporti . ia.80o.ooo
beneficial
the
ings
to
construction
the
apparent.
through
the
of
(excluding
according
already
are
effects
opening
Total gold and legal tandart
report,
line
$147,000
Since then the totals have been
gross
material)
earn-
averaged,
per
November,
:
Before
month.
$329,914:
December, $362,393 January, $287,636 ; February,
$289,350; March, $321,167; April,. $288,722.
The
company having entered upon a new stage in its career,
it is very important that the owners of the property
should know its exact financial and physical condition,
;
. .
I
Ckai>«t tia
Gain. tlMi,(l»
17.700,000
I
. .
ttMOJMiO
gold
8ia.608.000
8IM.840JW0
I.MW. t8>lB.0O»
Bullion holdings of European banks.
May
May
0.1880.
Bank* of
Sou.
aomr.
S
This having been accomplished, the
Mexico.
of
IffI
Into Aint*. Out nf Bankt.
.
question; in fact, that was
the
M
Total,
flolil.
a
M
England
Prance
SI.6Bl.4ua
ai.8ei.4M
40.614.491 i49.«aa.2d8
90.886.7&8
Qarmanr
81.470.000 16.785.000
6.410 000 t5.:l80.000
47.W».000
«.B»7.000
11.791.000
S,8n.000| 1,400.000
4jai7.000
Anst.-lInnK'y
Netherlands,.
Nat. Belgium.
6.1*4.000
ao.«ao.ooo
10.
Uia
ailMr.
M
;«.96«.186
46.oa9.a«; 48.111.486
80.780.888 10J07.861
ItmL
*
i»j6«,ia»
a^iM.7as
46.1M.00»
^ga0.ooo 14,847,000 80.806.00*
03)7.000 8.808,000 u.au,oo»
8,000.000
UWOMt)
Tot. this week 107.360 1)8388.840.80! I9a.l»l.lJ46 100.086.736 8S.in4.t03
Tot.preT.w'k. I07.»:te.l55 88.H«5.841 lCfl.l31.»9" 10«.»I0.88B 87.t<sa3M 197.97l.aO0-
NEW TALE WITH AN OLD
A
MORAL.
The little transaction which came to a head thi»
and it is gratifying to find, therefore, that President week with reference to the first mortgage bonds of the
Kaoul devotes considerable space to throwing light on St. Louis Arkansas & Texas Railroad is an affair sure
those points. He shows just what resources were placed to repay meditative study.
No doubt it ought to pat
at the disposition of the managers (we give the report on to the blush the chief actors connected with it; but it
another page), and what has become of those resources, will not, for it is so old a trick, manipulated successand furnishes also a full description of the physical fully 80 many times, that no one would even call it
condition of the various roads and branches composing clever now.
We say it will well repay study, but ovAj
the system.
In giving information on the latter point, in case the moral is heeded. When one discovers that
Mr. Raoul is obliged to refer to some unfavorable disease always follows exposure to certain conditions:,
—
features, but
he tells the truth just as it is, and in a
manager candor above everything else is to be
commended. The road is now under energetic control,
and whatever the property is capable of producing will
the natural deduction is avoid those conditions. So
with regard to railroad property, if blight is inseparsblj
connected with the touch of well-known individuals,
why should not investors learn that it is sure loss to buy
be got out of it.
securities with which the aforesaid individuals are conThe stock market this week has evinced a hesitating nected, or to keep them after such connection has been
tone, and the course of prices has been more or less ir- made?
To be fooled once, or even twice, by a certain
regular.
Some little uneasiness as to possible harm to set of circumstances does not argue perhaps a lack of
the crops from dry weather may have been in part re- sagacity; but to be fooled over and over again by the
railroad
facts subjects one at least to
a
sponsible for this, early in the week, but there was no
same conjunction of
improvement
charge of infatuation. So let this little bit of histoty
be the last of its kind in which any one of our readers
will have any concern except so far as it may be a que»^
market even after rains were announced. Quite a shock, however, was given to confidence by the default on St. Louis Arkansa-s & Texas
first mortgage bonds.
The Chicago & Atlantic has also
again fallen into difficulties, and the May coupons on the
first mortgage bonds have not been paid.
The Atchison
annual report was rather favorably received, as was the
election of the new board of directors, giving the Baring
interest a very strong representation.
But the monthly
return for March, which also came to hand this week,
was rather disappointing in showing only a slight improvement in net earnings over last year, and this
induced an attack on the stock by operators for a
decline.
Pittsburg & Western preferred shares have
had a sharp rise on good returns of earnings, and Oregon
Trans-Continental has been strong on a supposed conin the
tion of public morals.
known, the St. Louis Arkansas & Te.tas is
a concern made up of two companies, and was put on
It runs from opposite Cairo.
its feet anew in 1886.
OriginIllinois, to Texarkana and Gatesville, Texas.
ally the system was narrow-gauge, but with the change
in management a change in gauge to the standard waa
As
is
well
adopted.
The
reoi^anization pljin vested the control
This waa
of the roatl in the committee for five years.
stock with the Central Trust
done by depositing the
Company with
irrevocable
proxies to the committee
authorizing it during that period to vote for direct<w«^
Under this arrangement directors were elected, officem
prices has were appointed and the road operated until October^
test for control, but otherwise the tendency of
been generally in the other direction, though as a rule 1888, when suddenly it was disclosed that owing to.
there has not been much animation, and the declines large expenditures for improvements the company wa»
(outside of special
City of
stocks)
New York disposed
not
of
very important.
the remainder of
per cent bonds at a slight premium.
greatly in need of money.
The destruction of the
The
its
2^
poor
is
their poverty.
Our
into the
hand*
|
'
little
road in tho hour of
its distros.s
fell
THE CHRONICLK
602
[Vol.
XLVUI.
Take the case of Prussia. Until about 1878, while
Mr. Jay Gould
of two well-known Wall Street men.
and Mr. Eussell Sage came forward, and with their the railroads of that country were still to a great extent
customary liberality bought "over $6,000,000 of the in private hands, international rates were arranged on
"second mortgage bonds for about $2,000,000," coup- a somewhat lower scale than internal ones. When the
led with the condition that they be given three of government came into control of the main lines of railThe public heard a road, an attempt was made to change this policy. Bisthe five, controlling trustees.
kind of chuckle on the part of the first mortgage bond- marck himself was strongly interested in the scheme.
—
for of course the "firsts" He believed that injustice was done to domestic trade by
good now since Messrs. Gould and Sage had the the relatively high rates that were charged. But the
"were
"seconds" to protect. Apparently these investors were attempt failed conspicuously. It was found that internot aware of the modern way of protecting a junior national traffic which had formerly gone by railroad
security.
It is the well-known method the fable says now went by water, or that it sought Austrian or Dutch
the camel used, which after being allowed to enter the routes, to the detriment of German. A shipper from
traveler's tent disposessed the occupant.
How near Cologne would never send his goods to Bremen or Hamthis end is of being attained and what has been accom- burg for export, if he could get better rates via Rotterplished in that way this week we have not the room to dam.
The railroads suffered a considerable loss of
relate here.
The facts will all be found on a subsequent traffic. There were decided complaints from the various
page in our "Investment and Railroad Intelligence."
The whole scheme was abandoned because
seaports.
there was no effective means of exercising the same control over foreign railroads to which domestic rates were
holders over the transaction
GOVERNMENT CONTROL OF EXPORT
subject.
It
inured wholly to the benefit of the foreign-
no longer
To-day the Prussian
make
RATES.
ers.
a pretense of applying the short-haul principle to
state
railroads
A special committee of the United States Senate is export business. Rates to seaport and frontier towns
occnpied with the question what to do with the Grand are in many instances actually lower than those to inTrunk Railway. In the international competition the termediate points, and, in addition, rebates are given
American roads find themselves handicapped by the to competitive shipments intended for export.
The same lessons might be duplicated from the hisInter-State Commerce law.
Different persons suggest
different remedies.
Some look for improvement only tory of other countries. We have chosen Prussia as an
by the renewal and
legalization of pools.
to see the authority of the Inter-State
Others wish
Commerce Com-
mission more widely extended, and vigorously enforced
in Canada as well as in the United States.
There are
still
others
who
are willing to adopt the policy of non-
example simply because her government was strongest,
her ownership of railroads by the State most extensive and
If Prussia,
her efforts at regulation most systematic.
with her trained bureaucracy, her virtual monopoly of
internal traffic, and her comparatively stable business
conditions, cannot apply the short-haul principle to international trade or to large shipments for export, what
shall be thought of the attempt to do the same thing in
Canada
that is, to create such
upon interchange of traffic as to give American roads a practical monopoly of through business.
We cannot agree with any of these views. The re- the United States?
intercourse with
;
restrictions
newal of pooling contracts may or may not be a good
thing; but it is out of the question to expect it. As
the law stands, no Government authority cau legalize
It is
not a question of what we would like to do.
It
In this respect it
a question of what we can do.
differs from many of the problems of internal commerce
is
We can speak of a law about internal comwill change regulation.
extend the jurisdiction of the merce as wise or unwise, but not generally as absolutely
Commission over Canada we believe to be wholly im- impracticable. It may perhaps be unwise to say that
practicable.
For reasons stated in our last issue, we New York rates shall bear a certain proportion to
think that it would involve a mere assertion of author- Boston rates; but it is perfectly possible for Congress to
ity without the reality behind it.
As such it would do make the law and to enforce it if it is prepared to take
pools,
and there
the law.
The
is
no hope that Congress
effort to
But when similar provisions are made
the trouble.
upon interchange with regard to Liverpool rates the matter assumes a
of railroad traffic might be carried out.
But the totally different character. It is almost as impossible
remedy would be worse than the evil which it is to regulate foreign trade as it is to tax foreign property.
intended to cure. It would be like burning down a You may destroy the trade, just as you may cause the
liouse to destroy the moth-millers.
The loss from any taxable property to run avay; but in either case you
diversion of grain trade to Montreal is at the worst far fail of the immediate object in view.
The more active
less than that which would result from the sweeping the international competition the more difficult, not to
no good, and probably some harm.
Proposals for non-
intercourse or for serious restrictions
destruction of our trade with Canada.
committee are much simpler.
We do not advise them to do scything. We simply
suggest that they should stop trying to do certain
things which are not likely to be successful.
We hope
that the United States authorities may see the folly of
attempting to apply the short-haul principle to export
trade.
Experiments of that kind have failed wherever
tried.
The problem is somewhat new in the United
Our suggestions
to the
say impossible,
is
the attempt to prescribe international
rates.
Of
is so
all
the world's trade there
is
perhaps none which
actively competitive as that between Chicago
Liverpool.
and
It has choice of a variety of routes to the
seaboard, by rail or water, by the United States or
by Canada. It can be shipped by at least half a dozen
ports almost -indiscriminately, and by a large
number
of
steamship lines. The efforts to avoid competition in
States, but it is a familiar one in Europe.
The lessons the ocean traffic have never been wholly successful.
of past experience show that even the strongest govern- The pooling among the railroads has been stopped by
ments, with extensive State railroad systems of their own, the Inter-State Commerce Law. Under these circumhave been unable to regulate foreign rates by the same stances the traffic will take the cheapest route ; allowlaws which they have applied to domestic rates.
ance being made, of course, for those slight differences
1
May
THE CHRONICLR
11. 1889,
ttOS
which lead a shipper to prefer one railroad rather than here he brings out a very
intererting feature.
It had
another.
If the American roads are not free to conform been supposed that
this decrease in earnings was irholW
'
international
their
the
requirements of the the result of lower rates. Not
domestic schedules, they will be handicapped in com- have declined of course, but
the
peting for the traffic.
The Grand Trunk, which is not amounts to only •l«4,Ul in the
rates
to
80,
loas
'
subject to such restrictions, can get
difference will be all that
is
A
I
very slight
needed for diverting it, and
it.
^
^
Grand Trunk can make this difference without
coming into open conflict with the American authorities.
We have no doubt that the Grand Trunk management in general conforms to the requirements of the
Inter-State Commerce Law on its American traffic, and
that it j)refers to work in harmony with American railroads rather than in active opposition.
But this does
the
however. Rate*
on that account
case of passengers and
$721,428 in the case of freight, or «885,569 together •
hence it follows that almost two million dollars of the
$2,848,453 decrease in gross earnings, resulted from an
absolute loss of business.
The passenger movement
shows a decrease of 210,8-^4 passengers, and the
movement a decrease of 856,747 tons or 98,574,037 ton miles. And this happened notwithstanding
that through the extension of the mileage of its branch
and auxiliary lines the road had a very much more exnot affect the case in hand.
The diversion of grain tensive system of tributaries and feeders than in the
traffic is so easy that the mere existence of greater previous year.
What the loss would have been without
freedom on the part of the one road, even when this the help of the new lines, every one can judge for himfreedom is rarely used, is enough to make a great dif- self.
ference.
If
it is
impossible to prevent the Grand
from enjoying this freedom without going
Trunk
to the length
of a destructive refusal to intercliange traffic, the sensi-
freight
But how
the falling off accounted for? The reaChief among them is the construclines by the Atchison's competitors.
These
is
sons are various.
tion of
new
thing would be to put the American roads on even companies, says Mr. Strong, have covered Atchison tererms by allowing them the same freedom ; in other ritory with a network of roads reaching every point of
words, to allow them to handle export business without consequence in the system, thus involving a division of
sible
regard to the short-haul principle.
the
traffic
rates
A TCHISOX'S DIFFICUL TIES— HO W
ACCOUNTED FOR.
It is
doubtful whether any railroad report ever issued
has received the attention which will be given to the
present report of the Atchison. The sudden and sharp
which the property experienced last year, the
high -character of its management and the magnitude
of the interests represented, all combine to give prominence to its affairs, so that even those having no
reverses
pecuniary concern in the company feel impelled to
keep track of its operations.
It is fortunate, therefore,
that full opportunity
is
afforded for gratifying this desire
for information.
In a measure the present report
simply supplement-
is
ary to the very extensive report issued in February, only
that the information
is
previously belonging to the Atchison.
naturally
followed
from
this
Low
.condition
of
things, but the matter was greatly aggravated through
the operation of the Inter-State law, which forced proportionate reductions at the few points not directly
by the new competition. Besides this, the
farming interests along the line of the road have had a
hard time of it, and this, in its influence upon the system's traffic, has also been very serious.
It is not alone
that the volume of agricultural tonnage has been reduced
as the result of bad crops, but that the volume of merchandise and other freight has also been affected. As
Mr. Strong points out, a community chiefly agricultural
in its character, such as the Atchison system serves, does
not accumulate wealth rapidly; the loss of a single year's
crop is very seriously felt, while a loss for two successive
years becomes almost disastrous, " affecting every busi" ness, enforcing every economy, and delaying every
affected
now brought down to a later date "improvement."
There is one other circumstance which must have
The earlier document being
— the end of the year 1888.
a complete and detailed statement of the company's con-
operated to diminish the volume of
traffic,
though Mr.
But compre- Strong does not allude to it. We refer to the falling
hensive though that report was, the present is still more off in new railroad construction last year, and the con-
dition, greatly relieved public anxiety.
so,
giving in addition to
all
the other details separate
balance sheets and income accounts for every
company
—
sequent reduction of the volume of construction matebe carried. As far as the material was for the
Atchison's own lines the matter would not count for
much, since in such cases the practice is to carry the
rial to
in which the Atchison is in any way interested
from
such important roads as the Atlantic & Pacific and Gulf
Colorado & Santa Fe, down to the smallest coal concern freight at bare cost, leaving no profit on the operation.
in which the company may have an interest— thus making But of course where the materials are for other lines
We all know that the
it possible to see not only what the roads embraced in
the customary charge is made.
the Atchison confederation are doing collectively, but Atchison was not the only system engaged in new conalso what they are doing individually.
In a word, the struction on a large scale in 1887, nor the only one
report leaves no financial fact uncovered.
The facts which continued the work on a greatly diminished scale
To the extent therefore that the road
themselves may not all be to one's liking, but they are during 1888.
stated just as they are and every one is given full carried such construction materials for other lines, the
contrast between the two years would naturally ho very
knowledge of them.
Not the
least valuable part of the
report
is
Presi-
dent Strong's remarks, for Mr. Strong makes an able
and careful analysis of the conditions and events leading up to the present embarrassment; This review we
publish in full on subsequent pages the tabular matter
we are able to give only in its most essential features.
Mr. Strong begins by referring to the loss in earnings,
which on the 3,000 miles of Atchison road proper
amounted to $2,848,453 gross and $3,378,977 net. And
;
great.
St. Louis & San Francisco report for
mention is made of the effect njwn the
In the
1888 specific
volume of freight of this decline in railroad construction, and as the Atchison is a much larger system situated in much the same territory the influence upon it of
As
that circumstance' must have been still greater.
partly confirming this view moreover, we find that
almost the whole of the decrease in the freight tonnage
has occurred in the west-bound
traffic
;
thus on the
'
1
THE CHRONICLH
Wi
3,024 miles of Atchison proper the movement of freight
which had been 2,374,633 tons in 1887,
RAILROAD GROSS EARNIXGS IN APRIL.
xrestward,
dropped to 1,582,877 tons
The gain in gross earnings for the month of April is
not as heavy as that for the month of March, reaching
in 1888.
A feature in the management of the Atchison which
has probably been more harshly criticised than any
other, is the increase in the rate of dividend from 6 to 7
per cent per annum in the autumn of 1887, to be followed so soon after by an entire suspension of dividends.
Mr. Strong has seen fit to notice this criticism,
And is able to present what must be regarded as a complete explanation. It
is
known that up
[Vol. XLVIII.
$1,104,725, or about 4 2-3 per cent, on the 126 roads included in our statement. But, all things considered, it
is
somewhat surprising that the improvement
is
so
large.
The circumstances affecting the comparison with last
year were not the same in April as in March; in fact,
in certain particulars they were entirely different, facts
and influences of prominence having existed iu March
to the last half of
the year 1887 the Atchison had been doing remarkably
which did not exist in April.
In March we were comThe system had been greatly enlarged year by
paring with a period of poor results last year with the
jear, but as earnings had kept pace with the growth in
time when the Burlington & Quincy strike was most
•charges, there was no interruption to its prosperity.
hurtful, the time of the blizzard and severe weather
When, therefore, it appeared that the net earnings of
generally both iu the East and the West, and the time
the first half of 1887 had improved over 1| million
when -rates in the Northwest and Southwest were at
dollars, the management considered it safe and prudent
the acme of demoralization. Under such conditions it
4o make an advance in the rate of dividends. In taking
was natural that there should be in March this year very
this step they counted ujwn the continuance of the
decided gains. But for April things were different.
In
•well.
—
characteristics which had marked the operations
of other years, namely very much larger earnings, both
^ross and net, in the second than in the first six months.
Mr. Strong presents some interesting statistics to show
how, as the result of the failure of the corn crop
and other unforeseen causes, this expectation was disappointed. S'or instance, in 1885 gross earnings of the
last six mouths were $1,116,882 in excess of those for the
first six months, and in 1886 the excess was as much
as $2,101,571. The same difference prevailed in the case
of the net, the excess for 1885 being $1,485,764, and
But in 1887 the excess proved
•for 1886 $1,977,816.
•only $278,096 in gross and $204,144 in net, and thus
that year "formed a remarkable excej^tion to what had
"hitherto been the regular course of the Atchison com"pany's earnings." Obviously, such a change in the
lelations between the half-years altered comjiletely the
The continued loss in earnings since
aspect of things.
then, and the reasons for it, have already been ex-
same
that
month
last
had been in part
at least restored and for a time mainHence earnings improved, our table actually
tained.
showing an increase over tlie heavy totals of the corresponding mouth of the year preceding. To state the
we may say that while for
March we were comparing with diminished earnings last
year, for April we are comparing with increased earnings,
and it is this fact that makes the increase for the latter
month especially noteworthy, even though it falls
below that for March. It should be borne in mind also
case in a nutshell, therefore,
that the April earnings have been continuously improv-
ing
now
for a great
many
may
we
to
find that there
has been only one single April in the whole ten years
when our tables have shown a decrease, namely
The following is the record since 1880.
iftUage.
present position of the road
Going back
years past.
the beginning of the jDresent decade,
plained.
The
year the weather was good, the effects of
much smaller degree, and rates
the strike remained in
Period.
be briefly sum-
Ttar
Qivm.
in
1
885.
JCarnlnot'
Increase or
Decreaee.
Tear
Tear
Tear
Preceding.
Oiven.
Preceding.
marized as follows: The total gross floating debt of the
Utta.
Mitet.
t
t
t
Atchison proper December 31 stood at $8,076,059, but Apr., 18S0 (50 roads)
15,C80.4i5 11,883,414 Inc 3.197.011
31,165
26,>:68
14.737,07(. 11,792,,323] In* 2.835,353
Apr., 1881 ;47 roads)
the net debt was only $596,144, after allowing for cash
45,318
39,584
21,451,862 18,550,,285' Inc 2,891,377
Apr., 1882 (58 roads)
offsets and the $4,200,000 uncalled remainder of the Apr.. 1883 (61 roads)
47,438
43,253
20.840,740 19,307,,S69'Iiu 1,533,171
15.272.7771 14,018,
1884 (49
83,147
Inc. 1,254,174
guarantee fund. Including all properties, the net debt Apr., X885(.=il roads) 38,256
45.513
roads)
41. Wi
915,893
17,486,848] 18,413,
Dec.
Apr.,
48.868
47.710
17,482.081 17,306,
175,532
Inc.
against which there were held Apr., 1888 (fi" roads)
.stands at $2,373,194,
60,607
Apr.,lS97ilOfl roads
57,481
8«,C38.442! 22,639,
Inc. 3,398.657
unpledged stocks and bonds of a cost value of $9,888,- Apr., 1888 (100 roads) fiO.SOo
742.238
57,603
23,S56,243 22,811,
Inc,
26,140,779! 24.970,
Inc 1.104.725
66,784
fll4 and
$2,853,455 of materials and supplies on Apr., 1839(180 roads) 69, 167
As to the current traffic conditions, some of them have
liand.
As to the result of the 1888 operaIt should be stated at
tions on the entire system of 7,000 miles of road, been decidedly unfavorable.
the figures show a deficiency of $5,569,529; this, how- the outset, however, that the roads had an advantage
1
,
[
\
ever,
is
after the
payment
first of the month
Monday instead of Sunday as last year, thus
them one Sunday less and consequently one
over April, 1888, in the fact that the
of $2,625,000 for dividends,
leaving the deficiency in meeting charges $2,944,529, a fell on
considerable part of which was met by the auxiliary giving
For 1889 the total working day more than in 1888. But on the other
including taxes, interest, hand the mild weather which prevailed during the wincharges of every description,
rentals and sinking funds, are estimated at $10,918,558. ter operated in the other direction, as we have so often
Total net earnings in 1888 on an average of 7,009 miles before pointed out; it restricted the demand for various
of road were $0,370,849, but in 1887, on an average of commodities, and especially coal, both soft and hard,
roads out of their
own
resources.
which the unfavorable statements of the roads doing a
only 5,342 miles, they were $10,954,586, or a trifle more
than present charges. For the first quarter of 1889 net
has improved only about $150,000; that, however, offers
no criterion of future results. Oklahoma Territory has
just been opened, and the Atchison is the only line running through it ; the outlook for the crops in Kansas at
this moment is considered highly encouraging
rates are
large business
make
obvious.
in the transportation
Then
also
of
iu certain
that article
sections ^the
shortage of the wheat yield last season, besides diminishing the volume of that kind of tonnage, operated to
restrict activity in general trade
in the districts chiefly
Furthermore, the falling off in new railroad
Altogether, the prospect looks building has likewise been an influence of some moment;
more encouraging tUau the retrospect,
itjhas diuiiuishe'i the tounage of coustructi<?A Ifeiglitj
affected.
;
£till
being maintained.
i
J
May
U,
THE CIIRONICLR
1889,J
element of depression in those
engaged in the manufacture of the materials and articles needed for construction work.
Taking the influences more permanent in their character, the gencnil observance of the agreements as to rates
among the railroads has of course been a very favorable
factor ; obviously, however, the benefits would have
been greater, had the volume of traffic been larger.
besides constituting un
tory
lines of trade
an increase over
(505
com ; this indeed show*
but not to anywhere near the
Last season's corn yield was ex-
as regards the item of
is
last year,
extent anticipated.
ceptionally large, that of the season before was excep-
and hence it was expected that the conbetween the movement of the cereal for this year
and lost would bo equally marked. In point of fact^
the movement has been kept in check by the very loir
The full advantages of the new condition of things prices prevailing, farmers being loath to sell at tbes»
will come only with the resumption of activity in all figures.
Hence it happens that as compared with the
As regards the tonnage of agricul- very small receipts of last year, the total for the present
lines of business.
tural freight, the falling off in wheat may not last many year records an increase of less than two million
months longer, since we shall soon have to deal with bushels at the nine points comprised in the above
a new crop, which according to present promise will bo table.
However, the corn in reserve must come formaterially larger than the last. For the present, though, ward sooner or later, and in the extent to which it has
the falling off in wheat is a very important item, and hitherto been held back is the prospect for a large
therefore it is desirable to see what the loss has been. movement in subsequent months improved. P'rom such
tionally small,
trast
The
points principally affected are those in the spring- increase as has taken place, Chicago derived the most
wheat sections of the Northwest. Thus at Minneapolis benefit, for its receipts show an increase of nearly 1
the receipts for the four weeks ended April 27 this year million bushels (out
of
1,800,000 bushels
altowere only 2,189,331 bushels, against 3,902,450 bushels
gether), but of course this did not operate to the
at Duluth they were 307,729 bushels, against 1,109,984 advantage of the roads in the extreme Northwest, which
bushels at Milwaukee 347,079 bushels, against 624,275 carry very little corn and are dependent at this season
bushels, and at Chicago 430,963 bushels, against 604,477 chiefly upon the movement of spring wheat.
Peoria.
bushels.
At the winter- wheat points, the decline has shows diminished receipts of corn and the same point
not been so striking, yet St. Louis is the only point not has also lost heavily in oats.
We may say with referhaving a decrease. Taking all the Western points to- ence to Chicago that besides the gain in corn that point;
;
up only 3,926,028 bushels
has gained in some of the items of the provisions movement. As regards live stock, the receipts as a whole
It can easily be imagined appear to have been larger than last year in April, but
the same period of 1888.
what this loss of over three million bushels means to the arrivals of hogs numbered only 358,192, against.
•gether, the receipts foot
in
the four weeks of 1889, against 7,109,675 bushels in
the roads chiefly affected.
amounted
But, in addition, the receipts 380,792.
Southern roads have again had the advantage of amovement. Of course, at this time of
while in oats there is a falling off of over 500,000 the year its volume is not so important an item as.
bushels, and the receipts of barley have also been less. earlier in the season.
Still there has been a substantial
The following is our usual statement, giving full increase as compared with April, 1888, both in the
details.
receipts at the ports and in the shipments overland, the
BECEIPTS OF FIX>DR AND GRAIN FOR FOUR WEEKS ENDED APRIL 27 gain in the one case being 29,457 bales and in the otherof flour
to only 633,733 bbls. against 980,523
(Chicago alone having
bbls.
ASD
SI.NCE
lost
nearly 300,000 bbls.),
JA.NCAKY
1.
16,936 bales, or 46,393 bales together.
Flmr,
Wheat,
Com,
OaU.
C^W^.)
IbTuh.)
(Muh.)
(tuiill.)
,
'
Batitv,
i?V«,
(Imfft.)
(MuA.)
4wk9
April. 1889
April. IhSf
258,45,-
^57.4S:
Since Jan. 1, 1889 1.0S".i)f:
Since Jan. 1,1888 2,445,B7<
430,083
601.477
2.B«3.3i7
2,537,«31
3.915,721 2.481,802
2,491,03^ 2.H25.999
1H,392,59« 10,H44,3SO
13,(>82.'<!li0 10,600,339
699,467
466,900
4,192.123
3,299,374
MUwnuket—
4 wks.
Apr
COTTON AT BOnTHBRN PORTS VH ArRIL, AND rSO)*
JANUARY 1 TO APRIL 30. 1889, 1888 AND 1887.
68.200
42.322
37K,l'H(l
1.
197,<X)0
782,00(.
173,775
259.970
1,870,360
710,000
l,279,15r.
17.f00
18.060
81,649
172,664
735,.<!7«
751.7i0
619,200
982.561
819,337
11,905.064
e,390,14i
8,087,36
2,320,986
88,200
123.669
658,083
718,837
Tori:
13.455
10,390
48.a-B
39,413
62,209
06,000
3;9,935
492,081
406,313
21.654
21.987
66,413
11,900
4,780
49,377
17,444
5.662
3l7,f.79
20,720
46.240
418.125
321,730
199,819
a91,81S
758,7^2
787,985
1881)
I**
Since Jan. 1, ^^8H
Since Jan. 1,1888
624,274
1.650,428
2,431,704
71,075
295.121
018,290
7a, 155
815.5<S4
27.'1.5()5
195,000
3t7,88>
GslTeaton
Kl Paso,
New
Louis—
wks April, 1389
wka. Aprl', l.'-SS
Since Jan. 1, IHXO
Since Jan. 1, 1888
4
4
.
8.77-2
'.137
11
41. 271
55,611
1,10.121
1,419,P8«
638,887
63.IJ4'<
1, 076
80,441
17,758
Detrnit—
406,870
893,115
121,371
52,449
1,348.322
233,841
102,593
102,653
483.B61
802,907
183.170
251.500
706,070
27,454
61.B07
2.^9,2^7
882,"- 52
292.811
105,38"
l.W,323
430.628
654,176
10,1X)1
43,488
94,800
627.950
650,210
31.54.
3i:9,488
35.3UC
243,300
4,513,200
8,726,750
1,453,800
3.016,000
4,444,730
18,596
7,941
894,095
I0,17f
86,818
17.IIW-
H9.624
Since Jan. 1,1889
Blnce Jan. 1, 1SS8
42..5(:';
CUvdiTid—
4wks. Apiil. IS8i.
*wk9. April, 18«s
Since Jan.I.l*;!!
Since .Jan, 1,188c
40.038
60,508
239,088
875,624
7,04i
t wk.'.. April. 18S9
4 wks. April. 188^
6S,OBi4
21,flK
i\yr,
97,79^
75,5jC
63,930
28,782
l:»,<)69
wks. April, 1*89
wks. April, 1888
loe Jan. I.IKSK
:ce Jan. 1,1S88
IHiJttth-ks. April, 1889
vks. April. 18K8
iicc Jan.l, 1889
5,588
57.061
307,729
891.000
128,906
49,200
•4,200
824,000
895,600
••....
27,500
132,120
.
1,109,9S4
813,817
1,464,''5<
oe.e7t
1.
1»7.
184.4*6
40,8:9
1,828
85,081
1.687
816,968
r8,838
88
821
10,446
14,830
7,290
170,518
83
479.157
44,390
3,0U»
123,f87
87,888
88.780
879^
B3,iai
6.:84
1S8.4SS
M8«
600
8S«
10,260
Ctaarleaton
8,860
883
»4»
838
»48
820
88,688
83,593
4JI30
8?,»45
13
31
1,855
8lt
478
13,868
7.180
4,106
119J83S
817,988
•3.108
128,487
i8«.ies
73.608 l,4ai).804 i,osi.S8e
I,187J78
PortRojttl.ic
Wilmington
WaihlDKton,
18*3.
I6e.8l»
1,4! 3
ftc
8.8S6
IS
10,8«4
88342
10,828
140,314
Point, tc.
Total
16:i.7(XI
18,868
1888.
17,18.
41.959
3,788
Orleans
West
1.697
6,441
11,767
9,700
10,394
1.884
Norfolk
Peoria—
4
*c
84,498
Brnaawlck, &c
,
4
balea..
1887.
1888.
16,409
Toledo—
wks. April. 1889
4 wks. ..\pri IsH*Since Jan. 1. l.st-u
Since Jan. l,188e
Sinct January
Avnl.
288,687
1889.
4 wks. April,
St.
shows
The following
the port receij)t8 in detail.
BBOBIPTS OF
CMcato—
4wk9.
larger cotton
110,787
4.««
38.301
4,aio
18,689
9 1.877
Aided by this larger cotton movement and the great
industrial development going on in that section of the
country, the Southern roads as a rule make very good
Both the Louisville & Nashville
and the Richmond & Danville systems have very large
gains— in amounts larger than those of any other road*
exhibits of earnings.
fince Jan.l,18B8
2,138,291
in our table, with the single exception of the Northerii
Miuntopnlis—
4wks. Airll, 1889
4wks. Aprll,lM88
1?,189.S31
Pacific.
8,002,4.'-,('
Since Jan. 1, 1SS«
Since Jan. 1,1888
doing
7,778,989
12,022,371;
leans
Total of all4 wks. April, 1889
4 wks. April, 18«t.
Since Jan. 1,1881
2,5!11,3lfl
7,100.67r
16,053,«S7
8lnoeJap.l,188t
8,7Ba,8i8
22.690.4M
nss.iaa
vaofi2.i
While there
is
8,92«,02.'-
8,980,387 4,557,096
4.176,044 6,077.862
36,710,618 18.738,286
85.291.943 1I1.0SB.78S
996,81 i
134,223
1.007,801
7,868,099
R.107B41
thus a general decrease in nearly all
grain movement, the particular in
the items
of the
fihiik
fliOYement
tliia
liae
probably b«$a
kaH
e»tisfac-
The Mobile & Ohio
is
another road which is
New Or-
exceptionally well, as are the Louisville
& Texas and
the
Richmond & Alleghany.
There
fall beare some half a dozen lines in the South which
i«.iiilast year's earnings, but they are minor
hind their
with the exception of the Chesapeake & Ohio
panies,
and the Memphis & Charleston, and on these the loss
,
comparatively small,
As showing the
great pre-
;
t
made by Southern
lowing table
is
roads in recent years, the
1885.
t
317,182
«
339,636
140,917
344,766
127,381
562,255
400,959
523,208
408,891
488,258
363,78)
409,473
277,376
t
124,070
1
278.69S|
1,153,609
1,125,291
Nash.
1,315,145
1,204.416
1,179,278
987,74')
110,471
120.967
117,293
198,809
+ 167,79)
387,730
8£8,80l
151,407
322,871
+ 12S,4-,'8
Norfolk* West....
Sc Daar. sys.
174,192
3T8.036
741,732
96,287
149,772
267,559
851,808
206,484
065,595
604,457
211,522
614,479
4,302.928
4,026,994
3,710,308
8.260.047
3,278,549
3,298,174
Bloh.
Total
* Entire
system.
i Fourth
week taken same
From Texas and
100.557
98,B94|
& West Poiut
Atlantic & Pacltlo
Buff Eoch. ..fePittsb..
Burl. Ced. Kap. & No
Cairo Vine. & Cliic.
Canada Atlantic
Atl,iiit.a
Canadian Pacitlc ...
Cape Fear & Yad. Val.
Cliesapeake
Not
&
Cairo.
the Southwest the returns are good
with the exception of the Little Kock & Memphis,
though the Missouri Kansas & Texas has a small loss.
The St. Louis & San Francisco, the Fort Scott roads, the
Texas & Pacific and the St. Louis Arkansas & Texas
Among the coal roads in different parts
all have gains.
of the country we have some noteworthy illustrations of
the effects of the diminished demand for coal; witness
the results on the Columbus Hocking Valley & Toledo,
Toledo & Ohio Central, Lehigh & Hudson, &c. Still,
some of the coal roads report considerable improvement
over their last year's earnings, among which may be
mentioned the Pittsburg & Western and the Western
New York &
,t
Oliio
0U10& Southw
*Clie8.
iacladlnje 3t. Louis
as list year.
f
of Road.
1889.
«
308,211
lu9,760
371,045
291,519
Memphis* Char..
Mobile 4 Ohio
It
Name
1884.
«
I
290.002
119,244
395.543
1887.
Chicago & Atlantic.
Chicago &Ea3tlU.iI.
Chic. Milw. & St. Paul
Chicago & Ohio River.
.
Chic. St. P. &Kan8.C
Chic. & West Mich....
Cln. Goorg. & Portsm.
Clu. End. St. L. & Ch
Cin. Jackson & Mack.
Cln. N.O. &Tex.Pac.
13-1,526
63,101
39,349
33,333
35,039
6,002
43,233
150,291
41.506
613,793
19,995
126, S60
Vicltsb. Sh. &Pac...
Clu. Eich.
Ft. W..
Clu. Seliua & Mobile
Cln. Wub. & Mifh....
Cln. Wash. & Bait
•CleT. Akron <&Col...
Clov. Col. Cin. it Ind.
&
.
&
Cleve.
.
Marietta.
Colorado Midland
& Cin. Midland. .
Hock. Val. & Tol
Day. Ft. W. &Chic...
Denv. & Eio Grande
Deny. & E. G. West
Col.
Col.
Det. Bay C. & Alpena
Detroit I^ans'g & No
Dili. Sou. Sh. & Atl..
t
Hamrstou & Shenan
Milwaukee & Northern have suffered a decrease, but in owa Central
Kanawha & Ohio
no case is it large. AVe furnish a comparison for six -Kan.C. Ft. S. & Mem.
"Kan. C. CUn. & Sp ..
years on the following roads.
Kan.C.Wy. &Northw
1
•KeoKuk & Western..
&
King.st.
1888.
t
1887.
1H36.
1885.
1884.
Bur. C. Rap,
& Nor
199.603
t
193.176
&
St. P.
1,819.460
1,825.69-1
99,823
103.191
249,140
88,820
92,737
84,812
665,098
192,037
89,045
102,416
104,561
810,358
79,869
113,552
t
209.100
1.763,896
95,603
180,858
53,825
110,519
93,018
688,658
9^,958
616,766
61,690
712,408
t
2rt,576
1,948,638
122,760
97,383
45,336
151,301
83,360
789,562
3,299,493
3,420,482
S.519,388
3.109.513
3.848.876
3.4.'i5.914
Chic. Mil.
'Iowa Central
Milw. L. Sh.& W..
Milwaukee & No...
Mlnneap. & St. L..
St.
8t.
Paul* Duluth.
Paul M. & Man.
Total
The trunk
•
*
235.216
1.979.661
89.824
241.590
$
'
245.457
1,927.281
92.152
111.570
47,074
161,255
statements and those of the roads
lines'
in the Middle Western States, are better than
last
year
most cases. The New York Central reports a
decrease— $6,405; the extra passenger trafBc on
i«
trifling
account of the Centennial celebrations in the closing
days of the month, helped the road somewhat. There
are a few companies which also have lower earnings, but
only in special instances like those of the Chicago &
Atlantic, the Flint & Pere Marquette, and one or two
of the coal roads already mentioned,
the loss heavy.
There are a few roads specially distinguished for heavy
among them
gains,
the Lake Erie
is
&
Western, the Toledo St. Louis & Kansas City, and the Chicago & Eastern Illinois.
The following affords a comparison for
six years
on a few prominently-known roads.
Hudson
Rock A: Mem..
Lehigh
•Mexican Railway
MUw. L.Sh. &West...
Milwaukee & North
•Little
i&
Long Island
•Louis. Evans. & St.
Louisville & Nashv.
L
Louisv.N.AIb. &CUlc,
Louis. N. O. & Texas
Maryland Central
Memphis & Char'ton.
Mexican Central
;
Mexican National...;
.
.
.
.
Mineral Range
Minn. & St. Louis. ...
Mo. Kansas & Texas
Mobile* Ohio
Natchez Jack. & Col..
New Orleans & Guir.
N. Y.Cen. & Hud. Rlv
New York it NortU'n.
N. Y. Out. & Western.
Norfolk & Western. ..
Northern Pacitlc
'Ohio Ind. it West...
Ohio it Mississippi...
Ohio River
Ohio .Southern
•Ohio Valley of Ky...
Peoria Due. & Evans.
Pittsburg & Western .
Prescott & Ariz. Cent.
Rich. & Alleghany ..
E. &Dan. sys(S rds.)6
Bt Jo. & Gr. Island..
St.L.A.&T H.brchs..
Louis Ark. & Te.x
Louis & San Fran
Paid & Duluth....
Paul Minn. AM...
*8an A. & Aran. Pass
Bt.
St.
St.
St.
LakeSh.&E..
Shenandoah Valley..
Seattle
April.
1889.
1888.
t
Chicago
Pcml)i'oke.
Lake Eiio Alii. & So.
Lake Erie & Western
& East.IU.
Chic. 4 W. Mich. ..I
rin.Ind.St. L. AC.'
219,328
123,171
1885.
Staten Island E. Tr...
120,145
»
179,794
116,707
202,743]
140.647'
103,881
187,251
1884.
I
»
t
I
H35,657
I
112,623'
•H18,086
119,521
+108.547
144,568
197,822
Texas
&
ToLA.
A.
PaclHc
&N. Mich..
Bait.'
160,294'
206,258
160,032
143,077!
133,935
Col. H. v. 4 To)...'
Det. Lansing 4 No.'
145,528
Tol. <fe Ohio Central .
West...
Tol. Peoria
Tol. St. L. &Kau. C...
171,653'
204,83^^
228,004]
162,134
86,845'
79,740
94,823|
108,224
188.a51
108,942
l!TansT.4TerreH.!
67,286'
62,720
69,845
62,193
53,017
166,164
133,236
60,470
Wabash Western
Western of Alabama
West N. Y. &Penn...
201,371|
824,537
233,117
270,079
203,161
188,970
270,198
168.812
207,168
217,660
177,903
West Vir. Cent. & P..
Wheeling & L. Erie.
288,964
306,476
Wisconsin Central
1,559,288' 1,545,205
1,653,344
ein.
Wash. &
Flint
4
P.
Marq
Orana Rap.AInd.*
Ohio 4 Missisaippl
Total.
•
All lines.
206,420'
248,867
1,773,200
+ Chicago
I,7A7,715
4
228,973'
244,411'
800,294'
1,806,»41
180,999
Indiana Coal not Included here.
.
&
Valley of Ohio
.
Total (126 roads)
*
Three weeks only
.
—45
86
818
294
19.'',176
+6,427
1,046
54,552
42,843
1,034,587
22,104
339,636
101,093
218,499
137,251
1,823,693
4,294
172,710
120,145
4,688
206,256
39,404
273,667
116,06:
63,522
33,780
—1,520
34,17;!
31,855
7,726
37,037
150,03^i
34,221
567,778
19,866
112,477
24,25!'
22,2'20
171,653
37,524
563,500
103,650
37,500
86,643
119,349
409,959
21,981
67,236
201,371
95,374
210,000
195,101
18,527
1,409,253
238,319
73,396
173.993
8,000
99,823
18,812
223,940
13,799
31,500
17,270
17,803
204,83:
28,932
676,101
96,12 s
37,108
79,740
75,740
408,891
17,315
62,720
224,537
5,141
184,626
17,489
27,737
247,571
60,763
1,315,145
173,888
18.5,483
12,000
110,471
510,787
28-i,722
243,772
249,140
88,820
8,317
92,73'
491,169
198,209
11,909
13,869
2,742, 37;^
48,415
137,712
387,730
1,593,168
77,477
298,367
40,951
36,743
6,403
51,731
176,771
11,313
81,392
858,802
85,300
70,889
209,823
426,756
84,812
663,098
72,079
18,249
65,000
62,954
469,973
78,274
78,586
66,031
66,786
51,325
419,54
32,309
247,100
58,103
73,229
293,490
Mileage.
Increase or
1889.
Decrease.
-4,854
—2,641
29,406
2J8,873
148,463
24,-552
236,232
148,418
199,603
53,032
42,365
1,107,000
27,913
320,370
100,102
167,581
219,326
1,819,460
5,417
214,721
1 23,1 71
5,034
206,420
44,183
295,944
N. O. & North East,
Vicksb. & Meridian
.
1889.
1888.
Alabama Gt.South.
Pennsylvania.
East Teun. Va. & Ga.
In the Northwest the Manitoba and the St. Paul & Evansv. & ludiauap.
Evans V. &T. Haute.
FUut &
Duluth have very heavy losses, but barring these the Fla. E'v- Pere Marq.
& Nav. Co..
returns are generally quite fair, with exceptionally good Ft. W. & Denv. City a
Gr. Rapids & Indiana
Other lines
statements by the Milwaukee Lake Shore & AVestera
Grand Trunk of Can
Chic, it Gr. Trunk.
and the Duluth South Shore & Atlantic. The St. Paul,
Det. Gr. H. & Milt
the Iowa Central, the Minneapolis & St. Louis, and the Houst. & Tex. Cent.
Aiyril.
XLVIU,
0R08S EARNINGS AND MILEAGE IN APKIL.
fol-
Gross Earnings.
1888.
1888.
*
320,370
tl39,986
Chesape .ke & Ohio
Ches. Ohio* S.W.
Cln.N.O.&Tel.P."
B. Tenn.Va.4Qa..
[Vol.
interesting.
1889.
April.
LonlsTille
'
THE CHRONICLR
606
gress
3
1
. ..
. .
. ...
.
.
.
'
J88,4')6
136,208
132,920
17.342
1,361,143
252,4-5
88,443
158,851
9,500
103,191
20,15 =
200,36
12,429
22,407
15,885
16,036
4,544
147,926
20,264
38,298
251,749
51,643
1,204,415
161,938
152,188
10,500
120,966
487,899
213,027
221,539
192,037
89,015
6,488
102,416
496,373
174,192
10,143
12,056
2,748,777
45,654
131,992
3 73,036
1,444,868
•
:
81,974
270,079
33,181
36,751
6,812
46,301
151,401
5,603
47,972
741,732
81,906
64,542
172,782
390,483
104,561
810,358
65,548
6,7t9
63,420
53,99
438,036
47,453
83,761
66,779
35,365
47,066
435,222
29,406
221,923
52,297
74,000
286,523
267
133
+72,413 4,795
+5.809
243
—19,266
.•i02
—931
398
—50,9
269
+ 32,075
496
—6,238 5,678
+ 1,123
86
+42,011
811
+ 3,026
403
+3«i;
42
+ 164
303
+4,7 ;9
346
+ 12,277
336
+ 22,43
295
—2,421
190
+5,.569
143
+ 1,163
170
+3,184
86
-478
1
;i
— 1,721
+ 8,176
+ 262
+ 7,233
+ 48,013
+ 129
+ 14,333
+ 2,039
—33,18
+8,572
—12,661
+9,325
+ 3SI2
+ 6,903
+ 43,800
+ 1,06-!
+ 4,666
+ 4,560
—23,166
+7,168
+ 53,792
+ 12,181
+ 1,183
.
t
1,430
369
226
323
356
1,143
134
156
379
574
856
440
32
+48,110 3,479
—14,166
335
—15,047
189
+ 15,144
513
— 1,500
95
-3,368
—1,346
509
+2.",379
+ 1,370
671
163
160
148
113
61
592
63
133
357
234
+9,093
+ 1,385
+ 1,747
+597
+36,700
—2,773
—10,361
—1,178
+9,12i
+ 110,730
+ 11,950
+ 33,295
+ 1,500
12..
2,176
537
514
45
—10,493
+22,883
+75,695
1,397
1,218
+ 22,233
—225
293
660
303
+37,103
+ 1,S29
—9,679
—5,204
+ 24,017
+ l,76t>
+ 1,813
330
17
331
1,612
687
100
-6,405
68
1,420
+ 2,761
+ 5,7-20
+ 14,691
+ 148,300
58
327
591
3,440
+ 28,23S
+7,770
—3
342
623
211
128
—4,4 7
—409
+ 3,430
+ 25,370
+5,708
+33,420
+ 117,070
+3,394
+6,347
+37,041
+ 30,273
95
254
367
73
252
2,033
44.
242
1,262
1,329
—19,749
—145,260
3,024
+ 6,531
413
237
+ 11,460
+ l,58u
+ 8,960
255
21
+31,917
1,497
+ 30,821
—5,173
—748
+ 31,421
+4,260
—15,680
+2,903
+25,17;
+5,806
—771
+6,967
26,140,779 24,976,054 +1,164,72
of April,
67
165
281
194
738
106
267
70
325
261
74
245
237
247
31
91
1,001
138
658
96
187
818
111,167
66,784
For four;weok« ending April 27,
1
. ..
:
.
.
May
U.
TIIK CIIRONICLR
».|
l-'
I
&
6(7
IndlHOa Coal,
t lurliiilet CbirnKO
;
a locliiilt'^
Denver to Ft. U'urlh.
6
till- vliiiN' s)Ht«iii,
Klve livre the oarii
"rtim miili-<- yBtniu {^ riiiidn): the st-imrate roads, piiftli In piiiper
Innn
(illilinliptlciil order, will
v found In ihii rug)il:ir oxU'iide<l Hat In our dcimrliiieut of inllnad Intollim-iico.
Moxicnn riirrcDrr.
We
i
OBOSS BABNIMO* PROM JAKDAItT
Ifame of Road.
1
A
PolUt
\V(>»t
..
Atlaiitlo A I'ucltlc
BiilliUo Koeli. & Pitts.
Yadkiu Val
iiapeuko ,& Ohio
Ches. Ohio A: So.Wcst
ChU'ago it Atlanliu ..
Chic. A Kiistcru lUlnoU
tnilcafioMilw. A St. Paul
ChiciiKo&Oblo Kiver.
Ctii
.
Ac
New
South'n..
Orleans A No. E.
Cit.
A Merldlau
A Pac.
Vicksluir!,-
VIck.sburt; Sh.
Cln. Rich. A Ft.
.
Wayne
S
(i2»,210
832.032
220,537
14 •',249
3,042,309
105,034
l,'38.8o3
578,243
690,524
800,909
Colorado .Midland
Col. A Cin. Midland
Col. Uock. Val.ATol....
JJayt Ft. W. A Chic ...
Denver A Rio Grande.
Denver A R. G. Western
.
Det. Bay City A Alt ena.
Detroit I>an.sinK A No.
Dul. S. SU. A All
.
East Tenn. Va. A Ga
Evaii.sville A Indianap
EvansT. AT. Haut*
Flint A Pcre Marquette
23,175
17,586
6,231
7,<.2P
335,298
26,27.
00,>S9
10,830
11,231
37,771
386,179
23,67
497
1,120.108
599.399
34().75I
189.945
183.570
39.491
8,l'*J
4,181
15,244
140,0W
11)0,154
2.3:<3,042
70,">-3
173,672
2,307,626
88,493
22,4-2
502,720
102,13h
752,794
152,209
370.570
90,873
788,379
120,352
132,150
5,265
2.137,192
429,920
103,043
33 •.,267
2,219,14--.
354 505
380,537
1 '.8,300
292,884
291.147
1.78.5,516
69,741
250,135
817,991
367,391
26-1.194
684,940
8*>,010
25,837
49,383
25,247
43,363
63.35'-
150.693
16,044
15,202
34,414
85,3-0
31,869
5,715
509,154
Canada .t
and Trunkt
Det. Gr. Hav. A Mil
Houston A Te.xas Cent.
5.';2(i,5G0
62,8J
5,217,406
l,051,07-»
1.02.),084
306,308
323,384
....
869,2. .2
0->5.099
A Shenand'b
Iowa Ci-utral
Kanawha A Ohio
"Kan. City Ft. S. A Mem
214,103
iluincston
33.500
462,320
80,145
1,375,39-
45,6(>1
•Kan. CilvCliiL. ASprlnjr
Ke-ikuk A Wi-tem ...
0, 10
94,391
55,971
74,9(-4
..
20,'J13
..
781,163
74,284
183.970
802.487
5,530,898
091,624
879,558
40.200
567.614
1,990,7-4
1,180,876
10.217
593,3H4
07,185
237,011
769,942
5,052,829
614, 40
801,834
31.879
518.141
Other lines
Grand
Chic.
Tr. of
AG
i
A
Kini,'.-iton
PcMiibroke.
Eric Alll.
Lo
Lake Eric A Western
Lal.i-
..t
LehiL,di
A
.
Ilud.son
Rock A Memphis
Lons Island
'Little
A
N.ishville
Louisv. N. Alb. A Chic
Loui.iv. N. 0. A Texas.
Marylaml Centr. 1
Loui.svillc
Meuiphis
..
.
Charleston.
Me.xii-au Central
Mexican National
\
•Me.f lean Railway
!
Milw. L. Slioie A West'n.
Milwaukee A Northern..
Mineral Ranpe
vfe
;
Minneapolis A St. Liuli>.
Mo. Kansas A Texas
Mobile A Ohio
Natchez Jack. A Col ..
New Orleans A Gulf
N. v. Cen. A Hud. K....
N. y. A Nonhern
N.Y. Ontario A Wesfn.
Norfolk A Western
Northern Pacific
•Ohio Ind. A Western...
Ohio A Mi.s.si.ssippi
Ohio River
Ohio Valley of
Peoria Dec.
A
Ky
EvaiiS
...
A Western ...
A Arizona '"cut.
Pitt.sburx
Prescott
Richmond A Alle»;hany.
Rich
A Dauv.iS roads)..
A Gr. Islanil....
8t. Jos.
Bt.L. Alt.AT.
Bt. L. Arkan.
Bt. Louis A 8.
II. Br'chs.
Texas...
Francisco.
A
BtPaiU A Duluth
Paul Minn. A Man...
.San Ant. A Arans. Pass
.-lieiiandoah Valley
8t.
rftatcn Island Rai>.Tran.
1,345,^12
870,.503
319.432
:j3,038
378,835
1, "57.30
1,014,895
53.359
54,095
10,775.851
178,323
489,321
1,632,";49
5,590,719
4i;7,994
1,216,117
154,534
171,332
35,081
222,311
606,332
43,874
3.50,404
3,055,554
351.494
314,615
955,3 41
1,719,725
294,720
2,183.907
313,090
245,'00
208.269
1,903,(564
Tol. A..\. ANor. Mich..
Toleilo
Ohio Central .
Tol. Peoria A Western ..
Tol. St. L. A Kan. C...
A
Valley of Ohio
Wabash Western
Western of Alabama
Western N.
Y'.
A
We.«t Vir. fen.
1,759,87
184,000
950,651
Penn.
AP
A Lake Erie
Wiscousm Central
WhcclliiK
297,852
315,350
279,598
280,07
187,584
224,93-.
282,491
1,097,917
433,729
80.508
1,237,163
95,281
5 1,33
2,"32,39I
789,548
1,250,970
035,441
311,942
25,346
393,411
1,891,372
795,982
52,155
56,577
10,901,573
159,316
462,398
1,520,947
4,291,736
436,536
1 158,501
114,139
198,101
34.246
20^,"52
554,037
30,810
174,099
3,268,638
333.6:9
295,532
809,535
1,624,407
346,524
2,531,520
253,965
242,921
181,333
1,968,967
181,816
374,889
277,114
140,133
168,531
1.632.350
105,516
878,229
174,196
286,136
1,064,465
30,3
28,591
138,235
5,346
payments twice in the year, in the middle of
of November, which in England are
or quarterly.
The result is, that the
5,905 bank-note circulation e.xpands from half a million to threequarters of a million sterling in those two months, and the banks
1-^410
are bound by law to hold in their coffers an equivalent amount
of gold. The demand, therefore, for the English provinces
35,585
will be augumented during the next few weeks by the Scotch
31,953 demand, and the re.^ult will be a considerable drain upon the
London supply. Besides, the Chancellor of the Exchequer is
holding a very large amount of money unemployed for the purpose of completing the conversion of the three per cents. Hia
deposits at the Bank of England are about %% millions sterl6,486 ing more than they were at this time last year, and fully
8}^
millions sterling more than they were at this time two yfjars
ago. Lastly, there ai-e a great number of loans and companies talked of.
A new Indian loan was brought out yesterday
17,076 here for 3}^ milliotis sterling for railway purposes. The Indian Government finds it mare convenient and more econ7,161
omical to borrow directly in the Loudon market than to
363
allow railway companies which have guarantees from it
....
....
53,641
to issue debentures in that market.
for railway material,
the supply of
.......
19,576
37,003
any conmakes a demand upon
the market for the moment. It is
and therefore
money
we are
in
to
will not lead to
Still it
have immediately a Spanish loan for
millions sterling. The rejxjrt has been contradicted by the
Spanish Finance Minister, but the contradiction is not be3-3
lieved here,
and those who profess
special informatian affirm
positively that the loan will be brought out before very long.
is known that negotiations are going on with the
Government, and it is believed that a new Russian
conversion loan is imminent. Besides these a Mexican conversion loan is announced, new Argentine railway issues are
expected, with other borrowing operations to come forward
Then
it
Italian
1,332
125,722
.... ..
in the early future.
8,542
57,613
40,3 5
23,769
Late on Friday afternoon a notice was issued from the Bank
of
England
to the efifect that the
on the 14th of
will be prepared
14,259
112,295
13,064
175.705
386,916
17,815
19,083
145.806
C ancellor of the Exchequer
May
to
pay
off to the
extent
of 15 millions sterling such holders of old three per cents as
may wish to accept iiayment at the rate of jEIOI 69. 8d. for
The £1 Os. 8d. is in consideration
every £100 of old threes.
of accrued interest, a small bonus being added to induce holdThere was also issued on Friers to agree to the redemption.
