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HUNT'S MERCHANTS' MAGAZINE,
BKPRKSEJ^ riNQ THE INDUSTRIAL
AND COMMERCIAL INTBRESTH OP THE UNITED
SATURDAY, SEPTEMBER
VOL. 47
Week JCndino vtugust
%ht ^hxonidt.
1888.
Terms of Snbserlptlon— Payable in Advance
New York
EiH-opean Subscription SUMontln (Including postage)...
Annual subscription in IiODdun (Including postage)
do
Biz Mos.
do
do
6 10
11 28
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Issued once in two months, and furnished without extra charge to
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file cover is furnished at 50 cents; postage on the same is 18
MBta. Volumes bound for subscribers at $1 00.
A
Terms
504,141,672;
of Adrertising.
ihara.)
(979.234)
(a»6,«J0)
tjntei.)
butheU.) (131,B36.387)
bblt.)
(18,922,000;
(Stockt
(Cotton
iQrain
(Petroleum
London Agents
O.
B. DANA dc Co., Pnblialiera,
DANA (1VII.I.IAITI
<
103 William Street,
YOUK..
FLOTO.
Post OypiCE
(
-2-8
3*31
543j3l,9S«
+7-6
(1,499.9661
f-36-0'
(-23-6ii
(906,631)
(253,000)
(-0-8)
(-18-9)
(S9,Ci74.440)
(+9074
(24,916,060)
(-^9•l)
77,831,819
4,087,600
1,867,722
961,435
866,881
859.459
-(lS-1
—21-9
-tl60
4-270
984,1.76
+12-0
677,797
-(-5-9
NEW
958.
Box
I
H-8-8
87,036,689
+10^
Philadelphia.,
PlttsburK
63.5.35,396
-i-5-7
10,(537,616
60.647,824
»,S66 fl2(
9,894,918
-fl08
Baltimore
-t-13-2
88,890.380
10.494.069
12.310.147
-Hi-8
73,985,753
68,899,662
-fr4
86.894,636
-i-M-8
58,518,486
40.334.616
Cincinnati
8,041. ,15C
8,840.20(1
-H8-6
-S-9
Milwaakee
8,601,711
4,270,818
8.618,120
S.718,H42
1.569,923
87,471,689
8.818,000
3,718,899
4,447.206
1,623,962
a.793.887
1,813,949
1,146.936
8.703,918
3.385,8eO
Portland
Worcester
BDrlnicfleld
Lofrell
New
Total
England.
9,812,742
,
Chicago
Detroit
Indianapolis....
1.825,.')89
8,114,395
1,796,S92
980,948
3,029,630
3,243,506
2,498,848
2,974.049
681, "57
Cleveland
Columbus
Peoria
Omaha
-f9-8
-4 8
-I-4-9
-192
44-1
-1-22-9:
—3-2
-H4
8
•1-18-3
8,91)1,722
-t-6!
—10-4
-14-4
2,004,153
1.148.322
2.841,403
2.956.238
1.959,122
3,672.676
-(•14-7
-19-8
-f27-6
—190
-(212
-2
4:18, 75o
2,4111,(191
3.662.610
552.837
eoj.o;9
2,285,680
323.95'
-6-2
+6-5
+9'4
-t-8-4
-l-19<
-fao-i
-^B•s
«-7
—
+0-2
-hl9-0
-HO
-9 9
-18-0
-ts-e
H-Sl-9
t«-7
+5-8
-5-7
-HlO-8
-1-X
t>0tt,457
621,084
2,813,878
333,786
987,1811
98,090,120
68,711,117
Orleans...
Louisville
17,078,898
1,429.578
S,413,ve9
4,878,897
Kansas City....
7,597,9410
824,856
700,400
497,668
14,748,029
1.120.799
3,919,308
4,860.306
6,509,746
694,015
1,152,853
413,110
-1-204
619.37''
85,919,666
33,218,168
-1-8-1
37,245,934
-H-7
15.518,677
15,701,288
17,340,060
—105
870, 898,814
+T9
72 711117.868
+ert
Wichita
Duluth
Topeka
dt,
Bt.
Lonts
Joseph
New
The preeent exhibit of clearings— that for the week ending
August 25 — is without any important features.
A falling off
from the week ending August 18 is to be noticed in the total
at New York, eyen though stock exchange operations show
an increase. Outside of this city, also, a loss is recorded, so
that in the whole country the decline from the previous week
87.1100)
72.217,474
New Uaven
Total Western.
CLEARING HOUSE RETURNS.
(
(20.768,0»2) (-f634-3
(18,6,0,0001
(-9 0.
78,539,561
Hartford
Minneapolis
•t Is. each.
fOHM
619,112,811
3,695,800
1,262.107
942,106
890,654
891,108
98«,7B7
646,8 ;8
69,324.(141
Denver
Messrs Edwards A Smith, 1 Drapers' Gardens, E. C, who will take Bt.Paul
absoriptlons and advertisements and supply single copies of the paper Grand Rapids....
B.
P. Cent,
1880.
6S.126.815
3,774.700
1,202.803
1.185,851
856.811
7i6.121
857.878
608,902
Boston
Providence
Total Middle...
Advertisements ordered for less than one month, In the Comsiercial
A FiSAKClAL CUKOsicLE, are published at 25 cents per line each insertion. When orders are detluitely given for one mouth or longer, a liberal discount is allowed, and the net pricei may he obtained on application at the olHoe. The lowest rates on permanent cards definitely ordered for one year are 8 cents per line each Insertion, maliing $58 for
one Inch space one year. Space is measured In agate type -1 4 lines to
the inch.
WILUAH
Week End't Aug. 18.
SS.
P.Ctnl,
1887.
1,210.
Sala of—
:
$10 20
For One Year (Inoludliif; postage)
For 81s Months
do.
European auhacrlptlon (Inolndlng postase)
NO.
1888.
1,
STATES.
Memphis
Ualveston
Norfolk
Total Sontbera...
San Francisco
Total
all
Outside
New
Tork.
-I-185-I'
-1-38-4
241,180
808,496.S.19
705.860.486
302.053.76?
278.747.874
"
-|-S5-ii
-^36•8
-H131
98,750,709
-Hsa
-H6-8
17,235,806
1.327,066
4.498.999
4,76u,9«6
7.201.040
1,097.771
604.290
-H-7
-i-276
—12 9
-60
-hl6-7
-1-1 8-8
-89-2
+9-4
-ITl
-Or*
-1-8
+Ti
-l-2e»
-I7-»
t-28-5
reaches nearly sixty-four millions of dollars. This decrease,
The returns of exchanges for the five days as received by
however, does not indicate conclusively that the volume of
The t otal for the seven cities
business has diminished, but it does denote that payments, telegraph are given below.
whether on account of current or back transactions, have net exhibits a decrease from the corresponding five days of last
been as heavy as a week ago. Crop prospects continue good week of about twenty-two millions of dollars, and in comparison with the similar period of last year there is a loss of 16'3
generally. Of course there has been damage of late in
some
localities,
but the present outlook
is
for a large yield of corn
In comparison with the similar week of 1887 the clearings
at New York record a decline of 2-8 per cent, but in the total
for the whole country there is a gain of 1'3 per cent. At
twelve other cities, abo, the present year's figures fail to reach
those of last year, but it is only at Galveston, New Haven and
St. Paul that the lorses are worthy of note.
On the other
hand, at quite a number of points, more particularly in the
West, heavy percentages of gain are exhibited. They are, in
order of prominence, Duluth 185 ptr cent, Topeka 384, Denver and St. Joseph each 27-5, Lowell 27, Worcester 22'9, and
Grand Rapids 21 '2 per cent. Contrasted with the corresponding period of 1888 the excess reaches about 4-5 per cent.
Operations in shares on the New York Stock Ebcchange for
the week covtr a market value of $57,192,000, against $78,210,000 for the week of last year. As is our cuRtom, we
deduct two-and-a-half times these values from the New York
totals to arrive at the exchat ges due to c ther business, the
result reached being $376,461,572 and $323,587,811, respectively, in the
two
years, or
per cent.
On the basis of these telegraphic returns the estimate
week ended September 1 would seem to point to a
for the full
and most other products.
an increase of
16-3 per cent'
decrease compared with 1837 of about 15 '7 per cent. Messrs.
R. G. Dun & Co. report the number of failures for the week
ended Friday night as 226 (202 in the United States and 24
in Canada), against 214 last w«ek and 199 for the week of
last year.
Week EnUnt
JMurtu ^v TelttrapK
1887.
1888.
Raw
Terk..
,
Sttta of SttKk OAarw),..,
BoetOD
PhUadelphIa
Baltimore
Ohicaco
,
SLLooli
IfawOTlMiM.
Sda7S
Kttlmatad 1 day
Total.
....
Total full week..
Balance Oountrr*..
Total wook.all.
•
ITmIi Bnd't Auv.
Stpt. 1.
p. Cent.
1888.
(911,0671
(1.606.158)
-20-4
[-39 5)
65,649,016
48,887,078
8,998,469
«7,131.0OO
13,807,810
S,407,9&4
61,791,109
44,888,641
9,597.199
-9-9
-S-8
-0-8
00
M,6«S.6)«
-05
8.408.051
-0-0
44,91S,5«e
8.926.149
49.698.000
14.SU6.940
3,418,209
"673,274,918
123,169,563
684.666.066
166,101,131
—16-3
—25-8
181.1 «8.4aa
e97.444.47«
100,849,100
850,067.187
96,870.113
401.394,036
504,509.500
79-i
593
.',-<?
47.350.1
0(7
o:17 3110
For the fuU woek, basod on lut week's retariu.
HI
—18-0
-f4-7
415.461,695
(848.110)
68,805,919
59^533,474
710,061.930
90,267,118
ii
P. CImf.
THE CHRONICLE.
240
mum,
THE FINANCIAL SITUATION.
[Vol. XLVTl.
There has been no apparent change in money the past
week. On call at the Stock Exchange, loanable funds
seem to continue in as abundant supply as ever. One
who confines his wants for money to contracts from day
per cent,
to day, can get it in large amounts at 1^ to 2
and loans of bankers' balances at the higher rate have
At
being yesterday at 2f @2f per cent.
open market rate
is
2^ and
Paris the
Berlin and Frankfort
at
it is
If per cent.
Oar foreign exchange market has been inactive all the
week at 4-85^ for long and 4-88i for short. There has
been a
made
little
supply of cotton
better
the tone for commercial
bills,
and
this
has
a shade easier; a further
increase in offerings against cotton is looked for in a
been so rare that the average for the week has not been few days. As already said, the cotton crop being late, its
much above the first-named figure. The explanation of movement will be late, and as speculative business in
this condition is the small
demand, due
slack specula-
to
deposit
tion, and the presence of considerable balances on
to the
shipment
needed
for
be
are
liable
to
here, which
West
South very soon.
or
The movement
currency
of
not indulged in to the extent usual at this
sterling
is
season,
bills
shipments
against future
appear
The arbitrage operations have brought a few
the market,
but
slowly.
bills
into
been promptly absorbed.
they have
South is delayed, the cotton crop being late; and further The tendency is of course towards ease, as the
more even the sales of bills of exchange in anticipation of time is rapidly approaching when there will be much more
future shipments are less than usual at this date, abundant ofierings of commercial; but in the present state
bankers not being inclined in the present state of the o;t European money markets bankers will not anticipate but
money markets in Europe to indulge in speculative sales await events, and this waiting makes the market dull.
As
of sterling.
a consequence
wo hear
daily receipts of currency from
the usual shipments at this period
New
this
week
of small
Orleans instead of
— a movement, however,
which will not continue, there being evidences of a speedy
change as the week closes, our city banks reporting large
discounts for their Southern as well as their "Western correspondents and notification of larger drafts shortly. In
fact, the last few days the drafts have been growing
and the direction of the currency sent is
There is no change in call
a wider range.
companies,
the rates
trust
and
at banks
heavier,
heretofore
as
still
reported,
2
enough on the market through the fall to bring
But the belief among bankers is
that there will not be much gold moved, all the European
be
bills
considerable gold here.
banks holding their hoards with great tenacity. This
guarding and defending the hoards of gold so zsalously
taking makes the future situation puzzling.
Yet if our imports
money continue to increase as they have during past months, we
being
per
to
Should present anticipations respecting the needs for food
products in Europe be realized, and we be able to sell our
grain and flour at the higher prices ruling, there ought to
cent,
may
things and solve the problem
equalize
the majority of the transactions being at the higher rate,
ducts at high prices.
ome
tistics,
of the largest banks having nothing
out below that
by taking
Europe's products at high prices in return for our pro-
Mr. Switzler, of the Bureau of Sta
has this week issued his trade report for July, and
and others being out of this branch of the market. we see he makes the imports for that month $61,329,000,
Banks also report time loans in more active request against $56,593,000 last year and $49,115,000 in 1884.
though most are doing nothing in them except for their The statement made up in our own usual form is as folfigure,
customers; but brokers
such loans
is
still
claim that the inquiry for
not urgent, their quotations being 3 per cent
lows.
PORKtON TRADE MOVKMEXT OP THE UXITED STATES— COOOS
for sixty to ninety days, and 4 to 4|- per cent for four,
five and six months, on first-olaEs security; we hear of
Ytcer.
one large concern which has placed this week in this way
some money at sixty days at 4 per cent. Commercial 1888.
paper
is
oSering in fair amounts, but the purchases are
by out-of-town
institutions; quotations are
sixty to ninety days
for
endorsed
4^@5
per cent
bills receivable,
5@5f
months acceptances, and 5^@6^ for single names
having from four to six months to run.
for four
The Bank
minimum
of England's advance in the ofBcial
Jan....
Fob...
Mar...
Aprtl..
May...
Jane..
July...
Bxct—
Bxvvrt: ImvorU. of
«3.051
56,685
30,749
48,844
4T,087
44,687
43,238
all to transfer for
the time being to the banks of
Germany
and France the burden of sending the gold required for
South America. Those who have engaged to send this
gold are reported to have paid 1 per mille premium for
Napoleons at Paris and taken 20-mark pieces at Berlin. A
further effect of
which
are
each
the advance
week going
Our
is
seen
into
the
in
the amounts
Bank
Eng-
Exceti
Ex-
portt,
port*.
0/
Imports.
porta.
(
t
$
t
$
%
4,*1
S8,B14
6«,856 •10,171
63,041 •ia,292
60,805 •11,861
60,483 • 13.396
6ti,930|*lS,«»3
61,829 '16,061
Total 35«,3ll 433,948 •r».63issr. 379.7811 414,073|"34,887
18S6. 3SO.4I0 3S'l,244j *3,834
and the knowledge that there will be a fur>
tsss 3S!i,0« 330,137
ther advance if needful, is having its natural efiect upon 1884. 398.1ii5 3Hr,882
1883. 451,092 409.106
the money markets of the world. It has served first of
* Excess of imports.
to 3 per cent
Ex.
port:
%
SILTKB.
OOLO.
MERCHANDISE.
see
1,014
2,271
748
319
293
!
347,1
624
1,667
488
USB
7,877
3,154
3,830
+228
+653
1,785
+210
+7,658
+a.8si
+3,488
1
r,658
4,977, 39,91M
port*.
3,238
2,U8
3,953
1,366
3,124
3,123
3,250
BIB 14.248
+34,942 15,246
(
1,196
1,170
1,050
791
1,035
916
1,097
7,855
8,882
8,8tt6
+654 19,99.'! 10,249
7,572
1 0.243 10.84>' 39,839 +!i8,993 13,439
470 13,614
7,043
41.986 8,217 4,747
51,951
t
r,836
Excess
8,339
Excut
Bx.
of
port*.
5.3881 18,596 +13.208 16,172
8,174
Omitted.)
t
1,04
948
3,903
575
1,089
1,207
1,153
8,917
3,386
6,350
9,736
7,867
6,672
of exports.
It is interesting to note that the total
imports of mer-
January are considerably larger
the present year than for any previous year given, the
most marked contrast being between the $433,948,000 for
chandise since the
1888 and the
$104,000,000.
first
of
$330,137,000 for 1885, a gain of nearly
These figures are well worth studying.
Another decision has been rendered sustaining the
Western railroads in their contest against the arbitrary
reported the total
day
this
week so obtained and unjust action of State Railroad Commissions. Judge
from Australia and other sources at £464,000, while from Fairall, in the case of the Rock Island Railroad against
the interior of Great Britain the receipts were £134,000
the Iowa Railroad Commissioners, has continued the prethe exports being only £68,000, chiefly to Lisbon; and liminary injunction restraining the Commissioners from
making the net gain to the bank £530,000. So long as a putting into efiect their schedule of lower rates. The
3 per cent rate is thus able to deflect the demand and to Rock Island brought this action in the State Court at
draw floating supplies, there will most evidently be no about the same time that some of the other roads brought
In the open market, London, rates of an action before Judge Brewer in the United States Cirfurther advance.
discount for sixty day to three months bank bills, as re- cuit Court.
Judge Brewer's disposition of the matter is
ported by cable, keep up quite close to the official mini- well known, and was referred to by us in our issue of
land
from
abroad.
special
cable
of
yester-
.
SErTEHBER
1,
THE CHRONICLE.
1888.J
241
Jadge Fairall now arrives at the same conclu- labored under great disadvantages. Its interests lie in
and expresses views similar to those uttered by Jadge having the northbound traffic go to Chicago, while thoie
rewer only that in some respects the language of of the Missouri Pacific lie in the movement to St. Louis,
idge Fairall is even stronger and more emphatic, and naturally the latter rather than the former baa been
uly 28.
ion
—
numerous authorities in support of his
and especially the remarks of Chief Justice
aite of the United States Supreme Court, in the case
Stone vs. the Farmers' Loan & Trust Company, declarciting
ter
ition,
that the
ig
power
At limitation
is
to regulate is not
power
a
to destroy,
not an equivalent of conSsoation under
and
tense of regulating fares
freights, that the State
not require a railroad company to carry without
I
Judge
position the road has not been able to
of its
anomalous
make advantageous
arrangements for the interohange of traffic at Hannibal,
and consequently has been delivering more traffic to the
roads at those points than
it
has been getting in return.
has also suffered by the hauling of some of
its traffic
It
over
parts of the Missouri
Pacific system rather than over its
own
This transfer was
pieces of road.
many
in
cases
on the principle of economy, the Missouri Pacific
points out that though the members of the State Commis. having the shorter line, but as the Kansas & Texas got no
eioD are vested with the discretion to make rates, the compensation for the origination of the business the advan-
ward
f
— after
re-
Then by reason
especially developed.
rates
;
citing
these
authorities.
must be compensatory.
Commissioners make tage has been all on one side.
& Texas has been charged in
for the services to be rendered, then they (the
Com-
missioners) abused the discretion and were wrongdoers,
'
justifiable
Furthermore, the Kansas
" that the carrier would receive no re-
the rates so low
ward
If the
Fairall
&
International
full
with the
diverted to the Missouri Pacific.
traffic is
deficit
on the
Northern, while 70 per cent of the
Gt.
In reference to
would seem "that in equity
^^'
^Hf^ commands of the statute that required them to make "the entire system (Missouri Pacific) ought to bear so
^^Vjust and reasonable rates, and in violation of the "much of the loss of the International &: Gt. Northern
^^v constitutional provisions which restrain the State as well "as the Kansas & Texas could have earned from its busi"ness if allowed the transportation."
Finally the comits ofiScers from making and attempting to enforce
^^Kby law rates which were not compensatory." Tnia Ian mittee think that as the Missouri Pacific reaches nearly
P^hage, which we have taken from the report in one of all the important business points on the Kansas &
our Western contemporaries, would teem clear and em Texas, it would become a dangerous competitor in case
same time the Kansas &
phatic, and being the decision of a State Judge, and com- of separation, but at the
ing after a previous similar opinion by a United States Texas would then be equally dangerous to the Missouri
were
for the reasons that their acts
in violation of the
the committee say
this
it
^Hu
Judge,
is
especially important.
well to state that
It is
Western roads have now had three rulings in their
two by Judge Brewer (the
favor in a very short time
second being on the question of switching charges in
Minnesota, where the doctrine was laid down that neither
direc'Iy nor indirectly could a State enforce rates which
did not pay the cost of the service), and the present de
cision by Judge Fairall.
The subcommittee appointed by the executive committee of the new board of directors of the Missouri Kansas
& Texas elected a few months ago has this week renthe
—
lered its report.
It ia a
lengthy document,
full of details
and finances, and the latter portion of the
same we give in full on another page. The committee
nake no recommendations, but confine themEelves to a
simple presentation of the facts bearing upon the case.
as to traffic
It
can not be said that they are able to present a very
tering showing as regards
dition.
fair
the road's position
or
ever, that the traffic does not
&
Texas.
"demand
They
say,
&
how-
so great a repara-
— that
the greater
usually
&
Texas would not be without valuable northern connections.
There is no change in the character of the reports of
show
gross earnings, the exhibits as a whole continuing to
gard to net earning?, there are some roads
With rewhich make
as for instance
the Central
improvement over the large
specially favorable exhibits
totals of last year.
—
New Jersey, the Norfolk &
Western New York & Pennsylvania,
of Georgia, the Central
ern and
the
Westall
of
but on a great many
which show large gains for July
other companies, and especially the larger ones, the chief
;
feature
still is
increase in
the great
expenses, fresh
illus.
ing the operations of
Great Northern, and somewhat over three million dollars
of Kansas
is
In the event of a separation they say the Kansas
loser.
flat-
$1,721,904 for the 909 miles of International
for the 1,460 miles
perhaps, suffering most, as in such
latter,
con-
They think that to put the entire system in
order would require about 4f million
—
—the
the wealthier corporation
which are seen in the July statements of the
Philadelphia & Reading and the Pennsylvania.
As compared with the same month last year, the Reading (includ-
working
dollars
Pacific
cases
trations of
gained $630,686
net,
tlie
Coal
&
Iron Company) has
gross receipts and only $7,643 in
in
owing to an augmentation of $623,043 in expenses.
In this case the augmentation
the Coal
&
is
chiefly in the expenses of
we
also have the statement
which on gross earnings increased
Iron Company, but
of the Pennsylvania
only $168,042, shows $243,173 larger expenses, leaving
thenet actually $75,131 less than in July, 1887. Here is
would suffice, a comparison of results on the Pennsylvania for a series
$1,090,700 being for the International & Great Northern of years past both for July and the seven months.
and $1,749,330 for the Kansas & Texas. They state that
LnfXB G&gT or
1883.
1886.
1885.
1884.
1887.
PtTTSBOHO.
in its original construction the Kansas & Texas seems to
July,
*
t
I
«
*
have been built more with reference to the acquisition of
tion of all of the parts of the system"
considering
resent needs an expenditure of $2,840,030
—
Qrom earnings,
certain
land grants than with
reference to the advanta-
eouB transaction of business, that the interest charge
is
and that neither the Kansas & Texas nor the In.
ernational & Great Northern has at any time earned full
eavy,
charges.
They
...
4.822,'! 13
4,654.370
Opent'K ezpenau.
3.324,002
3,080,830
N«t Mmlnira...
WeitKiiUDes
1,998.410
Mtnlt
1,684.198
somewhat over OroiiMtminga
Opemfg expenses
upon the property,
Net eamlQjts...
new mileage which the bonds Western llBfls
find that prior to the lease
were sapposed to cover, and they also give it as their opinion
that the road has not had the proper repairs in recent
jears.^On the other hand, they show that the system has
3,685,106
3,535,056
8,989.086
3,507.969
4,180,950
2.638,216
1.403,734
-flSl,e73
1.673.541
1,580,628
1,160,040
1.S91.1I6
-l-lSO.eOH
-1-362,608
-87,106
+61,606
1.834,140
1.843,136
1,122,041
1,443.811
I
33.680.01! 3i,ois.oe4 27,806,841 125,004,606 37,<<23,334 38.483.639
33.880.443 i»,6«7.170 18,356,6801 17,834,780 17,818.078 18.471,960
a million dollars bonds were charged
without an equivalent in
4.366.877
9,776.049
Result..
10,291.160 10,457.034
-154,012
1
10.187.181 10.700,814
Taking the montti
735
reater
-f 201,800
than in
first,
we
0.300.353
7,670.008
0,6O3.3S» 10.011.560
-3S3,415 -1034,108 -713,180
8.097.ffl:
6,658.710
find that
1885, the
+887.648^
8,780.108 10,849.30(1
with gross $465,
net in the same time baa
THE CHRONICLE.
242
XLVU,
[Vol.
For the Ee7en months the in business methods and in legal relations are no less imthough the gross has portant than differences in engineering or in triin ecounet is $166,000
As compared with two omy. This view of the matter is specially pertinent
increased If million dollars.
years ago, gross has increased 07er 5 million dollars and to-day, because an Act of Parliament not unlike the
increased less than
less
$18,000.
than
last
year,
Intar-State
net about a million.
The stock market has
much
folio i^ed
the same course
Commerce Law
is
on the point of going into
effect.
—
It may surprise some of our rea ier3 to know that the
weeks that is to say, with moderate
English
lasur is more stringent toaa the American.
stocks
Yet
some
activity there has been great strength, and
special
suca
is
the
case;
and
such
has
been
generally
the
case
in
no
been
There
have
have advanced considerably.
the
past.
There
have
been
variety
Judge
a
of
reasons
why
of
decision
that
the
week
except
developments this
Brewer in the case of the Iowa schedule of rates, has been English legislation has not been S3 destruc'.ive to property
reinforced by the decision of Judge Fnirall, taking sub- rights as American; but the amount of actual restriction
This has had a stimulating has been much greater in England. Take the matter of
stantially the same grounds.
The English authorities have made this costly
efEect upon the granger properiies,but the espacially strong location.
The railroads of Great Britain are
features have been the coal shares and some of the Pacific in the highest degree.
Northern Pacific preferred particularly has capitalized at over $200,000 a mile. Part of this apstocks.
advanced sharply on the continued good reports of parer.t cost is due to a somewhat doub ful policy adopted
Among the coal shares, Lackawanna has by the English companies of charging all improvements
earnings.
secured the greatest rise. Lake Shore and the trunk line to capital account; but most of it is due to burdens which
shares were quite prominent at one time, but the rise in have been artificially imposed upon the roads by outside
Take the expense for right of way and the
them has not been so continuous or pronounced as in authority.
some of the others. Tne upward course of the market is vaiioas items under the head of " land damag-s." In
Even in
controlled largely by the expectation of an exceptionally most countries these are trifling in amount.
heavy yield of corn, and of course with each day that France or Germany they are not large. But in England
passes without frost the prospect in that regard is brought they are estimated to be as high as $30,000 a mile— sevnearer assurance. At the same time there is the knowledge eral times as large as anywhere else.
But even this item of cost is probably not the most
that the European grain crops are deficient and that we will
burdensome.
deficiency,
assuring
"When they had obtained the land the
be called upon to supply some of the
better prices than in most other recent years to our agri- English companies were forced to placa their tracks at
such a level as to avoid grade crossings, even for roads of
cultural class for their products.
The following statement, made up from returns collected trifling importance. To some extent this was aa advanby us, shows the week's receipts and shipments of cur- tage to the railroads; but it was by no means worth what it
cost.
It prevented emergency stops; but in other respects
rency and gold by the Mew York banks.
it was not always suited to the requirements of railroad
Shipped by
Received by
Net interior
Week ending Auq. 31. 1888.
transportation.
The avoidance of grade crossings someMovement.
N. T. Banks. N. T. Banks.
as in other recent
Currency
Gold
$3,798,000
$1,400,000
Loss. $1,'^88 000
713,000
The
and the alignment of Eoglish roads show that the
$200,000 a m'le was not spent with a viev to good railroad economy as its sole object. In the absence of detailed statistics, it is not sife to say mo:e than this; bat
there are many reasons for belie ;ing th%t the main lines,
in England, in the mater of grades and curves, are at a
positive disadvantage as compared with those of America
times increased grades instead of lessening them.
profile
Total gold and legal tenders....
Taking the foregoing
Out of Banks. Net aiuingt in
Bank HoMingr.
Into Banks.
Banks Interior Movement, as above
Sub-Treasury operations
Total gold and legal tend era
as beloT.
is
eixMng Aug. SI. 1888.
The following
Loss. $2,030,000
in connection with the Sab-Treas-
ury operations, the result
Wwk
$3,510,000
$1,460,000
$1,160,000
7.600,000
$3,510,000
9,800,000
Loss. $3,050,000
Loss, 2 000 OOO
$9,080,000
$13,110,000
Iloss. $4,050,000
...
amount of bullion in
week and at the corres-
or Continental Europe.
Not
table indicates the
the principal Earopean banks this
ponding date last year.
SO. 1888.
Sept. 1, 1887.
0/
Ooli.
£
Bngland.
Vranoe
Onrmaay*....
Aust.-Hung*y
Netherlands..
Nat.Belglani<
Matlonal Italy
Totoi.
OoU.
£
£
£
20,831,944
43,817.301 19,260,148
82.488.H67 16.244.333
6,073,000 15.205.000
5,737.000
7,962.000
20.334,914
03.087.449
48.733,000
21,277,000
13,699.000
2.519.000
1,275,000
3,824,000
6.078.000
1,118,000
8,096.000
Silver.
£
lotot.
i
20.689,5'35
20.689,525
47.804.77347,792.030
24.283,600 18,192,400
6,513.000 14,898.000
4,974,000 8.101.000
2.513,000 1.250,000
6.983.000 1,118,000
95,598,803
40,481,000
20,911,000
13.165.000
3,769,000
8,101,000
Tot. this week llM7e,912 91.054.481 309,531,393 113.765.898 88,917,430 302
713,338
Tot.preT.w*>t
118,180,902 90.»83,937 J09.124.839ill4.42a.l8llH9.039,aiB
203,465,3^7
less
successful,
Parliament to regu'ate
tried a system of prescribed
different roads.
Aug.
Bonks
though
less pe-sistent,
the attempts of
maxima
rates.
have been
First they
in the charters of the
This failed completely.
They then
tried,
with partial success, to prevent d scrimination; in 1854
by strengthening the authority of tbe courts in this
matter, in 1873
mission.
The
by the
act
successful and did
of
es ablishment of
a railway com-
1854 was on the whole the most
much
to check secret rebates
1873 was di-jappointing in
;
that of
and the present act
is due to an effort to substitute something more efficient
in its place.
Like the Inter-Stite Commerce Act, itft
its results,
"^»ween ""W and sUver) given In our cable or ooin an d
K.,i»?
bnU on !"^"*S
In thn Bans of Germany and the Bank of Bel«lam Is
made
the best estimate we are able to obtain: In neitUer case ih It claimed from
to be
Monrate, as tliose oaaka make no dlutluotlon in tUolr waoKlv
reoorta
merely reporUDK the total gold and aUyer, but we beMeve
"oimvo tlw
uw
dlviaion
"»
uivision
make is
important parts are the short-haul clause and the provisions
with rugard to the Railway Commission.
LEGAL RAILROAD RESTRICTIONS IN UNQLAND AND AMERICA.
thing in England.
we
a dose approximation.
For the past two years there has been much discussion
of the comparative economy of railroads in
Eaglaod and
America. Toe various dilferences in operation in
the
two countries have been carefully analyzed, Tfo wrote
upon that suf.ject last October. Bat there is a broader
aspect, which is at leatt equally interesting.
Difterenoes
The short-haul principle, or provision against charging
more for a shorter than for a longer distance, is not a new
in
tbe Inter-State
nounced
more guarded form, as it stands
Act, it was judicially proEngland fourteen years ago. The
In
its
Commerce
to be law in
Eogiish Railway Commissioners have tried to carry
much
by applying
it
where the shorter
distance was not "included within the longer;" and the
present act, though somewhat vague in its terms, seems to
c mntenance this wider application.
But more significant
than the law itself were the debates which preceded its
fartuer,
it
to cases
Septembkr
1,
THE
1888.]
They show with what adverse
adoption.
ClIliONlCLF.
influences
Engliah railway property has to contend.
243
simply an extreme instance of what
pening in America in slightly
less
it
constantly hap-
obvious form.
Foremost among these is ibe House of Tjords. Great
From these alternations of favor and hostility Koglaad
as is the difference between the Lords and the Grangers, is practically free.
The policy which forced an unnecesthey are alike in representing landed property; and they sarily high cost npon the companies hindered the duplicafavor such rf adjustments of rates as shall beneBt their tion of roads.
If it burdened the investors in one way,
land.
The high rates for local shipments in comparison it protected them in another. The English law with
traffic seem to them an
and they are not willing to consider any grounds
of railroad economy on which such discrimination is
defended. This is not surprising; but it is a little strange
to 8°e the House of Commons fall into the same fallacy,
with the low rates for foreign
regard to rates, so far as
injustice,
way
where they have no personal interest in so doing. la the
debate on the amendments to the bill last month, Mr.
Chamberla'n stated it as a self-evident truth that if a
railroad could profitably carry any traffic at certain low
rates, h could profitably carry all traffic of the same class
at those rates.
Many others said or implied the same
thing; and the House on a whole seems to have accepted
their statements without much reserve. There was a time,
not BO very long ago, when the House of Commons would
have taken a more conservative position in this matter.
It may be a question how far the change is due to
increa-ed popular suffrage; but the change itself is pretty
the changed
selves slowly to
Add
shock to the inves'or.
less
is
traffic
obeyed at
it is
conditions, without sudden
to this the fact that English
we
how
see
be more restticted and
less
protected than
America, without involving the same
and the same danger to
may
the English railroads
those
in
fluctua-
liability to
investors' interests.
NEW
YORK'S POSITION IN OUR FOREIGN
TRADE.
Now
and then a discussion unexpectedly becomes quite
New York is losing, or in danger of
active as to whether
The
losing, her position in the foreign trade of the country.
subject
is
usually brought
up by some
trivial
circumstance
tending to show that on a special article or for some particular period of time this port has fallen
clearly evident.
its
immediately dependent upon special long-
distance rates, and
tion
made
has
all,
Matters have had time to adjust them-
gradually.
below her usual
In the face of adverse influenc-:s of this kind, the
proportions of the trade, and the inquiry almost always takes
English roaiis have not that protection which has proved
the form of an investigation to determine whether some
the effective one in this country
creased railroad
facilities.
—the
demand
for in-
In America, a violent attempt
much
to regulate rates checks railroad development so
as
of the neighboring ports are not gaining
Of
late the
our expense.
at
matter has received increased attention, be-
cause of the publication in the report of the
New York
was designed to State Railroad Commissioners of a table showing that in
benefit.
They are given an object lesson whose force the year ending June 30, 1887, the proportion of exports
they cannot fail to realize
and the more intelligent going from New York as compared with the year preamong ihem soon make up their minds that railroad ceding exhibited a marked decrease, while the aggregate
economy is not so simple a thing as they once supposed. from Baltimore disclosed an increase in about the same
Tne Bureau of Statistics, however, has now
It is this interdependeoce of the communitit'S and the amount.
injure thosa communities which
to
it
;
railroads which has contributed
more than
all
success of some of our railroad commiesions.
else to the
Both par-
published the figures for a year later
— ihat
the twelve months ended June 30, 1888.
is,
It will
covering
be inter-
compromise, for fear of something much worse.
In England the conditions are different, and seem even
examine briefly the outcome for that
year, and see how it compares with the previous years.
It is perhaps not surprising that a little uneasiness on
more
this point
ties
recognize their muiual relations; each welcomes an
intelligent
different than they are.
Hence the
relatively poor
success of the English Railway Commissioners.
lish public is not
dependent upon railway extension
protection,
but must s'and on their technical
Hence the
contest takes a
it
should occasionally manifest
The Eng- roads allow
the
;
Eoglish railways cannot rely upon this cause for their
form where
esting therefore to
lights.
por*.
differentials
in
itself,
as the rail-
favor of almost every other
Thus, for illustration, taking the rate from Chicago
as a basip, Pniladelphia
has a differential of 2 cents and
Baltimore a differential of 3 cents in her favor as com-
must be fought pared with
New York
on every
1
D
lbs. of
freight
moved
out in Parliament and in the courts, rather than compro-
to the seaboard, and this
not only on grain, but on
mised before a commission. This we believe to be a
fundamental difficulty; nor do we see good reason to hope
that it can be avoided by changes in the form of the commission, such as the present act undertakes to make.
other commodities as well.
To be
"Why
then, it will be asked, has English railroad prop-
sure,
all
such differentials
presuppose the existence of counterbalancing disadvantages
which the
differentials are intended to
but the disadvantages
t)e
may
overcome;
not always exist, or they
may
wholly evanescent, and they certainly never are very
American ? Why, in the midst of tangible. The differential, on the other hand, is an actual,
and fewer safeguards, has it preserved ever-present fact. In such a case, therefore, the circumits value so well ?
Partly because of differences in stance that 60 cents a ton can be saved on New York
financial methods
but to a large extent also because the rates by shipping to Baltimore and 40 cents by shipping to
restriction has been constant in England and spasmodic Philadelphia, might frequently outweigh all the indefinite
The depression in Granger stocks twelve considerations on the other side and give the ports in quesin America.
erty proved safer than
more
restrictions
;
years ago was not due solely to legislative restrictions.
It
tion the benefit of the shipments, rather than
New York,
But while these differentials novi are, and always have
many roads had been
under tihe artificial stimulus of the years 1869-1871, been, a ground for complaint, there is no proof that they
which were afterward subjected to the equally artificial have ever done more than make good the differences inrestraint.
Had the restraints of 1875 existed in 1869, tended. Of course, whether such an equality should be
only a few of the most profitable lines would have eaforced, whether New York should be thus shorn of her
been built, and the loss to investors would have been natural superiority and power, is a serious question, but
much less serious. It was not the duplication alone one we do not propose to diecuss here. "We have to do
was due
to the fact that so
which produced the
result,
built
nor the restriction alone; but
tto alternation of the two.
The
case just described
is
today with the situation as it i% with the fact of decline
and its causes. For it is an undoubted fact that New
THE CHRONICLE.
244
York's proportion of the foreign trade has declined somein recent years, though it is also a fact that the total
proportion for the four Atlantic seaboard cities, embracing
[Vol.
Taking the exports
first.
New
XLVU
York's percentage for
what
the last year has been increased slightly over 1886-7 (from
4417 to 44 '63) while the percentages of Boston, Baltimore
New
and Philadelphia have all declined more or less. If we
go further back, however, we find that in both 1885 and
1886 New York had over 46 per cent of the exports,
compared with which the present ratio shows over 1^ per
cent decline.
But at the same time it is to be noted that
Philadelphia has also suffered a decline, notwithstanding
York, Boston, Baltimore and Philadelphia, has likewise declined, and both changes are susceptible of explanation independent of the preference or advantage enter-
For
tained by particular ports.
instance,
is
it
obvious
that a change in the composition of the exports may make
a very important diflerence in the proportion of the shipments going from this or that port or section of the
instance,
Suppose, for
country.
In that
exports are free and large.
ments go almost entirely by way
ports (not including in
the Pacific Coast),
might have
it
this,
such ship-
case, since
of the leading Atlantic
of course, the
easy
is
breadstuffs
our
that
to see
movement from
that
their proportions increased
all
those ports
by that circum-
Then much depends upon what sections the grain
comes from. With good crops in the Ohio Valley and
stance.
the advantage of 40 cents per ton in her favor on goods
shipped from the West. In fact, Philadelphia has fared
worse than any of the other ports, its percentage having
dropped steadily and without interruption since 1885, and
standing to-day at 4-14 per cent, against 5-22 per cent.
San
Fj-ancisco has also sustained a great reduction of its
percentage, which for 1888
is 3-98 per cent, against 5'14
per cent in 1885, and certainly that can not be referred to
differential rates.
a heavy export movement, the preponderating advantage
the falling off in
(as against the other
percentage for "
is
not unlikely to rest with Baltimore
ports), for that city furnishes
the shortest and most natu-
Ohio Valley; and hence in
the export trade of such a season our Southern neighbor
might gain relatively more than the more northern ports.
On the other hand, with short crops in the Ohio Valley,
ral outlet to the products of the
and good crops west of Chicago, Baltimore might gain
little, and its position in reference to the
comparatively
other three ports
suffer
are the
fact these
bad crops in the
In point of
correspondingly.
very circumstances
—namely, good or
district naturally tributary to Baltimore,
attended with a large or small export
demand
— which
rising
one wants to know what explains
If
all
these cases, he has only to look at the
all other ports" which has been steadily
and reached 20-82 per cent in 1888, against 18-14
Now these other ports have had, as we
have pointed out above, the advantage of rising cotton
shipments for themselves and of decreasing breadstuffs
shipments from the leading ports. As bearing on that
per cent in 1885.
point note that the four Atlantic ports had only 63-53 per
cent of the total exports in 1888, against 64-57 per cent
in 1887, and 66-06 per cent in 1885.
We
are inclined to think that
it is
to these changes in
the character of the exports that the variations in the
percentages of the various ports are due.
Baltimore, for
explain the great fluctuations which have from time to
instance, (under lower breadstuffs exports the late year),
time occurred in that city's proportion of the foreign
has not been able to maintain
trade.
which, however, hai been nearly 2 per cent greater than
the year previous.
As further showing the close connec-
But suppose instead of grain it is cotton that is gaining.
Then tne proportions of the Northern Atlantic ports
its
percentage of
last year,
between Baltimore's percentage and the changes in
we find that while for 1888 the
centage shipped via these ports, but because there being city's proportion of the total exports was 6-65 per cent, in
so many distmctively cotton ports, the increase in quan- 1879-80 and 1880-1, which were years of extraordinarily
tity at these cotton ports would be much greater than the heavy breadstuffs shipments, its proportion was respec
increase in quantity at the Northern Atlantic ports. And tively 913 per cent and 8-03 per cent
on the other hand,
that is just about what has been going on in recent years with the failure of the wheat crop in the Ohio Valley in
might
suffer
a decrease, not because of a smaller per.
tion
breadstuffs shipments,
;
—
in other
words, the cotton shipments have been riaing,
the
summer of 1881 and the smaller foreign demand
for the
while the breadstuffs exports for 1887-8 had dropped to
near the lowest point, both circumstances tending to
deprive our Northern ports of some of their prominence.
same, the proportion for 1881-2 at once dropped to 5-25
With these preliminary explanations, the following
percentage
table,
showing the percentages for each of six leading ports
both in the import and the export trade, will be better
understood.
BXPORTS AND IMPORTS OF MBRCHANDISE ACCOSDIKS TO P0EI3.
aoneriiment Fiscal rear ErwHiin June
30—
per cent; again in 1885-6 (which was the poorest of
recent years in the breadstuffs exports),
1887.
r<ilKe.
New York
Boston....
Baltlm're.
Philadel.
Four port«
P.€.
Value.
P.p.
Value.
P.O.
Valu^.
i
810,627,476 44-63 316,347.219 M-17; 814,829,411 46-26
341,514,761 48-42
86,457,384 8-11
5J.001,505 8-24
54.099,088 7-»8
62,000.103 8-85
46,2:16,727 6'6S
51,607,149! 7-21
86.8*7,7881 5-27
45.052,904 6-07
28,815,861 4-11
85,4-26,650j 493
33,753,317] 407
38,723.261 5-22
I
44a, 167,448 83-53 482,382,729 64- J7
438,020.684'61-'J6 490.201,029 08-06
N. Orleans 81,857,455Jll-67 79.M9,909 11-10
82,.'>80,198'l2-16
79,147,674 10-66
Ban Fran. 27,884,891 3-9S 32,711,043 4-57
.30,228,424 4-46
38,115,024 5-14
All other U4,8«4,82.'.'20-8e
141.569,530 19-76' 128.706,626 18-94 13t,635.52f 18-14
1
Or'd total. 8ll6,974,61»:i000 718,183,211
Imvortt.
