.

JHi

%1^ ANI xtmtlt HUNT'S MERCHANTS' MAGAZINE,

SKPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATE!'

VOK 42. NEW YORK, JANUARY 23, 1886, NO. 1,074.

^itiattcial. ^ittaticial. ^itiattcial. AMERICAN John Howabd Latham. Fbidsrick W. Pikbt J. H. Latham & Co., Bank Note Company, DIAMONDS UNITED BAIfK BUILDINa, 78 TO 86 TRINITY PLACE, No. 3 ITAI.!. STREET, NEUT YORK. NEW YORK. City, County, State, Railroad, District of Columbl* Alfred H. Smith & Co., Bonds and ForelKn Bzchan^e. Buftlnean Founded 1795* Correspondence Solicited. iMorporaled uoder L*wi of St»le of K«w Tork^ 1969. Rcorffanlxcd 1479. IMPORTERS, Encraveks and Printers op 182 Broadwaj', Cor. John Street Fanshawe & Milliken, BONDS, POSTAGE & REVENUE STAMPS, LEGAL TENDER AND NATIONAL BANK NOTES of the UNITED STATES; and for Foreign Governments. BANKERIS AND BROKERS, ENGRAVING AND PRINTING, BANK NOTES »IUAKE CEKTIFICATE8, BONDS No. 43 NEW STREET. FOB COVEH>MF,\T8 AND COKI'ORATIONS, DRAFTS, CHECKS, BILLS OF EXCHANGE, GORHAM M'fg Co., STAMP'S A

Deposits received subject to oheck at slKht, and CLEVELAND, OHIO. Interest allowed on Floyd-Jones & Robison, daily balances. Transact a eeneral banking business, and DBAL Stocks, Bonds,

I on Margin. Correspondence Solicited of a high grade a specialty. , Walsh & Floyd, Correspondence solicited. |: llMnkersNew York Stock Excbanse. STOCK BROKERS, W. T. Blackwill, Pres't. P. A. WU-sr, Cashier 'TINKER A. WESTON, No. 26 BROAD STREET, NEW YORK. The Bank of Durham, BANKERS AND BROKERS, James W. Walsh, Jr., Nicoll FLorn, Jb. DVRHAm, N. C, Member N. T. Stock Bzctaange. N o , 3 EXCHANGE COVRT, Paj Special Attention to Collections. New York, P. Wintringham, FIRST-CLASS FAClLITiKS. BsmT C. Tr»KKn. Member N. T. Stock Ittch. New York Correspondents.—The National Park Bank KufancLAEB Webto.v. J. and Seventh Ward National Bank. 36 Pin© Street, - - - - New York. STOCK BROKER. (Telephone—288 John.) GAS, INSURAIVOK, BANK, CITY RR. W. H. Goadby & Co., Lansdale Boardman, TRUST CO. aud FERKY STOCKS. BANKERS AND BBOKEBS, HEW YORK, 80 BROADWAY & 6 NEW ST. A weekljr ]i»t nf lots of these securities offering on the market pnbltnhed Mondays with prices. TBOY, N. Y., No. 17 FIRST STREET. Copies on application. He. 34 BROAD STREET, Orders solicited to bur or sell on the Stock Bxchangee, or Bzch'ie membershlpi private wir«| all faculties at the weekly Auction Sales. R.W York. ;

I HE CHKUJNIULE [Vol. XLII.

^oretfltt ^-echatifle. H^wrjeifltt gxcltatioje. Drexel, Morgan & Co., August Belmont & Co., Heidelbach, WAiL STREET, CORNER OF BROAD, BANKERS, Ickelheimer & Co;, NETT YORK. Noa. 19 & 21 Nassan Street. 29 W^ILLIAin STREET, CREDITS, available In ail ISSUE TRAVELERS' Cor. parts of the World, tbrouKh Excbange Place, NEW YORK. Drexel & Co., Drexel, Harjes & Co Messrs. N.^l* RotliHchild &: 8ons, Ijondon. FOREION BANKERS. de Rotlischild Bro»y., FariH. Cor. of 5th & Chestnut Sta. SI Boalerard Iluussmann, "" A, de RolbHchild i&° Sons, Frank- BUY AND BILLS fort o\iii DRAW OF EXCHANGE, PBILADEIiPHIA PARIS. S. Bl. deKothscliild, Esq., Vienna. MAKE CABLE TRANSFERS, ISSUE TBAVEU DOilESTIO AND FOREION BANKERS. AND THEIR CORRESPONDENTS. BRS' CREDITS. Bills of ExcbanKe on, and Cable Trans- ISSUE COMMERCIAL CREDITS, Deposits received subject to Draft. Securities Draw make AVAILABLE fers England, l?'rance and Germany. bouKbt and sold on conimi.ssion. Interest Hlmwed on to, IN ALL PARTS OF THE WORLD, ON Deposits. Foreign Exchange. Commercial Credits. Cable Transfers. Circular Letters for Travelers, Messrs. C. J. Hambro & Son, London. alt parts of the world. Seligman Co., available in J. & W. & ArrORNKYS AND AGENTS OF BANKERS, meamn. J. S. nORGAN & CO., No. 23 BROAD STREET No. 22 OLD BROAD STREET, LONDON. fiewr York. Issue Letters of Credit for Trayelers, C. J. Walcott & Co., Brown Brothers & Co., On SELIGMAN BROTHERS, London. BANKERS AND BROKERS, SEUGMAN FREHES & CIE, Paris Phlla. TORK. Boston. SBLIG.V1AN &. t-TEi'THElMKR, I'rankfurt. No. 24 Pine Street, New York. NEW ALSBERG Gt)Ll)UEliG, Amsterdam. AND ALTMAN & STETTHIEMER, Berlin, Transact a General Banking Buslnegg. AI«BXANB£:R BHOIFN & SONS Payable in any part of Europe, Asia, Africa, Aus- BALTIMORE. tralia and America. Stocks and Bonds bought and sold on Commission, Draw Bills of Exchange and make Telegraphic Orders received in Mining Stocks, and in Unlisted Bny and Sell Bills of Exchange Transfers of Money on Europe and California. Securities. Collections made and loans negotiated. ON GREAT BRITAIN AND IRELAND, FRANCE Dividends and interest collected. GERMANY, BELGIUM, HOLLAND, SWITZ- Deposits received subject to Draft. ERLAND, NORWAY, DENMARK, Interest allowed. Investment securities a specialty. SWEDEN AND AUSTRALIA. John Paton & Co., We issue a Financial Report weekly. Brancli Office, 320 Broadway, lasne Commerctal 6c Travelers' Credits SUCCESSORS TO IN STEBLIXG, JESUP, PATON & CO., Connected by Private Wire. Jos. C. WALCOTT, ( Available tn any part of the world, In Francs for Members of the New York Frank F. Dickinson, stock Exchange. ase in Martinique undGuadaloupe, and in dollars for 52 William Street, New York. i Qse in this and adjacent countries. Accounts and Agency of Banks, Corporations, JAUKS Whitelt, h. cbcokb oaklit, .nake Xeleg:rap1iic Transfers of Money firms and ii.dividuais received upon favorable terms. Matnard C. Btrs. Between tikis Country and Europe. Dividends and interest collected and remitted. HiNKT H. Dodos, Washington, D. C. MAKEt OI-L.ECTIONS OF DKAFTiS drawn Act as agents for curporations in paying coupons Wm. R. Travbks, Special Partner. abroad on all points in United States and Canada, and dividends; also as transfer agents. and of drafts drawn in the United States on Bonds, stocks and securities bought and sold on Prince & Whitely, foreign c*)untrie8 eommisnion, at the Stock Exchange or elsewhere. and their London house. Messrs. BROWN. SHIPLEY Sterling Exchange and Cable Transfers bought and No. 64 BROADW^AV, N£W YORK. receive accounts of American banks, sold. & CO., firms ^^ V\tth Ave., New York. and Individuals, upon favorable terms. DRAW ON BRANCHBRAvnr "l^"CB8J53gj5^jjat.,OFrrrKsJ THE UNION BANK OF LONDON Waahliurton,D.C. Bu7 and sell on comwlsBlon all classes of Railroad BRITISH LINEN CO. BANK, LONDON AND 8ecurltlea;also Grain and ProTlslons. & J. Stuart & Co., Private TeleKraph wires to Philadelphia, WUmlnK- J SCOTLAND. ton, Baltimure, WashtnRton, BrIdKeport, New Havea, 83 'NASS.»U street. BOBtOD and P i ttsburg. BILLS OF EXCHANGE ON Maitland, Phelps & Co., H. B. UULLINS. F. A. YZNAGA. FRANK C. HOIiLniB SiaiTH, PAYNE & SMITH'S, BANKERS BANKERS, LONDON H. B. Hollins & Co., AND nANCHESTER & COI7NTT BANK, BANKERS AND BROKERS, "LIMITED," COMMISSION MERCHANTS, Members New York Stock Exchange. MANCHESTER, PAYABLE IN LONDON; 74 BROADWAY. 22 & 24 Excbanse Place, ULSTER BANKINO COmPANV, Branch Office. 5 Vanderbllt Ave., connected by BELFAST, IRELAND; New York. private wire. AND ON THE Connected by private wire with E. W. Clark & Co., NATIONAL BANK OF SCOTI.4ND, bills of exchange, letters of credit, and mil & Kennedy, Philadelphia. EDINBURGH AND BRANCHES; telegraphic transfers of money ALSO, ON MEXICO, CUBA, &c., &c. A. Kohn & Co., CABLE TRANSFERS AND LETTERS OF CREDIT. J. J. Kennedy Tod. Alexander Bakino. BANKERS AND BROKERS, H. O. NoRTHCOTE. Member N. Y. Stock Kxch'ge 19 Broad St.^N. Y., imUsBuildlus, John Munroe & Co., Kennedy Tod Co., Transact a General Banking* Uusiness. No. 32 Nassau Street, Nen^ Yoik. J. & ForelKn KxcbanKe, Bonds, Stocks and Miscella- neous Securities bought and sold on commission. No. 4 Post Office No. 63 WILLIAM STREET, Square, Boston. Julius A. Kohn, Ochs. Muuitz Ochh, Memb. N. Y. Issue Circular Letters of Credit for Trave *rH' Use BANKERS. Stock Kxch. Memb. N. Y. Stock Ki A broad aKainat Cash or Satisfactorj Act as Agents for Bauks, Bankers and Railroad Uuaranty or Re-payment, Companies. Issue commercial credits, also foreign and domestic Hamilton & Bishop, Exchange on Loudon, Paris, Berlin travelers' letters of credit in pounds sterling & dollars. BANKERS AND BROKRRS, and Zurlcli. OITer Investment Securities. No. 35 PINE STREET. NEW YORK. Credits Opened and 1"a vments Made by Cable. Buy and sell bonds, stocks and securities in all Am- (Members New York Stock Bxch»nKe.) erican, Canadian, British and Dutch miirkets on com- Accounts of Banks, Bankers and others received. < Paris House—laviNROE & CO. mission. Collect dividends, coupons and foreign and Interest all

ATTORNEYS AND AGENTS OF F. U. SMITH. I Members Consolidated Stock and 8. W. Smith, Chas. Unger i Petroleum Exchange. New York. & Co., Messrs. BARING BROS. & CO., London BANKERS AND BROKERS, Simon Borg & Co., Members of the Now York Stock E.xchanKe. comhiercial credits, OIAI.KU8 IN FOKEION EXCHANGE, GOVERNMENT No. 17 NASSAU ST., NE\r TORS. AND OTHER iNVEaTME.ST BONDS. circular Credits for Travelers. DEALERS IN r- m?'^.H"l;"*" LOANS A SPECIALTY. ALL KINDS OF 64 Wall St. and 62 Greene St., N. Y. Buy and sell Caiii.e Transfers Bills of on commi».fion, lor investment or on and Exchange on Railroad and Inrestmeiit Securities. marijln, all secarities dealt In at the New York Stock Great Britain and the Continent. SxcbanKe. Southern KOCNTZE BKOTIIERS, Seccbitiks a Spkcultv. Canadian Bank of Commerce. BANKERS, Capital, »6,ooo,ooo. Rolston & Bass, Subphtb, »2.ioo,ooo 120 Broadway, Equitable Bulliltng, New York No. 20 3. H. GOADBY & B. E. TVALKEB, LETTERS OF CREDIT AND BROAD STREET, NEW YORK. JOI'.T AGENTS, CIRCITLAR NOTfeS STOCKS, BONDS 1« Issued for the use of travelers in all parts of the AND niISCEI.I.ANEOIJS SKCUBITIBS EXCHANGE PLACE, NEIT YORK world. Bills drawn on the Union Bank of London, BUY AND Sra-LSTKRLT^NG EXCHANGE, CABLE lelegraphlc transfers m;ide to London and to various Correspondence Solicited. places In the United States. Deposits received sub- (Quotations cheerfully fomlahed ject to check IgaUK COMMBHCIAL at sight and Interest allowed on bal- Wm. H. Rolston. W. alkx. Bass, Jr. CREDITS AVAITAnTv'^^ ances. Government IN ALL PARTS 'l'' and other bonds and investment Member N. Y. stock Bxch'ge. l"lB WORIJ). aeourltles bought and solo on cononission. .Memb, -r Chicago Stock Exon'Me. : ,

Jakuary 33 1 886. J I'HK (JHRONICLE

^ntiktvs nuA '§xo\iisvB. S^nUers and IBrokerB. gatttievg attd ^voUcvs, Taintor & Holt, Geo. K. Sistare's Sons, Howard Lapsley & Co., 16 dc HANKKRS. 18 llrond Street, New Y<.pk, BAKKER8 AND BKOKER8, 121 South -riilrd Street, Phlladolphla. (Mortimer Bull(lln(f.) No. 1 1 No. 3 WALL KTIIRKT, NK1V YORK. Conneeted bjr I'riviile WIro witli nialn (ifflco. Now WALL ST.,) Vi.rk. TKANSACr u (iK.NKElAL RANKINO btlnlnesa. ^•w York. ) IIKAI.KUS IN liBl>OSITii reculvud and LNTlCltlSbT alloned on PIUVATB WIRE TO BOSTON. twliiiioeii. FIRST-CLASi^ IirVESTIflElVTS. Ilujr and sell tiOVKRNMBNT, MUNICIPAI. and fluy KAIl.UOAU SrourlUe). liiid noil on C'ommlKilon. for cash or on mariiln, all securities dealt In at the New York HUxik Kx- t^aveign Daukers. I'rIVHte tek'Kraph wires to rrovldeace and Boston. chiuiuv. Interest alloweil on diillv balances. <;. tS. TAINTOK. QBO. U. HOLT. All deposits subJiTi to I lieck at slrtt. LONDON, Slst December, 1886. Particular O. D. I.'UD1LIRII. atccnti..ri t ders by mall or telearam. TVTE BEG TO GIVE NOTICE THAT OUR iiiKAM Dbwixo. Clark Dkwino. F. T. Bontkcoit " Arm of (Member of New Ytirlt Stock KxebiuiKe.) Wood, Huestis & Co.. BLAKE BROTHERS dc CO., heretofore carried on by us H. Dewing & Son, 31 PINE STRICIIT. NEW YORK, at BANKERS AND BROKERS. 62 ORESIIAAn IIOI7SE, E. C. ba:vi4er«$ a!^i> brokers. has this day terminated by edluxlon of time. Mr. .Sfcci:.SSORS TO No. 18 Wall street, Now York. WOOI» EMIL UElNK.MANNand Mr. F. B. BLAKU alone HtockH Atid Hond.H BdU^fht aiut Sold on Cnmmission A DAVIS. are authorized to sign the firm's name In liquidation Execute ordcisiii all securities listed at Acc.nimsrtH-eiVLidaiul Interest allowed on bulunces the Now and to settle all outstanding York Stock Kxchuiiiic. For Sale business. which may be checked fur ut siKht. FipT-Ci.Ass Ictwa l-oaii A Trust Co. 6 per cent Debentures Kaii.hoadKikstMoktoaoic Bonds. KMIL IIKINEMANN, OKOHOKC. WOOIJ. C. boiiictil and .sold. U. HUESTIS. L. M. SWAN. F. B. BLAKE, WM. V. CAKulTiiJr CBAKLIC8 F, CoX BLAKE BROTHERS A CO., MeuberN. V. Stock BxcbanKe* A Dutenhofer, Of Boston and New York. Carolin & Cox, BROKER LONDON, Ist January, 1888. Bankers Comnilasloii Stock Brokers TJEFEBRINO TO TIIR CIRCULAR .MESSRS ^ A.VD OF No. 08 BKOAUWAV, NKW YOKK. "' BLAKE BR0TIII:RS & CO., Dealer in Miscellaneong Depf>8lLa received dubjeoi to check at alKht, anj Securities, dated 3Ist Dec. lft85, announcing the termination of iBtereat allowed on daily balances. All Stocks and MILLS that Arm by effluxion of time, BeouriMe« dealt in at the New York Stock Exchanxe BJILDING (3d Floor,) we beg to notify you that we have formed bouitht and sold on Commission, for Cash or upon Booms 25 4 88. 35 WALL STREET. a copartnership to carry on Margin* ^^^ a general Banking business under the style of STATK ANDCITV nONDSOFOKOKGIA, ALSO SECUIIITIKS OK rill.; CKNTRAL UK. & BAftK- HEINEmANN Sc CO., ING CO. OK GKOKtilA A gPKCIALTY. Investors wishiiiK t

