.
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, David 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 ir THE OHKONICLE. [Vou XUL ClPanadtan ^Ruktxs, ^anthttn gawfeers. MERCHANTS' NATIONAL BANK, De Twentsche Merchants' Bank RICHinOND, VIRGINIA, 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 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 •«'« 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 Saint 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, 188 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. Joseph 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 tidewater 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, New York City. ' 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 Mississippi River 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 Old Point Comfort. 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 James River, 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 Chesapeake Bay, 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 Amstordatn 3 mos. 122»8 aiz-sis Jan. 7 Short. 12-05 for dtpotiU l)ti Amotonlaui Siitht. r.' 1 oia--' i BankBUU. Trade BiUt. London ZNm-C Haniburi;.. 3 inoH. iOrti 9i20-.^8 Jan.'" 7 3 mos. 20"24 JoitU Wit Berlin •2054 ff'20."i.S Jan. 7 Sbort. 20-37"« Three JPVmr six Three Vwjur Stx Slock At 7 to 14 Frankfort.. -JIO-.Tt a2oa8 Jan 7 20-36 Montiu Montlu Montlu Month, OalL Vienna l2-77iy<«12-.-i2Ja Jan. 7 ti 12-64 Mtmthe Montht Banks. ja»»f. TrtesTo 12-77ia*12 Jan. 7 - - 82Hi Deo. 4 3 ana i>i» »HaiH 2««3 a5<38M3 e3>. m IK i«-t« Antweri' .. 25-4.5 a25-S0 Jan. 7 2'5"2i " 11 S - 23"-4»235|» Jan. ma 2^9- m»- «-MS3 3 ®SJi3«a»J< i« 1« IH-IH St. Petersb'ft 7 3 mos. » - Parle Checks 2.V21i4®-25-2BVi Jan. 7 Checks 25-'23 18 4 3^9- 8Ma3« 3>i® 3ii34 8«®4 I3HS94 2^33 8 3!i3|Genoa 25.58%a25>J3% SI 4 3 GOI.,D. 1 bright for spring trade. SILVBll. 1 London Standard. Jan. 6 Dec. 81.' London Standard. IJati. 6. The money | Dm.M. market has become much quieter. There is an •. t. •. d. d. abundance of capital lying unemployed, 1 4. in spite of the with- Bar gold.flne.. .oz. 77 9 77 9 BarsllTer oi.' 48 15-lS drawal 465ii of an e.\tra million from the market as the result of the Bar Kold. contaln'K Bar sllTer.oontaln- payments for the 20 dtrts. allTsr.oi. 77 10« 'n lOH tQg5frrs.Kold..os. 48M 47 0-l» Treasury bills. The dividend money is weighing Span, doubloons.ot. Cak* illTer oi. tSO 3-iS 50K down .juotations. Ultimately B.Ani.doublooaB.ni a considerable por- , Maxlsan dols...oi. <5H 4eM — , . 1 ; ' 116 THE CHRONICLE. [Vol. XLII. It is no matter for surprise that the half-year just con- lb and from aU OowiiHet. To and from VrMed States. cluded should be turnining out badly so far as the banking 1883. 1884. 1885. 1888. 1884. 1885. world has been concerned. Throughout the time the com- £ £ £ £ £ £ Imports in Dec. 378.610 501.57' operations 1.HS2,252 1,565 5,350 2,356 mercial demand has been extremely quiet, discount Do 12 months,. 7.733.809 10,720.358 13.374.119 9,777 6,072,094 909,044 Exports In Dec . of animation 748,960 522.690 2.131,034' 10»,7S0 1«7 1U,S20 being on a restricted scale. A certain amount Do 12 months.. r,0Bl,S65, 12,012,839 11,930,818 937,615 2,183,803 299,332 has recently arisen through Stock Exchange spe culation, but SILVER. Imports the gains thus secured have gone only a small way to counter- in Dec 873,101 813,5291 809,346 135,861 859.258 220,108 Do Vi months.. 9,4(W.002 B,fl0:.495; 9.377,801 2,803,M3 2,639,316 2,750,508 Exports in Dec. balance previous deficiencies. Annexed is a list of the princi- 834,028 711,239 945,363 50 Do 12 months.. 8,822.818 9,986,3331 9,852.287 8.33^ pal dividend announcements made to date. There is still a continuance of quietness in the grain trade. BKCOND HALF-YBAK. The severe weather imparted a slightly firmer tone to the 1885. 1884. 1885. 1884, market, but it failed to produce animation. Wheat has been Per et. Per et. Perct I'ercl. AUtanre 6 7 London & W'lnlnster. 13is 16 dull of sale throughout, and has remained nominally the Capital Counties... 18 Union of London 10 12J3 & 18 same in value. Importations of wheat into Imperial 7 7 National Discount... 13 12 the United King- London ,Toint Stock.. 12 18^ dom have been somewhat less than recently, and farmers deliveries also have Business in American railways during the week has been been curtailed, but for all that the markets have not been badly ; comparatively quiet. There was no special influence at work, supplied on the contrary, there has been and although the tendency was mainly towards weakness, amply sufficient offering to satisfy the demand, which still retains its sluggish character. owing to the closing of accounts for the rise, the variations The chances of an early improvement in were in no case important. The heavy snow storm, or what trade are far from gocJ. A long spell of bad weather would iterially is regarded as a heavy snow storm for us, has broken down m assist in steadying the market but the variableness the wires in all directions and so interfered with business. of our climate prevents us counting upon any such assistance. A new Argentine 5 per cent loan for £4,000,000, being part Only temporary steadiness can result from severe frosts of an issue of £8,333,000, is announced by Messrs. Baring Bros. and interruptions to navigation. By these means supplies are and Messrs. J. S. Morgan & Co., the issue price being 80 only withheld, not lost, and any delay in delivering will per cent. The loan is quoted 1 to 3 premium. them not have much effect so long as the sup- plies The return of the Cleveland Ironmasters' Association for on hand remain as liberal as at present. The stock of wheat at Liverpool December shows that the month's make of pig iron was 158,- at the end of the year was nearly double 000 tons of Cleveland iron and 56,00 tons of other kinds, mak- what it was in 1884, and there was an appreciable expansion in the ing a total of 214,000 tons, or 12,000 tons more than in Novem- supply of flour. The returns from the other ports are ber, There are 98 furnaces blowing, 75 of which are making expected to show a liberal increase, and it is clear that we have sufficient Cleveland pig iron. Stocks increased by 46,000 tons in Decem- quite on hand to render us indifferent for some time ber. The make of pig iron in Cleveland during the year was to come to any variation in the amount of the imports. 3,460,000 tons and the stocks increased during the year by According to Beerbohm's Corn Trade list, the stocks of 178,000 tons. wheat and flour in the chief ports of the United Kingdom are 3,307,000 qrs., against 3,097,000 qrs. year Thereportof the Registrar-General for Ireland shows an in- a ago and 3,919,000 quarters crease m the money value of the crops in Ireland over the pre- at the end of 1883, The stock vious year of £1,694,223 and of £263,964 over the average for of wheat in Liverpool at the end of 1885 was 3,578,958 centals, the past ten years. The great bulk of the increase is in the against 1,869,146 in 1884; flour 215,315. hay crop, in which the gain is £749,970 for the year and £391- against 126,328 sacks, and 65, against 3,833 barrels; barley, 473 over the average for the past ten years. 47,336, against 91,449; oats, 31,193, against 7,078; beans, 317,415, The Board of Trade returns just issued for December and against 105,135; peas, 123,424, against 64,402, and maiz9310,711, the against year are not encouraging. They tell the old tale of 125,455 centals. depression on depression and distrust; symptoms of improve- The extent of tbe sales of home-grown wheat, barley and ment are stiU oats in the leading wanting. In the reports for the month there is markets of England and Wales during the decrease first a of £1,930,382, making the year's aggregate £15,940,- eighteen weeks of the season, together with the average In 835. the exports there is a loss for the month of £635,675 prices realized, compared with the previous season, are shown and for the year of £19,993,835. in the following statement: The imports into and exports from the United Kingdom during December and the year were: 1885-86. 1884-85. 1883-84, Av*ge Av'ge Av'ge ^EitporU Sain. Sales. British CHRONICLE. 117 January a», 1888.J THE IKTO mtW TORK. BncUsh Financial iW«rke«»— Per «1able. IMrOBTS for seountiee, Ac, at I^ondon The daily dosing quotations lass. li84. ending Jan. 88; ate report»id bv cable as follows for the week Months. 0«n«ral Otiwrol Dm ifercAan- IMoL tItrehtM- Ttttt. Bat. Mon. Tutf. Wetl. Tkur4. Fri. Oooit. Jtondoflt I Qoodt, 47 48''8 Bllrer, perot d •lf.i>i« 47 47 461.