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MH
H U N T ’ S
M E R C H A N T S ’
WrefeHj}
REPRESENTING* THE IN D U STR IA L
VOL 46.
B a n k
N E W YORK, M A Y
INTERESTS OP
12,
C o m p a n y ,'
NEW YORK.
and
P r in t e r s
of
B O N D S , P O STA G E & REVENUE S T A M P S ,
LE G A L TE N D E R A N D N A TIO N AL BAN K
N OTES o f th e UNITED S T A T E S ; an d fo r
F o re ig n G o v e r n m e n ts.
ENGRAVING AND PRINTING,
Ba n e n o t e s , s h a r e c e r t if ic a t e s , b o n d s
Fo r g o v e r n m e n t s a n » c o r p o r a t io n s ,
D R A F T S , CH E C K S, B IL E S O F E X C H A N G E ,
S T A M P S , A c ., in t h e fin e st a n d m o s t a rtistic s ty le
FROM STEEL PLATES,
With SPECIAL SAFEGUARDS to PRETEST COUNTERFEITING.
Special papers manufactured exclusively for
use o f the Company«
colors.
papers.
safety
IM P O R TE R S,
182 Broadway, Cor. Jolin Street.
SO LID
SIL V E R .
GORHAM
M ’t’g C o.,
'Sroâdwâÿ and Nineteenth Street,
AND
9 MAIDEN LANE.
LITHOGRAPHIC AND TYPE PRINTING.
R A I L W A Y T I C K E T S O F IM P R O V E D S T Y L E S .
S h o w C a rd s, L a b e ls , C alendars.
THEO. H. FREELAND, Sec’y and Treas.
JNO. E. CURRIER, Ass’t Sec’y._______________
M averick National Bank
B O STO N ,
C A P IT A L ,
SURPLU S,
$ 4 0 0 ,0 0 0
$ 6 0 0 ,0 0 0
Accounts of Banks, Bankers and Corporations
solicited.
Onr facilities for COLLECTIONS are excellent
and we re-discount for banks when balances war
rant it.
Boston Is a reserve city, and balances with ns from
banks (not located in other reserve cities) count as a
reserve.
We draw onr own exchange on London and the
Continent, and make Cable transfers and place
money by telegraph throughout the United btates
and Canada.
Government Bonds bought and sold, and exchanges
In Washington made for banks without extra charge.
We have a market for prime flrst-olass Investment
Securities, and invite proposals from States, Coun
ties and Cities, when issuing bonds.
We do a general banking business, and invite cor
respondence.
A S A P . P O T T E R , P r e s id e n t,
J O S . W . W O R K , C a s h ie r .
W . P. W ight 6c C o.,
7 9 B road w ay,
STOCK B R O K E R S.
Stocks, Bonds and Miscellaneous Securit
bought and sold for cash or on margin.
W •P. W ight .
J. b . Creighton ,
Memb.N.Y.Stock Exch.
A. B. Chaplin , Spe
B A N K E R S AND B R O K E R S .
Johnson
6c Boardman,
N E W Y O R K , 18 WALL STREET.
T R O Y , N .Y .,.N o . .17 FIRST STREET.
Stock Exch. membership: private wire; allfacilitie%
TRANSACT a GENERAL BANKING business.
DEPOSITS received and INTEREST allowed on
balances.
Bny and sell GOVERNMENT, MUNICIPAL and
RAILROAD Securities.
Private telegraph wires to Providence and Boston
GILES E. TAINTOR,
GEO. H. HOLT
G. D. L’HUILIER.
Hamilton 6c Bishop,
BANKERS AND BROKERS,
No. 96 B R O A D W A Y , N E W Y O R K
(Members New York Stock Exchange.)
Accounts of Banks, Bankers and others received
Interest allowed on balances. A strictly Commission
Business in the purchase and sale of stocks and bonds.
Private Telegraph Wire to Albany,Troy .Syracuse,
Rochester, Utica, Buffalo, Cleveland and Chicago.
Draw on City Bank of London in amounts to suit
Special attention given to Securities for investment
T. 8. Y oung , Jr «
Member N.Y. Stock Exchange.
Established 1854.
Incorporated 1882
Lombard Investment Co.,
150 B R O A D W A Y , N E W Y O R K .
G u a ra n te e d S ix P e r C ent M o r tg a g e s
CAPITAL (EULLV PAID) .................$1,000,00011
TOTAL VALUE OF GU ARAN TY.... 2,400,000*
Trustees and Investors generally are requested
to call and examine these securities, or send for
pamphlet giving full information.
M ASS.
-
BANKERS,
N o . 11 W a l l S t., C o r. N e w ,[N e w Y o r k .
W o r t E x e cu te d in F ir e p r o o f B u ild in gs.
BLANK BOOKS OF EVERY DESCRIPTION
JAMES MACDONOUGH, President.
AUG. D. SHEPARD,
| ... „
.
TOURO ROBERTSON,
$ Vice-Presidents.
NO. 1,194.
D IA M O N D S.
Incorporated under Laws o f State o f New York, 1858«
R e o r g a n i z e d 1 8 T9«
E ngravers
STATES
Taintor 6c H olt,
Alfred H . Smith & C o.,
B u siness F o u n d e d XT95*
UNITED
gin anelai.
E R I C A N
N ote
THE
1888.
I ft u a t t jc ia l.
7 8 TO 8 6 T R IN IT Y P LA C E ,
safety
praJ»«»,
A N D COMMERCIAL
I P im w jc ia l.
A M
M A G A Z I N E ,
S. A. K ean .
J ohn far son
S. A . Kean & C o.,
BANKERS,
2 W ALL STREET.
Deposit accounts received subject to check.
Interest bearing certificates issued.
County, City, Town and School Bonds constantly
on hand.
Davison Brown .
Stew
art
Geo. A lexander Brown ,
B
r o w n ’s
S ons,
(Members New York Stock. Exchange,
'S T O C K
BROKERS,
6 4 B r o a d w a y Sc 1 9 N « w S t .. N e w Y o r k
W. H. Dickinson ,
Ed w a r d P. A lling
Member N. Y. Stock Exchange.
Dickinson 6c Ailing,
BA N K E R S
AND
B R O K E R
N o . 3 0 P in e S treet, N e w Y o r k .
Bny and' sell at N. Y, Stock Exchange, for IN.
VESTMENT or on MARGIN, all classes of Stocks
and Bonds, and allow interest on deposits, subject to
check at sight.
w
. S. Nelson
Young 6c Nelson,
BANKERS AND BROKERS,
3 6 W a ll Street, New Y o rk .
All stocks and securities dealt In at the New York
Stock Exchange bought and sold on commission, for
cash or on margin. Deposits received and Interest
allowed on balances.
J. S. f a r le e .
R obert d . f a b l e s .
J. S. Farlee 6c Brother,
J N o . 7 N A S S A U S T ., N E W Y O R K ,
BROKERS AND DEALERS IN
IN V E S T M E N T RO N D S,
STATE, MUNICIPAL AND APPROVED HATTROAD BONDS.
Correspondence Solicited .
Rolston 6c Bass,
NO. 20 BROAD STREET, NEW YORK.
STO CK S, BONDS,
A N D M IS C E L L A N E O U S S E C U R I T I E S
Correspondence solicited.
_ •
Quotations cheerfully furnished.
W m . h . Rolston ,
w . a t.b x . b ass , J r .
Member N.Y. Stock Kxch’ge.
James D . Simons,
(Formerly SIMONS & CHEW.)
B A N K E R Ac B R O K E R ,
2 Exchange Court Sc 3 9 Broadway, N. Y .
All Securities dealt In at N. Y. Stock Exchange
bought and sold for Cash or on Margin. Special atten
tion given investments. Correspondence solicited.
MemberN. Y. Stock Exchange.
Member N. Y. Produce Exchange.
chas . J. T ownsend ,
Lansing c . w a s h b u r
Member N.Y. Stock Exchange.
Jno. P. T ownsend , Special Partner.
Townsend & Washburn,
Douglas 6c Jones,
BANKERS AND BROKERS,
N o . 6 W a l l S tree t, N e w Y o r k .
(Members o f the New York Stock Exchange.) ■
Stoeks and Bonds Bought and Sold on Commission
for
cash
or on margin.
Z7 2 B r o a d w a y and 1 1 N ew s t r e e t , N. X
Special attention given to Unlisted Securities
V Buy and sell Stocks, Bonds and Oil, for cash orj <||ja
Deposits received, subject to Check at Sight.
Correspondence solicited.
margin. Interest allowed on. deposits. Correspdn
enee solicited,
IN V E S T M E N T S A S P E C I A L T Y .
ATLANTIC MUTUAL SCRIP. NEW YORK
LOCAL SECURITIES. Send for list Monday.
J ohn f . Douglas .
V ii lar d IT. Jones
J . P. W IV i'R IlS U H A M , 3 6 Pine St.
THE CHRONICLE.
U
[VOI. X L V I.
<
§ V L U k z x $ a tx Ä £ x % w & x s 0 t f f r o e i q u % x ¿ h % u & * .
THE
Drexel, Morgan & C o., August Belmont & C o., I N V E S T M E N T C O .
BANKERS,
W A L L STREET, CORNER OF BROAD,
No. 3 6 W A L L S T R E E T ,
o f Philadelphia.
NEW YORK.
AGENTS AND CORRESPONDENTS OP THE
Drexel & Co., "iDrexel.Harjes & Co
310 C H E S T N U T S T R E E T
M essrs. R O T H S C H IL D ,
London, P aris, Frankfort and Vienna.
Capital, $ 4 ,0 0 0 ,0 0 0 . Fnll Paid.
Issue Circular Credits for travelers, available in
CONDUCTS A GENERAL BANKING BUSINESS.
all parts o f the world.
P H IL A D E L P H IA (
P A R IS .
Allows interest on cash deposits, subject to cheek
ALSO COMMERCIAL CREDITS.
or on certificates.
DOMESTIC AN D FOREIGN BAN KERS.
Draw Bills of Exchange and make Cable Transfers
Buys and sells Bills o f Exchange, drawing on
Deposits received subject to Draft. Securities to Europe, West Indies, Mexico and California.
Baring Bros. & Co., London; Perier Freres et Cie.,
bought and sold on commission. Interest allowed
Paris ; Mendelssohn & Co., Berlin, and on Paul
•on Deposits. Foreign Exchange. Commercial Cred
Mendelssohn-Bartholdy, Hamburg.
its. Cable Transfers. Circular Letters for Travel
Negotiates Securities, Railroad, State, Municipal,
ers, available in all parts o f the world.
etc.
Offers for sale first-class Investment Securities.
A ttorneys an d agents oe
WILLIAM BROCKIE, President.
for tr avelers
HENRY C. GIBSON, Vice-President.
M e s s r s . J . S. M O R G A N & C O .,
HENRY M. H o y T, Jr ., Treasurer.
AND
BILLS
OF
EXCHANGE
ON
N o. 22 OLD B ROAD STREET, LONDON.
ETHELBERT WATTS, Secretary.
Board of Directors:—William Brockie, George SMESSRS. BARING BROTHERS & CO., Pepper, Morton McMichael, Wharton Barker, Henry
C. Gibson, T. Wistar Brown, Isaac H. Clothier.
LONDON,
Advisory Committee o f Stockholders—William
Potter, George M. Troutman, William Pepper,M.D.,
N EW YORK, PHILADELPHIA, BOSTON, AND
Thomas Dolan, John G. Reading, Joseph E. Gilling
and principal Continental cities.
ham, John Wanamaker, Henry E. Smith, Craige
A L E X A N D E R B R O W N & SONS,
Lipplneott, Hamilton Disston, Clayton French,
BALTIMORE,
William Wood, Walter Garrett, John Harrison,
.Members o f New York, Philadelphia and Baltimore
Edward H. Coates.
Stock Exchanges.
Execute orders for all Investment Securities. Re
1 N A S S A U S T R E E T ,B N .Y .
ceiv e accounts o f Banks, Bankers, Corporations and
K O CN TZF B RO TH ER S,
Firms, on favorable terms. Buy and sell Bills ot
Exchange on Great Britain and Ireland, France, A gents and A ttorneys op Ba r in g Bros . & Co
BANKERS,
Germany, Belgium, Holland, Switzerland, Norway,
120 B r o a d w a y , Equitable Building, New Y ork.
Denmark, Sweden, Australia, St. Thomas, St. Croix
-and British West Indies. Issue Commercial and
L E T T E R S OF C R E D IT A N D
Travelers’ Credits in sterling, available in any part
C IR C U L A R N O TES
-of the world, in FRANCS for use in Martinique and
Issued for the use of travelers In all parts o f theGaudaloupe, and in Dollars for use in this country,
SUCCESSORS TO
world. Bills drawn on the Union Bank o f London.
■Canada, Mexico and West Indies.
Telegraphic transfers made to London and t o
Make telegraphic transfers o f money betweenthis
J E S U P , P A T O N & CO .,
various places in the United States. Deposits re
•country, Europe, and British and Danish West
ceived, subject to check at sight, and interest
Indies. Make collections o f drafts drawn abroad on
5 2 W i l l i a m Street N e w Y o r k .
allowed on balances. Government and other bonds
•all points in United States and Canada, and o f drafts
•drawn in the United States on foreign countries.
Accounts and Agency of Banks, Corporations, and investment securities bought and sold on oomTheir London house, Messrs. BROWN, SHIPLEY firms and individuals received upon favorable terms.
•A; CO., receive accounts o f American banks, firms
Dividends and interest collected and remitted.
Act as agents for corporations in paying coupons
¿and individuals upon favorable terms.
BROWN, SHIPLEY & CO., Liverpool.
and dividends; also as transfer agents.
BROWN, SHIPLEY & CO., London.
Bonds, Stocks and Securities bought and sold on
'Πitm u tin l.
U.S. Government Financial Agents in England.
commission, at the Stock Exchange or elsewhere.
Sterling Exchange and ‘Cable Transfers bought
and sold.
F. Blankenhorn .
Conrad N. Jordan
DRAW ON
Cashier.
President.
THE UNION BANK OF LONDON,
H. A. Smith ,
Ch arles J. ca n d a ,
Assistant Cashier
Vice-Pres’t.
BRITISH LINEN CO. BANK, LONDON AND
33 NASSAU S T R E E T .
SCOTLAND.
B ILLS OF E XCH AN G E ON
OF THE
S M I T H , P A Y N E & S M I T H ’ S,
BANKERS, LONDON;
C IT Y OF N E W Y O R K .
CAPITAL,
............................. $ 3 ,5 0 0 ,0 0 0
M A N C H E S T E R & COUNTY B A N K ,
BAN KERS,
New Y ork , May 14,1887.
“ LIMITED,”
N o. 23 B R O A D S T R E E T ,
This Bank is now opened for business. Accounts
MANCHESTER, PAYABLE IN LONDON;
N ew Y ork .
respectfully solicited. The usual banking facilities
Issue Letters of Credit for Travelers extended to customers.
U U ST E R B A N K IN G C O M P A N Y ,
BELFAST, IRELAND,
On SELIGMAN BROTHERS, London.
Orders for purchase or sale o f securities /Will
SELIGMAN FRERES & CIE., Paris.
AND ON THE
receive careful attention.
SELIGMAN & STETTHEIMER, Frankfurt.
N A T I O N A L B A N K O F SC O T L A N » ,
Foreign Exchange bought and sold. Facilities for
ALSBERG, GOLDBERG & CO., Amsterdam.
ALTMAN & STETTHEIMER, Berlin.
EDINBURGH AND BRANCHES;
keeping accounts in Sterling Exchange, subject to
Payable in any part o f Europe, Asia, Africa, draft in kind, will be afforded. The methods o f re
ALSO,
and America.
CABLE TRANSFERS & LETTERS OF CREDIT. Australia
Draw Bills of Exchange and make Telegraphic ceiving such deposits and making payment against
Transfers of Money on Europe and California.
them will be subject to arrangement.
•Cor.of 5tk& Chestnut Sts., 31 Boulevard Haussmann
LE TT E R S OF CR ED IT
Brown Brothers & C o.,
Kidder, Peabody & C o.,
John Patón &
J . & J.
C o.,
Stuart & C o.,
The Western National Bank
j . & W . Seligman & C o .,
J ohn
M unroe &
C o.,
J. Kennedy to d .
H. O. Northcote.
A lexander b a r in g ,
Member N.Y. Stock Exch’ge.
D R A W ON
THE NATIONAL PROVINCIAL BANK)
OF ENGLAND (Limited,)
> L o n d on »
THE UNION BANK OF LONDON (L’d),)
N o . 4 P o s t Office S q u a r e , B o s t o n .
HEINE & CO., P a r is .
’ _
■- „
issue Circular Letters o f Credit for Travelers’ Use
JOHANN GOLL & SOEHNE,}
NO. 63 W ILLIAM [STREET,
Abroad against Cash or Satisfactory
S. BLEICHROEDER, B e r lin .
Guaranty o f Re-payment.
BANKERS.
DEUTSCH SCHWEIZERISCHE CRED-) g , GaH
Act as Agents for Banks, Bankers and Railroad
E x c h a n g e o n L o n d o n , P a r is , B e r l i n ,
IT BANK,
>
Companies.
’
Z u r ic h a n d S t. G a ll.
F . B L A N K E N H O R N , C a s h ie r .
Issue commercial credits,also foreign and domestic
letters of credit in pounds sterling and
C redits Opened and Payments Made b y Ca b l e . travelers’
dollars.
O ffer I n v e s t m e n t S e c u ritie s.
P a r is H o u s e —M U N R O K Sc CO.
Buy and sell Bonds, Stocks and Securities in all
American, Canadian, British and Dutch markets on
O F P E N N S Y L V A N IA .
commission. Collect dividends, coupons and for
Charter P erpetual .
eign and inland drafts.
Sell Bills o f Exchange on
BANKERS,
Authorized Capital, - - - - $ 5 ,0 0 0 ,0 0 ®
•39 W I L L I A M S T R E E T , N E W Y O R K ,
¡^ L O N D O N
131 TO 141 SOUTH FOURTH STREET.
Correspondents o f the
M A R C U A R D , K R A U S S Sc C O .,I p * r i b
(B ullitt B uilding ),
H OTTING UER Sc CO.,
jim iu s .
.International B ank o f London (Limited),
P H IL A D E L P H IA .
London.
Geo. Coppell .
thos . Mait la n d .
M essrs. John Berenberg, Gossler & Co.,
General Banking Business conducted.
Gerald L. H oyt , Member N. Y. Stock Exoh.j
Hamburg.
State, Municipal and R ailroad Securities
M essrs. Marcuard, K r a u s s & Co., Paris
negotiated.
Commercial and Travelers’ Credits.
Bills o f Exchange.
Cable Transfers.
DIRECTORS:
■
Wharton Barker,
Charlemagne Tower, Jr.
B A N K E R S
John H. Converse,
T. Morris Perot,
AND
George DeB. Keim, Georgeiff. Blabon,
THE NEW YORK
James Dougherty,
Philip C. Garrett,
Simon B. Fleisher,
Isaac R. Childs,
C OM M IS SI ON MERCHANTS,
Isaac Hough.
2 2 Sc 2 4 E x c h a n g e P la c e ,
WHARTON BARKER, President.
CHARLEMAGNE TOWER, JR., Vice-President.
C A P IT A L , $ 1 ,0 0 0 ,« 0 9 .
Ne w Y o r k .
SIMON A. STERN, Treasurer.__
Transacts» general banking business.
RUSSELL Sl’ UKGiS HUBBARD. Secretary.
BILLS OF EXCHANGE, LETTERS OF CREDIT,
Receives accounts o f banks, hankers and corpora
TELEGRAPHIC TRANSFERS OF MONEY ON
tions upon favorable térms.
LONDON, PARIS, MEXICO, CUBA, &0.. Ac.
Issues certificates o f deposit bearing interest.
BU FFALO, N. Y.
C
a n a d ia n B a n k o f C o m m erce.
Solicits mercantile and personal accounts.
S. S. J ewett , Pres’t. W h . C. Cornwell , Cash’r. CAPITAL, $6,000 000.
SURPLUS, $600 000.
“ Bills o f exchange drawn on, and cable transfers
C a p i t a l ....$ 3 0 0 ,0 0 0 t Surplus......$ 2 5 0 ,0 0 0
J. H. CtOADBY & ALEX. LA1K1),
made througn, The City Bank, Limited, London.
This Bank has superior facilities for making Col
lections in and out of the city on the most liberal
AGENTS,
Circular letters of credit issued for travelers’ use
terms, and with careful attention to the best inter
1
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K
F
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A
C
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,
N
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W
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O
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in foreign countries ; also commercial credits.
ests oi its correspondents.
,
_ i
, „
BUY AND SELL STERLING EXCHANGE, CABLE
C O R R E S P O N D E N T S :— Importers’ & Traders’ Na
Accounts o f foreign. bankers received and col
TRANSFERS, ETC.
tional Bank and Chemical National Bank, New
lections in the United States made on favorable ISSUES COMMERCIAL CREDITS, AVAILABLE Y ork; Merchants’ Loan & Trust _CQn Chicago
Union Bank of London, London.
terms
IN ALL PART 8 OF THE WORLD.
N o . 3 2 N a s s a u S t r e e t ,'N e w Y o r k .
J. Kennedy Tod & Co.
The Finance Company
Schulz & Ruckgaber,
KEW &KV&
Maitland, Phelps & C o.,
Produce Exchange Bank,
Bank o f Buffalo,
Ma y
THE CHRONICLE
1 2 ,1 8 8 8 .]
% V L u kzx$
a n d
it*
U
r n
Geo, K . Sistare’s Sons,
H . B. Hollins & C o.,
1 6 & 1 8 B r o a d S tree t, N e w Y o r k .
1 2 1 S o u t h T h i r d S tr e e t, P h il a d e l p h ia .
Connected by Private Wire with main office. New
York.
DEALERS IN
BANKERS,
18 W A L L a n d 3 N A S S A U S T E E T S
NEW YORK.
Transact a General Banking Business.
DEALERS IN GOVERNMENT, MUNICIPAL AND
RAILROAD SECURITIES.
DEMAND DEPOSIT ACCOUNTS RECEIVED.
INTEREST ALLOWED ON DAILY BALANCES
F IR S T -C L A S S IN V E S T M E N T S .
Buy and sell on Commission, for cash or on margin,
all securities dealt in at the New York ato-.k Ex
change.
Interest allowed on daily balances.
All deposits subject to check at sight.
Particular attention to orders by mail or telegram#
W alston H. B rown .
F red , a . B row n .
H erbert P. Brow n .
Walston H . Brown & Bros
BAN K ER S.
Accounts of Corporations and Individuals received
upon Liberal Terms. Securities Bought and Sold on
Commission.
N o. 2 0 NASSAU S T R E E T ,
NEW YORK.
R . J. Kimball & C o.,
[Established in 1885.1
BAN KERS AND BROKERS,
1 6 & 1 8 B r o a d S tree t, N e w Y o r k ,
Members o f the New York Stock Exchange and of
the Philadelphia Stock Exchange.
R
obert
J. K
im b a l l ,
A
lfred
E d w a r d l . Oppenheim .
B. L
ou n sberry
Harriman
&
C iitg .
H . L. Horton & C o .,
5 4 and 5 6 B R O A D W A Y , New Y o r k .
BARTHOLOMEW HOUSE,) T n v n n w
BARTHOLOMEW LANE,) LONDON.
Special Attention Given to American
Securities,
Solicit Accounts and Order for the Purchase and
Sale of Bonds, Shares, Ac., &c,, on Commission, in
New Fork, Boston, Chicago, London or Paris,
Interest allowed on deposits subject to drafts a t
sight.
Members of the New York and Boston Stock Ex
changes and of the New York and Chioago Produce
Exchanges.
Private wires to Chicago, St. Paul, Boston, Hart-*
ford, Buffalo and Utica.
Co.
Wit. M. h -a r r im a n ,
1
Nicholas F ish ,
>
Oliv e r h a r r im a n , Jr .
)
BANKERS AND BROKERS,
E Q U IT A B L E
J, C , Walcott & C o .,
B U IL D IN G ,
120 B roadw ay.
Harvey
Fisk
&
BANKERS AND BROKERS,
N o . 2 4 P in e S tree t, N e w Y o r k .
Transact a General Banking Business.
Sons,
Stocks and Bonds bought and sold on Commission.
Collections made and loans negotiated.
Dividends and interest collected.
Deposits received subject to Draft.
Interest allowed. Investment securities a specialty
W e issue a Financial Report weekly.
Jos. C. W alcott ,
) Members of the N e n Y c 'k
Fr a n k F. Dickinson , i
Stock Exchange.
Office of the Pneumatic Steering Gear & Mfg.Co
2 8 N A SSA U S T R E E T , N E W Y O R K .
BANKERS.
D ealers in United States Bonds and Other
Desirable Securities.
Deposit accounts received and interest allowed on
MEMBERS N. T. STOCK EXCHANGE.;
.
Wa lt er Del m a r .
E . L. Oppenheim & C o.,
[ESTABLISHED 1862],
BANKERS AND BROKERS,
61 Sc 5 3 N e w Street a n d 4 2 B r o a d w a y ,
Branch Oppice, 91 L eonard Street ,
NEW YORK.
Gilman, Son & C o.,
L. C. Lath b o p . Oscab b . Smith , j . h .o liph a n t
BANKERS,
Lathrop, Smith & Oliphant,
No.
62
CEDAR
STREET.
Green & Bateman,
B A N K E R S AND B R O K E R S ,
BANKERS,
9 New Street and 7 4 Broadw ay,
NEW
78 & 80 B road w ay , N ew Y o rk ,
Transact a General Banking Business.
Interest allowed on Deposits.
Dutenhofer,
BROKER,
ak b
3 7 BROAD S T R E E T , N E W Y O R K ,
Members New York Stock Exchange, New York
Cotton Exchange, and Board of Trade Chicago.
H e n r y G. Campbell , ) Members N. Y. Stock
J. B orden H a r r im a n , j
Exchange.
H . G . Campbell & C o.,
Stocks, Bonds and Cotton.
BANKERS AND BROKERS,
In addition to a General Banking Business, Bny
and Sell Government Bonds and Investment Securi
___ ___________________________
ties. ___
7 5 O ld B r o a d S tree t, E . C ., L O N D O N ,
A.
ill
Chrystie &
6 W a l l S tr e e t, N e w Y o r k ,
Receive deposits subject to check at sight and
allow interest on balances.
Deal in Railroad bonds,'Sätate, County and Muni
cipal Securities.
Give special attention to consignments o f Bullion
and make liberal advances on same when desired.
YORK
H iram Dewing .
Cla r k Dew ing .
(Member of N.Y. Stock Exchange.]
H . Dewing & Son,
B A N K E R S AND B R O K E R S ,
N o . 1 8 W a l l S treet, N e w Y o r k .
Stocks and bonds bought and sold on commission.
Particular attention given to information regard*
ing Investment Securities.
Iowa Loan & Trust Co. 6 per cent Debentures
bought and sold.
Simon Borg & C o .,
N o . 2 6 N A S S A U S T ., N E W Y O R K ,
DEALERS IN ALT. KINDS 07
Railroad and Investment Securities.
Dealer in Miscellaneous Securities
MILLS BUILDING (3d Floor.)
Rooms 25 & 26.
35 W A L L STRE E T.
STATE AND CITV BONDS OF GEORGIA, also
SECURITIES OF THE CENTRAL RR. & BANK
ING CO. OF GEORGIA, A SPECIALTY.
Investors wishing to buy or sell are invited to call
or correspond. Prompt and personal attention
given to all orders.
Howard Lapsley & C o.,
BANKERS AND BROKERS,
7 2 B R O A D W A Y and 9 N E W S T R E E T ,
N ew Y o r k .
8peclal attention given to investments. Interes
allowed on deposits, subject to check at sight.
S outhern Securities a Sp e c ia lt y .
J. L. Robertson,
RANKERS,
18
W ALL
STREET,
NEW
YORK.
Established 1 8 6 5 .
MEMBERS op new y o b k stock exchange .
Allow interest on deposits subject to sight check.
Buy and sell on commission stocks and bonds either
for cash or on margin, and deal in
___ !
CHAS. D. MABVTN,
W. M. KlDDEB.
BANKERS AND BROKERS,
24
B R O A D
S T R E E T ,
N ew Y o rk .
John H . Davis & C o .,
BANKERS AND BROKERS,
N o . 1 0 W A L L S T ., N E W Y O R K .
Orders for Stocks and Bonds executed at ail
Exchanges.
luBapedal attention given to supplying high-elass
IN V E S T M E N T S E C U R IT IE S .
R . T . Wilson & C o.,
BANKERS AND COMMISSION MERCHANTS
2 E x c h a n g e C o u r t, N e w Y o r k *
B O N D AM D S T O C K B R O K E R
Dealer in Investment Securities,
NO. 7 NASSAU STREET,
(Continental National Bank Building]
Naur York.
Investment Securities.
A. M. KlDDEB,
H. J. MOBSE,
J B o o d ti,
A is k e tfa n
W . H . Goadby & C otJ
& C o*,
B A N K E R S ,
No.
Janney,
BANKERS,]
W ood, Huestis & C o.,
31 P IN E STREET, NEW Y O R K ,
B AN K ER S AND B R O K E R S,
SUCCESSOBS TO
WOOD
& D A V IS .
Execute orders in all securities listed at the New
York Stock Exchange. For Sale :
F irst -Class R ail r o a d F irst Mortgage Bonds .
GEORGE C. WOOD. C.H. HUESTIS. L.M.SWAN
5 7 Broadway, opp. Exchange Place, N. Y .
TRANSACT A GENERAL BANKING BUSINESS,
INCLUDING THE PURCHASE AND SALE OF
STOCKS AND BONDS FOR CASH OR ON MAR
GIN. BUY AND SELL INVESTMENT SECURI
TIES. INTEREST ALLOWED ON DEPOSITS
BAN KEN S AND B R O K E R S,
SUBJECT TO CHECK AT SIGHT.
P. 0 . Box 447,
16
& 18 BROAD STREET, NEW YORK.
D. A . BOODY.
C. W. Mclellan .
R euben L eland .
_
W u. F. lesslie .
Transact a general banking business, Including
h e n r y T. Boody .
the purchase and sale of stocks and bonds for cash
or on margin, at the New York Stock Exchange.
C . J. Turner & Son,
H . L. Grant,
BANKERS,
U N IT E D R A N K
B U IL D IN G )
W a l l S tr e e t, e o r n e r B r o a d w a y .
STOCKS, BONDS A 0 0 M M E R 0 IA L FAPM B.
Stocks and bonds bought and sold on commission
at New York Stock Exchange. Advances made on
business paper and ether securities.
NO.
145 B R O A D W A Y ,
NEW YORK.
CITY RAILROAD STOCKS A BONDS
BOUGHT AND SOLD.
See Q flotations o f City Railroads In this paper,
iv
, Voí.. XLYi,
THE CHRONICLE
Q w est W o m p n u tes.
Union Trust Company
OF N E W Y O R K .
78 Broadway, cor. Rector St., N.T,
-
-
$ 1 , 0 0 0 ,0 0 0
C A P IT A L ,
3 ,0 0 0 ,0 0 0
SUR PLU S, Authorized to act as Executor, Administrator,
■Guardian, Receiver, or Trustee, and is
A LEGAL DEPOSITORY EOR MONEY.
Accepts the transfer agency and registry o f stocks,
and acts as Trustee of mortgages o f corporations.
Allows interest on deposits, which may he made
at anytime, and withdrawn on five days’ notice,
with interest for the whole time they remain with
the company..
For tne convenience o f depositors this company
also opens current accounts subject, in accordance
with its rules, to check at sight, and allows interest
upon the resulting daily balances. Such checks pass
through the Clearing House.
TRUSTEES :
James M. McLean,
Wm. Wbitewright,
Ambrose C. Kingsland,
Henry A. Kent,
James H. Ogilvie,
R. T. Wilson,
S. T. Fairchild,
Wm. F. Russell,
I. H. Frothingham,
C. D. Wood,
George A. Jarvis,
James N. Platt,
C. Vanderbilt,
D. C. Hays
A. A. Low,
Wm. Alex. Duer,
G. G. Williams,
■Charles H. Roland,
R. G. Rem sen,
Edward King,
Edward Schell,
E. B. Wesley,
Amasa J. Parker.
D. H. McAlpin,
Samuel F. Barger.
George B. Carhart,
Geo. O. Magoun,
Chauncey M. Depew,
H.VanRennsel’r Kennedy,W. Èmlen Roosevelt.
EXECUTIVE COMMITTEE:
Wm. Whitewright,
G. G. Williams,
James McLean,
E. B. Wesley,
Geo. C. Magoun,
C. D. Wood,
D. C. Hays,
A. C. Kingsland.
EDWARD KING, President.
JAMES M. MCLEAN, First Vice-Pres’t.
JAMES H. OGILVIE, Second Vice-Pres’t.
A. O. RONALDSON, Secretary.
A. W. KELLEY, Assistant Secretary.
United States Trust Co.
o r NEW YORK,
NO. 49 W A L L STREET,
C A P I T A L A N D S U R P L U S , - $ 7 ,0 0 0 ,0 0 0
•This company is a legal depository for moneys
paid into court, and is authorized to act as guardian
or trustee.
INTEREST ALLOWED ON DEPOSITS,
which may be made at any time and withdrawn
after five days’ notice, and will be entitled to inter
est for the whole time they may remain with the
company.
Executors, administrators, or trustees of estates,
and females unaccustomed to the transaction of
business, as well as religious and benevolent institu
tions, will find this company a convenient deposit
ory for money.
JOHN A. STEWART, President,
GEORGE BLISS, Vice-President,
JAMES 8. CLARK, Second Vice-Pres’t.
TRUSTEES:
Wilson G. Hunt,]H. E. Lawrence, wm. xiiDDey.
Clinton Gilbert, Isaac N.Phelps, John C. Brown,
Daniel D. Lord, Erastus Corning, Edward Cooper,
Samuel Sloan,
S. B. Chittenden, W.B’y’rdCutting
James Low,
JohnH.Rboades, Chas. S. Smith,
Wm.W.Phelps, Anson P. Stokes, Wm.Rockefeller,
D. Willis James, Robt.B.Minturn, Alex. E. Orr,
John J, Astor,
Geo. H. Warren,' Wm.H.Macy.Jr.,
John A. Stewart, [George Bliss,
HENRY L. THORNELL, Secretary.
LOUIS G. HAMPTON, Assistant Secretary.
Trust ©amp antes.
C a p it a l, F u l l y P a id , - - - - $ 1 ,0 0 0 ,0 0 0
HIS COMPANY TRANSACTS A GENERAL
LOAN, TRUST & FINANCIAL BUSINESS.
Receives money on Deposit, subject to check, and
.lows interest on balances.
All Checks pass through the Clearing House.
Makes Investments o f Money, acts as Executor,
Administrator, Guardian, Trustee, etc.
Also, as Registrar and Transfer Agent.
An authorized Depository for Court and County
Treasurers’ Funds.
ROWLAND N. HAZARD President.
GEORGE S. HART, Vice-President.
JAMES S. THURSTON, Secretary.
D irectors :
John L. Macaulay,
Wallace C. Andrews,
John I. Blair,
John D. Kimmey,
Edward F. Browning,
John Ross,
Rowland N. Hazara,
Alexander G. Black,
George S. Hart,
Elias C. Benedict,
William P. Anderson,
Wm. B. Dinsmore,
Peter Wyckoff,
James S. Thurston,
Thomas L. Watson,
George A. Evans,
Jules Aldige,
Charles Parsons.
Hawes.,
Granville
Metropolitan Trust C o.,
3 7 W a l l S tree t, N e w Y o r k .
P A I D -I J P C A P I T A L , - - $ 1 ,0 0 0 ,0 0 0
Designated as a legal depository by order of
Supreme Court. Receive deposits o f money on
Interest, act as fiscal or transfer agent, or trustee
for corporations, and accept and execute any legal
rusts from persons or corporations, on as favorable
terms as other similar companies.
THOMAS HILLHOU8E, President.
FREDERIC D. TAPPEN, Vice-President.
CHARLES M. JESUP. Secretary.
B r s îu e r s .
The Brooklyn Trust C o., Brewster, Cobb
Cor. o f Montague and Clinton Sts.,Brooklyn, N.Y.
& Estabrook,
C A P I T A L (all in U. S. Bonds) - $ 1 ,0 0 0 ,0 0 0
This company is authorized by special charter to
act as receiver, trustee, guardian, executor or admin
istrator.
.
. .
It can act as agent in the sale or management of
real estate, collect interest or dividends, receive re
gistry and transfer books, or make purchase and sale
o f Government and other securities.
Religious and charitable institutions, and persons
unaccustomed to the transaction o f business, will
find this Company a safe and convenient depository
for money, RIPLEY ROPES, President.
EDMUND W.CORLIES, Vice-Pres’t.
TRUSTEES.
Josiah O. Low, E. F. Knowlton, H»y K. Sheldon,
Alex. M. White, John T. Martin, C. D. Wood,
A. A. Low,
Fred. Cromwell, Wm.H. Male,
Alex. McCue,
John P. Rolfe, Ripley Ropes,
Abram B.Baylis,
Mich’l Chauncey, E. W. Corlies.
Maxwell,
Wm. B. Kendall.lH.E.Pierrepont, H. W,, ——
J ambs R oss Cu r r a n , Secretary.
F rederick C. Colton, Asst. Sec’y.
BANKERS,
N o.
35
CON GRESS
STREET,
BO STO N .
MEMBERS OF THE NEW YORK AND
BOSTON STOCK EXCHANGES.
ALSO,
D ealer« i n M u n ic ip a l, S ta te, R a ilr o a d
a n d U n it e d S tate« R o n d « .
Irving A . Evans & C o.,
BANKERS AND BROKERS,
N o.
53
STATE
STR EET,
ROSTON.
MEMBERS OF BOSTON, NEW YORK AND
PHILADELPHIA STOCK EXCHANGES.
American Association
OF
PUBLIC ACCOUNTANTS.
I n c o r p o r a t e d ^August 2 0 , 1 8 8 7 , U nder the
L a w sIa n d lS ta tu te s o f th e S ta te o f
N ew Y o r k .
The business and objects of this Society are to
associate into a Society or Guild, the best and
most capable Public accountants practicing in
the United States, and through such Association to
elevate the profession of Public Accountants, as a
whole, and demonstrate their usefulness by compel
ling an examination as to fitness, and the observ
ance o f strict rules of conduct as a condition of
membership.
__
___
O F F IC E R S :
P re s id e n t—JAMES YALDEN, New York.
Vic e -P r e s .—JOHN HEINS, Philadelphia.
S e c.—JAMES T. ANYON, New York.
T r e a s .—WM. H. VEYSEY, New York.
C O U N C IL.
James T. Anyon, N. Y. Mark C. Mirick, N. Y.
Louis M. Bergtheil, N.Y. Rodney McLaughlin, Bost.
William Calhoun, N.Y. C. H. W. Sibley, N.Y.
George H. Church, N.Y. William H. Veysey. N.Y.
John Heins,Philadelphia. Walter H .P. Veysey. N.Y.
James Yalden, N.Y.
FELLOWS OF 1HE ASSOCIATION.
James T. Anyon, Louis M. Bergtheil, Thomas
Bagot, James Cox, William Calhoun, George H.
Church, C.W. Haskins, R. F. Munro, Mark C. Mirick,
C. H. W . Sibley, Henry M. Tate, William H.Veysey,
Walter H. P. Veysey, James Yalden, New York;
Richard F. Stevens, Jersey City, N. J.; Horace D.
Bradbury, Rodney McLaughlin, Henry A. Piper,
Boston, Mass.; John W. Francis, John Heins, Henry
Kelly. Philadelphia, Pa.; Eric M. Noble, Washing;
ton, D. C.
Offices ot th e A s s o c ia tio n , N o. 1 2 0 B r o a d
w a y , R o o m 51 (6th F lo o r), N ew Y o r k C ity
A . L. Hartridge
8 A Y ANN A H ,
G A .,
I t o c k s a n d R o n d s B o u g h t a n d S o ld
in a ll M a rk e t«.
Joshua W ilbour ,
Charles H. Sheldon , Jr
BENJAMIN A. JACKSON, WILLIAM BlNNET, JR.
Wilbour, Jackson & C o.,
BANKERS AND BROKERS,
N o. 52 W E T B O S S E T S T R E E T ,
P R O V ID E N C E , R . I.
Dealers In Commercial Pamper, Government and
other first-class Bonds and Securities and Foreign
Exchange.
Private telegraph wire to New York and Boston.
Rea Bros. & C o.,
BANKERS AND BROKERS,
AND DEALERS IN FOREIGN EXCHANGE,
125 W o o d Street, P ittsb u rg , P a
MEMBERS
New York and Philadelphia Stock Exchanges.
Pittsburg Petroleum, Stock and Metal Exchange.
Private wires to New York, Boston, Philadelphia,
Baltimore and Washington.
E. W . Clark & C o .,
BANKERS AND BROKERS,
N o. 1 3 9 ¡S ou th [F ou rth S t., P h ila d e lp h ia .
Railroad, Municipal and other desirable Invest
ment Securities for sale.
Transact a general banking business. Allow inter
est on deposits.
_
„ .
Members of the Philadelphia and New York Stock
Exchanges, and connected by private wire with New
Y
o
r
k
. ____________________ .
SECURITY
BROKER.
Buys and sells, on commission all classes o f Stocks
and Bonds
Negotiates loans on marketable securities.
New York Quotations furnished by private tioker
«very fifteen minutes.___________________________
W m . G. Hopper & C o.,
ATLANTA.
Desirable SIX PER CENT WATER BONDS and
Other first-class securities for sale.
American Loan & Trust Co.,
118 BROADWAY, NEW YORK.
ia u & je v s a n d
Humphreys Castleman,
BROKER AND DEALER IN ALL KINDS OF
SECURITIES.
Bonds and Stocks bought or sold on commission
Georgia and Alai ama Securities specially dealt in.
Correspondents —Tobey A Kirk and A.Dutenhofer
New York.
References—Atlanta National Bank, Atlanta,Ga.
and Fourth National Bank. New York._____________
28
BANKERS AND BROKERS,
South
Third
Street,
P H IL A D E L P H IA .
Direct private wire to Ha r r is , F uller Sc Bick New York.
le y ,
P IT T S R U R G H , PA.
ESTABLISHED 1871.
Whitney & Stephenson,
BANKERS AND BROKERS,
Wilson, Colston & C o.,
BANKERS AND BROKERS,
(Memb
of Baltimore Stock Exchange),
B A L T IM O R E .
(INVESTMENT and SOUTHERN SECURITIES
a specialty.)
Correspondence solicited and information fur
nished.
N, Y. Correspondents—McK im Brothers & Co.
T H O M A S B R A N C H & CO .,
BANKERS AND COMMISSION MERCHANTS,
R IC H M O N D , V IR G IN IA .
Circulars and information on funding the debts of
Virginia and North Carolina free of cost; one-eighth
per .cent charged for funding. Southern Railroad
and State and City Bonds bought and sold.
Robert Garrett & Sons,
BANKERS,
No.
7
SOUTH
STR EET,
B A L T IM O R E ,
TRANSACT A GENERAL DOMESTIC
FOREIGN BANKING BUSINESS.
AND
N o. 57 F O U R T H A V E N U E .
Oldest Pittsburgh members N.Y. Stock Exchange.
H. B. MOREHEAD.
WM. FAIRLEY!
H . B. Morehead & C o.,
STOCK, BOND AND NOTE BBOKEBS,
N o . 5 1 W e s t T h ir d S treet,
CINCINNATMOHIO
N . W . Harris &
C o.,
CH ICAGO and BOSTON.
DnMfiC o f Counties, Cities, Ac., of high grade a
d UINUqi specialty. S end f o r D e a c r lp t fv e L ia t « .
C. W . Branch & C o .,
BANKERS AND BROKERS
STATE BANK BUILDING
R I C H M O N D , V A .
Private wires connecting with Washington, Balti
more, Philadelphia and New York;
THE CHRONICLE
M a y 12,1888. J
ffitxatxcial.
F in a n c ia l.
W iu v cu tin X .
JARVIS-CONKLIN
FOR SALE:
MORTGAGE TRUST 00.. R a i l w a y E q u i p m e n t .
H A N S A S C I T Y , OTO.
Capital and Surplus Paid Up, $ 1 ,1 4 0 ,0 0 0
This Company offers fo r sale at par and
accrued interest its
S IX P E R CE N T D E B E N T U R E S ,
10 CLOSED EXCURSION CARS.
4 OPEN EXCURSION CARS.
2 WAGNER SLEEPING CARS.
2 WOODRUFF PARLOR CARS.
30 PASSENGER CARS.
5 COMBINATION CARS.
Also, LOCOMOTIVES, of Passenger, Freight,
Mogul, Switching and Motor patterns, and Freight
Equipment in great variety.
Full information and particulars on application to
THE NEW YORK EQUIPMENT C0„
ayable half-yearly at the office o f TH E M ER
CANTILE TRUST CO., NEW YO R K . These
10 W A L L S T R E E T .
Debentures run fo r Ten years, but with the
JOS.D.MlTCHILL, L.V.WALKLEY,
ption o f redem ption at the end o f F ive years JAS.IRVINE,
President.
Vice-Pres.
Secretary.
They are direct obligations o f the Company
and are further secured b y an equal amount of
R eal Estate Mortgages on im proved and pro
ductive R eal Estate w orth from three to five
ailey
times the amount o f the mortgages, held b y THE
MERCANTILE TRUST CO., which under special
51« P I N E S T R E E T .
Articles o f Agreem ent acts as Trustee fo r the
dealings in
holders o f the Debentures. They are issued in
denominations o f $500, $1,000 and $5,000
I
N
S
U
R
A
N C E
S T O C K S
These Debentures are a v ery desirable class
of investments fo r Estates and Trust FundsA S P E C IA L T Y .
and fo r individuals and corporations desiring
Cash paid at once for the above securities; or they
an exceedingly safe investm ent, with a com,
will be sold on commission at seller’s option.
paratively high rate o f interest.
E.
S. B
,
M o r tg a g e s o n R e a l E state in Kansas City,
and im proved farms in Kansas and Missouri,
at not to exceed 40 per cent o f the value, are
also offered investors.
ADVISORY BOARD OF DIRECTORS:
LOGAN C. MURRAY, President United States
National Bank.
JOHN P. TOWNSEND, Vice-President Bowery
Savings B»nk.
EVAN THOMAS, o f EVAN THOMAS & CO.,
Produce Exchange.
JOHN A. McCALl , Comptroller Equitable Life
Assurance Society.
COL. A. HARTSUFF, Surgeon U.S.A., Fort Ham
ilton, New York.
THOS. CLARK, J r , late President American Ex
change Insurance Company, 239 Broadway.
W rite fo r further inform ation and references
to any one o f the com pany’s offices at
K A N S A S C I T Y OTO.,
N E W Y O R K , 239 B roadw ay;
L O N D O N , E N G L A N D . 95 Gresham St
SIX PER CENT
IN C O M E
BE B E N T U R E S ,
Bearing 6 per cent, running ten years and based
exclusively upon Western Farm Mortgages, held in
trust by the American Loan & Trust Company, of
New York, for the benefit of the bondholders. Their
safety, time to run and rate of interest make them
the most desirable investment now offered. Also,
GUAEANTEED FARM MORTGAGES.
GUARANTEED.
7%
1 6 0 Broadw ay, New Y o rk .
W M . C. N O Y E S ,
96
BR OADW AY,
Dealer in a ll
N ew Y o rk
AND
B r o o k ly n
Also, all the Stocks Guaranteed by the
D E L A . L A C K . & W E S T , and the
L A K E S H O R E & M IC H . SOUTHERN
R A IL R O A D COM PAN IES.
R . A . Lancaster & C o.,
BANKERS,
N o. 10 W A E E S T R E E T ,
NEW YORK.
DEALERS IN
AMERICAN INVESTMENT CO.
INVESTMENT and MISCELLANEOUS
SECURITIES.
s o u th e r n Securities a S pecialty.
A .L .O R M S B Y , H . E . SIM M O N S,V .Prest’ s,
1 5 0 Nassau Street, New Y ork .
T H E M I D D L E S E X B A N K I N G C O .,
.
MIDDLETOWN, CONN.
Capital Stock, Paid np, - - - - $ 6 0 0 ,0 0 0
S I X P E R CENT F IR S T M O R TG A G E
D E B E N T U R E BONDS
and Mortgage Notes. Guaranteed Interest payable
at National Bank of the Republic, N.Y. Chartered
1872. Under same supervision as Savings Banks.
The only Mortgage Company whose output is Limby Statute.
Offices—Boston, 5 Tremort Street; N ew Y ork .il
Wail St.; Philadelphia, 512 Walnut St.
THE
IN V EST O R S
M. L. SCUDDER,
PROPRIETOR,
240 LA SALLE ST., CHICAGO, ILL.
Reports Concerning Affairs oi Corporations
R A IL R O A D S E S P E d A L L T .
Large Library Railroad Documents,
Competent Experts
Confidential Reports,
Moderate Charges.
Send for circular.
The
Sugar Refineries
Company.
STOCK BOUGHT AND SOLD.
JAM ES H A V E M E Y E R ,
Aldrich Court, 15 Broadway, N. V.
AGENCY.
J r .,
P E N N S Y L V A N IA
R A IL R O A D
CO.
TREASURER’S DEPARTMENT.
P h il a d e l ph ia , May 1,1888.
The Board of Directors has this day declared a
Semi-Annual Dividend of TWO AND ONE-HALF
PER CENT upon the capital stock of the Company,
clear of all taxes, payable on and after May 29 next
to shareholders as registered on the books at 3 P.M
on April 29, 1888.
On May 30 dividends will be paid to women only.
OBERT W. SMITH,^Treasurer.
C H IC A G O & A L TO N R A IL R O A D COM .
VV
PANY.
Chicago , 111., May 5,1888.
NOTICE—A quarterly dividend of TWO DOL
LARS PER SHARE has this day been declared on
the preferred and common stock of this company,
payable on the FIRST DAY OF JUNE next to
stockholders of record at the close o f business
hours on the 15th inst.
The dividend on shares registered in New York
will be paid at the office of the company’s agents,
Messrs. JOHN PATON & CO., No. 52 William St.,
New York, and the dividend on shares registered in
Chicago will he paid at the office of the Treasurer of
the Company.
C. H. FOSTER, Treasurer.
W ANTED:
Columbus & Hocking Valley 2d 7s, 1892.
Columbus & Toledo 2d 7s, 1900.
New Orleans Pacific Land Grant Bonds.
B U Y AND
SEEK:
Scioto Valley Bonds and Stock.
Texas & Pacific Scrip, all issues.
New Orleans City Bonds.
T R U S T C O M P A N IE S ’ S T O C K S .
We invite persons wishing investments absolutely
safe to examine the securities o f the
Assets October 1, 1 8 8 7 , $ 1 ,8 8 3 ,9 0 9 .
All loans and debentures fully guaranteed. Full
Information given by
"P E N N S Y L V A N IA R A IL R O A D CO.,
TREASURER’S OFFICE,
„
,
P h ila d e l ph ia , April 18,1888.
.J 'oy p e is hereby given that registered bonds of
the Philadelphia & Erie Railroad Company, in
sums of $1,000 each, bearing interest at 4 per
cent per annum, payable semi-annually in April and
October, secured by the general mortgage, due July
1,1920, principal and interest being guaranteed by
the Pennsylvania Railroad Company, will be ex
changed, par for par, until the 15th day of May next,
for the seven per cent bonds of the Philadelphia &
Erie Railroad Company maturing July 1st, 1888, the
interest then maturing on said last-named bonds to
be paid at the time or exchange, and shell of the
said seven per cent bonds as shall not have been ex
changed by the 15th day of May next will be paid at
maturity.
Three months’ interest on the new four per cent
registered bonds will be due and payable October
I; looo.
R O B E R T W . S M IT H ,
______________ ____________
Treasurer.
NEW ENGLAND LOAN & TRUST CO.,
OFFICES;
0%
SECU RITIES.
Land Debentures, Guaranteed Farm and
City M ortgages, and School Bonds.
E Q U IT A B L E
M o rtga g e Company.
Capital Subscribed.......................$ 2 ,0 0 0 ,0 0 0
Paid in (Cash)................................. 1 ,0 0 0 ,0 0 0
▼
F. H . Smith,
BANKER
& BROKER,
N o . 2 0 B R O A D S T ., N E W Y O R K .
Speculative Accounts Solicited.
Orders received in Stocks for large or small
amounts, either for cash or on margin.
Particular attention given to investments.
All issues o f bonds, either in default or other
wise, carefully quoted.
TWENTY YEARS’ EXPERIENCE.
F. H. Smith , 1Members Consolidated Stock and
S. W. Smith , J Petroleum Exchange, New York.
O. W . D O U G H ERTY,
Member N.Y. Stock Exchange,
M ills B uilding .
1 5 B r o a d S t ., N .Y .
20 Na s sa u Street ,
New Y ork , May 11,1888.
)
J
Chesapeake & Ohio Kailway
Company's
security holders not in accord with the proposed
plan of reorganization, are hereby advised that ag
gressive measures for the PROTECTION of their
rights have been instituted, COUNSEL having been
RETAINED, and PROCEEDINGS in court looking
to the PROTECTION of those RIGHTS, having
been taken.
Bondholders and stockholders of either class who
have not yet communicated with the undersigned
and who are desirous of joining the OPPOSITION
to the plan, will send their names and designate the
character and amount o f their holdings to the un
dersigned.
W IL L IA M STRAUSS.
L. F. Menage , •T hos. L o w r y , h . G. Menage ,
Pres’t. A. J. Dean ,
Sec. & Treas.
Vice-Prest’s.
F ull Paid Capital, - $ 5 0 0 ,0 0 0
Authorized Capital, $ 2 ,0 0 0 ,0 0 0
N o r th w e s te rn
L o a n
G u a ra n ty
C o m p a n y ,
M inneapolis , Minn .
DIRECTORS:
Wm. H. Eustis, rC. H. Pettit,
Thos. Lowry,
Loren Fletcher, John S.Pilisbury L. E. Menage,
ClintonMorrison H. E. Fletcher, A. J. Dean,
W.D.Washburn, Philip H. Neher, Joseph Dean,
Geo.A.Pillsbury, E. WT Herrick, Hen’y G.Menage
This company guarantees 6 per cent Gold
Bonds and short-time business paper.
The company guarantees nothing that is not amply
and specially collateraled.
Parties desiring safe and very desirable securities
will find it to their interest to call on or address
N E H E R & C A R P E N T E R , Bankers,
and Eastern Managers for the Company, at 170
Broadway, New York, or 5 First Street, Troy, N. Y.
TH E CHRONICLE.
VI
ffitmtrciaï.
__________ I f j u s t i c i a l . __________
Louisville & Nashville
Railroad Co.
Richmond Terminal Co.
TO THB STOCKHOLDERS OF THE
GENERAL
M ORTGAGE.
The fpllowing-named gentlemen have been pro
This is to certify that 146 General Mortgage Bonds
posed as Directors to be voted for at the election o f
the.Riehmond Terminal Company, to be held on the o f the Louisville & Nashville Railroad Company,
numbered
as follows, viz.:
31st o f May next, at Richmond:
10095
13800
10911
68
A U G U ST BE L M O N T , J r .,
10778
16994
18839
151
o f August Belmont.& Co., 36 Wall St., New York.
10861
17050
13972
7758
R O B E R T CO L G AT E , 287 Pearl St., New York.
10944
17133
7841
14093
W . S . GURNEE, 7 Nassau St., New York.
11064
17216
7924
14176
H . B . H O L L IN S ,
11147
17299
14259
8001
o f H. B. Hollins & Co., 18 Wall St., New York.
11230
17382
8084
14312
JOHN HONE, J r ., 62 New St., New York.
11313
17465
8167
14425
R U D O L P H K E P P L E R , 39 Broad St., N.Y.
11396
17598
14508
8250
F R E D E R IC K N. L A W R E N C E ,
11479
17631
14591
8333
o f Lawrence & Smith, 30 Broad St., New York.
11562
17714
14674
8416
EM ANUEL LE H M A N ,
11645
r<797
8499
14757
o f Lehman Bros., 40 Exchange Place, New York.
11728
14846
17830
8582
W I L L I A M L IB B E Y ,
11811
17963
8605
14923
o f the late firm o f A.T. Stewart & Co., 31 Nassau St.,
11894
15099
18046
8748
New York.
11977
18129
8831
15182
F . H , LOVELL,
o f F. H. Lovell & Co., 118 John St., New York.
12C63
18212
8914
15205
12146
18295
8997
15348
IS A A C L . R IC E ,
o f Rice & Bijur, 34 Nassau St., New York.
12229
9012
15431
18378
E . W . C L A R K , o f E.W. Clark & Co., Philadelp’a.
12312
15514
18461
9095
12395
9178
15597
18544
T H O M A S JA N N E Y,
o f Moore, Hyams & Co., N. Orleans ; residence,Balt.
12478
9309
15080
18627
12561
15763
18710
9344
E . P. A L E X A N D E R ,
President o f the Central RR. o f Ga., Savannah.
15840
18793
9427
12644
A L F R E D LE E T Y L E R , Anniston, Alabama.
12727
15929
9510
18876
Stockholders desiring the election of the above
12810
16003
18950
9593
Board o f Directors are requested to send their
12893
9676
16991
19062
proxies to one o f the following named Committee:
12970
10174
19145
9759
AUGUST BELMONT, JR., ROBERT COLGATE,
13059
9S42
16257
19228
W . S. GURNEE, JOHN HONE, JR., RUDOLPH
13142
16340
9925
19311
KEPPLER,—at the office of the FARMERS’ LOAN
13225
19394
1C014
16423
& TRUST CO., 20 William Street, New York.
13308
16506
19477
10097
13391
16589
19560
10180
13474
16662
10263
19643
TO THE STOCKHOLDERS OF THE
13557
16745
19726
10346
13640
19809
16823
10429
13723
10512
have this day, Tuesday, March 6,1888, at the office
o f the Central Trust Co. o f New York, Trustee,
AND
been designated for redemption at 10 per centum
premium, on the FIRST DAY OF JUNE, 1888, on
The undersigned, holding and representing large presentation and surrender thereof, with all un
amounts of stock of the RICHMOND TERMINAL matured coupons of the same, at the office o f the
COMPANY, believing that any change in the man LOUISVILLE & NA SH V ILL» RAILROAD CO.,
agement or policy o f the company at this time Nos. 50 and 52 Exchange Place, in the City o f New
■would be opposed to its best interests, solicit York.
proxies to be voted in favor o f continuing the
Interest on said Bonds w ill cease on June 1 ,
present Board of Directors.
W e shall be glad to give our reasons for this view
1888.
*
o shareholders who will give us an opportunity of
Central Trust Co. of Netr York,
doing so by calling on
By G. SHERMAN, Vice-President.
E D W A R D S W E E T & CO.
W O R K , STRONG & CO.
Louisville & Nashville RR. Co.,
T . W . P E A R S A L L & CO.
* By EX NORTON, President.
JO H N H . D A V IS & CO.
I . & S. W O R M S E R .
rPHE DENVER & R IO G R A N D E R A I L M OOR E & S C H L E Y .
JL
ROAD COMPANY.
JAM ESON, S M IT H & C OTTING.
New Y oek , April 18th. 1888.
A special meeting o f the stockholders of the Den
New Y o rk , April 21,1888.
ver & Rio Grande Railroad Company will be held at
the principal office of said company, in Denver, Col
orado, on Tuesday, the 22d day o f May, 1888, at 10
o’clock in the forenoon, for the purpose o f consider
T O LE D O P E O R IA & W E S T
ing an agreement between said the Denver & Rio
Grande Railroad Company and the Chicago Rock Is
E R N R A IL W A Y .
land & Colorado Railway Company, for the joint
Sealed proposals will be received by the auditing use of the tracks and property o f said the Denver
committee until Thursday, May 24th, at one o’clock & Rio Grande Railroad Company between the cities
in the afternoon, for the purchase o f four hundred of Denver & South Pueblo, in the State of Colorado,
and twenty-four thousand dollars Toledo Peoria & and for the purpose of determining whether such
Western Railway First Mortgage Four Per Cent agreement shall or shall not be assented to and perBonds, or any part thereof, being part o f the au
thorized issue o f five million dollars First Mortgage
By order o f the Board o f Directors.
Bonds on that road. They are dated July L 1887,
and due July 1,1917, with accrued and unpaid in
W M . W AGNER,
terest from July 1, 1887. The proposals will be
Secretary.
opened by the auditing committee, and bonds
awarded to the highest bidders.
Bonds will be ready for delivery on May 25th and
T H E DENVER & R IO G R A N D E R A IL
payment must be made within three days after no
ROAD COMPANY.
tiflcation, by mail, of acceptance o f proposals. N<
bid will be received at less than sixty-seven and
New x o r k , April 20th, 1888.
one-half per cent for each bond o f one thousand
The annual meeting of the stockholders of the
dollars. Bids to be endorsed, “ Proposals for Tole Denver & Rio Grande Railroad Company will be
do Peoria & Western Railway First Mortgag«
held at the principal office o f said company in Den
Bonds,” and addressed to Henry D. Atwater, Henry ver, Colorado, on Tuesday, the 22d day of May, 1888,
C. Swords and Charles W. Brown, Auditing Com at 12 o’clock noon, for the election of directors and
mittee, Room 5,18 Wall Street, New York.
to take action on a proposed issue of bonds for the
By order of the Bondholders’ Committee.
improvement of this company’s railroad, at the rate
rTJADT.Vfi
CHARLES MORATJ
MORAN, A
o f not exceeding $5,000 per mile, to be secured by a
Sub
THOMAS DENNY,
mortgage on the company’s property and franchises,
CORNELIUS B. GOLD, committee.
$3,000,000 of said bonds to be issued at once and
such further sums thereafter as the stockholders
may from time to time detei’m ine; and also f ■r the
transaction of any other business that may be
brought before the meeting.
The transfer books will be closed from the even
ing of May 9 until the morning of May 31st.
By order of the Board of Directors.
WE OFFER A LINE OF
W M . W AGNER,
Secretary.
D E S IR A B L E 6 P E R CENT BONDS,
Richmond & West Point
Terminal Railway
[V ol. XLYl.
ffitmncial.
R E O R G A N IZ A T IO N
OF THE
Chesapeake & Ohio R’j Co.
23 w a l l Street .
>
New Y o rk , May 9,1888.5
Holders representing a total o f about 90 per cent
of the stock and bonds of the CHESAPEAKE &
OHIO RAILW AY CO. affected by the plan of reor
ganization having accepted the provisions of the
reorganization agreement dated Feb. 7,1888, notice
is hereby given to holders o f outstanding securities
that the same may still be deposited with DREXEL,
MORGAN & CO., 23 Wall Street, New York, on
payment of the penalties specified in our circular o f
April 4,1888, copies of which may he obtained on
application.
The privilege of depositing securities, as above,
will be terminated by the committee in its discre
tion, without further notice, and after such ter
mination no deposits will be received.
Notice is also given that the third instalment o f
25 per cent of the assessment on all classes of stock
deposited under said agreement is called, and will be
payable at the office of Drexel, Morgan & Co. on
June 4, 1888. Depositors are requested to present
their reorganization receipts that such payment,
when made, may be indorsed thereon.]
D R E X E L , M O R G A N Sc C O .,
D e p o s ita r ie s .
O. H. COSTER,)
R. J. CROSS,
> Committee.
A. J. THOMAS.)
Q F F IC E
OF
THE
P H IL A D E L P H IA
COMPANY, P ittsburg , Pa., May 9,1888.
THIRTY-FIRST DIVIDEND.
The Board of Directors of this Company have this
day declared a dividend of ONE PER CENT out o f
the earnings for last month, payable on the 25th
Inst. Transfer books will be closed from the 15th
to the 25th inst., both inclusive. Checks will be
mailed to stockholders.
JOHN GALDWELL, Treasurer. 1
Warehouse Company.
JL
Investment Bonds.
AT A PRICE BELOW PAR,
Address
A , W . B E A S L E Y & CO.,
37 AND 39 WALL STREET,
NEW YORK,
J. S. W ells,
E X P E R T A C C O U N TA N T ,
WELLS BUILDING, 18 BBOACfoVAT.
Accounts of all sorts investigated and estates setI tied up.
Abbey & Imbrie,
18 VESEY STREET, N EW Y O R K .
FINE FISHING TACKLE.
Send us 10 cents to prepay postage on Catalogue.
Fifth Avenue Hotel,
M a d is o n S q u a r e , N E W Y O R K »
The Largest, Best Appointed and Most Liberally
Managed Hotel In the City, with the Most Centra
and Delightful Location.
HITCHCOCK. DABLING A CO.
Bible Hotel,
AM STERDAM , HOLLAND.
Bountifully situated in the centre of the city, close
to the Railway Station and the Exchange. First,
rate cooking. Excellent wines. Moderate prloes.
W. P. WERKER, Manager.
M assasoit
H ouse,
S P R IN G F IE L D , M ASS.
THE BEST APPOINTED HOUSE IN WESTERN
NEW ENGLAND.
Convenient for the tourist or business man. Near
Union Depot.
w . H . C H A P IN .
Spencer Trask & C o .,
B AN K E R S
<k B R O K E R S ,
16 and 18 Broad Street, N. Y.
Albany, N.Y.
Providence, ß i I.
Saratoga.
Transact a General Banking Business,
Special attention given to Investment
Securities.
Direct Private Wires to each office and to
PHILADELPHIA,
BOSTON,
WORCESTER
HUNT’S
MERCHANTS’
MAGAZINE,
REPRESENTING THE IN D U S T R IA L A N D COMMERCIAL IN TERESTS OP TH E U N ITED STA TES.
VOL. 46
SATU R D A Y, M A Y 12, 1888.
C O N T E N T S .
Week Ending I f ay 5.
1888.
TH E CHRONICLE.
TheiFiii&ii&ial Situation............ 5S0 I Gross Earnings in A p ril............ 596
E x p o rt Rates b y R ailroads-----512 |M onetary
and Commercial
N orthern P acific’s Current
English N ew s..........................599
O perations............................... 593 Commercial and M iscellaneous
A tchison Topeka & Santa F e .. 595 1 N ew s.......................................... 600
Sales of—
(Stocks............. shares.')
