.
01llltl»* AND ktmtk HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES*
VOL. 49. SATURDAY. OCTOBER 19, 1889. NO. 1,269.
Tlie returns of exchanges for tlie week ending October 12. are of a favorable character, and in the aggregate exhibit a decline of only twenty-five millions of dollars from the very Terms of Subscription—Payable in Advance: fall figures of the first week of the month, and the greater part of it is outside of New York. Speculation has been more For One Year (iiicliidinK poatage) $10 20 active on the Stock Exchange in this city, and the dealings For Six Months do. 6 10 on European Siibscriptiou (incliidinK postage) 11 28 the Cotton and Produce Exchanges have lieen heavier than European Subscription Six Months (including postage) . 64 they were in the previous week. Annual Subscription in London (Including postage) *2 79 Instituting comparison with the corresponding period of Six Mos. do. do. do. £1 88. 1888, it is seen that there i« a gain at New York of 14-2 per These prices include the Invf.stohs' SnrPLEMF.NT, of 150 pages cent, and that in the whole country the Issued once increase reacnes in two ujonths, and furnished without extra charge to 10'3 subscribers of the Chronicle. per cent., the excess outside of "New York being 3-4 per cent. Eliminating exchanges due to share operations from A file cover is furnished at 50 cents: postage on the same Is 18 the New York totals in each year, we find that the cents. Volumes bound for subscribers at $1 00. clearings in this city due to other business this year are $547,475,374, Subseripl ions will be oontiuned until definitely ordered stopped. The and that they exliibit an increase over like figures publishers cannot be responsible for for 1888 of remittances unless made by drafts 0-5 or Post Office money orders. per cent. Tiiirteen cities record losses from the week of last year, but aside from those at Duluth, Los IjoikIoii Assents : Angeles, Norfolk and St. Joseph, they are unimportant. On the other Messrs. Edwards & Smith, 1 Drapers' Gardens, E. C, who will take hand heavy gains are exhibited at Fort Worth, subscriptions and advertisements and suppl.? single copies of the paper Galveston, at Is. each. Dallas, Des Moines, Columbus, Denver, Louisville and Wichita. WILLIAM B DANA ^ WILIilAOT B. DANA & Co., PiibllHliem, ^^ l** William street, NKW YORK. .JOHN•JOHN <,.G FLOTD.FixiTD T? eek Endino October 19. ITfc* EnMngOct.li. ^ p^^^ OFFICE BOX 958
1889. P. Cent. 1889. P. Cent. CLEARING HOUSE RETURNS. New York 828.080.S74 722.828.937 +14-8 83a,6SIJMl«,6SI +2-S The weekly bank clearmgs at New York and other cities are Salen of— ( tftockt ihara.) (1,8«1.428 (1.241.671) (45S-3) (1.691379) (-20-0) bales.) (HOl.WOOl made up by the various clearing houses each Saturday noon. iOotton (527.900) ( + 140) (S32,40U) (-3-2) (Grain imsluls.) (48,113,722) (57.517.600) (-16-4) (S3.48e,87S) (-76-9) That fact makes it imposssible for us to cover the current iPelrolev/m bbU.) (4,702.000) (IS.fj^aOoOi (-74 7) (8,112,000) (-716) week's returns, as we go to press Friday night; so to keep the Boston 100,818.063 100.217.836 -51 104.815,289 -2-» Providence.. 5,»4S.UU0 4.U»1,»00 -HI3-4 6.710,700 -0-6 record accurate we are compelled to give the figures of the Hnrtford.... 2.183.067 2,10^,101 +12 2.724,t80 4-240 Haven. l.SSS.ll 1,280,668 +7-6 1,778.389 +28-2 previous Saturday in the detailed statement, which is New the Sprlngfleld... 1.275,180 1.2ti9.089 -1-8 1,610,407 +16-8 second table of this article. Worcester... 1,217.800 1,120.785 -t-H-n 1,263,003 -0-3 11-7 At the same time, that our readers gain idea of Portlanfl.... 1,223,818 1.0M.7S2 + 1,824.098 +J0-3 may some Iiowell. .-...'. 778,802 70;,6»» +9-6 776,700 +12-9 the current week's lousiness, we obtain each Friday by tele- grapli the clearings for five days of six of the more important Total New England.. 114,446,9)2 118,739.780 ^t 119398.414 clearing houses, which together with New York figures make Philadelphia.. 73,131,446 64.880^:30 +127 79,726,817 +is-» 13.983,805 12,169,477 +14-9 I8,778,8a» up about 89 per cent of the total for all PlttHburg -t«-4 the clearing houses Biitcimore 12,M)1.982 14,359,6110 -10 1 1S,287.98S -I4-9 for the same five days included in the full statement. To this ^yracu»e.. 768,810 73U.154 +6-0 760,000 +ri S.79S.60U 3,712391 we add in a lump the returns for the other cities (which aver- BuOalo'.. age only about 11 per cent of the whole) for the same five days Total Middle.. 100.784,143 92,139.441 +9-4 109,482,099 +U-S o.f the previous week, and that gives us a five-day total which Chicago 78,897.036 78.274,673 +0-2 77,610.219 must be substantially correct for the whole country. For the Cincinnati li;.025,90« 10,12.1,650 +18-8 12.163.400 Milwaukee 5, 108,1195 8,22i,8«2 -2 3 6.188,478 -(-6-S sixth day, to bring the statement up to a full week's opera- Detroit. «,«U0,000 6,002,881 +8-1 6.640,896 + '* tions, we add about one-fifth of the previous total, making Cleveland 4,126,438 3J04.044 +178 4,09».ll6 +14-7 3,117,100 2.143.< 23 +45-5 2327.000 +19-8 allowance only when the Columbus transactions at the New York Stock Iudl»napoli8 2,080,0&' 1,903.442 -t-9-3 2.172308 +18-8 Exchange are alwve or below the average. The final result Peoria 1,407,670 1.6.S0.897 —4-8 1,827.487 Grand Rapids 783,345 676.630 +188 748,914 +18-3 is an approximate statement of what the full six days' clear- -4-7 ings for the whole country will aggregate when tlie week's Total Middle Western 110.291,441 106,385.042 +3^ 113,060363 statement is made up Saturday noon. Prepared in this man- San Francisco 1«,688,771 17,898.342 -68 21,191.830 +s-» ner it will be seen, accordfng to the table which follows, that Kansas City 10,366,856 10.168,020 +1-9 10.OS8.667 +17-i 7,078,074 7.258,038 —g-5 6,167.614 +6-7 clearings Minneapolis the for the five days have been in the whole country St. Paul 4.477.2b3 4,712.209 —60 4,406.882 +2-6 4,230,e0I 4,lS3.80e +2-S 4.108,186 +19-1 $909,3-11,317 this week against $801,446,687 last year ; and Omaha Denver 4,807,846 3,076,302 +40-0 4,087,86« +89-1 adding about a fifth to each of these for the additional day tlie Duluth 1,488.036 2.558,264 -43-1 1,605,689 —28-8 return for tlie wliole country for the week ending to-day at St. Joseph 1.171,0f5 1,617,107 1,620.743 Ijos Aneeles (165,315 -25-1 683,274 ^•9 noon is approximately $1,237,439,869, against $1,085,125,544 the WichUa 748,029 587.176 +88-S 711.168 +S8-S corresponding week last year. Topeka 4:92,169 486,994 —70 898,988 -e8-» Des Moines 718,202 +64-3 788,910 -h«2-8 Sioux City* 716.SI9 798,148 708.833 Week EnOinQ October 10. Tacnma* 763,484 Cleaeinos. Portlnnd* 1.922,488 1.922,722 Btftlirrw by Teleoraph. 1,253,215 956,881 1889. 1888. Per Cent. Seattle* 82,317,407 -2-5 66,660,380 +8-4 Kew York .... $658,239,863 $552,964,664 +18-5 Total Other Western.. 88,132,928 93,910,908 -6-2 St. Louis 21,539.642 51.079,1,178 +22 21 ,f 08,161 +IS-8 .New .... 10,988.301 8.878. +28-8 9,514,696 -i-M-1 Philadelphia «2,B.'i8,492 60,021,059 +4-2 Orleans 7,826.015 5.1114,,°454 +38-4 8,530.028 +27-9 Louisville ... -9-8 11,104,211 11,:<62,104 -2-3 Memphis 2,556.-.;82 2,402,,022 1.8K.320 +.18-6 Chicago 61.895,000 59,280,000 Uichniond 2.183.7-48 1.710,,•00 +t?--^ 2,265,320 2.423. 607 +58-4 2376,396 +141 +28-9 CJa'veston 3.838,625 8t. Lonis 1P,966,2.S1 15.417,370 Dallast 860.000 640,'.OHO +57-4 900,000 +500 645.624 2s7..833 +124-3 624.813 +80-3 New Orleans 10,3(11,489 8,460,682 -I-22-5 Fort Worth -6-6 Norton 1.013,1921 1,82T..24' -28-7 956,0«3 656.528 Seven cities. 5 days $»09,:M1,217 S801, 446,037 + 13-5 Blnninghani*. .'. 5B'J.328i Other cities, 5 days 112,987,437 102,108,869 +1C-6 Total Southern 51.441.4261 44.557,204 + 16 2 48,878.21i- +18-* Total all cities, -+13-1 +10-3 +2-8 S days $1,022,328,664 $90:i,5S5,550 Total all 1.254.311.79.';' 1.137.539,7501 1,279,411,24 All cities, 1 day 205.111.215 181,589,988 +130 Outside New Y rk 4a»,2al,41iil 4l5.2in,81Sl -(-8-4 Total all cities for *Xi-\ week... .fl,227,439,869 .$1,0?5,125,544 Not Included iu totals. f Bstiaiated. , 480 THE CHRONICLE. LVoL. xux.
quite large amounts. This week the Bank of England SITUATION. THE FINANCIAL reports a gain in bullion of .€290,000, but a private
Money has again hardened. Artificial manipulation cable to us shows that that total is the result has been suggested as the cause. Of course it is pos- of arrivals from abroad (from Xew York and "bought") sible that speculators at the Stock Exchange have of £576,000, of exports wholly to Brazil and Egypt of taken advantage of the conditions to aggravate the £375,000, and of receipts from the interior of Great situation. But we can find no evidence that there Britain of £89,000. Our cable does not state the has been any such movement ; and while there are in amount of the arrivals from New York, but we pre- operation obvious influences tending to increase the sume the amount covers the shipments of October activity, there would seem to be no need for looking second, fourth and fifth, which aggregated a little elsewhere to account for what is happening. Foremost over one million dollars, leaving nothing afloat among these influences, we have the situation of the from New York to Loudon now. The cable also New York banks, —institutions which in reality carry reports discounts of sixty to ninety-day bank bills in the reserve not only for this city (a work which has London at 3f per cent. At Paris the open market D»ore than doubled in extent during the last few years) rate is 2f@3 per cent, at Berlin 4^ per cent, and at but indirectly for the whole country. The mere fact Frankfort 4| per cent. The Bank of France reports a that these banks have encroached on their surplus, loss of £305,000 gold this week. would be a matter of no great moment, for maturing Our foreign exchange market has ruled dull and loans would speedily make the loss good, were it not that heavy all the week, gradually falling since our last one there has continued to be a free and active demand upon cent per pound sterling. This decline has been duo to them from the interior and fi'om so many dif- a free outpouring of commercial bills (chiefly drawn ferent points for more currency. Provisions are against cotton), which has been induced by dear rates moving freely, grain is moving in increasing for money. Activity in the loan market has also led to amounts, cotton is being pushed to market the selling of accumulations of other bills. The de- more rapidly than a year ago, while each of these mand is insignificant, and if the stringency in money products has been produced in excess of 1888; besides here continues there will probably be a further all this, business and speculation are both everywhere fall in exchange, continental as well as sterling. Throw- very active, as our exchanges clearly show. So it ing light on the condition of the exchange market, we surely can surprise no one that the interior demand have this week from the Bureau of Statistics the pre- continues heavy. It is, however, mainly these fresh liminary figures of exports of leading articles, —cotton, calls which have forced our banks to disturb loans and provisions, &c. These returns cover the month of restrict accommodation, inducing the increased strin- September, and only bring the movement down, there-
gency which has prevailed this week. fore, to the first of October ; but they disclose the Loans on call as represented by bankers' balances nature of the outflow of merchandise at that date, and have this week being made at 15 and 6 per cent. Com- reflect its voluine fairly for subsequent weeks, remem- paratively small amounts were loaned at either extreme bering and making allowance of course for the increase and probably the average was about 8 per cent, with in the cotton shipments. It will be noted that the renewals at 7 to 8 per cent according to the character total values of all the articles for September this year of the loans and the circumstances of the market at the reach 143,921,031 against $33,565,403 in September, time of renewal. The banks and trust companies did 1888, or an increased export of nearly 10| million nothing below 6 per cent and only on choice collateral dollars. The following gives the results in detail for at that rate. There is no change in the quotation for three years, arranged in our usual form. first class time loans for from four to six mouths, it XPOBT8 OF BREXDSTCJPP8, PROV18IO.VS. COTTON AND PETROLEDH. still standing at 6 per cent, but for sixty days the rate SxporU is 7 per cent. little is now Very however being done. from C. S. SepUmher. 9 Months. 'SepUniber. 9 Months. Septemiter. 9 Monthg
In the commercial paper market the inquiry is fair, but Quantitiu.. Wheat.bnata. S,94S,608 31,590.789 6,538,158 37,621.614 5,732,873 83,412,813 it is from out-of-town, wliile the supply is moderate. Flour...bbls. S59.075 0,899,708 956,393 8,246,308 1,173,347 8,726,580 Our city banks as a rule have loaned only to their custom- Wheat. .bD. 7,811,345 68,639,405 10.835,925 74,7ii9,»01 11,008,434 131,683,338 ers and on urgent demand. That they are in no Com...buah. 4.910,152 63,753,246 3,985,542 20,575,645 1,873,721 27,903,143 Tot. bosh.. IS,T21,49; 14,821,467 95,305,646 149,585,481 condition to extend loans is apparent from what V(dutt. t « I I has been said above ; an increased inquiry_from the in- Wh't i, flour 7,398,871 60,166,y9fi 10,483,152 70,466,603 10,063,872 115,236,955 terior for currency, coming upon them at a time Corn & meal 3,122,954 28,853,844 2,175,251 12,273,559 996,173 13,986.284 Rie S6,5« 315,158 23,710 67,106 413 174,877 when they are endeavoring to augment their reserves, Oat9&meal. 142,028 628,('69 30,276 190,087 37,536 308,768 Barler 160,911 311,448 36,780 263,938 16,339 191,740 obviously leaves them without the power, even if they Br'dstun.. 9,874,788 90,274,218 12,-58,169 83,261,293 11,094,13; IS?,893,624 had the disposition, to afford relief. Last Saturday Provisions,* 11,560,797 104,112,439 7,805,673] 74,727,928 8,154,178 71 ,983,773 the Clearing House institutions reported a deficiency be- Cotton 17,907,7781 130,805,183 8,999,288 111,024,28' 13,700,412 109,521,580 Petrol'm.&c. 4,578,66>- 39,197,615 4,002,374| 31,699,06' 4,013,189 33,349,547 low the 25 per cent requir^ment of $708,025. One of our Tot. Talue. 43,921,031 1364,389,45; 33,665,408 304,312,575 37,061,911 344,687,524 largest banks held 11,290,600 surplus, another held * Including cattle .ind Uoga In all montlis and j'eara. 1460,200 surplus. Those facts make the condition Analyzing the foregoing figures more closely it will be sufiiciently evident. seen that the increase is mainly in cotton and provisions, There has been no essential change in the condition though the item of petroleum, &c., also contributes of money at the various financial centres in Europe. It slightly to the larger total. The aggregate value of is reported that the South American demand for gold these articles is in fact over 13 million dollars in excess will be largely met at Paris. A cable from Sofia to the of the same articles for last year, there being a loss of Cologne Gazette says that the Austrian Lander Bank, about 3 million dollars in wheat, which reduces the net conjointly with German banks, has loaned the Bulga- increase to the figure already stated. We also give to- rian Government 25 million francs, of which ten mil- day in another column the complete foreign trade lions is to be paid immediately, and the remainder in two statement of the port of New York, which shows that the
instalments. London seems to be drawing gold in 1 imports in September at this city were only $37,873,- October 19, 18t9.] THE CHRONICLE 481
883, against $45,908,167 in August and $48,134,418 passage of a resolution recommending to the now board in July. This is a material falling ofT during those the distribution of the whole amount due the preferred last three months, and brings the total for Septomber stock under the plan of reorganization. Mr. Villard, this year just about the same as it was for .September, in his circular of a month ago, stated this as $2,844,- 1888, and would indicate a favorable balance on 000, but proposed that it be set aside as a dividend the whole trade of the United States for September reserve fund with which to maintain one per cent of probably from 7 to 10 millions dollars, against an un- quarterly dividends in case current earnings should not favorable balance of about 'Zi millions for September be sufficient. Under the resolution referred to, the last year. The Bureau of Statistics will most likely issue whole amount would be distributed at one time, giving the completed trade statement next week, and if it the preferred stock a dividend of over 7i per cent. bears out this favorable forecast, it will dis- As regards the results of operations for the late fitcal
close a more promising condition of our for- year ending June .30, we referred to them quite fully when eign trade than has existed for a long time. furnishing the preliminary figures some months ago. We have had to record almost constantly and President Oakes' report, however, is as usual a very largely increasing imports ever since 1884-85; in interesting document, containing a mass of facts and fact though our exports during the last fiscal year figures hardly to be found in the reports of any other developed materially, imports grew so rapidly that the company, and which throw not a little light on balance of our merchandise trade was again unfavor- the present and future position of the great property able, which was only the second time that imports have under his control. Mr. Oakes points out that the gain
exceeded exports since 1874-75. It is to be presumed of nearly four million dollars in gross earnings is all also that as the present season advances, wheat exports the more remarkable because other Western roads had will increase. The speculators in that staple have been suffered a diminution of their receipts, and also because
doing their best to repeat the folly of past years, but it the wheat crop at the eastern end of the line had been looks now as if the load was getting too heavy for them a failure. The development of the North Pacific to carry much longer. Coast section, however, was such as to make "We regret in common with many friends of the the crop failure in Minnesota and Dakota of Northern Pacific Railroad, the action of the stockhold- comparatively little consequence. " To the rapid ers at their annual meeting on Thursday, in dropping "and constant growth of Washington Territory Messrs. Robert Harris, Brayton Ives and others from " and the bountiful crops enjoyed in that district we the directory. There is no cne of those thus omitted "are indebted for the largest measure of the year's suc- from the management who would not do credit to any "cessful showing; and next in development Montana board, while the mere fact that they were not wholly in " and Idaho are ranked, by reason of the large growth harmony with the prevailing policy (even though grant- " of their mining industries." What Mr. Oakes has to
ing it was in every particular the wiser policy) does not say of the present season's crops is also important. The seem an objection to their continuance; in fact an ele- average yield of grain per acre in Washington, he states,
ment of opposition among councillors is a conservative will, because of the drouth experienced, be only about
influence, a source of strength, while in this case it 50 per cent of the preceding year's crop, but the increas- could not hinder effective work, as the power would ing acreage under cultivation and the additional coun- still be with the majority. With regard to Mr. Harris try opened up by new branch lines will, he thinks, more his loss will be special and widely felt. He carried the than make up for such deficiency. East of the Mis- Northern Pacific successfully through a very trying souri River, however, the yield, though not so large as time. Besides, he has had a long and varied experience in the best of previous years, " is far ahead of the gen- in railroad affairs, and lias proved not only that he pos- "eral crop of 1888 in quantity, and the quality is of
sesses a clear head, but (what is less common perhaps "the very highest." The complete and exhaustive among those who have had his opportunities) clean review of the road's traffic and business which Mr. hands. We confess that we cannot but feel closely Oakes furnishes leaves a very favorable impression on attached to that kind of official, and look upon the the mind of the reader and confirms one in the view disconnection of such an officer from the conduct of any that the Northern Pacific has a great future before it. property as a public loss. In trade- circles the chief feature is the increasing Of course the plan for creating the 160 million activity, at steadily rising prices, in the iron and steel Northern Pacific consolidated mortgage ^was ratified, markets of the country. Production is in most cases for that had the approval of the Board of Directors on an unprecedented scale, and yet consumption is laor'e
and was favored by majority and minority interests than equal to it. There would be nothing new in that alike. Some comment has been made on the fact that circumstance, for the fact that both coasumption and there has been no announcement of the vote on production are large has been noted over and over
that point, and that the meeting was adjourned till again during the last twelve months. But until lately next week. We know, however, that the explanation this activity was accompanied by sagging prices and a
offered is correct ; namely, that the annual meeting, more or less dubious outlook. Now the situation taking place immediately after the preferred stock- has completely changed. Prices have greatly im- holders' meeting, there was no time to count the vote. proved and the tendency still is in the same All parties in interest admit that a suflicient amount direction. In place of indifference buyers are of the preferred shares was voted to carry the scheme beginning to manifest anxiety as to their ability to
through. It is also admitted that the minority could renew orders except at higher prices, while the Western state of great excite- have defeated the plan ; there was, however, no dis- markets are nearly all reported in a position to do this, the opposition having fuU ment, with quotations rapidly advancing. And that is confidence in the integrity of the new manage- the situation not with regard to any special form of iron ment, even though they differed with them on and steel, but with regard to all forms, raw and manu- questions of policy. The other action taken at the factured, finished and unfinished. Very little is heard annual meetin^is quite important. It consisted in the now of the competition of Southern irons, for all the fur 1 —
482 THE CHEONICLK [Vol. ZUX
naces are getting as many orders as they can fill, while . developments of moment affecting values to account wages are being advanced and complaints of uni)rolit- for this. Trade reports continue satisfactory, earnings able business have almost ceased. In the East, are good, and traffic rates fairly remunerative. But the feeling is always more conservative than in the high quotations for money on the Stock Exchange the West, and prices here have not advanced constitute a great drawback to speculation, and from quite so much. Still the tone is remarkably the way tha market has acted it looks as if the banks, firm, and the utmost confidence prevails as to the future owing to their necessities, had been obliged to call of values. In other departments of business the situ- loans freely. The Chesapeake & Ohio and Big ation also continues satisfactory. The gains in railroad Four shares were quite strong early in the week, earnings and bank clearings, so generally reported in but latterly have followed the course of the gen- our weekly and monthly statements, are the proof of eral market. The Vanderbilt stocks as a rule have been this. The Agricultural Bureau report last week showed very firm, and so has Louisville & Nashville. Lake even better crops than generally expected. It is true Shore at one time was active and higher. Western that grain prices are low, and that the farmer therefore properties have generally been depressed and lower. is not as well off as could be wished. Still, the move- New York & New England has also been a weak ment of grain continues quite free, and this, with the specialty, and the coal stocks have not been nearly so activity in general trade, is keeping transportation well sustained as before. In the trust stocks. Sugar facilities fully employed, so that nearly all railroad Trust has had a further important drop, the close yes- officials are complaining of an inability to fill the de- terday being at 78, against 126 when the stock was mand for cars to carry the freight offered. at its highest. These trust stocks, however, are having It is rather singular that with the situation so favor- very little influence now upon the general market, and able elsewhere, the anthracite coal trade should remain quite frequently follow an independent course. The in an unsatisfactory condition. There is again talk Gould shares have not been protected, and Missouri of advancing prices, but if any advance is made it will Pacific has been alternately weak and strong. Atchison, not be because the existing demand warrants such a on the other hand, has improved since the announcement step, but for some other reason—either to force buyers of the reorganization plan, which altogether is meeting to come forward with orders, or to make up by an in- with a favorable reception. The Northern Pacific crease in price for the loss in production, or perhaps shares developed sudden weakness on Thursday, the day simply to help the coal managers to keep up their of the annual meeting, and had a severe drop, but yes- spirits. It is true that within the last week or terday recovered part of the decline. two a trifling improvement has occurred, but the The following gives the week's movements of money to figures which Mr. John H, Jones, the accountant of the and from the interior by the New York banks. companies, has this week made public for the fVeek endiw Oct. 18. 1889. Received by Shipped by • Net Interior month of September, leave little room for hope of any JV. F. Banks X. Y. Banks.] Movement. great change for the better just yet, though if cold Currency,. (5.015.000 Loas. 13.250,000 Gold 1,135,000 Loss. 1,135,000 weather should come the prospects might materially Total KOld and legal tendera. t6,150,000 Loss. 14,385,000 improve. The companies restricted the output as com- The above shows the actual changes in the bank pared with September last year, no less than 729,443 holdings of currency and gold caused by this movement tons. That was necessary and commendable. In the to and from the interior. In addition to that movement face of this reduced output, however, stocks at the banks have gained $1,200,000 through the oper- tidewater points, already large, were further increased, ations of the Sub-Treasury. Adding that item to the and at the end of the month amounted to 877,337 tons, above we have the following, which should indicate the indicating a greatly diminished consumption. But as total loss to the New York Clearing House banks of respects this consvimption, it is to be remembered that currency and gold for the week covered by the bank we are comparing with a period of exceptionally heavy statement to be issued to-day. It is always to be totals, 1888 having been a very favorable year in that remembered, however, that the bank statement is a particular for the coal producers. Here is our usual statement of averages for the week, whereas the figures statement showing production, stocks, consumption, below should reflect the actual change in the condition Ac, for September and the nine months^n 1889, of the banks between Friday of last week and Friday of 1888 and 1887. this week.