^,fl 100 991^111 I'lO 1001,« I Oonaoi H f or iiionoy lOO^'ia looim 100 100% 10.H08.800 17,048,808 «8.4B7,008 isjiM^ao 8S3W314 803I»7,TM OonaolH fur Hcoouiit I00:'|« 100 '8 100 99l"i„ Jannary., 8l-32l< 81-37ia 81-8r> 88345,380 11,807,804 88,176,806 8e,973,aW Fr'oh ronti>»(lu Paris) fr 8127'D 81'22's rebruarr I0jn4,4«) 1 1418 114% 114% 114% 813M,06I 4S,7I*.4il» U. 8. 4>«»of 1891 lUij 11m March..., 10,885,1180 S8,M1,0S« 86JM6,788| 11,819,488! 125% 125% 12.'.% 125% 129% a8.gsT.«s 8. 4»of 1907 125 19 April e.iMa.064 iiS,9ea,487 88,880,481 9,798,808 89,799,789 U. 6- 68!|( CHRONICLE. [Vol. XLII. 118 THE To-day the rates on actual business were as follows, viz. : IPattkers' mn^zttt. Bankers' 60 days' sterling, 4 87i@4 87i; demand, 4 89}-@4 89J. JItje Cables, 4 89}@4 90. Commerciai bills were 4 85i@4 851. Con- DIVIDENDS. tinental bills were: Francs, 5 16f@5 17i and 5 14|@5 15 ; dlviaends have recently been annonnoed: and guilders, 40|@40 7-16 and The foUowlng reichmarks, 95J@95| 96@96J ; Per When Books Oloied, 40f @40 11-16. jrame of Company. Cent. Payable. (Day inelurive.) The following were the rates of domestic exchange on New York at the under-mentioned cities to-day: Savannah, buy- Railroads. 1 11 to Mar. 10 ; Charleston, buying ...---"--• 4 March Feb. ing J premium ; selling } premium 3-16@i Illinois Central...... Feb. 10 1st pref... 3^3 Feb. 10 Jan. 27 to premium; Boston, par@5 premium; Bt. Ix)ui8 & San Fr'isco premium; selling par @i InMurance. 00 discount; bank, $150 5 On dem New Orleans, commercial, 7o@$l Clinton Fire to Jan. 31 Feb. 1 Jan. 26 premium ; Chicago, par. £xcbange Fire 3^ premium ; St. Louis, 50 3 On dem, Guariiian Fire The rates of leading bankers are as follows : Knlcltcrbocker Fire 3 Jan. 20 Banks. 3 Feb. 1 K. Y. National KxcliaDgft January 22. Sixty Dayt. Demand. Miscellaiieons. Feb. & Trust Co ...... 3 Feb. 1 Jan. 20 to American Loan . 4 88 4 90 Jan. 28 .Ian. 19 to Jan. Prlmebankers'sterllng blUs on London. Consolidation Coal of l«aryland .. $1 4 86 ®4 861a $1 Feb. 3 Feb. 1 to Feb. New Central Coal of Maryland... 4 6f,'h a 4 B!>95»8 96 a96J« WAI.L STREET, FRIDAY, Jan. 23-5 P. M. Bonds.—Government bonds continue quite The Money Market and Financial Situation.—There has 'United States dull, and very little has been done in them this week. Pricea relief to the dulness which has prevailed this week, been little are very little changed, except for the 3s, which have declined. better business to spring and all parties seem to be waiting for a The closing prices at the N. Y. Board have been as follows: Any anticipations which were indulged in of a rapid im •up. Interest Jan. Jan. Jan. Jan. Jan. Jan, provement in stocks or merchandise during January have cer- \Periods. 16. 18. 19. 20. 21. 23. and it can only be said that tainly thus far been disappointed, 4>«B,1891 reK.jQ.-Mar, 112% '112»« 112ia'112i2 1121*1 •112'*1 112i« 112iv •112'* in tone, 4>«8,1891 oonp. Mar. 112^ )12>s*112iK ( while there has been no great advance or improvement I23I3 •123>« 4s, 1907 reg, -Jan. l23^ >1233» 123^8 '123% 123i« •123»3 in the present status of affairs oowp J.-Jan. 12333' 123% *1233p' 123% is nothing essentially bad 4s, 1907 I there UiO'^s, •ICOTg 38, option D. 8.. ..leg. §.-Feb. 10l>4! 101 looisei >iOO% future. >125'4 12534 •125% or in the outlook for the immediate 69,our'oy, '95 reg.iJ. & J. 12.'i»4,*125is*125is ns-n, >12-34 •127 12Sl4| •128 "4 pretty well 69, onr'oy, '96 reg. J. A J. 127 ; strength of the Trunk line pool has been — 20^8 13'i5s 13ij6» The 63, oar'cy, '97 reg.lJ. & J- 129% *129!\i*I '1291a' other roads have not followed the ;*133 '133 '133 'luSlft' •13318 shown by the fact that the 6.'(, onr'oy, '98 reg.iJ. & J. 133 135i4>135 -135 •135 135i8ln35ia. cut in passenger rates made by the Baltimore & Ohio. The 68, oar'cy. '99-. .reg. J. . 94 Jan. 99 Jan. things work against a large export of gold, and under ordi- N.... Y... Chic, ifc St. Louis 1st 6s. 961s 9S58 iiie.^aud W^^^^- 3773 Seis Jan. 38 Jan. circumstances could be considered almost a guarantee that Texas & Fac, nary J^: "491^ 49 >a 45 "a Jan. 5014 Jan. - ' ''---' 99 lot's Jan. no large export could take place. St. L & San Fran. gen. M. 68. 100 la 99% 14 Jan. 7(-l»8 6814 Jan. 74 Jan. The open market rates for call loans during the week on East Tenn. Va. & Ga., con. 58. 731a Do do 6s. ex. coup... 63 67 61% Jan. 671s Jan. Btock and bond collaterals have ranged at 1@3 per cent, and Do do incomes 20 20 19 Jan, 21T^, Jan, 98I4 lOlia Jan. to-day at li@3 per cent. Prime commercial paper is quoted Oregon Sliort Line (is IOII3 101 Jau. Western iiic 9II9 88 Jau 9114 Jan. at 3i@5 per cent. Mil. Lake Shore A- The Bank of England weekly statement on Thursday showed Railroad and Miscellaneous Stocks.—The stock market again in specie of £468,538, and the percentage of reserve to has been rather more active as a rule this week, and prices liabilities was 394, against 86i last week; the discount have been irregular. In the early part of the week the market rate was reduced from 4 to 3 per cent. The Bank of France was very unsettled, and the bears made a successful raid, which gained 4,447,000 francs in gold and 1,519,000 francs in silver. carried all stocks down considerably, the greatest weakness The New York Clearing House banks, in their statement of being shown in Pacific Mail, Union Pacific and Lackawanna, Jan. 16, showed an increase in surplus reserve of $4,665,550, which were special objects of attack, and about which various the total surplus being $33,015,950, against $28,350,400 the unfavorable rumors were current. Still, there were no impor- ' previous week. tant developments of an unfavorable nature, and the decline The following table shows the changes from the previous was the result of manipulation by the bears, assisted by reports- week and a comparison with the two preceding years in the of more or less importance, such as decreased earnings, averages of the Iflew York Clearing House banks. unsettled coal prices, and fears of cutting in passenger rates by the trunk lines to meet Baltimore & Ohio's reduction. In 1886. Thffer'neesjr'm 1885. 1884. semi-oflicially Jan. 1 6. Previous Week. Jan. 17. Jan. 19. regard to this latter report, however, it is announced that no reductions will be made, the roads preferring Iioansanddls. $339,345,900 Dec. *527,800 ?295.337,800 $332,5SS,800 rates for profits, rather than upon what increase Bpeole 97,072,200] Ino 3,990,100 98,485,600 70,380,000 to rely on full Clroulation... 9,801.0001 1)00. 5),8uO 11,31 1,600 14,425.H00 of business would accrue from the cut. Ket deposits.. 389.902,610, Inc. 6,505,000 353.726,100 345,580.700 On Tuesday there was a change in the tone of speculation I/Bgal tenders. 33,419,400 Inc. 2,301,700 41,094,700 33,298,800 and prices recovered somewhat, and since then the market Ijegal reserve $97,475,650 Ino .$1,626,250 $88,431,525 $86,393,175 than re- Beiserve held 130,491,600 Inc. 6,291,800 139,580,300 103,679,400 has had a better tone, and most stocks have more covered the early decline, the exceptions being those few Borplas $33,015,9.-.0 Inc .$4.66.%,'>.50 $51,148,775 «17.2')4.225 leading specialties which were most conspicuous for weakness, Exchange.—The sterling exchange market has been firm all viz.. Pacific Mail, Union Pacific, Lackawanna and Louisville the week, though not active, and the posted rate for 60-day & Nashville, the latter having been sharply depressed, owing bills was advanced to-day \ cent to 488, in consequence of the to a bad showing of earnings for the 2d week of January. reduction in the Bank of England rate of discount from 4 to N. Y. & New England was more active and rose to 39} to- 8 per cent, and a small increase in demand. Commercial bills day, on the current reports of an alliance with the N. Y. New lemain in small supply. Haven & Hartford. . . !. January 28, 1886,] THE (CHRONICLE. 119 NEW YORK STOCK EXCHANGE PBICES FOB WEEK ENDING JANUARY 39, AND SINCE JAN. 1, 1880. niOnEST AND IX)WE8T PRICES. Bale* Bsnge ainee Jan. 1, 1886. STOCKS. of the Saturday, Monday, Tue«d»y, Wedneattay, Tbundsy, Friday, Week Jnn. lU. Jou. 18. Jan. ID. Jan. 20. Jon. 21, Jan. 22. (Sb'res) Lowest. Blgbeat. Active UK. Stoeka. '8 ranadliiii I'lii'ltlu e.'ias 67 ' C6'.i 67 67 07 '4 07 671a 6714 671s 67 68 11,280 e2''s Jan. 5 68>4J8n. 14 CiiiiiuLiLHiiuthfrn ..., 30's 4<)>8t 3Hhi 30% 38% 3933! 39 19 3908 39% 40 14 39''9 40'8 8.756 38 la .Ian. 18 4314 Jan. 5 4'Ji4 Central of Nrw Jorsoy 4-J»' 4341 42% 4339 44 I 431a ISM 43% 4II9 43 »8 44 9,455 42>4Jnn. 18 4539 Jan. 11 Central i'atitic BO'S 40 3i)>4 SO'g 39=8 3»<>g 41 4018 42 411g 42 3,024 39i4Jaii. 18 44i4Jan. 401a I 2 11»)< Clieaapt'uke iSc Ohio 12 12 11% 1114 11>« 11 11 11 11 12 1,590 11 Jan. 20 13i4Jan. 8 I)n Istpret... 19 19 lH>a la's •1719 ISH 1839 18% 18% I9I3 I9I3 .500 ISi^Jan. 20 21 Is Jan. 6 Do IJilpret "13 15 13:^ 13% •12 •13 14 12 14 200 13 Jan. 13 13 Jan. 2 Clileagu tic Alton. 