"September 27, 1879 : Investors' Supplement, Vol. 29, No. 744," Commercial and Financial Chronicle (September 27, 1879). https://fraser.stlouisfed.org/title/1339/item/558533, accessed on April 22, 2025.

Title: September 27, 1879 : Investors' Supplement, Vol. 29, No. 744

Date: September 27, 1879
PREVIOUS | NEXT
Page 1
image-container-0 OP the COMMERCIAL AND FINANCIAL CHRONICLE. PUBLISHED ON THE LAST SATURDAY OF EACH MONTH. Furnished Gratis to all Subscribers of the Chronicle. [Entered according to act of Congress, In the year 1879, bY Wm. B. Dana & Co., in the office of the Librarian of Congress, Washington, D. C.l NEW YORK, SEPTEMBER 27, 1879. INVESTORS’ SUPPLEMENT OP TUB Cnmnterrial nttfo financial Cjmmtck The Supplement is issued on the last Saturday of each month, containing a complete exhibit of the Funded Debt of States and Cities, and of the Stocks and Bonds of Railroad and other Companies. It is furnished without extra charge to all regular subscribers of The Chronicle; no single copies are sold at the office, as a sufficient supply is printed for subscribers only. WILLIAM B. DANA & CO., Publishers, 79 cfi 81 William sir eel. bonds can hardly be called an investment, but still there is little doubt that a part of the money now used in this way has come from the sale of more substantial securi¬ ties, and possibly not a little of it from the payment of called bonds by the Government. Many a person hav¬ ing money invested in governments would never volun¬ tarily have disposed of those bonds and invested the pro¬ ceeds in St. Louis & San Francisco common; but having the money paid in against his will, he takes the opportu¬ nity while it lies unemployed in bank to take a flyer in the stock market. The truth is, that people accustomed only to look at the stock board sales in their daily news¬ paper, and who never bought or sold a share of stock The money market has been sufficiently steady to offer INVESTMENTS IN SEPTEMBER. no impediment to operations at the Stock Exchange. The large amount of gold received from abroad added so much to the resources of the banks that a stringency in the money market was averted, which except for that assistance might easily have occurred. In Government bonds there has been little of interest beyond the daily quotations, and these have shown but moderate fluctuations. The process of drawing into the Treasury the balance of the money due on subscriptions to the 4 per cent bonds goes on steadily, and the called bonds are paid as presented. At last accounts from Washington, September 20, the following statement was made by Secretary Sherman: That the balance in money and ca'lei bonis to be paid in the United States for 4 per cent bonds is $3,150,731. The balance already paid or to be paid to the Government Agent in London, either in called bonds or coupons, is $6,950,850. These payments will be made next week, when the Government wiU cease to draw from the market into the Treasury any money except for current taxes. The following statement of the outstanding called bonds, amounting to $30,806,450, the last of which matured and ceased to bear interest on July 17 last, has been prepared from tbe books of the Loan Division: L?an* Five-twenties of 1862, act Feb. 25. 1862 $400,300 Five-twenties of 1864, act June 30, 1864 Five-twenties of 1865, M. & N., act March 31, 1865 125,500 Consols, 1865, act March 31,1865 Consols, 1867, act March 31, 1865 8,179,000 Consols, 1868, act March 31,1865 2,860,750 Ten-forties, March 3,1864 Total outstanding $30,806,450 Amount. 