( Cotton............. bales.)
(Grain.......... . bushels.)
1Petroleum...........6618.)
£ h c © I t r m i k le .
Springfield..................
Terms o f Subscription—Payable in Advance :
For One Y ear (including p osta g e ).........................................«10 20
F o r Six Months
do.
........................
6 10
European Subscription (including p osta g e )...".""."T IIIII 1 1 28
Annual subscription in London (including p ostage)......... £ 2 7s.
B ixM os.
do
do
do
. . . . . . £ 1 8s.
These prices include the I n vestors ’ S u p p l e m e n t , o f 120 p a g es
issued once in tw o months, and furnished w ithout ex tra charge to
subscribers o f the Ch r o n ic le .
Subscriptions w ill be continued until definitely ordered stopped. The
publishers cannot be responsible fo r rem ittances unless m ade b y drafts
o r P ost Office M oney Orders.
A file cover is furnished at 50 cents; postage on the same is 18
cents. Volumes bound fo r subscribers at $1 00.
Total New England...
CLEARING
HOUSE
Week End’g April 28
P. Gent.
1888.
P. Cent.
$
637,003,360
H-39'2)
(—55'5
(—62-0
(-27-3)
(2,266,827)
¿289,200)
(28,319,260)
(26,790,000)
(+17-1)
(—42-3)
(-47-3)
(-1 7 0 )
3,970,300
-8 5
+48
—1-9
+17-0
+14-0
+2-5
+14-3
, 107,324,869
4,686.800
3,673,004
1,484,769
1,002,414
1,072,110
1,1'95,396
671,431
105,301,512
4,592,500
1,801,006
1,364,605
1,021,237
980,472
1,013.694
602,006
119,310,793
116,677,032
+2-3
93,293,786
—1-3
64,787,375
12,0-: 2,768
13.738,661
65,551,742
11,372.556
14,361,871
—1-2
+6-2
—4'3
57,175,804
11,117,761
11,015,650
+5-4
+5-«
—22-2
+2'2
+2-1
—7-1
+S-8
—1-8
+9-3
+8-1
+1T5
1,044,286
863,454
1,009,210
954,362
624,259
Total Middle...............
90,598,804
91,286,169
—0-8
79,309,221
+0-4
Chicago.........................
67,951,478
10,494,300
4,950,380
4.087.352
1,675.852
8,061,270
2,172,346
1,450,865
3,680,976
4,501,286
2,849,952
3,615,460
593,890
798,312
2,299,505
351,031
80,882,074
13,252,750
5,779,736
4,236.587
1,821,531
3,555,199
2,321,940
1,126,911
3,356.957
3,901,987
2,970,460
6,106.666
472,835
796,793
8,125,036
—16-0
-20-8
—144
—35
—128
—13-9
—6-4
+287
-I-9-6
+15-4
-4 1
—40-8
+25-6
+0-2
-2 6 4
55,890,999
8,909,700
4,079,535
3,455,413
1,715,607
2,687,770
1,918,494
1,191,101
3,406,419
3,289,739
2,164,843
+15-2
—255
+5-8
+6-7
—2'8
+11-6
—2-9
+28-1
+ 829
+28-5.
—6-8
—2'2
+38-1
114,183,224
133,807,462
—14-7
94,833,009
18,331,546
1,116,396
7,700,000
7,197,839
8,538,137
2,537,974
644/34
651,766
21,068,153
1,379,238
7,581,607
6.224,645
9,082,338
1,874,116
878,934
605,615
—130
—19-2
+1«
+15-6
—58
16,215,816
D e tro it.......................
St. Paul..........................
RETURNS.
In all respects the current exhibit o f exchanges is the most
favorable we have had for some weeks past. Not only is the
total at New York considerably in excess of any similar period
since the opening of the year, but the aggregate outside of
this city also shows a large gain. Two influences have con
tributed to this more satisfactory resu lt: the continuation of
a moderately active speculation at the New York Stock
Exchange and the usual monthly additions on account of
interest payments, &c.
Compared with the week ended
April 28, the increase in the whole country reaches $148,636,001 (in which ooly Indianapolis, St. Joseph and Norfolk fail
to participate), the proportion furnished by N ew York, B os
ton and Chicago, being quite marked. Mercantile failures
during the week numbered 209 in the United States and 25 in
Canada, or a total of 234, against 223 the previous week and
182 last year.
1887.
$
$
719,507,118 719,643,288
(2,009,549) (1,443,407)
(371,100)
(834,000)
(24,931,450) (65.537.000)
(15,472,000) (21.286.000)
L on d on A g e n ts:
Messrs E d w a r d s & Sm it h , 1 D rapers’ Gardens, E. C., w h o w ill take
subscriptions and advertisem ents and supply single copies o f the paper
a t Is. each.
* ^
WILLIAM B. DANA. W I L L I A M B . D A N A & C o ., P u b lis h e r s ,
1 0 2 W i l l i a m S tree t, N E W Y O R K ,
*
JOHN G. FLOYD.
P ost Of f ic e b o x 958.
NO. 1,194.
—26*7
w592]042
1,385,484
284,741
7,297,667
5,294,614
8,182,869
1,941,082
__
17,472,978
15,746,484
Total all...................... 1,107.761,209 1,125,805,081
388,254,091 4(6,161.793)
+110
+13-3
••••••
+ 7 ’7
—2-6
+7-4
+ i'7
+22-3
+9-9
+22-0
—18-2
+24-6
+4-6
13,277,874
—1-6 958,125,208
- 4 4 322,121,848
—1-9
+ ra
* Not included in totals.
Our usual telegraphic returns o f exchanges for the five days
have been received and are given below. In comparison w ith
the similar period of last year the aggregate for the seven
cities records a loss of 2*2 per cent. The estimate for the fu ll
week ended May 12, based on these telegraphic figures, points
to a decrease from the week of 1887 of about 2*3 per cent.
Messrs. R. G. Dun & Co. report the number of failures for the
week ended to-night (May 11) as 209 (192 in the United States
and 17 in Canada), against 234 last week and 167 for the same
Contrasted with the week of last year there is a loss at New time a year ago.
Y ork of 0-02 per cent, while outside of this city the decrease
Week Ending May 12.
Week End’g May 5.
reaches 4-4 per cent, the decline in the total for all the clear Returns by Telegraph.
ing houses being 1-6 per cent. The falling off in the Western
1888.
1887.
1888,
P. Genf.
P. Cent.
div
> o mpared with last year, explains w hy the aggre
J
$
$
524,247,954
ww,JOl,4*0
600,611,938
—1-9
gate for th* week this year fails to exceed that for 1887. It
Sales of Stock (.shares) . . . . (1,485,092;
(1,250,144) (+18-8)
(1,744,384) (+40-0)
w ill be noticed, moreover, that this is due mainly to the very
73,845,907
75,473,508
91,698,118
+3-2
41,646,905
heavy addition to last year’s figures at Chicago, caused by the Philadelphia..................
45,097,552
+5-7
55,875,707
-0 3
12,008,467
settlement o f the wheat corner. The most important per Chicago........................
57,432
nno
53,786,000
48,724,000
+8’3
centages of gain this week are at Memphis, 35-4 per cent, St. Louis. ...• ...... ,....... .j
15,101,904
15,286,636
-0-6
15,496,530 —12-0
Peoria 28-7 and Grand Rapids 25 6 per cent.
j
6,531,332
-1-2
729,681,547
N ew York Stock Exchange share dealings during the w eek 1
Estimated 1 day . . . . 1 141,246,287
cover a market value of $103,794,000, which compares with |
$71,982,000 for the week a year ago. After making our usual Balance Country*....... , 870,867,834
101,029,627
allowance for these transactions, clearings due to other busiTotal week. all......... 971,897.461
& ess exhibit a loss of 14-8 per cent.
* Fa' tie fail week, based on last-
745,919,691
147,820,921
-2*8
-4-5
893,740,612
100,598,676
■—2'6
+0-4
994.339.288
—2-3 1.107,725,990
week’s returns.
839,654,092
160,002,411
—2'8
+6*4
999,656,503 " —1-4
10S,069,487
—28
—1-
THE CHRONICLE
590
TEE
FIN AN CIAL SITUATION.
There has been no material change in the market for
money during the week. The rate on call so far as repre
sented by bankers’ balances, has ranged between 3 and 1^
per cent; but a 3 very little was loaned at the higher rate,
the average has been about 2 per cent. Some of the
banks and trust companies have been able to get 3 per
cent on call, but the majority loan at 2| per cent exacting
first class collateral. Time loans are made with more
regard to the security than to the length of the engage
ments For sixty days to four months the rate is 3£ @ 4
per cent and for four months to the end of the year it is
@ 6 per cent— the 4£ per cent representing first class
collateral as well as the shorter time, while the 6 per
cent represents security not quite as good, and therefore in
some cases 6 per cent is also demanded for the shorter time.
Our banks are not in the market for time loans; trust
companies are to some extent, but the business is chiefly
done by out-of-town institutions. The higher rate abroad
for money tends to prevent the competition of foreign
houses, restricting transactions more largely to domestic
bankers. Commercial paper is in fair demand, but the
supply of really first-class names is light, and since the
recent failures buyers scrutinize the paper very closely.
Rates are 4|@5^ per cent for sixty to ninety day endorsed
bills receivable; 5@5£ for four months acceptances, and
for good single names having from four to six
months to run. The continued free movement of cu r
rency to New Y ork from the West, and the large purchase
of bonds yesterday by Secretary Fairchild (reaching
$7,378,000), make it certain that the existing tendency
towards increased ease of the money market is, at least
for the present, to be uninterrupted.
There has been no change in the political outlook in
Europe this week. The Bank of England rate of dis
count has, however, been advanced, as was anticipated.
Thursday the minimum was put to 3 per cent from 2
per cent, at which it had stood since March 15.
The
advance was made (as all advances have been made since
the demonetization of silver) not because of excessive spec
ulation or of overtrading or of any business condition
demanding it, but simply to protect the Bank’s rapidly
diminishing bullion reserve. It has latterly been drawn
down by shipments to the Argentine Republic and to
Brazil against loans recently negotiated. There is also a
steady movement of gold to Germany, and in view of
further possible drafts from that quarter the governors
have been led to make the considerable advance of one
per cent. Discounts of sixty days to three months
Bank bills in London are now quoted at 2£ per cent. Tbe
open market rate at Paris stands at 2^ per cent and that
at Berlin and Frankfort is I f per cent. The Bank of
England reports a loss this week of £685,000 bullion^
made up, as we are advised by special cable to us, by an
import from Australia of £169,000 and by an export to
the Cape, Lisbon, &c., of £317,000, and by a shipment to
the interior of Great Britain of £537,000.
Our foreign exchange market has been dull but firm
and higher this week, with the demand chiefly for short
bills and cable transfers. The advance was on Thursday
when the Bank of England rate was put up, that move
ment causing nominal sight to be quoted at 4-89-J. But
for actual business the rate is not quite high enough to
admit of the export of gold at a profit, and the
$250,000 sent on Wednesday and the $253,979 11 with
drawn from the Assay Office since for shipment to Europe
cannot be regarded as strictly an exchange operation.
The indications now point to further exports of gold.
Vou X L \ 1
London needs it to meet the demands upon her for
South America, Germany, &c., demands that are not yet
satisfied. It is to be presumed that the advance in the
Bank of England rate will have a tendency for the
time being to check operations in American securities both
on speculative and investment account, and with the
trade balance running against us the demand will have
to be met with gold. Usually towards . the middle of
June bankers begin to draw bills against future shipments
of cotton, but so long as money rules at such low rates
as prevail here now there will be very little if any advan
tage in such drawings. It is probable, therefore, unless
there is some material change in the conditions, that we
may be shipping more or less gold for several weeks.
There has been another revival of the South Pennsyl
vania Railroad scheme this week, and this latest revival,
like the last two, is pronounced an absolute resurrection.
W e are told now, that the road is to be built, the capita
is waiting and anxious to get into it, and no power on
earth can prevent its completion.
W e have always
opposed the construction of purposeless roads aimed Z&ainly
at the destruction of older lines. Especially is this object
ionable in these days when Railroad Commissions have
taken all railroads under their charge and regulate the
maximum tariffs ; if they would regulate the minimum as
well, the case might be different. The South Pennsyl
vania was begun for the purpose of harassing the old
Pennsylvania,— a road which, take its history through, has
perhaps as clean and honest a record as any road in the
land; at all events, it is to-day and has long been managed
on sound business principles, earns but a small return on
the capital invested, and no line can be built which can
afford to serve the Pittsburg interests as cheaply as it can.
Hence if the revival now announced, is with the
old animus, as reports in the daily press would
indicate, we do not believe the money to carry it
through can be obtained in America. W e are told that
all the old stockholders were present or represented at the
meeting and acquiesced in the plan to finish the work. N o
doubt they would be glad to have it finished. The Van
derbilt heirs have nearly two million dollars of cash buried
in that enterprise, and if any syndicate desires to puli this
chestnut oat of the fire for them, it is reasonable to suppose
that consent would be given; yet it is hardly necessary
to add that no more Vanderbilt money will go into the
enterprise so long as it threatens Pennsylvania’s interest.
But we are told it is to be encouraged by and become a
part of the Reading. The Reading, under its present
management, will never engage in a scheme which would
bring it into a war of rates with the Pennsylvania road.
In a word, when the old Pennsylvania road is willing to
have the South Pennsylvania completed, it will be, and not
till then. Under no other conditions could 13 millions of
dollars be raised. That day may come soon, but wo
doubt whether it has been reached yet. In the meantime
these annual gatherings of those who are interested in a
•‘ hole in the ground” somewhere between Harrisburg and
Pittsburg will always prove a reminder of the foolishness
of the State officials who stopped the Pennsylvania
management in its plans for spending many millions of
dollars on a public improvement.
W e made an error last week in our article on “ New
Fractional Currency,” in assuming that the Government
did not pay the expressage on subsidiary silver when it
was sent to distant parts of the country. W e knew that
the Treasurer shipped silver dollars, all expenses prepaid^
everywhere, but had forgotten that the smaller silver went
under the same provision. This fact would undoubtedly
-nterfere with the rapid outflow of the new fractional
M a y 12, 1S88.J
THE CHRONICLE.
currency,, though our people have such an avidity for
paper money when it is new they would probably be eager
for it until they had gained a fresh experience of tbe
filthy condition into which it speedily passes. Still, the
quantity to be floated is not by any means the important
question ; whether its amount is large or small ,the prin
ciple involved would be the same. Then, too, the fact
that the Government pays all the expenses of distributing
subsidiary silver has a further importance in this discus
sion.
It proves that the amount outstanding of that
kind of currency is always held at high-water mark— that
is to say, it goes out as fast as it can be pushed o u t; and
after it gets into the bands of the people it cannot but
remain there until it gravitates back to a Custom House
or Sub-Treasury town.
"With such methods prevailing, the place for subsidiary
silver currency throughout the country must always be
full, there being as stated every facility for its distribu.
tion, but none whatever except through the Sub-Treasuries
or Custom Houses for its return. By means of these
arrangements the Secret ary has been able gradually to
increase the amount outstanding; he has not only got rid
o f the current monthly coinage of subsidiary silver, but
reduced the Treasury holdings from $31,694,365 May 31,
1885, down to $25,750,228 May 1, 1888. Hence we
repeat there is no room in the channels of commerce for any
fractional paper money; if any is issued, it must dispossess
silver and crowd it into the Treasury again, and as
subsidiary silver is not an available asset, the cost to the
Government of the fractional notes (in addition to the
expense of manufacture) will be just so much as they dis
place outstanding fractional silver. W e have a capital
illustration of the way this is likely to operate, in the
movements of silver dollars. It must be remembered that
these dollars will be sent by the Treasurer any dis
tance, half way or all the way across the continent if
desired, without costing the receiver a cent, and after they
reach an interior town they are so heavy there is no way of
returning them. They go out as it were with wings, then
taking to the grub state they can only creep back. Yet
in spite of these surroundings we find that the standard
dollars in circulation are now (since the silver certificates
afloat became so abundant) constantly decreasing. On
the first of January, 1888, there were in circulation 64£
million, while on the first of May the amount was only
58 million. A s a consequence with the current coinage
the Treasury held $236,156,394 of these dollars May 1,
1888, against $218,917,539 on the first of January. If
the country wants to do our currency work with silver
certificates it will have to find vault room for its silver
dollars and subsidiary silver.
Politicians great and small are growing to have less and
less regard for mercantile and financial interests. W e
suppose it is because business men do not organize so as
to represent and express solid voting power that their
numbers and influence even in that regard are overlooked
by short-sighted law-makers. W e are led to make this
remark in view of the constant irritation industrial inter
ests have suffered, from one cause and another, during
the entire session of our Legislature now about to adjourn.
Only one desirable law, from the commercial standpoint,
seems to have been passed, or so far as we remember even
considered, and that one Governor Hill has seen fit to
veto. A ll through the session a new, crude and revolu
tionary tax bill has been pending and progressing, with
the continued prospect of final success until this week,
when it was killed in the Assembly. Then, again, it was
discovered only a few days since that the Senate had,
without consideration, as unconcernedly apparently as
591
one would eat one’s breakfast, passed an act repeal
ing the law of 1882, which enacted that it should
“ be lawful to receive or to contract to receive and col“ lect ” any rate of interest agreed upon “ as compensal{ tion for making advances ” * * “ of money payable
“ on demand” to an amount not less than $5,000 upon all
sorts of negotiable instruments. This law made legal
what was practiced in a circuitous fashion before, and
really lowered the rate of interest in times of stress, be
cause the market was thus opened to the competition of
all capital, not only that in New York, but in
other States and in Europe also; whereas previous
ly the transactions had to be covered up and only
those who made a specialty of that business engaged in it.
But the most uncalled for and unreasonable act was the
veto by Governor Hill of the Half Holiday bill. It had
been passed after being widely discussed, and its benefit
to business made clearly evident. The old law as is
known was enacted under an impulse ; it had been tried
a year and found to be simply burdensome to the mer
chant and banker, and not beneficial even to labor. The
whole commercial community asked its repeal, except for
the summer months. This request the Legislature heeded,
but the Governor denied. Evidently there are some
politicians whose future hopes lie solely among those who
do not think.
The Agricultural Bureau at Washington issued on
Thursday its report of the condition of the crops May 1. I t
confirms previous unofficial statements, first as regards the
backwardness of spring work, and secondly as to a
material decline in the average of winter wheat in the
principal producing States. Most harm seems to have
been done in the Central section embracing Ohio, Indiana,
Illinois and Michigan, the averages there being very low.
West of the Missouri and south of the Ohio the reports
are comparatively very good. Kansas especially has a
high average, namely 94, which compares with only 81 a
year ago. In Tennessee, the average is 92, which how
ever is a few points below 1887, and Maryland, Virginia
and Texas each show 90, all being much higher than
last year. For California the average is 86, against 89,
but for Oregon it is 81, against 101. The following is a
comparison for a series of years on all the leading States.
Condition
1886.
1888.
1887.
of Winter
Wheat. April May April May June April May June April
74
95
Ohio......... 68
56
79
77
94
97
71
96
78
98
Indiana.... 75
59
90
87
88
97
62
90
Illinois...... 74
86
88
92
57
02
93
78
Missouri... 82
96
94
94 101 100
80
95
60
Kansas.... 97
65
82
67
91
83
81
68
96
00
Michigan.. 76
64
90
91
92
84
93
90
California. 99
99
84 100 102
86
89
92
102
Oregon.... 78
101
100
99 101
81
08 101
94
New York. 94
98
91
98
96
76
97
86
95
81
72
74
09
95
87
70
P’nnsylv’a 90
48
96
88 102 102 101
92
94
Tennessee 97
59
84
85 100 101
96
Maryland.. 92
82
90
55
96 101
97
Virginia... 91
00
79
80
85
65
73
93
T exas...... 88
79
60
87
90
90
Av. whole
country..
82
73
88-1
85-8
84*9
92Jé 94*9
92-7
78
1885.
May June
59
70
42
60
62
100
78
101
95
80
57
67
53
100
56
63
40
52
56
94
58
88
91
67
48
74
50
100
70
62
This gives the average for the whole country as 73,
against 85-8 in 1887, and 94-9 in 1886, but as against
only 70 in 1885. A s stated last week, it is not well to
predicate final results on these early averages. Very
much depends upon the conditions between now and har
vest. In some of the principal States there has been im
provement since the 1st of May. It should be remem
bered, moreover, that the above covers only one crop, and
but a part of that. Spring wheat and other crops have as
yet reached only the stage of plowing and planting.
The present week has brought quite a number of annual
reports by prominent companies, among them the A tch i
son, the St. Louis & San Francisco, and the Canadian
5 9 2
THE CHRONICLE.
Pacific, all of which we give substantially in full on sub
sequent pages. The last-mentioned we hope to refer to
editorially another week; the Atchison we review at some
length to-day, and in connection therewith a few remarks
about the St. Louis & San Francisco will prove timely
and interesting. The Atchison and the San Francisco are
operated in close connection, and yet constitute distinct
and independent systems. They own jointly the Atlantic
& Pacific, and as the Atchison furnishes the Kansas City
and Chicago outlet for this trans-continental system,
the San Francisco furnishes the St. Louis outlet, their
interests to that extent being identical. But the San
Francisco constitutes an important system by itself,
entirely apart from its relations to the Atlantic & Pacific
and Atchison in connection with the through route to the
Pacific. W e remember full well the expression of a fear
by one of our contemporaries a few years ago that in the
case of an alliance with either the Gould or Atchison sys
tems the San Francisco would become merely a “ flutter‘ •ing strand in a trans-continental kite.” The road’s
progress and development in recent years have proved that
there was no foundation for this fear.
The system at
the present time comprises nearly 1,500 miles of
road, and is compact and well formed.
W ith its
eastern terminus at St. Louis, it runs to the south
western end of Missouri, where it branches off in three
different directions, one stem extending to the centre of
Kansas, another into the Indian Territory, and a third
down into Texas. The company’s earnings have expanded
in such a decided way that in 1887 the net above expenses,
taxes and improvement was $3,24.7,477, while in 1881 the
gross was only $3,160,523. In 1887 alone there was an
increase of $1,354,716 in gross and $595,145 in net, and
this in the face of bad crops. Another striking feature is
that the capitalization r*er mile has been steadily decreas
ing. Thus while in 1831 the stock per mile was $37,604,
in 1888 it was only $19,798, the bonded debt in the mean
time having fallen from $28,189 per mile to $26,997.
The company has for some years paid 7 per cent dividends
on its preferred stock, and last year began dividtnds on
the second preferred, paying 2£ per cent. The repcit
shows that over and above these dividends a surplus of
$652,908 remained on the year’s operations. In other
words, full 7 per cent could have been paid on both classes
-of preferred shares and yet a balance of over $200,000
would have remained.
The stock market for most of the week was de
pressed, and inclined towards lower prices. This was the
result of a number of unfavorable developments. Tbe
Burlington & Quincy and the Atchison issued their state
ments of net for March, showing-ver/ large losses, and at
the same time bad statements came from a host o f other
companies. The effect was to unsettle values. These
exhibits, however, merely reflect the many adverse con
ditions prevailing during that month, and especially the
labor troubles, which put an embargo upon business nearly
all over the country. The advance in the rates of foreign
exchange and the shipments of some small amounts of
gold also exercised a bad effect on the njarket.
The news of the failure of the large house of W . T.
Coleman & Co., of San Francisco, operated in the same
direction.
Besides this, the Burlington reduced its
quarterly dividend from 2 to 1 percent, the acceptances
of bonds by the Treasury early in the week were small,
the Agricultural Bureau issued its statement of the crops
showing a poor condition for winter-wheat, the Bank of
Engl a nd raised its rate of discount, the South Pennsyl
vania people had a meeting at which it was determined
. to reorganize the company with the purpose of completing
[Vot XL'VI,
the road, and finally the trunk-line managers met on
Thursday and reduced live-stock rates. This was certainly
a remarkable combination of adverse circumstances, and
the wonder is .he market held up so well, showing much
inherent strength. About the only favorable develop
ments were the generally good returns of gross earning»
for April and the 1st week of May, and a continued large
return flow of money from the interior. There was also
a rumor of a compromise between Mr. Gould and the
Kansas & Texas bond and stockholders’ committee. The
Gould stocks were conspicuously weak until the publica
tion of this rumor, and contributed greatly to the early
decline. A favoring feature yesterday wa3 the taking o f
over seven millions of bonds by the Treasury, under which
stimulating iLflaence the market became very strong at
the close.
The following statement, made up from returns collected
by us, shows the week’s receipts and shipments of cur
rency and gold by the New Y ork banks.
Week ending May 11,1888.
Received by
Skipped by
N. Y. Banks. N. Y. Banks.
Net Interior
Movement. .
Gold...................................................
$3,622,000
128,000
$811,000
88,000
Gain. $2,781,000
Gain.
42,000
Total gold and legal tenders....
$3,750,000
$927,000
Gaia. $2,323,000
Taking the foregoing in connection with the Sub-Treas
ury operations, the result is as below.
Week ending May 11, 1888.
Into Banks. Out of Banks. Net Change in
Bank Holdings.
$3,750,000
6,650,000
927.000
5,900,000
Gain. $2,823,000
Gain.
750.0CO
Total gold and legal tenders.... $10,400,000
*6,827,000
Gain. $3,573,r!iO
Banks’ Interior Movement, as above
The following table indicates the amount of bullion in
the principal European banks this week and at the cor
responding date last year.
May 12,1887.
May 10.1888.
Banks of
England........
Trance...........
Gar many ....
Aust -Hung’y
Netherlands..
Nat .Belgium
National Italy
Bold.
Silver.
£
£
19,505.405
45,038,821 48,110,791
31,372,667 15,686,333
5.959.000 14,847.000
5.307.000 8.308.000
3,000,000 1.500.000
6.978.000 1.118.000
Total.
Gold.
Silver.
lotaL.
£
£
£
£
23,346,27019.565,405 23,346,270
93.149,012 47,030,983 48,009,287 94,240,250
47.059.000 23.587,800 15,725,200 39,313,003
20.806.000 6.382.000 13,395,000 19.777.000
13,615,000 6.172.000 8.144.000 14.310.000
4.500.000 2.140.000 1.074.000 3.220.000
8.096.000 7.190.000 1.331.000 8.527.000
Tot. this week 117,220.893 S9,570,124 206,791.017 110,497,053 86,273,467 202,745,520
Tot.prev.w’k 117,895,729 89,238,951 206,634,68) 116,294,335 86,729,401 203,023,788
E X P O R T R A TES B Y RAILROADS.
Our Produce Exchange has appealed to the Inter-State
Commerce Commission to see “ whether the commercial
“ interests of New York are to be destroyed through
« export rates fronY Chicago and other Western points,
“ which are less than the same class of freight could be
“ transported by the same railroads from the same points
“ to New Y ork.” W hile waiting for the facts to be
developed before discussing the precise point raised in the
above charge, the need for lower export than local rates,
and therefore the reasons for discrimination, ought not to
be forgotten. It is quite possible that the arrangement
complained of is inequitable, and can be and ought to be
modified ; but to mix up this statement with abuse of
railroads in general, and of “ pools,” “ traffic associations,”
“ joint committees,” and “ monopolists” in particular, is
not called for, and weakens the case.
There is hardly a railroad in the world which has not
been charged with favoring remote localities at the expense
of home industry. One of the chief grounds on which
State regulation of railroads was advocated was that the
companies charged more for local than for through traffic.
The Hepburn Committee in 1879 was called upon to find
out why the railroads charged lower rates to citizens of
other States than they did for the people of New York.
M a y 12, 1888.J
THE CHRONICLE.
So it has been everywhere; and to-day, when railroad
regulation has become a matter of national instead of
State authority, it is not surprising that the Inter-State
Commerce Commission should b8 asked to put a stop to
practices by which the railroads charge foreigners less than
Americans for substantially similar services. Nor is the
difficulty confined to America. In the debates on railway
regulation in England to-day, the system of preferential
rates for foreign shipments is the matter most hotly dis
cussed. It is a recognized practice in Belgium and Hol
land; while in Germany itself the whole power of the
Government, owning all the important lines and thor.
oughly committed to a protective-tariff policy, has been
insufficient to do away with it.
"We do not now refer to the system of charging lower
rates per mile for long-distance traffic. Everyone who
knows anything about railroad economy knows that such
a system is inevitable, and ought not to be called a prefer
ence or discrimination. W e refer to the practice of
charging absolutely less for the foreign shipments than
for domestic shipments of the same class over the same
route.
The matter first came before the Inter-State Commerce
Commission in the Boston export rate petitions a year
ago. The Commission seemed at first quite indisposed to
interfere. They held at that time what we believed to be
the correct view of the case, that the circumstances and
conditions of the foreign traffic were not substantially sim
ilar to those of the same traffic intended for domestic con
sumption. In the case in question the railroads had
allowed a rebate of five cents from the regular rates, on
grain which was shipped from Boston for European ports.
It was shown, at any rate provisionally, that it would be
impossible for Boston to compete for its share of the
through traffic from Chicago to Liverpool, unless the rates
on export grain were made as low from Chicago to Boston
as from Chicago to New York ; while on the other hand
the conditions of the domestic traffic were so far different
as to warrant a higher rate in the one case than in the
other.
This decision has not been officially reversed; but with
the changes which have arisen from time to time in the
methods of quotiDg export rates or billing export traffic,
the same material issue has come up in other forms, and
the Commission has shown a tendency to look at it in a
somewhat different light. This tendency is illustrated by
an order which they made a few weeks ago, requiring the
lines which quote through rales from the interior to
European ports to state what proportion of the through
rate belongs to the railroad and what belongs to the
steamer. It is too early to say what will be the effect of
this decision until we know how the Commissioners will
apply it in disputed cases. It may be simply intended as
a means of preventing certain forms of personal dis
crimination. But it seems more likely that it is a step
toward placing grain for home consumption and for export
precisely on an equality as far as terms of railroad carriage
are concerned. Instead of treating the grain from Chicago
to Liverpool as one continuous shipment, the effect of the
order is to separate it into two parts, with the result of
subjecting the railroad’s part more closely to the require
ments of the Inter State Commerce act.
But some one will ask, What injustice is there in so
doing ? What reason or right is there in carrying grain
for the foreigner cheaper than for the American con
sumer. Let us see if we can answer these questions.
There must obviously be some reason for it, or we
should not find England, Germany and other nations
doing things of the same sort, even against the wishes of
593
those who control the roads. It is not from love of the
foreigners that they do it, but from the necessities o f in
ternational competition. If the rates from Chicago to
Liverpool are raised, it means just so much more rela.
tive advantage, and just so much better market for the
wheat of Russia, India or Australia. It involves a corre
sponding restriction of the chances of disposing of our
surplus food products. Tne low export rates are a most
important means which enables us to hold our own in the
markets of the world, and prevents a further disastrous
fall in the price of wheat at home.
But— to put the argument for enforced equality in a
more specious form— why cannot the home rates be re
duced to the export rate level ? If the railroads can carry
so cheaply for the foreigner, why cannot they do so for
the home consumer ? It is because any such reduction
would leave the railroads an insufficient sum for paying
their fixed charges. They were built because it was thought
that the home trade would support them. W hen they
were once built, it was found that they could carry foreign
traffic for anything which would more than pay operating
expense?. They would have been glad to get as high
rates for foreign as for home traffic if they could have
done so. The amount of economic advantage which the
farmer of Iowa or Nebraska had over his Eastern com.
petitor, whether in New Y ork State or in England, fur
nished the measure of the transportation chavgcs which he
could pay. If this margin of possible charge had to be
divided between a railroad line from Iowa to New Y ork
and a steamboat from New Y ork to London, the railroad
could not charge as much as it could if there were no
steamboat in the case.
Thi3 is the difficulty to-day. If we reduce rates to the
seaboard down to the level of the railroad share of the
export rate, we do not leave enough profit to pay fixed
charges.
If we attempt to raise the foreign rate, the
European competitors step in and prevent us from dispos
ing of our surplus wheat. In the latter case we lose our
market; in the former case we lose the inducement to
develop our railroad facilities. In either event trade
suffers.
W hile we are of course as jealous of the rights of trader8
and merchants in this city as any member of the Produce
Exchange can be, we cannot lose sight of these facts.
And we trust that the Commissioners will see that the
matter of export rates is just as truly a subject of foreign
competition as is the esse of points affected by Canadian
rates. The only difference is, that in the latter case differ
ent countries compete for the chance to carry the same
goods, while in the former they compete for the chance t
supply the same market. In the one case it is a confl ct o f
American railroads against foreign railroads; in the other
it is a conflict of American producers and railroads against
foreign producers and railroads. W hat they have ddne
where the interest of the railroads alone was involved,
they surely ought to do where the interests of American
railroads and American producers are united on the same
side.
N O RTH ER N P A C IF IC CURRENT OPERATIONS.
W e have often had occasion of late to refer to the
special prosperity the Pacific roads are enjoying. Am ong
them all the Northern Pacific holds a prominent place,
made the more conspicuous because of the contrast be*
tween the embarrassments the road labored under during
the early part of the administration of President Harris
and the hopeful outlook of to-day. The present manage
ment took the property at its low condition, with earnings
decreasing, credit impaired and much work to be done,
59 k
THE
CHRONICLE.
while now earnings are increasing, credit is good, and with
the Cascade Tunnel completed construction is substantially
at an end. These are great achievements, but of course the
full benefits of the change in surroundings must be a matter
of slow growth. Thus, even now, though gross earnings
reported from week to week are large, the company, for
various reasons (some of them special and exceptional), is
not as yet able to show the same degree of progress in the
net earnings. The improvement in the latter for the first
nine months of the current fiscal year is but slight, and
not quite up to the increase in charges for the same period.
This result is reached by taking the monthly figures and
aggregating them for the nine months in question.
It is not difficult to find reasons for the larger expenses.
In the more recent months the exceptionally severe
weather of course stands responsible for a part of tbe
enhanced cost of operating, but the augmentation in ex
penses dates further back than that— in fact, has been in
progress all through the current fiscal year. The causes
at work, therefore, have been more general and far-reach
ing. W e think they are found in the development of new
competition and the reduction of rates, the increase in the
number of miles of road operated, and the necessity for
increased repairs, renewals, etc., made the more imperative
because of the enforced economies of the past. The first of
these is important, but the latter should by no means be
overlooked. For years the road had a hard time in making
both ends meet, and in this situation the most rigid thrift
n expenditure was requisite.
Besides, the road was a
good part of it new, and, perhaps, for a time did not
require so large an outlay for renewals and repairs. Now
it has apparently reached a stage where the extent of its
earnings and the growth of its traffic both permit and
compel the adoption of a more liberal policy— that is to
say, earnings and business are on such a scale as to allow
of greater freedom in that respect. A t the same time, the
increase of competition operates in the same direction, for
that necessitates the putting of the property in the best
condition possible. Finally, it is not to be forgotten that
in operating its Cascade Division a temporary switchback
across the mountains has had to be used, and this natur
ally has greatly increased the expense account.
A satisfactory feature of the present exhibit is that the
later returns are relatively much better than the earlier
ones. For March the company shows net not quite as
large as for last year, notwithstanding a considerable gain in
the gross; but the bad weather prevailing easily explains
that, and the same is true of the result for January. But
in February there had been very decided improvement)
the net then reaching $187,920, against only $26,602 in
the same month last year, and the result is that for the
quarter ended March 31 the total of the net is $120,000
greater than for the same period last year, which is nearly
as lfeavy as the increase in the whole o f the preceding six
months, when the gain amounted to about $161,000. The
charges in this quarter were about $118,000 heavier than
for last year, and, allowing for this, the net result is just a
trifle better than in 1887. In both years, however, the
deficiency below the amount necessary to meet the charges
was heavy, the quarter in question being the poorest of
the year and invariably showing a large deficit, as will
appear from the following.
[V ol.
Tne augmentation in expenses is here very marked.
As compared with last year, gross earnings have increased
$719,041, but net only $120,227. A9 compared with
1886, the gross has improved over $900,000, but the net
Js actually somewhat less.
In our issue of February 4,
1888, we gave an exhibit for the six months ended Dec.
31, and combining the figures there given with those
above, we arrive at the following as the result for the
nine months.
Nine Months ending March 31.
Northern Pacific.
1887-88. 1 1886-87. [ 1885-86.
$
8,675,956
4,413,153
$
8,442,877
4,565,153
*
8,731,134
5,064,551
4,734,573 4,452,887
5,037,309 4.692,641
4,262,803
4,454 385
3,877,724
3,956,311
3,666,533
Net earnings............
Accrued charges..........
Deficiency................
302,736
239,754 < 191,532 t
1888.
1887.
1886.
1885. | 1884.
78,587
This shows the same feature in a somewnat more strik
ing way. W hile gross earnings are over I f million dollars
greater than in the year preceding, only $281,686 of this
appears as a gain in the net, owing to the large additions
to the expense account. But as proof of our remark that
greaf economy had been practiced in other years, it will
be noted that for the previous year the expenses for the
nine months were not quite so heavy as in 1883-4,
three years before, though in the meantime gross earnings
had increased $739,000. In a word, up to the present
year there had been a great increase in business and earn
ings without any increase in expenses, the management
being obliged to restrict the expense account in every way
possible. Now, with a further expansion in the business,
and the necessity for retrenchment being no longer pres
ent, a readjustment to somewhere near the old basis has
occurred. Even as it is, however, the ratio of expenses
for the nine months of 1887-8 is not quite as large as for
the same period of 1883-4, being 57-93 per cent, against
58*01 per cent.
It will be observed that after allowing for the charges,
the result is much the same as last year, namely a defi
ciency of $302,736, while the deficiency in 1886-7 was
$239,754. There was also a deficiency in each of the
other years, though of course somewhat smaller. It must
not be supposed, however, that this foreshadows a similar
result for the twelve months. That was not the case in other
years, and is still less likely to be the case in the present
year. The company has been steadily enlarging its income
from investments in recent years, and that item is not in
cluded in the above statement; for 1886-7 this income
was $474,366. Then the remaining three months are
always among the best of the year, and this time the out
look would appear to be especially bright. Kates on
trans-Continental business are on a paying basis, the northPacific States are undergoing rapid settlement and great
development, and the company is only just beginning to
get the benefits arising from the construction of some of its
new branch roads. Tne opening of the Cascade Tunnel
will also tend to improve results, though perhaps that will*
not count as an influence till after the close of the fiscal year
W ith regard to the debt, we gave full details in our arti
cle of February 4. The changes since then have been
mainly such as were anticipated at the time, so the follow
ing will need no special comment.
Mar. 31,’88 Dec. 31,’ 87 June 30,’87 Dec. 31, ’86 June 30,’86
$
«
1st mortgage bonds— 46,878,000 46,878,000
2d mortgage bonds...... 20.000,000 20,000,000
8,500,000 4,650,000
3d mortgage bonds......
$
$
$
$
1 $
Gross earnings..............................
2,127,823 1,932.686 1,815,158 2,113,144 Mo.Div.&Pend d’Or’ille 4,893,500 4,941,500
1,367,500 4,279,626
Operating expenses...................... 2,213,881 1,645,067 1,810,864 1,297,00311,367,837 Dividend certificates..
Net earnings...........................
Total....................... 81,839,000 80,749,126
602,288 482,761 62 ¡.822 518,155' 745,307
Accrued charges....................
1,667.548 1,549,435 1,444,374 1,296,028;
........ Preferred stock........... 37,569,919 37,634,169
Deficiency.........................
1,066,674 822,552 777,873..............
1,403,030 1,246,344
Supplies on hand.......
Northern Pacific.
1884-85. | 1883-94.
$
|
$
Gross earnings.............. 11,254,034 9,470,123
Operating expenses...... 6,519,461 5,017,236
Amount Outstanding.
Three Months ending March 81.
X LV I,
$
$
$
46,878,000 45,028,000 44,028,000
20,000,000 20,000,000 18,857,000
5,191,500
4,640,821
5,260,500
4,640,821
5,351,5004,640,821
76,710,321 74,929,821 72,877,321
37,786,199 37,936,767 38,058,310
1,425,446
1,006,724
1,171,27ft
Ma y
12, 1888.J
THE
CHRONICLE.
It appears from this that there are now 8^ millions 3d
mortgage bonds out, in addition to $1,367,500 of dividend
certificates, and that the total of the company’s interestbearing funded debt is $81,639,000, against $80,749,126 on
December 31. A t the beginning of the fiscal year of course
the debt was much smaller, being then about 7 6 f millions.
ATCH ISO N TOPEKA & SANTA FE.
595
$11,827 per mile, so that the total capitalization is only
$30,876 per mile.
W e need hardly say that as so much of the mileage isnew— some of it indeed not having been actively operated
till very recently— the system has not yet demonstrated its
earning capacity. A t the same time the road has had to
contend with several special adverse conditions. A series
of poor crops, culminating last season with a disastrous
shortage in both wheat and corn, is prominent among them.
Then, besides, under increased competition the road was
obliged greatly to reduce rates. The importance of the
latter feature may be judged from the fact that the
average rate of freight per ton per mile realized in the
late year was only 1-385 cents, while in 1886 it had been
1-655 cents, making a difference in revenue to the com
pany of $2,196,049.
In 1882, five years before, the
average rate was as high as 2-516 cents per ton mile.
W ith regard to the shortage of the crops in Kansas last
year, there are very few persons who know how great this
was, nor the unfavorable influence it exerted, and is even
yet exerting, upon the company’s traffic and income. It
will help to enlighten the reader, therefore, to have the
following statement of the yield of wheat and corn fo r
the last four years.
The Atchison report has been awaited with no little in
terest. The rumor current last week that the company
had acquired control of the St. Louis & San Francisco
proves to have been unfounded, but the mileage of the
system has been so largely increased during the last year
or two, and many of the additions have been of such mag.
nitride, that curiosity has been felt to see the precise ex
tent of the work and the results reached.
The Atchison has been noted for its quick work, bold
plans and vigorous execution ; but in 1887 it fairly sur
passed itself. The extension of the system east beyond
the Missouri Kiver and the building of an independent
line between Kansas City and Chicago would alone be
enough to merit’ attention and distinguish the year as one
of exceptional character. Yet these additions represent
only a small part of the new construction work, either in
PEODUCTION OF WHEAT AND COHN IN KANSAS.
importance or extent. In Kansas, in California, in Colo
1887.
1886.
1885.
1884.
rado, in the Indian Territory and elsewhere, new mileage
W heat........ hush.7,607,000
14,556,000
11,197,000
34,990,000
has been built, together en tailiDg a heavier outlay even C om .....................76,547,000 126,712,000 158,390,000 168,500,00(1
than the Chicago Santa Fe & California, large though
Thus as compared with the year before, the yield of
the latter undertaking was. The report before us shows corn fell off over 50 million bushels, and as compared with
that during the year the expenditures for construction on 1884 as much as 92 million bushels. The yield of wheat
the various parts of the system reached the heavy aggre had been bad in 1885 and 1886, but in 1887 it got down
gate of $46,328,112, which has few, if any, parallels in to 7,607,000 bushels, against nearly 35 million bushels in
railroad history.
1884. When we remember that the falling off represents
A s a result of this and other expenditures, the company the loss in surplus raised for shipment out of the State,
has to-day a system of very large proportions, draining a and that the shortage at the same time diminished the
wide territory. The mileage on the Atchison proper, power of the producers to supply their home wants, neces
including the Southern Kansas, is 3,016 miles, and cn sitating great economy and retrenchment on their part, it
this the returns of earnings and expenses are based ; but is easy to see that the effect of such a disaster on
the result on the Sonora system (350 miles) and half the railroad traffic within the State cannot easily be over esti
result on 228 miles owned jointly with other systems, mated.
is also brought into the income accounts, so that the
These circumstances, with what has been said previous
annual statement covers the operations of 3,480 miles of ly, explain in brief the less favorable results- in the latter
road. In addition, however, the company owns and con half of 1887 as compared with the earlier half. The ex
trols 2,975 miles more, operated separately, and also owns, hibit for the year, however, is a good one, all things con
jointly with the St. Louis & San Francisco, the Atlantic sidering. On the 3,480 miles of road on which the income
& Pacific, 919 miles. Altogether, the confederation covers statement is based, there is a surplus above all charges
7,374 miles of road. W ith its northern and eastern ter (including $363,955 for the sinking funds), and the 6^
minus at Chicago, it passes through Kansas City, reaching per cent dividends paid, of $367,960, with $310,886 ad
down to Galveston on the Gulf of Mexico ; but this is ditional received from the land department, making $678,*
merely one fork of the system, and the least important 846 altogether. A s stated above, the company owns or
one. It extends to Denver in Colorado, to Santa Fe in controls 2,975 additional miles of road, apart from the
New Mexico, to El Paso on the Mexican border, to Guay- Atlantic & Pacific. Much of this was only partially oper*
mas on the Gulf of California, to San Diego on the Pacific ated in 1887, as already said, but so far as the company s
Ocean, with running arrangements to San Francisco over report contains information about it, it will be found in
the Southern Pacific.
the President’s remarks, published in full on another page.
Of course, with such a system, figures of stock and debt W e will state, however, that on the Gulf Colorado &
are likewise of great magnitude. Not including the debt Santa Fe, the Chicago Kansas & Western (on the average
on the Atlantic & Pacific (the $17,562,000 first mortgage mileage operated), and the St Joseph & Santa Fe, a small
of which road are guaranteed to the extent of one-half by surplus above operating expenses and fixed charges is in
the Atchison) nor the debt on one or two minor roads each case reported.
owned jointly with other companies, the bonded indebted
A word or two now with reference to the unfavorable
ness of the Atchison system is figured by President Strong statement of earnings issued this week for the month o f
at $120,798,000, while the capital stock of the company March this year. The net for that month is reported at
is $75,000,000, making together nearly 200 million dollars. only $351,041 in 1888, against $974,157 in 1887, being &
Standing by themselves these look like heavy totals; yet loss of
$623,116.
There had been a loss in
on the basis of the mileage covered, they are by no means the two months preceding, but nothing like this,
formidable. Much of the mileage is new, to be sure, yet the total decrease for the quarter standing at
it is a striking and significant fact that the bonds are at $1,084,785. The falling off in March, however, is in
an average of only $19,049 per mile, and the stock but large part exceptional— due to an extraordinary combi-
THE CHRONICLE.
596
nation of adverse circumstances. By the strike c f the
Burlington & Quiccy engineers railroad traffic was mater
ially interrupted through nearly the whole month, while
b y the strike of its own engineers the Atchison was com
pletely tied up from one end to the other for a few days ;
A t the same time these labor troubles demoralized trade
And industry generally, thus diminishing the shipping
And forwarding of freight. A nd as bearing upon that
point, it should be noted that $529*390 of the $623,116
loss in net earnings is due to a loss in gross earnings. In
the second place we are comparing with a month of extra
ordinarily heavy earnings last year. It wa3 the month
when everybody was rushing freight forward, so as to get
it through before the Inter-State law went into operation.
T he Atchison then made a gain of $453,276 in gross and
$397,459 in net (over the year preceding), and in no sub.
sequent month of the year did either the gross or the net
again reach the same large proportions. Finally, the
shortage of last season’s crops, as set out above, has left
the road with very little agricultural produce to move.
Thus it is clear that in the main the loss in March is
Attributable to special causes. The effect of last season’s
short crops will be felt a little while longer, but it is grati
fyin g to note that the promise for the present season just
now is unusually bright, the Agricultural Bureau placing
the condition of W inter wheat in Kansas on May 1 at 94,
which is better than in any other large producing State,
And 13 points above the report of condition for Kansas on
May 1 last year. Another fact to be remembered in its
bearing on the future, is the unusual position for a new
aroad of the Chicago extension. Though forming an en
tirely new route between Kansas City and Chicago it will
have advantages which no other new road could possess.
T he Atchison, as we have seen, controls over 7,000 miles
•of road, and the business of this vast aggregate of mileage
w ill be made tributary to the Chicago line, thus ensuring
a large through traffic for it from the very start.
GROSS EAR N IN G S I N APRIL.
mary of the April results for a series of years past,
bringing out that fact.
Mileage.
Period.
Year
Given.
Apr., 1880 (50 roads)
Apr., 1881 (47 roads)
Apr., 1882 (56 roads)
Apr., 1883 (61 roads)
Apr.. 1884 (49 roads)
Apr., 1885 (51 roads)
Apr., 1886 (67 roads)
Apr.,1887(106 roads)
Apr.,1888(106 roads)
|
Earning».
Year 1 Year
Preceding. Given.
Miles.
Miles.
31,165
45,318
47.438
36,256
45,513
48,898
60,607
60,805
26,858
80,534
43,253
33,147
44,149
47,710
57,481
57,603
Year
Preceding.
$
15,080,425
14,727,676
21,451,882
20,840,740
15,272,777
17,466,848
17,482,081
20,038,442
23,556,242
Increase or
Decrease.
$
11,883,414 Inc.
11,792,323 Inc.
18,580,265 Inc.
19,307,569 Inc.
14,018,603 Inc.
18,412,743 Dec.
17,306.549 I n c .
22,639,785 Inc.
22,814,006 Inc.
*
3,197,011
2.935,353
2,891,57T
1,533,171
1,254,174
945,895
175,532
3,398,657
742,236
Thus the gain now of $742,236 follows an increase o f
no less than $3,398,657 in April, 1887. In the case of some
of the roads, the increase last year was even more striking
than the figures given would seem to indicate. Thus the
New Y ork Central then had a gain of $538,196; the
Atchison an increase of $422,879; the Louisville & Nash
ville, an increase of $211,536; the Northern Pacific, an
increase of $127,522; the St. Louis & San Francisco, an
increase of $120,992, and the Denver & Rio Grande an
increase of $81,090. It is a striking commentary upon
the favorable character of the exhibits the present year
that the falling off in the case of every one of the com
panies mentioned (excc pting the Atchison, which has not
yet reported,) is slight as compared with the previous in
crease, and that in the case of the Northern Pacific the
gain of $127,522 last year is followed by an increase in
1888 of $291,694, this road reporting the largest gain of
any in our table. The Central has lost $152,963 of its
$538,196 increase, and the St. Louis & San Francisco,
$57,989 out of $120,992; on the Louisville & Nashville
and the Denver & Rio Grande, the falling off the present
year is hardly more than nominal.
W ith reference to the volume of agricultural products,
the movement of grain at some points was much smaller
than a year ago. This is especially true of Chicago, where
the receipts of wheat, corn, oats, rye and barley for the
month this year foot up only 6,581,268 bushels, against
9,259,643 bushels last year, beiDg a decline of 2 f million
bushels. It will be noticed from the following that the
receipts of pork and cutmeats also fell off considerably,
though on the other hand the receipts of lard and live
hogs show a slight increase.
A s our weekly statements have foreshadowed, the exhibit
o f gross earnings for the month of April is a very satisfactory one. ^The falling off in March led a great many
•to expect a similar result in April; instead of that, we
have an increase, which though not very large, reaching
$742,236 on the 106 roads reporting, is yet very gratify,
ing. It is also noteworthy that the proportion of roads
¿showing a decrease is less than last month, there being
this time only 38 roads (out of 106) that report diminished
earnings.
Prevailing conditions were by no means favorable to
increased earnings. It is known of course that general
business was less active than a year ago, and some
branches of trade have been greatly depressed. Besides
•the general effect exerted by these circumstances, the
.yoads running into the mineral regions of the Northwest
Ave suffered from the diminished demand for iron ore,
Arising out of the depression in the iron trade. A t the
same time the month contained one more Sunday and
therefore cne working day less than a year ago. This
o f course made quite a considerable difference with a
good many roads. But the fact of most importance is
that we are comparing with very heavy totals last year.
It will be remembered that after the large gains in March
o f that year it was expected that with the going into
effect of the Inter-State law in April, a change would
occur, but the actual result was a gain second only to
that for March.
Hence the present increase comes on
top of that for the same month last year, which thereore makes it all the more remarkable. Here is a sum*
[VOL. XLV1.
RECEIPTS AT CHICAGO DURING A P RIL AND SINCE JAN. 1 . _______
--------Jan. 1. to April 30.
April.
1888.
Wheat, bush
Oats.. .hush.
Rye....bush.
Barley.bush.
Total grain.
Pork... bbls.
LivehogsNc
622,901
2,657,840
2,772,704
45,098
482,725
1887.
1,998.521
4,125,486
2,136,412
46,676
552,548
6,581,268 9.259,643
445,697
574,616
15,590
3,150
8,728,755 17,928,776
5,733,234 5,318,096
136,217
880,792
1886.
1888.
1887.
314,241 2,553,050 4,940,359
2,631,084 13,848,956 14,684,531
2,417,695 10,819,684 11,582,536
184,330
291,383
38,413
651,833 3,319,039 3,693,6’8
6,i >52,763 30,835,092 35,088,384
357,065 2,458,567 2,116,770
44,222
18,718
1,118
12,397,894 46,926,007 83,914,510
3,857,129 25,624,385 33,437,219
430,098 1,810,869 1,630,855
1886.
1,808,54»
15,274,062
9,471,115
234,831
4,056,534
30,845,091
1,112,808
7,848
55,725,467
22,875,712
1,990,578
A t some of the other interior points the result was
somewhat more favorable. Thus at Duluth the receipts
of wheat for the four weeks ended April 28 were 1,109,984 bushels this year, against only 263,730 bushels last
year; at Milwaukee Ihe wheat receipts were 624,275
bushels, against 303,747 bushels, besides which there
was also an increase in some of the other cereals at that
point.
Peoria, however, makes a better showing than
any other point, having gained in every one of the cereals
__in the aggregate ever one and a half million bushels,
which will account for the good reports of earnings by
some of the roads in that section. On the other hand,
at Toledo, Detroit and St. Louis the grain movement was
generally smaller than a year ago, as will appear from the
following.
THE CHRONICLE.
JÙOL 12, 1888.J
RECEIPTS OF FLOUR AND GRAIN FOR FOUR WEEKS ENDED APRIL 2 8 AND
SINCE JANUARY 1 .
Flour.
(bbls.)
Chicago—
4 wks. Apr.. 188f657,42c
4 wks. Apr., 188r.
396,044
Since Jan. 1,1888 2,445,674
Since Jan. 1,188/ 2,129,159
, Milwaukee—
4 wks. Apr., 1888 291,818
4 wks. Apr., IBS';
268,107
Since Jari. 1,1888
787,625
849,527
Since Jan. 1,1881
St. Louis—
4 wks. Apr., 1888
72,165
4 wks. Apr., 1887
65,sl0
Since Jari. 1,1888
287.383
Since Jan. 1,1887
338,880
Toledo—
4 Wks. Apr.. 1888
10,137
4 wks. Apr., 1887
20,772
Since Jari. 1,1888
55,641
Since Jan. 1,1887
92,655
Detroit—
4 wks. Apr., 1888
17,038
4 wks. Apr., 1887
12,9:-9
Since J»ri. 1,1888
65,663
Since Jan. 1,1887
58,583
■ Cleveland—
4 wks. Apr., 1888
21,950
4 wks. Apr.. 1887
16.285
Since Jan. 1,1888
75,536
Since Jan. 1,1887
66,08b
Peoria—
4 wks. Apr., 1888
10,001
4 wks. Apr., 1887
6,520
Since Jan. 1,188s
35.306
Since Jan. 1,1887
29,588
Duluth—
Wheat,
(bush.)
Corn,
(.bush.)
Oats,
(bush.)
Bariev,
(bush.)
Bye,
(bush.)
465.96C
604.477 2.491,036 2,625,991
500,120
l,917,08f' 3.632,309 2,288.088
2.53T.631 13,682,280 10,690,339 3,295,374
4,969,317 14,595,633 11,580,636 3,696,728
624,275
303,747
2.431,704
2,192,718
273,565
358,048
849,337
1,390,259
40.240
76,320
821,730
424,770
42,322
45,071
288,587
184,007
197,000
259,970
18,060
167,300
112.515
15.840
71Ü.00C 1,279,156 1 172,684
759,400 858,101
54,400
735,379
519,200
. 717,740
563,000
6,396,144 2,320,985
7,427,866 2,063,175
123,656
186,098
718,837
909,880
10,390
11,278
39,413
93,181
1,076
4,538
17,758
39,171
96,000
127,645
492,081
986,023
189,121
142,692
638,387
1,024,916
21,987
11.758
63.648
65,209
4.780
9,500
17,444
76,585
149.624
299,213
693,115
1,576,150
52,449
108,054
233,811
915,514
102,553
92,712
302,907
455,077
60,508
76,359
275,624
415,193
597
for six years. It will be noticed that all but three of theroads make the largest earnings on record and that thetotal earnings on the nine roads reach $3,407,583 thisyea**, against $2,789,827 two years ago.
April.
1888.
1887.
1886.
1885.
1884.
1883.
$
$
$
$
$
$
Ches.Ohlo & So.W138,578
127,304
124,070 119,244
109,760
88,579"
Gin. N. O. & Tex. P.
273,667
246,523
194,008 211,495
173,116
203,917
E. Tenn.Va. & Ga..
408,891
277,376 276,698
332,760
291,519
272,322
Louisville & Nash, 1,160,44' 1,179,276
967,740 1,158,899 1,125,291
947,450Mobile & Ohio...... *169,174 *154,407 *149,772
128,428
167,790
129,108
Norfolk & West. ..
373,036
298,842
267,559 206,484
211.522
190,996
Richm. & D anv... j 336,800
313,829 320,797
301,097
317,181
267,409St. L. & San Fran.
415,272
473,201
352,269
352,493
339,003
262.21T
Va. Midland.........
125,725
114,000
120,327 125,190
130,841
125,825.
T o ta l.............. ( 3.407,583 3.270,268 2.789,827 2.862,341 2,904,402J 2,457¡022:
* Including St. Louis <fc Cairo.
In the Northwest, with rates restored and a larger grain
movement than last year at Duluth and Milwaukee, the
157.323
28,732
254,500
61,607
6,441 showing as to earnings is somewhat better than hereto,
69,750
109,700
27,459
193,150
i1,900
554.176
125,906
882,052
292,811
9,700 fore.
Still, the Burlington Cedar Rapids & Northern, th e
878,450
440,900
91,836
730,590
4,140
Milwaukee & St. Paul, the Minneapolis & St. Louis, and.
650.210 1,453.800
64.200
94,800
27.120
183,250
451,600
54.600
23,400
21,600 the Milwaukee Lake Shore & Western (the latter engaged
395,600
243,300 8.726.750 4,444.730
132,120
173,150 1,721,100 2,498,825
237,000
95,950 largely in the transportation of iron ore) all report losses.
1,109,984
But the Manitoba, the St. Paul & Duluth, the Wisconsin
263|730
2,43*,291
Central, the Milwaukee & Northern, and the Central Iowa,,
1,64.7,825
Total of all—
show more or less improvement. The Northern Pacific,
4 wks. Apr., 1888
980,523 3,207.225 4,176,044 5,077.862 1,007,806
105,40„
4 wks. Apr., 1887
786,477 3,517,219 4,930.115 3,684,158 885.451
100.23? as already stated, has a heavier gain than any other road
4 wks. Apr., 1886 734,888 2,181,508 5,706,226 4.033,552
919,542
124.84}
Since Jari. l, 1888 3,752,828 10,568.111 25,291.943 19,086,785 6,107,941
660,26}
470,842 in the list, though there is reason to believe that the in
Since Jari. 1,1887 3,567,480 13,666,032 26,518,249 L7,863,222 6,285,323
Since Jan. 1.1886 2,698,738 9,261.250 30,314,075 15,521,967 6.798,885
565,243
crease comes from the Pacific end of the line. The earn*
Note —Receipts at Minneapolis not included in the above table were in the
lou r weeks this year 3,90?,450 bushels o f wheat.
ings this year on that road were almost as large as they'
A s regards the cotton movement in the South, this was were in April, 1884, at the time of the Cœur d’Alene gold'
larger than in April 1887, the gross overland reaching excitement, when the passenger movement reached such,
66,246 bales, against 50,515 bale3 last year, and the exceptional proportions. Here is an exhibit for six yearsreceipts at the ports being 110,787 bales, against 73,668 on seven companies :
bales. The increase the present year, however, follows
April.
1888.
1887.
1886.
1885.
1584.
1883.
solely from the fact that last year the movement was
$
$
$
$
$
1
quite small. A s compared with two years ago, both the Bur. C. Rap. & Nor. 193,176 285,216 209,100 245,457 217,576 218,253:
Central
Iowa.........
101,828
89,824
95,603
92,152
122,760
100,805port receipts and the overland §how a considerable falling
Chic. Mil. & St. P. 1,825,000 1,979,661 1,763,896 1,927,264 1,948,636 1,972,271
off. Here is cur usual table giving the port receipts for 111. Cent. (Ia. lines) 124,833 113,553 123,260 127,329 130,708 156,967
Northern Pacific.. 1,412.700 1,121,006
993,484 877,665 1,441,514
660,413
three years.
St. Paul & Duluth.
105,606
93,016
98.95S
61,690
83,360
76,794RECEIPTS OF COTTON AT SOUTHERN PORTS IN
APRIL, AND
JANUARY 1 TO APRIL 3 0 , 1 8 8 8 , 1 8 8 7 AND 1 8 8 6 .
April.
FROM
Since January 1.
St. Paul Minn. & M
810,359 680,658 616,756
712,408 789,562
815,945T o ta l................ i 4.573,502 4,318,934 3,901,037 4,043,971 4,734,111 4,001,447?
The trunk lines and their connections nearly all did
well in 1887, and yet some of them have further gains the
Galveston....... bales..
10,294
12.86S 32,460 • 95,671 124,498
147,920
present year. Thu3 the Chicago & Atlantic, the Cincin
Indianola, &c..........
New Orleans..............
49,259
479,157 579,309
85,681
48,790
517,022 nati Washington & Baltimore, and the Alton & Terre
Mobile........................
1,626
44,39
1,657
3,805
53,381
80,491
Florida......................
88
221
272
3,009
6,754
15,023 Haute main line all report increased earnings; on the
Savannah...................
14,520
7,29(
29,656
122,657 132,436
179,596 other hand the Grand Trunk of Canada, the Ohio & Mis
Brunswick, &c....... :
• 652
53
1,037
27,828
8,686
4,407
Charleston................
8,860
2,728
68,769
18,785
38,301
93,415 sissippi, and the Cleveland Columbus Cincinnati & Indian
Port Royal, & c.......
849
943
1,067
4,692
4,330
5,188
Wilmington..............
538
820
18,589
3.493
18,361
22,602 apolis, show a falling off, unimportant however except in
Washlcgton, &c......
15
31
404
845
3,535 the case of the Ohio & Mississippi.
478
On the New York:
Norfolk......................
13,558
7,130
27,481
93,192 126,165
101,003
West Point, &c......
10,826
4,196
19,821
122,487
81,525 Central the decrease is $152,963, but as pointed out above
94,677
Total....................
110,767 73,608 187,071 1,081,286 1,187,376 1,311,793 this is after an increase of $5flS, 196 la3t year.
W ith ref
Aided by this increase in the cotton movement over erence to the roads in the Middle Western section aside
last year, but more especially by the great industrial from those already mentioned, the exhibits are not quite
development going on in that section, Southern roads are uniform— some show lower and others higher totals than
distinguished as in previous months for their exceptionally last year. A comparison for six years is as follows on tengood reports. The Louisville & Nashville is about the roads, showing in the aggregate larger earnings than in
only Southern road of any prominence that has suffered a any other of the years given.
falling off, and there the loss is trifling, besides which the
April.
1888.
1887.
1885.
1884.
1880.
1883.
gain last year was very heavy as already pointed out.
S
$
S
$
$
8
The Georgia-Pacific, the East Tennessee, the Norfolk & Chicago & East.111. 152,458 154,262 135,557 110,006 108,547 123,769’
119,521
144,568
Chic. & W. Mich...
112,314
120,145
112,923
129,959Western and the Louisville New Orleans & Texas have Cin. Wash. & Balt. 151,594 140,647 142,077 133,935 145,528 142,523
especially large ratios of gaiD, but the Mobile & Ohio and Clev. Col. C. &I... 801,520 817,389 281,588 257,285 294,113 304,403=
Det. Lansing & No.
89,804
108.224
108,94*
138,220
79,740
136,703
the Cincinnati New Orleans & Texas Pacific and the Rich Evansv.A Terre H.
53,947
69,845
60,470
63,759
52,193
55,289208,161
Flint & P. Marq...
228,973
168,812 210,748
226,450
237,517
mond & Danville roads have also done well. In Texas *Sr,md
188,970
Rap.&Ind.
207,168
177,903 243,575229,024 244,411
the Texas & Pacific has a veiy heavy increase. Tne Fort +111. Central.......... 859,196 793,761 094,800 789,766 782,830 699,370
800,294
270,198 288,964
270,521
306,476 316,882
Ohio & Mississippi
W orth & Denver and the Si. Louis Arkansas & Texas
Total.................. 2,454,407 2,451.700 2,189,091 2,244,406 2,375,409 2,389,987
likewise show considerable improvement. Tne S\ Louis
* A ll lines, t Illinois and Soutliem divisions.
& San Francisco and the Kansas City & Fort Scott roads,
Among roads in other sections, the Canadian Pacific
on the other hand, report losses. Balow we compare the like the Northern Pacific, has a very large gain, and the
results on nine principal Southern and Southwestern roads Mexican Central also again shows a considerable increase*Ports.
1888.
1887.
1886.
1888.
1887.
1880.
THE CHRONICLE.
598
though for the fourth week of the month it reported a
loss. The following is our statement in full, covering 106
roads, with a mileage this year of 60,805 miles, against
57,603 miles last year, being an increase of 3,202 miles, or
about
per cent.
GROSS EARNINGS AND MILEAGE IN APRIL.
Gross N am ings.
Name o f Boad.
1888.
1887.
M ileage.
rnerease or
Decrease. 1888.
.. 23,556,24«2 22,814,000
+742,236 60,80? 57,603
* Includes three weeks only o f A pril in each year,
t For fou r weeks ended A p ril 23.
1M exican currency.
$ Including Indianapolis & St. Bouis.
« Including Detroit M. & Marq. and Marq. Hough. <&Ont.
b A ll lines.
