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INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED
REPRESENTIN'Q THE
/
•
-.•?
STATES
NO. 1,038.
SATURDAY, MAY 16, 1885.
TOL. 40.
;
MAGAZINE,
MERCHANTS’
HUNT’S
rr
*
•
is, however, impossible to
of all the sales are
THE CHRONICLE.
fictitious, and especially so now; hence we are forced to con¬
Clearing-House Returns
579 I The Modified Phila. & Read¬
me Financial Situation
530 ] ng Reorganization Plan
584 tinue the old plan from the want of a better. On that basis
and Commercial
Monetary
Can Insolvent National Banka
English News
585 the share transactions this week cover a market value of
Prefer Delua?
582
Commercial and Miscellaneous
The Central’s Quarterly Re¬
News
587 $94,916,000 against $160,000,000 for the corresponding week in
turn
583
1881, and the exchanges arising through other business reach
THE BANKERS’ GAZETTE.
Quotations of
Stocks and
Money Market, Foreign Ex¬
Bonds
592 $317,202,848 and $491,776,563 respectively in the two years, or
this year than they really are. It
determine at any time what proportion
C O N T E N T 8.
.......
change, U.S. Securities,
and Railroad Bonds
Stocks
Bange in Prices at the
8took Exchange
State
and
N. Y.
590
Railroad Earnings
Investment and Railroad In¬
telligence
...
594
a
loss this year
of 35*5 per cent.
594
Week Ending
591
She ©hramcXe.
The Commercial and Financial Chronicle is
Neu> York every Saturday morning.
[Entered at the Post Office, New York, N.Y., as
New York
Sales
published in
second class mail matter.]
issued once in two
subscribers of tbo
Chronicle.
Subscriptions will be continued until definitely ordered to be stopped.
The publishers cannot bo responsible lor remittances unless made by
Dralts or Po-t Office Monev O.ders.
A ueat tile cover is furnished at 50 cents; postage on the same is 18
prices include the Investors’ Supplement,
months, aud furnished without extra charge to
These
cents.
Volumes bound for
subscribers at $1 00.
Offices In
England.
in London
Drapers’Gardens, E. C.. where sub¬
scriptions and advertisements will be taken at the regular rates, and
single copies of the p iper t-upplied at Is. each.
The office of the Chronicle in Liverpool is at B15, Exchange Buildings.
) WILLIAM B. DANA & Co., Publishers,
> 79 & 8i William Street, NEW YORK.
John o. *lo\d.
The office of the Commercial and
is with Messrs. Edwards & Smith. I
mtIIUf
Financial Chronicle
n
$
Post Office Box, 958.
The
clearly in those now before
us.
In fact, of the twenty-seven cities embraced in our state¬
ment all but six report exchanges in excess of those for the
week ending May 2, the aggregate increase reaching $73,105,686, of which New York contributed over $65,000,000. The
comparison with 1834 is also more favorable than a week ago,
due primarily to the above, but in part to a decline in clear¬
ings for the week of that year of about $55,000,000. In mak¬
ing comparison with last year, it is always well to bear in
mind the fact which we have so often referred to, that the
values of ail commodities are still below those then ruling,
and that, therefore, were it possible to obtain actual returns of
business transactions as regards quantity instead of money
value, the exhibit this year would be more satisfactory. View¬
ing the returns in this light there is perhaps little doubt that
outside of New York the volume of business of the country
would be found to equal last year’s.
Another matter worthy of mention is the belief that a
much greater proportion now than in ordinary years of the
share transactions on the New York Stock Exchange are wash
Bales, in the settlement of which no checks are passed, and
that therefore these sales do not appear in the bank clearings;
consequently the plan of deducting double the value of all
stock sates from the New York totals in both years, to arrive
at the exchanges arising through other business, causes the
in the last
remainder
returns appear more
or
mercantile exchanges to appear
much smaller
Per Gen
1885.
$811,770,563 (-375)
$441,511,314
—48*4
(1,489,629)
(423,200)
(2,811,416) (-47-0)
(518,000) (-183)
(17,895,000) +(130 4)
(116,773,000) -531
(717,358)
(£35,400)
(46,435,' 001
(80,584,0001
(-759)
(-133)
(+59*4)
(-64-1)
of—
(Stocks....shares.)
(Cotton....bales.)
(Grain.. .bushels)
(Petroleum..bbls.)
(41,230,300)
(54,792,000)
$66,682,368
3,818,300
Providence
$67,804,253
—1-7
$04,349,479
-12*1
4,048,000
1,643,879
1,174,205
-57
4.859,009
1,500.516
+10-6
-:o-7
+18-4
1JX 3,83*
830.341
739,48:
1,632,030
Hartford
New Haven
1,180,015
914,066
—0‘ 7
+05
-5*1
-0*2
Worcester
735,292
771,747
794,939
703,683
460,513
872,308
588,477
—19-3
024.4*1
-4 4
Springfield
—190
383,340
-273
$76,126,207
$77,078,408
-2-0
$71,295,920
-10-6
$44,185,504
$55,885,630
-209
Pittsburg
6.491,571
—1-9
10.953,536
-20-8
Baltimore
11,759,452
15,487,681
11,988,708
$40,011,792
0,4*0.041
-31-5
-58 1
$62,430,527
$83,332,019
-25 1
$57,380,269
-31*3
$50,188,619
$49,085,392
+2'2
$47,795,37*
-148
10,030,5* i0
8,425.800
-15*1
Cincinnati
8.631,100
—141
Milwaukee
3,6*4,789
2,703,246
1,007,321
2,201,807
1,168,349
810,816
3,409,837
2,798,178
1,375,368
+0-2
+29'i
+33
Portland
Lowell
Total N. England
Philadelphia
Total Middle....
Chicago
Detroit
Indianapolis
Cleveland
......
Columbus
Peoria
CLEARING HOUSE RETURNS.
more favorable indications] which were just discernible
May 2.
$507,034,848
Boston
Terms of Subscription—Payable in Advance;
For One Year (including postage)
$10 20
For Six Months
do
6 10
Annual subscription in London (including postage)
£2 7s.
do
do
£18a.
-Six Mos.
do
Per Gent.
1884.
1885.
Week Ending
May 9.
Total Western...
St. Louis
-7o
-125
-43*4
2,312,671
1,403.530
-17-1
5,433,308
2,817,528
1,015,0’5
1,*93,243
1,201,577
910.024
-10 9
774,199
-198
$70,484,107
$71,405,500
—13
$69,418,082
-12-0
$14,856,202
$17,545,229
-153
$14,615,545
-9-8
026,375
-243
-34
-202
-4-8
-31*5
-5*0
-17-4
St. Joseph
'New Orleans
Louisville
669,045
766,559
-127
6,312,898
8,936.017
-29-4
Kansas City
Memphis
4,528,175
1,071.352
6,414,890
3,274,757
938,911
0.231,108
4,399,207
-24*7
-300
+38-3
+14-1
4,255,990
869,007
+260
■+1*5
$31,927,340
$37,870,363
-15*7
$30,997,29*
-12*5
$9,810,722
$10,068,595
4,489,668
Total Southern..
San Francisco
Total all
~
Outside New
Our
York
-2*5
$11,105,242
+04
-30-0
$684,714,125
-40-3
$243,202,811
-10 7
$757,819,811 $1,092,167,448
$250,784^903 $280,390,885 ~iO*0
telegraphic returns for the
five days ended this evening
given below. Although the decline indicated
figures of the preceding five days has been general,
been very heavy, aggregating only $29,123,815.
are
Five Days
Ending May 15.
1884.
1885.
New York
Sales of Stock
(shs.)
Philadelphia..
-25-0
Per Cent.
-41*7
Five
from the
it has not
D’ys End'g May
1885.
$429,281,841
(1,391,4* 7'
8
Percent
-375
$421,259,523
(1,213.301)
$722,130,769
(2,565,438)
kq •rae qoc>
60 541 572
—12*9
56.923,987
—2‘0
51,730,570
11,435,331
39,725,000
13,369,027
7,601,021
-34-6
-19-1
-30-8
37,805,560
9,819,055
42,981,000
12,841,442
5,361,322
33,852,214
....
9,105,900
Tt».lt.lTnf»rft.
(-52-7)
-20-4
-11-4
(-43 3)
-2-1
+4‘7
Chicago
St. Louis
35,185,000
11,680,814
5,263,424
$569,090,783
47,237,588
$906,533,296
-37*2
$595,079,207
-31-2
Total
57,021,380
-18-0
50.372,979
-86
$964,154,076
-36*1
$645.452.18*
-299
$610,328,371
$195,071,848
$242,023,907 ~—19‘4
Balance,
Country*
Total all
Outside New
*
York
Estimated on the
basis of the last
-126
weekly returns.
$210,170,^0!
-150
-289
-3F8
THE CHRONICLE.
5S0
THE FINANCIAL SITUATION.
affecting our markets have shown no
improvement during the week. One circum¬
stance should favor financial interests here, and that is a
further fall reported Thursday morning of a half per cent
in the Bank of England rate of interest.
In the open
market in London discounts are now down to 1{ per cent,
and allowance on deposits below that.
There is there¬
fore no profit at all in the transfer of capital from New
York to the other side, the rates for money averaging in
fact better here.
This ought, in view of our large trade
balance the last six months, help to give us a lower market
for foreign exchange.
Tending in the same direction we have also the higher
prices for breadstuffs and provisions, and the increased
export movement at these better rates which has been in
The conditions
material
progress during late weeks, though the more, recent
advance in wheat here and in the West seems to have
again shut out foreign orders. This week the Bureau of
Statistics have published their monthly figures of pro¬
visions and breadstuffs exports, covering April and the ten
months of the fiscal year.
Using these returns we have
compiled our comparative statement for three years, and
in that form a very interesting exhibit is afforded.
EXPORT8
OP
BKEADSTUFFS
AND
PROVISIONS
FOR
APRIL
AND
TEN
MONTHS.
1884-85.
Exports
from U.S.
April.
1882-83.
1883-84.
10 Mos.
10 Mos.
April.
April.
0,114,526
728,386
59,511,302
8,727,975
7,330,027
3,905,802
098,827
Corn. .bush.
10,080,700 114,815,607
8,814,489 42,378,703
9,392,263
2,756,549
92,496,484
37,576,383
5,166,882
Total bush..
16,881,139 157,194,410
Wheat.bush.
Wheat.bush.
Values.
Wh’t & flour
Corn &meal.
Rye
Oats
4,898,517
1,148,485
$
75,539,720
1
9,877,025 107,307,519
3,784,255 23,253,130
38,283
1,917,013
98,424.801
7,881,335
7,110,523 133,890,808
*8,045,911
12,148,812 130,072,867
12,277,405 1O1,930,7TO
$
*
10,071,026 105,029.542
$
$
8,761,714 158,025,063
1,717,511 23,533,130
419,559
3,899,323
3,498,000
188,798
20,391,928
942,844
854,170
277,147
8,309
8,462
135,244
243,925
& oat¬
meal*
321,741
0,947
Barley
2,306,529
322,138
25,220
17,232
Total bread-
stuffs, value
Provisions..
Total
pro¬
visions
and
breadetuffs..
*
and about
as
much
more
in
offices
the various mints and
assay
case of gold exports
throughout the country. In
therefore, these bars would be selected in preference to
coin, and the operation would be simply a reduction of
gold certificates in the banks, and no diminution of the
gold reserve in the Treasury need follow.
So much, uncertainty as to the course of foreign
exchange—the- rates fluctuating just below the gold
export point—acts of course as a constant menace
to all enterprise.
It is no wonder, consequently, that the
industrial situation does not improve and that trade keeps
depressed, as that is merely nature’s effort to avoid an
impending evil. Everywhere the report is the same, that
there is a loss in manufactures at present prices, and the
constant aim is to decrease production and lower the cost.
An attempt in the latter direction among the iron workers
has this week been announced, and in consequence of the
diminished scale of wages proposed a strike is threatened
This condition among our manufacturers is likewise appar¬
ent in its effect on the coal trade, that market being now very
flat again, notwithstanding that the allotted production in
May was only 2,400,000 tons, whereas after this, according to
the arrangement, the output is to be raised until in August’
the total is to be 3,250,000 tons, and at that figure it was
to continue until December.
In apparent opposition to
_
there
facts
be
we
have
the
circumstance
about
which
doubt, that the consumption of goods
pretty active. To prove this, it is necessary to go
no further than the auction sale of
dry goods in this city
on
Thursday where the buyers were so numerous and
where the sale reached nearly two million dollars at only a
slight reduction from market rates. Our people want
goods, and if the reports about collections are correct, have
the money to pay for them, but they will only buy when
the manufacturer actually does, or at least pretends to,
slaughter his products. Thus it is that currency
derangements throw all our industrial machinery out of
can
no
is
Quantities.
Flour. ..bblB.
supply of gold visible and a plentiful stock of gold bars,
there being 33 millions of bars in the Assay Office here,
these
10 Mos.
rvou xl.
14,078,251 135,100,338
7,107,147 84,919,353
21,245,398 220,025,691
12,251,178 133,093,318
5,203,584 88,984,442
17,514,702 222,077,760
12,405,979 179,739,004
7,775,302 85,206,785
20,241,341 264,045,789
Oatmeal not stilted prior to July 1. 1883.
The total values
have been this April about
3f million dollars more than in April, 1884, and about
one million more than in
April, 1883.
As cotton exports
in April were about the same in amount as in 1884
(though less in value because of the lower prices) and as
the total imports were less than in the same month last
year, the general trade figures when made up ought to
net a small balance of say from 3 to 5 million dollars in
our favor
for the month, against an adverse balance of
about 4-£ millions last year.
But notwithstanding these late trade figures and the
large favorable surplus for previous months, and the very
low interest ruling at London, our exchange market shows
no
disposition as yet to give way.
It is possible, though,
that this condition may not last, as some bills may be
drawn against
the negotiation of part of the new
Pennsylvania 44 per cent loan ; besides that, it
is
reported that the Canadian Minister of Finance
is about to put out a loan in London for
30 mil¬
lion dollars.
If this latter report proves to be true,
more
than a sufficient supply of sterling to meet any
ordinary demand ought to be assured, and certainly would
be if the demand were ordinary.
As the case stands
however, it is not safe to attempt to forecast the future
of the exchange market.
And yet whatever the event,
it is encouraging to know that we have an undiminislied
appear to
,
gear.
With the
exception of winter wheat the latest news as
situation seems to be fairly favorable. It was
feared that the recent severe frosts in the grain regions
would result in serious injury, but fortunately it appears
that with the exception of flax no, damage whatever was
done in the West.
Corn is now being planted under sat¬
isfactory conditions, and the final result will depend upon
future surroundings, the delay in planting being a circum-.
stance of no importance.
"Oats and flax have been very
largely sown. Cotton also has received increased atten¬
tion and the outlook for that staple at present is highly
favorable.
Of course there is many a slip between a
cotton plant with
four to eight leaves on it and
cotton bolls ripened and marketed.
And yet if Texas
alone could fulfill the promise of to-day, it would pro¬
duce at least 1,800,000 bales, which at fifty dollars
a
bale would give the State the snug little sum of
ninety millions of dollars. We notice too that the Texas
wheat condition is 100 for May in the official statement
given below, only two other States being as high.
Unfortunately about the* worst view of the winter
wheat situation which has prevailed, finds confirmation in
the Agricultural Department’s report of condition issued
Not only is there no improvement upon the
this week.
April statement, but the average for the whole country is
reduced 7 points and the average for the most important
States is reduced over 10 points below the figures for the
previous month. The Bureau gives the loss to the winter
to the crop
wheat crop
compared with last year’s yield at about
112
THE
1886.]
May 16,
581
CHRONICLE*
at leading traffic centres, but at all intermediate points,
bushels. Through the kindness of Mr. Dodge,
separate pools must be formed. The Eastern trunk line
Statistician of the Agricultural Department, we have
managers have for some time been painfully aware of the
received the details of his May statement and from his
necessity for such action, and are trying now to devise
reports have prepared the following com.
former
means to that end. The operation of the principle extends
parative results, which show at a glance the very of course still further, so that separate pools are provided
poor promise the present outlook affords for this year’s not
only at different points, but as between different kinds
yield.
of traffic, and as between local and through business. The
1882.
1883.
1884.
1885.
main advantage is, that every issue, being clearly defined,
Condition of
June
Winter Wheat.
April May.
admits of distinct treatment, and if a conflict arises, it is
April May. April May. June April May) June
99
91
97
60
70
62
82
85
88
59
74
easy to fix the responsibility and apportion the blame.
Ohio
103
104
105
07
75
94
75
85
92
78
70
Indiana
98
102
100
In the West the principle was applied last September,
51
66
76
80
87
82
62
42
Illinois
109
110
112
70
77
90
83
94
91
78
60
when the managers, to get over the difficulty about the
MlBSO ri
113
110
104
89
91
103
70
103
101
60
02
Kansas
103
104
108
80
83
91
93
85
94
96
100
tripartite arrangement, fixed upon the Missouri River as a
Michigan
93
77
95
88
93
62
80
95
101
90
78
California
88
98
as
90
72
102
55
101
dividing line, and formed pools east and west of that line.
102
101
102
Oregon
81
84
63
87
77
98
97
100
97
94
95
Now the present contest is settled by the creation of five
New York
99
94
97
96
95
95
100
98
99
80
Pennsylvania... 81
113
107
108
85
88
99
75
97
distinct pools on business west of Omaha, and the
98
57
48
Tennessee—...
109
109
105
98
99
92
100
99
102
67
59
Maryland
109
110
104
93
milling-in-transit ” question is disposed of by the forma¬
97
90
100
97
53
101
C6
Vtrginia
93
76
109
86
87
75
98
102
101
100
93
tion of a separate pool on that particular business, in
Texas
99
100
102
75
80
93
94
83^
96
77
70
At. whole co’try
which the St. Paul, it is stated, is to have 72£ per cent of
As to the pools west of Omaha, it
The foregoing looks very discouraging, and as to the the whole amount.
year’s promise for this grain, we can offer no qualification appears that each road is to retain its own local business,
which will give it a more hopeful aspect. But too but, the better to maintain rates and avoid difficulties, a
much importance may be attached to the figures in local pool is established, in which however none but the
roads doing the business—the Northwest, the Union
estimating the general outturn of the crops. PerPacific and the Burlington b Quincy—have any concern.
haps what is lost here may be more than recovered in
other directions and the references already made to It was the purpose (long since defeated) of the tripartite
the present promise as to other products, suggest some contract to force the turning of that local business into the
Iowa pool at Omaha ; but, subject only to the division
such possibility.
The stock market has been variable, but the net result made by the local pool, the Northwest will keep all its
has been towards lower figures.
This is in keeping with local traffic, the Burlington b Quincy its, and the Union
the less favorable returns of earnings, the bad prospect Pacific we suppose will give what. it secures to the St.
million
1
“
£
which late reports hold out, the
demoralization which must continue to exist so long as
the West Shore fight continues, and the general aspect of
commercial affairs. A feeling all the time prevails too,
that the holders of stocks are only' trying to make a
for
trunk line business
encouraged by
the operations and wide fluctuations in Lackawanna. The
latter may, however, have been mainly the result of the
unsatisfactory condition of the coal trade, and this,
probably, had much to do with the fall in other coal
market to sell upon.
This idea has also been
Paul and Rock Island.
There never was any
objection to
tripartite alliance so far as it related to the formation
of a continuous route to Chicago on through business, and
that is about what it has been reduced to now.
Besides
the
pool on local business in Nebraska, there will be
a
pool on competitive business in the same section,
and there will be pools for traffic originating west and
east of
Julesburg on the Union Pacific, and also a
the
separate
pool
on
live stock traffic from
Wyoming and
Nebraska.
St. Louis & San Francisco report for the year 1884,
reorganization scheme has been
under consideration all the week, and various amendments though a little later than usual in coming to hand, will be
We give the figures in full in
and modifications have been «proposed to the Hewitt read with much interest.
our investors’ columns on another page, and need not re¬
plan, with apparently a gradually diminishing prospect of
an
agreement. This is a very unfavorable circumstance, peat them here. Suffice it to say, that independent of the
receipts from land sales, the operations of the year show a
as the situation of this property with no responsible head,
prevents any settlement of existing disputes. A report is surplus above all charges of every description of $682,also current that West Shore has made an alliance 015, sufficient to pay the 7 per cent dividends on the first
Very
with a line of steamers between Buffalo and Chicago, preferred stock, and leave a balance of $367,015.
giving it an independent through line while navigation is appropriately, as in the case of the Atchison report, the
President of the company devotes the greater part of his
open.
But, although it is not possible to report progress with introductory remarks to a discussion of the road’s relations
to the Atlantic b Pacific.
The building of this line, in
regard to the difficulties east of Chicago, west of that
which the San Francisco and Atchison are jointly inter¬
point the lines have succeeded in patching up an agree,
ment apparently satisfactory to all. and consequently rates ested, has involved greater burdervs than originally sup¬
have been restored, and everything looks serene and posed, and last year still further obligations on its behalf
were assumed, which have been the subject of much hos¬
lovely there. The basis of settlement adopted in this, as
tile criticism.
Our own views about that transaction are
in one or two other recent cases, contains suggestions that
well known.
We do not believe that this is a time
may prove of value in dealing with other similar disagree¬
Never¬
ments.
A new principle has apparently been discovered. when railroads should incur additional outlays.
It is this : where a general pool does not answer, create theless, the case of the Atlantic & Pacific was a pecu¬
liar one.
A large amount of money had already been
separate pools. If one subdivision is not sufficient, make
The question was whether
another and still another, till finally you get down to a invested in that enterprise.
this should be sacrificed, or an attempt made to save it, by
point where the whole thing resolves itself into such a
shape that the simplest kind of arrangement will suffice to carrying the work to completion and making the advances
take care of it.
And really that would seem the true necessary to tide over the present stage of depression. In
^
method of disposing
of these troubles. Not only this emergency, the management very properly determined
stocks.
The West Shore
THE CHRONICLE.
582
in favor of the latter course.
.
That might entail tempo
-
hardship—present self-denial—but at least ample
reward would be sure to be reaped in the end, and the
property and interests of the San Francisco protected. In
this case, too, the managers had the satisfaction of knowing
that the situation that confronted them, was not the result
of their own work, but the work of those that preceded
them.
Nevertheless, they considered that the good of the
property demanded that the original purpose should be
carried out, and thus inspired they acted accordingly—
with promptness and efficiency.
Arery likely the imme¬
rary
diate benefits to result from this investment are not at
all
outlay—certainly the San Fran'
cisco has not so much to gain as the Atchison—but
at least the future of the allied properties is thereby
assured.
Without such action it is doubtful whether they
would have now the prospect of any future.
It is proper
here to say that by a separate agreement between the San
Francisco and the Atchison (made at the time of the August
agreement last year) the San Francisco has been placed in
a position to realize more of the present gains from the
operation of the Atlantic & Pacific. By that agreement
the whole of the net earnings on traffic east-bound to the
Missouri River for the whole distance east from Albu¬
commensurate with
the
is to be divided equally between the two roads
(after allowing 50 per cent for operating expenses and a
rebate of 25 per cent to the Atlantic & Pacific).
Pre¬
viously the Atchison had got nearly the whole of that
business, and consequently the net earnings on the
[VoL.xi*
bullion in the
the
principal European banks this week and at
corresponding date last year.
May 14, 1885.
Bank of
Gold.
Silver.
£
&
Gold.
Silver.
&
24,953,399
27.536.356
England.
May 15, 1884.
Bank of Germany
43.081,306 42,583,302 41,548,947 40,231,243
7,778,000 23,334,000
7,158.587 21,475,763
Total tlila week
77,776,249 64,059,065 74,280,846 63,565,248
Bank of France...
Total previous
76.946.258 63.857.109 73.833.307 63.207.691
week
Assay Office paid $113,026 through the Sub
Treasury for domestic and $24,000 for foreign bullion
The
during the week, and the Assistant Treasurer received
the following from the Custom House.
<
Consisting of—
Dutiet.
Date.
Gold.
May
“
3
9.
$419,331 36
$4,000
235.155 08
2.000
2,000
41
11
“
12.
“
13
188,872 10
402,337 26
321,196 55
14.
591,867 41
2,000
3,000
$2,458,759 76
$16,000
Total
XT. 8.
Gold
Silver Cer-
Notes.
Certifies.
tificatee.
$65,000
$192,000
50.000
73,000
69,000
53,000
40,000
239,000
>
192,000
$158,000
110,000
178,000
127.000
289,000
154,000
151,000
179,000
$398 000 $1,112,000
$930,000
3,000
121,000
CAN INSOLVENT NATIONAL BANKS PREFER
querque
DEBTS?
legal interpretation of sec¬
tion 5242 ^of the National Banking Law ever since our
New York banks compromised, and to that extent
acknowledged, the claim made against them for the Marine
same.
Bank’s 6th of May balance at the Clearing House. Of course
Money represented by brokers’ balances, is difficult to
that compromise settled that matter absolutely, and there
lend at I per cent.
Western papers report an abundance
of small notes at interior points, many of which are being is no wish in any quarter to open it; but as similar dis¬
shipped hither, and there is less activity in money at the putes must frequently occur, anything helping to clear up
the doubts which those facts raised cannot fail to be of
West, now that the speculation in grain is subsiding.' The
use.
following statement, made up from returns collected by
The section referred to provides that any transfer of
us, exhibits the receipts and shipments of gold and cur¬
securities or any payment of money by a National Bank.
rency by the New York banks during the week.
after the commission of an act of insolvency or in con.
Net Interior
Received bg
Shipped
by
Week aiding Mag 15,1885.
“teinplation thereof, made with a view to prevent the
Movement.
N. Y. Banks. N.Y. Sinks.
application of its' assets” in accordance with the act or
$043,000 Gain...$2,830,000
$3,523,000
Currency.
with
the purpose of preferring one creditor to another,
Gain...
50,000
50,000
Gold
$013,000 Gain.. $2,930,000
$3,573,000
shall be utterly null and void.
Total gold and legal tenders.
Of course any such pre¬
ference would be entirely lawful and could be enforced 8t
The above shows the actual changes in the bank holdings
common law had there been no statutory prohibition.
Bat
of gold and currency caused by this movement to and from
Mr. Johnson, the receiver of the Marine Bank, claimed that
tiie interior. In addition to that movement, the banks have
the facts, in the case of that bank, - clearly brought the
lost $1,500,000 through the operations of the Sub-Treas¬
transaction referred to within the statute, and that the
ury. Adding that item, therefore, to the above, we have the
following, which should indicate the total gain to the Clearing House Banks must therefore refund the money
thus taken illegally, which they at first refused to do, hut
New York Clearing House banks of gold and currency
for the week covered by the bank statement to be afterwards, as already stated, did in part by a compromise.
It will be remembered that Mr. Fish, the President of
issued to-day.
the Marine Bank, was seeking to carry his institution
Net
Change in
Into Banks. Out of Banks.
Week ending Mag 15,1885.
through the crisis that had overtaken it. That his Bank
Bank Holdings.
was hopelessly insolvent at the time, is well known now. But
$3,573,000
$643,000 Gain. $2,930,000
Banks’ Interior Movement, as above
5,300,000
Sub-Treasury operations
6,800,000 Loss. 1,500,000 the President had an idea (no more insane than his whole
Gain. $1,430,000
$3,873,000
$7,443,000
Total gold and legal tenders...
management had been for a long period) that money would
The Bank of England reports a gain of £54G,707 bul¬ that morning be brought in by Ward which would lift it
lion during the week.
This represents £224,000 drawn out of its difficulties; • with that feeling he went early to the
from abroad and £322,707 from the interior.
It is a Clearing House to arrange for the payment of his balance.
significant fact that since the reduction by the Bank to the There he found he was debtor to the amount of $555,063
4 per.cent minimum, January 29, there has been a gain of 17, while his bank only had $210,000 legal tenders.
In
£5,292,420 bullion, £1,673,369 of which has been gained view of this condition and after consultation with the
New interest attaches to any
u
“
4
since the reduction to
3£ per cent March 19. This indi¬
cates that gold is flowing to London mainly for security.
The Bank of France shows an increase of 4,990,000 francs
gold and a decrease of 1,221,000 francs silver, and the
Bank of Germany since the last report has gained
6,720,000 marks. The following indicates the amount of
Clearing House committee, he effected, on a pledge of the
Marine Bank securities, a loan from the Fourth National
Bank of the remainder he needed. ! Between the time
consummated and ' the
delivery of the securities, the Marine Bank closed its doors,
Mr. Fish, having probably in the interval heard* from
however
this
agreement
was
May
16, 1885.1
W$rd or become
pull
THE CHRONICLE.
otherwise convinced that he could not
through.'
involving somewhat similar facts, was recentlydecided in the United States Circuit Court, held in
Vermont. The action was brought by the receiver of the
A case
National Bank of St. Albans. That bank being at
the time (as was admitted) in an insolvent state, pledged
to a depositor a promissory note for over eight thousand
dollars to secure his deposit for about the same amount,
and after the bank’s failure the receiver sought to recover
the note pledged. Such transfer of one of the bank’s secu¬
rities, of course made this depositor’s claim virtually a
First
583
points may be considered settled, much of
obscurity in which Sec. 5242 of the National Banking
If these
was
the
law
involved has been removed.
RETURN.
The New York Central statement for the quarter ended
March 31, 1885, issued this week, is of course unsatis¬
factory. The conditions under which the road’s operations
are carried
on, made that inevitable.
But the exhibit
probably seems more unsatisfactory than it really is,
because it differs so materially from the preliminary esti¬
mate of the result, issued at the time of the declaration of
the last quarterly dividend.
The dividend had been
reduced to 1 per cent, and it was supposed this was don'e
simply to bring the distribution within the measure of the
In fact, the estimate showed a
road’s reduced income.
surplus of $947,000 for the stock, against only $894,283
required on the 1 per cent basis. Comparison with the
THE
CENTRALS QUARTERLY
preferred debt, and yet the court sustained the pledge.
The decision is based upon the fact, which the court
emphasizes, that according to the statute, the transfer of
the security must not only be made after the act of insol¬
vency, but must be in contemplation thereof and with
a view to prevent a ratable
distribution of the assets;
corresponding period a year ago disclosed that the surplus
and further it interprets these qualifying clauses to
then had not been a great deal larger—$1,096,698—so in
mean that “the contemplation” and
“view” are to be
commenting upon the figures at the time we were led to
those of the officers of the bank and not of the cred¬
remark that about the only difference between the tvro
itor. In the St. Albans case the creditor foresaw or
“contemplated” the insolvency and demanded the pledge years was “ that last year the directors divided 2 per cent,
“or much more than the road earned, while this year
“in view” of it; but the bank officers hoped that they
they divide 1 per cent, or a trifle less than earned.” It
would be able to get through.
Furthermore, the
now
turns out, that instead of a surplus of $947,000,
decision says that in a case under this section of the
there is actually a surplus of only $470,006, equal to but
statute the officers’ “apprehension of the condition of the
one-half of 1 per cent on the stock.
“bank and motive to prevent ratable distribution of the
Still, though the later exhibit is much worse than the
“assets ought to be made to appear clearly.” Then, again,
it states that if the officers “saw at the time of the pledge original, we are not inclined to view it in a very unfavor,
able light.
Understanding the difficulties the road had to
“that the bank was approaching failure, and made the
contend with, we were prepared for a bad showing in the
“pledge to keep the note out of the assets to be distributed,
first place, and astonished to find that the report made
“the pledge would be clearly void; but if they made it to
by the company was so very much better than any one
“prevent failure, and expecting to prevent failure, it would
had reason to expect.
Now that the estimated report is
“appear to be good
not borne out by the actual figures, we simply feel
Our Clearing -House Banks, in their dispute with the
that our first impression, that^ the conditions prevailing
Receiver of the Marine Bank, were in a stronger position
were such that only
a poor result was possible, was
than this depositor in one respect, though weaker in
entirely correct. It is well to bear in mind just what
mother.
They were weaker in that the closing of the
these conditions were.
There was a depressed state of
doors of the Marine Bank followed so directly on the
business all over the country.
The contest with the West
negotiating of the loan; and yet it would not be difficult
Shore continued uninterrupted, and local rates as a conse¬
to show affirmatively that Mr. Fish on that morning
quence continued to be demoralized.
The general con¬
expected to carry his bank through and that such was his
flict between the great east and west trunk lines likewise
object in coming to the Clearing House so early. On the
remained in force, and the tariff on east-bound through
other hand they were stronger, in that it was not for an
traffic was not maintained,
so that nearly every
antecedent debt due the Clearing House that the securities
line made its own rates, which were always exceed¬
were pledged, but the pledge was made simply to obtain
ingly low, and most of the time altogether unremunera*
a loan from the Fourth National Bank ; still this latter
tive.
Then, to add further to the discomforts of the situ¬
view would perhaps only transfer the claim back against
the depositors who were benefitted, and to open so many ation, rates on west-bound business—always higher and
more profitable than those east-bound—were being gradu¬
accounts would be very troublesome.
was reduced
Aside, however, from any application of this St. Albans ally undermined till finally the official tariff
from
75
cents
to
cents
on
first
class
freight*
one-third,
50
decision to the Clearing House case, it is of interest as
and other classes proportionately.
This latter circum*
giving prominence to certain facts which do not enter stance has been completely
overlooked in nearly all dis¬
into, and certain other facts which must always control in
cussions of trunk-line earnings, and yet it must be very
any correct construction of this statute. They may be
Finally, the weather almost all
summarized as follows: (1) Actual or hopeless insolvency important in its effects.
of the bank is not at all conclusive of the question in¬ through the three months was worse than the average of
winter weather, while in February it was exceptionally
volved; (2) nor does a condition of actual insolvency added
bad and greatly increased the difficulties and cost of rail¬
to a belief of that fact by and on the part of the creditor
road operations—in fact, snow and ice all but caused a
who seeks and receives the pledge make the transaction
complete blockade for part of that month. Under such
void; (3) nor does insolvency with also the purpose ex
circumstances, a surplus for the quarter equal to only onepressed by the creditor that he obtained the pledge because
half of one per cent on the stock affords no criterion of
he thought the bank was in a failing condition, make the
We annex below a
the results for subsequent periods.
transaction illegal; (4) to bring the case within the statute
table showing the results for the six quarterly periods dur¬
the bank itself must be knowing to the insolvency, have
From this com¬
it in contemplation when making the pledge, and make the ing which returns have been required.
pledge with a view to prevent the distribution of the assets parative statement it will be seen how exceptional th* .
v
present exhibit is.
ratably.
“
THE CHRONICLE.
584
Quarter Ended.
Dec.
Mar.
June
Sept.
Dec.
31,
31,
30,
30,
81,
Operating
Earnings.
Expenses
Sc Taxes.*
$
7,914,128
0,710,591
6,301,071
7,162,879
6,810,170
5,902,222
1883
1884
1884
1884
1884
Mar. 31, 1885
♦
Gross
Net
Earnings.
1
$
4,681,799
3,232,329
2,491,698
2,128,813
2,446,516
2,877,084
4,218,893
4,232,258
4,716,363
3,933,086
4,007,216
All taxes, except taxes on earnings and
Interest,
Rentals,
,
Profit.
on
I
1,837,329
1,090,698
Mar. 31. 1884
1,395,000
733,813
.Tnnp.SO, 1384
1,445,596
1,500,000
1,955,006 I 1,485,000
1,000,920
1,377,084
Sept. 30, 1884
Dec. 81, 1884
Mar. 31, 1885
470,006
Dec. 31,
Offsets to Floating Debt.
Net
Supplies
Date.
See.
*
1,895,000
1,895,000
[Vol. xl.
Hand.
$
1,824,569
1,824,5+9
1,824,569
1,383,363
1,383,362
1,383,362
1883
Due
by
Agents, See.
Cash.
%
$
295,117
270,368
1,252,076
1,491,221
2,371,755
479,027
2,489,363
2,428,282
2,447,339
8,728,180
3,896,810
8,922,910
Floating
Debt,
Total.
$
2,78*480
2,698,650
3,099,415
5,219,401
0,268,571
4,402,543
1,973,070
3,955,801
4,127,870
Surp. 1,534,090
Surp.
706,300
252,070
capital.
though the surplus in the late quarter was only
$470,006, in the quarter just preceding it was nearly
three times as much—$1,377,084—and in the quarter pre¬
ceding that was $1,000,920. It is true that these two
latter usually constitute the best period of the year, but
that is precisely the point that is overlooked just now.
Wall Street operators talk as if the difference between the
results in the quarter ended December 31 and that ended
March 31 represented a positive decline in business to that
extent, which must be expected to continue in the same
ratio, whereas the truth is that though the outturn for the
March quarter is below the average of other March
quarters, that quarter is always one of the poorest of the
four that go to make up the year.
In illustration, take
the preceding fiscal year. In that year, though the surplus
for stock in the December quarter was $1,837,329, in the
March quarter it was only $1,096,698—a difference hardly
less striking than in the present instance.
It follows,
therefore, that to take this March quarter, and multiply
by four, and say that New York Central is earning only
2 per cent per annum, is a method of calculation the
reverse of correct and unsupported by experience.
It will
be seen by the above table, too, that though the March
quarter now is poorer than any other given, yet in the
quarter ended June 30 ,1884, the result was almost as bad.
Then the surplus was $733,813, but in the next quarter, as
already said, there was a recovery to a surplus ofa’$ 1,000,.
920, and in the December quarter to $1,377,084. The
June quarter was the period of the May crisis.
We do
not know that any better result than then recorded can
now be expected; but as compared with the late March
quarter there is perhaps hope for some improvement, since
though general conditions have in no particular changed,
yet there is not the drawback of extra expense from snow
Thus
and ice.
Besides
the results
of traffic
operations, the items of
current liabilities and assets in the company’s balance
sheet possess some interest.
The company had only
$479,627 cash on March 31, against $2,371,755 on Decem¬
ber 31, but the latter represented merely the accumulations
needful to meet the January interest payments, which are
always large.
These having been made, the cash is
naturally correspondingly smaller. Otherwise the changes
in the different items call for no particular comment.
We
find that allowing for accrued interest the company has a
gross floating debt of $4,655,213, with available offsets to
amount of $4,402,543, leaving the net debt only $252,670.
THE MODIFIED PHILADELPHIA A'
HEADING
REORGANIZATION PLAN,
The
Philadelphia & Reading compromise reorganization
scheme, lately submitted, is deserving of more attention
than it has yet received.
It will be remembered that the
plan drawn up early in the year by the Whelen committee
did not meet the approval of many of the general mort¬
gage bondholders of the road, and has been vigorously
opposed by Mr. H. W. Bartol, both because he deemed it
unfair
to
the
interest of these
holders and because it
seemed
inadequate to the requirements of the situation.
The position taken by Mr. Bartol was much the same as
that assumed by us in criticising the plan, namely, that in
view of the inherently strong position of the mortgage,
better terms could reasonably be asked for.
The agree¬
ment now come to, is the result of conferences between
the two committees, and it may be assumed that as Mr.