9-5,318
5i,8'o'4
397,613
59,i"3"i
2,079
26,936
Investors here prefer
the government stock directly, and the loan is, therefore,
though in the name of the Indian Government, really a railway loan. The proceeds will be spent, chiefly in this country,
said aLso that
218,913
0,204
"835
of
siderable remittances of specie.
35,G57
19,007
26,923
111,102
1,304,983
number
May and the middle
made either monthly
32,545
484,069
76,678
77,724
3,327
19,173
397,323
04 542
235,062
37.490
7,692
withdrawn from the Bank for internal purposes. During the
same jwriod last year the overflow from the Bank to the Interior was only about £400,000.
At present, therefore, the
provinces are absorbing from London more than four times
as much gold coin as they did at this time last year, and just
great
890
4,633
4,396
187,799
7,099
oomw pendant.
LoifDOK, Saturday, April 27, 18M.
Tlio rate of dixcount in tlio open marlcet here has been tending upwards this woek. The ciiief (Miuse i« the larjce outflow
of coin to tlie i/jterior. Siiico the end of February liie net receipts of gold by the Bank of England from foreign countriea
have amounted to not far short of 2'^^ million.1 Hterling, but
in the same time the .stock of gold held by the Bank wa<i increased not much more than half a million sterling, so that
very nearly \% million sterling received from abroad has J)een
of
55,>.9
27,6-o
12,100
[Prom oar own
now the Scotch May demand is bt-glnning. In the month
May there is always a large expansion of the note circulation in Scotland. The practice in that country is to make a
32,0(w
61,22
90,2
0.^7,374
401,-05
3 01,080
710,809
03,522
Grand Rapids A Ind
509,185
184,801
102.202
171,4:0
133,012
35.310
35.32.1
155.S!I7
8 11, .505
Fla. R'v A NttV. Co
Fort Worth A Diu. City
U 1,998
10,73234,' Oli
051.169
1,936.214
85,785
271,337
.
IHtrtOMt.
4,240
65,082
59^,901
422,210
17.210
826,440
141,7!'6
Ciu. Seliua A Mobile...
Cln. Wab.isb A Jllch ..
Cln. Wash. A Baltimore
•Clev. Akron A Col
Clev. Col. Cin A Ind....
ClevelaiKl A .Valletta-.
.
S
6,78 soge
14,504
25,212
S3 1,40-.
U5,88T
Ciu. Ind. St. L.
Ciu. Jackson A Mack
Cln. N. Orl. A Tex. Pac.
Alabama
hxtrtan.
177,(0.'
1.171.3;)3
A West Jllch.
(;»*ort^. A Portsui.
ClilcaKO
Ciiiii.
3,!)77.60T
13(I.30S
1.3l2.d(>4
5M5.071)
(r!).2J
84 4,085
7,1 1.875
140,372
803,970
30.
17,-07
861,-7'
A Kan. aty
Chte. St. P.
150,'il-<
Ol:<i,044
84!t,lil8
2I.">,300
l5.=i.S7s
.
Caii:uliaii Pacilic
I'oftr At
9
92 ^osa
Burl. C'eii. Kap. & No..
Cairo Vliioomics A Chic
<anada .Mlautic
Cape
188i.
9
All;uita
1889,
TO APBIL
....
65,303
lie.o's'e
89,5S9
2.474
139,945
19,053
127,023
19,084
72,422
60,739
3,64'5
day evening in the London Gazette a notice that the Chancellor of the Exchequer will offer Treasury bills to th amount of
5 millions sterling in nine and twelve months bills. This issue
is of course intended to provide the Chancellor of the Exchequer with the means of paying off the holders of consols.
It is dull and
Tliere is little change in the silver market.
inactive with a declining tendency. The opinion is gaining
ground that the governments of Austria and Hungary intend to resume specie payments in gold. The Himgarian Government is more ready to attempt resumption than was ex-
Powerful classes in Hungary are known to be unfavorable to the project, but the ministry appears ready to enter
Total (123 roads).... 104,608,473 97,425,130 8,320,764 1,137,411
7,183,343
Net increase
into negotiations with the Austrian ministry for the purpose
carrying it through. It is of course evident that the
* Three sreeks only ot April In each year. tToAprU27. ; Mexican our'y *of
..
33,i"52
pected.
THE CHRONICLK
603
measure cannot be perfected for a considerable time, and it is
doubted whether it will not evoke so strong an opposition in
Austria that it will have again to be postponed. But in any
event it is believed ;h>it the Austrian Government is anxious
to resume payments in gold, and that has a tendency to de-
[Vol.
strongly opposed to the convention.
Naturally,
XLV1U»
it is
suggestetl
that the convention itself has largely contributed to the rise in
price.
And therefore, while Liberals take that view, Conser-
vatives are interested in denying
Tiiere appears to be-
it.
no doubt that the convention has contributed to the rise, for
sugar manufacturers on the Continent are strongly opposed to
press the silver market.
There has not been so much activity in the stock markets the convention, and desire to influence British opinion against
this week as for some weeks previously. The Stock Exchange it by showing that, even before it comes into operation, it is
was closed from Thursday afternoon of last week until Tues- making sugar dearer. But apart from manipulation, there are
day morning. On Wednesday morning the fortnightly settle- good reasons for the advance. The visible supply is now about
ment began, and Iiusiness was hardly resumed actively until 300,000 tons, or 23 per cent less than it was at this time last
Tliursday. On that day, however, there was more dealing in year, while consumption is increasing in consequence of the
American securities tlian there has been for a considerable time cheapness of sugar for so many years.
There are again fears of a great strike in the coal trade in Lanpast. The demand for bonds, which has been good for many
months, continues as strong as ever, and there i-s an cashire, Yorkshire, the Midland Counties and North AVales.
evident iuclinatioa to specolate in shares such as has About six months ago, it wiU be^recollected, the miners obOperators tained an avance of wages of 10 per cent, and now they are
time past.
long
for
a
not
been seen
have apparently come to the conclusion that there is agitating for another advance of the same amount. Reprevery little room for a further rise either in international sentatives of over 300,000 men met at Birmingham last month
American railroad and decided that notices should be given by the different dissecurities or British railway stocks.
securities, on the contrary, have been depressed for over two tricts of the demand. This week a second meeting of delegates;
years, and therefore they argue there is an opportunity for a is being held at Nottingham, representing somewhat over a,
very considerable viae in them. Further, the action of the quarter of a million of man, the delegates from North Walea
great financial houses in enforcing liarmonious relations not being present. The men contend that steam coal has risen
between the several companies is slowly restoring confidence nearly 3 shiUings a ton and house coal nearly 3 shillings, whilein the management of the railroaii properties. Hence if there the 10 per cent advance amounts to no more than threepence a
are no fresh surprises to be sprung upon the market, the dis- ton, and consequently that coal owners can afford the second
position to increase the business in American s'la'/es will be advance. The coal owners reply that old contracts at low
likely to develope. In Mexican railway stocks there has also prices will not expire until June, for the greater part of their
been a very considerable rise, owing to the dividend announce- output, therefore, they are unable to get the higher prices,
ment. The full dividend is paid on the first and second pre- and that, in addition, there has been a rise in the cost of mateference stocks, and a bonus is given to the second preference rials, making the total addition to the cost of working, when
stock in consi>iei-ation of their losses in former years. The the 10 per cent advance is included, about six pence a ton..
result was a rise on Thursday of over five in the latter stock. Even on this showing it is clear that the coal owners can afford
Argentine securities have also been in favor this week, and another advance in June, and the dispute, therefore, is narCedulas particularly have risen considerably, the cause being rowed down to the question whether the concession is to be
a faU in the gold premium at Buenos Ayres of about ten made now or in three months' time. The general expectation
points vrithin a fortnight. Foreign government bonds were is that the employers wiU give way, and that a strike will
neglected for a couple of days after the resumption of busi-
therefore be averted.
There is no change in the wheat market, but though price*
on Thursday they also advanced. The chief favorites
were Egyptian. The negotiations are going on most satisfac- are unaltered the tone of the market appears somewhat firmer
It is under- than it was before Easter.
torily for the converaion of the preference debt.
The following return shows the position of the Bank of
stood that the British and German governments are assisting
the Egyptian Government in obtaining the assent of all the England, the Bank rate of discount, the price of consols, &c.
powers to the measure, and it is expected that the assents will compared with the last three years
be given in the course of a we3k or so, and that the whole
1886.
1889.
1688.
1807
operation will be completed before the end of May.
*
£
£
S
The negotiations between the copper mining companies and Olronlatlon
24,?85,13S 21.296,650 24.3;U,810 24.6«1.815
7,t7P,0C8
6,0;)3.735
7,466.671
the holders of copi^er warrants in Paris are still going on, but Pablic doposlta
9.517,738
23,630,156 24,783,025 24,S73,39r 52.442,1 5S
the prospect of an arrangement is becoming more and more Other deposits
15,950.943 17,719,712 14.l3i,e81 14,f83.4(»»
aoTernuient seoorltlea
remote. It is understood that the great houses in Paris have other seourlttes
81,072.11-51 l'',917,926 18,541,663 20,683,61'*
ness, but
:
agreed among themselves not to sell large quantities of copper,
but to supply the trade so slowly and sparingly that the market will not be broken down. On the other hand, consumers
EleaerTeof notes and coin...
Coin and bnllion
are disinclined to buy freely. They hope that some of the
holders of copper will tire of waiting, that prices will consequently give way, and that they will be able to purchase by-
Consols
E»rop. assets to liabilities
11,S02,35T|
42«
2«
Bank rate
p. e.
40 IS-W
2 p. c.
W\H
Clearing-Hoase retam
15,871.242
12,457,617
24,480,552
13,143,7.54'
22,287,493, 21,840,404
p. o.
21,403,4;! it
41 7-lft
507s
2 p.
100 13-1»
2 P.O.
102 i<
ItOMl
89,838,000 llU,51b,000
89,936,00C.
03,781.0.0
The following shows the imports of cereal products into the
United Kingdom during the first thirty-four weeks of the
position of the companies, it is obvious that those wliich are
season compared with previous seasons:
able to produce at a very low cost have a strong inducement to
allow the market to break away, as thereby the companies that
1886-7.
1885-6.
1887-8.
188S-9
owt. 39.5 3,si3 29,545,814 33,372,379 30.857,415
work dearer would be compelled to stop producing, and then Wbeat
7,989,050
12,309,2:^4 12,804,431
and-by on much more advantageous terms.
prices
would
Respecting the
rise of themselves. It is reported already, indeed,
that the Chilian mines have closed their works, and in consequence the price of shares of one of the principal Chilian companies is now only 10 shillings, when a few months ago it was
as high as £4. But while the prospect of an arrangement between the mining companies and the great houses in Paris has
not improved, there was a sudden recovery on Thursday in
Rio Tin to shares. It is believed that the movement is due to
purchases from Paris with the intention of smoothing the way
for the monthly liquidation on the Paris Bourse, which begins
13.597,422
9.G72.887
1.310.681
2,255,412
Barley
Oats
Peas
Beaua
Indian
Flour
com
18,423.3,=i9
9,436,787
9,639,351
2.178,376
l,7a9,936
14,320,384
12.913,207
8,949,789
1,012,594
1,627,592
18,451,899
11,435,900
6,241,62»
1,374,957
2,000.587
18,730.533
8,700.33*
Supplies of wheat available for consumption (exclusive of
stocks
on September
1):
188'='-9.
Total
74,128,473
1887-8,
71,059,412
1SS8-9.
week. 29s. lOd.
Aver, price wheat
Aver, price wheat ....season. 31s. 4d.
Maize
30.857,41»
8.700,33S
30,186,973
68,155,904
69,744,723
1887-8.
on Wednesday next. Whatever the reason, it has alarmed
30s.
308.
some of those who had sold short, and they rushed in to buy.
The following shows the quantities
The rise in sugar has continued this week. The market is
maize afloat to the United Kingdom:
Tery strong, and the general belief is that there will be a furThis meek.
Last week.
ther advance. But opinions fhere are very much tmged by Wheat
1,748.000
qrs. 1,700,000
213,000
228.000
party politics. The Government has entered into a convention Flour, eaual to ors.
370.500
267.500
urs.
1S85-B.
1886-7.
33,372,3 79
11,435,960
23,317,505
7<1.
2d.
of
1886-7.
1885-6.
328.
32s.
A
wheat, flom- and
1888,
1,929,000
214.000
366,000
1887.
1,781,000
23i,.500;
339 0001
with the Continental governments for the suppression of bounEuffllah Financial markets— Per Gable.
ties on beetroot sugar, and wliile the Conservative Party is
The daily closing quotations for securities, &c., at Londott
bound to support the Government, the liberal Party j^ very are reporte'd by gable as follows f pr the week ending May 19-,.
.
.
.
May
THE CHRONICLE
11, 1889. J
Bat.
Hon.
ruM.
Wtd.
Tkur$.
42l,g
42 <?
9S1»
42'm
»8»i<
421,«
42 14
93llir
981»i,
London.
Silver, per oz
d.
2^
Coiutolo.uow
jierots.
993'J«
for aoi'omit
do
Fr'cli roiitoB (in rurls) fr. 8
110>4
U. 8. 4148 of 1891
132
O. 8. 4a of 1907
5714
Cana<llun Pucitlo
Chic. Mil. & ft. Paul.... 68
Erie coinnion atook......
11714
Illliiols Central
5(i"s
Pennaylvimlii
23 'h
PtUlail>>l|>lil:i S: Kitadlug.
1103*
Hew York ('nntral
99
1.9I.«
9.''-,
'rt
87-70
IIOI4
132
875()
110>4
132>8
565i
07'*
11714
117
56%
87 -«
295h
116=8
6558
2258
54%
109 "a
lOJi*
56»8
22^8
23
110
110>4
57%
116%
117
5<1%
23ie
110 '4
110>4
132
132
571a
68 »8
29
68%
29%
29 >«
87 60
llOU
132
56 >«
6758
29 >
98T.<
a
87-8J'«
110>4
50:'8
JW.
42»,„
931a,«
22ifl
—
Imports and Exports for the Week. The imports of last
week, compared with those of the preceding week, show an
increase in (ky goods and a decrease iu general merchandise.
The total imports were $9,818,499, a;?ainst $9,574,153 the
preceding week and $9,083,300 two weeks previous.
The
€X])ort6 for the week ended May 7 amountea to §4.299,052,
against .?6, 173,072 last week and §8,082,657 two weeks previous.
Tlie following are the imports at New York for the week ending (for dry gi>ods) May 3 and for the week ending (for general merchandise) May 3 also, totals since the begitming of
the first week in January.
roUEIOS IMPORTS AT NEW YORK.
;
1886.
For Week.
Cry Gooda
1888.
1887.
1889.
$1,420,527
7,690,9i6
$2,111,965]
6,947,329j
$2,774,901
7,073,098
$9,111,183
$9,059,294
$9,848,499
$44,531,293
Total
Since Jan.
$1.6G7.649i
6,315,298
$7,952,947
Gen'l mer'dlae..
$17,299,771
$51,071,0;!S
109,626,032: 118,237,102
120,031,473
$54,838,286
124,042,720
1.
Dry Goods
Oen'l mer'dlae
.
Total 18 weeks. $1.54.157,345!$1G5.536.873 $171.102.511 $178,880,986
E.XPOBTS
(exclusive of
ports for the
FROM SEW YORK FOR THE WEEK.
1886.
Puev. reported.
Total 18 weekf
1887.
1889.
$5,517,742
99,620,405
$5,893,162
95,062.237
1889.
$4,956,993
98.093,689
$4.299,0,52
116,963,573
fl00.955,39n $105,133.207|$103,050,632 $121,267,625
The following table sliows the exports and imports of specie
at the port of New York for the week ending May 4 and
since January 1, 1839, and for the corresponding periods in
1888 and 1887:
EXPORTS ANU IMPORTS OF SPECIE AT KEW l^ORK.
Exports.
Iniporli.
Great Britain
France .... ..........
Since Jan.l.
$2,550,412
250,928
$7,936,307
271,878
384,937
1,447.780
All other countries.
7.j,600
.
Total 1889
Total 1888
Total 1887
Week.
$3,186,277 $12,541,503
71.670
4.849,298
5,228, <6fi
188.5aO
Since Jan.l.
$164,050
2.799'.438
10..500
Weat ludlea
Mexico
Bouth America
$362,810
5.008
138,894
$508,002
11,573
9.321
1,205,905
948,897
107,841
21,389
54,858
265,570
$2,708,510
3,889.903
4,029.267
Import*.
Exports.
Silver.
Week.
©reat Britain
since Jan.
$169,000
5,000
1.
Week.
Since Jan.l.
$6,071,777
102.400
$9,733
$38,933
598
l6i",38S
'"i',d22
70.611
40.175
32.843
416,543
Germany
Weat ludiea
Boulh America
'iis'ii
"7,300
Total 1889
Total 1888
Total 1887
125,643
3,455
$181,300
517,666
338,172
All other countries...
$6,415,079
4,537,089
3,761,462
$14,210
2,751
177.667
$599,708
700,619
872,773
—
:
Shares.
Sharet.
45
8. & Brazil 8.8. Co
Membership N. Y. Cotton
-'iO IVnns. Coal Co
Exchanire (all dues i)d.). $790
282-296-U
99:1.1
1 ((rt. N. Y. Soc. Library.. $15
345, 2a Ave. KU. Co
-» Citv Bank of Brooklyn. .401
127
60 Broartwav Ins. Co
2' M<-t. Gas L. Co. of U'lilyn. 88'4
20 Farraffut Fire Ins. Co. ...106
20 Xu.s.sau F. Ins.Co..li'klj-n.l40ia
20 Title Guar. & Trust Co. .i;t2%
•1') N;iss;iu Bank of B'klvn..262>a
20 Farmers' Loan & Tr. Co.. 600
.''O \Vf siorn Nat. Bank
37 Mechanics' Nat. Bank.. .195i.j
96
17."i Urciokhni Trust Co
356
28 PUcnlxIns. Co.orB'klyu.l25
Ccn.
Jf
.
J.
Land
Imj)r. Co.
20Ni,a);ara Fire Ins.
Co
16
5 U.
I5312
1
.
(
.
40
Valley R R. Co.. .107
O. Ccu. l{K.,com. t
aivn
*''"
I.ihljfh
2 Tol.
<fc
13Tol.&O.Ccu.BR.. scrip,
4 ToI.&O. Ccu. UK., pref.
-77 Tol.
1
<
& 0.
>o I'lienix
25 Htar
Ccu. UR., scrip.
Nat. Bank
i
>
5
Ins. Co. (50 per ct
paid), in Itiiuidatiou
1".
40,
*
..
ISi'a
stock of a new company called the Edison Oeneral Electric
Co. on the following basis For each share of $100 of the capital 8t(x;k of the Edison Electric Light Company deposited
with Messrs. Drexel, Morran & Co., the depositor U to receire
$173 in the stock of the Edison General Electric Company,
carrying full rights as to dividends, and $91 2-3 in tr.ist certificates representing at(X'k of like amount in the said General
Company, on which dividends are deferred. Thus each
depositor will receive a total of $266 2-3 in stock and stock tmat
certificates of the General Company for each share of Light
Company stock deixisited, making a total of $4,000,000 for the
entire $1..500,000 capital stock of that company, all of which is
more fully set forth in an agreement, copies of which may be
had on application at the office of Messrs. Drexel, Morgan
Co. Further particulars may be found in the advertisement
in another column.
:
&
—
Georgia Pacillc Tbe Mississippi division has been opened
from West Po nt, Miss., to Malbin, 54 miles from
Columbus and 248 miles from Atlanta, Ga. It is expected to
complete the line to Baird, on the Mississippi, about 86 miles
further west by July 1. 'The line to Uuniington, to connect
with the Missouri Pacific system, will then be built. R. R.
for traffic
St. Paul & Duliith.— .4. circular to the stockholders issued
by President Hayes calls for proxies at the annual meeting,
June 17, and also asks that a cjnsolidated mortgage for
.?5,000,000 be authorized, of which $4,000,000 will be used for
retiring prior bonds when due and $780,000 will be applied
to the sinking fund for redemption of preferred stock, in payment for that amount due the sinking fund and applied t.)
betterments prior to July
1,
1888.
Stock Exchange.— New Secnrltles Li.nted.
The Governing Committee of the New York Stock Exchange
have added to the lists for dealings the following:
New York
& Nokthwestekn Kailway.— $4,060,000
Chicago
tional extension
listed $15,912,000.
bonds of
18S6,
making the
addi-
amount
total
Edison Electric Illuminating Company of
New Yokk-
Mexican National Railroad—$200,000
additional
firat
mortgage forty year 6 per cent gold bonds, making the
total
amount
listed $11,200,000.
Nashville, Flohespe & Sheffield Railway—$1,723,000
first mortgage five per cent bonds, guaranteed by tha Louisville
&
Nashville Railroad.
& IVestern.— At the annual meeting Mr. H. W.
was elected President. Other officers elected were:
Anthony J. Thomas, Vice-President; H. D. Campbell, Secretary and Treasurer; J. L. Kirk, Auditor. The directors
elected were: HenryJ \V. JOliver, C. H. Koster, John W.
Chalfant, William Semple, M. K. Moorhtad, J. Dawson
Gallery, Samuel Spencer, Solon Humphreys and Anthony J.
Pittsburg
Oliver
Thomas.
The following
ending March
Bonds.
J. Land Impr. Co. dlv.
scrip
$2
$10.0<K) Lehiffh .fe Hnd. River
RR.CO. 63, Kold, 1911
07hi
$5,m)0 .Seattle L. 8h. & East.
$1G X.
R'yCo.l8tM.0».?i.Ul,lP31.89&int
5
50 WuisburKhCilv F.Iu8.Co.306
$2,000 Oreg. Pac. UB. Co. l8t
L. G. 68. due 1900
80
I 13 Haniiver Fire lus. Co
139»a
70 Nul.Butch.A- I>iov'rs'Bk.l82
$1,870 Commercial Mut. In.s.
2(1 Iliiilson Klvcr Bank
HG^i
Oo. scrip. $730 of 1373 and
y3Aut. Fircjaariu&lix.Cg, aVa
$l,14gori874
67'i
is
31
the financial statement for the 13 months
of the entire system, including the leased
roads:
W. RR. AXD LEASED BOADS,
r.
Eamlngi.
Operating expenses and taxes
,(:
P. C.
Jt
T.
SB. AJtD
P. F.
*
-
F.
RB
•HII'S?
i.430,a7A
$?07.88«
6i5,oa7
Net
Intereat paid
Of the above imi)orts for the week in 1889, $137,693 were
American gold coin and $197 American silver coin. Of the exports during the same time, $14,650 were American gold coin.
-Vuctioii Sales.
The following were sold at auction by
r^Ieaars. Adrian H. Muller & Son
9-1
C'hiciKo city BonilH.—The Comptroller of the city of Chicago called recently for bids for |i25,0O0 twenty-yonr water
loan bonds, issued to redeem a like amount matnrlnic on JuIt
The call waa made for bids at 8 per cent interest on th*
1.
whole sutn, and for a second series of bids for the same bonda
at 8>i per cent, the city Intending to av»il itself of the moat
acceptable of the two sets of bidx. But it was rIho provided
that DO bid below par would be considered. Wnen tlie bida
were onened. they were all below par for the 3 p«?r cent iaaua,
and only lOSJ^ for the 3>i per cenU, the rea»on being that Chicago bonds are subject to 1)^ per cent taxes.— Jounia/ of
Commerce.
Etibon (jieneral Electric Co.— TJie shareholders of tlie
Edison Electric Light Company are invited to Bubscrilx? to the
$3,500,000 capital stock.
Gold.
Week.
609
Gazette.
The following is a statement of the exports
from tlie port of New York to foreign
week ending May 7 and from January 1 to date:
sjiecie)
For the week....
—
—
.
aad accrued
$162,
Surplus on entire system
8W
Taller of Ohio,—The annual report, submitted by l^«aident AN'ade at the annual meeting, held on April 17, showa
the following statement of earnings: Freight, $519,M3; passenger, $18:1,912: mail, $5,614: express, $8,934: nuaoellaneoos,
$9,894; total earnings, $678,899; operating expenaja, $871,637;
net earnings, 306,771; interest aid ta.xes, fa76,W7; net surplus, $31,074. In hi-i report President Wade says: "While
the general business of the country for the Iwt year— and eapecially thegeneril railro.^d business— showed a considerable
reduction as compared with the year 1837, it is gratifying to
note that the business of yourroad has been somewhat greSMT
than in any previous year.''
—The sabscriptions for the New Jork Ontario & Westom
Railway Co.'s new eonsolidnted first mortgage 5 percent bonds,
through Messrs. Poor & ttreeaoagh, were largely in exeess oC
the amount offered.
—The
Canadian Pacific Road across Maine
is
praoticallf
completed, and the road will open late in Jane, ready for business from British Columbia across the Contlneat, and to Sarope
;
via Halifax,
f
.
:
'
THE CHRONICLH
610
Cables. 4 89i^'§4 893^. Commercial biUs were 4 m%. Continental biUs were: Francs, 5 16;g a 5 16,i^ and 5 143^ 'a 5 ri%-,
reichsmarks, 95% and 95%'@95;i^; guilders, 40i^@40% and
'ghz giaukjers' Ciaxette.
DIVIDKNDSi
The foUowinK
diviiiends
have recently heen announced
Railroads.
& Alton, pf. and com. (qnar.).
Cleveland ifc Pitts, puar. (qiiar.)...
ITIlocrllaneous.
Adams Express (qnar.)
American Express.
1
Chic.
VVAL,L JSTREET.
:
Books Closed,
(Days inchtsive)
Name of Company.
1
June
July
FRIDAY,
May 16 to
May 11 to June
May
11 to June
I'June 9 to July
1
>Iay 10, 1SS9.-5
XLVm.
[Vol,
1'.
M.
40K@40f8.
The following were the rates of domestic excliange on New
York at the under-mentioned cities to-day: Savannah, buying
par, selling 3-16@i4 premium; Cliarloston, buying par® 1-16
premium: selling iiJ@3-16 premium; New Orleans, commerpremiilm; bank, §1 premium; St. Louis, 75o.
cial, 50c.
premium; Chicago, 60c. premium.
Coins. —The following are quotations in gold for vai-ious coins
$4 86 iS$l 90 Fine sliver bar's.. — SS^a — 93
—93
Five francs
3 90 ® 3 93
X X Eoiclimarks. 4 75 a 4 80 Mexican dollars —72^9 — 73'fl
4 81 ® 4 86
Do uucommerc'l — 72 a
25 Pesetas
Span. Doubloons. 15 60 ®15 75 iPeruvian sols..... — 72 »
73
Mex. Doubloons 15 55 ®15 70 ;Engllsli silver .'.. 4 82 3 4 88
par ®i4prem.U. 8. trade dollars — 72 Nominal.
Fine gold bars
Sovereigns
8-96
Napoleons
.
{
The Money Market and Financial Situation.—The week
has not shown a large business at the Stock Exchange, and
United States Bonds. — In Government bonds there has
upon the whole the tone of the market at the close is less satis- been only a small business on tlie Stock Exchange, and the
.
factory than had been expected.
One or two events have worked against the continuance of
the strong and healthy feeling noted in our report last week,
and chief among these was the default on St. Louis Arkansas
& Texas bonds, with the peculiar circumstances attending it,
and, secondly, the poor showing of Atchison earnings in March,
it liad been hoped that the company would match the
handsome improvement of C. B. & Q. and St. Paul. As to the
St. L. A. & T. default, it was not so much the mere fact of a suspension of interest payment that disturbed the Street as the
discovery of the deceptive and underhand method that had
been pursued in pretending to pay the coupons straight, when
they were only being bought and held as a lien agamst tlie
. .
market is unclianged as to prices. There liave been only $10,350
of 4s offered to the Secretary of the Treasury this week, and
consequently liis purchases have been almost entirely confined
"
to the 43>^s, and amount to §4,043,500 for the week.
total payments made for bonds purchased from April
The
The statement for
23, J888, to May 4, 1889, were §189,180,259.
this week is as follows:
when
company.
The Atchison reiwn for 1888 has been published, and shows
merely what was known before from the preliminary statement.
It was not this which worked against the stock so
much as the exliibit of March earnings, as above mentioned.
The report is very full, and gives all the auxiliary lines as well
iH Ptr
I
i
*110,850'
tllB.SSOl
Uonday
555,500
555,500
148,600'
ll'J.BOO
.
Wedn'aday.
2,650,000'
Tbnrsday...
Friday
2,589,400j 2,581.000
Total,
..
SInceAp.as.
a.53-<,850i
.
150.000
484,5001
47ll,6fK)
The closing
Prices paid.
ton
(50
106j«x:-108
10,300
10,000
10,350
129
129
129
124-70-130
10,050
161.687,230
in6i<-109Sii
Interest]
I'criodsl
1907.
Prices paid.
I06T<x-l08
lOBT^x-lOS
109
106T<x
10«J^x-108
Board have been as follows
prices at the N. Y.
i
CenU due
Offerings. Purch*es.
4.033.45(
'105722J50
as the Atchison proper. Tlie Kidder-Peabof'y ticket being
elected without opposition, the company will now be managed
according to the policy dictated by that party.
&
.
Taeaday....
Satnrday
4 Per
Cents due 1891.
Offerings. Purch^es
May
Miy
May
M.iy
May
May
4.'
6,
7.
8.
9.
10.
Ohio announces an arrangement with the 4i2S, 1891. ... ..reg. Q.-Mch. 106''8 10678 106^8 106^8 106''8 *106%
'108
*107%
108
Pennsylvania Railroad by which through passenger trains will 4128,1891.... coup. Q.-Mch. 108 { 108 , '108
12914 129% 129% 129 14 129% 129%
...reg. Q.-.Iau
1907
start rumiing this week between New "iork and Cincinnati, 48,
.coup. Q. -Jan. '12914' I2914' 129% 129 14 129% 129%
1907
4b,
via Washington City and over the C. & O. road.
*121
121
121
121
121
68, cur'cy,'95. ...reg. .1. & J. 121
124 *124
The general rains throughout the West liave done much this 69, cm-'cy,'96. ...reg- J. & J. '124 124 '124 124
'I27I3' I27I12 I2712 *127>fl
127
improve the crop prosi>ects, and from tiiis time for- 6s, cur'cy,'97. ...reg- J.- & J.j '127
week to
130
130 *130
cur'cy,'98.
J.; 'I29I2' 12913 130
ward we sliall be watching carefully the growing crops from 68, cur'cy,'99. ...reg. J. & ,1.! '132 r 132 I3213 I3213 132 1^ *132i3
...reg. J.
68,
week to week as a most important element in determining
* This is the price bid at the morning board
no sale was made.
future prosperity, and especially as to tlie railroad business in
State and Railroad Bonds. In State bonds tliere has been
the last six montlis of the year.
The open market rates for call loans during the week on ratlier more business than usual this week, and Tennessee setstock and bond collaterals have ranged from 1 J.^ to 3J^ per cent. tlement 3s li'ive been quite active, and advanced over one per
and to-day the rates were 22 23^^ per cent. Prime commercial cent. Various other classes have been dealt in, but none have
been active.
paper is quoted at Z%-dii% per cent.
There continues to be a good general business in railroad
The Bank of England weekly statement on Thursday siiowed
a loss in specie of £346,000, and the percentage of reserve to bonds, and the demand keeps up pretty well, though there is
prevailed for a few weeks. The
liabilities was 40'87, against 39 last week: t)ie discount rate not so much buoyancy as
remains unchanged at 232 per cent. The Bank of France general tone continues firm to strong, however, and in many
cases there has been a f urtlier advance but some classes have
gained 925,000 francs in gold and 2,350,000 francs in silver.
The New York Clearing House banks in their statement of shown a sagging tendency, making the market somewhat
May 4 showed a decrease in surplus reserve of §3,904,375, irregular. There have been no special features except St. Louis
the total siurplus being $9,522,575, against $13,426,950 the pre- Arkansas & Texas Ists and 2ds, which declined on the default
in payment of the balance of the May coupons on the 1st mortvious week.
The following table shows the changes from the previous gage bonds, the buying of which was stopped at the Mercanweek and a comparison with the two preceding years in the tile Trust Co. on Wednesday.
averages of the New York Clearing House banks
Railroad and Miscellaneons Stocks.— The movement of
prices on the Stock Exchange has not been very important
this week, and wliile the general feeling in regard to prices
1889.
Oiffr'nc''s fr^ri'
1888.
1887.
Prev. Week.
May 4.
M ly. c
May!.
and the future of the market is rather bullisli tlian otherwise,
yet prices have been only fairly held at the best and many show
slight concession as compared with last Friday, when the mar60 ,762,700
60,512,700
Capital
53, 452,700'
48,928,400
Surplus
ket was quite buoyant. During most of the week, however,
Loans and disc'ts. 417. 840,000 Inc. 1, 925,800,365,515,600 365,420,300 the tone was pretty firm, and there was fair activity in some
218.700 Dec.3, 703,300! 80,703,300! 76,850.100
83,1
H,320,200 of the leaders: but this has been followed by an easier tone,
10.300
Circulation
4, 117,700 Dec.
7,803,900
There has
440,;
.500,500 Dec. 181,300 383,512,900 376,633,000 with business falling off somewhat as to volume.
Net deposits
,
Legal fenders
| 36,429,000 Dec. 246,400 33,315,000| 21,H30,800 not been much in the way of news to affect values in the gen45,325' 95,878,225 94,158,300 eral market, and in all but a few leading stocks the fluctua110, 125,125 Dec.
Legal reserve
Heserve held
119, 647,700:Dec.3, 949,700|114,048,300l 98,680,900
tions have been in tlie fractions.
Atchison continues to be somewhat of a feature, both as to
9,522,575Dec.3,904,375| 18,170,0751
Surplus reser v e -4,522,000
activity and fluctuations. It was quite strong in the early part
Exchange. The demand for sterling exchange continues of the week and atlvanced to 46i|^, and then gave way again on
light, and the market is a httle easier in tone.
There has been the ijublication of the March statement of net earnings, wliich
a slight increase in the offerings of security bills, but commer- was less favorable than had been expected. There liad been a
cial continue ratlier scarce, in spite of the large exports of little uncertainty as to the result of the election on Thui-sday,
wheat and produce. Posted rates, notwithstanding the easier though it turned out as predicted, and the board favored by
one of the market, are unchanged at 4 88 and 4 89J^ c^4 90. Messrs. Kidder, Peabody & Co. was elected.
Among the
Sometliing over lialf a million dollars gold was engaged to-day grangers the general feeling continues confident on account of
for shipment to-morrow.
good crop prospects and the maintenance of rates. Tliey liaye
The rates of leading bankers are as follows:
been pretty firm as a iiile, St. Paul having been strong, while
Burlington & Quincy lias reacted from its sliaqi advance of
Missouri Pacific was somewhat prominent for
May 10.
last week.
Sixty Day$.
Oemand.
activity and strength early in the week, but gave way again
'4 89i2«4 90
Prime bankers' sterling bills on London..
4 88
Oregon
later; and these remarks also apply to New England.
Prime commercial
'4 86I4S4 86I2
Trans-Continental has advanced on the talk of a possible conDocmnontary commercial
'4 86
34 86I2'
Paris (francs)
15 171235 16^8 5 155895 15
test for control at the next election,
Amsterdam (guilders)
40i.i'?40%
405,,jS40%
To-d.ay, Friday, Atchison was the featiu-e, opening at 43U
Frankfort o r Bremen (reichmarks)
9514895%
95'^«95qi
and running down quickly to 41 J^, from wluch it recovered
To-day the rates on actual bu.9iness were as follows, viz. to 421^ at the close. Cliicago Gas was strong, closing at 51J^;
Bankers' 60 days' sterling, 4 87J^@4 87}^; demand, 4 89@4 89J^ the rest of the list was generally weak.
The Chesapeake
'
'
.
,
i
.
,
i'
'
,'
,'
1'
1'
•
ifc
i
i
,'
;
—
;
:
[
1
—
I
I
I
|
.
.
MaV U,
.
I
THE CHRONICLE
1889.]
8T0CK8-PRICE8 AT
tfil
MAY
STOCK EXCHANGE FOB WEEK ENDING
N. T.
AND SINCE JAN.
10,
HIOH£8T AMD LOWS0X PBICES.
STOCKS.
Monday,
Tne«d»T.
May 6.
May 7.
I
Stocka.
Atobison Tdp. & Santa Fe
Atlniiti«
43>a
•7
Caiiadu Southcin
(Viitral of Niw Jersey
Do
6278
961a
17«8
17"8'
58% 58%
*32
9838
4314
96<a
66 "4
4379
4518
•e^g
7>a
Nortliwcstcru
Hay 9.
8.
I
CUlcagoRocklslaud&Pacitlc.'
Do
9tt^
36I4
17»8
17''8
59
99'4
43»8
98ifl
33>4
99>4
4358
43»8
9638
•67g
7*4
66<%
53
531s
63%
96
36
96 «
36
53 >4
90'8
SBU!
52%;
06
35%!
17>9
17«8'
32
46'4
7U
36 Ja
171a
SSVi
58«B
581s
.13>s
34
321s'
9814'
97% 08% 97%
43% 43% *43% 43%t
07
07 >4 97
97
66I4 67
66% 67%'
97H
60
48
7
55 >a
*36
171a
SSVi
69
3278
44%
7
55
52
96
63
33
96%
66%
1
95%
18
18
3978'
40
4014
95
*16
40
34%
94% 95%
do's
18
*ie
40
3438
OV
i
i
1
I
I
112
pref.
Do
•513
pref.
Missouri Kansas
Missouri i'aciflo
Mobile &ehio
& Texas
i
'
)
Na.shv. Chat tanooga&St. Louis:
New York Central & Hudson.'
"
'"
"
New York Chic. & St. Louis.
Ist pref.
Do
Do
2d pref.
New York Lake Erie West'n!
Do
pref.
New Y'ork & New England.
<fc
11
*12i2
72ia
17ie
•70
'39
2878
1
pref
Do
5278
25%
62
pref,
Ohio & Misslssij)i)i
Oregon Short Line
Oregon & Trans-Continental.
Peoria Decatur i- Evausville.
1718'
73
i
4OI4I
29
j
I
j
.
5%
11
1278
7214
73
95% 95%j
'
Northern Pacific
5%
6
13
13
*10% III4 'ni8
ife
i
112i2ll4%! 115131151a 113
113
96
13
11
1278
*12%
73%
73
11
95
107
im
96
IO713 IO712
43%
New Y'ork Ontario West
I714
New Y'ork Suaquehan. & West.' 8%
Do
pref. *32%
Norfolk & Western
»ie
Do
44%'
17%!
8I4
Do
St Paul & Duluth
Do
Ist pref.
I
pref
St Paul Minnap.
Texas & Pacific
'39
4014
'10
11
12
94% 95
95%
10714 107
*39
7014
43 13
44
44%!
17% 17%;
2o'8:
2578
62%;
62 '4
23
2314
5278'
26%;
6a '8
i
•16
52% 52%
26I4
2814
Do
& Lake Erie,
pref.
pref..
MlKeeilaiieouH Stocks.
tsw.
ItlfftUMt
Gas Co
Do
Oregon E'y
*85
62% 63%
'109
*30
'85
83
Pullman Palace Car Co
Western Union Telegraph
•914
•70
6
114
18
9%'
71%!
24
I
6%'
114
I
18%'
58% 58%
103% 104
,
94 14 94 14
68%!
45
98% 100
6778
•42
87% 87%
89% 90
114% 116%
I
I
6
13
i
;
1
j
70
71
•32
778'
32%
I
8
I
88
8
31% 31%'
!
16
17
;
,52
52%
25% 2579'
61% 62%
22%
23
44%
34% 35%'
i
4478
35% 35%
•24
25
23% 23%
44% 44%' 44
44%
26% 26% 25% 26%
80% 80% 80
80%;
I
101
•22
•60
101
i
23
i
60%
101
85
!
2278
85
I
82
110
32
82
40;
'
13,345
,
)
49%'
25
89
48% 49
49
49%
50%
25%
4878
;
67% Jan.
31
77
37
3
4
44% Feb. 2
30% Feb. 18
71% Apr. 26
Jan.
26% Jan.
850 61
26,645
2.015
Jan.
4
41% Apr.
14% Jan.
5
,
'114
United States
I
Fargo & Co
luaollve Slocks.
American Tel. & Cable Co
Chicago* Alton
Iowa Central, pref
Kingston & Pembroke
84%
'140
Wells,
115
85%! 85
143
140
|'114
115
114
140
140
114
85% *84% 83%
145
'86% 87
87%
87
133 136 •132 136 '132
25 26 •25
'24% 26
•27
30
30% 30%
28
New Y'ork New Hav. & Hart. 245% 245% "243 247 246 246 245
74%
76
Philadelphia Co., Nat Gas
73
7778 7778
80
80
,
Ft Wayne & Chle
152% 152%
38% 38%
Pittsburg <fe West., pref. cert.
Quicksilver Mining Co
6%
36%
pref...
•7
Texas
39
8
Cameron Iron & Coal
'
& Iron
Do
pref...
Various stoeks, &c. (Unl
Tennessee Coal
'
103
Isted.)
1
'
.'
..
27 28
34% 34%'
39% 40
'101
100 14% Mar.
4,210 47% Mar.
6,406 25 Jan.
38,619 .58% Mar.
1,300 19% Mar.
1,210 39 Apr.
99,060 30% Jan.
100 22 Jan.
86,396 42% Mar.
32,800 22% Jan.
89
85% 85%
85%
142
'140
142
87%' 87
137
132
•25
26
87
137
26
115
145
91%!
55%'
84% 85%
23:
11'
5
16
19
23
2.1
21
29
26
76
470 93
800 19
Jan. 26
Jan. 3
Apr. 1
53
Mar. 19
18
11
10
17
18
29
3
1,985
700 104
200 29%
300 82
1,945 92
Mar.
Apr.
»lay
Apr.
15,475 17% Mar.
40,250 58% Mar.
1,200 12% Jan.
5,120 24 Jan.
2,550 59% Jan.
39,167
650
2,232
1,510
3,315
400
1,123
3,633
6,447
45,590
91
5
18
Feb.
1
53% May 2
27% Feb. 11
63% Mar. 4
21
58
Feb. 11
Mar.
6
35% May
23% Feb. 13
50
Jan. 15
27% Feb. 13
82% Feb. 8
103% Jan. 31
26% Jan. 15
6678 Jan.
2
114% Jan. 12
40% Jan. 14
95% Jan.
18
Feb. 1
Jan. 14
67% Mar. 4
15% Apr. 35
28% Stay 3
6778 Feb. 4
105
23
Jan. 16 5178 May 10
21 Apr. 17 36% Feb. 11
80% Jan. 21; 89% Apr. 33
130 Mar. 18,138% Jan. 30
42% Apr. 5' 72% Jan. 16
75 Apr. 10107% Jan. 90
85 Apr. 23 102 .Mar. 6
34% .Mar. 19 40 Feb. 7
;171 -Mar. 19 205% Feb. 11
83 Jan. 2 87% Mar. 4
34
113,144% Jan.
20 log Jan.
636 73% Jan.
25 134 Jan.
153
lie
85%
144
Feb. 4
Feb. 4
Apr. 13
Feb. 8
'
5 87% May
100 125 Mar. 26 140 Jan.
100^ 18% Jan. 24 29% Mar.
4 307* May
[.SOW 27 Jan.
365 241% Jan. 7 256 Jan.
700' 72 Mar. 9 87% Apr.
2621
87% 87%
I
I
136
24
136
24
80% Jan.
30% 30%
244 250
72% 72%
74%
381148 Apr. 1 163% May
152% 153% 152% l.">2% 152% 152% 152% 152% 152%
Jan. 31 47 May
1,740 30
41% 42%
40
43
44
47
38
38
38% 39
100
5% Jan. :io 7% Feb.
•6
6% 6%
7
•6% 7%
6% 6% •6
400 35 Jan. 30 .39% Apr.
38
88
38% 38% '36% 88% 37% 39
38
38
6%'
6 May 10 1»% Jan.
,168
6
7%
6% 6% 6
7% 8% 8
8
,160 21% Apr. 9 25 Feb.
22% 23% 23%
21% 21% 21% 22% 21% 22% 22
Jan. 38,' 29% May
1,000 21
28% 27% 27%
29% 28% 28% 2827% 28% 28%
,700 24% Jan. 8* 34% Apr.
33% 3378 33% 3378 .33% 3378 3378 3379
31% 34
Jan. 23' 42% Mar.
1,230 31
30% 37% 38%
39% .30% 39% 38
40
40
39%
086 03 Jan. 4106 Feb.
101 101
100 100 •100 102
101% 102 100 103
09% ^r.
16,143 81% Feb.
92
00% 01%
89% 90% 89% 90% 00% 01% 01
34 lOr.
10% Mar.
21% 22%l 2178 22% 217, 22% 21% 22% 31% 22% 20,406 48% Jan.
60% Feb.
12,330
5478 65
64% 5478 54% .55%
.55%,
5478 .55%; 55
93% Feb.
83 t.m.aoo 80 Apr.
82
84% 8078 84% 82% 83%' 82
83
82%
30%
250
I
)'
30%
244
3078
250
:
I
1
I
8
83
12
34
17
6
8
12
These are the prices bid and asked; no sale was made at tbe Board.
11
I
r
n
8
19
j
i
21% 21%
54
85
'114
115
4878 Feb. 18
19% Feb. 7
i
!
21% 21%
Southern Pacific Co
Tol. Ann Arbor <S:N.M
85%
144
,
7%
114
115
4
I
86
86% -87
133 136
24% 26
115
85
140
1
Feb.
360 7% Apr. 18
9% Feb. 12
200 30% .Mar. 19 35 Feb. 8
2,410
59% 59%
31% 31% 30
34
88
101
2273
110% 110% 110% 110% 110% 109
33
1
I
16 17
17
52% 52%! 52% 52%
26
26
26
26
62% 62%' 62% 62%
22% 22%; •2278 23%'
•31
'85
72
!
|
American
SuKar HeHiicui« fo
National Lead Trust
American (OltDU Oil Trust.
Pipe L ine Ci-rtillcates?
47% 47%!
23% 24%
i
I
Express Stocks.
Adams
<fe
138%
I
Pacific Mail
Do
19%'
;
pref
& Navigation Co
St Louis Ark.
!
i
68
I
•22% 23
j
108
•16% 17%
23 14
30%Anr. 1' 88 Jan. 3
200
6% Mar. 36' 8% Jan. 14
3,520 47% Mar. 16 50% May 7
52% 4,345 ,50% Jan. 24 .V)% Fph. 14
05% 06% 3,241 92% Mar. 16 100 Jan. 4
630' 33
36
36
.Mar. 29 36% Jan. 16
17
3,856 L'.%.Mar. 2 177, Feb. 14
17
1,040 56% Fob. 26 61
68
68
Mar. 7
•30
1,115 20% Feb. 27 34% Mar. 8
33
0878 07% 67,260 SO'h Mar 26 1 11 % Jan. 15
43% 43% 3.100 40% Mar. 20 45% Feb. 11
6,135 94% Jan. 9 100 Feb. 8
08
9878
66% 67 112,547 607, Mar. 16 67% May 8
107 14 107%
4,826 07 Feb. 25 108% May
106% 107% 31,996 102% Mar. 27 109% Jan. 19
280 135 Mar. 29 142 Jan. 21
130 130%
03% 04% 16,646 80% Mar. 26 l(M>7,jan. 14
•17
100 14 Jan. 15 19% Feb. 6
18
•30
1,800 33 Jan. 21 42% Feb. 6
40
33% 33% 1,483 30% .Mar. 18 34% Hay 4
338 89 Feb. 13 06% Feb. 1
92
92
600 91% Jan.
107 107
110% Feb. 26
900 55% Jan. 4 74% Feb. 14
68% 68%
2,630 16 Apr. 32 28% Feb. 7
17% 18
13778 138% 26,900 134% Ajir. 3 144% Jan. 2
200; 15% Mar.- 18 17% May 2
17
17i4J
700' 42% Jan. 31 48% May 3
"23% 2378 9.922 15 Jan. 25 24% Feb. 11
•914
9% 1,619 8% Jan. 23 979 Mar. 7
*70
500 63 Jan. 28 71 May 7
71%
996 20 Apr. 24 24 May 7
2278 2378
86 Jan. 30 97 Mar. 4
95
*6
195
4% Jan. 5; 7% Feb. 8
6%
565 106 Feb. 13 116% Jan. 16
11414114%
18% 18% 1,228 16 Jan. 26 19 Feb. 7
58I4 58%
4,585 51% Jan. 4 .59% May 2
103 103% 19,015 90% Mar. 18 106 Jan. 15
*93% 95
4,963. 90% Jan. 14 96% Mar. 4
67% 67%; 19,742 56% Jan. 4 69 '4 May 2
37i4Jan. 7 49% Mar. 8
•42
45
09% 99% 2,783 90 Jan. 3 109% Mar. 4
519 84%M.-ir. 16 91% Feb. 14
86% 86%'
•86
550 51% Jan. 7; 00 May 9
90
1,570 91% Jan. 7 116% May 9
1147a 11478
100
5
Apr. 22
7 Feb. 7
6
*11
11
May 3 14% Mar. 5
13
796 11% Apr. 22 14 Jan. 14
•12% 12%'
72
72% 32,345 64% JUr. 20 75% Jan. 14
200,
8 Jan. 11 12 Feb. 12
11
11
2,-500 8178 Jan. 12 97
May 3
93% 95
1,930 106% .Mar. 16 110% Feb. 2
10678 1067e'
320; 16% May 8 19% Feb. 4
•16% 17%'
206,5801
678
49% 50% 497, 517g
23
23 25
23% 24
25
25
25
25
_
88%
88% 88% 88% 88% 88% 88%[ 88% 88% 88% 8378
137% 137% 136% 136%
136% 136% 136% 136%
55% 54% 55
52% 53
53% 53% 53% 53% "53% '54%l 55
•85
00
90
90
91
92
•85
95
90
90
92
91% 92% 91% 9178 9178 92%! 92% 92% 92
3678 3678! 37
37%! 37% 37% 36% .36%; 36% 36% 36% 36%
187% 188
187% 190% 188 190
190 191%! 189% 189%! 189 190
86% 8678 86% 86%' 86% 86% 86% 86%
86% 86%! 88% 87
151% 151%' 150 152 xl49%149%
151%151%' 150 150
„.
151 151
48
25
Delaware & Hud.son Canal
Oregon Improvement Co
*
Lowmt.
I,
sa
I
Chicago Gas Trust
Colorado Coal & Iron
Con.solidatcd
j
13778
778
i
'109% 110%' 109 109
32% 32%' '31% 33
18%
71
•32% 33
17
93% 95%
106
68
43%
40%' •39
40%
23% 23% 27% 28%
69%
69%
43% 4414' "43% '44%!
17%' 16% 17%
17
44% 44%
17% 17%!
8% 8%!
3314
34%'
417,
657,
62I4
102% 102% 102 103
101% 101%
101% I0214 101% 103
22% 21% 21%; 21
21%
22% 22% 2214 22%' 22
22% 22
61% 61%' 60% 61
61%! 61% 62% 61% 61%
6078 61%
61
14% 1478 *I4% 14% 14% 14%
15
15
15% 1478 15
15
28% 27% 277g
28 %i 28
28% 28% 28% 28% 23% 28% 28
66%
66% 66%' 66% 66% 66% 66% 66% 66% 66% 66% 66
UniouPaciflc
Waba.sh St Louis &Paciflc...
Pitts.
Share*.
•39
4OI4
28% 28%
17% 17%
8%'
•32%
33
16%' *16
527e
45
1
40
106% 100%
•16% I714
107
*39
401.1
*34
04%'
18
12% 12%
72% 73 14
•9
11%
94% 95
12% 12%'
72% 73%
28% 28%
70%! 70% 70%
16%
52%
23% 23%
44% 45%
33% 34
•11
74
28% 29
•32%
17
*85
88
10178 10178
& Manitoba.
43% 43%
9714 981*
66% 67%
«5
•11
'16% 1714 17% 17% 10% I714
'70
'70
*70
73
73
73
8%
3314
115
6
13
*5
6
13
13
44
44% 4478 41
33% 34% 3414 34% '34% "34V
'24
25 14' '24
25
25% •24% 2514 *24
Phila.& Kead. Vot. Trust. Cert.
447,, 45 3g
45% 45% 44% 45 14 44% 44%
Richmond&West P't Terminal 26% 2714 26% 27% 26% 27>4 26% 27
•79
8OI4
Do
pref.
80% 80%
80
80
79% 80
BomeWatertown&Ogdensb'g 'lOO 101 ;'100 101
IOII4IOII4 101% 102
fit. Louis & San Francisco
23% 23%! 23% 23% 23% 2314 '22% 23%
6II4 61%' 61^4 61%; 61% 61% '00% 60%
Do
pref.
!
32
9714 98
30
'
I
Louis
1714
69%
32
94
•17
18
40
40%
[
<t St.
17
••M
I
95
18
'
Do
95%
35%
'
95ia
95
34'j 34%' '3413 35
33% 33%
pref.i
Do
0414 9414
9413 941a '93
95
106ia 107
Clncln.Iud. St. Louis & Chic. *105
107
107 107
106 106
*68
Cleveland t'ol.Ciu.iludlanap.! *68Ja 69
68ia C8ia' 68
69
68
igig 19is
Columbu.sUockingVal.&Tol.
19
19^ 10% 19% 1914 19'4
Delaware Lackawanna *We8tl 1381*13858 138I4 I38I3: 138i8l38-i8 137% 138%'
*17
Denver&KioG.,a8soasni'tpd. *17i4 18
18
I714 I714
"
4778 477e *47ia 48
pref.
Do
47%'
47
23ial 2313 241a
23
23% 23
Denv. Te.t. & Ft. W., Vot. cert.
24
24%'
'9
914
East Tennessee Va. & Ga
914
Ola
914
919
_,
Do
Ist pref.
70
7012 701a
71
71
'701a 7I14I
2214 2214
Do
2d pref.
2312 2378
2314 24
23
23
Evansvilic & Terre Haute
"7"" "714!
Green Bay Winona & St. Paul.
6% 6%' "eia "ei-i' '6
7
Illinois Central
114 1151a *114 II5I2' H4%114% II514H514
Lake Erie & Western
18% 18%! 18% 18%; 18% 18% I8i4 1811
pref
59
Do
59
58% SOig; 58I4 581-2 r>SKt 58%
'"
Lake Sh.no & Mich. Southern. 1031a 103% 103 103% 102%103i4 103% 10378
93I2 9412
'9313 95
Loutc Island
94
94
94
95
68I4 68%l 67% 6818
Louisville A- Nashville
68% 6918!
67% 68%
'40
•40
Louis. New Alb. & Chicago ...
41
45
40
45
45
45
97I2 99
Manhattan Elevated, consol..
99
99
99
99
93
08
Michigan Central
87
87
87
87
871s 87I2' 86% 86%
Milwaukee Lake 8h. & West.. '85
87
86
86
87
87
86% 86%
Minneapolis
43%
4378
SOOg
•7
loeia 1071a 107% 108 '4
107^107%' 107^10778' 10714 l67%l IO718 1071a 106% 107%
139%!
130% 139% 139 1391a 139% 139%
Pittsburg.! *17
pref.
3912
PaulMln&Om...l
CljlcagoSt.
Wheeling
10.
Bailee Sloee Jan.
Week,
Hay
64%
35%
pref. !n38%
CUcagoSt. Louis*
4414
66»8
lOOia lOyia lOO'Hj 106»8
prct
&
53>8
96^8
96J9
Chlcaito Bmlluitlon & Qiiliicy.
Cliicaeo L^i Eastern Illinois
Do
prof...
Clilcago Milwaukee & St. Paul.
Do
65% 56
7*4!
*35% 30>4
racilii.-
CUesapeako &().— Vot.Tr.cort,
Do
do l8t pref..
do 2d prof...
Do
Chicago
56
53
I'ju'ilk'
44)4
BS-'a
I'lKitlc
iS:
<'eiUral
May
Friday,
IWK
KK.
ArtlTO
Camuliau
SikiM
Of the
Wedneidar, 11mr*day,
1,
;
t
Bx-rlghts.
} Priee*
from both Bxoh tngea.
13
13
IS
86
.
THE CHRONICLE.
612
BONDS
-
LATEST PRICES OP ACTITE BONDS AT
N. Y.
Range Since Jan.
Closing.
[Vol.
XLVni.
STOCK EXCHANGE, AND RANGE SINCE JAN.
1889.
Range Since Jan.
Closing.
1.
1,
1.
Railroad Bonds.
Railroad Bonds.
IMay
May
3.
& Pac—W. D. Inc., 63, 1910 IT'e
79^8
Guar., 4s, 1937
Can. South.— 1st guar., 5s, 1908 llOM
9714
2(1,53,1913
Central of N. J.— 1st, 78, 1890 .. lOS'sb.
121
Consol. 7s, 1899
Convert. 7s, 1902
tll3
General mort,, 59, 1987
reli.&W.B.,cou.79,1909,as'nt 119 Y>.