100-oj e70,524,!:30
742,169,700 100-0
New York
470,486,774 64-99 456,698,631 80-97' 419,333,932 05-99
380,077,748 8B-81
Boston.... e3,807,7;8 8-83 61,018,330
8-Sl' 53,430,707 9-20
53,445,029 9-28
Baltim're. 11,741,885 112,585,920 1-81
11,696,914 V84
11.849,698 2-06
Pbiladel.
41,778,121 £-77
89,952„'!49 6-77
30,561,313 5-74
29,919,016 6-18
Four ports
587,888,258 8^21
N.Orleana H,«17,7«9 1
San Fran.. 46,692,905 6'4S
All other
77,716,834 10-74
er'd total.
lCO-(
670,2(15,230
e,6S2,183
823
'
I-89I
40,707,708 5-88
71,764,695. 10-37
628,037,896 S2-78 475,292,302 82-30
8,115,171 1-88
8,688,5521 1-50
37,142,117' 6-85
a-),O40,a3O 607
84,I50,032'10-0»i
5j,506,035'l0-13
692,81 9.7<«> 100-0 '6.-i5,4:i6,Vt8 :00-0
1577,527 .329il00-(l
to nearly the
same
all
find Baltimore's
figure
— 5-27 — while
with liberal breadstuffs shipments,
the ratio rises to 7-21 per cent, from which there has now
been a decline to 6-65 per cent, as stated.
Taming next to the import trade we find new proof of
the correctness of the views already expressed.
For
in-
be seen that Baltimore has not been able to
maintain her position in that trade, her ratio having steadily declined, while on the other hand, Philadelphia, with
stance,
Mxfortt.
down
in the very next year,
we
it
will
a losing ratio in exports, has steadily though slightly en-
larged her ratio in the imports.
If either port had a decided permanent advantage by reason of the differentials,
it ought to show, it would seem, in imports and exports
One
alike.
fact,
perhaps, needs explanation,
and that
the falling off in the percentage of imports at
York, The proportion is now a trifle leas than 65
relates to
New
per cent, against
nearly 66 per cent in the other years
coincidently with the falling off in the
export ratio at the same point, this decline may seem
given.
Coming
but it can be otherwise accounted for.
New
York's loss in imports has not been the gain of the other
significant,
three Atlantic ports, fot the loss in the ratio for the four
ports taken together
is
greater than that for Ne?v
Yor
September
But, turning in another direction,
alone.
New
THE
1888. J
1,
it is
(
HRONICLR
found that
Orleant, with larger exports, has also been getting a
has been known for some time that the (rarmao traders
had established themselves on the Zan/.ibar coast and in
It
San Francisco, being the
larger share of the imports
entrepot and the great distributing point for the trade of
numbered the
the PaciSo Coast, has likewise been enlarging her proportion
very
;
the imports
of
rially
added
;
and the
ports " having so mate-
" other
to their proportion of the exports,
it is
natural
245
the interior
mu:h
the
of
country, that they considerably out-
who in times gone by had things
own way, and that the German fleet was
British,
their
present on Zanzibar waters in greater strengtb
lloet
of any other single Power.
Germans were bent on annexation
that the steamers running to those ports should have
brought increased amounts of return freights in the shape
ent that the
of imports.
letters to the "relentless
M. Stanley, in the early part of
than the
had become so appar-
It
last
Henry
that
year, referred in his
aggressiveness" of the Teutonic
ade movement will be of interest in this movement in East Africa, and expressed regret that Great
comparison between New York and the neighboring Britain, after all the care she had bestowed on Zanzibar,
ports, and will also emphasize further the important part and all the help she had rendered the Sultan, should, now
One other
ti
—
what is that the plum was ripe and ready to drop in her lap,
good or a bad foreign allow the Germans to come in and take posseEsion for it
"We have taken was evident to him that occupation was imminent. As it
demand for our agricultural produce.
the pains to study New York's position as reflected in the is, the Germans' plans have not been interfered with, and
grain receipts, and for that purpose have prepared a German authority is henceforth to be counted upon as a
statement to show the grain arrivals in the first six factor in these Eastern seas.
It is curious to notice how the African coast is now dotmonths at each of the four Atlantic ports, with the total
for the four, and each port's proportion of the whole; ted with marks denoting European possession.
On the
Receipts of course show more than the exports alone west coast, at various points, and at the Cape, as well as
would, for they embrace the latter and the home demand as in Egypt, the British are strongly intrenched
and
besides.
The statement covers all the cereals, as well as there can be little doubt that Cape Colony will ultimately,
The result is as under British control, be developed into another Ausflour reduced to its equivalent in wheat.
follows.
tralia
a new and spacious home for the English-speaking
RECEIPTS OF GBJLDr AT THE SEABOARD.
races.
She has a strong vantage ground. France has
1888.
1885.
1887.
1888.
taken
firm hold on Madagascar, a large and populous
a
nntBatf
9/ Year.
P.C.I
Buth.
Buth.
P.C.
Bush.
Bmh. P.C
P.C.
island, rich in resources, on which for generations the
New York 38,412,»31 5628 53,91o.8t>4 53-12 52,499,426 55-93 97,305,361 5330 British Government bestowed a vast amount of care.
Boaton ... 1«,175,378 17-84 1S.730,7S« 16-50 16,894,268 17-46' 15,375,618 1430
BalUin>Te. 11.698,736 18-98 19,482.850 19-20
17,838.844 18-47' 20,043,697 18-84
Through British efforts a large part of the island has
Phlladel.
e,OT4,47a 8-90
18,3«S,185 12-18
7.639,909! 8-14
14,787,437 13-76
been brcught under the influence of Christianity.
Toul
93,872.437 100^ 107,512,1131100-0
8.254,915 100-C 101,491,665 lOO-O
Some few years ago, however, the French Government,
Thus for 1888 New York had 56-28 per cent of the
admiral at the station, contrived to fasten a
played by a good or a bad agricultural yield, or
equivalent to the same thing
—a
;
;
—
.
through the
total grain
cent
receipts
more than
the
at
in the
four ports, being over 3 par
quarrel on the native government, with the result that
year before and the largest for the
France has been able to establish a sort of protectorate.
On some poin's Great Britain remonstrated but France
was allowed to take her own way. More recently Italy
statement.
Baltimore and Philadelphia on the other hand has taken possession of Massowa, and a part of the
have lost 2@3 per cent each, and are down to their lowest Abyssinian coast and although France has made vigorThis advantage of the two more northerly ports ous protests against the annexation, the presumption is
ratios.
seems to arise, however, entirely from the great falling that the Italians will remain the neighbors of the British
As we pointed out a few in Egypt, and in possession of an important stronghold
oS in the movement in 1888.
weeks since, there has been a very heavy contraction in near the mouth of the Red Sea. Germany, whether
Boston has gained over 2^ par cent, and
also shows the heaviest ratio for the years covered by the
four years given.
;
;
wheat and corn in 1888, and in this Balti- tempted by the example of Italy or yielding to an irresistmore and Philadelphia have suffered proportionately more ible pressure from within, has stationed herself between
than Boston and New York. As showing the extent of France and Italy, with full privileges, along a large part
the receipts of
the decline, one has only to note the simple fact that for
the six mouths of
1888 the receipts were but 68^ million
bushels, while in the
corresponding period of 1887 they
had been 101^ million bushels.
In 1883 as well as 1887,
both being years of large receipts, Baltimore and Philadelphia alike fared very
much
better,
and had higher ratios
than in 1886 and 1888, the years of small receipts.
of the coast.
all
established
France,
We
have thus four of the great powers,
on the coast of Africa Great Britain,
—
Germany and
Italy.
—
The question which one is tempted to ask is Is this
arrangement wise, and likely to conduce to the general
good ? This question can only be correctly answered, if
answered,
in
the
aCBnnalive.
If
African land
utilized for the benefit of the civilizjd nations,
it
is
to be
must be
GERMANY
taken in hand by the civilized nations. Africa will never
IN ZANZIBAR.
more important items of foreign intelligence civilize herself; nor will the African race civer be able to
during the course of the week is the announcement that take full advantage of the in some places incomparable
the German flag has been raised upon the coast of Zanzi
soil.
If the Dark Continent is to be turned to account, it
bar, and in all the principal ports.
The announcement is is manifestly not the business of one Power only to interthe more remarkable that this has been done with the full fere, but of all the Great Powers.
Great Britain has done
consent of the native Sultan.
The flags of the Sultan and much. She has been for many generations the great
of Germany were, it appears. Jointly hQisted at no fewer civilizing nation of the world.
Stie has planted her flag
than fourteen ports, and in every instance were greeted on almost every great island and great promontory, and
with a royal salute.
wherever she has planted her flag a better civilization ha
It is something to see conquests so peaceably made, and followed.
But she has almost overreached herself. Her
if Africa is now
to be di-vided piecemeal among the hands are full.
It is almost more than she can do to
Among
the
—
nations of Europe,
fer
of
territory
it is
extremely desirable that the trans-
and of power may be thus
effected.
attend to what she has.
further
multiplication
of
—
Farther extension of territory,
would weaken her
possessions
THE CHRONICLF.
246
BANKERS' 8TERLINO EXOHANOB (POSTED RVTE8) FOR JULY, 1888.
DeDe60
60
De60
Aug.
mand. Aiig. days. maiid. Aug. days. mand.
days.
Tnis her statesmen clearly perceive; and they
have wisely concluded to allow the other Powers to serve
themselves where British interests are not at stake. It is
strength.
which explains British noninterference with the
French in Madagascar, British encouragement to the
Italians at Massowah, and probably British encourage-
this
ment also to the Germans at Zanzibar. In Africa there
as if
is room for all the Powers to work, and it seems
they were
be allowed
all to
to.
shows
4 86
4 86
4 8515-6
4 85I3-6
and
highest
the
S.
8513-6
K5IS-6
85I2-6
8512-6
10.... 4 85I9-6
11.... 4 55I2-6
4
4
8—. 4
3.... 4
of railway and miscellaneous
Stock Exchange during the mouth of August
prices
,
"Xia"
4 88
4 88
4 88
4 88
4 88
h.
13....
14....
15....
16....
17....
18....
19....
20....
21....
22....
23....
24....
48519
Railkoads.
N,Y.Ch.&8t.L.,2dpf.
N. Y. Lack, .fewest...
N. Y. Lake Erie & W.
Atlantic &Facmc....
Bost.&N.Y.AlrL.,pt.
Bnrl. C. R. ANonli..
&
Buffalo B.
S's
101
20
'37^
9773
Pittsb ..
pref.
Do
38
98 14
6
55 %
6
6
83 >4
6
9014
51 12
Canada Southern
Cedar Falls & Minn
.
pd.
Central of N.Jersey..
Central Pacific
Ches. & 0.,reor. cert.
Do
Do
20
56% 58%
Canadian Paciflc
Ct Iowa,
9%
101
4tli ass.
x34
x36
13Ja
2dpf.,reor.ctf8.
12
13
134
164
110
137
165
116
pref
Quiney.
Chic. Burl. &
Chic. & East 111
pref..
Do
Chlo.<feInd.CoalEy...
pref.
»o
Chic. MU. & St. Paul.
pref..
Do
Chic. & North-west...
pref..
Do
Chic. &Eockl8tand..
Chic. St. L. & Pittsb.
pref..
Do
40%
x90i9
40
106=8
12
33ifl
38i-2
Chjc.8t.P.I>Ilnn.&0.
pref..
Do
Cin. Ind. 8. L. <&C...
...
Bait.
Wash.
&
Cin.
pref.
Do
107
75
I's
412
pref..
& Western.
Do
Ohio
4II4
92%
40
881s 89
ea'a 74i8
IO919 112%
llOSs llS^s
143
Do
Norfolk
.
pref..
Do
HI3 Ohio Southern
13
IOI2
do
pref.
Northern Pacinc
lstpf.,reor.ct.'<.
CUcago & Alton
Do
N. Y. & New Eugland
N. Y. N. H. & Hartfrd
N.Y.& North, pref...
N. Y. Ont. &West....
N. Y. Susq. i&West...
&
pref.
.
Mississippi.
Zow. High.
33% 40
109 109%
4 8812
4 8812
8.
48519
48BI9
611a
4112
6312
3113
181a
34''8
45
226 1« 231
2014 24 13
Id
16%
10
611a
12 13
221a
24
Peo. Decat.
& E'viUe.
Reading
Vot. Tr. cert'
Plttsb.F.W.&C, guar.
Eens. & Saratoga....
Richmond & All
48%
151
leer's
81-2
& WestPt. 23% 25I3
7114 74%
pref..
«
145
Eome Water & Ogd. x90 X9214
Hi I2
Do.
St. L.
Alton &T.H...
Do
13
35%
pref.
&
Tex.
St. Louis Ark.
S. Francisco.
St. L.
&
42
110
86I4
3
5%
Do
Do
St.
P.
&
pref.
1st pref.
82ia 84%
10612 IO914
Ist pref.
first
on August
15'8
I8I4
69
73
47
85
12
34
43
84
11%
3II4
7114 73%
112% II4I4
64%
15HI3
Duluth
Do
pref..
.
Do
28%
Eichmond
100
105
104
10814
6I9
8%
25
27I2
2312
2319
26
35
35
SS'^s
61%
25«8
221ie 221i8
19
19
122
122
13 •'3
2513
15 16
27''e
57
6018
150
148
IO8I4 110i«
74 ij SO
138
110
37%
35 14
22%
25
20
20
10
12
. .
Sold
13%
25
69
53
152
166'8
10
.
*
27%
55''8
21
6378
59
52
St. Paul Minn. & Man.
Clev.Col.Cln. &Ind..
25 14 29I3 South Carolina
Col. Hock. Val.&Tol.
13412
144
Western
Southern
Paciflc Co..
Lack.
&
Del.
19
18
Texas & Pacitic
Den. & Elo Grande.
5212
49
pref..
Land
trust.
Do
Do
14% I7I4 Tol. & Ohio Cent. pf.
Denv. &E. G. West..
9I3
lu's
Ga.
Ry
Union
Paciflc
E.Tenn. Va. &
681-2
71
1st pref.
United Co.'s of N. J.
Do
2d pref.
Do
241a 2578 Utah Central
8914 Utica & Black Elver.
86
Eyansv. & Terre H..
9812 9812 Wab. St.L. & Pac...
Flint & P. Mar. pref.
prof..
Do
Ft Worth & Denv. C. 22 19 2612
10% 12
UreenB.Win.&StP..
Wheeling & L. E., if.
230 230
Harlem
Express.
1314 Adams
13
Houa. & Texas Cent.
[XII7I2 12312 American....;
Illinois Central
13is
17
Ind.Bl. &West
United States
3413 Wells, Fargo & Co....
32
Kingston & Peinbr'ke
16
19
Lake Erie & West'n.
Coal and Mining.
pref.
48
E-3% Colorado Coal & Iron
Do
9314 98
Lake Shore
Colum. & Hock. Coal.
Long Island
94
95
Consolidation
Louisville & Nashv.. x58>9 62% Homestake Mining.
Louisv.N.Alb.&Ch..
39
41% Marshall Con. Coal..
46
Mahoning CoalE'y..
38
Maryland Coal
pref. 100
103
Do
Now Central
8^1*3
Manhattan, consol...
93
Ontario Silver Miu..
MauhattanBeachCo.
9iii
10
Quicksilver Mining
I9I2
Mar.Hough. &0n....
17
Do
pref..
Do
pref.
89
91
Tenn. Coal & Iron
5lis
Memphis & Charles..
50
Various.
Mexican Central
14% 15% Am.Cotton Oil Trust.
8314 881a Amer. Tel. & Cable...
Michigan Central
MUw. L. Sh. (fewest.. 54% 56
Consolidated Gas Co.
pref..
Do
90
93
Del. & Hudson Canal.
Minneapolis <fe St. L.
5
7% Equitable Gas Co....
15
Do
pref..
16
Oregon ImproT, Co..
Mo. Kans. & Texas.
12ia 15%
Do
pref.
Missouri PaciUc
77% 8312 Oregon E'y&Nav.Co.
Mobile* Ohio
10% III2 Paciflc Mail
Morris&Essex
144 145
Philadelphia Co
Nash. Chatt. &8t. L..
N. Y. Ceut & Hud. R.
N.Y.Chlc.&St. Louis..
iO
541a
33I9
&
11 19
14%
12
101.2
ri-a.
Closing...
*
107%
IO719
107%
128%
127%
12819
Prices bid— no sales during the month.
127%
124
66
69''e
I0712
9213 9419
35I3 38%
94%
86
Os. Our.,
'98 rea.
128'>8
*12758
*128
127%
'127%
I28I2
*128
!
Dis-
6x,
Our
'99 rea
•ISOifl
nsi
•13019
•131
The daily posted rates for sterling exchange in August are
given below, it being underatoo 1 that bankers' actual rates
are usually a fraction below the prices posted:
JULY,
1888.
tricts AND
Ports.
81
Si's
II4I2 120
.
coup.
- -
29% Customs
36% 39%
124
6>-,142
IMPORTS AND EXPORTS BV PRISCIPAL CUSTOM* DISTRICTS.
10.
45,1907,
For the 7
For the 12
Months end-ed Months endtd
July 31.
July 31.
—
4014
104%
4 8--ti2
4 881a
$15,849,348
4,314,821
4,166,852
$3,829,852| $13,595,787 $20,194,169
$1,906,419: $12,119,720 $20,857,489
8,599,469
4,052,104
342, 81,
$2,249,430 $16,171,821 $29,456,938
$6,079,282 $34,767,611 $49,651,127
$5,388,038 $42,104,111
$347,043
Imports Gold...
15,164,848
_l,0yti,693
7,255,190
Silver
$1,443,739 $12,643,237 $57,263,959
Total
Excess of exports over Imports $4,833,543 $22,124,374
$7,6i7,832
Excess of Imports over exports
$5,018,149
$3,671,133
1887.— Exports— Gold— Dom.
4,003,503
Foreign
3,986,785
$i>,021,652
$7,657,^23
Total
$10,981,198 $17,380,154
Silver- Dom...
3,26H,777
8,678,042
Foreign
$2,008,071 $14,247,97.-3 $26,058,196
Total
$2,503,847 $21,905,893 $35,079,843
Tctil exports
$3,173,726 $44,.506,301
$2,177,752
Imports— Gold
17,189,538
1,335,014
8,862,165
Silver
$3,512,706 $17,036,191 $61,695,839
Total
$4,869,707
Excess of exports over imports
$26,6i5"99i
Excess of imports over exports $lV'08,<)19
TOTAL MERCHANDISE AND COIN AND BULLION.
$4!i,682,301 $375,102,639 $710,08 2,160
188».—Exports— Domestic
2 5,395,.500
1,664,919
15. 976,437
Foreign
$51,3-17,220 $39i;o 79,076 $741,477,660
Total
62,773,200 44 •>, 5^1,525 735,962.308
Imports
Excess of imports over exports $11,435,'j80 $55,512,4491 $44,484,648
importt
over
exports
lilxcess of
$50,657,749 $387,150,639 $722,058,646
1887.—Exports— Domestic
1,242,010
14 ,51 1,185
Foreign
25,801,142
$51,8;I9,759 $401,691,874! $747,859,788
Total
431,109,608
60,105,992
754,954,564
Imports
Excess of exports over imports
Excess of imports over exports $8,20 ,233 $29,417,7341
$7,094,776
28
75%
4 871a
.
Foreign
Total
Silver— Dora
Foreign.
Total
Total exports
3614
78is
4 88
High 4 86
Low- 4 85
Last 48513
GOLD AND SILVER—COIN AND BULLION.
$3,761,7J0i $14,428,935
1888.— Exports— Gold— Dom.
III4
GOVEKNMENT BONDS.
106%
106%
106%
106%
Total
33
The range of Government bonds sold at the Stock Exchange
was as follows:
Opening..
Highest..
Lowest...
488I9
First 4 86
Excess of exports over imports
Excess of Imports over exports $i6,06i,523 $77,636,823 $36,866,816
$48,500,923 $372,493,353 $699,fi60,343
1887.—Exports— Domestic
13,119,597
891,9~9
7,287,623
Foreign
$379,785,976 $712,779,940
$49,395,912
Total
56,59^,226 4l4.07.i,41; 693,238,725
Imports
$19,521,215
$
Excess of exports over imports
exports
34,287,411
$7,197,314
Excess of Imports over
33
Pipe Line Certifloat's
80% 93
Pullman Palace Car.xl63i4xl6ni3
United States Tr. Co. 590
690
Western Union Tel.
SOis 84
4i9«,1891, 4»,1907,
coup.
reg.
I27I9
107»8
Foreign
II14
in August
4i9», 1891,
4
8-<i9
$44,014,142 «348,553.984 $679,375,323
12,451,210
7,757,481
1,253.796
$45,267,938 $356,31 1,4 '5 $f.91,8.;6,533
61,329,461 433,948,288 728,693,349
1888.— Exports— Domestic
26% 2S%
29I2
251a
Do
488I9
well as comparisons for the corresponding periods of the preceding year, as follows.
MERCHANDISE.
Y
Oregon Short Line..
Oregon & Trans-Con.
PhUa.
4 8913
488""'
4 85-19
4 85-12 4 88
4 85-12 4 88
Fortht
2514
488 ia"
Ifc5l2
1888.
49 14
S.
485I9
July.
89i-2
W>s
4 8812
4 8512
486I9
485I9
4 80I2
month of
Low. High.
150 150
AtcliisonTop.&8.Fe.
25....
1 87I9-8 26....
4 87ii-S 27....
4 871S-S 28....
29....
4 87
4 8712-8 30....
31....
V8
RAILIiOAD AKD MISCELLANEOUS STOCKS.
Eailroads.
Albany &Susq
4 88
4 85-19
4 85-19
4 85-12
4 85->s
4 85-19
IMPORTS AND EXPORTS FOR JULY.
lowest
stocks at the N.
4 88
4 88
4 88
4 88
The Bureau of Statistics has issued its detailed statement of
the foreign commerce of the country for the month of July,
and the seven and twelve months ended with July 81, 188S, as
FOREIGN EXCHANGE.
table
1....
2....
3....
4....
5....
6....
7....
12....
REVIEW OF PRICES IN AUGUST— STOCKS,
GOVERNMENT BONDS AND
The following
[You XLVir.
ImporU.
Baltimore, Md.
Boston, Mass.
BulTaloCk.N.Y
Champl'n.N.Y
Charleat'n, S.C
Chicago, 111...
Cincinnati, 0.'
Mich
t
895.364
4,tt«9,3«2
477,S8S
284.319
b8.H40
1.3B9,601
li49,8r>«
7
months eTuUng
July 31.
Exports.
188S.
1887,
t
*
t
2,783.080
5.187.68
33,465
236,597
7 months ending
July 31.
1888.
8.618,873
8,6^4.58(1
25.360.2»9
l9.4-<0,766
88,654,895
2,698,012
1,938.434
250,624
6.34 J. la;
1,519.722
1,381,692
48.023
410,810
32.-<5o,294
2.80i.6.)2
1.753,171
114,5(15
817,884
241,539
7,019.78a
1,B77,C21
1,833,640
4 (,645
216.191
834,540
1.735.462
717.117
1887.
20.485,471
31,441,890
169,868
831.463
4,518,358
773,031
44b'.a3u
2,460,343
i«l,014
1,972,657
674,882
2,390,912
9,834
237,638
80,0-8
S37.95^
3,151,937
6,273,604
77.037
3.tT,3j6
Mllw'kee.Wls.
878.369
1,23',M76
450.664
81,1.35
Minn's'a.Minn
63,78 J
94,600
420. t94
24,942
5a,459
50.222
2,215,258
1,963,489
6.858
Mobile, Ala...
New Orl'ns.La 498.068 2.262.084 7,119,524 5.772,330 10,909.331 43,683,624
New York.N.Y 39.389.642 23,830,999 280,287.293 !72,,381.8r Ir 8,04 1.826 175,623,aW
+6,677
l,9(-10.M9i
+6.990
820.4S!4
1,780,913
t2.<,S37
Niagara. N.Y..
50.991
4,0-47,251
387,243
!!6.785
6,317,.552
Nortolk. Va...
12),673
S71,146
27,160
112.186
22»,278
Oregon, Greg..
1.297.4-14
239.403
1,028.284
952.568
1.043.446
Oswega'ie.N.Y
:or,627
1.188.' '
453,166
1,173.964
898.051
615.354
840,064
Oswego, N.Y..
Philadera, Pa. 6,603.991 2,787.-'i43 29,184.1 ir 21,637,937 15,44.1,845 20,509.501
714,024
],19i,258
811.798
l,:i06.516
1E8,819
86,705
Portland. Me..
1.873,756
861.197
1,953.5S»
St. IjouIs.Mo.'
San Fran., Cat S.220.8S4 2.!S44.962 30,549,594 25,u52.62»: 14,7:i<i.'2i5 15.881,782
80,349
5.781.545
178.140
8,828.201
9 371
203,681
Savannah, Ga.
.1.88fi,»48
1.019.0 15
3.070,547
Sm.170
696.340
154.372
Vermont. Vt.
251.8411
3.054.691
1,76.-).;;0J
15 ',643
8 '5.220
691.307
Wlllamette.Or
63.090'
8H.709
1.429.25
7,'!82
1.778.044
Wtlmrg'n, N.C
57.88
259,383'
4,244,146
4.958,403
163,951
415,505
Yorktown, Va.
Detroit,
Duluth, Minn
Galvest'n,
4^
I.
Tex
Totals,
(Inall
r ni»f« 1 Ri.')9«.4«i i.^.TOT.Qsa 4'M.ni'i.oaa 414
cluding
07T n-r .Tir..aii.4n5
.171 ra-i
o7n
i
Sbptbmber
THE CHRONICLE.
1, 18E6.J
EemalnInK lu worohouoe July 31, 18S7
BematnlnglnwareliousBjuly 31, 1888
fJS'Zi?'?'.'!
»89,00^,4yj
rntorior part* to wlil(>li m«nih»nrtlso oan be transported withoat
appraisement, uuilorftot of J>iii« 10, 18S0.
eollootlnR
I luoomplote In tlni ulwenoa of law provldUu the means of
the statistics of piports to ttd)aoout foreign territory by railroad ours
and othiT land Vfhloles.
^
•
ptouctavyiCoiumcvclalguallslxJJcuJs
[From oar own oorreapondent.]
I
London, Aug.
18, 1888.
The raising of the rate of discount of the Bank of Eng
land last week has not stopped the gold withdrawals from
that establishment. The Bank return issued on Thursday
shows that £363,000 of the metal was taken out in the week
covered by the return, and it is expected that further large
sums will shortly be withdrawn for South America. Nevertheless the discount rates charged by the private and jointstock banks and the bill brokers and discount houses, forming
together the " outside" or " open" market, as it is called, have
during the week been from i^ to Jj per cent lower than the
Bank of England rate. The Bank is expected, therefore, to
take measures to raise the rates of interest and discount in
the outside market, and it seems inevitable that a further rise
in its discount rate should soon be made.
It is doubted, however, whether a 4 per cent rate would be
effective in stopping the drain of gold. The numerous foreign and colonial issues of loans and companies in London
this year have opened here large credita to the borrowing
countries, tliereby enabling them to take considerable amounts
of tlie metal. The poor harvest will make necessary an increased importation of wheat at probably higher prices. And
by-and-by the outflow of coin and notes to the English
Provinces and to Scotland and Ireland will lessen the supply
of loanable capital in this market. At the same time, it is to
be borne in mind that capitalists will be anxious to avoid, as
much as possible, disturbing the London money market, and
as the harvest tliroughout Western and Central Europe is
poor, both Francs and Germany will be more deeply indebted
for grain than they have been for some years past. Moreover, the Continental countries, and particularly Germany,
have been buying English iron and other commodities in
augmented quan'itiea
this year.
It
and Berlin.
The rates for money have been
Open market
London
July 13 2!^li<«lW
20
••
\
1- 3
be obtained in Paris
as follows:
Interest allotved
for deposits by
ratet.
« -ll«M«2
-.8
lSli«
<S2>i8Ha2«
1
®3K 2M«2!<|2«a3
®2X 8)isa« 2«®3
- 2«3 - 2W®
s ® —
1
2mM41^'l>«» -2 a
lo; 8
may
Four
-^2
1
9-8«»-8
27|2«1»s*1H|2
Ang. 3 2W 3VSOSK 29^@
"
therefore,
Trade BUlt.
Dtae't Wse.
Joint
At 7 to 14
Three
Tour
Hix
Six
Stock
Months' Month»\Months\Monttu\iionth8: Months Banks. CaU, Days.
^
Three
"
possible,
is
which would otherwise be
that the greater part of the gold
taken from the Bank of England
hwa -'ZH9 — 8 « - 3 a
im» -Im* -3 » -3 a
The Bank
|8J<®
1
-!3H9 -
3H» - »>t®
«1
«1
«I
-1
«
-1
1
-1
-I
1«1K-I«
-
JWi«-l«
and open market rates at the
now and for the previous three weeks
rate of discount
chief Continental cities
have been as follows:
^UO.
AliQ.9.
AU'J. 10.
17.
Juliz 87.
Rates of
Interest at
Sank
Rate.
Open
Bank Open
Market Rate. Market
Paris
Berlin
2H
8«
aw
S
2
Frankfort
a
8
a
1%
3
S
3
8M
a
8«
Hamburg
Amsterdam
Brussels
3
Madrid
Vienna
4
St. Petersburg..
Copenhaifen
3
sw
8M
4
5
S
Messrs. Pixley
a
8
4
4
B
a
& Abell write
Bank
Rate.
Open
Market
2W
m
3
3
Mi
IK
IM
3
8«
Barik
Rate.
Opon
Market
2W
2«
3
8
S
m
m
S>«
2«
3%
8
4
Ki
3
8
4
3X
4
4
6
B
8
S
3
2H
3«
3
as follows on the state of the
bullion market
Gold-The dem.iiid for jrold which has conttnnert ao long has now
ceased, and any further arrivals will have to be sent to the Banlc. Thn
sum of i;3t>3,0(Xi has liccn taken from the Bank during? the week, of
which £2C.3,0<K) has lieen sent to the River I'late; «224.0(io hiis been
paid in. Arrivals have been: .£31,000 from China, *C.0O0 from the
Cape and £120,000 from
.\u.stralla. There has been shipped per P. &
O. steamers to Bomliay, .«2.'),00o.
Bilvcr.—Tlie sliver market shows iirreat steadiness at 42d., and there
are few supplies here or at hand. £112,000 has arrived from New
York and i l(!.(JOO lias bpcn sent per P. & O. steamers to Bombay.
Mexic n Dollars.— Tbe market for Mexican dollars has been very
quiet Indeed, with little offering; there are good buyers at 4mid.
i
The quotations
247
for bullion are reported as follows
8ILVBR.
OOLO.
Londen Standard.
Aug.
1«.
d.
t.
Rut gold, Una.. ..01.
Bar gold, oontaln'g
20diitiillTer..os.
:
n
9
London Standard.
AtKi.9.
n
Aw.
d.
$.
10
14.
AUQ.9.
MR
41 19>1S
d.
BarallTSr
oi. 42-43
d.
Bar silver, oontalD77 10
.
lngagr*.gold.oi. 4«H
silver
oi. 48B-1B
77 11
dpuD.dOUbloUQB .01.
9.Am,donbloans.oi.
43 6-18
Take
46^
Mexloandol«....oi. 41M
««
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consoU, &c.,
compared with the last three years
:
1888.
1887.
1880.
£
£
£
1889.
£
Olronlatlon
Public deposits
Other deposits
Qovemment seonntle*
28.003388
8,U4,7S3
!8,034.i:>3
26,182.489
98,182.080
3,861.309
8.732,711
4.800,279
24.«8.1.063
23,727,607
24,138.015
30,686378
16.807390
15,196.484
14.088.370
15,863.892
Otber aaoarltles
Reserve of notes and coin.
Coin and bullion
18,884JS47
18.990.388
19.567,803
81.253,610
1,147 A»»
U,530,8S«
12,846.501
19,inO,944
80,816,041
21.779,078
16,1U,273
28,494338
39«
41M
44
3 P.O.
101 9-16
Hi
Prop, asseto to liabilities.
Bank rate
Consols
1
.
3p.
lOOM
Clearlns-Honse return
We
P.O.
101 1-16
46 1-10
8
p. e.
100 1-16
143,087,000 121,242.000 132.182.000 112,966.000
The fear of dear money
stock markets.
e.
is
helping to check business in the
are in the slackest season of the year.
grouse shooting has
Parliament has just been adjourned
begun and the incessant rains of June and July have come
to an end. Every one, therefore, who can get away is seeking recreation outside of London. But in spite of thin attendance in the markets and the fear of dear money, prices are
well maintained, and though fluctuations are from time to
time to be expected, conditions appear favorable to still
higher quotations. Peace is believed to be assured, at least
for the present year, the Egyptian Government contemplates the conversion of a large part of its debt, and other
great financial operations are understood to be in preparation.
Unless, therefore, the money market is disturbed, a
brisk business in the stock markets ii looked for as soon as
the holiday season is over. Good American bonds are in high
favor with judicious investors and the dividend-paying stocks
are well looked on, although business in the latter is at present
not very large.
Undoubtedly trade here in all its branches is improving. The
most conclusive evidence of this is afforded by the iron industry.
When American orders fell oflf towards the close of last year,
;
;
the depression in the iron business, which had lasted so long,
grew deeper and deeper, and at the beginning of the summer the
price of Scotch warrants was the lowest reported for forty
years. Since then the orders from other countries have
greatly increased, and prices ara recovering. Germsny, Hol-
land and the Argentine Republic are the best purchasers, but
the colonies are also taking large amounts. A single order for
Victoria for 16,000 tons of rails is reported this week. For the
first seven months of the year the exports of iron and steel
are about the same as for the corresponding period of last
year, the shipments to other countries having increased very
nearly as much as those to the United States fell ofif. At
home, however, there is a marked increase in consumption,
principally for ship-building, and there are signs that the
home consumption is still augmenting. The tin-plate trade
The break down of the corner organized
is also very active.
toward the end of last year has enabled the trade to revive,
and the production at present is very large. The exports are
heavy, but there is an increase in the stocks, which seems
to prove that production is entirely too active at present.
Unfortunately, we cannot report equally favorably of agriculture. The spring was cold and dry, the summer was cold
and wet, and though for about a fortnight now the rains hwe
ceased, the temperature continues unseasonably low.
All
the crops in consequence have suffered. It is estimated by
the best authorities that the whea". crop is not quite 80 per
cent of an average crop, and all the reports show that the
quality is poor. Tlie other crops are satisfactory enough
so far as mere quantity is concerned, but in every case the
The condition
ijuality is r- ported to be under the average.
of the British farmers, therefore, will not be bettered by this
year's harvest. They will be worse customers of the towns, and
theu:' embarrassments will tend to check the trade im-
provement. But the agricultural community in England
and Scotland is only a small proportion of the whole
what our farmers lose the farm'rs o
population, and
THE CHRONICLE.
248
that
other countries will gain, and it may be expected
more
the foreign farmers' will in consequence patronize
that
extensively our market. It is estimated, for example,
year is
the total yield of wheat in the United Kingdom this
fully 22
about 37 per cent less than that of last year, or
import
to
need
shall
we
that
and
less,
millions of bushels
about 160 miUioDs of bushels. The harvest all over Western
and Central Europe is also poor. In some countries it is reported to be worse even than in England, And not only is
the wheat crop deficient in quantity and indifferent in qualthe poorer
ity, but the rye crop, which is largely consumed by
classes on the Continent, is likewise short, and the maize crop
in Hungary has considerably suffered. Europe, then, will
she has imported
for the past few years, and the competition of the various
European countries can hardly fail to send up the price.
Wheat producers, then, in the wheat-exporting countries will
need to import very
much more wheat than
[Vol. XL\I1,
imports were f7,615,28i5, against |9,361,315 the preced
week and ^,249,773 two weeks previous. Tlie export
for the week ended Aug. 28 amounted to $5,833,313, agains
$5,757,531 last week and $4,850,103 two weeks previous. The
following are the imports at New York for the week ending (for dry goods) Aug. 23 and for the week ending (for
total
ing
general merchandise) Aug. 24 ; also totals since the beginning
of the first week in January :
FOBEIGN IMPOBTS AT NEW TOHK.
1885.
For Week.
Dry Goods
Gen'l mer'dise..
1887.
188S.
$2,445,940
5,109,345
$2,946,661
5,779,282
$7,133,806
$8,555,320
$8,725,943
$7,615,285
$66,268,185
182,930,506
$78,076,645
206,396,399
$83,058,708
228,390,203
$87,222,692
221,582.140
Total
Smce Jan.
1886.
$2,857,789
5,697,531
*2,285,146
4.848,660
1.
Dry Goods
Gen'l mer'dise..
Total 34 weeks. $219,198,691 $284,473,044 $311,148,911 $30^,804,832
The following is a statement of the exports (exclusive of
from the port of New York to foreign ports for the
not only sell more but wiU sell at better prices, and conse- week ending Aug. 38, 1888, and from January 1 to date:
KXPORTS FROM NEW YORK.
quently will be able to buy more largely the foreign goods
they need. In 187 markets of England and Wales the aver1885.
1886.
1887.
1888.
age price of home-grown wheat last week was 84s. 6d. per
the
$6,147,141
quarter, being a rise of 3s. Id. per quarter in five weeks, or
not far short of 10 per cent. The duU, cold weather of this
week has still further hardened markets, but the transactions
have
fallen off, as buyers are not willing to
pay the enhanced
price.
The immediate course of the market will possibly be affect
ed considerably by a ukase issued in Russia at the beginniog
of this week, authorizing the railway companies to lend to
farmers on the security of their grain, the Imperial Bank
being authorized to provide the railway companies witli the
money. If the railway officials are competent to perform the
work thus thrown upon them, and if the farmers apply
largely for loan?, the result may be a holding back of wheat
by the Russian farmers, and consequently a reduction in the
market supply. The Russian peasants are deeply in debt, and
under ordinary circumstances are compelled to hurry their
grain to market as soon as they can get it ready. The RusBian Government by this ukase hopes to provide them with
fimds to meet their most pressing liabilities, and thereby to
enable them to avoid glutting the market with the new wJieat.
The following shows the imports of cereal produce into the
United Klingdom dimng the fifty weeks of the season,
compared with previous seasons:
,
lUPOBTS.
1887-8.
1886-7.
Wheat........ ....OWt. 47.991,701 52,137,330
Barley
18,880,983 16,010,352
Oate
17,478,749 13,S02,945
Pea«
2,894,985
2,483,478
2,669,939
2,481,195
Indian com
23,722,020 30,001,544
Flour
17,161,723 16,204,573
-
For
week....
Prev. reported..
1885-6.
1881-5.
47,925.140 59,996,120
9,806,848 16,275,602
10,453,875 12,464,857
2,049,607
1,909,468
2,975,833
3,492,952
30,414,150 27,042,070
13,872,944 16,067,823
$6,556,509
197,420,693
208,987,355
$5,232,212
183,739,856
$8,598,905
194,353,317
Total 34 weeks. $215,134,496 $203,977,202i$200,952,282 $189,072,068
The following
at the port of
since January
1887 and 1886.
table
shows the exports and imports of specie
New York
1,
1888,
and
for the week ending Aug.25j and
for the corresponding periods in
EXPORTS AND IMPOBTS OP SPECIE AT
NEW TORK.
ExporU.
Imports.
Gold.
Weeh.
iSince Jan.l
$24,854
Great Britain.
France
Germany
West Indies
.
.
Total 1888..
Total 1887..
Total 1886..
,
3',7'l6
$29,113
6,226,164
15,8541 37,001,586
936,867
589,385
31,381
221.209
200,740
35,403
$29,5,54, $18,739,012
27,883
Since Jan.l.
$1,768
2,606,506
412,192
584,447
5,000
All other countries.
Week.
$6,388,830
21,900
6,322,975
5,008,668
Mexico.
South America
$4,587,856
1,024,231 10,34-2,789
5.412,'220
1,690,1651
Importt.
Export!.
Silver.
Week.
$123,000
12,000
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries.
Supplies available for consumption (exclusive of stocks on
Ssptember
specie)
Total 1888..
Total 1887.
Total 1886..
.
Since Jan.
1.
$6,638,384
318,959
22,568
159,550
3,407
10,000
51,957
466,157
$148,407
485,501
231,755
$7,660,575
7,211,568
6,984,151
Siuee Jan.l.
Week.
15
l,5t'0
$44,681
111,747
85,593
150,032
4,000
-27,883
38',6'92
12,147
813,281
$14,20'
30,199
31,461
$1,251,364
1,417,581
1,103,203
Of the above imports for the week in 1883, $3,855 were
American gold coin and $8,492 American silver coin. Of the
exports during the same time $5,000 were American gold
coin and $1,000 were American silver coin,
1):
1887-8.
1886-7.
1885-6.
1881-5.
Imports of wheat.cwt. 47,991,701 52,137,330 47,925,140 55,996,120
Importa of tloiu'
17,161.723 16,204,573 13,872,944 16,067,823
Bales of home-grown. 37,076,659 31,197,247 40,620,617 39,661012
Total
102,230,083
99,539,150 102,418,701 111,724,955
1886-87.
1885 6. 1884-85
....week. 348. 6il
33s. 3(1. 328. 6d. 333. Id'
..se.'vson. 30a.
7d. 338. Id. 30s. 9d. 338. 2d'
1887-88.
Aver, price wheat
Aver, price wheat
Dalnth Sonth Shore & Atlantic— la regard to the order
to stop work on this road, from Ashland to Ouluth, the Northern Pacific track has been loi-sed by the Canadian Pacific for
use in lieu of the Ashland extension, and trains will be run to
Duluth over that
line.
Iowa Railroad Rates.— la
the
Rock Island
suit
ag.'i.iast
the
Commissioneis in the State Court, Judge Fdirall, sitting as
Chancellor, filed his opinion Aug. 28 at Iowa City. The action
Bocllali Flnaaclal narKets— Per Cable.
is against the Commissioners, to restrain them from putting
The daily closing quotations for securities, &c., at London, into effect the schedule of rates prepared in pursuance of the
are reported by cable as follows for the week ending Aug. 31:
recent law of the Ij?gi8lature. The Judge eays that while the
Commissioners have discretionary power to fix rates, yet
when they fix such rates so low that the earnings are too low
London.
Sat.
Mon.
Fues.
Wed. Thurt. Fri,
to enable the plaintiff to pay fixed charges and operating exBUver, per oz
d. 42
42
42
42
121,6
penses, then their acts contravene the spirit of the statute,
421,8
Consols, new 2^ percts. 996i6
996,8
le
995,6
995ig
99
993,6
which requires rates to be reasonable and just, and is in viodo
for account
997,B
997,8
99 3e
99.-5,8
993j6
FVch rentes (in Paris) fr. ,83-82l3 83-85 83-80
83-87I2I 83-9D
lation of the constitutional provisions which entitle the com83-90
C. 8. 4i«8 0f 1891
109
109
109
109
109
mon carriers to a reward for their services. This dtcision
n. 8. 48 of 1907
131% 131!li 131% 131% 131% 109
131Ja
follows the ruling of the U. S. Circuit Judge heretofore
Canadian Pacific
5814
5878
58%
58l)e
587a
581a
Chic. MU. & 8t. Paul.... 7338
reported in the other suits.