SepUmber Jan. 1 to Sept. SO. Net Change in 1 Week eildiiia Ocf . 18, 1889. Into Banks. \Outof Banks. Bank Holdings. 1889. 1888. 1887. 1889. 1888. 1887. Banks Interior Movement, as above » 1,766,000 $6,150,000 Loss t4,:it^5,000 stock beKlnnlog Zbn». Tant. Ton). Ibtu. Tbnj. 7ont. Sub-Treasury operations 15,700,000 14,500,000 (juin. 1,200,000 of period 795,740 396,762 629,4 i! 885,156 ISO.HTi 872.282 Total gold and leual tenders J17,4P5.000 I 120.650,000 Loss. $3.185.000 Production 3,186,t82 3,916,S2.'5 3,137,P61 25,B87,2(!0 27.53,'5,6;6 85,001,4=0 Bullion holdings of European banks: Total soDplr . 3,988,631 4,313,077 8,767,06t 26.212,446 27,668.093 26,373,732 Bt'k eod of perloa 877,837 870,811 394,748 877,237 370.81 894.748 Oct. 17. 18«, Oct. 18. 1888 ConminptJon,, 8,10S.S94 8.943,866 3,378,381 25,335,309 27,295,782 21,078.984 Bcmkt»f Oold. Total. eoid. lotal. Thus while the consumption for the month stands £ £ £ £ ifngland 19,809.862 19.'809,2« 20.531,556 80,531,556 837,000 tons less than last year, it is only 367,000 tons fmaee 51.725.881 50,088,5811 101,813,970 41,145,261 48 991,9:9 93,137,843 i less than in 1887. For the nine months ending Sep- Qermany' 85,297.334 12,618,666 37,816.000 88,616,000 14,30S,000 48,924,000 A.UBt.-UunK'y 3,444,000 15,989,000 81.421.000 5,980,000 15,3*0,000 81,366,000 tember 30, the consumption is nearly two million tons [Netherlands.. 6,308.0001 5,936.000 11,211,000 5,183.000 7.565.000 12,748,000 SaUBeltfium" a.wio.ooo} 1,250,000| 3,750,0001 8,513.0flO 1,257,001' 3,770,030 below last year, but 356,000 tons in excess of 1887. week [llO,083.977[ 85,903,8551 ;95.8S7,812j 103.1(63 H20 87,507,971' 191.476,799 Stocks rot.tbls compare unfavorably with both years, the total Tot.prev.Wk. Il00,!i72,037 81.091,9:161 196,0fi6.97!' 105,103.!I48:»8,487.5H8 103.600.530 now being 877,237 tons, against 370,811 tons September • TUo division (hetwcen gold and silver) siven in our table of coin and bnllion In ilio Bunk of (ieriuany and tlio Bank of Belgium Is made from 30, 1888, and 394,748 tons September, 1887. the best ostlmat wo aro able to obtain; in neither case is It claimed to
bo accurate, a.s lliose biuik.i make no disttuclioa In their weekly reports , The stock market this week has been rather irresm- merely reportms; the totul guld and silver, but wo believe the division we make is a close apm'oximation. lar, but the tone on the whole has been weak and some NoTH.—We I eci'ive the foregoing reanlts weekly by cable, and while not the head of the column, they are the returns stocks allof thedateKivon at show considerable decline. There have been no Issued nearest to that date—that Is, the latest reported ttgures. OCTCBER 19, 18S9.J THE CHRONICLE. 4SJJ
edness on a basis preserving every e.Tisting equity and THE ATCHISON REOKOANJZATION yet suffer no impairment of the oUler and sujierior licng. PROPOSAL. Besides this, there is mutual gain in avoiding disrup-
In submitting a plan of reorganization, the manasje- tion. ' The best results of course can only be obtained ment of the Atchison have peculiar claims upon tiio by having an harmonious and a complete system. This confidence and good will of the security-holders. For being so, imagine the position of the holder even of a months it has been evident that a readjustment of the lien of undoubted strength and value, if the system company's finances was inevitable. The managers, should be divided up and operated in parts, each regard-
however, did not act hastily in the matter. They pro- less of all the rest. Hence the present plan is to be ceeded with unusual care and deliberation, studying highly commended in that it provides for maintaining
the situation in all its bearings, and making every effort the system intact, that no part of it is to be cut off, that
to inform themselves of the condition and prospects of it is to be operated in its entirety now as before, thus the property, with the view to determining how best to preserving its full earning capacity.
provide for the existing emergency ; and in the mean- It is to be noted, too, that the end which is so needful time they have been meeting all obligations in full. is to be attained in a very simple manner and withont Knowledge of this fact alone would naturally make imposing any undue exactions on the security holders. security-holders predisposed in favor of any recom- No assessment is levied either on the stock or the bonds. mendations coming from that quarter. But the plan Nor does the security holder have to submit to any re- itself is its own best recommendation. It is simple, duction of the principal of his holdings except in three yet strong and comprehensive, and shows evidence of very minor instances, such as the Chicago Kansas & conscientious work. If it is generally accepted by the Western incomes which have only a nominal value at security-holders, as no doubt it will be, the company the best. The only concession asked is that bondhold-
will be lifted out of its present embarrassments and I ers agree to the making of part of their interest de-
placed on an assured and solvent basis, free to develop pendent upon earnings, rather than having it all obli- its business and avail of the great possibilities which gatory as at present. Since it is not possible to get the growth of the country seems to offer to it. more than what the property earns in any event, com- In some respects reorganizing the Atchison is like pliance with this request entails no hardship or burden. reorganizing the Reading. Both are to be regarded as The terms of exchange are graded so as to give precise- very big undertakings, and yet it seems to us that in ly the amount of new securities (general first mortgager the Atchison case the work is of greater magnitude, and incomes) necessary to yield, in case the company
and also more complicated than in the other. The earns it, the same income to which the old bonds are mass Oi securities to deal with is much heavier, reach- now entitled. In this respect the proposed adjust-
ing if we include the stock over 350 million dollars, ment is really quite ingenious, possessing a degree of and this covers a great variety of bonds and mortgages, merit which could hardly have been obtained in any nearly all having distinct and separate liens on special other way. The difference in the standing and pieces of road or property. As regards the extent of character »f the various securities is of course road embraced, and its character, there is no analogy clearly recognized, provision being made for it in the whatever between the Atchison case and the Eeading. apportionment of the relative amount of 1st mortgage The Reading was a comparatively small system and very and income bonds to be allotted in each case. That is compact in form. The Atchison, on the other hand, to say, a superior lien is given its quota of securities stretches half way across the Continent and comprises chiefly iu the new first mortgage bonds on which the
over 7,700 miles of road. With its extreme nortiiera and payment of interest is certain, while an inferior lien gets eastern terminus at Chicago on Lake Michigan, we find mostly income bonds on which interest will be paid only it extending west to the Pacific Ocean in the one direc- if earned. Thus take the Atchison 1st 7s. A holder of tion and south to the Gulf of Mexico in the other, and ^1,000 of these will get $1,100 of new 4s and $520 of having also a fork or division running through the income 5s. On the other hand, a holder of $1,000 Gulf northern part of the Mexican Republic. Control of Colorado & Santa Fe 2d 6s will receive only $300 in new this vast mileage is held in a great many ways, both 4s and $960 in incomes. In each case the total interest direct and indirect, and the various pieces forming the is the same as it was before—$70 per annum on the system are as different in earning and traffic contribut- firsts and $60 per annum on the Gulf seconds—but of ing power, and hence in value and usefulness, as they the former amount only $26 is made contingent upon are wide apart in location. earnings, while of the latter amount $48 is made so con- The problem was how to deal with this great mass and tingent. The principle is an eminently fair one, and variety of securities and this extensive and varying the' only question any security holder can raise ig
mileage, so as to be just to each, while promoting the whether it has been justly and impartially applied. interests of all. In that endeavor we think the man- After a close study of the details, we are of the opinion agement have been very successful, though it were too that very little fault will be or can be found with it on much not to expect some dissatisfaction by special inter- that score. i ests. One very simple method of reorganization would But what position will the company hold as respects have been to go to default, lop off the unprofitable charges under the new arrangement? That question pieces, and reorganize with the rest. If there had been suggests that though the method adopted was simple, an absence of scruples, that plan would no doubt have the work of the management waa far from easy. Not commended itself as offering very important advan- only was it necessary for them to provide a basis of ex- tages. But those in control of the property were evi- change which would prove satisfactory to all interests, dently unwilling to sacrifice any interest, however infer- but care had to be taken to keep the obligatory inter- ior, 80 long as there was a possibility of making an ar- est charge, as represented by the new firsts, well within rangement which, while meeting the existing emergency the current earnings of the company. That was indeed atnd providing for a thorough rehabilitation of the com- the object they had to keep constantly in view—the pany and its finances, would adjust charges and indebt- one cor sideration to which all other considerationr 484 THE CHRONICLE [Vol. XLIX must yield. In no other way could the property be Besides the 12.} millions of 4s to be sold and which as placed on a firm and assured footing. In that particu- already stated will give five millions of cash in addition lar aa in the others the plan seems to leave little to retiring floating debt and car trusts, a reserve of to be desired. On the. present basis the com- $9,265,250 firsts (out of the 150 millions) will remain pany's total of fixed charges (interest, rentals, taxes in the company's treasury, and there will also be a and sinking funds) is estimated at $11,157,769. reserve of $1,756,685 of incomes. The total of the Under the reorganization the obligatory require- fours may be increased beyond 150 millions dollars, ments of all kinds would be only 17,353,390. but only for newly-constructed or newly-acquired In the calendar year 1888, with rates demoralized, crops mileage. poor and a part of the mileage of the system operated It has been asked what inducement there is for hold- in an incomplete state, the net earnings reached f0,370,- ers of prior liens to make the exchange offered. The 849. This, however, does not include the earnings from answer is, that they will get, in the first place, a long- coal and other properties, nor the income from invest- time security in place of only a short-date one. Then ments, which together will aggregate several hundred they will get a lien covering the entire property (includ thousand dollars more. For the eight months of 1889, ing the equipment), instead of a lien covering only a ending with August, net earnings show an improvement part of it, and the issue will be a large one, by reason of over the corresponding period last year of $714,559, which facts it will have a wider and better market than and the prospect is for further gains. There would any small divisional mortgage ever could have, no seem no reason to doubt, therefore, that the present matter how well secured. Finally, an additional in- earning capacity of the property is at its lowest and ducement is offered in the fact that holders receive amply sufficient to provide for the obligatory charges a greater amount of new securities than their on the new basis. holdings of the old, the income bonds being At the same time the total of all charges (supposing given as compensation for the reduction of obligatory full interest paid at 5 per cent on 80 millions of in- interest. Of course, there is a possibility that a small comes) is very little greater than at present. Adding but determined minority of some issue may attempt to $4,000,000 to the $7,353,390 of obligatory charges, we obstruct the carrying out of the plan, but that contin- get a total of all requirements ahead of the stock of gency would seem to be covered by the provision in the •$11,353,390. On the existing basis, as already stated, plan reserving to the directors, when a majority of the charges are estimated at $11,157,769, showing bonds of any issue has been deposited, the right only a small increase, and that increase is apparent only, to deal with those bonds by foreclosure or otherwise for under the plan the company is furnished with con- the same as the original owners might have done. siderable new capital for current purposes, interest on The right is also reserved to proceed with the which is counted in the total given above. If one looks reorganization in case some particular issue should fail only at the $6,370,849 net earnings for 1888, there to assent. would seem little likelihood of any interest being earned We look however for no captious opposition, but for on the new incomes, but if we go back one year further a speedy rehabilitation of this important railroad and find that the company then had net of $10,954,586 property. With that accomplished, with earnings on an average of about 1,800 miles less of road than at improving (there was a gain in net for August of present, things wear a very different aspect. $265,397 and in gross for the first week of October Of course the aggregate of indebtedness will be in- of $68,847), with rates though low fairly well main- creased. Still, that is a matter of little consequence so tained, with Kansas having a corn crop over 100 million long as the annual burden is not increased. The aug- bushels in excess of the previous year, and with general mentation in debt however is not as large as generally business large and active, the jirospects for Atchison supposed. The company is to sell 12|^ millions of the will be bright and promising. new firsts, and will use the proceeds to retire the float- ing debt and the outstanding equipment lease warrants, and will get $5,000,000 of new capital besides. Even THE MEETING OF THE EMPERORS. with this 12J millions included, only 140J millions of The long-deferred visit of the Czar of all the Russias the new 150 million mortgage will be required at present. to Berlin, to repay the visit made to him by young Em- Of the 80 millions income, 78^^ millions will be required, peror William nearly a year ago, on the occasion of his making a grand total of 219 million dollars. As against accession to the Imperial throne of Germany, 'las afc this, the company retires $160,786,000 of interest-bear- length been accomplished. Whatever may be the result ing debt, $1,445,660 of lease warrants, $10,136,000 of of the visit, it will be memorable for the delay and dis- old incomes, $3,554,340 of floating debt, and secures appointments which preceded it, and for the formal, 45,000,000 of cash, making an aggregate of about 181 rather than cordial, nature of the reception by the million dollars, thus giving a net addition of about 38 people, as well as for the language which the Czar was million dollars. If the plan is fully carried out, the pleased to adopt when making his short speech at the whole of the company's indebtedness will be consoli- opening banquet. dated into two issues of large dimensions, getting Nothing could be more natural than the expectation rid of the mass of bonds and obligations of branch, that the visit first made by the young Emperor would auxiliary and leased roads. This in itself is a great be the first returned. In proportion to the keenness of advantage to all interests. Doubtless as the result of it, the expectation, bo was the bitterness of the disappoint- some saving in expenses can be effected by bringing the ment. St. Petersburg was first visited. The visits different parts of the system closer together. Moreover, to Vienna and Rome were made later ; but Francis as both the new firsts and the incomes are to run 100 Joseph and Humbert showed their appreciation of years, the indebtedness will be fixed and settled for a the courtesy and consideration which had been century to come. extended to themselves and to their people by the I |The plan also provides fully for the company's promptitude with which they returned the compli- financial needs in the present and immediate future. ment. ' a
October 19, 18t».J THE CHRONICXR 485
Now that the visit has been made, although we are juncture, and indeed for gome months after* ignorant of its object beyond the mere fact that it was wards, would, if we are to judge by the tone of a return compliment, it is very natural that we should the press at the time, have been the reverse of feel some anxiety to know why it has been made now, agreeable to the German people. It would moBt and why it was not made some six or eight or more certainly have called forth no enthusiaam. If a months ago. Were there toward the close of the last visit was intended, the idea was immediately year, and at the beginning of the present, barriers in abandoned. the way of a cordial meeting, preventive causes which But the triple alliance still exists, and is perhaps in have since lost their force? It is not unfair to say that better form than ever. Between the Powers represent- there is a reasonable jjresumption in favor of the exist- ed at Berlin and Vienna there is a perfect understand- ence of deterring causes—barriers which blocked the ing; and the relations of both with the Government at way and made the visit, if not impossible, at least un- Rome are in the highest degree friendly and satisfac- desirable by one of the parties concerned. We have no tory. This, however, is not all. Recent events have reason to doubt that a visit from the Czar at any shown that the immense strength of the triple alliance time since the date of Emperor William's visit to St. is backed by the mighty power of England. It is only Petersburg would have been heartily welcomed at a few weeks since Russia was feeling the pulse of Berlin. The sentiments which hindered action Europe at more places than one. Under Russian en- and delayed the visit were all on the side of the couragement the Greeks were about to invade and take Czar. jjossession of Crete and the Servians were on the verge It is then very natural and very reasonable to inquire of war with Austria and Bulgaria, so as to restore the what those causes were. There is an inner court life limits of what they call Old Servia. The initiative which is always carefully, and, as a rule, artfully con- taken, even by these small States, j% was impossible to cealed from public view ; and there are secrets con- say what or how many other States would he dragged nected with that life at the knowledge of which the into the conflict, or what dimensions the war might as- outside world has no means of arriving. There is an sume. In the emergency the Powers represented by outer surface, however, to court and diplomatic life the triple alliance, Great Britain with them, took im-
which cannot be concealed from public view ; and there mediate and simultaneous action. The Greeks of the are movements connected with that life visible to the kingdom were told to leave the Cretans severely alone ; outside world and of which the outside world can and the presence of some British men-of-war in Gre- judge. Before the death of the late Emperor William cian waters gave emphasis to the command. The Ser- of Germany, and during the too brief reign of the vians were similarly reminded that if they broke the good Frederick, the relations of Russia were strained peace they would do so at their peril. Russia had felt with both Austria-Hungary and Germany. The triple the pulse of Europe ; but the response was not to her alliance was already in existence, and the Czar and his wishes. It thiobbed with a mighty energy, but the ministers were well aware that the triple alliance was energy was against her. The Pansclavists pulled in a combination which had for its ostensible object their horns ; the G reeks abandoned their jjurpose, and the preservation of the peace of Europe, but for the Servians felt it convenient to discontinue their its main object the holding in check of French revenge demonstrations, and to content themselves within the on the one hand and of Russian ambition on the other. limits of the Servia that is. Russia had an eye— It it was feared by some,and was believed by many,that hopeful eye—upon France ; but the turn which events the triple alliance was put in peril by the visit of the have taken in that country has been sufficient to show young Emperor William to St. Petersburg. There are that help cannot come from her. It has thus become not a few who are of the opinion that if the Emperor manifest to the Czar and his counsellors that to pnsh could have had his way he would have carried out his their aggressive Pansclavic schemes was to go to grandfather's advice more fully than his grandfather war with the forces of combined Europe. Wise ever intended it should be carried out, and that he counsels have prevailed, and the situation has been would have cultivated the friendship of Russia at the accepted. expense of the triple alliance. If such a policy had From what has been said, it will have been -gathered prevailed in Germany, we cannot doubt that the visit to that causes which did exist towards the close of last Berlin which has just been made by the Czar would have year and in the early part of the present year—causes been made many months ago. which had the effect of occasioning delay in the execution Snch a policy, however, was uot permitted. It of the Czar's purpose to visit Berlin—exist no longer. was well that it was not. What would have signified a We do not say that the sentiments of the Czar or of the visit of the Czar x\lexander to Berlin if it had upset a Pansclavists generally have in any material way been combination which so long as it lasted was to make the changed ; but we do say that their sentiments, if peace of Europe secure, but which if broken up would unchanged, are not allowed to push them into aggrees- have set aside all the arrangements of the treaty of ive courses, and that the political necessities to which Berlin and brought to nought all the plans of German they have no choice but to yield, are different. If a visit and Austrian statesmen in regard to the East of was to bo made to Berlin at all, there was no longer any
? was not likely Europe Prince Bismarck saw the danger ; and by the need to wait. A more convenient season time that hid young master had completed his visits to soon to arrive. The Czar went to Barlin, not because Vienna and Rome, all fears of a rapprochement between he yielded to the .promptings of affection or of sym- Russia and Germany were at an end. The situation pathy, not because he had any great scheme to advance had changed. The triple alliance took a firmer shape or special political purpose to serve, but because he could than ever, Germany had not been drawn closer to not act otherwise and be on friendly terms with a neigh- Russia. On the contrary she had been confirmed in boring and powerful sovereign and people. It is not her attitude of distrust and watchfulness. We can our opinion that any consequences of great political fruit readily understand how import will result from the meeting ; and so far no in such circumstances the Czar I could have no desire to visit Berlin. A visit at that is visible. ..
486 THE CHRONICLE. [Vol. XLIX.
reason to suppose would be repeated the present year. NET EA RNINGS FOR A UO UST. Besides this, the low rates prevailing in 1888 naturally It is that it is seldom our privilege to present such a made the ratio of expenses to earnings high. favorable statement of net earnings as that which we In the present year, the greatest advantage that the have now compiled for the month of August. The roads have had is in the changed situation in the latter Julj' exhibit had certainly been good in extent of gain — particular—that is, in the improvement in rates.' the best of the year up to that time, the increase over There has been more or less disturbance at special the corresponding month in 1888 reaching $3,878,609 points, and on the whole the situation in this respect "on lOo roads, or 22'64 per cent. But the for showing was not so good in the later months as in the earlier August is still better, the gain being over four million months, but as compared with last year the improve- dollars on 103 roads— and the ratio of $4,106,873— ment has been very marked. Now, tariff schedules are increase also being heavier (it is 23 "10 per cent) though fairly well maintained. Last year they were totally de- the comparison is with larger totals than the much was moralized. As to the other advantages which have ex- case in July. The improvement in gross earnings is isted the present year, general business of course was likewise greater, the of addition being amount over large and active. The grain movement at the West ^5 million dollars (equaling 10*14 per cent) while for also was heavier than a year ago, though this benefitted July the increase only 8-77 was $3,948,297, or per cent- chiefly Chicago and the roads to that point "from the Altogether, the results are in the highest degree satis- West and Southwest. Neither Middle Western points factory. BelQ,w is our usual comparative summary nor the Northwestern spring wheat markets partici- covering August and the eight months. pated in the enlarged movement—in fact some of them suffered Attgust. Jan. 1 to Aug. 31. a reduction as compared with 1888. Chicago (lOS roodi.) l96 roads.) had, too, heavier receipts of live stock and provisions. 18S8. Increase. On the other hand, in the South the cotton movement as reflected in the receipts jQross earn's M.484,109 49.468.(83 -(5,015,287 348,901.071 328,859,267 20,041.804 at the ports and the ship- Oper. exp... 3l8,60o.518 31,697,158 9J8,354 235,453.064 ^30,128,430 5,324,634 ments overland, did not equal that of the previous year,
Net earn's ai.878,6»7 17,771,724 +4,ll)6,«73 1 13,448,007 98,780,687 14,717,17C though it will be understood that the staple forms but It will be urged no doubt that we are comparing with a small part of the business at that season of the year. rather poor results last year. That is true, and the In order to furnish a comparison between the results circumstance is one that should not be lost sight of. for August and the mouths preceding, we annex the ' Yet it has less bearing in interpreting the Augiist following summary. figures than it had in almost any other month this GROSS A^fD NET EAKNISGS.
year. Our statement for August last year comprised Oross Eaminos. Net Earnings.