. Giiman, Son & Co., We have published a new pocket edition of our 02 Gresliam House, E. C, annual "List of titotks ajid Bonds at the New York BANKERS, Stock ExchaUKe." Sent free on application. Both of our Arm are MEMBE118 of the N.Y. Stock ExcuA.NOE. EONOON. No. 62 CEDAR STUBET. BOBHBT J. Kimball. Alfked B. Lodnsbkbt. In addition to a General Banking Business, Buy Solicit accounts and agencies of Banks, Railway! and Sell Government Bonds and Investment Securi- C. Turner, Corporations, Firms and Individuals upon ties. J. favorable terms; also orders for the pur- (15 Years' Membership In the N.Y. Stock Eichanite. chase and sale of Bonds, Shares, Ac, Ac. on John H. Davis & Co., BANKER AND BROKER, the Stock Exchange. Interest allowed on Deposits, subject to eO-daya 16

Stocks, Bonds and D . Qovarnment SeourltlM Bought and Sold on CommlssloQ. Railway Share Trust Co. JA8. D. SIMONS, BITIRLT CHIW, Member N. Y. Stock Exchange, Member N. Y. Produce RxchangA. (LIMITED). Thompson & Richard No. 4 BANK BUILDINGS <^ Co. BANKERS, LONDON, ENGLAND. BANKERS, 1« A 18 Broad Street, New York. N o, ISW^ALL n>ON. , BANKERS, I Breadway, I 8 cor. Exchnngc Place. N. Y, Branch CALDWEEE, WASHBVRIV A. OIUcc, .J4I l,n .Snile St., Chicago, TOWKSEKD, T H B ' nS^ mHv«A,?.'S.' _ . p. O. Box 447. Purchase and Sale of all S' caritles dealt D. „ In at the I A. BOODY. C. W. MCLBLLAN. New York Mock Kxclmnge SAN FRANCISCO OtUoe,422CaUromla St. B«ITBE.>» LELAXD. Interest allowed *m deposits subject to sight draft NEW^ YORK Af^nts, J, A W. Sellfcman A Co. C. B. Caldwill. La vsisq C. Washbur.v BOSTON Correspond'ts, Massaohosetts N. Bk Chas. .1. ToWNHKNn. Member N. Y. Stock Exchange lottaorlzed Capital, - OODOLASS GRIEN. A. K. BATEMAH 96.000.000 M«mb.N. y. Cotton Exch. Memb.N.Y. Stock Kioi Paid-up Capital, - • 1,500,000 BANKERS, W. W. DUDLEY. Reserve Fund, - • - - - 400,000 UNITED BANK BUILDING, CREE.'V & BATEfflAlW, Wall Street, corner Broadnray. BANKKRS AND BROKERS, Trmnsaota general banking boslneas. Issne Com- STOCKS, BONDS t STOCKS, OOTTON. GHAIN, mercial credits and Bills of Exchange, available In all OOMMEKOUL PAPER. KOREION BXCHANOE, parts of the world. Collections and orders for Bonds "'"' "."" °" commission Corner Wall and New Streets. Stooks, eta., executed upon the mostfavorable terms at^w'Yo"rk ^^?fi "i?'^'" FRBD'lTP. LOW, Private Wires to Washington, D. C„ Baltimore. Boa- ("»''*«•'••Iw . __ ton, Philadelphia IGNATZ 8TKINHABT, and Clfiloago. P.N. LILISNTHAL, Cashier. . : ;

ir THE OHKONICLE. [Vou XUL

ClPanadtan ^Ruktxs, ^anthttn gawfeers. MERCHANTS' NATIONAL BANK, De Twentsche Merchants' Bank RICHinOND, , OF CANADA. Collections made on all Southern points on best Bankvereeniging, terms; prompt returns. P. Capital, • • $6,725,000 Paid Up. JOHN BRANCH, President. John F Glkns. Cash. Frisd. R. Scott. Vice-Prest B. W, BLIJDENSTEIN & CO., Reserve, $1,376,000 THOMAS &. President, ANDREW ALLAN, Esu. BRANCH CO., AMSTEKDAin, • • • - HOLLAND. VIoe-President, ROBERT ANDERSON, Esq. BANKERS AND COMMISSION MERCHANTS, RICHinOND, BSTABLISHKD 1861. HEAD OFFICE, mONTREAL. VIRGINIA. GEORGE HAODE, General Manager. Circulars and Information on funding the debta Capital fnlly paid up.7,203.026 Onllders ($2.881,$70-) J.M.PI1I/MMSR. Assistant General Manager of Virginia and North Carolina free of cost; one- " BANKERS: eighth per cent charted for funding. Southern Rail- lleBerre Fund 91S.09a.62X <»365.237-) LO>n)ON,KNG.-The Clydesdale Bank (Limited.) road and State and City Bonds bought and sold. NEW YORK—The Bank of New fork, N.B.A. HEAD OFFICE, AnSTERDAIH. The New York Agency buys and sells Sterling Ex- BRAyOBBS: change, Cable Transfers, issues credits available in .special luwcstmcuts. all parts of the world, makes collections in Canada London-B. W. BLIJDENSTEIN & CO., and elsewhere, and issues drafts payable at any of the offices of the bank io Canada. Every description No. 55 & b6 Tbreadneedle St., £. C of foreign banking business undertat Transact a general Banking and CommlBslon Bank of Montreal. 108 nONTAGUE ST., BROOKLYN, Business In Bills, Stocks, Btiares, Coupons, Su). IfHW TORK C0RRESP0XDRXT8: OAPITAI., - - 913,000,000, Gold GAS STOCKS SURPLUS, - - 96,000,000, Gold AND Messrs. KNAUTH, NACHOD & KUHNE 0. F. BMXTHEB8, President. W.J. BUCHANAN, General Manager. «AS SECURITIES, Bank of Australasia, Street Railroad Stocks and Bonds ' (Incorporated by Royal Charter, 1835.) NXIf TORK OFFIOX, 4 Tbreadneedle St.^ Ijondon, England Ncs. 69 A 61 WALL STREET. Ain> ALL KINDS OI Paid-up Capital, £1.600.000 WALTIR WATSON,! ._,„,. Reserve Fund. ----- 770,000 ALii'BLANO, '{Agents. SROOKLYlKf SECURITIES Letters of Credit and Drafts Issued on any of the numerous branches of the bank throughoat Australia and New Zealand. Any and sell Sterling Exchange. Francs and Cable DEALT IN. Bills neKOtiated or sent for collection. T ansfers; grant Commerolal and Travelers' Credits, Telegraphic transfers made. « OAS QUOTATIONS IN THIS PAPBR Available In any part cf the world; Issue drafts on DepOHits received in London at Interest for fixed periods, or for transfer to the colonies on and make oolleotlons In, Cbloaso and throaghoat the GEO. H. PKKNTISS. W. D. terms PmtNTISS. W. W. WALSH | which may be ascertained on application. D >mlnlon of Canada Member N.T.Stock Kxch. 1 PKIDKAUX 8KLBY. Secretary. London Offlce, No. 22 Abchnrcb Lane, Hong Kong & Shanghai John B. McGeorge, BAIVKING COKPORATION. "WitsUvn '§^uktVB. No. 20 BROAD STREET, Paid-up Capital $7,500,000 INVESTMENT SECURITIES AND Reserve Fund 4,400,000 Reserve for Equalization of Dividends... 400,(>00 KSTABLIBHBD 1871. COMMERCIAL PAPER, Reserve Liability of Proprietors 7,500.000 The Corporation grant Drafts, issue Letters of 42d St. Manbattanville & St. Nicholas Credit for use of Travelers, and neeotiate or collect P. F. Keleher & Co., Bills payable at Bombay, Calcutta, Singapore. Saigon. Arenue and other City Railway Manila. IIuuk Kong. Foochow, Amoy, Niugpo, 806 OLIVB STREET. BT. L0DI8, ShanKhai, Hankow, Yokohama. Utogo, San Francisco Securities Dealt in. and London. Dealers In l¥e9tern Securities. TELEPHONE CALL " NEW," 727. A. M. TOWNHBND^ Asent. 47 Wllliaoi 8i. Oefanlted Bocdi of MiMOari, Kantaa and Illlnolt a Specialty. Oood InTestment Seoorltiei, paTlnsftom tour to eight per cent, for sale. L. de Steiger & Co., Investment Securities BOU6HT AND BANKERS. (>has. H. Potter & Co., SOLD. FRANKFORT-ON-MAIN, GERMANY. INVESTMENT BANKEES, W^ANTEDt CLEVELAND, OHIO. BUsabeth City New Bonds and Scrip. 3Rome Watertown A Ogdensburg IsU and 8ds, SPECIALTIKS Oswego Rome Ista. ©attadiau Sawfejers. TOWN. COUNTY A.\l) CITY BONDS, A LAKE SUPKUIOK IKON MINING STOCKS, Scioto Valley First Mortgage Bonds. AND STREET RAILROAD SECURITIES Southern Securities.

Imperial Bank ofCanada. O. Q. FONIS, ( STATH BANK, 1 G. T. WALKBB ALBERT E. HACHPIELD, Prwldent. 1 Incorporated 1875. 1 Caahler, CAPITAL (paid np), - - • 91,500,000 No. 5>s Pine Street. SURPLUS, 9480,000 German National Bank, e. B. HOWLAND, Prea't. D. R. WILKIE, Caahler LITTLE ROOK, ARKANSAS. Minneapolis, Minn. HEAD OFFICE, TORONTO. Capital (Paid In) - - - • 9300,000 BRAKOHRS: gpecla' attention O^l 1 «„..I „_ « given to Prompt attention given to all business In our line. Collections and Bemlttaa. ^~ OMbtrXnat, Port Colborne. St. Thomaa, Imrenoll Collections. WaUard. FeranB. Woodstock. WlnnlpM, N. Y. C0RUE8PO.NDENT8.—Imoorters' A Traders COS on day paid. MiS> National Bank and National Brandon, Man., Essex Centre, Ont. Bank of the Republic Dsalen In American CorrenoT A Sterling Bzohange. Investments.^o°v'^^i?y"f?![rerty°.'""

Agents in London : I . . . „ „ Bank and other Stocks Bought and Sold. Lloyd's. Barnetfs 4 Bos- o^'V** '" 'i?" ^"* S^anthtxn f^zanhtics. anouet's Bank, limited, "*"?„ ?J ..Montrial BLAKE * CO., Private Bankers, t& Lombard Street. ™ ""1 Street. | P. O. Box 320. nilnneapolls, Kllnii. LODOWICKJ.HILL, E. 8. MCCANDIBSS. Prompteat attention paid to oolleotlona payable Is A.W.HILI, a II part of Canada. President. Cashier. Vice-Pres't A pproTed Canadian bnitnats paper dlaoonnted tbe at THB uead Offlce on reasonable tamu,"^""' **"aid proeeeds''™>»»°= rem ttwl by draft en New York. Toledo & Ohio Central Gate City National Bank i, AGENCY OF THE ATLANTA, GEORGIA. COmHON AND PREFERRED, (I" Bank Detignated Depository of the United State*. OF Capital and Surplna, - - 9300,000 00 BOUGHT AND SOLD BY British North America, Accounts of Banks Merchants. Corporations and Individuals respectfully solicited. No. 62 \rAH STREET. Collections prftmptly made and remitted for. Bny will act as agent for the Investment of Idle and and sell Sterling Kichange and Cable Trans- surplus funds of Banks or Individuals. fers. Issue demand drafis on Scotland and Ireland In our active and growing city money Is always In 16 18 ST. '"""'• "'""' '-'"''"n'''"' demand. Our AND BROAD Chlc2S.f S^ F?anclsTO^nd rates reasonable. Give us a trial. ''*,? NOTES Issued in *''?i"k9'^ Pounds Sterling Thos. P. ClALriVkl'l'f-slsill'fc'h"?'''''- ^•"MMEK* Miller & Co., J^Al. CKBI»IT.>» IS.SlItD for use in Kurope WJWL. C IVO YE», China, Japan and the Kast and We.st Indies AlVi BANKERS, Ui name of LO^DU^ BKAZll.lAN No. 21 NASSAU STREET, LniliED, & BAliTS: nORILE, ALABAmA. available in the BrazHs. Uiver Plate, Ac. Bills Special DKALEB IN collected and other banklnK business trans-' attention paid to collections, with prompt •«'«| New York, bo^bt^and «|d^.t CV^& phicks. WriLnilNGTON, N. C. See my quotations of Trust and Telegraph SU ColleoUoni made on all paru of the United State, In Saturday's Kvenino Post and Daily ZtuUcatfMT* .

Jakuary 98, 1886.] THE

^avm l^blovtoaocs. %nUvtBt, ^ivi&zn&s, Stc. f^invLncinX. riiLlNOIS CBNTBAI. RAILROAD 7 Per Cent Farm Mortgages *• (d.MI'A.NV. Sealed I . - i . : . , I' : Proposals. 47TII \ M , ! .. M) The Corblii Baukluff Co., 115 B'dwajr. 31.ai^S'fSIr,'jnrsi, hotiiI-'""r ,t .. Tr-.. ».n-u,,r ^m,-...^ , v.m ^ in.hi^t rv III the WtiSt, aiirual (0,1.11. , , |,av. N ! '> (if the fVirm. bie .i ' . OlTT .Mart- i. . CUMPTBOLI.KU'N h I- .mm. r o»ri

' I 1.1 >'itt. iiit> tiiuusiuids The annual riii'i'tinii of btocklioldcrs will be hold -; 111 ivt'stoil In Itit) seruri- March 10, IHMll. Sealed proposals will be received at the oBoa of uUMit iiltin'st riitlritly tn'-- The stock trnnafor bonks will be closed, for the the City Comptroller of the City of 8t. Paul. Stata . .. .lit iilH.i . ..o .i_, ural lii'orest. uiitl yot of ih» Kurposes above dividend and of the stock- of Minnesota, until 3 o'clock P. M., on i:tih . ji proiHir iiitk'iiitu, itro ii t'avurlto olileta' meeting, from Februiiry 10 until March 11, Kiw Ih> pumir, notwit riMtnrdUiK u tIrHt 1H«U."**"- VV.M. JtMAlflllAC, Secretary.