Bartol heartily advocates it, it is the best under existing
circumstances that the general mortgage bondholders
should insist upon.
'
The main objection to the old or managers’ plan was
that it subordinated the interests of the general mortgage
bondholders to the interests of the floating debt holders,
demanded large concessions of these generals, and substan¬
tially nothing of the holders of junior securities, and prac¬
tically continued the old status of affairs. The generals
were to fund half their interest, while the holders of floatr
ing debt were to get interest in full. This we regarded as
manifestly unjust, and so stated. At the same time, though
the holders of junior securities were to take incomes ip,
place of their present forms of indebtedness, such a proce¬
dure effected substantially no change in the order of their
claims on earnings, or the relative priority of their claims
on the property, so that the generals were the only interest.,
yield anything of importance. The modified
plan avoids many of these objections, and evidently seeks
to deal justly with all interests.
An outline of the new plan was given in our investors’
column last week, and its principal feature we regard as
consisting in its method of dealing with the floating debt.
This floating debt is really the most troublesome problem
in the company’s condition.
With it disposed of, a re¬
organization would be a comparatively simple matter.
It is the aim of the new plan to get some actual cash, and
that
was
to
thus reduce the
amount of
that debt.
That seemed the
from the start. But how was the money
Certainly not through the general mort¬
due April 15, which would increase the gross debt to 5£ gage bondholders—or at least not solely through them.
millions, and the net debt to a little over a million. The They had abundant property tack of them, and could
following are the figures at six different quarterly periods protect their interests by simply proceeding to foreclosure,
But in this
no
account is taken of the dividend which fell
only wise
in
Floating suabilities.
Funded
Date.
Debt.
Interest
Accrued,
See.
$
$
50,208,873
*7,500
50,208,873
*7,184
*0,855
50,206,553
921,355
56,606.553
56,006,553 1,534,361
56.606,553
929,850
Dec. 31, 1883.
Mar 31.1884.
J’neSO, 1884.
Sept.30. 1884.
Dec. 31, 1884.
Mar. 31. 1885.
•
i
Dividends
Unpaid.
Wages,
Supplies,
Sec.
$
*
40,257
45,728
45,392
61,522
51,522
51,408
2,862,508
2,610,747
+6,035,051
1.757,835
2,263,360
2,079,524
Due Other
Ronds.
Accrued interest not brought into accounts prior.to Sept. 30,1884.
t Including
a
13,000,000 loan.
case
other interests
Floating
t
4,757,550
5,054,451
7,827,291
8,685,811
5,562,205
4,655,213
did not concede them what was
On the other hand, foreclosure would destroy the
liens subsequent, and thus as a matter of
self-preservation, as well as of right, it was incumbent
upon the holders of junior bonds and stock to raise the
money necessary to rehabilitate the concern.
And to this
end an assessment of such holders was the only safe
expedient that could be adopted.
The new plan recog¬
nizes this and provides for an assessment of $ 10 per share
on the stock
(20 per cent), and on bonds 20 per cent on,
ju^t.
Total
Debt.
$
1,841,285
2,990,792
1,739,993
954,599
1,713,022
1,594,431
course
to be raised ?
value of the
May
585
THE CHRONICLE.
10, 1885.]
and convertibles, 10 per cent on the first present depressed state of business, the holders of all Or
nearly all the securities assessed, avail themselves of the
and second consols, and 5 per cent on the incomes and
privilege offered, and accept a scaling down of their
adjustment scrip. The assessments (for which income
holdings rather than pay actual cash ? In that case, how
bonds are to be given) are heavy, it must be admitted,
would the floating debt be provided for? Would not the
and the remedy a heroic one, but it seems the only way
holders in any event wait till the last moment before signi¬
out of the present unfortunate condition of affairs.
Through these assessments it is expected to raise 10 fying their intention to pay cash and would not that be
likely to cause great delay ? Perhaps a shorter limit $o
million dollars. With this accomplished, the matter of
the option might avoid this difficulty.
dealing with other interests would be greatly simplified.
Assuming then that the plan will be successful, it will
Besides, the new plan provides for a collateral trust loan
l e interesting to see the position as respects charges and
of 10 millions, which it is expected could, with the collat¬
eral the company has to offer, be floated without much earnings, the company in that event will hold. Junior securi¬
ties will of course all be reduced to incomes, as provided
difficulty. Certainly it would be much easier to negotiate
in the original scheme, and the other reductions there
a 10 million loan than one for two or two and a half times
mentioned we may also assume will be made. The Central
that amount.
Then as to the floating debt itself, it is pro¬
of New Jersey may be entirely disregarded both in earn¬
vided. that interest on the same, or on any loan created to
discharge it, shall have priority of interest over the genera!, ings and charges, as there is apparently no disposition to
allow that road more than its own net earnings.
Hence
mortgage no longer than three years, and the preference
shall extend only to such part of the debt as is secured by roughly the following would be about the status of things.
Net earniDgs late fiscal year, entire system
$13,396,534
collateral yielding an income sufficient to meet the interest or Less earnings Central of New Jersey
4,445,980
such other collateral as are important to be retained by the
Net earnings of Reading proper
$8,950,554
Loss interest and dividends on stocks and bonds owned..
500,000
company.” With reference to the general mortgage, we do
Actual net earnings
$8,450,554
not understand that there is any change in the original plan*
Total fixed charges last year.. $t6,751,786
asking bondholders to defer half their interest. There is Less Jersey Central rental
5,920,213—$10,831,573
Deduct reductions proposed by Wlielen
but one allusion bearing on the matter, and that supports
Committeethis idea, namely, the provision that “ securities issued
Permanent
$233,156
for deferred coupons shall be payable within five years Charges dependent upon earn’gs. *2,375,216— 2,608,402— 8,223,171
“from the maturity of each coupon.”
But it is to be
Surplus above obligatory interest
$227,383
If
10
millions
were
raised,
interest
on
a
correspond¬
cash
remembered that to consent to funding coupons under the
ing amount of floating debt would be saved, which at 6
present arrangement is a vastly different thing from con'
per cent would equal
609,000
senting to fund them under the old arrangement. Then So that on that basis there would be a surplus of
$827,383
the general mortgage bondholders were the only ones
Including half interest on general mortgages.
asked to make substantial concessions—other interests prac
The above is approximate, it should be understood.
tically nothing. Now the generals will make concessions* Nearly all the figures we have seen differ in some minor
but other interests will not be exempt.
There is to be a particulars—sometimes to the extent of $100,000. The
general assessment of junior holders and stock, and the statement shows that with the floating debt reduced by
floating debt is to be got rid of—in fact, it is expressly ten millions of cash assessments, and junior securities
stipulated that “ assent to the plan shall be conditioned made dependent upon earnings for their interest, and half
“that sufficient money be raised to payoff the floating the
coupons on the general mortgages funded, with cer¬
“debt.” Besides, the general mortgage holders are to have tain rentals reduced as proposed by the Whelen committee,
the- appointment of an auditor, who will examine the there would be a margin above obligatory charges on the
accounts of the company, “judge of the propriety of basis of earnings in one of the worst of years of $827,000.
There are other cases, however, where reductions of rent¬
charges to capital and expense,” &c., and they are to have
als can be asked for and enforced, besides those already
two representatives on the reorganization committee of
made in the Whelen plan, and these the new plan ap¬
seven, the other five representing foreign creditors, junior
parently will attempt to cover, for it is stated as part of
holders, and stockholders—four out of the whole seven, the plan that “further reasonable concessions shall be
demanded from companies and individuals not entitled
however, are to be appointed by Messrs. Borie and Bartol,
“to rentals, &c.” To just the extent that further reductions
subject to approval by the Whelen and Bartol committees.
of this kind are made will the above margin of $827,000
Another commendable feature of the new scheme is that
be increased, and the probability of further embarrass¬
the stock of the Coal & Iron Company is to be redeemed ment based on inability to meet fixed charges be removed.
and “placed beyond the power of the managers ever
the debentures
“
“
“
*
“
“again to use as collateral.”
But while approving of the general features of the
amended plan and the treatment of the various interests*
does it not seem as if the time in which the scheme is to
be carried out is made unnecessarily long—till May 1,
That is to be the extreme limit, to be sure, and Mr.
1886.
Bartol states that the time actually granted holders to
signify their assent, will probably be much less. Then
again may not the proviso in the section with regard to
assessments make trouble which says that instead of pay¬
ing cash, “the holders of the several classes of bonds and
stocks herein enumerated shall” (if they so elect) “ surrender a corresponding amount in value of their respective
“holdings.” Mr. Bartol informs us that the proviso was
inserted because it was thought it would be a hardship to
some small holders to make it obligatory on them to pay
cash which they do not possess. That is a good motive, but
what is the reorganization committee to do if in the
“
“
,
pitawelarsf ©omroevctal 3§tigltslt
RATES OF
EXCHANGE AT LONDON AND
AT LATEST DATES.
EXCHANGE AT
On—
LONDON-May 1.
Amsterdam. 3 mos. 12 4
Amsterdam. Sight. 122
3 mos. 20*67
Hamburg
.
.
M
2067
20*68
12*75
12*75
912*4*2
912*3
920*71
92072
920*72
912*80
912*80
Berlin
U
Frankfort...
a
Vienna
a
Trieste
a
25*58^925*63^
Antwerp. ...
«•
22 922*4
8t. Petersb'g
Short. 25*33 3*925*38 %
Paris
3 mos. 25*52 *£925*57*2
Purls
*
44
Madrid
Lisbon
Alexandria.
Constant’pl©
44
44
44
25*92*2 925*97*2
4536 945*2
4538-a45*2
519169*511*16
ii
44
Is.
Bombay .... dem’nd
4
Is.
Calcutta
New York... 60 days
Hong Kong. 4 mos.
44
•
Shanghai....
75K>-is.
73sd.
75lh-lp. 73ed.
•mm*mm
......
EXCHANGE ON LONDON.
Latest
Date.
Bate.
Time.
-
ON LONDON
May
May
May
May
May
1
1
1
1
Time.
Rate.
Short.
12*12
....
Short.
3 mos.
Short.
1
May 1
May 1
May 1
May 1
May 1 Checks
May 1
May 1 Short.
3 mos.
May 1
May 1
May 1
May 1
20*49
20*30**
20*49
12*62
mm
•
m
m m
25*42
25*35
46*30
....
Mav 1
3 mos.
May 1
May 1
May 1
May 1
May 1
tel. tsfs
60 days
4 mos.
110*93
75lti3?
Is.
4*86
3s. 6\d.
4s. 107*d.
THE CHRONICLE.
586
[From oar own oorresponaent. 1
London, May 2,
1885.
week has witnessed some rather violent changes
opinion as to the prospects of peace or war. It was at one
time affirmed, but since contradicted, that the Russians were
marching on Herat and war was then regarded as certain.
To-day it is stated that the Penjdeh incident is to be sub¬
mitted to arbitration, and that the Czar is earnestly desirous
O- maintaining peaceful relations with this country.
From
indulging in very gloomy apprehensions we are now in a
more cheerful mood, hoping for an amicable settlement.
But
the truth of the statement has yet to be verified, and it is
still uncertain whether this is not another pretext to gain
time for the completion of arrangements. Opinions in fact
differ from day to day, and almost every report attains a
certain amount of credence. It is however significant that in
spite of the more peaceful rumors now circulating war
preparations are being pushed forward with much vigor.
Possibly the peace rumors may assume a more tangible shape,
but experience has taught us to be extremely shy of Russian
promises, and it will not therefore answer to be too sanguine.
The general condition of commercial affairs has not varied.
A certain ephemeral activity is imparted to those industries
which benefit by wrar, but the aggregate volume of busi¬
ness
must suffer.
Trade is, indeed, more or less para¬
lyzed. There is no real confidence and the existing sus¬
pense is causing almost as much mischief as actual war.
Indeed if hostilities were to break out a feeling of relief might
supervene as the worst would then be known, whereas in
the
present
uncertainty it is impossible to know
what a day may bring forth.
But for this Anglo-Russian dis¬
pute we might with confidence have assumed that this spring
would have witnessed some improvement, as trade conditions
were not otherwise unfavorable.
The agricultural outlook
was satisfactory and there is a plentiful supply of money, the
reserve of the Bank of England being fully 50 per cent of the
liabilities. At the same time very little is heard of impending
heavy failures, or indeed of serious difficulties except
among those firms which have suffered from the heavy depre¬
ciation in produce. It is also a fact worthy of attention, and
vfrhich the Chancellor of the Exchequer alluded to in his Budget
speech, that the total of the savings’ banks’ deposits had
increased during the year £3,000,000. This is clear evidence
that the working classes kave not been doing badly during the
past twelve months. They certainly have had the advantage
of cheap prices for the necessaries of life, while the National
Drink Bill has been diminishing. The tendency of late years
appears to have been towards a more equal distribution of
capital, and the pinch of the depression has told more heavily
upon the monied than upon the laboring classes.
Money has been plentiful and very easy. Nothing but the
political situation keeps the Bank rate at 3% per cent. There
is no otner reason why it should not be reduced to the same
level as last year—namely, 2per cent. Day-to-day loans are
offered at % per cent premium without finding borrowers, and
there is very little life in the discount market. This week’s
Bank return is very favorable. The reserve showed an increase
of £830,143, bringing the total up to £18,033,000, while in bul¬
lion there was a gain of £980,000 the total being now £26,878,.
000.
The proportion of reserve to liabilities is 50*79 per cent.
The following are the present prices for money.
The past
of
Interest allowed
Open market rates.
2
for deposits by
o
Bank Bills.
London
Trade Bills.
3
a
Joint
Four
Three
Three
Six
Four
|
Six
Months Months Months Months Months Months
Mar. 27 3)6
Apr.
44
3| 3!*
10
44
17,
3'*
3^
44
24
31
May
1 3)6
-
3
(3
—
3
@
-'3)623)6
At 7 to 14
Stock
Banks. Call. Days.
3)* *3)6 3V4@3%
2)49 -3 @ -,2%&3
2JS$3
2 *<* - 2K&2U 29<4 — 3 nom 3 nom 3J4nora
2*32)4 2)4@2JS3 O —[S @3J*3*4$ 3)6 *2% 2HZ - 3 @-2X*V/4 3 @3)6 8«4$3%
3*@2)6 2H9 - 236 9 —2X 92H 2J* *3 ! 3)6 *3%
-
-
-
2*
2)6
2)6.
2)6
2*
2)6
2 * 2H-2H
214 2 *-2)4
2* 2)4 2?4
2
2H 2*4
2* 2H 2)4
2* 2)4 2H
The
following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols,
thepri^e of middling upland cotton and wheat, and the Bankers’
Clearing House return, compared with the three previous years;
Clronlatlon excluding
7-day & other bills.
Public deposits
Other deposit*
Oovernin’t securities.
Other securities
Bee’ve of notes A coin
Ootn and bullion inboth departments..
1885.
1884.
1883.
£
24,591.250
8.896 515
20.451,016
£
25.750.285
7.174,311
24,255,<73
£
26.269.725
7.035,850
1882.
23,531.223
25.511 910
5 410.243
23 3 9 972
14.402.105
20.754.276
12.136.292
14.3 U.hI/
13.394 213
21.481,9*3
2 <,615.319
20 788 8*^6
18,033,997
15,325,617
10,491,152
12.481,018
26,978,247 25,325.902 21.010,877
23,272,928
£
•
[Vol. xl.
Proport’n of reserve
1885.
1881.
to liabilities
Bank rate
50 79
48*2
3kt
1O210L
36s. 8d.
37s. 2d.
42s. od.
55b4.
5<*i«d.
Mid. Upland cotton..
,
3 p. o.
101
46a. Ha¬
53ied.
shed.
lod.
&7s l.
P^d.
No. 40 mule twist
43
o
3 n.e.
2*a p. o.
101VI.
P- o.
96d.
Consols
Eng. wheat, av. price
A003.
34
lOd.
Clearing-House ret’n. 105,259,000 122,763,000 131,094,000 147,370,000
The Bank rate of discount and open market rates at the
chief Continental cities
have been
as
and for the previous three weeks
now
follows:
April 23.
April 30.
Rates of
Interest at
April 10.
April 9.
Bank
Open
Bank
Open
Bank
Open
Bank
Rate.
Market
Rate.
Market
Rate.
Market
Rate.
Open
Market
3
Paris
3
2H
3
2)6
S
Berlin
4)6
4
4)6
4
4)6
Frankfort
4
4
4
4M
4
Hamburg
4
4
4
4
Amsterdam
3
3
3
3
'*'70
3
Madrid.
4)6
4)6
4)6
2H
2X
4)6
3
Brussels
SH
2H
2H
23*
4H
4H
4)6
2H
4)6
4)6
4)6
Vienna
4
354
4
4
4
4
4
2H
2%
4)6
3)6
St. Petersburg..
6
0
0
0
6
3)6
8V6
4
4
Copenhagen....
Messrs.
3
0
....
3)6
314
3)6
....
3)6
4)6
4)6
4)6
3
4
3)6
3)6
Pixley & Abell report as follows on the state of the
bullion market:
our last of the 23d. the Bank has received gold to the
£342,000, of which £202,000 was iu sovereigns from Aus¬
tralia, £59,000 has been taken out to-day for Lisbon. There has been
no demand for export to speak of, only a small amount (£10,000) going
to India by the Peninsula & Oriental steamer.
The Kirnutaka from New
Zealand brought £61,000, the Shannon from Australia brought £195,000, the Nile from West Indies brought £20,000, French steamer from
Central America brought £38,000.
Silver, which we quoted last week at 491sd., rose on the 28th to
499i*,d., and yesterday to dO-VI., and small amounts were sold at both
tigure8. To-day we quote 4978d., the price having risen owing to higher
Indian exchanges, and the price paid for telegraphic transfers to India.
The Rivenua takes £176,000 to India.
Mexican dollars are firmer, in sympathy wiih silver; but in the
absence of supplies we are unable to give any quotations. The arrival,
per Royal mail steamer Nile, was sold at 48x4d.
The quotations for bullion are reported as follows:
Gold.—Since
amount of
Price
of Gold.
Apr. 30.
d.
».
gold, fine., oz.
Bar gold, contain’g.
Bar
20 dwts. sliver.oz.
77
9
Apr. 23.
s.
77
Price of Silver.
d.
d.
9
Apr. 30.
Bar silver.fine..os.
Apr. 23.
d.
4936
49)6
50M
49%
53 13-10
II
Bar silver,contain¬
77 10)6
Span, doubloons.oz.
S.Am.doubloons.os
The insurance
77 10)6
ing 5 grs. gold..os.
osCake silver
Mexican dole...os.
companies have been very brisk during the
past faw days in arranging war risks, in view of possible hos¬
tilities with Russia. It is understood that nearly, if not quite,
the whole of the
ships of the following companies have been
against possible destruction by Russian cruisers. The
Company, the Castle Line, the Ducal Line, the City
Line, the Guion Line, the Glen Line, the Orient Company and
the ships of the Telegraph Construction Company. The premi¬
um was 15s. per cent. The Royal Mail Company have not so far
thought it necessary to insure their ships. , The Russian mer¬
chants are naturally anxious to insure their produce against
the stronger probability of capture by English vessels, and
large amounts have been placed at premiums ranging from
10s. to 5 guineas per cent.
The Chancellor of the Exchequer has just had to go through
the disagreeable task of presenting one of the worst budgets
the House of Commons has received for a long time.
He has,
however, succeeded well in his thankless duty, and notwith¬
standing he shows a deficit only little short cf £15,000,000, the
amount of adverse criticism is comparatively small. Our little
wars and preparations for big wars are certainly very expen¬
sive luxuries, and the sooner an era of peace is inaugurated
the better will it be for the British taxpayer. Mr. Childers
has, however, made the best of a bad situation, though he has
not escaped the unpleasant duty of augmenting the financial
burdens of the already grumbling Briton. Satisfaction was
expressed at the announcement that all additional taxation was
not to be placed on property. It is quite fair that that portion of
the wage-earning community which pays neither income tax,
house tax, land tax or assessed duties, but which forms the
majority of the present electorate, and will form a still more
important aggregate of the future electorate, should be called
upon to pay its fair share of the national expenditure. Besides,
if a working man be a teetotaler, the proposed new fiscal
arrangements will not affect him. However, to return to
statistics, the Chancellor of the Exchequer showed that for
the year 1884-85 the expenditure exceeded income
by
£L,050,000, and it would have been greater had not the income
tax come in exceptionally well.
He demonstrated that since
1880 the national debt had been reduced by £72,300,000. Turn¬
ing to the finances of the new year he estima ted the expendi¬
ture at £88,872,000, exclusive of the recent vote of credit. ;fas&-
insured
P. & O.
Matt
587
THE CHRONICLE.
i6,1885.1
English Market Reports—Per
Cable.
the estimated revenue, he placed it on the basis of last
The daily closing quotations for securities, &c., at London,
year’s scale of taxation at £85,140,000. This shows a deficiency and for breadstuffs and
provisions at Liverpool, are reported
of £3,732,000, to which may be added probable supplementary
votes of £200,000, making, with vote of credit of £11,000,000, a by cable as follows for the week ending May 15:
loss of £14,932,000, which has to be made good by fresh tax¬
Fri.
Thun.
Tuts.
Wed.
Mon.
ation. The first proposal was to increase the income tax to
Sat.
London.
8d. in the pound, by which it is believed £5,400,000 would be
49*3
49*3
49*3
49*3
499i8
d. 49 7s
per os
secured. He also proposes to deal with the death duties by Silver,
99
997,8
9SBie
983s
993lfl
Consols for money
994a
assimilating the incidence of the tax on all property, whether Consols for aocount
99718
99»16
983s
yy*i«
99316 99
79 90
real or personal, and by imposing an equivalent duty on cor¬ Fr’oh rentes (In Paris) fr 79-47** 79-97*3 80-20 79-2o
xll3% 113%
115
11478
115
11470
8. 4**s of 1891
porate property.
By this extra revenue £200,000 in the U.
124%
124%
1243s
1243s
124*3
124*3
U. 8. 4s of 1907
first year, £400,000 in the second, £500,000 in the third, Canadian Paoiflo
38%
38%
38*4
38 *4
383s
38
71
703a
70%
70*3
713*
£700,000 in the fourth, and finally £850,000 is expected to Chic. Mil. &8t. Paul.... 70
10%
1078
1078
10®8
11
11*4
*8
Erie,
common
stock....
be reached.
A 5 per cent duty on the income of corpora¬
128*3
128*3
128*4
128*3
128%
128*3
tions is proposed and expected to yield £156,000, and an Illinois Central
53%
55
Xj4*3
55*8
55*4
55*4
Pennsylvania
7*3
73*
738
7%
7%
imposition of a 10s. per cent stamp on bonds and foreign Philadelphia & Reading 7%
86*6
847s
89
86*3 | 86*8
883a
securities, instead of 2s. 6d. per cent as at present, is expected Sew York Central
to give £100,000. The duty on spiiits is to be raised 2s. per gal¬
ing on to
beer Is. per barrel. By the former extra rev¬
estimated at £900,000 is calculated upon, and from the
latter £750,000. The limit of the Is. duty on wines will be
advanced from 26 to 30 degrees. This brings the total sum to
be raised by taxation up to £7,500,000, leaving a deficitof £7,432,000 still to be dealt with, of which £4,600,000 will be obtained
by intercepting the action of the sinking fund of the National
Debt of the year. There will, however, still remain a deficit
of £2,812,000, which will be met out of the sinking fund of
1886-7. Mr. Childers’ speech was well received throughout, the
leader of the opposition remarking that he had listened with
painful interest to the Chancellor of the Exchequer, but with
a full sense of the difficulties of the task and of the manner in
which it has been carried out. Possibly when the discussion
comes on there may be some opposition to the increase in the
spirit duties, but it is generally anticipated that the budget
will be accepted without amendments.
In some quarters it is
thought that it would have been better had the duty on tea
been raised and the deficiency thus entirely got rid of.
How¬
ever, what we have got to do this year is to raise in revenue
something like £100,000,000. What we shall have to do ulti¬
mately, should we really go to war with Russia, must be left
to the imagination, but the prospect is not bright.
Rather colder weather has been experienced during the
week and vegetation, which had been making rapid progress,
has been checked by easterly winds.
Agricultural affairs are
however still well forward for the time of year, and generally
present a healthy appearance.
The wheat trade has moved in an undecided manner accord¬
ing as fears of war or hopes of peace have been in the ascend¬
During the earlier part of the week the tone ,though
ant.
quiet, ruled firm and full prices were reached. Later on the
hardening tendency was more distinctly developed, and at the
Baltic on Thursday, when the report of the Russian advance on
Herat was circulated, a rise of Is. to Is. 6d. per qr. was quoted.
But this reported advance being contradicted the trade be¬
came quieter and more peaceful rumors being abroad towards
the the end of the week the trade ultimately left off quietly
and with somewhat less firmness.
It is impossible to speak
with certainty as to the future course of the trade.
The following return shows the extent of the imports of
cereal produce into the United Kingdom during the first
thirty-four weeks of the season aDd the sales of home-grown
produce for the same period, compared with last season:
lon and that on
Sat.
State).100 lb.
Wheat, No.2,3pr’g “
Winter, West., n “
Cal., No. 1
"
Cal., No. 2
“
Corn, mix., old... “
Jom, mix., new.. “
Pork, West. mess..9 bbl
Bacon, long clear
Beef, pr. mess, new,# tc
Lard, prime West. # owt
d.
8.
10 0
7 16
7 1
7 4
l
7
5 8*3
5 0
55 0
31 0
91 0
36 6
68 0
Flour (ex.
Cheese, Am. choice
Wheat
.....OWt. 32.194.97G
Barley
10.779,291
34,303,789
11,405, ‘>27 11,831,616 9,428,415
7,717,665
9,582,610
6,112,612
1,220,-184
1,425,472
1,122,169
1,150,748
2,220.246
1,613,035
1,735.395
1,129.014
16,002,014 17,669,735 12,532,668 13,952 339
11.010.818 10,010,175 11,642,785
6.164,3i2
Peas
Beans...
Indian corn
Flour
Supplies available for consumption
September 1) in thirty-four weeks:
(exclusive of stocks on
1883-4.
1884-5.
1831-2.
1882-3.
73,864,146
73.106,514
8 4,033,652
The extent of the sales of home-grown wheat,
oats in the leading markets of England and Wales
For Week.
Dry goods
Qen’l mer’dise..
Total...
L>ry goods
aen’lmer'dlse..
8.
Wheat, qrs
Barley
Oats
d.
Prict
8.
d
For the week...
Prev. reported..
#1,426,096
4,595,844
$10,075,033
$8,472,805
$9,297,571
$8,020,940
$54,182,351
#50,315,201
$47,496,759
134,490,553
120,533,587
#39,097,067
101,125,416
1884-5.
YORK FOR THE WEEK.
$6,478,956
123,961,665
•
1883-4.
1882-3.
EXPORTS AND
Week.
Ri-lf.iiln
nft
..
Imports.
Vest
Indies
40,575
500
17,814
143,625
5,380
133,472
130,466
500
3,471
#46.955
139,831
5,890
$490,396
f5.253,975
51,779
15,000
36,036,085
136,250
$454.50"'
13,860
$5,207,358
Jftrm «.n
i
Vest Indies
4nnth
19,896
All other countries...
#433,256
20 >,434
163.875
1,412.991
3,0"3,O5&
73,177
174,677
289.311
$4,860,114
3.240,869
4,73 4,827
$24,332
#
76
202,472
7,603
3,240
402,524
2 <2,794
900
$6,121,943
$37,537
5.389,364
5.697,269
40.720
4,235
America
Total 1885
Total 1884
Total 1883
*
$
4,719,922
Total 1884
Total 1883
.
Since Jan. 1.
250,796
Total 1885
.
Week.
$255,400
9,562
Silver.
1881-2.
Since Jan. 1.
$239,600
T
5
1
and Indian
$7,102,213
114,870,907
IMPORTS OF SPECIE AT NEW YORK.
Exports.
Gold.
PmnnA
The foUowing shows the quantities of wheat, flour
com on passage to the United Kingdom:
At pretent.
Last year.
Last week.
Wheat........qrs. 2,9 0 0- 0
2.941,000
1.96 <.000
Flour,equal to qrs. 292,000
292,000
267.000
Mail©..
' 322,000
226,000
152,000
$4,806,350
102,446,478
following table shows the exports and imports of specie
port of New York for the week ending May 9, and
since January 1, 1885, and for the corresponding periods in
1884 and 1883:
Ireat Britain
25,404,470
...cwt. 30.500,850
1885.
1884.
1883.
#6,227.259
112,130,560
the
The
4
29,550,182 29,847,b03
Wheat....
118,630,066
at the
d.
the totals for the
1885.
1884.
$1,382,414
7,915,157
VfftTicO
Converting quarters of wheat into cwts.,
whole kingdom are estimated as follows:
YORK.
$121,973,123
Total 19 weeks. $118,357,819 $132,440,621 $107,252,828
A v'ge
Pric
8.
0
0
0
0
$1,706,637
6,766,168
1882.
during the
2,126,421 :ii 9 2.0^0,140 39 0 1,721.983 41
3 4
2,933,621 31 5 3,005,671 32 4 1,913.9 '4
22 >,399 21
29 ',685 19 11
246,5i 6 19 11
0
$2,031,198
8,013,835
EXPORTS FROM NEW
barley and
Sales.
8%
specie) from the port of New York to foreign ports for
week ending May 12, 1885, and from January 1 to date:
1882-83.
A v'ge
0
1883.
All other countries...
Sales.
5
51
31
88
35
55
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
vfexino
4r»nth America
A v'ge
Price
1
4
1
$188,652,907 $170,903,788 $166,126,825 $140,222,483
Total 19 weeks.
4eT',nM-ny
Sales.
7
7
7
5
1882.
Since Jan. 1.
age
showD in the following statement:
18=3-84.
0
Week.-—The imports of last
FOREIGN IMPORTS AT NEW
first thirty-four weeks
1881-85.
10
7
first week in January:
72.113,018
of the season, together with the aver¬
prices realized, compared with the previous season, are
d.
8.
8.
10
7
7
7
general
34,305,799 42,543,*‘67 4Q.541,206
10,010.175 11.64.\785 6.164,342
home-grown..30,5j0,8 0 29,550,132 29,847,800 2q.404.47o
Total
d.
0
5
1
4
1
7 1
8*3 5 8*3
5 O
0
0
52 0
0
31 0
0
89 0
3
35 3
55 0
0
d.
0
5
1
4
ceding week and $5,793,098 two weeks previous. The exports
for the weekended May 12 amounted to $7,102,216, against
$6,255,308 last week and $5,847,570 two weeks previous. The
following are the imports at New York for the week ending
(for dry goods) May 7 and for the week ending (for
merchandise) May 8; also totals since the beginning of the
Imports of wheat.CWt.32.l9i.M76
Imports of flour
11.010,818
Bales of
36
57
9.
10
7
7
7
7
8** 5
1% 5
0
52
31
0
0
69
6
35
55
0
week, compared with those of the preceding week, show
an increase
in both dry goods and general merchandise.
The total imports were $6,020,940, against $7,890,894 the pre¬
42,543,067 40,544,206
7,180,41 L
Oats
31
91
Imports and Exports for the
1881-2.
1882-3.
1883-4.
d.
0
5
1
4
1
9.
10
7
7
7
7
8*3 5
0*3 5
0
54
31
0
91
0
6
35
56
0
(iPoraraevctal and ^Usoellaueaus
IMPORTS.
1984-5.
d.
0
6
1
4
1
8.
10
7
7
7
7
5
5
54
Fri.
Thurs.
Wed.
Tuts.
Mon.
Liverpool.
enue
57,778
128,538
16 4.75R
264.580
5,508
#587,787
1.686.999
1.807.639
Of the above imports for the week in 1885, $15,511 were
American gold coin and $16,721 American silver coin. Of the
1383.
2,276,000 exports during the same time, $2,300 were American gold coin
244,000 nd $6,500 American silver coin. *
253,000
a
New York—Monthly Statement.—Id
tables, made up from weekly returns,
Foreign Trade op
addition to the foregoing
give the following figures for the full months, also
by our New York Custom House. The first statement
the total imports of merchandise.
we
IMPORTS INTO NEW
1884.
General
Dry
Months.
..
March
April
1
1
*
13,598,890
11,397,824
11,319,423
9,798,203
26,398,814
28,175,206
31,394,001
25,759,735
1
$
39,997,704
39,573,030
42,713,480
85,557.933
40,114,345 111,727,810 157,842,161
87,536,566 125,208,537
87.071,971
Total....
dise.
dise.
$
Total.
Merchan¬
Goods.
10,808,800 17,648,208 28,457,008
10,214,498 18,630,822 28,845,320
10,385,689 25,201,039 35,046,728
6,202,984 25,998,497 32,259,481
January...*
General
Dry
Total.
Merchan¬
Goods.
issued
covers
YORK.
1885.
February
CUSTOMS RECEIPTS.
EXPORTS FROM NEW YORK.
At New Yorli.
Total Merchandise.
Months.
Months.
$
11,702,029
10,458,958 12,064,811
11.277,042 11,436,730
9,840,822
9,977,753
$
32,718,154 26,792,785 January
23,715,450 23,538,800 February
28,137,314 23,097,998 March
20,967,843 23,835,838, April
$
10,299,908
9?.263.48l[
42,011,661
$
January
February
March
April
109,538,701
Total
1884.
1885.
1884.
1885.
Total
U. S. Sub-Treasury.—The following
45,104,448
table shows the receipts
payments at the Sub-Treasury in this city, as well as
balances in the same, for each day of the past week:
the
and
Balance a.
Date.
■
Payment*.
Receipt*.
1,205,319 18
May 9.
•*
“
13.
“
14.
15.
"
1,848,099 16
955,933 97
852,899 11
1,096,623 16
11.
12.
1,074,403 47
Currency.
Coin.
$
$
$
$
“
[VOL. XL,
rHE CHRONICLE
688
1,040,588 14 138,027,201 06 23,609,227 56
1,038,030 52 138,574,868 10 23,811,609 16
Oregon Railway &'Navigation.—The last conference of
Northern Pacific officials was held in Boston
this week, but no conclusion announced, and another meeting
will be held in New York next Tuesday or Wednesday, at
which time it is believed the matter will be finally settled.
Rochester & Pittsburg.—At Rochester, N. Y,, May 14,
Judge Angle ordered a re-consideration of the Rochester &
Pittsburg foreclosure suit and ordered John M. Davy, the ref¬
eree in the case, to present further proof of the disposal of the
$2,000,000 in second mortgage bonds which the dissenting
stockholders of the road claim were fraudulently obtained.
St. Louis & San Francisco.—At the annual meeting of
stockholders held in St. Louis the following directors were
elected for the ensuing year: Edward F. Winslow, Jesse Seligman, Leland Stanford, William F. Buckley, Jay Gould, Wal¬
ter L. Frost, Horace Porter, C. P. Huntington, Bryce Gray,
Russell Sage, A. S. Hatch, Charles W. Rogers and R. S. Hayes.
199,175 shares, or four-fifths of the whole, were represented.
Texas & St. Louis.—It is alleged that the plan for the re¬
organization of this railway recently formulated has been
rejected by the eastern and foreign bondholders, and that they
have formed another plan and will in a few days petition
Judge Treat, of the United States Court, for an order of fore¬
closure and sale, and if this is granted they will bid in the
road, widen it to standard gauge and extend it to St. Louis. Toledo Cincinnati & St. Louis.—At Toledo, May 12, the
following board of directors was elected: E. R. Chapman,
Barret H. Van Aukin, Jr., New York; Irving A. Evans, Bos¬
ton; James Irvine, W. E. Hackdon, Lima, Ohio; Fred J.
B'akeley, James E. Couden, Frank W. Bainbridge, Toledo;
William R. Patton, Charleston, Ill.
The board subsequently
held a meeting and elected E. R. Chapman, President; Wm.
S. Bliss, Secretary and Treasurer; also an Executive Commitmittee, consisting of E. R. Chapman, Irving A. Evans, B. H.
Van Aukin, Jr., and William S. Bliss.
There was a repre¬
sentation of 175,508 shares. No financial statement was made.
Union Pacific and
917,850 31 133,617,918 60 23,806.612 32
1,099,413 50 138,373,758 13 23,804,288 40
683,979 71 138.687,366 91 23,903,323 07
1,494,719 72 138,259,411 79 23,910,963 91
Boston and Ohio
the road on a
complicated,
widened and every¬
dispatch says: “The New York,
The press
interests are now united and will proceed to put
sound basis. Its financial affairs are extremely
but they will be disentangled, the gauge
thing done to make a paying road.”
—The Tontine system of life insurance again receives the
Central Pacific—Oregon & California,—It is announced attention of Colonel Jacob L. Greene, of the Connecticut,
by cable from London that a plan for the sale of the Oregon Mutual. In his communication on another page the readers of
& California to the Central Pacific Railroad Company has been the Chronicle will find a vigorous and pointed attack on what
decided upon. The arrangement is virtually a purchase of the lie believes to be a vicious system of life insurance. Colonel
former by the latter, stock of the one being exchanged for Greene now supports his attack by figures drawn from the
the outstanding stock of the other on terms not yet made reports of the different companies, and the discussion of
New bonds of the Central are to be issued in lieu of subject which lie has called up will not fail to throw
known.
on
the present defaulted Oregon bonds. This admits the Central life insurance methods.
Pacific into Oregon on the completion of the unfinished gap,
—Messrs. Speyer & Co., Mills Building, are offering, at 101,
and will complete a north-and-south line from the British
$3,900,000 Pennsylvania Railroad Comp my 4^ per cent
Columbia frontier to the Gulf of Mexico.
collateral trust^gold bonds, due in 1913, interest payable June
Railroads in New York State (Quarterly Reports.)—The and December? This is the remainder of the issue of
following abstract, showing the operations for the quarter $10,000,000 secured by the deed of trust of June 1, 1883, and
ending March 31 in 1884 and 1883, has been specially compiled such a loan by the Pennsylvania Railroad is of the class
for the Chronicle from returns made to the Railroad Com¬ calculated to meet with favor at a time when confidence in
missioners.
many railroad securities is shaken.
,—v. r. L. E. d West.—> *—V. F. N. E. d Eart.—.
—The Treasurer of the State of Connecticut offers, by
1884.
1885.
1884.
1885.
Receipts—
advertisement
in another column, $1,740,000 of Connecticut
$1,484,201
$1,524,467
.$1,255,590 $4,559,145
Gross earnings
913,901 State bonds, bearing 3 per cent interest, and maturing in
805,088
3,974,602
Operating expenses.. 3,337,748
1910.
This loan is one of the choicest class, the bonds are
$>70,303 $1,000 each, coupon or registered, and it is probable that the
$719,379
$584,543
$367,842
Net earnings
1,434
29 J,150
1,266
151, c96
Income, other sources.
competition for them will be sharp. Proposals will
received till May 20, at 12:30 P. M.