For the first four months of the year to April 30, thé
statement of earnings on the 105 roads included below is
quite favorable, considering the many adverse influences
that the roads have had to contend against the present
year. Forty-three of the companies fall behind last, but
on the other hand sixty-two run ahead, the net result
t)
p
GROSS EARNINGS PROM JANUARY 1 TO APRIL 30.
1887.
$
$
$
818
818
—47,562
285,892
238,330
Atlantic & P acific —
294
294
—49,884
184,690
134,806
Suff. R och. & P ittsb..
—42,040 1,046 1,039
235,216
Burl. Ced. Rap. & N o..
193,176
265
265
4-4,221
50,022
Cairo Vine. & C h ic...
54,243
278
210
+ 15,4 63
132,461
147,924
California S outhern..
4,337
850,399 +177,601 4,476
Canadian P a cific........ 1,028,000
226
188
+ 3,26 1
18,929
Cape Fear & Yad. Val.
22,190
510
510
+ 12,0 04
89,824
Central o f I o w a ........
101,828
398
+ 11,2 14
398
127,364
Ches. O. & S. W ...........
138,578
268
+ 48,7 12
268
168,700
Chicago & A tla n tic...
217,412
—1,804
278
251
154,262
Chicago & E ast 111...
152,458
119
146
26,975
+ 7,09 8
34,073
Chic. & Ind. C oal.......
Chic. M ilw. &St. Paul. 1,825,000 1,979,661 —154,661 5,670 5,298
86
86
4,503
—209
Chicago & Ohio River.
4,294
413
112,314
+ 7,83 1
413
Chic. & W est M ich .. ..
120,145
321
286
32,951
+ 6,45 3
Cin. Jackson & Mack.
39,404
336
246,523
+ 2 7 ,1 4 4
336
Cin. N.O. & Tex. P a c ..
273,667
295
110,954
+ 5,11 3
295
A labam a Gt. South.
116,067
196
196
46,432
+
19,0
90
N. 0.& North East.
65,522
143
143
32,057
+723
Vicksb. &M!eridian.
33,780
170
170
29,‘
2
92
+
4
,8
8
0
Vicksb. Sh. & P a c ...
34,172
86
34,444
86
—3,085
Cin. Rich. & Ft. W ...
31,359
80
80
90,613
—2,555
Cin. & Springfield.. ..
88,058
+ 10,9 47
140,647
281
281
Cin. Wash. & B a lt ___
151,594
144
144
+ 469
Clev. Akron & C ol___
46,988
47,457
—15,869
391
391
317,389
Clev. Col. Cin. & Ind.
301,520
+454
15,102
70
70
*Coi. & Cin. M idland..
15,556
—23,166
325
228,004
325
Col. H ock. V. & T o l ...
204,838
—2,044 1,464 1,317
565,744
D eny. & R io G rande..
563,700
+ 20,5 06
369
75,619
369
D env. & R. G. West.
96,125
+ 5,01 3
168
32,987
213
Det. B ay City & A lp
38.000
89,804
—10,064
268
268
79,740
D etroit Bans’ g & N o .
60,721
+ 18,358
307
352
«D u lu th S. Sh. & A tl..
79,079
+ 46,1 25 1,098 1,098
362,766
EastTenn. Va. & G a ..
408,891
+ 2 ,0 3 4
15,415
138
138
E vansv. & Ind’nap’s.
17,449
—6,086
69.845
156
156
E vansv. & T. H aute..
63,759
—2,523
363
228,973
363
F lint & Pere M arci..
226,450
+ 1,61 4
534
86,909
574
Fla. R y. & Nav. Co. 1
88,523
+ 1 3 ,1 0 7
192
44,262
277
57,369
+ 1 1 ,8 3 0
382
401
80,169
Georgia P acific..........
91,999
—13,936
409
194,263
409
Gr. Rapids & Ind’a__
180,327
+
1
,6
3
4
63
63
15,705
Other lin e s ..............
17,339
—26,109 3,418 3,418
tGrand Trunk o f Can. 1,361,143 1,387,252
+
13,4
95
513
513
158,852
145,357
—994
113
10,494
96
Humes. & Shen’doah.
9,500
+ 65,435 1,953 1,953
859,196
793,761
—3,411
76
76
6,635
10,046
143
67,455
59,729
+ 7 ,7 2 6 : 143
183
183
Iow a Falls & S. City.
50,743
43,778
+ 6,96 5
8,500
Kanawha & O hio___
20,485
129
129
+ 11,985
118,816
132,705
"Kan. C. Ft. S. & G ulf
-1 3 ,8 8 9
389
389
81,547
100,940
*Kan. C. Sp. & Mem
—19,393
282
282
12,429
13,236
174
—807
174
K entucky Central__
68,737
77,399
—8,662
254
254
Keokuk & W estern..
24,051
21,630
+ 2,42 1
148
148
16,054
Kingst. & Pembroke
14,737
+ 1,317
115
115
Bake Erie & Western
147,926
139,018
+ 8,90 8
548
548
Eehigh & H u d s o n ...
19,924
20,269
—345
63
63
*Bittle R ock & M em.
+942
37,815
36,873
135
135
L on g I s la n d ..... ........
251,749
231,206
+ 20,5 43
354
354
Borns. Evans. & St. B,
71,496
- 8 ,8 6 5
254
80,361
254
Bouisville & N a sh v .. . 1,166,440 1,179,276
—12,836 2,124 2,023
B ouisv.N .A lb. &Chic
161,938
+ 1,75 2
160,186
537
537
Bouis. N. O. & Texas.
514
152,188
+ 35,9 90
116,198
512
Memphis & Char’ton
120,445
+ 3,15 2
117,29«
330
330
{M exican Central___
457,586
364,108
+ 93,4 78 1,236 1,236
’'{M exican Railw ay
221,54C
—9,832
231,372
293
293
Milw. B. Sh. & W e st..
188,868
—52,727
592
241,590
577
M ilwaukee & North
86,955
+ 7,08 6
79,869
303
243
Minneap. & St. Bouis
118,65(
—14,417
133,067
351
351
169,174
M obile & O h io .
+ 14,767
154,407
687
687
Natchez Jack. & Col
10,261
—275
100
10,536
1U0
N.Y. Cent. & Hud. R . . 2,748,777 2,901,740 —152,963 1,441 1,441
N. Y. & N orth ern ...
+766
45,160
45,926
58
54
N .Y. Ont. & W est’m
+ 13,529
321
131,797
118,268
321
N orfolk & Western.
+ 74,1 94
554
373,036 1 298,842
533
Northern P a cific___ . 1,412,70( 1,121,006 + 291,694 3,277 2,893
—29,773
270,521 • 300,294
616
616
Ohio R iv e r .......
20,864
+ 9,29 8
211
30,162
172
Ohio Southern.
—8,339
36,751
45,090
128
128
—37,987
367
130,106
168,093
367
+ 22,971
336,80(
797
313,820
797
125,725
+ 11,7 25
Va. Midland D iv ..
355
114,000
355
+ 5,711
59,80(
373
54,080
373
+ 5,30 1
296
35,95(
30,640
296
+ 2,29 3
290
59,106
56,807
290
—50
50
9,05C
9,100
50
+3,878
70
7,60C
3,722
70
+6,884
143,823
267
150,70'/
267
—13,539
Do
Brai
20S
76,267
62,728
188
+ 32,0 27 1,050
St. Bouis Ark. & T e x .
171,818
139,786
775
—57,989 1,316 1,013
473,26]
415.27S
+ 12,591
230
93,016
105,60r
225
+ 123,701 2,653 1,850
i.
810,358 :
686,658
35;
>.
86,14'
34,070
+ 52,074
238
255
65,088'
—88
65,00» »
255
+1,550
2]
52,45(
\
54,00» »
21
+95,702 1,487 1,487
377,054
Texas & P acific.
472,75»
+9,736
184
37,65/
47,39» »
184
+10,492
21/
73,260
Tol. & Ohio Central.
83,75-»
213
+7,610
247
58,97:
Tol. Peoria & W e st..
66,58
247
+1,882
75
52,15»
54,03 Si75
+53 1,00]
W abash W estern.
435,160 '
435,225
880
—11,502
231,500
66S
220,00 3
663
+9,742
180
64,433
W heeling & B. E rie. ...
74,17’7
186
+18,251
285,848
816
304,09«3
818
[VOL. X LVL
1888.
Name o f Boftd.
_
A
B
B
C
C
C
C
C
C
c
C
C
C
C
C
C
C
Alabama Gt. South’n . .
New Orleans &N o. E . .
Vicksburg & Meridian.
Vicksburg Sh. & P ac. .
C
(
C
C
(
*Col. & Cin. Midland —
(
]
]
]
: & N o ...
Fort W orth & Den. City
Other lines.
Cedar Falls & M in n ...
Dubuque & Sioux City,
la. Falls & Sioux City.
‘Kan. City Ft. S. & Gulf
‘Kan. City Sp. & M e m .
ï
4»
•Island
.
.
Ohio R iver
Pittsburg & Western,
ichm ond & Danville
Va. Mid. D iv ............
Char. C. & A. D iv ..
Col. & Greenv. D iv —
West. Nor. Car. D iv ..
Wash. O. & W. D iv
Ash. & Sp. D iv . . .
&St. B. A. <fc T. H. m. line
Do
Branches...
St. B. Ark. & T exas.......
St. Bouis & S. Francisco.».
St. Paul & D u lu t h .........
St. Paul Minn. & M a n ....
San. A nt & Aran. Pass..
Shenandoah V alley ........
l.
Staten Island Rap. Tran.
Texas & Pacific
........
Tol. A. A . & Nor. M ich..
Tol. & Ohio C en tral. . .
Tol. Peoria & Western
Valley o f O h io ...........
Wabash W estern .........
Western N. Y. & Penn.
Wheeling & Bake Erie ..
¿»Wisconsin Central
$
863,427
589,185
832,032
220,228
620,523
3,635,722
105,120
432,366
615,729
670,650
632,137
167,600
6,785,000
14,504
422,210
144,884
1,120,168
509,185
284,861
162,262
171,409
132,504
358,581
663,477
186,908
1,265,432
86,338
788,379
2,206,684
380,537
139,288
292,884
301,956
1,785,516
69,560
264,119
818,989
367,504
249,679
406,330
690,027
63,647
5,067,483
680,323
45,661
3,571,382
25,732
271,467
243,142
81,352
735,196
501,969
74,966
289,124
102,131
51,331
593,364
67,650
236.825
769,942
295,850
5,014,854
614,946
801,833
547,619
2,002,292
1,252,939
634,453
309,852
414,645
785,422
51,589
10,901,573
462,203
1,520,947
4,259,568
1,158,946
111,12C
198,IOC
532,742
1,588,280
515,27.4
319,419
221,60;
223,665
32,25(
34,07-i
631,005
291,24(
810,748
1,649,196
341,775
2,584,524
274,561
244,562
181,338
1,964,304
189,905
374,882
274,827
201,371,633,105
876,3» i
289,978 i
1,079,07(
. 92,624,743
1887.
Increase.
Decrease
1
9
$
912,650
600,551
938,237
222,052
516,542
103,981
2,723,793
911,929
18,503
86,617
2,462
429,904
65,760
549,969
693,456
12,181
619,956
47,132
120,468
7,207,559
22,109
426,124
16,583
128,301
83,345
1,036,823
26,722
482,463
60,949
223,912
172,469
174,736
4,731
127,773
14,093
344,488
679,900
17,013
169,895
____
1,303,820
91,384
895,800
........
2,267,055
78,096
302,441
16,053
123,235
341,815
90,459
211,497
189,598
1,595,918
72,411
12,880
251,239
6,490
812,499
1,568
365.936
68,784
180,895
59,870
346.460
694,753
20,9*10
42,737
5,619,100
728.531
47,131
27,270
3,544,112
36,031
24,989
246,478
46,454
196,688
42,799
38,553
802,805
598,668
79,679
3,075
286.049
3,256
98,875
12,820
38,511
619,961
81,987
258,319
*29,2*9*3
740,649
299,401
110,274
4,904,580
640,102
120,490
681,343
20,889
526,730
429,627
1,572,665
89,759
1,163,180
790,824
15,140
294,712
516,349
5,036
780,386
52,965
10,991,«»91
57,396
404,807
321,006
1,199.941
3,248,834 1,010,734
1,297,239
38,541
72,57£
2,150
195,95C
615,88;
205,573
1,382,707
52,509
462,765
40,758
278,66(
29,550
192,05i
11,289
211.776
3,313
28,937
20,318
13,756
649,18;
.......
293,759
157,433
653,315
........
1,768,060
363,549
324,003
2,260,521
166,896
107,665
.......
250,78i
3,323
178,015
80,544
1,883,760
30,812
159,095
59,093
315,789
284,530
3,290
198,08
1,904,539
53,528
822,775
56,190
233,785 1
36,812
1,042,264l|
89,762,462 5,676,324
................... 1 2,862.281
" IHCIUUCÖ M11ÜO WOOJUJ v m j va a*.|/*** a
t M exican currency.
To A pril 28.
§ Including Indianapolis & St. Bouis.
49,223
11,366
106,205
1,824
22,806
422,559
7,605
3,914
10,207
3,327
16,423
38,388
5,046
107,421
60,371
48,931
" 2 ,8 5 1
” 4,726
553.",61*7
48,208
1,470
10",2*99
67,609
96,699
4,713
26,597
14,337
21,494
**3,551
25*,Ì56
156,371
ÎÔ Ë 704
"Ë 3 7 6
89,518
138,292
*83,i*4*i
18,178
2,519
1Ï8*, 8*6*4
21,774
6,227
**9,70*9
271,427
THE CHRONICLE
M a y 13, 1868. J
I g t o a e t a r g i ( £ 0 m m g t x i a l % n Q l i s i t ggtettt g
[From our ow n correspondent. J
599
two American railway issues— one for $1,500,000 W heeling
& Lake Erie Railway 5 per cent first mortgage bonds, issued
through Messrs. Satterthwaite & C o .; the other an issue of
£376,000 5 per cent mortgage bonds of the Alabam a Great
Southern Railways.
The W heeling bonds were offered at
£187 per $1,000 bond, while the Alabam a issue was at the
price of 98 per cent. The most important new issue of the
week, however, has been an India 3 per cent sterling loan o f
£7,000,000, created for the purpose of providing the Govern
ment with the means o f paying for the Oude & Rohilkund
Railway. The last India 3 per cent loan was offered in May,
1886, for £6,000,000, the minimum price of the loan beiDg fixed
at 86. The minimum price of the present issue was 96, but
transactions have taken place at 98, and it is expected the loan
will be readily taken up. The French Government is known to
be contemplating a large loan, and an Egyptian issue is looked
for daily. It is not improbable, also, that at an early date a
further issue of Mexican bonds will be announced, as it is
understood that the Germans have contracted for the unissued
balance.
L ondon , April 38,1888,
Everything at the beginning of the week looked like easy
money. The demand in connection with the Stock Exchange
settlement was light, and borrowers were able, on stock col*
laterals with a margin, to secure advances from outside
lenders at 3 to
per cent per annum. Apprehensions of
further withdrawals of gold, however, caused a complet®
change to come over the scene, and whereas early in the week
day-to-day advances could easily be obtained at % per cent
per annum, at the close of the week a good m any brokers
went to the Bank of England to borrow for a week at 3 per
cent. This change in the condition of the market has very
much disappointed dealers in bills, who had looked for a
lengthened period of easy money, and had taken sixty days
American bills to arrive at 1% per cent and ordinary three
months bills at below 1 ^ .
The change quite justifies the
warnings of conservative brokers in the money market, who
have been urging that the position of the Bank of England
Reference was made in this column last week to the form a
ought to be very carefully regarded. The stock of bullion is tion of Trust Companies designed for the purpose of spreading
at a very low figure, being only £31,350,000 against £34,- the risk of investors in various classes of Stock Exchange
500,000 a year ago, while the reserve of notes and coin stands securities. To the end of last week fifteen concerns, with
at the small sum of about £13,000,000, or nearly £3,000,000 an aggregate capital o f £15,000,000, had been registered,
less than at same date in 1887. A remarkable feature in the and this week additional companies have made their
bullion movements of late has been the unexpected with appearance.
These are, the Preference Securities Trust
drawals of bullion for South Africa, a source from which we with £1,000,000 capital, the Joint Stock Securities Com
might rather expect to receive gold than to send it. The wild pany with £3,000,000, the Crown Investment Trust with
excitement in the Kimberley market for Diamond shares is £600,000.
The Venezuela Investment Trust and Mortgage
put forward as the reason for the afflux of gold. Considering Co’y with £3,000,000 and one Western American Invest,
the small stock at the Bank of England there has also been ment Trust with £400,000, bringing up the total to £31,000,000.
what is really a heavy drain for South Am erica, and agents The “ Gatling Gun, Ltd,” has been formed with a capital of
for the River Plate are in a position to take further sums £800,000, and the patent rights for Europe and “ The Western
unless advantages are offered them to retain the money here.
Hemisphere of the W o r ld ” are purchased by the Co’y for
The rates for money have been as follows :
630,000
in cash and shares. This concern is promoted by a
group o f capitalists with whom Colonel McMurdo is associated.
Interest allowed.
Open market rates.
for deposits by
The purchase consideration is considered excessive.
ft?
Bank Bills.
Trade Bills.
Disc’t IT se.
London
The city has been startled by some exposures in connection
$
Joint
Six
Three Four
Six
Stock A t 7 to 14 with the promotion of the Hyderabad Deccan Company. The
fq Three Four
Months Months Months Months Months Months Banks. Caü. Days. Company was formed not quite two years ago with a capita^
Mch 28 2 1)4® — 1)43 - 1)4® - 1)4®2 194®2)4 2 @2)4
1 D4-D4 of £1,000,000 to purchase the mining and other rights over a
1
“ 30 2 1M@ - 194@ - D4@ — 1)4@2 194@2 19i@2
1 D4-D4
1
April 6 2 19432 1)4@ — 194® — l k ®2 194@2)4 2 @2)4
1 D4-D4 large tract of land in the Hyderabad State. The concession
1
2 @2)4 2 @2)4
1
l D4-D4 aires who had acquired these rights from the Nizam sold them
“ 13 2 1543 - W ® - m ® " 20 2 1943 — Dé® - ik ® — I'M®2 D4®2)4 2 @2)4
1
1 1)4-1M to the Company for £850,000 in shares. A s soon as possible
27, 2 i)4@ - 194® — m ® - 194@2 2 @2)4 2 @2)4
1
1 D4-1)4
they and their associates began to sell the shares to the public
The Bank rate of discount and open market rates at the
and it is said secured a profit of approximately half a million
chief Continental cities now and for the previous three week
sterling irrespective or the snares still in their possession; they
have been as follows:
induced the Nizam’s Government to purchase a large block
(10,000 shares of £10 each) in the open market at a considerable
Apra 27.
AprU 20.
AprU 13.
AprU 8.
Bates of
premium over the par price of the share, really selling the
Interest at
Bank Open Bank Open Bank Open Bank Open
Bate. Market Bate. Market Bate. Market Bate. Market Nizam their own shares. The matter has been brought for
ward in Parliament and a committee o f inquiry is to be
Paris.. . . . . . . . . . . .
2)4
234
2)4
8)4
2)4
2)4
2)4
2)4
appointed.
The inquiry is expected to lead to some grave
3
BerMn................
154
3
3
3
D4
D4
D4
3
Frankfort.........
3
3
m
3
disclosures affecting persons of high standing.
194
194
194
3
Hamburg..........
3
3
194
3
1)4
1«
194
Messrs. Pixley & Abell write as follows on the state of the
Amsterdam......
2
2)4
2
2
2)4
2)4
m
2)4
bullion m arket:
Brussels............
2
2)4
2)4
2)4
2)4
2)4
2)4
2)4
Madrid..............
Vienna...............
St. Petersburg..
Copenhagen......
4
4
5
3
3)4
2%
554
3
4
4
5
3
$4
2%
6
3
4
4
5
3
3)4
3
6)4
3
4
4
5
3
3)4
3)4
6)4
3
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, & e.,
compared with the last three years :
Circulation, excluding 7-day and
other bills.....................................
Public deposits................................
Other deposits.................................
Government securities...................
Other securities...............................
Reserve o f notes and coin.............
Coin and bullion..............................
Reserve to liabilities......................
Bank rate .......................................
Consols.............................................
Clearing-House return...................
1883.
1887.
1886.
1865
£
24,29(1,650
7.179,068
24,783,925
17,749,712
18,917,925
13,143,754
21,210,404
4013-16
2 p. c.
100)4
110,546.000
£
24,359,310
6,093,735
24,878,393
14,434,661
16,541,563
15,871,242
24,480,552
50)4 P. c
2 p. o.
102)4
89,956,000
£
24.694,815
7,466,071
22,442,153
14.581,498
20,688,098
12,457,647
21,402,462
tl 7-18 p.c.
2 p. c.
100 13-16
65,784,000
£
24,594,250
8,896,515
26,451,016
14,402,165
20,754,276
18,033,997
26,878,247
50& p.. .
3)4 p. c
95 p, o.
105,259,000
The easy condition of the money market has been taken
advantage of, and within a few days there have been some
mportant loans offered for public subscription.
On Monday
tenders were opened at the Bank of England for a New South
W ales 3% per. cent loan for £3,500,000, and applications
reached a total of over £7,000,000, the average price obtained
for tae stock being £103 12s. 3d. per cent.
There have been
Gold.—There has been a steady demand fo r gold for the Con inent. hnt
not at such prices as to adm it o f purchases from the Bank o f England
Withdrawals have taken place fo r other quarters aggregating
OOO. while £ 1 3 0 000 has been received.
There h l T b f e n r e fe lv &
£2 8,00 0 from India.
«
i.
.
tom om cu lo u iy snjituy until m e aav be
fore the Council sales, when the rates on London were weak. The allot
ment was at a considerable reduction, and silver was quoted 42 WL Thi»
rate is chiefly nominal, there being no supply available. £6 0,00 0 hna
been receiv-d from New York. Shipments have b e e n : £ 1 5 500 tn
Bombav and £1 4,40 0 to Calcutta; total, £29,900.
° ’ouu to
M exican Dollars have been scarce, and business has been therefor«
restricted. Some transactions were recorded at 41 %d but41Bad to
41 %d. represents the nearest quotation.
’
The quotations for bullion are reported as follows :
GOLD.
London Standard. April 26. AprU 19.
s.
d.
Bar gold, fine....os. 77 m
Bar gold, contain’g
20 dvts silver..02. 77 1094
8pan.doubloons..oz.
S.Am, doubloons.oz.
s. d.
77 9)4
77 10)4
8ILVER.
London Standard. AprU 26. Apra 19.
d.
d.
Bar silver..........oz.
42)4
42 11-16
Bar silver, contain
ing 5grs. gold.oz.
42)4
43 1-16
Cake silver....... oz. 45 13-10
46
Mexican dols__ oz.
4194
The declaration of the dividends by the Copper Mining
Companies has imparted a little life to the share market, but
the public evidently distrusts the position. For the past year
the Rio Tinto Co. paid a dividend ia all of £1 per share, equal
to 10 per cent, it having declared a balance dividend o f 17s
this week. Now that control of the output of the mines has
been acquired for three years by the Societe des Metaux it
may be interesting to look back a few years and see what
THE
60 >
some of the important companies have gained during a period
o f declining prices. The following is a table of the dividends
paid by the three Spanish Companies during the last five
yéars:
R io Tinto.
Per cent.
..............14
................L . 8
^gg5
......... __ . 7 ....... 5*2
................. 3
1 8 8 7 ................ .......... ...1 0
Mason &
Barry.
P er cent.
12%
8
3%
2%
5
Tharsis.
Per cent.
27*2
20
10
7
10
[V ol, XLVX,
CHRONICLE.
Average Price
Chili Copper.
£63 0 0
54 0 0
43 10 0
40 0 0
43 13 9
The price of copper at the present time is a little more than
£80 per ton. The average price of Chili bars last year was
o n ly about £43 3s. 9d., this price being the result of nine
m onths of depressed markets, with three months of sudden
^activity. W ith a continuance of anything approaching the
present level of the price of copper, the working of 1888 should
mean very large increases in the dividend distributions; but
the prices of shares seem rather to be based upon the results
o f 1887 than upon the idea of increased results in the future,
indicating the distrust of the public in the ability of the French
syndicate to carry out its aim. A collapse of the tin specula
tion appears likely, as there is a large difference between the
price for forward delivery and that for “ spot” delivery.
In the Mark Lane market for wheat prices have been steady,
there having been a further improvement of 3d. to 6d
in home, and even more in favor of sellers for foreign, descrip,
tions. The supply of home wheat is diminishing. Farmers
have been very busy this week, and advantage is being taken
the heavy rains to push forward seeding, which this year
is very backward. Although the weather has again improved,
a t the beginning of the week it was very cold and vegetation
is still unusually late. The total wheat and flour imported
since the beginning of the present season (83% weeks) has
been 10,921,000 quarters, against 11,480,000 quarters a year
ago and 9,833,000 quarters in 1885-6.
It is noticeable that
while the imports of flour have risen nearly half a million
quarters, compared with last year, the imports of wheat have
f a l le n o f f a million quarters. The native wheat sold so far
this season shows a considerable increase over last year,
6 145 000 quarters having been disposed of, against 4,827,000
quarters a year ago. The wheat and flour afloat for the United
Kingdom now amounts to 2,143,000 quarters, against 2,016,500
quarters in 1887. The wheat on passage to the Continent
also shows a falling off, there being 492,380 quarters, as
FOREIGN IMPORTS AT NEW YORK.
1886.
1885.
For Week.
D ry G ood s........
Gen’l m ePdise..
$1,425,00b
4,595,844
T o t a l..........
Since Jan. 1.
Dry G oods.........
Gen’l mer’d ise..
$37,163,353
95,572,923
1888.
1887.
$1,667,649
C,315,298
$1,420,527
7,690,956
$7,98^,947
$9,111,483
$9,059,294
$44,531.293 $47,299,771
109,626,052 118,237,102
$51,071,038
120,031,473
$6,020,940
$2,111,965
6,947,329
Total 18 weeks. $132,736,276 $154,157,345 $165,536,873 $171,102,511
In our report of the dry goods trade will be found the im ports of dry goods for one week later.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 8, 1888, and from January 1 to date:
EXPORTS FROM NEW YORK.
1886.
1885.
For the w eek....
Prev. reported..
$5,893,162
95,062,237
$7,102,216
108,477,649
1887.
1888.
$5,517,742
99,620,465
$4,956,993
98,093,689
Total 18 weeks . «115,579,865 $100,955,399 $105,138,207 $103,050,682
The following table shows the exports and imports of specie
at the port of New York for the week ending May 5, and
since January 1, 1888, and for the corresponding periods in
1887 and 1886.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Im ports.
Exports.
Gold.
Since J a n .l.
Week.
Week.
Since Jan. 1.
Great B ritain.............
F rance.........................
Germany.....................
West I n d ie s ..............
M exieo.........................
South Am erica...........
All other countries...
14,200
$370,561
17,500
1,248
4,141,867
2,500
54,970
114,719
203,403
973
2,150
5,560
2,890
$1,768
2,606,506
917,499
71,071
9,561
154,088
129,410
Total 1888............
Total 1887........ .
Total 1886............
$71,670
188,590
2,308,801
$4,849.298
5,228,966
24,209,462
$11,573
9,821
20,343
$3,889,903
4,029,267
2,631,776
Im ports.
Exports.
Silver.
Since Jan. 1.
Week.
$ .........
Week.
Since Jan. 1
Great Britain.............
F rance....... .................
Germ any......... .
West Indies.................
M exico.........................
South A m erica...........
All other coun tries...
$398,700
13,700
17,408
87,798
33,567
326,487
" i'ff ë
200
2,096
$12
110,589
9,085
134,097
6,473
10,696
429,667
T otal 1888............
Total 1887............
Total 1886............
$517,666
338,172
211,210
$4,537,089
3,761,462
4,481,783
$2,751
177,667
37,782
$700,619
872,773
577,546
$3,878,920
177,609
19,368
101,138
» .........
Of the above imports for the week in 1888, $2,300 were Ameri
can gold coin. O f the exports during the same time, $71,670
were American gold coin, and $1,025 were American silver
..
coin.________ ________________ _________
against 519,440 quarters a year ago._____________________________
— M r. W m . Strauss, for the opposition bondholders of Ches
apeake & Ohio, publishes a notice in the advertising columns.
The daily closing quotations for securities, &c., at London,
__Kiernan s News Company is the title of the new concern
which is to succeed to the business of the W a ll Street News
are reported by cable as follows for the week ending May 11;
Agency. Mr. W m . P. SuU van has disposed of his interest
and retires from W a ll Street. Mr. Ashley W . Cole isto be the
Wed.
Thurs.
Fri.
Tues.
Mon.
Sat.
London.
Manager and Hon. J. J. Kiernan Assistant Manager.
423,6 42%
4218
42is
4218
__The Reorganization Committee of the Chesapeake & Ohio
S ilv e r,p e r
C onsols, new 2% per cts. 995lft 995,8 993,6 995,8 99&16 993,6
Railway Company announce that holders representing 90 per
9938
997,6
99%
9938
9914
9
9
q
6
do fo r account. . . . .
.... 82-37% cent of stock and bonds affected by the plan of reorganiza
p y c h rentes (In Paris) fr. 82-40 82-4212 82-5212 82-5712 110
10978 1097s
110
x l 0 8 78 tion having accepted the provisions of agreement, outstanding
U. S. 4% s o f 1891........... 110
12938 1293s 12912 1293s
securities may still be deposited with Messrs. Drexel, Morgan
IJ. 8. 4s o f 1907............... 1-2912 12912
605s
61
61%
6078
60%
6 0 78
Canadian P a c ific ....—
& Co. on payment of penalties specified in circular of April
74%
7378
75%
7 4 78
755s
Chic. Mil. & St. P a u l.... 7614
26
2 5 78
25%
25%
4. The third instalment of 25 per cent o? the assessment on
2618
E rie com m on s t o c k ...... 2612
124
124% 123%
ail classes of stock deposited under agreement is called, p a y
Illinois Central................ 12412 12412 12412
555s
53
7s
5
5
12
5578
5578
Pennsylvania — -- ---- 5578
able June 4 next.
3138
30%
3078
3112
32is
Philadelphia & Reading. 32
109
108%
U nited States Sub-Treasury.— The following table shows
New Y ork Central........... 109% 10958 10914 108%
the receipts and payments at the Sub-Treasury in this city, as
well as the balances in the same, for each day of the week.
F in an cial fflarK eM -Per Cable.
*«4
«omroeixlal an« gjUsceUanegas Heroa
Balances.
N a t i o n a l B a n k s .— The following national banks have been
Date.
organized since last advices ;
O « 7 7 - T h e First National Bank o f Port Allegany, Pa. Capital, $50,000.
8 ,8 7
p H . Arnold, President; J. S. R ow ley, Cashier.
o «7 Q _T h e First National Bank o f South Am boy, N. J.
Capital,
3,878 in e *
Harry O. Perrine, President; John W ycoff, Cashier.
» « 79—The First National Bank o f Canon City, Colorado. Capital,
8,87»
$ 50.000. Stephen Smith Talcott, President; Alfred M. H awley,
o 8 « « _ T heaFirst National Bank o f Burr Oak, Kansas. Capital, $50,000.
3 ,880- J -n e n u o ^ Wilbur> p reaid e n t; Albert A. Johnston, Cashier.
Receipts.
Payments.
Coin.
$
131,972.000
131,891,924
131,801,563
131,801,124
131,878,769
131,961,632
May 5
“
7
“
8
“
9
“ 10
“ 11
$
1,476.831
1,654,15ft
1,972,667
1,302,018
1,147,673
1,390,947
$
1,781,468
1,778,723
1,091,703
1,153,959
1,478,55c
1,601,351
Total ■
8,944,286
8,885,754 ...................
Currency.
$
13,584,617
13,574,582
14,369,899
14,564,606
14,079,535
13,791,930
$
13,857,867
13,823,404
13,999,413
13,953,203
14,028,752
14,024,090
..................
....................
A uction Sales.— The following were sold this week at
auction by Messrs. Adrian H . Muller & S o n :
I m p o r t s a n d E x p o r t s f o r t h e W e e k . — The imports of last
week compared with those of the preceding week, show an
Shares.
Increase in both dry goods and general merchandise. The 150 Merchants’
Nat. B ank. ..1 3 9
47 L I. Safe Dep. Co o fB k ’ln. 75*2
total imports were $9,059,294, against $6,609,688 the pre.
55 P hénix National B an k .. .134%
•ceding week and $8,588,658 two weeks previous. The exports
24 A m erican E xch. Nat. B k.137%
40 Fourth National B an k.. .138
for the week ended May 8 amounted to $4,956,993, against
60 N. Y. Providence & Bos.
$6,146,520 last week and $6,156,482 two weeks previous. The
R R .C o ...................... 193-193%
17 Central R R . & Banking
following are the imports at New York for the week end
Co. o f G eorgia...............113%
6 New Y ork County Bank..250
ing (for dry goods) May 3 and for the week ending (for
32 United States Trust C o ...600
general merchandise) May 4; also, totals since the beginning 100 Fifth A ve. Trans. C o----- 66
100 Am . Bank Note Ço..$30 p ersh .
* Jthe first week in January:
Ooin Cert's
Shares.
15 Nat. Bk. o f C om m erce.. .1 6 5 %
50 St. Nicholas Nat. B a n k ...110
Bonds.
$25,000 Pratt Coal & Iron Co.
1st 7s, gold, 1 9 0 3 .................. 112
$5,000 Norfolk & Petersburg
RR. Co. 2d 8s, 1 8 9 3 .............. 115
$6,040 A tlantic Mutual Ins.
Co. scrip o f 1888 ................ 103%
$5,000 Orange Belt R ’ y Co. of
Florida 1st M , g old ............ 66
$7,000 B rooklyn City Perm a
nent W ater Loan, ’96 119%<& int
THE CHRONICLE.
May 12, 1888.1
< P te
I jp a w k e r s '
< § ít* e lfc é .
D I V ID E N D S «
The follow ing dividends have recently been announced :
When
Per
Cent. Payable.
Name o f Company.
R a ilr o a d s .
’Chic. & Alton, com m on (quar)—
C h ic. & Alton, pref. (q u ar) ...........
Chic. Bur. & Q uincy (quar)..........
Cleveland & Pitts, guar (quar) . ..
North Pennsylvania (quar). .......
M l scell a n e o a s .
.Philadelphia Company (monthly)
B ooks Closed,
(Days inclusive.)
16 t o -------------16 t o -------------22 to May 28
11 to June 1
9 to M ay 17
2
2
1
1%
2
June
1 M ay
June
1 May
June 15 M ay
June
1 May
May 25 May
2
3
1
June 1 May 13 to June 1
July
2 June 10 to Ju ly 2
May 25 May 15 to May 25
W A L L S T R E E T , F R I D A Y , M ay 1 1 , 1 8 8 8 - 5 P. M.
The Money Market and Financial Situation.—The
purchases of Government bonds by the Treasury have been
very small this week, until to-day, when the Secretary paid
higher prices. W h y would it not be good policy for him
to advertise conspicuously the fact that $230,000,000 of
4 § ‘ per cents fall due on Sept. 1, 1891, and will then be paid off
at par, accompanying this with some special offer which would
be manifestly to the advantage of holders to accept, and thus
realize a handsome premium on their bonds now which would
be entirely lost if they were held till the date of maturity, about
■three years hence?
The present aspect of things at the Stock Exchange is less
favorable than last week. Then the principal cause for re
action was found in the M. K . & T. and International compli
cations, baseless rumors of trouble in Erie finances, some sell
in g by London, and other things of similar character, which
•were either temporary matters or of no general influence. But
this week the talk is more of actual occurrences, such as the large
-decrease in net earnings on the Atchison and Burlington roads
for the first quarter of the year and the consequent reduction
to 1 per cent in the Burlington quarterly dividend. Also the
decrease in earnings on some other roads, and the Government
crop report making out a low average for winter-wheat in Ohio,
Indiana and Illinois.
The effect of these things may
have been exaggerated and too heavily discounted, but even
admitting this, there is a difference between such matters of
fact and the mere street rumors or the fluctuations in some
fancy stocks which occasionally turn the whole market.
A s to railroad earnings it is true that the statements for
.March and for the first quarter of the current year are in many
cases unsatisfactory in showing a large decrease in net earn
ings, usually owing to the increase in operating expenses; but
o n the other hand a few roads show a large increase in net re
sults over the first quarter of 1887. It is to be remembered
that 1887 was a maximum year in railroad earnings, and it
would be rather remarkable than otherwise if the present year
should equal it.
W e are now getting the official returns of roads operated in
Mew York State for the first quarter of the year, and these
are, upon the whole, the best and most useful returns of rail
road earnings anywhere published. New York is far ahead of
any other State in requiring these quarterly returns, and even
the Bostonian in the famous State of Massachusetts is obliged
to look to New York to find out the earnings of his own great
Boston & Albany, New Haven & Hartford or New York &
N ew England railroads.
The open market rates for call loans during the week on
stock and bond collaterals, have ranged from 1-J to 3 per cent,
¡and to-day the rates were 1 ^ @ 2 per cent.
The Bank of England weekly statement on Thursday showed
-a loss in specie of £685,000, and the percentage of reserve
to liabilities was 36-08, against 37-27 last week; the discount
rate was advanced from 2 to 3 per cent.
The following table shows the changes from the previous
week and a comparison with the two preceding years:
1888.
M ay 5.
Diffr'nc's f r ’ m
Prev. Week.
1887.
M ay 7.
1886.
M ay 8.
$
$
C ap ita l................... 60,512,700
48.928,400
S urplus................
.Loans and disc’ts. 365.515,600 Inc. 1.991,700
Specie..................... 80,703.300 Inc. 3,913,500
7,803.900 Inc.
C irculation............
19,600
Net deposits.......... 383,512,900 Inc. 7,471.480
33,345,000
Legal tenders.......
Inc.
7,900
Legal reserve....... 95.878,225 Inc. 1,867,850
R eserve held......... 114,048,300 Inc. 3,921,400
*
$
365,420,300
76,850.100
8,320,200
376,633.000
21,330,800
94.158,300
98,680,900
350.659.300
70,918.800
7,861,100
372,323,100
33,275,500
93,080,775
104.194.300
18,170,075 Inc. 2,053,550
4,522,600
11,113,525
Surplus reserve...
Exchange.— Sterling exchange has been quiet, though there
was some demand for short bills in anticipation of an advance
in the Bank of England rate of discount. The posted rate for
short bills was advanced |c. by some drawers early in the
week, and on Thursday, when the advance of one per cent in
the Bank of England rate was announced, all others made a
similar advance. Long sterling has not been so strong, though
firm. There has been a renewal of talk of gold exports, and
bout $500,000 has been shipped this week.
601
United States Bonds.— Government bonds have been more
active at the Board than they were the previous week, though
the purchases by the Secretary were much smaller until to-day,
when over $7,000,000 were taken. Prices have ruled firm and
the 4s are a trifle higher than a week ago, notwithstanding
that the Secretary had shown no disposition until to-day to
accept the 4s at a higher rate than 126^. Below is a table
showing the amounts offered and purchased each day, together
with the range of prices:
4 « Per Cents due 1801.
4 Per Cents due 1907.
Offerings. Purch’es. Prices paid
(Offerings. Purch’es. Prices paid.
$
$
776.000
26,000
Saturday ...
555.000
3,000
Monday.....
Tuesday__ 1,390,000
136,000
140.000
Wedn’sday.
20,500
107,500
Thursday...
Friday....... 2,007.500 2,064,500
Total. . .. 5,096,000 2,250.000
107%
107%
107%-108
$
$
1,447,300
12,300
1,108,800
8,800
2.625.000
5,750
2.433,900
4.290.000
5,313,750 5,313,750
120)4-127
107%-108
17,218,750 5,340,600
126-127
107%
107%
120«
120-126)4
126«
The closing prices at the N . Y . Board have been as follows
Interest M ay
Periods
5.
May
7.
M ay
8
May
9.
M ay
10.
M ay
11.
4 « s , 18 91............reg. Q.-Mar. *10650 106 s4 *106 5g *10658 1065s *106%
4*28,1891.........coup. Q.-Mar. *107% 107% 107% *107% *107% *107%
4s, 1907................reg. Q.-Jan. *12658 12678 12678 12678 126% 126%
4s, 1907............ coup. Q.-Jan. 1265g 126% 12 ö 78 12678 *12678 126%
6s, cur’ c y ,’9 5 ___ reg. J. & J. *121 *121 *121 *121 * 1 2 1 « *121
6s, cur’ e y ,’ 90-----reg. J. & J. *123 *123 *123 *123 * 1 2 3 « *123
6s, cur’c y ,’ 9 7 ___reg. J. & J. *125 *125 *125 *125 * 1 2 5 « *125
6s, cur’c y ,’ 9 8 ___reg. J. & J. *128 *128 '128 *128 * 1 2 8 « *128
6s, cur’ c y .’ 9 9 ___ reg. J. & J. 1*130 1*130 *130 *130 * 1 3 0 « *130
* This is the price bid at the morning board; no sale was made.
State and R ailroad Bonds.— State bonds have been only
moderately active in the aggregate, though Tennessee settle
ment 3s have been somewhat prominent, closing to-day at 70-J-,
against 70J last week.
Railroad bond prices have been somewhat unsettled, in sym
pathy with the stock market. The investment classes are still
well held, and it is only in some of the lower-priced bonds
that any weakness has been noticeable. In the early part of
the week Missouri Kansas & Texas 5s and 6s, and Fort W orth &
Denver lsts, were the features. The former were weak while
the latter further advanced. Subsequently Fort W orth lsts
became dull and weak and the M. K . & T ’s rallied sharply on
the report of a more amicable feeling between Mr. Gould and
the opposition. Wheeling & Lake Erie lsts have come into
prominence and sharply advanced; Erie 2ds have been week;
the new Texas & Pacific bonds came on the list on Thursday
and showed a declining tendency, but recovered to-day.
Railroad and Miscellaneous Stocks.— The stock market
has been less active during the past week, though a few of the
leading stocks have been quite largely dealt in. The market
has remained bearish, and prices have been weak most of the
time, with some sharp declines in a few stocks. There is still
considerable resistance to the decline, and it is believed that a
good part of the selling has been for the short account; but
there has been less confidence and a lack of hearty support on
the bull side, so that little trouble has been experienced in
selling the market down.
The causes of depression this week have been matters of fact
and therefore were more seriously considered than street rumors
or interior manipulations in such companies as M. K . & T.,
Missouri Pacific, &c., &c. The reduction in the quarterly divi
dend of Burlington & Quincy from 2 to 1 per cent, though
somewhat anticipated as a result of the recent strike, had.
a bad effect, since it was based on a very heavy loss in
earnings for the first quarter of the year; at the same time
came the report of Atchison earnings for the first
quarter also showing a very heavy decrease in net receipts,
which knocked down the price of that stock in Boston
and affected our own market not a little. There has been a
slightly unsettled feeling in regard to the trunk line stocks,
owing to the revival of the Soutn Pennsylvania scheme, to
which was added later the rather less favorable exhibit of
earnings in the New York Central’s quarterly statement. The
Government crop report, issued on Thursday, was also against
the market in its lower average condition for winter wheat in
the Middle Western States east of the Mississippi River.
On Wednesday a sharp reaction took place in some of the
leading stocks, but it was not maintained.
The Gould stocks have, as usual, been conspicuous, and of
these Missouri Pacific and Manhattan have fluctuated widely,
the former dropping from 80 to 76J. In regard to Manhattan,
it was rumored that an issue of new bonds was contemplated.
In the M. K . & T. affair a more amicable feeling exists, the
contending interests having so far met as to appoint a joint
committee to consider matters. New England has beeti active
in the speculation, though after its first sharp decline in the
early part of the week it has held up fairly well. The Vander
bilts and coal stocks, with the exception of Reading, have not
been specially prominent, though Jers&y .Central was strong
to-day on an excellent quarterly exhibit.
To-day, Friday, the market was strongest near the close,
when prices of many stocks were about one per cent higher
than at the opening.
602
THE
CHRONICLE.
[Y ol. X L V I
STOCKS-PRICES AT N.Y. STOCK EXCHANGE FOR WEEK ENDING M A Y 11, AND SINCE JAN. 1, 1888.
Sales
H IGH EST AND LOWEST PKICES.
STOCKS.
Saturday,
May 5.
A c tiv e R R . S to ck s.
A tlantic & Paeifie.....................
Canadian Pacific........................
Canada Southern......................
Central o f New J e rse y .- .........
Central P acific..................
Chesapeake & Ohio...................
Do
1st p re f.
Do
2d pref..
Chicago Burlington & Quincy.
C hicago Milwaukee & St. Paul.
Do
p ref.
Chicago & Northwestern.........
Do
pref.
Chicago B ock Island & Pacific.
Chicago St. Louis & Pittsburg.
Do
pref.
Chicago St. Paul Min. & O m ...
Do
pref.
Cleveland Col.Cin. & Indianap.
Columbus H ocking Yal. & Tol.
Delaware Lackawanna & West
D en ver & B io G., assessm’t pd.
Do
pref.
East Tennessee Ya. & Ga. B ’ y .
Do
1st pref.
Do
2d p re f..
E vansville & Terre Haute.......
F ort W orth & Denver C ity___
Green B ay Winona & St. Paul.
Illinois Central..........................
Ind. Bloom. & W est.................
K ingston & Pem broke..............
Lake E rie & W estern...............
Do
p re f...........
Lake Shore & Mich. Southern.
L ong Island...............................
Louisville & Nashville............
Louis. N ew Alb. & C h icago...
Manhattan Elevated, c o n so l..
M ichigan Central................
MiL Lake Shore & W est...........
Do
p re f...........
M inneapolis & St. Louis...........
Do
p re f...........
Missouri Kansas & T exas.......
Missouri P acific........................
M obile & Ohio............................
Nashv.Chattanooga & St.Louis
N ew Y ork Central & Hudson.
N ew Y ork Chic. & St. L o u is...
Do
1st pref.
Do
2d p re f..
New Y ork Lake Erie & West’n
Do
p ref.
New Y ork & N ew England___
N ew Y ork Ontario & W est.. . .
New York Susq. & W estern...
Do
pref.
N orfolk A Western...................
Do
p re f...........
Northern P acific........................
Do
p r e f . . . . ............
Ohio & Mississippi...................
Oregon & Trans-Continental..
Peoria Decatur & Evansville.
Philadelphia & B eading.........
Do
pref.
*8%
*58%
51%
83
32
2
*5
*2 li
123%
73%
116%
110%
*143%
112%
*13
*35
40
*109
48
21
129%
*18
51
10%
*63
23%
*86
38%
Monday,
M ay 7.
8%
59
51%
83%
32
2
8%
59
49%
82
8%
59
51%
83
124
74%
116%
110%
144%
112%
14
37%
40
111
48
21
130%
20
51
10%
64%
23%
88
38%
122%
72%
114%
109%
142%
111%
*13
*34
38%
123%
74%
115
110%
142%
112%
14
36
39%
49%
*19
129
18%
50%
10
*62%
23
*86
37%
9%
122 122% 122
*12% 14
*12%
36
36
*14% 15
*14%
*45 ' 46
45
92% 91%
92
*92
93% 91%
56% 58
56%
37%
*33
38
94% 95
92%
80
80% 79%
*7%
*16
13%
79
9%
*77
106%
15%
67
*31%
25%
58%
40%
16%
*8%
*30%
19
48%
25%
53
20
25%
21
62%
25%
*65
*89
30%
68%
*112
*55
*100
*103
26%
Tuesday.
May 8.
8%
*58%
49%
81%
*31%
*1%
*5%
*2%
119 '
72%
114%
109
*142%
110 %
*13
*35
38%
8%
59%
50%
82%
32%
3
6%
3%
122
73%
114%
109%
144
111%
14
38%
38%
49% *49
23
130% 128%
18%
19
50%
50%
10%
9%
64% *62%
23
22
88
*86
38%
37
9%
9%
122
121%
14
*12.
129%
18%
50%
10
64
22
88
37%
9%
121%
13%
15
45%
92%
91%
58%
37%
94%
80
51
*14
15
44% 44%
91
91%
92
92
56% 57%
*35
39
92%
90
79% 79%
89% 91
89%
9
8
17%
16
14
14
14
13%
80
76% 79%
76%
9%
79
*76
78
*76
106% 106% 106% 106%
15% *15
16
*14%
67
*66
68
66%
32% *31
33
*29%
26
25%
25%
25%
58%
58
42%
40% 42% 40%
16%
16% 16%
9%
9
9
*8%
31
30% 30% *30
19
48% 47% 48% 47%
25%
25% 26
25%
53% 52% 54% 52%
21
20% 21
*20%
26% 25% 26%
24%
21
20% 21%
20
61% 63%
60%
63%
26% 25% 26%
23
66%
65
65
63
91
90% 90%
90
30%
*29
67
68%
68
*67%
114%
*112
53% 53%
53
57
101
98%
105
103% 103% 102%
26%
25% 26%
25%
89%
8
16
13%
77%
Wednesday,
May 9.
Thursday,
M ay 10.
8%
59
49%
81
31%
*2
*5%
2%
116
71%
114%
108%
'142%
109%
*13
*36
38
110
49
*19
128%
*18
50
9%
62%
22
*84
36%
9%
121
*11%
8
58%
49%
82%
31%
*1%
*3%
*2%
115%
72%
116%
108%
143
110
*12%
*34
38%
44%
91
91%
55%
37%
89
79
*57
89%
8%
59%
51
82%
31%
2%
2%
117%
73%
115%
109%
143%
110
14
38%
39
110
49
47% 46%
25% 24%
52%
51%
21%
20%
25% 24
20%
20
61% 59%
25%
23%
65
64%
90
90%
31
*28
68%
66
114 *112
55
55%
100%
103% 102%
26
25
117%
73%
116%
109%
144
110
13%
38
39
8%
8%
49%
82%
30%
*1%
*3%
*2%
114%
72%
115%
108%
145
109%
*12%
*35
38
50%
84%
31
115%
73%
115%
109%
145
109%
13%
37%
38
50
50
50
*48
19
19
*19
129% 128% 129% 128% 129%
19
*18
50
51
51
9%
10
*9% 10
10%
62
62% *62
63% *60
22
22%
22% *22
23
*84
88
*85
88
88
36%
36% 37
36% 36%
9%
*9% 10
9%
9%
121
121% 121% 121% 121%
13
11% 11% *11
13
35% 35%
14%
*14
15
*14
44
44%
45
*45
46
92%
90% 92% 90% 91%
92
92
92
92
91%
55% 57%
55% 56%
57
39
*35
39
37% *34
92% 93%
91% 91% 94%
78% 80
79% 79%
79%
65
63
90
90
89% 90
7%
7%
13% 15
75% 77%
78
106% 106
15% *14%
66% *65
31% *29
25% 25
58
57%
41% 40%
16%
*8%
9%
31
30
8%
58%
50%
83%
31%
Friday,
M ay 11.
14
76%
14%
79%
14%
76%
*8
76%
105%
14%
67
*29%
24%
55%
39%
16%
*8%
30%
18%
46%
24%
51%
76% 76%
106% 106% 106%
14% 14%
15%
*66
68
68
30
30
31
24% 25%
25%
56% 57%
57%
40% 42%
42
16% 16%
16%
9
9
9%
30
30
30
18% 18%
47% 48
47%
24% 25%
25%
51% 52%
52%
21%
21
21
24% 25%
24%
25%
20
20
19%
20
60% 61%
59%
61%
24%
23
22%
24%
63% 64%
63%
64%
92
92
91
*28
30
*29
30
66% 67
66%
68
113 113 *112
114
56% 56%
57%
101
103 *102% 103% 101%
23
26
23
25%
19% 22%
19%
54% 52%
53
54%
14
14
13%
15
25% 25% *24
26
55%
53%
55% t53
14%
77%
10
76%
105%
15
67
32
25
55%
41%
16%
9
30%
18%
47%
24%
52%
25
20%
61%
23%
64%
Week,
Shares.
B ange Since Jan. 1,1888.
Lowest.
Highest.
2,250
7% Apr.
655 55% Feb.
20,490 45% Apr.
15,410 73% Apr.
909 26% Mar.
200
1 Mar.
3% May
37
1 % Mar.
15,137 112 Apr.
164,000 67 Apr.
1,583 109 Apr.
39,190 102% Apr.
450 138 Apr.
3,295 103% Apr.
11% Apr.
29% Mar.
5,460 32% Apr.
45 102% Apr.
660 42% Apr.
450 17 Mar.
78,985 123% Apr.
450 15% Apr.
713 44 Mar.
665
8% Mar.
100 55 Mar.
2,015 17% A pr.
84 Mar.
2,700 32% Apr.
1,400
7% Mar.
502 114 Mar.
150
9% Mar.
200 27% Jan.
12% Mar.
1,000 40% Apr.
60,840 85% Apr.
350 87% Apr.
51,380 50% Apr.
300 30 Apr.
11,460 83% Apr.
2,709 72 Apr.
50 Mar.
600 83 Mar.
200
3% Mar.
100 11 Mar.
5,350 11 Apr.
64,570 70% Mar.
100
6% Mar.
400 71 Apr.
2,392 102% Apr.
597 12% Mar.
140 63 Apr.
100 28 Mar.
50,315 22% Mar.
530 53 Mar.
111,630 29% Mar.
500 14% Mar.
150
7% Mar.
550 26 Apr.
700 15% Mar.
5,170 41% Mar.
5,080 19% Apr.
54,230 42% Mar.
1,800 17% Mar.
95,665 17% Apr.
1,715 15% Apr.
464,890 51% Apr.
85,305 19 Apr.
1,800 55 Jan.
370 82% Feb.
100 24 Mar.
2,225 63 Apr.
5 105% Apr.
1,150 43 Mar.
'328 89 Mar.
1,860 94 Apr.
16,710 20 Mar.
11,180 19% M ay
128,995 48 Apr.
300 12 Mar.
1,400 21 Mar.
2,775 44% Jan.
10% Jan.
62% Jan.
56% Jan.
84% Apr.
33% Jan.
5% Feb.
10 Jan.
7% Feb.
130% Jan.
78 Feb.
117 Apr.
112% Apr.
145% Feb.
114% Jan.
14% Jan.
38% Jan.
42 Apr.
110% M ay
53% Feb.
25% Jan.
133% Jan.
23 Jan.
55 Jan.
10% Jan.
65 Feb.
24 M ay
88% Jan.
46% Jan.
11% Apr.
123 M ay
14 Jan.
37% M ay
16 Jan.
47% Apr.
95% Jan.
93% M ay
64% Jan.
39 Jan.
98 A pr.
87% Jan.
80 Jan.
104% Jan.
9% Apr.
18% Apr.
18% Jan.
89% Jan.
13% Jan.
80 Jan.
108% Apr.
17% Jan.
73 Jan.
37 Jan.
29% Jan.
65% Jan.
46 Apr.
18% Jan.
9% Apr.
33% Jan.
19% Apr.
49% M ay
26% M ay
54% May
25 Jan.
26% M ay
23 Jan.
67% Feb.
26% M ay
69% Feb.
92 Apr.
36% Jan.
73% Jan.
116 Jan.
62% Jan.
105 Jan.
114% Jan.
28% M ay
22% M ay
58% Jan.
16 Jan.
30 M ay
57% A pr.
10
3*
9
30
10
4
24
7
27
24
2T
30*
1
27
10
6
30
1
16
9
30
6
28
12
2»
4
10
3
30
1
20
1
30
30
9
4
9
10
27
9
10
5
30
30
5
3
27
9
30
27
27
30
9
10
30
9
20
30
30
1
4
7
31
7
11
18
323
27
5
30
16
3
28
23
1
IO
3
3
1
30
38%
78
112
55%
97
38%
106%
145%
79%
Feb.
Jan.
Jan.
Apr.
M ay
M ay
Feb.
M ay
Feb.
17
18
30
26
2
1
15
It
24
145
110%
75%
139%
Jan. 23
Apr. 2 6
Apr. 2 4
M ay 7
St. Louis & San Francisco.......
30%
Do
pref.
68
Do
1st pref.
114
St. Paul & D uluth.....................
102
Do
p re f............
St. PaulM inneap. & M anitoba.
10Sf
Texas & P acific..........................
24
Do
n ew .....................
20%
54% 55%
Union P acific.............. ...............
53% 55%
53% 54% 52%
54%
14% 14% *14
15
Wabash St.L. & P acific............
*14
15
13%
*13%
26% 26%
25% 27
Do
p re f............
26
26
26
*25
55% 55% 56%
Wheeling & Lake Erie, p r e f.. 55
55% 55% 54%
53%
M is c e lla n e o u s S t o c k s .
Colorado Coal & Iron ...............
35% 36
35% 35%
2,150 30% Apr.
35% 35% 35% 35%
35% 35%
34% 35%
*74% 76
520 68% Mar.
Consolidated Gas Co....... ....... *74% 76
74% 74%
74
75
75
74
74% 74%
5,278 103 Jan.
Delaware & Hudson Canal___ 109% 109% 108% 109% 107% 108% 108% 109
108% 109% 107% 108%
54
100 45 Mar.
Oregon Im provem ent C o......... *53
52
53% *53
52
*51% 52% *51% 52% *51% 52%
1,845 84% Apr.
Oregon Kailway & Nav. C o ... 95 % 96
94% 9 5 % 93% 94%
94
94%
93% 94%
94%
94
Pacific M ail................................
34% 36%
34% 34% 11,605 28% Apr.
35
34% 35%
35%
35% 36
34% 35%
96
0*
OR
50 95 M ay
Philadelphia Co., Nat. Gas___ *95
*95
97
Pullman Palace Car Co........... 143% 143% 144 144
2,113 135% Apr.
144 144 *143% 144% 144% 145
145 Ì45%
70% Apr.
Western Union Telegraph___
76% 77
58,410
75% 77%
76%
75% 76% 75% 76%
76%
75%
75%
E x p re ss S to ck s.
Adam s.......................................... *138 143 *137% 143 *137% 143 *138 143 *138 143
Apr.
10
143 143
i Mar.
109% 109% 110 110 *109 110% *109 110
159
109 110
110 110
United States.......................
*72% 73% 73
73% 72% 72% 72
*72
558 67 Jan.
73
73
73
73
Wells, Fargo & Co..............
Jan.
"135 140
139% 139% *136 141 *135 141
64
138 139 *135 140
I n a c t iv e S to c k s .
American Tel. & Cable Co.
*70% 72%
112
70% 72%
71% 72
72% 72%
Atchison Top. & Santa F e.
...... ......
90%
87% 87%
510
88
*135 140
137 137
106
138 138 *136 140 *136 140 *135 140
41% 41% 41% 41%
Chicago & East. Illinois
316
*93
Do
p ref
93%'
92% 92%
2% Mar.
Cincinnati Wash. & Baltimore.
*3
4
*3
3%
3%
*2%
3% ' *2%
*3
3%
*2%
3%
Do
*5%
6
300
4% Apr.
5%
5%l
*514
5%
5%
5%
*5%
55a
*5
5%
100
13%
Mar.
M exican Central
*15% 16%
15%
15% 15% *15% 1 5 %l *15% 15%
......... .........1
M o r r is * E ssex........................1 1....................
1 141% 141%' 141
513 135 Jan.
142 142
141% 141 141
N. Y. New H aven & Hart
*216 221
'216 221 *216 221 *216 221 *217 221
81 215 Jan.
219% 221
10 Mar.
Ohio Southern................... .
*12
13
*12
13
*11
13
*12
*11% 13
13
*11% 13
Oregon Short Line...................
23
23
22
565 13% Mar.
22
21
21
21% 21% 21
21
Pitts. Ft. Wayne & C hic.......... *154 155
41 151 Jan.
154 155
'154 155
153 155
154 154 *154 155
Quicksilver Mining C o ............ *10
11
11
100 9 Mar.
*9% 10%
*9
10
*9% 11
10
*9% 11
33 Mar.
*34
36
Do.
p re f.......... *34% 36
*34
35
*34
*34
37
36
*34
36
100 35 Mar.
St. Louis A lt. & Terre H aute.. *38
40
37
37
11 Apr.
St. Louis Ark. & T e x a s............ *13% 14%
7% Apr.
South C arolin a..........................
*8
9
9%
*8
*8
9%
*8
9
17 Mar.
600
Columbus & H ocking C o a l....
21
%
*
20
%
22% 22*2 2 2 % 2 2 % 20% 21% 20 % 20 % *20 % 21 %
10 Mar.
New Central C oal...............
11 %
10
12
11% *10
*10
11 % *10
11% *10
n % *10
Tennessee Coal & I r o n . __
2,610 24% Apr.
28
28
27
28%
27% 27%
28
27
27% *27
V a r io u s S to c k s , & c . (Uni isted.)
Amer. Cotton Oil T ru s t.......... I 3 i% 32
17,535
25 Mar.
30% 31%
31% 32%
30% 31%
31% 31%
31% 31%
Pine Lino fiertificates 1
I 85% 86%
84% 85%
85% 87 3,237,000 74% Apr.
85% 87%
84% 8>%
85% 87
..... I
* These are the prices b id a n d a sk e d ;
no sale was m ade a t th e Board.
t Low er price is ex-dividend.
75 Feb.
99% Feb.
140% Feb.
43% Jan.
94% Jan.
4% Jan.
6 % Feb.
16% Apr.
142 M ay
223 Jan.
13 Apr.
25% M ay
154% M ay
13% Jan.
38% Jan.
41 M ay
16% Jan.
9% Jan.
30 Jan.
14% Jan.
32% Jan.
10
20
IO
30'
26
9
24
23IO
16
20
4
2
12
10
4
16
27
91
24
30
34% Jan. 1
100 Mar.
f P rices from b o th E x ch a n g e s .
M ay
12,
THE CHRONICLE
U 8M
603
BONDS-LATEST PRICES OF ACTIYE BONDS AT N. Y. STOCK EXCHANGE, AND RANGE SINCE JAN. 1, 1888
Range since Jan. 1.
Closing.
Railroad Bonds.
Hay 4.| Hay ,11
Lowest.
|
Highest.
Closing.
Railroad Bonds.
M ay 4. Hay l l
Range since Jan. 1.
Lowest.
Highest.
118%
118% May 121% A p r .'
AtL & Pao.—W. D. ino., 6 b, 1910
113% Mar 1173s Jan.
Guar., 4 b , 1937........... ¿ " Y o n à
b. 105% Jan. I l l
Mar.
Can. South.—1st guar., 5 b, 190»
108 b. 104% Jan. 108% Feb.
2 d , 5 b , 1 9 1 3 ....................... ,~ 0 n A "
105 b. 102 Feb. 110 Jan.
C entral o f N. J . — 1 st, 7 b, 1 8 9 0 . .
■*’ 50% May
59 Feb.
Consol. 7s, 1899
66
60 Mar. 73% Jan. 1
Convert. 7 b, 19 02-----. . .
58
50% Mar. 63% Jan.
Convert, deb. 6s, 1908..
98
90 Mar. 106% Jan.
General mort., 5b, 1987
112 b. 108% Jan. 116 Jan.
Leh. & W .B.,con.7s, 1909,aB nt
105%
Jan. 105% Jan.
1st,
Extension,
6s,
1927..........
A m . D ock & Im p., 5s, 1921.
50 a. 43 Mar. 51 Feb.
115 b.
ls tp r e f. debentures, 7 s ........... 48%
Central Pacific—gold 6 b, 1 8 9 8 ..
91
90%
84%
Jan.
93% Feb.
lutual Dn. Tele.—S. f., 6s, 1911
San Joaquin Br. 68.1900.........
129 b. 128% Jan. 130%
101 b.
Mar.
Tash. Ch. & St. L.—1st, 7s, 1913 129 b. 103
Land grant 6 b. 1890.......... —
b. 103% May. 106% Mar.
103%b.
102
b.
r.Y. Central—E xtend., 5s, 1893
Mort. 6s, 1936.....................---•
133
b.
N .Y .C .& H .-ls t , cp., 78,1903 133%b. 110 a. 132% Jau. 135 Feb.
Ches. & O.—Pur. m. fund 6s, ’98
103% Apr.
Feb.
Debenture, 5s, 19 04_______ 109 b.
6 b, gold, ser. B .19 08, coup, ofl 62%b. 63 b.
b. 127% May 111
L33 Jan.
N .Y.&Har.—1st, 7s, 1900....... 127%b. 128
6¿% b.
Extern coup., 4s, 1986
89%
89%
86% Jan.
90% Jan.
N.Y.CMc.&8t.L.—1st, 4 b, 1 9 3 7 ..
17 b. 16 b.
6b, currency, 1918 . . . .
116%
114 Mar. 117% Jan.
N.Y. Elevated—1st, 7s, 1 9 0 6 .... 116
100 b. 102 b.
M ort. 6 b, 1911.............. ■
130 b. 130 b. 127 Jan. 130% May
106 b.
Ches. O. & So. W.—5-6s, 1 9 1 1 ... 105
10938b. 107% Jan. 1103s May
n
o
b.
Construction,
5s,
1923______
CMo.Bur. & Nor.—1st, 5s, 1926.
106%b.
133 Apr.
N. Y. & N or.- 1 s t , 5s, 1927....... 105%b. l l l % b . 102% Jan. 107 Mar.
Chic. Burl. & Q.—Con. 7 b, 1903. 132 b. 132%b.
Jan. 113 Jan.
107% Feb.
N. Y. Ont. & W.—1st. 6s. 19 14.. 110 %
104 b. 104 b.
Debenture 5 b, 1913 —
92%b. 109
92Ss
90 Mar. 93 Jan.
95 Jan.
N. Y.Sus.&W.—1st ref., 5s, 1937.
93 a. 93 % r.
D enver D ivis., 4 b, 1922,
Il2 % b . 109 Apr. 114
M ar.
117% Feb.
Midland o f N. J.—1st, 6s. 1910 111 b.
114% llô^ ea.
97%b. 98
100% Feb.
N. O. Pacific—1st, 6s, 1920........ 82 b. 116 b. 75 Mar. 83% Apr.
112% Jan. 118 Mar.