III •! ., . funi:^ thjif v'Ti 'lufp t lip rovenut'S ' THITRSDAV, I i:;i If enro- CT. I.OiriS& SAK FRANCISCO RAIL- ; III. of those C(l.MI'.\NV. ^^WAV I.-, BttOAD ST. (Mills Building), The Twenty-Eighth Day of Jan., Nkw YoiiK. .Inn in, l'»sil 1886, I 1. . ,-...:. L.r active The usual S.iii I ilviderd of ' •im ttii-i>» ItmiiH hoa THREE AND TUB ONK-lIAl.K 11 \ I- r all tho (letnllH ru- on the First Prcferre.l Stock . nder's money, an the of this lieen this day declared, is I and payable . ... ,.., .-v^;, at this ollice, to I #3rr»,ooo [f,i .[ it till iM Nr\v >.,;.-.; iii ! hese yenrs will dom- stock- holders of record upon closing of the transfer .i[i^tiMii' I hiit iTiiii.'nf in\«'-iti>ra are leiirnliiK the books of that stock, us below. vahiri'l [ h-'-i' ^I'l-in It i.-H L-. -hi.wii by the ein'riiums The transfer FOUR AND ONE-HALF (i^) PER CT. prDpurliiiii.-* tu winch ihcsv itivuaimeutd bavo Krown books of the Brst preferred stock of this company will closed wllu Utt during the lost twu years of depression. bo on Tuesday, .Ian. 80, Inst., at 3 I*. M., and re-opened on the morning of feb, n, prox. T, W. L ILI.I B. Treasurer. BONDS CT. Hayden & Dickinson, PAUL A; NORTHERN PACIFIC or THIS "^RAILWAY CO.. Nkw VoKK..Ian. 1(1, iswi. 1NVKSTME5NT BANKEK9. CKNERAL .MOHrOAtJK PEIl CENT coupons of this Company, uiaturing Feb. 1 prox.. will paid City of St. Paul . • . be and County DENVER, COLORADO. on and after t bat date at the banking house of Messrs. We hiivp on hand and for sale flrst-claas County WINSI.OW, LAMER « CO, 29 Nassau St., New ';--•- '• II'-'; ,jnd other choice securities. We York City. , of Ramsey, iiid to coiixirvatWe Investors our (QUARTERLY RKlilSTKUEU INTEREST due Fell. I will • AN.^'Ti lnipn)vedCity and Kaim bo transmitted at maturity to certlflcate holders (SBMI-ANNUAL COUPONS 1 liave buen iiiiide by us after rtiitd of record Jan. !!B, from which date until ATTACHBD.) UiVL--' ' lo and values, and can be trans- teb. I, 18S6, Inclusive, the transfer books will be furrt;<: rresiYondence sohclted. UiKbeat closed. OEO. 8. JO.vES, Maturing in TIIIRT¥ YEARS, refert ul West. Treasurer. _ All bearing 'FHE ST. PA lit, miKNEAPOLIS & interest at the rate of four and one-half A MANITOBA I (J>i) per cent per annum, the western RAILWAY O. (W Wll.l,lA.U ST., payable semi-annually at Nkw \oUK,,lan.4, l.s.'so. The usual quarterly divi- the flnanclal agencies of the City of Paul and dend of one and one-half per cent on the capital thi.s Coimty of Ramsey. In the City of New York, Farm Mortgage Co., stock of comi'imy has been this day declared, dated payable at this ollice on and ater Feb. 1, 1880, to January Ist, 1886. Principal maturing January 1st stockholders of record on that date. LAIVRENCE, KANSAS, 1916 (30 years), and payable at the said flnanclal Transfer books will be cloBed at 3 o'clock P. M. Offers to tnTestora the best securities in the market. Jan. 18, and will bo re-opened at 10 o'clock A. M. agencies. Issued for the following purposes, viz.: FIB8T MOKTOAOK LOANS UPON IMPROVKD Feb. 2 prox. County of FARMS. Interest and principal paid on day of ma* E. T. N ICHOLS. Jr., Assistant Secretary. 8100.000 Ramsey Bonds, issued for the turlly in New yorlt. Kuiids prumplly ulaced. Large erection of a new Court House and City •xpenence. No losses. Send lor circular, references OFFICE OF PVLLmAN'S PAI.ACE Hall Building, under an act of the legis- and sample forms. F. M. PEllKINS, President; J. T. CAR CO.MPANV. Chicago, Jan 20, 1880. WABNB, Vlce-Prest.i L. H. PKKKIN8. SeoreUry DIVIDK.ND No. 7H. lature approved February 26, 1888. €HA8. W. GILLBTT. Treas.: N. F. HART, Auditor The usual QUAUTEKLY DIVIDEND of TWO (2) PER CB.vT on the ciiplta! stock of this company 1 00,000 City of Saint Paul Bonds, issued for the from net earniiiKs has been declared, payable Feb. erection of a new Court House and City 15, to stockholders of record at close of business Hall Building, under an act February 1. ISSil. Transfer of the Leglg Farm Mortgages books close February 1, and re-open Februarv 10, 1880. lature approved Febrtwry 2«, 1883. A. S. WEINSHEIMER. Secretary. In Sams of (100 and Upwards on In .10.000 City of Saint Paul Bonds, issued for the diana and Ohio Lands. QFFICE HOIHGSTAKE lUINING CO. purchase of lands and for the erection ef Engine ROTHINO SAFBR. ALWAYS" PROMPTLY PAID MILLS Building, No. 15 Bboad Sthkkt, Nkw Houses, Ac, for the Fire De- SEND FOR PAMPHLKT. York, January IS, 1886. partment, unaer an act of the Legislat- DIVIDEND NO. 00. ure approved February JOS. A. mOORE, The regular .Monthly Dividend—FORTY CB.NTS 24, 186S. per share—has been 84 East Market St.. IndlanapolU, Ind declared for December, 1885, '.{3,000 City of Saint Paul Bonds, issued for payable at the office of the Company, San Francisco, lands purchased for Public or at the Transfer Agency, New York, on the 25th Parks, nnder Instant. an act of the Legislature approved Feb Transfer books 6% 7% close on 20th Inst. ruary 26, 1883, 8% LOUNSBERY * CO., Transfer Agents. The .\mencnii InveHtiiieur Company, Incor- 8'.£73,000 TOTAL. porated nil ler the laws of Iowa, with a Capital Stock QFFICE OF THE ONTARIO SII.VER of sl.OOU.UtlO. ^uineedlnKOBMSBY Bros. &Co., Kmmettsburir, ^MINING COMPANY, MILLS BUILDING, 15Broad Iowa, OR-M^by, Ch^te & ( u., Mitchell, These bonds will be issued In denominations of Dakota, imMSny. iiu.\VKS * Co., Huron, Dakota, St., New York, Januarv -iO. 1886. Bankers and Morttfage Brokeri), olfer Guaranteed DIVIDEND No. 116. Mortjmges. Debenture and School Bond's. Their De- The Regular Monthly Dividend of FIFTY CENTS ONE THOUSAND DOLLARS EACH, mand Investment Cerliflcatos, drawinfi 5 per per share has been declared for December. 18S.'">. cnt are pay- And delivered to the anccessful attractive for parties with fund.s idle for a short able at the office of the Company. San Francisco, or purchaser In the time. 30 years' experience. Write tor pamphlet. at the Transfer Agency in New York, on the 30th City of Saint Paul. Inst. Home Office. EiiiinetsburK, Iowa. No bid will be entertained for less than par and the Transfer books close on the 25th Instant. New York Ofllce, 180 Nassau St. LOUNSBEKY A CO.. Transfer Agents. accrued intercit, as provided by aw. Bids will be entertained for all the bonds. AS A ^^TIOLE, OR FOR ANY NORTH- .Banking House of NEHER PART THEREOF. & CAKPENTKR, Troy, N, Y. The "Commissioners of the Interest and Sinking Established Irfn. ^ittatijcial. Keorganiied Fund" and the Committee of Ways WESTERN 1S68. Ea-stern Representatives and Means o' of the NOKTHWESTEKN SALE. the Common Council of the City of St. Paul, reserre GUARANTV I,OA\ CO FOR the ripht to reject any or all bids. of Minneapolis, Minn. GUARANTEE Author. EDMUND RICK, lied capital, 12,000,000. Paid up Moberly, MIssonri, Water Works Co. Mayor. Chairman of the Commis- capital, «200,000. Real Estate sioners of the Interest and Sinking Fund. Mortgages, worth from LOAN two to FIRST inORTGAOE WM. A. VAN SLYKB. Chairman of the four times the amount of mort- Committee gage, netting investors 8 to 8 per SIX PER CENT RONDS, of Ways and Means. COMPANY. ct. Ouaranteed by Co. Interest Mark bids "Sealed Proposals for Bonds," and payable at our Banking Due 1900. Interest January House. and July. address TOTAL ISSUE, .$100,000. JOHN W. ROCHE, SELECT FIRST MORKi.VUES. COST OF WORK, On liiiproviiiK $125,000. We>>lerii Property City Comptroller^ St. Paul, IVIinn«90ta. 'v.ti, ,,r,.„j„t (.,,,1, value treble upwa'ds of Loan, Interest guaranteed without condition by City 'I I'Li; < I to per cent income; also guaranteed ol Moberly. Particulars ou application. ' : '-s >'.t.>', of I'stnblished merchants of Minne- T^IREICTORS' PROTEST — ';;', 'uniiink' a lo « munth.s, absoiutcly secure. M. L. ROBERTSON^ -'-' We, tne underaigiied. Directors of the Ruther- atforuirw t,, N , per coiit lo advance. Refer to Nat ford Rai wav Construoton Company, havlrtr learned Bank (4 C.'mmorce, .Minneapolis; ..r, .Sam'l R. Mac^ INVESTMENT BROKER, through the Secretary 'f said company, James A. Lean. Banker !• « .x,;l,angeVlace, Now York, dSller Miller, that:Martin Walker. President of said com- " Investments, to whom apply for partlc- nad signed and delivered to H. A. .Johnson, ular.s No. T NASSAU STREET. Sany. lanaeer of tho Mjis.Hiu-husett.s & Stmthern Con.»*truc- I S. if BAKKR, Dealer In Real Estate and Mort- tion Company, over *y(i0.000 mortgage gages, Minneapolis. men- bonds on a Minn. NOTICE. ru'lroad ln)m Hutherfordtun, N. C., to Black's Station, S. C, do enter this our protest The undersigned have been nominated by special against the sinning and dellrering of said bonds for I he folloir- appointment CO.MMERCIAL AGENTS FOB THE Ing reasons: Ruction JJalm FOREIGN BUSINESS OF HIS BXCELLBNCT 1. There is no such railroad, only a proposed route. THE VICEROY OF TUB with less th«n live mi e.s graded. PROVINCE OF CHIULI. 2. RutherfdrU County has no guarantee that the EMPIRE OF ClirNA, proposed railroad will ever be built, and no assur- ance that the purchase money of these bonds will be STOCKS and BONDS RITSSELE & CO., used in the construction of said railroad. 3. If the Massachusetts Company fati to build said railroad and an Innocent purchaser of those bonds 60 Wall St., W. V . At Auction. suflTe'*. in our t>pinlon the President and Board of Direct rs of the liuthorfurd Hallway Construction The 'PHE NATIONAL BANK OF THE Company would be respomiible. Undersigned hold REGULAR »- REPUBLIC. Nkw York. AUCTION January 15, 188TOCKS OK BONDS, SON, I). ll..McAlpin. Walter to, No. s. Johnston. write to, teU'Kraph send for, or call on, 12 PINE STREEX, NEW YORK. ^^ "' Directors, held this II. \V. UO!SK.>BAtAlj . '},?.??,""/'.' V 'li^Rv*"' d

THE CHRONICLE. [Vot. XI n

%i\Xitnci

Net Assets, December 31st, 1884 »10.595.547 88 Transact a General Banking Business Income accounts, year 1885 2,050,371 80 E. S. Bailey, Leffal Depository for Corporations, Administrators Executors, Trustees, Guardians, and Courts of Law 5>s PINE STREET, Total »ia,648,919( INTEREST ALLOWED ON DEPOSITS, BUbJeCt DIEALINQS IN fto check, or payable at specified dates. INSURANCE STOCKS Trustees under MortRaKOs of Railroad and other Corporations, and Fiscal ARentaforthe payment of DISBU BSBMBNT8. A SPECIALTY. Bonds, Coupons, Dividends, &c. Cash paid at once for the above securities ; Paid claims by death, or tber TKUST DEPARTMENT, ma* will be sold on commission at seller's option. tured endowments, and SECURED BY SPECIAL TRUST GUARANTEE FUND payment of annuities f790,887 61 Paid Fift h Avenue for the acceptance of trusts created by Will or othei^ dividends 271,350 06 wise, and the care a4id manasement of property and Paid purchased policies 155,551 07 estates. DIRECTORS. Paid salaries, olfice, agency, aaa HOTEL, real estate, commissions, WILLIAM CLAFLIN, WILLIAM W. CRAPO, Madison Square, NEW YORK. taxes, medical depart- CHAHLKS MARSH, JOHN (iOLDTHWAlT, The Largest, Best Appointed and Most Liberally WILLIAM A. HASKELL, PATRICK A. COLLINS, ment, advertising and Managed Hotel in the City, with the Most Central JOHN C. PAIGE. JOHN M. GRAHAM, other expenses 273,363 90- 1,400,002 64 and Delightful Location. WILLIAM T. PARKER. THOMAS F. TEMPLE, HlTCHCOnK. DARLING A CO. WAHHEN B. POTTER. Balanie tll,155,827 01 JOHN in. ORAHAItl, PresH. John G. Mooke. w. K. Kitchen, G. B. SoatEr HENRY \a. JEWETT, Sec'f. Moore & Schley, LIST OF ASSETS. BANKERS AND BROKERS,) H. L. Grant, Caahonhand ?3,297 69 26 BROAD STREET, NEIV ITORK. Cash in banlt and Trust Company 153,110 14 Branch Offices: Connected with No. 14S BROADWAY, Bonds and mortgages 3,148,494 22 73 Wall St., New York, Irving A.Kvan8*Oo» 114 So. 3d St., Philadelphia. Si8 State Street. Loansonpo'iciesin force 1,137,138 NEW YORK. J 15 1419 F Street, Washington. Boston. United States and N. Y. stocks (marltet Private Wire Connections. and sell 8tucl£s, Miscellaneona CITY^RAILROAD STOCKS k BONDS value) 1,854,937 63 Buy Bonds and 8e- carlties on New York KxchanKes. also Grain and BOnGHT ASD BOLD. Real Estate at cost 890,978 57 ProTlslons on Chicavo Board of Trade, Premiums deferred and In course of col- Bee QnotationB of City Railroads in this paper. lection and transmission 150,814 7g Spencer Trask Co., 11 COPTHALL COUHT, > Loans on stocks and & bonds 8,699,062 50 LONDON, E. C, 1st January. 1886. J Interest due and accrued, and all other TUTE BEG TO ACa^AINT YOU THAT property 119,989 06 Bankers^ we have this day commenced to carry on a gen- eral Baniilng and Commission business at the above Gross assets $11,155,837 04 Nob. 16 and 18 Broad Steeet, address, in co-partnership, under the style of Transact a ffeneral Banking Businesi BI.AKE, BOISSEVAIN & CO. Reported claims awaiting proof, etc (184,344 88 Mb. H. J. DkLANOY MBYBR will sign for our Dividends unpaid and firm by procuration. Bkanch Offices: other liability 132,003 M STANTON BLAKE, by Private Reserve on existing Cannecled Wira. A. A. H. BOISSEVAIN, policies estimated by Now York F. B. BI,AKE. Philadelphia, 133 South Third Street. standard 8,860,188 00 8,877,076 »6 Albanv, N. Y., 65 State Street. A PROFICIENT OFFICE BIAN AND Providence, R. I., 13 Westminster St, -'*^ Business Manager (30) desires reputable employ. Surplus by above standard, vlj!., meat, BKADFoitD, this Saratoga, N, Y., Grand Unioa Hotel, office. Amer, EiL. 4X perlceot ,.,...$2,278,750 7^ :

xtmtk HUNT'S MERCHANTS' MAGAZINE,

REPRESENTINQ THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATEa

VOL. 42. SATURDAY, JANUARY 23, 1886. NO. 1,074

CONTENTS covering a market value of f 137,283,000 and $118,756,000. re- spectively. With double these values deducted from the New THE CHRONICLE. York totals, the exchanges of other origin remaining are