Am. Dock & Imp., 5s, 1921 ..-llimbCentral Pacific— Gold 6s, 1898..
ilOl^t
Land araut 69, 1890
10,
Atl.
1
]
121
125
'
l).;i20
b.
Lowest.
99
129
Jan.
Jan.
98»8 Jan.
10414 Jan.
133 Jan.
111 Jan.
130 Jan.
1
97 14 Feb.
IO6I2 Jan.
122 Feb.
I28I4 Apr.
.Tan.
3.[JfO2/10|
Mutual Un. Tel.— 8. t., 6s, 1911. 101 14b. 102
Nash. €h. & St. L.— Ist, 78, 1913 133i2b. 13412b.
10512 1105 a.
Consol. 58, 1938
110534a.
N. Y. Central— Extend., 5s, 1893 105
N. Y. C. & H.— 1st, cp., 7s, 1903 135i2b. 136 b.
113 b. 113 b.
Debenture, 5s, 1904
N. Y. & Harlem— 1st, 7s, 1900
93i2b.
N.Y.Chic. &St. L.— lst,48.1937 95=8
N. Y. Elevated— Ist, 7s, 1906... 11712b. 11814b.
N. Y. Laclc. & W.— l8t, 6s, 1921. 135 1). 136i2b.
llliaMay
93i4Jan.
103 Feb.
I
104
I
Jlfaj/
2238 Feb.
83 Feb.
17 Apr.
78I3 Jan.
IO6I2 Jan.
I
79
Ill's
ge^a
i
Highest.
Loioest.
125 Jan.
|10638Jau. 113 May
llS34b.;115i2 Jan. 120 Apr.
May
lll'ub. 108 Jan. ill2
IISU Feb. 117i4May
102 1). lOlSiApr. IO5I9 Feb.
106 b.; loo's Apr. 10838 Mch.
116%b.'ll3i4 Jan. 1118 Feb.
97i2May
97'2
94 Feb.
llO'^sa.'lO? Jan. llli4May
100 h.| 98 Jan. IO314 May
133 b.'l31 Jan. 13212 Apr.
103'^
102% May 106 Jan.
92J2 Feb.
96 May
93i2b.! 91 'g Jan.
95^8 Apr.
120 b. 118 Jan. 119i4Jan.
120i2b. 118 Jan. I2414 Mch.
102i8b.! 97
Jan. 1041-2 Feb.
95
95 Mch.
83 Feb.
103 b.'99 Jan. 105 Feb.
127
'122'3 Jan. 127
May
11512b. 112
Jan. II0I4 Feb.
H3%b. 110 Jan. 11414 May
107"2b. 103 Jan. 107% May
IO412
99 Jan. 104^8 Mav
'
112^
91»8Ja-i.
Jan.
131 12 Jan.
IIII4 Feb.
1
116
Highest.
\
IO414 Apr.
134 Apr.
lOoio Mch.
107 Feb.
13612 Mch,
11312 Apr.
134
9534
119
Mch.
May
May
13712 Apr.
114 b. II41-2
Construction, 58, 1923
II412 May
N. Y. &North'n— 1st, 5s, 1927..!
;109 b. 107
Apr. IO8I2 Jan.
N.Y. Ont. &W.— 1st, 6s, 1914. .111% :112
llOiaMch. 115 Feb.
MortgaKO 6s, 1936
9914b. 94
N.Y.Sus.&W.— l8tref.,5s,1937 100
Jan. 100
iMay
Clics. it Oliio.— Mort. 6s, 1911. .116 b.
96'^8
Mldlandof N. J.— l8t,6s, 1910 II5I2 llOHib. II414 Apr. 117% Mch.
1st consol. OS, 1939
'lll'4
Norfolk & West.— Gen., 6s, 19311 118i58l).118i2b. 11714 Jan. 121% Apr.
Ches. O. & So. W.— 6s, 1911
12012
II5I2 Jan. 12012 May
North. Pac— Ist, coup., 6s, 192)1 120%
Chic. Burl. &No.— 1st, 5s, 1926. 100 b.
General, 2d, coup., 1933. ...1 115 b.'llSis 112 Jan. II6I4 Mch.
Chic. Burl. & Q.— Con. 7, 1903.. 1132'2b.
;i02%b.
General, 3(1, coup. Os, 1937...ll08i4b.'110 a. 97% Jan. 110 May
Del3enture 5s, 1913
No. Pac. Ter. Co.— 1st, 6s, 1933. |107i2b., 108%
103% Jan. 10834 May
DenverDivision,49, 1922 .... 951^
Ohio Ind. & West— 1st, 5s, 1938 71 b. 7314b. 64 la Jan.
7412 Mch.
Nebraska Extension 4s, 1927.' 94
lig^ab.
118 a.'llS b. 115 Jan. 118 Apr.
Ohio&Miss.— Consol., 7s, 1898.
Chic, ic E. 111.- 1st, s. f., 6s, 1907
ill934b. II8I2 Apr. 120i4Mch.
120i2b.
2d, consol., 7s, 1911
Consol. 63, 1934
Ohio Southern— Ist, 6s, 1921
108 b. 110
103 Jan. 110 May
General consol. l8t,5s,1937.. 101%
49 a. 18
2d, Income, 68, 1921
44% Jan. 51 la Mch.
Chic. Gas. L.&C— 1st, g,59,1937i 94
Omaha & St. L.— Ist, 48, 1937.. 75 b. 76 b, 71 12 Jan. 77 14 May
Chic. &Ind. Coal R., 1st, ,5s, 1936 103 a.
Oregon Imp. Co.— 1st, 6s, 1910. 10514b. 105i-2b. 102 Feb. 106% Feb.
.
Chic. Mil. & St. P.^Con. 7s, 190.5 1 27 b.
b. 110
Ore.R.&Nav. Co.— 1st, 6s, 1909 111
Jan. 112i4Jan.
1st, Southwest Di v.—6s, 1909. 1 IIW).
IO512 IO512 102 Jan. 105 12 May
Coneol., 5s, 1925
Ist, Bo. Min. Div.— 6s, 1910... 113 b.
104 % 101 la Jan. IO713 Apr.
Oregon & TransconM— (is, 1922. 104
1st, Ch.&Pac.W.Div.— 5s,1921 10714b.
109ia 106% Jan. I0912 May
Penn. Co.—4ia8, coupon, 1921 . 109
Wis. & Minn. Div.— 5s, 1921 .. IO3I2
;103
103 b. 100 J.an. 103 May Peo.Dec. & Evans.- l8t,6s, 1920 107 b. 107iab. IO412 Feb. 107 12 Apr.
Terminal 5s, 1914
lOOiab. 106 b. 102% Jan. 1091a Feb.
14334 Jan. 1147 .Tan.
Evansv. Div.— 1st, 6s, 1920.
Chic. & N. \V.— Consol. 78, 1915. 143 b.
132
132^4 129HjJau. 133 May
7312b.
Zdmort., 5s, 1927
7612 Mch.
Gold, 78, 1902
66 Jan.
122i2a. 122i8a. 119 Jan. ;i23
Apr. Phlla. &Kead.— Gen. 4s, 1958..! 94
Sinljing fund 6s, 1929
88=8 Jan.
94 Jan.
8OI2 Mch.
11014b. IIOI2
8314
lOSiflJan. 111
Feb.
Sinking fund 5.S, 1929
Ist pref income 5s, 1958
941a Jan.
69
Sinking fund debent. 5s, 1933 llOSsb. 11 2 12b. 109 Jan. 113 Apr.
2d prcf. income 5s, 1958
82% Jan.
661a May
62 14 Jan.
52 12 May
25-ycar debenture 5s, 1909... 10514b. I0512 103 Jan. 109 Apr.
3d pref. income 5s, 1958
54 b.
76I4 Jan.
100 b. lOlij-b.' 98 Jan. 104 14 Feb. Pittsb.& West.— Ist, g., 4s, 1917 85ia
Exfeution 48, 1926
87 May
981-2
95 Mch. 9Si3Mav Rich. & All.— Ist, 78, Drexcl cert. 66
Chic.Peo. &St. L.— Gld.5s, 1928' 98i2
66 Apr.
58 Jan.
;i31i4Mch. 135 May
32 14 Apr.
Chic.R.I.&Pac— 69,coup.,1917,134 b. 135
2dmort., 6s, 1916, Drexcl cert. 3214b.
Jan.
IO712 I0714
104-i8Jan. 107=8 May Rich. <fc Danv.— Con., 6s, 1915 .. 11706b.
Extension & col. 59, 1934
Jan. 1I8I2 May
119is Jan. II2312 Mav \ Consol. gold, 5s, 1936
Chic.St. P.M.&O.—Con.6»,1930 122%b. 12314
93%
Jan.
94% May
98 a.| 96 Apr. 100 Feb. Rich.& W.P.Tcr.—Trust 6s, 1897 IOII2
Ch.St.L.& Pitt,— lst,con.53,1932' 97
Feb. 101% May
CIeve.& Canton— 1st, 58, 1917. 95i2b., 95 b.' 92i2Jan.
97% Apr. Roch. & Pittsb.- Con. 6s, 1922.. 120
Jan. 117
Apr.
130 Jan. 135 Apr. Rome Wat. &Ogd.— Ist, 78, 1891'
C. C. C. & I.— Consol. 78, 1914.. 135 b
1071a Jan. 109 lo May
117i2b.'
Ulliab. 10818 Apr. 112
General 68, 1934
112 Jan. 119 May
Consol.,extended, 5s, 1922... 112
May
Col. Coal & Iron— 1st 6s, 1900.. 96i2b. 98
93!% Apr. 105 Jan.
8t Jos. & Gr. Isl.— 1st, 6s, 1925. lOoia il05%li. 104 Jan. IO912 Apr.
-'
Col.II.Val.&Tol.—Con.59,1931 76
76%
"
74 Apr.
87% Feb. St, L. Alt. & T. II.— Ist, 78, 1894 11314b. 113i-2b. II212 Jan. II4I2 Apr.
76
General gold, 68, 1904
77 a.] 75 Apr.
lOSkb.
87 Feb.
il05% Feb. 110 Jan.
2d, mort., pref., 78, 1894
Denver & Bio Gr.— 1st, 78, 1900
.118 b. 118% May 122 14 Apr.
Apr.
2d, mort.. income. 78, 1894... 10412b. 104 b. il04ia Jan. 108
8II4
80 b.] 75 Jan.
1st consol. 4s, 1936
82
81% Apr. ISt.L. Ark. &Tex.— l8t, 6s, 1936: 9214
82 May
99 Feb
26ia
Denv. & R. G. VV.— l.st, 6s, 1911. 100
101 b. 841a Jan. I102 Mch.
33
2d,6s,1936
25 May
38 Feb.
Assented
STu
89
73% Jan. 93i4Mch. St L. & Iron Mt.— Ist, 7s, 1892. 107 b. 107^b. IO6I4 Feb. 110 .Tan.
94 a. 81 Jan.
105iab. 106 b. 105 Jam. 109
Denv. S. Pk. & Pac— l8t,7s, 1905 89
94 May
Mch.
2d mort, 78. 1897
Det. B. C. & Alp.— I8t,g.,68, 1913 IO714 10738b. 103 Jan. 10812 Feb.
Cairo A- Fulton— 1st, 7s, 1891. 103 b.'104
102 Jan. 104 Mch.
Det. Mae. &M.—Ld.gr.3i2S, 1911 38 a. 35 b. 34 Jan.
107 b.'107 b. 104 Feb. 107 Apr.
40 Feb.
CairoArk.&Tcx.— I.st78,1897
Dul. & Iron Range— 1st, 5s, 1937 99ii!
100 b. 96% Jan. 104 Feb.
85
Gen. R' V & land gr., os, 1931
90 Feb.
81 Jan.
E. Tenn. V. & G.— Con., 5s, 19.")6 lOlijb. 103ia
102 ' Jan. I10714 Apr. 8t L. & San Fr.— 6s, CI. A, 1906 118
116 Jan. 121 Apr.
118i2a. 115% Jan. 121
'118
Eliz. Lex. & Big San.—6s, 1902. 103
103
99 Jan. 106 Feb.
Apr.
68, Class B, 1906
Erie— 1st, consol. gold, 78, 1920 139
140
137 Mch. 141% Feb.
118 b.
6s, Class C, 1906
II512 Jan. 121 Apr.
LongDock, 78, 1893
113 b. 112>2b. ilO^tJan. 113 Apr.
119 b. 11518 Jan. 120=8 Apr.
General mort, 68, 1931
llOigb. 120 b. 1I8
Consol. 6s, 1935
Apr. 123 Feb.
General mort, 5s, 1931
106%b. 10614b. IOI14 Jan. 107 Apr.
N.Y.L.E.&W.— 2d con. 68, 1909 10658 IO6I4
98 Jan. 106% Apr. 8. P. M. A- M.— Dak.Ext, 6s, 1910 118ia
118 .Tan. 122 Apr.
Ft. W. & Denv.
1st, 6s, 1921 96%
186
119iab. 119%b. II512 Jan. 120
90 Jan.
Feb.
97 May
iBt consol., 69, 1933
92S8 May
Gal.H.&SanAnt.— W.Div.lst.5sj 92i2b.i
98 14 Jan. 103 .May
reduced to 412S... 10212b. 103
Do
OS's Men.
98i2
96I4 Feb.
Gr.B.W.&et.P.— 2dinc.8s, 191l| 2178
18 Jan.
25 Feb.
Collateral trust 58, 1898
98
981a Jan.
GulfCol.<& San. Fe— Ist, 78,19091110% lllia llOOigJan. 116 Feb.
91i2May
83 14 Jan.
Montana E.xt 1st 4s, 1937 ...' 8914b.' 9II4
Gold, 6s, 1923
741-2
94 b. 87 la Apr. 96 May
75
70 Apr. 87 la Jan. Shen. Val.— 1st, 7s, 1909. Tr. ree. 96
37 lab. 31 Jan.
Han. & St. Jos.— Cons. 6s, 1911. 12112b. 121ia '12014 Jan. 124 Feb.
40 May
General 6s, 1921, Trust rec. . 40
Inf.&Gt.No.— l9t,6s,gold,1919'104
10414 jlOOiflApr. IO9I2 Jan. South Carolina— 1st, 68, 1920. . . 91 b, 93 b. 90 Jan.
96 Feb.
62i2b.i 63isb. 63 is Apr.
Coupon, 68, 1909
6OI2 Feb.
74 12 .1 an.
50
2d,6s,1931
47 Jan.
Kentucky Cent.— Gold 4, 1987..' 80i8
7II2 Jan.
6 b.
Si's
512b.
81% May
Income, 6s, 1931
5% Jan. 10 Feb.
KnoxT. &0.— 1st, OS, gold, 1925 109
109 b. 101 Jan. IO914 Apr. So. Pac, Ariz.— 1st, 6s, 1909-10. IO6I2 lOOieb. IO512 Jan. IO714 Apr.
L. Erie & West.- Ist, g., Ss, 1937 111 i^b. 11114b. 107
Jan. 113 May So. Pac, Cal.— Ist, 68, 1905-12.. 11514b. 115%b. 114 Jan. 116 Mch.
Lake Shorc.-Con.cp.,lst,78,1900, 127 b. 127 b. 12514 Jan. 129 Feb. So. Pac, N.M.— 1st 69, 1911 ...107 b. 107 b 105 12 Jan. IO814 Feb.
Consol. coup., 2(1, 78, 1903.... 128
129 b.!l24 Jan. 129 May Tenn.C. L&Rv.— Ten.D.,lst68 94%b. 9512a, 89 Jan. 100 Mch.
Long Islaud— Ist, con., .5s, 193l!ll7 a. 115%b.'il4i4 Jan. 117 May
98
99 -Mch.
Blrm. Div., Ist 6s, 1917
98
89 Jan.
General mort., 48, 1938
I100%a.l01 b. 92i->Jan. 101 14 Mav Tex. & Pac— Ist, gold, 59, 2000 92ia
91%
85 13 Mch. 93 May
39i8
Louisv. &Nashv.— Con.,78,1898 119 b. llRiab. II7I2 Apr. 121 12 Mch.
39%
34 Mch. 40 Apr.
2d, gold, income, 5s, 2000
E. H. &N.— l8t, 68, 1919
11738b. 11738b.:il6 Jan. 117i2May Tol. A. A. & N. M.— Ist, 6s, 1924 104 b. 104
99 Mch. 108 Feb.
General, 6.S, 1930
116
116 b. 112 Jan. II6I2 Apr. Tol.A. A.&Gr. Tr.— IstOs, 1921 108%b. 108 b. 103 Jan. 108 Apr.
Trust Bonds, 6s, 1922
114
lllia ll09i3Jan. ;115 May Tol. & Ohio Cent- Ist, 5s, 1935 102 b. 102i2b. 101 Jan. 103 Feb.
10-40,68,1924
I104%b.l04 b.lOlifiJan. 106 Apr. Tol.St.L.&Kan.C— 1st, 69,1916 103% 103%
Apr.
921a Jan. 104
50-year 5s, 1937
103 b.|98 Jan. 1105I2 Apr. Union Pacitlc— Ist, 6s, 1899 .... llSiab. llSiab. 115 .Tan. 118% May
Collat. trust 5s, 1931
101
90i4Jan. 1041a Apr.
101
Land grant 78, 1887-9
102% Feb. 102% Feb.
Louis. N. A. & Ch.— 1st, 68, 1910! 121
117i6b. 11614 Mch. I2012 Jan.
120 b. II214 Jan. 121i2May
117
Sinking fund, 88, 1893
Consol., gold, 68, 1916
103
102%
93 Jan. 103 May
KansasPaciflc— 1st, 68, 1895.111 b. Ill b. llOia Apr. IIII2 Jan.
Mem. ik Char.—«s, gold, 1924... 106=8 10614b. 102I2 Jan. 107 Apr.
112 b. 112 b. 1091a Jan. 11212 May
Ist 68, 1896
Metro. Elevated— lit, 6s, 1908.. 117 b. 117 1). Ill's Jan. 117% Feb.
112i2b. 112i2b. II212 May I1514 Feb.
DcnverDiv.—68, 1899
2d, 6s, 1899,
106 %b. 10714b. 106 Jan. IIOI4 Apr.
1st consol,. 69, 1919
1131a 113% 112 Jan. 117 Apr.
Mich. Cent.— Ist, con., 78, 1902. 130 b. 13II4 131i4Jan. 133 12 Mch.
Feb. 1141a Jan.
Orcg. Short Line— Ist, 6s, 1922 113iab. 113i2b. 111
Consol., 5s,1902
114 b.llll Jan. 114 May Virginia Mid.— Gen. m., 5s, 19361 88I4
8812a. 7838 Jan.
90 Apr.
Mil. Lake Sh. & W.— 1st, 6s, 1921 121
1121 i4b.'ll8% Jan. I23I2 Apr.
42 Feb.
37 Apr.
Wab. St. L. &P.— Gen.,(>s, Tr.rec.l 43 b,
Conv. debenture, 5s, 1907
88I2 Jan. lOlt^May
10212b. 10212
9212 Jan. 1031a Apr.
ChicagoDiv.— 5s, 1910, Tr.rec. 100
Milw. & North.— M. L., 6s, 1910.'ll0i2b. llOiob. lOOij Jan. Ill Apr.
Wabash— M., 7s, 1909, Tr. rec. 97
86 Jan.
971a May
Extension, 1st, 6s, 1913
'108i2b. 108i2b. IO514 Jan. 1091a Meh.
Tol. & W.— Ist ext, 7s, Tr. rec 100
89% Jan. 101 la May
'
Minn. & St. I>ouis— Ist, 78, 19-27
"
90 Jan
92 Feb.
lst,St.L.Div.,7s,l 889,Tr.rec 100
9312 Feb. 101 la May
Mo. Kan. & Tex.— Con., 6s, 1920
58
53 Apr.
62 Jan.
2d, extend., 78, 1893, Tr. rec. 99
87 Jan. KKiifl Apr.
Consol., 58, 1920
57i4Jan.
541a
501a Apr.
Con., conv., 78, 1907, Tr.rec, 96i2b.l 9713
85 Feb. IOOI4 Apr.
Consol., 78, 1904-5-6
8712 Mch.
92%
93i4May
89 Jan. 102 Apr.
Gt West- l8t7s, 1888,Tr.reC'102 a. 101
Mo. Pacitlc- Ist, con., 6s, 1920.
112 b. IIOI2 Jan. H512 Apr.
2d, 78, 1893, Trust receipts. 98I2
98 b. 86 Mch. 99 May
3d, 78, 1906
111812
^-„ ^ 118 b.
^-„ ..116i2Jan. 121 12 Apr. West Shore— Guar., 4s
„.
IO718 10758 10234 Jan. 107% May
Pac. of Mo.— 1st, ext., 48, 1938 101 b. 101%
97% Jan. 101% May WestN. Y. <fePa.— l8t 5, 1937.,100i2
Apr.
9514 Jan. 101
99%
2d mort., 7s, 1891
104 Jan. 105 12 Apr.
38iab.
37% May 44 Feb.
2d mort, 3g., Ssc, 1927
Mobile & Ohio— New, 6s, 1927..'ll4i-2b. 11514b. 112% Feb. llliaApr. West Un. Tel.— Col. f r., 5s, 1938 105
104 %a. 98% Jan. 105 Apr.
General mort., 4s 1938
51»8
51 b.i 41% Jan.
52 14 Apr. Wheel. & Lake E.— Ist, 5s, 1926 102iab. 10212b 102 Apr. 104 14 Feb.
1
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Note.—The letter "b"
1
I
!
'
indicates price bid,
and "a" price asked
;
all
other p^i<^es and the range are from actual sales.
STATE BONDS.
SECtiKITIES.
Bid. {Ask.
SECURITIES.
Bid.
'
Aek.
SECURITIES.
•
Bid.
[
Ask.
.1
Alabaraa^-Class A, 4 to 5
1 906
Class B, 5s
1 906
Class C, 4s
1906
68,10-20
1900
Arkansas—68, funded.. 1899-1 900
78, Little Rock .V Fort Smith iss.
78, Memi)hi8 & Little Rock iss...
78, Arkansas Central RR
Georgia— 7s, gold
1890
liOuisiana— 78, cons
1914
Stamped 4s
Michigan— 7s
'
Missouri— 68
105%!
Ill
lOlia
101 12
11
13
IO212
90 la 90%
Chatham RR
Special tax, Class 1
Consolidated 48
68
eiaj.
95 I.
1919 I2212'.
1910!
ton.. 189.3- 1894
llOia
South Carolina— 6s, non-fund .1888
41a
Rhode Island— 68,
II
j
17
.""isgo lOOia
due 1889 or 18901 IOII2'
Asylum or University, due 1892 107
Funding
1894-1895 111
New York—68, loan
1892! 110
6s, loan
1893 110
North Carolina— 68, old
J. <fc J.
37
Funding act
1900 131a
New bonds, J. & J. ...1892-1898 20
i
Brown
consolidated, Os
1893]
Tennessee— 6s, old
1892-1898| 64
1912 74
Compromise, 3-4-5-69
1913 1051a
New settlement 68
1913 101 13
5s
—
3s
Virginia 6s, old
68, consolidated bonds
—
6s, (jonsolidatcd, 3d series
6s, deferred, trust receipts
1913
7414
,
71a
74%
«
1
May
11.
THE CHROMCLK.
18S9.J
613
BONDS-STOCK EXCHANGE QUOTATIONS ON FRIDAY OF THE LE88 ACTITE
BAILBOAD BONDH
eEcuRrriEB.
Bid. JAiik.
Itiillrond Uoiuls.
{Stock Exrhanne t'rircg.)
Atoll. Top. A- Han. FP—41.JS... 10201
88
PlnkiiiK fund. <i8
1011, 08
f'hlc. 8. IV A Cal.— :«! K...Is. 10371* 97»a
"~
PECURtTIEB.
* On-l*!,
I
^,J*J".'- ^"i-
ptvislminl
Bid
Aik.
SECTRITIEfl.
123
7i...l(»00
1930*113
fts
Bid. iA«k.
Northern Pnrtflr -(fnnllniiid)—
Nfiri"
"
|
'
T'
;..
ions lOiT,
l»t ext.. Rold, 5«
1937J
Co
ion
7
Equip. & lniproveiirt,ff.,5g.l93M *....
91>g
CVh'
;,
104 «4
Mobile & Blnn.— l.tl. (t.,5ii..l037
^93
97
Norf.A H. .\, w Klv., Iat,(;,i.l;i;i2 113>«110
AtlKiitic & Danv.— l8t e.. GS..1017
95118 88
Alabama Central— l'st0g..'!l9iH 11(1
Iini). A Ext., 6»
.[
1034 104
Bjilt. A- Ohio— l»t, 6», Park B.lOlO 118
Erie— 1st, extended, 9
.1897*117
.i|
AtUustuient M., 7«
1024 110
Da. Rold
1025
110
2d, extended, 5s.
1919*113
Eiiulninent. Sn
IiKW
Cons, niort., KOkl, 38
1088
3d, extended. ILjs..
1923I 110
.li
ClhicbVal.D.— 1iit,eqnlp. 5«. 14(57 03
Beech Cifek— l.<t. sold, 4h. .103ti "»'iK "93"'
4th, extended. 5s.
1920i
118
Ogd. A Loke Ch.— 1st, con. 6* 1920
Bost. U. Tim. & W.— l)eb. 58.1013'
97>a 100
5th, extended, 48...
1928110214'...
Ohio St Ml«».—Con»., ». f., 7»..ls98 118 llfl%
Brooklyn Kiev.— 1st, 1;., 6s. ..10241 110 llOij
Ist, cons., fd. coup.,
•^*
1920 135 140
SprinKflnld DJv.-I»t 7».. .1005
2a. :!-.•>.«
1015
01
112
Reorg ,.,.
Istlien, 6s
1908 UO 112
General 5»
1932
Union El., 1st. |i?imr., (is
1037 105ii!l06
1»
IBlfi IM^!
2j!-,^i'^-l**' ""
.' OhloRlvi-r RR.—
1st,
193(1 iiv)" 102
BriiuRwiok & West.— lst,g.,4t<.103H
N. \ L. E. A- W.-Col. tr.,6g.l922
Oeueral inort., gold, S»
1937 *
Biitr. Kouh. A- Pitts.— Gen., 3s.l037 "9838 "98%
1969 94 >4 941s Oregon A < aliforula— 1st, 58.1927 80
'"' 120
J imded coup., 5s
Roeb. & Pitts.— 1st, Os
1021 118
Income, 68
1977
78
Panaum— Sink. M., aub., 6«...1910
Burl. Ced. Kap. & No.— 1st, 58.1006
100
Buir. A- S. W.— Mortg!"68.'.'.'.190S
Penn.^vlvanla RR.—
t'ousol. & eollat, trust, 58... 1034
84 Ja' Eureka BprinKs R'y— l8t,68.«c.l033
PItls.C. A 8t.L.— l«t. cp.,7».190o'fn«
Minn. & St. L.— 1st, 7s, gu..l927
Evan. & T. H.— Isf, cons., 68.1921
(120
Pitts. Ft. W. dc C.-liit,W»...1912 •150
Iowa C & West.— 1st, ?8... .1909
Mt. Vernon—l.st 6s
1923 1141a
5d,7«
1012
Cod. Rap. I. V. & N., Ist, 6s.l020| ....
147^
Evans. & Indian.- 1st, cons.. 1926 108
....
3d, 7»
1012 •1.38
1st. 5a
1021 ....
Flint&P.Marq.—Mort. ,6s... 1920 121 12 123
.
Clev. <te P.—Cons., ». fd., 7« llMKi 12«3a
Central Ohio Reor.— 1st, 4'28.1030 ....
Gal. Har. A .San Ant.— Ist, 6«.1910' lOOHi 110%
4th, Bluk. fund. 6<i
1 M02
106 Is 107 «»
Cent. RR. A: Bank.— Col.g.,58. 10371 103
2draort.,7s
1005 107 109
St.L. V. &T.H.— l8t,gn.,7«.lM97 IIU
11H<«
Cent, of N. J.— Conv. deb., 6s. 19081 106
Brand Rap. & Ind,— Gen. 58.. 192J1 95
93U
•i<i,7sf
1898 •106 1« ......
Central Paeiflc— Gold bds.,6s. 18951 llS^iill,
QrcenB. W. A-St. P.-l8t68..191l! 83
84
2d, giiar., 7s
1H9H 108
Goldlinnds, (is
1,S9G|*115H!
Housatonic-Cons. gold 58.. ..1937
105ia Peoria A Pek.Uion-UtVeg" 1021 llu
Gold bonds, 6s
1897 116
Hous.ATex.C.-l8t, m. 1. 78.Tr.rec. I2412 I2514
2d mortg iu,»
i«.jl
70
San Joaquin Br., 6a
1900 •114
WestDiv. 7s,Trii8treceIpts.l891 124I2 1233. Piim Creek Rariway.::6i!!
RaiWiVi:^;
tS^i
1932
-t™''*'P**4S}l }?d^}'^^^ '^"O
i-ti.v„„„.. N or.— 7s
Cal. A- Oietjou— 8cr. B, 68...1892
l.st W aco A V1001 106
lifts. Cleve. A Toi— l»t 68
lOM
West. Pucitle— Bonds, 6s. .1*99 llbifl
2d m.Ss.M.l. Trust recoipU.1913 -120 121
PltLs! .lunctlon-Ute"
"JoM 109
No. Railway (Cal.)— 1st, 6s. 1907
Gen. niort.bs.Trustrecelpts. 1925
79
77
Mc. K. A Y — l«t 6*
Ches. & O.— Pnr. M. fund, 63.1898 *il5
"'107 1081s Pitts. Paln.sv.&F.— Ist, {is!!! 1932 113
Illinois Central- Ist, g., 48 ...1951
Pitts.
1916
100
6s, gold, series A
1908 120
3I2S
Ist, gold,
1951
94
93
Pitts. Y. A Ash.- Ist, 58
19271
CUcii. O. A So. West.- 2d, 6s. .1911
78
9
Gold 48
1952 IOII4
iPresc't A Ariz. Cent. 1st, 68,g. 1916 !!!!!! "iw"
Chicago & Alton— 1st, 7s
1893 II2I3
Sprlugf. Div.— Coup., 68. .18981 115
2dinconie, 6s
,.1916'
40
Sinking fund. 6s
1903 124 126
Middle Div.—Reg., Ss
1921 117
Rich. A Dunv.— Debenture 68. 1 927 103% 104
Louis. & Mo. River— 1st, 7S.1900 123
125
C. St. L. A N. O.-Teu. 1., 78.1897| '116
Atl. A Char.— 1st, pi-cL, 78. .1897!
2d, 7s
1900 117
1st, consol., 78
1897
Rome Watert. A Ogdcn .—
8t. L. Jacks. & Chic— l8t,7s.l894 112J8
2d, 63
1907
Nor. A Mont.— 1st g., gu.5s.l916 100
llOig
1st, guar. (564), 78
1804 112^
Gold, 58, coupon
1951 '119
Rome W.AOg. Term.— Ist g.58, 101
2dmort. (360), 78
1808 118
Dub. AS.
2d Div., 78... 1894 '110
St. Jos. & Gr.Is.- 2dlnc
1923 !!!!!! "4»'>i
2d. guar. (188), 7s
1898 118
Ccd. Falls A Minn.— 1st. 73.. 1007
70
72
Kan. C. & Omaha— l8t. 5s.. 1927i
87l«
Mi.ss.R. Bridge— 1st, s. f., 6S.1912 *107
Ind.Bloom.AW.— 1st, pref.78.19(K) 115 120
St. L. Al. & T. IL— Div. bonds. 1.S94' 37I3' 40
Chic. Burl. A Nor.— Deb. 6s... 1896
Ohio Ind. A W.— 1st pf., 58.. 1938, 100
Bcllev. A 80. 111.— l8t, 8s. ..18961 113
fhic. Burling. A Q.— 5s, s. f.lOOl 'IOC's
Ohio Ind. & West.— 2d. 58. .1938 40
45
Bellev. A Car.- Ist, 6s
1923 109
Io%Ta Div.— Sink, fund, 5s. .1010
I.B.AW.. con.inc. Trust receipts.!
CM.8t.L.APad.-l8t,Kd.g..58l917 100
Sinking fund, 4e
97^^ Ind. D. A Spr.— l3t 78, ex. op. 1906' ,-.0, ,^,
1019
1031-2 105
j
St. Louis So.— 1st, gd.g 48.1931
80
Plain, 4s
91
1921
88
Ind. Dec. A We8t.-M. 5s
1947
St. Louis ACliic— 1st, con. 08. 1927;
32
Clile.Mil. A St. P.— Ist, 8s,P.D.1898 125>4 128
2dM., inc. 58
1948
50
St. L. A I. M.— Ark. Br.,lgt,78.1893I lOaiallO
2d, 7 3-108, P. I>
1808 IISM
Iowa Central— 1st gold, Ss
89
1938
90 St.LAS.Fran.— l8t,6e,P.C.A01919
125i2il27
1st, 78, $g.,R.D
1002
Kan. C.Wyan.AN.W.—l8t, 58.1938 97I4'
Equipment, 78
Is95
1st, La Crosse Division, 7s. 1893 1131^ II312 Xake Shore & Mich 80.1st, trust, gold, 68
1987 • 97
1st. L A M., 7s
1807 117 120
Cleve. P. A A.— 78
1892 109
Kan. City A 8.— Ist, 6s, g.l916 100 '105
1st, I. & D., 78
118
1899
Buff. A Er.-New bonds, 78.1898 120
Ft. 8. A V. B. Bg.— 1st, 68.1010
1st, C. A M., 73
1903 125
Kal. A W. Pigeon— 1st, 7s.. .1890
St. L.K. A80. Wn.— lst,«s.l>)16
Ist, I. A D. E.xtension, 78... 1908 127
Det. M. A T.— 1st, 78
1906 123
KansasMid'd.- l8t, g. 4S.1037:
„
l3t. Southwest Div., 68
1909 II5I2
Lake Shore—Div. bonds, 78. 1809 123
'St. Paul ADululU— l8t,58....1931 " 112
1st. La C. A- Dav., 5s
1019 103141
1900' 126% I27I3
Consol., reg., 1st, 78
2dmortgage38
1917" 105
1st, H. A D., 78
1010 123 125
12812 St. Paul Minn & M.—Ist, 78..1909 117
Consol., reg., 2d, 78
1903
Ist, H. A D., 5s
1910! 103
Mahon'g Coal RR.— 1st, 5s. 19341 1091a
2dmort.,68
1909 120
126' Litchf. Car.A West.— 1st 6s. g. 1916
Chicago A Papitic Div., 6s..l910i 119
ilOOia
Miimeap. Union— Ist, 68.... 1922
Chic. & Mo. Riv. Div., 5s. ..1926 "103
1898*118%;
Long Island— l3t, 78
Mont. Cen.— l.st, guar., 6s. 1037
iU6%
Mineral Point Div. 58
..1910 •102 1031a
N. Y. A R'wayB.-l8t,g. 58. 1927*101
East. Minn., Ist <flv. Ist 58.19081
C. A L. Sup. Div., 5s
1927'
1921 *102
2dmortg., Ino
38
San Ant. & Arans.— l8t,68,'85-1916 •
88
Fargo A- South., 68, Assu...l924 •112
N. Y. AM. Beach- 1st, 78..1897*114 1118
1026' "sioii 90<h
1st, 6.s, 1886
9II2
Inc. conv. sink,
90
I
•
,
'
.
.
I
.
I
. .
.
.
;
.
I
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N.Y. B. AM. B.— 1st, g., 58.19351
Brooklyn A Mont.— 1st, 6s. .1911
1916
fund, 5s
Gt. South., 5s
1910'
Val.— Ist, cons.,78
Dakota A
1916, * 98
Coupons off
"to"!!!!!!!
Chicago A Northwestern1st, 5s
1911!
SodusBay A So.— Ist, 58, g... 1924!
IllO
Escanalia A L. 8.— 1st, 63... 1001' •111
SmithtownAPt.Jeff.—l3t,78 19011
Texas Central— Ist, s. f., 78.. .19091 43
50
Des M. A Minn.— 1st, 78
115
1007| '127
Louis. A Nash.— Cecil.Br., 7s .19071
let mortgage, 78
19111 43
Iowa Midland— Ist, 8s
1000
19301 117i4l
N. O. A M.— Lit, 6s
Texas A New Orleans -Ist, 78.1905,
Peninsula— 1st, conv., 7s...ia0s|
1930
107
1912* 102 la
N. O. A M. -2d, 68
Sabine Division, Ist, 63
Chic. A Milwaukee— 1st, 7s.lS0a:*122i4
1920 105
Peusacola Division, 68
Tex. A Pac, E. Div.— Ist, 68.1905 110
Win. A St. P.-2d, 78
10071*133
6t. Louis DivLsion, 1st, 6S...1921 *115
Tol. A. A. A Cad.— 68
1917 98 103
Mil. A Mad.— 1st, 6s
1905 117
1080 62
2d, 83
Tol. A. A. A Mt. PI.— 6s
1919 981* 9919
Ott. C. F. A St. P.—Ist, 5s.. 1909! II8I2
Nashv. A Decatur— 1st, 78.. ISKM) 122% 124
Tol. Peoria A West.— Ist, 48. .1917
76:% 77«,
Northern 111.— l8t, 5s
1910! lOSk
1910
Irt96 115'« 117'a
S. & N. Ala.— S. f., 6s
Union Pacific— Ist, Os
Chica','o Rock Island & Pacific—
6s, gold... 1921
Pens.
18971 1161^117
" " A At.— l8t, -Ist gu. 53.,1937 105 106ia 1st, 6a
~
~
93
Des Moines A Ft. D.— Ist,4s.l903i* 82
981,,
Nash. Flor. A S.,
!,,_ Qg
jgQfj 118
....;.
1 s t 2 1.2S
60
1 005
lion. N. O. A Tex.- 1st, 4s.... 1934
861a
Collateral Trust, 63
1908 •105
Extension, 43
82
1005
1934 40
Collateral Trust, 5s
1907 93
2d mort., 5s
Keokuk A Des M.— 1st, 5s.. 1923 103
Manitoba S. W. Col.— G., 5s... 1934
1895 •100
C. Br. U. P.— P. c, 7s
Chic. ASt. LouLs— 1st, 68
19151
Mexican National— 1st, g., 6s. 1927 lOies'
Atch. Col. APac— l8t, 6a...l905
83
Chic. St. P. A Kan. City— 5s. .1036!
1917 621a
2d, income, 68, "A"
Atch. J. Co. AW.— Ist, 68... 1905
100
Minn. A N. W.— 1st, g., 58. .1934!
1917 '18
Utah Southern— Gen., 78... 1909 113>a 114
2d, Income, 6s, "B"
Chlr. St. Paul M. & O.—
1909
1909
Exten., l.st, 73
Michigan Central— 6a
1191a
Chic. St. P. A Minn.— 1st, 68.1018 :*123
1931 115 117
U.P.Lin. A Col.— I8t,g.,5.s.l0lx 991.1 100
Coupon, 5.S
No. Wisconsin— l.st, 6s
1(>1\
10.30
1891
Utah A Northeni— Gen.,.5s.l026
Jack. Lan. A .Sag.-tSs
1019'
St. Paul AS.
108
Cou. 63. 1921
1st, 68
Milw.LS. AW.— Ext. A Imp., 5s. '29 102 |103ia Valley R'y Co. of
114
Chle. A W. Ind.— 1st, s. f., 6s. 10191
Wali.St.L.APac— Gen.M.,6«.l!>20
Michigan DlvWon, 1st, 68.. 1924 116 120
1010
General mortgage, 6s
1032' II412
Chicago Division. 5s
Ashland Dlvlslan— Ist, 63 ..1025; 117 !ll8i2
~
Ciu. Uaui. AD.— Con. 8. f., 78.19051*120
I0312
'
Div.—6s, ~
Trust rcc 1!>21 123i« 128
Detroit "
Incomes.
1'.HW
102
2d. gold, 4I23
1937*
Wabash. M., 78, 1879
Mlnn.&St.L.- Pa Ex., I8t,7s.l909 81
Cin. I. ,8t. L.A Chic— lst,g.,4s.l936| Oyi-.'
30
1891 40
Toledo A Wab.-lat ext., 7S.1S90 118ia
2d mortg., 7s
1>'89 118i»
Consol., 6s
St. I..oiii8 Divi.slon, 7s
1 9201
Southwest Ext.— 1st, 78
1910,
Cin. Jack. A Mac— 1st, g., .53.1036
1803;
1921'
2d mort., ext., 7a
Pacific Ext.— 1st, 6s
1883 "
Equipment bonds
2ft
Cin. Sand. A Cleve.— 1st, 7s.. 1890 102 j....
equipment, 6«
1922
Impr. A
1907!
Col.sol. conv., 78
Consol. 1st. g., 58
90
1928 1031a ---Minn. A Pac— Ist mortg., 6a. 1936,
1888 119
Cl.CoI. Cin. A Ind.— 1st, 73,3.f.l809 121
123
Great Western- Isf 78
Minn.S.8te.M.AAtl.—l8t,5s. 19261 90
1893
2d, 7s
Consol. .sink, fund, 73
1914
Missouri Paeiflc—Truat,g. 5a 1 9 1 7 •
*
Cleve. A Mah. V.— Gold, 5s... 1038 110
Quin. ATol.— l«t.78,Tru«trec...i 100 IOII4
'Mobile &Ohlo-l.«t ext., 6s, 1927 '10718
Han. A Naples— lst,7s.TT.r<'0...i'10t»
Colorado Midland— 1st, g., 68.1036 105
Istpref. debentures
Ill.A.8o.Ia.— l.'<t,ex..6.«.Tr.rec...i 100
Columbia A Green.— 1st, 6s... 1016
1931
73
Bt.L. A Cairo— Is, guar
St.L.K.C.AX.-lt.i: .VRH.7.s.l893*lll
2d, 6s
!iMorgan'8La. &T.-l8t,68....1920'
1926
•.6ii...l90S;*HM
St.Charl.
Col. A Cin. Midland— 1st, 6s. 1014
92
1918! 123 I....
1st, 7a
1H95 11514 1161a
Del. Lack. AW.— Convert. 7s,1802 110%
No. Mi.Hso
iNash. Chat. & St. L.—2d, 68.. 1901 nil
.7»....1896l
Warren A
Mort ga ge 7s
GiUf- Ist, 68 .1926 •
1907 1371s:
INew OrleauB A
West. Va. ( A liii.*.-l>t, 68.1911,
S.vra. Biug. A N. Y.— 1st, 78.1906 134
N. O. A. No. E.-Pr. 1., g., 68.. 1915,
.'niKrellnneutiii Soitdit.
105
Morris A Essex— Ist, 73. .1914 143%!
In. J. Junction— Guar. Ist, 48.1986
'
1907 110
I11214mAiu. Water W. Co.- 1st 6s
2d, 7s
In. Y. N. II. An.— 1st, r«g. 48.1903;
1891 107%!
!M>T 112
1927* 64I3 54% Cahaba Coal Mln.— 1st g.
2d, 4s
Bonds, 78
1900 124
N. Y. A Northern—
100
Col. * Hock. Coal A!.—11.H, g. -l'"17
7s of 1871
H2618 N.Y. Siisq. & West.—Deb. 68.18971
.....1901
19«5
102
Eqnitoble O. A K.— Ist Os
1st, con., guar., 78
80 181
1937;
1915 143
2d, lias
Haekenswk W;t«r— 1st. 5s. .1926 l«VMa
Del. A Hud. Canal— 1st, 78. ..1891 10714
N. Y. Tex. A Mex.— 1st, 4s.. ..1912;
Henderson Bridae— 1st g. Ba. 1931; 100
1st. extension, 7s
1891 *108i3
'Northern Pac— Divid. scrip ext...' 103i«(
loni
Iron Stoiiiiboiit Co — fi.
115is
Coupon, 78
1894;
James River Val.— 1 st, 68. .. 1936 107
North'
1936'l06ia
Pa. Div,, coup., 78
Pal.-lst. «8
1917114819'
Spokane A
Albany A Susq.- 1st, gu.,7s.l906!*133
Si. Paul AN. P.— Gen., 6«.. 1923 120% 122 "a Peopl,
C".
1st, cons., guar., 6s
HelenaARedM'n- lst,g.,6».1937
1906 124 124%
104 >a
Philadelphia Co.
Bens. A Sar.— l.st, coup., 7s.l921 *146ia'
DuluthAManltoba- I8t,i5.6sl936 *110
lis
82I3 82'8
We.st. Union Tel.
Dniv. AR. G.— Imi).,g.,5s...l928
I»t6»1937 110
Dul.A.Man.Dak.Dlv.—
!;Whltelir'«t Fiiel-(,
Dil. So. Bh. A Atl.— Gold 58. .19371
9414 93%
La. M. A Mo. R.— Ist. 5g.... 1937
[ecioto
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C—
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No
price Friday; these are the latest quotations
made
this
week.
.
.
.
—
6
.
.
614
CHRONICLE.
'J'HE
New York
Bank Statement for the week ending May
We omit two ciphers (00) in all eases.
City
as follows.
4, 1889, is
Bursa.
CapttaL Surplus.
SECURITIES.
$
2,000,0
2.050.0
2,000,0
2,000,0
3,000,0
1,000,0
1,000,0
1,000,0
300,0
600,0
1,000,0
300,0
200,0
Co
Siuiliattan
Uercbants'
BCeohanica'
iunerlca
Phenlx
Olty
Tradesmen's
Chemical
Merchants' Kxch'nge
Gallatin National
Butchers' & Drovers'.
If eohanics' <& Traders
Qreenwich
200,0
600,0
300,0
,
Leather Mannfact'rs.
Seventh National
State of New York...
Ajaerioan Sxchange..
1,200,0
5,000,0
5,000,0
1.000,0
1,000,0
Oommeroe
Broadway
481,9
1.104,7
264,9
378.6
178,H
663,1
Peoples'
North America
Hanover.
Irving
OltUens'
Nassaa
Market
4 Fulton
Nicholas
750,0'
Shoe & Leather
Corn Exchange
OorUnental
OrlentaL
Importers'
•£
500,0
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
760,0
600,0
1,000,0
300.0
250,0
200,0
750,0
500,0
100,0
200,0
200,0
600,0
300,0
200,0
160,0
300,0
200,0
600,0
200,0
3,800,0
..
Traders
Park
North River
East River
Fonrth National
Central National
Second National
Ninth National.
First National
Third National
N. Y. Nat'l Exchange
Bowery
New York Coonty...
German- American.
Chase National
.
Fifth Avenue
German Exchange..
Germania
Tnlted states
Lincoln
.Garfield
Fifth National
Bank of the Metrop.
West bide
Seaboard
Sixth National
Western National....
To'al
7,281,3
3,727,7
5,9"6,7
2,030.6
2.8r2.0
1,293,0
3,451.2
1,427,5
3,577,0
17,364.0
18,516,6
6,421.9
8,405.4
2,673,1
i:, 930,1
6,134,5
2,002,6
4,293,0
15,798,8
2.994.0
2,756,4
2.765,4
4.069,0
2,072,5
3,166,0
6,719,4
6,453.o
1,606,2
3,133,4
1,649,6
500,0
600,0
oOO.O
1,600,0
3,070,0
3,082,0
1,425.3
22,414,.--
52.S,1
2,335,0
213,3
6,809,3
104,2
1,290,9
279,9
203,0
100,0
603,6
73,9
1,000,0
Bepabllo
Chatham....
12.820.0
9.425.0
8.331,6
9,210.0
11,282.3
4,801,0
8,866,6
3,174,0
695,4
325,7
824.5
552,4
244,1
471,5
422,7
Pacific
9
S
$
450,0
200,0
700,0
Keroantile
St.
$
1.662,2
1,196,7
798,3
1,640,3
1,888,2
i'^6.0
211.1
1,070.9
2S4.6
362.3
4,277.b
1,868,7
112,7
120,6
1,358,4
496,6
212,0
289,7
6,152,5
237,8
122,6
387,4
130,2
208,t
2.1711.0
22,402,9
22.129,6
2,04 1,»
1.223,2
18,913.7
8,469,0
3,956,0
5,271,9
22,K34,2
3,183,1
1,563,8
2.5V 9,
2,,')57,6
396.!!
2,860,1
9.177.9
3 9-3,0
2,949,8
365,.'
5,.562,3
505.3
217.3
251.4
5,070,9
3,129,0
26'J,'.
1,524,2
4,387,4
2,110,0
3.369.0
1.960,0
10.748,5
631,V!
703,9
2,72i',-'.
461,3
218,4
127,5
80.8
152,8
13,870,0
10,930,0
8,601,3
8,425,0
11,696,6
4,426,0
11,056,0
2,872,0
24,202,7
4.3i5,7
6,080,3
1,180,0
666.0
616,5
878,0
781,8
126,0
1,613,0
198,2
877.4
608,9
438.4
84.3
437.0
178.4
243.3
50,9
292.3
2,008,0
2,281,6
196,8
1,063,6
460,3
425,3
l,'i8:i,0
2.867.7
1,018,0
3,356,8
493,8
.186,9
778.8
740,5
140,0
150,2
483,6
409,9
348,9
2.141,0
1,780,2
1.143,2
1,264,3
4!J3,6
2,628.1
1,003,4
•2,330,0
3,238,0
1,3.30,4
2,736,7
1,532,2
2,873,7
15,351,0
13,454,4
5,494,9
9,216,2
3,19.S,3
12,583,2
5,418,5
.355,6
430,0
635,8
3,933.8
497,2
945,6
302,4
920,0
243,4
589,0
-897,7
907,3
181,2
4,762,7
3,272,8
200,9
283,7
3,101,3
187,6
297,8
2,'.102,(l
1,092,4
301,1
.17,683,8
.3.014,1
3,071,0
3,501.8
3,096,2
4,247,1
267.9
237,6
211.6
106,2
367.0
294.0
546.1
331,5
1,943,11
Bakks.
dcf
iMlru.
Surtiiu*.
Lf<iats.
\
N. York.'
Apr.
...
..
"
"
6
13
20
..
May
4
*•
114,216.4 419,822,9
114,213,4 417,416,3
114,215,4'416,897,1
114.215,41113,914,.
114,215,1 417,810,0
27...
Boston."
41'
May
431, 113,8
410, 635,0
140, 681,8
440, 500,3
4,273,l'698,155,y
4.135,0 628,774,9
4,128,0 636,036,3
4,117,7 473,156,0
63,013,51 152,.-.67,6 11,219,6
4,346,1 140, 233,0 2,539,5
63,043,51152,365,311,089.61 4,683,1 138, 686,6 2,541,9
65,043.5 162,381,6;i0,687,6' 3,960,6 138, 299,6 2,610,6
...
27....
4...
97.918,9
80,012,3
85,095,2
34,597 H\ 94,930,0
34,597,8 95,295,01
31,697,8! 96,217,0
PUila.'
'•
$
S
$
430 8l0,il'4,309,7 711,113,8
66,569,9
68,328,3
85,007,1
26,819,0
27,761,0
28, 47,0
'We
omit two ciphers in all these Hgurer.
lelphia, the Item '• due to other banks."
96, 53,5.0 2 320.0
96, 933,0 2,320,0
98, 164,0 2,319,0
Boston and "hila'
+ Including, lor
7^1
BONDS.
4I2S,
Mar. H.
& Out-ig08,
Am. Exch...
Asbury Park
Bowery
Broadway
. .
Butchs'&D.-.
Central
141
Chase
J60
Hud
lis'
BANKS.
Oitlzens'
1921s
Ninth
.V.
11th Ward...
Fifth
Fifth Ave...
Oriental
Park
People's
•
Gallatin
260
230
225
Sixth
St Nicholas.
State of N.Y. :10
Third
116
Tradesmen's.
Western
Hill.
155
New York...
•.!30
1
245
West
.
I
260
137
I
I
I
I
I
108
111
BA1.TIMORE.
RAILROAD STOCKS
A Ohio
& Grud
St.
sliare.
i
119
125
122
133 H,
5115
123
.
110
104
1191s
132 Hi
52
>4
ill"
136 '4
124 Hi 126
104
103
100%
16
101 84
llOHi
106
1081s
113^4
123
106 >4
104 Hi
110
t
9914
122
108
1st pref
7U34
2d pref
Central Ohio
f2-
il24
115
48
66
.6Hj 60
Preferred
A Augusta
Western Maryland
Cliarl. Col.
RAILROAD BONDS
12
I
,
12.'J
Atlanta A Char.— Ist, 7s.
104
Income, 6s
Bait. A Ohio- 4s, 1936 .. 100=8'
Cape Fear A Yad.— 1st, 6s 100 10614
103
Cent. Ohio-6s, 1890
Char. Col.
Per
....
Pittsburg Br., 6a
61
PHIL.ADEI,PHIA.
RAILROAD STOCKS!
Bell's Gap
Camden & Atlantic, pref.
East Pennsylvania
Elmira & Wiliiamsport.
Cin.
A Aug
Wash.
Ist.
7s
A Bait— Ists.
43
35
55
3a
.3d
95
49 Hi
91<s
48
16
2d 5s
2&
11
1st Inc., 5s, 1931
Seab'dARo'n'ke— 5s. 1926 n'oe
West. Md.. 3d guar., 68.. 119»4
Wll. Col. A Ang.,6s,l910. 120
20
'es'
Last pric3 this week.
—
N. Y. and Brooklyn Gas Secnrlties Brokers' Quotations.
Bid. Ask
Bid. Ask.
GAS COMPANIES.
GAS COMPANIES.
Mutual (N.
102
Y.)
Bonds, 68
Nassau (Brooklyn)
170
140
Scrip
New York
163 >s
136
112
Atl.
"-i
|109
210
1st moit., 7",
35
113
58
110
00
98>s
107
18.5
106
225
104
225
112
115
102
100
111
100
Fulton Municipal
Bonds, 6s
117
105
102
78,
1907
Brooklyn Elev'd—stock..
Brunswick Co
California Pacific
Itt mort, 4His
2d mort., guar
Chic. A Atl.— Benellciary.
C.V. W. A M.- Cen. D.lst.
Imp..
Coiit'nental Con.
Stk.
Dul. S. Shore
Etiuitable
Bonds, 88
121
37
22 14
87
112
90
123
103
122
112
1
N. J. Southern
N. O. Pac. Lat d Grant...
40
18
20"
II h
2
]2Hi
Newp. N. A Mlsa, Val
N.Y. V.'. S.A Bttit
22'4
N. Y. A Green'd Lake,
2d mort
N.Y. Loan
5>4
A
1st
Imrir
N. Pac. P. d'Oreille Div..
37
Mis ouri 'Jlvlao-i
North Riv.Cons. Co.scrip.
19
Hi'
leij!
O.I.
AW.— Ist acc.iutcort
2d aec.
int.
I
H>
.«
82
27 »<
Jarvis.Conklin,M.,Deb.68
Oliio
1'.
•
—
61
40
eert
Ocean Steam. Co., 1st guar.
Pensacola A Atlantic...
76
82 '4' Postal Telegraph— Cable
28»4 St. Louis A Chicago
Prof
St Paul E.Aar.Tr..l8tBt
7H.'
IstBs
Keely Motor
"SHi
Kingst'n A Pemb., Ist M.
Leliigh A WUkea.Coal..
L.N. A. AC C.AI.Div.,6s 106
MemphisA Cha'st. consols
Mex. NatConstmcfnCo.
"ii'
20
30
6
60
102
103
6'%
I
Consol. 6s
Income 5s
187
75
17
93
14 H,
113
Ask,
Newb. Dutch. A Conn
7Hi
SdB
1st pref
2d pref
l'i2
Bid.
Michigan A Ohio
Mt Des.& East Sh. Ld.Co.
100
18
—Stock
lat 6b
Kanawha A
7**
lis
103
1U2
41
A
A At—
Pref
Qiorgla P»o
7.
120
100
119
110
SECURITIES.
A Pike's P'k, 1st 6s
A Char. Air Line
Ist
90"
People's (Brooklyn'
Williani-aburg
Boud.-i, 6s
Metropolitan (Brooklyn).
Mnuicipal— Bonds, 78
SECURITIES.
Atoh.
100
101
70=4 71
100 1103
fa's
Stock Exchanse—Unlisted Securities.
Am. Bank Note Co
1
F'ry— Stk. 205
1893
110
42d St. Manh.* StN.Ave. 80
l^t mot., 6«, 1910.
115
2d mort., income, 68
66
Honst.W.St.* P.F'y-Stk. 166
Istmort., 7s, 18'J4
108
Ninth Ave
80
.Second Ave. — Stock
97 >i
1st mort., 5s, 1910
1.08
Sixth Ave.— Stock
ICO
Ist mort, 7b, 1890
105
.Third Ave.-Stock
220
Bonds, 7s, 1890
102
Twenty-third St— Stock.. 220
let mort, 7s, 1888
110
42d
I
West Penn.— 68. 1893
—
Bonds, 58
V.
Consolidated Gas
Jersey City A Hoboken.