74%
74 >a
75 14
741.3
7408
Erie common etock
29 14
28%
29
29
28%
287^
Illinois Central
I2214
12214
1221a
12214
12210
122
Pennsylvania
55\
5578
55%
5578
United States Sab-Treasury,— The following table shows
5579
56
FhlladiBlphla
Reading, 26
26=8
26>s
27
26%
2678
the receipts and payments at the Sub-Treasury in this city, as
Hew York Central
lllH 111% IIII2 111% 111=8 1K3b
well as the balances in the same, for each daj- of the week
<Sc
Balances.
Date.
Receipts.
Payments.
Coin.
Coin
Cert's.
National Banks. -The following national banks have
been
organized since last advices :
3,923-The commercial National Banlf of Boston, Mass.
Capital,
$2jO,000. Otis Hinmau, I'resideiit; Geo. B. Ford,
Cashier.
IifPORTs AND Exports for the WKEK.-The
imports of last
weeit, compared with those of the preceding
week, show a decrease
l)oth dry goods and general
merchandise. The
m
Aug. 25
• 27
" 28
29
" 30
" 31
"
Total
Currency.
$
1,998,179
2,222,'279
,940.519
1.817,008
1
2,1-20,176
l,-;
93,350
11,891.511
1,677,616:158,413,987
1,632,727|158,541,761
1,647,179 158,597,756
1,361,378 158,053, 041
1,568.753 1.58.612.338
1,583,104,158,625,633
9.470,7561.
22,094,479
22,590,109
22,792,435
23,157.25'2
2:^,762,053
24,070,803
20.032,891
19.999,030
20.034,009
20.068,985
-.^0,056,910
19,939,110
Sbfteuber
THK CHRONICLJP.
1688.
1,
The following were the ratM
of domestic exchange on
the under-mentioned cities to-day: Savannah,
gelling i diicount^par Cliarlestoo, buy
buying i discount
premium New Orleans, commercial,
selling
ing par
i
50c. premium; bank, $1 premium; St. Louis, 00c. discount;
Chicago, 70c. discount.
glx^ gauTi^rs' (Haxette.
New York
Same
Cent.
mscellHiteonn.
Delaware
&
;
umoonoed
Ptr
of Company.
Boolti otoKtt,
Payabtt.
{Day$
inciutive.)
;
Coins.— The following are quotations in gold for TarlooB coins:
$4 85 '^$4 89 Fine silver bars.. — 92 9 — 92\
Sovereigns
1
Hiulnon Canal (qunr.)!
at
;
Uf VIDBNDBi
Tlie taUo-wlnft dividends bare recently been
249
I'a
15 Aug. 30 to Sept. 16
8ept.
WALL, 8TI(EET, FUIOAY, AukubI 31. 1H88-4 P. M.
The Mouer Market and Financial Situation.— The sum-
Napoleons
3 87
XXBelobmarks.. 4 74
4 80
2S Peseta*
Span'b Doubloons. IS 95
Mex. Doubloons.. IS S5
par
Floe gold bars
—93 a — 98
— 73'«9 — 75
— 73 3 — —
'315 70
—73 » — 75
Peruvian sols
«15 70 English silver
4 82 9 4 85
O^pnm. U. 8. trade dollars - 71 9
«
«
«
3 92
FlrerntDOs
4 80
Mexican
Do
4 85
dollars..
uucouimoro*!
mer closes with a dcciJeilly healthy tone in financial circles,
United States Bonds.- Government bonds have been very
which is strongly in contrast with the feehng at this time last dull, with only a few transactions on Saturday last, and one toyear.
Then the outlook was anything but satisfactory, and day. Prices remain firm, however, and are about the same as
The Treasury operations have also
there was an apprehension of trouble, owing to the embarrass- at last week's closing.
ment of certain railroads, in consecjucnce of which the money been limited, the offerings as well as the purchases having
The amounts offered and purbeen comparatively small.
sensitive, while
market was very
the
bank surplus was much
chased this week, and the prices paid, were as follows
lower than at present. This year the course of affairs from
the first of July to date has been particularly good, and the
horizon certainly appears free from any dark shadows of coming
4H Per CtnU
Batnnltr
misfortune.
Railroad earnings have kept up so well in most quarters of
. .
4 Prr
due 18»1.
Oftringt. Purefc'M
PHcet paid.
OJeHm>.
CmU iue 1907.
Purch'e*.
,
ttat.ooo
tl 8,800
rio,uoo
94,000
80,000
4,000,
Monday
Taesdsy....
1,738,000
the country that stocks have been sustained the more easily
Wedn'sdny.
i.sae.ooo
were made to depress them, and should the
matched during the remaining
Thursday...
rrlday
239,000
:
Prica paUL
188
188
188
80,000
{
whenever
efforts
large earnings of last year be
four months of
this,
the gross receipts would be very satisfac-
Net earnings are not so good, and in this respect 1888
compares quite unfavorably with 1887 in the business of some
of the roads, while the total interest charges to be paid by all
the railroads of the United States this year are probably
tory.
$15,000,000 to 130,000,000 higner than they were in 1887,
owing to the large issues of bonds made for new work.
The money market remains very easy there is no lack
;
confidence appare
of
or any extraordinary scrutiny of collat-
showing that bankers generally have none of the apprehensions of last year, and that they do not anticipate any
trouble from the large real estate and railroad borrowing which
has been a conspicuous feature of business in the United States
during the past two years.
The open market rates for call loans during the week on
stock and bond collaterals have ranged from IJ to 2 per cent.
Prime commercial paper is quoted at 4J@.5 per cent.
The Bank of England weekly statement on Thursday showed
a gain in specie of £530,000, and the percentage of reserve
to liabilities was 44'17, against 43"47 last week; the discount
rate remains unchanged at 3 per cent.
The Bank of France
lost 3,775,000 francs in gold and gained 3,673,000 francs
erals,
Total.
SloceApr.lS
The
6s,cur'cy,'96.,
68, cur'cy, '97.
68, cur'ey, '98
68, cur'cr,'99.
This
6,000
JSO.OOO
8.000
107W
10,839,300
loeiirioe
78,000
40,900
las-issji
tS«6,800
S104,900,
128-188M
83,1713801 1347(>-188X
closing prices at the N. Y. Board have been as follotrs
4>ss, 1891
4>sa, 1891
4s, 1907
48, 1907
68, our'cj','95.
*
imn
3se,ooo
t4.soi,aoo
..
.
8,000
ia
State,
Aug.
AlMf.
Aug.
Aug.
Aug.
25.
27*.
28.
29.
30.
106»s '106=8 '106 Sg
A.ug.
i
I
31.
10658 •lOeagl 106 ig
107%]' 107% 107%
128i3'*128ia •138 «
128i«!n28'« •128 1«'
•120 1*120
•120
'122ia*122ia 122i«|
'125'«'*125
'1251a;
•128
'128 1*128
>131
'131
"ISl
I
107% 107% 107%
I28I3 >128'3 x27ia
128 13 'I28I3 128 Hi
120
120
1251a, 'l25iai
128
1
I
120
12213 *122ia( 1221a
131
!
•128
'131
the price bid at the morning board : no $ale was made.
1251s
128
I
1
'131
^^^
and Railroad Bonds.- The State bond market con-
devoid of any feature of interest. Transactions are
very limited in amount, and only a few securities are dealt in.
Railroad bonds have been rather quiet most of the time,
though there was a little activity in a few. Prices have been
firm to strong, however, and most of the changes, though not
There
important, have been in the direction of higher prices.
have been few special features, the most prominent being the
Reading preference incomes, which were active at times and
again advanced. The M. K. & T's have improved on a moderate business, as have also Atlantic & Pacific incomes, Columbus
& Hocking Valley Ss and 6s, and a few others. Canada
silver.
The New York Clearing House banks in their statement of Southern 2ds declined, in sympathy with the stock.
Aug. 25 showed a decrease in surplus reserve of $733,825,
Railroad and Miscellaneons Stocks. The tendency of the
the total surplus being |31,003,425, against $21,736,350 the stock market continues generally upward and prices for most
previous week.
stocks have made a further slight advance on a moderate
The following table shows the changes from the previous volume of business. There have been few new developments
week and a comparison with the two preceding years in the of special importance, but the temper of the market remains
averages of the New York Clearing House banks
bullish and prices respond more easily to favorable conditions
in this direction than they do to efforts made to depress them.
1886.
1887.
1888.
Diffr'nc't fr'm\
The crop prospects continue to be an important factor, especAugust 25. Pirtv. Week,
Augiut 27. lugutf 28. ially with the grangers, and in addition to this, we 1 ave the
decision this week in the State Court in the case of the Rock
Capital
60.762, 700
Island against the Iowa Commissioners, which sustains the po40.(>66. ,600
Surplus
sition taken by the railroads, and follows the previous decision
Loans and disc'ts. 388.749, 600 luc
839,!>00: 48.435 .000 342,333.200
Another factor in the rise has been
87.201. 90O Dec. 634,900| 68,693 300' 68.582,100 in the U. S. Circuit Court.
Specie
7.982,900 the London demand, though this has not been continuous.
S.073 ;800j
Circulation
7,816. 200 luc
55,800i
412.563, 5uO,Dco.3, 499,900 S45,482 700 319,393.000
Net depoeita
The feature of greatest importance has been the activity and
36.942, 400' Dec. 1 ,072,900 22,543, 100 25.673,300
Legal tenders
tinues
m
—
t
;
[
Legal reserve
Reserve beld
Borplns reserve...
I
103,140, 875 Deo. 874,975
124,144, 300 Dec.l ,607,800
86,370 ,675
87,348,2.50
91,236, ,400
94,255,400
732,825
4,865,725
6,907,150
2^,003,425, Dec.
Exchange.— Sterling exchange
continues quite dull, with
very little inquiry from any source.
There was a slight
increase in the offerings of security bills at one time, but they
were easily absorbed, without any effect on rates, which
remain firm and unchanged from a week ago. Latterly both
commercial and security bills have been scirce.
To-day the rates on actual business were as follows, viz. Bankers' 60 days' steriing,
4 84f@4 85; demand, 4 874@4 88.
Cables, 4 8&i@4 88J.
Commercial bills were 4 83i@4 83i.
Continental bills were: Francs, 5 32i and 5 20; reichsmarks, 94 J@y4J and 95i guilders, 40(a40J and 40i@40f
The rates of leading bankers are as follows
:
;
August 31.
Prime bankers' sterling
Prime oouinicrclal
bills
Sixty
on London..
Day:
4 851s
4 83'«»4 84
4 83>4<»4
Paris (francs)...
Frankfort or
Bremen (relohmarks)
Demand.
4 8813
83%
5 22is»5 21''a 5 20'>8*S 20
40ie» 403,8 40B,i,»403b
94%3
94^8
95^*9514
the coalers, especially Lackawanna, which
of
advanced sharply, rising to 144, from which there has been a
Reading new certificates have also been
reaction at the close.
active and advanced, and all the stocks in this group have
improved more or less. The active demand for coal and the
advance made in prices is the principal basis for this strength,
although in Lackawanna there appears to be a speculative
movement in progress. The grangers have been next in
importance, and have also advanced on the whole, though
somewhat irregular. The features mentioned above, relative
to crop prospects and the Iowa rate decision, have been the
Northwest has
ruling influence in the case of the grangers.
been specially strong, and touched the best price of the year.
In regard to St. Paul, there have been indefinite rumors about
the next dividend, though they have not affected the price
materially.
The Uould stocks and Vanderbilts have been less
prominent than usual, but Western Union has been very firm
on the report of larger earnings. On Thursday the Villard
group came into some prominence, the Northern Pacifies and
Oregons advancing on the large earnings, and rumors of an
active demand from Mr. Villard's Continental friends and supporters.
Lake Erie & Western common and preferred weie
also strong latterly, with relatively large dealings.
strength
250
I
HE (HaONlCLE.
SlOCKS-PRICE'i AT N.T. STOCK EXCHANGE FOR WEEK ENDING
HIGHEST AlO) LOWEST PEICES.
STOCKS.
RK.
Active
Atlantic
Stocks.
& Pacitic
Canadian
Paoitlc
Monday,
Aug
Aug. 27.
2.3.
*9i3
958
5612
5612
53ie
831a
3413
8839
88
*33i2 33
112i«112i« 113
71% 71h
.
Do
Cliloago St. Louis
•12 13
3313
& Pittsburg.
Do
CWoago St, Paul MIn. &
Do
prer-
Om
.
40
.
9«9
*56'8
5338
53
83%
88ia
958
9=8
9»»
57
56% 57
33I3
9018
52
53 la
89%
9014
•3414 35 12
33
35
1131a 1121311514 11414 115
72i>8 73 Hj
7258 73%
71'8 73I8
111 IIII4 111 IIII3 lllia 11238
llSi'sll'l^ 11358 11414! II414I1514
144 145
144 145
145 145
I09%llli3
109 IO914 109 110
'I2I3
12
12
*12
I314
I313
35I2
3513
*33
33
'33
35
4OI3
4158
40%
4013
401a 40^8
P™(. 110:U110%
113 II3I4
145
Pref- *144
10Si2l08'8
Paoiflc.
CWcago Rock Island &
Do
OUoago & Nortliwestern
Wednesday,
Aug. 29.
Tuesday.
Aug. 23.
9% 9%
56% 56%
53
Cana<la SouUicm
Central of New Jersey
Central Pacillc
Onlcago Burlington & Quincy.
Chicago Milwaukee & St. Paul.
—
Saturday.
13
331^
40
109
33
[Vou
AVG.
9%
9%
52=8
8978
'1081a 1091a
57I2
5714
57
28I4
2314 28I3
MIL Lake Shore & West
Do
pref
*6l2
& St. Louis
pref
Do
Missouri Kansas & Texas
Missouri Pacillc
MobUe& Ohio
Na8hv.Chattimooga& St. Louis
New York Central & Hudson.
New York Chic. & St. Louis.
Minneapolis
*6l3
7
16
*12
ISH
•12
13
80
I314
7914
Ilia
924 92%
6% 6%
7
13
13
13%
13l>8
•614
12
13
80 14
10
82
15
1336
8013
III3
8OI3
7968
79 14
•9I3 Ilia
•913
'10
•80
•80
•80 14
83
83
1087g
10Si4l0Si« 10314108% 1085i 109
17% 1814 iSis 1818 18
I712 18
72 14 7258 72
72
73
72
1st pref.
Do
39
39%
39
39
39
39
2d pref.. 38
Do
New York Lake Erie & Wesfn 281a 2838 28 Hi 28=8 2838 28=8 23%
63
64 13 61-'8 64% 65
65
65
pref.
Do
425g
42^8
42% 4238 42
4158 41%
New York & New England
I6I2
•16
16
New York Ontario <fc West.... •15% I6I2 '169I3 16ia
9I3
979
9% 979
New York Susq. & Western... •9I3 9%
33% 33^8 33 '8 3469 34%
pref. •33 la 33%
Do
•18
19 14 1914
1979
1912
I914 1958
Norfolk^ Western
53%
52
52% 52 '8 53 12 5313 54
Do
pref
•2513 2612
28%
Northern PaclHo
261a 2658
261a 2658
58 '8 59% 59 14
58'8 5938
5838 5868
pref
Do
'2Jl3 23
22''9
Ohio i& Mississippi
Oregon &. Trans-Continental.. "2614 2858 2653 2738 2718 2739 27 14
2113 22
2214 22iii
2213
22%
Peoria Decatur & EvansviUe. 22
52 14
5218
Phila. & Read. Vot. Tru.st. Cert.
51
50%
si's 53
24791
2433
24%
24%
24%
24%
Blchmond,&Weat P' t Terminal
241a
73
Do
73 la 73^8 '73% 74% '73
74
pref.
•89
Home Watertown & Ogdensb'g •89
91
91
911a "89
•32 13 33% •32% 33
3214
32
32
Be Louis & San Francisco
.
Do
Do
Bt.
Paul
Do
&
72 'a 72%
113
114 114
58
•53%
60
lOOia 102
100%
•723a
pref.
Ist pref.
72% 72%
72%
114
'
pref
St.
Do
1338
80%
Ilia
83
109
18%
72
40
28%
65%
43%
16%
10
3479
20
54%
2058
5979
23 14
273»
22%
53
24%
74
91
32I4
72 14 7214
113 114
114
58% 60 •58% 59%
100% 100%
100% 102
1051a 104% 105%! 103% 105% 105% 105%
Duluth
60
102
St. Paul Minneap. & Manitoba. •IO413
Texas «fc Pacitic
24% 24% 24% 2459
•23
Texas & Pacillc Land Trust.. 23
24
24
59I2 5958
Cnlon Pacltlo
60
60%
Wabash
113
7
15
LAPaci He
14% 14%
•26I4
pref
Wheeling & Lake Erie, pref..
Rllscellaiieous Stocks.
27
27
58% 58%
Colorado Coal & Iron
Consolidated Gas Co
2714
58% 59%
'
2469
•23
24% 25
-
24
60%
14% 14%
27
27%
60 14
5314
2358
34
60%
61
1458
1468
27 14 2778
53% 59%
59
Shares.
Lowest
575
7% Apr.
•12% 14
•33
35%
41% 41%
109% 109%
1,
Highest.
3
55% June 11
45% Apr. 2
26,815 73% Apr. 2
32^ 26% Mar. 26
1,250
12.v:85
10% Jan.
62% Jan.
56% Jan.
90% Aug,
37% July
109% June 13 130%
6,287
93,060
3,170
37,140
105
7,768
75
61
June 12 78
98% June 13 117
10268 Apr.
138 Apr.
58
2 11568 Aug.
1
3 145% Feb,
5 114% Jan. 27
11% July 23 14% Jan. 10
100 29% Mar. 31 38% Jan. 6
6,170 32% Apr. 2 42 Apr, 30
100% July
58
36 14
37
36%
•78 3i 7914
79 >4 79 14 79 14 79%! 79% 81% 80 14 81%
Delaware & Hudson C.inal
118% 119
119% 119%! 119% 120
119% 11979 xll8 118
Oregon ImprovemeutCo
67% 67% •67
67% 67% 67%! 67% 67% 87% 63%'
Do
100 103 '100 103
i>ret.
100 103 I'lOO 103 •100 103
Oregon Railway & Nav. Co... •92% 93% 93 14 93% •93% 94
93
93
93% 94%
PaoincMall
•36
37
37
37
36«8 3658
3679 3714
37
37
Philadelphia Co., Nat. Gas.... •93
95
92
94% 94% 94% 94 %1 '92
95
i'5
Pullman Palace Car Co
A7 7., I6734 167% 167% 167% 187% 167%
167 I6714' 187% 1I6779
Western Union Telegraph
82% 82%| 82% 83% 83
83% 83
8368
83
83%
1,150 3069 Apr, 2 3379
11,440 68% Mar. 29 8179
11758 118
4,070'l03 Jan. 3|130
Mar. 29! 6979
1,8201 45
68% 69
101%July 3 107%
100 103
•93% 94%
1,815 84% Apr. 2, 97
*36
37%' 1,315 28% Apr. 2 38%
23 75 July 9 106%
93
95
187% 167% 2,030 135% Apr. 3 169%
84
8359' 87,322[ 70% Apr.
83
Ajlams
149% 149%
110% 110%
79% 80
I
I
Express Stocks.
148
109
American
UnltedStates
Well«, Fargo
7914
& Co
136
Inactive Stocks.
American Tel.
Atchison Top.
Chesapeake
Do
Do
Ohloago
Ohloago
&
& Cable Co
8679
& Alton
pref
'38
,
•9
'230
•32
•38
•43
St.
•31
2379
yarloas Stocks, *c. (Unl Is
.„„^.,
ted.)
Amer. Cotton Oil Trust
37ia
I
«^
"
82->9
5%
3%
•4%
41
11
10
•13
3279
3379
150
110
148
110
'136
79
-137
144
80
80
80
80
88%
885b
88%
3 8 ''9
83
2%
5I4
10
14
33
8358
2
81
2%
•458
5%
41% 43
•10
'230
•13
11
I
84% 81%
179
•4%
29%
29%
38
2914
37% 37%
2%
5%
7969
'136
130
110
80
143
80% 81
88%
•83
14
29%
37%
3759
•179
•4%
11
10
14
'230
•13
•13
33% 33% 9'" 33%
•9
10%
10%
29
84
•10
230
,
37681
110
45
138
45
81%
2%
5
46
88% 88%
1,620
1358
500:
I
3,200
2,200
1''8
700
4%
4%
100
11
14
*13% 14%
50
1,300
11
100
,
'9% 10
33
•9
33%
5
1,000
10
36%
200
47
11%
24
319
100
*31%
23%
28% 28%
3,712
37% 37%
90% 92%
37%
89%
3,042
3759
9268
Prices trom both Exchanges.
Aug. 31
Aug. 2S
Aug. 2
Aug. 6
May 2
May 1
Feb. 15
Aug.
Aug,
9
9
Jan, 12
81
Aug. 11
79% June 14 99% Feb. 20
11 July 17 13% July 31
10% Aug. 1 11% July 24
July 26 13 -Vug.
Aug. 15 140% Feb.
Mar. 19 43% Jan.
89% Mar. 2 94% Jan.
65% Apr. 2 86% Aug.
173 Aug. 31
4% Jan.
4% JvLue 5 6% Feb.
Aug.
46
38 Aug. 9
8% Apr. 16 12 May
4
215 Jan.
231 Aug.
10 Mar. 22 13% Au,g.
13% Mar. 26 33%.\.ug
9 Mar. 19 13%J.au.
33 Mar. 31 41 July
35 M.ar. 27 47 Aug.
10% July 6 1878 Jan.
17 Mar. 22 30 Jan.
27 Jan. 11 33 Aug.
24% Apr. 2 3258 Jan.
238 10
200 134
40
1^8
85
*48
•10
'31%
;
11%
13%
41%
92%
86%
-30
38
36%
47% •44% 47% •43%
11% '11
11% 11%
23% 33% 23% »23%
29%
87% 37%
91% 93
138
Feb, 17
175137 Apr, 12 150 Aug. 1
170 106% Mar. 22 110% Apr. 26
909 67 Jan, 4 80 Ang. 28
10 128 Jan. 19 143 June 23
457' 70
38
2379
86^9 89^9' 8958 91 Kt' 89% 91%
lieee are the rricee bid and asked; 00 sale was made at the Board.
I
'148
42
•36% 33% •36
•43%
•44
11% 11% 11% 11%
•22% 23% •22% 23
•22%
•30%
•30%
•31%
38
150
110
80
143
35% 36%
81% 8178
•12%
13% 13% *125a 13% 12%
•11
•10% 11% •11%
•10%
11% 12% 12% 12% 12 13 •11%
133 135
134 137
136 136
41% 40
41% •40% 41% •40
41% -40
91
91
93
91% 91% 92
92% 93%
•9% 10%
38%
47%
.
Ontario Silver Mining..
Tennessee Coal A Iron
Pi pe Lino CVrtillcates;
*90l4
3%l
•9% 10%
& Terre Haute
Louis Ark. & Texas
Columbus A Hocking Coal
144
87% 87%
•40
12% 12%
pref.
Alt.
8679'
82% 83%
Manhattan Beach Co
N. Y. New Haven &. Hart
Ohio Southern
Oregon Short Line
Quicksilver Mining Co
Bt Louis
'136
.'
135
•40
41
*90i4 91
-2%
•4%
'148
79% 79%' 78% 80
130
& East. Illinois
Do
pref
„.
Cinoln. Ind. St. Louis & Chic.
Otnoinnatl Wash. & Baltimore.
„, ^ Oo.
145
150
109% 110% 110
•12% 13% •12%
•10% 11% •10%
•11% 12% •11%
O., reorg. cerl.
1st pref. reorg. cert.
2d pref. reorg. cert.
.
147
7914
79% 79%
& Santa Fe
Do
„
Mahoning Coal Ry
150
109
Jan.
Feb,
Apr,
10
3
9
29
30
27
24
27
30
29% 29%
142% 14258
•1814 19%
36I4
37
1888.
700 100 June 13 110% May 1
3,050 43% Apr. 2 59 Aug, 8
4,272 17 Mar. 21 29% Aug. 31
170,910 123% Apr. 3 144 Aug. 29
63 15 JiUy 2 23 Jan. 6
•50
51
44 Mar. 24 55 Jan. 23
10% 1058 1,450 8% Mar. 33 11 July 23
•70
740 55 Mar. 22 71% July 24
71
910 17i4Apr. 2 26% July 24
25
25
500 8 4 Mar. 22 89% Aug. 31
8914
89
900 31% July 24 46% Jan, 3
2473 25 14
•11
112
11%
7% Mar. 20 12 July 25
1,198 114 Mar. 5 123% Aug. 8
118% 119
2,535
I614 17
9% Mar. 23 17 Aug. 31
•32
200 3778 Jan. 16 37% May 1
35
7,280 12% Mar. 22 19 Aug. 30
18% 19
52% 53% 17,453 40% Apr. 2 53% Aug. 31
97% 97% 31,581 85 14 Apr. 3 93 Aug. 29
•93
94%
87% Apr. 2 95 June 25
59% 59% 1 V'o'io 5059 Apr. 2 61% Jan. 9
•38
41
30 Apr. IH 4134 Aug. 10
*91
550 77% June 13 98 Apr. 27
91%
85% 83% 2,537 73 Apr. 2 88% Aug. 9
100 48% June 18 80 Jan. 10
55
54% 54% •52
•90
205 83 Mar. 27 104% Jan, 5
93
93
92%
"6% 7 14
979 Apr. 30
300
378 Mar. 28
6% 7
•12
•12
15
15
934 July fl 18% Apr. 30
*3
13
13
13% 4,0011 10 June 11 18% Jan. 5
79% 8OI4 79% 80% 14,3.i0 6734 June 13 89% Jan. 3
no 11 10 11
6% Mar. 29 13% Jan. 27
31
83
900 71 Apr. 2 85 July 30
82% 83%
10358 10358 10858 10368
3.515 102% Apr. 2 109% Ang. 23
1,915 1 i% Mar. 31 18% Aug. 2S
18
18%j 18 14 18 14
72 14 73 14' •72
465 61%Julv 6 73 Jan. 27
7!
•39
650 23 Mar. 31 40 Aug, 29
39%
39%
40
23
28% 2779 28% 19.720 22% Mar. 9 29%Jau, 9
65%
1,800 52% June 13 85% Jan, 10
42% 43% '42% 43
28,065 29% Mar. 22 46 Apr, 30
215 14 June 13 18% Jan, 9
16% 16% 16% 16%
1,835
9% 9%
7% Mar. 28 10 Aug. 15
34% 34% 3i% 34% 7,235 26 Apr, 2 3479 Aug. 29
19% 1979 193.1 19% 2,365 15% Mar. 24 20 Aug. 29
53% 53% 53% 5358 11,357 41% Mar. 31 54% Aug. 29
26% 27 14 27 14 27% 7,510 1979 Apr. 3 27% Aug. 31
59
60% 605, 61% 62,310 43% Mar. 31 61% Aug. 31
23% 22% 23% 2,720 17% Mar. 27 25 Jan, 31
23
2368 52,940 17% Apr. 2 2869 Aug. 31
27% 28% 23
2358
22
21
23
7,480 15% Apr. 2 23 Aug, 31
52% 52% 52% 5258 173,780 4831 Aug, IS 53 Aug. 23
24% 24% 24% 25% 10,330 19 Apr. 2 2669 May 3
400 55 Jan. 6 74% July 23
71
73% 73% 74
•89
91
25 82% Feb, 13 94% July 25
90
90
*32
400 24 Mar. 27 36% Jan. 5
32
32
32%
•71% 7214 7214 72% 1,160 63 Apr. 2 73% Jan. 30
41 105% Apr. 3 11879 July 19
114% 11414*113 114
1,000 43 Mar, 29 64% Aug. 4
59
59%1 58% 59
305 89 Mar. 29 103 Jan. 28
10179 10178' 101% 102
1057910579' 106 106%
2,250 94 Apr. 2 114% Jan. 23
24% 2459' 24% 24% 11,153 1379 June 6 26 Aug. 8
400 22 July 7 25% Aug. 3
2414 2414] '23% 24%
6078 61% 43,675 48 Apr. 2 61% Aug. 10
60% 61
172 12 Mar. 27 16 Jan. 3
I414 1414 •14
14%
2714 27%l 37
27% 8,270 21 Mar. 21 30 May 1
5314 5879I 57% 5878
4,060 44% Jan. 3 60% Aug, 7
109
1081a 10913 1091a 109% 109
58I4 5878
57% 57%
5738 53
2379 2914
2878 29
2812 28'^8
14178 143
139%140i4 140 14138 140-8 143 14 14238 144
Delaware Laokawanna & West
ISI4 19%
•18
•18
20
20
18
13
Denver & Rio G. , assessm' t pd
'50
'5OI3
5112
51
5II3 •5014 511a
*50
prefDo
lOis
1078
10
10
*10
IOI4
10
10
•973
IOI4
East Tennessee Va. & Ga. R'y
70
71
71
*69
70
•69
71
12
71
Ist pref. *68i3 70
Do
2314
25
»24
•24
25
la
25
25«a
*24
25
23
2d pref.
Do
88
89 13 •87
89
'86
*85
89
'85
89
89
EvansviUe & Terre Haute
23% 25%
•22I3 26
2213 22I2
*21ia 26
221a 26
Fort Worth & Denver City. . .
11%
1134 *il
11% IIH III4 •11
11% *11
Green Bay Winona & St. Paul. *11
1191311913 119 119
118 118
11814 1181a 118 118
Illinois Central
15% 16%
15
16
16
14% 14% 15% 15% •15
Ind. Bloom. & West
32
32
34
32%
*32
*32ia 34 la
34
-32
31
Kingston & Pembroke
18
17% 19
1738 1738
1714 I714
•I6I2 1712
Lake Erie & Western
49I2
5168
53%
51%
504
5014
50>4
50%
50
4913
pref
Do
97% 97%
96% 97 14 97 14 98
Lake Shore & Mich. Southern. 9618 9612 96% 97
•93%
•9313
95
94%
*93ia
93
90
'931a
•931a 9412
Iiong Island
60 14 60
0038
60 la 59% 60
60
00
5938 5934
Louisville & Nashville
•38
'37
42
38
41
42
*3/
41
Louis. New Alb. & Chicago. ..
91
91
91
91
9II2
92
9114 911a 91
Manhattan Elevated, cousol.. '90
83% 8578
8613 86%
SSHi 86%
86
83% 83% 86
Michigan Central
pref. •108
Cleveland Col. Cln.&Indianap. 56
Columbus Hocking Val. &T0I. •27
Aug. 31.
35% •3414 3514
115
113% 114
72% 73% 72% 73%
112 112
112 112
114% 11558 114% 11569
145% 145% '144% 145%
IIOI4 11078 110 110%
1888.
1,
Range Since Jan.
Week,
114
•12
13
•33
35
4058 41%
JAN.
Friday,
*9% 968
56% 56%
51% 5214
89% 89%
*36% 5714
3914
•3414
AND SINCE
Bales
of the
Thursday,
Aug. 30.
52%
31,
XL-VII.
25
Mar. 21
40
71% June 37 100
30
10
30
26
31
9
24
30
10
8
14
28
12
17
10
16
9
1
30
July 24
Mar. 6
<
Skpteuber
1,
THE ClIftONlCLR
1883.]
BONDS-LITEST PRICES OF ACTITE BONDS AT
Bang* Hnu Jan.
Oiortnf.
Railroad Bond*.
N. Y.
Aug.-H Aug.3\.
STOCK EXCHANUE. AND RANOE SINCE JAN.
KaUrooA Bondt.
1,
ISSit,
Rangt nnf Jan.
Olottixo.
I,
BighuU
Lofoett.
251
Aug.iVAug.ai
Louuu
1.
atghtiU
I
24llgb.
10 Apr.
27 >• Jan.
* P»c.— W. D. Inc.. 6», 1810 •.•4M
81>*b. 80 Jan.
S4 May
Guar., 4b, 1937
-"Vo 81^
Can. BOQth.— iBt gMai., 5«. IWB lU7>«a. 104^ 104% Aug. 108% June
Atl.
SO. Ml, 1913
.-iVX"
Oentrulof N. J.-lBt,7», 1890..
t;<)nBOl.7e, 1S99 ..
Oonveit. 7's, 1908
Convert, dell. 6», 1908
General niorl., .^», 1987
94
104 Ogb, lOS
llS^b
122
b.
118!Ub.
122»«b.
b.
ioai<b. 105 "sb.
104'8b.
10S>8
Len,A W.B.,o<>n.7(i,l»09,ftB'nt iiieiflb. 116>ab
1921. .. 106 b. 107 a
Am. Dock A Imp.,
.'>ii.
89 >4 Uar. 90''8
104 Aug. 10S><
111>1 Jan. 120
115 Jan. 123 >s
102 Feb. 105>g
98 Jan. 100^
112>a Apr. 110
lOliflJun. 109
113i9Jan. 111! Hi
114\b,
Oentrnl raotllc— KoUl 68. 1>498..
llft^ib. 116\b, II319 Apr.
Pan Joaquin Br. 6a. 1900
102>«b.
lU3^a
100 Apr.
l*n<l (franltin. 1890
•-•; lUl^b. 102 b. IOII9 Apr.
Mort.Oa, 1936
'98
Ill
b.
a.
113
105>4 Feb.
Che*. * O.— I'ur. m. fund 6b,
621* Mar.
6s, gold, Biir. B.1908, ooup. OO
62 Apr.
Exton. coup., 48, 1986 ......-•
23 b. 23 '8
16 ''8 Apr.
6«,ourreuey, 1918
112!%
90>9Jan.
Mort. 68, 1911
103<« Mar.
Che8. O. A8o. W.— 5-6b, 1911 ... 108 a. 107 14
98 Apr.
Chlo.Bur. A Nor.-lst, .'is, 1926.
Ohio. Burl. A Q.— (;on. 7b, 1903. 131 b. 131 b.ll29'sJttn.
105%b. 10511b. 104 May
I>obeuturoftB, 1913
91 Mar.
Denver Ulvls., 4b, 1922
4b. 117 "^b. 113 Jan.
Chlo. A I'.ast. Ill.-Cou. 6», 1934 1
98 Apr.
Chip. A Ind. Coal R., IbI.Sb, '36 100 a. 100
114>sb.)ll4>9Jan.
Cti.Mll. A Ht.P— l8t,I.&M.78,'97
124 >s 12iivl). 123'aJan.
Coni<ol.7s, 1905
113
Ill %b. 109 Julj
l»t. So. MIn. DiT.— eB.lOlO.105 b.lOlifiJun.
lBt, CUl. A Pao.W.Dlv— 6b,'21 106 >4
Win. AMin. Div.-68, 1921.... 102 >sa. lOligb.'lOO Jan.
102 >sa.
jIOO Jan.
Temllnal.^s, 1914
139i9JaQ.
OhIc. A N. W.—CouBol. 7», 1915 142 b. 142
13
133 a.'l2G Jane
Gold,7H, 1902
lltfisb. 120 b.lllBHApr.
Bluklnit fund 69, 1929
llO'sb.illOijb.'lOG Apr,
Sinking fund 58, 1929
Blnklne fund debent. 5a, 1933 110 b.;ill»4a. 107 Way.
106 b.
1104
May.
26-year debeut. 58, 1909
OSija.! O.'.iaa.! 9114 Mar.
Kxtenetiou 4n, 1926
Chi. K. I. A Pac— 6b, coup. 1917. 131i8b.]131i4b 130 July
106
106
1104
Mar.
Eiten. A col. 5b, 1934
119i3Jan.
Oh.8t.P.,M.& O.—Com8o1.6b.'30 121iab. 121
115
I),
1
Oh.8t.L,.A Pltte.— l8t,oon.5s,'32
0. C. C. A lud.— Couxol. 78, 1914 131 b.
'-11
Gen. 68, 1934
Col. Coal A Iron— l8t, 6a, 1900.. 103>sb.
Col.H. Val.AToL— Con. 58, '31 S3i4
82'sa.
Gen. gold, 6«, 1904
Denver A Kio Or.— l8t,7B, 1900 121 b.
76%
1936
cou.
4b,
let
Den. A R.Qr. W.-l8t,68,1911.
Aaseuted
Den. So. Pk. A Pac— Ist, 78, '05
97
May
131
b.
123
Jan.
Ill
a.
lOTiflJan.
100 Jan.
lOii^sb.
84
84iia.
Mar.
Mar.
63
63
Auir.
Jan.
Jniui
Apr.
June
Juud
Auk.
Juno
June
llOH July
103% Jan.
104<% Mar.
114>4Fob.
70i>g
Feb.
73
28
Aug.
Feb.
I12>2AU(r.
llOiaJuly
103 Jan.
134 June
107>« Feb.
95 Jan.
117% Aug.
100i<)
119
128
114
107
104
:03
May
Ap
A
May
Feb.
Aug.
May
Juuo
I44I4 July
1321a May
121 Feb.
Ill Feb.
lllia Aug.
1061a Apr.
98 Aug.
134 Juno
108 May
1231a May
100 la Jan.
131 July
113 May
106 May
841a Aug.
SSijAUfr.
121 b. 1181a May
7714
75 Mar.
82
71 Jan.
l'.ili4Miu-.
791a Jan.
83 Aug.
76 Aug.
81 Apr.
35
b'.
36
b.
May
43 Jan.
Ld.gr.3>«8,1911'
Det.Mac.&M.—
K.Ten.V. A (i. Ry.— (Jou.,58, '56 loa^H 102 »»b. 95% Jan. 103 14 July
Ol'g
101
14b.
80
Mar.
104
Jau.
Baudy—
1902.
1
EUz. Lex. A B.
69,
138 "sb. 132i« Mar. 1381a Aug.
Erie- Ist. coiisol. gold, 7b, 1920 137>4
112»4b.
Ill
Jan.
115
11214b.
Apr.
Long Dock, 78, 1803
Ill9 b. 120
115 Apr. 120 Aug.
Con. 68,1935
9218 Juno Og^s Jan.
K.Y.L.E.iW— 2dcon. 68, 1969 99%
99
88I11
S9ia May
Ft. W. ADenv. C. -let, 68, 1921 SB's
77 % Apr.
Gal.Uar.&San.Ant.-l9t, 68,'10 104 b. 10414b. 101 la Fob. 1061s May
106 a. 10438l>. 98 Apr. 106 July
2dM.,78, 1905
Weat. Division— let, 58, 1931. »2S8a 92 b. 90 Mar.
925e Aug.
Gr'nB.W.ASt.P.— 2dlno.8B,l911 33 b. 38
25 Apr.
42% Ju.y
Galf Col.ASan.Fe— l8t,7a, 1909 118 b. 118H 118 July 12214 May.
90>4b. 96i«
Gold, 68, 1923
94 July 97''8 Feb.
107ie Mar. llOifi June
HendersonBr.Co.— l8t.6B, 1931 HO b.
H. A Tex.
122 b. 123 b. Ill Mar. 1221a July
let M. L. 7a
lBt,WeBt.D.,7B,1891
122 b. 122 b. 112 Feb. 122i3July
l8t,WacoAt*.7B,1903
105 b. 105 b. 105 June 114 Feb.
Zd.concol. M. L. 88,1912
102 Feb. 1081a Jan.
Gen. mort. 68, 1921, tr. reo... QS^Xs.
65 Jan.
70 July
Ind.Bl. AW.— l8t,prer., 78,1900 112 b. iliiii). 110
May 1121a Jan.
iBt, 5-68, 1909, tr. reo
92'8
93 Aug.
93 lib. 80 May
2d, 5-68, 1909, tr. reo
70 b. 72
65 Feb. 72 Aug.
East. DIv.— 6s, 1921, tr. reo.. Oliab. 9312b. 80 May
92 Aug.
Income, 6h, 1921, tr. reo
23 b- 231*
15 Mar.
231a Aug.
Int. A Ot.Nor.— l«t, 68,gold,'19 108 a. 106 b. 981b May. llHaJau.
Coupon, 68, 1909
Apr.
68'4b. 70 b. 61
77 Jan.
Kent. Centr.— Gold 48,1987.... TOiab. 70i»b. 69 Jan.
75 Jan.
KnoxT. A O.— lat, 68, gold, 1925 98
891* Jan. 100 June
100
L. lirie A W.— let g., 58, 1937 .. 106
105 b. lOmJan. 110 May.
Lakeflli.—Con.ooup.,l8t,7B,1900 120 b. 127 b.'125
Feb. 12?ia June
Con. coup., 2d, 78, 1903
124\b. 124% !l22iaJaD. I26I4 May.
Long leland—lst, 78, 1898
12l b. 121 b. 1191a May. 12212 June
lat, coiisol., 58, 1931
114 b. 114 b.'lH Jan. 115 June
Lon. A NttBh.— Coneol., 78, 1898 119%
119%b.:il6's Apr. 123 Feb.
N. O. A Mobile— l8t, 68, 1930 115isb. 11512b. 10818 Jan. II5I2 Aug.
2d,.6H,1930
99iflb. 100 b.l 961a Jan. 100
May
E. H. A N.— lat, 68, 1919
114 b. 114 b.|ll4 Fob. II6I3 July
General, 69. 1930
109% Jan. 115 May
112'ab. 1135b
Trust Bonda, 69, 1922
llOijb. 110i4b.|l06%Mar. 110% May
10-40,68, 1924
101 Hib. lOl'-ab. 101
June 104 Fe^.
50-ycar 58, 1937
99 b. •J9%b. 99I3 Mar. 102% Apr.
Lon. ii. A. A Ch.— Ist, 69, 1910.
113 b.l07i4Apr. 115 June
Cousol.,gold, 68, 1916
95isb. 96 b.l 87% Apr.
97 Aug.
Mem. A Cli'lston- 69,gold, 1924
10114b. 100 Jan. 1051a June
Jletrc. Elevated.— lat, Oa, 1908. 114 b.!ll4 b. 108% Mar. 117
May
2d, 68, 1899
108 b.ilOO b. 103 Jan. 108 July
Mlcli.Cenlral— Ist, con., 7s, '02 130
1126
May. 131 July
CouBol. 58, 1902
1111411. Illi8b.ll07ia May. illlia Auu'
Mlse'riPac— l8t, cons., 6s,1920 113J4b. 113 b.ll07 Mar. 113i«Jan,
8d,7a, 1906
117 b. 120 a.'llS Jan. III8 Fel).
Pac. of Mo.— Ist, 6s, 1888
jlOOiaFeb. il03»aJan.
2d mort., 78. 1891
105%b. 105%b.|l04 Jan. 1108 Mav
74
a.
74
a.
60
Mar.
Aug.
71
34
C—
KOTB— The letter " b" Indicates prloe frtd, and "a"
price (wAsed;
aU other
Lk.Sb. A W.-lat,68, 1921. 121
Aniiland IMv.— lit, 68, 1925...
Mil.
a.
Mllw. A Nnr.-M. L., 6b, 1910.. 108
107
KxtonHlou, l«t, 6fl, 1913
Mlun. A 8t. L.— lat, 7fl, 1927....
A l<;<|Ulp.— 6s, 1922
K.ATt^x.—Con., 68,1920...
Consol., .'Sh, 1920
121^ a. 118 June 121% Apr.
llSia Mar 117% Jan.