1411a 141>» 1401a 140>a 1401a 14013 140 140 141 141 .'.71 40 Jan. 4 143 Jan. 11 Clilcugo Hiirllnuton AQulnoy. 130 13«i2 134% 135 135 135% 1353H 1353S 130 i.j 138 1371a 137^9 6,050 134% Jan. 18 140 Jan. 5 CUioaKn Milwaukee 4 91>9 90''8 92%i 91% 92'rt 91% 9379 9314 9419433,696 9014 Jan. 18 9038 Jan. 2 t»o prof.; 120»4 ism. 120 1201a 121 121 's^ 121 1211a 121 1211a 12]»9l21'9 5,081" 1 '20 Jan. ISlumJan. 5 CUlcago A Northwestern lOC'i 107'4 1051a 100% 10339 loO'e lOOis 106'»8 100% 107=8 IO714 108 98,880,103% Jan. 19 llo'% Jan. 2 1)0 prof] 136»3 ISO's! 135 130 134 135 135 135 130 1301a 1361s 13612 1,475 135 Jan. 18 137% Jan. 7 Chlcajto liock Island * Paelllo. 127 127 127 1271s 128 128 12814 I28I4 129131291a 1,170 127 Jan. 18 1303| .Ian. 4 ClilcaKO m. LuuiM Lake Slii.io A Mich. Southern. 82'8 84^8 8239 84 i 82'9 8418 8314 84% 83^8 8339 84=8 83=8,308,733 82% Jan. 18, 8914 Jan. 4. 80iS9 Ix)n^' Island 82 821a 811a 80% 80% 80 811a 81% 81% 811a 82 1,299 80 Jan. 20| 84 14 Jan. S 41i«| 38I3 I.ouisvUle A Nashville 4OI4 4218 391a 38 40=9 39=8 38% 40 14 381a 39'e 68,176 38 Jan. 19 45'8 Jan. 4 I.oula. New Alli. A Chicago... 351a 351a 36 361a 30 30 36 30 700 33%.Ian. 18 38 Jan. 11 Manliattan Elevated, consol.. 120 120^8 120 12118 121 121 I2114I2114 120 1211a 12013 120% 4,113 120 Jan. 2 12114 Jan. 20 Meiuphi.s A Charleston 30 30 40 30 Jan. 191 38% Jan. 4 Mi Chilean (;entral 70 71 68 681a •671a 70 •68% *68i3 .... 69% 70% 1,940 68 Jan. 18! 703.1 Jan. 2 Mluniapulis ASt. Louis 20 20 18ifl 19 18=8 18=8 18'8 18^8 18''9 19 19 14 I914 1,280 18% Jan. 18 22i4Jan. 4 Do pref. 45 14 45% •45 ... •46 47 46 40 46% 46% 700 45i4Jau. 18 51% Jan. 4 MIs.sonri Kansas ATexos 293$ 30% 27% 30 28 2939 28 2919 28% 2979 29% 29'i^8 74,159 27% Jan. 18 32i4Jau. 2 Missouri Paeilic 109 110 lOSia 109% 109 11018 10719 109% 108 109 109 109 8,770 107% Jan. 20 114% Jan. 11 Mi.hile A Ohio •14 16 12 15 •13 15 15%Jan. 11 17 Jan. 5 Nash v.(;h»ttanooga A.St. I-onis 48 48 47 47 •4014 48 48 48 48 48 800 46 Jan. 2 50 Jan. 7 103i« New York Central A Hudson. IO214 102% 10339 102 'a 104 10319 104 103 14 104 14 103=8 104% 85,864 IO214 Jan. 16 107 Jan. 4 --'4' 8I4 8I4 Kew York Chic. A St. Louis. 814 81a 8 8 8ia 81s 8% S'^s S\ 2,320 8 Jan. 18 10 Jan. 5 Do pref. 17 18 17 17%l I714 18H 181a I8I2 18% 19 1,310 17 Jan. Irij 23 Jan. 5 Hew Y'ork Lake Erie A Wesfn. 2318 24 14 23 24 23% 2419 23% 2414 24 24=8 2414 24=8;134,630 23 Jan. I81 27% Jan. 7 50 51 Do pref 51% 51% 13 51 I 52 52 521a 52 52 13 52% 52%! 3,190 50% Jan. IS 58 Jan. 7 "' ' New Y'ork A New England. . 30% 37% 3612 37141 36% 37% 3714 371a 37% 39 14 38=8 39% 21,565 3014 Jan. 14| 39% Jan. 22 New Y'ork Ontario A Western 1939 1939 181a 1939 •18% 19% 19% •I914 20 1,439 18% Jan. 18 21% Jan. 4 6I3 New Y'ork Susq. A Western. .. 7 7 6% 6% 6% 6=8 6% 6% 6% 6% 6% 3,711 0%Jau. 21! 8% Jan. 2 Do prof. 18«8 18 '8 I713 I8I2 17=8 I8I2 18 181a 18 18% 18% 18^8 0,201 17% Jan. 18 22% Jan. 2 Norfolk *10 10 10 •9 1 A Western , 11 11 100 10 Jau. 9, 1 14 Jan. 2 Do pref 27 27 25=8 27 26 27 201a 26''e 26=8 37 26% 26''8 3,300 25=8 Jan. 18 3014 Jan. 4 Northern Pacific 201* 26% 25% 2OI9 26 26I4 2579 20 20% 26% 26% 26% 7,333 2534 Jan. 18 29 Jan. 2 57I8 Do jiref 571a 5838 5678 58 14 5314 571a 58% 57''9 58 •'g 58 58''9 91,370 SO'aJan. 18) 61 •'8 Jan. 2 II4 Ohio Central lis lia lifl 1=8 1% II4 1% 1% 1% 1=8 1=9 2,310 li4Jan. 19l 1 % Jan. 2 Ohio A Mississippi 23 23 2138 2238 2214 22=0 23 231s 22% 23=8 23 23% 2,800 21% Jan. 18; 23% Jan. 2 Ohio Southern I5I4 1514 151a 151s 790 15i4Jan. isi 19 Jan, 4 Oregon Short Line •23 25 21'8 22 •20 24 •21 23 •22 25 •18 23 300 21'^jJan. 18 25 % Jan. 5 Orexon A Trans-( ontlnental.. 29 3114 2838 29% 281a 29=8 2918 29=8 29% 30% 29% 30% 42,948 28% Jau. 18 3434 Jan. 5 Peoria Decatur Evansville 19=8 20 19 1919 19 19% I918 191a 19% 20 2,625 19 Jan. 18 22% Jan. 6 19I3 Philadelphia A Heading 191a 201a 20 2019 20 19 20 20% 20% 20% 7,110 19% Jau. 10 22% Jan. 4 Richmond A Danville...' 80 80 77 791a; •77 79 •77 80 500 77 Jan. IS 82% Jan. 14 Kielimd A West Put Terminal 34 34 321a 331a 32% 341s •33% 34% 34 34 34 3414 2,680 32% Jan. 18 3714 Jan. 15 Roehester A Pittslmrg 33e 339 •3 4 *2 4 •2 4 •3 4 •3 4 lOOl 3% Jau. 16 4%.Ian. 7 8t. Louis ASan Francisco 201a 21 •20 211s 20 14 20 14 2OI4 2OI4 •20 20% 20 20 610 20 Jan 13 23% Jan. 7 Do pref •45 46 45 45 44 441a 44 44% •44 45 •44 45 810, 44 Jan. 19 48% Jan. 7 „ Do l8t pref lOlia 102 la IOOI3 101 lOOia IOOI2 100% IOII4 101 101 101% 101% 1,703 98% Jan 4 104 Jan. 7 *3«i4 Bt. Paul A DiUuth 38 39 19 37 38 37 37 39 38 38% 38% 3834 1,831 37 Jau 18| 42% Jau. S Do pref lOOia lOO's 100 IOOI4 lOOia 101 100% 101% 100% 100% 101% 101% 2,05l!lOO Jau. lK,104i4Jan. 5 Bt. Paul Minneap. A Manitoba. 109 14 110 1107 108%, 100% 108 107''9 107''8 108% 108% 109 109% 4,935106% Jau. 19,113 Jan. 4 Texas A I'aciUc III2 I2I4; III4 1134 Ilia 12% ll's 12 12% 12% 12% 12=8 10,542 10% Jan. 8 14=8 Jan. 2 Union Paeilic .'... 50 14 52=8 48% 51 49=8 51'( 50% 51% 50 14 51% 50% 5114 182,307 4834 Jau. 18 30% Jan. 2 Wahash St. Louis A Pacific 10 lOls 913 10 9=8 10 9=8 9=8 10 10 10 10 1,925 9% Jau. 18 12% Jan. 2 '''".. P™f 18% 19 I8I4 18=8 •18 •18 20 •18% 19 •181* 19% 1,700 IS^Jan. 18 23=8 Jan. 2 niiacellaneona... Stocka. Anierifaii Tel. A Calile Co.... Colorado Coal A Iron 23 23 22 2218 23 2314 23 23% 23% 23% 4,425 22 Jan. IS 23% Jau. Consoliilated Oas Co lOO'^g 101 IOOI4 100% 100 14 100% 100 14 100 14 100% 100% 3,001 98% Jan. 2(103 Jau. Delaware A Hudson Canal!?! 88 8914 8714 88% 88 89=8 88% 89^8 88% 89% 88% 89=8 31,388 87>4Jan. IKl 97i4Jan. Orei,'on Improvement Co 26% 271a 25^8 23'9 27 14 27% 600 23''8J.an. 19- 29% Jan. " Oregon Railway A Nav. Co 103 103% 99% 102% 99 100% i'oV) ioi% 100% 101% 101% 102 11,462 99 Jau. 19;108i4 Jan. Pacific .Mail 5838 00 la 56 .58 56I4 57^8 57 58 18l 13 I 57% 58% 57% 58% 187,109 30 Jan. 07 Jan. Pulliuau Palace Car Co 132 134 134 132% 132% 132 133 134 134 381 133% Jau. 201133% Jan. Western Union Telegrajih!!!! 71=8 73 70% 7214 70^8 Tl'^s 7114 71% 71=8 72% 71% 72% 116,722 70% Jau. 18 75 'a Jan. Expre«8 Stocks. Adams 140 1.50 '140 150 '140 150 140 148 '140 148 140 150 144 Jan. 149% Jan. American 103 103 102 1021a 101=9 102 103 103 100 102% 102% 103 259 101=8 Jan. 104 Jan. United States !!!!!" "62 63 •01 65 63% 63% •61 65 •61 05 •61 63 5 62% Jau. 05 Jan. Wells, Kiiriro A Co !! I22I3I22I3 119 122 119 121% •119 121 119 121 120 121% 21 120 Jau. 122% Jan. Inactive Storka. AllHiny A 8usi|Uellanna 138 140% 140 140 128 133 110 138 Jan. 18 140% Jan. IS Anieriean Di.^triet Telegraph 30 30 100 30 Jau. 4 30 Jau. 4 Atchison Topeka A Santa I"e. 87% 87% 20 87% Jau. 18 93''« Jan. 14 Atlantic A Pacitle 8% 9 8% 8% 9 9 8% 8% 9 •8% 1,855 8% Jan. 10 934 Jan. 5 Bankers' A Merchants' Tel.. •2 Is 3 •2 3 214 2I4 214 214 2=8 3 500 2i4Jau. 19 3% Jau. 7 Boston N.Y'. .Virl.ine, A pref. 9913 99% 100 100 113 97 14 Jan. 3 100 J.in. 19 lini iit-'ton Ced. Kapids A No. 70% 75 70% 70% 38 70 Jan. 11 73 Jan. 7 < .u,-..ii Co 59 59% 300 33 Jan, 00 Jnn. 14 ! I < 1 I'alls A Minnesota ! 12% 12% •12 15 •11% 13 •11 13 100 12% Jau Hi 14i4Jan. 9 Ce!irral Iowa *17 21 17 17 18% 18% 18% 18% 225 1 7 Jan IW 23% Jan. 5 < 111. iiiro A .Mton. pref...'. 155 153 5 135 Jau. I9I1.35 Jan. 19 Cinr.ii. lud. S^t. Louis A Ohio.. 70 70 70 322 70 Jan. 18 70 Jan. 18 , Cleveland A Piltslmrg ... 146% 140% 40 140% Jan. 11 147 Jan. 4 Columbus Hoi H king V'al. ATol! 30 3OI4 29% 30% 29 30 29% 29% 30 30 30 30 2,470 39 J(ui. 19; 34 Jau. 5 1 Manhattan Beach Co IS'^s 18'8 18 18 300 17% Jau. 13! 30i4Jan. 7 Mil. Ijike Sliore A We8t.,i)ref.' Slij 5.3 5014 5OI4 .50% 50% 5114 5114 .50=8 51 52 2,598 .3014 Jivn. IS 53%,Ian. 11 u 1. .. I. _ Morris— A Essex 13'2'>8 134 133 133% 133 133 31213314 Jau. 9 133 Jan. « New York Lack. A Western!!' 101% 101% 100% 101 100% 100% 60 li>0%Jan. 20 103 Jan. 2 New Y'ork New Haven A Hart. 20414 205 205 205 32 20414 Jan. is 30O Jan. 6 Pittsburg Ft. W. A cliioago . 141% 141% 141% 141% 144% 144% 205 141 Jan. 3H43iJan. 22 spc'cial. 19 „ , J^ 132% 132% 50;132%Jiin. 19 132% Jau. QulcksUver .Mining •7 Co 0% 8 •0% 8 •0% 7% •0% 8 ....I 7i4Jan. 6 8 Jan. 8 Do pr.^f •22 20 24 24 •24 25% •24 25% 24% 21% •23 25% 200I 24 Jan. 18 23% Jan. 13 Bt Louis Alton ATerrc Haute. 40 40 40% 40% •41 43 •41 42% •40 2001 38% Jau. 4 43% Jau. 7 Cameron Coal !"' •13 13 •13 14 •13 15 •13 15 •13 15 9 Jau, 13 l(>i4Jan. 2 New Central Coal .'.".'.' 10% 10% 12 12 •10 11>8 11 11%'; •11% 12% 805' 10% Jan. 16 12 Jan. 19 ' These are the prices bid and asked; no sale tras made at tlie Boafd. f Lower price Is cx-olvidend. ... —.. — , .,.,. —. . 120 THE CHRONICLRl [Vol,, XLIL QUOTATIONS OP STATE AND RAILROAD BONDS, JANUARY 38, 1886. STATE BONDS. ABk. BECUBITIBS. BKCTJBITIBS. Bia. Ask. SBCTJRITIES. Bid. 8B0UBITIES. 100 Louisiana—78, •jo«i8.,1914 84 N. Carolina—Continued Tennessee—Continued— A)«bama-ClaBS A, 1908 99 '92-8 105 Stamp d, 48 72% 7S'« New bonds, J.