Metropolitan — Bonds
.ft
I
I
1
Citizens' Gas-Light
Istmort.Ts.. 1900
1st mort, 5s, 1904
106
106
2d mort., 5a, 1914
105>s 106
B'way Surface bd9...1924 104 ^
106
Bonils guar., 5s, 1903
94
98
Brooklj-n City— Stock
1:12
135
Lit mort., 58, 1902
101
105
Bklyu. Crosatown— Suto'rt 175
180
1st molt., 7s, 1009
104 107
Bnshwk Av.(Bklyn)-St'k 14n ItO
Central Crcsstown—Sl'k.. 140
146
let mort., 6Sj^l922
120
Cent. Pk.N...'tE.Rlv.— Stk. 92
Consols. 7s, 1902
118 121
Chiisfph'r&lOthSt.- Stk. 123 125
Bonds. 7s, 1898
111!
116
l)ry Dk.E.B.A Bat'y— Stk.'l25
128
1st mort.. 7s, 1893
Il08
109
121
& N. Eng.-lst, 78. .127
{IIT^B
Istmort, 68
109», 111
2d moit, 63
100 100 "a
Ogilon.1. & L.
Cons.
100 1<
Rutland— 5s
88
88 >s
Southern Kan!*a8— 58
79
Texas Division 5s
75
Incomes
94
94 <s
Wiscon. Cent- 1st M., os
39
39 >a
Income, 5s
C—
123
I2OH1 123
.
Side..
City Railroad Secaritles— Brokers' Quotations.
FuLK. -Stk. 20 ,29
D. D. K.B. AB.-Sciip6s.. 105
115
IIB
Eighth A v.— Stock
125
Br'dnay & 7th.4.v. St'k.. 178 180
Scrip, OS, 1914
107
Bl'ckerSt.
aO's
Baltimore
70
17
Hi
100
A
IStenben. A Ind.lstm. 68.
[United N. J.— Gen. 4s
Warren A Frank.- lat, 7s
West Jersey— 1st M.,78..
W. Jersey A Atl.— 1st. 8s
105
N. Y.
BrooklynG s-Light
206
United St'es.
Murray
Nassau
1601s
127
114
104
— 4s.,Tr.,sec
32
ib'i"
1
Phenix
13* "a
Produce Ex.
Republic
163
Seaboard
320*
Second
Seventh
Shoe&Leath.
First
14th Street.. 167
Ask
Pa<iflc
Metropolis... 3(K»
Fonrth
Bid
America.. ,173
1
.
East River..
I
iio
1
530
Manhattan... 168
itarket* Ful 1K5
Mechanics'.. .... 200
M'chs'&Trs'.
Mercantile.
190
Merchants'.. 150
Merch'ts Ex. 115 117
.Metropolitan 12
12 >i
Commercial..
Continental 126
Corn Exch... 226
'
113%!
.
Cons. 68., Ist ser.. 1922.
Deferred incomea, coup
Phil.W. A Balt-Tr. c, 4s
Pitts. Cin. A St L.-78.CP.
SchuyL R. E. S.— Ist OS..
'
Mexican Cen
Income
t
North River.
496
170
Columbia
Commerce... 190
N.Y.NatEx.
River..
Im. & Trad's'
Irving
175
Leather Mfs' 22H
Chatham
week.
N.Y. Comnty 420
148 ii German Am.
106
German Ex. .....
Germania...
300
Greenwich.. 130
Hanover
220
Chemical
City
this
300
Garfield
IlOU
6s.
Preferred
176
.
A
1
.
3GI4
53«e
227
66 Hi
Tiust Litau
General mortg. 4a
5101
8s.
52% 62 Hj
5
1923..
Peiin.— 1st M.. 78.
Pliiladel.
Read.-l!.t 68
2d, 7s, C.
R., 1893....
Cons., 7s, coup., 1911...
Cons., 6s, g., I.ll.C.1911
Imp., 6s, g., coup., 1897.
A
1st
54 >a
81
Pcrkiomen— Ist sc. 5h, '13 165"
I'enn. A N.Y.Can.—7s,' 96 11"
Phila. & Brie— con. 68
113>s
!
3b^
Income, 68
88
Consol. of Ver jiont^-5B. .
126
Eastern, Mass.— 6s, new.
K. C. Ft Scott * Mem.,es {H334
K. C. Ft Scott A Glf.— 7s n7Hi
Kans. City Law.& so.— 6e 5102
K.C. Memph. & Binn—68' •-—
Kan. Cit. St Jo.&c. B.— 76 i
K, City Sp'd & Menip.— 6s
K. City Cliu. & Spr'd.-Bs 5100
Little R. * Ft Sra.— 7S...I
Loul.iv.Ev.<feStL.— l8t,6s' 110
2d mort, 2.6s
i
70 Hi
18 li Pcnn.— Gen.68, coup. 1910
131H>
.11
Cons. 6s, coup., l'J03 ... 125
Cons., 5s, coup., 1919... 118>»
Atch. & Topeka— 1st, 7s.. 116»<
82
Collat Trust, 6s
68
Plain, 58
99 "a
Mortgage, 5s
100
Trust, (Sis
Bail.
Ko. R, in Neb.—
Exempt, 8s
{118>ii
Non exempt, Bs
I
53 '6
70
CAR.,
6s,
North
.
Bank Stock List— Latest prices
BANKS.
BANKS Bid. Ask.|
America
Cons.
123'.,
?
Preferred
1023, 6s
''i'-c':'n|CI«artnfl».
i
48H!
63'>a
139
139
117
General mort. 7», 1903. 132
N.Y. Phil. ANorf -l8t,8s 110
Income, 8s
50
5
1721,
Wisconsin Central
1
Apr. 20...
•
27 ..
May 4
Apr. 20
77,406,3'31, 713,5
81,231,5 33,367,0
87.771,8 .31,473,8
88,922,0 36,675,1
83,218,7 36,429,0
& Lake Cham..
Old Colony
Portland Saco & Potts...
Landgrant,7a
California South
20 1<
Broad Top
I
25 282.6
I
*
Preferred
43 "e 43>4 Leliigh Vallev
21 5^ 214
Boston & Alljauy
Little Schuylliill
Boston & Lowell
165>4 156
Miuehill & s. Haven
B-rston & Maine
179
Nesqnehoning Valley
Eoflton & Providence
Northern C'eutr.il.
"13^
California Southern
North Pennsylvania
Central of Massachusetts
12
12% Penn8vlvauia
Preferred!
23
23
Phil. <s£rie
Chic. Burl. & North'n ...
49's
Sunhury A Lewiston
Chic. & West Mich
32 Hi 35
United Co's of N. J
Cleveland & Canton
7
7'a West Jer(.ey
29i« West Jersey A Atlantic.
28
Preferred
Concord
138
RAILROAD BONDS.
Connecticut & Passump.. 113
Allegh. Val.-7 3-10s,'g6.
196
Connecticut River
Inc. 78, end. c*tup.,'94..
Eastern
80
Bells Gap— 1st M., 7s
Preferred
123 128
Cam. A Amb.— M. 6s,'89..
Fitchburg, pref
69
69 Ki Catawissa— M. 7s, 1900...
Flint* Pere Marquette..
25
Chartiers— 1st molt,, 78..
Prefen^d
97
Clearteld & Jeff.— 1st 6s.
Kan. C. Ft Scott & Mem. { 75
77 "s Connetting— 6s
K. C. Memph. & Birm.... i
53
Del.<SBd.B.-lst,7s, 1903.
Louisville Evans. & St. L.
15
Easton A Amboy.— M. 5s.
25
Preferred
F.lmira & Wilra.-lst 68..
Maine Centr.al
Harris. P. M't J.ftL.—4s.
Manch»-ster& Lawrence.
Hnnt'nA B. T.— Ist, 78..
Mexican Central
13 !s 13 >v
2d mortg., 78
115
N. Y. & New Eug., pref.. 114
Consol. M., »8
144
Northern
Leh.V.— Ist, 6s,C.&R.,'98
5175
Norwich & "Worcester
2d, 7a, reg., 1910
133
II
ZJfpositj..
Huntington
Snmmit Branch
Vermont A Mass
2,328,3
1,413,1
19,328,6
10,004,0
138.0
5,056,0
382.3
6,689,4
2,254,0 23,063,6
364,8
9,291,8
103,8
1,611,9
378.0
2,998,4
26.3,5
3,126,0
13V,1
2,329,8
693,6 11,043,7
124,1
4,177,2
3,198,0
675,7
373,2
2,967.2
5,718,8
66,0
309,4
3,791,9
3,351.9
420.2,
218,9
1,784.0
6.1811,8
248 3
2,331,0
292,0
62S,0
4,206,0
125,0
2,210,1
958.01 10,020,9
I
Specie.
SECURITIES.
Ask.
t
Ogdenalj.
60,762.7 53,452,7 417.840.0 83,218,7 36,429,0'440,500,5
Capitat
Bid.
BOSTON.
RAILROAD STOCKS,
Atchison & Topeka
3,877,0
6.220,7
6,244.0
2,130,0
24,230,2
1,603,4
2,288,4
147.1
160,9
1,653,8
1,364,0
1,625.0
1,300,0
1,29«,5
3,946,0
2,060,1
349,3
552,0
525,0
377.9
2,346,7
894,4
218,5
159,0
1,513,5
605.9
456.9
294,8
954,6
255,0
642,0
463,0
1,819,3
XLVUI.
[Vol.
Qaotations in Boston, Piiiiadelphla and Ballimoie.
Following are quotations of active stocks and bonds. A ful 1
list is given in the Chronicle the third Saturday ot each month
(OOa omitted.)
Buik of New York...
.
Deposits.
Legale,
Specie.
H
.
I
2i"\
26
Scioto Val. 1st, 7s,Tr. rec.
2d 7s, Tr. rec
Toledo Peoria
6H,'
40
i
A
16
West...
lOlif
Utah Central.— 1st Os
Vicksb.
A
106
Meridia::— 1st.
42
2d mort
Inoomea
28
stock, pref
West N. Oar. -Con. Os
S'
go's
H
:
Mat
11,
THE CHRONICLE.
1M9
Mcpovts and
,m^»,
Bnmtihtfitrwarit
Caliromla C^tr«l Rallwnjr
IS^sicumtnts,
ATCHISON TOPEKA & SANTA FE
616
RAIL-
ROAD CO.
....'.......'......'.
iSS-Wi
a,
Aiid control* loiutl/ with the Ht. Lonit A Hun PnuCisco Railway Co. the Allintic A Parltlc BR
...
Also owns one half of the Kansaat'ity lie;t Railway
(the other half beinff owneilby tlie C. M A 8t.
P. Ry. Co. and K. Cy. K. 8. A M. KR Co
Double and tide track, 26-05. Uain track
B14-i«
)
8EVENTEENTH ANNUAL KEl'ORT-POB THE YEAR ENDX.VO
DKC.
MILEAGE OF THE ATCHISO.V TOPEKA & SANFA FE RAILROAD AND AUXILIARY ROADS, DEC. 81, 1888.
I.—Alekiso)i Si/tlem .-—
AtcliiRon Topeka
it
-anta Fe
&
8. F.i
Kansas City Eniimria
RR.)
& Souiheru Railway—
470'5k
G6-32
81 27
Walnut Valley RR.Florence to WlnBeld
Marion & Mcl'herson Railway-
72-73
Florence to Elliuwood
& 8ni t (western RailwayNewton to Aikantas River
Miilvane to CaldwtU, iucludlaf; extension
at Wellingtoa
Sedgwick to Halstcad
OS'Cl
Wichita
79-16
12-67
8-89
130-72
& Arkansas Valley RR.—
Kansa.s State Line to South Pueblo
South Pueblo to Canyon City
Branches to Coal Mines
Li Junta to New Mexico State Line
150-23
40 27
7-08
96-58
29416
Denvi r & Santa Fe RailwaySouth Pueblo to Denver, including Circle Road In
Denver
124-27
New M-xico & Southern Paoiflc RR —
New Mexio State Line to San Marclal
18-12
372-09
I
12904
5704
186-08
RR.-
& El Paso RR.—
Texas State Line to EI Paso
Njw Mexican RR.—
Pan Handle City.Tex..
Lawrence Junction to Liwrence
Ottawa to Emporia
Holllday, Kan., to
Burlington Junction to Burlington
Chanute to Pittuburg
Cheirjvale toCoffevville
Arkansas City, Kan., to Purcell, Ind Ter.
.
2,082-57
546-56
25-80
56-42
42 21
60-55
16-30
919,912.918 3»
, ....
c
Bonds"..
621,690 OJ
viz
:
Rolling Stock
$1216,393 78
Track
68,235
-iO
Interest on Bonds
(A. T.
3,024-;0
Lest
& S. F.
Grant bonds provided tor by receipts
from Land Grant
168,S05 00
26241
Interest on Guarantee NoTliS
350-19
RENTAIJi
46-30
56-62
Leased
Roads
System (Int.
their Bonds)
44-93
,
79-71
227-36
11,300 83
of
on
1,588,641 06
Taxes
639,316 75
Fund
Ql'IRE.HEKTS
Re-
:
328,665 25
1,060 00
Paid
,
Accrued
3,024-50
350-19
113-78 3,488-47
In addition to the above, the Atchison Company either
entirely or controls the following mileage:
Chicago Santa Fe & Ca'IfornIa Railway—
•Mi.ln line, Chicago to Kansas City
439-94
Branch to Pekin, III. (including 5-91
milcslcased)
5S-31
A. T. & s. F. UK. in Chicago (leased by C. 8.
F. &C. Ry.)
2-12
Sibley Bridge
Mississippi River
Total
500-37
97-20
61-40
943-29
1,058 00
21061
Includes—
MiUt.
-76
RR. and
Toll Bridge
4,968,773 94
91,162,643 19
Total Profit of the Railroad
Rv. Co. under
F.
axrecm't Oct. 5, 'SO.
Reliate of 10 p. c. al-
owns
Vlx.
420,016 88
lowed C. K. AW. RR.
Co. on Earnings from
K:lle8lei..se(l»
329,7-i9 15
Total Fixed Cuaroes.
DEDUCT SUNDRY CONTRACT CHARGES,
Payment to St. L. A S.
8DM.MARY,
Chicago Kaufas & Western lin's
Gnlf Colorado A Santa Fe Railway
Californ ia Southern Railroad
2,399,760 05
:
SiNKiNo
owned jointly
05
Land
Trustees
IT.—Oxcned Jointly wuh other liailroail Oomptnies:—
Leavenworth Toiieka & .Southwe-tem RallwayLeavenworih to Mcriden Junction
Manhattan Alma k Hurlingame Railway—
Burlingamp to .Ma' liattan
Wichita & Western Rallioad—
St.
906,118 98
96,181,417 13
:
Issues) *2,588,569
Interest
87-78
Total Sonora System
Joseph St. Lou's & Santa Fe RailwayLexington Junction lo St. Joseph, and St,
Joseph to Winthrop ("ppo.slte Atchison)
lyouis Kansas City A Colorado RR —
St. Liui!4 to Union and branch (Including 4-50
284,628 98
DIRECT FIXED CHARGES.
Ill.—Sonora System:—
New Mexico .fe Arizona RailroadBenson to Nogales (on Mexican bouLdary)
Sonora Railwny—
Nogales to Guaymas (Mexico)
St.
10,387,015 10
5,229,098 liV
FROM—
RENTAL OF Plant,
Santa Fe RR. and Sys-
Atcllson System-Proper
Sonora System
OwnedJ'iii tly (one-half mileage)
83
A
p. c.
RECEIPTS
941-93
Proiier
,
197,''39
ownidhy A. T. i S. F.
RR. Co., and used as
collateral on "A. T.
S. F. RR. Co. '8 Collat.
Trust 5
18-35
21,26
Attica to Medicine L<>dge
Total Southern Kansas System
Wichita to Kingman
Kingman Pratt it Western Railroad—
Kingman to west line Kiowa County
92
423,123 63
463,063 94
1.54-48
WeUiuaton to HunnewcU
.
4,33»,64-i
C8-11
8-27
593
,
Kansas SysUm; —
Total
$10,194,042 93
Passenger
U. S. Mails
Express
Miscellaneous
per cent
Net Earnings. 33-5 p.
30-96
13-31
9-64
-...,...,,
Total Atchison System
tem
EARNINGS AND EXPENSES OF THE ATCHISON SYSTEM.
Tr.\ffic
Freight
Add-Reoeii-ts f-ir Interest on Bonds of RR.
Companies which nre
^
Socorro to Ma'-'dalena
&
m
20-15
48-20
Nutt to Lake Valley
San Antonio to Caithage
Las Vegas to Hot Spriuxs
Dillon Junction to Blossburg
Total Ateh'son Topeka
as other leased lines, forining what is now conaidere<l aa
the Atchison system proper, the op*>rations of which are given
this report as one property.
This is followed by a consideration of the various causes which have affected the badness of the Company during the year and the usual statements
of Construction, Expenditure, Capital Stock, Bonded Debt,
and other accounts. Combined with the rei)ort will also be
found full statements of the Income Accounts, Balance Sheets
and Statistics respecting the Atchison system proper, the Land
Department and tlie various leased and proprietary propertiea
owned or controlled by the Atchison Company, as well as a
general summary showing the results for the year to the
Atchison Company of all ite properties, owned or controlled.
Gross Eahnings from
Operations
Operati.ng and General Expenses, 66-5
Rio Grande
17,— Southe'n
same
:
353-97
Fe Branch
Ri Grande Mexico & Paclflo RR.—
San Marclal to Deniing
Rincou to Texas State Line
.Santa
Silver City Df-ming <fc Paclflo
Doming to Silver City
'I
To the Stockholdern of Atchison Topeka <t Hanta Fe R. R. Co.:
Your Directors submit the following report of the operations
of the Comimny for the year ending Dec. 81, 1888.
Preceding will be found the mileage of the roods owned
wholly or
part by this Company at the close of the year.
Since the close of 1887 the Stjuthem Kansas lines have been
leased to the Atchison Company, and are therefore treated the
m
46-19
:.
EmiHiria to Moliue
Florei le EIrtorailo &
Pueblo
Office of the Pbe8ide.nt,
Atchison Topeka & Santa Fe Railroad CoMPA.tT,
95 Milk Street, Boston, April 24, 1889.
Jfi/«
RR —
AtchUon t<i western boiindi'iy <if Kannas
Kansas t'liy Topfka \- \Ve>ttTU I4K.—
Kansas City to Topeka (exeliuivo of 4-10 miles of
soconcl track between Kansas City and Argentine)
Leavenworth Nortlieni & Southern Railway—
Wlhlcr (on K. <;. T. & W. KK.) to C.immlngs Junction (on A. T.
S-Si
31, 1888.
69,142 95
Interohou'd Bustn'ss
9489,159 83
Deduct one year's Inf.
on Sonora Ry. 1st
283,500 00
Mort. Bonds, paid..
7S,69«8«
9389,983 3«
Balance
ADt>-RECEIPT8 FROM OTHER SOURCES:
Income from InvestC-r.
ments
Sundry Proflts, Leaa
Debits, Net
Cr.
General Interest and
Discount, Net ...C
-.
13P.626 17
139.093 20
438,210 31
Profit of the Cojipanv
CilAR<iEg FOR DlviiiRNl>s. appllcjible to the period:
No. 3.^, payMe May IS. 1,125,000 00
717,129 68
91.10T,113'04
1,125,00000
375,000 03
2,629,000 00
Defh.ienct for the 12 mortbs to
Dec. 31, 1883
91,517,886 96
No. 36,
No. 37,
"
"
Aug. 15.
Nov. 15.
-61
1-37
THE CHRONICLE.
616
^/ji7,8Sb,g6
Brought forward
Dec. 31, 1887
Credit Balance of Sundry Profit
7,338,620 77
and Loss itoms. applic.ible to period
prior loJau. 1,1888
61.81734
SOBPHS
Add
Credit
Sdrplus
Total
Net Sckplps Dec.
to
7,953,138 11
$0,43
31, 1888.
i,
551 15
FE RR COMPANY AXD SYSTEM
PROPER.
1888 compare with 1887 as follows
ATCHISOS' TOPEKA. &
Operations of
S.ANT.i
Increase or Decrease-
1887.
1888.
Miles of road,Deo.
31
Averafte mimlier
3,016-35
3,02 1-50
reaching almost every point of conseauence on our lines, and
dividing with us the business which has here'.of ore sought our
road.
1887
Dice. 31,
8-1."
Inc.
Following the opening of these new lines came active and
vigorous competition for the diminished business and reductions of rates, which had to be met to retain our traffic, but
which under the provisions of the Inter-State Commerce Bill
we could meet only at the cost of proportionate reductions to
and from almost all other points on our lines, whether they
were reached by our competitors or not. Before the enactment
of that law, this competition could and would have been regulated by an arranged division of business between the hues;
but, any such arrangement being now prohibited, the competition was continued, with the usual result of loss to all interests
and advantage to none.
397-77
2,622-40 Inc.
3,020-17
of milesoperat'd
Oroas earnings ..$15,612,913 25 $18,461,366 20 Dec. $2,849,453 01
Operat'g expens's
$9,857,291 07 Inc. •$530,524 03
(excliul'g ta.xc<).f 10,387,815 10
-Operat'^ expens's
$818,707 07
Iqo.
(inclaiV),'ta.to-). $11, 027,161 85 $10,408,45178
Net Earnings (c.k88,604,075 19 Dec. $3,378,977 04
cludiuj; taxes).. $5,225,098 15
Net Eariilugs
.
H.585,751 40
$8,052,911 48
66 53
53-39
Inc.
70-33
56-33
Iqo.
$5,169 55
$7,039 87
Deo.
$3,439 43
$3,753 88
DlC.
$319 40
$3,65117
$3,969 05
Dec.
$317 83
£ariting3
excluding taxes)..
Doc.
<
Expenses
to
(includ-
ing Taxe-)
•Gross Earu'gjper
average mila
operat-d
Operating Expenses per average
mile
operated
(exclud'gTaxes)
•Operating Expenses per average
mile opera'd (including Taxes).
Jf et eam'gfi per average mile oper.
(ex. lud'gTaxcs)
Jlet earn'gs per average mile oner.
(deduct'gTaxes)
'Total Passengers
—
$1,730 07
$3,230 99
Dec.
$',550 92
$1,518 38
$3,070 82
Deo.
$l-,552 44
916,040
1,023,094
Dec.
107,051
1,012,759
1,116,529
Dec.
103,770
$2 ,191,873 50 Deo.
$330,836 38
$2,474,605 80
$2 914,778 31
Dee.
$170,172 51
1,399,954
1,464,945
Deo.
61,991
2,374,633
Deo.
791,756
$3,523,528 92
Inc.
$351,336 21
$3 ,724,814
Deo. $2,405,637 05
Gross Passenger
Earnings East.. $1,861,037 12
Frtssengei'
Earnings Wist
Tons Freight
carried East
Tons Freiglit carried West
Gross Freight
Earulng.-i Eust..
Gross Frright
1,582,877
$3,874,805 13
Earnings West. $6,319,177 80
1
8.)
EARNISGS.
The earnings
.
rates,
—
,
carried East
Total I'asseugcrs
carried West
•Gross
in this respect.
;
Percent Operati'g
Eam-a
EATE3.
common with all railroads, and particu'arly with those
of the West, we have suffered largely from uuremunt^rative
rates.
Many causes have contributed to the existing trouble
In
First should he counted a tendency to low
which has long been growing, and which owes its existence to a variety of reasons. Temporary reductions rapidly
$3,467,100 03
while it is -with the greatest difficulty
become permanent
that an advance in rates, either temporary or permanert, can
be maintained. The fixing of rates is a subject of great com1314 plexity and difficulty at best. A vast number of elements
enter into it. Conditions so variable and so intricate have to
be taken into consiileration that the question, what are just
14-:
and reasonable rat-js ? that is, what rates will produce a fair
return upon invested capital ? is only capable of an approxi$1,870 32 mate answer. The difficulty is increased by the fact tliat, int
dealing -with it, a railroad company is beset with obstacles noe
connected with the subject ittelf but created by those wh oie
(de-
ducting taxes).
Per cent Operal'g
£ -X p e n a e a to
XLVm.
[Vol.
for the year 1888 are .$2,848,4.53 01 less than
•during the preceding year a decrease of lo 4-10 per cent. Of
this decrease it will be observed that SiOl.OOS 89 is the loss on
•our passenger busine9.s, and §3,0^54,300 84 is the loss on
freight traffic.
The number of passengers carried was
1,938,799, agamst 3,139,623 during 1887 and the average rate
received per passenger per mile was 2-271 cents per mile,
against 2-3i57 cents per mile in 1887.
Had the same rate been
received in 1888 as in 1887, the passenger earnings would have
been increased $164,140 69, which would still have left a decrease of $630,868 20, representing an absolute loss of business.
The numlx?r of tons of freight can-ied one mile during 1888
was 810,.593,805, as against 909,167,842 in 1887. showing a docrease of 98..')74,037 tons. The average rate per ton per mile
•was l-3^58 cents in 18S8, against 1'347 in 1887, showing a de•crease iu the rate of '089 cents.
If the same rate per ton per
mUe had been received in 1888 as was received in 1887, the
freight earnings would have been increased §721,428 48, leaving still a decrease of $1,332,873 36 from the freight earnings
of 1887 on account of actual decrease of business.
It will be seen from these figures that, even with the additional traffic derived by the Atchison System from its recent
extensions and additions, the actual nuiiber of passengers and
tons of freight transported was considerably lets than during
the preceding y<ar and it is obvious that, "except for the business coming to it from its newly-constructed lines, its earnings
—
;
;
must have shown a greater decrease
still.
This redtiction of business is due to various causes first,
the unusually lighr crops for two successive years and the consequent depression of all kinds of business throughout our
entire territory.
community chiefly agricultural such as
that served by our system of roads does not accumulate
wealth rapidly, and the loss of a single year's crop is seriously
felt
while a loss of crops for two successive seasons becomes
almost disastrous, affecting every business, enforcing every
economy and delating every improvement.
Naturally, railroads in such regions feel the misfortune of poor crops as
speedily and completely as the people themselves, since they
lose the transportation not only of the products of the soil, but
also that of merchandise, building materials and other articles,
the consumption of which is lessened at once with diminished
:
A
—
—
;
prosperity.
The earnings have been, further, greatly reduced through
the construction of new Unes in Kansas by other companies,
which have covered our territory with a network of raUroads
interests, either real or apparent, are adverse to those of th
The public voice, whether speaking through legislarailroad.
tive bodies, administrative officers, or business communities,
invariably favors lower rates. Tlie competition between individuals, localities and commercial centres, not less than that
between railroads themselyes, stimulates the downward tendency. With all these influences working in practical combination to reduce the earning power of railroads, their right to
make any combination for self-protection has been denieJ by
State and National enactments. The theory of these laws is
radically false, because the^ overlook the fact that the public
interest requires stability in rates, not less than that they
should be fair and reasonable. Nothing can be more certain
than that unrestrained competition, artificially stimulated bjr
public sentiment, is productive of far more evil than gooa.
The recent amendment of t^ie Inter-State Commerce Act, by
which reductions of rates without notice is forbidden, is a recognition of this principle, to be followed, it; is hoped, by other
needed changes. .The long and sh'irt-haul clause is another
feature of the Inter-State Commerce Act which was no doubt
intended to secure justice and prevent discrimination as between localities. But tlie actual effect has been to build up
certain towns and cities at the expense of others, to disarrange
the commerce of the country, to force businei.s into unnatural
channels, and to enlarge the traffic of a few lines while crippling and destroying that of many. For the sake of attaining
an abstract and intangibl" equality, it has driven railroads out
of business at one point uiider penalty of losing it at many
others.
To deal with these discouraging conditions has been a most
but to them have been added many others which
should be mentioned. In several of the Western States rat«3
have been established by law which are ruinously low and,
difficult task,
;
although our system has been comparatively free f ro'n this injustice, it will be easily seen that we cannot entirely escape its
When
rates in Iowa are arbitrarily forced down, the
difficulty of mai'.itaining fair rates in adjoining States is immeasurably increased. It is but natural that Nebraska and
Kansas should object to paying what transportation is worth
svhen Iowa and Illinois can get it for much less. The result is
a constant pressure upon railroad companies to make their
rates conform to those established by law in neighboring
effc-cts.
States.
Another influence has worked against the maintenance of
reasonable rates, and especially upon our lines namcLy, the
Not
failure of crops and consequent stagnation of business.
only do we lose in the volume of traffic, but the volume being
secure
greatly reduced competing lines increase their efforts to
what remains, and this leads to reductions by one wliich must
be met by the others under penalty of surrendering the busiThe result is light traffic, and little or no return. But
ness.
aside from competition, there is in times of bu-siness depression
another influence which injuriously affects rates namely, the
difficulty of maintaining the price of transportation when the
price of" everything else has depreciated. This is a pecuhar
hardship for, the volume of business having diminished, a
railroad company can only save its revenue by adhering to its
rates, and even th. n it uiiist suffer to the extent of its loss of
But the people demand that the railroads shall
tonnage.
share the general misfortune, and what the people demand
they seldom fail to obtain. The Atchison Company has every
reason to appreciate the fair and reasonable treatment it has
received from the State of Kansas; but Kansas is no exception
to the rule that hard times increase the difficulty of maintaining rates. For instance, in the fall of 1887. when the failure
of crops was bearing heavily upon the jieople, the Riiilroad
Commissionei-s addressed a letter to the Kansas Railroad Companies setting forth the existing distress, and that "similar
;
:
;
May
11,
THE CHRONICLE.
IKO.J
have been met in the sjiirit which wp
now invi)ke,'' and suggestinR a temixirnry redui'tifin <if ^pnim
This reiluotion was of course made and the Comparates.
nies, liavinK ah'endy lost in traffic, lost also in the compensaenierpeiiciee in tho pnHt
„omr<w-ing
it.
817
It Is »K-llevcd
and the railniadi).
OI'EKATINO K.XI'K.NHKS.
;
tion tliey rcceiveil for wliat was left, thus tailing two shares
instead vl one of tlie common loss.
In the fall of 18^S similar conditions existed, the result of
another failure of crops and again the railroads were asked
The Circular
to meet the emergency by a reduction of rates.
of the Kailrond Commissioners so forcibly presents the conditions whicli confronted both the people and the railroads, that
we insert it ixf full.
;
Office op Board of
Rauaoad Commissioners of State op Kansas,
CIRCULAR
No.
f
To A. A. Robinson, Esq., General Manager A.
Topeka, Kansas.
13, 1888.
T. <& S. F.
RR.,
—
Dear Sir. In a certain portion of Kansas, mainly that section lying west of the sixth principal meridian, the com crop
for die i)resent year wiis a failure, owing chiefly to the prevalence of hot winds in July. The same condition prevailed the
year previous, but with more destructive etfect over a larger
area. To meet this emergency last year, the Railroad Comjwnies operating in this State put into effect a re<luced grain
which greatly ameliorated the unfavorable conditions
then existing. In "the region stricken the present year the
conditions are even worse than they were the year before.
Large numbers of farmers in that part of the State will find it
very difficult to procure necessary food for stock, which must
be support&d in order to conduct farming operations in the
future.
It is of the utmost importance that whatever aid and
encouragement can be extended to the people suffering from
these repeated disasters should be afforded promptly and gentariff,
erously.
The appeal addressed by us to the railroad managements in
this Slate last year met with a ready and willing response, and
The Board is in rethis was duly appreciated by the people.
ceipt of letters from farmers living in the western part of the
State, in which it is represented to us that similar aid in reduced rates on feed grain would, the present vear, be of very
great benefit to that part of the State. That t^is would be the
case is sufticiently suggested by the considerations above noted.
What is needed is a system of very low rates upon which to
move a sufficient amount of grain from the eastern to the western half of the State, to supply as cheaply as can be done the
pressing necessities of the farmers of the latter region.
The Board feel it incumbent on them to suggest that a tariff
of special grain rates, as low at least as those put into effect the
1st of October, 1887, be renewed, to effect the object here indicated. We believe that such a policy will i-edound to the
mutual benefit of the people and the railroads whose interests
are inseparably Unked with the future of this State, the prosperity of both being mutually dependent.
A copy of this letter is simultaneously addressed to each
general manager whose lines penetrate the western half of the
State.
Plea.se
acknowledge the receipt of this letter, and advise the
Board of your action thereon as early as convenient, and
greatly oblige,
Yours truly,
H. C. RlZER, Secretary.
By the Board.
At the time this circular was issued, the Companies to which
was addressed were suffering from the general prostration
of business and enormous losses of revenue but the reductions
called for were made, and a grain schedule put into effect un-
it
;
der the supervision of the Commissioners, which, while it no
doubt tended to diminish the hardships of the general public,
materially increased those of the railroads.
Again, in the matter of coal rates, we have recently had an
illustration of the principle that, even omitting the question of
competition, rates cannot be maintained in hard times. As an
article of prime necessity to the people of a sparsely wooded
country, coal has always been carried at a low and comparatively unprofitable rate.
The past winter having been a warm
and open one, the demand for coal has been small and the
amount transpo .^ ed corre.spondingly light. It would seem, if
business princ
les are considered, that under such circumstances the carrier should be permitted to maintain its rates.
But the reverse has happened. The Railroad Commissioners,
in obedience to the public demand and a legislative resolution,
have called upon the railroads of the State to reduce their coal
mention these facts
rates from ten to twenty per cent.
not to complain of them, for to do so would be to complain of
human nature. They are referred to as illustrations of the
difficulty of maintaining rates in States or communities which
are suffering from business depression. The people of Kansas
are as fair and reasonable in their treatment of railroads as are
those of any Western States, and the Board of Railroad Commissioners are exceptionally just and able. But aU considerations yield to self-interest.
Returning prosperity will no
doubt materially diminish the demands made upon the railroads for lower rates.
You are aware that a large number of Western Railroad
Comi>anies have formed an association, with the approval of
the Inter-State Commerce Commission, for the purpose of preventing the unnecessary and destructive wars of rates wliich
have been too common in the past. Your Company took an
active interest in the organization of this association, and
aided in securing the co-operation of the different Comcanies
^
We
wiU 1« b«n«>
The expenaes of operating averaged $810 40 low p«»r avctntfc*
mile operated than in 1887. although the total fxrx'i,m-» nhow
an increase of $580,624 08, the excess bcinK entirely rhie t.i the
increased mileage, the average numb<-r of miles o|t<>rnted In
1KS8 U'ing 8»7*7 in ezoeaa <rf that oprated in 8)^7. The condition of the road, bridKes and buildmgs, a'< well as that of ita
rolling stock, has been fully miintained, and waa nerer batter
than at present.
1
DIVIDENDS.
from operating your
Tlie unfaTorablc results
(
4.
TOPEKA, November
that the ifMOciatlon
"cial both to tho jjublic
roail in
the paafe
year have caused more or lew cnticism o^ the action of yoor
Directors in increasinf^ the divi<lend in the fall of 1887 to 7 per
cent. In forming a just opiaion of this matter, it in necMsary to recall to the stockholders the statement made in circular of July 30, 1887, which announced tho intention of paying 7 per cent, commencing with November of that vear. It
was stated in tho circular rcferre<l to that for the " six months
ending July 1, 1887, the net earnings exceeded by more than
$1,200,000 the net earnings for the flrrt six months of the rear
1886 that the earnings were still increasing, and what' haa
always been true in the past may be expected this fear aim:
namely, that the revenue of the second six months of the year
will be considerably in excess of that of the first six months."
The prosi>ect of very good crops and a large fall business at
the time the circular was issued was all that could be desired ;
and that the expectations were not unreasonable may be seen
from the following figures, showing, first, the increase of groa»
earnings of the second half compared with the first lialf of the
following years:
—
First Balf.
Strond Half.
fnertait.
1884
$7,646.815 40
$8,645,067 31
lfi09S,25l 91
1885
7,227,356 46
8,344,138 03
1.116,S82 4T
1886
6,041.367 72
9,042,030 47
2.101..'i71 75
1887
9,001,634 93
0.360,73128
278,006 301888
7,174,57147
8.438,34178
1,263,770 31
and, second, the increase of net earnings for the second half
of each year as compared with the first half
—
:
Firtt Half.
If3,535.040 03
1884
1885
3.114.928 75
Seeond Hair.
84,201.343 80
4,(i00.6!)3
4,020..->33
01
Tnereate.
$665,403
S»
1.495.764 281,977,816 61
04
G.'S
1887
4.404,109 83
4,199,965 3u
204,144 47
1883
1,990,703 23
3,225,33102
1,225,5716*
It will thus be seen that, through the partial failure of thecom crop, and through other causes which did not exist and
which were not apparent at the time the circular was issued,
the year 1887 formed a remarkable exception to what had
hitherto been the regular course of the Atchison Company'searnings, the second half of that year showing an increase
over the first half of only $278,096 30 gross and §204.144 47 net.
It should be observed tliat the usual relative conditions of
earnings again asserted itself in the year just passed (1888),
when the excess of gross earnings for the second half of the
year over the first half was $1,263,770 31, and the excess of
net earnings Sl,225,.571 69. H£id there been no failure of the
com crop in 1887 and all the indications pointed strongly in
the other direction when the circular was issued and had
rates been maintained, the Company would have earned more
than the full 7 per cent for the entire year"; and this increase
would have been much greater had there not been another
season of light crops.
While the completion of the Chicago and other lines in 1888warranted the anticipation of such an increase of the businesa
and pioflts of the Atchison Comimny for that year as to place
beyond reasonable doubt the ability of the Company to continue to pay 7 jjer cent, how all these expectations were unfulfilled has been already explained, and the causes were such
as to be quite beyond the power of any Board of Directors to18.-6
2.94-.',TG7
—
—
control.
.The interruption of dividends grows out of cau.ses which, in
the opinion of your Directors, are not permanent. Under
other and more favorable conditions, the Comiiany was able to
pay its shareholders dividends upon their invi-atments for a
period of ten consecutive years, tew railnjads in the countrycan show a better record ; and this record, as well as the lew
fortunate conditions of the present, should be fairly considered
in any estimate of the value of the Atchison property or of its
future earning capacity.
EXTENSIONS IN KANSAS AND INDIAN TERRITOBY.
The history of Western railroad constmction for the past
quarter of a'centurv has demonstrated that sutveasful result*
can only be attained by wcupying territory promptly, and
often in advance of actual business necessity. This was the
policy of the Atchison Company from the first. It led the
way. It built, not upon assured returns of profit, but upon a
faith which time has abundantly vindicated,— that the great
Western and Southwestern regions of the country were rich
in possibilities, and that the comiwny which first oc<upied the
Every
territory would reap the first and greatest rewards.
stockholder of the Comimny, every investor who contributed
his money to the enterprise, thereby expresse<l hU confidence
in this policy. That it was a wuse one no one questions, or can
question. Cid it cease to be wise when the Comiwny completed its line through Kansas, or when it reached Pueblo, or
when it pushcil across the Raton and entered New Mexico r
The final development of the road into a trans-Continental ^atem did not. in the ojiinion of your Directors, justify the Com-
pany
in
assuming that henceforward it bad no duty to perform
We believed that thg
its completed line.
except to operate
—
THE CHRONICLE.
618
{Vol.
XLVm.
which was naturally tributary to the Atchison Sys- also, that the new line would secure its fair proportion of the
tem should be preserved to that system that the line which traffic between the cities of Chicago and Kansas City, which
had been constructed at such gi-eat expense, and with such must increase with the growth of both cities, as well as a
persistent zeal and energy, should not be left a single thread growing and remunerative local business to and from points
extending from the Missouri River to the Pacific Ocean, Uable on its line.
Upon careful consideration, your Directors reached the conto be cut by rival lines and its business seized by its
more enterprising neighbors. Adjacent to it were large clusion that the interests of the Atchison Company would be
tracts of country not inferior in soil, climate, or other best served by building the line; and, after calling into connatural advantages to that through which the main line sultation a number of the largest stockholders outside of the
These regions had contributed some business Board and finding that they concurred in these views, it was
extended.
to the Company; but as early as 1885 the increasing settle- decided to proceed with the undertaking.
When the road was nearly completed certain parties not conments and other changing conditions made it evident that by
inaction the Company would not only lose such business as it nected with the Board, but largely interested in the securities
had already secured therein, but lose the opportunity of of the new line, desiring to obtain an opinion as to its prossecuring it in the future. Other lines competitive to the pective value from an entirely unbiased and disinterested
Atchison were threatening to extend into this territory, source, engaged Mr. James C. Clarke to make a persona 1 exattracted by the prospect of madcing it tributary to their own amination and report upon the property. Mr. Clarke was
systems and at the same time detaching it permanently from formerly President of the Illinois Central Company, and thorours. To occupy a portion of this territory seemed to your oughly acquainted with the West and Western railroads, and
Directors then, as it does now, an obvious duty. It was hoped being in no way connected with or intere *ted in the Atohison
that prompt action on our part would deter other companies Company it was justly considered that his judgment in relafrom building. It is true this expectation has not been fully tion to the property would be of great value. He was desired
realized; but we submit without hesitation that the Atchison to report, not only upon the physical characteristics of the
Company was bound to act upon the evidence before it to the new roal, but specially upon its ability to handle traffic at the
same extent that individuals do in other business aflfairs. It is lowest cost, upon its terminal facilities and conveniences for
easy to assert that unnecessary, and therefore unwise, exten- exchange of business with other lines, and primarily upon its
territory
;
made; but we remind such critics that not a
mile has been built in the past four years that did not, at the
time, have decidedly greater promise of profitable business
than did the main line of the Atchison when its track was laid
across the deserts of Western Kansas, Colorado and New
Mexico. There is no wisdom so common as that which comes
after the fact.
Drouths, failure of crops, excessive competition, continually decreasing rates, unwise legislation, strikes
and other calamities, have befallen us, as they have other
Western roads. But your Directors could not know in
advance that any of these unfavorable conditions would have
to be met much less that they would all have to be met at
one and the same time. Tliese misfortunes bear with equal
severity upon main lines and branches upon the original
Atchison system and upon the extensions, which have oeen
the subject of unfriendly comment. Indeed, so far as the
main Atchison system is concerned, its earnings have been
increased by the extensions. True, they have not been
increased enough to make 1888 a remunerative year, nor
enough to counterbalance the loss sustained by the operation
of the extensions. But it must not be forgotten that neither
railroads nor extensions are built with a view solely to immediate earnings. If wisely planned, they look to the future, to
the growth of States and communities, and to those settled
sions have been
value as a railroad property in
tions to the Atehison System.
independent of its relaHis exammation and report
itself,
was made in December. 1887, and his conclusions fully justify
the action of the Directors in building the line. After stating
that he finds the line thoroughly and carefully constructed
with seventy-one pound steel rail, and its main bridges being
of the latest improvement in iron, with first-class stone
masonry; with admirably located and complete terminal facilities and conveniences for exchange of business with other
lines
that its permanent nature, light grades and curvature
will enable it to be opDrated at small relative expense he says
that in his judgment " the road should be self-sustaining from
business in two years from its completion,'' and
its own
that "it ought at no distant day, to yield as large a profit as
any equal mileage of the Atchison line."
Although the line was opened for through business in May
last, it was in such an unfinished condition that we could do
comparatively little tiU July. As a new line must necessarily
work under great disadvantage as against old lines with long
established business, it was not to be expected that during
the few remaining months of the year the road would do
much more than earn the expenses of its operation; yet in spite
of the falling off of the business of the Atehison Road, the competition and rate-cutting between Chicago and Kansas City, the
conditions on the basis of which all business operations are new line not only earned its expenses of operation, but conconducted, and without which no business can prosper.
tributed materially to the interest on its bonds.
Every mile of our new roads has been built by the Company
The line is still a new and unfinished one, and will require
itself; and no construction company has been interposed to considerable time and expenditure of money to bring its conincrease their cost, thus securing to our stockholders the dition up to our standard of excellence; but, when that is
actual value of every dollar which has been expended upon reached, the road, from its advantages in distance, grades and
their property.
Since their construction, repeated failure of curvature, and cost of operation, cannot fail to prove a profitcrops has prevented these extensions from showing their real able one for our Company. Your Directors have as yet seen
earning capacity. With fair conditions and the natural no reason to doubt the wisdom of building the line.
growth of the country, we do not doubt that they will prove
GULF COLORADO & SANTA FE RAILWAY.
valuable additions -to our system, though this result will be
Early in the year 1886, when the railroads of the country
retarded by the competition of other lines which have built
were in a prosperous condition, a proposition was made to the
into the territory which they occupy.
Board for the sale to our Company of the Gulf Colorado
THE CHICAGO LINE.
Santa Fe Railway of Texas. This railway then extended from
In the report for the year 1886 the reasons were set forth Galveston on the Gulf of Mexico northward to Fort Worth
which induced the Board to decide on building the Chicago and Dallas, two of the most prosperous cities in the north of
line, and it may not be out of place briefly to recapitulate the State, with a number of branches projecting into the
them here.
adjoining counties, making altogether about six hundred and
Had the Missouri River continued to be the Western ter- seventy miles of railway completed and in operation. The
minus of the lines by which we reached Chicago and the East, section traversed by tlus line is the best in the State, having at
it is not probable that we should have ever considered it
the time of the purchase a population about the same as that
expedient to build east of the river; but, upon their extending of the same mileage of the Atchison Road in the eastern part
westward into and through our teiTitory, we were left with of Kansas. The following statement shows the population of
but one Eastern connection that was not a competitor also. the counties of Texas through which the road passed, accordThe disadvantages of doing business under these conditions ing to the Census of 1880, the last published preceding the
were too obvious to be overlooked, and the Board found it purchase
necessary to consider at once how best to meet the situation.
11,217
24,126 Bosque
Galvc3ton
It was considered that a traffic agi-eement is always uncer- Brazoria
16,559
9,780 Hill
17,912
25,175 Johu'-ou
wanting in that permanei t character Harris
tain and unsatisfactory,
33,490
Dallas
9,;i?jO
necessary to secure our interests and dependent upon the con- Fort Bond
24,673
27,584 Tarrant .
Washington.
tinuance of harmonious relations between roads whose inter- Grimes..
8,il5
18.608 Brown.
•''.603
10,154 Coleman
ests might at any moment come into antagonism.
Montgomery
1.'<.145
9,242 Denton
traffic agreement being rejected, there remained only to Burleson
20,391
18,U59 Cooke
consider the acquisition of a line between Kansas City and Milam
25,985
20,520 Collin
Bell
17,229
Chicago; and between constniction and purchase there was Lampa „.
5,421 Hunt
-__
27,191
26,933 Lamar
no choice there was no line for sale, except at an exorbitant MiLenuan
price.
By way of comparison, the following table shows the popuThe necessity for building a Chicago line to put us on an lation of the counties traversed by the eastern three hundred
equality with our competitors being admitted, there remained and fifty miles of the main line of the Atchison Road, accordthe question whether such a line might not only be self- ing to the same census
sustaining, but also a source of profit to the Atchison Com- At.'liison
11,4?4
26,674 Uirvey
12,824
Rono
1 .564
pany. This Company owns or operates over six thousand and .Teff.rson
9,292
29,0,12 Rice
Shawnee
live hundred miles of railr )ad, exten ing westward and south10.319
19,643 Barton
westward from the Missouri River to Galveston, to Southern O.^ajte
5,396
17,327 Pawnee
Lyon
2,109
K.081 Edwards
Colorado, to Mexico, and to California, all of which great Cliase
3,122
12,457 Ford
Marlon
extent of country has extensive and increasing business relations with Chicago and with the East via Chicago; and the
These were at the time the only figures accessible but
greater part of the business to and from this mileage would inasmuch as in 1886 the population of the cities of Galveston,
naturally follow a continuous road, and thus yield a large Dallas and Fort Worth was greater than that of the counties
traffic to the new line, independent of such business as it in which they were situated in 1880, and that for several years
might secure from other connections. It seemed probable. a large immigration had been constantly flowing into the
;
—
—
—
&
:
—
A
—
:
I
;
—
Mat
11,
THE CHRONICLE.
1889.]
states, the increase in
Kansas and Texas was probably about
the same.
At the time of the purcliose, the line was in excellent condition and, passing tlirough such a country as it does, it
seemed as if it must necessarily be self-supixirting. The cities
connected by it were large and growing, tlie country wellcultivated, and, when connected with the Atcliison .System by
extensions tlirough Indian Territory, there would be in8titut<Hl
an exchange of pnxlucts tetween Kansas and Tejcas that would
be beneficial to both States as well as to the railroad connecting
them. The connection would also oi)en a line between Texas
and Colorado and the projected branch to connect with tlio
St. Louis and San Francisco at Paris would give tlie State
another line by which to reach St. Louis, Chicago, and the
East.
While little local business was expected from the Indian
Territory for the immediate present, confidence was felt that
few years could pass before that part of Oie Ten-itory already
known as Oklahoma would be opened to settlement, and that
then that part of the line would take care of itself.
But of more than any other value to the Company your
Board considered the acquisition of a line to tide-water and,
satisfied as they were that business between the Atlantic
Coast and the Pacific must ultimately find a cheaper route
than all rail, it seemed a matter of great importance to secure
such a route. Even as early as at that time, 70 per cent of
the entii-e shipments to the Pacific Coast from that part of the
country east of Buffalo and Pittsburg were taken ma water to
New Orleans, and thence by rail and since that time the
proportion has increased to 90 per cent. Of course, the view
in relation to the use of a water route looked to a new and
independent steamship line between New York and Galveston,
owned or operated in our interest, by which we should have a
line of our o^vn from the Atlantic Coast to the Pacific, placing
us on an independent basis for trans-Continental business like
that of the Southern Pacific. So far we have not been able to
realize this part of the plan
but if we should carry it out,
the results would demonstrate its value.
;
;
;
619
ttraugkt furttard
(Ttvraiments, Bonds and Stooki In Tri
19,916 62, cost
tr»*4»rr
Avn<'-.''
"'
M.OOO.AM'n
•4,O0O,»M^
•
Mm
Hi 00 band
Sumii
AdmnoM to
w.iuM, Including
7;SlTMaf
AuxUlarie*...
l.fflz'.losM
$11,067,1M4«
*
Does not Ini'lude Seouritles held nnplatlged bjr loTMtmant ProDv.
owned by Atohlson Co.; par, $7,761,775 76; coit $5,987,977 S^
tlea
COSBTRUOTIOW EXPKITDtTUBBfl.
COOTTRUCTIOM AMD KQUIPMgXT BXPEVUrrURU CHAROCD TO ATCH. TOr
A 8. PK AKD m^tUTIIEim KANSAS CONSTBDCTIOM ACCOtnTT*.
For new Stone Culverts and Improroment of Line
For new Side Tracks
For new Fences
•a.lNMia
li8308M
llJIAe 16
Kornew Brldgos
a0,aas&7
For new Kulldlugs
For iieT To. 'Is and Machinery
For Real Estate
For Miscellaneous
154,948 91
.,
80384 99
1308
98718
M
,
.
$101^07 23
$I,120,2'4 21
2,571,113 92 3.601308 IS
For new Locomotives
For new Care
$1,002,799 3«
Expenditures during the year for Real Estate and Permanent
Improvements on existing roads charged to account of Auxiliary Companies
:
;
;
OKLAHOMA.
Florence Eldorado
Valley ER.
Kansas (Ity Emporia & Southern Railway
Kansas City Topeka & Western RR
I>oavenwortli Topeka & Southwestern Ba
Uway
Marlon & McPhorson Railway
New Mexican RK
New Mexico A AiizonaRR
New Mexico fc Southern PaclHc ER
Pueblo & Arkansas Valley RE
,
El Paso RR
Rio Graude
Rio Grande Mexico & Pacitlc RE
surer City Doming A Pacltl ) RE.
The Soul lieru Kansas R'w.iy (H. AW. and Kan. So. Dir«.).
The Southern Kansas R'way (Kan. City & Emp. DIv.)
The Soulhern Kansas E'way (Kan City & Olatne)
Wichita & Southwestern Railway
,% W.-vlnut
>fe
$2,526 55
882 81
0.4,094 53
Or.721 34
3,931 19
1(>,420 24
0.2,404 67
23.391 79
103.855 74
2,790 62
13,907 22
Or 2,022 32
10,880 48
44,868 07
3,750 25
41,253 20
Although occurring since the close of the year, it may not
be improper to refer to the recent opening to settlement of that
portion of Indian Territory known as Oklahoma. While the
$262,627 30
Territory covered by legislation included about six million
acres, the President's proclamation only opened about oneExpenditures during the year for Real Estate and Constructhird of it to settlers. The immigration will be so great as to
cover this section very speedily, and action is already being tion of new roads:
taken to purchase the Indian title by the Government to the *Atohlsun Topeka & Santa Fe ER. in Chicago...
$2,144,217 SO
"Chicago Kans IS & Western Lines
1,361,776 68
remainder, and open that also.
Tliere is every reason to believe that the earnings of the
Atchison line wiU be largely increased by the settlement of
this region, as the Une passes North and South through its
entire length, and is the only railroad by which the country is
directly reached.
LAND DEPAETMENT.
SOyOEA AND_OTHEE AUXILIAEY BAILEOADS.
Statements of the operations of these properties for the year
1888 will be found following this report.
CAPITAL STOCK ACCOUNT.
At the close
of
1888 the Capital Stock, Including the
Scrip outstanding,
amounted
$75,000,000 00
to
•Chicago Siinta Fe & California R'way. .. $5,255,299 52
72,943 77
Mls8i8Sit>pi RlT. Bridge (atFt.Madlson).
206,26219— 5,534,505 78
Missouri River Bridge (at Sibley)
1,911,914 38
California Central Railway
187.204 72
Dpnvcr&.Santa Fe Railway
Eldorado & Walnut Val. RR., Winfleld Exten..
6,494 14
Florence
2,949 25
Kansas City Emporia cfe South R'wav, Howard Exten .
L'invenwonh Northern A Southern R'way
208,344 01
67,038 07
Pueblo & .Vrkansaa VHlley UR., Clclland Extension
160,759 61
St. Joseph St. Louis A- Santa Fe R'way
46,994 68
St. Louis Kansa-sCity & Colorado RR
Kansas A Panhandle RR
87,788 10
Southern
29,931 67
The Southern Kansas R'way, Frontenac Extension
112 19
Katsae R'way, GIrard Extension
The Southern
204,320 16
The .Southern Kansas R'way, Indian Ter. Extension
Kansas R'war, Medicine Lodge Exten....
19,326 88
The Soulhern
121,289 03
The Southern Kansas Railway of Texas
$12,298,093 01
BOND ACCOUNTS.
The Bonded Debt of the Atch. Co. on Dec. 31, '87, was $37,695,000 00
There were issued in 1?88—
At. Top & .S. Fe RR. Co. Six per cent SinBing Fund
Secured Bonds
2,152,000 00
At. T. & .S. Pe RR. Co. Collateral Trust Five per cent
.
Bonds, account of construction of Califorcia Cenand Denver & Santa Fe roads
..
8,201.000 00
tral
$48,018,000 00
Eedeemedin 1888—
Other expenditures
$180,000 00
Canyon City Coal Company
128,71079
Kansas City Belt Railway
Bathhouses. 36,831 78 $345,943 57
Las Vegas Hot Springs Hotel and
& S.
Pe Five per cent Bonds
$34,000 00
A. T. Sc S. Fe Sluicing Fund Five per cent
Bonds
37,00000
A. T. <t S. Fe Four-and-a-hait per cent
einliing Fund Bonds
78,00000
A. T. & 8. Fe Six per cent Sinking Fund
Secured Bonds
115,000 00
A. T.
* The cost of these roads has been provided tor whoUj' or In part hj
the issue of their own bonds, which are not direct obligations of the
Atchison Topeka A Santa Fe Railroad.
SUMMARY.
294,000 00
*47,754,i»00 00
Outstanding Dec. 31, 1888
Expenditures for additions and Improvemente to Atchl_>. -*
$1,092,7»S JO
son and Southern Kansas roads
Expended for Real Estate and P.Tmauent Improrementa
2»3,o37 SO
..........
charged to account of Auxiliary Companies
Expenditures during the year foe Real Tistate and Constructlonot
new roads
'SS'SSoJiT
aio.oiaa?
Other expenditures
CANCELED BOND ACCOtJNTS.
$16,939.018 14
Total
These accounts on December 31, 1888, included the following bonds:
NEW CONSTRUCTION.
A. T. &S. F. Five per cent Bonds.
$2 45,000 00
New Construction during 1888 included only snch as wwi
"
29P,0('0 00
Sinking Fund Five per cent Bonds
work under way at the beginning of the
"
•'
618.000 00 required to complete
Four-and-alialf percent Sink. Fund Bonds..
"
•'
723,000 CO year, and is distributed as follows
Six per cent Sinking Fund Secured Bonds...
"
704,C00 00 ClIICAOO KAN.SA8 A WK8TEBJI RAILWAY
HUm.
" Land Grant MortiBge Bonds
"
480,000 00
"
Land Income Bonds'.
:•;-•••• v>i:;
Concordia to State Lloe
i';;-U'..'''
:
:
$3,069,000 OO
8UEPLU8 ACCOUNTS DEC.
81, 1888.