108 b. 105>a Jan. 111 Mar,.
lO/ia
104% Jan. 108 Hi Keb.
105
a.
Iiun.
.Mil.
esia
67%
91
June 110
.507g
May
89
5718 June
501a Mar.
JUL
Fob.
73UJan.
64 14 Ane
97
90 Mar. l<i6<aJuu
Consul., 7a, 1904-5-6
Mobile A Ohio— Now, Ob, 1027 .. llSiab. 114i«a. 1081a Jan. no Jan.
104itit. 1041a July 10"ii» Jan.
Ist, ExtenHton, 6a, 1927
52 lab.
43 Afar. .^414 Aug.
Istpref. debentures, 78
97
09 July
84>aJan.
Mutual Un. Tele.— S. f., 6s, 1911 97
Naali, Ch. A St. L.— Ist, 7s, 1913 129 lab. 129 b. 128% Jan. 132
June
103
May. 10014 Mar.
N.Y. Central— Extend., 69. 1893 100 b. 106
131%
13414b.
132% Jan. 130% June
N.Y.C.AH.-lflt, op., 78,1903
112 b. lOSia Apr. 112 July
Debenture, Ss, 1904
132
132 b. 1271a May 133 Jan.
N.Y.AHar.— 1st, 78, 1900
8614 Jan.
03 Juljr
N.Y.Chlo.ASt.L.— lBt,48, 1937.. 02 b. 92%
116 b. 114 Mar. 1181a June
N.Y. Elevated— Ist, 78, 190G.... 116
N. Y. Lack. 4 W.— 1st, 68, 1921. 13114b. 13114b. 127 Jau. 133
June
Ill b.
107T8Jan. 112 July
Oonstructlon, 5», 1923
107»8b. 107%b. 102% Jan. 103
N. Y. A Nor.-lat, 5b, 1927
May
109 Jan. 115 July
N. Y. Ont. A W.— lat. 6s. 1914.. llSiaa. 115
90 JIar. 95 14 Aug.
N.Y.Sue.AW.- lstref.,59, 1937. 94 b. 95
Midland of N. J.— Ist, Gs. 1910 114 b. 114<aa. 109 Apr. 111% July
N. O. Paclllc— Ist, 68, 1920
75 Mar. 83% Apr.
Norfolk A West. - Gen., 6«, 1931 121 a. 119 b. 1121a Jan. 120 la Aug.
116°g
North. Pacino—l8t,ooup., 6b, '21 1161a
1151a Jan. 11191a June
llO's
111% 102 Jan. 111 '; Auif.
Oen'l, 2d,ooap., 1933
94%b. 97
89 June 97 Aug.
Gen'l 3il, coup. 68, 1937
N. Pao.Ter.Co.— 1st, 68, 1933.. 10414b. 104 lab. 99% Jan. 1051a June
Ohio A MlBS.- Consol., 78, 1898 116 "ab. llG'sb. 1141a Jan. 119 June
120 b.
2d,0OU8Ol.,7s, 1911
116 Apr. 119 July
OtildBciuthcrn- lst,6a, 1921. .. 103 b. 103 b. 991a Jan. 1061a May
41%
42^8
2d,luc.,e9, 1921
29 Mar. 4278 Aug.
Omaha & St. L.-l9t, 48, 1937.. 72iab. 72 lab. 70 Mar. 76 Jan.
Oregon Impr. Co.— Ist, 69, 1910 104>4 104 14
9414 Jan. 105 May
Ore. K. A NaT. Co.— l9t, 6b, 1 909 lOOSb, 109%
108% Feb. 113 May
102 lab. lOiiab. 9HI4 Jan. 104 May
Coneol., 59, 1925
Oregon A Transoon.— 68, 1922. 100 a. 100%
93 Jan 100% Aug.
Peo.Dec. A Evans.— lat, 6«. '20. 106 b. 109 b. 106 Jan. 112 June
EvansT. Div l9t, 69, 1920... 103 '4b.
102 Mar. 107 May
75 a. 73
69 May
2d mort., 58, 1927
76% Apr.
teiah. 51
RIoh A AU.— lat, 79, 1920, tr. rec 67
62 Aug.
Apr.
Rlchm. A Dan.— Cons., 69, 1915 1141a 11514b. 109 Jan. 116 June
Roch. A Pitts.- l9t, 69, 1921... 115 b.
116 Mar. 118 Feb.
116 b.
113 Jau. 111714 May
Consol., 69, 1922
Rome W. A Ogd.— lat, 78, 1891. lOd^ab. 109 b. 107 Jan. '110% May
108 a. 10 Slab. 100% Apr. 108 14 June
Consol., extend., 59, 1922
98 Jan. 105 Aug.
8t Jo. AGd.Isl.— l9t, 68, 1925 . 104 lab. 105
45 b. 52
^0 May
82 Aug.
2d, Income, 59, 1925
114
113iab.
a.
Julv 1114% May
T.H.—
112
L.
Alt.A
l8t,
St.
79, 1894.
108 a. 108
108 Feb. llOHJan.
2d, M., pref., 79, 1894
103 Jan. 105 Apr.
2d., M., Inc.. 78, 1894
38 b. 35 Apr.
42% Aug.
Dividend bds, 68, 1894
98I4
98%
Ter.—
98 Jan. I10414 Feb.
let, 68, 1936
St. L. Ark. A
38 b. 37 b. 3618 June 481a Jan.
2d, 68, 1936
8t. L. A Ir. Mt.— l8t,79, 1892... 107 lab. 107 b. 1061a Mar. llliaJan.
108 b. 109 b. 105 Jime '112 Jan.
2d mort., 79, 1897
Cairo A Fulton-l9t, 78, 1891 104 b. 104 laa. 102% July 1051a Jan.
80 Apr.
Gen. Ry. A land gr., 58, 1931. 86 b.
921a Jan.
113i4j»n. 119 July
St. L. A San Fr.- 68., CI. A,1906 119 a. 118
119 a. 118
115% Jan. 119iaJun6
68, Class B, 1906
119 a.
114 Jau. 119% July
69, Class C, 1906
115iaa. 1121a Jan. 118
Gen'l mort., 68, 1931
June
101 b. 100% Jan. 10519 June
Geu'l mort., 58, 1931
100 Jan. 102% June
80. Pac, Mo.— l8t, 69, 1888...
112 Jan. 117 June
8t. Paul M. A M.— 1st, 78, 1900
120iab. 120 b. 116 Apr. .1201a Aug.
2d, 68,1909
116%b. 114 Mar. >I20 June
lat cons., 68, 1933
Do
reduced to 4ia8.. 96iab. 96'8b. 96 14 Apr.
981a June
Montana Ext. lat, 49, 1937... 86iab. 87'4b. 80 Mar. 871a July
Slionandoah Val.— l9t, 7a, 1909. 94 b. 94 b. l>0 Jan.
95
Apr.
36I4 Jan.
3414b. 3S%
Oen'l mort., 68, 1921
29 Apr.
80. Carolina— iBt, 6b, 1620
104% 104 b. 97 Jan. 105 1-2 Aug.
82 a. 82 a. 69 Jan.
87 May
2d, 6a, 1931
Inc., 69. 1931
15 b. IS b. 13 Apr.
18% Jan.
IIII4 Apr. 116
80. Pac.,Cal.— l8t,69, 1905-12.. 115 b.
Mar.
Bo.Pac,N.M.—l8t, 68,1911. .. 106 b. 106 "b! IO514 Jan. 1081a Mar.
4l Apr.
Tex. A Pac— Inc. & Id gr, 78, '18
511a Jan.
New l8t, gold, 58, 2000
92 May
94%
94 «
951a Aug.
38I4 June 45 Aug.
New 2d, gold, inc., 59, 2000.. 4314
431a
Tol. A.A. A N. M.— Ist, 68, 1 924. 101
102
85 Jan. 104 May
Tol.A.A. A Gr.Tr.— Ist, 68, 1921
101 Jan. 1071a May
Tol. A Ohio Cent.— lat, 58, 1935 99I4
99 lab. 93 Jan. 101 June
Tol.St.UA Kan.
Ist.Ga, 1916 9313
91 June 94 Feb.
93%
Union Pacitlc— let, 69, 1899
11514 b. 115 lab. 114 Jan. 1171a June
Laud grant, 79,1887-9
102 lab. 102 lab. lOOia Apr. 104 18 Mar.
Sinking fund, 88.1893
120 b. 120 b. 1131a Apr. 12113 May
Kan. Pacitlc— l9t, 69, 1895.... 110 b. U(ji4b. 1091a Feb. 1121a Jan.
lat, 68, 1896
111 b. Ill b. 109% Feb. 112 May
DeuverDiT.— 6b, 1899
116 b. 116 b. 112% .May lie Anr.
109 14
iBt consol, 69, 1919
109
101% Jan. 110i4May
Oregon 8h. Line -l9t, 6s, '22.. 107% 107%b. 100 Feb. 10913 July
Virginia .Mid.— Gen. m., 58, 1936
84 a. 78 Jan.
83% July
Wall. 8t.L. APac.-Gen.,6s, '20 40 b. 43%
37 Apr. 47 Jan.
Chicago Dlvison— 58,1910
93 J«n.
98% Feb.
Wabash- Mortgage, 78, 1909..
90 Jan.
84 Feb.
Tol. A Wab.— Ist, ext.. 78, '90 11 mb. 112 b. 107
Apr. 112 Aug.
Ist, St. L.Div.. 7s, 1889
110 b. 110 b. IO714 Apr. Ill July
2d, extended, 7s, 1893
90 b. 90 b. 85 Apr. 91 Feb.
Con., cony., 78, 1907
90 Jan.
83 Jan.
Great West.— Ist, 78, 1888
Ill b. lll%b. 1051a Apr. IIII4 Aug
2d, 7a, 1893
90 Jan.
90 b. 91 b. 85 Mar.
99T8 Jan. 104% Jane
Weat Shore- Guar.. 48
10il8
10318
Wheel. A Lake E.— lat, 58. 1926 100'4
lOQia May
111014a. 941a Jan.
60 la
90 a.
04 >4
i
!
—
1
1
!
!
1
'
C—
prices
and tue ranjio
a» from actual sales,
STATE BONDS.
SECURITIES.
Alabama Class A 3
1906
Class B, 6a
1906
Claaa C, 49
1906
6a, 10 20
1900
ArkanKas—68, funded. .1899-1900
7b, Little Rock a Fort Smith, I98
79,
78,
Memphis A
to
Little
Arkansas Centiai
Steorgla— 78, gold
LonlBiana— 78, cona
Stamped, 48
**i„ii|yai"— 7«,.
8
Rook,
RR
SECURITIES.
Bid.
Aak.
IO414
due 1889orl890l 102
Aaylumor University, due 18921 104
1894-1895! 107
Funding
1021a
New York—68, loan
1892; 110
18931 110
6b, loan
North Carolina—68, old
J AJ
38
Fnndlngact
1900 10
107
100 13
102
8
iss.
1890 103
1914
89
Mt^n lo.s
Bid.
New
bonds, J.
CTiatham
89 14
RR
A J. ...1892-1898
Special tax. Class 1
ConaoUdatod 4a
fiq
SECURITIES.
Ask,
Bid.
Rhode laland— 6b, cou. .1893-1894 110
Missouri—6a
South Carolina^-6s, non-fund. 1888
15
68, conpolidated bon<!B
6b, consolidated, 2d series.....
,
1910
mini
314
3>«
Brown connolidated 6a
1893
1892-1898' 62
Tennessee—68, old
71
Compnimlse, 3-4-5-6a
1912
1913 102
New settlement—6a
1913 90
58
1913 69% 70
3b
40
Virginia— 6e, old
1
94
101
«fl.
rt<.fAr-«H. trui*
•**'''....
.....
—
.
THE CHRONICLE.
252
[Vol.
XLVIL.
BONDS-STOCK EXCHANGE QUOTATIONS ON FRIDAY OP INACTIVE RAILROAD BONDS.
8ECUKIT1ES.
Bid.
(Stock Exchange Prices.)
Atoh. Top. & San. Fe—4148 . . .1920
1911
BlBklng ftintl, 6s
1937
Collateral Trust, 58
Chic. e. Fe&Cal.— 1st g., 58.1937
1936
Beecc Creek— 1st gold, 4s
B»lt & OMo-lstes, Park B ..1919
1925
BB.ROld
1988
Cons. mort. eoM,58
Boat. H. Tnn. & W.—Deb. 58.. .1913
Brooklyn Elev.-lst, Q., 68.. .1924
Za, 3-5s
Bnrl. Ce. Rap. & No.— Iat,6s.l906
1934
Oonsol. <fe col. tr, 58
L.-l8t 7s,_eu ..1927
Iowa C. & West.-lst '^....1909
Oed. Eap. L F. & N., iBt 68.1920
1921
let 5s
St.
100
107
931s
101
9413
104
85
12338
'107
109^
Coupons
1908 112
74
off.
& 80. West.— 2d 6e...l911
Chicago & Alton- let, 7b
1893
1952
Springf, Div.— Coup., ..6s, . 1898
1921
Middle Div.— Eeg., 5s
C. St. L. A N. O.—Ten. 1., 78. 1897
1897
1st, consol., 78
1907
2d, 6s
1951
Gold, 58, couiion
2d Div., 78 ...1894
Dub. A S.
Gold 4s
113
77
113
1903 123 is
Mo. Elver— let 78.. 1900 •119
1900
BlnkinK fund, 6s
lionis.
&
2d 7s
Bt. L. Jacke.& Chlo.— Iet,7s.l894
let, guar. (564), 7b
1894
1898
(360), 7e
2d, guar. (188), 7a
1898
Mise. R. Bridge— let, s.f. 68.1912
Chlo. Burling. £ Q.— 5e, a. f . ..1901
lowaDlv.-Sink. fund, 5s. .1919
Sinking fund, 4e
1919
Plain, 4n
1921
Nebraslia Extension 48
116
111%
108
108
92
1927
C—
Ced. Falls A Minn.— Ist,
Indianap. D. A Spr.
Ist, 7s, ex. fund, coujion
Ind. Dec. A West.- M. 58
2d M. ino. 58
116i« 117
Sdmortp.
Chic. Burl.
Chic. Rock
1923
3d, extended, 4ia8
1920
4th, extended. 58
1928
5th, extended, 4s
1920
iBt, cone., fd. coup., 78
1908
Beorg., 1st lien, 68
1916
B. N. Y. A E.— let, 7s
N. Y. L. E. A W.— Col. tr., 681922
1969
Funded coup., Sa
107 »a 108 >s
Buff. A 8. W.—Mortg. 6a. ...1908
101
Evan. A T. H.— 1st, cons., 68.1921
1923
109
Mt. Vernon— 1st, 68
Evans. A Indian.— let, eons... 1926
Eureka Springs R'y> 1st, 6s, g.l933
96 14 97
Fl't & P. Marii.- Mortg., 6s... 1920
85
Grand Eap. A Ind.— G«n. 58.. 1924
Green B. W. A St. P.— let, 6b. 1911
"100
1911
Han. A St. Jos.- Cons., 6s
105
Houston A Tex. Cent. Istm.l. tree
96 1«
West Div. 7s, tr. rec
81
80
2dni. 88 M. 1. tr. rec
Hous. E. A W. Tex— Ist, 78... 1898
nilnois Central— let, g., 4b. ..1951
1951
let, gold, 3146
Central Iowa— let, 78, Tr. Recl899
Eaat'nSiT.. let,6e
1912
Illinois Division— let 68
1912
Cone, gold bonds, 68
1924
Cent. EE. A Banking Co., Qa.—
Collateral pold, 5s
1937 102%
Ohes. & O.— 68, gold, eer. A...1908 *110
Chee. O.
9214
Kal.
DesMoines & Ft. D.— lst,48.1905 84
l8t,2l2B
1905
Extension, 4e
1905 84
,
Keok. & Des M.— Ist, 5s ....1923 105
Chlo. M.& 8t.P.— iBt, 8s, P. D.1898
2d, 7 3-108, P. D
1898 117
let, 7s, $g.,R. D
1902 1241s
iBt, La Crosse Division, 7b. .1893 112
iBt, I. & D., 7s
1899 11712
let, C. &M., 7e
1903 124
lat, 7b, I. & D. Ext
1908 124
1st, 8. W. Div., 6e
.1909 II5I3
lat, 5e, La C. & Dav
1919 103
l8t,H. &D.,7e
1910
let, H. & D., 5b
1910
Cliioago & Pacific Div., 6s. .1910 118
Chic. * Mo. Riv. Div., 5e ..1926 lOO'e
Mineral Point Div., 5s
1910 lOOifl
A W.Pigeon— Ist,
7b.. .1890
86
Mahon'g. Coal RR.— lat,
Long Island RR.—
06
1895
1896
1897
Cal. A Oregon— Ser. B., 6.1892
West. Paetao— Bonds. 63.... 1899
No. Railway (Cal.)— 1st, 6e.l907
South.Pac, Ariz;.— let 68,190910
Union Pac— 1st, 63
1896
1st, 68
1897
Ist, 68
1898
Col. Trust, 6s
1908
Col. Trust, 5b
1907
C. Br. V. P.-F. c,78
1895 106
1321s
89
87
90
1191s 122
1071a
105
121
120
ibo's
121
116
II708
112
Ler.AC'yVal.A. L.,lst,5s.l926
Louis & San Francisco1st, 6s, Pierce C. A
1919
Equipment, 78
1895
lat, trust, gold, Ss
1987
Kan. City A S.— 1st, 68, g.l916 100
Ft. 8. A V. B. Bg.— ist, 68.1910
60
St.
i07%
94
114
113
1143e
1147a
II514
Atch. Col. A Pac— Ist, 68.1905 104B8
Atoh. J. Co. AW.— 1st, 68.1905 103
Ut. So.— Gen., 78
1909
981s 100
100
Exten., let, 7s
1909
Missouri Pac— Trust, g., 5s,1917
90
95
Verd's V. Ind. AW., lat, 5S.1926
122
9718
95
EEs.— Central Pacific-
Gold bonds, 63
Gold bonda, 6s
Gold bondB, 6s
135
9414
1021s
*116is
'117
St. L.
48.1937
Tex. A PacE.Div.— Isi, 6s 1905
Pennsylvania ER.—
Pa. Co. '8 guar. 4is8, lstop..l921
67
105
K.ASo.Wn.- 1st. 68.1916
Kansas Mid'd— 1st,
118
II714
102
65
78.1907
1906
Det. M. A T.— 1st. 7s
Lake Shore— Div. bonds, 78. 1899
1900
Consol., reg., Ist, 78
1903
Consol., reg., 2d, 78
& Pac—
BECtJRITIES.
118
101 Is 1021s
g.
Pitts. C.ASt.L.— I8t,cp.,7s.l900
Pitts. Ft. W.
let, 76... 1912
A C—
102
1906
80
1947
50
1948
86
Kan. CityAOmaha— 1st g. 58.1927
Kan. C. Wyan. A N.W.— lBt,58.1938
Lake Shore A Mich. So.—
96^8
1892 11218
Cleve. P. A A.— 78
92
Buff. & Er.— New bonds, 78.1898 122I4
& No.-Deb. 6s. ...1896
Isl.
Aak.
Pacific
100
108
1915 85
Brunswick & West.— l8t, g.,48.1938
&
Bid.
Erie— (Continued!—
Railroad Bonds.
MUin.
SECURITIES.
Ask,
2d, 7e
1912
3d 78
1912
Clev! A P.— Cons'.rB.'fd.', 78!l900
4th, sink, fd., 63
1892
St. L. V. A T.H.— Ist, g., 78.1897
2d, 7e
1898
2d, guar., 78
1898
110
1071* 10S1«
118
143 14
iWi
1281s
114
1401s
135
128%
107 14
101 14
1091a
88 1% 887a
1958
A Eeading— Gen. 4s
Pine Creek RaUway— 68 of 1932 100
751^
75
Pitts. A Westem- Ist, g.,4s..l917
Phil.
1031s 105 13
1261s
123 i24' Pitts. Cleve.
A
A
A Pittsburg—
Tol.— Ist, 68... 1922
Pitts. Junction— 1st. 6s
1922
Pitts. McK.
1932
Y.— 1st, 6s
Pitts. Y. A Ash.— 1st 5s
1927
125
124%
58.1934 105%
108%
120
Rochester
Buff.Roch.&Pitte.- Gen., 58.1937
1261s
N.^. A M. Beach— iBt, 7s. .1897 115 1171s
118
B.—
M.
lst,g.,
58.1935
Rich. A Danv.— Debenture 68.1927
N. Y. B. A
I2514 LouiBV. A Nash.— Cec.Br.- 78 1907 106=8
Debenture, ex coupon
931a
1920 •103
Pensaeola Div.— 63
Consol. mort., gold, 5s
1936
881s 90
1921 115
St. Louis Div.— Ist, 6s
Atl. A Char.— iBt, pr., 78.. ..1897
1980 60
1900
2d, 38
Incomes
Nashv. A Decatur— 1st, 7s. .1900 118 120
Rich. AW. Ft. Ter'l. Tru8t68..1897
921s 93
116
1910
92
S. A N. Ala.— S. f., 68
San Ant.A Aran8.-lst,6s,'85-1916
90
93
LouiBV. C. A L.— 6e
1931
let, 6s, 1886
1926
122
94
86
Pens. A At.— Ist, 68, gold.. 1921
Scioto Val.— iBt, cons., 7s
1910
101
Collateral trust, Ss
1931
70
Coupons off
87i«
Lou. N. O. ATex.— l8t,48.... 1934
St L.ALM.— Ark. Br.,l8t,7e.l895 -107
101
1934 40
2d mort., 58
Cairo Ark. A T.— Ist, 7b. ...1897 107 ifl
102
Manitoba 8. W. Col.-G.5a...l934
St. L. Alton A Ter. Haute—
C. & L. Sup. Div. 5s
1921
Mexican Cent.— New, aBS., 48.1911
BeUev. A So. 111.— 1st, 88. ..1896
Fargo <fe South., 6s, Assu .. .1924
120
Income, 3s
1911
1923 110
BeUev. ACar.— l8t,68
Ino. conv. sink, fund 58
1916
1909
Michigan Cent.— 68... ,
St. LouisAChic— Ist, con. 68.1927
Dakota & Gt. South., 5s
1916
113
118
Coupon, 5s
1931
St.P.Minn.AM.— Dak.Ext.,68.1917
Chicago & Northwestern—
1922
1891 106
lain's Un.— Ist, 6s
Jack. Lan. A Sag.—68
Beoanaba & L. 8.— 1st, Ct... 1901 110
91
111
Milw.L.B.AW.-ConT.deb.,5s. 1907
Mont. Cen.— 1st, guar,, 6s.. 1937
Des M. & Mtna.— 1st, 7b ....1907 123 >3
Michigan Div.— 1st, 68
1924 112 114
St. Paul A Duluth— 1st, 58. ...1931
Iowa Midland— Ist, Sa
134
1900
80
95
Minn.A8t.L.—I'a Ex.— Ist,7s.l909
Sodus Bay A 80.— 1st, 5s, g...l924
Penlneuia— 1st, conv., 7t
1898 127
50
55
80
1909
1891
Tex. Central— Ist, s. f., 7b
2d mortg., 7s
Cblo. & Jinwaukee— 1st, 78.1898] II912
50
1911
Southwest Ext.— 1st, 78
1910 75
Ist mortg. 7s
Win. & 8t. P.-2d, 78
19071 13OI3
90
Pacific Ext.— 1st, 68
1921
Tex. A N. O.— Ist, 7s
1905
Mil. & Mad.— 1st, 6s
1905 113
Minn. A Pac— 1st mortg. 58. .1936
Sabine Division, Ist, 6s
1912 106
Ott. C. F. & St. P.-let, 58.. 1909 IO7I2
100
Mimi. S.Ste.M.AAtl.— lst,58..1926
Tol. Peoria A W.— lat 7s, Tr. rec
Northern lU.— let, 5
191o'
1919
Mo. K. A T.— Con8.,2d, inc.. ..1911
ToL A. A. A Mt. PL— 68
01. Col. Cin. & Ind.— lat, 7e, s.f.'99 121% 1221s
H. A Cent. Mo.— 1st, 7s
1917
1890
1061a iTol. A. A. A Cad.— 6s
CoDBol. sink. Id., 78
1914
Mobile A Ohio— Col. tr., 6s ...1892 102
VaUey E'y Co. of O.— Con. 6e.l921
1051s
Chlo. Bt. Paul M. & O.—
125
General mort., 48
Virginia Midland.-Inc, 6s. ..1927
x938 481s 49
a»ic. 8. P. & Minn.-l8t, 68.1918 125
7214 721s WaljasUSt. L. & Pac—
St. L. A Cairo-4s, guar
1931
No. Wieconsln— let, 68
89B8 90%
1930
Morgan's La. A T.— lat, 68
1920 110% 111
Chicago Div, 5s, Trust rec
St. Pawl <fe S.
let, 6s ....1913i 127
iBt, 78
1910
1918 120
Havana Div., Us
Ohio. & E. 111.— Ist, s. f., cur..l907l II8I4
Nash. Chat. A St. L.— 2d, 68. .1901 1071s
1921
ludianapolis Div.— 6s
Gen. eon., Ist, 58
9SI4 98%
1937
Consol. gold,59
1921 IIOI9 115
Detroit Div.- 6s, tr. rec
1928
991s 100
Chio. St. P. <feKan. C.-58..
1936
N. J. June— Guar. 1st, 4S
103 Is
1931
1986
Cairo Div.— 5s
Minn. & N.W.— let g. E8....1914
95' N. Y. P.
"88
A
O.—
M.,
Trust
rec...
Prior
.1895
Wabash,
78,
lien,
6s
Chlo. & W. Ind.— let, s.f., 68.. 1919 >114is
56I4 57I3
N. Y. A Northern.—2d, 48
91
93
Wab.—
est,
Tr. rec.
1927
Toledo
A
Ist
General mortgage, 6
1932 ai6-s
N. Y. A NewEng.— iBt, 7s.. ..1905
91
St. Louis Div., 73, Trust rec
Chio. & St. Louis— Ist, 6s
1915
let, 68
88
Trust
rec
1905
M.
ext.,
7s,
2d
On. I.St.L.4 Chic— lst,g.,48 .1936
10
N.Y.Suaq.AWest.-Dcb. 68.. .1897
1883
Equip, bonds
Oln. Jack. &Mac.— Iet,g.,5s...l936
96
2d, 41B8
80
Consol. conv.. 78, Trust rec...
1937
871s 89
Cleveland .fc Canton— ist, 58..1917
91I2 92
N. Y. N. H. A H.— Ist, reg. 48.1903 110
Gt. West.-lst, 78, Trust rec
Ool. A Green.— 1st, 6e
19I6
N.Y.Tex. A Mex.-lst, 48. ..1912
SSijt
2d, 78, Trust rec
2d, 68
1926
Northern Pac.— Dividend scrip
1890
Quin. A Tol.— 1st, 7s
Ool. & Cin. Midland— let, 68. .1914
93
Dividenrt
extended
Naples—
1st,
...1909
Han.
A
7e.
OiBUTd'Alene. 1st, 6b, gold... 1916
James Elver Val.— let, 6e. .1936 1031a
lU. A So.Iowa— lst,ex.68.1912
I«ck. & West.— Conv. 7s. 1892 108
Spokane A Pal.— Ist, 68
101 «
1936
Bt.L.K.C.AN.-E.E.A RR.78.'95 1121a
Mortgage, 7b
1907 139
St. Paul A N. P.— Gen., 68.. 1923 117
1919
ClaiiQdaBr.-68
grre.
<fcN.Y.-lst.7a.l906 13638 137
Helena A RedM'n—let,g.,6s.l937
Bt.Charles Br'ge— l8t,6s.l908 1041a
Morns & Essex— 1st, 7a
1914 143 143:5
Dul. A Manitoba— let, g. 6a.l936 IOOI4 lOO's
No.
MissouriIst, 78
1895 114
|«.78--1891 'IO714 108
Do DakotaDlv.— 1st. 68.1937
94
94%
1013a Weat.N. Y. A Pa.— Ist, 5s ....1937
1900
125
?°°2'VoZ?,Hel. B.Val. A Butte, Ist, 6s.l937
40
2dm.
gold 3-5s
1927
7e of 1871
1901 ibs'ij 126ifl' Drummond A P'bg.— 1st, 5s.l937
..1896
Frank—
1.
at
Wan-en A
7s.
lat, con., guar«7a..,
1915 138 138 '8
Helena A No.— let, g'd, 5s. 1937
West. Va. C. A Pitts.— 1st, 68.. 1911
D»l. & Hud. Canal—lat, 7a..!l891 107
La M. A Mo. Riv.— 1st, 5s .1937
104
West. Union Tel.—Coup. 7s.. .1900 H'
lJt,ext.,78
1891
N. O. A No. E.— Pr. 1., g., 6s ..1915
1904 1031s
N. W. Telegraph— 7s
Op°P<>°. 78
ig94 lie"
New Or. A Gulf-lst, §8
1926
Market St. Cable Ry., 1st, b8.1913
Pa, Div., coup., 78
1917 142 li
Norf. A W.—New Riv.- let,6B.1932 115
117
Manhat. Beach Imji. Co.— 78. 1909
Albany ,t Susqcehanna—
Imp. A Ext., 6s
108-8 Am. Wat«r Works Co., 1st. 68.1907
1934
1st, cone., guar,, 78
1906 1321s
Adjustment M.,
1924 111
Tenn. Coal Iron A Railway—
1st, cons., guar., 68
19O6 I24I4 1241s' Equipment, 5s 7s
Tenn. Div., 1st, 6s
1917 85% 861a
1903
Bene, i 8ar.— 1st, conp.,78.1921 '146
Ogd. A Lake Ch.— let, 6s
1920
Blr. Div.— 1st con. 63
1917
86%
Det- Bay C. A Alp.-let, 6.. ..1913 107
108
Ohio
A
Miss.—
Cons.,
117
Hock.
Coal
A
L—
s.
f.,
1898
lie's
A
6s,
g..l917
7b..
Col.
gmutb & Iron Range— let, 58. 1937 96
97
Sp'gfleldDiv.— lst,7e
5s
1905 108%
Georgia Co., N.
1937
Dul. So. 8h. & Atl.-58...... 1937
921s 93%
General 5b
1932
100
Free List.
*•,???" ^'^ * Ga.-lBt, 78... 1900 121
Ohio Cent.— Ist Ter. Tr., 6s... 1920
Cin. Lafay'e&Cnic— let, 7e.. 1901 118
Divisional 5e
1930
Mln. Div.— 1st, 6s
let, g..L.S.AVI..7s.l901
1921
Cin.ASp.—
1221s
'•1937
x.^^^H^^'-SO'^'S"
93
Ohio River RE.- let, 5s
1936 100
Cin. Ham. A Day. con. s.f. 7e..l905 1181s
S:. ?(-<"4Ja— l8t,con8,6s,g.,1926
General
mort.,
gold,
Consol. 7a
Ss
1937
80
eltts.—
1898 112
Erie A
Elto. C. A N.-8.f., deb., 68. ..1921
Oregon A Cal.— 1 et, Sa
1927 95I3
64
Galv. H. A H. of '82.- let, 63.1913
latmortg., 6s
1920
Panama—Sink, fd., sub., 6b. ..1910
Grand Rapids— let ex. I'd 78, 1899' 118
«rl6— lat, extended, 7e
1897 119
Peoria A Pek U'u— 1st, 6e
1921
N. J. Southern— Int. guar. 68. 1899 101
8d, extended, 5b..
'l919 113
2dM.. 4iflS
193ll
1921
80
70
L. South'n.— l3t. g., 4s
.
.
,
i
,
C—
,
D^
bW
I
C—
.
•
No
8t.
price Friday; theae are latMt
qootaUona
made thU week.
I
..
.
Skptexbkr
Bank Statement for the week endine; Aug.
We omit two ciphers (00) in all r.asea.
Neir York CItr
....
253
BKCD11ITIE8.
85, 1888, i» as follows.
Hnnitnittan
A
BilNKB.
Loan:
CavUal. Surplut.
Spwl<,
Ur;
Legale,
f,ehl((li Valley
LIlHi.MctiuylklU...,
nsitB.
omUUit.)
Hliiehlll
$
Bank of New York...
Muiliatun Co
Merrli.lnTf*', ,,..,, ....
.*...,.„..,.,
2,000,0
3,000,0
Wee hit Hi.
AmMt'u
.,...,„.
,\
.s.ooo.o
Phoiili
City
soo.o
Merohanta' Exch'tsare
GallaUn National.....
Batchers' ft Drovers'.
Heobanics' <£ Traders
Greenvicli
Leather Mauufaot'rs.i
Berenih National
B()O,0l
,
Commerce
Broadway
1,26.1.4
5..30'2.0
HOO.OI
270.6
147,0
81,4
612,1
74.6
40O.7
1,895,4'
2,164,0'
1.108,0
I.40:j,7
81.3,1
55(1,3!
8,71t3,9i
1, '277,9
'2,K'24,8i
21 '2,3
2,762,9
936.6
278,0
386,2
760,5
49.S,4'
220,8
450,5
071,3
& Fnlton
Nlcholaa
i500,0
.lOO.O
1,000,0
1,000,0
.'lOO.O
1.500,0
2.(KM),0
240,0
250,0
200,0
Foarth N.itional
.•),
2,0(M(.0
»00,()
750,0
6(X),0
1,0<X),0
300,0
250,0
NewYork County
'200,0
Chase National
760,0
600.0
100,0
6«rm an- American....
Avenue
Serman Exchange...
Qermanta.
United States
'200,0
200,0
500,0
300,0
200,0
lilncotn
Oarfleld
IVth National
Bank of the Metrop..
West bide
i50,o:
300,0
200,0
500,0
200,0
3,500,0
Beaboard
Blxth National
National....
2,078,6
3,851,4
616,7
176,2
564,3
263.6
13,«2(i,l
3,445,7
797.4
2,'244,8
93,0
216,4
617,7
661,3
341,3
344,9
481,4
161,2
225,8
239,2
408,1
197,1
139,8
77,4
36,5
2,303,6
742,0
701,2
588,8
2,64-2,8
8,342,0
3,884,3
2.529,2
2,257,1
4,247,9
2,649,0
2,156.9
1,434.2
3,480,6
1,551,2
102,3
230.5
154.0,
991.2|
766.5
471,3
.301,2
708,9
350,2
402.4
461,0
1,926,3'
2,605,6
1,740,1'
9,613,9
2,002,9
Cam.
20
A
(.'ol.
Cln.
EastnuAAmboy.mort
377,2
150,0
1,980,1
0,641,0
75
igisjioi*.
104
133
108 <9 108
1
96
130"'
I
adpref
Central Ohio
100
135
119
471,
Preferred
16"
Marvland
Wilm'gton Col. A .Vug'sta 110
Ss.
'
iWo-stern
RAILROAD B0NU8.
138
106
101i|(
100
111
101 >
75
43
20
113
New York
BANKS.
Local Securities.
Bank Stock liUt,
Ask
BANKS. Bid. Ask. BANKS.
Gallatin
225
New York.
Bid.
America
Am. Exch... i39"
Asbury Park
265'
Broadway
Chase
2,177,8
"sa's
,
Butohs'A Dr.
3,'207,3
88 >s
74>a
63',
1st pref
123
88^
100^
i
8,.-)90,l
220,0,
'22
I
2,076,6
2,500,4
4,0(>(),3
120
H)
Atlanta A Char.— Ist, 7b. }
Income, 6s
103 s«
Consol. M., 6s
IO5I1
Baltimore A Ohio— 4s
lOlia
Leh.V.— lst,68,C.4R.,"'8* 110>a
Cape Fear A Yad.— 1st, 6a 99^
2d,7e, reg.,1910... ....
140
Cent. Ohlo-6s, 1890
n06>a
Cons. 6s. CAR., 1023.
132
Char. Col. A Aug.~lBt, 7b
North I'enn.— 1st M., 7b 1103,
Cin. Wash. A Bait.— laU. ioiio
N.y. PhlI.ftNorf-l8t,6s 104 lOHj
2rtB, Bs
78 "a
Income, 6.h
} 35
Sds. 3a
t-enn.~Oen.,6s,ooup.l910 {131
lat Inc., 68, 1931
i 18
Cons,, 6s, conp,..10C6. 121
Scab'dARo'n'ko— 69, 1916
Cons., 6s, coop. ..1919
West. Md., 3d gnar., 6b..
^Jaa, Tmstl/oao
108
Wll. Col. A Ang.,6s, 1910. IK'S
.* Per share.
i Last price this week.
'2.437,8
1,813,8
lllHi 1113,
00',
91
6a.
134
10614
88'«
BALTlmOKH.
RAILROAD 8T0CKS.I
jBaltlmore A Ohio
114 Jb
Elmlra A Wlll'm.— 1st, 6s 117
Harris. P. M't J. * L.—4s
110
Hnnt'nA B. T.— l8t,7s. i05'4
'2d mortg., 7s.
111
117,3
131,5
621,1
831,7
406,6
503,3
87,0
240,5
170.0
275.7
268,6
'2,427,0
Joir.— iBt, 8s
Mid,— let,
143,
3,944,9
2,946,6
2,618,7
4,401,1
3,329,6
„„
Connecting— 6s
Delaware -Morf ., 6a
Del.ABd.B.— 1st, 7s. 1905
«,H.-.(1,1
14,0!16,1
*
C'lesrflcld
3,13!l,3
16.!l.-.l,0
18.IHI»!2
5.1(12,0
4,005,4
2,583,7
4,150,8
A Amb.— M., 68,
23
100'
1I3S 114
Cona. 9s, Ist ser.. 1932
Deferred Incomes, op...
A
48
13_
A
Oon(.,ei,f., I.R.O.ieiI
Imp., 8a, g., oonp., 1887
New gen., is, g., ins8..
Ist pref. Inc. 58, 1968..
3dpret. Inc. 6b, 1868....
3d pref. Inc. 6s, 1868...
Phil. W.
Balt.-Tr. o..4«
Btettben. A (nd.lMt ro. 6s.
United N. J.-OBn. 49
Warren A Frank.— 1st, 7b
West Jersey- Ist M.,7a..
W. Jersey 4 All.- 1st, 6b
Lj
61
Camden A Atl.- 2<t M.,6a no
Cauwlssa— M. 7», 1900. 120
160,762,7 49,066,6 388,740,6 87,'201,9 36,942,4 412,563,5
.
60 >i
221
222
1.1 17,2
'2,816.9
ll,2li'2,6
A
A
V
64
Hi
29
Bella
],4-J(l.lP
1,398,7,
54
fro. 7s. end., coup., '94.
Qap— Cons., Bs.
1.M8J.II
1
352,9:
"si'u
2,311.0
,-J,70.-.,6
Penn.AN.Y.Can.—7b,'86 117
Phlla.
Krle—oon.. 5a,..
Phil.
R.— Ist M., tta....
3d, 78, e.
r. IHtrs
Oona., Ta, oonp„ 1811 ..
iiAiLKOAi) Bonds.
AUegh. Val.— 7 31 Oa. >« 114
I, '-'(17.0
336,
66
77'
I
.672,7
64 >g
Aak.
Bid.
llPorkioraen— lat.aa.op.in
63<3
"ilCo'sof N.J...
Jersey
Jcin.v * Atlantic..
3,J<1..,7
111,1
218,1
2,993,0
1,803,0
43-1,
66
70
60 Hi 70
Haven
* He
"nrfttiry A I.ewl8ton.
3
3,001,0
555,9
262,
3, 1 0,0
'2,76'2,1
2,616,0
355,0
443.7
166,6
2,337,6
461,0
2,77'2,0
217,6
620,11
4.385,6 1,121,1
216,6
4,246,3
222,2
1.800,6
1'26,6
200,2
1,5,58,1
227,2
3,099.0
941,0
203,0
.3,64.5.0
l,7f>8,0
6,008,5
249,0
047,2
6,205,7
300.3
4,742,4
710,6
686,1
5.400,5
347.6
2,010,0
337,8
1,0('.0,1
158,0
3,600,6 21,318,5 4,403,9 1,6,30.6 22,881,2
1,704,6 18,8(16,4 2.54'2,1 3,405.4 23,i;22,9
110.7
1.910.8
226,0
210,0
'2,308,0
116,3
1.413,8
283,7
66,8
1.413,8
1,167.2, 16,639,5 3,001.2 1,663.7 17,094,5
502,2
7,185,0 1,885.0 1.2.34.0
0,40.5.0
200,0
3,666,0
447,0
546,0
4,155,0
253.9
4,657,2 1,571,0
42.3,7
5,615,9
5,629,4 2,3,135,5 4,459,7 1,652,4 22,389,9
203,6'
5,422,4 1,490,7
226,3
5,897,3
116,9;
1,581,7
141
181,3
1,364.3
750,0
Central National
Becond National
10,5(16,5
4.7'28.3
.342.71
313.0
4.687,0
4.941,6
IB
43
Phlla.* Reading
):i
23.5,0
3.54,0
1500,0
Bowery
'209,6
'2811,71
Kaasan
Market
Ninth NatlonaL
689,3
*'22,7
600,0
600,0
Third National
N. Y. Natl Exchange
110,4,
310,0
236,0
201,0
106,0
I
l«i.
Phil.
ic.n
7.36.0
1,000,0
Oltlaens'
First National
.5,0i
166,5
007,0
300,5
126,0
'20,364,4
6.5il4.2
>
1,000,0
Park
North River
Xast River
8,31
l„'i4.5,(V
4G0,0
200,0
700,0
Continental
OrlentaL
Importers' * Trwlars
460,0
3,0 M, 7
1,45S,2,
1,600,0
Bhoe A Leather
Corn Kxchange
6,3'25,2
.5,000,0
1,0<X),0
Peoples'
Irving
" 1M17,0
.'>.(N)((,()i
Paoiflo
North America.
Hanover
H.C.IIl.l
3.369,2
1,335,7
3,958.3
15,313,0
l.L"0(l,(l'
ChatJiam
lll,.'.H3,0
760.6:
562.0
716,7
114,0
766,0
204,2
073,8
I. '.it:!. II
1,0(M),0
liOO.O'
SepabUo
60.3,0
i:8,o
"<7.6
Hi;,o
0,618,0
2.885.2
6,531,0 10,600,0
110,6'
3.447.7
'.'(HI.O
,
!:l.,'.7-.,0
1,(1(1,
:t(H),n'
,
Meroantlle
Total
(
1,286.0
B.
Ruiiaclionlng Valley
Northern Central
North Ponnaylvanla.
Penaiylvanla
«
'2,185,0
•J. 1(78,0
"11,6
1,1-
•J(K>,Ot
State of New York...
AniKriosn Exchanfce..
Waetem
13,420,0
IMI.-.U
211,01
1,000,0
Chemlcui!
Tilth
1,171.1!
7
•
•
1.U21.8
5(H,li
I,0(M),0|
1,0(X),0 2,210,61
Tradenmen'e,
St.
$
I
•2,000,0
'j.nno.o
&
8KCDRIT1E8.
Aak.
Bid.
Broad Top
PTeforr(^i1
(00>
.
THE CHRONICLE.
l»88.J
1,
.
Germauia
Greenwich... 115
iso"'
....
N.Y. Connty.
N.Y.Nat-Ei.
Ninth
N. America..
North River.
Gorman Am. I...... 120
Central
Chatham
300
Garfield
. .