Norfolk & West. - Gen., 6s, 1931 116%
119 Apr.
118 b. 117 b.
118 b. 115% Jan. 118% A p r.
North.Paciflc—1st,coup.,6s, ’ 21 118
127 May
Consol. 7 b, 1 9 05................---- 126% 127 b.
106
102 Jan. 106 M ay
114 Feb.
Gen’l, 2d, coup., 1933.............. 106
1st, So. Min. D iv.—6 b, 1910... 112%b.
92
92% Apr.
90% Feb.
105 Feb.
Gen’l 3d, coup. 6s, 1937.......... 92 %a. 103
1st, CM. & Pao.W .Div—5s, ’ 21 104%b. 104 b.
b. 99% Jan. 102% Jan.
103
103%
M
ay
N.
Pac.Ter.Co.—1st,
6s,
1
9
3
3
...
102
b.
WiB. &M in. D i v —5s, 1 9 2 1 ...
114% Jan. 116% Apr.
102% May
OMo & Miss.—Consol., 7s, 1898. 116%
Terminal 5s, 1 9 1 4 ..... . . . . . . . 102 b.
116%b. 117 "b. 116 Apr. 118% Mar.
140 b. 140 b. 139% Jan. 143 Jan.
2d, consol.,7s, 1911......... .
b. 99% Jan. 106% May
128% Jan. 132 Feb.
OMo Southern—1st, 6s, 1921__ 105% 106
Gold, 7 b, 1902....... ................... 131%b. 131%
35 b. 29 Mar. 40 Apr.
118
b.
121
Feb.
118% Apr.
2d,inc., 6s, 1 9 21....................... 36
Sinking fu n d 6s, 1 9 2 9 ..... . . . . 118%b.
72
%b.
Feb.
Omaha & St. L .—1st, 4s, 19 37.. 71 %b. 00 b. 70 Mar. 76 Jan.
Sinking fund 5s, 19 29----------- 107 b. 107% 106 Apr. I l l
94% Jan. 102% M ay
Apr.
Oregon Impr. Co.—1st, 6 b, 1910 102%
Sinking fund debent. 5s, 193S 108% 109 b 107 May. I l l
% 108% Feb. 110% M ay
103 %b. 104 May. 106% Apr.
Ore. R. & Nav. Co.—1st, 6 b, 1909 110%b. 110
25-year debent. 5s, 1 9 0 9 .. — 104
l02%
b.
102%
94
b.
96% Jan. 103 M ay
91% Mar. 95 J an.
Consol., 5s, 1925.......................
93 %b.
E xten sion 4s, 1 9 2 6 .................
95%b. 93 Jan.
99% Apr.
Oregon & Transoon.—6s, 19 2 2 .. 96%
C hi.R . I. & Pac.—6s, coup. 1917 132 b. 133% 130% Apr. 133% Feb.
104 Mar. 107 ®8 Feb.
Peo. Dec. & Evans.—1st, 6s, ’ 20. 108 b. iôé%ü. 106 Jan. 109 Jan.
Extern & col. 5 b, 1934............ . 106% 106%
Evansv. D iv— 1st, 6s, 1 9 2 0 ... 10 l% b. 72 b. 102 Mar. 107 M ay
Oh. 8t.P ’.,M.& O.—Consol. 6s. ’ 3( 122%b. 122% 119% Jan. 123 Apr.
71 Apr.
75% A pr.
2d mort., 5s, 1 9 2 7 ... ...............
97 b. 197 b. 97 M ay 100% Jân.
52 %b. 51 Apr.
59% Jan.
........... 120 b. 123 Jan. 129 Feb.
Rich & All.—1st, 7 b, 1920, tr. rec 56
109 Jan. 115 Mar.
107% Jan. 113 M ay
Richm. & Dan.—Cons., 6s, 1915 I14%b. 115
Gen. 6 b, 1 9 3 4 ................... ~g£àv 112%b. 113
116 Mar. 118 Feb.
106 a. 100 Jan. 106 May
Roch. & Pitts.—1st, 6s, 1 9 2 1 ... 117 b 116b.
Col. Coal & Iron—1st, 6s, 1900.. 104
113 Jan. 117 A pr.
68 b. 63 Mar. 73% Jan.
67 %
Consol., 6s, 1 9 2 2 ..__________ 116%b
63 Mar. 75 Jan,
69%b. 70
Rom e W. <fe Ogd.—1st, 7s, 1891. 109%b 109%b. 107 Jan. 110% M ay
Gen. gold, 6 b, 1904.
104%
100% Apr. 104% Mar.
118% M ay 121% Mar.
Consol., extend., 5s, 1 9 2 2 ..... 101
' 118 b.
Denver & R io Gr.—Is
98 Jan. 103% Apr.
75 Mar. 79% Jan.
78 %b. 78%
St Jo. A G d .Isl.—is t , 6s, 1925 . 100%b 102
1st con. 4s, 1936 . . .
73 Feb.
2d, incom e, 5s, 1 9 25............... 38 b. 38 b. 40 May. 41 Jan.
73 b. 73 b. 71 Jan.
114%b,
112%
Feb. 114% M ay
114
b
65
60
Mar.
68%
Jan.
St.
L.
Alt.&
T.H.—1st,
7
b
,
1894.
65 b.
Assented.
108 Feb. 110% Jan.
81 Apr.
2d, M., pref., 7s, 1894............ 111 a
75 b. 76 b. 76% M ay
105 Apr.
103
Jan.
35
a.
43
Jan.
2d., M .,ln c., 7s, 1 8 9 4 ..... . . . .
34% Jan.
36 b.
40 a. 35 Apr.
40 M ay
40
D ividend bas, 6s, 1 8 94....... .
95% Jan. 103 Apr.
5 100% 101
98%
104%
Feb.
98
Jan.
98%
99%
104
Jan.
96 Mar.
St. L. Ark. <feT ex.—1st, 6s, 1936
98%
40 a. 38 Mar. 48% Jan.
40%
134%
132% Mar. 137% Feb.
2d, 6s, 1936
» 135
108%
106%
Mar.
111%
Jan.
108%
114
b.
S t L. & Ir. M t —1st, 7s, 1 8 9 2 ...
I l l Jan. 115 • Apr.
114 b.
Long D ock, 7s, 1893
107 b. 105% 105% May 112 Jan.
2d m ort., 7s, 1897
115%b. 1 1558a. 115 Apr. 118 Mar.
Con. 6s, 1935.........
104%t>.
105%
Jan.
103%
Apr.
97
Cairo & F u lton —1st, 7s, 1891 104%b.
94% Feb.
1 97%
99% Jan.
83 a. 80 Apr.
92% Jan.
87
89% May
Gen. R y. & land gr., 5s, 1931. 85
77% Apr.
. 88
118
a.
113%
Jan.
118
Jan.
St. L. & San F r .- 6s., Cl. A ,1906 114 b.
» 103%b. 103%b. 101% Feb. 106 Jan.
114 b, 115 b 1153a Jan. 118% Jan.
104 b. 98 A pr. 105% Jan.
6s, Class B, 1 9 0 6 .....
102
2d M., 7s, 1905
I15%a. 114 Jan. 118 Jan.
114%
90%
90 Mar. 92% Jan.
6s, Class C, 1 9 06.......
90
West. D ivision116% 116%b 112% Jan. 116% A pr.
37 a. 25 Apr.
Gen’l mort., 6s, 1931
38 Apr.
35
104
b 10038 Jan. 104% May
Gen’l m ort., 5s, 1 9 3 1 .............. 104%
1 122%a. I22%a 119 Jan. 122% May.
94 %b. 94% Apr.
So. Pac., Mo.—1st, 6s, 1 8 8 8 ... 10 2%b, 10¿3g 100 Jan. 10238 M ay
95%
Gold, 6 b, 1923......................
97% Feb.
112 Jan. 114% M ay
St. Paul M. & M.—1st, 7 b, 1909. 114%b
Henderson Br.Co.—1st. 6s, 1
109 b. 109 b. 107% Mar. 110 Jan.
116 Apr. 118% Jan.
115 b. 111 Mar. 115% Jan.
H. & Tex. C.—1st M. L. 7 s ..
2d, 6s, 1909................................. llb % b .
115
1st, W est. D., 78,1891........
1st cons., 6s, 1933 . . . . _______ 116 b. 116 b. 114 Mar. 116% Feb.
112 b.
112 Feb. 1145s Jan.
97 Jan.
le t, W aco & N. 7s, 1 9 0 3 ....
Do
reduced to 4 % s.. 195Sgb. 96%b. 96% Apr.
. l l l % b . 114 a. 112 Apr. 114 Feb.
84%
80 Mar. 85 May
108 a.
M ontana E xt. 1st, 4s, 1 9 3 7 ... 81%
102 Feb. 108% Jan,
2d, consol. M. L. 8s, 1912.
92
b.
90
Jan.
95 Apr.
Shenandoah
Val.—1st,
7s,
1909.
65
b.
65
Jan.
69
Feb.
68
36% Jan.
29 Apr.
Gen’l m ort., 6s, 1921................ 31
1109 b. 110 b. 110 M ay 112% Jan.
100%b,
102%
Feb.
97
Jan.
102
(
80
%bSo.
Carolina—1st,
6s,
1620.........
82
Apr.
1st, 5-6s, 1909, tr. ree.
89%
Jan.
- 88 a*
81 a. 69 Jan.
85 Feb.
2d, 5-6s, 1909, tr. ree.
2d, 6s, 1931................................. 80
65 Feb.
15%
18%
Jan.
13
Apr.
12
80%b.
80 May 88 Feb.
Inc., 6s. 19 31.............................
. 80 a.
111% Apr. 116 Mar.
Incom e, 6s, 1921, tr. ree.
. 21 a. 15 b. 15 Mar. 21 May. So. P ac., Cal.—1st, 6s, 1905-12.. 113
107% 105% Jan. 108% Mar.
102 b. 98% May. 111% Jan.
1 102
So. Pac., N. M.—1st, 6s, 1911. .. 107
46 %b. 41 Apr.
51% Jan.
77 Jan.
T ex. & Pac.—Inc. & Id gr, 7s, ’ 15 48%
70
C oupon, 6s, 1 9 09................. . 68%
61 Apr.
70
65 Mar. 73% Apr.
K ent. Centr.—Gold 4s, 1987. . 71 a. 70%b 69 Jan.
R io Grande D iv.—6s, 1 9 3 0 .... 72%
75 Jan.
64 Apr.
K n oxv . & 0 .—1st, 6s, gold, 19 5 97%
Gen. m ort. & term ., 6s, 1905.. 63 b. 62 b. 59 Apr.
96 %b. 89% Jan.
98 Apr.
98%
85 Jan. 104 M ay
109 %a. 101% Jan. 110 May. Tol. A .A . & N. M.—1st, 6s, 1924 98
L. E rie & W .—1st g., 5s, 193'i . 110
126%b. 125 Feb. 127 Jan.
T ol.A .A . & Gr.Tr.—1st, 6s, 1921 104%b. 107 a. 101 Jan. 107 Mar.
L akeS h.-C on.coup., 1st, 7s, 19 ) 127
99
93
Jan. 100 M ay
Con. coup., 2d, 7s, 1 9 0 3 .... . 125% 125 b 122% Jan. 125% May. Tol. & OMo Cent.—1st, 5s, 1935 99%
94 Feb.
91% Jan.
T ol.StL .& Kan. C.—1st,6s, 191t 94
. 119%b. 119 b. 119% May. 122 Apr;
115%b.
114 Jan. 116 M ay
1st, consol., 5s, 1931.
Union P acific—1st, 6s, 1 8 9 9 .... 115 %b.
. 113 b. 113%b i l l
Jan. 113% Apr.
Land grant, 7s, 1887-9............ 101 b. 101 b. 100% Apr. 104% Mar.
3 118 b. 117%b 116% Apr. 123 Feb.
113% Apr. 119 Jan.
Sinking fund, 8s, 1893............ 117% 118
. 114%b. 114% 108% Jan. 114% Apr.
Kan. Pacific—1st, 6s, 1895___ 110 b. n o b. 109% Feb. 112% Jan.
2d, 6 b, 19 30.....................
99% Fèb.
. 99 b. 98 b 96% Jan.
E. H. & N.—Ist, 6s, 1919.
1st, 6s, 1896............................ 111 b. 11138b. 109% Feb. 111% Apr.
. 116 b 116 b 114 Feb. 115 Apr.
General, 6s, 1930____ . . . .
Denver D iv.—6s, 1899_____ 112%b. 109 b. 114% Feb. 116 A pr.
114
109% Jan. 115 M ay
109
101% Jan. 110% M ay
Trust Bonds, 6s, 1 9 2 2 ....
1st consol, 6s, 1 9 1 9 ______ n o
. 109% 109% 106% Mar. 110 Jan.
106 b. 100 Feb. 107 M ay
10 -40,6s, 1 9 2 4 ... ...........
Oregon
Sh. Line —1st, 6s, ’ 22.. 107
101%b
104
Feb.
104
Feb.
. 100%b.
82 Feb.
50-year 5s, 19 37...............
Virginia Mid.—Gen. m., 5s, 1936 7938b. 78 a. 78 Jan.
100
100 a. 99% Mar. 10 1 % Apr.
37 A pr. 47 Jan.
Lou. N. A. <fc Ch.—Ist, 6s, 1
. 111% 112 b 107% Apr. 112% J a n .. Wab. St.L. & Pac. —Gen., 6s, ’ 20 40 b.
98% Feb.
93 Jan.
Consol., gold, 6s, 1916__
Chicago Divison—5s, 1 9 1 0 ..
. 90%
93 Jan.
92
87% Apr.
90 Jan.
84 Feb.
4 104%
Wabash—Mortgage, 7s, 1909
100 Jan. 104% M ay
M etro. E levated.—1st, 6s, 1908.. 113
Tol. & Wab.—1st, ext., 7s, ’ 90 107%b. 108 b. 107 Apr. 109 Jan.
I13%b 108% Mar. 116% Jan.
109
Feb.
107%
Apr.
2d, 6s, 1 8 9 9 ......... .........
lo7% b, 108 b.
1st, St. L. D iv.. 7s, 1889
104% 102 Jan. 107% Apr.
91 Feb.
2d, extended, 7s, 1 8 9 3 . . . . . . 83 b 85 U 85 Apr.
2 125%b 126%
126 May. 130 Feb.
88%
Feb.
Consol. 5s, 1902.
83 Jan.
Con., con v., 7s, 1 9 0 7 ... ...
80 b
108 b 107% May. 110% Jan.
Great West.—1st, 7s, 1 8 8 8 .. 107 b 108%b 105% Apr. 109 Feb.
1108% 105 b 107 Mar. 113% Jan.
90
Jan.
Sd,7s, 19 06................
2d, 7s, 1893..........................
.1 1 8 a 117 a 115 Jan. 118 Feb.
85 b 82 Apr.
99% Jan. 103%'] May
Pac. o f Mo.—1st, 6s, :
102%
1033a 103%
West Shore—Guar., 4 s ............
102% 100% Feb. 103% Jan.
94% Jan. 100% May
2d m ort., 7s, 1891.
Wheel. & Lake E.—1st, 5s, 1926 96%
106 %b
104 Jan. 105% Feb.
98%
23
83%
107
91%b.
106%b.
117%
120 b.
104%b.
102%
113%
106%b.
115 b.
113 %b.
101 b.
102 b.
20
81%b.
107 %b.
92 a.
106%b.
117 b.
120 b.
104%b.
102%
113%
19 Apr.
80 J an.
L05 Mar.
89% Mar.
1045g Feb.
111% Jan.
115 Jan.
102 Feb.
98 Jan.
112% Apr.
101% Jan.
113% Jan.
113% Apr.
100 Apr.
101% Apr.
105% Feb.
62% Mar.
62 Apr.
1658 Apr.
90% Jan.
103% Mar.
98 Apr.
129% Jan.
104% Jan.
91 Mar.
113 Jan.
98 Apr.
114% Jan.
123% Jan.
110% Apr.
101% Jan.
100 Jan.
27% Jan.
83% May
L07% May
94% Jan.
L08% Jan.
L18 May
L23% Apr.
104 Apr.
102% Apr.
114% Feb.
107 Apr.
115% Apr.
115% Feb.
103% Jan.
10458 Mar.
114% Feb.
705s Feb.
70% Feb.
28 Feb.
102% M ay
108% Jan.
.—1st, 6s, 1921. 118%
Ashland Div.- -1st, 6s, 1 9 2 5 ...
109 b
107 b.
Extension, 1st, 6s, 1913.
108 b.
Imp. & Equip.—6 8 ,1 9 2 2 .........
Io. K .& T ex.—Con., 6s, 1920... 65
Consol., 5s, 1920....................... 56
Consol., 7 b, 1904-5-6......... ....... 95
N ote —The letter “ b ” indicates price bid, and “ a” price aslced; all other prices and the range ace from actual sales.
STATE
SECURITIES.
Alabama—Class A 3 to 5 .....1 9 0 6
1906
Class B, 5 s ...................
Class C, 4 s . . . . . . . ....................1906
6s, 10-20.................................. 1900
Arkansas—6s, fu nd ed.. 1899-1900
7s, Little R ock & Fort Smith, iss.
7s, Memphis & Little Rock, iss..
" 7S, Arkansas Central R R ..........
Georgia—7s, g old ..................... 1890
Louisiana—7s, cons.................. 1914
Stam ped, 4s....................................
Michigan—7s..............................1890
Bid.
Ask.
BONDS.
SECURITIES.
106% Missouri—6s....... due 1889 or 1890
Asylum or University, due 1892
112
Funding...................... 1894-1895
New York—6s, loan----- .......... 1892
12
6s, loa n ........................ .......... 1893
North Carolina—6s, old ...........J&J
10
Funding act .............. _____ 1900
10 20
10
New bonds, J. & J . . . 1892-1898
104 105%
Special tax , Class 1 ..
106
Consolidated 4s......... ...........1910
91% 91%
6s.............................. ...........1919
105
105
108
100
102
7
Bid.
103%
104
107
109
110
36
10
20
6
9
93
119
Ask.
39
8
12
91%
SECURITIES.
Bid.
Rhode Island—6s, c o u ..1893-1894 108
4
South Carolina—6s, non-fund. 1888
B row n consolidated 6 s....... 1893 106
60
Tennessee—6s, o ld _____1892-1898'
Compromise, 3-4-5-6S ...----- 1912 70
New settlement—6s...............1913 104
96
5 s............................................1913
3 s............................................1913
70
Virginia—6s, old ................................
48
70
6s, consolidated bonds............
6s, consolidated, 2d series...........
50
6s, deferred, trust r e c ...................
8
A sk .
4%
107%
62
72
106
100
70%
fîlrfiiïfc
9%
THE
604
CHRONICLE.
[V ol. XLVI
BONDS—STOCK EXCHANGE QUOTATIONS ON FKIDAi OP INACTIVE RAILROAD BONDS.
SECURITIES.
Bid.
Ask.
R a ilr o a d B on d s.
(Stock Exchange Prices.)
A.tch. Top. & San. Fe—4 % s ...1 9 2 0
Sinking fund, 6 s ....................1911
Collateral Trust, 5s............... 1937
84
82
B eecn Creek—1st gold, 4s.......1936
Balt. & Onto—1 st6s, P arkB ..1919 115
5s, g old .................................... 1925 107 108*2
Bost. H. Tun. & W.—Deb. 5s... 1913 *98% 99
106*2
B rooklyn E lev.—1st, G., 6 s ...1 9 2 4
90
1915 *85
2d, 3-5s......
Burl. Ce. Bap. & No.—1st, 5s. 1906 102*i 103
87*2
Consol. & col. tr, 5s...............1934
R egistered....................................
Minn. & St. L .—1st 7s, gu . .1927
Iow a C. & W e s t .- 1st 7 s . ... 1909
Ced. Bap. L F. & N., 1st 6S.1920
97*2
1st 5s.............
....1 9 2 1
83
Central Iowa—1st, 7s, Tr. R ecl8 9 9
80*2
East’n D iv., 1st, 6 s............. ,..1912
Illinois Division—1st 6s....... 1912
Cons, gold bonds, 6 s .............1924
Cent. RR. & Banking Co., G a.Collateral gold, 5s................. 1937 100% 101
Ches. & O —6s, gold, ser. A . ..1908 105 108
Coupons o ff............................ 1908 104
68
Ches. O. & So. West.—2d 6 s ... 1911
Chicago & A lton—1st, 7s. ....1 8 9 3 113% 114%
Sinking fund, 6 s.............. ....1 9 0 3 122 123*2
Louis. & Mo. B iver—1st 7 s.. 1900 120
2d 7 s..................................... 1900 116 120
St. L. Jacks.& Chic.—1st, 7s. 1894 113%
1st, guar. (564), 7 s . . . . ....1 8 9 4 114
2d mortg. (360), 7 s.............1898 115
2d, guar. (188), 7s...............1898 115
Miss. R. Bridge—1st, s.f. 68.1912 107
Chic. Burling. & Q.— 5s, s. f . ..1901
Iow a D iv.—Sink. fund, 5 s ..1919 108
98*s
Sinking fund, 4 s ................ 1919
Plain, 4e...................................1921
92
92%
Nebraska Extension 4s........1927
Chic. Burl. & N o .-D e b . 6 s . . . . 1896
Chic. B ock Isl. & Pac.—
83
Des Moines & Ft. D.—1st,4 s .1905
54
1st, 2 % s.. . . . . . . . .................. 11905
Extension, 4s ...........
1905
Keok. & Des M.—1st, 5 s ___1923
Chic. M.& St.P.— 1st, 8s, P. D.1898 127% 130
2d, 7 3-10s, P. D ....................1898 117
1st, 7 b, $ g., R. D ..................1902 127
1st, La Crosse Division, 7 s ..1893 114 116%
1st, I. & D ., 7s......... ..............1899 119%
1st, C. & M., 7s....................... 1903 128
128
1st, 7s, I. & D. E x t..............1 9 0 8 126
1st, S. W. D iv., 6s.............. .1909 114 115
1st, 5s, La C. & D av . . . ___ .1919 103*2
1st, H. & D., 7 s ......................1910 123% 125
1st, H. & D ., 5 s .. .................. 1910 101% 103%
124
Chicago & Pacific D iv., 6 s ..1910 121
Chic. & Mo. Riv. Div., 5s ...1 9 2 6 100 100%
Mineral Point D iv., 5s.........1910 100
C. & L. Sup. D iv., 5s.............1921 100
Fargo & South., 6s, A s s u ...1 9 2 4
90
97
Inc. conv. sink, fund 5 s........1916
94% 94%
Dakota & Gt. South., 5s....... 1916
Chicago & Northwestern—
Escanaba & L. S.—1st, 6 s ...1 9 0 1 112
.
Des M. & Minn.—1st, 7 s ___ 1907 126
132
Iow a Midland—1st, 8 s ......... 1900 L 9
Peninsula—1st, conv., 7 s .. ..1 8 9 8 120
Chic. & Milwaukee—1st, 7 s .1898 120
Win. & St. P .—2d, 7s.............1907 128
Mil. & Mad.—1st, 6 s ............ 1905 112
Ott. C. F. & St. P . - l s t , 5 s ..1909 106% 106%
Northern III.—1st, 5 .............1910 106% 108
CL CoL Cin. & Ind.—1st, 7s, s.f.’99 120 121
Consol, sink, fd., 7 s ...............1914
Chic. St. Paul M. & O.—
Chic. S. P. & Minn.—1st, 6 s .1918 ‘ 122 124
No. Wisconsin—1st, 6s.........1930 T 2 5
St. Paul & S. C —1st, 6 s____1919 122% 123%
Chic. & E. 111.—1st, s. f., cu r.. 1907 118 119%
94
Gen. con., 1st, 5s...............1937
Chic. & W. Ind.—1st, s.f., 6 s.. 1919 112 113%
General m ortgage, 6 ............. 1932 115 .........
Chic. & St. Louis—1st, 6s....... 1915
Cin. I.St.L.& Chic.—1st,g.,4s .1936
Registered....................................
95
Cin. Jack. & Mac.—1st,g .,5 s ...1936
Cleveland & Canton—1st, 5s..1917 94*2 9b
Col. & Green.—1st, 6s...............1916 *100
2d, 6s........................................ 1926
94
Col. & Cin. Midland—1st, 6 s.. 1914
Cceur d’Alene, 1st, 6s, g o ld ... 1916 100*2
DeL Lack. & West.—
Convertible 7 s........................ 1892 112 113*2
M ortgage, 7 s . . . ..................... 1907 136Bs
Syra. Bing. & N .Y .—1st, 7 s .1906 132*2
Morris & Essex—1st, 7 s....... 1914
140
2d, 7s.....................................1891 109*2 109%
Bonds, 7 s..............................1900 120
7s o f 1871............................ 1901 124 126
1st, con., guar., 7 s ............. 1915 136 137*2
DeL & Hud. Canal—1st, 7 s ... 1891 109
1st, ext., 7s..............................1891 106
Coupon, 7s,.............................. 1894 114
Registered, 7 s ..................... 1894 113%
Pa. D iv., coup., 7s................. 1917 138
R egistered........... ...................
A lbany & Susque.—1st, 7s.. 1888 Ì0278
1st, cons., guar., 7 s ...........1906 129 134
R egistered.................................
1st, cons., guar., 6 s ...........1906 122*2 123
R egistered.................................
Bens. & Bar.—1st, c o u p .,7 s .1921 139*2
R e g is t e r e d ..................... . .........
Det. B ay C. & A l p .- 1st, 6 . . . . 1913 107% 108
Duluth & Iron Range—1st, 5 s .1937
92% 93
Dul. So. Sh. & A t l . - 5 s ...........1937
85
84
E. Tenn. Va. & Ga.—1st, 7 s ... 1900 121*2
Divisional 5 s....................
1930
w .o f A la.—1st,cons. 6s,g.,1926
®B*. C. & N.—S.f., deb., 6s. ..1 921
~l e t m ortg., 6 s ......................... 1920
SECURITIES.
No price F riday; these are latest quotations m ade this week.
Bid.
Ask.
Erie—1st, extended, 7 s ...........1897 118 119%
2d, extended, 5 s ..................1919 115
3d, extended, 4*2S................1923 108%
4th, extended, 5s...................1920 114
5th, 7 s......................................1888 103% 104
1st, cons., fd. coup., 7 s . . . . . 1920 130 132%
Reorg., 1st lien, 6s................1908
B. N. Y . & E.—1st, 7 s .......... 1916 139
N. Y . L. E. & W.—Col. tr., 6 sl9 22
85
90
Funded coup., 5s.................. 1969
Buff. & S. W.—Mortg. 6s-----1908 *90
Evan. & T. H.—1st, cons., 6 b. 1921 117% 118
Mt. Vernon—1st, 6s..............1923 107 n o
Evans. & Indian.—1st, cons— 1926
Eureka Springs R ’y, 1st, 6s, g.1933 100
120
FTt & P. Marq.—Mortg., 6 s ...1 920
96
98
Grand Rap. & I n d —Gen. 5S..1924
101
Green B. W. & St. P.—1st, 68.1911
Han. & St. Jos.—Cons., 6s.......1911 T 1 8
112
Houston & Tex. Cent, ls t m 1. t.rec
West Div. 7s, tr. ree.................. . T i l
no
2d m. 8s M. 1. tr. r ee...................
70
Hous. E. & W. Tex—1st, 7 s . ..1898 “60
Illinois Central
104 107
ist, gold, 4s. 1951........................
93% . . . .
1st, gold, 3% s.........................1951
Spring!. D iv.—C oup.,..6s, . 1898
T
il
Middle D iv.—Reg., 5 s .........1921
C. St. L. & N. O.—Ten. L, 7s. 1897 *115
121
1st, consol., 7 s --------- -------1897
2d, 6s.................................... 1907
1175a
Gold, 5s, cou p on ................1951
119
Registered................................
Dub. & S. C.—2d D iv., 7 s . ..1 8 9 4 112
65
70
Ced. FaHs & Minn.—1st, 7 s .1907
Indianap. D. & Spr.—
1st, 7s, ex. fund, c o u p o n .... 1906 101 % 103*2
90
Ind. Dec. & W est.—M. 5 s .....1 9 4 7
60
2d M. ine. 5s............................1948
Lake Shore & Mich. So.—
d e v e . P. & A .—7 s ............... 1892 110*2 112*2
Buff. & Er.—New bonds, 7 s .1898 120 122
Kal. & W .Pigeon—1st, 7 s ... 1890 106
Det. M. & T.—1st, 7s............ 1906 128 129
Lake Shore—D iv. bonds, 7s. 1899 120 123
Consol., reg., 1st, 7 s .........1900 124 124%
Consol., reg., 2d, 7 s . . . ----- 1903 124*2 125*2
Mahon’g. Coal RR.—1st, 58.1934
Long Island R R .—
N. Y . & M. Beach—1st, 7 s ..1897
N. Y . B. & M. B.—ls t ,g ., 58.1935
Louis.& Nash—CecilianBr.7s.1907 1043 106*2
Pensacola D iv.—6s......... . ..1 920 103
St. Louis D iv.—1st, 6 s .........1921 116
56
2d, 3 s . ..................................1980
Nashv. & Decatur—1st, 7s.. 1900 117
S. & N. Ala.—S. f., 6 s ...........1910
Louisv. C. & L.—6s .... . . . . . 1 9 3 1
92% 94
Pens. & A t.—1st, 6s, g o ld .. 1921
87
Lou. N. O. & Tex.—1st,4 s ___ 1934
40
2d m ort., 5s..................... ....1 9 3 4
71%
M exican Cent.—New, ass., 4 s .1911
23
Incom e, 3 s .............. ..............1911
Michigan Cent.—6s-------- ------ 1909
Coupon, 5s . . . . . . . . . . . . . . . . . . 1 9 3 1 113% 113%
113%
Registered, 5s....................... 1931
Jack. Lan. & Sag.—6s ......1 8 9 1 102
Milw. Lake S. & W est.—
89
88
Conv. deb., 5 s . . . ....................1907
112
M ichigan Div.—1st, 6s.........1924
92
99
Minn.&St.L.—I ’a E x.—1st,7s. 1909
2d m ortg., 7s.......................... 1891
Southwest E xt.—1st, 7s ....1 9 1 0
Pacific E x t.—1st, 6 s ............ 1921
100
Minn. & Pac.—1st mortg. 5 s.. 1936
101
Minn. & N. W.—1st, 5s, g o ld ..1934
Minn. S.Ste.M.&Atl.—1st,5 s ..1926
Mo. K. & T.—Cons.,2d, ine___ 1911
107%
H. & Cent. Mo.—1st, 7 s....... 18901*
obile & Ohio—CoL tr., 6s ...1 892 f 102
72
St. L. & Cairo—4s, guar___.1931
Morgan’s La. & T.—1st, 6s___1920 107%
118
122
1st, 7 s ..................................... 1918
Nash. Chat. & St. L.—2d, 6 s.. 1901 107 109
104
N. J. June.—Guar. 1st, 48....... 1986 103
Registered certificates.................
N. Y . P. & O.—Prior hen, 6 s .. 1895
54
N. Y . & Northern.—2d, 4s___ 1927
N. Y. & New Eng.—1st, 7 s . ... 1905
1st, 6 s ..................................... 1905
N .Y .S usq.& W est—Deb. 6 s ... 1897
72
2d, 4*28...................... ............ 1937
N. Y. N. H. & H.—1st, reg. 48.1903 *109
N .Y . Tex. & M ex.—1st, 4 s . ...1 9 1 2
Northern P a c.—
Dividend scrip...............................
96
D ividend extended........................
96
James R iver Vai.—1st, 6s. .1936 105
Spokane <fc Pal.—1st, 6 s___ 1936
100*4
St. Paul & N. P .—Gen., 6 s .. 1923 115 116*2
R egistered....................................
Helena & R edM ’n—lst,g .,6s.l9 37 104*2
Dul. <fc Manitoba—1st, g. 6 s .1936
99 100
D o Dakota Div.—1st, 6s. 1937
103
Hel. B.Val. <te Butte, 1st, Os.1937
Drummond & P ’ bg.—1st, 5s. 1937
Helena & No.—1st, g’d, 5s. 1937
93
La M. & Mo. R iv.—1st, 5 s .. 1937
N. O. & No. E .—Pr. 1., g., 6s ..1 915 104*2
New Or. & G u lf—1st, 6 b.........1926
99 105
Norf. & W.—New R iv.—1st,6s. 193 '
Imp. & E xt., 6s...................... 1934 106 119
Adjustm ent M., 7 s................. 1924 109
Ogd. & Lake C h .- ls t , 6 s .......1920
Ohio & Miss.—Cons., s.f., 7 s ..1898
117
Springfield D iv.—1st, 7s___1905 10638
General 5s............................... 1932 1 88*2
Ohio Cent.—1st Ter. Tr., 6 s ... 1920
Min. D iv.—1st, 6 s ..................1921
Ohio R iver R R .—1st, 5 s ....... 1936
98
Oregon & Cal.—1st, 5 s ............ 1927
Panama—Sink, id., sub., 6 s ...1 9 1 0
110
Peoria & P ek U’n—1st, 6 s ..-.1921
2d M., 4*28..............................1921
72
SECURITIES.
Bid.
Ask.
Pacific R R s.—Central P a c ific Gold bonds, 6s....................1895 115
Gold bonds, 6s......... ......... 1896 115
Gold bonds, 6s....................1897 115
CaL <fc Oregon—Ser. B., 6.1 892 103
West. Pacific—Bonds, 6 s ..-.1899 112
No. R ailw ay (Cal.)—1st, 6 s .1907 114
South.Pac.,Ariz.—1st 6s,1909-10
114*3
Union P ac.—1st, 6s.............1 8 9 6
114%
J-Ot,
W J .. . . . . . . . . . . . . . . . . . . . A 0«7#
1st, 6s...................................1897
1st, 6s.................................. 1898' 115% 116
Col. Trust, 6 s......................1908 *104
.....
CoL Trust, 5 s . . . . . .................1907 *94 1
C. Br. U. P.—F. c., 7s .....1 8 9 5 104
103 J
Atch. CoL & P a c —1st, 6 s.1905 101
Atch. J. Co. & W.—1st, 68.1905 100
Ut. So.—Gen., 7 s .................1909 94
Extern, 1st, 7 s .................. 1909 92
Missouri Pacific—
Verd’s Y .I n d .& W., 1st, 5s.1926 . .. . U
Ler. & C’y Yal.A. L .,lst,5 s.l9 2 6 .........
St. Louis & San Francisco—
1st, 6s, Pierce C. & 0 .. ....1 9 1 9 .........
Equipment, 7 s ..................... 1895 108*s
1st, trust, gold, 5 s..............1987
..
Kan. City & 8.—1st, 6s, g.19 16
97 102
105
Ft. S. & Y .B . Bg.—1st, 68.1910
107
St. L. K .& So.W n.—1st, 6s.l916
Tex. & P ac. ,E. Div.—1st, 6s 1905 107
92
1st, gold, 5s...........................2000
40
2d, incom e, 5 s..................... 2600
Consol., 6s, trust receipts. 1905 105%
Pennsylvania R R .—
Pa. Co.’s guar. 4*28,1stc p . . 1921 108*2
Pa. Co.’s 4*28, reg..................1921
107*»;
Pitts. C. &St.L.—1st,op.,7s. 1900 119
Pitts. Ft. W. & C.—1st, 7 s . . . 1912 *140
2d, 7 s.................................... 1912 *.........142
3d, 7 s..................................... 1912 *131
Clev. & P .—Cons., s. fd., 7S.1900 *125 I26*a
4th, sink, fd ., 6s..................1892 107% 108
St. L. Y. & T. H .~ 1st, g .,7 s .1897 116 117
2d, 7s.....................................1898 .........
2d, guar., 7 s................ .....1 8 9 8 ......... 113
Pine Creek R ailw ay—6s of 1932
Pitts. & W estern—1st, g .,4 s ..1917 73*2 74*3.
Pitts. Cleve. & Tol.—1st, 6s. . . 1922
Pitts. Junction—1st, 6s...........1922 *108
Pitts. M cK . & Y .—1st, 6s....... 1932 *115
Pitts. Y .
Ash.—1st 5s...........1927
R ochester & Pittsburg—
Buff.Roch.&Pitts.—G en .,58.1937 - - - - - 10O
Rich. &Danv.—Debenture 68.1927 107
Debenture, ex coupon...................
82% 83*2
83*2
Consol, m ort., gold, 5 s.........1936
A tl. & Char.—1st, pr., 7s___1897
In com es....... .......................1900
88*a
R ich .& W .P t. Ter’L Trust 6 s ..1897
88
93
San Ant.& Arans.—1st,6s,’85-1916 * 89
91
1st, 6s, 1886............................. 1926 * 89
Scioto Val.—1st, cons., 7s....... 1910
60
Coupons off....... ...........................
St. Louis & Iron Mountain—
Arkansas Branch—1st, 7 s .. 1895 107
Cairo Ark. & T .—1st, 7 s-----1897 106% 107
St. L. A lton & Ter. Haute—
Bellev. & So. HI.—1st, 8s. ..1 8 9 6
113
Bellev. & Car.—1st, 6 s ......... 1923
83
St. Louis & Chic.—1st, con. 6 s .l9 2 7 *.......
St. Paul Minn. & Man.—
D akotaE xten.—6 s .. . . . . . . . . 1 9 1 0 ....... n r
Min’s Un.—1st, 6 s . . . .............. 1922 111
Mont. C e n .- ls t , guar,, 6 s ..1937 “T i l
St. Paul & Duluth—1st, 5 s .. ..1 9 3 1 .......
S o d u sB a y & S o .—1st, 5s, g . . . 1924 .......
Tex. Central—1st, s. f., 7s ....1 9 0 9
45
1st mortg. 7 s ........................... 1911 45
Tex. & N. O.—1st, 7 s................ 1905 115 117
Sabine Division, 1st, 6s____ 1912 100
Tol. Peoria & W.—1st 7s, Tr. r e c...
85
91
Valley R ’y Co. of O.—Con. 6 s .1921 *......... 105*»
Virginia M idland.—Inc., 6 s ...1 9 2 7
Wao.St.L. &Pac.—H av. D.-6S.1910
Indianapolis D iv.—6s...........1921
107
Detroit D iv.—6s, tr. r e c ___ 1921 102
Cairo D iv.—5s.........................1931
Tol. & W ab.—Equip. b d s.,7 sl8 8 3
Quin. & Tol.—1st, 7 s . . . . . . 1890
Han. & Naples—1st, 7s___ 190b
111. & So.Iow a—1st,ex. 6s. 1912
St.L.K.C.&N.—R .E .& R R .7s.’95 ........ 112Clarinda B r.—6s..............191b
St.Charles B r’ge—lst,6 s.l9 0 8 ....... 106
No. Missouri—1st, 7 s .......... 1895 114
West.N. Y . & Pa.—1st, 5s ....1 9 3 7 * 98*2
40
2d m. gold 3-5s......... . . . . . . . 1 9 2 7
30
Warren & Frank—1st 7 s .. ,18 96 114 117
West. Va. C. & P itts.—1st, 6 s ..1911
West. Union Tel.—Coup. 7 s .. .1900 115 116
116
R egistered.......................................
N. W. Telegraph—7 s .................1904 *10£
Market St. Cable R y., 1st, 6s. 1913
Manhat. B each Imp. Co.—7 s .l9 0 9 ......... 85
Am. Water Works Co., 1st. 6 s .1907 *......... 103*3
Tenn. Coal Iron & R ailway—
Xenn. D iv., 1st, 6s................. 1917 *85
86
Bir. D iv.—1st con. 6s..............1917 85
CoL & Hock. Coal & I.—6s, g ..l9 1 7
Georgia Co., N. O.—5 s . . . ........ 1937 .......... 96 *»
In co m e B o n d s.
(Interest payable if earned.)
Atl. & P ac.—Cen. D iv ............. 1922
E liz.C ity & Nor.—2d i n c . . . . . .1970
Ind.Dec.& West, in com e................
Mil. Lake Sh. & W.—Incom e.........
Mobile & Ohio—2d pref. d e b e n ...
3d pref. debentures.....................
4th pref. debentures.....................
N .Y . L. E. & West.—Inc., 6s.. 197
Ohio Cent.—Min. D iv .-In o. 7s. 1921
[Ogdens. & L. Cham.—Incom e.1920
¡Shenandoah Valiev—Tne. 6 a ..1923
2596
24
24
102
29*3
27
25
605
THE CHRONICLE
M a y 12, 1888.1
N e w Y o r k C i t y B a n k S t a t e m e n t f o r th e w e e k e n d in g M a y
5 ,1 8 8 8 , is a s f o l l o w s .
W e o m i t t w o c i p h e r s (00) i n a l l c a s e s .
SECURITIES.
Bid.
Ask.
SECURITIES.
Bid.
A sk.
167! Herkiomen—1st,0s.op.’87 100*3 102
Hnnlington A Broad Top 15
37 7f 39
Penn. &N.Y. Can.—7 s,’ 96
Prefen ed.............. ........
52
7
(
53 Phila. & Erie 1st M., 7s. 102 V
Lehigh
V
alley.....
............
Dei
oefits.
Capital. Surplus. Loans. ! Specie, j Legala.
BANKS.
Phil. & R.—1st M., 6 s.... 121
Little Schuylkill............. 64
(00s omitted.)
2d, 7s, 0. A r. 1893...... . 110
Minehill <ft 8. Haven...... i 6334
Nesquehoning Valley__
Cons., 7s, coup., 1911.. 131 >4 132
$
$
$
Cons., 6s, g., I.R.C.1911 120
Northern
Central.............
Bank of New Y ork ... 2,000.0 1.495.0 10.480.0 2. >9;','» 1.090.0 10.500.0 North Pennsylvania...... 5* 80
103*4
Imp., 6s, g., coup., 1897
551.0
9.718.0
2,717,
;
8.625.0
Manhattan Co..........
11334 ,
2. 060,0 1.112.7
Gen., 6s, g., coup., 1908
New
York
Phil.
&
Norf
..
8.341.9
7.572.7 2,’ 7 ', >| 905.5
746.2
2, 000,0
Merchants’ ....... . . .
116*«
116*4
52
7
g
Gen.,
7s,
coup.,
1908—
7.610.0 Pennsylvania...................
94■» •> 962.0
9.095.0
Mechanics’ ................. 2,(.00,0 1.488.5
82*3
81
Tncome,
7s,
coup.,
1896
A
Erie......................
Phil.
28*a
621,1
11.444.6
2,977,4
11.706.6
3.000. 1,814,9
0
America....................
97
9534
Cons.
5s,
1st
ser.,
1922.
Phila.
A
Reading............
80
\
30®
b
2.791.0
424,^>i 315.0
3.548.0
504,1
0
Phenix....................... 1.000.
76
72*3
48
Cons. 5s, 2d ser.,c., 1933
49
9.545.8 6.876.3 1.015.0 14.622,3 8 unbury A Lewiston----- 2(3
City............................ 1,000,0 2.209.6
72
Debenture coup., 1893.
214.5
424.4
2.493.0 United Co’s of N. J ..........
214.0 2.745.5
Tradesmen’ s.............. 1,000,0
22
*19*8
Deferred
incomes,
c
p
...
West
Jersey..............
.
.....
631.5 20.507.6
300.0 5.453.4 18.205.3 7.113.3
Chemical..................
Phil. W. & Balt.—Tr. c..4s 101
RAILROAD BONDS.
559.2
4.048.9
516.1
3.476.6
115.7
600.0
Merchants’ Exch’nge
Warren A Frank.—1st,7s 110 117
648,8 4.384.0 Allegh.Val.—7 3-1 Os. ’80 115*4 110
606,8
Gallatin National...... 1, 000,0 1.240.1 5.274.0
7s, E. ext., 1910.............
West J ersey—1st M., 7s.. 120 12U a
113.5
479.2
1.970.1
1.922.4
283.5
300.0
Butchers’ & Drovers’.
*21* 24H W. Jersey A Atl— 1st, 6s 105 107
Ine.
7s.
end.,
coup,,
’94.
363
0
2.376.0
129.0
2.010.0
138.5
200.0
Mechanics’ A Trader s
109%
106.3
1.154.0 Bells Gap—Cons., 6s........
123.3
1.183.5
76,9
200,0
Greenwich................
BALTTW O KK.
2,626,8 Cam. & Amb.—M., 6s, ’89 I02üfj
256.1
3.314.4
446.1
506.4
600,0
heather Manufact’rs.
111
RAILROAD STOCKS.t
Camden
<
fe
Atl.—1st
M.,
7s
97,4
1.474.2
505,6
75.3
1.235.8
300.0
Sevenih National......
120
124
Baltimore
A O hio......... U 0 107*»
Catawissa—M.
7s,
1900.
259.6
3,064,5
350.3
3.743.4
472.3
State of New Y ork... 1 , 200,0
1st p ref........................ 122
Clearfield A Jeff.—1st, 6s 111
15.259.0 2.968.0 1.743.0 13 973,0 Col.
0
American Exchange- 5.01.0. 1.532.0
no”
'
92
2d
pref.............-.............
A
Cin.
Mid.—1st,
6s.
1,330,7
14,023,5
17.578.7 4.047.3
5.000. 3.074.0
0
Commerce,........ ...
Northern Central............. 82*3 816
308.2
5.119.4 Connecting—6s.................
Broadway..;.............. 1 000 0 1.469.0 5.354.2 1,167,9
S0r
116
Central
O
h
io....................
Delaware
—
Mort.,
6s........
7.851.2
776.5
1,262,8
7.899.6
651.1
Mercantile.................. 1,000,0
Pieferred.......................
342.3 2.888.5 Del.&Bd.B.—1st, 78.1906 131
300.3 2.529.9 .382,6
422,7
P a cific.......................
114
WiJm’gton
Col.
&
Aug’sta
675.5 9.430.1 Elmira & Will’ m.—1st, 6s 119*3
8.895.4 2,206,2
751.4
Bepuhlic..................... 1,600,0
RAILROA D BOND«.
4.890.6 Harris. P. M’t J. & L.—4s
432.7
886,0
470.5 4,54w,2
450.0
Chatham....................
Atlanta & Char.—let, 7s. 1 2034 12L*o
110,2
2.569.9 Hunt’n & B. T.—1st, 7s.. 104
369.1
1.877.7
217.7
Peoples’................ .
200.0
Income, 6 s .............. ---- 100 101
2d mortg., 7s................. 111
326.8 3.626.5
812.2
321.6 2.806.8
700.0
North America..........
Consol. M „ 5s................
102*4 Baltimore A Ohio—4 s... 100*3
802.3 12.565.1
910.3 11,666,9 3.015.3
Hanover..................... 1, 000,0
Cape
Fear & Y ad. - 1st, 6s 97*3 97 7s
120
*
Leh.V.—lst,68,C.&R.t’»8
179.8 2.852.0
511.5
227.0 2 , 866,0
500.0
Irving.........................
Ì.39 Cent. Ohio—6s, 1890........ 103 104
2d, 7s, reg .,191 0....___
257.6
3.028.5
672.1
359.0 2.539.5
600.0
Citizens’ .....................
132*
Char.
Col. A Aug.—1st, 7s 111**
Cons.
0s,
C.A
R.,
1923..
3.267.2
446.9
331.5
163.7 2.736.6
Nassau.......................
500.0
99 7«
Cm. Wash. A bait,—lets
237.6 3.901.7 North Penn.—1st M., 7s. 1Ì7
704.0
548.5 4,403 1
Market <fc F ulton....
500.0
98
2ds,
5s........... ...............
N.Y.
Phil.
ANorf
—1st,
6s
‘
98*3
1.589.6
86,0
158.0
1,8(6,0
212.8
500.0
St. Nicholas...............
38 *s 39*9
3d?,
3s.....
.............
........
Income,
6
s
....................
3.381.0
292.0
608.0
223.1 3.137.0
500.0
Shoe & Leather.........
i 15
1st Inc., 5s, 1931..
Ì32’
256.0 6.036.2 Penn.-Gen.,0s,ooup.l9tO
6.293.4 1.184.4
Corn Exchange......... 1, 000,0 1.071.8
110*3
Seab’d&Ro’n’ke—5s,
1926
122
Cons.,
6s,
coup...1905..
5.702.9
876.5
719.6
4.837.3
279.1
Continental................ 1, 000,0
Union (endCantont, 6 s... 112
Cons., 5s, coup... 1919.
366.0 2.020.1
176,9
336.7 2.090.0
300.0
Oriental......................
West. Md., 3d guar., 6s.. §119 Ï2 0
4%s, Trust Loan______
Importers’ & Traders’ 1.500.0 3,4«0,4 19.478.0 3.962.8 2,058,9 21.976.2
Park........................... 2 , 000,0 1.780.4 16.671.0 3,803,6 2,398,3 21,009,0
* Ex-dividend. + Per share, § Last price this week.
219.2
2.299.7
248.0
101.5 1.905.4
240.0
North .River..............
87,2
1.478.1
284.8
134.3 1.341.7
250.0
M ew Y o r k L o c a l S e c u r it ie s .
East River.................
17.657.2
1.549.0
Fourth National........ 3.200.0 1.291.1 17.015.0 3.275.0
B a n k S to ck L ist.
7.285.0
848.0 1.060.0 7.605.0
507.2
Central N ational....... 2 , 000,0
299.0 4.210.0
3.393.0
812.0
175.4
300.0
Second National........
BANKS. Bid.
BANKS.
Bid. Ask.
Ask.
BANKS.
Bid.]
4.781.5
411.3
4.478.4 1.001.8
267,9
750.0
Ninth National..........
500.0 5,530,3 21.541.4 3.377.4 1,275,1 19.524.2
First National...........
Sew
Y o r k .. 210
Gallatin.
.
.
.
220
172%
173
4.821.9
497,2
695.4
4.863.9
193.0
Third National.......... 1, 000,0
S.Y. Countv 210
1.460.5 Am. E xoh... 137 138 Garfield....... 250
142.7
1.603.1
251.0
108.4
300.0
N. Y . Nat’l Exchange
SLY. Nat.Ex 120 127
Germ’nAm .. 115 120
191.8 2.518.3 Asbnry Park 105 110
460.9
348.0 2.507.1
250.0
Bowery.......................
Sinth........... 132
Germania. .. 200
260
224.9 3.039.5
7(0,0
58,0 2.232.5
200.0
New York County....
163
130
120
254.2
127.1 2.294.5
195.8 2.660.5
7 50,0
German-American....
Sorth Riv’r. 135 145
195
125 135
7.807.0
516.1
463.0 7.654.5 1.607.5
500.0
Chase National..........
185
Oriental___
340
Im.&
Trad’s’
350
228
Ohase...........
3.840.5
84,9
881.4
638.4 3.820.6
100.0
Fifth Avenue........... .
160
150
230
3.176.9
404.7
83,6
362.5 2.644.5
200,0
German Exchange...
165 175
3400
195
3
800
2.817.8
152.2
356.6
2.520.4
351.9
200,0
Germania...................
160 165
People’s. . . . 185
Ì4Ó
4.647.2
47,0
492.5 4.469.8 1,057,9
500.0
United States............
Phénix......... 134% 1.38*
Market____ 175
223.8 3.235.3 Oity.............. 320
664.9
153.1 2.646.0
300.0
Lincoln.......................
Mechanics’ . 162 ... . . . Se publie . . . 142
170
265.0 2,735,7 Commerce ..
502,«
2.294.6
192.6
200.0
Garfield..................... .
St-Nicholas. 110
M’chs’&Trs’ 155
1.808.9 Continental. 123 129
192.1
1.529.4
380.7
223.7
150.0
Fifth National......... .
Seventh...... 115
Mercantile.. 145
4.563.1 Com E xch... 190 205
292.8
966.8
411.5 3.698.6
300.0
Bank of the Metrop..
300
Second.........
139
142
Mer
cnant
s
’
.
130
ffla8t
River..
2.185.9
247.6
303.8
185,0
1.928.3
200.0
W est bide........... .
M’rch’ts’Ex. 118 121% Shoe <&Loath 142 250
2.777.0 11th W ard.. 150
268.6
422.0
120.5 2.067.0
500.0
Seaboard....................
StateofN.Y. 115 118
Metropolit’n 10*3 12
371,0 2.250.1 (fifth A v e ... 850
65,5
1.780.4
394.0
200.0
Sixth National...........
Tradesmen’ s 105 ¡106
230
2000
119.8 8,816,3 2,133,4 1,046,0 8,648,0
Western N ational,... 3.500.0
Tnlted St,’e» 210
F ourth ........ 137 Ì42-» Nassau........ 148
Total
■___ ____[60,512,7¡48,928,4 365,515,6 80,703,3 33,345,0 383,512,9
G a s an d C ity R a ilr o a d (Stocks and B ondf •
B o s t o n B a n k s .— F o l l o w i n g a r e t h e t o t a ls o f t h e B o s t o n b a n k s :
GAS COMPANIES. [ Bid. Ask
Bid. Ask.
GAS COMPANIES.
Specie. L, T’nders. Deposits.* Circula’n, Agg.Cl’ngs
1888
Loans,
7»
Brooklyn Gas-Light...... . 103 105 People’ s (Bklyn.).............. 70
120 128
56
Citizens’ Gas-Light.......... 54
$
$
$
$
$
$
106
111
100
103
Bonds, 5s.................—
Ap. 21 140,196,000 9,641.000 3,146.500 108.880.500 6,624,900 85,2o8.439
82
74*9 Metropolitan (Bklyn.)___ 80
r‘ 28 140,633,600 9,974,400 3,349,100 108.741.700 6.481,200 83,486,997 Consolidated G as............. 74
Municipal—Bonds, 7 s ..... 105 11«
May 5 141.618,700 10,422,600 3,101,000 112.097.700 6,480,400 107,624,809 Jersey City A Hoboken... 165
132
134
114
Metropolitan—B onds.......
105 10»
92
Mutual (N. Y .) ................. 90
P h i l a d e l p h i a B a n k s .— T h e t o t a ls h a v e b een a s f o l l o w s ;
105 110
100 102
110 U S
Nassau (Bklyn.)------------- 100 105
Circula’n
Deposits.*
Lawful
Mon’y
1888.
Loans.
Scrip......................- ........ 97 100
*
$
$
$
[City RR . Quotations b y H. L . G r a n t , Broker, 145 Broadway ]
87.001,900 2,590,750 67,532,866
23,035.500
Apr. 21...... 89.566,400
87.621.100 2.721,760 57,175,803 B ’okerbt.A Fuit.P.—stk. 26
D. D. E. b . <Sb .—aorlp, 68 1 04 101
23,589,600
28
“ 2 8 ..... 89,803.300
88.818.100 2.725,100 64,787,375
24,770,100
May ô ....... 90,034.600
is t mort-., 7s, 1900 . . . . . 111 112% Eighth A v.—Stock........ 150 160
105 107%
Scrip, 6s, 1914........ .
165 185
8r*dway
&
7th
A
v.—St’k
..
"Including the item "d u e to other hanks.’’
Ist mort., 5s, 1904........ 102 104 42d& Gr’nd St. F ’rv—Stk 210 220
110 112
1st
mort.,
7s,
1893.......
103
104
2d mort., 5s, 1 9 14..... ..
38
Q u o ta t io n s in B o s t o n , P h ila d e lp h ia a n d B a lt tm o r * :
B’way Surface bds.,.1924 85 100 42d St. Manh. A St. N.Ave 34
1st mort.,6s, 1910 . . . . . . 108*3 109%
95
85
Bonds
goar.,
5s,
1905
...
F o l l o w i n g a r e q u o t a t io n s o f a c t i v e s t o c k s a n d b o n d s . A f u l l Brooklyn City—S tock ..... 112 115
60 ,
2d mort., income, 6 s ..... 55
4 oust. W.St.&P. F’y -S t k . 155
lis t is g i v e n i n t h e C h r o n i c l e t h e t h ir d S a t u r d a y o f e a c h m o n t h .
Ist mort., 5s, 1902 ........ 106 110
1st mort., 7s, 1894 . . ... . 110 Ï12*"
Sklyn. Crosstown—Stock. 212 225
Ninth A v e ............ . . . . . . . 76
Ist mort., 7s, 1888 . . . . . . 100
SECURITIES.
Bid. Ask. Bnshw’k A v. (Bkln)—St’k 140 150 Second Av.—Stock.... . . . . 1C8 i i < r
Bid. Ask
SECURITIES.
1st mort., 5s, 1910 ........ li*3 105
Central Crosstown—Stk.. 150 160
Atch. & T ’p’a.—(Cont’ d)—
Sixth Av.—Stock . . . . . . . . 160 175
Ist mort., 6s, 1922........ 116 120
89*3 Oent. Pk. N.& E.Riv.—Stk 82
le t mori.,7s, 1 8 9 0 ...... It 6 118
B OSTON .
85
RAILROAD STOCKS.!
Consol., 7s, 1902 ........... 116 118 Third Av.—Stock............. 219 230
Atchison <fc T opeka. . . . . . 88»4 89is
107% Ohriat’ph' r&lOth St—Stk. 120 125
Bonds, 7s, 1890 ............. 101 102'
Boston A Albany...... . . . . 199 200
Burl. & Mo. R. in Neh.—
Tw mty-third st.—Stock.. 225 230
Bonds, 7s, 1898 . . . . . . . . . 111 113
Exempt, 6 s .................... 116 116 *9 Ory Dk. E.B.& Bat’y—Stk 146 160
158 159
Boston A Lowell____ . . .
1st mort.,7s, 1893 . . . . . . 110 112
211
104
Boston A M aine........ ......
Ist mort., 7s, 18 93........ 107% 109
Boston & Providence___ 234 235
111
California Southern........
California South.—1st, 6s. 112
423s
U nlisted Securities.— Quotations from both Exchanges:
88
Central of Massachusetts 21
Incoue, 6s...................... 87
87
41
Preferred.............
Consol. 01 Vermont—5s.. 85
SECURITIES.
Bid. Ask
Bid.
SECURITIES.
Cheshire, pref...................
Eastern,Mass.—6s, new.. 121
Ohio. Burl. & North’n__ " 54"
K. c . Fort Scott <&G.—7s 115
4
32*3' Keely Motor......................
Am. Bank Note C o ........ 30
Chicago & West. M ich ... ?........
18
Lehigh A wilkes. Coal... 1«
Cleveland A Canton.......
7
K.C. Memph. A Birm—5s
92*8 Atch. A Pike’s P’k, 1st 6s 10ti
40
37
Mahoning
Coal
R
R
...........
87
83
Atlan.
A
Char.—S
tock...
Kan. Cit. St. Jo.&C. B.—7s §120 121
Preferred........... ........... i ........
P ref................................ 88
Atl. & Char. Air L., 1st, 7b 120 123
K. City Sp’d A Mem.—0s §........ 112
Detroit Lansing & North,
26
Mex. Nat.Construct’nCo. 24
Boat. H, T.& West.—Stk.
K.C. Clint. <fc Spring!.—5s
Preferred.......................
Mexican National tr. rec,
6*4 7%
Brooklyn Elev’d—stock.. 35
107%
Eastern............................. 9124
1st mortgage, tr. reo.... 39% 40
103% Brooklyn A Mont auk— 40
Lonisv.Ev.&St.L.—1st, 6s
Preferred....................... §128
99 100
New 1st 6 s ..............
Pref................................. eo
66
90
2d mort., 2-6s.................
Fitchburg, pref...............
50 Newp. N. A Miss. V a l....
Chic. Burl. A No.—Stock. 44
Mar. TT. A Ont,.—1908, 6s,
Flint <& Pere Marquette.
39
"3 %
7*a N .Y . W.S.A Buff...........
6
Chesap. A Ohio—Receipts
107*3 1923,68..........................
Preferred.......................
7*s 8*3 N. Y. & Green’d Lake, 1st 25
1st pref—'Receipts........
69 *4 69%
Kang. City Clint. & Spr’g.
5
8
2d
mort...........................
7*3
6
2d pref—Receipts...........
22*8
21
Income...........................
Kan. City Ft. S. A G u ll..
4*3 5*3 New Jersey & N. Y.—1st. 100
123% Chic. A Atl.—Ben., tr. reo.
N Y . & N . E n g .-ls t, 7s..
Preferred.......................
X
N.
J.
Southern------------35*4
Ohio. Gas T ru st..............
1st mort., 6s.................. 114 116
K. C. Memph. & Birm. .. §...... .
Ocean Steam.Co.,lst guar. 103 105
44
Continental Cons. Co...... 40
2d mort., 6s.................. 108
Kan. C. Spring!. A Mem.
100 ........
Port
Royal&
Aug.—1st...
13
10*9
Den.
A
Rio
Gr.
W
.—St’k.
98%
Ogdens.
&
L.C.—Cons.,
6s
Little Bock A Ft. Smith..
Incomes......................... 35
8
6
Dul. S. Shore A At.— Stk.
95
94
Rutland—5s .....................
Louisville Evans. & St. L., § Ï Ô
98
Rich. York Riv. A Ches.. 92
27
Pref.................................
98% 99
Preferred. ____________
15
St.
Joseph A Grand Isl... 13
East
&
W
est
RR.
of
Ala.
95
94
Maine Central...................
__
40
St.
Louis
A
Chicago,
pref.
“ *%
Fla. R ’y & Nav. Co........
94
Incom es..............
—
Mexican Central........ .
16 ®8 157,
St. Paul E.<fc Gr. Tr., lBt 0s 93
P ref................................
90
Wiscon. Cent.—1st M., 5s
125
N.Y. A N. Eng., pref.......
26
Tol.
A.
A.
A
N.
Mich........
16
Georgia
Pac.—Stock.......
42%
Northern......................... §137
Income 5 s .................... i 40
20
1st 6 s............................. ......... |108*4! Toledo Peoria & W est... 15
T U U iA U E L r U lA .
Norwich A Worcester___
7»
1st. 4s............... .............
2ds................................... 45% 47%
RAILROAD STOCKS. 1
Old C olonv.......................
170
90 .......*
Vicksb.
A
Meridiai
—1st.
Henderson
Bridge—
St’k.
.
.
......
100
Vermont & Mass..............
Buff. N.Y. A Phil.,ass.pd. § 8*4 9%
40
2d mort...........................
1
Kanawha A Ohio........—
Wisconsin Central.......... i 17
17 »4 I Preferred....................... § 7*4 ___
5%
T
Incom es... . . . . . . . . . . . . . . .
1st pref.................... —
Preferred..... . . ...........
Delaware A Bound Brook 156 160
38
Stock, common..............
»4 1
3
2d pref.............
....
53 I 53%
BONDS.
East Pennsylvania.........
1
1%
SUck, p r e f .............. ...
1st 6s............................... 65
Atoh. A Topeka—1st, 7sJ 120
96
Western Nat. Bank........ 94
10
7
Coll. Truer, 5s.......
64 ........ Kan. City & Omaha.........
95*9a Preferred............ 7........
85
W«at
"J
Our
—Cfvn.
M
83
1st m srt........................ *1
1Ex-dividend.
t Per share.
§ Last price this week.
. .
606
THE
CHRONICLE
Latest E arnings Reported.
In v estm en t
R o a d s.
AND
R a ilr o a d
I n te llig e n c e .
The I nvestors’ Supplement, a pamphlet o f 132 pages,
contains extended tables o f the Funded Debt o f States and
Cities and o f the Stocks and Bonds of Railroads and other
Companies. It is published on the last Saturday o f every
other month— viz., January. March, May, July, Septem
ber and November, and is furnished without extra charge
to all regular subscribers o f the Chronicle. Extra copies
are sold, to subscribers o f the Chronicle at 50 cents each,
and to others at $1 p er copy.
R A ILR O A D EARNINGS.
Gross Earnings to Latest Dates.—The latest railroad earn
ings and the totals from Jan. 1 to latest date are given below
for all the railroad companies whose reports can be obtained.
Latest E arnings Reported.
BO ADS.
Week or Mo
1888.
1887.
$
$
Allegheny V a l . . M arch....... 159,830 173,500
Atch. T. & S. Fe. M a r ch .... 1,233,238 1,762,628
111,342 111,971
Atlanta & Char. M arch.......
32,393
A tlanta & W. P t.. March.......
28,702
61,080
A tlantic & P a c .. •ttli wkApr
fc8,t~00
B altim ore* Ohio M arch....... 1,555,964 1,855,926
120,720 120,555
Balt. * Potom ac M arch.......
90,055
B eech Creek — February..
56,993
Bull. R o c k .* Pitt 1st wkM ay
37,366
42.111
55,612
Bur.C.Bap.&No. 4 th wkApr.
67,789
14,808
Cairo V. & Chic 4th w kA pr
12.314
CaL Southern... lstw k May
38,450
28,675
33,432
JCamden & A tl’ c M arch. ...
34,805
Canadian Pacific 1st wkMay
220,000 204,000
22,190
Cp.F’r &Yad.Val A p r i l .......
18,929
Carolina C ent... M arch____
51,787
47,636
CemRR.&Bg.Co. M arch.......
552,090 509,235
Central Io w a ___ A p ril.........
101,828
89,824
Central o f N. J .. M arch....... 906,193 995.385
Central P a c ific . February.. 1,091,243 717,233
9,51«
Central o f S. C. M arch.......
7,839
60,417
Charleston &Sav M arch.......
48.599
39,261
Cheshire............. February..
38,028
6,954
Cheraw & D arl. M arch.......
7,141
Ches.O. & S .W .. April . . . . .
138,578 127,364
Ches. & L enoir.. M arch.......
7,368
5,653
46,074
Chic. & Atlantic 1st wkMay
32,734
Chic. Burl. &No. M arch.......
73,323 282,398
Chic. Burl. & Q .. M arch....... 1,211,188 2,952,682
Chic. & East. 111. 4th w kA pr
38,775
37.600
Chic. & Ind. Coal lstw k May
7,170
6,190
Chic. Mil. &St.P. lstw k May 398,500 403,313
Chic. & N’thw’n. M arch....... 1,897,532 2,334,783
Chic. & Oh. R iv. A p r i l ____
4,294
4,503
Chic. St.L.*Pitts January... 452,716 446.385
Chic. St.P. &K.C. M arch.......
172,493 112,347
Chic. St.P.M.&O. M arch.......