Income Accounts
Special Surplus Accounts
$11,067,18619
Total
Which
$6,435,551 15
1,631,905 34
represented by the foUowing :
Permanent Investment in Construction and
Equipment of Property In excess of
$661,967 50
Bonds outstanding
Excess value of Equipment I.«ases over
67,68627
obligations therefor outstanding.
is
Stat* Line to Superior (leased from the Chleaco
GULF COLOBAno A SASTA F« R^twAT: Aagelo
Completion of Lampasas Branch to San
Calikorsia Cbstral Eailwat
Completion of Lines.
ATC1II90S TOPEKA A SANTA K« RR- "« CHICAOO
Terminal Company's tracks in Chicago
8T. JOSEPH ST. LOCIS A SAJTTA FB EAILWAT
North-
8^
<0"1»
85-84
:
By
»«•«»
:
a DS
VM
164-48
Total
$729,693 7;
*
western Ballway)
oi-der of the
Board,
WnXIAM
B.
STRONG, Pmident.
:
:
THE CHRONICLE.
620
ATCHISON TOPEKA & SANTA
1888.
31,
KEgOrRCES.
for
Detail.
Capital.
$42,855,654 82
Construction and Equipment Dec. 31, 1887
AddiliODs during Year 188S
?!178,241 28
Construction
Eqiiliiment
E-1.
2LVin.
RAILROAD COMPANY.
FE
GENEEAL ACCOUNT DECEMBER
Bee
Btatemeiit
[Vol.
3,738,299
Pekmanfnt Investmexts: Property In Leused and
3,916.540 70
4i:
38,974,2o8 05
Capital Stocks owued
B-2. Properly lu Leased atd Auxiliary Roads represented by Bonds deposited as Collateral
JorA.
X.
&S.
F.
RR.
Co.
SIP,772 10^
Auxiliary Roads represented by
37,853,000 00
Bonds
$70,827,258 05
lif BS
Securities In hands of Trustees, as Collateral
Bonds
$37,853,000 00
Stocks: Atchison in Chicago, Par..
Chicago S. F. & Cal. K'y Co.
Total,
Par
00
14,998,000 00
$19,996,000 00
B-2. ScNiiEY Trustees: Collateral with
Other deposits
C.
$4,9fl,'',000
K
37,853,002 00
$2 00
Nominal
,
them
38,974,256 05
$40,414,394 fO
55,121 43
t
40,469,515 93
50
5,371,284
98
124,428 36
136.883 «()
1,424,758 21
Other Investments: Bends and Stocks of Yeased, Auxiliary and other Properties
owned by Company and not included in foregoing; at cost
Equii MENT Leases; Rolling Stock bning acejuircd under deteried payments as rental;
•when paid for to be can led to Etiuipment Account
$126,215,967
1,370,348 27
,
1,680,068 17
4,000,936 71
Deferred.
ScNDEY Advances for Surveys Ne-w Lines, Retil Estate, Ac, Ac, to be
when adjusted, charged to Cost of Property or to Auxiliaiy Couipanies
Susi'ENDED AccouNTSiot yet adjusted for application
Material a>d Fuel in Stock
ultimately,
Auiiliary Compaiiiet.
Dru FROM Sundry
Leased. Contbolled and Auxiliary Roads and Companies
Construction s.nd General Account
Dueliom Auxiliaries in Current TraUic and Operating Accounts
In
$13,.555,678 19
14,564,223 05
1,008,544 86
Current.
Accounts Receivable :* Due from Agents. Companies, Individuals and U.
ment in Cui rent Operating and Ti-atlic Account...
Bills Receivarle: Topeka
8.
Govern-
$1,862,292 23
$2,129 59
Boston
Cash: Deposits
for
2,129 59
$580.1,57 00
Coupons.
23,371 25
Deposits lor Dividends...
Treasurer, Topeka
Assistant Treasurer, Boston.
$151,905 80
660,059 99
,
003,528 25
311,965 79
$3,279,915 86
CiUABANTEE Fund Notes:
In Treasury, subscribed
for,
4,200,000 00
but not yet called.
7,479.915
8S
$155,317,459 56
Total Resources
LIABILITIES.
Capital.
$75,000,000 00
Capital Stock
BiiNDS— Ft NDED Dfut
$47,754,000 00
2,e00,000 00
00
OO
4,585
Guarantee FtrxD Notes— Biilaneo not
Sundry Subscrutions:
50,554,000 00 $125,554,000
4,200,000
Guarantee Fund Notes issued
OO
yet called and not yet issued
Miecellaiieous (Vet)
1.AND Department Receipts:
Mot yet carried to .Surplus
1,988,394 55
Deferred.
Trustees' Land Grant:
Secured Notes
2,330,791 09
Equipment Lease Warrants
Sot due until December, 1889,
:
to June,
1,302,662 00
1891.
3,633.453
09
AtixiUary Companies,
Due to Sundry Leased, Controlled and
struction and General Account
In Cuirent TiatUc and Operating Accounts
Auxiliary Roads and Companies in Con-
$304,226 82
489,284 00
793,510 82
Current.
Accounts Payable
:*
Duo
to Companies, Individuals, etc., in Current Operating
and
Tratlic Account
Bills Payable
Boston
Topeka.
$1,948,614 22
;
$3,255.569 62
1,349,591 81
Bond Interest Coupons: Due Jan.
1,
Past due, not presented
Dividends past due: Not yet claimed
Scrip Certificates: Issued, not yet presented
Interest on Bonds and Rentals, Accrued: To Dec.
from February to June, 1889
14,605,161 43
$510,310 ro
72,742 00
1889.
583,052 00
23.699 in
195 00
31, 1883, but not
due until
$899,604 57
Taxes Accrued;
Balancn for twelve months to Dec. 31, 1888, payable
Sinking Fund Requirements: Accrued, but not due
14,672 64
1,060 to
91.>,337 21
8,076,059 61
Income and Surplu*.
^.
Surplus: Credit per Ledger Dec 31, 1887
Add Sundry Items applicable to that period
.$7,888,620 77
64,817 34
Total Surplus to Dec. 31, 1887
DeductDcttcieucy— alter charge for Divtrlends, for Year ending Dec. 31, 1888
General Lncome: Surplus Dec. 31, 1888
ecKPLUs Accounts: For SpeciUc purposes Deo.
$7,953,438 11
1,517,886 96
$6,435, "iSl 15
4,631,905 34
31, 1888
For
(*
full Details see
11,067.456
49
$153,317,459 59
Total Liabilities
Statements folloicing, referred to by designating
Not including Auxiliaries.)
Mileage, Main Stem—A. T.
f
& S.
$2,424,238 62 of this paid to March 31, 1889.
470-58
F. RR., Dec. 31, 1987
"
Dec. 31, 1888
470-58
letters.
:
Mat
THE CHMSIGLE.
11, It 89,]
B.-l.
ASSETS (CAPITAL).
PKHnANBNT IS(VKSTME>TS.
PaopsuTv
Lkaski) and acxiuarv Roads
Cai'ITal Stock Owned.
IN
&P. RR. Oo
A S. F.KU Cii.lQ
For A.
Par Value.
Skaret.
Ledger
291,5igis 920,1^1.950
80,000
5,000,000
64,S70
6,457.000
30,460
3,016,000
RR. Co.. 47,363
4,736,300
1.
1 liU-. S. y. >v Cul. IVv Co
"50,000
15,000,000
IH-nvcrA- Santa FeR'y Co
15,000
1,^00,000
F. i: A: W. V. R'y Co
7,200
720,000
•A.
A.T.
Ry
Cal. Out
Co.
Cal. Boiitlicru RR. Co
Chic. Kansas & We.st.
Kiiilf
rd. &S.
Kan. City Kmp & .So. R'v Co...
Kan. Ciiy Ton. * West. RR. Co.
I.cav. So. A- So. R"v Co
,.
l.eav. T. &r*o. W. R'yCii
6,f)09
Man. Aliua A- Burl. R'v Co
4,lg6«9
Marlon & JlcPhcrson R'y Co... 13,463
Hew Me.\. <fc Ariz. RR. Co
30,820
Vvw Mex. & So. Pac. RR. Co.. 93,020
Hew M.'xicaii RR. Co
14,558
Piiehlo & Ark. Val. RR. Co.... 58,162
Bio (i. .Me.T. & Pac UR. Co
69,380
Rio Grande A- El Paso RR. Co.
2,000
Sil. fy. Dem. A- Pae. RR. Co...
7,080
8o. Kan. A Pan Handle RR. Co.
3,009
L i
8t. Jo3. St.
ft. Louis K. C.
S. F.
&
R'y Co...
Col.
RR. Co..
Ci>., Ltd
Kansas R'y Co
Wichita & So. Western R'y Co.
Wichita & Western RR. Co
So.
Totiils
."iO
1
00
00
00
720,000
<i0
7,082..500
00
'.'01
2
595,201 00
3.500.000 00
00
1
09,011 91
418.650 00
1,34<!,300
1,203,101 00
3,682,000
9,302,000
1,155,800
6,616,200
6,939,000
200,000
708,000
300,900
970,000
1
7.090.001
1
5,616,200
6,03^.0(10
200,0()i)
140,063
1
48,500
l,600,0ti0
1
5,248,000
1.316,100
1,824,400
225,000
2,624,000
$116,601,100
liESs Biiston Safe Deposit &
Trust Co.. deposited with
them a s Collateral for U uar-
(H)
00
3,813
3,500,000
641,600
650,9u0
418,650
9,700
10,000
52,480
13,104
18,244
2,250
Sonora R'y
The
2 00
3
1
U,55O,000
595,700
45,500
8,957
35,000
6,410
iiv
Oo»l.
Chicago.
R'yCo
F.
1
1,824,400
1
CO
00
00
CO
00
00
64
00
00
00
00
00
00
00
$33,974,258 05
RR. Co.
F.
In Chlca«o.49.0S<ish3.cap slock, «4,998,0OO
C. B. F. & C. R'y Co , 149,980
shares capital stock
14,998,000 19,996,0f0
ToTirs
J
^^^^") Par value....
Atchi,«on
Par
value.
Ou!>udbi/
Co»t.
Union Depot Stock,
9 shares
Beach Hotel
< St. J. St.
$3,000 00
& 8. S. Improvement Co. Bonds
Bodine Coal Co. Stock, 170
10,000 00
shares
California So.
17,00000
800 00
City Coal Co.
Stock,
8..500 shares (Par $50)
Chir. A: Pitts. C.
M. Co.
&
Stock. 2.000 shares
Hunnewtll TownCo. Stock,
250 sliares
The Kan. City Belt Ry. Co.
Kan. City Union Depot Co.
Stock, 'JIO shares
RR.
&
5
10,000 00
200,000 00
17,000 00
F.
RyCo.
G. C.
Ry
)
Tiie So.
25,000 00
Kan.
00 ) Ry Cii.
CK. C.T. iW.
1
50,000 00
50,C0O0O) RR. Co.
I The So. Kan.
33,629 23/
By Co.
f
i
—
I
RR.
5
1246,600 00
184,950 00
& W.
Wich.
100[
190,000 00
N. M.
(
BR.
JL. T.
Co.
A
21,428 53
Stock, 100 shares
Miss. Riv. RR. A- T. B. Co.
10,000^00
5
*tJ50,000
00
Co.
Terminal & RR. Co.
Stoik. 1.250cUaiv8
.-^Jblcy Bridge Co. Stock,
125,000 00
4.50J shares
893 13
450,000 00
The
Sibley Bridge
Bonds
ByCo-
^
Ey
^'
C. 8. F.
A
C.
100) RyCo.
Sibley B'dge
450,00 i 00) Co.
(
5
'850,00000
The So. Kan. Ry Co. of Texas.
Stock. H,045 shares
604,500 00
TlieSo.Kan.RvCii. 8toek,37,431 sh's, and $17 18 scrip. 3,743,447 18
Trinidad Coal Ac C. Co. Slock,
1,625 shares
102,500 00
C. S. F.
A
C.
850,000 00) RyCo.
C The So. Kan.
395,775 00) RyCo.
(K.C.T. AW.
3,743,447 18 < RR. Co.
V
P.AA.V.RR.
162.500 00) Co.
Totals
$9,262,775 76 $7,385,977 52
Also -Marine Ry. & Dry Dock Co. Stock. J. P. Whitehead.
Trustee, Int. of Cal. Cent. Ry. Co., per books Dec. 31, 1888 $2,000 00
(The above securities do not appear in Gen'l Acct. of A.T.A-S.F.RR.Co.)
Co*l.
Par.
$7,387,977 52
Gross Total
$9,264,775 76
Less Pledged
^Unpledged,
•
<
1.500,00000
1,500,00000
$7^764,775 78
$5,887,977 52
Pledged.
Total Capital Stcok, $300,000 00.
For A. T.
A S.
N. M.
a S.
"
<•
4,650,000
500,000
A Tr.
Co.
$36,033,000
Thorndike
RR. Co. 5 p.c. M. Bonds:
Co. l6t M. 7 p. c. Bonds par...
F.
RE.
P.
1,185,OCO
Trustees:—
et al.
For Sinking Fund only, 5 p. c. A. T. A
Co. Bonds
K. C. T. A W. RE. Co. 6 p. c. Bonds par
BR.
S. F.
630,000
Total included in property account above and
deducted In General Account sheet
937,93SXMM
For A.
T.
OTHER TRUSTEE ACCOUNPS.
A LORD, Trustees :—
a S. F. RR. Co. Land Grant Mortgage
Gold 7 per cent BoU'ls:*
Sonora R'y C'>. Ltd. 1st .Mtg. 7 p. o. Bonds par.. >I,09P,000
•'
".. ..
80,000
P. A A. V. RK. Co. 2d M. 6
The So. Kan. R'y Co. H. A W. Div. 1st Mtg. 6
455.000
c. Bonds par
p.
91,000
TrinldadC.AC.Co. IstM.fip.c.Uds., .flOO.OOO »
105,24'2
S. Fd.5p. c. A.T.A9.F.B.)s..Purch'ed#124,000«
425,000
The Kan. Cy. lieit Ry Co.lst.M. 6 r. c. Bds. par..
A. T. AS. F. Rli. Co. 6 p. c. S. F. Sec. Bonds
10,350
Purcha-ed $10,000
A. A P. P.U. Co. Guaranfd 4 p. c. Bo'ds, $371,299.300
000 (Market value Dec. 31)
Boston Safe Deposit
Not|l8«u6a, $53,400 00.
A Trust CcTRrsTEt :—
For Securities deposited with them as Collateral
for Guarantee Fund Notes:
A. T. A S. F. RR. In Chicago, 49,980 Share*
$4,593,000
Capital Stock
Chicago
8.
Fe
A
Cal.
R'y Co., 149.980 Shares
14 993,000
Capital Stock
,
Co.
est. J. St.
S
Company
$15,898,000
..
New England Trust Co. Trustee:—
(
'
450,000 00
fund b'ds
5.150,000
Total Boston Safe Dep.
$19,990,000
Nominal, for book entry only
L.&
125,000 00) S.F. RvCo.
The
Tlie Sibley Bridge Co. Stock,
4.501) shares
il.Cent.
650,000;00(f
JCal.Cent.Ry
1,500 00
8t. Jos.
C
^' ^* ^'
00
1
sink,
2.561,393
10,00 D 00) Co.
1,000,000 00
c.
8. P.
28,152 03) RyCo.
8to. I;, 10,000 shares
liouds
Precipice Can. Water
Stock 15 shares
.
Co.
AS.W.
.?l.-)0,000(s.ay)
r.y. A; Dry Dock Co.
Marine
$19,000,000
For A. T. A H. V. RR. Co., 6 p. e. H F. Sec. B'ds.
Elk A Chan. RR. Co., 1st Mori. 7 p. o. bonds, par.
142,000
Harvey Cn. RR. Co., 1st .Mort.. 6 p. c.
"
..
• •
. 105,000
Kan. (>. A Kmp. RR.Co.,l«t M. •'
" . 1,109,0L0
•
K. C. K. A S. Ry Co., 2d Mort.
" .,
"
14l,roo
*'
" ..
"
Howard Ext. 1st M. "
100,000
K. C. AO!atlieRR. Co., 1st M. "
"
.
.T50,000
"
K. C. T. A W. RR. Co., 2d Mort. "
.
795,000
" ..
Kan. Sou. Ry. Co., 1st Mort.
"
• •
694,000
"
L. N. A 8. Ry. Co., 2d Mort.
" ..
••
808.000
M. A. A B. Ry. Co., 1st Mort.
" ..
"
339.000
"
M. A McP. Ry. Co., 2(1 Mort.
"
888,000
M. A .McP. Ext. RR. Co., Isc M. "
" ..
190,000
The So. Kan. Ry. Co., Glrard Ex"
"
tension, 1st Mortgaitc
..
135,000
The fo. Kan. Rv. Co., Har. A
"
<•
West Kxt. 1st Mortifak'e
923,000
The So. Kan. Ry. Co. Kan. City
"
A Em. Division, 2d Mortgage, "
301,000
" ..
W. A So. W. Ry. Co., 2d Mort., "
..
265,000
" .. 2.313,000
N. M. A Ariz. RR. Co., Ist Mort. "
•
New.Me.xlcanRR. Co.,l8tM.
.. 1,070,000
N. M. & Ho. Pac RR. Co., 2d M. "
.. 3,602,000
8. C. D. A P. RR. Co., iRt M.
..
703,000
P. A A. V. RR. Co., 2d Mort.
.. 1,690,000
Co.
« Cal. So. ER.
100 00^ Co.
( P.AA.V.RR.
484,125 00 i Co.
5 The So. Kan.
200,000 00) RyCo.
5
1.907,000
1,381,000
<t 8. F.
Western
Stock. 3 SOO shares,
owned by W. & W. RR. Co.
.\tehison Co's Proportion
ifi. or say 1 .900 shares
...
Las V.'ga> Hi>t Springs Co.
Stock. 2,4G68h.ire3
I-eav.rnionDepotCo. Stock,
l-7of
4 8.
G. C.
>
21,00000
Stock. 50!) shares
KiiiRmau Pratt
425,000 00
..
..
J,.A
$10,336 95) S.F.Ky.Co.
<
ER. Co. Stojk,
Ssbarei
Canyon
OWNED BY
RR. CO.
F.
B.
"
2 00
SECUEITrES HELD BY INVESTMENT PROPERTIES
Namm of Seeuritio.
48. K. Ky, Co., liit M. "
The8t.L.K.C.&C.RR.Co., If.lM. "
St. J. St. L.
$96,005,100
&
,
R.G.*ElPa8oRR.Co.lstM.
Ledger cost..
$38,974,256 O.S
NoTF.— The Statement annexed shows Stocks and Securities held by
Investment Properties owned by A. T. & S. F. BR. Co.
* Sec also
Statement C.
1 The Atthlson
Company la entitled to 35,500 Shares Gnlf Colorado A
Banta Fe Railway Company Stock, additional to the above, when Issued.
A. T.
:
Coll. Tr. 5 per cent Bdii:
Cent. Ry. Co., lit Mort. 6 iiereent bond* i>ar..i|M,4.57.000
'*
•'
Rodn. Hen. Ky Co.
"
..
270,000
C.8. 1'.A-C.Ry Co. Pek. DIv. Mtff. 6 p. c. bondii, par.
7:i:t,0(io
'
"
I)cn. * 8. F. Ry. Co., l«t Morf. ••
3,106.«KMI
"
L. N. A H. Ry. Co , lit Morr.,
"
frie.ooo
..
P. & A. V. RR. Co., 2d Mort.
•
500,000
..
Cttl.
For A. T. A S. RR. Co. 4>9 p.
R. G. M. A P. RR. Co., 1st M.
antee Fund Notes:
A.T. AS.
BUNORY TR0nBK8,Afl COLI.4TKBAU
TRun Co., Tri;iitkk -
8Ar« DEfO»iT &
T. A .x. F. RK. Co
BoBT()!<
Ktr ItK.>>K!(TBU
HI
Total
T.
Scciirltlea,
A- !4.
F.
ritllateral,
KH.
the property orthe A.
Co., hold lu trust
and hence not now
>
avail-
able
CO., Tristee :—
Sinking Fund Acct. 5 p. c. Bonds:
in hand for Sinking Fund Acct., A. T.
$40,414,S»«
New EMiLAND TllUriT
For
Cash
S. F.
RR. 5
p. c.
*
Bonds
Thayer el al., Trustees :—
Sumner Co. RR. Co. Ist M. 7 p.
12,636
N.
c. Bonds:
Cash In hand for payment of same
West. RK. Co. 1st M. 7 p.c. BoncU.
So. Kan. A
Casb:
ISinJcing Fund. Hank Int.
$388 68
.....--.
1881-2....
188 83
18-3 ....
192 30
1884 ....
184 38
lS-55 ....
803 71
$79 42
1880 ....
391.57
1887
31.036 87
1888
$31,507 56
$1,077 09
9,000
3S.5M
B.-3.
ASSETS (CAPITAL ACCOUNTS.)
PERITIANENX INTESX.WENTS— COVTINDKD.
PSOPERTY IX LEASED AND ADXIHART ROADS REPBESESTED HT BOMD*
DEPOSITED AS COLLATEHAI. FOE A. T. A 8. F. RR. CO. ISSCES.
i>37,853,000 00
Total as detailed below
Total ca.sh In handa of Tm»t««* for pnrotaaae
••
"
of Bonds
—
TOTA I.—Sundry Tr«ateea..
Suudi7 change* s motf mad* tu coUatenl
ss.in
$40,4M,»1S
Ut lUa TruiL
1
.
.
THE CHRONICLE.
622
XLVUI.
[Vol.
Brought forward
DEDUCT SUNDRY CONTRACT CHARGES,
ASSETS.
Payment
OTHER I^ VESTMENTS.
BONDS AND Stocks of Leased, Controlled, Auxiliaey and Other
COMPAHiES Owned by Atchison Topbka * Santa Fe Raii^
BOAD Company, and now in Treasury.
Stocks.
A. T. & S. F. Rd. Cap. Stock
A. T. & B. F. Rd. Caj). Stock (for
G. C. & 8. F. R'y Stock)
Par.
f4,400 00
10,OC0 00
10,000 00
7,500 00
12,571 20
7,500 00
12,571 20
400 00
•100,000 00
44 shares
Ledger Coal.
¥4,400 00
337 33
A. T. &8. F. Bd.StockineEcrow
F. L. &T. Co.,N. Y
A. A. GlaBier, accf. Cap. Stock..
A. T. & 8. F. RR. Co. Cap. Stock
4
Arizona So. RR. Co. Stock
1,000
American
Klnelej-,
Tr
2,000
50,000 00
26,100 00
9,000 00
21,000 00
l.OCO 00
97,500 00
AtcMfon Ciiy Elev.
Co. Stock.. 261
Atchison City Ud. Dep. Co. Stk.
9
Kansas City Ur. Dep. Co. Stock 23
St. Joseph Un. Depot Co. Stock
10
Arkansas Valley Elev. Cii. Stock 975
Aztec Land & Cattle Co., I. T.
Burr, Trustee, Stock
2,157
Topeka Eciuipment Co
2,550
do
—
Bonds
50,000
26,100
9,000
21,000
5.500
146,250
00
00
00
00
00
00
215,700 00
255,000 00
Atlantic & Pacitlc Equipment
Co. Stock...
1,635
Raton Water Co., Strck
500
Raton Coal & Coke Co., Stock.. 5,000
La Junta Water Co., Stock
220
Osage Carbon Co., W. B. 8.,
* Tr.. Stock
3,000
San Pedro Coal & Coke Co., Stk. 400
Scandinavian C. & M. Co., W. B.
S., Trustee, Stcck
100
Arizona Mln. Bell RR. Co.—
Min. Belt Coal & r. Co. Stock. 240
A. M. B. RR. Co. Bonds
30
Pree. A Ariz. Cent. R'y Co
Stk. 349
Do
10,653 29
W.
Cattle Trust, E.
215,700 00
255,000 00
00
163,500 00
50,000 00
163,1500
50,000 00
500,000 00
22,000 00
1
00
22,000 00
300,000 00
40,000 00
244,150 37
51,250 CO
10,000 00
6,000 00
25,500 00
43,200 00
48
$2,032,571 20 $1,379,813 19
Bonds.
Kan. City Top. & Wts*. RR. Co. 6 per cent. $893,800 00 $893,800 00
N. Mex. & Ariz. RR. Co. 2d mort. 6 per cent.
950,000 00
930,000 00
Atlantic & Pac. RR. Co. W. D. Inc. Listed..
45,000 00
Atlantic * Pacitic RR. Co. W. D., Inc
549,500 00
Atl. & Pac. BR. Co. Stk. W. D., 9,218 shares*
921,800 00 f 452,485 66
Atlantic & PaclUc RR., C. D. Inc
687,000 00 1
Chic. Kansas & West. RR. Co. Inc. jt Scrip.
1,000 00
1,000 CO
Chic. Kansas & West. RR. Co., Incomes
131 ,500 00
100
Chic. Kan. & West. 1st mort. 5 p. c. & Scrip.
2,000 00
2,000 00
Callfirnia South. RR. Co. Inc. Bds. & Scrip.
1,022 45
1,022 45
Atch. Top. & S. Fe. RR. Co. Coll. Tr. 5 p. c.
1,500 00
1,500 00
A. T. & S. F. RR. Co. 41* p. c. 8. F. Bonds..
2,000 00
1,946 00
Aztec Land & Cattle Co. Ist mort. 6 p. c...
80,000 00
72,000 00
Kansas City Belt By. Co. 1 at mort. 6 p. c. .
90,000 00
90,000 00
'
to St. L.
& S.
R'y Co. under
agreement of Oct. 5, 18^6
Rebate of 1 p. c. allowed to C. K & W.
RR. Co. on Earns, from Interch'd Bus.
.
T,„
Deduct
,
,,
,
,
viz
t.r rhs /,a:, ,n
*'./0^,6<7 ,9
-
F.
1 Year's Int.
1st Mtg. Bonds, paid
on Sonora R'y
$420,016 88
'^ "'"^ ° °o
69,142 95
$489,159 83
283,500 00
1772,659 83
Balance
$389,983 36
Add-(l) RECEIPTS FROM OTHER SOURCES:Income from Investments
Cr. $lo9,826 17
Sundry Prolits Less Debits, Net. .. Cr.
139,093 20
General Interest and Discount, Net.Cr.
438,210 31
Profit OF THE COMPANT
CHARGES FOR DIVIDENDS,
No
35, payable
No. 36,
No. 37,
"
"
717,129 68
$1,107,113 04
applicable to the period:
May 15. .f 1,125.000 00
Aug. 15. 1,125,000 00
Nov. 15.
375,000 00
2,625,000 00
Deficiency for 12 mos. to Dec. 31, '88.
SukplcsDec. 31, 1887
$7,888,620 77
(3) Add Credit Balance of Sundry Profit
and Loss items, ai'plicable to period
prlcrto Jan. 1, 1888
64,817 34
ToT'LSuiil'LUSCRED.TODEC.31,'87
Net Surplus Dec.
7,953,438 11
$6^s7551 15
1888
31,
$1,517,886 96
Net Surplus Dec. 31, 1888, as above..
Add-Suxdry Surplus Accounts for
$6,435,551 15
Specific Fduposes, namely:—
Renewal and Improvement Fund:
Whole am't applicable, Cr.$300,000 00
Ch'rg'd in to Deo.31 ,'88,Dr. 376,3 10 46
Fire Insurance Fund
Sink. Fund Acct. 5 p.c. b'ds..
Canceled Bond Acc'ts
LandGrantMtg. Bonds... $704,000 00
Land Inc. 8 p. c.
" ... 480,000 00
" ... 178,000 00
Five per cent
Sink. Fund 5 p. c.
" ... 29i»,000 00
" ... 618,000 00
4>s per cent S. F.
6 p.c. 8. F. Secm'd " ... 723,000 00
Suspense Canceled Bond
Account(5e)
67,000 00
$123,639 54
32,253 07
12,636 78
:
Called
3,069,000 00
Bond
Account
(Sumner County BR)
Raton Coal Sinking Fund
Account
9,903 00
16,009 44
Construction Surplus:
(4) As detailed in statement
accompany 'g. illustrating Profits and Losses
in Construct'n of Auxiliary Properties:
$4,356,122 45 $2,465,755 11
MlJCELLANEOUS.
BteamBhlp"Clty of Topeka,"
'a
Int
& Southern Coal Lands
Grant Co. FundinR Bonds
Rush Co Fuudins Bonds
Deposit in B. 8. D. & T. Co. for C. S. RR.
Co. Bonds
Leav. Noi them
$121,517 97
25,535 00
200 00
2,000 00
$121,517
25,535
140
2,000
97
00
00
00
See also Statement
$4,000,936 71
B.— 1.
GENERAI. INGOme ACCOUNT.
EARNINGS.
$10,194,042 93
4,335,642 92
423,123 63
463,063 94
197,039 83
4,631,905 34
$11,06T,466 49
1888
CONDENSED STATEMENT OF THE OPERATIONS OF
THE INVESTMENT PROPERTIES OF THE ATCHISON TOPEKA & SANTA FE RR. CO.
OPERATIONS .DURING YEAR ENDING DEC. 3r, 1888,
itileage
Dee. 31, 1888.
516-70
until Jvily 1 )
10,387,815
Fe & Col. R'y (Constructing-not opened
8778
New Mexico & Arizona Railroad
26241
Railway
Sonora
9720
25 St. J. St. L. & 8. Fe R'y (Acquired Feb. 1 Partially Constructing)
61 40
The St. Louis KaKsae City * Colorado RR, (Not completed)
10 Gulf Colorado & Santa Fe Railway (Constructing until Sept.).. 1,05800
$5,22."i,098
Miscellaneous.,
erations
15
Chic. 8.
$15,612,913
Operating and General
Expenses, 66-5 percent.
Net Earns
31,
Operated
Gross Earnings from Op-
(1)
GeberalSur.Dec.
Railroad Properties Leased and Coutrolled, the Stocks of
Wblcli Are Onrncd Entirely by Atchison Comll>any, Either Directly or Indirectly.
Traffic:
Passenger
U.S. afails
Express.
1,368,416 51
Total Special Surplus
Accounts
I,EASED:AND CONTROIiliED RAIIiROAD!<>.
F0R|FISCAL Year Ending Dec. 31, 1888.
Freight
Net Credit
$155,3t>8 41
$6,539,946 62
(Ledger Cost)
'
6,175 44
$151,252 97
A6GREOATE (PAR)
2,000 00
1,076,689 08
.2,445,'05 59
Total Deficits
Total Credits
.
,
26909
California Centrdl Railway (Constructing during period)
,33'5 p. o.
for In-
Add Receipts
terest on Bonds of RR.
Co's "which are owned
hyA.T. &8. F. RR. Co.
and used as collateral
Collat.Tr. 5 p.c.boLds."
Rolling Stock
Track.
621,690 00
$216,393 78
68,235 20
284,628 98
California Southern Railroad
The Chic. Kan. i Western RR. (Consti-uoting during period)..
210-61
94329
3,506-48
Total Mileage, December 31
TI>e|Resnlt of Operationslof These Properties Dnrlng the
Year to December 31, I 888, was as follows:
$9,234,170 21
Gross Earnings from Traffic
8,024,714 75
opeiiatlng and general expenses
on"A.T. &S.F.KR.Co's
From Rental of Plant, viz:
Roads Controlled—
906,318 98
$1,209,455 46
Net Earnings
DIRECT FIXED CHARGES.
Interest on Bonds:
(A. T. & 8. F. Issuf 6)..$2,'56P,'565 05
The Total of All Fixed Charges, including Interest
4,161,69844
on Bonds, Rentals, Taxes, ETC., was
L<ess Int.
Net Deficit AFTER
Other RECEIPTS
(2)
Land Ui'nt
bds.
Srovidcd for by rec'pts
omL'ndGr.
Trustees.
168,805 00 $2,399,760 05
Interest on Guarantee
Other Charges
NOTiS
and Discount,
$2,952,242 98
8,862 66
etc
$2,943,380 32
154,555 79
Total Deficiency
$3.097,936 11
639,346 75
This Deflcif ncy from Operations was met by Advances from Atchison
Company wiich to the end of tlio period - December 31- were repaid to
the extent of .$1,501,980 12 from Excess of Funds rece'.ved on account
of Coustruction.
329,725 25
OTHER RAIIiKOAD PROPERTIES OWNED JOINTLY
IWITH OTHER RAILROAD COmPANIES.
1,588,641 06
Taxes
Sinking Fund Requirements:
^aia..
Interest
Charges
11,300 83
Rentals:
Leased R'ds of System
(Int. on their bonds)
Accrued
:
Fi.xbd
$328,665 25
1,060 00
Total Fixed Ciiabqes
Total PaoriT OF THE Railroad
4,968,773 94
$1,162,643 19
The Atchison Company has a Joint Interest In the following Railroad
Companies, which arc operated separate and distinct from the A. T. ifc
S. F. RR. under different organisiatlons:—
'
Mat
11
THE CHRONICLR
ll*8».J
'-Optraud Mlltaae.Tiilat.
I,(>avcinvortli T(i;»ka .fc 8ontli. W. Ry. Co..
Maiihiittnii Aliiiii .V Kiirlliiituiue Ky. Co....
Ont-halj
<'/
56-61
38 40
6(l-62
Western RU. Co
The Ulihltil
Wrstcrn RR. Co
The Kliikcninn rriilt
Tlif- Ka]is:mCllv Belt Kaihvay Co
AMiiiitii' .V I'luilli' RH. Co
4433
28-31
22-47
39-85
.(.-
79-71
9-81
.V:
4-32
927-15
463-38
1,175-06
587-.13
62»
IUmiK of Operatloiu for the pet lod to December 31,
1888, Atctflion Company'* proponloo, after payment
of BlICbargMofeTrrr nature, vaaaNarplaeof....
Proflte from tin
pau> books nntll
*
t%
64,7T»
:
are not rarrlad Into Atflilma Cob-.
^),.ii
ITbliroenltlRiiftM
a of 130,400 00 Dividend from Cbeioke*
PltUbiirs I'oal Jt .Mliilud c... and San Pedro Coal A Coke Co.
This rosnlt la after deduction of $3,(00 00 Dlvldoiid f oni SeaaOa •avian Coal tti .Mlulnit Co.
*
:
1 he Ilcsnlt ofOppratlona orthciie PropertlCH diirlnic the
Yenr to n<>cciiibcr 31, 1888, warn a* Tollowa t
(iKOSS KAHMSliS KItOM TUAiriC
lii:«.4 18,256 02
Ol'Kl! ITINO AND GBSER*!, E.Xl'ESSES
3,545,(t'J4 73
,
Net Loss
$127,408 73
OF Ai.i. Fixed Cii.vRiiES, ini-i.iidixo Isterest
OS Bonds, Rentals, T.».XEs, etc., was
1,748,611 79
TiiK ToTAi.
Net Deficit AFTER Fixed Charoes
Other Receiits
$1,876,020 52
6,430 70
i
ATCHISON TOPEKA & SANTA FE RAILROAD COMPANY AND SYSTEM—GENERAL.
GENERAL .'•UMMARY OF OPERATED niLRAMB OF
THK RAILROAD PROPEUTIE8 AS OF DEC. 31, 1*88.
AtrHUurn
Proporiioi^
Total
UUet.
ATCHISON TOI'EKA
PW'iB"
A 8ANTA FB
*l-r,
Sik*.
BR. AND STSTIM
3,024-30
8,034-04^
$1,869,589 82
Other Ciiarjes
INTESTnENT PROPERTIE!*.
13,11156
Total Deficiescv for Year 1838
$1,883,001 38
AvxiLiARiRg— Roads Leased and Owned:
Bonora Railway
(Atchi-^on Company's One-half, $941, .500 6P.)
Mexico & Arizona RR
Chicago Hanta Fe <)[ California R'y
St. Joseph St. Louis i& Santa Fe R'y
The St. Louis TCansas City & Colorado
Gulf Colorado & Santa Fie R'y
Taxes and other
ti> December 31,
the Atchison Company advanced the suiu of !f c39,321 92, of which
the anioujit of ^.TSOj-JSl 92 was repaid.
nie( ting its proportion of all Interest, Rent,-!],
Fl.xed Clmrt-'es or tbcse Propei ties, for the perii-d
THAN RAILROADS, LBAKKD
%VHICII ARI-;
OWNED UNTIRKLY' BY ATCHISON COBIPAM',
EITHER DIRECTLV OR INDIRECTLY, AND
WHICH ARU OPERATED SEPARATELY A.ND DIS-
RR
Callfotnla Central R'y
'PROPKK-riKS, OTIIEK
A>D CONTROLLED, THK STOCKS OF
AtxiLiARiEs— Roads Controlled:
The Chicago Kansas & Western RR
California
TINCTLY,
Houlhem
R suit to th- Atchison Company of the Operations
of these pro.erties for the period to December 31,
1888. after pai ment of all charges of every nature,
was a Detielt of
Auxiliaries— Roads
Other RR. Cos.:
Jointly
Atlantic
t
$I6,eS5 03
&
Pacific
6,.530-08
PARTLY:
RR
SUMMARY OF GENERAL INCOME ACCOUNTS
39-6&.
463-58
5$2'61
1,175-06
Grand Tot.^l Operated
i
28-4<^
28-3^
8a-*T
1,165-22
9-84
Total Owned Jointly
Raton Coal & Coke Company.
The Atchison ity Elevator Company.
^^candinavlan Coal iS: Mining Company.
6.5a0-9ft
96-81
66-62
44-93
79-71
927-15
The Kansas City Belt R'y (Main Track)
PROPERTIES, OTHER 1HAN RAILROAD!>,roWNED
94S-29t-
310-61
Owned with
Leavenworth Topeka<& Sonthweatem R'y
Manhattan Alma lb RurlingameR'y. ...........
The Wichita & Western UR
The Kingman Pratt <k Western RR
The
S'TB
516'7<^
07-2Ok
61-4<K
1,058-00^
209-Qlk
943-29
210-31
RR
Total Owned. Leased AND Controlled...
The Canyon City Co J Company.
Cherokte & Pittsburg Coal & Mining Company.
The Osage Carbon Company.
The .San Pedro Coal & Coke Company.
The Trinidad Coal & Coking Company.
Arkansas Valley Elevator Company.
The Las Vegas Hot Springs Company.
262-4%
26Z-4I
87-78
516-70
97-20
61-40
1,09^-00
200-09
New
Towards
587-S&
4-9*
7,T06'04 Tfllt'Cfe
(Cents
omitted)
OF THE AT« HISON TOPEKA ic SANTA FE RAILROAD COMPANY AND SYSTEM, AND OF ALL Al XILIARV
PROPERTIES, WHOLLY AND P.IRTLY' CONTROLLED, .»ND RESULT, AND SHOWINti THE LATTER rL.lS.«
TO THK EXTENT OF THE INTEREST OF THE ATCHISON COMPANY', BASED L'PON ITS SHAKH OV
CONTROL TO THE YYHOLE, FOR THE YEAR ENDING DECEMBER 31, 1888.
Taxtt.Wnd
PROPERTIES.
Ornu
Earning*.
Int.
y'et
Earn'gt.
ytt Lost.
and
Rentals.
Dividt'dt,
Olhtr Re-
—
fnttrat «.— a-rpltu. Otneral Senlt
D
on Float.
Deb; tie.
eiiptt.
F.
Defleit.
to
A.T.^
Si.
RK. Co.
Owned,
P. V.
Aichinon System Proper
$
[*]
9
9
15,Hi2,913 5,225,09; Ded'ct for
Infest OD
...
•londs
of
oth'rC.i's.
4,918,773 1,001,758 3,397,659 D. 1,517,886
\
aurplu*.
Dejlet*.
Ifi^M^
lOO
621,690
4,347,083
RR,
Properties Leased and
Confrolledn'lioBe Storks are
eu'tied Entirely by A.T. 4c
RR. Co. either DIrec lly
or Indirectly.
[BJ
Santa Fe ti California R'y Co
1,731,206
New .Mexico A Arizona RR. Co
189,163
Souora Railway €'>. (Limited)
221,761
^St. Juseiili .8t Louis & 8. F. R-y Co..
321.311
St. Lou 8 Kan City & Col. RR. Co...
49,196
Gulf Coloiado & Santa Fe R'v Co... 3,249,49*
California Ce tral Railway Co
1,089,285
('a'iforni* Southern RR. Co. (o) ...
],4i>0,8l4
The Chic. Kan. ,fe West RR Co. («)
928,931
S. F.
iChic.
464,773
90 ',713
fil,'290
;i',743
31 ,53"
Co.'».
166,807
261,909
250,065
94,412
6,477
603,010
15,784
4,161,698
8.862
3i',899
[CJ
Grand Total of RR. Proper-
Hand
C]
'
99,111
)0.',026
33,337
280
1
43,207
46, 61
106,899
4.492
1,452,63('
6,149
9,039 D, l,978,4<M
23.^,435
1,748,611
6.430
13,411 D. 1383,001
251^219 10,257,394 1,017,052
,«j
35,«46
4.416
101.07S:
190,076.
U28,790
>01.&3a.
66,904
708,&»S.
Hat
*jtj^^
1
112,720'
122,78
28,265,'»39 6,558,'»61
100
100
10b
100
100
100
100
Net 3.o»7,ne.
D.
D.
1,500D
61
F4,619
72,'
101-
4.61.5323|
2,835 D.
68,726
1 10,S45
5M78
8,0l(
80.876
49,758
171,423
3,042,387
3,418,256
Kar.8a« Ciiy ISelt R'yCo
& P..C. RR. Co. (Both Divisions)
iA.
46,168
33,142
36,009
441,»6&
100
154,555 D. 3,097,936
15,784 6,508,782 1,010,622 3,552.213
!
Atl.
lie"
1113,494
1,419.008
t462,363
321,84b
12,094 D. 441,555
60,797 S.
35.546
4.445
80,589 8.
101,073
1,074 D.
D.
190,076
D. 1,828,790
D, 301,529
66,304
D.
D. 708.998
(«'.)
Leavenworth Ton & So'w'n R'v Co.
Manh'n Alma & Burlingame R'y Co.
Wichita & Western RK. Co
Kiufiman Piatt & Western RR. Co.
Total
ll-20,51'
15,784
Total [B]
9,234, 170' 1,225,240
Total [AandB]
24,847,083 6,450,338
Other RR. Properllea^oVvnrd
Jointly with other Railroad
3,384
•
4,445
3.50.-V,637 D.
6.498,824
so
60
60
3IJB0&
23.1 ao.
93,44a.
50
50
60
3,246
789,20«
Net
Ke
OI1,SOO^
\.'VS7,3S&
('!) Treated in this accounllug as wholly owned.
The Interest (4>383,90a 00) on the Bonds ontMaodlM
lute: eat accrued on Biiuds owned by Atchison Company not Ineiaaed,
Atchison Compuny and chargetl in Its Income Account.
t
lucludcM Int. rest on Bonds owned hy Atchison Company and nsel as Collateral on Its Issues, the amounts hero Included balBC taken
Receljits liy Atchi-son Cumpany, iilfsfitting Interest on that Company's Bonds so Mnc<l.
:
Nointerost charged- Bonds owned liy A. T. & 8. F. RR Co
H No inter s" charged— Bonds owned by Atchlion and Union P.icillo oompatilea.
Six months' operations.
^ Eleven months' opera- lons.^
II
V^
op
^
%
:
THE CHRONICLR
624
XLVni.
[Vol.
SUMMARY OF GENERAL INCOME ACCOUNTS.— Concluded.
rROPEETIES.
Oeneral Result
F.
Atsre^ato of
CRA
'<'It
a>l
AdJ
Earuings.
AiUlitioiiiil
ABSTR \cr OF GROSS
NetEar'gs
4.XD
Fix. ChVes Oth.Ren's Oth.Cli'Rs!
P,002.r)ll ].014.03(i 3.5'>0.937
NET Fl,»ATI\G UEBX.
AS OF DECEIflHER 31. 188S.
ATCHISON TOPEKA AND SANTA FE RAILROAD COM-
PANY AND SYSTEil PROPER.
CURRENT AND ACCRUINK LIABILITtES.
AccorNTS Payahle
Due to Cduipauics,
vitUinls,
eti'.,
:
Oiicrating
—
23,699 75
195 00
Scmi' CKHTiiicvTiis:
Offsets:
Cash and Accounts, and Guaraatee Fund Notes
$7,100,722 40
For
A( cRti NG ObugaTioNs pertaining to Operations of tlie period,
but not due lior i)ayMble
until from Jan. to .luue,
1889, namely
Intel est on BondP,Guar.
Notes and rentals
Taxes (Balance unpaid)
A(coi;nts<
015,337 21
On December 31,
18^8, the E.xcoss of Current Stabiliover their Immediately
Available Current Cash Afset^, largely Incurred in
Construction and including all Interest, Rentals
Taxes, etc., accr.ied to that date, but not due nor
payalde until Januarv, 183P, to June, 1839, inclnslvo. was (notlncluding.a9 an offset $1,182, 196 07
of Material an 1 8upplics on Haml)
$3,070,059 61
ties of ihepe Prop'^rties
:
als, U. 8. Giiv't. and
Cillers in Current Ot>-
and
Rkceivahle
Cash ON Hani.
Bii.r,9
Gi-An"TEE
FiT.M)
OTHER
Trallio
Accounts
Notes
suljscribed for, but not
yet called
EXCES-S OF LlADILITIES...
$598,143 75
Liabilities,
INVESTMENT OR AUXILIARY PROPERTIES.
LEASUD AND ( 0>TROI,LED RAILROADS:
Due from A;irent8,
Compinie', Individuerattng
3,718,601 24
Atchison S.ystem Proper as above.
Excess of
$399,604 57
14,672 61
;
Receivable
7,479,915 86
$3,122,45719
AccaniNii Oih.igatio.vs. not due until
from February uniiljune, 18 9
$900.66157
Bills payable from Feb. until June, '89. 2,8 17,936 67
originating
to Dec. 31
Offsets, uamclv:
.$1,357,458 37
...
...
of Current Assets.
Fkhruakv to Ju.ne, 1839:
.^uripLDS
l.OGJtO
rcquirtm'is.
Gboss Dfut,
as
Accounts p.ayable. Wages, &e
$1,943,614 22
14,672 64
Taxes
Bi Is payable
1,787,224 76
606,946
Bond luierjat, Coupons, Dirtdends.&o.
;
...
Due and Payable
jANnAitv, 1839:
583,052 CO
Issued, not presented...
is
follows;
1889, and
DlviiiKNiis
Paft due, unclaimed
$2,424,238 62 paid to March 31, 188!».
The Dkiit auove siiow.v was and
2.
$1,91S.614 22
*4,605,16143
BlIMl iNTEltEST CODI'OXS:
Fund
S.S6n.r>28
Notes.— 1. The Company had on hand as of December 31, Matf,i;hl
A~D Sli'I'I.ies, to be used in Opsratious, amounting in value to $1,424,750 21, whiili liad not been Included in above, but which should bo
considered as that amount expended towards operations subsequent to
Dec. 31, and hence as an offset to requireoients to be then developed.
Id other word', provision Is made, tlir.mgh this Material bjing in
stock, for reduction of payments fjr Operating Expenses arising subsequeut to December 31.
•
aud
Bli.i> Pavatsi.e
1,
Net DcHcit.
Imli-
in Cur-
Tramo Acciumta
Slnlc.
T. <t S.
Proportion..
C'o's
1
Jan.
past duo,
A.
Co.
Propertle*
2S.Sf.0.1H'2B,599.9I3
Due
In
TOTAL. <«.
AtcUlS!>n
runr
RB.
$1,962,292 23
2,129 59
1,418,494 04
4,200,''00
00
R.1II.ROAD
$1,483,12164
PROPERTIES
OWNED JOINTLY:
The Excess Including Accruing Accounts not due,
was (Atchison Cimpanv's Priportiou) (not Including as an offset $1^7,819 S2 of Material and
.Supplies on Hand)
7,479,015 86
$596,143 75
330,622 36
Total Net Excess of Leased, Controlled and Joint
Railroads
$1,813,744 00
May
THE CHRONICLE
11, 1869. J
Jirounht /orirard.
PKOPBBTIES, OTHER THAN RAILROADS]
I'ropertiiM other
Ritilroada
Tlie Snrpliis of Imnipdlato Ciiali AsHfts over Carrcnt
i.l»l)i)it'ci<. ImlHdlnKall Aceruliiit obliKatlODs (excIiuliDR -Miitcriiil itad HuppUee, *118.«ij3 3t)), «« ol
DfcenitierSl, 1888,
was
36.003 74
Interest of Atchison Co..
Bonds and Stooki of Sun-
dry Properties In Treasury, and avnilalilo as
Collateral nr disposal..
Par, $0,539,91(5 62 4 Cost,
Atchison Topeha nnd Santa Fe RR.
$598,143 75
rropertiss,
Atcltlson Company,
Uup'edsred.
$1,483,121 Ct
Pnr, */,7»!4.775 7G.T0o«t'
Railroads
te
Available
Reserve of fJnplnl!;ed Seeiirllles; and of
Payments for Erpenses in Operations
.Sl-ki'i
Biilaudp.
3B.693 74
~
Net Excess of Current
Liabilities (excluding Material)
1
$
Snniniarr of Material
and Mores on Hand
not used as (IHsettIns tlie above.
,777.050 26
subsequent
to De31, oniic
F. RR. Co. and
System Proper, and of
Invesiment
Railroad
and other Properties,
cember
& 6.
2,373,194{01
A. T.
ii>
Cost
Top. & S. Fe RR Co.
and System Proper.... $1,424,756 21
Atcli.
_
$12.7423«»e»
Surplus oriRcsourees
over Net Floating
INVESTM'NT PUOI'ERTIES:
Leased and Controlled
Railroads
]
Material on baud in
the Itediictlon
of
|$1,913,744 00
Ls of Properties other than
Railroads
5,887,977.52
Assres
330,622 3G
„ ,
Deduct.
4.000,930 71
Investments Tor Conipanies o»'ncd
by
Contingent.
owned jointly
«.8S3^5 40
Onrrent Invcstnienta
of Ateliiaon Company, Unpledged.
Direct.
Iinestment
119,038 SO
iil>«rc|acnt to Dec,
31, Direct, Indiruoi
RECAPITULATION: NET FLOATING DEBT.
ATCHISO^r TOPICKA & SANTA FE RR. CO., AMD OF
INVESTMENT PROPERTIES, DEC. 31, 1888.
.'
**.m>'<>4 CI
and Contlnceut.
•.
Co. and System Proper
indirect.
iDTestment Properties, Leased and
9t,6o»/)}t tS
I|I127,81B83
tlinn
AsKreKato nalsrlal oa
finnd not naed aa
Oll's' tllnir N)'i FloallUK Di'l>t,l>iii ProvldloK lor Operations
Total Net Hvoobk of C'urrrnt Llabllftirs or
all iivoKtiiiont Proprrllrii, not liifliiilliijf
J*lal<Tlal on IIhikI, hk nil oll'si-t, and not
duo uor payalilf iiatil January, 1880, to
Jiiur, 18S9, was
$I,7TT,050 8«
Controlled Railroads
625
Uf ought /orieani
Jointly owned KB«....
\.9;S>J,7M oo
Debt Dec.
31, 1888, at
Par, $14,784,983 83ffiC08t,
1,182,196 07
910,389,175 6S
GENERAL hTATE.MENT SHOWING MILEAGE AND NET EARNINGS FROM tiPERATIONS
SANTA FE RAILROAD CO.S SYSTEM PROPER, AND OF ITS AUXILIARY OR OF THE ATCHISON TOPFKA *
INVESTM^?
RAILROAD PROPERTIES, FOR THE YEARS 1887 \SD 183".
PROPERTlEg.
1887.
(ActualmileageDeo. 31,1837, 6,320-83; Dee. 31, 1888,7,118-51,
Average
}fel
Mileage.
Atchison TorBKA
& Santa Fe RR.
Co.'s
System Proper
2,622-40
,
Railroa'ls Leased.
Investment Railroad Properties:
Owned and Controlled.
Railroads Jointly
Owned with Other Railroad Companies (AtchisonCo.'i'One-Mi)
5.342-14
MEXICAN CENTRAL RAILWAY COMPANY,
LI
MITE D.
NINTH ANNUAL REFORT-FOR YEAR ENDING DEC,
31,
DIRECTORS AND OFFICERS.
Oliver Ames, of Boston.
E. Rollins Jtorse, of Boston.
Albert W. Nickerson, of Boston.
William Rotch, of Boston.
Joseph Richardson, of New York.
Warren Sawyer, of Boston.
Alden Speare, of Boston.
Robert R. .S.vmon, of London, En;.
Georpe B. Wilbur, of Boston.
F. P. Mclntyre, of Bost' n.
Joseph H. White, of Boston.
I^evi C. Wade, of Boston.
Miguel Anza. of Mexico.
Isaac T. Burr, of Boston.
FeliTie B. Berriozabel. of Mexico.
Sebastiim Cama< ho, of Mexico.
Jacob Edwards, of Boston.
Edward W. Jaekfon, of .Mexico.
Levi Z 1,-iter. of Chica^'O.
FINANCE COMMITTEE.
Warren Sawyer.
Isaac T. Burr.
C.
OFFICERS.
Boston.
London,
W
Georjrc
l'.
Mjiyer, .Auditor
M. de Zamacoua
Ynclan, Assistant Clerk..........
A. 8. Burdette, Cashier
S. W. Reynolds, Transfer Agent
Hanover National Bank. Transfer Afent
Corn E.xchange National Bank, Transfer Agent
e'
"Deceased April
8,
Eof?.
Boston.
Boston.
City of Mexico.
City of Mexico.
City of Mexii o.
City of Mexico.
City of Mexico.
San Luis Potosl.
Boston.
New York.
«
Chicago.
1889.
May
1, 1889.
Mexican Central Railway Company,
Limited.
From rarious causes the year 1888 was not favorable to
railway companies, either in respect to earnings on old lines
or construction of new ones. This Company found it necessary
to act slowly and cautiously, and has not constructed the
amount of new line intended at the time of publishing the last
Annual Report.
It has treated all its connections fairly, maintained what
seemed to be the most conservative position as to rates, and
retained and increased its businesqi^lwtli international and local.
About one himdred miles of new r&ilway have been completed
since the last Annual Meeting, and at present the actually
completed mileage is as follows:
the Stockholders of the
587-53
)
$10.954.586 89
City of Mexico to El Paso
Stone Quarry Branch
(Juanajuato Branch
GuadalB.jara Division
San Bias
I
I
1.209.<.%5 46
LoM, 63,704 39
$6.370.849 25
7.009-34
1,224-2
6-5
11-4
'.'.'..'.
,
161-0
',
101
...---... .....J
119-0
93-0
Total
1
212-0
i
1,631-2
In the early summer of 1888 there was a terrible rainstorm,
involving territory through which the main line runs for about
eighty miles. Great damage was done to life and property in
Leon and elsewhere, and the road was cut by numerous
washouts. The officers and men showed great promptitude
and efficiency in dealing with these difficulties. All damages
were soon repaired, and the part of the road involved is now
in better condition than before the catastrophe occurred.
One of the directors, Mr. Joseph Ricbardaon, has lately
exainined the main line and its connections. Tlieir eenerai
condition is satisfactory and the track is in good order.
great deal of work has been done during Uie past year;
embankments have been widened, many ties nave been
renewed, and some culverts have been taken out and the openings widened and covered with bridges. All this work has
been done by the regular gangs, charged to operating expense*
month by month, and tends to give increased mfety and
economy
operating the ro«Ml.
The tie renewals for the year 1888 amounted to 338,507 ties,
m
distributed as follows:
First Divi-ion, Mexico to Sllao
Second nivlsion. Sllao toCalcra
Third Division, Calera to Jimenez
Fourth DivUiOD, Jimenez to Paaodel Norte
70.':r>3
"2»5iJ.
55a8»
113,968
358,507
Total
Boston,
To
3.40214
$5,225,09815
A
Wade.
Levi C. Wade. Prcfidtnt
Robert R, Symon. Vice-President...
8. W. Reynolds, Clerk and Treasurer.......
*Alex. .1. McDowell, General Auditor
E.
Jackson, GeneraliJIunaKer
Edward H. Wliorf, Assistant Mana/^er
Charles A. Browne, Assistant Treasurer
46
204,710 24
1888. Tampico Division :—
Tampico wef-terl.v
Main L:ne Junction easterly
DIRECTORS.
Albert W. Nickerson, Chairman.
Jacob Edwards.
Levi
3,020-17
2.14.'' .801
576-13
yel Earning!,
Mileage.
$8,604,075 19
2,143-61
Totals
1888.
Average
Earnings.
The following
and connections
Renewed
Renewed
Renewed
Renewed
table shows all the tie renewals
to December 81, 1888:
on main line
3S4.SS9
4B5,a»l
prior to January 1, 1886.......
1886
1887
In 1888
in
in
37S,P9«
359.907
1,4»2.*S8
Total
EARNINGS AND EXPENSES.