$571,737
$720,645
$377,693
Total net receipts.$1,019,138
—Messrs. John C. Graham & Co., cotton commission mer¬
Deductions—
$65,000 chants, No. 19 South William Street, New York, are well
Interest on bonds*... .$1,151,372 $1,151,3481
16.633
93.617 «
diOOH,
184,044
All taxes
known to readers of the Chronicle as one of the old cotton
69,863
267,006 f
270,752
Rentals
They buy cotton on
houses in New York and Selma, Ala.
99,521
191,639 J
158,578
Miscellaneous
commission and execute orders for future contracts in New
7,033,230 05
Total...
6,334,601 90
light
the
.
.
be
.
,
.
Total deductions. .$1,764,746
Balance
Def.$745,603 Def$826,167
Operating expenses..
Net earnings
Income, other sources
.
Rentals.
Miscellaneous
Total deductions.
.
.
Balance
J
501,621
$390,030
$7,123
1,408
•3
$3,531
$399,030
$42.1S2
$
$
45,900
20,194
500,434
495,484
$546,384
$505,678
7,000
10,707
r-N. F. C. d Northern.—
1884.
1885.
$88,2 43
82.037
$67,677
78,123
a
$3,206 Def .$10,451
earnings
Deductions—
.
$30,075
3,750
7,092
Rentals
$60,075
<v
o
$25,000
$94,477
102,105
$
Balance
$70,647
$70,917
Def.$61,711 Def.$81,098
.
u* Proportion for the quarter,
3,000
$29,200
$3,000
Def.$45,045 Def.$10,G28
whether paid or not.
find them
Company has declared its
$2,500 Cent. Trust Co.
RR.,
$5 per share.
South Carolina Rlt
+5
Des Moines Valley RR.
$20
Chemical Nat. Bank. ..2,555
Union National Bank
158
Grand Rapids & lud
$660
Real Est. Excb. & Auct’n
102%-103
Room, limited
North River Ins. Co., $25
common
1
400
10
51
100
20
40
4,200
Miscellaneous
Total deductions.
offices.
Homestake Gold Mining
18 Norfolk & Western
Def.$15,815 Def.$7,628
2,960
7,612
friends and customers will
eighty-first dividend of $37,500 for April, making $2,756,250
the stockholders have received to date.
Auction Sales.—The following were sold at auction lately
Son.
by Messrs Adrian H. Muller &
Bonds.
Shares.
o
.—Bos. Eoos. Tun.d TF.-n
1884.
1885.
120,070
—Mr. E. A.
—The
t
$59,889
$104,225
Liverpool.
Angier, attorney and counsellor-at-law in At¬
lanta, Ga., practices in all the courts, and will attend to any
business which merchants and bankers place in his hands.
His business card will be found in the Chronicle.
—Messrs. Stewart Brown’s Sons, stock brokers, have just
removed from 38 Pine Street to 64 Broadway and 19 New
York and
Street, where their many
in large and comfortable
a
Def$44.010Def$ 115,648 Def$51,358
'Receipts—
Gross earnings
Operating expenses..
Interest on bonds*...
All taxes
1884.
526,174
$502,374
All taxes
L. Champ.s
$»8,706
81,583
753
Total net receipts.
Deductions —
Interest on bonds*...
$320,720
$1,025,304
635,274
.$1,027,795
.
$251,017
$204,947
$315,638
,—Del. Lack. d West.—*
Leased lines.
r-Ogdens. d
1885.
1881.
1885.
Receipts—
Gross earnings
Net
$1,703,860
each.
103 4
10 Real Est. Exch. & Auct’n
Room, limited
102%
106 Chat’mN tt.Bk .$25 each. 148*2
5
24 Cent. N. J. Land Imp. Co.
Bonds
$10,000 Selma Rome & Dalt.
RR, Co. 2d mort. bonds.$21
..
cert,
Neb. RR. Co.
second mort. bonds
for Kail. &
$1,000 Norf. & West. RR.
debenture bonds
Co.
$1,000 Ohio. D uiv. & Vino.
RR. Co. 7 p. c. mort, bd.,
due 1893...*.
$4,000 Cin. Col. <fc Hook.
Val.
471*
62
$25
ct.
gold bonds, due 1922..$200
$150 Norf. & West. Railway
Co. div. scrip
65
$23 Cen. N. J. Laud Imp. Co.
scrip
^..$4 50
$2,000 Terre H. & L >ganspt.
RR. first raortg. 6 p. ct.
bond, due 1910
1021*
RR. Co. 1st M. 6 per
Mat
THE
16, 1886. J
CHRONICLE.
Tontine—The alleged Enormity of its
Wickedness—Another Letter from President Greene11 7,000,000 Insurance said to be Lost to Families of
Tontine Policy Holders in Ten Years—A Scathing
Denunciation of the System. —
To the Editors ofihe Commercial and Financial Chronicle.
Facts
about
gIR8_In the New York Tribune of March 22 ult., in answering the
statements and criticisms of Messrs. Beers, Hyde, Alexander and
McCurdy, I showed that the Tontine principle in life insurance is abso¬
lute,
unqualified gambling, because it makes a man
stand to lose by
that which need not be lost by lapse; that which lapse ought not
cause the loss of at all; it therefore makes him needlessly and of set
•lapse
to
purpose expose to the risk of loss that which need not and would not be
at the risk of loss but for his act. This is gambling, pure and simple.
And, aside from this aspect #f Tontine, which directly involves public
morality, I have shown this peculiar vice about this particular form of
589
years $191,853,125, the greater part of which was Tontine insuranoe,
and have added $7,889,709 to their Tontine pools which aggregate
$9,042,658. How many millions of paid-up insurance, lost by bowmany thousand families, have gone to swell that enormous aggregate?
Upon how many tens of tnousauds of widows and fatherless children
has that “judicious penalty” of forfeiture of their paid-up protection
been imposed ?
What was the accumulation of reserve and surplus on
the $191,853,125 of lapses, forfeited to reward the persistency of
others ? How much paid-up insurance would it have bought ?
The companies give no information.
But by analyzing their “ esti¬
mates” of Tontine results furnished for the guidance of their agents in
soliciting this business, we can get at the equivalent of their calcula¬
tions. if not their precise form.
The Equitable, for example, authorizes its agents to “estimate” that
if a man aged thirty takes an annual premium lite policy for $10,000 in
a twenty-year Tontine class, persistence to the end would bo rewarded,
by a cash value of $7,120. If the company should have for twenty
years the same expeuses and interest as lor the last ten, and should
no more than 80 per eentof its expected mortality, it would
be able to accumulate for him out of his own premiums only $4,138, so
that it has to get for him $2,982, or about 42 per cent of the whole sum,
and an addition of 72 per cent to his own proper earnings, out of the
forfeiture of other people’s reserve and surplus.
experience
FAMILIES DEFRAUDED.
gambling - namely, that there is lost, not merely what one has paid to a
company over and above the cost of his insurance up to the time his
Let us see what this means as to those other people. Take ten thou¬
policy lapses, but the paid-up insurance which that over-payment ought sand men, all at ago thiity, eaoli insured for $10,000 by anuuul pre¬
mium life policies, in a twenty-year Tontine class: that would make
to seoure for Ids family at once if he cannot carry on the original insur¬
just. $100,000,000 of insurance to start with. The Equitable’s “esti¬
ance, and which such over-payment would secure, had he taken a
mate ” is that each of these men who lives and paid through that period
receive
would
$7,120 for the surrender of his policy.
Taking
policy framed upon the true principles of life insurance.
TIIE THING
He is not
.
GAMBLED FOR.
only gambling, but he is gambling with his family’s protection;
gambling is to win from other families the value
protection they may be made to forfeit by lapse during the Ton¬
tine or semi-Tontine period. The profits of Tontine are forfeited re¬
serves and surplus; the profits of semi-Tontine are partly forfeited
reserves and wholly forfeited surplus; and both reserves and surplus
ought, in case of lapse, to give paid-up insurance to the family or other
dependents, for whose protection the insurance was originally taken.
The profits of either form of Tontine are, therefore, the price of paid-up
insurance which ought to have gone to the families of those who had to
lapse their policies. And the instant and constant protection of families
is the one function, the one public utility of life insurance, the only
thing that cannot be done better and more cheaply some other way.
The only reply to this analysis that I have seen is by way of renewed
attack uron the Connecticut Mutual and myself.
The phase of Tontine which I have hitherto discussed lias been its
effect upon the individual family, which loses its needed protection to
and the purpose of liis
of the
fatten the Tontine pool.
I wish now to call attention to the aggregate effect of Tontine on the
community, upon the multitude of families whose protection is put at
hazard to make up its winnings; and to indicate something of the tre¬
mendous scope and magnitude of its present, and still more of its pros¬
pective, scale of operation.
SIGNIFICANT FIGURES.
of Tontine for the last ten years in the two
companies which have promoted it longest and with peculiar energy,
and see just what it means. We will take first the New York Life Insur¬
ance Company.
On January 1, 1875, it had already accumulated a
Tontine fund of $152,948 84; during the next ten years it lost business
by lapse and added to its Tontine pool as follows :
Let us trace the progress
Additions to
Tontine Pool.
Lapses.
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
$7,167,935
7,740,158
8,063,799
7,032,129
5,151,162
3,*85,915
$155,189 97
$308 138 81
03
38
65
517,504 84
792,302 22
209,366
274,797
249,154
330,025
380,083
31
64
302.078 21
4,670,615
6.618,915
Total Tontine
Pool.
6.904.632
37,128 13
144,723 88
11,924,360
397,700 66
1,041,4 56
1,371,482
1,752,165
2,054,214
2,091,372
2,226,096
2,633,796
87
18
82
03
16
04
70
$69,159,620
A comparison year by year of the lapses and the additions to the
Tontine pool, coupled with the fact that the surplus of premiums as
well as the value of lapsed polioies ought to go mto the pool, raises
many questions of great and curious interest to those interested in ;t:
for example, why in 18*2 did the va'ue of $6,618,915 of lapses and all
the surplus interest and the margin on probably $5,000,000 premiums
produce only $37,128 for the pool?
re-adjustment of acounnts ?
Was it expenses, shrinkage or
A BLIND BOOL.
But it is a “blind pool;” its real sources and composition have never
been disclosed, and so far no legal attempt to compel such disclosure
has been successful.
The main point for the moment is this: In ten years the company has
lost by lapses $69,159,620
its Tontine pool, which now
of insurance, and has added $2,480,848 to
aggregates $2,633,796.70.
Take, now. the Equitable. I can find no separate statement of its
Tontine fund prior to December 31. 1875, when it “ estimated ” it at
exactly $1,000,000. Its figures for the ten years are as follows:
Additions to
Tonline Pool.
Lapses.
*
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
$13,752,530
12,685.900
14,200,240
10,3 83,320
8,050,875
6,825.250
7,801,916
10,872,105
15,052,540
23,06e,829
$
1,193,577
113,342
522,543
742,088
265,571
393,884
253,695
644,193
1,281,968
Total Tontine
Pool.
$1,000,000
2,193,577
2,304,919
2,*27,462
3,569,550
3,835,121
4,229,005
4,482.700
5,126,893
6,408,861
$122,693,505
Here, again, are suggested practical questions for those interested;
for example, if the lapse of $8,050,875 in 1879, and the surplus of
interest and margin on Tontine premiums produced $742,088 for the
pool, why, in 1882, did the lapse of $10,872,105, the surplus interest on
a larger reserve and the margin of a larger volume of premium, pro¬
duce only $253,695 for the pool ? If they could add but $253,695 in
1882, how could they add $1,281,968 in 1884 ? and vice-versai How are
matters apportioned?
In ten years the Equitable has lost by lapses $122,693,505 of insur¬
ance, and added $5,408,861 to its tontine pools, which now aggregate
$6,408,861.
MILLIONS
The New York Life and
GONE—WHERE?
Equitable together have lost by lapse in ten
same
the
rate
of expenses
and interest that that company
has had for the last ten years, and supposing its actual losses to be
ouly 80 per cent of those expected—a very favorable supposition to
the company—and grading the lapses according to the common experi¬
ence of companies as to the period when most lapses are to be expected,
and the statements of the Tontine companies as to the persistency of
this kind of business, aud their “estimated” result would require the
equivalent in twenty years of 6.882 lapses, for $ >8,820.000 of insur¬
ance. with 620 deaths, leaving 2,498 polioies in force to divide up $17,
769,783, of which $10,335, '*99 would be the reserves and surplus
properly growing out of their own premiums, and $7,433,884 would be
product of reserves and surplus forfeited by other people. That
$7,433,884 of forfeited reserves and surplus ought to have yielded to
the families of those who paid it in and had to lapse their polioies at
least $17,000,000 of paid-up insurance; that is their‘judicious penalty”
for lapsing—the equivalent of $5,000 apieoe of pa:d up insurance for
3,400 families! Think of what that means, men with families to pro¬
tect, who can look only to you who called them into being for protec¬
Isn’t that a cruel-looking pool ?
tion.
Ts it right for you to needlessly
expose your families to suoli loss ?
Do you wish to share the profits
from such losses by other families ?
Seventeen millions at least ot paid up insurance out of every hundred
million written, must be forfeited, needlessly lost to the families of the
multitude who have to lapse over $63,OUO.OOO, to make good the “ esti¬
mated ” profits which are held out to attract Tontine insurers. The
Equitable and New York Life wrote togeth r over $140 000,000 last
year; it is safe to say that a good deal more than $lo0,0o0,000 was Ton¬
tine or semi-Tontine; and the “ estimated ” results on semi-Tontine are
only about 10 per cent less than those oil full routine.
the
THE MAGNITUDE OF THE GAME.
imagine this business carried forward on this scale year after
year, until the results of the old and the taking of the new ti avel side by
side in full view; over $ LOO,000,000 new business each year, aud over$70,000,000 of lapses; and over $17,000,000 yt-arly of paid-up insurance
that ought to come therefrom, taken from the families that need it, to
make up the more than $7,500,000 of profits to be then yeany divided
to the members of the pools!
Where iu human history has so enormous
a game been attempted or conceived ?
And the one thing played fQr is
the paid-up insurance that ought to protect unfortunate families! At
least $17,000,000 a year, when the game is at its full on its present
scale, taken from these families and its price given to the players who
can stay in!
And now comes the Mutual Life with its semi-Tontine “five year dis¬
tribution policy,” on which it has advanced its premiums 23 per (sent
“to meet the increased risk” (of which “risk,” by the way, tneie la»
Just
appeared, as yet, no explanation whatever); and the Northwestern with,
higher “estimates” than any others; and several others with their own
forms of the same thing; all inviting meu to come m and put at hazard
all or part of that protection whion is sacredly due to their ramifies,
and to give which in its most f-imple, just aud absolute form ought to be
the sole ambition, as it is the sole reason of its being, of a fife insurance
For what a peculiar
company. What colossal gambling it wiil be!
stake-the protection, the living, of widows and children I
AN INSINUATING
PARAGRAPH ANSWERED.
writing tho last paragraph the following paid notioe of the
Equitable, from tlio World of April 29, was handed me:
Tontine Again.
“One day's new business of tho Equitable Life Assurance Society for
April 28, was nearly a million and a quarter of dollars. Has President
Greene, of the Connecticut Company, been hired <o advertise Tontine ?’*
At that rate they would write over $ 15 ‘,000.000 in a year. And just
translate that fact into the languge of their “ estimates,” and repeat it
year after year for twenty years, and what would it mean in just that
company a‘lone ? It would mean that on every year's such business
there would be over $241,000,000 of lapses, whereby would be lost tb
families full $60,000,000 of paid-up insurance, iu order that they might
give $26,000,000 additional profits to the Tontiae pool. Th it Is pre¬
cisely wdiat it would come in time to mean everv y -ar in that company
alone; at least $60,000,000 a year of what ought to be paid-up insur moe
for families, who have to lapse at least $241,000,000, taken from them
to furnish at least $26,000,000 a year to the Tontine pools!
That is
what tlie new business of April 28 would mean to the world in the light
of their authorized “estimates;” or call it all semi-Tontine, and throw
off 11 per cent. What an astouudiug scale of speculation!
As I was
AN APPEAL FOR THE
FAMILY.
Do not misunderstand the ‘President of the Connecticut Company.’*
He well knows that he is advertising Tontine ; that to oertain men the
figures he has hero given wilt prove an irr sistiblo attractionentirely oenfident of their own ability to pay through, and
who care little or nothing winre money comes from, so it comesv lea ally.
He is not speaking to them; he is speaking only to the men who have
families to protect, and who mean to really protect them; and to men
who may not have seen tho true character of Toniine. He is speaking
in behalf of families that need protection, to those to whom alone they
can look for that protection, that it may not be put at needless hazard
of loss: that tne unfortunate, the poor and the w<-ak be not made tho
prey of the fortunate, the rich and the strong. He is speaking for the
pure beneficence of simple life insurance, so adminir-tert d that every
family may get every dollar’s worth of protection the premiums paid by
its own head can be made to buy. He does not think that the ultimate
very
men
who are
judgment of a dear understanding and good conscience will turn upon
a million and a quarter of new business in a day.
True suece.-s is some¬
thing else than assuming obligations. rbe results by whioli lire insur¬
ance is to stand at the last will bo the amount of protection given to
families, not the amount of which they have been robbed, not the profit*it has been made to yield to a game of chance, nor the magnitude of the
game which has been set going in its name. Yours truly,
Hartford, May 7,1885.
Jacob L. Green*.
THE CHRONICLE,
590
tinental bills
Per
cent.
When
Books Closed.
Payable.
(Days inclusive.)
Oregon Rail wav & Nav. (quar)..
Miscellaneous.
Exprean (quar.)
United States Express (quar.)
3
May
$2
1*
1*
$2
Adams
June
June
June
Sixty Days Demand.
May 15.
YORK, FRIDAY. MAY 13,
NEW
leans, commercial, 125 premium; bank, 200 premium; St.
Louis, 100 premium ; Chicago, 50 premium.
The posted rates of leading bankers are as follows :
12 May 3 to
1 May 16 to
1 May 10 to June 1
1 May 19 to
June
1
On uem.
1
Con¬
$ premium, selling $@f premium; Charleston, buying £ pre¬
mium, selling3-16@$ premium; Boston, 5 discount; New Or¬
Railroads.
Boston Con<*ord & Montreal pref.
Chic. & Alton com. & pref. 'quar)
Cleveland A Pitts. guar. (quar.)..
4 85$@4 85|.
were :
The following were the rates of domestic exchange on New
York at the under-mentioned cities to-day : Savannah, buying
dividends have recently been announced:
Name of Company.
were
Francs, 5 18f@5 19fand 5 16$@5 16$;
reichmarks, 95 1-16@95 3-16 and 95$@95f; guilders, 40$@
40$ and 40$ @40$.
DIVIDENDS.
The following
Commercial bills
Cables, 4 89f.
T'he flankers' (gazette.
[VOL. XL. V.
Prime bankers’sterling
Prime commercial
18S5-5 P. M.
bills on London
4
4
4
5
Documentary commercial
The Money Market and Financial Situation.—The past
week has had a few notable events of an encouraging nature,
Paris (francs)
Amsterdam (guilders)............
Frankfort or Bremen (reiohmarksl
chief among which were the adjustment of the Western rail¬
road difficulties at Chicago, and the large auction sale of dry
Coins.—The following are
S5*
18*
40*
95*
5 16*
40*
95*
quotations in gold for various coins:
$4 85*®$4 90
3 86 ® 3 90
Sovereigns
Napoleons
4 90
88
86
Silver *s and *5*8.
99*®
—
par.
goods in New York; as to the latter, fair prices were realized,
Five francs
92 ®
94
Mexican dollars..
85 ®
86
and upon the whole, confidence in staple cotton goods was X X Reichmarks. 4 74 ® 4 78
Do uncommero’l.
X Guilders
3 96 ® 4 OO
84*®
Peruvian soles....
78*»>— 79
8pan’hDoubloons.l5 55 ®15 70
strengthened.
Mex. Doubloons.. 15 55 ®15 65
English silver.... 4 78 ® 4 84
The West Shore factions have not yet reported an agree¬ Fine sliver bars
U. 8.trade dollars
84*®
85*
1 08*4® 1 09
Fine gold bars....
99* a par.
par® * prem U. S. silver dollars
but
does
not
to
be
enough
difference
between
ment,
there
seem
Dimes & * dimes.
99*® par
the two principal plans now suggested to prevent an amicable
United States Bonds.—Government bonds have been quite
merger of them into one, if a fair spirit of concession prevails unusually active the past week, with the prices for the 4a and
among the several interests represented; with this long-impend- 4s a little lower, though the 3s continue to advance.
The closing prices at the N. Y. Board have been as follows:
cloud removed the railroad atmosphere will be much clearer.
In regard to our comments last week upon the trunk line
Interest May
May
May
May
May May
14.
15.
12.
13.
Periods.
9.
11.
situation during the winter, it might have been said that west
—
—
—
—
—
—
—
—
..
—
—
•
from Buffalo
Vanderbilt
with
one
sible for
two
interests controlled the whole situation—the
interest, with three lines, and the Grand Trunk,
line.
One
or
both of these must have been respon¬
carrying freight and
passengers at non-paying rates.
How the Vanderbilt roads have fared is well known, but how
fared the Grand Trunk of Canada ? The following figures will
show
4*8,1891
4*s, 1891
4s, 1907
4s, 1907
3s, option U. 8
69,our’cy,
69,cur'cy,
6s,our’cy,
es.cur’oy,
*
1883.
Decrease.
£65 7,752
£167,788
July 1 to December 31
£489,964
1885.
1884.
January 1 to March 31
£118,297
£189,685
£71,388
£608,261
£847,619
£239,358
Total nine months
*122
*122
103
Ill*
112*
121* 121* 1 121* 121*
121* *1 21* 121* 1 121* ! 121*
*122
103
,
103*
10310
1< 3* ! 103*
*129
*129* *129
’95—reg. J. A J. *127* *127* *128
*130* *131 * 1*131
*129* *130
*96—reg. J. A J. *129
’97—reg. J. A J. *131* *131 *132 *132 *131* ’*131*
*98....reg. J. A 3. *133* *134* *134* 134* *134* *134*
This is tbe price
NINE MONTHS.
1884.
Q.-Jan.
Q.-Jan.
Q.-Feb.
6s,onr\w. ’99.. .rer. J.
:
NET EARNINGS FOR
reg. Q.-Mar. *111* *111* *111* 111 ®8 *111*
Q.-Mar. *112* 1J 2* 112* nr?* *112*
oonp.
reg.
coup.
reg.
A J. *135* *135 * *135*
136* *136* *136*
bid at the morning board; no tale was made.
State and Railroad Bonds.—The sales of State bonds have
relatively large, as follows: $3,000 Alabama, Class A, at
90; $4,000 Tennessee 6s, new, at45$@46$: $14,000 do., old,
at 46$; $10,000 Georgia
7s, new, at 105$; $10,000 North
Carolina 6s, 1919, at 109$; $11,000 do. consol. 4s, at 87$@87$;
been
$1,200,000 net, and
now the dispatches from Toronto say:
“The Grand Trunk
Railway Company invite subscriptions to an issue of £200,000
of perpetual 5 per cent debentures.
The proceeds will be
mainly applied to the payment of interest-bearing liabilities.”
Rates for call loans during the week on stock and bond
collaterals have ranged at $@1$ per cent, and to-day at $@1 per
Prime commercial paper is quoted at 3$@4 per cent. \.
cent.
The Bank of England weekly statement on Thursday showed
a gain in specie of £546,707, and the percentage of reserve to
liabilities was 50 9-16, against 50 7-16 last week; the discount
rate was reduced from 3 to 2$ per cent.
The Bank of France
gained 4,990,000 francs in gold and lost 1,221,000 francs in
$55,000 do., special tax, at 5$@5; $5,000 South Carolina 6s,
non-fundable, at 3$; $7,000 Louisiana consols, at 75; $21,500
do., ex coupon, at 63@64$.
The market for railroad bonds has been quite active, and the
tone of prices generally irregular.
The speculation in Erie
2ds has been considerable, with the price weak.
They close at
52$, against 53$ last week; West Shore 5s close at 30$>
against 30$; Louisville & Nashville ten-forty 6s at 72, against
66; do. trust bonds at 89$, against 84; Kansas Pacific 1st
consols at 98$, against 96$; Missouri Kansas & Texas gen. 6s
at 75$, against 74$; do. gen. 5s at 61, against 59$; Missouri
Pacific 1st consols at 98$, against 96$; Atlantic & Pacific lsts r
at 72, against 71$; Metropolitan Elevated lsts at 111$, against
109$; do. 2ds at 99$, against 96f; Denver & Rio Grande lsts at
98$, against 95; do. 1st consols at 57$, against 52$.
silver.
The New York
of
Here is
a
loss in nine months of about
Railroad and
Miscellaneous
Stocks.—At tbe beginning
a fair
Clearing House banks, in their statement of degree of strength, stimulated by the settlement of the West¬
May 9, showed an increase in surplus reserve of $160,075, ern railroad troubles and assisted by the covering of shorts.
the total surplus being $55,300,725, against $55,140,650 the On Monday,
however, the Vanderbilts were attacked and de¬
clined quite sharply, especially Lake Shore, rumors being
previous week.
The following table shows the changes from the previous revived of forthcoming poor statements of earnings, and this
week and a comparison with the two preceding years in the weakness more or less affected the whole market, which has
been irregular ever since, with tbe tendency generally weak
averages of the New York Clearing House banks.
and the fluctuations from day to day being quite large.
1885.
1884.
Differ'netsJr'm
1883.
Although the war in rates among the Western trunk lines
Previous Week.
May 9.
May 10.
May 12.
seems to be fairly settled, cutting still continues east of Chi¬
Loans and dls $299,100,800 [no .$2,484,406 $333,424,100 $315,451,000
cago, and this fact has had much to do with the weakness of
58.811.7U0
113.037,000 Inc. 1,552,800
60,022,00<.»
Specie
the Vanderbilts.
Except for this weakness and a sharp decline
Circulation
10.797.500 Dec.
17,300
10.2a8.40
14,190.2 X
Not deposits.
361,908.700 luc 3,559,300 329,822,200 303,597,10” in Lackawanna, the market might have shown a fair degree of
32,740,90u Dec.
502,900
28,069.300
20,881,100
Legal tenders.
strength, as there have been no other developments of import¬
Legal reserve $90,177,175 fnc. $889,825 $82,455,550 $75,899,275 ance calculated to depress prices.
Reserve held.
145,777,900 Ino. 1,019,900
86,911,000
our
week
on
Saturday, May 9, tbe market showed
..
80,903,100
The
cause
for the decline
in
Lackawanna
is
not
very
apparent, though it has been variously attributed to selling of
long stock by the pool which has manipulated it for so long a
Exchange.—The limited supply of bills, and possibly the time, and to rumors of trouble in the coal combination* It
sale of some stocks for London account, created an improved went below
par on Thursday, but has since reacted a little.
demand for sterling exchange,**and rates have been quite strong.
Louisville & Nashville stock and bonds have been strong,
Posted rates were advanced £ cent on Monday, and a further the improvement being attributed to a favorable decision
advance of $ cent was made by some drawers on Tuesday. The which frees the road from liability in connection with Tennessee
rise has drawn attention to the matter of gold shipments, but State bonds, and also to the fact that net earnings have recently
no heavy exports
of specie are looked for in the immediate made so good an exhibit.
futui*e, unless circumstances should arise which are not now
To-day, Friday, the stock market was much steadier, and
foreseen.
the tone generally strong.
Lackawanna, New York Central,
To-day the rates on actual business were as follows, viz.: Michigan Central and Long Island showed the best advances
Bankers160 days’sterling, 4 87$@4 87$; demand, 4 89$@4 89$. at the close.
;
$55,300,725 [nc.
•
.
•
.
Surplus
-
•
•
$160,075
$1,455,450
$5,o03,825
ri
'
.
NEW YOKE
STOCKS.
Saturday,
May 9.
RAILROADS.
*132
Albany & Susquehanna
Boston & N.Y. Air-Line,
Burlington Ced. Rapids
Canadian Pacific
Canada Southern
pref..
& No..
Tuesday,
May 12.
Chicago A Alton
Chicago Burlington
Chicago Milwaukee
Do
A Quincy.
A St. Paul
pref.
Chicago A Northwestern
Do
pref.
Chicago Rock Island A Pacific
Chicago St. Louis A Pittsburg.
pref.
Do
Chicago St. Paul Minn. A Om.
pref.
Do
Cleveland Col. Cin. A Indianap.
Cleveland A Pittsburg. guar...
Columbia A Greenville, pref...
A West.
Delaware Lackawanna
A Rio Grande
Dubuque A Sioux City
Denver
East Tennessee Va. A
Wednesday,! Thursday,
May 13.
May 14.
(Shares^
;
)
3734
*25%
37
26 34
35%
3534
3434 S534
29% 2934
36 34
37 %
27*4
26
28
3538
36
30
35^
36*8
30%
373.1
37%
4*4
4%
8
8
3734
3734
i,10()
8
601
Long Island
Louisville A Nashville
Louisville New Albany A Chic.
Manhattan Elevated, consol...
Manhattan Beach Co
Memphis A Charleston
Metropolitan Elevated
Michigan Central
Mil. L. Shore A West’rn, pref,
Minneapolis A St. Louis
Do
pref.
Missouri Kansas A Texas
Missouri Pacific
Mobile A Ohio
Morris A Essex
Naehv.Chattanooga A St.Louis
New York Central A Hudson..
New York Chic. A St. Louis...
pref.
New York Lack. A Western...
New York Lake Erie A West’n
Do
pref.
Do
...
Northern Pacific
72%
30
30
Oregon Short Line
Oregon A Tfans-Contlnental...
Peoria Decatur A Evansville..
Philadelphia A Reading...
Pittsburg Ft. Wayne A Chio...
.Do
' special.
Rensselaer A Saratoga
Rich. A AUeg.. stock trust ctfs.
Richmond A Danville.. 1...
Richm’d A West P’nt Terminal
Rochester A Pl'.tsburg
Rome Watertown A Ogdensb’g
St. Louis Alton A Terre Haute
pref
Francisco
pref..
..
1st pref
20%
7134
21
74
71
21
72
71%
20%
71%
29%
99%
29
29
20%
20%
72?8
3%
205
17
126
5i
303a
92%
93%
1,751
7%
7%
8%
8%
2%1
9%
5
4%
8
3%
647
20
71
20
72
Pacific Mall
Pullman Palace Car Co
Quicksilver Mining Co
pref....
Western Union Telegraph
18%
95
48%
18%
95%
*3%
*5%
*35
534
46
72%
30
i
2,050
4,862
87%
2
2
47e
47b
10%
7%
2%
6%
88
11%
125% 125%
125
125
788
19%
*5%
329,000
908
100
400
i
34
200
46
12434 125
9 %
9%
8%
52341
52 7,
52%
73%
5134
30%
6034
73%
30%
31%
30%
31%
5134
723,
3034
93%
9334
93%
93 H
94
95
95
14%
14%
49%
50
48%
48%
48%
49
48
31
31
11%
11%
26
26
1734
95%
.18%
18
18
95%
95%
95%
54%
17%
95%
18%
95%
124%124%
85
1%
8834
10%
22%
19%
87%
1%
8834
11%
22%
8334
1%
10%
85
1%
1034
2%
6%
17%
17%
39%
%
11%
20
14
97i
18
17%
17%
39%
39
%
11%
9%
9%
1334
9 34
17
3834
17%
39%
.
11%
14
9%
15%
18
95
48
20%
95%
24
94
%
10,216
48
49%
Hi
2,060
18%
95%
100
18
%
Hi
95%
83 7,
37
82 7e
1%
434
4 34
10%
10%
21
21
10%
20%
38
81%
38
84
38
%
1334
13%
9%
1834
1434
73.
7%
2%
6%
17%
16%
3S34
17
39
11
11%
14%
2%
6%
17%
7%
*2%
*6%
88%
Hi
350
10%
7e
10,050
20%
%
6 34
18
17
39
%
%
10
625
150
560
17
3,670
17
%
39%
10.690
900
1,400
535
300
9
14%
425
67
950
7%
2%
18
17
38 7e
1,700
170,624
14%
9%
*1434
1434
9%
15
14%
9%
*14%
*8
%
19,925
650
s
244
15
132% 132%
17 %
*28
80%
85%
10%
49%
46%
*2%
80%
a
46%
5634
91*%
80%
9134
81%
79
79
86%
10%
4934
86%
83%
84
49*4
5034
2%
10%
51
2%
83
10%
49%
52
110
57%
57%
77% 80%
58%
52%
52
110% 110%
84%
10%
51
82
84
118
6
10%
49%
50%
2%
51
a
1.643
1,625
144,189
200
58
58
11
11
94
93%
77
78%
94
76
96%
78
27
60
60
*934
96%
10*4
97%
76
77%
28
23
59
a
io%
97%
77%
59
58%
68%
68%
58%
95%
95%
57%
58%
100
353
69
1
115
»
7,612
20,550
93
125
1
8234 May 14
l%May 5
20
12
175
15
1034 Apr, 8
8% Apr. 29
13% Mar. 30
119% Feb. 17
19
62
110
52%
110%!
140
*140
150
*118
140
145
*118
44
44
58%
53%
95%
96%»
107
52%
52%
53
110%
20
140
*118%
Maryland Coal,.,
New Central Coal
Ontario silver Mining
20
20
Standard Mining
bid and asked; no sale was
Jan.
2
Jan.
2
May
1
8
Apr. 30
May 12
17% May
30
79
21
Feb. 26
7
7934 Jan. 2
9% Apr. 8
41
Mar. 21
77% Feb.
2
Apr. 30
7
10
51
2
8
80
made at the Board.
22%
22%
149%
35
21% 38%
8034 100
91% Feb. 25'
38
Feb. 24i
65
4%
8
62
May
33
Jan. 27
3%
1 85
20
Jan.
48
288
Jan.
420 1 04% Jan.
10
64
10
35
79
24
40
105
94%
44
l34Jan.
19
12
21
15
23
9%
13
6%
1
4
7%
127%
58'
122%
10%
ii28%
71%
17%
7
6
Mar. 16
36%
13% 100%
2 l'
Feb. 20
85
7%
.7
1%
4%
]
iaih
18
#
;
'
£
2
Jan. 14
Mar. 19
1
5
ffi
8% 24:
Apr. 27
6% 34%
Apr. 29
7
17%
15% Feb. 27
60%
19
Jan.
1
2
135
*
133
May 11 11
129% Apr. 20
146%
143
Apr. 30 13
5
2% Jan. 17
.2%
61J
64
Mar. 9
3
32
26% Mar. 11
1
4
Mar. 6
l7f 16%
24
19
Feb. 20
1
50
25
Feb. 26
1
7
■
21
Feb. 25
1
3934 Jan. 8
2
87% Jan. TO
7
32%
24
Feb. 27
1
90
82
6
May 14
99
90% Mar. 16
7
5% 22%
13% Feb. 26
84%
61% Feb. 10
2
19%
6% Jan. 7
32
14
Jan. 12
ft.
34
77
May 7
May 14
Jan.
...
61%
127%
17%
4
8
Feb. 21
May 15
Apr. 15
...
114"
6
Apr. 30 12
170
65%
Feb. 20
112
Apr. 30
Mar. 9
6
3
9
9<
Mav
57%
Mar. 30
117
6%
2
84
6334 Feb. 10
4
78%
2 1 38
Apr. 30
3, 97% May 4|
21 55 Apr. 71
2 1 11 Apr. 16.
12
2
....
3
Jan. 30
Jan. 30
87% Jan.
86
20%
6% 19%
59% 104%
62
78%
22% 61%
30
8
200
51
140
70
9
8
2534 Feb. 26
19% Feb. 26
2
3
1 10
6
3
51
8%
30
95% Feb. 25
Feb. 28
8%
14%
4%
Mar. 3
Mar. 20
12% Jan.
82
52
3
10!
Mar. 24
141
33
86% 133%
6% 25%
O'
15
Feb. 12
Mar.
69%
28
o' 1 .25%
4% Apr. 22
4
Jan.
-
81 %'124
Feb. 25
20
60
53% Jan.
30
67% Mar. 20 78 Jan. 8
Mar. 19
Jan. 29 1 52
300
May 15 22% Feb. 27
1 % Feb. 5
1% Mar. 10
May 13
86 1 40
May 13 1 40
Mar. 17
22% Mar. 4 26
45
May 12
Jan. 22 1
117 1 22
18
Mar. 3
15
Jan. 10
16
19
118
Apr. 25
Jan.
1
Apr. 15!
40
Feb. 13 46
200
Feb. 27
19
Feb. 9 20
10
Jan. 30 11 % May 6
8
Mar.
25
7% Apr. 6
7
Feb. 25
5% Apr. 18
Feb. 7 22% May 15
17
300
1 % Mar. 26
1% May 6
1 47
20
—
95%' 119
29
Jan.
3 1334
Mar. 21 98
66% Jan. 22 86%
35
Apr. 30 135
21
140%
127%
58% 94%
6
Mar. 28
Jan. 27
May
15
28
17
9%
6%
16%
30
Jan.
Feb.
5
22 % Apr.
Jan. 17
May
Jan.
2 190
Jan. 17
67%
5
6
1434Jan.
36% Jan. 29
•% May 8
10% May 4
8
May 8
14% Mar. 21
30
Feb. 27
Mar.
5
l%Jan. 12
4% Jan. 27
17% May 13
37%
12
16
90
8
11
19
2
634 Apr. 14
58%
57%
24%
126%
13%
5% Jan. 8
934 Feb. 17
89% Apr. 24
Mar. 25
84% Jan.
9 3y May
30
25,240
50
39
80%
11634 Mar. 14
69% Jan. 29
46% Mar. 21 62%
28,410
1,216 ] 07% Jan. 2 1 ,20
4%
3% May 13
170
l
4
135
90
80
30
Jan. 14
Mar. 14
119% Jan. 17 127
88% Feb. 17
84
Jan. 16
8% May 14 14% Feb. 24
17
Feb. 21
4% Apr. 213
50a4 May 12 67 % Feb. 25
62
Jan.
2 743, May 15
22
Jan. 16 33% Feb. 27
11% Jan. 6 27 % Feb. 20
65
Jan. 15 95% May 14
11% Jan. 3 15 % Apr. 20
Mar. 7
27% Jan. 15 44
90
Jan.
2 9334 Jan. 30
46% May 7 64% Feb. 2 4
30% May 6 3434 Feb. 26
Feb. 26
10% Jan. 26 13
25
Jan. 16 29 % Feb. 20
14% Jan. 22 19% May 1
89% Mar. 21 97% Feb. 10
9% Feb. 25
7 % Jan.
7
H434 Jan. 2 12 434 Apr. 30
33
7 42% Feb. 27
Jan.
2,200
9
126
Mar. 2G
44% Jan. 19
5
82
81
10%
50%
20
150
Jan.
6% May
27
5834
6
106
100
100
110
30
75
76
76% 76%
75% 76
75% 75%
74% 74%
74% 75%
54
54?