&J., 68, new series, 1914 — Olaea B, 58, 1906 Special ailclassea.. C'mp'ml9e,3-4-5-68,1912 0,48,1906 P6 Mlsaonrl—68, 1886... 100 tax, CBms 108 Do Wil.O.&Rn.R. Virginia—63, old 10-208, 1900 105 6»,dn6l889orl890__ es, 110 Consol. 43, 1910 68, new, 1866 68, funded. .. 7 Aayl'm or Dniv., doe'92 Aiunsas— 1894-95 115 69, 1919 68, conaol. bonds IB, L. Kock & Ft. S. 188. 18 FnndlnK, St. Jo., '86. 102 Ohio— 68, 1886 6a, ex-matured coupon. 7b, Memp.AL.Rook BR 15 Hannibal & 7«,L.R.P.B.*N.O.RR 18 New York- 68, reg., 1887 10» South Carolina 68, consol., 2d BOries loan, 1891 lis 68, Act Mar. 23, 1889) 6s, deferred 7», MlsB. O. cfe R. ». RR. 18 68, non.fnndable, 1888. ( District of Columbia— Arkansas Cent. BB. 7 10 68, loan, 1892 118 7b, 121 Brown conaol'n 6b, 1893 S-66B, 1924 etorgla—68, 1836.. 102 69, loan, 1893 la' old, J. 4J. SO Tennessee -68, old,1892-8 Beglatered 18.1886 100 ; N. Carolina—68, 10 6«. new, 1892-8-1900 Funding 58, 1899 110 7b, gold, 1890 112'a .... 1 Funding act, 1900 RAIIiROAD BONDS. Ask. Ask, Bid. Ask. SJECUEITIK8. Bid. Ask. SECURITIES. Bid. SECURITIES, Bid. iflC; SECURITIES. I Del, L, & W,—Contin'd- Michigan Cent.—Cont'd— Penn. RR,—Continued— 129 132 118 Bailroad Bonds. M,&E.—1st, con.,KU,,7s 12 Consol,, 58, 1902 Pitt8,C,ASt.L.-l8t,c„78 lst,6s 128 83,1909 1st, reg,. 7s (Stoclc Exchange Prices.) N. Y. Lack.A W.— 123.1920 Construction, 58, 1923 107 C'oupon, 58, 1931 105 2d, 7a, 1913 iLtch.T.&S.F6-4 114 116 141 Sinking Fund, 68,1911. Del. & Hud. Canal— l8t,78 Registered, 5a, 1931 ... 105 PltKl Ft.W.AC—l8t,78 1910. 86 >Q l8t, ext., 7s, 1891 :. Jaok,Lan.& Sag.—8a,'91 2d, 78, 1912 138 Atl. & Pac—l8t, 68, II8I2 119 Coupon, 7s, 1894 Milw. A No,—lat, 8s, 1910 100 3d, 7s, 1912 134 Baltiniore & Ohio— 137 128 lBt,68, Park. Br., 1919. 121HJ Ist, Pa. Div,, cp,,78,1917 lat, 6a, 1884-1913 ClBv. A P,—Cons 8 fd..7s 1361a IO9I2 68, gold, 1925 109\ 1st, Pan. Div,,reg.,1917 MU.L,S AW,-lat,8a,1921 1131a 4th, 8. f., 6s, 1892 >2 107 107= IO8I4 II8I2 Bur. C. Kap.& No.—l8t,58 108 109 Alb. & SusQ.— lat, 7a... 14 Mich. Div.—1st, 88, 1924 1081a St.L.V.AT.H.—l8t,g.,7e 101 =2 cons., guar.73,1906 1301a Ashl'd Div.-l8t.63,1925 *105 2d, 73,1898 lllin 113 Consol. & col.tr.,58,1934 1st, 118 Minn.&St.L.—lat,7s,Kii 136 lst,con8.,guar.68,1908 ii7'B Minn,ASt,L,—lst,78.1927 130 2d, guar,, 7a, 1898.... 142 1'20 1 la. 121 Januart aa, 1886.1 THE CHRONICLE. »«! B»ltl»or». New York Looal Seenrltiea. Qaotations in Bottoa. Philadelphia laanraaee Staok Mat. BBOURITIBB, Bid. Alk. BBOURITIBB. Bid. 8lMk l • default. { Laat pnoe tlua week. 'Thlaeolnmn shows last dividend on atocb, bu date of maturity of bontt'. Ex-dlvideud. t Per share. t In 1 . . . 122 THE CHRONICLE. [Vol. XLIL RAILROAD EARNINGS. >ew York City Banks.—The following statement shows the condition of the Associated Banks of New York City for the Latest Earnings Reported. Jan. 1 to Latest Date. week ending January 16, 1886: BOADS. Week or Mo 1886. 1885. 1886. 1885. Awroqg AmowM of— 15,989 H. T. & W. 2d wk Jan. 7,354 7,322 18.480 Brecit. Bost. 39,960 Roch.&Pitt :!(J wk Jan. 20,888 19.980 43,408 Buff. 175,000 Canadian Puciflc 'Jd wk Jan. 105,000 84,000 223,000 I'idwk Jan 20,639 24,818 39,398 45,816 Central Iowa... New York Chicago & Alton id wk Jan. 142,219 172,993 266,663 325,806 843,000 11,050.000 450,000 65,896 Manhattan Go 682,000 12,713,000 A East. 111. 'id wk Jan. 29.747 33,850 60,182 Chlo. 667,790 Merchants' 923.300 7,966.500 341,700 Chlo. Mil. & St.P. -id wk Jan. 313,000 361,652 639,000 Meclianica' 683,i)50 67 1 ,000 8.456,000 Chic. ANorthw. 'idwk Jan. 275.250 381,650 569,5.50 America 146,300 698.0.10 12,376,800 Ch.St.P.Min.&O. '.;dwk Jan 07,600 78,100 133,300 PhenU •2,851.000 33,850 3'J6.500 248,000 Chlo. & W. Micl). 'Jd wk Jan 18,170 17,748 36,759 City 840.000 12,803.400 01n.Ind.8t.L.&C.,2d wk Jan. 34,85 47,966 72,259 91,055 TradoBmen'a 180,700 2,320,000 W.oijd 41,726 Cln. K. O. &T.P.il8t wk Jan 44,12 41,726 44,125 Pulton 147,400 1.732.800 23,565 Cbemioal 75i),0!10 22,438.900 1 19,334 23,565 19.334 Ala. & Gt. So. . Ist wk Jan 11,131 Merchants' £xch. 416,800 3,637,700 Orl. & N. E. l8t wk Jan 10,769 11,131 10,769 N. 9,179 Gallatin National.. 490.800 4,389,400 Vicksb. &, Mer.l lat wk Jan 11,532 9.1 11,532 6,061 Batchers' A Drov.. 341.300 1,98S.100 1 1st wk J an 7,936 6,061 7,936 Vioks. 8h. & P. Mechanics' A Tr. 186.000 1.651.000 Cln.Wash.&Balt Ist wk Jau 35,566 36,527 35,566 36,527 14.397 Greenwicb 142,600 1,058..">00 Clev.Akron&Col 2dwk Jan. 7,094 7,231 14,777 Leather Manaf'rs. 330,300 2,919,000 91,52- 183,054 Denv. & Rio Gr 2d wk Jan. 98,992 176,952 Seventh Ward. 114, ,500 1,284,000 11,246 Des. Mo. & Ft.D. 2d wk Jau. 5,204 6,843 8,100 State of N. Y 583,600 3,881,700 Dct.Lans'gik No. 2d wk Jan. 14,465 15,828 28.047 27,896 Amerlc'n Exch'ge, 1.782,000 16,443,000 Evausv. A T. H. Ist wk Jan 12,283 12,117 12,283 12,117 Couimerce 2,15,1,700 17.111,400 658,500 Broadway 449,100 6,262.400 Flint & P. Marq. 2d wk Jan 3.5.154 34,698 68,264 64.342 897,900 23,8.55 25,778 33,855 Hercantile 688.600 7,706.400 46,000 R'wav & N. , 1st wk Jan 25,778 Flor. Pacitio 184.600 3.202,100 Crand Ti-iiuk ...iWk. Jau. 9 244,242 285,598 244,242 285.598 367,900 450,730 Republic 306.600 6,162,000 Ill.Cent.(ni.&8o) 2d wk Jan. 19.5,800 255,560 Chatham 480.700 4,847.800 Cedar F.iMin. 2d wk Jan. 2,300 1,677 3,7001 3,263 29,195 Peoples* 149.700 2,192.300 Dub.&Sloux C. 2d wk Jan. 15,600 16,5.54 23,100 North America ... 351,700 4,419,700 21,842 la. Falls A- S.C. 2d wk Jau 9,800 12,426 14,100 Hanover 729.400 11,101,800 180.000 Tot. Iowaliiiee,2d wk Jau 27,700 30,t)5' 40,9(K) .54,300 Irving 482,300 3,220,000 346,200 Total all Unp8.i2d wk Jau 223,500 286,217 408,800 505,030 Citizens' • 366,000 3,739,400 260,800 Ind. BIooui.* W. 2d wk Jau 34,650 45,690 76,745 85,218 Nassaa . •• 394.800 2.947,900 K.C.Ft.8.&Gulf. 1st wk Jan 37,42 42,799 37,427 42,799 Market 251,500 2,768.500 433,966 St. Nicholas 88.500 1.962,700 Kan. C. Sp. & M. l8t wk Jan 19,735 29,740 19,735 29,740 . Jau 2,011 2,011 Shoe A Leather.. 632.000 4,303,000 4"39,2d6 CI. Sp. . ' lat wk K. C. i Exchange ... 250.000 4.939.000 'siitVo 80,934 79,123 Com liong Island 2d wk .fan. 36,844 Continental 636,100 5,595,(100 idi'obo JLoulsv.A NashT. 2d wk Jan. 198,740 272,230 427,045 518,365 Orioutal 406,000 2,0il,.")00 Mar.Hougli.& O. 1st wk Jan 3,180 2,721 3,180 2,721 Importers'A Trad. 1,491,700 25,315,900 •Mexicau Cent'l. 2d wk Jan 70,900 67,752 134,900 130,293 Park 3,351.300 26,617,100 Mil.L.Sli.&We.st. 2dwk Jiin 21,500 18,525 39,050 32,700 North River 178.000 1,844,000 N. Y. City & No. 10 dys Jau 11,348 8,486 11,348 8,486 East River 154,300 1,137,100 224,600 Morfolk & West 2d wk Jan. 37,420 56,368 95,894 115,352 Fourth National.. 1,390,100 18.058,000 180,000 R. & N. Co. 2d wk Jiin. 58,869 44,593 110,198 58,524 Central National.. 636,000 11.138,000 297,000 Oreg. Second National.. 312.000 3,647,000 39,000 Dec.&Ev. 2(1 wk Jau 8,923 16,236 17,886 27,459 Peoria Ninth National... 542.000 6,846.800 45,000 Isl. 2d wk Jan. 12,925 22,931 21,624 44,621 8t. Jo. & Gd. First National 977,900 21,611.000 428,600 iRl Jan 18,454 18,886 18,454 18,886 Bt.L.AUou&T.H. wk Third National ... 3a3,200 6,298,500 Do Branches. 2d wk J au. 13,060 14,266 25,431 24,936 N. Y. Nat. Kxoh.. 204.000 1,334,500 St. Louis ii Cairo Ist wk Jau 5,464 6,914 5,464 6,914 Bowery 233.400 2,663.600 6t.L.ASan.l"i-an.'2d wk Jau 54,949 82,136 110,476 145,261 N. y. Connty 301.400 2,629,100 .1 2,638,100" Pt. Paul& Dulutli ' Jd wk au 13,408 18,780 30,616 37,560 German- Araerlo'n. 134,400 Tex. & 8t. Ix)uip:l8t wk Jan 23,946 16,490 23,946 10,490 Chase National... 424.900 4,446,600 46,000 WUconsln Cent'l Ist wk Jan 17,976l 18,244 17,976 18,244 Fifth Avenue 185.2i)0 3,410,500 German Exch'nge. 650,000 2,870,000 KOADS. \WeekorMo\ 1885. 1884. 1885. 1884. Germauia ... 376.700 2,618.300 United States 197,900 S.295.600 Lincoln 267,700 3.718.400 Novenilier. 1,603,413 1,461,922 14,318,024 15,056,801 Gartleid 269,400 1,616.300 Atoh. T.&8.F.. 205,100 1,437.400 •Sonora Novembei. 21,823 18,182 271,535 201,537 Filth National.... November. B'k of the Melrop.. 348,000 4,653,800 3alt. & Potomac 115,831 106,849 1,215,245 1,124,433 West Side •227,400 1,813,000 BiLff.N.Y.& Phil lOecemlier. 205,000 180,000 Seaboard 402,100 1,981,300 Bur.Ced.R.&No.l4thwkDee 74,498 80,671 3,093,514 2,796,459 Sixth National.. 136.000 1,970,100 •Cliesap. & Ohio.llJecember. 275,000 308,912 3,322,040 3,538,605 Eliz.Lex.AB.S. November. 68,294 71,228 648,735 697,043 Total 339.345,900 97,072,200 33,419.400 389,902,600 9,8114,000 C!he8.0.& 8. W.; December. 144,196 138,278 1,567,765 1,374,045 -Chie. Burl. & Q November 2.318,053 2,233,891 24,226,452 23,423,313 The following are totals for several weeks past: Danbury & Nor November. 