230
Hanover
190
Hud. River.
Im.A 'rr.id'8' 358
140
City
340
Commerce... 167
Pacific..
Manhattan. 160
Market* Ful 171
Mechanics'..
M'chs'A Trs'.
Mercantile... 148
Merchants'.. 139
Merch'ta Ex.
Metroplitan
.
:'::'
nth Ward.
Fifth Ave.... 800
First
Fourth
Park
Ijfather Mfs'
Continental
Corn Exch... 2T6"
137
14th Street.. 155
134
160
Oriental.
Irving
Citiions'
Ask
Bid.
335
1
163
People's.
Phenli...,
IRepnbUo..
St Nicholas. 110
Seaboard
Seventh
Second
330
ShoeALeath.i.
12
148
111
104
State of N.Y.I
Tradesmen's. 103
Metropolis..
;
Nassau
145
United St'es.l210
and City Kallroad Stoeka and Bond*.
GAS COMANIES. r.Bid. .4sk, GA.S CO MPANIES.
CSai
Specie.
Y. Banks.*
,
A«p. 11
18
Leoals.
\DepoHttA
CUarinoa.
$
385.791.1188.852.739.383.9 416.619.1 7.672,3 545,268,2
387.900.7 87,736.8:38.015.3,416,063,4 7,760,4 643,331,9
388,740,6 87,201,9 36,942,4 412,663,5 7,816.2 504,441,5
Boston Bnnka.*
Anp. 11 ...
18.
25.
148,967,1 10,040,9
148,238,4: 9,949,8
147,891,31 9,827,0
3,401,5 118.543,8 6,004.8
3,240,7 117,227,1 5,852.4
.3,308,0 115,218,6 6,782.0
74,470,2
77.331,8
60,324,6
..
93,718,0
03,832,0
..
04.730,0,
29,499.5
20.086.0
29,380,0
omit tuoclphtrt Mall tluie flguret.
delphia, the Item ''due to other banks."
* XTe
62,409,0
63,890,3
53,535.4
+ Including, for Boston and Phila-
m
SECURITIES.
BOSTON.
RAILROAD STOCKS.!
Atchison A Toi Bka
.\'.liiinj'
Boston
Boeton A Lowell
Boaton A Maine
Boston A Providence
cfc
Boston Rev. B. A Lynn..
California Southern
Central of Massachusetts
Preferred
Cheshire, pref
Ohio. Burl. A North'n....
Ask.
SECURITIES.
Atch.
Bid.
A T'p'a.-{Cont'd)-
Plaln, SB
Mortcftge, Ss
8839
881,
202
201
163(2 164
214^; ••••
238
Il62
18>a
101
Tmat, 68
A Mo. R. In Neb.-
100
Exeinpt,6B
Non exempt, 68
117
108
,
Burl.
Land^anf,79
:
43 >i
10
Prefeire.!
Ist mort., 68
Manriioeicr A Lawrence
Mexican Central
N.Y. A N. Eng., pref
Northern
Norwich A Worcester
Ogdensb. & Lake Cham.,
Ota Colony
A
Coll.
t
BONDS.
142>a
170
Tmst. 6s
ISH 10
I20-14
93
033j
Last cries this week.
".J
i
115
114
04'
87
124
112
120',
112
100
100
103 J
64
100
07
99
66 (i 07
10
10 In
|1'23^
113'4 113-14
104'.j'
2d mort.. 68
Ogdens. A L.C.—Cons., 68 100
Rntland— 6s
96
Sonthem Kansas—Ss.
99
Texas Division— 6s.
Incomes
04
Wiscon. Cent. -1st M., 68 88 "a 891;
Income 58
42'.,
43
RAILROAD STOCKS.)
Bell's (lap
Camtlen ^ At'antic.pref.
East Pennsylvania
Elmira A Wililamsport..
Preferred
44 >o
54
I
42
63
People's ( BrookljTi)
Williamsbitrg
Bonds. 68
8134 Metropolitan (Brooklyn).
Municipal— Bonds, 7s
A
Ful. P.-8tk,
25
112
Brooklyn City— Stock
105
l«tmoit., 58, 1002
Bklyn. Ci'osstown— Stock 160
100
lat mort., 7s, 1888
Bushw'k Av.(nklyn)-St'k 140
Central Crosatowu— St'k.. 146
lie
let mort., 6s, 1022
Cent Pk.N.A E.Riv.— Stk. 84
116
ConsoU. 7s, 1902
Unlisted Secarlties.
SHCUKITIEB.
106
165
Scrip, 6s, 1914
106
42d A (Sr'nd St. P'ry-Stk. 205
Ist mort, 78, 1803
110
310
112
Brooklyn Elev'd- 8to(ik..
Brooklyn A Montauk
1,50
Georgia Pim3.—Stock......
1st 6b
3dB
Henderson Bridge— St'k.
110
110
107
1041a
170
106
314
103
308
112
100
67
22
6s
,
Newb.Dutch A Conn., inc.
Newp. N. A Miss. V(il....
N.Y. V'.S.A Huff
17
S-a
J
27
N. Y. A Green'd Lake, let
3d mort
N. V Mutual Tel
6"a
21
12
107
St Joseph A Grand Isl... IS
107V(St L. Ft. S. A Wlch.,cerV.I.
Incomes
Rich. York Rlv.
46
A
103
6
A Ches..
I
St. Louis
Chicago.
16
10
13
Pref
8tL.N.O
IstBs
tt
secukihes.
Nat— New Ist
35 "a
06
17
Ocean Steam.Co..l8t guar. 101
7-2 Pensacola A Atlantic....
5
23
Port UoyalA Aug.— let...
A Ohio
78
Ola
86
4
I'emb., iBt M. 106
Lehigh A wilkea.Ooal...
Mex. Nat.Construct'n Co.
Mexican National tr. rec
lat mortgage, tr. rec
56
Mt.Des.A East Bh.La.Co. 213
1st pref
3d pref
Kan. City A Omaha.
Istmort..
Keeiy Motor
28
111
1
2d, series A, 63
2d, series B, 6s
35
A At—
East A West RR. of Ala.
Fla.R'yA Nav.Co.,consol.
I
Mex.
Pref
Pref
StN.Avc. 24
109
60
HoustW.StA P.fV— Stk. 166
1st mort, 73, 1891
110
Ninth Ave
76
Second Ave.— Stock
106
Ist mort., 58, 1010.
103
Sixth Ave.- Stock
160
Istmort, 78, 1800
106
Third Ave.— Stoick
206
Bonds, 7», 18(10
101
|Twenty.third St.— Stock.. 205
lat mort, 79, 1803.
110
160
120
86
118
115
113
128
111
A
6!!, 1910
2d mort. Income, 6s
Ist mort.,
107%
—Quotations from both Exchangee: ""
California Pacific
7
1st mort, 4>ss
106
2d mort., gnar
105
Atl.— Ben., tr. rec
Chic.
8
Chic. Gas Trust
35
Rio Gr. W.— Bfk. 15
Den.
Dal. 8. Shore
Stk.
A
A
42d St Manh.
116
107
163
Co.
28
Pike's F'k, 1st 68 104
Kanawha
136
111
84
110
137
109
137
26
D. D. E.B. A B.-Scrip6s;.ll04
IIOI4 Eighth Av.— Stock
150
170
104
Am. Bank Note
A
Aak
Bid.
73
124
106
80
105
136
105
130
112
Fnlton Municipal.
Bonds, 68
Equitable
Bonds, 6s
103
102
102
1st mort.. .5s, 1004
'2<1 mort., 5.S, 1014
103>2[104
B'way Snifnco b'd8...1024 05 100
Boiiils guar., 58, 1005...
00
95
Kinist'n
I
105
50
103
KB. Qnotatlons by H. L. Obamt, Broker, 145 Broadway.]
1st mort, 78., 1000
^00
Br'dway A 7lh.\v.-St'k..
Atch.
95
PHII^ADEI..PH1A.
88 >a
Topeka— l8t,7B.
Per share.
15'<
..:120
10
Preferred
Atoh.
«
Ports...
Wtaoonsin Central
86
,
16
[Olty
Bl'ckcrSt.
114
86%
lEaatcm.Mass.— 68. new..
E. C. Ft. Scott .t Moid. .8s
K. C. Port Scott A G.—78
Rans. City Law. A So.— 6s
K.C. Moraph. A Birm- 59
Kan. Cit.8t.Jo.AC.B.— 7b
K. City Sp'd A Mem.— 68
K.C. Clint. A Springf.— 68
Little R. A Ft. 8.— 7s
LonlsT. Kv. ASt. L.— 1st, 68
Maine Centra!
A
Y.)
ends. 6s
103
48
100
81 Ji
165
114
100
100
106
99
Chrlst'pli'r&lOthSt-Stk. 112
111
Bonds, 7.S, 1808
DryDk.K.B.ABafy- i9tk. 125
100
Istmoi-t., 7s, ISOS
111'
California Sonth.— 1st, 68
Income, 69
Consol. of Vermontr-^s..
,
40 >s
89
,
42 >4
Chicago A West. Mich... '•••g;;
Cteveland A Canton
Preferred
31
32
Concord
141
Connecticut A Pass
112
Kaaiem
114 115
Preferred
nso 132
Fitohbnrg. pref
83^
Sdmort., 2-6s
Flint A Fere Mar(iaetto.
30 V 41
Mar. H. A Ont.— 1908, Sa,
Preferred
09 H2 90'.
1933,68
Kan. C. Ft. Scott A Hem .
75
Mexican Central—48
K. C. Memph, A Blrm. .. i 45
60
Income
Louisville Evans. A St L.
8'3
N Y.AN. Kng.-l8t,78..
Summit Branch
Mutual (N.
Scrip
96.337.5 2,724,5
06,900.5 2,727,5
07,612,5 2,703,2
Qnotatlons in Boston, Philadelphia and Baltimore:
Follo-wm^ are quotations of active stocks and bonds. A full
list is given
the Chronicle the third Saturday of each month.
I'orSland Saco
58
Itoitds,
Consolidated Gas
Jer.sey City & Hoboken.
Metr<>polltan— Bonds
Nassau (Brooklyn)
Philadel. Banks.'
18
25
Brooklyn Oas-Light
CiUzens' Gas-Light
II
86
Ac.C.AT.,l8t,68.
8t.PaalE.AGr.Tr.,lat6B
ToL A. A. A N. Mich
Toledo Peoria A West...
iBt 48
Vlcksb.A Meridian— Ist.
3d mort.
843,
19
77
90
43
8
85 U
100
85 >
39.
78
"4T*
ln<x>moa.
6
20% 21>3 Stock, pref
*«
3'2
Nat. Bank
86
97
93; 10% Western
waat N.Car.-OoB.6s....l 83
86
44
46<til West Un. Tel., coll.tr. 68. 96
96 If
'
I
.
—
5
.
.. ...
.
THE CHRONICLE.
254
IVot. XLVIi.
Mamings ReporCea.
Latest
%nmsimtvA
WeekorMol
AND
Kan. C. CI. AST) 2dwk
K. C.Wy.&N. W. July
Aug
Kentucky Cent June
& West. Istwk Aug
& Pem. 3d wk Aug
Knoxv. & Ohio June
Lake E. & West 3dwk Aug
Lehigh & Hud.. July
Leh &WiIB.Coal July
L. Rock & Mem. 2d wk Aug
The Invkstobs' SrrppLEMENT, a pamphlet of 132 pages
bontains extended tables of the Funded Debt of States and
Cities and of the Stocks and Bonds of Railroads and other
Companies, It is published on the last Saturday of every
ether month viz., January, March, May, July, September and November, and is furnished without extra charge
Extra copies
to all regular subscribers of the Chronicle.
are sold to subscribers of the ChboniCTiE at 50 cents each,
and to others at $1 per copy.
—
Long Island
.
I
"
.
Bo ASS,
Weekorilo
1888.
1887.
Jan. 1
to
Latest Vale.
1888.
1887.
$
July
Atch. T. & B. Fc. Juno
Atlanta & Cliar June
Atlauta&W. Pt.. July
Atlantic & Pac. 3d wk
B.&O.East. Lines July
Allegbeny Val.
172.90:
165,436
1,336,409 1,541,870
1,141,951
7,174,571
1,109,B67
8,091,635
82.646
84,140
624,933
595.786
26,287
24,701
222,434
208,026
Aug
62,287
48,267 1,737,165 1,720,333
1,337,830 1,315,776
372,110 349,623
Western Lines. July
.July
Total
1,709,940 1,665,309
127,153
117,254
Bait. & Potnmac July
872,58-t
818,645
July
71,079
Beech Creek
47,009
545,380
408,368
Bufl.Rocli.&Pttt 3d wk Aug
36,344
43,771 1,195,249 1,291,704
44,472
Bnr.C.Rap.&No. St wk Aug
48,671 1,492,002 1,623,335
19,038
CJalro V. & Chic 3d wk Aug
20,748
448,763
470,938
2d
wk
Aug
Southern
27,360
CaL
23,223 1,074,429
882,595
ICamden & Atr( Jidy
106,864 117,021
359,874
360,289
Canadian Pacific id wk Aug 278,000 221,000 7,827,745 6,478,092
Cp.F'r&Yad.Va; July
24,887
19,429
176,265
142,760
CtroUnaCent.. .Tune
29,875
28,070
245,017
231,745
Can.ER.&Bg.Oo. July
499,003 420,487 3,719,938 3,131,077
3d wk Aug
Central Iowa
28,401
30,754
831,337
791,953
Central of N. J July
1,256,251 1,049,411 7,012,298 6,330,891
Central Pacific May
1,292,S08
991,140 5,969,184 4,715,502
Central of S. C. June
6,931
5,931
51,208
41,641
Oharleat'n &Sav June
38,888
35,100
300,385
202,920
Cheraw & Darl June ....
3,769
3,468
37,607
34,753
Ches.O. &8. W.. June.. ..
143,249 144,446
912,899
825,797
Ches. &01iio.... 3 wks Aug 283.261
276,906 2,808,357 2,726,099
June
Cheshire
50,835
57,699
266,507
298,647
Ches. & Lenoir. Juno
4,742
4,428
38,499
30,944
Chic. & Atlantic. 3d wk Aug
45,468
43,859 1,365,875 1,340,118
Chlc.Biirl. &No. June
174,004 202,637
795,362 1,270,285
Chlo. Burl. & Q
June
1,953,934 2,140,833 9.975,960 13,276,100
Chic. & East.
ist.fll. 3dwk Aug
52,255
47,601 1,284,941 1,248,662
Chic. & Ind. Coal "dwkAug
1X,72S
9,995
310,495
236,941
Chic. Mil. &St,P. SdwkAug
451,500 425,3.53 13,845,500 14,303,793
Chic. AN'thw'n. July...... 2,149,666 2,249,484 13,627,092 14,049,321
Chic. & Oh. Rivr. July
3,353
5,433
25,753
37,167
Chlc.St.P.&K.C. 1st wk Aug
45,423
37,616 1,182,184
744,563
Chlo. 8t.P.M.&0. July .....
550,630 561,486 3,344,897 3,554,487
Chic. & W. Mich. 3d wk Aug
27,183
27,616
883, 64
865,209
Cln.Ind.8t.L.&C. Juno
219,805 217,726 1,261,964 1,285.727
Cln.Jack. &Mac. 3d wk Aug
13,427
10,66;
311,919
2t>7,680
Cln.N. O. &T. P. 3dwk Aug
58,558
59,643 2,229,523 2,007,267
Ala. Gt. South 3d \vk Aug
23,312
26,468
932,714
908.479
N. Orl. & N. E 3dwk Aug
9,1«4
8,0.6
509,037
385,542
Vlcksli. & Mer. 3dwk Aug
6,038
7,767
272,029
296,782
Vlcks. Bh. & P. 3dwk Aug
9,760
7,725
299,080
293,741
ErlanKcr Syst 3dwk Aug 106,852 109,639 4,242,383
8,891,811
Cln.Rich.&Kt."\V. 3d wk Aug
8,341
8,246
249,495
254,238
Cin. Sel. &Mol).. July
8,33"
6,380
58,126
52,605
Cln. & Sprlns'd July
109,638 101,881
658,625
641,733
Cln-Wash.&Balt. 3dwk Aug
42,583
44,537 1,277,323 1,309,796
Clev. Akron &Col 3d wk Aug
12,693
10,818
385,505
348,17.
Clev. <fe Cauton July
30,523
29,035
214,073
201,538
Clev.Col.C.& Ind July
303,752 370,266 2,224,613 2,334,798
Whole sysU^m. July
575,300 660,748 4,076,010 4,191,616
Clev. & Marietta 3d wk Aug
5,031
6,055
174,714
189,392
Color. Midland.. 3dwk Aug
23,037
808,022
Col. iCin. Mid 3dwk Aug
8,139
8,047
211,5.57
195,486
OoLHoek.V.AT. 3dwk Aug
76,330
64,051 1,805,754 1,666,351
Denv. & Klo Or tdwk Aug 155,000 154,500
4,691,964 4,712,206
Denv. & R. G. W. fdwkAug
25,975
25,225
783,482
651,808
Bet.BayC.&Alp, July
49,605
51,350
283,06t)
270,059
Det.Lan8'K&No. 3d wk Aug
21,191
24,556
598,480
698,.540
DuluihS.S.&Atl. 1 stwkjune
32,133
39,421
448,195
401,760
E.Tcnn.Va.&(ia. 3dwk Aug
09,821
94,392 3,399,118 3,083,773
Bvans.&Ind'plis 3d wk Aug
6,224
6,211
144,842
144,907
Evansv. & T. H. 3dwk Aug
22,0
19,636
531,335
534,552
Fitchliurg
iBtwkAug 116,015 107,512
Flint & P. Marq. 3dwk Aug
44,088
48,810 1,545,670 1,034,055
Fla.R.&Nav.Co. Istwk Ang
18,268
17,<'07
634,299
620,629
FtW.A Den.City Istwk Aug
23,258
16,577
653,464
375,194
(Whole .syst'iu. 'Jdwk Aug
41,463
Georgia I'aclllo. 3d wk Au)!
24,227
27,059
767,940
686,027
Gr. Rap. Alnd... 3dwk Aug
47,820
52,941 1,421,525 1,468,844
Other lines
3d wk Ang
3.289
3,804
124,436
96,421
Grand Trunk
Wk Auk 23 387,752 42?,145 11,241,038
12,103,452
Gulf CoI.& S.Fp. May ..
212.160 155,399
962,986
895,244
Hous.&Tex.C:en. 'Jd wk Aug
52,752
56,615 1,2-0,967 1,331,008
Humest'u&SheuLluly
9,400
10,315
80,308
80,164
Ill.Cen. (Ill &8o) July..
886,042 883,366 6,440,022
6,187,473
CedarB.&Min.'.Iiilv
8,776
8,605
52,196
I)ul^.(J Sioux C. .Tilly
67,304
67,184
61,441
4 43,852
438,552
la. Falls iS.C. July
55,467
52,725
431,208
Iowa lines ... July...... 131,427
355,925
122,774
927,256
861.7t^^
Total all
July
1,017,4R9 1,008,140 7,367,278
Ind. Dec* Went July ...
7,049,254
27.293
38,220
184,159
i'33,613
Ind. A St. Louis. 3d wk Aug,
45,893
47,187 1,215,189 1,264.890
KanawhaikOhlo 3d wk Aug
5,477
3,16(169,.572
K.C.Ft.a.AMem.
101,609
wk Aug
76,631'
78,892' 2,513,641
2,844.027
1
.
1
.
. .
|
'.^(1
JiUy
July
N.Y.&NewEng, July
N. Y.
Northern SdwkAiig.
<fe
N.Y.Ont.&W.. 3dwk Aug
N.Y. Phlla.&N'k
N.Y. Bus. &W..
Norfolk & West
N'theastrn (S.C.
Northern Cent'l
Northern Pacific
Ohio & Miss
Ohio River
Ohio Southern
Ohio Valley
Omaha & St. L.
Oregon Imp. Co
June
July
3dwk Aug
June
July
3dwkAug.
3dwk Aug
3d wk Aug
JiUy
3d wk
July
Aug
June
Oreg.K.&N.Oo June
Oreg. Short Line Tune
Pennsylvania.
Penn. Co
N'rthw'm
.
sys.
S'thw'rn sys.
PeorlaDeo.&Ev.
July
JiUy
.
Tuly
.
3dwk Aug
Petei'sburg
June
Phila.&Erle....
Phila. & Kead'g.
Coal & Iron 06.
TotbothCo's..
ritt.Sheu.&L.E.
July ..
JiUy..
July
July
.
.
.
June
Pt.R'aI&W.Car. June
P'rt Royal &Aug.
Rich.&Allegh'y. Juue
R&W.P.Ter.CoRich. & Danv. 3dwk Au.
Va.Mid. Uiv.. 3d wk Aug
wk
Col. & Gr. Dlv .3d wk
West. N. C. Dlv 3dwk
W.O.&W.Div. 3d wk
Ash.&Sp.Dlv 3dwk
Total all
3d wk
Rich. & Peters'g June
RomeW. &Og.. June
11St.L.Alt.&T.H. 3d wk
Branches
3d wk
St.L.ATk.&Tex. 3dwk
&
A. Dlv. 3d
. .
Aug
Aug
Aug
Aug
Aug
Aug
'.
Aug
Aug
Aug
8t.L.<k San Fran. 3dwkAug.
St.Paul&Duiuth 1st \vk Aug
St.P.Mln.&Man. lulv
S.Ant.&Ar.Pass. JulyScioto Valley
Juue
Seab'rd &Roan. June
Seattle LS.&E July
SlienandoahVal July
South Carolina.. luly
So. Paclflc
443,963
178,703
116,741
237,359
1,252,746
137,845
462,441
181,501
96,278
212,721
I
1887.
9:
373,.546
100,501
9,755
35,559
4,681
29,155
404,167
530.697
227,020
4,822,412
77,021
1,253,165
142,666
4,595,753
404,337
446,639
1,848,292 1,736,229
172,338
225,822
582,103
614.759
9.825.148 9,646,962
1,312,220 1,362,S2»
1,363,994 1,111,739
592,590
352,340
48,012
35,212
981,964
988,178
3,645,465 2,964,643
5,478,211
116,916 1,290,7
69,796 2,43-1,590
76,745 1,668,932
17,249
642,665
106,683
741,733
398,077 3,745,141
170,054 1,364,503
258,877 1,752,599
11,540
82,024
76,624
401,937
1,005,045
2,220.853
2,005,837
571,356
835,653
4,601,045
1,321,019
1,713,157
87,565
362,378
2,779,198 19.472,824 19.504,923
2,330,285 15,225,380 14,828,867
489.857
409,361 2,906,766 2,750,368
12,531
37,113 1,056,533
929,588
312,091
206,736
113,968
782,323
735,669
90,933 3,016,228 2,479.210
33,006
341,801
280,878
536,336 3,462,488 3,017,929
283,942 10,116,277 7,522,269
101,874 2,304,401 2,519,418
11,148
273,617
200,360
41,908
302,323
311,406
2,600
29,348
216,329
239,380
338,008 2,490,581 1,804,402
444,731 2,792,87!* 2,280.909
180,554 1,175,775
921,814
4,654,370 32,680,610 31,025,094
1,374,447 1,518.121
1,074,848 1,184,154
15,240
17,940
37,291
29,873
440.468 386,976
9.735,630 10,100,320
7,439,259
,822,255
222,580
184,208
2,338,642
2,251,377
2,303,752 1,778,439 8,962,961 9,424,483
4,233,782 3,603,096 20,050,585 21,403,639
16,762
41,430 1,206,378 1,210,128
42,923
18,629
16,125
168,590
173,734
16,925
14,49
136,723
156,879
53,820
57,302
281,061
280,918
99,700
43,300
17,950
10,100
14,400
3,250
2,575
101,275
23,443
297,220
45,893
18,820
57,981
111,983
35,266
825,268
80,910
49,71;
41,403
16,10
72,000
83,211
97,250
41,300
15,725
9,300
17,400
3,600
2,575
187,150
20,039
272,317
47,187
20,301
49,905
129,220
34,464
621,345
56,613
2,837,548
1,118,171
545,479
358,267
395,316
72,373
65,142
5,392,296
132,225
1,4 .8,516
1,215,189
551,085
1,632,800
3,322,389
2,565,614
993,546
479,819
301,935
434,451
68,895
37,492
4,881,751
114,434
1,385,891
1,'264,890
548,223
1,350,670
3,632,217
41,072
312,185
319,557
1,067,463
241,470
354,011
280,676
71,690
75,300
461,562
676,914
467,213
607,155
63,4!:9
4,918,371
533,271
Co.—
Gal.Har.&S.A. July..
Louls'a West.. July..
Morgan's L&T. July ..
N.Y.T.&Mex. July ..
Tex. &N. on.. July ..
Atlan'c system July..
Pacific systemlJune
Total of
8o. Pac.
88,626
7,391
3,017
38,460
44,927
22,331
715,250
16,916
419,717
44,886
23,646
303,780
44,641
20,170
55,991
7,216
37,676
1888.
1,930,(130 1,«24, 657 11,087,624 11,979,155
May ..
Pitts. & West'm ^dwk Aug
C. C.
152,822
538,717
464,991
13,045
43,558
74,015
123,287
117,875
43,041
562,345
3d wk Aug
Guad'jara Br. 3d wk Aug
•Mex.N. (all Ins) July
•MexicauRailwv WkAug ll.
Nash.Ch.&StL.
Natchez Jac.&C
New Brunswick
N.Y. Cen. &H.R.
N.Y. L. E. & W.
N.Y.Peuu&Ohlo
157,195
2,850,191
2,378,7H9
Nor'n July
Memphis &Chas. 3d wk Aug
The General Quotations of Stocks and Bonds, occupying
Mil.L.Sh.&West ;3d wklug.
tix pages of the Chronicle, are now published on the Milwaukee &No. 3d wk Aug.
Mtnneap.A 8t.L. iJuly
third Saturday of each month.
.Mo. Kau.& Tex 3' wks Aug.
MobUe & Ohio July
RAILROAD EARNINGS.
4,019
June
Lykens VaUey. July
•Mexican Cent
9
4,40'
July
July
July
May
3dwk Aug
3dwk Aug
Lou.N.A. & Chic. 3dwk Aug
Louisv. N.O.&T. 3dwkAug
La. &Mo. Riv...
Louls.Ev. &8t.L,
Louisv. & Nashy
Mar.Col.ife
91
June
.
.
Reported.
Dale.
1887.
79,872
4,400
3,204
38,793
56,68"
24,018
824,533
12,175
433,727
37,396
22,228
282,525
48,950
32,958
57,165
7,921
30,148
99,017
8,548
138,633
84,801
67,560
19,675
107,423
366,371
174,321
262,584
10,090
80.870
Kingst'n
Eamingi
to Latest
1888
2S,60i>
Keokuk
hatetl
Jan. 1
Roads.
June
all
RR.—
No. Div. (Cal.) May
So. Dlv. (Cal.) •May
.
266,322
71,125
335,526
9,793
109,424
792,191
251,414
70,540
297,388
9,547
107,7.50
736,639
2,950,619 2,364,655
3,721,714 3,051,988
..
178,564
361,136
638.221
553,307
175,803 127,193
May. ...
87,076
58,605
June ...
5,357
3,852
JiUy ..
145,262
121,308
SummitBrauch JiUy ..
107,136
94,731
Siitro Tunnel
July .. .
27,175
22,376
Texas & PacUlo. 3d wk Aug 112,549 108,320
Tol.A.A.&N.M'h 3dwk Aug
14,082
1 ,096
Tol. & Ohio Cent. 3d wk Aug
22,863
17,869
Tol. P. &West.. 3dwk Aug
20,770
21,019
Uuiou Pacific
LTiiuo
2,483,268 2,506,828
Valley of Ohio.. July
54,614
44,162
Wal). West«m... 3d wk Aug
127,080 122,89.''.
Wab., E. of Miss June ......
506,346 539,935
West N. Y. & Pa. 3dwk Aug.
75,400
67,300
Westeru of Ala. .Tuly
29,430
30,785
tWest Jersey
July
191,201
199,974
W.V.Cen.&Pltts Juue
62,63.
28,06^
WheelingiL. E IdwkAug.
17,201
15,570
Wil. CoL&Aug
luie
50,349
4 ^,.580
Wisconsin Geu. Jdwk .\ug
80,01»
74,679
Arizona Div ..
New Mex. Dlv
Spar. Un. &Col.
Statenls.Eap.Ti
. .
.
May..
.
.
.
1
. .
.
2,120,893 1,810,397
452,418
510,421
2,773,038 2,239,407
92,063
62,448
686,875
773,672
6.240,468 5,281,15S
16,602,073 12,615,679
22,056,352 17,160,197
706,524
2,833,781
980,500
455,99
47,900
514,190
812,3-3
197,812
3,663, b90
388,214
708,149
529,772
13,493,579
372,985
3,413,052
2,911.966
1,915,462
256,230
867,173
290,710
631,672
1,654,519
705,318
310,500
31,186
478,010
670,i41
161,262
3,313,057
307,868
611,392
567,434
13,021,893
351,187
3,926,808
3,082,837
1,677,894
249,155
800,484
157,509
54.5,771
458,502
399,887
350,387
2,258,250 2,216,839
* Mexican currency,
! And branches.
t Includes whole
eysteil; from Fori W(uih ioDcu\tr, but notcai-uings
onjolnt track— Pneblo to Trnidad.
11 Including Indianapolis A 8t.
Louis.
0. All lines included,
jjhj
6
. .
Seftemuer
1,
Latest eroga
earninfi^H in the
.
—
.
THE (JHRONICLE.
1888.J
by Ifeekg.—The
Earnlntrs
latest
forojjoing table are separately
255
weekly
as followH:
Compared with the corrcspindins; ppriod last year, the
earniogH or 74 roads for the third week of August show a
Ft.
Road;
Worth A Den.
Marietta Col.
erain of 4 '95 per cent.
It
No
Hompbis A Chos
Atlantic
9
&
Cairo VIn.
A
Central Iowa
A
28,401
95.55;;
92302
4.'S,468
52.2.'>5
43.8.59
278,000
Caiiiutlan I'nuino
Clusupeake
48.267
43.771
20.748
221.000
30.754
:!0,344
lt»,038
Chlo.
Ohio
A Atlantic .......
A East. Ills
OhIoiMn) A Ind. ConI
ChlcaKo Mil. A St. Paul...
Chicago A Wfst Midi
Ciniiiinali Jack. A .Maek.
Ctn. N. O. A Texas I'ao...
Alabama (it. Southern..
New Orleans A N. K
ChlcaKO
ChlcaBO
11,728
451,500
27,183
13,427
58,558
23,»12
9,184
A MerKllan..
VlcksbiirK Slirpv. A Pao.
ClD. Rich. A F.
Cln. Wash. A. Bait
Vlokabur),'
(i,038
9,700
W
8.341
42,583
12,693
Cleveland Akron A Col...
Clevehiud A Marietta
Col. A Cm.
Col. H. Val
Midland
A Toledo
5.031
8.139
78.330
15^.000
25,975
21,191
99,821
6,224
2^,015
44,088
24,227
47,82
3.289
....
Denver A Kio (irande
Denver A K. Orando West.
Detroit Laos.
A
BostTenn. Va
North....
A U»
ETansTille A ludlanap...
Evansvlllo AT. H
Flint A Pere Marquette..
Qoorirla P;ielttc
Grnud Rapids A Indiana..
Other II ues
•Grand Trunk of Canada.
Kanawha A Ohio
Kingston A Pcmbi-oke ..
Lake Erie A Western
370,<515
5,477
3,201
56,687
22,228
282,525
48,950
32.958
30,148
99,017
67,560
19,675
135,214
13.045
43.55
117.875
3;3.516
100,561
9.755
4,681
15,240
42.923
99,700
43,300
17,950
10,100
14.400
3.250
2,575
45.893
18.820
67.9«6
111.983
112.549
14.682
JjOutsv Evans. A St. L...
Louisville A Na.shville ...
Louisville N. Alb. A Chlo.
Louisville N. O A Texaa.
Memphis A Charleston. .
Mericau Central
Milwaukee L. Sh. A West.
Milwaukee A Northern...
Missouri Kan. A Texas..
Kew York A Northern
KewYorkOnt. A West...
Norfolk A Western
Northern PaeiHc
Ohio AMIssisstppl
!>
'
Ohio Eircr
Ohio Valley
Peoria Dec. A Evans
PlttsburK A Western
Biohmond A Danville
Virginia Mid. Div
Char. C. A A. Div
Col.
AGr. Div
West North Car. Div
Wash. O. AW. Div
Ash. A Spar. Div
tSt L. Ait. A T. H. (M.
Branches
L.)
Bt Louis Ark. A Texas.
Bt.
Louis
Texas A
A San
Fran
Paclllc
Toledo A. A. A No. Mich..
Toledo A Ohio Central
Tol. Peoria A Western
Wabash Western
Western N. Y. A Penn
22.8(i3
..
20.770
127.030
75.400
Gron.
6.056
8.047
61,051
154,500
25.225
24.556
94.392
6,211
19.636
48.810
27.05«
52.941
3.804
404.6
3.166
3.017
44.927
23.646
Net...
1,710
57,000
2,353
3.2S1
1,609
4,654
1.733
26.147
433
2,760
1,085
3,156
1,148
"i',7'29
2,035
95
1,954
1,875
"i',624
519
34,001
2.311
1.418
21,2.55
4,309
3,788
7.528
21.996
"2'426
6,445
26,942
89,604
l.'>,725
2,22
800
3,000
350
172.9 "2
64,099
Net...
127.1.53
Net...
42.077
115,741
15,192
106,864
40,999
1,188,355
401,028
499,003
144.277
1,256,251
612,723
575.300
121,999
110,170
19,802
49,605
17,066
Net...
Central of Georgia. ..Gross.
Net...
Central of N. Jersey.Grofe.
Net...
Clev. Col. Cln.
A
Ind. Gross.
Net...
Denv.
A
Rio G. West. Gross.
Net...
Det.
Bay City A Alp.Oross.
Not...
.
1,109,867
399,405
July 31.-^
1886-7.
.
S
9
631,354 5,832,185 5,855,368
155,399 1,328,240 1,145,650
144.417
163,006
41,315
251,-552 2,418,879 2.117,957
274.806
661,184
77,630
July.
^.Von. 1 to July 31. -»
1886-7.
1887-8.
1887.
1888.
.
Ft.
Worth
ft
Den.
C.. Gross.
Roads.
Phila. A Reading.
Coal
141,390
1,085,076
1,487.094
234,561
800,481
294,533
1,645.291
5,857,212
2..521,315 2.008,203
.-Oct 1 toJulu 31.-.
1886-7.
1887-8.
J887.
S
9
89.889
35,943
A Iron Co
Total both Cos
Gross.
Net...
Gross.
Net...
Gross.
Net...
Net...
*
Includes
to
all
N
^Dec.
1 to
1887-8.
1887.
457,341
191,975
July 31.-«
1886-7.
S
Rond.
"Texas Pan Handle.. Gross.
Worth
9
678,115
253,418
68.387
34,880
July.
1,631
5,281,1.50
6.840.791
9
1888.
5.339
185,436 1.141.951
447,985
59,081
117.254
872,584
46,043
268,196
106,230 1,022,601
39,545
254,118
117.021
359,874
65,246
43,928
1,057,299 7,021.745
391,187 1,514,898
420.487 3.719.938
67.310 1.075,614
1,049,411 7.012.298
508,998 3.053.488
660,748 4,076.010
218,680
988,911
711,207
105,379
151,.531
35,999
51,350
283.066
111,550
21,360
120,487
67,310
$
,
Baltimore A Potom'o. Gross.
Net...
Grose.
Net...
18.
Allegheny Valley. ..Gross.
Canadian Pacific
Western N.Y. A Penn.Gros9.
Net...
249
359.245
217.855
499,003
144,277
l,810i307
208,368
152,116
203,000
2,239.407
366,180
92,063
2,449
686,875
305,078
-Sept. 1 to
1887-8.
9
July.
2,120,893
471,831
516,421
237,709
2,773.038
789,197
62,448
def.37,746
773,672
187,361
6,246,488
1,648,352
1,688,119
454,777
857,173
314,175
1,634,302
W.Oross. 2,378.769 2.330,285 22.398.433 21.716,510
Net .. 839,449 830,939 7,797,260 7,725,851
A
Rood.
r
Net...
N. Y. Lake Erie
.
1887.
9
«
4,229
3,686
4,994
4,404,910
July.
1888.
1888.
8,081
4,622,765
A brs. Gross.
,
Roado.
1.294
1,481
17,237
7,7:i8
792,191
148,142
WestemN.Y. A Penn.Gross. 289,757
93,496
Net...
West Jersey A brs... Gross. 191.201
Net...
78,244
Wisconsin Central. ..Gross. 316,221
Net...
72,365
MONTH AXD FISCAL YEAR.
Tot. Atlan. system.Gross.
Net...
returns for each road being published here as soon as received,
but not kept standing from week to week. The first statement includes all roads for the latest month and from January 1, 1888; following that we give the totals for the fiscal
year on those companies whose fiscal year does not correspond
with the calendar year.
MOXTB A>T> CALESDAR TEAR.
July.
^Jav. 1 to July 3l.->.
1887
1888.
1887.
1888.
Uoads.
$
$
$
Atl.
*
Net less proport'n due rds,
operated on a % basis. ..
N. Y. Ont. A West. ..Gross.
Including Indianapolis
Camden A
Tex.
Central of Georgia. ..Gross.
Net...
2,700
80,018
Califomia Southern. Gross.
71,799
Net...
.Gross.
9,793
Net... def.5,247
109,4 24
N. Orleans. Gross.
22,513
Net...
A Mex
N. Y. Tex.
.
A St. Louis.
NetEarnini^g Monthly to Latest Dates.—The tables following show the latest net earnings reported this week, the
\
29,573
335,-526
Road.
2,081
1,493
2,450
2,000
71 ,125
70,540
34,190
297.388
64.887
0,347
87
107,750
55,199
736,639
162,391
251.552
77.630
199.974
92,319
334,317
Not...
1.313
1,393
97,250
41,300
251,414
Morgan's La.ATex.Gros3.
"i'sdo
37.113
90,9S3
283,942
101,874
11,148
2.600
17.940
260,32 ^
29,474
Net...
187
11,760
8,liO
Net Increase <4-&D p. o.)
* For week ending August
Louisiana Wcstem.Oross.
4,722
2.832
5,121
67,300
15,570
74,679
17.201
.
A West. ..Gross.
3,365
5,429
13
2,379
514
9,300
17.400
3.600
2,575
47.187
20.301
49.905
129.220
108,320
11,096
17,869
21,019
r'ds
% basis.
Net...
500
750
12.531
41.431
due
»
630,624 631,854 3.902,474 3,883,200
031.526
174,058 155,399
818,542
107,992
45,531
41,315
107,914
Net..,
Norfolk A Western ..Gross. 407,286 3.14,701 2,731,281 2,211,548
854,377
Net...
155,905 121,6a7 1,058,001
Gross.
502,315 530,336 3,462,488 3,017,929
Northern Central.
216,849 189,381 1,115,869 1,4U,217
Net...
Gross. 4.822.412 4.054.370 32,680,010 31,02.%,094
Pennsylvania
Net... 1,-598,410 1,673,541 10,291,168 10,457,021
440,408 380,976 2,338,642 2,251.377
Philadelphia A Erie. .Gross.
913,233
932, U3
Net...
195,748 177, 1 22
Phlla. A Reading.... Gross. 1,939,010 1,821,657 11,087.624 11,979,135
6,122,463
935.483
4.836,912
973,621
Net...
Gross. 2,303.752 1.778.4^9 8,962,961 9,421.185
Coal A Iron Co
122,009
109,472
107.272 137,767
Net...
Gross. 4.233.782 3,603.<i90 20.0.50,583 21,103,639
Total both Cos
6,545,370
4,918,384
1,073,250
Net... 1,030,893
N. Y. Ont.
on a
So. Pacific Co.—
Gal. Har. AS. Ant.Gross.
92
12,279
1
303.780
44.641
29.170
37.676
77.021
76,745
17,219
136,774
A W.Gros*.
less proporl'n
operate<l
"4",iV5
Wheeling A Lake Erie
Wisoonsiu Central
Total (74 roads)
47.60:
9,995
425.353
27.610
10.««7
59.(U3
26.169
8.036
7.767
7.725
8.246
44.537
10.818
V. Y. Lake Erie
Net
14,020
l',!2,8>«5
...
Dttreat*.
S
S
62.2«7
Paoiflo
A PlttHburK.
Biiflalo Rocli.
Ittertaie.
«
89.860
08.387
530.255
a%9.617
84,880
35,048
193,007
1 1'),853
7,210
7,921
48,012
35,213
3,342
8,045
19,972
15,110
891.4<10
115,130 127,897
985,039
54,973
170.231
14,316
153,803
2,378,769 2,830,2 ^5 15,225.380 14.828,8(17
839,149 830,939 5,276,893 5,134,56a
.Gross.
Not...
..Grosi.
Not...
Net..
1887.
1888.
1887.
9
/!
o/ A ugHtt.
3il tree*
^-Jan. I (o.r«to31.~.
1887.
1888.
'ulf.—
1888
aummeJ up
8
1.930,0301,824,657 12,803,280 13,555,860
973,621 935.483 5,630,543 6,790,755
2.303,752 1.778.439 10,536,383 10,767,010
401,259
63,269
107,272 137,767
4.233,782 3,003,090 23.339,603 2 1,322,879
1,080,893 1,073,2)0 5,093,812 7,192,014
AprU 1 to July 31-^
July.
1887.
1887.
1888.
1888.
.
9
.
9
9
the roads composing tho
9
724.895
272,351
190.135
76,054
Pan Handle system from Fort
Denver.
GENERAL INVESTMENT NEWS.
Alabama Great Southern Railway (Limited)—A circular
from the Secretary of this company, issut^d in London under
date ot August 13, contains the following
'•Tne company's bill in Parliament received the royal assent
on the 7th August, 1833. The circular letter to the share:
holders, dated tbe 7th Feb., 1883, with reference to the proposed funding of arrears, gave full details of the plan, the
outline of which was as follows: 1. Existing arrears on 'A'
shares to be reduced so far as possible out of the profits of the
3. Funded certificites (sal61, -506 year 1887 available for dividend.
to be issued, and to carry
5,786.092 able) for the balance of the arrears
3. F"uture profits
1.332,524 interest at 4 per cent until redemption.
8,131,077 available for dividend to be applied as follows (a) Inpayment
790,761 of current 6 p?r cent preferential dividend on 'A' shares. (6)
6.330,891 In payment of current interest at 4 per cent on funded cer2,SU6,939 tificates. (0.) In appropriation of an equal annual sum suf4,191.616 ficient to redeem the funded certificates in ten years,
(it) la
1,282,655
payment of dividend on "B' shires. I am irstructed to inform
5S2,5S3
prepared to carry out the for140,537 you that the directors are now
Under
malities necessary to give effect to the arrangement.
818,645
28i,690
839.771
378.372
360,289
:
270,059
129,150
the provisions of the act the directors will pay off in cjsb, to
THE CHRONICLE.
256
assenting holders of ten 'A' shares and under, registered on
the 13th August, 1888, the arrears of dividend accrued thereon
namely, £1 5s. per share.
