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xmm
HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.
VOL
SATURDAY, MAY
60.
S*Ixe
Terms of Subscription— Payable In Advance:
Six Mos.
do.
do.
do.
.... * 19s.
These prices Include the Investobs' Supplement, of 150 pages.
Issued once in two months, and furnished without extra charge to
sabscribers of the Chro.mcle.
flle cover is firnished at 50 cents; postage on the same is 18
c«nts. Volumes bound for subscribers at $1 00.
Subscriptions will be continued until deilnitely ordered stopped. The
publishers cannot be responsible for remittances unless made by drafts
or Post OIBce money orders.
A
recorded.
Buffalo, 176 per cent;
Ijondon Asents
Edwards
<t Smith, 1 Drapers' Oardens, E. C, will talte sub
and advertisements and supply single copies of the paper at
NEW
New York
Salet
made up by
telegraph, etc. (as fully
explained ou this page in our issue of October 26 and previous
numbers), indicates that the total bank clearings of all the
clearing houses of the United State.s for the week ending today, May 3, have been $1,358,920,505, against $1,146,700,720
last week and 1848,352,492 the corresponding week last year.
is
Wuk EncTii Afra 19.
26.
P.Omt.
71»,»36,50»
(1.4B0,»54
tharet.
bales
(Cotton
buaheU
(Grain
IPetmUum
i4rtM,8i)0'
(30.9)0.700
I2.tf31.u00<
bblt
635,036,373
iBT3.«37
(4:i0.4(i0
H2-2
(—316
l-8t>-l
80.012.2U2
4.^i;m.7uU
]l>trtford
1.781.8H;
1.12U.41B
1.1«».H8>
4.478,»0'
l.B»4,li»8
SprlQKBeld
Worcester....
Portland
Lowell
l,l)03.»44
-H*8I
(45,201.065
102,623,703
New Haven
4-4 9-7,
(ii6.976,lR)0
l*rovldence
UoBton
1.171,1(04
BlO.nS'B
l.lBB.lfS
«6a,85s
101.274.022
5.12«.700
-+8-6
5
-f64
l,'-2«,578
+13-4
l,2-8,"30
1.173.103
-t-81-8
-1-28-1
—6
-88
•f27e
—
13-8
New York
Boston
..
..
Phlladelpbia
Chicago
St.
Loma
New Orleans
Seven cities, 5 days
Other cities, 5 days
Total all cities, 6 days
All cities, 1 day
Total
The
all cities
for week...
«735.343,514
93,343,915
64.430,011
11,405,999
67,009,000
18,400,768
7,892,913
$987.«S8,1'.'0
128,216,427
1889.
$337,001,644
67,811,870
61,334,161
8,033,840
56,490,000
12,848,437
6,427,910
«528,647,692
98,413,234
Percent.
t-121-8
-f38-3
-H2B-5
442-7
-H8-()
-t-13-2
-(-45-1
-I-86-9
-t-30-3
«637,060.978
221,291,516
i-780
212,817,958
$1,353,920,605
848,352,192
-KiO-2
«1, 116,102,647
+97
the week covered by the
above statement will be given next Saturday. We cannot, of
course, furnish them to-day, bank clearings being made up by
the various clearing houses at noon on Saturday, and hence in
the above the last twenty-four hours of the week have to be
In aU cases estimated, as we go to press Friday night.
Below
are our usual detailed figures for the previous week, that is
covering the returns for the period ending with Saturday
aeon April 26, with the comparative totals in 1889.
It will be noticed that compared with the previous week
there is a gain at New York of twenty and a half millions of
full details of clearings for
+U-B
91,331,778
117,227,155
-+8-8
74.588,030
68.528.896
-I-88
-fll-b
+U-6
+154-4
•f88»
1? ,Bl7.';«4
IS.) 44.aoi!
11.087.7.7
-l-17-k
71,;84,401
18,760.186
14.778,048
Buffalo
B.BT6.851
2.3->3,0'iO
-hlT6-0
8.671.8-^1
Washington
Wilmlnglon, Del.
1.7h7.l)iM
-f»JO
l,V.'!2.5eB
-t-12-6
8--
974.953
882,303
+W3
-t-15-3
118,176.111
+19^
-(-25»
78.296.238
13,0l«,8O0
-1-888
Doo.iUO
B60,8»6
Syracuse
Total Middle.
Chicago
Milwaukee
...
.
Detroit
I
i
2.36;s
100,213,076
77,584.93U
61.838,02?
8.548.350
4.47^.448
2.517.2UU
1,765,105
Cleveland
81.855
VtOO.oOi.
116.506,168
11,51!U.15U
B,5H!i,405
4.(l8M,64'
Cincinnati
l,:ftll,8^5
70.-,l7ti
4,2B8.'.J
1
—
-fiJu-
m-2
VMVi
S-22h
SJ!03,01i«.!i77,U0O
-(-»««
-flO-B
l.btiO.1'81
l,-,i70,58.
495
4.u>
-1-0
San Francisco....
Loa Angeles
TacoTna
Portland'
+82 7
+62-4
+18-8
3.'a!0,«00
+13-41
1,730.6 IB
1,616,780
+8-5
+16-8
88.884.818
-i-25-i
113.391.390
+19-8
14.314.966
£38.030
ia.PBH,o".«
BOl.tiOo
+106
-lun
18,346,768
+11-6
-8-1
7:«,I1'>,
348.332
-f-lU»8
76O,0OJ
1,715.8U
15,ei-,l93
Total Paoiao..
-f8-8
6.5»7.838
1,718.5*4
111.671 ,81;5
589.'.!SS
1.0I8.',M7
l,38t.(>68
1.589, IB 1
City*..
+18-8
1.516.17'-
719,687
1,189,767
I.018.!lrt8
Lake
+18
-f280
J,807,3»0
Seattle*
Salt
-(-sr»
567,»i4
U76,U22
Total Middle Western
1890.
117,126
113.997,B(!«
—
15.B0^v3B
Toledo*
^fa|/ 3.
79B.tKi9
-4-0
-m-i
+1-7
+S1-8
1,)!23.8I8
-(-81-9
.
Week BjuHna
-(-1-8
B8-i,»l2
iie7,5e«
385,2>ie
,.
Clearwos.
lUtums by Tete^aph,
H-lO-l
1889.4511 (-f-18-in
(497,000) I -«-6)
103.4O.^,n^0) (-1-2(10-1)
il,130.0OO) 1—67-8)
1,072,«18
780,537
increase compared with 1889, especially at New Columbus
Indianapolis...
Peoria
due to the observance of the centennial holidays last Grand
Rapids
year.
692,064.506
-t-l»c
-1-142
O-o
1.013,151
The enormous
York,
Washington,
of—
ltft«c*»
Philadelphia
PittsburK
Baltimore
CLEARING HOUSE RETURNS.
table,
109-9; Dallas, 94-5;
Week EndiUQ April
viiiiiu H n»«. CiriI.tI.VM B. DAIV.4 & Co., Publishers,
New Bedford
'^
»«* Wllllaiii Street,
YORK.
mHN G.
n FLOYD.
urnvn
JOHN
^
p^^.^ OFFICE BO.X 958
Total New England..
The following
Tacoma,
Lexington, 55-1; Galveston and Milwaukee, each 54-2;
Fort Worth, 53-9, and Des Moines, 47-3 per cent.
65;
1890.
the inch.
scriptlons
Is. each.
aggregate for all other cities a loss of
Operations in siiare properties
on both the New York and Boston Stock Exchanges have
reached a more important total than in either the preceding
week or the like period of 1889.
Contrasted with the week of 1889 there is a gain in the total
of 15-4 per cent, the excess at New Ycrk reaching 12-2 per
cent, and in the aggregate for all other cities being 31'1 per
cent. Ten cities report declines ranging from 0'6 per cent at
New Bedford to 10'6 oer cent at Los Angeles. There are,
moreover, some very Tiieavy percentages of increase, notably
is
AdTertising:.
Advertisements ordered for less than one month, in the Commercial
& Financial Chronicle, are published at 25 cents per line each insertion. When orders are definitely given for one month or longer, a liberal discount is allowed, and the net priecH may be obtained on application at the office. The lowest rates on permanent cards detlniteiy ordered for one year are 8 cents per line each insertion, malting $58 for
one inch space one year. Space Is measured in agate type— 14 lines to
Messrs.
1,297.
in the
sixteen millions
For One Year (including postage)
$10 20
For Six Months
do.
6 10
European Subscription (includine: postage)
11 50
European Subscrijition Six Months (including postage).
6 75
Annual Subscription in London (including postage)
*2 8s.
Terms of
while
dollars,
divouicle.
NO.
1890.
3,
18,917,838
7.15»,«3a'
-t-W*
18,(198,001
+l«-0
-)-17-S
3
10,111.401
5.B17.UB8
-i-2d4
4.513,6.se
+14-1
+118-8
+3«-0
8,763,184
4.3"B,57h
4,188,178
3,57U.!(7B
-',(2
3.3'.J1.I4.
Omaha
4,7w,n*4
3.452,082
Denver
Daluth
4.6-.J9.-i5>
S.V!i2.l"5
-1-40
-t380
B
l,87«.ij:(4
1,381.082
-?35-l
+ 17-6
+211
+340
Joseph
Wichita
Sioux City
1,4^7.500
1.0.<5.i;3i
-1-30
';»i.o-<4
783.11"!
5-4.481
•*3«-8
—4-4
1,823,862
4,611.311
1,845.833
1,4<5,156
7B7,293
844.415
885,540
627.953
373,375
-t-26 7
88,500,788
+80-4
21 .871,771
Kansas City
Minneapolis....
St.
Paul
St.
3
-t-2-1
Ml.<,142
81:1,285
-fl7 8
Lincoln
8u0,98;
5I'6,.1«1
-(-ld-»
Topeka.
848.ti87
384.381,
Dee .Moines
Total Other Western.
St.
~S8,8: 7,108
26.34i.l35
19.6»7.!16l
15.B0:i,4JB
H.08-.53rt
-t-26-B
5,769.711
-t-84-6
8,78-.858
7.188.088
8.110,870
-1-54-2
8,2.-0,000
1,1186.810
1.313.,H80
Louis
New Orleans..
Louisville
Memphis.....,,
B,a>l,«rt»
7,l»S.».<4
93
2.7«5,87rt
Richmond
),V76,Bl!8
95li.382
1,857 614
GaiTeston
Dallas
1,«6U,66U
2..178,
617.412
842,872
-»B
— 14;0
-(-W5
4746o7
+63-8
487,367
5P0.85t
S76.4e4
-t-661
1,288.758
72-iO»l
603,06^
«53,60<>
191,1100
+33-1
671.000
44,0»5,UU
38,147,738
+156
l.l4S,-00.7>''
993.682,«V«
-(-16-4 1,142.751.361
4ai.l61.gu
35(Ce~46jri
460.688.76d
7!MI.&5S
683,2.18
Port Worth...
Norfolk
Lexington
Chat tan ooira.
Nashville*
Birmingham*..
-t-l7-8
+104
-8-7
+»e-«
-t-l-B
+14-0
-1-8
+8-0
•t-SS
4iijas
+184-9
+:i4-8
+78 S
4^-4
2,1813H
l,83«,SgB
733.063
Total Southern..
+24-9
+14-8
t84-0
-H»l
912.237
47,695.740'
'
Total
Outaide
all
New York
Notlnoludedln
totals.
I
+19-8
+1»8
+18-4
THE CHRONICLE
€02
end of the year
THE FINANCIAL SITUATION.
Money has remained much
us
last
week, except a
little
increase of activity and a
ances,
more than the disbursements
and
5 per cent.
Commercial paper
6 to 7 per cent for single
The European and
is
names.
particularly the Continental mar-
kets were in a partial state of suspense until Thursday,
in consequence of the labor demonstrations fixed for that
;
are
is
;
the same as reported by
This
higher rate oq call at the Stock Exchange.
advance, it is claimed, is due to a shifting of loans incident to the first of May payments. That circumstance
may acconnt for it in part but while bank reserves
remain so low, and the Government revenue receipts
New York
it
U
only in fair demand and the supply is not excessive
rates are 5 per cent for sixty to ninety day endorsed
bills receivable, o^@6 per cent for four months accept-
little
at
[Vol.
many being apprehensive of serious troubles.
Anxiety was due not so much because of the labor
movement as because of the anarchist and revolutionary
elements which sought to take advantage of that movement for making trouble. The governments of the
respective countries however adopted proper precautions and effectually held in check any disposition
day,
here,
and while there continues to be so liberal a demand
from the interior for currency that the return movement serves to yield only a small net increase, we must
expect a fluctuating, sensitive market.
With regard to the accumulations by the Treasury,
we received yesterday the monthly statement which
that
may
have
existed
to
cause
disturbance.
New York
bank Discounts of
bills
bank
ninety-day
to
sixty
must
at
lf@l|-.
reserves the net movement into the Treasury
in London were reported yesterday
have caused during the last three weeks of April. The The Bank of England lost considerable bullion this
amount of cash holdings by the Government on the week, but the net foreign adverse movement was small,
first of April was, as our readers will remember from
the main loss being caused by shipments of currency
shows how considerable a drain on the
the figures we then published, 235i million dollars. to the interior ; the total loss reported was £328,000,
On that day §6,094,441 of interest was due on the 4 per but a special cable to us states that this was made up
cents, almost all of which must have been paid during by an import wholly from Brazil and Australia of
the first week. Deducting, however, oaly 5 million £252,000, by an export wholly to the Argentine Ee-
on that account (so as to allow something for an public and Germany of £300,000, and by shipments to
The open
excess of revenue receipts over disbursements during the interior of Great Britain of £280,000.
that week), we would have left in the Sub-Treasury at market rate at Paris is 2^ per cent, at Berlin it is 2f
dollars
the
the second week of
beginning of
million
dollars.
The statement made
April 230|^
public
per cent and at Frankfort
it is
2| per cent.
Our foreign exchange market has been heavy this
cash week under the influence of offerings of bills drawn
this
week shows that the Government holdings of
Avere on May 1 about 237^ million dollars, which would against outgoing
securities.
London, through
arbitrage houses, has been a large buyer of stocks,
should be deducted the coinage (we have not yet received
the coinage statement as we write), less bank note
Our reason for thus estimating the movewithdrawals.
ment during these three weeks was some remarks which
questioned that part of our weekly figures of currency
changes in bank, and these suggestions confirm the
accuracy of our compilation. The full month's result
may be gathered from the statements issued by the
in the
Department
joined.
Oold coin and biUlion
eUver coin and bullion
Legal tender notes
.
102,988
3,834,208
23,047,819
135,702
3,806,834
23,21 2,458
Total Government cash in Sub-Treasury. $235,258,337
$237,464,008
National bank notes in cash
National bank notes in redemption
Fractional sUver iu casb
Co. and the
1,
,
Net Curretuy Holdings by Treoiurtr.
nominal rates until Tuesday, when Brown Bros.
Bank of Montreal reduced to 4 85^ for
loDg and 4 87^ for short, while Kidder, Peabody
& Co. and the Bank of British North America
reduced to 4 86 for the former and 4 88 for the
On Wednesday and Thursday there were
latter.
further reductions, on the latter day Brown Bros. & Co.
&
and Kidder, Peabody & Co. posting 4-85 for sixty days
which are sub- and 4-87 for sight, while other drawers were half a
The market closed
cent per pound sterling higher.
1890.
rates for actual
and
day
that
on
unsettled
May\.
and
April 1.
weak
$185,287,716 $186,235,573
business for sight were much below the nominal figures.
16,065,949
16,864,030
and all the drawers
7,209,411 Yesterday the tone continued weak
6,919,657
and May
for April 1
of
the
most
which have been sent forward. There was no change
indicate an accumulation during the last three w^ecks
of about 7i million dollars, from which of course
posted 4 85 and 4 87.
The increase in the Pennsylvania Eailroad dividend
been ineviis not only natural, but may be said to have
a
such
show
able
to
been
bursement for interest noted above the Sub-Treasury stronger position, and none has
gains in earnheld nearly 2\ millions more cash on May 1 than on wonderful and such continuously heavy
but two
been
have
there
July
last'
Since
ings.
April 1.
amounted
earnings
gross
in
increase
the
when
The range for money on call so far as represented by months
and for the nine
bankers' balances was 8 and 3^ per cent, averaging to less than $600,000 a month,
improvement,
the
1800,
March
31,
ending
months
about 4^ per cent, at which renewals were made. Banks
in the
period
corresponding
the
with
compared
as
cent
as
a
and trust companies loaned oa call at 4^ per
of $4,914,414
sum
large
the
reaches
preceding,
year
per
obtain
5
many
were
able
to
minimum, although
On time there is a good supply of money offering, and this merely on the lines east of Pittsburg and Erie.
cent.
in the making
and a fair but not urgent demand. Increased activity The company has pursued a liberal policy
expenses in
that
so
market would na- of necessary repairs and renewals,
The above
figures
and a considerable
show that notwithstanding the
rise in
dis-
table.
No
railroad
company
in the country occupies
the stock
months have run up nearly as much as the
of that fact, and in the
speculators, and that in turn would tend to increase the earnings, and yet in the face
loss incurred in June last
extraordinary
the
inquiry for time money but there has been no marked face also of
floods in Pennsylremarkable
the
of
reason
by
change in this particular, as commission houses are year
for the calendar
lines
Eastern
on
the
earnings
net
vania,
day
to
day.
satisfying their wants by borrowing from
year 1888 in
calendar
the
those
of
exceeded
1889
year
on
contracts
months
The quotations for four to five
Western lines the
good security is 4^ per cent, and for six months to the the sum of $1,576,715, while on the
turally lead to a distribution of securities
;
among
outside
some
of the
May
THE CHRONICLK
1890.]
3,
net results improved $1,184,009,
tlie
making the gain
for
Under
last
the circumstances, a higher rate of dividend
year could hardly have been avoided, had not
the damage sustained by the floods dictated a different
course.
Notwithstanding this special drain, however,
Just
the 1889 result was exceedingly satisfactory.
about 2^ million dollars was deducted from net income
for the floods, and another 1^ millions was deducted for
other extraordinary repairs and
properly
chargeable
improvements "not
account,"
capital
to
ever, that bad weather, storms
and
floods are to be held
responsible for the less favorable exhibits, there having
entire system i>:^,7G0,7i?4.
even
(505
been, as will be remembered, an unusual number of
drawbacks of that kind in March. The Milwaukee &
St. Paul, the Loaisville & Nashville, and the Central
of Georgia, are among the roads which have snifered a.
diminution of their net. The loss on the Central of
Georgia is very heavy, bat follows entirely from the
policy of making heavy outlays for betterments and
improvements and charging the same against earnings.
making Some
roads, however, are distinguished for particularly
among which may be
amount mentioned the Ohio & Mississippi, the Western New
required for the 5 per cent dividends, a surplus York & Pennsylvania, the New York Ontario & Westof $8.38,687 remained on the operations of the year. ern, and the Iowa Central.
The coal roads would
The capital stock of the Pennsylvania Kailroad is so appear to be doing better. The Reading, as noted last
large that nn increase of only one per cent in the rate week, gained in both gross and net during March,
of distribution calls for over 1^ million dollars, so a while the Central of New Jersey return for the same
change is not to be entered on lightly. But supposing month, now to hand, shows only a small loss in net,
four
and
million
above
this,
dollars
and
together,
over
and
and
above
yet
over good exhibits of net for March,
the
that the extra outlay of 1889 for the floods will not be
repeated in 1890, the above figures show that there
is
accompanied by a slight increase in
The
gross.
stock -market has been strong, active and buoy-
ample margin for the enlarged distribution, even with- ant. It is a long time since the tone has been so cheefout any further improvement in net results, though as ful as at present.
Transactions are on a large scale
already said the company is still adding, and very from day to day, and notwithstanding very heavy reallargely adding, to current earnings.
In increasing isations to secure profits, prices keep on advancing and
the dividend the
the reactions are few and unimportant.
rate
is
not raised directly
Europe has
that is, the company does not declare a 3 per cent semi- bought very freely during the week, which of course
annual dividend, but 2^ per cent as before, with one was an important aid in the upward movement, and yet
half of 1 per cent as an e:ttra.
This rather leaves the the demand here has been the main support to
inference that the higher rate may not be permanent, the market.
There is considerable uncertainty as
but in view of what has been said there would regards the outlook for silver legislation, but silver
seem little doubt of the maintenance of 6 per cent inflation is no longer regarded as the main reason
dividends. Stockholders this time also have the option for the rise.
It is beginning to be recognized that
of taking new stock at par to the extent of 8 per cent large earnings and heavy traffic are the strongest and
of their holdings, to provide the means for the necessary best argument in favor of higher prices.
There seemtf
capital outlays during the current year. This option at some chance now that rate matters may be adjusted iri
present quotations for the shares is worth about three- the West, at least as regards passengers, the Missouri
quarters of 1 per cent, so that altogether the stockhold- Pacific having been represented at a meeting of the
ers get a very handsome distribution.
parties interested this week.
The failure of two
A fact worth pointing out with reference to the re- banks in Philadelphia, being due to special and local
ports of earnings now being received, is, that with sev- causes, has had no effect on the market. Union Pacific'
eral important systems of road the month of March was rather unfavorably influenced by the annual
appears to have been a remarkably satisfactory one. In report, but quickly recovered.
The increase in the
our summary of earnings prepared a few days after the dividend of the Pennsylvania Eailroad of course serves
close of the month, it was noted as a feature of the re- to stimulate activity, both here and abroad.
turns that the gains reported were general and widely
The following statement, made up from returns coldistributed, but that in only one or two special cases lected by us, shows the week's receipts and shipments
were they very large. The additional returns received of currency and gold by the New York banks.
since
then,
however,
rather alter this
latter
being noteworthy that some of the more
prominent systems have gained very heavily indeed.
aspect,
The
it
increase of $674,579 in the gross of the Pennsyl-
vania Eastern lines would not perhaps attract much
attention, since we have become pretty well accustomed
to such gains from that quarter.
But the Union Pacific
reports for the same
month hardly
Week Bwiing May
2,
Received by
1890.
JV.r.
Cirrrenoy
Gold..
I
Tntaljfold and le^al tendera.
Taking the foregoing
less increase in gross
TTmIe
Ending May
2,
increase of $565,862.
These are not only large and
prominent systems, but each represents a distinct section of the country, which makes the coincident heavy
gains the
more striking and
May
Banks
$402,811, but many other roads (not including in this
the Atchison, which has not yet reported its net for
that month) show relatively small improvement in net
and a few show a falling off. It is
likely, how-
y^
$l,403.000|aaiii.
700,000; LoM.
«941,00O
100,000
$2.B4li.0OOl
$2.106,0(»Galn.
$841,000
in connection with the
is
Sub-
as below.
Out of
Banks.
Sttnkt.
A'ef
I
\
Chtnoe in
Bank HoUUngt,-
$2,M«,000 $2,109,000 Oaio.
11,800,000 LoiW.
$841,000
300,000
$14,416.000 $l:(,90.'i,0O0Gain.
$Stl,OOQ
11,500,000
Bullion holdings of European banks.
1,
May S.
1890.
1838.
of
significant.
In the case of the Burlington & Quincy the increase in
net is hardly less conspicuous than in the gross, reaching
..
Uovftnent.
$3,346,000
€00,000
1)1(0
1889.
Total gold and legal tendera.
A'ft Interior
BanhsJS.r. minks
Treasury operations the result
Burlington & Quincy, according
to the statement published this week, gained over half Banks Interior Movement asabove
Sub-Treasury operations
a million dollars ($503,748), and the Atchison has an
($614,828), while the
Shipped by
I
OoM.
£
Bnjdaud
France
Germany
Aust.-Hung'y.
SUttr.
S
Total.
aotd.
£
£
22.693.178
!>l,190,00fl 50,610,000 101,800.000
27,918.000 1S,9S9,000 41,877,000
6.507.000 16,294.000 21,801.000
22,(193.178
Kettierlands..
4,684.000' 5,772,000
10,4416.000
Nat. Belgium.
2.783.0001 1,381,000
4,144,000
Silver.
22,137,746
40,.'>7r,000 49,558.000
31.331,333 16,666.007
6.442.000 16.638.000
8.074.000 6.697.000
2,693,000^ 1,346,000
Total.
£
22,137.745
90,135.000
46.997,000.
21,080,000
11.771.000'
4,039,000
Tot. this week 114,765.178 88,016,000 202,781.178 107,255.078 88.904,66; 196,159,715
tot. preT. Wt. 114.591,300 87.a39.383!202.g30,a33l 107,248.826 88.768.067 196.012,492
THE CHRONICLK
604
actually decreasing, the
QUALITY MORE THAN QUANTITY NECESSARY FOR INFLATION.
The
facte
we gave
last
week explained how
it
has
[70I.. L.
amount
in the Treasury at the close of
of these silver dollara
April having reached
the enormous total of 306,429,389.
But not only is the coin as a coin serving no essential
silver dollar currency has found a
place in our domestic monetary system and left so little
That investigation showed that silver
traceable harm.
purpose in our currency, as an attachment to the certificates it is an inexcusable expense and worse than useless.
Bear in mind that the certificates are simply taking the
The place of a bank note currency that the country was satis-
happened that our
currency had taken possession of no new field.
fied with, that could have been continued .with slight
process disclosed was one of substitution simply;
new modification, and that did not cost the Government a sinfirst, a clearing made and a need created for a
currency by bank note and small note withdrawals, gle penny to operate. That is to say, what we got before
by the new currency occupying the place
adoption by the people having in it no
vacated,
There could be no conflict developed, because
choice.
there was no rival left to antagonize.
These results are in many ways important, chiefly
now for their bearing on the present discussion. As
nothing we have got now by spending about 290 milpurchasing silver bullion, and by spending a
further sum annually for vaults, for rent, for protection,
and then a still further sum for paper and printing. The
people have been taxed and are being taxed for the ex
penses incidental to the support of the system. So, as a
interpret the resolutions of our farmers' alliances
and the speeches of their representatives in Congress,
question of costliness for the tax-payer to decide, there is
no comparison between the currency we have substituted
followed
its
we
the controlling desire of the West and South
for
lion dollars
Furthermore,
(1) for and the currency we have driven out.
"cheap"
is
concerned,
does
the
metal
far
as
the silver dollar, so
a currency
not
the
first,
do
feature
credit
which
the
certifilatter
maintain
the
Taking
the
degree
not
any
currency.
in
That bit of silver acts no part in giving the
events hitherto developed force us to the conclusion cate has.
that silver under existing circumstances is an unfortun- certificate its currency; as already said, a bit of iron
ate selection? That we believe to be true whatever would do the same work equally well, and paper would
may be indicated by the expression " cheap" money
be better than either. What gives the certificate its
whether it means the opposite of costly, or is to be taken credit is, first, the fiat of the Government on the dolas synonymous with redundancy and inflation, or is lar, thereby putting it on an equality in that particular
intended to represent free offerings of capital at easy with the gold dollar (so far as legislation can do it),
Bits of copper, bits of paper, bits of leather or and second, the gold reserve which the Government
rates.
of any other substance, carrying the same Government carries and which ensures the convertibility of the silstamp, would have dropped into the place the old notes ver dollar. Were the silver dollars all put out of existwere driven out of, and have been absorbed just as ence to-day and the " legal tender" they bear be transIndeed, ferred to the certificate, the certificate would lose not a
readily and have worked just as smoothly.
paper notes without any silver attachment would, as we whit of the credit attaching to it. In fact, this dissothat will inflate prices,
and
shall presently explain, prove a
is,
(2) for a
much more
instrument in attaining the purjjose the
effective
farmer
is
ciation
to the note, for the depreciated
converted into an over-valued dollar, which
would be a gain
silver is
taints the paper promise.
be taken to this last stateWe have made a comparison with bank note issues
ment by those who are silver producers and make their because it was those issues that have been supplanted.
One's opinions are Besides, we have no doubt that banks are the most
wealth through silver mine stocks.
so far led by one's interests that it is easy to believe the suitable agents for giving the country a "cheap"
country is benefitted when one's self is benefitted. But currency in the better sense of the word. But if, in
among other classes we think that a moment's reflection obedience to an ignorant prejudice, objection be made
seeking.
No
doubt exception
will
make the assertion more than good, for the
bought and coined and named on the note is wholly
needless, a harm rather than a beneflt to the currency
As a coin the fact is well known that the 412^
issued.
grain dollar did not and will not circulate at all except
when there is an absolute dearth of dollars, and then only
will serve to
silver
in a very limited way.
of
last
the
first
On December 31,
1883 (the close
year covered by the compilation
week) the
total
silver
dollars
ia
we gave
circulation were
On December 31, 1886 (six months after
the passage of the small silver certificate bill), there
were 61,117,409 of the silver dollars in circulation, or
41,975,734.
banks with note-issuing privileges, the
Treasury note device is available. Were the Government always to keep a twenty-five per cent gold
reserve, we think the purposes of our farmers' alliances
and their Congressional friends could be more nearly
attained, and with liess risk to the peoisle, by a new issue
of greenbacks without "legal tender" than in any
We must not be understood as advocating
other way.
any kind of Government money. But if the settled
purpose of the public is cheapness and abundance, and
to investing
we
are shut in to the alternative of silver, so that there
is no escape from an experimental currency, we claim
an increase of less than 20 million dollars, although that Treasury notes will prove by far the lesser evil.
during those three years there had been over 88 millions Then, too, the Government credit is so high, and the
coined.
On December 31, 1889 (three years later), twenty-five per cent reserve would look so substantial,
there were but 61,266,501 of them in circulation, that more of them could be got into circulation in a year
although the coinage since 1886 had increased over 100 than could be fioated in the same time of any other
million dollars; and on the 30th of April, 1890 (that is, device.
They would be a full promise to pay (not a
on Wednesday of this week), there were only 56,994,977 promise to pay 412^ grains of silver) by the United
in circulation.
In these few figures we have the whole States, and hence when disaster came (if it did come
story.
The coined dollars outstanding increased a before we had learned and acted on the idea that the
little so long as there was an absolute scarcity of dollars; best currency is the cheapest), the Government would
but when the paper substitute could be obtained, it was stand between the notes and the individual holders.
taken in preference. Now apparently the small bills If on the other hand we adopt silver, the pe^ide who
arQ meeting the want and the dollars in circulation are hold the notes when the catastrophe overtakes us will
Mat
THE CHRONICLR
3, 1890.J
605
although by that time it will be week, the average rate received by the company per ton
money borrowed have per mile .in the late calendar year was only 0"549 cent.
discovered that all
In other words, the company on the entire traffic moved
been changed and made payable in gold.
Of course we have little sympathy with those who by it received an average of less than 5^ mills for trans.
Some parallels to
Sufficient ])orting a ton of freight one mile.
are advocating inflation under any form.
currency for the healthful expansion of our industries this can be found, but as already said not a great
is of course desirable, but no currency system can be many, and under precisely similar circumstances and
It must be remembered that
healthful which does not include arrangements for conditions hardly any.
redemption as complete and effective as for issue. Yet the traffic of the Norfolk & Western is not chiefly or
settled purpose of largely through traffic.
If it were, the low rate would
if the people have reached the
So far from that being the case,
securing an inflating currency, let them not deceive them- not be so remarkable.
selves and expect to attain that end through the free use however, we find that if passengers be included no less
of silver. Long depreciation has thrown the white metal than 78 per cent of the aggregate earnings of the comThe Government of the United States of pany in 1889 were derived from local business that is,
into discredit.
course has the power to corner it and to raise the mar- business originating at or destined to local points on the
ket price temporarily, but that power has a limit it line of the road.
cannot make a corner permanent. This is a truth
On the other hand, the company has not been
which will make the proposal inoperative as an inflation engaged in a war of rates with neighboring roads; nor
measure except it may be for a brief period; for con- can the" low average be ascribed to other temporary and
On the contrary, there has been a
fidence in currency (that is in its unfailing redemption abnormal causes.
at its full gold value) is more necessary than additions constant and, large reduction year by year ever since
Furthermore, the system is not located in one
to its quantity for stimulating speculation and enter- 1883.
prise.
of the older and highly developed sections of the
In other words, it is impossible to build a country, but rather in a new and comparatively undesuperstructure of credit upon an obviously insecure veloped region; the seat of its operations is not in the
system of currency, and just in proportion to the North or the East, but in the South in Virginia and
insecurity felt
will
enterprise slacken.
We had West Virginia, where till lately there was less progress
In a word, the traffic was not
a most complete illustration one which we have than anywhere else.
often referred to in 1884 and 1885,
when it ready to hand, but had to be created and built up, and
appeared from the character of the United States the low and steadily diminishing rates are the result of
Treasurer's receipts that the choice between silver and a settled and enlightened policy having that very object
gold which every creditor of the Government had in view.
enjoyed from the moment specie payments were estabThe road might not inaptly be termed a coal road,
lished, was becoming day by day less assured.
The coal predominating so largely in its traffic, and coal
demand for silver by the people had been more than roads as we know very generally do business at low
satisfied, so that the silver issues were being returned rates. Still, even among these it is conspicuous. Take
faster than the Government could pay them out.
No for instance the Pennsylvania, with its extraordinary
one needs to be told that the end of such a process to volume both of coal and general freight. The average
any Treasury having a quantity of silver and a quantity on that system for the lines east of Pittsburg and Erie
of gold with daily receipts and disbursements is the in the late calendar year was 0-686 cent, while the
turning of its whole surplus into silver.
And this was average on the Norfolk & Western we have seen was
what the body of the public having property to protect only 0-549 cent. On the Pennsylvania Railroad divissaw was overhanging the country, so that not only ion alone, comprising the lines between Philadelphia
enterprise became impossible,. but the most of those and Pittsburg, and over which more than 17 million
possessing money were unwilling to spend or even loan tons of coal and coke were shipped in 1889, the average
it freely, preferring to keep it in sight against the was 0-626 cent, as against the Norfolk & Western's
0-549.
threatening evil.
For the Philadelphia & Erie division, however,
The facts and figures we gave last week and certain the average comes pretty close to that on the Norfolk
changes in Treasury management well known to our & Western, though even there it is slightly higher,
readers, will explain how the danger referred to was at being 0-556 cent.
The Philadelphia & Erie carries
that time surmounted.
Full relief only came with the chiefly coal and other bulky freights, and its average
passage of the small silver certificate bill in July, 1886, has on that account been low for a long time.
But
and the more rapid withdrawals of bank notes, which running as it does through an old section of country,
withdrawals had not much more than begun to make and one where there is very great industrial activity,
an impression in 1885 but became quite free during the it has been able to get both absolutely and relatively a
later years.
That experience ought to be sufficient for very heavy traffic, thus making the low rates in its case
oije generation at least.
not quite so remarkable.
Still,
the Norfolk & Western itself now has a
traffic of very large proportions.
In fact, the latter is
A RAILROAD WITH
CHAR- a feature no less noteworthy than the low average rates.
A CTERISTICS.
The policy of the managers has been to develop
There are few railroad systems anywhere in the the vast mineral resources tributary to their lines,
United States or for that matter in the world which and they have carried on the work in an intellican show such a low average freight rate as the Xorfolk gent manner. Various small branches and extensions
& Western. In that fact we have at once a key to the were built, and others are now in course of construccharacter of the road's traffic and to its wonderful tion.
But that was not all that was necessary. The
development and extension in recent years.
question of rates was by far the most important one.
According to the annual report submitted last week, The company as late as 1883 was receiving an average of
have to accept
silver,
contracts for
—
—
—
—
—
NOTEWORTHY
—
—
and which we published quite at length in our issue of that 1-409 cent per ton per mile.
Coal and minerals will
THE CHRONICLE.
60S
not stand high rates of freight, and this fact was recogBut under a less judicious policy doubtless
nized.
flinch better rates than those actually charged might
[Vol.. L.
tion.
There is the line to Ironton, which will give
connection with the West and Northwest; the Clinch
Valley line to connect with the Louisville & Nashville;
the branch into North Carolina to connect with the
haTe been obtained for at least part of the freight.
Take the coal from the Pocahontas mines for example. Cape Fear & Yadkin Valley; while already the system
An increasing though limited use for this could have has outlets to the North over the Shenandoah Valley, to
been found at local points within a circumscribed area, the Southwest over the East Tennessee, and to tideeven at relatively high rates. But the managers did water at Norfolk and City Point over its own road.
not propose to confine the product to such a restricted Under the circumstances, a
field, and they comprehended moreover that to attract unreasonably be looked for.
still
denser
traffic
may
not
Of course, carrying such a large traffic and at such
and enterprise, and secure the development of
the territory contiguous to the road, there must be the low rates, it was imperative that the expense per unit of
And this induce- traffic should be reduced to a minimum. While in
assurance of permanently low rates.
1889 the earnings per ton per mile were only 0*549
ment has been steadily maintained.
capital
The
*
result
is
seen in the present extent of the
traffic
1884 the cost to the company of
663 cents. By improving
the condition of roadbed and track, by employing
heavier engines, and by increasing the capacity of the
ears, the cost per ton per mile has with the expansion
of the traffic been reduced one-half in five years, or to
0'344 cent.
The average number of tons of freight
cent, as
recently
as
There has been some increase in the moving a ton a mile was
of the system.
miles of road operated, but not relatively large, the
average for 1889 being 591 miles, against 473 miles in
1883.
On
the other hand the
company transported
in
1889 no less than 1,854,404 tons of coal and coke (not
counting 369,845 tons carried for the road's own use),
against only 4,735 tons in 1882 and 78,314 tons in 1883, for each car was 17'29 in 1889, against only 9-75 tons
and the amount is being added to from 300,000 to in 1883, while the engines hauled an average of 20-0^
Or to put it
400,000 tons a year. The traffic in iron and iron ore loaded cars, against only 11 cars in 1883.
largely
is
also
being
and steadily developed, in another way, each train now consists of 346 tons of
161,215 tons of pig and 249,374 tons of iron freight, against only 107 tons in 1883.
It is pleasing to note that the financial results attendhaving been transported in 1889, against a
both items. in 1883 of but 14,771 tons. Then, ing the road's operations have been equally satisfactory.
also, 87,965 tons of stone were carried in 1889, besides Not only are total gross and net earnings larger than
considerable amounts of various other minerals.
Alto- ever before, but the earnings per mile are also the largest
gether the coal and mineral traffic for 1889 aggregates ever reached, the gross being up to S9,470 per mile,
The St. Paul earns
3,436,757 tons, as against but 48,311 tons in 1883 and the net to 13,576 per mile.
and 198,947 tons in 1883. The total freight traffic of only $4,480 gross and $1,564 net per mile, and the
all kinds was 3,435,797 tons, against 609,737 tons and Northwest $6,053 gross and $3,377 net.
The Norfolk &
797,355 tons respectively in 1883 and 1883.
Even AVestern is now paying 3 per cent dividends on its preduring the last three years the traffic has been consider- ferred stock, and for 1889 had a surplus of $105,046
ably more than doubled, and the yearly addition now is above the amount necessary for the same.
Moreover,
about as large as the entire tonnage only a few years earnings are still increasing, the gain over last year in the
back.
first quarter of 1890 being $199,136 in gross and $74,344
Perhaps, however, the most striking result is reached in net. For the month of April the gain in gross
when we come to the tonnage movement one mile. The reaches $113,425.
average length of road operated in 1889 as already
stated was 591 miles.
Yet this small system of less
EXHIBIT OF UNION PACIFIC.
than 600 miles, carried full 819 million tons of freight
In considering the usual exhaustive presentation of
one mile in 1889. The significance of this will appear its accounts which the
Union Pacific under the comwhen we say that the Chicago Milwaukee & St. Paul mendable practice of the present management makes
with 5,678 miles of road, in its latest fiscal year had but annually to
its
stockholders, the improved results
1,620 million tons that is, with nearly ten times as much which according to
current indications seem in prosroad, it had not quite twice as much traffic. The Chicago
pect for the present }'ear, are a point deserving of some
& Northwestern with 4,350 miles of road had 1,804 notice. We published last week the gross and net
million tons of freight one mile.
Reducing the figures earnings for the month of March. The returns for
to the equivalent per unit, we find that the
Norfolk & January and February had been rather indifferent,
Western had an average of 1,386,058 tons one mile for chiefly by
reason of the bad weather prevailing in those
ore
total for
—
every mile of road in its system.
Of course, this is not
heavy as the average for the Pennsylvania, which
on
the lines east of Pittsburg and Erie shows
for 1889
2,581,805 tons one mile per mile of road, nor quite
as
heavy as on the New York Central, which had
1,953,as
months
of the present year in the Pacific Coast sectioti
of the country.
For March, however, gross earnings
show an increase of no less than $614,828 as compared
with the same month last year, though as this was
accompanied by an augmentation of $550,295 in
260 tons, but it is in excess of the average for 1888 (the
expenses, the increase in net earnings is only $55,533.
1889 totals are not known yet) on the Lake Shore
& To an extent the improvement the present year repMichigan Southern. On the St. Paul and the
North- resents a recovery of what was lost in the correspondwestern the averages are only 385,474 and 424,636
tons ing period last year.
No doubt also some traffic derespectively.
The
probabilities are that these characteristics of
the
layed in January and February, came forward in March.
Allowing for all this, the exhibit for the latter mouth is
yet an unusually good one, and taking a fair view of
Norfolk & Western will become still more prominent
in
Various new extensions, intended to develop
the situation
further the mineral and other resources of the
territory will
the future.
it
also record
tributary to the road
and outlets for the
and
to providb additional averides
now in course of construc-
sahie, afe
There
is
seems likely that succeeding months
improvement.
reason for laying special stress upon th«v
encouraigmg outlook, for the result of the 1889
opera-..
May
8,
tiona as
1810
now
I'HE
]
revealed in the annual report,
is
CHRONICLE.
hardly
Taking the Union
as satisfactory as could be wished.
Pacific proper (1,821 miles) the surplus above charges
equal to 4'09 per cent on the company's stock, against
4'12 per cent in 1888.
But if we take into account
is
607
there has been an unusually heavy fall of
so
that railroad operations
— and
this
heavy
snow
crops the present year.
ized,
all
snow
—so much
were interrupted thereby
fall
should ensure good
If this expectation
the lines of the Union
Pacific in
is
real-
that sec-
the operations of the branch and auxiliary roads, which tion of the country will be greatly benefitted. It is
form an essential part of the system and without also to be remembered that as the result of the purwhose traffic the earnings and income of the main chase of a large amount of Oregon Navigation stock,
line would be seriously impaired
if we take into acon which 6 per cent dividends are guaranteed, and the
count these branch roads, the surplus is equal to less issue of collateral trust 5 per cent bonds against the
than 2 per cent. That is to say, on the 5,180 miles same, the burden of the lease is lessened to the extent
comprising what is called the Union Pacific system of the difference.
only 1-88 per cent was earned on the stock in 1889, this
In connection with these deficits on the auxiliary
comparing with 2 "55 per cent in 1888.
lines
and the extent of the surplus remaining for
It is rather a striking commentary on the situation Union Pacific stock, our readers need hardly be told
of affairs in the West that a large and extensive system that though the surplus is small, yet it remains after
of roads like the Union Pacific, situated in the heart of deducting from earnings every item properly chargethe country and draining rich and fertile sections of able against the year's income.
Had there been a deterritory and at the same time wisely and conservatively sire to take advantage of technicalties, a much more
managed, should be able to earn less than 2 per cent on pleasing result could doubtless have been submitted to
its share capital.
Of course the Union Pacific is the stockholders. But whether the liability on a lease
greatly hampered by its relations to the United States or obligation was direct or indirect, it has been i;harged
and by the check upon free action which the limitations in the one case as in the other, and thus we have an
of its charter impose.
But these drawbacks have been absolutely correct account of the year's operations.
in great measure overcome.
The system has been Some of the advances made, there is reason to believe,
enlarged and extended, so as to secure new and increased will bo repaid by the lessor companies out of future
sources of traffic, and thus the main stem has been pro- earnings; but the management have properly taken the
tected as far as possible from the encroachments of view that where there was a deficit and the Union Pacirival lines, and saved from being hemmed in and iso- fic or one of the numerous companies which it controls
lated without power to defend its interests.
was called upon to meet it, such aieficit must appear in
The acquisition of the Oregon Railway & Naviga- the accounts and be charged against the revenues of the
tion
system and the formation by consolidation year in which it was made. It is perhaps also well to
of
the
Oi-egon Short
Line & Utah Northern state that out of the year's earnings, and before arrivand also the Union Pacific Denver & Gulf give an ing at the surplus, $811,141 was paid into the various
idea of some of the recent efforts in this direction. sinking funds for the retirement of different issues of
The first of these consolidations affords a strong and debt.
effective system of roads draining the Pacific NorthOn the other hand, the company has made a change
west, and the other furnishes a system connecting with in respect to the additional sinking fund contemplated
Texas and the Southwest. The traffic alliance with to take care of the Government debt. As our readers
the Chicago & Northwestern, though much criticised, may recall, this additional fund was determined upon
was made in pursuance of the same policy, that alliance a year ago. Subsequently, however, the report now
being intended to place the Union Pacific on an equality states, the management resolved to defer action under
with its competitors in giving it through routes from the plan. The object of the fund is to prevent a
the great Lakes to the Pacific. If on the one hand further increase of the Government debt. It will be
some of these new acquisitions are proving a drain on remembered that the Government pays the interest on
present income, on the other hand they offer the best the subsidy debt, and that the amount which under
assurance of future income, since without them the the requirements of the existing law the company is
revenues of the company could scarcely be maintained. obliged to pay over to the Government through the
As bearing on that point it is interesting to note that year does not suffice to meet these annual instalwhile the Union Pacific proper in the late year actually ments of interest.
Hence the result is that
suffered a decrease in gross earnings of 1123,261, the the debt keeps growing larger each succeeding
Union Pacific system (composed of the auxiliary lines year, and it was to check such further increase that
and the Union Pacific proper) gained no less than the new fund was created. It was found impracticable
f 874,659. So in the case of the net, while the Union however to put the plan in operation in the late year,
Pacific proper shows an increase of only $167,211, the there being so much need for funds for other purposes.
system shows an increase of as much as $735,336.
The company at the end of 1889 carried a very large
—
—
important that this view of the matter should floating debt for the first time since Mr. Adams took
amount earned for the charge of the property. This, as the report explains,
stock folh3WS in a measure from the deficits which the arose wholly out of transactions connected with the
company has been obliged to meet on the various purchase of Oregon Navigation stock, and has been
auxiliary lines.
There is the Oregon Navigation liquidated since the close of 1889. Still, it illustrates
which has entailed an even heavier loss than in the year one class of the company's requirements during the
It is
not be overlooked, for the small
namely $736,205, against $349,118. In
however, it is proper to state there was an
exceptional cause in the poor crops produced in Oregon
and the State of Washington. The result the current
year will not unlikely be much more favorable.
The
poor crops last year we are told were caused by the
absence of snow the previous winter. The past winter
preceding,
tliat
case,
year.
Entirely apart from this, however, large and costly
improvement and development work on the Union Pacific proper was entered upon during 1889.
Allowing for the increment of the sinking fund held in the
United States Treasury, $495,685 would have been required to meet in full the year's interest on the subsidy
THE CHRONICLE.
608
[Vou
RAILBOAO AND Ml* OBLLANEOnS STOCKS.
the plan contemplated been carried out
Railroai>s.
Low. Sigh.
RAn,ROAD8.
Norfolk Sl Western.
35
A ViCka... 3i
therefore, that sum must have been set aside, " not- •Alabama
37I9 4018
Do
pref..
A.Kshl80u Top. i&8.Pe.
Northern Paclflc
35»
7
" withstanding the fact that a yet larger sum out of AUantic & Paclllo
Had
debt.
Louj,
" surplus revenue was being actually spent in improve"ments on the main line, all of which would add
" greatly to its earning capacity, either through new
" sources of income developed or increased economies
" made possible, but no portion of which had yet been
"
capitalized, and under the existing mortgages a large
"portion of which could not be capitalized at all." The
new plan has not been abandoned. It has been merely
more favorable opportunity
deferred, to await a
carrying
it
for
into effect.
Another and important change has been made, and
tendency of the present
The change relates to one of the items
this illustrates the conservative
management.
The company has
balance sheet.
in the
heretofore
carried in its accounts a very heavy balance of accumulated income, amounting at the end of 1888 to
nearly 23 million dollars
railroad
man knows,
00 hand.
assets
—$33,931,253.
This, as every
does not represent cash or cash
surplus earnings in-
represents
It
vested in various ways
— in
new
construction, better-
ments and equipment, the purchase of new securities,
advances made to leased roads, &c. In other words,
the item is more or less fictitious in character, and is
so understood to be by those familiar with railroad accounts.
But the general public is apt to be misled
into thinking that
represents actual available surplus,
it
and on the other hand such a balance
made
is
frequently
the basis for large stock or scrip distributions.
tendency therefore is mischievous.
The management have now followed in the footsteps
of the Chicago & Northwestern, the Baltimore & Ohio
and other companies, and marked off the greater part
Its general
Oaoailiau Pacltio
Central of N.Jersey..
Central Pa«itlo
,
do
do
Chicago
Do
&
lst|iref.
Vd pref.
pref..
•Chic. & Atl.Ben..reo.
Ohio. Burl. & Qulncy.
Chic. & East 111
Do
pref..
Chic. MU. & St. Paul.
Do
pref..
Ohio. & Northwest...
Do
pref.
Chic. & Rock Island.
Chic. St. L. &Pitt.sl)..
Do
pref..
Chic. St. P. Minn. <&0.
Do
pref.
Cin. Wash. & Bait....
Do
pref.
CI. Cm. Chic. &Sr. L.
pref..
Du
Clevo. & Pitts, guar.
aes
pTi'l.
i.s3.
Drs Moines*
D..
Ft.
generally.
The
and equipment
is
now
placed at the same figure as at the time of the consolida-
of 25 million
it
we
since then.
see 11^ millions of cash
The land and
trust
has
income
dollars
($34,961,352) is also to be regarded as having a bearing on any estimate of the condition of the property, for the
L.
form or another.
In addition, various sinking
funds have received $5,490,138 directly out of earnings.
In connection with all this, we may mention that the
company on December 31, 1889, held no less than $79,642,453 par value of sto.'ks and bonds of different companies, the actual cost of which wa^ $45,243,172.
facts as these are deserving of the thoughtful
consideration of those legislators who charge that the
constant effort of the
company
impair the condition and solvency of the property and render
the
31%
99
12
74
3%
115
Milw. &Northein
...
Do
Do
.
*
is
to
following table shows the highest and lowest
prices of railway and miscellaneous stocks at the
N. Y.
Stock Exchange during the month of April, 1890.
Do
Colorado Coal
Col.
Oousolidaiion Coal...
Mining.
Coal di Cone
13
150
152
lOSia 105
is
41%
v;»%
67
25
pref.
27
27%
855a
11
2714
1214
30%
43% 50=8
101% 103
95^8
99»8
16478
149
4
19
20
4
13
1979
4878
too
17
45
95
pref..
97% 108%
37% 44
61% 61%
79% 8ii4
189% 193
100 14 107
6J% 75%
18% 21%
Gas
Pipe Line Trust
Palace Car.
silver liullion certs..
21 %
68
26
84
20
Pacittc Mail
PUi.adeliibia
27ia
20%
19
66I4
•Keely Motor
Laclede Gas, St. L
Mex. Nat. Cons. Co..
•National Lead Trust
Oregon Improv. Co..
49% Pullman
6I3
7%
3778 40
9978 IO214
Oregon R'y & Nav.Co.
25
17%
39
55
105
•DistiUers & C.F.Tr'st
Ellison Gen. Electric.
Dj
113
21%
36
47
100
.
73
6OI3
44
300
6I4
prof.
pref..
•Do
•Do
Tr. certs...
Amer. Tel. & Cable...
•American Ca tie Tr.
•Brunswick CO
Chicago Gas Trust...
Commercial Cable ...
Consolidated Gas Co.
Del. * Hudson Canal.
5
17
83
71a
7%
Various.
9%
70
39
25
6
14
40
300
Am. Cotton Oil Co...
e^a
18
IO8I3
18
24%
6
Tenn. Coal* Iron
Do
3078
55
14
81
C.»al,.
Do
10
30%
•55
Quicksilver Mining..
25'8
45
250
10
.
"Kiuffston&Pem. Min
L. & W. B.Coal
Marshall Cons. Coal..
Maryland Coal
Minnt-sjia Iron
New Central Coal
Ontario SUver Min..
15%
10
45% 52%
21% 25%
24
24%
Iron
&I..
•III.
Pe iLsylvania
3%
2
Iron.
&
C.
Homes take
69% 75%
13% 17%
1
&Hock.
89
141% 14&
. .
10
29
13
16
12
70
Fargo & Co.
Coal and Mining.
Wells,
55
18
107
155
114% 116%
United States
lOOia
94 14
II314
22
3178
150
American
19
4%
7%
9%
37%
76%
Express.
3%
14
14
291a
25
35
72
29
Adams
981a
6I4
37
46
12
pref.
Wisconsin Cent. Co..
116% Cameron Coal &
19%
61
36
46
Do
81a
25
21%
38%
7;% 82
16% 16%
61% 6678
pref..
*
20
124
37 13
99
12
3714
61
19%
0. Cent
Tol. Peoria
West..
Union Pacitto
Union P.1C D.
U...
64
lOi
55
95
88
31% 36%
Sugar BeUK'n-iesCo.
Tex Pacitic Land Tr.
32is Western Union Tel..
8I4
8II4 85
Unlisted.
Tne range of Government bonds sold at the Stock Exchange
was as fojlows:
in April
GOVERNMENT BONOS.
4%», 1891
Opening..
Highest..
Lowest...
Closing...
*
lien worthless.
REVIEW OF PRICES IN APRIL-STOCKS,
GOVERNMENT BONDS AND
FOREIGN EXCHANGE.
&
37
60
9J.
14
pref..
Tol.
91»8
91 14
46I4
42
I<.6i3 II314
5
7
1478
14
Istpi-ef.
2d pref.
N. Y. Lack. & West.
N. Y. Lake Erie & W.
Do
pref..
N. Y. & N..rih., pref.
N. Y. & NewEugland
N. Y.N. H.& Hartford
N. Y. Gilt. & West. ...
N. Y. Susq. & West...
Do
pref..
pref..
1st pref..
181a
no's
97
4%
16% 28%
36% 48%
Francisco.
Do
87
83 la
pref..
Do
8.
Do
Do
67
63
107
MinneapoUs *St. L..
Mo. Kans. & Texiis.
Do Trust Rect5.
Do
2d ass pd.
•Do pf. W.I.Kbo.
Missouri PaciUc
Mobile* Ohio
Morri8& Essex
Nash. Chatt. &8t. L..