500,341 579,735
Chic. & W. Mich. 4th wkApr
34,741
37.324
Cin. Ind. St. L. &C. M arch____ 212,984 234,712
CimJack. &Mac. 4th wkApr
11,802
10,565
Gin. N. O. & T. P. 4th w kA pr
99,142
86,505
Ala. Gt. South. 4th w kA pr
38,045
38,276
N. OrL & N. E . 4th wkApr
21,957
3 8,575
Vicksb. & Mer. 4th w kA pr
11,326
12,057
Vicks. Sh. & P . 4th wkApr
13,562
12,522
Erlanger Syst 4th wkApr 184,021 167,935
Cin. Rich. &Ft. W. 4th w kA pr
8,601
31,365
Cin. Sel. & Mob.. M arch.......
7,496
7,830
Cin. & Spring’d. A p ril.........
88,058
90,613
Cin. Wash. &Balt. 4th w kA pr
44,130
43,045
Olev. Akron &Coi 4th wkApr
13,236
13,767
Clev. & Canton March.......
30,955
28,104
d e v . Col. C. & Ind A p ril......... 301,520 317,389
Whole system. A p ril.........
540,285 551,824
Clev. & Marietta 1st w k A p r j
4.870
5,778
Coeur d’Alene
31,101
M arch .___
C olor.M idland.. April . . . . .
112,476
CoL & Cin. Mid . 3d w k Apr.
4,919
4,728
Col. Hock. V. * T. lstw k M ay
64,521
44,668
C.&Hock.C.&. I. M arch.......
118,442
Denv. & Rio Gr lstw k May 144,000 133,000
Denv. * R. G. W. 4th wkApr
27,475
20,275
B en. Tex.&Gulf. M a r c h ___
14,873
21,230
Det-Bay C.&Alp. A p ril.. .
38,000
32,987
Bet.Lans’ g& No. 1st wkMay
17,674
20,525
BuluthS.S.&Atl. A p ril.........
60,721
79,079
E.Tenn. Va.&Ga. 4th wkApr 114.129 101,227
E liz.L ex .*B .S ... F ebruary..
68,420
74,499
Evans. & Ind’plis 4th wkApr
3,989
5,178
E vansv. & T. H . 4th wkApr
19,741
19,484
F lint & P. Marq. 4th wkApr
71,973
65,007
Fla. R.&Nav.Co. 4th wkApr
22,453
23,299
F t. W. & Den. City 3d wk Apr.
14,970
18,369
Georgia P a cific. 4th wkApr
19,824
19,537
Gr. Rap. & Ind... 4th w kA pr
60,103
52,955
Other lin es___ 4th wkApr
4,642
4,577
Grand T ru n k ... Wk. May 5. 328.129 356,251
Hous.&Tex.Cen. ,4th w kA pr
38,342
28,217
Hum est’n &Shen A p ril.........
9,500
10,494
m .C en. (111.* So) A p ril......... 859,196 793,761
Cedar F.& Mm. A p ril........
6,635
10,046
Dub. & Sioux C. A p ril.........
59,729
67,455
Ia. Falls &S.C. A p r i l .......
50,743
43,778
Ind. Bloom . & W. 4th w k Jan
52,042
58,962
Ind. Dec. & Spr. M arch.......
25,424
38,665
Ind. & St. Louis. 4th w kA pr
49,565
45,116
Jack. T. & K. W. February.
53,912
57,947
K a n a w h a * Ohio 4th wkApr
2,749
5,040
K . C.Ft.S. &Gulf. 3d w k Apr.
41,187
39,787
Kan. C .Sp. & M . 3d w k Apr.
34,063
29,297
Kan. C .C l.& S p . 3d w k Apr.
4,309
4,428
Kentucky (pent. A p ril....... .
77,399
68,737
Keokuk & West. 4th w kA pr
6,155
6,489
K ingst’n &jPem. 1st wkM ay
3,270
4,001
K n o x v . & O h io . M arch.......
35,502
38,823
Lake E. & West. 4th w kA pr
46,373
44,815
L e h ig h * H n d ... A p ril.........
19,924
20,269
L. R ock & Mem. 3fi w k Apr.
11,989
12,291
[VOL. X L VI
Jan. 1 to Latest Date.
1888.
1887.
$
$
471,335
455,250
3.373,844 4,311,683
360,762
340,287
116,966
lo4 ,7 7 0
863,427
912,650
3=>7,167
167,988
626,551
832,032
220,228
658,973
99,707
3,855,722
105,120
150,031
1,841,993
432,366
2,723,975
2,185,294
31,650
169,098
79,867
24,490
615,729
23,232
716,724
347,282
4,569,< 01
632,136
174,770
7,184,000
5,145,314
14,504
452,716
424.190
1,264.156
422,210
620.190
144,884
1,120,168
509,185
284,861
162,262
171,409
2,247,885
132,504
27,584
358,581
663,477
186,908
83,858
1,265,432
2,261,062
73,497
369,147
86,338
852,900
349,846
2,350,684
380,537
65,787
139,288
310,558
301,956
1,785,516
162,299
69,560
264,119
818,989
367,504
249,679
406,330
690,027
63,647
5,395,612
680,323
45,661
3,571,382
25,732
271,468
243,142
187,365
77,627
631,005
107.196
81,352
735.196
501,969
74,966
289,124
102,131
55,332
123,677
593,364
67,650
236,825)
338,210
103,887
642,662
938,237
222,052
545,217
90,452
2,927,793
86,617
140,651
1,586,586
429,904
2,336,494
1.519.403
24,147
149,375
82,956
23,740
549,969
17,766
726,190
621,503
6,785,302
619,956
126,658
7,610,872
5,692,136
22,109
446,385
263,992
1,320,227
426,124
647.551
1*8,301
1,036,823
482,463
223,912
172,469
174,736
2.090.403
127,773
25,988
344,488
679,900
169,895
78,120
1,303,820
2,297,491
82,967
91,384
940,468
2,400,055
302,441
43,835
123,235
362,340
211,497
1.595,918
145,071
72,411
251,239
812,499
365,936
180,895
346,460
694,753
42,737
5,975,351
728,530
47,131
3,544,112
36,031
246,478
196.688
202,600
109,137
649,183
111,488
38,553
802,805
598,66s
79,679
286,049
98.875
41.781
110,453
619,964
81,987
258,319
Week or Ro
Long Island....... A p ril.......
Lou. & Mo. Riv.. January..
Louis.Ev. &St.L. 4th wkApr
Louisv. & N ashv. 4th w kA pr
Lou.N.A. & Chic. 4th wkApr
Louisv. N.O. &T. lstw k May
Lykens V alley.. M arch.......
Mar. Col. & N o.. M arch.......
Memphis &Chas. 4th w kA pr
‘ M exican Cent . 4th w kA pr
*Mex. N. (all ins) M arch.......
‘ M exicanRaiiwy Wk.Apr.21
Mil. L.Sh.&West. lstw k May
Milwaukee & No. lstw k May
M inneap.* St. L. A p ril.........
Min.SLSte.M &A January.
Mobile & Ohio .. A p ril.........
Nash. Ch. &St.L. M a r c h .....
Natchez Jac.*C . A p ril.........
New Brunswick. M arch.......
N.Y. Gen. &H .R. A p ril.........
N.Y. L .E . & W.. M a r ch .....
N.Y. & New Eng. M a r c h ___
N. Y. & Northern lstw k May
N.Y. O n t .* W ... lstw k May
N.Y. P h ila .*N ’k M arch.......
N.Y. Sus. & W ... M arch.......
Norfolk & West. lstw k May
N’theastm (S.C.) M arch.......
Northern Cent’l. M arch___
Northern Pacific lstw k May
O h io * M iss....... 4th wkApr
Ohio R iv er____ 4th wkApr
Ohio S outhern. A pril.........
O m a h a * St. L .. March.......
Oregon Imp. Co February..
Oreg. R .& N .C o. M arch___
P ennsylvania... M a r ch .....
PeoriaDec.&Ev. 2d wk Apr
Phila. & E rie__ M arch..
Phila. & Read’g. M arch..
Coal & Iron Co. March
Tot.bothCo’s . . ¡March
Pitts. & West’m . 4th wkApr
P ’rtR oyal &Aug. 'March.......
Pt. R ’al& W.Car. M arch.......
Rich. & Allegh’y. M arch.......
R&W.P.Ter.Co—I
Rich. & D anv. 4th w kA pr
Va. Mid. D iv .. '4th w kA pr
C. C. & A. Div. 4th w kA pr
Col. & Gr. Div. 4th wkApr
West. N. C. Div 4th w kA pr
W. O. * W.Div. 4th wkApr
Ash. & Sp. Div. 4th wkApr
Total a l l . . . . 4th
‘ wkApr
R om eW . & O g .. February..
IfSt.L.Alt. &T.H. 4th wkApr
B ranches. . . . . 4th w kA pr
St.L. Ark. & T ex. 4th w kA pr
St. L. & San Fran. lstw k M ay
St. Paul & Duluth lstw k May
St.P.Min. &Man. A p ril........
S.Ant.&Ar.Pass. A p r i l ____
Scioto V alley___ F ebruary..
Seab’rd & R oan. M a r ch .....
Shenandoah V a l. A p ril.........
South Carolina.. M arch.......
So. Pacific Co.—
GaLHar.&S.A. M arch .___
Louis’a W est.. M a r c h .....
Morgan’ s L&T. M arch.......
N .Y . T. &M ex. M arch.......
Tex. &N. O rl.. M arch____
Atlan’c system M arch____
Pacific system F ebruary..
Total o f a ll.. February..
Spar. Un. & C ol. M arch____
Staten Is. Rap. Tr A p ril.........
Summit Branch M arch.......
Texas & Pacific. lstw k May
Tol. A. A. & N.M’h lstw k M ay
Tol. & Ohio Cent. lstw k May
Tol. P. & W e s t.. 4th w kA pr
Union P a c ific ... M arch..
Valley o f O hio.. A p ril__
Wab. W estern... ls tw k M ay
Wab., E. o f Missj February.
Western o f Ala.. March
W e stN .Y .& P a . lstw k May
iWest Jersey___ March
Wheeling & L .E . Istw k M ay
Wil. Col. & A ug March
(»Wisconsin Cen lstw k May
t And branches.
1888.
251,749
36,704
19,851
352,195
47,942
37,497
83,607
6,656
27,462
106,550
167,747
67,519
48,391
18,200
118,650
30,457
169,174
257,133
10,261
74,495
2,748,777
2,130,419
378,440
11,553
31,298
46.838
106,154
105,157
66,964
426,081
309,920
58,893
6,674
36,751
32.589
384,745
558.733
4,526,561
11.375
277,046
1,579,308
1,078,644
2,657,952
42,204
39,467
37,542
48,791
69,650
28,600
12,000
6,900
12,750
1,500
1,850
133,250
224,059
49,565
19,780
51,960
90,400
29,365
810,359
86,144
52,109
60,908
65,000
119,569
1887.
Jan. 1 to Latest Date.
1888.
f-
*
769, 942
36, 704
295, 850
5,014, ,854
6 i4, 946
839, 330
277, 72 2
21 ,,886
547, 619
2 , 002 ,,292
534, 601
1,252, 939
682, 844
328, 052
414, 645
30, 457
785, 422
776, 774
51, 589
175, 603
10,901, 573
6,068, 882
1,156, 932
231,206
40,982
19,810
372.036
50.508
28,179
51,473
4,267
30,170
112,876
159,600
74,468
51,321
15,798
133.067
10,147
154.407
245,733
10,536
67,588
2,901,740
2,121,305
430,097
9,726
31,345
493,501
45,869
126,341
112,538
342,545
63,679 1,626,104
55,594
194,577
514,022 1,333,273
224,860 4,569,488
71,434 1,158,946
5,216
111,120
45,090
198,100
95,178
232,590
727,624
457,103 1,276,578
4,410,433 13,099,995
13,173
326,297
772,842
1,759,584 3,615,905
1,283,579 1,694,915
3,043,163 5,310.821
46,648
532,742
43.508
114,877
30,904
104,179
46,663
128,726
1887.
S
740,649
40,982
299,401
,904,580
640.102
709,522
138,332
11,480
526,730
,572,665
437,196
,163,180
842.145
310,510
516,349
10,147
780,386
737,288
52,965
161,962
',991,091
,933,030
,152,401
436,152
119,507
295,475
1,263,620
168,251
1,517,960
3,473,694
1,297,238
72,579
195,950
495,941
972,202
12,250,992
843,849
4,848,661
3,439,350
8,288,011
615.883
110,514
92,080
124,011
71,650 1,588,280 1,382,707
26,075
515.274
462,765
11,400
319,418
278,660
7,150
221,603
192.053
12,850
223,065
211,776
1,900
32,250
28,937
850
34,074
13,756
131,875 2,844,460 2,560,302
201,640
436,505
386,216
45,116
631.005
649,183
24,195
291,240
293,759
41,936
810,748
653,315
94,128 1,739,596 1,862.188
32,190
371,140
395,739
686,658 2,584,524 2,260,521
34,070
274.561
107,665
54,767
106,182
110,991
51,856
170,345
142,758
65,088
244.562
250,789
114.068
326,799
382,698
349, 305 252,353
66,374
90, 150
480, 947 331,723
7, 750
12,061
137, 685 102,896
1,065, 836 765.407
2,542, ,875 1,570,830
3,462, 791 2,239,649
9, 667
5,445
54, 000
52,450
97, 914
87,900
99, 124
74,251
9,596
12 , 494
21 430
14,620
16,677
17, 353
2,513, 108 2,571,365
54, 038
52,156
99, 000
96,000
428, 540 438,436
37,026
35, 246
46,700
55, 000
101 , 907 100,687
15, 045
13,696
75, 857
65,617
55,710
62, 7041
,
938.970
227,424
1,371,440
23,437
340,251
2,901,518
4,873,873
6,709,556
29,551
181.338
376,606
2,063,428
202,399
396,312
274,827
6,158,878
201,373
1,732,105
884,654
136,109
931,306
272,642
305,023
236,715,
1.144,744!
698,240
181,365
997,954
31,879
266,987
2,176,423
3,331,684
4,742,701
20,550
178,015
262,290
1,958.011
168,689
330,409
284,536
5,984,632
198,083
2.000,532
921,985
123,305
869,478
255,085
247,484
205.054
1,097.974
* M exican currency.
II Including Indianapolis & St. Louis.
a A ll lines included.
Latest Gross Earnings by Weeks.—The latest weeklyearnings in the foregoing table are separately summed up
as follows:
For the fourth week of April the final statement covers 78
roads, and the increase is 4 06 per cent.
4 th week o f April.
1888.
1887.
S
$
PrevTy report’d (31 roads) 2,830,962 2,639,813
Atlantic <5» P acific......... ..
68.600
61,080
Burl. Cedar R. & N o r th ...
55,612
67,789
California Southern..........
34,363
32,918
Chic. & West M ich igan ...
34,741
37,3 ¿4
ineinnati Jack. & M ack.
11,802
10,565
Cin. N. O. & Texas P a c ...
99,142
86,505
Alabama Gt. Southern .
38,035
38,276
New Orleans & N. E ___
21,957
1 ,575
Vicksburg & M eridian..
11,326
12,057
Vicksburg Shrev. & Pac.
13,562
12,522
Cin. Rich. & F. W ..............
8,601
11,365
Cin. Wash. &. B alt...........
44,130
43,045
Cleveland Akron & C o l...
13,236
13,767
Denver & R. (JrandeWe st.
27.475
20,275
Increase.
$ ,
328,805
Decrease.
$
137,656
7,520
12.17Ì
i,4 4 5
1,237
12,637
3,382
2,583
241
731
1,040
2,764
1,085
7,200
531
.......
THE CHRONICLE
M a y 1 2 ,1 8 88 .]
4 th week o f April.
East Tenn. Va. & G a ........
Evansville & Indianap....
Evansville & T. H ..........
Flint & Pere M arquette..
Florida Ry. & N av............
G eorgia Pacifio ...............
Grand Rapids & In d .........
Other lines......................
G rand Trunk o f Canada..
H ouston & Texas C en t...
Kanawha & O h io..............
Keokuk & W e ste r n ..........
Lake Erie <fe W estern.......
Louisville & Nashville . . .
Louisville N. Alb. & Chic.
Memphis & Charleston...
Ohio R iver..........................
Richm ond & D a n v ille ___
Virginia Mid. D iv ..........
Char. C. & A. D iv ..........
Col. & Gr. D iv ................
West North Car. D iv ___
Wash. 0 . & W. D iv .........
Ash. & Spar. D i v ..........
‘ St. L. Alt.&T. H ,M. Lines
•St. L. A lt.& T.H..branches
T ol. Peoria & W estern___
W isconsin Central.............
1888.
1887.
$
114,129
5,178
19,484
65,007
23,299
19,824
52,955
4,577
338,708
3-1,342
5,040
6,155
46,373
352,195
47,942
27,462
6,674
69,650
28,600
12,000
6,900
12.750
1,500
1,850
49,565
19,780
17,353
93,840
$
101,227
3,989
19,741
71,973
22,453
19.537
60,103
4.642
338,191
28,217
2,749
6,489
44.815
372,036
50,508
30,170
5,21671,650
26,075
11,400
7,150
12,850
1,900
850
45,116
24,195
16,677
92,952
Increase.
$
12,902
.1,189
846
287
517
10,125
2,291
1,558
.......
1,458
2,525
600
1,000
4,449
676
888
Total (73 roads).............
N et increase (4-06 p. c.)
4,793,156 4,606,267
............
............
* Including Indianapolis & St. Louis.
398,142
186,889
Decrease.
$
............
257
6,966
7,148
65
............
334
19,841
2,5«6
2.708
2,000
250
100
400
4,415
211,253
For the first week of May the returns so far as received are
quite favorable, the gain on 28 roads reaching 10’73 per cent
1st week o f May.
Buffalo Roch. & Pittsburg.
California S o u th e r n ......
Canadian P a cin o__ _____
Chicago & A tla n t ic ___. . .
Chicago & Ind. Coal.........
Chicago Mil. & St. P a u l...
CoL H. Val. & T o le d o ___
D enver & R io G rande___
Detroit Lans. & N orth___
*Grand Trunk o f Canada.
Kingston & Pembroke ...
Louisville N. O. & Texas.
‘ M exican R ailw ay........ .
Milwaukee L. Sh. & West.
Milwaukee & N orthern...
N ew Y ork & Northern___
N ew Y ork Ont. & W est...
N orfolk & W e s t e r n ........
Northern Pacific ..............
St. Louis & San F ran.......
St. Paul & Duluth..............
Texas & P a c ific .................
T oledo A. A. & No. Mich..
Toledo & Ohio C en tral....
Wabash W estern...............
Western N. Y. & Penn . . .
W heeling & Lake E n e .. . .
W isconsin Central............
T otal (28 r o a d s).............
Net increase GO-73 p. cb.
1888.
1887.
$
37,366
38,450
220,000
46,074
7,170
398,500
64,521
144.000
17,674
328,129
4,001
37,497
63,395
48,391
18,200
11.553
31,298
105,157
309,920
90,400
29,365
99,124
12,494
21,429
99,000
55,000
15,045
62,704
42,111
28,675
204,000
32,734
6,190
403,318
44,668
133,000
20,525
356,251
3,270
28,179
49,686
51,321
15,798
9,726
31,345
63,679
224,860
94,128
32,190
74,251
9,596
14,620
96,000
46,700
13,69«
55,710
2,420,857
2,186,222
Increase.
$
9,775
16,000
13,340
980
19,853
11,0U0
731
9,318
18,709
2,402
1,827
41,478
85,060
24,873
2,898
6,809
3,000
8,300
1,349
6,994
284,696
234,635
Decrease.
$
4,745
""4.813
MONTH AND FISCAL TEAR.
- March.—
r-July 1 to Mch. 311888.
1887.
1887-8.
1886-7.
Roads.
$
$
Cin. Ind. St. L. & C .G ross. 212,984 234.712 2,027,217 2,046,546
N e t...
83.305
97,576
759,696
815,827
East Tenn. Va. & Ga.G ross. 444,667 414,382 4,321,240 3,624,997
N et.. 154,304
85,218 1,561,053 1,442,423
K n oxville & Ohio ..G ross.
38,823
35,502
376,609
306,250
N et..
16,853
15,393
136,106
126,070
New B runsw ick....... G ross..
74,495
67,588
629.669
592,061
N et..
24,317
5,430
210,419
154,405
Northern P acific....... Gross. 1,207,176 1,030,679 11,254,''34 9,470,123
N et.. 406,601 415,438 4/734,573 4,452,887
,-------- March.-------- , i—Oct. 1 to Mch. 31.— .
1888.
1887.
1887-8.
1886-7.
Road.
$
$
$
$
Western No. C ar.........Gross,
52,853
55,483
325,799
298,168
N et...
4,971
11,062
49,032
51,589
” 2,930
Atchison Topeka & Santa Fe.
( For the year ending December 31,1887 J
47
"3,72*8
? 2,825
50,061
MONTH AND CALENDAR TEAR.
, -Jan. 1 to Mar. 31.1888.
1887.
3,373,844
960,563
638,856
134,605
2,723,975
1,138,195
330,538
32,329
477,151
150,168
347,282
82
4,569,001
720,475
620,199
225,092
1,376,625
453,250
123,677
49,197
78,080
15,799
295,995
39,647
175,603
39,998
2,846,868
602,987
1,276,578
394,450
— February.------,
-Jan. 1 to Feb. 29.—.
1888.
1887.
1888.,
1887.
Road.
$
$
$
Central P acific...........Gross 1,091,243 717,233 2,185,294 1,519,403
N et.. 390,895 241,48 i
799,115
555,743
Louis N. Alb. & C___Gross.
152,887 149,199
299,944
288,616
N et..
38,413
2 , .690
64,792
43,245
ANNUAL REPORTS.
returns for each road being published here as soon as received,
but not kept standing from week to week. The first state
ment includes all roads for-the latest month and from Janu
ary 1, 1888; following that we give the totals for the fiscal
year on those companies whose fiscal year does not correspond
with the calendar year.
Roads.
A tch. Top. & 8. F e...<
1,762,628
N e t... 351,041 974,157
Burl. C. Rap.& N orth Gross. 209,597' 286,875
N e t...
45,138 120,650
Cent, o f N. J e rse y ... Gross. 906,193 995,385
N e t... 350,305 475,121
Central Io w a ............ Gross. 124,312 133,345
Net ..
24,664
39,757
Ches. O. & Southw’n Gross. 160,629 152,202
N e t...
47,538
64,499
Chic. Bur. «feNorth’n Gross.
73,323 282,393
N e t... def.34,135 134,361
Chic Bur. & Quincy
2,952,682
1,573,565
Cin. Ind. St. L. & C. .G ross. 212,984 234,712
N e t...
83,305
97,576
E ast Ten. Va. & Ga. .G ross. 444,667 414,382
N e t ... 154,304
85,218
K n oxville & O h io ... .Gross.
38,823
35,502
N e t ...
1* ,853
15,393
K eokuk & W estern. .Gross.
24,092
28,503
N e t ...
2,54 L
6,801
Minne. & St. L ou is.. .G ross. 100,161 162,071
N e t ...
15,466
65,792
N ew B runsw ick.........G ross.
74,495
67,588
N e t...
24,317
5,430
northern P acific___ .G ross. : ,207,176 1,030,679
N e t... 406,601 415,438
O re g .R ’y & N a v . Co. • ® -O SS. 558,733 457,103
230,343 216,036
------- March.------- .
-Jan. 1 to Mar. 31.—
1889.
1887.
1888.
1887.
Roads.
Southern Pacific Company.
$
$
$
Gal. Har. <&San A .Gross. 349,305 252,353
938,970
698,240
N e t ...
95,292
3,078
222,526
7,998
Louisiana W est’n . Gross
90,150
66,374
227,424
181,365
N e t...
52,393
28,932
108,918
76,388
M organ’s La.& Tex. Gross. 480,947 331,723 1,371,440
997,954
N e t... 147,046def.30,893
436,950
96,770
N. Y . Tex. & M e x . Gross
7,750
12,061
23,437
31,879
N e t... def,7,410 def.1,026 def.18,568 def. 8,136
Texas & New O rl..G ross. 137,685 102,896
340,251
266,987
N et..
51,640
41,266
23,881
108,300
Tot. A tlantic S yst..G ross. 1,065,836 765,407 2,901,578 2,176,423
•
N et.. 338,961
41,357
843,70«
281,320
W estern No. Car....... Gross
52,853
55,483
160,418
154,969
N e t...
4,971
11,062
22,220
32,981
2,851
28,122
Net Earnings Monthly to Latest Dates.—The tables follow,
ing show the latest net earnings reported this week, the
<--------- March.--------- ,
1888.
1887.
607
4.311,683
2,045,349
703,021
221,593
2,386,494
953,081
340,080
65,389
422,605
159,951
621,503
185,843
6,785,302
3,356,197
647,551
260,930
1,233,152
382,022
110,453
51,560
77.245
23,342
383,282
103,150
161,962
8,329
2,127,828
482,761
972,202
296,205
The annual statement of this company for 1887 was issued
this week, and the report of Mr. W illiam B. Strong, the Pres
ident, will be found at length on subsequent pages.
Statistics of operations and earnings and the income
account and general balance sheet for three years, compiled in
the usual form for the C h r o n i c l e , are given below, these
statistics embracing the Atchison Topeka & Stnta Fe and
Southern Kansas systems combined, but nothing of the Sonora
or Atlantic and Pacific, although the interest on the Sonora
bonds is deducted from the Atchison earnings here in income
account:
OPERATIONS AND. FISCAL RESULTS.
1885.
1886.
1887.
Milesoper. At. T.&S.Fe—S. Kan
2,397
2,526
3,016
Operations—
Passengers carried, N o................ 1,849,577
1,787,015
2,139,623
Passengers carried one m ile— 149,999,427 176,810,489 217,909,566
Rate ner passenger per m ile----- 2-593 ets.
2-277 cfs.
2-357 ets.
Freight (tons) carried .................
2,602,056
2,938,364
3,839,578
Freight (tons) carried one m ile.607,753,550 687,399,093 909,167,842
Rate per ton per m ile.................
1 7 8 9 ets.
1-615 ets.
1-347 ots.
E arnings—
$
$
$
P assen ger...................................... 3,889,411
4,026,004
5,136,652
F reigh t........................................... 10,873,621
11,100,967
12,248,343
Mail express, <Ssc..........................
808,363
857,333
1,076,371
Total gross earn in g s......... 15,571.395
Operating expenses—
Maintenance o f way, & c..........
2,280,291
Maintenance o f eq u ip m en t.... 1,409,732
Transportation expenses............
3,777,357
M iscellaneous...............................
388,393
T axes.............................................
459,194
Total operating expenses
Net earnings..................................
P. ot. o f op. expenses to earns..
8,314,967
7,256,428
53-40
15,984,307
18,461,366
2,186,767
1,395,719
4,128,340
410,129
492,956
2,379,820
1,618,152
5,370,163
489,155
551,165
8,613,911
7,370,396
53-89
10,408,455
8,032,911
56-38
1886.
$7,370,396
33,785
621,859
170,633
1887.
$8,952.911
29,953
751,153
169.487
$8,198,673
$9,003,504
$20,409
2,004,679
829,499
170,633
283,500
27.C00
3,738.478
(6)
311,340
73,227
$15,300
2,200,406
859,888
169,487
283,500
27,600
4,474.725
(6ia)
303,9 55
257,377
$7,459,356
$739,317
$8,592,233
$411,266
INCOME ACCOUNT.
Receipts—
1885.
Net earnings.................................. $7,256,428
R e n ta ls................... .......................
28,012
Other receipts*..............................
149,743
From land grant tru sts...............
180,188
Total incom e............................ $7,614,371
Disbursements—
Rentals p a id .......................... . . . . .
$25,500
Int. on At.T.& S. F.and So. K. bds 1,980,664
Interest paid as rental.................
854,930
Interest on land bon ds................
180,188
Interest on Sonora bon ds___
283,500
Int. on Leav. T o & So. W. bonds.
Dividends.......................................
3,414,786
Rate o f dividend.........................
(6)
Sinking funds........................ .
299,525
Paid t,o other road s.......................
46,093
M iscellaneous......................... ..
25,000
$7,110,186
1 $504,185
* Includes net land receipts Southern Kansas R ailw ay Co., sundry
profits, and balance o i general interest acoouut.
t This surplus does not include the net profits o f the Atch. land depart
ment. which were in 1884 $8 29,101;iin 1885. $1,303,847: in 1386.
1,1 2 6 ,7 5 2 ; in 1887, $310,886. ^
J Uiia .
'
[V ol. XLVL
THE CHRONICLE.
608
INCOME ACCOUNT.
GENERAL BALANCE DECEMBER 31.
Assets—
U .S. G overnm ent.
1885.
$
. 52,005,584
, 54,598,143
. 11,819,000
2,042,639
.
2,608,982
1 5fiQ
1886.
$
54,071,498
64.200,710
12,284,000
6,770,259
3,069,057
1887.
$
62,975,677
+74,174,341
14,007,000
5,066,646
3,923,200
356,336
1,864,528
1,363,345
197,438
339,668
2,030,639
2,044,750
221,854
5,787,789
321,236
1.040,659
2,307,289
185,028
..
Miscellaneous items.
Total assets..........................128,425,851 145,032,444 *169,788,874,
L iabilities—
75,000.000
64,893,250
Stock At. Topeka & Santa F e .. 56,913,250
15,076,300
5,076,300
Stock Southern Kansas R R - ...
5.076,300
40.191.000 48.813.000
Bonded d e b t . . . . . . ...................... 36,344,000
5,639,847
3,853,292
Vouchers,pay-rolls, acct’s p ay ’le
2,703,870
1,190,864
924,285
Coupons, <fco................................
917,597
14.007.000
12.284.000
Contingent liabilities................ 11,819,000
2,317,560
1,107,051
A ccounts under Cir’s 57,5S&59
......... .
1,336,321
991,107
D ividen d s....................................
870,521
62,353
103,386
139,646
Fire insurance fu n d ...................
500,000
500,000
R enew al and im pt. a cco u n t. . . .
500,000
65,808
374,106
B ook and suspended accounts..
595,968
4,239,413
3,928,526
L and grant t r u s t . . . . . . . ..............
2 ,8 0 1 ,8 /4
3
,
002,000
2,679,000
Canceled b o n d s............................ 2,356,000
8,538,408
8,127,141
Incom e accoun ts.........................
7,387,825
1885.
$
2,433,662
19,782
$
2,508,218
14 ,83«
2,652.332
159,619
1887.
$
3,247,477
190,332
Total net in com e
2,523,054
2,453,444
2,811,951
3,437,809
Int.. sink. fd. & rents
D ividends........ . .
Rate o f d ivid en d s..
M iscella n eou s.... ..
1,826,203
315,000
7
242
1,751,215
315,000
7
4,732
1,950,323
315,000
2,219,901
56 5,00 0
7*
2,341,445
381,609
2,070,947
382,497
2,271,297
540,654
1884.
Receipts—
$
Net earnings......... .
Other r e ce ip ts........
Disbursements—
Total disbursem’ ts
Balance, surplus. . .
1886.
7
5,974
2 ,7 8 4 , 9 0 1
652,908
feA nd 2*2 per cent on pref.
Canadian Pacific R a ilw a y.
( For the year ending December 31, 1 8 8 7 ./
The annual report of this company was submitted at the
meeting held in Montreal on the 9th inst.
The affairs of this corporation are just now attracting more
than ordinary interest, owing to its recent contract with the
Dominion Government and its important connections with
roads in the States, and the report of Sir George Stephen,
President, will be found elsewhere, under the title “ Reports
and Documents.”
OPERATIONS AND FISCAL RESULTS.
1885.
4,338
Miles operated Dec. 3 1 —
Passengers carried, N o ....
1,660,719
•The above assets are exclu sive o f the bills receivable fo r sales of Passenger m ile a g e ............ 116,702,980
land to Decem ber 3 1 ,1 8 8 7 , am ounting to $715,084.
Rate per passenger pr m ile 2'45 cts.
t Southern Kansas stock is all ow ned b y the A t. T. & o . r e c o .
Freight (tons) carried.......
1,996,355
Freight (tons) m ile a g e ___ 406,822,166
+Includes Gulf Col. & Santa Fe.
Rate per ton per m ile........ 1 ’20 cts.
CA LIFO R N IA SOUTHERN R A ILR O A D .
;
Darnings—
Passenger................
$2,859,223
The annual report of this company shows the following F re ig h t___________
4,881,866
627,404
earnings and income account for 1887, resulting in a credit Mail, express and misc’us.
1886.
4,464
1,899,319
150,466,149
2-10 cts.
2,046.195
555,438,159
1-10 cts.
1887.
4,960.
2,057,089
174,687,802
1-98 cts.
2,144,327
687,786,049
1-006 cts.
$3,170,714
6,112,380
798,710
$3,453,818
6,924,130
1,228,465
balance for the year 1887 of $186,514, which goes against a
debit balance at close of 1S86 of $145,274, and leaves the net
credit balance at close of 1887 $41,240.
Total earn in g s... $8,368,493
Expenses—
Maintenance o f w ay, & c..
$961,330
M otive pow er........
1,915,250
Maintenance of ca rs....... 423,183
Transportation......... .—
1,225.803
M iscellaneous.....................
617,710
$10,081,804
$11,606,413
$1,270,468
2,488,388
552.662
1,543,166
523,633
$1,871 ,170
2,969,717
612,054
1,831,210
818,138
Total expenses______
$5,143,276
Net ea rn in g s......... $3,225,217
Per ct. of op .exp.to earn’ gs
61-46
$6,378,317
$3,703,487
63-26
$8,102,295
$ 3 ,5 0 4 ,1 1 »
69-81
Total liabilities.................. ..128,425,851
145,032,444
169,788,874
INCOME ACCOUNT FOR THE YEAR 1887.
Débits.
Open exp. and t a x e s .... $935,133
R ental o f rolling stock
(Atchison lessee). . . . . .
16,774
R ental o f track, & c.—
Colton to Los A ngeles.
28,914
Int. on 1st mort, bonds.
123,180
Int. on Incom e b o n d s ...
208,950
Cost o f $25,0001st mort.
6 p.c. bonds redeemed
and can celed ....... .......
25,000
Credit b a la n c e ......... ....
186,514
Oredils.
Darnings—
F reigh t.............................
Passenger.........................
M ail . . ! ............................
E x p re ss............................
M iscellaneous..................
$745,314
700,310
17,643
14,938
20,019
INCOME ACCOUNT.
T ota l...............'......... $1,498,225
Additional earnings aris
ing from adjustment o f
transcontinental pas
senger business______
20,000
Sundry profits..................
6,240
$1,524,466
$1,524,466
CHICAGO KANSAS & WESTERN R A ILR O A D .
STATEMENT FOR 1 8 8 7 .
Gross earnings...................................................... ................................
Operating expenses and t a x e s ............ ...................... - ..................
4 b » ,y /o
Net earnings fo r the year 1887...................................... — $245,031
A dd 10 per cent rebate from A tchison and the Southern Kan
sas Companies on earnings from business interchanged
between those companies and the Chicago Kansas &
W e ste r n ...................- ..................................................................
64>589
$309,621
Interest on 1st m ortgage bonds to Dec. 3 1 ,1 8 8 7 , apportioned
to the m ileage o p e ra te d ............... .—
............................
306,bbo
Surplus fo r the year................................. .......... - .......................
$2,954
St. Louis & San Francisco Railway.
('For the year ending December 31,1887.
The annual report of this company is just out, and the le*
port of President W inslow is printed at length on subsequent
pages, together with the balance sheet of Dec. 31, 1887.
The comparison of earnings and general transactions of the
year 1887 with former years is quite favorable, and the gross
and net earnings in 1887 are much ahead of any previous
year.
The comparative statistics for four years, compiled for the
C h r o n i c l e , are as follow s:
OPERATIONS AND FISCAL RESULTS.
1884.
1885.
1886.
1887.
Miles operated Dec. 31
815
815
930
1,319
Operations—
Passengers carried ..
612,127
595,094
636,f 90
859,703
Passenger m ileage..
32,796,181 32,165,971 37,907,215 49,516,497
R ate per pass. p .m ..
2 '8 7 cts.
2 82 cts.
2*63 cts.
2-60 cts.
F reight (tons) caxr’d
962,630
956,223
1,185,562 1,497.841
Freight (tons) m iles. 216,951,999 217,670,268 246,372,627 309,496,860
A v. rate per ton p .m .
1-57 cts.
1-43 ct-.
1-43 cts.
1-46 cts.
Earnings—
$
$
$
$
P a ssen g er...............
941,161
906,f>76
997,298 1,286,314
Freight ..
.....
3,406,414
3,120,768
3,517,578
4,506,052
Mail, express, & o ...
296,021
356,062
359,762
436,978
T o t a l..................
4,643,596
Operating expenses—
Maint’ce o f w ay, &o.
462,437
Equip & mot. pow er.
735,732
Transp’rt’n e x i enses
638,!-00
T a x e s ..........................
95,041
General and m iscel..
117,108
E x tra o rd in a ry .........
86,760
4,383,406
4,874,628
6,229,344
446,276
634,578
603,481
114,396
125,298
25,715
478,631
726,628
713,085
117,272
130,689
55,991
580,074
1,019,094
902,263
137,202
166,668
176,5b 6
T o ta l...................
Net earn in gs............
P. c. o f op.ex. to ear's
1,949,744
2,433,662
44-48
2,222,296
2,652,332
45*59
2,981,867
3,247,477
47-87
2,135,378
2,508,218
45-99
1886.
Net earn in g s................. - ......... - ....................... ’ n a l
Fixed c h a r g e s ..............- ..................... . . . . . . . . 3,0o3,Q42
Surplus....... ..................................... i . . . . . .
$635,445
1887,
$3,504,118
3,2 50,2 64
$253,854
G E N E R A L IN V E S T M E N T N E W S.
A labam a Great Southern.— The directors of the English
company known as the Alabama Great Southern Railway*
Company, Limited— which holds the share capital of this
company— have authorized the American corporation to create
and issue £1,160,000 of five per cent general mortgage bonds.
Of this issue £350,00U is to be reserved to provide for an
equivalent amount of first mortgage bonds of the American
corporation, £134,000 is to provide for that amount of six per
cent debentures of the English company and £276,000 m
offered to the public at 98 per cent. The proceeds of thin
issue will be used to provide for capital expenditure during;
the past year, amounting to over £120,000, as well as for ad
ditional rolling stock, increased facilities at the principal
stations, and other requirements needed to place the road in
«. condition to cope with the constantly increasing business.
The prospectus states that the gross earnings of the railroad
for 1887 were £324,278, and the balance of revenue account
was £97,605, and after providing for interest on first mortgage
bonds and interest on debentures, there remained a balance of
£67,960 for the twelve months.
Atchison Topeka & Santa Fe.— A t Topeka, K an ., May 10
the annual meeting of stockholders of this company was held,
More than two-thirds of the stock was present, either in per
son or by proxy, being the largest number ever present at an
annual meeting. A il the directors were re-elected unanimously
as follows: W illiam B. StroDg, X. T. Burr, B. P. Cheney, C .
B. Coleman, C. K . Holliday, A . W . Nickerson. E. B. Purcell,
Warren Sawyer, George Sealey, L . Severy, George O. Shattuck, Alden Speare and W . F. W harton. The following were
elected general officers of the company: W illiam B. Strong,
President; C. W . Smith, First Vice-President; A . A . Robinson,
Second Vice-President; J. F. Goddard, Third Vice-President;
George B. Peck, General Solicitor; George W . McCreary,
General Counsel; E. W ilder, Secretary and Treasurer; George
L Goodwin, Assistant Secretary and Assistant Treasurer; John
P ; Whitehead, Controller and General Auditor, and Alfred A .
Glassier, Transfer Agent.
.. ;
The annual report was presented and approved, and will be
found elsewhere in the C h r o n i c l e . President Strong de
livered an address to the stockholders in which he discussed
among other things the relation of the company to its em
ployes the public and other railroads.
His address w as
received with marked approval by the stockholders. Am ong
other things, he said: “ in the recent strikes on the Western
roads the public were soon made painfully aware that most
of the companies were striving eagerly to protect themselves,
ontiraiv indifferent a sto what should befall their rivals.
MAT 12, 1888,]
TH E
CHRONICLE.
This is perhaps natural, and to a certain extent desirable, for
it is a condition of success in business affairs that each factor
must look to its own interest. But I wish the time might
come when railroad companies would act upon the principle
that they are not entirely rivals, but servants of a common
master, the public. I deny the right of a railroad company,
as I do that of a labor organization, to punish the public for
the sake of punishing a rival or advancing its own apparent
interest.”
A tla n tic & Pacific.— There is to be an issue of second mort
gage bonds by this company not to exceed $10,000 per
mile.
The Atlantic & Pacific has been purchasing large
amounts of new equipment, which has been principally paid
for out of funds advanced for the purpose by the St. Louis &
San Francisco and the Atchison companies.
There have also
been other advances, considerably antedating those for equip
ment, which are now due the controlling roads. These ad
vances it is proposed to repay by the new second mortgage
bonds. The amount of this mortgage cannot exceed $10,000
per mile, but it is not anticipated that all will be immediately
issued.
B rooklyn & M ontank.— Notice is issued by this company
that a meeting of the stockholders will be held at the office of
the President, No. 120 Broadway, on the 11th day of June,
1883,
60£
directors submitted a proposition to appropriate from the
surplus from time to time 25 per cent of the bonded debt due’
in 1891 and to credit these appropriations as cash payments on
the stock to be issued to stockholders of record when sub
scriptions are opened. The proposition was approved by a
unanimous vote.
F lorida R a ilw a y & N avigation.— The three remaining
branches of the Florida Railway & Navigation Company’s
system have been sold by Joseph Durkee, special master, to
W . Bayard Cutting, of New York, for the bondholders’ com
mittee.
The lines sold are the Transit Road to W ald o,
$10,000; the Plant City extension, $100,000 and the Peninsu
la road, Fernandina to Cedar Keys, $10,000.
Honston East & W e st Texas.— The Commercial Bulletin re
ports that several gentlemen represented by the Am erican
Finance Company have purchased from the Bremond estate all
the stock, amounting to $1,920,000 of the Houston East & W est
Texas Railway Company, and are preparing a plan of reorgan
ization looking to the amicable adjustment of the claims o f all
classes of creditors of the road and to the change of its gauge
from narrow to standard. The details are now in preparation,
and as soon as the same are completed, the plan will be given
to the public. This move is mad e by parties opposed to the plan
of reorganization.
Houston & Texas C entral.— The decree in the case of this
railway holds that the principal o f all the mortgage bonds is
due, and forecloses all the mortgages. The various properties
are to be first offered separately, and then all together as an
entirety, and the method of sale is to be adopted which is
found to produce the best result. The court fixed the m in imum upset price at $10,500,000, doing this because the reorg
anization agreement left it within the power of the Central
Trust Company to exclude from its benefits those bondholders
who have not signed it, although there was admitted to be no
probability that any such course would be pursued. The
court’s action, however, in the whole matter, was in strong
recognition of the equitable rights of a combination of bond
holders representing such a large ma jority of all issues as that
Canadian Pacific.— A t the annual meeting held in Mon asking for this decree. The intervening petitioners, so far as
treal the following were elected directors for the year : Sir their claims have been passed upon favorably by the court
George Stephen, B art,; the Hon. J. I. C. Abbott, Senator W . (teing mostly for supplies furnished a short time before the
C. Van Horne, Sir Donald A . Smitb, K . C. M. G ., Member of receivership, and largely used by the receivers), were ordered
Parliam ent; Richard B. Angus. Montreal; Edmund B. Osier, paid from the proceeds of the sale, but the sale is to be made
Toronto ; Sanford Fleming, C. E ., C. M. G ., Ottawa; the Hon. subject to the undetermined claims.
George A . Kirkpatrick, Member of Parliament, Kingston; R.
L ou isville E van sviile & S t. Louis—The first annual report
V . Martinsen, Amsterdam and New Y ork; the Hon. W . L.
of this reorganized company is thus summarized:
Scott, Erie, Penn.; George R. Harris, of Messrs. Blake Brothers
1887.
& Co., Boston; the Hon. Levi P. Morton, Richard J, Cross, of Earnings.............................................................................................. $1,023,989
Messrs. Morton, Bliss & Co., New York; W ilm o tD . Matthews, Expenses..........................................................................................
696,94T
Toronto, and P. Du P. Grenfell, London. A t a subsequent
N et..................................................................................................... $327,042
meeting of directors Sir George Stephen was re-elected Presi Charges................................................................................................
222,905
dent and W . C. Van Horne Vice-President. The President s
Surplus.........
.
.................................................................................
$104,137
annual report is given at length on another page.
M ileage....... ........................ . . . . . ............ ............................... .........
252-7
C entral o f New Jersey.— The following shows the result of Mileage under c o n stru ction .....................
24
operations by the present management for the first quarter
Steel rails were laid on 37 miles of track during the year,
since the discharge of the receivers:
making the total 210*8. The surplus was spent in improve
THEBE MONTHS ENDING MAECH 31, 1888.
ments.
Gross earnings....... ................... .............................. ........................ $2,672,397
M aryland C entral.— The reorganization committee has
Operating expenses (including ta x e s).............. ..................... .
1,585,780
agreed upon a plan by which the present second mortgage
Net e a r n in g s.... ..............................................................................$1,086,617 bondholders will be the stockholders of the new company. A.
F ixed charges and rentals, less incom e from investm ents______________ 734,119
new first mortgage will be placed on the property, dated No
...............................................................................................
$352,498 vember 1, 1888, and bearing interest at the rate of 4 per cent
i or uhe same period last year there was a deficit o f ................
141,105 for ten years and 5 per cent for ten years. The company has
been in the hands of receivers since October 24, 1884.
Increase in surplus over last year
$496,603
M inneapolis St. P au l & Sau lt Ste. M arie.— The directors
Central Pacific.— The earnings, expenses and fixed charges of the Minneapolis & Pacific, Minneapolis Sault Ste. Marie &
for February, and from January 1 to February 29, were as Atlantic, Minneapolis & St. Croix and Aberdeen Bismarck &
follows. The mileage is 1,410, against 1,377 last year :
Northwestern reads formally approved the articles of consoli
----------- February.---------- . ,— Jan. 1 to Feb. 29— > dation of the four companies, and adopted the name of Minne
_
.
1888.
1887.
1888.
1887.
Gross e a r n in g s.......... $1,091,243
$717,233 $2,185,294 $1,519,403 apolis St. Paul & Sault Ste. Marie.
— It is stated on good authority that 1,000 shares more than
Operating expenses ..
700,348
475,750
1,386,179
963,660
a controlling interest in the “ Soo” Road have been disposed of
Net e a r n in g s ........ $390,895
$241,483
$799,115
$555,743 to distinguished capitalists in the interest of the Canadian
R ental leased lm es___
1,044
2,088
Pacific Railway, which company will now virtually own and
Net incom e . ........... $391,939
$801,203
control the “ Soo” Road.
F ixed charges*.,...........
412,511
825,309
Migsouri K ansas & Texas.— The result of the conference
Net profits............ def. $20,572
between Mr. Gould and representative members of the
def. $24,106
Missouri Kansas & Texas committee was an agreement to
* Includes interest, rentals, additions and betterments, taxes and U. S.
ap point a jA n t committee, three by the opposition and three
dues.
by Mr. Gould, or the Missouri Pacific, to investigate the rela
Cincinnati Indianapolis St. Louis & Chicago.— The gross tions of the two companies. In his letter Mr. Gould remarks,
and net earnings and charges for March, and from July 1 as to a former award for division of business : “ This award
to March 81, were as below given :
has been ever since and is now the basis on which joint busi
■March.—
ness has been transacted, and to illustrate how equitable its
1888.
1887.
1887-8.
1886-7.
general operation is as a whole between the companies, I find
Gross earnings___ ..$ 212,984
$234,713
$2,027,215
$ ',0 4 6 ,5 4 7
that
during 1877 the Missouri Kansas & Texas earned on
Op. ex. and tax es.. .. 134,679 1 142,052
1,312,517
1,274,955
freight delivered it by the Missouri Pacific $1,025,087. I t
N et earnings.. .. $78,305
$92,661
$714,698
$771,592 earned on freight delivered the Missouri Pacific $877,752— &
F ixed charges....... .. 33,333
47,925
299,997
431,325 total earnings on joint business of $1,902,839. During the
S urplus....... .
$14,736
$414,701
$340,267 same period the Missouri Pacific earned on business received
from the Missouri Kansas & Texas $905,561. and on freight
Cleveland Lorain & W h e elin g .— A t the annual meet deliver* d to the Missouri Kansas & Texas $948,996, a total of
ing of stockholders, the President, Selah Chamberlain, report $1,854,557. The past year has not been as successful in &
ed the gross earnings for the year ending December 31 to
financial point as I could have wished, but the causes for this
have been $1,102,882 ; operating expenses, $390,130 ; for the
state of things were beyond m y control. These causes are
purchase of additional real estate and equipments, $24,108 was
partly permanent so far as the construction of new competing
expended ; net earnings were $366,021.
linies are concerned, and transient so far as loss of earnings
D elaw are & Hudson C an al.— The annual meeting of stock- resulted from last year’s crop failure. In m y judgment a re
holders of the Delaware & Hudson Canal Company was held adjustment of the interest burdens on an equitable basis can
this week. The old board of directors was re-elected. The not be long deferred.”
“ For the purpose o f authorizing and sanctioning the issue o f bonds of
this com pany to the amount o f $600,000, secured b y m ortgage on all
the property and franchises o f the co m p a n y ; also fo r the purpose o f rati
fy in g and sanctioning the action o f the directors recen tly had, directing
in anticipation the disposition o f said bonds, w hich action provided that
the proceeds o f $510,000 thereof should be placed in the treasury o f the
com pany to replace a portion o f the net earnings o f the com pany expended
in permanent im provem ents and betterments from the 30th o f Septem
ber, 1882, to the 30th o f September, 1887, and that the proceeds of
$40,000 o f said bonds should be applied to the paym ent o f real estate
m ortgages n ow existing on the com pany’ s property, and that the
balance ($50,000) should be held b y the com pany to be issued hereafter
for the purpose o f m eeting and paying fo r future im provem ents and
betterm ents; and also for the purpose o f ratifying and approving the
action o f the directors in declaring a dividend o f 30 per cent on the pre
ferred stock, and o f 20 per cent on the com m on stock o f this com pany.”
THE CHRONICLE.
6 1 0
%zpoxts a M £)0cummts.
New Y o rk Central & Hudson R iver.— The corrected state
ment of earnings, expenses, &c , for the quarter and 6 months
ending March 81, 1888 and 1887 is as follows:
-Quar. end"g March 31.
1887.
1888.
$8,089,351
G ross earn’gs.. $8,152,796
5,508,895
Op. expenses. 5,802,027
( 68 - 10 % )
E x . to earns.. (71,16%)
-6 mos. end’g M arek 31.
1887.
1888.
$17,110,607
$18,173,021
10,967,644
12,272,538
(64-10%)
(67-53%)
$6,142,962
3,914,400
$5,900,483
3,909,720
N et earnings. $2,350,768
First charges. 1,954,860
$2,580,456
1,957,200
P r o fit .............
$3 9^ 9 0 8
D ividend......... 1% 894,283
$623,256
$1,990,763
$ 2>228,562
1% 8 9 4 ,2 8 3 .2 % 1,788,566 2% 1 ,788,566
B alan ce., def. $498,374
def.$271,026
sur.$202,197
sur.439,996
N. Y Stock Stock Exchange— New Securities L isted.—
The Governing Committee of the New Y o ik Stock Exchange
have added to the list securities as follows :
T e x a s & P a c i f i c R a i l r o a d — $21,049,000 first mortgage five
per cent gold bonds, $23,227,000 second mortgage five per cent
gold income bonds and $82,181,700 common capital stock ;
also that on June 1, $6,525,000 additional common stock be
listed. The trust receipts for the securities of this company,
with the exception of those for income land grant bonds, were
ordered stricken from the list on June 1.
A t c h is o n T o p e k a
& Sa n t a
additional capital stock,
Fe
R a il r o a d
ATCH ISON T O P E K A & SA N TA FE R A IL R O A D CO.
DIRECTORS
DIRECTORS.
Boston, Mass
T. Burr.......................................................
. P. C h en ey ...................................................................
Boston, Mass
. R. Codman................................................. ...................... - .Boston, Mass
. K. H o llid a y .............. .............. ........................................... ....T o p e k a , Kan
. W. N ick erson ............ ................... ................. ...................... Boston, Mass
;. B. P urcell............ ............................- ................................. Manhattan, Kan
Warren Sawyer........................ ; ............................. .................... Boston, Mass
Geo. Sealy.................................................................................Galveston, T ex
. Severy.................................................................................
.Reading, Kan
Geo. O. Shattuck......................................................................
Boston, Mass
Alden Speare.............................................................................................Boston, Mass
W. B. Strong................................................................................
Boston,Mass
W. F. W harton................. ............ ......................................... — Boston, Mass
— $7,000,000
making the total amount listed
C h e s a p e a k e & O h io R a i l w a y — Engraved trust receipts of
the reorganization committee for the six per cent currency
bonds.
N e w Y o r k O n t a r i o & W e s t e r n R a i l w a y —$450,000 addi
tional first mortgage six per cent gold bonds, making the
total amount listed to date $3,450,000.
M a h o n i n g C o a l R a i l r o a d — $1,373,000 common and $400,-
000 preferred stock.
W e s t V i r g i n i a C e n t r a l & P it t s b u r g R a i l w a y — $1,650,000 first mortgage thirty years six per cent gold bonds.
I o w a C i t y & W e s t e r n R a i l w a y — $128,000 additional first
mortgage seven per cent bonds, making the total amount listed
to date $584,000.
St. L o u is & San F r a n c is c o R a i l w a y — $599,000 additional
first mortgage trust one hundred years five per cent gold
bonds, making the total amount listed $1,099,000.
P ittsb u rg & W estern .— The annual meeting of stockhold
ers was held in Allegheny, Pa.
The board of directors
chosen comprises tbe following: James Callery, P re s id e n t
J o h n W . Chalfant, Charles A . Coster, of New York; H. W .
Oliver, Jr., W illiam Semple, M. K . Moorhead, Richard S.
Brock, of New York; Solon Humpheys and Anthony J
Thomas, of New York. Subsequently the officers of the com
pany were chosen as follows: James Callery, President; An
thony J. Thomas, Vice-President; H . D. Campbell, Secretary
and Treasurer.
Railroads in New York State.— The returns of the fol
lowing roads for the quarter ending March 31 have been
filed at Albany as follows:
Boston a Albany.-----, ^Del.L.& W .leased Lines.
1888.
1887.
1888.
1887.
Gross ea rn in g s....... $1,859,142 $1,988 150
$1,477,482 $1,389,569
Operating expenses. 1,493,564
1,408,902
661,433
648,021
Surplus..............
Gross earnings_____
Operating expenses.
$365.578
205,158
$579,248
221,823
$357,420
$160,420
.-----lo n g Island.------ »
1887.
1888.
$519,231
$522,849
380,244
464,654
$816,049
551,249
$741,548
551,249
$264,800
$190,299
Brooklyn Elevated.—
1887.
1888.
$173.154
$154,048
98,936
113,376
Net earnings___
Other incom e...........
$58,195
42,615
$138,987
40,866
$59,778
722
$55,112
493
Total incom e___
F ix e d charges..........
$100,810
148,603
$179,853
152,821
$60.500
63,370
$55,605
63,317
B alan ce.............. def.$47,793 sur. $27,032
r—Buffalo Roch. <&Pitts.—.
1887.
1888.
$415,860
Gross earnings......... $480,754
303,424
381,036
Operating expenses.
Net earnings___
F ixed charges.........
$99,718
130,357
$112,436
112,175
def. $2,870 def. $7,712
,— S. I. Rapid Transit.—.
1887.
1888.
$125,566
$127,338
124,087
128,201
$3,251
66,459
def. $2,635
47,186
sur.$261 def. $63,208 def. $49,822
Balance.............. def.$30,638
A lbany <£ Susauehanna.—. /—New York 6 Canada,—.
1888.
18 87.
1887.
1888.
$183,177
$167,599
$744,757
$868,118
Gross earnings.......
137,869
117,30»
596,825
470,501
Operating expenses
Net earnings___
F ixed charges.........
$271,293
261,460
$274.256
255,468
$45 308
66,985
$50,298
t>7,435
sur. $9,833 sur. $18,788 def. $21,677 def. $17,137
r-Rensselaer & Sanatoria.—. Syracuse Bing. ¡1 If. Y.—
1887.
1888
1887.
1888.
$159,138
$182,082
$458,651
$464,201
Gross earnings.......
108,796
101,142
343,282
374,867
Operating expenses
Balance.............
Net earnings___
F ixed charges.......
$89,334
267,671
$115,369
265,080
Balance.............. df.$178,337 df. $149,711
$73,286
44,905
$58,295
45,850
sur. $28,381 sur.$12,445
St. Lou is Arkansas & T exas.— The stockholders of this
company at their annual meeting decided to extend their road
from near Malden, Mo., in the direction of Grand Town, where
it is intended to bridge fcbe Mississippi and go up to St. Louis
on the east side. Tbe section to Delta, about 65 miles, will be
pushed forward at once.
*LFor olh.tr railroad news seep age 621.
AND OFFICERS OF TH E ATCHISON TOPEK A
SANTA FE R A IL R O A D COMPANY, DECEM BER 31, 1887.
$75,000,000.
N et earnin gs...
F ix e d charges.........
[ V o l . X L V I.
GEN ERAL OFFICERS.
Wm. B. Strong, President................. ......................................... Boston, Mass
C. W. Smith, First Vice-President............................................... Chicago, HI»
A. A. Robinson, Second Vice-President................. .............. ..T opeka, Kan"
Geo. R. Peck, General Solicitor....... .......................................... Topeka, Kan.
Geo. W. McCrary, General Counsel....... ................... .....K a n s a s City, Mo.
E. Wilder, Secretary and Treasurer.........................................T op ek a , Kan.
Geo. L. Goodwin, Ass’t-Secretary and Ass’t Treasurer------Boston, MassJno. P. Whitehead, Comptroller and General A uditor.........Boston, Mass.
Alfred A. Glasier, Transfer A gent...........................................Boston, Mass.
OFFICERS ON TH E LINE.
C. W. Smith, First Vice-President.............................................. Chicago, 111.
A. A. Robinson, Second Vice-President and Chief Engineer.Topeka, KanE. Wilder, Secretary and Treasurer...........................................Topeka, K an
Geo. R. Peck, General S olicitor................ ............................... Topeka, K an1
J. F. Goddard, General M anager.................................. - ..........Topeka, KanGeo. L. Sands, General Superintendent...................................Topeka, K an
H. C. Clements, Auditor..................................................- ........... Topeka, Kan.
A. S. Johnson, T a x and Land C om m issioner.............. ...........Topeka, Kan.
A. C. Armstrong, Purchasing A g en t—............................ ........ Topeka, KanM ILEAGE OF TH E ATCHISON TO PEK A & SANTA FE R A ILR O A D
AND A U X IL IA R Y ROADS, DEC. 3 1 ,1 8 8 7 .
I. —Atchison System .-—
A tchison Topeka & Santa Fe R R .—
Atchison to Western boundary o f Kansas...................
Kansas City Topeka & Western R R .—
Kansas City to Topeka (exclusive o f 4 ‘10 m iles o f
second track between Kansas City and Argentine)..
Leavenworth Northern & Southern Railw ay—
W ilder (on K. C. T. & W. R R .) to Cummings Junc
tion (on A. T. & S. F. R R .) ....... ...................................
Kansas City Em poria & Southern R ailw ay Em poria to M oline...........................................................
Florence Eldorado & Walnut Valley R R .—
Florence to W infield....... ............ .................. ............
M arion & M cPherson Railway—
Florence to E llinw ood...................................................
W ichita & Southwestern R a ilw a y 79-16
Newton to Arkansas R iv er.............................
Mulvane to Caldwell, including extension
42-67
at W e llin g to n ...............................................
8-89
Sedgwick to H a ls te a d ......................................
Pueblo & Arkansas Valley R R .—
Kansas State Line to South P u eblo.............. 148*72
South Pueblo to Canyon C ity.....................40-27
Branches to coal m ines..................................
7-08
La Junta to New M exico State Line .........
96-37
Miles
470 58
66"32
46-19
84"27
72-73
98-61
130-72
292-44
Denver & Santa Fe R a ilw a y South Pueblo to Denver, including Circle R oad in
D e n v e r.............................................................................
New M exico & Southern Pacific R R .—
New M exico State Line to San M arciai....... 353-97
Santa Fe B r a n c h ............................................
18T2
372*09
R io Grande M exico & Pacific R R .—
San Marciai to D om ing..................................
R incon to Texas State L in e ........... ..............
18608
129-04
57*04
Silver City Dem ing & Pacific R R .—
D om ing to Silver C ity....... ....................................- ........
R io Grande & E l Paso R R .—
Texas State Line to E l P a s o .........................................
New M exican R R .—
*
Socorro to M agdalena..........................
30*96
Nutt to Lake V alley .......................
13-31
San Antonio to Carthage...............................
9*64
Las Vegas to H ot Springs...............................
8-27
Dillon Junction to B lossburg.......................
5-93
124-27
48*29
20*15
68 T 1
Total Atchison System ............................................ 2,080*85
THE CHKONICLE-
M a y 12, 1888. J
I L —Southern Kansas System :—
H olliday,K an., to Panhandle C ity,T exas..
Lawrence Junction to Lawrence*............... ..
Ottawa to E m poria........................- ...............
Burlington Junction to Burlington..............
Chanute to P ittsburg...................... — - ........
Cherry vale to Coffey v ille ................................
Arkansas City, K a n , to Purcell, Ind. T e r ..
W ellington to H unnew eil....... .............. .
A ttica to Medicine L odge...............................
To these net earnings should be
added thy following additional re
ceipts for the year 1887:
545*64
25 80
56*42
42*21
55*46
16 30
154*06
18*35
21*26
Total Southern Kansas System ...............................
From various Companies for track rent
a l s .................................................... ...........
Net Land Receipts o f the So. Kansas
R ailway C om p an y ....................................
Sundry P rofits...............................................
Balance of General Interest A ccount for
the year.......................................................
935*50
Total A tchison and Southern Kansas System s....... 3,016*35
I I I —Sonora System:—
N ew M exico & A rizona Railroad—
Benson to Nogales (on M exican boundary)................
Sonora R ailway—
Nogales to Guaymas (M exico). .....................................
262*41
Total Sonora System .............. ..................................
350*19
1Y.— Owned Jointly with other Railroad Companies:—
Leavenworth Topeka & Southwestern Railway—
Leavenworth to Meriden J u n c tio n ...............................
Manhattan Alm a & Burlingame R ailway—
Burlingame to M anh attan.......................
Wichita & Western Railroad—
W ichita to Kingm an .............. ..........................
Kingm an Pratt & Western Railroad—
Kingm an to west line K iow a County..........................
Total owned jo in tly ................................
46*30
56*62
44*93
79*71
227*56
A tchison System ............ ......................................2,080*85
Southern Kansas System .................................. 935*50 3,016*35
350*19
113 *78
--------------3,480*32
In addition to the above, the Atchison Company either owns
entirely or controls the following m ileage:
Chicago Santa Fe & California R a ilw a y :
Main line, Chicago to Kansas C ity
Branch to Pekin, 111. (including 5*91
m iles leased)........................ ........ .
498*25
St. Joseph & St. Louis R R , Lexington Junction to St.
Joseph; and St. Joseph & Santa Fe R R , St.
Joseph to Winthrop (opposite A tchison), since
consolidated into the St. Joseph St. Louis &
Santa Fe R ailw ay.......................
95*70
S t Louis Kansas City & Colorado R R :
St. Louis to Union and branch (including 4*50
miles le a se d ).......................
61*40
Chicago Kansas & Western lines (all in K arsas)..........
903*16
G ulf Colorado & Santa Fe R ailw ay................................. 1,022*16
California Southern Railroad............................................. 210*61
California Central R ailw ay ............................................... 183 *55 2,974 *83
164,416 10
$781,106 0 4
$8,834,017 52:
From which deduct :
Payments to St L. & S. F. R ’y Co. under
Agreem ent o f Oct. 5, 1 8 86................. ..
Rebate of 10 per ct. allowed to C. K. & W.
RR. Co. on earnings from interchanged
business............................................. .
$192,787 35
64,589 26
257,376 61
$8,576,640 91
From these receipts the following
fixed charges have been paid or are
payable:
Interest on the various issues o f A . T. &
S. F. R R . Co. Bonds, including accrued
interest to Dec. 3 1 ,1 8 8 7 .......................... $1,746,579 24
Interest on Bonds o f the Southern Kansas
System, including accrued Interest to
Dec. 3 1 ,1 8 8 7 .................................
453,826 66
Interest paid in 1887 on Land Grant
B onds............................................................
169,487 50
Interest on Bonds o f Leased Roads, in
cluding accrued Interest to Dec. 31,
18 87.......... ..................................................
859,887 78
One year’s Interest on General M ortgage
Bonds o f the Leavenworth Topeka &
Southwestern Railw ay C o........................
27,600 00
One year’ s Interest on First M ortgage
Bonds o f the Sonora Railw ay Co. (L*d)..
283,500 00
Deduct amount received from Land Grant
Trust fo r fn 'erest paid in 1887 on Land
Grant B onds..................... ..........................
$ 3 ,540 ,881 18
169,487 50
Total Interest C harges.......................... $3,371,393 68
Sinking Funds fo r the year 1887, as per
details in Incom e A c c o u n t ......................
303,955 00
Rental o f R olling Stock (Topeka Equip
ment C o .)........................................... .........
15,300 00
Dividends:
M ay 16, 1887.......................... $973,351 50
Aug. 1 5 ,1 8 8 7 ......................... 973,434 00
Nov. 1 5 ,1 8 8 7 ......................... 1,215,439 75
4,474,725 25
Feb. 1 5 ,1 8 8 8 ......................... 1,312,500 00
8,165,373 9B
Leaving a surplus o f ..............................
To w bich should be added the net profits
o f the Atchison Land Departm ent for
the year, am ounting t o ........................
$411,266 98
310,886 07
Making a total surplus o f .................
