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HUNT'S MERCHANTS' MAGAZINE,
RBPRBSBNriNQ THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES^
VOL.
SATURDAY, MAY
48.
NO.
1889.
25,
Wuk Bndtnt May
1,248.
ITMk aaJ^ JVnv
M.
Terms of Sabseription— Payable In Advance
Fjr One Year (Inoludlni; postage)
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Eoropoan Subscription SixMonths (Including postage)...
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Annual sabsoriptlon In Iiondon (Including postage)
42 78.
SIxMos.
do
do
do
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These prices Include the Investors' Supplement, of 150 pages
Issued once In two months, and furnished without extra charge to
subscribers of the Chronicle.
Subscriptions will be continued until definitely ordered stopped. The
publishers cannot be responsible for remittances unless made by drafts
or Post Otlice money orders.
A file cover Is furnished at 50 cents; postage on the same
Mita. Volnmes bound for subscribers at $1 00.
Terms
Is
18
(Cotton
iOratn
halu.
butluU.
iPttmUum
1>M<.
578.811,804
-urs
718,1.684 847
(l,8ei,9-6)
(818.0001
(15,184.448
(8,6«8,000!
(1,007,1781 (+19-4)
(167.600) (-1-101-8)
l-74-6i
(18,lMtMI00i 1-58-5)
11,178.708)
(e88.700j
(17.(«t,9e0l
(10.l76.000l
-183
-1-0
86.041.786
Boston
ProTldenoe
81.gfl0,«l
4,864 800
1,788.080
1.817.988
-1-175
!!«'.!
1,175.1113
-h5-fl
I.1-22.HI5
-t-llO
614.557
1.011,009
900.0S9
649.314
-t58
-5-»
1,068,804
1,081,889
798,704
103,800,574
96,324.977
-I-7*
107,883,338
«9,786,178
12,355.678
11.431.995
64,081.837
10,177,288
18.466,088
712,778
+8-9
76,088.487
18.963,386
11.671.066
SBrlosflaM
I
1.241
Worcester
Portland
Lowell
New
Total
,
1,0(,5.384'
Kn«Iao4...
B.
DANA
74«.7()0
tc
Co., PublUtaera,
103 William Street. \EW YORK.
Post OiiicE Box 958.
Cincinnati
Milwaukee....
Detroit
Cleveland
IndlanapoUs...
Peoria
arand Rapids.
Total Middle Western
San Franelsco...
Kansas CIt J
Omaha
ceed the result for the like period of 1888.
Instituting comparison with the corresponding week of last
year the favorable character of the current statement becomes
more apparent. At New York a gain of 17'8 per cent is disclosed and in the whole country the excess is 13'5 per cent.
'Fort Worth shows an addition to the fi^ires of 1888 of 132-1
per cent, and at Gralveston the increase is 36-8 ; Peoria, 8.5-7
Richmond, 35-1 ; Columbus, 33-1, and Denver 30-8 per cent.
The only losses of any importance are at Los Angeles, 45-8 per
«ent, and Duluth, 20-4 per cent.
For the purpose of showing wliat relation this year's figures
bear to those for a series of years; we have prepared the fol;
Oat ilde Ne w York
Not Included In
-0-os
-faa-s
+2-8
-hl8-0
64^841.078
11,168,150
4.1IM.48H
4,784J*34
8,074.301
8.023,0110
-t-88-l
S.«41J00
-hSO^
1.847,181
1.770,115
691,53)1
1,971,979
1.888.736
647.831
95,374.316
89,464,9;6
•t6-6
96338,841
16.768/N)a
8.446.117
8,609,995
8,978,46«
4,188,641
17.68l'.674
-4-7
11,804,188
HO
-1-16-1
+»*
-»6
-1*6
9.665.647
8,483,616
S.808.388
8,800.333
3.60».4n2
8,888,378
1.571.866
1.0;8.000
788,487
8.8t8J08
4376.146
4.187396
46-1
S.718,l<3
-H80-8
8.BT8383
-80-4
— lS-1
—40-3
-8-7
-^8-8
838,703
+6-7
48-»
-f8»»
tiSi
Jmt*
+i7-a
-10-
Is-*
1.600.000
i-air±
1398.446
-ii-»
^986 -Kt
-6-»
T88388
438,447
608316
8T0,;»0
48,040,115
45,126.062
47,016,003
18.369.511
7.844,109
6,767.817
8,010,978
8316.699
16.168,161
7.V83,0I4
5.710.433
1,822,430
1,716,100
889.068
968,485
«36,02S
468.715
414.081
673,848
8».<iaH,104
84.861,806
ll.08fl.568.418
888.886,870
877.096.0il6
688344
-H«;6
674.678
803.808
I
^»»
103.084 J86
-hlS-6
US
18310343
8,768348
H8-6
7,U4)«3I0
+86-
3368,684
8.478318
770341
-o-«
1310318
688386
-fis-s
41383.886
-1-188'
-i-ll-B
-hia-0 1.1103*8.861
»«.460,77ll
-fa-5
880.701.614
+it*
totals.
for the five days, received by teleevening, exhibit an increase over the Uke period
of 1888 of 20-7 per cent. Our estimate for the full week
ended May 25 indicates an excess over a year ago of aboat
23-8 per cent. Measre. R. O. Dun & Co. report the numher of
failures for the week ended Friday night as 8», against a«S
for the same time a year ago.
The returns of exchanges
graph
this
ir«sk
JMitrM
MnMM 3tai 80w
WikmUFtltaiittL
tm IW4«raM>
1888.
All cities
Sew York
From
807.807
8,188,888
-0-»
-M-1
:
Week Mat, 1».
Others
-H-8
+3-1
-HI-*
+4-1
1,786,786
1,366.198
669,900
780.247
861.009
all
1,881,716
1J«<,066
l,18a804
-1-7-8
8.403.(197
Total
4.681,6011
68.680,688
10.807,160
8,604,166
8,886,748
8.096 JN8
.
;
\zlSl
87,877,421
Ualuth
St. Joseph
Los Angeles....
Wichita
Topeka.
Sioux at7*
—
(-H44-*
94,860,611
Denver
Although a little less in the aggregate than during the preceding week, the returns of exchanges for the week ending May
Tacoma*
18 are of quite satisfactory proportions.
Tlie decUne from
May 11 about fifty-one millions is largely at New York, the Total Other Western..
Louis
other sections of the country contributing collectively to the 8t.
New Orleans
loss only $13,109,049, and almost all of this at Boston and Louisville
Memphis....
Philadelphia. In the ^outh there has been a slight falling off Kicbmond
in each city, due, at l^t in part, to the smaller cotton move- Cjal veston
Worth
ment the Western sections, however, each show gains over Fort
Norfolk
the previous week.
Boston Stock Exchange operations for
Total Bouttaem.
the week fall below tliose for the week ending May 11, but ex-
—
-t21-4
¥Mr»
60.887,313
10,661.960
4,844.8»4
4.791.680
8.467,188
8,690,400
8.016.635
1,674,433
Total Middle..
Chicago
Minneapolis....
St. Paul.
CLEARING HOUSE RETURNS.
-1-5
8,037.8«1
*
Oolnmbaa
Messrs. Edwards & Smith, 1 Drapers' Gardens, E. C, who will take
subscriptions and advertisements and supply single copies of the paper
at Is. each.
WILLIARI
BuOUo
84,87^«00
4,904,100
l,63l,Sia
1.237,139
„
Hartford
New Haven
Baltimore
Syracuse
Ia«ndon AKents
lowing
CS1,988
PlUsbnrg
of Adrertising.
the inch.
;
$haTM.
Philadelphia..
Advertisements ordered for less than one month. In the Commercial
A FruANCiAL Chronicle, are published at 25 cents per line each Insertion. When orders are cletinltely given for one raontli or longer, a liberal discount is allowed, and the net pricen may be obtained on application at the otlice. The lowest rates on permanent cards deflnitoly ordered for one year are 8 cents per line each Insertion, making $58 for
one inch space one year. Space is measured In agate type -14 lines to
WILLtAM B. DANA.
JOBM O. PLOYD.
I
Saieiof—
(Stoau
II
P.OmU
P.Otnl.
1889.
1888.
1887.
1886.
|S88.788.9'3 »28I,n™.380
P. Crw.
1869.
1888.
tl,069.65S.417 J9S3J898.975 (1.101,613.908 I785.97S.80S »703.886,988
788,8»0,»«fl 604.324 J»22 471.377.574
681.962,808 678,341,204
•
f3T7,6e5,MS t8M.4S5.77l
1888.
f2.S1.0fl»..f5t
188'
Hew
York..
aalf 0/ Stock (tkorw)..
Boston
PbUadelphla
Baltimore
Cbleaso
St. Louis
681,610368
4«43tM66
-ft6-3
oe«,i'Ng8«
(1.148,7861
(804.004)
I+8S-4)
|I.0IM,484|
vtfimfn*
+8*
76L0«e.ifn
sa3M3io
60.118.160
8086347
-H6-8
-l-l
«e30i.a83
8,081.487
the above it will be seen that, contrasted with
Mian3a8
63388.000
there is a decrease in the whole country of 3-8 per cent, but
It358.l80
16318.806
gains.
*
comparison with eitlier 1886 or 1883 reveals heavy
83*0318
6386.404
New Orleans.
for
Exchange
Stock
Transactions in shares on the New York
788306,880 883.4(«.n0
Total.Odar*
against
$71,324,000
the week embrace a market value of
183404318 1S438838B
btlmatedldar-.
Pursuing our usual
152,962.000 for the week a year ago.
'9U!780,478 7*0.831.068
Total fall 1
method of deducting two-and-a-half times these values from
80.084.188
tlS.416.100
the New York totals, leaves as the exch.anges arising through Balance Ooonttr*.
1.086.186378 Hll.98e304
other business 8508,652,852, and 1446,436,204 respectively in
Toial week. all..
• ror »• Inu week, uasM ua lau weal's retwaa.
the two years, or an increase of 12-8 per cent.
^r»
8318308
eMU.008^
•f8r4
1&3S4.8IS
-•6
am.8r«
y»7
tT*,T3l.llOI
-f«a8
17t,7143at
fn-8
•40.4*7338
-MS-V U«,l*8,lll
-t'14'8
+8»8
fi«-a
1.008346.744
THE CHRONICLE.
672
however,
THE FINANCIAL SITUATION.
Although many banks are becoming more discriminating, there has been no essential change in the rates for
money
is
this week.
A
is
been firm.
Until
XLVIII.
Thursday the arbitrage
operations were insignificant, but on that day there was
some realizing for this account, though only to a small
extent.
recent feature in time contracts
the insertion of a promise to pay in gold, which
[Vol.
a
(Jold to
on Thursday for
the amount of $650,000 was ordered
by to-day's steamers, and yesterday $3,000,000 more was taken for the same purexj^ort
regulation of some foreign banks represented pose, making $3,650,000 for the week. We would state
This action has been widely discussed the last for the benefit of those who are getting nervous over
few days, and we refer to it because more has been this outflow of gold, that the total net gold shipments
genera*!
here.
made of it than the circumstances warrant. It does not
indicate belief in any immediate discredit of our currenbut
cy,
those
is
who
simply a cautious piactice adopted to protect
represent and are represented by the foreign
capital loaned.
Of one thing we may
and that
our currency will never drop to a silver
is tliat
all
be assured,
up
to to-day since the first of January, 1889, from the
whole country do not amount to over 17 millions of
dollars.
There has been no alteration in the aspect of trade,
and we need hardly
or in the condition' of the crops,
say that as concerns the
future the prospects for the
one are more or less governed by the prospects for the
absorb the silver issues. Just now the indications point other.
Recent rains have proved very beneficial, as
to a temporary term of more active business, which, if stated last week, and from some of the winter wheat
it occurs, will, as the fall months approach, drain off sections come reports that the plant has now sufiicient
the certificates that may accumulate at trade centres moisture to carry it through to harvest. All the other
and
long as the trade conditions are such as to
so
"basis
in
Government
We
vaults during the interval of quiet-
say temporary term,
because these cycles
cannot be prolonged while capital is on the lookout for
ness.
a catastrophe. A result of the same conditions are the
little waves or whiffs of
agitation which pass over
and ruffle the Street every time gold is exported. This
incertitude could all be put at rest and the country prospered beyond measure if Congress would only stop silver coinage.
We ask attention to an article we have
written on this subject, and give to-day iu a subsequent column.
So far as represented by bankers' balances call money
has this week loaned at 3 and 1^ per cent, averaging probably a
little
over 2 per cent, renewals having been
made
The minimum for call money by banks
companies was 3^ per cent, though early in
at that figure.
and
trust
the week some readily obtained 3 per cent. Time loans
continue easy with a light demand and an abundant
supply where first-class or good ordinary collateral is
by no means easy to borrow on some
of the modern class of •security now flooding the market.
Rates on high-grade collateral are 2| per cent for
offered, but
it is
sixty to ninety days, 3 per cent
months, and
3i@4
the year.
supply has not
still
many
In cotton, however,
unusually well advanced.
sections are
suffering from
As concerns
drought.
which, as is known, have for
some time been very depressed, the action of the
anthracite coal companies in deciding to advance
prices the 1st of June has been quite an important
Such a course not unnaturally is
event of the week.
the iron and coal trades,
is in much better
The facts do not seem quite to accord with that
idea.
Mr. John H. Jones has this week issued his
abbreviated statement for the month of April, contain-
taken to indicate that the trade
shape.
ing,
however, this time
the item of
which
stocks,
in the usual form, as
enables us to prepare our exhibit
follows.
Jan.
AprU.
1 to
April 80.
1
Anthracite Coal.
<tock beKinnlnK
of period
Product-lon
1889.
1888.
1887.
1880.
1888.
1887.
Tom.
7bn».
465.709
Tow.
Tbfu.
825.156
Tom.
lont.
372.282
.168.815
89S.783
2.2T4.190
2,858,593
2.786.:96
SoDply
end of period
3,172.S>8-?
8.3«2.302
3.855.1)11
904,639
783.314
700,199
Consumption..
2.208.354
3t*k
2.688.()8S!
130.977
9,(197,453 10,326,336^10,492,384
e,722.eDt' lu.457.313 10,804.666
1
2.655.412
1
1
964,828
8.757.981
733,814
'
700,199
8,723,99910.164.467
for ninety days to four
per cent for four months to the end
Commercial paper continues in excellent
demand and everything good is promptly taken. Tlie
•of
grains also remain in a very satisfactory condition, and
materially increased since last week.
These results afford no explanation for the advance in
With production in April reduced, as compared
prices.
with the same month in 1888, 582.394 tons, stocks nevertheless further increased, and on the 30th of April
Consumption
Bates are 3^ per cent for sixty to ninety day endorsed stood at the large total of 964,628 tons.
in 1888 and
than
tons
less
3f ©4^ per cent for four months accept- in April, 1889, was 380,000
ances, and 4'@5^ per cent for good single names having 447,000 tons less than in 1887, while for the four months
from four to six months to run.
the loss is nearly a million tons, as compared with last
There is no particular feature observable in any of the year, and over 1,400,000 tons as compared with the
bills receivable,
European money markets. Discounts of sixty to ninety year before.
To be sure, we are now pretty well
day bank bills in London, as reported by cable yester- advanced in the month of May and the inquiry has latday, are 1^ per cent, while the open market rate at terly improved somewhat, but the Western demand is
Paris is 2J per cent, and at Berlin and Frankfort small and promises to continue so for a time at least,
it is If per cent.
London rates are undoubtedly influ- owing to the large stocks, both of soft and hard coal,
enced by the large continued receipts of gold by the which were carried ov?r at the end of the winter
Bank of England from abroad. This week the gain to because of the mild weather.
I
the Bank is reported to be £393,000, which, according
As an indication of the general business situation, we
to a special cable to us, was
made up by imports from may note
that the Pennsylvania statement for April,
night by telegraph, shows further gains in
Australia, the Argentine Republic, &c., of £345,000,
raceived last
by receipts from the country of £99,000, and by exports,
principally to France, of £53,000.
I'he Bank of France
reports an increase of £451,000 gold this week.
In our foreign exchange market there has not been
even a fractional change in the sterling rates for actual
bus' ive s this week, and only a slight alteration in any
gross this year after heavy gains in preceding years, the
"ift/.:
~ates for continental exchange.
The tone
has,
month and the four months (January to April inclusive) being fully one-third since
Thus the road earned over five million dollars in
1885.
April, 1&89, against only about $3,700,000 in April,
1885, while for the period from January 1 to A]-*^ :j#
addition both for the
the total stands at 1S| millions this year, again
^
'ess
j
.
Ma-V
25,
.
THE CHRONICLE.
1880.1
Very
than 13i millions in 1885.
ill
Bullion holdings of Enropean banka.
likely the Centennial
month played some
celobnitions the latter part of the
part
IVa»M.U»
Below is our
for April and the four
months back
tlttU,Ut^
Ranks 0/
swi'Uing the receipts this year.
usual table giving the figures
073
to 1884.
t
*
BikUiMI...
«3,i:it,7n
lll.«<,70
tmoet..
«l,MS.i«<<4».M).8l^
...
Ocrmanr
LINM KA8T or
»
*
i
-.•.<u.an
tMH.Mfr
4«43«,V< 1X4019001 aa.i(l».|M
M,III<).M7 I«,l3axril
5,419,000 IB,«54(10li|
6,.'M:i.')on
ft.iwi ooii
IfaUBelitlum.
»8»;000
1411.0110
April.
Qrofls earnlnfffl. ...
Operat'K ejtpen«e«.
'
!
ADiit..|]iinc>
NetberlftntlN..
PrrrsBiiHO.
*
I
4A77II0M
».»ii,<mo|H^o 00
s,47joao; Bjmafiy'
t.ainri
week IO'l,BI7MnH(l,IJM4.IHi IM)5119*«
Tot.pfT.Wt, low.nw.im H8,iH.i.'»9a iMHrnftv
Tot. this
I1»
iic
I,
1.
1X00
'
i
Ml iiwaTijm
Nelearnlnm...
WMtom
—
lines
1,737.474
Beault
A GGRESSI VENESS OF SIL VER ADVOCA TEff.
Jan. Itn April SO.
in.M-S.IM 14,788,481 18,«9S,4SBIlS.15a,80»
Operat'fc exDenses. 13,0 0,471 18.312,00(1 H,2ia,49o 9,889,e»l »,4S8,3(<6| »,770,1«0
QroMearnlnus
I(>,77-.<08'l7,7,V),040
Net earnlnKS...
Western line.*
»,74.,C3i
-141,047
4.255,120
8..'i81,33t
net, it will be seen,
5,38t>,72-2
-37^09o! -J09,S91
5.801,7151 H,8V8.M|| 4.71B.910' S.B77.030
RMnlt...
The
4,815,789
+441,830j -129,879
S,107.4S4
-14«,711l
8,080,431
also quite satisfactory,
is
a slight loss on the Western lines, and
the final result is not up to the best previous figures.
The stock market has been strong all around this
though there
week,
witli
is
occasions
when
—
a very buoyant tone pre-
stocks have been special favorites
on account of the good crop prospects and the
The granger
vailed.
in the rise,
Senator Stewart gave notice in an interview some
weeks since of his determination to have Congreaa
when it meets enact that his silver theoriea be tested.
This week has brought us a speech he delivered May
14th before the Chamber of Commerce of San Francisco, in which he gives more at large his views and
wishes.
If we understand him correctly, he does not
propose unlimited coinage although he thinks it
would prove a remedy " for our present financial stress"
but a coinage equal to the silver production of the
country, or about four insteafl of the present two
million dollars' worth of silver bullion a month, which
in standard dollars would bring the monthly addition to
—
improved situation as to rates. The corner developed
in Oregon Trans-Continental stock as the result of the
contest for control, was continued through Saturdav our silver currency up to very nearly six million dollars.
and part of Monday, with rapid and wide fluctuations
We do not refer to the subject now because we feel any
in the price of the shares, but since then that stock has confidence that this movement can be stopped. Unless
played no important part in the transactions. It President Harrison is opposed to the proposition and is
was supposed that the effect of the erratic move- ready to antagonize it not only with his influence but to
ments in this property would be rather unfavorable the extent if necessary of interposing his veto of such a
to the general market, but the tendency was precisely measure, we ju ge from past experience that it cannot
the other way, as it frightened those short in other be s'topped.
This opinion will, we think, be shared by
tocks and caused a general covering of outstanding all our readers, for Senator Stewart does not go beyond
The upward movement, however, has been the truth when he says that for ten years " two-thirds
contracts.
assisted by some buying for the long account by the pro- " of the legislators of both Houses of Congress have
who have for some time been look- " favored silver;" and he might have said farther
In the latter part of the that a considerable majority of each House has voted
ing for an improving market.
week the coal shares were taken in hand on the pro- steadily in favor of measures more extreme than the
fessional speculators,
posed advance in prices, and Delaware & Hudson
touched the highest figure reached in years. Lake
Shore and the Vanderbilts were also brought to the
front subsequently, the former rising to above lOo. But,
as said, the granger shares have been the main special-
and
ties,
Paul, which
particularly St.
points for both
common and
up
is
5@
present proposition. There is no gain in ignoring these
On the contrary, it is well for onr people to
facts.
have the precise situation in mind and not flatter them-
Senator Stewart also claims, in
substance, not to be without confidence that President
6 Harrison will find it to his interest to " join the silver
selves with false hopes.
Northern Paci- party."
preferred.
Monday
at the time of
Possibly the Senator
may
be correct in this par-
becomes those who apprethe Oregon Trans-Continental excitement, but have not ciate how disastrous a currency on a silver basis would
been prominent since. Union Pacific, after being weak be to our commercial supremacy, to bestir themselves.
fic
shares advanced sharply on
ticular; but
it
none the
less
tion in prices took place, but the general tone remained
are aware that there are many conservative men
who have become not a little callous with reference to
ourselves begun
this subject. We acknowledge we have
action Confuture
what
little
to think that it matters
is willing to
it
unless
silver,
to
regard
gress takes with
As matters are now
the present coinage.
firm.
going,
for a time, has latterly shared in the general rise. Railroad earnings are of the same character as heretofore.
The Burlington & Quincy
this week.
declared
its
usual dividend
Yesterday afternoon, under the large gold
engagements and realizations
to secure profits, a reac-
following statement gives the week's receipts
and shipments of currency and gold by the New York
The
banks.
Week ending May 84,
Tteuivtd
18S9.
Shipped by
fcv
K. Y. Banks
Y. B.m*».|
.V.
(33CO,000
Correncj..
Stt InlfTiar
Movement.
t9B0,000
laatn. ««,850,000
tSO.OOO
ialn. | 2.a.V),0C0
Gold
Total
irnl i
nnfl legnl
tenders
t.3.8O0,ll00
t
'
Wtek ending May «4,
Into BanJu. [Out of Banks.
1889.
Banks Interior MovemODt, as atx>Te
$3,800.0.10
8ut>-Treasnry operations
18,500,000
Total gold and legal tender!»
is;
.
.
»1«300 000
t ino,ooo
14,900.000
I
1I15.8.VI.OOO
suspend
we are already on the down grade towards the
that level
white metal, and will no doubt reach
in
depression
prolonged
for our currency whenever a
a
only
be
to
therefore
It seems
business occurs".
Hence,
as
time.
less
little
a
question of a little more or
to have the experithe majority appear so determined
many are asking
way,
other
no
in
taught
ence and to be
reason is there why the suspense should he
what good
While there
deferred?
the sequel
prevailing
the
appeared to be a reasonable hojie that
highly
was
<lelay
sentiment in Congress would change.
yet Change in
consenratire
hope
Bank Boldlnts.
that
of
It was because
important.
Gain W,8A0,a»
over the pas-oage of the small silver cerrejoice<l
classes
8.400.000
tx)»s.
and felt a new confidence when a place and
Witli the Sub-Treasury operations, but not including
to-day's gold shipments, the result
We
lOalo.
fJ.V.'W
prolonged
tificate bill,
and
THE CHRONICLE.
674
occupation was found for the silver issues by the retire-
of
it
[Vol.
XLVUL
to-day ready to be sold at a price
—
can he
by cornering the current
are mostly called in.
On the first of May there annual production (if he could do it), would only make
were only 135 million dollars that were not retired a market for that old stock and end in a disastrous
Furthermore, we collapse ?
or in process of being retired.
These questions relate to only a few of the diflBculties
had outstanding at that date considerably more
currency of the denominations of $10 and under which beset this portion of the Senator's undertaking.
than ever before, showing that we must be nearing
ment
bank
of National
the limit of
the
notes.
Now
these
bank notes not
country's floating capacity for silver
notes.
But with the
crisis so
much
closer
and
clearer, is inac-
on the part of those who know the dimensions
derangement approaching, defensible ? And
may we not out of the very fact last mentioned
draw a little courage for a new discussion of this
tion,
of
the
subject
?
men and
Certainly the large majority
of
Congress-
Senators have favored silver not for any per-
sonal reason, and
many
of
them simply because they
is
see that raising the price
PA SSENGER A ND FREIGHT DE VEL OP MEXT.
In the extension and development of our railroad
is so striking or noteworthy as the
marvellous way in which traffic grows in this country.
In active times progress is by leaj^s and bounds as it
were; in dull times the pace is slower, but with hardly
any interruption to the upward march. A bad or a
good agricultural harvest will make an important difference of course, but in the one event as in the other
business as a whole seems to keep growing.
It is this
system, no fact
wanted to make a protest against the heedless action of
pure theorists in discarding the white metal. Now, as the characteristic of our industrial activity that explains the
protest has been made by coining 329 millions of dollars; wonderful powers of recuperation shown, and the confiand as the practical question has been clearly settled, dence and buoyancy displayed even in times of depresthat only by clearing a place for the silver certificates to sion. Eepeatedly has new railroad mileage been buift in
float can they be got into circulation; and further, as it excess of immediate needs, but with the invariable
is obvious that the field so cleared for them has at the exi3erience that after a year or two the country grows
present time been nearly occupied; under this new com- up to the increased facilities, the volume of traffic
bination of circumstances may not a fresh, vigorous meanwhile steadily expanding.
We have before given prominence to this fact, but
effort to stop coinage altogether at some fixed date in
the future be undertaken with a measure of hope, even the matter is brought up afresh by an investigation we
though it be without any assured prospect of success ? have made into the question of last year's traffic on our
Of course nothing can be accomplished without the favor Western roads. One or two of the companies which
He probably had no occasion for have recently issued their reports for that period, and
of President Harrison.
studying the subject very seriously before being ca41ed particularly the Atchison, show a considerable falling
to the head of the Government; yet he cannot study off in traffic, and that makes the inquiry whether this
It
it now without reaching a conviction that the success of was the general experience natural and pertinent.
his administration is endangered by continuing silver is known of course that earnings were not satisfactory.
Is not the time then which intervenes before In an article in our issue of April 6 we showed that
coinage.
Congress meets peculiarly opportune for urging the taking twenty-five principal companies a falling off was
found as compared with the year preceding of about 15
investigation upon the President's attention ?
We do not intend to review Senator Stewart's address. million dollars in gross earnings and of nearly 29 milThere is, however, one assertion he makes which it lion dollars in net earnings. But that is no guide as to
may be worth while to refer to before leaving the the volume of traffic or the changes in it, since as the
It seems desirable to refer to it since if the result of the excessive rivalry between the roads rates
subject.
We have
conclusion reached could be substantiated there would were so much lower in 1888 than in 1887.
—
undertaken therefore a study of the annual returns of
the different companies, with the special purpose of
motive for whose belief will be found in this statement seeing how the volume of traffic for the two years
made towards the close of his speech. He says if compares. Such a study is possible now, for with the
the new additional coinage is entered upon "sil- l^ublication last week of the annual report of the Bur*' ver will be at par with gold at the rate of sixteen to lington Cedar Rapids & Northern we have statistics on
Does not the Senator that point for the calendar year on all the roads for
M one within twelve months."
be
ator
no
is
dissent to the proposal.
Besides, the Sena fair representative of a considerable class the
forget that the Latin
Union was engaged
in the free
which we are
likely to get the information.
In contrasting the years 1887 and 1888 we are taking
AVas it not alone because the States composing the Latin the least favorable basis for showing an increase in trafUnion believed that they could not arrest the decline fic. In the former year nearly all the conditions were
I)ut would be engulfed by it that they stopped coinage ? satisfactory; in the latter precisely the reverse was true.
Does not the Senator think that in the face of that experi- Note as an illustration the falling off in new railroad
ment, and of the opinion and action of the representa- construction. In 1887 full 13,000 miles of new road
coinage of silver
when
the decline in bullion began
?
would be extremely rash to base a were built in 1888 the new construction was not in exupon the counter-opinion of cess of 7,000—a reduction of nearly one-half. This
himself and others who are interested in the silver mining change affected unfavorably not only all the different
industry, and therefore not unbiassed judges? Can he industries whose activity in a measure depends upon
not realize that the task he sets himself of raising the railroad building, but had the direct effect of reducing
quotation of bullion from 42d. to 60d. is nothing less greatly the volume of construction material to be carthan a " dead lift," calling for an inflatiag agency ried. In this latter respect the loss fell with especial
infinitely greater than the effort before which the Latin severity oa the roads this review covers, because it is in
States succumbed?
Cannot the Senator see that with their tarritory that the marked difference noted in the
3,500 million dollars of old silver currency in the world new CDnstruction work of the two years has occurred.
tives of that
Union,
it
;
policy for the United States
discredited by lon^ depreciation, until at least a quarter
We may
cite
one or two instances oi the effects of the
—
.
Mat
3S, 1(89.]
GHBONIOLE.
'JTHE
676
change in tliis particular. Of course there waa a smaller tonnage morement one
mile, though it doM Inrtiflfr
tonnage in rails and in the transportation of ties. Hence, that road in the case
of the actual number of tou
when the Chicago & Alton reports only 85,834 tons of handled.
iron carried in 1888, against 218,031 tons in 1887, and
only 18,222
Tunt fnlgiu Moiycl.
against 210,145, one readily comprehends the reason for the decline.
still more signifities,
UM.
A
cant illustration
& San
is
Francisco.
furnished in the case of the St. Louis
Says the report " The construction
of railroads in the region reached by our lines and
"their connections, which railroads were largely sup*' plied with cross ties, bridge timber
and other mate" rials from our territory, practically ended with the
"year 1887, and the decrease
in the revenue
from
this
" source alone was about 80 per cent of the difference
" between the gross earnings in that year and
" those of last year." The report also notes a decrease
of 44,700 tons in the
amount
of pig iron
short wheat crop was another circumstance tending to reduce greatly the aggregate of tonnage, especially
in the case of the spring-wheat section of the North-
We
have so often referred to this, however, that
we will only say now that, taking Dakota, Minnesota,
Iowa, Wisconsin, and Nebraska, together, the yield of
wheat in the season of 1888, according to the Agricul-
west.
iNwr.
A
r...
No....
lit.
ao8.i8r3t8| I foo
l.1M.»«T
1947
IIS 118
OKIS
inMBJM
i.aiSMT
MM
1000 108
If
114
8-10
*-8»
O'W
108
1
I
0-87
I'Ul
1-887
Ma.PacL.R.AS'.S.
I
Iron MountiiUi.Ao.
St. Loult A S. Fran.
Ark. ATM...
Paol A Unlutb..
St. L.
St.
Texa*
A
Paclllc
0,BOO,S7»' ojM.04(i i.n-'Mo.aift 1318,468,471:
i.4«7.fla)!
l,21»,fl6S:
W«it«ra
..
Total
4,881.064
2,'7go,78S
1-81
IS
810303,400 la
110
iaB3S0380l 1-88
ll&,0B030f*
It83183a6| ««4
\-»
lOO
887,006,10*1 1-88
I-4S
l,4in.Mt!
071,411
8119.048
1310,063
l.33rt.lMR
PUG. aritam.
Wabwh
The
AS.
Tim
I
Chloaco A Alloa.... S,78B,l«oi «,us.i«o
•4I30I368J
Cblcmro Burl. A Q.. 0.096.000
ChlcjKO Mil. A8t.l>.
T.an.TM|iMo,«wMi I3t».mi30l
Chlc.St.P.MInn.AO.
tJ»MM»
48B3I8.7M,
Oenrar A RIoUr.... l,780A!0l
•.TO]
84l3T738n
Iillnola Central
S.WM.im;
•0a.WB,7lv 880,>703M,
Kan. C. Ft. 8. AM.. 8.IS7,4i)a 2.(I03.3I« aao.7Ts.aw 8;8.4;83B6|
Mil. L. ah. A Woit.
a,iiojBM a.0J8,7a7| lBI,OM.ai« 1703803741
and iron ore Unlm
carried.
p.
ttr MiU.
CU.
Atob. Top.
Bnrl. r. K.
:
*'
Hal*
Timi inu MU4.
CalmOar Ttar.
888,164,0011
1-48
4,77SMt 136I3«3,746 I3003aft3««! ItBI 7-48K
8,080306 4003BB37S 4003113ft--!
a7i478,M«l85i0M,76e 8,080,438300 •3>038I.B<il
Note.— -The
totals aliove Inclnde the BurUnKion
freight moved, but not In the moveuient uQe mUe.
&
Qnlnejr uuder toss
Thus while the aggregate shows a slight Io88 in the
number of tons transported, in the tonnage one mile
there is actually an increase.
As against 59,057,766
tons of freight carried in 1887, the 17 roads given car-
ried in 1888 57,418,339 tons; the falling off is 1,039,427
but 118,470,000 tons, or not quite 3 per cent, and two systems, namely
bushels, against a yield of 145,190,000 bushels in the the Atchison and the Burlington & Qnincy, supply
season of 1887, being a contraction of nearly 20$ nearly the whole of it.
Taking the number of tons carmillion bushels, and representing a loss in tonnage of ried one mile, however, which is the real measure of the
800,000 tons.
From this the roads affected suffered work done, the aggregate for 1888 stands at 9,620 milduring the last three or four months of 1888 and they have lions, as compared with 9,400 millions, being an increase
been suffering from the same cause thus far the present of 100 millions. In this the Burlington & Quincy is not
year.
In the Southwest, there was also a loss of ton- included, but the loss on that road, if we knew its
nage from a delayed movement of cotton. Besides this amount, could hardly reverse the result. Hence we
the coal traffic on a good many Western roads was reach the conclusion that notwithstanding the many
tural
Bureau
at
Washington, was
months by the mild winter weather
which prevailed. It would seem at first as if this could
hardly have been an influence in 1888, since the main
effects of that circumstance would naturally not be felt
till the early months of 1889.
But we find the matter
referred to in quite a number of the reports.
The General Manager of the St. Paul & Duluth says that up to
December 31st the thermometer touched aero but once
at either Duluth or St. Paul, and that, as a consequence,
the movement of fuel was exceedingly light.
The
President of the Burlington Cedar Rapids & Northern
also alludes to the same subject, remarking that the
affected in the closing
unfavorable influences prevailing the aggregate of the
freight traffic for 1888 was not materially different from
what
it
was in 1887.
To
be sure, the results for 188S
cover about 3,000 miles more of road, or 10 per cent
increase over 1887, but new mileage is not expected to
yield
much
in the first year of its existence, especially
when, as in the present
Out
of country.
case,
mostly in a new section
it is
of the 17 roads whose figures are given
moved, 8 report an increased traffic,
and out of the 10 which report the tons one mile 9
show an increase.
A still more striking illustration of the natural tenmild weather diminished the demand for coal during dency towards growth is furnished when we examine
the last three months nearly 1,000 cars per montii on the passenger statistics of the same roads. Here we
his road.
Still another
circumstance must have find an increase both in the number carrietl and the
Even the Burlington &
operated to reduce tonnage, namely the collapse in number moved one mile.
1888 of the real estate speculations in various towns and Quincy transported more passengers, notwithstanding
"'
Subjoined is the table.
places where in previous years there had been a "boom.
its troubles.
1.4*. MUmtf
All these adverse conditions would naturally prepare
Piufmvtrt Ont SlIU.
PiwirtiOfTt Carritd.
HuadOMTone to see a
verj-
decided contraction in railroad
for tons of freight
CaUndar Year.
traffic.
reality,
while a few of the roads hfive lost heavily,
when we take the aggregate
for
them
all
the result
Following is the statement embodying the results of our investigations.
The table
includes all the principal companies in the section we
have attempted to cover, with the exception of the
Northwest and the Rock Island, whose fiscal year does
not correspond with the calendar year, and which thereis
very gratifying.
fore
make no
traffic statistics for
the latter period.
We
should say also that in the case of the Burlington
&
Quincy we are able to give only the tons of freight
moved, not the tons one mile, as information on the
latter point
is
not furnished in the report.
Our
total
therefore does not include that road in the case of the
188S.
1887.
ia«i.
In
IH98.
'
18(i7.
:
1887.
1«0,88B37V|
(17.»>».SH«
.rosrv 8,6IS
87.8»,767
118,007386
87.081. I4>4
I.MO' 1,048
1.706,100
ItO.OOl.Oli;
CbUacoMII.ASt.P. 7360.880
6,760,848
6,144.008
M430e,777
880.44
1.301,740
l,30i,m7
00386.t»a
6»a.i6e
000308
7,184,«81
S.»t»308
134388300
806373
6P6,M0
814,710
aB,MI.76l
S,lt9,«M
1333,l>»
4,070.100
(04.180311
in9,703
431.654
40374381
(•3(8,4M
U,lia3<M
Atcb. Top. AS. F...
Barl.C. K. A No....
Cbioaio A Alton
1.9S?,70»
S,1!W323
«06,0«7
1,S!033S
AQ...
6,809,148
CtalcaKO Burl.
Chlc.St.P.Mlnn.AO.
Denrer A KiuOr....
nilnoU Central
Kan.O. Ft. S. A M..
MM. L. Sb. A W«it..
Mo. Pac.-L.R.A F.S.
Iron MountJiln.Ac.
St.
Loull A S. Fran.
Ark. A T«x...
Paul AinilBtb...
St. L.
St.
Texai A P.iciao
Union Par. nyjlem.
Wabasb WMtern...
001,008
I
06.7r..S17l
668,0(8
1)60,171
47M,008
887,34»
8,68a,54T
(368334
I.VTV.Itt
I.
I.8T7
64.aHi.44r'
1.40»'
!I.4W1
1347
(3*&
,lm\
a8338.7W
071
(71
,«4(|
AM
ll)8378,gB«|
48316,48-; 131
i
1734»,?71
».4l8,*^•*.7-I,<l-
»7v
71',
Tot4l
KOTS,-Tho
scDgcts
tota
carrieil,
but uol iu the
irllngtoD A
mil*,
movement oue
St»
IIB,;«0.2«4
(38330
(10386
841*^
'
^
_
071
NT
.1.«1
THE (CHRONICLE.
676
[Vol. XLVIIi.
The Canadian Pacific has secured connections with the
United
States wherever they were considered essential
Bgainst only 38,611,449 in 1887, being an
As a result it comes in contact now with
desirable.
or
movepassenger
The
2,888,167, or over 7 per cent.
roads
at a great many different points, and all
our
own
&
Burlington
the
but
(all
ment one mile on 16 roads
The 17
roads had 41,499,616 passengers in 1888,
of
increase
Quincy) stands at 1,617 millions, against 1,573 millions, its efforts are still directed to securing further interOnly 4 communication and exchange of traffic. The latest
laeing an increase of 44 millions or 3 per cent.
illustration is contained in the announcement in the
carried,
passengers
of
number
smaller
report
a
roads
public press this week that the company is working in
while 7 report a diminished movement one mile.
These results are specially interesting in view of their close connection with the Lake Superior line of steamers running between Port Arthur and Chicago. In that
upon the future.
bearing
PRESENT STATE OF CANADIAN
PACIFIC.
The report of the Canadian Pacific, submitted "at the
recent annual meeting, and which we print to-day on
another page, is interesting as showing, first, that the
way it gets a rail and lake line between the Pacific Coast
and Chicago, and can deliver tea, rice and other articles
The management have also
direct at the latter point.
from the first recognized the importance of proper and
sufficient
steamship connections with points across the
ocean, both at the eastern and western termini; besides
using all their influence to secure increased facilities of
only just about to receive the benefits arising this nature, they have obtained authority for the comfrom certain important extensions and connections, pany to establish a line itself between Vancouver and
and, secondly, from the fact that the system is nearly China and Japan, the existing line over that route not
completed according to the ideas of its promoters and being altogether satisfactory. The report says however
managers, very little additional new mileage being that as the Dominion Government is in negotiation with
Tinder construction or in contemplation.
an independent company for a fast Atlantic steamship
President Van Home says that aside from the exten- service, and a first-class service between Vancouver and
sion to Detroit, which it is expected to have in opera- Australia, the directors are disposed to surrender the
tion before another winter, and the work on the eastern proposed Japan and China service to the same company
entrance to Toronto, which it is hoped to have ready if favorable arrangements can be made.
before the end of the summer, the only new work now
During the late year the company was under a dein hand is a branch of 10 miles from Mission, in cided disadvantage by reason of the fact that there has
British Columbia, 43 miles east of Vancouver, to the been considerable delay in the opening and use of some
International boundary, to connect with the proposed of its new extensions.
The branch to the Sault Ste.
road
is
line to Seattle.
The connections
necessary to the full
Marie yielded very little traffic on account of the noncompletion of the American connecting lines to MinneThe line to St. Paul
apolis and St. Paul, and Dulut'h.
and Minneapolis, says the report, will be fully opened
completion of the system, he says, are now few in
number. He mentions as among the most important
short lines between Toronto and Hamilton, Hamilton
and Niagara Falls, and Hamilton and Woodstock,
calling altogether for about 120 miles, and which are
likely to be provided by a friendly independent company then a short line of 55 miles from Montreal to
for traffic only
on the 2d proximo, and that to Duluth
a later date, though very soon thereafter. Then
also the Atlantic & Northwest, or short line across Maine
to the Maritime Provinces, was delayed, and will like-
not
;
till
a junction with the Eome Watertown & Ogdensburg wise not be fully open till the 2d of June. The company
at Dundee remains to be established, and this also will does not have to earn the dividends paid on its stock,
In since these are secured till August, 1893, by a guarantee
be undertaken by a friendly outside organization.
addition a branch of 100 miles in Manitoba to the Souris fund with the Dominion Government.
It is satisfaccoal fields, and which would have to be built by the tory to note, however, that notwithstanding the drawCanadian Pacific under its general powers to build backs under which it labored, the road increased its
branches, is considered desirable.
gross earnings in 1888 over 1^ million dollars as comThus the system may be regarded as for the present pared with 1887, and though the gain in the net was less
It is less than a decade since than $400,000, yet the amount of the net was sufficient
substantially completed.
the company was incorporated, yet it operates to-day over to meet the 13,544,351 charges and leave a surplus of
5,000 miles of road, not counting the lines in the South $336,423.
Full rental and interest charges on existing
Eastern Railway. The main line of the system practi- obligations will be $4,122,998. Various new extensions
The United States as stated will not be in full operation till June 2d;
cally extends from ocean to ocean.
of course has numerous lines between the Atlantic and nevertheless earnings thus far in 1889 have shown notePacific, but there is no continuous road under a single worthy improvement, the gain in net for the three
control, the nearest approach to this being the Southern months ending March 31 being 1426,978.
Pacific which extends from Portland and San Francisco
But the Canadian Pacific is not
to the Gulf of Mexico.
®0mmcrjcial ^ttfllisli
merely a trans-continental route. It is an international mottetars g
line, serving both the United States and Canada,
[From our own oorreepondent.l
though situated almost entirely in Canadian territory.
London, Saturday, May 11, 1889.
A glance at a map showing the system and its ramifica- The notices accepting the proposal of the Chancellor of the
sufficient to
.,„ indicate
...^.
^ that- the undertaking
tions
v>^.^o is >,^.„,..^^>,
o has Exchequer to pay off the outstanding consols to the amount
been carried through on a broad, comprehensive basis, of 15 mQUons sterling were to have been sent in on or before
have been much fewer
The impelling consideration of course was to furnish the evening of Thursday last. They
generaUy
«?-'«<;•
route across its ter- than was
the Dominion with an independent
^^^^l^^.f^^..^^^,;;^^^^^
^
have had to be returned for CO; rections m the toims are agam
.J.
not
been
have
prejudices
petty
ntory, but local or
^^^ .^ ^^^^ ^.^ ^^^^^ ^^ ^^ ^^^^ ^1^^^ 6 miUions sterling,
allowed to stand in the way of making a system best ,^^^ caused disappointment, since it was expected that the
suited to develop traffic both in the United States and conver-^ion won' 1 add largely to the supply of money in the
On Monday next the 5 millions of Treasury
outside market
in Canada.
^tms
— —
..=
,
I
,
,
,
I
^
^
'
Mat
THE CHRONICLK
25, 18f9.J
On the following; day the Chancellor
bills are to be paid for.
of the Etchequer, instead of redeeming thn 15 millions of
con-sols he is prepared to reljom. will only redeem six millions, and hence only about a million rajre than the subjcriptiona to the Treasury bills am lunt to will be paid out.
Probably bankers and discount brokers were unreasonable in their
Th^ whole am lunt of th<> three per cent deb',
the conversion of which is now being c<)inpleted, exceeded
exi)ectations.
And
6/7
There has been • pauae in the conrao of fiwealatiaa ti^
week. The ntnck marketi are all fairly Arm, but nwmwilmtj
little has been doing.
The weather ban been beatttlfiil. Perhaps this has something to do with the midden lull, an many
operators have been tempted away from the city by It.
Another reason assigned is a curious supenrtition among meinbers of the Stock Exchange that what is called a nineteen-day
account is an unfavorable one to Hi>eculate in. Some of jonr
readers may perhaps require to be reminded that there are
two settlements on the London Stock Exchange in every
month, and that the interval between these settlements raries
for one reason or another
never be claimed. Further, many
trustees are unwilling to do anything which seemt to be contrary to the spirit of their trusts. It would clearly be advan- from thirteen to nineteen days. At first sight the longer
tageous to accept the Chancellor of the Exchequer's offer. He interval would seem to be more favorable to speculation, as
will pay now £101 6s. 8d. for every £100 of stock.
By waiting the speculator would not be called upon to pay for the stock
until the 6th of July, when interest ceases, the holders will he might buy, or deliver the 8t<x:k he might leU, for nineteen
receive only £101 IO.4. For nearly two miaths, therefore, the days, and there would be, therefore, a greater chance of comholder who refuses to be paid otT now will receive as interest pleting the operation without payment of m-mey or delivery
only 8s. 4d. per cent. He could obtain much more by accept- of stock. As a matter of fact, it is found not to be so. Oping the Chancellor of the Exchequer's offer, and re-investing. erators have a curious distrust of those long accounts, and
Severiil trustees, however, argue that the trust deeds direct generally avoid increasing their risks in them.
Whatever the
them to invest in 3 per cent annuities, and that if for any reason, the activity of the stock markets has been checked
reason the conversion is not completed on the 6th of July, they this week, and yet prices have been well maintained. Every
would be exposing themselves to proceedings at law for one is looking forward to a resumption of activity as soon as
infringing the trust.
the settlement that begins on Monday is well got over. In the
Money has been both abundant and cheap throughout the American market the demand for bonds continues as strong
week. The outside market paid off over a million and three- as ever, but shares are again rather neglected. Perhaps
quarters sterling, which it liad bori'owed from the Bank of operators here are disappointed that their efforts to put up
England. But yet the supply has been abundant, and rates prices have not been more vigorously supported by New York.
have tended downwards. This is mainly due to the continued Perhaps also they are disappointed that the great houses all
receipts of gold. During the seven weeks ended on Wednesday over the Continent are still taking little part in the market.
night over 2}4 millions sterling have been received by the These g^eat houses have not yet brought their conversions and
Bank of England from abroad, whereas in the corresponding loan operations to an end. But when this is 'done it is exseven weeks of last year more than 3J>^ millions sterling were pected that they will turn to the American market as that in
withdrawn from the Bank of England for export. Tliis has which there is the greatest room for large operations.
enabled the Bank to meet the strong demand that has come
It is generally understood that the conversion of the Egyptian
upon it this year for the English provinces, and for Scotland preference debt is practically arranged, and at any moment an
But the formal
ide.
and Irelant" for coin. The withdrawals^for the internal circu- announcement to that effect may be
lation during the past seven weeks have amounted to as much assent of the powers has not yet been obtained, and therefore
as 2^4 millions sterling. In the corresponding period of last the arrangements have not been entirely concluded. It is exyear they were about £900,000 less, and in the corresiwnding pected, however, by those best informed that the operations
period of the year before they were about £1,100,000 less. These will be carried through before the end of ihe m )nth. It is also
figures show how the trade improvement is expanding the stated that the contract for a new Russian conversion loan
coin circulation of the country. Wages are rising in every amounting to 48 millions sterling, has just been signed. The
direction, and the tendency of prices is also upwards, although terms are not yet announced. It is not known whether the
500
millions
some
sterling.
[Kirtion of that will
m
whole of the money will be applied to conversion of existing
whether some part of it will be retained by the Govhas ernment. When the State loans proper bearing 5 per cent inter-
the advance in prices, and even in wages, has been less than
might have been expected from the very marked improvement
debts, or
in trade.
It will be seen that about half a million sterling
been withdrawn from the Bank of England for the internal est are all converted, it is understood that the railway loans will
circulation more than has been received from abroad during next be taken in hand. And then it is believed that there will be
the past seven weeks. Still the position of the Bank is com- a great loan issued adding to the debt of the empire. The Spanparatively a strong one. It holds over 3J^ millions sterling in ish Government has been negotiating in Paris for a loan, hot
gold more than it did at this time last year. It is true that at as yet without success. And from Berlin it is reported that
negotiations are going on there for the issue of an Italian loan.
tills time last yoar gold was being sent abroad in such large
amounts that the Directors of the Bank of JIngland got alarmed Here in London, Argentine issues of aU kinds are again beand raised their rate of discount from 3 per cent to 3 per cent. coming numerous. They were checked towards the end of last
The comparison, therefore, does not imply much. It is to be year by the stringency of the money market. Now, however,
Provinces, musaid, however, that the influx of gold has not only been large they are appearing in considerable numbers.
borrowing,
are
like
and
the
companies
considrailway
very
on
a
nicipalities,
for the past two months, but it is continuing
erable scale. In addition to the receipts from New York and while new companies are being formed in considerable num-
Australasia large amounts are
As was
stated last week, the
coming from Buenos Ayres.
new Finance
Minister of the Ar-
bers.
Other South American States are likewise raising con-
siderable
sums
here.
gentine Republic, hoping to stop the rise in the premium on
gold, has taken out of the National Bank a large proportion of
the gold there lodged by the new note-issuing banks under the
Free Banking law. The Minister has failed in his object, however, for, though the gold premium fell for a while, it is again
reported that a representative of the Chilian GoTemment has just arrived in Lima to assist in the negotiations
between the English bondholders of Peru and the Peruvian
Government. Cliili has found that in taking over so much
Peruvian territory, and doing ao little for the bondholder*,
being sent from Buenos Ayres to London in
Nearly a million sterling has already arrived,
and more is on the way.
Tills week the tenders for India Council Bills and Telegraphic
Transfers were larger than they have been for some time past,
and at a trifling advance in price. The bonds of Bengal and
she ha^ raised a prejudice in Europe against herself, and that,
therefore, she cannot borrow as advantageously ai she thintj
are conher credit entitles her to do. Besides, representations
governments. For
stantly being made to her by E iropeans
wilUng
these reasons it is said that her government U
By the
in cjrrying through the Grace contract.
Bombay
stipulated that
treaty of peace between Chili and Peru it was
taken to deterto
be
was
plebiscite
years
a
at the end of ten
Arica and Tacna should remain Chilian or be
rising,
and gold
is
large amounts.
maintain their rates of discount at 9 per cent. It
was thought by the Indian banks, whose head offices are in
London, and whose business is mainly an exchange btisiness,
that the rate of discount would have fallen rapidly before now.
They have therefore bought bills on a very small scale, but
finding that they were mistaken they have applied for them in
larger amounts this week. There has also been a slight improvement in the price of silver. The Indian demand is some-
what
still
better
and the Mint is
also buying.
It is
to assist
mine whether
If annexed permanently to Chili the latter
pay 10 millions of dollar* to Peru. ChUi. it is
the plebiscite being
stated, now offers, if Peru will consent to
and to
taken at once, to pay down the 10 millioos of dollars
to Oie bondassign a portion of the custom? revenue of Arica
restored to Peru.
power was
holders.
to
„
.
:
1
.
THE OHRONICLE.
678
The Board of Trade returns for April are exceptionally good.
The value of the exports of British and Irish produce aud
manufactures shows an increase of about 10 per cent over
April of last year, and the value of the imports an increase of
about 16 per cent. April, in short, is a much better month
than any for years past. In the imports there is a large increase in articles of food and drink, particularly in wheat and
maize. But there is also a very satisfactory increase in the
raw
Raw
cotton has arrived in
large quantities, no doubt part ly because of the lateness of the
cotton season. And indeed all raw materials show an increase
materials of manufaotures.
in quantity, though in value there is a decrease in metals,
owing chiafly to the fall in the price of copper. The increase
in the exports is very general, and on a most satisfactory scale.
The
It is believed that the Sugar Convention is killed.
liberal Unionists, without whose support the Government is
in a minority in the House of Commons, are opposed to it,
and even several influential Conservatives have declared
against it. It is expected, therefore, that the bill for canying
it into effect wiU be dropped.
The wheat market continues very quiet. The weather here
has been very fine throughout the week. The reports from
the agricultural districts are favorable, and the imports continue on a very large scale. The tendency of prices, therefore,
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c
compared with the last three years
:
1888.
1887
1886.
£
£
£
£
GoTemment
Other
,
Prop, assets to
Bank
24,829,l.'i0
24.383.95B
26.199,3112
22.683.213
14.833.498
80.978.125
18.95D.948
17,519,,712
15,251.75
19,99«, 220
1S.7«3.0,^2
13.500.52o
11,210,,781
14,420.730
21.891,700
19,566, 136
23.S4'!.270
coin.
liabilities....
1 -6
30
40J«
2Ji B. o.
10.720,269
19,799,419
S7«
46(i
2 P.O.
102 15-10
Sp.
10l«
Consols
5.979.759
25,«-9, 173
ai.a-o.ibv
rate
101
3
p. o
101 6-18
I
Clearlns-Honse return
108,123,0Oi
130,274.000] 128,659,
108,598,0J0
&
Messrs. Pixley
Abell write as follows on the state of the
bullion market
Gold.— There has been no demand for gold, but one exeeptional purchase of about iJ100,0u0. Tlie Bauk has tli refore rec-ived thebuik
of Buppllcs, which maybe stated ai iS520 000 In and ie:J7,00ii eold.
The arrivals have been: From New York, £i00,000; fnim Australia,
£153.000; from South Afrlcn, £53,1)00; Irom New Zealand. £3A,00t';
from Buenos Ayres, £277,0(0, total. £717,000.