S.J. Souihern
"Newp.News&M Val
N. Y. Cent. & Hud. R.
N. Y. Chic. & 8t. Louis
&
119
2%
%
8t Paul. ADuluth...
5
8%
1-14
14
17 '-8
pref.
115
Pref..
25% Texas* Paciho
144% Tul. Ann A. & No. M.
9;|i2
24 >«
.
'Do
riguts.
St. L.
81
pref..
Louisville & Na«hv..
Louisv. N. Alb. & Ch
Manhattan, consol...
& Tex.
92
87
100% St. Paul Minn. & Man. 110 113
1=8
S m,h Carol na
157
i»a
Southern Pacitlc Co .
33% 3714
25
8ifl
Keo. SDcsMoiiespf.
Kingston & Pern. ...
Lake Erie & West'n..
Do
pref
Lake Shore
1....
Z....
3....
4....
5....
8....
7....
9....
9
...
...
1....
2
4%»,189
4»,
4 -, 1907,
1907,
reg.
coup.
103%
103%
103%
103%
reg.
103%
103%
122%
122%
122%
122%
10 i%
12
122
122
103%
coup.
i
122%
Prices bid— no sales during the month.
BA11KEB8' STBBUSQ BXOHANOK (POSTED BATES)
April.
The
111
&
Such
Government
20
pruf..
Long Island
Louis Ark.
48%
43%
13
&
5% 5%
Virginia Midland....
20
8% 9 14 Wab sb, new
Do
pref..
72 Is 76
22
23% Wheel. & L.Erie, com
*Gt..\.> th'u, sui). pf..
Green B. Win. St. P.
Do
St.
2178
171s
42
105% II214
20
Georgia Paclfl'
Hous. c& Ti^xas Gent.
nUnols Central
Do Leised Lines
Iowa Central
L.Alt. &T.H'....
Do
2^8
5=8
7618
3113
5
Ist pref.
2d pref.
Do
West'n
<fe
St.
464 54%
&
Big Saudy.
Evansv. <& rerre H..
Flint dtPereMarq..
aforesaid income repre-
sents either deot already retired or to be retired out of
the fund, or money applied in the making of investments
in one
!)S
.
cost of road
tion in 1880, though as
been put into
70%
& Atl. ...
pref..
E.Teun.Va. & Ga. Ry.
Do
debts, but the other $11,508,429 covers actual cash spent
for new constructicn and equipment and new property
2I>8
6i«
Do
Do
Do
Rio Grande
I4II2 146
8a
95=8
151s 1"
48
511a
31>9 34=8
93 13 99
Dul. 8 Su.
Eli!!.
& Trans-Con.
& E'viUe.
& Read certs.
Pittsb. Ft. W. & Chic. I51I4 153
Pitts. & W., tr. nets.
26
26
Do
pfd.t. reo.
37
37%
Renssel. & Saratoga. ItiH 1841a
Richmond & AH., rec.
21
21
Richmond Terminal.
20% 23 14
Do
pref..
78
8^%
pref..
Do
112% 122%
no's lli'a Rome Water & Oed..
.
Den. T. &Ft. W.,
..
N...
PhUa.
86
74 14
66 'a
L.&U.
Peo. Decat.
ll's
li'8%
8<iia
6I4
Oregon
3i% 37
.
it.
With the addition during 1889, the +otal at the Manliaitan Beach...
Mnrq. H.&Outonag'n
end of the year would have been $25,423,694. It has Memphis
& h«irle8..
been reduced $17,709,308, to $7,714,386. Of the $17,- Mexican Central
Michigan Central....
709,308 reduction, $6,300,879 covers deficits and bad Mil w. L. Sh. & West.
of
7H
lOS'^a
73%
pref..
Oreg. Sh.
165
165
156
Colum. & Green, pf
25
21
Col. Hock. Val. & Tol
Del. Lack. & Western xl3438
Den. & Rio Grande.
141a
Do
Do
I29I3 132
Alton
34H
81iJ
6%
19
20
l!»l4
22%
13% 13%
4>
51
36=8 39%
20 14 23%
40
43%
301a
....
Ohio * Mississippi
Ohio Southern
22% 24''8
5S% 65
38% 41
Che8.&0. Vot.Tr.cert.
59% 65
pref..
& West
Ohio lud.
54 H .'iT's
117ia 123»«
3ii% 35»4
Canada Soutliem
Do
Do
Do
103 >« 105
41
23
25
25
77%
72
Bo.'.&N.Y.AirUMe.pf
Buff. R. &Fict»
....
Burl CedKap & Nor.
^f-
19 14
.
L,
.
60
De-
dayt.
mand-
Apr.
60
De-
dayt.
mand.
4 85
4 87%-8 13 ..
4^-8
4 85-%
14... 4 86
4 85% 4 88
15... 4 86
4
4>8
85%
4t-6%
4 88
8.
8
16.. iS6
17... 4 86
18... 4 86
19... 4 86
20...
8.
21...
86%
22.
186%
23.. 4S8'2
4 r5%-6 4 88-%"
4 85%-6 4 8-%
4 86
4 88%
4 86 % 4 88%-9
4-6-.% 4»8%-9
4 86-% 4 88 %-9 u..
I
.
1
K6%
6s, Our.,
•98 reg.
6»,
•124
•123
•124
•
FOB APRIL, 1890.
April.
60
Der
days.
mand.
25.... 4 36
4"88-%' 26.... 486
4f8-%
4
88
48S
4 88
4 88
Our
'9Qrea
•125
•1261a
•125
•126
•123
27
4 88
4 88
S
28.... 4 86
4 88
29.... 4 85%
4 87ia-8
30.... 4 85%-6 4 87%-8
4'88-%' Open. 4 85
4 83-%
High 4i<6%
Low.. 4 85
4 88-%
4 8C-% La.st 4 85%-6
.
4 87%-8
4 88%-9
4 87%.8
4
87%-8
May
:^'JHE
1890,]
a,
CHRONICLE.
IMPORTS AND EXPORTS FOR MARCH.
The Bureau of
Statistics has issued its detailed
609
of the United States- Treasury
give the figures for March 31 for comparl8(m
tlie country for the month of
March, 1«90 and 1889, and for the tliree and nine months
ending March 31, 1890, and 1889. as follows:
APKTL
the foreign commerce of
HEROHAJ«DIgB.
For
the
month, of
March.
Foreign
Total
Imports
Excess of exports over Imports
$5,152,986
Auett and
March
31.
Harch
Imports— Gold
Silver
Total
Excess of exports over imports
1889.— Exports— Gold— Dom.
.
Foreign
Total
Silver— Dom...
Foreign
Total
Imports— Gold
SUver
Total
Excess of exports over Import*
TOTAI.
$3,121,1 46
$4,578,470
$1,622,432
1,190.742
$2,913,174
$1,765,296
$2,846,935
1,545.649
$4,392,584
$1,78S,030
726,123
$2,511,153
$6,903,737
$6 0,359
1,433,037
$2,113,396
$4,790,341
2,307,741
$3,088,48:
$6,241,027
2,332,139
31.
""^
BolltUSt.
LMbUUif
<.4»Kt 32n.S7«.411
Total Kold
151.7N8.0Se
Certinoates iMued
24.112.200
CertldcHtea oo band...
«0.8*l.79«
Net ROld
BnlJlon
($72,520,861 $210,665,559 $616,063,915
Foreign
3,.^03,570
6,978,817
17,678,016
Total
$76,024,431 $217,644,376 $633,741,931
Imports
6^,516,083 _L03^13l,431 $.571,593,219
ExoeM of exports over imports
$7.0u4,597 $54,640,364
Excess of exports over Imports' $7,508,348' 14,512,945
62,148,712
DCFOBTa AND BXPOBT8 BV PBINCIPAL COSTOMS OISTBICTS.
OirSTOHS DIStbict8 and
Ports.
on band.
3«i'.'s6.A10
4.»S>,901
80S.671.6II
»W4.0i3.<6a
8,407,091
4.488.61*
.
Certiflc's. net.(r,feiM«(K
«»0,e09.B6«
298.923.348
Net silver
estates
In treas";
notes....(/l»»«t)
Certlticates Issued
Certlfloates on hand.
. .
BoULtabaUv
186^87,716
186^86,579
806.429.289
9.3S!S,089
Certlfloates
9.244,123
$8,574,066 $29,822,530
$11,6»2,5(9 $42,024,680
$4,156,702 $11,771,207
3,6b6,451
14,975.392
$7,822,153 $26,746,599
$3,340,396 $15,278,081
$5,464,451 $23,371,651
1,603.421
1,828,713
$7,067,8.2 $25,2u0,364
$5,854,694 $18,288,'?15
2,258,970
7,072.989
$8,llb,664 $25,361,204
$1.5,181,536 $50,561,568
$2,146,765
$8,066,546
4,U5,1.=)0
13,894,613
$6,291,915 $21,961,159
$8,889,621 $28,600,409
1889.—Exports— Domestic
24.614.210
18t.l>8t),07a
134.642.889
Total silver
(Autt 809.787,378
297,8«I.9S3
CertlUcates Issned
$20,57.<,4n7
$73,852,251 $222,500,845 1$704.047,580
3,333,700
7.458 .159;
21.69ri,050
$77,185,951 $22!t,959,004i$725.743.630
Imports
69,967,669 201,456.8801 598.5(i4.18t
Excess of exports over Imports $7,218,282 $28,502,1241*127,179,4*7
la9.a.12.2>9
tn treasury
3ILVIK— Dollars,stand'rd
$9,081,107
3,141,043
$12,202,150
....
DeULinbaUv)
Certlflc'i.
Certiflc's.
Foreign
Total
we
«
16,066,949
16,864,080
ie.boj.Vii
i4.6'7lJ,867
89:».000
8.6.VI,000
140,000
990.000
7,660,000
8,795,000
Net U.-i.notes In treas.
Trade dollar bullion
7.209.411
6.074 .53C
135.7'2
81.e48.89u
8l,9IM,3l4
Balances... .(Asset)
Public Debt and Int.Interest due. unpaid
Accrued Interest
'i48.iaH,13'.{
.i4a,443,163
on matured debt
Debt bearInK no tnter'st
on Pac KB, boodg
Inter't
6,Sia,«67
1,294 942
1.744.600
3,006.101
l.S*,045
6,n2;,'<2i
1,831, 105
149.703
160,O3»
697
Int.
10.101
1.292.47U
96M.3W
Debt and lnt.(LiaMMt»)
Crsct'l cur'cy redeemed
U. H. bonds and inte'st.
lat.oh'ok8 & coupons p'd
8,029.717
10,886,390
Debt and nter'8t.(^s»(!t)
902,372
Aoo'd Int., Pac. RK. b'ds
11,910
697
2S0
755.393
140.282
40,590
42,636
83,346
O'btAlnt. ieuLiaUlitT/)
aes've for red. L'.8. notes. i6o,ooo,b66
Fund held for redemp. of
notes of Nat. Banks.... 60,040,967
rive p. c. f'nd for redemp.
5.830.118
of Mat. Bank notes
10,802,049
7,127,S45
ioo,obo,«)6
62,140.826
6.7S0.441
167,891,267
Redemp.re8'r.(L(oWlt(i() 165.671.076
Nat. Bank notes In pro.
8.806,834
cess of redemp. .(Ajiett
8,834.206
.
Net rm'Tvee.iLMHlUy)
164,0e7,0W
161,864,241
Post Office dep't account. "6.249.157
MEBCHAMDISE AND COIN AND BtTLUOH.
1890.—Exports— Domestic
;
Im.i.'Wi-aoa
a0,44H,«9l
Ballton
$24,661,728 $111,901,366
.
;
81, 1890.
!
'
«>i.«i^.78a
67.26S,62e
For the 9
Fortht 3
Months eruied ilontha eyi/Ud
OOLD AND gILTBK—COIN AND BDLUUM.
$780,742
1890, -Exports— Gold-Dom.
$189,283
$1,456,824
$2,129,988
9»] ,658
'•"«*'
Balancu
UabUiUM.
$67,«88,896|$199,346,414|$574,404,019
3,H<i,426|
8,7.6,314
1,231.7 SJ
Foreign
$69,120,694 $202,462,84o;$5S3,180,3ti3
Total
66,402,687 196,839,516 ^49^632,060
Imports
$5,623,324 $33,548,303
Excess of exports over Imports $2,718,007
Exoeiiw of Imports over exports
],267,.141
MABCH
1
,
1889.—Exports-Domestic
Foreign
Total
Silver— Dom
Foreign.
Total
30, 1890.
30
:
i
$71.532,98<> $21.'i,478.]76 *674,408,0«6
9,310,H84
2,818,279
1,074,501
$72,607,481 $218,296,4.15 $6>-3,718.H.
19a,'
34,727
5n,8
17,584
67,154 ,495
1890.—Exports— Domes tlo
April
condition
statement of
"b'.ms'ri
Dlsburs'tf OfBcera'bal'ces.
Ondlstrib'd ass'ts of fall'd
80,422.616
28,672,372
National banks
Currency and minor coin
redemption account
Fracttonal stiver coin redemption account
Redemption and exch'ge
1,120,962
1,106,661
Treasurer's transf 'r ch'ks
and drafts outstanding.
Treasurer U. 8.,aKent for
paying Int. on D.Col.bds
300
800
860
8,260
524.746
468,366
4336.027
8,128,680
93.522
139,891
43,248.190
3,iil
38,972.181
Total
lIAabUttv)
Net
(iiaWiitv)
43.246.913
38.968.216
.(L.lablllty)
i\^,'t37,S'i9
i\3.Htr,319
33,93«,6'23
3A013.S43
222,984
22,989.474
233.264
22.814,660
59,143,081
65,603,668
taUm D.CoLbds pd (Aatet)
Balances
.
8,9o6
Assets not available-
Minor coin
Subsidiary silver coin..
Baltlmore.Md.
Best. & Char.
le^l'wn.Masa
BnffaloCk.N.v
Chunipl'n.N.Y
DEBT STATEMENT APRIL
The following
Ctnciiinaii. O.*
INTERBST-BHARINO DEBT.
Duluth, Minn.
Galvest'n.Tex
Mllw'kee.Wls.
Mlnn's'a.MlDD
Mobile. Ala...
Okarncter 0/
Inter't
Issus.
P'v'ble
OutttaruUng.
4^1
Q.-M.
1891.
Q.-J.
Q.-J.
is, pension
J.&J.
Paolflo RRs... J.&J.
1907.
4s
4s refdg.oertf s.
Aggregate
San DIeKO.Cal.
San Kran.. Cal.
Savannah. Ua.
Vermont. Vt.
Aecriud
Znt^rsst.
,
t
813.909
81,274.800
23.246.650
112.921.260
8(8.280
621.261.000
85.288.050
600.561.050
106.270
1.27.1.552
2,021.837
46.7S9
210.000
10,110
364
140.000
•64,623,512
14,000,000
•64,623,612
1.292.470
675.163.112,108.533.700
797.P02.0J2
1.78;.701
4.298.570
• 12.362.000 matures Jan. 16. 1895;
$640,000 Not. 1. 1895; average date of
maturity. March 19. 1895; t3.680.000 Jan. 1, 1896, 14,320.000 Feb. 1.1896;
average date of maturity. Jan. 18, 1896 $9,712,000 Jan. 1. 1897; $29,904,962 Jan.
1.1898: $14,004.S«<0 Ian. 1 1899.
Wlllamette.Or
WUml'g'n, N.C
;
DEBT ON WHICH INTBREST HAS CEASED SINCE MATURITY.
(Inall
oth'r [)l«t8.)l67.1S4 . 495 TV. em,ilil 571,817.584 549.632.060 683.718.950
883.1 80,363
Bemaininein warehouse March 31. 1889
830 179 <)35
BemainlDgIn warehouse March 28, 1890
31,'33i|936
• Interior ports to which merchaadise
can be transported without
appraiflcniBUt, under act of June 10, 1880.
+ Iiicimiplft- In the aiiseuoe of law providing the means of ooHeotlns
the statist 108 of exports to adjacent fun<l);n territory by railroad
care
Aggregate of debt on whicb interest has ceased since maturity is $1,826,045;
due and unpaid thereon. $149,703. This debt consists of a number of
Items of which the principal amounts are called bonds.
Interest
DBBT BBARINa NO INTBRB3T.
.'.".'.'
»nd other land
Dm
JcUnpaid.
Int.
Coupon.
<
81. L<.ul8.Mo.'
Cladlng
Amount
Registered,
•
Nlaxsra. N.Y..
Norfolk, Va...
OreKon. Oreif..
OsweKa'le,N.V
OBwe«o. N.Y..
PhlladePa. Pa.
Portland. .Me..
Totals,
1890.
Is
Detroit. Mich.
Now Orl'na.La
Hew York.N.y
SO,
the official statement of the public debt at
the close of business April 30. 1890,
ChHrlest'n, 8.C
Chlcimo.lll...
vehioles.
UAVTED STATES TREASURY STATEMENT.
The foUowinK statement for April from the office of
the Treasurer was issued this week. It is based upon the
actual returns from Assistant Treasurers, depositaries
and
Buperintendents of mints and assay offices, and shows the
,
Amount.
Old
demand notes
$66,442
346,681,016
Legal -tender notes
Cartlflcates of deposit
8.9.16.000
Less amount held In Treasurer's cash
Qold certlHcates
Less amount held in Treasurer's cash
I68.7*..0;i9
Silver certldcatea
297.3s 1.953
Lass amount held In Treasurer's oasb
ftmetlonal currency
Less amoant estimated as lost or destroyed.
Aggregate of debt bearing no Interest
140.00084.lt'.i.200-
4.4:18.605-
8,796,000
13t.642,838
2»2,928,S4'i
16,28'4,484
8,876,934-
6.918,830
ti»0,OH,18g
•JHE
610
CHRONICLR
KBCAPITULATION.
$
|nt«r«t-b«*rlni debt
D«bt on which Int. hu oemaed..
Oabt besrInK no Intereat
>
6,053,272
1.626.015
U»,703
l.5'»,«!«,32a
Total debt..
I
707,802,082
80).853.854
1.975,718
790,011,193
790.111, 105
,
«,«08,n75
1,693,6111,297
cub
Items aTRllsble (or reduction or the debt...t'141..190.U01
100,000,000
reserve held (or redeinptlun or U. 8. notes
t9«,390.9)4
Totai debt, less svallable cash Items
Natoashln the Treasury
1,051.451.393
Debt, less cash In the Treasurr. .VI,iy 1. ISKO. ..
Debt, lees cash in the Treaiur;. Avril 1, 1890..
l.015..520.7;0
85,930,8 iS
l,0i3. 157,072
7.8J6.902
61.125.831
Decrease or debt durlnir the month
Decrease or debt since JuneiW. IH^
PACIFIC BAILUOAOS.
Interest
Princlpai
Outstaniing.
Name
of Railway.
Cen. Paclflc.'26,8S5.l20
Kan.
Paciflc.l 6,3(l3.(X!n
Dnl'n Pacific 27,23«,5I2
<;:en.Br. u.p.l i,«oo,o<io
WesUPaclflc I,fl70,5n0
aiOOzC.&P.
Totals
I,62H,33U
'64,623,512
accrued
arut not
yet paid.
Int. repaid
by Compantci,
Interest
paid by
the U. S.
By
7Vim<portatlon
Service.
t
617.703
517.752
126.116
8,587,5 a
544.730 3S,'80,09O
2,099,342
22,656,06i
? 2.566
~»
858,2;3
2«.87J.hl8
438,410
6,927
22,871, '14
4.81i.l33
3.773.1170
12,287.c.31
l,292,470l81,425,263
B'llanc'.
pay- of Iuter'81
paid by
m'ts: 5 p. c.
net earnings. the U. .«.
By cash
i
6.014.551
486,772
9,367
W2,:!65
2,173,808
S0.4ll[ 2,43il,7fl8
32.0011
l,741,10i
2,427,100
1,936,9:7
1,103,6S0_ 60,665,581
The sinkInK rands held (tn,8J5.7')0 bonds and $7l.3tS cash) |11.,967,013, ot
which 43.515,092 was on account or teatral Paclflc and 18.451.956 on accou at ( r
Union Pacflc.
^onetarss® commercial ^ti0lislt ^exus
[From our own
correspoiident.]
London, Saturday, April 19, 1890,
The Directors of the Bank of England on Thursday lowered
their rate of discount from SJ^ to 3 per cent. The joint stock
and private hanks immediately reduced the rate they allow on
.deposits to IJ-^ per cent, and the bill-brokers and discount
houses followed their example. The rate of discount in the
open market has fallen to Ifi per cent.
Gold still continues to be sent into the Bank, and more is expected from Brazil. But on the other hand, French coin is
being withdrawn from the Bank for Paris, and as the rate of
discoimt is higher in Paris than in London at present the withdrawals are likely to continue. There is fear also that very
large shipments to Buenos Ayres may take place. The premium on gold there was as high as 212 per cent at the beginning of the week. It has since fallen to about 160 per cent, on
the announcement that an English syndicate headed by
Messrs. Baring Brothers has bought from the Government of
the Province of Buenos Ayres the Western Railway of that
province for somewhat over eight millions starling.
In
Buenos Ayres
it seems to be thought that a couple of millions
sterling will be available for the Government, and will be re-
ceived in Buenos Ayres. But in London it is said that no gold
will be sent. The mortgages already secured upon the rail-
way
exceed five millions sterling. It is asserted that the ProBank of Buenos Ayres lent to the Government a couple
of millions more, and that the agents of the London syndicate
in Buenos Ayres advanced to the Government money to nay
vincial
the interest lately due. Therefore, it is alleged, that very
nearly the whole of the eight millions is owed by the Govern-
ment, and that the balance will be retained in London to meet
future liabilities. As, however, other projects are on foot, and
the gi-eat financial houses here and upon the Continent are
greatly interested in preventing a crash in Buenos Ayres, gold
in considerable amounts may be sent now when the London
money market
is easy.
There are also some apprehensions
be sent to New York and Berlin.
On Thursday evening the Chancellor of the Exchequer made
his budget speech in the House of Commons.
Last year his
surplus amounted to £3,221,000, nearly £1,800,000 of which
that gold
showing an estimated surplus of £3,459,000. He
reduces this, however, by £400,000, giving £300,000 for expenditure upon barracks this year and £100,000 for equipping
volunteers. After retaining also a balance of £233,000 he remits taxation to the amount of the remainder. In the first
place he reduces the tea duty from sixpence to fourpence per
pound, causing an estimated loss of 1)^ millions sterling. He
reduces the duty on currants from seven shillings per cwt. to
two shillings, a loss of £210,000. He reduces the house duty
on houses under £60 value; he remits the duty on lodging
houses for the working classes; he proposes to reduce the postage to India and the colonies to 23^d., and he makes various
small remissions on health insurance, allowing losses under
one schedule of the income tax to be set off against profits
under another, and remitting the duty on apprentices. He
likewise repeals the duty on gold and silver plate. Further,
he hands over to the local authorities the increased beer tax
which he imposed last year, estimated to yield £336,000, and
he also gives to the local authorities a new duty of sixpence
per gallon upon home and foreign spirits. The two sums so
transferred are estimated altogether at a little over £1,300,000,
part to be employed for the superannuation of the police, part
for the purchase of public-house licenses to reduce the number of public-houses, and the remainder to increase the- gen^
eral revenue of the local authorities.
The telegrams from New York to the effect that the Senate
and House committees that are considering the silver bills are
likely to come to an agreement, and that a bill largely increasing silver purchases will be passed, have grea'ly strengthened
the silver market this week, the price having risen to 46,i^d.
per oz. Here in London it was not believed nntil this week
that any measure would be carried, and the Indian banks,
which are usually the largest purchasers of silver, conseqently
bought as little as they could. This week, however, they
have changed their opinion, and have been buying largely,
while the supplies from America, that a little while ago were
There is no doubt, too, that the
large, are now much smaller.
£86,857,000,
Interttt.
Prinelpai.
[yohi*
may
was due to the increased yield of the drink duties and about
£700,000 to the profit on the coinage of silver. He explained
that he was able to got so much more silver into circulation
Indian demand, quite apart from the probabilities of American legislation, is exceptionally heavy for this time of the year.
The Bank ot Bengal, for instance, raised its rate on Monday
from 11 per cent to 12 per cent ^a most unusual thing in the
middle of April. Generally the monetary stringency in India begins to decrease about the middle of March and rates
of discount 'rapidly ^decline throughout April. In Calcutta^
however, rates rose higher at the beginning of this week than
they were last month (though they have since fallen back again)
and there is no return of ease in Bombay. Partly this is due to
the general activity of trade in India, partly to the fact that
while the exports from India are very large the imports of
cotton piece goods are exceptionally small, and partly, it is
believed, to the fact that the Indian Government is accumulating money in the Presidency treasuries.
The fortnightly Stock Exchange Settlement, which began
on Monday morning and ended on Wednesday evening,
showed a further great reduction in the speculation for the
rise and a considerable increase in the speculation for the fall.
Stock Exchange borrowers were able to obtain all the money
they wanted at 2)^ per cent, and as the Settlement advanced the
rate declined. The continuation rates, too, within the Exchange were exceedingly light. There were found to be hardly
any time bargains to settle in American securities. On some
foreign government bonds a rate had to be paid to postpone
delivery, and even British railway stocks, in several instances,
were scarce. This encouraged the bulls to put up prices, and
they were furth<?r inspirited by the report that the French
Foreign Minister had very favorably received the Egyptian
delegates who have gone to Paris to negotia'e for the conversion of the Egyptain preference debt. At the sjme time it
was announced that the Sultan had signed the decree for converting the priority bonds. The bonds bear 5 per cent interest, and they are to be converted into 4 per cent bonds, with a
reduction also of the sinking fund, the result being a saving of
about £145,000 per annum, which will be applied to increasing
the sinking fund for the redemption of the A, B, C and D
series of Turkish bonds.
Reports came also that an influential German syndicate had
—
chiefly by undertaking to pay
}i per cent, which was charged
by the Bank of England to country bankers on remitting silver coin. The country banks, not being interested in the matter, refused f» bear the charge, and so the silver circulation
been formed to issue in Germany tlie shares of the new Italian
was restricted. By paying this small charge, therefore, the Credit Foncier and generally to support Italian securities.
Cliancellor of the Exchequer secured a profit last year of There is no doubt that negotiations are going on with Herr
nearly three-quarters of a miUion sterling. For the new year Bleichroder and a group of banks, but much doubt is felt
he estimates the revenue at £9,1,406.000 and the expenditure at whether the negotiations will result in anything. The bank-
May
THE CHRONICLK
8, ISflO.J
611
firm New York, £137.001; West In'le». *7,000; CbllJ,
ing and building crisis in Italy is getting worse and worse, received
£.>&,00ii, or a total of £19t»,0U0. Shlpmouu-To So ubsy aud Ualca'.tft,
if the reports be true there are few Italian banks that
£317.000.
Mexican nollars— There have bo n R"Voral Inciu'rle't for Mexicans,
are not more or less embarrassed. The municipality of Rome and but little has been doing, owlnK
to (Carol. y. Arrivals from New
York.
£41,000.
National
Govthe
of
the
finances
practically
bankrupt,
and
'b
ernment are in a very bad way. It seems incredible that able
The quotations for bullion are reported as follows:
German bankere should encumber themselves with Italian
GOLD.
SILVBK.
securities when the state of the Berlin Bourse ia so critical,
London Standard. Apra 16. ^prllP.
London Standard. .^ptllie. ^pr(l »•
and the doubt is all the more reasonable because French ind.
d.
<.
•.
d.
i.
darsllrer
o«.
4eHi
*IM
vestors who heretofore have held perhaps two-thirds of the BarKOl(l.llna....oi. 77 9M 77 »
tiar llrer, containBar (told, contaln'g
Italian debt have been selling persistently for over a year, and
aOdwts.sllver.os. T7 10M
T7 10
Ids Gfrri.gold.ox*
4««
4«H
it is reported that Italian investors are now also selling on a
''ake silver
us*
47 9-18
^pan.doQbtouns.oi.
4«K
Mexican dolfi....oi.
*W,
large scale. Whatever may be the outcome of the negotia- 4 Am.duubloons.oi.
tions the mere fact that they have been entertained alarmed
The Bank rate of discount and open market rates at the
speculative seUei-s, and there has been a decided recovery in chief Continental cities now and for the previous three weeks
Italian rentes.
have been as follows
A still greater influence was exercised upon the markets by
April 18.
March 28,
^prilll.
AprU 4.
the purchase of the Western Railway of Buenos Ayres by an
Hotel of
English syndicate headed by Messrs. Baring Brothers. The
Interest at
Bank Open Banic Open Bank Open Bank Open
Rate. Market Rale. Markei ttate. Market iloe*. STarket
railway belongs to the Province of Buenos Ayres, and, as said
~~8
Paris
~~a
~~a
above, the price is a little over eight millions sterling. Nego
3
2K
Serltn
4
4
4
an
4
ZH
3»
tiations for the purchase have been going on for about a year
Frankfort
4
4
4
4
3
4
3M
but the Provincial Government was so unwilling to sell until Elamburff
4
4
4
4
St<i
2H
i%
now that it refused all offers. Apparently, however, its diffi- Amsterdam
2X
2«
2«
2«
«w
2M
and
:
m
culties
have become very great
the Hypothecary
Bank
support), leaving
it
(or rather
the difficulties of
which
of the Province,
it is
no option but to part with the
bound
line.
It
to
has
Broaials
3
Madrid
Vienna
4
i
Ht. PeterabnrK.
Copenhatfen
4
3
4
3
SM
6«
3«
4
SHi
4
an
an
Hi
an
254
4
S
4
4
4
1
an
3K
been estimated that the price exceeds the liabilities of the railThe following return shows the position of the Bank ot
way by about three millions sterling, but here in London, as
already said, it is claimed that no gold on account of the England, the Bank rate of discount, the price of consols, &c..,
transaction will be sent to Buenos Ayres. In Buenos Ayres, compared with the last three years:
1830.
1889.
1888.
1887.
however, it is believed that at least a million sterling will be
£
£
£
£
shipped, and in consequence the premium on gold fell rapidly. Circulation
21,435,5.'i0
24,588.535
24 13.'!,n50
24,414,845
As a matter of course, operators who had sold for a decline Pabllc deposits
7,214,052
0,444,015
7.927,880
8,306.528
27.152,771
2.'i,091,717
21,703,008
24.7»7,318
have been buying back with great eagerness during the past other deposits
Oovemment securities
15.581,040
15,959,918
17,749,712
14,434,881
few days, but the impartial observer may well doubt whether other securities
20.997,095
22.158,780
19,554,537
18,816,591
13,,'-.02,325
15,642,719
13,881,754
16,872.057
the purchase of this line will have any material effect upon Reserve
Colnand bullion
23,828,249
22,351,289
21,495,976
24,336,702
the crisis in Buenos Ayres. It will, to ba sure, greatly relieve Prop, assets to liabilities.
per ot.
45 5-18
50 1-16
40«
the Provincial Government. Still, all the other provincial
governments are even in a worse plight than that of Buenos
Ayres, while the private speculators and the owners of houses
and lands who have mortgaged their properties to such an
enormous extent during the past few years, will derive no
benefit from the transaction.
There has been a further fall this week in iron, due entirely
to the losses of speculators. The volume of business is as
large as ever and stocks are still decreasing
but orders for
new ships continue very scarce. The depression in the ir(^n
trade in America and Germany leads speculators to fear that
business here must also fall off, especially as the Argentine
Republic, Brazil and South Africa have not credit enough to
;
go on buying as freely as they have been doing of late. The
low freight rates prevailing, moreover, do not allow of much
hope that ship-building will soon become more active. The
cotton trade, too, continues depressed. The home demand is
exceedingly large, but the exports to the Far East, and especially to India, remain very small.
The other leading industries of thf.' country are very active and profits are good
yet
there can be no doubt that the feeling even in them is less con;
was a few months ago.
The wheat market continues without material change.
The rates for money have been as foUovcs:
fident than
14
21
2S
Apr.
4
2
11
"
3«it4
2J*®
«>
:i
-2Mi«
lb
Messrs. Pixley
&
'%* -2XpSH>H<.MH3i;a3;i
2 a — 2 as 2 OiS a 183
Peas
Beans
2
1«
t'avc niled as follows : 11th and 12th. 44i.id
14tli, 44H<L; IMh, J5il.; 16ih.4r.%d.; 17th. 4Hi8d.
This rapid li-o ha«
been caused parilyl)v thPIcl)^inl.• some sf-ircity in supplv. but mero
partirulnrly by then, ws daily received from New York, wheidroni
it
;
Windom party and
i«
of
settled.
1886-87.
31,644,..92
11,5;»5.793
12,375,004
8,607,145
1,520,043
1.573,500
10,782,607
10,930,083
9.300,113
2,119.030
1,607,005
13,438.464
12,113,260
1.285,705
2,114.663
17,183,480
9,030,395
on
1889-90.
1888-89.
1887-88.
1886-87.
Importsof wheat.cwt.32,388.413 38,2.38,899 27,897,726 31,644,592
10,s67,221
9,03ti,3i»5
Imports of flour
12,113,200 10,980,000
Sales of home-grown. 32,703,870 23,770,003 27,259,271 22,179,472
Total
75,905,504
71,051,302
1889-90.
Aver, price wheat week.298. 9 1.
Av. price wheat season. 293. lid.
188^-89.
29.^. lid.
64,804,147
67,370.260
1887-88.
30s.
886-87.
1
3d.
wek.
qrs. 2,332,000
2,318.500
1889.
1,748,000
281.500
575,000
292,.-)00
228,1 '00
529,000
b70,500
Xjf"*'
Market^Per
8d.
7d.
32s.
30s. 2d.
31s 5d.
323.
quantities of wheat, flour
The following shows the
maize afloat to the United Kingdom:
and
1888.
1,950,500
248.000
337,000
Cable.
are
daily closing quotations for securities, &c., at London,
reported by cable as follows for the week ending
2:
per oz
d.
OonsolB.new 2^ perots.
do
for account
';"' ''"^•*''
Iiki-lv thac ti.o (llir.TencfS betwf en
the
luilliiiitid coinaKe i)arty are in a fair
ay
being
1887 88.
27.897,726
1):
Silver,
;
apwiira
140.672,000
163.9."(2,000
Supplies available for consumption (exclusive of stocks
September
London.
2«
2«
Hi
have gone to !rd:a.
, ^l'.'^'7.";^.'^"^r2
2
9,388,.">83
2,120,424
22,012,340
10,807,221
Indian corn
Flour
May
Abell write as follows:
;
£!)V!,0ipO
Barley
Oats
Enellsh Financial
Golil-Tlicre ha» bfcn some deni'Ud for French cold coin, and the
Bank lins so d .£li7,0,.0 tor P.iris. Thn total willidrawals were £ fi000, and the l);ilHui'e wiw fi.r Lisbon (£1011.000) and tlie Capo (f 100000). £304,(100 hii8 l)eiu piinhaeed during the week. The arriva 8
^^'„" ivm». £38.1100; Chile. £14.0 0; China,
So^Ann"'^",^n""
Pi»ie. £2a4,000 Natal, £1 1 ,000, or a total of
£8
000 River
£30o,00.'.
and
2W
IMPORTS.
1888-89.
38,238,809
13 1(17.465
1889-90.
owt. 32,388,413
10,732,042
7,923,300
1,194.523
Wheat
aH%i
3Ha4
- a - 3 a S!<«4 SM%4 'Siiai
—
2*ria
^1»
-Ti®— .'Ke* 'SM@4
- '^(^ i«* - 2K®8« SJ<'4: % 3H«4
-'M<*
i^i^H
181,023,000
The
Oitc't B'ii
- 2H» -
162,430,000
This *repk.
Trade BtUe.
4J<a
S «
98 9-18
The following shows the imports of cereal produce into the
United Kingdom during the thirty-two weeks of the season
compared with previous seasons:
Wheat
Joint
Three
Four
Six
Three
F<our
Six
Stock
MoitthAyfonthnlMnnths Months IHontht Months Unnke
•'
3
98 5-16
ct.
Claarlng-House returns
Interest alloioed
ratet.
London
••
per
Flour, equal to qrs.
Maize
qrs.
for deponte by
Uch.
40H
Banlc rate
Omsols
it
Open market
3)4
ihe
We have
Mmi.
Tilts.
48
48
47
9716,8
9715,6
98
98
Sal.
97i5i«
98
106
105%
124%
79%
79%
7518
120'3
7.^38
111%
1121a
113
&
124%
9l3i
9'il4
Mexican Central 48
76%
N.Y. Oentral ct Hudson. IIOI4
7714
Nasliville..
& Wesfn 2709
cons
105 1«
Norfolk A Western, pref
637a
Northern Pactlic, prof.. 781a
Pennsylvania
57
Philadelphia <fc Beading. 2178
Onion PaciHc
6838
N.Y. Lake Erie
do.
2.|
Wabash, pref
32'i8
111%
2873
10714
65%
79
9419
7078
Ill's
•28 13
107 14
67
80%
....
46%
98%
89-46
;
:
\
89-95
105%
124%
SOk
761a
1201a
120i<3
1131a
9438
:
9716,8
98
8905
105%
124%
Fn.
Thurs.
97.i,8
8H-10
79 >4
75 ig
120
l.ouisrilie
..
',„
89-02 la
Pr'oh rentes (in Paris) fr. 88-95
0. B. 4i<isof 1891
100
U. 8. 4s of 1907
124^
Canadian Pacific
78
Ohio. Mil. & 8t. Paul.... 7439
niinols Central
118^
Lake Shore
Wed.
46
;
n
114
94%
76%
77
112
12
113
2878
IO7I4
»-i
107%.
66%
82H
57I8
5-I4
5738
2i
2.:i8
68%
69%
22
68 14
3514
35>4
3598
2913
•
663g
84%
58%
2178
6918
»5%
THE CHRONICLR
612
C!I^omttic);ctal miCL
llbXisccllaucous
IVOL.
U
DISBDBgEMBNTS (OOOS Omitted).
illlcius
1889-90.
1888-89.
National Banks.— The following national banks have
recently been organized
4,285—Tlin National Bank
OrdU
Pen-
In.
Prem-
nary.
Mions.
tereal.
'umt.
July...
18.277
t
15.248
8.175
»
898
Auk
11.909
2ii.0;i9
818
8.738
1.50O
:
o( Commerce of Balttinore, Md. CMplial,
£iiKeue LeverinR. Presldcut; James K. EdmimiU,
f3()0,000.
4,286—The
Caiiltiil,
M.-rcliants' National Bank of Mtissllon. Ohio.
fl.'SO.OOO. jHmos Walter McClymoads, PreiUloul; William
tt'cks Ca^'liler
4,287—The OoiiHolldate'd National Bank of Tnognn, Arizona Ti^rltory.
Oapltul, l)!50,000. D. HenderHUO, President; H. B. Tcui.cy,
CasliliT.
R
4,288— The Clierryvale National Bank, Cherryralo. Kansas.
$50,000.
President; K. T. Webb, Casuler.
4,289—The First National Bank of Van Alslyne. Ttxas.
Capital,
,
Capital,
Cashier.
$.'S0,0O0. S. 8. Diinias, President; D. 9. Thompson,
4,290— The Port Tnwiiseud National Bank, PortTowiiS'Ud, Washington.
Capital, $100,000. Florante M. Wade, Presldeut; Willis A.
'
Wilcox, Cashier.
Bonds Held by National Banks.
bank circulation and to secure public moneys in national baitk
depoeitaries on
May 1,
gave the statement :"or
April 1 in Chroniolk of April 5, page 473, and by
referring to that the changes made during the month can be
seen.
We
V. a.
Bond$ Held May
1,'1890, to Seeure-
Onrrenoy 68..
4'« per cents.
4 per cents...,
TotAl..
$1,100,000
6,954,500
21,853,500
$4,756,000
39,747,600
99,762.560
46,702.100
121,616,050
$29,908,000
$144,266,150
$174,174,150
$5,856,0(
notes up to
Katiotial
May
Bank
1
ffotee—
Amount oiitBtanilliiu Aprlll, 1890.
Amount issued duiinK April
Amount retired during Apiil
Amount outstanding May
1,
1890
$190,381,785
$1,353,505
2,292,818
,
*
deposit to redeem national bank
notes April 1, 1890
Amount deposited during April
Amount reissued & b'nk notes retlr'd In Apr.
Amount on deposit to redeem
notes May 1, 1890
*
$62,334,984
1,813,428
national bank
$60,521. f)56
10.964
28.590
85.ai5
17.174
8,183
t,:l44
10.822
1.488
2.893
12.486
15.880
8.178
18.680
7.916
2.088
518
0J7
8.
March..
10.228
8.8)8
1.3:<9
8.09'.
25,821
27,858
25.080
17.512
April...
13.958
9.015
5.661
674
29.908
1
Jan
Keb
9.92-
week
first
Insolv't bks.
L^quld'gliks.
ReilV'g uuilr
act of '74.*
Total
Feb. 1.
1.
9
869,462
5,852,391
March
April
1.
May
1.
I.
$
345.328
5,797,189
824,0.'>9
800.667
780.6fi5
5.719,472
5,7i!0,562
5,695,294
For Week.
Act of June 20, 1871, and July 12. 1882
the
courtesy of the Secretary of the Treasury, we are
enabled
to place before our readers to-day the details
of Government receipts and disbursements for the month of April
Froin previous returns we obtain the figures
for previous
months, and la that manner complete the stitement
since
the beginnmg of the fiscal years 1889-90 aud 18J8-89.
KK0EIPT9 (ooos omitted).
1889-90.
Ou»-
lnf«r'/
MiK'U
tomt.
Rm've
Sowre^t
Aomut
•ptember..
0«tober
NoTeniber.
December.
January
Oltt-
rn««r'l ATtW'lt
(onw.
Rev'M Sowc't
32.810
36.S97
512
651
853
611
19.280
86.554
1.473
1,902
6,578
12.986
1S.5S9
410
6S8
i.8s;
8:i,787
18.978
82.468
76.67*38 740 18.898 881,886
(ioods
Gen'l mer'dlso.
Total
Slnrc. Jan.
NEW
TOKK.
1889.
1890.
I
$1,670,144
6,782,416
$1,579,746
5,029,912
$2,022,464
7,551,689
$1,885,72S
$8,452,860
$6,609,688
$9,574,153
$9,976,078
$45,879,244
110,546,146
$18,959,073
113,084,144
$52,063,305
$55,244,262
117,363,422
,
8,09tl,355
1
116,96(^,122
Total ITweoks. $156,425,390 $162,043,217 $169,032,487 $172,607,684
In our report of the dry goods trade will be found the
imports of dry goods for one week later.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports ^or the
week ending April 29 and from January 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1887.
For the week...
Total, 17
$6,146,520
91,947,1(;9
weeks $99,620,465
at the port of
1889.
1890.
$6,173,072
110,795,501
$5,745,340
105,910,317
1888.
$5,677,741
93,942,724
$98,093,689 $116,968,573 $111,655,657
shows the exports and imports of specie
for the week ending April 28 and
1890, and for the corresponding periods in
table
New York
since January 1,
1889 and 1888:
EXPORTS AMU IMPORTS OF gPEOIB AT
NEW YORK.
Exports,
Imports.
Qold.
Week.
Groat Britain
France
West Indies
SiiueJan.l.
$6,681
$57,660
5,000
"b'sioa
l,77iV,605
Week.
""'165
Since^an.
1,600
196,606
Total ISQO
Total 1889
Total 1888
1.
$152,112
2. .",05 288
890.066
82 291
4,84iJ
992,078
23,290
16,426
$202,587
.$2,859,233
.$10,525
1.140,875
9,3.55.2-J6
269,500
4,777,628
1O7.401
226,792
Exports,
65.413
263,615
$3,963,627
2.261,708
3,878,330
Imports,
Silver.
Week,
Great Erltaln
France
$68,453
Since Jan.l.
Week.
22,612
163,533
923
26,897
1,351
9,773
118,293
138 221
54.566
143,322
$<, 109.557
$48,115
55,759
30,465
$555,100
6-5,490
697,860
$20,295
3-2,97'i
Mexico..
South America
All other countries..
Total 1890
Total 1889
Total 1888....'...
$68,453
6>3,423
142,809
Since Jan.l,
$89,576
$7,871,440
19,000
6.233,779
4,019,423
Of the above imports for the week in 1890, $1,430 were
American gold coin and $26,560 American silver coin. Of the
exports during the same time, $195,906 were American gold
—
10,899
i.uei
8,154
9.391
81.888
30.^34
9.M3
lij.399
11,418
11.617
31.805
34,893
31,898
18.78?!
19.381
8.9CS
34.403
11.169
11.004
81.416
83.0S0
30,717
18.984;
IB.fllS
9.189
2,647
9,943
10,838
10.982
9.08S
17,779
18.786
1S.28M 10,»9.^
3.91.2
2rt.S90
tofore.
9,e«<l
2.794
9.187
30.180
34.8U8
30.133
1,831
31,014
8.13,-^
81.458
21.(MH
I
lS,»tt5
29.S9)
1«.940!
10.681
3.794
3«.69]
February...
22.810
1S,MM)
lO.llft
1,785
ao.8a«
20.712
18.788
811,800
11.982
8.696
34,778
19.171
10.01
8.00S
34,01':
18.611
10.710
Total 10 month.
19.530
4,619
1.08'
19.006
si.&ia
$
.
March
Apnl
5,079
22.19ff
Messrs. A. M. Kidder & Co. call attention in the advertising columns of the Chronicle to the change in the personnel
of their bond de))artment by the retirement of Mr. F. E,
Wing to establish the new firm of C. T. Wing & Co. The
Messrs. Ki ider will continue this department in their office,
and buy and sell investment securities for customers as here-
~i~ ~$~
Jolr
36.141
coin.
1888-89.
lotaX.
8,2S9
1888.
Germany
Government Revenue and Expenditures.—Through
2.185
2H,8I5
%
%
157
1.H03
in January.
1887.
Dry
62,614,625 61,104,025 58,166,624 55,813,76.% 51.045.597
69,336,478 67,746,542 64,710,155 62,334,984 CO.521,536
11.331
19.271 275.890 130.855
All other countries..
Jan.
017
total.
'utru.
73 2.149
15.433
rOSEION IMPORTS AT
South Jsiiurloa
D^)otitiby—
13.881
Pr«m-
In-
Imports and Exports for the Week.—The imports of
last week, compared with those of the preceding week, show
a decrea.se in both dry goods and general merchandise.
The total imports were $9,978,078, against $13,231,368 the
preceding week and $9,877,526 two weeks previous.
The
exports for the week ended April 39 amounted to $5,745,340,
against $6,486,215 last week and $6,050,497 two weeks previous.
The following are the imports at New York for the week
ending (for dry goods) April 24 and for the week endins; (for
general merchandise) A) ril 25; also totals since the beginning
OlTOOlatlon of national gold banks, not Included above, $144,107,
According to the above, the amount of legal tenders on
aepoeit April 1 with the Treasurer of the United States to
redeem national bank notes was 160,581,556. The portion of
this deposit made (1) by banks becoming insolvent,
(2) by
banks going into voluntary liquidation, and (3) by banks re
ducing or retiring their circulation, was as follows on the flrai
Of each of the last five months
8.596
8,707
17.411
2.'.i92
The following
C469,180
2,282,608
891
4.210
81.487
8.27:1
13.')
774
Prev. reported
Legal Tender ?fota—
Amount oo
439
2U1
4.894
939,313
$189,412,472
.
%
8.779
9.474
1».7;8
—
;
14.6S4
10.980
I8.4.S1
Goods
Chanqes in Leoal Tenders and National Bank Note? to Dry
Gen'l mer'dlse..
Mat 1. The Comptroller of the Currency has furnished
U8 the following, showing the amounts of national bank notes
April 1, together with
the
amounts outstanding May
1, and the increase or decrease during the month
also
the changes in legal tenders held for the redemption of bank
12.691
15.480
11.820
Not
Doc...
Total Held.
Oireulation.
sions. terett.
Oct
of the
Batik
Pubtie Deposit*
in Banki.
I
41.999
88.888
Pen-
Ordlnary.
Sept....
lOmos. 181.9M 90.683 Kl,09«
—The following tnterest-
Ing statement, furnished by the Comptroller of the Currency,
hows the amount of each class of bonds held against national
Dt»ertpti<m of Bondi.
*
Total.
i».so;
19.10S
IBi.Bia
iiz.Tn.'i
gB.og; sa(i.9V
10.498
10.170
9.1T8
18^791 lOS »U4
lotal
~i~ ~i~
3.8
1
9Ui«5»17.e8S
—
Attention is called to the announcemeat of the organization of the firm of Messrs. C. T. Wing
Co. Mr. Frank
E. Wing and Henry S. Glaasford are the general partners and
Mr. Edward N. Gibbs the special partner. The firm will buy
and sell investment securities. Parties desiring to trade will
find them located at No. 18 Wall Street,
&
Mat
THE
S, 1890.J
CH110NICI.P*
—The Reorganization Committee of
the St. Louis Arkansas
Texas Railways announce that the following Becuritics hiiv<>
been tlepositi'd with tlie Central Trust Co. to date under tlu'
agreement: First mortgage certificates, §1.5,581,000. out of a
total issue of §10,409,000; second mortgage certiticatea, .$10,082,000, out of a total Lone of §10,409.000; stock, 818,030,900,
&
out of a total issue of
The
ixJiiaUy of 3 per cent
the stock will now lx> en-
S10,3.')8,.")00.
on the bond.s and of 1 per cent on
forced, and the committee will proceed with the reorganization with as little delay as possible.
—Messrs. J. 8. Farlee & Bro. of No. 7 Nassau Street, although not removing to new quarters, ai-e putting their present offices in shape for the still better accommodation of their
many friends and customers in buying and selling investment
,
securities.
—
&
Messrs. John Paton
Co., 53 William Street, announce
that Mr. Francis J. Paton, son of the senior partner, becomes
a member of the firm from May 1st, and will represent it
at the Stock Exchange. Otherwise, the firm remains un-
613
New fork
36, 1890. is
City Bank Ntatement for the week ending April
aa foUowa. We omit two oiphert (00) in alTcattt.
Banks.
OavtUU. SurpliM.
lOOi om4it<d.)
iankot NewYork...
tiantiattan Co....
Merctiants'
....
tfeohanlos*
America
.-"benlx
Jllf
rradesmen's
Jhemlcal
rferchauts* Exoh'ni^e
iailatlu National
—
Messrs. CofHn & Stanton give notice in our advertising
columns that Mr. Charles Hervey Jackson retires from their
firm, and that the business will be continued under the name
of Coffin & Stanton by the remaining members.
Savings bank officers should notice the offer of $7.50,000
worth of bonds suitable for such as are locate<l in the State of
New York by Messrs. Coffin & Stanton, of this city.
—
—
Auction Sales. The following were recently sold at auction
by Messrs. Adrian H. MuUer & Son
:
Shai
es.
S^'<rell.
300.0
600,0
Greenwich
Ceather Manufaofrs.
^evenrb Niitlonal
200,0
200,0
000,0
300,0
itateof ."^ewyork...
imerloan Kxohanice..
"^orameroe
Broadway
..
faolflc
ttepnbllo
Ohatham
Peoples'
Snnb Amenoa.
aanover.
[rrlnit
^Itlaena'
Nassau
* Pulton
Nicholas
tfarker
It.
-Ihoe
A
..
Corn Rxcbann^e
Continental
3rlent«l
f mtH»rtera*
Traders
A
»
i.eti.6
10,H3n.O
1,30(1,1
11,1103,0
8110,2
l,7rtJ.O
B.TKI.M
l,78',i,l>
11.721, 1
KHIU,
2,422,4
9,l3U,t
6,062,9
108,5
1,4B0,7
2'2,3A7,2
1,200,0
5,000,0
5,000,0
1,000,0
1,000,0
422,7
1,600,0
1,773,1
3,234.2
1,678,8
'2.932
1,323.0
3.441.0
10, '107.11
I7.ft44.4
6.010,3
7,700,0
2.815.4
450,0
200,0
700,0
833.9
876,2
897,0
641,1
260,3
499,4
1,000,0
1.323,4
13,3,i7,8
600,0
6oe,o
500.0
261,2
898,3
195,8
699.4
200.0
231,7
3,12),o
2,078,3
3.135,5
4,2'7.M
1.h87,8
2,M)4.0
8.502.H
500,0
500,0
1,000.0
1,000,0
1,130,9
300,0
364,9
4,610,6
2,272.6
99.3
122.9
1,63.\9
638,2
262,3
816,0
3,189.1
285,6
134,3
437,2
400,2
281,8
772,0
737,8
468,7
394,6
612,0
287,1
306,8
281,4
l.lSOO.f-
i*74.0
480,0
10,200,0
6,440,0
7.164,8
|io 1,0
1,7.08
49H.0
1.3119.0
2.31M.()
480,01
,0A3,n
I2,').0;
3.10. 3
7.82'2.0
11,473.7
4,609,0
6»0,0i
2,*()i,2
0,6X0,3
«7o.O
HS.ll
1,648,8
6,770.81
872.6 24.401 1
657.71
455,7
4.046,8
7'2M,8,
80"(,3
8,878.0
691.3
94,7
!i, 130,1
1'23.0
401.0
3,820,0
90."
113,0
1,167.7
47 7,0
240,6
3.530,3
297,1
10.2
1,270,9
220,9
248,3
3,025,1
3,7.^8,0
634,0 14.436,0
1,451,4 1,656,6 11,318.7
1.042.4
258,3
4,008,4
1.261.0
830,6
8,166,8
351,9
30-),a
a.16-2,4
2.624.2
870.6 11,432,S
700.8
661,1
6,t'38,4
373,6
179.4
8,0H9.1
679,8
440,7
4,962,2
4.112,0
004 8 14,8(16,7
5:14.6
14'2.8
3,061,0
60»,9
18, ,0
2.034.7
311,7
254,6
8,888,8
8U0,1
157.9
4,480,7
1'2,^
119,7
1,7T8,1
6.(4,0
3i9,0
3,604.0
773,2
2I'8.0
6,639,3
403,5
085,2
4,838,3
17.'.,»
33h,3
2,181,0
4 143,0 1.438,0 20,952,5
s['Ji.1,ii
1,121.6 3'2,633.0
17H,4
1)5,1
3,U78,9
2.V7.1
112,2
1,147,1
3,3(1,4 1.302.1 16,969,0
7H2,0
28-t,0
7,888,0
ri77,o
53.0
4,907,0
l'r.9,u
849,7
S.581,7
4947.6
0608 31,663.1
I'OUO.O
679,0
8,049,4
301,4
77,4
1,423.6
0. 5,0
19.5,0
3,683,0
61(I,U
100 5
3,097,0
1187,0
11»,8
2,449,8
o 2ot(,4
8(2,0 11.761,0
1 '08
1,5
180,4
4,851,1
IHU.S
00.^.6
8,488,3
12H.4
802,1
8,008,7
1 187,8
36,7
3,164,8
l,llO-f,7
214,4
116.7
664,4
66,2
477.5
•
190,0
1.347 1
1
3,515.0
4.701,4
1.9h7,4
2,«85.0
1,203,2
28'2,9
Ltalt.
a.