Clparing-FIouse Returns 103 | Great Britain In 1885.. 110 1378,033,385 and $385,363,451, or a gain of 32-5 per cent. T e FlnaBcUil 8ltaatlon 104 I Chesapeake A Ohio Railroad Wliiit tlin Antbraclte Coal Sj-atcin 112 I Kieuros Show lOG 1I Monetary and Commercial Week Ending Jan. 19. Week Ending Jan. 9. Tli«> Political Outlook in Great Kngliah News 115 I lirltain 107 Commercial and Mlacellaneous 1888. 1885. Ptr Cent. 1886. Percent 10-< A Solution ofthc Sliver Problem | News 117 +24-3 THE BANKERS' GAZETTE. New York »652.5fl7,265 $524,875,451 $716,037,84' -I-88-7 3dU» Money Market, ForeiRn Ex- 1 QuotationaofStooksandBonds 120 oJ~ change, U.S. Securities, State Local .Securities 121 (Stocks.. ..tharu.^ (2,023,9r)8) (1,842,341) .+»-9) (1,750,287 (-9-6)

and Railroad Bonds and I Railroad Earninjcs 122 (Cotton balet.) (885,900) (294,900) (+30-9) (430,600) (+9-4) Stocks 118 Investment and Railroad In- I ((Srain. . .bxuheU) (S8,977,iMO) (87,071,000) (-110) (41,179,000) (-34-6) Bange In Prices attheN. Y. I telllgenoe 123 (Petroleum..bbU.) (38,778,000) (45,179,000) (-14-8) (77,217,000) (+8T8> Exchance 119 , Btook | THE COMMERCIAL TIMES. Boston 185,137,669 $69,619,086 -^a8•s $97,246,118 +40-4 -1-21-1 Oommerotal Epitome 126 l Breadstiiffs l."?2 ProTtdenoe.«.. 5,019,100 4,145.100 5,087,800 -H8-» Cotton 127 I Dry Goods 133 Hartford 1,774.8M 1,702,921 +0-7 3,137,981 +38 8 Portland 1,074,279 846,471 +26-9 1,085,633 +80-S Worcester 875.767 788,781 +110 845374 +io-» Springfield 827.443 756,858 -(-b-3 994,336 +9-5. Lowell 482,091 594,524 -18-9 518,106 +13-« Thb Commercial and Financial Chronicle is published in Total N Bnglsnd 195,191.233 $78,513,739 + 212 $108,794,846 +37-* New York every Saturday morning. 15-6 Philadelphia... 153,817,532 $46,600,219 -I- $90,567,628 +89-8 ntered at the Post OfUce, New York, N.Y., as secondolass mall matter. J PItUbnrg. 7.340,S9S 6,717.053 + 93 8,171,454 +11-8 -17-4 fialttmore , 12,280,:J95 14,880,145 16,165,757 +18-3 Terms of Subscription—Payable In Adrance Total Middle.. $73,447,845 $68,203,417 -(7-7 +«9-» For One Year (including postage) $10 20 $81,904,839 ForSix Months do 6 10 Chicago |44.3S0,0a) $44,267,071 40-3 $53,592,918 +7-7 Suliscrlption European (IncluUng postage) 11 28 Cfnoinnatt 8,719,.'.50 10,144,;,'50 -14-0 10.702,600 +»» Annual sub<>criptiou In Loudon (luoludini: postage) ...... £2 7s, Utlwankee 3,142.631 4,212,314 -25-4 4.973,889 +11-1 Six Mos. do do do «1 8s. Detroit 8,808,218 2,499,048 +12-4 3,447,688 +84-6 These prices Include the Investors' Supplement, Issued once In two Indianapolis 1,4S1,8«2 1,494,498 -0-9 -5-» iBoiitlis. and furnished without extra charge to subscribers of the .... 1,901,878 CHRI1NICLK. CleTelaod »,390,730 2.006,587 -I-19-1 8.715,389 +10:* Sulwcriptlons will he continued until deflnitely ordered stopped. The Columbus 1,589,833 1..301,0M -+22-2 1,927,946 +88-5 puhlirthera cannot be re.sponfllble for remittances unless made by Drafts Peoria 6 27,140 779,842 -19-6 777.338 +111 or Post Ollice .Money Orders. Om&ha 3,180,451 2,007,792 -t-58-4 8.561,459 -«-5 A neat tile cover is furnished at 50 cents: postage on the same is 18 Denver* 2,917.599 3,746,861 oents. Volumes bound for subscribers at $1 00. OIBces In England. Total Western... 108,320,306 $68,712,056 -0 6 $84,305,739 +8-» The office of the Commercial and Financial Chroniolk in Ix)ndon St. Lonls $14,920,698 $16,193,289 -7-9 $17,032,098 -3-5 Is with Mesars. Edwards & Smith, 1 Dr.ipers' Gardens, E. sul)- C, where at. 890,848 701,618 +870 1,076,919 +94-1 aeriptlons .ind advertisements will be taken at the regular rates, and New Orleans 10,055,764 11,481,179 -120 single eoiMfs of ilic paper supplied at Is. each. 11,086,855 -S1> tiOniarlUe +7-4 The office of the Cii konicle in Liverpool is at B15, Exchange Buildings 4,874,670 4,537,532 6,753,8*^ +23-8 KaDiaaCItT 3,912,090 4,328,826 —9-6 4,308,732 -8-4 WILLIAK B. DANA AVILI^I.m B. D.1N.\ Sc Co., Pabllnhers, dc Memphis 1,704.899 1,819,435 -63 8.442,245 -(-9-6 JOHN O. FLOVD. 79 81 'Wnilain !«treet, NEW YOKK. Post Offick Box 958. Galveston* 1,009,861 1,768,311

Total Southern.. $36,358,876 $39,001,873 -6 8 $41,700,491 -1-0-8

CLEARING HOUSE RETURNS. San Francisco $10,947,430 $18,830,618 -14-7 $11,393,856 -8-5- The effect] of the extremely unfavorable weather on the Total all $988,862,971 $792.137.954 + 18 3 $1.047.137,608 -t-a21 Outside New York 6-4 volume of exchanges is shown in the accompanying statement, $284,265,689 $267.262,503 + "1ta31.»99,76li +19'» * Not included In total. •which covers the week ending January 16. All but three of Our telegraphic the twenty-nine cities reporting exhibit so me decline from the returns of exchanges for the five days of the present week are of a more satisfactory character than those preceding weelf , and the greatest losses occur in those sections for the which suffered most, either directly or indirectly, from the preceding similar period. All the cities, except Balti- more and interruption to railroad traffic. In many portions of the coun- New Orleans, exhibit some increase over a year ago, and in the try the cold also was of unprecedented severity and duration. aggregate the excess reaches 38'5 per cent, against 16-3 per Still, in comparison with the total for the corresponding week cent on January 15. Outside of New York the gain is now 13-6 per of 1885, this week's figures exhibit an increase of 18-3 percent, cent. while outside of New York the excess reaches 6-4 per cent. Five Day» Ending Jan. 22. 5 lyytEnd'g Jan. 15. The receipts of grain at the Western lake and river ports for 1886. 1885. Per Cent, the week record a very decided falling off from the total for 1888. PerOmt New York $6I4.0!i8,171 +51-9 the week of last year, the aggregate being only about 1,873,000 $401,223,583 $536,814,509 -t20-» SaUtofatock (ihM.) (8.014,7861 (1,174,879) (+71-0) a,81I,I31) (+16-1) bushels, against 5,695,000 bushels in 1885 and Boston 5,061,000 bushels 99,032,684 53,092,759 +87-9 70,893,402 +23 ft i n 1884. This accounts largely, if not wholly, for the decline in Philadelphia 44,948,180 37,359,138 +20-3 42,995,478 +131 the Baltimore 8,808,028 10,517,988 —18-3 10,268,168 -16-4 exchanges at such cities as Chicago, Milwaukee, St. Louis, (Thicago SS,32t,000 38,481.098 +181 36,108,000 -3-0 •V-c. The cotton movement also suffered a large diminution St. Louis 13.688,562 18.808,300 +10-7 18,497,893 -8-1 both at the outports and the interior towns. Mew Orleans 8,028,117 9,378,871 -14-4 10,875,984 -2-1 Transactions Total +42-2 on the various New York exchanges were col- $796,802,289 $860,220,741 $720,283,186 +17* lectively Balance, Countrj* 83.054,546 53.566,333 -1-0 61,174.389 +7-7 of smaller proportions than last week or in the cor- ToUlall responding week of 1885 $840.948.815 $613,'Wr074 +38-8 $781,427,825 +i«lr ; but on the Stock Exchange the "-18 6~ -hare Outside New VorkI ta35,9U8.B44l <20«.5'3ml »844.8IS.019' +8^ sales reached 2,023,958, against 1,842,341 a year ago, and * Jtii Imated ou the basis of the lust weekJr roturna. 104 THE CHRONICLE. [Vol. XLII.

In the absence of important developments in any TBE FINANCIAL SITUATION. department of trade, and of this condition of ou,r foreign There has been no change in money the past week. exchange market, the event which has engrossed most As represented by bankers' balances the rate has been as attention this week, has been the continuance of the silver high as per cent, If those engaged in this work low as 1 per cent and on Tuesday as 3 discussion in the Senate. averaging about 2 per cent for the week, without any only realized the harm they are doing to our industries urgency in the demand at any time. The tendency of it certainly seems as if it would make them halt. And rather currency to return to this centre has increased yet no one can think so meanly of the intelligence of Mr than diminished, the fall in grain and the snow storms, Beck and his followers as to suppose they believe of the crops, of their speeches which still interfere with the free movement what they say. The whole burden " serving to lessen the inquiry for crop purposes. An inci- repeated day after day, is that they want, this to be a prominent " dent of the week has been the failure of a Government by and for the people, instead of by and for speculator in Milwaukee, who has been a persistent be- "bondholders." That is to say, they would pay these his liever in high prices for wheat, but has at length found rich owners of silver mines a royalty, have the credit of load too heavy to carry longer. From present indications, the nation impaired, our industrial interests all sacrificed, the widely intelligent that failure is but the beginning of troubles, and and call it serving the people. How can an

telegraphed reports of a large combination being formed person utter such trash I The conviction is becoming are more for the purpose of sharply advancing this staple, quite general that these coinage measures now being than likely circulated in the hope of inducing the unwary introduced, if rightly entitled, would be grouped into It is to relieve present holders of their tiresome burdens. one and called a bill to relieve certain impecunious the old story, now for the third time within five years legislators, and that the desire among them is not repeated—the utter failure of the attempt to corner the bi-metalism at all, but mono-metalism and that metal silver, world on wheat by withholding the American supply. and the lower its bullion value the better they would like suppos- a correspond- We have heard of the ostrich hiding its head and it. In a communication in another column the is ing it was concealing its big body; but is not that act ent has well described the debtor class that to be height of wisdom compared with the policy of piling up relieved by a debased currency. in sight of consumers millions upon millions of grain, Great confusion of ideas seems to exist with regard to expecting the world to believe that it is permanently off India and the effect on its productions of the decline in the market just because the holders can conceal the narrow silver bullion. We have not room here to discuss the margins upon which it is carried ? subject at any length, but all statements which claim that The Bank of England minimum rate of discount was the lower price of silver serves as a premium upon, and reduced on Thursday to 3 per cent from 4 per cent, at therefore a stimulant to, crop raising there, have no basis

which it has stood since December 17 th. This reduction whatever in fact. In connection with this claim, greatly was in part caused by the low rate of 2 per cent ruling exaggerated reports of India's exports of wheat are also for discounts in the open market at London, but was given, in many quarters being used simply to illustrate and made possible through the gradual gain in bullion by the enforce the same idea of India's gain through its silver Bank of late, and by the fact that our exchange market rupee currency. These latter statements seem to have had is so near the gold-exporting point as to give assurance their origin in some grossly exaggerated reports ascribed to of at least a moderate supply of gold from this country. Mr. John W. Bookwalter, taEen up and repeated by The belief also, which is now quite general in London, others in various forms. We notice that even that the law requiring the coinage of silver dollars one of our careful WS,11 Street firms, in their circu- is not likely to be repealed, and that this coinage lar of last Saturday, asserts that " the export clear, will doubtless continue to influence exchange in the "ances of wheat from India during the past year have direction of high rates, was a further source of confidence "been nearly four times the amount for 1881." As asser- that operated in favor of the reduction. This change tions like these do harm, being used by many to cultivate now made by the Bank was partly foreshadowed by the among unthinking farmers and planters a sentiment in previous fall in the open market rate, so that our bankers favor of silver coinage, we have prepared the following adjusted the prices of long and short sterling to conform from the India trade reports in our possession, which shows no to the street rate for money, and therefore alteration how incorrect all these claims are. It affords at a glance was necessary on Thursday. a history of India's wheat trade. The India report only The tone of our exchange market has been gen. states the quantities in hundred-weights and the values in erally firm all the week, the only exception being on rupees, and we have worked out and added the bushels Tuesday, it was slightly easier in consequence of re. when and the dollar values {the latter on the basis of no deprecia- ports of purchases of stocks the arbitrage houses, by which tion in the rupee) for the convenience of the reader. it was thought might result in a more liberal offering of TEAR ENDING APKIL 1. bills. But while the tone was easier, there was really Exports from India. 1884-?5. 1883-84. 1882-83. 1881-82. only a fractional change in the selling rates, which for Wheat- short remained so close to the gold-shipping point as to Quantity OWtB. 15,854,292 20,956,495 14,144,4071 19,863.520 justify expectations that some shipments would be made Quantity ... bnshela. 29,594,67P 39,118,790j 26,402,893] 37,078,571 before the close of the week. Yesterday the rates were Value rupees. 6,31,01,453 S,87,75,61O6,Ot<,89,34l!8,60;40,000 Value dollars. 29,163.59t 41,029,424 28,048,7931 39,763,107 marked up again, francs (for the first time this year), as I Value per busliel. 9812C. $104»io I $10614 $10714 well as sterling, being fully up to the gold-exporting point, Cwts.=ll2 lbs. Bu8liels=60 lbs. Eupee8= 46'2 17 cts. per rupee. the market being firm at the advance. The only engage- As the year ends with the first of April, this shows the ment announced as yet is $500,000 withdrawn by Messrs. exports from the crops of 1881, 1882, 188.'3 and 1884,. Brown Brothers to go by the Oregon, sailing to-day. The proving that in that period there has been no important demand for long sterling is active, being wanted not only increase since 1881 in exports (only one year, 1883-4, for remittance but for investment, and this inquiry has ab- showing a small excess), and presumptively none in pro- sorbed all the offerings. than Commercial bills continue light, duction ; in fact in 1881 the exports were larger

owing to the very small movement of cotton and breadstuffs. ' in any year, except in 1883, and about 25 per cent larger , .— .

105 Jandary 88, 1886. J THE CHRONICLE.

188.'; is as showing that it will not be hereafter. In all dis- than in 1884-5. As to the crop of which now elusive far cussions, however, respecting this matter, and in all fore- being marketed, it is (judging from the exports thus a further extension of the war reported) bettor than in 1881, but not so abundant as that casts of the situation which seven rates would produce among our railroads, we should of 1883. The India trade reports for only months of give sight of the one fact that in no event can this of the new year have as yet reached us, and we the not lose back to the demoralized condition it was results with those for the same period of the two previous industry be put prior to that time. When years for comparison. in the first half of last year and the settlement of the New York Central and West Shore Seven monlhi.from AprU 1 lo Oct. 81. effected, we passed out of one state of these Mxportto/ wheat. difficulty was Idas. ISM. 1H88. controversies which cannot now wholly return. From India— TrafiBc returns of the railroads have been rather a. Qaontlly owU. 13.899.513 9,797,313 16,621,224 " bush. 25,94,5,767 18,288,318 I 31,026.28.'> depressing influence upon the market, the exhibits for the

I 6,98,65,273 Value rupees 5.23,84,387 3.98,30,302 second week, from nearly all sections, being exceptionally " $2-1.210,492 $18,408,371 $32 28i),633 doUan j But It is well understood that the cause of this was " pel bush $0-9313 $10013jo ! $1-04 bad. the severity of the weather, and that the figures therefore In the light of these figures, does not this claim of the are devoid of any significance as showing what future immense bonus (many papers have called it 18 per cent) results are likely to be. Traders in the market used that the decline in silver affords the India producer, appear the returns, however, temporarily to further their own pur- a little foolish ? And what becomes of these Munchausen- poses. It is to be said that there have also been some good like stories of vast increase in exports—exports, too, that exhibits, though covering a back period. The Houston & are said to be crowding America out of the markets of the Texas Central has issued its statement for November, show- our Northwestern farmers will world ! Most certainly ing net, above operating expenses and renewals and better- not tremble long over such figures and prospects. ments, for the month in 1885 of $163,940, against only There is another phase of this question which we will 469,697 in the corresponding month of 1884. Evidently take up another day, for not only is India not harming the condition of affairs in Texas had undergone a very us, but, through Great Britain's policy of monometalism, decided change for the better to admit of such a favorable

India is rapidly impoverishing herself, and there must come comparison. The coal stocks have been rather a drag on a day of reckoning not so very far hence. For it will be re- the rest of the list. Reports of a most discouraging membered that the above values are in »ilver rupees, and character with reference to the outlook for the coal trade that we have turned them into dollars on the basis of no de- are being circulated, with the natural and perhaps preciation in the rupee. As a question of foreign trade, intended effect of depressing both stock and coal prices. however, the rupee value would have to be reduced to We present on another page some figures bearing on the correspond with its true value. In London on the 9th of production and consumption of coal in 1885, and these

January it was only worth Is. 5fd., and here at that date make anything but a gloomy showing. However, there is an absence of harmony among the companies, which, it was worth only about 35 cents, instead of, as above, though it may at any moment give place to a different 46-217 cents! condition, exerts an adverse effect while it lasts. It is been somewhat firmer, The stock market this week has suspected that when the needs of speculation have been though variable and irregular. The tone has been better, satisfied a marked change may occur. and there was an accession of strength towards the close The Government bond market has been strong and moderatively active this week for the long-date issues, but of the week. There have been periods of depression, but the 3 per cents have been unfavorably influenced in part succeeded by rallies, and there has been no such general by the proposition to redeem the called bonds with silver, previous. selling movement as distinguished the week and also by the expectation that there will be other calls The market, however, has been rather limited, the diminu- sufficient to cover the sinking fund requirements before tion in activity being quite noticeable. In truth, the busi- the close of the fiscal year. following, prepared from returns collected by us, ness has been almost wholly confined to the professional The shows the week's receipts and shipments of gold and cur- traders, who are usually prompt to change their position rency by the New York banks. from one side to the other of the market; this will in part Reeeiwdby SMppedby Net Intertor account for the rapid recoveries that have taken place. WMk ending Jan. Hi, 1886. N. T. Banks. N. T. Ban*.. Movement. In the general influences affecting values there has Corrency. 11,859.000 (291,000 OalQ.. (1.568.000 been no change of importance. The reduction in Sold 10.000 Loss. 10,000 the Bank of England rate was interpreted in a favorable Total ffold and leiral tenders. $1,65»,000 (301.000 Oaln.. (1.658,000 light as diminishing the probability of gold exports, and The above shows the actual changes in the bank hold- was availed of to give prices a temporary boost upward. ings of gold and currency caused by this movement to and from the interior. In addition to that movement the banks The importance of the reductipn can however be easily have lost $300,000 through the operations of the Sub- overestimated. With rates of foreign exchange up to the Treasury and $627,000 by exports of gold. Adding gold shipping point, with silver coinage continued, with these items to the above, we have the following, which the duU season in the export trade approaching, it is obvi- should indicate the total gain to the New York Clearing ously too early to make any predictions. Prices of stocks House banks of gold and currency for the week cov- ered by the bank statement to be issued to-day. have also been influenced by the more favorable aspect which it is assumed the trunk-line situation presents. Net Chantein Week enMnt Jan. 33, 1880. Into Battle OutatBcmkt. Bank Soldings There is a manifest disposition to localize the effects of the Banks' Interior Movement, as above tl.859,000 (801,000 Oaln. (1.S5S.000 fight between the Baltimore Pennsylvania. & Ohio and the Sab-Treasury oper. and gold expts. 7.000,000 7,027,000 lyOSS . 927,000