Silver hiis slowly imjiroved to 42i4d. in consequence of puiohase.?
for the London MlLt, assisted by short supplies and tirmer luiian exchange. About £60,000 has arrival liom New York.
Mexican DolLiis have been dealt in at 4 i i^d but f or the moment
,
there
is little
doing.
The following shows the imports
the
IMPOKTS.
1888-9.
Wheat
owt. 42,72:>.353
14,615,253
10,207,429
1,781,737
Beans
Indian
Flour
2.133.(/71
20,0ii3,422
.•
com
9,880.896
1887-8.
31.50.1.520
13,728,2:14
10,477,840
2.262.065
1,882.172
15,(!88,114
13,430,256
1886-7.
1985-6.
35,127.887
13,360,328
32.il.=v,431
o 2-7,954
9,285, l-'4
6,610,806
1,720,704
1,725,745
19,815,125
12,310,301
1,423,V)34
2,114,103
20.251.273
0,516,537
1888-9.
1887-8.
1886-7.
1885-6.
Imports of wheat.cwt. 42,729,353 31.509.520 35.127,887 32.115.451
Imports of tlour
9,880,896 13,430,256 12,310.301
0,516,587
Bales of home-grown. 26,558.004 30,048,343 21,973,064 31,887,867
79,168,253
74,989.119
1388-9.
Aver, price wheat
Aver, price wheat
week. 29s. lOd.
season. Sis.
3d.
72,411,252
1887-S.
Sis.
SOs.
2d.
3d.
This week.
Last meek.
qrs. 1,590,000 , 1,524.500
"
Flour, equal to qrs.
Maize
ars.
253.000
223,000
248,000
285,,500
73,510,905
1886-7.
338.
328.
2d.
8d.
The following shows the quantities of wheat,
maize afloat to the United Kingdom:
Wheat
London.
d.
Capital, $5",' 00. John Hall, President; J. H. Beiittv, Cashier.
4,033.— The First Naional Bank of Vernon, Texas. Capital, $50,000.
A. U. Thomas, President; W. G. Curtis. Cashier.
4 ,034.—The Fir.-t National Bank of Little Falls. Minn. Capital, $50,000.
Andrew D. Davidson, President; Alexander R. JJavidsen,
Cashier.
4,035.—The National Bank of Cleburne.Texaa. Capital, $75,000. 8.E
Moss, President; Jno. W. Floore, Cashier.
4,036.—The Chanute National Bank of Kansas. Capital, $60,000. G.
W. Johnston, President J. O. Johnston, Cashier.
1,037.— The People's National Bank of Laconia, N. H. Capital. $50,000. Albert G. Folsom, President; Edmund Little. Cashier.
4,038.—The First National Bank ol Pana, 111. Capital, .$50,000. William L. Cohenour, President; Andrew P. West, Cashier.
4,03?.—The First National Bank of Mittlintowu, Pa. Capital, $50,000.
Jeremiah Lyons, President; D. B Kloss, Cashier.
4,040.— The First National Bank of Burlingarae, Kansas. Capital,
Charles M. Sheldon, President; Albert M. Miner,
$75,000.
—
Imports and Exports for the Week. The imports of las*
week, compared with those of the preceding week, show an
increase in dry goods and a decrease in general merchandise.
The total unports were $10,158,246, against $10,207,250 the
The
preceding week and $9,848,499 two weeks previous.
exports for the week ended May 21 amounted to $6,753,974,
against $6,919,265 last week and $4,299,053 two weeks previous.
The following are the imports at New York for the week ending (for dry goods) May 16 and for the week ending (for gen-
May
eral merchandise)
the
first
week
17
also, totals since
;
the beginning of
in January.
FOREIGN IMPORTS AT
1886.
For Week.
NEW
TOKK.
1887.
1889.
1888.
I
Dry Goods
Qen'l mer'dise..
Total
Sxnce Jan.
$1,333,173
6,727,196
$1,653,420
9,770,123
$8,060,369
$11,423,543
$1,866,895
8,291,351
$1,480,745
7,074,338
$8,555.5831 $10,158,246
1.
Dry Goods
*47,526,.'J92
Qen'l mer'dise..
122,782,224
«.10,848,634 iP54, 102,980; $58,209,408
134,087,3i4| 133,512,418 141,037,074
Total 20 weeks. $170,308,816 $184,735,988 $187,915,398, $199,246,482
The following is a statement of the exports (exclusive of
from the port of New York to foreign ports for the
week ending May 21 and from January 1 to date:
1888.
2,017,500
233,O0J
394,000
Sal.
Mon.
Tues.
Wed.
42 14
42 J4
4214
4214
oy»i9
EXPORTS FROM NEW YORIt FOR THE WEEK.
Prev. reported..
$6,032,652
107,635,108
The following
table
Thurt.
110,883,362
1888.
1889.
$5,165,510
109,724,095
*6,753,974
128,186,890
shows the exports and imports
at the port of
New York
since January
1,
1889,
for the
and
of specie
week ending May 18 and
for the corresponding periods in
1888 and 1887:
E,\PORT3 AND IMPORTS OP SPECIE AT
NEW YORK.
Imports.
Exports.
Gold.
and
1887.
1,727.000
19o,000
261.500
.?5.743,018
Total 20 weeke. $113,668,060 $116,626,330 $114,889,605 $134,940,864
1885-6.
5d.
6d.
flour
1887.
1886.
For the week....
Sis.
308.
Englluli Financial ITIarkets— Per Cable.
Tlie daily closing quotations for securities, &c., at London
are reported by cable as follows for the week ending May 24:
BUver, peroz
Ca.'ibier.
4,032.- The Anderson County National B.ink, of Garnett, Kansas.
specie)
SuppUes of wheat available for consumption (exclusive of
stocks on September 1):
Total
Cashier.
National Bank of Roanoke, Va. Capital,
$100,000. J, W. Coon, President; J. B. Levy, Cashier.
4,027.— The National Exchange Bank of Roanoke, Va. Capital, $100,000. T. T. Fishburu, President; Junius B. Flshbui-n, Cashier.
4,028.— The Houslon National Bauk, Texas. Capital, $l00,00r. Heury
8. Fox. President; L. I.. Jester, Cashier.
4,029.— The First National Bank of Wisner, Nebraska. Capital, $50,000.
A. E. Graham, President; H, I). Deily. Cashier.
4,030.— The First National Bank of- Lockhart, Texas. Capital, $50,000.
James G. Burleson, Pies dent; J. M. Jolley, Cashier
4,031.— The First National Bank of Gi'ldendale, Washinstoa Territory.
Capital, $50,000. J. G. Maddock, President; F. W. Patterson,
4,026.— The Commercial
of cereal products into the
United Kingdom during the first thirty-six weeks of
season compared with previous seasons:
Barley
Oats
Peae
National Banks.—The following National Banks have
recently been organized:
4,023.— The First National Bank of Pocatello, Idiiho Ter.
Capital,
$50,000. J. H. Bible, President; Geo. W. Hazen, Cashier.
4,024.— The North Platte National Bank. Nebraska. Capital, $75,000.
A. D. Buckworth, President: J. E. Evans, Cashier.
4,025.— The Browne National Bank of 8i)okane Falls, Washington Ter.
Capital, $100,000. J. J. Browne, President; Thco. Eeed,
Cashier.
24.t9l.n5 24.555, 85,1 24,675..520
4.3S0,ll:
8.436.780
5.558, 063
securities
•eoarlties..^
Beserreof notes and
Coin and bullion
®ommevcial wol&. W^isczllwoLzans Hews
;
has been downwards.
Olronlatlon
Fabllc deposits
Other deposits
[Vol. XLVIII,
Since Jan.l.
Week.
Great Britain
$501,663
1,200,154
$8,438,470
2,034,913
West Indies..
23i',706
3,03i',238
South America
170,C06
10,500
1,618.330
76,200
411
other countries. .
Total 1889
Total 1888
Total 1887
Fri.
$2,163,517 $15,259,651
6.481,149
1,052,467
16.450
5,288,676
Week.
SinceJan.l.
$164,050
1.307.230
1,076.277
111.841
$l6V,32'.5
57.H00
2.500
2,800
25.089
2,928
3,569
57,78(5
274.691
$171,022
$3,017,564
J,050,T4»
4,439,174
•.i9,lll
288,725
Imports.
Exports.
Silver.
4214
42 14
Consols, new 2%perots. 99:i,e
99I1B
99%
99s,
993,8
99J«
do for account
993, „
9.13,
991,6
!91,K
993, „
Fr'oh rentes (In Paris) fr. 87-6ii2 87-47ia 87 42'! 87'47ia 87 -.35
874712
10!' J4
U. S. 412S of 1891
10914 109 14 IO914 IOOI4 109
U.S. 48 of 1907
131 7„
132
132
132
132
132
Canadian Pacillc
5739
57=8
57%
567a
57%
57%
Chic. Mil. & 8t. Paul.... 6(158
70i58
7018
71 14
70'fl
74%
Erie common stuck
28^8
2«78
2878
2914
29%
30
Illinois Central
117
117% 117% 118% 11S% 119%
Pennsylvania
5434
54%
54%
54%
84%
51%
Philadelphia A Eeadlng. 23 Is
23%,
24
?3%
24
231a
Wew York reiitrnl . .
lOl'a 10973 109%
loa^g icy '8 110%
\Si7tee Jan.l
Week.
Since Jan.l.
Week.
fl
$579,600
$48,666
5,000
$6,887,377
114,900
"i',166
102,488
$3,261'
"fl'.707
'i:V,87i
135,843
2,800
2,198
40,759
43,725
35,041
402,237
$7,254,479
*49,018
598
Germany
West Indies
Bout!) America
All other oounlrles...
Total 1889
Total 1888
Total 1887
$.-iS5,70
1
167.202
2 9,400
4.8l4,37;i
4,5;.15,323
$6n5,<-24
108, i:u'
7,561
i
808,wy5
919.159
..
Hay
Of the above imjvirta for tlie week in 1889, $4,<)()0 were
American gold coin and $884 American silver coin. Of tlie exntirts diirinK the same time, $170,000 were American gold and
lUirit*.
—The Richmond & West Point Terminal Railway &Ware
house Co. 8 5 per cent consolidated 1st mortgaxe collateral trust
gold bonds are now offered by Messrs. Maitland, Phelps &
Co. and Kessler & Co. The bonds mature in 1914, but
may
bt> paiil at par at any time.
Applications for an issue of
#5,01)0,000 of these bonds will be received by these firms at
86 and accrued in'erest. Tlie f titemen's of the various systems of roads controlled by the R & W. P. Terminal WareLouse Co., ineludin)? branches and auxiliary lines, for their
respective fiscal years ending in 1838, were
Gross oarnines
:
net earn-n<?3. $10,392,177
;
fixed charges, $7,563
•'
showing earnings over fixed charges of $2,93t<,239, out of
which the dividends paid were $1,745,638, leaving a surplus
over all fixed charges, dividends, &c., of $1,182,551.
These
bonds constitute a first lien on certain stocks and bonds (as
particularly enumerated in the mortgage) having a marked
;
value of $7,400,000, but for purpose of control are valued at
$7,530,500. They are also a second lien on certain stocks and
bonds (likewise describid in this m)rtgage, oa which the
company's $5,.')00,000 8 per cent collateral trust bonds are a
with a market value of $l3,n77,5")0, and which are
valued on the books of the company for purposes of control
at $14,541,300.
Further particulars ara giveu in the adverfirst lien)
tisement.
—The
old firm of Messrs.
Townsend
& Washburn
and running
May 1, 1893, The gentlemen comamong the energetic and well-posted
until
—The banking firm of Coffin & Stanton, of New York and
London, have just occupied in this city iheir large and handsome offices at 78 and 74 Broadway, where their customers
and friends will find every comfort and convenience for transacting business with them.
—Mr. H. W. Rosenbaum, No. 60 Exchange Place, makes a
specialty of dealing in " puts and calls" on sto ks dealt in at
the Board, and has for sale contracts of the best parties in
this line.
His card will be found on another page.
—The new 3 per cent loan of the State of Maine was awarded
to Messrs. Simon Borg
Co., of New York. The issue is for
2 V^ millions, and is to refund the old 6 per cent debt, which
matures June 1 and Oct. 1.
&
—Messrs.
Farlee&Bro. are offering some lots of investparties wishing to inquire regarding same are
invited to call or write, and get all particulars.
Pttsnli
Oity
rrailn-tiuHu's.. ,„..,
rhotincHl
\furclitiniH' Rxtili'nire
—
&
Auction
J.oon.o
a.usu.o
1.9fl3.3
•i.ouo.o
7»i.;i
3,:i:is.o
I.IHKI.O
»(M),0
S.HIIU.a
l,60d.',<
Chatham
Peoples'
North Amenca........
HanoTer.
Saaaaa
KarketA Palton
OrleaUL
Traders
River
Cant River
foanh National
.North
Cencral National
Second National
Sluth National
Plrat National
nun) National
Y. Nat'l
Exohance
Connty....
Jhaae National
Avenne
German Exchange...
ieriuaala
Totted States
Uncoln
Jarteld
Plfth .National
Sank of the Metiop..
•' est side
S*abo)*nl
.s
i,l(j:!.o
'.'0.t.0|
20O.0
loo.o'
l.:i71.i-
90!), I)
S.H3H.n,
1.430,1
Salest.
—The
Messrs. Adrian H.
xta National
Western National
Total
I
3.ST.-..-.'
following were sold at auction by
&
Son
30 United States
F.Ins. 0o,165
BrMoklyii Giis-Ll(;litCo-104i4
Uult. Sta'e«Uf.iIn«.Co.H2ia
50 Uultect States Tiiist Co.89l
14.S Bank of New York
240
oO Mercantile Bank
1»5
51 Long (si. l.o.auiTr.Co.175
1,000 K.-klyn <".RR.C.>.134's-135»fl
200 Farmers' L.&Tr.Co.59y-602
17 Hrookiyii Trust i;o
376
G Union Feiry Co
160
16 .Mutual Gas Co
lOi^
25 Bank of Ropub ic
163
100K«nawh» & Ohio EK.
Istpr. f
7
3 Cheiuicai Nat. bank.. 4,030
40 I'e'cr Cooper tns. Co. ..161
40F fth Ave. Transp. Co.- 42
He ailiinil).iXeniaKR.Col8fl
50 Con. Coul of Maryland. 25
19 Omalia&St.L UR Co.pfd 14>4
5 0m'a4St.L.RK.C.>.noni.
S^a
200 Smytli ManiifHet'KCo..f 200
')0 Na.-saii Tr. Co Br'klvn.l41
200 V. Madre.Mln.AMill.Co. 31
200 Pcuiisvvania Coal Co. 294
32 Fulton Bank (175 per c.
paldin 1 quidation)... 56
,
••
May
Loatu.
Spwte.
"
"
'27... 114,219.4419,bl4,. 86,922.0
,8;t 218,7
4-..- 114,219,4 417,8i0,n
,
11.... U4.2I9.4 41«.!)3o.5l80.01.'<.S
18.... 114,216,«;413,'J85,0|83,483,1
May
"
4
8
.»
-,»
.0
1
•:l
4.1'.l»,«
1.90I.S
4,043.0
9.»-i0.9
6.187-8
'i.l«0,3
23.898,3
'24,944.«
2.849.3
1.480.7
20. 73 1.
10.239.0
9,163.0
9,981,0
33.t79,9
8.760.1
1.691.9
2.896.0
8.226,0
2.'»i.<
10,447,7
4,487.1
8.698,7
2,897.8
5.808,9
3,683.<
3.987,1
1,912,3
9.319,4
2,496,0
4,144.0
2,301.0
10,472,3
•
•
I
4.13.1.0
62^774.0
36.675,4 440.6SI.8 4. U8,() 6.W.038.S
3«.4a9.0 44-..10o..-, 4,117.7 473.156,0
:)».ll)4.r441 i'69.3 4 02 ,.2 71 ".624.3
41,981,9 443,929,1 4,014,5 681,9623
I
65,013.5 153,384.6 10,687,6
65,043,5 15'./,945,6l 1 1.308.5
69,043.9 1S'A680,7|11,590,S
...
11....
18....
3, 960.6i
13^390,6 3,640.6
l,428.l|l4'>.37l>.3 3.543.1
4,843,3 140,393.3 3,961,8
85.999,3
96.011.8
01.969.3
Phlla."
"
307 Tradesmen's Nat'I B'k.lOO
20 Na8sauXat.B'kotBkln-262%
8 LonKlsl'ndB'kofHkln 1391s
32 Corn Exchange Natiou'l
4
34,697 8
...
11....
18....
96217.0
28, "47,0
28,8S8,0
28.550.0
34.,i97.8 90.-J35.oi
31, .197.8' n(!.2;(:t,o;
We
*
omit ttoo ciplier$ tn all thete Hguret,
telptala, the item '' due to other banks."
Uank Stork
236is-2323i
BANK8.
60 Union Ferry Co ..ISs-lJb's
50 Pheuix Fire Ins. Co. of
Brooklyn
125
30 North River Ins. Co
90
50 Aiuer. Ejich Nat. Bank 149'3
7 Fu ton Mui ic pal Gas
Co. of Brooklyn
125
aOOBrooklvn GasCo
106
30 LonglslMSafeDep.Co. 68
10 Lawyers' Title Ins. t'o.l'.!0
20 Ruigr's Fire Ins. Co.-lSoij
62 Aieer. Exoh. Nat'l B'k.150
100 42d St. Manhat. <fe St.
Nicholas Ave. RR. Co. 35
100 2d Avenue RR. Co
96
25 Importers' & Traders'
National Bank
530
45 German American B'k.l22
50 Brooklvn Trus; Co
3T5»4
75 Columbia Ro ling Mill
Co. nrefori ert . ?2 per sh.
200 Am. B^k Note Co.^i^'i p. «b.
Bid.
I
America
bury Park
German
'151
305
.
Bid.
Am
206'
130
225
Kanover
Butobs'AJi.'. 180
Central
142
BANKS.
AxK.
'
I
I
1
290
I
140
m-aioard
...
8rcnud...
—
ie.'>
bcvenlti-.
140
.|l30
.l.fVO
M. Nlrbolas. 126"
130
Slate Of
.N'.Y.
12"i :Thlnl
MetroitoUtao, 12
Metropolis.-- 300
Ml. Morris ..
New
Itepulillo
."ixlh
I
1
OallaUu
1230
People's
130
I'HhO'atLeath. 1.6
I
.
."50
Ask
'-•SO
|l.9
Pheuix ..
Produeo Kx
1
Murray
Naauu-
'
3.0
)60
irleiital
Pat'k
1
Fifth
FlftbAve.... 1050
First
3900
14th Street.. 160
Fourth
193
rhU«
Bid'
'
IPai-mc
950
I
.
6l«.726,3
N.Y.Ci-antj. 420
iss" N.Y.Nat.KX- 130
143
Ninth
.\
America.. 176 S
North Rirer. 135
<
Hud HIver. 'US
147
lni.«Trad'i',J30
ioO
1:0
360
Chatham
IrrtoK.
Chimlial.... 3900 4900 r.,'arber Mis' 330
Lincoln
185
Citj
450 600
...... ;.Madison Sq,.
OltiioDa'
166
Uauhallaii .-1170
L'olnmbla
darketA Ful 189
Commerce. 193" 200
,'.vIeohanloa*..|lF^5
Commercial..
Ooutiueotal 128" 120Tb' M'chs'ATra'. -200
Mercantile... IMO
Corn Exch... 230
Merchants*-. 150
Kast River., l&O
Mercb'taEx. 119
lltn Waia.. 150
Chase
.
65.007.1
76.982.5
Boeton and
* Inolading, tor
300
120
tierniaa Kx
Germ aula..
Greeiiwlch..
106
98.164.0 3,319.0
99.511 < i 09X0
9M20,0 3,093,0
—Latest prices this week.
Oartleld
1179
Bowery
Broadway .
List
UANK.^
Aaa.
I
Am. Kxcb.-. 148
A
;
Soiidt,
Brush Klcc.Ili'(tCo.,N.Y 75
2.1 Faira'iut Fire rns. Co
108
$5,000 Brooklj-n Clty&New150 Tradcsmeu'8 Nat.Bank.lOO>«
ton R-<. Co.. 78
101
100 -.id Avenue RR. Co .9S'g-98>8 $48,000 Callender IiiMilatlng
10 Lilierty Insurance Co.. 85
& \Vat«rproofllng Co.,
12 Ocean Nav. i: Pier Co.. 86
Ikt 6.-. due I«9S
30
lOOMetropol. I'lion. Co.46i2 47
$2,610 Atl.Mut. Ins. Co.Scrlp,
62 New .Jersey Phono. Co.. 2.5
S<!0O of 1886. $560 of
5 Kdeu Musee Am. Co.liui 110
1887. «7'20 of 1888,
20 Clen C<.ve Mhu. Co
100
ft!70of 18S9
103^
25 North RIvor In". Co ... 90
$2,410 Ail.Mut.Ins.Co.Scrtp,
65 Nen iwrt News & Miss.
li!2;0of 188.7, *82o of
ValleyCo
12Js
1886, $-450 of 1887,
121 Ctnein. Wabash &.Mich.
$270 of 1888, !{i200of
RR. Co
$12p(>r8h.
1889.
103
100 BasalohMlnlugCo
*30
$S1 62 ClDcin. Wab. A. Hicb.
400JIoin SUver Mining
KR. Co. Scrip
$'J0 50
$1 14 persh.
$2,00u Brookl'n Water Front
lONorth Blvtr Ins. Co,-.. 91
Warohoisso & Dry D'k
20 Mauliafn Uf« Ins. Co. -434
Co. Jst «s. 19U7
76
86 0niiiha&St. L. prof -.. 14'a
$2,000 N. Y. City 78 Water.
SOOm'ha.St.'Jt.L.rt'st.coni.
1900
2\
....ISO's 4 int.
(J
I)
"li-Tn'ciMHini.
J>r>I<. [jeietta.-
Boaton.'
shares.
B.nk
It
'.H
.4
I
May
:
Shar'tn.
-0
,S
6n.762,7'9a,4.12.7 413,339,0 83,48.1.1 41.58l.8:44»,»39.1
SurvlUM.
*
*
•
N. York.S
«
Apr. 20
114,215.4'416.8a7.1 87.77'.8 34.473.e'440.A39.0
'•
MuUer
•i.TH.ll
.•>
German. American....
i^lfth
271I.U
'2IH),0
.
Nicholas
Shoe A Leather
St.
Bowery
a,l>07.(r
I
Irving
Otuanna'
Sew York
3J,344.II
5,000,0 3.1.13.4 l^
1.000.0 1,910,0,
U.
605,4!
1,000,0
8.1".,.:.
493,71
839,7
ftOI.Oi
3,845,11
1,900,0
834,9 1 ,vi*,ty 2,721,2
99-^4
490,01
4.B>e.o|
921,3
314.1
300.0
3.023,9
3;o.»
471.S
700.0,
4.187.9
4«7.3|
1,000,0 1.104,7 19,17u.6 3.8'Jll.
1.4
26l,B
.100,0
3,079.0
4 '.7.91
600.01
378.6,
3."21.7
8'2.t,«;
17H,H
«o<).ol
341.3'
2.770.4
663. t
750,.)|
3.990.7 1.1T6.H
2;.
900,0
S,.>0e.1
211,7
116,5
900.0
31 l.'i
8.034.0
767.0
90I.l'l
1,000,0 1.070.9
b.51'7.H
79'i,2
350.0
3M.B S.-/40.8 l,l'i4,8
i,eoo,o>
941.7
S6'i.3
SOO.Oj
3.163
)78,tt
aio.r
1,900,0! 4.377.'> 21.n02,M 4.l89,tl 1.939,3
3,000.0 1,808,7 20,744,5 »,2rt7,l «,Ol«5,4
112.7
240,0
1 6'-'. 3
3,060.6
170,n
120.6
350,0
1.3.8.7
30i,0
191,7
S.200,o' 1,358,4 19.546.0 3,710.9 l."45,S
2,000,o!
496.6
8,et9,0 l,97ii,0 l,4H8.U
:too,o
213.0
4,230.0 1,162.0
128.0
750.0
389.7
5.169,7 1.384,
5<4,3
900.(1 6,152.9 33. I9S.0 3,61:<.6 «,37'*,9
237,8
1,000,0
7.720.9 1.873.1
49-,0|
122,«>
339,"
300.0
1,607,9
110.5
2.4>i:.I
387,4
250,0
278.3
66'A9
ISO,'.;
200,0
2,576,
475,5
3-6,
208.f
750,0
9.1,9
161.4
•A8'.9.5
esi.v
900.0
8.9U3.0 1.919."
722.6
100 0,
703,»
4 2)-,4 1,064.9
141 2
3»U,e
200,0,
2,999,5
211,9
690.8
365,.'200,0
134,4
3,538,9
823./
909.3
900,0
9,15»,7 1,358.6
735
300.0
217,3
2,t>89.4
689.1
29l»,»
200,0l
2.11.4
2,S7»,3
733.2
48V.3
ISO,*)!
29-J,^
1,969,6
363.3
316,7
3O0.0
461,3
918.8
4,371,4
423 3
200.01
31S,4
3,12 >.0
353.0
277.0
1'27.9
900.01
48S.O
3,303.0
968.0
80.8
1.920.0
300.01
431,0
190.0
S. 900.01
152,8 10.664,7 2.306.0 1.039.^
eaclilo
aepulilio
liiitu.'o
l,2|l0.t>
fi,(N)0.0
.'7
TU.O\
M*.
4inerio»D Bxcbjuiife..
BroaitfnT
Mercantile
Wli>.9
\Atti.tt
4l
I
104,'^
73.B
4gl.P
A.
,'fi.n
l.mn,.)
flOO.O
:ioo.o
1, '200,0
(miwrters'
Park.
Df-Ma.
l.l<HH.'/
Batcher*'* Dmvsm'.
Maohanliw' 4b Trkdera
ireenineh
ItMtUisr Manufact'm.
*«Tenih ."tHtliiiial...
tbkteof .New York...
Oommeroe....
oltetulu.
««Mte.
;,0
3,000,0
s.txm.o
1.000,0
1,000,0
600,0
1,000.0
800,0
laiutin .NaUunal
£awM
l.llltl,?
J. S.
Investors are requested to notice the line of choice securi"
ties offered in today's Chronicle by Messrs. Edward Sweet
Co., bankers, of 38 Broad Street.
1'n»ile«ni^n'«
.....
113
115
0" 100
<V6
11
87
Hill.
1.10
y
vi'i
York. ..1340
City Railroad Securities— Brokers' QuoUtions.
IJ. I)
-.B.AB.—ScnjOe.. 105 Tisr
30
V:i>
ll!6
Klxhth Av.—Stock.
105
8, rip. 6v 1914
Br'd«ay 4 7thAv. Sfk..!178 183
Bl'ckrrvt. ,v hui. f. -*ltk.i -in
|119
1st mort. 7s., 1900
I
I
1105
1st inort.. 5s. 1904
109
3d morl.. Os. 1914
B'way Surface b'ds...l98( 104
04
Boiiils guar., 58, 1009
I
134
Brooklyn City—Stock
lOl
lit mort., 58, 1902
Baiyi.. Croe«lown-SlooU.'175
101
latmort.. 7s, 1908
Basbw'kAT.(Bklyu>-8t'k Uu
Central Crosstown-Sl'k.. I-iO
'113
lat mort.. 6*, 1933
Cent. Pk.N.* B.RlT.-8tt. 94
118
Coiuols. 7e, 1903
Chti8t'pb'r410th8t.-SU- I'iO
114
BondiLjs, 1898
Dry DIlK. B.4 Bafr—.81k. 18»
fCo
_
1.
Aoarlos
Baxks-
ment bonds;
B
KctohanUw'
Oorn EzchauKe
posing this firm are
business men of the Street, and parties desiring to ojien speculative or investuitfnt accounts are invited to give ihem a call.
400
200
Mtohaiuuue
Murabuu'
OontiDental
haa just
arranged another renewal of their limited partnership with
Mr. John P. Townsend as special partner, commencing on the
Xst inst.
New York
•»nk of
We amU two eiphtn (00) to
OarUot. OwplM.!
omUtti.)
(OOl
mS
079
b a» followt.
18. 1889.
$500 silver coin.
;
1
,
THE CHKONICLE
35, ltW9.J
$28,215,557
-
1
'
l«t tno-f
I'^o'J
.
107
106
106
I
A
liriid 81. rrr-Stk.
4'.'d
Itl inert., 7
1893
4'-'dsi M:inti'1^ Bt..N.ATB.
,
-to
93
137
103
180
107
ISO
IM
"lii'
131
127
116
136
1 A^
I
.4s...
id',:;
y-8tk-
UoU"'
I
I9I
a
Nlnlll Ave
SrcotMl Ave.—Slock
lat mort., 6a, 1910.
Slxih Ave.—Stnok.
Ut nort.,
7a,
I8»a
Thlnl Ave.— 8t<wk...»„..
Bonds. 7% 1890
.^
Tweotyihinl
8l.-»,siock..
Isi ni.>n..|7s 1893
213
:
^^80
.
CHROl^lCLE.
a.'HE
She gaukers'
^a^ette.
DIVIDENDSi
Railroads.
Boston
& Albany
2
(quar.)
Catawissa, pref
& Quincy (quar.)..
Coa, pret. (quar.). ',
L. & Chic, (quar.) ....
Chicago Burl.
Chic. & Ind.
an. Ind. St.
Little Miami (quar.)
J
i
iTlifecellaneous.
Consolidated Gas
Standard Gas, pref. (qtiar.)
WALL
When
Per
Cent.
I
3^
1
1*2
Book! Oloted,
{Day» inclutivt.)
Payable.
June 29 June Ito
May
18
to
to
15; May 31 to
1 June 1 to
June 15 May 24
June
1 May 12
31
9
1 ^4
Tune
June
2^
June 15 June 1 t«June 16
June I'May 26 to Jnne 1
1
•il,
To-day the rates on actual business were as follows, viz.
Bankei-s' 60 days' sterling, 4 87i| cbi 87}4: demand, 4 89^4 89>4
Cables. 4 893^1^4 89i^. Commercial bills were 4 863^. Continental bills were: Francs, 5 17J^ and 5 155^'ao l.'i; reichsmarks,.
95?^ and 9558@95;;^; guilders,
and 40i^^@40=8.
The following were the rates of domestic exchange on New
York at the imder-mentioned cities to-day: Savannah, buying
par, selling }i@l4 premium; Charleston, buying par® 1-16
premium; selling 1^(83-16 premium;
Orleans, commercial, 50c.
premium; bank, $1 premium; St. Louis, 80c.
New
premium; Chicago,
May
June
2
STREET. FRIDAY, May
XL V 111.
[Vol.
mi@iOH
The following dividends have recently been announced
Namt of Company.
.
1
June 10
1SS.9.-3 P. M.
The Money Market and Financial Situation.— Tlie strongest and liealthiest tone in tlie stock mark et for some months-
week
this
general report from Wall Street as a conclusion from tlie
past week's business. The large deaUngs in stocks apparently
by strong parties, and the wider interest in the market and
is
as foUews
is tiie
more general strength of the whole list, are the features which
indicate a more confident feeling of hopefulness in looking forward to the approaching summer. The seven months from May
to November inclusive are tlie months in which most of the railroads make net earnings sufficient to pay the whole year's
charges, and if the business is good in these months they can
usually make a satisfactory exhibit. The crop outlook, so far,
60c.
premium.
—
U. S. Bonds. The Government bond market is at a standstill, so far as Stock Exchange transactions are concerned.
No
sales have been made this week and quotations are unchanged.
The Treasury purchases have amounted to §466,150 for the
week, mostly 43 .jS, of the 4s offered the gi-eater part being above
the usual purchasing price.
The total payments made for bonds purchased from April
23, 1888, to May 18, 1889, were $194,859,750.
The statement for
iii
:
Per Centt due 1891.
Offerings. Purch^es
Saturday
. .
«90.500,
tfO.KO
Monday
i:<,05o!
Tuesday....
2 1,900
13,050
SI.900
Wedn'sday.
•.Ml. 000
211,000
Thursday...
Friday
97,810
»7.>-50
Total.
..
ainoeAp.SS.
464,300
.
The
considered excellent, and in wheat, which is the gi-eat cereal
that moves most largely to market centres, the prospects have
4 Per Cent) due 1907.
Prices paid.
46<,'00
il0748i8a0
Offerings. PtireWes.
108
108
108?<x-lO8
Prices patd.
100,001
600
108
3,000
10flT<l-108
1,150
I.IW
15,800
200
119,830
1,850
81,592,100
10«J<^-108
106K-109><i
129
129
129
184-70-130
closing prices at the N. Y. Board have been as follows
:
is
seldom been finer.
The bull movement in St. Paul this week has been attended
by rumors of a forthcoming report on the property by Mr.
Samuel Spencer, the railroad expert of Drexel, Morgan & Co.,
and also by reports of very harmonious relations with the
Tliese are
Northwest. Company after the next election.
large rumors, and it is impossible to say how far Ihey are wellfounded, or how far exaggerated. The fact that Mr. J. P.
Morgan is in London may give an opportunity for such rumors,
and his return to New York early in June may give a stimulus
to specialties in which his firm is interested as bankers or
financial agents.
Tlie April net earnings of Atchison, Burlington, St. Paul,
&c. are now looked for with a good deal of interest, and they
are likely to have some influence on the market.
The open market rates for call loans during the week on
,
stock and bond collaterals have ranged from \}4 to 3 per cent,
and to-day the rates were 3 a 3 per cent. Prime commercial
paper
quoted at 33^ '34 per cent.
The Bank of England weekly statement on Thursday showed
a gain in specie of £393,000, and the percentage of reserve to
liabilities was 42"16, against 37'34 last week; the discount rate
remains unchanged at 33.3 per cent. The Bank of France
gained 11,275,000 francs in gold and 5,175,000 francs in silver.
The New York Clearing House banks in their statement of
May 18 sliowed an increase in surplus reserve of $5,231,750,
the total surplus being §14,082,325, against $8,850,575 the previous week.
The following table shows the changes from the previous
week and a comparison with the two preceding years in the
averages of the New York Clearing House banks
is
:
1889.
May
60,762,700
53,452.700
413,285.000
83.483.100
4.014.500
443,929.100
41,581,500
110.982,275
125,064,600
Capital
Surplus
Loans and
disc'ts.
Specie
Circulation
Net deposits
Legal tenders
Legal reserve
Reserve held
Surplus reserve
. .
18.
I
Diffr'ne't ft'm
Prev. Week.
1888.
;
May
21.
60,762,700
5O..381,50O
1
4.657,200
exchange market continues firm
in tone, though the amount of business done is still very limited.
The supply of commercial and security bills is not
abundant, and smce our last report the shipment of gold has
amounted to $3,650,000. Posted rates are imchanged at 4 88
Exchangre.
The
sterling
rates of leading bankers are as foUows:
May
24.
Sixty Day$.
Demand.
Prime hankers' sterling bills on London..
4 8H
4 89i2?i4 90
Prime commercial
4 86i4ffl4 86^2
Documentary commercial
4 86 ®4 861a
Pains (francs)
Amsterdam
(guilders)
Frankfort or Bi emen (reichmarks)
5 17ia«'5 16''s 5 l,5»i®5 15
403«3407l6
40i2ff40i-"8
9514395%
Mty
May
May
21.
22.
23.
24.
'
.
reg.
reg.
reg.
reg.
reg.
cur'cy,'95
cur'cy,'96
eur'cy,'97
cur'cy,'98
cur'cy,'99
cur
cy, WW.
is
May
20.
reg. J.-Mch.
1907
This
Miy
18.
.
J.
J.
J.
J.
j.
&
&
&
&
J. *1211l!
J. •12412
J. *128
J.
cfe
tK
w., .100
J.
13!
131
I21I2 I2II2 I2112 *121l2
I2412 I24I2' I2412 *124i9
,
,
,
128
131
133
xoo
{
r
.
the price bid at the morning board
'
1211a
I24I2
*128
128
*131
131
I33I2
100^2 I33I2
xoo-a 1331s'
xoo^ 133 12
123
131
;
no
1'
'
128
131
'
,'
1
,'
I
sale -was
made.
—
State and Railroad Bonds. In State bonds there was some
activity in Virginia 6s deferred on Thursday, and Tennessee
settlement 3s have advanced a little more.
Railroad bonds have shown more animation this week than
last, and there has also been some renewal of the buoyancy
which characterized the market for so long, hut which had
There is a continued good investment
lately been less marked.
demand, and some of the lower-priced and more speculative
classes have also been active and higher. The Denver Western
trust receipts, Fort Worth & Denver Ists and New York &
Northern 2ds were among the bonds which showed the largest
transactions.
Railroad and Miscellaneous Stocks.— The improvement in
the tone of the stock market which was noticed in our last report has continued this week, and prices have made further
progress in the upward direction, while the volume of transactions has reached very fair proportions. The bulls have had
decidedly the best of it, and little is heard from the bear ranks.
The temptation to take profits already accrued has not as yet
caused sufficient selling to weaken prices, though there has
naturally been some realizing, with the effect of producing
temporary reactions here and there. But the result for the
week shows an improvement in nearly everything on the list,
amounting in some cases to a large advance.
The grangers easily take the position of first importance in
the market at pre-ent, and all of this group have continued
strong and active throughout the week. There is a very confident feeling in regard to them, and the purchases have been
quite large. St. Paul was a conspicuous feature on Thursday,
with very large purchases, and an advance in the common to
"4% to-day; it was reported that Mr. Samuel Spencer, recently
of Bait. & O. would soon make a favorable report on the propThere are also rumors that changes will be made in the
erty.
directory at the next election which will bring in some of the
Drexel-Morgan or Vanderbilt interest and be favorable to har,
Dec.3,645.500 361 ,768.400 365, 843.600
Inc .3,469,300: 89,490,100' 74 439.000
Dec.
9.700,
7.888,400
8 264. SOO
Inc .2,859,800 39 1,420,200 374, 656,000
Inc .2.477,400 36,070,300 23, 882,200
Inc. 714,95o! 97.855,050
664.000
Inc .,'5,946,700(125,560,400
321,200
14.082,325 Inc. 5,231,750| 27,70.5,350
—The
1887.
May
19.
*
May
Periods
*106% \0(i\ 106% •106% '106%' 106%
coup. 3.-Mch. *107% 107% 107% 107% "107% 107%
129 14 12914 129% 129% '129%' 129%
.-Jan
reg.
ooup. i,-Jan -12914 129 '4 129% 129% *I29%' 129%
4128, 1891
4128, 1891
4s, 1907
4«,
Us,
6s,
68,
68,
68,
B,
Interest
95 '•8® 95%
monious working and possibly an alliance between St. Paul and
Northwest. We give this report for whatever it may be wortli.
This also had the effect of strengtiiening the Vanderbilts somewhat, and Lake Shore became active, and advanced. Atchison,
although no longer a special feature, keeps fairly active and
has further improved.
The coal stocks have shared in the upward movement, and
of these Jersey Centi-al has been the feature, advancing to
on a rumor tliat dividends would soon be resumed. There
an agreement this week to advance the prices of coal,
which helped to stimulate these stocks. The Northern Pacifies
had a sudden and sharp advance on Monday on some rumors
1023.^
was
also
in connection with the O. T. matter, but it was not all maintained, nor the activity continued.
The trust stocks have had a boom this week, and the only
—
—
one on the regular list Chicago Cis was sent up sharply by
the decision made in its favor by the Chicago court. The sugar
and leiid trusts, among the unlisted, also advanced. The
dould stocks have been strong most of the time, although
there was no special feature among them.
.. .. .
May
CHRONICLE
1*HK
35, !!«»..
STOCKS-PRICES AT
UK.
Artire
Stork*.
Fe
&
&0.— Vot.Tr.cert.
do 1st prof..
do 2d prof...
Do
5319
53%
4L
??^
?IJ .?IS
%i^\
il?*
il?"
pref . . .
Do
^72^
11?*
;
_
|
112% 115
& Northwestern
^fio
pref.
109>4 110
Chicfwo
Chicago
Paul Min
Do
& Om.
Cleveland Col. Cln.&Iudlanap.
15
17%' '15
pref
Lake Shore & Mich. Southern.
Loug Island
j
'
Do
&
West.
.
'
St.
Do
11
12
& Texas
um i'142% 144
143
96% 93%
08
98%
18
40% 41%
36
36%! 36% 36%
98% 99%' 98% 08%!
17
17
'16
;
40% 41
109
19
47
117
*110
6
13
*S
6
'11
13
117
115
11% 11%
72% 73%
12
'
70% 70%
44% 45%!
. .
'
17
17
8%
70%
44%
'
16%
*8
32% .32%'
15% 16%!
31% 52
1
I
..
.
117
'115
117
,
'
Paul Minnap.i Manitoba!
Texas&Paciflc
UniouPacinc
Wabash
St.
Louis
Do
Wheeling* Lake
'
&
Paclflc...
pref.
Erie, pref..
iniftrcllaiieoUM Stock*.
Chicago Gas Tru.st
Colorado Coal & Iron
Consolidated Gas Co
Delaware & Hudson Canal.
1
.
Oregon Improvement Co
Do
Oregon B'y
&
102
pref.
Navigation Co.
Paclflc Mail
Pullman Palace Car Co
Western Union Telegraph
102 [103
21% 21%' 21%
5973 61%' 60%
15% 13%' 15%
28% 28%' 28%
66
66% 66
93
02
1
'90
89
•118
45%
"'
*16% 17
16% »16% 17
8% 8%
8%
8% 8%
32% 32% 32% 32% 33%
16% 15% 13%
52%! -52
52%
52% *52
29% 23% 29% 28% 29
65% 63% 64% 63% 64%
22% 22% 22%!
41%
36% 38
^g
35
38
•23
23
23% 24% 25%
47%i 46% 47%
46% 46
26% 23% 26%' 23% 26
82% 82% 83% 82% 83%
59
i^lOS
31
90
89
95
89
37
35
!
70
70
I
36% 36%!
28% 29
{
Wayne & Chic
Pittsburg & Western, cert
Do
pref.
142
138
25
31
15
97
250
133
23
137
23
•136
'23
137
25
.
•6
26
43
7
45% 43%
16% 17
8% 8%
33% 34%
28% 28%
63% 61%
22
23
41
11
38
39%
25
'
33
33
37% 37%
Do
100
pref... '98
Various Stock*, &c. (Unlisted.)
ttefineri&s Co
91% 91%
National Lead Trust
21% 22
American Cotton Oil Trust.
37
57%
Pipe Line Certiflcatea§
80% 82%
Sugar
103% 102%
22%! 21%
61% 60%
16%; 16%
I
These are the prices bid and asked:
»«% Jan'
3 18% May
15% Mar.
!2flio
rah
SO?? m'^.
ft6%r«h. 14
IW? K^
-jS
JJ
1«
31
271 iub. w..
a
,?f IjlL"^- ,|
-12
29%'
66%'
56%
25
87
103
;
I
23
92
55
00
02
53
•90
53
93
151
148
54
,
142
142
137
137
I
;
.-149
'137
139
139% 139%
*14
I
01%
21%
56%
80%
02%
21%
02%
21%
55%
81%
94
250
93%
22
56%
82%
81%
no sale waa miie at the Board.
57
91%
22%
03
22
)
Ca«b
93
111
91
111
97
15
96
218
sale.
03
96
245
*345
'154
351
251
26% 36%
41% 43%
40
7%
'6%
'38
,
40
26%' 27
27%
20
20
29
~"- -32% 33
32%
37% 37%
33
•98
100
100
I
'
__
23%,
57%
84
I
t
7
30 97
95%
33%
56%
83%
07%
35
37%
84%
Bz-rigbta.
!
510 42% Apr.
160 75 Apr.
4,018 85 Apr.
7,530 34% Mar.
5,319 :171 .Mar.
.X'^iiA 't.o
i7.„
50,950 83 Jan.
5'
10
$gS Feb.
Sftf ??
11
36%
03% May 34
140% May 23
72% Jan. 1«
107% Jan. SO
23 102
>Ur.
6
40
FW>.
H7
19
10 3«0* »**
a
Bra. >f •• mt
2 87%MajrW
Mar. 26140 Jan. 23
Jan. 34 39% Mar. 13
Jan. 4 31% May 34
Apr. 16 16 May 90
Feb. '2 97 May 18
371Ul%Jan. 7|a5e JUk
68 148 Apr. 1 154 May 3S
2,710 17% Apr. 8 28% May 94
4,880 SO Jan. 31 47 May 9
5% Jan. 3l> 7% Feb. 13
800
Apr. »
300 35 Jan. 30
Apr. P S.'»"V*J
21%
3.000
000 21 Jan. 98 20% May 7
SOO 2i%Jan. 8 34% Apr. 99
4,655 31 Jan. 23 43% Mar. 8
03 Jan. 4 105 Feb. 19
....
115*123
26% 26%
31% 31%
7%
9% Mar.
74% May ._
18
24 May 7
305 114% Jan. 3 153 FAb. 4
502 109 Jan. I0;116% May 94
1,516 73% Jan. 4' 03 May S3
185,134 Jan. 10 144 Feb. 8
132
116% 116%
143
94%
22%
.. ,
56% 57 "I 56%
81% 83%l 82%
15
94
218
330
1,437
5,172
J""- }«
Apr. 17
JOO" 21
14,140 80% Jan. 21
7,996 130 .Mar. 18
53
05
143
14
06
251
154
26
43
16
97
250
I
55%'l 14,122 34
92
•53
-90
25%
24% 21%' 25
30% 30%; 30% 31
29% 29%
1.000
23
28
2li
'
'25% 26%
1
140
Jan.
Apr.
86 Jan.
4% Jan.
106 Feb.
16 Jan.
51% Jan.
!
92%
139% 139% 110% 139% 140%
02%
730 63
20
|
55%
55
25
02
8% Jan.
1,518
1,400;
I
22%
61%
16%
29% 29%
66% 66%
(
|
'
.1
mS
I
25%:
47
14
lb
05%l ^95%
250 i'245
151
•133
152% 132% *1.53
23
23
23% 26
23
24
24
41
43
44%
42%
12%
43
43%
•6
7
7% -6% 7% -6%
7
*30
10
39%
39%
39% 39% 39
23%
21% 23% 25% 26
23% 23
'38
29
29
20
'28
29
29
33% 33%! 32% 32% '32% 33% 32%
37%
37%
.37%
37% 37%; 37%
J7%
•98 100
'OS
•03
•08 100
100
15
07
,*245
__ _ 28%
28%
'
38
a
Jaa.
8% Jan. 14
56% May 14
i
.
36% 36%
•83
87
i
•
115 115
115% 115 115% 115 116
88% 89% 88% 89%, 89% 00% 90% 92
30% 30%
•23% 24%
Southern Pacific Co
Tol. Ann Arbor &N.M
Cameron Iron & Coal
Tennessee Coal i Iron
-148
150
;*141
26
43
Quicksilver Mining Co
*148
142
89%
•133
Pitts. Ft.
14
Mar. 16
5o%Jan. 34
SS? M.^:. 16
I
46%
-~
26%
25%
83% 83%
101
101
102
•22
23%
23
59% 59% .59%
109 •108% 109%
35
35% 36%
90
90
03
89
142
138
23
31
15
Do
do
pref..
96
York New Hav. & Hart. 245
Alton
Iowa Central, pref
Kingston * Pembroke
Marquette Hough. & Onton..
'
110
143
88
141
pref.
23%
39%
83% 'SS
104% 102% 102% 103
21% 21% 21% 21%
61% 60% 61
13% 15% 16%
29
28% 29% 29%
66% 66
66% 66
Inactive Stocks.
Do
'100
'22
102
151
United States
Wells, Fargo cfeCo
New
I
148
115
151
114% 115
&
117
02% 91% '93% 94
36% 37% 37% 37% 37% 37% 37% 37%
36
36% 36%
191 '"'.
191
ItfUitiWi
191
191
iUl
191% xwi
iw±s
189%'
190%
IHO'^
100%
189%
8»'4 18»*a 1S»'8
189% !«»•*
189% iBU-i
189%
87% 87% 87%
86% 86% 86% 87%' 87
80% 86% 88% 87
American
58
Apr.
6% May
47%
Mar. 4
3
7% Feb. 8
13 117 May 2.3
26 19 Feb. 7
8,320
4 50% May 24
38.207 99% Mar. 18 106 Jan. 15
2,132; 90% Jan. 14 96% Mar. 4
1.S372 .56% Jan. 4 69% May 2
300 37% .Tan. 7' 49% Mar. 8
5,990 90 Jan. 3; 109% Mar. 4
4,283 84% Mar. 16 91% Feb. 14
3,310 51% Jan. 7 94% May 13
100 91% Jan. 71117% May 13
116% 116%
""
-"
100;
•5% 6
5
Apr. 22
7 Feb. 7
200, 11
•11
May 3 14% .Mar. 5
13
•11% 12% 2,.570l 11% Apr. 22 14 Jan. 14
15,530 64% >lar. 29 75% Jan. 14
74
75
200
'11
8 Jan. 11 12 Feb. 13
11%
1,300 81% Jan. 12 97 May 3
96
96
108% 108% 5,187 106% .Mar. 16 110% Feb. 3
16% 16% 1,000 16% May 20 10% Feb. 4
185 67% Jan. 3 77 Feb. 4
70
70
May 31 44% Feb. 2
36
37% 1,600 3
28% 29% 18,400 26% Jan. 4 30% Feb. 18
2,160 61 Jan. 4 71% Apr. 26
70% 71
45% 46%! 32,770 41% Apr. 1 48% Feb. 18
16% 16%: I'l^O 14% Jan. 5 19% Feb. 7
8% 9%' 4,410 7% Apr
9% Feb. 12
7,015 30% Mar. 19 33 Feb. 8
34% 33
•15% 16%
150 14% Mar. 23 18 Feb. 1
52% 52% 1,310 47% Mar. 11 53% May 2
28% 28% 100.953 25 Jan. 5 29% May 31
63% 64%'100,4«1 .58% Mar. 16 65% May 20
22% 22%' 2,100 19% Mar. 19 24 Feb. 11
•40
650 39 Apr. 23 58 Mar. 6
42,795 30% Jan. 23 I 64% .May 17
35% 36
24% 25% 2,682 22 Jan. 21 28% Feb. 13
46% 47% 193,420 42% Mar. 29 50 Jan. 15
23% 26% 32,713 22% Jan. 36 27% Feb. 13
83
83% 5,325 76 Jan. 26 83% May 33
200 93 Jan. 3 103% Jan. 31
02 102
2,700 10 Anr. 1 26% Jan. 15
22% 25
59% .59% 5,282 53 Mar. 19 66% Jan. 3
5 101 Mar. 18 114% Jan. IS
109% 109%
36% 37% 1,125 29% Apr. 11 40% Jan. 14
123 82 May 10 95% Jan. 18
86
86
4,365 92 Apr. 17 105 Feb. 1
103 103%
21% 22% 7,793 17% Mar. 18 23 Jan. 14
61% 62% 63,202 58% .Mar. 29 67% Mar. 4
May
23
16% „
.
15% 16% 5,600 12% Jan. 3 „„,
..
28% 29% 10,533 24 Jan. 9 30% May 15
3,294 59% Jan. 5 67% Feb. 4
66% 67
i
Kxpresa Stocks.
Adams
Chicago
70% 71
43% 46%
70% 71
44% 45
71
53
53% 53
54% 33% 34% 54%
'24
*23
25
21% 24% 21% "23
91% 91%
91
91% 91
91% 91
139% 139% 139%
139% 139% 139% 140
53%'
53% 53% '33%
53% 54
53%
*90
•SB
115
i
j
St.
__
Ul«bMt.
I
6
5% 5% •3% 6
12% 11% 11% 12
12
11% 11% 12% 12% 11% 11%
73% 74% 73% 74%
72% 74
'10% 11% *10% 11% 11
11%
96
96% 90% 96% 96
96
107% 107% 107% 108
107% 108%'
'16
16%| 16% 16%
16% 17
32%
16%
Do
pref
52%
Northern Pacific
26
26%! 26%
Do
pref
62% 62%' 62%
Ohio & Mississippi
22% 22% 22%
,.
Oregon Short Line
40%
„
-_.
-_
gg^
Oregon iS Trans-Continental..! 33%
53
Peoria Decatur A- Evansville.' *23% 23
23%
Phila.ifcRead.Vot.Trust.Cert.' 43% 46
46
Richmond&VVestP't Terminal 25% 26% 23%
Do
pref.i
82
82
81%
RomeWatertown&Ogdeu.sb'g "100 101% '100 102
100
8t. Louis & San Francisco
23
23
23% 23% '22%
Do
pref.
59%
59% 39%! 39% 60
Do
Istpref. *109
110 '109 110
106
Bt. Paul & Duluth
'33
34
34
31
34
Do
pref
*83
*83
87
83%
86
.
IH9»,
1
*5
I
New Y'ork & New England.
New York Ontario & West
New York Susquehan. & West.
Do
pref.
Norfolk & Western
_
40% Mar 20^ 45%reb II
94%J.n 'Slw^FeK 8
60% Mar. 16^ 74% May 24
114% 116% 116 117
14.824 97 Feb. 2.5; 117
May 34
111% 111% 111%112% 107,55O|lu2%,Mar. 27 112%May 24
143 144%
1S«'135 Mur. 39143 May 21
97% 99% 09% 106
55,030j 80% Mar. 26 l(*u% Jan. 14
'16% 18
•16% 18
100 14 Jan. 15 19% Feb. 6
•40% 41%' 41% 41% 4,480 83 Jan. 21 42% Feb. 6
36% 37
36% 37
4,550 80% Mar. 18' 37 May 38
99% 99%! 99
991b
2,675 89 Feb. 131 90% May 34
1( 8% 108%!*107% 108%
305 01% Jan. 9 110% Feb. 3«
69% 69%' 69
600 53% Jan. 4 74% Feb. 14
69
18% 18%; 18% 18%
910 16 Apr. 22I 28% Feb. 7
*11
.
pref.
I,
47
Mobile* Ohio
*10% 11%' *10
11%
Nash v.Chattanooga& St.Louis
95%' '95
96
New York Central & Hudson
107% 107%
*16
New York Chic. & St. Louis.
16%; 16% 16%
Do
1st pref. *69
*69
*69
71
70
70
72
72
Do
2d pref. '37% 39%
37
37% '36% 37%
""
New York Lake Eric &" West'n 28% 28%: 28% 28% 28% 28% 28% 28%
Do
39%
,
9%
72% 73
Mis.sourl Paclflc
Loweat.
44<^ 46
45
46
47% 208,040
7
*6% 7%'
7
7% 7%I
950
55% 65%' '36
56% -tiO^
478
5314 53%
53% 53%| 53% 54% 53% 54%[ 14,775
?!^1<>0'« U)0 loM' 10Y%1m" 100?i53%1 27:i40|
63o!