53% 54
53% 54%
53% 54%
54% 55%
6134 55%
118
118
118
118
118
118
118
118
119
119
117% 120
41
4%
3%
3%
68%
Jan.
1
3
11
Feb. 12
13% Mar. 12
41% Mar. 9!
36
Feb. 25
6% Feb. IO;
12% Feb. 261
8
Jan. 15!
138% May 6\
125% Mar. 14!
76% Jan. 12
108
Mar. 27
9834 Apr. 13,
134
Feb. 26
14L
i 1 20
234 Jan. 15
4% Jan. 2;
37% Jan. Ill
17
15
Consolidation CoaL
Homestake Mining Co
Apr. 3()
2% Mar. 11
17%
56%
'
’
Feb.
82% Jan. 25>109% Mar.
10
Jan.
4% May :
55
High
44% Jan. 3!
35
Feb. 20;
Jan. 3:
Mar. 9
136% Jan. 29
134 Fel). 28
3
30
Canton Co
These are the prices
May
65
9
Jan. VJ
150
100
17 7j
32
85%
10%
50%
2
2
120
143
•
Columbus Chic. A Iud. Centr’l
Joliet A Chicago
Louisiana A Missouri River
*140
New York Elevated
*
69
23
134
4
4%
10%
9,625
3,920
52
121% 121%
143
20%
117,363
5,288
40,478
52%
73
25
8234
*1%
4»4
8%
*14%
133
130% 130% 133
48
32%
%
34
34
72-\
32%
186% 187%
.8
17%
450
8%
19%
19%
7%
18
13»4
9%
J34
560
72%
31%
51%
72
190
18
20
6
7
7
22
2
2
7
23
2
18% Apr. 2
14
Sandusky A Cleve
Virginia Midland
Watren...
7
1 30
Wells, Fargo A Co...T
INACTIVE STOCKS.
Atchison Topeka A Santa Fe
Chioago A Alton, pref
Apr.
1,900 11934 Jan.
2,667 105 Jan.
EXPRESS.
Adams
American
United States
Mar. 2 5
26% Jan. 3 1
133% May
90 34 Feb.
190% Jan. 21 200
37
86%
88
6
3%
3%
12234 12234
Do
CiuCiimati
31
6% Mar. 3
J34
2%
20%
99% 102
pref.
1RISCELL4NEOUS.
Oregon Improvement Co
Oregon Railway A Nav. Co
May 7
934 Mar. 2 3
7
Feb. 1 8
Apr.
4% Apr.
Jan.
128
6,114 115% Jan.
233,900
663b May
2,010 102 Jan.
196.006
84% Jan.
Do
American Dist.Tel
American Tel. A cable Co
Bankers’A Merchants’Tel....
Colorado Coal A Iron
Consolidated Gas Co
Delaware A Hudson Canal
New York A Texas Land Co...
23
3
58
*118
*118
Da
Texas A Pacific
Union Pacific
Wabash St. Louis A Pacific
11,592
3534 Apr. 2 4
3
72
30 34
48%
58
60
St. Paul A Duluth
pref
St. Paul Minneap. A Manitoba
5%
Low.
Highest.
Feb. 9
88 * Mar. 2 5
57
Feb. 4
14% Jan.
104% 104% 105% 103% 104% 101% IO334
6
6
6%
6%
6%
6%
*512
6%
103 7e
%
10%
Ohio Central
Ohio A Mississippi
Ohio Southern
Do
St. Louis A San
Do
Do
20 34
20%
713*
39
pref..
-
Lowest.
15
19
A New England ....
New Haven A Hart. *187
Ontario A Western.
Susq. A Western
Do
pref.
Norfolk A Western, pref
4
7%
4%
35%
122
12134 122
122% 122% 12178 122% 121ia 122
68 34 69%
69%
68 % 69»4
68*2 69^4
694* 70*8
105
105
105% 105 Ha 105% *104% 105
10434 106
104% 105
9334
92% 933^
94
9334 94 V 93% 94%
93 % 95%
953,
127
128
127% 127% 128 :
129
128
128^ 128
112% 112%
113
113
112% 113% 112% 112% 112% 113
lino 4 p. ct.
Indiana Bloomingt’n A West’n
Lake Erie A Western
—
7*j
7%
35 %
30
138
122 7a
68% 69%
*124
Lake Shore
7H*
34ia
30
rl 36
122
Evansville A Terre Haute
Green Bay Winona A St. Paul.
*200
Harlem
17
Houston A Texas Central
Illinois Central
Do
leased
2934
For Full
Year 1884.
Range Since Jan. 1, 1885.
b
124
37*4
27%
pref.
Do
f
90%
*63
*57
3%
Ga
0
13i
90*2
30
1st pref....
2d pref....
Bo
Do
Do
Monday,
May 11.
Sales
PRICES.
AND LOWEST
Minnesota
Ceutral Iowa
Ceutral of New Jersey
Ceutral Pacific
Chesapeake & Ohio
NewYork
New York
NewYork
New York
FOR WEEK ENDING MAY 15, AND SINCE JAN. 1, 1885.
STOCK EXCHANGE PRICES
HIGHEST
Cedar Falls
691
THE CHRONICLE.
1685.]
May 16,
8’
4i
9J
65
145
21
13”
11
Ilf
If
137
102
61%
115
80%
152
2i
lM '
130
121
12!%
40
It
23%
31
•
11
15
t
%
f
14
1
£
.
T.%
.
CHRONICLE
THE
592
[VOL. XL,
QUOTATIONS OF STATE AND RAILROAD BONDS, MAY 15, 1885.
STATE
Bid.
SECURITIES.
Alabama—Class A, 1906.
Class B, 6s, 1906
Class C, 4s, 1906
83
103
85
106
6s, 10-20s, 1900
Arkansas—6s, funded
7s, L. Rock & Ft. 8. iss. *io‘*
10
7s, Memp.A L.Rock RR
10
7s, L. R.P.B. AN.O.RR
10
7s, Miss. O. A R. R. RR.
2
7s, Arkansas Cent. RR.
.
Bid.
SECURITIES.
Ask.
1
Ex-matured coupon—
88
Missouri—6s, 188b
!
6s, due 1889 or 1890....
,
7s. 1886
Asyl’m or U niv.. due ’92
Funding, 1894-95
Hannibal & St. Jo., ’86.
...1 New York—6s, reg., 1887
6s, loan, 1891
5
1
6s, loan, 1892
101
6s, loan, 1893
IO434 105 V N. Carolina—6s, old, J. AJ.
7S, gold, 1890
111
Oeorgiar—6s, 1886
8
1
1
114
(
Funding act. 1900
Ask.
75
63 34
104
112
Louisiana—7s, eons., 1914
*64 V
Bid.
Ask.'
6s, 1919
Ohio—6s, 1886
105)4
South Carolina—
6s, Act Mar. 23, 18691
on-fundable, 1888.)
Brown consol’ii 6s, 1893
5
I
*8*7 *V *8*7 V
109
106
! Ask.
C’mp’mise,3-4-5-08,1912
Virginia—6s, old
6s,
6s,
6s,
6s,
110 V
Q
1866
consol, bonds
new,
ex-matured coupon.
consol., 2d series
6s, deferred
A
—
Ask.
46
47
53ia
54ia
39
39
80
50
50
5
50 34
District of Columbia—
n
Tennessee—6s, old,1892-8
6s. new, 1892-8-1900 ...
Bid.
SECURITIES.
| Tennessee—Continued—
6s, new series, 1914 ....
18
4V
bonds, J.AJ., ’92-8
Special tax, all classes..
New
115
113
103
Bid.
SECURITIES.
Ask.1
N. Carolina—Continued—
RAILROAD
SECURITIES.
Bid.
SECURITIES.
Do
Wil.C.ARu.R.
Consol. 4s, 1910
113
115
117
30
11
....
BONDS.
107 V 108 V
46
46 V
46
47 !
3-65s, 1924
Registered
Funding 5s, 1899.
113
.
110
BONDS.
Bid.
SECURITIES.
Ask.
Bid.
SECURITIES.
Ask.
Metrop’Iit’11 El.—1st, 1908 111V 1113s Penn. RR.—Continued99 V 100
99
99 V
Pa. Co.’s 4 Vs,Reg., 1921
2d, 6s, 1899
Pitts.C.ASt.L.—lst,c.f7s 118
Mex. Cent.—1st, 7s, 1911.
Railroad Bonds.
I
1 st M., 7s, ex-cp.,6,7,A 8 *56 V "57 V
1st, reg., 7s, 1900
2d, 7s, 1891
123
2d, 7s, 1913
Mich.Cent.—Cons.7s,1902 123 V
Bonds, 7s, 1900
[Stock Exchange Prices.)
106 V
122 |
Pitts. Ft.W.A C.—1st,7s *139 V 141V
7s of 1871, 1901
Consol., 5s, 1902
136 1137,
127
2d, 7s, 1912
6s, 1909
Atch.T.AS.Fe—4Vs,1920
1st, consol., guar., 7s.. 126
130
3d, 7s, 1912
N.Y. Lack.A W.—1st, 6s 121 V 1221*2
Coupon, 5s, 1931
Sinking Fund, 6s, 1911.
125
97
72
V 98
Clev.APitts.—Cons.s.fd.
71
Atl. A Pac.-lst, 6s, 1910.
Registered, 5s, 1931....
Construction, 5s, 1923
Jack.Lan.A Sag.—6s,’91
4th, s. fd.. 6s, 1892.... 111 1112
Del. A Hud. Canal—1st, 7s 115 I
Balt.AO.—1st, 6s,Prk.Br. *117V
107 V
Milw.A
No.—1st,
St.L.V.AT.H.—lst,g.,7s 120
Bur.C. Rap. & No.—1st, 5s 107
1910
6s,
1st, ext., 7s, 1891
117
96
2d, 7s, 1898
1st, 6s, 1884-1913
Consol., 1st, 5s. 1934 ...
Coupon, 7s, 1894
113
10130
Mil.L.S.AW.—1st,6s,1921 101
Mtnn.ASt.L.—I8t,7s.gu.' 130
2d, guar., 7s, 1898 .... 111
Registered, 7s, 1894 ....
108
100 V Pitts. Cleve. A Tol.—1st,6s *106
136
Mich. Div.—1st, 6s, 1924
la. City & West.—lst,7s:
1st, Pa. Div., cp.,7s,1917 135
Minn. A St.L.—1st,7s,1927
Pitts. June.—1st, 6s, 19221
C. Rap. I.F.A N.—1st, 6s 107
1st, Pa. Div., reg., 1917.
95
Rome W. A Og.—1st,7s,’91 *107
96
Iowa Ext.—1st, 7s, 1909
Alb. A Susq.—1st, 78
1st, 5s, 1921
lioy.
72 V 72V
101 v
Con., 1st, ext., 5s, 1922.
2d 7s 1885
Bnff.N. Y. A P.—Cons., 6s
2d, 7s, 1891
S’thw.Ext.—1 st, 7s, 1910 *11334 H4V Rocli.APitt.—1st, 6s, 1921 110
General, 6s, 1924
1st, cons.,guar.7s,1906 127 V 128
!....
93V 94
97
97
Pac. Ext.—1st, 6s, 1921. *100
Consol., 1st, 6s, 1922
Can. So.—1st, int. guar. 5s
1st, cons., gu., 6s, 1906: 111 VI12
53
74 V1 7534 Rich. AAlleg.-lst,7s,1920
66
70
Mo.K.A T.—Gen’l,6s,1920,
Rons. A Sar.—1st, cp.,7s *
140
2d, 5s, 1913
60
102
V 61
Rich. A Danv.—Cons.,g.,6s
General, 5s, 1920
1st, leg., 7s, 1921
Reg., 5s, 1913
63 V
108 jlOSV
98
100
95
Debenlure 6s, 1927
Denv.A Rio Gr.—1st, 1900
Central Iowa—1st, 7s,’991
Cons., 7s, 1904-5-6
60
77
57 V
56
57
59
Atl.ACh.—1st, nr.,7s,’97 111
East. Div —1st, 6s, 1912
Cons., 2d, income, 1911.1
1st, consol.. 78, 1910
82
77 j
I
H. A Cent. Mo.—1st, ’90 *103
Ill. Div.—1st, 6s, 1912.. ”50
Incomes, 1900
Den.So.Pk.APac.—1st,7s. *70
45
39
3934' Mobile A Ohio—New 6s.. 106 !106 V Scioto Val.—1st, cons., 7s.
Den.ARioG.West.—1st,6s
Chesapeake A Ohio—
50
55
St. L. A Iron Mt.—1st, 7s. 114V 115
Pur. money fund. 1898.. 109
Collater’l trust, 6s, 1892
Dot.Mack.AMarq.—1st,6s
107
108
2d, 7s, 1897
Land grant, 3Vs, S. A...
1st, Extension, 6s, 1927
6s, gold, series A, 1908 .
59
107
Arkansas Br’ch—1st, 7s 11034
E.T.Va.AG.—lst,7s,1900t i*15"
0e, gold, series B, 1908 t
Morgan’s La. A T.—1st, 6s
110
46
18
Cairo A Fulton—1st, 7s.
1714
I
46V
34
1st, 7s, 1918
08, currency, 1918
1st, cons., 5s, 1930
121
95
106V
70
Cairo Ark A T.—1st. 7s. 106
asli.Chat. A S
Divisional 5s, 1930t
Mortgage bs, 1911
71V 72
’62
70
Gen. r’y A1. gr., 5s, 1931
Ches.O.AS.W.—M. 5-6s..
Eliz.C.A N.~ S.f.deb.,c.,6s
2d,"6s, 1901
114
St.L.AltonA T. II.—lst,7s
N. Y Central—6s, 1887... 106 V
Chicago & Alton—
1st, 6s, 1920
107
85
104V 107
86V
Deb. certs., ext’d 5s
1st mort.. 7s, 1893
119 119 V Eliz.Lex.A Big Sandy—6s
2d, prof., 7s, 1894
136
124
136
V
N.Y.C.A H.-lst, cp., 7s
2d, income, 7s. 1894 .... *96
Erie—1st, extended, 7s...
Sinking fund, 6s. 1903. *117
134 V 135 I
110
Bellev.A So.Ill—1st, 8s
La. & Mo. Riv.—1st, 7s. *121
1st,reg., 1903
2d, extended, 5s, 1919 .. 109
112
1 St.P.Minn.A Man.—1st,7s
IO434!
Deb., 5s, 1904
2d, 7s, 1900
3d, extended, 4 Vs, 1923. 103
111V
!
St.L. Jack. AChio.—1st1 11734
Hud.Riv.—7s,2d,s. f.,’85 103 V
2d, 6s, 1909
4th, extended, 5s, 1920. 106V!......
134 VI
109
110
Dakota Ext.*-6s, 1910.. 112
Harlem—1st, 7s, coup
1st, guar. (564), 7s,’94 *117 V
5th, 7s, 1888
106
5a ib*7
13234 133 V;
11434
1st, 7s, reg., 1900
1st, consol., 6s, 1933
2d, (360), 7s, 1898
125
1st, cons., gold, 7s, 1920. 114
N.Y.Elev’d—1st, 7s, 1906 120 V 121
1st, consol., 6s,reg.,1933
2d, guar. (188), 7s, ’98
1st, cons., id. coup., 7s .. 104 ,110
108
Min’s Un.—1st, 6s, 1922
N.Y.P.AO.—Pr. l’n, 6s,’95
Miss.R.Br’ge—lst,s.f.6s
Reorg., 1st lion, Os, 1908
39 i 40
118
St.P.A DuL—1st, 5s, 1931 103
Chic.Burl.A Quincy—
N.Y.C.AN.—Gen.,6s,1910
Long Dock b’nds, 7s, ’93 116
»
i04»4
( 40
Consol. 7s, 1903
133«8 13414
Trust Co. receipts
So. Car. R’y.—1st. 6s, 1920 *
Buff.N.Y.AE.—1st,1916 129
N.Y. A N. Engl’d—1st, 7s_ *115 ;117
N. Y.L.E. AW.-New2d6sj
2d, 6s, 1931
5a, sinking fund, 1901.. lOoia
Slionand’liV.—1st,7s,1909
9914! 99ia
Collat’l trust, 6s, 1922.
6s, debentures, 1913—
1st, 6s, 1905
.’ *107
76V1 77
la. Div.—S. fd., 5s, 1919 107
Buff. AS. W.—M.,68,1908
N.Y.C.ASt.L.-lst,6s,1921
General, 6s, 1921
55
105
95
I....
Tex.Cen.—1 st, s.f.,7s,1909
Ev. A T. H.—1st, cons., 6s1
2d, 6s, 1923
Sinking fund, 4s, 1919
55
94
30
I
95
96
Denver Div.—4s, 1922..
N.Y.W.Sh. A Buff.—Cp.,5s
let, 7s, 1911
Mt.Vem’n—1st, 6s, 1923
87
Plain 4s, 1921
30»4 Tol. Del.A Burl.—Main, 6s *10
Fl’tAP.Marq.—M.68,1920 *11334 114V
Registered, 5s, 1931
53
98
N.Y. Susq.A W.—1st, 6s.f
CJR.I.&P.—6s, cp., 1917. 130
Gal. Har. A S. Ant—1st, 6s
1st, Dayt. Div., 6s, 1910 *10
100
129V
Debenture, 6s, 18971...
6s, reg., 1917
1st, Ter. trust, 6s, 1910. *10
2d, 7s, 1905
89
'84”
”85
34
Ext. A Col., 58,1934....
109
Tex.A N. O.—1st, 7s, 1905
MidlamVof N. J—1st, 6s
West. Div.—1st, 5s
Ill
■*8*6*'
Keok. & Des M.—1st, 5s 107
Sabine Div.--lst,6s,1912
N.Y.N.H.AH.—lst.,rg.,4s;
2d, 6s, 1931
102
65**
54
111
102
V
Central of N.J.—1st, ’901.
V Va. Mid.—M. inc., 6s,1927
N.Pac.—G.l. gr.,lst, cp.,6s
Gr’nBayW.ASt.P.—lst.6s!
99 m 99 34 Gulf Col. A S.Fe—7s, 1909 101
iioiv Wab.St.L.APac.—Gen., 6s *31V
letjcons.assent. 7s,1899t
Registered, 6s, 1921 —
54 V
78V
N.O. Pac.-lst,6s,g.,1920t
Chic. Div.—5s, 1910.....
Conv.,asBented, 7s, 1902 101i<2 103
2d, 6s, 1923....
88
92
Hav. Div.—6s, 1910
Han. A St.J.—Con.6s,1911 11634 118
Norf.AW.—Gen., 6s, 1931
Adjustment, 7s, 1903...
72
63- Houston A Texas Cent.—
Conv. debent. 6s, 1908..
Tol. P. AW.—1st,7s, 1917
New River—1st,6s, 1932
85
*51
97
OhioA Miss.—Consol, s. fd 117
Iowa Div.—6s, 1921
Leh.AW.B.—Con.g’d.as.
1st, M. L., 7s, 18911
72
116V
83
V
Consolidated, 7s, 1898..
Am.D’kAImp.—5s, 1921
Ind’polis Div.—6s, 1921.
1st, Western Div., 7s t-72
110
Chic. MU. & St. P.—
2d consolidated, 7s,1911
Detroit Div.—6s, 1921..
1st, Waco A No., 7sl
130
*85'
95
59
V
Cairo
1st,
Div.—5s, 1931
1st, 8s, P. D
2d, consol., main line, 8s
Springfield Div., 7s
70
’130
Wabash—Mort.
Ohio
Central—1st,6s.
1920
7s, 1909
•2d,
Waco
No.,
8s,1915
2d, 7 3-10s, P. D., 1898 .
A
*30
107
Tol.A W.—1st, ext.,7s. ‘105
1st, 7s,$g., R. D., 1902.1 130 131
General, 6s, 1921
1st, Torm’l Tr., 6s, 1920,
101
Houst.E.AW.Tex.—lst,7s
1st, St. L. Div., 7s, ’89.
1st, LaC. Div., 7s, 1893. 118
1st, Min’l Div., 6s, 1921
89 V 90
90
'12034
Ohio So.—1st, 6s, 1921....
1st, I. A M., 7s, 1897
2d, ext., 7s, 1893
2d, 6s, 1913
118
1st, I. A D., 7s, 1899....
Equipm’t bds, 7s, ’83.
Oreg’nA Cal.—1st,6s, 1921
Ill.Cen.—Spd.Div.—Cp. 6s
104 V
128
78
Or. ATransc’l—6s,’82-1922
Consol, conv., 7s. 1907
Middle Div.—Reg., 5s
1st, C. A M., 7s. 1903..
124
80V
82
125
Consol. 7s, 1905
Gt.West’n—1st, 7s, ’88 104 V 106
C.St.L. AN.O.—Ten.1.,7s
Oregon Imp. Co.—1st, 6s.
90
2d. 7s, 1893
1st, 7s, I.A D. Ext.,1908 122 V 124
1st, consol., 7s, 1897.. 122 V
Oreg’n RR.ANav.—1st,6s 111V 111V
1st, S. W. Div., 6s, 1909. 112 V 113
Debentures, 7s, 1887
Q.A Tol.—1st, 7s, 1890
2d, 6s, 1907
111
112
98V
101
Han.A Naples—1st, 7s
1st, 5s, LaC.ADav.,1919
Panama—S.f.,sub.6s,1910
Gold, 5s, 1951
85
90
Ill. A Soila.—1st,ex.,6s
lst,S.Minn. Div.,6s, 1910 113
Peoria Dec. A Ev.—1st, 6s
Dub. A S.C.—2d Div., 7s. *H5
*
121
123
87
1st. H. A D.,7s, 1910..
St.L.K.C.AN.—R.e.,7s
Ced.F. A Minn.—1st, 7s. *116 V 117 V
Evans.Div.—1st, 6s, 1920
112
*101
115
Chic. A Pac. Div.bs, 1910
Omaha Div.—1st, 7s.
PeoriaA
Pek.
U’n—1st,6s.
Ind.Bl.AW.—1st, pref., 7s
97
98
73
Clar’da Br.—6s, 1919
Pacific Railroads—
1st,Chic.A P.W.,58,1921
1st, 5-6s, 1909
96
57
Min’l Pt. Div., 5s, 1910.
97
112V 113
Central Pac.—Gold 6s
2d, 5-6s, 1909
St.Chas.Bge.—lst,6s
103
98
72 34
C.A L. Sup. Div. 5s,1921
No. Missouri—1st, 7s..
San Joaquin Br.—6s..
Eastern Div., 6s, 1921..
85 V
Wis. A Min. Div.bs, 1921
9534 98
West. Un.Tel.—1900, coup
Cal. A Oregon—1st, 6s *99
Indianap.D.ASpr.—1st,7s
91 :V 91V
78
Terminal 5s, 1914
Cal. A Or.—Ser. B., 6s. '99
1900, reg
1st, 7s, ox fund, coups.
99 V 100
Chic. A Northwest.—
Land grant bonds, 6s.
N.W. Telegraph—78,1904
Int.A Gt.No.-l8t,6s, gold 105 V
66
65
66
10634
66V
V
West.
Mut.Un.Tel.-S.fd.6s,
1911
Pac.—Bonds,
6s..
Sinking Fund, 7s, 1885. 103
Coupon, 6s, 1909
Consol, bonds, 7s, 1915. 136
INCOME BONDS.
No.R’way (Cal.)—1st, 6s 108 V
Kent’Ky Cent.—M.6s,1911
*97 V 98
Extension bonds, 7 s, ’85 102 V
So. Pac. of Cal.—1st, 6s.
(Interest payable if earned.)
Stamped, 4 p. c., 1911 ..
102:,4
16V 17
Atl.A Pac.—Inc., 1910—
Lake Snore A Mich. So.—
So. Pac. of Ariz.—1st, 6s
1st, 78, 1885
130
102V
V
9334
So.Pac.ofN.Mex.—1st,6s
Central of N.J.—1908Cleve. A Tol.—Sink’g fd
Coupon, gold, 7s, 1902..
10V 11
New bonds, 7s, 1886.. 103 i
E.T.V.AGa.—Inc.,6s, 1931
Union Pacific—1st, 6s.. 115V
Regist’d, gold, 7s, 1902. 129
112
15V
Land grants, 7s, ’87-89 106
Cleve. P. A Ash.—7s
Sinking fund, 6s, 1929.. 112V 114
Gr.Bay W.A St.P.—2d,inc.
20
114
.123
120
Sink, fund, 6s,1929,reg.
Buff.AErie—Newbds,7s
Ind.Bl.AW.—Con., inc.,6s
Sinking fund, 8s, ’93.. 119
*11
18
119 V Ind’sDec.A Spr’p—2d,inc.
Kal. AW. Pigeon—1st..
Sinking fund, os, 1929 | 104 V 105
Reg., 8s, 1893
Sink, fund, 5s, 1929, regj
Loll. A Wilkesb.Coal.—’88| <50
Collateral Trust, 6s... '1*0*2**
Det.M.AT.—1st,7s,1906
10
119
97
V
Do
5s. 1907
Lake E.A W.—Inc., 7s,’99
Lake Shore—Div.bonds.
Sink'g fd. deb., 5s. 1933. j
*9
25 years deb. 5s, 1909 ..!
9534 96
Kans.Pac.—1st, 6s, ’95 112
Consol., coup., 1st, 7s. 128 1129 V
Sand’ky Div.—Inc.,1920
14
‘110
126
112
114
EscanabaA L. S.—1st,6s *110
V
127
Laf.Bl.AMun.-Inc.,7s,’99
1st,
6s,
1896
Consol., reg., 1st, 7s
‘124
80
Des M.AMin’ap.—1st,7s *124
109
Denv. Div.6s,ass..’99 108
Mil. L. Sh.A W.—Incomes
Consol., coup., 2d, 7s.. 115V 116
115 V 115V
49
98
1*3*6
Iowa Midland—1st, 8s.. ‘125
9834 Mob. A O.—lst,prf.,del>en.
Consol., reg., 2d, 7s
1st, consol., 6s,1919.
125
*120
*102
22V
V
Peninsula—1st, conv.,7s
C.Br.U.P.—F.c..7s,’95
2d, pref., debentures....
Long Isl. RR.—1st, 7s,’98
107
'93”
Chic.A Milw’kee—1st,7s 126
3d, pref., debentures—
At.C.AP.—1st,6s,1905 *92
1st, consol, 5s, 1931
Win.A St. P.—1st, 7s,’87 106 V 107 V Louisville A Nashville—
At. J. Co. AW.^lst, 6s *90
4th, pref., debentures...
125
125 V
118V
91V '92*' N.Y. LakeE. A W.—Inc.,68
2d, 7s, 1907
Consol., 7s
Oreg. Short-L.—1st, 6s
98
100
96 V
Mil.AMad.—1st,68.1905 114V
Ut. So.—Gen.,7s, 1909
Ohio Cent.—Income, 1920
Ceciliau Br’ch—7s, 1907
89
92
Ott. C. F. A St. P.—1st,5s 10134 102 i
90
Min’l I)iv.—Inc.,7s,1921
N.O.A Mob. -1st,6s,1930
Exten., 1st, 7s, 1909
22
98 34 98 V Ohio So.—2d inc., 6s, 1921
70V 75
C.C.C.A Ind’s—1st, 7,s. fd 121
121V
Mo. Pac.—1st, cons., 6s.
2d, 6s, 1930..
‘121
100
123
>V
107
109
Consol. 7s, 1914
111
'*121
V
V
E.H.AN.—1 st, 6s, 1919.
PeoriaD.A Ev.—Inc.,1920
3d, 7s, 1906
30
‘118
124
94 V 95 V
Consol, sink, fd, 7s,1914 *118
Pac. of Mo.—1st, 6s... 105 V
General, 6s. 1930
Evausv.Div.—Inc., 1920 *
45
General consol.. 6s,1934
109
Roch.APittsb.—Inc.,1921
Pensacola Div.—6s,1920
2d, 7s, 1891
■'3*3*'
98
97
Chic. St. P. Min. A Om.—
98
St.L. A S F.—2d,6s, Cl. A
Rome W. A Og.—I no., 7s.
St. L. Div.—1st, 6s, 1921
29
113
96 V 97
Consol. 6s, 1930
45*6
So. Car. Ry.—Inc.,68,1931
2d, 3s, 1980
6s, Class C, 1906
30
*119
26
97 V 98
Nashv.A Dec.—1st, 7s..
6s, Class B, 1906
St.L.A.A T.H.
Div.bds
C.StP.AM.—lst6s,1918
bo**
No. Wis.—1st, 6s, 1930.
FREE LIST.
S. AN. Ala.—S.f.,0.8,1910
1st, 6s, Pierce C. A O..
110
StP.A S.C.—lst,6s,1919 ii9 "
Louisv. C.A L.—6s, 1931
Cin.ASp.-l8t,C.C.C.AI,7s
Epuipment, 7s, 1895.. 107
110
88
89 V
Chic. A E.I11.—lst,s.f.,cur. 113V 114
Gen’l mort., 6s, 1931..
Trust bonds, 6s, 1922...
1st, guar'L. S.A M.S.,7s
99 V 99 V
70V 72
Consol., 1st, 6s, 1934
So. Pac.of Mo.—1st, 6s 104 V 105
Consol.Coal.—Conv.6s,’97 *104 V 105
10-40, 6s. 1924
102V
77 V 80
66
Chic.St. LAP.- 1st,con.5s
70
L.Erie AW.-lst, 6s, 1919
Cum. A Penn.—1st, 6s,’91,
Tex.APac.—1st, 6s,l905 107 V
75 V
Chic. A W.Ind.—1st, s.f.,6s
2d, 6s, 1888
Consol., 6s, 1905 t
Sandusky Div.—6s, 1919
61
60
V
Gen’l mort., 6«, 1932
104 V 106*' Laf.Bl.A M.—1st, 6s, 1919
68
70
34
35
Income A id. gr.,reg..
Col.C.AIr.Co.—1st, con.,6s!
95
52
Col. A Green.—1st,6s,1916
Louisv.N. A lb. AC.—1st,6s
RioG., 6s, Aug. cp. on
5334 Des M. A Ft. D.—1st, 6s..
66
67
Do
ex Aug. cp.
General mort., 6s, 1914.
48V 49
Ft. W. A Denv. C.—1st, 6s
2d, 6s, 1926
j ’**74
*74 V 75
76
Col. H.val. A Tol.—1st, 5s
75
90 V 90V
*43
Gen. mort. A Ter. 6s..
““
Lou. N. O. A Tex.—1st, 5s
i Fargo A So.—1st, 6s, 1924 *50
DeL L.A W.—7s, conv.,’92
Mauhat.B’ch Co.—7 s,1909
lGalv.H.AH.of’82—lst,’5s *50
Pennsylvania RR.—
Pa.Co. ’s guar.4 Vs, 1 st,cp 100
100V Warren.—2d, 7s
*118
Mqjrtgage, 7s, 1907
1 135
N.Y.AM.B’h—lst,7s,’97
Del. L. A W.—Con till’d—
Syr.Biug.AN.Y.—1st,7s
Morns A Essex—1st, 7s.
130
138
*114
’130
...
—
.
..
—
'
v!"30V
....
.....
******
....
*
,
r
.
..
m
•
•
m
..
...
w
,
..
.
—
......
—
r
r
..
...
...
*
'
...
...
...
'
No prices
Friday; these
are
latest quotations made this week.
t Coupons off.
---T
May
THE CHRONICLE.
16, 1886.]
Quotations in Boston, Philadelphia and Baltimore.
Bid.
SECURITIES.
BOSTON.
Atch. & Topeka—1st,
Land grant, 7 s
a
„
.1 123
7s
Boston & Maine—7s
Boston * Albany—7s —
6s
Boston * Lowell—7s
6s
Boston & Providence—7s
Burl. & Mo.—Ld. gr., 7s.
Ask.
123 *3
122
117V,
Income..
13 V,
Scrip
927fc
Ogdensb.* L.Cb.—Con.6s
Income
Old Colony—7s
6s
Pueblo & Ark. Val.—7s..
Rutland—6s, 1st
Sonora—7 s
STOCKS.
Atchison & Topeka
Atlantic & pacific
Boston & Albany
Boston & Lowell.
Boston & Maine
Boston* Providence....
Boston Revere B. & Lynn
Cam b rid-e
Cheshire, preferred
Chic. & West Michigan..
Cinn. Sandusky & Cleve.
10 V
10 34
77
Onton.
5s, 1895
85
126
101
50
19
60
19 V
53
20
21
60
88
Ogdensb. A L. Champlain
120
17
Portland Saco & Portsm.
Rutland—Preferred
312**
Summit Branch.
Worcester & Nashua
Wisconsin Central
Preferred
3
Cons., 7s, reg., 1911 —
Cous., 7s, coup., 1911..
Cons., 6s, g., I.R.C.1911
Imp., 6s, g., coup., 1897
Gen., 6s, g., coup., 1908
Gen., 78, Ooup., 1908
Income, 78, coup., 1890
Cons. 5s, 1st ser.,0.,1922
Cons. 5s, 2d ser./c.,1933
Conv. AdJ. Scrip, ’85-88
Debenture coup.,
1893J
Scrip, 1882
Conv., 7s, R. C., 1893..4
Conv. 7s, cp.off, Jan.,’85
Pbil.Wll.* Balt.—4s.tr.ct
Pitts. Cin. ASt.L.—7s
Pitts. Titus. & B.—17s,cp.
9*8 Sunb. Haz. * W.—1st, 5s
2d, 6s, 1938
is** Syr.Geu.* Corn.—1st, 7s.
13
80
12
82
12 v,
....
19
PHILADELPHIA.
RAILROAD STOCKS, f
Allegheny Valley—.....
Ashtabula* Pittsburg..
Preferred
Bell’s Gap
Buffalo N.Y. & Phil
Preferred
Camden & Atlantic
Preferred
Catawissa
Phila. Newt. & N.Y.—1st
Phil. & R.—1st,6s, 1910..
2d, 7s, coup., 1893
123*4
115
125
125
*75
74
76
81
"
*3*6*
......
18
38*3
42
20
27 V
20*3
93*6
-
134
35
2
3 V,
Pac.—1st, 6s, 1905
Consol., 0s. 1905.... ••
Union & Titusv.—1st, 7s.
Tex. &
98*4
34
89 v,
102*2
89 34
Preferred
53 *2
Lehigh Nav.— 0s,reg.,’84.
129
Mort. RR„ reg., 1897
Cons., 7s, reg., 1911
50
40"
i*07**
*3*6**
73*a
Preferred
68*2
Preferred
Little Schuylkill
Minehill * Sch. Haven...
66*4
Nesquehoning Valley.... *51V
Norfolk & West’n—Com.
317*4
Preferred
Northern Central
365
Pennsylvania
Pennsylvania
Philadelphia* Erie
North
Ger. * Norristown
Newtown & N.Y..
& Reading
Wilm. & Balt
Pittsh.Cin.A St. L.—Com.
United N. J. Companies..
West Chester—Cons. pref.
West Jersey
West Jersey * Atlantic..
CANAL STOCKS.
62
18
109
7*4
58*4
51*2
62*8
*52*4
45
Parkersburg Br
Central Ohio—Com
50
50
Pref
Western
50
Maryland ....50
Inc
Cen. Ohio.—6s, lst,M.&8.
1963» Chari. Coi. * Aug.—1st..
2d
Cin. Wash. & Balt.—lsts.
40
2ds
3ds
42*8 Columbia* Greenv.—lsts
Lehigh Navigation
2ds
Pennsylvania
8chuylkill Nav., pref...
.
RAILROAD BONDS.
Allegh. Val.—7 3-10s, ’96
7s, E. ext., 1910
Inc. 7s, end., coup., ’94
7*4
120
16
Ashtah. & Pittsb.—1st,6s
1st, 6s, reg., 1908
Belvid’e Del.—1st, 6s, 1902
2d, 6s, 1885
3d, 6s, 1887
7s, 1193.
120
101
104
110
1st, 0s, 1905
Consol., 6s, 1913..
Buff. N.Y.& Phil.—1st,0s
2d, 7s, 1908
Cons. 0s, 1921
1 Per share.
121
No.Central—08, ’85, J.&J.
0s, 1900, A. & O
6s, gold. 1900. J.&J....
5b, Series A
5s, Series B
Pittsb.&Con’ells.—7sJ*J
East River
Fourth National..
Central National..
Second National..
Ninth National...
First National....
Third National...
N. Y. Nat. Exch..
Fifth Avenue
German Excli’nge.
Germania
United States
Lincoln
Garfield
Fifth National....
B’k of the Motrop..
West Si lo
82*2
93
2,092,800
1.838.200
794.700
150,000
251,000
745.100
1.201.400
1,095.800
2.962.800
1,464,500
11.245,GOO
2,523,000
160.800
265.200
403,300
2.756.100
298.800
606,400
3.961.300
170,000
“2,600
462,700
43,600
4,072.200
13,501,000
22.219.300
715.100
890,400
4.399.100
6.886.500
3,002,600
5.770.600
4.175.900
1,019,100
3.613.800
9.408.400
2.887,000
2.945.300
2.880.700
2.453.200
1.811.600
3.223.000
4.337.500
5.817.200
1.963.800
24.189.400
782.100
423,000
45,000
5,400
8*00*666
255.700
264.700
433*7*66
377,865
1*63,5*66
989,900
45,000
23,252,500
1,876,000
2*2 *1*4*66
956,900
16,294,800
132.200
494,000
315,000
363,000
891,000
417,000
305.600
111.500
374.900
155.800
200.400
397.500
500,000
214.500
91,090
191.900
115,700
206,000
58,800
492.600
743.500
180,000
297,000
8.964.000
34,900
45,000
3,309.000
6.232.100
18,913,600
4.391.200
1.237.700
2.278.900
439,400
179,265
210,000
2,387,800)
180,000
2.472.700
3,993,000
*45*,666
3.212.400
2.494.900
2.185.300
2,025.600
1.792.500
180,000
44,200
177.100
133.100
1.231.200
1.231.500
4,313,000
1.774.700
299.100,800; 113037000 32,740,900 361,908,700 10,797,500
totals for several weeks past:
are
L. Tenders.
Specie.
Loans.
Deposits.
Circulation Agg.
Clear}gs
$
$
$
$
$
109958400 32,388,200 550,816,700 10.910.800 434,334.721
111484200 33,243,800 358,349,400 10.314.800 4 41,511,314
113037000 52,740,900 301,9J8,7OO 10,797,500 507,034,848
Banks.—Following are the totals of the Boston banks5
Loans.
Specie.
L, Tenders.
Deposits.
$
$
$
$
8,514,900
144.532.900
9
*96*666
1.704.500
1.854.400
1,330.000
1,031,300
2.350.700
1.170.900
142.400
811,100
1,857,000
1.438.300
337.200
530.500
708.400
50M00
482,000
1,100
256,000
17.854.400
1.763.400
195.600
156,000
155,000
270.400
233.400
139.700
825.400
Circulation Agg. Clear’gt
$
$
65,239,788
64.349,479
06,632,368
4,215,600 102,799,500 32,238,100
follows:
April 25..:..