83 roads, but the loss in net earnings was only $720,876 1889. 1888. 1888. or about 4^ per cent. Moreover, if we go back to Au- Jan. (88 roads.) 38,029,124 33,437,161 + 4,r,91,fl63 9,499,510 7,133,632 +2,865,888 gust 1887, we find a gain in net earnings then of Feb. (93 roads).. 38,225.494'37.158.«2W -H,06«.S65/10,828,llfl 9,783,07i' +665,070 ^1,523,566, or 11 per cent, on 66 roads, and this follow- Mch. (97 roads). 42,511,961 40,334,3231 -1-2,177,688 13,185,271 11,S07,SI'5 +1,877.876 Apr. (97 roads). 42.647,27«^41,5!80,S«9 + 1,3611,410 12,816,342,11,873,085 +942,657 ed quite considerable gains in the year preceding, though MaT (97 roads). 44,750,13342,810,166 +1,909.977 14,735,42712,881,420 +1,851,007
June (97roai8). 40,874,440 1 40,406.0: -31,636 the exact amount we cannot state, as we had not then 6 18,617,672 12,698,260 —180,688 Jul> (105r3ads). 48,988,856 45,020,559 + 3,948,297 17,757,991 14,479.382 +3.278,608 -. ' - _ begun to summarize the figures in the present form. Aug. (103 ro'ds ). 54,484.109! 49,468,88-3 + 6,015.227 21,878.597 17,771.7241+4,106,873 A feature of some significance is the fact that the We need hardly say that in examining the separate improvement in net at the present time follows so largely roads, we find a large number of very heavy gains. In from a reduced ratio of expenses. The proportion of the case of the Pennsylvania (Eastern lines) the net
expenses to earnings for August, 1889, is only 59-84 per has increased 1483,051, and this follows not a decrease cent, while for August, 1888, it is 64*07 per cent. Or but a gain last year. The Burlington & Quincy has an
to put it in another way, with an increase in gross earn- increase of $457,180, with $86^140 more on the lines ings of $5,015,227, expenses were added to in amount controlled, being very much more than what the road of only $908,354, leaving the gain in net $4,106,873, as lost last year, though it had also lost heavily in the already stated. And the same feature was also observed year preceding. The Union Pacific, counting all the in the July tabulations. It is known of course that lines owned or controlled (including the Oregon Bail- railroad managers are practicing economy wherever pos- way & Navigation, which reports a loss of $96,469) sible, but is the lower basis of expenses entirely due to shows an increase of $265,549; the Southern Pacific that fact ? Is there any reason to apprehend that the system treated in the same way has a gain of $256,748, roads are economizing too much—that is, allowing the and the Atchison lines a gain of 1265,397. These condition and standard of their properties to deterior- three systems all had larger or smaller decreases in ate ? That question can only be intelligently answered August, 1888. On the other hand, both the Canadian by taking the present comparison in conjunction with Pacific and the Northern Pacific had small gains last the comparison disclosed in our exhibit for August last year, and yet the one reports an increase now of $243,- year. In this way we find that the one explains the 056 and the other an increase of $318,717. Down in
other. Thus the loss of $720,876 in that month in the South, the Louisville & Nashville has improved ii 1888, already referred to, resulted entirely from a very net $242,011, which is nearly four times the amount oi heavy augmentation in expenses, the gross then having its last year's loss in the same month. Some other shown an increase of no less than $2,363,959—in other large gains are $166,537 by the Illinois Central, $184,- words, net then fell off simply because of an increase of 279 by the Erie, $117,665 by the Baltimore & Ohio over three million dollars in expenses. .Hence the con- (Eastern and Western lines combined), $105,948 by the clusion would seem to be that the addition to expenses St. Paul, and $94,361 by the Chicago St. Paul & Kan-
this year is small, because in the year preceding it had sas City. been very heavy. As is known, there were some special It will be observed that the improvement is not eon- and exceptional circumstances in 1888 tending to swell fined to any special section or class of roads, but ex- the expense account, and these of course there was no tends all over the country. And the showing is the )
October 19, I8e9 J THE CHRONICLE. 487
if smaller gains and smaller systems same the are taken r the Baltimore & Ohio and the Pennsylvania, noted of the lines into the account. Out 103 or systems in- above, the Wabash, the new Big Four, the Ohio'& Mis- eluded ill our tai)le, 21 have reduced net, but these are .si.ssippi, and the Grand Trunk, all present very favor- mostly minor roads (those from the coal districts pre- able statements, lu the Middle Western section like- dominating) and in only two cases is the falling off im- wise there is but one line showing a decreaa©—namely, portant. One is the Oregon Navigation, already men- the Flint & Pere Marquette ; all the rest have very good tioned, which has sustained a decrease of $96,469, after statements. a gain of S!65,000 in August, 1888, and the other the In the Northwest, the exceptions to the | rule are the Georgia, which Central of reports net of only *84,008 Keokuk & Western and the " Soo " road. Besides the
the month in against ' for 1889, $187,130 in 1888. The Quincy, the St. Paul, and the St. Paul & Kansas City. latter however really has no significance, since it is the I he Wisconsin Central and the Iowa Central are speci- result of very heavy expenditures for betterments, the ' ally distinguished for heavy gains. In the Southwest gross earnings having been $41,990 in excess of those of the Atchison leads in amount of increase, but some of last year the other roads excel it in ratio of gain. The Rio Grande Western reports net of $54,947 against $26,726, the Denver Texas & Fort Worth $87,100 against $44,563, the San Antonio & Aransas Pass $59,082 Trunk linea (10) liJ.091,885 against $36,033, the Central Branch Union Pacific Middle Western. .(Ill 2,083,890 Northwestern (10) 8.851,311 $43,561 against $28,328, the St. Joseph & Grand Island Middle Western. .(10 14.Bl>7,67n 13,002 534 5,tOS.18l' 3.6M,8-8 +1.416.503 i Southern Pacific and also one of the Union Pacific roads Northwestern (9, 42,625,547 37,!)01.572 13,391,694' 8,593,99J +6,797,704 ! 8,43i,5»2 ' Southwest ern ( U 31,048,727 Z8,812,660' 6,469,473 +1,961,119 have losses. In the Southern group the Central of Pacific systems .... (15^ 77,935,762 78,281,6.58] 27,115,148 25,820,628 +1 295 120 Southern roads... .(24) 4I,ei8,"14 37,795,ns' 13,l.J4,R2l' 12,054,509 +uoso!3i3 ' Oeorgia, the Elizabethtowu Lexington & Big Sandy <3oaI companies.. .(10) 28,019,274 10,585,8f3 l'',869.202 27,447,078J '^"^ *^G Vicksburg Shreveport & Pacific stand alone Bastern Jk Middle. .(8) 12,l«2,65t 11,927.424! 3,1173,741 3,078,202 "^^te? I Mexican roud.s (2) d,5^,75f 5,418,88a' 2.280,753 1,393,238 +887.517 with decreases. Among the Eastern and Middle Tot.ll. 91 roads... 348.901.071 !8,850.2B7 113,448,007 98.7.W,887 4-14,717.170 roads, there are two which fall behind, namely the — NOTE.—INCLCTDED UNDER TICK UE VI> OF Baltimore & Potomac and the Staten Island; those witlj Trunk Lines. I Denver & Rio Grande, Nash. Chat. A St. Louis. B. & O.. Kast of Ohio. Den. Le.dv. ^Guo. Norfolk A Western. large gains are the Rome Watertown & Ogdensburg. B. A O., We-tof Ohio. Denv. Tex. & F(.W Ohio Kiver. Clev. Cin. Chic. & St. I., L'iav. Top. A SMuthw'n. Petersburg. the Orand Trunk of Canada. .Man, Almn & Hurl. Riehrofiiid A Danville. Allegheny Valley and the West Jersey. Of the two Chic, vt Orand Trunk." Rio Grandi) Western. Virginia Midland. Dei. Gr. Haven & Mil.* St. Jos. A (id. Island. Char. Col. A Aug. Mexican roads, tlie Mexican Central has a small de- N. Y. Lake Krte A West. St. Louis A San Krun. Columbia A Greenville Ohio & Misssissipi. £an Ant. A Aran. Va&a. West. North Ca-rollua. crease and the Mexican National a gain, Pennsvlvan-a. Wash. O. A W. Wabash (consol. system.) Ilich. A Petersburg. Pacijlc Systema. Shenandoah Valley. California Southern. MwUU Western. Canadian Paciflc. Cin. Jack. & Mack. Northern Paciflc. Ooal Oovivanies. Cleveland & Cantou. Oregon Improvem't Co. Buff. Roeh. A Pitts. Pet. Bay City & Alpena. Prescott A Ariz. Cent. Central of New Jersey. [From onr own correspondent.] Flint & Pere Marquette. San. Fran. A North. Pac." iPhila. A Reading. Illinol? Central. So. Pac— Pac. System. Pitts. Cleveland A T(,l. London, Saturday, October 5, 1889. lAke Erie & Western. Gal. Har. A S. A. Pi'ts. PainesvilleA F. Scioto Valley. Louis. Western. Pittsburg A Western. On Monday and Tuesday there was a sharp squeeze in the Toledo Col. & nn.' Morgan's La. A T. Summit Branch. Toledo & Ohio Central. N. Y.Tex. AM ex. Lykens Valley. money market. The outflow of coin and notes at the end of Tol. & O. C. Extension. Texas A New Orleans. Western N. Y. A Penn. Toi. Peoria & W. Union Paciflo.TT West Virginia Cent. the quarter was far larger than usual. As the gold shipments Montana Ubion. Oregon Ry. A Nav. continued, fears were very generally entertained that the Xorthiy«tern. Oregon 8. L. A Utah No. raise its rate per Chic. Burl. & North. Eastern A Middle. Bank of England would on Thursday to 6 Chtc. Barl. A Onincy. Southern Uoads. AHeg&eny Valley. cent. Consequently everyone desired to increase hi.a resources Lines controlled. Atlantic A Udnv.* Baltimore A Potomac. Chic. Mil. A St Paul. Cape Fear A Yad. Val. Camden A Atlantic. as much as possible. During the week ended Wednesday Chic. St. Paul AK. C. Central oi Uflorgla. N. Y. Ontario A West. Iowa Cei'trai. Chea. A Ohio. Northern Central. night the Bank of England lent to the outside market over Keokuk & Western. Ches. Ohio A Southwest. Rome Wat. A Ogdena. Minn. & St. J^uifi. Etiz. Lex. A Blic S. Staten Island. three millions sterling at 6 per cent, and in the outside market, Minn. «t. Paul A 8. 8. M. Cin. N. O. A Tex Pac. West Jersey. Wisconsin Cantral." New Orl. A Northeast. too, there was a very active demand, rates ranging from 5J^ Vicksburg A Meridian. Vicksburg 8h. A Pac. per cent to 6^ per cent. In some cases as much as 6)^ per Southwestern. Kentucky Central. Mexican Uoads. Atchison Top. A 8. Ke.t Louisville & Nashville. Mexican Central. cent was paid for loans for a month on the security of Treas Central Br. Union Pac. Louisv. N. Orl. A Texas. Mexican National. ury bills. For the month only. On Wednesday, however, there was a complete change in t Including whole system, all but California Southern. T Including that part of the system not separately given In this or other the feeling of the market. Tlie Bank of England repaid some BOCtions. money it had borrowed, thus adding to the supply in the out- Arranging the roads in groups, only the coal roads side market, and at the same time the announcement that show net, in decrease is reduced and that case the gold was being shipped from New York, Holland and Belgium trifling. It is a fact, however, that these companies restored confidence. It was assumed that the great financial have not fared well as a whole, though exceptions must bouses, in their desire to keep the mark;et easy, so as to enable do what be made in favor of the Central of New Jersey, the them to carry out their arrangements, had resolved to was necos.sary to replenish tlie reserve of the Bank of England. West Virginia Central, the Buffalo Rochester & Pitts- On Tliursday the more hopeful feeling increased. It was re- burg, and the Pittsburg Cleveland & Toledo, which were ported that tlio Bank of Franco had agreed to supply London able to enlarge their net as compared with last year. The with nearly half a million sterlinU; of the metal, and also that Reading and the other roads have lower totals. In con- a considerable amount of gold had been sent from Buenos tradistinction to the poor exhibit by the coal group, Ayres and Montevideo to Rio de Janeiro. Consequently, the which on Tuesday was about 4}.2 per cent, has every other section reflects greatly enlarged results. In rate of discount, declined to about 41^ per cent, and the rate of interest for the trunk line group, one of the minor lines in the short loans to from 3}^ to 4 per cent. Grand Trunk of the Detroit Canada system—namely, The sanguine feeling now entertained is as unfounded as the Grand Haven & Milwaukee—stands alone in having scare earlier in the week. As has been already explained in diminished net. Besides the heavy gains on the Erie, ' this correspondence, the Brazilian Government lias obtained , J 488 THE CHRONICLE. [Vou XLIX. large crtHlits in London, and is in a position therefore to take Republic, the frequent and numerous failures in Italy, the scar- much gold. Nobody can know whether it has yet obtained as city and dearness of money in Germany, and the very large much as it wants, and it appears reasonably certain that more speculation there, all accentuate the influence of the money of the metal will be taken if rates remain as low as they have market. On the other hand, there are powerful causes working now fallen. Besides, in the present condition of the Argen- for a rise. Tlie Bank of France is very strong, the Paris tine Republic, an Argentine demand may at any moment money market is extremely easy, the satisfactory result of the spring up, and it is certain that shipments will continue to elections has removed political apprehensions, and the success South Africa, Egypt and other countries, while the improve- of the Exhibition has added largely to the profits of the French ment in trade and the higher prices and wages prevailing people. Moreover, the great financial houses all over Euix)pe make it probable that the expansion in the internal coin circu- have cntereii into numerous engagements that render it neces- lation will continue. The Paris exchange upon London has sary for them to supiwrt markets. This week the Messrs. Roths, been rising d»iring the past few days, but it is not yet up to childs have brought out, as stated above, a Brazilian Conversion the gold-exporting point, and until it becomes reasonably cer- Loan of 20 millions sterling. Almost immediately it is ex- tain that all the gold required can be obtained from the Bank pected that the French Government will give its assent to the of France the position of this market will continue critical. conversion of the Egyptian Preference Debt ; it is reported | On Thursday the Imperial Bank of Germany raised its rate of that tiie Russian Government has decided to complete conver- discount to 5 per cent and its rate of interest to 6 per cent. sion within the present year; in Germany there is to be a large] So it is evident Germany will do all she can to protect her Italian issue; and powerful Paris houses have contracted fori metallic reserve. numerous Brazilian issues. The impression here, therefore, is] In the midst of the excitement in the money market this that the great houses will combine to keep the European' week, Messrs. Rothschild brought out a Brazilian conversion money markets easy, and that they will then so act as to raise loan amounting to 20 millions sterling. Four of the existing .5 prices generally. To-day the liquidation on the Paris Botirse per cent loans are to be redeemed. They amount in the aggre- ends, and to-moiTow the elections to the Chamber will be com- gate to about 1714 millions sterling, and the conversion will pleted. An early tipward movement in Paris is therefore thus increase the capital of the debt by about 2^ millions ster- looked for. The speculation in South African gold shares is bng. As the existing A^ per cents were nearly at the same hanging fire this week, and even land companies' securities price as the 5 per cents, the wisest course would have been to have rather given way. Yet there has been a little boom in have offered 4)^ per cents at pai- in exchange for the fives, the the shares of one or two of these. Brazilian Government pledging itself not to convert again for The crisis in Italy still continues. Every week heavy failures a certain number of years. In that way it would have avoided are reported, and prices of all kinds are steadily falling. The increasing the capital of the debt, and would have saved about Italian Government has been negotiating in London for the £90,000 a year. By the course it has adopted it saves only sale of 3 per cent Italian obligations of the nominal amount of about £75,000 a year, it increases the capital of the debt, and 36 millions sterling, but no English house could be induced to it puts it out of its power to make future savings. This loan take up the matter on the terms offered. It is undei-stood, wUl not increase the power of the Brazilian Government over however, that through the good cifices of Prince Bismarck the London money market; but, as already explained in this Herr Bleichrijder of Berlin lias now consented to bring out a •corresxwndence, a large proportion of the internal loan issued portion of the obligations in Germany. It is eaid that he has in Rio last August has been pledged in London. The imme- taken part of the issue firm at 50 per cent. The price at diate object of the Brazilian Government is, firstly, to provide which the obligations will be offered to the public is not yet means for making advances to the planters impoverished by settled ; but the belief is that it will be under 55. Whether the emancipation of their slaves, and, secondly, to withdraw^ the German public will subscribe largely remains to be seen Government notes now in circulation to the amount of about It may safely be predicted that the Englisli public will not, 32J^ millions sterling, substituting bank notes secured on gold and the French public are selling all kinds of Italian securities. or bonds of the Empire. The Brazilian Government is anxious Indeed, the large short account in Paris U now the chief sup- to carry through this reform quickly, and nobody knows port for Italian Rentes, therefore how much gold it will require within the present From a private circular issue 1 by the Banquo de Paris et des year. While the uncertainty lasts our money market remains Pays Bas to the members of the syndicate formsd to establish liable to violent fluctuations. the National Bank of Brazil, which has just been published, it The premium on gold at Buenos Ayres continues to fluctu- appears that the committee of the syndicate consists of the ate wildly. According to latest the report it is now 130 per cent. bank just nentioned, the Chairman of tlio Ottoman Bank in gold has yet been taken for No the Argentine Republic, but Paris, and Mr. J. Stern, of A. J. Ster.u & Co. The capital fears co;)tinue that a demand spring may up at any moment, of tlie bank is about 10 millions sterling, and it lias a for it is known that the Finance Minister is doing his utmost right to issue notes to three times the amount of tiie capital. to obtain the means of taking a considemble amount. Mean- There is a provisional agi-eement between the Brazilian Treas- time the market for Argentine seciu-ities continues wonder- ury and the Baiique de Paris et des Pay Bas, accordin* t > f«Uly steady. It is evident from the fluctuations in the gold which the undertakes Government to withdraw its notes no . premium that confidence at home has not been restored, and in circulation, and the National Bank undertakes to rejJace it is diflicult to see how a crisis can be avoided, esiiecially as them with its own notes. The National Bank absorbs the In- the indebtedness of tlie owners of houses and lands is enor- ternational Bank of Brazil, which was founded about three mous, and the speculation in them has been carried beyond all years ago. Half the shares of the new bank have, it is stated, boiuute. Yet investors here cling to the hope that somehow or been subscribed in Brazil, the other half being reserved for Otjher 4 remedy will be found. Eurojje. Ewly in the week tuere was a slight decUne in the price of The wheat market is firm but rather slow. Prices are quoted tiiiver 5 but buying for the British Mint began again on Thurs- about sixpence a bushel higher than last week. There is, how- . day, and the price recovered to 42 ll-16d. i)er oz. There has ever, not a very great demand, as, though the receipts are been a very strong demand for the far East for Mexican dol- moderate, they are sufficient for present requirements. lars, which have risen to 42J^d. The demand is believed to be The Bank rate of discount and open market rates at the chief for Cochin China and Tonquin. Continental cities now and for the previous three weeks have The flurry in the money market of course checked business on been as follows: the Stock Exchange. The fall in prices was le,ss than might have been expected; and already tliere is some recovery. The mar- Oclobtr*. September n. Sfptrmlwr ao. Septttnbtr U. ket for American railroad securities still follows obediently Intereel at Bank Open Bank Open Ban* Open Bank Open every movement of the New York Stock Exchange. The pub- Bate. Market Bate. Market Bate. Market Rale. Marktt lic here holds entirely aloof. The greater operators are wait- Paris 3 3 8 8« 8 2 ing, and the members of the Stock Exchange are too timid to Berlin 5 4 4 4 an, 4 Frankfort 4 4 SX i commit tliemselves largely. British securities, too, are neg- HrnnbnrK 4 4 3X 4 8« 4 lecte(L Trade is highly satisfactory, and the railway traflic AmBt.erda!!! iH z« 8S4 »« 2W s« returns are very encotu-aging BrosneU i 3 i« 3 3 ; but there is a feeling that now «M viHdrld 4 4 3S, 4 »)» 4 an the working expenses are likely to increase largely, and that 4 4 4 4 4 4 4 i prices are nearly as high as facts justify. In the market for in- «. PetersburK.. 