Whether the effort will succeed, time must be left to show, Total ffold and leKal tenders (8.859.000 "(8^.000 Gain. (631.000 but the managers of the trunk-line roads evidently have a The Bank of England gained £468,535 bullion during great deal at stake in the matter, and their best endeavors the week. This represents £73,000 net received from abroad and £395,535 from the interior. The Bank of will be enlisted to bring about some sort of an under- France reports an increase of 4,447,000 francs gold and standing or agreement. Thus far, the cut of the Balti- 1,519,000 francs silver, and the Bank of Germany since more & Ohio has not been met by the other hnes either the last return gained 16,040,000 marks. The follow- collectively or individually, but of course that is not con- ing indicates the amount of buUion in the principal Euro- ;

106 THE CHRONICLE. [Vol. XLII.

date last large total simply because that seemed to be the only way pean banks this week and at the corresponding out of a difficult and trying situation, and trusted to year. through. The Jan. 22, 18(:5. future developments to carry them quotas Jan. 21,1886. of the different companies were determined by the allot- Bold. Silver. Oold. Silver. ment to each of a certain percentage of the whole amount to be mined, and where such percentage did not yield 20,953,690 Bank of England .... basis of a given total, 43,240.151 41,076,272 what was expected on the by Bank of France 45,909,606 15,162,670 14.919.000 . 17,098,330 that total the disgruntled company could be Bank of Oerman;* . increasing 73,777,875 56,025,272 of this week 83,961,626 58,402,821 satisfied without entrenching upon the demands the Ttotal — 55,627,031 82.890,148 57,965,121 73,073,323 Total prevlonB week others. So the allotment for the year was fixed excep- ;;o»roi ^M^^^^^oTis^^^"^^^ tionally high. No trouble was expected in the early are issued. returns o v, rn the Sub-Tieas- months, since for these the output was made very light, The Assay Office paid $191,853 through and the Assistant heavy production arrived, had the ury for domestic bullion during the week, but when the period of House. Treasurer received the following from the Custom market failed to respond, the situation would have been Oontisting of— very serious. As it was, it did respond—thanks to

Dutiet. Silver Oer- various favorable happenings—and thus by a fortuitous Date. 17.-8. Oold Bold. Notet. Oerlifle't. tiflcatei. combination of circumstances, the managers were relieved

| $186,000 $81,000 action. With this explanation Jan. 15. $402,301 75 $2,000 *1 31,000 of the necessity for further 500 82,000 149,000 " 16 279,571 43 of year's events and their effect, we may now intro- 477,000 the •' 18. 705,868 08 3,000 164.000 416,000 122,000 figures. In the following table we bring " 19. 800,685 27 11,000 249,000 duce the 151,000 59,000 " 20. 309,218 92 2,000 94,000 statements of ^Ir. Jones the production 73,000 together from the « 21 443,778 28 3,000 126,000 241,000 for each year since 1873. It should be stated that the 1,623,000 $444,000 Total. S2,941,423 73 $21,500 $846,000 $ figures include "the entire production of anthracite, Included in the above payments were $7,500 in silver " excepting that consumed by employes and for steam coin, chiefly standard dollars. " and heating purposes about the mines." WHAT THE ANTHRACITE GOAL FIGURES ANTHRACITE COAL PRODnCTION. SHOW. Tfar. Tma. Yenr. Tons. The uncertainty attending any forecast of the anthra- 1880 . 23,437,a4/ 187S . 21,227.852 figures of 20,145,121 1881.. 28,51)0,023 cite coal trade is strikingly illustrated in the 1874.. 1875.. 19,712,472 1882.. 29.120.092 this week by Mr. production for the late year, furnished 1878.. 18.501,0)1 1883.. 31.71)3.024 I8St.. 30,7.'.i),;i05 John H. Jones, the accountant of the companies. When 1877.. 20.828,179 1S7S.. 17,605,202 1885.. 31 .1H::I,52B out- at the beginning of 1885 the combination fixed the 1«79.. 26,1-12,IW» put for the twelve months at 30 million tons (against the Thus the production in 1885 was 866,534 tons greater there were few per- below the exception- 30f millions mined in the year 1884) than in 1884, and only 169,495 tons sons who did not think a too favorable view of the situa- ally heavy production of 1883. As compared with 1880 tion had been taken, and that so large a tonnage could the increase is more than eight million tons. With refer- not be marketed. When subsequently the managers, ence to the output for 1883 we may say that the total then ignoring the determination of the Pennsylvania Railroad of 31,793,024 tons, caused stocks to increase

officials not to join the combination, resolved to add an- from 562,116 tons to 748,330 tons, so that the amount other million, making the total to be mined 31 million that went nominally into consumption was only 31,606,810 tons—larger even than in the year preceding—it was tons; in 1885, however, the production of 31,623,529 tons deemed that the very extreme of foolishness had been was accompanied by a decrease in stocks from 874,681 to reached, and that the collapse of the whole scheme was 754,545 tons, making the consumption for the year only a question of time. 31,743,665 tons, in which particular, therefore, the year How different the result. The production that was con- excels previous years without any exception. But all this the sidered excessive has been exceeded, and output for is not conclusive of what can be done this year. The i

the year is only a trifle balow the largest amount ever figures above show that the output from year to year h^ j

mined. The combination moreover survived not only that varied greatly, and even when the tendency was upward I fact, but also the fact of dissensions within it and the the movement proceeded very irregularly and was accom- independent action of the Pennsylvania Railroad without. panied by some decided breaks. Thus from 18,500,000 The increased production was made, too—a very import tons in 1876 the total jumped in 1877 to 20,800,000 tons,

ant circumstance—without any increase in the stocks of but that did not prevent the production from falling in 1 878 coal on hand at tide-water shipping points, but rather with way down to 17,600,000 tons. Again, from this 17,600,- a decrease in those stocks, showing tha^the whole of the 000 tons in 1878 the output in 1879 went up to 26,100,- increase in production, and more, too, went into consamp- 000 tons, only to drop to 23.400,000 tons in 1880, which tion, or at least disappeared from sight. was succeeded by an increase to 28,500,000 tons in 1881, If, however, the managers now find that their figures since which time the fluctuations have been less violent. have not been so far wrong—that the market has absorbed Of course the important point to determine is whether the full amount of the allotment, and even gone beyond the increased demand is to be permanent or not. The it—we do not think they will on that account lay claim to only light in that particular which we have is that afforded any special prescience, or understanding of the course of by the statistics, and these of course do not always receive market. In truth, we doubt if they expected such an the same interpretation. It is well known that the im- outcome. There may have been some enthusiasts among provement in the trade did not begin till after the expira- them who thought that the demand must increase, that tion of the first half of the year—indeed, it was not till nothing else was possible, but as a body we do not believe after the 1st of September that we had any real evidence

the managers really imagined they could market more of its presence. Since then, however, its effects have been coal in 1885 than in 1884—certainly the depth of gloom marked and decided, and continuous as well. In the fol- and depression prevailing at the -time did not encourage lowing we undertake to show the comparative consump- such an idea. The combination probably fixed upon a tion for the twelve months of 1885 and 1884, that of De- ,

January 88, 1888.] THE CHRONICLE. 107

cember of the same years, and also that for the period —53,268 tons—but as compared with 1883 is quite heavy, from September 1 to December 31. namely 1,191,598 tons. If we take these same figures ia connection with the totals of production above, we arrive Ixcembtr, .lept. 1 (1 Dee. SI. Jan. 1 to Dtc. 31. .1nt)ini«lt< Coal. at some interesting comparisons. Thus when production 168S. 1884. 1880. 1884. 188S. increased from 29,120,000 tons in 1882 to 31,793,000 tons t'Ok bOKlnnln« JlHM. Thru. Tbtu. Toru. Tinu. 'Jhtm. of period 670.408 718.899 968,788 885,715 874.681 748.330 in 1883, the Eastern competitive tonnage expanded from Induction a.M6.8SS 8.66(1,438 1S,00;,<81 11,442,717 81,e83,58B|30,738,BUS 12,018,000 tons to 13,148,000 tons—that is, nearly half SuDplr 8,(I«T,288 3,881.830 14,086,073 18,388,432 88,408,810 31,5

Consumption^^. 8.9I2.083I g,B07.140 13,381.588 80,630,644 tive tonnage. When in 1884 the production went down to 30,756,000 tons, the Eastern tonnage Here we see that while for the twelve months there likewise fell off about a million tons—somewhat more to was an increase in consumption of 1,100,000 tons, for the — 12,009,856 ; in other words, the decreased production was last four months—September 1 to December 31 —the entirely accounted for by this decrease in the Eastern increase was 1,900,000 tons, making it clear that in the tonnage. Following out the parallel, the increase of 900,- first eight months consumption had fallen about 800,000 000 tons in the output for 1 885 should in like manner have tons behind the previous year. At first the very heavy been reflected by an increase in the competitive tonnage, gain over 1884 was accounted for on the assumption that but, instead, this tonnage shows a slight further decrease. A portion of the earlier demand had been held in check Hence it is clear that the enlarged production for 1885 by the current belief that the combination must break followed from a heavier demand for interior and Western when the months of heavy production were reached, and points, which is a circumstance of considerable import- thus lower prices ensue; but this expectation having been ance. Whether the increase has simply gone to aug- disappointed, dealers who had delayed making purchases ment invisible stocks or has been consumed, is a point on began stocking up, and in this way the normal demand which the figures of future months may be expected to of the summer and autumn seasons was greatly extended. throw light. ' But admitting that a part of the increase was due to a As regards the production of individual companies, movement to replenish depleted stocks, such movement we have not the space for any extended comment, but give cannot always go on, but must cease some time. And the figures below as a matter of record. The allotment yet, as will be seen, the increase in consump- seems to have been closely observed by all the companies tion in December was fully as heavy as in the months im- except the Erie and the Pennsylvania RR. The quota mediately preceding and amounted to over 400,000 tons, assigned to the latter was farcical at the very outset, and on which basis the increase for a year would be close on it is not surprising that that road has mined nearly a to five million tons. Of course we know that there has million tons more than the combination had allowed it. been some revival of business activity, a starting up of Its production was 224,000 tons greater, too, than in the various iron furnaces, and resumption of work by manu- previous year, and amounted to 3,393,685 tons, being facturers of goods, but all this has been in a moderate consequently heavier than ever before. Thus the way, and not on a scale that would cause any such increase Pennsylvania, working outside the combination, becomes 'of demand as we now find. We do not make the mistake an increasingly important factor in the coal problem. of assuming that an expansion in the quantity of coal that The Reading does not seem to have mined its full quota has nominally gone into consumption, but in reality (on the 31 million basis), but at any rate put out half a simply disappeared from sight, necessarily means a cor- million tons more than in 1884, the Lackawanna and the responding expansion in actual consumption (that is, coal Delaware & Hudson being the only companies that mined burnt and used up), and yet if the increase is not to be less than in that year, the latter but slightly. Following explained on that basis, nor on the theory that dealers are the figures. »nd consumers have been laying in increased stores, what has become of the coal ? Actual Production. Xamt Boad. This much we can say, for we have the figures in sup- of

1885. 1 1884. 1888. 1882. 1881. 1880. ' port of the statement, that taking the year as a whole, no Tons. Tons. Tons. Tans. Toils. Tons. ' part of the increase came from shipments to points in the Pblla.4 Reading". 11,680.780 11.163,920 12,232,401 11,211.166 11.025,808 9.404,063 Lehigh vicinity of Xew York. Mr. Jones gives figures showing Valley 8.107,415 5,935,255 8,271.173 5,933.730 5,721,869 4.394.533 Del. Lack. & West. 4,987,834 5.204.362 5.079,122 4.038.717 4,388.96j 3.530,348 what he calls "Eastern competitive tonnage, including all Del. & Hudson 3.301,873 3.362,679 3,512,971 3.203,168 3.811.406 2,674,705 Pennsylvania KB. 3.393,685 3,189,287 2,773,418 2.332.973 2.211.383 1,864,031 ' coal which, for final consumption or in transit, reaches any Penna. Coal 1,500,688 1.397.946 1,541,145 1,489,820 1,475,380 1,138,487 "point on the Hudson River, or the Bay of New York, or Erie 651,228 523.546 382,194 830.510 411,094 Total 31,793,021 29,120,092 * which passes out of the capes of the Delaware," and this 31,623,529 30,756,993 28.500,028 ;i3,437,24a Stock at tide-water 'item for 1885 he makes slightly less than in 1884, namely, at end of year 754.545 871,681 748,830 582,116 467,024 500,878

' 11,956,587 tons, against 12,009,855 tons. In view of the * Including Central of New Jersey. increase of over 1,100,000 tons in the quantity of coal that disappeared from sight during the year, these figures may THE POLITICAL OUTLOOK IN GREAT seem surprising, and yet they are undoubtedly in conso- BRITAIN. f nance with the facts as they appear to the ordinary investi- More than ordinary interest attaches at the present mo- gator, and the state of industrial and manufacturing ment to British politics. No situation of similar gravity

' activity at this centre. We have had the curiosity to has presented itself in many years. It is impossible^ j look up this item of Eastern competitive tonnage for indeed, to contemplate the situation without feelings akin

; some of the back years, and here is its aggregate since to alarm—alarm not for the ultimate welfare of the three 1880. kingdoms, but because of the trouble which is imminent, and of the terrible ordeal through which it now seems to 1885. 1883. 1881. Eaatern oompetltlre be a necessity that they should pass. There are many

tonnage I ) 11,B5«.B87 12.000.S55 13.148,185 12.01S.7B4 ( I2.1rtB.OR0 deep-seated evils from which the British body-politic is

The total for 1885, it will thus be seen, is the smallest suffering—evils some of them inherent in the Govern- ,of the five years given. The decline from 1884 is trifl/ng ment and Constitution, but not ineradicable from the 108 THE CHRONICLE. [Vol. XLII.