5,0.11.0
750,1)
Loatlier....
SvmU.
•
1,(M)0,0
1,0(10,0
31M),0
A Traders
Mercantile
changed.
2,000,0
2.050,0
2,000,0
2,000,0
3,000,0
1.000,0
1,000,0
Drovers'.
A
^nicberrt'
ICechanlcs'
Loant
•
10,078,1
5.74 1,2
2 228.0
4.72'2.;.
4 320
2,l»2,ll
20,7. 16.
19.096,0
i
^,000,(1
Park
32 Second Ave. RR Co
109
217 North Ru cr Iiig. Co
79
2 12S,4
240,0
North River
20 HlxtU Av RR Cc>.,ex-dlv. 193^
15 Kazle Fire las. Co
\ 'iitO.li
235
250,0
E.;it River
10 4'.'d&(ir'iidst Ferry KK )m
?5 Jeir.Mson Iuh. Co
18.900.7
1. OU
Fourth Natlnnvl . ...
3,200,0
300 Clii. J.ick. & M ,ek., i>ref.
7 2ri0,u
5% 10 Fire AHRoeiation of N. Y. 07 ii Central Natioral..
2,000.0
4 OHO.O
100 Nioaramui Ciinal Constr.
Seoo nl N-ittontl
300,0
100 Kings Co. Trust Co
170
s' 11(0.9
Ci>. Fo 1 H oek (C.ntral
Ninth "^'ational
750,0
1 U. 8. Trust Co
820
22'014.8
rirs.
National
600.0
Ti Hat Co. (crtitl4!ate8).. 40»e
2.'> Ho land Trust Co
212
7'143,4
rtitrd
.National
1,0)0,0
18 Nat. Bk. Coium. rco
210»3
12 Ce trul Ti ust Co. (ex div1 473,
t Y. NafI KxchaQftt
300,0
44 Merclmntc' .Vat. Bank... IBf*
idend)
VZ4fi-\-jr> -1279
2 174,0
towery
250,0
27 Ml rcliHiitu' Ex. Xar. Bk. 126'4
25 Oi riuan-AiUBr. Itoul Ks2 035.5
?Iew York County.
2()0,(,
30 Sat. Butcli.&Dri.v'g hk. 190
taie I'lile (i'lar. Co. ... 88
2;794.1.
4erruan A merlcan
750.fl
3 ChciulcHl Nur. Bk... 4751-4775
10 R'alEst.lCxRli & Auction
^hsse National
10 1.1.3
60().(
, .
47 Eii.st River Nat. Bank .. 175
4 409.2
Room (llnmod)
Plfth Avenue
100.0
$1,203
8'00l,7
20'i,0
20 .viiiilloii Sfiiiare Bank ..111
34 Conxol'd (J. is Co., N. Y .. !)3 'i
llerman Kxcban^e...
2 00J,7
SOPeop'e'a Bank
Jermania
200,0
289
27 .Miinlclpul Ojb Cc. of
4'406,5
Tnlteil States
600.0
10 Corn Excliiiuiie Ba'k... 'JSOis
Yonkeis
2t}
2'921,5
'802,0
tjlDcoln
,3,39;,'i
300.0
278.7
2 Chi niical .Vat'l Bank. ..4.785
120 Ponnsvlvania Coal Co.
733,4
lartleld
a 259,0
810.1
200,0
,3,944.0
20 PaiilloBaiik (ei dlv.)..203
(ex div )
294i2-C:9!»
340.1
Wfth Nations'
150,')
l'773,5
204, 5
l,b90,8
so Nal'l Bn adway Bank... 2ao
14.T Stan'lard Oil Trrst
4'271,4 1 2l 3.9
lUlH Bank of the Uetrop.
51'i,3
311.1!
6,34(>,0
300.0
200M.rili'!»'Nafi Bk. I01^-lfi2»a
31 Canton o. f lidlllmoro. 5( >s
5"2-24,0
404,0
224,0:
2,.386,0
WestMlrte
231,
200,0
75 Anier. Kxcii.Naf Bank. 162
<i'62'2,0
Bo II fin.
489,0
Pe-^hour''
70:t,o'
143,9
4,3'20,0
600.0
100 Bank of Ami rloa
!il6
$2,000 C.ty i.f N.Y. Cons. 5s.
l'207,n
123,2
Sixth National
200,0'
381,0
100,4
1,001,8
504tliNafl B nk
log's
Ddck Bold IH118, MAN. 129 ex. WoHrwrti 'Vi4TwnAl
61n,2
175,7
8,600.0
h'745.3 2,278,1
7,»»1,0
lOLeaiU'r.MiinTr.VNat Bk. as.'i
4 118,0
7iO,0
707,1
131,8
nr»t NatlonaLB'klyn
300,0
8,961,0
$1,000 City f N.Y. Ciius 7a.
18 Natl Bioadw»y Bank.
292%
1816, .lil)
12a:>«<&Int.
ToUl ..
61 .oe'2,7 58,249,6'399,61 3,0 78.605. 26,087.8!408,a78,7
20 Bank or Nonh Ainoi lea. 181
$1 ,00.1 Jersey Cliy 7«. Water,
23 LoiiK Mand Ins. Co
e4'«
1!04, .1. &.1
Cavxtnt dCi
125H Alnt.
25 Peter Cuoper Hre Ins... lOO't $1,00" Hail. RIv. A Pt CliesSuriilua.
Bakkii.
Loans.
SpecU. LfnaU. Devotits.- riT.i'n CUarHif^
25 Nlii(5ara Kire Ins. Co ... 15214
terRK. lis. ret'., l-Ol. A&O ligifl
9
9
10 Lawyers' Tllle lus. Co... 10"
8. York.
^I.OOoBcllivllloAHou Il'g.
ch. 20... 118,731.3 404,677.0 83,004,O'24,336.9 412,03.3,0:3.663.3 672,873.4
10 Hon e Ins. Co
140
RR., 1st. cs. 18'.i(), A. & O. 115>a April
6
119,312.3 408.O57,7'81,859.7 22.476.6 411, ;>75.3 3.718,1 674.228.0
17 Nal'l Kire Ins. Co. of N.Y. 60
$1,000 South Car. RK.. 1st.
12... 119.312.3 4O(f,00H.7 KO.i04,6 22.907.5 4I0.23.S,8 3 071.0 630.'242.0
13N. Y. Eiiiillfti lo lus. Co.
08 (IX Apr 1-S9, couiioii). 90=8
"
19
119.:(I2 3 JOS.fiO.S 7il.ll>0,l 24.349,1 10'<.S84.2 3.081,2 69'2,064,6
(laop. c. pall)
" 26
91
$2,100 T,l. Ht. L « K. City
119.312,3 3911,613,0 78,,iU5,l 20,087,8 405,278,7 3,089,6 712,836,5
Star
Fire Ins. Co. (50 p.o.
5
Boaion.*
RK. Co.«8
97
paiil)
April 12
15
64,035.4 152.368,0 9.0(18,9 4,265,0 l'.9,793.8 2.878.0! 94 871,3
»7.0'
Union Pae. R'y (benv.
,
'•
19...
15 Clinton Fire la". Co. of
64,6S.'..4 153,277.:<
0.760.9 4,274.4 131.015,/ .',8^0.0 1 '14.274,0
Lea<lv. di Uun.) i^-, tiuat,
"
26...
64,<;85,4 153,Ij50,3 9,831,0 4,041,0 131,0211,3 2,878,3 102,623,7
N. Y. («.i i> 0. dividend
1918. .M&.V
85
Phlln.on). ^lOOeach
gi^a $3,000 Li.wer M rlon (Pa.)
April 12...
86,793,7 95,663,0
24,897.0
63.609.0 3,132,0 71,496,7
29 Star Fire In.... Co (50 p. 0.
Water Co. sti, 1917
40
10..
35,793.7 96,013.0
fc26,3^5,0
94 516.(1 '2,13H,0 74,384,4
15
$2,000 Grand Raiitds (Ml. h.)
"
„„ paid;
20 ..
36.793,7 95,990,0
21,911>,0
93,822,0 3.130,0 74,683,0
20 P;iclHc Fire Ins. Co
I72I3
Hydra llii Co Isis, l»10.. 40
" We oiait two cipher*
30 Lawyers' Title Ine. Co.
$'i.Oi O Rutland Ac Montreal
tn all tlxae Hqutu. + Incladlna, (or Boston and Phllft
delphla. the Item "due toother baoas."
58 Viae I4
RK. Ist C'jua.iUdated, 1913 25
Bank Stock List— Latest prices this week.
United states Siib-Treasiiry. The following table shows
BANKS. Bid Ask
BANKS. Bid. Ask. BANKS. Bid Ask.
the receipts and payments at the Sub-Treasury in this city, at
.'.
.
.
.
,
.
1
1
1
.
j
.
f
•
.
.
I
1
—
America...
Am. Ezch.
210
?17
l^i
lot's Oarttuld
^aUatln
Anbury Park
Bowery
20(i
:<10
German Am.
German Ex.
iOi
iVl
(German la
Greenwich..
147
Hanover
80
Broailway ...
'.ifO
Butohs'A
Central
:eu
140
Chase
Til,
Kud
h,'.
'270
New York... 248
N.Y.Coauty. 480
N.y.Nat.Kx. 135
Ninth
159
270
ISO
;M5
N. America.. i6-i
North Hlver. 160
Oriental
22U
295
tuo
121
Itlver.. I61I
Chatham
»:o
Chemical
lni.4t Trad's'
5S0
40011
Irrluft.
Oltf
Cluzens'
4-S
19J
l>'ather Mt»' •i^i
Jjiucoln
•iii
.MadlHou Sq.. 100
Manhatlau... 191
176
Columbia
iHi
Commerce... 312
OommerclaU. HO
Continental
.
ms
212a,
uo
Corn Kxirh... •Hi
East Klver.. itiS
i|M'ch8'*Tr«'. 2.VI
Mercantile... 22(1
11th Ward... 160
1<U0
First
First
,
,
{
.vli'tropiilltan
20(10
,
8. 1.
1:4
14th Htnwt..
16.)
Fourth
170
71-
Metiopolis... !I74
117
,:Mt. .Morris
..
.Murray HIU.
;
iii' llNassau
.
101
185
Ue|iubllo
lll4
'225
Seaboard
Second
bevbuth
i«27
8hoe<iLeath. ltd
8t Nicholas. :i20
....
well as the balances in the same, for each
Date.
April 26
28
" 29
" 30
••
142
116
May
••
326
i;i2
Total
130
112>3 115
115130
SWteof N.Y.
Third
7«.. I !>(ii'
7ili.\v.
St'k..
let mort.. 5b. .(lOi
Sdmort 5h, l!»u
114
220
loo
105
B'way Surface hdi...iea4 105
Bouilp ((oar.. An, 1905
90
Brooklyn City— .stock...
162
,
1st mort., 5s, 11102
loa
1st mort.. If, 19" 8
108
Central irointown— .Sl'k
146
iMt mort., «s, Ut22
i
119
Cent. Pk..N.& fc.Klv.-Sti; 1 22
ConsolK. 7». lito2
1117
ChrlBt'i)lrrAlothSt.-Stk! 145
Bonds.
7h, 18!)K
no
DryDk.E.li.A Bafy_stk 137
III mort.. 7». ivg'i
JKlhth Av.-6took.
joj
I
116
1225
tl08
112
106
106
93
163
106
110
147
122
125
120
151
113
139
107
West
200
Side.
ii
Il85
r,
190
$
$
2,234,597
2,455,074
2,033,800
2,133,427
2,191,273
2,700,484
14,355,261
Coin
Cert's.
1,98'2,338 102,9110,301
0,181,112
1,5*7,5,10
2,3.")'_',807 KiL'.O 10,01!)
9,191,1)1 1
i),17l,J'J0
•l,(iH.'-,,<J()0
l(i'.',(i.-|.-i,71li
2,:t'29,H(i'-'
l(i-j,'j:il,!i:)'.)
1).
2,081,090
l(i'2,'2 11, !)().)
l),."illl),-.'>...
2,:I39,722
1
02,2(>8,,")78
9,Ul!),(l-<7
2,90:1,279
ll.-i,7<W
4.7'-'4,451
I,c,71,:i:i4
i,ii,.ii,:i(iO
1,';
10,054
13,992,105!
and
^Imtiictal.
No*. 18 and 18 Broad .Street,
ALBANV. N. v.: 8AKATOGA. N. Y:
39
118
||
2d mort. Income, 6s
47
Hoa«l.W.Hl.,ft I'.r'T-Stk. 200
Int mort., 7s, 18u4
1(9
Ninth Ave
leS
~
Second Ave.— Stock.
"
li8
Isl mort, 5s, leiO.
)05
.Sixth Ave.— Stock
ll-O
Ist mort,, 78, UOO.
1C5
I
115
60
'
110
112
no
200
lUH
I
250
•iHi
I
'28(1
106
Oltr.
PKOVIOBVCB,
BANK1\U
K.
I.:
BU.SINESS.
All classes of Securities Bou);ht and Sold on Comtulssloa
Special
attention xlven 10 luvosttnent Securities. Direct wire to each offlo*
to Philadelphia, Boston and Chlua)(o,
SPECIAL. NOTICES.
107
I
m
A tiUyUnVl^
New York
and
I
Ave.— stock.
TK.tN!4.\C'r
41
1
Bonds. 5s. 1937
iTweniythlrd
Stock.
1st mort., 78, 1893
Co.,
BANKBKS,
St. Manh..fe HL.V.Ave.
iHt moit., 0», IHIO
I
$
Spencer Trask &
174
A (Ir'nd St. Fry-8tk. 2'J5
Isl mort,, 7.., 1M93
108
iThIrd
^^^
112>9
42d
,
2
faymeni,.
Unit'dbtHtes 216
Western
4'2d
II
1
JteeeipH.
gitijlitug
'rra<lesmen'«. 110
City Railroad Securities— Brokers' Quotations.
Bl'ckerSt. .t Fui. F. -Stk. 26
28
KiKhthAv.— S('rl|l,6R,1914 106"
lat mort.
Br'dway t
day of the week.
Balaneet,
210
180
112
187
li2
105
9
420
252
IsO
UUO
2iO
Produce Ex.
a.-io
:<iio
167
PaclNo
Park
People's
Ptieulx
'Merctiants'.. Itili? ll>4
MeriJrts Ex. 122
I
•ibO
N
600
I
Fifth Ave...
«fth
.MarkolA Ful 2'^7
Mechanics'.. 215
',42
126
illi7
BTCOUNTY B(»DS— EIUHTY
TIIOirsA^VD
niNNK-
baha County, Dak., Court-House 4Hi per cent Bonds. Maturing In lUteen and twenty years. Assessed valuation $7,828,290. Total debt,
only $02,000. Population 25,000. Debt limited by statute not ex <
ceedlng 4 per cent. Offered by thj Eqcitable Mobtoaoe CostPAKT,
208 Broadwujr, New York. See card on first paxe of Chboniclg.
THE CHRONICLE.
614
premium; bank,
premium;
JSaukers' ^axcttc.
'i'he
H&H
followiiis <Ilvl(leiids
have recently been announoAil
Samenf Onmimny.
Per
When
Cent.
Payable.
Qulniy
June 15 May 11
Cin. Hani. *i Daytoii
N. Y. riiivirtoiice & Boston (quar.)
II4
II4
lAprll
3(
21a
iMay
lo'Apriiao to
Teuusylvauia (H
3
ifc
is
(quar.).
extra)
May
May
Amci'loau Exilunigo
New
fitate of
York
Itlfficeltitiie<»ii* :
Nortlnvcsl Equipmout (quar.)
Providence
& Htonington
3
II2
213
SS
May 29|May
to
15|
May
May
1 April
10|Ai)ril
24 to
30
to
11
May 1
May 10
1890-3 P. M.
The Money Market and Financial Situation. The strength
and animation at the Stock Exchange have continued without
any material reaction. The change in sentiment from that
which prevailed in the long period of dulness is most remarkable, and now stocks are in demand at current figures which
were utterly neglected a few weeks ago when they were ten
per cent lower, more or less.
The chief point now is to gauge or " size up " the present
in order to determine
its real character and th^
This would be no easy task at best,
but it is rendered the more difficult by the fact that the
result of the pending silver legislation in Congress must
have much to do with the course of financial affairs,
and the outcome of the silver discussions remains yet in considerable uncertainty. But after all this pertains only to the finan-
probability of
its lasting.
machinery of the country, and is not one of the primary
sources of value in securities, such as large income on the
railroads, or, back of that, large crops and active general
business, which contribute to swell the earnings. The prospect
for railroad securities has been'good for some months past,
and limiting our views to the present half-year, which now
cial
two months
lacks but
of
completion,
situation of the leading railroads
it
appears as
had seldom been
if
the
better.
It is to be remembered, however, that many stocks have already had a good rise in the past two weeks. And among the
low-priced specialties the preferred stocks have often been
morp active, and risen more, than the common, showing that
the idea of dividends still has much to do with the upward
movement.
The open market rates for call loans during the week on
Stock and bond collaterals have ranged from 3^ to 8 per cent,
with i}^ per cent as a fair average. Prime commercial paper is
quoted at SJ^k 6 p. c.
The Bank of England weekly statement on Thursday showed
a loss in specie of £338,000, and the percentage of reserve to
liabilities was 41-03, against 44-45 last week; the discount rate
remains unchanged at 3 per cent. The Bank of France gained
2,875,000 francs in gold and 1,275.000 francs in silver.
The New York Clearing House banks in their statement of
Api-il 36 showed an increase in the surplus reserve of §3,008,775,
the total surplus being §3,333,235, against §1,324,450 the previous week.
1890.
April 20.
IHffcren'sfrom
Prev. weelc.
18S9.
April 27.
18S8.
61,062,700
60,762.700 60.512.700
53,452,700 48,928,400
Loans and dUc'ts 399,613,000 Dec.4,207,500 415,914.200 363,523,90"
""
"
Circulation...
3,»>8B,(iO0Inc.
8,400:
4.128.000:
7,784,300
Net deposits.
..405,278.700 Dec.3,fi05,50C 440,681.800 376.041,500
Specie
..
78,565,100 Dee. 631,000 86,922,000 76,7«9.800
.X-egal tenders. ..j 20,O87,80O|Inc.l,738,400| 36,675.400! 33.337,100
Reserve held. .. 104,(i52,900Inc.l,107,400 123,597,400 110,126,900
Legal reserve. ..1101,319,675 Dec. 901,375110,170,450' 94,010.375
1
Surplus
58,249,600,
!
•
.
.
Bur plus reserve.
I
3,323,225'lnc.2,008,775! 13i426i9 50
16.116.525
!
Foreign Ex<-liange.— The heavy purchases of stocks and
bonds for London account have caused a pressure of security
bills here, and rates have been reduced.
To-day the posted
rates were 4 S5 and 4 87, and on actual business as follows
Bankers' 60 days' sterling, 4 84(g4 84}^
demand, 4 85^^
^2 <«
•
;
4 86
;
cables, 4 86 tf 4 86}^.
rates of leading
The posted
as follows
>
bankers for foreign exchange are
:
May
Sixty Days.
Demand.
Prime banker.s' sterling bills on London..
4 85
Prime C()mnierciaV
,^ 4R3
»4 8312
Documentary commercial.. .
4 82%«4 8314
Parts (francs)
Amsterdam
(ffuilrters)
Frankfort or Bremen (relchmarks)
518%
4 87
5 1818 5 1678V.5'l6i4
401^^40 *,«
-aQb^
95
J^A,.
103Ji
27.1,100
27;i.400
\om
181,700
90,70t
181,700
90,700
U2
X 11.750
111.750
123
$705,050
$-05,050
122
Tuesday....
.170,000
Wedn'sday.
521.600
624.500
Thursday...
Friday
IC.SOO
76 8 JO
ICSJi
7B..'500[
7P,500
103,Mi
»I.lW8.300»I.O«P.:lOO
1031^
.
..
The closing
prices at the N. Y.
Interest April
Periods
26
'^,*/»a>
95^'a,9liSa
The following were the rates of domestic exchange on New
York at the under-mentioned cities to-day: Savaimah, buying
par, selling }.i®i,^ premium; New Orleans, commercial, T'lc.
123
123
123
122
Board have been as follows
Ayiril
\
28
I
April
Apri
29.
30.
Hay
:
May
2.
412S, 1891
reK.jQ.-Mcli. 'IO312 *103i2 *103i2 *X0238 *102% *102%
412s. 1891. ...coup. IC^-Mch. IO3I2 '10313*10312*10.113*103 13!'*103>3
48, 1907...
rep. Q. -.Tan. 122
122 i*l-22 *122
22 ,'122
4s, 1907
coup.](J.-Jan. 122
*122 1*122 '122
122 '122
6s, cur'cy.'95
J- *116
1*116
-116 *116
res. J.
116 'lie
6s, cur'cy,'96
rep. J.
J 1181a *118i2*118i2*ll-i2' 11812*11812
*121
cur'c.y.'97....re?. J.
J. *1-21
121 *1-21
12012*121
6», curV,;,-93....reg. J. i J. *124
1J4 •124 *124
1-2312*124
126 *126 *126
6s, cur' jy ,'9?. ...res. J.
J.* 126
126 1*126
I
&
&
'
&
&
*
This
is
Coins.
the price bid at the moruina board
:
no
was made.
•<air
—Following are quotations in gold for various coins:
$4 37 ®*4 93
3 >-8 ai 3 !'2
Reiclimarks. 4 75 ® 4 80
25 Peseias
4 80 ® 4 87
8pa^). Doubloons. 15 60 ®15 75
Mex. Doubloons- 15 60 ®15 6j
par ®'ttrtprem.
Fine pold bars...
Soveretfcns
Napoleons
XX
Fine silver bars..
Five francs
Mexican dollars.
Do uucommero'l
.
103139 105
—95 a — 98
— v9 a — 81
— 79 a — 81
— 73 9 — 75
Peruvian sols
Kngiish silver
4 8i
U.S. trade dollars
78
—
-a
4 88
a
State and Railroad IJo' ds —There has been a small demand
for State bonds at the Exchange, the principal transactions
being in Louisiana consol. fours, of wluch §68,000 were sold
the other sak s of the week were as follows
at 04 to 96J4
§1,000 Tenn. comp. 7s at 79 and §13,000 settle. 3s at 76; §30,000
Va. 6s def. tr. rects. at 8; §30,000 No. Car. ccnsol. 4s at 97 a 98;
§1,000 Ala. class " A" at IO614; §10,000 Ark. (L. R. P. B. &
N. O.) 7s at 7; §3.000 So. Car. brown consol. 6s at 103, and
§10,000 Ga. 7s, gold, at 102.
The demand for railroad bonds has continued on a large
scale this week, and the prices for most issues have still further advanced. A part of the transactions have been made on
London account— where " Americans " are now in high favor,
particularly Reading preferences and Kan. & Texas new
issued). Amsterdam
is (when
also
sent
some orders.
Incomes have been most in demand, the Reading issues, Atchison, At. & Pac, Tex. & Pac, M. K. & T. 3nds (when
issued) Gr. B. W. & St. P. and Wis. Cent, all being active
and higher good earnings on the different roads giving
the income bonds better prospects. Erie consol. Snds also
have been more active, and close at 1043^^, against 1023^ last
Friday; other issues more or less active were Col. Mid. Ists,
Wabash 3nds, C. & O. con. 5s, C. H. V. & T. generals and M.
K. & T. genl, 6s tr. rects.; the new fours (when issued) have
been very active and close at 793^ to-day.
:
;
—
—
Railroad and Miscellaneous Stocks. The active and advancing market of last week has continued through this week,
the changes in the highest figures for the year being even
more numerous. The bank statement of last Saturday was a
fair one, money is easy, and London has been buying freely,
especially of Erie, Lake Shore, St. Pat.l and Louisv. & Nash.
In addition, the railroad situation at the West is more favoraand Mr. Gould has expressed himself as desiring harmony
and the maintenance of "rates on a paying basis." The
declaration of au extra dividend of
of 1 per cent by the
Penn. RR. and an 8 per cent allotment of stock at par were
also stimulating features. The announcement of an issue of
debenture bonds (conv. into stock) has strengtheijed Chicago
Quincy, which rose to-day to lOOJ^ and
Burlington
The Vanderbilts
closes at lOS^g, against 107.?8 last week.
have been strong on. the expec'ation of a good six months'
statement in June from Lake Shore and Mich. Central, and
N. Y. Central re(iched 110 on Thursday. Northern Pacifies
have been very strong on the arrangement made to retire
the Oregon Trans, bonds, and the pref. sold to-day at 81%^
since 1883), against 761^4 last week.
(the highest price
The San Franciscos have made a large-Advance on the report
that alliances will be made which wiU strengthen the company, the common closing at 27, the pref. at 523^ and the
Ru1st pref. at 100, against lOJ^, 40,1^ and 90i^ last Friday.
mors of Vanderbilt control "or some other influence lias sent
Great Northern preferred stock to S0%. against 75J8 last
Friday. M. K.
T. new pref. (vvhen issued) has been fairly
active. To-day Oregon Trans, was active and advancing.
Sugar Trust has been in demand, and the close to-day is at
la%, against 73^8 last week. Lead sold fairly during the week
and was active to-day, closing atSOJa, against 19'^; Pipelines
Cliicago Gas was very active to-day, clos85?^, against 84?^.
ing at hO% against 49J8The silver bullion certificate transactions were as follows:
§355,000 at 105-107, §481,000 at 103-104i.< and §95,000 at
1021^-51^, the price declining as the week progressed, but recovering again to-day to 104r-104}^.
%
&
&
2.
40.400
ble,
Ajyril 23.
$
Capital
»).10O
40,40(1
»1,50U
18.000
—
movement
M.IOO
tS.COO
Total.
1H07.
ericf paul
103)4
"tl.-CO
370,i;00
WALL STREET. FRIDAY. May 2,
PerCenU due
05erino». PurcA'M.
103«
...
Monday
May
May
4
Offeringg. Purch'e*. Prices TMid.
BatardaT
May
1 to
April 26 to
1
m Per Cmti due 18M.
May 21
to
par, selling
per $1,000 prem.; Chicago, par.
—
iiicnis'i'r,
Knf lr»M<t*»
Clii. Biiiliutttoii
premium; Charleston, buying
St. Louis, 50o.
:
Books Closed
{D-iys
$1
United States Bond-'. Government bonds have been
steady, with the exception cf a slight decline in the quotations
for some of the cui-rency issues. The purchases by the Secretary this week were SI. 773, 350, of which §705,050 were fours.
The statement for this week is as follows
DIVIDBNDSt
Tbe
[Voii. L,
THE CHRONIOLF.
IfA-S 8, 1860.]
81'UCKS— I'KICES AT
8TOCK8.
ArllTp Kit,
AtcUi^mi
'l'(ip.
Caniwliiiii
Cannclu
Centnii
.(.•
S;iiita I'V...
do *M
i»i-.*f,
Cbieuiro
liliii'W..
I<;ii9i«i'ii
()i(!iu'.v
Do
liivf.
imI
IH'Of
Chicairo Milwaukee .tSi,.
Do
Norfhwoatorn
A:
Do
Caiioairi>
iiU'I'
Kock rsliuKl *
Chloaco Su Louis .t
Do
Chicaco
Do
Mm. &
CyOtuniliiisriockiiieVal.
Do
Do
.S»'a
SiXa
7o'a
39<4
40
40>a
77:14
5018
5(f%
7(118
ft7i4
;7'Ni
5(1
30 ig 3978
77 '4
50 Hi i>7-\i
3038
77
.V-l"o;
l8i iirer
2d [lief
Do
oipf.
. .
..
.t W'c^t,
M,'"
Nashv.(5hatlauoou:a.^St.f,iHi'-
New York Centra' & Iliid^tin
Hew York Cliie. A St, Louis..
Weduesdav.
iiref
.
.V
\>
Do
121
841.J
35
35
24'i8
24%
24 "b
041a 05
43-18 43'8
I0714 IO8I4
•3 4
37
81
84
US
'4
l-t>
7238 7.11-.'
121 1112-U
;ij
'4
HI''
115
145
I
ir>
113 'a
.H'a 114-.
S>l'v
"Hi
4!)
73^8
9!)
L!4l3
145
93;U 94
17
17
49 13 491-j
34
99
34.%,
9,1
r5i8
75
70
'1
99;i8lO0's
1
122
35 '4 35'
24 14 24'..
04
04:'4
4331
4 t
I3ia
07 '4 KtS
lo7:i8
M3i8
(>3 '4
3(iia
83
8.!
72^8
73
l.M
122 V
II414 I14v
145
115
914
*;5
76
23
IL(i
Itti
74%
23
110
IS^
231a
110:',
tioJp
05<8
1(1938
8
91
94\
94
'8
l-'5^.
17:V
10 III
034
*48ia
*48
50
34 14 31'-..
99
9;»
75 14 70 'h
99 'a 9910
9 la
75 14
23:i8
IKiia
9 '4
70
23
1101...
Do
pref
Ohio A .Mississipiti
Orecon Sh. L. & ITIaii'vortl'i..
Oreiron A, Trans-C^onriuenta
Peoria Decatur* Hvansville
Pliila.A- Head. Vol. Trust. (^M•t,
:.
21^8
511:H
38=8
22
42 "i 42'4
HI2
13
8I4
K
A Cattle
Trust
National Lead Trust
Pipe Liu'l ertilicatesS.
Suiar
13 14
75 s
Adams
.Slates
!'!!'"
Inarilvc sioeko.
Annerieaii Telecrapb
A
A
Atlantic
Clilcat'o
Chic.
A
A
778
31% 32
2Ha 22
32
22
22:'.j
491a
.50'.
39 <8 393.
4238
22I4
8138
22
211a
Ree"
Haute.
Flint APere Mar<|netfe
Ot. Nortliern, prcf.(uuliited)
Mexican Central
.
J'ew York
New Ha v. A
EioGiaiKle Western..
Do
Bt. r.oul8 Arlt.
Texas A
A Texas.
Paeitic
40
191
85'
73 18
747,
271.
155
74
'140
74
146
85
85
nolo
078
III4
24 la
122
24I2!
I
37
37
TO
78I2I
Uim\ Trust.!;
20:'4
07,
133
IOMj 11
24
24
124
30 12
^
7858
2378 2418I 2 la
0.55
2<iO
'255
2II9
*20'a 31i8J
47%
471a 48
3
3
13
'20's
1101
130
•1034
1.'2
154
1
Hai-i"
pief.
7
95% 78,212
1078
17
40
40%
34%
ti(ii>8
llir>8
70%
90% 99%
24% 25%
7579
43.19
20-'58
•Tlieseaiethe prices bid and asked; no sale
85
'OI3
130
1078
24
115
81
37
79 14
23
2438
371(-
2112
3%
20>»
2034
made
9.1
(:0%
HI
1-.
75%
17:%
48=8
20
32 'a 33
21% 22%
01-8 05 '4
33 '4 34
1|
8i:'«
22'^
22 'a
22 7e
501.J
491a
5078
38
39:14
42
28
60
60
8I4
*8
(i7
(••ell.
I'^eb.
(i2
.Mar.
May
May
18% Ape 28
1
S4%May
10
(i
20 24
20 120
Feb. 7
Jan. 31
i;3'4
82
82%
82%
115
211a
38%
05 14 07
I3I3
1378
13%
29
29 la
29
141«
2938
30%
37iai
3078
38:18
030
0:',i
Mar
Jan. 2'
Jan. 21
Apr. 22
May 1
Jan. 27
83
110
30
54
100
May
May
33
27 Feb. 27
l.i'sMar 28
5'.t:'4 Apr. 11
30 J. in. 13
7i:'iIMar 19
43
3.i%.lan.
|
30
.May
Jan.
May
Apr.
Apr. 28
May 2
May 2
May 1
Mav 2^
54 >Iay 2
11 100 May
"
37% 3,025| 31%' .Ian. "18" """
37% May
2
11278
3,0J5 110 A^n•. 12 115 Jan. 9
37»4 Apr. 22.
3579
5,.500i 2 iia Mar.
21 '4 21%; 22.185 19 '8 Apr 12 225HJau. 27
4 38% Mar. 24
37% 38
3,210, 30 'a 1.111.
00% 073sll5,.(15 01:% Apr. 7 0879 Jan. 28
13 '9 14
7,895 1-2 I'ob. 23 14% May 1
2938 22.91.0 •Jo Apr 11 29% Jan. 27
29
3759 3878 19.920 30'4.lail. II 3^78 May 2
7578 70 14
0,7.5 67 Feb. 24 76»8May 1
31% 31% 10,581) 28 Fell. 17 3038 Jan.
14,2!>o,
505
1...
.lau.
27
M7'al'Vlj.
48% 50% 50%
5178
50
50%
103% 103% •103
98% 99
98%
103
105% 105
101
MOO 101
104
..
100
8438
105
84
27
40
'102
84% 85
27% 27%
27% 28
6,505
24
40
40
40
40
1.301)
1939
19:14
74% 75%
80%,
75 Ir
7439
70
72=8
52.490
21
8038
75%|150,4'
30%
10%
81
1979
8538
IW
152
115
118
'73
75
144% 116
'a
'150
•115
17379
144
156
,'1.50
118
'•115
70
144
140
'71
8558
132
70
145%!
j
305
8558
11
120
30%
70%
21%
2358
132
l-2o
3%
21%
at tbe Board. §
•21%
115
7979
2414
2i%
255
2178
2134
48% 48%
48%
4%
8%
21%
122
30% 39
1^1
•2.55
4%
1,000
121
I
30I4
24
255
24
21%
21
4379'
•48
21
49
24.%'
253
4%
•
6,400
2,1.55
400
121%,
39%
80% 80%'
81
'20
2i:'4
Feb. 21 32%
Mar. 4 41%
Feb. 21' 22%
Apr. 8 108%
Jan. 10, 76
i
84
8,1.50
Mar
7
87
2.
24
I
16
25.
'7
Jan. 4
Jan. 28
Jan.
Jan.
May
Mar.
Jan. 24
llTsApr. 30
6 135
0.i8Feb. 28
15
90
Jan. 10 25% Apr. 21
Jan. 17 124 Apr. 24
25% Mar.
11!
39% May 2
Apr.
Apr.
Apr.
Apr.
28
28
29
29
40 Mar. 3' 4878 May
7% Jan.
27e Apr. 25|
18%A|ii-. 2l| 2 3% Jan.
S
Feb 19 81
4.350, 71
10,700 1779 Feb. 18; 25
10
2,110
2.13;
6,388
Jan. 27
8% May 2
439 Feb. 27l
1
20% 21% 2,100
x Ex dividend
Pitofjji from botU Exclianges.
2134
79 la
50
200 129
;
3714
1
26
Mar. 19 156 Jan. 3t
15 113i4Jan. 4 116% Feb. 9
440 70 Apr. IJ 90 Jan. 31
90 135 Jan. 7 146 Apr. 30
•078
7
1
26
32150
156
85% 85-19' 85% 858%l
%j
7
7%:
77e
130 134
132% 132%
1078 1178
11% 11:% 11% il%i
24% 24% •j4% 23 14 24% 25%
85
2:
17
200 90 Mar. 18 119 Jan. 27
23,458x81% Mar. 20 8578 Jan. 2»
105
84% 85%
19%
81% 84%
1-.
1
2.
Apr. 88
Apr. 28
Apr. 2a
Apr. 28
8% Ajpr. 25
May L
23% May 305% May
34% May
81% May
•^.'i
19 '4 Apr. 11 22 7g
Feb. 28 56
8 41%
2,4.10 10 'a .lau. 17 23 %
70.010 351a .ian. 13 43%
88.3 lO 20 Feb. 21 23%
5,120 70 Jan. 18 83
100 104 Feb. 17(115
9,8S5| 10
Jan. II 30
23
2
2.
19%.May
2-i
5,0li0
20,7.92
42%
23%
2:
Jan. 28
1.395
101.4S2
2278 2278
3,105
52:^
51
8,592
39% 4114 75,305
I
100% Apr.
12,(i(i5
1938
25
123
37
80
7
iiil'a.laii.
27
10
133
1
2
1
08 Jan. 31
15 11l°8May 1
80 Mar. 5 01% Jan. 8
82 '4 b'eb. 24 92 May 1
37 .lau. 13 54% Mar. 10
100 Jan. 14 114 May 2
92 Mar. 4 101% May X
9178 Mar. 3 104 Jan. 23
108 Apr. K|117 Jan. 23
9:14 Apr. 23
1314 Apr. 2!
(7
197,
851.
156
117
75
146
21
88.
isi..;.laii. i-i
2538 Apr. US'
xl3l;V\pr. 2 14439 Apr. 26I'Vli.
23%
04% 05%
3338 34%
8078 81%
22:14
23
49%
20%
2278
22 '4
42 '4
23 14
37-'a
1
fell.
*32% 32%
42:^
2II4
77
ooio
1
28%
42%
38
60 '8
Feb. 26
Jan. 27
Pell. 1:'
0934 Api-. 11 76I4
13 Jan. 7 18%
Jan.
105
0,440 100 Feb. 19 110
ll.oio 10 Feb. 24 18%
5, 1
70 Jan. 7 74
I'fb. 21
5,4 .0 30
42%
29,. 7(
23% Ai.r. 12 2838
1,473 59 M.ir 31 67
43,880 4314 J ». 7 49%
21,833 17 M JIar 11 21%
109=8 10978
2011
8I4
211a
lBi4Feb. 28
53
35
00
(.
500
487,.
;i
I".
l:>
Mar.
70% May
725
70
29
38
.Ian.
131.., .laii.
151...
31
92
.Ian.
L:0'4.laii.
2,730
98,855
*10% 18
48'8
'a
1
37i4May
2,(e.jii
20',.
211a
.
1
TOO
93%
l''...>.
r.oo 10;
6'!
."'8
I
«S% Jan. 9
21
45:^1 Jan.
9
21 IO914 May 2.
20i..'lVb.
37^6 Jan. 37
70 |.'eli. h 88 Jan. 27
OO'sMar. 4 74% May 1
9 122% Apr. 'M
112:<i Ai«r.
I'-eb. 21 115
107
JJay 1
r,
Fell,
10
117
May 1
.Hrt'a ii'eb. 1!)
08»8 Jan. A,
Mar.
(.•ell.
Apr.
0,390
8,105
114
49 's
811
5s
37'..
loi:^<
.M.ir. '^li
000
114
101
27 la
•8
M;,r.
I'l^K.
15
93,570
47%
el>.
:;i(
228
14%
49,182
itVv
I
42% May 2
78% May 2
59 May I
1127% Jan. 3
2: 35% May
1
2! 27% Jan. IS
Ill
27
3.1SM.U-.
s'.sApr. 14
28,15,.
1=18
Htghest.
15
.Ian.
|.-,,i).
!.,%
;
810 lit
104
110
1800.
1,085
281
5,-lo
12% 12%
75
1,
9,8i)4
4,000
»>7
11
,
!).;
144% 97,228
18% 18%
'-M
;.•;
40
250
21I2 2:
48
48
31a
3,071
54 'a 54 lo
30 :U 37'4
9 14
ISiM.
51% 47,771 41% Mar. 13 51% May
5-2% Apr.
51% 14,590 39i4Jan.
loii 101% Apr.
7 103% May
98
98
98% 2,24ii P3 Jan. 2 99=8 Apr.
102% 10.1%
105%
8,052 147 Jan. 2 105% May
100 101
102
007 92% Feo. 1 106 i'cb.
4978 4978
4978 4978
50
50% 2,195" 431s Mar. 12 50% May
104lol04% 1U4 104% •105% 100
^ Apr. 11 108% Apr.
3(
97%
4:1 38 45
43% 44
44=8 45
2.395 30% Feb. 27 45 Sliiy
192 193
191 191%
307 1,S7 Feb. 8 193 Jan.
191 191
102% 101
10.1
104
104% 104% 931.01)0 .5514 Jan. 7 107 Apr.
* u.
52% 53% 52% 53% 52% 53
5,300 43% Mar. 17 89 J(in.
273,
250
48%
12'-.!
2778
4838 49
5014 51%
103
104
104 1(10'
52 12 53I;
105 105
8118 85
150
115
*72
140
42.475
•90% »'.%
75 '2 7018 x75
70-is
30 14 3179 sola 3178
I9214I9J;!
27
715
18%
3ti4
0.38
34:i»
7379
42I4
778
0(K»
8(KI
ItMt
115
114
2SI4 29
28
20
46'4 4-i:'8 47
5(j38
4:i7e
'95
95
95
100
100
3014
30
30
II2I2 113
113 113
112%
3(jl8 30=8
35%
30
30
48 14 49
5014 51
103 104
98 14 98'.
103 1017,
lOOiblOO'.
49'
48
105 '4 1051.
42 12 44
'30
IOI4
8418
74 !«
710
!)4 'a
17''8
111
25
05.18
•27.005
i2,07.
73-^
39%
21% 21%
41% 12.-^
22% 23 I4
82
82%
211...
510
97,225
121% 122
114% 115
146% 150
9'v
9
1
41 'a
38-4
431*
1914
S438
S4J2
9
4l:io
32'...
8O11
85
74%
1-14
2;lu
4912
22 13
51
3;(is
33.''8
5.(41
34.400
74
42
28 If
Z.i'4
50
14
38-.Hi
40
1.13
05 5»
110
1778
72-8
1778
21% 21%
«4:"8 64%
05
44
109'4
9(Hi
73
SOU 81 '4
19:18
*0%
a
2,(M);i
70% 70%
23.'-8
23% 23% 24
llOiulK
110% 117
19
19
19
19%
l/^-s
801,
40
1
70'.,
7i-sMar.
1,070
743s
33%
5(11-.
'
•75 '3
7.<79
.30
J,989
11,780
4,048
3£% 30%
'83 'a
88,49(1
2,905
34.855
93h
104
108k 108
78%
491r
I
9
3078
1714
041a
3J
4!i58
146
3038
75%
04
4838
155
117
76
StV
12
78
SO-'s
84%[
*53:it
13
32',
20%
1.10
Ilockiin,' C.ial
ATenv
00
63 14
19 '4
84
H4»a
Alton...
Ail. JSenef. Tr.
Kyausvilie
Cable.
I'acltic
Columbus A
0513
3238
761a
221a
2034
*39'4
150
115
74
142
American
Par™ A Co
1834
12 '4
741a
I714
8:4
8
8'.,
491a
72% 73%
Keliiieries Co
lix|M'e<>t> Mlocks.'
'i
IS.'b
18 '4
43
I08.'>8
-"-a
l-'58
321..
103
Triidt sio<-k».(lnlis|..ii.).
Amer. Col. Oil Tnisl re. eii.ts
Weils.
301.J
I8I4
123
35
35
24% 24%
04% 04:ii
.
1031a 103 104
98I4 99
'.>'.)•>»
]
99'>e
Dnlaware * Ifndson Canal!!! 101 101^4 lOlio 103%
KdJson Ccuerai H'eelric
99^8 10 iia 100:14 1003j
Oreaiin hnprovenieni Co ...
40^8 47
48
48
Oreiron K'v & ^a^ iiration Co
lO.Ma lOfia 105 107
Paeitic Mail
4."8 421'
42 '8 43 iV
Pullman Palace C:'i'("o'!!!;!!! *19lia 192 '2 192 192
WIver BuUiiin Cerlilieates
100i4l00:i;
107 107
Teniiessee Ciiai i Iniu
5II4
51 14 55
50
Do
do
nief
Weateru ITnion Teli'irra^'h
81
8438
84
841..
United
14338 Ul:ls
O'Bll-l^r
Itl
92
niHrellnneollK Sloekk.
50
12178 12214
111
1 15
147 117
941a 95%
•10
17
14 t'4 1441s
I
<-2
4878
35 'a 30
81
85
73 14
4%
25 -i>
9
70
70
23 13 23
*110i2 117
.
I
o.t^a 6iia
•42
44
1071a 109 Is
24^8
30
42 14 43
J214 22^8
23=8 23
BIcliu)ondAWe8tI"t Terminal
23
8l:l8 82
Do
82-4
82
82
pn.r.
RomeWatertown AO'.'deiisli . '109
U012 II214 111
20 '4 20 14
St. Louis & San Fiaueiseo
20
20
25
42'-)
41
401...
Do
42
42
43
pref.
*:iOia
Do
91 la 91iv Mills
iRl prei'.
3(:<8 351-2
35 12 301
Bt. Paul & Dulnth. ecun
30 14 30 14
St. Paul Minn. ,t Manitoba
lU'a Hi
111% ll:i7, 113 113
37ig
3OI4 37
Southern PacllieOo
301
37it
3;
Tcjas * I'acirte ...
2. =8 2078
2034 213f
20% 21
38:i5
Tol. Ann Arbor & N. M...'
37^8 37-8
37% 377s 38
Union Pacific
05% OO-is OiPa 007^ 0533 001.,
'_"]
Wjiliasli
12-U IS^B
131a 14
131a 137f
27;'4 29
Wabash, preferred
29'!
29
•-87s 291...
Wheeliiif<* Lake Krie
35:11,
30.^8 371,
30
3038 3-I4
Do
la
70
do
75
75
7578
75%
703t
pre'r.
14
Wisconsin Cential Co
•29^1 3014
29% 30 'i 30
31%
Chieatfo fias Tnisi,
Colorado Coal * Iron
Comnii-reia (Jalile Co
Consoiida led Gas (^o
24:18
"48
18
42%
78%
58% 59
22% 122
351a
2378
75
99
90's
19% 21
38^j
1
35
1,
I.OWC8f.
8burcs.
2.
41
78
I..,
32
50
122
59
09
70
99 14
00 ?s
74
021a
3258
701a
22i8
7(i-l8
57 14
50
31 14 3478
9978 100
751a 77
99 '4 99%
2478 25
1818
91
39 'a 41
77% 77 7»
3414
54 14 541,
110^
May
1.
JAN.
Bange Since Jan.
Week.
Friday,
34
98
18
107
33
20
021a
3i3a
pref
Northern Pacific
rislillers'
51
Bales
of tlio
9034 91 14
90:^ 92
91
90»8 91
"4
471...
'15
40
40
4
47
47%
113 V II2I2 113
112 112% 112.'58ll2% 112%
99% 991a loo
99% lOOi.j 10O:i8l01'4 101
94l..>
•92
93
93
94
94
93
i>2
112% 113'4 113 li3
llj 113
113 1131a 11378
8938
8I4
>H
*32'4
ij
'4
1...
73 12 7414
7338
17
17
17
1738
102 107
105 105
lii7Sj 107% 107% 108
IOSI4 lO-'i./ 108 '4
17
1714 17iV
1758 1778 •1758
18
ro'=8
71
O'a 71^8
1% 71.!) 72
'39
40
3978
39
41
40%
391a
27.'-8 28
2i;78 2.27% 28
27 V
05 la 07
05
05
00
60
67
48 '2 49
4838 49%
4878 41) :V
48'8
19^8 2034
20 '4
20 38 2 '8
2038 20;i|
i03
20
.
84
74
93 ij
40
112
98Mi 98%'
99
94
94
93
4(i'4 4t>'4
lll:!4 lll-lt
30
8414
*l(ii4
00
110
91
07
110
91
'.
12 lis 1-22
I14I4 114%
140
140
18% 19
18% 19
1091a
*9d'a 911a
88 '8 891a
1)8
9'j
04
43'-
lo8:V
30
73
I.J
J^.'^
9i-.-
.'>77,
AND SINCE
.114%' a,
Tliiirsday,
May
IJl
12I--.8
24 14 -4^ 241a 25;i«
143^ 144^^ 113 1411^ I4318 144
18-18 18
18
171a 17^4
181a
5-2% 53
54
54
54
51%
3(il2 3 .fs
3014 30%
304 37
.,
lirvl
& Western
123'.
24 V
--J
i.ri.;
Kew Yorlf Lake Erie & West'
Do
,„ef
New York A New riif-'ni'd.
New York >ufai hi \V est.
New YorkSusqueliau. * e
I>o
8.1
73
7.ii2
*ltli2
i'aeitie..
Mobile* Ohio
'.'d
h
Il.;i4ll.;i4
'10 la lli«
* Tm., 2d a.'ia'ut paid
(
;l
7U
ti.)
Viitiai
1st
34 '4
1)41..
41!
1
tone Island
Do
Do
'
lol-'i kiss's
..
LonisvilleA N.i«nvi,]e
Louis. N(!w All. & riii.-a-o
Manbatian lOlevatod. oonso
Do
ax'
•jt'-j
17^8
I<ake Shore &Micli.8i>!itliPiij
Milwaukee LakeSii.
I
I
Oii
nUnois Central
Lake Eric & Western.
Norfolk
30
pief
urer
Denv.Tnx.A Ff. W..as«ciitei'
East Tennessee Va. & Ga
Missouri
April
34^ 34 1^
Do
Mo. K.
April 29.
O.ii.
Delaware l.aokauaiiiia.v\\Vs
DeuviT it Kio Grande
(
April 28.
J4
('nrillc.
Ti. tslmi-.'
Cieve. Ciricln. Cliic. &St. I,..
Do
piff
Micbisaii
iti.
a
l(i-(>r
Paul
St.
April
.
X
Chlcap>
Tuesday.
i-.!.i'4
lersoy
Chlf*ai:o P.nriiii'r.on
iti
Mondar,
7r>i.2
CaiiIriI i'iii'iflc
Cliesii|)c:ike<tO.— Viit.ri-.ccrt
Do
do 1«t, nrnf.
Do
FUll YfliKK E.VUINU
HIGHEST AND LOWESl' PRrCES
Saini-daT.
.•.r>i.j
Kniilliciii
m New
STUCK EXCHANMB
N. T.
•i«»<'h«.
l';ii-.illi!
615
214% Jan. 10 256
15% Feb. 271 22
t
Lowest price
is
ex
di;
1
THE
^16
CHROJNiOr.R
INACTIVE STOCKS—Onototions
Bid.
III.
Buff. R.& Pitta.
do.
i>ref.
35
Burl.C.R.diNo.
29
Cin.W.&B.Tstr
&
DesM. &Ft.D.
157
28
6
Pea M.&F.U.pfl
20
CI.
Pitts. «ii..
CoL&Gre'n.pf.
BJNDS—
'
Hoiis. &Tex.C.
Ill.C.lca8edl's.
•
Iowa
Cent.
do.
103%
. . .
pref.
Apr. 25,
85%
At.Top.&8.Fe.—100-y'r 48,1989
1989
100-year Income 58
Atl. <t Pac— W. V. inc., 6b, 1910
Guar., 4a, 1937
,
62ia
16%
_^
Convert. 7s. 1902
1987
L»h.&\V.B..cou.78, 1900,as'nt
do. Mortgage, OS, 1912
Imp., ns, 1921 ...
Central Pacitlc— Gold 6s, 1898..
Am. Dock
6c
Land grant
6s, 1890
Ohio.— Mort. 6»,1911..
Istconsol. 5s, 1939
E. & A. Dlv.,l9t cou.,a-4, 1989
2d con., 3-4, 1989
CheB. O. & So. W.— 6s, 1911
&
Oiies.
Chic. Burl.
& Q.—Con.
7, 1903..
Debenture 5s, 1913
Denver Divirfiou, 4s, 1922
Nebraska Extension 48, 1927Ohio. & B. III.— 1st, a. f., 6s, 1907
Consol. 6s, 1934
General consol. Ist, os, 1937..
Chic. Gas. L. (teC— 1st, g,58,1937
Oliic. Mil. & St. P.— Con. 78, 1905
Ist, SoulhwestDlv.— 6s, 1909.
l8t. So. Min. Div.— 6s, 1910 ..
l8t, Ch.&Pac.W.Div.— 3s,1921
CMc. &Mo. Klv. Oiv.— 58,1926
Wis. <k Minn. Div.— 5s, 1921 ..
Terminal 5s, 1914
Cbic.
981a
95ie
89 13 91
I.
b.
col. 5s,
86
65 »8
19
54 18 Feb
66
95 Feb.
90% Jan.
12458 Jan.
1131a Mar.
113 Jan.
IO513 Jan.
102 14 Jan.
103 Jan.
103 Mar.
142 Feb.
126 Mar.
114
Apr.
IO6I4 Apr.
109 Jan.
105% Jan.
96 Jan.
911a Jan.
12914 Jan.
104 13 Jan.
100 Jan.
120I2 Feb.
9i Apr.
1321a Mar.
II714 Feb.
103 Mar.
73 Mar.
73 Mar.
II8I2 Jan.
7612 Jan.
99 Mar.
35 Mar.
92 Jan.
IO3I2 Jaiu
1081a Jan.
90 12 Apr.
103 12 Feb.
a.
12712b. 127iab.
liaiab.
107380. 107 %b,
110 b. 108 b.
106 lab.
100 a. 97iab,
1934
945e
b. I30iab.
105
105
b,
1
1
Det. B. C. & Alp.— l8t.g.,6s, 1913 100 a. 100
Det. Mac. & M.— Ld.gr.3ias, 1911 381a
40
Dul. So. Sh.& Atl.— g., 5s, 1937. 9514b. 98
E. Tenn. V. & G.— Con., 5s, 1956
1061a
Knoxv. & O lst,63,goid,1925 iio' "b.
Elii. Lex. & Big San.— 68, 1902. 9714
96
1
I
—
a,
Denv.
C—1st, 6s, 1921
108
Gal H.&SanAnt.—\V.Div.lst,5s
Gulf Col. & San. Fe— Ist, 7»,1909
Gold, 6s, 1923
Han. & St. Jos.- Cons. 6s, 1911.
lUinola Central— 48
1952
Int. & Gt. No.— 1st, 68, gold, 1919
Coupon, 6s, 1909
Iowa Central— 1st 03, 1938..
Kentucky Cent.— Gold 4, 1987
KlnKSCo.El.— Ist, eer. A, 58,1925
Laclede Gas— Ist, os
1919
L. Krie & West.— 1st, g., 5s, 1937
b.
951a
118
76l8b
88 14
8838
84%
8412
104
b. 10438b.
84
8312
11012b. 111=8
125
126
b.
b.
b.
b.
96
b.
125
117
96
llo%
II6I4
11814b. 119
78,
108 a.