6 6 e 6 6 e e ternational secmities the critical state of affairs in the Argentine Jopenhauen 8 3 S 3 S 3 s 8 . . October 19, i>^89.] THE CHRONICLR 4&9 Tlie rates for money have beea as follows; d^omtuievctal huA jldiscellaaeoas ^etas Interast atlnvwi Open market ro(M. for deponta by Imports and Exports for the Webk.—The imports of last with those of the precedin;; 1 tfl»j. Trade BUlt. week, compared week, sh >w a de- Jiun* Blec't Wi LtMon e crease in dry goods and an increa-io in general insrchandLie. Three rour Six Thru Four Six Stock At 7 to 14 The total imports were |9,32J,340, against $8,038,187 the ^ 1 AJonf/iK Months MoHthaMonthi Months 3font/i« nanic: OaU. Days preceding week and $7,912,163 two weeks previous. The IH-'H exports for the week ended October 15 amounted to Aog.SO -i 31i«3J« an® -ant -3Ma4 SHdi 39i«4 »H m $6,247,617, against $7,934,885 last week and 47,827,175 Sept. « i 3!-l,®356 JH& - 3Hi -8?<.4 4 dHH 4 »iH 2« 2(*a« an •• two weeks previous. The following are the 13 4 3«- - ! For the week.. . $6,067,603 «0,277,025 $6,769,454 »6.247,647 Pro». reported.. 242,651,104 237,910,731 225,124,096 267,054,726 Messrs. Pixley & Abell write as foUows on the state of the Total 41 weekt. S248.718,707 «244. 196.756 $231,894,150 (-273,302,373 bullion market: ~The following table shows the exports and imports of specie Gold—Tliero i^< no demand for sold liars. The sum of £29.';,000 lias been i>ui chased bv the Bankilurlhi; the w. elc, and £ t3?,'>00 withdrawn. at the port of New York for the week ending Oct. 12 and Arrivals— From Aloxandria, fliP.'Od; West Iudie<. je37.40i); South since January 1, 1889, and for the corresponding periods in steamer, Sept. £'J,000 to Africa, £G 500. Shipmentf—Pe;- P. & O. 27, 1888 and 1887: Bombay; Oct. 3, JSl.i'.ODO to Alexaudria. SUveL' declined dii ii.g ihe wi ek owing to lower Indian exohanKca, BXPOR-rS AJn> I.1IPOBTS OF SPECIE AT NEW TOHK. dear here: but with a d>m for fmlia has loiiay togetU'T with money md Export!. Import!, advanced to la t we k's rate, viz., *2iii6d. Arrivals— Prom Now York, £10,0i'O. Shipments p-r P. O. Steamer- eoid. .£58,000; V/v-t, Indies, & Week. Since Jan.l. Week, Since Jan.l» Sept. 27, je8.'>,0()0 to Komliay; Oct. 3, £10.000 to Honskong. Hexlcnn Doll us—The balmice ex French steamer has b 'en sold at lireat Britain $12,500 $13,997,115 $380,634 42i4d., Shiiiment- 3, to which is to u ay 'a quotation. Oct. £73,3uO 27,71«.805 1,461,804 an Prance Pen g. Sermany 5,-273 21 1,819,373 The quotations for bullion are reported as follows: n^est Indies 45,600 4,310.170 2s7,554 Mexico 30.300 4 471 55.514 GOLD. SILVBlt. South America 2,188,752 20,9 ^ 103,607 London Standard. Ocf. 3. Sepf . 26. London Standard, Oct. 3. Sept.2e. HI other countries.. 76,-200 381 703,686 >. a. s. d. d. d. Total 1839 $5''. 100 $18,226,613 $25,851 $4,907,173 Bar gold, ene... .01. 77 77 e dar silver ox. 42 11-16 42 11-16 Total 1888 537,992 19.4S:i,537 102.3«.: 5,^50.013 Bar KOld. contain'^ aar silver, contain- Total 1887 21,779| 6,424.014 4.510.834 32,176,928 20dwt!.8llTer,oz. 77 10 77 10 IngOgrs. gold.os. 43 1-16 43 1-18 Exporli, Jmjiaru. Span.doubloons.oi •'ake silver oz- 40 1-16 48 1-ia Silver, 8 Am.doubloona.oz Mexican dolf oz. i2>4 Week. \i)ineeJan,\. Week, Since Jan.l. The following shows the imports of cereal produce into the (ireat Britain. $612,750 $15,382,503 9 $87,598 United Kingdi m during the first four weeks of tne season France 14.700 194.O00 14,711 973 compared with previous seasons: Qermany 25,212 2 .287 A'est Indies... 138,331 115.314 Mexico. S1.508 1889. 1888. 1887. 1«86. .fouih America 10,255 169.912 46.929 Wheat owt. 5514,097 5,l;i7.913 4.576,600 4,760,652 Ill other countries. 190,e0-,i 781.508 Barley 1.46it.556 789,<97 !)31,(i6G 1,411,1 5 Oats... 1,328,3:18 1,1-5,883 1,042.919 ], 522.803 Total 1889.. $602.91 16,101,635 $ $1,098.54, 111.787 121,S20 189,:^79 136 378 10.18=>,70.t 7.8-27 1.373,67} Peas Total 1888. , 164,300 Beans 381.419 242,100 180,391 184,337 Total 1887.. 85,'<43 8,923,359 39,0 -8 1,584,44'- Indian 2,628, -SO 2.2iT.461 1,772,203 2,'?34,2tl com.. Holt offer to investors the first mort-7 Flour 1,314,629 J,3:j3,1«6 1,463,686 1,350.209 —Messrs. Taintor & cage 5 per cent gold bonds of the Cleveland City Cable Railway Supplies available for consumption (exclusive of stocks on Co., due 1909, Central Trust Co., Trustee. The bonds are se- September 1): first 24 miles of horse-car track, 1«89. 1888. 1887. 1886. cured by a mortgage on lmportsofvrhcat.cwt. 5,514,097 5.137.913 4.576,660 4.760,652 horses, cars and real estate; also by ten miles of single-track Imports ofdour 1,314.629 l.S-S.lSe 1.4i3,68C 1,350.09 cable road now being constructed upon Superior Street. The 3,915,442 2,240,074 Bales of home-grown. 3.517,275 1.227,517 interest charges when road is finished will be $75,000, or less horse-car lines. Total 10.340.001 7.748,616 9,955.783 8.350.935 than present earnings from the firm Aver, price wheat week.-. 9s. Id. 32s. 2d. 28s. 5d. 30s. 3 . —A new firm has just been organized, under the name Av. price wh. at season. 299. lid. iSs. lOd. 2S9. lid. Sis. 6d. of Chas. D. Freeman & Co., at 7 Wall Street, comjiosed of The following shows the quantities of wheat, flour and Charles D. Freeman and Edward K. Cone—two experienced maize afloat to the United Kingdom: and active men. Tlie firm proposes to do a general investment Th.it wetk. Lantieeek. 1888. 1887. commission business. 1.28-,000 1,986.600 1,8.50.500 Wheat qrs. 1.310,500 Banks or other corporations desiring bonds of suretyship Flour, enual to qrs. 166.000 160.000 202.000 121.0i0 — in the Chro.vicx,E Maize...... , qrs. 402 500 36-j.OOO 218.500 202.000 will do well to consult the advertisement to-day of the Guarantee Company of North America. EnsllHli Financial Markets—Per Cable. The daily closing quotations for securities, &c., at London Southern Iron Comp.nny.-This company has purchased are reported by cable as follows for the week ending Oct. 18: the Roane Iron Company's steel rail miU at Chattanc^a. The other property purchased is the ore mines of the Roane Iroa London. sat. Jfon. rue*. Wed. Thur: Fn. Company at Cranberry, the .^tna, LaGrange and Warner furnaces in Middle Tennessee, the Wayne iron property and 4211,6 43 424i 4278 42 •'a Silver, per oz d. 42->is the Attalla Furnace Company and property, the purpose being Consols.new 2% percta. 971,8 9:1,6 971,6 971,8 97.1,8 97 18 97s 97 the charcoal furnaces in the South, the 9T"1Q 975 „ 97»,R fl 97^ 14 to consolidate all of 87-27 IVoh rentes (in Parts) fr. 87-32ls 8715 87 371s 87-3713 Is 87-30 products of which are to be shipped to Chattanooga to be IOHI4 108 U. 8. 4is8ori891 108 li'8 108 10814 '4 the property desired, the in- 129 129 130 130 130 made into steel. Having secured tJ. 8. 48 of 1907 , 129^1 '4 14 70''« at Htintsville, Ala., on Sept. 28th, and organ- Cana 490 *jHE CHRONICLE. rvoL. xux- New fork City Bank Statement for the week ending Oct. —Messrs. Griswold & Gillett are olTering in our advertising 18,1889, is as follows. We omit two dphera (00) in all eases. columns 10-year 4 per cent school district bonds of Eansasi City, Mo.; also 6 per cent improvemi'nt bonds of the City of! Banks. CavUaL 'Surpltu- Loaiu Spteit. LegaU. [DepotiU. Council Bluffs, Iowa, and a line of railroad bonds paying 5J£l (OOi amUtid.) I to 6}^ per cent per annum. • c * t Bank of New York... 2,000.0! i.on.o 11,400,0 1,720,0 860.0 10.670.0 —Messrs. Dominick <& Dickeriuiin, 74 Broadway, have opened! Ilanliattati Co 2.060.0! l,'240.ti »„n7,o 1,5180 7»3,0 9.'.'98,0 a branch office at 117 Monroe Street, Chicago, under the man-j lieroliauta'...... 9.000,01 a .'i.o 6,ti63.0 1,189.0 696,0 C.7-3,0 lC«cb»ulo>' 2,000,0 1,775,3 8.5"6,0 994.0 678,0 6.8'<5,0 agement of Messrs. J. Fiank Kelly and J. T. Kilgour. AJDerlr» 8,000,0 l,87S,f. II. '21 4.4 1.518.0 1,110,9 10>1I4,4 Pbenli 1,000,0! 540,0 4,60'2.U «• 6.0 25'2,0 4,012,0 2,112.1 10,;- 34.5 1,45'2.3 7^7.0 9,592, raw 1,000,0 i Tradesmen's.. 1,000,0 •.ilO.7 2,!)80..'' 306,7 126,3 2,-11,3 Anction Kales.—The following were recently sold at auctionf Obemlcal... 300.0 o.or.ti.o 23,068,2 7,08!',n 887,3 26.74.^,5 Mercbante' Exch'nge 600,0 11»,4 3,4 10,4 553.2 44 '2,0 8,899,5 by Messrs. Adrian H. MuUer & Son : BallHtlu Natiuuul 1,0(10,0 1,37^,8 6,341,8 696.(1 332.2 4.214,7 Shnres. ShariS. k Drovers 300,0 '.'84,5 '2,01.8,5 418,7 106,4 2.(i2.',li 1 Bnt«her8' 200 California Miuiiiir Co $5 38 4lh National Bank 17CM MechaulcH' A Traders 200,0 2'.!V,2 2,786,11 l',!2,0 398,1) 3.1113.0 32 New Jeri-ey Iron Mm. Co. ."lO .VI Muiiliattxn Co. Bank 184 Oreenwich 200,0 10S,i' 1,294,9 190.2 1S1,8 1,378.1 I ' Ijeather Mauufaoi'ra. 600,0 6l8..'> 3.390,7 469, 269,'. 2,b91.o 150 Empire Coal (ins Co f6 30 Am. rluiinLoaiJ Utteof New York... 1,200,0 40G.4 3.784,1 i21.6 318,6 2 951.4 OS MuntiicuinttMUv'iMm Co. $2 j Bifii ds. Amertcau KxclianKe.. 5,000,0 l,b67,5 17,(120,0 2.642,0 731,0 I4.OPO.O 200 Horn Silver MlniUK Co.. ; $1,000 .leispy City 78, Water OommeToe S,000,0 3,258, 18.bll).2 1,(47,4 2,176.4 13.1.54,6 ifl 31p.sU. Scrip, 1913 )28\&illt>^ '268.5 I Bioadwkj 1.000,0 1,682.2 5,909,7 1,093,9 5,(164.0 17 l8TNat.Bk.of JereiyCiiy.2»6 i$],00OJe8ey City 78, Iii'p., Meroanuie 1,000,0 790,0 7,537,6 l,633.:i 869,6 8,432,1 10 Great Western Coustruc- 1894 lloij&int. SSI'.St 268.6 i FaoUo 422,7 3,1116,0 335,9 3,192,5 lion 243,7 Co $20 81,000 Long lelarnl C«y 78, RepobUo 1,500,0 867,7 10,6110.6 2,692.2 11.064,6 Ai8'n.$ll0 Ohatham 460,0 695,8 4,800.4 9r.9,6 375,7 6,027,9 10 VmteaSeliuetzin Fuiidf (1 Di bt, lH99....123i4Aint. Peoples' 200,0 266,(1 2,37.3,9 294.0 191,8 3,07e,li 125 H. Beuoke LltbOKrai.Ii- $1,COO People's Gas L. Co. Soitb America 700,0 48-2,0 4.742,7 661.8 639,7 6,8i-R,3 Ing Co 5 of B'klyo, Itt 5a, 1907 lOO"* 2 Hanover 1,000,0 1.250,8 14.592.5 3,(i08,H 641,1 15,627,2 50 Produce Exchange Bank. 1 1 14 $500 Jamaica To»n Hall 7s, IrTlBg...... 500,0 274,5 2,i*68.0 31u,7 836,7 2,'iS8,0 5 TJi.ioii Ferry Co 165 1891 108 Cntliena' 600,0 384,] 2,769,4 409,2 379,9 2,9.'9.9 2 Nat. Bank or Commiiroe.201'4 $7,600 Co-jBol. Electric Light Naasan 6P0.0 j91,0 2.706.3 331,0 201,4 2,98-., 1 73 ContiiieiilalNi.t. Bai.k... Co. of N. Y.. 68, 1892 90Ja Market A Fnlton 750,0 6B9.K 4.106,5 872.3 286,8 4,392,9 13211-133 St. Nlcbolan 600,0 202.7 1,972,5 266,3 125,6 1,792,1 Sboe A Leather 500,0 239.1 3,033,0 531,0 395,0 3,665,0 Core ExcbuDge 1,000,0 l,:05,fi 6,231,7 621,0 302,0 6,172,4 OooUuental ... 1.000,0 280,4 4,325,4 620,1 688,6 4,971,8 OrlenUI 300,0 3B6.3 2,001,0 173,8 413,6 2 020, ^awfelutj and ^iuaucial. Importers' A Traders 1,500.0 4,.S- . 21,841,1 4,169.0 1,581,4 22,272,0 r»Tk 2,000,0 2,114.8 20.(35,8 4,310.0 892,3 23,338,9 Moitb River 240,0 llsl •2,084,4 101,3 112,5 '2,287,1 iiit Rlvei 26 Capttai dc I I Bankb. Surplus. Loans. Specie. Lffints, Deposits.' ri*-c'''*i riearino*. 7a BROADWAY, NKHr YORK. N. yorU.- 9^ Sept 14.... 115,392.8'409,703,2 74,338,8 36,875,1 424.308,5 3,975,7 701.265,7 •• 21 .. 115,:'87,8l4o9,6o2,3l70.l 98,0 K6,U23,5 420.168,4 3,933,9 662. 91.7 COFFIN & STAXTON, MMITED, " 18... 115,3s7,8 409,311.7169,574,(1 35,692,8 17.324,2 ;i.94s,i 63<. 910.0 Oct 6 n.V88', 8 407,316.5167.321.7 34,07.«,7 41'J,z7 3.8. 3.959.7 832,631.3 •• 12 116,707,8 403,246,2;69,157,0 31,926,6 407,166,1,3,946,5 8'Ji,030,3 DEALERS IK Boston.' Sept 28 . . 65 544.9 I55.f>33.6 10,522.1 5,205.7 137,014,0 2.639.2 79.853.6 Oct. 6. . 65,544.9 154,96'2,2 10.490,6 6 053.4 135,88',: 2.540.3 104.815.3 CAREFlTLIiLY SEIiEGTED AniERICAN BONDS. " 12... 66,544 9 155,517,3 10,854,4 5,176,0 135,136,1 2,644,7 100,818,1 Phlla Sept. '2s... 3.5,132,3 10",438,0 24,244,0 97,813,0 2,l^^o 66.579,9 SrO PROMOTION OR SPECULATIVE BUSINESS TRANSACTED Oct. 6.. 35,132,3 100.168,0 21,8(10,0 96,749.0 2,1.17,0 79.72o,8 " .2... 3 .132 3 C9 965,0 23,348,0 96.0540 2,134,0 73,l,il,4 We i/inu I ipritr/B tH Jtantk. Oeneral Dry Dry Oeneral MANAOIKQ DIBBCTOS. Merclum. lotoi. iierehan- eoodi. Soodj. Hervey Jackson. (Mm. Mse. Charles t Janoary.... 15,984,160 31,642,657 47,628,717 15.530,747 25,357,54'! 40,888.387 »i,484,18« KANSAS CITY, IHO., Vibmary . 13,798.968 30,359,29 44.138,258 14,299.496 44,78.3.632 March 12,7(1«,553 29,514 ,3e'2 42,310,945 10,123,258 31,121,301 41,244,.')59 20-Year 4 per cent School District Bond*. April I2,288,5fl 29,6H;.048 41,900.«2« 11,117.B3 27,377,727 38.495,284 (The School District compriaos the entire city.) May 6371,012', 38,970.U6« 48,841,97r| 7,061.0;2 82,614,351 39.«75,423 INTEREST AND PRINCIPAL PAYABLE IN NEW YORK. June 7,981,5561 32,078,flil 40,040.176 8.539,019 84,518,833 4I,057,85!i ALSO, July 12,058,380 36,082.098 48,134,4181 13,968,020 27,4.14,405 4I,40'2,425 AoKuit I ',79.'.,*^" 34,114,638 45,908,167 11.740.428 26.315,506 38,055,934 CITY OF COUNCII. BLIJFFS, lOlVA, September 12,885,8671 24,988,015 37,873,88. 10.199,332 26,808,740 37,0( 8,072 G Per Cent Improvement Bonds, a |llne ol DeslTuble Railroad Bonda, paying from 5^ to 6ii per Tolal... 1 106,40'.' .645 285.392.62t :<91,795.17ii'Iioo,67k,9oii|262.032,339 36a.611ja48 And cent intereat. SXrOBTS FROM KEW TORK. j| CUSTOMS EKCBrPTS. FOR SALE BY Total MerehandUs. At Nev York. GRISWOL.D At OILLETT, MtntK. Jfonth. i WAIiL STREET, NEW YORK. 1889. 1 1888. 1888. » 1 » t 80,156,144! 24,055,029 January... 14,031,780 13,496,(21 1^- CITY AND COUNTY BONDS OF 'WESTERN Fabraary.. 86,248,020 a«,343.257 February. 18,954,911 18,150,682 Municipalities are dealt In largely by Mesars. S. A. Kkan & Co , ol 22,863,'204 ! March 13,42'J,094 March 28.859,635 11,05^,638 New York and Chicago. The attention of Savings' Bank oflicer* ift April 29,108.076 25,066,22< April 11,9«3,':8 11.159,054 ; called to these securities. The New York otBce is at 115 Broadway. May 26,449,235 23 917 SH*- May 11,097,653 9,982.080 June 10.697,750 10.948,946 Joly 22,840,769!i 23.304,127 July .... 1.3,787,a30 14.159.594 tr«^ (liAS STOCKS AND HORSE RAILROAD SECURI- Angiint 81,644,187 a4,868.52' AunDst 13,824,502 13.854,748 ties made a .specialty by Messrs. Geo. H. Prbntiss & Co., Brokers, 87 September 28,866,(:01 24,51.6,4(17 September 12,016,106 12. 124,984 William Street, Now York. Prompt aiteullon will lie given to all orders . 253,901.188 217.028.61 1 ! Total 1 13.898,835 1()9.9:17.201 for liuying or selling stocks and liOEds of tills class. : : October 19, I8t9.l THE CHRONICLE. 491 1^ discount, selling K diacount @ par; Charleston, buying 'iTlxje M^nUzvs' Oiaiette. 1^(88-10 discount, scllmg jwir; New Orleans, commercM, $1 75.'(<$2dis<;ount; bank, par; St. Louis, 75c. discount; Chi- DIVIDBNDSi cago, 60c. discount. The rates of leading bankers are as follows: The followluK divideuds have recently been announeed October 18. Silly Day, Demand. Onmpany. Bookii Otoied Namtof hankers' rrlme sterling bills on London.. I 82's4 4H3 4 87 ' WALL. STREET. FRIDAY. Oct. 18. 1 NMB.-3 J*. M. The Money Market and Financial Situation. — The «XPerOentJ 492 THE CHRONICLE. [Vol. TL\X, STOCKS—PRICES AT N. T. STOCK EXCHANGE FOR WEEK EVDINU OCTOBER 1§, AND SINCE JiN. 1, 1889. HIGHEST AND LOWEST PRICES Sales Range Since Jan. 1, 1889. of the 8T0CE8. Saturday. Monday, Tuesday. Wednesday, Thursday, Friday, Week, Oct 12. Oct. 14. Oct 15. Oct. 16. Oct. 17. Oct. 18. Shares. Lowest, Highest. ArtlT« KH. Slocha. 28I4 2939 3178 31I2 202,510 Atchlaon Top. & Santa Fe 28^8 30% 32% 29% " 30% 31% 30% 31% 26% Oct. 58 Jan. 2 Atlantic i raollle 4I3 41a 4% 4% •4 '8 5 •4% 4% 4% •4% 5 710 4 Oct. 8% Jan. 14 Canadian I'aoiUu 70 70 >8 7018 70% 6914 69»s •681a 6914 69% 69% 69 69% 2,410 47% Miur. 71% Oct. 2 Cauttda Houtlivni 53'9 54 54 5414 53% 54 5314 53 14 53 53% 2.600 50% .Tan. 56% Feb. 14 Central or New Jersey 125 1251% 11512 12714 XI25I2I26I2 125 126 I2414I25 124% 124% D,170 9234 Mar. 131 Oct 1 •34I3 Central Paclflo •341.1 34% 34% 34% 35 35 35 31% 34% 34 14 34 14 040 33 Mar. ;i6% Jan. 16 Chesapeake &0.—Vot.Tr.cert. 24% 25 2478 25% 25 18 25% 2513 26% 25% 26~, 25% 25% 29,735 15% Mar. 26% Aag. 9 Do do iRtpret.. es Go'i 65 66% 66% 67% 66 14 6718 65 14 66% 64 05 7.081 50% Feb. 69% Aug. 9 ig jig Do do 2dpref... 421s 43h 43 44 14 44 45 !« 44% 4 43% 45% 43% 44 25,945 29% Feb. 45% Oct. 17.. Chloago BnrllnKiim & Qulucy 108 IOSI3 losk 108% 108 109 107% 10816 106% 107% 105% 107 42,521 K9'6 S'ar. lll%Jan. 15 Chicago .* Eaatcrn IlUuois... •40ifl 42 4114 4II4 40ia 40% 4018 4018 40% 40% 40 40 900 40 Oct. 4914 Aug. 12 1)0 pref . . 07'^ i)7H 96 97 98 07 •96 97 96 96 96 96 850 94% Jan. 10734 Aug. 13 Chicago MilTfaukee&Su'i'aul. 71 7II2 7114 717s 70% 71% 7014 71 69 70% 69 6979 113,70; 6078 Mar. 7514 June 6 11. Do pref. 11412 ija 114 !>. 11414 114 114 11378 11378 113% 114 111 113% 2,700 97 Feb. 118 Sept. 30 Chicago & Northwestern 112 I1214 II2I4 112=8 II2I3II314 112 11278 IIII4 U214 111 111% 19,284 102% Mar. 11479 Sept. 12 Do pref. 142 142 142 142 142 1421s 112 14212 142 142 i 141 142 675 135 Mar. 1 44% Sept. 13 97I4 98I4 Chicago Rock Island APaeiUc i)y% 100 9978 IOOI4 99"4 lOO's 99 10012 97% 99 14 29,613 89% Jl.ir. 104% Sept, 9 Chlcaeo St. Louis & PUtsburg. •141a 16 '1412 16 *13% 16 14 14 •14 16% •15 18 100 14 Jan. ly34 1'eb. 6 1)0 pref. •3Hia 3.S •37 38 •36 38 37 37% 38 38% 38I4 38I4 800 33 Jan. 42% Feb. 6 *33i2 33I4 Chicago St Paul Min. & Oui.. 34 •33 12 34 33I9 34I2 33% 33% 33% •3314 6J0 30% Mar. 37 May 23 Do pref. * 100 i 100 100 ' 100 99 98 89 Feb. lt)l%8t-pt. 9 75I3 "7578 78i« 77I4 ClOTe. Clnoin. Chlo. October 19, l889.) THE CHRONICLE 493 LATEST PRICES OP ACTIVE BONDS - BONDS AT N. I. STOCK EXCUANOB, AND BANQB SINCE J IN. I. 188f. doling. liangt Since Jan. 1. | Olofing. Haugt aitust Jan. 1. Railroad Bonds. Railiioad BomM. Oct. 18; ucl 11 Lowt§t, Hiahett. Uel. 18 (Jet. 11 Ltno€ti, BiffkfL Atl. &Pao.—W. U. Inc., «», laiO; IHHil). 12 b. 13 Oct. 2238 Feb. : Bobilc 4 Ohio-Now, «». 1927.. 118% 110 b. 112% Feb. ,120 Oct. Guar., 48, l'.W7 ' ^li-j «a Oct. UHh 83 Feb. General inort., 48, 1938 aSHt 59 I 41% Jan. Iy08,l(i8' 73'2 i Col. H.Val. &T0I.—Cou. 08, 1031 71 60% July 87% Feb St. L. Alt. & T. II.—1st, 78, 1894 113 b. 113 b. Ill Jnly 115 June b.; General gold, 68, 1904 1 71 72 30 July 87 Feb. 2d, mort., pref., 7s, 189-4... 110 a. 110 a. 105% Fob. 112i4juna Denver & KioGr.—1st, 78, 1900 I21^b. 121 2d, mort.. lie's May 123 Sept Income, 78, 1894 . . 107 b. 107 b. 104% Jan. 108 Apr. 78>3 79'^ l8t consol. 4a, 1036 75 Jan. 82% May St. L. Arx. & Tex.—Ist, 63, 1936 80 80 77 JiUy 99 Feb. Denv. & K. G. W.— 1st, 6s, 1911. 84 12 Jan. 102 Mch. 2d, 27 28 9419" 68, 1936 . 14 25 May 38 Feb. 95 73% Jan. 95 Sept. St. L. & Iron Mt.— Ist, 78, 1892 107 106 4b. 105% Aug. 110 Jan. Dcnv. S. Pk'.'i'Pac'.—l8t,78, 1005 86 b. SOiaa. 81 Jan. 04% May 2d mort., 78, 1897 110 109 b. 105 Jau. 110 July Det. B. C. & All).— l8t,);.,08, 1913 104 b. 103 .Tan. 108% Feb. Cairo A Fulton—Ist, 7s, 1891. 102 b. 10214b. lOlUJuiy 105% June Det. Mac. & M.—Ld.sr.3'38, 191ll 36% 32 Aug. 40 Feb. Cairo Ark. &Tex.—l8t,78,1897 104 102^8 Aug. 107 Apr. Dul. & Iron Range— lat, 5s, 1937' 102 a. lOOifib. 9ti''s Jan. 104 Feb. Gen. R'y & land gr., 58, 1931 84 b. 86% 81 Jan. 90"" Feb." E. Tenn. V. & li.-Con., oa, 1956' ..]107 102 Jan. 108% May St. L. & San Fr.—6s, CI. A, 1906 lls%b. Il8%b. 116 I Jan. 121 Apr. Ellz. Lex. & Big San.—6s, 1902. 1 105 b. 103 b. 99 Jan. lo7%Aug. I| 6s, Cla.8S B, 1906 118%b. 118%o. 115,tt Jan. 121 Apr. Erie-1st, consul, gold, 78, 1020 " 137 Mch. 142 July ! 6.3, Class C, 1906 118%b. 115% Jan. 121 Apr. Long Dock, 7a, 1893 Ill b. iVi'b ri0%Jan. 114 May General mort., 68, 1931 116 b. 115% Jan. 121 May Cousol, 0.1, 1935 1 118 Apr. 123 Feb. General mort., 58, 1931 103 b. 101 14 Jan. 108 June N Y.L.E.AiW.—2dcou.68,1069 104'8 104% 98 Jan. 107% May 8. P. M. & M.—Daic.Kxt.,6s, 1910 122%a. 121%a.|ii8 Jau 122 Apr. Ft. W. Ac Deuv. C.-l»t, 0», 1921 100 IOOI2 90 Jan. 101%8ept. Ist cousol., 69, 1933 119%a. 118 b. ] 115% Jau. 121% June Gal Il.&San Aut.—\V.Div.l8t,58i 9478 92% May 95"8Mch. Do reduced to 4 %3 ... 101% 101 %b. 98i4Jan 103% June Gr B. W.& St.P.—2d inc. 83, loill 15>-2b. 16 13 July 25 Feb. Collateral trust, Ss, 1898 100 b. 96 '4 Feb. 100% July GuUCol. &. San. Fc— Ist, 7s,1009!l05ia 101% IOOI4 Aug. 116 Feb. ' Montana Ext. l8t, 48, 1037 ... 87 %b. 88 b. 83i4Jau. 92% May Gold, 69, 1923 1 64 65 63 Oct. 87% Jau. Shen. Val. -Ist, 7s, 1909, Tr. rec. 94%b.l 94%b. 87% Apr. 90 May Han. i: St. Jcs.—Cous. Oa, 119 b. 119 1 1911.1 119 Sept. 124 Feb. ; General 6a, 1921, Trust reo... 37 b. 37%l>. 31 Jau. 40 May Int. & Gt. No.— Ist, Os, gold, 103 104 1 1919 IOOI2 Apr. 109% Jan. South Carolina-Ist, 6s, 1920. . 95^8 96 b. 90 Jau. 101 Aug. Coupon, 6,8, 1909 1 65%b.] 60 2d,6s,1931 02 May 74%Jau. ; 60 a.' 47 Jau. 61 Aug. Kentucky Cent.—Gold 4, 1987..! ' 76 b, 71 "2 Jan. 90 June Income, 6a, 1931 4%b.' 7 a. 5 Sept, 10 Feb. Knoxv. ii O.