35V 3,5% 35%! 35% 35%
^V* ?3^
l**'4 ISHi
18
^8^ F'^"
1814
18
18% 16,099|
i?,
33% 33%' 33% 33% 33
33% 33
1015'
33
1037l03?;xlJ^%1033: 102% 103% 100 170
'2J?J'?2^
42% 43
'42% 43%! '42% 43%' '43
43%'
400^
»»"«;
»8% 09%^ 4,750'
SSJ?
68»^ 2S^
69^ 2^>
66% 70%' Sg'^
70
73
72% 74% 317,890
^Z
IMI^
.
Sbarm.
34.
I,
;
i
4414
I
Louis
pref.
Missouri Kausas
May
33.
9% 9%
9%
9% 9%
9% 9%
9% 9%
74% 73% 74% •73
74% 73% 73% 73% 73% "73% 74%
24
23% 23% 23% 23%! *22% 24% *23% 24
23% 23%
-92
94
93
93% *92
93
94
94% •94
95
94
04
•6
6% *6
8%
6% 6% *6
6% 6%
6%
6% 6%
115 115
115% 115% 115i5ll6%*115%116% 116%117 •116 117%
18% 18% 18% 18% 18% 18%' 18% 18% 18% 18% 18% 18%
59% 59% 59% 59% 59% 59%j .59% 59% 58% 59% 59% 59%
103% 104%' 101 104% 103% 101% 104% 104% 104% 105% 105% 105%
94
94
94% 94% 94% 94% 94% 04% 94
94% 94% 04%
eT^e 68%' 68
68% 67% 68
68
68% 67% 68% 68% 68%
•43
45
45
•42
43% 45% '43
"44
47
46
47
46
99% 100
99% 100
99% 99% 99% 99% 99% 99% 99% 102
'87% 88% 88% 90
89
89
89
89
89
89% 89% 90
*91% 93
92
92% 91% 91%' 91% 92
92% 92% 92% 91
115
pref
&
May
i AN.
RaDSvHInonJau.
!
WMk,
Friday.
I
MiehlKau Central
Minneapolis
Bale*
ot Um
I
LoiUsville & Nashville
Louis. New Alb. & Chicago .. .
Manhattan Elevated, consol..
AND SINCE
17% 17%
71
24
Green Bay Winona & St. Paul.
Illinois Cen tral
Lake Erie & Western
l-
llmrnday,
|
94,
22% 23%
23
•9% 10
2d pref.
Terre Haute
llilwaukee Lake Sh.
18
40%
40
I
23
Istpref.
Do
97% 98%
97%
pref.
&
^t^
eOSg!
68% ^l^\
9'!%
!
Denv. Tex. >& Ft. W., Vot. cert.
East Tennessee Va. & Ga
Evansville
'2?i!
*•'%
I
Columbus Hocking Val. <feTol.
Delaware Lackawanna dcWest
Denver & Rio G., iissessm'tpd.
Do
Do
^^
2i.
Tal
56
36
35% 36
98
98
97% 98%
108 109%'*108 109
109 109
109
69
69
'18
18%: 18% 18%
18% 18%' 19
140% 140%! 140% 141%
pref.
Do
33%
33
'.??'*
*3.T
.
& Chic.
Ciucln. Ind. St. Louis
1
ri'.K
112% 113=s' 113% 114% 114% 115
109% 110% lOO'a
110'8lll%
*39% 40%
pref.
St.
i§,
May
4S>8!
6%
56
?5^ ?S*
-i
Wfilii.iiluy.
21.
44
141% 141% 14214 I4214 143
Chicago Hock Island & raciflc,
Chicago St. Louis & Pittsburg.
Do
I
_
?^S
68% ttH
69
pref.
44>ti
'6>^
'2?^'??S'
iS^ i5?
Chicago Milwaukee & St. Paul.'
May
4S
7
56
32% 33
Cbioaf^o BiirlinKton & Qiilucy.
iV Eastern IllinoU
Chicago
Tueaday.
20.
56
6%
*6ia
53% 56\
52>a 53%
Canadlitn riiclflo
Caiiada Sunt hern
Ceulral 01 New Jersey
Central racillc
Uo
Do
May
18.
43% 44%'
Atclii.tHu Toil.
Santa
Atlantli' .>c raolflo
Chosajueak'i
Monday,
Saturday,
May
MAY
STOCK EXCHANUE FOR WEEK ENDINU
K. T.
HtOBEST AND LOWi
STOCKS.
681
627 18%
27
800 11
1,800: 87
4,438
I
M
»%
31.797
134.818
31,336
>..a».a»
81% Feb. 90 90% Apr. 19
19% Mar. 96 95 May 24
80% Feb. IS
48% Jan.
80 Apr. 98 93% Feb. 90
i Pcieaa
W
ttom both BzohMfa*.
1
THE CHRONICLE.
682
BONDS
—
LATEST PRICES OF ACTIVE BONDS AT
Range Since Jan.
Closing.
Jfai/ 1 7
& Pac—W.
D.
inc., 6s,
N. Y.
iJfaj/
24
17
77
22% Feb.
Apr.
.
a
. .
!
92i2Feb.
96 May
91'8Jan.
95% Apr.
Chic. & E. 111.— 1st, s. f., 68, 1907 121i2b. 121 %b. 118 Jan. 11914 Jan.
IJOiab. 121 b. 118 Jan. 124i4Mch.
Consol. 6s, 1934
General consol. 1st, 3s, 1937. .102% 10212b. 97 Jan. 104 12 Feb.
83 Feb. 101 May
1st, g,3B,1937l 96i2b. lOO'e
Chic. Gas. T.. &
Feb.
Chic. & lud. CoalK., 1st, 3s, 1936 103 b. 10314b. 99 Jan. !l05
Chic. Mil. & St. P.— Con. 79, 1903,127 b. 128i2a. 12212 Jan. 128% May
112 Jan. 115i4Feb.
1st, Soutlwvcst Div.— 68, 1909.
110 Jan. II512 May
1st, So. Min. Div.— Os, 1910... 115 b.
10734b 103 Jan. 108 May
Ist.Cb.it I'ac.W.Div.- 5s,1921 107'4
10534b 99 Jan. 10534 May
Wis. & Minn. Div.— 3s, 1921 ..!105
10312b. 105 b 100 Jan. 105 May
Terminal 5s, 1914
Chic. & N. W.— Consol. 7s, 1915.1144%b. 14412b 14334 Jan. 147 Jan.
;132 b. 133 b 129i2Jan. 133
May
Gold, 78,1902
122i2a. 122i8a 119 Jan. 123
Apr.
Sinking fund 6s, 1929
lllifib. 1101.2
IO8I2 Jan. llli2May
Sinking fund 5s, 1929
Sinking fund debent. 5s, 1933 112 b. II314 109 Jan. 11314 May
103 Jan. 109 Apr.
25-.vear debenture 5s, 1909...'
101 Ub. 10114b 98 Jan. ;104i4 Feb.
Exteutiou4s, 1926
981-2
Chic. I'eo. A- St. L.— Gld.5s, 1928 i^Hh.
95 Meh. 98% May
May
Chic. K. I.<fe Pac.— 6s,coup., 1917 134=8b, 130 b, 131i4Mch. 133
107ia
107 12 104% Jan. 107% May
Extension & col. 5s, 1934
119i2Jan. 124 12 May
Chic. St. P. M. & O.— Con.68,1930 123 14b. I2412
Ch.8t.L.& Pitt.— lst,con.5s,1932 99 a.
96 Apr. 100 Feb.
92 12 Jan.
Cleve. & Canton— 1st, 58, 1917. 97
9714 May
130 Jan. 135 Apr.
C. C. C. & I.— Consol. 7s, 1914.. 133>2b.
119 b.
General 69, 1934
112 Jan. 120 May
Col. CoaL& Iron- 1st 6s, 1900..; 98%
93% Apr. 105 Jan.
Col. H.Val. &T0I.—Con. 5s, 1931
74 Apr. 87% F'eb.
General gold, 6s, 1904
75 Apr.
87 Feb.
Denver & Rio Gr.— 1st, 78, 1900
118% May I12214 Apr.
8212 May
1st consol. 4s, 1936
75 Jan.
8412 Jan. 102 Mch.
Denv. & K. G. W.— 1st, 6s, 1911.
94
'
i
'
C—
1
'
i
1
i
. .
Det.Mac.&M.— I,d.gr.3J-2S, 1911
Dul. & Iron Pange— 1st, 5s, 1937
E. Tenn. V. & G.—Con., 5s, 1956
1933
118
98
'
Gal.H.&.San Aut.-W.Div.lst,.->s 92i8
inc. 8s, 1911 21 >a
Gnlf Col. & San. Fe— 1st, 7s,1909;ill
72I2
Gold, 68, 1923
Han. i St. Jos.— Cons. Os, 1911. 122 b.
Int. is. Gt. No.— Isl, fs, gold, 1919 IO4I3
63>3
Coupon, 6s, 1909
Kentucky Cent.— Gold 4, 1987.
84
Knoxv. <fe O.— 1st, Os, gold, 1925 lOS^sb.
L. Erie & West.— 1st, g., 5s, 1937 1 1 1 14b.
IjikeShore.-Con.cp.,lst,78,1900 128 b.
Consol. coup., 2(1, 78, 1903
129 b.
Long Island— 1st, con., 5s, 1931'
General mort., 4s, 1938
101 "i!
Louisv. & Nashv.— Con., 7s, 1898 119
E. U. &N.— 1st, 6s, 1919
118
General, 6s, 1930
llOHsb.
Trust Bonds, 63, 1922
11414b.
10-40, Os, 1924
105 b.
50-year 5s, 1937
Collat. trust Ss, 1931
101 a.
Louis. N. A. &Ch.— 1st, Os, 1910 120 b.
Gr.B.W.& St. P.— 2d
107 12
99
1
.
i
90
9218
21
i
110
73
1
t
Apr.
Jan.
Jan.
May
119
124
110
I
82
Rich. & AU.— 1st, 7s, I>rexel cert.
2d mort., Os, 1916, Drexel cert.
Rich. & Danv.— Con., 63, 1915 .
Consol. gold, 5s, 1936
.
I
b.
67%
86%"'
64
3112a.
'
94i8
!
Rich.& W.P.Ter.-Trust 6s, 1897 101%
Roch. & Pittsb.—Con. 6s, 1922.. 11712a.
Rome Wat. & Ogd.— 1st, 78, 1891
Consol., extended, 58, 1922...ill2'2a.
St. Jos. & Gr. Isl.— 1st, 6s, 1925. 106 a.
82%
68%
105% May
10712 Apr.
111
110
6512
3112
119%
94
102^8
116
'10712 Jan.
10912
10818 Apr.
104 Jan.
II2I2 Jan.
10534 Feb.
104 12 Jan.
112
11112a.
10014 a.
St. L. Alt. & T. H.— 1st, 78, 1894 11312b. 11312b.
108 12b. 10914b.
2d,mort.,pref., 78, 1891
10412b. 10(J b.
2d, mort., income, 7s, 1894
8212
St. L. Ark. &Tex.— 1st, 6s, 1936i S3
28
2612
2d,68,1936
108
a.
Iron
Mt.—
108
1st, 78, 1892.
St. L. &
. . .
1
79
25
1
May
May
10014 Feb.
106% 105 Jan.
94 12 May
2dmort.,7s. 1897
10414b.
Fulton—
7a,
lOSHsFeb.
Cairo <t
1st,
1891
102 Jan.
40 F'eb.
CairoArk. &Tex.— l8t,78,1897 107 b. 86" ' 404 Feb.
8612a.
104 Feb.
Gen. R'y & land gr., 58, 1931
81 Jan.
108 12 May St. L. & San Fr.— 68, CI. A, 1906 116 b. 118 b. 110 Jan.
116 b. 118 b. 11534 Jan.
106 Feb.
6s, Class B, 1906
6a, Class C, 1906
116 b. 118 b. II312 Jan.
'l41''8Feb.
119 b. 121 b. II519 Jan.
Apr.
General mort., 68, 1931
ill3
General mort., 58, 1931
lOOUb.
10114 Jan.
123 Feb.
'l"l9'38a! 118
I07I2 May 8. P. M. & M.— Dak.Ext., 6s, 1910
Jan.
12014 119%b. II512 Jan.
99 May
Ist consol., 6s, 1933
reduced to 412s ... 102 b. IO2I20. 9314 Jan.
Do
93% Mch.
99I2
Collateral trust, 58, 1898
99 b.
9014 Feb.
23 Feb.
83i4Jan.
Montana Ext. 1.9t, 49, 1937 ...I 91 b, 9II2
116 Feb.
87i2Apr.
8712 Jan. Shen. Val.— 1st, 7s, 1909, Tr. rec 92i2b.
124 Feb.
General 6.s, 1921, Trust rec. . 38 b.
31 Jan.
109 12 Jan. .South Carolina- 1st, 6s, 1920...' 93 b. 9314b. 90 Jan.
74i2Jau.
2d, 68,1931
47 Jan.
6 b.
fliab.
518 Jan.
Income, Os, 1931
84% May
1 10
May So. Pile, Ariz.— lat, Os, 1909-10. lOOi^b. 10012b. 10512 Jan.
113 May So. Pac.,Cal.— 1st, Os, 1903-12.. llSifib.
114 Jan.
129 Feb. So. Pac, N. M.— 1st, 63, 1911 ... 107 b. i"o"7 b! 105 12 Jan.
94%
May Tenn. C. I. & Ry.—Ten. D., 1st, 63! 9412
89 Jan.
!l29
96 b. 89 Jan.
:117i6May
Blrm. Div., Ist, 6s, 1917
97%
9212
83 12 Mch.
102 May Tex. & Pac— 1st, gold, 5s, 20001 92
39
I12II2 Mch
38%
34 Mch.
2d, gold, income, 5s, 2000
104 12
May Tol. A. A. & N. M.— 1st, 6s, 1924 104
99 Mch.
[118
1118
May Tol. A. A.& Gr. Tr.— Ist, 6s, 1921 108 b. 109 b. 103 Jan.
101 Jan.
I1512 May Tol. & Ohio Cent.— 1st, os, 1935 102%b. 103 12
78i2b.
4 Apr.
Apr. Tol. Peo. <fe West.— Ist, 43, 1917.. 78i2
1106
I105I2 Apr. Tol.St.L. & Kan.
104%
92 12 Jan.
1st, 63,1916 103%
10412 Apr. Union Pacific— 1st, 6s, 1899 ....'118 b. 11834b. 115 Jan.
ll21i2May
II716 117%b. II014 Mch.
Sinking fund, 88, 1893
Kansas Pacific— Ist, 6s, 1895 Ill b. 11114b. II012 Apr.
103 May
107'8 May
112 b. 11214b. 109 12 Jan.
l.st, Os, 1896
114i2b. 114 b. II2I2 May
11734 Feb.
Denver Div.— 6s, 1899
II412
1IIOI4 Apr.
114
1st consol., Os, 1919
112 Jan.
Feb.
,13312 Mch.
Oreg. Short Line— 1st, 6s, 1922 113 b. 113%b. Ill
87i2b. 78% Jan.
114 May Virginia Mid.— Gen. m., 3s, 1936
;123%May Wab. St. L. &P.— Gen.,Os,Tr.rec! 45 b. 45 b. 37 Apr.
88 12 Jan.
103% May
Chicago Div.— 59, 1 910, Tr.rec I0212 102 12
80 Jan.
111 Ajir.
Wabash— M., 73, 1909, Tr. rec 98 b. 98
102 lab. 89i2Jan.
I0912 Mch.
Tol. & W.— 1st, ext., 7s, Tr. rec. 102
93i2Feb.
l9t,St.L.Div.,7s,1889,Tr.rec 102i8b. 102 12
92 Feb.
9912b. 87
62 Jan.
2d, extend., 7s, 1893, Tr. rec. 100
Jan.
57i4Jan.
97 b. 85 Feb.
Con., con v., 7s, 1907, Tr.rec. 97%
93 14 May
102 i2b 89 Jan.
Gt. West.- lst,78, 1888,Tr.reo. 102
II512 Apr.
99%b, 80 Mch.
2d, 78, 1893, Trust receipts. 100
12112 Apr. West Shore- Guai'., 4s
10714b, 107%b.,402% Jan.
95 '4 Jan.
l()l''sMav
West. N. Y. & Pa.— l8t, 5, 1937. 98%b, 9812
103 12 Apr.
30%
36% May
38
2d mort., 3g., 5.sc., 1927
II6I2 May West. Un. Tel.—Col. tr.,5s, 1938 104^8 105
gS'^aJan.
52^8 May Wheel. & Lake E.— 1st, 5s, 1926 103 b. 10212b ,102 Apr.
99
38
110
109
104
107
90
121
121
121
121
107
122
1
Feb.
6OI2 Feb.
10 Feb.
10714 Apr.
I
May
May
Mch.
May
Apr.
Feb.
Apr.
112i2May
115 14 Feb.
117 Apr.
II412 Jan.
90 Apr.
45 M.ay
,
'
102% May
'
j
98
102
I
j
53 Apr.
50 12 Apr.
87 12 Mch.
921a
Mo. Pacillo— 1st, con., 68, 1920. 112 b. 11212a. IIOI2 Jan.
3d, 7s, 1900
118
118 b..!llOi2 Jan.
Pac. of Mo.— Ist, ext., 4s, 1938 101 %b.
9734 Jan.
2d mort., 7s, 1891
iosiiial 104
Jan.
Mobile & Ohio— New, 6s, 1927..'116i2b. lie b. 11234 Feb.
General niovt.. 49. 1038
51V3
5214b. 41 34 Jan.
IO312
Feb.
Mcii.
12012 Jan.
IIII2 Jan.
<
!
Mch.
80
.
I
110
108 14
100
99
93
40
108
108
104% May
118% May
I
j
!
May
Apr.
Apr.
96
'
llOiob..'10012 Jan.
108i2b. 105 14 Jan.
91i2b. 90 Jan.
Apr.
Feb.
Apr.
Apr.
Apr.
May
99% May
9II2 May
90 May
40 May
:
Jan.
Mch.
Mch.
103
'
C—
Feb
Feb.
Jan.
120i4May
.
'
May
May
10912 Apr.
II412 Apr.
110 Jan.
108 Apr.
j
96I4 Jan.
May
May
I0912 Feb.
7612 Mch.
94 Jan.
SOiaMch. 94i2.Tan.
00 12 May
82% Jan.
52 12 May
62i4Jan.
70i4Jan.
87i2May
58 Jan.
66 Apr.
32 14 Apr.
JO Jan.
114 Jan. '119% May
94% May
86 Jan.
96 Feb. ll02''eMay
113 Jan. 117 Apr.
53 ^eb.
87 b.
'
(
May
lOO'e Feb.
II212 May
1
Income 59, 1958
2d pref. income 5s, 1958
3d pref. income 5s, 1958
Pittsb. & West.— Ist, g., 4s, 1917
May
May
May
51 12 Mch.
79
I
Ist pref.
May
May
741a Mch.
'
130i4M.ay
iliisb. 111
Jan.
123 b..11834 Jan.
lOS^sb. 92i2Jan.
b'ul,
103% Jan. 110
'
.
Note.- The letter "b" indicates price
110
9734 Jan.
'
b.
74'
I
1
.
I
109
I
117i3Apr.
116 Jan.
117 b 112 Jan.
11414b IO912 Jan.
105 b 101 12 Jan.
10212b. 98
Jan.
1
ioa%
'
117%
54
"b!
'
II913
57%
Apr.
I
12914b..'12514 Jan.
12912b. 124 Jan.
II414 Jan.
10214b 9212 Jan.
92i2
Consol., 7s, 1904-5-6
II512 May
108 12 Jan.
IIOI2 Mch. 115 Feb.
101
94 Jan. 101 May
116i2b. II414 Apr. 117% Mch.
120
II714 Jan. 121% Apr.
I2OI2 II512 Jan. 120% May
115
112 Jan. llOHMch.
112"
107
I
.
104
IOOI2 Apr.
63
63 May
7II2 Jan.
84
110
101 Jan.
llH2b. 107 Jan.
lOSHb .,106
137 In Apr.
limFeb.
"
. .
1399
Mich. Cent.- l8t, con., 78, 1902. 131 a.
Consol., 58, 1902
Mil. Lake Sh. <fe W.— Ist, 6s, 1921 124 b.
103i2b.
Couv. debenture, 3.s, 1907
Milw. A: North.- .M. L.,Os, 1910.
Extension, 1st, Os, 1913
llOOi^a.
Minn. & St. Louis— 1st, 73, 1927 90 b.
Wo. Kan. & Tex.— Con., 6s, 1920 57''8
Consol., 58, 1920
54%
Jan.
13112 Jan.
'
121 14 II214 Jan.
»•
Consol., gold, 6s, 1916
.10212b. 102 b 93 Jan.
Mem. <k Char.—Os, gold, 1924... IOOI2 107'e I0212 Jan.
Metro. Elevated— 1st, 6s, 1908.. !ll7%a. II712 1 1 '^8 Jan.
2d, 6s,
119i2May
110
b.
II5I2
1
121iab. 120I4 Jan.
100%
114 May
May 134 Mch.
91% Jan. 96% May
1
1
May
May
Feb.
13612 Meh.
.
18 Jan.
100 12 Jan.
70 Apr.
b.
133
100
107
t
93i4Mch.
EUz. Lex. & Big San.— Os, 1902.
Eric— 1st, consol. gold, 7s, 1920 140 b. 140 b. 137 Mch.
ill2>2b. 11212b. 1103t Jan.
Long Dock, 7s, 1893
N.Y.L.E.iW.— 2dcon.6s,1969 107
Ft. W. Ai Denv. C— 1st, 6s, 1921' 90=8
104i4.4pr.
I
L—
1.
129
96i8
II912
137
\
Jan.
Jan.
98% Jan.
10414 Jan.
133 Jan.
111 Jan.
6412 Jan.
Ohio & Miss.- Con,9ol., 78, 1898. 118%b. 118i2b. 115 Jan.
124
121
II8I2 Apr.
2d, consol., 7s, 1911
lOliio Southern— Ist, 6s, 1921 ... |108%b. 109 b. 103
Jan.
46i2b' 4434 Jan.
4634
2d, Income, 6s, 1921
79
.Omaha & St.
78%
71i2Jan.
1st, 4.s, 1937..
Oregon Imp. Co.— 1st, 6s, 1910. IO512 IOOI2 jl02 Feb.
11212 110 Jan.
Ore. R. &Nav. Co.— 1st, 6s, 1909 II212
104%b. 110514 102 Jan.
Conaol., 5s, 1925
Oregon <fc Transcon'l—6s, 1922. 103 - 1104
lomj Jan.
Penn. Co.— 412.9, coupon, 1921. Ill
lOO's Jan.
10412 Feb.
Peo. Dec & Evans.— l8t,0s, 1920 107 b.
'102% Jan.
Evansv. Div.— Ist, Os, 1920...ll06i2b
7314b. 66 Jan.
2d mort., 58, 1927
93%
Phlla. ARead.— Gen. 4s, 1938..I 9312
88% Jan.
i
73% Jan.
81 Jan.
103 Jan.
35 b. 30i2b. 34 Jan.
102
(102 a. go'a Jan.
10634 il08i2
102 Jan.
103
10414
99 Jan.
'
1889.
Highest.
99
129
f.,
N. Y. Chic. & 8t. L.— Ist, 48, 1937| 96%
IN. Y. Elevated— 1st, 7s, 1906. ..'119
N. Y. Lack. & W.— 1st, 6s, 1921.1135 b.
]114i2b.
Construction, 5s, 1923
N. Y. & North'n— 1st, Ss, 1927.. 109 b.
N. Y. Out. & W.— 1st, 6s, 1914. .!112 b.
N. Y. Sus. & W.— 1st ref ., 5s, 1937; 99i2
Midland of N. J.-lst, 63, 1910 117 b.
Norfolk & West.— Gen., 6s, 193l!118i2b.
North. Pac— Ist, coup., Os, 1921!120%b.
1114
General, 2d, coup., 1933
General, 3d, coup. 6s, 1937 . 108%b.
No. Pac. Ter. Co.— Ist, 68, 1933. 112 a.
Ohio Ind. & West.— 1st, 5s, 1938 73 b.
I
A.s8ented
Denv. S. Pk. & Pac— lst,7s, 1905 94»8
Det. B. C. & Alp.— lst,g.,6s, 1913 107i-2b.
Lowest.
Os, 1911.
St. L.— Ist, 7s, 1913
!
Denver Division, 48, 1922
Nebraska Extension 4s, 1927., 94
Mayl7\Hay2i
103
135 b.tl35 b,
Nash. Ch. &
105 b.'
Consol. 5s, 1938
N. Y. Central— Extend., 58, 1893 105
N. Y. C.&H.— l8t,cp.,7s,1903 136 u. 13014b.
113 b. 113 b.
Debenture, 58, 1904
129 b.
N. Y. & Harlem— 1st, 78, 1900]
Mutual Un. Tel.— S.
1,
Range Since Jan.
Closing.
Highest.
Lowest.
18%
78%
18
1010
'
(!..»,
STOCK EXCHANGE, AND RANGE SINCE JAN.
1.
May 83 Feb.
783*
Guar., 4s, 19^7
I1212
lOeifl Jan. I1212 May
Can. Soutli.— l8t guar., Ss, 1908 111
9712b. 9314 Jan.
98 May
97%
2d, 3s, 1913
Central of N. J.-lst, 7s, 1890 .. 10414 104% 103 Feb. 106 12 Jan.
12158 122 b. 120 Jan. 122 Feb.
Consol. 7s, 1899
[125 b. 125 b. 125 Jan. I28I4 Apr.
Convert. 78, 1902
I112is
II314 106% Jan. 113i4May
General moH. ,5s, 1987
I-eh.& W.B., con. 78, 1909,as'nt| 120 a. 118%b. 115i2Jan. 120 Apr.
113 a. 108 Jan. 113 May
Am. Dock A; Imi>., 58, 1921 ...'
Central PaciUc— (iold Os, 1898. .117 b. 118 b. 113i4Feb. II714 May
102'-2
IO214 ,10134 Apr. I0312 Feb.
Land grant 0», 1890
|107>2
[IO518 Apr. 108% Mch.
Mortgage Os, 1936
Ches. & Ohio.— Mort. 6s, 1911.. 17 b, ilfiab. 113i4Jan. 118 Feb.
98
9812 May
14
94 Feb.
97%
l8t consol. 5s, 1939
IIII2
107 Jan. llli2May
Ches. O. & So. W.— 68, 1911
lOSJua,
103
98 Jan.
14 May
Chic. Burl. & No.— 1st, 53, 1926.
133 b. issiab 131 Jan. 133 12 May
Chic. Burl. & Q.— Con. 7, 1903
104
lOo b. (10234 May :106 Jan.
Debenture 58, 1913
Consol.
[V(L. XL'vin.
Railboad Bonds.
Eailroad Bonds.
All.
"
'
May
May
102% May
;
t
Apr.
IOOI4 Apr.
lOtiis
,
i
I
,;
1
I
,!
I
I
'
1
1
I
anil "a" price asked ; all other prices
and the range are from actual
\
102 12
100
108
May
May
May
101
.\pr.
B'eb.
44
I0312
May
II0414 Feb.
sales.
STATE BONDS.
SECURITIES.
Al ibauia— Class A,4
C lass
B, 53
to 5
Bid.
1900
1900
Ask.!
SECURITIES.
10612^10712! Missouri— Os
due 1889 or 1890
112 '113
Asylum or University, duo 1892
Bid.
102
105
110
110
110
35
10
20
101%402i2l
Funding
1894-1895
1900 IO2I2'
New York—68, loan
1892
Arkansas— Os, funded.. 1899-1 900 12
Os,loan
13
1893
78, Little Hod,- * Fort Smith Iss.
10
North Carolina— Os, old
J. & J.
78, Memphis A- I.iltle Rock iss...
10
Funding
act
1900
"'13"
7s, ArkuuJiiM Central KR
5
Now bonds, J. & J.... 1892-1898
Georgia— 79, gold
1890 102
Chatham RR.
5
Louisiana—7s, cons
1914 105
Stamped 4s
9OI2 11
Consolidated 4s
1910 '9''7
Michigan- 7s
1896 107 ...:..! 68
1919 124
68, 10-20.
1
Ask.
SECURITIES.
...
Ask.
4%i
5
South Carolina—Os, non-fund. 1888
1893 104 10.S
Brown consolidated, Os
1892-1898
65
1912 75
Compromi.se, 3-4-5-6s
1913 106% Too"'
New settlement—6b
1913 IOH2
59
7512
1913 75
38
Tenncsscc-Os, old
"'"7""
.
1
'
Bid.
Rhode Island- Os, cou..ls93-1894 II012
i'cio
128
Os, consolidated, 2d series
Os, deferred, trust receipts
48
60
35
9I4
..
9%
2
May
'IHE CilRONlCLK
25. 1889.J
683
BONDS-STOCK EXCHANGE QUOTATIONS ON FEIDAY OP THE LESS ACTIVE RAILROAD
SECCRrriEs.
Kailroiul
fS'ofk Exrhtinns Prirra.)
Atc\\. Top. & San. Fo
IHis... 10201
SliikInK fluid, (is
191l|
rhlc. H. Ko A: ful.— l8t «.. 58.1(»37|
—
Kold
Bid
iHI''?'.'-^'}-.*"''--!"'''*-!''""'
uivisioiiai
\
AllniitU' A Oanv.— l8t g., (Is. .1017
Bull. A- Ohio— l8t, C», Park B.lOll);
art,
SECURITIES,
Bid.
Koiiiliii.
..loao
I
87
91
104
I
'a.1..:'
»23i8l
Mohlk'
i
i
00
\\T!toTf.\
Itii|>
I
18
..1019{ 118
*108«sH0
.5«4
tViil.W
..1897
I
Btd.
r.l
(
01"«
A Hliiii.— iBt, K.,nii,.I9:i7; O.'i
Alubiuiin Ci'iitrnl— lHtU«...l»IH 11)1
07 •« 07 !W
120
Erin— Isl, exteuded, 7a
SECL'RITIEM.
'Northom r
Nonii
leao-iia
ftB
lilt .>xt., (told, 5«
10371
I'.qiilii.Ai tni|>rovoiii't,K.,5R.10»H *
IM»NIH.
'<
W
A
*«
i
Art-
2d, exlendi'd, .5a
.1:
3d, exten<li)d, 4'^...;
li
1....
..10231
T:;
l8l,eqiilp.
"•'
4th,cxlenilcil, ,5s
..1020! I13>«120
Offii. ..
5th, extended, 48
..19281 lOSHi
Ohio .V
'uns., a. f.. 7
-'9 iiBH
lat, coua., t(l. coup,, 7»... ..1920 137
I110>a
140
8pii
I)lv.-l»t7».
lid. :!-.".s
1915 89»8i 9014
Rcorg., 1st lien, «a
..1908'
Ueneral 5h
..
05
Union i;i., l«f, Riiar., fia
1937 103^ 100
B. N. Y. & E.-Iat, 7a ...
1910,n45"si
Ohio River RR.— lat, Sa....
103
Briin.iwiik A West..— lat,K.,4s.l938
N. Y. L. K. & W.-CoL tr.,68.1922
'lenernl luort., gold, 5».
Bulf. Hoi'h. .<- Pitts.—Geu., 58.1937
98%
i undcd coup., 58
1969 04
9i\ Oregon A Califonila-Iat, .5a 111:
Koch. A Pitts.- lat, Gs
1921 120
Income, 6a
1977 71
Hanaiiia— .Hliik. fd., anh., Ha...l910
Burl. OmI. Uiip. & No.— Ist, 5a.l906 103 >4
Biitr. <fe S. W.-Mortg. 0a...'.100«;
84
Peiin.<jlvaula RR.—
Conaol. & eollat. trust, 5s... 1934
92
02>al Eureka Sprlndra R'y— lat,68.e.l933
Pltt8.C. ii Ht.I,.-laf, ep., 7a. 1000 118
Minu. * St. L.— Ist, 7a, pi.. 1927
Evau. &T. 1I.-1»(, cons., 08.1021 '....
120
Pitts. Ft. W. & C.-l»t' •# a.
1 «1
180
Iowa C. * West.- l.st, 78....1900 100
Mt. Venion— Ist 6a
1023 '116
2<!.7a
1912, 147«i
fed. Kap. I. I'. & N., Ist, 68.1920
Evans. & Indian.— lat, cons. .1026 '109 111
„8d,7a
loia
lat. .5s
1921
FlInt&P.Marq.— Mort., 68. ..1920 122 123
96
aev. A P.—Con«., ». fd., 7a.l00<>l \'iiv>i, '.'.'.'.'.'.
rcntnil Ohio Reor.— 1st, 4138. 19301
104 '4 Gal. liar. A Saii Ant.— i'Ht,6»i 1910 *
iliiia
4tb^nk. fund, 6«
IH02' Hl«> 107%
Cent. KU.
Bank.— Col.g.,.5s.l937i lOHa IO2I9 _2dmoit.,7a
107
Bt.L. V. AT. U.— lilt, gu.. 7a 1897 118
1905i*
110
<"ent. of N. ,).—Conv. del)., 68.19081 108
Grand Rap. A Ind.— Oen. 58.. 1924
OS
2d, 78
IMOM MOOWj
«'entral Paeitle—Gold bds.,68.189fti 115»9 116»8 Orecn B. W. A St. P.— lat 68. .1911
2d,gtu»r.,7«
lH08i*108ia
«
,««
(iold Iwnds, 68
1S96 116
Houaatonlc— Cons, gold 58
1037
Peoria A Pok.Ulon-lat,0«.. 1021 llu
"
(iold bonrt.s, 68
1.897t 116»s
'jHous.ATex.C.— Ist.ni. I. 7a.Tr.rcc. J2?,
124'2 ;„i;
2d luortg., 419a
1251s
1921' 65
70
San Joaquin Br., 68
1900 115
yest l*!^- ''s.Trust rccclpts.1891
1251-2
RalTirBvlJiii
Pine Creek Rallnray—Oa
\aai\
1251a
1932i
Cal. A- OiCKOU- Ser. B, 68. .1892'
l.st Waco A Nor.— 78
1001' 106
Pitta. Cleve. A Tol.— Ist, (;s...I922
West. Paoiae— Bonds, 6s. . .1899!
2dm.Ks.M. I. Trust rccclpta-. 1913 120 122
Pitts. Jiinclion— Ist 6a
1922 110
No. Railway (Cal.)— Ist, 6s. 1907
Oen.inort6a,Tniatrecoll)ts.l925' 77% 78
Pitta. Mc. K. A Y.-lat 6a.: :.:io32l 115
Ches. & O.— Pur. M. fund, 68.1898 *115
niinoisCen ral-lst,g.,4«...1951 109 IO9I2 Pitts. Paln.sv. A F.-lst, .5s
101fl|-10I'« loiU
8a, gold, series A
1908
120
J.''*;/>)W.3i3a....r
1951
04
Pitts. Y. A Ash.-lat, si
1027'
'Big 78
Chcs. O. & 80. West.-2d, 68. .1911
Presc-t AArlz.Cent.l8t,0a,g.lol«
1952
00
Q°i?i?-,^; •••;,•
Cbicngo & Alton- 1st, 7s
1893 113
?Hringfpiv.-Coup.,
68.. ..1898*114
2dinconic, 68
.....1910
einkiuK fund, 6s
1903| 124
126
°'
1^21 117
Rlch.ADanv.-T)elM.nlure6a 19271 lot 104^
^'2!"?
I.<>uis. & Mo. River- 1st, 78.1900! 123
125 M C.St. L.'I'^r?**^,
AN.
O. -Ten. 1., 78.1897*116
Atl. A Char.-lat, pief, 7S..1807
II
2d, 7s
1900 118
Ist, consol., 78
1897 116
Rome
WaterL A OgUeu
*?n
lOiVT
XT..- ». »•
.
. ..
8t. L. Jacks. & Chic.— l8t,78.1894' 113>4
2d, t\a
68
1907,
Nor.
A Mont.-lst
g., gn..5s.iei6
'ill
lat. truar. (564), 78
1894-112
Gold, 58, coupon
19511*119
RomoW.AOg.Tcmi.l8tg.5s,1018
2d iiiort. (360), 78
18981 118
Dub. A S. C.-2d Dlv., 78 ...1894*110
,8t. Jos. A Gr. la.— 2d inc
192.51
80
2d. ffuar. (l8H),7s
1898 118
Ccd. Falls A Minn.— 1st. 78. .19071
75
Kan. C. A Omaha— Ist, 58. 10271 87»e' 88
MIss.R. BridffC— 1st, s. f., 63.1912 106
Ind.Bloom.AW.— 1st, picf.78.1900 120
8t.L.Al.AT.H.— Dlv. bonds 1804
Chic. Burl. A Nor.— Deb. 63. ..1896
Ohio Ind. A W.— Ist pf., 58.. 1938 100
Bellev. A 80. 111.— Ist, 88. 1896
Chic. Burling. A Q.— 5s, s. f..l901 "106
Ohio Ind. A West.— 2d, 58.. 1938 40
44
Bellev. A Car.— Ist, 68
1923 100
Iowa Dlv.— Sink, fund, 58.. 1919
I.B. AW., con. inc. Trust receipts.
10
Chl.8t.L.APad.— I»t,gd.g.5al917 100
Sinking fund, 48
1919 96
Ind. D. A Spr.- Ist 7s, ex. op. 1900 103
98
8t, Louis 80.— l8t, gd. g 4a. 1931
83
Plain. 4s
90
1921
Ind. Deo. A West—M. 5s
1947
St. LoulsAClilc.— I8t,con.6a.l027i* 20
Chic. Mil. A St. P.— Ist, 88,P.D.1898 128
2d M., inc. 5s
50
1281a
1948
St. L. A I. M.— Ark. Br., 1st, 7a. 1805 109
110
2d. 7.3-lOs, P.
Iowa Central— lat gold, 58
1898 119
90 !8t.L.A8.Fran.— l8t,68,P.C.AO 19191
1938
1st, 7s, $e., R.
99 14 100
1902 12812 130
Kan. C.Wyan.A N.W.— 1st, 58.1038
Equipment, 78
1805
1st, La Ciosso Division, 78.1893
116
Lake Shore A Mich So.—
l.st. trust, gold, 58.
1087 06
1st, I. A M., 78
1897
Clove. P. A A.— 7s
1892 IO914
Kan. City A 8.— lat, 6s. g. 1016 100 ilOft
lat, I. A D., 78
1899 118
Buff. A Er.— New bonds, 78.18981*121
Ft. 8. AV. B.Bg.— 1st. 6S.IOIO
Ist, C. A M., 78
1903 I28I2
Kal. A W. Pigeon- lat, 78... 1890 103
8t.L.K. ASn.Wn.— Ist,6s.l016
Ist, I. A D. Extension, 78... 1908 *127
Det M. AT.— Ist, 7s
1906 134 137
Kansas Mid'd.— Ist, g. 4». 1937
1st, Soutliweat Div., 6s
II712
Lake Shore- Dlv. bonds, 78. 1899; 124 126
1909]
St.Paul A Duluth— l8t,58
1931 113
Ist. LaC. A Dav.,5s
19191 103
Consol., reg., lat, 78
19O0I 127
2d mortgage .5s
1917
VOOH
1st, H. A D., 78
1903'*
Consol., reg., 2d, 78
129
1910! 125
St. Paul Minn A M.— Ist, 7a. .1909! 114
lat, U. A D., OS
Mahon'g Coal RR.— 1st, 58.19341*109
1910 104 lif 105 14
2d mort., 6a
1909 120 lii"
Chicaeo A Pacific Div., 6s..l910' 119 120I2 LItchf. Car.A West.- I8t6s.g.l916!
lOOifi
Mlnneap.
.
1022
„
^ Union— Ist, 6a
Chic. A Mo. Rlv. Div., 58. ..1926 103%
1898i*119ia!
Long Island— 1st, 7s
Mont. Cen.— 1st, guar., 6a.. 1037]
116
Mineral Point Div. 58
1910 104%
N.Y. AB'wayB.— l8t,g.58.1927 102
East. Minn., 1st div. lat .5s 1908
C. A L. Sup. Div., 58
1927*
1921 105
2dmortg., inc
3712 San Ant. A Arans.- lBt,6s,'s5-1016l 87^8 88%
Fargo A South., 6.S, A8SU...1924
1201.1
N. Y. AM. Beach— 1st, 78.. 18971*114 1118
1st, 6s, 1886
192«i 88% 80%
Inc. eonv. sink, fund, 5s
N. Y. B. AM. B.— Ist,
It, g..
g.,58.1935'
1916
Scioto Val.— 1st, cons., 7s
1910
Dakota A Of South., 5s. . .1916 98
*70
Brooklyn AJUont.— lst,68..191]
Coupons off
80
Chicago A Northwestern—
1st, 5s
1911
SodusBay A 80.— Ist, 5a, g... 19241*
110
Escanaha A L. S.— 1st, 68.. 1901 114
SmithtownAPt.Jeff.- l8t,7« 1901
TexasCentral— lat.s. f., 78...1909' 40 1. ......
Dcs M. A Minn.— Ist, 7s.... 1907 12712!
115
Louis. A Nash.— CeolI.Br., 78 .1907
Ist mortgage, 78
191l| 48
Iowa Midland— l.st, 8s
Texas A New Orleans-lst, 78.1005
1900
N. O. A M.-l8t, 6s
1930 117%
Peninsula— 1st, conv., 7s. ..1898
N.O.AM. -2d. 6s
1030 107
Sabine Division, 1st, 6s
19121 102
Chic. A Milwaukee— Ist, 78.18981 I22I2 1241^
Tex. A Pae., E. Dlv.— 1st, Os.lOOSl 110
Pensacola Division, 68
1920 105
Win. A St. P.— 2d, 7s
1907' 130
1917i* 08
Tol. A. A. A Cad.—Os
103
St. LoulsDlvlslon, Ist, 68...1921 *115
Mil. A Mad.— 1st, 6s
Tol. A. A. A Mt. PL—6a
2d, 38
19051 117
1980, 62
1019| 90
Ott. C. F. A St. P. -1st, 58.. 1909
18961 116%!
109% Nasbv. A Dcoatnr-lst,78..1900i 12314,125 Union Pacific- lat, 68
Northern III.— 1st, 58
1910
l8t,68
S. A N. Ala.—8. f., 6s
18971 116%
19101 *108
Chieai,'o Rock Island A PaoiHc—
18981 118%
Ist, 68
Pens. A At.— Ist, 68, gold.. .19211 105
Des -MoinesA Ft. D.— 1st, 48.1905 82i8
Collateral Trust, 6s
Naah. Flor. A S., Ist gu. 5s.,1937| 98% 00
19081105
1st. 2H>s
86%
Ilou.
Collateral
Trust,
95
1905JJ
Tex.—
Ist,
4s.
...
1934
5s
10O7
N.
O.
a
57
Extension, 4s
1905* 82i2
C.Br.U. P.— F.c.,7a
1805, '104
1934, 41
It
2d mort., 58
Keokuk A Des M.— 1st, 5a. .1923
Atch. Col. A Pae.— 1st, 63.. .10051 02% 04
107 iManitoba 8. W. Col.—G., 5s.. .1934!
Chic. A St. Louis— lat, 6s
00 jlOO
Atch. J. Co.
Mexican National— Ist, g., 68.1927 102
lat, 68.. .1905
1915
Chic. St. P. A Kan. City— 53.. 1936
1917 62% 63
Utah Southern- Gen., 7a...l0O9 113
2d, income, 68, "A"
90
Minn. A N. w.— 1st, g., 58. .1934
1917
31
Exten., 1st, 7a
1000 Ill
2d. income, 6s, "B"
Chic. 8t, Paul M. A O.—
TJ. P. Lin. A Col.— I8t,g.,.5s.l018 lOOUIOO^
1900
Michigan Central— 68
Che. St. P. A Minn.- lst,68.1918 123
Utah A Norlliem— Gen., .5a. 1026 '.'.'.'.'.'.
1031 115%
Coupon, 58
No! Wisconsiu— lat, 68
ioi"
Os
Valley
R'y Co. of O.— Con. 6s. 1021'
Lan.
A
Sag.—
1891
Jack.
1930
8t. -Paul A S.
Milw.L.S.AW.- Ext. A Imp., 63. '29 103»8 103% Wab.St.L. A Pae.— Gen. M., 6s. 1020;
1st, 6s
1919 124
116
117
Division,
,5a
lOlOl
Ch'.c. A W. Ind.— 1st, .s. f., 68.1919! Ill
Division,
1st,
68..
Chicago
1024
Michigan
133
Detroit Dlv.—«ia. Trust rcc. 1921 137
General mortgage, 6a
Ashland Divislau— 1st, 6s 1925| '1 16% 118
1032i"113
IIHW!
Cin. Ham. A D.—Con. s. f., 7a.l905' 120
Wabash, M., 7.s, 1870
100
Incomos
Toledo A Wab.— 1st ext.. 7s.l>*!Ht i'lf'r,
2d. gold, 4%a
Mlnn.A8t.L.— Pa Ex., Ist, 78. 1909 81
19371
IsMO •110%
99I1 100
1891'
St. lyoiils UivLstoD, 7a
Cin. I. St. L.A Cliic— lst,g.,48.1936
2dmortg., 7s
18U3J
Consol., 68
2d mort., ext., 7a
1910
Southwest Ext.— Ist, 78
19201
'
1883|*
16
90
Equipment
lionda
tin. Jack. A
85
1st,
68
1921
Pacific Ext.—
l.st, g., 53.1036^
Colaol. e<mv.,7a
10071
Cin. Sand. A Cleve.— 1st, 78.. 18901 102
1922 49
Impr. A equipment, 6s
130
Weatem—
1st,
7s
18.88;
niortg.,
Great
1st
58.19.36
Couiol. Ist, g.,58
1928' 104
Minn. A Pae.—
18931
2d, 7a
Cl.Col. Cin. A Ind.- 1st, 7s,8.f.l809 122
125
Mlnn.S.Stc. M.A.\tl.— lsl,!>8.102<> '"so"
Juln. A Tol.— lat,7a,Tniat rr-e.
103^
Consol. sink, fund, 7s
Missouri PaelUe— Tru8t,g.,58.1017, * 90
1914
Cleve. A Mali. V.— Gold, 5s... 1938
Mobile A Ohio— 1st ext., 6s.. .1927! 100
103
;.
Ist.ex.,'
lIl.ASo.
la.—
debentures
60
Colorado Midland— 1st, g., 6s.l936
1st pref.
8t.L.K.C.AN.-R.E.AI.
Columbia A Green.— 1st, 63... 1916
1931| 72%.
8t. L. A C.iiro— Is, guar
M »'S los"
8t.CharlpsHr*Be— l«i.i
2d, 6s
Morgan's La. A T.— 1st. 68.. ..1920
1926'
1 Nl»5i llft%
No. Missouri— Isl. 7s..
Col. A Cin. Midland— l.st, 6s. 19141
1918 123%
1st, 7s
.I8««i|
Frank.—
1st,
Warren
7
lia
A
Del. Lark. A W.— Convert. 7s,1892l Ill
L.—
2d,
68..1901
Nosh. Cliat. A St.
West. V». C. A Pitts.— 1st, 6S.1011
Mort k;> l'c 73
1907' 138
iNew Orleans A (Julf— Ist, Os .1926
I'
SjTa. liliig. A N. Y.— Ist, 7a.l906 I36I4I
!N. O. A. No. E.— Pr. 1., g., 68..1915
..
^
:«ll»rplI«neon»
Bond*.
Morris A lOssex— Ist, 78
1914 143%1
.. N.J. Junction— fiuar. 1st, 48.1986 104 1105
'Am. Water W. Co.— 1st tts ... 1007; 110
2d, 7s
18911 108% 109 IN. Y. N. H. A IL-lst, reg. 48.1903 •111
( oal .Mlu.— l.st g. 7a..l0<>7' 112
19
Bonds, 7a
I900I
"N.Y". A Northei-n-2d, 48
57%i 57% Cahaba
100
Col. .V H.'i'k. Coal At.—«a,g..l!>l
7sor 1871
1901 128% 128% N. Y'. Susq. A West.— Deb. 68.1897
•«».. ...10(15
Equil
1937 "8"i' "83
Ist, con., guar., 7a
10151
2d, 4I28
150
5«..103('>
llarl.
t.
lat,
4»....1912
Del. Alliid. Canal- 1st, 78...1801I 107%
N. Y. Tex. A Mex.—
.;
ill-;:,'
g. 6S.1031
1st, extension. 7s
Northern Pae— DIvld. scrip ext... 108
1801 108%
.,-!>»
lOOl'
:
Coupon, 7s
1894 115 |115%'l James River Val.— lat. 6«... 1036 107%
...„
aph.— 7s....l9<U' 100
100
Pa. Div.. coup., 7a
SiKikane A Pal.— 1st, 6!i.....l03<i
1917 147
late.«s.1«»04'
.«»/
G,
6s
Ifi-jrt
n..
120
121
Albany A Susq.— Ist, gu.,78.1906 •134 %|
St. Paul .V N. r.
111, ;!..'»•
*"M
I......
('»..
\ 2'1
Hel.-M
lat, cons., guar., 6a
1906 123% 124%
•
1(M\
13%'!;"; PhiladelphlaCo.— 1st Kens. A 8ar.— 1st, coup., 78.1921 148%i
DuhP
IIS
Wwt. Uulon Tel.—CiMii.
,
Ill
Denv. A R. G.— Imp.,g., 5S...1928 84
84% l)Ul.,V. II
s.i.iM.i!nin'
IIM%
Wbitebr'st
Fuel—
Oen.
1st.
.:>»
1037
Pill. So. Sh. A .^tl.— (iold 5a.. 10371
96
96% La. M. A .Mo. IL—
,
<.'oiis, mort., ffold, 58
li),S8
Bcecli ( 'reek— l»t, (told, A*
1930
Bost. II. Tim. A W.— Deb. 58.1913
Brooklyn Eliiv.— Ist, g., 68... 1924
110»8
93 >4
100
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No
price Friday; these are tlie Utoet qaotatloas
made
tltU
week.
.
,
.
"
1
—
..
THE CHRONICLK
6S4
[Vol. XlVIII.
Qaotations in Boston, Philadelphia and Baiiittaoie.
Following are quotationsof active stocks and bonds. A fu'i
list is given in tiie Chronicle the third Saturday jf each month_
SECURITIES.
SECURITIES.
BOSTON.
RAILROAD STOCKS, t
Atebison & Topeka
Boston & Albany
Boston & Lowell
B'?8ton & Maine
Boeton & Providence
Huntington
183
H
Chic. Burl. & Nortli'n
Chic. <fe West Mich
..
Sunbury
52
7
'
•
14^9
Clearfield
A
121
123
liSHi 119
78..
Jeff.— Ist, 6s.
2d, 7s, rcg., 1910........
Cons. 6s, C.
R., 1923..
North Peiin.— Ist M.. 78.1 117
General mort. 7s, 1903 5132'a 133
N.Y.Phil.ANorf-lst^es' HI 115
Income, 6a
60
52
Penn.-Gen.6s, coup.1910 131
Cons. 68, coup., 1905 ... 125
I
18
114
Cons., 58, coup., 1919...
BONDS.
4^28, 'I'lust Loan
Perkiomen— lat se. 5s, '18 105
Peun. A ^ Y. Can.— 7s,' 96 120^1
11319
Phlla. A Erie- con. as.
lOCa Oils
General mortg. 4a
Philadel. A Read.— 1st, 68
116»4
78.
CoUat Trust, 58
80 Hi
Plain, 6s
Mortgage, 6s
Trust, 68
Burl. & Mo. R. In Nei).Exempt, 68
SllSHi
Non exempt. 6s
i^
Land grant, 78
110»(
California Sonth
Ist, 68. SlOl
Income, 68
37
Consol. ot Vtr2iont-68..
89=,
Eastern, Mass.— 6a, new .1
K. C. Ft. Scott & Mem..6s 11*^4
K. C. Ft Scott & GIf.-78' ..-Kans. City Law.A So.— 68 ?
K.C. Memph. A Blrm— 68'
K»n. Cit.St. Jo.AC.B.— 78 {^22
K. City Su'd*Memp.— Os
K. City Clin, & 8pr'tl.-5s'
Little R. & Ft Sm.-7s.
-
.
100
100
I
2dmort., 2.6s..
60
...
Mar. H.&Ont.-1908, 68.1
1923,88
102"8
Mexican Cen—48.,Tr.,sec 72»4
Income
20
N. Y. * N. Eng.-l8t, 78. )27'8
.
R., 1893....
Cons., 78, coup,, 1911...
Cons., 6s, g., LR.C.1911
Imp., 68, g., coup., 1897.
Cons. 5a., Ist ser., 1922.
90
127
115
lbs'"
99 »,
»>•
15
18
ICSVj
110
t
Bo's
86
Ist pref
124
48
1
RAILROAD BOND«
100>4
Atlanta A Char.-lst, 78.'
Income, 6s
Bait. A Ohio- 4s, 1936 ..
CapeFearA ^ ad.— Ist.Ss!
Cent. Ohlo-6B, 1890
Char. Col.A Aug.— l8t,7s'
85
J
94
93
37 "4
t>s
RAILROAD STOCKS
Camdeu
>ft
Cin.
43
35
50
t
Per share.
J
106
A
103
Wihi
113
95 "o
50
26
-
Balt.-lstB.I
J
96
48
I
39
ist Inc., 6s, 1931
.
I
11
..
Seab'dAKo'n'ke— 6s, 1926 {106
West. Md., 3d guar., 6s.. 120
76'
.
Preferred
Wash.
2d 58
3d as
t
Atlantic, pref.
East Pennsylvania
Elmira & Williamsport.
123',
loo's
107's 110
1
PHILADELPHIA.
Bell'sGap
123
|
1
Wll. Col.
A Ang.,6s.l910.
120's
I
120
GAS COMPANIES.
G s-Light
1.10
.
Metropolitan— Bonds
Y.)
Bonds, 68
Nassau (Brooklyn)
92
1"0
116
102
100
HI
Scrip
100
New York
41
Atch. A Pike's P'k. Ist 68 100
Atl. A Char. Air Line
1st. 7s, 1907
121
Brooklyn Klev'd— stock.. 37
...
California Pacific
Itt raoTt., 4's8
2d mort., guar
Clue. A Atl.— Beneficiary.
C.V. W.
M.- Con. D.lst.
A
Coctinental Con. A Imp.
Dul. S. Shore A At— Stk.
Pref
Pac— Stock
let 69
9d9
Consol. 58
Income 58
Jarvls.Conklln.M. Deb.88
Kanawha A Ohio
Ist pref
2d pref
SECURITIES.
lMichig»n A Ohio
Ask.
Bid.
Am. Bank Note Co
Gsorgla
I
43
,Mt Des.ft East Sh. Ld.Co.
Newb. Dutch.A Coun
40
A
2'2< 23
N. V. V.'.S.A Baff
N. Y. A Groen'd Lake,
2d mort
N.Y. Loan A Iraor
10
7's
6'»
1st
i'2"7'
110
1-62
17
s
18 >,
"2"
N. Pac. P. d'Oreille uiv..
Mis ouii uivis 01
8
19
15
INonh Riv.Cons. Co.scrip.