115
991a 100 13
110
1902 128
Conv. debenture, 53, 1907 . 101 b.
Exten. & Imp. s.f., 53, 1929
102%
Milw. ii North.— M. L., 68, 1910 111 b.
l8t. Con., 6s, 1913
llOHib.
Mo.K.&T.— New4s, when issued 7oi8
Kew 2d 58, when issued
44%
Cousol., 68, 19:iO, trust rec.
Consol., 58, 1920, trust rec
Con., 7», 1904-5-6
con., os,
78 "4
6718
115%
1920 112
a.
115%
b,
108
126
Consol., 53, 1902
MU. Lake 8h. & W.— Ist, 63, 1921 121i2b. 122
Mo. Pacittc— 1st,
8d, 78, 1906
b.
108 b.
115 b. 114 b.
llSiab 11512b.
98
May
1145b Jan.
7418 Jan.
11738 Mar
100 14 Apr.
10914 Jan.
7314 Jan.
85 Jan.
83% Apr.
103% Mar.
81 Mar.
109 Apr.
124 Jan.
123% Jan.
115% Mar.
95% Apr.
115 Jan.
II514 Jan.
106 Jan.
113 Jan.
113 Jan.
105 12 Jan.
104% Jan.
II412 Jan.
95% Apr.
97 14 Feb.
112 Jan.
10578 Feb.
126 Jan.
117 b. 117 b,
100 14 100%b.
11012b. lllkb,
1916
2d, 6s, 1899
93
b.
Loul8.8t.L.&Tex.,lsDg.6s.l9l7 98
Metro. Elevated— 1st, 6s, 1908
11538
Mich. Cent.— Ist, con.,
109 la
93
80 b
Iiake8hore.-Cou.cp.,lst,7a,190o
Consol. coup., 2a, 78, 1903.
liOng Island— 1st,, con., 5s, 1931
General mort., 4s, 1938
IjOuIsv. & Nashv.— Con., 73, 1898
H. O. & Mob.— 1st, 6s, 1930
2d, 68, 1930
do.
E. H. &N.— 1st, 68, 1919...
General, Os, 1930
50-year 58, 1937
Collat. trust 58, 1931
Louis. N. A. &Ch.— 1st, 68, 1910
Oonsol., gold, 6s,
';
b.
111
121
Jtin.
Feb.
llliab, IIOI4 Feb.
111
47 19
81
721a Jan.
71
Jan
115%b. 110% Jan.
117 lab. 118
em
10938 Jan.
11412 Jan.
b,
'
1
I
letter
b"
May
I914 May
7914 Apr.
110 Feb.
100 Jan.
122 Jan.
128 Feb.
II312 Apr.
116 Jan.
105 Apr.
110 Feb.
116% Mar.
10278 Mar.
118 Feb.
10312 Apr.
72 Apr.
73
May
II3I2 Jan.
12712 Mar.
10579 Apr.
93 Jan.
9414 Apr.
118 Jan.
I2II2 Jan.
100 Jan.
95% Apr.
129
115
May
Apr.
11838 Apr.
108 la May
103 Apr.
IO418 Apr.
105 Jan.
144 Jan.
128 Mar.
117 Feb.
110i2Feb.
112 Apr.
108i2Feb.
100 Apr.
95i4Mar.
131 Feb.
Apr.
IO412 Mar.
12212 Jan.
97 Jan.
135 Feb.
121 Apr.
108 Jan.
82 Apr.
106
84i4M:ay
119 Feb.
8314 Apr.
Jan.
100
39
98
108
112
Iu4
May
May
Apr.
Mar.
Jan.
109i2May
95% Apr.
Feb.
7714 Feb.
121 Feb.
10214 iVlar.
112 Jau.
77 Feb.
881a Apr.
85 Jan.
105 Jan.
87 Jan.
112 Feb.
126 Jan.
120
126
May
1171* Jau.
99 Jau.
119% Mar.
II8I2 Mar.
IIOI2 Feb.
II412 Mar.
115% Mar.
106 Jan.
110 Feb.
119 Feb.
105 Jan.
101 Jan.
116i2Apr.
110 Apr.
129 Apr.
Ilia Mar.
125 Apr.
1
indicates price bid,
IIII2 Feb.
108 'a Feb. 111 Apr.
75 12 Mar. 79% May
43 12 Apr.
48i4May
b,
791a
Ricb.&All.tr.r.l
j8t.L.Alt.<fcT.H. *
pref.i"124i3
do.
"su
23,
191a South Car. K'y
65
271a Tol. & O. Cent.
pref.
do.
7
791a
37
23 |U. P. D. &. G.
17
29
KULBOAD AND
81
71
116
113
120
May
May
Apr.
Apr.
Apr.
lOlia Jan.
103 Mar.
117 Apr.
651s Jan.
and "a" price asked;
;
21a:
Ph.Nat.Ga.sCo.|
*
31s Quicksilv'rMg.
do.
pref. I*
Range
Closing.
MlSCEL. BONDS.
Apr. 25
102 la
f., 68, 1911
Nash. Ch. & St. L.— 1st, 7s, 1913 13213b.
Consol. 58, 1928
107 lab.
N. V. Central— Extend., 53, 1893 10438b.
N. Y. C. & H.— 1st, cp., 7s, 1903 13078
.Mutual Un. Tel.— 8.
7)4 ••fii
W
May
2
99
b.
Lowest.
101
1,
1890.
since Jan. 1.
Jan.
132iab. 13214 Jan.
10758b. 106% Jan.
Highest.
103% Apr.
133 Jan.
11014 Mar.
]10458 Aor.
102
101% May
130%b. 13014 Jan. 131% May
110 Mar. I112 Feb.
124 b. 125% Jan. 11-^8 Apr.
94 13
93% Jan. 97 Jan.
115 13 113 Mar. 115% May
Deb'nt're,3s,coup., '84,1904 11212b.
N.Y.& Harlem— lst,78,reg., 1900 127 b.
N. Y. Chic. & St. L.— Ist, 4s, 1937 94 14
N. Y. Elevated- 1st, 7s, 1906.
115
.
N. Y. Lack. & W.— 1st, 6s, 1921. 13412
Construction, 5s, 1923
110 b,
N.Y. L.E. & W.— lst,con.78,1920 13412b,
Long Dock, 78,1893
10958b,
Cousol. 6s, 1935
10212
2d consol. 6s, 1969
N. Y. Out. & W.— 1st, 6s, 1914.. 111 b,
9712
Consol. 1st, g. 58,1939
N. Y. Sus. & W.— Istref., 5s, 1937 100 b.
Midland of N. J.— 1st, 6s, 1910 114 b.
Norf. & w.— 1 00-year 5s. .1990 9713
North. Pac— Ist, coup., 6s, 1921 116i4b.
General, 2d, coup., 1933
limb,
llligb
General, 3d, coup. 68, 1937 .
110
b.
110
132% Jan.
111% Feb
134% Apr.
108% Jan.
134% Apr.
lll%FetL
139% Jan
II014 Mai'.
Jan. 122% Jan.
9838 Mar. 105
Apr.
11114b, 1 1038 Mar. 113% Feb.
120
104 la
9712b.
100%
97
.
.
96
96%
113
95
II6I2
IIII4
113%
110%
lllial',
IO914
North Pac.&Mon.— I St,
6s, 193H 108 lab. 11014a. IO414
»0. Pac. Ter. Co.— 1st, 63, 1933. II214
113 a. 106
^Jhlo lud. it. West.— 1st, 58, rec.
S3iab. 3313
82
Ohio &, Miss,—Consol., 78, 1898. 115 b. 116 b. 11468
Mar.
98 Jan
Apr. lOOSg May
Apr. 118 Feb.
Mar.
97% Apr.
Jan. 116% Apr.
Apr. 114% Feb.
Jan. 111% Apr.
Mar. 110% Apr.
Jan. I1214 Apr.
Apr.
81% Feb.
Feb. 1 16 Apr.
Jau. 110 Mar.
Mar. 58 May
Ohio Soutuern— Ist, 63, 1921 ... 109 b. 109 b. 1 08
2d, income, 6s, 1921
15 b. 5713
45
76I4
Omalia & St. L.— Ist, 4s, 193?
77
73% Jan.
Oregon Imp. Co.— Ist, 63, 1910. 104%b. IO514 101 % Jan.
Ore. R. &Nav. Co.— 1st, 6s, 1909 109iab. IIOI2
109 Feb.
Consol., 53, 1925
10314b.
101% Apr.
Oregon & Transcon'l—63, 1922. 10714b. 10178 103% Jan.
Penn. Co.—4 las, coupon, 1921.. 109%b.
108% Jan.
Peo. Deo. & Evans.- l8t,63, 1930 103 b. 105iab, 101
Jan.
Evansv. Div.- 1st, 6s, 1920...
103 b, 100 Mar.
2d mort., 58, 1927
70 b. 66 Mar.
721a
Phlla. & Head.— Gen. 43, 1958.. 85
8478
80% Mar.
Ist pref. income 5s, 1958
7138
691a
62 Mar.
2d pref. income 5s, 1958
sole
53
43% Mar.
41 14
3d pref. income 5s, 1958
42%
36 Mar.
8li8
Pittsb. & West.— Ist, g., 4a, 1917 82
80 Feb.
Rich. & Dauv.— Con., 6s, 1915
116% II714 115% Jan.
Consol. gold, 5s, 1936
88
90
87% Apr.
Rlch.& W.P.Ter.— Trust 68, 1897 9958b. IOOI2
98% Mar.
Con. 1st & col. trust, 5s, 1914 81
8138
77 Mar.
Rio G. Western— 1st, 43. . .1939 7478
75
6978 Mar.
K.W. &Ogd.— Cou.,ext,5s, 1922 108% 110
107% Apr.
St. Jos. & Or. I3l.— Ist, 6s, 1923. 108 a. 10312b. 104% Jan.
llliab. 110% Jan.
St. L. Alt. & T. H.— Ist, 7s, 1894
2d, mort ,pref., 7s, 1894.
109 laa.
106 Mar.
St.L.Ark.&Tex.- lst,6s,exooup. 9018
9078
86% Mar.
2d, 6s, 1936
28
231a
2214 Apr.
St. L. & Iron Mt.— 1st, 7s, 1892. 10478
104 i2b. 104 Feb.
109i8b, 106
2d mort, 78, 1897
106 May
Cairo & Fulton— Ist 73, 1891. lOlia
10178b. 100% Jan.
Cairo Ark. & Xex.— Ist 7s,1897 10412b, 105 b. 10258 Jan.
Gen. R'y & land gr., 5s, 1931
88 lab, 9076
88 Jan.
St L. & San Fr.— 63, CI. A, 1906 I1414 112 b. II214 Feb.
I14isb 112 b. 112% Jan.
68, Class B, 1906
114i6b, 112 b, 11238 Mar.
68, Class C, 1906
General mort, 63, 1931
112
112 b. 109 14 Feb.
S. P. M. & M.— Dak.Ext,6s, 1910 120 b
1177e Keb.
Ist cousol., 6s, 1933
118 laa. 118 U. 113% Jan.
Do
reduced to 44a
101% 100 Feb.
Montana Ext 1st 43, 1937
8914b. 89i2b. 86% Jau.
SanA.&Arau.P.— lstg.,6s,1916 83 b. 87
85 Jan.
gold,
6s 1926
8678
87 b. 85% Jan.
1st
Shen. val.— Ist, 78, 1909, Tr. rec. 1221a
123 b. 113%Jau.
General 6s, 1921, Trust rec.
36
58
48 Jan.
9912b, '100
80. Car.— Ist, 6s, 1920, ex coup.
96 Jau.
10
Income, 6s, 1931
10 b.
7% Jan.
106 i2b 10534 Feb.
So. Pac, Ariz.— 1st, Os, 1909-10 I0712
So. Pac, Cal.— Ist 6s, 1905-12. lll^sb, 111 b. 112
Apr.
too b. TOOiab. 100% Apr.
1st, cousol., gold, 5b, 1938...
107 b. 107 Jau.
So. Pac, N. M.— 1st 63, 1911
renn. C. I. & Ry.—Ten. D., Ist 6s 98
98
96% Apr.
lOOis
Birm. Div., 1st 6s, 1917
102 a. 98% Jau.
9414
Tex. & Pac— 1st, gold, 58, 2000 9312
9058 Jan.
39i«
4012
2d, goldilncome, 5s, 2000
37% Apr.
Tol. A. A. & N. M.— 1st 68, 1924 10512b, 102 laa, 105
Jan.
Tol. A. A.& Gr. Tr.— lit, 6s, 1921 109 b, 109 b. 107
Jau.
Tol. <& Ohio Cent.- Ist, 5s, 1933 104
102 Jau.
77%b, 78%
Tol. Peo. & West— 18(, 4s, 1917..
76 Jan.
rol. St L. & Kau.C— l8t 63,1916 9812
98 Feb.
116 b, 117 b, 115 Jan.
Onion Pacitlc— 1st, 6s, 1899
Sinking f uud, 8s, 1893
113
113 b. 112% Mar.
Kansas Pacitlc— Ist, 6s, 1895 llOiab. 11012b, 110% Mar.
11112b, llliab. 110
1st 6s, 1896
Jau.
Denver Div.—6s, 1899
11512b, 1 1314b, 113
Jan.
Ist cousol., 6s, 1919
116% !ll3ieb, 11458 Jan.
114
Oreg. ShortLine— lst6s, 1922 II412
112% Mar.
9313
Gr.S.L. .vUtahN.— Con.5s,1919 94
92% Apr.
10638 IO614 May
Union Eleva.— 1st, gu. 6s, 1937 109
Virginia Mid.— Gen. m., 5s, 1936 88 12b, 86%
85 Mar.
8li
do
stamped guai
b.
87 Mar.
89
102% 102 Jan.
Wabash— l3t gold, 5s, 1939... 105
8OI4 Feb.
82 14
8314
2d mort, gold, 58, 1939
Debent. M., series B, 1939 ... 50 14
52%
47 Mar.
10538 IO414 Jan.
10538
West Shore— Guar., 4s
92 14 Jan.
West N. Y. & Pa.— Ist 3, 1937. 100% lOOig
37%
3758b, 29
Jan.
2d mort, 3g., 58C., 1927.
101%
West. Un. Tel.—Col. tr., Ss, 1938 10014
9d Mar.
Wheel. * Lake E.— 1st, 5s. 1926 10312b. 103 b, 102% Apr.
101
9678 Jan.
Wis. Cent. Co.— 1st g., 58, 1937 IO4I4
Income, 5s, 1937
57%
60
35% Mar.
.
.
. .
t
1
.
I
;
. .
all
10
191*
141a
1
Uiica&B.R.gu. 135
48
Coal,
lolorado Fuel.
25
Hack'us'kWat.' U/0
do.
pref 100
Homes. Min'g.
Laclede Gas.
J»
70
Mary'd. Coal
12
Mluu. Iron
KO
150
Ontario Silver
44
280
491a Penn. Coal
1
jVa. Midland...
Oababa Coal...
Cameron
24
.
I
'
Highest.
1
103 b lOO'e Apr. 104% Jan.
lObia 101 Jan. IO514 Jan.
P»c. of Mo.— let, ext., 43, 1938 99 lab, 99%
98% Jan.
2dmort..78, 1891
103 b.
IOII4 Jan
Mobile <Si Ohio—New, 68. 1927. Iil5i4b' 115 b. 115% Jan.
General mort, 48, 1938
Qlhi
6278a. 5714 Jan.
NoTB—The
Lek.
Bid.
Consol.CoalOo.!
STOCK GVCMAN»E, ANB RAN^E SINCE JAN.
1.
8618 Apr.
131
115
75
22
44
N. ¥.
Slig Mar.
101 b.
Cli.St.L.& Pitt.— lst,cou.5s,1932
ChicSt. P. M. &0. -Con.6s,1930 12113b. 12218
Cleve. & Canton- 1st, 5s, 1917
92 b. 9278a
C. C. C. & I.— Consol. 7s, 1914..
General consol. 68, 1934
121
120
Col. Coal & Iron— 1st 68, 1900. 10414b. 105
Col. H. Val. &T0I.— Con. Ss, 1931 80
82
General gold, 6s, 1904
84
821a
Denver & Kio Gr.— Ist, 78, 1900 11912b. 117 1
Ist consol. 4s, 1936
83
811a
Ft. W.
Bid. lAsk.
'181
Loxetsl.
103 lab. 10j%b.
104 b.
141 b
143
&Pac.— 6s,coup.,1917 130
&.
Indicates actual sales.)
& Sara.
May 2
11838
11512b,
107iab. 1081a
102% 103
Coupon, gold, 7b, 1902
BinkinKf uud 6», 1929
Binkiu^tuud 58, 1929
Binktug fund debent. 58, 193,j
25-year debenture 58, 1909...
Extentlonis, 1926
Chic. Peo. & St. L.— GUI. 5s, 1928
Eitenslou
H Renns.
Range tinee Jan.
95%
128
115
& N. W.—Consol. 7s, 191o.
Chic. K.
(*
Ask.
3713
do. pref. do.
1514H
12 Jan.
7712b. 78%
701a Feb.
10818b. 107
109
Jan.
OP b, 9912b. 97 Mar.
119i2b.lll9i2b. II9I3 Apr.
128 b. 12412b. I2412 Jan.
Ii2i8b. 11278
II014 Jan.
11312b. 11412b. 113
Mar.
104 b. 104 b, 103 Jan.
10912a. 109 b. 10713 Jan.
114 b. 11412b 112 Jan.
IOOI4 lOOiab. IOOI4 .\pr.
117%a. 118 a. II512 Jan.
100 13 100 Mar.
IO314
72
69 12 Mar.
7119
67I2 Apr.
7114b. 73
Ill b. H2I2 108 Mar.
12658b. I26%b, 126 Jan.
106 b. 10312b. 104 Feb.
94 b. 93iab, 9278 Feb.
93'8b. 9208
92 Jan.
117 0. 11714b. II6I2 Feb.
116 b. 11612b, 116 Apr.
guar., 58, 1908
2d, 58, 1913
Central of K. J.— cons. 78, 1899.
Can South.— Ist
5s,
ObioSouthern.' 15^
Pitt9.Ft.W.&C| 153
Pitta. &W.tr.re!
OF ACTIVE BONDS AT
MlSCEl. BONDS.
8
17%
'
14%
M.H.&0.,pref.l
55
62
y.&Nor.pf.
27
6
291a Ohio Ind.&W'n'
pref. * 22
do.
9
&Pemb 13
Mah. C. B'y, pf. 112
Oiit'n
*
!'N.
Kings.
Mar.H.&
&
Mom. &
I314
i"
Closing.
General mort.,
10438 Milw.
North.
Cbas..
.......I Minn. &8t. L. *
pref.!*
..'[
do.
..
99
10
29
3
'
.
prof.
do.
L\l'EST PRICES
B^LBOAO ASD
Bid.
......I
16
4
Keok.&De9M.|
2»2
51a
pref
do.
40
80
35
77I9
Plint&P.M.pf
'
GBavW. vSLP-
pf 120
Bos.AJrl.lne,pf 104
Bell. &8o.
continued.
Ask.
Bid.
I
I
175
170
Alb'ny&Siiaq.
Ask.
rvoL. L,
other prices and h* range are from actual sale.
77
Apr.
105% May
113
104%
107%
Jan.
Mar.
Apr.
IIOI4 Mar.
109 Apr.
106% Mar.
73 Apr.
87 Jan.
80% Jan.
54% Jan.
49 Jan.
82 14
May
117% Mar.
91 14 Feb.
103 Jan.
81% Apr.
75% Apr.
112i4Mar.
107%
Apr.
112i4Mar.
111
91
29
108
IO914
101%
105%
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Mar.
92% Mar.
II414 Apr.
115 Apr.
114% Apr.
112 Jan.
120
120
Mar.
Jan.
102% Feb.
90
87%
89
124
38
100
11
Apr.
Feb.
Feb.
Apr.
May
May
Apr.
107% Apr.
115
Jan.
103% Mar.
10758 .Mar.
10434 Jan.
103% Jau.
94 14
41
May
May
107% Jan.
110% Jan.
104% May
7878 Apr.
Jan.
101
118% Mar
110% Feb.
112
Jan.
113% Mar.
117% Mar
Mar.
II6I4 Jan.
9514 Jan.
10933 Apr.
118
88% Apr
90
Apr.
IO514 Apr.
86% Jan.
53 Jan.
105% Apr
101
Apr.
38
Apr.
102% Jan.
105% Jan.
10414 Apr.
69 Jan-
May
3,
THE CHROlNiCLR
18tO.J
617
BBNDS-SrOCK EXCHANWE QDDIATIDNS OX PRIUAY OP THE LESS ACTIVE KAILUDAD
Bid.
SECURITIES.
Railroad
E. Tenn. Va.
Bonds.
1st
(S'Of/^ Fxciti'ttttr. t'rices.)
91
Alabama Mid.-lst, g., 6s ....1928
Allautic <& Dauv.— latg., 6a. .1917
.
1925
1988
6s, gold
Cons, mort., gold, 58
Boat. H. Tun.
gold, 48.
& W.—Deb.
Brooklyn Elev.—lat,
. .
.-1936!
58.1913
g., 68.
..1924
& Pitts.—Gen., 58.1937
Roch. & Pltt«.— lat, 08
1921
do
Con8olidat'dl8t,68.1922
Burl Ced. Rap. & No.— lat, 58.1906
Conaol. AcoUat. truat, 58...1934
Minn. & St. L.— l8t, 78, gu..l927
Buft. Roch.
C. & West.— lat, 7a
1909
Ced. Rap. I. F. & N., Ist, 6a.l920
Ist, 58
1921
Central Ohio Reor.— Ist, 4ia8.1930
Cent. RR. & Bank.— Col.g.,58. 1937
8av.<t West.— latcon. g.,5a,.I929
Cent, of N. J.-Conv. dob., 68.1908
Central Pacific—Gold bds.,68.1895
Gold bonds, Gs
1896
Gold bonds, Os
1897
Iowa
Ban Joaquin Br., 68
1900
Cal. A: Oregon- 8er. B.68...1892 100
Mort. gold OS
19M9
West. Pacillc— Bonds, 6a. .1899 112»4
No. Railway (Cal.)— Ist, 68.1907
50.year 58
1938 99>4
Chea. & O.— Pur. M. fund, 6s. 1898 1144) 116
6a, gold, series A
1908 115 U7
Ches. O. & So. West.— 2d, 68. .1911
Chicago & Alton— Ist, 78
1893
Sinking fund, 68
1903 '119 I2II9
Louis. & Mo. River— l8t, 78.1900 118% 119%
. .
1900
„ 2d, 7s
St. L. Jacks. & Chic— l8t,78.1894
Ist, guar. (564), 78
1894
2d mort. (360), 7s
1898
2d,guar. (188), 73
Mla8.R. Bridgo-lst, s.
f.,
I15Hi
109
109
113
1898 113
68.1912 104
Ohio. Burl. & Nor.— Deb. 6a... 1896
Ohio. Burling. & Q.— 58, s. f..l901
Iowa Dlv.— Sink, fund, 5s.. 1919
105
107 >«
95 >4
90 Je
Sinking fund, 48
1919
Plain, 4s
1921
Chic. & Indiana Coal— lat 5a. 1936
Ohloago Milwaukee & St. Paul.
l8t,88,P.D
1898
1898
1902
Ist, La Croaae Division, 78.1893
l8t, I. & M., 7s
1897
lat, I. & D., 78
1899
l8t,C. AM., 7s
1903
1st, I. A D. Extension, 78... 1908
Ist, La C. &Dar., 58
1919
l8t, H. & D., 7s
1910
Ist, H. & D., 58
1910
Chicago & Pacific Div., 68. .1910
Mineral Point Dlv. 58
1910
C. & L. Sup. Dlv., 58
1921
Fargo & South., 6s, A88U...1924
Inc. conv. sink, fund, 5a
1916
Dakota &Gt. South., 58.... 1916
Whic.&Nor.— Esc. &L.S., 1st, 68.1901
DCS M. & Minn.— l8t,7s
1907
Iowa Midlaud— 1st, 88
1900
Peninsula— 1st, conv., 78... 1898
Chic. & Milwaukee— 1st, 7s. 1898
Win. A St. P.-2d, 7s
1907
Mil. & Mad.— 1st, 68
1905
Ott. C. F. & St. P. -Ist, 58.. 1909
Northern III.— 1st, 58
1910
Chicago Rock Island & Paciao—
Des Moines & Ft. D.— Ist, 48. 1905
1ft. 2'2a
1905
Extension, 43
1905
Keokuk & Des M.-l8t,53..1923
Ohlc. & St. Louis— 1st, 68
1915
CWc. St. P. & Kan. Clty-5s..l936
„Mlnn. & N. W.-lst, g., 5s. .1934
ChicSt. P.& Miuu.-l8t,68...1918
et. Paul &S.
1st, 6s
1919
Chic. & W. Ind.-lst, s. f., 68.1919
General mortgage, 6a
1932
2d, 7 3-108, P.
1st, 78, * g., R.
124=8
D
D
120
124 19
117
121
121
125%
1281s
IO313
.Se
D.— Con. s.f.,
Imp.,
Mobile
1937
1938
g., lis
& Birm.— iHt,
g.,58..1937
Grand Rap. & Ind.— Gen. 5s.. 1924
Green B. W. & St. P.— 1st 6s. .1911
109 14
10319
11616
103
lOlij
Brooklyn
103
126ii
120
11978
S. f.,68.—S.
& N.
10-40, gold, 63
Pens, & At.- 1st,
*115
108
IO8I4
Ala.
115
116
105 la
113
78'a
10,1s
123
124
1181s 122
7S.1905 123
2d. gold, 4*23
1937
Cin. I. St. L.& Chic— l8t,g.,4s. 1936
Conaol., 6s
1920
Cln. Jack. &
lat, g., 58. 1936
Ss^^%- 4f.P*- ^- '''*"'o <liv.—48, 1939
CLCol. Cin. & Ind.— 1st, 78,s.f.l899
Consol. sink, fund, 78
1914
Cleve. & Mah. V.—Gold, 5s.. .1938
80
Atl.
loon
ibi" 104>*
1-22
•116%
97
100
90
Rome Wat. A Og.— Ist
971s
ii6*'
-•-*•«
»8
41
104
"85'
loaia
M., 7s. 189
1061a
'
30
106
118
130
119
105
99
Chl.8t.L. APad.— l8t,gd.g.5s 1917
St. Louis So.— Ist, gd. g. 48.1931
ioe'ii
do
"si"
44
2d income, 5s 1931
Car. A Shawt.— 1st g. 4a.
.1932
120
132
.
82>«
Louis A Chic— lat, con. 68.1927
A L M.—Ark. Br.,l8t,7s.l895 108 108>«
A S.Fran.—Equip., 78,1895 101 la
9918
General 5s
1931
1st, trust, gold, 58
1987 94 "to"
Kan. City A S.— Ist, 68, g...l916
98
Ft. 8. A V. B. Bg.— l8t, 68. ..1910 ibi"
St. L. K. A So. Wn.— lat, 68. .1916
*>••
. .
St.
St. L.
St. Lou
98
120
100
32
.
Kansas Mld'd.— Ist,
1937
g. 48.
Paul A Duluth— l8t,58....1931
2d mortgage 5s
1917
St. Paul Minn A M.— Ist, 78.. 1909
2d mort., 68
1909
Minneap. Union— lat, 6s
1922
Mont. Cen.— Ist, guar., 6s.. 1937
East. Mmn., Isf dlv. l3t 5s. 1908
. .
110
St.
110
110
'1081a
'
11714
671*
119% 120
San Fran. A N. P.— 1st,
1910
1924
Scioto Valley
94
48
11
A
N.
g.,
105% 106
113
1161a
11719 118
114
•
1141a
101
E.— l8l,4s,1990
1931
Coast— Ist, guar., 4s. 1937
Texas (Antral— 1st, s. f., 78. .1909 49
47
Ist mortgage, 78
1911
Texas A New Orleans— l8t,78. 1905
Sabine Divl.sion, Ist, 68
1912 104
Tex. A Pac, E. Dlv.— lat, 6a. 1905 107%
South Carolina -2d, Os
80. Pac.
52
1931 '112
1940
1891 'lei's
118
1st,
189'
68
113191
114'8
10708
98I4
1898
1908
1907
1918
1895
Atoh. Col. A Pac— l8t, 68... 1905
Atch. J. Co. A W.-lst, 6s. 1905
U.P. Lin. A Col.— 1st. g., 5s. 1918
Utah Southern— Gen., 78 ..1909
Exten., 1st, 7s
1909
Utah A North.— l8t, 73
190b
Gold.58
1926
Valley B'y Co. of O.— Con. (is. 1921
Wabash—Deb. M., 8erle8"A".1939
8t.L.K.C.AN.—R.E.&RR. 78.1895
St.Charles Br'ge— l8t,6a. .1908
No. Missouri— 1st, 78
1895
Ist, 6s
Collateral Trust, 6s
Collateral Trust, 5s
Collateral Trust, 4ia8
C. Br. U. P.— F. c, 78
II4I3 116
IO3I2 107
'
115H
35
91
95
92
101 >
100
114
11313
1041*
109
.
116
1094 110
lOOia 101%
110
99
i
this week.
54"'
Third Aveuue (N.Y).— lat 58, 193
114
ToL A. A. A Cad.—68
1917 104%jl05H
Tol. A. A. A Mt. PI.—6a
1919
Union Pacittc— Ist, 68
1896
14
122
-.
made
60
.
. .
lat«at quotatlous
iie"
100
99
82
.58.1919
Shenandoah Valley— Inc., 68.1923
Sodua Bay A So.— 1st, 58, g...l924 "99 is
'
(hew are the
88%
Kan. C.
85
1181a 120
981a 99
'
price Friday;
142"
A Gr. Is.—2d inc
1925 43 44"
A Omaha— lat, 58.. 1927
85%
St. L. A. A T.H-2d m. lnc.7s. 894 ibs"
56 58%
Dividend bonds
1894
Bellev. A 80. 111.— 1st, 88...x896 114
BeUev. A Car.— 1st, 68
1923 105
80
'
No
-•>*••
St. Jos.
Mil.L.S.&W.-Mich.Div.l8t,68.1924
Ashland Division- lat, 6s ..1925
—
>•••
1900 103 1»
Income, 6a
Incomes
99 100
Minn.& St. L.—Ta. Ex., Ist, 78.1909 94
1st, g. 78
1927 100
Mac—
70
57
2d mortg., 7s
1891
90
Southwest Ext.— 1st, 78
1910 78
iisis 120
Pacific Ext.— l8t, 68
89
1921
Impr. & equipment, 6s
1922
65
107
Minn. & Pac— 1st mortg., 5s. 1936
Colorado Midland— 1st, g., 6e.l936 104
Minn.S. Ste. M. & Atl.— 1st. 5s. 1926
Columbia ik Green.-lst, 6s. 1916!
Missouri Paciflc— Trust 5s... 1917
„2d,68
19.26
801a 83>a Mobile & Ohio— 1st ext., 68... 1927
113
Col. & Cin. Midland— 1st, 68.1914
9114
1st pref. debentures
73
Del. Lack. & W.—Convert. 7s,1892 108
2d pref. debentures
43
Mortgage 78
1907 132
St. L. & Cairo
Is, guar
7914 81
1931
Syra. King. & N. Y.— 1st, 7S.1906 130
Morgan's La. & T.— Ist, 6s.. ..1920 114
Morris & Essex— Ist, 78
144
1914
Ist, 78
West. Va. C. A Pitts.— l3t, 68.1911
1918 123
2d, 7s
1891 1041a 104% Nash. Chat. & St. L.— 2d, 68.. 1901
Miscellaneous Bouila.
115
Bonds. 78
123
1900, 121
New Orleana & Gulf— Ist, 68 .1926
Am. Water W ro.— 1st 6s.... 1907
78of 1871
190l! 127
N. O. &. No. E.— Pr. 1., g., 08.. 1915
1907
lat con., golu, os
Ist, con., guar., 78
i43' N. J. Junction—Guar. Ist, 48.1988
1915i 141
Boston Un. Gas— Tr. cer. 58. .1939
03
Del. & Hud. Canal— Ist, 78... 1891 103% 104
N. Y. N. H. & H.— 1st, rcg. 48.1903 1091s
liOi^iCahaba Coal Min.— 1st g. 7s. .1907
_
1st, extension, 7s
18911 104'8
N. Y. A Northern- 1st, g, 58.1927 llOia
Col. A Hock. Coal A I. — (is, g.. 1917
Coup<,n, 7s
2d, 48
1894] iim ili'8
1927 57''8' 5818 jCousol'n Coal—Convert. 68.. .1897
Pa. Dlv., coup., 78
1917 144
N. Y. Suaq. A West.— Deb. 68.1 897
Equitable G. A F.— 1st 68
1905
Albany & Susq.— ist, gu.,7s.l906
13210
2d, 4ia8
Hackensack Water— 1st. 5s. .1926
1937
76
77
l8t,con8., guar., 68
1906' iisi" 122 13 Noith'n Pacillc— Divid'dacrlp ext. 108
Henderson Bridge— Ist g. 68.1931
Kens. & Sar.— 1st, coup., 7a.l921l 145
James River Val.— 1st, 68.. .1936 102
1901
Iron Steauiboat Co.—68
Denver City Cable-lst, G8...19 '8 100% 102
Spokane A Pal.— 1st, 68
Northwestern Telegraph— '''s, 1904
1936 '1061a
Denv. &R. G.-Imp.,g., 5S...1928' 83%
St. Paul A N. P.— Gen., 68.. 1923
People's Gas A Coke / l3tg.68,1904
gnl. & Iron Range— 1st, 58...1937
98
HelenaARedM'n— l3t,g.,6s.l937 100»s„ 105
Co., Chicago
^„„
i 2d g. 6s,1904
DuluthAManitoba— l8t,g.6al936 10914 109% Philadelphia Co.— Ist s. f. 68.1898
•SS??- ^*- * Ga.— lat, 78.. .1900 lat'is
XWvlslonal 58
7s... laTS-l'Wft
1930 110%
I)lll..<-M!<T1 Tl'lfc.TMy.- IqJflQ.IQ'JT I'm
I- »< W"'. UnloTi Tel.—
*
"bi'i
lie
A Char.— Ist, pref., 78.. 1897
do.
1161a
68, gold.
Coupon, 5s
Mortgage 4s
Jack. Lan. A Sag. —68
ii2>a
Pitts. Palnsv. A F.—1st, 5s... 191
921a Pitts. Y. A Ash.— Consol. 58.. 1927
IIII9
Presc't A Ariz. Cent. 1st, 6s,g.l916
111
2d income, 6a
1916
Rich. A Dan v.— Debenture 68.1927
1181a
Equip. M. a. f.,g.. 5s
1909
1161s
81
Memphis & Charl.— Os, gold.. 1924
IO4I2 105'8 Mexican National— 1st, g., 68.1927
2d, income, 68, "A"
1917
2d, income, 68, "B"
1917
12114 122
Michigan Central—68
1909
122ij!
Ida"
114
110
92
..1921 108
109
Nash. Flor. & 8. lat gu. 58.,1937 102%
Bo. & N Ala.— c'on. os
1986
Loulsv. South.- 1st. g. 68 ..1917
85
88
Lou. N. O. & Tex.— 1st, Is
1934 89
2d mort., 5s
1934 40
81
112
1898 109
Peoria A Pek. Union— 1st, 68.1921 112
66
2d mortg., 4ias
1921
45
Phila. A Read.— 3d pref. convert
Pme Creek Railway—68
1932
Pitts. Cleve. A Tol.— 1st, 68... 1922
Pitts. Junction— Ist 63
1922
Pittfl. Mc K. A Y.— Ist 68
1932 ii5'
Mont.— Ist, 6s. .1911
«fc
ibs"
. .
,
58
1911
Smithtown&Pt.Jeff.— l3t,7s 1901
Louis. &Na8h.— Cecil. Br, 78.1907
Peusacola Division, 6s
1920
St. Louis Division, 1st, 6s.. .1921
2d, 3s
1980
Nashv. & Decatur— 1st, 78. .1900
1st,
Aik.
118
• 93
112
11979 Penn-sylvania RR.—
Pltts.C. A St.L.— Ist, cp., 78.1900
Pitts. Ft. W. A C.-lst, 78... 1912
2d, 78
1912
100
3d, 78
1912
Clev. A P.—Cons., s. fd., 78.190O 12s
4th. sink, fund, 68
1 892
SLL. V. AT. H.— lBt,gu.,78.1897 ii5'
2d, 78
1898
107
& R'way B.—Ist, g. 58.1927
2d mortg., Ino
1927
N. Y. & M. Beach— 1st, 7s. .1897
N. Y. B. & M. B.— 1st, g., 58.1935
N. Y.
90
Bid.
Northern Paotflo— (Conllnuedl—
CoDUrd'Alen —1st, 68, gold. 1916
Cceur d'Alciicgen. 1st, g.,6s. 1938
Cent.Washiugton— l8t,g.,U8.]938
Norfolk A Wcst.—General, Us. 1931
New River, lat, 68
1932
Imp. A Ext., 68
1934
Ad,tustment M., 78
1924
Equipment, 5a
1908
Clinch Val. Ist 6b
1957
Ogd. A Lake Ch.— Ist con. 68.. 1920
Ohiotnd.AWest.— iBt pref.58,1938
1938
Reor>:au. rtc.,2d, 58
Ohio A Miss.- Cons., 8.F., 78. .1898
1011
2d consol. 78
Sprlngfleld Dlv.— Ist 78
1905
General 68
1932
1936
Ohio River RR.— lat, 58
1937
General mort., gold, 58
1921
OhloSo.—Gea. m., g., 4a
Oregon A California— 1st, 58.1927
Oregon Imp't— Cons. g. 5a .1939
2d, guar., 73
C—
124
102
113
93
2d income, 1st sub.'*, iiaid
Housatouic- Cous. gold 5s.... 1937
N. Haveu & Derby, Cou3.58..l918
Houa.iSTex.C.— Isl, m. 1. 7s.Tr.rec
West Div. 7s,rruat reeeipt8.1891
Ist Waco & Kor.- 78
1901
2d m.Ss.M. 1. Truat receipts. 1913
Gen. iuort.6s,Truat receipts. 1925
lUinoia Central— lat, g., 48 ...1951
1st, gold, 3133
1951
Spriiigf. Dlv.—Coup., 68.. ..1898
Middle Div.— Reg., 58
1921
C. St, L. & N. O.-Ten. 1., 76.1897
Ist, consol., 7s
1897
2d, 68
1907
Gold, 5s, coupon
1951
Memp Div., Istg. 4s
1951
Dub. & 8.
2d Dlv., 78 ...1894
95i«
Ced. Falls & Minn.— 1st, 78.. 1907
92 >8 Ind.Bloom.&W.— Ist, pref.7s.l900
98
Ind. D. & Spr.— lat 7s, ex. op. 1906
Ind. Dec. & West.- M. 5s
1947
2d M., inc. 58
1948
125
Kan. C.Wyan.&N.W.— l8t,58.1938
L. 8h. & M. 80.— C. P.&A.—78.1892
Buff. <t Er.—New bonds, 78.1898
122
Det. M. &T.— Ist, 78
1906
Lake Shore-Div. bonds, 78. 1899
Mahon'g Coal RB.— Ist, 58.1934
I's'iia Lltcbf. Car.A West.— Ist 68. g.l916
Long Island— lat, 78
1898
120
C-
cm Uam.
& Ga,— (Contjnued)—
KXU. gold. 5a
Kq.&
SECURITIES.
Ask.
W
1915
2d, 3-58
98
97
Bid
89"a
Alabama Central- 1st 6e...l918 1171s
117>«
Erie— lat, extended, 7s
1897 1161a
108 109
1919 115
2d, extended, 5s
3d, extended, 4ias
1923 •1081s
4th, extended, 5s
1920
89
5th, extended, 48
100
1928 •1031a
l8t, cons., fd. coup., 78
111 llUa
1920 *134
Reorg., Ist lien, 68
1908 -107 14
90>a
B. N. Y. & E.— lat, 78
1916 •139 "a
•118
N. Y. L. E. & W.—Col. tr.,6«.19J2 *106
118
Funded coup., 5a
1969 891a
101
Income, 63
1977
90)8
Buff.
&
8.
W.—
Moitg.
68. ...1908 i'06'
87»a
110
Jefferson- Ist, gii. g. 5«
1909
80
Eureka Springs R'y— lsl,68.g.l933
9U
Evan. & T. H.— 1st, cous., 68.1921 121
Mr. Vernon— 1st 6s
1923
100
Evans. & Indian.— l.st, cons. .1926
102
illnt&P. Marq.— Mort., 68. ..1920 118
94
1939 107
95k Ist con. gold, 5s
120
Fla. Cen. &Pen.— Istg. 5»....1918
lll>8
Oal. Bar. & San Ant.— Ist, 68.1910 102
2d mort., 78
1905
1121a
ll^ia
West. Div., 2d 68
1931
95
112
Ga. 80. & Fta.-lst, g. (is
1927
Atl. & Pac.—•^a W. I)., gu. tis, 1907
Bait. & Ohio— l8t, 6», Park B. 1919
Beech Creek— 1st,
SECURITIES.
Ask.
BU.NUS1
'104
96
104
110
f-O
102%
'
»6>a 100
114
I
THK CHRONICXR
018
[Vol.
QaoUtlons In Uoston, Philadelphia and Baliiiuore.
JFoUowing are Qiiotntionsof active stocks and Ik>uU3. A full
month.
lirt iggi^en in the Chronicle the third Saturday ot each
8KCUKITIK8.
BUi^TON.
BAILROAD STOCKS, t
SKCURtTIKS.
Ask.
Bid.
Hum ington A
.
AtchlBon A I'opeka.
Boston * Albany.
219
174
178
Uluehill
22S
260
18
Nesonehonln^ Valley
Northern Central
North Pennsylvania
BoaUin <fe Provirtenco
California Soulliem
..
K.
S3
68
69
Haven
66
23
23=4
'
RAILROAD BONDS.
leg
Kastem
—
108
1494
Preferred
1211,
90 "a HI
Fitchburg, pref
3S\ 3S>< Clearllehl & Jeff.— let, 6a.l 116
FlIntA Pore Marquette..
*119
104
1*^8
Connecting—6s
Preferred
132
Kan. C. Ft Scott * Mem '
"45" Del.*Bd.B.-lst,78, 1905. 117
Kaston * Amboy.— M. .%b
K:<;. Memiih. * Blrm....
27
Elmira & Wilm.— 1st, 6».. 121
liOnlsville Evans. A St. L.
60
69
Harris. P. M't J.AL.—48.
..Preferred
152
Hunt'n* B. T.— l8t,7».. ioii,
Maine Central
110
2d mortg., 78
Uanchfater*^ Lawrence.
101
Z4'ii 2i»,
Consol. M.,ft8
Mexican Central
40
Leh. v.— Ist, 6b,C.& R.,'08 lie
116HJ
N. Y. & N. Eng. com
136
2d, 78, reg., 1910
W. Y. & I<ew Kug., pref.. lie U7
Cons. 6s, C. a R., 1923.. 138
Nortliern
'
& Worcester
N<*rwlcli
A
Oi^nsb.
North Penn.— lat M..
9K
Lake Cbam..
17S'.i
Old Colony
Portland Saco & Porta... I'M
7
Summit Brancb
yerroont & Mass.........
"si'i
Wisconsin Central
as
Flfeferred
65=%
—
102
94 ii
>uni
•*.
GBrrentRlv.-l8',SB.1927
Bet. Lan.s. & No.7b. 103
Sastern.Ma^s.— 6s, 'i9i>6 126 ig
M
Kceem.EIk.&M v.— l8t,0B
.Unstamped 1st, 68
K. C. Ft. Scott & Mem.,68
K.t7.
Mempb.
*
Blrm— 68
<&
Kan. Cit.Ht.Jo.*C. B.— 7b
H. City Clin. <fe Spr'd.-6B
&
Little B.
Ft.
*
Sm.— 78.
109
Ii0uisv.Kv.A8t.L.— let, 68
liSd
—
'
mort., 2-68
Mar. H. & Ont.-1926,
je23. Bs
2d,7a, C. &R.,1893..
Cons., 78, eonp., 1911.
131H
Cons., 6s, », I.R.C.1911 120>i
Imp., 68, g., coup.. 1897.
Con. 58., 1st aer.,8t'nip"d X99'a
Deferred Incomea, coup
10
Phil.W. * Bait.— Tr. c, 4s 103
103
95
89 >>
102
106
Pitts. Cin. A St. L.— 78,cn.
Pouphkeepsie Bridge— 68
Scbuyl. R. E. S.— Ist, 68
Steuben, & In<l.l8tn». Rs.
116
United N. J.— O. 6.-', 1901
99 la "Warren & Frank.— Ist. 78
West Chesfr— Con.7a,'91
!00
Wett Jeraey- lat W., /a.,
100
w. Jersey A Atl._lat, itx
West Penn.— Pitta. 3r., 6b
68, 191)2....
'UO
10.!'
106
llO't
99
12J
115
&
i2mi
103=8
"6'.5''il';i;;
3334';...
131a
West. Md., 3d guar., 6a..
190
120
Wil. Col. AAug.,6s.l910. •119
X Ex-ilividend.
N. Y. and Brooklyn Gas Securities- -Brokers' Quotations,
COMPANIES.
Ask.
GAS COMPANIES.
Bid. Ask
.JBAS
I
,
xn4
Brooklyn Gas-Llght
iPenple's (Brooklyn*
Citizens' Oaa- Light
£9
lUO
Consolidated Gaa
9H
Jersey City A Hoboken.. 170
-
Metro|iolitan— Bonds
Mutual (N.
JBonda, 6s
(
Kill
12(1
Bciip..
100
New
Yorit Stock
8BCUBITIKB.
Alabama
A
do.
do.
do.
pref
on Stor'ge war.
All. A Olirti. Air Line. ...
lat, 78, 1907
Brooklyn Klev'd— stock.
Brunswick Co
1
Cflifonil* Psciflc
Cln<;lrnatl A .Springf
Comatock Tunnel
Continental o «. A Imp..
do. Trusteed stock
DI fillers' A Cat.le F. Tr.
Dul. s. shore A Au— Btk.
Pr<f
EastTeTin. Old
Do., pref
A
Mwieates actual
2>a
.
Mt
N. J.Southeru..
40
—
24
72
18
1
1
Ocean SS. Co.
- 1st,
PeuaacOla
AllHiiiK.
'^ti
sales,
171a
loS
31
34'
6ii
8
64
Total
3dwk Apr.
3dwk Apr.
VI
arch
6i
27
guar 10!
65
211
"-i
2\
58
103
4
3U
io7"
63 781
arch
1,511,903
March
449,556
.March
1,961,459
•I
March
March
3.1.9^5
132,480
88.210
1,600
Slarch
3d wk Arr.
wk Apr.
36.204,
Western March
CamUeii & All. March
Caniwlian Pacific 3d wk Apr.
Cp F'r&Vad.Val Marcb
45,331
2,986
4,134
40,815
275,000
43.352
Cen.KH.ifeBst.Co March
Cemralof N. J. March
63<),285
9(16,607
& Northw. Marcb
&
Central Paciflc. February
Ceutial of 8. C
Februarv
.
.
Char. Sum.&No. February
Cbat.U'ineACol. March
Chatt'u'gaUnru .March
.
Cheiaw. ADarl. March
Ches. AOUio.... 3d wk Apr.
Cliea.O. &8. W. 3 wks Mch
Cces. A Jjenoir February
.
1889.
Jan. 1
Latest Date.
to
1890.
Chic. & Atlantic.
Chic. Burl.
No
Chic. Burl.
Q
Chlc.A East,
t. Ill
&
&
881,031
13.551
55.9 3
11,903
63,793
6.242
26,000
7,793
8.769
139,0.")7
110,56(1
162,609
7.497
9.899
520,926
358.913
21,200
32.013
8,323,421
27,.50^
470,555
548,433 8,793.977
130,959
329,004
6,395
29.046
36,769
131,559
24 028
109,580
50.282
863.986
1,330,558 4,305.793
391,285 1.249 564
1,721,843 5,555.362
35,394
683,808
143,620
388.098
69,776
243.755
1,509
5,640
35,863
516.144
44,486
897,398
4.109
10.654
3,945
12.570
3S,696
113.910
255,000 3,841.375
35,(i06
132,652
605,009 2 228,660
900,687 2.622,282
905,17
1,743,100
11.576
25,511
53,320
54,(i31
3,193
18,947
8,332
6.419
94,256
110.548
6,6J6
6 375
3a wk Apr.
39.078
53,473
February
160,940 149.203
March
3.160.747 2,657,998
3d wk Apr.
71,330
59,931
CUic.Mll.&St.P, 3d
.
.
wk Ai)r.
410.500 399.450
1,910,316 1,893,414
5,098
5.367
30,273
26,345
Chic.St.P.AK.C. 2d wk Apr,
48,1-17
79,24
Chlc.StP.M.AO. .vt arch
528,917 532.525
Chic. & \V. Mich. 3d wk Apr.
31.4rtl
28,027
Clii.Ga. APorta. -March
3,684
4,960
Cin. Jac!c. A Mac 3d wk Apr
10,013
11,998
Cin.N. O. &T.P. 3d wk Apr.
83,703
58,334
Ala.Gt. South. 3(1 wk Apr.
34,08.28.252
N. Orl. & N. E. 3d wk Apr.
23,579
13.907
4.1a. A Vicksb. 3dwk Apr.
9,574
8,016
Vicks, Sh. A P. 3dwk Apr.
5,053
5,795
Eriaiigcr Syst. 3d wk Aiir.
156,577 114,304
Ciun.Northw'u. .March
1,416
1,461
Ciu. Scl. A iMoO. March
5,270
9,993
Ciu.Wab.AMich. \1 arch
47,101
40,889
Clev.Akrou&Col 3d wk Apr.
16,051
13.7.19
Clev. A Cautou..! March..*.
30,000
34,581
Cl.Ciu.Ch.&S.L ISdivkAiir. 250.200 240,915
Clev. A Marietta .March
1!',912|
22,377
Color. Midland. 3d wk Apr.
29.418
34.800|
Col. A Ciu. Mid 2d tt>k Apr.
5,795
5.943
Col. H. V. & Tol. 2 wks Apr.
111,719
71,405
Colusa A Lake.. .March
1,04
1,418
Covlu. AMacou. March.
11,354
8,704
Day. l''t. W. A Cb.. M arch
41,15
30,985
Deiiv. A Rio Gr. 4thwk Apr
190,400 17O.50C
I>Bii.'rc.x.AF.W. .M.'ircb
238,707
202,42:1
Det.Bay C.A Alp;2d wk Apr.
8,62(
9,105
Det.Laiia'fe' A N0|3d wk Apr.
22,50(1
19,52,S
Duluth S.S.A All 3d wk Apr.
3,1.99.i
29.079
e.fcnu.Va.AGa. February . 524,953 463,104
Knoxv. A Ohio February
4().til!>
511,1 61
93,0i;0
Total system. 3dwk Apr.
109,191
Elli5.Lex.AB.S... February
54,ii4ii
64,0
Kvaus.&(ud'plis'3dwk .-Vpr.
.5.807
4,44'J
Evansv. A T. H.|3d wk Apr.:
lo,40ti
Fitcbburg
i.March
501,040 441,li'0
Flint. A P. Marq. 3d wk Apr.
6(i,0a4
41,430
2.',220
Flor. Ceut.A P. 3d wk Apr.
23.869
Ft.Mad.AN'w'n March
1.004
2,(140
Ft. W. c;in. A L. Marcb
2b,86S
25,742
Ga. Car'Ia A No. February
5.200
4.093
Ga, RU. AB.Co. Fe riiary
16 ),UI6 157,217
Geo. So. A Fla. March
51,'23.!
21.942
ar. Rap. A lud.. 3d wk ,Vpr.
5l,4S4
45,405
Cin.R.AFt. W. 3d -k.^pr.
8,717
8.997
AN'thw'u. March
A Oh. Riv March
Chic.Peo.ASt.L. February
Chic.
Chic.
.
.
.
.
.
634,2til
39,00.;
.March
3d wk Apr.
Bal.&0.8outhw. 3d wk Apr.
A Poi<.m.w
Beech Creek
Blr.Selma&N.O.
Sutt.Rocb.A Pin
175,396
6,795
9,898
589,721
34.540
154,008
8,463
38,293
Febiuary
March
.
4
Paul K .* <li
., l-i .ibT
St. faul A Northern Pac.
Il'l'oledo Pe<iria A West... •
1
25''
60
113=8 Postal Telegranh-Cahle
79«8 St.L.ATk.ATat ck rights
||Ni.
'^n
7!'-\
i
23
North Riv.lJona. Co.scriu.
Ohio Central
u.I.A W.— 1st acclntcert.
2d ace. int cert.
A
"a
78',
f
..
19
4>i
27
70
•mU' 48',
*'25'..
50 1-26
N. O. Pac. Laid Grant"'
Newp. N.A Mlse. Val...
N.Y. V.-.S.A Butf
I-N. Y. A Oreon'dLake, lat
2d mort
iN.Y. Loan A Tranr!!*
"
IN. Pac. P. d'Oreille Ijlv.
Si
Aak
iio" 126'
I.'
l^t l>r*^
'
.
A
I
31
s
li
Bid.
A
27
Kanawha A Ohm
122
112
A
I
"..
IncoiueSa
lir. Coal A Coke
KiO
113
loa
[Kiely Motor
Siorgia Pao.— stock
Ist 6s
Cpuaol. 58
ISO
Securities.
OJ", iL.ehi«h
WilkeB.Coal
«»*
Little R.
Mem. Ist 63
43
Loaiav. St. Louis
Tex..
15 l|\ieriphiaACha'»t. consols
2JI4 Vex N.i.r.Coustrniir'«C!o
B7'8 Mo. K.
T. lew 4.S, W. I.
•7
ilo.
2d<etta. W. 1
1'3
do. pref
22
Doa.jl East Sh. Ld'.Co.
...
i8tluconie4s
l'^7
BECURITIKS.
II
33
CO- aols.
2d 5 3...
Am. iiank Nrttwoo
Am. Catilo Trust ...
Am. Cotton oil C^
Am. Pig
Exchange— Unlisted
Bid. Aak.
Vicks
do.
do.
Miiuicipal— Bonds, 78
Fulton Mnnicipal
Bonds, 6a
Equitable
Bonds, 68
UO
Nassau Brooklyn)
iS
Bond.s, 68
I(i8
Melroiiolitan (Brooklyn).. 102
115
Y.)