70,450 981,850 18,188,600 Transactions in State and city bonds have been at a minimum, and the attention of financial circles has been chiefly concentrated on the movements of railroad and miscellaneous stocks and bonds at the Stock Board. The general course of affairs has been one of almost unprecedented buoyancy and activity, particularly in low-priced stocks. Since the first number of the Chron¬ icle was published on July 1, 1865, just after the close of the war, we have never had occasion to record such an extraordinary movement in the stocks of railroads previously considered almost worthless—stocks which, on the most favorable view of the earnings of their respective companies, have no prospect of earning divi¬ dends over and above their interest charges for a long time to come. The purchase of this class of stocks and before, have become demoralized by the immense advance which has taken place during the past months of the year, and by the immense sums which have thus been realized from small investments. As an exhibit of some of the most striking instances, we present the following list showing the lowest prices made last year, 1878, and the present price of the stocks and bonds named: Atchison Topeka & Santa Fo stock Central of New Jersey Chicago Milwaukee & St. Paul, common Chicago & Northwestern, common.. Cleveland Columbus Cincinnati & Indianapolis Columbus Chicago & Indiana Central Hannibal & St. Joseph, common do do preferred Kansas Pacific Missouri Kansas & Texas stock do do 1st bonds do do 2d bonds New York Lake Erie <fe Western (Erie) do do Northern Pacific, common do preferred Ohio & Mississippi, common do preferred St. Louis & Iron Mountain preferred St. Louis Kansas City & Northern, common do •- do L. preferred... St. Louis & San Francisco, oommon do do do do Wabash preferred 1st preferred Lowest price in 1878. .... .... .... .... .. .... 8% 13% 27% 23 2% ....10 .... .... .... 2158 4 2 ...s39ia .... .... ... .... .... .... .... .... ... . .. .... .... ... .... 9 75s 21% 1*2 123* 63* 12 5 312 19 Ii2 1% 512 12% Price Sep^23, s 1003t 56 683a 83 543a 12% 24% 52% 71% 17% 77% 33% 283a 53% 23 51 18% 49 43% 25% 61 20 22% 48% 43% The foregoing is presented, not for the purpose of asserting that the stocks named are or are not worth the prices at which they are now selling, but simply to show the extent of the movement which has given rise to the present u craze” for low-priced stocks and bonds. The list might be increased by the addition of a hundred different issues of bonds which have similarly advanced, and the effect of this general movement has been to induce the purchase of stocks, not for their intrinsic merits, but merely to sell again, and so to realize the advance which the buyers believe is sure to take place. As to the views which may be taken of the prospects of a re-organized railroad, we endeavored to analyze briefly in the Chronicle of Sept. 20, on page 294, the several positions in whioh such a road may stand, and the changes in its management or surroundings which may give new value to its securities.
image-container-1 u STOCK AND BOND TABLES. NOTES. These tables are expressly intended to be used in connection with the information concerning Investment matters, published frOxh week to week in the Chronicle—to which an index is furnished in the remarks at the foot of the tables.^A nimal reports are in black-faced figures. A full description of U. S. Government Securities is published regularly in the Chronicle each month, as soon as the official “Debt State¬ ment” is issued. Prices of all active Stocks and Bonds are quoted weekly in the Chronicle, and a list of general quotations is published monthly. The following will give explanations of each column of the tables below: Description.—Railroads leased to others will often be found under the lessee’s name. The following abbreviations frequently occur, viz.: M. for “mortgage,” 8. f. for “sinking fund,” 1. gr. for “land grant,” reg. for “ registered,” coup, for “coupon,” Br. for “Branch,” guar, for “guaranteed,” end. for “ endorsed.” “ Coupon*” indicates that the bonds are coupon, but may be registered. Date of Bonds.