O.I.AW.— Ist acc.intcert.
62
.
'4J
I
2=4'
i'v "'s'h
SB's
Fref
Paul E.A Gr.Tr.. l«tBf 104
^cio'o Val. Ist, 7s,Tr. rec.
2d
Toledo Peoria A West...
Utah Central.- Ist 6s
05
4
25
108
7s, Tr. reo
I8t69
Keely Motor
Kingst'n A Pemb., Ist M,
Lehigh A Wilkes Coal.
27
L.N.A.AC.-C.AI.Div.,86 105
MemphisA Cha'st consols
Mex. NatConstrocfn Co.
21''
40
St..
'.J
20
"4
I
7
T
175
30
93
36
I'v
A~k
6'>4
2S"
A
14
98
18
101
MeridtaL— Ist. 110
2d mort
40
43
I4
Income9
3,
Vicksli.
Stock, pref
West N Car. -Con. 69
—
...
May
.
143,620
69,776
37,780
199,603
12,460
38,696
•l-2,365
April.
Cent. Br. 0. P..
March
238,000
27,725
59,287
Cen.KK.&Bpr.Co March
tO'^,609
March
March
March
March
Central of N..T..
Central Pacific.
Central ot S. C.
Charlest'n & Sav
Ohar.Col. &Aiig.
April
Ches. & Ohio.... April
Ches. O. & 8. W. 3 wks Apl.
.
Ches. & Lenoir March
.
Laletl Dat'.
1888.
900.688
9,420
54,6
a
471,335
33.787
687,789
27 ,964
545,510
)
111,342
29,40U
59,074
120,720
84,173
36,392
193,176
12,545
33,432
42,843
22 -,000
•i2,104
84,580
562.955
906,502
1,1.55,007 1,220,117
65,950
6,419
320,370
100 162
6,196
36,661
504,832
38,777
9,519
60,417
57,470
6,954
339,636
101,093
7,-}68
472,599
5,799,030
399.6.3
360,762
i50,61^
146,373
1,039,387
978,997
4,905,893 4,596,410
1,4 76,519 1,491.670
6,382,412 6,088.080
373,095
357,167
211,450
252,161
709,772
738,395
849,618
832,032
241.778
245,822
103,862
99,707
155,878
148,249
4,454,607 4,085.309
130,120
105,034
2'25,041
172,456
1,955,111 1 ,877,369
•2,789,215 2,672,398
3,204,949 3,391,206
31,624
31,650
178.197
169.098
306,846
317,098
24,218
24,490
1,355,621. 1,438.851
595,079
578,243
19,71
23,332
7511,270
786,787
347,2-i2
480,172
5,:86,8«4 4.569,';01
21'2.718
2d wk May
48,152
17'2,341
March
73.323
March
2,073,758 1,211,188
March
584,240 306,400 1 ,748 09.^ l,30.-',453
2d wk May
39,113
928,215
50,478
904,180
3d wk May 423,500 372,215 8,439,375 7,9'24,124
1,837 256 1,954.885 6,904,794 7,100,199
Chlc &N'thw'n. April
4 294
25.'.;4-.s
5,41
11,504
Chic. & Oh. Riv.lApril
29,23.)
26,2.6
89,705
68,356
Chic. Pe. A St. L.! March
Chic. & Atlantic.
Chic. Bark. & No
Chlc. Burl. & Q.
Lines contr'l'd
Chlc. &E. Ill
Chic. Mil. & St.P.
1
Chic. et.P.A K.C. April,
Chic.St.P.M.&O. March
May
& Canton., llstwk .Apl.
Cley.Col.C.& lud April
Clev. &. Marietta' April
Color. Midland. I2d wk .May
April
Col. & Greeny
.
.
.
Col.
Col.
'
wk May
Hock.V.&r. 2d wk May
&
Cin. Mid.. '2d
Day.Ft.W.A Chi.
Deny. & Rio Gr.
Denv. & R. G. W.
Denv.B.P'k&Pac
Det.Bay C.& Alp
Det. Lans'g & No
Duluth 8.s:a Atl
!
April
3dwk
M.ay
2d wk May
March
2d wk May
3d wk Mayi
;M wk Mayl
E.Tenii.Va.&Ga. 2d wk Mayj
Evaus.&Ind'plis 2d wk Mayj
Evansv. & T. II. 2dwk May;
April
Fitchbiirg
wk May
&
Flint.
P. Marq. 2d
Flor. Ry Nav. Co 2d wk May
Ft. W.Cin.&L.. M.arch
wk May
2d wk May
Ft.vV.&Den.Citv 2d
Whole
Syst'ni.
Georgia Pacific. April
Gr. Rap. Alnd.. 2a wk May
Other lines
2d wk May
Grand Trunk. .. WkMayll
.
Chic.
.
& Gr. Tr. WkMayll
WkMay 11
Det.Gr.H.&M.
Koiisatonic
March
Hous.ATex.Cen. April
Si's
6.',034
Cp.l'r&Vad.Val
Clev.
6
2d ace. int. cert
II5I4' Ocean steam.co.,l8t guar.
Pensacola A Atlantic
"as" "mv, Postal Telegraph-Cable.
2714 28
St. Louis A Chicago
Chic. 2(1 wk
Marel
Ati
Clev.AkronACollstwkMay
7
Is
A
148,773
1,622, jyg 1,56!).516
bir.C.Rap.&Ni. April
Cairo V.
(i7,232
April
March
March
3d "vk May
Cin.Wab.&Mich.iApril
Ciii.Wash.&Balt 2d wk
U4
90
32
18
13 V,
1
l(i3
120
112
90
50
102
103
S»4
1
Potoiu.ac
125
112
1]8
103
87
Bid.
IN. J. Southern
N. O. Pac. La.d Grant...
Newp. N.
Miss. Val...
I
A
l:.o
v2
Stock Exchange— Unlisted Securities.
SECURITIES.
Brunswick Co
1
I
Consolidated Gas
Jersey City A Hoboken
Mutual (N.
106
People's (Brooklj'n^
lO
Williamsburg
103 II Bonds, 68
9215 Metropolitan (Brooklyn)..
Municipal- Bonds, 7s
120
Fulton Municipal
Bonds, 68
105
102
Equitable
Boud.s, 6s
102
to
1889.
8,539
190,805
1,243,656 l,207,-295
37s,583 362,221
100
GAS COMPANIES.
104
65
•
Citizens' Gas-Liglit
Bonds, 58
ps-ei'u Uiie.<i
Til
Bait.
wk May
Chlc.
Last pric; this week.
Jan. 1
4,248.8.54
219,966
91,640
24,552
April
2il
159,830
7.313
April
April
& W.Mich. 2d wk May
Ciii. Ga. & Ports. April
Ciu.Ind.St.L.&C 2d wk Mj.y
Cln. Jack. & Mac 2d wk May
Cin.N. O. AT. P. 2d wk May
Ala. Gt. South. 2d wk May
N. Orl. & N. E. 2d wk May
Vlcksb. & Mer. 2d wk May
Vicks. Sh. A P. 2d wk May
Erlauger Syst. 2d wk May
Cin.Rich.A Ft.W|2d wk M^y
Cln. Sel. & Mob. April
I
N. Y. and Brooklyn Gas Secarlties- -Brokers' Quotations.
Brooklyn
1
8,600
1,457,049
3,049
IM.o.eie
Cheraw. AUarl. March
1
I
1888.
1.951.872
Ca l^da Atlantic April.
Canadian Pacific 2d wk May
1
1
I
.
lia^t 1 inch
Camden &
1133,
BALTIMORE.
73
.
k Pac.
Bntl'.Roch.AFilt
105
108
Baltimore
& W. Ft
3
Beech Creek
119'a
Frank.— Ist, 78
RAILROAD STOCKS
A Ohio
March
March
Atlanta iChar March
. .
B.&O.
J122
2d pref
Jlo7
Central Ohio
45
Istmort., 68
JUS
Preferred
J 55
2d moit., 68
no's 110=4 Cliarl. Col. 4 Augusta....! 48
Ogden.8. & L. C.^Cons., 6s 101
102
Western Maryland
12
Rutland— 68....
1889.
173,154
....
Calif or'a Sou
Totu systeiut.
Atlanvi
J
Pittsburg Br., 6s
|
I
Atlanta
123
West Jersey— 1st M., 79
W. Jersey A Atl.— Isl, Bi- loo's
West Penn.-68, 1893 .... 104
100
108
112
Atch. T. & S. Fe.. .M arcu
St.L.K.C.&Col. March
Gulf.Col.&S.F. March
Calif or'a Cent. March
139
"
jSohuyL R. E. S.— l8t,68..
[Steuben. A Ind.lstm. 58.
United N. J.—Gen. 49.. ..
Wanen A
Allegheny Val.. March
AsHv.A Spartan. April
1001, loo's
A St L.-78,cp.
Pitts. Ctn.
.
Southern Kansas- .6s
Texas Division— 58
locomes
Wlscon. Cent- 1st M.,
Income, 58..
Week or Mo
*~
Ill's
idi
Deferred incomes, coup
Phil.W. A Balt.-Tr. c, 4s
I
69'
A
2d, 7s, C.
1
Louisv.Ev.&stL.— iBt,
Latest Earnings Reported.
Roads.
(
41^4
Topcka-lst,
viz.,
RAILROAD EARNINGS.
'ISO's
139=4'
A
.
&
49
—
January, March, May, July, Septemis furnished without extra charge
Extra copies
io all regular subscribers of the Chronicle.
arc sold to subscribers of the Chronicle at 50 cents each,
and to others at $1 per copy.
The General Quotations of Stocks and Bonds, occupying
lix pages of the Chronicle, are now published on the
third Saturday of each month.
month
and November, and
ber
lOl'j I0214
Consol. H., Iia
Leh.V.-lst, 68,C.AR.,'98
160
Ogdensb. & Lake Cham
5
175",
Old Colony
Portland Saco & Potts... 5124
Summit Branch
8
Vermont <fe Mass..
Wisconsin Central
17'q
Atch.
230 «
66I-J
5122
Del.&Bd.B.-lst,78, 1905. 133
5180
Preferred
54
230
Connecting— 68
UOHl
116
pref..
Worcester
ttKer
89
Easton A -Amboy.- M. Ss. 1 17 118
EIniira&Wilm.-lst, 68.. '23
Harris. P. M't J.AL.—4e. 106
110
Hnnt'n A B. T.— lst,78.. 104>4
14»4
2d mortg., 78
Nortliem
<fe
&
Chartiers- Ist mort.,
'
New Bug.,
88
62 's
RAILROAD BONDS.
'
Norwich
30
64=8
76'
J
114»4
Allegh. Val.— 7 3-108,'96. J--Inc. 78, end. coup., '94..
SSHl
Bells Gap— l8t M., 78
Cam. A Amb.— M. 6s,'89.. 101'4 101»4
Cat.iwissa— M. 78, 1900... 123'4
i
cfe
53^
The Investors' Supplement, a pamphlet of 150 pagen'
.untains extended tables of the Funded Debt of States and
'Kties and of the Stocks and Bonds of Railroads and other
Gompanies. It is published )n the last Saturday of every
{ 70"8
West Jeraey A Atlantic.
29
138
Connecticut & Passump.. JUS'S
186
Connecticut River
Eastern
85
123 126
Preferred
Pltchburg, pref
70
Flint & Pere Marqnette. .
31
30
Preferred
98^
Kan. C. Ft. Scott eft Mem. J 75>4
K. C. Memph. & Blrm.... 5 60
Louisville Evans. & St. L.
22
PrefeiTed
SOh
Maine Central
12a
184
Manch* Bter A Lawrence.
Mexican Central
Haven
Lewiston
Dnited Co'8 ot N. /
West Jersey
'
Concord
s.
Phil. <& Erie
SSij
Cleveland & Canton
Preferred
"
70
Pennsylvania
22
50
Preferred
&
63=4
SS^a
Nesquehoning Valley
Northern Central
North Pennsylvania
"le'
Railroad |ntelligeuce.
48
Lehigh Valley
Minehlll
A!n>
Ask.
Bid.
Little Schuylkill
162
185
260
Jn\}cstmcttt
Broad Top
>iS:
Preferred
46
45'!
214
California Sontliern
Central of Massachusetts
N. Y.
8
j
Humest'n&Shen
April.
214,721
532.525
23,596
5.054
51,'258
9,859
5S,205
28,266
15.122
7,747
7,491
116,831
8,297
6,002
43,233
34,C55
13,655
7,870
615,793
19,995
27,500
5.1,065
6,093
60,327
37,524
146,500
24.775
6O,20>
11.100
19,157
47,266
94,486
5,241
16,973
439,444
172,710
8 ;l,4t;7
500,341 1,328,332
495.390
27,832
17,707
4,688
996,211
48,558
196,4':8
8,356
60,641 1,286,51;
653.197
22,159
13,410
369,557
204,44"
6,102
197,132
5,891
108,203 2,710, j4
158,110
7.626
39,491
7,726
155,897
37,057
722,918
35,676
226,970
12,209
100,633
6,720
567,778 2,3;13,642
76,083
19,866
557, 45
30,454
273,641
35,884
113,920
5,145
858,364
73,274
152,209
28,952
150,000 2,656,277
473,995
22,275
169,526
86,51
186,096
9.701
371,690
17,003
492,011
27,193
95,633 2,1^3,843
3,805
95,059
14,82«
303,546|
416,511 1,699,121
.
45,0-23
47,89,'-,
904,857!
18,767,
20,574
22,414
14,799
443,602
67,068
407.704
901,885
94,372
40,756
3,319
338,215
65,411
20,637
69,849
158,851
9.917
437.9311
799,8761
25,742
24,579
48,869
93,927
42,321
4,294
344.986
64,515
16,933
87,591
173,995
8,000
77,745
6,429,354
1,174,059
339.885
244.229
869,203
38..500'
596,901
1,264,156
4'-7.955
17,310
923,562
161.532
1
,244,601
55:<,413
310,730
175,061
183,317
2,470,022
149,284
35,310
140,653
728,726
199,117
90,578
2,307,626
88,493
437,248
221,537
107,16S
926,174
126,352
2,658,145
420,112
234,122
1,57,607
327.561
363,118
1,974,102
78,114
285,-297
1,595,097
915,925
411,386
61,758
396,791
416,971
765,187
69,370
5,883,750
1,145,123
3(i5,640
304,550
655,099
46.067
Mat
.
.
.
!
1
Samingi
Latett
Week or Mo
Reported.
1881».
Jan.
1888.
April.
127.274'
833,679
8,078
113,472
Ai>rll
134,473
121,550:
Ind.lhr.AWe.st
April
AiMll
1,108,403
23,924
Iowa
'ia
955,230
26,380
20,003
3,760
66,147
3,913
22,407
76,377
5,113
('fiitral.
Kuiiuwliiu^' Ohlii 2(1
K.r.K.8.
A-
KiHi. V. CI.
wk May
wk May
29.(NI5
5,087i
Mim IstwkMav
73,ti47i
&
3,010
31,500
Sm.'
I.HtwkMay
K.C. \Vv.*N.W 'April
K«iitiicl(y OiMit.
March
Kciikiik A- West.
KiiiKHt'n A I'din.
Know. A- Oliio.
V!<1
4,838
3,9(;!)]
March
5.-),332
KrlP All.ASo. Aiiill
M wk May
wk Ma.
M
April
Island
La. i Mo. River. Fcliruary..
I^nis.Kv.A
M wk
May
Loulsv.A- Niishv.
wk May
!,.
82,0871
iHtwkMay
»k May
L. Krie
JA-Mit\i
I,.
* WcHt
.
.
* IIiul..
Kock & M(^m.
Anitl.
Ixintt
ISt.I..
lid
U)Hl9. N.
A & ("h.
•Jd
wk May
40.391'
40.091)
T. ;id wk May
Lou. 8t.L.AI.tix. Ai>ril. ....".
Mar. Col. * Nn. March
Maryland Cent April.
Mi'inphi.s A- Chan 2<1 wk May
:Moxlcan Cent... '2A wk May
U>iii8V.N.(1.
5,141
40,524
17.489
9,077
217,571
30,030
17,073
316.540
cfe
l.ni.-<
l)iv.
National
7,920;
12,000
30,209,
M wk May;
114,030
3,871
38,823
4,544
4,003,302
26,2151
.504,722
530,937i
A^iill
288.722
79.929
2.308'
3.586.780
27.256
517.983
545.230
4,132.020
4,624,239
119,881
105,.30fl
512,920i
4H0.2H1
89,284
K7,008
1,545,104 1.399,040
90,2.59
83.783
121,450
2 16,371
220.387
108,058'
107.637
04,005'
59,210
149,002
12.3,677
20,613
16,217
862,710
658.6;n
74,284
07,185
213,025
272,iM)4
802.487
769,942
58,301
64,735
33,236
20,264
11,264
251,749
28,031
17,655
307,160 6,153',698
38,197
777,566
36,934 1,004,377
.
!
May 11
Mil.L.Sh. A- We.st 3(1 wk May
wk May
Milwankio & No
6,656
'22i603
'2i',8S6
10,200
40,206
36,879
29.668
622,939
607,832
108,803 2,229,013 2,227,810
32,610:
M
.
.
.
I
!
i
Coal «t Iron Co.| .March
Tot. Iwth t'o.'s:March..
&
838,204; 1,078,644
2,202,376 2.657,952
T. March..
42,1.59
Pitts. Pain. &, F.' March..
Pittsb.
West'u 3(1 wk
Pt. Royal At Aug. March
24,403
45,980
"
Pitts. Clcv.
&
May
Pt.Roy.&W.Car. March
Prescott & Ariz. April.
Rich. & Ail'xhy. 2'1 wk
(R.&Dan.
Rich.
&
.
35.0
,
...
May
2d wk May
Sys'in
Pctcrsli. April
24,8:tl
Rome W. & Ogd. March
St. Jos. & G. Isl. 2d wk May
St.L.A.&T.II.B's 2d wk May
St.L. Ark. ATex. 2d
_
wk May,
St.L.itRan Friin.'3'i w« May
207,335
17,075
19,440
52,630
90,300
84,812
665,098
20,906
_
Paul
Dul'th .Vpril.
St.P.Min.it .Man. April
S. Ant. A-Ar.Pass
1 st wk May
Scioto Valley... M.arch
Seattle L.S. A E. 2d wk May
Shcnandoali Val April
South Carolina March
St.
.t
i
.
So. Pacitic
I
'
'
'
!
4,527
65,000
126,390
system March
Total of all.. March
So. Pac. 1{R.—
.No. Div. (Cal.) Fehrnarv.
So. Dlv. (Cal. )i February.
Div
New Mcx.
>par. fu. &
February,
Div. l-'ebruary..
Col. .March
.
>tatcn I. Rap. T. ,\pril
suuindl Branch. Vpril
l.ykcns Valley .Vpril-
Texas A
Pacilic. 2(1 wk
Tol. A. A. A N. M. 3d wk
Tol. Col. & So... April
296,159
86,310
410,004
May
May
2,008,770; 1,694,910
6,91.5,519 5,310,821
111,351
90,193
34,128
11,436
57,691
39,33(i
38,009
803,643
068.0<>5
39,46^
98,097
114,877
37,542
122,511,
104.179
43,874'
5,605
30.810
13,412
400,952
201,.523
195,863 4,089,873f 3,003,052
20,984
86,888
97,206!
251,001
723,570!
688.917
18,985
374.361
388,298!
15,231
349.075;
324,158
47,391 1.057,901
901,207
88,290 2,000,074 1.893.102
104,561
294,7201
3l0..''>21
810,358 2,183,907 2.581.520
21,228
3.57,163
290.417
52,706
154,27(5
158.888
3,323
»0,241
63,420
245,000
242.921
119,562
387,294
382,699
349.305
SO.].50
480,947
7,750
137,685
909.234
252.802
1 .257,305
938,970
22". 1 24
1,371,440
23.437
25,639
125.766
340.2M
363,158
920,22o:i,065,,836 2,808,259 2.90 1.5
2,525.809 '2,827,054 7,307,166 7,700,927
'3,452,029,3,892,890 10,1 15,424 10,602,446
7.921
Atlantic sys'ni March.
.Arizona
5.>,297
Co.—
Gal.llar..V8.A. March
Louls'a West.. .March
Morgan's I«tT. March
N. Y.T.&Mcx.lMarcb
Tex. & N. Ori I.March
Pacific
41,526
11.313
25,777
214,737
1
136.064
401.01s
120.507
500.710
1.59.H1;-,
192.'<07,
78.47(1
14.189
02.954
80,407
93.279
9.007!
53.994'
62,000'
102.092
70.742
99,48.1
10ti,429
10,753
2O.05S
11.5(N
13.09.-.
271.309
230.9.-.6
!«;l.I(>9
3:!2.s3it
!l."i''.772
105,702
34.450
208,209
391.0 49
284.487
177.243
4(H 1.200
2SI..151
181,333
479.298
34H,4lil
2,108,1931 2.17!>.-98
;i.'.i
,'.:!
«<wteni of Ala. April
83.809
.40fl;
68.800!
184.600
WMf. N. CarTa. April
WertJenwy
March
»4,4O0
60.000
1. 136.751
46,861
3OI,H20
103,0'.«
101.e<r7
.52.831
262,.530
325.1.5A
16,.'««6
333.007
75,8.57
2.54.353
W™t.N.Y4Pa.3<rwkM»»'
yf.V.(>a.A\ltt». April
L.E. Sdwit lf»
W I. Col. 4t Am. Maroh.TT;.!
H hccllM A
Kiaconaln Cent.
j\ -.i;if<
Tl.'.l'.l'i
Tol.A Ohio Cent. 2(1 wk May
:(.",-. :(."..".
1, ..,'.<;
23.030
19.417
Tol. P. & West.. 2d wk .May
;i(i«.!i.'i7
17.862
10,549,
3 13,.-,00]
1.
Tol. St. I.. A K.C. 2d wk May
-.."1.933
10!>,314'
15.18:.
8,133
Union Paci fie ... March
2.111.584 2,513,108 5,773.440; 0.158.,h78
Total systenit..! March
2,75 ,009 3,293,281 7.49(i,230l 8.011.125
2dwk Hay
.SH,6-.23
17,252
77,»00
74,270
67.613, 1,2<1,251
t
MexlooD ourrenoy.
c
Earnings of entire •yitem, Inoludlng
all
1«,AI«
174.7M
883,801
286,718
1,104,681
road operated.
Hrogg RarnfnirH by Wj-eks.— The lateMweeklri
mm'
Lat«>>«t
J
the foreKoiiiK tal.lc an- wparatoly gummed
up MfoU
The Keneral chanu;tfr of the exhihit« of ea.ndnm
remaini
the same as heretofore. For the second week
of May tb«t« i«
a gain of .5-81 per cent on 82 roads.
iiiKS in
5,667,934
700,721
912,894
213,027 1,106,210
789,548
77,664 1,595,035 1,407.109
61,785;
54,735 1,077,020
790,751
20,880!
20.097
411,872,
371.983
Mineral HaUKo. April
8,3171
6.488
33,0381
25,346
Minncap. ASt.I,. Ajiril
92,737 102,416
378,835
398,411
Mo. Kan. A- Tfx. April
491,169 496,373 1,857,309 1,894,372
Missouri Pacilic. Kehruary..
931,181 842,283 1,853,616! 1,651,524
Mobile & Ohio
April
198.209 174,192 1,014,895;
795.982
Montana Union. March
47,090
61,103
168,700;
105,544
Na.sh.Ch. ASt.I,. April
258,288 232,263 1,117.834 1,009.037
Nat<<hcz Jae.A-C. '.i<t wk May
4,101
2,560
65,298
.50,980
New Urunswicrk. March
82,108
74,495
199,261
175,603
N. Jersey it N.Y. .\pr!l
19,094
20,016
65,933
67,670
Now Orl. & Gulf April
13.8(i9:
12,056
54,695
56,577
N. Y. C. & n. R.^ April
2,742,372 2,748,777 10,77.1,851 10,901.573
N. Y. I,. E. & \V. March
2,113,1912,130,419 5,748,059 0,008,882
N. Y. Pa. * Ohio March
525,841
473,526 1.422.292 1,387,383
N. Y.&N.Kng. March
422,804 378,440 1,221, OiU 1,150.932
N Y. &North'n liVpril
48,415
45,054
178,323
1.59.316
N. Y. Ont. & W. 'M wk Mav
30,411
32,077
.591,019
557,018
N. Y. 8U80.& W.'Mardi
91,029 100,154
275,740
342,546
Norfolk & West. '2d wk May
105.898 102,994 1,835,088 1 ,729.098
N'thcii-stlii (S. C.) March
60,006
66,964
192,073
194..577
-Vorth'n Central. April
42.5,171
486,614 1,790,311 1.819.887
Nor;licrn Pacillc 3(1 wk Mav
356,169 321,984 0,055,688 5.240.221
Ohio Ind. it W. 2d wk .Mav
24,984
24,632
505,099
524.195
Ohio \- .Miss
••2a wk .Ma\
77,571
74,466 1,368,413 1,307,032
Ohio Uiver
'id wk May
10,215
9,181
174,904
132„501
Ohio Southern..! April. ....".
36,748
36,751
174,332
198,101
Obii Val. of Kv. IstwkMay
2,566
2,164
Omaha & St. I,. March..
37.641
39,493
110.182,
101,035
OrcKon Imp. Co. March
324,577 440,440
928.270| 1,174.064
Oreg. R. A: N. Co. March
454,750 558,733 1.173,700; 1.270,578
OrcK. Short Line March
227,452 201,50'
607,813
405,079
Pennsylvania ..lApril
5,032,309 4,650,045 18,778,105 17,7.10,042
Peoria Dec.&Ev. '^n >vk May|
11,80'
14,359
249,212
231.928
Pctersbnrir
[April
43,891
35,513
172,063
150,711
Phila. & Krie... March
300,107 277,04(>
843,459
772,842
Phiia. & Read'g.lMarch
1,364,172 1,579,.30S 4,300,743 3,615,'J05
:Mi'\-.
;Mfxlcan K'way W k
(}86
Lalat Dale.
15,tK)(i
,
San
1 (o
*
973,030
7,199
IViIiiiK.AMlii, April.
Pull. .VSlo'xU. April
lltWIl lilHVS ...
Tiitalall ...
6J1
1
1889.
$
Ill.(Vii.(lll..(tS<i.|
.
. .
THE CHllOMKJLJi
SS, Id g.j
KUAI>i<,
9
1
2d week of
JToy.
AtlatiUo (t Pactno
Buffalo Koch & Plttabarg.
".
Cairo Vln. 4 Ohio
Canaillan Pacific
Chicago it At lantio
hlo. 4 E. Ills. ,tc. 41.0.
Chicago .Mil. 4 St. Paul. ..
Uluclnnati Jack. 4 Mack.
CIn. N. O. 4 Texaa Pao...
Alabama Ut. Southern
Sew Orleans 4 N. E ..
W
.Midlaiitl
Onl. A Cn. Midland
CoL H. Val. 4 Toledo
Denver 4 Rio Grande...
Denver 4 R. Or. West...
Detroit Day c. 4 Alpena
Detroit Lang. 4 North .
DuluthS. S. 4 Atlantic.
EastTenn. Va. 4Ga
ETansvlllo4 Indlanap..
EvanavlUe 4 T. H
Flint 4 Pere Marquette.
Fioi Ida Bv. 4 Nav. Co.
Fort Worth 4 Denv.Clty..
Grand Rjipids 4 Ind
Other lines
'Grand Trunk of Canada.
•Chicago
134.000,
145.0.10
21.775
11.100
19.157
16,1(73
22.273
9.704
17.003
24.657
95.033
»,803
14,826
45.023
18.707
20 374
17.>>73
316.540
40.391
44.001'
30.2'.9
1 14,636'
79.929
70.660
21,080
4.101
32.826
105.898
353.14
24 981
77.371
10,215
Ohio 4 Misaiscli'Pl
Ohio River
Peoria Dee. 4 Evans
Pittsburg 4 Western
14.35!)
4fi,6H7
Richmond 4 Alleghany.
4Dauv.(S
671
5.087
3.069
40.524
9.077
Rai'.way
.Vlllwaukee L. 8h. 4 Wegt.
.Milwaukee 4 Northern.
Satchez Jiu k'on 4 C
.V. Y. Ont. 4 West
Norfolk 4 Western
Northern Pacific
Ohio ludtana 4 Wasttm.
25,777
214.737
roads).
4
St. Joseph
(»r. Island...
St. L. Alt.4T H..br»nchec
6,102
J
17.38 1|
74.i79
Erie....
Wisconsin Central
Total (82 roads)
Sot Inereaae (3-81 p
*
1,807
1.363
0731
6,771!
fi9«
3,704
3.002
1.327
3.8711
os;
7.2.S9
11.204'
17.635'
5-2.184
18
9.380
2,104
7,«71
341
3.833
2.263
18,476
20,142
2.566
1,'^35
307.110
38.197
36.630
29.668
lO'.S 3
77.664
102.004
320.3'
24.632
74.466
0.181
11,807
38,010
13,412
103 863
90.046
3,323
100.429
\i.TiO,
19.447i
16..M9
8,133,
103.868
55.300
16.311
67,5 1
4.444. 06, 4.200.137,
2,187
839;
31.':45
Tub do St. L. 4 Kan. C...
Wabash Western
Western N. Y. 4 Peon
WtaeeUng4Lake
2.87*
0.780
3.760
23.030
17,8-2
15.183
102.284
61.100
1!>.434
2.147|
33,2je
A San Fran
Sea tie L 8I1. A Eastern..
rezaa 4 Paoldu
Toledo Ann A. 4 No. MIoh
foledo 4 Ohio Central
Toledo Peoria 4 Western.
1.147
"i.436
65,411
20,637|
26.0 3
18.'-85
Texas..
2,134
23,504
308.215
13.231
47.391
4
12.047
11,000
2,500
1,306
14,799
40.736'
3 3191
19.410
52.636
03.188
4.527
99.495
Ark.
1,031
2,9S«
948
47.8!I8
17.0'
jt. Louis
8t. Ix>ul8
2,436
'6',i07
i:<.4l0
7.626
29.0051
Mclean
60,641'
22,159,
30.454
3,146
73,274
16,933
Mexican Central
1,3031
27.500
6.' 03
60.327
64,31.-.,
Memphis 4 Charleston.
4,33«
2.700
."S.SOl
344,980
Kanawha 4 Ohio
Kingston .t Pembroke
Lake Erie 4 Western
Little Rock 4 .Memphis
Louisv. Evans. 4 8t. L
Louisville 4 Na-hvlUe ..
LoulBvill N Alb. 4 Chic
LoulsvUle N. O 4 Teza«
27.832,
39,(j76
42,321
4,294
4 Grand Tr...
4 .Mil..
11.401
11.363
46,3701
34,6.55
24,57."
751
89
l«,000l
8,297
3,241
.
2,060
1,712
1.643
1.600
94.486
•Detroit Gr. H.
Inwa Central
Rich
48.358
8.336
iO.ieij
,
.
23.5 6
31.258;
9.85 -i
28.266'
13.122!
7.74:1
7,491'
.Meridian.
Vicksburir Shrev. 4 Pao.
tanclnnati Rich. 4 Ft.
Cln. Wash. 4 Halt
lorado
414 000
58.205
A
Uumam.
59.074
36.302
12.543
222.000
48.132
50.478
367.430
12.460
238.0001
36.661
39.113
\V>Ht Mich ...
Cincinnati Ind. St. L.4 O.
C
%
35.641!
4
Vlcksburg
1888.
•
68.0S4
'
chlcaeo
1889.
1.381i
2.004'
32,766
352
3.105
1.034
2,352|
8.697(
12,3631
18.874
1,910
"'4,209
3.215!
3.1421
1.204
"670i
6.9M
3,5«3,
1.313;
7.OSO1
3.M4
5.eoo{
873
6.766
327.380
83,840
244.040!
c.)..
For week ending .May 11.
NetEaruin;f9 .Monthly to LatMt Ilate!i.— The table* foUowQj show the lateaC net earnings reported this week, the
(^turoa for each road being pubUsheJ here as soon aa recetred
»ui not kept standing from week to week. The AgurM cover
he 'Htedt in 'nti a'd the to:aU fr >iu Jtnuarj I, and also the
otals for the tiscil y-ar on those companies whote fiscal year
toes n it CO resp-ind with the calen iar v«>ar.
1
-April.1889.
1888.
Roadf.
Utah
1
NN.rth'u. March
Valley (if Ohio..' April
.V
!
Vermont Valicv March
Virginia Midl'tf. April
Wal)a,sh Bailw'y March
Waba«h We«t'n 2d wk May
Wash.O.A West April
147,593
51,326
13,397
I57.53o!
483,283
102,284,
9,025
108,410
420.279
47,0<I0!
1.3.312
137.40tli
I87.5S4,
37.119
605.503
500,623! 1.418,883
105,868 1,060,583
O.8OOI
31,582
42.l.t!42
108..->31
30.305
534.386
1.385.277
1,837,780
30,292
^-Jan. 1 to At>ril 30.~^
1890.
1888.
f
i
CiD.Ini'.St.L.4Cblc
<i
o-s.
.Vcl...
Orui^t.
'.08.0.0
83, 60
3r 6.3.1
73.67'*
July I to Apr. 30. 1
iNet...
10 months
Det. Bay
Cy4Al. cna.Orou
Net
NoribemCcotr.
1
..
.
Oroas.
Het..
89."..e47
7».5T6
I.7V6.3I1
I.8l1».f-"
3,28 .227
91S.v6t
163.848
1
37,690
16.489
429.171
110,201
87.108
16.6*7
486.614
17?,0J»
•
836,44«
298.770
2.233.478
833.374
I38.S96
53.749
330.742
S3-,931
538J
,
.
THE CHRONICLE.
686
.
-^ '^Jan. 1
April
1889.
1888.
1889.
%
Roads.
Pennsylvania
^
to
Apr. 30.—
1888.
4t
'fi
Gross. 5.032,369 4,650,045 18,778,405 17,750,042
Net... 1,6S6,599 1,552,(>19 5,747,935 5,407,437
Gross.
43,891
35.513
172,663
150,711
NBt.
6,521
10,433
47,930
6;;,228
Oct. 1 to Apl. 30, > Gross.
270,321
244,965
7 montlis
110,517
88,967
J Net...
24, "91
Rich. & Petersburg. .Gross.
20,984
97,206
86,888
Net...
34,245
5,290
7,091
35,762
Oct. 1 to Ap'. 30, ) Gross.
168,632
145,962
jNet. ..
7 montbs
61,333
66,249
fBtat. Isd. Rap.Trnsit.Gross.
62,955
53,993
208,270
181,332
Net.
11,175
11,288
17,903
14,666
Oct. 1 to Apr. 30, ) Gross.
377,555
345,957
7 montbs
(Net...
41,679
51,432
Petersburg
,
.
——
March.-
.
1889.
lioad.
Central Pacitlo
&B.
^Jan.
1888.
1
38ij,952
Grofs
S
Net...
Gross.
Net..
TVabash Western
Gross.
Net...
WbltcbreastFuelCo Net...
July 1 to Mcb. 31. .Net...
Mexican Central
564,075
296,528
448,379
104,535
10,872
toMor. Z\.—
1889.
Gross. 1,155,007 1,220,117
Net...
Eliz. Lex.
;
3,204.949
468,830
830,120
207,385
64,653
550,286 1,538,653
255,008
733,781
432,781 1,340,331
91, .541
309,763
6,318
34,297
144,943
1888.
3,391,206
1,265,091
237,933
59,680
1,544,492
721,623
1,197,884
181,531
38,308
117,614
ANNUAL REPORTS
Chicago St. Lonis & Pittsburg Railroad.
(For the, year ending Dec. 31, 1888.^
The annual report states that the freight earnings show a
marlsed diminution, the loss having been §649,629. Of tliis decrease $471,033 was in the local and §178,596 in the through
In the local freight this result was owing mainly to a
traffic.
decrease of 34.5, 235 tons, caused partly by short crops, and in
the through freight to a reduction in the average rate received,
the effect of which would have been more unfavorable Ijut for
an increase in volume of 141,230 tons. The total tonnage was
3,343,255 tons, against 3,546,260 tons in 1887, a decrease of 304,005 tons, or 5% per cent. In this connection it is noted that
while the development of natural gas has seriously curtailed
the movement of coal from the Indianapolis and Hocking Valley districts the use of this fuel has stimulated the erection of
important manufacturing establishments at various points, the
result of which will ultimately be an increase in local tonnage.
The rates for freiglit transportation could not be maintained
during the year, owing to causes beyond the control of ti\e
company. The average rate obtained was only 5'8 mills,
against 6'3 mills in 1887, a decrease of J^ i^^iU P^r ton per mile,
equivalent to nearly 8 per cent, and amounting in the aggregate to a sum considerably in excess of the deficit for the year.
Another unfavorable circumstance was a reduction of nearly
three per cent in the average haul per ton, it having l^een 188
miles in 1888, while in 1887 it was 193 miles.
Additions and improvements to the property were made to
the extent of §105,952 and charged to "Construction and equip-
ment."
The Cincinnati
for the purpose
& Richmond Railroad, whicli was constructed
of affording the C. St. L. & P. lines a direct
[Vol.
apparent annual losses from the opening of the road in 1873
to December 31, 1884, but was made up largely of betterments
and of other expenditures. The Board has now directed thi?
amount to be charged to capital account. Of the 5 per cent
bonds, $351,000 were sold in 1888, and the proceeds applied to
betterments.
The gross earnings of the entire system were $2,843,363
the net, $853,737— a decrease of $116,118. Notwithstanding a
large increase of tonnage, the freight earningi show a decrease of $141,898, which may be accounted for by the decrease of 0-133 cents in the rate per ton ppr mile, and the
decrease in the length of averaga haul per ton. Ths Grand
Rapids & Indiana Railroad proper shows gross earnings of
$2,233,788, a decrease of $136,358, or 58 per cent. The net was
$704,191, a decrease of $13'?,733, or 16-4 per cent.
The net result of the year's operations was a deficit of
$79,816 in income, part ot which was caused by advances to
leased lines. The item of bills payable increased $100,000,
of which $80,000 was for notes given on tha purchase in December of the Big Rapids & Western Railroad of 8-56 miles.
The annual reports of this company never give any information concernirg the land grant. There remained unsold on
Jan. 1, 1889, some 375,000 acres, and the land assets were then
$487,199 bills receivable and $1,439,293 cash.
Earnings, expenses, &c., for three years were as below:
EARNINGS, EXPEHSES AND CHAItGES.
Earnings from1886.
1887.
1888.
Passengers
$74K,9ti9
$648,023
$734,408
Freight
1,330,488
Mail, express,
&c
119,616
1,513,339
101,593
1,371,200
127,180
$2,098,128
1,338,862
$2,361,901
1,516.997
$2,23'?.788
759,204
$844,904
$704,191
1,328
5,«i29
760,593
715,600
30,805
$850,533
$715,600
;..
Gross earnings
Expenses
Net earnings
Add profit Macklaaw
Irans.Co.
Total net income
Interest on debt
Advances t o leased roads
Loss on Mackinaw Trans. Co
as follows
$746,405
$14,137
Balance
eur.
Total gross earns
expB. and taxes.
Ketearnings
P.o.ofop.ex.to earns.
1886.
1887.
1888.
635
635
635
$4,567,596
3,807,645
$4,8.12,316
3,966,.S01
$5,887,180
4,311,165
$5,371,045
4,47»,686
$759,951
83 36
$376,015
$1,576,015
73 33
$i92,959
83-38
INCOME ACCOUNT.
Receipts—
1885.
$759,951
Netearulngs
Rentals paid
Int., Ac, on debt...
MJsfceUaneous
Total dlsb'rsments
Balance
1886.
$876,015
1887.
^1,576,016
$21,224
$21,221
«21,918
$24,oro
1,074,121
1,068,775
1,080.125
95.789
145.324
5,213
ifl,118,030 $1,191,134 $1,236,017 $1,109,343
del. $353,079 df, $315, 119 sur.$339,999df. $216,38 4
1,079,241
17.565
& Indiana.
(For the year ending December 31, 1888.)
The official pamphlet report has ju?t been issued. It states
that when the financial affairs of thecompany were readjusted
in 1884, there stood charged to profit and loss account
43,815,131. This aggregate was the result of a series of
Grand
llapids
re-
:
Freight
Passengers
MaU, express, rents, &c
$1,272,957 $1,444,376 $1,476 331
5i0,5l7
470.825
513,468
71. '203
68,947
72,066
Total earnings
Operating expenses
$1,812,729
1,1J1,489
Net earnings.
$2,029,107 $2,093,964
1,231,339 1,193,037
$797,768
$900,927
1887.
$7!)7,768
4,4 i4
$900,927
3,575
$683,805
$802,192
903,819
$681,230
INCOME ACCOUNT.
Receipts—
1886.
$681.2iO
$1,115,604
585
$1,116,189
$132,384
1888.
2,892
$1,107,197 $1,106,319
92,459
88,456
*1, 199,656 $1,194,775
$397,464
$290,956
&
31, 1889.^
In the report just issued Mr. Anthony J. Thomas, VicePresident, says that it has been determined that this company's
fiscal year shall end with the 30th day of June, so as to conform with the requirements of the Commissioners under the
Inter-State Commerce Act, but the intermediate report now
submitted gives an account of the company's business and
property for the thirteen months endinj; with March 31, 1889.
" The leased lines are operated at actual cost, the lessee
company guaranteeing that the net earnings shall be sufficient to pay interest on the bonded debt and agreeing to advance any deficiency, to be refunded from future earnings,
and in the case of the P. C. & T. Co. any residue of earnings,
after paying six per cent on the cajHtal stock of the lessor
company, to be divided equally between lessor and lessee."'
The operations of the "P. & W. Ry. Co. and leased lines
during the past thirteen months have been as follows:
1S88.
$392,959
$784,007
$79,816
def.
is
Western.
fFor thirteen months ending March
633
81-91
$724,246
$126,287
almost enlirrly statistical.
Below are given the comparative fieures for three years,
compiled in the usual form for the Chronicle
EARNINGS AND EXPENSES.
Earnings—
1886.
1837.
1888.
port
Pittsburg
Passengers carried.
1,061,091
1,085.448
1,182,099
1,298,996
Passenger uiib'aKe.. 46,840,896 44,970,677 48,656,532 63,«83.328
2'21 crs.
i-SOcts.
Ratep.pass. p.mi e..
2 38 cts
2 02 cts.
3.031515
Fi'ght(tons)cairied
3.075,385
3,540,2ti0
3,342,255
Pr'ght (t'ns) mileage 612.653, >572 587,723,362 683,672,526 628,299,129
0-59 cts.
052 cts.
Av.ratep. tonp. ni..
063 ots.
58 cts.
Earnings—
$
S
$
$
1.036,' 77
Passenger
1,036,165
1,157,822
1,289.469
3,159,S87
3,44'<.447
I-reigbt
4,314,564
3,601,«31
Mali, express, &c...
371,632
357,704
414,794
417,242
Op
sur.
Allegheny Talley Itailroad.
*
fFor the year ending Dec. 31, 1888.^1
This road is in the hands of a receiver, and the annual
:
188.'.
$704,191
•$766,870
12,431
4,706
8,646
•Includes in 1888 $47,442 Interest on floating debt.
OPERATIONS AUD FISCAL RESULTS.
BlUes ot r'd operated
Oiicraiions—
1,528,597
.
connection witli Cincinnati, was ojjened for business June 18, Net eariilugs
The line of the Cincinnati Richmond & Chicago Rail- Other income
1888.
road between Hamilton and Richmond, a distance of 42 miles, is
Total income
now operated by the C. St. L. & P. Company under a contract
Deduct —
with the Cincinnati Hamilton & Dayton, by which tlie com- Interest
pany pays an interest charge of .$17, 500 per annum, in addition Real estate and equip
to the interest upon the §625,000 bonds now outstanding, until
Total
the permanent ownership of the road is acquired by it.
Deficit
Operations, earnings, &c., have been compiled for the
Chkonicle
XLVm.
P. a w.
$1,414,875
836,999
Gross earnings
Oporatiug expenses
$i57,876
434,890
Net earnings
Interest
P. a.
<t:
T.
a
F.
$300,447
190,112
$13J',fi73
If 6,0U0
$110,334
54,166
$56,167
$122,930
Surplus over interest
P. P.
388.789
$32-!,433
$16,326
Deficit
rentals, the comfor construction,
car trusts, additional equipment, &c., of $362,007 on the P.
F.
T. and $69,689 on th- P. P.
W., $43,733 on the P. 0.
_
" The physical condition ot the main line and branches ia
much better than it was a year ago and is being steadily im-
In addition to payments of interest and
pany has also made cash disbursements
&
&
&
Mat
35, 1889.
THE CHRONICLE
j
087
proved. The amounts charged to constructinn are for work expected, had not Iwen
completed by th« md of the ymt
that was absolutely necesfaty, and as we are still greatly ham- The cost of construction of
the DroKlcn Bnioch to Um mod at
])en?d for siding and passing tracks further improvements in the year amoiinte<l U,
«734.3.tl, inrhiding |84,M0 tot taimmL
this respect will be recpiireil during the coming year.
Since to May 81, 1H«8, on $700,000 general
last report eight new locomotives
*
five of which are now in service. "
our
have been purchased,
*
&
" As the earnings of the P. P.
F. Road are in excess of the
fixed charges it will scon be able to pay off the amount, $69,W. is now in advance. Referring to
910, for which the P.
statement made in our last report to the stockholders, respecting the P. C.
T. Road, we can only add that whilst
progress had been made towards a satisfactory settlement of
the matters therein named, no defiuite conclusion has been
arrived at as yet."
&
&
COKDEKSED UALANCB EHEST FIBRUAST
Estate Plttetuirjr
A WeRtem
_
Ai counts [layalile
Accrued iuierest on funded debt to April
and loss
1,
50«,275
103.735
247,809
1889
Profit
$23,140,333
Philndelphia Company (.Natural Gas).
the year ending
March
company embraces
to
tlie
holdings of leased lands in the
new
gas
Bello Vernon, at which latter place one of the most
Tiolent wells which has been seen in Western Pennsylvania has
just been completed for the company. The acreage of leased
lands has on the whole been largely reduced by the abandonment of leases in territory believed not to be productive after
having been tested. The supply of gas from the Washington
District has also been very considerably increased by tliis
year's operations.
On December 5, 1888, the stockholders authorized an issue
of bonds to the amount of §3,500,000, to be secured by a mortgage on the company's property and franchises. This mortgage has been executed and some of the bonds sold.
Hitherto this company lias paid its dividends monthly, but
the number of stockholders is now so large that all interests
will be served by paying dividends quarterly.
The pipe lines, gas wells and other plant and properties of
the company liave been added to by the expenditure of 11,307,008, of which only the cost of the new thirty-six inch line between Thirty-thu-d Street and Lemington Avenue, amounting
to $281,831, will be charged to construction. The twenty-inch
line from Grapeville to Murrysville, the line from the Murrysville field to Springdale, together with all new wells and
connections, will be charged to repairs and maintenance the
cost, however, to be spread over a period of twenty months.
Tlie total assets in the balance-sheet were §10,805,838 on
March 31, 1889, against §9,622,829 in 1888. The earnings and
expenses in 1888-9 were as foLows:
—
(I
$1,059,923
900,0o0
per cent per montli)
^U9M9
•140,443
•151,101
19,7
Rentals
ijo?
5,U7»
•143250
flft7,077
UO.OTl
•ISJI44
50,016
'"""'''
63.712
40.000
11,148
1?.*'.5?*'J'"
Dividends.
..
liOM on Dresden branch.....
Total
VlU.gai
Balance
def.
$2,681
00.00»
787
$130.Ce7
$26 ,3«0^
sur.
Cleveland Lorain & Wlieeling.
the year ending December 81, 1888.^
The report of the General Manager shows the operations of
the road for 1888, and the earningi ami income account are
given below in comparison with previous years. The Pres-
CFor
makes no
report.
EXPEHUS AMD
Sarninfu/rom—
PasKengern
Friight
Ma 1, express,
Bakers-
fields of
town and
Net earnings
Dividends paid
Total reo«lpt(
now
producing well, situated in the Hickory, Canonsburg, Murrysville and Grapeville fields.
Large additions have been made
fflosiss*
62»,1&1
1999,
EAAXINGS,
oper706 miles of pipe and 181 gas-
$66e,ft9t
Other reoelpis
ident
31, 1889.^
report for 1888-9f states that the plant
sar^iS
wjilt
ntCOJIS ACCOOIIT.
.
RtftlpiM-
$23,140,333
The annual
Operating czpenstw and tazM
Dr.
Railroad Co. and additional
Cr.
Capital stock— Common, $7,000,001'; preferred, $5,000,000 $12,000,000
riiiidi.i (lelit
9,i?39,435
Ecjiiii'MK nt liens (lease warrantc-)...
443,028
ated by this
Total eprnlngs
Wet earninga
construciiou and rcmipmcnt
if21,6(iS.588
A T. RR., due for artvnnccs
400/>49
A: F. RR , due for adv;ince»
e^JiOlO
StoekH an<l btndn of other couipnnles. par value $1 ,082,000
'iOO.UOo
Special interest fund to meet July, 1883, Interest
116 913
Supplies on hand
84,9n.'V
Accounts receivable and cash
293,015
Mt
03,215
840.1 1 A
i/"^,'*"
Mall,
ozpreu, tto
28, 1889.
r. ('.
P. P.
fFor
mortgam S pw
bonds onguially h<j1<1 for thia conatniction account.
The cnniiiigH and ex|teiiaea and income account ate (dvca b^
low for two years.
B*R!(I<fa« AW0 cxrcitiiu.
S>mivffi from—
].g«
man.
<fco
Total earnlDgs
Operating expeLses and taxes...
Net earnings
Deduel—
Int'refton honds
Dividends on preferred slock
Balan( e snrplas
CHjUlGES.
1888.
1887.
$13.^,.S1S
$125,714
1,012,097
95fl.fi25
2'^,I8S
20.543
•l.ing.GOO
819,351
$1,102,882
730.861
$350,240
$366,021
$55,000
92,000
$57,000
$147,000
$203,240
$173,142
$192,87»
121,142
GENERAL INVESTMENT NEWS.
—
Alabama Midland. A map of this ro.id and its connections appears in the Investors' Scpplbmbnt issued to-day.
The road is now finished from Bainbridge, (ia., to the Alabama State line, a distance of 33 miles; also a division of 25miles at Monlgomer;y and 94 miles intervening h«8 been
graded and the track is being rapidly laid. Negotiation* for
extending this road to a connection with the Kansas CityMemphis & Birmingham are in an advanced state, and the
construction of the Northern divisio.i running northwest
from Montgomery will begin in July and be completed to
Tuscaloosa, Ala., 110 miles, by January 1, 1890.
Baltimore & Oliio.—Reports from Baltimore state that
there was a contest between the State and city directors on
one side and the company's officers and directors, representing
private interests, on the other. The first claimed that the report
of the investigating committee should be printe<l and given to
the public, and the latter opixised it. The city and State
directors contended that by the resolution under which the
committee of investigation was appointed in Apiii is.-i.s the
i--tinformation evolved was for the public. The exp'
it
ive report did not accomiiany the committee
was argued that the directors could refer to it at the Baltiiuare
Ohio office. The report covers the complete financial history of the road from 1883 to 1888.
1
Balance, surplus
$159,923
Cleveland Akron & Colnmkns.
the year ending December 31, 1888.^
Tlie report of Mr. Monsarrat, President, states that whUe
there has been a substantial growth in the freight tonnage of
the main Une, and while the average expen.se per ton per mile
was reduced in 1888 below tl-at of previous years, the net
result was very unfavorable on account of the decrease in
rates of freight, which occurred from causes wholly b*yond
the control of this company. Had it been possible to maintain the average rate of 1887 and 1886 (1'03J^' cents per ton per
^For
mile), the net earnings derived from the freight trallic of 1888
would have amounted to §56,822 more than tliey actually were.
The Dresden Branch had been in running order lietween
Killbuck and Warsaw, 17-7 miles, from Decemlier, 1887. It
was completed to Dresden Jimction (33'4 miles from Killbuck),
and the first train was run through on May 27, 1888. Under contract with the Cincinnati & Muskingum Valley Railway Company, the right was acquired to run trains over 16'6 niil«s of
road betwten Dro:den Junction and Zanesville, Ohio (.50 miles
from Killbuck), and active operations for business between
those points were commenced June 1 1888. Tlie earnings of this
brancli for the year were §23..S82; operating exi)ense8. S:}4,5;iO;
loss, -SI 1,148; rentals, §9,.508: total loss for the year, §20.656. The
earnings derived by the main line from the Dresden Branch
business for the year were $17,072. The local traffic interests
on the Dresden Branch did not develop as early and as rapidly
as had lean anticipated, and the construction of new connecting lincf sjuth of Zanesville, from which a Urge tonnage was
,
&
Burlington Cedar Rapiils & Northern.— At Daa Moines, la.,
the United States Circuit Court ha* rendered a d-fcision in
theoldcasaof former bondhoUler* against the Barlingtoo
Cedar Rapids & Northern Railroad. When the mortgage
was forecl sed by which the present owners of the road oao*
into possession of it, there were holders of some 8.000 bonds
who claimed the right to redeem the property. Thi Circuit
Court on supplemental hearing now decides that all bat 59 of
the 2,000 bonds were fraudulently issued; that the holders of
the 59 could redeem if they desired, but the fi){uree at which
they mu.st redeem the pnperty are placed at $11,000,000.
Two opinions were rendered, the majority oiinion being byJudges Brewer and Love; dissenting opinion by Judge Shiras,
Canton Coiiipaiiv ( BsHlmoreK— The Canton CompwiT,
owning and controlling valuable terminal f.ioilities on the
eastern hmita of the Citv of Baltimore is contemplating a
scheme to wind up its affairs. Most of the stock of Uie comiiany ia held in New York. The following petition by the
stockholders to tlie President and directors of the co»ui)*ny
best explains its financial situation.
The Clinton Comrany has been to •itotence for slxtr reus. Ahoot
thlnytlvc years ai:o it paid » dividend of $i p»r !ih»r«'.>K-ln« th« Hist
PMto«
and only du i-liMul out mule, alhuaith no
(>a sack
with a ('O' »ldcrali!o portion of tt« i-roix-rty
.pallloe
vfi..;
aaumi'j*' r..mi»i cli
lax »s anci
and aduilu'!»'r4tlon
lor tax
Uir>r<My tor
year.
ear. larci-ly
!• iiidehopsef
Inciiiue. and leave nolliint: for stockholders, auti ili.T.-
ay
li.
tt.r resnll In \h>- fimir*
If
the past poll-T of the
Unucd. The entire property, eiukinc funds tac laded.