$722,153 05
—after deducting $303,955 fo r the Sinking Funds paid in 1887, which
decreased the Company’s indebtedness b y reducing the amount o f the
bonds previously outstanding.
ATCHISON TO PEK A & SANTA FE R A ILR O A D COMPANY AND
TH E SOUTHERN KANSAS R A IL W A Y COMPANY.
The comparison of 1887 operations with 1886 shows as fol
lows:
1887.
Miles o f Road, Dec.
3 1 ..........................
3,016*35
A nd controls join tly with the St. Louis & San Fran
A verage number o f
miles operated..
2,622*40
cisco Railway Co. the Atlantia & Pacific Railroad
918*86
Gross E a rn in g s...$18,461,366 26
Operat’g Expenses
O f f i c e o f t h e P r e s id e n t ,
"1
(exclud’g T axes). $9,857,291 07
A t c h is o n T o p e k a & S a n t a F e R a i l r o a d C o m p a n y , I
Operat’ g Expenses
(includ’g Taxes).* >10,408,454 78
95 M i l k S t r e e t , B o s t o n ,
Net Earnings (exApril 21, 1888. J
eluding Taxes) . $8,604,075 19
Earnings (deTo the Stockholders o f the Atchison Topeka & Santa Fe Net
ducting T ax es).. $8,052,911 48
R ailroad Com pany :—
Per cent Operating
Expenses toEarnYour Directors submit the following report of the operations
ings (excluding
of the Company for the year ending Dec. 31, 18S7.
T axes)..................
53*39
Per
cent Operating
On the two preceding pages will be found the mileage of the
Expenses toEarnroads owned wholly or in part by this Company at the close of
ings (incl.T axes).
56*38
the year.
Gross Earnings per
average
m
ile
opFor the reasons stated in previous annual reports, the parent
ora ted ..................
$7,039 87
road and its auxiliaries, called the Atchison System, with a Operat’
g Expenses
mileage in Missouri, Kansas, Colorado, New Mexico and Texas
per average mile
of 2,080*85 miles, and the Southern Kansas System in Kansas,
operated (excluding T axes)______
$3,758 88
Indian Territory and Texas of 935*50 miles, will be considered
Operat’g Expenses
as one property; and the following statements relate to the
per average mile
two systems accordingly. These are followed by the reports
operated (including T axes)..........
$3,969 05
of the Land Department, Sonora System and the roads owned
Net
earnings per
jointly by the Atchison Company with the Union Pacific and
av’ ge mile oper
the St. Louis & San Francisco Railway Companies; and a
ated (excl.Taxes)
$3,280 99
general summary of these is added, showing the results for Net Earnings per
av’ge m ile oper.
the year to the Atchison Company.
(deductingTaxes)
$3,070 82
EARNINGS AND EXPENSES OF THE ATCHISON AND SOUTHERN Total Passengers
1,023,094
carried E ast.......
KANSAS SYSTEMS.
Total Passengers
carried W est.......
1,116,529
The gross earnings were:
Gross
Passenger
From Freight.................................
$12,248,343 77
Receipts E ast. . . . $2,191,873 50
Passengers
5,136,651 81
Gross
Passenger
Mail and E xpress.............. .
745,459 02
R eceipts W e st... $2,944,778 31
Miscellaneous Sources___
330,911 66
Tons Freight car1,464,945
ried E a st..............
T o t a l....................................................... $18,461,366 26
Tons Freight oarOperating Expenses...........$9,857,291 07
2,374,633
ried W e sf.............
T axes, ....................................
551,163 71
Gross Freight Receipts E ast......... $3,523,528 92
------------------- 10,408,454 78
Gross Freight ReL eaving Net Earnings fo r the year........................................ $8,052,911 48
ceipts W est......... $8,724,814 85
33,350 49
553,386 31
Total F ixed Charges, Sinking Funds
and D ividends......................................
439*94
58 31
$29,953 14
87*78
8UMMAKY.
Sonora S y ste m ........................ .............................................
Owned join tly (one-half m ileage)......................................
611
1886.
Increase or Decrease.
2,525*80 Inc,
490*55
2,420*19 Inc.
202*21
$15,984,307 19 Inc. $8,477,059 07
$8,120,956 50
Inc. $1,736,334 57
$8,613,911 56
Inc. $1,794,543 22
$7,863,350 69
Inc.
$740,724 50
$7,370,395 63
Inc.
$682,515 85
50*81
Inc.
2*58
53 89 Inc.
2*49
$6,604 57
Ino.
$435 30
$3,355 51
Inc.
$403 37
$3,559 19 Inc,
$409 86
Ine.
$31 93
$3,249 06
$3,045 38
Inc.
$25 44
853,146
Inc,
169,948
933,869
Inc.
182,660
$1,760,505 65
Inc.
$431,367 85
$2,265,499 24
Inc.
$679,279 07
1,199,082
Inc.
265,863
1,739,282
Ino.
635,351
$3,559,994 30
Dec.
$36,465 38
$7,540,972 83
Inc. $1,183,842 0 3
THE CHRONICLE.
612
[Voti. X IA I.
EARNINGS.
CANCELED BOND ACCOUNTS.
The light crops harvested in the latter part o f the summer
and fall of 1887, the competition for business accompanied as
is usual by a serious decline in the rates obtained, and the
insufficiency of the company’s rolling stock (which to a con
siderable extent was employed on construction work) to move
the business offered— all these causes combined to make a
serious reduction in the usual increased earnings of the com
pan y for the second half as compared with the first half of
the year, so that, while in the year 1886 the earnings for the
last six months were $9,042,939 47, against $6,941,367 72 for
the first six months, in 1887 the earnings of the last half of
the year were only $9,369,731 28, against $9,091,634 98 for the
first half. It is satisfactory to know that, although, owing to
th e causes named, the earnings for the year did not come up
to expectations, yet the volume of business, notwithstanding
also the competition of additional lines in our territory, has
show n a large increase, arising chiefly from business received
by the Atchison and Southern Kansas from the new auxiliary
lines.
The number of tons of freight carried one mile in 1887 was
^909,167,842, at an average rate of 1‘347 cents per ton per mile,
against 687,399,093 tons one mile, at an average rate of 1*615
cents per ton per m ile, in 1886.
These figures include freight on construction material,which,
i f deducted from the two years, would show 813,625,031 tons of
commercial freight carried one mile in 1887, at an average
rate of 1*385 cents per ton per mile, against 644,567,773 tons o f
commercial freight, at an average rate of 1*655 cents per ton
per mile, in 1886.
The earnings from commercial freight for the twelve months
thus show a reduction of no less than 0’27 cents in the aver
age rate per ton per mile ; and, if the same average rate had
been obtained for the commercial business for 1887 as for
1886, the increased revenue would have amounted to $2,196,049 29. In 1882 the average rate per ton per mile obtained
was}2‘516 cents, so that in the five years since then the aver
age rate has declined 1*131 cents. W h ile this has been t d
som e extent caused by the carrying of an increased tonnage
o f a lower class of freight, yet it is sufficient to show the
large reduction in rates generally that has occurred during so
short a period ; and it is a matter of satisfaction that the com
pany has borne up so well against such a severe decline.
In passenger business, owing to the competition for Cali
fornia passengers in the early part of 1886, the average rate
for 1887 shows some improvement, there having been carried
217,909,566 passengers one mile, at an average rate of 2*357
cents, against 176,810,489 passengers one mile, at an average
rate of 2*277 cents, in 1886.
These accounts on December 31, 1887, included the follow
ing Bonds:
O PE R ATIN G
EXPENSES.
Although strict economy has been exercised in operating
the road, there has been a considerable increase in the oper
ating expenses, caused to some extent by the average miles
operated having increased 202*21 miles, and also by the large
ly increased tonnage transported; namely, 238,511,184 tons
one mile o f freight and 41,099,077 passengers carried one
mile.
During the year 101*008 miles of road have been relaid with
steel rail, the cost of which, as well as various other improve
ments, is included in the operating expenses, so that, exclu
sive o f additions to the rolling stock, the charges to construc
tion have amounted to only $322,912 80.
CAPITAL STOCK ACCOUNT.
A t the close o f 1886 the Capital Stock, including the
Scrip outstanding, amounted t o ....................................... $64,893,250 00
T here has been issued during the year, in exchange for
G ulf Colorado & Santa Fe R ailw ay Co.’s stock...........
10,000 00
A n d to meet the cost o f extensions not otherwise pro
vided for, and for additional rolling stock................... 10,096,750 00
Total,
$75,000,000 00
BON» ACCOUNTS.
T h e Bonded Debt o f the Atchison and The So. Kansas
Companies on JDec. 3 1 ,1 8 8 6 , w a s ................................ $40,191,000 00
There were issued in 1887:
A . T. & S. F. R R . Co. Six Per Cent Sinking Fund Se
cured B onds......... ....................................... ......... . ...............
250,000 00
A . T. & S. F. R R . Co. Collateral Trust F ive per cent
Bonds, account o f construction o f California Central
and D enver & Santa Fe road s....................... ......... .........
6,799,000 00
T h e So. Kansas R ’y Co. G ulf D ivision First M ortgage
F ive per cent Bonds fo r construction o f roads in Indian
T e r r i t o r y . ...........; ............. i ...............I ...........
416,000 00
T h e So. Kansas R ’y Co. Incom e Bonds, issued under
Circular No. 5 8 ............................................................ - ........
1,480,000 00
$49,136,000 00
Redeem ed in 1887:
A . T. & S. F. F ive per cent B onds................... $33,000 00
A . T. & S. F. Sinking Fund F ive per cent
38.000 00
B on d s....................................................... .
A. T. & S. F. Four-and-a-H alf per cent Sink
in g Fund B on d s............................................... 77.000 00
A. T. & S. F. R R . Co. S ix per cent Sinking
Fund Secured B ond s........................................ 122,000 00
A. T. & S. F. Land Grant B onds.................
15.000 00
•So. Kr & W. First M ortgage B o n d s ................. 29.000 00
Sumner County RR, Co. First M ortgage
B o n d s......... ................... ....................................
9,000 00
Outstanding Dec. 31, 1887.
323,000 00
$48,813,000 0 ©
A. T. & S. F. 5 per cent B onds..............................
“
“ Sinking Fund 5 per cent B o n d s ...................
“
“ 4 *2 per cent Sinking Fund B o n d s...........
“
“ 6 per cent Sinking Fund Secured B o n d s ...
is
“ Land Grant M ortgage B o n d s ____ ________
|
“ Land Incom e B onds.................
So. K. & W. First M ortgage Bonds . .............. .......................
Sumner County R R. Co. First Mortgage B o n d s ................
$211,000 00
262,000 00
540,000 00
578,000 00
704,000 00
480,000 00
164,000 00
63,000 00
$3,002,000 00
SURPLUS ACCOUNTS DEC. 31, 1887.
Incom e A ccou nts....... ...............................................................
Canceled Bond A c c o u n t s . .............................................
$8,538,408 47
3,002,000 00
T o t a l............ ............................... ........................- ..........$11,540,408 47
W h ich is represented by the following:
Permanent investm ent in Construction in excess o f
stocks and bonds outstanding. . ........................................ $1,596,529 76
Materials and supplies on hand..................................... .
2,307,288 89
Advances to A tlantic & P acific R R . Co. (including ad
vances, repayable, o f 25 per cent on interchanged
business), partly secured b y hypothecation o f Atlantic
& Pacific lands................... ......... ^........................................
3,923,208 99
M ortgage bonds, sundry securities and investm ents.......
6,785,706 25
Cash on hand, amount due from new auxiliary R R . Cos.
and accounts receivable in excess o f vouchers, ac
counts payable, accrued interest to Dec. 3 1 ,1 8 8 7 , and
Dividend payable Feb. 1 5 ,1 8 8 8 ...........................
4,047,000 97
$18,659,734 86
Less:
A ccounts w ith subscribers under Circu
lars 57, 58 and 59, payable in Bonds, as
provided in those C ir cu la r s....________ $2,317,560 00
Land Grant Trust A ccou n t.......................... 4,239,412 46
Am ounts to credit o f Renewal and Fire
Insurance F u n d s ................¿ ...^ ...............
562,353 93
Net Surplus...........................................
7,119,326 39
$11,540,408 47
CONSTRUCTION EXPENDITURES.
During the year, the following amounts were expended in
new construction and improvements:
CONSTRU CTION A N D E Q U IP M E N T E X P E N D IT U R E S C H A R G E D T O A . T . & S. E
A N D SO U TH ER N K A N SA S CO NSTRU CTION ACCOU NTS.
During the year the sum of $3,860,301 09 was expended for
new rolling stock and $322,912 89 in making substantial im
provements and additions on the above roads, as follows:
For new Stone Culverts and Im provem ents o f L in e .......
For new Side Tracks................................................................
For new Fences_____ _______ !________ ________ _
For new B rid g es................... ..................................................
F or new Buildings............ ................... ........... ......................
For new Tools and M achinery .................... .......................
For Real Estate .........................................................................
For M iscellaneous................ .................................. .......... .
$10,393
75,348
23,626
19,678
83,916
9,929
48,593
51,426
01
76
44
61
86
60
00
61
$322,912 89
F or n ew L oco m o tiv e s......... ..........................$1,530,281 86
F or new C a r s........................................... ....... 2,330,019 23
3,860,301 09
$4,183,213 98
Expenditures during the year for real estate and permanent
improvements on existing roads charged to account of auxili
ary companies:
Florence Eldorado & Walnut Valley R ailroad.................
Kansas City Em poria & Southern R ailw ay........................
Kansas City Topeka & Western R a ilr o a d ............................
Leavenworth Topeka & Southwestern R a ilw a y .............
M arion & M cPherson R a ilw a y ................ ..............................
New M exican R a ilr o a d ............ ............................. ................
New M exico & Arizona R ailroad..........................................
New M exico & Southern Pacific R ailroad........................ .
Pueblo & Arkansas V alley R ailroad....... .............................
R io Grande & E l Paso R ailroad.............................................
R io Grande M exico & Pacific R ailroad.................................
Silver City Dom ing & P acific Railroad.................................
The Southern Kansas R ’y (H. & W. and Kan. So. Divs.) ..
The Southern Kansas R ’y (Kansas City & Em p. D iv .)___
W ichita & Southwestern R a ilw a y .........................................
$1.745 83
3,369 41
118,059 06
5,742 11
9,646 82
34,852 82
9,974 36
36,254 04
29,703 81
13,115 62
9,713 09
6,803 26
767 54
465,419 11
65,334 83
$810,501 71
Expenditures during the year for real estate and construe
tion of new roads:
* Atchison Topeka & Santa Fe R R in C hicago................... $3,561,725 17
* Chicago Kansas & Western L in e s ......................................
6,851,687 55
* Chicago Santa Fe & C alifom ia R ’w ay .. $14,123,838 79
Mississippi R iver B ’dge (at Ft. Madison)
510,931 53
Missouri R iver Bridge (at S ibley)....... .
579,318 17 15,214,088 49
California Central R ailw ay....... ............ ................... .
Denver & Santa Fe R ailw ay ...................................................
Florence Eldorado & Walnut Valley Railroad, Winfield
»E x ten sion ............................ .....................- ........ .......... .
Kansas City Em poria & Southern R ailw ay, H ow ard E x
tension ................................................... ...... ......................
Leavenworth Northern & Southern R a ilw a y ....... .¿.
Pueblo & Arkansas Valley Railroad, Clelland E xtension.
St. Joseph & Santa Fe Railroad .................... .......... .
St. Louis Kansas City & Colorado R a ilr o a d ................... .
Southern Kansas & Panhandle R ailroad.............................
The Southern Kansas R ailw ay, Frontenao E x te n s io n ....
The Southern K ansas R ailway, Girard E xten sion............
The Southern Kansas Railw ay, Indian Territory E xten
sions...................................................................... ........
The Southern Kansas R ’way, Medicine Lodge E xten sion.
The Southern Kansas Railw ay o f T e x a s .............................
3,843,199 77
3,232,313 99
71,787 6 4
20,404 72
1,287,848 17
211,836 70
178,798 66
2,186,774 90
185,317 42
38,158 86
62,057 27
2,631,822 94
42,738 93
1,154,000 38
$40,774,561 56
May
613
TH E C H K O m O LE .
12, 1888.]
a distance of 46*30 miles, and is owned jointly with the
Union Pacific Railway Company.
The operations for the year were as fo llo w s:
Other expenditures :
•Canyon City tioal Company.................................$92,000 00
“Cherokee & P ittsburg Coal & M ining Co.........187,788 41
Kansas City Belt R ailw ay. .............. .............. 99
Las V egas H ot Springs H otel and Bath houses 78,746 34
$559,834 75
SUMMART.
Expenditures fo r additions and im provem ents to A tchi
son and Southern Kansas Roads..............................$4,183,213 98
Expended fo r real estate and permanent im provem ents
charged to account o f auxiliary com panies.................
810,501 71
E xpenditures during the year fo r real estate and con
struction o f new roads----------- !...................................— 40,774,561 56
Other expen d itu res....... .............. . . . . ....................... - ...........
559,834 75
T o t a l............................- ........ ........................................ $46,328,112 00
■* The cost o f these roads has been provided fo r b y the issue o f their
o w n bonds, w hich are n ot direct obligations o f either ths A tchison or
Southern Kansas Companies.
THE KANSAS CITY BELT RAILW AY.
This road is now being used by the Chicago Milwaukee &
St. Paul Railway Company for its entrance into Kansas p ity ,
and before this report reaches the stockholders the Chicago
Santa Fe & California Railway Company will also use it for
a similar purpose, so that sufficient earnings are insured to
meet all expenses and fixed charges; and there should also be
an increasing surplus from year to year for the capital stock,
one-half of which is owned by the Atchison Company
through the Kansas City Topeka & W estern Railroad Com
pany.
COAL PROPERTIES.
The total number of tons of coal mined during the year
was 958,184 tons, of which 452,544 tons were for the Com
pany’s use and 505,640 tons for commercial purposes, against
248,656 tons for the Company’s use and 468,739 tons for com
mercial purposes in 1886.
The approximate freight earnings from coal transported in
1887 amounted to $1,419,832 72, against $1,247,348 61 for the
year 1886.
The amount expended on the Cherokee & Pittsburg prop
erty in 1887 was $187,788 41, making the total expenditure to
December 31, 1887, $407,696 79. The mine began shipping
coal in the month of August, and the output from this and
the Company’s other coal properties will be largely increased
in 1888; and there will be a corresponding increase in revenue
therefrom.
The Atchison and its auxiliary companies own in all about
37,000 acres of coal land, and lease 8,310 acres, from which it
is estimated a total of 56,000,000 tons can be profitably mined.
The aggregate cost of the real estate and the amount ex
pended for permanent plant of all these properties, including
156 coke ovens, is about $8,250,000. Some of these properties
were purchased several years ago, and additions have been
made thereto from year to year, so that the present value is
largely in excess of their actual cost.
LAND DEPARTMENT.
Total Earnings.....................................................................................$67,243 55
Operating Expenses and T a x es.................................................... 92,784 78
Net Loss......... ............................................................................... $25,541 23
Of which the Atchison Company’s proportion is one-half.
MANHATTAN ALMA & BURLINGAME RAILW AY.
This road extends from Manhattan, K an ., to Burlingame,
K a n ., on the Atchison Topeka & Santa Fe Railroad, a dis
tance of 56*62 miles, and is owned jointly with the Union
Pacific Railway Company.
The operations for the year were as follows:
Total Earnings.................................................................... .............. $53,287 11
Operating Expenses and T a x es................................................... . 61,894 75
Net L oss............................................. .................................... .
$8,607 64
Of which the Atchison Company’s proportion is one-half.
WICHITA
&
WESTERN
AND KINGMAN
RAILROADS.
PRATT
&
WESTERN
The W ichita & W estern road extends from W ichita, K a n .,
(on the W ichita & Southwestern Railway), westward to Kingman, K a n ., and the Kingm an Pratt & Western road is a con
tinuation to the western boundary of K iow a County, K an .,
a total distance of 124*64 miles.
These roads are owned jointly with the St. Louis & San
Francisco Railway Company.
The operations for the year were as follows :
Total E arnin gs............................................................................... $241,437 05
Operating Expenses and T ax es..................................... ........... 137,455 7 1
Net P rofit.................................... .............................................$ 1 0 3 ,9 8 1 3 4
From w hich was paid interest on the bonded debt, amount
ing t o ....... ...................................................... .......... ...........
63,965 48
L eaving a surplus for the year o f . . . ...................................
$40,015 86
This, with the surplus Dec. 31, 1886, of $13,242 37, made a
total surplus o f $53,258 23, from which was declared a dividend
of 7 per cent on the Capital Stock, amounting to $31,500 00, of
which the Atchison Company’s proportion was one-half.
GEN ERAL SUM MARY OF OPERATIONS OF ROADS OWNED B Y
TH E ATCHISON COMPANY FO R T H E Y E A R 1887.
Receipts.
Expenses.
The A tchison and The South’n Kan. Cos.:
E a r n in g s ............................................... . . $18,461,366 26
Operating Expenses and T ax es....... .
$10,408,454 78
Sundry Profits, Interest, etc..................
781,106 04
Paid to St. L. & S. F. R ailw ay C o.........
192,787 35
R ebate o f 10 per eent allowed to C. K.
& W. R R .C o ............................. .
64,589 26
Interest Charges................................ .
3 ,2 29,7 811 8
Land Grant Trust for Interest on B ’ ds.
169,487 50
R ental o f R olling Stock (Topeka
Equipm ent Co.) ...............................
15,300 0 «
Dividends on A . T. & S. F. R R . Co.
Capital Stock.....................................
4,474,725 25
Net profit...................................................
1,026,321 98
There were no sales of land in 1887; but the cash receipts of
the Department during the year were: from Deferred Pay
$19,411,959 80 $19,411,959 08
ments and Interest, $509,103 29, and from Miscellaneous,
$457 68; total, $509,560 97.
Net profit o f the Atchison and The
The expenses and taxes of the Department were $9,921 05.
Southern Kansas Com panies........... $ 1 ,026 ,321 98
and the net result of the operations of the year was therefore New M exico & Arizona RR. C om p an y:
E arnings........................................................
151,267 83
$499,639 92.
Operating Expenses and T a x es.........
$177,020 06
From this there was paid for sundry expenses of the Trust Sonora Railw ay Company, L im ited :
$1,131 35; for interest on Land Grant Bonds, $169,487 50, and
E arnings................................... ............
232,297 20
Operating Expenses ............................
224,125 34
$18,135 00 for $15,000 Land Grant Bonds purchased and can
Interest on Bonds and other charges.
296,410 01
celed, leaving a net balance for the year of $310,886 07.
Leavenworth Topeka & Southwestern
TH E SONORA SYSTEM .
The operations for the year were as follows:
NEW MEXICO & ARIZONA RAILROAD.
F rom Benson to Nogales, 87'78 miles.
T o ta l E arnings..................... ..........................................................$151,267 83
Operating Expenses and T axes................. ..................... - ........ 177,020 06
$25,752 23
Loss,
SONORA RAILW AY (MEXICO.)
F rom Nogales to Guaymas, 262-41 miles.
T otal Earnings (U. S. C urrency)..................................................$232,297 20
O perating Expenses (TJ. 8. C urrency)..... ................................. 224,125 34
Profit (U. S. Currency)........................ ...................................
T h e above figures are exclusive o f Salaries o f Governm ent
Directors and other Special Expenses at B oston Office,
am ounting t o ................................................................................
L eaving a Loss (U. S. Currency) o f......................................
$8,171 86
R ailw ay C om pan y:
Earnings (one-half)___ .'........ - ....................
33,621 77
Operating Expenses and Taxes (oneh a lf)....................................................
Interest on Bonds (one-half)................
Manhattan A lm a & Burlingame R ail
w ay C om pan y:
Earnings and Miscellaneous Receipts
(one-half)___. ....................................
26,643 55
Operating Expenses and Taxes (oneJialf)................................................. -.
W ichita & W estern and Kingm an Pratt
& Western Railroad Com panies:
Earnings (one-half).................................
120,718 53
Operating Expenses and Taxes (oneh a lf)........................................ - ............
Interest on Bonds (one-half)...............
D ividend on Capital Stock for 1887
(one-half)........................... ................
Net profit o f all the above Companies.
$1,590,870 86
46,392 39
27,600 00
30,947 37
68,727 86
31,982 74
15,750 00
671,915 09
$1,590,870 86
12,910 01
$4,738 15
Total net results from operation of
Company's roads as above in 1887___
From this amount there has been
charged to the Incom e A ccounts of
the A tchison and the Southern Kan
sas Companies in 1887 fo r Sinking
Funds, thereby reducing the Bonded
Debts o f those Com panies........ ...........
The interest on the First Mortgage Bonds has been paid by
the Atchison Company, and will be found charged in its
Income Account.
There has been expended on Construction Account of the
Sonora Railway during the year $8,330 05.
Leaving n e t ............................................
No subsidy has been collected during the year, so that the To which sh«uld be added the net profit
o f the Atchison Land Departm ent fo r
amount due from the Mexican Government is $1,477,754 56
the year, am ounting t o .......................—
(U. S. Currency), as stated in Report for 1886.
ROADS O W N E D JO IN TLY.
General results for the year, Net Sur
p lus.............................................................
$671,915 09
303,955 00
$367,960 09
310,886 0 7
$ 6 78*84 616
LEAVENWORTH TOPEKA & SOUTHWESTERN RAILW AY.
This road extends from Leavenworth, K a n ., to Meriden
Junction, K an ., on the Atchison Topeka & Santa Fe Railroad,
N o t e .—This summary is made for the general inform ation o f stock
holders w ithout regard to the particular disposition m ade o f the various
items in the account books o f the Company.
THE CHRONICLE.
614
SPEC IAL MATTERS.
LEAVENWORTH NORTHERN & SOUTHERN RAILWAY.
W ork was commenced on this line in December, 1886. The
track between Cummings, on the main line of the Atchison &
W ilder, on the Kansas City Topeka & Western, 46'19 miles,
was completed during the year; and the earnings since Octo
ber have been included with those of the Atchison System.
DENVER & SANTA FE RAILWAY.
The charter for this line was filed March 22, 1887; and the
line, 116-26 miles, was turned over to the Operating Depart
ment October 9, 1887. The building of this road gives the
Atchison Company its own independent line to Denver, the
great centre of trade for Colorado. The earnings for the
short period it was operated are included in the earnings of
the Atchison System. The Denver Circle Railroad, which
forms part of the property of the Denver & Santa Fe Railway,
is 8'01 miles, making the total mileage owned by the Company
124*27 miles.
[V ol .
XLVl.
Louis Road at St. Joseph, the mileage constructed being about
19 miles. It thus connects the important city of St. Joseph
with the main line of the Atchison Company.
The St. Joseph & St. Louis Railroad was built from StJoseph to Lexington Junction, about 76 miles, where it connects
with the Chicago line of the Chicago Santa Fe & California
Railway. The importance of this road to the Chicago line, in
forming a direct and short line between Chicago and St.
Joseph, Mo., was so obvious that a favorable opportunity topurchase its control was availed of at a cost of about $800,000.
The two properties have since been consolidated under the
name of the St. Joseph St. Louis & Santa Fe Railway Com
pany, the total mileage being 95*70 miles. The road has morethan earned its operating expenses, taxes and fixed charges.
ST. LOUIS KANSAS CITY & COLORADO RAILROAD.
Appreciating the importance of a system so extensive as our®
having direct communication with the city o f St. Louis, a pur
chase was made of the St. Louis Kansas City & Colorado Rail
road ; and during the half-year it has been improved and extend
PUEBLO & ARKANSAS VALLEY RAILROAD.— CLELLAND
ed to Union in Missouri, 61 *40 miles, the total cost being $2,186,EXTENSION.
774 90. One of the chief reasons for purchasing this property
The length of this extension from Clelland to Canyon C ity » at the time, instead of delaying the project, was the right
including two coal spurs, is 10*34 miles, and was completed at
which attached to it of running into the depot at St. Louis
the close of the year. Canyon City is a point of considerable
over one of the established lines there. The intention is,when
importance in Colorado; and a good business is fully anticipated
conditions are more favorable, to extend the line to Kansas
for this extension, chiefly in the development of the coal traffic,
City.
which will be largely increased in 1888, the Company having
CHICAGO LINE AND TERMINALS.
hither!o been unable to supply half the demand for the valu
able coals of this district, which the new line will enable the
In the last annual report the reasons were stated in full
Company to bring to market.
which led your directors to determine upon the building of an
THE SOUTHERN KANSAS RAILW AY.— GULF DIVISION.
independent line between Chicago and Kansas City.
A desirable offer having been made to this Company of the
The extension from Arkansas City to a connection with the
Chicago & St. Louis Railway between Chicago and Streator,
G ulf Colorado & Santa Fe, 154*06 miles, was completed and
111., with a branch to Pekin, the property was purchased; and
turned over to the Operating Department June 12; and the
the extension from Ancona, on that line, to a junction with
Kiow a Extension was completed to the W est line of the In
the Belt Railway at Kansas City has been constructed under
dian Territory, 116*35 miles, and turned over to the Operating
the name of the Chicago Santa Fe & California Railway.
Department September 12. The road of the Southern Kansas
Grading upon the new line was commenced in March, 1887,
Railway Company of Texas, from the W est line of the Indian
and track-laying in May. The line between Ancona and Fort
Territory to Panhandle City in Carson County, in the Pan
Madison was completed December 17, 1887, and between Fort
handle of Texas, 99*50 miles, was also completed at the close
Madison and the Sibley Crossing of the Missouri River Decem
of the year. These three extensions aggregate 369*91 miles
ber 31,1887.
(of which there were completed in 1886 69*17 miles), being
The bridge over the Mississippi River, built under the charter
somewhat in excess of the mileage contemplated under Circu
of the Mississippi River Railroad & Toll Bridge Company, was
lar No. 58.
commenced in March, 1887, and was ready for passenger
GULF COLORADO & SANTA FE RAILW AY.
trains December 7, 1887. The length of the bridge, including
The extension of this road northward to a junction with the approaches, is *61 of a mile.
The bridge over the Missouri River, built under the charter
extension of the Southern Kansas Railway from Arkansas
City at Purcell, 100 miles, was completed in the summer of of the Sibley Bridge Company, was commenced in February,
1887; and, had the promise of large crops been fulfilled, an 1887, and was ready for the passage of trains January 26,1888.
excellent through and a largely increased local business would The length o f the bridge, including approaches, is *76 of a
have resulted. A s it was, the receipts from all sources ex mile.
By reason of the non-completion of the bridge over the Mis
ceeded the operating expenses, taxes and fixed charges by
$32,443 16. The prospects for 1888 are still more favorable souri River, the track was not connected with the Kansas City
than at the corresponding period of 1887, and it is confidently Belt Line until January 26, 1888.
A s track-laying extended into the dead of winter, and it
hoped that there will be a considerable surplus from the year’s
was not possible to put it into proper shape until milder
business after paying all the charges.
weather, it was considered best to delay the opening of the
THE CHICAGO KANSAS & WESTERN RAILROAD.
through line until the 1st of May, 1838.
Everything in connection with this line has been con
A t'th e close of 1886, as stated in the report for that year,
there had been constructed 401*23 miles. On February 14, structed in the very best manner; and independent parties,
1887, a further subscription was called for under Circular No. well capable of judging, have expressed the most favorable
59; and at the close of 1887 the completed mileage of the Chi opinion both as to the wisdom of building the line, the char
cago Kansas & Western, together with the Southern Kansas acter of the line itself, which is the shortest between Chicago
& Panhandle Road, 28*25 miles, the purchase of which by the and Kansas City, and the terminal facilities. The latter are
Chicago Kansas & Western has been agreed upon, was 903*16 certainly not excelled by those of any company whose road
miles, being the total mileage contemplated for this Company enters Chicago.
under Circulars Nos. 57 and 59.
CAPITALIZATION.
The same causes which have affected the earning of the
A t the head of this report will be found a statement of the
Atchison Company have also affected those of the Chicago
Kansas & Western; but, with good crops and under more mileage at the close of 1887 of all the roads operated by the
Atchison
Company, including the lines owned jointly with the
favorable conditions, a much better result is expected for the
Union Pacific and St. Louis & San Francisco Companies. If
year 1888.
For the year 1887 the road earned, including $64,589 26 for the mileage of the latter be omitted, it will be found that the
the rebate of 10 per cent, a small surplus over and above the mileage of the Atchison properties alone was 6,341*37 miles.
proportion of fixed charges for the average miles operated. It The bonded indebtedness of this mileage, including the
will be seen that the business of the Atchison and Southern Income Bonds of the Chicago Kansas & Western Railroad
Kansas, interchanged with the various lines of the Chicago Company, was $120,798,000, being at the average rate of
Kansas & Western, amounted to $645,892 60, which justifies $19,049 per mile.
A s the whole or a majority of the capital stocks of each of
the building of these extensions in the interest of the Atchi
son, after making due allowance for a portion of this busi the companies by which the auxiliary roads were constructed
ness which would doubtless have been carried without these is owned by the Atchison Company, it follows that the capital
stock of the latter, $75,000,000, controls all of the mileage re
extensions.
ferred to, being at the average rate of $11,827 per mile, or,
CALIFORNIA CENTRAL RAILW AY.
stock and bonds together, $30,876 per mile. This includes .the
A t the close of the year this Company had completed and cost of the Chicago line and the terminals in that city. The
was operating the following lines:
Atchison is entitled to all profits from the operation of this
San Bernardino to M entone.................................................................... 11-93 mileage after paying the bonded and other necessary charges,
San Bernardino to Los Angeles and cut-offs...................................... 64-71 except in the case of the California Southern Railroad Com
L os Angeles to Santa M o n ic a .............................................................. 17-03
Citrus to San Ju an .................................................................................... 68-65 pany, of which Company’s capital stock about $3,000,000 is
Escondido Junction to E sco n d id o .................................. ................... 21 23 held by other parties, and except some of the Kansas auxiliary
companies, of whose capital stocks a relatively small amount
183-55 is held by the towns and counties in that State.
There was also graded and in course of construction 67
The Board has pleasure in acknowledging the fidelity and
miles, the completion of which has been greatly delayed for efficiency with which the officers in charge of the several de
the want of ties. About 290 miles in all will be finished by partments and the men employed under their direction have
the summer o f 1888.
performed the duties devolving upon them during the past
year.
ST. JOSEPH & SANTA FE RAILROAD.
By order of the Board of Directors,
This road commences on the east side of the Missouri River,
opposite Atchison, and connects with the St. Joseph & St.
W IL L IA M B. STRONG,
President.
THE CHEONICLE.
Ma y 12, 1888.]
615
tiated the sale of a like amount of the general mortgage 5s
By this we effect
a reduction of $71,445 in annual interest charge after July 1,
1888, and the mortgage securing the “ A ,” “ B” and “ C” bonds,
which was before second, becomes the first lien on the origi
nal main line between Pacific and Seneca in Missouri, 293
miles, and the lien of the general mortgage (which was before
third on this same line) then becomes second thereon, besides
being already second on 330’29 miles of other roads, all in
addition to its original first lien on the 365'51 miles of roads
and equipment, and on the St. Louis terminals and real estate.
The past year has been quite favorable for the revenues o f
the company, notwithstanding the almost complete failure of
the Kansas crops. The usual receipts were, however, supple
mented by the traffic growing out of the emigration to W est
ern points and of the haul of materials for large railroad con
struction in Kansas and other western localities. There will
perhaps be less of the latter for this year, although the use of
cross ties and hardwood lumber in a region having so great
railway mileage and so many growing towns near which no
considerable timber exists is likely to increase and thus add
to our income.
A t the close of 1887 the company had no construction work
in progress, its authorized extensions having been completed.
Because of the three classes of capital stock representing
the control of the company, with the right to increase only
the number of common shares, it is absolutely necessary for
the company, in order to acquire or build any new lines, to
accomplish this by the use of bonds, as the money cannot bo
had by sale of its shares.
A special meeting of the stockholders was called and held
at St. Louis, December 9, 1887, to vote upon the question of
authorizing the issue, from time to time, of first mortgage
trust 5 per cent bonds, not exceeding $20,000 per mile of new
roads acquired or constructed with the proceeds of such
bonds. More than two-thirds of the entire capital stock voted
for the resolutions, authorizing the directors to make the
mortgage and issue the bonds thereunder for the purposes
stated, and all such bonds created will mature October 1, 1987.
Out of its surplus funds the Company has constructed and
put in operation 55 miles of connecting and branch railroads,
the cost of which, including equipment, was $1,157,600, and
the Directors have caused to be issued and sold $1,099,000 of
these new bonds, which are secured by a deposit of all the first
mortgage bonds and a ma jority of the capital stocks of the
five corporations organized for the purpose of building these
railroads. These underlying bonds bear the same rate of
interest, are due at the same time as the said first mortgage
trust bonds, and with said capital stock (which is all owned
by the San Francisco Company) are deposited with the Union
Trust Company of New Y ork, as Trustee, under the indenture
of trust dated December 15, 1887. It was necessary under the
law to fix some limit to the issue of these trust bonds, and the
nominal sum of $50,000,000 was therefore thus fixed; but none
of these bonds can be issued except as above provided, and
only as each five miles of the main track of new railroads are
thus acquired or constructed and supplied with rolling stock
with their proceeds.
,
,
The Company is now in a position to make such extensions
and additions to its present system of railroads as m ay, from
time to time, be found to be judicious, profitable and neces
sary and can pay for them with the proceeds of this new
issue of bonds and avoid the endorsement of new bonds of
different issues, each having a separate value and security.
The new road between Fort Smith and Paris was ready for
movement of traffic trains on July 1st, since winch date it has
been operated without interruption. Connection is made at
Paris with the Trans-Continental branch of the Texas & Pacific
Railway and with the Gulf Colorado and Santa Fe Railroad
(controlled by the Atchison Company), which last was not
fully completed until late in the year.
,
_
During the autumn of 1887 a branch road was built extending 22 miles over continu^is coal fields from Jenson (12 miles
south of Fort Smith) southeasterly across Sebastian County to
Mansfield, in the northwest corner of Scott County, in A rk
ansas. Veins of good bituminous coal have been opened and
considerable quantities shipped to Texas and other places, and
this traffic promises to be large.
,
.
The Fayetteville & Little Rock Railroad was extended eight
miles to St. Paul, in Madison County. The hard wood, lumber
and cross tics received from this road have udded considerably
to our earnings and are likely to continue to do so.
The location at Springfield was not such as to enable the
Company to fairly compete for the business of that growing
city, and a belt road was constructed during the year which
gives us access to the centre of the place.
.
For the purpose of increasing tha»coal output, and to obtain
a part of the business of W eir City, a branch of 8 81 miles was
built from Pittsburg, in Kansas.
For detailed information in respect of the condition ot the
Company’s tracks, of additions and improvements made dur
ing the year, of the quantity of rolling stock on hand, and of
other matters, reference is made to the report of the General
ST. LOUIS & SAN FRANCISCO RAILWAY COMPANY which were appropriated for this purpose.
ELEV E N TH AN N U AL REPORT—Y E A R ENDING DEC. 3 1 ,1 8 8 7 .
To t h e
P r e s id e n t ’ s O f f i c e ,
)
N e w Y o r k , March 15th, 1888. )
St o c k h o l d e r s :
The following figures, taken from various tables and state
ments accompanying this Report, present in condensed form
and in round numbers the results of operations for the year
1887, and a comparison with the preceding year. The tables
and statements themselves furnish further details and com
parisons, and also other information.
1887.
1886.
Increase,
1,095
878
217
$6,229,344 $4,874,628 $1,354,716
2,668,099 2,049,033
619,066
Interest, Sinking Funds, Rentals, &c.
$3,561,245 $2,825,595
173,263
313,768
$735,650
140,505
$3,247,477 $2,652,332
159,620
181,800
595,145
22,180
$3,429,277 $2,811,952
2,211,369 1,956,298
$617,325
255,071
$1,217,908
565,000
$855,654
315,COO
$362,254
250,000
*652.908
$540,654
$112,254
The actual mileage owned and leased at the end of last
year was 1,211'39 miles, to which m aybe added the leased line
of the Kansas Midland Railway Co., 107'20 miles between
W ich ita and Ellsworth, Kansas, of which we took possession
on January 30th of this year, making a total mileage of
1,318'59 miles.
The average mileage operated during 1887 was 1,095 miles.
The gradual increase of the annual average mileage each year
of the Company’s existence is shown by an appended
table.
This table also shows the aggregates o f Gross
Earnings, of Expenditures for Operating Expenses, Improve
ments and Taxes and of Net Revenue remaining each year ;
also the Annual Percentage of Expenses.’ p t will be observed
that the earnings per mile of road operated have steadily
increased.
Below will be found a table giving the aggregates of
Capital Stock and Bonded Indebtedness outstanding on
the first of January each year. By the same table it will be
seen that the Capital Stock per mile on January 1, 1888, was
$19,798 against $72,631 per mile on January 1st, 1878.
“ On January 1st, 1878, the Bonded Debt per mile was
$43,894; at present it amounts to $26,997.
.JH1
*^^¡¡¡¡¡5
Based on the figures given in this table, the Annual Interest
charge per mile as of January, 1878, was $1,923; as of {Janu
ary 1st of last year it was $1,801, and as of the present time
$1,555.
The changes in Bonded Indebtedness during 1887 were as
follows :
For the construction and equipment of new lines there were
issued
$5,000,000 additionaljof General M ortgage Fives and
1,099,000 o f First M ortgage Trust Fives o f 1887.
$6,099,000
O f the trust bonds $599,000 ¡were not delivered before the
close of the year.
Bonded indebtedness has been reduced during the year as
fo llo w s:
$5,000 o f General M ortgage Sixes were paid >n d d e stroy ed ;
33.000 o f Trust 6s o f 1880 were paid and ca n ce le d ;
118,000 o f Equipm ent 7s were paid and canceled;
46.000 o f Equipm ent 6s were paid and canceled ;
$202,000
Besides the foregoing, bonds of the following companies, as
named in table of Bonded Indebtedness, were issued :
St. Louis Salem & Arkansas Railway Co.’s
First M ortgage 5 s .................................... ............................. $810,000
Kansas Midland Railway Co.’s
First M ortgage 4 s . . . .............................................................1,072,000
O f the St. Louis Kansas & Southwestern RR. Co.’s First
Mortgage Bonds $3,000 have been canceled,^leaving out
standing $732,000 as shown in the accompanying statement.
To provide for the $7,144,500 of old “ South Pacific” Rail
road First Mortgage 6s, falling due July 1,1888, we have nego
Statistical information of operations and results, and com
parisons with those of the preceding year, are given by State
ments Nos. 1 and upwards, accompanying this report. _
The tables on pages 14 to 19 will be found of special mterest
to the stock and bond holders of the Company.
Respectfully submitted,
E D W A R D F. W IN S L O W , President.
THE
6 1 6
ST.
LO UIS
&
SA N
CHRONICLE.
FRANCISCO
I ncome A ccou n t, J a n u a r y 1
Dr.
T o Operating E xpenses................... . ........................................ $2,668,098 92
T o Im provem ents................................................................... - 176,565 45
137,202 53
T o T ax es..... ..................................................................................
T o Interest on Bonds, Sinking Funds, .Rentals, etc............ 2,219,901 58
T o Dividends Nos. 14 and 15 on 1st Pref. Stock. $315,000
T o Dividend No. 1 on Preferred Stock.................. 250,000— 565,000 00
T o B alance.......................................... £.............. ........................
652,908 66
$6,419,677 14
ST.
LO UIS
&
SAN
_______________________ .__________________
FRANCISCO
RESOURCES.
$
51,078,054 47
4,604,540 62 55,682,595 09
*1,093,563 77
E stimated
M arket
V alu e.
Pa r V alu e.
Cash on hand and with
bankers.................... .
437,549
D p e from Station Agents,
C o n d u c t o r s and other
Sources.......... ...............
119,366
D ue from other Railroad
C om panies................. .
176,397
This Company’ s First M ort
gage Trust 5 Per Cent
Bonds o f 1887..................
599,000
A tla n tic & Pacific Railroad
Com pany’s 4 Per Cent
B onds..............................
1,159,000
66
92
55
733,314 13
00
569,050 00 ¡-2,229,564 13
0.0
927,200 00
Materials and Supplies on
b a n d ................................. .
167,173 21
B ills R eceivable....................
628,702 72
Sundry open accounts cur
rent, including principal
o f Atlantic & Pacific R ail
road Company’s d ebt___
3,346,196 35
4,142,072 28
T h e above standing
Books, to C ost.............
Stock and Bonds o f other
Companies,
including
those on A uxiliary or
Proprietary r o a d s .......... 9,211,500 00
F irst M ortgage 1880, Sink
in g Fund Balance . . . . . . .
1,699 62
D ividend on this Company’s
First Preferred
Stock
o w n e d . . . . . . . . ....................
490 00
This Company’s“ A ”
Bonds ow n ed___$900 00
Less due fo r scrip. 706 84
193 16
4.142,072 28
Preferred.
C om m on..
L
LIA BILITIE S.
Capita l Sto ck :
First Preferred ...................
P r e fe rr e d ............ .............. .
Comm on____________ _____
4,500,000 00
10, 000,000 00
15,500,000 00
B onded I ndebtedness :
South Pacific R R . Co., 1st M ortgage 6s. 7,144,500 00
St . L ouis & San F rancisco R ’ y Co .
B onds , viz.:
Second M ortgage “ A.” “ B ” & “ C” 6 s ...
5,666,500 OO
“ Missouri & Western” Division, 1st
M ortgage 6s......... ................. ...........
1,090, 000 00
Trust 6s o f 1880 ...........................
1,213, OOO 00
Equipm ent 7s o f 1 8 8 0 .......................
533, 000 00
“
6s o f 1 8 8 4 . . . . ..............
303, 000 00
First M ortgage Trust 5s o f 18 87........... '1,099, 000 00
General M ortgage 6 s...............................
7,727, 000 00
^
**
5s
5,000, 000 00
St . L ouis W ich ita & W estern R ’ y Co !
First M ortgage 6 s .............................
2, 000,000 00
For Current O perations....... ......................
Due to other Railroad Companies ..
Outstanding P ay Checks.............................
Interest on Bonds, past due, but uncalled
fo r ....................................
Interest on Bonds due Jan. 1 ,1 8 8 8 ..........
Interest on Bonds accrued to Dec. 31,
1887, but not due . . . ..................................
Dividends past due, but uncalled for
Dividend, 1st Preferred, No. 15, payable
Feb. 1 0 ,1 8 8 8 ................................. . . . . . . .
Bills payable...................................... ..
1,076,025 14
30,000,000 0Q>
31,776,0C0 0 0
524,267 25
52,109 88
34,921 94
23,027 00
593,465 00
172,311 88
442 50
157,500 00
550,000 00
2,108,045 43»
1,130 0 >
678,5C OOO
I ncome A ccount :
General A ccount Dec. 3 1 ,1 8 8 6 ___
Income A ccount for 1887, balance.
3,760,134 2 0
2,382 78
2,382 78
83,550 01
128,401 40
13,355 00
231,600 00
3,640,700 00
L and D epartm ent A ssets .
Lands. Town Lots. Con
tracts, Cash and B ills Re
ceivable ...................... .
$6,419,677 1 4
C O M PAN Y.
Scrip for B. & C. B o n d s ................................
Pacific Im provem ent Co., due in 1889 and
secured by Atlantic & Pacific L a n d s. . .
2,863,735 00
Sundry open Survey a c
c o u n t s ............. . ............
Other m iscellaneous open
a cco u n ts.............................
C a p it a l Stock o f this
Com pany isr T r e a s u r y :
F irst P referred.$14,000 00
L ess due fo r
S c rip . . . . . . . .
645 00
R A IL W A Y
D e c . 31, 1887.
Oth er L ia b il it ie s :
A tla n tic & Pacific Railroad
Company’s Capital Stock
Incom e Bonds and Scrip. 29,278,832 7 5
S tock and Bonds o f other
C om pan ies....................
810,662 00
30,089,494 75
CO M PAN Y.
D e c e m b e r 31, 1887.
Or.
B y Gross Earnings......................................................................
,229,344 5&
B y Interest and Dividends on Miscellaneous Assets and
from other sou rces................... .......................................
181,800 OS
B y Interest on Bonds accrued hut not due
Dec. 3 1 ,1 8 8 6 .....................................
$180,844 33
Bess Interest on Bonds accrued but not
due Dec. 3 1 ,1 8 8 7 ....... ......................... .
172,311 83—
8,532 5 0
________________ F i n a n c i a l S t a t e m e n t
fr a n c h is e s and Property
a s per last Statem ent____
A dditional during 1 8 8 7 ___
Roads o f A uxilliary Com
panies, under Trust M ort
gage o f 1 8 87......................
R A IL W A Y
to
[V ol. X L T T ,
718,607 72
3,885,655 00
718,607 72
9,956,361 91 68,323,809 60
* Including $29,950 discount on $ 5 9 9 ,0 0 ^ o f Trust 5 per cent Bonds
s o ld but not delivered Dec. 3 1 ,1 8 8 7 .
__________________________________________________________ 68,323,809 6 0
* Including $599,000 Trust 5 per cent Bonds sold but not delivered.
D ec. 31,188 7.
___________________________________________________
ST. LO U IS & S A N FRANCISCO R A I L W A Y C O M PAN Y.
The following Table shows the Mileage o f the Roads owned or leased by this Company as of January 1st each year*,
respectively; the amount of its Capital Stock outstanding on such dates, and tlie amount per mile thereof; the amount o f
Ponded Debt on the then mileage, and o f that per mile; also, Annual Interest Charge per mile, based on the figures given.
Bonded Indebtedness.
Capital Stoch.
Tears.
January 1st, 1878..................................
“
1879..................................
«
1880.......................... ..
«
18 81.......................... „ . .
«
18 82___ •' *■.....................
“
18 83..................................
«
1 8 84..................................
«
1 8 8 5 ... ............................
«
1 8 86..................................
“
1887................................. .
«
1888 ............................... .
Miles.
293
293
558
635
661
725
776
815
815
930
1.319
Amount.
P er Mile.
$21,281,000
21,292,100
22,063,000
23,878,400
23,878,400
24,448,200
24,448,200
24,538,200
26,022,500
26,100,300
26.113,730
$72,631
72,669
39,539
37,604
36,124
33,721
31,621
30,108
31,929
28,065
19.798
A mount.
$12,861,000
12,811,000
13,911,000
17,900,000
18,650,000
20,364,000
22,102,000
23,893,000
26,026,000
27,806,000
35,609,000
P er Mile.
$43,894
43,723
24,930
28,189
28,214
28,088
28,481
29,316
31,933
29,898
26,997
A nnual
Interisti
Charge, j
P er Mile.
$1,928
1,918
1,218
1,457
1,456
1,551
1,653
1,768
1,924
1,801
1,555
In Bonded Indebtedness, as above, are included not only the direct obligations of this Company, but also those of other
Companies whose Capital Stocks are nearly all owned by the St. Louis & San Francisco Railway Company, and whose Roads
are owned or conti oiled and operated by it, under purchase or lease.
The rates of interest of the bonds outstanding January 1, 1888, are as follows:
Four per cent on $1,072,000; five per cent on $6,810,000; six per cent on $27,095,000, and seven per cent on $533,000.
Included in the six per cent bonds are $7,144.500 South Pacific RR. Co. 1st Mortgage Bonds, wnich are due July 1, 1888,,
and will then be replaced by a like amount of General Mortgage 5s, causing a further reduction o f $71,445 per annum i a
interest payments.
THE CHRONICLE.
M a y 12, 1888.]
617
T A B L E showing Mileage, Gross Earnings, Expenses, Improvements and Taxes, Net Revenue, Percentage of Expense»
a n d Gross and Net Revenue per Mile of Railway for Years as under.
Years.
1877
3878
1879
1880
1881
1882
1883
1884
1885
1886
£ 887
....
....
....
....
....
....
....
....
....
....
....
Average
Mileage.
327
327
396-50
546-125
624-41
676-68
734-46
786-23
814-875
877-60
1,095
Operating
Expenses,
Im provem ents
and Taxes.
Gross
Darnings.
$1,323,943
1,201,651
1,672,437
2,698,370
3,160,523
3,572,240
3,896,565
4,643,596
4,383,406
4,874,627
6,229,344
76
63
70
67
25
92
17
05
03
80
56
$673,572
648,134
835,488
1.325.128
1,582,057
1,591,738
1.823.128
2,135,378
1,949,744
2,222,296
2,981,866
ROADW AY
56
60
09
51
12
59
82
37
99
22
90
AND
Percentage o fPercentage
Expenses,
_ of
provem ’ts
Expenses. Im
and Taxes.
Net
Revenue.
$650,371
553,517
836,949
1,373,242
1,578,466
1.980,502
2,073,436
2,508,217
2,433,661
6,652,331
3.247,477
44-17
47-89
43-28
43-12
42-25
3940- 86
42-07
4142 03
42-
20
03
61
16
13
33
35
68
04
58
66
TRACK.
P er Mile.
Gross
Earnings.
$4,048
3,674
4,218
13 4,940
06 • 5 £ 6 1
56 5,279
79 5,305
99 5,906
48 5,379
59 5,554
87 5,688
50-88
53-93
49-96
495077 44464528 444583 47-
76
78
00
94
61
07
35
15
24
50
89
M ain Track,
Miles.
$1,988 9 0
1,692 71
2,110 84
2A l 4 52
2 ,5 2 7 9 3
2,926 79
2,823 0 8
3 ,1 9 0 1 8
2,986 55
3,022 2 6
2,965 73
Sidings,
Miles.
326-28
217-40
303-07
38-79
34-86
318
9-32
1-50
3-25
8-81
46-43
33-29
18-34
60-43
22-34
31-83
2301- 41
0-22
4 08
201
15 -Ì1
3-02
3-4 2
1,044-52
150-66
54-00
61-86
48-81
2 20
4*34
4-56
4-55
1,211-39
111-77
164-11
8*76
1 ,3 2 3 1 6
172-81
S t. Louis, Missouri, to Seneca, M issouri...........
Pierce City, Missouri, to Wichita, K a n s a s .......
.Monett, Missouri, to Paris, T e x a s ......................
Springfield, Missouri, to Bolivar, M issouri—
Springfield, Missouri, to Chadwick, Missouri
S pringfield Connecting R a ilw a y ......................
•Oronogo, Missouri, to Joplin, M issouri............ .
■•Granby Branch, M issouri....................................
«Carbon Branch, K a n s a s ............................. ........
Pittsburg, Kansas, to Weir City, Kansas..........
■Girard, Kansas, to Galena, K a n sa s...................
Fayetteville, Arkansas, to St. Paul, Arkansas
J en son , Arkansas, to Mansfield, A rkansas----Total owned b y this Company
•Cuba Junction, Missouri, to Salem, M issouri...
¿Sligo B ran ch ............ .........................................—
P lank B r a n c h ............................ . . . . . . . . . . . . . —
¡Smith B ranch..........................................................
Net
Revenue.
40-50
5-25
5-50
2-75
5400—
Total Salem Branch, (leased)
JBeaumont, Kansas, to Cale, K an sas.................
Gale Junction, Kansas, to Bluff, K a n s a s .......
H unnewell Branch, K a n sa s........................
Total owned and leased......................................................................................
A . & p. Central Division, Seneca, Missouri, to Sapulpa, Indian Territory (operated only)
Total miles operated
C A N A D IA N P A C IF IC R A IL W A Y .
SE V E N T H ANNUAL RE PO RT OF THE DIRECTORS OF THE CANADIAN PA CIFIC R A IL W A Y COMPANY. SUBMITTED A T T H K
ANNUAL M EETING OF TH E SHAREHOLDERS, HELD A T MONTREAL, 9TH M AY, 1888.
A balance sheet of the affairs of the Company at 81st December
last, together with the usual statements relating to the business of
the past year, are submitted herewith. •
■The gross earnings for the year were.......................................... $11,606,412 80
T h e working expenses were..........................................................
8,102,294 64
.And the net earnings were........................................ ...................
Deducting the fixed charges accruing during the y e a r............
$3,504,118 16
3,250,263 81
The surplus w as. . . . . . . . . ...................... ......................
$253,854 35
The working expenses amounted to 69'81 per cent o f the gross earnings
¿and the net earnings to 30-19 per cent.
The fixed charges for the year were :
E x p e n d it u r e s .
Construction and improvements as per Schedule “ A.” ............................................................
Equipm ent........................... . . . . . ............. .
Increase in material and stores in h a n d .........
$4,996,616 0»
49,974 05
211,142
Land Departm ent.
Expenditures in connection with Land Sales
and promoting Immigration and Settlement
in the N orthwest.............................................. $110,052 44
Less proceeds o f Land Sales............$66,342 53
Deduct amount remaining on de
ferred payments.............................. 29,318 51
37,024 02
Amount o f Land Grant Bonds received on
account o f sales in terms o f mortgage and
canceled by Trustees ...................................
Premium and costs of redemption...................
¿457,191,500 1st Mortgage Bonds 5 p.c. from Jan. 1st.................... $1,749,931 66
56,000 00
:$ 7,000,000 Province o f Quebec (Q. M. O. & O. Ry.) 5 p.c. from
6,291 67
Jan. 1st..............., .................................... .
350,000 00
£89,600 North Shore Ry. 1st Mortgage, 5 p c. from Jan. 1st..
21,80266 Ontario Sz3 Quebec By.
£200,000 Canada Central 2nd Mortgage, 6 p .c. from Jan. 1st.
58,400 00
Amount on hand at Dec. 31st, 1886, for com
Canada Central 1st Mortgage, Sinking Fund, from
pletion o f work, entrance to and terminals
Jan. 1 s t ........................................ .....................- ___
51,100 00
at Montreal and Toronto, and applied on ex
£200,000 St. Lawrence & Ottawa 4 p.c. from Jan. 1st.............
38,933 34
penditure during year. ..................................
¡$2,544,000 Man. S.W.Coi. Ry. 1st Mortgage, 5 p.c. from Jan. 1st.
127,200 00
Amount expended during year in permanent
* Toronto Grey & Bruce Ry. rental................................
140,000 00
improvements, equipment and construction
.£2,032,191 15i5£Ont.& Que.Ry.Debentures, 5p .c.from Jan.lst.
494,500 00
o f new lines, including Short Line Montreal
¿$2,000,000 Ont. & Que. Ry. ordinary stock, 6 p.c. from Jan. 1st.
120,000 00
Junction to Smith’s Falls, Line Woodstock
.£1,090,000 Ont. & Que. Ry. Debenture, 5 p.c., issued on Smith’s
to London, entrance to and terminals and
Falls & Montreal Short Line, Western Ontario
stations at Montreal and Toronto...................$3,454,314 55
Pacific Line, St. Lawrence Bridge, interest from
Less amount in hand at Dec. 31st, 1886, applied
Sept. 1st................................. ........... .........................
88,41115
as above.................... ..............................— 1,774,951 15
£88,356 A. & N. W. Ry. 1st Mortgage on 2114 miles St. Law
A dvanres.
rence Bridge to St. John’s, 5 p.c. from Sept. 1st...
7,166 00
Southeastern R y .................................................
9,092 50
-£59,589 A. & N. W. Ry. 1st Mortgage on 14¡4 miles St. John’s
St. Lawrence and Ottawa...................5..............
8,264 56
to Farnham, 5 p.c. from Oct. 21st............................
2,819 00
$3,250,263 81
The receipts and expenditures for the year were as follows :
U
e c e ip t s .
Surplus revenue as per statement.......... .........
,
Bonuses on New Westminster Branch.............
Sales o f Real Estate ..... ................... . . . . . . . . .
Sales o f construction plant and outfit..............
Receipts from Town Sites......................... . $253,182 24
Less Expenditure at Vancouver.................
131,680 92
----------------A tla n tic 6T N orthwest Ry.
Sale o f £1,330,000 1st Mortgage Bonds.
$6,352,408 63
Less Expenditure during 1887.............
2,468,511 05
$253,854
75,000
123,748
6,404
35
00
22
75
$2,000,088 40
Less fund held for accrued fixed charges........ 1,250,189 06
$3,714,506 88
Deduct current liabilities at Dec. 31st, 1886. ...$4,314,497 44
L ess cash in hand............................................... 2,427,894 28
A d d current liabilities at Dec. 31st, 1887....... ...
Total
1886.
1885.
Parlor and sleeping cars........
Telegraph and miscellaneous.
$2,859,222
4,881,865
137,151
172,303
73,523
241,426
98
58
9-2
01
55
08
$8,368,493 12
749,899 31
1,886,003 16
$1,827.903 72
»7,036,820 69
$8 8fi4 724 41
.1,774,951 15
1,679,363 4»
17,357 C6
The following is a comparative statement of earnings for thepast three years :—
3,883,897 58
Deduct cash on hand Dec. 31st, 1837........ ..... .$1,014,802 11
do. balances at stations and accounts re
ceivable...........................$2,615,323 29
Dess amount at Dec. 31st, 1886.... 1,630,037 00 985,286 29
62,291 67
,$8,864,724 4t
Total
121,501 32
$4,464,406 22
73,028 42
$3,170,713 69
6,112,379 89
205,024 18
206,872 41
118,658 99
268,154 43
1887.
$3,453,818
6,924,130
241,949
235,035
176,826
574,653
49
47
05
09
39
31
$10,081,803 59 $11,606,412 80
The St. Lawrence biidge and the different sections of new line
referred to in the last annual report, with the exception of the
extension of the main line from Port Moody to Vancouver, were
not completed in time to contribute to any but the results of the
last three or four months of the year.
Reference was made in the last annual report to the unusual sever
ity and extraordinary snow fall in the winter then just ended. This
so retarded and crippled the business of the country,, and so greatlyincreased the expense of working the railway during the first four
87
36
56
6 1 8
THE CH RONICLE
months of the year, that the net earnings at the date of that re
port had fallen nearly $400,000 below those of the corresponding
'period of the year before.
A t that time, however, it was expected that this decrease would
be more than made up before the end of the year, but this expecta
tion was not fully realized, owing mainly to a serious deficiency
in the grain crops in Ontario, and partly to the fact that the rolling
stock and elevator facilities of the Company were insufficient to
take full advantage of the heavy grain traffic offering in the North
west during the last quarter of the year.
The deficiency in the Ontario crops affected the passenger and
all other traffic in that Province, and the earnings of the Company
were consequently derived in a greater proportion than i usual
from traffic to and from the Northwest and British Columbia ;
and as such long-distance traffic is carried at relatively low rates
the average earnings per passenger per mile and per ton of freight
per mile were reduced O’12 cents and 0 ‘094 cents respectively as
compared with 1886.
A considerable part of last year’s bountiful crop in the North
west remains to be moved out after the opening of lake navigation,
now just at hand, assuring satisfactory returns for the first half
of the present year.
The total amount of grain moved during the past year was
15,013,957 bushels, as against 10,950,582 bushels for the preceding
year, an increase of nearly 50 per cent, which was entirely due
to the increased production in the Northwest.
The extraordinary success of the Northwestern farmers last
year, which was due largely to a better knowledge of the condi
tions surrounding them, and to improved and more careful
•methods of cultivation, is beginning to be felt in the trade of the
country and in the impetus it has given to immigration—the
movement in that direction being now much larger than at any
time in the past. It has also resulted in the preparation of a
greatly increased acreage for crops for the present season.
The difficulties between the American trans-continental lines,
mentioned in the last report, continued without much change
until November, when an agreement was reached looking to the
restoration and maintenance of rates. Up to that time, the greater
part of the freight traffic to and from the Pacific Coast was carried
without profit, and some of it at an actual loss ; but while satis
factory rates have not yet been fully established, a great improve
ment has been made.
vThe through passenger business has grown steadily and rapidly
since the opening of the line, and although it has been carried at
very low rates, owing to the lack of harmony referred to between
the American lines, it has, on the whole, afforded a not unsatis
factory profit.
The temporary steamship service between Vancouver and
Yohohama and Hong Kong, referred to in the last Annual Report,
has fully justified the expectations of your Directors as to the
value and importance of the trade to be developed in that direc
tion. The negotiations then in progress with the Imperial
Government for the establishment of a permanent line of firstclass steamships, suitable for service as armed cruisers in case of
need, resulted in an official notification, early last autumn, that
Her Majesty's Government had decided to grant a subsidy of
£60,000 per annum for a monthly service between Vancouver
and Hong Kong via Yokohama. In December last the details of
a formal contract were practically settled, but owing to negotia
tions still pending between the Imperial Government ana the
Government of the Dominion, with reference to an improved
Atlantic service, which concerns your Company only in a general
way, the formal contract has not yet been signed.
The Company’s Commercial Telegraph system is rapidly
growing in importance and shows a most satisfactory gain in
earnings. The lines have been extended to most of the important
towns in Ontario and Quebec, and during the present year they
Will reach St. John, Halifax, and the other chief towns in the
Maritime Provinces. Jointly with the Postal Telegraph Company
of the United States, your Company has extendedla telegraph line
southward from Vancouver to San Francisco, reaching all the
intermediate towns and cities of any importance, and bringing to
its other lines a large and profitable business.
The Company’s grain elevators at Fort William, Port Arthur,
Owen Sound and Montreal, notwithstanding their large use for
the special purposes of the railway, have earned a satisfactory
return upon their cost. The increase in the production of grain
in the Northwest makes necessary an immediate increase in the
elevator capacity at the lake ports, and two additional elevators of
large size are planned to be built at Fort William, and a third, but
smaller one, at Owen Sound during the present season.
With
sufficient elevator capacity at Fort William and Port Arthur the
.movement of grain can be kept up throughout the winter, avoid
ing the necessity of carrying it through to the Eastern Provinces
and to the seaboard, by rail, at a season when the rates must be
either unremunerative or higher than the grain can bear.
The Company’s Sleeping Car service, which has been most
satisfactory to the public,shows a handsomejincrease in its earnings
The Lake Steamers belonging to the Company have proved so
useful to the railway, and yielded such gatifying results, that your
Directors contemplate the addition of one or more similar
vessels at an early date.
The output of bituminous coal from the local mines in the
Northwest has considerably increased during the year; and the
anthracite mines near Banff are not alone supplying‘ the local
demand for hard-coals as far east as Winnipeg, but are shipping
successfully to San Francisco and other Pacific coast points,
by the way of Vancouver.