17,313! 16,144 208,187 196,700 I Denv. & R. G. W. December. 71,320 98,830 1,011,177 864,716 S]MO«. Deposit*. Circulation A09. Clear'gt E.Tenn.Va.&Ga.i November. 400,781 380,180 3,710,593 3,616,819 Ft.Worth& Den. December. 33,078 25,684 464,173 463,568 9 Gal.Har.&S. An. November. 348,510 298,159 2,902,967 2,618,439 839,909,800 89.721,100 28,808.200 376,9.^9.300 9,979.800 608.087.197 Or. B.W.& St. P. November 34,422 31,583 339.873,700'93,082,100 31,117.700 383.397.600 9,854,800 716,037,847 OulfCol. &8.Fe. Deceuiber. 205,880 142,048 1,826,761 1,727,595 16 339.315,9O0i97,072,2O0 33,419,400 389,902,600 9.o04,00li 662,697.23» Hou8. & Tci. C. November. 412,627 250,449 2,412,858 2,311,024 totals of the Boston banks: Keutuckv Cent'l December. 55,000 66.730 842,051 922,107 Boston Banks.—Following are the L.Rk.&Ft.Smlth I November. 88,108 80,557 541,467 512,559 L.Rk.M.Riv.&T. Novciul)er. 54,894 43.353 311,300 313,447 Loam. Specie. L. Tenden. Dfpoait*.* Circulation Agg. Clear'l La. & Mo. River. October... 56,209 71,118 466,142 572,503 9 West. November S 9 9 Louisiana 64,238 54,526 548,671 424,717 2 153.896,600 10,456,000 3,781,400 11S,628.900!21, 138,200 81,647,295 December. Jan. Louisv.N.O. AT. 230,956 •• 9 153,703.200 10,816,600 3,632,900 113,616.900i21,203,600 97,246.118 Manhattan Elev December. 629,149 598,477 " 10,991. 100 3,615.900 114,200.8()0!21.096,900 85,137.669 I 16 153.702.600 Mem. cfe diaries. I November. 150,961 142,185 1,180,915 1,254.049 •Mex.N.,all lines December. 129,665 125,031 1,534,144 1,581,821 Philadelphia Banks.—The totals of the Philadelphia bank* Milwaukee ANoilthwkDec 11,972 14,380 558,330 520,440 EU"eas follows: Miuu'ap. &St.L.' November. 171,555 151,985 1,584,264 1,650,467 Minn. & Northw. November. 35,242 1886-6. Loam. Lawful Money. Depo»it».« Circulation. AffJ. CI«ar'»i . Mobile & Ohio . , December. 272,563 284,637 2,047,367 2,ld6',412 Morgan'aLa.&T. November. 473,588 424,466 3,720,542 3,156,069 9 9 S 9 Kash.Ch.&St.U December. 193,337 197,512 2,134,527 2,358,082 Jan. 2 83,272,600 27,079,600 85.837,000 7,382.500 47,451.318 -,902.200 28,007..''00 H5,620,»oO 7.366,100 60.667.628 4N.Y.L.Erle AW. November. 1,570,693 1,371,519 14,.539,488 15,279,090 9 8 • 82.552,300 27,81(1.100 85.306.750 7,347,000 53.817,562 N. Y. Pa. .t O. November. 502.69» 26 Peunsylvaida. ..;Novcmbcr. 3,971,539 3,9.50.937 41,568,345 44,797,583 Am. Bank Note Co 23 Incomes... 1 Fhlla. & Eric November. 309.407' 326,289, 3,012,825' 3,379,022 Bc-^t. H. & B.—Now stock 1=4 l'( Cent, trust cert 6>s 7 4 Atlantic 814 Plilla. &R<'ading!N()vcuil)(r. 2,r,6H,450 2,554,133 26,638,014 28,656,.597 Old "a Pensacola A 10 Host. West.—Stk. Pittsburg A Western 10 Do C. lie Iron:Noveuil)or 1,60.5,748 l,645,.577;14,(il5,568! H. T.A 15,386,151 68 Ist mort 69 72 Richm'd ADauv. December. 344,900 366,700 3,960,258 IJebeutnres 3,873,715 Buff. N. Y. A Phlla., pref Postal Telegraph—Stock CIlCoI. Januart 23, 1886,] THE CHRONICLE. 123 Tear ewUng Tear ending „ ^ „ «e/»/. 30. 1MH4. Hejit. 30, i»M. JKD CoMtraotion «2rt7.3(l2 tlCO.r-tTS Improvement of road 23>S,I24 28 190 tinprovmiii-nt of eiiiilpmeDt 108,H9f) 22008 Mew eiiulpiuont 77,729 29,125 The Investors' Scpplrment contains a complete exhibit of Total $704,612 $139,773 the Funded Debt of States and Cities and of the Sloc/c.i and OKMEKAt, BALANCE AT OLOBK OK EACH riSCAL TEAS. Bonilx liailroads and other Companies. It is published of 1882. 1893. eoery other 1884. 1885. on the liiM Saturday of month—viz., February, Atiete— $ « April, June, Aujjust, October and December, and is fur- Road and rqiilpin't.. 52,310,123 62,9.'Sfl,018 .'53,153.266 63.232,661 ntshed without extra charge to all regular subscribers of the Ollior lines (pwiied... 7,90),93'l 11,877,480 *0,5h:i.o74 6,727,4n5 Ciiflh aTHi doiii. liianR. 621,497 t 0-^.«i»7 41.808 Chronicle. Extra copies are sold to subscribers the 84,070 of W.SlLcSt OTcr.et'sAb'a 2,OU4,000 873,8.'54 677,210 Chronicle at 50 cents each, and to^others than subscribers Floating ('(iiilp., &o.. 154, 4H6 202,082 201,563 at |l per copy. Indh'Uliial aocoiiDtf*. 83,488 163.162 IJue from—W. Shore . 641, .^29 603,7.14 Ontario Ter. Co 8»,889 73,3.50 No. Kiv. Coiigtr. Co. 136,903 247.358 ANNUAL REPORTS. Other railroads 2,33il 61,350 79.781 88,003 Kailt«.fueI,(to.,on h'nd 731,0(58 637,262 294.1SO 221,433 New York Ontario & Western. Mlaccllaucous 51, 195 33,135 (For the year ending September 80, 1885.) Total assets 61,554,140 67,776,845 62,144,211 62,190,031 In his annual report just issued, Mr. E. F. Winslow, the LiibUilica— " Stock, common ,"58,113.983 68,113,983 68.113,993 President, says : Since the close of the fiscal year very great 88.113,983 Stoch, prefiTred 2,000,000 2,000,000 2,000,000 changes have heen made in the relations of your 2,000,000 company Bonded dehr 100,000 134.(J0O with the West Shore and Terminal companies." * * "The Pay-rollH, bills and settlement finally made is contained in an agreement dated accounts impaid... 831,647 621,989 341,747 198,103 Due W. Shore & Out. January 1, 188ti. This adjustment releases the Ontario Com- Ter. Co 132.570 105,946 pany entirely from all its obligations under the leases of the Loans & bills payable 1,661,987 747.633 1,103,790 road and the terminal property, and from its guaranty upon the N.Y.W.Jj.&B.bds.sold 4,892,068 * Miscellaneous terminal bonds, which guaranty has been canceled gives the 23,285 27,922 1 239.919 35,603 ; Bal. income account. 53^,545 458,896 488,2i?0 498,606 Ontario Company title in fee of the Middletown Branch, twenty-five miles in length ; transfers to the West Shore Total liabUities... 61,554,440 67,776,845 62,144,211 62,190,031 Company and the Central Company as its lessee the operation * In the balance sheet the proceeds of sales of West Shore bonds of the road south of Cornwall, reserving to the Ontario and Com- stock are stated as $^,092,400, ami the cost of " other lines owned," on pany the right, until May 12, 2,079 a. d., to run its own trains the othei' strte of the account, Is reduced by this amount i?i 1881. between Cornwall and Weehawken, and to have its passengers I Kstimated amount to pay for $300,000 West Shore bonds to redeem 550,000 Terminal bonds pledged. and freight transported through the terminal and to and from New York. The Middletown Branch is free from, and the Lehigh Valley Railroad. trackage and terminal rights underlie, the new West Shore mortgage." * * "The West Shore Company acquires no {For the year ending November 80, 1885.) interest in the through business done upon the Ontario trains, The annual report of the President is very brief. It states and the number of trains is entirely within the discretion of the that the coal tonnage for the fiscal year ending November 30, Ontario Company. Further, the holders of a majority of the 1885, was 6,312,430 tons, of which 54,253 were bituminous. This preferred stock have agreed to exchange their stock for bonds was an increase of 244,000 tons as compared with 1884, and a under the provisions of an act of the Legislature, recently decrease of 280,000 tons as compared with 1883. passed, providing for such exchange. This arrangement The capital account consists of stock, $33,099,100, and bonds, when perfected will place the election of all the directors with $25,647,000, or $58,746,100 in all. Tliere was no floating debt. the common stock." * * » During the year |189,000 sterling consolidated bonds were paid "Since the close of the fiscal year settlement of our accounts off, and nearly $320,000 of the Morris Canal boat loan was with the North River Construction Company has been made, purchased. thus considerably decreasing our indebtedness. The actual The company spent $361,000 in increasing its equipment amount owing by the company, as a balance of all indebted- during the year, in addition to keeping up its old equipment. ness after full settlement of West Shore, Terminal and other "A sufficient number," how many is not stated, of consoli- accounts liquidated by the arrangements just completed, will dated mortgage bonds and bonds of the Easton & Amboy Rail- be less than one million dollars. road Company were negotiated to pay for improvements along "The market for railroad securities during the past year the line at Buffalo and for advances made to the Southern was unfavorable to the negotiation of the |2,000,000 first Central Railroad. The line of steamers on the lakes and the mortgage bonds which you authorized the company to issue freight and towing lines at New York harbor have proved for the purpose of funding its debt, and while some" attempts quite profitable to the company. were made to sell, no offers were received which the board The report of the General Superintendent stated that 2,364,- felt warranted in accepting. Some bonds were used in settle- 778 tons of miscellaneous freight were transported during the ment with creditors, and a few were sold on favorable terms year, a decrease of 343,049 tons from 1884. The passengers the total amount actually outstanding on December 31, 1885, numbered 2,373.710, an increase of 14,643. The car equipment * * being $86,000."