Is
oompav W eon-
Tailoatir
TSMsd
—
^
THE CHRONICLK
688
at
from $4,030,000
Taking
to $6,000,030.
at $1,000,000
it
tlie
interest
on that amouut at 6 per cent is $210,000 per ajimim. Now, as tlie company pays no dividend, and as tlie value of tlie property enhances very
indeed, it enhances at all, It is goin^ behinl just as mica dvery
year. Tae market value of the shares bears no relation whatever to thj
actual, or to the estimated value of ttie property. At this time the
stock rias;es around *15 to $1S, vfhioh U equal to about two million
dollars, and it has fluotu ited during the last twenty years between $3
and $10J per shire. A changi of policy seems t) be njoessarytor the
Interests of stockholders, and thi Bjard of Directors Is respectfully
directed to consider some plan looking to the final closinj; up of the
affairsof the company, an! thus let the 3toekh.)lders get thj beniflt of
whatever may be In It.
fittle, If.
Canadian Pacific— An abstract of the annual report, with
statistics of earniogs, &c., was published in the
Chronicle last week. Ttiis statement is supplemented in the
present issue by the full report of President Van Home, together with valuable tables of mileag ', traffic, and the general ba'ance sheet, which will be fouad on subs3quint pa^es.
Central New England & Western— Poughkeepsie Bridge.
Tne recent incorporation of the Delaware & New England,
noted in the Chkonicls, issue of 4th inst., it appears was
solely for the purpose of corralling the stocks of the five companies mentioned, thereby maintaining unity of interest. The
comparative
focal State laws did not psrmit of obtaining the desired charFor purter, and 80 it was found in the State of Delaware.
poses of operation the Hudson Connecting Railroad, the
Poughkeepsie Bridge Company, the Poughkeepsie
&
&
Connec-
Connecticut Western Railroad
ticut Railroad, the Hartford
Connecticut Railroad have been conand the Springfield
Western, with Mr.
solidatsd intj the Csntral New England
John S. Wilson as President. The line will extend when completed from CampbsU Hall, N. Y., across the Hudson River at
Poughkeepsie to Springfield, Mass., and Hertford, Conn.,
making, with branch to Rhinecliff, 183 miles. Fifty-year first
mortgage 6 per cent bonds for 3]^ millions will be issued in
lieu of the issues now in the company's treasury, viz., Hudson
&
&
[Vol.
XLVm.
Denver South Park & Pacific— At Denver, May
31,
Judge
Hallett, in the United States Circuit Court, issued a decree of
foreclosure and sale of this road, according to the reorganization plan heretofore agreed upon.
—
Kanawlia & Ohio. The Kanawha Improvement Company
has procured a judgment for |280,447 against the Kanawha &
Ohio Railway Company, the suit being basjd upon two notes
for $150,000 each, made in October last by the railway company at the rate of ten per cent interest. There was paid
$131,707 on one note, and the full sum claimed in the suit was
No defense was interposed to the claim.
$379,334.
Lackawanna & Pittsburg.— At Angelica, N. Y., the referee sold this road to the highest bidders, a committee of the
Tha highest bil was $35,000, which was
old stockholders
subject to the deb'.s of the road as shown by the Receiver.
At Albany a certificata and articles of association have
been filed of the Lackawanna & Southwestern R. R. Co. to b3
formed of th? Allegheny Central aid Lackawanna and Pittsburg Railroad compa:iies. CoasoliJated capital is |3, 803,003.
L3hlgh & Halson River.— This roal, which isthd connscting link between the Pennsylvania systjm and the Poughkeepsie Bridge line j, has entered into a 100 years' coatraot
with the Pennsylvania for a mitual tratfi; arrangement.
Louisiana & Misjouri River. The annual report of this
road, operated by Chicago & Alton, showed for 1838:
—
Gross earning*
Kental, 3 J perceit
AppUed as follows—
$435,355
$132,374
Forinterest
$141,359
For payment of p iuolpal
5,749
2,266
Miscellaneous items..
Miking
The
in all as above
gross earnings were the smallest since 1879,
$152,374
The note
due the Chicago & Alton is $71,868.
Connecting Railroad |-iOO,000, Poughkeepsie & Connecticut
LouisYille Evansville & St. Laais C3ns»lidated.—At
$800,000 and Hartford & Connecticut Wtstera $900,000. Pres
Springfield, 111 May 22, a cercificate was filed of record for
ident Wilson says the Contral New England & Western has the consolidation of the LDuisville Evansvilla & S;. Louis
made no special alUancss with con lecting roads, but offers its RR. Co., the Illinois & St. Louis RR. & Cjal Co., ths Belleline to all on equal terms. The first train went over the co n- ville Centralia & Eistern RS. Co., the Venice & Carondelet
pleted section from Campbell Hall to Poughkeepsie ontbe 21st RR. Co. and th; Huntingburg Tell City & Canneltoa RR. Co.,
Central Pacific. The earnings, expenses and fixed charges under the name of the Louisville Evansville & S Lsuis Confor March, and from January 1 to March 31, were as follows. solidated RB. Co. Capital, $1,393,583 p.-eferred stock, $4,500,000 common stock, and $S,000,000 1st cons j1 5 per cent 50
The rBiileage is 1,361 in both years.
year bonds, to be used in taking up the underlying securities
-—Jan. 1 lo March 31.—
Mxrch.
1883
1889
Tha Belleville
1889
18S8.
and exchanging share for share the stock.
$J.204,949 $3.391.i03 Centralia & Eastern, extending fro n Belleville to Mt. Vernon,
$1,145,007 $1,220,117
Oross earnings
7.il,237
2,374,829 2,126,115
7o8,055
Operating expenses.
65 miles, will be built from the p-oceedsof ths bonds, and
$830,120 $1,263,031 when completed the Consolidated Co. will have a through
Netearnhigs
$396,932 $468,830
3,131
1,013
lines
Bental leased
line from Louisville, Ky., to St. Liuis, Mo., having at St.
miles of tracks,
$830,120 4il,2«8,222 L3uis a terminal property of 300 acres, with 18
$3 58,952 $489,873
Total net Income,
414,645
1,379,456 1,379,458 and a belt railroad connecting with every road at E. St. Louis.
413,313
fixed charges*
,
—
:.
.
.
Netproflts
Df. $56,361
$53,228
def.
549,336
28,2}8
Marietta & North Georgia.— At the annual meeting of
Walter
stockhjlders the following directors were elected
G. Oakman a ad Lanox Smith, N. Y.; A. L. Hartridge, Savannah, Ga.; R. J. Lowry, Atlanta, Ga.: Alexand-r A.Arthur
J. B. Glover and
anl Er est E. Malcolm, Knoxville, Tenn
H. M. Hammett, Marietta, Ga.; E. G. Pierce, Portsmouth, N.
H.; J. W. Patton Murphy, North Carolina, and Elisha Thayer,
Lenox
Boston, Mass. The following officers were elected
Smith, Vice President and acting President; J. B, Glover,
Treasurer H. M. Hammett, Secretary.
New York New Haven & Hartford.— At Hartford, Conn.,
May 21, 18S9, the Railroad Committee of the Legislature
heard the application of the New York New Haven & Hartford Rjad for increase of its capital stock. The application
originally fixed no limit, but counsel for the company bow
:
•Includes rentals, ad Utions a-id betterments, Interest, U.
8.
sinking
fund and taxes.
Chicago & Atlantic— At Chica »o, May 18, Jud^je Gresham
suggested Volney T. Malott, Vice President andGtneral Manager of the Union Railway of Indianapolis, for receiver. The
BUggestion was accepted by all concerned, and hs was therefore appointed and at once filed his bond as receiver.
Chicago (jias Trujt. Judge Baker, in Chicago, has decided
that the Chioaio G is Trust has a legal right to exist and do
business, and he h )lds that it is the duty of the Legislature,
and not of the coarcs, to declare what is and what is not in
accordance with public p3licy. The Legislature never having given such a declaration concerning the Gas Trust, the
courts must decline to interfere.
Cleveland Colamhas Cincinnati & Indianapolis.— Cincinnati Indiauapolis St. Louis & Chicago.— Cleveland, May
24 Judge Burke's B.eLiue-Big Four consolidation injunction
hearing was concluded to day after five days of stubborn legal
warfare. Judge Burke conducting his case alone against
Ashbel Green of New York and Judge Williamson of Cleveland. Judge Noble says many questions are involved and
that he will probably not decide the case for a week or ten
days Doiv, Jones & Co,
Cleveland St. Louis k Kansas City.— This company is constructing a new railroad between Alton, 111.; and BoonviUe,
Mo., and a connection with the M. K. & T.
At the postponed meeting of the stockholders at St. Louis
the following directors were elected: T. C. Clarke, F. C. HolUns, E. H. Emerson, Geo. W. Van Siolen, New York; Jame.^
Roosevelt, Hyde Park, N. Y.; E. C.Gregory, Irvington; R.
W. Webb, Madison, N. J.; P. K. Green, Jersey City, N.J.; J.T.
K. Hay ward, St. Louis. Mr. T. C. Clarke, of N. Y., is Pres't.
There has been a temporary suspension of construction west
of St. Charles, the contractors finding themselves without the
necessary means to continue the work. Manager Hay ward is
satisfied, however, that financial assistance will be forthcoming very soon, and then the work will go on without further
interruption. The contractors need about |100,000 to settle
the outstanding claims of the sub-contractors, and there is little doubt that the money will be raised.
Denver & Rio Grande Western.— Stockholders are notified
that they can deposit their shares with the Central Trust Co.,
and receive certificates of the Trust Co. under the reorganization agreement dated April 1, 1:J89. Under the plan, common stock of the new company will be given for the old
—
—
•
stock, dollar for dollar.
;
:
;
$35,000,000, which would make a total of $50,5X).000
capital stock. It was explained that $3,000,000 are needed to
take up outstanding bonds, $3,500,000 to pay off the floating
debt, $8,000,000 for four-tracking the main line and improving tha Shore Line division, $12,530,000 to purciase the stock
and bonds of leased roads,and $10,000,030 for abolishing grade
crossings and building a score of new depots. During the
hearing the question was asked whether it would be possible
names
&
New England by such
to secure control o! the New York
exchanging of stock. Director Robinson of the N. Y. N. H.
replied: "If any road wants to come in, under fair
terms, it will be a good thing for our road, and I don't see
that til 3 State of Conneoti ;ut or its people ought to object.''
Tne State Railroai Commissioners, in reply to a resolution of
inquiry, reported to the Legislature that they estimated the
cost of abo ishing the twelve hundred grade crosjings of the
&H.
State at $30,638,637, of which the
New York New Haven &
Hartford would have to pay $10,210,003, the New Yo.-k &
New England $5,390,000 and the Housa'onic $3,493,000, The
resolution of inquiry is due to a bill passelby the lower house
of the Legislature last week, placing upo the railroads the
entire charge for abolishing the crossings. Tne railroads cla
that this would be an excessive burden and woull swamp
i
some
of the
m
weaker roads.
New York
Stock E.x^change.- New Securities Listed.-
The Governing Committee of the New York S:ock Exchange
this week added to the lists for dealings the following
HiNNiBAL & St. Joseph Rail,eo ad —$709,003 additional consolidated mortgage six per cent bonds, making the total
amount listed $6,709,000.
Richmond & Danville Railroad— $427,000 additional consolidated mo.tgage five per c nt gold bonds, making the total
amount listsd $3,537,"00.
:
—
Mat
THE CHRONICLK
35, 1089.J
—
Northern PitcIBc. Cont.-acU hare been let for an estenfrom Little Falls to St:iole Mills, Minn., 3t milej, «7htoh
will shortea the miin line 27 milea; also from n^jar Oallatin
to Batte, Montana, 70 miles.
Mtpovts and flocnmciitc.
sio.i
Oregon & TranHCUiitlneutal.—The documents relating; to
the whole matter of the proposed issue of preferred stock,
inchidiug the pleadings in Court, ailiJavits. and telegraphic
dispatches exchanged, will be found on following pages of
thj CuRONicLB, under the title of " Reports and Documents."
Pennsylvania Railroad.— The gross and net earnings for
April, and the four montlu ended April 30, 1889 and 1888,
were as l>elow stated. On the lines west of Pittsburg and Erie
in the
interest
and
BRIE.
aro$t EamingB.1888.
,
Jamiary
February
March
payment of
second table:
LINES EAST OF PITT8BDBQ AND
the not results, after
shown
1,379, li>5
4,52«,5t>l
.
4,650,015
is
Sarnin•W«
1889.
$1,080,793
1.391,143
1.589,100
1,68«,599
$4,193,979
AprU
!fet
.
charges,
all
.
1888.
1,00.^,920
1.490,613
1.552.619
Xotal 4 m08.. $13,778,105
January
February
Haroli
April
$17,750,040
$3,747,935
$5,107,135
LINES WEST OF riTTSBUKO AND BBIE.
.Vet turpiua or deficit after payment of charges.
1889.
1888.
Dlff. in 1889
..Bur. $38,948
Sur. $37,631
Loss. $18,683
Dof. 140, 15 i
IJct.
112,^43
Lo.s?.
27,609
Sur.
Djf.
26.578
96,015
Galu. 12i:,6i3
Dof.
66.421
8ur.
5,233
Loss.
71. '359
Total 4 mantliJ.Det. $141,017
Dor. $145,719
—
Gala.
$1,672
The company, in its notice of new stock allotment, quotes
from t'le resalutio.i passed by the directors, as follows:
Rimlned, TUit to thi purpjs )-of provicjlug a portion of the nenejiary
andeq ilpmdat expjndlCurea during ths year
1
133J, on the main a id leaded line* aud hrauclios and for the oouipletlou
and extension of new aud auxiliary liaes, tli i remainder beijK provided from tue aasetj of 111 j Cjaipaay, the cost o! wliicU is e3tiui.itei as
capital fjrcoustruutlo
follows:
those
now in oparjtloa....
CANADIAN PACIFIC RAILWAY.
EIGHTH AMNUAL REPORT OT TUE DIBEOIOR»-rOR THS
YEAR EXDED UECEMUEK 31, 1888.
A
balance sheet of the affaira of the CompwiT at 8l«t [)•hist, together with the usual statementa relating to
th«
business of the past year are submitted.
cember
The groM eamin^s for the year were
The worUug expeniot weie
W
M
$3370,774 M
3,544,35 00
•13,195,539
9,324,7W>
And the net eamlngi were
DeduoUng the llxed ohargea aooralag doting the
year. .
1
„
Thesurplua WM....M
M
326,423
The workluK expensee amounted
lag* anil the net earuingi to 20 34
to 70-66 per cent of Uie
per oeot.
gn>M Mf*-
The Southeastern Railway was worked by your Company
during the year, for account of the Trusteoi; but the reaolti
are not included in this report.
The fixed charges for the year were:
*7,191,50O Ut MortKaKc Bonds. 5 p«r cent
Sl,749,')31 66
$ 7,000.000 Province of Ouebeo Q. .M. O. A. O. By.), 5p. o.
350,000 00
*S9,H00 North Shore Kv Ui iNf.irt<aice,5 per oeot....
2:,90i
£200,000 Canada Ceniral. 2d Mo.titage, 6 per cent ...
S8,tOO 00
X'auaila Central. Is: .Mortgage. Sinking Fund
51,100 00
£JU0.000 8t. L^kwreuue ,& Ottawa. 1 percent
38,933 34
$.J,544,0J0 Man. 8. W. Col. Ry. lit Hi>rtffage, 5 percent.
127,300 00
Toronto Grey it Bruce Railway rental
140,000 00
£2,032,101 15«. 5-/. Out. & Ijiie. Debenture*. 9 per cent.
4M,.500 00
$ ;,000,000 Oat. 4 Que. Ry. ordinary stock, 6 per cent
12O,0OJ 00
£1,030,000 Out <& Que. Ry. Debenture, 5 per cent, Usned
on Smith's Falli Sc Montreal Short Lme,
West Ontario PaolUo Line and St Lawrence llridKB
205,233 34
£147,949 A. & N. W. By. Ist Mortgage on 36 miles, St.
Lawrence Bridge to Farnna n, 5 per cent..
36,000 00
£750,000 Alaroma branch, 1st Mortgage, 5 percent,
from July 1
91.250 00
M
(
.
Construction of third an I fourth tracks and additional
faciliii-'S on the PennsylTanla R diroad, branohei and
leased line^
$3,500,000
Beal estate, Peunsylvauia Rjilrjad, branches aud leased
Imes
Locomotive ensiues and pasicagereciuipmeit
Construction of branch and auxiliary liaes in addition to
689
2600.000
4,100,000
93!544,351 CO
l,50i.000
$12,00i',0jO
The
notice to stockholders giving details of th? issue will be
found ill the Chkonicle advertisements.
of the
on the Land Grant bonds, while an obligatioa
Company, is not included in the fixed charges, bMause
the interest paid is chargeable against the land grant and will
Richmond & Alleghany. The sale of this road in foreclo- ultimately be returned to the shareholders. The proceeds of
sure was confirmid by the court in Richmond, Va.. on the land sales, 1 jss the expenses of the Land Department, going
20th inst. M ssrs. Ertvin Davis, C. F. Cox and J. K-;nuedy for the present towards the extinguishment of the debt upon
The
interest
—
Tod, of New York, the Reorganization Comm'ttee, took a deed
new Richmond Allegheny Co. was than
of the property.
formed, of which Erwin Davis is President, C. F. Cox VicePresident and E. R. Leland Secretary and Treasurer.
The
road was then formally turned over to C. H. Coster, of Drexel,
Morgan
Co., tha financial agents of the Chesapeake
Ohio
RR. Co., to be operated by that company in accordance with
A
&
&
&
,
the lands, the arrangement works practically as a sinking fund.
It is expected tiiat the annual receipts from Vancouver and
other town sites, together with the surplus proceeds of the
Manitoba Southwestern lands (the property of your Company)
will cover the interest on the land grant bonds, leaving the ordinary revenues of the Company intact.
The receipts and expenditures for the year were as follows:
K BCE I PTS
Cash on hand January 1,18S8...
$1,014,30J
.
Surplus R ivenue ( IS per statement) ... $326,423 92
Bonus (from St. Andrews Municipality)
3,6 33 34
the contract and terms previously agreed upon.
San Antonio & .iransas Pass.— The Houston extension was
opened to Houston May 15, and the force that ha-s been working on the line moved to Shiner, where tiey will begin track- Land Depart^neni —
Proceed.! of r, tnd Sales
laying on the extension from that place to Austin. The line
$435,995 81
Less expcnititures in conwill be completed north to Lockhart, Caldwell County, by
nection with I. tnd Sale^,
Sept. 15; On ths Waco extension from West Point. Tex.,
Preaiiam3onBonda,c&o.. 111,20939
toward Waco, the graders are now scattered along a distance
$324,7d6 12
of twelve miles, and within the next twenty days track will be
Deduct amount remaintng
laid to Cameron on the Gulf Col. & Santa Fe, via Rockdale on
In deferred payment*
19,5S0 21
the International & Great Nortbern.andinto Waco within less
$303,200,IS
than sixty days.
Construction will be pushed on this
Deduct am'nt of LindOraot
extension so as to reach Waco not later than Oct. 1, at which
B'dsreJeem'd it oauceled. 29,10^00
point it connects with the St Louis Arkansas <fe Texas and
276,206 18
Mlsjouri Kansas & Texas. On the extensioa from a point on Land Bands l>a per cent).
13,'15,22 1 90
thd Guadaloupe River, fo ty miles northwest of San Antonio,
Netprooeedssafetof £3,093,700
near Comfort, to Llano, about thirty miles of track has been Alaoma Branch, 1st Mortgage Bouda.
proceeds
sale
of
Net
laid.
The contractors, John on & Hanson, of San Antonio,
£790,OJO
$3,457,951 16
have grading in progress on the line from Comfort through
Lees expenditure In conKendall County to Fredericksburg. The entire Hoe to Llano
struction
and equip981,314 29
msntot Branch
through Gillespie County will be graded within eight months,
2.176,606 37
and the road in operation to that p 'int by
.y Isl, 1890. The
10.7JS.OOi tl
distance is seventy miles. jK B. & zelte.
617313,997 as
Savannah Dublin Sc West -rn Short Line. -This railr.jad,
Deduet Station bal»noe>, Aocoonte rewhich was organiz d by Puiladelphia capitalists to build a
64.899,042 73
;
celvable, &c
2,sl5,32J39
line from Savannah, Ga., due west to Americus, will be sold
Less amount at December 31, 1887
3,283,719 4S
out by the rdceiver on June 4. The upset price fixed by the
court is |5J,000.
619.ftS0.ir7 86
South Carolina —At Charleston, S. C, May 17, in the case
of H. P. Walker vs. tha South Carolina RR., a suit of the first EXfKNDrrURB.
Cunstruot'.oj and Improvementa as per
•1.804.6.W 16
mortgage bondholders, a petition was filed in the Stat j Court
Schedule "A"
1,973.6»S0»
Equipment
for a foreclosure of the mo tgag*.
l""."
sa.9n46
Inoreaae in m tterlal a'ld stores on hand
Purchassale
the
3,»3SM
to
Wabash.— The court has confirmed the
Additions to oonstruot'n plant andoutllt
1.704
obligatory
i
plan
the
estate
ing Committee. Under the reorganizatio
Ral
Amount expended 1 conitnietlon and
interest chirge will be |2, 614 950, which amount maybe
eqnipm't of Hotel and other buUd'n at
reduced some f 3iJ0,000 after 1895 by the exchange of bonds
Vanoouver. and Banff Springs Hotel. 6361,783 71
then maturing on tha lines west of the Mississippi Rver.
Lesa rec'd f rom town site*:
Total proceeds of sales... .6919.827 16
President Ashley, who has just returned from the West,
Am't
remaln'g In deferred
reports a very promisi ig crop condition and gojl outlook for
3u4, 11639
payments at Int .'teat
earniags if rates can be maintained.
6»9,41087
Net oaah
In our advertising columns may be found the notice of the
Deduct expenditures for
Cen'.ral Trust Company, offarinx to redeem the first mortgage
81.981 (6
olear'g, Imjrovem'ti, *o.
bonds not alrealy deposited under the plan, at prices thareia
U
.
(
.
M
—
W
•
1
.specified.
_
._^
188,393
60
THE CHRONICLE.
690
[Vol.
XLVin.
general trade of that part of the country has not, therefore,
suffei-ed appreciably.
E'jrAm't expended
Tlie freight traffic to and from China and Japan conf inues
diu'Juffyear in iniprovem'ts, equipin'r,
to increase, but the steamships forming the present temporary
construci'n of Hues, includ'j? entrance
Une on the Pacific have accommodation for very few passento and tcmiin'ls and stat'ne at Toronto
and Montreal, and extens'oto Detroit.$l,711.G59 fl4
gers, and the passenger business in that direction, which should
346,389 01
Less proceeds sale of debentures, i&c...
1,365,270 93 afford to the railway far greater profit than the freight, is consequently hmited.
Atlantic & Northw. E'y. Am't expend2,«64.798 72
ed online Farmh'mto Mattawamkeag.
The Company has obtained the authority of Parliament to
389,893 34 issue debentures to cover the cost of
Interest advanced against lauds.--.
steamships, with especial
Interest on funded debt and rentals ot
reference to a service between Vancouver and China and
le.ased lines dun Jan. Ist, 18S8, and
1,250,189 06 Japan
but the Dominion Government being in negotiation
accrued to ihat date
witli an indejiendent company for a fast Atlantic steamship
$9,267,415 82
service, and a first-class service between Vancouver and A\isCttri-enl Liahilitiia.
$7,036, S20 C9
tralia, your directors are disposed to surrender the proposed
Amount at December Slst, 1887
1,599.325 98
Amount at December Slst, 1838
Japan and Cliina service to the same company if favorable
5,437,494 71
arrai!gements can be made otherwise you will be asked to
$14,704,910 53 confer upon the Board the necessary authority to carry out
the contract with the Imperial Government, the terms of
Add casb in Treasury Dec 3l8t, 1888. .$2,616,059 43
Less amount on deposit In bank for acwhich have already been aiTanged, for a line of steamships
1,791,792 07
crued lixtd charges
824,267 36 between Vancouver and Yokohama and Hong Kong.
The profits from the lake steamers for the past vear were
$15.52',177 89 §32,914 02 less thaa for 1887, owing to the loss of a ' month by
late opening of navigation.
The company's commercial
The following is a comparative statement of earnings and the
telegraph system, its sleeping cars and the similar branches of
expenses for the past three years:
its service all contributed increased profits.
The town-sites along the line which have, as far as possible,
1898.
1886.
1887.
been secured for the benefit of the company are contributing
$3,170,713 69 $3,453,818 49 $.'»,8n0,883 18 handsomely to its revenues. The sales from town-sites last
Passengers
6,9-24,130 47
8.017.313 66
6,113.379 b9
Freight
and the total sales to 31st December last
261.344 46 year were |519,837,
5:05,024 18
241,949 05
Mails
20i,s72 41
235.035 09
244,247 18 have been $1,399,327. Only a small proportion of the comExpress
lT6.82'i.S9
118.658 99
187,694 13 pany's interest in town-sites has a§ yet been disposed of, and
Parlor and Sleep'g Cars
682,052 99 its receipts from this source will rapidly increase as the counL68,154 43
574,653 31
Telegraph and Miscel.
I$10,0«].S03 59 $11,606,412 80 $13,195,531 60 try increases in population.
Total
S,102,2a4 64|
9.324,760 68
6,378.317 05
At Vancouver alone the sales from the town-site list year
Expenses
were $483,984, making a total of §868,059 since the town was
1.703.4 8R 54 $3..504.118 16' $3,870.774 92
Net Earnings.
That city has already ten thousand
laid out three years ago.
The earnings per passenger per mile for tlie past year were inhabitants and is still growing rapidly.
1'03
1'79 cents, and per ton of freight per mile
cents, as comFrom the proceeds ot the town-sites, large and handsome
pared with I '98 and 1'006 resjjectively for 1887. The decrease hotels have been built and equipped at Banff, in the Canadian
in the rate per passenger per mile was chiefly, if not entirely, Rocky Mountain Park, and at Vancouver, togetlier witli a
due to the large increase in emigration to the Northwest and number of other buildings at the latter point. Tliese hotels
British Columbia as compared with the previous year the have already had a marked effect in attracting through pasemigrants being carried at exceedingly low rates.
sengei'S and tourists, and they will soon be numbered among
The results of the past year's working have not proved so the available assets of the company, in addition to those shown
Batisfactory as was anticijiated at the date of the last acnual in the balance sheet.
report. This was mainly due to the exceedingly light crop of
The railway system of the company lias been thoroughly
Ontario in 1887. Nearly all of that ci'op was moved before well maintaineJ and is in excellent condition tlirougliout and
the close of the year in which it was harvested, leaving but the entire cost of maintenance and renewals is included in the
Ontario, in point of traffic, being working expenses.
little to be carried in 1888.
equal to nearly half of the entire Dominion, a crop failure
A large number of wooden bridges and other structures bethei-e is a mcst serious matter, affecting as it does passenger tween Lake Nipissing and Winnipeg have been replaced by
traffic and trade generally.
embankments or other permanent work, and it is desirable
Tlie deficiency in Ontario was forttmately more tlian made that the remainder should be similarly dealt with as rapidly as
good by the development of business along the main line, and the means at the disposal of the company will permit, in order
of the through traffic to and from the Pacific Coast; but the to save the large expense of watchmen, and repairs and rethrough traffic had to be carried at rates affording compara- newals. The number of these structures has been greatly retively small jirofit, and the net earnings for the year, while duced since the line was opened for traffic.
§366,6.')6 76 in excess of the year before, were not in proporThe extensive works which were commenced three years
tion to the increase in gross earnings.
ago for the protection ot the railway in the mountains from
The average grain crop of 1888 in Ontario resulted in a snow, were completed during the past year in a most thorough
gratifying improvement in the gross earnings and profits of and substantial manner, and the directors are confident that
the last quarter of tlie year, notwithstanding an unusually no serious detention to trains in winter is now likely to occur.
bad harvest in Manitoba and the first quarter of tlie present During the jiast winter the trans-Continental trains arrived at
year shows a still greater improvement, tlie profits for Janu- botV ends of the line practically on time one detention of 13
ary, Febitiary and Marcli having been §426,978 36 more than hours occurred, but this did not result from snow or stress of
for the corresponding tliree months of 1888 and witli average weather.
crops this improvement should continue throughout the year.
A large part of the expenditure gharged to construction and
Several important sources of traffic which were coiinted improvements on tlie Pacific Division, was made on the s'Kition
upon at the time of the last annual meeting, to commence liuilt by the Government, and this, it is expected, will be resoon to swell the earnings of the Comi^any, were practically covered as one of the results of the arbitration now going on
unavailable during tlie year. The American railways west of between the Government and the company respecting tliat
Sault Ste. Marie connecting with the Algoma Branch were section, which will proba'oly reach a conclusion before tlie end
delayed in completion by an unfavoi-able season. The one to of the present year.
St. Paul and Minneapolis was available for througlj freight
A second gi-ain elevator of 1.500,000 bushel-s capacity has
traffic to a hmited extent during the gi-eater part of the year, been erected at Fort WUUam, and a third of like capacity lias
but was not fully coniijleted until too late in the season to been commenced, and will be completed in time to meet the
justify the establishment of a through pa.ssenger service. The requirements of the coming season's crop.
line to Duluth was not ready for either through freight or pasThe improvement of the various lines worked by the comBenger trafSc when winter set in.
pany, the increased facilities provided, and the large number
The line to St. Paul and Minneapolis will be fully opened for of very heavy locomotives that were added to the equipment
traffic on the 2d proximo, and that to l3uluth very soon there- duri'jg the year, have favorably affected the working expenses
after.
of the p;ist seven months. On some sections of the line the
The completion of the Atlantic & Northwest Railway number of freight cars to a locomotive has been fully doubled.
(yoiu- Company's leased line to the Maritime Province.'?) was
detailed statement of expenditures on construction and
also delayed by unfavorable weather as well as by tinexpccted improvements is appended.
difficulties in construction.
It was not quite ready for traffic
The leaded portion of the Atlantic & Northwest Railway
at the close of the year, but will be fully opened on the 2d (constituting the "Short Line" to the Maritime Provinces)
proximo.
wliich at the date of the last annual report wa.s under construcThe development of traffic, especially in the newer districts tion, is practically completed and ready for ti-affic. Its cost,
traversed by your raihvay lines, is most gratifying. Many owing Ui unexpected difficulties in construction, and to an
sections, which at first promised nothing, are already con- extremely unfavorable season, was much larger tli.aii was antributing materially to the earnings of the Comi)any and ticipated, and the ]ii-oceeds ot the bonds Issued for its conyour Directors are confident that their exijectation, as stated struction proved inadequate. This work was carried on by
in earlier reports, that the most unpromising sections would the Atlantic & Northwest Railway Company for the account
become self-sustaining, will be very soon realized.
of the Canadian Pacific, and the deficit ha i therefore to be
The increase in acreage ah-eady seeded in the Northwest for provided for from the general funds of your cumpany. It is
the coming season is much greater tlian ever before. The projirsed, tliei'efore, to recover to the treasury ot the company
light crop of last year in the Northwest brought very higli the amount advanced for this pui-pose, togetiier with the overprices, affording even greater profit to the farmers tlian tliey expenditure
on the Montreal new entrance and station (also
es
have obtained from the heavier crops cf other years, and the budt
built under the powers of the A. & N. W. liy. Co.) by tlie i.ssue
Brought forward
9JJ97,26j 77
Adtanceg.
Ontario k Quebec
;
;
,
I
—
;
;
;
;
A
;
1
1
May
<)f
THE CHRONICLE
S5, 18S9.J
4 |)or cent coasolidatod
000 Atlantic
ize<l l)y
An
dobonturo stwk in
lieu of tlie $3,240,-
& Northwest Knarantecd preferred stuck, an aullior-
the Act of the
ajfreonioiit
\v.\'<
Dominion Parliainent appended
l)eon
hereto.
reached with the (lovernment,
hu1>-
ject to the i-atilic.ation of Parliament, resp»H;tin>; that section of
North- West Railway from Harvey to Moncton.
the Atlantic
New Brunswick (about 115 miles), whereby the Government
construct
the line, and the comjiany to work it for
agreed to
20 years without rental, and to pay 'thereafter a rental of
&
This agreement is coupled with a traffic
iKsr annum.
agreement covering biisinea.s to and from the Intercolonial
I^ilway which will oako it of value to your company, aiul
has been executed by the (jrovernment. and on behalf of the
comi)any under the authority of the Directors. But it has not
been ratified by Parliament, nor has the nece.ssary appropriation been made for the expenditure or construction.
Hie matter is therefore in abeyance at present,- but your approbation of
the action of the Board will be asked for.
The western entrance to Montreal and the central iMissenger
station in that city are practically completetl, and have been in
jwrtial use for the past two months; and the eastern entrance
to Toronto and the lino along the lake front of that city are
well advance<l, and are expected to be ready for use before the
end of the coming summer. The company has been harshly
treated at Montreal in the matter of land damages, and the
cost of its work in that city has, in consequence, exceeded the
original estimates. At Toronto, however, it is expected that
$73.4(M)
the original estimates will fully cover the cost of the work.
The extension of the Ontario & Quebec Railway (under perErtual lease to this Company) from London, Ontario, to the
etroit River, is advancing rapidly, and the line will be ready
for traffic before another winter. This line will connect at
Detroit with a number of important railways extending to
Chicago, St. Louis, etc. and will at once enable the B^astem
lines of the Company to command a large and profitable traffic
from which they have hitherto been debarred. An attempt
was made to secure the use of one of the existing railways for
the purpose of reaching the Detroit River, but this could not
be done except under conditions to which your directors felt it
would be most unwise to submit.
Aside from the Detroit extension, and the eastern entrance
to Toronto, the only new work now in hand is a branch of 10
miles from Mission, in British Columbia, 43 miles east of Vancouver, to the international boundary, to connect with a railway that is being made by an independent company extending
southward to the important city of Seattle, on Puget Sound.
This short branch is the last link in the chain of railway connections along the Pacific coast from the Canadian Pacific
Eailway to the Gulf of California. The construction of this
line will add largely to the through business of your railway,
which has heretofore been unable to reach the cities of the
Pacific Coast except by water from Vancouver.
The growth of traffic between Ontario and the Northwest
and the Pacific Coatt and the disadvantage under which the
Company has been laboring in carrying this traffic over its
very roimdabout line by the way of Smith's Falls a disadvantage in time as well as in expense of transportation, led your
directors early last year to cause surveys to be made for a
direct line between Sudbury Junction and Toronto, which
would answer not alone for the main line traffic, but for
tliat of the lines by the way of Sault Ste. Marie as well.
favorable route was found from a point five miles east of
Sudbury to Kleinburg, on the Toronto Grey & Bruce section, near Toronto, over whidi a railway with easy gradients
and good alignment could be made at moderate expense, and
upon which by the construction of 212 miles of new line, the
distance could be reduced between Toronto and Sudbury to
238 miles, as against -528 miles by the way of Smith's Falls,
saving no less than 290 miles.
The Grand Trunk Company, through its purchase of the
Northern and Northwestern railways, had acquired a line from
Toronto to a point on the Canadian Pacific, by the use of
which the distance between Sudbury and Toronto would be
309 miles, and although its use would require traffic to be carried 71 miles farther than by the surveyed line before mentioned, and your Company would have to bear all or nearly all
of the expense due to the longer distance, it was deemed expedient to arrange, if possible, with the Grand Trunk Company for handling the traffic between Toronto and North Bay
over its line, and thus to avoid any additional expenditure of
capital.
Such an arrangement is nearly completed, and has
been anticipated by sending the traffic that way for the past
two-months. It is hoped that the arrangement may be found
80 satisfactory to both companies as to prevent the construction of a new line for a long time to come.
The connections necessary to the full completion of your
railway svstem are now few in number. The most important
are between Toronto (or Cooksville) and Hamilton, Hamilton
,
—
A
«»1
Tlic only other conno<t inn
that rptnaln* to be
one from the wjuth end of your
8t.
MtabUalMd
(Awrmww
Montreal, WMitliwi-sterlv to n junction with th«
t<jwn
Ogdensburg Railway nenr fhiridti-.
tflr>
&
in
length,
pro|M>sed to
wtwtern Railway Company, anoll
will extend through a cliain "'
St. Lawrence River, and all
of Montreal a direct connect
inll<>s
is
ll
Hrldir.
i
m
I
.th-
ind
'
k
K "t thtt
I
^
Htm
lern
;
York.
It is highly desirable that a branch lino of about 100 mika
should l>o made, as soon an practicable, from Brandon, Manitoba, south westerljr to the SourLi (>)al Fiehl.i. The couDti7
"'
along the Sou ris River ii already well
-ufTeriiig
for want of railway facilitie.'i, and tlu'
.ii ..f th«
line is nwe.Hsary. besides, for the protc t. .. .;
r..-t,|n
Southwestern Manitoba, lliis would have to Ix"
.>aif
Company under its general powers in respect of
ti\au
In order to effectually secure the Company's iaturt^ta west
of Sault Ste. Marie, certain advances have been made in connection with the .system of railways extending from that
point. Thes<- arc included in the Accounts Receivableaad Miacellaneous Securities, as shown in tlie Balance 8heet,
represent the major portion of the increase under Uiat liead.
At the last session of the Dominion Parliament an act wi_
passed providing for the consolidation of the vario'is obligar
tions of th<? Company into a perp«tual debenture stock, bearing a rate of interest not exceeding four per cent; and it is
hojjed that arrangements will be made for the c inversion of a
considerable portion of the exi-ting securities on term^ that
will be advantageous to the Company. It was deemed wiae at
the same time to obtain power to provide, to a reasinable extent, for future requirements in the way of improvement*,
equipment and facilities, not alone for the lines owned by the
Company, but for those leased to it; but the authority to larae
debentures at the rate of £500 i>er mile for these porpoeea will
not have to be used at present.
'
'
.
i
1
_
Tlie land sales for the past vear were 188,091 acres for 9^48,526, as against 53,803 acres foV $179,813 in 1887— an increase of
156 per cent in the number of acres so!d and 146 per cent in
the amount realized.
Old sales to the extent of 11,800 acres were canceled in 1888
for reasons stated in former reports. Of the lands recovered
by the Company by such cancellations during the past four
years, 91,840 acreshave been re-sold at a profit of $88,M0.
The free Goveniment lands in the vicinity of the railway are
so far absorbed as to encourage your directors to believe that
the time is at hand when the lands of the Company will not
only be readily salable but will bring higher prices than in
the past. Notwithstanding the large increase in the number
of acres sold in 1888 over 1887 (156 i>er cent), the increase for
the first four months of the pre:ient year over the corresponding four months in 1888 has been 163 per cent.
The movement of emigrants to the Northwest during the
past four months has increased in even greater proportion.
The following was the position of the Land Grant at Dec. 31.
Aert*.
Orlitinal grant
8urrcudt.Ted to Uovt.
under agreement of March 30, 1890.
25,000.000
0.793,014
IH.^oe.gStt
S,410.7S0
11.300
Sales to Deo. 31st, 1888
Less canceled lnl883
8.309.450
H,807,53«
Quantity of land unsold
In addition to the lands embr.»ced in the foregoing statement,
the company holds 1.309.424 acres of lands in Southern Manitoba, which came to it through the purchase of the Manitoba
Southwestern Railway. These lands are among the beet and
most available in the Northwest, and at the average of the
sales last year, $4 54 per acre, their value is $5,944,785. They
are subject only to a lien of $884,873 In favor of the Province
of Manitob.1. Your directors believe that they will yield at
least $5,000,000 over and above the am<iunt due to the Province,
and as thev are not covered by any other mortgage or lien, the
surplus will l>e available for general purjKwei of the companr.
These lands have not as yet appeared in the accounts of the
company. The net proceeds have been applied to the princtpai
and interest of the hen of the Province, and will continue to
be so applied until it i:* paid off.
The sales of tlu-se Manitoba Southwestern Railway lands
last year were 24,309 acres for $1 10.3-J4, at against 6.1*) acres
for ^8,869 in 1887; and for the tir.-t four months of the present
year there have been sold 17.493 acre.-* for $78,471, as compared
with 8,988 acres for $17,604 during the same four months oC
last year.
„ .,
,,
Taking the Canadian Pacific and Minitolia SouthweBtem
for $558.acres
162,810
were
and Niagara Falls, and Hamilton and Woodstock, and "ill re- lands together, the saky for 1888
for $208,683 in 1887. and for the
quire short lines of 30, 43 and 47 miles respectively. Tlie 910, as against 59.993 acres
year 72.441 acres for $358,«^
South Ontario Pacific Railway Company, a friendly organiza- first four months of the present
The con- as against 24,970 acres for $89,860 during Uie mmc fonr monUH
tion, is likely soon to provide these connections.
->
of inIt will readily be seen that at
strilction of these short lines will give your Company inde- of last year.
value
hare been has
pendent access to Hamilton— the third city in importance in crease the expectations which
must very quickly bo i.....r., ...
Canada—and to the important manufacturing towns of Brant- of the companv's landsin.i-lian
l^cific with other railways la
In comparing the C
ford, Dundas, St. Catharines, Thorold, &c., and at the siune
States, the great and IncreMing tatae
time afford a much desired connection between the independent Canada and the Uniterl
..verlook«l. These lands hare been
American railways centering at the Niagara frontier and those of its lands should not Uto their agricultural t«lu<^ and
west of Detroit, and an urgently needed connection between selected with esjKHial reference
sale.^. and including theMamtoba
your lines ami those leading to New York from Niagara Falls at the average of last yeir'syield more than $53,000,000, aa
Southwestern lands, will
and
Buffalo.
,
.
.
.
.
THE CHRONICLE.
692
amount BuflScient topay off the Land Grant Mortgages, as well
as the whole of the First Mortgage Bonds of the Company.
Kor in such a comparison should it be forgotten that the profits
from the telegraph, sleeping cars, express, grain elevators,
lake steamers, and other similar adjuncts of the railway service, which on nearly all other lines are given over to private
parties or corporations, are, in the case of the Canadian Pacific,
preserved to its shareholders; and their value is shown by the
fact that the profits from them last year amounted to about
one-third of the interest on the 1st mort. bonds of the Co. notwithstanding that it was only the second year of full operation.
For the Directors,
,
WM.
C.
VAN HORNE,
STATEMENT OF EARNlNGe FOR THE YEAR
"
FrelKW
"
Malls
"
Express...
Parlor and Sleeping Cars
Telegraph and Miscellaneous
"
"
^SiQ35 7'
$3,213 7«
1 ,124 66
12,271 71
26,504 05
$69,049 89
Callander to Port Arthur. 649
Miles.
Additional stations and buildings
Addlti'n<l sidings and semaphores
Rlsht of way settlements
$3,112 47
4,413 88
1,143 84
5,553 21
Addltioualfenes
Widening cuttings, embankments, surfacing and ba laMtmg, tilliog trestles ... 81,673 82
Expenses and settlements of disputed
claims, original construction
52,083 69
147,980 91
1,454-2 Miles.
Additional buildings, stations and yards. $30,943 34
Addition. 1 fencing
19,239 26
Improvement of water supply
37,348 62
106,646 42
Permanent Bridges
1888.
$3,SOO,S83
8.017,313
263,344
244,247
187,694
6^2,052
.-.---
Passenirera
Brotight forward
Additional fencing
Addlt'l sidings betw'n Quebec & Callander
Iron bridges between Quebec & Callander
Real estate at Quebec and Montreal
18
66
Widening embankments and ballasting. .. 156,047 30
Elevators at Fort William
340,851 21
46
IS
Enlargement and Improvement of yards
St Port Arthur and Fort Wlllam
13
99
Additional sidings
Prospecting for coal
Yards
Right of way and perfection of
7,323 44
17,822 52
11,802 38
1,05186
Cattle
^ 13,195.535 60
Total Earnings
STATEMENT OP WORKING EXPENSES FOR THE YEAR 1888.
f2.is4,684
2,233.764
3,224,922
584,229
59,451
9H,579
763,175
207,952
Corducting Transportation
Maintcnnnce of Way and Structures
•
Motive Power
Maintenance of Cars
Parlor and Sleeping Car Expenses
Expenpea of Lake Steamers
General Exrenses...
Ctommercial Telegraph
2C
6o
69
27
74
87
49
76
$9,324,760 68
Total Expenses
DETAILS OF EXPENDITURE ON CONSTRUCTION AND
PROVEMENTS DURING
IM-
1888.
Yard and wharves at Vancouver
Widening embankments, i>lopliig cuts,
lasting and removing earth
Permanent water supply
Depreciation in construction stores sold..
Enpenses of arbitration with Dom. Gov...
30
48
24
88
$1.65f,253 13
roadwHy and
$116 54
Sudbury Copper Mines Branches
Claremont oranch
Selkirk Branch
Southwestern Brat eh
4,421 26
739 70
8,292 92
13,870 42
Telegraph, additions and extensions
addi-
$1,670,123 55
134,535 74
all sections.
1,830 71
$1,804,659
67
12,7;-(0,486
Branch Lines
Algoma Branch
First
2,864.124 01
4,729,.524 2t
$141,893,287 80
NOTE.
1888.
mortgage 5
i;7,191..500 $34,998,633
c
r>.
EQUIPMENT.
$65,000,000 00
,
33
Can. Ccn. 1st M. £500,000 $2,433,333
Sinking Fund deposited
with Government
1,500,000
850,000 00
973,333 33
Balance at maturity
Canada Central 2d Mor-., 6 p. c
Due Province of Quebec on Q. M. O.
& O. Railway, 5 p c
Due Pro V. of Queb'c on N. Sh. R' r, 5 p.o.
Algoma Branch, Ist Mort. 5 p. c
North Shore Railway, 1st Mort
Lines built by Government not includel (estimat'doost) $35,000,000
14,807,536 acres of land unsold,
which, at average of last year's
sales <$3 21 per acre) would realize
$47,532,190
Rolling .stock
31,
CAPITAL STOCK
.MORTGAGE BONDS.
dividends paid). $121,571,152 88
Acquired Lines
19'
3,203 26
COST OF ROAD.
3,500.000 00
3,500,000 00
3,«.50,"00 00
436,053 00
47,908.019 66
LAND GR.VNT BONDS,
$10,619,427 63
Lake Steamers
Shops and Machinery (Montreal,
Hochelaga, Perth and Carletou
Place)
478,9.52
Amount of issue
99
Less amount redeemed and canceled.
25,000,00000
20,558,000 00
4,442,000 00
1,045,247 69
,
Southeastern Railway
12,143,628 31
127,631 13
285,490 63
$298,414 34
Miscellaneous Securities and Advances
MATERIAL AND SUPPLIES ON HAND
DOMINION GOVERNMENT GUARANTEE FUND.
Amount on deposit to guarantee 3 per cent per
annum on Capital Stock until August 17. 1893
BALANCE DUE ON LAND SOLD (Deferred Paymentf)
i. ..'....
BALANCE DUE O-V TOWN SITE SALES (Deferred
Siap.
c. int.
1,000,000 00
3.442.000 00
guar. Dy Dom. 15,000.000 00
CURRENT LIABILITIES, Incl'g Vouchers andPay-rolIs
INTEREST ON FUND. DEBTand Rent of Leased Lines.
1,550,678 13
4,225,576 29
Coupons not presented, luoludlng
amounts due Jan. 1,1889
Accrued to date not due
4,899,042 72
1,912,457 58
CASH SUBSIDY FROM DOM. GOVT
BONUSES FROM MUNICIP.^LtTIES.
25,000,000 00
311,235 34
3,044,634 33
884,527 63
STATION BALANCES, ACCOUNTS RECEIVABLE,
in trust by Dom. Govt,
and not bearing Interest
Amount hild
Land Bonds,
1,604,780 53
ON LEASED
LINES.
St. Lawrence & Ottawa R ill way
Ontario & Qtiebeo Railway
Atlantic & Northwest UUlw.iy...
First Mortgage.
'
CONSTRUCTION PLANT, TOOLS AND OUTFIT.
REAL ESTATE (at and near Montreal)
ADVANCES AND EXPENDITURES.
CASH IN TREASURY.
307,525
920
14,926
40,808
Branch Lines.
CONDENSED BALANCE SHEET DECEMBER
Payments)
bal-
slides
Miles.
Improving water supply between Quebec
and Callander
(Inol'd'g
$4,783 30
32,057 53
136,400 95
250 45
25.919 27
39,283 10
757 14
151 06
21,600 41
50,605 09
685,989 20
$2,798 75
970 00
Additions to Stoek-vaids Hotel, Montreal
2,236 77
Addifl Staliles in .Stock Yards, Montreal..
346 96
Electric light plant for Shops at Montreal
Ex'ension and improvement to yard at
Montreal, and paving of approaches to
13,698 79
Freight Station
Additional land for enlarging yard, Ottawa
850 47
Main Line
Miles.
Additional stations and buildings
Round-hiiuses and shops
Addi'ional snow sheds
Additional fencing
Permanent bridees
Ties on Government Section
Additional sidings
Cattle yards
Rltiht of way and perfection of title
Total on Main Line
Grain Elevators at Montreal
Filling and widening
tional ditches
24,156 74
title
753,233 13
Donald to Pacific Coast. 461
MAIN
LINE.
QnEBEC TO Callandfr. 503
XLVm.
Port Arthur to Donald.
President.
From
[Vol,
2,616,059 43
07
25,311,233 34
GR.VNT.
3,399,450 acres sold, amounting to...
(f,793,014 iicres taken by Djm. Govt.
In reduction of Land Grant
1,272,437 34
264,416 29
241,113 94
1,791,792
LAND
8,758,017 32
13,442,000 00
1,599,325 98
10,672,537 26
10,ls9,521 00
20,862,'^
expenses, cultivation rebates,
and 10 p. c. on Land Grant Bonds
58 26
Less
t*keniu payment
TOWN
18,939,489 06-
Amount recclvPd from sale of Town
Sites ndtcover'd by Land Grant .Mort.
Less
1,922,578 20
SITES.
1,435,170 11
improvements,
exi>eiiditure
grading, clearing,
251,685 04
&c
1,183,485 07
Cost of Hotel and other Buildings at
Vancouver, and Banff Springs Hotel.
SURPLUS EARNINGS.
Net cam's in 1888, after payment of
all
496,934 73
686,550 34
Hxed charges.
326.423 92
$180,001 825 37
$180,004,825 37
I.
G.
OGDEN,
OomplrolUr.
I
1
.
May
IHE CHRONICLK
25, 1889. J
14TATE.\fKNT
:
OF EQUIPMENT AT DECEMBER
liOcomotiTes
698
318T, 18HS.
408
8erood Class Pauengor Cars, BavKSSe Cars and
Colonli>t Sleeping Cars
3B4
Flrst-cliiss Sletplnj; and DIuInK Cars...
80
Parlor Cars, Odli'liil and Paymasters' Cars
„,..
34
KrtiKbtand Cattle Cars, all kinds
11,020
OREGON & TRANSCONTINENTAL. =:
,.
au<l
FIrat
CondiU'tors'
Vans
20.j
BonrdlOK, Tuol and Auxltary Cars
I.iike Steamers—" Alberta" and •' Athabasca."
86
Deteription.
1889.
Flour
Grain
Live stock
1887.
1888,
..barrels
.bushels.
1,000.044
10,960,582
1.010,157
15,013,957
Fin-woo*!
,. cortls
Mainifai'turml arilcles.
tons.
All other iirtkles
tons
75.625
476.698
498,910
9-',.541
107,t.'-)1
470,699
834,976
600,521
580,396
1,667,584
15,965,682
head.
2.-> 1.297
244,257
105,.572
feet. 327,700,432 310,180,542 351,466,99'J
Lumber
FREIGHT TRAFFIC.
1886.
of tons carried
of tons carried
Earnings per ton p
1887.
1888.
2,046.195
2,496,5,'>7
2,144,327
one mile. 585,438,109 687,786,049 784,972,5 1
1-10
mile
r
etc.
At a
specici term of the Supreme Court of the (Vmnty of
York, held on Monday, Mar 18, 1WI9, amplication waa
made to Hon. GeorRe C". Unrrett, Justice, by Meaira. LNllon A
Swayne, atl<>mi>y8 for Klijiiii .Hniitli and E^award R. Bell, for
an order enjoining and retitraiuiiiK the Oreeon A TnnaooatCnental Company, Henry Villard. Charlen L, Colby, Colgate
Hoyt, William L. Bull, C. A. SpofTord, and othen, their tervant8, agents and attfimeys, from isHuinK or attempting to
authorize the issue of one hundred thousand shares, or any
number of shares, of guaranteed or other atock of thfe defend-
New
DESCRIPTION OP FREIGHT CARRIED.
Number
Number
THE OREnON A TRANSCONTIWRIITAL COMTROTER8Y A»D
TBE C0STE8T POR THE COIITROL OF THE RAILROAD
SITUATION IW THE PACIFIC NORTHWEST.
1-006
et».
1-0? eta.
I
ant company, additionul to the 400,000 shares of stock oif MUd
company now issued and outstanding, and from in anywise
selling, transferring, or disposing of tlie saiiif: also from selling, transferring, or in anywise disposing of the whole or any
portion of the capital stock of the Oregon Railway & NaTig»tion Company, owned and held by the Oregon & Transcxntinental Company.
Upon the allegations of the plaintiffs, verified by the affi-^
davit of Elijah Smith, Judge Barrett grante<l a temporaryinjunction against the defendants, and ordered them tn show
cause on the 16th of May why the injunction should not be
made permanent.
PASSENGER TRAFFIC.
1886.
Number
Number
1887.
185!-.
of pas-ietiKcrs carried..
2.280,049
2.057.089
1,899,319
of pass'rs car. one mile. 150,460,149 174,687,802 212,766,865
Earnings per
per mile..
pa.su.
2-10 en.
1-79
1-98 c's.
ct«.
MILE.4GE OF ALL THE COMPANY'S LINES.
IMain
Li.VE.
2,906-5
Other Lines Owned.
Eastern Division.
Miles*
St.
159-8
27-5
16-8
Martin's Junction
Branch— Piles Junciion to Grand Piles
Joliette Branch— Jo'iette Junction to St. Felix
Berthier Branch— Berthior Junction to BertUier
Aylmcr Branch— Hull t Aylmer
8t. Jerome Branch—St. Lin Junction to St. Jerome.
Pi'es
.
Lin Branch-Ste. Therese toSt. L'n
St. Eustache Branch— Ste. Thirese to St. Eustache...
B ockvile Branch— Car'eton Junction to Brockville..
Algoma Branch— Sudbury to Sault Ste. Marie
Buckingliam Branch— Bui kingham .Station to Village
Capper Mines Bronches-Sudbury
11-0
15
S'O
45-5
182-5
484-8
Stonewall Bramh— Air Line Junction to StonewaU...
Gretna Branch- Rosenfeld to Gretna
Pembina .Mt. Branch— Winnipeg Junction to Manltou
ManiUiba Southwestern— Manitou to Dcloralne
Manitoba Southwtstera- Winnipeg to Gleuboro......