85
124
I
Williamsburg
"
Bonds, 5a.
Total sysleiu
Atlanta i Char.
Atlanta & Flor'a
Atlanta AW.Pt
All. A Danville
Atlantic
Pac.
B.&O.EastLlnes
Western Lines
February
Marcb
March
31vpk *pr.
Ceutr'l Vermont Wk Apr.li
Char.C'in. AChic February
Charlest'n A Sav March
12
1931
Seab'dAHo'n'ke— 58, 1926
Last price this week.
Allegheny Val
Anniston &Atl.
Auniston & Ciu.
Atcb.'i.&S. Fe.
Half cRned
.
2d. 5s
3d, Ks
lat Inc., 5a,
Williamsport...
*
118
tOh
BalT.A Ohio- 48, 1935... lliO I....
Cape Fear A Yaa.— l8t,68 105 "a ice's
60^ 60^4 Cent. Ohio— 68, 1890
Char. Col.A Aug.- lBt,78 US'i no
Cin. Wash. A Bait— lata.
PHTLADEI>PHIA.
RAILROAD STOCKS*
imira
.
99
uanideD & Atlantic, pref.
Catawissa Ist pref
fast Pennsylvania
preferred
t Per share.
llCO
Reported.
1890.
1889.
)
Burl.
Burl.
111"'^
98'..,
WcekorMo]
Bur. C.Rap.AN. 3d
110
Income, 68
liis,
10814
Eamingt
Latest
ROAUS.
Bait.
107
—
Rutland— 1ft,
12
ioe'
73 v^
Ist pref
40
let con. inc.. 8s, 193
2d pref
28
-2a con. iuc,3.-.,l:'39 ...
28 "4 Central Ohio
H. Y. A N. Eng.-lst, 78. 126
Preferred
116
18t mort., 68
i*
Chart. Col. AAngusta
Sdmort., 68
lOH
(Western Maryland
.2d.inort., scaled, 3s ... |*lf4
105
RAILROAD B(>fJn=
Ogdens. &L.(:._Cons.. 68 102<a
Atlanta A Char.— lat, 78.
2d, Ss, 1898
Wlscon. Cent.— 1st M., ns
Income, 68
".00
86
RAILROAD STOCKS t
Baltimore A Ohio
73 1<
Mexican Cen —48., 1911..
RAILROAD EARNINGS.
.V-
117'.
KAl.TI.YKMCE.
77"s
68.
third Saturday of each month.
.
!
62
66 ii Phlla. A Eri9-Gen.&8.... *113Ki 113>i
General mortg. 4s
100*ii
Pbiladel. A Read.— lot, 68 122
89
Mich, gen.68
Vpr
'3l>»
;23'«
102
58, *18
1918
84% Pa.iN.Y.Can.-Bscp.'lO
1(13 >3
^'SdOs^ilS
CJonsol.nf
131
122
113
'
i
Chic&West
58,
month —v>z., January, March. May, July, September
and November, and is furnUhed without extra charge to
Extra copies
all regular subscribers of the Chromcle.
are 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
six pages of the Chronicle, are now published on the
113
46
I
4^8, Tiuat Loan
2d series
84 "s
'
i:8>4
131
110
1
Cona., 58, coup., 1919...
Perkiomen— Istse.
BOTTDS.
Ateh. <& Topeka— Gen., 4»
Income, Ss
Burl. <& Mo. R. in Kea.lBxempt.6s
Non exempt, 6b
...
Plain 4s. 191D
Chio. Bnrl.&North. et 6b.
•
78.
General mort. 7«, 1903.
N.Y. Phll.<tNorl-l8t,6a
Income, 6s
Penn.-Gen.68, coup.1910
Cons. 6s, coup., 1905 ...
I%e Investors' Supplement, a pamphlet of 150 pages,
contains extended tables of the Funded Debt of States and
ities and of the Stocks and Bonds of Railroads and other
Companies. It is published on the last Saturday of every
other
iV7'
Belved. Dela.— IstM. 68..
BellsGap— Ist M., Hs
Catawissa— M. 7a, 1900.
I'oo'
. .
.
66
111
119>< Allcgh. Val.— 7 3-108,'96.
Inc. 7s, end. c<>U!>.,'94..
Passump.
Connecticut River
*ft
"a
83 <a 84
66 '( 60 «
232
rnitedCo'Bot N.J
West Jersey
Went Jersey A Atlantic. 43
9'«
Preferred.
76"<»
67
Phil. « Erie
-^nnbury A LewlBton
37
40
GenoorA
Coantictlcnt
A
Pennsylvania
Central of MuBsacbasetta
Preferred
Chic. Bnrl. * North'n
Chto. * West. Mich
OleTeland & Canton
•'
41
40^1
^KilxonA Intelligence.
46 •\
218
...
& Lowell.
B'>i4U>n A Maine
AND
19
Broad Top
Preferred
LehlKh Valley
Little Schuylilll
Bo«iton
Investment
Ask
Bid.
U
.
.
.
1
331,678
23,17»
20.074
6,835,904
453.149
7,289,044
264,007
21,913
126,066
68,910
848.461
3,682,962
1,097,935
4,7«0,897
609.565
373,095
211.450
4,747
590,78a
786,883
14,156
12,063
103,863
3,650,607
162,367
1.955,111
2.789,215
2,049,943
22,204
'ioM'Oe
214.3')9
178,197
5,718
51,027
22,079
24,218
1.589,775
444,784
12,78
13,516
800.554
652.861
279,940
307,831
8.467,566 7.534.956
890.181
803,657
7,0.59.311 6,641,375
5,558,903 5,067.538
19.825
16.229
6-',ll7
51,469
9.!i3(
88.500
23,220
28,986
2,141,730
439.753
1,204,994
1,469,698
413.818
ll,38f)
169,249
1,237.070
.571,902
345,391
197,173
183,095
2,531,031
4,77^
18,828
122,623
2;0.3S9
106.100
3,667,285
7.54,155
1,328,332
402.021
12,692
103.876
1,070,185
551,647
318,308
176,183
167.429
2,283,752
3,026
32,367
110.801
198,030
92,762
3,4k9,u25
55,8 JO
59.134
510,854
90.180
652,930
4(>2,720
93.412
629.209
4,174
4,82
26,278
37,680
1 14,839
121,401
2,359,219 2,212,777
731,50'
529,320
113.667
IDO.Ol'
327.09H
299,321
436,-'4:-.
360,269
930.799
1.127,127
93.670
100,138
2,070.218 1,817,931
113,640
13S.370
71.57'
79,743
250,010
272,680
1,397,004 1,259,670
750.742
967.456
374,576
399,046
fl.53&
5.273
74.682
67,06»
7.696
10,701
342,94»
368,224
55.585.
lil.584
654.289
731.408
133.5(>I
127.406
May
3,
THE CHRONICLE.
i;90.]
iMiut Mnminoi Btporled,
Jan.
1 to Laletl
DaU
Roads.
Roads.
\lteekoriI
Gr.Riip. Aliid.-I
Otlier Hum . .. Srtwk Apr.
Totnl
Hd wk Apr.
a!l liiic«.
SraiiUTrmm. ..iWk.Api'
lit
Chic Aiir.Tr.iWli Apr.lil
Di't.(ir.H.>t M.I Wit .\pi- 19
Gr. B. W.
& St.P.
Fchiuary
March
Hon.Matonic
Kehni try
Uu'ncsriuVslion March
111. C.-}:. (111. .V^
March
Oiilf
<St<
.
.
'
Iowa
Mar".h.
lilies
Total
all ....
3d wk .\pr.
Iron Rullwav.. March
J'k'nv.T.&K.Wi/ February
KauawhaitOhii. !d wk Apr.
Kau.C. 01. dcSp 2d wk Apr.
K.C.F.s. &Mcic. .'d wk Apr.
K.C.Mcin.&Bir. id wk Apr.
K.C. Wv. cSiN.W (""ebriary
Kentucky Cont March
.
.
KeoUiikA West.
140.0^(1
30,31(i
.3,537
62.142
5,838
0,79
79,444
21,143
47,H0(
81,477
wk Apr.
5,71(1
rem. 3d wk Apr.
Knox. i- Lim:)lii arch
L. Eric All. & So M.rch
L. ErlCiSt West.. 3d wk Apr.
Lehis;h& Hud.. March
L. Rock & Mpiu 1st wk Apr
3,020
19.012
&
'd
hnm
,5.0*»o
47,3 71
2(!,92f,
0,333
Island
April
Loiiis.&.Mo.Kiv. lauuai-y...
279,i")19
wk Apr
wk Apr.
wk Apt.
22,265
331.510
43.306
1,10s
Loiiis.Ev.i'
id
I/0U13V.& Nashv. id
Louis. N.
& Ob. id
Sf.I..
A
Louis. N.A&Oor
Louis V.N. O. iVT
'larch
IthwkMch
Lou.St.L.&Tox.
t
arch
Louisv. SoutU'n cebinary
Lyneliii.&Dur'ui March
Memphis it Ciia
wk
id
Apr.
(Mexican Ccur.. td k Apr.
JMcx. Xatioual id wk Apr.
tMe\icau U'wai VH Jfch.2.
Mil.r,.Sli.&\Vcs Ithivk Apr
Milwaukee A N( td wk ApiMineral Kanixe.. March
'.\
.
33,53:'
8,146
146,5S2
134,728
13,790
5,096
43,697
18,422
9,862
247,97-z
23,35.0
27,34.=
5.177
483
39,281
103,790
77,215
79,0-4
96,614
29.62
100.20
67.00
80,739
32.10,.
3S,llO0
271.1^2
2,0-0
60,249
17,419
MiU'ch
30,69(
t2.087
5,944
3,740
29,56'.
Monterey&M.G March
i^'chruary
78.33(;
12,93-'
27.382
52.23.
7,62U
1 23,000
130,408
554,15^
246,771
March
26,403
91,873
22,761
4,155
64,658
4,568
4.77C
21,887
299,150
41.073
1,039
03,893
10,443
Miuneap.&St.I,. larch
M.St.P. &S.R.M. M.arch
Mo. Kan. & Tex. arch
Mobile <fe Ohio.. March
Nagh.Ch.&St.l.
Kat. Ued E. & T.
NewBrausw^cli.
N.Jer.scyAN.Y.
N. London Nor.
18,066
3,037
70,309
9,320
10i),755
II. TOO
l,0*»O,73U 1,053,261
33.524
('I'litral..
Ktiisrst'ii
4.03.",
.58,4157
360,090
58,985
18,149
l,25ti.l»l 1,217,989
Xnrt.Di'c.V-Wcst, March.
Infcidc'iiic (Mxi March
Iowa
4,372
<il.(iO:i
3H7,037
81.011
22,401
27.973
l'i.'>,401
March
1880.
76,60(i
22,52:>
8.60.
109.53<.
130.370
512,61:)
257,05-.:
290,839
.
j,470,715 l,796,13t;
.March
PeoriaDec.&Ev. 3d wk Apr.
15,231
12.214
Peter-sluirK
March
48,080
43.803
Phila. <t Ei-ie... February
295,7.i0
284,782
Phila. &Read'H. March
1,.508,747 1,3119.477
Pittsl). & Wcsfii February
101,125
93.820
Pitt.s.CIcv.&T. February
37,(i93
30,483
Pitts.Pain.&F. February
17,761
12,710
Total system Jd wk Apr.
43,649
42.6J1
Pitts. Y. & Ash. r euiuary
95,4411
58,070
Ft. Royal & Au«. Fchruai V
43,901
33,060
Pt.Roy.&W.Oar. Fel)ruary
47.0<i3;
42,221
.
.
P
I
.
.
Pres.A-Ariz.Ceu. .March
tB,980!
l!i,750
Quincy 0.& K.C. .March
440,008
183,027
Rich.i- Danville. .March
Vir. Midland
.March
Char.OoLiSiAu. March..
Col. &Greenv .March.
West. No. Car. March
Georgia Pac
iMarch
.
I
.
j
Wa.sh.O.A W.. March
A.shv.
A:
'
Span March
.'id wk Apr.'
'
Total Sys'iu.
Bicli.
&
Petersli.
Kto Gr. West.
Koine <k Decatur
Rome W. A; Oitil.
eag.TuscolaAH.
28.316
28,910;
8,2001
March
March
333.128
:
8t P.Min.& .Man :March
East, of Min:i. March
I
;
MontanaCcnl. M arch
Total Hys'ui, March
B.Ant.&Ar.l'ass 3d wk Apr.
B. Fran. A N.Pac. -Jd
wk
Am. A Mon. -arch
Sd
Apr.
wk
Apr.
SciotoVal.&N.E.
Apr.
8b<tnandoali Val M arcli
South Carolina February
Bpar. Un. & Col. February
S.
.fe
E.
.
Mwk
.
.
7,885,
23,490l
57,380'
7,230
111.310
108,511
873,610!
29,993
70,987,
'
I,.
10,930
240,OLiO
March
!
8»v.
84,314j
81,412;
81,1721
141,4001
8,684
.'idwkApr.i
.March
St.L.A.\T.H.B\, lidwk Apr.'
et.L.Ark.&Tcx. ridwk Apr.]
St.L.Des M. & N.I March
8t L.<St San Fran. :i(l wk Apr.i
Bt.Paul A- Dul'tlj .Marcli
Seattle
999,330
313.523
51,213
28i»,159
N.
38.12*
11,597
130,638
30.957
Pacific
1,838
201.951
35.200
3,429,033
17,644
440,027
463.671
3,892,724
93,440
388.402
482,977
9,633
I
774,590
30,820
12.870
22,391
7.4<)5
12.946
104,040
149,161
11,830
10,762
21,594
439.126
170,709
76,331
75,226
88,639
103,715
9,147
11.100
216.5 10
24.803
2ci.l73
4,300
267,333
8,694
17^723
50.269
4,284
99,150
83,144
642,552
14,981
66,175
723,708
27,011
12.252
14,744
4.063
12,113
69,679
12'),316
11,583
62,537
3,2-^8,218
1.13.771
21,142
390,188
411,330
3,699.518
100.124
213.732
432.102
12,573
121.773
82.270
109.432
1,358,451
73.541
73,734
1.301,690
381.859
298.009
99, lot
.57.120
225,018
101,481
42 953
42,210
14,787
766,985
71.11
155,680
886,1.30
33,532
31 8,04 i
3,615,115
642,001
2,917
826.169
210.371
93,757
49,5.32
36.774
15,471
725.500
51.547
174.200
Gal.Ilnr.&B.A. February
62,520
,
Y.T.*Mcx. Fcl>rHary
Tex. A N. orl. February
Atlantic sys'ni I'l'bruary
965.07(i
984.553
41S,4i5r
22,974
329,061
489,21:
1,781,873
786.361
91,400
859,083
37,209
8,.= 73,781
6.434.760
1,123,301
1,283,678
122,812
532,486
293,141
1,943,610
152,313
1,612,174
5,359,178
245,428
1,229.300
45.302
1,916
167,1.50
133,904
45,992
137.095
576,384
15,404,117
210,892
136,849
623,542
4,389,109
210,049
70.328
35,702
622,913
.
I to
Laletl Dale.
1890.
1889.
287.115
71.690
402,084
8,112
110,932
610.798
174.402
820,783
24.916
613,075
166,552
847,301
17,Tl5
237.39?
129,102
449,580
130,661
461,018
215,542
150.211
1?>9,815
74,2.59
78,479
51,565
02.12s
70,533
297,038
271,360
961.109
332,839
105,702
I42..500
318, U5i
90 1 ,(»(i8 879,939; 1.907,044
l,882,«8e
2,077,984 2,2e8,68,'M 4,146.322 4,781,357
2,979,032 3,148,623; 6,113,360, 6,6«3,iiei5
system February
Totnl of all.. February
So. Pac.
.No.
RR.—
Div. (Cal.) February
.
February
ArlJona Div.. February
Now Mex.Div.j February
8tat«u I. Uap.T.IMarch
Hummit Branch. March
Bo. Div. (Cal.)
.
'
.
52,562
68.1.50
Lykena Valley March
Tal.A (.'oosaVaf.! March
Tonn. Midland.. iMarch
Texas * Pacitlc. i3d wk Apr.
rnl. A A. A ^". Mi 3d wk Apr.
& CIn.. 3dwk Apr.
rol.& Ohio Cent. jSdwk Apr.
Tol. Col.
rol. P.
rol. St.
wk
3d wk
&
We.st..'3d
I..
&
K.C.
2,02'"
Union PaciBc—
Or. S. L.
& U. N. February
Or.Ry.A N. Co. February
870.117
325.882
24,721
286,098
325.227
1,461,827
818,313
859.516
7,676
117.151
30,170
Den.Lcad.&G. February
.
All oth. lines., ['"ebruary
.
Tot.U.P.Sys. March
Cent.Br.&L.L. February
February
Tot. cont'led
.
.
Montana Uu.. February
Leav.Top. &. S. February
Man.AI.A Bur. February
.
.
.
Joiiit.own'd,»2' February
Grand total. February.
40,882
8,033,4 9
5,748.659
890.451
l,221,0;tl
123. 52
416.101
275,747
1,632.049
132,067
1,371.140
5,176,672
1
229,344
1,158,334
42,306
2.383
141,015
137,384
28,677
110.182
603,693
13,746,038
212.293
123.772
543,352
3,933,910
204.132
6<).192
33.201
617,422
1
02.472
80,935
32,561
61,731
1,241.735
447,973
240.896
218.576
53,485
1,379.276
510,679
256,394
266,049
230.967
2.;2.829
488.071
344.004
25,322
2 ,957
32,022
30.177
3,932.605 3,444,7i6
83.358
72. 113
413,749
390.545
12,5<Ki
23.830
902,073,
723,570
18,8601
20,862
350,033
295.612
1,098,239;
902,754
19,4831
13,374
1,757.8471 1,579,733
273,108
213,497
1,628,1011 1,418.996
50,986
95,077!
303,004'
156,185
1,926.782; 1,626.167
434,523
313.001
145,789;
156,722
65,743
47,0.il
95,8141
65.718
179,246
178,716
282,947'
179,779
291,445
260.901
23,787i
20,267
1
Vermont Valley March
3d wk Apr.
Wabasii
Western of Ala. March
.March
West-Tersey
W.V.Cen.&Pitts. March
Wesi.N.Y. & Pa. 3d wk Apr.
WhcelinK& L. E. 3d wk Apr.
Wll. Col. & A. g.lFebruary .
Wisconsin Cent. fSd wk Apr.
Wright8v..fcTon.^'ejjruary .
Inciudini;
222,663
34,933
63,253
.
3dwkApr.
StJo.&G'dlsl.
*
401000
.
.
535,984
1.809.306
1,104.261
1,071,950
2M.421
8,131
20,726
27.080
Apr.
Apr.
Tol.&So.IIaven. March
2.487
28,353
337,397
5,146,113
641,247
2.712
690,072
59,872
67,036
6.678
13,307
131.569
22.075
6,769
Tu;.& O.Cen.Ex.jMarch
8-
14.6''
567,081
2,048,960
1,176.194
78 920
84,244
24,594
Jan.
1880.
285,388
80,026
383,414
10.440
.oiiis'a West. February
Morgnn'sLiT. February
85,88!)
.
.
.
1,1.53,747
8,381
.
..
8.>0,387
5,38I.7-.:5
123,230
35,592
.
1800.
*>. Pacific Co.
59,873
018.747
1.84J
.
Ite/iorled.
I
5,640,913
1
WrrkorMo
18»0.
33,531
February
14,46t
9,57>
Wk Apr. 12
11,147
New on. &Gull Marcu
1 l,0;>b
I3,90(
N. Y. C. & H. U. vTarch
.2.940.522 .861,599
N. Y. L. E. & W March
;, 242,488 2,113,191
». Y. Pa. & Ohid Fcliriiary
5!iS,650
427,019
N. Y.&N.EuK.. March
451.,266
422,804
N. Y.&Nortb'u. March
43,663
45,57o
N. Y.Ont. &W.. iu wk Apr.
30,57"
36, U9
N.Y. Susq. & W.. March ....
102,722
91,029
Norfolk ii West. Ithwk Apr 112,989
98,775
N'theast'n(8. 0.) February
7.1,591
61,130
North'n Central. .Ma;ch
558.373 471,200
Northern Pacitlc id wk Apr. 418.179 369,982
Ogd. & Lake Ch Wk Apr.l.'
8,98'
10,811
OhiolQd. & W.. IthwkFeb
23,302
21,2,51
OhioiSi Miss
84,142
3d wit Apr.
77,205
Ohio & Nortliw.. >larch
14,332
10,402
Col. *fc Maysv. March
70
881.
OhioP.iver
11,40
10,144
3d wk Apr.
Ohio Southern
March
50.980
42,834
Ohio Val. of Ky. Ithnk.Mch
4.764
3,298
Oiuaiia & St. I,.. March
52,21)8
37,641
Oregon Imp. Co. FeiUMiary
298,986 305,037
Penn.sylvania
1890.
ft
7,03
158.30!)
.March
ifcSlo'xC. .Mar.h
JDiil).
I
4,293
lilcaKo.l
CVilMiK.A-Miii
1800.
619
Earningt
8-5.3711
1
145..116
311.182
105,030
222.487
5,931
10,617
1,5,17«
15,354
45.548
48,397
121.570 2,079,380 1,827,663
17,!^95
317.303
273.499
4,705
80,585
68,940
16,776
364.551
292,438
7,926
24,027
22,608
17,907
278,651
267,1.55
14,311
443,706
230,71»
1,715
5,500
4,594
400,142
257,430
22,934
52,310
.360,34
1,583,663
3,227,157 ,612,32!
95,606
55,38
2,471,380 ,214,644
55.515
59,586
2.187
2,037
2.883
2,577
30.292
32,100
2,501,673 2, 246,744
15.966
13,397
246.098 21 1,549
39,379
44,742
110,687 103,023
67,640
5 ,698
72,300
38.10(
22,9241
17,50
99,333;
88,830
91,5421
71,063
7,358'
5,732
1
t
860,906
523.425
734,052!
348,912
451.997
337.*)29
132,928^
109,326
3,079.534; 2.82 ,497
1
7,103,284
204,5221
113.1«9
4,728,307; 4,6«>4,124
115,901;
131,604
4,784'
4.935
7,7.50.942!
5,572'
.5,327
63,128
4,791,435
40,137
65,938
4.670,058
37.119
3,87.'.,212
3,383,1^
151.852
296,879
197,404
262,!530
1,000,021
3.-2,78u
207,140
1,326,082
14,983
new lines controlled, formerly reported
Mexican currency.
17 Main Line.
rupted twelve days by heavy washouts.
t
Latest Gross Earuiugs by
47,720!
1.52..596
184.644-
152,201
166.83?
873,951
260,380
176.75S
1,037,287
11,860
separately.
Opeiation of line Inter-
Weeks.—The latest weekly earnsummed up as follows:
inRs in the foregoing table are separately
For the third week of April the ratio of increase
heavy, reaching
statement below.
3d
Only three of the roads show
weclc of April.
1890.
PreT'lyreport'JOl roads)
Ar.Top.A 8.F. A I'd roads
2,804.683
520,926
35.394
44,486
53,4731
39.678
71,330
59.931
81.041
58,985
31.481
28,027
11.998
10,613
156,577
114,304
16,031
13.719
240.915
250,200
31,800
29.418
11.528
22,560
18.149
22.401
9.3.060
109.191
44.430
96.064
22,220
23.869
51.484
45,405
8,907
8,747
4.372
4.055
30.316
22.761
5.838
4,568
21,143
12.9,32
5,710
5.944
3.030
3.740
47.371
43.097
331.510
299.150
43.306
41,073
39,284
29.624
77.215
67.907
84.142
77.205
11,401
10,144
210.500
240.050
28.910
26,175
34.933
22.934
23.400
17.723
27.011
30.820
20,726
17,907
,
& Atl.iutic
Chicaeo A East. Illinois
C.hlcatro
Chicago A Grand Trunk
Chicago A West Mich.
.
&
Cincinnati Jack.
Oin. N.O.
A T. P.
.Mack
(5 roads).
A
Cleveland Akron
Cleve. Cin. Chic.
Co!
.
A 8t. L
.
Colorado Midland
Detroit Lans. A North..
'Detroit Gr. H. A Mil. ..
Eitst Tennessee Va. A Ga.
riint A Pcre Marqviettc..
Florida Cent. A Peninsula.
Grand Rapids A Indiana.
Cincinnati R. AFt.W...
Other lines
Iowa Central
Kanawha A Ohio
C. Mem. A Birm.
Keokuk A Western
Kansas
Kingston
Lake Erie
A Pembroke...
A Western
Louisvilio A Nashville...
Louisv. N. Alb. A Chic...
Cliarleston.
Memphis A
.
Mexican National
Ohio A Mississippi
Ohio River
Rich. A Danv. (8 roads)
Rio Grande Western
St. Joseidi
St L.Alt.
A
.
Gr. Island..
AT.
II.
Brches.
San Antonio A Ar.
Toledo Peoria
P.iss..
A Western.
Total (80 roads)
Net increase '1536
*
1889.
3,244.036
589,721
39,985
43,331
A
Ohio Southw ....
Burlington C. Rap. & No
Bait.
is very-
per cent on the 80 roads included in the
1.5-56
6,013,903
p. c.)
For weekending April
5,203,918
lossea.
Increase.
Decrease.
439.353
08.795
4,591
845
13,795
11,405
22,056
3,454
1,385
42,273
2,332
9,285
5,382
3,032
4,232
16,131
21,634
1,649
6.079
""'317
250
7.555
1,270
8.211
234
720
3,674
32 360;
2,233(
9.6(>0|
9,3081
6,937!
1.2571
23,350
2.735
11,999
.5,767
3.809
2,819
811,189
809.985
1,204
19.
Net Eamiiifcs Monthly to Latest Dates.— The table follow*
ing shows the net earnings reported this week. A full de-
aU roads from which monthly regiven once a month in these columns,
and the latest statement of thin kind will be fotind in the
Chronicle of April 19. The next will appear in the issue of
tailed statement, including
turns can be obtained
May
17.
is
THE CHRONK^LE.
620
1889.
1|90
JSCOME ACCOtraT.
Net Earnings.--—
1890.
18^9-
Qrom Earnings.
,
Soads.
TOL. L.
Income from Investments
SflsoeUaneous laud sales
trustees Kan. P. eon. mort...
Miscellaneous
Prom
July 1 to Mch. 31... 6,859,741
90«,607
Coiit.ofNewJorsey.Mcli.
Jan 1 to Mch. 31... 2,622,282
CUcaKO&AUanilc.rcb. 197,882
428,195
Jan. 1 to Feb. 28...
Cliio.Biirl.&Quiucyf.Mcli. 3,160,747
Jan. 1 t^Mcil. 31... 8,467,566
Clilc. Mil. & St. PauLMch. 2.077.754
^jfu"y
6,07!J,317 n,999,2;>2 *2,lb7,702
900.687
2,789,215
162,C;62
331,713
2,057,99^
7,534,9a6
2.019.897
^ U:::^Sik^^
1 ^0
aev.Cin.Cliio.&8tL.Mch.
Jan. 1 to Moh. 31...
July 1 to McU. 31...
Feb.
Clev. & Marietta
Jan. 1 to Feb. 28...
Colorado Fuel Co.... Feb
Jan. 1 to Feb. 28
JiUy 1 to Feb. 28
•mini- Jb Pern Marn Mob
J^.rtoMcS:'3U
1,100,873
2.938.474
9,444,468
16,669
35,878
."
^^'f^*
2
fo^'lss
2,10o,b8J
782,949
I'^T?'^?^
3,01.5,550
745,496
^lti:9ll '^fsif^t
370,378
381,535
8-9,^^i
982,709
3,303,307 J,»Sd,xaj
3.521
1,870
6,W8
5,486
H'Iaj
293,115
773,*680
138,821
397,111
421,455
Kan.C.Ft.8.&Mem.Mch.
1.193.881
Tftn 1 to Mch 31
Mcb.
lowaCentral
1.084,^03
2,7^^,850
8,805,611
17,017
36,757
325,1/3
1,128,118
14.87o
318,803
929,344
26.608
82,813
Jan. 1 to Mch. 31...
Ju?yltoMch:3i::; 3;78oS24
Loulsv.&Nashville.Mcb. 1,518.177
Jan 1 to Mch. 31... 4,586,350
jSfy 1 to Mch. 31.. :i4,303,507
569,567
Mexican Central... Feb.
li'ml
nnr'^il
is^ lit
183,14.J
200,(-0
87,684
95,527
175,390
218.957
28.147
51,022
92,721
137,981
123,845
128,346
360,394
334.382
1,233,937 1,190,871
595.851
511.569
236,565
35
117,180
362,497
379,988
1,151,458
3;464;449
1.476,378
4.221,753 1,744,2/2 1,6/3,081
12,529,008 5,798,658 4,887,759
195,848
206,929
457,907
437,2d4
42o,088
974,579
41,414
§4,656
330,510
194,445
177,547
907,497
:796.280 ^1754,979
2,113,191
BIO,'!
Jan. 1 to Feb. 28... 1,156,612
327.303
963,216
Jan. 1 to Mch. 31...
N.T.L.E..fcWe.st'n.Mch. 2,242.488
Jan. 1 to Mch. 31... 6.454,760 5,748,6.59 t2,116,744 {1,879,982
Oct. 1 to McS: 31. ..13;926;793 12,713,076 14,752,183 54,386,754
12,347
34,896
125,771
171,451
N.Y.O:.t.&We«fn.Mch.
24,952
60,342
351,609
427.104
Jan. 1 to Mch. 31...
60,l>o2
129,966
754,0o7
896,709
Oct. 1 to Mch. 31...
171,7.53
172,252
443,235
488,065
Norfolk & Western.. Mch.
416,320
490,664
Jan. 1 to Mch. 31... 1,443,455 1,244,319
75,432
100,390
309,563
354.708
Ohio A-MissLssippl.. Mch.
226,235
248,432
917,750
977,844
Jan. 1 to Mch. 31...
838,176
l,049,4.r>3
July 1 to Mch. 31... 3,232,131 3,046,216
31,164
33,405
106,537
120,330
Kio Grande West'n.Mch.
103,322
79,167
324,270
336,609
Jan. 1 to Mch. 31...
367,0.dO
416,441
July 1 to Mch. 31... 1,172,398 1,089,856
32,750
36,487
80,263
89,004
8t.L.Alt.&T.H.bch8.Feb.
59,513
80,119
158,866
186,444
Jan. 1 to Feb. 28...
40,579
112,652
233,314
284,777
West. N.Y.&Penn.. Mch.
121,600
254,231
703,551
792,921
Jan. 1 to Mch. 31...
339,773
502,704
Oct. 1 to Moh. 31... 1,696,860 1,550,735
Mexican National.. Mch.
1888.
1867.
if^^SitfS
Total Income
Expenditures—
Iiterestonbonds
Discount and interest
Losses on invest., prem., Ac
Sinking fund, company's bonds
10,890.034
1,030,552
15,904
Il'*i50
17, 891
27, 776
11,972,231
11,052,981
_.„*,„„
5,134,566
160,153
113,490
587.670
24,846
Sinking tuu:l8.otU«rcomiauiea....
1,331,372
iQteresc-auxUiarv lines
Land taxes. &o.. Union Div
Lissonle scd lines
Miecellamous
„5?-653
324.480
85 972
Total expenditure
8 arplus Income of the year
l>eduot U. S. requirements
7,821,204
4,lal,026
1,205,656
,
2,945,370
Total surplus Income
10,095,458
916,215
13,532
,
1889.
11,195,972
812,954
23,743
12.032,669
9
„.*
5,057,714
148,902
108,964
588,585
24,846
1,36',601
70.408
841,749
123.432
5,067,090
267,331
169,720
745,285
65,857
1,898,926
64,936
1,249,163
219,072
8,32.0.201
2,727,7fcO
1,134,394
9,747,385
2,285,284
1,140,379
1,593,386
1,144,905
GENERAL BALANCE AT CLOSE OF BACH TEAK.
1887.
1888.
1889.
$
$
$
162,522,403 164.997.724 155,150.093
40,6.i2,739
Stocks and bonds owned, cost.. 42,241.161
48,522,942
';51,098
764,311
Miscillancons investments
1,390,778
4,570,428
2,981,431
],ti29,695
idvances
1.114,003
Materials, fuel, &c
1,066,316
^•*'-'?'loR
401,689
Oash and cash resiiiirces,bal...
5,063,73P
883,328
2,064,0S2
Sinking fund balances
2,389,594
3,217,2.'iO
Bonds ami ftocks in K. P. trust. 3,217,250
3,213,001
--•
1,196,619
uiindshtld liy Un. TiustCo
5,291,000
19,742,124
18.726,05
13,935.485
Land department RSsets
ado,961,5o6 240,747,889 23^,5»U,9U6
Total
LiaHlities—
60,868,500
60,868,500
S-wck
60,868,500
80,4.'>9,6o5
82,090..-585
ITundeddebt
80,180,655
33,539,512
33.5^9,512
United States subsidy bonds... 33,539,513
16,866.390
17,:'6J,254
Accrued int. on subsidy bonds. 16,363,744
7:i7,469
731,887
Interest accrued not due
741,192
Flo^>ting debt
4,489,564
*18,757,462
*3,044,909
i+enerai income (profit and loss) *16,826,177
4,744,854
5,490,138
Income used tor sinking fund.. 4,1.56 '^69
23,299 .260
24,779.629
24.961.232
Land and trust income
235.9ol,586 24o,747,oe9 232,588,906
Total Uabilities
* After deducting deficit of U. S. requirements, as compared with
accrued interest on U. S. bonds Feb. 1. 1880. to date.
Missouri Kansas & Texsis.
Assets—
Road, equipment,
&o
the year ending December 31, 1889.J
road has been in the hands of receivers no annual reports have been issued. An official statement of trsifflc
and earnings for the year 1889, as compared with 1888, has just
been prepared, and a summary of the figures has been furnished the Chronicle as published in full below. It will be
observed that the gross earnings increased in 1889 some
WhitebreastFuelCo.Mch
l^'Ti'^
P'4°9
26,2o7 11,601,891 over 1888, and for the ^ur months of 1890, from
47,818
Jan. 1 to iMch. 31
115,101
124,783
July 1 to Mch. 31
Jan. 1 to May T, the gross earnings are about §3.50,000 ahead
Adding income received from investments, net in March, 1890, was of the same period in 1889. Mr. H. K. Enos was recently
§86,162, against $138,674 last year, and for nine months to March 31, elected President, as he has bfeen very active in its success2,082,669, against $2,237,298.
ful reorganization and understands its affairs thoroughly.
t Includes controlled roads.
TRAFFIC AND EARNINGS.
percentage
t After deducting proportion due roads operated on a
1888.
1889.
basis, net in March, 1890, was $603,575, against $558,937 in 1889; tor
1,612
(average)
1,711
thrccmoutlis, $1,533,594, against $1,347,043, .and for the six months Miles operated
vperittiot'S
ending Msuch 31, 1890, was $3,473,646, against $3,244,991.
3*3
fFor
While
this
1. 109
55,036,113
-0204
2.14.1336
411,445,421
-0i09
Pas^enl!(rs carried
Passenger miloage
Kate per pas-enger per mile
ANNUAL REPO RTS.
Union
ireiglit (tons)
Pacific Bailway.
fFor the year ending December 31, 1889.^
The tisual elaborate report has been issued by this company,
and extended tables and extracts from it will be found under
the title of "Reports and Documents." It wiU be observed
that the 1888 figures in the report for 1889 are restated, so as
give below, howto compare With tbe mileage of 1889.
CTer, the original figures, as published in the 1888 report, and
the figures for 1889, with the increased mileage of that year.
The comparative statistics for three years, showing the operations and earnings of the whole system, have been compiled
for the Chkonicle as follows
OPERATIONS AND FISCAL HESULT8.
We
:
Hllee operated Deo. 31
Operaiions
Pag^enwers curried (No.)....
PBS8<UKH8ciirried one mile.
Av'ge rate per iiass. perm..
—
Tons
friig
T
cunlfii
1887.
4.764
3,35a.234
262.913,074
2-509 cts.
4.7T2.645
1888.
4.8S8
1889.
5,180
3,562,=147
3,684.147
278,3?!. 266
2-416 cts.
292.H8,006
4891.K54
cts.
.»>,223,98i)
2':J5-.i
•Tons frcixhn airltd 1 mlle.l,350,52o,H46 1,553,243,748 1,578,702.315
*AT'ge rate ler ton perm..
14 2 cts.
l-2fcl eta.
lS36cls.
•Not liioludlug company's
Earnings—
Mall, express,
freight.
$
Passeigere
Freight
t
&c
Total earnings
Expent*' s—
Tranfi'onathn
6,726.085
6,871,929
2(,521,< 87
21,598.1^94
2.(05,519
2,01-.i,751
2,599,339
28,!>57,766
29,260.824
31,070,182
5.l56.5-'2
5913,283
tlaluteuanre or ears
1.490.710
3,116,948
way
Kei ew> I of rails
Gel eral expenses
Total
,
Ket earnings
T, ct ol expenses to eam'se.
5.453,222
6,438,1^3
1,737,488
F,948,4£7
6,619,406
2,2«2,7-
3,4J-.>,552
399.334
1.916069
652,737
642,9.11
21f.,04563,01'i
l.S£l,l20
1,171,6-8
17,667,7X2
1^.165.366
19,~74.2I0
10,890,034
61-87
10,095,458
65-50
11,195,972
63-97
0^81
1.9611,756
557,455,- 30
-0104
EaryUngs—
Passenger
Freight
Mi. cellaneous
$1,456,346
4,408,225
466,^82
$1,581,567
3,792,711
548,166
Total gross earnings
Operatlug exj.euses
$6,320,953
4,9u7,261
$7,922,444
$1,413,691
77 6
$2,359,116
70-22
689.678
it>..j:i3.t)91
$l,v77,4o6.
Net earnings
Operating expenses to earnings, per cent.
Extraor Inary expenses
Available revenue
3,=
6.<,328
Tennessee Coal, Iron & Railroad Company.
fFor the year ending Jan. 31, 1890. yi
The securities of this company have been very prominent
on the Stock Exchange during the past year or two, and full
information is desired by many concei-ning its pi-operty and
financial conditiop. For this reason the readers of the Chkonicle will find the report of Mr. Thos. C. Piatt, the President,
of much interest, both for present reading and for future reference during the year in the files of the Chronicle. This
report, including those of the other officers, is given at length
on subsequent pages, while the compai-ative statistics for
tnree years made up in the usual form for the Chronicle
are presented below.
OPERATIONS.
lS»7-88.
T<inf.
Division.
1,050,971
^.^<,.^5l
Tuxes
$
6,.595.779
I»,9.56.a67
Mot'^epow.r
>lalutei aiPC.-or
$
moved
Freight (torn) mileage
Averiige rale ptr ton per mlie
1,089,708
56,226,926
426,274
Tracy City, coals
Tracy Cily, .oke
1.5.5,253
24,540
43,564
15,2 6
4.614
41,056
61.071
718,824
106,6i9
Oo»an,pigiron
SonlhPiit hurt-, pig iron
South Pittsburg, c. His
S.iuih Pit shurg. coke
BiimiUKliam, pig iron
Blruiint'huii,, coke
M
Prait
nep, coals
Pratt Mines, coke
Ensley, pig lion
ii/man Miues, lioncre
ToUls,
1888-89.
1889 90.
Tons.
Tons.
3S7,>'5l
13.i,626
24,.543
413,631
154,414
18,112
56,779
7',699
26,^46
4',770
79,786
888.2,7
107,760
126,'i7l
61,702
136,920
45,251
S3.977
63,016
1,094,249
268,013
144.426
124,574
1,707,261
2,159,203
2,518,148
11-6,0.59
78.089
i
I
May
621
THE CHRONICLE.
8, 1890. J
HECAPITIII-ATIOS.
It87e8.
Totii.
.
INCOME ACCODKT.
„„„ „„
;889-0O.
18R8-89.
1886.
1087.
1888.
1889.
T'lVK.
7'»ii».
1,16 .StU
3V!9.087
lOfl.KtO
1,375,577
1,619.020
Net earnings
649,669
757,654
756,650
746,836
45^<iO.->
V!(K).750
50U,!l.rC
....
2«4,til8
In^Sradeht
ironore::::::::::;::::::::;;;!..:
107,700
120.271
121,571
Dividends
322.910
326,000
b29.194
422,500
332,039
44 9,471)
38 0,520
Total dlsbur.'em'ts."^ 647,910
Balance for the year, sur.1,759
7.'.1.694
782.400
def.25,759
746,941
def.lOS
P„.i,
6°Je
"
::
P?alron
ISCOMB ACCOUST.
NetvromfrnmTracyWt)'^v"8lou
Cowan
l)lvl.:o»
South Pl.tfDuriy Division
Blnulnehaiu Division...
pi»rtMi?rDlll8lon...:
Eusley Division
1887-83.
1888-89.
1889 90.
*9<,7e9
60.941
„SA- i?
200,!I31
*127,878
7.174
f-osxll-lO?!
Sl'iJ.JpJ
185,722
»626,975
f€66,092
*263.748
^*'^^\
98,300
$322,291
$376,579
$250,396
$376,697
$289,395
$453,727
$327,573
GKNBRAL BALANCE SHEET JAN. 31.
1889.
18^8.
Auels$10,585,5^9 $10,^92,442
Land account
5.361.589
4.731,013
PermuLont iiivestmenta
106.712
242,050
StocMamlbonfls
$9,807,059
6,310.b24
Total
InwJ^'atVn herds
Misceilant-ous interest
DivldeiwU
ending December 81, 1889.^
company is mainly statistical, and
the results for the year 1889 are reprted bel.jw in comijarison
$781,300 with those for previous years published in the CHRONICLE,
The general remarks of I'resident Q. B. Roberts state that itt
W.^l.*"*
early part of September, 1889, an exceptionally severe
the
li'.ii'^
80,000
northeast storm occurred on the coast, which caiLsed si largfr
^i^TZ amount of damage to the exposed portions of the property.
RcalfState
Stocks of coal.
(
re, iron.
21.627
297,154
441.277
70.806
&0
Sundry dthlois on open acots..
CiBh and bills receivable
}*',^?S
40,000
Surplus accounts
$16,;89,5;6 $17,220,899
Total assets
LiatyditUs—
Bills
lesf
6,126.099
sinking funds*
payabe
Interest accrued, not due,
<feo...
•
•
The
meadows at Atlantic City wa»
interrupted on the 10th and lltli
traffic
In conseiiuence of the growth of Atlantic City in the neigh-
borhood of the Excursion House, the Sea View Hotel Co. ^th©
2,f>00 owners of that property) concluded to sell it and build a similar
improvement in a more eligible location on the beach, between
.,..Vt*"?
4(>.I.78H
Albany and Annaix)lis avenues, about one mile south of the
642 164
To meet this change of location the C. & A. RR.
109,25- old house.
71,4oU Company constructed the Chelsea Branch, extending from theThoroughfare Bridge to the site of the new house, thereby en$18,407,'581
abling it to run its trains directly to the excursion building
^ ^
$9,000,000 without using the track on Atlantic Avenue. This change in
1,<jOO.O(iO
the location of the Excursion House also necessitated the ex-
457.236
37,810
271,328
$9,000,000
I.OOO.OOO
5,141,361
394,533
5,202,:{60
346,712
67,177
tension of the street-car service,
stituted for horses.
count was $70,800.
The
$969,440; Jan. 31. 1890, *981,2l0.
& Pere Marqnctte
1866.
Earnings—
CFor the year eliding December 31, 1889.^
The annual report remarks upon the purchase of the Port
Huron & Northwestern RR., which was consummated during
and electric power was subamount expended on this ac-
1887.
1889.
1888.
$
$
$
$
401.964
119,779
57,348
492,225
122.546
63,872
490.937
136.663
68.527
529.156
Total pross earnings
599.091
Oper. expenses and taxes. ..469.316
678.643
540.081
f96.127
564,635
737.144
591,853
Pafsenser
Freight
Mail, express,
Railroad.
total
EARNINGS AND EXPENSES.
loss
Flint
this
section of road across the
submerged, and the
of September.
18' 0.
34.i.!i03
321,325
i.2.294
112,380
117.1^6
327.573
404,749
1.251,300
$16,389,516 $17,220,899 $1H,407,(;81
Total lia'ilitiee
The (.hiking funds were: Jan. 31, 1889, $870,301; Jan. 3!,1S89,
Due on ope account
Due to employees
ProHt and
the year
The annual report of
.
$10,0C 0,000
Stock. coiumoD
Stock, preferred
Bonds,
ll-OJ?
471,474
578,568
63,047
35,114
(For
320,130
297.14 2
Mi-oelluneous
X„,al
Balance, Burrlus
Camden & Atlantic Railroad.
vA
a
.i.028
ll'V'l
7ti.3-2
213,289
213,728
sur.5,960
l^^'i^^Ji
Ac
.
1.-2,10}
75,885
131,492
145,291
129,775
138,663
Netearnings
DiCOMK ACCODNT.
year, that ptu-suant to a provisional agreement application
18S9.
1887.
If88.
1886.
was made to the Legislature of Michigan, and an Act was
»
Reeeipit—
9
$
$
passed and approved by the Governor on the 27th day of Feb- Neteainings
13S,.562
145.201
131,492
129,775
ruary, 1889. In accordance with the authority conferred by Interest, ic
14.5-22
7,244
8,165
20,803
tliis act, an agreement was formally entered into between tlie
153,456
138,730
163.084
Total income
....150,578
Pere Marquette RR. Co. of the one part, and the Port
Flint
Dub'inemenlB*
$
$
$
Huron Northwestern RR. Co. of the other part, dated the Rentals
ir-,652
4,9B0
10,378
paid
7,014
first day of April, 1889, by wliicli the Port Huron Co. agreed luteres' on bonds
92,620
85,120
85.120
85,120
4,415
5.621
Pere Marquette Co. its road, riglirs and oilier Interest
6,467
6,833
to sell to the Flint
(S) 26,403
(.i) 43,988 (2>a) 22,001
franchises connected therewith, and certain personal property Dividend on pref. stock
7,008
Miscellaneous
mentioned in scheiules annexed, free from mortgage and car
140,824
trust liens, and from all other indebtedness, for the sum of
140,535
126,394
Total disbu-^sements
98,967
two million three hundred thousand dollars. And it was Balance surplus
12,632
12,342
51,611
12,549
Pere Marquette RR. Co. should issue
agreed that the Flint
ite bonds to the amount of three million five htmdred thousand dollars to be secured upon the property purchased, of
which $2,300,000 was to be paid over for the property so purchased and $1,200,000 was to be used in making the road
Allegheny Valley. In the case of the Pennsylvania Railfrom East Saginaw to Port Huron a standard gauge road and road Company against the Allegheny Valley Railroad in the
otherwise improving the property and its equipment. Pro- United States Circuit Court at Pittsburg, Judge Acheson
vision was also made by which the Flint <E Pere Marquette handed down an opinion denying the motion for an order of
Co. was to be secured against any liabilities of the Port Huron an interlocutory sale and dismissing the petition.
" The Court is asked
Northwestern. This arrangement was earned into effect,
In his opinion. Judge Acheson said
and possession was delivered on the first day of April, 1889, by income bondholders, secured by a junior mortgage, to dissince which date the road has been operated by the Flint
charge, by an immediate s-ale, the lien of prior mortgages
Pere Marquette Co. Arrangements were made at once to securing an issue of bonds amounting to $10,000,000 which
make the line from East Saginaw to Port Huron standard have vet twenty years to run, while the question of the validgauge. The property purchased consisted in the whole of a ity of the lien of those mortgages a question raised by
narrow gauge railroad 318 miles in length, as follows:
line nobody but the petitioners is still pending and undeterfrom East Saginaw to Port Huron, 91 miles. The Almont mined.
The discharge of the lien of said mortgages is
line from Saginaw Junction, north to the essence of the present application, petitioners not seeking
branch, 33'75 miles.
Sand Beach, 58'25 miles. The Port Austin division, 3.5 miles. a sale on any other conditions. * • * Taking into corusidThe whole of which remains yet of the gauge of three feet eration the nature of the controversy and the uncertainty as
excepting that portion from East Saginsw to Port Huron, to the final issue of the litigation, it seems to me very clear
which was completed as a standard gauge road on the 15th that the Court would not be justified at this stage of the case
day of November, 1889, and has since been operated as such. by an interlocutory order to impose upon the holders of the
The remainder of the road purchased has been very much bonds of 1869 the proposed terms of sale. And this view beiinproved.
ing decisive, it is not necessary to discuss or pass upon the
The operations, earnings, income, &c., have been as follows other objections urged by the trustee of the bondholders
for four years.
against the allowance of the motion."
OPEEATIONS AND FISCAL RESULTS.
Chicaro * Atlantic— New Toric Lake Erie * Western.—
1886.
1887.
1888.
1889.
Through the intervention of the Dutch holders of the Chicago
Miles (peraled
361
363
379
381
Atlantic firsts, the dissenting seconds have agreed to come
OpevaUouK
$
$
$
$
Pas-eiig'sean'dNo.
862.088
923..o99
9ii9.624
1.0i:i.l2n into the plan of reorganization as per the circular issued by
Passenger mlleane.. 25,80(1,190 27.0i0.690 27,210,1.')5 28.094 273 Drexel. Morgan
Co., March 16, 1887. All diflferences have
2' 30 ots.
Rate p. pasi". p Djili).
2 69 cts.
2.743 ots.
2 5'>2 cts
Fr'ght (tin
ca. r'd.
1,:J82,747
1,S80.»70
1.746.813
1,717.346 been settled, and this week the appeal of the contesting holdFr'ght (tons) uiiiVe. 120.758,832 160.:<69.0S9 155.484.9^3 162.:W;-).i97 ers of the seconds pending in the United States Supreme
Kate p. ton per uille. l-lb2 cts.
1-104 ots.
1-028 ots.
0977 ct8, Court was dismissed. Within a week it is exp?cted the date
Earitinui
$
$
$
$
of s.ile will be fixed under the decree of foreclosure obtained
POKsen^er
695.934
74^.002
741.746
719 93H
in January, 1889, and that the property will be sold by August
Freigut
1,403,720 1,770.171
l,j9<,:in.i
l,5-)7.0ia
Hall, express, &c....
61,<'20
61,117
61.677
63.186 or September, when the reorganization will be eompleted and
the road turned over to the Erie, which will operate it as its
Total ureas eirn's.
2.160.771
2.,i72.9J7
2,403 074
7,370.133 Western division. The entire capital stock of the reorganized
Oper. eip'd dc taxes.
1,511.102
1.8l6,2o3
1.64B.424
1.623,297
company, $100,000, will be owned by the Erie. There will be
Net earnings
757,ii54
649,669
746.«3« issued $12,000,000 first mortgage bonds and $10,000,000 income
756,650
P. O.ofop.ez toeam.
69-93
70-55
68-48 fives, non-cumulative.
Of the new firsts $6,825,000 will go to
fcS 52
tlie
&
&
&
&
GENERAL INVESTMENT NEWS.
.
—
&
:
&
—
A
A
—
&
&
)
—
—
THE CHB^DNIOLE.
622
V)U
L.
the old firsts, §3,000,000 to the Erie for debts due, $700,000 to
old seconds, §2,000,000 for betterments and the remainder for
various expenses. Of the new seconds §975,000 go to the old
arsts, $4,000,000 to the old stock and $5,000,000 to the Erie for
its guarantee of interest on the firsts, which interest is 4 ijer
cent until May 1, 1893, and 5 per cent thereafter. Old firsts
receive $1,050 in new firsts and $150 in incomes, and the old
seconds 40 per cent of their face value in new firsts. The old
stock receives at the rate of 40 per cent in the incomes.
Old Colony.— This company's earnings, &c., for the quarter
ending March 81, are reported as follows to the Massachusetts
Ridlroad Commissionei-s
Chieasro Itiirlin^toii & Qiiincy.— The statement for March
and the first quarter of the year shows as follows:
^-Jan. 1 to3rr/i.31.—
March.
—
.
1889.
Gross earnings
Expenses
$2,0.57,998
1,790,118
"$807,88
Net- earnings
1890.
$3,100,747
1,890,035
1889.
$7,534,950
5,429,271
$1 ,270,692
$2,105,685
2,233,157
761,889
7-14,385
Cliarges
1890.
$8,407,506
5,433,010
$3,015,550
2,285,6.18
$729,888
$508,803def.$127,472
$123,495
the Chicago Burlington & Quincy issued a circular to its stockholders offering them the right to subscribe to
5 per cer:t 13-year debenture bonds at par, in the ratio of 10
per cent of their present holdings of stock. This makes a total
issue of $7,639,200 of bonds, being 10 per cent of the capital
stock. New bonds will bo convertible into stock at par after
Dec. 1, 1890. The proceeds of the issue will be used— $3,500,000 for about 105 miles of new road in Wyoming and in the
vicinity of the Black Hills and $3,500,000 to retire the same
amount of bonds falling due the present year. The requireQuincy this year for side
ments of the Chicago Burlington
tracks, terminals, equipment, improvements, &c., are estiB.ilance, surplus.
— On May
1
&
mated
at about $4,000,000.
—
& St. Lonis The earnand charges for nine months (July 1 to March
Cleveland Cincinnati Chicago
ings, expenses
were as follows
81J
:
Gross earnings
Operatinp expenses and taxes
Net earnings
Detfitff
—
Interest on bonds
Bentals
1888-89.
$8,805,611
6, 107,399
1889-90.
$9,444,408
6,397,850
$2,698,212
$3,046,013
$1,238,675
703,597
(r.5,049
$1,225,233
723,355
11,145
$1,957,223
$740,989
$1,959,733
$1,086,879
.Mlscellsincoua
Balance, sui'plus.
.
—
^-Quar. end. Mar. 31.—^
^9
mos. end. Mar. 31.-^
1889-90.
1888-89.
$5,591,098 $.5,845,082
4,188,323
4,112,515
1889.
$1,594,772
1,411,378
1890.
.$1,661,017
1,334,099
"$183,394
$326,318
349,128
$1,478,583
333,283
$1,6.56,7.59
102,379
"$283,773
Total income
Rental, int.,t.ixe8,&c
409,831
$575,440
433,974
$1,810,866
1,227,258
$2,073,169
1,253,443
Grosscamings
Oper. expenses
Net earnings
income
Otlier
410,410
dt$124,058sur.$151,472 8Ur.$383,608sur.$819,724
Balance
Oregon * Trans-Continental— Northern Paclflc— A syndiCo. has purchased
cate headed by Messrs. Drexel, Morgan
$11,000,000 Northern Pacific fives, which they will otfer to
holders of O. T. sixes in exchange, on terms to be hereafter
&
announced.