May
2
9
Loans.
Lawful Monty.
Deposits.*
$
$
$
74,295,191
25,759,506
25,889,909
20,021,227
74,204,556
74,267,010
74,079,191
74,052,320
74,955,004
Circulation. Agg.
Clear’QM
S
$
7,094,060
7,064,081
7,667,337
41,340,164
44,433,297
44,185,604
“dae to other banks.”
week
past:•
Bid.
Securities.
Ask.
11234
90
*93*3
Atlantic & Pac.—Stock....
Cent. Div., 1st, new
Accumul. land grant
106*4
105*a
126V 128
105
Gen. mort
Boat. H.T.& West.—St'k.
Debentures
Buff. N. Y. & Phila., tr. 6s
Denv.& Rio Grande—cous
5s
Denv. * R*i’o* Gr*
Den. R. G. & W., 1st M.,
G uar. by D. & R. G
Edison Electric Light....
Subs
115
i Last price thisweek.
Istinort
Postal Telegraph—Stock.
1st mort., 6s
Postal Tel.* Cable-Stock
Rich. & Danr., deb
Southern Tel.—Stock
1st mort
State of Tenn.—Set’m’t.3s
95*a
-----
2d mort
Kans. & Neb., lsttr’tcer.
2d trust cer
Mexican National
Pref
1st mort
Mo. Pacific—Old stock
[
6
Old scrip
New scrip
7e Tex. * St. Louis—
M.&A. Div., 1st mort..
3*3
Incomes, ass. pd
Gen. lst.id.gr.&iuc.as.:)
Vic -sl*. «v Meruiiar, pref.
Ask
10
137#
14%
1*4
91*
3
63
6
57
1
12V
62*3
63%
14*3
17%
5
Settlement, 5s
Settlement, 0h
Sel. K. * D.—2d, stpd *80
17
St. Jo, * W., stk trust cer.
St. Jo. * Pac.. 1st tr. cer. 114
2d ir::si cer
Tex.* Cel. 1111 p.—Ex-bond
Texas * Pac.—Scrip 1884.
Keely Motor
Louisv. * N.—AdJ. bonds
40‘s
12 V
60
86
97
H
15V
29
31
30
20
Cowdry ctfs
Do. ex
113*4 115
Pittsburg * Western
W**!"!‘”
Georgia Pac.—Stock
lstluort., 6 s
Bid.
Securities.
North Riv. Cons.—100 p.0,
Ohio Cent.—Riv. Div., 1st'
IUCOlIlt-8
Pensacola & Atlantic
1
1st mort
J
Bank.*Morch.Tel„ IstM.
117*2
100
8s...
50
58
99
68
66
20*2 30
101*2 102
75
75*8
102*2 102 34
lla*s
118
Virginia & Tenn.—5s
W.Md.—6s, 1st, g., J.&J.
2d, gaar., J. & J
2d, gaar. byW.Co.,J.*J.
6s, 3d, guar., J. & J
..
Wilm. C * Aug.—6s
70
175
135
9734
100
105
123
1,096,900
9,771,000
3,4 51,700
21.316.300
289.800
352*70*6
8.712.100
Unlisted Securities.—Following are latest quotations for a
101*4 105
107*2
1*0*8
2.919.100
1,719,000
Apr. 2 5 298,343,700
May 2 290,010,400
9 299,100,800
“
12*2
112
86 ?4
2,007,000
1.784.800
2.477.700
2,553.000
925.000
1.110.100
8.675.500
806.000
331.700
589.700
360.400
574.200
2,507,000
1.554.100
following
1835.
1,580,800
208.100
7.843.400
5,037,100
1,085.800
German-Americ’n.
Chase National...
1885.
120
6
50
450,000
Philadelphia Banks.—The totals of the Philadelphia banka
118*2
67*2
11,565,000
9,943,000
982.400
568.500
632,000
1,390,100
782.400
4.287.900
Bowery
N. Y. County
“
80
lu9 *2
117
* In default.
North River
are as
Union HR.- 1st,gua.J&J
Canton endorsed
Wil. * Wftli'O"
M.K&T—Income
Park
74,500
136.500
210,100
5.778.400
701,000
1.877.600
17,995.000
17,650,400
1,602.000
1,088,900
12.900.000
7,422,000
2,353,000
4.750.700
15,172,900
Importers’* Trad.
151.400
720.600
110.800
65.000
410.100
415,000
4.170.900
Oriental
812,000
485,100
265.800
211,000
83,900
207,000
142,000
765.600
410,000
1,563,000
2.130.300
255,000
602.200
1.811.700
2,941,000
5.168.700
St. Nicholas.
Shoe* Leather..
Corn Exchange ...
482.000
1,228.000
Apr.23 144.671.900 8,452,000 4.335.400 103,058,300 22,532,200
May 2 144,858,300 8,529,800 4.434.400 101,892,000 .’2,514,100
106
108 V*
100
Balt.&Ohio—6s„’85A.&0
196
.,
1,558,000
666,000
2,466,000
2,441,000
2.102.300
2.970.400
♦including the item
RAILROAD BONDS.
Atlanta & Chari.—1st—
7V
Nassau
Market
1885.
BALTIMORE.
Atlanta & Charlotte..
Baltimore & Ohio
1st pref
2d pref
...
Citizens’
Boston
125 s. 12-;
RAILR’D STOCKS. Par
60*2
Peoples’
“
106*
Pennsylv.—6s, cp., 1910..
Sclmylk. Nav.-1st,6s,rg. 1*0*7**
2d, 6s, reg., 1937
57
Huntingd’n & Broad Top
Lehigh Valley
..
Republio
Chatham
$
20
1st preferred
2d preferred
Delaware & Bound Brook
East Pennsylvania
Elmira & Williamsport..
325.000
Merchants’ Exch.
Gallatin National..
Butchers* & Drov..
Mechanics* & Tr..
Greenwich
Leather Manuf’rs.
Seventh Ward...
State of N. Y
Americ’n Exoh’ge.
Commerce
The
102
J.—Cons.6s,’94
Cons. 6s, gold, 1901
Cous. 6s, gold, 1908
101
Gen., 48, old, 1923
Warren * F.—1st, 7s,’90 103
West Chester—Cous. 7 s.. 115
W. Jersey—1st, 6s, cp.,’96 114
124
1st, 78,1899
Cous. 0s, 1909
0s, P. B., 1896
Gen., 7s, coup.. 1901—
56*a
CANAL BONDS.
52 V Ches. * Del.—1st, 0s,1886
857.400
410.200
Tradesmen’s
Fulton
Chemical
Total
United N.
W. Jersey* Atl.—lst,6s,C.
Western Penn.—6s, coup.
2,381.000
4.175.800
9.905.300
2.746.000
Continental
*9*5
$‘11934
......
City
6,097.700 11,706.200
2,051,400
376.700
1.215.200 1,083.900
15,356,600 8,562,000
576.100
2,583,000
4,757.000 1.455.500
436,600
1.603.700
1.201,000
68,000
1,010.300
107.100
2.668.900
672.200
278,900
1.106.200
2.951.600 1,821,100
11,832.000 5,468,000
18.629.230 10,268,300
824,300
5.840.800
6.451.300 1,644,600
249.100
2.292.400
6.426.400 1.475.700
729.400
3.761.300
335.100
1,418,000
405,800
3.425.200
7.063.000 3.286.100
North America
Hanover
2,507,000
3,210.000
2.455.700
3.7S0.000
834,000
4.706.400
$
10,817.000
8.390.000
6.838.700
8,170.000
Irving
130 34
tion.
$
New York
Manhattan Co...
Merchants’
Mechanics’
Union
America
Phenix
Mercantile
Pacific
87 V
than V. S.
~
Broadway
113
Phil.&Erie—lst,7s,cp.’88
Cons., 6s, 1920
1063,
Cons., 5s, 1920
13*4 ShamokiuV. & Potts.—7s
Shen. Val.—1st, 7s, 1909
18V 19
Gen’l 6s, 1921
114
Income, 6s, 1923
161
Income, 5s, 1914
159
Sunbury & Erie—1st, 7s.
Norwich* Worcester...
Old Colony
Harrisb’g—1st, 6s, 1883..
H.&B.T.—1st, 7s, g., 1890
13*6
Mexican Central
Nashua & Lowell
N. Y. & New England ...
Northern of N. Hampsh.
Ex-dividend.
5s, perpetual
109
116
100
104
110
82 V
......
170
Metropolitan
*
El.&Wmsp’t-l st,6s, 1910
1*1*3**
129
*fl6*v[*96V
Louisiana* Mo. River..
Bell’s Gap—1st,
Delaware—6s, rg.& cp.,V
DeL & Bound Br.—1st, 7s
East Penn.—1st, 7s, 1888
Easton* Amb’y—5s, 1920
124 V
122
Circula¬
other
Tenders.
$
107
93” Ithaca&Ath.—1st, gld.,7s
108
Det. Lansing & No., pref. 3
517b
Eastern, Mass
-121
Fitohburg
14
13
Flint & Pere Marquette.
78
75
Preferred
92
389
Fort Scott & Gulf
Preferred
67
Iowa Falls * Sioux Citv. 363
70
Kan. C. Clin. & Springf’d
07
Kan. C. Springf. & Mem.I
30
Little Rock & Ft. Smith.
Phila.
Phila.
Pbila.
JPhila.
IO934
Net Deposits
Legal
Specie.
Atl.—1st,7s,g.,'93
Cam. & Burl. Co.—6s, ’97.
Catawissa—1st, 7s, con. c.
Chat. M., 10s, 1888....
New 7s, reg. & coup—
Connect’g 6s, cp., 1900-04
Cor. Cowan* Ant.,deb. 6s,
Cons.
Loans and
Discounts.
107*2
90 78 Leh.V.—lst,68,C.*R.,’98
136
106*8 1063s
2d, 7s, reg., 1910
Cons. 6s, C.&R., 1923.. 125
1140b' 114 a<
N.
O.
ii9vii9*a
Pac.—1st, 6s, 1920.
80
No. Penn.—2d, 7s, cp. ’90. 125
130
Gen., 78, 1903
105
Debenture 6s, reg...
8S34
Norfolk & West.—Gen.,6s
119%
N. R. Div., 1st, 68.1932
100*2
N. Y. Phil.* Nor.—1st, 6s
42*2
Inc., 6s, 1933
Oil City* Chic.—1st, 6s..
*70o8 70 7b Oil Creek—1st, 6s, coup..
8
7Vj
Pennsylv.—Gen., 6s, reg. 130
177
Gen., 6s, cp., 1910
109
123
108*4
Cons., 6s, reg., 1905
178
*177
Cons., 6s, coup., 1905... 122V
*180
107*3
Cons., 5s, reg., 1919
110
Pa. * N. Y. C.—7s, 1896. 124
134
73
7,1906
91
56 "
Perkiomen—1 st, 6s,cp.’87
Concord
Connecticut River
Conn. & Passumpsic
Connotton Valley
Preferred
Maine Central
Marq. Hough t’n &
Preferred.
Banks.
Buff.Pitt8.& W.—Gen.,6s
2d, 6s, 1904
Cons., 6 p. c
the
the
Average Amount of—
st, Tr. 0s, 1922
Cam. *
Nebraska, 6s... Exempt; 117
Nebraska, 6s.Non-ex’pt 107
90
339
Nebraska, 4s
Conn. & Passumpsic—7s.
Connotton Valley—6s —
East’rn, Mass.—0s, new..I 120*4 121
'
Fort Scott & Gulf—7s— 3119
110
K. City Lawr. & So,—6s..
K. City St. Jo. * C. B.—7s 120
109 *2
109
Little R. & Ft. S.—7 s, 1st
K. City Sp’d & Mem.—6s 109^4
65 V, 55®8
Mexican Central—7s
Debenture, 10s
N. Y. & N. England—6s..
7s
N. Mexico & So. Pac.—7s
i
Amboy—6s, c.,’89
Mort., 6s, 1889
...
New York City Banks.—The following statement shows
condition of the Associated Banks of New York City for
week ending May 9, 1885:
Buff.N.Y.&P.—(Cont’d) Cam. &
$
Ask
Bid.
SECURITIES.
593
scrip..
N. Y. * Green'd Lake, 1st
N. Y. M. Un. Tei.—Stock.
N. Y. W. Sh. & B.- Stock.
North. Pac.—Div. bonds
.
2d mort
Incomes
Virginia Midl’nd, 6s, b’ds.
West, v. Carolina.—1 st M.
12*8
2
32*4
40
55
55%
18
THE CHRONICLE.
591
EARNINGS
RAILROAD
The latest railroad earnings and the totals from Jan. 1 to
-latest date are given below. The statement includes the gross
earnings of alt railroads from which returns can be obtained.
The columns under the heading “ January 1 to latest date”
furnish the gross earnings from January 1 to, and including,
the period mentioned in the second column.
KL.RCkFAtS,
Latest
Jan. 1 to Latest Dale.
Earnings Reported.
Roads.
Wtekor Mo
1885.
1885.
1884.
82.831
85,306
Ala. Gt. South’n April
.Viarcli
A tell. V. & 8. F
1,346,13 1.404.05G
6,824
6,468
Bost. II. T. & W. let wkMay
1884.
$
$
363,375
3,526,581
142,735
359,052
3,743,424
133,571
90 i,016
54,847
50,294
120.090
Canadian Pacitic 1st wkMay
: st wkMay
Central Iowa
20,040
1.735.0OO
Central Pacific.. April
94,000
598,929
2,110 237
1,216,826
27,053
411.137
474,257
6,210,375
779,779
6,355,119
Bur.Cc(l.R.«fe No. 1st wkMay
..
157,630
356,232
2,590,684
860,235
150,-50
301,220
2.693.454
6,233,51.9
5,725,261
wkMay
4 29,(MX
530,216
7,303,00'
482,107
6.940,469
wkMay
412,300
7,179,083
7,030.823
wkMay
wkMay
4th wkApr
April
106,000
25,->85
1,660,025
395,065
62.411
79 8.036
814,045
1,828,936
528,437
091,976
268.775
March
Eliz.Lex.&B.U March
Ches. O. &S. W. March
Chesap. & Ohio
Chicago & Alton
Chic. Burl.
U.
Chic. & East III
Chio. Mil A St.P.
Chic. & Northw
Ch.8t P.M1n AO.
Chic. & W. Mich
Cin. ind.St.L.&O
Cin.N .O.&T. P.
Cin. Wash. & Balt.
Clev. AkronAt Col
Clev.Col.C.& Ind
Connotton Vai..
1st
53,30
128,528
135,83b
wkMay
March
2.63 1,110 2,106,02*
1st wkMav
30,001
1st
1st
1st
1st
.
194,< O36,439
..
4th wkApr
1st
9,24
273 641
wkMay
Mar. h...
March
Danbury & Nor March
Rio Or. 1st wkMay
Denv.
Denv. & R. G. W April....
Des Mo. & Ft. I >. 1st wkMay
110.789
wkMay
wkMay
22.223
13,55f
324,400
Det.Lans’gANo.
Dub.&Sioux' ity
•
st
1st
8,» 9
24,400
16,443
129,21:
68,1
6,146
E.Tenn.Va.&Ga March
Evansv. & T. H 1st wkMay
Flint & P. Main 1st wkMaj'
Flor. R’way & N. 1st WkMa)
Florida Soutk’n. March
Ft.Worth <fe oen. April
Gal.Har.& 8.An. January...
Grand Trunk ...|Wk May 9.
25,191
32.40
)
211,09
26 >,99?
6.69
95,445
Gulf Col. & 8. Fe March
173.30<
Ill.Cent.(Ill.&8o) 1st wkMay
Do
(Iowa) 1st wkMay
Ind.Bloom.A W.l 1st wkMay
Kan. C. 8p. & M. 4th wkApr
34.(83
l
8
7
71,571
Kentucky Cent! March
Lake Erie & W.. 3d wk Mch
Ft smith March
L.Rk.M.Riv.& T. March
Long Island
1st wkMay
L’a A Mo. River. January
L’a Western
January...
Louisv.A Nashv. 1st wkMay
..
f obile A Ohio.,
ash. Ch. A 8t.L
.O. A Northeast
W.Y.L.Erie A Wo
N. Y. Pa. A O
If.Y. ANewEnjc.
N. Y. Out. A W
March
1st wkMay
March
1st wkMay
1st wkMay
March
April.
..
23.163
?
48,^08
26,664
59,755
46.2-; 5
45.163
39,828
l
8,055
8
5
10.260
7
21,785
5
.
3
i
9
9
186,737
57.893
April
March
March
March
1,269,249
440,107
263.9.34
336,10b
April
91,098
44,433
2 wksMch.
March
26,252
483 36(i
873.10
April.
wkMay
2d wk
9
190.432
126.537
March
1st
5
[)
109.252
73,500
139,121
K.Y.8usq A West Mach
1st wkMay
Norfolk & West.
Shenandoah V.
Northern Ceni’l
Northern Pacific
Ohio Central....
Ohio A Mins
Ohio Southern..
5
7
246.815
17 9.147
Manhattan El... 9 dys May.
Mar.Hough. AO. Ith wkApr
Mem. A Charles
Mexican Central
lfex. N.. all lines
Milwaukee A No
Mil L.8I1.A Wes
Minn. Ast.Louis
3
Apr.
Apr!'.
March
March.....
Peoria Dec. AEv 1st wkMay
Mai ch
Phila. A Erie
Phiia. A Reading March
Do
c.
Iron March
Oregon Imp. Co
Pennsylvania..
259,4'
0
2
l
1
9
4
9
9
861,S31
373,791
373,3 l L
78.927
112,176
4>.609
128.8^3
211,097
5.197,077
52,251
5,802,406
254,134
67,716
385,049
3,43 L 470
563,073
771,994
720.450
1,217,518
755,120
230,26*
199 899
895,635
142,563
1,271,023
3,554.658
358,163
1,170,772
327,616
38.809
143 054
149,192
-
670,7ol
780 1 46
9,938,596 11,003.593
265,496
237,241
747.(67
6.386.286
5
690.677
5.560,513
2,868.8?0
301,097
1
1,297.202
2,850,264
1,273,954
52.828
r.
39.481
3
April
49.853
1
289,99o
25l.lo;
220,099
271,355
23 4,06 4
1 2,9 87
Ya. Midland.. April
West. No Car April
124.094
1
449.138
466.909
37/28H
4
18,974
151,476
3
143,802
360,311
432,911
129,183
321,910
45G.444
400,749
261,72'
180,1-8
4^8,915
290,992
Richm’d ADanv. Apiil
Ch.Col. a Aug April
ColumbiaAGr. April
Georgia Pac
..
Boch. A Pittsb’g
Rome Wat.AOg
St. Jo. A vv’est’n
Bt.L.Alton vT H
Do
(HrauchC'O
I
i.
.
wkMay
April
April
1st wkMay
1st wkMay
4
7
75,416
A
17,37 7
4
9,300
12,92
*
3
St. L. F. 8. A W 1st wkMay
11,390
^
72.029
1,433,463
St.L.ASan I-ran lit wkMay
1
291,038
St. Paul ADul tli 1st wkMay
14,54*
9 2,141,1-3
707.-0"
Bt.P.Mm A 'Ian. April
5
355,5'8
114,412
South Carolina.. March
184,92
82,300
So. P.ic., No biv February
238.2 ’ 2
522,12
Southern Div.J February..
247, -.'9
275,879
152,10 1
Arizona
137,516
February.
56.711
109,5 -7
New Mexico. February..
h
65.075
65,075
Texas A N. O
January...
3
305,98*^
Tex. A 8t. Louis. 4th wkApr
12,*42
0
8V7 3
2o,5b3
Tol.A A. AN. M. April
Union Pacitio... March
1,975,M7 1,965.49:7 5,214,(1
3
140,375
55.306
Utah Central
February..
4
147.030
Vicksh’g a Mer. Apiil
32,659
5 '
23.181
111,3L<
Vlcksb.Sh A Pa<\ April
1
4,817.5*5Wab. St. LAP. '.April
1,114 4^8
4
209* 467
82.403
Weat.iersev
I March
6
4 < 0.835
51.346
Wisconsin C‘*nt’l It’j wkA»»r
“
.
...
...
than usual.
Some increase is derived from the live-stock
traffic secured by reason of the extension of the Central
Division of the Atlantic & Pacific Railroad in the Indian
Territory, and the further extension of this line is expected to
add to the traffic in this and other respects.
109,907
Extensive additions have been made to the rolling stock of
the
company.
The cost of the rolling stock added in 1884 was
127,740
144,459
84,339 $560,220, of which a portion, specially designated, and costing
91,310
683,852 $527,386 was provided under a trust, dated April 1,1884, made
726,664
45,1 6j
51,211
with the Metropolitan Trust Company, of New York, as
39 8 iS
50,666
4,939,993 4,627,487 Trustee for the holders of an authorized issue of six per cent
bonds thereunder, to the amount of $464,000 (88 per cent of
84.330
87,827 the
cost). These bonds are payable in twenty semi-annual
335,816
351,765
919,397 instalments of five per cent each, commencing October 1,
1,341,379
413.063
406,100
1884, and ending April 1, 1894. The first instalment, $23,000,
172,315 was retired and canceled.
190,795
The second instalment, of like
369,757
375,053
amount,
will
mature
April
1,
1835.
447.94?
379,426
Of the general mortgage bonds, $1,800,000 were issued and
683.663
693.576
546,642
601,306 sold during the
past year, making the entire amount sold
133.204
241,695
3,459.463 3 683,632 $5,800,000; and $1,939,000 additional of these bonds have been
1
1,919.502
l,05i.46a
was deducted, before stating the same, the proportion
paid to the Missouri Pacific Company for the use of its
property, and for services before the opening of our own road
on January 1, 1884, to and into St. Louis.
During 1884 the
sums paid to that company for the use of a part of its terminal
facilities have been charged to account of rentals, instead of
being deducted froth gross earnings as before. The wheat
and corn crofs of 1884, in the country traversed by the lines
of the company and tributary thereto, were exceedingly
abundant and of good quality, but, owing to the low prices so
long prevailing, their movement was less prompt and active
in 1883
747.173
289.879
79,314
2M1.460
...
(For the year ending December 31, 1884.)
The report of Mr. E. F. Winslow, the President, is very full,
and gives an extended account of the affairs of this prominent
railroad company, including its relations with the Atlantic &
Pacific.
From Mr. Winslow’s report the following is condensed :
The discrepancy between the ratio of difference in gross
1,732,175
230,605
112,866
465,172
29b,759
969,489
236,251
1
7
7
2
St. Louis & San Francisco.
1,847,7.-3
263,301
*
10,234
REPORTS.
earnings and in surplus earnings in 1884 is more apparent than
S
3.63 >,374
ANNUAL
real, and is chiefly owing to the fact that from gross earnings
17,63i
225,527
cents each, and to others than subscribers at $1 per copy.
64.800
39.296
883,853
110,67.5
1,276.625
2.698.263
i
complete exhibit of the
Cities and ofthe Stocks and Bonds
of Railroads and other Companies. It is published on the
last Saturday of every other month—viz., February, April,
June, August, October and December, and is furnished without extra charge to all regular subscribers of the Chronicle.
Extra copies are sold to subscribers of the Chronicle at 50
funded Debt ofStates and
66,672
44,093
3,714 009
496,366
804,135
848,613
589,903
186,149
50,799
The Investors’ Supplement contains a
149 751
271.639
& Gulf 4th wkApr
Intjelltfljetucje.
896,901
>
>
AND
,
803,40?
3
26,000
41.305
784,988
580,489
Snnjestmjewt
152,710
120,314
375,506
267,394
*923,620
236,639
639,761
14.217
39.777
19.2^9
Gr.BayW.A8t P. 2d wk Mch
-
609,497
[VOL. XI*
161.867
1, ><'6.120
305,461
2,351,619
373,594
152,392
518,018
318,170
li
9,580
94,986
224,824
64,-61
5,037 945
150,716
161.582
44.4.2
earned and delivered to the company upon
tures for new properties under the mortgage.
of the bonds authorized by the mortgage
further expendi¬
The remainder
($17,261,000) can
only be certified and used in retiring outstanding bonds
secured by prior mortgages. Of the $464,000 Equipment
Sixes of 1884, only $64,000 were sold during last year, of
which $8,000 (being part of the class due October 1, 1884)
were paid and canceled, leaving $56,000 sold and outstanding
January 1, 1885. The company have the residue for sale.
NEW
LINES AND
EXTENSIONS.
“By the opening on January 1, 1884, of the extension of
main line to Cabanne Avenue, in the City of St. Louis,
our entire system was made independent of all other com¬
panies, except in respect to certain facilities at St. Louis.
This extension was made in all respects in accordance with
the highest standard of construction.” * * *
“A new agreement was made with the Missouri Pacific, tak¬
ing effect January 1, 1885, and running ten years, by which
we have secured the use of all tracks and other facilities
owned by the Missouri Pacific Company at St. Louis and
Carondelet, so far as we may require the same.
During the last year we constructed a new branch line,
forty miles in length from Springfield to Bolivar, Mo. It was
begun in March, 1884, and was opened for business in the fol¬
lowing November.
It has fulfilled our expectations, and
promises to be not only more than self-sustaining, but an im¬
portant feeder to the main line. Further expenditures for the
our
“
construction of any new
are
not now
lines
or
extensions,
or
for equipment,
contemplated.
“The Fort Smith & Van Buren Bridge Company (the capital
stock of which is owned by our company) has undertaken to
build a first-class iron and steel railway and wagon bridge
across
the Arkansas River at Van Buren. and will issue its
six
April 1,1910, for an amount
218.980
to pay the cost of construc¬
4 8 1,207
tion, which bonds are to be secured by a mortgage upon the
• Not including earnings of New York ^aiieyl vania A Ohm road.
bridge and approaches, and will be guaranteed by the San
•Not including ttm first six days of January, preceding time when
Francisco Company* which will take them at the cost of the
StaoeiTer took possesion.
structure at different periods during the year 1887, if they are
f Not including lad. DecAtu** A Sorin^f. in cither year..
not disposed of with its approval before that tiine.
■
I Not Including Colorado Division in either year.
5,072,50 4
per cent first mortgage bonds, due
sufficient (not exceeding $500,000)
May 16,
595
THE CHRONICLE.
1885.]
bridge is expected to be ready for the crossing of trains
in December, 1885, and will be of great advantage in view of
the increasing proportions of the traffic over the Arkansas Di¬
vision, and will effect a saving in expense.” * * * ,
“Bystatement of general account the unfunded debt, under
the head of bills payable and loans, is shown to be $1,644,768.
The comp iny has used some of its general mortgage bonds
“The
and of its equipment bonds of 1884, earned and received by it
for expenditures on account of construction and equipment,
as collateral for loans, this course having been deemed more
judicious than to sell them as yet.”
* * *
and the Atchison Company, by which companies such
equally made, are secured by the conveyance
lands of the Atlantic & Pacific Company, suf¬
ficient, at the nominal price of fifty cents per acre, to repay
the money. The trustee is directed, from time to time and
within five years, to sell the lands so conveyed at not less than
the minimum price named, and apply the proceeds to the re¬
payment of the advances so used to pay interest. In addition
to this security in lands we hold as other security $221,500 of
Atlantic & Pacific first mortgage Central Division bonds.”
pany
advances were
to a trustee of
ATLANTIC &
109,865
315,003
PACIFIC.
Mr. Winslow gives a full account of the relations of the St.
Louis & San Francisco Co., with the Atlantic & Pacific, which
has already been foreshadowed by reports published in the
Chronicle, including that of the Atchison Topeka & Santa
Fe. And in conclusion he gives the following summary
of 'matters, about which little has heretofore bsen given
outr
“Simultaneously with the foregoing agreements of August
an agreement was also made between the San Fran¬
cisco Company and the Atchison Company, explanatory of
and defining our rights under the tripartite agreement. By
this agreement we also secured one-half ownership and control
of the Wichita & Western Railroad Company and of its road,
20, 1884,
$
$
1,09 *,343
49,'‘26
1,343.436
1,826,203
11 001
242
315.000
315j900
315.0d0
1,669 440
428,373
2,141,445
381,609
7
7
7
36,384
1,408,932
184,273
Total diebursem’ts.
Balance, surplus....
1,499,754
501,562
EACH FISCAL YEAR.
GENERAL BALANCE AT CLOSE OF
1881.
Assets—
In connection with the existence of this unfunded debt,
reference is made to the large cash advances to the Atlantic
& Pacific Railroid Company, amounting to $1,724,076. Of
this the sum of $1,217,256 was required and used by the
Atlantic & Pacific Company to pay interest on its Western
Division first mortgage bonds, and the San Francisco Com¬
“
1833.
$
981,067
1884.
1882.
$
1831.
Disbursement*—
Interest and sink. fd.
Int. accrued, not due.
Diva, on lsrpf. stock.
Rate of dividends....
Miscellaneous
RR.,bldgs, equip ,&c. 38,280,340
1,121,585
483,551
710,685
Stocks owued, cost..
Ronds owned cost...
Bills receivable
Materials, fuel, &c..
Cash on hand
Constructs acots
1882.
1883.'
$
42,061.062
$
41,3*4,219
551.785
469.5 >6
972.350
469.556
49,020,969
*37v,350
1 469,556
1,032.512
1,735,335
2,436,535
1884.
$
154,636
271 911
108,756
99,061
162,096
156.* 4 8
3 '1,062
292,429
4,426.435
4,634 935
6,161,422
82,653
83.319
188,451
45,615,134
49,2:5,363
51,422,301. 53,877,926
10,500.000
10,000,000
4,500,000
Bondstsee Suppl’m’t) 18,650,000
149,865
Interest accrued
225.14 5
Coupons due. .
.
10.500 0C0
10,500.000
10, <00.000
10,<<00,009
10,500,000
10,000,000
4,500,0 0
20,364,000
4,5U0,0<>0
22,102,000
23,893,000
Accounts receivable.
Miscellaneous items.
Total
Liabilities—
Stock, common
Stock, preferred
Stock, 1st pref
247,863
Current accounts....
Bills payable, &c
Land Department...
Dividends
Other accounts
Income account
Total liabilities..
144.735
286.992
91u,531
205,032
4,500,000
317,147
170,138
400,750
330.915
1,424,995
1,644,768
157,500
102,045
157,500
96,780
1,802,4*.8
2,184,075
169,895
316.251
153,891
297,445
289 916
1,120,391
451 ,*<77
152,212
76.435
1,374,096
45,615,134 49,235,363
122,494
501,497
72.261
81,458
51,422,301 53,877,926
Stocks held as follows: St. Louis & San Francesco, com., $116,900;
pref., $231,600; 1st pref., $113,285; St Louis Wick. & W. com., $61,500; Sc. L. W.
W. stock held in trust. $ 149 06 >.
t Bonds owned are St. Louis Wirhita <fc WesUrn.
{ These accounts were charged off in 1884.
*
LAND ASSETS.
include $1,939,000 general
$385,000 equipment bonds owed by the
company; nor the land department assets, which are estimated
by the company as follows :
The above balance sheet does not
mortgage bonds and
1882.
1881.
1883.
,
1884.
$372,531
$216 425
$891,962
$1,749,4.'5
completed, Oct. 1, 1884, from Wichita to Kingman, Kansas, Town lots
95.050
38,612
73,c50
44.720
45 miles, and costing about $650,000. The tripartite agreement
3s3 735
464,436
545,925
563,307
Contracts
133,866
469.052
185,620
provide
d that no new lines in joint territory in the State of Cash and cash items.. 177,409
Kansas should be built by either of the companies, except by
$978,744
$970,131
$2,019,371
$2,517,509
consent of the other. The construction of the line in question
16,509
17,750
Less securities out6t’dg
seemed to be important, and as it was believed that it would
$962,244
$952,331
be profitable, we consented to its construction and operation,
$2,019,371
$2,517,503
and have acquired one-half interest in and control of the prop¬
St. Louis Alton & Terre Haute.
erty at actual cost. It is a natural prolongation of our own
Wichita road and runs in a good country. The earnings of the
(For the year ending December 31,1884.)
The annual report states that the main line and Alton branch,
road have from the first exceeded its expenses and interest,
and the business to and from it will also contribute to the comprising 193 miles of road, is operated by the Cleveland
Columbus Cincinnati & Indianapolis and Indianapolis and St.
earnings of our line.
“This agreement likewise provides that the net earnings of Louis Railway companies as joint lessees, ana practically
the San Francisco and Atchison roads from all east-bound forms a part of the New York Central Railroad system.
From the report of the lessee companies we extract the fol¬
freight and passenger traffic coming over the Atlantic & Pacific
road from Albuquerque and points west, destined to points on lowing comparative statement of earnings of the main line
or east of the Missouri River, shall be equally divided between
and Alton branch :
the two companies, and that such net earnings shall be deter¬
Earnings from—
1883.
188L
mined as follows: Each company to be allowed for operating Freight
$1,028,980
$886,249
353.978
Passengers
333,410
expenses 50 per cent of receipts, after which there is to be Mail
19,872
21.288
deducted, if required, the 25 per cent rebate allowable under Express
29,967
27,307
50,638
51,271
the tripartite agreement to the Atlantic & Pacific Company. Miscellaneous
The residue of the gross earnings of each company from such
Total
$1,481,069
$1,323,924
traffic to be pooled and divided equally, one-half to the San
Showing a decrease of $160,144, or 10 7-10 per cent as
Francisco Company and the other half to the Atchison Comcompared with the previous year. In addition to the mini¬
ound traffic a measure of the advantages to which it claimed mum rental of $150,000, we have received during the year the
Eany,
sum of $12,867 from the receiver of the former lessee, the
to be entitled according to the tripartita agreement.”
The comparative statistics for four years, compiled for the Indianapolis & St. Louis RR. Co. , balance due in excess of
minimum rental for the months of July, August and Sep¬
Chronicle are as follows:
tember, 1882. The lessee companies have energetically prose¬
OPERATIONS AND FISCAL RESULTS.
cuted the system of improvements inaugurated under the
1884.
1883.
1882.
1881.
new lease, and have in the main brought the leased property
814
776
725
661
Miles operated
up to a high standard in every department.” * * *
Operations—
612.127
428.987
318.811
293,228
No steps have been taken in the pending action against
Passengers carried...
Passenger mileage... 18,529.140 20,148,500 25.872,527 32,796.181
the
former lessee and the guarantor companies since our last
2 8 7 cts.
3-26 cts.
3*63 cts.
3 59 cts.
Rate per pass. p. mile
10
784.735
902,6
753,573
The cause is still lodged in the Supreme Court of the
633.544
report.
Freight (tons )moved.
Freight (tous) miles .123,867,774 137,331,335 162,384,763 216,951,999 United States, and a hearing is expected the latter part of the
157 cts.
1*72 Cts.
1-93 cts.
r
.
“
thus assuring to the San Francisco Company on east-
“
Av. rate per
ton p. m.
Earnings—
Passenger
Freight
Mail, express, &c....
Total
Operating expenses—
Maint’ee or way, &o.
Equip. & mot. power.
Transports expens’s
Taxes
General and miscel..
Extraordinary
Total
Net earnings..
1*39 cts.
$
$
$
665,331
$
741.388
842.266
2,342.610
152,582
2,648,383
182,469
2,793,503
260,796
3,406.414
296,021
3,160,523
3,572,240
3,896,565
4,613,596
447,578
461,535
4 70,4 96
421,125
431,052
93,768
103,231
81.125
101,609
462,4 37
735.732
6o8,300
95,041
104.721
117.108
.152,-87
89,391
137,202
e6,760
437.899
3*2.383
9 {.983
55«,245
498.137
941.161
1,617.966
1,625,781
1,823,123
2,135,373
1,542,557
1,946,159
2,073,437
2,508,218
1834.
Not earnings
Other receipts
Total net income.
1881.
1882.
1883.
$
1,542.557
50,643
$
1,916.459
56,857
$
#
2,073.437
24,376
2,508.218
2,097 ,813
2,523,054
1,593,205
2,003,316
or very soon
14,836
thereafter.”
DIVISION.
CAIRO SHORT LINE
“Under this title
are
included the roads operated by the com¬
there being
pany, amounting in the aggregate to 138-3 miles,
no increase in mileage since our former report.
“From the business on this division, including proprietary
and leased lines, are made the following comparative state¬
ments of earnings and expenses :
EARNINGS,
LINFB.
Increase. Decrease.
EXPENSES AND RENT OF LEASED
1834.
1883.
Gross earnings
$»32.46S
Operaticg expenses and taxes. 425,635
$741,150
40 a, 100
Net earnings
Rent leased roads
$106,811
$131,989
203,971
2./0.897
BOURCE8 OF NET
10,474
$
3,0 3
$71,813
$74,916
REVENUE.
BellevPlebranch, separate earnings
Belleville branch, on business contr bated by leased
Leased roads, after deducting expenses and rentals
Total net revenue.,,..,....
$91,313
$131 018
$205,935
Net revenue
INCOME ACCOUNT.
Receipts—
current year,
•
•
•
• • 9 «
line®
$16,911
v6,652
57,455
THE
596
CHRONICLE.
is wholly due to local
causes; a partial failure of crops for the past three years in
the district traversed by the roads operated has seriously
affected the local traffic, both freight and passenger, but the
most serious loss of revenue was produced by the dissolution
of the Coal Pool, which had been in existence for the previous
f* “ Tlie decrease in earnings for the year
five years.”
of
[VOL. XL.
industry, and has been especially
* * *
railroad interests.”
COAL
unremunerative to all
TONNAGE.
“Owing to the unprecedented restriction in the
production
of anthracite coal during the past year, the collieries under
the control of your company, as did those of all other anthra¬
cite coal transporting companies, worked but 211 days out of
the 314 working days. 'Notwithstanding the loss of 103
working days, your company transported during the year
475,346 tons of coal, or a daily average of 2,253 tons, and an
increase over the year 1883 of 145,824 tons.” * * *
* * *
pool was suspended from June 1st to October 11th,
and during that period the rate for transportation was ham¬
mered down to half a cent per bushel, and some of the roads
Buffered even annual'contracts to be let at that nominal rate.
CAR TRUSTS.
Hence the effects of the suspension continued throughout the
“In
order
to
remainder of the year, and will continue to be felt until all
provide for the increased coal tonnage, further
contracts awarded at cut rates have expired.
After a long provision was made in August, 1884, under the system of car
negotiation a new agreement was made, substantially on the trusts, for an additional increase in equipment of 200 coal
basis of the former contracts, under which, from October 11th, cars.” * * *
The 1,419 cars and 13 locomotives acquired through all the
rates have been maintained at a minimum of two cents per
trusts
represent a cost of $1,202,883 ; there has been paid on
bushel, or fifty cents per ton, which is a reduction of twenty
per cent from the rates which prevailed before the forcible account of the same up to December 31, 1884, $279,111, leaving
amount outstanding December 31, 1884, $923,772.