The following is a comparative statement of the earnings
and expenses of the main line and its connections, inrludi^
ttie Guadalajara Division from July 1, 1888, for the years 18W
and 1887 in Mexican currency
:
3,418,837 56
2,717,452 72
AwrMCr.
(tW7.753»4
70 1,384 8*
75
19.169,125 95
S186,3e7 81
1887.
1838.
Otoss earnings
Expemes....:
Netonmtoga
^'i.774,331
1^:2,355,493
31
|>4.886,!t7S
67
:
:
:
THE CHRONICLE.
«26
The
-
details of the earnings are as follows :
1888.
1887.
Iiierease.
freight
$4,244,648 52
-Passenger
'Extra baggage
-Exiireas
MlsceUaneous..
a^elegraph
$3,458,006
1,235,284
25,025
85,258
48,464
34,539
1,321,511^6
26,030 25
92,393 34
55,350 27
34,396 97
Decrease.
46
05
48
$786,642 06
86,227 91
57
7,13177
62
49
6,885 65
1,004 77
$142 52
$5,774,33131 $4,886,578 67 $887,752 64
Included in the above is the sum of $471,830 92, as against
$301,317 43 in 1887, for freight on the material carried at about
cost for constructing new mileage.
The international or through business constituted less than
SO per cent and the local business more than 70 per cent of the
entire gross earnings. Full details of the operating expenses
are given in the Treasurer's report, but the following table
I'btals
shows them condensed and
to gross earnings
Maintenance of way
Motive power
Maintenance of cars
Conduci'g transportation.
Oeneral expenses
classified,
and
also their relations
LVOL. XLVIII.
at a moderate cost so as to admit deep draft vessels at aU
seasons.
concession to make this improvement, with a
subsidy of $3,000,000 in 6 per cent government bonds, has been
granted by the Mexican Government to this company, which
is authorized to act directly, or may assign its rights to such
separate company as it may organize for the purpose.
deposit of $150,000 in government subsidy certificates, as
a guaranty for the fulfillment of the terms of the concession,
was required and has been made in the National Bank of
Mexico. The surveys have begun and the physical and financial
plans wiU be perfected as soon as practicable.
A
A
FINANCIAL CONDITION.
The company's income from all sources
available for interest,
namely:
Net earnings
$1,748,458 95
1,273 52
436,059 69
Sundrj- collections
:
$782,523 18, or 1355 percent ot
1,416,425 86, or 21'53 per cent of
218,102 96, or 3'78 per cent of
819,463 99, or 14-19 per cent of
182,321 57, or 316 i)er cent of
Earnings
Earuiugs
Earning.?
Earnings
Earnings
in the year 1888.
was as follows, in United States currency'
Net subsidy
$3,185,792 16
Paid taxes aul interest
1,966,34151
Surplus
$219,450 65
$3,418,837 56, or 59-21 per cent of Earnings
'T«tal
The actual net subsidy collected was, in United States curThe above operating expenses include salaries and expenses rency, $471,333 35, of which $35,363 66 was paid the Guanajupaid in Boston, amounting to $54,641 65, heretofore charged ato Tramway Co. in full on the mileage from Marfil station to
separately if made up on the same liasis as in previous years, Cantador in the City of Guanajuato, constructed, owned and
the percentage of operating expenses would be 58-26 per cent. operated by that Company as a horse railway, in accordance
The total increase of traffic for the year is made up aS f ol- with their contract with this Company dated June 38, 1882.
iowB
In 1888 the subsidy certificates were paid by the Government
PASSENGERS.
with 3 per cent of the customs revenues during the first six
Increase in Local
$19,426j71
months and 4 per cent during the second.
increase In International
The Company is now receiving payment at the rate of 5 per
Mexico to United States
$35,454 48
cent for the current six months, and will be entitled to 6 per
tinited States to Mexico.
31,346 72
66,80120
cent for the last six months of 1889, in accordance with the
;
:
tTotal
passenger increase
S,227 91
FREIGHT.
Increase In Local
Increase in International
Mexico to United States
United States to Mexico
great
^
06
77
77
65
$887,895 16
telegraph. Decrease
142 52
!ji587,752 64
Net Increase
The following statement shows the average per mile of gross
earnings, expenses and net earnings for the years 1888 and
1887 in Mexican currency:
-Average Miles of Road operated
^Gross Earnings per Mile
Operating Expenses per Mile
Net Kamlngs per Mile
of this Company have acted with
for the protection and advancement of their
18S8.
1,316-4
1887.
1,235-3
$3,953 86
2,193 78
1,755 10
.$432-60
2.597 11
1,789 35
398-35
34-25
mortgage bonds only $131,000 are
unassented.
30, 1889, First
posited at the close of business April 23, 1889.
The $7,000,000 of 5 per cent 50-year Priority Bonds were sold
by the Company at 95 net, United States currency, in accordance with the statement of the circular. The Coupon Notes
were called, in accordance with the power reserved on their
face, for payment on April 16. 1889, and interest thereon
ceased on that day. The debentures can be called for payment
on April 2, 1890, and will be retired as soon as practicable.
The Company has no floating debt. .
Increase.
80-5
$1,38646
first
Under the Company's ch-cular of January
Mortgage Bonds to the amount of $46,715,000
and Income Bonds to the amount of $8,505,000 had been de-
still
766,642
7,134
1,004
8,885
Less—
harmony
mutual interests.
Of the old 7 per cent
$161,72617
215,014 69 376,770 86
Total Freight luciease
Express, Increase
Extra baggage, Increase
.Miscellaneous, Increase....
law.
The bond and stock holders
$409,87120
IN GENERAL.
The Company has
further soUdified its organization by
abolishing the office of General Superintendent and making
the Division Superintendents directly responsible to the General Manager, an arrangement which it is hoped will give
greater economy and efficiency. The Tampico Division wiU
hereafter be wholly under the supervision of the General Manager, Mr. Edward W. Jackson. Mr. Edward H. Whorf formerly in charge of that division, has been appointed Assistant
Manager, and located at the City of Mexico.
An able and faithful officer. General Auditor A. J. Mc
Dowell, died of pneumonia at Albuquerque, April 8, 1889. He
was returning from his duties in Mexico, and the pubUcation
of this report has been delayed by reason of his death.
Eespectfully submitted by order of the Board,
still
GUADALAJARA DIVISION.
This division is 161 miles long, of which. 140 -28 miles are
straight hues and 20-73 miles are curves.
The maximiun curvature is 5 degrees, or 229-37 metres radius,
and tlie maximum girade is 1-1 per cent.
There are 26 masonry culverts containing 3,589 cubic metres
of masonry, and two large iron bridges, one at La t*iedad
entirely completed and the other at La Barca nearly completed,
each consisting of one clear centre span of 200 feet, with
shorter spans for the approaches.
This line passes over a rich soil and the embankments were
carefully observed during the rainy season. Although the
LEVI C. WADE, President.
rains were exceptional in quantity and force, the banks sank
less than could have been reasonably expected.
They have
been raised and strengthened wherever it appeared advisable,
GENERAL BALANCE SHEET DECEMBER 31, 1888.
the culverts and other openings appear to be properly located
»nd sufficient in size, and the whole line is in good working
A8SET3.
«rder,
Oon»truclu>n and Equipment
TAMPICO DIVISION.
JS107,489,582 64
To December 31, 1888
The only new consti-uction now going on or contemplated Materials aul Supplies on Hand :
\yy the company is upon this Division.
It leaves the main line
$1,259,522 43
MalnLtae
211.081 12
about nine miles north of the City of Aguascalientes, runs in a
Tampico Division
22,079 84
Paoillo Division
easterly direction through the Statss of Aguascalientes,
feneral
9,716 76
Purchased and not yet shipped
an Luis Potosi, Vera Cruz and TamauUpas, and terminates at
1,502,400 15
the city and harbor of Tampico on the Gulf of Mexico. Its
entire length will be about 400 miles. As already stated, there Miscellaneous Properlu
$27,240 64
Timber Lands at Nado
has been completed from Tampico westward 119 miles, and
18,297 08
Wharves and Docks at Tampico
"
•'
6,819 21
San Bias
from the main line junction eastward 93 miles, in all 312 miles,
6,237 28
Stock at Tampico
Live
leaving about 188 miles to be completed. About one-thh-d of
58,594 21
this distance has been graded, including the most difficult and
Vessel Property:
'Costly work, namely the line through the Tamosopa canyon;
•and about two-thirds of the rails, ties and other materials
For TASinco—
$16,219 65
Steam Lighter "Orlnda".
necessary to complete the whole of the unfinished Une has
22,878 55
Tug "Tampico"
been pro-vided. The hne will be completed from the main hne
20,687 13
Eight Lighters.
to the City of San Luis Potosi, a city of about 50,000 inliabiiants,
For San Bi.as 32,529 67
and capital of the State of the same name, during the present
Tug "Tepic"
9,211 33
Five Lighters
month, and the entire Tampico Division will be completed as
101,526 33
rapidly as practicable.
the Wexico Oflices
This Division is being constructed in a thorough manner Accouyits ofDebit Acc'ls, Mexico City..
$414.594 67
Cash and
with especial reference to the requirements of international
4,171 35
Cash and Debit Accounts, Tampico..
152 53
traffic.
Cash and Debit Accounts, San Bias..
Tampico harbor is one of the best on the Gulf coast,
448,918 55
and, even in the present condition of the bar, a large business
can be carried on profitably. The surveys and soundings Narrow Qauge Oonslruelion and Equipment :
Cost of the Narrow Gauge road at San Luis Potosi.
inade by the late Captain Eads and by the company's engineers
turned over to the Company a? part payment of
Xlemonstrate that the entrance can be permanently deepened
94,314 06
the Subsidy due from the State of San Luis Potosi.
,
.
.-
"
:
Mat
THE CHRONICLE.
ie89.]
11,
Urous ht forward
*'OV,69JJlij^
Subiidii Ccrtifleal I:
('ertltlciktoj Id bands of
Tnijties
lAfa d(>|i(>Btt in
Banco
In
(li'imslt
$13.340.60J 02
Monte de
Plcditl
Le»8
Areata and
/.
„
..„
„
.
700,000 00
.
503 00 Mexican
$17,248,'»17 30..'«U,817,383
4^
:
of Subsidy Certitloatcg as a
Kuii'iintoo to tUo .Mexican (> >v't.
Addlti'iual aiiioiiat required under
'od 'd ro:ioi»sioii
Doiioslt of Subsidy Ceitlflcatca as
guar'ntee to St.ito of San Luis Potosl
($25,1
150,000 00
$5oO,00000
471,42a 57
oiirronoj
33,143 80
810,154 S«t
3,425,A83
OJ .Mexican ourrrucy)
128,871 43
4»
18,884 8>
$126,327,006 74
EAKNIN03 AND EXPKM8K8.
'
188S.
'
".'.'.*.'.*.'.".*.'.'.'.*.'.'.'•'.*.'.'
"
Net Eamlntis (E'lUlv'nt In U. 9. enr. to $1,748,458 95i.
11577^ 331 at
8.418
18337 96
~
jggg«KNEKAL GOVERNMENT SUBSIDY COLLI.
33,048 22
.•
January
$43,560 58
40,021 58
."."'
February...
.March
April
47300
May
1.078.123 96
103,714 54
Intonie Account
Total Assets
$126,327,60<! 74
June
July
Capital Stock:
$41,281,800 00
'
9,829,000.00
:
S50,010.000 00
00
Total outstanding at date
.
Firtt Mortgage B ml Scrip :
Scrip outstandingexclianseable for FirstMort.Bonds
Debenture Bonds of mQb
Total Issued and outitanding at date
Coupon Notes of 1889
Coupon note? issued in funding First Mortgage Bond
Coupons Nos. 6, 7, 8
Coupon Note Scrip :
Scrip issued for fractions of $100 of Coupons 6, 7, 8,
10
38,649 70
32.239 50
69,016 31)
'.'.'.'.'.""
i..;;.;.ii"'
4fi,H0t
ei,'>54
54
94
'...."....
August
September
October
54,715
68,583
64,479
70,967
17
91
72
.'"J^
November
December
LIABILITIES.
2,50l>,000
•1S.417<im.i»
•IM17,«tl«»
•208 119 70
»~.«»«» <w
)
Grose Karnlngs
Operating Exiiensea
S/anpe:
Stamps on hand, Issued by the State of San Luis Potosl, to b? s dd and pro ^eeds applied to the payment
of Subs'dvduo from the State
.,
Soslon Office Aceaunis
Cash in hands of Troisurer
$578,224 84
Accounts rectlvable
381,684 60
Cash iu traufclt to Boston offloe
118,214 52
Total issued at date
Lesslnhnads of Trustees
M Mox-
SUMMARIZED STATEMENTS FOR THE YEAR
:
Total issued an I outstanding at date
Income Bonilt
Total Hsuecl and outstanding at date
7,980,047
Total IiABiLirtED
Stale
B )nda
:.l
Xunirlpal and Tiidiridual nonalions:
R-celved In aid of con^lnictlon of Tampico Line
230,000 00
Deposit of Su'isi.ly CertlHcatea to guarantee the fulfluuout of Tii;npico Harbor Concession by this Company, or f ucli separate Company iw iniiy be organized for the puiposo (*150,000 Morlcan Currrnoy).
First Mortgage
.
Total cnllectcd to d itn ($ t.616,342 37 Mex onr.), U-M
all charges for collecting same, V. H.cur.
prooreiU
$150,000 00
am
(Mexican Currency)
Sineo National de Mexico
.;
Subsidy R' venue.
1> •posit
. .
.J..
can ourrt-niyi
8aniefroinHluleor(iuaDiO'>nto($37,-
*12,0 10,60.') 02
4,610,342 37
Totalreo.lvol (Mexican Ciirrenci)
:.
tiau Subsidy. icrouHl.
Net H ibsidv rcr^clved from Stat* of
Ban Luis Potosl ($641,197 93 Mexi-
Certificates oollucted In cash to date..
Jfonte dt PiC'lad
11,
9yatMf^«H»
loan currency)
130,000 00
^.
.
.U, lM.<x, iM far iw
9}SO,000 00
Nnclmal do Mexico. ..
627
Brought fotirard
Ornrral OnrrrnmenI Su'
,.„
..'..".'
'"
Total Si luidy Collections for the rear
1888 ($174,9.2 41 U. S. Currenty)..
Less am uinl paid GuamOuato Tramway Co., on mil!ii.;e co i»truetod and
owt;cd by them, in acounlance with
our contract with then, d,-»tcd June
22, 1?H-I ($35,203 69 U. S. Currency,)
18
$639,989 23
747 00
47,540,000 00
71,617,50
Aifl] fl49
Total Subsidy Colleotlong to Deo. 31, 1887
Total Sibslly Collections to Deo. 31, 1888
9^
4To54,'50OW
$4,616,342
3T
$3,825,983
42
:
Proceeds of same In U. S. Currency..
Le«8 all expenses for collecting Sdme
2,500,000 00
:
3,82=5,50000
funded; exchangeable for Coupon Notes
Ooujnns and Accrued Interest :
Coupons overdue and not oresented.
$76.455 00
First Mpe. Bonil Coup., due Jan. 1 '89
952.320 00
Coupon Xole Coup due Jan. 1, 1889
191,415 00
Accrued lut-. rest 1 Debenture Bonds
to Dec. 31, 1838
62,500 00
$3,885,998 85
60,419 43
NetSubsldy Revenue to Dec. 31, 1888, U.
S.
Currency.
INCOME ACCOUNT.
(E.\CHrSIVE OF gUHSIDY.)
For llie Teeu- 1838.
?,900 00
Credit.
1888.
Jan. ).
,
D
,
c.
31.
By
By
By
By
Balance from 1387
$113,8M0O>
N.it Earnings for year I9i-', U. 8. Currency. 1,748.4989&
Sundry Collections on business prior to 1887
1 ,273 sa
Balance carried forward
103,71484
1,282,690 00
AtBoston
At the City ot Mexico
At Tampico
,
$1,966,3415)
COSTR.t.
Touchers a7id Accounts Unpaid:
1888.
Deo. 31.
$81,520 24
170,906 64
51,126 07
.
303,552 95
156,117 00
Unpaid
Drafts.
Drafts of tne Mexico offleesdrawi on Boston prior to
Dec. 31, 188?, not presented at that date
:
MORTGAGE BONDS.
issue of 812,500,000
was
for the following
purposes
For payment to Mex. N.it'l Construction Co
For payment p:i Salto lien
For payment debts of old company.
To provid'i a cxpital reserve fund
To provide au interest reserve fund
To provide a bijtterm^nt fund
For construction, eciuljimeut, discount on sale>, bankers'
commisslous, etc., aud expenses of reorganization. ...
:
$2,000,000
200,000
217,000
1,000,000
65<>,<)00
700,000
7,733,000
$12,500,000
Disbursements against these funds have been as follows
Discount on sales, bankers' commLSsions, etc
Paid M-xiiaa National Construction C!o
Interest reserve
new
line
E(iiiipment new line
Sahinas Coal Road, surveys
ReorgHiiization expenses
:
$1,604,831 71
2,00:>,OOJOO
650,03000
00
92
66
and
coal explorations
Reserve lu London, expenses reorganization, not yet
audited
.„
!
Bonds >till in treasury
Ealanco
112,552
253,381
101.431
140.431
15
4,14'*,03'J
Capital reserve, account deficiency of Interest
Betterments -o'd line
ElSalto li-n
Debts of old comi)any
Construction
16
28
00
07
00
$1,866,341
51
Interest Fund. The fund specifically provided by the reorv
ganization agreement to meet interest accruing during ooostruction and pending tbe establishment and development ot
the traffic of the line was $650,000. On the Slst of December,
1887, there had been used of this fund $186,919 17, leaving
net balance on January 1st, 1888, of $463,060 88.
The interest cliarges for the past year were $680,000—wk
excess over the V>alanc<> to the credit of interest reserve fund
and net income for the year of $112,532.
Applicable to meet tlus deficiency are the proceeds from th»
sale of subsidy certificates in the hands of the Trustees, for
this and other purixjses. There being no subsidy collections in
hand, this sum has been charged up under the terms of the reorganization agreement to the Capital Reserve fimd, which
reduces that fund to $887,448, as shown upon the Treasurer^
balance sheet.
%
31, 1888.
From the full report of the President, Mr. W. G. Raoul, the
following extracts have been taken at length, touching the
most important points of interest to stcxik ami bondholders
The authorized
•'
—
SECOSD ANNUAL REPORT —FOB THE YEAR ENDING
specific
yr's int.
"
'
29,591 22
MEXICAN N ATIO NAL RR. CO.
ISSUE OF FIRST
on Ist mort. bonds. .$1,357,717
Coup, notes of 1889..
316.313
' Debenture bonds ...
250,000
To Ml87ellaneou4 Interest paid...
2,811
Taxes, State of Massichusetts
39,500
"
Notes payable
DECEMBER
Onj
93
678,800 22
18,252 52
374,737 63
00
2,000,000 00
157,702 27
169,7.50
$12,500,000 00
El Salto Lien.—The reorganization agreement provided
that about $300,000 of the procee<is from the sale of first mortgage Ixinds should be usetl to extinguish a prior lien existing
upon tlie El Sulto line, and that the proceeds of $100,0<» -a^
bonds and $100,000 "B" bonds shoulii be iasoed and used for
betterments and additions after the said lien had been extin-.
guished.
This obligation has been paid off and canceled at a ooat.
principal -jud intertjst. of $191 .4.S t 66. The $800,000 "A" and "B*^
bonds thus made available for Iwttermenta and additions iai«(»
not yet been <iis|>osod of, and tli<>refort> have not been cwrried
to the credit of Iwtterment fund accoun", but are now wad
imtil sold will remain an asset on the books.
Debts of old Compavy.-The net debts of the Riilwaj-
at the date of the reorganization amement,
$189,838 61.
15th, 1886, over tlie amoimU due it,
Company
w^
October
The net indcbt«dnes8 shown by its books of July 81st, the
date at which the conduct of the accounts of Uie line was ••>
THE CHRONICLE
628
[v^cL.
XLvm.
"
§361,260 43. There has been
paid out on account of these debts ui excess of collections, and
chargeable against the fund of $217,O0O pro\-ided for that purpose, the sum of $140,431 15. The claims remaining against
the Railway Company and yet unpaid exceed the limit of the
fund. These claims are chiefly in favor of the Mexican National Construction Company, but they are hi question as to
accuracy and validity, and are still under discussion.
The assets of the old company that are still uncollected
amount to §40,973 69, of which §33,848 41 is against the Mexican Government and their validity undisputed, but it has not
ye£ been practicable to collect them.
Construction. The work of laying the rails in the new
line (350 16-100 miles), which connected the Southern with the
Northern Division of your road, was completed on the 38th
day of September.
Provisional freight train schedules were put in force on the
1.5th of October, while the road was still under the charge of
the Construction Department, and on the 1st of November the
Toad was given over to the Operating Department, and traffic
Leaving an unexpended balance of Betterment Fund of
$446,618 08. whicli will be practically exhausted when the betterments above enumerated are completed, and it is expected
that, after exhausting the §100,000 '-A" bonds and the §100,000
"B" bonds now in the treasury available for tlii-i use, a sufficient
portion of the capital reserve can be made available to effect
other improvements and additions to the old line which are
necessary to be made before the road can be considered as
being in efficient working order. Such work will comprise
1st. The erection of depot buildings along the line.
2d. The replacement with masonry and iron, the temporary
structures of wood now crossing the water-ways.
3d. Houses for track-men to Eve in.
4th. Changes in many parts of the line to remedy defective
location, reducing grade and curvature.
This last will involve considerable money.
To make an entirely satisfactory correction is now impracticable, but the
expenditure of about $350,000 wiU effect such reductions in
the cost of operating the road as to yield a large return upon
the outlay.
trains of all classes were put in operation.
For the building of the new line a Construction Department
was created and conducted entirely independent of the Oper-
DESORIPTION OK AI'XILIARY ROADS AND BRANCHES.
As a feature of interest to the security-holders of the company, and affording data from which to study and estimate the
ating Department.
On the 1st of November this department was abolished as
a department of the service, and the remnant of the work remaming to be finished placed in the hands of the General
Manager of the road. The construction accounts will be continued on the books until the final completion of the entire
work.]
$5,185,048 60
Total cost of construotloD, Mexican currency
4,148,038 93
Enuivalent m Ui iced Statos currency
present and prospective value of the auxiliary or outlj'ing
roads and branches that contribute to make up your sj'stem, it
is deemed desirable to present here a brief description of those
properties, and to give a statement of their past earnings, including as many years prior to the date tliey came into possession of your company as the information is avaOable.
Matamoros Branch. This road begins at the city of Matamoros and jjarallels the Rio Grande a distance of 75-5 miles.
Its influence upon the country it serves has not yet been sufIt
ficient to create a town or village at its western terminus.
is laid with a light section of steel rail, and is in reasonably
fair condition to carry its traffic, wliich is very light, and does
not yield sufficient to pay the expenses of operating it.
The following are the earnings and expenses since 1884, in
Mexican currency.
sumed by your company, was
:
—
l-eDgtli of
new
line,
.
—
350iOioo miles.
remains to be completed work that will probably
cost §350,000 in United States currency.
Equipment. The cost of equipment has been $848,500 28,
equivalent in U. S. currency to §678,800 33.
The requirements for motive power on the whole line were
considerably under-estimated, and a few montlis' operation demonstrated that the provisions made were positively insufficient to meet the demands, and at the same time it lias been
made clear that at an early day the demands of business upon
our cars will be beyond the number provided; therefore enfagements have been made for fifteen additional engines and
53 cars, which are to be delivered during the months of April
and May, with very encouraging indications that the growth
There
still
—
of
traffic will
make
it
necessary to add
still
Tear.
1834
1885
1886
1887
1888
further to cars
Total for Ave years
Earningt.
Operating
Kxpensts.
.$25,962 15
21. 295 20
$43,730
28,819
24,005
31,708
34,009
99 52
120.905 09
26,344 3 i
19.1
$113,100 28
A'ei.
93
05
71
$17,768
7,523
4.906
10,803
7,065
$1 62.271 45
ii<l«,66S
8
i|
M7
80 1033
8.->
1039
32 1033
78 1033
42 l033
17Ios^
and engines.
The concession under which it was built was originally
Sabinas Coal Road. The concessions from the Government of Mexico under which the company is constructing and granted to the State of Tamaulipas by the General Governoperating the line includes the right to build a branch line to ment, and afterwards transfen-ed by the State of Tamaulipas
a section of country in the State of Coahuila, known as the to the Matamoros & Monterey RR. Construction Company, by
whom it was sold to the Mexican National Railwaj^ Company,
Cabinas coal fields.
The coimtry over which the road would pass is level, and under a contract dated March 18th, 1881, " reserving and reconstruction would not be costlj-, but it is so sparsely inhabit- taining, nevertheless, for itself, the right to receive the oneed and sterile in character that no possible inducement exists fourth part of the subsidy which the Mexican Government has
—
for the building of a road, other than the traffic that may be
offered by the yield of coal in these fields, and the consequent
reduction in the cost of our fuel supply that would thereby be
to
pay according to said concession."
Under the sale and reorganization of the Mexican National
Railway Company, it was acquired by your company, having
in the meantime, through amendments of concessions, come
effected.
In November, 1887, a contract was made with the owner of under the general concession by which your company is conlands in that region for mining coal for the u.se of yoyr com- structing and operating its Mexican lines.
The subsidy gi-anted by the original concession is $8,000 per
pany, and obligating your company to construct the road, if
upon thorough test coal was found to exist of suitable quality kilometer, which, subject to whatever rights the Matamoros &
and in workable quantities to justify con.'^truction.
Monterey RR. Construction Company may legally possess
This examination, by means of drilling on the lands upon mider the contract above referred to, will become the property
which we held option of mining privilege, has been made, but of your company when earned, and will nol be subject to the
without that measure of success deemed necessary to justify conditions of the subsidy earned and to be earned bj' constructhe construction of the road theiefore nothing has been done tion of the main line and the Sabinas Coal Road, which is
tow?rd the buHding '.f the road, and the whole affair rests in otherwise disposed of by the reorganization agi-eeraeut. Tlie
abeyance, awaiting further de\ elopments regarding lajids in privilege exists for its extension to our main line at any point
that and contiguous sections, which is claiipedj by interested between Monterey and New Laredo.
parties to contain coal in ample quantities.
It is proposed to have a preliminary examination made of
I ^The money expended in this enterprise has been, for investi- the several available routes, and a careful observation of the
gations and tests for coal, $19,218 67, and for engineering country through which these several available routes would
§3,.596 98. making a total expended on account of the Sabinas pass, with a view of arriving at some idea, of its probable traffic
Coal Road of §22,815 65. Mexican cm-rency.
value toward sustaining a railroad, after which the question of
Bettekments and Additions to Old Line. The agreement the desirability and practicability of its extension will be taken
of reorganization provided that $700,000 of the funds from the up. In its present state it is of no value. It earns less than
sale of first mortg.'ige bonds should be used to take over fro;n enough to maintain ordinary running expenses, and as the
the Mexican National Construction Company, at a given rate, rails and roUing stock begin to require renewals, a still further
a certain number of the first mortgage bonds of the old Rail- drain wiU be created uijon the resources of that portion of
Avay Company, and these to be exchanged for their correspond- yom- property wliich is earning money.
ing values of new second mortgage bonds series "A" and "B,"
Cintcra Railroad. Tliis road is designed for a belt road
and that the proceeds of these '-A" and "B" bonds should be encircling the City of Mexico. It is under a concession disapplied to betterments of the old line.
tinct from the other lines, and is required to be completed
The Construction Company declined to give over the bonds during the pre.sent year under penalty of a bond to the Govx)f the Railway Company, which declination the Board accept- ernment of §8.0(^.
It carries no subsidy for its construction.
-ed, and by resolution ajjinopriated directly to betterments of The constructed portion is 3'17 miles, extending from the Sanold line the sum of §700.000 which was originally intended to tiago yard of the Mexican National Railroad to the depots of
:
—
—
be used for that ])uiposc, though indirectly, as above
sum
the Interoceanic Railway, forming a connection between the
stated.
shown upon the balance sheet of the Treasurer above roads and the Central and Vera Cruz road. The nnconaccompanying tluj report, to the credit of " Betterment Fund." structed portion is yet unlocated, but can possibly be comThis
is
There has been expended against this Fund, and
still
carried
pleted within a distance of six miles.
upon oui
lxx)ks as special accounts, the following sum, whicli
is ultimately to te closed into Bsttei-ment Fund accoimt, toether with the oxpendituj-es that are yet to be mad'.' to com-
plete these several undertakings.
|
Total pxiKiiditurfs, Moxitnn currency
EquiTalint, United Statea cuireucy
$316,727 40
253,381 92
I
The constructed poi-tion performs a useful and important
function in the general business of the company, in alrordiug
a satisfactoiy track connection between the above-named
roads, and in time will become more so, as business enterprise
may utilize the vacant property through which it passes for
factories, warehouses, slaughter bouses, etc.J ^ta^n^Mtti
,
:
Mtn
THE CHRONICLE.
11, 18i9.J
To complete itfl construction now as originally (ick-igno<l
•would be pressing this character of facilities so far in advance
of the business requirements as to he altogcilur uni)roUtabli>,
There are bo many uses that can bo made of tho money that
wouUl be rwiuired for this purpose, in conne<'tion with work
already in 1 and more useful and more imj)ortant to Ixj'.h tho
company ami the people it is serving with truns|i<irtatioii
facilities, that negotiations have been opene<l with tho (iovernmeiit for an extension of the time designated for com| leting it.
City Tramway.
—This
is a street railway constructed and
of other street railroads of the city.
It extends from Colonia, tho present passenger station of tho
Mexican National Railroad, through the streets of the city to
the comer of Balbanera and San Kamon streets, a distance of
2'20 miles.
It was at one time operated by the Railway CoraIt lias been under lease for a mimi)any, it is said, at a loss.
oer'of years (but now soon to expire) to a private party, who
operates ic in connection with otht-r street lines and other entcr])risefi controlled by him, through which means it is siiiiNo rental is
j.oscd to be made of some profit to the lessee.
paid the company for its use, tho only obligation ujion the
lessee bein^ that of maint^aining tho property and discharging
the obligations of the company incurred to the city under its
charter, which involves some annual outlay.
oj)erated in the
manner
u
Tlierefore this rond hiw Uiui inaintaini'il and npormted at
independent (X)rix>ration under itn own orsanUatlon.
Tb*
control of your company over It U inainUuMd thronch tb*
owncrshii) by it of a majority of its securitiM,
Tlie folIowioK la a statement of its earnings and ezpemiM in
Mexican currency since 1881
:
188.^
18H6
1887
1888
therefore divided with the Centra!.
expenses since 1881 have been
Its
Earning).
Tear.
$93,411681
126,3^2 70
91,570 18
71 ,330
1866.,
1887.,
1888.
Total forelt'Iit years.
Brownsville
7-2
50,156
61,927
62,109
68,052
IfiSl.,
18(*5.,
00
40
83
54
$1 ,791 36
1883
1886
1888
Tet.-il
$1 ,419 47
1,307 11
2,036 48
1,742 49
2,278 67
1(187
"
OS
"
67
"
19
"
29
"
14
73 gain
for four year.s
$344
729
314
425
1,127 71
1,353 34
is
89
37
78
33
$1,'1137
$6,037 63
$7,852 00
'
»278,'00«1
in United Staten
cor
.^
867,204.
82,800
company
The limda already acquired and thnec which may yet be secured under the State grant are covered by the deed of trust
secu'-ing the second mortgage bonds, but are in no wise pledged
Ntl Gain.
Eipentei.
00 • ',48fl,fl22 ro
upon the property
IxMi 92,B48a3
Loi*. 04,541 OS
have been perfected.
:
Eurninpt.
P,«OliB
221,402 41
22(',888 S«
438,214 32
30
49
&3.737 a»
81fi0,C00
.^
holds a grant of lands from tho State, under
which it is claiming and t^eeking to obtain patents to about
640,000 acres; but of this, titles to only about 140,000 acres
formed under the laws of the State of Texas. Its capitalized
value is $25,000, all in stock and all owned by your company.
The road extends from the depot of the Rio Grande Railroad
through the town of Brownsville, Texas, to the ferry landing
on the Rio Grande, a distance of one mile.
It is operated by' horse power, and its chief business is to
convey freights from the City of Brownsville and from the
deixt of the Rio Grande Railroad to the ferry landing for
crossing to the city of Matamoros, and to the depot of the
Mexican National Railroad.
Earnings and expenses siiice 1885, in .Mexican currency,
have been
Yeai:
l!i2,70.'i,323
fixed cliarges
,
Total Interest charges
67«nln
40 loss
corporation
34:1,678
This
$624,950 95 $691,784 321 $66,833 37 loss
& Gulf Railway Co.— This
..
Iul«ru«t nu lint mortgage bo- ds at 7 per cent
lutcreat on second uiurticage tondaat
pcroiOt
Net.
$lo,673
153,742 10 27,349
131,803 2ri 40,?9S
80,191 39
8,860
5=i,717 19
5,591
1.474
63,401 69
64,23197
2,125
8,191
59,860 81
if!S2,737 91
..
..
'''is
'
••1 71
i(70,ll2 0.'i
21(1.
273,005 04
234,004 OM
3<' 0,040 34
rency are
earnings and
Erpentet.
Kit.
87,'»,027 (*e
27.1,318 04
..
The
:
1881..
It82.,
18S3.,
M>ptnt*l.
»t08„3Se 00
aiio.ge? sa
Total forSycirs.
—
is
Kamtngt,
Tiar.
1881 ..
1892 ..
1883 ..
1^84..
El Salto Line. Extends from the City of Mexico to El
The track is laid 2-48 miles
Salto, a distance of 43-41 miles.
beyond El Salto, but, attracting no busintss, its use was abandoned, and the line is operated only to El Salto.
The road parallels the Mexican Central Railroad track the
entire distance, and the business of the section of country it
serves
629
in security of the first.
Tlio road is laid with iron rails, thirty pounds to tho yard,
too light for any considerable trafhc, and so much worn thnf.
with due regard to true economy, they should lie replacf^l \\i-\\
new rails now, and must of necessity bo entirely rem'"''!
within a few years. Its condition has otherwise been allowed
to deteriorate to such an extent that it was found necessary
du:ing 1888 to make large exi>enditures (approximating $120,000) in order to bring up the roadway and rolling stocK to a
condition of reasonable safety for oi)erating.
The losses involved in the operation for tho year, $94,541 02
Mexican currency, and the interest upon thoee of its bonds
that £ire in the hands of other parties, amounting to $60,880
United States currency, have been paid by your company out
of the net earnings of its road.
It may become advisable to arrive soon at some more satisfactory and permanent disposition of the matter, and to consider seriou.'ily the value or necessity of this connection, which,
in its present condition, demanding, as it does, extensive renewals of rails, must continue to entail a heavy annual loss
for some time to come.
Respectfully submitted by the Board,
W,
G.
RAOUL,
President.
—
The agents of the Cheqne Bank, limited, Mtsssrs. B. J.
Mathews & Co., of No. 2 Wall Street, this city, have jnst
issued a finely illnminat«'d book entitled "Th« Period of Prowherein the superioiity of a check system over circaar letters, Bank of England notes, ic, is tersely set forth.
Among the many facts stated we note that the Chfqae Bank
is practically a bank of deposit, and it simply istnes a book
con'ainiog certified checks of different amoaots at the current
late of foreign exchange, after which each check can be converted into the currency of such country as the traveler may
ffres'*,"
The Bank has its correspondents throaghoat th<j W'>rld.
among which are the principal hotels, stores, railroad, televisit.
Texas Mexican Northern Railway Co.— This, also, is a
Texas corporation. The grading extends from a joining with
the Texas Mexican Railway track at Laredo, and parallels the
International & Great Northern Railroad, a distance of 467
miles. At one time rails were laid upon this grade, but serv-
graph and cable compani^s, so that travelers need not be delayed at any time or place. The Ch^qoe Bank invests its
fands in Biit sh Consols, and having been established some
twenty years its checks pass like Bank of Bngland notes.
Parties going abroad would do well to secure a eopy of this
ing no useful purpose the road fell into disuse, and the rails
have been token up and used in repairs of the Texas Mexican book, which gives all desired information.
Railway, except 1-34 miles, which are in use really as a side
—Messrs. Ladenbarg, Thalmsnn & Co. annonnce that thev
track of the Texas Mexican Railway, for a connection with the will receive subscriptions from May 13 antil M»y 15 at par and
^,...„
^^_^ j^^,^.,„ „„„
road belonging to and extending to the Pecos coal mines. It int^fegt for $3,0(K).000 first mortgage 6 per cent 30-year gc>ld
and all owned by your bonds of the San Francisco & North Pacific RtilwayO>..da»
is capitalized at $100,000, all in stock,
company, and is carried on the books of the company as an iqi9 These bands are entitled to the benefit of a sinking fond
asset at par value, but possesses no intrinsic worth beyond the of $25,000 per annam, to be applied to the parchase in tho
value of the 1-34 miles of track. It earns nothing.
market of bonds at or below 110 and interest. The company
cloee the snbTexas Mexican Railway Co.— This company is a Texas has no floating debt. The ri^ht U reserved to notice. ApscripUons or to advance the price wiihoat pr-vious
corp )ration, and is capitalized as follows
the New iork
.,
:
Oicned by .Vex- Oitned by
ieitn Nation- Outside i'ur-
Total Capital.
I
al
Capital stock
First mort;;age bonds ....
Beeoud lut rtgagc b.inds...
T,.t;il
tie:
Co.
1,196,'
l,'»80,0v0
$1,840,000
RH.
$^16,250
$2,1 -3,750
24- ,000
$2,'00,000
960,000
!
712,000
184,000
00
$3,897.750
'
$J12,250
Of the $248,000 first mortgage bonds owned by your company, $184,000 are pletlged to secure the payment of the $184,000 second mortgage bonds in the hands of outside parties.
The road was operated by the Mexican National R-ulway
Companv, by virtue of a lease from the Texas Mexican Cornpan v. After the organization of vour company, and 'ts asquifement of certain property of the Mexican Natiotial Kailway Company, including the above-named securitie^, at the
foreclosure sale of May 23, 1887, it was not deemed desirable
to estabUsh the relations of leasee and lessor that had existed
between the Texas Mexican and the old railTvaj- company.
plication has been made to list these bonds on
by
Stock Exchange. A simaltaneoa* issae ti being m»de
3.>ehae, at
Messrs. Qebrueder Berthma n and von brlanger &
Frankfort-on-ihe-MaiB.
new building',
—The Bank of America has just oecapied Hsbanking room.
The
corner of Wall and William stree's.
ventil.tion. as well
architect orally speaking, for sir-, light and
best to be found ia
as for general arr .ngem 'nt, is one of the
coiiStrnciion.
the country, while lh<» vaults are of the latest
proof by «•]»«''•
c -uMdered th rughly borglar
.i*'''.'^
pay It II vhit.
desiiing to see a firbt-ola.-^s banking ifflce thoold
and Boston, offer ia
Co , of this city
—Messrs Blake Bros.
MianeapoIH 4s. da»
to-day's Chbo.mcle a choice lot of City of
The mere mention of a K*n from sucll »
in 1917 and 1913.
bojers.
city is suffioient to cause inqairy among
—The attention of investors is called to the notice of UcfBT9.
hl«h-clsss
J., wlio have now for sale a f «•
John H. Davis
The firm recommends thesi'eecoiitles a*
five per cent b^nd.H.
verjr deirable invtf tmeats.
and
&
&0
.
.
.
.
.
mo
.
.
.
1
1
THE CHRONICLR
[Vol. XLVIII.
Latest Eamiiigh Reporte
%nvt5tmznt
t.
Jan. 1
to Latest
Date.
EOADS.
WetkorMo
1889.
1888.
1889.
1888.
AND
Hunt.&Bd. Top.] February.
gailr^a^ %ntdlxQtxuz.
Ill.Ceu.(lll.&So.)!March.
Cedar F.&Min. March
Dub. & Sio'x C. March
The Investors' Supplement, a pamphlet of 150 pages,
liontains extended tables of the Funded Debt of States and
Cities and of the Stocks and Bonds of Railroads and other
Companies. It is published on the last Saturday of every
9ther month— viz., January, March, May, July, September and November, and is furnished without extra charge
Extra copies
Jio all regular subscribers of the Cironicle.
'»rc sold to subscribers of the Chronicle at 50 cents each,
Und to
1
others at |1 per copy.
Iowa
134,165
140,286
March
lines
March....
all ....
W
.
.
!
Maryland Cent
.April,
Memphis &
IthwkApl
Cha.s
Cent..
Latest Earnings Reported.
KOADS.
Ja7i. 1 to Latett Da'c.
1889.
1888.
1889.
1888.
S
-iBegheny
Ashv.& Spartan.
"Val..
Atch. T. &
StL.K.C.&Col. March..
Giilt-CoL&S.F. March..
Caliior'a Cent March..
Califor'a Sou.. March..
Tottl systemt March..
Atlanta & Char I'ebruav.
Atlanta & W.Pt. April. ..
.
AUanri 1 A: Pac, 4thwkApl.
£.&0. Gastlinc-t March
Wp,^:i;iii Lines March
March
Tc.li 1
Bait. A: Potomac March
March
BeeeU Creek
1st
BufiF.Roch.irill
l.'ir.C.Eap.&No.
<3alro V. & Cbic.
Oamden & Ati
lada Atlantic
wk May
April
4th wk Apl.
MaielApril
.
Oa
<! 1 L adlan Paciflc 4thwkApl.
"Cp.F'r&Yad.Val April
-Geat. Br. U. P.. February..
Cen.KK.&BK.Co March
'Centralof N. J.. March
Central Pacific.. February
C.
February..
& Darl.
February..
8.
& Sav March
&Aus. April
taarlest'u
Xliar.Col.
'^Clieraw.
'Ches, & Ohio.... AprU
^Chee. O. & S. W. 3 wka Apl.
Ches, & Lenoir February.,
Chic. & Atlantic. let wk May
.
March
March
March
4thwk Apl
'Chic. Burl. & No
'Chic. Burl. & Q.
Lines coutr'l'd
'aChle.&E.Ill
«<aic.
'*Cllilc.
Ma & st.p.
IstwkMay
&N'thw'n. March...
"CMC & Oh. Eiv. April
-Chic. PC, & St. L. March
"-Chlc.St.P.&K.C \pril
'
ChlcSt^P. M.&O. March
'Chic. cfeW Mich. 4th wk Apl.
-Cln.Ga.& Ports. April
Cln.Ind.St,L.&C 4th wk Apl.
Cln. Jack. & Mac 4th wk Apl.
& T. P. 4thwkApl.
-Cln. N,
Ala. Gt South. 4thwkApl.
N. OrL & N. E. 4thwkApl.
^"Ylctsh. & Mcr 4th wk Apl.
Vlcks. Sh. & P. 4th wk Apl.
Erlanger Syst. 4th wk Apl.
'Cin.Eich.&Ft.W 4th wk Apl.
Cin. Sel. & Moh. April
Cin.Wab.&Mich. April
•
Cln. Wa8h.& Bait 4th wk Ai)l.
Clev.Akron&Col 3d wk Apl.
Clev. & Canton IstwkApl.
*^lev.CoLC.&Ind April
Clev. & Marietta April
•Color. Midland. 4thwkApl.
'Col. & Greeny . April
"Col. & Cin. Mid.. 4th wk Apl.
a
Hock.V.&T. IstwkMay
Day.Ft.W.&Chi. April
'Col.
iDenv.
&
IstwkMay
Rio Gr.
Denv. &
K. G.W. 4th wk Apl.
Denv.S.P'k&Pac February..
-Det,BayC.&Ali) IthwkApl.
DetLans'g&Ko
4th wk Apl.
DulnthS.S.&Atl
E.Tenn.Va.&Ga.
Evans. &Ind'pli8
Evansv. & T. H.
4thwkApl.
4thwkApl.
4th wk Apl.
4thwkApl.
March
Fltchburg.
Flint. & P. Marq. 4thwk Apl.
Flor.'EyNav. Co IthNvkApl.
Ft. W. Cin. & L. . March
Ft.W.&Den.Cltyi4thwlvApl.i
Whole Sysfin April
i
•
i
I
.
'Georgia Paciflff April
"Gr. Rap. &Iud.-. l4thwkAi)l.
4thwk Apl.
Other lines
Orand Trunk. Wk Apr. 27
.
.
.
'
.
.
I
[
'
.
Chic. &Gr.Tr. WkApr.27
DeLGr.It& M. Wk Apr.27i
OBousatonic
March.....!
Hous.&Tex.Cen. April
I
-^umest'n&Shen
April. .....I
159,830
7,313
504,832
471,335
8,61)0
38,777
33.787
4,248.854
1,457,049
3,049
8,539
219,966 190,805
687,789
545,510
91,640
271,964
472;' 99
07,232 148,773
2.2,718
1,9.3 1,872
5,799,030
i:iO,959
264,007
125,828
249,426
24,552
29,406
i50,61S
146,372
56,736
929,052
61,080
863,970
1,286,063 1,207,489 3,638,468 3,389,115
384,27 9 364,663 1,090,930 1,129,449
1,6-0, '(42 1,572,152 4,729,398 4,518.5:;4
143,620 120,720
373,095
357,1 6,'
69,776
84,173
211,450
252,161
30,307
36,392
63;;,351
665,611
199,603 193,176
849,618
832,03-'
li,-,Od
215,306
14,808
220,537
38,696
33,432
103,862
99,707
42,365
42,843
155,878
148,249
327,000 303,000 3,977,607 3,642.309
27,913
22,104
130,303
105,034
75,.594
113,169
140,461
1 0",609
562.955 1,955,111 1,877,369
900.688 906,502 2,789,215 2,672,398
965,176 1,083,609 2,049,942 2,171,089
12,02^
11,576
22,204
22,131
5*,6.a
60,417
178.197
169.098
65,950
57,470
306,846
317,098
8,869
8,462
17,799
17,536
320,370 339,636 1,342,664 1,438.853
100.162
101,093
595,079
578,243
6,375
7,756
13,516
15,864
34,316
48,111
713,609
738,635
172,.341
73.323
480,172
347,282
2,073,758 1,211,188 5,786,864 4,569,001
584,240 306,400 1 ,748.093 1,20,=',453
844, (i85
54,317
46,215
806.909
430,0
398,783 7,60) ;875 7,184,479
l,893.4:'i 1,897.532 5,067,538 5,145,314
:',41T
4,294
25,y42
14,.504
29,23:'
26,2.56
80,705
68,356
214,721
172,710
831,407
596,901
532.525 500,341 1,328,332 1,264,156
445.88'
37,908
34,741
422.210
4,r-5,054
17,707
17,210
C4,336
861,770
63,279
826.446
13,187
177,062
11,802
144,998
101,307
99,142 1,171,393 1,120,108
47,752
38,035
599,399
509,185
22,442
21,957
340,751
284,861
13,763
11,326
189,915
162,262
16,148
13,562
183,576
171,410
201,312 184,021 2,485,064 2,247,885
10,516
8,737
141,796
133,612
6,002
7,726
39,491
35,310
43,233
37,057
155,897
140,653
37,944
40.497
651,469
657,374
196,1.54
13,719
11,318
173,672
6,720
100,633
7,870
90,578
615,793 567,778 2,393,642 2,307.626
19,995
19,866
76,083
88,493
28,507
502,720
40,000
370,570
5.'>,065
273,641
35,884
221,537
102,138
7,327
6,785
96,873
798,037
45,243
64,521
852,900
152,209
37,524
28,952
126,352
143,000 144,000 2,330,192 2,363,145
39,375
27,475
429,920
380,537
72,970
109,326
52,310
147,604
163,643
10,659
10,545
138,396
336,267
25,548
27,968
292,884
354,505
22,769
291,147
46,999
118,283 114,129 1,936,214 1,785,516
5,124
85,785
69,741
7,214
19,144
271,337
256,135
19,928
441,196 416,928 1,2,59,677 1,178,585
811,505
65,007
60,764
817,991
401,805
23,299
25,661,
367,391
25,742'
22,414
67,068
61,758
351,080
27,568
16,869
265,194
787,137
210,0001 156,208
437,931
94,372
416,971
93,927|
716,809
56,637
54,742
684,940
68,522
5,278
4,586
62,807
344,835 338,708 5,726,570 5,217,406
54,555
53,749 1,054,074 1,023,684
17,154'
306,308
323,384
21,536
87,591'
244,229
69,849
204,550
869,202
173,995 158,851
655,099
9,500
38,500
8,000
45,661
.173,154
March..
April..
S. Fe.. .Marcu
Oentralof
IthwkApl
!Mexican
San LuisDiv. 4thwkApl
;Mex.N.,all lines Aiiril
WeekorMo]
':>(j
*
38,14
879,830
7,513
149.988
157,501
1,218,659 1,037,330
Ind.Dec.&West- March
26,482
25.123
Iowa Central... 4thwkApl
25.746
27.565
Kanawhait Ohio IthwkApl.
5,482
4.862
K.C.F.S. & Mem :3d wk Apl.
70,708
69.083
Kan. C. CI. & Sp. 3d wk Apl.
4,419
4,428
K. C. Wy. & N.
22,40'
April
31,500
Kentucky Cent. March
82,087
76,377
Keokuk & West. 3d wk Apl.
5,227
5,295
Kingst'n &Pem. 4thwkApl.
6,419
6,118
Kno.xv. & Ohio. February..
50,664
41,760
L. Erie All. & So. April
5,141
4,544
L. Erie & West.. 4th wk Apl.
55,253
46,374
Lehigh & Hud.. April. .....
17,489
20,264
L. Rock & Mem. 3d wk Apl.
9,081
12,766
Long Island
April
247,571 251.719
La. & Mo. Elver. February..
30,036
28.031
Louis.Ev.& St.L. 3d wk Apl.
21.396
20,015
Total
The General Quotations of Stocks and Bonds, occupying
*lx pages of the Chronicle, are now published on the
Louisv.&Nashv. IthwkApl.
'Chlrd Saturday of each month.
Louis. N. A & Ch. IthwkApl.
""
Louisv.N.O. <t T. IstwkMay
Mar. Col. & No March
RAILROAD EARNINGS
$
35,002
,078,373
6,121
tMexican R'way
Mil.L.Sh. & West
Milwaukee & No
Mineral Range..
Miuneap. &8t.L.
Mo. Kan. & Tex.
Missouri Pacific.
Mobile jfc Ohio
Montana Union.
Nash. Ch.& St.L.
Natchez Jac.&C.
April,
Atiril,
April,
February..
April
.
February..
March
4thwkApl,
New Brunswick. March
&N.Y. Miirch
N. Jersey
New
&
Orl.
Gulf Ainil
N. Y. C. & H. R.
N. Y. L. E. & W.
N. Y. Pa. & Ohio
N. Y. &N.Eng..
N Y. &North'u.
J<. Y. Ont. & W..
N. Y. Susq. & W.
Norfolk & West.
N'theast'n(S. C.)
North'n Central.
Nortlieru Paciflc
April
March
February
March
April
4thwkApl
March
IthwkAi)!
February
March
1
st
wk May
3d wk Ax>l.
4thwkApl.
4thwkApl,
Ohiolnd. & W..
Ohio&Idiss
Ohio River
Ohio Southern..
Ohic Val. of Ky.
Omaha &St. L..
Oregon Imp. Co.
April
3d wk Apl,
February..
March
Oreg. R. & N. Co. February.
Oreg. Sho'rt Line February.
Pennsylvania .. March
Peoria Dcc.&Ev. 4th wk Apl.
March
Petersburg
.
& Erie... March..
& Read'g. March-.
Coal & Iron Co. March
Phila.
rhiia.
'
Tot. both Co.'slMarch
Pitts. Clev. & T.I March....
Pitts. Pain. & F March ....
Plttsh. & West'u! IstwkMay
.
I
Royal & Aug. March
Pt.Roy & W.Car. March
Pt.
!
.
Prescott & Ariz.jApril
Rich. & Airghy.'4thwkApl.
cR.&Dan.
4thwkApl.
Sy.s'm
& Peter-sb.' March
Rome W. & Ogd. February..
St. Jos. & G. Isl.! IthwkApl.
Rich.
I
.St.L.A.&T.H.B's 4thwkApl.
St.L. Ark. & Tex. 4thwk .Apl.
8t.L.& San Fran. 1st wk Ma
St. Paul & Dul'th April
St.P.Min.A Man. April
S.Ant.&Ar.Pass.Sd wk Apl.
Scioto Valley- -. March
Seattle L. S. & E. April.
Shenandoah Val April
South Carolina March
'
'
!
.
80. Paciflc
404,510
423,689
3,176,790
78,926
433,729
8O,.508
1,237,163
74,964
121,4.50
216,371
94,391
55,971
93,670
20,613
781,163
74,284
183,970
802.487
58.391
5,536,898
691,624
919,085
22,603
40,206
567,614
1,996,734
28,800
1,186,876
220,387
95,281
51,338
84,8.54
16,217
593.364
67,185
237,611
769,942
64.733
5,052.829
614.946
839,330
21,886
36,879
548,141
2,032,391
288,722 213,027
789,548
79.754
67,519 1,34.5,512 1,250.970
76.606
64,485
870,503
635.441
23,380
26.319
349,432
311,942
8,317
33,038
6,488
25,346
92,737 102,416
378,835
398,411
491,169 496,373 1,857,309 1,894.372
931,181 842,283 1,853,616 1,651,524
198,209 174,192 1,014,895
795,982
59,586
52,715
121,604
104,440
290,839 257,133
859,546
776,774
3.550
2,943
58,359
52,155
82,108
74,495
199,261
175,603
14.439
16,662
47,654
46.839
13,869
12,056
54,695
56,577
2.742 372 2,748,777 .0,775.851 10,901,573
•i,113,191 2,130,419 5,748,659 6,068,882
427,049 444.64'
896,451
913,857
422,804 378,440 1,221,091 1,156,932
48,415
45,654
178,323
159,316
43,320
42,382
489,321
462,398
91.020 106,154
275,746
342,546
98.775
97,283 1,632,049 1 ,520.947
61.130
67,909
132,067
127,613
471.200 426,081 1,371,141 1,333.273
349,653 312,120 5,946,372 4,603,856
27,050
31,329
436,336
427,994;
57,773
59,634 1,216.117 1,1 58,504
154.5341
114,139
8,468
8,295
36,748
174,332
198,101
36,751
34,246
1,950
2,161
35,081
62,142
33,661
26,378
72,541
324,577 446,440
928,270 1,174.064
362,745 445,247
717,845
718,944
209,232 160,423
440,361
293,572
4,796,135 4,526,561 13,746.036 13,099,996
14,034
222,311
208,052
16,288
44,431
115,198
43,805
128.772
300,107 277,046
843,459
772,842
l,364;i72 1,579,308 4,306,743 3,615,905
838,204 1,078,644 2,608,776 1,694,916
2,202,376 2,657,952 6,915,519 5,310,821
42.159
96,193
34,128
111,351
24,403
11,436
57,694
39,336
5-2,047
44,665
38,010
710,997
35,625
114,877
39,467
98,097
41,526
104,179
37,542
122,511
11,313
5,605
30,810
43,874
14,786
8,794:
350,404
174,699
3,655,5541 3,268,638
188,878 159,818;
72.315'
24,862
65,904
23,706
203,925 224,059
437,257
456,237
18,525
19,111
351,494
323,679
295,532
19,460
21,553:
314,615
68,661
955.341
809,535
52,271
90,3,59 1,817,225 1,714,766
97,500
346,524
84,812 104,561
294,7201
665,0981 810,358 2,183,907 2, .581, 520
253.965
27.011
23,7681
31S.096
158,888
55,297i
52,706
154,27S|
6,789
71,199
18.249,
242,921
65,000
63,420
245,000
126,390 119,562
387,2941
382,699
1
589,665
137,274
890,493
February ..
15,687
February..
202,566
March. ...
2.901,519
1 ,065,836
March..
2,532,282 2,827,054 7,313,63P| 7,700,927
March
13,458,502 3,892,890 10,121,897 10,602,446
N.Y.T.&Mex.
& N. Orl.
Atlantic sys'm
Tex.
Paciflc system
Total of all..
RR.—
No. Div.
So. Div.
396,464
3,515,836
95,957
462,320
80,145
1,375,398
80,310
71,533
2,753,101
19,179
Co.—
Gal.Har.&S.A. February..
Louis'a West.. February..
Morgan's L&T. February..
So. Pac.
363,890
47,942
37,496
6,656
10,200
27.984
106.550
2,502
Wk Apr.20
4thwkApl.
IthwkApl.
391.260
50.377
39,527
7,926
12,000
23,891
187,429
78,737|
3,119,372
19,016
377,448
February..
(Cal.)
(Cal.) February.
Arizona i)iv..|February..
New Mex. Div. February ..
Spar. Un. & Col. February..
Statcn I. Rap. T. April
'
I
Summit BranchjMarch
Lykens VallejIMarch
IthwkApl.
&
Texas Paciflc.
Tol. A. A.&N. M.
Tol. Col. & So...
IstwkMay
March
T0I.& Ohio Cent. 4th wk Apl.