Alabama New Orleans & Texas Pacific— At a meeting in
London, Aug. 30, of holders of the first debenture bonds of the
Alabama New Orleans Texas Pacific Junction Railway Comauthorizing the receiver to
Eany, a resolution was passed
orrow 1100,000, with which to purchase second mortgage
bonds of the Vicksburg & Meridian Railroad Company.
Chicago Burlington & Northern.— This company ptoposes to issue second mortgage bonds, and its circular to stockholders is as follows
all
—
&
Boston, Aug. 24, 1888.
To the Stoekliolders During the past seveu months most of the rail
very
small
net
earnings.
Your company
shown
in
the
West
have
roads
lias been no exception to the general rule, and has been forced to incur
To
pay
oft'
this
indebtedness,
and to put
floating
debt.
considerable
a
the company in a good financial position, yoiu' directors have voted to
on
property
company.
The bonds
mortgiige
the
of
the
second
Issue a
are to be dated June 1, 1888, are to run 30 years from that date, are to
bear interest at th«' late of C per cent per anuum after that date and are
to be secured by a secoi d mortgageat the rate of $10,000 per mile. The
right is reserved to redeem the whole issue .at par .and acciued interest
on Jime 1. 1898, or on any coupon day thereafter, by giving six months'
notice. $2,2"0,0ti0 of these bonds will be reserved to coverthe outstanding debentures of this company. At a meeting of the board of directors
of this company, held .\ugust 24, 1888. It was decided to offer $900,000
of the remainder of these second mortgage bonds at 80 and accrued
:
Interest, to the stockholders of record, at the close of business at
3 p. m. on Aug. 27, 1888. at which time the transfer books will be closi'd,
and remain closed until Sept. 1, 1888. The terms of this proposal are
that each holder of 100 shares (or rights), or any multiple thereof, shall
have the right 1 o subscribe on or before 3 i). ni. on Sept. 15, 1888, for
one If 1.000 bond for each 100 shares (or rights) go heUL Payments to be
made as follows : 50 per cent on Sept. 20, 1888; 50 per cent on Oct. 15,
1888. Interest will be allowed on prepayments at the rate of 5 per cent
after allotment. All subscriptions must be for $1000 bond, or some
multiple thereof. Rights helonaing to any number of shares
be asBlffned, and for this purpose a blank form is attached, together with a
form for suljscription. The Chicago Burlington
Quincy company will
subscribe for its proportion of bonds unilor this circular. Any balance
of this $900,000 of bonds not subscribed for by the stockholders has
may
&
been sold upon the same terms and price as hereiu named.
J. McRBAr FoKBES, Treasurer.
The Boston Herald remarks on this: "The mileage is believed to be 365 and $3,650,000 in 3d mortgages could at
present be issued. Of these the debentures would absorb
Of this amouat, 1900,000 ard
12,350,000, leaviQg $1,400,000.
offered to any shareholders who want them at 80, and what
shareholders do not want are bargained for. The $900,000
would yield $720,000 at 80. And the company will have the
right to issue $500,000 more. The debt and interest of the
company, with the $900,000 issued, will stand thus
$8,902,500 1st OS
$445,225
$3,150,000 2d 6s
189,000
$940,000 e(iulpment 78
;
65,800
Total interest
$700,025
$36,500
The Chicago Burlington
Quincy will take about one-third
of the new bonds, it now holding 30,975 shares of the capital.
...!
Debt per mile
&
Cleveland Colnmbas Cincinnati
&
Indianapolis.— The
following statement shows the earnines, expenses, charges,
Ac. (including the Cincinnati
Springfield and Indianapolis
St. Louie), for the month of July, and for seven months.
Jnly.
Jan. IJuly to 31.
&
&
.
,
1888.
Gross earnings
Operating expenses.
1887.
—
,
1888.
1887.
$575,300
453,301
$060,748 $4,076,010 $4,191,616
442,068
3,087,099
2,908,901
Interest, taxes, &c...
$121,999
157,654
$218,680
170,340
• SSl?"'*
Additions
to prop'ty.
def.$35,055
22,320
Neteamings
Balance
def.$57,975
$988,911
1,107,084
$1,282,655
1,201,793
$48,340 df.$118,173
7,496
143,735
$80,862
410,729
$40?,344
$261,908 df.$335,807
Denver Texas & Fort Worth.—The earnings of this road.
Forth Worth to Denver, for the past four months, April, May,
June and July, since the road was opened for business, are as
follow 6
arou
Earninas.
.^
^^
*?y.,
$156,207
192.559
185,992
190,135
J™«
July
Operating
Expeniea.
$101,487
125,380
111,595
1141081
Net
Earnings.
$54,-20
67 179
74 396
76;054
$724,895
$152,544
$272^351
These months constitute the lightest freight season of the
year, when the shipments of coal and lumber are particularlv
•'
small.
,
Misgonri Kansas
& Texas.—The
Committee makes no recommendations as to the method in
which new capital should be raised, as it was quite out of their
province to do hif but they endeavor to give to the fullest
extent the hist oiy of fach Btepintheprogressof
the road, together With all the details of its present situation, from
which
data the beard of directors may determine what
course of
action 18 best for them to take under the circumstances.
The
;
XLVII.
comments of the report upon the deficit balance and the diversion of traffic from the M. K.
T. road at different points by
the lessee company also constitute a very important part of
the document and will receive much attention in discussions
bearing upon the future status of the property.
Complete
copies of the report can be had at the office of Simon .Sterne,
E-q., 29 William St.
&
—
Pennsylvania Baiiroad. The gross and net earnings for
1887 and 1888, were as below stated.
On the lines
west of Pittsburg & Erie the net results, after payment of
interest and all charges, is shown in the second table.
July,
LINES EAST OF PITTSBnEG & ERIE.
Qroas Earnings.
Tfel Earnings .-—^
1888.
1887.
1888.
1887.
Jan. 1 to June 30. . $27,858,199 $26,370,718 $8,692,759 $8,781,383
July
4,822,412
4,654,370
1,598,410
1,673,541
.
,
Total? mog
$32,680,611 $31,025,088 $10,291,169 $10,457,924
LINES WEST OF PITTSBUBO & ERIE.
Set surplus or deficit afterpayment of charges.
1888.
1887.
Diff. in 1888
.Ian. 1 to Jime30....Def.$219,900
Sur. $100,782
Loss. $320,682
Sur.
July
65,888
Sur.
150,608
Loss.
84.720
Def..$154,012
Total 7 mos
Sur. $251,390
Loss. $405,402
Philadelphia & Reading. The gross and net earnings for
July, and for eight months of the fiscal years 1886-7 and
1887-8 have been as below given.
The net earnings of both
companies aggregated $1,080,893 in July, 1888, against
$1,073,250 in July, 1887 for eight months of 1887-88 they
were $5,693,813, against $7,192,014 in 1886-87:
RAILROAD CO.
—
;
July.
.
.
Dec. 1 to July
.
1887.
1888.
1887-88.
31.——>
1886-87.
Gross earnings
..$1,930,030 $1,824,657 $12,803,270 $13,555,867
Operating expenses...
956,409
889,174
7,172,735
6,765,112
Net earnings
$973,621
$935,483
$5,030,535
$0,780,755
COAL & IRON CO.
.
July.
1887.
.
.
Dec. 1 to July 31.^-^
1888.
1887-88.
1886-87.
Gross earnings
$2,303,752 $1,778,439 $10,536,363 $10,767,008
Operating expenses... 2,196,479
1.040,071 10,473,094 10,365,749
Net earnings
$107,273
$137,768
$63,269
$401,259
In view of the large earnings of the Reading Company last
year and its progress so far the current year, it is of some
interest to remember that the annual fixed charges ahead of
Income bond interest amount to about $8,443,000. Ttie Income bond interest is payable on Feb. 1 of each year out of
the net earnings for the fiscal year ending on the '30th ot Ko<
vember previous, and by the terms of the bond the first
payment on Feb. 1, 1889, if made, is to cover 18 months'
interest, including that earned from June 1 to Dec. 1 in
1887.
It IB presumable, therefore, that this eighteen months'
interest will first be paid in full on the first preferred incomes,
then in full on the seconds, and then on the thirds, or as far
as the net earnings may reach.
The precise meaning of the term net earnings is of much
imDortance to bondholders, and the language of the Income
mortgages is quo-ed as fellows:
"That the words 'net earnings' shall be held to signify the
sum remaining of the gross profits, earnings, incomes and
receipts of the property and business of the railroal company, from all sources during each fiscal year ending the 30th
of November, after deducting therefrom all the expenses of
maintaining, operating, remwing, replacing and repairing its said property and premises, including such reasonable
improvements thereof and additions thereto as shall be
neceseary for the safe, proper and economical operation
of the same; and also after deducting all taxes er assessments imposed upon or against the said property and business,
or the incomes and earnings thereof, and all unsecured or other
indebtedness arising from the eaid maintenance, operation,
renewal, and repair of the said premises; and that the words
'fixed charges' in the bonds hereby secured shall include all
existing rentals and guarantees of the railroad company
and all interest charges upon its present fixed, funded and
other indebtedness, including the inter, st on the bonds iesueil
from time to time under the general mortgage of the Phila-
& Reading Railroad Company and the Philadelphia &
Reading Coal & Iron Company, dated January 3, 1888. The
said net earnings, as above defined or described, shall not be
diminished (except the surplus thereof remaining in any year
delphia
payment in full of the said 5 per centum per annum
upon the bonds hereby secured) by reason of any expenditures
by the railroad company for any purposes not above mentioned, nor shall the said fisced charges include any addiafter the
report of the Investigat-
ing Committee, or at least that part of it most wanted by the
public, is given verbatim en another page of the
Chkonicle
under the tule of "Reports and Documents." The Committee
has examint d carefully each division of the road, and its
possibilities of getting business, as also ils
requiren ents for outlay
to put It in good ccndition, and they arrive at the
conclusion
that the M, K. & T. property needs an expenditure
of $1,749 '"® International $1,090,700, together making $3 840'/ok
080 as a minimum, required to be expended in a period
of
^ree years to put the whole property in fair working order
Ihey also find a total deficit on both roads of $3,133 597
estimaliDg overdue interest and other items to August 1,1888.
The
i
[Vol.
tional fixed tr other charges created subsequently hereto."
Ponghkeepsie Bridge.— The last span in the great bridge
across the Hudson River was finished Aug. 30.
St.
Lonis
New
Orleans
& Ocean Canal &
—
Transporta-
tion Company of New Jersey. This company was organized
in 1887 to construct a canal from a point on the Mississippi
River, eight miles below New Orleans, to Lake Borgae, connecting the river with the lumber mills along the Mississippi
Sound and with the coal fields of Alabama via Mobile. The
canal is seven miles long and 1,000 feet wide, and will bj completed by January 1, 1889. First mortgage 6 per cent bonds
for $500,000 have been issued, and are dealt in on theNe^
York Stock Exchange in the unlisted department. E. R.
Olcott, 3.5 Broadway, is President, and Gen. Rufus lagalls, 45
Broadway, Treasurer.
tJI^ For other railroad news see page 248.
Sbfteeder
1,
THE CHRONK.LE.
188».
McpoviB
to provide new equipment, rolling stock,
mamder, $14,788,000, waa sat aside tosecur
and acquisition of new road at not exc
mile.
These items make up the total, $4j.
Hocumeitts.
untl
MISSOURI KANSAS
&
257
TEXAS.
I
et<:..
'*-
and the
re-istructton
i.OOO
per
,
This mortgage was duly executed December Ist, 1880. The
increase of the capital stock, which was authorized at the
time, was to be issued in like manner as titat portion of
A very elaborate report has been submitted by lIcsHrH. G. same
the bonds provided for ac<|uisition or construction of new
Clinlon Gardner, Thos. Bedford Atkins and William P. llobin- lines of road at not exceeding $30,000 per mile.
son, the Committee appointed on June 1, 1898, by the Board
The Miesouri Kanais & Texas Kail way Company was, at
of Directors of this company to investigate thoroughly its this time, the owner of the Bxmeville llridsce, the trustee*
affairs.
The substance of this report, giving the information having purchased its capital stock, and the Railway Company
thereupon having assumed payment ot the bridge bonds,
mcst desired by the average holder of securities, togetlier $956,000. Tois property has always been a profitable asset
to
in
conclusions,
are
found
the
last
twenty the company.
with the Committee's
Included in its First Consolidated Bonds, ($14,753,000, a»
pages of the document, and are quoted below. The Commitstated in its report, prior to the lease), or $14,773,000(as recogtee, after i-emarking with great particularity upon the condinized in the lease), was an issue of $1,183,000 bonds upoo
tion and requiremf nta of each division of the property, with road which never was constructed. It was
proposed to Ijuild
necessary
be
ezpendel
estimate
of
the
amount
to
each
an
on
a line of road from Fort Gibson, in the Inefian Territory, to
to put it in complete order, concludes this part of their report P'ort Smith, Arkansas. The bonds, which were to be used in
construction of the road, were executed by the officers of the
as follows:
company and by the trustees of the mortgage were used a»
" In the foregoing estimate reference has been had to the
collateral to borrow money, and were suwequently sold to
putting of the entire system into fair working order. The satisfy loans during a financial crisis, or were otherwise placed
traffic over these roads Uoo3 not, however, demand so great a in the hands of bona fide holders
but no roid was ever built.
reparation of all of its parts, as will appear in the statt-ment The bonds, however, to the extent of $1,182,000. were recogof business handled. Therefore, your Committee would sug- nized as a legitimate issue, and became a lien upon the line,
gest that, in making the improvement of the roa-f the traffic which was, at the time of the occurrence, already construcetd,
to be handled should be considered, and the expenditures
railwaj^ver substantially the same route has been built remade be extended over a pet iod of three years, say 50 per cent cently byTOe Little Rock & Fort Smith Railway Company,
the first year and 25 per cent each of two years afterwards.
and waa about ready for operation when your Committee
"Considering tlie needs for he traffic, a great reduction can passed over the Imian Territory section of the Missouri
be made in the foregoing estimates, as follows:
Kansas & Texas Railway.
REPORT OF THE INVESTIGATINO COMMnTKK.
;
,
A
I
For the Northern Division of 749 miles, the
amount may be reduced
to
For the Texas Division of 710 miles, it may be
reducedto
For the International & Great Northern of 909
On the 16th of February, 1880, the Missouri Kansis & Texas
Railway Company had leased to the Missouri Pacifti Railway
the line from Holden to Paola at practically a fixed annual
850,900 00 rental. On the let of December, 1880, they leased the remainder of their property, 836 miles of owned and leased
f 898,430 00
1,090,700 00
miles, to
Aggregating for 3,368 miles
$3,840,300 00
The general conclusions of the Committee, and the substance
of their report which will be desired by the general public,
are foimd in the pages following
" In the year 1880 the Missouri Kansas & Texas Railway
Company was the owner of lines of load from Hannibal, Missouri, through SedaIia,Missouri, to Parsons, Kansas, and from
Junction City, Kansas, through Parsons and the Indian Territory to Denisou, Texas, 733 miles, and from Holden, in
Miasouri, to Paola, Kansas, 53'80 miles in all, 766-80 miles.
It held by lease and operated from Denison to Gainesville,
Texas, 40'20 miles, and from Denison to Greenville, Texas,
5330 total, 93 50 miles making in all a properly of 879»0
:
;
;
:
miles.
" The property was represented by a capital stock of $31, 486,
The total capitali000, with a funded delt of $38,165,175.
zation being $49,570,175 on 786'80 miles of owned road.
"As the property consisted of vaii us s cticns which had
been consolidated at different times, its funded deb^ was partly
sectional.
Upon 70 miles of road, known as the Hannibal &
Central Missouri, from Hannibal south to Moberly, there were
two mortgages, the first for $768,000 and the second for
$33,000. On 100 miles of railroad, from Sedalia south to the
State line, known as the Tebo & Neosho line, there was a
mortgage for $349,000. On 183 miles, from Junction City
south to Chetopa, known as he Union PaciBc Southern
Branch, there was a mortgage of $2,396,000. These mortgages
underlaid ihe F.rst Consolidate! Bon's, which amounted to
$14,753,000. Th's First Consolidated Bond was a firet lien on
the line of the load from Holden to Paola, 53 '80 miles on the
from
line between Jloberly and Sedalia in Missouri, 73 mil- s
the State line to Pars. ns, 59 miles, and from Chetopa south,
through Indian Territory to Dennison, 350 miles.
On the Union Pacific Southern Branch, or the Neosho division, upon which )ine the First Consolidated Mortgage is a
second lien only, the road, as has been shown in the report on
traffic, scarcely pays its operating expenses.
Upon the line
through the Indian Territory on which it is a & st lien, there
is very little local business, and the only portion of the line
covered by tliis mortgage on which there is valuable locU
business, is that part of it extending from Seda'ia to Nevada.
From Nevada to Chetopa the biisiaess has largely been diverted
by the construct!' >u ot the Minden branch.
Following this Consolidate 1 Mortgage was a Second Mortgage Income Bond for $8,000,000, and certificates of debt and
Inoonie Coupons arising from the reorgauization of the
property, for $1,948,175, being in all, as before stated,
$38,165,175 ($30,000 ot discrepancy exists here in the statemeet of debt before and aft r the leasa which is rot explained,
but probably came from adjustments necessarily made).
At a special meeting of the Btockholders held November
17, 1830, there was fcuthoriz^d the execu'ion of a General
Consolidated Mortgage on the 786 miles of road, a.s before
stated, for the amount of $45,000,000, and an additional issue
of capital stock to the amount of $25,030,000. Of the
$^15,000,000 bonds, $18,317,000 was reserved for the punr ae of
retiring the First Mortgages before specifttd, and $10,(100,000
was reserved to retire the Second Mori gage Income lionde.
Coupons, etc. There was also set aside $3,000,000 to be uKd
I
;
;
road, to the same lessees, the rental to be paid being net earnings of the road after paying
First. Cost of r.'pairs and maintenance, the expenses of
operating and running the road, hire of ennines. cost of new
equipment, side tracks, reasonable and necessary betterments
necessary to the business of the road, premiums for insurance,
taxes (State and Federal), and other specified items.
Secondly. Expenses of maintaining the organization of
Texas Railway Company, and mainthe Missouri Kansas
tenance of general offices, transfer and register, and for
making payment of interest, etc.
Ihirdly. To the payment of interest on funded debt, and
on as many of the new General Consolidated Bonds as have
been, or may be, issued under the terms ot the mortgage.
The lease also provides that the lessee may elect to advance
any deficit in income to meet expenses, aiid such advances
shall be a preferred debt and lien next to the mortgages, and
the samt^ shall be secured by future net revenue.
There are also the proper provisions for maintenance of the
condition of the property and for inspection ther,;of and for
the examination of accounts at the option of the le?sor.
Under the conditions of this lease, the property has been
operated by the le.-see since its date. But in 1884 a difference
01 opinion on the part of the lessor as to the apportionment of
the income from certain of the traffic of the road resulted in
a reference of the questions raised to a. committee, consisting
of Messrs. John C. Gault and and J. F. Tucker, who, after a
consideration of the questions submitted, made a report at
considerable length, FebriiUry 5th, 1885, which it is claimed
by the lessee has teen strictly conformed to, since iis date, in
the division of all revenue from the different properties composing the Missouri Pacific system.
The report is called the Gault-Tucker Award," and its
merits or demerits are more properly a subject for discussion
by your body than by this Committee, as it affected all roads
connected with the system.
can not pass it over, however, without the remark that perhaps a more interested presentation of the claims of the Missouri Kansas Sc Texas
Railway Company might have directed traffic over routes
tributary to that Company, or might have secured for that
Company more advant*geous terms in the award.
At the time the directories of the Missouri Pacific and the
Missouri Kansas
Texas railways were substantially in the
same intrest, that of the Missouri Pacific Railway Company
and the Misiouri Kansas
Texas Railway Company appears
to have had no proper representative before ihe Gdiilt-Tucker
Commit ee to present and advocate its individual and distinctive inter sts. As a consequence, the award does not give
Tex, s Railway the consideration for
the Missouri Kansas
orit;ination of business which it might have done liad that
point 1)6 n advocated by some representation of a distinctive
Missouri Kansas
Texas interesf.
In furiherance of the plan of extensions contemplated by
the stockholders at their special m''eting in November, 1880,
Texas Railway Company became the
the Missouri Kansas
Grt at Northern Railway in
purchaser of the International
Henderson
the year 1881, and of the Galveston Houston
Railway, which was part of the International & Great Northern
system, at a later date and at various datss during the term
of the lease down to the present lime it has acquired or constructed lines of road whi-h have become parts of the leased
until now it is the owner of
line under the terms of the lea'.e
:
—
—
&
—
.
-
•
We
&
&
&
&
&
&
&
;
;
THE CHRONICLE.
8
joint occupant of 71
1 594 milf s of road und r its own title and
Missouri
miUs, all of which is operated by the lessee, the
Pacific Railroad, as follows
54 ^i'^^.
The Holden Branch
The Missouri Kansas & Texas system
tfili
Mating a
1.665 mUes.
t^tal of
'
&
&
&
&
&
—
—
&
XLMI.
against the property prior to the lease, so that the income
account was in fact bettered by these surplus earnings to the
extent of only $512,349. This accumulation of surplus it also
appears was attended by a large reduction in the expenditures
for maintenance of way, equipment and motive power. la
the maintenance of way alone the expenditures for the years
1880. 1881 and 183 J were on an average of $1,0S4 per mile,
which was only a fair allowance to keep the property in moderately good condition. But this expenditure was reduced
to $863 per mile in 1883, to $733 in 1884 and to $827 in 1885.
Allowing only $1,000 per mile per annum for maintenance of
way, the reduction made resulted in withholding from the
property, in ttat particular alone, over $800,000, (ir $300,000
more than the surplus accumulated, and in this estimate no
account whatever is made of what was withheld at the same
time from maintenance of equipment and motive power.
Ultimately, when the reparation takes place, which must of
necessity bs made at some time, every dollar thus withheld
from the maintenance of the property, and nominally added to
its- income, must be replaced at a cost of at least two for one.
In another way also this apparent surplus had no actual
existence. In the year 18S6 there was charged up to income
Texas R .ilway Company
account of the Missouri Kansas
$934,085 for deficits of income which had accrued in operating
Great Northern Railway,
its Troperty, the International
during the years 1881 to 1886. Had this deficit been charged
up annually as it accrued, there would have been no surplus
whatever even in apearance. But takinsj the figures as they
appear, we have an apparent surplus, as shown, of. .$1,040,285
538,036
Adjustment of old mortgage obligations
InterIn addition to which it is the owner in fact of the
Great Northern Railway and of the Galveston &
national
Houston Rnilway, a total of 635 miles, connecting the MisTexas system with Galveston on the Gult
souri Kansas
and with Laredo on the Mexican border.
In the accompanying table (marked Ex. B.) is shown the
jrrowth of the system and its traffic to its present magnitude,
and its flnancai condition, year by year, eincethe lease. For
purposes of compari.^on similar statistics are added for
the year preceding the first of the lease.
From th's table it appears :
jfirst— That in the year 1880, being the year prior to the
Texas Railway
lease, the revenue of the Missouri Kansas
Company was not adequate to meet the interest charges
whicn were to be established under the plan of reorganization
adopted by the company, by a deficit of over |300,000.
SecondZj/.— There appears a large increase of capital stock
in the year 1881, without any apparent increase of mileage to
the property. This was owing to the absorption of the capiGreat Northern Railway
tal stock of the Intern'itional
Company, for which capital stock of the Missouri Kansas
Texas was issued in exchange, by which 775 miles of road
•were addtd to the system, although not techn'^Uy incorporTexas Railway.
ated into the Missouri Kansas
Z7i?rd/i/.— It appears that the growth of revenue until the
year 1887 was in greater proportion than the growth of mileage,
though perhaps not so largely as was reasonable to expect.
Fourthly. That the growth of tonnage was also in greater
proportion than the growth of mileage, and it was moreover
in greater proportion than the growth of revenue.
Fifthly. Tlie rapid growth of a large deficit in the income
of the company, notwithstanding the growth of traffic and
revenue, is efpecially notablf.
From the first note, it is evident that at the time of the
Texas
lease the financial affairs of the Missouri Kansas
Railway Company were not in such condition as to warrant
its stockholders in anticipation of immediate dividends if it
remained an independent organiza' ion.
By the second note, attention is called to the acquisition of
Great Northern Railway. As it has althe International
ready been said, this was in pursuance of the policy of extensions, which was part of the plan of the projectors of the
system, which plan was again declared the policy of the Company, by action taken at its stockholders' meeting in Novemshall have occasion again to
ber, 1880, prior to the lease.
speak of the International & Great Northern Railway in connection with the revenue of the system.
The terms upon which the Missouri Kansas and Texas entered into ownership of that property were as follows: It
was acquired by purchase of its capital stock through the issuance for it of capital stock of the Missouri Kansas
Texas
Railway Company. The property is subject to two mortgages,
mortgage
first
of
and
a
$7,954,000,
a second mortgage of
f 7,054,000, bearing interefct at 6 per cent.
The International & Great Northern, at the time of its purchase, owned 776 milei of railro d, and had access to Galves
ton over the Galveston Houston & Henderson Railway, which
in 1883 was leased by it for 99 ye rs. The MissoMi Kansas &
Texas Railway Company had at the time become owners of
the Galveston Houston & Henderson Railway by purchase of
its capital stock, which it still holds as an asset.
The Galves
nderson is now operated by the Internaton Hous'on
tional
Great Northi^rn, subject to a trackage agreement
with the Southern Pacific Railway and the Hous'on & Texas
C!-ntral Railway at an advantage to the system. This lease
•increased the International
Great Northern Railway to a
/mil'^age of 825 miles, at which it now stands.
third
and
The
fourth notes call attention to the growth of
the revenue and traffic of the road. Both show a much
larger percentage of increase than the increase of mileagp.
The growth of the traffic is most fairly shown in the increase
of "tons cariied one mile," which is quite in proportion to
the expectation of traffic based upon additional mileage of
road operated. While the increase of mileage has been but
83 2 10 per cent, the increase of "tons carried one mile" has
tbeen 170 per cent. The lessee has been charged with diversion
of busines.', and not unjustly; but this healthy growth in the
aggregate indicates some compensations for that which has
been diverted. That the revenue of the road has not increased
in like proportion with the traffic is chargeable to the increased
competition for business at every important point, resulting
in a steady reduction of rates—especially in the yea- s 1886 and
1887— and a c rrespondingly lessened income to all roads par-
&
[Vol.
&
&
L-aving surplus shown in reduction of debit lo
profit and less (that is to say, income account).
$513,249
This was the financial condition of the company at the
beginning of the year 1888. In the year 1886 the Missouri
Kansas & Texas proper showed a surplus of earnings of
$298,043, against which was charged the df^ficit of the International & Great Northern Railway to October 1st, 1886, as
before staled, $934,083 resulting in a net deficit for that year
of $686,041. In the same year the expenditures for maintenance were also insufficient. In 1887 there was a net deficit for
the year of $1,398,805, and for the present year, to August Ist,
partly determined and partly es imated, the deficit will ex$3,834,846
ceed $900,000, making a total of
From which deduct surplus of December 31, 1885, as
513,249
before stated
;
&
We
&
&
&H
&
And
To
the ne t deficit appears to be
this there must be added the deficit
the International
1st, 1886,
interest,
which
&
is
$3,832,597
accrued on
Great Northern since Oct.
probably, including accrued
over
800,000
a^ the account-i are not made up later than April
80, 1888, tlie exact amount cannot be stated.
But
Making
$3,123,597
total deficits
During 1887 there was a large reduction in the rates of
transportation, owing to the opening of two new lines, the
St. Louis & San Francisco and the Atchison Topeka & Santa
Fe, by reason of which, although the Missouri Kansas &
Texas carried a larger tonnage than ever before (thereby
increasing, however, its transportation expenses somewhat),
At the same time the
its income was materially reduced.
effects of the injudicious reduction of maintenance expanses
in 1883, 1884, 1885 and 1886 became manifest, and an increase
of expenditures for this account became imperative.
During the year the increase in cost of maintenance above
the customary expenditures was as follows
$423,545
On motive power
:
On cars
On way
126,511
473,379
11,028.835
Total
There was also disbursed for betterments and extraordinary expenses, etc
121,767
Making an increase of expenditure in these items of $1,145,603
which caused in part the large deficit that year.
But this increase of expenditure, although judiciously
made, has only put the property into a better condition than
existed, without at all restoring the deterioration of former
years. The report of the physical condition of the property
will give an adequate idea of what this deterioration has really
amounted to.
From what has been stated it appears that the International
& Great Northern Railway has been a source of serious loss to
the Missouri Kansas & Texas Railway Company. The exhibit
of its trial balance and income account which accompanies
the report (marked Exhibit C) will show this loss to April
,
'
4.icipating.
Note tlfth calls attention to the
30th, 1888.
Its
aggregate to
th-it
date
is
nearly $1,500,000.
To a certain extent this loss has been offset by profits accruing
growth of the doBcit in to the Missouri Kansas & Texas Railway on the business ooniincome account. This is owing to various causes, and brings trihuted to
it by the International & Great Northern Railway,
anto discussion the prevalent methods of administration,
and it is not imp-'ssible that if the Missouri Kansas & TeKas
which should have your careful considera- ion. It U proper Railway Company
had received from the International &
to state in what manner this defi it has accruf d.
Great Northern, which was its own property and substantially
During the first five years of the lease, 18S1 to 1885, inclu- its own line
of road, all the business thereon accumulated
sive, it appear* that the surplus earningsof the Missouri
Kan- and forwarded to northern points, and vice-versa, there might
sas & Texis Railway proper amounted to |1,040,2S5, Of this
have been full compensation for the loss already paid, or yet
aniount, however, $528,036 was absorbed in the adjustment
and payment of overdue iuterest and other claims accrued to be paid, on the tributary road. But this equitable right
has been ignored by the Missouri Pacific Road in its operation
Septkebeb
1,
THE
1888.1
A
(
HRONK^LE.
Qrrat North*
of the leased property, and the lotematiowl
ern business has been so divided that the Missouri Kansas
Texas has received but 30 per c^nt of it, and the rem lining
70 per cent has been divorteil to other portions of the system
A
Kansas
& TexaH Itailwuy Company. This could not have been done
had tlie Missouri Kansas & Texas, with its ownership of tlie
and
to tlio b:>nel!tof otiier properties tlian the Missouri
&
Groat Northern, been operated in its owa
interest alone.
Tlie businesa of the Texas end of' the Missouri K<ui4as
Texas Railway has also been divtrted over other lines In a
similar manner, though not to the same degree.
In addition to this diversion of business, th^ road haa also
lost much of the business which in its inception it was expected would be tributary to it. At the time of the lea-e the
movement of cotton was almost entirely northward by rail to
International
&
259
is aUo furnished).
(Theaa jhedulen
marked Exhibits D. and E).
Overdue and unpaid interest couponi and other
Oreat Northern Railwiy
are
obligations, about
$1,800,000 00
Debt of International
Oreat Northern It lilway Company to the Missouri Pacific Rillway,
which has not yet been charge<l to the Mixsouri
Kansas
Texas, butincoursoof business will be.. $331,810 81
To this must be added Intern 'tional
Great
Northern accrued interest and losses since May
&
&
&
say
$250,000 00
This last item, as well as the previous item of int>jrest, is
estimated merely, and may be changed when actual figures
iBt,
are known.
Under the lease of the Holden Branch, it is provided that
the lessee shall furnish and supply at itn own cost all necesa northern market. Since that time, however, its route has sary rolling stock, locomotives and cars of all kinds, and all
changed. It now seeks a foreign market, because of the bet- other chattels and material necessary and useful for the
ter returns to the grower, and is routed south to New Orleans proper operation of the said railway, and shall pay to the
or Galveston and tlicnce by vessel chiefly to Europe, altliough lessor during t'le term of the lease such proportion of the net
some of it goes by the same ways to New York. Not ten per earnings of the whole line from Holden to the terminus of
cent of the crop now moves by rail northward; of this the said S'. Louis Kansas & Arizona Railwa3' Company, wherever
Missouri Kansas & Texas still obtains a proportion. Tliesa the same may from time to time be locatei, as the length ot
facts, especially the first, are mentioned in consideration of the demised railway shall bear to the whole line from Holden
Arizona Railanother fact, that the entire losses wliich accrue on the busi- to such teiminus of said St. Louis Kansas
Great Northern Railway are way; and that the share or proportion of said net earnings
ness of the International
charged to the Missouii Kansas & Texas Railway by virtue of which shall belong and be apportioned to the lessor shall not
be less than the sum of and at the rate of $40,000 per annum,
its ownership of the property; while notwithstanding the same
ownership, business to the extent of 70 per cent is diverted to which sum at least thj lessee guarantees the lessor the
from the route which might yield a profit to the owner. It said net earning>i shall amount. Yet, notwithstanding the
certainly appears that in equity the entire system ought to g revision first above cited concerning equipment, the Tesses
as charged mileage for all equipment moving over this secbear so much of the loss of the International & Great Northern as the Missouri Kansas & Texas could have e^ntd from tion. Your Committee considers that the question of principal involved should be cocsidered and determined, and thereits business, if allowed the transportation.
Other instances of diversion might be cited, but wi'hout a upon the damage to the lessor, if any such has occurred, may
careful investigation of the accounts of the Missouri Pacific, be determined.
The information which your Committee has obtained indiwhich was not within the limits of physical ability on the
part of your Committee, nor within its allowed opportunities, cates that in the original construction of the Missouri Kansas
Texas Railway, it was built without reference to the advantait was impossi' le to do more than obtain information sufficient
geous transac:ion of business, but chiefly with reference to
to present this injustice to your attention.
The accounts of the Missouri Pacific system, with its leased the actjuisition of certain land grants which became is propproperty, are voluminous, and it would require the services of erty. It was also the expectation of its projectors that in
many expert accountants for a longer period of time than was a short period of time the Indian Territory would be open to
at the disposal of your Committee to make a thorough analy- emigration and settlement. In addition to this, the roEui had
exclurive ri^ht of way from north to south through the tersis of them.
In addition to this difficulty, your Committee was appointed ritory, and thereby expected to avoid competition. The exunder th« conditions stated in a correspondence between pectations spoken of have not been realized. On the conMessrs. Gould, Bull and Martinsen, placed by you, together trary, the teriitory still remains closed, and there has been no
with your letter of instruction, in our hands, which admitted settlement nor development of business, excepting some coal
the assertion by the Missouri Pacific that the Committte was traffic; while other roads constituting competitive lines have
to operate jointly with a Committee of that company. The been constructed, and the income of the Missouri Kansas
Missouri Pacific afforded your Committee no opportunity for Texas thereby reduced.
The carelessness with which $1,182,000 was chargd upon
independent investigation by its accountant, but answered
willingly questions asked, and furnished statements required the property by its owners ptior to the lease, without conby the Joint Committees excepting that they declined to structed line, also imposr d an unnecessary burden of annual
furnsh a copy of their year book, from which we hoped to interest charges a.s well as of ultimate obligation of debt.
These facts are mentioned with reference to the interest
glean some valuable information. This they declined to do
on the ground that the book conta'ned information not rela- chirge upon the road. It was constnicted la early times,
tive to the Missouri Kinsas & Texas, which could not be with iron rails at a high cost, which were subsequently replaced by steel, also at a high cost. The interest charges on
s 'parated.
The lease, however, provides a remedy in its specification the property at the time of its lease amounted to about $2,200
that the books and accounts of the lesseee shall be subject to per mile. This burden it has to bear in competition for busithe examination of the Prcsidtnt or Vice-President, or any ness with roads charged with a much smaller ratio. Statistics
show that the Missouri Kansas
Texas has not at any time
agent duly appointed for that purpose.
In the acquisition of the Galveston Houston & Henderson earned its heavy interest charge, ard the same is true of its
Railway, the Missouri Kansas & Texas came into possession properly, the International & Great Northern Railway.
The road has suffered a'so in other respects. Under its
also of $1,182,000 of its mortgage bonds, |783,000 of which
have since been used in connection with the Missouri Kansas operation by the lessee, all terminal charges payable to the
Texas Gc'neral Consolidated Bonds for retirement of old Missouri Pacific Railway Company are exacted and paid, but
Income Bonds at the rate of CO per cent of Missouri Kansas & no equitable allowance U made to the Missouri Kansas
Texas Railway Company for origination of business,
Texas and 40 per cent Galveston
mston
Henderson
bonds for the old Incomes. The Missouri Kinsas & Texas is from which the lessee derives large income. Again, by the
still the own r of |400,000 of these Galveston Houston
Hen- s'atementa of the officials of the Missouri Pacific .System, the
entire line is operated without reference to its parts, and busiderson bonds.
In the history of the road, both prior atid subsequent to its ness is transported by the shortest and most available routes.
lease, its extensions appeario have been made by a construc- Of cours ?, in princip'e the economy of such a method is evition company which sold to the Missouri Kans^s & Tt-xas dent; but where businets is taken from the leased road and
Railway Company the road they built, for the full quota of given to some other portion of the line, there is no way in
stock and bonds entitled to be issued thereon.
But in a later which the lessor can par icipate in the profits to the system ;
construction, in 1886 and 1887, which amounted to 2245^ miles, and the injustice of the position becomes evident
It would
the work was done by Mr. Goull and Mr. Sage as trustees, seem that it can be only remedied by some provision for arbi^
who received payment for the cost of construction, as stated trary charges because of origination of business, together
in account, and the company profited to the extent of $1,005,- with a s ipulated division of business at competing points, or
000 General Bonds, which remained out of the allowed |20,000 by the absorption of the leased property into the system as an;
per mUe, after payment fir construction had been made. in'egral part, whereby it would become a participant in the
These bonds and the Galveston Houston & Henderson bonds, profits resulting from the operation of the property as a part
before mentioned, are now part of the assets of the Missouti of the system.
Another injustice which has arisen in the operation of the
Kansas & Texas Railway Company.
The manner in which the alleged deficit of the comjKiny system under this general rul-< is that extensions before completion have beea allowed an arbitrary mileage of two for
has been carried is as follows :
one upon all business, the greater part of which arises from
The Missouri Pacific Railway Company has advanced on notes secured by collateral
$779,174 82 construction, thereby giving them a fictitious value befor©
becoming part of the system and thus the e mings of the
Its cash advances, June Ist, 1888, uosecured,
amount to.
$95,693 55 lessor are fretjuently depleted, for it does notapptar in all
The notes are secured by $1,055,000 Missouri Kanstis Texsw cases that, upon the completion of extensions of the Missouri
General Bonds and $400,000 Galveston Houston & Henderson Pacific, they have always b en taken at once into the syateno.
Firsts.
These were subsequently supplemented by the im- Therefore, this injustice has been continued, which, of course, i»"proper use of $0,728,450 International & Great Northern stock greater to the leased than to the proprietary liars in the system^
The Missouri Pacific Road, either directly or by itsliiici^.
(These are assets which should be in the hands of the Tf ensurer. as appears by schedule, of which a copy is furnished lierereaches pretty much »ll the important business [xiiuts of llke*Texas Railway and its owted properties,with. AscheJuleof assets belonging to the International & Mibsouri Kansas
&
&
&
&
;
&
&
H
&
&
&
;
&
&
THE CHRONICLK
260
Afl
a conswiuence,
it
[Vol.
CHICAGO ROCK ISLAND &
would become a dangerous competitor
it jaust 8 so be refor business in case of separation. But
Texas would be as
membered that the Missouri Kansas
systems
daneerous to the Missouri Pacific, and that both
competiwoiSd suffer by any such competition. In all such loser.
the greater
tions the wealthier coqioration is usually
K^sas
In the event of a separation of the Missouri
from the Missouri Pacific system, the Missouri Kansas
&
XLVn,
PACIFIC.
& COLLATERAL MORTGAGE OF
THE CHICAGO ROCK ISLAND & PACIFIC RAILWAY COMPANY, SECURING 5 PER CENT BONDS
DUE JULY 1. 1934.
FIRST EXTENSION
&
Texas
valuable northern connecDate.—3M\y 4. 1884.
& Texas Railway is not without
an alliance.
Parties. The Chicago Rock Island & Pacific Railway Comtions which might ripen by negotiation into
pany, of the first part, and the United States Trust Company
Some such alliance in case of a discontinuance of present
desired by the of New York, Trustee, of the second part.
relations would be advantageous and to be
comMissouri Kansas & Texas Railway Company, as well as
Property Covered.— XW the railway extending from a point
pensative to its ally.
on the company's main line at Des Moines, Iowa, via Somer.•
,,
^
ii
attention
In closing this report, it is proper to state that our
set to Indianola, Warren County, and from Somerset to Winterset, Madison County, Iowa; also, the railway extending
has been called to an alleged exchange of equipment.
of
number
a
that
This probablv has arisen from the fact
from Edgerton Junction, Platte County, in Missouri,, to a
the
of
Division
Northern
new engines first placed upon the
point on the Missouri River, in Buchanan County, opposite
Denison
the
of
enlargement
road, which occasioned also the
Atchison, Kansas; also, all railways hereafter constructed or
where
Division,
Texas
the
yards, were properly transferred to
acquired as extensions of the main line and of the several
heavier engines were required.
branches described in the preamble of the mortgage, with all
replaced
Division
Texas
the
engines
of
The old and lighter
rights and franchises; and all property, real, personal and
these, and thus gave rise to the report; whereas it was a very mixed, now or hereafter appurtenant to any of the railroad
we
cars
repairs
of
the
power.
In
of
equalization
necessary
property hereby conveyed also, all rights and franchises of
found no evidence of exchange of rolling stock.
every nature and description which the company now has or
Mention has been made of the improper use of International shall hereafter acquire as owner, lessee or otherwise, in re&, Great Northern stock. In the opinion of this Committee, spect of any railway forming a part of its system, and which
this stock is not competent for use as an asset. Inasmuch as it shall in any manner be conveyed by mortgage or deed of trust
is a property under the mortgages and represents acquired
to secure any bonds which shall be deposited with the Trustee
road, for which Missouri Kansas & Texas stock ha? been herein as collateral security, under the provisions of this
—
,
;
iasued.
This report shows a seeming deficit of over |3, 000,000 as
offset to which the company owns certain valuable assets,
as appears by schedule, together with an equity in the adjustment of the charges made against the Missouri Kansas &
;
an
Texas Railway arising from losses of operation, division of
business and operation of the Holden Branch.
It also shows a necessary expenditure of about $3,000,000
& Waco
Road
to Hillsborough,
To complete the Dallas
making good an investment of $375,000, will require a further
expenditure of $495,000.
Houston section will require
The Taylor Bastrop
$409,500 for completion, in order to utilize an investment on
that line of $188,000 in grading and bridging.
Waco Road and the aidition to the Bastrop
The Dallas
Houston will entitle the company to issue bonds upon
the property at the ratio of $20,000 per mile of road^ completed.
Your attention was called to the Dallas
Waco Road by
our communication under date of July 7th, 1883.
All of which is respectfully submitted.
&
&
&
G. Clinton Gabdneb,
Thos. Bedford Atkins,
Wm. p. Robinson,
EXHIBIT B.—(Condensed.)
?70
1880...
188,02-1,
1881
.
^
303,495
1
994,075
20,0061 1,128,784
574,073D.
752,9881
D.
Aritll, 30,
1888.
No. Of Hharet.
97,281>3
•'
•*
9,968
76
,«^„
10,000
"
"
"
1,
1884.
Cost.
& T. Rallwar
*53,100
16,416,900
''.''.';
L&r,.N. ER....