* has been increased by the addition of 1,200 coal oars rated as Following are the statistics of operations, earnings and in- four-wheeled, besides a few passenger, house and other cars. come, and the general balance, for four years: Four hundred four-wheeled coal cars were built to replace an ROAU AND EQUIPMENT. equal number worn dut. The equipment now includes 335 1881-82. 1882-83. 1883-84. 1884-85. locomotives, 116 passenger cars, 3.608 house cars and 34,863 Miles owned 345 345 297 296 four-wheeled coal cars, besides gravel, tunnel, combination Miles leased 77 77 77 and other descriptions Nineteen miles of steel track were laid. Total operated.... 345 422 374 373 The Lehigh Valley Railroad reports never contain a balance OPERATIONS AND FISCAL RESULTS. sheet of assets and liabilities, but the other statistics are com- piled in the usual form for Operalinm- 1881-82. 1882-83. 1883-84. 1884-85. the Chronicle, as follows : PassenKers carried... 391,458 546,803 944,093 1.089,581 OPERATIONS AND FISCAL RESULTS. Passenger mileage... 8.392,843 15,7«1,001 32,485,364 39,730,135 Rate per pass, per m. 2 52 ots. 2 23 ots. 1-96 cts. 1-69 eta. Operaliont— 1882-83. 1883-84. 1884-85. Fr'ght (tons) moved. 4«:i,.i2S 562,836 1,004.248 1,470,808 Passengers carried (No.) 1,935,006 2.259,066 2,273,710 Fr'({ht (tons) mileage. 30,687,330 39,162.019 68,964,956 93,583.089 Anthracite coal (tone) moved 6,527,912 6,008,999 6,238,178 Eate per ton per m... lo3 cts. 1-20 cts. 1-97 cts. 1'93 cts. Other freight (tons) moved 3,123,247 2,608,828 2,364,778 Bantings— if $ Passenger 211,789 334.777 636,5.55 672,732 Total freight (tons), moved 9,651,159 8,615,827 8,622,936 Freight 605,478 754.279 1,067,808 1,125.063 Earnings— ig Mail, exp., rent, &c.^ 219,297 248,722 85,576 84,319 Coal freight 7,401,796 6,293,282 6,079.5:2 Other freight 1,985,405 3 ,763,429 1,617,2.;6 Total 1,789,939 1,882,134 Passenger, mail, express, &o 830,949 889.496 860,13:* Op. exp. (incl. ta.tes). 1,754,634 1,632,760 Total gross earnings 10.218,150 8,948,207 8,536.917 Net earnings Operating 188,291 159,'; 02 33,305 229,374 expenses 6,175,656 5.246,073 4,888 !• S includes Net earnings $4,042,494 iBaM'a^f!^'?^^2?=\^.^''^"®^ receipts from other sources; In $3,70.M34 $3,667,91S> i8H.f-H4 and 188 1-83 these are given in income account following. INCOME ACCOUNT. The income account for 1884 and 1885 is as follows : 1882-83. 1883-84. 1884-6.5. INCOME ACCOUNT. Receipts— $ $ $ „ .„ 1883-84. 1884-85. Net earnings 4,042,491 3,702.134 3,667,9 m Other receipts and Interest 1,092,022 1,23S,144 732,344 Other $229,374 receipts 202 929 97.503 Total net Income 5,134,516 4,910,278 4,400,263 Total , $238,234 $326,877 Disbursements— $ IHtbnriements— Interest on debt 2,031,675 2,057,207 2,059,541 Rentals ^ .' General, taxes, floating Interest, $218. 491 $292,101 Interest .".' .' .'. .' '.'.'.'.".'.". on 1 st mortgage bonds . loss on Morris Canal, &0 421.920 473.355 630,385 . . '. 4.840 Dividends* 2,210,378 2,372,242 1,660,234 Total disbursements $2l8,4yl $296,941 Charged tor aocum. depreciations 347,944 Surplus $19,743 $29,936 Total disburBements 5,011.917 4,902.804 4,370,160 The ainounts charged to construction and improvements Balance, siu-plus 122,599 37,474 30k t03 duringuring the currentcut ' -- year, as compared with 'previous years! • ' ' I 'In 1883, 10 preferred 8 on common: in were as[ followsfnl nnra on and 1881, 10 on pre- ferred and 8 on common; In 1883, 10 on preferred and 5 on common. : — — . 124 THE CHRONICLE. [Vol. XLir. Pittsburg & Lase Erie. Chesapeake Ohio & Southwestern—Newport News & (For the year ending Bee. 31, 1885.) Missis»iippi.—At Memphis, Tenn., Jan. 19, the meeting of the stockholders of the Chesapeake Ohio & Southwestern Railroad earninga for the year were as follows: The Company was held for the purpose of acting on the proposed 1885. 1884. lease to the Newport News Mississippi Valley Company, Freight $9Sa,41."5 $974,693 & Passengers 193.76i under which name and organization it is intended to consoli- ^^I'Z^A 23.103 Mall, etc 25.143 date and operate the lines of the Huntington Chesapeake & Ohio system of roads. More than eight-tenths of the stock- Total $1,201,312 $l,193,5il Expenses 803,905 809.227 holders were represented by proxies authorizing their votes to be recorded in favor of the lease and no opposition was sug- $384,294 Net earnings $394,407 gested. The owners of this line think the consolidation a good The increase in freight earnings was dae to a large increase plan for effective and economical operation, and claim that in traflBc. the average freight raw last year having been 14 3 the Chesapeake Ohio & Southwestern is one of the best parts per cent If ss than in 1884. of the system. This line is now running two through daily The result of the year 1885 was as follows: trains between Memphis and Louisville, another daily between is large Net earulngs, as above $394 ,407 Memphis and St. Louis, and doing a passenger traffic, Interest on Uimds $120.0ii0 while its freight business has largely increased within the past 59.221 Intereft on Forip and floatlngdebt two years. The proposed lease is for fifty years. One-halt loss on P. McK.&Y. lease 19,451 $198,675 Chicago & Eastern Illiuois.—The gross and net earnings Balance, surplus for the year - $if 5,732 for the first half of the fiscal year were as follows : Add premium on P. MoK. & Y. seiiond mortgage bonds sold... 21,169 . July 1 to Dec. 31.— 1885. 1884. Increase. $216,901 Total Gross earnings $92?,3ll $857,743 $70,568 New construction and equipment $44,702 Operating expenses 470,275 457,654 12,621 Eeduction In floallng debt 93,426 Increase in credit balances 78,773 216,901 Netearuings $158,036 $400,089 $57,947 PITTSBUEHH McKEESPORr & YOUGHIOaHENY. Increase of gross earnings 8 23-100 per cent. Increase of net earn- The earnings of this leased line were as follows ings 14 48-100 per cent. 1885. 1884. Freight $536,502 $546,200 Cincinnati Hamilton & Dayton.—It is not clearly known Passeneers 43,443 41,776 who are the real parties in interest behind the following notice Mall, &c 7.778 3.525 which appears in the Cincinnati papers : Total $587,723 $591,501 "All stockholders of the Cincinnati Hamilton & Diiyton Railroad Expenses 267.453 295.106 wishing to participate in the sale of the Cincinnati Hamilton & Dayton Railway, can do so by filina their request with me on or before noon on Net earnings $3i0.270 $^05,095 January 23, 188 tJ. Albekt Nettek." The rental per cent on bonds and stock) amounted to (6 Denver k Rio CJrande Western.—The Coppell Committee 1359.173, showing a loss of ^3S,903 for the year. Under the announce that they did not secure a majority of the Denver & agreement one-half of this loss is borne by the Lake Shore & Rio Grande Western bonds under their plan of reorganization, Michigan Soathera Company and one-half by the lessee. and they have returned the bonds to their owners. TJtica & Black Rirer. Gen. Palmer issues the following notice : "The Coppell Com- (For the year ending September 30, 1885.) mittee having advertised the abandonment of their plan and the return of deposited securities to the owners, it is to the The annual report is very brief. It remarks that the loss in interest of bondholders that all should now unite on gross earnings was in freight account and occasioned prioci- common the resumption plan, and that such as have not already done pally by the withdrawal from the road in September, 1884, of so should exchange the required coupons for Trustees' certifi- the through freight lines between the West and Montreal. The cates, as provided therein. Such speedy fulfilment, by transportation expenses amounted to $479,441, a little over ijO removing any further uncertainty as to the future position of per cent of the gross earnings ; this amount, together with the the bonds, will enable all energies to be concentrated on the payments for rentals, interest on funded and floating debts, development and improvement of the common property, and and two dividends of three per cent each, leaves a net balance warrant further increase of confidence in its outcome." for the year's operations of |32,214, which is applied, so far as it will go, to replace the amount drawn from the surplus fund Des Moines & Fort Dodge.—The gross and net earnings for during the preceding year : December and for the years 188.J and 1884 were as follows : Following are the earnings and income for three years: .