Bame, and some of them the necessary result of a vast popu- has been no evidence that the demand of Pamell lation crowded within too narrow limits. The evils are has found favor in Scotland and England. On the not new; but in periods of depression of trade they stand contrary, a separate and independent Parliament out in bolder relief, because more keenly felt. for Ireland is very generally looked upon as formally tantamount to the dismemberment of It is in such circumstances Parliament has been the empire ; and all opened. That the situation is no ordinary one has been the indications of the moment are that no such demand as attested by Royalty itself. Not in many years has the that which has been made by Mr. Parnell will be granted. Queen been able so to overcome her desire for retirement A certain qualified form of local self-government is to be extended to England, Scotland Ireland as to preside at the opening of the two houses. Although and ; but Ireland she did not read the speech herself, her presence on the is distinctly informed that she cannot have her own will, throne, accompanied as she was by all the leading mem- and that, satisfied or not satisfied with what is offered, she bers of the Royal family, showed her keen appreciation will be compelled to keep the peace—no matter what the of the emergency of the situation. It is not without cost or how great the sacrifice. deep significance that the Queen has recognized the Mar- An entirely new method of government is thus to be quis of Salisbury, as she has steadily refused to recognize adopted with regard to Ireland. The opinion prevails

Mr. Gladstone. Nor is it without meaning that the in England that Ireland has been spoiled by too much dinner given by Lord Salisbury on Wednesday night was coddling. Mr. Gladstone, it is said, has been the over-in-

80 "phenomenally brilliant," dukes, marquises, earls, dulgent and over-anxious nurse. If necessary, the rod is viscounts and barons being numerous among the guests. now to be applied, and Ireland must give up her boasting,

The assemblage of titled persons at the ministerial and bravado, and boycotting, and conform to the law. It dinner, and the presence of her Majesty at the is natural enough that Pamell and his followers should opening of Parliament, both point in the same feel indignant at such treatment—all the more so that direction. They indicate most unmistakably, if they had worked themselves up into the belief that the they have any meaning at all, that the conservative hour of victory had arrived. It is natural that they spirit of the British people is aroused, and that, how- should fret and threaten rebellion. A new situation has ever the present difficulties are to be met, and whatever been created. It remains to be seen what will be the concessions are to be made, nothing shall be done incon- issue. Mr. Parnell has a large following in the House of sistent with the dignity and integrity of the empire. This Commons. He can prove himself a thorn in the side of is the spirit in which the Queen haa opened Parliament. the ministry. But what really effective use he shall be This is the spirit with which the Government confronts able to make of his following will depend very much upon the Houses. This is the spirit which animates the entire Mr. Gladstone and the Liberals. If Mr. Gladstone should conservative interest of England. refuse to lend his help to the Government, and if his fol- It is unnecessary to say that the question which takes pre- lowers should stand by him, the Tories will be compelled cedence of all others, the question which rightly or to resign or to appeal to the people. wrongly has been allowed by the legislation of the last There is much uncertainty in all this. It is just possible few years to force itself to the front, is the question of that Mr. Gladstone, dissatisfied with the Government pro- home rule for Ireland. "What Mr. Pamell and his friends posals, may outbid the Tories for Pamell's support, and exactly meant by home rule was for a time involved in that in spite of defection on the part of some of his old some doubt. Latterly, however, and particularly since supporters, he may be able to defeat the Government. A the elections demonstrated his strength, all doubt has general election will follow, and the Tories will ask the been removed all ; and the world has been given to under- voters to say whether they are in favor of disintegrating stand that home rule means an independent Irish Parlia- the empire. We know how such a question was settled in ment. How far Mr. Pamell was wise or unwise in reveal- this country. Love of union is not less strong among the ing his purpose so unmistakably, is a question on which British people than it is here; and it will not be wonderful difierent opinions may be held. There can be no doubt, if, in such an event. Lord Salisbury shall return to power however, as to the boldness which the revelation implied. with an immense majority. Happen what may, British If it did not reveal wisdom, it revealed politics are certain to confidence ; and be lively for some time to come. looked at from the British standpoint, it had the advan- tage of presenting a distinct issue. "Nothing in the A SOLUTION OF THE SILVER PROBLEM. world," The country is again said Mr. Pamell, "would induce me to accept on in the throes on the silver question. behalf of the Soon after the passage of the specie resumption act by Irish people anything but the fullest and Congress in January, 1875, the agitation began. completest control of their own affairs. What we want Ever since the panic of 1873 the people had seen hard times, for Ireland is that she shall have control over her own prices had declined, trade was stagnant, and they were destinies. What we want is that Ireland shall have the beginning to lose courage. Finally contraction and redemp- power to make her own laws, without the bungling and tion of the currency were decided upon. The law decreed fumbling and the redemption in coin of the legal obstruction of an Imperial Parliament, and tender notes (greenbacks), that to our people after January 1, 1879. at home shall be handed over the right These promises of the Government, which had been unre- of attending to their own concerns and managing their deemed since 1861, were at last to be kept. own business." Mr. Pamell has not, since he uttered As the time aproached we were told that it was impossible these words, made any abatement of his demands. Home to accumulate gold enough in the Treasury to give confidence rule still means an independent Parliament. in the stability of resumption. The silver dollar had been demonetized In a recent article in these in 1873, wlien it was worth in gold more than a columns, it was stated with hundred cents. But in some degree of emphasis 1877 its value, after many fluctua- that it was one thing to demand tions, had fallen to about ninety cents. an Irish Parhament and another thing to get it that Our silver ; the mines were large producers, and under the influ- question which Ireland had raised concerned not Ireland ence of protection to a home industry, the idea was conceived alone, but Scotland and of again coining it as a full England as well; and that no con- legal tender at its lowered value, cessions could be made to so that not only would an important industry be benefitted, Ireland without the con- but the Government also could sent and approval of the other take advantage of the word two kingdoms. There " coin" as expressed in the act, and pay its debts in a metaUic January 'i3, 1886.J THE CHRONICLE. 109

I'oln worth leas than was contemplated when the reeumption We cannot think so meanly of them. Who, then, are the law was passed. people who insist upon the continued coinage ? Are they not These counsols prevailed, although the protests were many the owners of the poorer producing stiver mines, or the unin- and powerful. formed and thoughtless? for many of the richer prodadng The law was enacted early in 1878 which re(iaire8 the Oovem- silver mine owners are in favor of stopping now in order that uient to purchase at least twenty-four million dollars worth of a common agreement may be aranged among the nations. silver bullion per annum, and to coin it into dollars. At the The friends of the compulsory coinage law claim that we are present pric^o of silver, this amount coins into more than a silver-producing country, and should therefore make as twenty-eight and a half millon of standard dollars. much use of it as possible. We have tried the present exper- The market price of silver, instead of advancing, has iment for eight years, and the results expected by the silver steadily declined, so that the standard dollar of 412}^ grains mine owners have not been realized, ^Fine silver has steadily nine-t(>nths fine, is now worth less than eighty cents, but the declined in market price since November, 1879, from f 1 16 1-3 coinage goes steadily on. We have coined already, up to per ounce, to $1 03 3-8 in December, 1885, Dec. Ist last, |215,759,43l, of which |78,170,570 remained in The people have shown no ardent longing for the dollar of

the Treasury, the sole property of the Government, and for the fathers ; foreign nations with whom we trade have rejected which there seems to be no demand. all our overtures to re-establish it on its old basis as a legal- This amount shows an increase of the number on hand, not tender between us, desiring rather to wait and profit by our represented by certificates outstanding, of more than nine experience. We may have kept silver from falling as low in millions since June 30 last, equal to four months' coinage. price as it might have done without our action, but if it is for How can we get this large amout of unused silver into the the mutual advantage of the nations to again use silver as s currently, and what shall we do about the future coinage ? full legal-tender, why should it be brought about at our sole These are the problems we have to solve. cost and nsk. It seems evident that if we continue the system at present in We have already supplied our own wants, why not stop the vogue, but little more can be circulated. coinage now f If the price of silver continues to fall, and it From the reports lately presented to Congress, we learn that should be for our or the mutual interest hereafter to renew the currency of the country amounts to more than $1,500,000,- the coinage, we can again resume it after negotiations, or when 000, consisting of gold, silver and paper. The paper is trans- our need is made apparent.

mutable into gold or silver, at the option of the Government ; It would seem proper and best for Congress at once to repeal the silver cannot be changed into gold, although the gold may the compulsory coinage act of February, 1878, and as fast as be changed into either. This uneveimess does not fulfill the the legal-tender notes of the denominations of one and two wants of the people at all times. dollars are sent in for renewal, the amount of which is about In case of an adverse foreign exchange, we must export forty-six millions, to replace them with silver dollars; like

gold ; our depressed silver dollars will only be received at their action to be taken with a sufficient amount of the five dollar bullion value, which is now about 80 cents, a loss to the holder notes, to absorb the balance of the seventy-three million silver in that case of twenty per cent. dollars belonging to the Treasury.

This need not be considered an immediate danger ; the real If the coined dollars are objected to on account of bulk and danger lies in the continued comage, in an increase of silver weight, silver certificates might be issued to represent them, dollars so great that the Government would be either in the of like denominations with the retired legal tender notes. The condition of Germany, with a large amount of silver to sell, or smallest silver note now authorized is of the denomination of in that of France, with a large amount of useless silver on ten dollars. hand, and the danger of returning to a depreciated currency, Let gold, silver dollars and legal tender notes be made inter- to which with our experience from 1861 to 1879 we have no changeable by law, giving to the holder of each the right to desire to return. demand from the Treasury at any time the exchange of one The consequences to a large portion of our population would for the other. be too disastrous. Consider the loss ti the three millions of If the one, two and five dollar silver notes are not issued in working men and women who have deposits in the savings excess of the present or increased needs, from time to time, of banks, little sums laid up by each one against a future time of the population, they will all be absorbed in the currency for sickness or need. domestic exchanges, and the time will never arrive, probably, The eum of these savings aggregates 11,095,173,147 ; the when gold will be demanded in exchange for them merely for

depreciation and loss on this at twenty per cent, would bo two the sake of handling it, as two hundred and fifteen million hundred and nineteen million dollars, deducted from the labor silver dollar currency can always be kept afioat ; should any of years ; in addition to that, twenty cents loss on every dollar doubt arise on this point, the issue of legal tender or national they could earn until the equilibrium was restored between a bank notes of denominations below ten or twenty dollars depreciated currency and the rate of wages. might be prohibited by law. Consider, also, the loss to all those living on fixed salaries If in the future, by increased domestic activity and popula- and incomes, such as clerks, widows, orphans, clergymen and tion, a further amount of silver dollars should be required, professional men. authority might be given for the additional coinage, on a To the beneficiaries of life insurance policies and annuities) deposit of gold coin or gold bullion at the option of the aggregating an enormous number. Government, which would first assure itself that it It has been said that the debtor class are in favor of the con- was needed in the currency, and not coin the dollars tinued coinage of the silver dollar. Who belong to the debtor at the request of speculators for a rise in silver. Or, the

', class? Not the savings bank depositor, for he is a creditor- larger denominations of silver notes could be exchanged and The ordinary working man and mechanic pays his landlord then destroyed on the issuing of small notes if they only were for rent often in . advance, and the supplier of his household demanded. necessaries gets paid as often as the wages are received,—say With the modifications suggested, a composite legal-tender once a week ; he has no credit beyond this, and cannot there- would be established, with three kinds of currency floating fore be fairly ranked in the debtor class. together of equal value in the estimation of the people, and the The debtor class must then be the more wealthy; the danger of losing the most valuable one by an adverse foreign merchant who borrows money to increase his business ; who exchange would be dispelled, and the doubt and hesitation now has property of . some kind which gives him credit ; who agrees so general on account of our deranged currency would vanish. to pay a certain per cent for the use of money in order that Should England, Germany and all the gold standard nations he may make a greater per cent by the use of it. increase their silver coinage to an amount somewhat less than The raih-oads and other rich corporations, who borrow to the requirements of each for its domestic exchanges, many get required larger gain, must likewise belong to this class, and so must the millions in value of silver bullion would be ; markets and increased demand would advance the market men of Wall Street, who deal in stocks, by paying down ten or price and tend to keep it steadier in value. The use of gold twenty per cent, and borrowing eighty or ninety. would be economized, the fear of scarcity of this metal Are ttiese classes in need of our sympithiea, are they in would be allayed, silver being used to a greater extent, and need ability to inter- of Government interference to enable them to pay their each in its proper sphere ; but by their be changed the standard would be gold, and the final solution just debts ? Are they dishonest enough to wish the Govern- of the silver problem, which now vexes the world, would be ment to reduce the value of the dollar in which they are to found. John P. Townsend, pay below the one they borrowed ? January, 1886. 41 Broad Street, . '

110 THE CHRONICLE. [VOU XS-II.

The firm mentioned say, in explanation, that experience BRITAIN IN 1885. GREAT abundantly proves the output is not always in exact propor-j rCommunloated by our London Correspondent.] tion to the furnaces extinguished, as it is the worst which are left behind it the reduced number appear to increase It is scarcely necessary to say that 1885 has not blown out, and theii many bright memories. We can best describe it as a year of output. The comparative statement of production, &c., is deferred hopes. January began with a hopeful feeling preva- as below. affairs had lent, for the very low condition commercial of Fig Iron. 1885. 1834. 1883. 1882 reached in 1834, seemed naturally enough to give promise a speedy favorable reaction. The realization did not come, but Production tons >7,450,000 7.528,966 8,190,224 8,493,28'. Stocks at end of year.. .tons. 2,850,000 1,801',467'I,663.976 1,658,12(1 panic early in its place came first anxiety and then almost a 428. 469. Average price Scotclipls 418. lOd. Id. I 9d. : 498. 4d. the Russian advance in Central Asia; in March because of * Estimated. were very com- thereafter for a long \\m.Q political affairs Exports of pig and rails have further declined, almost every as it were, uncertain plicated, the public groping in the dark country sharing in the decreased demand, the total of iroit this much at least where the next step would lead, knowing and steel being in 1885 less than in 1830, as may be seen from the Afghan that our relations with Russia, in connection with the following: frontier, were very much strained. by what was Iron and Steel from Otlier Scarcely had this uncertainty been removed Pig Iron. Balls. Total. Great Britain. Descriptions. claimed to be a definite arrangement of that difference, when a Cabinet crisis gave us a change of ministry and fresh Tons. Tons. Tons. Tons. J8S5 960,160 711,415 1,456.826 3,128,401 anxiety not only as to that settlement, but as to the effective- 1884 1,269,576 728.540 1,497.439 3,496,99Ii 1133 1,564,048 971,165 1,508.095 4,043,30; (in view of the opposition majority) of ness and permanency 1883 1,758,072 936,949 1,65'<,531 4,353,55i' any policy either domestic or foreign the new administration 1S81 1,480,196 820,671 1,517,45,^ 3,820,31; 1880 1,632,343 693.696 1.466.055 3,79J,99i. might adopt. Events had scarcely time to prove these 1879 1,223.436 463.878 1,196,170 2,833,48V 3H4 fears groundless, when the country began to be 1878 924,646 441, 933,193 2,296,86( 1877 881,442 497.924 965,215 2,346.37( agitated anew by the preparations for, and subse- 1876 910.H05 414,558 899,809 2,224,47(' 1875 947,827 545,931 963,498 2,457,30( election, the quently by the occurrence of, a general 1874 776,116 782,665 6Z1.711 2,487,.>2ii results of which have been so disappointing because so 1873 1,142.065 785.014 1 ,030,73 4 2,957 ,91i, undecided, suggestive of wide differences an d fruitless agita- The competition in the iron trade of Germany is the pair'j tion, ending perhaps in another election. We might also have ticular complaint just now. Germany's increase in produci mentioned the Bulgarian and Turkish dispute growing out of tion has been constant, even during late years, when every the Roumelian revolution in September, and the war between where else has been falling off, and yet as a competitor in, Servia and Roumelia subsequently. Those events threatened, neutral markets we do at present see much fear, since ib'

and even still threaten, by the reopening of the Eastern ques- exports have not increased ; in fact they are not large and tion, a European quarrel ; but this latter contingency, though appararently becoming less. Germany's production of pig all the time possible, has appeared quite remote, and not certain, exports of pig, &c., have been as follows for four years. even in case of its extending to other powers, of involving us 1882. directly, so that its influence has been less important. Besides, 1885. 1884. 1883. j as the armistice has been extended to the 1st of March, the Production of pig tons. •3,750,000 3, 57.',155 3,380,788 3,170,95';' chances of a final settlement of the affair seem much increased. Exports of pig tons. I 230,000 258,460 lHe,94ll Exports of rails tons. ' 144.450* 176.170 180.65<( disappointing, Another and in many departments of trade, •Estimated. '. very disturbing, circumstance, has been the great decline in In like manner we might review other trades, reaching sun; silver—there was almost a panic in the city in September ilar conclusions, for the year has been quite generally disap' growing out of it. Our exports to India and China and all pointing. Iron and cotton goods have probably suffered most' silver countries are or less more interfered with and interrupted but the demand for all our products, both home and foreign, hat by the unsettled state of that market. A steady price, whether been sluggish, with prices tending downwards and profits con! a low or a high one, the merchant can provide for; but a sudden sequently at a minimum, Though the figures of total exports! change loss means a somewhere, and generally to the exporter. because of the lower values, do not strictly repre?ent tha So as long as these fluctuations continue, our trade must suffer. relative movement compared with previous years, yet the Probably the manufacture of cotton goods has fared worse from following statement of imports and exports indicates pretty! this cause than any other ; in fact, it has had to contend in clearly what the general trade situation has been. I a greater degree than most other articles with all of the difficulties we have before mentioned, and as a conse- 1885. 1884. 1883. quence has met with a very unsatisfactory year. Goods have EXPOKTS— g. found a slow market all the time, and stocks of many descrip- Home products 213,031,407 233,025,242 237,799,475 ResUlpments of Imports 57,903,529 62,942.341 85,837,590 tions have accumulated. It was the over-production of yarns Total e.xports 270,934,935 295,967,583 303.437,071 and the reduction of wages which it led to, that resulted in IMI'OKTS— the strike in the Oldham district, lasting for three months, and Total mercliandtse. 373,834,314 389,774,549 | 425.603,93^ stopping 7,000,000 spindles. The depression that has prevailed Excess of imports. 9.'i,806.966 102,899,379 I 122,166.863 is well indicated in our exports, which were as below for four To the above we should add that, as to prices, the level, ai' years. the year closes, is in some departments considerably abovi'