Considerable advance has been made in silver mining in British
Columbia, and the shipment of ores is already important.
Towards the close of the year the first shipments of cattle from
[VOL. XLTVI
the ranches near the mountains were successfully made to Eastern
Canada and Great Britain.
The Town of Vancouver at the Pacific Terminus of the Rail
way, although but two years old, has already a population of
7,000, and has become an important centre of trade.
It is ad
mirably situated for commanding the rapidly-developing trade of
the North Pacific coast, which is destined to become of very great
importance in the near future.
A detailed statement of the expenditures on Capital Account
is appended. The expenditures in this direction have been made
chiefly on the Pacific Division (embracing the greater part of
the mountain section), and include the completion of the exten
sion from Port Moody to Vancouver, and the yards, wharves,
workshops and other terminal facilities at the latter point.
The works required for snow protection in the mountains were
practically completed during the year, and the experience o f
the past winter has fully confirmed that of the previous one
as to the sufficiency of the methods adopted. A compara
tively small amount of work remains to be done to secure the
regu)ar working of the mountain section at all seasons.
A considerable expenditure was made on that part of the rail
way in British Columbia between Savona’s Ferry and Port
Moody, which was built by the Government and turned over to
the Company in an unsatisfactory condition. An arbitration has
been agreed upon to settle all questions relating to that section of
the line, and it is confidently expected that this will result in the
recovery by the Company of the greater part of the money it has
expended in correcting defects, and that it will, at the same time,
provide for putting the section in proper condition without fur
ther expense to the Company.
The extension of the main line from Port Moody to Vancouver
was opened for traffic on the 1st June, and extensive wharves,
warehouses and other terminal works were constructed during
the year.
The rails were laid on the extension of the Algoma branch
from Algoma to Sault Ste. Marie before the end of the year, but
much ballasting remains to be done, and the station buildings,
permanent water service, and some other facilities, have yet to be
provided before the line can be opened for regular traffic. It is
expected, however, that all this work will be completed during
the month of June.
The rails on the Minneapolis Sault Ste. Marie & Atlantic
Railway were laid continuously from Minneapolis and St. Paul
to Sault Ste. Marie at the close of the year, and this important
connection will also be ready for regular traffic by the end of
June.
Of the Duluth South Shore & Atlantic Railway, extending
from Sault Ste. Marie to Duluth, about thirty miles remain to be
completed, and it is expected that this equally important railway
will be in full working order before August.
The Sault Ste. Marie bridge, connecting the Algoma branch o f
the Canadian Pacific with the two American lines above men
tioned, was completed in December. In this bridge your Com
pany holds a half interest, the other half being divided between
the two American companies.
The extension of the Ontario & Quebec Railway from Smith's
Falls to the Atlantic and Northwest Junction, near Montreal,
was completed and put in regular operation on the 1st September.
The St. Lawrence bridge was completed at the same date and
the section of the Atlantic & Northwest Railway from the bridge
to West Farnham was opened for traffic shortly afterwards,
affording to the South Eastern Railway (mainly owned by your
Company) an independent connection with the Canadian Pacific,
and ^n independent entrance to Montreal, and affording to the
Canadian Pacific a direct connection with the lines of the* Boston
& Lowell Railroad reaching Boston, Portland and the other
principal points in New England.
W ith a view to economy, and to the efficient working o f
through traffic, the Company undertook, from the date of the
completion of the St. Lawrence Bridge, the operation of the
South Eastern Railway, for the account of the Trustees. The
eafnings and expenses of the South Eastern Railway are not' in
cluded in any of the statements accompanying this report.
On the extension of the Atlantic & Northwest Railway across
the State of Maine (the “ Short Line” to the Maritime Provinces),
unexpected difficulties and unfavorable weather have greatly
retarded the work of construction, and it is not now expected
that this line will be ready for traffic before the end of the com
ing summer.
The first section of the extension to Detroit River, viz : from
Woodstock to the important city of London, Ont., twenty-seven
miles, was completed and put in operation on 1st September.
A branch of five miles was made during the year from Glenannan, on the Toronto Grey & Bruce section, to Wingham, an
important town in the Ontario Salt District.
A line from Campbellville, on the Credit Valley Section, to
Guelph, was commenced during the year by a Company organ
ized and controlled by the city of Guelph. This line, which will
be completed during the early summer, has been leased to your
Company at a rental of 40 per cent of its gross earnings.
The last Annual Report referred to the steps that were being
taken to secure a western entrance to the city of Montreal, and
an eastern entrance to the city of Toronto, and central stations in
both cities. The rights of way and station grounds have prac
tically all been secured in both places, but litigation has caused
vexatious delays.
The Montreal passenger station, which
occupies the most favorable position in the city, will be com
pleted, with its approaches, by the end of October. The Company
! has heretofore been at a great disadvantage in competing for pas
senger traffic in Montreal, by reason of the inconvenient situation»
Ma y
12, 1888.J
THE CHRONÍCLF.
619
of its station, and it is believed that the new station will bring a
SCHEDULE “ A .”
large and immediate increase of business. At Toronto the Com D etails of E xpenditure on Construction and I mprove
pany has likewise been at a disadvantage both as regards passen
ments D uring 1887.
ger and freight traffic, its trains to and from the east having to go MAIN LINE.
around the city at a loss of nearly ten miles in distance, and its
Quebec to Callander. 503 Miles.
freight station being more than twice as far from the business
Grain Elevators at M ontreal.............................
$105,356 40
centre as that of its chief competitor. The eastern entrance for
26,605 76
Approach to East End Station, M ontreal.......
its passenger trains will save the distance named, and the new
Additional Stations and Buildings between
freight terminus will be in a most convenient position on the lake
Quebec and Callander...................................
4,753 72
front, and in the very centre of the city.
Round House at Hochelaga...................
5,793 41
These terminal facilities are necessarilly very expensive ; but
Additional Sidings between Quebec and
they are indispensable to the railway, and any delay in providing
Callander.......................................................
2,167 88
them would so greatly increase the cost as to soon render them
Additional Fences between Quebec and
impracticable.
It has been the policy of the Company, as stated in previous
reports, not to press the sale of its own lands so long as large
areas of free Government lands should remain in their vicinity,
but rather to encourage the settlement of the Government lands
instead. It is believed that a much better price can be obtained
for the railway lands when the free Government lands arc out of
the way, and this belief is justified by the experience of the Land
Grant railways in the United States.
It has also been the policy of the Directors to secure the can
cellation, as rapidly as possible, of such sales of lands in large
blocks as were made during the period of high speculation to
parties who proved to be unable to comply with conditions as to
cultivation. These cancellations amounted to 21,762 acres during
the past year, against 280,686 acres in 1886.
In many cases the
lands recovered have been re-sold to actual settlers, and are now
producing crops. It is believed that these cancellations are now
practically at an end.
The sales to settlers during the year, including lands of the
Manitoba South Western Railway, were 59,993 acres, at an average
price of $3 ‘3 9 ^ per acre, as against $3*28 per acre in 1886.
The following was the position of the Land Grant at Dec. 31st:—
Acres.
Original Grant........ ............
.....................................
25,000 000
Surrender to Government under agreement o f March
30th, 1886............... .......... . . . . . . . .....................................
6,793,014
Sales to 31st December, 1887....................... .........
Less—Canceled in 1887............... ...........................
3,294,511
21,762
-----------
Quantity o f land unsold.................... ................ .
Acres.
18,206,986
3,272,749
14,934,237
The agreement recently executed between the Dominion Gov
ernment and the Company, a Copy of which is appended, provides
for the termination of the restrictions upon the Dominion Parlia
ment, imposed by clause 15 of the original contract between the
Government and the Company respecting charters for railways
extending to the International Boundary.
This agreement will
put an end to the unfortunate agitation which has done so much
harm to the Company and the country for the past two years, and
will at the same time place the Company in a position to provide
at a very low rate of interest the necessary capital required for
permanent improvements of the railway, additional rolling stock,
and facilities of all kinds for its rapidly increasing traffic, so that
the surplus earnings may not in future be absorbed for these pur
poses, but may be devoted to the payment of dividends to the
shareholders.
In view of the large amount of grain from the last year’s crop
remaining to be moved from the Northwest, of the large increase
in acreage under crop for the present year, of the unusual flow of
emigration to the Northwest, and the evidences of a general re
vival in the trade of the country; in view of the growth of the
local industries along the line and the constant increase in the
through traffic of the railway, and the more harmonious relations
with competing lines; and in view of the new lines of the
Company that have only recently been completed, and the new
connections that have recently been m ade; and of the early
opening of the two important American lines to^Sault Ste. Marie,
both of which will command a heavy traffic, already existing, the
Directors feel jutified in concluding this report with an expression
of their belief that the results of the present year’s operations will
be most gratifying to the shareholders.
For the Directors,
GEORGE STE PH EN ,
President.
Statement op E arnings for the Y ear 1887.
From Passengers.............................................................. ..............
“ Freight............................ .......................................................
“ Mails..................
“ Express.......................... ................................................ .
“ Parlor and Sleeping C a rs...................................................
“ Telegraph and Miscellaneous .............................................
Total Earnings
$3,453,818 49
6,924,130 47
241,949 05
235,035 09
176,826 39
574,653 31
W innipeg to Donald. 1,023*6 Miles.
Widening Cuts find Embankments and Bal
lasting ..............................................................
88,287 59
Additional Stations, Shops and other Build
in g s....................................
15,228 08
Right of W a y .........................................
5,858 70
Additional Cattle Yards and S idin gs.............
10,050 07
Additional F en ces.........................
7,206 89
Improving Water Supply..................................
3,534 65
New line around “ Mud Tunnel” ....... ............
12,519 64
Improvements at Stations................................
1,269 24
Permanent Bridges............................................
13,519 00
------------------157,473 86D onald to Pacific Coast . 446 Miles.
Completing roadway and ballasting...............
849,920 58
Snow Sheds.............
691,062 46
Completion o f bridges and special bridges
252,851 20 over Snow s h e d s ..............................
Round Houses and Shops..................................
32,186 96
Right of W ay and Expenses o f clearing. . . . . .
6,31320
Additional F en cin g__ *.....................................
6,273 61
Divisional Yard at Revelstoke.........................
9,757 24
Additional Sidings.............................................
19,011 61
Additional Station and other Buildings_____
120,254 28
Permanent Water Supply.................................
27,427 08
------------------- 2,015,058*22
Extension, P ort Moody to V ancouver, 12*5 miles.
Right o f W ay......................................................
24,202 12
E ngineering....................................................... * 12.099 68
Grading................................................................
166,896 02
Rails, Ties, Fastenings and Laying...............
28,539 67
Surfacing and Ballasting...................
41,779 26
Water Stations............ .....................................
7,557 75
Terminal Yards and Buddings.........................
36.636 90
Bridges.................................................................
41,718 20
Round Houses and S h op s................................
31,916 42
Fences and Road Crossings.............................
2,367 94
Wharves and Warehouses................................
31,778 10
----------------425,492 0G
Telegraph Lines..................................
247,549 40
--
Total on Main L ine...............
BRANCH LINES.
Buckingham Branch....................
Brockville Loop L ine....................
Sudbury Copper Mines Branches.
Selkirk Branch..............................
South Western B ranches.............
Stonewall Branch...........................
New Westminster B ran ch ............
Sault Ste. Marie Extension...........
$3,674,240 79
108 04
1,624 34
25,989 02
3,260 29
4,489 29
339 12
11,579 50
1,274,985 70
E B
1,322,375 30
$4,996,616 09
$11,606,412 80
Statement of W orking E xpenses for the Y ear 1887.
Conducting Transportation............................................................ $1,831,211
Maintenance o f Way’ and Structures............................................
1,871,175
Motive Power.................................
2,969,716
Maintenance o f Cars.....................................................................
612,052
Parlor and Sleeping Car Expenses...............................................
52,468
Expenses o f Lake Steamers..............
122,724
General Expenses............................................................................
46&.Î50
Commercial Telegraph...........................
180,794
Total Expenses ..................................................................
Callander.. .................................
7,9(52 95
Iron Bridges between Quebec and Callan
d e r .................................. ...................... . . . .
64,990 06
Additional Freight Shed at M ontreal..............
11,410 71
Extensions and Improvements to Yards at
24,555 22
Montreal and Hochelaga................................
Double Track to Mile End............ ...................
1,932 11
Improving Water Supply between Quebec
and Callander....... ...........................
114 81
Filling and Widening Roadway and A ddi
tional Ditches between Quebec and Callan
der......................... ............ v ............ ..............
1,860 53
Balance paid on purchase o f Canada Central
R y ......................................................................
6,499 65
Payments of Principal and Interest on North
Shore Railway Real Estate at Quebec and
47,461 86
Montreal............. .......... ..................................
------------------- $311,464 57
Callander to P ort A rthur. 649 Miles.
Additional Stations and Buildings..................
$11,468 42
Permanent Bridges.......... .......................
119,224 80
Additional Engine Houses and Shops. . . . . . . .
2,287 20
Improving Water Supply................................
1,491 56
2,521 22
Additional Sidings.............................................
Additional Fences.............................................
14,811 60
Widening Cuttings, Embankments, Surfac
238,749 60
ing and B allasting..... ...................... . ..
Depreciation in value o f construction plant
s o l d ....... - « .....................................................
3,600 00
Expenses and settlements of Contractors’ dis
puted claims...................................................
34,675 20
------------------428,829 60
P ort A rthur to W innipeg . 430*6 Miles,
Additional Stations, Shops and Buildings___
5,01018
Coal Derricks.......................................................
1,292 40
286 57
Additional Fencing............................................
Additional Sidings.............................................
7,755 16
Widening Embankments and Ballasting.......
29,517 35
Improvement o f Water Supply.............
4,294 80
Permanent Bridges............... ...........................
40,216 68
------ ------------88,37814
D escription of F reight Carried D uring the Y ears
21
41
91
66
57
91
08
89
$8,102,294 64
1886.
Flour.................................................
□train...............................................
Live S t o c k ....................................
Lum ber...........................................
F irew ood ........................................
Manufactured Articles..................
All other A rticles...........................
1,000,044
10,960,582
244,257
327,700,432
75,625
476,698
498,940
1887.
1,010,157
15,013,957
205,572
310,180,542
97,541
470,699
534,976
Barrels.
Bushels.
Head.
Feet.
Cords.
Tons.
Tons.
[VOL. X LV I.
THE CHRONICLE
6 2 0
F r e ig h t T r a f f ic .
1886.
1885.
1887.
Num ber o f Tons carried one mile.
1,996,355
406,822,166
2,046,195
555,438,159
2,144,827
687,786,049
Earnings per Ton per m ile.. . . . .
1*20 cents.
1*10 cents.
1*006 cents.
1886.
1887.
P assen g er T r a f f ic .
1885.
Number o f Passengers carried ...
Number o f Passengers carried one
m ile..........................................
1,660,719
1,899,319
2,057,089
116,702,980
150,466,149
174,687,802
St. Jerome Branch—Ste. Thérèse to St; J e r ô m e .......... ......... 13*6
St. Lin
“
—St. Lin Junction to St. L in......................... 124
St. Eustache “
-S t e . Thérèse to St. E ustache.....................
80
Brockville
“
—Carleton Junction to Brockville........... . 45 5
A lgom a
“
—Sudbury to Sault Ste. Marie—under con
stru ction ...
*................................... 483'0
4‘0
Buckingham Branch—Buckingham Station to V illa g e ..........
Copper Mines Branches—Sudbury (incom plete)....................
5*0
Western Division—
Emerson Branch —Emerson to Winnipeg Juuction............... 64*5
Selkirk
“
—Winnipeg to West Selkirk.......................... 22'°
Stonewall “
—Air Line Junction to Stonewall.................. 18'3
Gretna
“
—Rosenfeld to G retna...........- ...... ........ iZi.n
—
Pembina Mountain Branch—Winnipeg to Manitou................. I0l'7 iZhi
Manitoba South Western—Manitou to Deloraine.................... I0t>*4
“
“
“
—Winnipeg to Glenboro.................... 104"a
“
“
“
—Maryland B ran ch ............. ............
6*0 ¡grp t
Pacific D ivision—
New Westminster B ran ch .......... ...................... ........ ...
L eased L ines.
1*98 cents.
2*10 cents.
Earnings per Pass, per m ile .. 2*45 cents.
Ontario
Quebec Section—
♦Montreal (Windsor St.) to Smith’ s Falls. , ............................... 129*1
Mile End Junction to south end Lachine Bridge ...................
91
Statement o f E quipment at D ecember 31st, 1887.
Smith’s Falls to Toronto Junction............................................. 211 *0
L ocom otives.................................. ................. .............. ..........................•••
Toronto to St. Thomas.................................................................. Jib*2
First and Second Class Passenger Cars, Baggage Cars and Colonist
Toronto to Owen S ou n d .............................................. ..............
W oodstock to L on d on ..................................... ;••••• * ........... ...
Sleeping C a rs..................................... ........................ ■••••-..... ................ ^
Orangeville Branch—Streetsville to O rangeville.................... “J ”
First Class Sleeping and Dining Cars ..................................... ................... 48
Elora Branch—Church Falls to E lo r a .......... ........................... 27*5
Teeswater Branch—Orangeville to T eesw ater........................ o9*5
Parlor Cars, Official and Paymasters’ Cars............... ................................
23
Wingham
“ —Glenannan to W ingham ............................
Freight and Cattle Cars, all kinds , , ....................................... ........ , .......... 9,296
Conductors’ Vans..................
1®
745*7
Boarding, Tool and Auxiliary C ars.............................................................. 86 A tlantic & N orth West Section—
Lake Steamers “ Alberta” and “ Athabasca” . . . . . . ............................ .
Lachine Bridge (south end) to F arn h am ........................ ......... ooivn
Farnham to Mattawamkeag (under construction)................. «ao u
M il e a g e o f a l l t h e C o m p a n y ’ s L in e s .
Main L ine.
Miles. St. Lawrence & Ottawa Section—
Ottawa to P rescott.................... . . .............................................. 53]®
Montreal to Vancouver....... ..........
2,905*7
4-7
Chaudiere Branch........................ ................................ •.............
Other L ines O wned.
E astern D ivision—
Miles.
Total Leased L in e s.......................................... - ................- •••
^,128 5
Quebec Section—Quebec to St. Martin’s J u n ctio n ................. 159*1
Piles Branch—Piles Junction to Grand P ile s ......................... 27 5
Total Mileage of the Company’s Lines.................... .................
, 4.960'1
Joliette “ —Joliette Junction to St. Felix—
................. 17*1
Berthier “ —Berthier Junction to Berthier.........................
2*0
* In operation with the exception o f that portion from Windsor Street,
Montreal, to Bridge Junction, 5*6 miles.
_____
Aylmer
—Hull to Aylmer..... ..............................................
7'5
31st, 1887,
$C5,000,000 00
CAPITAL STOCK............
MORTGAGE BONDS.
First mortgage 5 per cent....... £7,191,500 $34,998,633 33
Canada Central 1st Mortgage,
Amount of issue £500,000, $2,433,333
Sinking Fund deposited with
Dominion Government......... $1,500,000
$135,689,629 51
Amount necessary to redeem balance at
850,000 00
NOTE.
m atu rity .................................................
Canada Central 2nd Mortgage Bonds
Lines built by Government not included,
973,333 33
1
6 per cent......................... ................... .
estimated cost...............
$35,000,000
Due Province of Quebec on Q.M.O. & O.
3.500.000
00
R ’y, 5 per cent —
— ................
EQUIPMENT.
Due Province of.Quebec on North Shore
3.500.000 00 3 9
1,107,067 95
Rolling Stock................. ................. . ...........
Ry., 5 per cent.........................................
436,053 00
North Shore R ’y 1st Mtge Bonds............
478,952 99
Lake Steamers................ ........................... .
____ 1--------44,258,019 66
Shops and Machinery ^Montreal, HochelLAND GRANT BONDS (1st Mortgage.)
aga, Perth and Carleton P lace).. . . . . .
981,912 28
Amount of issue............... ... $25,000,005 00
10,570,933 22
Less Amt. redeemed and can
124,702 63
CONSTRUCTION PLANT TOOLS AND OUTFIT.
celed.. . . . ...........
16,529,001 00
$8,471,000 00
283.785 80
R E A L ESTATE (at and near Montreal)..................
Amount held in trust by
ADVANCES and Expenditures on Leased
Dom. Govt, and not bear
Lines.
ing interest.........................
1,000,000 00
Amount held by C o.............. 4,000,000 00
1,604,780 53
South-Eastern R y .......... . ........
..........
5,000,000 00
296,414 34
St. Lawrence & Ottawa R y .................... 1,679,363 40
Ontario & Quebec R y .............. ...............
3,471,000 00
CURRENT LIABILITIES.
3,580,558 27
Including Vouchers and Pay Rolls and
A t credit o f At. & N. W. R ’y (Amount in
amount advanced in anticipation of
1,780,271 10
hand for completion o f Line...............
7,036,820 69
sale of Bonds on Algoma Branch.......
1,800,287 17
STATION BALANCES, ACCOUNTS RECEIVABLE AND
Note.—Algoma Branch 1st Mortgage Bonds, £750,000
2,615,323 29
Miscellaneous Securities outside o f Capital Account.
in Treasury, sold early in 1888 realizing $3,467,500.
1,885,535 12 INTEREST ON FUNDED DEBT and Rental
MATERIAL AND SUPPLIES ON HAND..............................
o f Leased Lines.
DOMINION GOVERNMENT GUARANTEE FUND.
Coupons not presented, includirigs Am ts
„ „ 1 . . . 1.
Amount on deposit to guarantee 3 per cent per annum
due January 1st, 1887....... ....................
I’S ^ ’qS
Accrued to date not due. ................. .
234,827 8«
on Capital Stock until August 17th, 1893............. ........
10,310,954 75
------------1,250,189 06
BALANCE DUE ON LAND SOLD.
Deferred Payments..............................................................
1,252,857 10 CASH SUBSIDY PAID BY DOMINION
25,000,000 00
CASH IN TREASURY....... ...........................'.............. ...........
1,014,802 11
GOVERNMENT.............
C o n d e n s e d B a l a n c e Sh e e t — D e c e m b e r
COST OF ROAD.
Main Line (Including dividends paid—
*"*’
Less net earnings to date).................. $116,618,039 28
12.665,205 53
Acquired Lines..
2,850,253 59
Branch Lines___
8,556,131 11
Algom a Branch.
LAND GRANT.
3,272,749 acres sold
amounti’g to $10,236,541 45
Less expenses, re
bates and 10 p.
c. premium on
L. G. Bonds
taken in pay1,811,368 81
ment
N ote.—14,934,237 acres o f land unsold, valued
at $2 per acre, $29,868,474.
6,793,014 acr’s tak’n
by Govern’t at
$1*50 per acre...
8,425,172 64
10,189,521 00
TOWN SITES.
Amount received from the sale o f Town
sites, not covered by Land Grant MortLess—Expenditure grading Streets, Build
ings, &c., at Vancouver.......... .
BONUSES RECEIVED FROM MUNICIPAL
ITIES............................................................
$165,548,810 70
I. G. OGDEN, Comptroller.
$18,614,693 64
915,342 95
304,855 30
610,487 65
307,600 00
$165,548,810 70
M a y 12, 1888.]
THE
CHRONICLE.
St. Lonis & San Francisco.— The annual election of this
company was held in St. Louis May 9, and resulted in the
re-election of the members of the present board, namely:
W m , F. Buckley, George Coppell. I. E. Gates, Geo. J. Gould,
Bryce Gray, C. P. Huntington, Horace Porter, John Paton,
Jesse Seligman, Russell Sage and Edward F. W inslow of New
York, W alter L. Frost of Boston and John O’Day of St. Louis.
There were 203,301 shares of the capital stock represented out
o f a total outstanding issue of 263,137 shares. The annual
report of the company for 1887 will be found in another
column. The dividends paid during the year were two of %%
per cent each on the first preferred stock, and .the first divi
dend of 2% per cent on the preferred. Tne report contains
tables which show a steady decrease per mile of the company’s
capital stock and bonded indebtedness since the date of organi
zation; also of its annual interest charge per mile. The earn
ings, in the aggregate and per mile, have steadily increased,
as is also shown. The newly-elected board will meet in New
Y ork for organization and election of officers.
South Pennsylvania.— Messrs. Andrew Carnegie and B. FJones of Pittsburg; W . K . Vanderbilt, H . M cK. Twombley,
Franklin L. Stetson, Stephen B. Elkins, J. B. Colgate, Colgate
H oyt and F. Dimmock of New York; E. C. Knight of Phila
delphia, and John Kean, Jr., of NewJersey, the principal stock
holders in the South Pennsylvania Railroad Co., met in New
Y ork this week, and approved the syndicate plans looking to
the completion of the road. Formal resolutions were adopted
after full explanation. Out of $15,000,000 stock subscribed
$12,330,000 was represented.
The capital stock of the company originally authorized was
$20,000,000, but only $15,000,000 was subscribed. The plan of
the syndicate for the completion of the road contemplates the
expenditure of $13,000,000, of which $3,000,000 is to be raised
by means of a twenty per cent assessment on the stock sub
scribed, for (which assessment-will be paid for by $3,000,000
o f new preferred stock), and $10,000,000 is to come from an
issue of bonds, which certain members of the syndicate have
agreed to take. The present status of the litigation over the
South Pennsylvania project is not supposed to be an obstacle
to the success of the Carnegie-Hostetter scheme, but the
friends of the Pennsylvania Railroad say that their fight
against it is by no means ended.
The N. Y . Tribune says of this; “ That the advocates of
the scheme profess their utmost confidence that the road will
be built, and that it will start with a traffic that will not nec
essarily rob the Pennsylvania Railroad of business. They
assert that if the road had been opened last -year, it could
have earned a small dividend on its stock out of the traffic
which the Pennsylvania could not carry. The $10,000,000
bond issue, which is embraced in the reorganization scheme
of the South Pennsylvania, has been practically provided for.
The Rockefellers, James B. Colgate, and others, have sub
scribe d to their allotment. The Vanderbilt estate is credited
with $3,000,000 of the bonds as its proportion of the whole
amount. The syndicate reorganization plan requires twenty
per cent of original holdings to be taken in the proposed new
preferred stock and sixty per cent subscriptions to be made
to the bond issue. A s the Vanderbilts hold $5,000,000 in the
syndicate, their quota of bonds would be $3,000,000. This,
with the allotments taken as mentioned above, more than
covers half of the $10,000,000 issue. The Vanderbilts, while
not fathering the scheme of revival, in accepting the reorgan
ization plan of their associates agreed to the bond subsciption as well as the acceptance of their proportion of preferred
stock.”
Texas & Pacific.— The beard of directors of the reorganized
company consists of Messrs. John C. Brown, President ; Geo.
J. Gould, Vice-President; Russell Sage, Jay Gould, Isaac J.
Wistar, John Markoe, Robert Fleming, C. M. McGhee, W . D.
Winsor, J. N. Hutchinson, Sam’l Sloan, S. H . H . Clark, A L*
Hopkins, W . C. Hall, John A . W right, Geo. B. Roberts and
E. Satterlee.
c!
621
COMMERCIAL
EPITOME.
F r i d a y N i g h t , May 11, 1888.
Rains and violent storms in the trans-Mississippi region are*
among the principal events of the week. Floods and damage^
to crops, immediate or apprehended, are the consequences.
But from nowhere do we hear any more complaint of drought..
Lighter rains east of the Mississippi, extending to the w hole
Atlantic Coast, have done much’good. Speculation in leadings
staples was somewhat fitful, and in wheat only has much.activity been shown. General trade has improved with th e
warmer weather. Debate on the tariff reform bill has mad©
good progress, and it is probable that the Mill’s measure w i l l ;
be further modified in a reduction of the free list and in the
restoration of protective duties before it will be put upon its
passage ; and that if it finally passes it will be a measure of adoubtful efficiency in the direction that was originally con
templated. Inland navigation is now fully resumed.
Lard on the spot has brought more money, but in a sm all'4
way only, and closes dull at 8 -10@8'15c. for prime city, 8 ’55@ ;
8*60c. for prime to choice Western, 8 25c. for refined to the
Continent and 9 -35c. for refined to South Am erica. Th©
speculation in lard for future delivery has continued mod
erately active, but prices show some further advance. Som e
decline yesterday, under sales to realize, was fully recovered to-day.
D AILY CLOSING PRICES OP LARD FUTURES.
Saturd’y. Mond’y Tuesd’y. Wednsd’y. Thursd’y. F riday. May delivery... . . . 8-48
8-47
8-50
8-54
8-46
8-54
June delivery... . . . 8-42
8-42
8-44
8-48
8-40
8-47
July delivery... . . . 8-44
8-44
8-46
8-49
8-43
8-49*
August delivery . . . 8-47
8-47
8-49
8-52
8-44
8‘52
3ept. delivery.. ... 8-51
8-49
8-51
8-56
8-48
8-54
9ct. delivery.... .. 8-50
8-48
8-50
8-54
8-48
8-54
Pork has been more active; mess, $14 50@$15 25 for old and
new; extra prime, ,$13@ $13 25; clear, $16 50@$17 75. Cutmeats have been active; pickled bellies,
shoulders,.
and hams, 11J^@11% C.; smoked shoulders, $%c.r
and hams, 1 2 M @ 1 2 ^ c . Beef is nominal at $7 @ $ 7 50 for extra
mess and $7 50@ $7 75 for packet per bbl.; India mess quoted
$11 50@$13 per tierce; beef hams steady at $16 per bbl. Tal
low lower at 4)^c. Stearine is dearer at 1 0 @ 1 0 ^ c . Oleomar
garine is quiet at 8c. Butter is in full supply and cheaper a t
2 2 @ 2 6 ^ c . for creamery. Cheese is unsettled; ©Id State fac
tory quoted at 8)4@Uc.; new do., 8 % @ 1 0 c ., and new »feima
3@ 8^c.
Coffee on the spot was only moderately active in the past
week, but very full prices have been maintained, owing t o
small stocks. The close is quiet. The speculation in Rio
options has been notable for the sharp advance in the earlydeliveries, but latterly there has been some irregularity— s©
closing with sellers as follows :
May...................... 13-25c.
June ..................... 12-75o.
July................ . . . . l l -35o.
A ugust.................11-lOc.
I S eptem ber.. ..10-70c. January.........10-40O|O ctober.............10-45e. February . . . . 10-40o
I N ovem ber........10-35e. M a rc h .....___10-J5o
[D e ce m b e r........10-35o. A pril..............10-45o’
Raw sugars have been dull and drooping, but closed steady
at 4 13-16c. for fairxefining Cuba and 5 716c. for centrifugal,
96 deg. test. Refined sugars have also cheapened a fraction.
Molasses brought 20% c., but closes at 2 0 ^ c . for 50 deg. test,
and quiet. The auction sales of teas developed some irregu
larity in values, but no important changes.
Kentucky tobacco has been more active, and sales for th©
week are 500 hhds., of which 300 hhds, for export. Prices
are unchanged. Seed leaf continues in fair request, and sales
for the week are 1,450 cases, as follows: 200 cases 1882-S5 crops
Pennsylvania, 9)^ @ 1 3c .; 500 cases 1886 crop, Pennsylvania
10@14c.; 200 cases 1886 crop, Pennsylvania Havana, 6 @ 1 2 ^ c .;
250 caees 1886 crop,Wisconsin Havana, 7 @ l l c .; 150 cases 1886
crop, State Havana, 7@ 18c.; and 150 cases sundries, 5 ^ @ 3 0 c .;
also, 450 bales Havana, 6 0 c .@ $ 1 10, and 300 bales Sumatra
$1 3 o @ $ l 65.
.W a b a sh .— In St. Louis the counsel have been in consults
tion and have determined on foreclosure. The plan as out
lined in the press dispatches is to begin foreclosure proceeding
simultaneously in the United States Courts in Ohio, Indiana
Illinois and Missouri. The amounts to be bid will in eac]
instance equal the amount of the mortgage bonds. O f the $28,
800,000 bonds of the road now outstanding, some $20,000,00'
have come into the organization agreement. The road wil
be bought for $28,800,000, and $20,000,000 will be paid for ii
bonds and the rest in cash, so that those who are unwilling t<
join the plan will have to accept cash for their bonds or els<
bid for the road themselves, in which event they would hav<
to put up $20,000,000 in cash to buy the majoritv holdings
Spirits turpentine was more active at the decline noted in
The proposed plan has been given in the C h r o n i c l e and I n
our last and to-day is firmer at 37c. Rosins were also more
v e s t o r s Su p p l e m e n t ,
The securities or the new company
active and close firmer at $1 223^@$1 27% f ° r common to
under the plan of reorganiz itioD, will be a first mortgage fifty
year 5 per cent bond for $22,259,000. This amount may b( good strained. The speculation in crude petroleum has been
lessened by $1,800,000 should the purposes for which that sum dull all the week, with slight changes in values, closing at
is required not be consummated ($1,000,000 for Detroit termi 8 6 % @ 8 6 ^ c . Trade in wool is very dull and prices are nom
nals). This first mortgage further provides for an additional inally lower ; Ohio fleece X and X X quoted 30@ 32c.
issue of bonds to retire at maturity the $11,741,000 outstanding
Business on the Metal Exchange has been more normal in
bonds on the lines west of the river. The plan further pro- its character. To-day Straits tin was more active, opening
viaes for a second mortgage of $14,000,000, which m ay be lower and advancing with sales of 85 tons at lB‘75@lfi*70q, fox
lessened by $3,000,000 in case o f non*requirement in settle May and lS ^ S tg lS ’GOc. for July— quoted on the spot at 21c.
ment of Car Trust claims. The other securities will be pre- Ingot copper was quiet but firmer at 16*70c. for May. Lead hast
ferred debentures for $3,500,000 (preferred as to interest only] materially declined, and 80 tons sold to-day at 4 ‘20c. for May.
and $16,000,000 debentures issued to retire the general mort- Spelter is nominal at 4% c. The interior iron markets are dull,
$24,223,200 preferred and $28,419,500 common stock.
with buyers and sellers apart.
_
TH E CHRONICLE.
622
C O
T T O N .
F r i d a y , P. M ., May 11, 1888.
T h e M o v e m e n t o f t h e C r o p , as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening (May 11), the total receipts have reached 36.2
bales, against 82,603 bales last week, 30,641 bales the previous
week and 27,980 bales three weeks since, making the total
receipts since the 1st of September, 1887, 5,292,089 bales, against
5,147,897 bales for the same period of 1886-7, showing an in
crease since September 1, 1887, of 144,192 bales.
______
Mon.
Sat.
Receipts at—
G alv eston .........
Indianola, &o.
New O rlean s. . .
M o b i l e ....... . . .
F lorid a..............
Savannah .........
Bruns w ’h,&CC harleston.......
P ort R oyal,& c
W ilm in gton ___
Wash’ gton, &c
N orfolk ...
W estPoint,& c
New Y ork
B oston . . .
B altim ore
Philadelphia,&c
Totals this week
477
150
356
117
1,379
148
1,532
176
3,234
28
2,340
46
2,030
70
707
1,535
648
495
402
144
243
441
113
438
8
9
19
2
11
517
384
¿4.0
150
2,004
434
2,006
1,208
317
356
1,129
1,077
1,418
349
30
267
54
449
117
5
30
146
4 ,C00
6,469
8,437
6,153
In addition to above exports, our telegrams to-night also give
as the following amounts of cotton on shipboard, not cleared,
at the ports named. W e add similar figures for New Y ork,
which are prepared for our special use by Messrs. Carey, Yale
<fe Lambert. 24 Beaver Street.
Total.
Fri.
Thurs.
Wed.
Tues.
1,188
88
5,132
6,032 1 36,223
Stock.
1886-87.
1887-88.
This Since Sep.
Week. 1 ,1 8 8 7 .
This Since Sep.
Week. 1 , 1886.
1888.
1
1887
705,169
' 6,438
9,057
11,487 1,698,406
526 202,674
23,369
3
4,457 8 4 7 ,5 8 '
74,815
150
1,519 403,877
15,647
213
69 166,946
\
4,923
N o r fo lk .........
8,3 ¡8 465,635
4,329 500,746
W .Point,& c
89,186
793
New Y o rk ___
80,040
1,570
B oston ...........
43,632
1,227
B altim ore . . .
25,467
343
Phil’del’a, &c
3,895 1,705,821
122 211,691
23,148
30
1,457 791,023
3
31,370
979 363,519
18,641
325
102 134,098
3,820
48
558 526,562
401 322,878
92
94,053
i,1 8 9 101,391
60,936
1,487
53,777
1,843
158,625
14,146
126,528
2,231
16,831
4,251
9,319
116
2,622
1,359
700
2,152
17,162
1,275
205,785
10,800
17,821
15,370
8,819
208,633
5,500
4,982
21,338
T o t a l s ....... 1 36,22315,292,089
12,666 5,147,897
476,310
395,550
Galveston . . .
Ind’nola,&c
New Orleans.
M obile...........
F lo r id a .........
Savannah . . .
Brunsw.,& c
Charleston ..
P .R oyal, &c
W ilm ington .
1,188
135
649,141
In order that comparison m ay be made with other years, w e
give below the totals at leading ports for six seasons.
Receipts a t—
1888.
1887.
1886.
1885.
1884.
1883.
G alveston.. ..
New Orleans.
M o b ile ...........
Savannah . . .
Charlest’n,&c
W ilm’gt’n, &c
N o r fo lk .........
W*t Point, &c
A ll others___
1,188
11,487
526
4,457
1,732
70
8,348
4,329
4,086
135
3,895
122
1,457
1,304
150
558
401
4,644
2,531
8,338
2,534
5,256
4,671
626
4,506
2,874
3,418
279
3,640
77
2,003
723
61
872
635
1,123
195
2,625
433
456
286
42
514
35
4,108
5,788
9,930
1,021
2,458
1,391
437
8,403
1,894
12,654
Tot. this week
36,223
12,666
34,754
9,413
8,694
43,976
Since Sept. 1. 5292,089 5147,897 5113,102 4686,963 4737,670 5755,221
G alveston includes Indianola; Charleston includes P ort R oyal, & c.;
W ilm ington includes Moreh’d City, &c.; West Point includes CSty Point, &o.
The exports for the week ending this evening reach a total
o f 50,511 bales, of which 34,944 were to Great Britain 4,836
to France and 10,731 to the rest of the Continent. Below are
the exports for the week and since September 1, 1887.
Exports
from —
Galveston —
New Orleans..
Mobile............
Week Ending May 11,
From Sept. 1,1887, to May 11, 1888
Exported to—
Exported to—
Conti Total Great
Great
Conti
Total.
B rit’n. France nent. Week. Britain. France nent.
New Orleans___
M obile................
C harleston.......
Savannah .........
G alveston.........
N orfolk..............
New Y o r k .........
Other ports.......
Other
Great
Britain. France. Foreign
Coast
wise.
Total.
3,532
None.
None.
None.
None.
None.
3,050
2.000
2 ,0 11
None.
1,200
1,100
None.
4,000
None
None.
28,425
None.
1,200
1,100
None
6,000
11,750
11,000
21,850
None.
None.
None.
None.
2,000
8,500
9,000
1,029
None.
None.
None.
None.
None.
200
None
Leaving
Stock.
130,200
14,146
8,119
15,731
6,438
11,162
194,035
37,004
be directed to the next crop, and on Thursday a stronger
report from Liverpool, in conjunction with the rapid reduc
tion of American stocks, caused a smart advance, which,
however, was not fully sustained in the closing transactions.
The Bureau report of a backward season, and the planting on
the first of May showing an irregular decrease from one year
ago, was accepted as substantially correct, and bad little
effect. To-day there was a sharp decline, Liverpool coming
unexpectedly lower aDd the weather at the South having
much improved, especially in Texas and the Southwest. Cot
ton on the spot was lees active early in the week.
The
export demand appeared to have fallen off, and on W ednes
day quotations were reduced l-16c. On Monday sales tor
export in the previous week, to the extent of 7,411 bales, were
made public. To-day the market was quiet at 10c. for mid
dling uplands.
T h e total sales for forward delivery for the week are 2oo,oUU
bales. For immediate delivery the total sales foot up this week
4,697 bales, including 2,906 for export, 1,641 for consumption,
150 for speculation and — in transit. O f the above — bales
were to arrive. The following are the official quotations for
eachday of the past week— May 5 to May 11.
S a t. M o n . T u e s W e d
UPLANDS.
Th.
F r i.
Ordinary.................................$ lb.
Strict Ordinary......... ....................
G ood O rd in a ry .............................
Strict G ood Ordinary.................
L ow M id d lin g ...............................
Strict L ow M id d lin g .............. .
M iddling....... .................................
Good M id d lin g .............................
Strict G ood M iddling...................
Middling F a i r ..............................
F a ir ................................ ................
GULF.
7%
7%
7516 75,6 7%
7%
7%
7X316 713ie 7%
8%
8%
8U 16 8II16 S ili«
8%
9%
9%6 9%6 9% «
9 J4
914
99,6
9 9 ,6
9%
9%
9»ie
9^8
91%6 913ie 91%6
9%
9*8
9%
10
10
lO iia 10l16 iO ha 10
10516 lO&ie 105J6 10% 10% 10%
10% 10% 10% 109,6 109i« ,IO®,«
1015lfi 101&16 1015J.6
11
11
11
11 % 11 % 11% 11%6_ 1 1 9 16 |11916
S a t. I M o n T u e s W e d T h . ( F r i .
O rdin ary.................................$
Strict Ordinary.............................
G ood O rd in a ry .............................
Strict Good O rd in a ry .................
Low M iddling.................................
Strict Low M iddling.....................
Middling .......................................
Good M idd lin g.............................
Strict Good M iddling...................
M iddling F a ir ...............................
7716 7*16 7*16 7%
715x6 71516 71516 7*8
813ie
8*8
8*6
8%
95,6
9%
9%
9%
9%
9%
9%
911-6
915i«
10
10
10
10S16 10316 10 % « 10%
10*i« 10*16 10*1« 10 %
10% 10% 10 % lO iij«
11% 11% 11% l U ie
11% 11%
S a t . 1M o n T u e s W e d
STAINED.
G ood Ordinary................
Middling . . . " .................................
7%
7 1Bie
8*8
91%«!
7%
71%«
8*8
911i«i
7%
716J0
8*8
911x6
73X6
7*8
81%«
9%
7%
7*8
81316
95,6 9 516
911i 6 9 II1«
91&16 91616
10% 10%
10 % 10 %
lO H ie i o n i e
llX ie l l b e
H i l m 111%«
T h . F r i.
7%
7*8
813ie
7% «
7*8
81316
9%
73x6
7*8
813x6
9%
MARKET AND SALES.
The total sales and future deliveries each day during the
week are indicated in the following statement. _ For the con
venience of the reader we also add a column which shows at a
glance how the market closed on same days.
FUTURES.
9,168
4,582
T ota l........... 34,944{ 4,836 10,731
9,1491
27
SALES OF SPOT AND TRANSIT.
226,880 4,024
81,973 312,883
SPOT MARKET
667,472 287,291 405,823 1,360,586
E x Con- Spec- Tran Total. Si les. Deliv
CLOSED.
eries.
62,488
p ort. sum p u l’ t’n sit.
62,488
3,446
3,440
40.300
216
50
166
187,352 12,480 240,398 440,230 Sat .. Steady ® lx« adv.
.—
1,334 45,800
1,000 234 100
‘ 70,637 25,839 182,156 278,032 M on . Steady..................
425 53,700
132 293
T
u
e
s.
75,786 6,395
39,722 121,903 W ed . S teady® ixedec.
943 65.300
700 243
1,185 42,200
4,139 226,042 Thurs
940 245
....... 221,903
594 36,000
134 460
1,109 219,857 F r i... E asy.....................
........ 218,748
18,763 504,359 33,676 198,907 736,942
283,300
—
4,697
150
1,641
.
.
.
.
2,906
5,121 188,360
2,503 190,863 Total. ..............................
4,340 100,601 2,405
38,988 141,994
The dally deliveries given above are actually delivered the day
1,286 48,285
5,291 53,576 previous to that on w hich they are reported.
50,511 2.576,323 372,110 1,201,009 4,149,442
The
a n d P r ic e s o f F u t u r e s a re s h o w n
b
13.773 2.579,964'470.022 1,118,850'4,163,636 f a llo w in g c o m p r e h e n s iv e t a b l e :
7,251 21,001
••••••
Savannah*. .
Charleston.... •••see
........
Wilmington ..
Norfolk..........
....
West Point,&c
254 1,386
New York...... 17,123
B oston ..........
5,121
2,094
Baltimore .... 2,246
Philadelp’a’&c 1,286
•Total .1886-7...
On Shipboard, not cleared—f o r
M ay 11, AT—
972 11,487
526
58
416,835
8,314
8,582
59,475
1,229
41,350
Total 1888.........
3
3
9,223
368,915
1,965
216
26,635
15,231
4,457 Total 1887.........
670
540,890
8,644
74,228
7,047 13,283
150 Total 1886......... 45,254
150
140
1,519
The speculation in cotton for future delivery at this market
213 opened the week under review with a feeling of considerable
213
69
20
depression, due to the full movement of the crop, improved
1 prospects for the next season’s yield, and a falling off in the
1
8,348 export demand, which induced considerable selling to realize
1,274
4,329 the late advance. The reduction from the best prices of
877
793 the previous week was 17@20 points for this crop and
1,570 October and 8@11
points
for
the more distant de
294
1 227 liveries.
Late on Wednesday the continuance of ex
1,227
343 cessive rains in the Southwest caused more attention to
45
For comparison we give the following table showing the week’s
total receipts, the total since September 1, 1887, and the stock
to-night, compared with last year.
Receipts to
M ay 11.
[ Y o l . X L V I.
4,597
T H E
M a y 12, 1888. J
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1886.
635,000
21,000
798,000
2,900
44,200
16,000
300
700
. 186,000
3,000
.
70,000
6,000
7,000
997,000
3,900
51,100
30,000
200
1,100
262,000
3,000
55,000
8,000
11,000
656,000 1,007.000
5,900
5,500
43,900
50,100
28,000
48,000
400
500
1,900
800
153,000
175,000
7,000
5,000
75,000
72,000
13,000
9,000
9,000
5,000
Total Continental stocks.......... 336,100
425,300
Stock at H a m b u rg...
Stock at Brem en.......
Stock at Amsterdam.
Stock at R otterd a m .
Stock at A ntw erp___
Stock at H a v r e .........
Stock at M arseilles. .
Stock at B arcelon a..
Stock at G e n o a .........
Stock at Trieste.........
.
.
.
.
337,100
1885.
978,000
29,000
370,900
993,100 1,377,900
213.000
189.000
313.000
140.000
21,000
13,000
615,118
493,129
183,133
64,572
14,944
4,300
Total visible s u p p ly ...........2,196,753 2,386,024 2,353,295 2,281,901
Of the above, the totals o f A m erican and other descriptions are as follow s
Ante? „can—
768,000 459,000
751,000
Liverpool s t o c k ................bales 564,000
Continental stocks..................... 211,000
293,000 249,000 266,000
American afloat for E u r o p e ...
194,000 122,000 313,000 140,000
476,310
395,550 615,118 493,129
United States stock.............
United States interior stock s..
135,689
55,865 183,133
64,572
United States exports to -d a y ..
4,654
2,309
14,944
4,300
Total A m erican................... 1,585,653 1,636,724 1,834,195 1,719,001
East Indian, B rasil, <6c.—
iverpool stock........................... 216,000
214,000
176,000 227,000
tondon s to c k ...............................
18,000
15,000
21,000
29,000
Jontinental stock s............
125,100
132,300
88,100 104,900
India afloat fo r E urope......... . 185,000
341,000
213,000 189,000
Egypt, Brazil, <fcc., afloat_____
67,000
47,000
21,000
13,000
Total East India, & c............ 611,100
749,300 519,100 562,900
Total Am erican.....................1,585,653 1,636,724 1,834,195 1,719,001
Total visible s u p p ly ............ 2,196,753 2,386,024 2,353,295 2,281,901
Price Mid. Upl., L iverpool........
57i6d.
5%d.
5^ .
5 io1fid.
Price Mid. U pl., NeW Y o r k ....
10c.
1 0 780.
93ieC.
1 0 7so«
p g " The im ports into Continental ports this w eek have been
50,000 bales,
The above figures indicate a decrease in the cotton in sig h t
to-night o f 189,271 bales as com pared w ith the same date o f
1887, a decrease o f 156,542 bales as com pared w ith the corres
ponding date o f 1886 and a decrease o f 85,148 bales as
compared w ith 1885.
A t t h e I n t e r i o r T o w n s the m ovem ent — that is the receipts
for the w eek and since Sept. 1, the shipments fo r the w eek and the stocks to-night, and the same items fo r the corres,
ponding period o f 1886-87—is set out in detail in the follo w in g
statement.
H3
oct
p
j-*
UWFt-|lTjW!z¡
o2 © sgfro ©p ®
HH
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51 H Sr* »5 p*
sf ÍSh * m* . œ
^ S? Mm ^ ^ Q
p
O $ 2 w >■Q Ö o < 2 HdÖ bj g
f f F t r o £ £ 2 t í O S - H £ 8 5 85 ®
,P<K B P,
Sí ífflgílS §®2-®5
• • ft* r •
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o í .¡ «a f ? r p § g t r * © »W
gg
85
! m Bss
Pp
E: o
BB ti
a
MfcoÖ5M** COI-*
oopoiw pto< i
CO o O CDto OI
IO^ H*o to COOI
COCO
IO t0
COM M MC0 « g;
<KD<i<ltO M10 ** 00 M OO^CDCbOtOtO
OlCOCD^tO^OiOfOMOtOMccOlO'OGDM
ap
C0CJI
M
M
Ci M
M
tOOtOaOMOiCOOCO MÜI^-<IOOIOi CO
05^0 0 COO LO<1CO00COoí to 00O M<|^ MS
M üioo) b
o ^ b i V w rfi.'ro tob^bi - . s
OOCOMOlOlCOOiO<lCOCOCOCOC50iOl^lrf^Ol 00®
QOOOiCOOM<KIOiCOtOOOC005tOtOC0^4 <1
o»' COM M
CD| IO COOKI
UL. MOÍMLOOI
^<1 to^i o» osto
CDtf^tO<IM^M
<I07<1M(JO OS<IO<IM bOMOSMO O <1
tf^<ICC>-<l<l^400 0 « ^ 0 ooaos <j^ ooi
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to to io w :
bOuctotoMWto 1 a Qa
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'06 pd. to exch. 100 July fo r Aug.
'01 pd. to exch. 500 Nov. for Dec.
'17 pd. to exch. 4,000 June for Aug.
*08 pd. to exch. 1,000 July fo r Aug.
-08 pd. to exch. 300 July fo r Aug.
'18 pd. to exch. 600 June for Aug.
T h e V i s i b l e S u p p l y o f C o t t o n to-night, as made up by cable
The Continental stocks, as well as
S3
:
M
;
to* Mto to M T-4 t0<t
•
M09
to
M
GO*. tO0^105 0 00 M00 M ©J M © ©
«01MMM ©M
W* C5050*aiM o COM<IM<li W Olp-tO©tOOOOlMWtOM M
to
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M
M
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M
Ot0<!MMG0M 05 MMfc0O»t0MM WOO© MMÜI©C0M^IM
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< co m to to to © 00MOOW
t o M© to^w
WM<1<1<1tOOl
lo MM WOOtOtO 00 M ^ WO» MtO© WtOtO
okkioioim oi m WM • tO©Oi^lOiMWMWMtO©QO©Oi©
Oi OIM00^400© M OLWtO©<KI©©<l©©W©tOMtw©©W
;
M;
^,
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*4
05►
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© WQ0MM
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00
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toMM
m«
© «totSM M © Mto tototo«<iM«4to
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Stock
May 13.
The follow in g exchanges have been made during the weei :
1887.
982,000
15,000
toto
* Iaoiaaue) saies iu oeptetnoer, i » » 7 , tor »eptoujner, 258,20 0; 8ep
tember-October, fo r October, 570,200; September-November^ fo r No
vember, 481,60 0; September-December, for December, 1,027,400; Sep
tember-January, for January, 2,256,6oO; peptember-February, for Feb
ruary, 1,591,700; September-March, fo r March, 3,112,100; SeptemberA pril, fo r A pril, 2,095,700.
O 1* We h ave included in the above table, and shall continue eat.ii
week to give, the average price o f futures each day fo r each m onth, ii
w ill be found under each day follow in g the abbreviation “ A v er ’ ’ Th»
average fo r each m onth fo r the week is also given at bottom o f table.
Transferable Orders—Saturday, lO'OOo.; Monday, 9 '9 5 c .; Tuesdi y ,
9 -9 0 c.; W ednesday, 9 ’85 o.; Thursday, 9-95o.; F riday, 9-85c\
and telegraph, is as follow s.
1888.
8tock at L iv e r p o o l..........bales 780,000
Stock at L on d on ........................
18,000
«
®: :
•51 pd. to exch. 100 Oct. fo r J one.
*07 pd. to exth . 100 July fo r Aug.
*16 pd. to exch. 3,100 June fo r Aug.
*76 pd. to exch 500 Dec. for A ug.
*09 pd to exch. 100 June for July.
*40 pd. to exch. 100 Sept, for Aug.
those fo r Great Britain and the afloat are this w eek’s returns,
and consequently all the European figures are brought d ow n
to Thursday evening. But to make the totals the com plete
figures for to-night (May 11), w e add the item o f exports from
the United States, including in it the exports o f Friday only,
Total European s to ck s ___1,134,100 1. ,422,300
India cotton afloat for E urope. 185,000
341.000
Amer, cott’n afloat fo r Eur’p e. 194,000
122.000
Egypt,Brazil,&c.,aflt fo r E ’r’pe
67.000
47,000
Stock in United tìtates p o r ts .. 476,310
395,550
Stock in U. S. interior tow n s.. 135,689
55,865
United States exports to-d ay.
4,654
2,309
© © °©
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coafcOob « ' ©0Ò ob I <
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623
C H R O N IC L E
M
M
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CO
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* The figures fo r Louisville in both years are “ uet.’1 t This year’s
figures estimated.
The above totals show that the old interior stocks have
decreased during the week 26,272 bales and are to-night 79,824
624
THE CHRONICLE.
bales more than at the same period last year. The receipts at
th e same towns have been 8,448 bales more than the same
week last year, and since September 1 the receipts at all the
tow ns are 70,390 bales more than for the same time in 1886-7.
[VOL. XLTVI.
huling, Texas.— There never has been a better outlook for
young crops. There was one fine shower during the week,
the rainfall reaching sixty-five hundredths of an inch.
Average thermometer 74, highest 90 and lowest 59.
Columbia, Teonas.— It has rained spendidly on three days
Quotations for Middling Cotton at Other Markets.—
I n the table below we give the closing quotations of middling of the week, just as needed. The rainfall reached one inch,
cotton at Southern and other principal cotton markets for each and ten hundredths. A ll crops are exceedingly promising.
The thermometer has averaged 75, the highest being 89 and
day of the past week:
the lowest 60.
Brenham, Texas.— There have been fine rains on three days
CLOSING QUOTATIONS FOR MIDDLING COTTON ON—
W eek ending
of the week, to the extent of three inches and ten hundredths.
M ay 11.
M on.
F ri.
Satur.
Hues.
W ednes. Thurs.
The promise for crops of all sorts is splendid. The thermome
ter has averaged 74, ranging from 61 to 87.
Galveston . . .
9 718
9 716
9 716
9 716
9 716
97,6
9*3
New Orleans.
9*3
9*3
913
9*3
Belton, Texas.— Planting is about finished, and young crops
9*3
9716
M obile .........
97,6
9 716
9 716
9 716
9 716
look very fine. It has rained splendidly on three days of the
99le
Savannah . . .
9»16
9 h16
9 916
9 916
9 916
week, the rainfall reaching three inches and sixty-seven hun
Charleston ..
91116
911,6
91*16
fe-16
91*16
9**16
dredths. The thermometer has ranged from 54 to 84, averag
W ilm in g ton .
9h!
9*3
9*3
913
9*3
913
913i 6
9%
913;6
913j6
91316
N orfolk .........
913,6
ing 69.
B o s t o n .........
10*8
10*8
10*8
1018
10*8
10*8
Weatherford, Texas.— The weather has been dry all the
10
10
10
10
10
10
Baltimore . . .
week. Planting is finished, and prospects are first-class.
10*4
Philadelphia
1014
1014
10*4
10*4
1014
95s
95s
95s
958
95s
95s
A u g u sta .......
Small grains look splendid, and harvesting will soon begin.
M em p h is___
9 916
9®16
9 916
98,6
9 916
9916
Average thermometer 66, highest 81 and lowest 49.
9916
St, L ouis.......
9916
9 916
9 y16
9 916
9 916
New Orleans, Louisiana.— W e have had rain on four days
934
9%
9\
9%
9%
9%
C in cin n a ti...
978
978
L ou isv ille . . .
9%
of the week, the rainfall reaching three inches and seventy*
9 78
9 78
978
R eceipts from the P lantations. — The following table one hundredths. The thermometer has averaged 73.
Shreveport, Louisiana.— Rainfall for the week sixty-eight
Indicates the actual movement each week from the planta
tions.
The figures do not include overland receipts nor hundredths of an inch. The thermometer has ranged from
Southern consum ption; they are simply a statement of the 59 to 86, averaging 72.
Columbus, Mississippi.— Telegram not received.
weekly movement from the plantations of that part of the crop
Greenville, Mississippi.— Rain has fallen on two days of
which finally reaches the market through the outports
the week, to the extent of one inch and thirty-three hun
Week
Receipts at the Ports. St’k at Interior Towns. Rec'pts from Plant'ns dredths. The thermometer has averaged 72, ranging from 60
to 84. Last week there was no rain, and the thermometer
Ending—
1886. 1887. . 1888. 1886. 1887. 1888. 1886. 1887. 1888.
ranged from 52 to 75.
Apr. 6 ....... 41,392 29,308 39,563 319,744! 132,220 249,536 25,473 18,360 26,363
Clarksdale, Mississippi.— It has been showery on four
“ 13........ 58,'’03 21.627 28,501 295,810 119,046 235.765 82,371 8,453 14,733 days of the week, the rainfall reaching one inch and thirty“ 20 .... 43,960 14,222 27,980 271,336 107,108 217,276 19,488 2,282 9,491 eight hundredths. The thermometer has ranged from 50 to
« 27...... 40,309 15,1U 30,641 242,113 96,981 199,870 11,086 5,016 13,235 84, averaging 67.
May 4......... 39,130! 13,077 32,603 221,127 86,508 172,287 18,164 2,602 5,020
Vicksburg, Mississippi.— W e have had showers on two
“ 11........ 34,754 12,663 36,223 200,056] 72,510'145,074 13,683 . . . . . .
9,0t0
days of the week, the rainfall reaching one inch. Average
The above statement shows— 1. That the total receipts from thermometer 78, highest 97, lowest 62.
the plantations since September 1, 1887, are 5,413,333 bales;
Meridian, Mississippi.— Telegram not received.
in 1886-7 were 5,172,347 bales ; in 1885-6 were 5,297,308 bales.
Leland, Mississippi.— W e have had rain on two days of
2 .— That, although the receipts at the outports the past week the week, the rainfall reaching one inch and two hundredths.
were 36,223 bales, the actual movement from plantations was The thermometer has averaged 65'7, the highest being 81,
only 9,010 bales, the balance being taken from the stocks at and the lowest 58.
Little Rock, Arkansas.— The weather has been clear and
ithe interior towns. Last year the receipts from the plantations
pleasant during the week, and planting interests are reported
i o r the same week w ere--------bales and for 1886 they were
on favorably from all points in the State. The thermometer
13,683 bales.
averaged 69, ranging from 52 to 84.
A mount of Cotton in Sight May 11.— In the table below has
Helena, Arkansas.— There have been two light showers
w e give the receipts from plantations in another form, and add during the week, the rainfall reaching twenty-four hun
to them the net overland movement to May 1, and also the dredths of an inch. The crop is backward. The thermometer
takings by Southern spinners to the same date, so as to give
has ranged from 54 to 82, averaging 70.
substantially the amount of cotton now in sight.
Memphis, Tennessee.— The weather continues favorable for
farming purposes. Rain has fallen on two days of the week,
1887-88. 1886-87. 11885-86. 1 1884-85.
to the extent of nineteen hundredths of an inch. Average
R eceipts at the ports to M ay 11 5,292.089 5,147,897 5,113,102:4,686,968 thermometer 70, highest 84 and lowest 52 5,
In terio r stocks on M ay 11 in
Nashville, Tennessee.— It has rained on four days of the
24,450 184,208|
53,730
excess o f September 1 ......... 121,244
week, the rainfall reaching fifty hundredths of an inch. The
5,413,333 5,172,3 47 5,297,308'4,740,698 thermometer has averaged 69, the highest being 86 and the
895,530 750,799 742,113 578,718
377,000 331,000 279,000 239,000 lowest 51.
Mobile, Alabama.— It has rained severely on two days and
6,685,863 6,254,146*6,318,421 5,558,416 has been showery on one day of the week, the rainfall reach
ing four inches and fifty-seven hundredths. Reports from
■1,604,234 1,4*0,107 1,600,812^1,248,574 the crops are favorable. The thermometer has averaged 71,
ranging from 61 to 85.
It will be seen b y the above that the increase in amount in sight to
Montgomery, Alabama.— The weather is fine now, but
night, as com pared with last year, is 431,717 bales, the increase as
com pared with 1885-6 is 367,422 bales and the increase over 1884-5 there were showers on five days in the early part of the week.
is 1,127,447 bales.
The rainfall reached one inch and five hundredths. Crops
"Weather R eports by T elegraph .— Reports to us by tele are making good progress. The thermometer has ranged
graph to-nigbt indicate that beneficial rains have fallen in from 61 to 84, averaging 72.
Selma, Alabama.— W e have had rain on five days of the
almost all sections of the South during the week. In some
portions of Texas the precipitation has been heavy, and dry week, the rainfall reaching one inch and fifty-three hun
weather is needed. The outlook in general is now quite s t- dredths. Average thermometer 71, highest 80, lowest 63.
Auburn, Alabama.— Rain has fallen on four days of the
isfactory.
Galveston, Texas.— W e have bad rain on three days of the week, the rainfall reaching two inches and sixty-six hun
•week, the rainfall reaching fifty-eight hundredths of an inch. dredths. The thermometer has averaged 70, the highest
being 81 and the lowest 61.
The thermometer has averaged 74, ranging from 62 to 85.
Madison, Florida.— Telegram not received,
Palestine, Texas,— It has rained on five days of the week,
Macon, Georgia.— Telegram not received.
harder-than needed, but no material damage done. Crops
Columbus, Georgia.— W e have had rain on four days of
continue very promising. The thermometer has ranged from
56 to 82, averaging 68, and the rainfall reached two inches and the week, the rainfall reaching one inch and fifty-four hun
dredths. The thermometer has ranged from 65 to 84, averag
thirty-nine hundredths.
Huntsville,Texas.— W e have had very hard and very bene ing 72.
ficial rain on six days of the week, but dry weather is wanted
Savannah, Georgia.— W e have had rain on two days of the
for a while. The ra nfall reached four inches. Young crops week, the rainfall reaching one inch and eighteen hundredths.
are very fine. The thermometer has averaged 73, the highest Average thermometer 72, highest 85, lowest 65.
Atlanta, Georgia.— There has been rain on five days of the
being 87 and tl e lowest 59.
Dallas, Texas.— There hss been too much raiD. It has week to the extent of one inch and nineteen hundredths. The
fallen on three days of the week heavily, preventing needful thermometer has averaged 69, ranging from 60 to"80.
Augusta, Georgia — The weather has been favorable, and
work. The damage is greatly exaggerated, but dry weather
is wanted. The rainfall reached three inches and fourteen a good stand of cotton secured. Rain has fallen on four days
hundredths. The thermometer has averaged 70, ranging from of the week— very beneficial to cotton—the rainfall reaching
thirty-one hundredths of an inch.
The thermometer has
55 to 85.
San Antonio, Texas.— It has rained splendidly on four averaged 72, the highest being 89 and the lowest 62.
Charleston, South Carolina.— W e have had rain on two
days of the week, the rainfall reaching one inch and fiftytwo hundredths. W e st Texas has had the best spring rains days of the week, the rainfall reaching two inches and eightyfor many years and young crops are very promising every two hundredths. Average thermometer 72, highest 80, lowest
where. The thermometer has ranged from 58 to 86, aver 64.
aging 72.
Stateburg, South Carolina.—Bun ha3 fallen on three
m ay
days of the week, the rainfall reaching one inch and five i
hundredths. Rain is falling to-day. The thermometer has
32« Cop.
Twist.
averaged 69*6, the highest being 85 and the lowest 54.
Columbia, South Carolina—Telegram not received.
d.
d.
Wilson, North Carolina—It has rained on four days of the
Apr. 6 7Ö16® 8316
week, the rainfall reaching one inch and eight hundredths.
** 13 7916®83la
The thermometer has ranged from 54 to 90, averaging 75.
“ 20 79|6_ 83ie
“ 27 79,0-83,6
The following statement we have also received by telegraph, May
4 711,6^ 8 ^
Bhowing the height of the rivers at the points named at 3
“ 1 1 7H 16@ 8 j4
o’clock May 10, 1888, and May 12, 1887.
May 10, '88. May 12, ’ 87 N ew Orleans....... ....... A bove low -w ater m ark.
M e m p h is............ ....... A bove low-water m ark.
N ash ville............ ....... A bove low -w ater mark.
S h re v e p o rt......... ....... A bove low-water mark.
V ick sb u rg........... ....... A bove low-water mark
Feet. Inch.
14
3
20
*1
3
9
22
2
1
37
Feet.
12
27
12
12
37
Inch.
2
6
3
8
8
I ndia Cotton Movement from all P orts.— The receipts
and shipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to May 10.
BOMBAY RECEIPTS AND SHIPMENTS FOB FODB YEARS.
Shipments Since Jan. 1.
Shipments this week.