P-irsnils Town
TnwM Lot
T.rt» Co.
f
Parsons
BoonvlUc RR: Bri'djic Co'. '.".'.
'iA
Hanuilial Union Depot Co...
Bolton Express Co
G. H.
RR
:
26«'36i
"
.
"
.,'.
"
"
8 Consol. mortg. T. & p. E'way bonds
mortg. Bonds
^" ?"?''«•
'*<"'<"' Hotel,
Hotel. Galveston
'^°^« BcaoU
Galveston...;::::::::
.•nniSS
^luuSfi
bond* t'400»8iooo
G. H.
&. H. RR.
RR of
laao
''?"''*«• ,''?'«^
*?^>j«»^l8tmort«.
"• ^
of 1882
:::
1,066 General conao bonds M. K. & T. R'way Co., 6 p. 5
2 General eonaol. bonds M. K. &. T. R'way Co. 5 i-v-..
} c
;_
General
nonnnl.
n
t*
imnH
f,.ai>H/^nAi
.
Geneni cousoi: s'p.'c. bond fractlonarscrip.'.*^.!':
i"r!nci
r'vX'"
&U
.
—
.-»
*
"^.W
Total.
2Vt«iq
-i
li
1,
l
'
4A0
o
,;
373'
"'•i 'ilm
065>Iooo
00
? 'on
^
-^t-V"
''^l
.¥18,463,111
EXHIBIT
E.
SCHEDULE OF ASSETS INTEENATIONAL & GREAT NORTHERN
RAILWAY, APRIL
.lmo«n( Au(Aori,:ed.— $15,000 per mile for road actually constructed,
per mile additioual for equipment and ,$7,500 per mile
additional lor double track, excluding side track and turnouts. The
company may either issue bonds secured by tlu.s indenture to retire the
$">,000
$5,000,000 Chica,i:o
&
Southwcsteru bonds due November
I,
1899, or
a new mort stage for that p.irpoae, as it deems best; but the
lien of tliis indenture docs not attach to said property unless bonds of
tills issue are used to retire the bonds.
Principal Payable.— The principal is payaljlo in
York City July 1,
1934, in lawful money of the United States.
Interest Payable.— The interest Is 5 per cent per annum, payable January 1 and Jiily 1 in said city.
Begislraiion.—'Eive coupon bonds
be exchanged for one regisYork City.
tered bond, at the company's oOice in
Sinkitig Fund.— See below under "Collateral Bonds" also, under
" Retirement before maturitr."
may cxecvite
New
may
New
—
Bonds.— Bonds secured hereby may be executed
amount equal in par value to collateral bonds deposited
with the Trustee, provided such collateral bond^ are the whole
of a series, bear 6 per cent interest, and are secured by an
exclusive first mortgage on any railway which shall at the
time, by lease or traffic arrangement, be a part of the company's system, and provided a'so that such collateral bonds
shall not be authorizod for an amount exceeding $15,000 per
MieSOURl KANSAS & TEXAS RAILWAY.
M. K.
Date. -July
each.
to sn
97,640 1,369,503
371,497 1,196,854
508,144 1,004,061
2,988,353Ex, 236,2781 1.147,104
3,349,342iD.
636,041 1,162,648
1,935,439 D. 1,298,805 1,636,428
STATE-MKNT OF 8ECDRIT1ES IX TKEASCKV
Caiiital stock
Mortgage Extension and CoUatoral 5 per cent Bond.
Collateral
Committee.
2,530,803iD.
3,343,215!ex,
3,l41,423iEx,
EXHIBIT
531
THE BOND.
First
\
1044,161,671 1,545,625 D.
1,911,674 Ex.
1,003 '299,202, 202,5,300,837
1882... 1,374,,293.472, ,397'g,715,790
1883... 1,38G!kl',».802 ,274 7,989,71s
1884... 1,3^6;1412,337 ,299 7.78''.G70
1885
l,38ii 392.3G7,,474 7,043,454
1886... l,3St)l 486,6-2,1 ,7647,578,096
1887... ,1,011 507,130 115j7, 135,599
4IU08)
?,570,728
1888. 5 1.611
And all bonds of other railway corporations which shall be
deposited vwth the Trustee as collateral security for bonds
i&sued hereunder.
Denomination, -Conpou bonds are $1,000, registered bonds $5,000
for reparation of the property.
&
indenture.
30, 1888.
2,250 Col. River Br. Co
»22?Tion
220 Union Compress & W. H. Co.........'.".V.
22 000
100 Caiiitol Compress Co
10 000
250 PalestiBC Compress Co
'"
25 000
Henderson & Overton RR. porohase '.".
_, „,^ CeorgclowD KE. purchase
75,000 International &. Great Nortli. R'y Ist M. bonds" '
'
Oosl.
$1 5,000
20,(K)0
10,0(X)
25,000
6h,1oo
39.392
75,000
$252,492
mile of single track railroad, |f ,500 per mile additional for
double track, not including side and spi* tracks, and $5,000
per mile additional for equipment.
All bonds on any railways h reafter acquired, and all liens
repla"ed by bonds issued hereunder, shall be delivered to the
trustee, to be held uncanceled until all of each series of bonds
shall have been replaced, or all of such liens have been discharged; and the trustee shall enforce the mortgages or trust
deeds exejuted to secure the same as shall be necessary to
protect the parlies interested therein.
The Trustee shall piomptly collect all sums due and payable
on coupons attached to the collateral bonds deposited with it,
and pass the same to the credit of the cocnpany as applicable
to the payment of mterest on bonds secured hereby.
If the
amounts so collected be insufficient to pay such interest the
company shall provide such additional sums as shall ba needed
therefor.
In case of default in payment of principal or interest of the collateral bonds, it shall be the duty of the Trustee to cau^e proper proceedings to bs instituted to foreclose
the mortgages stcuting such bonds; and if the property covered
by the said mortgages be sold inforeclo-ure, it shall purchase
the same at a sum not exceeding the full amount due on such
collateral bonds and the cost of such euit.
But if the company shall provide for the payment of all interest on the
tKjnds secured hereby, eo proceedings for the foreclosure of
any mortgage securing collateral bonds shall be instituted
without the company's request in writing, unless in the judgment of the Trustee a delay in commencing such proceedings
would impair the security of bonds issued hereunder. Any
property purchased by the Trustee as above provided shall be
subject to the lien of this indenture.
when the Trustee shall receive moneys from the collection
of principal of, or interest on, collateral bonds, or from the
foreclosure of any mortgage securing such bonds, amounting
to $10,000, it shall advertise in New York City for three
weeks for sealed proposals to sell bonds of this issue at not
above 105, the bonds offered at the lowest price to be purchased and canceled. If any surplus remain after the purchase of all bonds offered bsiow lOo, it shall be placed to the
credit of the company, for the payment of the next instalment of interest on the bonds secured hereby, and any excess
SErrsMaut
above what
1.
THE CHRONICLB.
1888.J
neoeaaary for this shall be p^Id to the company.
Any collateral brnda in the hanth of the Trustee at tho maturitjr of the bonds isaudd hereunder shall be sold either a',
public or private sale, If such sale shall be neces wry to provide moneys to pay the amoant then due on the binds of
tbia issue.
If the company so require, such s»le shall be made
before any foreolosure of this mortgage.
The Trustee may in its discretion surrender bonds held as
collateral security to the company, in exchange for like bonds
of like par and actual value.
Jtetiremnt Before Maturity. The oompany reserves tho
right to redeem any bonds stcured by this mortgage after
July 4, 1894, in the following manner: It shall advertisa twice
a week for four weeks in New York and Chicago for
proposals to sell bonds at not above 105, those oflfered at the
lowest price to be re ieemed. Any moneys unappropriated
after the purchise of all bonds offered at less than 105 shall
be applied to tho redemption at 105 of bonds in the order of
their number, commencing with the lowest.
Notice of
bonds so selected shall be given by advertisement, and after
the expiration of thirty days from the date of the publication
of the first notice interest on them shall cease to accrue.
If at any time the company shall retire any of the bonds
of this issue, it may, so long as default does not exist, withdraw from deposit with the Trustee collateral bonds having
a like par value.
Default.— In case of default continued for six months in
the payment of principal or interest, it shall ba lawful for the
Trustee to enter upon and operate the property hereby conveyed, applying the net proceeds therefrom toward the payment ratably of interest in the order in which it shall have
become due, and afterwards to the payment of principal. Or
the Trustee may, in its discretion, let the property to any
person willing to operate it.
In case of default as aforesaid it shall be lawful for the
Trustee to foreclose the equity of redemption to the property
by legal proceedings, or to sell all the premises at public auction, applying the net proceeds therefrom to the
payment
ratably of the unpaid interest
and prmcipal of the
bonds.
In case of default for six months in payment of interest,
the principal of all the bonds shall at the election of the Trustee, signified in writing, become immediately due and
payable.
But it shall be lawful for the holders of two-thirds" in
amount of the bonds to direct the Trustee either to exercise
said power of declaring the principal due or to waive
the
power, if unexercised, or to annul the exercise thereof, if exercised, either absolutely or with the consent of the company
to du-ect the Trustee to dismiss any suit and to discharge
any
judgment, or to take such other action as the said two-thirds
—
may
direct.
In case of default in the payment of principal or
interest
contmued for six months, it shall be the duty of llie Trustee
upon retiuisition in writing from the holders of |200,000 bonds,'
to enforce the rights of the bondholders in such of the
ways
above provided as shall seem most expedient; but it fhall be
lawful for holders of two-thirds in amount of said bonds, by
an mstrument m writing, to direct the Trustee to waive such
default.
It IS also provided that no action shall be prosecuted
against the company upon any of the coupons, at law or
otherwise, except by the Trustee, as in thU article provided,
unless the Trustee, having been required by the requisite
number of bonds, shall have refused to act.
It is further provided that in the event of default
two-thirds
in interest of the bondholders for the time being shall
have a
right to agree upon a scheme of reorganization which,
when
signihed to the Trustee in \vriting, shall govern its action
thereafter, and be binding upon all the bondholders.
2il
MORTdAOK ON THE WI8<;0N.S1N .MINNF.SOTA
& PACIFIC RAILWAY SRCURIMG 8 PER CENT
GOLD BONDS DUE OCTOBER 1, 1984.
FIRST
Is
Date.— April 14, 1884.
Por^tev.— The Wisconsin Minnesota &
Pacific
Railway Com-
pany, of the first part, ani the Metropolitan Trust Com panr
of New York, Trustee, of the second part.
Property (Jove^e(i.—^^\ the railway of the company constructed or authoriz;d to be constructed, heretofore kn own
as
the Minnesota Central Railroad, extending from Red Wing
Gjodhue Co., Minn., to a juuotioa with the Minneapolis &
St. Louis Railroad at WatervIUe in Li Sueur Co. a dis'anc*
of 68 miles: and thence as the same shall be extended to
the
western boundary of the State, and thence westerly and
northerly; and all railway property now or hereafter
owned, and all interests acquired by ownership of bonds
and all leasehold rights, and including all lauds used in
connection with the railroad, and all fixtures, buildings.
Tolling stock and supplies, now owned or hereafter ac quired,'
and all revenues. But expreaely excepting all lands heretofore or hereafter earned under the grant from Minnesota
to
the Cannon Improvement Company, and also the railroad
which may hereafter be constructed from Waterville vi a Man- *
kato to the southern boundary of Minnesota, with the franchises appertaining thereto; it being the intention to include
herein generally all the properly of the company (save that
excepced) real, personal and mixed, in possession and in
expectancy, now owned or hereafter acquired, with all riirhts,
hereditaments, &c.
[The road on which the $.3,000,000 bonds deposited as collateral under the Rock Island Extension and Collateral Trust
Mortgage were issued extends from Red Wing, Minn., to
Waterville, Minn., 08 miles, and from Morton. Minn.,
(100
miles west of Minneapolis) to Watertown, Dak., 131o, making
a total of 187'5 miles. The road has been extended from
Waterville to Mankato, 28 miles, but from the terms o f the
mortgage it does not appear that the bonds are a lien on this
&
extension. The Wisconsin Minnesota
Pacific is operated by
the Minneapolis
St. Louis, accounts, however, beinir keot
&
*^
separate.]
THE BOND.
First Mortgage 6 Per Cent Gold Bond.
Da(e.— April 14, 1884.
Denomination.— ^\,(iO0 each.
Amount Aulhori^etl.— ^15,000 per mile for rc-wl constructed, $20,000
per mile for road purchuaed aud $5,000 per mile for eanipment, and
uot cxceerliD!.- $a,000,000 for hridf-'es, wUen completed, over the St.
Orolx, Chippewa, Mississippi, Minnesota and Missouri rivers.
Principal Fai/able.— The princii)al is payable hi New York City.
October 1, 1934. In I'nitod Suites i;old coin of the present standard.
jnieresl Payable.— The interest is 6 per cent per annum, pavat>te
at
said offloe, April 1 and October 1 , in like sold coin.
Sinking Funa.—No sinking fund is provided.
Default. In case of default of principal or interest contmued for six months, or in case of breach for a like period in
the observance of any other requirement, it shall be lawful
for the Trustee to enter upon and operate the properey, applying the net proceeds therefrom to the payment ratably of
interest in the order of its maturity, and afterwards to the
payment of principal or it may let the property, appIyinK
the revenue therefrom in the manner aforesaid.
In case of default, as above stated, it shall likewise be lawful for the Trustee to sell all the premises at public
auction,
applying the net proceeds to the payment (ratably) of unpaid
_
—
;
interest and principal.
But no such sale shall be made, except
upon demand of the holders of one-fifth of said bonds outstanding, and even then no sale shall take place if holders
of the majority of the bonds file with the Trustee a written
instrument objecting thereto.
Incase of default of interest for six months, the principal
I'ruttees.—la the event of the resignation, declination or
of all the bonds shall, at the election of the Trustee, in writing,
inability to act of the Trustee, it shall be the duty of the
com- become
immediately due and payable. But it sh.iU be lawful
pany to give notice to the bondholders by advertisement, for
for a majority in interest of the bondholders to direct
four weeks, in some New York daily paper, of a meeting
the
of
bondholders for the election of a trustee, at which meeting Trustee either to declare the principal due, or to waive the
the holders of a majority in interest of the bonds represented right to do so, or to annul the exercise thereof, etc.
It shall be the duty of the Trustee to enforce the rights
^^J,^ith. the concurrence of vhe company, appoint a trustee;
of
and if the company and said majority cannot agree upon a bondholders, as hereinbefore provided, or by suits in equity or
trustee, then upon the application of any bondholder and at law, upon a requisition in writing signed by holders of onenotice to the company, or upon the application of the com- fafthof the bonds. But it shall be lawful for a majority of
pany, a trustee may be appointed bv a Judge of the Circuit the bondholders to direct the Trustee to waive such default
Court of the United States for the district of Iowa. If at any upon such terms as they may decide, their wishes being extime the company and a majority in inierest of bondholders pressed in writing; but this mortgage shall not be foreclosed except upon a default in interest continued for six months as
sliall desire to change the trustee, they
shall hare the right to
do so by notifying the trustee and giving notice to the bond- aforesaid.
Trustees. The Trustee may be removed and a new trustee
holders, by advertisement, of a meeting for the
election of a
appointed by a majority in interest of the bondholdere, with
trustee, as aforesaid.
the concurrence of the company, and if the company and
In accordance with the provisions of the above
mortgage the said majority cannot agree upon a trustee, one may be apcompany has issued $34,960,000 bonds, which are secured by pomted by the United States Circuit Court of Minnesota.
the deposit with the Trustee of the following first
mortgage
bonds: *3,000,000 of the Wisconsin Minnesota
Pacific Kail, FIBST MORTGAGE ON THE ST, JOSEPH &
RR.,
way Co., $960,000 of the Bt. Joseph
SECURING « PER CENT GOLD BOND, DUE JULY 1,
Iowa KR. Co. and
121,000,000 of the Chicago Kansas
1935.
Nebraska Railway Co.
In order to show the character of the security afforded
Dote.—
July 1, 1886,
by
ParUes.—fbe St. Joseph
these bonds, we give below abstracts of the mortgages
Iowa RR. Company ol the fint
under part, and
the Metropolitan Trust Company of New York,
which they were issued.
Trustee, of the second part.
Property Covered.— AH the railway which the company is
Mortgages securing bonds deposited with the Trustee, under authorized to construct, from St. Joseph, Buchanan Co., ito.,
via Maysville, De Kalb Co., to an intersection with the souththe provisions of the Extension and Collateral
Trust Mortgage western branch
of the Chic. R. I.
Pac. Railway, and all
of the Chicago Rock Island
Pacific BaUway Company. branches and extensions thereof, including also all l8nd^^ u£«d
—
&
IOWA
&
&
&
&
&
THE CHRONICLE.
262
now owned ««• h«'ein the operation of the railway, whether
rolling stock and
after acquired, and all fixtures, buildings,
all revenues
materials, now held or hereafter acquired, and
of the
and franchisee, and including generally all property and in
company, rea), personal, and mixed, in possession
[This
expectancy, together with all rights under contracts.
on the Ohic.
road has been constructed from Altamont, Mo.
said
Pac. Railway, via St. Joseph, to RuahviUe in
R I.
bonds issued.]
State, a distarce of 64 miles, and |960,000
[Vol. XLVII.
%}xt Cutnmerctal %xmts,
COMMERCIAL EPITOME.
Friday Night. Aug.
81, 1888.
,
&
THE BOSD.
First
There have been heavy rains in the Ohio Valley and the
Southwest, but generally the weather was seasonable, trade
for
Mortgage 6 per cent Gold Bond.
I
he autumn making good progress in nearly
ment".
SB^^uZrl^-n^OOO
"^^^c^'oT'^'^^^^^^^l
per mile for constructed railway, and
in New York City, July
^SriT^WWe
coin vt the present standard.
1935, in United States ^told
Inlerett Payable.— Tbo Interest is 6 per cent per
said city January 1 and July 1, in like gold coin.
1.
annum, payable
In
Sinking Fund. - No sinking hind is provided.
Default.— The provisions in case of default are substantially
Pacific mortgage,
the same as in the Wiscc nsin Minnesota
an abstract of which is above, the only difference being in regards to the place where a sale of the property might be made.
Trustees.— The provisions reppecting trustees a>e substantiPacific mortally the same as in the "Wisconsin Minnesota
gage, an abstract of which ia above, but in case of a disagreement between the comp .ny and a majority of the bondholders as to the selection of a trustee, application for the appointment of one must be made to the Circuit Court of tha
United States for the Western District of Missouri.
&
&
MORTGAGE ON THE CHICAGO KANSAS & NEBRASKA RAILWAY, SECURING 6 PER CENT GOLD
BONDS, DUE JULY 1, 1934.
FIRST
Date.— T^ay 14, 1886.
Parties.— The Chicago Kansas
The good prices now
all
depart-
realized for staples of agricul-
ture have increard the purchahasing
power
of the country ia
a very con iderable ratio, and dealers in merchandise feel al-
ready the augmented demand for their goods.
The yellow
fever epidemic in the towns of Florida has a^^sumed proportions that bring serious consequences to the Iccalities affected;
but the affected districts are somewhat isolated, and strenuous
making to prevent t'ae disease extending northExporters ot merchandise
ward, or along tho Gulf coast.
are encountering a scarcity of freight room.
Lard on the spot has been very sparingly offered and
advanced in sympathy with the speculative market, though
meeting with scarcely any demand, and the close is partially
lower at 9'30c. for prime city, 9'673^@9 75c. for prime to
efforts are
choice western, and 9 "SOc. for refined to the conticent. The
speculation in futures was early in the week quite brisk, at
advancing prices for Sept. and Oc^. deliveries, but yesterday
acd to-day, while these two months were weak, Nov. and Dec.
& Nebraska Railway Co., of options made some advance, the whole market closing steady.
and the Metropolitan Trust Co,, of New York,
DAILY CLOSING PRICKS OF LARD FUTURES.
Tiusfee, of the second part.
Saturd'y. Mond'y Tiietd'y. Wednnd'y. Thurtd'y. Fridny,
Property Covered.— \\l and singular the railway which the
the
first pait,
company is authorized to construct over the following lines
Commencing on the west bank of the Missouri Rive"-, in Kan-
Sept. delivery. ..e.
Oct. delivery... o.
lunning thence southwesterly
through Atchison, Davis. Reno and Seward counties to a point
on the sjuth line of Kansas, crossed by the 101st meridian,
west longitude also a line runnicg from Lost Springs, Marion
County, Kan., on said line, southerly through Butler and
Sumni r counties to Hunnewell also a line running from a
point in Doniphan County, opposite Saint Joseph, Mo. through
Blown and Nemeba ccuntiep, in Kansas, and Pawnee, Jefferson and Nuck' lis countie", in Nebraska, and Republic, Phillips,
Decatur and Cheyenne countie*', in Kansas; also a line from
A-tchisoD, Karsis, southwesterly through Jefferson and Shawnee counties to Topeka, and thence westerly to a point on the
line first aiove described near the mouth of Mill Creek, Wa'baunsee County, Kansas; als:) a line from Atchison southwesterly to Holton, Jackson County; and all extensions thereof, and all lands used in connection with the road, and ivll
Dec. delivery
:
sas, opposite St. Joseph, Mo.,
;
;
,
Nov. deUvery....c.
9-46
9-25
8-55
9-50
9-35
8-50
8-23
9-(i6
970
9-48
8-«2
8-29
8-30
9-.52
9-60
9-48
880
8-70
8-35
8-34
9-57
9'45
8-88
8-37
8-32
830
832
830
8 23
837
Pork has been more active at full prices, but closes quiet
mess, $14 12@|15 50 for old and new; clear, $16 50@|18.
Cutmeats have been unsettled; pickled bellies, 9;'4'(al0c,
snaoked shoulders,
shoulderr', 7;'4'c., and hams, 133^@12J^c.
8j4@9c., and hams, 13^@ 14b. Beef quiet at |7@|7 50 for
extra mess and $8@$8 50 for packet, per bbl.; India mees
quoted at $13@$15 per tierce; beef hams steady at $15 75@
o.
YeardeUvery....o.
;
$16 per bbl. Tallow is firmer but quiet at SJ/gC. Stearine is
quoted at llj-^c. Oleomargarine is firmer and in demand at
Butter is in good demand at 16(3 22J^c. for creamery
10c.
and 12@15c. for Western factory. Cheese is fairly active at
fixtures, buildings, rolling stock, sui^plies, etc., acquired or to 7>^@9c. for State factory.
be acquired, and all revenues and franchises, and including
Coffee on the spot has met with a good demand, with prices
generally all the property of the company, real, personal and
mixed, in possession and in expectancy, and all tights under showing a hardening tendency, and to-day sales were brisk,
contract", etc.
including Rio at from llj^c. for No. 8 up to 143^c. for No. 4,
[The completed rca-l, in August, 1888, extended as follows
and Government Java at 17@17J:^c. The speculation in Rio
Elwood,
line,
Doniphan
Co
Kan.,
on
the
Missouri
Southwest
River to end of track at State Line in Seward Co., Kan., 439 options has been fitful, at variable prices, closing to-day
miles; south line from Herington, in Dickinson Co., Kan., on somewhat irregular the early and distant options slightly
the south we t line south to end of track in the Indian Terri- dearer and the winter months cheaper, with sellers aa
tory near Caldwell, in Sumner Co., Kan., 128 miles. Salina
follows
line, Heiirgton, in Dickinson Co., Kan., on the southwest
ll'SOo. January
10-15c. May
10-30c.
line, northwesterly to Salina, Saline Co.. Kan., 49 miles; September
10'40o.
10-75c. February
10-15o. .Tune
northwest line from Hoston, Brown Co., Kan., tn the south- October
November
10-35c. Marcb
10-20o. July
10-40C.
west line via Fairbury, Neb., and Belleville, Kan., to a point December
10-25c.
10-20o. April
in Elbert Co., Col ,38 miles west of east line of State, 439
full prices, and to-day a
Raw
sugars
have
active
at
been
miles; Nelson line, Firbury. Neb., on northwest line northwesterly to end of track at Nelson in Nuckolls Co., Neb., 51 cargo of Iloilo sold at 5c. flat. Fair refining Cuba quoted at
miles Clay Center line, McFatland, Wabaunsee Co.,Kan., on 5 5-16o. and Centrifugal of 96 deg. test at BJiC Refined sugars
flouthwest line, via Clay Centpr, to a junction with the northMolasses is scarce
are active and in some cases igC. dearer.
west line at Belleville, Republic Co., Kan., 104 miles, making
nominal.
The
sale
off at steady
and
tea
on
Wednesday
went
miles,
and
a total of 1,210
construction in progress towards
Colorado Springs, Col. Of the 121,000,000 bonds issued and prices.
deposited to date, |3,850,000 were for equipment.]
On the Metal Exchange there has been a fair degree of ac,
—
I
I
I
I
I
I
|
|
;
THE BOND.
with prices showing in some cases wide fluctuations.
To-day Straits tin opened buoyant, partially declined, closing
at 23c. and 21 '400. for November, a marked advance over last
j)er mile for single track actually conetruoted. $7,5(iO p<r mile additional for double track, not Including Friday.
Copper is firmer, but closes nominal at 16-95e. for
spun and side tracks, im.I $5,0iX) per mile additional for equii»nent
JVineipn* y .j/wft/f. -TUo pilueiiial Is pay.'iblc in New York City July September. The movement in domestic lead was very active
1, 1934, in United States gold coin of tlic present standard.
and buoyant 800 tons sold to-day at 4-85@4'973^c. on the
Interest I'ayiible. - TUe interest is 6 per cent per annum, navable
v^auio in
m spot and 4'90c. for October. Spelter is dull at 4*80c. Pig iron
«ald city January 1 and JiUy 1, In like gold coin;
De/att?<.— Provisions in case of default are subatantially is steady, with a fair demand.
the same ae those in the Wisconsin ^linnesota & Pacific mortSpirits turpentine was active yesterday at 86%'@37c., and ia
gage, an abstr ict of which is above; the only variation being
held higher to-day on the yellow fever scare at Savannah,
aa to the place where th sale of the property might be made.
2VtWt M.— Provihiona respecti' g trustees are also substati- Rosins in fair demand at $1@|1 07}^ for strained. The specutially the 8!>me as those in the Winconsin Minnesota & Pacific lation in crude petroleum certificates has bean fairly acUre at
mOTl^ge, bn abstriict of which is above; the only difle»ence hardening
prices, touching 92J^c. the close is at »2}^@93»^o.
being that in case ot a disagreemeot between the company and
Eefined is also dearer. Wool
First Mortgage C per cent.
tivity,
Gold Bond.
JkUe.Denominalion.— $1,000 each.
Amount 4 M(A«ri»erf.— $15,000
,
;
•
;
a majority
a
of the h<indi)ol:'er8 as to the selection of a tMistee,
plication for the appointment of ona shall be made
to the
Knit Court for the District of Kansas,
is
Hops are
in brisk
good export demand, and
of 600 bales to London,
in
we
demand and
firmer.'
notice the shipment
^^
SEPTRltBUl
THE CHRONICLE.
1, 1888.J
COTTON.
Friday. P. M.. Aogust 81, 1888.
as indicated by our teloRrams
from tlip South to-night, is given below. For the week endinR
this evening (.\ug. 31), the total receipts have reaehcd 'Ji.oaS
bales, against 18,517 bales last week, 19.419 bales the pre vioua
In addition to above exports, onr telegnms to-nlghtslso gtre
as the following amounts of cotton on shipboard, not cleared,
at the ports named.
On BMfboard,
Thk Movement of the Crop,
week and
weeks
0,913 bales three
BeeeipU al-
Uon.
Sal.
433
Galveston
677
14
Bavannah
883
876
0,710
892
71
552
133
Charleston
Port Royal,&c
WUmlnfrton
12
Wash'gton, &c
Norfolk
47
283
WestPolut.Ao
680
552
183
268
441
900
6
37
41
49
153
21
11
170
69
6S
10
20
40
629
214
2
Y'ork
3,350
8,HG3
12
2,l9a
2,390
1,446
426
67
74
109
790
184
687
136
1,834
12
1,133
1,184
Brungw'k,<fco.
New
Total.
Fri.
860
4
!141
66
42
U
9
6
13
5
Baltimore
Philadelvhia,Ac
Totals thla week
2,40«
4
8
1
3,767
6,333
2.889
23,639
5,ltt7
3,045
For comparison we give the following table showing the week s
total receipts, the total since Septemljer 1, 1887, and the stock
to-night, compared with last year.
Thit
Week.
Stock.
1886-87.
1887-88.
Seeeiptt to
Aug. 31.
ThU
Since 8tp.
1, 1887.
Since Sep.
1, 1886.
Week.
1888.
1887.
Balveston ...
luu'uola.&c
6.710
8,281
4,289
8,414
NewOrleaus.
3,356
10,359
2,009
20,335
1,511
15,015
1,255
7,226
9,327
1,684
4,529
212
825
"137
849
141,635
1,500
34,453
2,500
MobUe
580
652
Florida
Barannah
...
Briin8w.,&c
Charleston ..
P.Royal, ic
Wilmington
.
Waeh't'n.&o
Norfolk
W.Point.&c
New Y'ork
Boston
Baltimore
...
Phll-del'a,
Ac
Totals
504
10,343
8,863
12
2,198
560
4,946
166
650
10
102
275
102
153
170
69
941
11
5
13
23,639
550
458
3
a,355
8,770
39,309
181,431
86.385
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons.
Keecipts at —
Oalveaton
New Orleans.
MobUe
1887.
6,716
3,356
680
Bavaunah
Charlest'n,&o
Wllm'gt'n, io
Norfolk
Wt Point, &o
All others
Tot. this
1888.
8,863
2,198
9,281
10,359
2,009
10,343
5,111
153
170
69
week
23,039
10,428
2,806
6.315
1.080
10,360
5,024
76
b'41
543
636
5,387
11,193
3,013
8.151
2,149
9,026
5,359
302
415
118
161
331
774
1,429
1,607
219
452
912
46
384
141
343
102
275
1.169
39.309
1883.
13,192
3,753
6'JO
1,534
1884.
1885.
1886.
we
24.234
1,109
30.025
16,337
33,303
...
Bavannah
Oalveston
Norfolk
i
12,108
Total ISSS.
The exports for the week ending this evening reach a total
of 17,045 balee, of which 13,773 were to Great Britain, 512
to France and 2,760 to the rest of the Ck>ntinent, Below are
the exports for the week.
Exported
Exportt
31,
From
Sept. 1, 1887, to
Exported to—
—
to
Oreat
Contl- Total
Brlt'n.'^onc' nent. Week.
I
...
Orleans.
us
I2S
Mobile
600
16,934
1,611
1.184
1.61/0
6, 620
4,401
1.600
None.
None.
None
None.
187
None
15,2.%0
126,3 8»
None.
1,000
3,617
2,303
22.751
168,693
8.177
18.289
15.034
68.106
168,0<»
4,280
3.260
3,050
1.40 L
1
future delivery at this market
though only moderately
ran out la-tt evening. The flactone,
who were '"short." fhe close last evening
at ll-:25c. bid, against 9'73c. in Haj last, when the bulls
began their man pultttion for the rise. The next crop, until
terms with parties
was
varied
to day,
was generally
but
little,
weaker
under
although excessive
raios fell
The yeilow fever epidemic in
in some of the CJulf States.
Florida ha"" become quite serious, but has not yet spread beyonil that. State, and therefore djes not olT.iT any serious obs;acle to marketing the cotton crop. An imp )ria'/t advance
in cotton bagging, the re ult of a combiaatioa among
manufacturers of that article, is causing much discontent
among cotton growers, and it is said will have s ime effect in
delaying their deliveiie?. The outstanding certificate against
cotton, which mature in September, regarding which there
has been gossip, were y- s'.erday found to aggregate 7,675 bales.
To-day the cjntinued small movement of the crop, witb
rains still falling and a stronger Liverpool report, cans ed an
early advance of 8311 points, part of which WhS lost after 1 p.
m. Cotton on the spot has been quiet. Stocks have conti nued
to be drawn to this market, and yester lay moroing were
about four times as large as one year ago. Shipments to
England were fieely offered ahead, and freight room in taken
up for all September. Quotations were advanced igC. on
Monday, again on Thurs lay, and yester Jay SlCc, closing
to-day quite nominal at U l-16c. for midland uplan is.
Cotton Freights. Room for Liverpnol has been well taken
up at a farthing per lb. for the first half of September. Some
room was offtied for the last half of the month, and last evening 4,000 bales were placed at 1,^(1. Late cHlon charters are
as follows: Sttamer Scottish Prin';e (Br.) Galveston to Liverpool, 458. steamer Asiatic Prince (Br.) Galveetou to Liver-
improved crop
accounts,
—
;
pool, 45s.
The total sales for forward delivery for the week are 294,800
For immediate delivery the total sales foot up this week
bales.
9 484 balas, including 7,553 for export, 1,864 for consumption,
in transit. Of the above
balee
47 for speculation and
were to arrive. The following are the official quotations f o» each day of the past week August 25 to August 31.
—
—
—
UPLANDS.
Ordtnpry
Strict Ordinary
t^iHid Ordinary
Strict
Good
Sat.
*
nou. Taea TTed Tb.
B>e
8=8
9»16
lb-
1
9%
lO'is 10»s
1011,, lO's
107g
llhe
lis g 1198
11-is U«B
HlddUug
Good Middling
Good Middling.
Btrict
Middling Fair
Fair
Frl.'^
8S,.
814,8
H'lu IOI4
CJrdlnary
LowMlddUne
Btrict Low UlddUng
10 14
10>8
lO's
111,6
11%
11%
lli-<,.
12
12
127,«
12»8
121>8
Ordinary
Ordinary
Good Ordinary
Btrict Good Ordinary
Low Middling
Btrict Low Middling
Middling
Good Middling
Oreat
Britain.
^<^™'
Continent.
87,6
Btrict
Good Middling.
Middling Fair
Fair
BTAINEO.
GoodOrdlSikry
Strict Good Ordinary
fl lb.
Low .illddllng
MlddUng
HABKET AND SALES.
...
WlImlDKton
POT HASKET
.
CLOSED.
Norfolk
West Poiot,&o
....I
9,4SO
Boston
Baltimore
2.013,
613
,e«o
100,
12.«!3
8,01s
....
Total
Total 1886-7...
Export.
Oon- Spee-[Tra>t-
ntmp uPfn
tit.
Total.
SiUet.
DtH*-
I
New York
Phlladelp'a'Ac
ranmSk
BALES OF SPOT AHD TKAXSIT.
CharleatOQ...
*
Nods.
600
tuations in prices on this account have been wide and frequent throughout the week, but the buU clique apparently
had the tituation well ia hand, enabling it to m>kk4 its own
Florida
Barannah*
203
None.
I
The August comer
active.
Strict
Week Endlua A tigust
New
5,318
:,932
lAottnt
moek.
Total.
GULF,
Galveston Includes ludlanola; Charleston includes Port Royal, die.;
Wllmlngtonlncludes Moreh'd City, &c.; West Polntlncludes City Point, &e.
Oalreston
None.
None.
None.
None.
None.
4.750
None.
None.
11,862
Total 1887
200
10,400
Total 1880
The speculation in cotton for
has coatinu- d very feverish ia
BlnceSept. 1.
/row—
59i
2.032
None.
None.
None.
None.
None.
None.
None.
None.
None.
None.
None.
None.
],000
Other pons...
wise.
'•
ll>.600
...
Ooatt-
France, t'orel(/n
668
WewOrleani..
not eltare<t—for
Other
Sreat
Britain.
New York
Indlanola.&o.
New Orleans...
Mobile
Florida
AT-
HobUe
1,177
2,088
Augiifl 31,
Oharlestou
Thurs.
Wed.
Tuet.
1,266
since.
zey.
\^)>6
13.778
30.«70
lji8»
613
Bat
..
Mon
Firm
Quiet » Is adv...
Quiet
Wed .! Quiet * ^8 adv..
Thurs Quiet a Sis >dv.
Pn... iQulet
7,623
.
Tues
706
262
214
30
K44
141
317
7,."<53
1,881
8,229: 29,200
262, 32,100
30
7
10
244 66,500
251, 43,200
151
847,
49,200
84,600
a,790| 17,045
1,^85
88,235
Juolude* exports Irom Brunswick.
Total.'
9,481294.8001
dally dellrartes Ktven above are aotnaUf deUvereA tlM
previous to that on which titer ar« repoitMt.
The
dMT
iBE (HkONKLE.
2*34
The Sales and Peiobs of Futures
ing comprehensive table
S
'"•Ss>-
IE*
Is-
shown by the follow-
ml
Ut U>
'a
a
:
•
:
2
s:
ilif
h
ffOoDft
O
a:*sjif^-AO
faSg
iS^i
B-MfflS
a>-M3
s
^p§;5 viHg;,
aO-
»:
1888.
1887.
1886.
384,000
1.5,000
532,000
41,000
456,000
20,000
590,000
23,000
Total Great Britain stock.
Btock at Hamburg
Stock at Bremen
Btock at Amsterdam
Btock at Rotterdam
Btook at Antwerp
Btock at Havre
Btock at Marseilles
Btook at Barcelona
Stock at Genoa
Btock at Trieste
399,000
3,300
28,000
6,000
573,000
4,000
62,200
27,000
476,000
3,000
32,300
21,000
613,000
5,100
34,800
41,000
300
700
ZOO
90O
300
600
101,000
3,000
45,000
6,000
10,000
188,000
2,000
53,000
4,000
9,000
1,100
113,000
6,000
43,000
14,000
7,000
1,700
154,000
4,000
44,000
10,000
9,000
Total Continental stooks
203,300
351,200
240,700
304,200
602,300
45,000
23,000
18,000
Egypt.BrazU.&cafltforEVpe
Stock in United states ports.. 18 1,434
13,278
Btook In XT. S. Interior towns..
1,285
United States exports to-day.
924,200
99,000
55,000
31,000
86,395
16,792
6,280
716,700
130,000
36,000
3,000
173,123
35,934
2,540
917,200
83,000
17,000
Btook at Liverpool
etooh at London
t«
01
I
1
^1 <
gifj^S"
©if"?;:!
««."£• 3
^^Og
g-li'gS
8! ."'to'
» Post
;§•
•it
POOS'
afloat are this -week's returns
bales
'
i
and the
and consequently all the European figures are brought dow&
But to make the totals the complete
to Thursday evening.
flgures for to-night (Aug. 31), we add the item of exports from
the United States, including in it the exports of Friday only,
i5e|
s'S.d
^^"2.
^^-" &SS3.
Igsglll|
bS-"<i B»-g
bg"5 jisi'
&i?t |i-*s "cS^wo"
"SS^
^'sS? T'^l^
I
BUI
The Visible Supply op Cotton to-night, as made up by cable
and telegraph, is as follows. The Continental stocks, as well ae
those for Oreat Britain
:
ml nt^
M ild
Im
cl^'i
li-s?
1;•&
are
xl\ II.
[Vol.
Hi
00
Total European stocks
India cotton afloat for Europe.
Amer. cott'n afloat for Eur'pe.
1885.
1,000
137,423
12,040
579
884,297 1,218,607 1,097,297 1 138,242
Total visible supply
Of the above, tbe totals of American and other descriptions are as follows^
Ametttan—
Liverpool stock
Oontinental stocks
American
afloat for
United States stock
United States Interior stocks..
Dnlttd States exports to-day..
Total Anierloan
Ba$t Indian, Brazil,
Liverpool stock
London stock
CoPtln'-ntal stocks
I
I
i<mfloat for
itc.
—
Europe
t:Kypt,BrazU,&o., afloat
Total East India,
Total American
&c
,
New
302,000
154,000
36,000
173,123
35,934
2,540
405,000
189,000
17,000
137,423
12,040
579
561.997
615,467
703,597
761,042
147,000
15,000
97,300
45,000
18,000
254,000
41,000
178,200
99,000
31,000
154,000
20,000
86,700
130,000
3,000
185,000
23,000
115,200
53,000
1,000
322.300
561.997
603,200
615,467
393,700
703,597
377,200
761,042
884,297 1,218,067 1,097,297 1,138,242
5iad.
S^sd.
Si^gd.
S'lgd.
Total -visible supply
Price Mid. Upl., Liverpool
PrIceMid.Upl..
1,285
278,000
173,000
55,000
86,395
16,792
6,280
237,000
1(6,000
23,000
181,434
13,278
bales
Europe...
York....
lOo.
llijec.
93ifiC.
10>i60.
The imports into Continental ports this week have been
ty bales.
10,000
The above figures indicate a decrease in the cotton in sight
to night of 384,370 bales as compared with the same date of
1887, a decrease of 213,000 bales as compared with the corresponding date of 18S6 and a decrease of 253,945 bales as
compared with 1885.
—
AT THE INTEBIOE Tq-wns the movement that is the receipts
for the week, the shipments for the week, and the stocks
to-night, and the same items for the corresponding period
of 1886-87—18 set out in detail in the following statement.
o
HlSt^T^
o^
I
00?:
;
;
•qW
C5
PgSr^S'sgg,
if*.
MM
M
03
M K OC r- CC
M 03
(t» tf*
-
rf*
CO
sfp
ft'
to
|t^
O 00 O to ® *3 O 05
MOD*
to*4^kO. oo^kac&oaij^O'^too-jcotoo
sIk
atoiccococoaDM^*^; ow^iiccj'm coco
CPC;icnui:ooaifkKeccn.
i^l
COQCOO>-'CO
•InolndeB pales In Septeml.er, 1887, for September, 258,200
emberOctober, for October, 5TO,vOO; Septemi.er-NoVeniber forSeptSn.
ember, 481 ,600; .Sept«-iiilK-r-Dof,<-mbcr, for Dcecmlier, 1 027 460- Seot-
OSQr'aOOOUt
;
CnOSW
Hcetococ^oatc
OSOitf».CCQDWWCPCCWO^»f-CC-o
^ -^ O » W M to
ft *J |U tc
O
<1H-
^v\
^9
(c
CO*
ft;
^H
at-^f*
»-<
MMQDW*
>-«
rf*>
00
rfi.
-^
M CO
ember-JiimiHry, foiJuniiiiiy.
2,2.'J6,t,00; SepU'iiiber-Fcbriiniv for Ppti.
l,^»1.7l'0; 8«ptenil>er-Maroli. for Maroli. 3.112.100SenMinhRr
f?'
2,0a^,700; Sepiember-May, fo^ Miyf 2.688.8Z^
APJ".
Sep i*K'
ember-Jnne.
for Juue, 2,0»3,400i SeptembeivJuly, for July,
ruwT,
i,43i[80o.
TruatWAble Orders—Saturday,
l0-70«.i
Wedn«^y,10 70o.;
Monday. 10-05o Taexdnr'^'
rtiursday.Oeoo r*rtday,a"6bo.
10-900.-.
•
tOM
qdIo
^o
The following exchangee have been made during the we. k
08 I'll, to eicb. ICO Jan. for Sept.
C8 pd. toexcb. 200 Df-c. fir Oct.
•01 pd. to excli. 400 Oct. for Jan.
•02 pd. to excU. 1,«00 Jan. tor Sept.
01 pd. to excli. 100 Oct. for Sept.
Eren 200 Nov. for Dec.
-«2 pd. to exob. 100 Jan. for Sept.
to
CO
kdObtOCOQOVa
cDcoa^'OOifrccMflocD
•03 pd. to exch.