— December. , . Year. . Earnings- 1882-S.'?. 1883-84. 1881-85. Passenger $i83.367 1885. 1884. 1885. 1884. $281,130 $289,300 $3S,000 i20 Freight... 501,6.=>0 5d6,036 Gross earnings $29,435 $382, $354,032 462,818 Operating expenses 17,197 23.147 26^,000 252,369 Mall, express, &e 42,390 43,719 43,963 Total gross earnings $827,407 $?30,895 $796,091 Netearnlngs $17,803 >,289 $120,420 $101,663 Oper. expenses (Incl.taxes) 541,997 598,513 479,441 East Tennessee Virginia & Georgia.—Mr. Nelson Robin- Net earnings $255,410 $232,372 $316,640 held proxies of the controlling interest in East INCOME ACCOCNT, son, who Receipts- )882-B3. 1883-84. 1884-85. Tennessee stock at the recent election, having returned from Vet earnings... $285,410 $232,372 $316,640 Europe, held a conference this week with Mr. Robert Fleming, Other receipts. 6,727 3,758 3,602 of Dundee, Scotland, and other bondholders of the road. views, it resolved to draft Total Income $292,137 *236,130 $320,242 After an interchange of was a new Disbtinements— plan for the reorganization of the property. This will be Kentals paid $26,366 $26,699 $25,610 submitted in a few days, and an outline of the plan which Interest on debt 126,490 133,640 133,640 will be offered has been reported as follows: The consol bonds Dividends 124,040 122.8i0 122,820 and interest up to Nov. 1, 1886, (113 per cent) will receive 83 in Miscellaneous 3,500 3,500 6,958 new 5 per ct. consols and the other 29 per ct. in new 5 per ct. Total $280,396 $286,659 $288,028 first pref. stock. The income bonds are to receive second pre- Balance, surplus or deficit sur 11.741 det. 50,529 snr. 32,214 ferred 4 per cent stock and be assessed 4 per cent, for which assessment they will get first pref. stock. The present pre- GENERAL INVESTMENT NEWS. ferred and common stocks are to get the new common stock of the company by jiaying $6 per share on new stock ; and for this assessment they shall get second preferred stock. The Car Trust Securities.—At the last meeting of the American preferred gets share for share of the present holdings, and Bar Association, held at Saratoga in the Fall, an important common gets 40 per cent of present holdings. The whole paper this on subject was read by Mr. Francis Rawle, of the issue of new common stock is to be $37,500,000. Philadelphia Bar. It is impossible to quote at length from hiB pamphlet, lately printed, but all persons interested in any EHzabethtown Lexington & Big Sandy.—It is reported that way in car trust securities will find it interesting and instruc- the Eiizabethtown Lexington & Big Sandy Railway Company, by tive as a brief treatise upon the subject. a unanimous vote, has accepted the proposition for a perpetual The paper is devoted mainly to a history of the origin of car lease of the property to the Newport News & Mississippi Valley trusts and a discussion of the laws and judicial decisions of the Company. various States which have a bearing upon them. As happens Gulf Colorado Santa Fe. Work is progressing rapidly with nearly all other cla«s«s of questions that aflfect railway & — extension this road Brownvrood, Texas, north- operations, there is a wide diversity of conflicting enactments on the of from and decisions, and in cases west to Coleman, a distance of 35 miles. A large part of the where a railway company which is is done, track-laying is in progress, and the rails are usmg car-trust rolling stock becomes embarrassed and unable grading promptly reported down for five miles from Brownwood. The company's to meet all its obligHtions, the extent to which the interests engineers have located a line from Coleman westward, about 40 of the holders of such securities will be protected be mile.s, to point on the Colorado River, four miles south of may materially affected by the character of the influences a dominant in Rummels. At this point the company has bought a large tract the locality in which the default occurred or by Other circumstances. of land, with the apparent intention of establishing a new town, The paper will be particularly useful to thMe who rhis location is supposed to indicate the company's intention of wish to form an intelligent estimate of the extent and nature of such building to San Angeles. R. M. Gazette. variations, and also to learn how far the interests of holders of car-trust certificates have heretofore Houston & Texas Central.—The statement of gross and been universally protected in the various classes of exigenciese'^^^'co net earnings and surplus for November and for eleven month* that have occurred. from Jan 1. is aa follows : { , JaNUABV 2S, 1880.J THE CHRONICLE. 125 — Kottmber. . f-—Jan. I lo Not. 80 , " In order to obtain the neceaoary anthoritjr for the issue of 188^. 18-4. 189ft. 1881. this stock, a meeting of the Btockbolders will be held in St. OToasearnlnRii... .$412,Uii7 $2.'^U.449 $2,41V,H59 $2,31l,i)'i4 12t..643 '.«»•••'" Louis. March 10, 1880. 2*8'»»' |;.876,8i35 SuiH>«Uermeiit«....i 51.109 " It will lie necessary, under the laws of the States through which your roads are operated, to own or control some of $103,940 $69,697 $SSfl,01.'> $270,683 Not (MiniliiK« these branches or extensions by means of independent Int. on llci-ii.dibt iVnew (xiulp. A eonsiruotlon. 70,S01 101,275 76.173 auxiliary local railway corporations, through the acquisition of their bonds or stock, or both. This company, so far as it $63,439 $89,697 $434,710 $194,108 gurpliM shall use the proceeds of the sale of such additional stuck for The full yearly interest on the first mortgage nisin line this purpose, will place the acquired bonds and stock of such bonds luis been more than earned in the three months Sep- railway corporations in the hands of Russell Sage, Henry O. tember, October and November, though part of this money Marquand and Oeorge J. Gould in trust, to be held by them has been spent for betterments and new equipment. as trustees for the Missouri Pacific Railway Company, and not —On Jan. 21 Messrs. Easton aud Rintoul, of New York, the to be pledged or sold, or in any way disposed of, unless this Trustees of the first mortgages of the Hoasfon & Texas company shall acquire the full ownership, by consolidation or Central Railway Oonipanv. through Judge W. P. BallinKer, otherwise, of the property of the local railway company or their attorney, Hied bills of foreclosure in the United States companies whose shares or bonds, or both, it shall acquire Circuit Court in Teiaa on the mortgages covering the main line through the sale of the new stock. and western division, amounting to $'.(,000,000. "Any revenue derived from the securities held by this The dispatch in the ^. Y. 2'/ 7«es states of the several suits trust, will be paid to the Treasurer of the Missouri Paciflc " peoding against the company : About a year ago Messrs. Railway Company, to be held by him as income of that com- Kaston and Riotoul initiated the litigation by suits to secure pany. the proceeds of lands included in these mortgages, which they " The transfer books of the company will be closed Feb. 6 alleged had been illegally sold by the company and not turned for the annual meeting, and stockholders of record at that over to the Trustees ; to enjoin further land sales not assented date will have the privilege of subscribing to an issue of stock to by I he Trustees, to establish the sinking fund for their at par equal in amount to one-tenth of their respective hold- mortgage.s against defaults of about $200,000, and to obtain a ings ; every ten shares of the old stock carrying the right of sale of sufficient lands to .satisfy such defaults. subscription to one share of the new. This sutwcription will " Very soon after this the Southern Development Company of be subject to the decision of the stockholders' meeting. The California, supposed to represent what is commonly known as transfer books will be re-opened March 11, and on that day the the Huntington interest, brought its bill against the Houston & right to subscribe will expire. Subscriptions will be payable Teias Central Railway Company, as general or floating debt to A. H. Calef, Treasurer, at the office of the company, No. 195 creditors for between $1,000,000 and $2,000,000, alleging such Broadway, in two instalments—fifty per cent March 15, fifty debt held by itself and other general creditors to have been per cent April 15. contracted for necessary supplie.s, advances, and betterment of " Receipts will be given for the first instalment, entitling the railroad, and claiming a lien therefor superior to the mort- the subscriber to a certificate of stock on payment of the gage liens. On this bill receivers of the railroad and second instalment ; or