—1st, Os, gold, 1925' lll>2 111 l^sb. 101 Jan. 112% Sept. ' So. Pac., Adz.— 1st, 6s, 1909-10. 108 b.'lOS b. 104% July 10814 June L. Erie &\Vc»t.—lst,g., a.ill4 58, 19371113 a. 107 Jan. 116 Sept. : So. Pac, Cal.—1st, 63, 1905-12 114 Jan. 18% Sept. Lake 8hore.-Cou.cp.,lst,78,1900 127 b. So. j 12514 Jan. 130 Mav Pac, N. M.— Ist, 63, 1911 105 '4 July 109 14 Oct. Cousol. coup., 211,78, 1903 I |127 b. 124 Jan. I30I4 May Tc'.m. C. I. & Ry.—Ten. D., 1st, 68 89 Jan. 100 Mob. Long I.sland— 1st, con., .53, 1931' Ill6% 11414 Jan. 117% Sept. Birm. Div., Ist, 6s, 1917 89 Jan. 99 Mcb. General morl. ,4a, 1938 09 b.!looi4b. ! 92 '2 Jan. IO214 May Tex. & Pac—lat, gold, 5s, 2000 85% McU. 94 May Loui3v.&Na8hv.-Cou.,7s,1898'll6'2b.illfi%b. 117 Oct. 121% Mch 2d, gold, income, 5a, 2000 34 Mcb. 40 Apr. E. H. &N.—1st, Os, 1919 1 ill5 b. 114%June II8I4 May Tol. A. A. & N. M.—lat, Os, 1924 Meh. 11014 June I114 General, 68, 1930 b.!ll4i2b.!ll2 Jan, 118 '4 May Tol.A. A.&Gr. Tr.—l8t,68, 1921 112 b. 112 0. Jau. 120 June Tru.8t Bonds, illO 03, 1922 b.'llo b.llOOi^Jan. 115% May Tol. & Ohio Cent.— Ist, 58, 1935' 102 1 101»8 Jan. 104% June ' - 10-40,08,1924 -.J 101 12 Jan. 106 Apr. Tol. Poo. & West. -lat, 4a, 1917.. Apr. 82% June 50-year Ss, 1937 98 Jan. 107 Sept. Tol. St. L. & Kan. C.—l8t,69, 1916 92% Jan. lu5 May Collat. tnwtoa, 1031 lOl^ab. 104 14 90 14 Jan 104% Apr. Union Pacific-lat, 6s, 1899 Jan. 121% July Louis. N. A. &Cli.— l8t, 6.8, 1910 11712b. 113 112'4 Jan 122 June Sinking fund, 88, 1893 114%b.ll) b.!ll4 Sept. 120% Jan. Consol., gold.Oa, 1016 1102 102 93 Jan. 106 Sept. Kausaa Pacilic—Ist, 68, 1895 . 110 b.'llO b. 110% Aug. 112% July Louis. South., lat g. «9.. I917I 97% 9778 95 Aug. 9938 Aug. lat.Os, 1806 lll%b.'lll b. 109% Jan. 112% May lx)Uih.St.Ij.&Tcx.,l3tg.6a.l9l7l 99'4b. 100 96% Aug. 100 Sept. Denver Div.—63, 1899 117 116 b. 112% May 11; I4 Oct. Mem. & Char.—Os, KoUl, 1924...ll05i2b.ll04''8b. 102% Jan. 10938 June Istoonaol., 68, 1919 III6 b.|116 112 Jan. 117 Apr Metro. Elevated— l.st,Os, 1008..Ul6'4b.lll6i4b. Ill's Jan. 12l> June Oreg. Short Line—l8t, 68, 1922|ll4i4a. 114% Ill Feb, 115% July 2d, Os, 1 1 899 1 108 108 "sb. 106 Jan. 111% Mav Virginia Mid.—Gen. m, .58, 19361 89 I 89 b.l 78% Jan. 90 Apr. ' Mich. Cent.— l8t, con., 78, 1902.1129 b.ll29 b. 129 Oct. 133%Mcii. Wab. St. L. & P.—Oen.,03, Tr.reo. I ' 37 Apr. 5114 Sept. Con.sol.,53,1902 I I.. .. 110% Oct. 114 M.-iy ChicagoDiv.— 5s, ]910,Tr.reo.' 110314b.' 88% Jan. 104 Aug. Mil. Lake Sh. & W.—1st, 0«, 192ll I 118% Jan. 128 Sept. \Vabasb—M., 78, 1909, Tr. rec' '100 b. 86 Jau. 101% Sept. Conv. ...I debenture, .5s, I 1907 92% Jan. 105 Oct. Tol. &W.— Ist, cxt., 7s, Tr.reo. 103 b. 103 14b. I 89%Jan. 103% Sept. Milw. A;North.— L.,08, M. 1910.!l08 b.'lOS b. 100% Jan. Ill Apr. lst,St.L.Div.,7.s,1889,Tr.rec. 103 b. 103 14b. ' 93% Fob. 103% Aug. l8t. Con., 08, 1913 106 b. 100%b.il05i4 Jan. 109% Mch. 2d, extend., 78, 189.3, Tr. rec' '102 b. 87 Jau. 103 June Minn. &St. Louis— lat, 7.3, 1927 92 b. 90 Jan. 100 Sept. Con.,conv., 78, 1907, Tr.reo.! 99 b. 100 4b. 85 Feb. tol Aug Mo. Kan. & Tex.—Con., 08, 1920 63 H3i4b. 53 Apr. 65 ^8 Scjit. Gt. West.- l8t,78, 1888,Tr.ree. 103 b. 103 '4b. 89 Jan. 103% July Conaol., ,58, 1920 SO^sb. 57 b. 50% Apr. 60% June 2d, 73, 1893, Trust receipts. 102 102 b.' 86 Mob. 1 02%.rune Couaol., 7», 1904-.5-0 93%b. 93%b. 87% Mch. 97 June West Shore—Guar., 4s lOo^s 100 102% Jan. 109=8 June Mo. Pacitic— Ist, cou., Os, 1920.lll3%b. 114, b. 110% Jan. 115% Apr. West. N. Y. & Pa.- 1st, ,5, 1937.1 97%a.l 9514 Jau. 101 Apr. 7a, ' 3d, ! 1906 ! 119%b.ill0% Jan. 121% Apr. 2d mort., 3g., ,5ac., 1927 34 a.'33i4Au«. 44 Feb. Pac. of Mo.— l8t, ext.,48, 19381 99i8b.| 99 b.l 97% Jan. 102% June West. Un. Tol.—Col. tr., 5.s, 1938 103 b. 103 93'8 Jan. 106 June ' 2d mort., 78, 1891 1 |103 Oct.. 105% Apr. Wheel. MOTB.—The letter "b" inlioates price bid, au-i "a" price culced: all other prices anl the range are from actual sale*. STATE BONDS. SECURITIES. Bid. I Ask. SECURiriES. Bid. Ask. SECURITIES. Bid. Ask Alabama—Class A, 4 to 5 1906 103% . Ml3,souri—68 due 1889 or 1890 101% Rhode Island—6a, cou.. 1893-1 894 110% Class B,5« 1906 107 111 Asylum or University, due 1892 IO4I4 South Carolina- 09, non-fund. 1888 4 Class C, 4b 1 906 Funding 1894-1895 110 Brown consolidated, Oa 1893 102 103% 90% I 68,10-20 lOOOi 100% New York—6s, loan 1892 IO8I4 Tenne8.sec-6a, old 1892-189,S 67 Arkansas—Oa, funded].. 1890-1 900 12 16 63, loan 1893 IO8I4 Compromise, 3-4-5-6S 1912 78 So" Jb, I-ittle Hock & Fort Smith 188.1 8 North Carolina—69, old J. * J. 35 New settlement—68 1913 110 78. Memphis * Lilflc Rock las...' 15 Funding act 1900 10 58 1913 101 104% 78. Arkansaa Central RR 6 I 10 New bonds, J. 4 J... .1892-1898 20 38 1913 71 "4H | Georgia—78, gold 1890' 101%' Chatham RR 5 8 Virginia—68, old. Louialana—7R, cons 1914' 105 Special tox. Class 1 5 8% 6s, oonsoiidatcd bonds I StaHijied 4s I 893b 89% Consolidated 48 1910 96 97% 68, consolidated, 2d scries Mtohigan—78 18901 106%! 68 19191 123 126 6s, deferred, trust rcccipta. MJ 4 . . 494 THE CHUONICLK [Vol. XLIX. liEJSTERAL QU0TAT10.V3 OF STOCKS ANTD BOXUS. ».v oniar iia ictil ini are fnxnioncly per share. aaotatlonn In Hew York reproseat the per i\ont vaLie, (Tir*tovop cue par m Ue : male thefoU,.wln«al)l.rBvl.itloii8areoft6aa9e.l, vrli.: "M.," for m>rt<* Bid. Ask. BEODKITIBS. Bid, Ask. Dkitkd States Bosds. Bid. Ask. ClTT BKCURITIES. ClTT I - .' 113 BONDS. Baltimore— (Ccntliiued) Montgomery, Ala.—68 . . . UNITED STATES 102 107 4>«»,1891 r*g..Q—M l0.^>«!l06 6s, bimnty.exeiupt, 1893..M& 8 109 5a, iiew ,.... 1£ 106 4i«S, 1881 eoup..Q—M 106»a 106 5b, water, 1894 M&N |100>4 Newark—4s, 1906 Ul 68,1900 Q—J 120 120Jg 4>ts, 1896 104 105 116 117 4s, 1907 eoup...Q—J 127 127>s! 68, West. Md. RR., 1902.... J&J 121 58, 1909 Currency, 1895 reit....J&J 118 58, 1916 M&N 125 68,1910 V»i §1'22 l'2t 6«, Vai §114 116 6b, Currency, 1896 reg....J&J 120 48, 1920 Q-J^ 110 7s, 18»5 Currency, 1897 reg....J4J 123 Bargor, Mc—WMter.es, '.905. J&J M22 123 7s. Aqueduct, 1905 Var^ 132 135 6s, 5132 134 6a, Currency, 1898 reg....J&J 126 E. « N. A. KR. Ba, 1894 J&J Jl"? 107'« New Bedford. Mass.—68, 1909. A&O Mi'5 l(,0 102 6s, Currency. 1899 ree....J&J 129 Bath, Me.—68, 1902 Var 110 4 3'ss. 1910 AAO STATE MECVKITIE^. 4iss, 1907 J&J 5100 '103 N. Brunswick, N.J.—7B,water, 1904 1C» Vai 105 AUbam»—Claas-A," 3 to 5, 1906.. l«S 104 19 Belfaet.Me.-6s,railroadald,'98.. §107 109 68.19116 . . 140 OlasB " B," 58, 1906 108 Boston, Mass.—Water 68,1906. Var 5l31's 132>9 New Orleans. La.— Premium 5s 10«>^ 0U8B"C," iB, 1906 Sfa Water 6s. gold, 1906 Var 5120 jl20is! Cons. 6s, 1923, extended J&J IOOI4 IOI 6«, 10-20, 1900 J* J 100«i, Water 48. 1917 V..r §1 lOia Ill's, 5s, 1931 J&D Artaneas—6s, funding, 1899.J & J 12 16 Wat Hew Jersey—6s, 1897-1902. . . . J&J 4s, 1903 J&J 105 1 58, 1921 A 1922 J&J 103 6s. exempt, 1896 J&J Columbus, Ga.—78 Vai 110 48, 192 I Nsw York— ««. gold, 1892 ... A & O 5s 105 Rochester, N. f.-78, Water, 1 903 .. 6s, gold, 1893 A&O Covington. Kv —7-30», 1892 FAA 107 "s 48, 1912 FAA BTo.Carolina-6e, old, 1886-'98.J&J 7-308 Water Works, 1890.... A&O 8t. Joseph, Mo.—68, 1903 F&A 68 N. C. RR., 1883-5 J A J 48, 1927, new J&J Oomp'miae48, 1901 FAA 6a do 7 coupons off ...A&O 58, 1920 F&A 113 St. Louis, Mo.—68, 1899 Var 6s,fnDdlngactof 1866 1900.J&J Dallas, Texas—8s, 1904 6s,gol.l, 1894 6s, new bonds. 1892-8 J&J Water, 68. 1900 112 58, 1900 6b, Chatham RR A&O .5.S, Street Improvement, 1928. . 105 107 48, 1905 6b, Bpecial tax,clas8 1,1898-9A&0 Detroit. Mich.—78, 1894 F&A U'2 115 3-6J.8, 1907 4s, now, cous., 1910 J & J 6s, W. L., 1906 J&D Sl2'< St. L. Co.—6s, 1905 AAO 68,1919 A&O 3>2S, IMll J&U 5.0O 91. Paul, Miun.—18, 1912 10»- Penna.—58, new,reg.,'92-l 902. P&A Elizabeth, N. J.—New 13.1912 J&,l 85 4'ss, 1916 116 4«,r6g., 1912 P&A EvapfVille, lnd.,comprom. 48,191 80 ."^s. 191.S §115% 121 >i Rhode Isl'd- lis, 1893-4, coup. J &J Pitchbura, .Ma8B.-tj».'91,W.L..JAJ §103 68.1904 -. Ij^-^, South Carolina—68,Sou-fujul., 1888 Galveston, Tex.-8s.l893-1909..M&!:< nol 1898 :§l.ioJ« 121 j 7«, 125 Brown consols 103 14 58, 19'20 J&D 8», 1-97 '§124 "s Tennessee— tia, unfunded cons. 1909 Q- F lob's 108 Hartford, Conn.—6s, 1397 l&J §110 Savanuah—F'd 5s, . Oonipromise boud8,3-4.5-68, 1912 'so" 10-^5 years. 4»sa, 18^0-1905. J&J §1 •<> SlTiUKneld, Mass.—Os, 1905. .AAO, 51-0 130 Settlement, 6s, 1913 lO^li iHoboken, N. J.-78, IS91 AjtOI 107 78,1903, water loan; A&O i35 137 Settlement, 58, 1913 lomi ' Improvement bp, 1898 J&O §116 Toledo, O.—7-308, RR., 1900.M & N izl 123 Settlement.. is, 1913 74-, do .=.8,1901 M&N 88,1893-94 Var HI 113 §ll2ia 113>S Texas—68, 1892 M&8 'Houston, Tox.- 63 101 tj.-<, 1899 Var 7s, gold, 18'.J0-1910 M&S< Compromise 5s, 1918 58,1-93-1913 AAO §lu-2'« 103 I 78, gold, 1904 J&J IniUanapoli8,Ind.~"D"7-3,'99.J&J 48,1913 Vur.j5 97 99 Vermont—68, All Dist. ol Co . 1890 J ! 68.1897 J&J Washmgton, D.C.—*ee Virginia—6s, Old, 1886-'95... J & J Jersny City— Water 7b, 190i... Var Worcester, Mass.—6», 1892.. .A&O 106 lOO"* 6a, new bonds, 1886-1895. .J & J WaterOs, 1907 JvJ 5s. 1905 A&O 11718 119 6b, consols, 1905. ex-coup J&J 40 Funding 6s, i909 F&A 48. 1905 A&O lob's li7>ft 6s, oousol., 2(1 series J&J Hudson County &s, 1905 M&S 3'ss. 1905 J&U, 101 102 68, deferred bonae. Trust reo Hudson County, 68, 1905 J&J KAILit4U.4D BONOS. Tax-rec'vable coups., from cons'le 66 Is Hudson County 7s, 1891 JxU (Bonds of companies coiisoVmti witl Do from 10-40s. 27 Bayonne City, 7s, long J&.l be found under the coiuol'd name.) 120^ New38(Rl OCTOBRB 19, 1889.] THE CHRONICLE 495 GENERAL QQOTATIONS OP STOCKS AND BONDS—Oontinuid. For Explanations See Notes at Head or PIret Paxe of Qaotatioae. Railroad Bonds. Bid. Aek Railroad Bonds. Railroad Bonds. Bid. Ai.k. Atoh. Top. & S. Fc- (Continued)— Ohio. Alton—(Con tliiuod) — A Cln. I.,ob. A Nor.— ist, 6f, 19H(J&.7l 10 >• • Bouili.Kiin.-'an, Ist .'in, 16'26 .MAS Bds. Kan.C. llue,6B,g., 1903. MAN Cln. Rich. '».'> 1 AChlc— lat. 78, ! 1 Hg TexHs Oiv., I at f>a, 1927 ..MiiB Mlaa.Klv.nridge, lsl.,».f,,(j».l912 Cin. I. St. I.. A Chic—Con. 61. I Inuome i s, 10'27 78 Lonla'aA .Mo. R.,lst,78,l900FAA 1st gold la. 1930 I ...i K.C.Toi)i'kaAW..latM.,78.(?...7A-.)Iil09 Louls'rt AM.i.K.,2d,7H, 1900 JI&N Clu.AIndlaiiap.. l8t.,7s,'92 .1 '•> do IncMiiiif 7h. mas ilOO St.UJaeks'v.aC. lsi,7s,'»l,AAOI 2(1 .M..7H, 1892 1 lT.MeT.&8(>,Piic.l»t,78.1909.AA-(i 5 106 do l8lgu.ir.(564),7»,'94AAOi Indianap. C. & I,., 7s. 1897. . I Pueblo J; Ark. v., Ist, 78, K.,llKi.').^lOi do 2ilM. (3601,78, '98. JAJ Cln. Laf.AC— lst.78.g.l901.M&.-^,;ii; Bonora, l»t, 7». 1910. Kuar.. JAJ § !'ls\ do 2d guar. (1881 7a,'98.J&J , Cln. Rich. AK.W.— l8t,7s,192lJ&l {111 117 WlohltaAS. W., J IDO I8t,78./t.,giia..l90'2 Chlc&Atlantic—lBt. 6,1,1920. I ...... MAN LClnn.Sand.A Clev.—es, I9OU..FAA iiomioa . Atlanta & Cb»rlof,te Air L.— l8t.7B 2d. ds, 11)23 FAAl 32 2.1 mort., j 78, 1890 JAI) il01>4.l01l*. Income. 61", liiOO A*0 Chic. B.A(i.—Cons., 78, 1003.. JAJl 129ifl 130 I Consol.mort.,.^8, 1928 JAJ ;io3 1104 . Atlantic City— l«t. 5sg .' 919. M*N Bonda, 58, 189.') }101 J&D 106** ^'l'*^l'-''?'^-<-'C * 1, 1901.AAO 'II5 1 Atlan. * Uaii.— l»t(f. ts. 11»17.A&0 96 "4 5s. sinking 10414 fund, 1901 A&OI 78. guar., L.S.& M.S., iOOl.. •115 ' Atlantic Pa«.-l8r48, A.io A 1937. .J*J 7o% 58, debenture, 1913 -M&N 106 107 Cln.Wa8h.4B.— l«t,gu,4'«»-68MAN 100 101 W. D., 2(1. );ll.g.p.f.(i8. 1907.. M&S Iowa Div. 58, 1919 AAO Jill 112 2d mort., 58, 1931 tU>l W. D. incomes, 1910 JAJ A&O Iowa Div., 4a, 1919 A&OI 97 3d mort.. gold. 3a-48, 1931. .FAA 'tT't Central Div., old dp, IS91 4a, Denver Ext., 91 1922 F&A 92% I Income .58, 1931 10 do Incomes, (is, 1922 4a, plain bonda, 1921 M&S 92 Bait. Short I.., lat, 7e, 1803. JAD do ace. Id. j,'r. (58.1S91 Plain, 7s, 1898 J&J l'l3' Cloarf. A Jelf.-lat.Os, 1927 118 Augusta Knoxv.-7s. .JAJ & IMOO . J&J Neb. Kxt., 48, 1927 M&N 84 S. 945s [Clev.Akron&(;ol.— l8t,8s,1926J&.I »lu3 Baltimore A onio -New 48 I09-%1110'4 A&O Bur. A Mo. R., I'd M., 78,'93.A&0 0"n. M., g., 5a, 1927 MAi « 97 '4 58KOlrt, 19;i,5 109 F&A Bnr.AMo.(Nob.),let,0s,1918.J&J UiOs, 120 Clevo. &Canton-lst. .58. 1917.J&J V6^ 97 Consol. gold fis, 1988 F&A do Cons, 6a, nou*x..J&j }104'» 108 Clev.fJoi.ClH.AIud.- 18178,'99.MAN 123 124 • ParJiBrshurif 122" Br., 68, 1919... A&O do 48, (Neb.), 1910... J&J 5 90 91 Consol. mort., 78, 1914 JAD 130 Seliuyllilll Kiv. Eaat81de.^s, 192.=. lo.=i>a do Neb.RR.l8t,78,'9flA.t(i 5ll<> 112 Cons. S. F., 7s. 1914 Sterling, JAJ 418, l'.»33 A&O 105 do 0m.&S.W..l.st,8».lS96 5119 121 Gen. con. 6s, 1934 JAJ 122 123 3teriin»(, Ss, 1927 J.tD 109 m. Grand Tr., lat.Ss. '90.. .A&O 5l03>a 1U4 Belief. A Iiid. M., 7s, 1899... JA.I Sterllnf?, 6s, 110 1895 M&> Ott. Osw. & Fox R., 8s, 1900. J&J 5125H 126 Cleve. & iMah.Val.— G. 58, 1938J&J 107 Sterling niort., 115 68, g., 1902. .MAt- (luincy& Wiirs'w, lst,8«,'90.J&JIJlo3 103 Hi lOnev.A Pitts.—4th M., 68, 1892.J&J 101 9g do 68,g., 1910. M&1>: 125 Atoh'n & Neb.— 1st, 7s. 1908 M&S|5l25 12&S Consol. 8. F., 7s, 1900 Balt.APot'c— , M&N l8t, 6e,g..l911A40 Repub. Val.. let, 68, 1919. ..J&J §107 l07's]|CoIoiado Mid.—lat, 68. 1936. .JAD, 101 l8t, tunnel, 68. K.,g'd. 1911. .r&J ;hio. Burl.A Nor.—58, I926..A&0I5IOO 100 '4 1 Columbia & Or.— 1st, Gs, 103 loe Beech 1 1916.JA.I Creek— lut.g'ld, 48.1936,JiJ I'd. (8, 1918 J&D § 97 OTWill 2d mort., 6s. 84 BeU'sGap— 1923 AAO 1st, 78, 1893 J&J Dobent. 6s. 1896 J&D 5 06^ 97 Col. & Cln. .Mid.— 1st, 6s, 82 BelvldereDel.— 1911. JAJ l»t,6s,o.,1902..T&l) £k]U'pment 7s. 1903 FAA 5 99'* 100 Colum. Uook.V. A T.-Cou.5h,193I 73 73>a Cona.4a, 1927 8II4 .. F&A lOlS Chlo Kan. A Weat'n.— let, 58, 1926 5 Gen. Hsgold, 1904 JAD 71 Boaton & Albany—7a, 1892. ..F&A 108 Income6s, 1920 i 13 14 Col. AHook.V.—lstM.,79,"97.AA< ' 108 112 „6e,1895 i;2i..; jAj Chlo.&EaatCU.— iBtmort. 68, 1907 120 do 2d M., 78, 1892. J&i 102 Boat. Ceuc. di Mon.— i 'ona. 78, 1893' 1U8»4 l8t. COD., 68, gold. 1934 .... A&O 120 i25 Ool. A Toledo—l8t7s,1905.F&.\ 113 Conaol inoTt., 6H, 1893 AAO 10411 Gen.con., lat, .58,1937 M&N 103 XOo^S do 2dmort., 190O.MA3 )l(i2 Impioveiiietit e.", IDll.. j&J 111 Cbic. A Gr. Trunk— lat, 03., 1900.. 101 OhloAW.Va.,l8t,s.f.,78,li.iO.MA.\ 1O8 Boston * Lowell— Ohic. 78, 1892. . A&t AOt.W.- l8t,g..58,193ti.J&D • Col. Spring!.& C.— lat. 78, 1 901. M &.- 112 114 68,1896 112', Ch.Alnd.CoalK'y,l8t58,1936 lOl'^a jX) J&J lu2 Col. *. Rome.— I St. 63. gu.Cent. On. 103 IVi 58, 1899 :;:j&j 1.0 Chic. Mil. A St. Paul— C0I.& West.— 1 St, «8. guar Cent. Ga. 110 114 19o,?-K-7 18, Var 104'4 P. du C. Div., 1st, 88, 1898. PAA 125 'a I26I4 Col. A Xeuia— Ist M., 78,1390..MA." |10I% !>««, 1903...: M&^ 108 P. D.,2d M.,7 3-l08, 1898 .F&A ViO Conn. & Passump.-M.,78,'93.A&0 illO'i iY6r. Cow. & Ant.— Deb.fia, •98M&N Bradford Bord. & K.— Ist.Os, 1932 Hast. & Dak. Ex.lBt,78,1910.J&J 121 Cuinb. & Peun.—Iat68.'91 M&8 Bradf.Eld.A Cul)ii-l8t.68.1932J&J I do 58, 1910.... J&J l04% 105", Cumberl.Val.— l8tM.,88,1904.A&o| |..-. Brooklyn Elf..— 1st. 124*4 12) 68, 1924. .AftO Chlo. & Mil., lat M.,7e, 1903.J&J Dayton & Mich.—Con. 5s,19 11 . JifeJ JIOT m08 Mraortg, 58. 1915 91 120'4 1^714 J&J Consol.. 7s, 1905 JAJ Dayton & Union— Ist, Ts, 19 .9J&D §125 | Uuioi. M.— 1st, 68, 1938 M&N 108 let M., I. & D. Ext., 78, 1908J&J 124 Dayt.& West.-l8tM.,6s, 1905.J&J §il3>a US'* Bruns. & West, Ist, 4s, 1938.. J*J let M.,08, S'thwest Div.l909J&J Istiuort., 78, 1905 J&J 121 Bofl. Brad.& P.-(ien.M.78,'96.J&J lstM.,58. LaC. &Dav.l9i9J&J l04 10ti>s Delaware—.Mort., 6a,guar.,'95. JAJ gnfl-N. Y.&Erie-lst. 7s. 1916.J&D 142^8 80. Minn. 1st 68,1010 JAJ I16 lis Dei.A Bound B'lt—l8t,78,1905F&A 132 134 Bufl.Roili. & Pittsb.—Gen.Ss, 1H37 •Chic. A Pac. Div. 68, 1910 ...JAJ 117 Del.Lack.& W.- Couv.7s,1892 J&D 108 >s Eoch. & P., ist, 6?, 1921. F& li3 do West Div., 58, 1921. J&J 107 ibs" Mort. 7a. 1907 M&a Cors..l.. 1st ^B, 1922 J&j) 121 Chlo. & .Mo. Riv. 58, 19i6....J&J 101 1U4% Den. & R. G Ist 78,KOld,190O.M&N iifl'ii 122^4 Bafi.& Southwest.- 68, 1908. . J.&J Mineral Pt. Div., 58, 1910. ..J&J 107 lat COM. 48, 1936 J*J 78 79 Bail. ( . K. & JV.— l8t.58,uew, 1906 icio'" Chic. & L. Sup. L>Iv., 58, 1921J&J 103ia Impr., g., 58. 19'28 I&D S3% 84^ Cons.lst&col. tr., 58,1934. A&O Wi8.&.Mi»n.Div.,5s. 1921. ..J&J 1U4»2 Denv.& Rio G. W.— l8t.6.»,as.3.Tr.ro. i<4'« 95 (,'. 89i« Iowa & W , lat, ltJ4V 7s, 1909 M48 Terminal 5s, g., 1914 JAJ Deuv.S.P.iVPac— l8t,78.190d .M&> 85" 0. Rap.l.F.A N.,l8t,6e.l920.A&O Dubuque Div., 1st. 6s, 1920. JAJ 5ll2'4 1121s De8M.& Pt.D.— Guar.4a, 1905. JA.I '*''„ '*'- ''"'' 1921. ...A&O Wis. Val. Div., Ist, 6s, 1920.J&J 5I0C5^ I0i>a Ist mort., guar., 2148, I'JOo J&J 48 CalUor.r, ,.. Pao.-lstiyf.,4'j8,1912J&ji lOd 112 Fargo & South.- 69,a»8.1924 JAJ let .M , on Ext.,guar. 4a,l90.^.J&J 85 2d M.. '9 68, g., end C. Pac, 1 loi la Inc. conv. sin. fund r,a, 1916 100 Det.&B.C.lst,88,eu..M.C.1902.M&.> . .J&J i JA.I 8d M. (guar. O. P.), 68, 1905. J&J 5104 ll'i' Dak. A Gt. 80. 58, 1916 JAJ Det. K. C & Alp. Iat.68.19l3 J&J 101 104^ ''" 60 ser. 19:^9.. 96 Det.G.Haven&.Mil.— Equip.ea.lOl-'lell J 120 ,^J?P ^ . 38, 1905.J&J? Gen. g 48. A., ..J 'J Camden 4 Atl.—l8t,78,g.,'93..J&J 108 Wlacousin Val., latTs. i909.J&J5 - - Con.M.. gu.ir. 68, 1918 A&o:«115 120 Zd mon., I. 113 08, 1904 A&O Chlc.A Nonhw.—Con.78,1915.u— 115 Det. U« North.— lat. 78. 1907.J&J J112<« Cods. (,-8,1911 j&j Consol., gold, 78, cp., 1902. .JAD 129Si LKO Gr.Rai>.L,.& D., l8t,5s,1927.M,ttS } Canada So.— let f58,^uar.,1908,J&J Sinking fund, Os, 1929 AAO 118 Diit. Mack.& M.— Ld. gr. 3 His. 8. A. "aT'i Zdmort.. 58, 1913 MAS do 58,1929 A&O 108 Dub.&S. City— l8t.2d Div..'91.J&.l 108 CapeF. &Yad.V.,lst.K8,Sor.A,lt»16 do debeul.,59,lU33..VI&N 111% 115 L.uU;th&lrouR.— l.st,.58.1937 Jl&i> 99is 100% letds, ser. B, 1916 Exten. bds. la, 1926. F&A 98 99 D muu 8 sh. & Atl —58,1937.J& J 92'9 94>s CaroliJiuC'eut.- l«i,b8,);.,2600..f&J 25-yr8. deb. ^a, 19i)9 M&N 106% 107 Dunk.A.V.&P.— lst,79,g..l900J&l> ilo Catawlosa- M ort., 78,1 900. ... F&A Eecan.&L.Sup., 1st, 6s, 1901.J&J lU E.Tenn.Va.&Ga.— l8t,7s,19O0J&J Cedar F. & Min.— let, 78, 1907. J&J Des M.& Minn's,lst,78.1907.F&A Divisional, 58, 1930 J&.I Cent. Br. U. Pac, l8t8,6s,'95.M&N Iowa Mid., let M., 88, 1900. A&O 126 liiO Consul. 5e, g., 19.36 M&N Fund, coupon 78, 1895 MAN Peninsula, l8t, conv. ,7s, '98. MAS 120 let Ext., gold, 38. 1937 J>«D Atch.Col. 496 THE CHEOJSlOLE. [Vol. XLIX. GENERAL QUOTATIONS OP STOOliS AND BONDS—Oomtincbd. For Bcplanatlon* Sea Vote* at Head of Fir«t Paxe of Qnotatloa*. BAtl^OAD BONim. Bid. Aak Railroad Bonds. Bid. Ask. Railsoad Bonds. Bid. Ask. Ga.Carol.ANo.— lst,5s.g..l929.J*J 101^ 101^ I- 8T.N.A.AChlo.-l8t,68,1910. JAJ 117H H. Y. Lake Erie A West.-(C'nt' d). 98i* 102 >« Oa. So. <& yio.- let 68, m, 10'.27.J : 3i« Oona. 3dM. 58, 1895 AAO IOII9 Ss. 1923 (extenaion) JAK 1051s 3d mort. Inc., 58, 191> 21s nUnoisCoD.— l8tC.AS.,68,'98.JAJ 11^^ 88, 1925 (Mary. A West.). AAO 108 S Leased L. rental trust, per deb. 4^ : 90 93 Ist, Kold.4a. 1951 JAJ 108 109 Meinpb.A Charl.- l8t,7s, 1 91 5.JAJ Weat. ext. oertifa, 8a, 1876..JAJ : 73 78 Oold,3i«8, 19.M JAJ 91' 2d mort., 7s, extended, 1915.JAJ do do 7a, guar. Erie 1 70 75 Col. tr., KOUI. 48, 1952 AAO 100 101 Istconsol. 78, 1915 JAJ S.Y. Phil. A Nor.- lat, 1923 ..JAJ iim Middle Dlv. re);. 58. 1921. .. FAA 115 Ist. conB..Tenn. lien, 78,1915 JAJ Income 6s, 1933 AAu 50 501s Sterling, 8. F., Ss, g., 1903. .AAO «105 lOT Gold, 6b. 1924 JAJ N.Y.Susq. A W.-Deb. 68, •97.FAA 8terllng,geu. M..68,g.,1895.AAO clOJ 110 Mitrop'n Elev.— lat, 6s, 1908. JA.I iBt refund., 5a, 1937 JAI 101 14 102% Bt«rUng, 58. 1905 JAD el08 110 2d 6a, 1899 MA."< 109 2d more., 4is8. 1937 FAA 79 60 OUe.8t.AN.O.— iBt con. 78, 1897. 121 122 Mexican Cent.—Con. 48,1911.. JA.I 661s Midl'd of N. J.-lBt,68.1910.AA 97 '35 adm. Inc. !'it. 1948 JAJ 30 2d M.,8er. 8. Inc.,08,1917.. April 17 Clinch V. D.,]strq.5s,1957.MAS 98 98 1« 109 Ind. Deo.ASp.— l8t,7a.l90e.A&0 II 101 Mlou. Cent.—Con80i.,78, 1902.M AN 129\ 139 Norrk APeter8h.,2d,88, '93. J«. 111 111 5-6-8s,'90-19ii0 lOOis Ind'poUs A 8t . L.— 1 8t,78, 1919.Var. Mt4 Consol. 58, 1902 MAN 115 So. Side, Va.. ext. Ind'apoUsA Vin.—l8t, 78, 1908.FAA 118 1st M. on Air Line, Sa, 1890. JAJ SlOOlj, 10(i% do 2d M.,ert.^-69,'!»U-190^ 101 Sd mort.. 68, g., guar., 1900.MAN 104 Air Line, 1st M., Sa, guar.. .MAN HOI'S lu2 do 3d M.. 6s, '96-19O0.JA.) 105 lllt.*Gt.NortU.—l8t.68,1919.MAN 104 105 6s. 1909 MAS Va.ATenn., 4th M.,8s, 1900.JA.I I2i 125 2dooap. 68, 1909 MAS 60^ 63 8s, coup., 1931 MAS 114 II514 do extended 5s, 1900.J A,l lii2ii lowaO-nt— l8t g.,58, 1938. JAD 87>« 88 J.L.A8»g.Cons.l8tM,88,'91.MA8 5105 10,Si< North Penn.— lst,78, 1896. ...MA.v 119 I'aFaUs A 8.0.—Ist, 78.1917. AAO 13119 132 do ea.1891 MAS lOJ 1031s Gen. mort., 7s, 1903 JA.i 129 Jaoksonv.H. E.— let. 88.1!il0...JAJ 5 117 Jollet A N.Inrt.,l8t,78 (guar.M.C.) Debenture 6a, 1903 ... MAS Gen. ii.ort. 6s, 1912 JAJ 100 .MIdd. Un. A Wat Oap— lst.?is.l911 98 101 Northea«t.,S.C.— 1st M.,88,'99,Ai V.- 126 Cli. P.ASr.L.,l8t,.^8.g.,1928.M.t8 94 2d 58. qnar. N. Y. 8. A W., l-i9H 77 81 2d mort.. 88. 1899 M.V- 122 Ldtch'ld C.A W., lBt.ti8,19l6.JAJ 98 Mil.L.Sh.AWeat.— lat68,1921.MAN Consul, gold. 68, 19'13 JAJ 105 106 Ix)uli>ville & St, L., .58, 1B27.AAO 100 Conv. deb. 58, 1907 FAA 105 Northern, Cal.— lat. 6b, 1907. .j«j 105 Jefferson— I et 5s, gUitr. Erie . . 