100 Oct. for Sept.
02]>d.tooxcli.600Jnn forSipt.
pd. to exch. lou Dec. for Jan
pd. to exch. l.StONov. for Dec.
pd. to exch. 1,000 Nov. for Jan.
•08
•01
•08
•02
pd. to exch.
800 Sept.
for Oct.
CO
!
..]
C*t0c9-3M;
eOiOtftoqUD:
M«OAC0M*»
CO
r-*
to ft CO CO <i to
0QIOi»>k9tO^t0-qi^ft: 00 to 00 OC£) 1:0 to 00
"
t
t1m» ilffureA for LotiiBTiUe In l)0tli
Tills year's figures estimated.
years are "net"
I
Septbuber
1,
THE CHaONIOLR!
1888.]
265
The
rain did some good bat nothing ooald redamage. The thermometer has averaged 74,
the highrst being M7 and the lowest 60.
Nt'P Orleant, Louisiana. We have had rain on ereiy
day of the week, the rainfall reaching three inches and fortynine hundredth*. The thermometer has averaged 81,
Shrevep'jrt, £'JMi»iona.— Telegram not reoeivod.
quotations
of
middling
closinK
we
give
the
In the table below
nolnmbus, Minslv.iippi.—'We have had rain on three dave
cotton
markets
for
each
principal
other
cotton at Southern and
of the week, the rainfall reaching one inch and thirty-six
day of the past week
hundredth?. Much damage is reared from heavy rains.
Average thermometer 74, highest 86 and lowest 63.
OLOSINO QHOTAIIOKS »OB MIDDUNO COTTOM OK—
Wttk ending
Leland, MiaaitHppi. It has rained on four days of the
Avg. 31.
Wednti.
Thurt.
Tuei.
Satur.
Hon,
Fri.
week, the rainfall reaching eighty-four hundredths of an
inch. The thermometer has averaged 77-7, the highest being
9Bia
Oolveaton ...
86 and the lowest 08.
908
9Ta
O^a
MewOrleaai.
9''g
10
til
9^8
ftreenville, Mississippi.— li&in has fallen nfarly every day
MobUe
g^i
938
938
BAvannah ... .838
93a
for tho ])a8t two weeks, and the bottom crop is cUimed to be
838
938
9318
Charleston ..
9«g
93a
shedding and rotting. This week's rainfall has been one inch
938
WUmlngton
Bk
93e
9k
9k
9k
and ninety- five hundredths, and the last week the precipitaNorfolk
9\
9%
95.
9%
9%
0%
Boston
10^ ai^ I0\9Tg lOTg®!! ICa^ll ll^llifl lligak tion reached nine inches. The thermometer has averaged 78,
BaltliiinrR ...
liiia
10>«
1013
lOk
l0>a
10k
ranging from 70 to 87.
Phllnilfli.hla
1018,8
1018,8
1016,8
1016,8
Clarksdale, Mississippi.— It has rained on five days of the
Au(rn»tu
9!^
03g
938
9»8
9 'a
978
Meiuplits
97g
9^8
week, the rainfall reaching one inch and eighty-live hunBt. IX)Ul9
10
lS'«
10
10
ir«
10
dredtha. Rain is injuring the cotton crop.
Cincinnati...
10 k
10k
10k
10k
10k
Yicksburg, Mississippi. We have had showers on three
LoulsTille ...
lOie
lOk
10k
10k
10k
days C't the week, the rainfall reaching two inches and fortyReceipts peom the Plantations.
The following table three hundredths. Average thermometer 80, highest 98 and
Indicates the actual movement each week from the planta- lowest 70.
tions.
The figures do not include overland receipts nor
Little Rook. Arkansas.— Complaints of too much rain are
Southern consumption they are simply a statement of the being received from almost all parts of the State. It has
weekly movement from the plantations of that part of the crop rained here very hard on six days of tho week, and there are
which Anally reaches the market through the outports
strong indications of more. The rainfall reached six inches
and sixty-five hundredths. The thermometer has ranged
at
Interior
Tavmt.
IUc*-pU
from
Plant'iM
WtA
Rtetiptt at ttu Port*. St'lt
from 65 to 87, averaging 73.
Bndtn^—
Helena, Arkantas. It has rained on five days of the week,
1887.
1888.
1886.
1888.
1887.
18
1887.
1888.
1888.
heavy at times, the rainfall reaching six inches and twenty
1.876
8,033 B7.6an 27.987 !8,ie8
1,330
4,726
July 27..
8.S81
liundredtbB. The rain has done considerable damage to crops.
T,«21
1,499
6.884 49.8)7 38,018 33,685
1,908
Aac. 3
Our first new bale was received on the 23d five days later
7,S70
6,573
5,319
10..
6.880
9,»15 48,710 28,967 30.885
6.015
Daring the month of August the rainfall
than laRt year.
8,868' 15,308
7,814
0.640 19.449 47,313 23.086 18,344
IT..
8,001
The abo%-e totals show that the old interior Btooka havo
dtenated during the week 748 l>alo8 and are to-ni^ht S.ni'l
balea Itsa than at the same perioii laHt year. The recoipte Ht
the same towns have been 6,134 balees less than the R!ime
week lost year,
<JB0TATI0N8 FOR MiDDUNO COTTON AT OTHER MARKETS.—
hundredths.
pair the drought
—
—
.
—
—
;
—
I
I
—
.
'•
U..
"
81..
13,153
24,281
19.270
no,30»
18.817! 47.596
2a.;5«
15.991
2s.eso
SS.lflS
15,155
45,299
12,207 19,640' 18.261
21,937' 80.846' 22.803
The above statement shows that, HUhough the receipts at
the cutpcrts the past week were 23,639 bales, the actual movement from plantations was only 33,803 bales, tho balance
being taken from the stocks at the interior towns. Last year
the rectiptB from the plantations for the same week were
39,846 bales and for 1886 they were 31,937 bales.
Weather Reports by Telegraph,—Telegraphic advices f o
us to-night indicate that in Texas there have been heavy but
beneficial rains during the week. In Arkansas and portions
of Alabama and Missisaippi the rainfall appears to have been
exce.'^sive and damage is claimed.
Elsewhere the conditions
have been favorable.
Oalve^ton, Texas.
— It has rained tremendously on four days
of the week, the rainfall reaching ten inches
and twenty-two
hundredths. New cotton received this week 6,716 bales, making thus far 11,456 bale?.
The thermometer has averaged 79,
ranging from 73 to 86.
i-aiMCine, iuxas. We have had rain on five days of the
week, very beneficial, bnt interrupting picking.
The crop is
a very fair one. The thermometer has ranged from 76 to 86,
—
averaging 78,
Huntsville, 7'exa«.— Light showers have fallen on four
days of the week doing buc littln good, The rainfall reached
forty-three hundredths of an inch. The drought has injured
cotton past all redemption. Picking is active. The thermometer has averaged 83, the highest being 90 and lowest 78.
Dallas, I'exas, It has rained splendidly on five days of the
week— four inches and eighty-eight hundredths. Picking has
been interrupted. Average thermometer 78, highest 87 and
lowest 69.
Ban Antonio, Texas. Hard but very beneficial rain has
fallen on five days of the week.
The rainfall reached seven
inches and forty-aix hundredths.
The thermometer has
ranged from 70 to 93, averaj^ing 83,
Luting, Texan. It has rained enormously on five days of
the week, the rainfall reaching ten inches and twenty-three
Picking has been interrupted.
hundredchn.
The crop is
splendid if the rams wnuld now cease. Averag^thermometer
83, hi<heat 95, lowest 73.
CoLmnbia, Texas. We have had hard rain on five days of
the week stopping picking. The rainfall reached three inches
and fifty-three huudredths. The crop is fine, but we want
dry w eather as caterpillars are feared. The thermometer has
averaged 81, the biKbest being 90 and the lowest 73.
Oueru, 'Texan. Hard and welcome rain has fallen on five
days of the week, but interrupting picking. The rainfall
reached two inches and fifty-six hundreidthd. The crop continues a^oat as promising as possiule. The thermometer has
averaged 83, ranging from 70 to 96.
Srimham, Texan. Very beneficial rain has fallen on six
days of the week but Htopuing picking. The rainfall reichel
three inches and forty-eight hundredths. The thermometer
has ranged from 73 to 91, averaging 83.
BeWm, Texas. We have had very welcome rain on five
days of th-^ week, the rainfall reaching two inches and thirtyone hundredtbg. The rain aid go )d and farmers are much
encouraged. Average thermometer 74, highest 87, lowest 61.
WeaUierford, Texas. It has rained very hard on four days
of the week, the rainfall reaching five inches and elichty-flve
—
—
—
—
—
—
—
—
reached eleven inches and eighteen hundredths.
Memphis, Tennessee, We have hid rain on five days of
the week, and it is still raining. The rainfall reached one
inch and ninety-four hundredths. The weather during the
month has been remarkable for continued and heavy rains.
It is feared that serious damage has been done in bottoms.
Dry weather is desired to mature the crop. The thermometer
has averaged 74, ranging from 63 to 89.
Nashville, Tennessee. It has rained on three days of the
week, the rainfall reaching one inch and eight hundredths.
Thermometer has averaged 76, the highest 88 and the lowest 59.
Mobile, Alabama. It has been showery on three days of
the week, the rainfall reaching twenty-seven hundredths of
an inch. Crop reports are less favorable Many complain of
damage by too much rain, ru'3t, shedding and worms. The
thermometer has averaged 77. ranging from 71 to 89.
' Montgomery, Alabama.
We have had rain on two days of
the 'week, the rainfall reaching two inches and seventy-eight
hundredths. There has been too much rain, and we hear
complaints of shedding, rust and worms. The thermometer
has ranged from 63 to 90, averaging 76.
Selma, Alabama, We have had i ain on two days of the
week, the rainfall reaching one inch and twenty-six bandredths. Average thermometer 75, highest 83 and lowest 66.
Auburn, Alabama. In eome localities cotton is affected
by rust, though crops are generally In good condition. The
week's precipitation has been thirty- two hundredths of an
inch. The thermometer has averaged 75, the highest being 85
and the lowest 63.
Madison, Florida, An inappreciable amount of rain has
The thermometer has averfallen on one day of the week.
aged 81, ranging from 63 to 96,
Ooiumhus, 9eorgia.—Raia has fallen on three days of the
week, to the extent of ninety-three hundredths of an inch.
The thermometer has ranged from 65 to 88, averaging 79.
Savannah, Georgia, Rain has fallen on four days of the
week, to the extent of one inch and seven hundredths. Average thermometer 76, highest 91 and lowest 64,
Augusta, Georgia. The weather has been clear and pleasant during the week, with light rain on two days, the rainfall
reaching fifty-six hundredths of an inch. The crop is developing promisingly. The small shipments are attributable in a
meaanie to the prices for bagging created by the bayging
Farmers are holding cotton unpacked. The thermomtrust.
Rainfall during
eter has averaged 74, ranging from 58 to 94.
August three inches and flity-nine hundredths.
Atlanta, Georgia, Ic has rained on two days of the week,
the rainfall reaching ninety hundredths of an ihcb. The
thermometer has vveraged 74, ranging from 60 to 88.
Ghurleston, South Carolina.— It has rained on two days of
the week, the rainfall reaching twenty-three htmdredths of
an inch. Average thermometer 77, highest 89 and lowest 69.
Stateburg. South Carolirm.-'Ra.in has fallen on one day of
the week to the extent of twenty-two hundredths of an inch.
More is needed. Picking is now general. The thermometer
has averaged 73'7, ranging from 59 to 87.
Columbia, South Carolina, It has rained on one day of
the week, the rainfall reaching thirty-three hundredths of an
inch. Crop prospects are fair. The thermometer averaged
73, the highest being 84 and the lowest 66.
Wilson, North Carolina.— R-iin has fallen on one day of
the week to the extent of five hundredths of an inch. The
thermometer has ranged from 58 to 89, averaging 76.
—
—
—
—
—
—
—
—
—
—
—
CHRONICLE.
THfi
266
also received by telegraph,
named at d
ahovring the height of the rivers at the points
The following statement we have
o'clock
Aug.
30, 1888,
and
Sept.
1,
1887.
Aug. 30,
Above low-water mark
Above low-water mark.
Above low-water mark.
Above low-water mark.
Above low-water mark.
Hew Orleans
Memptilg
"
MMbviUe
Bhreveport
Tloksbarg
'87.
1
-88. Sept.
Inek.
Feet.
FeeL Inch.
6
4
2
17
7
5
1
4
7
17
4
1
5
4
8
1
1
2
India Cotton Movkmbnt from all Poet3.—The receipts
end shipments of cotton at Bombay have been as follows for
the we& and year, bringing the dgures down to Aug, 30,
iHD gmPMBNTS FOB FOCB TEABS.
BOIIBi.T RECEIPTS
SMpinentt tMt
Tear Oreai ContiBrtrn. nent
1888
1887
1886
1886
Oontir
nent.
Chreat
Total.
Britain
3,000
5.000
2.000
3,000
3,000
5,000
2.O00
2,000
i;6o6
Shipments Since Jan.
leeek.
209.000
361,000
315,000
218,000
BeeeipU.
1.
Since
This
Week.
TotcU.
Jan.
1.
3,000 1.2-^1.000
2.000 1,447,000
4,000 1,384,000
2,000 984,000
605,000 814.000
657,000 1,018.000
654,000 969,000
460,000 678,000
According to the foregoing, Bombay appears to show a
increase compared with last year in the week's receipts of
1,000 bales, and a decrease in shipments of 2,000 bales, and
the shipments since Jan. 1 show a decrease of 204,000 bales.
The movement at Calcutta, Madras and other India ports for
the last reported week and since the 1st of January, for two
years, has been aa follows. "Other ports" cover Ceylon,
Tuticorin. Kurrachee and Coconada.
Shipments since January
Shipments for the week.
Continent.
ereat
Britain.
Calontta—
1888
1887
Total.
Great
Britain.
Continent.
2.000
3,000
Total
—
We
Total balesLiverpool, per steamers Aurania. 985
Britannic, 1,712 ...City of Berlin, 1,838 . tJallia, 1,521....
Handel, 1,494. ...Republic, 1,243
Wisconsin, 657
9,450
New York—To
To Havre, per steamer La Champiigne, 512
To Bremen, per steamers Fulda, 571 ..Trave, 117
To Hambu g, per steamers Gellert, 498 ...Moravia, 1,149..
To Antwerp, per steamer Belgeuland, 325
New Oklkans— To Liverpool, per steamer Historian, 227.
Boston—ToLiverpool,per8teamer Catalonia, 600
Baltimore—To Bremen, per steamer America, 151
Total
2l6o5
2',oo6
24,000
99,000
60.000
125,000
81,000
224,000
i',oo6
2,000
4,000
21.000
32,000
7,000
4,000
28,000
36,000
New York
New Orleans
2,000
3,000
5,000
13,000
44,000
51,000
26.000
27,000
70,000
78,000
5,000
13,utO
2,000
6,000
7,000
19,000
89.000
182,000
93,000
156,000
182.000
333,000
aU-
The above totals for the week show that the movement from
the ports otherthan Bombay is 13,000 bales ?es« than the same
week last year. For the whole of India, therefore, the total
shipments since January 1, 1888, and for the corresponding
periods of the two previous years, are as follows :
1888.
Europe
This
week.
from—
This
week.
3.000
7,000
814.000
182,000
10.000
996.000
AUoUiar ports.
Total
1886.
1,647
325
Total.
12,622
227
500
512
151
151
839
325 13,500
1,647
of vessels carrying
.
ThU
Since
Jan. 1.
Since
week.
Jan.
5,000 1.018.000
19,000 338,000
2.000
13,000
969,000
178,000
21,000 1,356,000
15.000 1,147,000
1.
—
Receipts (cantars')—
TUia week
Siueo Sept.
1887-88.
1886-87.
2.000
2.905,000
1
This
Since
week. Sept. 1.
1885-86.
1,000
2,923,000
ToCoutiiient
...
Total Europe
This
week.
i',oo6
265.000
154,000
.'229,000
.1176,000
2,000 415,000
1,000 419,000
..1405,000
bills'"™
Manctesteh Market.—Our report received by cable to-night
from Manchester states ihat the market is firm for
both
yarns and sbeetinits. We give the prices for to-day
below
and leave those for previous weeks of this and last
year
lor comparison
d.
»8'«
aS't
"10 758 aa'*
» 17 7»B •-!«
•' 24,709
»8'4
Jttly277«8
Auk- 3 7aB
'<»8»e
Do
8>4 lbs.
Shirtings.
s.
»7
®7
7 ®7
d.
7
7
6>«36 11
Xid.
32* Cop.
Vplds
Twisi:
d.
d.
d.
8H
Ti
lbs.
Shirtings,
8.
7'4 «7iis„ 8
5*18 714 »7ib,|j5
a7i6,,i5
d.
8
8
ft
s.
«6
«6
aa
®6
d.
10
10
10
10
»716„'5 8
7J4
7I4 it71i>,ai5
6>s»(l 11
7>s»6 n
8 ai7 0«« 5li,a! 7H «7i6i,l8 7>s«6 8
6»»
13
la
he
K'i
^18
35*
35«
35*
'32
'732
c.
c.
Amst'd'm, steam. e.
Do
35*
via Leith.d.
Reval, steam ....d.
Do
%
8aU...e.
'.sz
d.
sail
Barcelona.steam d.
Genoa, steam .. .d.
Trieste, steam... d.
Antwerp, steam d.
Per 100
l4®5,g
'•si
S18
732® I4
732® >4
l8®»64
38
he
3l8
732® 14
632
lbs.
—
Liverpool. By cable from Liverpool we have the following statement of the week's sales, stocks, &c. at that port»
We add previous weeks for comparison.
Aug. 10.
Sales of the
week
bales
Of wluch exporters took....
Of which speculators took...
Sales American
Actual export
Forwariled
Total stock— Estlmfcted
Total import of the week...,
Of which Amerioau........
Amount
atloat
Of which American
The tone
Aug. 17.
50,000
3,000
1,000
38,000
4.000
9,000
465,000
306,000
32,000
13.000
50,000
10,000
55.000
Aug. 24.
.•s.OOO
3,00a
44,000
9,000
10,000
491,000
334,000
32,000
12,000
50,000
10.000
49,000
6,000
Aug. 31
1,000
33,000
5,000
5,000
425.000
273,000
12,000
8,OOo
35,000
10 .000
55,00O
3,000
3,000
40,000
7,000
3,000
384,000
237,000
17,000
7,000
35,000
15, 000
market for spots and futures each
day of the week ending Au<. 31 and the daily closing prices
of spot cotton, have been as follows
of the Liverpool
^
:
Spot.
Market,
12:30 P.M.
1887.
Oott'n
%
c.
.
Hamburg, steam
•'
d.
.
sail
Of which American — Estlm'd
This statement shows that the receipts for the week
endine
^'*'**" cantars and the shipments to all
Europi
Twist.
Do
'"4
Since
Sept. 1.
1,000 251.000
1,000 164.000
1888.
Os
c.
I
A cantar Is 08 pounds.
32( Cop.
=8
dPVi,
"4
2,923,000
This
Since
week. Sept. 1.
Eiports (bales)-
To Liverpool....
3l8
e.
sail.
Thurs.
H
Bail...<f.
Bremen, steam
*
Alexandria, Egypt,
Aug. 29
Wednes.
Tues.
Liverpool, steam d.
Do
Alexandria Receipts and Shipments. Through arrangements we have made with Messrs. Davies, Benachi & Co., of
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The follow
ing are the receipts and shipments for the past week and for
the corresponding week of the previous two years.
"817%
688
Antnerp.
Below we add the clearances this week
cotton from United States ports, bringing our data down to
the latest dates
Boston— For Liverpool— Aug, 20— Steamer Kansas. 977. ...Aug. 21
Aug. 24— Steamer Favonia,
....
Steamer Bavarian. 417
Aug. 27— Steamer Michigan,
Cotton freights the past week have been as follows
Do
1887.
Since
Jan. 1.
Bombay
d.
10,177
Havre, steam
Shipments
tm
151
13,500
227
500
Boston
Baltimore
EXPORTS TO EUBOPE FSOM ALL TSDIX.
*
325
227
500
:
1888
1887
to all
512
9,450
Total
3,000
10,000
512
688
1,647
The particulars of these shipments, arranged in our usual
form, axe as follows
LiverHampool. Havre. Bremen, burg.
Madras—
1888
1887
All others—
1888
1887
&
East India Chop.— From Messrs. Gaddum, Bythell
Co. 'a
cotton report, dated Bombay, July 24, we have the following :
The weather during the Tiiist week has been favorable for the growing
crops. The rains of the past few days have had a benotlcial effect on the
youug plants where sowiua had been coiupleted, and in other districts
have enabled eultiv itors to maku rapid progress witii planting In som'o
diirtricts a break in the weather is now required to allow of weediug
being earri*'d on, but, on t'le whole, crop prospects may be considered
good, although in some parts late.
Cotton Crop Circular. As the first day of September this
year falls on a Saturday, it will not be possible for us to issue
our annual Cotton Crop Review the week following.
expect, however, to have it ready in circular form on Tuesday,
the 11th of September. Parties desiring the circular in quan.
titles, with their business card printed thereon, should send
jn their orders as soon as pos^ib!e, to ensure early delivery.
Shipping News.—The exports of cotton from the Uniteo
States the past week, as per latest mail returns, nave reached
13,500 bales. So far as the Southern ports are concerned, these
are the same exi>orts rer>ort«d hv telegraph and published in
the Chronicle last Friday. With regard to New York we
include the manifests of all vessels cleared up to Thursday.
1.
Total.
[Vol. XLVll.
/
Saturday Monday. Tuesday.
Wednes.
Fair
business
doing.
Good
Firm.
business
dolDK.
6«8
558
558
658
6II16
51I18
Qarden'g.
J
Oott'n
Mld.Uprds.
Mid.
Vplds
Mid. Orl'ns.
Sales
Spec. & exp.
6»16
59,8
Thursd'y.
Friday.
Firm.
Firm.
51I18
5Uio
12,000
1,000
6,000
8.000
500
500
10,000
1.000
12,000
1.000
I^MadT.
Btead7.
Steady.
Steady.
Firm.
Quiet and
Firm.
Barely
Barely
steady.
steady.
5lll«.
5ii:a
12,000
1,000
d.
Futures.
512
•Ms
513
519
Market,
Steady at
{
12:30 P.M. J
Market,
4
P. M.
j
{
Steady at
Steady.
partially
1-64 a4T>
Qjilet.
Skptkmdbr
1,
THE CHRONICLR
1888.J
The opening, hiKheat, lowest and closing prices of futures at
Liverpool for each day of thu woelc aro >;ivon below. These
prices are on tiio Iniais of Uplands, Low Middling clause, unless
otherwise stated.
Th» prieM art given in ptnet and O-lUu (Aim.- S 63 meant
l-64d.
r'
Oid., and 01 meant
Maa« Auk.
Aac 'iS.
Sac,
Open BIfk Unt. OlM
d.
d.
Ufun Bivk
«.
4.
4.
.
U
U
Lot*. (TIM.
sn
Taes., Aai. 3S.
Opm
Wheat—
0.
BprinK No. 2.......
Red winter No. 3...
Bod winter
The movement
(L
d.
d.
d.
6 39
6 39
541
5 34
6 31
5 21
6SS
615
613
513
513
641
sas
685
533
SIS
514
613
513
515
613
613
618
5 13
5 14
613
5 31
5 81
615
513
613
613
613
634
634
5 21
d.
Auk. 30.
Bl:i
5 86
5 2)
d.
AOKOSt
. .
.
AnK.-Sept..
Beptemb«r.
3opt.-Oct
..
OoU-NoT...
Not. -Deo...
Dec-Jan. ..
J&o.-Feb.
Feb.- March
d.
641 541
6 36 536
sau 5 39
623 5 23
51tt 516
514 514
614 614
514 6 14
6 15 613
Opm
OlOM.
HttK Lav.
d.
d.
641 5 41
6 3S S3«
6 40
6 40
5!!6
6 35
B3S
6 35
5 85
6 22
d.
d.
6 36
6 22
5 22
522
615 616
511 514
613 613
5 13 613
514 514
615 515
5 13
5 13
613 513
613 613
5 13 614
Clot.
d.
FrI.,
513
513
614
A UK. 31.
Open BUih Lour.
d.
539 640
5 34 535
634 535
5 21 621
615 615
613 613
612 513
612 5 13
613 5 14
d.
d.
d.
5 42
5 36
5 36
6 42
6 3^
6 38
6 23
5 42
6 96
6
Btceipti
2:1
616
614
514
614
611
Clot.
d.
5 42
at-
.
scarce
and dear, and the
e,bis
19,982
2,905
at.LouU
Peoria
617 616
6 15 614
514 613
614 613
6 16 614
617
515
514
3amei?k.'80.
Totwk.
615
1885-e'
demand
Fri.
98%
100
lei's
102
106
541*
54%
53
5338
83%
54
54
63^8
54i«
64»4
Si's
54>9
54J4
bi'^
Si's
Fri.
53%
54'»
4,480
76.000
37.785
13,586
5.200
129.121
September
delivery
delivery
DAorr cLosixo pbices or no. 2 mixed oats.
Bat.
Hon. Tuet.
Wed. Thuri.
dfilivary
October delivery
November delivery
December delivery
The
54>4
51^*
29%
o.
0.
30'4
2958
30'«
c.
31
30%
Si's
895,800
43,2'»
1,200
$2
Baperflne
2 70 a
Bprlog Tbeat ertraa. 3 20 »
BdUniL olearand Rtra't. 3 90 «
Winter alilpp'trextraa. 3 25*
Winter XJC iuid XXX. 3 60a
Patent*
4 753
Soatbom (upers
2 859
13,92S
12,650
600
2.201.621
43.039
2,157,641
1.718,5H7
2.339 911
138,383
a,151,T36
2,453,807
2,565,783
474.38S
544,886
038,701
933,580
747,378
13.087.027
9.005.030
7.144,773
5,030.066
6,016.817
0,144.699
93,794
935,723
16,378,401
10.707.804
10.741,633
1,231.061
188,928
«a.43i
«i,(Ma
aea^aia
197,894
449,771
bbla.
Wheat
Corn
bush,
Oats
Barley
Rye
flour and grain from the same
1888, inclusive, for f»ur yoara
IP88.
13,759,647
1887.
8,902,774
*1886.
6,925,870
-1885.
7,333,878
34,284,826
49,159.642
38,153.620
3,958,016
972,364
54,540,422
41.637,491
32.441,337
3,648.170
650,749
36,106,370
54,709,896
31,843,499
4.642,527
962,982
30.294,258
65,764,436
32,988,811
2,680.275
1,195,535
Tot al grain. 126,528,468 132,919,169 128,265,274 132,923,315
Include one week extra.
Below are the rail shipments from Western lake and river
ports for four years:
1888.
1887.
1886
1885.
.
.
"
Week
Klour
bbla.
Wheat
bush.
Corn
OaU
Barley
Aug. 29.
73,867
551.607
189,270
979.234
543,345
536,789
715,902
85,578
29,385
203,770
238,321
1,042,405
85,670
23,570
230,693
646.970
1,378,274
7,491
26,593
1,910,999
1,593,736
2,290,02S
19,151
99,693
1,794.955
The
rail and lake shipments
ports for last four weeks were:
Week
—
Flour
bbla.
Wheat,
buth.
from Western lake and river
Corn,
buttfi:
425,047 2,483,323 1,365,040 1,159,051
440,444 3,031,982 1.882.992 1,126,912
Aug.11,'88.
493,l!t0 2,417,465 1,669,431 1,098,911
450,382 2,239,1*56 2,051,439 1,053,498
4, '88.
Barley,
buth.
15,151
10,148
Oatt,
bush.
.\ng. 2.5,'88.
Aug. 18,'88.
Aug.
Week
Aug.
ug. V28.
242,218
!42,2
.,.
Total
Week
Aug. 27.
291,362
Rye
endiJiQ
Week
Ann. 25.
232,564
OIUA.
91,963
25,020
10,588 24,217
9,132
9,571
Tot. 4 wk8.. 1,809,063 10172726 6,968,902 4,438,372
4 Wlt8l887.. 1.714, 483 8,845,826 4,784,968 5,466.517
45,019 150,780
196,586 156,790
several seaboard ports for the week
ending Aug, 25, 1888, are shown in the annexed statement:
Tke exports from the
from-
Boston. ..
Portland.
Montreal.
Phlladel
Baltiin'ie
Wheat.
Corn.
Flour.
Oatt.
Sye.
Pta»,
Buth
Buth
Bblt.
Buth.
494,279
47,846
BtuK
392,884
142,982
88,157
49,333
Buth.
2,148
84,470
42,000
424,474
89,174
2i",80i
8,571
15,845
35,519
1,592
5,000
1,592
7,113
4,353
37,401
IH,
3014
SO"*
30'9
Bo's
31
31
31
31'i!
32
31%
00 Sonth'n oom. extras.. $3 259
3 25 Southern baker*' and
3 50
family <>randR
8 60S
4 90 Rye flaoB, saperOne.. 3 20»
3 50
Fine
Z 309
4 85 Gam meal5 50
Western, Jeo
3 159
310
Brandrwlne
m 3109
4.'5»!?3
860
l,i>:iri,227
nour
Flour.
Bxportito—
Wheat,
A
188a
87.1887.
Bblt.
3 90
Un.K ntrdom
Continent. ..
7.387,658
860,880
6.839.601
670.383
4
3 40
9.«0. Am...
West Indiea.
2 45
Bnt.
7.'>
i.(m,m
1.088.869
Oil'iiies
977,148
890,5*7
808.123
836,271
Otli.aouatr'a
39,701
41,724
3 40
....
Total
Oom.
Sent. 1,'W. Sept. i.'ae. Sept. 1.'87. Sept. 1.'88.
to Aug.
to Aug.
to
to AUij.
Ufi.
25.
following are the closing quotatione
»bl>l.
6,(ni
3.540
42.422
295,355
328.7U0
3.303.753
Bblt.
Fine
12,500
to our previous totals we
have the following statement of exports this season and last
season:
30^
30%
31%
SOU
30'a
11,050
117,981
950
53%
54% N.Orl'na.
50%
51%
51% N. N«w»
Biohm'd
Oats were quite irregular from the effect of a "corner" on
Tot w'k.
Aagust contracts, which closed at 33c. for No. 8 mixed, and B'me time l,0e3,0S9 633,611 211,605
1887. .. 2,194,8,5ol 613,163 266,276
as between old and new crops prices cover a wide range. ToBy adding this week's movement
day the market was dull and unsettled.
November
December
KlW.
BluKSZlbt BiUh.4HlbtBu.Mlht
M.649
1,216,045
77,577
1,424,676
Inolnde one week extra
New York
DAn.T OLOaiNO PRICES OF NO. 2 KIXBD OORV.
Sat.
Man,
Tuet.
Wed. TKurt.
Barlty.
BtuhMWt
Comparative shipments of
from Jan. 1 to Aug, 25,
show as follows;
lom
....
....
indicated in the
is
215.099
232.494
'88.
1887-8
l88fl-7'
freight room.
0.
0.
o.
c.
49.993
76,209
835,730
679,538
661,718
103.520
876,462
70.200
ports
local
9
9
Auv.1.
Jtnct
6 14
The speculation in Indian corn has been fitful and feverish,
turning somewhat upon the course of wheat, but prices have
not fluctuated so widely. Liberal supplies came forward by
canal, and the regular traie was quite active, both for export
and home consumption. To-day the market on the spot was
weakened by the scarcity and high rates asked for ocean
October delivery
543338
7.390
..
3amewk.'87.
DAILT CLOSraa rSICES of ho. 2 BED WINTER WHEAT.
Hon,
Tua.
Wed. Thuri.
Sat.
September delivery
o. 99i«
98=9 100»9 100
9938
October delivery
o.lOO>s
Qii^a 101»a 101
1 0013
November delivery
o.lOl
1 OOSg 10238 102
Oecember deUrery
0.101% 1
lOSJa 102% 102>4
Hay, '89 delivery
0.IO513 104% 107
106% 1 Oaag
September delivery
Oati.
2,706
Drtrolt
OIsTeland.
6 23
To-day the market was dull and futures easier
Om
0am.
Wlltat.
UlDneapolls.
5 21
Fbidat. p. M., Aus. 31, 188P.
room became
market
105.734
48,520
20,987
Oalttth
636
63«
There was an improving market for wheat flour early in the
week, but there was no deciled advanca in values; and latterly, with the wheat market unsettle!, trade has bsen dull,
except when stimulated by concejsiona on the part of holders.
To-day the mirket was dull.
The wheat market has been very unsettled.
Speculation has at times been quite excited. Values fluctuated
widely, in the course of a single
day. The sharp
advance on Tuesday was due to very bad weather reports from
Western Europe; but since then the bulls have been ioclined
to realize, owing to the prospect of a very full outturn of our
own crop, and the belief that the effect of the bid weather
abroad had been largely discounted. The higher prices have
kept the export business within narrow limits, espeoially as
also small
9....
Blx-ra wed State
50
62
of breadstuff s to
FUnir.
OWoago
536
BREADSTUFF S.
was
....
....
Bbti.imibt Biuh.W>lbt
*
freight
BarleyCanada No. 1
Two-rowed State
54 <s
o.
03
39
17
98
13
5 14
Toledo
Open Bigh Law.
White
No. 2 mixed
No. 2 white
9
9
9
9
9
jtatemont below, prepared by us from the figures of the New
York Produce Exchange. We first give the receipts at Westrn likee and river ports, arranged so as to pr.wpnt the comparai-ive movement for tho week ending Aug. in, 1838, and
since August 1, for each of the last three years:
Ullwaukee...
Wed nea. Aaa .•J9. Than.,
27
35
85
40
00
02
9
9
.-..9
54 9
57 9
Southern white
0.
.57
Bt«teAPa..*bash.
05
94
9102
White
90
Corn— We«t'n mixed. 90
Weat'nmlzedNo.2. 94
Hteainer So. 2
Western yellow....
Rf»—
Oat»-M!xod
p.
84 91
92 9
98>«*1
86 91
BprluK, perboali...
H4«k iMt. OlM
689
6(4
<t.
ess 539 6 89
683 684 683
5 33 68t 683
5 31 6 21 5«1
615 6 1} 615
613 5 13 6 13
6 18 613 618
513 513 6 12
513 614 613
538 B8S 688 BS8
AnifQHt
Amf.-sept.. Bsa B33 B«a 6 3a
Bepteii)b«r. 3S» sua Bsa 6 83
SDO BSD 530 6 30
e«pt.-Oot.
Oot.-NoT... SIS BIS 615 615
NOT.-DM... 513 6 18 613 513
Dec- Jan. .. BIS BIS Sis BIS
Jan.-Keb. .. S13 5 IS 5 IS
6 14
5
Keb. -March 514 5
'i7.
267
10.«53.f^4rt
9,R73.0I
1
23. 1886.
27. 1887.
Bath.
niuK
....
SO.-i 16.029
SB. 1.13
173,74fl
1
to
1.-87.
Awj.
83. I8H8.
ButK
18,319.317 49,816.800
18.06«,629 39,982,970
46,825
64,328
80,953
6.8;a
6,006
63,i«<
SepU
in
*pt.i,'8e
to .iUQ.
27.1887-
Biuk.
17.880.638 94,130,535
4,517.901 10.610,480
833.371
767.380
45T.88S
78,306
62,002
800,440
87,040
«l,49t
2«.'.17.?^ y\.l!i7.-'n7
IHB CHRONICLE.
268
The visible supply of grain, comprising the stocks in granny
lake and seaboara
at the principal points of accumulation at
:
ports, and in transit by water, Aug. 25, 1888
In store at—
Few Yort
Do
*i20,753
574,522
afloat
FMladelpUa
Peoria
Indianapolis
Kansas City
Baltimore
MlnneapoUs
Paul.
16,590
4,659
546,182
11,415
5,393
10,000
45,907
6,300
32,792
108,121
86,785
46,072
84,945
3,000
1,000
20,000
96,500
32,000
173,242
50,561
48,782
308,255
46,763
608,782
49,1S7
42,286
12.703
334,920
66,532
138,309
90,238
1,127,372
3,794,761
25,000
135,600
41,t00
1,630,590 1,030,510
1,440,000 1,178,600
Boston
Toronto
Montreal
Bt.
139,640
93.461
17,532
15,000
586,755
80,500
70,000
91,400
726,120
Cincinnati
1,310
94,712
84,811
1,812
18.000
2,931,693
•Oswego
Do
676,433
278,500
42,000
625,295
2,715,674
1,187,762
1,814,096
—
Detroit
31,911
9,226
bush.
3,301,340
Bt. Lofils
2,000
20,500
21,712
88,839
31,785
Bye,
bush.
Ohloaso
Toledo
649
13,gOO
119,220
479,074
Oats,
bush.
Suflalo
HUwaokee
SSiUi
329,230
Com,
buth.
2,499,688
352,800
afloat...
Albany
Barley
bush
5,426
Wlieal,
473
61,903
2,330
19,618
8,300
Tot. Aug. 25, '88. 27,170,952 8,121,917 2,347,570
Tot. AUK.18, •88.26,2b'3.305 8,239,7411,573,432
Tot. AUK.27. '87. 30,572,750 6,372,905 4,780,723
Tot. AUK.28, '86. 41,265,035 11,770.270 4,244,879
Tot. Aug.29, '851.41,670,459 6,821,886 4,591,673
231,062
195,863
289,478
571,564
333,578
*
t
137,195
US, 501
226,084
578,900
115,770
follows:
Week ending Aug. 28. Week ending Aug. 21
Com.
Wheat.
To
To Continent
Total quarters
Equal In busliels
Bame week in 1887. .bush,
The exports
of
1,948,000
587,000
371,000
48,000
2,535,000 419,000
20,280,000 3.352,000
18,288,O00'3,O56,OO0
Com.
Wheal.
1,878,000
473,000
374,000
42,000
410,000
18,808.000 3,32,S.000
19,056,000 3,368,000
2,351.000.
wheat from India for the week, year and
season are as below:
Exports of Wheal from India
To United Kingdom
Xo Continent
Total
Aug. 27.
159,000
113,000
62,000
90,000
Auq. 23. Aug. 29.
96,000 363,000
34,000 203,000
88,000 290,000
25,000 200,000
14,000
424,000
243,000 1,056,000
ties,
and ginghams were jobbed in liberal quantiand there was a moderate demand for reassortmenta at
first
bands.
Prints, sateens
According to Beerbohm's London cablegram, the amount of
wheat and oorn on passage at the dates mentioned stood as
United Klngd03i..i}r8.
1885.
1886.
1887.
1888.
Aug. 25.
Held by Providence manul'rers 14,000
None.
Fall Elver manufacturers
None.
Providence speculators
None.
Outside speculators (est)
Stock of Print Ototht—
-
Last week's stocks. Tliis week's not received.
Minneapolis and St. Paul not included.
drain on Passage.
short time ago. Bleached goods, cotton flmnels, wide sheetings, corset jeans and iiat-fold cambrics remain steady and
unchanged, but colored cottons are somewhat unsettled.
Print cloths continued in active demind, and very firm, at
last week's quotations— say 4c. for 61x64 '• spots" and " near
futures," and SJ^o, for 58x60 "spots." Stocks last Saturday,
and for the three previous years, were as follows :
Total »took (pieces)
7,500
226,209
24,900
On Mississippi....
On Lakes
On canal & river.
by some of the leading houses.^
The demand by wholesale buyers on the spot was chiefly of a
hand-to-mouth character, and light in the aggregate amount,
but reorders by mail and wire were fairly numerous, and there
was a steady movement on account of form=)r transactions.
Prices of plain aad colored cottons are fairly steady, but it is
a buyer's market for certain makes of brown sheetings, particularly Southern three-yard goods, which can readily be
bought at a considerable concession from quotations ruling a
assorted lots having been done
.
476
1,046
XLVU.
[Vol.
Week end'g Week end'g Jan. 1 to
Aug 18.
Aug. 25.
Aug. 25.
bush.
bush.
920,000
100,000
300,000
240,000
11.240,000
9,480,000
bush.
1,020.000
540,000
20,720,000
THE DRY GOODS TRADE.
—
Domestic Woolen Goods. There was a further slight improvement in the demand for spring rlothipg woolens at first
bands, but buyers are still vwy cautious in placing orders, in
spite of the low pri;e3 at which desirable styles have been
placed on the market and the relatively high cost of the staple. Ccalings, suitings and casaimeres were in belter request
by the clothing trade, but transactions averaged light. Overcoatings and cloakings were in irregular demand, and a fair
business was done in satinets; but Kentucky jeans and doeskins ruled quiet in first hands, and only moderate dealings
in stockinets and Jersey cloths were reported by the mill
agents. All wool and worsted dress goods were fairly active
in jobbing circles, and there was a fair movement in fall
Flannels
st> les from first hands on account of back orders.
and blankets were jcbted in liberal quantities, and a light reorder demand was reported by agents. Shawls, skirts and
carpets continued in fair demand by retailer?, but were more
or lets quiet in first hands.
The jobbing trade in foreign
FcREiON Dry Goods.
goods was of very fair propoitions, though there was some
irregularity in the demand, and puichaseis were chiefly of a
hand to-mouth character. Importers continued to make fair
deliveries of fail goods on account of importation orders, but
new business was moderate in volume. The most staple imported goods remain steady in price here, and at the sources
of Bupily in Europe.
—
Importations of Dry Goods.
The importations of dry goods at this port for the week
ending August 33, 1888, and since Jan. 1, and the same facts for
4he corresponding periods of last year are as follows
:
Nbw
Yobk, Friday P. M., Aug. 31, 1888.
The local jobbing trade was buoyant and active the past
week, the volume of business having compared favorably with
the corresponding week in former years, though retailers
from eome sections of the country were inclined to pursue a
cautious policy, and there was little, if any, speculation in
merchandise. Business in commirsion circles was comparatively light as regards transactions with buyers on the spot,
but the order demand was of fair aggregate proportions, and
there was a good steady movement in some sorts of fall and
winter goods on account of former orders. Reports from most
of the principal distributing points in the interior indicate that
the fall trade is progressing satisfactorily, though business in
some of the Western and Southwestern markets is about a
fortnight later than usual, and the epidemic at present existing in Florida has caused some uneasiness in the South, and
tended to lessen the re-order demand from some sections.
Values of manufactured goods have not materially changed,
and stocks are so well in band as a rule that the tone of the
general market is fairly steady.
Domestic Cotton Goods.—The exports of cotton goods
from this port for the week ending Aug. 28 were 3.298 packThese shipments include 865 to
ages, valued at $135,466.
China: 692 to South America; 324 to the West Indies; 244 to
to England; 77 to Central America; 19 to Mexico, and 77 to all
other countries. Since the 1st of January the exports aggregate 99,984 packages, valued at $6,041,738. Of this total Ohina
has had 86,942 packages, valued at $1,866,013, and 28,063
{Mckages, valued at $1,472,358, have gone to South America.
For the same period of 1887 the exports to all ports were 184,931 packages, valued at $8,002,461, of which 70,064 packages,
valued at $3,828,076, went to China, and 36,964 packages,
valued at $1,932,298, to South America. To the corresponding
time in 1896 the total shipments reached 149,881 packages and
in 1836 were 129,481 packages. The jobbing trade in staple
cotton goods was active, a very good business in package and
s
g
s
a
a
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s
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Flax....
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