—The date of issue on the face of the bond is referred to in this column. Miles of Road.—Opposite Stocks, this means the miles of road operated, on which the earnings are based; opposite bonds, the miles covered by the mortgage. Size or Par Value.—These figures are dollars, showing the denominations or par value. The figures “ 100, &c.,” signify $100 and larger. Rate Per Cent.—The interest per annum is given for bonds, but the per cent of last dividend for stocks; g means gold; x, extra; s, stock or scrip. When Payable.—J. A J. stands for Jan. & July; F. A A., Feb. A Aug.; M. & 8., March A Sept.; A. & O., April & Oct.; M. & N., May & Nov.; J. A D., June A Dec.; Q.—J., quarterly from January; Q.—F.,.quarterly from Feb.; Q.—M., quarterly from March. Ronds, principal when due; Stocks, last dividend—The date in this column shows the period when the principal falls due of bonds, but the time when the last dividend was paid on stocks. . STATE SECURITIES. Subscribers will confer a great favor by giving immediate notice of any error discovered In these Tables. DESCRIPTION. For explanations sec notes above. Substitute b’ds for RR. (B) ($596,000) do for Ala. A Chatt. (C) ($1,000,000 Educational funded debt Funded “ obligations ” Arkansas—Funding bonds of 1869 aud 1870... Funding Bonds 1870 (Holford) Levee bonds (or warrants) Old unfunded debt, including interest Ten year b’ds, Act May29.’74 Secured sinking fund bonds (Act. Dec., 1874 To Memphis & Little Rock Railroad To Little Rock A Fort Smith Railroad To Little Roek, Pine Bluffs & N. Orleans RR.. To Miss., Ouachita A Red River Railroad To Arkansas Central Railroad State scrip California—Soldiers’ relief State capital bonds Funded debt bonds of 1873 Connecticut— war bonds, 20 year— l Coupon War bonds, 20 year > or do not taxable. 20 year.. ) regist’d. New bonds, coupon, 10-20 year Disttof Columbia— Perm’t imp’t, gold, coup— Permanent improvement bonds, coupon.. Bds for fund’g (Act June 10, ’79) coup, or reg. Fund, b’ds (U.S. guar., Acts June,’74 A Feb.,’75) Market house bonds, coupon Water stock bonds, coupon Wash, fund’g, gld,($660,000 are M. AN.,1902). Florida—State bonds Consolidated gold bonds ($300,000 are 7s).... Loan to Jacksonville, Pensacola A Mobile RR. Georgia—Atlantic & Gulf Railroad bonds Bonds, act of Mar. 12, ’66 (renewal W. & A.).. Quarterly gold bonds, act of Sept. 15, 1870.. Bonds, act of Jan. 18, ’72 Bonds for funding (Act Feb. 19, ’73) Bonds to fund coupons on endorsed bonds... Bonds exchanged for endorsed RR. bonds— New funding bonds, small. * Illinois— Refunded stock bonds Normal University bonds Thornton loan bonds War bonds Indiana—Bonds, short loan. Bonds, coupon, (payable after April I, 1884). School fund bonds (non-negotiable) Iowa—War and defense bonds Kansas— Bonds, 1861 to ’69, funding, Ac Bonds for various State purposes Military loan Louisiana—Bonds for relief of State Treasury . Bonds in aid of various railroads Levee bonds—Act 35 of 1865 do Act 115 of 1867 do special—Act 32 of 1370 Bonds funding coupons do to Boeuf A Crocodile Navigation Co... do issued to State Penitentiary Date of Bonds. Size or par Value. Amount Outstanding INTEREST. Rate. When Payable Where Payable and by Whom. 1876 $100Ac, $6,358,600 2 Ac. J. A J. New York. 1876 100 Ac. 535,000 5 J. A J. do 1876 100 Ac. 593,000 2 Ac. J. A J. do 2,810,670 1874 .... i;ooo,ooo 8 J. A J. Montgomery. 1869 to ’70 1,000 1,886,000 6 J. A J. N. Y.. Union Trust Co. 1870 1,000 1,316,000 6 1871 100 Ac. 1,986,773 7 J. A J. do do 1838 to ’39 ..... 1,985,955 c' 1874 258,300 10 1875 . . . . 375,000 6, J. A J. New York, Latham, A. A Co. 1869 1,000 1,200,000 7 A. A 0. N. Y.. Union Trust Co. 1870 1,000 1,000,000 7 A. A 0. do do 1870 1,000 1,200,000 7 A. A O. do do 1870 1,000 600,000 7 A. A 0. do do 1870 1,000 1,350,000 7 A. A O. do do 1863 .... 