Exports of the lowest. Wool is better than it was. Among metals tii! 1885. 1884. 1883. 1882. Cotton Piece Goods. shows an advance over the rates current at tliis time last yeai White or plain yards. 3.150,113.700 3,095,353,700 3,136,180,200 2,860.647.000 of £18 to £20 per ton, but in copper there is a fall of £6 to £' Printed or dyed yards. l.aai, 160.300 1,321.645.500 1,370,932.200 1.348,223,000 Ulzed materials per ton ; iron also is weaker, though the difference in price ii| yards. 204,800 880,800 22.776,100 39,894.000 Total goods slight. Of course, quotations of agricultural produce renuuij yards. 4,374.478,800 4,417,280.000 4,538,888.500 4.3(8,764,000 Total yams low. The average of home-grown wheat for the seasoa i lbs. 245,732,900 270,901,600 264,772,000 238,254,700 Values. fully Is. per quarter £ £ £ £ lower than it was a year ago ; oats am Total piece goods 48,873.986 51,665,623 66.534,166 53,442.785 barley are also cheaper. All this to be sure is well for the con) Total yarns , 11,859,113 13,818,078 18,509,732 12,864.711 sumer, but at the same time the agricultural community suffer Total value 60,133,039 65,478,701 69,043,898 88,307,496 materially, and as they represent a large section, while thei^ The iron trade has also been steadily growing worse all the interests are depressed the general trade of the coKOtrl year through, until just at the close, when the reported revival cannot prosper. of business in the United States and considerable purchases of Stock Exchange business during the earlier part of the yeai English iron have resulted in-the prevalence of a more hope- was extremely quiet with a weak tendency, except for guaranj ful feeling. Messrs. Fallows & Co., in their annual review teed government issues and the debenture and preference just issued, estimate the production of pig iron in 1885 at securities of English railways. Later on there was the ruslj 7,450,000 tons, notwithstanding the falling Off in furnaces in for American railways, due to the settlement of the war o blast, which falling off was aa follows. rates and the improving prospects of American trade. TW result has been the establishment of a very substantial advanra Jan. 1, July J. Deo. 31 in o Furnaeea prices. Another circumstance has been the revival In blaat I 456 [ 427 420 the demand for Indian gold mine, baaed on the receipt Oi J . : . 51

January 38, 1886. THE CHRONICLE m

iTicoura^ing crushing reports. English railways have not a* BANK or EHULASO KATE Or IlfTCBBST. a rule Tariud much, Rate A marked feature of the year has been the frequency Te*r, per For oeot. (if colonial borrowings and the ready response accorded to 1880. itieni. Very wisely, the coUnies and India have taken advan- 1883, Jan. I to June 17. Feb. 14 to Feb. 5 14 days tjige of the money market to obtain the needful advances on Juno 17 tol)eo, 0. Fch. 28 t

;i loan to be covered three or four times over has been by no I88I. Year's average. 8-57 365 day* Jan. 1 means an uncommon occurrence. Whether the colonies are to Jan. 13. 3 ISdaya! Jan. l:itoI'eb. 17. Uig 35 (lay II 1884, [ right in pledging their credit so freely is a matter of opinion; Fub. 17 to Apr. 28 3 7()dayB Jan. 1 to Feb. 7. 3 38 dan Apr, 28 to Aug. 18. 112 ilaye Feb, 7 to Mar. 13. 31s 3.5 days there certainly is a prevalent idea that Zealand is '.!5 New Aug. 18 to AiiK. 3 7 days Mar. 13 to Apr. 2. 3 20 daya Aii({. to Oct. going ahead too rapidly, and a little less readiness to incur as 6. 4 42 daya Apr. 2 to June 19. ,2>« 78 daya Oct. « to Deo. 31. 5 86 days Juno in to Oct 9. 2 112 daya liability until the improvements resulting from previous Oct, 9 to Oct. 29. 3 20 daya Yonr'g average 3-48 3t5 days Oct. 29 to borrowings have had time to consolidate and fructify would Nov. 5 7 daya Nov, 6 to Deo. 31 56 daya he considered a move in the right direction. New South 1882. Tan. 1 trO.Tan. SO. I ,5 30 days Year's average 2-96 366 days Wales and Queensland may do with impunity what might be Jiin, 30 to Feb. 23. 6 21 days; Feb. 23 to Mar. 9.1 5 14 days 188.1, >.)ked upon as rash on the part of a colony situated as is New Mar, OtoMar, 23. 1 14 days; Jan. 1 to Jan. 29. | 5 29 daya Mar. 23 to Aur, 17.1 .aland. The extent of the Colonial and Indian borrowings 3 147 days' Jan. 29 10 Mar. 19 i 4 49 daya Aug. 17 to Sept, 14.; 4 28 daysl .Mar. 19 to May 7. 3>a 49 daya uring the year is shown in the following table. Sept. to 14 Dec. 31. [ 5 lO-i days .May 7 to May 14.1 3 7 days May 14 to May 28.1 2Hl 14 daya

Year's average | 4'15|365 days. May 28 to Nov. 12.1 2 16S Mlnl- days Amount Amount I Arerago of D«9Crlplton. Dute. Rate. — Nov. 12 to Dec. 17. 3 35 daya OITered, Keqnlred I Allotment. | mum. 1883, I I Deo. 17 to Deo. 31.1 4 I 14 days Jan. 1 to,fan. 2^. 5 24 days Per Cent. Jan. Feb. 24 to j 14.14 21 daygi Year's average I 2'92i.J65 daya Per Ct £ £ il'er Ct. y of Auckland jJan. 6: B 23,000 117,000; 103 In June and July, 1885, the open market rate for 3-months 'w Zealand Jan. 9 4 1,000,000; 8,891,000, bank bills was all the time under 1 per cent; for more than a >:iialcii Jan. 30, 4 130,000j ISO.OOOi 9;-io it torla iMay 6 4 4,000,000 11,^00,000 month was only ?^ of 1 per cent, being quoted one week eesland May 16 4 8,500,000' 3,933,800 97 at 11-16 of 1 per cent; and from about the 1st of May to the 'V Zealand June 4 4 1,500,000; 8.800,000j 9710 1st of November the exceptions were very few when it got lib Australia Ijune 9 4 1,560,400 3,aoo,ooo 98-10 u est port (N.ZOHiir- above 1}4 percent. The changes in the stock of bullion in Inir Board June 11 160,000 303,100 85 9S 14 Great Britain, so far as they are indicated by the imports li reymouth (N. Z.l and exports of bullion, have been HarbAf Board June U 4 100,000 278,200 95 93 as follows since 1880, Western Australia jJune 19 4 525,000 525,000 9710 98 1885. 1884. 1883. 1 882. Canada June 29 4 4,000,000 12,000,000 99 101 .CerloD ..July 3 4 IlX),000 392.800 99 Gold— B £ £ £ Imports 11,374,00010,720,000 7,733.309 14,375,914 9,9«-',958 India July 3 3,500,000 7,385.000, 85 85 Exports 11,931,000112,013,000 7.091,365 12.0^3,801 15,498,937 Napier Harbor Board .luly 14 5 300.000 1,338,700! 100 104 ,N»t»l July 3 5 538,600 1,148,300 100 101 Excess imp'rts. 1,443.000;. 041,944 2,352,110 Dty or So. Mclbuurne Aug. 7 S 80,000, 268.000 101 ;104 Elfess exports. 1,293,000 5,535,881 Kew South Wales ....' Oct. 7 8« 5,500,000 12,380,000 91 91 Batumas Oct. 8 4« 35,000' 74,100 The following is a statement showing the situation of the Ouborne Z.) (N. Uar-j Bank of England each week of 1885, with the Bmk and bor Board 'Nor. 200,000 690,000 99 Uelbourne Harbor market rates of discount at the same dates, taken from the Trnst 1 {not. 17 250,000 2,148,8001 101 lOS 7 8 London Statist Uanltoba Dec. 10 9 233,300; 418,000 10510 BANK OF EXGLAND IN 1885.— [00,000s omitted. I

•Tenders at and aboTe 4109 received allotments in full, and those at £108 H,!., 3 1 <^. 113 per rent of the amount applied for. Deposits. Securities. * Teiiiiors at SiW 6s. M. received about 30 per cent : above in full. o SR o : I'ru'.'.'i ranited fmm i:»7 10s. to ilOO Is. ed. « 233) i Ti-n.iers at iiOO lus. 6d. received about 1885. "a 3a a ° 95 per cent, and abore that *^price « n full. 1 Tenders i§ at £108 ISs. and upwards were allotted in full. S* O O The Egyptian guaranteed 3 per cent loan for £9,000,000 £ £ £ £ £ £ Pr.ct.Fr.ct. oroved Jan. 7.. 25,2 the greatest financial success of the year. The price Of 20,7 7,0 26,8 15,7 2t,9 11,3 3'»w '• 14. 24,7 21,1 4,8 24,6 14,6 :asue 95i^, 20,9 12,1 4 was and the applications in this country amounted " 21. 24,3 21,6 4,8 25,1 13,6 21,4 13,0 3»g " 28.. M something like £40,000,000, about a similar amount being 24,0 22,2 6,0 24,6 13,6 21,1 13,9 338 Feb. 4.. 24,3 22,5 7,1 22,9 13,6 20,6 14,0 " ipplied for abroad. Two Chinese loans, the first for £1,505,000 11.. 23,8 23,0 8,3 23,5 14,0 21,1 14,9 " 18.. 23,5 23,7 9.7 23,3 14,0 21,2 15,9 3J« n a 7 per cent issue, and the second a 6 per cent issue fo " 25.. 23,4 24,2 10,8 24,4 14,0 22,7 16,5 338 Mar. 4.. 23,8 £2,250,000, have been introduced—the issue price in each case 24,6 11,3 23,8 14,0 23,1 16,5 3% " 11.. 23,5 25,1 11,8 25,0 14,6 23,3 17,4 Jeing 98—and were " 3>a very successful. Chili introduced a 4% 18.. 2,3,3 25,9 12,3 24,8 14,0 22.7 18,3 3>s 3 " 25.. 23,8 26,0 11,9 25,3 14,6 J«r cent loan for £808,900, receiving applications 23,1 17.9 3 for £2,500,000 Apr. 1.. 24,9 2i,7 11,2 25,6 14,7 24.1 16,5 " 2\ Towards the end of May holders of Canadian 5 per centg 8.. 24,9 25,3 8,4 25,7 14.2 21,7 16,2 2H " 15.. 24.6 2.=.,6 8,0 26,6 14,4 21,4 16,7 ,!lected to 2% renew their bonds and stocks at 4 per cent, and in " 22 24,4 25,9 8,7 26,6 14,4 21.5 17.2 2=8 He " 29.. 24,6 26,9 8,9 26.4 latter part of July the Canadian Pacific Railway issued 14,4 20,7 18,0 2»i« May 6 24,9 27,0 8,6 26,5 14,5 20,7 17,8 3 I's 000,000 first mortgage bonds at 95 per cent. Turning to 13. 24,6 20,4 8.3 26.2 14,1 20,7 17,5 212 138 20. 24.4 26,6 7,8 27,3 14,1 21,0 17,9 ,iome affairs, the ' I'S Commissioners of Sewers for the city of 27. 24,2 26,8 7,5 27,9 14.1 20,8 18,4 oondon Juno 3.. 24,9 27,1 7,1 28,1 14.3 placed £1,000,000 bonds, bearing 3^4 per cent interest, 20.8 17,9 15„ " 10 25,0 27,5 7,7 27,4 13,7 21,0 18.2 ,it an average ' of £96 10s. lid. per cent. The Metropolitan 17. 24,7 28,0 7,7 2S,3 13,7 21,1 19,0 I " 24.. 24,9 2H,1 ^oard of Works raised £1,750,000, being 7,9 28,2 13.8 21,2 18.9 three percent, at an July 1. 25,8 27,5 6,4 29,2 13,8 22 2 17,4 tverage of £97 13s. lid. per cent, and there have been other •• 8. 2.i,8 27,2 6,2 32,3 17,0 22!3 17,1 " 15. 25,4 ninor operations equally 27,5 4,9 34,2 17,0 22,3 17,8 successful. " 22.. 25,1 26,9 5,7 33,1 17,0 22.3 17,5 There " 29. 23,1 26,6 5,3 2'2.1 has been no financial pressure experienced during the 33,0 17,0 17,2 Aug, 5.. 25,7 25,8 4,7 32,2 17,6 21,5 15,9 i5:>* •oar; on the contrary the difficulty has been to " 12.. 25,5 2,5,1 4,2 30,2 15,9 21,3 15.4 1>4 know what to " ilo 19.. 25,1 25.5 4,2 30,6 1.5,6 21,2 16,1 1'4 with balances. Still the " Bank of England rate has 2fi.. 24,8 24.8 3,6 31,1 15,9 21,2 15,7 1>» /veraged Si-pt. 2.. about the same as last year, the necessity for pro- 25.1 24,4 3,2 31,0 16.0 2;, 15,1 1»1« u.. 24,7 22,9 4.4 28.8 15.1 22,7 13,9 jecting the Bank's " 1\ reserve having led to frequent changes, 16.. 24,5 22,9 4.0 29,0 14.9 22,5 14.1 1"8 Ar " 23.. 24,3 22,4 4,4 28,5 14,9 22,6 13,8 open market underbidding it all the time. l>a The Bank's 30.. 25,2 21,9 5,7 28,0 17,2 22.5 12.4 bullion at the Oct. 7.. 25,5 opening of 1885 was £30,695,406 and the ofliciai 21,4 5,6 29,6 lfl,l 22.3 11,7 1>« 14.. 25,1 21,5 3,7 31,2 ate 5 per cent; subsequently 18,5 22, 12.1 1 the bullion increased largely, 21.. 25,0 •-'0.9 3,0 29,6 17,5 21.7 11.7 1>8 28.. :eaching on the 24th of June £33,116,673, the 24,6 20,7 3,0 27,0 15,2 20.8 11,8 !> Bank minimum 4.. 2.5,0 20,6 25,9 'eing then 3,1 15,1 20.4 11,3 l'»U 2 per cent; thereafter the decline in the bullion 11.. 24,7 20,7 2,9 25,1 14.3 19.8 11,7 21a IS.. 24,4 vas rapid, the year closing with 20,9 3,1 24,1 13.0 19,7 12,3 2>a the stock only £30,115,228 and 25.. ',24,1 21.3 3,0 24,8 12,3 20,4 12,9 he Bank Dec. 2.. 24,5 rate 4 per cent. To show the variations in the 20.9 2,8 24.3 12,7 20.0 12,2 2>* Bank 9.. 24,1 20,6 ate this year, 3,2 23,2 12,5 19.5 122 compared with previous years, we have compiled 16.. 24,0 20,5 3,0 23,6 11,8 20,2 12,3 3% he 23.. 24,4 20,3 3.6 23.2 11.5 20,3 following, giving each change since Januarv 11,6 3»8 1, 1880, the 30.. 24,5 20.1 4,0 25,0 12,0 23,4 11,3 3 umber of days each rate ruled and each year's average rate. —