Pennsylvania Railroul.— The Board of Directors on May 1
declared a semi-annual cash dividend of SJ^ per cent and an
extra cash dividend of )< of 1 per cent. They also authorized
the issue of 9.079,088 sfiares of stock, which will make the
total issue 123,567,688 shares.
The following
resolutions were adopted:
Resolved, Tliat the Board of Directors do hereby declare a semi-annual
dividend ot 312 per cent and an extra dividend of 1-2 of 1 per cent upon
the capital stock of the company, out of the proflts and payable in cash,
clear of State taxes, on and after May 39, 1890, to the shareholders as
they stood registered on the books of the company at 3 o'clock P. M. on
April 30, 1 890.
Itesolved, That for the purpose of providing a portion of the necessary Capital for the constraciion and equipment expenditures during
the year 1890, on the main and leased lines and branches, and for the
completion and extension of new and auxiliary lines as foil j\vs:
Construction of tliird and fourth tracks and additional
facilities on the Pennsylvania Kailroad, auxiliaries and
$4,000,000
leased lines
Real estate, Peansylvania Railroad, branches and leased
1.500,000
lines
2,000,000
Locomotives, engines, passenger and freight equipment.
Constriietion of branch and auxiliary lines. In addition to
4.000,000
those no in operation
.
w
$11,500,003
Total
the privilege be given to the shareholders of the company of sub.sc.ribing at par, between the 15th day of May and the 3d day of June,
1890, on which latter date the privilege will cease, for 8 per cent of the
resnec ivc holdings as they stand reuistered on April 39, 1890.
Sbareholders entitlbd to a fraction of a share may subscribe for a full
share. The privilege of subscribing may be sold to any shareholder,
and blank forms for such jiurpose will be furnished on application to
the Treasurer. Payments may be made in full prior to June 2, 1890, or
onch.alf shall be paid prior to .luno 2,1890, and the remaining half
shall be paid prior to August 15, 1890. and in either case receipts will
be given bearing interest at the rate of 5 per cent per annum from date
of payment until November 1. 1890. at which time said receipts will
cease to bear interest, and certitlcates for the new stock will be delivered on surrender of the receipts.
Coiust' ck Tunnel Coinpanv. The following notice is issued from the office in New York "Acting under legal advice the Board of Trustees have to-day decided to postpone to
Nov. 1, 1890, the payment of interest on the income bonds.
The bond provides that an entire year's interest can be paid
on the coupon of that date. The company has in its treasury
about $75,000 cash, but which is not earnings of the first six
months, and the sum of §110,000 is due from the various ComRailroads in New York State.- The following have reported
stock mining companies for royalties since Oct. 1, 1889, to the N. Y. State RR. Commissioners for the quarter ending
which has not yet been paid. The Trustees are constrained March 31.
to postpone this interest payment, amounting to about $42,BUFFALO BOCHESTER & PrTTSBUEG.
000, by reason of a clause in the mortgage providing that in-— 0((«r. end. Mch. 31.-^
^6 ^>ios. end. Mch. 31.^
terest can be paid only from net income actually received
1889-90.
1888-9.
1889.
1890.
^1
d>
$
ro
during the preceding six months.
901,913
Gross earnings
478,853
1,045,941
409,016
" April 30, 1890.
Horace H. Thayer, Secretary."
633,744
715,575
:
Dalnth South Shore & Atlantic— Canadian Paciflr.—
proposed i^suo of §20,000,000 four per cent bonds is repcrtsd.
Messrs. Dow, Jones & Co.'s News Agency report General
Thomas, who is closely identified with the Duluth road, as
saying that the proposition is for the Duluth Company to issue
the bonds and the Canadian Pacific to guarantee them. The
new issue would be used to retire the underlying securities of
the Duluth South Shore & Atlantic (except the first mortgage
fives), and the Marquette Houghton & Ontonagon, and provide
means to make necessary extensions, increase its dock facilities and add additional equipment.
No terms for the exchange of underlying securities have been suggested or discussed.
Kansas City Fort Scott & Memphis.— The statement
March and the first nine months of the fiscal year is as
for
fol-
oper. expenses
353,008
278,531
Net earnings
125,845
4,339
130,185
4,333
330,366
7,372
268,169
8,659
130,184
Total
Int.rcnt. taxc8.,&e.* 148,641
134,818
107,127
337,738
333,428
276,828
333,179
def. 32,309
sur. 4,310
def.56,351
Other income
Balance
^
def.18,457
Includes extraordinary expenses.
STATEN ISLAND
^Quar.
1889.
Gross earnings
$145,315
Operating expenses.. 138,699
Net earnings
Rentals,
int.
i taxes.
RAPm
TRAKSIT.
end. Mch. 31.—
1890.
$152,597
142,136
,—6 mos. end. J/c//.31.—
1889-90.
1888-9.
$323,777
$.il4,000
281,408
290,019
0,010
73.570
10,461
74,902
33,193
149,787
33,726
153,990
df.e6,960
def.04,301
det.110,595
def.120,262
lows:
1 to
March 31.—
1889.
1890.
1889
Expenses
$379,988
256,143
$431,455
293,109
$3,464,449
2,273,578
1890.
$3,780,524
3,546,587
Ket earnings
Charges
$123,845
84,234
$128,340
87,623
$1,190,871
744,202
$1,233,937
$440,669
$454,002
Marrh.
GrosB earnings
Balance, surplus..
$39,691
,
$40,724-
.
Juh/
779 275
New York & New England.— Gross
six
months ending March
^
Gross
and net earnings for
were as follows:
^1888-89.
.
earnings
1,789,586
1889-90.
$2,788,639
1,811,314
$847,369
$977,423
.$2,636,955
Operating expenses
Netenruings
Omaha & M.
31
Loni--.
— In accordance with the circular issued
Feb. 19th a special meeting of the stockholders was held or,
the 28th ult. at Stanberry, Mo., and 50-year 5 per cent second
mortgage gold bonds were authorized at the rate of $4,000 a
mile on road <;onstructed, or to be constructed. The amount
contemplated to be issued under this authorization is $580,000.
covering the present mileage of 145 miles, the bonds to be pui
put as required during the next two years for betterments,
improvements and etiuipment.
Balance
Union Paciflc-x-At the annual meeting in Boston, April 30,
Mr. Charles Francis Adams presided. The report of the directors was accepted. The old Board of Directors of last year
was re-elected, the place of the late David Dows of
New York being filled by Marvin H-jghitt, of the
Chicago & Northwest. The ticket offered was. therefore,
Ames,
L.
follows
Charles F. Adams, Frederick
as
Edwin F. Atkins, Samuel Carr, F. Gordon Dexter and John
P. Spaulding, Boston
Henry H. Cook. Sidney Dillon and
Greenville M. Dodge, New York Marcus A. Hanna, Cleveland, O.; William H. Holcomb. Omaha, Neb.; Marvin Hughitt,
Uhicacio, III.; Joseph H. Millard, Omaha, Neb.; James A.
Rumrill, Springfield, Mass.; John Sharp, Salt Lake City
All the contracts and agreements enteied into by the
Utali.
officers of the Union Pacific Railway Company with several
other railway companies were ratified and confirmed as corporate acts of the company. The Secretary read a list of the
investments made by the directors during the pa^t year.
President Adams explained them and the meeting ratified the
investments.
:
;
;
C^~For other Knilroad nnd InvestmeDt News see page
63'2.
Wat
^BE
8^ 1890.]
CHRONICIJIL
623
nn& ^acnments.
%tpotts
UNION PACIFIC RAILWAY.
A.
PART OF THE REPORT TO THE STOCKHOLDERS FOR THE YEAR ENDING DECEMBER
To the Stockholders of the Union
The directors herewith submit
Pacific
31,
1880.
Railway Company
their report for the year 1889, togfither with such statistical tables and other information
as will tend to give a clear understanding of the present state of the company's affairs.
The following statements show the results of the year's operations both of the Union Pacific proper (1,821-27 miles) and of
the Union Pacific system (.5,180-06 miles).
UNION PACIFIC RAILWAY COMPANY.
RESULT OF FINANCIAL OPERATIONS FOR THE -TEARS 1889 AND
rear 1889.
Tear 1888.
$19,775,555 84
Expenses
Taxes
1888.
I
$10,878,359 78
610,516 43
;
1
$11,488,876 21
[
$233,786 8»
56,685 67
$11,779,348 77
$8,119,408 16
1,738,446 53
14,440 44
Totals
$10,339,402 98
Interest on Bonds Slukinff Fund Beqniremcnts; United States Requirements;
Discount and Interest; Discount on Bonds Sold, Premiums, etc.; Land Expenses
and Land Taxes, Union Division; Profit and Loss ; St. Joseph & Orand Island
$9,872,356 13
'.
Decreatt.
$123,201 00
1
$11,112,146 67
667,202 10
$8,286,679 63
2,030,957 58
21,765 77
Proceeds MiscellnuooUB Land Sales
Inerecue.
$19,898,816 93
$290,472 66
1
'
$167,211 47
292,511 05
7,325 33
$467,047 85
;
Railroad
Company
7,846,962 41
dcflclt
Balance, Surplus in Excess of Fixed Expenses
1
7,361,540 78
$2,492,440 57
UNION PACIFIC SYSTEM.
RESULT OP FINANCIAL OPERATIONS FOR THE YEARS
1889
AND
Tear 1889.
Tear 1888.'
$31,070,181 71
$30,195,522 53
Exsenses.
$18,699,522 82
1.174,687 53
|
1
1
$18,373 78
1888.
Earnings.
Taxes
485,421 C3
$2,510,814 35
1
hurtate.
Decrtait.
$874,659 18
$18,476,428 04
1,258,459 75
$223,09478
$83,772 2i
j
Surplus Earnings
Income from Investments
Proceeds Miscellaneous Land Sales
$19,874,'il0 35
$19,734,887 79
$139,322 56
11,19.1,97136
$10,460,634 74
807,465,53
13,531 66
$735,336 02
5,488 36
10,211 51
$11,281,631 93
$751,036 49
9,729,720 03
1,158,044 30
812,953 89
23,743 17
Total Income
$12,032,668 42
Interest on Bonds; CliarRes aeainst Imome; Sinking Fund Ueqiiii'ements; United
States Kequirciiicnts; Proflf .and Ix>98; St. .Toseph & Grand Islaml Railroad Co.
Deficit; Oreson KaiUvay A: Navigation Co. Uelicit; Central Branili Union Pai'lllc
Railroad Co. Deficit; Montana Union Railway Co. oue-lialf Deficit; Kansas City
& Omaha Raili-oad Co. Dellcit, etc
10,887,764 39
Balance
$1,144,904 03
i
$1,551,911 90
.^..^
i$407,007_87
On August 1,
1889, the Union PacWc Syst«m was enlarged by the addition of the Utah Central, Uie Utah &. Nevada, the Ogden & Syracuse
and the Idaho Central railways, tlie companies owning those railways having l)ecn consolidated on that date with the Oregon Short Line and
other railway companies under the name of the Oregon Short Line & Utah Northern Railway Co. The figures for 1888, as they ai>peared in the
report for that year, have accordingly been revised, for tlie puriiosics of comparison, so as to Include those companies.
*
It will be seen that during the year the Union Pacific proper had a surplus revenue from all sources of $2,492,440 .57 over
This equaled 4-09 per cent on the company's stock (608,685 shares)
and above operatinsr expenses and all fixed or other charges.
as compared with 4-18 per cent in the year 1888. The company was, however, during the year called upon from time to time
to advance money to meet deficiencies incurred on account of leases and the failure of certain auxiliary lines, portions of the
Union Pacific system, and in which the Union Pacific projier owned a proprietary interest, to earn their fixed charges. The
advances so made stand on the books of the companies in question as a debt due in account from them to the Union Pacific;
and, as such, will hereafter, in the great majority of cases, ba repaid. But in a conservative statement of the finaucial restilte
of the year the advances so made should be deducted from available income, as it will be added to available income hereafter
when repaid. Making this deduction, it appears that the net surplus income of the whole Union Pacific system, treated a!s
one consolidated concern, was, during the year 1889, $1,144,904 03, as compared with $1,551,911 90 during the previous year
1888, showing a comparative falling off of $18,373 78 in the case of tlie Union Pacific proper and a falling off of $407,007 87 in
the case of the aggregate Union Pacific system.
As compared with previous years it will be noticed that the reduction of surplus revenue has been almost wholly due to
the failure of the Oregon Railway & Navigation Co. to earn the dividend on its stock guaranteed to it by the terms of its lease
to the Oregon Short Line & Utah Northern Railway Co. This loss in the ea-ning capacity of the Oregon Railway & Navigation Co. was due mainly to deficient crops in eastern Oregon and Washington, caused by the absence of snow during the
previous winter, which resulted in a large falling off in earnings from local traffic. The traffic exchanged between the
Oregon Railway & Navigation Co. and the lines of the Union Pacific system, the earnings from which appear chiefly in the
gross returns of the latter, underwent a large increase during the year.
The net surplus revenue of the Union Pacific system for the year 1889 was equal to 1-88 per cent on the capital stock of
the Union Pacific Railway Co. proper, as compared, with 2-55 per cent in the previous year.
In the last annual report it was announced tliat in pursuance of what seemed to be a sound policy of conservatism, aid
out of regard to the ultimate interests of the stockholders of the company, the directors proposed to make provision, through
the establishment of an additional sinking fund, against any further increase of the debt due from the company to the United
States. The quarterly payments into this fund it was proposed should equal the amount of interest paid by the Government
during the quarter in question loss the payments made, also during that quarter, into the Treasury of the United States by
the company under all existing provisions of law, together with the accumulation during the same period of the Thurman
Act sinking fund, also held in the Treasury. The sum of $165,000 was therefore set aside out of moneys then in the treasury
to be paid over on the 1st of July last as the first quarterly instalment of the proposed fund.
In view of the large amount of improvements made and the costly work of development which had to be undertaken
during the year on the Union Pacific proper, it was, at a later peri )d, deemed best by the directors to -econsider this action, and
defer for the present the establishment of this additional sinking fund. Had the plan been carried out, the sum of 8495,635 68
must have been set aside for this tund out of the surplus revenue of the year, notwithstanding the fact that a yet larger sum
out of surplus revenue was being actually spent in improvements on the main line, all of which would add greatly to its
earning capacity, either througlmew sources of income developed or iticroased economies made possible, but no portion wf
which had yet been cipitalized, and, under the existing mortgages, a large portion of which could not be capitalized at aU.
These improvements included tlie new general shops being built at Cheyenne, upon which $228,675 73 were spent during the
year, and also the work of development done on the coal mines ($341,000) and the road known as the Carbon Cut-Otf, wTiich
cost $-.222,000. and which will ultimately become a loop of 55 miles in length between Sulphur Springs and Rawlins, greafljyfacilitating the movement of traflic on the main line.
Much work of an expensive ^character was also done looking to too
improvement of the terminal facilities at Omaha.
^rj
THE CHRONICLR
624
[vol. l.
Payments into the additional sinking fund in question have, therefore, been deferred; but the necessary papers have been
prepared, and paTments will be made as soon as, in the judgment of the directors, the finances of the company will permit
of so doing without involving the postponement of work not admitting of capitalization, but absolutely necessary to the
successful operation of your road.
The cost of the work of improvement done in the meantime greatly improves the value of your property subject to the
mortgages and liens of the Government, and exceeds in money value the fuD amoimt which would otherwise have been paid
iuto the proposed sinking fund.
In Closing the accounts for the last year it seemed advisable to take advantage of the various consolidations and reorganizations which had been effected during it, in order to simplify the company's balance sheet by charging off various book
accounts. By reference to the comparative balance sheet at the close of this report it will be seen that on the 31st of December, 1888, the General Income Account was credited with a balance of $22,931,353 72. This credit balance represented accumulated surplus earnings since the organization of the company, as well as all other undivided items of revenue from whatever source derived. On the other hand, it is purely a book account, and does not represent cash, the sums entering into it
having been long since invested in the company's road or its rolling stock, or in securiues in its treasury. In so far as it does
not represent cash or any available asset, the General Income Account is therefore to a certain extent deceptive.
In like manner there were other accounts equally deceptive on the debit side of the company's books, representing investments made many years ago which have resulted in an apparent loss, or balances which could not be collected but which
were stUI carried in account current, even though, as in the case of the Denver South Park & Pacific company, a reorganization had been effected. The accumulated accounts for new construction, including betterments ($4,292,804 35), new equipment ($6,361,180 87), and the renewal of the Omaha bridge ($854,443 53), representing outlays made since the consolidation of
the present Union Pacific Railway Co., had also been carried forward on the books of the company. The present was
considered a favorable time for charging off all these accumulated debit book accounts against the credit account of General
Income. This has been done, and the General Income Account has in this way been reduced from the sum of $22,931,253 72
on the 31 St of December, 1888, to $7,714,385 75 on the 31st of December, 1889, while the various accumulated balances referred
to have been extinguished.
No further progress has been made towards a settlement between the company and the United States Government since
the last annual report was submitted. The sessions of the 50th CJongress cfame to a close on the 4th of March, 1889, and
during the interval between that date and the meeting of the Slat Congress on the 2d of December last, an examination of
t)Oth the Union Pacific and the Central Pacific systems was made by the Special Committee on Pacific Railroads of the United
bill was also reported by the committee looking to the adjustStates Senate, of which Senator Frye of Maine is Chairman.
ment of the financial relations of the Government with both the Union Pacific and the Central Pacific companies, which, bo far
as the Union Pacific is concerned, does not differ essentially from the so-called Outhwaite bill, which failed to pass the 50th
Congress, as explained in the last annual report.
The Committee on Pacific Railroads of the House of Representatives has the matter of the financial relations of the
Government and the companies now under consideration, but has not as yet reported any measure.
Owing to action taken by other and competing trans-Continental routes in extending their train service, both freight and
passenger, to Chicago, either by construction of new lines to that city or by the leasing of lines already constructed, and in
view of the approaching completion of other standard-gauge lines competing with the Union Pacific from the Missouri River to
Ogden, it h£is become obvious that in order to protect its interests and secure a continuance of the advantages of its former
position, the Union Pacific must also arrange for a similar through service. After careful consideration your directors accordingly opened negotiations looking to this end with the Chicago & Northwestern Railway Co., which resulted in the execution
on the 18th of October, 1889, of ten years traflSc contracts between the Chicago & Northwestern and Union Pacific systems.
T^ese contracts were unanimously approved by your board of directors, and went into effect on the Ist of November last.
In the last annual report allusion was made to the diflSculty the Union Pacific encountered in carrying out the work of
necessary development through the defective character of its charter. Attention was called to the fac^t that in the natural
process of events the system of controlling corporations created under State and territorial laws through the ownership of
stock or securities in the treasury of your company had become cumbersome. With a view to simplifying it, and reducing
the number of auxiliary companies, your directors announced that they had determined to consolidate the lines of all of these
auxiliary companies west of Granger into one line, to be known as the Oregon Short Line & Utah Northern Railway Co.
fVom this consolidation your directors said that they anticipated most important and favorable results.
In pursuance of the same policy your directors during tne year took measures to merge the following companies, to wit:^
A
The Colorado Central Railroad Co. (Colorado),
The Colorado Central Railroad Co. (Wyoming),
The Greorgetown Breckenridge & Leadville Railway
The Denver & Middle Park Railroad Co.,
The Denver Marshall & Boulder Railway Co.,
The Greeley
Salt
The Cheyenne
Lake
Co.,
& Pacific Railway Co.,
& Northern Railway Co.,
&
Gulf Railway Co. This consolidated company will
into one consolidated company to be known as the Union Pacific Denver
own and control all of the auxiliary lines both in Colorado and in Wyoming east of Sherman summit, the securities of which
are in the treasury of your company. In order to reach the large traffic concentrated at Pueblo, including the coal and coke
interests of that vicinity, a further consolidation was at the same time effected between the above-named companies and the
Denver Texas & Fort Worth RR. Co. The new consolidated company, a majority of the stock of which will be in the
treasury of the Union Pacific, will own or operate 1,505 miles of railroad, represented by about $33,500,000 of stock and about
$38,000,000 of bonds. It will give your company access to and control of a large amount of traffic from which heretofore it
has been in great part excluded.
Utah Northern consolidation have not fallen short of the
The practical benefits derived from the Oregon Short Line
anticipations of the directors. The directors conQdently anticipate no less important advantages to be derived from the
Union Pacific Denver Gulf consolidation.
As the control of the Oregon Railway Navigation Co. had become an established feature in the policy of the company
and the development of the Union Pacific system, it became early in the last year matter of serious consideration with your
directors as to ho w this control could be effectively seciu-ed on the most economical basis. Under the terms of the lea=e of January
1, 1887, a rental of six per cent per annum was to be paid by the Oregon Short Line Railway Co. to the holders of the stock
Navigation Co., and the payment of this rental was guaranteed by the Union Pacific. Owing to
of the Oregon Railway
complications which arose between the management of your company and that ,of the Northern Pacific, a contest for the
Navigation Co. seemed likely to occur at every recurring annual election of that company.
control of the Oregon Railway
More than once as these elections approached it had seemed as if the result might be to place the control of this leased
property of the Oregon Short Line in the hands of those managing competing lines, causing the Union Pacific system great
embarrassment and possible loss of traffic.
Under these circumstances your directors ascertained in June last that the ownership of a majority of the capital stock
Navigation Co., then held by the Oregon
Trans-Continental Co., could be purchased of that comof the Oregon Railway
pany on terms which would enable the Union Pacific, should such purchase be made in its interest, not only to secure thereby
Navigation Co., but also practically to reduce the rental on
the undisturbed control of the property of the Oregon Railway
the stock bought from six to five per cent or less. In other words, the money necessary to purchase a majority of the stock of
the leased line could be borrowed at a rate at least one per cent less than the rental which, under the lease, had to be paid in
dividends on stock thus bought.
It did not seem to your directors compatible with a proper regard to your interests that an opportunity of finally securing
undisputed possess-ion of this leased property through the ownership of a majority of its stock, and at the same time effectmajority of the stock of the. Oregon
ing a maten 1 saving out of the rental to be paid it, should be allowed to escape.
Utah Northern Railway Co., ana is
Railway & Navigation Co. has, therefore, been purcha-sed by the Oregon Short Line
now held by it in the interest of the Union Pacific. It represents an addition of $7,095,309 73 in the investment account of
December 31st last (see Balance Sheet at close of report), which account will hereafter be further increased in completing the
transaction by an additional sum of about five million dollars. To meet this investment it is intended at an early day to issue a
collateral trust five per cent bond of the Oregon Short Line
Utah Northern Railway Co., secured by the stock of the Oregon
Railway & Navigation Co.
&
&
&
&
&
&
&
&
A
&
&
May
THE CHRONICLE.
8, 1890.]
J^
H2o
1
THE UNION PACIFIC RAILWAY COMPANY.
GENERAL INCOME ACCOUNT.
A Statement of the income account of the Union Pacific Railway Co. for the year endiag December 81, 1889, in comparison
with the preceding year, will be found at the close of this report.
The amount applicable to the payment of dividends in 1889— if the Union Pacific Railway Co. proper is considered and its
auxiliary corap-\nies excluded—was $2,493,440 57, a decrease of $18,373 78 from 1888, and equivalent to 409 per cent on the
stock of the Union Pacific Railway Co.
DEBT TO THE UNITED BTATE8,
The Government requirements under the provisions of the Thurman Act were $1,140,379 04 in 1889, as compared with
$1,134,393 96 in 1888, an increase of $5,985 08. The sum of the Government requirements in 1889 and the accumulations of the
sinkinK fund established by the Thurman Act, as entered in the books of the company during that year, w;i8 $195,685 68 less
than the interest paid in 1889 by the United States on United States currency six per cent bonds issued in aid of the Union
Pacific and Kansas Pacific companies.
The principal of the currency bonds is $33,589,512, and the total interest paid on them
by the United States to date, less the amounts repaiil by the company, was, on Dece'iiber 31, 1889. $17,303,253 92, making a
total principal and interest not repaid to the United States of $^)0.902,7t55 93.
The amount to the credit of the sinking fund
established uy the Thurman Act in the Treasury of the United States was §9,8y5,600 03 on December 31, 1889, as compared
with $8,811,268 35 on December 31, 1888, an increase of §1,074,331 77 during the year. Since the close of the year the Secretary
of the Treasury has sold about $760,000 of United States four per cent bonds which were held in the sinking fund, and has
invested the proceeds in Pacific Railroad bonds secured by mortgages prior to the Government lien. This will result in a large
increase in the interest received by the sinking fund. Government four per cent bonds selling on an interest basis of a little
over two per cent and Pacific Railroad bonds selling on an interest basis of about four per cent.
II.
THE UNION PACIFIC SYSTEM,
The Union
system
Pacific
is
composed
of the roads of the
Union
Pacific
Railway Co.
and auxiliary lines
system
by the Oregon Short
(1,821'37 miles)
& Navigation
(3,3,58-69 miles).
The system has a total length of 5.180-06 miles. The lines of the Oregon Railway
(941 -70 miles) and of the St. Joseph
Grand Island system (448-21 miles), though leaded respectively
&
Line & Utah Northern and the Union Pacific, are not treated as t)elonging to the Union Pacific system, or included in the
above mileage, each of those properties having an independent management.
•
FINANCIAL RESULTS OF OPERATIONS OF THE UNION PACIFIC SYSTEM.
A table showing the financial results of the operation of the system will be found at the close of this report. From this
appears that the surplus of the system after paying all charges, including interest, taxes and payments to the Governmentunder the Thurman Act, was $1,144,904 03, equivalent to 1-88 per cent on the stock of the Union Pacific Railway Co.
it
FUNDED AND FLOATING DEBT.
The following table shows the condition of the funded and floating debt of the entire Union Pacific system, its mileage,
June 80, 1884, December 31, ls84, December 31, 1885, December 31, 1886, December 31, 1887, December 31, 1888, and
December 31, 1889, respectively:
&c., on
J-«n«30,1884|Z)«'i;.31,1884.D<!«.31,X885.
Funded debt
in
of the
Union
Paolflo
1.958,032
3,467,488!
2,147,450
637,300
586,300
442,450
861,800i
$148,546,460 $148,116,535 $146,936,408 $148,870,393 $147,590,911 $152,915,556 $152,036,351
il,331,190i
1401,689
15,063,730
6,900,178
3,237,696
1,861,445
4,489,563
Total Funded and Floating Debts.
Miles of road
$155,446,638 .$151.3.54.231 $148,797,853, $147,519,203 $147, 189,222 $147,851,826
4,419-8
Debt per Mile of Road
1
3 $162,1 93,901
Railway Co.
Treasury of Company
Total Funded Debt
Net Floating Debt
s
31,1886. De*. 31,1887. Dec. 31,1888.; Dec. 31, 1889,
$146,588,428 $144,649,047 $144,788,938 $148,233,093 $147,004,611 $152,053,756
the Public
Add bonda
7)cc.
of the System In the hands of
$35,170 511
4,47(>-4
$33,811-59
4.519-5
32,923 52
24,594-4
$32,108 48
4,771-1
$1.57,126,914
4,897 8
5,1801
$30,850 17 ~~i3b,187'39
2 Excluding Montana Union Railway Co.'s lines, 72-57
Excess cash and cash resources.
Bonds held in the Denver Extension Sinking Fund, amounting to $1,192,000, deducted before arriving at this amount.
«3d,332«0
miles.
The foregoing table is for purposes of comparison presented in the usual form, but owing to the large financial transactions
which the Union Pacific was involved at the close of the last and beginning of the present year on aceoi^nt of the Oregoa
Short Line & Utah Northern, and the purchase by that company of a controlling interest in the stock of the Oregon
Railway & Navigation Co. the items unless explained are deceptive. According to the statement the increase of the funded
debt ($140,144 38) during the year 1889 was nominal only, while the floating debt at the close of the year appears to be $4,489,563 60, as compared with a surplus of cash and cash assets of $5,063,739 84 at the close of the previous year. The bills payable
outstanding amounted to $13,753,834 18. This represented the conditions at the close of business on December 31.
Immediately after the first of January, the Union Pacific and the Oregon Short Line & Utah Northern companies under
circulars of January 3, 1890, offered to the stockhilders of those companies the right to subscribe to the stock and iwnds of the
last-named company under conditions which resulted in an increase of some seven millions of dollars in the funded debt, and
a corresponding decrejise in the ttoaling debt. At a later day the Oregon Short Line & Utah Northern Co., through the sale of
the Oregon Railway & Navigation Company securities, repaid to the Union Pacific a further sum of $1,700,0<X) advanced to the
former company in account; and included in the bills payable of December 31.
Under these circumstances the foregoing statement of floating and funded debt underwent a material change during the
month of January, and at the close of ttiat month the outstanding funded debt liad increased, while the unfunded debt was
diminished and was again largely exceeded by the cash and cash assets in the ha ids of the Treasurer. It has not been practicable to prepare a statement which would clearly exhibit the condition of the funded and floating debt of the company at the
close of any month since December 31, as the financial transactions above referred to have not yet been wholly completed; but,
during the months of January, February and Marcli all tne items of the forej;oing statement underwent imiwrtant chainges,
the funded debt increasing in amount, while the floating debt, in form of bills payable, was correspondingly absorbed. The
transactions growing out of the purchase of Oregon Railway & Navigation Cj. stock by the Oregon Short Line & Utah
Northern Co. will probably not be completed so as to make an intelligible and correct statement of funded and floating debt
possible before the 30th of June next.
The foregoing statement is also deceptive, and for the same reason, as regards " Debt per mile of Road" at the close of
1889, as compared with the close of 1888.
Of the total increase of debt during the year 1889 ($9,374,087 72) the sum of $7,095,209 73 was incurred for the purchase of
stock of the Oregon Railway & I^avigation Co. as above set forth, which represents in part a mileage not included in the statement. Deducting this sum from the foregoing total of Funded and Floating Debt, the amount of such debt properly chargeable to the mileage included in the statement (5,180-1) is $150,030,704 79, or $38,963 89 per mile, as compared with $30,187 39 at
the close of the previous year. This large reduction of debt per mile is chiefly due to the operations of the company's sinking
funds. It will be observed that the average debt per mile of road of the Union Pacific system has been reduced §6,300 during
in
,
the last six years.
'
THE CHRONICLE
626
rvoL. L.
UNION PACIFIC RAILWAY COMPANY.
COMPARATIVE BALANCE BHEET8. DECEMBER 31, 1889. AMD DECEMBER
31, 1888.
December 31, 1889.
Liabilities.
X>o:eni6cr31,1888.
Decrease.
Iiicrease.
$60,868,500 00
$00,868,500 00, Capital Btwk
'Funded Debt
$88,805,735 00
$1,630,930 00
ILess AuiouDts held in the Kansas Pacinc Con-:
6,715,150 00,
soUdatcd Mortgage Trust.
6,715,150 00
,
is?
174,805 00'
J
80,459,655 OO:
„ .
„ ;.
33,539,512 00 United States Six Per Cent Currency Bonds.
States Bonds.
Ilnterest on United .^
,,,
^
ie»» Amounts repaid by the Company..
82,090,585 00 $1,630,930 00
33,539,512 00
$2,012,370.72
1,515,506 44
^
$42,155,222 40
25,288,832 82|
$44,167,593 18'
26,804,339 26
,
,
17,363,253 92
16,866,389 64j
—
4,489,563 60 $4,489,563 60
9,305 02
741,191 68
Floating Debt
!
$496,864 28
731,886 66 Interest accrued not yet due.
—
Income Accounts:
General Income
Income used for Sinking Funds
Land and Trust Income
$22,931,253 72
4,744,853 78
24,779,628 92
$7,714,385 75'.
5,490,138 78'.
24,961,252 00
$15,216,867 97
$745,285 00
181,023 08)
.
$52,455,730 42
$38,165,770 53
Less Deficit of United States Beqiiirements
and Accumulations of the Sinking Fund as
compared with accrued Interest on United
States Bonds, February 1, 1880, to date..
4,173,791 01
$14,289,959 89
4,669,476 69
$495,685 68
.
48,281,945 11
33,490,299 84
$14,785,045 57
$240,717,888 71
$232,588,900 04
1,158,982 07
Assets.
^155,077,529
3,501,883
5,565,188
852,823
Cost of Boad and Fixtures
$155,150,094 09
'Construction Expenditures since Consolidation
Equipment Expenditures since Consolidation.
44
15
00
41
Omaha
$3,501,883 15
5,565,488 00
852,823 41
Bridge Improvement
$104,997,724 06
Investments
$37,753,817
$72,565 25
.
'$155,150,094 09
—
Bonds and Stocks of other BR. Comjpanles.
$45,243,172 07
Bonds and Stocks of Steamship, Coal and
other Companies, and County Bonds
3,279,770 68
Bouds and Stocks of Railroad and other ComSanies held in the Kansas Pacific Consoliated Mortgage Trust
3,213,00100.
38!;
.
1,847,629
37
$7,489,354 09
.
I
2,868,921 85'.
410,848 83
.
3,217,250 00.
764,310 70.
Miscellaneous Investments
Advances to Auxiliary Companies payable In
Bonds and Stock
2,981,430 91
$4,249 00
020,407 49
1,390,778 19
1,351,735 93
1,629,694 98'.
47,585,730 84
54,750,410 92 $7,170,080 08
5,063,729 84 Cash and Cash Resources, Balance of
2,004,030 94 Sinking Fund Balances
1,114,003 91 Fuel, Material, aud Stores on hand...
Land Contracts, Land Cash, Ac
Sinking Fund Eight per cent Bonds held by
19,922,009121 Union Trust Company
*18,726,050 12
1,196,019 00
$5,063,729 84
Class.
!
AND DECEMBER
1889,
Held by
Tmstees
and
Trust4xs
EansetsPaeiflc Con-
Issued
$27,229,000
10,000
8,286,000
5,817,000
1,107,000
4,088,000
2,240,000
4,063,000
6,014,000
600,000
12,871,000
263,700
4,011,050
1,975,000
eiyie
Unpaid.
3851
217,750
3,948,400
1,907,000
Decrease,
Increase.
Afloat.
Con-
solidated
Mortgage.
$27,229,000 $27,229,000
624,000
10,000
1 8,286,000
11,789,000
2,426,000'
15,817,000
1,29.3,000
1,167,000
4,197,000
4,088,000
$582,000
Bonds Afloat.
KansasPa-
and
Afloat.
solidated
Mortgage.
Income Bonds
Income (Snborbinated) Bonds
Cheyenne Brauch Bonds
Denver Extension Coupon Certificates
Leavenworth Branch Coupon Certificates.
Union Pacific Railway Company.
Trust Five Per Cent Bonds
Trust Five Per Cent Bouds Registered
Qm.iba Bridge Renewal Bonds
Equipment Trust Bonds, Series A
Equipment Ti'ust Bonds, Series B
Collateral Trust ihi Per Cent Bouds
1888.
31,
December 31, 1888.
Vnpatd.
Eastern Division Bonds
Middle Division Bonds
Denver Extension Bonds
Leavenworth Branch Bonds
Consolidated Mortgage Bonds
696,185 60
$8,158,982 67
Ueldbu
I
Union Pacific Railroad Company.
First Morfgage Bonds
Land Grant Bonds
Sinking Fund Coupon Bonds
Sinking Fund Registered Bonds
-Omaha Bridge Bonds
Per Cent Bonds
Collateral Trust
Kansas Pacific Railway Company.
19,220,483 52
$232,588,900 04
5,291,000 001
December 31, 1889.
Issued
'
31,
47,687 38
$13,935,483 52
$240,747,888 71'
FUNDED DEBT DECEMBER
$325,503 44
2,389,594 38
1,000,310 53
.i
22,240,000;
2,240,000,
=4,003,000
20,014,000
4,003,000
6,037,000
600,000!
13,038,000
18,000,
12,871,000'
45,950,
263,700:
4,011,050
63,250
8,000
$27,229,000
024,000
$614,000
3,503,000
11,789,000
2,426,000 $3,391,000
126,000
1,293,000
109,000
4,197,000
$582,000
217,750
3,948,400
1,975,000: 1,967,000
385;
385
2,240,000
4,063,000
0,037,000
18,000
13,038,000
45,950
03,250
8,000
167,0d6
385
70
70
701
5,17,3,000
5,173,000!
5,290,000
18,000
454,000
573,000
18,000
454,000
573,000
18,000'
328,000,
1,894,000
2,058,000
1,894,000:
5,299,000
18,000
328,000
645,000
645,000
1,098,000
1^098,000^
2,058,000
23,000
126,000
126,000
'72,006
796,000
2,058,000
.!
$88.80 5 ,735 $6,715 ,150' $82,090,585!' $87,174,805 $6,71.'),15o! $80,459,055, $1,630,930
1 $5,291,000 of these, on which the compftny pays interest, arc held in trust by the Union Trust Co., Tru.stee under the Sinking Fund Mortg.
2 Of these amounts, .$959,000 Denver Extension Bouds, $100,000 Eastern Division Bonds and $133,000 Middle Division Bonds, on which the
Union Pacific pays interest, are held as investments in the Kansas Pacific Denver Extension Sinking Fund.
Total...
.
"
GENERAL
INCO.ME
ACCOUNT FOR THE YEAR ENDING DECEMBER
31 1889, IN
.
COMPARISON WITH THE YEAR
IS'JO.
Oros-i Eat idnga
OpcratiLg Expenses and Tares
1
T70
"'
1
••
'
t
Surplus Farnings
ISeoMK
In&reasr.
1.'88.
$l!t,775,r).'i.") 8 l'$19,8!l.'<,Sl«
1 1 J.t.w ^Tfi •>!
1 1
:^JS
-^
•
*
J
1883.
1
1
93
77
$8,236,079 03, $8,119,408 16
$167,211 47
$821,356 00
017 Olio.r.3
$669,321 01
FHf)M iNVKSTMENTi!:—
Intero.'s.t on Bonds
Dnideuiison Stocks,
etc
$1,490,677 01
D40,'280 57
Total luconi!' from Investments
rroccerts Miscellaneous Land Sales
Totals
c,30
957
2i;7ti5
•em aaa
.
j.o5>
.">8
SI 7MS* d±a
77 "
o«' .«a
'ii,ii6ii
#202.51 1 05
7,325 33|
is
S467.047 85
>i79.
.^.'..i
rt'A
Decrease.
$123,261 09
2D0 472 50
May
3,
ITIE CHKONICLE.
1890.]
UNION
PACIi'IC
COMPANY GENERAL INCOME ACCOUNT FOR
1889, IN
62r
COMPARISON WITH 1888-(COUCLnDB».t
xe89.
Carried fonedrd
Deiiuct Payments: —
lutcrerft on Buuds
Uuiou Paolflc First MortRaKe
"
"
Kansas
"
Omaha
•'
"
Middle
"
Union
Brldxo
"
Paciflc Cousolidatcd
Ea*!"!!! Division Mort^a^
"
"
Denver Extension
Per Cent
Pacific Collateral Trast Six
"
"
"
"
" Omalia Bridge
MvcPerCeut
"
"
Four and Oue-Half Per Cent.
Renewal Mortgage
Ec|ui|>inent Ti ust
Mfsoeilaneous
1,*.'85
"
Sinking Fund
$126,000
129,000
255,000
107,000
128,283
•'
Kansas Pacific Denver Ejstenslon Mortgage
Union Paciflc Collateral Trust Six Per Cent Indenture
"
"
"
Five Per Cent Indenture.
$150 00
71,636 35
998 25
9,612 '24
19,630 00
50
368,«9ri
2,086 67
6.538 6T
5,973 3'2
254,133 04
2i!7,555 01
$.38,587 50
14,937 52
25,320 28
3,476 37
20
$3,067,090 52
$5,057,714 21
78,521 52
$123,217 07
00
00
00
00
00
0,337 49
80,267 09
2,191 17
I
$9,376 31
$44,696 45
00
00
00
$117,000
130,000
100,000
110,000
131,585
745,285 00
Percentage of Earnings due the United States on Interest and
iug Fund Account on the Operations of the Year
Disconnt on Bonds sold, Premiums, etc
Expenses conducting Land Sales, Union Division
Taxes on Granted Lands, Union Division
Profit and Loss
Ij^CT€H9tt
'J
$1,633,890 00
72,906 35
1,137,398 24
106,741 i)0
794.120 00
134,400 00
243,780 00
Discount, Interest and Exchange
Requlrementa for tlie Company's Sinking FundsUnion Paciflc Omaha Hridpc Mortgage
Increcue.
*9^'JJS
$1,633,740 00
1,330 00
1,136,399 90
97,129 60
774,490 00
134,400 00
243,780 001
36(i,n08 83
247,304 87
261,581 69
38,587 .lO
21,275 01
105,588 27
Land fJriuit Mori«cage
*'
8iukiii(r Kuiid
"
1S88.
%IOy33l)t401 <)S
"
$9,000 00
$1,000 00
155,000 00
"siooooo
3,300 00
(X)
00
$588,585 00
$150,700 00
96
47
91
46
80
$5,985 08
01,148 20
8,989 22
Slnlt-
1,140,379
108,840
28,011
'
36,924
1
Totals
Balance Surplus In Excess of Fixed Expenses
04
67
13
94
581,909 59
$1,134,393
107,692
18,021
52,386
279,528
$7,846,962 41
$7,361,540 78
$2,192,440 57
$.',510,811
$15,461 52
302,3'
79
$485,421 63
tis^^Ts
35
Balance at Credit of General Income Account at Date of Last Report. Decemher 31. 188H
$22,831,253 72
Fi*oni which there have been deducted the fol. owing sums;
Expenditures, ''"ebruary 1. 1880, the Date of the Consolidation,
to
December 3 1
.
18Hi), foi-—
New Construction and Betterments
Omaha Bridge Keuewal
New Equipment
$4,292,804 35
8.54,443 53
6,361,180 87
f 1 i,d08,428 75
Balance of the Company's Accounts representing its Investments, etc in the Denver
South Park & Paciflc Railroad Co., now
written off, that Company having been re,
organized
6,200,879 79
:
17,709,308 54
5,221,945 18
—
Balance at Credit of General Income Aooonnt December 31, 18S9,
as per General Balance Sheet
1
$7,714,385 75
Includes tne loss arising from the operations of the Denver LeadvUle &, Giinuison Railway to Deo. 31, 1839, $12,013 70, ani the amoulit
Paclflo Lincoln & Colorado Railway Co. under its traffic contract with the Union Pacific Co. to Deo. 31, 188 J, $162,597 22.
dne to the Union
THE UNION PACIFIC SYSTEM.
RESULT OF FINANCIAL OPERATIONS FOR THE YEARS
18S9.
1889 ^.ND
1
1888.
Surplus Earnings
Income from Investments Outside of the System.
Proceeds Miscellaneous Land Sales
Total Income.
EXPENDITCRE.
Interest on Bonds (Details in Income Account of Co.)
Discou n t and Interest
Discount on Bonds sold. Premiums, lid
Company's Sinking Fund Requirements (Details in
Income Account of the Coiupanv)
Sinking i'mul Remiirements, Other Cojipanlcs
Land E.vpenses, Union Division
Land Taxes, Union Division
Profit and Loss
Oregon Ril.way
Navigation Co., Deficit
Central Brunch Union Pacific Railroad Co., Deficit..
Montana Union Railway Co., one-halt Deficit
St. Joseph & Grand Island Railroad Co.. Deflctt...
^ansas City i Omaha Railroad Co., Deficit....,
SfiikK Charges AoAftST tiicoite.
Central Interest
Cowrado Central Dividend
Denver it Boulder Valley Inter.**
Denver Leadvllle & (lunnisou Interest 2
Denver Mar.sUall & Boulder Jutevest
Golden Boulder & Caiib;),i Interest
Junction City & Fort Kearney Interest
,
Color«>t)(>
Kansas Central Interest
Lawrence & V.m iiorin Interest
Omaha & Bepublicm Valley Interest
Oregon Short Line & Utah fforihern InteroBt
& Southwestern
Interest
Solomon Interest
Unlnu Paciflc Lincoln & Colorado
•
Inteirest
6,480 00
19
1,
thw*gh
11,195,971 30
812,953 so!
23,743 17
10,460,034 74
807,465 53
13,531 66
735, 330 62
12,032,668 42
11,281,631 93
751,030 49
5,067,090 52
267,331 44
169,720 17
5,057,714 21
148,902 42'
106,963 47l
9,376 31
118,429 02
62,756 70
746,285 00
65,856 66
588,585 00;
27,676 00
18,021 91
52,388 46
123,431 48
349,119 11
00
O'i,
37,57.^.
63'
1,319,6:„,
(K>[
51
00
38,180 66
9,98 d 22
95,630 "70
387,087 71
15,461 52
'ei'iiii'i*
167,311' 15
'7i,e'ii,"6i
I
5,480 00
19 50
38,500 00
93,781)
1(1.800
6,993 IS-
00
00
4.800 00;
76,450 00
60 00
27,900
10,740
1,248,151
32,400
00:
26,835 63
71,503 93
00
05
00
.'il.SOO 00
40,315 28
3':,4(K) oo;
S4,500 00|
U24,00O 0O|
177,684 72
1,893,026 38
1,629, 895 83
9,747,385 33
8.595,326 07,
2,283,283 07|
1,140,379 04
2,680,303 H(i
1,134,393 96
1.141,904 03
the avpusitlpn of ,the l'J»S.«J!.f..lH?J^;i'\J;.'SL
269,030 55
I
I
l.i>51.911
riiguyi^KSi" -
,,,?;„
1,132,059
2,8
401,022 7»
5,085 Os;
I
4 7.007 87
90
r.
.
^i^i^-:^^:^.^'^^^^''''''''^''^yi^i
36
4e,«75'76
<10;
27,900
5, 488
10, 211
l.'>«,700
1342,018 75
9,694 97
140,917 46
'J.')
.-.
1889,
139,322 56
10,800 oil
4,800 00
76,450 00]
Balance apptio atJlo lo Divlden<l».
niarge.l oV. ;((«(.«
79
J}8,5(i0 (10
Leu TaJVed States R»qt*J«ment».
.
19,7.'i4,887
m
86,78(!
88,772 22
I
19,874,210 35-
30,924 94
219,071 27
736,'2n5 82
280,377 35
117,000 12
69,002 85
46,575 70
'i^^tal.
'surpUtf to this roint.
18,476,423 04
1,258,459 75
28,<(11 13'
<fe
874, 059 IS
223, 094 78
30,195,522 53
31,070,181 71
'18,699,522 82
1,174,687 53
DccrfOM.
Iiia-aisc.
$
Income.
Earnings, Entire System
Expenses, Entire System
Taxes, Entire System
Sallna
1888.
„
„, ,,„ „,.-tm,i »«
".'^.LlwUie.a into the Orc-.u-on 61>ort Line
u::;'g::i:t!5J^iiiiii:
"^^ Pacific^
It
wns
* Utah North-
THE CHUONICLE.
628
output of coke and pig iron in Birmingham is due to the stoppage of both furnaces, which took place in the beginning of
TENNESSEE COAL, IRON & RAILROAD CO
FOR THE TEAB ENDING JANUARY
31, 1890.
To the stockholders of the Tennessee Coal, Iron & BR. Co.:
Gentlemen I submit to you the following report of the
operations and condition of the company for fiscal year
ended 81st January, 1890, being the tnirtieth year of the
parent company and the third complete year of the present
—
organization since
its
absorption of the Pratt Coal
&
Iron
Company.
The By-laws
of the company were changed at the annual
meeting" of stockholders held in April, 1889. so as to provide
for biennial meetings, taking the place of the annual meetings
previously held. The object of this change was to give ample
opportunity for the development of the policy of the new
administration, which then became charged by the stockholders with the affairs and business of the company. The stockholders had become convinced that frequent revolutions in the
management are not advantageous, and that the policy of the
previous administration of investing all surplus profits of the
business in extensions and improvements instead of devoting
some portion of them to dividends, was unwise, and considering the changing constituency which forms the company,
that it was not desirable that all the earnings of any year
should be invested for the benefit of future stockholders.
Time is essential to a change in policy of a large business
organization, so as not to work injury to matters that are
pending at the time of attempted change. The by-law was.
therefore framed so as to give
future a two years' tenure of
ofiSce to the Board of Directors.
It is not, therefore, in pursuance of the By-laws, or as a
necessary preliminary to the holding of a meeting of stockholders, that I address this report to you, but in fulfilment of
a desire that you should understand, as far as practicable, the
business which belongs to you, and which is entrusted to my
care as President of your company.
It becomes my duty at this point to recall the death of my
immediate predecessor, ex-Gov. John C. Brown, who was
elected President of the company at the meeting in April last,
and who died on the 17th of August, 1689. It is not necessary
for me in tliis report to enter into any eulogy of his character,
or elaboration of the loss sustained by his colleagues in office,
and by the people among whom he so long lived. His noble
name and enduring fame are matters of history. It is, however, proper for me to mention that owing to his broken
health from the time of his election until the time of his
death, the duties of his office largely devolved upon and
were performed by the First Vice President of the company,
Mr. W. M. Duncan, who also served as Acting President until
the date of my election in September last.
It is, perhaps, also fitting to mention in this connection
another change in the general officers of the company which
was made during the year. The extent and magnitude of the
property and business rendered it impossible for the time of
any one man to be spent, to the best advantage, divided
between two States. Hence, the office of General Manager
was separated by the Executive Committee during the last
summer into two divisions, and Col. Jas. L. Gaines was
associated with Judge H. G. Bond in that office, taking
respectively the States of Tennessee and Alabama for their
m
fields of labor.
A comparison of
previous years
is
the business of the
as foUows:
company with the two
1887-88.
Tracy
"
IHvzsion.
City, coals
"
cok<J
Cowan, pig Irou
8outli Pittsburg, pig Iron
"
"
coals
"
eoke
,
^,
Birmingliam, pig iron
.
.
™''®
o ..'-',.
Pratt
Mines, coals
"
colie
".
Ensley, pigiron
Inman Mines, iron ore
Totals
.'.'.'.
1888-89.
1889-90.
Totis.
Tons.
426,274
155,253
24,540
43,564
15,266
4,014
41,056
64,071
718,824
106,649
Tons.
413,631
154,414
18,112
56,779
73,699
26,346
47,770
387,851
133,626
24,543
61,702
136,920
45,251
79,'?86
888,247
196,059
78,089
126,271
107,756
1,707,261
.
2,159,203
^
Coals
,
Coke
PJK Iron
Iron ore
1888-89.
the past winter. At all other points the operations of the company show a gratifying increase in the volume of business.
Of the ten blast furnaces owned by the company eight are
now in operation. One at South Pittsburg is standing ready
to be blown in at any time when it is deemed desirable, and
one at Cowan is undergoing extensive alteration and repair.
The furnace plant at South Pittsburg has never had so full an
equipment of blowing engines, boilers and hot blast stoves as
the more modem furnaces owned by the company in Alabama. The plant there was based upon EngUsh ideas, and was
first put in operation eleven years ago.
A careful study of the
materials available for use at that point, and the best means of
treating them, lias increased the daily average output of those
furnaces from 45 tons in 1879 to 100 tons each at the present
time. The whole equipment of the three furnaces is being
used to advantage upon the two that are in operation, and
almost as much iron is being produced with the two as could
be made by operating the three with their present equipment.
As, however, it is not desirable to have a valuable furnace
standing idle, authority has been given by the Executive Committee for the erection of a new and powerful blowing engine,
with the necessary boiler power. This will be constructed
during the current year, and as soon as the third furnace is
put to work the output of that division will be largely increased and the fixed charges per ton of iron correspondingly
reduced. The Cowan furnace is the smallest one owned by
the company, and its average product has not exceeded 65
tons per day during the past two or three years. The plant
was constructed by and purchased from the Sewanee Furnace
Company in 1881, and not being so well located as our other
furnaces, it has been thought advisable to enlarge the size of
the furnace and thoroughly overhaul it, and this work is now
in progress.
It is believed that by raising the furnace ten
feet and increasing its diameter one foot, the daily product
will be increased from 65 tons to 80 tons, and that an economy in fuel will also follow. Without these improvements
this furnace could not longer be operated, except on a high-,
priced iron market. These changes will be charged up to repairs account and borne by current revenue.
The two furnaces at Birmingham have been, within the past four months,
very thoroughly overhauled and repaired. The smaller furnace has been raised ten feet, so that the charging gallery of
both furnaces is on a level and more accessible. The daily
output of the two furnaces prior to the recent renovation was
about 135 tons; it is now about 170 tons.
Whilst the report of the Secretary and Treasurer shows an expenditure during the year of $329,000 on items coming under
the head of capital accounts, it is right and necessary to state
that nearly all of this was either spent in the beginning of the
fiscal year before the present Board of Directors was elected,
or in the necessary completion and equipment of work which
was then in progress. Of the before-mentioned amount, $150,000 was expended in February and March of last year, and
nearly §50,000 was spent on railroad cars to take the place of
some previously leased from the Louisville & Nashville Railroad Company, which company demanded their return, and
$3(1,000 also was spent in the construction of a new prison at
Pratt Mines; all of which expenditures were, together vrith
others of a minor character, necessary for the completion of
contracts existing at the time the new administration took
possession. No items of capital expenditure have been voluntarily incurred during the year other than the construction
of ati additiona,! boiler chimney at South Pittsburg, in order
to obtain better service from the insufficient boiler plant in
existence there; th^ construction of a number of workmen's
dwelling houses at Ensley, which was the necessary sequence
to the completion of the last furnace there in the early jjart of
the year; the erection of the laboratory at the same point to
enable a close scrutiny to be kept upon the quality of the materials received, and also the construction of a coal washing
machine at Tracy City.
The subject of coal washing has attracted much of the at163,016 tention of the General Managers during the year, and we an1,094,249 ticipate excellent results from the expenditure just
completed
268,013 of about
$5,000 in an experimental plant at Tracy City. The
144,426
124,574 test made at Cowan furnace of the coke there produced increased the product 6f the furnace by nineteen tons per day
2,518,148 of pig iron, and increased
by sixteen per cent the quantity of
.33,977
BECAPrTDLATION.
1887-88.
[Vot. L.
1889-90.
Tons.
Tons.
Tons.
1,100,364
329,987.
109,160
107,750
1,375,577
456,605
200,750
126,271
1,619,020
509,906
264,648
124,574
The decrease durmg the v>ast year in the output of coals and
coke at Tracy City and of iron ore at Inman, has been
chieflv
occasioned by the stoppage of one of the blast furnaces
at
South Pittsburg, which derives its supply of materials from
those points. There has also been a diversion of
part of the
company s trade for fuel from the Tracy City Mines on tlie
west Bide of the Cumberland Mountain, to the WhitweU
Col-
liery on the east side. The area of coal tributary
to the operations at Whitwell (which is part of the South Pittsburg
divi
sion) Ls extremely large, and as Wliitwell is
nearer to South
Pittsburg and ChatUnooga a saving of freight was
effected by
falling many orders at that point which
were formerly placed
at Tracy City, when that was the only point of
production of
luei owned by the company in Tennessee.