* * *
dissolution of the former contract.”
Under the provisions of these trusts the payment on ac¬
GENERAL FINANCIAL RESULT.
count of the same amounted during the year 1884 to $83,192.
1883.
Receipts 1881.
From rent of main line
$450,000 The trusts still have seven years to run, and are liquidated by
$450,000
For rental three months of 1882, and interest.
12,867
payments monthly of $9,796, and aggregating $117,552 per an¬
From branches, net over rentals
131,018
205,935 num for the current year and each year thereafter until the
From interest, <fcc
5,617
.7,186
expiration and liquidation of the same.
“It will be seen by the accompanying statements that the
$599,504
$363,121
Deduct—
earnings of the company for the past year were insufficient to
$469,000
Interest on funded debt
$469,000 fully provide for all its fixed charges, including car trust obli¬
Main line expenses
10,444
11,506 gations and rentals. In order to provide for the payment and
Legal expenses
3,070
6,140 retirement of the car trust obligations as they mature, your
New equipment
4,560
3,000
board of directors, as the rolling stock acquired through the
$487,074
$489,646 medium of these trusts comes under the lien of the first mort¬
$173,475 gage of your company when fully paid, and will add largely
Balance
$112,429
Dividends on preferred stock
111,078
172,788 to its security, have asked the first mortgage and debenture
Surplus
$1,351
$637 bondholders of the company to fund their respective coupons
maturing January 1 and February 1 last, by accepting oneSouthern Pacific Hail road of California.
lialf of the par value of the same in cash and the balance
{For the year ending Dec. 31, 1884.)
thereof in a coupon obligation maturing in ten years, bearing
This railroad is now leased to the Southern Pacific Company. interest at 6 per centum per annum, the coupons being stamped
In 1884 and prior years the Southern division was leased to “half paid” and deposited with the National Park Bank of the
the Central Pacific. The annual report has no remarks or City of New York, as trustees, to secure the obligations issued.
comments, the President’s report not yet being ready, and This plan has met with the approval of a very large portion of
from the statistics the following table is compiled for the the bondholders, it being regarded as a wise and prudent
Chronicle :
measure, increasing as it does, so fast as payments are made
on these trusts, the security and value of their bonds.
NORTHERN DIVISION EARNINGS AND EXPENSES.
“While the above-mentioned plan provided only for the
1884.
1883.
1882.
Earnings from —
$762,563
$624,669
of the January 1 and February 1, 1885, coupons, it will
funding
$672,295
Freight
641.294
600.044
531,241
be necessary for the company to ask its bondholders to con¬
Passengers
64,319
57,800
53,864
Mail, express, &c
tinue the funding of their coupons in pursuance of the plan
$1,468,176
$1,282,513
adopted with the January 1st and February 1st coupons, as
Total earnings
$1,257,400
658,871
835,139 before stated, until its earnings are sufficient to provide for all
614,892
Operating expenses
its car trust obligations, rentals and fixed interest charges on
$632,987
$623,642
Net earnings
$642,508
its entire bonded indebtedness.
How soon the earnings of the
f56-S8)
(51-37)
P. c. of oper. exp’s to earn’gs.
(18-90)
1,958,197
2,032,843 company will' reach this point, in the present unsettled con¬
Add rental of Southern Dlv
1,666,666
dition of the business of the country, it is perhaps difficult to
$2,581,939
$2,665,830
Total
$2,309,174
determine; but from the improved earnings for the first quarter
INCOME ACCOUNT.
of the current year it is a fair presumption that by July 1,
1884.
1883.
1882.
Receipts —
1886, its net earnings will be adequate to meet these fixed
$632,987
$623,642
Net earnings of Northern Div.
$642,508
and that the company will then be able to resume the
charges,
2,032,343
1,958,197
Rental of Southern Division..
1,666,666
interest payments on its fir3t mortgage and debenture bonds
Contract with Wells, F. & Co..
159,000
“
The
..
Oilier
Total
receipts
Disbursements—
Interest on debt
Sinking fund
Taxes and street assessments.
Miscellaneous
Total disbursements
Balance for year
*
595,000
4 3,6 45
300,000
29,536
*405,000
$3,063,174
$2,925,484
$3,100,366
$1,712,435
sources
Redeinpt’n of bds. (land sales).
In addition to this
$1,977,624
$1,862,340
100,000
100,000
323,989
172,380
250.479
19u,361
100,000
292,375
t 315,393
$2,308,803
$754,371
$2,518,464
$107,020
$2,570,113
$530,253
redemption of bonds by land sale.?, $313,000
more were redeemed by sinking fund during the year,
here.
t Includes $185,686 spent on reuewals of track.
BALANCE SHEET DEC.
Assets—
Construction
Real estate
$67,800,001
Accounts due company
Cash.
Central Pac. acc’t in suspense.
$73,746,690
$74,213,285
695,022
663.770
2,213,907
3,133,377
3,333,344
175,569
66,168
516,833
179,791
67,696'
1,100,856
222,445
69,564
742,168
Liabilities—
1882.
$40,363,900
Capital stock
Funded debt
Central Pacific RR. Co
Aec unts due
Taxes in suspense
30,888,000
2,247,324
650,059
100,000
Sinking fund
Land trust fund
Protit and loss
400,545
20,642
3,317,266
$75,598,280
stock, income bonds and scrips converted into the preferred
and common stock of the company, as provided under the
terms of consolidation, up to December 31, 1884, is as follows :
Amount converted
$5,939,026
Leaving amount unoouverted December 31, 1894
$3,058,153
Divided
as
follows
:
$590,035
Capital stock
Income bon is, Class
Income bonds, Class
1,048,783
A
B
936,357
435,615
47,360-$3,058,153
*****
“The business of the company is improving, and the results
obained in the current year show a marked improve¬
ment over the corresponding period of last, year.”
thus far
OPERATIONS AND
$80,377,136
1883.
$80,514,595
1884.
$14,039,100
$14,039,100
33,650,000
32,932,000
141,074
339,397
45 a,915
206.000
446,791
450
91,165
1,257,832
122,164
1,664,853
248,752
2,508,105
$75,598,230
$80,277,136
$80,514,595
INCOME.
Comparative statistics for three years, compiled for the
Chronicle, are as follows:
Susquehanna & Western.
(For the year ending December 31, 1884.)
From advance sheets of the annual report of Mr. F. A. Potts,
President, the following summary is made up :
“The fiscal year of your company ending December 31, 1884,
has been marked as one of universal depress
in all branches
New York
“The amount of the several classes of securities of the Mid¬
land Railroad Company of New Jersey, consisting of capital
1884.
694 096
4,935
OF NEW JERSEY.
RAILROAD
Scrip No. 2
1883.
Machinery, materials & fuel..
Office furniture, &c
*
MIDLAND
Scrip No. 1
31.
1882.
Equipment
but not included
*
*
in full.”
Total
1894,
16
1883.
131
16
147
147
152
$223,194
736,531
78,931
$239,404
739,072
1882.
Miles owned
Miles leased
.
operated
131
134
18
EARNINGS AND EXPENSE3.
Earnings—
$187,442
501,058
37,457
Passenger
Fr<
ight
Mail, express, &c
Total gross
*
earnings
Operating expenses—
•laintenan’ce of way, &c
Equi ment and motive power
Transportation expenses
Miscellaneous and taxes
Total
Net
earnings/....
55*732
...
...
$725,957
$1,038,656
$1,034,208
$73,217
$133,466
$109,269
174,451=
193,771
229,470
230,019
31,559
45,636
234,282
220,902
54,134
$479,001
$247,956
$633,591
$400,065
c$617,6S7
$416,521
May
597
THE CHR0NICLE1
16, 1885.]
Hacker of
INCOME ACCOUNT.
Net earnings
Disbursements—
Interest on bonds
Rental M. U. & W. G. Railroad
Car trust obligations for year
1883.
18°4.
$400,065
$416,521
$382,500
$411,000
Philadelphia; George C. Clark and Robert B. Min-
turn, of New York; U. L. Boyce, J. B. Whitehead and J. A-
Johnston/ of Virginia. The annual report has not yet been,
received, but the abstract showed gross earnings of $2,711,153,
25,000 of which $521,191 was from passengers, $2,025,086 from
83,192
freight, and the balance from express, mail and miscellaneous
The operating expenses, including taxes, were
$382,500
$519,192 sources.
Total disbursements
$1,516,858,
leaving a balance of net earnings of $1,194,294. The
sur. $17,565 df. $102,671
Balance
proportion of operating expenses to gross earnings was 55 9-10
GENEBAL BALANCE AT CLOSE OF EACH FISCAL YEAR.
per cent.
Against the net earnings were charged $847,270
Assets1883.
1884.
1882.
Railroad, buildings, equipm’t, &c. $24,439,622 $25,286,717 $26,365,208 interest on funded debt, $63,993 interest on car trust obliga¬
Accrued interest
30,016
tions and $42,166 interest and discount, which, deducted from,
Stocks and bonds owned, cost
3,346,746
2,546,260
2,508,298 the net revenue, left a surplus of $240,858. Adding the sur¬
Current accounts
179,805
159,452
323,984
Bill receivable and and advances ?
in< fiAQi
362,834
402,000 plus of $339,193 at the beginning of the year and the totat
Materials, fuel, Ac
5
104,huj^
38,632
40,584 was $580,852.
...
.
Casli
on
Total
$28,265,292
Liabilities—
Stock
$21,000,000
Funded debt (see Supplement)..
6,850,000
Bills payable
Coal trust notes
Current accounts
Car trust obligations
I...
Total liabilities
$28,498,855 $29,491,380
142,000
Land department
Profit and loss
15,838
84,607
20,115
hand
$21,000,000 $21,0'0,000
6,850,000
242,275
216,589
125,000
228,187
37,293
40,088
19,410
13,305
6,850,000
336,560
3 50,000
197,917
913,676
39,088
4,139
$29,265,292 $28,498,855 $29,491,380
on the terms named below. The committee strongly
recommends this arrangement, which certainly seems to be a
favorable one, and they say in conclusion: “We may add that
if the proposed arrangement is made it is understood that the
Columbus Hocking Valley & Toledo Railway Company will
Railway
guarantee the new Toledo & Ohio Central Railway Company’s
bonds in consideration of mutually advantageous* agreements
between the two
GENERAL INVESTMENT NEWS.
Connotton Talley.—At Canton,
Ohio Central—Columbns Hocking Talley & Toledo.—
The Ohio Central reorganization committee have addressed a
circular to their bond and stock holders, submitting a proposal
for consolidation with the Columbus Hocking Valley & Toledo
companies.
Prompt decision on your part is
as without this alliance the $2,000,000 surplus bonds
of your new company must be used to purchase equipment
and terminals at once. Please to communicate to us your
advisable,
Ohio, May 9, Special Com¬
missioner Samuel Briggs, by order of the court, sold the entire
road and properties of the company. A. N. Parlin, of Boston,
member of the Reorganizing Committee, on behalf of W. J.
Roach, W. Thomas, W. O. Chapman, and himself, offered
$635,000 for the property, and it was knocked down to them.
reorganized and the bonds converted into
preferred stock. It is proposed to make the road standard
guage and extend it to Zanesville.
Houston & Texas Central.—In the pending suits against
this company Messrs. Rintoul and Easton and the Farmers’
Loan & Trust Company, trustees respectively of different
mortgages, applied to the U. S. Circuit Court for modification
The road will be
Messrs. Turner, Lee & Mc¬
Clure, counsel for the Farmers’ Loan & Trust Company, acting
of the orders heretofore made.
wishes
possible, not later than May 20.”
from the Columbus Hocking Valley & Toledo
as soon as
The proposal
is as follows:
New York, April SO, 1885.
Deeming it for the interest of the holders of the capital stock of the
Columbus Hocking. Valley & Toledo Railway Company, and for those
who will be entitled to shares of the capital stock of the cor oration to
be known as the Toledo <fc Ohio Central Railway Company, which is to
be organized by the purchasers uuder foreclosure sale of the main line
of ilieOhio Central Railroad Company, made April 15, 1885, that the
exchange hereby proposed should be made: We, tbe undersigned, own¬
ers and representatives of tbe
owners of all the capital stock of the
Columbus Hooking Valley & Toledo Railway Company, do hereby pro¬
pose to those who are to become the holders of stock of the Toledo*
Ohio Central Railway Company to exchange stocks upon the following
terms, viz.:
I. For the new
preferred stock of the Toledo & Ohio Central Railway
Company wo will exchange stock of the Columbus Hocking Valley «fe
ing with the others, have just obtained and entered an order Toledo
Company at par. share for share, to the extent of threemodifying in important particulars the status of affairs fourths Railway
of the amount of preferred stock of the Toledo & Ohio Central
in regard to the land grant, and limiting the powers of the Railway Company to which eaoh party consenting hereto will become
receivers in regard thereto. The order is emphatic in requiring entitled.
II. For the new common stock of the Toledo & Ohio Central Railway
that all funds and contracts heretofore obtained on sales, and
Company we will exchange on the basis of one share of the Columbus
all to be hereafter received, shall be strictly accounted for nocking Valley & Toledo Railway Company’s stock for two shares of
and applied to the respective mortgage bonds covering the tbe Toledo & Ohio Central Railway Company’s common stock to the
extent of three-fourths of the amount to which each person consenting
lands, in accordance with tha terms of the mortgages.
hereto will become entitled.
Manhattan Elevated.—Tliis company has not yet made its
III. Each holder of the Toledo & Ohio Central Railway Company's
accepting this offer shall put into the hands of the Central Trust
report to the State Commissioners for the quarter ending March stock
Company (or two persons to be hereafter named) as trustees, by an
31, but issues a statement for April as follows : Gross earn¬ irrevocable
transfer, his re maining one-fourth of prefeired and common
ings, $594,602; net earnings, $286,028 ; deduct interest on stock of the Toledo & Ohio Central Railway Company, and the under¬
bonds and rentals, $119,066 ; deduct forstructure and personal signed shall also put into the hands of the said trustees by an irrevo¬
cable transfer all the said preferred and common stock of the Toledo <fe
taxes, $21,613 ; actual surplus, $145,349.
Ohio Central Railroad Company acquired by us in exchange under the
Maryland Central.—Suit has been filed by the Central
Trust Company of New York against the Maryland Central
Railroad to foreclose a mortgage and for the appointment of a
receiver.
New York Central & Hudson.—The quarterly report
earnings and expenses to March 31, 1885,
of
will be found in the
editorial columns.
New York West Shore & Buffalo.—The original plan of
reorganization proposed by the Colgate-Pullman committee
has virtually been abandoned, and the Hewitt committee
which was appointed under that scheme has submitted another
for approval.
The most important points in this plan are the
issue of only $20,000,000 first mortgage bonds and $50,000,000
seconds for the present first mortgage, these seconds to have
voting power and thus control the company. But before there
is time to approve of this plan, the Windsor Hotel committee,
of which Mr. W. M. Lent is chairman, comes forward with
another proposition which suggests that a committee of seven
prominent men be selected from the bondholders to formulate
a new plan on the following basis, viz.:
First.—The control of the reorganized company must be in the bands
of tbe majority of the present first mortgage bondholders.
Second.—No first mortgage or other lien must be placed on the prop¬
erty of the new company in advance of the interests of the present first
mortgage bondholders which shall exceed in the total
fifteen millions oi
dollars.
Third.—In order that the new company may have a reasonable oppor
faulty to perfect its road-bed, tracks, equipment, &c.. the present
first
mortgage bondholders consent that interest on the securities of such
company, issued to them in lieu of their present first 'moYtgage
bonds, shall not bear interest for three years, ana that the rate « f inter¬
est thereafter shall be 4 per cent, with the proviso, however, tyiat if a
sufficient amount is not earned by the new company to pay said interest,
the same shall not be cumulative.
new
respective committees have been in conference, and as it
that their views are radically different, it is to
be hoped that the Hewitt committee’s plan can be so shaped
as to harmonize all interests, and the reorganization thus g<
speedily forward.
Norfolk & Western.—The annual meeting was held at
Roanoke, Va., last week.
The management of the present
board of directors was approved, and no opposition was made
to their re-election.
The following gentlemen were elected :
George F. Tyler, Clarence H. Clark, E. A. Rollins, F. J. Kim¬
ball, John C. Bullitt, J. I. Doran, E. W. Clark and Chark s
The
does not appear
terms
hereof, which trust shall be for tbe benefit of the parties on both
sides of the contract hereby proposed and their successors in interest,
and shall be constituted by a written agreement drawn in such form as
shall be advised by counsel/providing, among other things, for the
voting upon the said shares of stock so deposited m trust and for the
Ohio Cen¬
said shares
maintaining in good condition the property of the Toledo &
tral Railway Company. All dividends or net income of the
of stock of the Toledo & Ohio Central Railway Company, so
deposited in
trust, shall be received and collected by tbe said trustees, but shall be
by them paid over for tbe use and benefit of all the parties to the con¬
tract hereby proposed, and thoir successors in interest, as stockholders
of the Columbus Hocking Valley <fe Toledo Railway Company, iu a man¬
ner to be provided by tbe said agreement of trust.
IV. This proposal is upon the understanding that the total preferred
stock of the said Toledo & Ohio Central Railway Company shall not
exceed $3,103.<>0u, at par, and that the total common stock of the said'
company shall not exceed $1,600,000. at par; and this proposal is
made also upon the under.-ttmliiig that the total capital stock of the
Columbus Hocking Valley & Toledo Railway Company at the time of
the exchange hereby proposed shall not exceed the sum of $ll,70u,O0O.
V. This proposal is also upon the understanding that the said
Toledo &
Ohio
Central Railway Company is to make its first
mortgage to secure an issue of not exceeding $3,0U0,0C0, at
par, of its five per cent fifty-year
gold bonds, the interest on
which shall begin to run from July 1, 1885, and be paid semi-annually
bin. that only $3,000,COJ, at par, of said bonds shall be issued by
tbe said company in the first instance, and the remaining $2,00o,000
of the said bonds shall not be countersigned by tbe trustee thereof nor
issued by tbe compan3', except upon the consent of the holders of threefourtlis iu amount of the said $3,000,000 of bonds first issued, and
then only for the purpose of paying tor terminal property or railway
equipment, the title of which shall be shown to the Tiustee of the said'
mortgage to have been actually conveyed to the said Toledo & OhioCentral Railway Company by such evidence as tbe mortgage shall
require.
VI. This proposal is to become binding upon the proposers only upon
tlie confirmation of the aforesaid foreclosure sale of the main line of the
Ohio Central Railroad Company, and tbe passing of a good title to the
property so sold to the Toledo & Ohio Central Railway Company,
pursuaut to the said sale and the plan of reorganization under which
the same was purchased. Sfevenson Burke, Charles Hickox, J. H. Wade,
C. H. Andrews Wm. J. Hitchcock, Andrews, Hitchcock & Co., Win. J.
McKinnie, N. P. Payne, Payne, Newton & Co., J. J. Purcell, Post, Marlin
& Co. and M. M. Greene, Trustee.
Oregon Improvement Company.—This company’s statement.
fiscal year from.
for March and for the four months of the
Dec. 1 to March 31 is as follows:
March.
/
.
/—Dec. 1 to March 31.-%
1885.
1884.
1884-5.
$225,527
Opeiating expenses.... 194,846
$291,628
228,930
$898,893
710,611
$30,691
$62,698
$158,282
Gross
earnings
Net earnings
1883-84
$1,050,416
863,006
$186,910 ‘
.
[Vouxt.
THE CHRONICLE.
59 b
COTTON.
(&Bmmzvtml Jpraes.
COMMERCIAL
EPITOME.
Friday
Night, May 15,1885.
Friday, P. M., May 15,
1885..
The Movement op the Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening (May 15), the total receipts have reached 9,413
bales, against 8,633 bales last week, 14,746 bales the previous
active influences at work in com- week and 19,122 bales three weeks since; making the total
mercial circles during the past week. The weather has been receipts since the 1st of September, 1884,4,686,968 bales, against
bales for the same period of 1883-84, showing a
unseasonably cool in northern and middle latitudes, and there 4,737,670
decrease since September 1, 1884, of 50,702 bales.
have been fresh reports of damage to winter-sown wheat,
There have been no very
'
causing some revival of the speculation in that staple, after
that based on the danger of war between Great Britain and
Russia had abated. General trade is large, but prices are so
low as to leave little or no margin for profit, and the tone of
mercantile circles may be characterized as spiritless. Some
of foreign mer¬
progress is made in reducing the large stocks
chandise in bond, and the prospects regarding
the value of
imported goods, in the early future, is more promising. Labor
troubles have ceased to be important, though a new outbreak
is threatened among the iron workers because of a contem¬
plated reduction in wages.
speculation in lard futures has been steadily toward
lower figures, with scarcely the appearance at any time of a
reaction, and the market to-day was dull and weak, closing
at 7 02c. for June, 7*10c. for July, 7*18c. ,for August and
7*26c. for September. Spot lard is also lower, closing nearly
nominal at 6’85c. for prime city, 7c. for prime Western and
7*25c. for refined for the Continent.
Pork is lower and closes
somewhat nominal at $12@$12 25 for mess, $10@$10 50 for
extra prime and $13 75@$14 25 for clear.
Pickled cutmeats
have been fairly active, and close steadier ; hams 9j^@9J£c.,
shoulders 5@5}£c. and bellies 5%@6J>£c. Smoked hams are
quoted at 10>£@ 11c. and shoulders 5Js@6^c. Beef is dull,
and quotations for India mess are reduced to $24@ $26 per tee.
Beef hams are easier at $19 per bbl. Tallow sells moderately
at 5J£c. Oleomargarine is quoted at 6^@7c.
Butter has been
fairly active, but closes weak ; new creamery 17@25c., West¬
ern factory 7@13c.
Cheese is lower at 5(3) 934c. for new State
factory. The number of swine slaughtered at nine Western
towns, March 1 to May 6, was 960,926, against 707,158 at the
lame towns for the corresponding per iod last season.
The
following is a comparative summary of aggregate exports
The
from October 27 to
May 9
:
18P4-85.
lbs. 29,767,000
lbs. 247,390,752
lbs. 156,182,152
Pork
Bacon
Lard
1883-84.
22,183,600
198,267,455
109,495,691
There has been a much stronger turn to
Inc. 7,583,400
Inc. 49,123,297
Inc. 46,696,461
the coffee market;
60
Galveston
Indianola, Ao.
,
....
New Orleans...
920
1
Mobile
•
•
• • •
••*
1,296
497
177
26
3
29
733
Brunsw'k, Ao.
....
530
220
3,640
18
77
^
....
373
317
120
146
....
....
...»
....
...
46
46
314
2,003
Charleston
Royal, Ac.
Wilmington....
Moreh’d C.,Ac
Pt.
•
....
11
9
....
....
....
26
Norfolk
•
.
14
99
148
• •••
31
....
....
387
131
53
2
50
Philadelp’a, Ac.
59
Totals this week
2.030
1.907
140
140
49
12
12
491
872
635
63a
....
....
418
280
301
301
15
78
2,284
9,413
....
878
1,279
1,035
583
44
1
....
36
....
Baltimore
3
....
...
....
....
m m m m
New York
*»
13
9
....
....
Boston
,
»
....
....
7
94
West Point, Ac
•••
.
59
324
58
60
46
....
....
Florida
Savannah
279
,56
72
83
1
7
....
Total.
Fri.
Thurs.
Wed.
Tiies.
Mon.
Sat.
Receipts at—
For comparison, we give the following table showing the week’s
total receipts, the total since Sept.l, 1884, and the stock
and the same items for the corresponding periods of last year.
to-night,
Receipts to
May 15.
Galveston
Sep.
1,1884.
279
...
1,1883.
3,640 1,503,717
77
228,135
New Orleans.
Mobile
2,003
77,581
718.968
Charleston...
583
510,093
Pt.Royal,Ac
Wilmington..
M’hftadO., Ac
140
12
7,228
93,531
9,617
872
546*432
281,688
67,750
81,139
33,912
47,419
46
Florida
Savannah....
Norfolk
49
W.Point,Ac.
635
New York...
418
Boston
280
301
...
Philadera,Ao
78
1884.
1885.
6,231
5,572
101,987
132,321
8,782
195
586,723
8,472
2,625 1,501,695
433
251,421
14,474
5
42,852
2
456
649,046
8,059
4,378
2,842
236
414.962
5,665
4,593
13,633
91,634
12,574
772
1,933
514
573,345
5,019
4,080
35
220,460
106,413
175,298
28,832
52,243
54
9,747
Br’sw’k.Ac.
Baltimore
Since Sep.
454,214
10,797
->
Ind’nola,Ao
This
Week.
Since
This
Week.
Stock.
1863-84.
1884-85.
.....
38
4
433
1,460
411
1,799
••••••
••••••
330,438
6,310
9,271
338,547
7,160
6,301
8,028
11,000
493,129 523.131
8,694 4,737,670
9,413 4,686.968
Total
Rio advanced 3^c. and close firm at 8^c., with
futures more active, closing with buyers at 6*75c. for June,
In order that comparison may be made with other years, w#
8*90c. for August, 7*05c. for October and 7*15c. for December. give below the totals at leading ports for six seasons.
1880.
1881.
The regular trade has been fairly active. Raw sugars have Receipts at—
1882.
1883.
1884.
1885.
been active at prices which show a further advance; fair to
2,691
5,567
195
1,464
279
5,788
Galvest’n.Ao.
8,765
7,419
2,577
good refining quoted at 4%@5c. Refined is also dearer at New Orleans.
9,930
2,625
3,640
864
992
433
1,724
77
1,021
6%c. for crushed and 6c. for standard “A.” Molasses con¬ Mobile
884
4,166
2,252
456
2,458
2,003
tinued in fair demand at 183^c. for Cuba 50 degrees test. The Savannah....
28 6
1,506
2,928
3,012
723
1,391
Charl’sCn, Ao
speculation in teas showed yesterday some revival, with sales Wilm’gt’n, Ao
139
307
527
437
42
61
of standard Japans at 21^c. for June and 22^c. for Septem¬
5,534
5,686
549
2,626
10,297
Norfolk, Ao..
1,407
13.188
7,477
7,498
ber; but the close is quiet.
12,654
All others....
4,108
1,123
The market for Kentucky tobacco during the past week has Tot. this w’k.
20,864
42,415
26,514
43,976
8,694
9,413
beep more active, and sales are 450 hhds., of which some 400
hhds. are for export. Prices remain firm and unchanged. 8Inoe Sept. 1. 46*6.968 4737.670 5755.221 4519,8P5 5488.448 4715,678
Galveston Includes Indianola; Charleston includes Port Royal, Ao.;
Lugs6@7%c., leaf 734@12c. Seed leaf continues in good
demand, and the sales of the week aggregate 800 cases as fol¬ Wilmington includes Moreliead City, Ac.; Norfolk includes West Point, Ac.
The exports for the week ending this evening reach a total
lows: 300 cases 1883 crop, Pennsylvania, 5@12^c.; 60 cases
1883 crop, Pennsylvania, private terras; 250 cases 1881 crop, of 25,657 bales, of which 21,497 were to Great Britain, 1,305
Pennsylvania, 6@llc.; 50 cases 1883 crop, Wisconsin Havana, to France and 2,855 to the rest of the Continent, while the
private terms, and 150 cases sundries, 5@35c.; also 300 bales stocks as made up this evening are now 493,129 bales. Below
are the exports for the week and since September 1, 1884.
Havana, 65c.@$i 10, and 150 bales Sumatra, $1 30@$t 60.
Crude petroleum certificates have been fairly active, but
Week Ending May 15.
From Sept. 1,1884. to May 15,1885.
Exported to—
Exported to—
prices have varied but little, and no important facts that
Exports
should affect values have been developed. The close to-day
Conti¬
Great
Conti¬ Total
Great
from—
TotaL
France
was firmer at 79@793^c.
nent.
Crude in barrels quoted at 6
Week. Britain.
BriVn. France nent.
7^c.; refined in barrels for export, 7%@7%c„ and in cases,
04,145
229.203
7.470
1,850 157.848
1,850
J
naphtha, 6%c.
Spirits turpentine has been Qalreston
9,435 070.431 282,403 321,673 1,274.507
9,415
New Orleans..
700
quieter, but rules firm at 32%c., and rosins maintain the Mobile
43,830
43,130
advance of last week at $1 07>£@$1 10 for strained.
3,585
8,585
Florida.
Metals have developed no points of especial interest, but Savannah
179,903 11,099 199,256 890.888
fair cargoes
......
......
••
......
......
......
it*
.
....
......
......
of dearer freights from Southern
to-day’s Exchange pig iron certificates were
steady but quiet at $16(3$16^ bid, $16,%@17^ asked. Tin dull
and easy, closing at 18 10@18*20c. for Doth spot and futures.
Tin plates nominal at $1 20@$4 30.
Copper quiet at 11 40@
11 60c.; Lake, 10'55@llc.; Baltimore. 10 60c. bid for Orford ;
transferable notices (Lake) issued at 11 *50c. Lead neglected.
Spelter steady; 4*33>£e. asked for domestic.
Ocean freights have been dull at drooping rates, but to-day
there were liberal shipments of grain to Liverpool at 2>£d.,
against 2d. yesterday.
iron is firmer on the report
furnaces.
At
Charleston*...
••••••
......
Wilmington...
......
••••••
Norfolkt
1,305
9,076
2,855
Phlladelp’a,Ao
13,230
407.57d
757
114 420
116 038
379
379
839,185
22,259
152,065
14.040
6.375
37,073
25,070
05 803
845,305
143,713
588 893
51.822
......
.
104.211
313 2tt0
757
Ronton
Baltimore...
......
......
......
••••••
New York
......
3,050
55.033
469
114.830
39 944
150 633
5.212
00.250
“
Total.
21.497
i.305
Total 1883-84
~5,785
4.811
2,855
25-,05? 2,277.002
370.329
907.517 3.013,500
""
•
Includes eTDorte from Port
t Includes exports from
851
11.447 2,208.738 458,374
Koyal, Ac.
West Point, Ac.
881 616
3,518.710
May 16,
In addition to above exports, our
telegrams to-night also give
the following amounts of cotton on shipboard, not cleared,
at the ports named. We add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Yale
& Lambert, 89 Broad Street.
us
On
May
The Salks and Prices of Futures are shown
by the follow¬
ing comprehensive table. In the statement will be found the
daily market, the prices of sales for each month each day, and
the closing bids, in addition to the daily and total sales.
Shipboard, not cleared—for
§31!
Leaving
15, ax—
Great
Britain.
New Orleans....
Mobile....
Charleston
Savannah
Galveston
Norfolk
New York
France.
3,550
3,941
None.
None.
None.
None.
None.
None.
None.
None.
7,000
3,500
Other ports
1,086
None.
None.
None.
Coast¬
wise.
Other
Foreign
3.665
None.
None.
None.
None.
None.
1,500
500
Stock.
Total.
1,007
12,163
89,824
None.
300
300
107
1.081
None.
None.
None.
300
300
14.474
5 365
4,578
5,038
3,938
321,938
20.437
1,193
1.081
8,500
4,000
§88$ !i*i
7>'gVg
Total 1884
Total 1883
14,050
5.027
5,665
2,795
27,537
465,592
16,058
40,921
3,183
2,160
22,341
5.487
10.749
910
12.864
500,790
481,415
\*:S>
m
o
SB
70 021
Fii!
IE”
i
od»o
Total 1885.
599
THE CHRONICLE.
1885. J
W
r«
9
©$
CD
CJ1
©
©or*
r
CD®
M M
We have had for the week under review an inactive, unset¬
irregular speculation in cotton for future
delivery at this market. The strong confirmation which the
reports favoring the maintenance of peace in Europe received
on each succeeding day were met by improved prospects for the
growing crop, and dull, weak markets for cotton goods at home
and abroad.
There was an important decline on Saturday
jast, under the crop accounts, and the market was unsettled
on Monday.
Tuesday, private cables regarding the statistical
position in Europe caused an active speculation for the rise.
But on Wednesday the failure of Liverpool to make an ad¬
equate response to our movement caused dulness, which in
the business for the next crop became a decline under im¬
proved crop prospects and an increase in the acreage. Dull
accounts from Manchester and the low prices at which domestic
cotton goods sold at auction were also unfavorable circum¬
stances.
Yesterday there was an improvement on stronger
Liverpool accounts and better reports from the auction sale
of cotton goods. To-day there was some depression under un¬
favorable foreign advices and improved crop accounts. Cotton
on the spot became rather more active for home consumption
as the stock in the country is concentrated here.
Prices have
been unsettled.. Quotations werel-16c. lower on Monday and
l-16c. higher on Thursday. To-day there was a fair business
for homo consumption, but an easier market with midling
uplands quoted at 10%c.
The total sales for forward delivery for the week are 271,400
bales. For immediate delivery the total sales foot up this week
2,680 bales, including 800 for’export, 1,880 for consumption,
for speculation and — in transit. Of the above, — bales
were to arrive.
The following are the official quotations for
each day of the past week.
>
%
O©
c©
tled and somewhat
—
May 9 to
May 15.
Sat.
Ordln’y.^lb
8^8
.
.
4Btrict Ord..
Good Ord.. 97q.
Btr. G’d Ord 10*4
Low Midd’g 10®i6
Str.L’wMia 103*
Site
Middling... 107q
Good Mid.. ll’ie
Btr. G’d Mid 11*4
Midd’g Fair 1158
Fair
12^4
Wed
Ordin’y. $ lb
8»ifl
Won Toes Sat.
£9i6'
9
IHoii Tues
Sat.
813,6
813,6
9%
9%
8%
95,6
878
95,8
89,a
9
91310 913,6 10%
103! 6 103.6 10%
Til.
8%
Strict Ord..
9
9 8
Good Ord..
Btr. G’d Ord 10* l6 lOk
Low Midd’g 10bi
Str.L’wMiu lOUie 10\
ftl16
Wed
Fri.
85a
91,0
978
10%
101316 10%
10%
Fri.
878
8%
9%0
9%
Good Ordinary.
Strict Good Ordinary
Low
Sat.
$ lb.
83,6 j 83,0
8%
87«
8%
815,6
10^8
Middling
96,0
9%
101,6 10%
H5ie
105,6
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©©©©
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11
Bat..
Mon.
Tubs
Wed
Thurs
Weak
Dull at
Firm
m..
Easier
.
.
port.
200
i,6 dec...
Steady
Steady at %6 adv
Total.
.
.
•
•
.
600
•
• • •
96
378
69
463
327
547
8001.830
m
m
m
m
mm
mm
....
m
mmmm
....
....
....
....
m
m
:
:
d: :
1
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1 9: :
I 9; :
1
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1 1:
I I:
#
1 1
:
9%
10%
FUTURES.
P
p►
i Q)
Deliv¬
eries.
45,200
45,700
500
500
1,000
40,800
600
500
271,400
2,680
L
3,100
927
547
L_
given above are actually delivered the day
previous to that on which they areTeported.
The daily deliveries
1 1
MMVJ M
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M
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.
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C
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1
1
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II
M
*
Inoludes sales In September, 1884, for September, 158,200; Septem
ber-Ootober, lor October, 421,800; September-November^ for November,
582,200; September-December, for December. 967,800; SeptemberJanuary, for January, 2,114,100; Soptember-February, for February,
1,959,200; September-March, for March, 2,294,100; September-April,
for
463
**
I
12%
8%
49,600
42,800
47,300
®
11%
8%
296
376
69
4
MM
11&16
Fri.
Sales.
Q©
©©
11%
glance how the market closed on same days.
Oon- Spee- Tran¬
Total.
sump ul’t'n sit.
.
30
'
Ex¬
©
11%
l
SALES OP SPOT AND TRANSIT.
M
11
MARKET AND SALES.
SPOT MARKET
CLOSED.
©
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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
1
abac
®
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10%
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9%
10%
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WtOn1
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8%
105,0
r>
I
•
911,6, 911,6 9l%6
105,0
h-1-*
1
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®
I 9co:
MM*QM
8
8%
95,0
10%
ll7ie 11%
m%6 11%
127,6 12%
Sf
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0D 00
-vie*
99
I o®:
Fri.
1013,0 1013,0
11%
%
®
MM
107ia
1015,0
lUl« 11%
•
MM
9%
10%
MonTu^i Wed
9%
Middling
878
813,6
10%
101,6 10%
104
107.6 10% 10%
109l6 10% 1013le 1013,0
}o»ie 10%
11
1015.6 11
11
11%
11%
Middling... lOISie 1078
1078
jl0
115l6 115,0
.Good Mid..
ll»ie ll’ie 11%
Btr. G’d Mid 113.6 1114
11%
11%
117i6 11%
Midd’g Fair H»I6 1138 11 ®s 1113.6 1178 11%
Fair
12%
12%
127,« 12%
123.6 1214
STAINED.
Th.
Wed
O©
in
10%
1:
t>
CD 30
8l3,fl
1015,e 1015.6
1015,0 11
111,6 111.6
111,6 11%
11%
11%
115,6 11%
1171* 11% 117,0 lHie
1113,6 H78 111^18 1113,8
127,0 127,«
127,« 12%
j Th.
813,6
m~*
I 9
101,6 101,0
107l6 107.6
10%
101,6 101,6
107,0 107l6
IOI3
10^
101316 10%
101 *16 lOlilfi
1015,6
1013l6 1013.6 11% lHl6
U516 11%
113.6 113.6 11% n7,fl
119.6 119.6 ll78 lU3,e
127,«
123,« 123,0 12%
9%
.
X '
-1
•
MonTuei
•813,6
:
M
©
TEXAS.
NEW ORLEANS.
UPLANDS.
1
:
:
.
April, 1,738,500.
|We have included in the above table, and shall oontlnue each
week to give, the average price of futures eaoh day for eaoh month. It
will be found under eacn aav following the abbreviation “ Aver. * The
for eaoh month for the week is also given at bottom of table.
Monday, 10 70c.; Tuesday,
10*80o.; Wednesday, 10'30c.; Thursday, 10‘90o.; Friday, 10*80o.
The following exchanges have been made during the week j
average
Transferable Orders—Saturday, 10-70(5.;
•11
06
pd. to exch. 2,000 June for July I *08 pd. to exch.
pd. to exch. 100 July for Aug. I
30h June for Aqg,
'
600
Cotton tonight, as made up by cable
The Visible Supply of
[Vot. XL.
CHRONICLE.
THE
bales less than at the same period last
the same towns have been 337
week last year, and since
towns are 233,849 bales less than for
The receipts at
year.
bales less than the same
4md telegraph, is as follows. The Continental stocks, as well as
September
1 the receipts at all the
•those for Great Britain and the afloat, are this week’s returns.
the
same time in 1883-84,
«nd consequently all the European figures are brought dowr
Quotations for Middling Cotton at Other Markets.—
to Thursday evening.
But to make the totals the complete
In the table below we give the closing quotations of middling
figures for tonight (May 15), we add the item of exports freno
cotton at Southern and other principal cotton markets for each
the United States, including in it the exports of Friday only.
1885.
1884.
'1833.
1832.
day of the past week.