Tol. P. & West.. 4thwkApl.
&
Tol. St. L.
K.C. IthwkApl.
Union Paciflc... .March
Total system!.. February..
I
Utah ANorth'n. [February..
Valley of Ohio.. lApril
Vermont ValleyiMarch
Virgiuia Midl'd. April
Wabash Railw'yMarch
Waba.sh West'ii. 4thwkApI
Wa8h.O.& West.lApril
287,115
71,696
402.084
8.112
110.932
026.220
313,600
73,251
418,227
7,860
106,980
613,075
166,552'
847,301
17,718
237,392
2,808,259
136,664 120,567
230,956
271,369
461,018 560,716
961,109!
958,772
159,815 192,807
332,839
400,206
78,479
93,279
177,243
165,702
11,583
11,032
19,884
20,2671
62,954
53,994
181,333
208,269;
92,128
97,914
311,182
376,606
2-22,487;
70,535
83,607
277,722
143,858 147,446 1.903.664 1,968,967
16,714
12,404
194,310
314,566
20,086
13,615
55,2921
36,764
22,892
23,655
315,350
374,889
15,863
277,114
17,551
279,588
20,096
10,920
140,133
280,0781
2,111,584 2,513,108 5,775,446, 6,1.58,878
2.287,968 2,55'2,611 4,745,227, 4,721,155
255,231
116,702 134,780
278,686
168,531
51,326
47,066
187,584
36,365
13,312
37,119
13,397
157,530' 137,4'00
534,386
605,503
483,283' 500,623 1,418,8831 1,38.5,277
120,000 134,082 1,759,873! 1,632,850
9,625
30,292
9,800l
31,5821
'
.
May
.. .
.
THE CHRONICLK
11, 1889.1
Lattit
Roads.
Samingt Stporua.
Weekorlto.
Western of Alu.'Ai>ill
WnKt. N.
\V.'s(.
N,
YA
Pa. l8t wk
April
CarTa
West Jcrsov
1888.
i
W.V.(en.*"l'Ut». April
Whci'liiiK A I,.E. IjttwkMayi
Wll. Ciil. & AwK. Feliruary..'
\Vlsoon«ln Cent. IthwkApl.'
[
1889.
''<«»•'»•
68,103
184,600
935,1211
2(!2,r):(o
l.'S,070,
80,102;
87,795
165,510
1.064,465
whtoh half ownenhlp Is held.
f
Incliullne lines In
i
Mexican currency.
c
Earnings ot entire system, including
all
road operated.
Latest Gross Earnings by Woeks.—The latest weekly earnngs in the foregoing table are separately summed up as follows;
For the fourth week of April complete returns show a gain
of 7'03 per cent on 78 roads.
ith week of April
1889.
Atlantic* Pacific
A
45.930!
12 709]
327,000l
&
Ot. Southern
N. E
.
New Orleans A
Vicksburg A Meridian.
VicksbnrfC Shrev. A Pac.
Cincinnati Rich. A Ft. W.
Cin. Wash. A Halt
C lorado Miiilan 1
Col.
Col.
A Cm.
40.000i
7.327
49,470'
170.5001
Midland
H. Val. A Toledo
Denver A Rio Grande
A R. Gr. West....
Detroit Day P. A Alpena.
Detroit Lans. A North
Duluth S. S. A Atlantic...
EastTeun. Va.
KTansriile A ludianap...'
Denver
AOa
39,375
10,f!39j
27.968
46,999
118,233
7,214
13.928
eo.764
25.661
27,503
50,637
5,278
344,835
54,535
I
EvansvUie AT. H
Flint A Pere Marquette..
Florida Rv. A Nav. Co....
Fort Worth A Denv.City..
Grand Rapids AInd
Other lines
'Grand Trunk of Canada.
•Cliicago A Grand Tr...
•Detroit Gr. H. A Mil...
KniKston AJPembroke
A Western
Luke Erie
Louisville
liOulsvUl
A Na^^hvilie
N Alb. A Chlo.
LoulsvUle N. O. A Texas.
Memphis A Charleston.
Mexican Central
Milwaukee L. Sh. A West.
Milwaukee A Northern..
Natchez Jaekion A C
N.Y. Out. A West
Norfolk A Western
Northern Pacilic
Ohio A Mlsslssiiipi
Ohio River
4..= 86
338,708
53,749
Wabash Western
Western N. Y. A Penn.
Wheeling A Lake Erie
Wisconsin Central
1,057
1,385
2,065
9,717
4fi,374
363,890
47,942
49.590
27.984
100,550
61,485
2e,S19
2.943
42.382
97,233
456,415
59.634
8.295
14,034
46,58 i
8,794
159,818
18.525,
21,553
52,271
130,400
2. 84
147,440
14,391
23,H55
17,551
lo,920
5,198,119
:•
1,895
692
6,127
806
4.332
1,819
620
301
8,879
27,370
2,435
5,025
4,093
L Calif or. Southern.. Gross.
Net...
ueai:- -:
Pres.
*
2,939
607
633
System
7,831
.
026,2;o 1,065,836
213,382
338,961
Gro.'S. 2,532.282 2,827,004
A
S
$
Ariz. Cent... Gross.
InoludlDg Ctii^ago
New Mexico A
1,492
2,632
line, St.
11,313
7,158
0,605
2,418
S
»
43,874
29,080
Joseph BB., Chlo. Kansia
Arizona, and Sonora.
8,400
Atchison Topeka
& Wastem
&
Santa Fe Railroad.
fFor the year ending Dec. 31, 1888.^
The annual report of the Atchison Company, isaaed this
536 week, is one of the most oompl-te railroad
documents yet pub2,093
lished.
The officers have apparently fulfilled to the utmost
their promise to give complete information as to the main stem
and all branches and auxiliary roads controlled by the parent
3,588
company. It is possible in the space available in the CHaoNl"""763 CLs
to give only the principal and most comprehensive tables
1,688 of such a voluminous report, and these, together with the re>
port of President Strong in full, will be found onaaubseqnent
"l4;d"8"2
""9'3'3
page. For the purpose of easy reference to these tables, the
following index is given for the readers of the Chroniclb:
Paobh.
83,626
Five days, 25th to 30Ui.
1889.
1888.
S
9
4,248,831
1,162,652
8,539
__.
def. 6,467
687,780
190,805
def.72,053
271,964
45,371
148,773
26,442
212,718
14,289
30,810
13,033
ANNUAL REPORTS
1,961
173
$
67,232
S,328
..
Net...
1888.
219,966
A
2,803,2.50 2,901,510
677,819
813,707
7,317,630 7,700,927
Net...
747,594 1,010,017 1,917,364 2,589,917
Total of all
Gross. 3,158,^2 3,392,390 10,121,897 10,602,448
Not...
961,476 1,313,978 2,59>,182 3,433,824
Toledo A Ohio Cen*. Gross.
78,133
79,658
23«,764
291,127
Net...
27 533
24,553
77,273
110,8»3
July 1 to Mch. 31, J Gross.
876,730
005,554
9 months
J Net...
282,729
338,364
Wabash Railway
G'-oss.
483,283 500,623 1,418,833 1,385,277
Net...
89,339 103,271
250,945
253,503
AprU
•—Jan. 1 to Ayril 30-.
Road.
1889.
1888.
1889.
188a
Paclllo
80,879
12,121
341,5;'8
Net...def.41,638
Califor. Central. ..Gross.
91,640
15,954
Net...
182,947
67,153
Net...
.Gross.
06,716
90,814
29,982
31,123
7,413
11,438
2.392
126,378
40,287
302,407
330,038
88,783
3"M»3
21«,37I
220,337
87,256
70,821
286,008
200,006
60,518
39,647
109,261
170,008
63,233
30,008
660,390
620,669
211,640
310,41t
113,583
80.00S
43.864
28.860
928,270 1,174.064
88,853
171,738
1,263,852 1,040,260
3i»,035
247,011
813,450
772,842
220,210
208,373
320.S18
267,107
123,758
102,605
111,351
86,I0S
10.630
10,605
57,694
39,336
11,843
12,427
489,S01
402.636
151,230
130,726
ir,531
t
Col. .Gross.
3,049
Net... def. 1,370
Net...
Gross.
Net...
.
277,0-18
121J9S
106,21«
,
1S89.
A
37,712
F.Gross.
.
Nirt...
$
K. C.
26,243
8,380
416,410
67,052
300,107
102,423
116,386
48,193
42,150
11,130
21,103
Not
615 to 610
President Strong's Report
623
Total mileage whole system
620
General Ace unt. Assets and Liabilities Dec. 31, 1888..
Stocks and Bonds owned by Atohlson and by other oom621 and 638
panles whose stock Is owned by Atchison
622
General Income Account, 1888
Result of the operation in 1338 of all the investment
properties
Abstract of gross and net Boating debt
Sumnutry of General Income Accounts Atchison and
auiUlary roads
*22
624
••••
all
623 and 624
The comparison of earnings and income account
.
St. L.
121,312
23,000
78,377
19,101
100,161
15,466
71,405
24,317
41,072
17,950
Net...
Gross.
Net...
Gross.
Net...
Atlantic System. ..Gross.
Net Earnings .Uonthly 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 flg^ures cover
the latest month 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.
--Jian. 1 to ilarch 3X.—
-UareA.
GulfCol.ASan.Fe. Gross.
117,180
18,104
82,087
4i,985
100.036
18,685
82,108
32,483
Gross
A Tol
Pitts. PalnsT.
38,738aef.04,9,»7
H
70«.C__
230.366
477.100
100,108
847,24S
89
503,404
So. Pacific Co.
2,302
10,699
425.134
)
5
Total system
4,243
4,856,611
160,081
S0,604
172,341
71,460
i3e,560
87.681
216,629
338,133
04.014
17,748
GroM. 324,577
A Western
Pitts. Clev.
784
9,176
67.281
IH.IOt
Net ..
Cent. .Gross.
Pitts.
114
9,961
1,143,7M
10,000
0,700,030
1 124,109
182,274
47,732
674,730
229,010
ir 0,028
101,017
47,038
207,108
73,823
480,172
d'f.S4,t80
174,042
208,474
610,134
03,710
170,390
158,533
695,207
Gro««. l,gS4,s7ii
Nat...
853,003
AE'le
11,900
16.390
5.337
2,701
18M.
aao l(«
Net...
Iowa Central
Gr«ss.
Ntt...
Kentucky Central. ..Gross.
Net...
Minn. A 9t. Louis. ...Gross.
Not...
New Brunswick
Gross.
Not...
July 1 to Mch. 31, J Gross.
months
5 Net...
Ohio Elver
Gross.
Net...
5,993
O.IOJ
68,600
23,737
70,264
c.)
Atch.Top.AS. Fe* ...Gross. 1,457,049
Net...
390,782
A Tex.
IIous.
512
2,254
5,895
5,992
29,060
18II9,
110,937
Cairo Vln.A Chicago. Gros I.
Net...
May 1 to Moh.31,> Gross.
11 months
) Net ..
Ches. Ohio A 8outh..Gross.
Net...
Ohio, Burl. A No
Gross.
Net...
Flint A Pere Marq.. .Gross.
11,493
134,03"^
For week ending April 27.
Roads.
total
Phlla.
2,420
24,230
4,154
2,090
'Jan. llolTar. 31..^
Met...der.Ift,aS3
Grand
4 months
2,553
.'."'.".
owned—
Dec. 1 to Moh.31,
1,779
19.111
19,460
68.661
135.797
5,485
143,858
24,352
22.892
15,863
20,096
120,000
77,000
22,804
87,795
Jolnll)
Atubrton's h»lf....Oroiis.
Oregon Imp. Co
48 S
2,437
2,586
27,565
4,862
6,118
188,878
,
"ie,462
8,102
38,436
3,187
21,r>36
8,468,
IB, 288
5.',480
14,786;
Texas APaoitlc
Toledo Ann A. A No. Mich
Toledo A Ohio Central ..
Toledo I'eoria A Western .
Toledo St. L. A Kan. C...
*
16,869
54,742
57.773
1
Total (78 roads)
Set increase (7 03 p.
23,2 J9
4';9,017
Peoria Dee. A Evans
Ptttaburg A Western
aifhmond A Alleghany..
Rich. A Dauv. (S roadx)
Bt. Joseph A Gr. Island
8t. L. AU.& T.H.,branchea
St. Louis Ark. A Texas...
Bt. Louis A San Fran
Seattle L Sh. A Eastern..
24,0"00
65.007
17,154'
Kanawha A Ohio
"2,099
IP. 1 44
25.746
5,482
6,419
55,253
3J1,200
50.377
51,015
23,891
187,429
76.606
2<,380
3,550
4<,S20
98,775
Iowa Central
4.344
6.-)..550
40.215
491.064
34.741
03.279
11,802
99,142
3S,03
21,957
11,320
13,502
8,737
40,497
28,507
0.785
55,468
179,0)0
27.475
10,515
25.548
22,769
114,129
5,124
Deereate,
1,441
14,b0j
54,317
530.500
37.908
64.336
13,187
101,207
47,752
22,442
13,703
10,148
10,510
37,944
Cincinnati Incl. St. L.A 0.
Cincinnati Jack. A Mack.
Oln. N. O. ATe.tas Pac...
Alabama
303,0011
4:1.088!
Atlantic
Chic. A E. Ills. A 0. A 1. C.
Olilcaso Mil. A St. Paul. ..
Chlcatro
West Mich
hurecae.
$
01,080
44.539
56.730
Buffalo Roch.ife Plttsburjf.
'..
Cairo Vln. & Chic
CanaiUan Paciflc
ChleaKO
1888.
Roads
.:i>7,2T»
300,975
160,858
1888.
Tot. linos rontr'l'd.Grnu. l,98f,0sa
Net...
aM,005
272.(142
174,11)0
224,035
2PS,401
170,733
1,097,017
1880.
1888.
1,011, SSI
301.«2!»
40,861
101,007
52,207
14,839
86,089
76,264
681
Lalttt Dal*.
6(i,900
81.200
00,000
103,023,
'
1 to
29,406
.12,309
May
March
1880.
Jan.
years, including the operations of Atchison proper
for four
and
its
Southern Kansas system, are given below. There is a change
in the income account for 1888, as compared with the preriooa
years, in that the South. Kan. ia now treated as a leased line,
and the interest on its bonds appears in 1888 in the Item, "In
545,510
tereet paid as rentals," whereas it had previously been given
as a regular interest payment. The oompariaon for three
years of the Atchison and Southern Kansas flgnree, prepared
the usual form for the Chbonicle, appears, therefore, as
472,509
148,26«
m
follov 3.
THE CHRONICL'E.
632
OPERATIONS AND
FISCAI, BESULT8.
11886.
1887.
1888.
3,024
3,016
2,526
Milegoper At.T.&8.Fe— S. Kau
Operations—
1.928,799
1,787,015
2,139,623
Passengers carried, No...
Passengers carried one mile.. .176,810,489 217,909,566
2-271 ots.
2-357 cts.
2 -2 77 ots.
Bate per passenger per mUe.
2,982,831
3,839,578
2,938,364
FrHsht (tone) carried
Freielit(ton^) carried onemlle. 687,399,093 909,167.842 810.593,805
1-258 ots.
1-347 cts.
1-615 ots.
Kate per ton per mile
$
Marnings—
$
$
$4,335,643
$5,136,652
$4,026,004
Passenger
10,194,043
12,248,343
11,100,967
Freight
857,33t>
1,076,371
1,083,227
Hail, express, &c
.^.
.
.
$15,984,307
Total gross earnings
Operating expeuret—
2,186,767
Maintenance of way. &c
Maintenance of e(iuipment..« 1,395,719
4,128,340
Transportation expenses
4l0,l'.i9
MlBcellaneouB
_
$18,461,366
$15,612,913
2,379,820
1,618,152
5,370,163
489,155
551,165
2,188,323
2,068,201
5,665,171
466,121
639,347
10,408,455
8,052,911
56-38
11,027,162
4,585,751
70-63
1887.
1888.
$4,585,751
492,956
Taxes
Total operating expenses..
Net earnings
P. ct. of op. expenses to earns..
8,613,911
7,370,396
5389
IKCOME ACCOnNT.
1886.
$7,370,396
33,785
Receipts—
Net earnings
Kentals
$3,05-^,911
623,859
170,633
751,153
169,487
284,628
621.690
717,129
168,805
8,198,673
$9,003,504
$6,378,003
$20,400
1,664,860
1,740,579
339,820
829,409
170,633
283.500
27,600
45:,826
859,888
169,487
283,500
27,600
3,738.478
£4,474,725
Int.on bonds in 5 p.c. coll. trost.
Otlicr receipts*
Fromland grant trusts
,
,
Total income
29,953
Disbursements—
Eentals paid
Int.
Int.
on At. T. AS. Fe bonds
on So. Kau..bonds
Interest paid as rental
Interest on land bonds
Interest on Sonora bonds
Int. on Leav. To & So. W. bonds.
Dividends
Bate of dividend
Sinking funds
Paid to otlier roads
Mexican Central Railway.
fFor the year ending Deo. 31, 1888.,,'
This company, through the efforts of Mr. L. C. Wade, its
President, made one of the most successful negotiations of the
year 1888. The reorganization of its debt was accomplished
very qtuckly, and the report states that on April 23, 1889, there
had been deposited under the company's plan $46,71.5,000 of
first mortgage bonds and $8,505,000 of income bonds.
The full report of the President will be found on another
page, under the title " Reports and Documents," containing all
partictilars relating to its affairs, including the extended
balance sheet, while the compilation below shows the relative
earnings and income accoimt for the past year as compared
with 1887 and 1886 :
EAKNINGS AND EXPENSES.
Barniyigs from—
168,^05
283,500
Total earnings
Operating expenses
$3,857,706
$2,453,089
$4,886,578 $5,774,331
$2,717,153 $3,418, 83»
$1,404,617
J2,lC9,l-25 $2,355,495
$1,L0.',072
$1,680,295 $1,748,458
Xet earnings ("VTcxican currency).
"
'•
(U. 8. currencj)
INCOME ACCOUNT.
Receipts—
Net earnings, <Sc. (U.
Net subsidy rec"d(n.
Miscellaneous
489,159
& Memphis Railroad.
This company was formed April 24, 1888, by consolidation,
of Kansas, Missouri and Arkansas, of tlie Kansas City Fort Scott & Springfield Raih-oad Company -with the
Kansas City Springfield & Memphis Railroad Company.
The President's report states tliat " for the purpose of comparison in tliis report, the earnings and expenses of the Kansas City Fort Scott & Gulf and Kansas City Springfield &
Memphis Railroad companies have been respectively consolidated for the year 1887; but this does not give results entirely
to the fact that, in the in-
,
—
1888.
5*3,203,465
$1,201,073 $1,895,602 $2,001,6f 5.
Mexican National Railroad.
fFor
Net eamlnge
$1,421,493
Proportion of oper. expenses to earnings.. 67-28 p. c.
Kxchange
and
Interest
PaldS
p. c.
onpref. and 2'3
In stock Aug.
p. o.
on common
18S8andFeh. 1389
Salance, surplus.
Mex. Cur.
$2,404,891
U. S.
Cur.
$1,923,913
1,308
disc junt
00,714
$1,994,935
Disbursements—
Deficit Dacetubcr 31s% 1837, in income
FnrthtT payments in London during 1888
Interest on $10,500,000 first mortgage bonds
U. S.
Cur.
$186,919
6,824
630,000
Heceipls—
Ba'ance from income account.
From intcost reserve liiud
From capital reserve fund
$61,191
650,000
112,552
$823,743
GENERAL INVESTMENT NEWS.
Atchison Topcka & Santa Fc.— At Topeka, Kan., May 9,
the annual meeting of stockholders was held, and perfect har-
o.
811,
W.
$912,138
&B. K.R
60,830
01,191
STATEMENT OF IXTEKKST ON SCKIP AND BONDS FOB 1883.
$1,421,492
Charges—
Balano) for dividends
$1,872,86-1
mony
Net eaminajg
TrafUo guarantee with K. C. M.
$-2,341,080
$1,994,935
INCOME ACCOUNT FOI 1888.
Sinliing funds
31, 1888.^'
M
eratins expen.ses
Receipts—
Gross earnings
Which reduced at 80 per cent gives
$1,763,673
Interest charge (net)
December
large property, constituting the second of the great
tjrimk Unes opened between the City of Mexico and tlie United
States, was only perfected for through business on the first of
November, 1888. The General Manager very justly observes
in this report that as " the road was only opened as a through
lihe on the first day of November, the figures wiU be of no
value as comparative ones for the coming year, nor would any
deductions from them afford any data on which tojbase estimates or conclusions for the future."
All the facts relating to the progress and affairs of the Company will be found in the report of the President, Mr. W. G.
Uaoul, on another page, and tlie statistics of earnings and
income [account in the tables below. The result of operations on the whole system was a balance of §63,811 net eai-nings
out of a gross traffic amounting to $2,341,080, but it is liardly
worth while to give any details, as the road was incomplete
and the exhibit of 1888 has httle significance. Tlie income
account is given as follows
INCO-ME ACCOUNT FOE 1888 (ISCLUDINO TEXAS-MEXIC.iN R-UL-\V.VY>.
Disbursementsx. Our.
Vf. S. Cur.
Tliis
$4,771,168
3,007,495
6303 p.
the year ending
$823,743
$4,344,483
2,922,990
Total
$316,313
1,357,717
250,000
77,575
Balance, carriel to credit uf interest
$3,591,624
883.934
70,059
63,297
162,252
Operating expenses and taxes
$316,313
1,254,677
250,000
74,612
Balan ce
def-$40,504 def.$10,462sr.$2;^3,049
* In 1886 only half the Interest was paid In oa,sh.
If This is six
months' full interest, and six months half only in ca-h.
t The to ^al net sub «dy received
to December 31, 1888, -was $3,825,583 in U. S. currency.
1887.
884,019
78,174
69,007
10S,821
Misoellatieous
$*192,013
*736,710
U187,50J
84,850
Which reduced at 80 per cent gives
Interostou Texis Miixicau Rallw'y bonds
EXI'ENSE?.
Passengers
Mails
Express
1,273-
Interest on coupon notes of '89...
tntere't on Ist mortgage bonds..
Interest on debentures
ikUscellaneous
O
ia 1887 to 0-87 cents in 1888 was due principally to the increased tonnage in coal and grain, which were hauled at a
rate below the average, to reduction in the proportion of this
road's rate on merchandise "from Chicago and St. Louis, and
to the low rates prevailing part of the time on packing-house
products. The decrease in earnings is attributable largely to
the decrease in shipments of ties and piling, 35 per cent; oak
lumber, 20 pei- cent: and packing-house products, 18 per cent;
also to the temporary reduction in rates, and to the lo.ss of
St. Louis-Memphis business which this hne interchanged with
the Missom-i Pacific at Nettleton prior to May 13, 1888, when
that company completed a line of its own into Memphis,
Freight.
$1,885,140 $2, 224,054-
:
terchange of rolling stock, joint use of individual property,
&c. what ai^peared as revenue in the accounts of one company was an expense in the accovmts of tlie other."
The reduction in the rate jier ton per mile from 0-95 cents
AND
18S7.
1888.
$1,680,296 $l,74-!,45»
204,845
474,922
Total
under the laws
EAItNINGS
currency).
currency) f
1886.
$1,102,072
58,437
$1,160,509
8.
S.
Total net income
2>ti hurse men is
(.la)
31!9,725
f^For the year ending Dec. 31, 1888.^
Earnings from—
1,31S.
$1,235,284 $1,321,513
3,458,006 4,44,643.
193,v;88
208,171
2,625,000
303,955
257,377
•Includes net land receipts Soutliern Kansas Railway Co., sundry
and balance ol general interest account.
t This does not include the njt profits of the Atch. laud department,
which -were in 1884 $829,101; In 1885, $1,303,817; in 1830, $1,126,752; In 1887, $310,886; In 1888, $242,585.
5 Tlie So. Kan. road, being treatecftn the report for 1888 as a "leased
read," Its bond interest ($719,300) Is included In the item "latere it
paid as rental."
owing
1883.
$1,168,750
2,511,029
177,926
prollts
satisfactory for the purpose,
1887.
1,236
Passengers
Freight
Express, telegraph and mlsoel's..
t.
;l.588,011
(6i2)
311,340
73,227
Kaunas City Fort Scott
1886.
1,236
Average miles operated
2,411,060
$7,459,356
$8,59^238
$7,895,890
sur.$739,317 sur. $411,266 dt.$l, 517,887
Total disbursements
Balancet
XLTin.
$15,300
(6)
,
[Vol.
8,610
13,061—
933,839
$487,652
467,430
f 20,?22
I
prevailed. "The number of shares represented was 621,Thomas Baring holding 443,530, the rest being voted by
B. Strong, B. P. Cheney, Alden Speare and C. K. HoUiday. The following ticket was elected: Benjamin P. Cheney,
William B. Strong, Alden Speare, Boston; C. K. HoUiday,
Topeka; E. B. Purcell, Manhattan, Kan.; L. Severy, Emporia,
Kan.; George C. Magoun, Thomas Baring, New York; Oliver
\V. Peabody, George C. Crocker, Boston; Edwin H. Abbott,
Cambridge, Mass.; William Libbey, John J. SloCook, New
York. The sis last named are new members, and they take
.
Mat V,
.
.
THE CHRONICLE
1889.]
the places of A. W. Nickerson, (Jeorge O. Sliattiick, I T Burr
"Warren Sawyer, C. R. Codman and W. F. Wlmrton
Tli«
Directors met, organized, and eleotid the following
general
'
ottioers:
AVilliam B. Strong. President; A. A. Robinson, .Second
VicePresident; J. F. Ooddard. Third Vioe-Presi lent; Oeor/e
R
Peck. General Solicitor, Topeka, Kan.; John J. McCook, General Counsel; E. Wilder, .Secretary and Treasurer, Topeka
Kan.: John P. Whitehead, Controller; Joseph W. R inhart'
General Auditor; George L. Goodwin. Assistant Treasurer- C
L.Tuckerman. Assistant Secretary; Alfred A. Olasier, Transfer
Agent. C. W. Smith was re-elected First Vice-President but
immediately resigned, his resignation to take effect Juno 1
Judge George W. McCrary declined to permit his Damw to be
used for re-election as General Counsel, and Jo'in J. McCook
of New York was elected, making the only change in the list
of old officers. Upon request of President Strong his office
was removed from Boston to Chicago. The directors made
changes in the by-laws, adopting the system of the New York
Central, which makes the chairman of the board have charge
of financial matters, the President running the p.-operty.
George C. Magoun \va3 elected chairman of the board. The
Executive and Finance Committee includes Messrs. Man-oun
Strong. Cheney, Spe.are, Baring, Peabody and Abbotf." The
board, bifore adjourning, adopted resolutions exprtssing confidence in the management of President Strong, and complimented the other general officers for their zeal and efficiency.
Boston Concord & Montreal.— In the suit of this company
against the Boston & Maine, lessee, the Supreme Court of
New Hampshire has given judgment in favor of the B. C. &
M. for possession of its road within thirty days. The directors of the Boston Concord & JJontreal Railroad Compiny,
it is said, have made an arrangement with the directors
of
the Concord Road for the latter to operate the B. C. & M. line
^vhen possession has been regained.
Canadian Paeiflc—-The annual meeting was held in Montreal May 8. The report for 1888 showed the following
figures: Gross earnings.
$13,194,53.5; working expenses
f 9,324,760 net earnings, |3,870,774. Deducting fixed charges
accrumg during the year— f3,544,851— the surplus was $328,423. The year's results hal not been as good as expected
mainly owing to the light Ontario crop of 1887. This was
more than made gooi by the main line and through PaciSc
traffic, but the laiter had to be carried at small profits.
The
first quarter of the present year shows great improvement.
These directors were elected W. C. Van Home, Sir George
Stephen, Sir Donald A. Smith and Richard B. Angus, Montreal Edmund B. 0.4er, Toronto; Sandford Fleming, Ottawa,
J. J. Abbott, Montreal George Kirkpatrick, Kingston R V.
Wartinsen, Amsterdam and New York W. L. S&.tt, Erie,
Penn.; George R. Harris, Boston; Richard J. Cross,' New
York Wilmot D. Matthews, Toronto; Donald Mclnnis, Hamilton: Thomas Skinner. London. At a meeting of tlie new
board William C. Van Home was reelected President. The
executive committee includes W. C. Van Home, Sir George
Stephen, Sir Donald Smith and R. Angus.
;
Ifonston
4
Texa'« ('.•nlral.-At Dallw. Tex.,
Mar 1 »m
Houaton & Texas Central Railway Company
wm mVli* iS
defendant in three auit* ni.,,! in the Di.triot
Coart of DafiJ
County. The Lackaw.inna Goal* Iron
C)m'>anf. of
ton, Pa..aue» on notes which
agiregata tl.5.l75. b^arini 8
peroentlntereat and which were glren in psymont
of .uel
rads furni.hed the defendant. The Southern
Company of San Francisco sues for the reooveryDavelopmeS
of tur,
Hr^
m
*'"' .''e'endant '"•"« time to tfme since
Nov'.
Tk ^°aai!"^l L*"*"^*'
15 1886, at 6 per cent interest; aMo for th, recovery
of tlOO.000 to reimburse the plaintiff for the loan of 170
OilrMtoa
&
Harrisburg
Saa Antonio Railroad first mortgage bondTS
the denomination of $170,000, each of which
werS loaned ott
demand.
Morgan's Louisiana
&
Texaa Railroad
;
.
New York
ment
Central
& Hudson River.-The
for the quarter and six
below:
^guarier ena.
1889.
;
—
Chesapeake & Ohio. This company has made a new departure as a trunk line under President Ingalls. On Tuesday
the Chesapeake & Ohio begins to run a vestibule special tram,
leaving New York at 3:30 P. M., arriving at Washington at
9:2.5, which city it leaves at 9:40, reaching Cincinnati at 3
"clock P. M. on (he day foUewing.
traffic arrangement
1^;
as been made with the Pennsylvania Railroad by which
tracks of that company are used out of New York.
The Times says: "Tnat President Ingalls means business is
shown clearly by the organization of his Eastern staff of
lieutenants.
Charles R. Bishop, one of the shrewdest and
most popular railway men in the country, has been appointed
General Eastern Passenger Agent, with headquarters in this
city.
Mr. Bishop, who is a New England man. has lately
been wiih the Chesapeake & Ohio at Washington."-
A
k
Atlantic.
—The May
Jfar.31.-,
W88.
Gross earnings. 98,03;<,479
Oper. expenses.
5.501,103
$^.l.',2,7fl6
Expen. to earns. ((i847p.c.)
(7116 PC.)
5,802,023
Ket earnings $2,532,370 $2,35P,768
31
^8lx mot. end.
eiran
o »—
1889.
I88i.
$17,201,368 $18.!73.022
11.472,748 12.273,538
(66-68 p. 0) (e7 53p.a^>
1,903,260
1,951,860
$5,731,619
3,926,520
$3,900,484
3,9)»,720
Front
Dividends (Ip.o.
$569,110
$395,908
$1,805,099
$1,990,764
894,283
894.283
1,788,596
1,788,368
quarterly)
BaUnce
df.$325,173 (U.$198,375
sar.$16,533 nir.tSOS.lOS
N. Y. State Railroad.o.- The reports below for the quarter
31, have been submitted to the Railroad Com-
ending March
missioners.
2V.
r.
y. B.
1SS9.
—Biiif. Rorh.
* n1888.
Oross earnings
$2,260,119
Operntlng expenses. 1,.534,09S
* PIMt.-^
1889.
$2,098,396
1,471,764
1888.
$478,858
353,003
$479,248
881,087
Net earnings...
Other Income.
$726,021
13,459
$624,632
31,847
$125,845
4,330
$98,311
1.503
Total income...
$739,450
$656,479
$130,194
$99,719
$20,000
125,000
233.460
$20,000
135,000
231,425
$107,240
12.000
26.400
8e».i»*
9.4»a
21.674
$378,460
$389,425
$145,640
$130357
Dtduct—
Interest on debt
Taxes
Bentals,
<]:c
Total
Balance
snr.$361,020 but. $267,054 def. $15,456 def.$30,e38
—1889.
,— Brooklyn Elevaled.-
1889.
$174,1.')3
Net earnings.
Other income
$38,644
.
1889.
$241,5S1
152,887
Grossearnings
Operatlngcxiwnscs.
Balance...
road, but the dissenting second mortgages have given bonds
to appeal the case, and unless a compromise can be made
with them there will be a long stay of proceedings.
is
]tar. 31. -»
First charges...
Total income.
Fixed charges
payment
of;^3 1-10 per cent
on the first mortgage bonds, under the reorganization plan.
Las been defaulted on. The court has decreed the sale of the
Cleveland Lorain
corrected state-
months ending March
;
;
Chicago
Steamship
'''"' *««'''«*'•' "' "»« '•»'«« •»"• *•
ISl'sum' of° $2,te^."
Kaiisan City W/andotte & Northwestern.—Thi»
compmay
has just concluded a lease *' "** U°'°"
Pacific Railway
Iwajr
.,o„i,
r
»
T * '®''*?
tracks, between Tonganoxie and Lawrence,
Kansas. fMninety-nineyears, and: will begin the ooeratioi
of the road
between Kansas City and Lawrence, and between
LMTenworth and Liiwrence, with through train service, on
August
^o*
Tn
1st.
In ant icipation of a gooi fall business, the company
has placed orders for $105,000 additional equipment.
Tlw
business is increasing, and the prospects are so
good that
notwithstanding the loss of track rental formerly paid
br
another company, the officers are sanguine thU this
rear a
earnmgs will considerably exceed the fixed charges aad
leave some surplus for the stock.
:
;
&
Company sue on demand notei which aggregate $1,M8,518.
exclusive of interest, secured by certain bonds which
the plaintiff holds as collateral security.
The petitioner prafs for
judgment for the full amount of the notes, with 8 per oont
.V.
r. <C
Canada.
—
1888.
113,375
$183,058
129,110
$183,177
137,870
$53,948
1,904
$61,778
721
$15,307
$90,548
104,123
$02,409
63,370
$53,948
73.865
$15,807
es,8«5
del .$13,875
.
-Alb.
1889.
it
dct.
$871
Sim., de.-
def.$19,917 def.$21,6T8
.
JUiu.*89'.-
1888.
1889.
iSSa,
$694,403
486,745
$308,118
596,824
$457,797
353,878
$46I,WI
Net earnings
Detluet—
$207,658
$271,294
$103,919
«8».SM
Interest on debt
$10,300
2,800
262,816
$11,700
4,950
344,311
$18,.'M0
$19,000
e,90O
342,471
Gross earnings
Operating expenses
& Wheeling.—The
stockholders have reelected the old directors. Gross earnings for 188S were ^1,169,000, increase iJ66,71~; net $350,250, decrease $10,771. The
company paid 3)^ per cent on the preferred stock.
Taxes
—
Flint & Pore Manjiiette. The earnings of the Flint & Pere
JIarquette Koad for March and the liret quarter of the year
Rentals
$275,916
$68,253
6,000
235,677
374,967
$261,461
$260,177
$267,671
$9,833 df.$156.258 dr.$178,397
Peunsylvanln Jfallroad—The Pennsylvania directors held
1889.
1888.
1889.
EamluffS
$236,564 $208,474
$610,134 $593,154 a special meeting this week and made an allotment of stook
Expciisus
per cent of the {ireeent iasue, or $0,39^750.
148,881
154,755
434,714
469,060 to the amoant of
This action was expected earlv in the rear, but afterward it
Net
$57,684
$53,719
$175,390 $124,393
not be done until fall, and a few weeks
Interest
33,849
29,188
92,800
88,296 was thought it would
ago the report was quite industriously circul ated in PhilaSnrpliis
$53,831
$24,530
$32,590
$30,097 delphia and telegraphed to New York that no such allotFort Madison & Northwestern.— Charles^A. Gilchrist, Re- ment would be made this spring.
ceiver of this r.<uh:oad, presented to the Railroad CommisThe resolution adopted gives stockholders of record oo
sioners in Iowa, a statement of the sad plight of tliat line.
Hay 8 the right to subscribe to the new stook at par. Tita
He claimed that the road does not receive enough money to aabacriptions must be r^jfistered between June IS and July 1.
pay operating agencies, and he wa-s obliged to advance funds Those entitled to a fraction of a share will bs alloted a full
to nay the wages of the men employed. The rolling stork is share. The new stock can be paid for on July 1, or half the
in large part leased of other lines, and unless the commission- 1 amount can be paid on that date and the other half on SapTotal
v-ere as follows;
,
Xarch.-
-.S>n«<
Balance
—
1888.
Jan.
1.
I
dcf.
Bar.
;
THE CHRONICLE.
634
tember 1. The new stock will be issued November 1. Four
Jer cent interest will be allowed on all payments made after
uly 1. The allotments will be negotiable on the Stock Exchange. This allotment of stock increases the amount of the
outstanding share capital to $113,939,124.
The issue of stock is made for the purpose of providing for
betterments. In pursuance of a general policy of the present
management the standard of roadbed and equipment will be
kept up.
A leading executive oflScer of the Pennsylvania Railroad
Company said the cost of keeping the road in perfect order
and meeting all the requirements will be from $10,000,000 to
$12,000,000. This amount will be scattered all over the road
East of Pittsburg in the laying of third and fourth tracks,
buying real estate, the erection of new stations, and in other
ways.
Richmond Terminal. An extension to May 31 has been
ranted to the bankers by the company for the taking up of
—
f5,000,000
of the
new
collateral bor ds.
—
&
Lalce Champlnin. The stockholders
have voted that uj on the cancellation of all bonds under date of
Johnsbury
St.
[Vol.
XLVm.
Commercial 'ijimes
COMMERCIAL EPITOME.
Jlxc
Friday Night, May
From
ains,
all
from
10, 1889.
sections of the country east of the Rocky Mountthe Gulf States, the Mississippi Valley, the North-
west and the Atlantic Seaboard, there were received during
the week reports of drought and heat sufficiently serious to
have an influence upon the grain markets. Very high winds
did some damage west of the Mississippi, and destructive
forest fires occurred in Northern Wisconsin and Michigan,
Rains fell on Tuesday and Thursday over a considerable portion of the Northwest, but not as much as needed, and further
raits were reported to-day. General trade has been very
good for the season, continued liberal expoits of wheat being
a feature. la speculative circles the lower prices for cotton
and coffee may be noted. A further reduction ha! been made
in the price of pig iron, the values of which are now about $3
per ton h ss than one year age.
Lard on the spot, with only a moderate demand, has shown
a steady upward tendency in values, but to-day, at a slight
further improvement, the close was quiet, 6'70@6-75c. for
prime City, 7-30@7-32J^c. for prime Western and 7-35@7-60c.
for refined for the Continent. The speculation in futures has
not been active, but some demand to cover contracts was
sufficient, in the face of moderate offerings, to cause a steady
improvement in values, but at the better prices of to-day there*
pril 1, 1884, the directors are authorized to i>8ue 5 per cent
bonds, not to exceed $20,000 a mile.
St. Louis Arliaufas & Texas.— On the 2d of May the Mercantile Trust Company began to pay the coupons then due on
the first mortgage bonds of this company. The payment appeared to be direct and there was no notice posted up or
otherwise given that the coupons were purchased instead of
being pa'd and canceled. Some holders of the bonds had
instructed their cltrks that if notice was given in any way
that the coupons were being purchase d and not paid they
should not present them at all. It appears, however, that
there was false pretense in the matter, and that the coupons
were not really being paid and canceled, but wtre being held
with the intention of trying to make them a lien against the was very litile done.
company for money advanced. The whole amount due May 1
DAILY CLOSIKO PRICES OP LABD FTTTURES.
was about $490,003, and it is said that about $140,000 had
Sulara'y. Mond'i/.Taesd'v- Wein'sd'y. Thursd'y. Friday.
been paid before payment was stopped on the 8th inst., as the
7-27
7-17
724
729
7 30
May deUvcry....o 714
result of a notice served by the Central Trust Company, June delivery.... 0. 7- 15
7-29
7-29
724
71S
730
7-32
7-33
trustee under the mortgage, declining to recognize as obliga
7-21
7-26
7 32
Jnly (lellverj... 0. 7-17
7-31
7-24
730
735
736
tions against itself any payments made by the Mercantile Co. All?, delivery. ...c. 7-21
7-37
727
733
731
739
The first mortgage of the St. Louis Arkansas & Tt-xas Road Sept. deUvery....c. 7-25
is held by the Central Tru^t Company, which has issued
Pork has met with a steady sale at rather better prices, but
coupon-bearing certificates which are obligations Bgrtinst was quiet to-day a $12@$12 50 for extra prime, $13 25@$13 50
The Central Company's officers learned that for new mess and §13 50@$15 for clear back. Cutmeats have
ilself as trustee.
the Mercantile Company was not cancelling the coupons been less active, atd the course of prices shows some irreguas they were paid, snd failing to secure upon demand the larity, the sales today including choice pickled hams at lie,
paid coupons, formal objection was made to further payment, and extra heavy pickled bellies (16 lbs.) at 6i^c. Quoted:
The Central PicRled bellies, ^^e®i%c.; sho\i\dtr9,5%@^%c., and bams
in order to protect the interest of the trustee.
Trust Company cla'nis the right of controlling the coupons I0f8@llc.; smoked shoulders, Ci^@6J^c. and hams,
for cancellation. The counsel of the Central Company was 11)^0 Bee f is nominal at $6 75(g$7 for extra mess and $9 50 for
instructed to bring e-uit for the recovery of the coupons al- packet per bbl.; India mess steady at $13@$14 per tierce.
ready paid by the Mercantile Company, it they were not sur- Beef hams are fairly active at $13 per bbl. Tallow is quiet at
rendered within a reasonable time.
4 5 16c. Stearine firmer at 8J4@8%c. acd oleomargarine
The control of this railroad was secured in September, 1888, easier at 7J^c. Butter is dull at 14@18c. for creamery and 9@
Gould, through the purchase by him 12c. for Western factory. Cheese is quoted 9@10c, for new
in the interest of Jay
and Rufsell Sage of over $6,000,000 second mortgage bonds, State factory, full cream.
and a large block of ftock, for wliich about $2,000,000
Coffee on the spot has been rather quiet, but there is little
was paid in cash this rthitively small payment giving preesure to sell, and prices show little if any decline, the
of more than 1,200 miles of competing railroad sales to day embracing Rio No. 7 at 16c., c. and f., and Padang
them control
which had probably cost over $20,000,000. The company at 21^c. The speculation in Rio options was dull at drooping
at that time needed money for improvements, and the pur- prices; until this morriing the re were sales at 16'95c. for Sept.,
chasers of these bonds were given three out of tbe control- 17c. fcrOct., 1703c. for Dec. acd 17'15c. for March, when
ling board of five trustees. After the transfer of control was seme recovery took place, and the market closed firm with
made, the Mercantile 1 rust Company was instructed to pay sellers as follows:
the interest falling due in November.
17-250.
16'9Sc. November
16-65C. August
M«y
As the interest of Gould and Sage is mainly or entirely in June
16-700. September
17'lOc. December
17'3Cc.
17350.
the second mortgage V onds and stock, it is plainly their policy July
17-20C. January
16-80C October
to scale down the firot mortgage interest as much as posa decline of 20@35 points for the week.
sible.
For this purpose the meagre net earnings of a new
Raw sugars were dull and depressed, but took a stronger
road during the first year or two of its operations may be used
turn yesterday, and today were quite firm; for fair refining
to endeavor to get a reduction on the first mortgage interest
Cuba, 6J^c. bid; for Muscovado, 87 deg. test, 6i^c. bid, and
for the whole long term till 1936. It is to be hoped that first
Refined sugars
centrifugal, 98 deg. test, 7}^c. quoted.
mortgage bondholdeis will resist this to the utmost, as they fir
and closed quiet. Molasses is steady at 29c.
have an excellent security at only $13,000 per mile on a road declined li@}4c.,
for 50 deg. test. The tea sale on Wednesday went off firmer
very well located, whose gross earnings the past year have
blacks, and steady for Japans.
shown relatively better than any other railr,. ad in the South- for greens, easit r for has bten quiet, the sales for the week
Kentucky tobacco
west.
aggregating OLly 200 hhds., all for export, but prices have
The annual report for 1888 in pamphlet form has not been shown an upward tendency, owing to reports of injury to the
given cut, but from the statements made in the St. Louis
growing crop by drought and vermin. Seed leaf was in very
papers the earnings, &c., were published in the Chronicle
good demand and sales for the week were 1,391 cases, as
liabilities and assets from the same
of May 4, on p. 588; the
follows 350 cases 1888 crop, Wisconsin Havana and 41 cases
follows:
source aie given as
Havana, private terms, for export
The assets are listed as follows: Cost of road and equip- 1888 crop, Penns-ylvaciaPennsylvania seed leaf, 10@12c. 100
ment, $51,458,319 55; real estate at Little Rock, $25,800; sup- also 250 cases 1887 crcp,
cases 1886 crop, do., 11® 13c.; 200 cases 1887 crop, Wisconsin
plies, $287,317 59; first mortgage bonds of the Paragould &
Havana, 10@12c.; 100 cases 1887 crop. State Havana, 13@16c.
Buffalo Island, $25,000; cash, $?42.724 53; sundry accounts,
and 150 cases sundries 5(g 30c.; also 500 bales Havana, 68c.@
$208,152 45; miscellaneous, $5,201,440 64 (some items omited,
$1 !0 and 200 bales Sumatra, $1 20@$1 80.
f2,023,451 81). Total, $60,072,206 57.
On the Metal Exchange Straits tin has been variable and
The liabilities are shown as follows: Capital stock, $23,083,
closi s irregular, with a fair degree of activity, selling today
CCO; first mortgage binds, $16,409,000; second mortgage
and 20-65c. for August. Ingot copbondp, $16,409,000; interest due and accrued, $642,290; equip- at 20-70@20-75c, for May
and unsettled. Lake is iiominal at ISJ^c.
merit trust, $2,025,717 65: sundry accounts payable, $1,134,- per closes wealf
Domestic lead shows some further im742 50; pay checks outstanding, $273,900 71; miscellaneous, and G. M. B. U%c.
p; ovement, but closes dull at 3-92}4c. on the spot, after selling
194,655 72. Total, $60,072,306 58.
at 3 95c. for September.
Texas AVestern. The Texas Western (narrow guage) RailRefined petroleum for export is quoted at 6'85c. Spirits
yca.y was sold to Elijah Smith on the 6th inst. tor $200,000
turpentine has been quite active, but at lower prices, closing
under a decree of the U. S. Court. The road runs from at 40@403^c. Resins were also active at $1
07H@$1 10 tor
Jlouston tQ Sealy,, a distance of 52 miles.
common to good steamed, but are more firmly held at the
Wi@
—
I
1
—
:
;
—
.
IV
For balHDCc of luvesiuieDt
lt< luii
,
«ee page 600.
,
close.
—
..
Mat n,
1
I
1
Friday, P. M., May 10, 1889.
The Movement of the Crop, as indicattnl bv our teloKrainx
from the South to-night, is given below. For the week ending
tliis evening the total receipts have readied
22,411
Iwiles,
86.20S bales tlu' ])rcvi()us
1st of Sept., 1888,
5.4»d,581 l>ale». against 5,292,0d9 balee for the same (K>rio<l of
1887-S, showing an Increase since Sept. 1. 1888, of 147,492 bak>8.
at—
Hon.
Sal.
429
Galveston
El Paso, &o...
New Orleans...
;
Wed.
Tutt.
341
1,851
1,753
8
97
183
617
]
TKurt.
66
1,021
131
Mobile
685
In addition to altove exporta, c.nr
us the fiillnwing nmountM of roi
at
tlio
Fri.
Total.
|
On
May
AT—
10,
Onmt
Orleans...
Other ports
11,710
None.
None.
None.
None.
None.
4.800
6,000
Total 1889
24,510
Mobile
2.004
Savannah
787
Ualveaton
2,14l'
6,486
69
448
38
a9|
247
680
379
23
"is?
14
1,116
987
398
656
74
Norfolk
New York
I
Shipboard, not eUartH—for
ToM.
8,649
None.
None.
None.
None.
None.
475
None.
4,866
None.
1,600
None.
None.
None.
6,850
2,000
4,124
14316
8,942
1,229
8,583
9.238
8,314
1,965
1,073
Bnxiif*\v*k,
Ao.
207
207;
Cliarlpston
a,:;32
Port Royal, dko
18
Wilmington
39
32
32
32
46
18
181
1
W'ash'pton, Ac
1
462
33
259
Korfolk
West Point...
640
137
513
256
175
194
77
131
1,993
537|
New York
2781
200
660!
495
Bofnton
1,586
215
649
164'
627
Baltimore
Pliiiadelph'a.Ao
109
5
168
904
537
603
3,981
316;
ITwp't N'8,Ac.
316
409
127
H week
2,119 5.163 6,306 2.664 1,496 4,663 22,411
For comparison we give the following table showing the week's
total receipts, the total since September 1, 1888, and the stock
to-night, compared with last year.
Totals th
I
1838-89.
Receipts to
May
Week.
Galveston ...
El Paso.&c.
..
Bruns., ,&c.
Cbaricstou ..
P.Koyal.&o
.
Wash'tu.&o
Norfolk
West Point.
NwptN.,&c
York.
Boston
SaltJmore.
Phil'del'a,
..
..
&o
Totals
Week:
666,770
21,959
6,486 1, 659.459
247| 208,707
27,010
1,416 808,360
207; 133,722
2,232 377,914
15,062
18l
181 151,587
4,368
1,993
482.381
904| 408,625
537 134,378
693 125.804
3.981
98,558
64,821
316,
409;
50,096
Florida
New
1888.
Slyek:
Sinee Sep.
1, 1887.
1889.
1888.
1,188
649,141
3,513
6,438
11.487
1 ,698,406
526!
104,963
4,606
158,625
14,146
7,988
16,831
5,557
896'
9,319
116
2,622
8,348'
202,674
23,369
847,585
74,815
403,877
15,647
166,946
4,923
465,635
5,786!
17,16-i
4,160
392,lll[
i«q
108,635i
89,1861
2.481
218,39l{
80,040
43,632
7,2001
1,227
343
25,467|
9,552;
787
Mobile
Wilminfrton
1,
2,0O4i
New Orleans.
Savannah.
1887-88.
ThU
ISineeSep.
Tliia
10.
4,4571
isoj
l,519j
2131
69!
1!
793;
1.570:
22.4115,439,581
I
1,273
i
375,242,
1887.
1888.
1886.
Oalv'stou.&e
Ifew Orleans
Hoblle
2,791
6,486
247
600
700
700
1,662
4,918
None.
None.
1,663
4.018
11,639
10,000
1
!
476,310
526
122
Savannah.
1,416
77
1,457
1,304
5,256'
2,003
433
456
286
626
4,329i
150
558
401
4,086
4.644
2,2.50
4,437!
1,732:
Wilm'xt'n,&c
Norfolk
181
70
1,993
1.441
5,606
8,348
733
61
872
635
4,671
j
Wt Point,. Ac
All others....
Tot.thisweek
22,411
36,223,
4.506]
2,874
3.418
12,666
1.123
34,754
9,413
42
514
35
Exports
/row*
From
\0,
Great
Conti- Total
BrU'n. France „fnt. Week.
Orleans.
20,38:
9.199
Mobile
fiATanoah
Brunswick
Cnarleston
Wilmington...
Morfolk
W««t Point...
"wpt Nws, 4c.
New York
Boston
Baltimore
Phlla<lelp'a,4c
Tout
Total 1887-88..
89S
829
e.967
6.9«7
1.838
l.SSS
15.N06
800
S,OU
».4«3
1
787
1,0«9
19,029
S.0I9
73:
i.oao
38.173
9.99S
7.19»
»4.944;
4,836
10.731
1.
1888. to
May
Oreat
Britain. *Vofi«
205,739 21.07(1
711.202 3»4,083
60,498
82,479
44,909
9.3M
M,133 28,740
78,062
tl7,72«
166,969
94.704
629,772 56.301
207.496
29,715 Z.S80
38.2M
55.3« 2.707.287 389.441
12%
i2»,«
10, 18(9.
Tlital
88.094
1S9.893
88.316
2»9.7e8
22,666
48,962
12,861
100.747
261,678
17S.830
M.7<.'4
'.
911u
10%
10%
10%
10%
lOlia
|10»,,
11 'is ll'is 11
ll'.« ll>a
•
lUiJll^
lliJ,e
12k
12k
12Sig
'
m.
noD TneajWed Tk.
)) lb.
8»i«
8k
I
9
10%
si>it
9-s
10».»
lO's
ioi*n
11%
ll'i*
:
9i»i«
ll>]s :ilk
ll"i, 11%
iMiddline
12
121,,
l'.'k
1
3%
127,,
I131|«
Tk.j Vrl.
STAINED.
»
Good Ordinary
Strict GootI
;
8%
!
911,,,
121*1 >! 1278
113
Sat.
Ordinarv
Strict Ordinary
Good Onlinary
Strict Good Ordinary
Low Middling
Strict Low Middling
lb.'
Ordinary
\
Low Middling
'
Middling
8k
SH
9\i 8>je
8i»i« 81»1,:
9^8
9i»i,
O^s
10l»ig 10>l,fc,10%
<
'
8V
8i»ie
8*1,
,
8i",e:
9\
9%
10^6
I10»,«
I
8%
8%
9Ili«
110k
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 render wo also add a column which shows at •
glance how the market closed on same days.
SALES or_grOT AM) TBAIWT,
FOT MABKET
Ex-
Sat.
.Finn
w
i'i-...
$Mmp.
3.037
Mon. Quiet
Tm...-
<7on-
port.
CLOSBD.
323379
:
1.233.
251
I
107,
|>
li.
5331
700
100
«t i.edeo.
,. at dec.
766
600
100, 1.3711
Spet-'TranToiai.
Ch\ III.
Balm.
*rit$.
J.
84.400
S91 110^700
639 100.400
1,4.V1 112.700
70.% IIP.HOO
1,871
l.'«0, 70O|
924 162
8.761
210,246
51.663;
179,713
60.870
12.608'
im
llil,ii
13
1
10>»,» lO'e
ll'ie .ll»i«
GULF.
88,827 813.6(2
4I2.8SI 1 S.'8.13a
50.498
939.089
10%
11
123b
8.694
Conti-
„^t.
10%
11
8»i«
8»i«
%\
'
I
8k
8ll|«
9%
1'
I
|
Middling Fair
Fair
Exported to—
Galveston
New
Sept.
S'u 8%
8'i«
'.j
S'g
V»
9l'ie 9i»i« 9%
10'4
lOVj il03,«
Middling Fair
Fair
4,108
for the week ending this evening reach a total
of 55,367 bales, of which 88,173 were to Great Britain, 9,995
to France and 7,199 to the rest of the Continent.
Below are
the exports for the week, and since Sept. 1, 1888.
Exported to—
nion JTmeaj We4, Th.
Sat.
Good Middling
Stilct Good >nddllng
The exports
Wuk £nd<ng May
I
^ lb.
llHia llSj
lli'ielU'ie 11^8
BlnceSept.l. 5430.581 5292.089, 5147,89751 13.102 4686,968*4737,670
L-
—
—
2,625
Charl'st'n.&c
..
—
—
Good Middling
Strict Good Middling
279
416,839
868,919
8,680 bales, including 4,044 for export, 4,636 for constunption,
in transit. Of thealwve
bales
for speculation, and
were to arrive. The following are the official quotations for
each day of the past week May 4 to May 10.
Low .MidiUiue
Low
we MiddllnK Middling
3.640
2,531
50,479
30,686
I
833.360
showing little or no revival of 'speculative confidence.
To-day the market opened panicky, under a sharp decline in
Liverpool, where stocks were shown to be larger than last
year. Not till August touched lO'Blc. against ll-l.jc. last
week, was the decline checked. The recovery was slight on a
demand to cover contracts. Cotton on the spot declinefl 1-16<\
on Tuesday and again on Wednesday, but yesterday wai fairly
active for home consumption. Today there was a further decline of l-16c., middling uplands closing at He, with a fair
demand for home consumption.
The total sales for forward delivery for the week are 698,703
bales.
For immediate delivery the total sales foot up this week
Strict
1884.
1885.
14.486
51,893
bulls
UPLANDS.
8,338,
2,534'
135
3,895
216
30fl.7a«
The speculation in cotton for future delivery at this market
continued to exhibit a good degree of activity, but there wae
early in the week a marked decline in prices under a general
unloading by the leading bulls here and in Liverpool. The
statistics of Liverpool and the favorable reporte for the next
crop were also elements of weakness. On Tuesday an early
decline was more than recovered in the afternoon, but on
Wednesday morning there was another sharp decline, which
was attributed to free tenders at Liverpool and some accumulation of stocks in this market.
On Thursday the market waa
quite buoyant, closing 13@ 16 points dearer. The improvement
was due to a strong upward turn at Liverpool, supplemented
by the very small movement of our crop and some uneasiness
respecting the next crop, arising from the prolonged dry
weather. But the demand was mainly to cover contracts, the
195
],188|
11,487|
41,360
16,2311
Ordinary
Strict Ordinary
Goo<t Ordinary
Stript GmKl Ordinary
:
1889.