The reduction in
materials smelted'by a given quantity of coke. It is confidently predicted that considerable and satisfactory progress
in this direction will be reported next year.
The company's lease of the penitentiarv and convict labor
of the State of Tennessee came to an end on the 31st of December, 1839, and the Legislature having decided again to lease
the same for a period of six years from January 1st last, this
company again become the successful bidder, obtaining the
labor for $1,000 per annum less than the amount required under the previous lease. Satisfactory arrangements have been
made for sub-leasing to responsible contractors the penitentiary itself and such parts of tlie labor as are not suitable to be
employed in the company's mines. The prisons oH^led by the
company, both in Tennessee and Alabama, are in excellent
condiiion, and the entire management, so far as it depends on
this company in any way, is satisfactorv to the aiithorities
of
the respective States. The health of the prisoners has
been
better than in any previous year, and the death rate lower.
I am glad to state tliat there has not been any
friction with
the workmen employed by the comnany during the
year. It
does not appear that the leasing of convicts by this company
May
8,
THE CHRONICLE
1890.1
has ever had the effect of reducing its employment of free laWith an average of 1,2()0 conbor, but quite the contrary.
victs now in the company s mines, it employs (separately and
without their corainsi in contact with each other) about S.SOO
free laborers, who are paid the current wa)?es allowed by other
companies for similar work. The pait year has been one of
some fluctuation in the value of our products, and wastes of
employes have been amicably adjusted by sliding scales based
upon the
selling price of the iron at the furnaces.
It is perhaps natural for stockholders and others to estimate
the value of this company's property, and to measure its success by the amount of net profits shown in the annual reports;
but it must be remembered that the largest asset of the company is its real estate, which exceeds in value all the other
property of the conipany combined. The rush of Eastern and
foreign capital into the Southern States for the purchase and
development of mineral lands has had the effect of largely enhancing these values. It would be difficult to estimate the
present value of the vast area of mineral lands owned by this
it is manifest that it has increased and is advancing rapidly, thus imparting a value to the stock of the
company which is not usually taken into consideration. A
close watch is being maintained to prevent trespasses and tim-
company, but
ber depredations.
I present herewith the separate reports of the two General
Managers for the States of Tennessee and Alabama, and of the
Secretary and Treasurer, to which I invite careful attention.
THOMAS C. PLATT, President.
629
ENBLEY FUKNAC^EB,
The number of tons of pig iron produced at the four furnaces of Ensley during the past year was 144,426.
Thi»
amount is about one-fifth less than this plant should have produced. Two of the furnaces were badly constructed, so far as
the brick work is concerned, poor brick having been used,
which quickly gave way when heated up, and compelled rel)air8 that took a goo<l deal of time, thereby losing the use of
the furnaces while the repairs were going on. Two of the
stoves were also left unfinished, leaving the plant deficiont to
that extent in the production of its h6t blasts.
CAPITAL EXPENOITUBEg.
Under this head there has been expended during the past
year the sum of $177,587 35. There are four items of thi»
expenditure that properly belong to the expenditures for the
preceding year, one of $46,088 23, to complete the construction
of the furnaces; another of $56,633 57, to complete the payments for the blowing engines, which were not accepted until
some time during the present year, and third, $4,466 72, for
the completion of the stock-house; $5,289 were paid for the
electric light plant bought the year previous.
The balance of
the sum expended under this bead was for lire brick, railroads, tenement houses, office fixtures, foundations, red brick,
Woodstock Ore Mines, Greely Ore Mines, live stock, hoists,
stables, sand for construction, real estate, connections, iron
yard, laboratory and its equipment, compromise for injuries
done in construction, iron scales and for pumping station.
PRATT MINES.
The amount of coal mined in this department during the
past year was J, 108,800 tons.
CiENBBAI. m.VNAGEa'S REPORT.
Of the total output of coal, 609,740 tons were sold on the
market, and 498,560 tons were made into coke and used at the
(ALABAMA DIVISION.)
mines and on the company's railroad; 44,119 tons being u'>ed
Son. T. C. Piatt, President T. C, I. & RR. Co.:
at and about the mines and railroad, and charged out; 454,441
Dear Sir. I respectfully submit the following report of tons were burned into coke and charged to that department.
what has been done in the Alabama Division of the company's
In the railroad department the cost of handling the coal and
property during the past year, ending January 31, 1890, to- coke from the mines to Ensley and Birmingham, which ingether with a statement of its present condition
cludes the maintenance of railway and rolling stock, as well
as a proportion of the general expenses, has been reduced to
I ALICE FURNACES.
This plant was, in almost every particular, in a wretched two cents below the b«st cost in previous years. When you
condition when turned over to the present management. It take into consideration the fact thac we are compelled to send
had been allowed to run down till hardly anything about it all our locomotives to Birmingham for repairs, and that all
was fit for use. and nearly every part of it required to be over- our work is made up of short hauls, some of them over grades
—
:
hauled before
it
as high as 2-5 per hundred, I think this cost
could be properly operated.
may
be consid-
During the time we continued to operate the plant before ered as eminently satisfactory. Not only has the cost been
beginning repairs, it netted us an average loss of over $2,200 per reduced two cents per ton in handling coal, but the roads and
month. I finally decided to give the whole plant a thorough yards have teen largely rebuilt. A year ago the road-bed and
overhauling, and have put it Ln complete condition, making rolling stock were both in very bad condition, having been allowed to run down to save expenses. Now there is no railit in every respect a better plant than when it was originally
built.
I have disbursed for this purpose $86,797 08.
$14,410 91 road entering Birmingham that has better road-bed or betterare for permanent improvements, consisting of a change in kept rolling stock. AU locomotives are in good condition,
the coal bins of the coke ovens, so as to facilitate the charging and there has not been a railroad wreck during the year
of the ovens and reduce the nimiber of men required for that caused by defective track or rolling stock, and during the last
purpose; replacing brick walls between the coke ovens with nine months there has been no railroad wreck of any kind.
stone; raising the height of No. 1 furnace to the level of No. 2, New ties have been placed in all the tracks and hundreds of carthereby enabling us to fill both furnace.', from one hoist tower, loads of ballast have been distributed. Three long and dangerinstead of two as heretofore, and doing away with one crew ous trestles have been filled up, thus removing a constant
of men. Both furnaces have been fitted with an improved source of danger; the stone and heavy wooden culverts have
water jacket, which, it is believed, will greatly lengthen the been built under the track wherever practicable, and necWith the exception of some old rails in the Birminglife of the bosh of the furnaces as well as facilitate its repairs essary.
when required. All steam pipes have been covered with ham yard, the iron is all good and will wear for a long time
asbestos cement covering, with great benefit. The engine without renewals. All the improvements mentioned were
paid for out of the working accounts and nothing charged to
house ;has also been floored with ct-ment.
The balance of the sum, $52, 8:56 17, has been expended in capital account except some new lines constructed during the
repairs and renewals. Under this head are included repairs year, amounting to §3,842 58. I think it is a safe estimate to
of all blowing engines, putting the pumps (which have here- say that the railroad department is in ten thousand dollars
tofore been outside the engine house and exposed to the better condition than it was a year ago.
MERCHANDISE DEPARTMENT.
weather) inside the engine house, and overhauling them, altering and refitting all water feed pipes to boilers, refitting
Our commissary or store is leased to Drennen Brothers, who
all steam pipes, repairing all boilers, houses, etc.
Both pay us a commission upon the total amount of their sales.
furnaces have been relined throughout, the hearth, bosh The income from this source for the year was $14,117 51. We
and all lining renewed. The tops of both furnaces have been also have a small supply store, which we run ourselves, for
rigged anew, thoroughly overhauled, and put in first-class supplying our workmen with tools, powder, oils, etc. The
condition; the cast house-s, boiler house and engine house have profit from this source was $6,470 63 for the year.
all been newly roofed and have been repainted.
The stock
RENTAL DEPARTMENT.
house has been divided into bins, which enables us to keep the
The net income, after paying all expenses for repairs and
different kinds of ore separate that heretofore were run torenewals, from rent was $11,079 36. In this connection I will
gether.
state that we need about 150 more miners' houses for our
The plant as now remodeled should last for several years, workmen. At present we are carrying a large number of
with ordinary repairs, and will never again require the extra- men to and from their work on our trains,
and the risk
ordinary expense incurred in pmtting it in its present condi- attending such a course
is great.
Such houses as we need can
dition.
be built at a cost of not more than $200 for each house, and
The comparative cost of operating these furnaces since they will readily rent for $48 a year. The tenement houses belonghave been put in complete repair, with the cost of operating ing to this division of the company were overhauled and
same prior thereto, estimating the price of iron to be the same repaired last summer and wQl require but little care during
per ton in both cases, shows, before repairs, an average loss of
the coming year. The income from miscellaneous sources
|2,063 09 per month; since repairs, a profit of $2,894 65 per
not mentioned above amounts to $1,042 14 for the year,
month.
making the total profits as shown in Form C of Treasurer's
No. 2 furnace was put in blast on the first of January and report, $320,129 78.
earned for that raontu a net profit of $8,000. In my judgment
Coniijaring the work of the year jus*^ past with the one prethe net earnings of these furnaces will within the first four
ceding it, which was the b«st year's work up to this, we find
months of their work, since being repaired, pay for all the an increase of output and a decrease of cost in every departoutlay tljat has been incurred on them.
ment, and this notwithstanding the fact that the average sell»-
via IRON.
The amount of iron produced by these furnaces last year
was 83.977 tons. This was but little more than one-half what
the furnaces should have produced had they t)een in good condition.
Barring unlookeil-for accidents,
1
expect this plant
it has ever
show a better result for the coming year than
ehowq since it has been in operation.
will
ing price of our product for the year just closed being "008
less per ton than any previous year, on account of heavy competition with numerous small mines that have been opened in
this section, and the further fact that under the sliding scale
our workmen receive a five per cent advance in wages, for
three months, over the year previous. The increase in coal
production was d06,002 tons and in coke 71,954 tons, and the
mo
iHE CHRONICLE.
decrease in cost in coal •0394, in coke 'OOOS, and in transportaAt this date there are 7,400 feet of room headings
tion, •0192.
apd room air courses driven ahead of the workings, and
feet of main slopes with the two slope air-ways ahead of
5^0
workings. This represents an outlay of §21,750, all of which
has been paid by the working account for the year. This
places the mines in excellent condition for pushing the work
and increasing the output. In all the slope mines we have
constructed man ways and walk ways for the men to travel
in going to and from work. This does away with the neces-
[Vol.
U
At Whitwell we have
built a large and convenient store
have been operating a store there since 1st JanuWe have also erected thirty-five comfortable
houses for miners, and are prepared to build fifteen more
buildiijg, and
ary. 1890.
houses.
INMAN.
Here we have in the last twelve months built a new Incline
and pushed forward new entries. We have also just completed buildings and other arrangements necessary for " pickmg " the ore, so that it can be sent to the furnaces free from
sity for the men traveling on the main slope and the accidents slate.
These expenditures have been made without any
resulting from it. The man ways are constructed on one side charge to capital account.
of the main slope and are built of pipe planks three inches
SOUTH PITTSBURG.
thick. All expense of constructing these man ways has been
We have had only two furnaces in blast at this place during
borne by the working account. They were built by the reguthe past twelve months, because it has been demonstrated
lar force of men employed in the mmes, at odd times, and I
estimate the cost at |3,500.
The following pei-manent improvements have been
d'uring the year and charged to capital account:
New drift mine, machinery and fans at Slope Mines
New tiara cava for mines opened
New coke ovens bnllt at Shaft
N«w railroad ears, 100 drop bottoms
New railway tracks
$11,966
2,214
13,162
53,652
3,842
Real estate
41
flS
63
00
58
63
38
54
79
1 ,765
Bock Slope Shaft
New tenement buildings
New convict prison at Slope No.
2
Increase of live stock for the year
"
6,637
1,595
20,502
2,000
00
$117,339 51
Total
that the three furnaces could not be operated successfully
the amount and condition of available machinery and
eq^uipment. The two furnaces have been steadily making
within a few tons of the largest output produced when three
furnaces were in blast.
have, however, just completed
an additional boiler stack, 175 feet in height, and are renewing and remodeling two Whitwell hot-blast stoves, and
replacing a battery of boilers which exploded two years ago.
The third stack, No. 2 furnace, has been relined and is ready
to be lighted, if thought advisable, as soon as these improvements have been completed— say within the next sixty days.
The result or effect of these improvements on the two furnaces in blast will determine the desirability of blowing in
the third furnace. But the great difficulty at South Pittsburg
is the want of sufficient engine power, and to meet this
deficiency our Board of Directors have authorized the expenditure of $30,000 for new engines, for which we expect to
award contract at an early date on proposals now being
received.
made with
The largest items on the above list are the railroad cars, new
prison and coke ovens. The amount charged to coke ovens
was expended on the new line of bank ovens at Shaft No. 1.
The railroad cars were necessary to do our increasing business,
and the new prison was required of us under our contract
with the State of Alabama for the lease of the State convicts
for the next ten years.
The convict department is in first-rate condition, the men
are well treated, are in good health and cheerful and contented. Their tasks are easily performed and nearly all of
them earn extra money every day, some of them as much as
$30 a month, which is [laid to them in money, by us, each
month. The new prisons are large, well ventilated and
lighted, and aiTanged with strict regard to proper sanitary
precautions. They do their work well and regularly, and in
case of strikes they can furnish us enough coal to keep at least
three of the Easley furnaces lunulng and possibly all four of
them.
Tlie contract with our miners expires on the 30th of June of
this year, and a^ there have been no troubles in the past year
We
COWAN.
The furnace at this place goes out of blast about
March for repairs. The only change contemplated
plant is to add ten feet to the height of the stack, and
1st
of
in this
also to
enlarge the diameter of its bosh about nine inches bv putting
in a thinner lining than heretofore used. This furnace can be
lighted again about the 1st of June.
Respectfully submitted.
JAS.
L.
GAINES, General Manager.
REPORT ©F SECRKTARlf AND TREASURER.
Hon.
T. C. Piatt, President Tennessee Coal,
Iron
<&
RR.
Co.:
Dear Sib—I hand you herewith the general balance sheet
and the men are doing well under the present arrangement, I
presume there will be no difficulty in making a contract with of assets and liabilities; profit an! loss account, details of
them for the coming year on the Sime basis as the old one, or same; reconciliation of balance sheat with that of a year ago;
exhibit of the bonded debt and ot the securities held in the
something similar.
LINN IRON WORKS.
sinking funds; comparison of floating debt and available asDtiring the past year we have done work at this plant sets per contra; together with detailed schedules of the debtors
amoimting to $173,361 63. The cost of the work amounted to and creditors at each of our divisions, and of the various
stocks on hand; also schedule of bills pavable current; all the
$156,193 24, leaving a net profit of $17,168 38.
During the year we had a strike of our foundry men, be- foregoing being as of 31st January, the close of the fiscal year.
cause of our refusal to discharge some workmen who did not
ANNUAL MEETING.
belong to their guild. After giving them a fair opportunity
At the annual meeting of stockholders held in April, 1889,
to return to their work we supplied their places with work- the By-laws were so amended as to discontinue an annual
men of equal skill, and anticipate no further trouble from meeting and replace the same by a biennial meeting. Same
that source.
will occur in April, 1891.
I therefore present no list of stockRespectfully submitted,
H. G.
holders herewith.
BOND,
General Manager.
REPORT OF
GENEKA^I. Itl&NAGKR
(TENNESSEE DIVISION.)
President Tennessee Coal, Iron & PR. Co.:
Dear Sir— I respectfully submit the following report of the
present physical condition of this company's properties in
Tennessee, with p view mainly ot showing the changes and
Hon.
T. C. Piatt,
improvements made since .Jan. 31, 1889, and now in contemplation.
You have in condensed form the result of the year's
workings of each division.
TEACry CITY.
Here we have erected, at an expense of about four thousand
dollars, a Ramsey-Bell washer of capacity sufficient to wash
the coal required for 134 coke ovens. This washer is now just
fairly under full and successful operation, and we hope and
expect to obtain from it such satisfactory results as will justify
an expenditure for additional washers sufficient to give us
washed coke for all oxir Tennessee furnaces.
In the 134 ovens above referred to have been placed new
and improved bottoms at an expense of about twenty-five
dollars per oven and at one of the mines we have erected
new coal bins, elevators, etc., at an expense of about one
thousand dollars all of which has been charged to working
;
;
account.
WHITWELL AND VICTORIA.
The only expenditure at these points has been for larger
rope and additional cars and machinery for the inoUne at
Whitwell, by which our output of coal from Thomas Mines
haa been increased in the last twelve months from 500 tons
daily to 750 tons daily
and this output will be increased to
1,000 tons daily without additional expense, as the sales of the
coal may justify. All dead work and bank work have been
kept forward with a view to 1,000 tons output, so that there
will be no proportionate increase of cost to the increased output,
;
PROFIT AND LOSS.
Tlie operations of the past fiscal year show a profit of $779,944 75, and alter payment of interest on bonds and floating
debt, dividends on preferred stock and charging up to that ac-
on bonds issued during the year and premiums on
for the sinking funds, a final balance remains
unappropriated of $337,572 59, or about 3-3 per cent on the
common stock. As all of this has been absorbed in betterments and improvements, and cannot be divided out. I re-
count
loss
same purchased
recommend that it be written off to depreciation
account and reduction of valuations.
This course was pursued by order of the directors with the
$1,251,300 54 of accumulated profits brought forward last
year, same being applied as follows, viz.:
In reduction of—
Land Account
$791,442 60
Collieries, Coke Ovens, etc
71,022 70
Blast Furnaces and Plant
214,862 91
Railioails and RoUiiiK Stock
11,986 35
Foundries, Shojis and Machinery
21,932 04
Dwelliups and Storehouses
19,00000
Ore Mines and Quairies
19.628 06
Prisons and Equipment
9,140 01
Miscellaneous
4,753 70
Coal Yards aud Equipment
1,995 32
spectfully
Suspense Accounts
Interest Reserve Fund for accrued on Bonds February 1.
Total
Whilst
19,903 8.5
65,633 00
$1,251,300 54
true that there have been times in the history of
capital has been " watered," or
expanded by the sale of stock below its par value, yet, on the
other hand, the following amounts of clear net profits, honestly
earned, have been put into the business and corresponding
sums written off as depreciation, viz.
31st January, 1883
$297,491 90
"
"
1885
114,02082
"
"
1889....,
1,251,;W054
this
it is
company when the share
$1,062,813 27
Mat
8,
IMO
THE CHRONICLE.
J
If the present unappropriated balance, therefore, of $827.572 53 should bo similarly dealt with, it will make a total of
nearly two millions of dollars put into the business within
the past seven years.
BONDED DEBT.
We have Issued iliu'iug the yciir 121 bonds of the Tennessee
Wiviaioii scries, thus luo.reasiuiic our fundcil debt
Less the (oIIowiuK retired throuKh our sinking funds,
$121,000 00
AUDIT.
The books and accounts of the
BiniiiiiKlinui Division
JAS.
Thus making au increase of
But we huvo also increased the funds and securities held per
contra by the Trustees of our different Sinking Funds, as
48,20000
$72,800 00
follows:
Cash and Bunds
Land Notes
$7,337 41
Leaving a net Increase of
4,40250
ll,7i>9 91
TnTTTTTTTT.
$61,00009
six divisional
Respectfully submitted,
.$200
2ft,000
Cousolidiitcd issue of 1881
and
central
have been periodically audited during the year and reiwrts made to the General Managers. The system of guarantee company's bonds, formerly existing in the Department of
Tennessee, has been extended to the cashiers in Alabama also.
offlces
viz.:
00
00
17,00000
5,000 00
1,00000
Tenupssec Division scrip
TcniKwsdH Division Bonds
Uliinkit issue of 1884
6-:U
BOWRON,
Sec'y and Treas.
PnoFrr and Loss Account, 318t January, 1800.
Ur.
profits appliel by order of Board of
Directors In redaction of valuatioiui of iirojierty and
provision of Reserve Funds
$1,251,300 54
1800.
Jan 31. Interest paid during flgcal year, viz
Unappropriated
Coupon
$331,484 47
14,665 69—
interest
WisceUaueous
366,150 16
Bond premiums
6,222 00
Dividends paid on Preferred ^ took
There are no other bonds on hand for the purpose of issue on
80,000 00
Balance unappropriated profit carried forward.
327,572 50
feneralaccouut.butSl, 000. OOOof Birmingham Division bonds are
eld in trust for the refunding or paynsent at maturity of the
11(2,031,245 20
outstanding Pratt, Alice and Linn issues. But as the aggregate
amoimt of those has decreased since the creation of the trust
Cr.
1889.
from §1,040,000 to §847,132 51, the surplus over the last-named
Jan. 31. Balance brought forward of undivided proflfg
figure should be released for the general use of the company,
from last tiscal year
$1,251,300 54
and the money could be applied in reduction of floating debt
Profits of this* llscal year
Tracy City Division
and decrease of interest charges.
$103,706 96
South Pittsburg Division
68,10108
CAPITAL EXPENDITURE.
Birmlnghiim Division
Pratt Mines Division
Ensley Division
Form F shows the
increase in debits against capital accounts
for the year at §339,416 53, and specifies the various classification of the same. P'ollovving previous custom, I make the following exhibit of the divisions or works where this expenditure has been made.
I
Bnsley pivlsiou
Pratt Mines Division
South
Pittsburia; Division...
BirminsUam Division
Cowan
Division
Tracy City Division
Charged through Nashville
book
lOKS
1,1886,
Jan. 31, '89.
Oc*.
to
93
15
55
62
Credit. 200 00
$1,098,886
672,103
331,456
3,040
7,356 901
!
1,1889,
Jan. 31, '90.
$2,154,234 86i
$177,587 35 $1,276,174 28
110,41172,
782,514 87
37,133 65
368,590 20
4,116 481
7,157 10
721 28'
521 28
Cr. 6,949 54
407 36
6.395 64j
47,986 35
$329,416 58 $2,483,651 44
Directors.
FLOATING DEBT.
Form F shows a decrease of floating debt of
And an increase of assets of
$15,922 61
43,233 49
Showing an improvement of
$59,150 10
But this is counterbalanced by the Increase previously shown
funded debt of
Leaving an ultimate addition
company of
form
61,000 09
$1,843 99
D
779,944 75
$2,031,245 29
Generai, Balance Sheet 318t Januabt, 1890.
Aatett.
Land Account
Peumankst Investments—
Collieries, Coke Ovens and
an exhibit or analysis of the floating
-debt and corresponding assets. The books and statements of
the company show now for the first time the item of accrued
for
^but unpaid) interest on bonds. In previous years only the
interest actually paid out on matured coupons has been
cliarged, but this time allowance has been made for the interest accrued January 31st on every bond in circulation.
$9,807,059 06
34
Blast Fnrn.'kces
2,826,77165
RRs., SideTriicks, Locomotives and Cars
689,774 72
Foundr:e.t, Machine Shops, Saw Mills.&e.
134,747 77
their Plant.. $1,345,688
Dwellings, store Houses, Depots, Ac...
Ore Mines, Rock Quarries and Plant...
Prisons and tbeir Equipment
Miscellaneous property
174,557 34
81,749 60
55,864 50
1,470 76— 5,310,624 67
Stocks and Bonds—
Columbus Gas Bonds
Reai.
2,500 00
Estate—
Columbus
Sundry Stocks on
1,000 00
Hand—
Salable.
Tracy City Dlv.. $25,370 33
Cowan Div
6,598 09
So.Pittsb'rgDiv. 102,562 65
Birminj.'h'mDiv.
28,55169
Pratt Mines Div.
19,385 87
Ensley Div
52,324 91
to the entire debt of the
•Corresponding with the excess of increase In
fixed or permanent assets
$329,416 58
Over the net balance of profits
327,572 59 $1,843 99
I refer to
12,462 95
Total.
Thus showing a total expenditure since October, 1886, of
nearly two and one-half millions of dollars on the task then
undertaken of building five new blast furnaces and opening
the necessary minerals for their supply. It is fair to add that
of the capital expenditure during the past year fully one-half
was incurred prior to the election of the present Board of
In the
$792,407 70
Loss at Cowan Div... $11,103 12
Loss on Chicago real
estate sold
1,354 83
J-eft.
to
41,590 71
Totals.
3,028 10
320,129 78
297,441 78
Convertible. Consumable.
$1,243 20 :?10,607 30
7,399
6,635 59
13,352 74
211,533 97
23,1 '85 98
.'SO
3r),043 36
33,829 93
5,UJ5 00
25,l)UO 20
47,1.%7
50
OS-
463,787 00
$14,876 60
31,495 81
53,521 21
144,749 61
33,562 65
98,601 04
265,356 75—
642,163 67
$234,793 54 $107,621 28 $121,373
SUNDRY Debtors on Open Account—
.N'ashvtUe OlMce
Tracy City Division
Cowan
Division
South Pittsburg Division
Binuiniiham Division
Piatt Mines Division
Ensley Division
Cash and Bills Receivadle on Hani>—
At Main and dranch Offlces
In
$71,256 77
Bank
38,'
00 68—
100,257 45
StTSPENSE Accounts—
Blast Furnace Kelinings, to be written off
charge as utilized
FIXED CHARGES.
by tonnage
The statement of estimated earnings published monthly
71,488 55
shows a deduction for fixed charges which represents the ac$16,407,881 30
tual money paid i>ut during the year for interest and sinking
funds, divided into equal or average monthly quotas. These
Liabilities.
amounts must not be confused with the actual profits of the (^ k MI'I' A T Qy/^f^y
9 ,000 Shares Common, at $100 each.. $9,000,000 00
company, for on the one hand they include the sinking fund
10,000 Shares Preferred, at $100each.
1,000,000 00
payments, wliich are reductions of debt, and on the other
-$10,000,000 00
hand they do not include the preferred dividends. On the Bonded Deht—
foregoing and usual basis the amount payable in the coming
Bonds in Circulation
$6,183,600 00
.
fiscal year, as per Form E, will be §434,210, or say §36,000 per
nionth; of this amount §80,076 01 willinure to the various sinking f unds,and the remainder will be a charge to interest account.
TAXATION OF STOCK.
In 1889 the Supreme Court of Tennessee decided that shares
in corporations were assessable to their owners, and
that the same was not double taxation, even where such corporations had been duly assessed upon all their property. The
-court also decided that it was the duty of corporations to
withhold out of their dividends the amounts of taxes assessed
against the stockholders, and to pay over the same to the
proper authorities. This was done in January last in the distribution of the dividend then paid to our preferred stockholders, and led to some misunderstanding, as some of them
thought they were being called upon to pay part of the company s taxes. A strong appeal was made to the Legislature to
correct this injustice, and the assessment laws have been so
changed as to prevent the recurrence of it; but the Legislature refused to grant relief in respect of the past.
of stock
Less—
Oth r liondt. Cash and Securities held
by various Sinking Fund Trustees for
the redemption of above Bonds
981,239 80—5,202,360 20
Bnxs Payable
Accrued Interest, not yet due
for
346,712 39
67,177 00
payment
StnjDRY CREDITOn.S—
Opr7i Accts.
Nashville OfHce
<;ity Division
Cowan Division
So. Tit tsliiirg Division.
Birn)iii::luini Division...
Pratt Mines Division...
Ensley Division
$10,501 74
17,644 36
Tracy
13,8<i0
54
72,972 97
4.-,;)s2 C9
47,7.'<4 2S
13«,696 30
$346,902 88
Pbofit and LossUnappropriated balance of
Profits.
Employees.
lolso'd
63
1,374 00
20,992 49
12,,'i33
47
5:^,888 88
18,500 77
$117,156
24—
464,059 12
327,572 53
$16,407,881 30
THTE
632
CHUONICLE
Chipp'-wa V»lle.T.—The Manistee & Luther Railroad, which
was acquired some" months ago, is being made standard gau2;e,
and win form part of the main line of the Chippewa Valley,
which is projected from Mt. Pli-atant, Mich., to Manistee on
Lake Michigan, 117 miles. The Manistee & Luther has been
in operation as a lumber road for several years. It is 37 miles
in length, with a 10 mile branch to Clement. The earnings
for 1889 are reported to have been $137,388 gross and $63,133
the previous
net, as against $118,748 gross and $61,405 net
exyear. The construction of the road to Mt. Pleasant, it is
pected, will be cairied through this year. The company has
the
authorized the is.sue of 5 per cent forty-year bonds to
amount of $1,800,000, covering the whole line, and $700,000 ot
these bonds have been issued on the completed portion.
m
New
Cin'Innati
Orleans
& Texas
Paciflo.-At Cincin-
&
T P.
Cin. N. O.
nati, O.. April 25, President Schiff, of the
Railway, lessees of the Cincinnati Southern Railway, made a
formal appeal to the arbitration clause of the lease, naming
Grover Cleveland and Clarence A. Seward as arbitrators. The
amount in dispute is $834,000, claimed by the lessees as damages from the city on account of failure to provide proper terminal
facilities.
& RIehmond.—A notice
from Thomas D. Mess-
Cincinnati
third vice president and comptroller of the Chicago St.
Louis & Pittsburg says: "The Cincinnati & Richmond Railroad Company, the Cincinnati Richmond & Chicago Railroad
Company and the Richmond & Miami Railway Company,
ier,
owning the line of railroad between Rendcomb Junction, Ohio,
and Richmond, Indiana, have been consolidated into a new corporation with the title of the Cincinnati & Richmond Railroad
Company. The Une of road thus consolidated will continue
to be operated by the Chicago St. Louis & Pittsburg Railroad
Company, and will be known as the Cincinnati & Richmond
Division, and the accounts of such operating kept accord-
^hje (^^ommtxcml *^xmt$.
COMMERCIAL EPITOME.
Friday Night, May
Cincinnati Sandusky & Cleveland— Colnmbns Spring
In regard to the item in last week's Chronfield & Cinn
icle, wliich was published first in Boston, it appears that there
The announcement that the lease of
is some disagreement.
—
C. will be terminated
on .June
1 is certainly
prema-
C. 8.
ture, and possibly the contract will continue to run on. The
fact seems to be tha^. holders of a majority of Cinn. Sandusky
Cleveland stock wish to terminate the lease as unprofitable,
but they have not now full control of the Board of Directors,
owing to the system of classification by which a certain number go out each year. Negotiations are pending and the result,
&
whether by agreement or litigation, cannot yet bedetermined.
Cincinnati Washington & Baltimore.— Holders of the
Farmers' Loan
& Trust Company certificates
for the
first,
sec-
ond and third mortgage bonds of this railroad, deposited
imder the plan of reorganization, will receive the new securities (of the Baltimore & Southwestern) upon presenting
their certificates at the Trust Company. Notice of the issue of
the remaining securities will be given at an early date.
New York Pennsylyania & Ohio.—In London, April 30,
at a meeting of the bondholders of the New York Pennsylvania & Ohio Railway Company, Gen. Sir George Balfour,
M. P., the Rev. J. Sackington Bates and Sir Charles Tennant
were elected voting trustees for the first mortgage bondholdHenry Cecil Raikes, M. P., will act for the second morters.
gage bondholders.
St. Lonis Alton & Springfield.-It is reported by press
dispatches from St. Louis that this road has been purchased
by the Illinois Central. It extends a distance of seventy-four
miles from Alton to Bates, 111., thirteen miles southwest of
Springfield. From Bates trains run into Springfield over the
Wabash, and from Alton its trains run into St. Louis over the
Big Four Road.
St. Louis Alton & Terre Hante— Cleveland Cincinnati
Chicago & St. Lonis. There have been negotiations between
these companies, extending over a period of several months,
—
looking to the sale of the main line of the foi-mer company
to the latter company, which now operates it under lease.
The management of the St. L. A. & T. is composed of the
heaviest of its security-holders, and the principal stockholders
have been confidentially kept informed concerning the negotiThe matter will not be brought before the stockholdations.
ers for action at the annual meeting in June, but subsequently
at a special meeting to be called for the purpose when the
negotiations are sufHciently in shape.
—
Shenandonh Valley. At Roanoke, Va., April 25, in the
City Circuit Court, the case of the Fidelity Insurance, Trust
& Safe Deposit Company of Philadelphia vs. the Shenandoah
Valley Railroad Company was disposed of. A decision was
rendered, granting the sale of the road to satisfy claims aggregating $15,751,864, including interest to July 1, 1890. The
claim of the general mortgage bondholders for $1,560,000 of
first mortgages deposited with the Fidelity Company as collateral security for general mortgage bonds was sustained, as
was that of the Central Improvement Company, of West VirIt is thought the road will be sold by
ginia, for $771,388 90.
ictober.
Utica & Black River.— The stockholders of the Utica &
Black River RR. met at 96 Broadway and approved the mortgaging of the company's property to secure the payment of
$2,000,000 of bonds to be issued.
1890.
2,
silver question continued an active influence in commercial circles early in the week, but a feeling of uncertainty
regarding the final action that may be had at Washington deprived it after Monday of the buoyant effect which it had ex-
The
erted upon values. The labor demonstrations announced for
the 1st of May caused some disquietude early in the week, but
they appear to have passed off quietly. The weather was too
cold for the crops in nearly all latitudes, but has latterly
turned warmer. General trade has become more active,
owing to growing confidence in full or higher values.
The following is a statement of stocks of leading articles:
1890.
May
1890.
Aprit 1.
1.
bales.
8,553
89.975
31.404
51,518
ba(;s.
27. '.249
bags.
58,816
mats.
Wids.
boxes.
..bags,
Ac.
Sugar
hhds.
Melado
hhds.
Molasnes, loreiwi ...
Molasses, domestic .......bbls.
No.
Bides.... ........ ...
notion
bales.
bbls!.
Rosin...
bbls.
Spirits turpentine...
bbls
rkr
51,'JOO
Port
Lard
bbls.
tes.
robaceo, domestic
rohacco. lorelgn
Coffee, Rio
Coffee, other
Coffee, Java,
SiiKar
lilids.
.
bags
pkK^
Dags
Eice, domestic
Linseed
bags.
Saltpetre
Jute butts
Sfanila tiemp
Sisal
.bales.
Noii>.
Flour
bblfl
5.KIO
490,100
120,605
12,125
64
2.736
33,4-0
503 200
5,45i)
None.
y.fOO
73,000
500
and saeks.
173,525
1.948
None.
20«,613
None.
1,447
2.500
8.000
2.6.913
fi
134.015
19, -33
2.\Si
"-
2fi,«i>3
51.5^.i7
400
1,469
4 500
bales.
6,412
11,205
36,362
4M.431
249.572
48.204
0,41-9
N..ne.
9»2
bale.s.
liemp
.'
None.
101,173
•
1889!
Mayl.
10,2^3
27,541
31,<99
187,112
3-,«19
64,710
326
None.
77.5J9
&c
Siiitar
Rice, E. I
ingly."
&
[Vol. L.
71
401
27,.
2,.500
1,016
2H,700
4,390
None.
8.000
24,:hOO
3.360
None.
1-.250
114.000
None.
1,240
205,880
6i,tiO0
1
.«28
30.^56
191,540
Lard on the spot was depressed, but to-day. though quiet,
firmer, closing at 610c. for prime city, 6'70c. for prime
Western and 6 40(a 6-8oc. for refined to the Continent. The
was
speculation in lard for future delivery has been fairly active,
October options
but quite unsettled in tone, so closing.
sold this morning as high as 7'llc., but declined at the close.
DAILY CLOSUiG PKICBS OF LABI) IfUTUKi^g.
Wed. Thur.
Fri.
Mon.
TueJi.
Sat.
6-.-1
6-64
6•.^8
6^45
6-47
Maydellverv
c.
6-^^
6-60
6-75
6-66
6-57
673
June ddiviry
c.
July delivery
Ausuer delivery
September delivery
October delivery
c.
c.
c.
c.
6-74
6-80
6-88
6^90
666
6-74
6-82
6 90
6-64
6-72
6-SO
6-83
6'80
6-86
6-93
6«9
f96
700
6-90
7-05
7 05
6-71
6-85
6-95
Pork improved yesterday, and there was a further advance
to-day, with sales of 600 bbls. at $14® $14 50 for new mess.
Cut meats were depressed, but close st-adier, though quiet.
Tallow is again firmer, and closes fairly active at 4 9-16c.
Cheese down to 10^(3 lie. for choice old; prime new 9%(a>10c.
Coffee on the spot has favored buyers and closes dull at
1758@17J^c. for No. 7 Rio, but mild grades are quite steady,
Rio options declined early in the week, but recovered on more
favorable foreign advices, and to-day were slightly dearer on a
demand to cover contracts, closing steady with sellers as below:
16-40o. November
15 75o.
16-75C. Aujtust
May
December
lS-70o.
16-30c'.
16-65C. September
June,
15-650.
1605c. Jauuary
16-E5C. October
July
a decline for the week of 5® 10 points.
Raw sugars are slightly easier at 5c. for fair refining Cuba
muscovado and 5 9- 16c. for centrifugal 96 deg. test. The
sales to-day included a cargo at the breakwater at 4 5-16c.
for 83 deg. test, and 4 13-16c. for 87 deg. test. Refined has
been depressed, and standard crushed closes at 7c. and granulated at 61^0. Molasses is a fraction cheaper and a cargo sold
to-day at 20c. for 50 deg. test. The tea sale on Wednesday
went off at steady to firm prices.
Kentucky tobacco has been more active. Sales for the
week are 1,000 hhds; for export; lugs quoted at 2}4(a 4i^c. and
leaf 43^(a 12c. the latter figure for fine. Set d leaf has also been
more active, and sales for the week are 1,315 cases, as follows:
350 cases 1888 crop, Wisconsin Havana, 10 to 13c.; 200 cases
1888 crop. State Havana, 123^ to 14c.; 265 cases 1888 crop,
Pennsvlvanii Havana, 12^ to 13i^c.; 200 cases 1887-88 crop,
Pennsylvania seed leaf, GI4 to 13c.; 100 cases 1888 crop. NewEngland Havana, 16 to 37i-^c.,and 200 cases sundrie.s, 6^ to
35c.; also 700 bales Havana, 65c. to $1 15 and 700 bales
Sumatra, $1 35 to $2 35.
Refined petroleum is quoted at 7-20c. in bbls. and 9-20c. in
Crude cercases; naphtha, 7 400., and crude in bbls. 7-30c.
Spirits turpentificates have been higher, but close at 853>^c.
tine has been down to 38c., but closes steadier on a light
I
I
|
|
—
,
Rosins have further advanced, and
500 bbls. good strained sold to-day at $1 45.
On the Metal Exchange Straits tin has declined; sold to-day
20-30c. on the spot, 20-25c. for May and 20-15c. for June.
Ingot copp'^-r is nominal at 14J^c. for Lake. Lead is again
dearer, but to-day lost p>irt of the advance, closing at 4'07i^c.
The interi ji iron markets are depressed, and steel rails at
mills are quoted at $3i50(»$33 per ton; good brands of pig
iron offered at under $16 and common below $15.
supply at 38J^'« 38J^c.
May
THE CHRONICLE.
1690.]
8,
COTTON.
Friday. P. M.. May 3. 1890.
The Movement of the Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening the total receipts have reached 16,586 bales,
against 10,830 bales last week and 30,981 bales the previouf.
week, making the total receipts since the Ist of Sept., 1889,
5,700,969 bales, against 5,417,170 bales for the same period of
1888-9, showing an increase since Sept. 1, 1889 of 388,799 bales.
633
In addition to above exports, our telegrams to-night aUo
give us the following amounts of cotton on shipboard, not
add similar figures for
cleared, at the ports named.
New York, which are prepared for our special use by Messrs,
Lambert. 24 Beaver Street.
Carey, Yale
We
&
Oh SMpboaiHl,
May
2,
not cleared—fin-
Leaoinn
at—
Other
'
SHMn.'^""^-
Forelffn
None.
None.
None.
None.
None.
None.
None.
None.
None.
None.
None.
Ooatt-
mock.
Total.
wise.
,
at—
Seceipti
351
465'
138
Fri.
Total.
\
2,000
3761
«ftc...
270
10
Orleans...
Mobile
Florida
Bavaunah
Brunsw'k, Ac.
Charleston
Port Royal,iS[C
Wilmington
Wa8h'gton,&c
Norfolk
West
Wed. \Thuri.
Tue$.
121
549
aalveston
El Paso,
New
Mm.
Sal.
1,878
4
1,005
878
53
1.928
Total 1890...
Total 1889...
Total 1888...
35
93
72
25
412
154
791
4
7
11
80
17
5
124
161
22
37
422
112
649
160
18
114
23
1,528
1,268
1,655
1.20H
184
766
439
280
91
372
185
Phlladelph'a,<Scc
408
Totals this week
2,250
2,1171
3,306
55
387
109
148
439
28
4,1631
2,350l
252
78
r,2i
2,400
16.586
For comparison we give the following table showing the
week's total receipts, the total since September 1. 1889. and
the stock to-night, compared with last year.
1889-90.
Receipts to
This
Week.
May 2.
Galveston
El Paso, &u.
2,00l>
New Orleans.
4,816
. .
Mobile
Florida
189
367
Savannah.
..
1,928
Bruns.,&o.
Charleston ..
P. Eoyal.&c
791
Wilmington
Wash'tn,&c
Norfolk
.
.
Baltimore. ..
PhU'del'a,&c
This
Week.
1,1889.
835.1iil
2,384
23,212
1,901,475
238,851
32,265
924,172
161,450
'318,682
1,833
294
124
132,7(i6
3,749
*398.753
323,091
57,431
113,008
70.129
87,524
74,427
1,528
West Point.
NwptN.,&o
New York
Boston
1888-89.
Since Sep.
252
1,655
1,208
766
439
523
Stoek.
Since Sep.
1,
1889.
1890.
1888.
664,766
21,172
4,033
4.298
7,342 1,652,973
402 208,583
26,887
2,927 806,999
418 133,460
1,777 375,082
3.50
15,044
191 151,406
65,580
6,766
122,339
6,462
10,319
9,525
761
3,771
3,973
954
7,813
5,785
150
3,924
221.876
7.500
2,475
'4,368
480,388
407,721
133,841
125,111
94.577
61,505
49,687
1,316
1,4^2
1,169
3,312
3,094
1,039
745
118,674
5,000
1,831
8,575
In order that comparison may be made with other
give below the totals at leading ports for six seasons,
at—
1890.
1889.
1888.
1887.
G«lv'6ton,&c
New Orleans
Mobile
2,000
4,816
2,678
7,342
1,484
10,740
189
402
215
135
Bavannah.
..
1,928
1,561
Charl'st'n.&o
791
124
2,927
2,127
Wilm'gfn,&o
Norfolk
W't Point, *c
All others
Tot. this week
1,528
1,907
3,303
1,316
2,651
8,608
3,894
2,871
89
4,486
4,807
4,017
16,586
28,242
32,603
191
year.s,
1886.
479
598
100
347
325
we
1885.
1.747
10,899
2,068
3,850
3,717
4,004
522
3,238
756
380
302
5,528
6,995
5,117
4,002
1,64S
13.077
39,150
8,633
5700.969 5417,17.' 52!J5,866 5135,231 5078,348 4677,555
The exports for the week ending this evening reach a total
of 43,172 bales, of which 36,616 were to Great Britain, 3,880
to France and 13,676 to the rest of the Continent. Below are
the exports for the week, and since September 1, 1889.
JBxiiortt
from—
Oreat
Brifn.
Continent.
2.
Ibtal
Orleans..
7,838
1,881
9,680
Mobile
Savannah
BruDBwIck
New
1,931
York.
Boston
Baltlm're
1.802
11,T7m
693
2,178
3,79'
I
1,290
i9o;
Fblladelp*a,&c
Total
Total. ISSRJW.
—Man
Conti„„,(_
3.
1890
132,110
47i,S39
Srt6,042
,746.130
183.062
843,821
14,2S7|
44.78
527,109
7,1 7 J
lflj.802|
240,3.12
32,9S8|
37, 75'!
112,(49
2U3,913
24,020
tSO.Olg
30,228
24.241
228.157
ltS.998
1,902
IS.669
87,708
486.921
2,787
1,43'
129,931
00.454
£0,99.!
40,868
96
138,938
8,r.02
1.574
54.544
8,139
6,520
900
!
37,801
28,61 e
2,880
13,676: 43,172 2,703.550 472,031 1.484,643 4.681.024
4n.0).'i
1.707
22.507
d.1B37 2.6W,3I 4 .175.449 1.314.761 4.358.524
7,338
None.
500
58.242
6,766
700
979
800
700
1,685
9,619
2,348
7,216
None.
None.
15,650
7,000
1
3,297
33,473
|
9,349
8,168
48,761
63,513
\
900 16,370
12,906
25,255
36,919
261
600
103,024.
12,529
3,364
3,405
1
'
i
10,793
15,021
200,004
1
356,802
434,784
The speculation in cotton for future delivery at this market
had a very buoyant opening for the week under review, turning largely upon the speculation in silver, but feeling to some
extent the low temperature and heavy rains at the South.
There was a sharp advance on Saturday. Monday opened a
little weak, but qiuckly rallied on the predictions of a much
greater advance in silver. Most of the months of this crop
touched ll'99c., .September sold at ll'43c. and October at
But
10*91c., with an active business in the winter months.
sellers met the advance with much more freedom than in some
time past, and on Tuesday, silver failing to advance, prices
declined. On Wednesday the market was very unsettled, but
Thursday saw a fresh decline in response to a sharp reduction
—
in Liverpool values. Many leading bulls lost courage, and
unloaded pretty freely. The better weather at the South
on Wednesday caused a great falling off in the buying for the
any considerable
next crop, September alone showing
business. In the last hour yesterday the better spot market
and reports from Washington indicating the early passage of a
To-day
silver bill gave renewed strength to cotton futures.
there was a general advance of 3 d 5 points, but the market
waa dull, except a moderate buying of August options.
Cotton on the spot was marked up l-16c. on Monday and
down l-16c. on Tuesday. There has been a pretty fair business for export and home consumption, and yesterday the
decline of Tuesday was recovered. To-day the market was
quiet at 12c. for middling uplands.
The total sales for forward delivery for the week are 493,900
bales.
For immediate delivery the total sales foot up this week
8,092 bales, including 5,133 for export, 3,969 for consumption,
—
—
—
in transit. Of the above
for speculation, and
bales
were to arrive. The following are the official quotations for
each day of the past week April 36 to May 3.
—
UPLANDS.
Ordinary
Strict Ordinary
Good Ordinary
Strict Good Ordinary.
9!l»
9^
IOISb
im
11^8
111,6 HI,
llifl
ll"i« ll»a
llSie
lll»16 11%
11% ilHSif
1115,, 1115,.'l2
ll'^it 12
123,« 12t,e lai*
12',, 12»4
1238 ;i27,g
1238
12',« 12%
11%
11»16
1113..
GULF
noil TaeB
Sat.
.*Ib.
........
91a
.Middling
Good Middling
Good Middling.
STAINED.
im
115,.
12V
Moil Taea
Sat.
9
lb.
9',«
10
\P^
.Middling Fair
Fair
Prl.
'
9i»i« 9"l6 10
1013,6 1013,, 107g
1078
ll^l
U'l6 ll^ie
ll'lK, 11%
iiiiif lll'ie 11% [11%
1115,. 12
1118,. lli»,e 12
12
1218
1218 123,, 123,4
12<,« 1218
1238
1236 127, |127,6
127,6 123b
'12»8
12',« 12»8
13
13
1131,. |131,«
131,
I3I3
13",.. I3I4
13»,« 13»i«
ISHi
9itr,e
IIH
Strict
Wed Xb.
94
99i«
lOi^lf lO's
Middling..
12 >4
127it
1278
1338
12li„ 12i3,el2T9
13»ie 13'|« 1338
12ia,, 12''8
135,
133>a
Good Ordinary
Strict Good Ordinary
93s
913,6 913i8
10lli« 1011,6
11«1
Good Middling.
Low
9l3i„
lOUie 10=8
FrI.
!
9%
ll'.fl
ll^fl
.Middling Fair
Fair
Strict
93:«
9%
Good Middling
Ordinary
Strict Ordinary
Good Ordinary
Strict Good Ordinary.
Low Middling
Wed Tb.
938
9-'i6
lO^s
.Middling
Strict
inon Tnea
!«ai.
*lb.[
Low ^Ilddliuif
Strict Low Middling..
9
9%
9%
,6
911,6
Low Middling
1038
10
Middling
11^8
Ills
i|.
I
91 s
911,0
10»8
Wed
Tta.
Frl.
9I16
91I1
10»8
9ie
9ie
1117,6 |ll'l«
9%
9%
1011,6 1011 ,»
11>2
im
SALES.
The total sales and future deliveries each day during the
week are indicated in the following statement. For the
convenience of the reader we also add a column which show&
at a glance how the market closed on same days.
H
636,438
132,933
110,S7«
32,132
818
None.
500
1
7,850
2,000
None.
MARKET AND
Total
308.770 34.699
868.48U 341,658
4i.789
19,181
1,931
Point....
N'portNws, 4c
E
Oreat
ftl.284
WUminKton...
West
(o
xported to
1. i*-*!*
102,(.'98
Charleston
Norfolk
Sept.
Week. BrUaln. France
Oalveston
New
From
•
j
159
917
18
:
'
i
1,449
Bluce Sept. 1
Week Ending May
Exported to—
Other ports
16,651
Totals
16,586 5,700,969 28,242,5,417,170 233 ,477 405,563
* Correction of receipts since September 1 : 1,600 bales added
at
Charleston and 1,734 bales at Norfolk.
Receipts
6,900
5,000
....
105
447
158
York
Boston
Baltimore
New York
47i
189
367
412
7
Oalveston
Norfolk
706
300
4,816
201
Point...
Savannah
None.
None.
None.
None.
98|
43
367
279
49
N'wp'tN'8,&c.
New
476
36
1,089
New Orleans...
Mobi.e
Charleston ....
SALES OF SPOT AND TRANSIT.
SPOT M.VEKKT
CLOSED.
Ex-
Con-
port.
sump.
Spec- Tranut'l'n
sit.
Total.
I
Sales.
'miifcries.
I
steady at 1,6 ad.
iMon. Steady at 'mad.
Sat.
.
Tues. Dull at 1,6
4,921
Wed. Steady
The
6,008
50,5001
236
236 110,400
202
4V5
933
268
121,400
6171 69,700
9S3l 91.100
268 50,500
5,123
2,9691
8,092 1493,900
....
rhur. Steady at 1,6 ad.
Fri...|Qulet
Total!
1,087
dec.
daily deliveries given above are actually dellrared the
previous to that on which they are reported.
day
THE CHRONIC
684
The Sales and Prices of Ftttobes
are
shown by
3
2.
« O
®S
—
» O
fD
to =
r»0'
I
o2.
W
at
B
.
«K.
«
"
Kit:,
=58
\fiv»
-
'
S3;
B
f
•
1
I
IR.
WW
^;
:
8>
;
d
.
•
:
5
a
w
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o
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?
Sen
SJ
3ow§
&i-p
'-co
5?
MM
sr:
I
I
l:
5
aa S
—
a to:
I
001
8J«;
MMCOM
I
pi^;,Ti-'
M— CH'
2
[>
.^
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H.M"
?? ^
'-'l-'CH'
-"00
GDCO^CX)
COQD,
£
(XOil-''^
I
tt
QDX
h^
<
<
tt
QcrjD
COC
W
-M
h,
i^oi)
QDXl^OD
»i rri
ODO
QD
tft-OJ
W
WW
2
tCK,
2
I
I
gPO'
2
<
«
-^O
-^
11
<
2
wto
I
Ji»
**
^1-*
MM
>>
I^
Sip;
Liverpool stock
Coutinental stocks
MlM^-
[>
^
-OM
tv
»UD. 2
2
— CM*^
I
to
oox
OP
g
®P:
I
Mt—
Estypt, Brazil,
M^ ^
didi
tew
1
5
2
"^
©t:
*-2
00
050T
M-I
K
00
>:
da
MM
2
"
MMbiM
I
5*-
Ej.p:
l-M
M—
9?
00
®
'^
er:
1
I
I
»:
s^
00 X
99 <
rex
I
"^
I;
isj
-w:
2
00
<
~
*=:
00
do
ODW
?-M
s'P:
9«:
Mh-o;M MMo:^ MM^,-. r- — 03M
0000
COOO 0000 OCOO
dd®d
dd^d dd^d
*-i3
K K.rj c 0:0 o;
SIS
I
1
o
$
d'
'^
doi
:
MM<JM
I
1:
oq;i
a,
t^
I
99
cs-.
<
2
o-.tI
»
I
1
229,000
25.000
118,700
18H.000
74,000
195,000
15.000
118.700
326,000
50,000
728.500
646.000
634.700
704,700
movement —that
the
1,
o-?
Sb
= 5 .&; 2
5;
==?« 5 E
H
»
C
00
s
§\ Pi
:
:
tCM
;
.
Vic
m-
r
il?'£f55: Vi
T:
Cfi
CD
I
50
-
S>P:
M M
M-: X iC en 'CMXO;. cx
CO
lo
CO
od
c-.to
5
M
U
2
-^
CO
to
OS
H-
o-.tctf^to;
.
10
C^Cto.
to
00
tt
00
M — ifeM
cooo
dd^d
^0« C3
S)
*
"^
:
ICO
I
IC
tb'tOOl^-'
—
OiO;_Mi.5,np.-^
lo
OS
tC 10
c
--1
®
to
:
to
o:'
V*:
:
.
toicttto-
.
•
w
coc;i
1^
M
c;
ocsyxMxw
1?
Mc;iio*.030:*q
'-.J
m ^
M
00: — ostMocoto*j<iMC;icoos<io;c;ixtt
tcp<i*-to*'px^;si«u*.-gcoQDOt(XC_;-J
— to
X c
w ccjfM'jtt
MM
b; V/x
OS
tt i'
OS
CT rf- tt 00
-1
to
M — 'I to
ti CO -^
M X C X ^ #. tt 0; ^1 *J U»
iottaxi^tctt^xinxa»p-<ics-ic^»*i-*j
u v :^
--1
03<i
gi
M
M
CO
to
I
n
I
I
1
00
I
I
•1
CO
Includes wales in September, 1889. for September, 147,600- Septera
Der-t>etober, for October, 640,600; September-November, tor November
e3(.,«00: September-December, for December. .*57,20
geptemlier'
January, for January, 1,570,100; Septenibcr-February, for Februarv'
•'"uarj,
l,l'.>.i,100i September-iMarch. for March. '^.iao.yiHi.