Maiii-oba Southwestern-Maryland Branch
64-8
22-5
16-1
13-7
100-8
101-0
104-2
6-0
430-9
Wcs',mii}ster Branch
Vancouver to Coal Harbor
9-2
1-2
10-4
Leased Likes
Jario and Qiieber Seelinn.
Mile End Junction to south eud Liobfne Bridge
Monti eal (WiniisorS-.) to Toronto Junction.
Toronto Junction to Stiachan Avenue
Toronto Junction to S». Thomas
Toronto Jun:tlon to Owen Seund
Don June, to Un. ; tatlon (D ju Br'h, under coustmo.)
Woodst cktu London
Londoa to Windsor (under construction)
OrangeviUc Branch— StreetsviUe Jet. to Melville Jot.
EloraBrai ch- Cataract to Flora
Tovswater Branch- Orangevtlle Junct. to Teeewater.
Wingham Branch— GlCDaanan to Wingham
&
1HE COnPLAINT OF EMJAD
PaciAc Division.
Ntw
&
&
4-2
50
WesUrn Division.
Emerson Branch— Emerson to Winnipeg Junction
Selkirk Branch Winnipeg to West Selkirk
&
&
20
St.
COUNTT.'.
,
7-5
)
SUPREME COURT, NEW YORK
Elijah Smith and Edward R. Bell againit The Oregon
Transcontinental Company and others.
An application having been made to me on behalf of The
Company and others, defendants,
Transcontinental
Oregon
ex parte, to modify the injimction order granted by me in this
action on the 13th day of May, 1889, upon the papers upon
which the same was granted, in the respects in which the said
order is hereinafter modified.
Now, after hearing Francis C. Barlow, Esq.. and Charles W.
Wetmore, E^. of counsel for the defendants, and on motion
"Wetmore, attorneys for the defendants,
of Messrs. Barlow
Transcontinental Company, Henry Villard,
the Oregon
Charles £. Colby, Colgate Hoyt and others.
Nov, therefore, I do hereby order that the said injunction
order dated and granted by me on the 13th dav of May, 1889,
in the above entitled action, be and the same nert^bv is modified in the clause beginning in the fifth folio thereof with the
words "and also from selling "and ending with the words
" Oregon
Transcontinental Company," so that the clause
shall read as follows, to wit: "And also from selling, transferring or in any wise dissposing of the whole or any part of the
Navigation Company nowstock of the Oregon Railway
owned and held by said defendant, the Oregon & Transcontinental Company, in aid of or for the purpose of executing or
facilitating in any way the scheme alleged in the compUu nt.'
Dated, at Chambers, May 14, 1889.
GEO. C. BARRETT, J. 8. C.
&
Ml'ea.
Montreal to Vancouver
Quebec Section-Quebec to
This original order was served late on Monday afternoon^
18th.
Early on the following morning counsel for the
defendant obtained from Justice Barrett the following order
modifying the original injunction order granted on the previous day:
May
91
3390
3-2
1161
116 6
5'0
26-«
112-0
31 6
27-5
67-1
50
858-8
SniTII.
The complaint reads as follows
1.—The defendant. The Oregon & Transcontinental Company is a corjxiration organize*! and existing under the laws
of the State of Oregon, but is engage<l in bii.siin'ss within this
State, having its principal office in the City of Now York, and
other
its President, e,\ecutive committee and several of its
officers residing and conducting its business in said city, and
the individual defendants above named are directors and
officers of said company, and the defendants Villard, Colby,
Hoyt, Siwfford. Bull, compose a majority of the executive
committee thereof: a maj<irity of tlie board of din-otors of said
defendant company reside in Oregon, as rt><iuire<l by the laws
of that suite: but plaiiititTs allege, uixui information and beOregon are not largely mterlief, that ths directors lesident in
the
ested in said company, and are entirely subsenient to
wishes and instructions from time to time received by them
from New York tlirough the President of said company who is
one Henry Villard: the directors of said defendant compwiy
are seventeen in numln-r, but the by-laws of nid company futther provide that three of said directon ahall constitute a
quorum for the transaction of business at any renilar meetii«
that such
of said board the said by-laws further provide
meetings lie held regularly on the first Monday of each month
:
and Northwest Stetion.
Lachine Bridge (sou'h end) to Mattawamkeag
("Short Line" to Maritime Provinces.)
Atlaniie
Lavrenee and Ottawa
Ottawa to Prescott
81.
Chaudiere Junction
to
Section.
51 '8
Sussex Street, Ottawa
al
M leage of the Company
4"7
1,2423
Total Ltased Lines
To
327-0
Uiiea
5,074'<
at eleven o'clock, A/M.
tlieoa|W*l
n.—The plaintiffs are holders and owners of herehiafler
stock of said defendant company, in the amounts
mentione<l, to wit:
- -.
_i n n >
Elijah Smitli, five thousand shares thereof: Edward K. Bell.
two hundre.! and fifty shares therw)f: and thev bring th» acstockholders of the
tion on belialf of themselves and all other
Oregon Transcontinental Company who may choose to come
prosecution.
in and contribute to the exjjense of the
THE CHRONICLE.
694
—
[Vol.
XL^in.
com- trary to the wish of the holders of a majority of the present
and supplementary capital stock of said company, and contrary, in their judgArticles of Incorporation of the defendant company bear date ment, to the best interests of the defendant company.
VII. Plaintiffs further allege on information and belief that
of 8d day of July, 1883. Copies of said Articles of Incorporation are hereto attached and made part of this complaint, and the said Henry Villard, President of the said defendant company, in the transactions above recited, is not acting honestly,
marked "Exhibit A."
In the exercise of the powers assumed to itself under said and, according to his judgment, for the best interests of said
original supplementary articles of incorporation, the said de- company, but has caused tlie issue of said shares to be authorfendant company has become the owner of a very large ized, and is about to dispose of the same, in order to enable
amount, to wit, more than twelve million dollars, par value, him, the said Henry Villard, to control a majority of the votes
of the capital stock of the Oregon Railway & Navigation Com- to be cast at the forthcoming election aforesaid, and, with the
jjany, being more than one-half of the capital stock of the further intent and purpose to employ the rm >ney obtained by
said company last named, and also the owner of about §30,- the sale of said shares in purchasing such additional number
III.
The Articles of Incorporation
pany bear date the 37th day of June,
of said defendant
1881,
—
000,000, par value, of the capital stock of the Northern Pacitic
Railroad Company. The railroads and other property of the
first-named company are under lease for a term of ninety-nine
years to the Oregon Short Line Company, and, by the terms
of said lease, the said Oregon Short Line Company is bound
to pay quarterly dividends, at a rate of 6 per cent per annum,
on the whole of the capital stock of the said Oregon Railway
Navigation Company, which obligation said Short Line
Comi^any is guaranteed by the Union Pacific Railway Company, also a party to said lease ; and said dividends have been,
and are, and, in all probability, will continue to be, promptly
and regularly paid, whereby tlic said stock of the Oregon
&
& Navigation Company has become, and is, of great
and, as plaintiffs state, on information and belief, is
worth its par value.
IV. In and by tr e Articles of Incorporation of said defendant company, last named, it is provided that tlie authorized
Railway
value
;
fairly
capital stock of the said defendant company is §-iO,Oi)0,00(),
divided into shares of one hundred dollars each. There have
been heretofore issued, and, for some time past, in circulation,
f jur hundred thousand shaies of $40,000,000 par value, of the
said capital stock.
In and by the by-laws of said defendant company it is provided that the annual meeting of said corjwration shall be
held at the City of Portland, Oregon, at 13 o'clock, noon, on
the third Monday in June. Henry Villard, who is President
of said company, is a candidate for re-election, and ha.s issued
or is about to issue circulars to the stockholders of said company asking them to send proxies for the forthcoming annual
meeting to cetain persons named in said circular, being persons with whom said Villard is in entire accord, and who will
at the said forthcoming annual meeting cast their votes for a
board of directors selected by said Villard, and who, if
elected, will re-elect him, the said ViUard, as President of
said company.
The above plaintiffs state upon information and belief that
the said Henry Villard, without consulting the Executive
Committee of the defendant company, but, on the contrary,
concealing from them his contemplated action, has, by telegraph, requested and instructed the board of directors of said
company to adopt a resolution which shall authorize and direct
the issue of the remaining §10,000,000 of said defendant company's unissued capital stock, and that they shall further
authorize and direct that the said $10,000,000 new capital stock
be issued vmder a pledge of the said defendant company,
guaranteeing to the holders thereof dividends at the rate of 6
per cent per annum, irrespective of the earnings of the said
defendant company, and that they shall further authorize and
direct that such guaranty be secured by the pledge of the
entire amount, aforesaid, of about 813,000,000, par value, of
the capital stock of said Oregon Railway
Navigation Company, and that they shall further authorize tlie executive
cammittee of said company to dispose of said new issue of
capital stock, and charge and receive commissions and rebates
therefor, and shall further provide that no stockholder of said
company owning less than one-quarter of the entire amount
of the capital stock thereof, to wit, §13,500,000, shall be authorized, at any time, to inspect the books and pajjei-s of said
&
defendant company.
These plaintiffs further allege on information and belief that
as said board of directors met at Portland, Oregon, on Friday,
the 10th day of May, 1889, seven (7) members only being present, and. in obedience to the said request and instructions of
Henry Villard, aforesaid. President of said defendant company, adopted and passed a resolution, or resolutions, of said
company, authorizing and directing all of the matters and
things last above stated.
V. These plaintiffs further state on information and belief
that prior to the sending of such request and instructions by
—
telegraph, the said Henry Villard, President, had prepared, or
caused to be prepared, certificates of stock as aforesaid, and
that, unless immedintely restrained by an order of this Court,
he will cau;>e the whole of said shaies to be purchased by himself, or by persons who will give their proxies as hoidere of
said shares to the persons designated in the circular aforesaid,
issued by him, from said company, ostensibly at their par
value, as required by the laws of Oregon, but actually at a
much lower price, to be covere 1 by commissions and rebates
which the said Henry Villard will cause to be allowed by said
executive committee to himself for services in selling and
placing said shares, and to the great injury and damage of de-
fendant company.
VI.— Plaintiffs furtlier state on information and belief that,
without the control of said shares, the said Henry Vilhird and
the persons named by him in the said circular as recipients of
the proxies, will not be able to control the said forthcoming
election of directors, and that if they shall by the aid of said
shares be a'^le to control said election, sucli result will be con-
of share? of the stock of the said Northern Pacific Railroad
Company, as shall enable liim, the said Henry Villard, through
the medium of the defendant company, to control the selection of a board of directera and President at the next annual
meeting thereof.
VIII. Plaintiffs are advised and believe that by the laws of
Oregon the defendant company has no authority whatever to
issue preferred stock; that the fact of said proposed issue of
§10,000,000 of stock, with a guarantee of dividends, secured as
aforesaid by a deposit of the stock of the Oregon Railway
Navigation Company will be a creation of preferred stock of
the defendant company to that amount; that it will work injury and injustice to said plaintiff and to all other holders of
the common stock of the defendant company, and will further
subject the defendant company to the loss of its corporate
f rancliise by proceedings brouglit for that purpose by tne authorities of Oregon, with which proceedings the plaintiffs state
on information and belief that the defendant company has
been threatened.
IX. Plaintiffs further state on information and belief that
Navithe hypothecation of the stock of the Oregon Railway
gation Company now belongmg to the defendant company, to
secure the performance of its guaranty of dividends on the
said proposed new capital stock, will also work gross injury
!>nd probable loss to themselves as holders of the present capital stock of the said defendant company; and, as plaintiffs are
informed and believe, will probably result also in the ultimate
Navigation Company's stock
loss of the said Oregon Railway
—
&
—
&
&
by the defendant company.
—
X. Plaintiffs further state on information and belief that
the individual defendants constituting a majority of the executive committee of the said defendant com any, are confederated and associated with the said Henry Villard in the acts and
for the purposes above set forth, and that the said defendant
company is entirely controlled by the said Villard and his confederates aforesaid; that the next annual meeting of the stockholders of the said defendant company will be held at Portland, Oregon, on the third Monday of June, 1889; that meanwhile, and before the plaintiffs can make any protest or
request to tlie stockholders of the said defendant company
concerning the said fraudulent actions of the said Villard and
his confederates, the said Viliard and those associated with
I
him will have accomplished their purpose by issuing and disposing of said additional stock of the defendant company, and
the same will then be outstanding, and will furthermore have
hypothecated or otherwise disposed of said stock in the Oregon
Railway & Navigation Company now owned by the defendant
company, and the injury complained of will be iiTcparable.
Wherefore the plaintiffs pray judgment of this Court that
the defendants, and each of them, their agents, servants and
attorneys be enjoined and restrained by this Comt as follows:
First.— From issuing, or attempting to authorize the issue of
the said 100,000 shares of guaranteed stock of the defendant,
Transcontinental Company, or any capital stock
the Oregon
of the said defecdant company other than the 400,000 Shares
already issued and outstanding, and from in anywise transferring or disposing of the same, if it has already beLii issued.
Second. PYom selling, transferring or in anywise disposing
of the whole or any part of the stock of the Oregon Railway
& Navigation Company now owned and held by the said
defendant, the Oregon & Transcontinental Company, together
with the costs and disbursements of this action.
&
—
DILLON & SWAYNE,
Attorneys for Plaintiffs,
195 Broadway, New York City.
City and County of New York, ss.:
Elijah Smith, being duly sworn, says that he is one of tlie
plaintiffs in the above entitled action; that the allegations
contained in the complaint are true; that those alleged on
information and belief are based upon information derived in
the following way or manner:
On the morning of Saturday, May 11th, 1889, affiant received from S. B. Willey. Auditor of the Oregon Railway
Navigation Company, resident at Portland, a telegram in
cipher, a translation of which is hereto annexed, stating that
the directors had taken action or had passed resolutions as set
forth in the comjilaint herein.
On Saturday, May 11th, 1889, affiant received a second telegram from said Willey, giving the opinion of Joseph Simon,
an attorney at law of Portland, Oregon, and one of the
directors of said Oregon & Transcontinental Company, as to
the action taken by said Board.
On the afternoon of May 11th, 1889, Messrs. Dillon
Swayne, attorneys, at the request of affiant, telegraphed to C.
A. Dolpli, also an attorney at law, resident in Portland. Oregon, and a member of the ssune firm with the said Joseph
BelUnger. botli of whom are directors of the
Simon and
&
&
:
:
Hat
THE CHRONICLE
25, 1889.]
&
Tnuiscontineutal Company, inquiring lu)w many
tlirtf(():-8 of tlio Oregon & Transcontinental Company
wore
present nt the meeting at which SKiid resoUitions were adopted
This morning, May 13th, 18S9, the said Dillon & Swayne are
in receipt of a telegram hereto annexed from tlie said
A.
Dolph, lieiiig an answer to their telegram aforesaid, in which
the said Dolph states that seven directors were present at an
adjourne<l meeting and took the action aforesaid, and that two
of the directors voted luul protested against the passjige of
such resolution, and that all of the directors voting in favor of
such resolution were employes of said Northern Pacific Kailroad Company.
And for a further source of information and belief, affiant
is informed by Messrs. Dillon & Swayne, attorneys, tbat they
are this morning in receipt of a telegram, hereto annexed,
addressed by tbe aforesaid S. B. Willcy to Charles F. A<lams!
of Btistn, Maa.sachusetts, repeating the statements whicn the
said Willey had telegraphed to afliant as to tlie acti
taken by
said board of directors, except that in the telegram of the said
Willey to said Adams the resolution authorizing tlie issue and
guarantee, as set forth in the bill of complaint, of ten millions
of new stiM'k of the defendant com|)any, is spoken of aa having
been abeadv passed; but the further resolution amending the
by-laws so that no stockholder holding less than twenty-five per
cent of the capital stock of the company can examine any of
the books, is in said telegram to said Adams stated as a resolution which the board of directors proixrae to pass that afternoon. May 10th, 1880.
WhereuiKjn affiant avers that the said dispatch sent to said
Adams waa sent before the telegram was sent to affiant in
which all of said resolution is said to have been passed by said
Board. And affiant avers his belief, with reference to the
telegram from said Dolph, that Simon and Bellinger, partners of
said Dolph, are the two directors who were present and protested against the passage of said resolution.
Affiant further says that no other or similar application has
been made for an injunction order herein to any other Court
or Judge.
SMITH.
Subscribed and sworn to before me )
Oregon
C
ad-There balmort unquMUoiMbljr good urounds
this 13th
day of May, 1889.
Wm. Arnoux,
Notary Public,
)
for
bHng-
ine of a suit here to diwi.lve tb« curponUioii or for Ih^
ap.
wrfntment of a receiver. In the Utter caw, tho ri^Ut num
being appointed, be would vote the properties brid by
OreiMi
& Transi-onlinonbil, if they can Xh' voUnI. It Mema to
the actions <if Oregon & Traniicontin«ntol *honld be
browllr
advertised, and it ought to result In proxiw being deiivered
(p
people outside of tlio present management.
metW
MR. YILLARD'M AWfllVER.
On
the 10th of May, the dav lixod for the arKument in t»w»
suit, the defendants api«mre<l by MeMML Barlow ft Wet
more
& Beaman, as their counael,
Supreme Court ('hambi'rs, and n«<i
and Choate
in
)-f<.i-..
,i...i„..
Henrj- Villard, in which the a
plaint are answered in regular order:
SUPUEMK COUUT-NKW YORK
Unrrott
itHdavit
made by
m
EUJAH
09^
„.
com-
COL'STY.
Elijah Smith and Edward R. Bell agahiat The Oregon ft Trana
Continental Company and others.—City and Coantr of
New
Henry
York,
as.
Villard, being duly sworn, deposea
and mtb as
fol-
lows:
reside at Dolib's Ferry, in the State of New York, and am
one of the defendants in the above-entitled action, and am the
President of the defendant. The Oregon ft Transcontinental
Company, having been duly electe<l as such Presid«?nt at a
meeting of the Board of Directors of the said comfiany, held in
the City of Portland, on the 18th day of June. 1888:
I have read the complaint in this action and the affidavit of
Elijah Smith verifying the same.
I admit the matters of fact alleged in Article I of said complaint, except the iillegation that the Directors of the Oregon ft
Transcontinental Company resident in Oregon are entirely
subservient to the wislies and instructions from time to time
received by them from New York through the Preaitlent of the
I
Company, meaning myself.
I
have no knowledge or informa-
tion sufficient to form a belief as to whether the allegations
contained in Article
of the complaint are true or not.
I admit the allegations in Article III. of the complaint, that
U
defendant. The Oregon
under and in pursuance of
the
&
Transcontinental Company,
and sutiplementary
articles of incorporation, and under and by virtue of the
powers conferred upon it by the laws of the State of Oregon,
[Translation.]
has become the owner of and now owns and holds more than
Portland, Ore., 10.
one-half of the entire capital stock of the Oregon Railway
To Elijah Smith, President O. R. & N. Co., Mills Building.
Navigation Company, and that it is also the owner of about
I have talked to our lawyers, and they seem to think there 820,000,000 of the capital stock of the Northern Patific Railare good grounds for starting injunction suit in New York im- road Companv. My judgment as to the value of the stock of
mediately and one here, if necessary, to enjoin Oregon & the Oregon Railway & Navigotion Company concurs with the
Transcontinental from issuing re'iiaining ten millions stock in allegations of the plaintilf in Ar;icle III. contained.
manner proposed; also there seems to be good grounds, if
I admit the allegations contained in Article IV. of the comdeemed advisable, to bring suits here to dissolve the corpora- plaint in respect to the amoimt of the authorized capital stuck
tion or ask the appointment of a receiver. It is also a ques- of the Oregon and Transcontinental Comj)any. and as to the
tion considering late decisions whether Oregon & Transconti- provisions of the by laws concerning the annual meeting of
nental have anv right to vote the stock of O. R. & N., and the stockliolders of the said com])any. to be held in the city of
though they pledge it as collateral, if the pledgor has not the Portland on the 17th day of June, 1889. I also admit that I
right to vote it can the pledgee have ? I do not know as C. A. am a candidate for re-election as a director of the said CkiiaDolph feels sanguine about this latter matter, but from con- pany, and expect to be re-elected and continue a> the Prenversation with him, Bellinger and Joseph Simon, it seems as dent of the said Company, and that I have issued circulars to
though suit ought to be commenced at once East, and I think the stockholders of the said company, asking them to send
I would advise you to urge proceedings here of whichever proxies for the approaching meeting "to me. and I annex to
character you think best. I have been informed tliat tt^.ere this affidavit a true copy of the said circular.
were some 268,000 shares voted at last Oregon & TranscontiThe remaining allegations contained in Article IV. of the
nental meeting, hut propose this afternoon to get more infor- complaint .so far as they refer to the terms of a resolution of
mation in detail if possibl?.
S. B. WILLEY.
the board of directors of the Oregon & Tran/=continental
Company, authorizing the issue of the remaining $10,000,000
Portland, Ore., May 11, 1889,
of the capital stock of that comjiany, are in the main corrert,
Dillon & Swayne, 195 Broadway, N. Y.
except that the said resolution contains no provision r>
Seven directors present at an adjourned meeting, two of the ing the right of the stockholders of the com|Kiny to in.-i
directors voting and protesting against passage of resolution; books and pa]x?rs, ami no such restriction is in force; bi.i •-'i
all directors voting in favor, employes of Northern Pacific.
greater certainty I annex hereto a true cojiy of the resolution
which I understand to have bt>en imssed on the 10th day of
C. A. DOLPH.
May, 1889, bv the board of directors at Portland.
Copy of telegram from S. B. Willey to Charles F. Adams.
Idenv each and every one of tlie allegations contained in
Articles V., VL, VII., VlII. and IX. of the complaint, exc«ft
Portland, Oregon, May 10, 1889.
I have obtained the following information, which I tliink the allegation in the Tenth Article, that the annual meetiag
you would like to know. Oregon & Transcontinental board of the i-tockholders of the Oregon ft Tran.Hcontinentai Comof directors here to-day at the request of Mr. Villard pas-scd pany will be held in the City of Portland. Oregon, on tlie
resolution authorizing issue of balance of $10,000,000 stock third Monday of June, 1889.
unsubscriljed in treasury as preferred stock upon which six
The circumstanct>9 attending the i>a38age of the said reaouf
per cent is to be guaranteed, to be secured by pledge or mort- tion set forth in the complaint and hereto annexed, and the
gage of Oregon Railway
Navigation Co. stock, and pro(X)se purposes for which it was (inssed, are as follows
to pass resolution at meeting this afternoon amending by-laws
As is well known, for several yean last past the Oregon ft
so that no stockholder holding less than twenty-five per cent Transcontinental ComiMinv has had a large floating indebtedof the capital stock of the company can examine any of its ness, tor which it luu< been necessary to provide temporarilv
books.
from time to lime bv the pleilge of the Oregon Railway ft
It seems to me evident that they propose to make certain
Navigation Com[K\iiv"8 stock owned by it and of its other
two things the control of the Oregon & Transcontinental as assets. It has Ix-en iny jKilicy and the policy of tlie present
now organized and the control of the Oregon Railway & Nav- management of the Oregon & Transcontinental Company durigation Gi). by getting their holdings of tliat company's stock ing the past year to fund this floating indebtednew, and seinto individual hands, so that no question about its being cure upon favorable terms to the Oregon & Transcontinental
voted cjin be raise*!.
Company sufficient additional capital U> enable it t.i pufwe
Consuliation with our lawers here offers following proposi- successfullv the business for which it was incor|>on»te«l.
tions
In Aprillast a plan was formed by me which had the unan1st
Transcontinental in propt)sod imous ap[)roval of the executive committee of tlie Orcfpon
Stock is.sued by Oregon
manner is illegal. Issuing it as proposed cannot be done, be- & Tran-scontinental Company, and also the approval of Ibe
cause it makes two characters of stock where only one lias executive committees of the Union Pacific and Short Line
as yet been provided for, and of course is detrimental to hold- Railway comiMnies, and, in its main fentu.t's, the appn vaJ of
ers of the other stock.
An injunction suit should b^ startetl tlie executive committee of the Northeni Pacific <Viniiiany.
ill the East and one can be started here if desired.
based upon the so-called Arbitration Contract, for Iho pledge
New York and
its
original
Kings Cos.
&
&
—
:
—
&
t
THE CHRONSCLE.
696
&
Transcontinental Company of its holdings
Navigation Company and
of stock of the Oregon Railway
for the issne of its own collateral trust bonds, secured by such
pledged stock, to be sol J for the purposes of paying the floating indebtedness of the Company and securing to it an adequate working capital; provision was made in the said plan for
conferring the voting power upon the said stock upon the managers to be appointed under the Arbitration Contract. This
plan failed by reason of the withdrawal of the assent of the
Short Line and Union Pacific companies, but the plan was not
The failure of
finally abandoned until about the end of April.
this plan made it necessary to devise some other means to make
provision for the floating indebtedness of the company, which
"will mature from time to time during the next few months.
After consultation with the majority of the Executive Committee of the Company early in the current month, it seemed
to me that a wise and prudent method of raising the funds
necessary to meet the necessities of the Company would be to
issue the remainder of its stock as preferred stock, and guarantee a dividend thereon by the pledge of the stock of the OreNavigation Company owned by it, in the hope
gon Railway
and expectation that the preferred stock could be sold at
par.
By Article VII. of the Charter of Articles of Incorporation
cf the Oregon
Transcontinental Company, defining its
powers, it is provided as follows:
" VII. To increase the capital stock of the corporation in
" manner provided and authorized by the laws of Oregon, and
" upon any such increase to classify the capital stock of the
" corporation and attach special terms and conditions to any
" class or part thereof."
And by section 3235 of the general laws of Oregon, it is provided as follows:
" Section 3335. Any corporation organized under the pro" visions of this 'chapter may, at any meeting of the stock" holders which is called for such purpose, by a vote of the
" majority of the stock of such corporation increase or dimin" ish its capital stock or the amount of the shares thereof, or
" authorize the dissolution of sucli corporation and the settling
*' of its business and disjwsing of its property
and dividing its
" capital stock in any manner it may see proper."
I was advised by counsel that under tne provisions of the
charter of the Oregon
Transcontinental Company, which
I have just quoted, it would lie within the power of the corporation, by actii.n of its stockholders, to increase its capital
stock, and, as expressly provided in its said charter, to classify
such increase of stock and attach special terms and conditions
to any class or part thereof. Accordingly I instructed the
counsel of the company to prepare a resolution to be passed by
the board of directors of the company at Oregon, which
should confer, so far as the board of direccors had the power to
do so, full authority upon the officers and executive committee of the company to issue $10,000,000 preferred stock, to
guarantee a dividend thereon of six per cent, and to secure
such guarantee by the deposit, pledge or mortgage of the
shares of stock of the Oregon Railway
Navigation Company owned by the Oregon & Transcontinental Company,
in such manner and form and under such conditions as the
executive committee shall determine. Meetings of the stockholders of the Oregon
Transcontinental Company, under
the provisions of its by-laws, can only be held at i s office in
the city of Portland, in Oregon, and are customarily held but
by the Oregon
&
&
&
—
&
&
&
[Vol.
XLVIII.
My intention now is, as it always has been since I reached
the conclusion that this method of raising funds for the necessary purposes of the Company would be more economical and
judicious than to fund its indebtedness by any further issue of
bonds, to prepare all the necessary papers preliminary to the
issue of preferred stock under the authority conferred by the
annexed resolution, and to submit the entire question to the
stockholders of this Company at their annual meeting in Portland on the 17th day of June, and I respectfully request that
the injunction order in this action may be so far modified as
I believe that
to permit such preliminary steps to be taken.
the plan as outlined in the resolution, subject to such perfecting of detail as the executive committee of the Company
may approve, is the wisest plan which can now be adopted to
meet the necessities of the Company, and to establish it upon
a sound financial basis.
Sworn to before me, this
16th day of May, 1889.
HENRY VILLARD.
)
f
Kidder,
Notary Public
L. R.
(91),
New York
County.
Mr. Wetmore also read the joint affidavits of Mr. Charles L.
Colby and Mr. Colgate Hoyt, and an affidavit- of his own,
which are as follows
:
Joint Affidavit or SIcssrs. Colby and IIo) t.
SUPREME COURT—NEW YORK COUNTY.
Elijah Smith and Edward R. Bell against The Oregon Transcontinental Company and others. —City and County of
New
York,
ss.
:
Charles L. Colby and Colgate Hoyt, being duly sworn, doth
depose and say, each for hi'nself as follows
I am a member of the board of d rectors and executive
committee of the defendant, the Oregon & Transcontinental
Company, and also one of the individual defendants in the
:
above entitled action.
I had no intention whatever of taking any action authorizing or permitting the issue of preferred stock or any stock
of the Oregon & Transcontinental Company in advance of the
annual election on the 17th day of June, 1889, or doing anything else in reference thereto, except to make the necessary
prejjarations and submit the question to tlie stockholders'
mee ing on that date. Any allegations contained in the complaint to the contrary are unqualifiedlv false.
L. COLBY.
CHARLES
COLGATE HOYT.
Sworn
to before
day of Mav,
me,
this 16th
1889.
)
\
H.
Bbaynard,
L.
(3)
Notary Public,
New York County.
Mr. vrctinore'8 Affidavit.
SUPREME COURT, NEW YORK COUNTY
Elijah Smith and Edward R. Bell against The Oregon & Transcontinental Company and others. City and County of
—
New
Charles
York,
ss.
W. Wetmore,
being duly sworn, deposes and says
as follows:
member of the firm of Barlow & Wetmore, attorneys
and of counsel for the Oregon & Transcontinental
Company, the defendants in the above entitled action; I have
read the affidavit of Henry Villard submitted herewith; I am
I
am
a
at law,
once in each year. The next annual meeting is appointed to
be held on Monday, the 17th day of June next.
the counsel referred to in that affidavit who prepared the resoI was advised by counsel that it would require considerable lution annexed thereto, and his instructions to me as to the
time to prepare the necessary papers for submission at tlie purposes for which the resolution should be drafted are as stated
stockholders' meeting, after the general features of the proposed mortgage or deed of trust were agreed uixin, and in order that authority might be conferred upon the Executive
Committee and officers of the Company to take all the preliminary action within their power, so that the question of issuing
the pref en-ed stock might be submitted in a perfected form to
the stockholders at their said annual meeting, I advised the
said resolution to be passed. The sole motive in the passage of
the said resolution was to make provision for all the preliminary steps necessary to the carrying out of the plan, and that
they should be prepared and made ready for submission to the
stockholders at their annual meeting, so as to avoid the necessity of calUng a special meeting for that purpose. I had
nothing to do with the form of the resolution further than to
issue instructions to counsel so to prepare it as to confer the
fullest authority upon the executive committee and officers
here to carry out the plan, so far as it was competent for the
board of directors to confer such authority.
The resolution was prepared, I believe, on the 8th or 9th of
the present month, and no other step whatever of any kind or
character has ever been taken by me, or by anv member of
the executive committee of the Oregon & Transcontinental
Company, or by anyone else, looking to the preparation of
certificates for the proposed stock or to the di-awing of any of
the papers necessary to the issuing of the stock, or of the
making of the guarantee of the six per cent dividend, or of
the pledging of the stock of the Oregon Railway
Navigation Company to secure such guarantee; and no action of any
kind or character was ever intended by me, or by any member
of the executive committee, to my knowledge, to bo taken
with reference to the issuance of such stock, other than to
direct the counsel of the Company to draft the preliminary
papers necessary to be submitted first to the executive committee of the Company, and then to the stockholders at their
annual meeting on the 17th day of June next.
&
my
own suggestion to Mr. Villard
in his said affidavit; it was
that, if any action looking to the issuing of preferred stock was
to be taken in time for submission at the stockholders' meeting
on the 17tli of June, preliminary steps would have to be taken
at once, as the perfecting of the plan and tlie preparation of
the papers to carry it into effect, should it be adopted by the
would consume considerable time.
not yet received any instructions of any kind or character from Mr. Villard, or from any one connected with the
Oregon & Transcontinental Company, to take any action whatever of anv kind or character looking to the preparation of any
of the matters or things necessary to be done in order properly
to present the question of issuing this preferred stock to the
executive committee and the stockholders of the Com pany
other than to draft the resolution referred to, and, if any such
action had been contemplated or intended by any one it would
naturally have come to my knowledge as the person whose
duty it would have been to prepare the necessary papers.
stockholders,
I liave
CHARLES W. WETMORE.
Sworn
day
to before me. this 16th
of May, 1889.
Geo.
W.
)
f
Weiffenb.vch,
Notary Public,
New York County.
After these affidavits had been read, further proceedings in
the case were postponed, on application of Gen. Wager Swayne,
counsel for the plaintiffs, until Friday, May 17, at 2 o'clock in
the afternoon.
On Wednesday, May 15, however, the plaintiffs ann tided
their complaint, and on the amended complaint and additional
affidavit by Elijah Smith obtained, ex parte, an order from
Judge Barrett, vacating the order obtained by the defeiidanti
on the previous day, which modified the original iujunction
order.
;
May
THE CHRONICLR
35, 1880.J
Witliiu a few minutes before the time whicli was set for the
argtinient of the appHcation <m tlieorij^inal order, thii4amende<l
oonipkiint was served on the defendants, accompanied by an
additional restraining order preventing the Oregim
TraiiHcontinental ('oin|iany from lelling its Oregon Railway
Navigation .sf<M'k, transferring it, or doing anythinir with it.
After
rehearMing tlie original charges, the amended complaint proU> formulate the following additional charges based
c;ee<l8
&
&
ii|)on ln'iirsay.
The Amended
roinpliilnl.
further state, upon information and btdief, that
it is the i)ur|K>se of the sjiid Henrv Villard, President of the
defendant company, in the event tluit ho shall conclude that
he will probably be luiable to control the forthcoming annual
election of the defendant company, then and in that case to
cause the defendant to sell, or himself (jersonally to sell in its
behalf all of its holdings aforesaid of the capital stock of the
Oregon Railway & Navigation Comi>any, and to sell the same
not only without regard to the interests, but against the
interests of the defendant company, and to such persons as
shall ascree when purchasing the same to allow the Siiid Henry
Villaril to erst the votes of said shares at the next annuiij
Navigation Company,
election of the said Oregon Railway
and which election, by the by-laws of the company last named,
is set for the third Monday of June next, at an hour earlier in the
day than the election of the defendant company on the same
day and for the grounds of such information and belief plaintiffs stat« that the said Henry Villard has been for a long time
proposing to the defendant company to sell the aforesaid
8fa|p.res of the Oregon Railway
Navigation Company, and
on a former occasion was only restrained from doing so by
threats of legal proceedings made to him by Brayton Ives,
then one of the directors of the defendant company, that he,
the said Ives, would begin legal proceedings to enjoin such
sale, and llhat the said Henry Villard since the order granted
in this cause on the 12th day of May, 1889, did on the following
day procure the said order to be amended so as to permit .the
sale of said shares, if made otherwise than in furtherance of
the plan hereinbefore set forth relating to the control of the
Oregon Transcontinental Company and has further stated this
day, as plaintiffs are informed by Gardiner M. Lane, one
of the directors of the defendant company, that he, the
said Villard, had received an order from abroad for the
whole of said stock, and desired to be in a position
And for a further ground of such
to close therewith.
information and belief, plaintiffs state that they have
Gardiner
M. Lane, one of the directors
learned from the said
as aforesaid, and from other parties largely interested in the
defendant company, that witnin the past few days the said
Henry Villard has caused a minority quorum of tae board of
directors of the defendant company, sitting at Portland. Oregon, to discharge and reconstitute the executive committee of
the said board so as to eliminate therefrom Sidney Dillon and
the said Gardiner M. Lane, two of the directors of said Company not subserving to the said Henry Villard, President, and
this without the knowledge of the said directors; and plaintiffs are informed and believe that said directors were so eliminated from the said executive committee in order to enable
the said Henry Villard to control and dispose of the aforeNavigation Company in
said stoc-k of the Oregon Railway
the manner and for the purpose aforesaid without the knowledge of any directors of said Company who were not subservient to the said Henry Villard and confederated with him to
dispose of the said stock of the Oregon Railway & Navigation
Company witl;out regard to the interests of the defendant
••
I'laintiffa
&
:
&
;
&
Company.
6»7
required to appear for examiiuUion at UMfltfMof Mr. WiOkai
Henry Willis, referee, No. tl» Brondwajr, at 1"
V noim
The counsel of Mr. Villard, (K-n. Knim-i«
,„| j^,'
ChuriM W. Wetmore, and Jotieph II. Ch'Hit'
H««l
'
(
'
.
man, of Measra. Evarts, Choatc A Bmman. n|»|Mi»r. d iot.m
Judge Barrett at 2 o'clock, the hour namwl, al tli.- luljourninent of the hearing on the previous day. Mr. W'etmtm
asked the (Jourt to vacate the order of exainifiatioii im be
desired to reiul a sworn statement of Mr. Villard in anxwcr to
the amended complaint ax it Ht'Kxl the night Ix-fori', and ta
disclose voluntarily what tlw? plaintiffs sought to ob'ain uodar
their order.
After considerable diaciusion and oppaaition by plaio MtTa
counsel, Mr. Wetmore was permitted to read the followinK
affidavit:
HR. VILLARD'S SECOND AFFIDAVIT.
SUPREME COURT, NEW YORK COUNTY.
Elijah Smith
and E<lward R.
The Orogoo
Company.
Bell nyiiiiiM
continental
&
Trans.
Oily and County of New York, ss.
Henry Villard, being duly sworn. depoMjs and nays as follows
Since verifying my aflldAvil in the above cntillol acUon, and
between ten and eleven o'clock yesterday morning. I hare been
served with an additional restraining orcfer iu the above entitled
action, founded on an amended complaint, and so far ts tb«
amended complaint is different from the original complaint heretofore answered by me, I make the following answer
I deny that it is my purpose, individually or as President of the
Oregon & Transcontinental Company, in the event that I shall
conclude that I shall probably be unable to control the forthcoming annual election of the defendant company, then and in that
case to cause the defendants to sell, or myself personally to sell
in its behalf, its holdings of the capital stock of the Oregon Railway & Navigation Company, and I dcn^r that It is my purpose
to sell the same without regard to the interest and tgalnst the
interest of the defendant company, and to such perions as shall
agree when purchas-iag the same to allow me to cast the vote of
said shares at the next annual election of the said Oregon Railway
& Navigation Company, and I deny that it is my purpose to
sell the said shares for any purpose.
I admit that during the past year I have proposed to the defend.
ant company to Sell its shares of stock in the Oregon Railway
& Navigation Company, but I deny that on a former occasion,
or any occasion, I was ever restrained from making or negotiating
any such sale by any threats of legal proceedings made to me by
one of the directors of the defendant company, mentioned in tbe
amended complaint, or by any one connected with the defendait
company, or by any one else, to the effect that he or they would
begin legal proceedings to enjoin such sale, and I deny that any
such threats have ever been made.
As to the stalement alleged in the amended complaint to have
been made by me to Mr. Gardiner M. Lane, it is true in this
respect that I have expressed to the said Lane as well as to the
executive committee my confidence in my ability to sell the stock
of the Oregon Railway & Navifjation Company, held by the
defendant company, and my conviction that a sale or other disposition of the said stock, whereby the defendant company should
presently realize the cash value of the said slock and be enabled
to pay its floating indebtedness and aajuire an adequate working
:
:
was desirable, and it is also true that in this view I hate
had the unanimous approval of all members of the executive
committee, including the said Lane, but the inferences which the
plaintiffs intend to have drawn from their version of his alleged
capital
me are unqualifiedly untrue.
'The fact, as stated in the amended complaint, that a resolution
has been passed by the board of directors of the Oregon
Transcontinental Company sitting at Portland, to discharge and
reconstitute the executive committee of that company, so as to
conversation with
&
information and belief
by the said Gardiner M.
Lane, one of the directors of said company, that the defendant
company is now a loaner of money in large amounts, and that eliminate therefrom Sidney Dillon and Gardiner M. Lane, two of
a large jiart of tlie defendant company's holdings of stock of the directors of that company, is true, and I annex hereto a copy
And I state that my reason and
said Oregon Railway & Navigation Company are hypothecated of the resolution referred to.
on loans which do not mature for many months, and that purpose in requesting the said board of directors at Portland to
the shares so hypothecated cannot be delivered until maturity remove the persons named from their posiUons as membm of
were th«w
of the obligations as security for which they are held.
the executive committee of the defendant company,
And for a further source of their information and belief both said Dillon and Lane have been and are members of the
Company, and
plaintiffs state that the said Henry Villard has repeatedly ex- board of directors of the Union Pacific Railway
pressed himself as under the impression and of beuef that in- the said Lane U now the Vice President of that company.
has been pending in
junction proceedings would, by other parties interested in the
Since the 27th day of July last a litigation
stock of the Oregon Railway & Navigation Company, be begun this court, in whicli the Oregon * Traoscontinental Compejjy
Smith and a ^JorUy
to restrain the defendant company from voting its holdings of has successfully sought to restrain Elij.ih
And for a further source of their
plaintiffs state that they are informed
:
.
_
1
PlainiilTs further allege that the actions of the said Henry
Villard and his colleagues and confederates herein complamed
of have or will be committed by the same with a view simply
and solely to personal atlvantage and aggrandizement of the
said Henry Villard and to the disadvantage of the said Oregon
Transcontinental Company and all those stockholders
thereof not uniting in the schemes of the said Villard and hw
and
Plaintiffs further allege that the said acts complained of
will constitute a waste of the assets of this corporation and
will injure the same irreparably unless enjoined ty the order
and decree of the Court.
The complaint thus amended is yerifled by Elijah Smith.
On Friday morning. May
the attorneys for the plaintiffs
obtained an order from Judge Barrett authorizmg the examination of Henry Villard before the case came to trial, a
copy of which order was served upon the defendants at about
wiis
11:30 o'clock. By the terms of this order Mr. Villard
18,
of the board of directors of the Oregon
Railway
i NariwUon
said Dillon, upon chargei of and
funds of the company attbe
against a^fraudulent misuse of the
Faciflc and Orewo
InstigaUon of the President of the Union
companies and his ^-rectors Durmg aU Jta
Company,
includin^'
the
Short Line Railway
in my Judgment^ mantfeel
time the said Lane and UiUon, wi h.
executive committee of
imnroDriely have held their seats in the
Transcontinental Compimy, and h.rf,,«':«° "^^T"
the'^Oregon
When. «° •<»,^'»°°^„^aid to tSe defendants in timt action.
p.iorto the pasMge »' t**",
I dUcovercd shortly
had allied U»en«elT«
removing then, that both of said persons
^dam^ and h|s asjariato. ta
with E°fjah Smith, Charles Francis
companies, James HiU, Prwlthe Union Pacific and Short Line
Compwiy and "«her Penjoa.
dent of °he Manitoba Railroad
of the Oregon
whose interests are hostile to the IntcrMU
&
" **T^'^^
*
^ X aTnow
Oregon Ridlway A Navigation compMiM.
attempting by buying or l»77">? 't^^^' "»»]^:
TnSSwnlSl and
Ing proxies to control
Oregon Railway
&
liie
approacUg annual elc-c ion bcrthof the
Company and the Oregon A
Navigation
THE CHRONICLE.
698
Transcontinental Company, with the intent as I believe, for the
reasons hereinafter set lorth after they shall have gained control of
the Oregon Railway & Navigation Company, to change materially the existing lease of the properties of that company to the Short
Line Railway Company, under which the Short Line Company
and Union Pacific Company are now obliged to pay a rental
equivalent to a dividend of 6 per cent per annum upon the
capital stock of the Oregon Railway & Navigation Company,
and to cut down that rental by such an amount as will satisfy
the said Union Pacific and Short Line companies. I determined
at once to remove said Lane and Dillon from their positions as
members of the executive committee of the company, against
whose welfare they were and are, in my opinion, acting. I
repeat, my conviction is that the purpose of such combination
between the persons named and the said Short Line and Union
Pacific companies is that the last two companies may acquire the
control of the Oregon Railway & Navigation Company, and
then as representing both aides, both lessor and lessee, reduce the
rental in such lease and change the same to the injury of the
stockholders of the Oregon Railway & Navigation Company
and to the great injury of the Oregon & Transcontinental Company, which now owns more than a majority of the capital
stock of the Navigation Company. The reasons for my convicThey
tion are that their plans and purposes are now appirent.
are disclosed in the telegrams which the plaintiffs have used as
the foundation of the injunction orders granted in this action and
their purposes are, if they fail to buy a majority of stock or
proxies, by proceeding in the courts of Oregon to throw the
Oregon & Transcontinental Company into the hands of a
receiver just before the approaching election, -on some alleged
round of invalidity in its charter or otherwise, and then, as the
fecretary of the Oregon Railway & Navigation Company says
in one of the telegrams referred to, annexed to the complaint in
this action, and addressed to Mr. Adams, President of the Union
day of May 'havPacific and Short Line companies, dated the
ing secured the right man as receiver, to vote the properties of
the Oregon & Transcontinental Company " at the Oregon Railway & Navigation Company's election, or failing this, by
parte legal proceedings to disfranchise the Oregon & Transcontinental Company at the election of the Oregon Railway & Navigation Company, and thus to continue Elijah Smith and the
present board in power by a minority vote.
This is the plan and scheme against which, as President of the
Oregon & Transcontinental Company, I am using my utmost
efforts to prolcct that company and its stockholders, and my plans
and purposes in reference to the Transcontinental Company arc as
they are disclosed in the circular annexed to my first affidavit in
this action, and they are the plans and the purposes of my friends
who are the largest owners of the capital stock of the Oregon &
Transcontinent d Company. If any other evidence of the plan
and scheme of the plaintiiis and their allies than is contained in
the telegrams referred to, in the records of the dealings in the
stock of the defendant company during the past few days, and
the current st Ucments in financial circles, and in the mere
condition which will result from the Union Pacific and Short
Line factions passing into the control of the lessor company, of
which they are now lessees, is needed, it is found in a letter of
Charles Francis Adams addressed to a committee of the Oregon
Transcontinental Company, of which I was a member, on the
12th of April last, after a plan for the harmonious settlement of
all the matters pending between the several companies in the
Pacific Northwest had been substantially agreed upon, in an
answer to a telegram from that committee statmg that the Oregon
Transcontinental Company was fully committed to the socalled arbitration agreement, which secured the permanency of
the 6 per cent rental to the Oregon Railway & Navigation
Company, and that the Oregon & Transcontinental Company's
directors would use their best efforts to induce the Northern
Pacific Company to approve all the features of that agreeement,
including the continuance of the 6 per cent guaranty. Mr.
Adams writes as follows
I notice in your telegram you say that the " Directors of the
Oregon & Transcontinontal, who have also seats as directors in
the board of the Northern Pacific, five in number, will u.se their
utmost efforts to secure from the Northern Pacific the adoption of
the aibilration agreement on the 6 per cent basis.' On tlie part
of this nmipanti I must my at imi-r that ire nhjeH to this limitation.
Should the Northern Pacific board see fit to demand on the part
of the ftockholders of the Navigation Company, a reduction in
rental in consideration of the immense advantage which is now
being f ecured for them through the arbitration contract, it seems
Certainly the
to me they would be entirely justified in so doing.
directors of thi.i lioard itoxhl sympathize with them in such nHion."
"
The Navigation Company, as you are aware, has
And later
hardly earned its operating expenses during the current year it
will probably, from present appearances, run a million behind its
This is largely due to the construcrental before the year closes.
tion of the Cascade Division by the Northern Pacific.
If, therefore, the Northern Pacific by consenting to the arbitration agreemake
good
to
to
the
Navigation
agrees
Company
ment
the immense loss ithas inflicted upon it by constructing the Cascade Diwill
be
an
act
the
liherality
on
it
of
part
the
vision,
of
Nortlurn
Pacific such as is unprecedented, so far as I am aware, in railroad
annals." And again, " But I shall most strenuously, on the part
of this company, ohjeH to the Northern Pacific Directors in the
Transcontinental Board flHny an ultimatum in a negotiation, like
the present between the Union Pacific and the Northern Pacifie, and
xhall co-operate with the Northern Pacific, if necessary, to prevent
the same."
In short, in this letter Mr. Adams thus attacks the property of
the Oregon Railway & Navigation Company, which as lessee he
'
«
&
:
'
:
;
XLVm.
[Vol.
bound to protect, mifstates, as I believe, its earnings, and declares in effect that the Union Pacific and Short Line companies
will join forces with the Northern Pacific to force a reduction of
the six per cent rental guaranteed upon the stock of the Oregon
is
Railway & Navigation Company.
In view of the fact that the Oregon & Transcontinental Company is the owner of more than $12,000,000 of the stock of the
Oregon Railway & Navigation Company, and receives a revenue
of more than $720,000 a year from that source, the vital importance to that company of compelling the Stiort Line and Union
Pacific companies to observe the terms of their lease and to prevent a reduction of the rental, reserved in the lease, is apparent.
Returning to the allegations of the amended complaint, I deny
that I have any intention whatever to effect any sale or disposition
Navigation Company, or
of the stock of the Oregon Railway
to encourage, or countenance, or permit any such sale or disposition of said stock, except in accordance with the plan of issuing
preferred stock of the Oregon «& Transcontinental Company
secured by the pledge of its Navigation stock which I have already
outlined in my first affidavit in this action, if that plan should meet
with the approval of the stockholders of the company at its annual
meeting on the 17th of June. There is no possible foundation in
any act or statement that I have ever done or made for the attacks
I stand as I believe
that have been made upon me in this action.
more than any other man in this community, as the one who has
Transcontinental
most at heart the interests of the Oregon
Company, and of the Oregon Railway <to Navigation Company ;
I am the founder of both, and I feel more than any one else possibly can the duty which devolves upon me in this emergency,
to protect and defend their interests against the attacks of their
Transcontienemies. As I have already stated, the Oregon
nental Company has a l»rge floating indebtedness, part of which
is in the form of demand loans, secured by the pledge of its holdNavigation stock and other securiings of Oregon Railway
Those loans are made upon the usual terms, requiring that
ties.
the value of the securities deposited should always exceed by a
certain margin, at their market quotations, the amount of the
loan.
This liligition and the disclosed intentions of Elijah
Smith and his confederates, the President of the Short Line and
Union Pacific companies and others, to attempt to control the
approaching elections of the Oregon Transcontinental and OreNavigation companies, and to cut down the rental,
gon Railway
reserved in the lease, have had a depressing effect upon the market
Navignlion Company's stock,
value of the Oregon Railway
Transcontinental
which makes it neces,sary that the Oregon
Company should be at liberty either to change its dtmand loans or
to make further deposits of its Navigation stock to preserve the
usual marginal difference between the securities and amount of the
loan.
It is not true, as the plaintiffs would have it inferred from
their versions of certain conversation with Gardiner M. Lane,
Transcontinental Comthat the cash resources of the Oregon
pany are adequate to provide for its floating indebtedness without using its Navigation stock. I therefore ask that the injunction herein, if not vacated altogether, be modified in so far as it
prevents the officers of the company from protecting its credit by
Navigation Company's
ihe pledge of the Oregon Railway
stock to secure temporarily its floating indebtedness.
which
have been made upon me in this
In view of the attacks
action, I feel it my duty to disclose and emphasize the real purpose of the combination which has been formed against the interests of the. majority stockholders of the Oregon
Transcontinental Company, and of the motives which underlie it.
I repeat
! that the telegrams which the plaintiffs
in this action have disclosed sent by S. B. Willey, the Secretary and Comptroller of the
Navigation Company, to Elijah Smith and
Oregon Railway
Charles Francis Adams, dated the 10th and 11th days of May,
1889, show that Elijah Smith and Mr. C harles Francis Adams
and others are associated in a desperate attempt to gain control of
Transcontinental Company and the Oregon Railthe Oregon
Navigation Company, at the approaching annual elecway
tions, and are now actually contemplating the bringing of a suit
in Portland for the appointment of a receiver of the Oregon
Transcontinental Company, with the idea of having the " right
man " appointed to vote its holdings of the Oregon Railway
Navigation Company's stock at the meeting of the last-named
company' and thus to control its election. As to the motives
which arc influencing Mr. Smith in his action, I refer to the
lecords on file in this Court which show that a proceeding for
contemjit of this Court in the suit already referred to, instituted
by the Oregon & Transcontinental Company and others against
himself andhisassociates as directors of the Oregon Railway
Navigation Companj' for fraudulent breaches of trust in misusing
the funds of the company, have been begun. That action was
brought to restrain him and his associates from using the proNavigation Comceeds of the bonds of the Oregon Railway
pany in the reckless building of competitive lines in Washington
and Idaho Territories, at the instigation of the Union Pacific and
Short Line companies, in violation of the contract obligations of
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
his
company.
No
other
comment need be made upon
the
manner
in
which he
performing their duties as directors of
Navigation Company than is contained
in the conclusion of the opinion rendered by Mr. Justice Patterson in that case in December last, in which, after a long review
of the facts in granting a continuance of the preliminary injunction issued by Presiding Justice Van Brunt, he says
" What immediate or prospective advantage is to be derived
by the Oregon Railway & Navigation Company by building
the bridge and branches has not been made apparent, but it is
clear that millions of dollars of that company's money would be
spent, and what is worse, spent in what Mr. Adams has terms i a
and
his confederates are
the Oregon Railway
&
:
"
:
May
THE CHRONICLE
35, 1889.]
war of coDBtniction, which hu has characterized
as a
'
folly almost lunouiitiag to a crimu.' It is not a siiinck-nt answer to Ibis
to say lliat tlio sliareholdL-rs get all tlicy are entitled to, namely,
the rontul of 6 per cent upon their f harcM, and th<'refore they are
not injured. The lease may be terminated by dcrnult of the
and
plain that Itie guarantee of the Union Pacific
a precarious seeuritv, especially in view of its relation of tbe Government of the United States, and provision is
made in the Short Line lease fur the contingency of the invalidity
of tlml guaranty l)eing declared.''
With this decision of Judge Patterson against him, threatened
in thai suit with a personal liability for all the money of the Oregon Ktiilway & Navigation Company which he has uulawrully
expended, and wiih proceedings for contempt of Court inipencfing over him, Mr. Smith has joined with Mr. Adams and the
Union Pacific Company and others in the attempt, by legal prolessee,
Company
BJona
M the
exaculive
699
commitue
of this comtMiir ihkll deter-
mine.
On May
7th I reoeived • telegram from Mr.
which a copy t« hereto uiDeztd, msrktd U.
TyiKUk of
it is
is
Portland, Okroom, May 7tb, 1869.
IIrnrt ViLtARD, Mills Building. New York Ciiv
Regular board of directors meeting to-day. Eight direciora
present.
Carried out whole programme exactly as prescrlbeil
:
By-laws, section 21, amended as directed. Resolution concern^
ing executive committee passed as sent, except that wc made flre
members Instead of six, namelv Villard, Colby, Hoyt. Bull
and SpoiTord.
Proxy resolution patied as sent. RfsolutUm
closing stock books passed as sent. Brsyton Ires's resignation
accepted as of May 1, with complimentary resolutions. Ifort
elected Vice-President. No sew director in Ives's place.