1,353,120 A 8 1863 500 Ac. 95,500 7 g. J. A J. Sacramento, Treasury. 1870 to ’72 .... 500,000 7 g. J. A J. do do 1873 500 &c. 2,801,000 6 g. J. A J. do do 1863 1*000 877,000 6 J. A J. Hartford. Treasury. 1864 1,000 1,318,500 6 J. & J. do do 1865 100 &c. 1,741,100 6 A. A O. do do 1877 1,000 1,031,000 5 M. A N. do de 1872 500 Ac. 3,995,000 6 g. J. A J. Wash, or N. Y.. U. S. Treas. 1873 .... 670,000 - 7 J. A J. do do 1879 .... 1,092,300 5 J. A J. do do 1874 50 <fec. 13,504,900 3-65 F. A A. do do 1872 50 &c. 150,000 7 J. A J. do do 1871 to ’73 1,000 423,000 7 J. A J. do do 1872 100 &c. 1.830,000 6 g. J. A J. do do 1871 .... 350,000 7 N. Y.. Importers’ A Tr. B’k. 1873 1,000 923,100 7 A 6 g. J. A J. do do 1870 1.000 4,000,000 8 g. J. A J. 1858 to’66 . 500 800,000 6 F. A A. N. Y., Fourth National B’k. 1866 500 Ac. 3,600,000 7 J. A J. do do 1870 1,000 2,097,000 7 g. Q.—J. do do 1872 1,000 307,500 7 J. A J. do do 1873 250&C. 300,000 8 A. A O. do do 1876 1,000 542.000 7 J. A J. do do 1877 1,000 2,298,000 6 J. A J. do do 1879 500 Ac. 500,000 4 Jan. State Treasury. 1847 1,000 357,442 6 J. A J. N. Y., Am. Exchange Bank. 1,000 23,000 6 J. A J. do do 1,000 36,000 6 M. A S. do do 100 Ac. 142,300 6 J. A J. do do 1876 .... 200,000 6 J. A D. N. Y., Winslow, L. A Co. 1879 .... 510,000 5 A. A O. do do 3,904,783 6 Various 1861 .... 300,000 7 J. A J. New York. Kountze Bros. 1861 to ’69 100 Ac. 101,175 6 July. N. Y., Am. Exeh. Nat. Bk. 1861 to ’75 100 Ac. 739,000 7 J. A J. do do 1864 to’65 .... 289,000 7 J. A J. do do 1853 500 63,500 6 e J. A J. $15,000 1 r 1,000 284,000 G Various 119,000 1866 1,000 57,000 8 Various Amounts not 1867 1,000 112,000 6 M. A N. fundable, per 1870 500 49,000 8 M. A S. [ report of Jan. 1 1866 100 Ac. 49,500 G J. A J. 1, 1878. 1870 1,000 80,000 8 J. A J. 80,000 1869 1,000 12,000 7 M. A S. Principal—When Due. July 1,1906 July 1. 1906 July 1.1906 July 1,1884 1899 1900 1900 * 1884 * *1899*’ 1900 1900 1900 April, 1900 '*1883* • 1885 1893 Jan. 1, 1883 Jan. 1, 1884 Oct. 1, 1885 Mayl, 1897 July 1, 1891 July 1, 1891 July 1, 1899 „ Aug. 1, 1924 July 26, 1892 )ct. 1,1901 to ’0 1892 & 1902 Jan. i, i903 1881 and 1886 May, 1886 Oct., 1890 July, 1892 April 1, 1886 July 1, 1896 Jan. 1, 1889 Jan. 1, 1885 At will. Jan., 1880 Jan., 1880 Jan., 1880 Dec. 1, 1879 April 1, 1889 July *3*,’ 1831 1883 to ’84 1879 to ’99 1884 to ’99 July, 1893 1872 to 1906 1886 May 1, 1907 March 1,1875 1886 & ’88 Jan. 1, 1890 March 1,1909 Alabama.—The State gave 30-vear bonds, dated July 1, 1876, bearing 2 per cent till 1881, then 3 per cent till 1886, 4 per cent till 1896, and 5 per cent for last 10 years, for old bonds, without any allowance for past-due coupons. Ala. & Chat, endorsed bonds are exchanged (for $1,000,000 of the new bonds, class C, which bear 2 per cent till 1881 and 4 per cent for remaining 2» years). For railroad endorse¬ ments the bonds issued bear 5 per cent. An analysis of the debt and funding operations is in V. 24, p. 28. There were $3,705,000 of railroad obligations unprovided for in the “adjustment.’’ Tax rate, 167o-9, 7 mills. The assessed valuation of real estate and personalty is about $125,000,000. (Y. 21, p. 28, 420; V. 27, p. 94; V. 28, p. 199.) Arkansas.—The State Supreme Court has decided Levee bonds of 1869 and 1870 invalid. Rate of tax¬ ation, 10 mills. The State is in default for interest, except on the ten per cents of 1cj74 and secured sinking fund bonds, issued under the law of Decem¬ ber, 1874. Assessed valuation of taxable property, $94,095,243. (V. 25, p. 101; V. 27, p. 15, 40; V. 28, p. 171, 276.) California.—The State holds intrust for School and University funds the $500,000 Capitol bonds and $2,204,000 of bonds 1873. Total valuation of property, 1876 and 1877, was as follows: Real estate, $418,840,023 in 1877, against $454,990,351 in 1876; personal property, $199,243,292 in 1877, against ^139,317,695 in 1876-total, $618,083,315 in 1877, against $595,073,177 in 1876. 