1 90-t 104»8 Its'! Exr, A liMp. 8. t g.5s, 1929. -FAA 105 Northern Cent.— liss, 1925.. AAO JeS. Had.A Ind.— 1 8t, 7a,1906.AAO &115 lie Mich. Dlv., Ist, 6s, 1924 JAJ 2d mort., 68, 1900 aao 118 121 2d mort., 78, 1910 JAJ ^I23is 124>4 Ashland Dlv., 1st 68, 1925. .MAS Con. mort. 6b, g., coup., 1900.JA.I 119 Kanawha A O.— Ist da 1936 JAJ Inooues, 68, 1911 MAN Hort. bds., 5a, 1926, serlesA JAJ ilT Kan. C.Ollurnn A 8pr.— l8t,58,1925 uii' St. P.E. AGr. Tr'k, lat, guar.. Ms. do series B 111 Pleas. Hill A Dn Soto, Ist, 78, 1907 120 MU. A No.— lat, 6a, 1910.. JAD I18 liO Cons. M. 6a.,19ti4 JAJ 120 Kansas C. Lawr. A 80. Ist, 6s. 1909 1U0>« lat, 6s, on extension 1913. .JAD lOtf 108'8 Con. mort, stg. 68, g.,1904...J lAhe:taoi'e.cons.,ap., l8t,7a.JAJ 126 liS Car. B.. lat , 6i, g. 1893 AAO North. Pac. Ter. Co. lai,68.'33..l A.I UOls do oon8..reK.,l8t,78,1900.Q— l'J5 12 J 3d mortgage, 7e, J906 MAN 118 Norw'h AWor.—l8tM..6s.'97..M >8 116 117 do oon8.,op.,2d,78,1903..J&D 12U1»j 100 Is 101 do C0U8.,rGg.,2d,7s,1903.JAD 127 Leioy A C. Val., U ,53.1926..IAJ Sinking fuud, 8s, 1890 MA..~ tOa% 101 Habon. ('oal RK.lat,5»,1934.JA.J 110 MoblleAO.— l8t,g'il,6a, 1927.JA 119 123 Consol. ,68, 1920 AAO 103% lot liehigh Val.— lat, 68, 1898.... JAD Vii'^ Hals Gen luort.. 48, I938 Mji8 5-1 5.^ Income, 68, 1920 20 21 2d mort.,7e, 1910 MAS 137 lat Extension es. 1927 Q— 107 114 Ohio L A W.— Ist pfd.5s,1938. Q J loO Gen. M.. 68. g., 1923 JAP 13j>« 138% 1st prctiTred di'bentnrea lat 5s, 1933 Q-i 781s 80 Utohf. Car & West, Isi g. 6s,' 16J AJ 93 St.L.A Cairo—Is, auar., 1931.JAJ 77 80 2d .58, 1938 y-J 45 51 I* Miami—Keuewal 58,1912. .MAN 115 Morg'n'a La. ATex.,l8t,68,1920J AJ lis Uh Ist aco. Int. cert 57 63 I.. lElocR A Ft.S.— l.st, 7s, I905..JAJ ^ 96 93 let mort., 78, 1918 AAO l23>a 121i« 2d acu. int. cere ... 30 35 little R.A Mem.-lat.5s,1937.MA3 70 Morris A Eaaex— lat,78, 1914 MAN 118 150 Ind 81.AW.— lat, pf.,7«,1900. li8ia Iflng Island- Ist M.. 78, 1898.MAN 121 123 2d mort, 78, 1891 FAA lOti 106% Conaol. inc. Traat rec ,. 18 latconsdl. 58, 1931 Q— lid ilonv. bonds, 78, 1900 JAJ 1231s Ohio A Mias.-Con».,s.fd.78,'98 JAJ 117^8 llHis Gen. M. Is, 19.18 JAD 1>9»« 1 00 '8 General mort., 78, 1901 AAO IZTis Cons, mort., 7b, 1893 JAJ 117% H.Y.AK'yH'tli, 8tg.'s.l927.MA8 10;<>« 107 Consol. inort.,7e, 1915 JAD 14418 1451,1 2d mort., 78, 1911 AAO 122 123 2dDmrt. inc.. 1927 S 32 Nashua A Lowell—6a, g., '93. FAA 1071a lu8 1st gen, 5s, 1932 JAD 961s 97i« K.Y.A Man. Beach. l8t7a,'97,JAJ 58, 1900 FAA ll>8 110 Ist.Springt. Div., 78, 1905 MAN 112 104" N. Y. B. A vf. B..Ut con. 58, 1935 99 Naahv.Ch.A at.L.— lat, 78,1913 JAJ iJJis 134 Ohio River KR.— Ist. 58. 1936.JAD 100 Brook. A .'Hon., latts, 1911. FAA 120 2d mort., 68, 1901 JAJ 111 Geu. KOlrt, 6s, 19J7 AA) 85 >* lat 68, 1911 Mas 111 Consolidated gold .IS, 1928 AaO lOll* IO4I3 Ohio Southern— 1st 6s, 1921. ..JAD nils IWs 2d, 58, 1938 IAD 108 110 Nashv.A Decatur— l8t,78,1900.JAJ 11. 2d Income, 6s, 1921 S8 59 Smlth.AFi.J.ff ,l»t.7B,1901MA8 111 Natchez Jack. A Col.— lat, «s. 1912 lOO Old Colouy—68, 1897 FAA §115% 116 liOU'T.lSv.ASt.l.,— 1st 68,19^0. AA > il09 109>s N. J. Junction, lat, 48, IH86..FJ1A 104>s 6a, 1895 JAD 5112 112% 2d mort.. 2-l8, 1936 AAO 1 e7 6a N. J. A N.Y.-lst, 68, 1910 ...M.V.V luO 78, 1894 MA.-> §ll3it 114 E. R. AE. Dlv.. l«t, 6b,1P2I.JaJ, 109-- 110 N. J. Southern— Ist, 6b, l»99 .JAJ 10 L 4188, 1904 ..AAO MU9 109% H. T. C.A (J. lslU8,g.,1927.A«0 JlOl N. O. A Onlf.— lat. 6«, 1926. .MAN « 80 86 41S8, 1397 J.vD 5.05 105% lionla. ANuHh — U0118. Ist, 78 189s 11 6=^ i"i7' N. O. A .Vortliea-it. -Prior l.6a. 1915 48, 1038 JA. 5lo5is 107 OeoUian Br., 78, 1907 MAS 105 N.Y ACan.-£M.,6s,g.,1904.M.V;N «i'l7 lYg" Bost.C. A FHchb.,let,78,1890JAJ 61 ,014 100% lOU'v.C.A Lei.— l8t,78,'97 ..JAJ|MU>i 113 N.Y.C.A Hud Eiv.—Exi'dAs. MAN 105 14 1U5% B. C. F. A N. B., 5s, 1910 ..JAJ §113 114 2d mort., 7e, 1907 AAol5l:;0 121 Mort., 7a, uoup., 1903 JAJ 13.^ 133 HI N. Bedford BR., 7s, 1894 ..JA.I Slllifl 113 iOUlii. C'ln. A Uix.,tiB, 1931.MAN 109 110 Debenture 58, 1904 MAS 112 Omaha«St. L.— lBi,48, 19 i7..Jj(J 76 77 Mem.A 0.,8tl., M.,78, g.,190l JAD el22 12 Sterling mort., 6s, g., 1903. ..JA.) el24 li6 Orange Bolt— Ist .«., ds, 1907.. Jo. II.4Clarkav..8t'g,6a,g.,1902 FAA eU2 115 N.Y.Chic.A8t.L,.-l8i.4a,1937.AAO 9.) Is 93% Oreg. A Cal.— lat OS, 1927 JA.i eibi"' 104 H. O. A Mobile. Ist 68. 1930.J&J 115 118 N. Y. Elevated.- l8t, 78, 1906.JAJ 116>s 1171s Oregon A riauacont.—68,1922.\IA.N 105 105% do 20, 6», 1930 ...JAJ 106 10 N. Y. A Orcenw'd L.- lat M. inc. 68 33 37 Oaw. JsKoiue— 1st iM., 7a, lOlo.MA.v §125 ...••• Fenaacola v •107 Div.,l8t,6a,l920..MA8 109 112 2d mortgage income, 6a — 7 Ox.ACiara.- at, p. A I. ku. 08. .MA •t. Louis Div.. Ist, «8, 1921. .MAS 117 /J.Y.AHarleiu—7a,coup.,1900.MAN 130 130ig 1st intenst gui., ta 1937 .M it.S 104 do 2d., 38,,1980-MA8 6S N.Y. Laoi..A W.— 1st, 6s, 1921. JAJ i33 Panama—Storl'g M.. 78. g. '97. AAU elo8 110 Bash. A Deo., ist 78, 1900. ..JAj 119 2nd, 58, guar., 1923. PAA Suljsidy bonds, Eng. laaue, 6s elU5 l(i8 B.H. AN., I8t6a, 1919 JAD 116 N.Y.L.E.AW.-l8tM..ex.7a,'97.MAiN 122 li23" Peuu.KK.— Oeu.M,6s,cp.,iyiOii— 129 Sen 1 mort., 68, 1930 JAD i'ui4 lid 2d mort. extBnded,58,19l9.MAS ii;"* Cona. uiort., 69, 1905 v£— 1^4 •— go.ANo Ala.,8. F. 68, 1910 AAO 107 SI 3d M.extcndwl. ^-so, l»-.i3...vlAS 103 Collateral trust, 4*88, 1913.. J AD Hurt bonds, 68. 1922 Q— 110 liO>s 4th M.,exieuUrtl,5o, 1920.. AAO 116 118 Consol. 5s, 1919 JjiD 113 113% Tto-fort) 6h. 1921 MAN 103 5th .d .exie.idud, la, 19^8. JAD lu3 lot Penn. Co., 69, reg., 1907 y.— 107 ..... 5<>-y«ar gold, 58, 1937 MAN lOi 107" lat 00ns. M., 7s, g.,1920 MAS l38 do latM.,4'ss, 1921.JJIJ Ill OoL tr„ gold. 58, 1931.... MAN 104^ New 2d oons.Bs, 1969 JAD li>4 l05 Penn.A N.Y.Cau.- Ist. 78, '96.J.itL> 119 fensa. A Atl.-lst,KB.gu,'21.FAA 1<>6 107 Collateral Tr. 68,1922.". MAN 115 lat mort., 78, 19.i6 JAD i'36 Naeh.F.A7t.lBt;d g5<, i9o7.FAA 99 >« 100 « Fuud. 5b, 1969 ....JAD Srfls A RK. 5s. 1938 uou. AAO ll5i« •••«>• 'Prices nuinlnal; no late tranaaotlung. (Poiohaser also pays accrued iatersst. ein [x>Blon. lOoupoaoX f In Frankfort. J F October 19, ISf^Q.J THE CHRONICLE 497 GENERAL QUOTATIONS OF STi^UICS AND BONDS—Oontinoid. For Bxplanatlona l«ee Motes at Head of First Pa«e of Qaotatlons. R/irLROAD Bonds. Bid. Ask. Railroad Bokdh Bid. A«k Baiuu>ai> B' md«. Bid. Pens. A Atl»ntlc-J«t.6i<,192].F.VA Ian Ant.A A.Pa8a.,l8t. 68,191(IJAJ WPBt.K.Y.APenn- lBt..'^B.'937JAJ 9e>« 105 1(17 Peo. Doc. & Ev.— Idt. KB. 1920 .lA.I dii lBt.rB.I9v6.JAJ 2d m., 38 g. — -.SBC. 19'27 AAO ••••*• a* iiiortjiKgo .".B, 192H M.vN 70 74 2d SanF.&N.P.- lBt,"'H,g.,1919...JAJ Warren A Frai k , Ui.7h,'9« Ftr A li>rii< lU4ifi EvarRvillH niv..l»t 68,1920.M&H lujauBSy ManBf.iSt N.— Ist, 7s,19i'9[{ 1 17'« W'n No.Carollna- lBt,78,l89ii.MAN 102 103 Peo.&P(ktiiUr.-1»I,6B,1921.Q-K Uv. Fl. A W.— lst. IB, 1934. CiuiBol. AAO Ml"•' 6b, im4 JAJ 97 2(liiiort .4i4H, 1921 NI4N V'o At. AGiilf, con. 78. Is97 .. J.».l ' A'eBt'nPenn.- lBtM.,6»,'93..A&0 104 >g >3 Perkloiiien— iBlBiM. 58, 1918 Q-J 102 8o. Oa. AFIa.— lBt,7s,l89n.MAN Pitt*. Br., iBt M.. 6», '96 JA.I I08>« ZdReiifH .^8. 19iH CJ.— ioiis 2d,78,l~99 »!&>. RegUtered »», 19?3 J4I) Peterslmrir -O.ibb A, 58. 192fi. J&J ii's" 107 leaboard A Koan.- 6b, 1916. FAA 0.il.14». 1928 I&l Class B, 6s, I92(i A&O 106 .5b, coup., Ii26 I*J WbeellngA L. Erie— lat.5B....19 6 ii)S 105>a PWla.i!iE.-G«n.xiiar.,68,g.,'20.JA.I 3eat.I,.8 AE— lst.goIrt,n6.'."l.FAA 90 95 Vllm. Col. A Aug.,6B, 1910. J&D iie<« General 5b. 19-.0 AAO lU Hbum.Biin A Lew.— 1-t, '•8,'I2M4N Wllui. A.Vo.— Ist 58, 1H07-27 JAD •ts, iro General 19.0 AAO lom iham.V.A Pott.«.-78. i oil. 1901 JAJ WIl.A Weldon—8. F.. 78, g., 'go..)*.! llfii* Bunb. & E i<— l^t, 7», 1897.. A*0 118 ^aeuandnau Val. lBt.7B,l909.JAJ Winona AS. >v.—l8t,fii.g.,l -Sx.AAO rhila. A Read'K— iBt, 68, 191t>.JAJ l-.:2>s General uiort., 6s, 1921 AAO Wiscon. Cent.Co.— lat.!j»19(7.J&J 97 »8 111 inij 2d, 78.1843 A&O Ihreve. A Hoiis.— Ist. 6b, gu., 1914 Iiic(jnies. iiou-cum., .'.B, 1937 63 Consol.M.,78.191 l,reK.A op. J&I 137 SoduB BayA 8o.— lBI,.SB,g.,1924JAJ Wore. Nasb. A R.—58, 93-'9&. Var. 104 106 CoDBOl. mnrt., 6a, 1911 J&I 119 125't io. Cen. IN.Y.)—Cimsol. uiort., 5b Nasb.A Roch..guar..5B.'ft4.AAr) I04>* 105 Improveiueiit niurt.,6s. '97 AAO 102 *". Carolina—lBtM.,Us,1920.. AAO Zaoea. A Obio R.—lst,68,1916 FAA 80 Cons. 59, iRt sniep,iy..2....M4iN 10|2^ 2d mort., 6b, 1931 JAJ Deferred ineouje 68 14 InoouieGs, 1931 BAILROAD STOCKS. Par. iBtpief. inc.. .Ss IC' Id, 1958. ...F Si's PlSi i' Pao.Oal.--lBt,6s,g., 1905-12 AAO Ala. Ut. Soutb.- Um.,A., 68,pref.. 9% 10** pref. ine., 5b. (told, t3s Zd 1958 F 641s iBt con. g. 58, 1 -as A.vO Lira., B, com ...... 3«< Sd pref. hu'., ."s, mid, 1958 F 51 ^l>. Pao.,Ariz.— 181,68,1909- 10. JAJ Ala. N. O. 4 Pao., Ac., pref 1% 2 8d pref.. Inc.. ciinveitilile ^0 ^n. PiMi.. N. M.— IBt, 68, 1911 .JAJi do do def... e H \ New Ren. uinrt., jb, 1958... J«J CO>s SI Spok. Falls AN.— Ist 68.g,'.93a.JAJ Albany A Sasnueh.,Guar.,7...100 165 17S CoalA I..KUar.,78,'92,ex-cp.M&!< 8t«te L. A8ul. — Isrfe, i89M.. Jjj.i AsbtabulaA Pittsburg 103' 50 Fhlla. Wil. S Bait.—68, 1892. .AAO }102 S'.at. iBl. R.Tr.— Iftes.g. 1913.A40 do pief. 68, 1900 AAOlJllO 112 2d mort guar. Ss, g., 1926 .JAJ .Atchison Topeka A Santa Fe..I00 30% 81 6e, 1910 JADJ1IB1« '07 Steuben. A Ind., 1st 58, iyi4..jAJ Atlanta A Charlotte Air Line ..lOo -SH do Trust certs. 48, 1922 MAN lOlH lv2 ^tock. ACop — l8t, 58. 1905. ..JiJ Atlanta A W.-st Point 100 103 109 PIneCreek 68, Iwai! JdiD 8tnb.Haz.AW-B.— lat,5s,1928MAN lOSk i6kl\ Atlantic A Pacitlc lOn 41* Plttsb.C.Abt.)-.—l8t,7B.19O0.KAA U7 118 2d mort., 68, 1938 MAN A ugusta A Savannah, leased ... 100 1 5 140 Pitt«b.Cl.&Tol.-l8t,68, 1922. AAO 8 inb. A LcwiBtown. 78, 1890 JAJ 115% 117 Baltimore A Ohio 100 88 90 Plttsb.ACon'llBV.— l8tM.78,'9S.J,W Susp. B. A Ene June— Ist 7b, 1900 5 1 12 do l8tpref.,6 loo 1 21 If 125 Sterling cons. M. 6s,g.,giiar.JAJ cl29 131 Sy .Blng.AN.V.—cimaol.7B,'06AAO l.<3 134i« do 2d,prel 100 110 1181s Plttsb.Ft.W. AC.-l8t,7s,1912 Var US 147 Terre H A Ind.— l8t,7s, l«st3 AAO Parkersbtirg 100 8 2dinort.,78, 1912 JA.J 14H2 145>4 Cnsol. m at., 5s, 1925 JvJ Beech Creek ,M) 3dmort.,78. 1912 AAO' Terre H. A Log'pt.— 1 si ,gu., 68 JAJ do Pref 50 Pittsh. June. Ift68, 19-.>2 JAJ' 1('9 1st abd Id, 68, 1913 j,vJ Bell's Gap .V> » 15 Pitttb. A Lake L.- 2d. 58, 1928 .... 5 Tdx. Cent.-lst,8K.fd.,78,1909MAN Belleville & So. lU., pref 1' Plttsb. MeK.A Y.— ist.68,1932 J*.l 115 Istmort., 78, 1911 MAN noNton & Albany 100 21519 216 • »i« Plttfl.Pain. AF.— 1 8t,g...~8, 9 1 6JAJ 1 00 Texas A New Orleaiis-lst,7s.FAA Boston Con. <&MonC., pref loo 1 130 Pittsb. A West.— iBi, 48. 1017. J&J fl-i^ Si's Sabine DIv.. 1st, 6s. 1912. ..MAS lOSifl boston A Lowell 100 I67>9 168 Pitts. Y. A A«h.- l8t,.'^s,i9.;7.MAN r«.AP. East.D.lst68,1905.MA8 llO^j Boston A Maine 100 2>4ia'il5 ARlitaliula A Pitts.— si 6e. 19ii8 107 Ist gold, .''S, iiOO JAD 90 Boston A N. Y. Air-Line, pref..l0( 102 105 ij '259 Portl'urtAOKD'ji— lBt68,K.,1900J AJ 61 18 120 2d gold inc.. '^8, . Ono Mch 3 38 Boston A Providence IIK) •J58 «-_.„ ...... — .. . PortRoyalAAug.— l8t,6s, 'gg.JAJ 'j^g 108 r.ii.A.Ar.AN..W.—l8t.6B,1924.MAN 10 h 107 Boston Revere Beach A Lynn.. 100 14<% 150 Income lunn., 6», 1H99 JAJ ^0 rnl. A. A. 498 THE CHRONICLE [vm* xnx. QSN'BRALi QUOTA.TIO-VS OK STOOliS A!JD B0XD3—Oosti.vcjeo. Por BKPlitnaHnnn See iNotei at H.99.i of Plr«t Page of Ask. MlSCELLANEODB. Bid. Ask. MlSOELLANEODS. BAn.BOAD BTOCKa. Btd. Aak. HlBCBLU.NEOnS. Bid. Bid. Aak. SSI* 33>< Kq. G. AP. Chic l.st,6st lOlia 103 >s KLECritlC DeeH.A Ft.Dode.e'.OO e 8 N irth'n Pac., com . 100 7;.3fi kens'k Wat. Ist, 6b 104 &v. 17 21 do Pref.lOO 75 % I LIGHT, do Pre!. 10(1 108 77 80 N jrw.,s Woroesier.ioo 17 rS no HeiHl'iiBiidge68,l9;tl AnKlo-AMj.E.i>,Mfg.IO Det HIUs.&BwestlOO .SI, 1^0. 8S 26 •ifd. * L. Clmnip.lKO 6 Iron Steamboat 6s! Brush, Bait 100 ;;:.:: 65 TDet. Lar . North. 10<> & ' 10 87i«i 88is Brush Kleo. Light. ..50 1 do Pref.lOO "so' 60H Ohio lud.* West.. 100 8 Maxw'll L.G.priorl.,6s 6 80 20 24 Income ' 271s' 2His Brush rUuminat'g 100 70 75 Dnlutli 9o. Sh. & Atl 7 8 do Pref.lOO 2-2 21 Or.Imp.. l8t, 68. 1910 104 I4 104 >s Oonsolidateil lOH do Pref 19 22 Ohio & Miss 100 1« 60 100 89 92 Oreg.R.AN.lst.Ss.JAJ 1121s Daft Elec. LUht 100 4S 55 E. T. Va. *Qa. RvlOO Ill's 10?, do Pref. 14 17 Con. 58 1925 J.AU.. 1031s 106 Daft Kleo. Power. 1 On -0 80 do iRt pi-ef.lOO 75 77 OoloSonthern 100 do Ocean 83.Ci).,i«lfiU*r. 102 101 Edison 10 185 do do 2d pret.lOO 2i Old Colony 100 175 175's 190 5ti»« 10" Peo'BG.A.C.Chic.2(1.6s 95 lOi Edison Illuminat 100 93 "East PennsTlvaula.ftO r OnahaASt. L Phila. Co. Ist. s. f.. 68. Ft Wayne Eleo.O i..i5 I4I4 Sasteru (Mass.) ..in% iV6i4 do pn-f. 100 14% 53 54 Poughk'sieB'ge.l st.Os. Julien Electric Co do Pref.lOO 139 131 Or. S. L. & Utah N.lOO 20 3438 31=8 L. Briilge A Tun— Do Trictiou Co .. Eastern In N. H. 100 10'< It 8 Jmgon Trans-l .oat loo 8t. 7 5458 5411 l8t,7e. 19 28.AAO el35 140 Maiden Ele tncOoloo EUz. Lex. & Big 8.100 lS>t 21 Pnnnsylvanla RR. .50 » g, 119 5 64 Tenn.C.&l.—T'nn D 68 96 Spanish- Amer. L, A P EUnlraA Wiiisp't S' » Pensaoola & Atlantic. 20 Btr.Div.l8t.6s, 1917 97 -H 9i Sprague Elee. Moc.lOU do Pref 50 f •eorla Deo. & Ev..lOO 20 S 65 75 58 61 Whiteh'st Fuel-G., 68 104 Thom.H. ElecCo 2' 06 67 Evansville & T. H 50 93 95 Petersburg 100 2>* Val. Coal Ist 68. 100 ids do pref. .'26 FItol.bnre, Pref. ...100 73»s 74 'Wla. AErie 60 Wyo. 27 129 Thorn. -H, Internat.lOii Flint Pere Marq.l 2» 25 Pliil. Germ. & Nor.. 50 • i'ib'i »« & 00 do pref .100 do pref 1('0 93% 05 P lOa. & Read, cert 60 45^, 45't mSC'LLANEOVS T.S^cSer.C.lO Fla.Cen.&Pei).V.T.Cer 7 phila. &Trent.m..tOO 8TUCK!i. do 171a 64 65 Amer. B^iuk Note Co.. 42 4) do do Ser D . flISg 1st pref. 100 PQlla. WIlin.A Bait. 50 do cum. i9A, ding 101! St. L..60 « Amer.Pig Irou War'nts 17 1 We Co 283 di>2d|if.nivii-eum.lO(i 29 >* ttts. Cin. & 7I4 Conneire..50 » .. ... Aspinwall Laud 10 7's Eui'eauWeld.Co.li lis 120 Galv. Hi.r. ASanAn.. Pitts. A 6I4; 13 15 •icts.Ft.W.ai C..Kuar.7 157 Boston Land 10 6>s U.S. Electric Co.. 100 50 60 Oeoritia Paelflo 6I4' Co.lOO Ga.ER.&B'kKCo.lOO 195 19S Pitts. McK. A Yott..50 [Boston Water Power.. 51s U. 8. Illutniuat 50 60 50 25 •irt !Brookline (Ma8S.)L'd5 438 4=8 Wes'inghouse El. L.50 a 50 Gr. Rhi idoA fnd 5 8 Pitts. A Western... 28I4 491a W.ASf. i 4% do Pref...'^0 39 10 jBranswick Co 271s! TRUST CO'S Gr.B. P...100 59 Trust.lOn do Prrf.-.ioo Pllt8.YounK8.AAsh..5ii ICantonCo. (Balt.).lOO I Am. Loan A II714 120 < 82 do pref 50 Continent'! C n.Almp. Atlantic 100 383 HarPr.Mt.J.&L .50 173 210 HouB. &Tex.Cent.l(/0 219 3h ?ort.8aco APorts.lsd 6 125 rz5<« jC«v. A Ciu. Bridge, pi. Brooklyn Irast.-.liO 370 « 1938 20>4 "ort Royal A Augusta I Kast Boston Land. 338, 3»B Central 100 7.50 JBiUitinK. & Br Top. 50 '93' 102"' 57g' 6 ! Frenchman's Bay Ld. Farmers' Loan A Tr.23 610 do 50 4bSi 47H Ports. Gt. F. A Con . lOo Pref. 192 Franklin 100 . 183 ! Henderson Bridge Co 201 nilDOls Central... IOC 116 117 Rans. A Saratoga . 100 ^2 id "3i3!'"6"' Holland 100 203 do leased l.,4p.c. 100 88 U2 RIoh.A AUeg., cert.. Keeley Motor 115 120 B'ch Co.lOO 6 71s Knickerbocker lOO 148 Iowa Central 1 no 8 9 '4 Rich. F. A P., coin. 100 LManh'tt'n 2ie 238 100 do Pref.lOO 25 27 Riohmunrt A P'b'g.lOO 101 108 [Marerlck Land 10 Long Island 175 23I8 3' Point 100 23 Maxwell L « Warr'u(N.J.),lVd,7.50 Tenn.CoalAIronColoo .12 People's, Jersey O 60 Midland of New Jersey 3J>s tV. Eud pref. (Bos.) 50 ad's 8JI4 do pref. 100 98 10 J Louisville G. L 120 122 Mil. Lake 8. & W .lOd 95 96 s Vest Jersey 50 » — 63 WhlteOr'st Fuel ,0. 100 Memphis Gas 421s 50 40I4 do pref. IOC 114 116 Vest Jersey A Atl. . . 5' « 46% uxi*uk:!«!S st'cils Central of N.Y 5 C5 Milwaukee & No. .100 30 55 Vesteiu Marvlaud.50 11 13 Adams 100 15) Consolidated. N.Y.lo 90H, 91 117 2'i Mine Hill ' i'rice numlual; no late tzanaaotlons. § PoroliaseralaopaysaoariiediDtereDt. aEx-R'ghts. « la London. » (Quotations per (hare. 5 1 — 5 - CHEONICLK 499 •OCTOBEB 19, 1889. IflE GENEKA.L QUOTATIONS OF STOCKS AND BONDS-Conolud.d. Page of aaof.tt»n... For ««0la..atl««. See ^«te« at He«d of PIr.t Ask. IMSUKAMCB STOCKS. Bid. A«k. BAifK Stocks. Bid. Bid. K»k. Bank Stocks. MININO STOCKS. PhlladelphlB.t lO.iO First National 30 rroyC.&W.(F.R.)5.;0 Baiili of .No Amer.ion Siuet .. 100 Fourth Natl.tnal 220 Father De 7nlon C.Mf. (F.R.) 10« 2.V. Nat .-.^-O Oerniaii National 172 Conimtrrcial Fre-'land... Vampanoag(F.R.l 100 135 97 Ciimurnw'- Oould & Ciirry B..100 65 70 Market National 1« .100 3 50! Va8hingfn(Ma98.)100 National. 115 Fannera'A-' Hale & NorcrosB. (F. R.I 100 64 .Merchants' (12 •04 Veelamoe Lalayette.. Fourth .St. .N Holyok" PtUim'tic Liueu{Ot)25 4U 42 National 1-3 140 Valley Nat'l Olrard National .40 Horn Silver Wlnche-tor R. iriuB Co Ohio Nat lOO IrODSIlvnr 20 2-20 Second National I ndeiwndenoe 7ork Co. (Me.) 7.'i0 ii7J 1180 KelMlngtim .'0 Irnn Hill •38 Third National 10) KANK vrOflKS. iKeystone Nat'l 50 KlDKH.APembr'ke Iron "•04 Weateni Oerinan Bank 1" o>- Halllmore. LoulMVllle. Mannlact'r'ra' Nat.lOO IiaoroBse Biukiif Halmnore 100 142 145 Le»dviUeCoQ9ol....l0 •08 •II B'nk of Commerce Meihaulc»'Nat....lOO •37 •auk of Commerce. 15 15 16 Nat....loO 50 •36 •^0 of KentuckylOO Merchants' LlUle Chief Citizens' 10 19 Hank ... LouisvlUelOO Nat.Bk N.Libertles.50 Little Pitts om. & Farmers'.. 100 12d'« Bank of 50 SUv.lOO 3-10 "32' (Jltlzena' National. 100 Penn National Menioan a. & B'k of Md.30 >« •!50 armera' 62" 100 PhllMlelphIa Nat..l00 247 350 Motio 'armera' & Mercli. .40 61 City Nat SO 112 Moul^ou •3 4di« Falla City TobaooolOO Woo tern 'armera'&Planteia'25 Eionla, ... 100 •2fS Farmera'of Ky ...100 St. Havalo •'iralNat.of Bait. .100 12i Commerce. .103" People'a Bank ((an Fraiiclaco. lion 75 84 1-3' 05 88 Butru Tttonet •OS "•OM U Second Nat 10( Aniilo-Callfornlau •60 Wiatei:i 20 35 39 California... 25S>« do Trust cert.. •S.-) Security 100 Bank of Boston. Gold---. 100 1 00 tjnlon Consol 100 •80 Third National lOn FlrstNat. 1-^0 'wo A.lantlc 100 140 U2 160 165 Utah 100 \\7 119 Western 100 Pacific 2^i>0 3^20 A'.las FIKE INSVR'CK Yellow .Jacket.... Biackstone lOO lioia 11-2 New Orleans, UONTUN MINlNti. American Nat 100 N-rOt'.KS. ti.iaton Nat 100 119 121 Conn, Aliuiiez '^^ 50«. 6 Bank of Commerce. 10 9»8 Hartford, iioylaton 100 I3i 137 !>'»' Atlantic 25 Canal & Banking.. lOii iKina iiie B-oadway 100 110 .. -lOo Boat. 1500 THE CHRONICLE. [Vol. ZUX, Idlest Xamingi Reported. Jan. 1 to Latest Dale. IttwesttttJCttt BoASS. yfeekorM< 1889. 1888. 1889. 1888. AKD Grand Tnmk $ Dpt.Gr.H.iV M. Wk Oct. 5. 25,682 25,891 789.632 834,841 Piiilroad |ntclligjeutje. Guir & I hlcago. Septcmb'r. 3,709 2,885 30,779 22,032 Housatonic Aufrust 134,987 121,034 770.1.77 713,918 Hous.ATcx.Cen. August 280.139 •,,i'20,00l 1,000.959 1,396,093 Hunic.st'nASIiun Septcmb'r, 15.000 15,618 103,805 107,404 77ie Investoes* Supplement, a pamphlet of 150 pages, Ill.Cen.dll.&So. .\ugust.... 1,177.834 l,016,39() 8,645,(i53 7.356,356 Cedar F.A'Min. August 8,075 8,540 58,063 60,198 contafnn exten'ted tiblei nj the Funded Debt Sta'es > nd of Cub. &8io'xC. August.... 145.207 132,032 1,036,773 1,043,097 Cities and of the Stocks ond B ^nd^ uf Hailromlv and other lowaltnes... August 153,282 140,.'.71 l,094,H3i 1,103,283 Total all.... August.... 1,331,116 1,1.56,968 9,740,489 8,4 ,59,639 l'i*t Componiex. It is publ nhed on the Saturday of tvf-ry Ind.Dec&Wcst. Sentemb'r. 36,280 44,330 27."t,%4:' 281,751 Int. &Ot. Nor... July other month—V Z., January, March. May, July September 253,740 210.149 1,777,716 1,565,806 Iowa Central... 2d wk Oct. 42,884 36,809 1,1 17,097 1,056.046 and Niveiubtr. nni- s furni-htd withuut extra charge to Iron Railway... Septcmb'r. 3,528 4,176 31,456 47,087 J'ks'nv.T.A K.W August. . . 26,213 16,4l( 341.337 320,855 all regular >.ub^cribers the Chronicle. Extra cipies if Kanawha* Ohio 1-it wk Oct 6,350 5,617 210,238 208,469 are sold to subscribers of the Chromcle ut 50 cevti each, K.C.F.8. A- Mem. 4th wk Sep 113,095 104,53 3,444,309 3,083,757 Kan. C. CI. & Sp Ith wk S " G,< 1 6,»0£ 193.19^ 196,684 and to iifhrrs at. $t per copy. K.C.Mem. & Blr. 3d wk Sept 19,300 15,292 The Qtn r»l Quotati nv Stocks Bonds, occupying K.C. Wy. &K.W Septcmb'r. 39,300 29,883 304,870 200,584 of and Kcntucliv Cent Septcmb'r. 101,483 101.341 757,860 750.494 fix pages of he ChkOniclk, are now published on the Kcokuk& West. 1st wk Oct 8.008 7,747 250,919 240.075 Kmgst'u & Pern. 4th wk Sep 5,098 7,605 140 271 145,229 tliird Satarday of each month. Kno.xv. A Ohio. July 44.568 39,*48 323,566 277,207 L. Erie All. & So Septcmb'r. 5.250 .^,040 44,670 42,290 L. Erie & West.. 1st wk Oct 51,95-' 49,693 l,9fJ4,682 1,611^745 RAILROAD EARNINGS. Fjchigh & Ilud.. Septcmb'r. 24,682 22,992 205,4.58 186,700 L. Rock & Mem. 1st wk Oct 14.OS0 15,808 428,17" 503.160 r.ong I.sland.... Septcmb'r. 303,388 371,310 2,716.390 2,671,405 Latest Samingt Seportid. Jan. 1 to Latest Dau La. A Mo. River. July 41,20" 39.707 233.504 245,326 3K KOADS. I.ouis.Ev.A St.L. Ist wk Oct 27,31( 25,170 783.86 763,384 W.'knr Wo 1889. 1888. 1889. 1888. l.oul.'iv.&Nashv. 1st wk Oct 39i,920 338,800 13,370.0.