[Vol. XLII. 112 THE CHRONICLE. Old Dominion Steam- stock of gold can load and unload. To this point the The situation of the Bank of France, as to its month of ship Company is running a regular tri-weekly line of steamers according to the last returns of each and silver, Extension has been in opera- following, stated m from New York. The Peninsula 1883, 1884 and 1885, may be seen in the tion since the spring of 1832, pounds sterling. In the meantime plans had been laid to extend the system GOLD AND SILTER IN BAKK OF FBANCE.-TOO.OOOS Omitted.] beyond Louisville, further west and south. To this end the Total 1883. Gold Sllv'r Total 1888. Crold.SllT'r Total 1884. .Gold SUv'r Paducah & Elizabethtown and the Memphis Paducah & £ £ £ £ £ £ Northern were purchased and consolidated into the Chesapeake 77,8 Jan. 31 38,2 43,1 81,3 30 40,0 41,1 81,1 Jan. 31 1 38,1 Jan. first extended from B-eb. 28' 89,6 43.4 88,0 Ohio & Southwestern. The road named Feb. » 40,1 41,6 81,7 Feb, 28 1 39,5 40,0 79,6 42,1 82,0 i 89,0 Mar. 26 40,4 42.4 82,8 Mar. 27 40,2 40,1 80,3 Mar 30, Elizabethtown, Ky., to Paducah, and the line of the Memphis April 27' 40,0 41,8 81,8 April 30 42,1 42,5 84,6 April 24| 40,1 40,1 80,2 Northern ran from Paducah to Memphis, but was Si] 40,3 42,0 82,3 Paducah & May 88 43.6 42,9 86,5 May 29 i 41,4 40,5 81,9 May 40,2 42,0 82,2 large, unfinished gap between. This June 25 46,0 43,3 88,3 June 26! 41.8 40,6 82,4 June 29 111 two sections, with a 26 39,7 41,3 81,2 Jnly SO 46,3 4!l,3 89,6 July 31] 41,8 40,6 82,4 July gap the Chesapeake O. & Southwestern completed, and it also 89,2 41,4 80,6 Aug. 27 46,8 44,1 00.9 Aug. 28! 42,3 41,1 83,1 Aug. 30 41,1 80,1 leased from the Louisville & Nashville, at a rental of |60,000 Sept. 2J 47.0 44,2 91,2 Sept. 25. 42,5 41,1 83,6 Sept. 27 39,0 40,7 79,8 Oct. 29 45,9 43,8 89.7 Oct. so! 42,2 41.1 83,3 Oct. 25 38,6 per annum, the Cecilian Branch, running from a junction 29 38,4 40,3 78.7 Nov. S» 43,& 43,7 90.2 Norv. 29| 41,3 41.2 82,5 Not. Elizabethtown to Louisville, thus giving 78.5 point six miles west of ! 40,1 Dec. 81 46.3 43,4 89,' Dec. 25' 40.0 41.3 81.9 Dec. 27 88.4 the new company a line all the way from Louisville to Mem- phis. The line was regularly opened for business August 17, CHESAPEAKE <& OHIO RAILROAD SYSTEM^ 1882, and as a result the Chesapeake & Ohio had its connections The welding together of the different Huntington lines east etill further increased, and was afforded rail communication of the into a united and compact system, to with Memphis. be operated under a single management, is no longer a sub- But the policy of extension did not stop there. The Chesa- the benefit of a line all the ject of mere speculation, but apparently an event that will peake & Ohio was to be given way soon be accomplished. Mr. Huntington's plans are gradually to New Orleans, and this it now has, for the Louisville New developing, and this week meetings of the stockholders of the Orleans & Texas, an entirely new road, between Memphis and Chesapeake Ohio & Southwestern and Elizabethtown Lexing- New Orleans, was opened for business in the autumn of 1834, ton & Big Sandy, called for that purpose, ratified leases of and since then the southern terminus of the Chesapeake & those roads to the new company that is to operate the consol- Ohio system has been on the Gulf Coast at the Cresent City. idated lines. This new company is named the Newport News This Louisville New Orleans & Texas road also acquired run- & Mississippi Valley Company, and it will, it is believed, have control of an old existing line, the Mississippi & Tennessee, the control of all the roads with which Mr. Huntington is ning south from Memphis to a connection with the Southern identified east of the Mississippi and south of the Ohio line of the Illinois Central at Grenada, Miss. forming a continuous line of road from the seaboard at New- The Kentucky Central was another accession to what may I)ort News, Va., to the Gulf Coast at New Orleans, and con- be called the Western system of the Chesapeake & Ohio. The necting at the latter point with the Southern Pacific Company Kentucky Central was valuable in securing to the Huntington lines for San Francisco, and giving a complete all-rail route, roads the outlet that the Elizabethtown Lexington & Big under one control, from ocean to ocean. Sandy had to rely on to reach Cincinnati—in reality the road When the Chesapeake & Ohio was reorganized in 1878 it extends only to Covington, this side of Cincinnati—but the was a local road and nothing else. It had no western con- road was soon made available in other directions. It was in nections whatever. It extended simply from Richmond, Va., 1885 extended from Paris, Ky., through Richmond, to Liv- to Huntington, W. Va., there being at the latter point no rail ingston, Ky. At the latter point junction is made with the communication with any other road. One of the first things branch of the Louisville & Nashville that connects with the to be done was to extend the road further west, beyond Hunt- East Tennessee system, and by means of this latter system the ington, to points where southern and western connections Chesapeake & Ohio is placed in favorable communication with could be bad, and this the management was not slow to do. the wliole of the territory drained by that system in Eastern The work was not undertaken by the Chesapeake & Ohio Tennessee and in Alabama and Georgia. By passing through itself, but by companies separately organized for that purpose, Richmond, Ky., the extension also carries the Kentucky the Elizahethtown Lexington & Big Sandy being the title of Central to Stanford, from which point to Nashville the pro- the company to which was delegated the building of the par- posed Chesapeake & Nashville is to run. When the Chesa- ticular extension in question. The termini of this road are peake & Nashville is built—and reports are that work on it is intended to be indicated in the name, but the whole of the being actively pushed forward—the Chesapeake & Ohio will line as projected has not yet been built, an arrangement for by that route be placed in excellent position for the business the U8e of the tracks of the Louisville & Nashville having been and traffic of Nashville. made for points west of Lexington, so that at present the The extent of Mr. Huntington's interest in the Cincinnati road runs simply from Lexington to the Big Sandy River and Indianapolis St. Louis & Chicago is not precisely known, but

thence over nine miles of the Chesapeake & Ohio proper to it is evidently considerable, and this road is another now Huntington, this latter piece having been built by the Chesa- operated in close alliance with the Chesapeake & Ohio. It peake & Ohio subsequent to the reorganization. The Lexing- affords the latter connection not only with such points as ton & Big Sandy road through to Lexington was completed Columbus, Lafayette and Indianapolis, Ind., but carries the towards the close of the year 1881, and that was considered system all the way to Chicago. In the Columbus Hocking an event of great importance at the time, for in connection Valley & Toledo and Toledo & Ohio Central Mr. Huntington with existing roads it placed the Chesapeake & Ohio in com- has no direct interest, but a traffic arrangement between the munication with Louisville and Cincinnati, both large traffic Columbus Hocking Valley & Toledo and the Chesapeake & and business centres. A little earlier in the same year the Ohio has been effected by which trains are run from Toledo Scioto Valley, in which Mr. Huntington had acquired an and business exchanged at Charleston, W. Va. A late report interest, had been extended down the north bank of the Ohio, has it that by means of a branch of the same road St. Louis from Portsmouth to Petersburg, O., where it joined the Eliz- is to be reached. abethtown Lexington & Big Sandy, so that the Chesapeake & But there are other projects under way which, if they do not Ohio, in addition to being supplied with outlets to Cincinnati concern the immediate present, certainly have an important and Louisville, was furnished with a line right into the heart bearing on the future. We have already alluded to the pro- of the State of Ohio at Columbus, that being the northern ter- posed Chesapeake & Nashville, which will open a new avenue minus of the Scioto Valley. of traffic to the Chesapeake & Ohio in furnishing a line to The next step was probably as important as any taken. It was Nashville. But besides, the Huntington party think of building the extension of the Chesapeake & Ohio itself from Richmond shortly the remainder of the Elizabethtown Lexington & down to Newport News, and finally to . The Big Sandy road between Lexington and Elizabethtown, thus facilities at Richmond were not adequate, and it was desired avoiding the long detour via Louisville and making the route to avoid the trip down the , so an extension of to Memphis shorter and more direct. There has also been 75 miles along the peninsula (commonly known as the Peninsula talk recently of building an independent line to the national Extension) was made, and the terminus of the system placed capital, the Chesapeake & Ohio at present using the Virginia at Newport News on , where the facilities are Midland to reach Washington, But the most important line ample and exceUent, and where vessels of the heaviest draught which is now in contemplation, and to be constructed probably . .

Januaby 23, 18S6.J THE CHRONICLE. 113

this year, is that between Ashland, Ky., and Cincinnati, along Coming now to the company's traffic, we find that against the south side of the Ohio River. This will be almost an air only 966,064 tons (actual tons, not tonnage mileage) of freight line, will greatly diminish tlie distance to the Queen City (the handled in 1878, the company handled in 1884 nearly three Chesapeake &,Ohio now having to go by way of Lexington times as much, or 1,570,106 tons, which was the largest ton- and the Kentucky Central), and bring Newport News corre- nage the road ever had, with the exception of that of 1888, spondingly nearer all Western centres. It is also believed to which had been 1,748,677 tons ; in 1885 the coal tonnage alone tliat Mr. Huntington contemplates building a bridge at Cin- was over 800,000 tons above that of 1884. The greatest gain cinnati, which would give direct connection with all roads has been in the items of coal and coke, iron and mineral ore,

north of the Ohio River. and timber, wood, &c. ; but the road has quite a varied ton- The net result of all these extensions, made and proposed, is nage, as may be seen from the subjoined list of specified items. that the Chesapeake & Ohio hot developed into a trunk line system hardly less important in the extent of its connections, Years ending Dee. 31. Yr. end'g Sept. 30. mileage, and possibilities of gathering tratHc from large areas 1884. 1883. 1882. 1878. of country, than some of the leading lines of the Northwest. Tons. Tons Tons. Tmu. I The Chesapeake & Ohio has labored under serious disadvan- Coal and coke 80.^,581 949.26S 77.*>,fi99 30><,499 iron ore and pig iron 112,433" 140,511 114.953 33.681 tages in making connections at Cincinnati, and when these Other minerals... 27,136" ' 32,491 18,316 8,196 have been removed, its power to command its share of the Grain and flour 123.413 77,839 93,4341 55,533 trunk-line traffic to the seaboard from leading Western centres Animal products—live stock. 51,837 48,771 31.749 31,750 Tobacco 22,679 22,005 15,310 16,234 would seem assured. Lumber, wood and bark 128,455 102,788 137,454 Hay 44,581 It is not possible to state the total amount of mileage which 15,609 ILli-iO 11,3.101 3,664 Fruit and vegetables 12,277 9,415 790' 181 the new extensions have made tributary to the system, but the Cotton 14,993 2,999 363 1,210 Whiskey 27,686 9,864 5,240 3,416 extensions themselves can be given, and below is alistof them. Salt 6,068 8,197 8,426 5,247 It will be seen that over 2,000 miles have been directly or indi- Lime and cement 2,172 3,762 3,7,9 1,237 Oil 3,635 2,7«7 3,-^42 7,793 rectly added since the reorganization. "emp 1,060 2,245 COKNECTIONS PERFECTED SDJOB 1878. Misoellaneous 223,923 284,552 147,460 65,883 Total ... 1,579,106 1.748,677 1.367,565 588.064 mies. ynen apmed. Naturally the tonnage of coal and some other articles Elizabethtown Lexington & Big Sandy. 139-44 Fall. 1881 Scioto Vallfy 130-90 May, l«8l decreased in 1884, but it i8.^8ignificant as regards the effect of Peniiisulit Extension 75-00 Spring. 1882 the Western connections Cbe8a|ieitl

Cincinnati Indianapolis St. L. Cblo . . 40rf-96 & animal products is larger than ever before. With the Tofjl new mileage., 2.040-49 increased demands entailed by this larger tonnage, the Now let US trace the effects of these extensions upon the company of course made important additions to its facilities company's traffic and income. Here is a statement of the gross for taking care of the business, so that against 3,200 cars in and net earnings for each year since 1878. It will be noticed 1878, it had in 1884 5,149 cars, and against 76 locomotives it had 165. that the growth in earnings was steady and pronounced till Physically the property has undergone equally- the last two years, when general mercantile depression and the great improvement, for while in 1878 only a small percentage low prices of coal interfered and caused a falling off. Despite of the mileage was laid in steel, in 1885 543 miles out of 678 this falling off, however, gross in 1885 were $3,333,000, against miles of main road and sidings were laid in steel—that is only $1,936,360 in 1878, and net about a million dollars, about 80 per cent. against only $341,621. These are of course the earnings As regards the financial condition of the road, and the rela- of the Chesapeake & Ohio proper, and not those of the new tion of its fixed charges to income, the payment of interest on extensions, the whole of the 2,040 miles above, with the excep- the currency bonds in cash is not obligatory until earnings are tion of the Peninsula Extension to Newport News, bemg in excess of interest requirements on the other bonds. The separately operated. Perhaps a clearer idea of the large falling off in earnings compelled the company last year to growth that has occurred is afforded when we figure out the make payment in part of the interest on the Class "B" bonds earnings per mile, and find that while in 1878 the gross per in scrip, redeemable out of future earnings. This last, how- ever, mUe was $4,577, in 1883 it had risen to $7,634, and even in 1884 was merely a temporary expedient, and as soon as earn- ings was $7,044, The net was $807 per mile in 1878, $3,553 in again warrant the step, full payment will be resumed. In 1883 and $2,141 in 1884, showing a large reduction in the the following we give the amount of each class of stock and ratio of operating expenses to earnings, as would naturally bonds, and the yearly interest requirement that the company be expected. Following are the figures. has to meet on the latter.

Oront Oper. Exp. Net Oross Net Common, 1«( Pref. 2d Pref. Year. Earnings. and Taxes. Earnings. per mile. pr.mlle Stock. $15,454,436 $8,361,279 I $10,060,586 1878 fl.936.360 $1,594,739 $341,621 $4,577 $307 1879 1,891,512 1,507,333 384,209 4,461 906 rnlerest. 1880 2,511.246 1.945,>'18 5M9.228 5,943 1,345 Amount 1881* 3,375,9tj8 2,743,430 Bonds. Annual 632,538 7,964 \A9i outstanding Bale. Periods 1882 3.334,»77 2.;i02.449 1,032,528 7.037 2,178 call. 1883 3,906,791 2,599,933 l,30^,8ri8 7.634 2,553 1884 3,538.605 Vi,49M,744 1,038.861 7,044 2,141 Purchase money 1898 $2 279.0'io J & J. $136,740 1885 t3,:<22 000 2.347,000 97.',,0(i0 6,617 1,942 :st mort., "A," gold .1908 2,0110.000 A. & O. li 0,000 Ist raoit., "B." gold.. .1908 11,976.0.50 M. A. N. 8P8,563 ' Fifteen months— tiscal year changed to Deo. 31 from Sept. 30. Istmort. g., Penn Ext.1911 2,000,000 A. & O 120, 000 • December estimated. 1st morr. on ext., gold. 1922 42.000 J. & D. 2.520 Eijulpment bonds 842,000 Various 50,520 It is to be said, in reference to the decline in revenue during the Total obligatory Interest . . $22,139,050 last two years, that it is not wholly the result of a $1,328,343 2d mort. currency 1918 10,10ti.349 J. & J. 606.381 falling off in traffic, but has been in part caused by reduced rates. Grand total $32,245,399 $1,934,724 On the latter point, it will no doubt surprise many per- sons to see how low the company's rates have fallen. We have From the gross earnings above, the net earnings in 1885 will not the figures for 1885, but for 1884 the average per ton per probably turn out to be about $975,000, and in 1884 were mUe on all classes of freight was only 673 thousandths of a $1,038,861, so that in both years the company fell considerably cent, short of meeting the of interest is a rate lower even than that on the New York Central $1,328,343 which obligatory. But these were exceptional years. If we take 1883, the year of for the late fiscal year, which was 680 thousandths. Of course largest earnings and smallest ratio of expenses, we find that it may be assumed that the Chesapeake & Ohio had a larger then the net was $1,308,858. or about equal to the obligatory proportion of low class freights, but none the less is the interest. With the saving of half the cash interest on the rate "B" bonds the cash payment required is only $879,061, an exceedingly small one. On coal the road realized only which the $975,000 net earnings for 1885 would of course 583 thousandths of a cent, and on through freight only suffice to pay. It should be said, however, that in 1881 the 514 thousandths, while even the local freight brought but 1-339 company also had to pay $136,842 as interest on floating debt, cent per ton per mile. This fact of a low rate is very interesting wliich is an item that should not be overlooked. With a return as of better rates the managers of the company hope, under the showing that, unlike some of the newer Western roads, new connections made and to be made, to have no difficulty there is here lees likelihood that gains from an increase of in earning not only the present obligatory charges, but also traffic will be offset by a further decline in rates. the full interest on the currency bonds of 1918. [Vol. XLH. 114 THE CHRONICLK .. :

33, 1880. Jakitary J THE CHROMICLE 115

MlNKRAL ReSOUKCKS OF TUB UNITED STATES—YkAHS 1888 tion of these balances wiU be absorbed by the Bank of England AID 1S84. —By Albert WillianiH, Jr. This ia a report issued in the shape of revenue payments, but the prooess is slow. The under the auspices of the United States Oeological Surrey, market may be expected to be in a rather chaotic state for and is the second volume of the seriea. The flrst volume some time, but there is still a strong opinion that a permanent gave the statistics of production to tlie close of 1883, w Idle hardening will set in, as an extension of the trade demand is the present volume undertalces to cover tlie years 188.'? and confidently counted upon. For the moment, however, the dif- 1884. Tho author displays familiarity witli his work, and ficulty is to know what to do with balances. The discount has evidently sought to cover tlie ground completely. There establishments, in consequence, have reduced their rates of is much valuable statistical matter in the volume, and there allowance on deposits }4 per cent, giving 2Ji per cent for are s[H'cial papers on various branches of the inquiry by well" money at call and2?.i percent if with 7 or 14 days' notice. The known ami competent persons. joint-stock banks have made no change. The Bank of Eng- land weekly return shows some important changes, but only what are usually noticed at this season. The proportion of reserve to liabilities has fallen from 38-9 to 82-5, although the BATES OF KXCHANOE AT LONDON AND ON LONDOM actual loss is only £569,353. The fact is, the deposits have- gained materially in the week, private deposits being £2,827,-

AT LATEST DATES. 058 and public £1,152,835 heavier. The stock of bullion is- now slightly under £20,000,000 and tbe reserve £10,783,706. MIOHANBE AT LOlfDOlT-Jan. 7. KZOHANOM ON IiONDOH. The rates for money have been as follows : Latest On— Time. Sat*. DaU. Time. BaU. J 0pm market rata. Inttrett atlowta

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