We have mcluiled in the above table, and sliall continue
week to give, the average price of future.^ each ilav for each montheach
II
WUI l>e found under each day followinz the abbreviation " Aver " The
averaee for each month for the week is also eriveu at bottom of table
Transferable Orders— Saturday, ll-85c.; Monday, ll-itoc; Tuesday
ll-POc: Wednesday, ll-90c.: Thursday, ll-OOc: Friday, : l-i)5c.
The following exchanges have been made during the
I
I
I
I
I
"r^t-^l
;
o:MC;»Oi;
•
cotocoo*
CO® to 10
to excli. 1,000
Dec
:
000S*»OJ.
c^atttt'
OS
1
1
s-
_Ma
tf"
P
CO
1:0
C-T
to
'•
:
•
M
t
*^
xVii-tvCOIOOO
-^-joi
— *q^x
3"
to
s-Si
x^xcott-^os
M
!
_
M
C
-
M.
M
t— r3
lo
M
*'a:yoto--cottcoo«; casMCo*kCoo<i
M^OXOCCMtOtOM. Ctt^XXOOSO
giCO
;
m;
VSM
OSOSMMC^
Otoc;'-»^'
MW
tCOSCO
tO<l
M
OS
K>
>
|3
)Ur-0:rf»>KM'lO
oitoto^toccjt^cstttoM^
5[,o
to
CD
to
MtO*^M«-<CO^
I
a
'ioo;'ro'ie'-lirco;
C7< OS OS
rf^ 10 CJl
>&>*>. tt
t; 0:
X
M
M
c?oiiOi(i.-irococi:x^
cso-^ittcn^x
pttMOsrOMpjoc^'WCJtttO'pCttjO^'W
to
cnUxccVcxViosV. Wtt— xtt'iorfi.biCn
OytWOCXX^-OCOttXCTCS^ttOStttOC
H-o:MOs*los<lo;=;oittC:»t»tt-icoososcjt
to
weelc:
ft)r
I-.
'.
li
to
1.J
',
;
Ci!
to;
CO
(^
I
\
KitCCOXKI'gO
CO
;
'
u-j
cc-^ittc;
M
1:
*
128 pd.
;
"•^1^
CS
tf^Xl
t-MM;
CI
'to
•02 pd. to exch. 100 Dee ff.r Nov
•01 pd. to exch. 300 April for June
•01 pd. to exch. 2,000 Aug for Julv
•01 pd. to exch. 100 Apr for May
•67 pd. to exch. 500 Sept for Auc
Even 300 April for May
•02 pd. to exch. 300 Aug for July
;
OS
OS
•
CO MOD V:
«
i
COOi
M
O»»0:
M IC CO OS
I
^
QD
aco'
10
9 *"
^'l
M
to
-"
^
-g
I
I
201,000
15.000
1 1 6,000
300,000
14,000
1,617,300 1,550,913 1,636,213 1,747,438
b2
1
SP
h-h-WM MMCiocoo
ocoo
C
1:
1
277,000
12,000
75,500
344,000
20,000
week, and since September
£
OS
CO
I
3,660
,
c;icn
0000
od°d
00 as
13,955
is the receipts
the shipments for the
week and the stocks to-night, and tlie same items for the
corresponding period of 1888-89 is set out in detail in the
following statement.
for the
on
5
11,321
31.5,000
17-2,000
4\2,.576
«8,'202
1
-'
I
776,000
—
00
<=i
00 » ts* M eo
Mgl 03 ^tt
MM
MM h,
OC 5^ 99 5
99 < 99
«
do
00 2 'o^d
2
03M
0~J "
10
05V
Ac, afloat..
At the Interior Towns
et;
d d c ot
0^.1
601,000
214.000
197,000
498,297
161,961
Hj^* The imports into Continental ports this week have been
45,000 bales.
The above figures indicate an increase in the cotton in sight
to-night of 148,887 bales as compared with the same date
of 1889, an increase of 24,887 bales as compared with the
corresponding date of 1888 and a decrease of 106,338 bales
as compared with 1887.
^
-•s?':
MMtCM
MMWM
0000 MMttM
0000 MMCCM
0000
I
671,000
188,000
214.000
405,503
61.029
Total visible supply
2,345,800 2,196,913 2,320,913 2,452,138
6i,.d.
6i,.d.
5i.,d.
5U,gd.
Price Mid. Upl., Liverpool....
l'2c.
10c.
lO"*! c.
Price Mid. Upl., New York
ll-'uc.
t*
c. d:
mO
13,955
I
ccco
2^^
CSC:
l(il,9i>l
172,000
50,000
412.576
68,202
3,660
1,617,300 1.550,913 1,686,213 1,717,438
Total East India, &c
Total American
ccoo cooo 0000 ccoo ,L£.--L
ocoo
c
00
do
61,029
ll,3il
197,000
74,000
498,297
tj».
00 00^00
100:
t5
00
405.5ti3
793,000
343,000
178.000
233,477
63,471
6,352
bales
(DC — :5
MOiM H'MC-'
MOM
MMO*-
I
&r:
MM^M
;oo coco 0000
£S opoo
5
Total American
Scist Indian, Brozil, t£c.~
Liverpool stock
London stock
Continental stocks
India afloat for Europe
.ICC hJ "^
s.tK;
&P:
433,700
American—
fc
I
"^
K-MCCM
—M
MM
MH-OM
i
rM
* "
8,000
11,000
Total visible supply
2,345.800 2,196,913 2, 320,913 2,452,138
Of the above, the totals of American and other descript onsareasf'iilows:
rr)
a®:
^<i
<
interior ton-ns..
S.
214.000
14,000
178,000
20.000
233,477
63,471
G,3o2
United States exports to-day.
H*
t>
300
O
5',^;
CC.
MO
|>
MMtCM
Mh-OM
i-WOM
xoo
332,700
United States interior stoclcs..
United States exports to-day.
^,'^:
$jp*
304.000
418.500
OC® Om
M — CM MMtOM MMCCM
M — CM M — OM MMO^
OLQD ® OD
I
Total Continental stocks
American afloat for Europe...
United .-states stock
MM > MM
tt
tt 5 ODGp
1,200
268,000
3,000
56,000
183,000
3.000
66,000
6,000
7,000
sP:
I
700
300
StoekiuU.
i
OOQDM'^
MI-'Oi-'
> MM
^
WK
si*
M«C
h-tM
ODGC
&P:
oba^GO
Ht-*
M "
«*•:
I
I'M
1
986,000
4,000
51,200
31,000
12,000
128.000
5,000
78,000
11,000
12,000
m
ob'X
®«:
887,000
2.300
37,400
18,000
855,000
3,000
44,700
17,000
300
EsTPtiBrazil.AcantforE'r'pe
Stock
United States ports..
2
-J'ImI
2
»
MM»M
MmOM
I
Ml- OS*-'
HMCM
Ul
MMOM
MMOM V^y^'C^
i--i-'COi-'
H'k-'CM
OCQO
-act
^r:
I
12,000
.
.3btf)C;3o
MO O
MM
MM
=? ? f»OD
tCQO
2
"
1887.
971,000
15,000
Total Great Britain stock. 1,082,000
Stock at Hamburg
4,200
Stock at Bremen
118,000
Stock at Amsterdam
7,000
Stock at Rotterdam
300
Stock at Antwerp
5,000
Stock at Havre
184,000
Stock at Marseilles
4,000
Stock at Barcelona
87,000
Stock at Genoa
6,000
Stock at Trieste
3,000
Amer.cotfn afloat for Europe.
COQO
1888.
830,000
25,000
Total European stocks. .. 1.500.500 1,191,000 1,187,700 1,419,700
India cotton afloat for Europe.
344,000 30ii,0O0 1S8.000 326,000
MH >
o »»*
.bales 1,070,000
r-l-ta-M
C0COC(O
00 CO
1889.
872.000
15,000
1890.
Stock at Liverpool...
Stock at London
'2
f
[Vol. L.
The V isible Supply of Cotton to-night, as made up by cable
and telegraph, is as follows. The Continental stocks, as well as
those for Great Britain and the afloat ai-e tliis weeli'S returns,
and consequently all the European figures are brought down
to Thursday evening.
But to make tlie totak the complete
figures for to-night (May 2), we add the item of exports from
the United States, including in it the exports of Friday only,
the
following compreliensive table:
<
LE.
CI
CO
03
p es tt 10
M
tt to
aVot-'ioo;'
10 to
K M to to CO
oi
P
1^
xcococj»05wo;m
h-<icjtMtt' M — o:cto©to<io-gMccc!>
os-jMtcot
C.1
oom
to
rf*iottC;»
1
1.
^MS
i
1
03
M
K
Apr
-02 pil. to exch. 600 Aus for April
•02 pd. to exch. 1,000 May for July
-01 pd. to exch. 500 May for Aug"
-O'i pd. to exch. 100 Dec for Jan
^55 i)d. to exch. 100 Sept for AuK
Even. 1,000 May for June,
'-^
b *j s; ii
^ tc
CO W OS ^1
tt CO
00
*
'
J
h- tt
'
•
1
;
•
bto
C,V—
*..
M
tt*^X
M;
too*
a'a^-Oi^'OsosttttMoo;
c;MOttcotf»>coc)tttM'
tO^^tt
^^
to
I — co'wtctOQo
Mxa^tt^^^ox
Ottcx^ctt —
^1
C'
03
f
1SS9 flBures are for Palestine. 1 1889 flgures are for Petersburg, Va.
Louisville in both years are " net."
5 This year estimated.
May
THE
8, 1890.J
CHRONJCJLE.
The above totals show that tlie old interior stocks have
decreased during the week 10,523 bales, and are to-night 8,113
bales more than at the same period last year. The receipts at
the same towns have been 3,075 bales less tlian the same
week last year, and since Sept. 1 the receipts at all the towns
are 19.058 bales wore than for the same time in 188S-89.
Quotations for Middlino Cotton at Other M.vrkkts.—
In the table below we give the closing quotations of miildling
cotton at Southern and other principal cotton markets for each
day of the past week:
Week
CUJSINO QDOTATION3 FOR MIDDLING COTTON
elidingj
May
2
Sdttir.
Uon.
Tiu».
Galveston
New Oiieaua
Mobile
Savannah...
UH)
llig
11>S
U',8
Il"l6
11%
Charleston.
lias
ll>4
UM
Wilmington.
Norfolk
Boston
Baltimore...
Philadelphia
Augnsta.. ..
Memphis
ll'ie
Ilk
11%
12
11%
12 h«
121,8
llHi
U>a
Uia
11%
U'.fi
...
11%
Louis
Cinclunatl
..
Louisville.
..
St.
ll>a
U-'s
11»H
H
11%
I
OS—
Thum.
Fri.
llHi
Ilia
11%
11%
11%
11',
llMe
ll"a
ll'lfl
U'u
11'4
11'4
11-4
11%
11%
11%
11%
11%
11'4
ll"*
11%
11%
11%
12'8
I2>e
ll'a
l-2>8
11%
12%
ll's
123|«
ll's
12>i«
im
im
11"4
11^
12%
11%
ll"l6
Wedtus.
I
121,8
i2n«
lllfl
llHi
11%
11%
11%
11%
11%
11%
11%
1112®%
U%
Tlie closing quotations to-day (Friday) at other important
H^-ia
III4
.
Columbus,Miss
Eufaula
11
11% Selma
Nashvillo
10%
llig
Natchez
ll'ie Shreveport
Receipts From the Pla.vtations. The following table
indicates the actual movement each week from the plantations.
The figures do not include overland receipts nor Southern
consumption; they are simply a statement of the weeklj
movement from the plantations of that part of the crop whicli
finally reaches the market through the outports.
Wetk
••
May
—
licMiptj at tlu
Pom.
St'kat Interior
lbS8.
1889,
Towm
ft«*l>ta /rom
If88.
1S90.
ijas.
1689.
1890.
8I,67J
18..
33,see
3».5«3
as,504
27,»80
«5..
30,6411 36.20S
41,005 282,73- 175,6:ii 128.127
34,377 249.538 148,217 119,08^
23,57. 235,765 128.779 (.9,005
20.981 217,27" 102,83* 90,252
19,33t 199,870 81.090 80.0SS
18,589 1:2.2 7 69.2IH 68,868
Uch.8S..
Apr. 4..
" 11.
"
11
2..
33,603
48.500
40,407
33,922
28.242
i
Plant *ru.
1889,
,
18.A
19,1731 ,=1,578
11.788
26,3621 11).084| 25,246
H,7S3i »0,8«9| S,549
9.491
13.0311
12.228
14,407
9.161
j
18,286|
B,020;
18,37'
I
6,371
—
The above statement shows: 1. ^That the total receipts from
the plantations since .September 1 1889, are 5,757,393 bales; in
,
1888-89 were 5,471,013 bales; in 1887-88 were 5,404,323 bales.
2.
That, although the receipts at the outports the past week
were 16,586 bales, the actual movement from plantations was
only 5,371 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 16,370 bales and for 1888 they were
5,030 bales.
—
Amount of Cotton in Sight May 3. —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 also the
takings by Southern spinners to the same date, so as to give
aubstantially the amount of cotton now in sight.
1889-90.
'
1888-89,
i
1887-38.
1886-87,
Receipts at the ports toMay 2. 5,700,069 5,417.170 .^255.966 5,135,231
Interior stoolcs on May 2 in
excess of September 1
56,4241
53,843: 148,457
38,446
I
|
Tot, receipts from plantat'ns 5,757,393 5,471,013 5,404,323 5,173,677
868,20li 87-',327, 895,530 750,799
Net overland to May 1
Southern consumpt'n to May 1 414,000 408,000: 377.000 331,000
Total In sight
May
7,037,594 6,749,340 6,076,853 6,255,476
2
Northern spinners falsings to'
M,iy2
1,677,411 1 ,660,867 1 .592,487 1,443,216
It win be seen by the abore that the Increjise in amount in s*isfht
to-night, as compared with last year, is 238.254 bales, the excess as
compared with 1887-88 is 360,741 bales and the gain over 1886-87
reaches 782,118 bales.
'
Weather Reports by Teleoraph.—Reports to us by telegraph from the South to-night are in the main of a favorable
In a few districts of Texas, however, there has been
tenor.
rather too
much
rain, overflowing lowlands.
Planting
is
gen-
making good progress, except where lands are inundated, and in some sections cotton is up and developing well,
Oalveston, Texas. We have had showers on two days of
erally
—
the week, the rainfall reaching twenty-seven hundredths of
an inch. The thermometer has averaged 71, the higliest being
86 and the lowest 57. During April the rainfall reached four
inches and sixty hundredths.
Palestine, Texas. It has rained on three days of the week,
harder than needed, but no great damage done. The precipitation reached three inches. The thermometer has averaged
April rainfall nine inches and
67, ranging from 54 to 83.
—
thirty-four hundredtlis.
Huntsville. Texas.
—We have had gootl rains on two days
of
the week, the rainfall reaching ninety hundredths of an inch.
Crops are coming up well. The thermometer has ranged from
54 to 84, averaging 69. During the month of April the rainfall reached two inchos and forty hundredths.
Dallas. Texas.
are having too much rain and much
damage is being done in overflowed bottoms. Rain has fallen
on four days of the week to the extent of three inclie.s and
eighty-five hundredtlis. Average thermometer 66 highest 84,
—We
—
—
—
11%
11%
11%
Southern markets wore as follows:
11 >4 Riileisrh
Atlanta
10% I.lttle Eock ....
Rome
Montgomery .10 VI
Colnmbns, Oa.
11
lowest 47. April rainfall six inches and thirty-five hundredths.
Bientiam, Texas. The weatlier has been dry all the week.
Uplands are doing well, but bottoms are overflowed and badly
hurt. The tliermometer has averaired 69, the highest being
84 and the lowest 58, April rainfall five inches and seventyseven hundredths.
Belton, Texas. Dry weather has prevailed all the week.
Planting is progressing well, but there has boon too much rain of
late. Tlie thermometer has .averaged 68, ranging from .53 to 84.
San Antonio, Texas.— Jt haf rained hard on six days of the
week, doing no damage locally, but considerable is reported
from some lowland sections. The precipitation reached two
inches and sixty-ono hundredths. The thermometer has averaged 66, the highest being 80 and the lowest 53. During the
month of April the rainfall reached five inches and eleven
hundredths.
Crops are doing well. There lias been one
lAiling, Texas.
shower this week to the extent of thirty hundredths of an
inch. The thermometer has averaged 69, ranging from 54 to
April rainfall five inches and twenty hundredths.
84.
Lolumbia, Texas. Farm work has been interrupted by hard
An overflow
rain, which has fnllen on two days of the week.
of the river is threatened. The rainfall reached one inch and
seventeen hundredths. The thermometer has ranged from 55
to 80. averaging 08. April rainfall, three inches and seventeen hundredths.
Cuero, Texas. There has been one hard shower during the
are
week to the extent of eighty hundredths of an inch.
having too much rain and some damage haa been done.
Average thermometer 68, highest 83 and lotvest 55.
New Orleans, Louisiana. We have had rain on four days
of the week. Average thermometer 70.
Shreveport, Ixiuisiana. Rainfall for the week thirty hundredths of an inch. The thermometer has averaged 66, the
higliest being 84 and the lowest 51.
Coluvibus, Mississippi. It has rained on one day of the
week, the rainfall reaching thirty-four hundreths of' an inch.
The thermometer has averaged 60, ranging from 40 to 80.
Leland, Mississippi. The week's rainfall has been one inch
and seventy hundredths. The thermometer has ranged from
50 to 82, averaging 64-9.
Greenville, Mississippi Telegram not received.
Meridian, Mississippi. The weather has been pleasant all
the week. Cotton has been chopped out and stands are good.
Vicksbiirg. Mississippi-. Telegram not received.
Helena, Arkansas. It has been showery on three days of
the week, the precipitation reaching eighty-six hundredths of
an inch. The overflow is sub.siding slowly. Average ther^
mometer 65, highest 82, lowest 58. Rainfall during April
eight inches and tifty-five hundredths on twelve days.
Telegram not received.
Little Rock, Arkan.sas.
Memphis, Tennessee.— We have had rain on three days of
now.
The rainfall reached seventythe week, and it is falling
seven hundredths of an inch. Good progress has been made
Average thermometer 67, highest 84 and
plaiiling cotton.
lowest 50. It rained on eleven days in April, and the rainfall
reached five inches and ten hundredths. The thermometer
averaged 63, the highest being 83 and the lowest 39.
Nashville, Tennessee.— It has rained on four days of the
week, the precipitation reaching one inch and seventeenhundredths. The thermometer has averaged 64, ranging from
42 to 85.
Montgomery, Alabama.— The crop is doing finely. Rain
has fallen on one day and the balance of the week has been
warm and dry. The precipitation reached eight hundredths
of an inch. Average thermometer 69, highest 86, lowest 53.
April rainfall one inch and thirty-seven hundredths.
Selma, Alabama.— Ruin fall for the week ten hundredths of
an inch. The thermometer has averaged 67, the highest being
83 and the lowest 53.
Auburn, Alabama.— The season has been excellent thus far
for pl.ant growth.
Farmers are making rapid progress. The
weeVs precipitation has been ten hundredths of an inch. The
thermometer has averaged 68, ranging from 54 to 81.
Mobile, Alabama. Planting is nearing completion and the
crop is developing promisingly. Rain has fallen on one day
of tlie week to the extent of one hundredth of an inch. Good
stands are being secured. The thermometer has ranged from
55 to 81, averaging 70. During the month of April the rainfall reached one inch and ninety-eight hundredths.
Madison, Florida. It has rained on one day of the week to
the extent of thirty-five hundredths of an inch. The thermometer has ranged from 53 to 86. averaging 70.
Columbus, Oeorgia. The week's precipitation has been
—
11>2»%
11%
11%
11%
11%
11%
635
—
We
—
—
—
—
—
—
—
—
—
m
—
—
—
thirty hundredths of an inch.
highest 85 and lowest 63.
Average thermometer
73,
—
Savannah, Oeorgia. We have had rain on two days of the
week, the rainfall reaching ninety-six hundredths of an inch.
The thermometer has averaged 71, the highest being 84 and
the lowest
58.
—
Augusta, Oeorgia. The weather has been clear and pleasant
during the week, with light rain on one day to the extent of
eleven hundredths of an inch. There are a few complaints
that cotton is coming up slowly, but where it is up stands are
good. The plant is doing well, but needs rain. The thermometer has averaged 72, ranging from 56 to 88. Rainfall for the
month of April was two inches and thirty-three hundredths.
Wilson, North Caro/tna.— Telegram not received.
Charleston. Smith Carolina.— Ra.ia has fallen on four days
of the week, the precipitation being one inch and forty hundredths. The thermometer has ranged from 57 to 79 averaging 69.
THE CHRONICLE.
636
—
Stateburg, Smith Carolina. Cotton planting has been comhave had rain on one day of
§leted in some localities.
16 week, the precipitation reaching eleven hundredths of an
We
an inch.
The thermometer has averaged
67'7,
ranging from
84 to 83.
The following statement we have also received by telegraph,
showing the lieight of the rivers at the points named at 3
o'clock May 1. 1890. and May 2. 1889.
May
New Orleans
Above low-water mark
.Above low-water mark
Hpmphls
Hay
1, '90.
Feet.
14-7
28-6
20-5
31-2
48-5
8-8
150
6-8
17-8
26-1
SMpmentt
BrlVn.
Ship menls since Jan.
this week.
Total.
nent.
Oonlineni.
Great
Britain
Receipts.
1.
Great
OoHlir
nent.
|
Total.
Gnat
Total.
Since
Jan. 1.
Continent.
Britain.
Calcutta 1890....
1889....
Total aU1390...
1989...
May
1
1889-90.
Gross overland for April
bales.
Qross overland for 8 months
Net overland for April
Net overland for 8 months
Port receipts In April
Port receipts In 8 months
Exports in April
Exports in 8 months
Port Slocks on April 30
Northern spinners' takings to M.ay 1
Southern spinners' takings to May I .
Overland to Canada for 8 months (in
eluded in net ovtrland)
Burnt North and Boutli in 8 months
Stock at Sorth'n interior markets May 1.
Came In sight during April
Amount of crop in sight May 1
Average weight of bales
20,000
26,000
56,000
38,000
5,000
5,000
5,000
2,000
13,000
27,000
17,000
14,000
76,000
64,000
1,000
1,000
3,000
3,000
1,000
38,000
58,000
1,000
3,000
3,000
1890.
Shipments
Europe
10,000
7,000
!
30,000
41,000
116,000
112,000
78,000
54,000
1889.
8 nee
This
week.
Jan.
59,000
1,000
60,000
to alt
from—
1887-98
83,182
66,246
1,371 ,390 1,398,845 1,287,774
2S,777
40,406
872,327 895,530
110 053 166,571 128,721
5,696, 219 5.404,182 5,232,807
2ij9, 134
313,487 264,745
4,646, 467 1,336,595 4,062,238
248, 594
424,327 523,785
1,671, 823 l,e49,549 1,584,265
414, 000
406,0i0 377,000
31, ,827
866, 201
47,811
40,765
35,789
5,423
5,592
7,759
8,90n
9,58.
3,199
121,879 129,666
125,127
7,036,419 6,744.209 6,671,337
496-74
496-21
485 12
the courtesy of Mr. S. G. Brock, Cliief of the Bureau of
Statistics, we have received this week a statement showing the
exports of domestic cotton manufactures for March, and for
the nine months ended March 81 1890, with like figures for the
corrMponding periods of the previous year, and give them
—
dreat Britain and Ireland
Other oountries in Europe.
British North America
Mexico
yards
...
British Honduras
West indies
This
week.
Since
Jan. 1.
week.
Jan.
876,000
110,000
71,000
3,000
876,000
112,000
36.000
2,000
514,000
122,000
992,000
74,000'
988,000
38,000
636.000
1.
Quantities of Manufactures of Cotton (colored and uncolored)
exported to—
All other porta.
Total
Alexandria Receipts and ,Shipments.
Since
1.
—Through
Argentine Republic
Alexandria. Egypt,
AjiHl 30.
Becelpts (cautars*)
This week
Since Sept.
China
Other cuuutriea in Asia and
Oceanica
Africa
'Other countries
1838-89.
7,000
3,129,000
ThU
1887-88.
3,000
2,713,000
Since
Sept.
1.
6,000
2,861,000
This
Sinte
week. Sept. 1.
This
week.
Sevi 1
Exports (bales)—
451,760
1B5,B74
87.662
134,531
83,604
451,168:
680,531
866,7871
1,071.095
72.948
444,5«7
978,150
268.800
612,873
120.480
5.9S7.898
1,476.443
828,440
6,977,714
7,309,257
1,569,468
fS0,l80
7,543,816
5,945,153
10,934,634
3,163.27.1
6,238,168
8,017,719
2.5l0,t85
15.8ti5.C94
1.8lS,i52'i
1,'103,303
8.037,K05
1.431.'23
la,201.S4J
1.911.000
2,023,800
1-^,210,186
15,018.328
7.711.878
4.853.445
2,1)31,851
6,407,108
3,504,673
5,345,048
144.541
231.813
502,3 '.4
662,41
89,t!92
D8.17tl
0.1186,411
2.791,844
8.140.'174
84,800,092
87.698,066
l83^!)01[
«682,»5d
|-06c8
f071«
^8,058.815
1-0719
(6,262,898
$-0711
123.231
134,460
1,506
15,649
35,444
24,936
t269.495
20,731
7.142
24,867
215,631
149,338
$853,117
17.470
16.503
27,950
aj2.aB8
157,935
4,5!15
56,680
7,SS9
1,648
6.694
80.156
2,658
4,187
7a.8«l
19,847
881,737
S,894
82,100
44,614
77.695
45.848
74.397
234.481
7,774
17,249
1169.919
?751,874
$7,284,700
Total ywrds of above.,
rotalvalaes of above.
'lvalue per yard
Valiteg of other Manufactwres of
Cotton exported to—
J reat Bntaln and Ireland
jermany
77BI
Krance
733
802
,,)lber countries in Europe
'Iritlah North America
1,000 217,000
2,000 141,000
2,000 234,000
1,000 145,000
Total Europe
5,000 391,0001
A oantar is 98 pounds.
3,000 358,000
3,000 379,000
23.541
1 l,6-3S
American States & British
Honduras
730
Central
vVest Indies
ijnited SttitsB of Colombia
>ther countries in So. America
Vsia and Oceanica
Vfrica
)
4,000 249,000
1,000 142,000:
.
efu2in0 Mcli. 81
1889.
H42,8<:i
;-3.048
-.lexico
week.
To Liverpool..
To Continent
I
,
1889-90.
1
1890.
1,(104.491
Brazil
United St ite» of Colombia.
Jther countries In S. America
arrange-
with Messrs. Davies, Benachi & Co. of
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Ale.xandria, Egypt. The following
are the receipts and shipments for the past week and for the
corresponding week of the previous two years.
we have made
Month ending Mch. 31, 9 mo«.
Central American States and
1888.
ThU
below:
.
Bombay
*
1888-89.
,
'
EXPORTS TO EUROPE FROM ALL INDIA.
rnents
63 ,722
Domestic Exports of Cotton Mandfactures.— Through
Total.
Madras—
1890....
1889....
All others—
1890....
1889....
to
.
This
^tek.
59.000 59,000 210,000 666,0001 876,000195,000 1,314,000
1890
X889 15,000 56,000171.000 256,000,620,000 876,000:66,000 1,215,000
1888 9.000 27,000 36,000 131,0001383,0001 514,00056,000 918,000
1887 14,0O0l40,000l54,000 197,000!437,000| 634,000:68,000ll,003,000
Shipments for the iceek.
Sh'pmfnts nnce January 1.
Britain,
this week, we omit giving the usual extensive details of the
overland movement. Below, however, we present a synopsis
for the month of April and for the eight months of the season
'.
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 1.
BOMBAY RECEIPTS AXD SHIPMENTS FOR FOUR TEARS.
Jear Breai Oonii
Cotton Consumption and Overland Movement to May 1.
consequence of the crowded condition of our columns
—In
2, '89.
Feel.
Above low-water mark
Above low-water mark
Shreveport
Above low- water mark
Ylekaburg
NOTB.—Reports are now made in feet and tenths.
Nashville
[Vol. L.
'
ther coantries
3.200
9,72S
2.283
5,011
37,200
400
4.8;8
Total value of other manufactures of
ggregate value of ailcotton goods
tl 22,868
$761.762
8i',B98
$1,206,885
$1,306,812
$7,559.805
—
SHiPPrNQ News. The exports of cotton from the United
Manchester Market.— Our report received by cable to-night
States the past week, as per latest mail returns, have reached
from Manchester states that the market is steady for yarns .'51,378
bales.
So far as the Southern ports are concerned, these
and firm for shirtings. The demand for both yarns and cloth
are the same exports reported by telegraph and published in
continues good. We give the prices for to-day below, and
the Chronicle last Friday, With regard to New York we
leave those for previous weeks of tliis and last year for
include the manifests of all vessels cleared up to Thursday.
comparison:
1890.
Total bait*.
Liverpool, per steamers Alaska, 2,133
City
Etrnrla, 342....
Humbolilt, 82. ...Italy, 1,363. ...St. Ronans, 2,180
Teutonic, 1,385
9,902
To Hull, per steamer Hindoo, 1,857
1,857
To London, per steamer Greece, 20
20
tfBW
1889.
York—To
of
32s Oop.
Twist.
814 lbs.
Shirtings.
d.
d. s. d.
8.
d
Mh.2B 85,aa8iii6 6 2 ®7 3
Apr. 3 85,g»8iii6 6
" 11 85,e®8Hi6 6
IS 86.6*8"] 6
25 8% -aS^
May 2l8TiBa8ia,e 6
2
a?
2
-8)7
3
«7
3
3
3
S^a®? 31a
4 -gi?
t
Oott'n
Mid.
32» Cap.
XTplds
Twist.
d.
6i«
d.
d.
SH
s.
d.
8.
3
®7
®7
a?
4
97
ViSxe-sS^ie 6
1
7i6,e®8'te 6
6l8
S'le ®8i»ifl 6
6
6?'" 83ie®8il,e
•»8i2
8
6
8
®a»a 6
1
6%
Ihs.
Shirtings.
ma?
11237
d.
OolVn
Mid.
Upldt
d.
IJfl
lis
3i«
41a
2
2
5l3,g
6
6
6
—
Memphis District Cotton Report for April. We have
by telegraph from Messrs Porter & Macrea of
Memphis, a synopsis of their cotton report for the month of
received
April, as follows:
Six hundred and eighteen replies have been received from
correspondents, and fifty-seven report planting operations
ahead of last year, five hundred and fifteen later, and thirtyfour the same. The proportion of land planted averages
twenty-seven per cent, and no increase in acreage is reported.
Seventy state that the weather has been favorable, and fiv'e
hundred and thirty-eight unfavorable. There has been material suffering in consequence of too much rain. No planting
has been done as yet in the overflowed district. At this time
last year eighty-two per cent of the whole area had been
planted.
Kichmond, 2,138.... Elysia, 279
Havre, per steamer La Champagne, 993
Bremen, per steamer Ems, 15
Hamburg, per steamers Johann, 801
Rhaetia, 1,251..
Kolterdam, per steamer P. Calana, 300
Antwerp, per steamers Nederlaud. 600...Noordland, 500
Barcelona, per steamer Pictavia, 100
Genoa, per steamer India, 230
New Orleans—To Newcastle, per steamer Empire, 5,325
To Hamburg, per steamer Gallicia, 1,793
To Antwerp, per steamer Elsie, l,5itO
To Barcelona, per steamer Hernan Cortez, 1,700
To Aliilaga, per steamer Hernan C'ortez, 2.856...
CHAKLtSTON— To St. Petersburg, per bark Norden, 1,650
IsmalUa,
Norfolk— To Liverpool, per steamers Guido, 1,600
5.519
West Point— To Liverpool, per steamer Sicilla, 1,964
Newport News To Liverpool, per steamer IsmalUa, 229
Istrian,
Boston— To Liverpool, per steamers Bavarian, 176
3T3....Kansas. 694
Pavonia, 2,205
To yarmouth, per steamer Yarmouth, 179
Baltimore— To Liverpool, per steamers Lancashire, 1,231....
Ihauemore, 961
To Bremeu, per steamer Dresden, 3,161.
Philadelpiua— To Liverpool, per steamer Lord Gough, 1,581..
To Antwerp, per steamer Belgen'and, 36
To
To
To
To
To
To
To
—
Total
993
15
2,052
300
1,100
100
230
5,325
1,793
1,590
1,700
2,856
1,650
7,119
1,964,
229
3,428
179
2,192
3,161
1,581
36
51,372
Mat
THE CHRONICLK
1890.]
8,
Hull,
Ntv>Liver- cattle it
pool.
New
York.
9,902
Bremen
Bam-
<t
it St.
Peters-
Total.
330
16,509
13,201
4,550
I.O.'jO
7,119
1,964
7,110
1.901
News
229
229
179
3,423
2,192
1,581
Boston
Baltimore
Fhlladelp'a
3,607
3,161
a.S.'JS
36
1,017
179 51,372
993 7,021 4,676 4,886
Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing our data down to
the latest dates:
Nbw Orleans—To Uverpool— April 25-8teainer8 Oarlbbean, 1,340;
April 23— Steamer Counsellor, 2,762.
Strabo, 2,185
To Havre— April 25-8teamer Cyprus, 1,830.
To HambuTK— Apiil 25— .Steamer Nympbasa, 2,083.
To St. Petersburg— April 2.5— Bark Columbus, 4,400.
-.
To Barcelona- April 29— Bark Catallnii,
Norfolk— To Liverpool— April 25— Steamer Bendl, 54.
April 25—
Boston-To Liverpool— April 24-Steamer Iowa, 90
Palestine, 721
April 28-8teamep
Steamers Catalonia,
April 29 -Steamer Bulgarian,
Roman,
To Yarmouth— April 25— Steamer Yarmouth, 9.
Baltimobb— To Liverpool— April 21— Steamers Barrowmore, 1,290
April 28— Steamer Queensmore,
Nova Sootian,
Ck/tton freights the past week have been as follows:
7,202
Total.... 26,415
;
.
.
Balur.
Jlfon.
Tuet.
Wednet.
Tliurt.
H2
832
Hi
332
'38
11S2
"32
"32
»s»
"3.
H
ht
>s
^
'a
ht
he
hi
hit
'is
'18
50*
60*
50'
50*
50-
50*
H
H
M
>4
H
"4
UTerpool, steam d.
Do
#y»
late dellv'y.d.
Havre, steam
Do
e.
sail
e.
Bremen, steam
Do
.
e.
Indirect, c.
Hamburg, steam.e.
Do via indlrect.c.
Amst'd'm, steam.e.
Do
indirect., d.
Beval, steam
Do
d.
sail
d.
Baroelona.steam d.
Oenoa, steam .. .d.
14393,
Trieste, steam... d.
Antwerp, steam d.
Per 100 lbs,
»1B
Bia
«16
»18
sis
4® '32
lH®9g2
Ha'ia
>4®»3a
^»»3!
».12
»32
»32
9«3
Sm
Hi
»3S
»32
•ss
f»a
6l6
—
LiVKRPOOL. By cable from Liverpool we have the following
statement of the week's sales, stocks, &o., at that port.
April 11. April 18 April 25
Sales o( the
week
bales
01 which exporters took
01 which apeoulaton took.
91,000
5,000
6,000
67,000
9,000
83,000
1,112,000
853,000
56,000
25,000
170,000
45,000
.
26',006
Bales American
Actual export
Fopwardea
Total stock- Estimated
—
Ot wliloh American Estlm'd
Total import ol the week
Of which American
Amount
24,000
2,000
afloat
0( wlilch American
6,000
62,000
,149,000
910,000
60,000
52,000
165,000
53,000
Otai.
Open
d.
d.
d.
827 827
687
688 839
June- July
July- Aug.. 6 89 680
8 30 6 80
August
Aog.-Sept.. 6 87 628
September. 687 628
8ept..0ct... 606 606
««7
827
888
«i9
827
Oot.-NOT-.. 6 68 6 68
NoT..Deo... 6 69 6 80
Deo..jBn... 6 68 6S6
Jaa.-Feb... 66e|B«S
6 91
d.
Norfolk...
Weat Point
N'p't
Low.
Open
Malaga
and
Tar-
1,590
1,650
1,793
5,325
N. Orleana.
Charleston.
,
li'lona,
irg.
London. Havre, burg.
993 2,067 1.400
1,877
72,000
3,000
5,000
53,000
8,000
87,000
,111,000
840,000
95,000
51,000
146.000
45.000
Hay
2
74,000
4,000
7,000
50,000
11,000
84,000
,070,000
793,000
54,000
21,000
118,000
45,000
The tone of the Liverpool market for spots and futures each
day of the week ending May 3, and the daily closing price?
of spot cotton, have been as follows:
Market, )
Fully
1:45 p. M.J maint'ned
Mld.Upl'ds.
Finn.
She
6T,a
12,000
1,500
10,000
e'ls
12,000
Bpec.&ezp.
2,0:0
Bales
Fair
baslnest
dotuK.
1,000
Wednet. Thurid'y.
Friday.
Firm.
.Moderate
Dull but
steady.
6^18
67l8
12,000
1,500
8,000
1,000
8,000
1,000
Qnlet at
Steady at
1.64 decline.
advance.
demand.
Futuret.
Market,
i
Firm at
1:45 P. M.5
Market,
4 p.m.
CrreBular
at t
M
aasyat
advance.
partially
1.64 dec.
Firm.
Easy.
steadr.
Dull at
1.04 de.
ollne.
Barely
steady.
at 1-94
Barely
Barely
steady.
steady.
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.
(tai.,
Apr. 2«.
flloa.t
Apr.
Open Hi«h Low. OIw. Open Binh how.
its.
d.
<t.
d.
a.
838
628 828
May-June.. 628 6 29 628 6 29
Jnne-July.. 6 30 630 630 630
8 81 6 31 6 31 6 81
Jnly-Aug
est 6 SI 8 31 681
August
Ang.-Sept.. 8 29 629 629 629
Beptember. 828 629 829 8 29
Sept.-Oot... 8M 606 608 806
Oot.-Nov .. B62 S6S S82 6 82
NoT.-Dec... 6B8 BS0 SS» oeo
Dee.-Jaa... 688 B58 sea 55»
April
8 88
Aprll.May.. «28
.
628
6 88
6 2a
d.
d.
4.
May- June.
Big).
Low.
Clot
d.
d.
d.
d.
d.
827
627
687
688
629
638
888
828
829
630
630
828
628
808
685
B 62
eeo! S«C
8 82
6 30
62S 830 6 28 6 30
828 630 888 6 80
888
628
606
6 31
6 0S
8 07
6 31
8 05
6 07
S62 S63 5 88 B6i
8B9 560 S69 5 60
6S8 BBS BBS 569
5 83
6 69
'
626
927
828
628
686
626
604
569 6 57
6S8 658 566
8 29
688
888
638
627
638
838
686
686
8 04
5 67
667
d.
nsM 6 34
623 886 8 31
926 6 37 926
6 27 9 2-. 636
627 8^8 686
626 6 26 6 24
6 8} 635 634
904 606 6 04
659 660 5 69
666 667 6 66
8 58 6 56 6(6
B66:66« 586
638
6 29
8 29
6 63
669 690
6 58 658
BBS 168
m„ IMnr
!•
S.
Low. Oot. Open H4«k Low. OlM.
d.
8 26
6 8?
827 9 27
687 987
606 606
d.
d.
825
883
836
636
827
826
686
887
627
6 24
684
604
6
6
d.
8 04 8 01
669l 5 89 6 89
669'868
6 86
(L
6M
8M
«n
637
•
M
(18
6 03
8 58
8 86
• 04
558 866 656
BBS'SSt B65
SEB
(86
1
666
666
d.
936
639
637 6«a
9«i 837
988 837
26 6« 684
28 6 26 684
!
1
BS»
8M
BREADSTUFF S.
Fbidat. p. M., May 2, 1890.
market was quite dull early in the week under
review, and on Tuesday shippers were able to execute orders
for low and medium grades from winter wheat at eome reduction from nominal values, but on Wednesday the market
turned in favor of holders, and fuller figures were paid for
good lines, the business continuing brisk down to near the
close of Thursday, when higher prices asked brought transactions within narrow limits, and the market to day presented
The
flour
similar features.
The specnlation in wheat for future delivery was tame and
Operators were in doubt about
spiritless early in the week.
the possible effect of various matters. But on Thursday the
turn was strongly and distinctly in favor of the bulls, and the
dealicgs were on a large scale. Crop accounts were undoubtedly bad. There was a cold drought in the Northwest, very
unfavorable to spring seeding, cable ailvices were stronger,
the political advices from Europe were not peaceful,
and reports from Washington indicated the early passage of a
silver bill.
All these influences stimulated buying for the
rise, besides causing a demand to cover contracts, and the
advance yesterday was 3i^@8c. per bushe', the di<:tant deliveries improving most.
To-day the market was irregular.
There was a little "corner" on May deliveries, which carried
the price for this month to $1 00% on the "curb" after
'Chatige, while in the regular hours values of other months
were very unsettled. Cable advices disappointed the bulls,
and there were reports of the fall of needed rain in the Northwest. The spot business is limited by advanced views of
sellers, but choice spring sold to-day at f 1 02J^(a$l 03.
DAILT CLOSniO PBIOBS OF HO. 2 BBD WDTTEB WH>A».
Wed.
Sat.
Man.
Thuri.
96i«
95 13
May deli very
0. 96I4
98%
99 >•
961s
93''8
94 14
94=8
June delivery
94^
a.
97»i
97«i
96I4
92 13
93 1«
July delivery
0. 921a
92
96
August delivery
90=8
91
93'9
0. 90 14
90
94
93<>8
9018
89=8
September delivery
0.
90\
933(1
sg'a
9238
December delivery
92
93
0. 92H
96
95\
Indian corn was quite depressed early in the week,
through the eagerness of sellers to realize, but smart
advances took place yesterday and to day.
As prices
gave wsy there were large purchases for export with a
good home trade, but as prices advanced regular business,
whether for export or home consumption, became very small.
To-day choice white brought 46}^c., but that is an extreme
figure.
DAILT OLOSUfO PKIOES OF HO. 2 MIXED CORK.
Sat.
Tuet.
Fcrf.
Thurt.
Mon.
delivery
0.
c.
c.
c.
Jane delivery
39%
39%
39'8
3958
4038
3919
39%
39 14
39 °8
40»9
403s
Fri.
4II4
4m
41%
4038
4038
41
40
40»r.
42<^
41
August delivery
41
41 »8
411a
41''8
4178
4138
4238
43 >s
42
September delivery
c.
Oats have further improved. There have been further purchases for export, and prime grades of mixed are scarce.
DAn.T 0I,OSINO PBIOBS OF HO. 2 MIXBD OAI8
Sat.
Mon.
Tuet.
^ed. 'Thurt.
tri,
30^^
31^9
32
30%
MaydeUvery
C. SCj
32%
i9''8
29-8
29%
3038
SO'g
June delivery
c.
31^
July delivery
July delivery
c.
30i«
3OI9
....
30%
Si's
31%
steady and prime State sold tc-day at 60c. Barley
nearly nominal.
FLODB.
Fine
$4 753$5 25
V bbl. $2 00992 25 Patent, winter
2 259 2 75 City shipping, extras
4 40 » 4 5
gaperflne
2 609 3 25 Kye tloar, superfine.. 3 109 3 25
Extra, No. 2
Fine
Extra, No. 1
3 259 4 00
2 759 2 90
Clears
3 50® 4 20 Com meal—
SiralgbtBi
4 25» 5 00
Western, Ac
2 259 3 40
Brandywlne
8 45^ ....
Patent, spring
5 009 5 75
Kye
is
ai
Vlieat—
Open
6 25
6 8?
'i9.
Clot,
628 629 628 629
628 629 628 6 89
628 9 29 628 6 89
62» 6 30 6 29 680
630 6 32 680 6 32
8 32
Taei., Apr.
d.
May
May
Saturday Monday. Tuetday.
Spot.
Tk r*.. Mar
We^lnes. Apr.30.
The particulars of these shipments, arranged in our usual
Ibrm, are as follows:
Antw'p
«37
0.
90
Spring, per bush-..
Spring NO. 2
Bed winter No. 2
Red winter
..
White
Com—
0.
«1 04
— » —
•
99i9»l 01
85 •102
90 •102
Rye—
Western.. V bu
State and Jersey
Oats-Mlxed
White
No. 2 mixed
No. 2 white
0.
..
54 »
54 9
34is»
34is9
35 •
35 •
•.
59 >•
60
36><
41
36
36<«
Barley—
38 « 44
42139 43 13
2-rowed State
48 • 50
4-rowed State
60 • 62
Western yellow.;.. 42 • 46
Canada
65 • 72
42 • 46
Western wUte
The movement of breadstuffs to market is indicated in th«
(tatement below, prepared by us from the figures of the New
first give the receipts at WestYork Produce Exchange.
em lake and river ports, arranged so as to present the comparative movement for the week ending April 88, 1890, Wid
since August 1, 1889. for each of the last three years;
Weat'n mixed
West'n mixed N0.2.
We
THE CHRONICLE.
638
M
al—
'-ftpta
Com.
Jlottr.
Btij.ionuu Buth-Wlb:
139 481
90.925
Ohlttao
117.088
fti.eis
MUwankee.
176.288
12,000
Dnlntb
978.760
MlnneapolU
Toledo
Dattolt. .
.
.
Bt. Louis...
Peoria
Tot.wk.
game
Bame
3,493
9,76j
349.068
1,616
53.55S
89,81)
2 J. 184
65.235]
24.1'
1,132,475
40,10]
B.eOO
1,650
28.110
245.600
230.9 JO
4S9,0OO
Great Britain
Other European..
29,2 X)
2,750
China
411,952
192.237
188.023
101.510
51.490
50.308
1.759.540,
8.448,453|
2.030,8281
868,3I7|
1,435.963,
l,2ii8.49J
1.473.209^
1.863.155
1.918.182
I
I
9,113.103 102."66.78-:, 136,807.248
79.815,290 90,933.818
7,84'; 671
92S5t).m5
m.OM.SH
66.250.009, 23.412.232
63.768,453| 23.794,536
80.795.999 21,':8 1,500
5,007,013
1,321.179
Hew York
Boston...'
Portland.
Montreal.
Wheat.
Oom.
222,639
33,486
Bunh.
805,030
110,460
61,943
I
Flour.
Oatt.
Bbt:
60,776
49,485
2,179
Buth.
327.107
14,097
Sj/e.
Peai
Bnth.
Busk
43,.549
888
52,270
<
Plilladal.l
24.208
601.962
940,8?6
261,712
48,629
41,0371
432;
459,477,2,830,622
179,867
371,504
164,3591
678
18.000.
.5,^.352
132.000,
N.NewB..
30,300
ijVo
Blolim'd
43,549,
53,153
8'me time
1889...
217,513
1
,342,056!
75,095
The visible supply of grain, comprisiag the stocks i a graaary
at the principal points of aocuaiulition at lake and seaboard
ports, ani in transit by water, April 33, 1890
Baric,
Wheat,
Corn,
Oatt,
Bye,
busk
bush.
bush.
bugh.
fn ttore at—
buth.
25,207
68,079
New York
1,133,009
113,154 271,687
Do aUoat
11,800
8,300
6.400
Albany
67,500
41,000
51,000
806.0B1 1,053,257
7,89.i
12-i.Xol
166.156
BaflWo
30,000
Do afloat
424,000
924,000
39,000
72,000
Cileago
4,14<J,393 5,531,201
659,99 i 495,485 156,873
Milwaukee
709
609,338
52,193 116,820
Daluth
5,878,581
729.219 1,255,206
'"
"5,1 14
"1,753
Toledo
590.202
212,525
12,401
Detroit
200,886
8,456
5,704
11,570
3,297
40,000
30,000
160,000
Oswego
"'3,8"0'6
8t. Louis
763,683
341,863 i6o",926
22,806
Do afloat.
88,190
91,500
"1,000
"35!6o6
daolDnatl. ...
16,000
"iiooo
Boston
43,738
5,710
173,492
73,035
12,877
9l',612
9,291
Toronto
151,806
'63.965
Montreal
"92.i99
177,795
52,560
80,050
49,519 1,736.315
PUIadelpliia..
76,714
Pborla.
15.766
52,529 121,723
aijsd
""i',863
Indianapolis..
25,676
11,000 119.023
Boiltlmore.
333 534
837,812
91,921
"ii',37i
7,526',!)87
Ulnneapolls
65,185
74,677
290,000
aul..
Bt Pau
92,402
On Mississippi.
109,022
'iiigVo
On Lakes
546,000 2,173,787 547,014
61,000
25,000
616
16,422
2,494
2,109
1.589
5.563
1.308
1.716
13.185
1,158
Vii
121
1,853
11,362
1,100
97
48
119
104
22
1,217
40,811
846
49,473
25,990
846
75,463
186
48
812
""631
*
Total
China, via Vancouver
ll,<-58
Tjtal
51,869
1,217
Prom New England mill points direct.
The value of the New York exports since January
There was a more active undertone in the market for staple
cotton goods, and there were some large transactioos in plain
and colored cottons, time concessions on the part of the mill
agents having induced package buyers to place liberal orders
for next saason. Brown cottons were fairly active in commission circles, and prices ruled firm, with an upward tendency, pepperell fine browns ha-ing bifen advanced ^^c. per
yard. Bleached goods, wide thettings, cotton flacnele, corset
jeans and satteens were in steady' request and firm, and
colored cottons were rather more active in first hands, and
firmer in price. Printed atid woven c itton dress goods were
more or less sluggish in commission circles, but low prices
enabled jobbers to make a fair d'stribuiion of certain makes.
Print cloths were in moderate demind, and closed firm at
8%c. for 64x64s and 3o. for o6x60s, at which figures there
were more buyers than tellers.
1S90.
Slock of Print OCotht—
Held
A-prU 26.
375,000
43,000
None.
12,000
Providence manuT'ers
Fall River manufacturers
Providence speciUatora
Outside speculators (est)
1)F
6.700,4a9 1,462,226
3,73S,894 305,356
4,372,596 329,580
Friday P. M.,
May
for imported goods at first bands, and the jobbing trade
to expectations, but a fair distribution of dress
goods, silks, &c., was made through the auction rooms. The
most staple fabrics are steadily held by impoiters, because of
uncertainty regarding the impending legislation on the tariff.
Importatlona of Dry Goods.
The importations of dry goods at this port for the i/eek
ending May 1, 1890, and since Jan. 1, and the same facts
for the corresponding periods of last year are as follows
3
986,178
911.270
854,968
926,805
474,271
to
:
P:
il
g;
B:
OIWMM^
2, 1890,
Mit.*^tO<l
hands was spasmodic and
irregular the past week, but business in certain dtpartmenta
active,
some descriptions
:
s
£=
S:
for dry goods at first
was decidedly more
71.000
and irregular de-
was hardly up
THE DRY GOODS TRADE.
New Yobk.
59.000
light
i=
The demand
1888.
April 28
30,000
35,000
None.
6,000
37.
mand
o
3,612,652 1,027,383
3,'<20,6i4 1,046.488
1889.
46,000
10,COO
None.
3,000
AprU
430,000
Total stock (pieces)
Foreign Dry Goods —There was a
,
Apr. 26,'SO. 23,9P2,168 14,326,03 >
Apl. 1S,'90. 21,513,272 17,855,506
Apl. 27,'89. 26.04'2,209 12,526,190
Apl. 28,'8S. 32,473.',i43 8.530.311
ApL 30,-87. 47,172,611 18,647,022
have
1
been f S,3;6,090 in 1890, against $3,383,761 in 1889.
.
Tot.
Tot.
Tot.
Tot,
Tot.
376
9,086
1,276
2,733
3,659
6,631
1.
3,313
'
from—
Tot. week.
38
100
Arabia
South America
211
24
100
1,663
India
Alrica
West Indies
Week. Since Jan.
1.
1.715,682
Tie eiports from the several seaboard ports for the w^eli
enline April 36, 1890, are shown in the annexed statement.
Balttm're
N. Orl'ns.
93
Central America...
I
1889.
Week. Binee Jan.
27,520
700
1890.
New York to Apkil 29.
1,063
13.224
14.192
I>8tt3.».f4
Mxporu
at $70,775, their destination being to the
points specified in the table below
packages, valued
43,600
135.881
C9i
234,588
Btnet Aug. 1.
1880-90....
1888-89....
128.6 to
10
Domestic Cotton Goods. The exports of cotton goods
from this port for the week ending April 29 were 1,217
3.367
16.'?
wk.'88.
69.0
IJ»
5.740
88.751
iil,V99.
-so,
wk.'bO
166,5<)3
1,683,719
26.I18J
—
Rtia
Bu. St
lb>
60.071
80,180
2,842
OleTeland.
Barley
BlM)l.S2
[Vol. L.
'Sp-
of staple cotton
MO
OM
goods in particular having been freely taken by jobbers and
the manufacturing trade. The tone of the market for domestic cotton goods was much firmer, and while some prominent makes of brown sheetings, ginghams, &c., were advanced
by the mill agents, discounts on other fabrics were considerably
lessened, though long prices remain unchanged. Domestic
woolen goods ruled quiet, and the demand for foreign fabrics
was mainly for goods adapted to next season, for which fair
orders were placed with importers. The stock of dry goods
belonging to the estate of the jobbing bouse of Harbisoa &
Loder (whose failure was reported a few weeks ago) will ba
sold at auction in a few days, the proposed compr.jmise with
the creditors of the firm having been upset by the attitude of
one of the national banks.
Domestic Woolen Goods.—It was another quiet week in
the market for men's-wear woolens as regards new business
but there was a very fair movement in some descriptions on
account of back orders, and the market retains the steadiness
of tone reported for some time past, because of the moderate
stock on hand. Union and cotton warp fancy cassimeres
commanded a fair share of attention, bnd there was a moderate amount of new business in all-wool cassimeree, worsted
suitings and trouserings. Overcoatings were in light request,
with most relutive activity in kerseys, black and colored
beavers and meltons, and there was a steady call for cloakiniis, stockinets and jersey cloths by the manufacturing trade.
Satinets ruled quiet, and there was a light and irr. gular de
mand for doeskin jeans, flannels, blankets and carpets at
first hands, but some vtrjr fair criers for soft wool and
worsted dress goods were placed for next season.
05 03
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