^3 12,148,936 Louis. N. A A- Ch. 1 St wk Oct 50,901 48,900 1.824,921 1,713,812 l.ouisv.K.O. A- T. 2d wk Oct. 77,247 54,194 1,984,234 1,677,089 illoRliCDV Val. Angiist 215,224 185,713 1,519.569 1,327.604 Lou. St.L.A- Tex. Septcmb'r. 32,939 Auuap.A B. S. L. Seincmh'r. 3,725 4 439 Lonisv. South'n. Septcmb'r. 31,00(i 27.536 Annlsiun Brooklvn Elev. . Seutemb'r. 121.501 75,5(-3 N. Y. AN.Eng.. Ai.tust.... 537,442 510,308 3,628,019 3,423,074 ButI.Eoch.A J'iiillsf wl- Oct 33.894 46,037 1,476,003 1.483,999 N. V. A KorUi'n. Septcmb'r. 52,925 50,484 455,000 426,469 Camden A- Atl.jAugnst 154,495 1 47,308 536,308 507,243 N. Y. Ont. & W.. 2d wk Oct. 36,286 32,091 l,s 51,457 1,351,410 Oanadiauraciflc 2(1 wk Oct. 3 3.000 287,000 11,3(4,. 78 P.939,4'. 9 N.Y.Susq.A W.. August 145,865 14 ,655 887,097 928,979 Cp. F'r&'i ad. Vai&'cptcmb'r. 36.540 27,560 283,137 231,S5t) Norfolk & West. 1-t wk Oct 133,262 110,330 4,092.306 3,677,613 Ccjt. Br. U. P.. Ai.rast.... 93.903 85,0 3 476,175 £71.743 N'thea3I'u(S. C.) July 35,694 33,651 303,809 375,452 Cen.KK.iS; Bjj.Co Au?i:st. . . 570,773 528,783 4,5,-0,234 4,297,485 North'n Central, August 588,086 600,205 3,847,191 4,062,692 Centialol'X. J.. Au(fU8t 1.309,036 1,369.315 8,722,034 8,381,613 NortLcrn Paciflc 2d wk Oct. 592,100 513,(j09 16,313,421 13,41.5.567 Central PaciticAiiKust 1,521,264 1,526,555 10,123,191 10,172,122 Ohio iDd. & W.. IthwkAug 37,095 38,662 911,7 95 935,263 Ccntialof t-.C..!.Tul.v 6,640 6,957 56,812 68,105 Ol'ioAMiss Istwk Oct 122.534 104,638 3,060.519 2.890,434 Charlest'n A- 8av Aiifnist 34,964 35,153 398,168 372,957 Ohio & Noithw.. Septcmb'r. 19,991 19,949 156.897 138,359 Cbar.Col. & Aug. iSepleuib'r. 70.870 62.153 628,(;58 62o,0.7 Col. & Maysv. Septcmb'r, 859 743 8,263 0,356 Chat. R'me& Col. f^eptemb'r. 25,300 8,035 1 89,014 OlioKiver Istwk Oct 14,351 12,182 432.535 340,579 401,731 Steraw. & Uarl . jAutusr 6,775 5.981 50,416 47.768 Ohio Southern.. Septcmb'r. 46,727 48,009 370,622 Cbes. & Ohio . . Septcmb'r. 505,(^70 445,728 4,35„4i5 3,781,894 Oi io Val. of Ky . 2d w k Oct. 4,011 2,723 122.i97 101,380 I". Chcs. O. A W.j^cptenib'r. 191,191 170.382 1.517,624 l,431,t;7i! Omaha A St. L. . August. ... 49,213 35,196 312,586 260.141 3,298,901 Eliz.Le,x.&F.S.'Au(;ust. . .. 80,208 9. ,314 5o6,707 643,812 Oregon Imp. Co. August 413,671 407,283 2,814,11:; Ccc.-. & Lenoh . 'July 5,770 5 810 40,337 4i.315 Oreg. B. & N. Co. August. . . 542,259 563,211 3,7SO,170 3,884,182 Chic. & AtlauMc. 2d wk Oct. 59,0^8 45,097 1,722.498 1,7(7,153 Oie.8.L.AUt IS. August....' 619,049 528,403 4,136,403 3.362,146 Chic. Burl. &^o'All)n:st 163,83J 186.537 1,256,79 1,160,147 PeuusyivauJa .. 'August. . 5,993,964 5,390,939 39,239,875 38,071,556 Chic. Bnrl. & Q. Aufjust.... 2.5H0.806 2,273,703 16,031,733 14,113,11 9 Peoria Dcc.AEv. 2d wk Oct. 15,074| 16,543 500,3861 547,065 Lines contr'l'a August 681,4101 534,080 4.648 756) 3,555,073 Petersburg I August 34,968 31,6-Jl 323,612 290,538 Chip.* East. IllJlst wk Oct 64,252 70,352 1,909,843 2,007.084 I'hila. A Erie... August 489,131' 47(i,844 2,931,624 2,815,486 I Chic. Jill. A- St. P. 2d wk Oct, 667.5001 671,789 19,148.008 18,352.844 PLila. A Read's. I August 1,901,599 1,904,416 Chic. AJS'tliw'n. August 2.575,104 2,295,291 15,933.407 15,922.^84 Pittsb. A West'n'August.... 127,741 1110,719 9'-i'7,648 817,437 Clilc. A- Oh. Riv. Peptemb'r. 0,528 10.207 5t,049 42,755 Pitts.Clev. AT. [August. ... 1 48,538 44.61s 335,626, 30?,353 Chic. Pc. A St. L. ' July 30.091 1!7,086 195.3641 170.898 Pitts.Paiu.AF.'August.... 30,596 27,003 199.742 163,175 Chlc.Si.P..*- K O j4th"wk Sep 98,165 77,357 2,305,085 1,6"], 606 Totalsystemlsi wk Oct 33,100 35,966 1,( 64,: 1,503,523 Chlc.St.P.M.AO. 218,589 M.KUSt.... 57 ,160 6J5.01.8 3,822,845 3,:i5C,',03 PI . Roy al A Aug. ' August. ... 22,989 22,162 196,285 Caic. &\V. Mich. Ist wk Oct 26,309 2:i,260 l,04ii.655l 1,074.035 PI. Roy.AW.Car.' August 20,579 24,9871 • 219,437 203,419 flii.Ga. A,Pa)t8. Septeii.b'r. 6,849 6,932 47.381 47,926 Prcs.AAriz.Ci u. Seplemb'r. 8,195 10,137 94,080 73,771 CI I.Jack. & Mac istwk Oct 13,896 11,478 461,97(.| 40i,;,32 eR.ADan.Sys'm lit wk Oct 284,600 285,700 8,358, (>73 7.396,489 C.n. ^. ( . A T. P. l8t wk Oct 7M.'i9 64,812 2,874.772 2,739,435 Rich. A Petersl).' August 24,812 20,459 194,216 176,371 Ala.Gl.KMiiii. Istwk Oct 38,748 24,765 1,373,: 1,123,087 Rio Gr. AVest. list wk Oct 2!;,e50 25.975! 1,111,929 979,097 56, ' K. Orl. & >. E. 1st wk Oct 20,7iO 14,833 740.540' 609.953 Rome W. & Ogd. Septcmb'r.' 337,831 324,12;, 2.0l;;,5 2,477,155 Ala. & VickBb. 1st wk Oct 13,808 6.259 412,221, 321,121 St. Jos. A G. Isl. list w k Oct 26,980 31,358 882,954 828,146 Vicks. .?h. A P. 1 81 wk Oct ) ,l,Oi 6 11,955 410,767 3(i9.0(.9 .St.L.A.AT.H.B'silst wk Oct 20,140 21,288 793,993 684,369 ErlanKcr Syst. 1st wk Oct 166,801 12. ,024 5,811,550 5,102,064 St.L. Ark. A Tex. 2d wk Oct. 110,506 81,952 2,623,749 2,183,995 Ciu.Rich.A Ft.W ist wk Oct 8,586 7,86' 339,343 310,353 St.L.DesM.AN. Septcmb'r. 3,691 5,568 44,654 37,778 Cfn. fc). & Mi>b. f-ept«mb'r. 9,894 11,266 69,66? 77,173 SI.L.ASaul'ran. 2d wk Oct, 13&,100 145,061 4,549,260 4,363,993 Ctn.Wab.AMicb. Septcnib'r. 47,502 46,932 391,708 3,59,21 SI.PaulADul'th Septcmb'r. 139,546 170,784 893,(60 1,147,847 Ciii.Wasli.ABalt l8t wk Oct 48,584 40,350 1,601,2', 9 1,566,899 St.P.Min.A Man. Seplemb'r. 959.6"(8 8(-5,314 5,641,333 6,510,676 Clev.Akronitol Ibt wk Oct 15,2 4 16,929 559,957 1 11,500 East, of Minn. Septcmb'r. 76,062 Clev. & Canton.. Septcinl.'i-. 42,600 34,.559 318,424 283,914 MontanaCcni.Septemb'r. 79.37." 42.817 «Cl.Clii.Ch. Flor. . 1 Cent . ^t P. 1 n k Oct 22,409 15,055! 832,871 749,9!)9 Arizona Uiv.. August 140,137 102,397 1,205,050 1,448,067 rt.W.Cin. &L..I|iily 23,782 22,686, 103,696 148.446 ^ew Mex. Div. August 75,430 65,81 629,8 5 686,399 Georgia Paciiio 'Septcmb'r. 1 1 3.008 118,260) 967,880 91b,526 Spar. Un. A Col. July 7,815 6,851 03.084 53,751 Geo. Co. APIa..|Augiist.... 28,721 177.m;8 Stalcn I. Rap.T. Septcmb'r. 98,000 97,303 759,397 743,480 Gr. 4,'253i Rap. A lud.. Istwk Oct 41.872 45,861 1,7 •2.073 1.727,184 Siimiuit Branch. Seplemb'r. 94,196 3 32,045 80('.5 i 1,089,935 Other linpfi. ..Istwk Oct 3.820 3,9S4 154.433 153.648 Lvkeue Vallej Septcmb'r. 88,424 75,305 (il0.l85 749,587 CtrandTruuK. .. Wk. Oct, 5 44-1,845 404,71 (,14,937,303 13.924.157 Texas A Paeilie. '2a wk Oct. 174,071 150.:. 17 4,81(i,319 4,069,229 "- '>"' l"'i' ' Chic * Oct 5 77.780 61.745 2.(i7y (IVT .>.:<<<<» .^-f, .-.ol.m I ... 1 1 ..... October 19, 1889.] IHE CHltONICJ.K fOl [Mie»l Xomino* Rtporttd. Jan. I to Latest Oau. ROADB. HM EamlnKH Monthir to Ijalmt ltate».—The tabl<« follow- Wer.knr Wo 1889. 1888. 1889. 1888. ing show the net cariiinx's reprirt'-il this week, the returns for I each road l)eing published hero as uoou at received, but not I $ I kept standing from week to week. The ftjfures cover the Tol. Col. &OiD..I 2(1 wk Oct.: 5,500 3 ,8351 193,063 141,377 latest taim' lis the Tol.AOhloCniit.i 2(1 wkOct.' 31.233 30,017 936,154 915,839 and totals from January 1, and ul'»<> the Tci;.iSrO.C0Q.l']x. Heptciub'r. 7,92(i 7 ,641 90,494' 63,695 totals for the fiscal year on tho.se com > nie8 whose ftical year Tol. P. & Woar.. 1st wk 0(^t 2I),S()I> .••28 20 692,656! 666,956 does not correspontl with the calendar year. ' Tol. 8t. I,. & K.C. 2(1 wk Oct. 2(i,02l 14 .41l| 701,310 413,241 >— ^-- Auyv —. ^J/m.Xlo Aitt. 711 -» Union Piiclllc... August 1,014.138 2,(!liS ,795 10 ,078.507 — 19,,197.027 1889. ' 1888. 1880. 1888. Total .svati'iiit.. August 1,816,196 3,454 ,007 24 ,349,3 (3 24.,60:i,636 $ $ 8 Volley of Ohio.. August «1.6.'5(> 61,597 416.293, 391,340 Ateli. ' Top. A 8. Fe'..Groi« 1,900,972 1,729,381 12,601,026 Vermont Valley August 20,568 21 ,308 123,111 119,743 Net... 728,703 3,484,786 VirRiuia Mldl'd. Hoptemh'r. 19i).0.')0 175i,863 ,555,681 1.,315,882 St. L. K. fy&Col.Oross. aWal)a! Net. . 208,000 tl56,380 824,619 1662,731 $ $ * $ Atlantic A Pacillc 50,157 64,348 14,191 Chcs.OhioASo. W... Gross. 204,569 169,983 1,326,433 1,261,295 Canadian P.ieitle 363,000 287,000 76,000 Net... 94,822 68,349 546.085 434,777 Chicago » Atliintic 59.048 45,097 13,951 Eliz. L. A B. Sandy .Gross. 80,208 93,314 536,707 643,812 Mil. Chicago <& 8t. Paul . . 667,500 671,789 4,289 Net... 24,346 39,341 163,109 196,335 Denver A. Kio Grande... 170,000 172,500 3,5oV» Chic. St. P. A K.Cy. Gross. 346,341 216,699 1,949,238 1,420,406 Dulutli 8. 8. 2 months J Net... 74,475 70,057 The complete statement for the first week of the month Minn. St. P. AS. 8. M. Gross. 118,099 116,101 869,784 601,369 Net... 24,091 28,219 218,071 44.889 oovera 85 roads, tha increase being 10-65 per cent. St. L. A San Fran. ..Gross. 578,901 537,468 3,667,488 3,513,186 Net... 272,341 234,055 1,574,097 1,389,980 lU viteh' of Oclobcr. 1889. 188c- Increase. Oeereon, San Ant. A A.IPa88.. Gross. 127,979 83,384 759,166 61.3,.S97 Net... 59,082 26,033 278,054 192,972 163,155 $ $ $ .$ Julyl to Aug. 31, ) Gross. 219,846 43,811 Prev'ly repo't'd 1 29 roads) 2.930,665 2,695,618 284,68(1 49,633 2 months sNet... 94,116 ( I Aitch T.A 8. F. •) roads). .. 052,086 583,239 l68,847 San Fran. A No. Pac. Gross. 88.240 71,253 Chic. * East, lllin lis 64,252 70,352 6,100 Not... 37,640 26,922 Chicazo 502 THE CHRONICLE. [Vol. XLIX, , A ngtut. . ,-Jat>. 1 U> Amq. 81.— OPEBATI0N8 JlKD FISO.VL IiESL'LTS. 188U. 1888. 1889. 1888. Opera/ io)M— Road. « $ « S 188.5-86. 1886-87. 1887-88. 1888-89. Pa^^s. carried (Xo.).. 701,404 979,505 1.343,737 1,6C,0,497 'Wabash (con. gy».)..6rosa. 1,314,591 1,2«(>,306 8,144,405 7,769,883 rHfScnKcriulUage.. 90,571,846 lll,05x,786 159.483,895 223,832,049 387,'JOl 1,481,H08 Net... 417.313 1,8.54,883 Kate p. pass. p. mile. 3 02ct8. 2-73 CIS. 2-70 ots. 2-50 cts. July 1 to Aug. 31, > Orogs. 2,442,893 2,285,252 Fr'ght tton.») curiM. 1,547,P26 2,12i,l66 2, .597,897 2,877,978 2montb8 jNet. .. 780,997 589,348 Fi 'Kht (tons) mil'ge. 481,885,938 537,180,940 704,77l',506 874,781,233 Av.ratep. ton p.m. l-67ct8. 1-63 1-44 1'43 —— sepiem ber. . —Jan 1 to Sell'- 30.-> ets. CIS. cts. 1XM9. 18K8. 1889. 1888. .« » $ Knnd. Passeus-'ei- 2.807,218 3,269,703 4,577,898 .5,824,163 T!.A-O.E.ot01iloRiv.()ro-;s. 1,(HMI,175 1,3.J><,587 12,427,640 n,o21,S07 tTi-ight 8,189,614 8,730,547 1<',426,244 12,877,838 - Not... 677,227 502,343 4,252,467 4.0:iil.913 Mail, exprejs, Ac... 643,605 789,197 842,186 1,005,467 Oct. 1 to Sept. 30, ( Gro«e. 16,343,199 15,635,--':S5 12 months \i>et... 5,1531,857 5,491, S36 Total 11,730,527 12,780,447 15,846,328 19,707,468 437,090 3,415,635 WestofObloRivcr.Gross. 426,097 3,621,869 Opi rnttng Net... 125,990 85,604 670,945 382,779 expenses— Miilut'co oi w»^ ,>!bo. 1,341,40? 1,505,523 2,239,5:2 .-',216.327 Oct ItiScpt. 30, > Gross. 4,928,141 4,718,257 Mainl'ieof csrs.... 605.9.-.6 76:<,?16 822,140 1,074.800 12 niontbs J Net. . 040,561 661,095 Transp'l'u expense s. 1,682,108 1,960,555 2,5.)2,4.52 ! 6,480,361 Total system Gross. 2,037,265 1,764,684 16,052,509 14.937,112 Motive power I,902,'z27 2,209,689 3,044.847 5 Net... 802,817 587,947 4,023,412 4,122,«!)2 '•eneral 387,514 375.113 3 West Virginia Cenfl . G ross 01.802 67,542 549,920 470,000 Net.. 20,246 20,808 169,497 149,1-15 Total 5,890,098 6,090,793 7,127,981 8,053,849 * IncUuIing the ChicaKO line, St. Joseph RR., Chicago Kansas & West- 917,833. Interest on bonds... 4,339,094 4,456,536 *.703.9o5 ern, New Mexico & Arizona and Sonora. 670.748 752,757 782,3d9 f.1,159,263 Rich- Rentals t Figures of net (not gross) for August, 1888, do not include 673553 696,65o 881.072 1.000,73* • Stmrauues::::::::: mond «fc Allej?liany. sinking 55,633 112'«?| Includes Montana Union, funds ^?H?q ^q?'^os t iVHsccUaneous 39,774 6,445 17.813 91.-2° § Business practically suspended seven days on account of strike on Atlantic &• Pacifle RB. Total ~5777i,^99 ^,025,086 6,609,294 7,572,371. Balance, surplus.... 111,199 65.707 518,687 481,478 ANNUAL REPORTS. GESERAI, BALANCE AT CLOJE OF EACH FISCAL YFAH. 1885-86. 1886 87. 1887-88. 1888-89. Northern Pacillc Railroad. ER.,?quip.,rd«,&C.. 156,600,373 160,102,306 164 229.981 16MS2,6fiO: ("For the year ending June 30, 1889.^ K&bondsown'd: 2.055;699 2.238,712 4,039.O|3 3,-.31,382 •lJ,ffrrea payments 3,67«,-i04 3,887,666 ,4..^>5.?20 i'^i^-i,^^ An article reviewing at some length the operations of this 2,.-,15,.47 3,807.474 *-;'9.'89 Blls&accMsrecelv. •J..I6,o,6 2,i.i6,b40 company in the late fiscal year was published in the Chroni- .MaterialH,fuel,&c.. 1.171,279 l.-125,446 1.5'2,404 l,001,j20 1,03,^,804 cle of August 10, on page 158. The report of Chairman Har- nsliunhand 2.230,247 1,032,266 sinkto^fuuds,&o.-.; 2.82r,006 ris in full will be found on subsequent pages of this issue, giv- Jibt-^^lAiJfiJfl _J..015,898 ing many details which merit the attention of every person Total 169.202,704 174,631,407 202,508,431 206,891,181 interested in the affairs of this remarkably progressive com- pany. Stoct'common..... 49,000.000 49.000,000 4",000,q00 49.000,000 199 37.1-;^,578 All the main facts as to the land grant and sales of the year 8 ock preferred.... 38058.311 37.786 aJ.'lB'J.eiS Fuu.liu debt 68,236,500 72,069.ftOJ are in Mr. report, but the following details from '*,"'.?^?'-",V,? ^H^.i'^^9J.D,oOO given Hams' DlM,'en.l ceitiHc's. 4,B40,821 4,640,821 I'^J.-l.-^Ol) the Land Commissioner's report are also of interest. Rruni^h hntidn inmr ..-. 18,703,000 .JOjU^lfOUU fn™'esta?crue1l!"!: 1,882,302 1,969,911 1.804,252 2.323,300 BALES RT POr.rTICAL DIVISIONS. 2,494,004 LAND SmkiUK 1U..U8 618,104 057,719 1,701,341 A era. Amourit. Haltsof laudoovered „„„„, 1,502.445, .rtoAAn 2,(08,856oii\aaLR Mlune.«ota. 5.713 $27,459 bi l»tmortiiaKe . I,2.'i6,976 1,178,931 Dakuta 99,.597 12n,304 B,lUa™tspay5|le 3 077,106 4.534,364 7,39.,3b6 5.909.9" Montana 51.581 140,852 Mi.«>e11n.iieoiM 24,185 19 946 Io0,ll7 88,681 Idaho 3,581 15,2.i6 l"oMand?oSt::::.' 2,40?,398 2,474.106 2,992,792 _3.174,269 "Washiutiton 411,539 l,5lJ,602 Oregon. 1,200 3,520 Total 16972027704 174,63 1, It 7 202,508,431 206,891,181. Total 573,214 .$l,8i7,995 * Applicable to retirement of preferred stoefc and bonds. been invested in i ([Hlpnunt. 1 Ol which $2 205,230 has •Total a' tufll sales during the year in Dak'^ta, 128,137 acres; less old ooi.traois canceled, 28,1^40 acre-; net sales for ihe j ear, 9f,697 acro^'. Ohio & Mississippi Railway. . "In Minnesota and in Dakota there has been little change 1889. ^^ from last year. During the year 120,906-06 acres in Dakota were (Tor the year endiny June 30, selected and paid for by the Minnesota & Dakota Land & The annual report says in regard to the deficit of 8173.24.3 : Investment Company under the contract made with that com- •' We would state that the exjienditure uixin the .Washington pany. The examination of the timber on the 100,000 acres of shop buildings and tracks iu about those buildings and the land in Minnesota, refeired to in la.^t annual repf)rt as under yard connected therewith during the year amounting to contract tf tale, has been made, but adjustment of differences §104,769, has been charged into proper expense accounts, and in the estimates will require re-examination jointly. This the item of ' repairs of buildings' is, for tliis reason, unusu- transaction will be closed up during the next fiscal year. ally large. The Board decided tliat, in view of the fact that " The adverse action of the Secretary of the Interior in for many years the old buildings had been steadily going to August, 18h7, in declaring indemnity lands open to entry and decay, and to a large extent having tocome practically settlement, mdaced a very large number of settlers to go on worthless, thev would charge the cost of the Washington said lands and make fihng, with the expectation of obtaining shops to the account ' repairs of buildings.' The deficiency title direct froin the Government. Tlie company has contested has been met by the sale of general mortgage live pev cent these entries in the Land Offices and before the Departmental bonds, such sale ijeing provided for tlirough the operation of Washington, and has also brought the question of the ccm- the sinking fund. At the date of tliis report your shops are pany's title into the courts. The District Court of Minnesota, complete in every respect, and paid for, with the exception of and also the United States Circuit Court, have rendered decis- comparatively small items, which will be charged to the same ions in favor of the company, and tlie Attorney General of account dmiug the current fiscal year." •» * * the Uniteil States has also decided (by an opinion rendered on •'The average earnings per pa-ssenger per mile for the year January 17, 1888, but not made public until November, 1888,) were less than for many years previous. Iiecause of the large that the c(.mpany is entitled to lands duly selected by it ui number of passengers carried at vevy low rates during the both the lirst and second indemnUy Uinits. It is understood months of July, August, September and October, to and from that tlie dei^ision of the Attorney General is accepted by the the conventions of llie Grand Army of the Itepubhc, at Colum- Interior Department as the basis for adjusting the company's bus, Ohio, of the Knights of Pythias, at Cincinnati, and the Cin- land grant, and that tlie lists of selections made by the com- cinnati Centennial Exposition, which was kept open from the pany will be speedily taken up and approved, and tlie lands fourth of July until about the first of November, and because passed to jotent." of a rate war which was forced on us by otlier lines." The summaiy of comparative statistics for four years past, Particular attention has been steadily given to the promo- compiled in the complete form used in the Chronicle, wul be tion of local industries along the line, productiveof traffic. found below: Crops along the line of the road this year are good. In fact, KOAII AND BQUIfMKST. employees and agents of the company wlio have been con- 1885-86. 1886-87. 1887 88. 1883-89. nected with the road for many years say that, as a whole, lfneageJun>,30 2,808 3,02 3,337 3 465 crops have never been so good at any time. The grain crops L,ocomo'lv4 8 386 412 442 482 in States west of the Mississippi River, which contribute to the PasR..niiiil .Vex.cars. 274 :i»9 2 3 317 traffic of the road, are also much better than the average, and FrelBlitcars 8,3v3 9,436 9.105 10,246 prospect for a large traffic during the current Coal and other cars. 1,862 2,253 2,413 3,280 there is a good Btoamers, AC 3 3 2 7 fiscal year. : — OOTOBGB 19, 181(9.1 THE CHRONICLE 503 ' Oi)eratious, income, &c., oa'the whole line for four yearg No income account is (^iven in the report, I.' ' • have been as follows: terest charge on §3,7]7,0 Ruti'po pa's, jier 111. 2 07 o^R. 2 . i-ts. 2 13 CtH. 1-91 (tt. Pr<^iKlif 20>-,423 31P,708 Fi-Blelit (foiH) o.ir'rt. 1 .^73,977 1.S00.M8.') 1.630.478 1 .H.'i2..5 m MaU, express, cto....;..^.. ^...... ^i..,.i,-^f .. 30360 24,000 FrelKlil(toim)oneiu.318.9-03',»3 33.1.2 l.'j,248 2a7,4eO 528 272.7ft8.538 Rate ptM- ton pt-r m.. 0'(ii>8 ois. 0-720ct3. i,-703oti', O'SUuta, Total earnings 9)29,041 $448,80.'> Operating expt-nacs anl tozei 8>l,3ti8 330,486 PasH. iineia $l,1i)l,5no $1,31.'^,3;0 $1435.109 $1,4SF.H(I0 Fnixhf 2,2l!7.V.-).i 2.407.825 2,2'i8,ti72 2,2is.!i(il Net earnings 9104.057 91ir,319' E.xpiisi and mall... 253,075 2tii,298 273,778 270,404 Total Sp3,6,l,!<20 $3,988,433 $3,077,559 $3,955,165 GENERAL INVESTMENT NEWS. ! fi Tran»piirtatlon $1,674,907 ,70J.141 $l,43-l,08« $1,448, -^nS MaiiiteiKiiU'e of cars 183,973 l.i0,365 196,796 240,Hil2 Atchison 'I'opeka & Santa F«.—The plan of re-organization Maiut. u( way, &«.. 512.43.'> 513.050 652.657 7li9.54« for this company was issued by the managers on T".— i-.v ^nil Oeucralaudtaxea.. 47(i.l84 22(>,333 282,924 449,2:8 it is safe to say that no railroad document more sh ,tt the same lime more comprehensive has ever b<' th. Total $2,597,708 $2.6)0,480 $2,733,117 $2,935,3H1 i upon tlio scheme w ill te in Ketcarniugs $1,074,212 $1,33',953£$1,244,142 $1,019,804 Comments found the editorial col- of the Chbonicle, itaelf is INCOME ACCOUNT, umns and the plan given at length on sulise 604 THE CHRONIGLK fVou XLIX. DESCRIPTION OF THE SYSTEM, PROPERTIES AND attd Mactxmtnts. Uleinovts OBLICATIOJJS. The Property of tha Atchism Topjki & Sinta Fe Railroad PLAN OF RE-ORGANIZATION Company, em')r.>oin< itj Gjaaral Srstom, hu its important termini at C!ii3igo, III.; Superior, Neb.; Crosby. Kan.; Gal- OF TIIS veston, T'-xai ; Paris, Texn; Denver, Col.; El Paso, Texas; ATCHISON TOPEKA & SANTA FE RR. CO. Guaymas, Mexico ; Mojave, Cal. (connection for San Fran- cisco, Cal.); and Los Angeles, Saa Baraardiao and San Diego, California. (CIRCULAR NO. 63-OCTOBER 15, 1869.) It consists of the following : Office of the Atchison Toi-eka & Santa Fe KR. Co., i ' Railroads—Owned and Controlled : P.O. Box 3 10. No. 9.'. Mii.K Strekt. Boston, Octuber Id, 1889. > ATCIIISO.-J TOPcKl & SvSTA p.-; K»II.KJ.VD SVSrEM-PttOPEK : AlcM on Topekx it Si't-l i fr. B lil'-o'i I MII.BS. Stockholders and Bmidholders the Atchison Topeka To the of Atchison, Kaa., to Wester i bju xUry of Kanais .