Htock at Liverpool
bales 978,000 997,000 960,000 991,000
CLOSING QUOTATIONS FOR MIDDLING COTTON ON—
'Stock at London
29,000
65,000 • 65,300 55,500 Week ending
Fri.
Thurs.
Wednes.
May 15.
Tues.
Mon.
1,046,50 :•
Satur.
Total Great Britain stock .1,007,000 1,062,000 1,025,300
2,200
10%
10%
6tock at Hamburg
3,000
3>^00 27.900 Galveston
5,500
10%
IOLj
lOic
HUs
10716
50,100
Stoat at Bremen
69,800 45,o00
10716
1030
1030
18.900 New Orleans.
1030
103a
10616
Stock at Amsterdam
^’992
540
105l6
10516
105ie
10316
lOSjg
Mobile
10%
10%
Stock at Rotterdam
500
L000
-*g00
10^
1,900
lOifl
lOifl
10»«
Savannah.
10%
10%®9,«
800
3.-90 104,000 Charleston. 10^
Stock at Antwerp
900
1030®^ 1030®
lOifl
10%
10%
Stock at Havre
15-7’2nn
10%
2,590
10^4
10^4
1014
10®16
1050
Stock at Marseilles
5-990
oT’Jnn 30,500 Wilmington..
10»16
10»18
10»16
10916
Norfolk
11
11
11
11
Stock at Barcelona
7^-900
57,000 ?J’J}00
11
5,000 Boston
11
1070
Stock at Genoa
9,000
lo‘cno
1070® 11 1078®11
o,253 Baltimore....
1O70
1078
1078
11%
11
11
11
"Stock at Trieste
5,000
7,000
9,800
11
11
Philadelphia.
1050
1050
105g
10«8
lOOg
1030
1030
1030
'Total Continental stocks
370,900 448,700 356,900 198,783 Augusta
1030
1030
1030
Memphis
1030
...
..
„
.
1,510,700 1,382,200 1,245,283
Total European stocks
1.377,900
India cotton afloat for Europe. 189,000
Amer’n cott’n afloat for Eur’pe 140,000
13,000
314,000
142,000
34,000
356,000
476,000
37,000
551,436
113,021
401,000
326,000
47,000
483,763
100,706
14,000
722,000
226,000
476,001
551,436
118,024
11,200
609,000
....
8t. Louis
Ciucinnati...
Louisville
...
1030
10^
1015)
1030
10^
lOifi
1030
10%
10%
1030
105&
10%
103@
10%
lOifl
10%
10%
May 15.—In the table below
from
plantations
in another form, and add
11,200
4,300
to them the net overland movement to May 1, and also the
takings by Southern spinners to the same date, so as to give
Total visible supply
2,231,901 2,592,295 2,931 860 2,617,752 substantially the amount of cotton now in sight.
^f the above, the totals of American and other descriptions are as follows:
1831-32.
^Egypt,Brazil,&c.,afltfor E’r’pe 493,129
iStock in United States ports ..
•Stock in U. 8. interior towns..
^United States exports to-day..
52 <,131
64,572
66,964
1,500
Liverpool stock
bales
’-Continental stocks
American afloat for Europe...
United States stock
751,000
266,000
722,000
316,000
142,000
-United States exports to-day..
4,300
American-
140,000
493.129
Ulilted States interior stocks..
64,572
Liverpool stock
227,000
29,000
101,900
189,000
13,000
..
London stock
..
Continental stocks
India afloat for Europe
^£ypt, Brazil, <teo., afloat
Total visible
Price Mid. Upl.,
Price Mid. Upl..
1,500
100,706
14,000
..1,719,001 1,771,595 i2,104,660
Total American
East Indian, Brazil, etc.—
Total East India,
Total American
523,131
66,964
97,000
326,000
483,763
..
..
..
382,000
275,000
238,000
65,000
132,700
130.900
314,000
34,000
356,000
37,000
937,253
827,200
820,700
..1,719,001 1,771,595 52,104,660
&o....
562,900
..
..2,281,901 2,592,295 2,931,860
6%d.
51»lfd.
supply
5U>i,d.
Liverpool..
1078New York..
The imports into Continental
6% t
..
12 %c.
lie.
lllflC.
Tot. receipts from planta’tus
Net overland to May 1
Southern consumpt’n to May 1
Total In
Northern
May 15
£
2.-* ®
SB "*
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Columbia, Texas.—It
17,591 1,6 2
70,945 6,373
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1,’83. Since
wek.
© — © O © © m
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00
to 05
tJH
This
year's figures
overflowed by the
Texas.—We have
done. Average
had rain on two days of
the
05
Louisiana.—Rainfall for the week diglit hun¬
inch. The thermometer has averaged 66, the
highest being 85 and the lowest 52.
Columbus, Mississippi.—We have had no rain all the
week, and it is needed. Average thermometer 64, highest 80,
Shreveport,
*1
M?t*
C5
estimated.
The above totals show that the old interior stocks
decreased during the week 10,852 bales, and are to-night
*
day of the week,,
hundredths of an inch.
M
dredths of
4-* I©
tC y 05
© M N, tO © M
COM 05 03
MtC ©*^1
m an ac a. 05
has rained on one
reaching sixty-three hundredths of an inch.
Crops are fine. Tlie thermometer has averaged 68, the highest
being 88 and tlie lowest 51.
IsBelton, Texas.— It has rained on two days of the week, the
rainfall reaching nineteen hundredths of an inch. The crop is
developing promisingly. The thermometer has averaged 66,
15.
ranging from 50 to 86.
Weatherford, Texas.—The days have been warm but the
nights cool during the week, with no rain. The thermometer
has ranged from 44 to 84, averaging 60.
This
Dallas, Texas.—The days have been wap but the nights
S3
cool during the week, with rain on one day. The rainfall
i-,1
reached eight hundredths of an inch. Much cotton recently
S? 2
planted is not yet up, otherwise prospects are favorable. Corn
and small grains are doing well. Average thermometer 64,
90 and lowest 45.
‘I highest
New Orleans, Louisiana.—We have had rain on five days
of the week, the rainfall reaching twenty-three hundrdeths of
This
an inch.
Tlie thermometer has averaged 71.
to
05
M M
1,248.571 1,419,828 1,584,339 1,441,200
week, the rainfall
1
M
210,000
May Stack
1
«
^
1
Oi
U,
©
CD
^l©MOOtonv©©<|tO©©MM©
M©©©M©Mr-aiOM^JM0500<Mv|M
©*■■»©
422,630
275,000
Crops are good. Some lowlands have been
Brazos River, but no serious damage has been
thermometer 71, highest 86, lowest 58.
5»
•
”to *—
M
a
M
MM
H*
599,862
5,558,416 5,575,062 6,747,469 5,222,505
reaching ninety-five
the rainfall
MOOCOOiXMMtO©©
M©tO-4COM<lM
©©M tO©©M©© tOM©C»M©©QDa©
M c m to oAi o. © ic V. a. <i m ”—0: © to
546,726
261,000
lowest 54.
to
CO
239.000
general been quite favorable during the week, and the crop
has made good progr ?ss.
In a few sections, however, there
are complaints that tlie weather has been too cool, but with¬
out damage to the crop other than checking its growth.
Galveston Texas.—It lias rained hard on four days of the
week, the rainfall reaching three inches and sixty-five hun¬
dredths. Average thermometer 72, highest 82, lowest 58.
Iudianola, Texas.—We have had showers on three days o f
the week, the rainfall reaching fifty-seven hundredths of an
inch. The crop i3 developing promisingly.
The thermometer .
has averaged 73, the highest being 88 and the lowest 56.
Palestine, Texas.—There has been no rain daring the week.
A good stand of cotton has. been secured.
The thermometer
has averaged 65, ranging from 51 to 85.
Huntsville, Texas.—It has rained on one day of the week,
the rainfall reaching one inch and twelve hundredths.
The
crop is developing satisfactorily. The thermometer has ranged
from 51 to 86, averaging 68.
Luling, Texas—We have had hard rain on one day of the
week, tlie rainfall reaching two inches and twelve hundredths.
Crops promising.
Average thermometer 68, highest 87,
bales
B 3 o
spinners’ takings to
578.718
has in
ports this week have been
® ?: ffl
sight May 15..
4,740,698 4,764,336 5,872,607 4,589,875
the decrease
of
2 5-2
1882-83.
it will he seen by the above that the decrease in amount in sigh
to-night, as compared with last year, is 16,616 bales,
from 1882-8 i is 1,189,953 hales, and the increase over 1881-82 is
335,911 bales.
Weather Reports by Telegraph.—The weather
The above figures* indicate a decrease in the cotton in sight
to-night of 310,394 bales as compared with the same date
1884, a decrease of 649,959 bales as compared with the corres¬
ponding date of 1883 and a decrease of 335,851
as
compared with 1882
At the Interior Towns the movement—that is the receipts
ilor the week and since Sept. 1, the shipments for the week, and
$he stocks to-night, and the same items for the corresponding
period of 1883-84—is set out in detail in the following statement:
o
1883-84.
4,737,670 5,755,221 4,519,865
Receipts at tlie ports to May 15 4,686,968
Interior stocks on May 15 in
70,010
117,386
26,666
53,730
excess of September 1
23,000 bales.
9
give the receipts
1884-85.
55,500
101,783
401,000
47,000
65,300
Cotton in Sight
Amount of
we
lowest 44.
have
2,393
Leland,
an
Mississippi.—The nights have been quite cool
thus far crops have not been’materially
during the week, but
45881
may is.
601
THE CHRONICLE.
less.]
The thermometer has averaged 53*5, the
highest being 78 and the lowest 49.
Little Rocky Arkansas.—We have had rain on two nights
and one day of the week, the rainfall reaching seventy-five
hundredths of an inch. The weather has been too cold for
crops and causing many cut worms in some sections.
The
thermometer has averaged 61, ranging from 45 to 75.
Helena, Arkansas.—It has rained on one day and the re¬
mainder of the week has been pleasant. The rainfall reached
three hundredths of an inch. No serious damage has been
done by the cool spell. The thermometer has ranged from 48
to 74, averaging 61.
Memphis, Tennessee.—We have had rain (drizzles) on
three days of the week, the rainfall being inappreciable. The
weather has been rather cool all the week. Stands have been
broken by cut worms, causing some re-planting. Light frosts
Saturday and Sunday mornings. Average thermometer 61,
highest 78, lowest 41*5.
Nashville, Tennessee—Telegram not received.
Mobile, Alabama.—It has rained (sprinkles) on three days
of the week, the rainfall reaching twelve hundredths of an
inch. The crop is developing promisingly. The thermometer
has averaged 67, ranging from 52 to 85.
Montgomery, Alabama.—We have had rain on two days
and the remainder of the week has been pleasant. The rain¬
fall reached forty-three hundredths of an inch. The ther¬
mometer has ranged from 48 to 81, averaging 65.
Selma, Alabama.—We have had no rain during the week.
The days have been warm, but the nights have been cool—too
cool altogether for this season of the year. Average ther¬
mometer 61, highest 82 and lowest 48.
Auburn, Alabama.—It has been showery on two days of
the week, the rainfall reaching sixty-one hundredths of an
inch. The thermometer has averaged 63, the highest being
affected thereby.
80 and the lowest 47.
Madison,Florida.—We have had no rain all the week.
The thermometer has averaged 70, ranging from 55 to 86.
Macon, Georgia.—The weather has been cold and dry all
According to the foregoing, Bombay appears to show a
compared with last year in the week’s receipts of
30,000 bales, and an increase in shipments of 2,000 bales, and
the shipments since January 1 shew a decrease of 357,000 bales.
The movement at Calcutta Madras and other India ports for
decrease
reported week and since the 1st of January, for two
has been as follows.
“Other ports” cover Ceylon,
the last
years,
Tuticorin, Kurrachee and Coconada.
Shipments since January 1.
Shipments for the week.
Conti¬
nent.
Great
Britain.
Calcutta—
1885
Total.
3,000
3,100
3,000
500
Great
2,900
Total.
Continent.
Britain.
52.500
11,500
64,000
80.500
40,900
127,400
13,000
4,600
4,000
17.600
Madras—
4,000
All others—
17,ICO
20,500
37.600
13.500
3,000
16,500
73,600
113,000
32,000
105.600
48.500
161,500
1884
Total all—
1885
1884....o.
3,000
3,000
3,400
2,900
500
The above totals for the week show that the movement from
the ports other than Bombay is 400 bales less than same
week last year. For the whole of India, therefore, the total
shipments since January 1, 1885, and for the corresponding
periods of the two previous years, are as follows:
EXPORTS TO EUROPE FROM ALL INDIA.
to ail Europe
from—
Bombay
Since
This
Jan. 1.
week.
Since
Jan. 1.
161,500
92,000
3,300
903,000
81,500
909,500
95,300
984,500
This
week.
Since
Jan. 1.
This
week.
36,000
451,000
105,600
34,000
808,000
3,000
3,400
39,000
556,600
37,400
AH other ports.
Total
1883.
1884.
1885.
Shipments
cold—preventing the growth of cotton. All
This last statement affords a very interesting comparison of
vegetation is backward. r
the total movement for the three years at all India ports.
Columbus, Georgia.—There has been no rain all the week.
The weather has been too cold.
Alexandria Receipts and Shipments.—Through arrange¬
Average thermometer 65,
ments we have made with Messrs. Davies, Benachi & Co., of
highest 72 and lowest 50.
Savannah, Georgia.—We have had rain on three days, and Liverpool and Alexandria, we now receive a weekly cable of
the remainder of the week has been pleasant but quite cool. the movements of cotton at Alexandria, Egypt. The following
The rainfall reached twenty-seven hundredths of an inch.
are the receipts and shipments for the past week and for the
The thermometer has averaged 67, the highest being 86 and
corresponding week of tne previous two years.
the week—too
the lowest 54.
day in the early
part of the week, but the latter portion has been clear and
pleasant. The rainfall reached twenty-two hundredths of an
Augusta, Georgia.—We had rain on one
Alexandria, Egypt,
1884-85.
May 13
Receipts (cantars*)—
Since
This
1882-83.
•
t
1
4,000
3,588,000
This week....
Since Sept. 1
inch.
Accounts from the crops are favorable.
Chopping out
of plant is going on generally. The thermometer has aver¬
1883-84.
.
4,000
2,244,000
4,000
2,631,000
This
This
Since
Since
aged 64, ranging from 47 to 86.
week. Sept. 1.
week. Sept. 1.
week. Sept. 1.
Atlanta, Georgia.—It has rained on one day of the week,
the rainfall being inappreciable.
The weather has been unfa¬ Exports (bales)—
1,000 227,000
1,000 295,000
2,000 244,000
To Liverpool
vorably cool and dry for cotton. The thermometer has ranged
1,000 82,000
1,000 129,000
2,000 184,000
To Continent
from 45 to 76, averaging 60.
2,000 309,000
Charleston, South Carolina.—We have had rain on two
3,000 373,000
3,COO 479,000
Total Europe
days of the week, the rainfall reaching twenty-nine hundredths
A. cantar is 98 lbs.
of an inch.
Average thermometer 67, highest 85 and lowest S4.
This statement shows that the receipts for the week ending
StalebiM'g, South Carolina.—It has rained lightly on one
day of the week, the rainfall reaching one hundredth of an May 13 were 4,000 cantars and the shipments to all Europe
inch. The thermometer has averaged 64, ranging from 48 to 82. 3.000 bales.
Manchester Market.—Our report received from Manchester
Wilson, North Carolina.—The nays have been warm but the
nights ccol during the week, with rain on two days. The to-night states that the market is quiet. We give the prices
rainfall reached forty hundredths of an inch. We have had for to-day below, and leave previous weeks’ prices for com¬
frost, but not killing. The thermometer has ranged from 46 parison.
to 78, averaging 62.
1884.
1885.
The following statement we have also received by telegraph,
Oott'n
CotVn
showing the height of the rivers at the points named at 3 o’clock
32# Cop.
8H lbs.
844 tbs.
Mid.
32f Cop.
Mid.
luns\.
Shirtings.
May 11, 1885, and May 15, 1884.
Twist.
Shirtings.
JJpldi
Uplls
*
May 14, ’85 May 15, '84.
Feet.
New Orleans
Memphis
Nashville
Shreveport
Above low-war er-mark.
Vicksburg
30
5
0
5
0
40
4
2
21
9
....
Inch.
Feet.
Inch.
5
5
0
6
5
1
29
9
32
45
reported below high-water mark of 1871 until
Sept. 9, 1874, when the zero of gauge was changed to highwater mark of April 15 and 16, 1874, which is 6-10ths of a foot
above 1871, or 16 feet above low-water mark at that point.
India Cotton Movement from all Ports. — We have
re-arranged our India service so as to make our reports more
detailed and at the same time more accurate. We had found
-.impossible to keep out of our figures, as cabled to us for the
ports other than Bombay, cargoes which proved only to be
shipments from one India port to another. The plan now
followed relieves us from the danger of this inaccuracy and
keeps the totals correct. We first give the Bombay statement
for the week and year, bringing the figures down to May 14.
BOMBAY RECEIPTS AND
SHIPMENTS FOR FOUR YEARS.
Shipments this week.\ Shipment* since Jan.
Year Great
BriVn.
Conti¬
nent.
Total.
i
Great
Britain
Conti¬
nent.
1885 10,010 26,000 36,000 139,000 312,000
1884 3.000 20.000 34,000 337,000 471,000
1383 2.’,000 70,000 9^,0o0 ’SOi.ODO 001.000
1882 37,000 42,000 79,000 164.000 375,000
1.
Total.
Receipts.
This
Week.
451,000 58,000
Since
Jan. 1.
677,000
80S,000 80,000 1,122,000
90 i.000 08.000 1.203,000
943,000 61 000 1,202 OoO
d.
a.
5
5
5
5
5
5
5
5
5
5
II
20
27
Apr. 3
14
Si
it
44
New Orleans
*
d.
Mehl3 3*4 *834
10
17
24
Mav 1
44
8
44
15
83i6*834
83le®8%
83l6®834
8316®83i
9316@834
83ie'®8%
81 ] q'S 8*8
3i,e*85g
European
d.
8.
5
5 no
*0
6
6
H6
6 ©6
6 *6
6 #6
*6
6
6 *6
6
9
10
10
10
10
10
10
10
*6 10
Cotton
d.
d
9
d.
<L
8.
5
5
9j4 5
9i4 5
515ie 8ia * 9
6
89,0® 9*8
6
6
6
8®a ®
834 *
813jq it 95,8
9
d.
8.
7 *7
7 *7
7i2®7
9i3®7
1013*7
5 11 *7
93a 5 lli3®7
515ie 878 9938
5?8
878 *
51116 834 ® 914 5 1013*7
5‘»ic 8^8 * 9V5 8^*7
515,6 8^8 ® 918 5 8»3®7
Consumption to May
d.
d.
2ia
2ifl
3ia
578
5161(J
4
6is
6
4ia
63i6
5
6H
5i«
5ia
63ie
3
3
63,a
6*8
614
1.—The cable
brings us to-day Mr. Ellison’s cotton figures, brought down to
The revised totals for last year have also been
received and are given for the purpose of comparison. The
takings by spinners, in actual bales and pounds, have been as
May 1.
follows:
From Oct. 1 to
May 1.
Great Britain.
Continent.
Total.
For 1884-85.
Takings by spinners...bales
Average weight of hales....
Takings in pounds
2,097,000
1,939,000
4,076,000
443
437
440
921,5 41,000
8G9,193,000 1,793,734,ObO
For 1883-81.
.. .bales
bales....
Takings by spinners
Average weight of
Takings impounds
2,230,000
1,928,000
4,158,000
431
429
430
960,925,000
827.039,000 1,787.90 I.COO
4
■
THE CHRONICLE.
602
Stated in 400 lb. bales, the following shows the total takings
and the total and weekly consumption for the two years :
'
May 1.
of 400 lbs. each,
Conti¬
Great
1
0006 omitted.
1883-84.
1884-85.;
Oct. 1 to
Bate*
Britain
nent.
Great
Conti¬
Britain
nent.
4,484,
124,
2,402,
401,
2,067,
2,468, 4,994,
2,015, 4,211,
Total.
241.
89.
Spinners’ stock Oot. 1.
2.311.
Takings to May 1
152,
2,173,
2,400,
Supply
Consumpt’n 31 weeks 2,222,
2.005,
4,725,
4.227,
2,526,
2,196,
320,
493,
330,
Spinners’ stock May 1
2,325,
178,
Total.
783,
453,
In December
71,6
71,6
71,6
In
71,6
In November
64,6
64,6
In March
71,6
71,6
64,6
64,6
64,6
64,6
In
72,0
6=*,0
January
February
April
65,0
65,0
65,0
65,0
65,0
65,0
137,0
137,0
136,2
72,0
72,0
72,0
68,0
63,0
72,0
137,0
72,0
65,0
137,0
136,2
136,2
136,2
136,2
136,2
137.0
133.0
133,0
137,0
Mr. Ellison revises his
previous figures of consumption by
deducting 10,000 bales of 400 lbs. each from the total for both
Great Britain and the Continent.
same
have reduced
date of last
the
season.
New York Cotton Exchange.—The discussion
on
the sub¬
ject of inspection of cotton, and of the issuing of certificates,
postponed last Saturday for another week. It will take
place to-day after the closing of the market. Those who
think well of the proposed new law hope that it will be favor¬
ably entertained and finally pass, as it would "diminish the
cost of handling cotton, prevent loss by re-classification, and
lead to increase of business ; moreover, the certificates would
find favor with bankers.
Yet, as the change requires a twothirds majority, the result appears doubtful.
was
May Report
op the
Agricultural Bureau.—Under date
of May
8, the Agricultural Bureau at Washington issued the
following respecting cotton. Through the kindness of Mr.
Dcdge we have obtained the full report and figures.
Cotton, planting, though comparatively late,' is well advanced, fully
foui-tilti a of tile proposed area having been planted. The usual pro-
£ortion seeded on Hie 1st of May is probably 5 per cent greater.
astyear, but two-thi da of the ana was iu gormiuaridn at this date.
Rains in Texas have delayed work in planting. Everywhere it was
he mm iat *, but the progress has at almost all pi iu s been unusually
rap'd The plants have been slow in germination on dry areas, and
have not yet made their appearance at many points. Growth lias been
Blow in the Attainic States; it is m<*ro advanced iu the Southwest.
There has been an apnarent determination to make amends for the
late start in planting. In Wilkes County, Georgia, it is said tint there
"
never was more cotton planted botweeu the 15th and 25th of April,
than has t een this spring." “In Webster it was begun later and fin¬
1.” It is a general complaint in Georgia that
ished earlier than
germination has baeu retarded by dry weather, and of course growth
iss!ow.
In some districts of Alabama and Mississippi growth is more advanced
In Washington County, Mississippi, “planting is earlier than Inst year.
No overflows of the Mississippi bottoms are reported.” Similar state¬
ments come from Louisiana. Planting is nearly over in the lower coun¬
ties. In Catahoula “plaining on river lands is in advance of i hat on
the pine hills, as they have not been overflowed this spring, while the
hills have suffered from the severest storms of wind and rain ever wit¬
nessed by the oldest inhabitants.”
Theie is little complaint of a failure in the “stand” in the area already
in plant. The next report will determine the facts on this point more
satisfactorily.
In Arkansas there
are
returns of
injury by river overflows.
The
proportion of the crop planted May 1 this year in com¬
parison with the. three previous years, and also with an aver¬
age year, as given in a previous report of the Agricultural
Bureau, is
as
follows
8TATLS.
:
Noith Carolina...
South Carolina...
Georgia
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
As will he seen from the responses to 296 letters of inquiry sent out
Apii'27, there will be an increased acreage planted in cotion in this
distiict of 4*2 per cent as compared with last year. The acreage
30
70
only section where too much wet weather is comp ained of. 'lhe spring
has* been somewhat backwaid, but funnels have bad tbeir lands in good
condition, and planting throughout the district in nearly completed.
The season opens with the most favorable prospects. Labor i* plenti¬
ful, and is reported ae working well. U» der thei-e conditions, with
favorable seasons, the outlook is quite promising to the planter.
Aggregate, 296 responses Acreage— 168 report au iru reas d acreage
planted in cotton as compared with last year; 22 report a decrease and
106 about the same—average increase, 4^ per cent.
Weather—206 report the weather during Apiil more favorable than
last year, 62 less favorable, and 26 about the same.
Labor—276 report labor as plentilul and working well; 20 a scarcity
as compared with last year.
East India Crop.—Messrs. Wallace &
dated
Bombay May 10
1884.
35
45
1883.
15
35
o\j
rC
75
80
68
95
95
85
85
82
81
79
77
75
76
77
80
70
52
73
96
83
82
81
75
72
67
.
1882.
40
75
85
86
98
86
75
71
80
76
77.
Proportion
Planted
May 1,
Av'ge Tear.
35
67
81
83
97
88
85
89
87
83
80
Co.’sj Cotton Report
says :
The receipts to date are this year much behind last, and according to
all accounts cotton is coming into the up-iouuuy markets in unusually
small quantities. Assuming that this state of thing* is due to the sea¬
being a late one, it is unlikely that leceipis heiween -now and the
30th June can keep pace with last y ear’s, as time is in t enough time
for the cotton to be picked and marketed be'o»e the iaii s i-o that a con¬
son
siderable portion of it must necessarily be held until the lains are over,
in which ease, of course, the jeccipts in the latter half of v lie year will
simply be increased at the expci se of the receipts duiii g the flrst half
of the year. Apart from this, however, theie in fair «Mdei«e that tne
c .tton crops in the Madras direction and the Southern Mahiatia coun¬
try are very short this jrear, so that theie is suie to be a tali ng oft in
tlie supplies of Westerns, Couintahs and Dliatwar*. wlii«h, iu the
earlier half of last year amounted togethei to nearly 160,000 hales. Re-
eipts of Oomrawutoe are so far about 50.000 bales behind last year’s,
but (if up-country reports are to be believed) this slnuiage is more
likely to be increased as the season advances, owing chit fly to the par¬
tial laiime of the cri.p in the Khandeish Collector te, bui also, in some
measure to the yield in the Central Provinces and Berars turning out
disappointingly small. Accounts from Bioach, too, aie unanimous that
that crop is so backward, many of the plants being still in flower, that,
unless heavy dews at night come to the rescue, the yield is e.» >t-*iu to be
short. More decided reports have ale>o been Jatelv received from the
Lhollerali district which point lo not more than thr< e-loui ths of last
year’s crop being forthcoming thisyiar, and of this quaitiiy by no
large a proportion can lie o aiketed before tlm rains as was
last year. Altogether popular opinion i-ets down the available
supply of cotton as admitting or an expoit for the cur*eat half-year of
not mure than feOO.OoO bales. means so
the
case
The export for the corresponding period in 1884 was 1,266,Hence if the estimate of th~* Messrs. Wallace is
correct, the shortage this year would be 466,000 bales,
000 bales.
Butts, Bagging, &c.—There is a steady trade in pro¬
for bagging and orders are coming to hand more freely.
There have been few inquiries for large parcels, but the bids
for the orders are for moderate sized parcels for present re*
quirements. Prices are steady and sellers are obtaining their
figures on the parcels moving, but a prompt buyer might ob¬
tain a concession on a large order.
A few hundred bales have
found takers at 9c. for 134 lb., 9J4c. for 1% lb, 1034c. for 2 lb.,
and 11c. for standard grades, and the market closes at these
figures. Butts are not act ve, though a lair trade is being
Jute
gress
a few thousand bales have change i hands on
15-16(1$ 2c. for paper grades and 2}£@2%c. for
transacted and
the basis of 1
bagging, but there are sellers who are willing to shade these
figures at the clo^e.
Comparative Port Receipts and Daily Crop Movement
—A
comparison of the port movement by weeks is not accurate,
the weeks in different years do not end on the same day of
the month. We have consequently added to our other standing
tables a daily and monthly statement, that the reader- may
a?
constantly have before him the data for seeing the exact relative
for the years named.
movement
The movement since
September 1, 1884, and in previous years, has been as follows:
Tear Beginning September 1.
Monthly
Receipts.
Pi'oporlion of Crop Planted May 1.
18-5.
Virginia
District.—The cotton
crop report for the Memphis district, which embraces West
Tennessee, North Arkansas, North Mississippi and North Ala¬
bama, issued by Messrs. Hill, Fontaine & Co. May 10, said:
In accordance with this
previous figures of weekly
consumption to correspond. He states, however, that the
weekly consumption in Europe was in April 137,000 bales of
400 pounds each, against 137,000 bales of the same weight at
the corresponding time last year. The total spinners’ stocks
in Great Britain and on the Continent have decreased 106,000
bales during the month, and are now 285,000 bales less than
at the
a
as
■
In October
we
and
Elanttd
in maiu
coru also
an for
increase
ot 1%
per cent.Aikansas
The weather
favorable
in the
beenshows
planting
purposes.
is the
008 omitted.
revision
portion of the Indian Territory,
about finished, and in
the plant is out of the
ground, showing a remarkably healthy condition and an excel¬
lent stand.
From what information we have, the acreage is
increased about ten per cent.”
Collin counties, Texas,
under date of May 9, that “ planting is
the major portion of this entire section,
Cotton Report for the Memphis
525,
4,469,
'Weekly Consumption,
In
[Vol. XL,
1884-85.
1883-S4.
1862-83.
1881-82
1880-81.
1879-80
974,04b
996,807
487,727
291,992
458,47fr
968,31l,006,50i
1,020,80*
571,701
572,72'?'
257,099
147,595
'476,582
284,246
447,918
264,913
158,025
Total year 4 666,289 4,706,873 5,630,189 4,438,235 5,359,35b
4,638,867
326,65b
429.777
October.. 1,090,385 1,046,092
980,584
Novemb’r 1,122,164 1,030,380 1,094,697
853,195
Bept’mb’r
345,443
343,812
Deoemb’r 1,101,211 1,059,653 1,112,530
487,729
752,827
January
475,757
.
February.
March...
April....
261,449
163,503
103,375
Perc’tage of tot. port
receipts April 30..
385,939
595,598
241,514
482,772
111,755
284,519
97*01
93*53
94^2
91*23
333,643
888,492
942,272
956,464
647,140
92-74
to April 30 the receipts at the
40,584 bales less than in 1883-34 and
Texas Crop.—Messrs. Martin, Wise & Fitzhugh, of Paris, 963,900 bales less than at the same time in 1882-83. By adding
to the above totals to April 80 the daily receipts since
Texas, write us as to cotton in Bowie, Red River, Lamar, that time, we shall be able to reach an exact comparison of
Average
80
Delta, Fannin, Hopkins,
66
74
85
This statement shows that up
87
-
Hunt, Titus, Cook, Grayson and
ports this year were
the movement for the different years:
May 16,
1884-85.
Liverpool.—By cable from Liverpool, we have the following
&c., at that port. We
1879-80.
1880-81
1881-82.
1882-83.
1883-34.
statement of the week’s sales, stocks,
add previous weeks for comparison.
Tofc.Ap.30 4,666,289 4,706,873 5,630,189 4,438 235 5,359,35b 4,638,867
8.
3,391
2.633
6,634
5,284
2,602
May1....
“
8.
11,062
6,013
5,531
2....
3,fc41
1,247
“
4,642
8.
7,363
7,496
3,235
3....
1,548
**
990
7,317
4,633
8.
3,916
4...
10,953
*
5...
"
6....
7....
«
“
8....
“
9....
9,482
7,434
1,591
3.384
658
2 992
8.
1,814
2,333
1.257
8,237
9,368
8,156
6,449
10,933
1,995
4,481
1,443
2,030
8.
««10....
«
11....
8.
3,759
8.
"
12...
“
13....
1,279
1,711
“
14....
15....
878
693
7,905
2,284
688
7.414
2,225
4,076
8.
4,854
6,798
4,696
4,017
6,174
4,282
4.366
5,102
8.
5,844
3,176
10,882
8,079
5,541
7,036
11,438
5,214
4,197
3,573
2,890
8.
3,150
2,125
5,875
9,501
1,907
1,035
“
603
THE CHRONICLE.
1885.]
8.
3,837
April 24.
Sales of the week
bales.
Of wht<*h exporters took
Of which speculators took..
Sales American
Forwarded
Total stock—Estimated
Of which American—Estim’d
Total import of the week
Of which American
Amount afloat
Of which American
7,180
2,430
May 8.
48.<XK
45,000
3,00(
1,000
8,000
36.000
38.Ooo
5.000
6,000
11,000
10,000
1,024,000 1,023,001
Actual export
8.
Mag 1.
793,000
62,000
45,000
140,000
7 6,000
800,000
Mag 15.
55.000
3.000
34,000
3.000
2 000
1,000
41,000
23,000
lo.OOO
10.000
5.< *>n
13 000
994.tH)<
700.000
978,000
751,000
51,000
43,000
39,000
13,000
33,000
23,000
138,000
144,000
134,000
65,000
72.000
70,000
The tone of the Liverpool market for spots and futures each
day of the week ending M iy 15, and the daily closing prices
of spot cotton, have been as follows:
4,686,968 4,735,736 5,730,640 4,505,434 5,451,247 4,792,314
Percentage of total
93-81
95-45
92*83
95 20
97*63
port rec’pts May 15
Total
Market,
12:30 p.m.
Ilohenstauflfen, 258
To Hamburg, per steamer Rhaetia, 511
To Antwerp, per steamer Nordlaud, 366
To Copenhagen, per steamer Hekla, 958
New Orleans—To Liverpool, per steamer American, 2,403
To Havre, per ship lie Martha. 4,5 0
To Bremen, per steamer La Gaule, 2,596
To Salerno, per bark Sansoue, 2,2oO
To Genoa, per bark Giulia, 2,200
To Vera Cruz. i er steamer Estaban de Antunano, 130
Wilmington—To Liverpool, per bark Susan L. Campbell, 625...
Baltimore—To Liverpool, per steamers Nessmore, 385—Nova
gooiian. 1,504
To Bremen, per sburner Ameiica. 913.
Boston—lo Liverpool, per steamers Borderer, 1,083
189
Pheladei phia—To Liverpool, per steamers British
Crown, 309
....Lord Gough 939
(
orm, are as
9,076
2,4u3
New York
N. Orleans
Boston
1,*89
3,2 72
Philadelp’a
1,248
GalvE9TOjt — For
9,076
AntBremen wtrp d) Genoa
d Ham- Copen- d Stl-
1,30)
4,5 oO
huyen. erno.
t.xirg.
1,531
2,596
Yera
Cruz.
1,324
130
4 400
913
Barely
steady at
Barely
00
6
6000
500
oog3
steady at
2 04 adv.
Quiet
but
Easy.-
Quiet.
Easy.
steady.
Steady.
Steady.
Barely
Weak.
steady.
given in pence and QUhs, thus:
5 62 means
3-64d.
1
511
366
958
2,40 i
Sat. May 9.
Mon., May 11.
Open High Low. Clot.
Open High Low. ClOS.
Tues., May 12,
ijpen High
Low. Clos.
(l.
d.
d.
d.
d.
d.
d.
d.
d
d.
4.
May
5 53
5 53
5 53
5 53
554
551
5 54
5 54
5 55
5 55
5 54
2 596
May-Tune..
5 53
5 53
5 53
553
554
551
5 54
554
5 55
555
554
5 54
2,200
June-July.. 5 56
5 56
5 50
5 50
5 57
557
5 57
5 57
5 f9
5 50
5 57
5 57
2,20u
July-Aug.v
4,530
130
625
1,8«9
1,272
1,218
d
5 54
501
5 61
501
501
5 61
5 01
5 61
50I
0 Od
600
5 02
5 02
Aug.-8ept... 0 01
September..
Sept.-Oct... 501
5 52
Oct.-Nov...
0 01
0 01
0 01
0 01
6 01
0 01
0 01
004
6 04
0 02
0 03
Nov.-Dec...
5 49
Dec. -i an....
5 49
• •••
Total.
• •••
....
-...
•
• •
...
..
..
....
....
5 01
5 01
5 6t
561
5 02
501
5 62
000
5 52
5 52
5 52
5 52
5 52
5 52
5 52
5 49
5 49
5 40
549
5 49
5 40
5 49
519
5 49
5 49
5 49
5 49
5 49
5 40
....
0 00
5 02
5 02
5 54
5 51
5 53
5 53
551
551
5 50
5 50
55l
551
550
550
Jan.-^eb....
....
....
....
....
...
....
....
...
...
Feb.-March
...
....
....
....
...
....
....
...
...
.■
.
..
....
....
....
....
13,236
14,059
625
Liverpool, eteam d.
sail...d.
Havre, steam....e.
sail
c.
Bremen, steam..e.
sail
°32‘
e.
mmmm
932*
sail—c.
sail...o.
Reval, steam
sail
e.
764*
....
....
932*
932*
*4®932*
*4 ®9 32*
*4 2 932*
....
....
....
....
*4®932*
*4®932*
mrnrn
....
mmmm
932*
932*
*4® *32'
•
-
.
45t
....
....
9aa*
V
e.
Genoa, steam
Trieste, steam...e. 13*016'
Antwerp, steam..c.
932x
Compressed.
764*
....
....
45f
d. 732®14‘
Barcelona,steam.c.
W
30*
Hamburg, steam, c.
Amst’d’m, steam.c.
*e*
mmmm
V
mmmm
•••
45t
....
....
3 Of
....
d.
d.
d.
d.
d.
d.
d.
5 57
55s
5 57
5 58
5 57
5 57
550
5 50
May-June.. 5 50
June-July.. 5 59
5 56
5 55
5 55
5 57
5 58
5 57
558
5 57
5 57
5 50
5 50
5 59
558
5 58
5 00
5 00
5 00
5 60
5 59
5 50
5 57
5 57
0 00
0 00
5 03
5 03
001
001
001
0 01
6 00
H00
5 02
5 02
Aug.-Sept... 0 04
0 04
0 03
0 03
0 05
0 05
0 04
6 04
0 03
0 03
0 02
0 02
....
....
....
....
....
....
....
5 55
5 54
5 54
5 52
5 52
5 52
5 52
5 51
551
5 50
5 50
5 53
5 52
551
5 51
5 50
5 50
5 03
0 01
001
001
Oct.-Nov....
5 55
5 55
554
5 51
5 55
5 55
Nov.-Dee...
5 52
5 52
551
5 51
5 52
5 52
Dec.-Ian
5 52
5 52
5 51
551
5 52
5 52
....
....
....
....
5 01
5 55
5 03
....
....
5 01
000
0 00
....
....
600
0 00
...
....
0 01
Sept.-Oct..
...
..
d.
....
....
....
....
....
...
...
....
••••
*•••
....
*
*
*
•* *
*
*
*
*
*
....
*
*
....
*
*
*
*
Friday, P. M, May 15,1885.
Business has been
....
14®9S2*
....
30f
....
....
l4®932*
....
30!
mmmm
....
....
....
....
....