1
17,821
15,370
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons
Jteeeiplg at-'
1
205,785
10,800
4,309
36,223 5,292,0891
Total 1888
Total 1887
I
M,ia6
4,aM
S,M7
90,797
Aone.
3,800
None.
Florida
Snvannab
York'
Vmm. Cany, Yale ft
irltt.
'
New
'tcurea for
,
Charleiit^in ...
162
16
a<l(l
Ollur
Frane: iFortign Oamsi-
BrUotn,
52
787
951
to-night alio kItc
ipbrmnl, not rlwirid
for our special um) by
I^mbert, 24 Beaver Street.
New
1
We
jiorts nniiied.
i..l,.irrnnii)
which are prepared
week and
28,242 Imles last
week; making the total receipts since the
Keceipts
1
THE CHRONICLE.
1889.)
COTTON.
against
'
1^.560 4,419.291
50 511;2.ii7tf.ga3.)7a.llO 1.201.009I 4.149.443
Tool ....
4.044 4.6361^. -.1.
Tot«al
The dally deliveries given above are actnaUr deNveied tke daf
previous to that on which they are reported.
The Sales and I^rices of Futitkeb are shown by the follow
I
iug comprehensive table:
—
THE CHRONICLE.
636
2
:
.
mt
^
P
OD
^?s
5
B3)"* ea
~ r^C^
.
^
i.E
and
=
s? P*
E
So
S'
as made up by cable
The Continental stocks, as well as
telegi-aph, is as follows.
those for Great Britain and the afloat are this week's retiuTis,
and consequently all the European figures are brought down
to Thursday evening. But to make the totals the complete
figures for to-night (May 10), we add the item of exports from
the United States, including in it the exports of Pricfey only.
to
aa
XLVni
The Visible Supply of Cotton to-ni^ht,
mi
Da;' *
en
[Vol.
1889.
Stock at Liverpool
Stock at London.....
1888.
1887.
885,000
11,000
780,000
18,000
982,000
15,000
685,000
21,000
896,000
2.300
37,400
1 8,000
bales
798,000
2,900
44,200
1 6,000
997,000
3,900
51,100
30,000
656,000
5,900
43,900
28,000
1886.
CO
wX — S"
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sas
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I
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:
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00
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MM ^ MM (
= = < 00 !J
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10 to
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ooo OMCO
99$'-: OOOO OOOO OOOO
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-jobO-J a-aO-J xxO-j
05
05<I
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MM ^
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OO 5 99 < OO > OO
99 <
:
I
I
1
1
I
I
c;>
o6 2
c;»MO^
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1
COOlCTi"^
ll>-l^^
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2
g'P:
MM<IM MMtCM
I
XtO*.*^
XX
<1-Jif»-^
MMtOM
t-^l-f^^
^
_
(CcO
t6
I
OOOO OOOO OOOO OOOO
d>-iO-J xxOx xtoO'-o
XX »^ toto CO XOt M
nnrriOiTri
OO
OO 2
tOOlM"*
tsM
M<|
2
1
o©
©©
IJ
2
<
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OO
2
^
99
to to
c;»oi
loii
®
XtOj^"^
<
2
"^
I
a»:
M»JM
o*o
to
c;i
cote
2
©,":
^M-XM
OOOO oopo MMCOM
OOO© MMtOM o©oo MM<1M MMOM oopo
OOOO
•ibaO|A OmOm tito*ts tici*ii cotbOco
out CO -J© X
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cox
20O
400
Stock at Tileste
12,000
122,000
5.000
77,000
10,000
11,000
186,000
3,000
70.000
6,000
7,000
1,100
262,000
3,000
55,000
8,000
11,000
153,000
7,000
75,00O
13,00O
9,000
5
2
"^
tosoto
XX
I
I
2
toco
XX
oto
tops
^
xto
2
"
©<i
tccopto
o;
COCCpCD
CO
^io
XX
X|«»
"
V
©opto
§
to®
2
"
-j-j
w©
Si":
©©p© ©©c©
©to
o
XQcOx
IJ
©©
2
to©
©to
©
9929
xto^x
Xm
X
coco
CO©
I
8
5
2
;
5
2
^
©CO
XX
cocn
^
2
''
®*^:
®?:
M
CO
•OOP© ©cooto
I
I
toteOto
xtoOx
«^X
Ip-O
to
If^i^
<
en
X
Total Continental stocks
295,000
336,100
425,300
337,100
Total European stocks.. .. 1.191.000 1,134,100 1.422,300
India cotton atfoat for Europe.
300,000
185,000 341,000
993.100
213,000
;^ 13,000
21,000
Amer.cott'n afloat for Europe.
XX
to©
2
cote
XX
x*»
!
£
"^
e.":
if
CO
Egypt,Bra2U,Ac..afltforE'r'pe
Stock in United States ports
Stock in U. S. interior towns..
United States exports to-day.
.
top©
XX
CO©
2
toto
COIC
«?:
I
2
1
©M
I
00
66
MtO
5
toto
toto
= .*:
to-©
WC;<
2
^
9).":
I
1
Total American
East Indian f Brazil, rfc.
Liverpool stock
London stock
Continental stocks
India ailoat for Europe
sr:
Total East India,
Total American
&c
176,000
21,000
88,100
213,000
21,000
this
week have been
pared with 1886.
AT THE Interior Towns the moveirient that is the receipt*
for Ihe week, and since Sept. 1, the shipments for the week,
and the stocks to-night, and the same items for the correspond
ing period of 1887-88— is set out in detail in the following
—
CO
MM
O©
©M
5
2
I
8
H
Z^
o
2
1
®i*:
-
I
CO©
CO
E;
B B
BB
i^
ff
-<
M «4 )^ OS CO -^ Or
CO
^ to *3
-q
coot
>-'»-'
^
Mi-"
2i
2
""
Se ft G>
IJ
I
Mpf^
P
t*.
> S
<
" ^'^^ t6
ggg'jH
OP-
^r;
MM©M
oopo
e
1
K-^rorIfll-^'#"ii"#
'ciOi'X'lDU<O0D<13ibDW«cV'f-'OC0'b»--lC
C6rf*.M<JXOO
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XlCWCOWOO'-'O^'rf^QOOHOrf^COtOOCOO
loaocpMoao-qaocooeotoixoocccooco
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;
to
^fow:
CO
to
I
214,000
15,000
132,300
341,000
47,000
642,000 611,100 749,300 519,100
1,503,017 1,585,653 1,636,7241,834,195
l^ The imports into Continental ports
OOOO OOOO oo©o o©o©
iOo M©06
MM©M OC
M
eo-j
COCO
© toto
I
216,000
18,000
125,100
185,000
67,000
54,000 bales.
CD
I-*
00
«F>>
OS IC Oi
atowto-Mco©
-^
I
212,000
11,000
104.000
300,000
15,000
2,145,017 2,196,753 2,386,024 2,353,295
Total visible supply
6ii,d.
5i,,d.
5%d.
5>8d.
Price Mid. Upl., Liverpool....
lie.
lOe.
lO'sc
Price Mid. Upl.. New York....
9*i«c.
(
I
1S3,133
149,44
1,503,017 1,585,653 1,636,724 1,834,195
Egypt, Brazil, &c., afloat
oopo
6o*6
to© CO
cotcoto
cotoOco
-j©
'^
I
01 5,118
Total visible supply
2,145,017 2,196,753 2,386,024 2.353,295
Of the above, the totals of American and other descriptions are as follows
American —
Uverpool stock
bales 673,000 564,000 768,000 459,000
Continental stocks
191.000 211,000 293,000 249,000
American afloat for Europe... 202,000 194,000 122,000 313,000
dnlted States stoot
375,242 476,310 395,550 615,118
United States interior stocks..
49,971
135,689
55,865 183,133
United States exports to-day.
11,804
4,654
2,309
14,944
MMCnM
01
CO
:
122,000
47,000
395,550
55,865
2,309
statement.
co©p©
eeo©
oo©o
"^
194,000
67,000
476,310
135,689
4,654
1,900
xx©x XM ©
©X © xtoOx
MMC;tM
;isi
8
tooto
ccOco
5
202,000
15,000
375,242
49,971
11,804
300
700
The above figures indicate a decrease in the cotton in sight
to-night of 51,736 bales as compared with the same date of
1888, a decrease of 341,007 bales as compared with the corresponding date of 1887 and a decrease of 208,378 bales .'is com-
ff^C-i
toto
00 ^ ©o 5 ©©
MO 2 ©6 2 MO
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10 X
005
p6«
eoto^tfi
6*x
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5
tOM
a
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o»^o
cotopto
©op© ©oo©
o,j,
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totoOti
;
«
®I»:
cto
oo
o©o©
©«i
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ecea©cE
CO
toto
•-co
too
too
^
I
ocob*x
XX
toto
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toco
*»
^
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2
"^
XX
oco
obxO'x
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I
CO
1
coco
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^
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^
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ceo
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tOX
«'t-
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toto
=
toto
-i-j
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toto
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300
StockatGenoa
to
toto
c6»5
Total Great Britain stock.
Stock at Hambiug
Stock at Bremen
Stock at Amsterdam
Stock at Rotterdam
Stock at Antwerp
Stock at Havre
Stock at Marseilles
Stock at Barcelona
I
I
I
QOcDcc-
:
i^-os
5d:
cokocoimocn'
5^
co'-jfcot-'co
cncn
osod»**mo<iw"c;'
I
6:
«€>:
:
I
MQOMQD
lOQD' "^-tO^lCCODMlOCO
*^ODc;'CJ«-^qscjicococo: QD^c;>fc0 0s<io*4
COrf^
I
I
I
I
I
I
I
I
I
I
ODUCOCCtOCO
CO 1^
O
)(>'
CO iU.
o CO O HI
.
^UiCOOOiOQDi^
• iBcludes gales In September, 1888, for September, 163,300; Septem
ber-October, for October, 394.100; September-November, for November,
583,500; September-December, for December, 980,400; SeptemberJanuary, for Janiiarv, 1,650,500; September-February, for February,
881,300; September-March, for Marcli, 1,944,800; September- April,
for April, 1,257,800.
^ff° We liave Included In the above table, and shall continue each
to give, the average price of futures each da.v for each month. It
will be found imder each day following the abbreviation " Aver." The
average for each month for the week is also given at bottom of table.
week
Transferable Orders— Saturday, lO'OOc: Monday, lO'SOc; Tuesday,
Wednesday, 10-60c.: Thursday, 10-70c.; Friday, 10-55c.
10-80C.;
The following exchanges have been made during the week:
•07 pd. to exch. 1,400 May for July.
pd. to exch. 100 July for Aug.
pd. to exch. 100 May for June. •12 pd. to exch. 1,300 May for Aug.
'04
•01
•10
•05
pd. to exch. 600 June for Aug.
pd. to exch. 700 July for Aug.
for June.
•60 pd. to exch. 200 Sept. for Aug.
•39 pd. to exch. 400 Nov. for Sept.
Even 100 May
•11 pd. to
•la pd. to
•13 pd. to
•30 pd. to
•12 pd. to
exch.
exch.
exch.
exch.
exch.
200 June for Aug.
300 Jfay for Aug.
KXI May for Aug.
200 Dec. for Sept.
100 May for Aug.
figures for Louisville in both years are " net."
*
The
t
This year's figures estimate
1.
f
.
.
May
THE CHKONKJLE.
11, 18fc9.|
show
totals
Tlif alxivo
that the old interior stocks linve
(k(Te(i.w(/ (luring the week ll,058balee, and are to-night 89,71B
balw louM than at the same ueriod last year. The receipts at
^vn.s Imve
been 7,435 bales lata than the same
till
II', aud since Sept. 1 the receipts at all the towna
w(
is
...iloa //tore
;»i,.).>.
'
11
10»8
10»B
10>ii
and the lowest
i
1
da\
.
..
week:
1
11
11
10%
10" ,«
10»8
10»8
10>a
lO^a
lOia
lO'e
10%
10%
Norfolk
lOiij
IQis
lO'e
lOHi
11
lOllSiA
im*38
BoAtoii
Balllinore...
PUllii.l.lphla
11%
Fri.
11
10«8
10»8
lOlg
lO'a
lOia
lOTg
iWiVH
ll'4ai38
1139
1138
11^8
ICe
ll>8ai>4
llisa^i
ll!>8
..
Loul«\ille.
.
1138
1138
10%
10%
10%
10%
10%
lOiiie
1011,8
10il,g
11
11
11
11
11
10^8
11»8
lOU..
lOTg
Rictivts at th< PorU. St'k at Interior Town*. Rec^pt* from Plant'fu
KVt. S...,
» 1»...
" 19...
•
46,500 132.220 21»,a36 148.217
40.407 119,046 236,765 128.779
38,922!l07.106'817.276 102.888
18.380
26,363
14.783
19.064
06,981 199.870
81.090
6,016
8(1.500 172.887^ 69,818
8,608
89.663
28.604
14.283
27.980
IB.Ul
3...
i3,o;7
12,666
I
1889.
1
80.641
10...
May
1889.
89.308
81,627
86...
'•
1888.
1888.
1889.
I
1887.
1887.
188S.
1887.
86,205
32.603 28.242
38.233' 22.411
1
i
8,453
8.a»8
9,481
13,235
72,510 145,074! 56.443
6,020
9.010
80,909
13.031
14,407
18.370
9.838
—
The above statement shows: 1. That the total receipts from
the plantations since September 1, 1888, are 5,480,651 bales; in
1887-88 were 5.413,333 bales; in 1886-87 were 5,172,347 bales.
3,
'
—
reaches the market tlurough the outports.
Wiik
—That, althougli the receipts at the outports the past week
bales, the actual movement from plantations was
only 9,638 bales, the balance being taken from the stocks at
the interior tovras. Last year the receipts from the plantations
for the same week were 9,010 bales and for 1887 they were
were 22,411
bales.
—
.IMOUNT op Cotton in Sight May 10. In the table below
we jjive the receipts from plantations in another form, and add
them the net overlanci movement to May 1, and also the
takings by Southern spinners to the same date, so as to give
substantially the amount of cotton now in sight.
to
1887-88.
1888-89.
\
1886-87.
1885-86.
i
celpts at the porta to May 10 5,439,581 5,292,089 5,147,897 5,113,102
-~
iateribr stocks on May erfo
10 la
1
i
.
excess of September 1
41,070'
184,206
24,450
121,244
receipM from plantat'ns 6,480,651 5,413,333 5,172,347 5,297,309
7,'>0,799
742,113
t overland to May 1
872,3271 895,530
uuthemconsumpt'ntoMayl 406,000; 377,000 331,000 279,000
Hit.
1
Totalln sight
May
6,758,978 6,685,863, 6,254,146[6,318,421
10
^o^them spinners' takings
to'
May 10
'
I
I
11,665,418 1,604.234 1,450,107 1,600,81 2
be seen by the above that the Increase iu amount In sight to-lit, a.'i compared with last year, is 73.115 bales, the Increase as
inpared with 1886-7 is 504,832 bales and the gain over 1S35-6 is
'f
will
ao,557 bales.
Weather Reports by Teleoraph.—Reports
to us
by
tele-
—
Crops are doing well, but would
be helped dy rain.
VicKsburg, Mississippi. Telegram not received.
Little Rock, Arkansas.
The past week has been witiioat
rain.
There are some complaints of worms, owing to cool
nights, but with a week of warm weather they will disappear.
Average thermometer 65, highest 82, lowest 44.
Helena, Arkan.sas. The <X)ld weather has injured early cotton.
Some is being plowed up and replanted. There are complaints that the weather is too dry, no rain having fallen during the week. The thermometer has averaged 67, the highest
being 82 and the lowest 42.
Memphis, Tennessee. The first part of the week was very
cool, but now it is hot and drv.
There was a light frost on
Friday morning in low lands, killing stands where up. Considerable replanting will be necessary. Rain is badly needed.
Tlie thermometer has averaged 69, ranging from 47 to 85.
Nashville, Tennessee. No rain has fallen during the week.
Tlie thermometer has ranged from 40 to 88, averaging 64.
Mobile, Alabama. Crop reports are generally very favorable, but there are some complaints of cool weather and poor
stands.
No rain during the week. Average thermometer 96,
highest 77, lowest 49.
Montgomery. Alabama. Planting is about completed. Prospects so far are splendid, and ahead of la.st year at this time.
The thermometer iias averaged 60,
Tliere has been no rain.
the highest being 88 and the lowest 47.
Selma, Alabama.— We have had no rain all the week. The
thermometer has averaged 66, ranging from 50 to 76.
jUdmm, Alabama. All crops are suffering somewhat for
rain, and replanting of cotton has been necessary in placee.
The thermometer has ranged from 46 to 81, averaging 63-2.
Madison, tlorida.—Tlie weather has been very dry, and we
are needing rain. Average thermometer 66, highest 88 and
lowest 40.
Columbus, Georgia.— We have had no rain all the week.
The thermometer has averaged 71, the highest being 88 and
the lowest 51.
Savannah, Oeorgia.—The weather has been pleasant during
the week with no rain. The thermometer has averaged 6T,
ranging from 50 to 92.
Augusta, Georgia.— Reports from the crop in this section
are unfavorable. Much cotton has been killed by cool n^hts
and cut worms. The remainder has very poor stand. Replanting will be generally necessary, and planters are in a strait, as
will
a great scarcity of seed exists. Tlie present warm change
be beneficial, especially for late plantings, but rain is needed.
The thermometer has ranged from 45 to 95, averagm^ 69.
Charleston, South Carolina.— We have had no ram aU the
week. The thermomeUr has averaged 68. ranging from 49 to 98.
Stateburg, South Caro/ina.—Telegram not received.
Wilson. North Carol itia.— Telegram not received.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 8
—
—
Receipts from the Plantations. The following table indi_
cates the actual movement each week from the plantations!
The tijirures do not include overland receipts nor Southern con_
sumption; they are simply a statement of the weekly move'
raent from the plantations of that part of tlie crop which finally
—Telegram not received.
—
—
11»B
1138
11
11
—
l/MUA
Cincinnati
8t.
11%
10%
10%
10%
43.
Oreenville, Mississippi.
Clarksdale, Mississippi.
IOI3
10^8
10%
10%
10%
....
MeinpliU)
lOOg
lO's
11
tTiail("<ton.
Wlliiiiii>;tvn.
10%
10%
ICa
...
ON —
Thwrt.
11
1008
lO's
Orleans
Molill.'
COTIOIi
Wedtui.
Titd.
11
Galvcoton...
AuEU«t«
MtDDUKU
CLOSING QCOTATIOKS FOB
JfOlt.
SAMinnuh
—
1
"»'
Wtek ei»Hna\
Kow
tlie
'
•
V
than for
Hrenhnm, TVovm.— We have had no rain all tho we<tk. Itoln
neediHl. but not badly. The thermometM' haakvaragod It,
ranging from 82 to 89.
Helton. Ti:rfi.H.—V
Ix-vn one light whown- diirihfi; th*
week, tlic ruiiifnll
irfr<' liiunlnslihs of un inch.
The
thermomoter ha.s nu.K- <i ;i'-iu 48 to 88, avera^ug 68.
Weather/ord, Texas.— Vfe have had drr weftther all Um
week. Average thermometer 66. highert sS, Utwmt 43.
New Orleans, Lotiisiana. There TiaH been no rain ail tba
week. The thermometer has avenige<l 70.
Shreveport, Louisiana.— Thero lias been only a trace of rain
during the week. Tlie thermometer has rangM from 90 to 94,
averaging 68.
Volumbus, Mississippi.— Vfe have had no rain all the week.
Average thermometer 60, highest 80, lowest 40.
Leland, Masissifjpt.—Them baa been no rain during the week.
The thermometer has averaged 94 '6, tiie highest being 84
samo time in 1887-89.
Q(7(>TATIONS FOR MlDDUNQ COTTON AT OXHEB MaKKETB.—
'.('low we give the closing quotations of middUng
Ill 1'
hern and other principal cotton markets for each
cot
atv
«37
1
—
—
—
—
o'clock
May
9, 1889,
and May
10, 1888.
Jfuy 9, '89.
to-night indicate that dry weather has prevailed in alall ijarts af the South during the week, and that at many
Liph
iijst
oints rain
is
—We have had
dry weather all the weekHie thermometer has averaged 70, ranging from 61 to 78.
Palestine, Texas.
There has been no rain all the week. The
hermometer has ranged from 49 to 84, averaging 67.
San Antonio, Te.vas. It has been showery on one day of
he week, the rainfall reaching one hundredth of an inch.
\verage thermometer 71, highest 86 and lowest 56.
Huntsville, Texas.— We have had one light shower during
he week, the rainfall reaching nineteen hundredths of an
icli.
The thermometer has averaged 72, the highest being
and tlie lowest 49.
Dallas, Texas. The weather lias been dry all the week. The
hermometer lias averaged 68, ranging from 46 to 90.
Luting, T'ea.-a.'!.— There has been no raiir all the week. The
lermometer has ranged from 69 to 88, averaging 79.
Columbia, Texas.— We have liad dry weather all the week,
.verage thermometer 65, highest 84, lowest 46.
C'wero, Texas.
No rain has fallen all the week. The therlometer has averaged 77, the highest being 86 and the lowest 68.
—
—
—
—
Above low-water mark.
Above Iow-wat/>r mark.
Above low-water mark.
Above low-water martt.
Above low-wator mark.
New Orleans
needed.
Qalvestoii, Texas.
Ftet.
Memphis
Na.Hhville
.«hrcvciiort
Vicksburg
InaM.
ITny 10, '88.
ntl.
IneA-
14
3
3
2
8
11
30
3
a
37
8
8
19
9
32
8
5
15
1
1
India Cotton Movement from all Ports.—The reoehjH
and shipments of cotton at Bombay have been aa foUowa for
May 9.
the week and year, bringing the figures down to
BOMBAT BBCEIPTS AND glUPMBKTB FOR TOPB T«A«».
Shipmenti
Jtar\ Ortat
BriCn.
this
Oonlttteni.
uetk
Bhiym enit ringe /•»*.
.
Total.
OotM-
Ortat
Britain
n«n<.
1889 15.0(H> 32.00O 47.000 271..KH) 652.00o|
1888' ti.OOO 2.i.<K)0 3J,(MK)
1
37.<MJ
}','
-"SSl
1887 3i;000; 5,OOO3<!.(HK)22«.IKK>4lU.e00i
1886' 7.0U0 12,000 lit.OOO 194.0O<l 397
1.
Mm*
Total.
Jan
Wttk.
«•
I.
'
-ggg, 'S^'So
"J^'ggg
SiS'SSS to!ooSi .073.000
070.000 TaOOOIl V^'^^
670,000,70,000 1 .U
591.000.73.000l 950.000
toj^
•
According to the foregoing, Bombay appem
the ;j»* •'««*?•
decrease compared with last year
"J
8,000 bales, and an increase in shipments of 1'>;'52,^5K^'S?
877,000 ID««.
the shipmenfB since Jan. 1 show an xn^rtaae of
ports f«r
The movement at Calcutta, Madras, and other India
for two
the last reiHirted week and since the Ist of January,
Cey km. Tuttyears,ha8 iKjen as follows. "Other porta cover
m
corin,
Kurrachee and Coconada.
-
.
.
THE OHRONICLE.
638
Shipments for the week.
Shipments since January
Great
Great
Britain.
Continent.
Britain.
Total.
Continent.
Calcutta -
Total.
64,000
87,000
2,000
2,000
7,000
9,000
14,000
13,000
41,000
28,000
58,000
47,000
2,oo6
1,000
38,000
62,000
27,000
15,000
ijooo
26,000
25,000
5,000
7,000
1889
1888
54,000
77,000
112,000
124,000
Madras—
1889
1888
All others1889.^....
1888
Total
1.
all
1889
1888......
2,6o6
i',6o6
r,6b'6
The above totals for the week show that the movement from
the ports other than Bombay is S.OOO bales less than the same
week last year. For the whole of India, therefore, the total
shipments since Jan. 1, 1889, and for the corresponding periods
of the two previous years, are as follows:
EXPORTS TO EtrpOPE FROM ALL INDIA.
1888.
1889.
Shipments
to all Europe
Tennessee, 84. General
89 Texas, 90 Arkansas, 86
average Is 87. Ke turns generally make commencement planting earlier in many counties. Dry weather has prevented germination, and
replanting became necessary. Some correspondents note the tact that
an early beginning does not insnre an early ending.
Complaints of retarded germination are common east ot the Mississippi, and in Texas. Delay of planting and germination and ot retarded
growth and enUlvatlon from excess of ra u of tliat plantei in Felaruary.
The area early planted where su>gequent weather conditions have
been favorablewas being cultivated asecond time in the more Southern
Louisiana,
;
;
belt.
Breadths less advanced were being chopped up at the date of the
report; at the same time replanting of poor stands was in progress.
In the more northern latitudes planting was less advanced
Recent temperature has been too low for the best growth, and condition in the third week of April was in excess, remedying previous
deilciencie', but has since been below normal through a large part of
the cotton territory, the d( flcienoy being relieved locally and partially
by weU-distributed showers.
The proportion of the crop planted May 1 this year in comparison with the four previous years, and also with an average
year, as given in a previous report of the Agricultural Bureau,
is as follows
:
1887.
Proportion of Crop Planted
States.
Since
Jan. 1.
This
week.
546,000 36,000!
124,000 13,000|
670,000
177,000
47,000 1,035.000' 34.00o!
670,000' 49,000'
Proportion
Planted
May
1,
1888.
1887.
1886.
1885.
A.v'geTear.
30
74
86
87
f4
87
88
89
90
86
84
71
84
85
95
83
80
78
76
77
70
,•53
82
83
94
80
76
77
84
30
70
80
80
95
35
67
81
83
97
76
80
81
96
88
84
83
82
80
80
75
77
85
85
82
81
79
77
85
89
87
83
80
87
79-9
82-4
80
80
86
847,000
1
Total
Nortii Carolina
Soiitli
Carolina
—
'
,
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
are the receipts and shipments for the past week and for the
corresponding week of the previous two years.
Tennessee
Average
*
Alexandria, Egypt,
Beoelpts (can tars*)
This week
'
'
3,000
2,864,000
2,000
Since Sept. 1.'
2,715, 000
Since
This
week, \8ept. 1.'
I
|
This
Sinee
week. S<^l. 1.
2,000 219,000
4,000,145,000'
Total Europe.
2,000 236,000,
5,000 150,000,
7,000 386,0001
5,0001393,000
pounds.
To Newcastle, per stcimer North Durham, 102
To Havre, per steamer La Bourgogne, 800
To Bremen, per steamer Lahn, 300
.To Hamburg, per steamer Wleland, 620
To Rotter Jam, per steamers Rotterdam, 243....Weendam,
479
Illinois. 200.
To Antwerp, per steamers Belgenl.ind, 581
New Orleans—To Liverpool, per steamers Buenaventura,
This statement shows that the receipts for the week ending
8 were 3,000 cantars and the shipments to all Europe
May
—
Manchester Market. Our report received by cable to-night
from Manchester states that the market for yarns is steady,
There
dull.
is
3,444. ...Emillano, 3,793. ...Mariner, 1,803
To Bremen, per steamer City of Lincoln, 4,341
To Hamburg, per steamer City of Llnooln, 1,802
To St Petersburg, per bark Giuseppe, 3,108
CHARLESTON— To St. Petersburg, per bark Superior, 1,616 ......
To Barcelona, per barks Maria, 1,990.... Pedro Manstany,
815 ...per lirig Euriiiuetta, 516
GALVESTON— To Newcastle-online, for orders, per steamer
We
1888.
1889.
SH
32» Cop.
8.
Apr. 5;7i6^e®87,6 6
128ii6®89ie
" 198>i6®8Ui,
" 26i8
-aS^
May 3,8 aSia
" lo's
asig
CotVn
Mid. 32 » Cop.
lbs.
Shirtings.
Tioist.
d.
1
6 3
6 4
6
6
6
8.
TJplds
d.
Twist.
d.
7i»is®8'>,8
d.
d.
®7 1^ 5%
®7 31^ 513,8 7s,ea83i6
|7ii,e'a83ig
®7 41a 6
li2«7 2
li2»7 2
li3»7 2
6
79i6®83,a
6^16 711i6®8l4
6li« l711ina8'4
8i4
lbs.
Shirtings.
d.
s.
d.
OotVn
Mid.
Vplds
Amethyst, 3,575
7
®7
a7 O
a7 o
712
97
1^97
1
1
NORFOLK-To Liverpool, per steamer Sicllia, 214..
Newport News-To Liverpool, per steamer Sicilia, 2,516. ......
MichlBoston— To Liverpool, per steamers Bulgarian, 538
—
55l6
gan, 4,392 ...Pavonia, 1,300. ...Virginian, 1,886
5%
To Yarmouth, per steamer Yarmouth, 50
BALTIMORE— To Liverpool, per steamer Mentmore, 1,384
To Bremen, per steamer Dresden, 1,424
PHILADELPHIA-To Liverpool, per steamer British King, 886
To Antwerp, per steamer Switzerland, 486
57iB
JuTE Butts, Bagging, &c. — There has been a fair inquiry
f(Jr baggiuac and sellers are firm in their views as to price.
For the orders coming in buyers are paying 8i^(gl0>^c., as to
quality. There is nothing doing in jute butts, and the marFor paper grades
ket is weak, with prices in buyers" favor.
15^(ai?^c. is asked, while bagging qualities are held at
i;g@2^c.
Memphis District Cotton Report. Messrs. Hill, Fontaine
& Co., of Memphis, issued on the 8th inst. their first report for
1889, from which we take the following:
—
The season for 1889 opens favorably for the cotton and corn orops
within the Memphis district, which embraces West Tennessee, North
North Arkansas and North Alabama. Planting iutere.-its
throughout the district are fully ten days earlier than last year, and the
weather In the main has been favorable. Cotton has nearly all been
Mississippi,
7^J
781
9,040
I'qSS
I'VaS
S'i,K
l,«ll>
3,3^1
'.JJS
i»'
To Veracruz, per steamer Whitney. 187
d.
a7
7
7
7
800
goA
0^0
—
talk of resorting to short
give the prices for to-day below, and leave those for
time.
previous weeksof this and last year for comparison:
but that sheetings are
lo-s
—
6,000 bales.
A.
—
Total licUtt.i
AurLiverpool, per steamers Adriatic, 721
...City of Berlin. 1,073. ...City of Chester,
ania, 1,794.
1,628. ...City of Eome, 1,805. ...England, l,108....Furneesia, 534 ...Gallia, 2,397. ..Ptolemy, 837. ..St. Eonans,
..... 12,008
,
,
_.
^11
To Hull, per steamer Colorado, 1,658
i'?oa
To Leith, persteauier Crystal, 1,488
-^'TXS
1,000 248,000
4,000 145,000
6,000:364,000
.
A cantar is 98
Not given.
New Yokk—To
(bales)-
To Liverpool
To Continent.
88
Shipping News.—The exports of cotton from the United
States the past week, as per latest mail returns, have reached
61,097 bales. So far as the Southern ports are concerned, these'
are the same exports reported by telegraph and published in:
the Chronicle last Friday. With regard to New York wei
include the manifests of all vessels cleared up to Thursday.
1886-87.
1887-88.
1888-89.
Mayi.
•*
1.
1.
Alexandria Receipts and Shipments. Through arrangements we have made with Messrs. Davies, Benachi & Co. of
a.
May
1839.
Since
Jan.
923.000! 32,000
2,000
112,000]
47,000!
All other ports.
*
;
30
Bombay
This
week.
Since
Jan. 1.
This
week.
from —
BOTOrts
XLVm.
[Vol.
^i|
.i,oi.O|
8,llo
gO
,
...
^Sji
^'igi
»»»„
48ei
-
"O^ji
Total
particulars of thess shipments, arranged in our usualform, are as follows
„
The
:
xar-
Antwerp
Bremen
Bull,
Liver-
Leilh,
pool.
rfr.
it
Havre.
800
New
York.. 12,558 3,248
9,010
N. Orleans
......
Charleston
3,573
Galveston
214
Norfolk ...
.N'port N'ws 2,516
8,116
Boston
Baltimore. . 1,384
planted, and the outlook thus early in the season is favorable, although
complaint ia made of the eflfect of cool nights which have prevailed .since
the 2d of May, and which in some localities have alTected the plant and
retarded its growth. Warmer weather has succeeded the low temperature of the past week and a vigorous growth ot the plant can now be
Phil'delph'a
Peters- Barce-
burg.
burg.
(0)10.
<e
Vera
Cruz.
920 1,503
3,108
1,615
6,146
.
mouth
i£ St.
Ham-
3,321
187
50
1,424
486
886
Total.
19,029
18,294
4,93C
3,762
214
2,51f
8,166
2,808
1,372
237 61,097
800 8.490 6,712 3,321
Below we add the clearances this week of vessels carrying
to
cotton from United States ports, bringing our data down
the latest dates
4-per steamer Erl King, |,841.
NEW ORLEANS—To Bremen-May 4J
per steamer \\ arwick, 6,907.
West Point—To Liverpool May
Total... 34,714 6,«23
reasonably looked for.
There is an increased acreage reported planted in cotton within the
district of 412 per cent. Alabama reports the largest increase, leading
off with 8 per cent, while Mississippi reports the smallest, belngonly 1%
per cent increase. The acreage planted in corn shows a very slight increase, less than 1 per cent, but stands are generally good In all the
:
BOSTON- ToLlverpool-May3-persteamers Istrian,Roman, Marathon,|ti
Palestine, 1,195 ...May 7— per steamer
To Yarmouth— May 3-per steamer Y'armouth, 1.
;
Labor throughout the district is working well, but in some localities a
BALTIMORE— To Liverpool -May 7—per steamera Baltimore.
scarcity of fields hands is reported.
Nova Scotiau.
,, „ n pei
nor
May B—
To Lomlon-May 2-per steamer Missouri,
May Report op the Agricultural Bureau. Under date
steamer Maine,
of May 10, the Agricultural Bureau at Washington issued the
To Bremen -May 4—per steamer America, 737.
following respecting cotton
Philadelphia— To Liverpool -May 7— per steamer Lord CUve,
The progress of cotton planti Qg is reported In May by the Department
Below we give all news received to date of disasters tP,
of Agriculture. On the first of tne month 87 per cent of the proposed
vessels carrying cotton from United States ports, &c
area was planted. This is one point earlier than tie average of a series
a lot o
of years. Only Virginia, North Carolina and Florida report planting Governor, steamer (Br.)— A tire broke out. May 3, among Orleans,
cfitton on the wharf for British steamer Governor, atNew
Blightly later. The percentages are North Carolina, 74; South JaroMore or less of it Is damaged by fire and water
BSa, 86; Georgia, 87; Fiori'la, 91: Alabama, 87; Misaisslppl, 88;
;
.
;
foiu" States.
;
'
.
.
—
.
:
:
'
I
.
.
.
May
THE CHRONICLE.
11, 1889.]
Cotton freighta the past week have been as follows
Do
sail
Thurt.
JW.
\4
ir<dn«*.
'«4
>8
»«»»S4
%
"4
"is'
e.
Bremen, steam
Do
TUM.
Hon.
Baiur.
Uverpool, steam d.
DovlaOl'ss'w.d.
Havre, steam.... «.
:
"sa^'is 13,„a7,4 "32 a"'!* "3a»'is
c.
.
via Lelthd.
'4
42V
Amst'd'm, steam.e.
%
38
Do via Londou.d.
42
V
42V
42>s*
4
42>a'
42
V
Do via London .d.
Beval, steam
Do
»4
'4
>4
»i«*
d.
»is*
'4
d.
sail
»t«
»'ie'
4
"4
H
>4
4
»sa
. . .
»ta
»32
»32
»33
^32
».ia
'.ia
hi
— By cable from Liverpool
>4
»8a
B30
till
wtre again current.
rainfall
week
bales!
Of which exporters took
Of which speculators took...
Sales American
.......-...••
Forwarded
Total stock— Kstlmatod
Of which American— Kstlm'd
Total Import of the week......
Of which American
mount aUoat
Ot which American
58,000
M.OOO
8,000
37,000
7,000
65,000
864,000
693,000
65,000
60,000
177,000
50.000
30,000
2,000
•2,000
23,000
12,000
53,000
839,000
692,000
90.000
49,000
176,000
57.000
Sal.
May
we have
Apr. 26.
Ai»\ 19.
Actual export
near the close last evening, when report! o(
The export busineKs reported on
Wednesday aggregated 120,000 bushels, mostly N<>. 3 red
winter at 85>^@83^c., f.o.b., and 73,000 bushels were taken
by local millers. Yesterday shippers 'took 96,000 bushels at
SS^c, f.o.b. and choicd old spring broui^ht 00c. for local
milling. Today the market was variable, in a speculative
way, closing steady, but the expoit business wa« nil.
DAILY OLOSIKO PKIOES OV HO. 3 RIO WUrrBB WHBAT.
ening turn
delivery
July delivery
Aii);ii8t delivery
SopteuibtT delivery
Uecoiuber di Uvory
Hay
Mays.
69,000
2,000
8,000
50,000
9,000
70,000
872,000
671,000
62,000
37,000
160,000
58.000
10.
43,000
2,000
4,000
34.000
5,000
60,000
885,000
673,000
73,000
53,000
141,000
47.00^
Jfon.
Wtd.
84 >s
84 's
Tuet.
83 'h
84
85%
85 >a
8S<>«
85%
857g
86
87''8
o.
c.
o.
PH.
tkuri.
84 >«
%t\
83»8
84 58
849g
c.
o.
o.
June delivery
the follow
ing statement of the week's sales, stocks, &c. at that port.
Bales of the
The wheat market has shown some irregularity in the
volume of d«uling8. While the speculation waa sluggish the
regular trade was more active. On Monday, aiMxninta of
drought in the Northwest, and high winds which cauaad
ueculiar sand-drifts, chi eked selling for the derline, but th«
>>uying was sluggish, the bulls having been so badly used in
the past two months that thev bad no couragp, even wbcn »
good export busir ess wiis added to the supporting influenoe.
Accounts of rain on Tuesday caused dt-iirftution: but these
proved partial and insufficient, and prices again took a hard-
,
Barcelona,steam d.
Qenoa, steam., .d.
d.
Trieste, steam
Antwerp, steam d.
• Per 100 lbs.
LlVEKPOOL.
639
88
88
88 >«
88 »8
S.l
85
83
83 ^
8.1
84%
859^
8eie
86>«
Vl&\
84'a
8478
«
8Si%
8«
88V
Indian corn ha.s shown an upward tendency, with a fair
business for export. Immediate supplies are moderate. Yesterday the first sales of canal loads to arrive %vere made at
44^C<i?44^c. for No. 3 afloat, while No. 3 on the spot brought
45^c. delivered. Tlie supply of white corn has been more libTo-day there was a very strong market and the specueral.
was more
lation
active.
DAI1.T OLOsnto PKicis
Sat.
May
delivery
c.
c.
o.
0.
June delivery
41'9
4141
4214
mxKD
OF HO. 2
Man.
42*4
41 ^e
421a
ooxa.
Wed.
TKurt.
Tuet.
42ig
42 \
42 >a
43
42
jyt
43
4Si«
42>s
42i>»
43
42%
43
The tone of the Liverpool market for spots and futures each July delivery
43%
43 >«
43 >a
4378
43%
43\
Aujnist delivery
day of the week ending May 10, and the daily closing prices September delivery
44 14
44 >s
44%
441«
44%
44\
cotton, have been as follows
of spot
Oats advanced on drought reports and some present scarcity,
but yesterday were dull and weak. To-day there was renewed
:
Saturday Monday. Tuesday.
apoi.
Market,
12:30 P.•"•J
Dull but
Mld-Dpl'ds.
6'l8
(iaiet.
dnn.
6l8
8,000
1,000
5,000
Bides
800
Bpeo.<bexp.
Wednet. Thurtd'y.
Dull and .Moderate
Irresular, demand.
6I16
Friday.
Oull and
Irregular.
6I16
6I16
10,000
1,000
8,000
1,000
6I16
7,000
8,000
500
500
Future*.
Market,
It,
>:30 P.
I
Market,
4 P.M.
Steady al Qalet at
at an
1-M(a2.«4
advanco.
decline.
Steady
Basy at
2-64 dec.
at
1-64 ad-
yance.
Steady
at
l-84®2.84
decUne.
Steady.
strength, but only a fractional advance.
otSLT CLOsma pbices of ho. 2 mxsD oats.
Wed. Tkuri.
Sal.
Man.
Tuet.
2914
29
28%
o.
29'ii
May delivery
297a
i;8%
29
29%
29
c.
28:U
June delivery
29%
29
29%
29%
c.
28\
July delivery
Steadier.
StesdT.
but
Steady.
Firm,
CWc«(fO
Milwaukee...
OIoB.,
Mar
May.
Taes.,
6.
Whtat.
7.
BM>.196U>t Bu<k.8012u
64.942
88,490
47,146
Dulatta
Minneapolis.
15,793
2.044
1.828
5,Ti»
Toledo
Detroit..
eat., 9Iay 4.
.
Clereland.
.
..
Op«n H<,» Low. OlM. Open
d.
April-May.. 609
Hay.Jane.. 809
Jnne^Jnly.. 609
taly-Aug... 600
Ang.-Sept.. 608
d.
d.
d.
610 6 09 610
6 10 609 8 10
6 10 609 610
609 6 09 8 09
605 605 605
6115 6 05 606
SSO SSO SSO
6 08
605
SSO
S40 5 41 6 40 5 4t
536 SS8 538 5 38
608
6 08
6 07
6 03
603
648
5 39
538
Low.
d.
<7lo».
d.
d.
608 607 607
6 08 8 07 607
608 6 07 607
6 08 608 6 06.
6M 6 03 603
604 6 03 603
5 49 5 43 548
5 39 538 538
536 535 536
Open High Lou.
d.
d.
d.
Cloe.
d.
eoe 603 802 6 03
6 02 8 03 802 603
603 803 602 6 03
802 6 03 6 02, 603
5 62
5 6S
5 62
5 6a
563
543 544 643
5 34 534 534
6 63
5 31
6 32
5 31
6 63
563
6 4«
BI4
532
Oute.
Butkjauu
1,322,737
1,285.736
1 23.690
17,920
46,000
8.052
1320
13,608
4,200
6,226
6,400
20.000
82,879
6,570
14,327
181,730
228,900
25,615
U4,8;5
High Ldv.
8.
Ole*.
Thars.,
Open
£r<«k Lov). Clot.
i.
May
iL
A.
d.
d.
d.
603
6 0S
6 0S
5 83
563
563
803 563
6 0S 568
S8S 5M
563 560
5 44 S40
534 5St
iM ess
5 63
6 01
8 01
6«3
608
603
603
563
663
May-Jane.. 6 03
Jmne-jQly.. 603
J»l»-Aii«... 6 03
Anc-Sept.
September
B63
503
»U
-ept.-Oct..
WOt.-^OT. .. 5 34
Itor.-Dea.. 5SS
563
5 63
Si»
6 0«
6 01
May 9.
d.
d.
603
603
6 03 608
6 01 803
6 01
8 61
5 59
5 41
5 81
568
56S
543 5 45
BS4 535
162 S63
543 545
534 535
SW
5 SI
5 31
fiSS
5 63
5 63
sn
Fri.,
Mario.
Open H<«k Lam. On.
d.
d.
d.
eoe 601 5 61
600 601 5 61
8 01
6 01
5 81
d.
581
5 61
5 61
'«
1,035
10,000
239,000
6,600
l.a'>5,063
1.742385
wk.'Si).
813.855
170,868
801,784
1,623.475
1,822.386
1.753,344
593,064
1.759.499
207.665
157.187
194,780
64,194
S3.84»
32,8e»
7,49«,764
80,117,074
92.788.397
24,002.221
4,388,378
9.607.789
94,483,390
74.011,906
67,812,218
70.036.216
61,511,838
58.555,498
S2.949,60«
21393,667
1.77«ja«
1.79736&
wk.'ST.
Since Aug.
1888-9
1887-8
1886-7
l,003,e02
1.
8,504,187
20,601.737
The exports from the several seaboard ports for the week
ending May 4, 1889, are shown in the annexed statement.
Oom.
Plour.
Buth
Opm
May
4I.75»
59,800
154.093
Wtporlt
Wednes..
Bofieil.
BlMk.4Sl(u BikSSift*
'89.
11.984
Tot.wk.
Same
Same
50,255
14,282
581.916
17,761
28,453
8,646
25,500
Oom.
«,74S
11,000
Lools
Peoria
8t.
OOt.-NOT. ..
Hot .-Dec.
of breadstuffs to
JhMiptt at—
steadier.
.•
8ept.-0ct...
29%
market is indicated in the
statement below, prepared by us from the figures of the New
York Produce Exchange. We first give the receipts at Westem lake and river ports, arranged so as to present the comparative movement for the week ending May 4. 1889.
The movement
trregular
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 Middli ng clause, unless otherwise stated.
1^* The prieet are given in pence and 64tA( th,ut
5 63 mean <
5 63-64d., and 6 01 meant 6 l-64d.
September
fW.
29%
2914
Buth
Bbtt.
142,893
219,930
133,409
8,706
33357
24",0<>6
16,000
149,4aa
219,013
103,714
14,377
158,803
JTewYork
858,114
85,564
2,330
245,910
140,417
4,000
Peat.
3,071
Wheat.
from—
Beston...
Portland.
34,413
Oatt.
Buth.
2,330
Rye.
Buth.
14,595
Buth.
9,13»
49^296
MontraaL
Phlladel.
Balttm'ie
tr.Orl'na.
New*
600 6 01 5»1
5 81 563 568
5 81
S.
569
Btohm'd.
5 58
5 59
5 41
6 32
346
6 81
5 62
643 5 44 5 41
534 534 5 32
SSl SM 629
Ha7
wnc.
14,5»ft
18^8.
318,840
..
54,49S
41,406
5*«
BREADSTUFF S.
Fkibat. p. M.,
fot.
9*06 ttme
19, 1889.
The market for flour kas been mora active for the week
under review, Thera lias been a very good export demand
for low grades from spring wheat; but thtse, in good lines,
being somewhat scarce, have on this account not been
taken freely. Good to choice bakers' and family brands hsid
a brisk sale, and although the range of values is without maThe check
terial alteration, prices are in some cases better.
to the decline in wheat caused buyers of all grades to take
hold with more confidence. To-day the market was without
new feature or decided change.
The visible supply of grain, comprising the stocks ia grana^
at the principal points of accumulation at lake and seaboard
ports, and im transit bf water, May 4, 188»:
In
tlore
at—
KewTork
Do afloat
Albany
Buffklo
CUcago
MUwaukee
Duluth
Toledo
Detroit
St. LooIb'.'.'.!!;!"
Do
afloat
ClBSlnnaU
Wheat,
buth.
Otm,
buth.
fr««*.
buth.
5,327,500
8,000
3<0,9a6
407,a>S
79,000
7,500
22.000
30,168
735,841
05,904
Oatt,
10,000
38,900
600
20,307
350,663
2,220,743
3,803,500 2,754,709 4,483.335
1,583
594
645,499
41.402
969,122
2.031,683
48,004
178.637
1,040,774
6,401
63,657
114,203
30.000
1,305.873 1,075,744
396,289
40.000
Sd^iDOO
8,000
73,000
23,135
3,090
10,1m
4,8^5
69,941
68.107
93,900
83,538
1.847
170,000
40,914
e-i;6oo
siidoo
THE CHRONICLE.
640
Peoria.
Indianapolis
City.
Baltimore
Minneapolis
St. Paul
'"
227.939
88,951
27,864
3,758
81,327
363,098
2,500
5,944,679
280,000
138,581
522,917 2,424,478
191,400 1,309,300
On Mississippi...
On lakes
On canal Ailyer.
Tot May
353,223
bush.
123,781
10,309
65,055
125,238
440,419
20.632
170,817
58,181
135,628
69,930
717,668
Barley,
bush.
Bye,
busk,
1,084
Oalt,
bush,
496.777
168,201
113,853
105,430
107,332
614,311
Philadelphia
Kansas
Com,
Wheat,
bush.
3.196
121,123
—
In store at
Boston
Toronto
Montreal
39,068
136.579
55,959
3,000
89,604
4,065
7,878
8,905
1889.
May
to
148,750
73,900
Great Britain
Other European.
China
241
317
1,000
17,422
2,494
2,109
1,602
6,219
1,354
1,727
13,595
1,205
Last week's stocks— this week's not received.
13
Mexico
656
46
Central America.
South America
Other countries..,
410
47
,
11
Total
' China, via Vancouver.
THE DRY GOODS TRADE.
1.357
2d, 132
2.887
4,5.53
2,118
5.737
1.972
1,444
10,403
235
164
21
436
31
964
2,741
52,214
25,990
2,071
55,120
15,705
2.741
Total
1.
853
12
38
1,124
10
933
A^rabla
735,638
854.968
749,418
371,153
Week. Since Jan.
3,.554
India
Africa
West Indies
1888.
Since Jan. 1
"Weeli.
Tot. Apr. 27, '89. 26,042,209 12,526.190 6,700,499 1,462,226
259,284
Tot. May 5, '88. 31.317,380 9,436,6714,082,012
324,370
Tot. May 7, '87. 46,303.674 15,613,986 4,056,869
*
ages, valued at $163,383, their destination being to the points
specified in the table below.
New York
4,204
XL VIII-
Domestic Cotton CIoods.—I'he exports of cotton goods
from this port for the week ending May 7 were 3,741 pack-
49,263
'89. 25,270,734 12,113,861 7,143,138 1,430,228
4,
[roL.
78,204
2,071
71,125
New
' From New England mill points direct.
York, Friday P. M., May 10, 1889.
The values of N. Y. exports since January 1 have been
Business in the wholesale branches of the dry goods trade
was light and irregular the past week, but the weather was 13,046, 143 in 1889, against $3,363,676 in 1888.
warm and favorable for the distribution of light spring and
."•"taple cotton goods were only in moderate demand at first
eummer goods, &c., in which a fairly satisfactory trade was hands, and yet a fair business was done in some descriptions
done by local and out-of-town retailers. There was a moder- of plain cottons on which agents were disposed to grant time
ate force of package buyers in town, who have just began to concessions in order to move "round lots.
Prices of brown
show some interest in certain fall and winter fabrics, and and bleached goods ruled firm because of the firmness of the
some pretty fair orders were placed in this connection by such staple and the relatively small stocks of goods resting in first
jobbers and the manufacturing trade as were able to obtain hand-". Wide sheetings were rather more active in some
slight price and time concessions, in order to justify the antic- quarters, and a fair business was done in cotton flannels,
such an early period. corset jeans and sateens. Colored cottons, as ticks, denims,
ipation of future requirements at
Print cloths ruled firm at the late advance, and the tone of duck, cheviots, checks, &c., ruled quiet and unchanged, and
the general market continues steady and unchanged.
there was a steady movement in white goods and crochet
DOMESTIC Woolen Goods. As regards new business it was quilts at firm prices. Print cloths were in fair demand and
week in woolen goods commission firmer at 3 3 16c. for 64x64s and 3?^c. for .58x60s. Stocks last
a conspicuously quiet
circles, and the main features of the market are practically week and for the three previous years were as follows:
unchanged. The demand for heavy clothing woolens for
1889.
1888.
1887.
1886.
men's wear was light and unimportant, but there was a steady
Stock of Print Otoths—
Stai/ 4.
Hay 5.
May 9.
Maul.
movement in overcoatings, heavy all-wool and cotton warp Held by Providence mauuTrers. 54,(X'0 32,000
97,000
83,000
Fall River manufacturers..... 25.000
35,000 217,000
33,000
cassimeres, fancy and piece-dyed heavy worsted suitings,
Providence speculators
None.
None.
47,000 235,000
trowserings, &c., on account of former transactions, and a
Outside speculators (est)
5,000
7,000
65,000
15,000
fair number of small re-orders for certain specialties were
Total stock (pieces)
84,000 69,000 426,000 366,000
placed by California and Western clothiers. Satinets were
Foreign Dry Goods. Importers and jobbers have expequiet in demand and only moderately active in movement,
and there was a light business in Kentucky jeans and doe- rienced a steady demand for small parcels of seasonable
Fall cloakings were in moderate request, and a light specialties, but selections were individually light and colskins.
China and India silks, pingess and
business was done in stockinets, Jersey cloths and spring lectively moderate.
shawls. Soft wool and worsted dress goods were in fair other light dress fabrics were in fair request, and there was a
wool hosiery fairlv satisfactory business in printed and woven cotton dress
request, and a moderate business was done
goods.
and knit underwear at steady prices.
"
—
—
m
^inanctal.
^iwatxjcial.
E.
W.
&
Clark
Rea
Co.,
St.»
Pbtladelphla«
Railroad, Municipal and other desirable InTOBtment Securities for sale.
Transact a general banking business. Allow
Interest on deposits.
Members of the Philadelphia and Nev York
Block Exchanges, and connected bv prtrate.wlre
with
New York
Wm.
G. Hopper
Co.,
ANB
DEALERS IN FOBEIONtBXCHANOB,
433 ITood Street, PIttsbnrs, Pa.
members;
New York and Philadelphia Stock Exchanges,
Plttaburg Petroleam, Stock and Metal Exchange
Private wires to New York and Philadelphia.
Direct wire to Chicago Board of Trade.
&
Co.,
BANKERS AND BROKBRS.
S8 South Third Street, Philadelphia,
Stocks and Bonds bouglitand sold on commission.
Dally market letter mailed upon application.
Private Wire and Lonx Distance Telephone to
New
&
BANKERS AND BROKERS,
BANKERS AND BROKERS,
No, 139 South Fourth
Bros.
Iftwattctal.
Wm. FAIBUr
H. B. MOBSHIAD,
H.
Morehead
B.
STOCK,
&
Co.,
BOND AND NOTE BBOKERS,
York.
No.
Robert Garrett & Sons,
BANKERS,
No. 11 SOVTH 8TRBET,'
BALTIMORE,
TBAN8ACT A GBNKRAI, D0MB8TIC AND
FORmON BANKINQ BU8INB88.
BIOHABD
D. FISHBB.
WM. CHICEUtT BHAV
&
Shaw,
(INTESTRIENT BANKERS.
Fisher
fil
We«t Tblrd
Street,
CINCINNATI. OHIO.
A. L. Hartridge,
SAVANNAH, OA„
SEGDBITT BBOKEK,
Bars and
andBonds.
sells
Ob oommlssicii
all
classes of Stock,
Negotiates loans on marketable secnrities^
New York Qaotations famished bT prtrate ticker
every fifteen minutes.
C.
W.
& Co.,
BROKBBS,
Branch
BANKERS AND
Btati Bank Binij>iH8,
Members Baltimore Stock Exchange.
RIOHinOND, VA.
BALTimORE, mo.
Private wires connecting with Washington, Balti
more, Philadelphia, New rork. Boston and Chicago
PITTSBURG,
8TABU8HID
Whitney
&
PA.
187).
Plttiborg
membert N.T. Sto«k
Bzcba'-Re.'
&
Whitaker,
BANKERS AND BROKERS,
Stephenson;
BANK'BRS AND BROKERS,
No. ST FOVRTB AVENUE.
OWmt
Matthews
Ne. 121
NORTH THIRD STREET,
Leonard Matthews,
Edwards Whitaker.
Charles
Hodgman,
~ "ST. LOVI8.
WiLBom,
Charles h. Shsu>on, Jn.,
BKNJAHIN A.JACK80N, WILLIAM BINNET, JR.
JOSH17A
Wilbour, Jackson & Co.,
BANKERS AND BROKERS,
^VEYBOSSET STREET,
R. I.
No. 53
PROVIDENCE,
Dealers in Commercial Paper. Government and
other first class Bonds and Securities and Foreigo
Exchange
Private telegraph wire to
New York and
&
Wilson, Colston
Boston.
Co.,
BANKEBS AND BBOKERS,^
(Members of Baltimore Stock Exchange),
BALTIMORE.
(INVESTMENT and SOUTHERN SBCURITin
a BoectaltT )
Correspondence
Invited
ntshed.
N. Y. Correspondents—
and information
McKm Bbotbers &
Schaar,
Koch
&
far>
CO.
i
Co.,
BANKERS.
Negotiators of First Mortgage Loans.
2,603 Soutb Halctead Street,
CHICAGO,
ILI.I1VOIS.
THOMAS BRANCH
Sc CQ.,
BANKERS AND CO.MMISSION MKRCnANTS,
RICHMOND, VIKGINIA.
Circulars and Information on funding the debts Of
Virginia and North Carolina free of cost: one-eiiihth
per cent charged for funding. Southern Railroad
and State and Citj Bonds bought and sold.
Swan & Barrett,
BANKERS
ANP BROKERS,
186 middle
Street,
PORTLAND, MAINE.
Dealers In Oovemment,State,Cotint7, Cltf and Rail
road Bonds, Bank Stocks, Ac
OMIrable Investment Seourities constantlr on hand
•
@FedFRASER