Sale of
8,000 Oregon & Transcontinental by President at market price
approved.
Meeting adjourned until tomorrow, and will be kept sliTe.
Secrecy enjoined, and will be probably observed. Joseph Simoo
and Bellinger arrived late, after bv-laws had been amended and
executive committee changed. Itaey are ignorant on these two
points, and thev ask no questions about action taken previous to
their arrival.
Board of directors ratifl«d to-day the action of
executive committee of Feb. 27, April 10 and April U.
T. H. TYNDALE.
On May 9th I sent Mr. Tyndale a telegram, of which • copy
"
is hereto annexed marked
C."
:
ceedings or otherwise, to obstruct the elections of Directors, both
Navigation Company and of the Oreof the Oregon Railway
gon & Transcontinental Company, and thus to put himself in a
position to stop all litigation against him and to reduce the
rental reserved to the Navigation Company in the Short Line
ka«e.
All I ask in this controversy is that the Oregon
Transcontinental Company shall be permitted to pursue its lawful business
and to protect its own property, and to take such action in regard
to that property as the majority of its stockholders may for themselves decide -at the annual meeting on the 17th day of June.
After the reading of the foregoing affidavit, Mr. Beaman, acting as Mr.Villard's personal representative, laid before the Court
the letter press copy book of the defendant, and submitted a
number of copies of telegrams which show that there was no inNew York, May 9, 1889.
tention on the part of Mr. Villard to issue additional Oregon
T. H. Tyndale, Portland, Oregon
Transcontinental stock in advance of the meeting of tLe stockSubmit following to George if Willisms, and, if no legal obholders, as the plaintiffs alleged, and which prove that the asperjection, pass resolution substituting it for section
of by-laws
sions cast upon him by Messrs. Elijah Smith and Edward R. Bell "
No stockholder shall have the power or right to examine any
have no foundation in fact. Mr. Beaman said in substance that
of the books of the company without the consent of stoclcholdwhile, on the information that the plaintififs had as to the characers of record owning 25 per cent of the stock.
ter of the telegrams sent by Mr. Tyndale, it was not unnatural
H. VILLARD.
that they should make an application to the Court for an injuncOn May 10th I received a telegram from Mr. Tyndale, sent to
tion, he felt sure that Gen. Swayne of the plaintiff's counsel, on
Paul Schultze, one of the vice-presidents of the Orc^n
seeing Mr. Villard's letters and telegrams to Mr. Tyndale showTranscontinental Company, of which a copy is hereto annexed,
ing that the latter had acted against Mr.Villard's express instrucmarked D.
tions, and that, so far from desiring secrecy to bo preserved, Mr.
"D."
Villard had preferred that it should not be, and Mr. Villard's
express statement, telegraphed on Sunday, more than a day bePoRTLAWD, Oregon, May lOtb, 1889.
fore the injunction was served, that he had no intention of issuing Paul ScnuLTZE, care Northern Pacific Ry. Co.. New York.
any preferred stock in advance of any meeting of the stockholdC. W. Hanson is elected a director in place of Ives, resigned ;
ers, they would bo satisfied that their present proceedings were will explain by letter.
unfounded and would be willing to drop them.
T. H. TYNDALE.
On May 10th I received a telegram from Mr. Tyndale, of
Copies of these telegrams were arranged in form of an affidavit
which a copy is hereto annexed, marked E.
which Mr. Beaman presented as follows
&
&
&
:
M
:
&
:
«
Telegraphic Correspondence.
SUPREME COURT, NEW YORK COUNTY.
Elijah
Smith and
Edward R. Bell against The Oregon
Company and others.
&
Transcontinental
City and County of New York, ss.
Ilenry Villard, being duly sworn, deposes and says
I am one of the defendants herein and have already
E.»>
P0RTI.AND, Oregon, May 10, 188>.
Henbt VrLLARD, Mills Building, New York.
Resolution amending section 32, by-laws, disapproved by Wil
liams, also objected to by Simon and by Bellinger, but I will
put it through if possible this aflernoon.
On May lOlh I received another telegram frosa Mr. Tyndale,
copy of which is hereto annexed, marked F.
:
affidavit.
—
On May
I telegraphed to T. H. Tyndale, at Portland, OreTranscontinental Company, as
gon, Secretary of the Oregon
per copy of telegram annexed, marked A.
&
"A."
T
"
made an
Tyndale, Esq., Portland, Oregon.
Pass following resolution
Whereas, The authorized capital stock of this corporation is
and
fl.xed by Its charter at the sum of $50,000,000
Whereas, Only $10,000,000 of common stock has been issued,
and it is desirable to increase the capital stock by issuing the remaining $10,000,000 of stock, and for the purposes of the business of this company to make such additional issue of $10,000,000 preferred stock, with a guaranteed dividend of six per cent
per annum, it is hereby
Resolved, Tliat the capital stock of this corporation, the Oregon & Transcontinental Company, be increased by the issuing
of $10,000,000 of preferred stock, and that a dividend of six
per cent per annum upon such stock be guaranteed by this company, and for the purpose of securing to the purchasers of such
stock performance of such guaranty, it is hereby further
Resolved, That a deposit or pledge or mortgage of the shares
of stock of the Oregon Railway & Navigation Company owned
by this company be made, upon such terms and conditions as
shall be approved by the executive committee of this company,
and full power is h«reby conferred upon the President or First
Vice-President and .\8sistant Secretary and executive committee
of this company to issue the said $10,000,000 of stock as preferretl stock, to execute in the name of this company a guaranty
of a dividend of six per cent jwr annum thereon, and to secure
such guarantee by the deposit, pledge or mortgage of said
shares of stock of the Oregon Railway & Navigation ComII.
:
F.»>
Portland, Oregon, May
10, 1889.
Mills Building, New York.
Meeting of board of directors tliis morning passed resolution
issuing $10,000,000 preferred stock, and authorizing you to sell
same, in exact language as sent by you. Secrecy enjoined, but
very doubtful better consummate quickly. Is there any hurry
Henry Villard,
;
about mailing minutes
On May lith I received another telegram from Mr. Tyndale,
of which a copy is hereto annexed, marked G.
":'
;
this company in such manner and form and under such condition as the executive committee shall determine.
And it is further
Resolved, That the President of this company be, and he
hereby is, authorized to sell tlie said preferred stock at par, and to
pay to the bankers, corporations or persons, through or by
wkom the same may bo sold or placed, such reasonable commis-
pany owned by
Portland, Oregon, May II, 1889.
Mills Building. New Y'ork.
At stormy meeting of board of directors this afternoon we
pas.sed resolution amending Eection 82 of bylaws as directed.
Bellinger and Simon in open opposition to you. and declined to
Tak«
Both on record against resolutions.
observe secrecy.
your action as quickly as possible, as legal steps against it are
Get those two out of tlie board of directors if you can.
certain.
On May 12th I sent a telegram to Mr. TyndiUe, of which a
Henry Villabd,
copy
is
hereto annexed, ma*ked H.
"11."
New
York, May
12, 1889.
T. H. Tyndale, Portland, Oregon.
Sorry you forced, by law, resolution through, contrary to my diCode,
rect instructions not to do so if Williams objected. OnMon
chapter 7, section 12, makes it clc.ir that the action U illiirat. snd
v.
therefore section 82 of by laws must be restored
1»
must not make n
I appreciate your leal, but we
my
make it easy for you you may say that you iniMimtorstiKul
The idea was of petting IcKal opinion and tifcn
inslrtictions.
meeting. Tberw
submitting change of by laws t
^lre annual elecwas no intention of issuing pri
Forgoodreay.
,
tion, as wc are sure of carfjing
intentions resons. we rather wish the other side to know our
_
garding ttock issue.
i
1
On May
12lh I received a telegram
is hcicto anaexed.Jmirkcd
which a copy
f*«m Mr.
I.
f
THE CHRONICLE
700
[Vol.
XLVin.
minated
Portland, Oregon, May
11th, 1889.
To Hbnrt
Villard, care of C. A. Spofiford, 220 West 59th
N. Y.
Power of attorney one share O. & T. in name Bellinger was
mailed May 3d, addressed to you.
T. H. TYNDALE.
'On May 13th I received a telegram from Mr. Tyndale, of
Vhich a copy is hereto annexed, marked J.
Street,
"J."
Portland, Oregon, May 13th, 1889.
Villard, 35 Wall Street, N. Y.
By-law, resolution of 10th, rescinded on ground of misunder-
To Hknrt
Section 32 restored as before.
standing.
T. H.
On May
TYNDALE.
13th I telegraphed Mr. Tyndale, as per copy hereto
annexed, marked K.
"K."
May
13th, 1889.
T. H. Tyndale, Portland, Oregon.
Keep minutes till you hear from me.
H.
On May
16th
I
VILLARD.
telegraphed Mr. Tyndale, as per copy hereto
Bnnexed, marked L.
"
t,."
H. Tyndalk, Portland, Oregon.
Yours of 7th instant received! Mail minutes referred to immediately to Edes.
'T.
H. VILLARD.
a telegram from Mr. Tyndale, dated
17th, of which a copy is hereto annexed, marked M.
This morning
^ay
I received
» M."
Portland, Oregon, May 17th, 1889.
Villard, 85 Wall Street, N. Y.
At meeting of Board of Directors this morning, eight directors
{)resent.
We passed preambles and resolution ia exact language
as received with Edes' letter of 6th, conferring upon the President
full discretionary power and authority to do ml things up to limits
of company corporate powers. Joseph Simon and Bellinger voted
To Henry
eo.
T. H. TYNDALE.
'The copies of telegrams I have hereto annexed, were some of
them in part sent in cipher, but the copies I have hereto annexed
are correct translations of such cipher telegrams. I have annexed
hereto copies of all the telegrams I have received from Mr. Tyndale, or any representative of the Oregon & Transcontinental
Company, in Oregon, since the 7th day of May, and I have added
to this affidavit copies of all the telegrams that I have sent to Mr.
Tyndale since that period, which I understand, and which I am
advised by counsel, have any bearing upon the questions at issue
in this motion. I am ready to produce in Court the original telegrams received from Mr. Tyndale, and my press letter book in
which my telegrams have been copied
The telegraphic correspondence hereto annexed shows that before the injunction herein
me,
served
upon
on
Monday
afternoon.
was
May 13th, I had, in
my telegram to Mr. "Tyndale of Sunday, May 12th, repudiated or
directed him to rescind the resolutions that had been passed contrary to Attorney-General Williams' advice and to my instructions,
and that at the same time I distinctly stated to him that there was
BO intention of issuing the preferrecf stock before the annual election,
and that
I also in effect
told
him
that, instead of desiring
proceedings in regard to the preferred stock should be
secret, we preferred that they should be known.
On Saturday, May 11th, I was not at my office, but was at my
"house at Dobb's Ferry. On my return to my home in New York,
on Saturday evening. May 11th, I found the telegrams of May
10th, from Mr. Tyndale, and of May 11th, marked respectively,
E, F, and G. On Sunday morning, May 12th, I sent to Mr.
Tyndale the reply marked H.
[Signed]
VILLARD.
Subscribed and sworn to before me,
thU 17th day of May, 1889.
f
L. R. Kidder,
•that the
HENRY
|
J;l. s.]
Notary Public,
New York County.
After a brief discussion between counsel on both sides. Judge
iBarrett decided to vacate the order for Mr. Villard's examinatton.
J.t was then agreed unanimously between counsel for both
should be practically suspended
«mtil the annual meeting of the stockholders of the company on
the 17th of June, and that the defendants should be permitted to
^proceed with their original intention to take all the preliminary
steps necessary for the submission to the stockholders' meeting of
the question of issuing preferred stock, and that in the meantime, the Oregon & Transcontinental Company should be at full
liberty to use its Oregon Railway & Navigation Company's
-stock for its ordinary business purposes.
i)arties that the present action
AOREEMENT OF THE THREE PRESIDETVTS.
The
action,
unsubstantial cliaracter of the plaintiffs' charges in this
the- real reasons which led to the plan of obtaining the
and
Approval of the stockholders to the issue of preferred stock can
"best be illustrated by a brief history of the negotiations which
iiutTe been pending for some time— and which were abruptly ter-
in April last by the action of Mr. Charles Francis Adams,
President of the Union Pacific and Short Line companies— looking to a complete settlement of all the matters in controversy between the Northern Pacific, the Union Pacific, the Oregon Railway & Navigation and the Oregon
Transcontinental companies in the Pacific Northwest.
For some months negotiations looking to a settlement of all the
differences and questions relating to the construction and operation of the railways of the Northern Pacific, Union Pacific, Short
&
Line and Oregon Railway & Navigation companies in Washington and Idaho Territories, north and east of the Snake River,
and in the territory north of the Columbia River, to the town of
Kalama, on the Pacific Division of the Northern Pacific Railroad,
were pending between the several companies interested and the
Oregon & Transcontinental Company, which resulted some
time prior to April last in the substantial approval of what is
known as the " Arbitration Contract," by which it was provided
that five managers should be appointed in the interests of the Short
Line, Union Pacific and Northern Pacific companies, who should
have power to determine all questions as to the operation or management of the property, or the traffic or business thereof, arising
under the Navigation Company's lease, and in relation to the business of any of the roads within the territory mentioned, and in
relation to the freight or passenger traffic from or to points common or competitive to the systems of the Union Pacific and
Northern Pacific Companies, and to determine all differences of
every nature and description between the Northern Pacific Short
Line and Union Pacific companies, relating to the construction
of all roads promoted by either of the companies mentioned
within the territory refeiTed to.
Provision was made for the exercise of the voting power upon the stocks of the branch roads in
the territory referred to by the managers under the Arbitration
Contract.
This contract was substantially approved by the executive committees of the Short Line and Union Pacific companies, and by the executive committee of the Northern Pacific
Company, subject to the proviso that the Oregon & Transcontinental Company should place its stock in the Oregon Railway
& Navigation Company in the hands of trustees in a manner to
provide for the exercise of the voting power thereon during the
continuance of the Arbitration Contract by the managers under
that contract.
Thereupon the executive committee of the Oregon & Transcontinental Company devised a plan which has
been called the " Financial Plan connected with the Arbitration
Contract," which provided for a conditional sale by the Oregon
& Transcontinental Co. of the $12,000,000 of stock of the
Oregon Railway & Navigation Company, held by the Oregon
&
Tran.scontinental Company, to the Northern and Union
Pacific companies equally; as those companies did not have means
to pay for this stock in cash, the plan further provided that a deposit should be made of the stock with a Trust Company in
York, and that the Oregon
Transcontinental Company should
issue its five per cent collateral trust mortgage bonds against
such deposit, issuing one bond for $1,000 against each ten shares
of stock so deposited, and that the Northern and Union Pacific
companies should guarantee the deposit in the Trust Company
quarterly, of a sum sufficient to provide for the payment of quarterly dividends at the rate of six per cent per annum upon the
New
&
stock of the Navigation Company so deposited.
It was then
provided that the Trust Company, out of this money, should pay
the interest on the five per cent collateral trust mortgage bonds
of the Oregon
Trans3ontinenta] Company and should use
the balance of one per cent as a sinking fund for the redemption
of the said bonds.
The practical operation of this plan would
have been this, that the Oregon & Transcontinental Company
would have been sure to realize the par value of its holdings of
Oregon
Railway
Navigation Company's
stock while
the sinking fund would have operated in about forty years
to extinguish the collateral trust bonds, and then the title to the
stock would have vested in the Northern Pacific and Union Pacific companies equally; in the meantime, the success of the
Arbitration Contract would have been assured by means of the
vesting of the voting power on the Navigation Company's stock
in the hands of the five managers and their successors, appointed
under the terms of the Arbitration Contract.
After this so-called financial plan had been perfected by the
Executive Committee of the Oregon
Transcontinental Company, it was submitted to the President and executive committees of the Short Line and Union Pacific companies, and their
approval was obtained. All of the necessary papers to carry out
the plan were prepared in April last, including the Collateral
Trust Mortgage, to be executed by the Oregon & Transcontinental Company and the Contract of Guaranty to be entered into
by the Northern Pacific, Union Pacific, Short Line and Oregon
Transcontinental companies and some Trust Company to be
selected.
The assent of the Northern Pacific Company to the
plan, as perfected, was substantially secured, and the only obstacle in the way of carrying the plan into effect immediately, in
April last, was the attitude of opposition assumed by Elijah Smith
and some of his fellow directors of the Oregon Railway & Navigation Company; they declined either to assist in this plan of
settlement or to resign their positions in the Navigation Company,
and to permit others to succeed them with whom it would have
been possible to negotiate. It was, therefore, perceived by the
management of the other companies that, until the annual election
in June, when it was expected to remove Smith and those acting
with him from their positions, that some measure should be taken
to preserve the existing status and prevent any other causes of
irritation from arising in the meantime which might operate to
prevent the carrying out of the plan referred to. Accordingly,
what is known as the " Presidents' Agreement," was prepared by
Transcontinental Company, with the
counsel for the Oregon
&
&
&
&
&
f
Mat
25
1869.
THE CHRONICLE.
|
co-operatioa of the counsel of the Unijn Paciflc and Short Lina
companies, to be sigtiid by the Picsident of the Northern Paciflc,
Union Paciflc, Short Line and Oregon A Transcontinental
Compiinies, which provided in substance that the presidents of
the several companies approved of the arbitration contract and
financial plan mentioned, and agretd to use their best efforts to
secure the approval of their several companies to the said contract
and Snanciil plan, and the various instruments necessary to carry
and that pending the reconstitutlon of the
the same into effect
Oregon Railway & Navigation Company's Board, the several
initr\iments necessary to carry the settlement into clTecl shouhl
be executed and delivered in escrow to a Trust Company in the
city of New York, to be agreed upon, which should have power
to finally deliver the instruments as soon as the Board of DirectNaviga'ion Company had been
ors of the Oregon Railway
reconstituted at the annual election in June, and as soon as certain modifications of detail in the Navigation Company's lease to
the Short Line, which would be in the common interest of all
And providing furtlier, that
parties to the lease, had been made.
in the final carrying out of the plan the existing status in the territory referred to In the arbitration contract should be preserved
so far as pofsible, and the properties of the several companies opcrated as nearly as might be in accordance with the provisions of
the arbitration contraci. And providing further, that the pending
litigation between the Oregon & Transcontinental Company and
others, and the directors of the Oregon Railway & Navigation
Company should be suspended.
This president's agreement, on the 12th day of April, had tl.e
approval of the President of the Oregon
Transcontinental
Company and of the Northern Pacific, and the President of the
Short Line and Union Pacific companies had also expressed his
approval of it, subject to some slight modification of detail, which
special committee of the
could easily have been adjusted.
Transcontinental Company, consisting of its President
Oregon
and two members of its executive committee, h id been appointed
In reto take charge of the duty of completing thij negotiation.
sponse to a telegram from them, on the 18th of April, advising
Mr. Adams, President of the Short Line and Union Pacific Companies, of the desire of the committee to cairy this plan of settlement into effect, 'which telegram was called forth by a rumor that
he had expressed himself in hostility to the plan of settlement,
Mr. Adams wrote the letter of the 12th of April, which has already
been referred lo in the second aflidavit of Mr. Villard, printed
above, and also enclos-'d a copy of it to the Northern Paciflc
His statements made in that letter as to the earning
Company.
l)Ower or want ef earning power of the Navigation Company,
made it impracticable to obtain the assent of the Northern Pa
ciflc Company to one of the most essential features of the
plan, which was the assumption by the Northern Pacific
Company of one hilf of the rental payable under the Short Line
;
&
&
A
&
Jease.
WherM*. a flnandal
sary to carry the same
reived the approval of
contincntal Company,
701
plan, togetb«r with th« laMntaeaU wttmInto effect, haa been prepared and ha* r»-
the executive committee* of the TraMthe Union Companr and the Bhort Ua»
Company, which proviiles for the prici; ana tarma of lala br tha
Transcontinental Company of all It<i intereat in tha capital stock
of the Oregon Railway & Navi^tlon Company, true OopUa of
which financial plan and Inxtrumeata are hereto annexed and
marked S<'hedules
and
Whereas, it Is provided in the aald " Arbitration Coolrad "
that the parties thereto (hall unite and co-opaimte In obtalaiag
certain modifications and alterations in the Indanture of laaaa
now existing between the Oregon Railway A Navlmitlon Com
pany and the Short Line Company, which roodiScatiuns and
alterations are embodied in a modified indenture of Inwe, a
true copy of which is hete'.o annexed and marked SclieduJa
;
;
and
Whereas, it is deemed desirable that the said modified indenture should be executed simultaneously with the said "Arbitration Contract ";
Whereas,
and
has I>een informally agreed upon by the partiM
hereto that the two persons hereinafter named should be elected
as members of the Beard of Director* of the Oregon Railway
Navigation Company as representatives of the interest* of the
Short Line and I nion companies as soon as such election can be
brought abou' and
Wliereas, considerable time must neceasarily t>e occapied in
completing and perfecting the detail* of the aald flnandal plan
and of the various instruments necessary to carry the same into
effect, and in securing the final consent of the Boards of Director*
of the said several corporations to the execution and delivery of
the said " Arbitration Contract" and financial plan and instruit
A
;
ments; and
Whereas, by reason of the unfriendly relations existing between
certain of the companies named above on the one liandand certain of the present directors and officers of the Oregon Riilway
& Navigation Company on the other, it may be impossible to
bring about the execution of the said modified indenture of lease,
schedule and the election of the s^id two representatives of tlie
Short Line and Union companies to the directorate of the Oregon
Railway & Navigation Company until the next annual elecUon
of the said last-named company, to be held in the month of June,
1889, in the city of Portland, Oregon; and
Whereas, the parties hereto anathe several corporations represented by them, desire to settle, adjust, and harmonize all litigations, differences and difficulties now existing between them in
regard to their relation^ to each other, and to the development of
their branch lines in the State of Oregon and the Territories of
Washington and Idaho; and
Whereas, the perfection, execution and deliverj' of the said
contract and instrument already substantially agreed upon,
and the matters hereinbefore recited, are all that remain to be
done and completed in order to insure a complete and satisfactory settlement and adjustment of all the said disputes and
became impossible, in consequence of Mr. Adams' letter, to
further on the line indicated in the proposed president's agreement, and no other course seemed open to the Northern Pacific Company iu view of tue change in the attitude of the differences;
Now, therefore, the parties hereto, for the purpose of expreasPresident of the Union Pacific Company, than to reconsider its
approval of the arbitration contract, wh ch was done about three ing formally their due assent to and agreement upon the aald
"
and all the substantial
Arbitration Contract," Schedule
weeks ago.
The repudiation by Mr. Adams of the plan of settlement, which features and provisions of the said financial plan, Schedulea
purpose
of
avoiding
for
tlu
any mLsundetstandand
he had substantially ajjreed to, was followed by his open alliance
with Elijah Smith and the St. Paul Minneapolis & Manitoba ings between their respective corporations during the time which
Railroad Company, to obtain control of the Oregon & Tians- will necessarily be occupied in perfecting the details of the said
continental Company, with the apparent ultimate design of con- financial plan, including the form of the Collateral Trust Morttrolling the Northern Pacific Company as well, and thus placing gage, which is a feature thereof, and in securing the final aaaent
It
do anything
,
,
himself in a position to control the entire situation in the Pacific
Northwest with reference to the interests of the Union Pacific
Company.
The following is the draft of the agreement in Question, which
was to be entered into between Charles Francis Adams, President
of the Union Pacific Railway Company; Henry Villard, President
of the Oregon & Transcontinental Company; and Thomas F.
Oakes, President of the Northern Pacidc Railroad Company, and
which Mr. Villard and his associates in the Transcontinental
Company
favored:
day of February,
This Agreement, made this
by and between Charles Francis Adams, President of
the Union Pacific Railway Company (hereinafter called the Union
Company), and also President of the Oregon Short Line Railway
Company (hereinafter called the Short Line Company);
,
Henry
Villard, President
of the
Oregon
«&
Transcontinental
Company (hereinafter called the Transcontinental Company); and
Thomas F. Oakes, President of the Northern Pacific Railroad
Company (hereinafter called the Northern Company); witnesseth:
Whereas, the Union Company and the Short Line Company
have heretofore approved of a certain instrument called the "Arbitration Contract," by and between the said Northern, Short
Line and Union companies, and certain persons designated therein
as managers, a true copy of which contract is annexed hereto
and marked Schedule "A;" and
Whereas, the Northern Company has approved of the said
" Arbitration Contract," conditionally, however, upon the perfecting and carrying out of a financial plan wherebjr the Tninscontinental Company shall sell a controlling interest in the capiul
stock of the Oregon Railway & Navigation Company, and
whereby the stock so sold shall be deposited with a trustee upon
such terms and conditions as shall provide for the exercise of the
voting power thereon, in the same manner as is provided in the
said "Arbitration Contract" for the exercise of the voting
power upon the capital stock of the Washington & Idaho Railroad Company, the Oregon Railway Extensions Companjr and the
Other railway"companies referred to therein; and
of the Boards of Directors of the said several corporatiooa,
represented by them to the said "Arbitration Contract" and
financial plan, and their authority to execute the same, and to
procure the necessary action by the Oregon Railway ft
Navigation Company, which is required for the complete
carrying out of said "Arbitration Contract" and financial
plan, hereby mutually covenant and agree with each other aa
follows, to wit:
1. The parties hereto hereby declare their approval of the said
" Arbitration Contract " as a perfected in.strument ready for execution and delivery simultaneously with the execution of the instruments necessary to carry the 8»iid financial plan into effect;
also declare their approval of all the essential feature* of taid
hereto an,
financial plan, as embodied in Schedules
nexed, and all the features thereof, subject only to such elaborabe
agreed
upon,
as
may
and
hereby
tion and perfection of details
agree to recommend said arbitration contract in its present form
and said financial plan as soon as ita details are nerfec:ed to tha
Board of Directors of their rwpectlTe corporatlona, and to naa
their best efforts to secure the necessary authority to execute and
deliver the same on behalf of their reapective corporation* a*
and
speedily as
may
be.
In view of the possibility that the action on tha part of Tha
Oregon Railway & Navigation Company neceaaarjr to the com2.
plete
fulfilment of the said arbitration contract
and
financial
plan cannot be obtained in advance of the annual meeting of that
company on the 18th of June, 1889, the partiea hereto hereby
further covenant and agree to use their best efforts to cause tha
respective conwrations representeil by tbemtoenteriotoan agreament which shall l)c binding and irrevocable until the 1st daj of
July, 1880, and which shall provide substantially as follow*, to
wit:'
(a.) For the immediate execution and delivery in eacrow to
some individual orTnut Company, to be agreed upon, of theaaid
arbitration contract and financial plan, and the sararal Instrsmenta nocaasary to carry the same into effect
_
THE CHRONICLK
702
(S.) Conferring authority upon the depositary of said executed
instruments to deliver and exchange the same to and between the
said several corporations, parties thereto, whenever, and as soon
Oregon Railway & Navigation Company shall have
as, the
executed and delivered to the Oregon Short Line Railway Company the indenture modifying the lease now existing between the
said two companies, which is hereto annexed, and marked
and shall have elected as members of its Board
Schedule
of Directors,
(c) Providing that the said arbitration contract and financial
plan and connected instruments shall take effect immediately
upon the said delivery and exchange by the said depositary of the
said original indentures without further reference to or authority
,
from the
said corporations, parties thereto.
Providing that in case of any failure to carry out the terms
and purposes of the said agreement resulting from causes beyond
the control of the parties thereto, they, the said parties thereto,
shall, upon the termination of the said agreement by limitation on
the 1st day of July, 1889, be remitted to their legal rights and
remedies each as against the others, as they may exist at the
date of executing and delivering the same, and without change
or impairment by reason of or resulting from the said agreement.
(d.)
[Vol.
XLVin.
%ht ^ommzvcml Simes.
COMMERCIAL EPITOME.
Friday Night, May 24, 1889.
have come to an end, and
a cotsiderable interval may be e.xpected to elapse before any
The spring season may be
said to
important revival of business can be expected. An increased
export of wheat and corn, due to extreme low prices caused
by favorable crop prospects, is, however, one of the events of
the week. The speculation in cotton has been sluggish, and
the fluctuations of prices were within narrow limits. The
principal coal mining companies have ordered a small advance in the price of coal to the trade, and the work of coal
mining at the same time has been increased a little. Tho iron
markets continue depressed, and southern pig No. 3 has been
sold at |14 per ton. The first of a series of important auction
was held this week and went
Tho weather has been seasonabler
warm and rainy early in the week; cooler and dry toward
3. The parties hereto hereby further covenant and agree to use
their best efforts to preserve the status between the said several the close. The only unfavorable crop accounts are of drought
corporations represented by them as it now exists pending the injuring cotton in parts of the South, and frost injuring fruit»
execution and delivery of the agreement, in the last article dein some northern latitudes.
scribed, and until the 1st day of'july, 1889, and to that end to
Lard on the spot was dull and drooping unUl yesterday^
between
pending
use their best efforts to catise the litigation now
the said Oregon & Transcontinental Company and others and when at the decline there was more activity, mainly in primethe said Oregon Railway & Navigation Company and others to Western at 7*07}^@7*10c. At a partial recovery to day there
be suspended, and to remain in its present stale without impairwa9 little doing, and the close was quiet at 6 '550. for prime
ment of the rights of either party against the other in case of the
Western and 7-10@7-45c. for
final failure of said arbitration contract and financial plan; and city, 7-12^@7-15c. for prime
The speculation was at declining
also to use their best efforts to prevent any further litipition refined for the Continent.
sales of domestic cotton fabrics
off at pretty full prices.
affecting the said several corporations from being instituted during prices, until to-day a brisk demand caused an advance, miny
the period afore.=aid, and except as hereinafter in the next article
options selling at 7'15c. and October at 720c., but the close wa»
of this agreement provided, to cause all further railway construction to be suspended within the region north and cast of the Snake weak.
DAILY CLOSING PRICES OP LARD FUTtlRES.
River in Washington and Idaho Territories, lying between the
Satard'y. Mond' y.Iaesd'ii.Wecln'sd'y. Thursday. Friday.
Navigation Company and
main lines of the Oregon Railway
709
70.5
704
710
706
o. 7'11
Northern Pacific Railroad Company, and to cause the said June delivery
7-11
0.7 -13
712
707
7 06
708
several corporations to operate their existing lines of railway Jnly deliver*.....0.7-17
7-14
7-10
7-12
716
712
Auir.
delivery...
within the territory intended to be covered by the said " Arbitra- Sept. delivery.... 0.7-20
7-14
318
712
719
716
tion Contract " as nearly as possible in harmony with the proPork was dull until yesterday, when a better demand
visions thereof.
which was continued to-day, with prices showing^
&
sprung up,
And
whereas, the said "Arbitration Contract'" expressly
provides for the completion of the railroad of the Washington
Idaho Railroad Company to a junction with theCoeurd'Alene
Navigation Company, at the Coeur a'Alene
Mission Railway
4.
&
&
Mission; and
Whereas, it is claimed by tlie plaintiffs in the said suit by the
Oregon <fe Transcontinental Company and others against the
Oregon Railway & Navigation Company and others, that the
construction by the defemlants therein of the said railroad of the
said Washington & Idaho Railroad Company is unlawful,
and is prohibited by the terms of certain orders entered in the said
section on the 27th day of July and 28th day of December, 1888;
and
Whereas, it is claimed that the suspension of the work of con-
at |12 25@$12 50 for extra prime, $13 25®
|13 50 for new mess and $13 50@$15 for clear back. Cutmeat»
have continued irregular pickled hams are again dearer, but
bellies and shoulders are cheaper and more
close dull
active, the sales today embracing 20,000 lbs. pickled bellies,
12@11 lbs. average, at 6%@6^c., and 3,400 pickled shoulders
at 5i:(c. Quoted, pickled bellies, 6@8c.; shoulders, 5J^ (353^0.,
and hams, ll^@ll?^c.; smoked shoulders, 6(a6J^c. and hams
12i4@123^c. Beef is nominal at$7 forextra mess and $9 50 for
packet p^r bbl.; India mess steady at $13@tl4 per tierce. Beef
hams are in fair demand at $13 per blil. Tallow is firmer and
active ; 400,000 lbs. sold to-day at i.%(iiiA%c. Stearine steady
at 8%c., and oleomargarine at 7c. Butter is fiimer at 14®
some improvement
;
;
forcreameryand8i^@llJ^c. for Western factory. Cheese
quoted g@9c. for new State factory, full cream.
The market for coffee on the spot was dull and drooping,
and the quotation for fair cargo grade of Rio is reduced
to IS^^c. The sales to day embraced Rio No. 9 at 16c. in store,
and Santos No. 10 at 14c., c. «fe f., with a large line of Maracaibo at private price, but understood to be at a slight concesThe speculation in Rio options has been very dull
sion.
throughout the week prices slowly gave way early in the
FirH. That the completion of (he said line of the Washrngton week, but lattfrly made a slight recovery, but still dull,
& Idaho Railroad Company to the Coeur d'Alene Mission as closing firm, with sellers as follows
contemplated by the said "Arbitration Contract," shall not be Jane
17'15c.
16'95c. December
16 60c. Septcmlier
.Taiiuary
17'25c.
17'O.^ic.
Iti-TOo.
October
deemed or claimed by the plaintiffs to be a contempt of the in- July...
February
17-25C.
16-850.
17-lOc.
November
junction orders in said action, and which stipulation may be so August
framed as to preserve the respective rights and remedies of the
Raw sugars have been dull, but in the past day or two
parties to said action as they now exist in all respects, except in so prices have showed renewed strength on the statistical porfar as it expressly waives on the part of the plaintiffs any rights tion showing current supplies are much less than in May,
which they might otherwise have, found solely upon the breach 1888. Fair refining Muscovado is quoted at 63^c. and Cenor contempt of the said injunction orders involved in the com- trifugal at 7J^c. for 96 deg. test, with 700 tons of the latter
And providing,
pletion of said railroad.
sold to-day at 5 l-lGc. c. & f., for Boston. Refined sugars
That tlie remainder of the bonds which the Oregon are steadier, but not quotably dearer. Molasses has been
Second.
Railway & Navigation Company is entitled to have certiticd quiet, but closes steady at 39c. for 50 deg. test. The tea sale
and to issue against its branch line from Willow Creek to on Wednesday went off at steady prices, except that low and
Heppner, in the State of Oregon, may be delivered to tlie Oregon medium blacks were cheaper.
Short Line Railway Comiiany, from time to time and upon its
Kentucky tobacco is steady, with sales of 300 hhds., half
demand in the same form and for the same purposes as the for export. Seed leaf has been more active, and sales for the
demand and delivery of the $500,000 of said bonds heretofore week are 1,100 cases, as follows: 350 cases l!iS6 and 1887 crops,
delivered, provided the Oregon Short Line Railway Company Pennsylvania setd leaf, 10@14c. 350 cases 1887 crop, Wiscon100 cases 1867 crop. New England Hashall agree to make no further demands for the delivery to it of sin Havana, 10@12c
other bonds of the Oregon Railway & Navigation Company vana. 15@25c.; 150 cas'S 1887 crop, State Havana, 13@ 16c.,
until the 1st day of July, 1889.
and 150 cases sundries, 5J^@29c. also, 050 bales Havana, 68c.
In witness whereof, the parties hereto have hereunto set their @$1 10, and 300 bales Sumatra, $1 20@$1 95.
hands the day and year first above written.
On the Metal Exchange business has been dull. Straits tin
The abaadonmcnt of this plan of settlement, which was in no is cheaper, but closes fiim at20'40c. on the spot and 20 45c.
sense the fault of the Oregon & Transcontinental Company, for August. Ingot copper is dull at 12}4'c. Domestic lead
made it necessary for the managers of that company to devise has improved and closes at 3-g2}^c. Manufactured irons are
some other plan "of funding its indebtedness and establishing its more active.
financial policy upon a wise and permanent basis.
The question
Spirits turpentine declined ti 39c., closirg qu'et. Rosins
ae to wtiat that iiasis slwll be is one that the stockholders will be have been more active and closed firmer at |1 HJ(gH IO34 for
asked to pass upon at their ajjjiroaching annual meeting.
common. to good strained.
structing the said railroad during the period required to carry out
the provisions of this instrument and to carry the said "Arbitration Contract" and financial plan into effect would result in inflicting heavy losses upon whatever party should ultimately be
found responsible for the cost of such construction;
Now, therefore, the parties hereto hereby further covenant and
agree that they will use their best efforts to procure a stipulation
in said suit, providing:
18c.
is
;
—
:
—
;
;
;
.
May
.
.
.
.
.
THE CHRONK^LR
35, 1889.]
705
COTTON.
In addition to alKiro px|)<>rtii, onr telegranw io-niRht abo
Bta*
us the foUdwing ainouiitn of cotton on hlpboMtl, not
Friday, P. M., May 24, 18M.
cMrad.
at the ports nainml.
We
nd>t NimtUr flguna tor N«w Yore
The Movement ok the Crop,
indicatetl bv our teltxramii
whi(Oi arc prejMired for our -1
inl iinn liTMMin. Ctltil YiL. JL
from the Soutli to-night, is given below. For the week eiulinff LaraU>rt, 34 Ik-aver Street.
'
this evening the totiil receipts have reached 9,743 baleii,
against 13.487 bales last week and 33,411 bales the previous
Oh SkiphoarH, not tUart4—fvr
week; iiuikiiiK the total receipts since the Ist of .Sept., 1S.S8,
May 24. AT-
m
^^ ^^'
*
-
5,462,811 halo.s, against 5,344,755 bales for the same periinl of
1887-8, showing an increa^so since Sept. 1, 1888, of 118,056 bales.
SeetipU at—
Sal.
Wed.
Tuet.
JIfon.
Thuri.
Frl.
Oomtl-
Total.
New Orleans..
Mobile
Obarlexton
Havannnli
.
EIPiuo,
210
240
iJalvcstou
85
134
91
806
25
1,646
16
191
4
304
32
8
275
449
12
Sarannali
Brunsw'k, &c.
Charleston
Port Royal,<&c
WllmiiiKton
WasU'gton.&o
200
24
23
65
14
3
h'orfolk
114
Kew
i&c...
14
Orleans...
Mobile
766
275
3,410
329
92
Florida
222
45
21
West Point...
2
12
26
4
26
17
189
23
470
23
07
15
2
8
148
121
333
49
475
N'wp't N'a,Ao.
167
260
387
349
387
New York
300
97
Boc'ton
120
27
Baltimore
45
102
1.114
1,8701
Philadelpli'a.&c
Totals this week!
97
1,843
1,149
1,343
3,295
9,743
147
401
1,9541
1,109
For comparison we give the following table showing the week's
total receipts, the total since September
to-night, compared with last year.
1888-89.
Receipt*
Uay
and the stock
1887-88.
Stick.
TAur
Week.
New Orleans.
Mobile
Florida
Savannah.
..
Bruns.jabc.
Charleston ..
P. Royal, &c
Wilmington
Wash'tn.&o
Norfolk
Point.
NwptN.,<Scc
New Y'ork.
..
Beaton
Baltimore
.
.
&c
Phirdel'a,
Totals
766
275
Since Sep.
1,
1888.
Smee
Tni$
Week.
1,
485
669,240
22,632
Sep.
1887.
1889.
650,284
1,497
3,410 1,667,172
92 208,935
27,010
329 810,727
132,099
470 379,563
23
15,198
6
151,714
4,368
16'
483,208
269 409,804
387 135,741
349 126,863
1,149 101,000
1,843
67,061
147
50,476
6,475 1,714,192
345, 203,366
24,137
766j
1,923 852,270
145
74,972
407,576
1,264J
45
15,773
38 167,389
4,925
3,773 474,281
2,596 398,320
1,931] 111,618
90,951
825]
84,636
2,552
2I3I
44,133
224
25,932
73,517
3,655
2,333
195,399
6,500
1,154
7,275
4,938
198,497
10,000
11,770
15,327
9,743 5,462,811
23,601 5,344,755
301,853
419.211
3,274
3,886
12,065
1887.
1886.
The
1885.
485
218
729
322
838
1,997
5,480
2,056
2,655
329
493
1,923
1,309
67
39
167
656
3,274
9,765
All others
3,488
3,773
4,527
4,725
Tot.thisweek]
9,743
23,601
Since Sept. 1
.
474
860
540
53
3,962
3,034
296
364
488
160
402
55
85
15
IS
1,662
8,178
1,631
723
687
457
194
663
i
Qreat
trom—
Galreston.
New
BrWn.
—
mm
2t,
Continent.
Low
3,278
Fair..
Britain. France
10,949
205,739 91.07B
?ae.l30 200,857
....
Orleans..
Mobile
60,4g(<
8aTanaah
B.-naswick
Cuarleston
1,44S
....
88,479
44,909
54,133
78,082
917.79S
1.449
WlimiDgtOD...
Norfolk
WeBt Point.
Kwpt Nw8, 4c.
171.098
96.837
6i8.7Se
ZISJi4l
•si.eou
41.023
.
Kew
Tork
BoBton
93.1
933
10,968
1.923
1S.93S
9,103
178
Baltimore.
rhUadelp'a,Ac
8,«es
S,79«
1,007
ToUl
ToUl I837.8S..
29,890
B,383
4i-7
4.086
8,946
11.542
6.362
25,740
56,375
»M0
Continent.
87.I27
STAINED.
9
rt4rt iift':t"tt,7'
9iu 0>i«
llO
10
i"']« |107j,
107],
,i"'i«
;10»j«
;»"'i«
""
10i4„ 101*,,
101*1,
ll'is ll'n 1I^«
I
I
10
11%
11%
11
117,)
12%
12%
11%
UT„
12%
12*1,
13»,,_
13*,, il3»i«
|
8U
8%
1
8i»i«
9\
13»u
MoalTaMi Wad Tk
I
»lb.. S'lg
Low Middling
8^
8»8
9''»u
8'«
9'»i#
8>4
8's
9'»i.
1
I
8<i
87,
91 'i«
io»»
,
8U
H%
9'^€
10% -.
jg^,«J^°?»^ 10^ 10%
SALK9.
The total sales and future deliveries each day daring the
week are indicated in the following statement. For the convenience of the reader we abo add a column which shows at &
glance how the market closed on same days.
Middling
I
•
HAKKBT AND
TbtaL
813.913
323.879
13,861
l!-3,45i
35,978 2,771.018 391,792 l,ai<,303
13»i«
Sat.
I
">•
'<^>
8»8
9'i6
12i<,« il2»,e ,12"i, ,1J«|«
!12%
'ia%
:
GoodOrdlnary
Sinct Good Ordinary
2i, ltM>,
!89.868
88,051
172.241
i»,66&
43.9ei
13,093
."
Middling Fair
SALM or
412.861 1,418,338
60.496
945.074
3,!05
53.S23
8»8
9lu »'l«
9
'10
9i»i» 10
'10% ,107],
lO'is
10'i« 107j,
lO's |10i4,. 101*1,
11% ll'is ll'm
'11% 11%
;ll»i«
ll»,« lll%
lliJ,,
111»„ 117g
ll'g
It's
:
,
I2I16 12>8
12%
8»8
"
Middling
ng
Good Middling
Good Middling
8,129
89„
]
Middling;
X
6,964
Oreat
Total
lb.
Ordinary
Strict (iood
Strict Low
.Midilllna
.Mlddllna
HodITsm^*'
Sat.
»
GoodOrdlnary
1,598
Wuk.
12„
1
GULP.
5,202
1. ISMS, to Mnti
Bxportsd to—
im im im
Ordinary
Strict Ordinary
22,790
Sept.
—
1011,»10lli, lOiii. 10li|.<101Ii<
lO'a 'lOi'if 10'»„ 10i»ie I0i»i, 101*,,
ll'ig It's Ill's
IIOr .11=s
lis
ll»ig Ill's 111=8
117g.
lliiigll's ll'g
ll^f
Ifs
"'
12*,«
;i2»„ ;i2»,, 125,«
I214
127g
1 2 l»i . 121»n>121»i> 121*1. 12l*i«
Middling Fair
Fair
Strict
to
ullSl
'10»8
GoodMlddllnK
Strict Good Middling
•
Exported
804,913
879,973
8481308
noB.Tae* We4 Th. Vrt.
V lb.; 8»n 8% 8% 8=8 8% 8%
8'»1» 8"„
8%
21*" 2L*"
9i»u
9\
8%
9H
lOa,,
10%
MIddlins;
The exports for the week ending this evening reach a total
of 35,976 bale.s, of which 29,830 were to Great Britain, 764
to France and 5,383 to the rest of the Continent. Below are
the exports for the week, and since Sept. 1, 1888.
Wuk Ending May
I.OMI
36.940
43,830
Sat.
Ordinary
Ordinary
Good Ordinary
Strict Good Ordinary
LowMlddllnir
^
_
fld
Strict Ixiw Middling
5402,811 5344,755 5168,288 5165,339 4701,361 4751,662
tfXBxpnrtt
1
—
Strict
1884.
6,475
Charr8t'n,&c
Wilm'xt'n.&c
Norfolk
yrt Point, ic
1
1
total sales for
UPLANDS.
we
1,041
345
7,734
—
3,410
92
..
3,659
9,596
8.463
The speculation in cotton for future delivery at this market
was dull and unsettled for tlie first half of the week under
review, and developed some irregularity as betwaeo this and
the next crop. There was also some preasore on May optiooa,
which ciused them to advance beyond the price for June,
nearly up to that for July. There were pretty general raiiw
at the South on Saturday and Sunday, but advene crop
accounts continued to be received and credited.
Foreign
markets were quite unsettled. The movement of the current
crop continued to show a great reduction from last year, A
slight upward turn on Thursday was contiaoed to-day, bat
business was very dull. There was very little selling, except
to close accounts, and there was sufficient demand, in the face
—
New
Savannah.
!
14,401
1
forward delivery for the week are 319,400
For immediate delivery the total sales foot up this week
2,454 11,102 bales, including 4,098 for export, 7,004 for consumption,
in transit. Of the above
balea
for speculation, and
17,206 were to arrive. The following are the official quotations for
each day of the past week May 18 to May 24.
Galv'ston, <tc
Orleans
Mobile
1
1,019
2,S88
None.
i
bales.
:
1888.
17,819
23,987
8.631
uplands.
4,454
be made with other years,
give below the totals at leading ports for six seasons
1889.
Total 1889
Total 1888
Total 1887
has met with a good demand for export and home consump125,090 tion. This is natural, as we hold about all that remains on this
11,584 side of the current crop. Quotations were advanced l-16c. on
Monday. To-day the market was firm at lli>^c. for middling
pin order that comparison may
Receipts at-\
New York.
Other ports.
5,706
120
683
.
A
1888.
2,680
.
of a weak Liverpool market, to cause hardening prices.
feature was the comparatively high price for May options, regarding which there are rumors of a " comer." Cotton on the spot
to
24.
Oalveston
El Paso.&c.
West
1888,
1,
.
GalveHtori
Norfolk.
SPOT MARKST
CLOSED.
88,315
2S2,114
100,747
Sat.
261.878
Tiie^.
.
Steady
Men Firm
sroT ahd tbahut.
OoHport.
I
luwtp.
2,148; 2,341
at ii«adr
Firm.
Wed. Finn.
Thiir.lFlrm
Fn... Firm.
k5.e37
950 175
4,098
7,004
iXMv
apet-'Tnm-i
I
uffn^itLJ IMsJ.
4,489
1.616
1,309
1,383
1,040
1,07»
ia.900
30.700
47.700
4»JK)0
aS,40(>
87,800
lUOtfaiMor
216.446
Totall
187.771
The dally .WIlTerles given above are acUMltr 4oUTer«4
pievloua to tliat on wWcO they are reported.
64.116
t-—l-—
«.»ii>
015
!
The Sales asd Prices or FVTUBS| are ahown by the
I
1
jng oompreh^psive table;
Um 4ar
fsjUow*
6
7M
Monday
Tuesday,
Sales, Wednes
Sales, Thursday,
Sales,
Closing Prices
Closin Prices
Saturda
Sales,
Sales,
Sales,
Closin Prices
Cloain
Prices
Prices
Prices
Closino-
OB
a'
total
total
u
paid
paid
May
(ran
21-
May
"lit
^1
(rang
to
?: M
p X
5'
23
a
;
OF!;.
1
1
•
M
'^
CS
9
r\Ob
.oo5
8
oo"
•
<ica
<*
t3S '"''»i
1
-4
1-*^
oc
5
oio
2
"
-)*^
ei^:
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MtD ^ oox o
-Jo
MM
ss & oo
WM
CiW
M
t»
5
"
"^
rfi
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o ^1 OCOO OOOO
cc
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rf^CJt
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8--^:
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o§ ^cg?
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<p
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ooo
"^
oo
oo
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"^
tt^GC
'S
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(^
<
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,
t^t-'V^^
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9"
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?
1
2
'
S)
"^
"^
1
9-j
"l
'^
ep:
1
S'ri:
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"^
8
-i^QOM
e."-:
<i<i
s
M-j 2
MtSM-l
MM > MM
00 5 99 <
00
2
OWM'l2 00
^OOm*'
t>.
IJ
6«>:
1
<
2
^
S'.":
1
<-
MM
OO
MM
wo
(»•
15
C&
'
®.'*:
1
<*
e»:
1
00
00
2(0
OiW
*.
^
CK)00
OO
M
JO
''
l«'o-
MM
99
-M
ox
(>
<
2
^
Ct>
1
«« M
oto
COCO
^
toe
5^
OCiQO
2
oboe
2
"^
MW
"^
e)
1
:
^r^
wo
1
s
ob
oo o
tto.
f^
to
coo
§ *8
M
oco
IJ
oo
"
61.'-=:
toceccD
oceoco
-<
>.
IJ
A
,^
»M
'^
SI.*-:
-MXM
.
>-
too
5r
66
901
S-o'
9io
3C)0
3,000
67.000
5,000
7,000
1.000
152,000
7.000
68,000
15,000
9.000
31.6,800
413,200
3-29,200
Total European stocks.. .. 1.179,700 1.100.800 1.364,200
India cotton afloat for Europe.
200,000
180,000 310,000
Amer.cotfnatloatfor Europe.
142,CKK)
143,000
58.000
Egypt,Brazil.&c.,afitforE'r'pe
26,000
51.000
22,000
Stock in United States ports
301,853 419,211
359,389
Stock in U. S. interior towns..
39,757 109,832
42,775
United States exports to-day.
4»883
5,352
3,991
977.200
248.000
250.000
13,000
565.777
141.053
14,475
Stock at Trieste
Total Continental stocks
294,700
2
1
s
MM
99
-*^
S
<
CD
!?
ee
XX
0*^
1
b>l
13
Oq
1
^
ft!
-<
91.":
1
s>":
xtc®co
<j
"^
:
.
OOOO
&m:
••1
>»1
3
©•
tecofco
i^-
"1
1
"^
1
1
coo
-im
2
»
6)
1
:
»
e
OO
WW
c»
-^
;
1
00
!»*
2
"^
s^*^:
oto
2
"^
JiW
8)
oe
f-O
•CO
2
"•
2
"
1
1
:
.
5?
wi^
s.-:
s.«:
-^
•:
*i
^
tn
—
Total East India, &c..Total American
461,000
226,000
3,991
14,475
250,(X)0
565,777
141,0,53
222,000
8,000
158.700
260,000
26,000
213,000
17,000
138,800
180,000
51,000
227,000
18,000
129,200
310,000
'22,000
172,000
15,000
103,200
248,000
13,000
674,700
599,800
706,200
551,200
1,279,493 1,409,395 1,454,155 1,658,305
Total vi.siblc supply
1,954,193 2,009,195 2,160,355 2,209,505
5i8d.
Price Mid. Upl., Liverpool
6d.
5i'>i,d.
S^sd.
PriceMid-Upl., New York....
Il%c.
10c.
11>4C.
OSjeC
1^" The imports
week have been
into Continental ports this
The above figures indicate a decrease in the cotton in sight
to-night of 0.5,002 bales as compared with the same date
of 1888, a decrease of 206,16'3 bales as compared with the
corresponding date of 1887 and a decrease of 254,312 bales as
compared with 1886.
At the Interior Towns the movement that is the receipts
for the week, and since September 1, the sliipments for me
week, and the stocks to-mght, and the same items for the
—
—
corresponding period of 1887-88
following statement.
set
is
out in detail in the
66
(OW
2
"
lo
aw 2
->
CD
5;i>
OX
to.
mco
•<
I
IJ
Ri
:
-^
1
M
> MM
9|
mI
<
2
"I
W
1
g:
:
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2l:
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99
MM
00
ffl
-"
s
1
<
t
00
^^
-M
if.
,!
S
n
:
1
9)
:
1
<
1
1
S:
;
1
-^
1
S)
1
e;
:
gis:
:
1
1
:
1
E
Rock,
Tex
.
J
3
-<
1
to
«:
:
1
:
':
1
1
:
1
1
;
1
03
1
<
1
8;
exch.
exch.
exch.
extli.
oxoh.
exch.
for Aug.
SOO'Sepf. for June.
200 Sept. for Aiig.
1,000 May for Aug.
4O0 June for May.
iOO July for Aug.
100 June for Aug.
!
WW
00
;
a''
;
(vIvm:
if
w
owo-
C.
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..
:
.
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M
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W CD ^ iX to t-
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tC»f^03tO
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— tC tO jP- 4*
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rfktSOMMM —
Cl~ltiU"qtOMWX-J
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to 03 10 O"
thew'cwxo
»5C;Mt3waic
4»-OOMWOM
II
1
&^_^-'
1
CtOMCCT-^CC
osoo»toobo<ic;Mwci»CDoVc'CD"ro
OCnt003'^00030^1<ICCCOtOtOCrjO'-''-Orf»>
MOOD Ci CDtOGO to too to CD COa m WCD OT
O
I
00*
00
1
1
:
100 May
e
M
to-
"torf^
OSHMtOOi-
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c;i
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Oi
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s.
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09
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05
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m
m <I
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<10503«iN-»fi.CDrf>>
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<»**•
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X
>-*
MOWWWWO
h-w
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10
oa
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w
X
_llhc
f
to
W.
COM
rfkCO
•
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mV- tow
COM©MCO<i;
OSOD"-"
MM
O M
i
U
to
5rf».MOiM0D.
tOM
k
;
03
bitoott-tooi
03 tn CO <i o« to
tovtco-oo- <xc>i^oa:^
M MO;
»OOi0 03_H-itoW
^cct-otO-JtoV
0:« O^l O *- O C
to 03
cocDoS-iQDci--jioof.
00*
wS-3
'
ST
.="
•*
OD
^rfi.MH-T-.K,Vi
yiGOtt»»-'COM*''iXQD03 03:
H-O
1
I-
to
:
K:
oo:a5coo:oo3to
figures for Louisville in both years ore "net."
Actual count.