932*
932*
982*
982*
V
V
V
9lfl*
7S2*
916*
932*
732*
916*
V
V
V
week.
home trade or
.
quite dull in flour and meal during the
The demand has not been urgent, either from the
from shipping. Yet the pressure to sell has
not been in any particular seriously felt, and prices have for
the most part ruled steady. Supplies are believed to be mod¬
erate and there is nothing in the situation to stimulate the ac¬
tivity of mills. It is believed also that with the approach of
warm weather there will be little or no stock which holders
will feel under the necessity of selling lest it spoil on their
hands. To-day more sales of flour in sacks were made at 10c.
decline but the market was generally steady.
The wheat market has been unsettled without, however,
undergoing any wide fluctuations. There wa9 an upward
tendency early in the week, in the face of unfavorable foreign
advices. This was due to the adverse reports of the condition
and prospects of the winter-sown wheat, which, official and
otherwise, came from many sections. Wheat circles all
concur in the opinion that this part of the coming crop will
be quite deficient. But the continued unfavorable foreign
past
732/® *4* 732®V
732® *4* 732®14'
1a®9i6* 13®916*
932*
t Per 100 lbs.
d.
5 55
BREADSTUFFS.
Fn.
mmmm
•
d.
vessels
V
•
Clos.
8-
Thurs.
•
Low.
5 55
September..
Wednes.
•
Open Hig/
d.
1,248
Tuts.
mmmm
<)pen High Low. Clos.
5 55
July-Aug...
had
been received at Harlingen, from stranded steamer Tynemouth.
Cotton freights the past week have been as follows:
Mon.
Open High Low. Clos.
Frl., May 15.
Chancellor, 2,755;
we
Satur.
Thurs., May 14.
<i.
2,802
1,272
Liverpool—May 11—Ship Julius, 1,850.
Orleans—For Liverpool—May 9—Steamers
Wednes., May 13.
5 55
May.
Tynemouth, steamer (Br.)-Up to April 27, 155 bales of cotton
*
1,000
1-64 adv.
Jan.-Feb—
Feb.. March.
give all news received to date of disasters to
carrying cotton from United States ports, See.:
Do
1,000
6
1,^20
Puerto Riqueno, 4,325.
Boston-For Liverpool-May 6—Steamer Venetian, 689—May
Steamer Cata onia, 63.
Philadelphia—For Liverpool—May 12—Steamer Illinois. 379.
Do
500
5 62-64d., and 6 03 means 6
the latest dates:
Do
7.000
51*16
515lfl
otherwise stated.
Total
16,513 5,835 5,010 1,324 4,400
130 33,242
Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing our data down to
Do
6 000
Dull.
The prises are
625
Wilmington
Baltimore
Do
7,010
buyers'
favor.
The opening, highest, lowest and closmg prices of futures at
Liverpool for each day of the week are given below. These
prices are on the basis of Uplands, Low Middling clause, unless
of these shipments, arranged in our usual
follows:
Liverpool. Havre.
Do
57s
5i*je
In
Harden’g.
33,242
Total
Below
5**16
578
57a
5l*ia
Dull.
J
The particulars
New
Firm.
Firm.
Friday.
Wednes. Thursd’y
l
(
4 P. M.
91J
Bothnia,
500
?
Market,
1,305
422.....
5*8
51*16
6,000
Tuesday.
Futures
City of
Saiuinina, (additional) 680
...
Small
inquiry.
pec.& exp.
Total bales.
To Havre*, per steamer Amerique. 1,305
To Bremet , per steamers Donau, 340....Fulda,
Small
Inquiry.
Sales
Shipping News.—The exports of cotton from the United
States the past week, as per latest mail returns, have reached
33,242 bales. So far as the Southern ports are concerned, these
are the same exports
reported by telegraph, and published in
the Chronicle last Friday.
With regard to New York we
include the manifests of all vessels cleared up to Thursday
Chicago, Y,08 4
Ci»y of Rome, (additional) 56
Dnltou,
1,525
Roman, 1,289
Etruria, 192
Republic, 280
r.M.j
Mid. Upl’ds
Mid. Orl’ns.
day of the month in 1884 and 1,043,672 bales less than they were
to the same day of the month in 1883.
We add to the table
he percentages of total port receipts which had been received
to May 15 in'each of the years named.
New York—To Liverpool, per steamers Alicia, 2,970
(
Market,
12:30
This statement shows that the receipts since Sept. 1 up to
to-night are now 48,768 bales less than they were to the same
night of this week.
Saturday Monday.
Spot.
THE CHRONICLE,
604
fV0L. XL.
The destination of these exports is as below.
We add the
weather for
corresponding period of last year for comparison:
spring-sown wheat, checked the speculation for the
advices, the large visible supply, and improving
the
followed with speculation compara¬
tively dull. Fine red wheats on the spot have continued
scarce
and brought high prices for milling. The export
demand, although favored by lower freights and higher
exchange, has been very dull. To-day the market was
again dull and weak.
advance, and a decline
2 RED WINTER WHEAT.
Wed.
Thurs.
Mon.
Tues.
DAILY CLOSING PRICES OP NO.
Sat.
May delivery
June delivery
July delivery
August delivery
Indian
corn was
101
105
1033a
103%
105%
106%
108
103
101%
105%
106%
1034 102%
104%
September delivery
105
lo5
101%
In elevator
101%
103%
Fri.
103%
102%
102%
103%
105%
107
100% lOo^ 101%
107% 103
108
109% 103% 107%
107%
firmer early in the week, from the sympa¬
thy which it has all along shown with the course of wheat;
but latterly the tendency has been slightly downward with
an unsettled feeling.
The almost total cessation of the export
demand has been a discouraging circumstance which the
reduced visible supply could not wholly counteract. The
scarcity of white corn has in a measure been supplied, and
there is an important decline in this grade. To-day, at some
further decline, there was more doing for export.
DAILY CLOSING PRICES OP NO
Mon.
Sat.
57%
58
In elevator
56%
May delivery
June delivery
.....
July delivery
August delivery
2 MIXED CORN.
Tues.
Wed.
Thurs.
55
57
56%
55%
57
54%
55%
55
56
5 5%
56%
56
54
54%
55%
56
54%
55
55%
55
56
56%
Fri.
54%
55%
56%
56%
Barley has been dull and unsettled.
Oats have been much more freely offered, and in the absence
of supporting foreign orders, as a basis for speculative values,
there is an important decline in prices for future delivery,
while parcels on the spot are also cheaper. To-day the market
was again depressed, No. 2 mixed closing at 383£c. for May,
38%c. for June and 39c. for July.
The following are the closing quotations :
FLOUBi
Fine
# bbl. $2 80® 3
Superfine...
3 50® 4
Spring wheat extras. 3 50® 4
Minn, clear and stra’t. 4 25® 5
Winter sliipp’g extras. 3 80® 4
Winter XX & XXX.. 4 50® 6
5 00® 6
Patents
Oity shipping ex
3 80® 5
South’n
80
com.
extras.. U 00®
4 85
Southern bakers’ and
00
50
family brands
Rye flour, superfine..
40
Fine
Corn meal—
25
00
5 001 5 85
4 35® 4 60
3 25® 3 75
Western, Ao
Brandywine, Ao....
25
20
3 20®
3 40
3 45®
3 5i
GRAIN.
Rye—Western
Wheat-
90
97
Spring, per bush.
Spring No. 2
Red winter, No. 2
Red winter
White
Corn—West, mixed
West. mix. No. 2.
West, white
White Southern..
YeUow Southern.
The movement of
78
05
White
No. 2 mixed
No. 2 white
Bariev—No. 1 Canada. 83
76
No. 2 Canada
..
..
10
06
57
54% a
56%
63
68
59
®
®
®
82
37
40
Oats—Mixed
60
63
56
®
®
®
..
98
®
1 03% ®1
90 ®1
92 ®1
54
®
..
State
41 08
»
®
®
..
State, six-rowed...
..
67
8!
85
41
50
40
45
85
78
70
Exports
for week
to—
1884.
1885.
Week,
Week,
Week,
Week.
May 9.
May 10.
May 9.
May 9.
May 10.
Bbls
Bush.
Bush.
Bush.
384,677
187,743
552,; 93
331,407
14,5,80
30
828.323
118,682
107.874
669,816
69,087
32,345
11,780
8,539
9,694
3,874
700
3,010
1,198
1,015
884,005 1,066,171
779.177
534
620
Total...
184,281
119,038
572.450
By adding this week’s movement to our previous totals wa
following statement of exports this season and last
have the
season:
Extorts since
May
Auq. 27 to
May 10.
9.
Bbls.
Bbls.
Auq. 25 to
May 9.
Auq. 27 to
May 10.
Bufh,
Bush.
last three years:
Wheat.
Com.
Oats.
Rye.
Barley.
Bbls.imbf Bush.QO lb* Bus?i.56 lb* Bush. 32 lb* BushAS lbs Bush.5t lb 876,089
91,169
13,045
273,382
1,144,181
178,321
Chicago
13,440
30,624
80,511
10,594
2,900
34,865
Milwaukee..
1,500
31,830
48,830
8,133
1,625
1,910
Toledo
15,027
5,045
38,017
12/05
3,985
Detroit
3,797
15.454
9.
Bush.
May 10.
Bush.
597,235
409,751
52,972
19,420,554 20,887,887
12,470.197 610,054.020
1,O0\8OS
1,223
303,285
37,385
08,883
8,010
79,307
17,567
19,857,938
6,744,133
1,337,025
296,305
119,576
117,950
0,485,412
5,397,769 37,701,089
31,954,930
38,459,185
28,473,527
4,598,109
297,622
S. & C. Am...
529,720
West Indies.
Brit. Col’nies
Oth. oountr’s
,
supply of grain, comprising the stocks in granar y
principal points of accumulation at lake and seaboard
ports, and in transit by rail and water, May 9, 1885, was as
The visible
at the
follows:
Instore at—
New York
Do afloat (est.)
Wheat,
Com,
Oats,
Barley,
Rye,
bush.
bush.
bush.
bush
bush
550,883
419,112
72,000
11,000
30,754
62,000
3,112,900
295,000
700
397.019
Albany
Buffalo
14,945,033
Chicago
7,537
Newport News...
Milwaukee
3,543,016
Duluth
6,440,875
22,500
13,072
1,117,961
114,431
47,993
53,515
7,000
48,950
46,974
15,000
441,953
40,578
171,318
1,341.822
868,606
60.000
Toledo
Detroit
Oswego...'.
1,196.585
8t. Louis
Cincinnati
Boston
Toronto
Montreal
333,924
460
203.186
Philadelphia
792,514
2,875
32,100
1,474
456,061
31,469
29,800
562,114
104,686
Peoria...
Indianapolis
Kansas City
Tot. May 9/85.
Tot. May 2/85.
Tot. MaylO, ’84.
Tot. May 12, '83.
Tot. May 13/82.
’
687,825
117,756
105,346
1,136,207
1,796,146
2,031,940
1,189,896
Baltimore
Down Mississippi.
On rail
On lake
37.890,181
39,401.278
14,792
536,053
37,530
18,000
9,535
35,252
1,970
23,000
24,545
18,989
13,832
56.127
5,32o
18,615
33,COO
1.503
64,361
35,690
82,124
7,515
20,389
42,333
4,249
20,683
13,326
39,784
182
•
•
•
•
18,549
102,410
•
113.145
7,889
'
22,700
10,11
•
•
•
•
500
12,433
1,200
15,34g
D
503,364
80,994
4,032
44,244
6,605,759 2,086,050
8,302,422 2,235,317
405,035
525,156
227,002
261,966
20,297,614 10,517,706 3,493,102
21,021.813 15,647,398 4,202,196
10,208,331 8,551,281 1,373,675
THE
511,541 1,334,234
890,042 1,844/90
264,406 1,003,016
DRY
GOODS
8,000
11,500
24,800
112,221
3,150
20,000
258,110
208,930
2,025
17,594
155,575
188,420
12,400
3,500
12,111
2,000
TRADE.
Friday, P. M., May 15, 1885.
Business ruled very
quiet in the wholesale branches of the
early part of the past week, the announce¬
important auction sales (domestic cotton goods
trade during the
ment of
Cleveland. ..
St. Louis ....
May
breadstuffs to market is indicated in th e
prepared by us from the figures of the New
We first give the receipts at Western
lake and river ports, arranged so as to present the compara¬
tive movement for the week ending May 9 and since Aug. 1
Flour.
1883-4.
Auq. 25 to Auq. 27 to
3,603,242 20,401,604
209,856 17,220.805
495,540
48,403
1,000
598,429
140
406,601
24,101
23,071
(Jn. Kingdom
Continent...
Total
1884-5.
1883-4.
1884-5.
1883-4.
1884-5.
Auq. 25, to— Auq. 25 to
Com.
Wheat.
Flour.
York Produce Exchange.
Receipts at—
Bush.
Bbls.
Oth.c’n’ts
.
May 10.
78,459
5,110
Continent
S.& C.Am
W. Indies
Brit, col’s
statements below,
for each of the
1884.
1884.
Week,
1885.
Week.
1885.
142,462
2,063
14,822
6,905
17,495
Un.KIng.
Com.
Wheat.
Flour.
two
in their
operations. These sales constituted the main features of
and
ginghams; having caused many buyers to pause
interest in the market,
and brought to this city a very large
influx of wholesale and retail
buyers from all sections of the
held on Wednesday, on which
occasion about 2,000 cases fine dress ginghams (the production
Duluth
of the Amoskeag Manufacturing Company) were promptly
35,181
147,227
573,117
1,644,570
1,347,623
Tot. wk. ’85
241,057
172,359
52.253
519,054
933,372
1,06(5,808
Same wk. ’84
186,174
closed out, but at ruinously low. prices. This event was
188,522
91,878
1,632,049
952,501
Same wk. ’fc3
700,351
160,407
Since July 28
followed next day by the largest peremptory sale of standard
188-1-5
4,294,S20
8,236,202 91,042,988 79,910,804 47,627,720 15,982,092
domestic cotton goods ever held in this country.
The offering
1883-4.;....
7,379,876 61.890,977 91,399,315 51,023,353 16,359.370 6,341,151
1882-3
7.697.216 67.075.121 74.399.358 41,159,273 14.660,989
3,900,034
comprised about 20,000 packages cf goods made by several of
The exports from the several seaboard ports for the week
the. leading
Eastern manufacturing corporations whose
ending May 9, 1885 are shown in the annexed statement:
products are represented in this market by Messrs.
Exports
2,725
Peoria
country.
The first sale
was
-
Wheat.
Com.
Flour.
Oats.
Rye.
Teas.
Rush.
Bush.
Bbh.
Bush.
Bush.
Bush.
New York
Boston.
Portland.
Montreal
Philadel..
Baltim’re
N. OrTus.
N. News.
442,950
14,865
553,613
73,356
86.027
42,959
Total w’k.
S’un* tinu
572,450 1,066,471
184,281
79,009
13,727
2,259
779,177
119,088
47,00 1
220,531
75,270
from—
..
1««4
2,239
78,562
125
90,736
23,897
71,128
23S073
117,600
56,302
447
11,514
13*727
25
The terms were liberal (four months’
proved to be a remark¬
able success, taking into consideration the late depression in
the market for staple cotton goods. The attendance of buy¬
ers was immense, all the principal houses in the trade having
Bliss, Fabyan & Co.
credit from
The competition
spirited from beginning to end,and the vast block of goods,
amounting to about $1,600,000, found eager buyers at an av
been
^C.1,005
July 1), and this latter sale
was
represented personally or by proxy.
603
THE CHRONICLE
1885.]
Mat 16,
which they were I pretty good shape, owing more to lessened imports than to
sales there was a I any real activity in the demand.
Importations of Dry Goods.
slight improvement in the general demand for re-assortmenta,
The importations of dry goods at this port for the week
but business was at no time active in commission or jobbing
of about 5 per cent below the prices at
the agents. Following the auction
erage
held by
ending May 14, 1885, and since January 1, and the same
for the corresponding periods a re as follows:
circles.
Goods—The exports of domestics for the
12 were 2,790 packages, including 1,766 to
Domestic Cotton
week ending May
s
Great Britain, 201 to Argentine Republic, 185 to Brazil, 114 to
Venezuela, 110 to Santo Domingo, &c. Because of the auction
sale referred to above there was a very light demand for sta¬
=*•
O’
00
PHILADELPHIA.
Robert M. JANNKY.
THIRD
176
BONDS,
Mortgage
C. E. WELLESLEY,
General Manager,
Dallas, Texas,
OLIVE STREET,
1871.
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Commercial Cards.
jankers.
Brinckerhoff, Turner
&
STREET,
Co.,
Manufacturers and Dealers in
State, County, City, Town, School,
and Car Trust Bought and Sola.
atten
COTTON SAILDUCK
And all kinds of
JOTTON
CANVAS,
DUCK,
FELTING
CAR
COVERING, BAGGING, RAVENS DUCK,SAIL
TWINES, &C., “ONTARIO” SEAMLESS
BAGS, “AWNING STRIPES.
Cards.
UNITED
V full
Philadelphia,
BRANDS
SHEETINGS,
Bank}
$(200,000
Prompt attention given to all business in our line
N. V. ConRKSi’ONiien'TSjt-Importers’ & Traders4
National Bank and National Bank of the Republic
STATES BUNTING CO.
sapply, all Widths and Colors, always
No. 109 Duane Street.
WARREN, JOKES A ORATZ,
ST. LOUIS, Mo.
DENIMS, TICKS, DUCK8, *0.
Manufacturers’ Agents for the sale
IRON
Bullard &
37
NEW
liAGGltfG
STATIONER
1855.
IRON TIES,
Agents for the following brands of Jute Bagging,
agle Mills,”*4Brooklyn (’ity,”“Ge<)^gla,”“Ca^oUna?,
“Nevms,t>,”44Union Star.” “Salem,” “llorioon Mills,”
iernev Mill'’” and “Dover Mills.”
IMPORTERS OF H<OV TIES.
“
It. Cole,
SEARS & COLE,
To
AND
Chronic!e Numbers
PRINTER,
Brokers aiiu (Jui
poratiom with complete outfits of Account Honti>
Supplies rfaiiko, ifaukertj,
-■tocK
and Stationery.
£#“ New concerns organizing
will have their
promptly executed.
_^o. I
AMD
•*
Eugene
lens
LANE,
YORK.
(for baling cotton.)
riioHiaa Street.
ESTABLISHED
SPCCESSOK
TIES.
Wheeler,
119 MAIDEN
Continental Hill*,
$ 58 & BO Worth Street, and
^
<fe
COTTON
FOR
Gee. H. Gilbert I?Itg. Co.,
Arlington Hill*,
Freeman Hfg. Co.,
Renfrew Hi'g. Co., Janie* Phillip*, Jr.
Fitchburg Worsted Co.,
iOKK{.^
35
of Jute Bagging
OF
IMPORTERS
Brown ,W ood& Kingman
vruMr
In stock
BAGGING.
SHIRTINGS
t
ARKANSAN.
-
0* © © 00 O’
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3
0*
Drills, Sheetings, £c„ for Export Trails.
NhiW
i STATE BANK, # C. T. Walkbl
Cashier.
1 Incorporated 1875. j
LITTLE
s
w
© w
Lincoln Hill*.
sale.
German National
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rowel*, Quilt*, White Good* Sc Hosier}
Good Investment Securities, paying fron
4>£ to Jo per oent. for
ft
a
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BOSTON, 31 Bedford Street.
ST. LOUIS,
Kansas and Illinois
X
CO©
CD
George Whitney,
Dealer* in Western Securities.
©M
COM
GO©
SELLING AGENTS
Keleher & Co.,
F.
President.
05©
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A BLEACHED
PRINTS,
ESTABLISHED
Specialty.
to CO 00 O’ >0’<|
CO
DEARBORN
AND
general Financial and Agency Business in
the State of Texas and Europe.
806
M
O’ —
©©00^4©
SELLING AGENT8 FOR LEADING
BROWN
LIMITED,
New York Correspondents:
Blakb Bros. St Co.,
Wall Street.
P.
00
boo
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LONDON, ENGLAND),
(OF
a
05 00 0*05
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Bliss, Fabyan & Co.,
THE
Transact
00
Mk*05<I
:
Also, Agents
STREET,
bankers.
COMPANY
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New York, Boston,
Texas Land &
MOO —M©
CO =00 CO-1
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Commercial
PHILADELPHIA.
fciiicstern
COO
coco
M If*
The funding of entire issues receives special
Jon. Write ns if you wish to huv or Hell.
BANKERS AND 8TOCK BROKER8,
SOUTH
ft
CHICAGO, ILL.
Jos. M. Shoemaker & Co.
134
00 00
X
tc M toco
INVESTMENT BANKERS,
No
Orders executed by private wire in New York, Bos
ton and Baltimore.
Drafts issued on all principal points in the United
Spates and Europe.
No.
©
\. W. Harris & Co.,
BANKERS AND BROKERS,
No. 322 CHESTNUT STREET,
I:
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Gerlach,
JOS. M. SHOKMAKBR.
to O’ © O' QC
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presented no features of noteworthy
interest, the sales of the week having been small and
unimportant.
Values are practically unchanged, and the
most staple fabrics are generally steady, while stocks are in
&
O’
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ac ©
H
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O’ to
050
10
have
Narr
©to
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importers and jobbers, the weather having been unseasonably
cold and therefore unfavorable for the retail trade. The auc¬
'ctmsuluauia jankers.
©tOtOMtO
CO 00
CO CO
05 05 <1 ‘JO ©
00 ©
00 «4
wash fabrics.
Domestic Woolen Goods.—There was a less active demand
for men’s-wear woolens than noted a few weeks since, but
leading manufacturers are now pretty well supplied with
orders for fall fabrics, and there is a more cheerful tone in
this branch of the trade. Cassimeres and worsted suitings
were in moderate request, and there was a steady movement
in overcoatings on account of early orders.
Satinets have
ruled quiet, and the demand for Kentucky jeans and doe¬
skins was conspicuously light. Flannels were lightly dealt
in, and blankets have not met with much attention thus far,
though some inquiry for horse blankets has been made by
intending buyers. Cloakings, Jersey cloths and stockinettes,
were only in limited demand, but agents continued to make
fair deliveries of these goods in execution of former orders.
Worsted and all-wool dress fabrics have ruled quiet and
shawls were dull in first hands.
Foreign Dry Goods were mostly quiet in the hands of
rooms
O’
b
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k*b
woven
tion
iBPill
g:
§: S
Ifg
:
i
ple cotton goods at first hands, but there was a steady call for
small parcels of such makes as have not been submitted to
public competition. There was a better feeling in the market
toward the close of the week, but prices of the most staple
fabrics remain unchanged. Print cloths ruled quiet and a
fraction lower, with sales of 64x64s at 3}£ plus 1 per cent.
Prints were in moderate request, as were lawns, ginghams
and
facts
U« ELI 1 n
*TKEE I,
(HANOVER SQUARE.)
.
WANTED.
967, 970, 981 and December,
Supplement.
Ten Cents for each of the above paid at
71) WILT4AM STREET.
/
1884,
tli# Office,
[Vol. XL*
THE CHRONICLE.
606
gatilt j$latrraruts.
ffittatucial Companies.
AMERICAN
FINANCE COMP’Y,
96 BROADWAY,
NEW YORK.
President
1st Vice-President
2d Vice-President
3d Vice-President
Sec’y and Treaa.
JOHN C. SHORT
FRANCIS A. WHITE
JAMES 8. NEGLEY
THEO. B. TALBOT
WM. P. WATSON
DEPORT OF THE CONDITION OF THE
XaNATIONAL PARK BANK, New York City,
at tne close of business May 6,1885 :
May, 1885:
Loans aud discounts
$16,395,091 17
Overdrafts
252 23
U. S. bonds to secure circulation
50,000 00
U. 8. bonds to secure deposits
250.000 00
Other stocks, bonds and mortgages...
1,090,374 07
Due from other National banks
1,248.192 55
i»ue from fctate A private b’ks& b’kers
41,877 86
I,0o2.l63 87
Real estate
Premiums paid
5,025 00
Checks and other cash items
11.090 25
Overdrafts
U. 8. bonds to secure circulation. .
Other stocks, bonds and mortgages....
Due from other national banks
Due from State banks and bankers ....
Banking house
Other real estate
Surplus fund
Undivided profits
National bank notes outstanding
Dividends unpaid
Deposits—Individuals...
American Surety Comp’y
Capital, $500,000.
General Office, 160 Broadway, New York.
Rich’d A. Elmer, Pres’t. Lyman W.Briggs, V.P
This company will act as surety on Bonds required
Cash
Company organized in the United
and with
It guarantees the honesty of Officers and Em¬
ployees of Railways, Banks, Telegraph, Telephone
and Exnress Companies, and persons employed by
corporations and business houses holding positions
of trust and pecuniary responsibility.
E. D. L. SWEET & SONS.West’n Managers,
Chicago
Philadelphia
GODFREY MORSE, Agent and Attorney, Boston.
BA8COM & MUNSON, General Agents, St. Louis.
BROWN,CRAIG A CO., Gen’l Agents, San Francisco.
HENRY K. FOX, Agent and Attorney,
NO
Suretyship.
The Guarantee Co.
AMERICA.
NORTH
OF
Oash Capital
Cash Assets
Deposit with Insurance
Department
(300,000
400,000
214,000
HON. JA8. FERRIER.
Managing Director: Edward Rawlings.
NEW YORK OFFICE:
NO. Ill BROADWAY.
D. J. TOMPKINS, Secretary.
New York Directors—Joseph W. Drexei, A. L
Hopkins, H. Victor Newcomb, John Paton, Danle
Torrance. Kdw. F. Winslow. Erastus Wiman.
8nt ALEX. T. GALT.
CASUALTY CO.,
FIDELITY &
Nos. 214 A 216
BROADWAY, NEW YORK.
Assets, $512 026 11.
Cash Capital, $250,000.
Deposited with the Insurance Departm’t, $200,000.
omciais of Banks, Railroads and Express Compa¬
nies. Managers,
Secretaries, and Clerks of Public Com¬
panies, Institutions and Commercial firms, can obtulD
BONDS OF SURETYSHIP
from this Company at moderate charges.
The bonds of this Company are accepted by courts
Of the State of New York.
CASUALTY DEPARTMENT.
accidents causing death or
totally disabling injuries.
Full Information as to details, rates, Ac., can be
obtained at head office, or of Company’s Agents.
Wm. M. Richards, Prest.
John M. Crane, Sec’y.
Policies issued against
Rob’T J. Hillas, Ass’t Secretary.
DIRECTORS:
Geo. T. Hope,
David Dows,
W. G. Low,
G. G. Williams,
A. S. Barnes,
Charles Dennis,
J.8.T.8tranahan, H. A. Hurlbut, Alex. Mitchell,
A. B. Hull,
J. D. Vermilye, 8. B. Chittenden.
Geo. 8. Coe,
Wm. M. Richards.
Correct—Attest:
Notary Public, New York Co.
CHARLES II. MARSHALL,)
WILLIAM TURNBULL,
> Directors.
EDMUND D. RANDOLPH,)
DEPORT OF THE CONDITION OF THE
JLAUALLATlN NATIONAL BANK, at New
Yorn, in the State oi New York,at the close of busi¬
ness
May 6,1885:
RESOURCES.
$3,281,385
3.041
696,000
U. S. bonds to secure circulation
Other stocks, bonds and mortgages ...
462,700
Due from other National banks
50,096
Due from State banks ann b inkers—
13.690
Real estate, furniture and fixtures....
111,500
Current expenses and taxes paid
5,020
Clearing House loan ctfs. of other b’ks
360,U00
Checks and other cash items
381
Exchanges for Clearing House
1,846,033
Loans and
discounts
Overdrafts
Bills of other banks
Fract’l paper cur’ncy,
hold REGULAR AUCTION
SALES of all classes of
STOCKS
AND
BONDS,
ON
WEDNESDAYS AND SATURDAYS.
ADRIAN II. MULLER A SON,
No. 12 PINE STREET, NEW YORK,
(EQUITABLE
BUILDING.)
98
01
00
94
00
33 50
nickels A pennies
1,476,307 00
555,408 00
31,050 00
Specie
Legal tender notes
Redemption fuud with U. S. Treasurer
(5 per cent of circulation)
$8,908,348 93
Total
LIABILITIES.
$1,000,000 00
Capital stock paid in
National bank notes
Dividends unpaid
500.000 00
outstanding
480,617
606 400
8,965
4,140,179
4,728
-
Individual deposits subject to check..
Demand certificates of deposit
Total
State of New York.
88
00
00
71
09
1,091.719 37
176,504 78
509,249 14
395,484 94
Cashier’s checks outstanding
Due to other National banks
Due to State banks and bankers
$8,90.-,848 93
County of New York w:
I, Arthur W. shekman,
Cashier of the above-
solemnly swear that the above
state uent is true, to the best of my knowledge and
belief.
A. W. SHERMAN. Cashier.
Suhsciibed and sworn to before me this 9th day
Of Mav, 1885.
H. L. Bkaynard,
named bank, do
Notary Public.
Conect-Attest:
THOMAS DENNY,
)
FREDERIC W. STEVENS, ^Directors.
A.
DEPORT OF TIIE CONDITION OF THE
-tvFOURTH NATIONAL BANK OF THE
CITY OF NEW YORK, at New York, in the State of
New York, at tne
close of business on May 6,1885:
RESOURCES.
$12,688,658 95
Overdrafts
1 01
IJ.S. bonds to secure circulation
200,000 00
U. S. bonds on hand
100,(.00 00
142,974 78
Other stocks, bonds and mortgages....
Due from other national banks
1,258,838 93
23,990 58
Due from State banks and bankers
Real estate, furniture and fixtures—
000,000 00
Current expenses and tuxes paid
51.921 09
Premiums paid
8,000 00
Checks and other cash items
18,lo2 15
Exchanges for Clearing House
8,773,408 87
Bills of other banks
10,000 00
Fract’l paper cur’cy, nickels & pennies
257 01
Loans and discounts
.
Specie
Legal tender notes
U.S.ctfs. of deposit
5,457,908 00
1,294.713 00
10,050 00
for legal tenders
Redemption fund with
U.S. Treasurer
(opercentof circulation)
Due from U. S. Treasurer, other
5 per cent redemption fund
9,000 00
3,000 00
.
than
.*30,650,835 37
Capital stock paid in.
Surplus fund
Undivided profits
National bank notes outstanding
Dividends unpaid
Individual deposits subject to check..
Demand certificates of deposit
Deposits for acceptances
Cashier’s checks outstanding
Due to other national banks
Due to State banks and bankers
$3,200,000 00
640,000 00
614,955 33
180,000
15,604
11,085,318
104,001
00
90
64
01
3,620,293 22
175,917 09
890,581 45
10,024,162 53
$30,650,835 37
Total
StateofNew York, County of New York, ««;
1, Henry BucKHOUT,Cashierof the above-named
bank, do solemnly swear that the above statement
is true, to the best of my knowledge and belief.
HENRY BUCKHOUT. Cashier.
Subscribed and sworn to before me, this 8th day
of May, 1885.
Correct—Attest:
Notary Public.
Directors.
241,0o0 06
LIABIL11IES
$2,000,000 00
Capital stock paid in
1,000,000 00
.-urplus fund
259,344 87
Undivided profits
45,000 00
Circulation outstanding
1,928 00
Dividends unpaid
11,491,882
49
Individual deposits subject to check..
451,953
88
Demand certificates of deposit
504,739 12
Cert fled checks
50.090 51
Cashier’s checks outstanding
133,089 91
Deposits of U.S. disbursing officers...
10,168,680
13
Due to other National < anas
2.861.7 58 73
Due to State & private banks & bankers
$28,968,471 14
Total
I, E. K. Wright, Cashier of the tvational Park
Bank, do solemnly swe-tr that the above statement is
true to the best of my knowledge and belief.
E. K. WRIGHT, Cashier.
State of New York, County of New York, w:
Subscribed and sworn to before me this 11th day
of May, 1885.
GEO. S. HlCKOK.
Correct—Attest:
Notary Public, N. Y. Co.
GEO. H. POTTS,
)
OLIVER HO * T,
V Directors.
EUGENE KELLY, )
DEPORT OF THE CONDITION OF THE
XVnATIONAL BANK OF THE REPUBLIC,
of New k'ork, at the close of business
May 6, 1885:
of the City
RESOURCES.
$4,596,186 20
2,827 78
495,000 00
192,500 00
214.456 25
6oO.< 00 00
87,414 68
discounts
Loans and
Overdrafts...:
;
U. S. bonds to secure circulation
U S. bonds on hand
Other stocks and bonds
Real estate, banking house
Premiums paid.
Expenses...
Specie
Legal tender notes
Bills of other banks
Chect B& oth. cash items
Excli’s for Clear’g House
Due from national banks
Due from State b’ks and
23,149 09
$1,63-',129 75
509,448 00
88,939
16,*<cO«
995,197
559,714
00
96
88
85
78,019 09
bankers
with
Redemption fund
U. S. Treasurer(5 per
cent of circulation). ..
22,275 00—3,907,931 53
$10,119,406 47
Total
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits
$1,500,000 00
S'#,000 00
94,777 63
423,OUO 00
13,452 50
outstanding
National bank notes
Dividends unpaid
Deposits—Individuals.... $2,269,810
National banks
3,907,789
State blanks & bankers .
755,766
Demand ctfs. of deposit
124.295
47u,5?4
Cettitled checks
28
46
10
65
79 — 7,588,233 34
$10,119,406’47
Total
State of New York, County of New York, ss:
I. E. If. Pullen, Cashier of the National Bank of
the Republic of New York, do solemnly swear
the above statement is true, to the best of my
knowledge and belief.
E. H. PULLEN, Cashier.
Subscribed and sworn to before me this 8th day
of May, 1885.
W. G. Snow,
Notary Public, Kings Co.
that
Certificate tiled in N. Y. Co.
JOHN JAY KNOX,
GEO. B. CARH A RT,
SUMNER R.
/
>
Directors.
STONE,)
Report
of tiie
condition
of the
NATIONAL
AMERICAN
EXCHANGE
BANK, at New York, in the State of New York,
of business on the 6th day of May, 1885:
the close
Loans and
discounts
Overdrafts
US. bds.to secure
$11,621,923 26
1,658 09
i-
circulation(par val.)
50.000 00
3 per cents
Other stocks, bonds and mortgages...
Due l'rom other national banks
Due from State & private b’ks A b’kers
Real estate
Current expenses and taxes paid
Checks and other cash items
Exchanges for Clearing House
Bills of other banks
92,440 53
1,240,191 7i
263.123 36
350,260 77
1,082 36
620,963 86
2,375,227 04
229,060 00
5,189.130 02
1,628,000 00
148,000 00
.’
Specie.:
Legal-tender notes
Due from
5 per
at
resources.
U. S. Treasurer, other than
cent redemption
fund
$23,817,060 51
Total
LIABILITIES.
$5,000,000 00
1,250,000 22
Undivided profits
107,757 60
State bank circulation outstanding—
6,801 00
Dividends unpaid
72,015 50
Individual deposits subject to check.. 10,055,026 20
Demand certificates of deposit
02,828 05
Certified checks
1,000,764 54
Due to other national banks
3,028,256 49
Due to State & private banks &o’nkers
2,632,611 03
Total
$23,817,060 51
State of New York, County of New York, ss:
I, Dumont Clarke, Cashier of the American
Exchange National Bank of New York City, do sol¬
emnly swear that the above statement is true, to
Capital stock paid in
Surplus fund
the best
of my knowledge
Sworn to and
of May, 1885.
and belief.
DUMONT CLARKE,
Cashier.
subscribed before me this
D. G. Fanning,
ROBERT W. STUART,)
O. N. BLISS.
>
O. D. BALDWIN,
)
4,962,176 90
1,956,110 00
2,250 00
$28,968,47 L 14
Total
Correct—Attest:
)
ROOSEVELT,
LIABILITIES.
STOCKS and BONDS
At Auction.
69
17
00
00
04
98
15,000 00
Total
The Undersigned
8,660 06
Accepted drafts
Vice-President:
President:
103,5 0 60
$2,845,901 12
National banks
2,582.139 21
State banks & bankers..
823,064 56
Certificates of deposit.
425 93—0,250,529 82
Acceptances
1,794.129 13
30.035 80
Cashier’s checks
Total
$9,480,306 40
State of New York, County of New York, 88:
I, FkeoiriC Taylow, Cashier of the abovenamed bank, do solemnlv swear that the above
statement is true, to the best of my knowledge and
belief.
FREDERIC TAYLOR, Cashier.
Subscribed and sworn to before me this 9th day
of May, 1885.
Edwin F. Corky,
Surplus fund.
Undivided profits
BUSINESS.
OTHER
1,887,712 05
276,000 00
5,175 00
$1,000,000 00
200,000 _00
92.501 59
Capital stock paid in
32.980 00
1.031 50
nickels and cents.
Specie
Legal tender notes
Redemption fund with U.S. Treasurer
(5 per cent of circulation)
Due from U. 8. Treasurer
LIABILITIES.
SURETYSHIP.
Bonds of
Bibs of other banks
Fractional currency,
$9,41:6,300 40
Total
1,641,010 74
Exchanges fur clearing House
b’ks
Specie
Legal-tender notes
Redemption fund with U. S. Treasur¬
er^ per cent of circulation)
BONDS furnished to Say¬
States devoted exclusively to Suretyship,
all its assets iavested in this country.
and taxes paid
Cleaiing House loan ctfs. of other
Checks and other cash items
Exchanges for Clearing House:
pal Bonds, Railroad Bonds, bought and sold.
DEFAULTED BONDS of States, Municipalities
and Railroad Companies negotiated or collected.
CALL AND TIME LOANS made on United States
Bonds and good Municipal and Railroad Bonds.
FINANCIAL AGENCY for railroad companies and
other corporations. Will also conduct the reorgani¬
sation of railroad companies and other corporations
whose bonds are in default or whose property is in
the hands of Receivers or Trustees.
RAILROAD LOANS negotiated.
Circulars on application.
RESOURCES.
$3,968,480 97
153 79
115.000 00
130,664 66
142,503 21
80,058 20
385,000 00
200,000 00
37.994 28
23,850 00
1(H>,000 00
10.56147
2,146,6-8 15
other
Bills of
banks
25,819 00
Fractional currency (includ’g nickels).
36 62
Current expenses
Premiums paid
ings Banks, Insurance Companies, Executors and
Trustees of Estates, and individual investors.
UNITED STATES BONDS, State Bonds, Munici¬
In the Courts.
It is the only
resources.
Loans and discounts
Stock, $1,000,000.
500,000.
Authorized Capital
Paid In
SOUND INVESTMENT
DEPORT OF THE CONDITION OF THE
tvcONTINENTAL NATIONAL BANK, New
York, at the close of business on the 0ih day of
Ktngs Go.
Certificate filed in New
Correct.—Attest:
9th day
J. J. Bennett,
Notary Public,
GEO. 8. COE,
)
York Oo.
MAXWELL, > DirectorsGEORGE BLISS, )
J. R.