72% cents per $100. Tax rate for 1876-7, Connecticut.—Tke debt of Connecticut was all created originally for war purposes. Assessed value of real and personal property, 1878, $335,382,854; rate of taxation, 1% mills. (V. 24, p. 387.) District of Columbia,—The total assessed value of taxable real estate in 1877 was $97,609,890; per¬ sonal property, $21,000,000. The interest on the 3-65 bonds is provided for by Congress. See law of 1878, V. 26, p. 599. There is due the sinking fund $256,211 per year. (V. 26, p. 599; V. 27, p. 303; V. 28, p. 553, 578; V. 29, p. 17, 40, 95.) Florida.—Less the sinking f und of $130,700, and J. P. and M. loan, the total debt is $1,284,100, which does not include $132,000 bonds of 1357, held by Indian Trust Fund. Coupons of the consol, bonds are receivable for taxes. Real and personal prop¬ erty assessed in ’77 at $30,898,247; tax rate, 9 mills. The Jacksonville Pensacola & Mobile RR. loan is in litigation, and the State Supreme Court has de¬ cided that the State is not bound for it. (V. 23, p. 576; V. 25, p. 212.) Georgia.—The constitutional amendment in 1877 declared void several issues of bonds and railroad endorsements. The So. Ga. & Florida RR. has $4(44,000 of bonds endorsed, but the Company pays interest and the road is estimated to be nearly worth the bonds, Assessed value of property in 1878 was as follows: Lands, $36,255,473; city and town prop¬ erty, $48,370,413; total, including persoral, $226,221,- 718, against $235,659,530 in 1877, $245,853,750 in 1876, and $261,755,884 in 1875; rate of tax in 1878, five mills. (V. 25, p. 138, 162; V. 27, p. 653; V. 28, p. 17.) Illinois.—The Illinois Central RR. charter tax on earnings is about $300,OoO. For 87- the total as¬ sessed value by local assessors was: La- ds, $412,- 208,278; town and city lots, $177,567,098; personal property, $151,629,963. (V. 24, p. 40.) Indiana.—'There are also $139,090 of 6 per cent war loan bonds. There has been some question as to the State’s obligation to pay the Wabash & Erie Canal debt. Valuation, 1877, of all taxable prop¬ erty, $855,190,125, against $864,720,440 in 1876 and $897,739,783 in 1875. Tax rate, 1’3 mills. (V. 22, p. 104, 209, 615.) Kansas— Kansas has but a small State debt, but the issues of municipal bonds amount to $13,000,000. The valuations in 1879 were: Real estate, $101,103,- 127; personal, $27,334,715; railroads, $16,165,829— total, $143,930,279, against $133,698,801 in .878, and $136,019,113 in 1877. Tax rate, 5% mills for State purposes. State funds hold $713,7i0 of the bonds. (Y. 24, p.40.) Louisiana.—The Constitutional Convention in May and June, 1879. discussed the debt question. New bonds were voted for New Orleans A Pacinc Railroad in 1878, and their validitj' is affirmed
image-container-2
image-container-3
image-container-4
image-container-5
image-container-6
image-container-7
image-container-8
image-container-9
image-container-10
image-container-11
image-container-12
image-container-13
image-container-14
image-container-15
image-container-16
image-container-17
image-container-18
image-container-19
image-container-20
image-container-21
image-container-22
image-container-23
image-container-24
image-container-25
image-container-26
image-container-27
image-container-28
image-container-29
About
Date: September 27, 1879
Part Of:
Collections within FRASER contain historical language, content, and descriptions that reflect the time period within which they were created and the views of their creators. Certain collections contain objectionable content—for example, discriminatory or biased language used to refer to racial, ethnic, and cultural groups.
Rights
Metadata
Metadata (XML)
Metadata (JSON)
IIIF Presentation Manifest
View IIIF Manifest (JSON)