M
p
M
MO OWM w
li
Mcji*kMoytC!<co
*»^-PP^ to to X+'OOpOiJJiQD OH- -J en
lo"kK'<»OD»'^<iMxo'^'b>o®oc;''i'-ViV
c<03cOMC;"C:rf*>*^-xi»*^cjowao: — xc;'
•^((^ocDocoaDCiiO'Xososcj'-sjGcoaio;*'
'
rf^:
i^
ifr
I-"
ase
r:
oVwo xwb ewtcc
ou:
c WOmX oo-
00
OD
^
MOOOt 3: t^c
^ Oi 00 lO O « M
XI *» CD <I «<
osi-'toajo'-'ci'cooco
tibxccoliw
p
to
Cil0*-O5Dt0»^CD
JO
n. for
regular.
•02 pd. to exch: 50O Mav for July.
•08 pd. to exch. 300 June for Julv.
"Ofi pd. to exch. 1,000 May for Aug.
•12 pd.-to exeb.-ieOT*mu!-f<vr-A«^
to
OD
CO
P *-M "rfi.oxcait»w:
W xoiwwoo:
ewxooo-
made during the week:
•02 pd. to cxcli.
Ga.
Ohio
Tenn. Tenn.
»^
:
Transferable Orders— Saturday, lO-nOc.; Jfonday, 10-70c.: Tuesday,
Wednesday, lO-aSc: Thursday, 10-70C.; Friday , 1 0-75c.
t«
to
to
to
to
to
to
;
10-75C.:
200 July
Texas...
Miss. Miss. La.. Texas
;
We
following exchanges have been
Ga
Ala
Ala
Ale
M
e' MW'
g XtSM.
M W*^
MM.
•-»
1
Ga
Ga
N.
:
liave included in the above table, and shall continue each
I^"
week to give, the average price of futures each day for each month. It
will be found under each (lay followins the abbreviation "Aver." The
average for each montli for the week is also given at bottom of table.
excli.
C.
Ark
Mo..,.
'
,
*t
1
en
t^
1
Moutgomcry,
Ga
Z
Cnlumljus,
Na8U\ine, Memphis,
to
S
(
1
Macou,
Palestine,
Slireveport,
.
:
00
OS
CO
* Includes sales lu September, 1888, for September. 165,300: Scptem
ber-Octobcr, for October, 394,100; September-November, for November,
585, .500; September- December, for December, 980,400; September,
January, for .lanuarv, 1,650,500; September-February, for February881.300; Septcmher-Marcb, for Marcli, 1,944,800; September- April,
for April, 1,257,800.
04 pd, tp
S.
Ky.*.
Tex.
a
•'
gi:
Vickshur^,
Columbus,
pi
Va.
1
1
Eufaula,
Cincinnati,
F
2r
'
:
n
^i
1
n>
Dallas,
Griffin,
Atlanta,
Cliarlotte,
Newberry,
Louis,
.
:
SS > s,
MO « 6
oe
s
>
l>-
':
1
<
-tM
^
MM^lM -MWM
OOOO 9929
mmO^ OOOO
^h*
»» M MO C ©
1
«*
Selma,
Rome,
Raleigh,
Petei-sburg,
Louisville,
to
h.
t»-
•-)
Is:::
1
'
Little
Houston, Brenham,
CD
»
'
'
<
St.
§ E
N.C....
.^
Ifc
MM
OO
1
:
>
45 pd.
"58 pd.
05 pd.
•03 pd.
04 pd.
11 pd.
:
706,000
284,000
58,000
359,389
42,775
58,000 bales.
ft
obco^GO xx®x xx®ab xoboob
00
W>(*wc» w
w 000
>
oo I; eo ^ oe ^ 00 ^ ee ^
6cib
dboo
2 XX 2 ^ 1
XX 2^ XX
oro
©OD
3SO
00 ®" XX
ei*:
S^":
e.'*:
S'.":
^
e
.
OOOO teeoe tooOCO oeoe oeoe > hhxx^ob xx®x XX®GC
6o*0D
Q
MM o xo e oe
xo w oe
eo 1; xe > oe > toco S^ toco ^
cs
''
554,000
178,000
143,000
419,211
109,832
5,352
1,279.493 1,409,395 1,454,155 l,65l«,305
Egypt, Brazil, Ac, afloat
sn
T
00 « OM c
oco ^ ee
XX
2 xci: 2 1
*.w
h*. "
^H
Total American
£aBi Indian^ JSrazii, ac.
Liverpool stock
London stock
Continent.al stocks
India afloat for Europe
t>l
OOOO OOOO
oe-'x
655.000
136,000
142,000
301,853
39,757
4,883
bales
American atioat for Europe...
United States stock
United States interior stocks..
United States exports to-day.
S
oe ^
l'
XX
xe 2 ? H
^
2
1
1,954,193 2.009,195 2,160,355 2.209,505
i
c»x
^<»
C>'
.^
b.
a<o "^
®,":
b
N
f
M
sir:
&
Sir:
s)r:
^MCiM
OOOO MMWM
OOOO OOOO 99S9 CO oco OOOO
66='6 a6<^^ 66*6 ^
66^6
66~6
oo^o
QRJD
*J
oo
cow ^
to
10
1
MMOM
5| OOOO
MM*M
aoi *•
The
Genoa
Liverpool stock
Continental stocks
tk
9959
M^O^ "S8S
*
ODOO
to
-
200
1,100
251,000
3,000
53,000
8,000
15,000
Total visible supply
%
5
M'^ WM
<D
X
cocooco toceo'-o too^e eeoe
OOOO
OOOO
to
CD
ot;^ —
CO
occ®e
88^8 toco®
QUO X wo w 00
WW
K.
*.w w
MM
>
>
SS ^ SS
SS 5' 99 < Sm
CO > 5| 5r
^
s
648,000
5,900
43.000
28.000
-I
MIO
coco
*
"^
teoD
*.>f:
1
H*
CD
200
951,000
3,500
49,400
29,000
Amen con-
oboo^cn
1
w
1
2
''
MM
00
1
00
coo
5r
»i
:
ooOo OOOO eooe
o
at Amsterdam
at Rotterdam
at Antwerp
at Havre
at Marseilles
at Barcelona
734,000
4,000
37,800
15,000
300
700
177,000
Of the above, the totaJs of American and otherdescriptions are as follows
>
s-^:
sii*:
*!(>.
s'l»:
.4p-*,^M
1
1
885.000
2,200
43,300
17,000
12,000
116,000
5.000
69,000
19,000
11,000
:
1
lb-
OO
Kit*:
1
Total Great Britain atoclc.
at Hamburg
at Bremen
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Stock
i<
QDI*^
»-•":
is
-
it^
>;
1
as made up by cable
as follows. The Continental stocks, as well aa
those for Great Britain and the afloat are this week's returns,
and consequently all the European figures are brought down
to Thursday evening.
But to make the totals the complete
figures for to-night (May 34), we add the item of exports from
the United States, including in it the exports of Friday only.
1889.
1888.
1887.
1886.
Stock at Liverpool
bales
877,000 767,000 933,000 633 000
Stock at London
8,000
17,000
18,000
15,000
.Stock at
:
;icji
-<
1
SS
*-t:M-<
»
5|-~
1;
^^i-^73'~'
OO J 9=
tSM S Ai^
-» 1 ooo
1
8
99
as
oO
ro
^^
'^
CD
(»•
:;!i
1
!5
M
KSE
2M^ft>
-MtCM -•MOM
MMWM OOOO OOOO
OOOO COCO
OOOO
66*6
oo®6
M» O 0-q®-jM oo®o
*-V>
00
00
f^
M
^
§
5.se£
"'?8p
o®'
H'MCJDH' MMCOM MMOM
m
OOOO OOOO OOOO
OOOO
§ ^8
MM«M 000
MM*M
tiM O o« 00 000
coo ^ eo ^ -oe ^
tO!0
CXJOD
H*
toco
.oe *
too
00 '
w <?x *:« " wo " too
o
«.'=:
ojl*:
Si.":
^J^:
*.
o
-J
cotooo
cocooe
xeoo
cootc
s °i o®^6 6t6*c6 eco^cD ito*e6
00
•
OM -•M*-M -i^t'^h* «^
OOOO OOOO OOOO OCpO
00=0 66®d 66*6
6-^®o
u>M e »C0 M
CM M
MM ^
CO 5
OO 5 MM
00 (> 00 5
oo
— bO 2> 60
ow 2 6w
JO 2 toco 2 ^
9*':
6^-^:
6))-':
s'r:
^^^^ OOOO
^MOM -•MtOM
ccoo 9929 5
OOOO
ffi6°o 6d®6 66*6 66 6
xe X WW M om
^O
MM
-M
oo 5 99 ^ 00 5^ 00 b.
IJ
b6
c»o 2 00 2
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ow 2 »d
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.'':
1
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.
M WO
(0(0
O
So
t>
5^
0Q1
e
<-
= tiw!;
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i
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a Mcxc*
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[Vol. XLVIII.
The Visible Supply of Cotton to-night,
and telegraph,
Friday,
S
1
..
.
.
THE CHRONICLE.
w
E
s
.
<
1
May
3
J
.
a.-),
THE CHRONICLE
1889.
706
show that the old interior stockn hove
Columbia, 7Vj;.iJi.—
irj-.ivi.— There
vMTf, nM
hM been oni
d^^rrcnm/ during the week 3,7:34 bales, and are to-ni^ht 70,075
ma
diringth, week but very beneO^iiai. •n'l tram<ii<iiat
none too mooh.
bales Ifsn than at the same period lait year. The rcciMpts at
The rainfall reach-Hl three laoie* »ad teren
ba>ilr«lM«
the sanin towns have been 6,9ii bales" lens than thy same Young
crops are verj promising. Th« thermoiastvr
h»< arer*.
week last year, and since Sept. 1 the receipts at all thi> towns aged
74. nuiging from 60 ta 88.
are 89,0i»6 bales more than for the same time in 18S7-SH.
CiUTo, Texas.—Vfe hare had one maraiacmt
and rerr
Quotations for Midduno Cottos at Other M\rket.-<.— timely shower, the rainfall re«;hinK two
Toche*. Field* «i«
In the tiible l)elow we give the closing quotations of middling clean, and stands of both cora
and cotton ezcell«nt. Th*
cotton at Southern and other principal cotton markets for eat-h thnrmometer has ranged from 7i)
t 91, areraffing 80
day of the p-nst week:
Brenham Te.vas.—'iTopn are very clean and suiubirood.
Tl>e alx)ve totals
»
there has l>een one splendid rain, to the extent of one
Inch.
Wefk ending
May
A^rag thermometer
)
75, highejt 89 aud lo »esl (JO.
Baton, rej;aj».—Showers on two daysof the week have don*
good to corn and cotton The small grain crops %ti fair and
21.
Oalvoaton...
Now
Orleans
Mobile
Suvniiimb...
Clmrleston.
WIlTiiiiiKton.
Norfolk.
Bo.-^tou
Bill 11 more...
PbilHdelpbIa
AuKuatu
..
..'
Memphis ...
Bt. I.oiiia....
Cinclunatl
..
I/Oulsvllle.
..
Receipts From the
indicate.s the actual
The
PLANT.iTioss.— The following table
movement each week from the
plantati(jns.
do not include overland
figures
receipts nor Soutlierii
consumption; they are simply a statement of the weeklv
movement from the plantations of that part of the crop wliicli
finall y reaches the market throug h the outports.
We*k
B«e»(pf« at flM Porti.
3t*k at Interior
Tovma.
ftee'ptt
Ending1887.
1887
1889.
1888.
1888.
I
1887.
I
Ax>tA».'.~.
••
20
May 3
• 10
••
"
17...
14.283
27,9So! 38,932 107,106 217.276
1S.14I
80.611
32,»03
38.205, 96.9S1 l99.87o! 81.000,
28,242 86.506 172.287i 69,218
36.22?
22.411
;
j
13,0:7
.
10.626
29 0«5
9.765
23.601
84
72.510: 145.074! SH.4t3
13.4871 64.SeS 131 877' 48.61p'
8,7131
583'^
117,8421 44.19ti
from PlanVnt
1888.
1888.
50 to 90.
2.2«S|
9.491
13,031
S.Oia;
13.285
14,407
2,608
6.020
16,370
9.010
9.638
2.981
18.268!
S.661
S.4'-:S
10.16b!
15.318
The above statement shows: 1.— That the total receipts from
the plantations since September 1, 1888, are 5,491,630 bale«: in
1887-88 were 5,438,767 bales; in 1886-87 were 5,178,816 bales.
2.— That, although the receipts at the outports the past week
were 9.743 bales, the actual movement from plantations was
only 5,318 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 10,166 bales and for 1887 they were
8,4*5 bales.
Amount op Cotton in Sight May 34.—In the table below
we give the receipts from plantations in another form, and add
to them the net overland movement to May 1, and aUo the
takings by Southern spinners to the same date, so as to give
substantially the amount of cotton now in sight.
I
1887-89.
1S83-99.
i
1886-S7.
I
188.V86.
Becelpts at the ports to May 24 5,462,81 1 5,344,755 5,168,28815,165,339
Interior stoek.s on .May 21
121 in
excess o( September 1
28,819
94,012
10,528 140,842
i
Tot. receipts
Net overland
i
from plantat'ns 5,491,630 5,438,767 5,17H,816 5,30rt,lHl
May 1
872,327 895..530 750,799 742,1
406,000 377,000 331,000' 279,000
to
1
Bouthemoonsiimpt'ntoMayl
Total in sight
May 24
16,769,957 6,711,297 6,260,615 6,327,294
Northern spinners' takings to
May 24
1,671.362 1,616,482 1,480,320 1.013.107
It will be seen by the above that the Increase in amount In sight
to-ni>;ht, as compared with last year, is 58,660 bales, the increase as
compared with 1886-87 is 509,342 bales and the increase over l,S8D-86
Is 442.663 bales.
i
i
i
Weather Reports by Telegraph.—Our
advices by telegraph tonight indicate that in Texas and a few oth-r (lis
tricts of the Southwest the drought has been broken by very
beneficial rains, but that elsewhere the weather has continued
very dry and rain is badly needed.
Onlveaton, Texas.—
has rained splendidly on ong day of
the week, the rainfall reading one incl and thirty-five hundredths.
Average thermometer 79, highest 88, lowest 59.
Palestine, Texas. —Theie have been two days of magnia;«Dt
rain during the week, just as needed, and young crops are
now very promisine. The rainfall reached two inches and
forty-four hundredths. The thermometer has averaged 71,
the highest being 86 and the lowest .56.
Huntsville, Texas. The fine rains which have fallen on two
days of the week to the extent of one inch and eighty two
hundredths have done much good, and corn and cotton are
prospering. Th"! thermometer has averaged 78, ranging from
66 to 89.
liallas, Texas.
There have been two days of good rain just
at the right time. Corn and cotton are very promising Small
grains good and harvesting has b^gun.
San Antonio, Texas.
have had showers on two da^s of
U
—
—
— We
the week hardly enough, but very bpneficial. The rain'all
reached thirty-nine hundredths of an inch. Crops are good.
Average thomo-neter 70, highest 88, lowest 57.
Luting, Te.xas. Crops are as promisinj; as posiibl*. We
have had good showers oi two davs of the week, the precipitation reaching sixty-four hundreii'.hs of an inch.
Tne thermometer has averi;ed "4 'he hia-heat hei^jj „ and the
lowest 63,
;
—
harvestinat is beginning.
Thi week's rainfall has bem
seventy hundredths of an inch. The thermnrn^ter hai averaged 71, the highest being S-J an 1 the lowaet .51.
Weatherford, Texas.— r^rn is good and cotton comae ap
well. Small grains are g >o 1 and harvesting is about
to start
Rain has fallen on one day of the week, to the extent of one
inch and fifty hundredths. The therm )m?t9r bai ranxed
from 50 t ) 8S. averaging di.
New Orleans, Lomsinnn.— It his riined on one d»y of the
week, the rainfall reaching forty-two hun IrjdChs of an iioh.
The thermometer has averaged 77.
Shrcveport, ioMistana.— Riinfall for the week, one inch and
eighty-eight hundredths.
Average therm >ai<t<u' 73, hi/hest 88, lowest 58.
Columbus. Mississippi.— It ha» ralmd on one day of the
w<;ek, the rainfall reaching five hundredths of an inch. The
thermometer has averaged 6S. th* higheit b>ing 93 and th»
lowest 46.
Leland, Missiasiooi.—'We have had two li<ht rains during
the week, the rainfall reaching one inch and nineteen hundredths. The thermometer has averag«i 69'7, ranzing from
—
Meridian, Mississippi. The continued drought and cold
nights are damaging young cotton and re'plan<:ing is necessary in many loc-ilities.
Greenville, Mississippi. The week's rainfall his bjen one
inch and thiriy-one hundredths. The thermometer has ranged
from 63 to 90, averaging 78.
Clarksdale, Mississippi.—Ta^ week'd rainfall has been
twenty-two hundredth} of an inoh. Crops are suffering very
—
much from
drou);ht.
—
Vicksburg, Mississippi. It has been showery on two days
of the week, the precipitation reaching seventy hundredths
of an inch. The thermometer his averaged 74, the highest
being 96 and the lowest 51.
Little Rock, Arkansas.
Telegram not r^oeive^,
Helena, Arkansas. Th re has been one light shower during
the week, the precipitation reaching fifteen hundredths of an
inch. Crops are suffering for rain. Early plantings are doing
well, but there is not much of it.
Seed planted thii month is
not yet up. One 1 r/e planter says h • has no cotton. The
wr-ather has been too cool. The thermometer has ranged from
54 to 88, averaging 63.
Memphis, Tennessee. There has been no rain of consequence since the first of Miy, and cro^t prospects are depreciating every day. Considerable re-planting w is done the la*t
week. Average thermometer 72. highest 935 and lo vest 55.
Nashville, Tennessee.— Wa have hid rain on two days of the
n'eek, the rainfall reaching eleven hundredths of an inch.
Th e thermometer has averaged 6S, the highest being 91 and
the lowest 45.
Mobile, Alabama. There has baen only one light rain daring tne week, the rainfall reiching eight hundredths o' an
inch. Drought is generally complained of, but no seriooa
damage U reported as yet. The thermometer has averaged
73, ranging from 57 to 85.
Montgomery, Alabama. There has been no rain since the first
of May it is badly needed. The drought is damaging crops.
The thermometer has ranged from 58 to 93 averaittog 74.
Selma, Alabamn. —Th« cotton crop is not suffering, but
would bs benefitted by rain. Average thermometer 74, highest 88 and lowest 58.
Auburn, Alabama. Crops need rain badly, an i unlejs we
have it soon t lere will be c msiderable damage. Taethermom*
eter has averaged 72'0, the highest being 89 and thel jweet 55.
Madison, /"/orida.- Telegram not received.
Columbus, Oeorgia.—Cropa are being seriously injured by
the drought. No nin this w»k. Tae therm jm -ter hw
ranged from 65 to 89, averaging 77.
Augusta, Georgia.— The weather has been cool and dry
during the week. Tne outloo't for crops is very dl«ouraging.
About sixty to seventy per cent of the sied pUntal is now
up, but stands are poor. The bilanie of the teed wants rain,
and has failed to c >me up. There hts been no rain of consequence in nearly four weeki. T.ie situation is becoming
Oats are mnterially injured. The ther nomvtw has
serious.
averaged 73, ihe highest being 91 and the lowest 5».
Savannah. Georgia.—The weather has been pl<iasant, with
no rain during the week. Average thermo-neter 68, hijbeal
87,'loweet 69.
Stattburg, South Caro/ina.—There hai been only a trace oC
rain the pas: week. Moisture is much needel The thermnmeter has averaged 73, the highest being 87 and th*
lowest 67-5.
.
Charleston, So'ith Carolina.— Vfe have had no rain all th*
lowest
hi.»
5V
»t
88,
i
.ermo.naeter
73,
week. AverwWilson, No -tk Larolii- ..^ Trkgn^ o*. noeired.
—
—
—
—
—
;
—
....
•
—
-
.
.
:
.
THE CHRONICLE.
706
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3
o'clock May 23, 1889, and May 24, 1888.
[
;
May
New Orleans
Nasliville
Sbreveport
Vlckabnrg
low- water mark.
Above
Above
Above
Above
Above
Memphis
.'
low-water
low- water
low-water
low-water
Incli
4
10
mark.
mark
3
I
Ineh.
I
1
5
13
Total of AU.
OOOs omitted.
10
9
Miss lug.
5 1
3
Miss ing.
29
1
11
XLVin.
24, '88.
Feel.
r,
4
mark.
mark.
Hay
23, '89-
Feel.
[Vol.
I
—
India Cotton Movement from all Ports. The receipts
and shipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to May 23.
BOJLBAT BECEIPTS AND SHIPMENTS FOR FOUR TEARS.
Shipmentg since Jan.
Shipment* IhU week.]
Tear Oreat OontiBriCn.
1889
1888
1887
1886
Total.
Oreat
Britain
75,000
43,000
67,000
60,000
314.000
159.000
275,000
221.000
nent.
30,000 4,5,000
11,000 Sa.OOO
39,000,28,000
12,000 48,000
Shipments for the
Oreat
Stockings and aocka
Since
Jan. 1.
This
Week.
Total.
ne'nt.
709,000 1,023,000 53,000 1 ,39 ,000
475,000 634,000 55,000il,096,000
511,000 786,000 58,000,1,213.000
483,000 701,000 79,000'l,105.000
1
Shipments since January
wieek.
Oonlinent.
Britain.
Receipts.
1.
Oontir
('o'^^»^'*t.
B,^L.
Total.
1.
Total.
Calcutta -
1889
1888
1,000
1,000
26,000
25,000
38,000
63,000
64,000
88,000
5,000
7,000
2,000
2,000
7,000
9,000
Madras—
1889
1888
All others—
1889
1,000
1,000
27,000
15,000
15,000
14,000
42,000
29,000
1,000
1,000
1,000
1,000
58,000
47,000
55.000
79.000
113.000
126.000
1888.
Total
all
1889
1888
EXPORTS TO EUROPE FROM ALL INDIA.
1889.
Shipmenis
Europe
This
week.
to all
from —
Bombay
1888.
ThU
Siiue
Jan. 1.
week.
75,000' 1,023,000
113,000
1,000;
634,000
126,000
76,000 1,136,000
44,000
760,000
All other ports.
Total
1887.
1,000
This
week.
Jan.
67,000|
16,000]
786.000
207,000
83,000;
993,000
Since
Jan. 1.
43,000
Since
1.
—
Sundry articles
nn.sw
Total exports cotton mannfaetnres.
The foregoing shows that there has been exported from the
United Kingdom during the seven month? 723,101,000 lbs. of
manufactured cotton, against 717,899,000 lbs. last year, or
an increase of 10,702,000 lbs.
Our Cotton Acreage Report.—Our cotton acreage report
will probably be ready about the 6th of June.
Parties desiring
the circular in quantities, with their business card printed
thereon, should send in their orders as soon as possible, to
ensure early delivery.
East India Crop.— The following is from Messrs. Gaddum,
Bythell & Co.'s cotton report, dated Bombay, April 19:
Receipts into Bombiy show an increase over those of last week by
about 6,000 bales. In most of the up-country marke's the receipts
f how a falling off as compared with the preceding week, and everywhere
the markets continue to be in a most excited state, with prices far
above Bombay equivalents.
Shipping News.— The exports of cotton from the United
States the past week, as per latest mail returns, have reached
47,303 bales. So far as the Southern ports are Concerned, these
are the same exports reported by telegraph and published in
the Chronicle lae-t Friday. With regard to New York we
include the manifests of all vessels cleared up to Thursday.
Total bales.
Liverpool, per steamers Bothnia, 2,130
...Caflc,
2,100....
CeMc, 1,142. ...Ci'y of Chicago, 1.953
01b.-r8, 833 ...Servia, 923. ...Spain, 752. ...Tenters, 337
Sew YORK—To
Alhxandria Receipts and Shipments. Through arrangements we have made with Messrs. Davies, Benachi & Co., of
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
To San Bias, per steamer Colon, 300
are the receipts and shipments for the past week and for the
lo St. Pierre, per schooner Julia A. Ward, 3
corresponding week of the previous two years.
New Orlkaxs— To Liverpool, per steamers Actor,
Alexandria, Egypt,
May 22.
1888-89.
1887-88.
Receipts (cantars*)
This week....
Since Sept. 1
1,000
2,719,000
4,000
2.871,000
ThU
Since
week.
Exports
I.
1,000
2,857,000
1
1
i
This
Since
week. Sept. 1.
This
wzek.
Since
Seal. 1.
(bales)
To Liverpool
To Continent
Total Europe
*
Sept.
1886-87.
|i
A cantar is 98
'
220,000
1,000 149,000
1,000 239,000
1,000 1.12,000
1,0001369,000
2,000i391,000n 2,000 397,000
1,000 250,000
1,000; 147,000
pounds.
10,966
""'
764
191
....Wyoming, 796
To Havre, per steamer La Normandle, 764
To Bremen, per steamer Werra, 191
To Amsterdam, per steamer Edam, (additional) 147
To Antwerp, per tt'-amer Rhynland, 528
To Stettin, per steimer Polynesia, 250
To Genoa, per steamer California, 786
147
528
250
786
300
3
1,430....
Governor, 2,069
Amerloan, 2.091 ...Counsellor, 1,732
Venezuelan, 2,435
To lir msby, per steamer Neto. 4.760
To Havre, per ateamfr Par s, 5,330
Chablestos— To St. Pete sburg. per brig Felicia, 903
West Poi.si— To Liverpool, per steamers Nlceto, 2,846 ..Pedco,
9,757
4,760
5,336
903
4,524
1,678
Boston— To
1,500
jier steamers Bavarian, 373... Catalonia,
..Norseman, 1,91S
Liverpool,
.
To Halifax, per steamer Worcester, 76
To Yarmoutu, per steamer Yarmmith. 200
Baltimore- To Liverpool, per steamers Baltimore, 900
3,821
76
200
Nova
2,889
1.102
Scctian. 1,633.. ..Thiui-more, 301
To Bremen, pertteamer Hemuann, l,10i
47,303
particulars of these shipments, arranged in our usual
form, are as follows
Total
The
This statement shows that the receipts for the week ending
22 were 1,000 cantars and the sliipments to all Europe
:
May
Halifax.
Tar-
Bel-
Bremen oium.
1,000 bales.
mouth,
<C Ham- Jtussia,
Liver- Grimsdc.
Genoa.
<tc.
pool.
Havre, burg.
by.
—
Manchester Market. Our report received by cable to-night
New York.. 10,9o6
from Manchester states that the market is steady and that N.
9,757
Orleans
sheetings are active. The demand for both India "and China, Cliarleston
Point.
4,524
West
however, is poor. We give the prices for to-day below, and
3,821
leave those for previous weeks of this and last year for Boston
Baltimore.
2,8b9
.
764
4,760
191
925
786
Total.
303
13.935
19,853
276
4,524
4.037
3,991
5,336
S03
903
1,102
.
comparison:
Total... 31,957 4,760
1889.
8I4 ll>s.
Shirtings.
32» Oop.
Tteist.
d.
d.
1888.
8.
d.
8.
4 a7
li3«7
6 112*7
6 II387
6 li3»7
Ap.l9
8»io®8n,, 6
"^
«8i2 6
26 8
Mays
8
" 10 8
" 17 8
•8812
a8i2
a8i2
" 24 716,«»87,e 6
87
Ootl'n
Mid.
Uplds
d.
d.
8I4
32» Cop.
Twisf.
d.
d.
|s.
41a
2
6
6
2
2
2
7ili6'S8i4
i5
:5
:5
6he 711i638i4
5
1
6
78ia383|8
VOieaSS.R
lb>.
Shirlinr/s.
d.
8.
7
87
7
•a7
7i2»7
71397
7HiB«8i4 5 71347
7ll,6»8'4 !5 71397
d.
Ootfn
Mid.
U7>lds
a.
1
1
r4«
5%
1,328
786
579 47,303
the latest dates
—
Liverpool— May 18—Steamer Floridian, 3,305
Mav 21— Steamer Pawnee,
Newpout Nicws— To Liverpool— May 21-8teamer Gallego,
May 17—
Boston-To Liverpool-May 14-Steamer Bostouian, 362
New Orleans—To
.
etian,
1
1,293
Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing our data down to
Steamer Cepbalouia,
1
6,100
...May 21-Steamers Iowa,
——
;
Ven-
.
To Halifax-May IS— Steamer Halifax, 178.
Baltimore- To Liverpool— May 17— Steamer Barrowmore, 1,04b....
May 20-Steamer Caspian.
. ,,„
Philadelphia— To Liverpool -.Mav 14— Steamer Brit sh Princess, 1,450
May 17— Steamer Indiana, 700 ...May 'Jl— Steamer Ohio,
To Antwerp -May 14— Steamer Nederland, 487.
Below we give all news received to date of disasters to
vessels carrying cotton from United States ports, &c.
Emiliano, steamer (Span.), Beugoches, from New Orleans via Newport
.
—
Jute BdT7S, BAOGI^'a, &C. There has been a steady demand for bagging, and in small lots quite a full amount of
stock has been placed. Prices are steady, and sellers are
quoting 6i'8@]0}^c. as to quality. Only a small demand is
reported for jute butts, and the market favors buyers. For
paper grades l?^c. is asked, while bagging qualities are held
at 2}^@25^c. as to grade.
Exports of Cotton Goods from Qreat Britain.— Below
give the exports of cotton yarn, goods, &c., from Great
Britain for the month of April and since October 1 in
1888-89 and 1887-88, as compiled by us from the British Board
we
of Trade returns.
the
movement
all to
It will
pounds.
be noticed that
we have reduced
.
News for LlverpLOl. arrived at Queenstown, May If, with the
cotton In her fore and main holds burning. The Are had been
burning for two days. The flames spieivl rapidly, and It was
found necessary to jettison 140 bales of the burning cotton. Three
seamen were overcome and rendered senseless by the smoke and
heat. The deck of the steamer has etarted in several places.
Large (luantities of water and steam were being poured on the
cargo In an endeavor to (lueueh the lire. It is probable, however,
that it will lie necessary to discharge the cargo. She arrived at
The surveyors are satlslled that the lire can bn
Liverjiool May 21
controlled by means of the steam .let.
.
....
.
May
THE OHROxMCLE.
25, 18fi9.]
JuiiMH JlDi'KlMi,
ett'iiinor.
IivIohkIiik
I<>
tliv Meruliantit'
tiro iiC ll:ao P.
Mliinr*'
iiuil
Tntimixirtntloii Cmnpniiy, caii^'ht
M., May 20,
wlillrtlylnt! lit LiH'UHt I'oliil. ItiiUiiiion<. Hliti burnml In llin wuliT'it
edge, add ttio wroi-k wa.-^ then towud to Iho Columbian Irun Wnrkn.
BUe arrlvoil at ]taltinit)re fnini Uti.stoii ou tlio IHlli. uuil had takoii
ou liourd lu r caiK" fur the letiiin tiip. The xteiiinor la Inaurwl In
It* own conipauy, ami Is valiie<l iit:(!2(K),0(M).
Tlin Insoon the oarKO
of tiiT|>entluo, roalu, I'lnihiT and outtoii U $30,000 or more. Tlio
flie oiik'luateil by the exploding of % barrel of turpoutUio lu
the hold.
Cotton freights the paat week have been as folio irs
Satur.
ifon.
Tuet.
Wtdnti.
Co
sail
H^Sja
^asia
42'a*
42V
Thuri.
fW.
Do
««»»ie
e,
Bremen, steam
I'sj
.
via Leltb({.
Hamburg,
%
steam.e.
Do via London. d.
42V
Amst'd'm, steam.e.
Do via London.d.
Beval, steam
Do
42V
42V
V
42
d.
sail
d.
Baroelona,steam d,
Qenoa, steam .. .d.
"18
'4
Trieste, steam... d.
Antwerp, steam d.
• Per 100 Iba.
Liverpool.— By cable from Liverpool we have the following statement of the week's sales, stocks, &c. at that port.
1
Bales of the
week
bales
Of which exporters took
Of which speculators took.
Sales American
Aetoal export
Forwarded
Total stock— Estimated
Of which American Eatlm'd
Total Import of the week.
—
Of which American
mount
afloat
Of which American
Mays.
May
69,000
2.000
8,000
50,000
9,000
70,000
872,000
671,000
62.000
37,000
160,000
58.000
May 24.
ifay 17
10,
43,000
2,000
4,000
34,000
5,000
60.000
885,000
673.000
73.000
53.000
141,000
47.000
44,000
1.000
2,000
38.000
7.000
59.000
898,000
669,000
80,000
46,000
121.000
50.000
46.000
1,000
."S.OOO
37,000
17,000
59,000
877,000
655,000
54,000
39,000
142,000
54.000
The tone of the Liverpool market for spots and futures each
day of the week ending May 24, and the daily closing prices
of spot cotton, ha ye been as follows
:
Saturday Monday. Titetday.
Spot.
Market,
1230: P.M.
Fuiir
malQt'ne<l
Dull.
Steady.
5.000
8,000
1,000
7,000
1,000
Wednet. Thurtd'y.
Fully
Friday.
bsyen'
In
maint'ned
favor.
8,000
8.000
500
50O
8,000
1,500
Mld.Upl'da.
8ales
Spec.
& cip.
500
Future.
Market,
2:30 p.
Steady
at
1-64 ad-
ij
Qniet at
Firm
at
8-04 de-
Tanoa.
Quiet.
Steady.
any.
Very
Very
stsaa;.
•tead]*
Qnlel
Market,
4 p. M.
Quiet.
advance.
cline.
but
ateady.
The opening, highest, lowest and closing prices of futures at
Liverpool for each day are given below. Prices are on the
basis of Uplands,
Low Middling clause, unless otherwise stated.
Bat., 9Iay 18.
.Uon.,
Open High I/yw. Olm
d.
May
6 02
i.
02
May
Open
H<sll
Low.
Clot.
Open
a.
d.
i.
d.
A.
i.
d.
602
8 02
5 63
am Low.
d.
d.
-^1.
OlM.
d.
800 602 600
600 602 6 00
6 01 602 6 01
6 02
6 02
6 03
8 02 6 01
6 02
6 00
6 61
600
6 61
5 47
6 37
5 34
643
534 634
600
663 eoo
644 645
686 SS6
5 31
6 62
6 62
6 43
5 61
6 61
6 31
5 31
6 63
5 62
543 6 43
634 634
6 81
6 01
6 63
6 31
6 33
little difliculty in obtftining oonoMMioM
of S^lOo. per hbl. on tiood Unea, and 29c. on oFd lota
which
holdera are anxiouH to close out. Hat )rMt«rd»y the slight nBction in wheat brought in the local jobban Mid bftkers, umI
much
they bought with
values. To-day there
steadier prices.
uiving
spirit,
was a
brisk
demaad
stMulier ton* to
for wheat flour »t
The wheat market
reflected a alow but Ht4>ady daclloe ia
under favorable crop accounts, dull foreign kdricM
and a general absence of speculative aci ion and oonfldenos.
There was a disposition to let prices recede to a point at which
a free outward movement would be assured, and the bulls
made no effort to support them. The only buying was to
cover contracts put out at higher flgures, and it was not until
near the close on Wednesday, when the leading month
(July) touched 81>^c,, that the decline was arrested. Ytsterday frost accounts from the Northwest caused a feverish
advance which was not fully maintained. The lower
prices led to a considerable export inovfinent.
The sales on
Wednesday embraced a line of 112,000 bush. No. 2 red winter
for the Continent at about 81c, f. o. b., with some at 9like,
The sales earlier embraced amber Michigan at SlW[c. f. o, D,,
and old No. 2 Chicago spring at 96>{o. delivered. To-day
futures made some advance on a demand from the shorts
to cover contracts, but the moat decided itnprovement was in
lots on the spot, for which there was a brisk export and milling demand,
OAILT OLOSmO PXIOIS Of MO, 3 BSD Wnmn WBBAT.
663
663
6 44
BaL
June delivery
0.
July delivery
0.
0.
0.
c.
August delivery
Septeiulxr delivery
December delivery
Man.
82
8214
8318
8238
824t
851a
Wtd.
80 >•
8i>a
rue*.
82 14
81
si'a
81«9
81»«
8SI«
84i>8
82T,
8218
nur$.
fM.
SlU
82
am
82
83>«
81>9
82 li
8i>a
843g
84»B
f»H
S&H
Indian corn was drooping, touching on Wednesday extreme
low figures, when No. 2 mixed, by canal, sold freely at 42Ji(§
43c. afloat and 42J^c. for early arrival.
White corn was much
more plenty, and steamer grade sold at 42@43o. Supplies
appear to be ample at the West, and crop accounts early in
the week were very favorable
but on Thursday colder weather, with indications of frost, caused firmness. To day the
market was steady, with the regular trade fairly active for
export and home consumption, but the speculation rather
82
;
quiet.
DAn.T OLOSMO FBICM OF HO, 2 IftSSD OOBM.
TAurt.
Wed.
Sat.
Mon.
Tuet.
41is
41
41
June delivery
c. 41
41
July delivery
0.
c.
August delivery
September delivery
419g
41%
42
4178
42°8
427a
Oats have been unsettled and
were
4138
JVt
iiH
41=%
4198
41>s
41^8
41%
42
42
42ia
i2\
42°b
42%
irregular.
Yesterday there
on May contracts, which had a depress-
free deliveries
ing influence upon values. Crop prospects are generally reTo-day trade was dull, but the speculation
ported good.
more active, and the close rather firmer,
DXILT CLOSISO PaiCES OF KO. 2 MIXXD OATS.
Sat.
Mon.
Tua.
Wed. Tkun.
28ia
2779
0. 'J'^g
28
2S
June delivery
28I4
28%
28%
29%
2814
delivery...:
o.
July
Rye has been dull and drooping.
The following are the closing quotations
Wri.
28
2i.H
:
FLOUB.
Fine
» bbl.f2 10»*2 60 Southern com.extras. »3 25» 3 75
2409 3 00 Southern bakera' and
Superfine
family brands
4 00.S4 75
Spring wheat extras. 2 8.'t»3 15
Jlinn. clear and stra't. 3 75 9 5 00 KyH Hour, superfine.. 2 85» 3 lO
2 60*2 75
Wintershipp'gextras. 300»365: Floe
Winter XX and XXX. 3 75 a 5 00 Com meal-
PatenU
5009 600
Southern supers
2
75» 3 15
1
Western, Ac
Brandywlne
365* 375
2 89«— —
QRAIX.
600 5 63 503
563 600 563 6 63
600 600 663 600
600 600 5 63 6 00
May.Jane.. dOS 6 03 602 6 02
June-July. 608 6 02 6 02 6 02
July- Aug.. 6 02 6 03 6 02
Aug.-Sept.. 600 HOC 600
September 600 SDO 6 00
8ept.-0ct... 5 46 5 47 6 46
Oct.-NoT. .. 5 87 6 87 637
KoT.-Deo.. 634 6S4 634
May.
Tnea.,
'iO.
and yet buyers found
values,
:
Liverpool, steam <<,
Dovlaarag'w.d,
Havre, steam
c.
707
602
600
600
545
635
6 36
5 31
633
Wheat—
c.
Spring, per bush...
Spring No. 2
Red winter No. 2..
Red winter
White
Corn— West'n mixed.
West'n mixed No.2,
Western yello w
c.
jCorn—
o.
c
9105
WfStem white
42 • 45
«100 IRye—
Western
82 9 8314
y bu. 48 • SI
State and Jeraey.. 53 « 55
77 « 92
23 • SI
80 9 90 iOati-Mlxed
ssiae 38 >s
White
41 » 44
28>se 3A
42 « 43ki' No. 2 mixed
3i\m 35
No. 2 white
42 a 45
78
I
90
'
'
The movement of breadatuffs to market is indicated in the
statement below, prepared by us from the flgures of the New
first give the receipts at WestYork Produce Exchange.
lake and river ports, arranged so as to present the comparative movement for the week ending May 18, 1888.
We
em
Wednes., may '23,
Open
HiQli
Than., May 'i3.
Low. mot. Open
ffigk
Low.
Clot.
Fri.,
Open
May 34.
Bi^
Btitipte
at—
JleuT.
Low, a«<
Btl<f.ltlnl^>
d.
May
i.
602
d.
d.
663 600
May-Jane..
6 02 663 5 6» 6 00
Jane-July.. 602 6 02 663 600 800
Jnly-AuK... 6 02 6C2 600 6 00 6 01
AUK.-Sept.. 600 6 CO 6 62 6 63 663
September 600 600 5 62 663 663
8ept.-Oct.. 6 48 5 46 641 6 44
5 46
Oct.-Nov.
5 37 6 37 5 35 535
6 38
KoT.-Dec. 632 533 632 633 6 33
6 01
8 01
6 63
.
d.
d.
d.
600 600 600
60O 600 eoo
6 01 600 6 01
6 01 6 01 601
600 663 663
600 663 6«3
6 45 644 64B
636 636 686
6 34 633 683
a.
663
663
563
600
683
BBS
B44
588
58S
d.
d.
683 6 63
583 663
800 663
A 01 600
600 663
800 663
S46 644
638 638
an
6 33
d.
ChlcsKu
71,918
683
Milwaukee...
6 63
Dulntta
S4,442
31,315
600
Minneapolis.
8 01
6 00
.
8,031
60O
Toledo
Deuolt..
aereland,
..
8,*»e
5 46
8t.LoDls,....
14.801
638
634
Paoria
II
May 24. 1889.
and prices were
Fbidat. p. M..
9.800
Tol.wk.W.
Same
Same
BREADSTUFF S.
8.290
,
»k.'8S.
wk.'ST.
S<nce Aut.
18B8.S
1887-8
1886-T
160.072
23S,V7«
948J39
1.
7 31 usee
10.098.884
8.»«6,9ge
t,8t«.ias
The markets for flour and meal were dull,
drooping and unsettled down to the close of Wednesdaj's
Tne exports from the several seaboard ports for the week
business. No general decline in wheat flour could be quoted, ending May 18, 1889, are shown in the annexed statement, a
.
..
:
:
:
:
THE CHRONICLK
703
MxporU
Wheat.
Com.
KewYork
Buth.
291,819
Boston. ..
Portland.
Montreal.
Buth.
491,683
142,203
32,667
626.71.5
PUladel
2,'5,O0O
Baltlm'ie
H.Orl'ng.
N. News
12,000
136,807
72,252
303,204
from—
Flour.
Oatt.
Bblt.
Buth.
Rye.
3,632
56,148
39,070
32,939
11.214
67,090
102
4,050
Buth.
14,933
Peat.
Buth.
19,288
8,470
.
....
[Vol.
home, and
in the meantime a fair business in
be reasonably expected.
New Yohk
361,436 1,772,864
210.613
3,682
508,421
202,859
1,997
14,933
27,758
B'metlme
1888.
327,980
..
16,290
The visible supply of grain, comprising the stocks ia granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by water, May 18, 1889:
Wheat,
Com,
Oatt,
Bartev,
In
»tore
New York
Do
at—
buth.
afloat
Albany
2,016,756
3.444.159
543.745
1.828,79 5
841,561
71,883
Buffalo
Chicago
HUwaukee
Duluth,...,
Toledo
DeUoit
594
790,907
119,983
38.979
50,000
1,158,357
247,551
Louis
Do
May
to
1889.
....
.
PhUadelpliia
Peoria
Indianapolis
Kansas City
Baltimore
Minneapolis
Bt. Paul
On Mississippi...
On lakes
On canal & river.
Tot,
Tot.
Tot.
Tot.
Tot.
1888.
21.
28,758
61,309
42,095
34.5 19
3,509
433
130.000
30.224
20.000
53,000
408.510 107.620
6,558
15,403
113,123
186,844
58,649
472,509
28,739
70,507
146.992
8.206. 345,874
110,289
19,637
2,002
62,540
39,662 124.639
82,029
164,103
64,211
557.270
2,500 133,328
5,580,570
280,000
54,445
247,969
29,000
357,642 1,384,0.57 1.218,848
480,009 1,618,500 408,000
56,000
May 18, '89. 22,342,701
May 11, '89 23,850,475
May 19, '88. 29.022.228
May 21. '87. 43.018,837
May 22, '86. 37,813,771
9,691,914
11,284,430
6,960,049
13.214,537
7,814,500
26,000
33,278
126,654
55,324
86,263
1,461
7,112
9,476
37,803
4,204
134,300
10,000
6,750.3011,301,176
6.763,635 1,363,799
4,518,697 261.640
3,727,90.)
345.045
1,523,960 302,556
601,676
399,380
483,588
221,193
375,834
THE DRY GOODS TRADE.
NEW York, Friday P. M., May 24, 1889,
Business in the commission branches of the trade opened
very quiet the past week, and the demand in importing and
jobbing circles was light and unimportant. Towards the
middle of the week there was a very large influx of buyers
from all parts of the interior, in order to attend a large pereniptory trade sale of 10,000 packages col jred cottons
which was held on Thursday by order of the leading commission house of Bliss, Fabyan & Co. The sale was a great
success, all the goods having been promptly closed out at
prices far ahead of general expectations, gay irom 5 to 7 per
cent (on the average) below agents' holding rates. After the
auction sale there was a much better feeling in the market,
and more activity was developed io certain fall and winter
fabrics.
Tue annual trade sales of wool flannels will be held
next week, and most of the interior buyers now in the market will probably await their conclusion before returning
pBattli ,^tatcmjetttB.
Africa
West Indies
437
•
17
952
425
18.406
2,494
2,259
1,604
6,607
1,497
150
Central America.,
South America
Other countries...
Total
China, via Vancouver.
Total
From New England mill
Week. Since Jan.
4,233
166
92
74
746
97
,
Mexico
"
20,920
124
Great Britain
Other European.
China
India
Arabia
""ebo
127,263
afloat
Toronto
Montreal
bunh.
9.994
"19.949
792,186
Cincinnati
Boston.....
buth,
79.006
23,700
42.500
41.210
634,304
90,842
19,214
20,649
Oswego
Bt.
bush.
buth.
222.614 191,495
331.800
50.500
15.200
201.341
192,244
1,898,226 3,508,021
4,375,487
96,600
may
ages, valued at $126,931, their destination being to the points
specified in the table below.
Week. Since Jan. 1
w'k.
goods
Domestic Cotton Goods.—The exports of cotton goods
from this port for the week ending May 21 were 2,204 pack-
Klohm'd
Tot.
fall
XLVin.
1
11
112
202
43
738
,925
1
1,392
27,462
3,248
5,853
2,145
6.255
2,368
1,362
14,753
1,360
1.
919
17
11
1,701
12,143
1,024
2,204
5«,100
26,714
2,504
64,510
18,830
2,204
82,814
2,504
83,340
points direct.
The values of N. Y. exports since January 1 have been
$3,272,291 in 1889, against $3,915,425 in 1888.
There was a moderate demand for most descriptions of plain
cottons at first hands, and the tone of the market was steady.
Brown sheetings were in good demand by converters and in
moderate request by the jobbing trade, and there was a steady,
though moderate, business in blpaohed shirtings, wide sheetings, cornet jeans and sateens, cotton flannels, &c.
Colored
cottons ruled very quiet, but a large distribution was made at
auction, as noted above, and at very good prices. Print cloths
ruled quiet, but prices are unchanged at Sko. for 64x64's and
3 7-16c. for 56x60's.
1889.
1888.
1837.
1886.
Stock of Print Otolht—
Uay\fi. May 19.
May 21. May 22.
Held by Providence manuTrers. 56.000
37,0o0
103,000
99,000
Fall River manufacturers
8,000
10,000 214,000
67,000
Providence speculators
None.
None.
47,000 165,000
Outside speculators (est)
None.
5,000
50,000
30,000
Total stock (pieces)
64,000
52,000
414,000
361,000
Domestic Woolen Goods,— The demand for men's-wear
woolens was mainly restricted to a few specialties, as choice
styles of fancy worsted suitings and trous'^rings. &c., and
transactions were moderate in the aggregate. There was,
howevtr, a fair movement in some descrip'ions of heavy
clothing woolens on account of back orders, and the tone of
the market was steady. Fall cloakings were in moderate
request, and very fair orders for soft wool dress fabrics
adapted to the fall trade were recorded by the commission
houses. Satinets and doeskin jeans ruled quiet but steady in
price, and there was a fair bustuess in blanisets.
Flannels
were li<htly dealt in because of the impending trade sales of
these goods, which will take place on the 2Sth and 31st inst.
FoHEiOK Dry Goods. As a rule foreign goods were quiet
in first hands and sluggish in jobbing circles, but prices of
the most staple fabrics remain steady; in fact burlaps and
some sorts ot linen goods have an upw»rd tendency. The
aitction rooms were pretty well supplied with varied lines of
imported goods, which brought fair prices.
—
SanU
§aatfe iltatcmnitB.
Statements.
DBPORT OF THE CONDITION OF THE REPORT OF THE CONDITION OF THE REPORT OF THE CONDITION OF THE
c:0>TlMiN'rAL, AATIONAI. HANK.
AHIEKICAN E.VCHANGE NATIONAL
GAKIjATIN national bank, at New
JCV
at New York, in the Stjite of
of business May 1», 1889
New
York, at tbe
cloti
SANK,
at New York, in the State of New York, at
he close of business on the 13th day of May, 1889;
RX80URCSS.
RESOURCES.
Loans aud discounts
U. 8. bonds to secure circulation
U. S. bonds on hand
Other stocks, bonds and mortj^ajses
Due trom other national banks
Due from State banks and bankers
BankluK house
15,017,475
50,000
2 UOO
186.809
135.184
28.152
885,000
200,000
a4.3ll
4,UM0
H.lMt
2.518,230
Other real estate
Current expenses and taxes paid
Premiums paid
Checks ttnd other cash items
Kxchan^es f)r Clearing Uouse
Bilisof other banks
OC
00
69
55
75
00
00
81
00
60
H
00
89 00
13,0'
Fractional paper cur'cy, nickels & cents
Specie
LeKul tender notes
U. S. ctts. of deposit for legal tenders
Bedemptlon fund with U.S. Treasurer
(5 per cent of circulation)
Total
Oi
1.2f fl,517 36
147.&n3 00
31o,OU0 00
2.250 00
110,381,884 B9
.cans and discounts
$16,668,630
•verdrafts ..
2.32'i
U. S. bonds to secure circulation
50,000
U. S. bonds to secure deposits
400.000
Stocks, securities, judgiu'ts, claims, &0
152,732
Due Irom othernational banks
Due from State and private banks and
bankers
Banking liouse
78
00
00
76
2,370,145 19
636,660
300,000
6.000
904
..
Other leal estate
Current expenses and tuxes paid
Premium on bonds
Checks and other cash items
40.(J0u
ISH.BIO
4,654,070
100,014
1,309,785
1,872,714
Exchanges tor Clearing House
Bilisof other banks
.36
53
00
00
94
uo
7o
23
00
74
00
Specie
Legal-tender notes
U. S. certificates of deposit for legaltender notes
470,000 00
Total
$29,212,589 -it
York
City, in
bualnesa
May
the State of Js'ewYurk, at the close of
13th, 1889:
KESOUBCES.
Loans and discounts
Overdrafts, secured and unsecured....
8.
8.
»1.0O0.OOO
200.000
Undivided prolits
107.1M)
National bank notes outstanding
43,760
Dividends unpaid
7,703
Individual deposits subject to check. 2.508,2^7
Demand certiflcates of deposit
1hi,069
Accepted checks
2.2H8.U99
Cashier's checks outstanding
51,776
Due to other national banks
3,285.537
Due to State banks and bankers
057,782
Surplus fund
00
00
9-(
00
92
27
31
0.5
01
40
05
J10,331,b64 9a
Total
State of New Vork. County of NewYork, s»;
I, ALFRED H. TlMPS0>f, Cashier of the abovenamed bank, do solemnly swear that the above
tatement is true, to the best of my knowledge and
beliefALFRED H. TIMPSON. Cashier.
Subscribed and sworn to before me this 20th day
of May, 1889.
Knwi.v F. COREY.
Correct— Attest
Notary Public.
HENRY M. TABEn.
1
WILLIAM TU-i.NBLT.r. 5
KDilUND D HANUOLPH,*
Directors.
$5,000,000
1,428.000
Undivided profits
156.252
Dividends unpaid
39,162
Individual aeposlts subject to check,.. 12,S48.41H
Demand certitlcittes of deposit
208.3DO
Certified checks
1,497,87."
U.S. deposits
440.000
Due to other national banks
5.264,467
Due -o State & private banks & b'nker s 2,640,151
Surplus fund
00
00
34
50
9.5
89
92
00
05
57
Tjtal
$29,212,589 22
State of New York. City and County of New York, «.:
1. Edward Bitrns. Cashier of
the American
Exchange Nationiil Bank of NewYork, do solemnly
swear that the above statement Is true, to the best
of my knowledge and belief.
BURNS. Cashier.
Sworn to and subscribed before mo thi.s 20th day
ot May. 1889.
Wm. Ives Washhurn,
Correct— Attest
Notarv Public, .S.Y Co.
Cl .Mi'- K /
t-AM 1>. BAil OI'
-ec ci^.
EDWARD
DUMONT
MAXvTr
10,5il
5,083
2,361.942
45,o00
184
964.r24
371.479
190,000
Total
00
50
f
40
10
08
74
67
00
73
00
00
00
13,050 00
$10,580,532 85
LIABILimES.
Capital stock paid in
J. K.
100,(K)0
498.386
246,991
19.059
509,956
Specie
Lewal tender notes
U. 8. ctfs. of deposit for legal tenders.
Redemption fund with U.S. Treasurer
(5 per cent of circulation)
LIABILITIES.
LIABIUTtia.
Capital stock paid in
14,056.111 26
5,01^ 67
290,000 00
bonds to secure circulation
U.
bonds ou hand
Other stocks, bonds and mortKaRCS
Due from other National banks
Due frmu Stjite bank9«nd b:inkers
Keiil estate, furniture and fixtures....
Current expen.sea and taxes paid. .....
Checks and oiher cash items
ExchanKes for Clearing House
Bills of other banks
Fract'l paper cur'ncy, nickels & cents..
(J.
.
I.
;.
Capital stock paid in
11.000.000 00
Z.OOO.OOU 00
Surplusfund
Undivided profits
National banK notes outstandinf;
Dividends unpaid
M9.370 23
201,000
2,977
4,142,967
3.042
00
60
51
33
2.018.S'>fl 03
I,4H4.U0i 70
3:f7,:jl4 50
Indlviduil deposits subject to check..
Demand certificates of deposit
Certified checks lacoepted drafts)
Due to other national banks
Due to State banks and bankers
Total
3tate of New York.
I10.589.622 85
County of New Yorfc.w:
Arthur W. Sherman.
Cashier of the abovenamed bank, do solemnly swear that the above
statement Is true, to the best of my knowledge and
\V.
SUKKMAN, Cashier.
belief.
A.
Subscribed and sworn to before me this 17th day
H. L. Bravnard.
of May, 1880.
Notary Public.
Cor-ect— Attest
1,
AD^I^NIflFMN. Jr..)
'tnoSEVELT
>
A.
\
...
lAPPiiK.
S
Directors.
@FedFRASER