Great
Tear Great Conti
B rit’n. nent. Total. B ritain
1888 6,000 26,000 32.000
1887 31.000 5,000 36.000
1886 7,000 12,000 19.000
1885 10.000 26,000 36.000
137.000
228.000
194.000
139.000
Conti
nent.
Receipts.
This
Since
Week. Jan. 1.
Total.
409.000
442.000
3 <7,000
312.000
546.000 69.000 987.000
670.000 0,000 1,073,000
591.000 73.000 950.000
451.000 58.000 677.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week’s receipts of
1,000 bales and a decrease in shipments of 4,000 bales, and
the shipments since Jan. 1 show a decrease of 124,000 bales.
The movement at Calcutta, Madras and other India ports for
the last reported week and since the 1st of January, for two
years, has been as follows. “ Other ports” cover Ceylon,
Tuticorin, Kurrachee and Coconada.
Shipments fo r the week.
Shipment's since January 1.
Great
Britain.
Conti
nent.
Total.
Great
B ritain.
Continent.
1,000
3,000
1,000
1'7,000
2,000
13,000
25.000
58.000
62,000
83.000
87.000
141,000
7.000
3.000
2,000
3,000
9.000
6.000
15.000
15.000
13.000
15.000
28.000
30,000
47.000
76.000
77,000
101,000
124.000
177.000
C a lc u tta 1888 .........
1 8 8 7 .........
M a d ra s1888 .........
1 8 8 7 .........
A ll others—
1 8 8 8 .........
1 8 8 7 .........
Total a l l 1888 .........
1 8 8 7 ........
1,000
3,000
1,000
10,000
2,000
13,000
Total.
The above totals for the week show that the movement from
the ports other than Bombay is 11,000 bales less than the same
week last year. For the whole of India, therefore, the total
shipments since January 1, 1888, and for the corresponding
periods of the two previous years, are as follows :
EXPORTS TO EUROPE FROM ALU INDIA.
1888.
1887.
Shipments
to a ll E urope
from —
This
week.
Since
Jan. 1.
This
week.
B om bay ...........
A U other ports.
32,000
2,000
546.000
124.000
36.000
13.000
34,0001
670,000
49,000
T o ta l...........
1886.
Since
Jan. 1.
,
This
week.
Since
Jan. 1.
670.000
177.000
19,000
3,000
591.000
105.000
847,000
22,000
696,000
Ma y R eport of the A gricultural B ureau.— Under date
o f May 10, the Agricultural Bureau at W ashington issued the
following respecting cotton :
Cotton planting was delayed b y excess o f m oisture in February and
low temperature in March, the soil not being in condition for early
planting. The delay w as greatest in Texas and Louisiana. In Arkansas,
Tennessee and North Carolina from 4 to 6 per cent less than usual was
planted on the first o f M ay. In Slates on the coast, from South Carolina
to Mississippi, planting is nearly up to the average advancement.
The proportion of the crop planted May 1 this year in com
parison with the four previous years, and also with an average
year, as given in a previous report of the Agricultural Bureau,
is as follows :
States .
V irgin ia.....................
North Carolina........
South Carolina.........
G eorgia......................
F lorid a.......................
Alabam a....................
M ississippi................
Louisiana..................
T exas............ ............
A rkansas...................
Tennessee.................
A verage...............
* N ot given.
P roportion o f Crop Planted M ay 1. Proportion
Planted
M ay 1,
1888. 1887. 1886. 1885. 1884. Av’ge Year.
*
30
30
30
35
35
71
70
53
70
45
67
84
80
82
85
84
83
SO
83
68
95
96
94
95
Ç5
97
83
88
80
85
75
88
80
84
76
85
76
85
78
83
77
82
89
77
76
82
84
81
80
87
77
80
75
79
70
83
76
80
77
77
52
80
79*9
82-4
80
80
66
87
Manchester Market . — Our report received by cable to-night
from Manchester states that the market continues firm for both
yarns and shirtings. W e give the prices for to-day below,
and leave those for previous weeks of this and last year
for comparison :
625
THE CHRONICLE.
13, 1888.]
1888.
.
s.
5
5
5
5
5
5
1887.
814 lbs.
Shirtings.
d. s.
7 -@7
7 #7
7 @7
7 @7
7*a@7
7*207
Oott’n
Mid. 32« Oop.
Twist.
Vplds
d.
0
0
0
0
1
1
d.
5516
55.6
O510
53g
57.6
57.6
8*4 lbs.
Shirtings,
d.
d. s.
75,6®715,6 5
73s@8
5
75,6®715,6 5
75,6^715,6 5
75,6^715,6 5
75,6@71516 5
d.
9
9
9
9
9
9
s. d.
® 6 10 *2
® 6 10 la
'06lO *a
-06 lOia
10*a
*0610*2
OotVn
M i4.
TJpld$
d.
5<%
558
559
5 ha
5 %.
E ast I ndia Crop. — From the Bombay Company s (limited)*
cotton report of date April 6, we have the following :
The arrivals from the Broach districts show no im provem ent, but?
rather the reverse, and “ fine ” is now hardly obtainable. The qu alify
this year on the w hole has been most disappointing. The estimates o f
this crop are being still further reduced, and it is now anticipated th a t
the receipts w ill fall short even o f last year, when it will be remem bered
there was a shorter outturn than usual. The Dhollerah crop, too, is n o t
turning out so w ell as was expected, and not m uch “ fine ” has been re
ceived. The crop has com e forw ard early, and receipts are expected t o
diminish considerably towards the end o f this month, and not to total
more than last year. From the figures o f both receipts and exports it
w ill be noticed that as yet neither show any marked falling-off as com
pared with last year. Taking into account, how ever, the undoubted
short outturn in the Ber.irs, and the reduced estimates o f both the D h cllerah and Broach crops, there is no reason to alter the opinion already
expressed that the exports to E urope during the current six months are
not likely to be more than 800,000 bales.
Georgia A gricultural R eport.—The Commissioner o f
Agriculture of Georgia issued on the 6th inst. his report for
May 1, from which we take the following, referring to cotton :
There is no increase in the acreage devoted to cotton. The conditions
have been quite unfavorable for securing good stands, and only 50 per
cent of the area already planted and to be planted is now “ up.” Owingto bad weather the planting is generally later than usual b y several days,
taking the w hole State, though somewhat earlier in North Georgia. This
refers to the portion of the crop already planted, m uch o f which is yet t o
com e up. Practically, it m ay be considered that but one-half the c ro p
was planted up to May 1, since fully one-half was either not planted o r
the ground was too dry to germinate the seeds. The reported general
condition—90 compared with an average condition—must be considered
as higher than the truth, and the discrepancy w ill increase until more
favorable seasons set in. On the whole, the condition and prospects o f
the cotton crop are unsatisfactory, i. not decidedly discouraging.
J ute B utts, B aggin^ &c.— There is a fair inquiry for bag
ging to supply the present wants o f consumers, but nothing
is doing in a large way. Prices are unchanged, and sellers
are quoting
for
lbs.; 6c. for 1% lb 3 .; 6 ^ c . for 2 lbs.,
and 7@7)^c. for standard grades. Very little business is re
ported in jute butts, as buyers are supplied at the m om ent,
and prices are nominal at l% @ 2 e . for paper grades and 2 @
2%q. for bagging qualities.
¡Shipping News .— The exports of cotton from the United
States the past week, as per latest mail returns, nave reached
49,786 bales. So far as the Southern ports are concerned, these
are the same exports reported bv telegraph and published m
the Chronicle last Friday. W ith regard to New York w e
include the manifests of all vessels cleared up to Thursday.
Total bale*
Ne w Y o rk —To Liverpool, per steamers Anchoria, 6 4 1 ___Ara
bic, 3,0 24___Arizona, 1,098___ Aurania, 1,617___ Biitannic, 2,8 99___ Gallia, 4 8 7 ___Ohio, 2 ,0 9 4 ___ Spain, 1,756
___Vandyck, 1,137
W yom ing (additional), 4 0 0 ................ 15,153
To Hull, per steamer Galileo, 1,570..............................................
1,5 70
To Leith, per steamer Critic, 4- 0 ...................................................
400
254?
To Havre, per steamer L a Champagne, 2 5 4 ...............................
To Bremen, per steamers Elbe, 20 0___Lahn, 4 0 0 ............ . ......
600
To Hamburg, per steamers Geliert, 5 0 ___Taormina, 2 3 2 .....
282
To Antwerp, per steamer Waesland, 425 ..................................
425
To Genoa, per steamer Anchoria, 7 9 ............................................
70
Ne w O rleans —To Liverpool, per steamers Jamaican, 3 ,6 8 5 ....
Sculptor, 2 ,4 82.............................. ............................... ................. 6 ,1 6 7
To H avre, per steamer Canton, 4 ,8 50........................................... 4 ,8 5 0
To Bremen, per steamer Federation, 5,ut>7........................ ...... . 5,<->97
To Hamburg, per steamer India, 1,404....................................... 1,404
To Barcelona, per bark Habana, 7 7 7 ...........................................
777
B altim ore —To Liverpool, per steamer Sardinian, 1.2 22.............. 1 ,2 22
To Bremen, per steamer Main, 1,769......... . .............................
1,7 60
B oston —To Liverpool, per steamers Catalonia, 1,864___Istrian,
643
Marathon, 1 ,3 90
Norseman, 3 ,5 7 8................... .
7,4 75
To H alifax, per steamer Carroll, 1 0 0 ........ .................................
lOO
P h il a d e l ph ia —To Liverpool, per steamer Lord Clive, 1,081
l ,'» 8 l
To Antwerp, per steamer Switzerland, 4 s l .................................
481
T ota l.................................................................................................. . 4 9 ,7 8 6
T h e p a r tic u la r s o f th e s e s h ip m e n t s , a r r a n g e d in o u r u s u a l
fo r m , a r e a s f o l l o w s :
Brem . <&
Barcelona
LiverHam and Halipool. Hull. Havre, burg. A ’ tw’p. Genoa, fax.
Total.
New Y o rk .. 15,153 1,970
254
882
425
79 ......... 18,763
N. Orleans. 6,167 ......... 4,850 7,101 .........
777 ......... 18,895
Baltim ore.. 1,222 ....................... 1,769 ...................... .........
2,991
Boston . . . .
7,475 ...............................................................
100
7 ,5 75
481 ......... .........
1,5 62
Phil’d’lph’a. 1,081 ....................................
T otal....... 31,098
1,970
5,104
9,752
986
856
100 4 9 ,7 8 6
Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing our data down t o
the latest dates :
New Orleans—F or Liverpool—M ay 5—Steamer A licia, 5 ,5 0 0 ....M a y &
—Steamer Dalton, 3,662.
For St. Petersburg—M ay 8—Bark Navigatore, 2,140.
F or Genoa—M ay 5—Steamer Nymphaea, 5,368.
B oston—For Liverpool—May 4—Steamer Bothnia, 1 ,8 4 1 ___M ay 5 —
Steamer Bulgarian, 1 ,2 3 0 ___M ay 7 - Steamer Iow a, 2.050.
Baltimore—For Liverpool—M ay 5—Steamer Baltimore, 8 6 8
May 8—
Steamer N ova Scotian, 1,378.
For Bremen—M ay 5—Steamer Braunschweig, 2,094.
P hiladelphia —For Liverpool—May 8—Steamer British Prlnoe, 1,286.
Below we give all news received to date of disasters to ves
sels carrying cotton from United States ports, &c.
626
THE
CHRONICLE.
[V ol . X L V I,
B R E A D S T U F F S .
D onah , Steamer (Ger.)—From Baltimore fo r Bremen, which was towed
in to N ew Y ork w ith shaft broken, repaired and sailed thence May
7 fo r firemen.
E gyptian Monarch, Steamer (Br.)—From New Y ork fo r London, ar
rived at Falm outh M ay 7 damaged, having been ashore. She has a
hole under her p ort how , and her fore compartment is full of water.
E. F. Matthews , Steamer (Br.)—From New Orleans fo r Keval, which ar
rived at Copenhagen in January, &c., sailed thence, and arrived at
K eval A pril 30.
F r id a y , P. M „ M ay 11 ,188 8.
There bas been some advance in prices of flour, especially
for the low grades, which are comparatively scarce. There
has been a fair general demand, but the higher prices were
due mainly to the advance in wheat. To-day holders were
8 gain disposed to advance prices, but there was some irreg
Cotton freights the past week have been as fo llo w s :
ularity, with the close unsettled.
The speculation in wheat for future delivery became quite
Fri.
Mon.
Tries. Wednes. Thurs.
Satur.
excited on Wednesday, and there was a sharp advance in
values. The reduced visible supply, the large consumption
L iv e r p o o l, steam d.
B64
B64
B64
B64
B64
B64
....
....
and the backward spri ng, dimir ishing the prospects for a full
....
....
....
Do
sa il ...i f .
yield this season, gave the bulls the advantage. They had
H a v re , s te a m . . . . c.
h
h
%
*4
a4
h
also been able to procure the publication of sensational reports
....
....
....
....
....
....
Do
s a il.......... c.
in their interest. But on Thursday the Bureau report, though
B re m en , stea m . c.
B16
B16
B16
5J6
B16
B16
unfavorable, was less so than had been expected, and a decline
....
Do
s a il........ c.
....
....
....
....
....
followed free selling to realize. To-day there was renewed
H a m b u rg , stea m c.
932
932
932
932
932
932
activity in the speculation for the rise, which was strongly
....
Do
s a i l .. .c .
....
....
....
supported at the W est. W heat on the spot has advanced,
25*
2 5 ® 3 0 * 2 5 ® 30* 2 5 ® 30*
A m s t’d ’m , stea m , c.
25*
964
but not so much as futures, and business has been on a very
....
....
D o v ia L e ith , d.
....
....
K e v a l, s t e a m ___ d. 21128-3 16 21128_316 21128~316 21 u s -3 !« 21128-3 16 21128_316 limited scale. To-day choice samples brought extreme prices
for milling.
....
....
....
....
Do
s a il........... d.
....
B a rcelon a , steam d.
G e n oa , s t e a m . . .d.
T rieste, s t e a m ... d.
Antwerp, stea m d.
3I6 ® 1364
3J6
1S64
S16
1S64
318
1364
316
*364
316
732
732
732
732
732
732
332
332
332
832
332
332
1S64
316
* Per 100 lbs.
L iv e r p o o l , — By cable from Liverpool we have the follow
ing statement of the week’s sales, stocks, «fee., at that portW e add previous weeks for comparison.
A pr. 20.
Sales o f the w eek.............. bales
O f w hich exporters took ___
O f w hich speculators t o o k ...
Sales A m erican ..........................
A ctual export.............................
Forwarded .................................
Total stock—Estimated............
O f w hich American—Estim ’d
Total im port o f the w eek.........
O f which A m erican................
Amount afloat........................ .
O f w hich A m erican................
A pr. 27.
71.000
60,000
3.000
11.000
5.000
6,000
52.000
47.000
9.000 , 12,000
15.000
22.000
873.000 828,000
645.000 608,000
77.000
37.000
28.000
50.000
144.000 170,000
80,000
53.000
M ay 4.
M ay 11.
79.000
4.000
6.000
61.000
10,000
17.000
830.000
6u l,000
98.000
67.000
111.000
48.000
66,000
7.000
4.000
46.000
9.000
18.000
780.000
564.000
32.000
18.000
125.000
62,000
The tone of the Liverpool market for spots and futures each
day of the week ending May 11 and the daily closing prices
of spot cotton, have been as follows :
Spot.
Saturday Monday. Tuesday.
Market, )
12:30 P.M. \ Harden’g.
MicLUpl’ ds.
M id.O rl’ns.
5 7ie
5%
10,000
Spec. & exp.
1,000
Steady.
5716
5%
12,000
1,000
Futures.
at Quiet at
Market, ? Firm
1-64
1-84 ad
12:30 PJL \ advance.
vance.
Market, 1 Quiet and Steady.
steady.
4 P. M. {
Wednes. Thursd'y.
In buyers’ Steadier.
favor.
I5%
li8
10,000
1,000
Qniet.
Steady.
5% 6
5%
12,000
1,000
Friday.
Fair
In buyers’
business.
favor.
57ie
5%
12,000
1,500
«5%
w
8,000
1,000
Steady ai
1-64 dec. Steady at
1-64 adv.
Very
Barely
steady.
steady.
Bteady.
Steady.
The opening, highest, lowest and closing prices o f futures at
Liverpool for each day o f the week are given below. These
prices are on the basis of Uplands, Low Middling clause, unless
otherwise stated.
The p rices are given in pence and Qiths
463-64tf., and 5 01 m eans 5 1-6 4a.
S a t., M a y 5 .
M o n ., M a y 7 ,
Open High Low. Clot. Open High
M ay...........
May-June..
June-July..
.July-Aug..
Aug.-Sept..
September.
Sept.-Oct...
Oct.-Nov...
Nov.-Dee
a.
5 27
5 27
5 27
5 28
5 28
5 28
518
512
510
d.
5 27
527
5 27
5 28
5 28
5 28
518
5 12
510
d.
527
5 27
527
528
5 28
528
518
512
510
d.
5 27
5 27
5 27
5 28
5 28
5 28
518
512
5 10
W edn es „ M ay 9.
d.
5 26
526
527
5 28
5 27
5 27
517
511
510
d.
5 26
5 26
5 27
528
5 27
5 27
5 17
5 11
510
th u s:
4 63 means
d.
5 25
5 25
5 26
5 26
5 26
5 26
516
511
5 09
a.
525
525
5 26
5 27
5 26
5 26
516
511
5 09
a.
5 25
5 25
5 26
5 26
5 26
5 26
5 16
511
5 09
d.
5 25
5 25
5 26
5 27
5 26
5 26
516
511
5 09
DAILY CLOSING PRICES OP NO. 2 MIXED CORN.
Sat.
Mon.
Tues.
Wed. Thurs.
May d e l i v e r y . . . . . . . . . . . . . . . 64
64
64
64%
65
63
62%
63%
64
June d e liv e r y ................. 62%
July d e liv e r y .................... 63%
63%
62%
63%
64
August d e liv e r y ............... 63%
63%
63%
63%
64
September delivery ....... 63%
63%
63%
64
64
63%
63%
64
64
October delivery................ 63%
Fri.
66%
65%
65%
65%
65%
65%
Oats have shown much strength, but only a moderate de
gree of activity, either in the regular way or for speculation;
but to-day there was some further advance, especially for
mixed grades.
DAILY CLOSING PRICES OP NO. 2 MIXED OATS.
Tues.
Wed. Thurs.
Mon.
Sat.
38%
38%
38
38%
May delivery............ ......... 38
38%
38%
38%
38%
June delivery........... ......... 38%
39
39%
39%
38%
July d e liv e r y ....... . ......... 38%
Fri.
39%
39%
39%
The following are the closing quotations:
Fine................... ¥ bbl.
Supertine.....................
Spring wheat extras.
Minn, clear and stra’t.
Winter shipp’g extras.
Winter X X and X X X .
Patents..................... —
Southern su p ers......
W heatSpring, per bush...
Spring No. 2 . . . . . . .
Bed winter No. 2 ...
Bed winter..............
White........................
Com—West’n mixed.
West’n mixed No. 2.
Steamer No. 2 .......
Western y e llo w ....
Southern white—
$2
2
3
3
3
3
4
2
FLOUR.
30® $2 85 8outh’n com. extras.. $3 20®
55® 3 15 Southern bakers’ and
family brands......... 3 60®
00® 3 30
45® 4 65 Bye flour, superfine.. 3 40®
Fine................. ......... 2 40 ®
10® 3 40
50® 4 70 Com meal—
Western, &o___ . . . .
3 25®
60® 5 10
Brandyw ine..... . . . 3 45®
90 ® 3 1 5
3 50
4 65
3 60
2 60
3 50
3 50
GRAIN.
91
95
97
92
92
63
®1
®
®
®1
®1
®
65
®
67
®
66 % ®
66 ®
E yeState & Pa., $ bush. 69 ® 74
02
Oats—Mixed............... 38 ® 41
96
White....................... 43 ® 46
98%
No. 2 mixed............ 38% ® 40
01
No. 2 white............. 43 % ® 44%
01
Barley—
69
Canada No. 1 ......... . .. ® ....
68
Two-rowed State— ... ® ....
66%
Six-rowed State.. . . ... ® __
69
Malt—State, 4-rowed. 97 ® 1 0 0
70
State, 2-rowed....... 90 ® 94
The movement of breadstuffs to market is indicated in the
statement below, prepared by us from the figures of the New
Low. Cioè. Open High Low. Clot. York Produce Exchange. W e first give the receipts at W e st
ern lake and river ports, arranged so as to present the comd.
d.
d.
d.
d.
d.
5 25 5 25 5 24 5 24 5 24 5 24 uara’ive movement for tho week ending May 5, 1888, and
5 25 5 25 5 24 5 24 5 24 5 24 since August, for each o f the last three years:
5 25
5 26
526
5 26
517
510
5 09
5 25
5 26
5 26
526
517
510
5 09
T h a r s ., M a y 1 0 .
d.
d.
5 25 5 25
5 25 5 25
526 5 26
5 27 0 26
5 26 5 26
5 26 526
516 516
511 511
5 09 5 09
Indian corn was irregular down to the eb se of yesterday’s
business. The distant futures showed strength while parcels
on the spot declined, the reduction leading to more activity,
part for early arrival for export. There is general confidence
that supplies will prove deficient between this and the next
crop; but to what extent is quite uncertain and prices are
already dear. To-day there was a smart advance on the
stronger foreign advices, leading to some business for export.
T u e s., M a y 8 .
5 24
5 25
5 25
5 25
516
5 10
5 08
525
526
5 26
5 26
516
510
5 08
524
5 25
5 25
5 25
516
510
5 08
5 25
5 26
5 26
5 26
516
510
5 08
F r i ., M a y 1 1 .
Open High Low. Olos. Open High Low. Cioè. Open High Low. Cioè.
M a y ...........
May-June..
June-July..
July-Aug ..
Aug.-Sept..
September.
Sept^Oct..
Oct.-Nov...
Nov.-Dee...
DAILY CLOSING PRICES OP NO. 2 RED WINTER WHEAT.
Sat. Mon.
Tues. Wed.
Thurs. F ri.
94
94%
94%
97
9 5 7g
97%
93%
93%
94
96%
94%
96%
93%
93%
94%
9658
95
96%
92%
9338
93%
96%
94%
96%
92%
93%
93%
96%
95
96%
9 5%
96
96%
98%
97%
99%
99% 1-00% 1-00% 1 ‘02% 1*01% 1 ’03
May d eliv ery . . . . . . . . . . . . . .
June delivery......... ............
July d e liv e r y ...............
August delivery.................
September d elivery...........
December delivery..... .......
M a y ,’89 delivery......... .
d.
5 25
5 25
0 26
5 26
5 26
5 26
5 16
511
5 09
d.
5 25
5 25
5 26
6 27
5 26
5 26
5 16
511
509
d.
5 24
5 24
5 25
5 25
5 25
5 25
515
5 10
5 08
d.
5 24
5 24
5 25
5 25
5 25
5 25
515
510
5 08
d.
d.
5 23 5 23
5 23 5 23
5 24 5 24
5 24 0 24
5 24 524
5 24 5 24
514 5 14
5 09 5 09
0 08 5 08
Receipts at—
Chicago.......
Milwaukee...
Toledo.........
D etroit......
Cleveland...
St. Louis......
Peoria.........
Duluth.........
Minneapolis.
Flour.
Wheat.
Corn.
Oats.
Barley.
Bye.
BblsAmbs Bush.QO lbs Bush.56 Ibe Bush.32 lbs Bush.48 lbs Bu. 56 lbs
39,194
77.763
151,607 1,226,226 1,093,860
149,382
5,578
52,331
29,000
5,600
124,833
64,990
486
1.917
7,079
54,460
24,824
2,695
5,832
33,559
25,023
21.098
4,036
1,200
309
36,421
17,600
56,556
5,361
1,149
8,925
113,580
301.060
50,030
17,213
16,985
9,350
446,000
127,300
4,935
4,723
268,537
65,455
917,130
157.157
63.342
313,855 1.623,475 1,753.344 1,759,499
194.780
32,989
593,064 1,003,602
170,858 1,622,366
127,672
989,307
21,403
961,179 1,505,582
133,139
Tot.wk. ’88.
Same wk.’87.
Same wk.’86.
Since Aug. 1.
1887-8....... 9,607,789 94,483,390 67,812,218 58,555,498 21,893,657 1,779,524
1886-7*...... 8,504,187 74.041,006 70,036,216 52,945,504 20,601,878 1,797,365
1885-6*...... 6.733.243 50,846,210 76,211,574 46,986,814 19.456,070 2,620,935
* include one week extra.
The receipts of flour and grain at the seaboard ports for the
week ended May 5, 1888, follow :
Ma y
TH E CHKONICLE.
12, 1888.]
1,630
17,840
52,818
6,011
44,602
155,987
Oats,
Bariev,
bush.
bush.
335,000
3,850
80,820
4,550
3,665
12,650
96,872
600
31,000
8,564
950
31,000
Total week. 280.111 222,149
Oor. week *87.. 236,067 1,609,320
492,147
660,422
596,856
333,418
A tN ew Y ork .........,
B oston.............. .
M ontreal.......... .
Philadelphia....
Baltim ore........ .
R ichm ond........
N orfolk, Y a ___
New O rleans...
Flour,
bbls.
82,117
49,726
12,673
19,345
100,018
1,886
1,120
13,226
Wheat,
bush.
19,800
11,370
141,600
24,456
18,361
4,932
C om ,
bush.
177,006
37,883
12,665
63,148
Uye,
bush.
1,650
New Y ork
B o sto n ...
Portland.
N orfolk..
P h ila d e l.
Baltim ’ie
N. Orl’n s .
N. N e w s.
Richm ’d .
Wheat.
Corn.
Bush.
304,970
11,795
Bush.
34,601
125
Bbls.
67,414
20,642
10,780
1,875
250
30.894
180,040
11,170
27,060
683
245,910
140,417
4,000
352,679
181,651
1,182
Flour.
Oats.
Bye.
Bush.
4,000
2,845
4,495
18.700
Peas.
Bush.
Bush.
3,849
8,882
28,735
2,668
Tot. w ’k. 318,640
S’me time
1887. .. 1,001,964
41,466
56.263
76.345
The visible supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by water, May 5, 1888:
Wheat,
bush.
. 1,645,736
Corn,
bush.
124,723
Oats,
bush.
730,383
41.000
455,901
58,332
4,926,789 3,217,201
1,747,707
*1,114
9,005,140
247,825
1,202,326
65,395
557,019
6,481
O sw ego____
65.000
30.000
St. Louis________
687,492
813,315
“
afloat...
40,000
173,500
C incinn ati..
20,000
27,000
B oston.........
29,738
39,293
102,810
620,453
6,307
155,430
11,592
P e o ria ...........
12,346
63,160
Indianapolis.
30,182
143.574
Kansas City.
67.794
60,591
414.070
13,971
M inneapolis.......... 7,789,653
20,653
St. P au l.................
345,000
On M ississippi___
100,000
171,000
O n Lakes.......... . 1,289,194 4,094,344
On canal & river.
7,600
6,300
39,900
74,155
974,280
5,022
20,188
17,956
14,375
I n store at—
New Y ork .......
D o afloat...
A lb a n y .............
,
,
.
.
Tot.
Tot.
Tot.
Tot.
Tot.
May 5,
Apr. 28
May 7,
M ay 8,
M ay 9,
B ye,
bush.
9,337
3,100
46,600
61.212
15,893
33,174
Barley,
bush,.
20,772
26,200
47,000
143,283
151,500
41,726
1,483
1,265
16,698
14,974
157,000
13,359
250,828
3,613
72,000
105,043
23,307
45,158
89,283
420,625
110,241
63,436
8,509
939
7,000
1,370
83,100
933,284
31,317.380 9,436,671 4,082,012
32,473,243 8,530,311 3,738,894
46,303,674 15,613,986 4.056.869
41 ,947.53110.622,903 1,801.868
37,890.181 6,605,759 2,086,050
3,950
40,000
308
68,331
8,267
45,220
2,067
24 OOO
259,284
305,856
324,370
370,411
227,002
749,418
926,805
371.153
542,122
405,035
* Minneapolis and St. Paul not included.
According to Beerbohm’s London cablegram, the amount of
wheat and corn on passage at the dates mentioned stood as
follows:
Grain on Passage.
Week ending M ay 9.
Wheat.
To United K ingdom ..are.
To Continent......................
Total quarters............
Equal in bushels................
Sam eweek in 1887. .bush.
C om .
2,191,000
434,000
428,000
60,000
2,625.000 488,000
21,000,000 3.904.000
19,416,000 2.528.000
Week ending M ay 2.
Wheat,
2,132,000
351,000
f
Com .
360,000
57,000
2,483,000 417,000
19.864.000 3.336.000
19.472.000 3.168.000
The exports of wheat from India for the week, year and
reason are as below:
Exports o f Wheat fr o m India.
T o United K ingdom ................... bush.
To Continent............................... bush.
T o ta l............
...b u sh .
Week end'g Week end'g A p ril 1
M ay 5.
Apr. 28.
M ay 5
200,000
400,000
320.000
640.000
760,000
2,160,000
600,000
960,000
2,920,000
A gricultural D epartment May R eport.— The report of
the Department of Agriculture for May, respecting cereal crops
was issued on May 10, as follows :
L o w temperature and deficient rainfall, with drying winds and some
frost, have reduced the condition o f winter wheat in the Central States.
I t has also been cool on the Atlantic coast and not favorable to im prove
ment, and yet the plant has nearly held its ow n in this region. On the
Pacific coast only a medium developm ent is reported. In the Southern
States changes are slight, several averages being the same as last month.
Pennsylvania shows a decline o f 4 points, New York 16, Ohio 12, M ich
igan 12, Indiana 6, Illinois 7, Missouri 2, Kansas 3. The general aver
age is reduced 9 points, from 82 to 73. Last year condition was reduced
® . hi April to 8 5 ‘8 in M ay. The State averages o f winter wheat
m the principal States are as follow s : N ew Y ork 76, Pennsylvania 87,
Virginia 90, Ohio 56, Michigan 64, Indiana 59, Illinois 57, Missouri 80,
Kansas 94 and Texas 90.
Winter rye remains v ery nearly as in April, the average being 92 9
instead o f 93-5. The condition o f w inter barley is 8 8 -3, prom ising a
m edium crop. Spring ploughing is not quite so w ell advanced as usual,
i;
, , el y later in the more northern States o f the Atlantic coast,
slightly later than usual in the Middle States, and scarcely up to a full
average in the South. Its progress is an average in the Ohio V alley, but
late in the Northwest, especially in Dakota.
DR Y GOODS T R A D E .
N e w Y o r k , F riday P. M., M ay 1 1 ,1 8 8 8 .
The exports from the several seaboard ports for the week
ending May 5, 1888, are shown in the annexed statement:
Exports
fr o m —
T HE
627
The market for dry gooda has shown rather more animation
the past week, and a better feeling prevailed in some depart
ments ; but the demand was characterized by a good deal of
irregularity. Staple cotton goods have met with increased
attention from jobbers and the manufacturing trade, and
while prices generally ruled steady, some large blocks o f fine
bleached shirtings, wide sheetings, «fee., were moved by means
of slight concessions on the part of the mill agents. Domestic
woolen goods were quiet in demand, but the movement on ac
count of former transactions was of fair aggregate dimen
sions. Foreign goods were mostly quiet in first hands, and
sluggish in jobbing circles, owing to the backwardness
of the retail trade in some sections of the country, because
of unfavorable weather conditions, which have retarded
the demand for consumption. A large special sale of 5,000
cases underwear and hosiery was made by a leading commis
sion house representing the Lawrence Manufacturing
Company and the Boston Manufacturing Company, and
it was attended with successful results, a great many
goods having been placed in the channels o f distribution
though at prices which probably left little if any margin of
profit to the mills. Another feature of interest was an auc
tion sale of 325 cases shirts and drawers, which was held by
order of the sheriff. The goods were readily disposed of and
brought within about 12 per cent of the agents’ private sale
prices— a most satisfactory result under the circumstances.
Domestic Cotton Goods,— The exports o f cotton goods
from this port for the week ending May 8 were 2,071 packages
valued at $128,096. These shipments include 1,124 to China*
436 to South America, 285 to the W est Indies, 164 to Mexico*
50 to Europe, 30 to British Australia, 21 to Central
America and 11 to all other countries.
Since the 1st
of January the exports aggregate 55,420 packages, valued
at $3,362,676. O f this total China has had 23,132 packages,
valued at $1,168,6P9, and 10,292 packages, valued at $669,230*
have gone to South America. For the similar period of 1887
the exports to all ports were 77,307 packages, valued at
$4,449,966; of which 44,027 packages, valued at $2,053,634
went to China; and 12,874 packages, valued at $920,921, to
South America.
To the same time in 1886 the total
shipments reached 80,383 packages and in 1885 were
57,115 packages. There was a better feeling in the market for
staple cotton goods and prices ruled steady save in the case
of fine bleached shirtings and wide sheetings which were
slightly reduced by agents in order to close out accumula
tions, and this action had the desired result, large jobbers
and the manufacturing trade having freely anticipated fu
ture requirements. Brown sheetings and drills were in pretty
good demand by converters and jobbers, and stocks are so
well in hand that prices remain steady. Colored cottons were
in moderate request, and prices are without quotable change.
Print cloths continued in active demand and dearer, the mar
ket closing firm at 3 ll-16c. plus one per cent bid for 64x64s
and 3J^c. for 56x60s. Stocks last Saturday and for the three
previous years were as follows:
. 1888.
M ay 5.
Stock o f P rin t Cloths —
Held by Providence m anuPrs.. 32.000
Fall R iver m anufacturers... 30.000
Providence sp ecu la tors......... . None
Outside speculators (est).......
7,000
1887.
M ay 7.
97.000
217,000
47.000
65.000
1886.
M ay 8.
83.000
33.000
235,000
15.000
69,000
426,000
366,000 1,390,000
1885.
M av 9.
425.000
345.000
324.000
296.000
Printed calicoes, other than shirtings, for which there was
a good demand, ruled quiet; but stocks are very light and
prices remain steady. Printed and woven cotton dress fabrics
were in moderate request at unchanged prices, and there was
a light business in white goods, table damasks, quilts and
scrims.
Domestic W oolen Goods.— The situation in the market for
men’s-wear woolens is practically unchanged. The demand
at first hands was strictly moderate throughout the week,
but agents continued to make steady deliveries of cassimeres,
suitings, worsteds, overcoatings, «fee., in execution of back
orders, and leading makes adapted for the coming season are
so well sold up that prices remain unchanged. Cloakings were
in fair request, as were Jersey cloths and stockinets, and the
best makes are steadily held by the mill agents. Kentucky
jeans, doeskins and satinets were in moderate demand, and
desirable makes are firm in price. Flannels and blankets were
more or less quiet, as is usually the case “ between seasons,”
and there was a light business in carpets. All-w ool and
worsted dress goods were in irregular demand, seasonable
makes having ruled quiet, while some very fair orders for fall
fabrics were placed for later delivery.
Foreign Dry G oods.— A t first hands the demand for foreign
goods was chiefly of a hand-to-mouth character, and the jo b
bing trade was only moderate. Dress goods were lightly
dealt in, and silks, satins, velvets and plushes were sluggish;
but a fairly active business was done in ribbons. Linen and
white goods were in steady but moderate request at unchanged
prices, and there was a light movement in handkerchiefs, em
broideries, laces and lace goods, hosiery and gloves.
r
THE
628
CHRONICLE.
CatxaÄiatx at*á Wox&im Santo m & mnUzxs.
[V O L . X L V I .
fjfjO Y je ig t L
F O R E IO N .
C A N A D IA N .
Heinemann & C o .,
THE
Bank o f Montreal.
62 Gresham House, Ej C.,
[ESTABLISHED 1818.]
Railway Share Trust Co.
C A P IT A L . Paid In - - 8 1 2 ,0 0 0 ,0 0 0 Gold
SURPLU S - 8 6 ,0 0 0 ,0 0 0 Gold
(LIMITED),
NO. 4
Hon. Sir DONALD A. SMITH, President.
——
w . J. BUCHANAN, General Managei
B A N K
LONDON,
B U IL D IN G S
EN G LAN D .
N E W YORK OFFICE:
y o g . 59 & 61 W A L L S T R E E T ,
W ALTE R WATSON,
A L E X ’R LANG,
J AgentS'i‘
C a p ita l P a id U p , £ 9 7 1 , 3 6 0
S te r lin g .
I Bny and sell Sterling and Continental Exchange
This Company undertakes the business o f Trustee
and Cable Transfers; grant Commercial and Travel
ers’ Credits, available in any part o f the World; te Loans of approved Railways, negotiates and
issue drafts on, and make collections in, Chicago
issues Loans on the London Market, acts as Agent for
and throughout the Dominion o f Canada.
Railways and other Corporations, either in the mat
L o n d o n Office« N o . 2 2 A h c h u r c h L a n e .
ter o f payments of Interest on Loans, Dividends on
Imperial Bank of Canada.
C A P IT A L (paid up)8 1 ,5 0 0 ,0 0 0
SURPLU S
- - - - - 5 5 0 ,0 0 0
H . S. HOWLAND, Pres’t. T. R. MERRITT, Y.-P.
D. R. WILKIE, Cashier.
H E A D O F F IC E , T O R O N T O .
r B ranches in On ta r io .—Essex Centre, Fergus,
Galt, Ingersoll, Niagara Falls, Port Colborne, St.
Catharines, St. Thomas, Toronto (Yonge St. Br.),
Welland, Woodstock.
B ranches in Northwest —Winnipeg, Brandon,
Calgary.
Agents in London :
Agents in New York :
Lloyd’s Barnett’s & Bos- B
anquet’s Bank, limited. | a n k op Montreal .
i Collections promptly ma e in any part o f Canada,
u . D r a w e r s o í S te r lin g E x ch a n g e .
or Registration of Stocks in London, or otherwise.
Cable Address—PAYY, L ondon .
R E G IS T R A T IO N OF
LONDON.
Solicit accounts and agencies o f Banks, Railw y »
Corporations, Firms and Individuals upom
favorable terms; also orders for the pur
chase and sale of Bonds, Shares, <fcc., Ac. on
the Stock Exchange.
Interest allowed on Deposits, subject to 60-dayp>
sight drafts, at Bank o f England rate, and
one per cent below that rate subject to
demaud drafts.
N e g o tia te Railway, State and City Loans.
IP u a tïJ C ia l.
TH E
F ID E L IT Y &
CASUALTY
Issues ACCIDENT POLICIES,
American Railway Shares.
THE ENGLISH ASSOCIATION OF AMERICAN
BOND AND SHAREHOLDERS (LIMITED) will
obtain registration of American Railway shares
(now passing about on blank transfers) in the name
of the Association, securing to the true owner full
voting power, prompt payment of dividends in Lon
don and collection of rights.
For shares registered in its name the Association
will issue, free of charge, certificates countersigned
by the London and Westminster Bank (Limited),
against the shares lodged with the Bank. The cer
tificates have dividend coupons attached, payable in
London. The charge for registering shares in the
name of the Association is 8d. per share. If insured,
6d. per share, out and home (including registration),
the market value not exceeding £12 per share, 0d.
OF € AÑADA.
per share up to £25 per share.
The Association will also obtain registration in
Capital, Paid Up. • • ■ $5,799,200 owners’
names, and collect the dividends by power
f attorney. Full particulars may be obtained at
Reserve, ■ ...................... 1,700,000 othe
offices o f the Association.
SAMUEL POPE, Q. C., Chairman.
B E A D OP I C E , M O N T R E A L .
JOSEPH PRICE, Managing Director.
F. P. BAXTER, Secretary.
ANDREW ALLAN, Esq., ^resident.
5 Great Winchester Street, London, E. C.
ROBERT ANDERSON. Esq., Vice-President,
The Association acts as Transfer Agents in Lon
don for American Railway Companies, in conjunc
GjT 'RGB HAGUE. General Manager.
JOHN GAULT, Branch Superintendent.^ tion with the London agents of the Mercantile
Trust Company of New York as Registrars.
: BANKERS :
Agents in the United States,
LONDON, ENG.—’The Clydesdale Bank (Limited.)
POOR & GREENOUGH. 36 Wall St., N.Y.
NEW YORK—The Bank o f New York, N. B. A.
A general Banking business transacted. Letters
o f Credit issued, available in China, Japan and
other foreign countries,
N e w Y o r k A g e n c y , N o . 6 1 W a l l S treet.
LONDON, EN G LAN D .
HENRY HA GUE,
1 Auents
JOHN B. HARRIS. JR., ) Agenl*‘
N e g otia te Railway, State and City loans.
E x ecu te orders for Bonds, Shares, etc., on Com
A G E N C Y OF THE
mission, and transact a general Banking and
Commission Business.
S p ecia l a tten tion given to the execution of
B a n k
orders for Securities on the New Fork, Lon
OP
don and Amsterdam Exchanges, in corres
pondence with
r it is h
o rth
m e r ic a
CO..
OF NEW YORK,
Nos. 2 1 4 & 2 1 6 B roadw ay.
CAPITAL, $250,000.
ASSETS, about $650,000»
Issues SURETY BONDS, guaranteeing the fidelity
o f persons in positions of trust, such as employes o r
Railroads, Banks, etc.; also Administrators, Guarcontaining a ll
mAlso PLATECGLASS and BOILER POLICIES oF
approved forms.
Agents will appreciate the advantage of dealing:
with a company which does more than one line of*
business.
OFFICERS:
WM.M.RiCHARDSLPrest. Gko.F.Sew ard ,V.-Prest.
J ohn M. Cb a n e , Sec.
R obtJ . H illas , A ss. SecDIRECTORS:
Geo. 8. Coe.
A. B. Hull,
A . S. Barnes,
J.S.T.Stranahan, H. A. Huribut, J.G.McCuilough,
A. E. Orr.
J. D.Vermilye, T. S. Moore,
G. G. Williams, John L. Biker, J. Rogers MaxwellWm. M. Richards,
Geo.F. Seward.
The Merchants’ Bank
Blake, Boissevain & C o .,
H
N
A
.
No. 5 2 W A L L S T R E E T .
Buy and sell Sterling Exchange and Cable Trans
fers. Issue demand drafts on Scotland and Ireland;
also on Canada, British Columbia and San FranC* C IR C U L A R N O T E S issued in Pounds Ster
ling, available in all parts o f the world. COM «
M E R C I A L C R E D I T S IS S U E D for use in
Europe, China, Japan, East and West Indies and
th e Brazils, River Plate, &c.
Bills collected and other hanking business tranpD. A. McTAVISH, ) A „ enta
H. STIKEMAN,. ) Agents’
F O R E IG N .
T E l
Anglo-Californian Bank
(LIMITED)
L O N D O N , H ead Office, 3 Angel Court.
S A N F R A N C I S C O Office, 200 Sansome St.
N E W Y O R K Correspondents,
J. & W. Sellgman & Co.
R O S T O N Correspand’ts, Massachusetts N. Bk.
A n tlio r lx e d C a p it a l, ■ - ■ $ 6 ,0 0 0 ,0 0 0
P a i d -u p C a p it a l, - - - - 1 ,5 0 0 ,0 0 0
R eserve F u n d ,
5 0 0 ,0 0 0
Transact a general hanking business. Issue Com
mercial Crédité and Bills of Exchange,available in all
parts o f the world. Collections and orders for Bonds,
Stocks, etc., executed upon the most favorable terms.
FRED’K F. LOW,
) VimiffAn
IGNATZ STEINHART, j Managers •
P . N. LELHNTHAL, Cash
BLAKE
18
28
BROTHERS
W a l l S tree t, N e w
&. C O .,
Y ork,
S tate S tree t, R o s t o n , M a s s ,
AND
A D O L P H B O IS S E V A IN Sc CO.
A m s te r d a m , H o ll a n d .
The Bank of Australasia.
(Incorporated by Royal Charter, 1835.)
4■n-j
T jh r e and nli.i
e e d le S treet, Lpio n
don.
o/innnn
Paid-up
Capital, - - - - - - £1,600,000
Reserve Fund, - - - - - - 800,000
Reserve Liability o f Proprietors
under the Charter - - - - 1,600,000
Letters o f Credit and Drafts issued on any of the
numerous branches of the Bank throughout Aus
tralia and New Zealand.
Bills negotiated or sent for collection.
Telegraphic transfers made.
Deposits received in London at interest for fixed
periods, on terms whiah may be ascertained on ap
plication.
PRIDEAUX SELBY, Secretary.
Hong Kong & Shanghai
R A N K IN G C O R P O R A T IO N .
Paid-up Capital....................
$7,500,000
Reserve Fund..................
3,900,000
Reserve Liability of Proprietors............... 7,500,006
The Corporation grant Drafts, issue Letters o f
Credit for use of Travellers, and negotiate or collect
Bills payable at Bombay, Calcutta, Singapore,
Saigon. Mantle, Hong Kong, Foochow, Amoy,
Nlngpo, Shanghai, Hankow, Yokohama, Hiogo, San
Francisco ana London.
A . M . T O W N S E N D , A {gent, 5 0 . W a l l S t,
M ER C H A N TS’ N A TIO N A L B A N K ,
R IC H M O N D , V IR G IN IA .
Collections made on all Southern points on besfe
terms; prompt returns.
JOHN P. BRANCH, President.
J ohn F. Glenn , Cash. F red . R. Scott, Vice-Pres.
J. S. ALEXANDER, Pres. A. A. ALEXANDER, Cash’r -
Texas National Bank,
SAN A N T O N IO , T E X A S .
COLLECTIONS AND INVESTMENTS MADECorrespondence invited.
WE SOLICIT TH E AGENCY
OF
N A T IO N A L
BANKS
A t a C h a rg e o f 85 p e r A n n u m .
GREEN & CUNNINGH AM ,
R e a l E sta te R r o k e r s
1405 F STREET, WASHINGTON, D. a
Reference: Hon. A. U. W ym a n , Ex-Treasurer
U S., Omaha, Neb.
ST O C K S and B O N D S
A t Auction.
D ie Undersigned hold R E G U L A R A U C TIO N
SALES, o f all classes of
STO C K S
AMD
BONDS»
ON
WEDNESDAYS AND SATURDAYS.
A D R I A N H . M U L L E R & SON»
NO. 1 PIN E STREET. NEW YORK.
TH E W E ST E R N FA R M MORTGAGE:
L aw ren ce,
T R U ST CO.,
K an sasC a p ita l,
.............................. 8 1 ,0 6 0 0 0 0
7 P e r C ent G u a ra n te e d M o rtg a g e s .
6 P ep Cent G old D e b e n tu r e s .
S. Q, T hacher , Pres. Nat. Bank, Lawrence, K a n .
Prest.; G. W. E. Griffith , Prest. Merchants’ Naifc.
Bank, Lawrence, Kan:, General Manager. ■
F. M. P erkins , 1st Vice-Prest.-, M. Y. B. B ull , 24
Vice-Prest.-, L. H. P erkins , Secretary.
40 & 42 Wall St., N.Y. C’ty, WM.T. Pr att , Man’r.
Albany, N.Y., M.V.B.B ull & Co., M’ra N.Y.&N.BWrite for full information,
L. H. PERKINS, Sec., Lawrence, Kansas.
Important Notice.
TO HOLDERS OF KANSAS REAL ESTATE
MORTGAGES:
Sand to HODGES * KNOX, TOPEKA, KANSAS,
ter Fete Pamphlet containing the eompiledlLawa
Kanaan relating to Real Estate Mortgages.
THE CHRONICLE.
I I m a y 12, 1888.]
%usmixut&.
Ctftfccrtt.
% U S U K % U t& '.
The United States Life
Insurance Co.
IN
OFFICE J 9 F V H E
THE
C IT Y
OF N EW
YORK,
(ORGANIZED IN 1890.)
A T L A N T IC
Mutual Insurance C o.,
NEW Y O R K , January 2 4 , 18F8
Tlie Trustees, in oonform ity to the Charter oi
5®he Company, submit the follow in g Statement
o f its affairs on the 31st o f December, 1887 .
P rem iom eon Marine Risks from
1st January, 1887, to 31st
D ecem ber, 1 8 8 7 . . . . . . . . . . . . . . . $3,842 969 09
P rem ium s on Polioies not marked
eft 1st January, 1887 . . . . . << .„> 1,417,600 13
T otal Marine P rem iu m s...... $5,060,569 22
GEO. H. BURFORD, President.
W m . T. St a n d e n , Actuary.
In c r e a s e n i A s s e t s o v e r
- - $ 1 6 0 ,0 0 0
I n c r e a s e i n N e w B u s i n e s s , - - - 4 0 per cent.
I n c r e a s e o r B u s i n e s s i n F o r c e , - $ 2 ,4 0 0 ,0 0 0
POLICIES INCONTESTABLE.
CLAIMS PAID PROMPTLY.
TEN DAYS’ GRACE.
ABSOLUTE SECURITY.
The most liberal and equitable contract
consistent with recognized business prin
ciples.
GOOD AGENTS, desiring to represent the Com
pany, are invited to address .T. S . G A F F N E Y ,
Superintendent of Agencies, at Home Office.
P rem ium s marked <\9 from 1st
January, 1887, to j 1st Decem
ber, 1887.....................................$3,672 331 21
b o s s e s paid during the same
period ........................................... $1.599,468 25
Manufacturer» and Dealers la
C O T T O N S A IL D U C R
A nd all kinds o f
OOTTON CAN VAS, FELTING DUCK, 0 / R
COVERING, BAGGING, RAV E N S DUCK, S A IL
TW INES, &C., “ ONTARIO” SEAMLESS
BAGS, “ AW N IN G STRIPES.
Also, Agents
U N I T E D S T A T E S B U N T I N G GO.
A fu ll supply, all Widths and Colors, always in stock
N o . 1 0 9 D u a n e S treet.
B liss, F a b y a n 6c C o .,
New York, Boston, Philadelphia,
SELLING AGENTS FOR LE AD IN G BRAN DS
B R O W N & B L E A C H E D S H IR T IN G S
A N D S H E E T IN G S ,
PRINTS, DENIMS, TICKS, DUCKS, A c
T o w e ls ,Q u il t s , W h i t e G o o d s A H o s ie r y
Drills, Sheetings, die, for Export Trade.
BAGGING.
THE
W A R R E N , JO N E S <fc G R A T Z
EQUITABLE LIFE
S T . L O U IS , M o .
M a n u fa c tu r e r s o t
IR O N
$768,846 38
A m o u n t . . . . . . . . . . . . . . . . . . . . . .$12,237,283 35
S IX P E R CENT INTEREST on the outstand
i n g certificates o f profits w ill be paid to the
holders thereof, or their legal representatives,
«on and after Tuesday, the 7th o f February next.
T H E OUTSTANDING CERTIFICATES of
'th e issue o f 1883 will be redeem ed and paid to
'th e holders thereof, or their legal representa
t iv e s , on and after Tuesday,the 7th o f February
n e x t , from w hich date all interest thereon w ill
cease. The certificates to be produced at the
tim e o f paym ent and canceled.
A D IV ID E N D OF F O R TY P E R CENT is
■declared on the net earned premiums o f the
«Company, fo r the year ending 31st December,
3.887, fo r which certificates w ill be issued on
«and after Tuesday, the 1st o f M ay next.
B y order o f the Board,
U . C H A P M A N « ^ S ecretary.
P u r e J u t e B a g g in g .
or
im p o r t e r s
ASSU RAN CE SOCIETY.
The Company has the follow ing Assets« viz.:
U n ited States and State o f New
Y ork Stock, City, Bank and
other S t o c k s . . . . . . . . . . . . . . . . . . . . $8,622,565 00
ifLoans secured b y Stocks and
o t h e r w i s e ...r ...._______
1,559,100 00
■Real Estate and Claims due the
Company, estimated a t . . . . . . . .
474,439 88
"Premium Notes and Bills R e
ceivable........................................ 1,362,986 07
«Cash in B a n k . . . . . . . . . . . . . . . . . . . . .
218,192 40
J.
Brinckerhoff, Turner
& C o .,
261, 262 & 263 Broadway, New York.
C. P. F r a l e i g h , Sec. A .W h e e l w r i c h t , Asst. Sec.
R etu rn s o f Premiums and E x
p e n s e s ............... . . . . . . . . . . .
yü
COTTON
T IE S .
J A N . 1 ,-1 8 8 8 .
A s s e ts ..... ........................
Liabilities, 4 per cent............
$84,378,904 85
66,274,650 00
Surplus........................
$18,104,254 85
N ew Assurance..................— $138,023,105 00
Outstanding A ssurance.............$483,029,562 00
Paid Policy-H olders in 1 8 8 7 .. $10,062,509 81
P aid Policy-H olders since or
ganization.............
$106,610,293 34
Total In com e.......................
$23,240,849 29
Prem ium I n c o m e ....... ............ $19,115,775 47
Increase in Assets................
$8,868,432 09
Assets to lia b ilit ie s .................... 127 *2 p e r c e n t
U N IO N M U T U A L
Life Insurance Company,
P O R T L A N D , M A IN E INCORPORATED 1848.
JOHN E . DE W I T T , President.
Its plans are varied and adapted to all circumstances.
There is nothing in Life Insurance which it does
not furnish cheaply, profitably and intelligibly.
Send to the Company’s Home Office, Portland, Me.,
or any of its Agents for publications describing its
MATNE LAW CONVERTIBLE POLICY, CLASS
“ A,” or its 7 PER CENT GUARANTEED BOND
POLICY, CLASS “ A, ” and other Forms of Bond
Policies; also for pamphlet explanatory of the
Maine Mon-Forfeiture Law, and for list o f claims
paid thereunder.
Ip ^ t& c je X I a m ir a s .
Dennis Perkins & C o .,
COTTON BROKERS,
1 2 5 P e a r l Street, N e w Y o r k .
Orders for Spot Cotton and Futures promptly
executed.
SECURE BAN K VAULTS.
WELDED CHROME STEEL AND IRON
in Round and Flat Bars, and 5-ply Plates and A n g le
FOR SAFES, VAULTS, &C.
Cannot he Sawed, Cut or Drilled, and positively
Burglar-Proof.
CHROM E STEEL W O R K S ,
B R O O K L Y N , N. Y .
C ir c u l a r s F r e e .
ESTABLISHED 1855.
E ugene
II.
C ole,
S T A T IO N E R A N D P R IN T E R .
Supplies Banks, Bankers, Stock Brokers and Corpo.
rations with complete outfits of Account Books and
Stationery
tar* New concerns organising will have their order*
promptly executed.
N o. 1 W IL L IA M
STREET,
_____________ (H A N O VE R SQUARE,!
Investment Securities
T R IJ 8 .T .E E «;*
3 . D . Jones,
'W . H . H. M oore,
A . A . Raven,
■James Low ,
W m. Sturgis,
Benjamin H. Field,
-Josiah O. Low,
-Edmund W. Corlies,
R obert B. Min tern,
William Degroot,
H orace Gray,
W illiam E. Dodge,
-John E lliott,
-C. A . Hand,
J oh n D. Hewlett,
William H. W ebb,
Charles P. Burdett,
H enry E. H awley,
Chas. H. Marshall,
James G. De F orest,
Charles D . Lever ich ,
John L.R iker,
G eorge Bliss,
A nson W. H ard,
N. D enton Smith)
Isaac Bell,
Edward' F loyd-Jcnes,
Thomas Maitland,
Ira Bursley,
James A. H ewlett,
George H. M acy,
Lawrence Turniere. ;
JOHN D. JONES, P residen t
W. H. H. MOORE, Vice-President.
A . A. RAVEN, 2d Vice-President
BOUGHT
AND
SOLD.
W ANTED:
Southern Central of N. Y. lsts.
Middletown Unionville & Water Gap 5s
Indianapolis A Vincennes lsts and 2ds.
Scioto Valley Bonds, all issues.
A L B E R T E . H A C H F IE L D ,
No« 51q P in e S treet,
George
Eustis & C o.,
BANKERS
C IN C IN N A T I. O fllft ,
JosephGluons;
_.
STEEL PENS 0
GOLD MEDAU3AR1S
THExMOSTTOfrECT OF PENS Ù
ONLY
Direct Line to France.
GENERAL TRANSATLANTIC CO.
B e tw e e n N E W Y O R K a n d H A V R E
From Pier (new) 42, North River, foot o f Morton St.
LA GASCOGNE, Santclli..........Sat.. May 12,6 A.M.
LA BOURGOGNE, Frangeul ..Sat., May 19, II A.M.
LA BRETAGNE, de Jousselin. ..Sat..May 26,6 A.M.
Travelers by this line avoid both transit by English
■railway and the disoomforts of crossing the Chaane
in a small boat.
P r i c e o p P a s s a g e (including wine):—To H a vreFirst cabin, $100 and $80; second cabin, 960; steer
age, 9^2—including wine, bedding and utensils. Re
turn tickets at much reduced rates. Cheeks onBanqoe
Transatlantique, Havre and Paris,in amount tosult.
S p ecia l T r a in f r o m H a v r e to P a r i s
The Compagnle Generate Transatlantique delivers
at its office in New York speoial train tioketa from
Havre to Paris. Baggage checked through to Pari*
without examination at Havre, provided passengers
have the same delivered at the Company’s dock in
New York, Pier 42 North River, foot of Morton St.
at least two hours before the departure of a steamer
L O U IS D E B E B I A N , A g e n t ,
No. 3 Bowling Green.
IH E CH KONICLE
V ili
|M a
Cotton.
Ξtttftl,
g tis c je tX a n o o n s .
W alter T, R aich.
Nath91 W. T. H atch•
Woodward & Stillman,
Post Building, 16 & 18 Exchange Place,
I N M A N , S W A N N & Co
YORK.
COTTON
M ERCHANTS,
SPECIAL ATTENTION TO ORDERS FOR CONTRACTS
Fu tu r e D e l iv e r y
BANKERS,
14 NASSAU STREET, NEW
LOANS MADE ON ACCEPTABLE SECURITIES.
for
H enry P. H atch•
A rth u r AT* H atch•
W . T . Hatch & Sons,
MERCHANTS,’
NEW
12, 1888.
y
le w
Cotton .
of
1 ork.
COTTON. ALL GRADES, SUITABLE TO WANTS
YORK.
RnAwnw rnram raf 1 3 2 C h u r c h S t r e e t , X . Y . u r a n c h o f f i c e s \s 0 8 C h a p e r S t ., N e w Haven
Personal attention given at the EXCHANGES to
the purchase and sale o f STOCKS and BONDS for
cash or on margin.
DEPOSITS RECEIVED—subject to check at sight
—with Interest upon balances.
Special attention paid to INVESTMENTS and
accounts o f COUNTRY BAN KERS.
OF SPINNERS,
O f f e r e d on T
Su i t ._________
e r m s to
Williams, Black & C o.,
p iw g C T S
1
a n d c o m m is s io n m e r c h a n t s ,
COMMISSION MERCHANTS
8 S o u th W illiam S t., N e w Y o r k ..
W IL L IA M
EXECUTE ORDERS FOR F U T U R E iD E L IY E R Y
NEW
STREET,
C O T T O N
YORK.
at the N EW YORK, LIVERPOO L AND N EW ORLEANS COTTON EXCHANGES. A lso orders for
C O T T O N , G R A IN ,
P R O V IS IO N S , C O F F E E ,
C O F F E E
STOCKS, P E T R O L E U M ,
ORDERS EXECU TED
IN
NEW YORK, CHICAGO, NEW OR
LEANS, ST. LOUIS, LIVERPOOL,
HAVRE, &c._____________
Le h m a n ,
stern
& Co.,
Now Orleans, L&>
.L k h m a s , D u r r & Co.,
^Montgomery, Ala«
L E H M A N B R O S.,
C o t t o n
F actors
AND
c o m m is s io n
m e r c h a n t s
.
No. 40 EXCHANGE PLACE,
M EMBERS OF THE O O IIO N , COFFEE A N D
PRODUCE EXCHANGES.
Up -tow n Office , N o. 351 B r o a d w a y .
New V ork .
■“ Orders executed at the Cotton Exchanges In New
'fork and Liverpool, and advances made on Cotton
and other produce consigned to ns, or to our corres
pondents in Liverpool: Messrs. L. Rosenheim A
Sons and A. Stern* Co.: in London, Messrs. B.
Newgass & Co.
________ ________________
G.
Schroeder
&
C o.,
Successors to W ARB ft BGHROBDBR,
C OM M ISSION M E R C H A N T S,
Cotton Exchange Building,
NEW
Y O U K .f
Orders fo r future delivery o f Cotton executed In
N ew York and Liverpool ; also fo r Grain and P ro
visions in New York and Chicago.
B. F. B A B C O C K & CO.
COMMISSION MERCHANTS
11
Henry Hentz St C o.,
W a te r
s tr e e t,
L IV E R P O O L ,
R eceive consignments o f Cotton and other Produce,
s a d execute orders at the Exchanges in Liverpool.
Represented in New York at the office o f
SAM’ L D. BABCOCK
32 Nassau street. NewYork.
at the N EW YORK COFFEE EXCHANGE, and
G R A IN
The Safe
OF N E W Y O R K
O F F E R S U N E Q U A L * ,» S E C U R I T Y .
TH E OFFICES H A V E BEEN N E W L Y /
FURNISHED W IT H E V E R Y IM PROVEM ENT.
TO
SUPPLY
NEW
AM D P R O V IS IO N S
Co r r e s p o n d e n t s
G eo r g e
New Y o rk .
Special attention to orders for contracts for future
delivery o f cotton.
Gwathmey & Bloss,
117 P e a r l St., N e w F o r k ,
AND
40 and 42 W all Street,
M a n h a tta n B u ild in g ,
MERCHANTS,
NO. 1 2 3 P E A R L S T., N E W
NORFOLK
VA.
Cotton Brokers & Commission Merchants
Liberal advances made on Cotton consignments.
Special attention given to the sale o f cotton to ar
rive or in transit for both foreign and domestic mar
kets. Orders fo r Future Contracts executed in New
York and Liverpool.
Crenshaw & Wisner,
1 6 & 1 8 E x c h a n g e P la c e , N e w Y o r k ,
CO M M ISSIO N M E R C H A N T S ,
Members o f the Cotton, Coffee and Produoe E xch’s
A G E N C Y OF
THE
HAXALL
CRENSHAW
CO.,
Robert Tannahill 8t C o .,
R IC H M O N D , V A .
Standard Brands o f Flour fo r Shipment to W a rn
Climates always on hand.
Cotton Commission Merchants,
ORIENT GUANO MANUFACT’G CO.,
O R IE N T , L . I.
Standard Superphosphates.
C o tto n E x c h a n g e B u ild in g , N e w Y o r k .
Special attention given to the purchase and sale of
FU TURECONTRACTS
in New York and Liverpool.________________________
Mohr, Hanemann& C o.,
COTTON
EXCHANGE
SULPHUR
John
l
. Bu
llard
E xecution
MERCHANTS,
JOH N
YORK.
AND
IR O N
T IE S ,
H.
C L IS B Y
&, CO .,
COTTON B U Y E R S ,
M ONTGOM ERY,
ALA.
P u r c h a s e O n l y o n O r d e r s f o r a C o m m is s i o
Phenix Insurance Co.
OF
BROOKLYN,
Office, 195 Broadway, New York City.
CASH C A P IT A L ..................................»1,000,000
G E O R G E P . S H E L D O N , P r e s id e n t .
A R T H U R B. GRAVES, Vice-President,
GEORGE IN GR AH A M , 2d Vice-President.
P H IL A N D E R SH AW , Secretary.
CH ARLES C. L IT T L E Assist. Secretary
JOHN H . DOUG H ERTY, Assist. Sec’y.
L i v e r p o o l Co r r e s p o n d e n t s ,
ZEREGA
W heeler .
(FOR B ALIN G COTTON).
Advances made on Cotton Consignments and Special
Attention given to purchase ana sale o f FU TU RH
CONTRACTS OF COTTON.
P H IL A D E L P H IA .
F R E D E R IC
.
h
ALSO
SPINNERS ORDERS SOLICITED.
Geo. H . McFaddenôc Bro.
h en ry
N EW
OF O R D E R S FOR F U T U R E C O N T R A C T S.
NO. 1 1 6 C H E ST N U T S T R E E T ,
P H IL A D E L P H IA .
NO. 4 2 M A IN S T R E E T .
NORFOLK, VA.
.
COTTON COMMISSION MERCHANTS
B A G G IN G
spe c ia l att en tio n g iv e n to th e
COMPANY
Bullard & Wheeler,
B U IL D IN G ,
New York,
MINES
O F V IR G IN IA .
H igh Grade Pyrites free from A rsenic.
YORK.
Orders fo r future delivery o f Cotton executed in
N ew Y o r k .
Price, Reid & C o.,
COTTON
COMMISSION
FRANCIS M. JENCKS
President.
H . V ose , Secretary.
Hubbard, Price & C o., Bethlehem Iron Comp’y
Cotton Commission Merchants,
COTTON E X C H A N G E B U IL D IN G ,
DEMAND,
140, 142 & 146 BROADWAY^
Geo. W . Baily & C o., Edward H . Coates & C o.,
COM M ISSIO N M E R C H A N T S,
IN C R E A S IN G
S A F E S A R E B E IN G A D D E D .
at the NEW YO RK PRODUCE EXCHANGE and
the CHICAGO BOARD OF T R A D E .
Messrs. Smith, Edwards & Co., Cotton Brokers,
Liverpool.
' :-A „ .
Jas. Lea McLean, New Orleans.
Deposit Co.
Sc CO .
N ew York and Liverpool : also for Grain and Pro*
Visions in New York and Chicago.
Rountree & C o.,
Geo. Copeland
COMMISSION MERCHANTS,
C O T T O N E X C H A N G E . N E W Y O R K , and
N ORFOLK, VA.
COTTON
134 PE A V L
Co.,
Cotton, Coflee, Grain, Provisions,
Stocks and Petroleum.
S R O K E R t,
ST R U T ,
M
W
V ( ; 1« Jfc .
Orders executed in New York, Chicago and Liv.
erpool. A ll graues o f cotton suitable to .oicners'
wants offered on lasoraoie terms.
C o m m e r c ia l
A
ssu ran ce
C o .,
U n io n
l im it e d
OF LON DON .
Office, Uot\ Pine tfc W t ¿am Sts., N*
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