„....470'58 A Santa Fe RR. Co. and of its Aitxiliary Companies : Knntai Ci'i/ Toneki Kansas City, Mo , toTopiikv, K n. (not luolullaT4'lO miles for the Tlie Annual Report wliich was presented to you oC second tr.t«k bjtw.;e -I Km a) City a id Argentine) 66'32 year endirg 31st December, 1888, showed your property to be Jjeivtnajortfi Xorih'nn^ So't'hcrn Riilieay o. in a state of such tiuanciat embarrassment as to warrant Wider, Kan. (on K T. & W. KK ) to Cammings Junc- tion, Kan. (on A. T. & S FRtl M-19 feeliuR-s of grave anxiety for its future ; and it was under such circumstances that your Directors, a majority of whom Ktinsai Citji Emporia tti Sftl'tern R lilicxy Empuria, Kan., t < M iltue. Km 8.4'27 were new to ofHce at the last election, took seats at your Florence E'. Dtra lo <« iTitiiu' VM y R tt road : Board. Florence, Km., to WiufluH.Kia 72-73 examination, not hurried nor super Bcial, but thorough An Ifarion ifi McPh'noH R li'w in : and resulting from sucli actual experience of traffics and Florence, Kan , to E.llnwjod, K»n 98'61 business as time only could give, waa necessary before your Wic ita - the judicious expanditure of new capital for the repair, im- J,i ) Grande <£ El Paso Railroad provement and completion of the properties, to secure an Texas Sfate Line lo El Paso, Texas 20-15 increase in gross and net earnings to the Company at a mini- Nexo Mx can Railroad: So( orr", N. M.. to M gda'cna, N. M 30-t>6 of expense of operations. mum Niilt, N. M, toL ko Valli-y. N. M 13-31 To accomolis:i these results, it is proposed to issue new One 6.m Antonio, N M., to Ca th.ge, N. M a-fil Hundred Year Four Per Cent General Mortgage Bonds for Las Vegas. N. M., ro Il^t Spr:ugt, N. M 8-27 Dillon Juuotlou, N. , to Blossburg, N. ... 5-93 68-11 one hundred and fifty millions of dollars ($150;000,000), to be M M secured by a general mortgage covering all the property of Soutluni Kai>KU R'Mwaii iiitlnni : the Company, including all ths securities representing the Holliday, Kan., to Pan ilauille City, Tctas ... 546-56 control of and ownership in the necessary constituent com- Lawienco Juncr., Kitii., to Liwrence, Kan 25-^0 Oiiawa, Kan., to Kmiioii.v. Ka-i ... 56 4-2 described later, all panies a3 herein and equipment now sub- Biirlln^'toii June'., Kaii., to Burlington, Kan. 42 -il ject lo Car Trust Liens. Additional bonds to the above, to be < haiiute, Kan, to Pitt-burg, Kan 6055 Coff,-yville, in 16-30 issued only for newly-constructed or newly-acquired mileage. CUerryvale, K^n , to K A'kansas City. Kan., to Purcell, I. T r. l."i4-48 security of the old bonds wUl be preserved, so that AU the WellmgtoM, Kan., to IIu nicwcll. Kan l-'-MS the new bonds will have the protection of all existing liens, Atiua, Kan., to Medicine Lodge, Kau 21-26 941-93 with the additional security of the completion and betterment of the properties from the nesv capital proposed to be raised. Atchison Topek v & S axta Fe RR. System—Pboper 3,026-26 Tlie laxes and rentals added to the interest upon that por- SosoRA Railway: Nogales (Mexican Boundary), to Guaymas, Mexico.. 262-41 tion of ths new Four Per Cent Bonds which it is proposed to Ntw Mexico A .\mzoSA Eailroad : issue at once make up an annual iixed charge of under seven Benson, Ailz , to Nogales (Mexican Boundary) 87-78 millions five hundred thousand dollars ($7,500,000). This sum, Chicago Santa Fe & Cai.ikornia Railway : In the opinion of your Directors, fairly represents the earning Chica-jo, 111., to Kai sas Civ, Mo. 438-57 power of the system this year, and they confidently hope and Aiicona, 111 , to Pekla, 111. (exeludlug 5 91 miles leased) 52-40 believe it will be increased in the future. Bbidgs (over Missouri River) -76 Tliere is also designed to be issued One Hundred Year In- Bibley RiVKK&ToLi. Bridge (over Miss- come Bonds for eighty millions of dollars ($80,000,000), bear- Missis-iPPi issippi Elver) -61 interest the five ing at rate of and not exceeding (5) per cent AT.'HIRON TOPKKA &. SANTA FE RR. IN CHICAGO per annum, non-cumulative, but payable only from, and to (teimiuuls) yards and sidingsnot included ... 2-12 494-46 the extent of, such net earnings as may be found after the Josei-u 8r. Lr'Cis & SAirTA Fe Rail-vay : fixed charges have been met, within limit St. the of five (5) per Lexlugton, Mo., to St Josepli, Mo., and St. Joseph to cent. Atoliieon, Kan. (WiutUrop. Mo.) 97-20 This income bond it is proposed to issue to provide for such CHICAGO Kansas & Western Raiiroad (excluding reductions of interest upon present bonds as it is found neces- trackage 2 5 J miles at 8ui>eiior. Neb.); All lu Kansas 940-93 sary to make in order to bring the fixed charges of the Com- California Southern Railroad and pany within its earning jwwer. California Central Railway: -lan The general mortgage bonds and income bonds will be Barstow, Cal . to Bernanlino, Los Angeles, San Dlcgb and National City, Cal. 476-20 issued in denominations of not less than §1,000. Gulf Colorado & Santa Fe Railway : In forming the bases for the scales of the various bond Purcell, lud. Ter., to Galveston, Xex , and branches.. 1,058-00 issues under the projwsed exchange, your Directors have and Controlled 6,443*34 given careful consideration to all interests ; and they believe Total owned that they are now able to present the matter in a manner which treats all holders equitably. Uallroads— Controlled Jointly ultb other Rail- They assure you that they are assiduously and so far suc- road Cos.: cessfully engaged in carrying out judicious economies and Louia <* San Franei/tco Railway Company.) ( wait SI. arrangements for development of business, and they confi- Atlantic October 19, 1889.J THE CHRONICLE 605 Oarritii finoard b,U3''4 AtcUlson Topeka 4c Santa Fo KailroRd Company. 'Tlii< propcrtv Is ownfil Jointly by the St. Fiml .\[orli/ai,f, 189'.>. 7 per eont $7 ,"41,000 00 L. Si, S. V. Rs". aud Atcuisoii Cos.. but Its CoHiiLilairil il'irlt/aijf, l'.)0 i, 7 per cent lOM.SOO OO enti e Isaiir) iif l>oa Tho Sibley •. idee Co „„*'?5", 291,489is (ANNUAL INTEREST, $86,730 60.) Atlan ill <5c Pacillo Railroad C) The Wichlia & Western Railway Co. (W. & W. RR. and K. P. & W. RR. . OQsol dated) 2,250 Leavenworth Topeka & Southwes'ern Rillway Co 5,5i)2 Memorandum of Mortgage Bond Issues upon Rall-OAd tirorcrties in the 4,154ia e KR. Co., and used Manhattan Alma & Buiiiugame Railway Co S.\ stem owned by Atchison Topeka & Santa f as Collatei al for issues of that company Companies. Shares. laiscellaneoas Wichita & Southwestern RR. Co., 2d raorte.ige 6 per cent . S26j,000 00 f cent Arkansas Vail y Elevat. ,r Co 9C9 Harvey County RIt. Co., 1st mortgage per ^^;;';SX25 b per cent.. ... 3,l0(j.000 00 The Auuloou City Elevator Co 281 I), nver & Sauta F.c Ry. C., Ist inorlKivge 1 14.003 00 Osage Cdljo no 2,991 Kan. Citv Empo. ia.v. Southern RK. Co.. -.id mort. 6 per cent cent OO.OCO 00 The San Pedro Coal &, C.ike Co 395 Kan! C. Emp. & So. RU. Co., Howard Ext, Istm. 6 p. 3 1st mortgnge 7 per cent . The Ca youCiyCoalCo 8,4 Elk. & Chatauciua RR. Co , Ux-'i^. ?St I The Trinidad Coal & Coki: g Co 1.618 Kansas Citv Totieka & Western RR. Co., — O per cent b30,000 00 7rf5,U00 Cherokee & Pi^t burg Coal & .Mining Co 2,0UO Kans-ts City To'peka & We.nern RR Co., 2d mort. p. cent 00 103 Istmortg.ge p. rcent Tho Seandin .vi in Co 1 50K THK GHROIVini K r XI IX. Kansas City & Kmporia Div., 8. K. Ry. 2d mort. 8 per cent. $301,000 00 The Inooinn Bonds given as above to ba exclusive of the right to three Kansas aty & Olaibe RR. Co., 1st mortgage 6 per cent.... H.'iO.OOO 00 months' interest, ur one quarter of amount to accrue on coupon of Kansas Sontbem Rt. Co., 1st mortage i> per C(Mit 594,i)00 00 Urst jcar. Barper A. Western DIv., 8. K. R.v., Ist mortgage 6 per oent.l,378.0i'0 00 Kansas City tc Olrard Extension S, K. Ry. 1st moi^gage 6 per cent 13S,000 OU Emporia Southern RR. Co., First RIort- gase 7 per cent Bondn: Gulf t'oloriidu 6c Munta Fe Ualltray Co., First mortgase 7 per cent Koiids: There are also outstanding the following Income Bonds, Wichita OCTOBEU 19. iSHy.j THE CIIRONICLR fi07 Upon siirrenrter of o'd bon itlng July i , 188'.). Onir Colorado dc Santa Fe HB, Co., Second MorlKace • . new lucoiues d from The Conip >ny will issue a Cerlillca e paynble Januiiry 1 , 1890, In new per cent Bonds: 4t at -O (or in Si'.rip convert bio Into now 481. the (Inference bet ween Holders are en'ltlod lo subscribe for new General Hortgase 48. recelv- 5 per cent interest on i>re8eut par value uf the bo ds (or .\uiru.*t li>g for each $1,000 In old bonds, $300 In new 4a and tfOW lu new In- and Sept. uibcr, tind 4 p r cent interest on the proiwsed par for (H)me 5s. July, August iiud September. Upon 8U1 render of old bonds with coupons of April 1, 1800, attautaed, The Income Bonds Kiven as above to be exclusive of the rl«htto new 4s will be given with ciiui>on» or July 1, 18t>0 and new Tnoome* three miMiths' Interest or one (piarler of amount to accrue on cou- dating from July t. 1889, and the Company wtU Issue erttlleate pon for tU'st .) ear. paya'dc In Cash January 1, If'StO. f»r Interest at 4 i er cent on new AtehlMou ''opeka &. Santa Fe BB. Co., Sinking Fund 5 per 4s at proposed par value tor months ot October, November and I>o- cent Bunds (192U): cember. Inc me Bonds given as above to be exclusive of the right to three Holders ire entitled to subscr be for new General Mortgage 48. ro- The months' Interest or one quarter of amount to accrue ou couiwn ot oetving 1 1 each $1,000 lu uld bonds, $350 in new 48 and $5(10 in first year. new lueome 5s. Upon suireuler of old bonds with coupons of March 1, 1890. at- The Southern Kansas By. Co. ot Texas, First Mortgage 6 teohed. new 4s will b- given with coupous i^f January 1, 189u, and per cent B'-nds: new Incomes dating f I om July 1. 188^. Holders are entitled to snbsorlbe for new General Mortgage 48, receiv- Subscribers will pay to the Company on orbefure Janu»ry 1, 1890 ing for each $ 1 ,000 In old bonds, $600 In new 48 and $b'2u lu new In- interest pr. posed por at 4 per cent for miin'ha of July and the on come ."l 8. August, which will accrue to them in the new coupon of January 1, U|ion surrender of old bonda with coupons of March 1, tSOO, attached, l>-90; and they w 11 be entitled to receive from the Company the new 4s will bo given with coupons ot January 1, 1890, and new difference between ir terest at 5 per oeni^ on present par and 4 per Incomes dating from July 1. 1889. cent on proiosed p r tor month of Sepiember. Subscribers will pa to the Company on or before January 1,1890, The Inu'tnie Bonds given us above to be exclusive of the right to three the in erest ou proposeil par at 4 per ceut for months of July and months* interest or oue-quarter of amount to accrue on coupon tor August, which will accrue to tbem In the new couiiou of January 1, first year. l^aO; and iliey wl 1 be entitled to receive from the Company the Kansan City Topeka & Western BB. Co., Income 7 per diflerence between interest at 5 i)erp«nt on present par and 4 per cent Bonds: cent on proposed par for month of Septemb r. abnve to exclusive of ' he right to First inor 508 THE CHRONICLE. [Vol. XUT In the al'ove Snbcriptlim. Slookbniaeni of record at close of buBlniss All deposits mu«t be made before December 1 5th next. on Ooti ber l^, 19-9. will I.e given the iirt-fereLro. aucl In the eveni of Ill ease tie holders ot the B nd« i f any pBrtlciilar ijsue or Issues fall tbeapp 1i mioiiKexi'i-ednir the total ••ujomit off.iert f"r Bubsoiiption, to aicept the piovisii no ot thlB Plan and lo depnsi Ibcir Bunds for the rzi'i fut ml bi- adjust- d In inopurllou to their huldiui;a. rxcnaiiKe ihercuuder, the Dlrectoro lecrve thf iijiht to ci.rry out the All Piish jwyiufuis MiH'cr ibUsut sir! ti u are to e i^aile to Me'srs. other proviamUNOt ihe Plan, lirespi ctive of such IfSiie nr i SU' s; and liiOe tliei lit Kidder. I'ei.bodv & Comrauy, at ti.eir olHo. s. No. U3 D^Tonshiie exi as see irom tlie bineflts or ibis I'lau. i ny holders of Street, B- Btmi. or No. 1 Nassiiu Htr. et, S'-w York, who will issue le- Bunds who sliall not hav>- aoi op ed ihe same and rirposltedtUelr Bonds eeij>ti< th rct'T. an i ait as ArciiIs lor th • subscribers unon the uuder- lor exchange the euuoir within the lime lituitm beieiu Btandli.K ibai fUi h n.oie.TK'ha 1 bii hi Id by tbeiu in Trust, not to be When the majority of the bunds ot any issue or Iskui s have been de- Erid over to the Kailmad Company until tbo Diiect^rs of sold Cuiupany pi si ed lorexoh .uge nuoer this Plan, th- Directors ri sei »> the full ave iffl lally iii'i.mii.trd ihat the pl-n i.l Be-t.rganlnatlun b«s u en rivht to deal wiih such Bonds, by forrel sure or othl^rwiHe. acting acocp'e.l ai.a a suHlcl. ut ani'Ui.t o( securUies have been deposited to ihrongb thoTrusiee or'lruetces • f the M.rt;:aKeB seen in. ihe same, make the Ke orcu'lzaiioii rffi otlve. as fully and completely as ihc holdi r« of said bon- s might have done, Paynie >» may b.' antioipatoU. on any day upon which instalments acliugln thelrowu beua f la case they had nut apiroved of the Plan, are due. at ihn rate of .i p r cent per annum. aud surrendered their Bonds for exchange th. rounder. The Subacrip lun Lists will bo clokod ou or before Norember 15, By order of the Boaid of Directors, proximo. GEORGE C. MAGOUN, Chairman. DEPOSITS OF BONDS FOR EXCHANGE. Blanks required under this Plan may be had upon application to: DepoRlts of Bondo. under tills Plan, should be ni«de with the Union J. \V. IIEINIIART, Fourth Vio. -i'rco't. A. Trust Cnuipaiy. Broadway aud Keutor fctrcet. New York, who will T. & S. F. RK. Co., 95 Milk St., Boston. Ifsue NefCotiable Cer itlcatct^ 'or same. KIDDEU, PEAIIOUY <& CO., For the couvei bnce of holders, rt'poslfs ca" be made at the office of 113 DirvoDsMre Street, Boston. Milk J. W. Keli.hiirt, Fo- rth Vl.o President AtoblM.n Company, i»5 KIDDER. PEIBODY year. Tlie net increase in earnings from freight IC commercial NORTHERN PACIF RAILROAD. was $3,776,603 45, or 27 7-10 per cent. earnings from through freight 6-10 ANSUiL REPORT FOR THE YEAR ENDING JUNE 30, 1S89. The were 17 per cent from local freight, 81 6-10 per cent ; and from construction To the Stockholders of the Northern Pacific RE. Co. material for the Company and branch roads 8-10 of one per cent of the total freight earnings. The Directors submit the following report of the operations of the Company for the year ending June 30, 1889. CAPITAL STOCK AND FUNDED DEBT JUNE 30, 1889. The earnings of the Company, including receipts from leased Capital Stock, Common $49,000,000 00 " and branch roads, were " Preferred 37,172,577 91 ,172,577 91 From freight $12,877,837 84 From passonffer.^ 5,824,163 28 FuKDED Debt. From mail, express and mLscellaneous. . 1,005,466 S'J Mortgage Bonds 95 General First $46,943,000 00 $19,707,467 General Second Mortgage Bonds 20,000,000 00 The operating expenses were : General Third Mortgage Bonds 11,011,000 00 Tor conducting transportation .$5,726,456 04 Missouri Division Bonds $2,500,000 00 For maintenance or equipment 1,828,799 15 Less Canceled by Land Sales 3T 0,000 00 For maintenance of way and structures. 3,216,327 18 2,130,000 00 For general expenses 1,091,959 10 Pend d'OreUle Division Bonds $4,500,000 00 Less Canceled by Land Bales 2,081,000 00 $11,863,541 47 2,419,000 00 For taxes 322,403 04 Dividend Certiflcates, Extended—Convertible into Third Mortgage Bonds 935,000 00 Total operating expenses and taxes 12,185,944 51 $83,438,500 00 T^.ivlng net earnings from operating $7,521,523 44 B0Nl>g OF BRASCH EOAD COMPANIES OF WHICH INTEREST Divid'don27,527sharesiflt'cx8t.P.&N.P. $154,903 80 AND SINKING FtTND CHARGES ARE GOARANTKED BY Protlta ou sales town-site properti out- THIS CuMPANY $21,968,000 00 side of laudcrant 249,30974 BONDS OF St. Paul & Northers Pacific Railway Co.. $7,250,000 00 Sundry other items of income 123,162 53 526,376 07 BONDS of Northern Pacific Terminal Co., I.nterest Balance general inter set 5,949 84 OF which IS GUARANTEED BY THE NORTHERN PACIFIC Co., THE Oregon Railway & Navigation Co., and $8,053,849 35 THE Oregon & California RR. Co $3,000,000 00 increase in bond"! of branch companies of which the Out of which have been paid the following : The Rentals $1,159,262 61 interest and sinking fund charges are guaranteed by this \12.: St. P. & N. P. E'y Co.. .$769,162 91 Company in the year was $3,300,000. Of this amount C. St. P. M. & O. R'y Co 3,139 72 $2,957,500 are the bonds of the Northern Pacific & Montana St. P. M. M. R'y Co. . 22,229 68 & the sale of which was stated in the last Minneap. Union R'y Co 46,005 10 Railroad Company, N. V. Terminal Co 72,000 00 report to be under negotiation. CiEurd'Al. Ry. & N. Co 135,006 94 The length of the Northern Pacific, the St. Paul & Northern 26 Northwest Equlp'nt Co 106,718 Pacific and the Branch Roads is 8,505'69 miles. Tacoma LantT Co 6,000 00 Guarantee to branch road couipanies — 1,060 738 66 Viz.: Northern Pacific 2,181-30 Paul & North'n Pac, Including branches viz. : Interest $960,108 66 St. Sinkinar fund 100,630 00 at St. Paul it Minneapolis 147-30 Interc.1t on funded debt accrued 4,917,832 77 Branch Roads l,177-09 Contribution ( to siulnng fund. 343,309 27 viz.: Pend d'Oriellc Dlv.b'ds $33,536 67 Trackage leased of the St. P. M. & M. Ry. Co., from St Paul to Min- MUsouri Div. bonds... 27,205 81 neapolis and branches, is 16*2 miles. General l«t mortgage. 132,560 79 The earnings of the Branch Roads In the year ending General 2d mortgage. . 150,000 00 June 3 fiscal year were as follows : the St. Paul & Northern Pacific roads, from business secured to those roads by the branch roads, amounted to $4,278,304 31. The constantly increasing business of the road demands Northwest Equipment Company of Minnesota to supply equip- frkioht 10,426.214 48 12,877,837 84 -1-2,451.693 36 constant additions to the equipment. The contract with the aggregating in cost $2,000,000, was referred to in the Commercial 10.012,703 48 12,780,306 93 +2,778,803 45 ment, last report. Contracts have been made with that Company Conatruft'n and others for a further supply to the amount of $2,250,000. m a t o r t al lor C . & These contracts require that the sum of $425,000 of the princi- br'oh r'ds. 413,541 OO -325,010 88,630 91 09 pal shall be paid annually until the whole sum is paid, Passbnoks . 4,577,89386 5,824,163 28 (-1,346,264 92 ST. PAUL & NORTHERN PACIFIC RAILWAY. Mill.. Txp. * The gross earnings from the business on the St. Paul & Misoi:!.. 842,185 04 l,005,48fl83 +163,281 79 Northern Pacific Road were: 'l8.8l6.S27Sa 19.707.487 US •^.S.sni.MOO? From passengers $404,276 25 From freight I,l;i2,899 73 The increase in earnings from through passengerg was From mall, express and miscellaneous 206,270 75 1792,445 78, or 83 3-10 jier cent; and from local passengers, 73 $478,319 91. or 14 3-10 per cent. $1,803,442 20 The earnings from local freight were $1,407,587 59 in excess Rental paid by the Northern Paelflc Railroad Co $062,936 other companies 106,226 71 of Rentals paid by the earnings of the previous year from that source—being Received from other sources 9,72150 16 1-10 per cent increase. The increase in local tonnage was 357,204, or 15 per cent. The increase in earnings from through Total revenue $778,884 41 freight was $1,229,938 64, or 118 1-10 per cent, with an increase To which add surplus from earnings in previous years on hand June 30, 1888 163,257 08 in tonnage of only 41,327, or 53 9-10 per cent—indicating a general maintenance of rates on through freight during the $942,111 49 : October 19, 1880.J THE CHRONICLK 609 Carried /orteard fp/j,/// /<) The approximate numlier of acred of land oarnod to Out of whieh Aa< Oeetipaut— June 80, 1889, remains the same aa Btatotl in lant report, viz.: 1 ntorest on bonds $439,3130 00 Diviilends 304,75S 80 46,334,960 aotw (icueral exi each purchaser was 22.5-23. Tlie : There has been issued during the fiscal year S^OO.OOO addi- icreaae in amou-t of land sales over last year was about ji^r tional capital stock. The proceeds of this stock have been ap- 82 cent, and over tliat of the year ending June 30, 1887, plied to the construction of increased terminal facilities and was a')out 90 per cent. It i» estimated that during the improvements in and about St. Paul, the principal expendi- year 15,000 new entrieo and filings coverinjf 1,750,000 acres, have ture being for the East Side Line in that city, affording direct been made on (Jovemment lands within the limits of the (>)mj)any'B connection with the St. Paul Union Depot, accesi to which grant. The report of the Land was formerly had over the tracks of, and subject to the con- Commissioner giving interesting and valuable information in regard trol of, other companies. The total capital stock of this to the lands will Ix; found com- herewith. pany is ?5,r)00,000. of wliich the Northern Pacific Railroad Company owns $3,002,500. WISrONSIN CENTRAL CONTRACT. » ' The outstanding bonds of the St. Paul & Northern Pacific An important contra« do Pref 100 56 57 "a 2d pref. eertittcates. except third ofinoath) 10913 el07 Hi lAkeErle & W....100 l»i4 9 do Istpref.lOO 107 4! St. Louis Tunnel RR.. 72 >« do Pref.lOO «3% 61H St. Pa'il ADuluth.lOO 27 2H 8t. Lotus Transfer Co. GAS STOCKS. 77 80 Cotton bl 66 Bait. Consol. Gas, Veo 41% 4414 L. 8h.