the full amount of the subscription may all its property were appointed by Judge Pardee, be paid in advance, in which case a discount at the rate of 4 Subsequently another suit was brought by the Farmers' Loan per cent per annum will be allowed, and stock will be issued & Trust Company, Trustee, on the flrst mortgage on the North- at the date of payment. Interest at the rate of 5 per cent will western or Waco Division and on the consolidated and general be charged on all subscriptions not paid by April 15, and mortgages. All the trustees made themselves parties defend- delinquent subscribers will forfeit the next quarterly dividend ants to the suit of the Southern Development Company, and declared after that date. All subscriptions not paid by April 20, are contesting the lien and priorities which it asserts. Consent 1886, will be canceled, and all stock thus forfeited or not decree has been entered by which the general creditors have taken by the stockholders in accordance with their rights, will agreed that the proceeds of the land sales shall be applied to be disposed of as the directors may determine. Suliscriptions the mortgages which include them. will only be received for the issue of one share ($1U0) or some " Messrs. Easton and Rintoul, in their bill filed to-day, allege multiple thereof, and rights belonging to any number of that since their flrst suits were brought default has been made shares may be assigned. for about $800,000 of the interest, aLd that the defaults for the State Bonds, The State of Missouri sinking fund amounted to $2,500,000. They claim that the Missouri — has awarded its $650,000 5-20 fun ling loan; Kuhn, principal of their bonds has matured, and pray a foreclosure Loeb & Co., of New York, get $390,000 per cent, bonds at and sale of the main line and the Western Division." 3!^ 101 J^, and Simon Borg &Co., of New York, $260,000 SJ^s at 102 7-100. Lonisville New Albany & Chicago.—The new consolidated mortgage of this company has just been filed in the counties Nashville Chattanooga & St. Lonis. —The gross and net where the road is located. It is for 110,000,000, made to the earnings for December, and for six months since July 1, were Farmers' Loan & Trust Company of New York, dated Janu- as follows: . December. . »i. July 1 to 31 ary 1, 1886, and payable April 1, 1916, with 6 per cent interest —6 Dee. — J83,T. 1884. 188 ^. 1*<84. per is first annum. This a consolidated mortgage to retire, as Gross earnings $19.5,327 $197,.512 $l,107,b03 $1,213,!>01 they fall due, the outstanding bonds of $8,300,000, and the sur- Operating expenses 118,515 112,753 659.251 683,862 plus of $1,700,000 is to be used in repairing and replenishing Noteainings $74,812 $84,759 $44S,058 $•^24,839 the rolling-stock and improving the road-bed. Interest aud taxes 56,544 a7,01i0 3; 8,015 312.931 Hemphis & Charleston,—The New York World reports Balance $18,268 $27,669 that the Memphis & Charleston Company has provided for irs $110,043 $181,708 floating debt temporarily. The company has owed $750,000 N, T. Chicago & St. Louis,—The Committee of Car Trust for past-due coupons, equipment and supplies. It has been Certificates publishes a notice that of the $4,000,000 total issue decided to borrow enough money on the $1,000,000 2d mort- of these car trust certificates, there are only $252,000 not con- gage bonds in the company's treasury until such time as the trolled by them. The rolling stock securing all these certifi- market will enable the txinds to be sold at a satisfactory figure. cates is advertised to be sold on the 15th of February, 1886, and the committee give notice that they will represent only the Mexican Central.—Up to Jan. 21 $20,567,000 bonds had car trust certificates that deposited in assented to the interest-scaling plan. may be the First National Bank, subject to their order up to and including Memphis Sclma Feb. & Brnnswict.—The Mempiiis Selma & 10, 1886. Brunswick Railroad Company has passed into the hands of a Ontario Western,—The annual meeting receiver, in the person of Mr. E. R. McHenry, of Memphis, New York & of the company was held this week, and the following who will represent the Guaranty, Trust & Safe Deposit board of di- rectors was elected: E. F. Winslow, T. P. Fowler, Company of Philadelphia, trustees of mortgage bonds to the Richard Irvin, Jr., Horace J. Hayden, Joseph Price, Harry Pearson, amount of $1,000,000. The appointment of a receiver is the Russell, E. S. Whelen, J. B. result of an application made by the Trust Company, who, Charles Kerr, A. Marcus, C. Dug- gin, T. Swinyard and John Greenough. The in the by their attorneys, filed a bill of foreclosure of the mortgage. new men directory are Vice-President Hayden, of the New Y''ork Cen- Missouri Pacific—The following circular has been issued tral road, Messrs. Price, Pearson, Russell, Duggin and by the Missouri Pacific Railway Company, under date of Greenough. It was stated that after settlement with the January 12: W'est Shore Company the Ontario & Western has a floating " During the past year it has been deemed necessary and debt of about $1,000,000, with $86,000 in bonds outstanding. expedient by your directors, in order to protect the present President Winslow's resignation was accepted, Thomas Pow- traffic of your railwaj- and insure its future growth, to provide ell Fowler being chosen as his successor. for the acquisition of the control or ownership following of the Improvement properties: Omaha Belt, 18 miles; Topeka Salina & West- Oregon Company.—Gross and net earnings em, 57 miles Lincoln in November and for the fiscal years 1883-4 and 1884-5 were as ; Extension, 35 miles ; Wichita & Colo- rado, follows : 50 miles ; Minden Branch, 72 miles : St. Louis Fort Scott & Wichita, 246 miles to . . to , ; Paola Kansas City, 54 miles ; Verdi- November. Dee. I Noe. 30 gris Valley Ind. 1885. 1884. 1884-5. 1883-4. & Western, 70 miles ; Leroy & Caney Valley, Gross earnings $235,307 $?!05.057 $2,811,957 $3,414,048 35 miles ; St. Louis Emporia, 50 miles & ; total, 687 miles. Operating expenses 184.539 200,160 2,200,041 2,572,840 " Tlie acquisition of other properties, necessary in the judg- ment of your directors, to extend its system or for its use, Net earnings $50,768 $104,597 $611,916 $S41,208 may be required " to protect it from rival lines and secure the —The Boston Herald reports : The Oregon Improvement economical operation of its roads. Company's second mortgage was executed yesterday, and the "To provide the necessary means, it is proposed to increase bonds are printed. They will run 10 years and bear 8 per cent the capital stock of the company 20 per cent, i. e., $6,000,000, semi-annual interest, being subject to call at par on iiny coupon and to offer the same from time to time to the stockholders, day. The amount will be $700,000 or $800,000, and they will ratably, at par, as the funds may be required hj the company. be offered to stockholders within a f«w days. These issued, the : 01126 THE CHRONICLE. [Vol. XLII. be a ht- filed charges of the road, including sinking fund, will for the year Shje OPommercxal '^imes. tle rising of $400,000 per year. The net earsings year ended Nov. 30, 1885, were some $650,000, and the last flsca wa8 a bad one. The company has some $100,000 cash on hand, COMMERCIAL EPITOME. and could begin paying dividends this year but for the policy floatmg debt is Friday Night, Jan. 22, 1886. to first retire the bonds soon to be issued. The except all owed to the Oregon & Trans-Continental Company, The return of milder weather has been accompanied by about 170.000. The second mortgage bonds will pay this general rains. The removal of obstructions to railroad trans- entire indebtedness." portation is only partial, and has not as yet given any marked direc- Pacific Mail S. S. Co.—The Pacific Mail Steamship per impulse to business. The spring season opens slowly, Tha tors have declared the regular quarterly dividend of 1>| quar- low prices of the staples of agriculture and the disputes with cent, payable Feb. 1. The following statement for the ter was submitted at the meeting : labor, keeping many hundreds of operatives unemployed, are serious drawbacks to mercantile activity, notwithstanding i5^^!"?!!::::::::::::::::::::::::::v.::::;::::::::::::::::^;« the low prices of imports and manufactures. Still, the early $384,752 NeteamioRS future is looked forward to with confidence. The position of surplus is $716,000. The business affairs is regarded as a safe one, and the progress of Wilmington & Baltimore.—The following Philadelphia events will, it is believed, bring a substantial improvement. are the reported earnings for the years 1884 and 1885: Lard for future delivery gained strength in 18S5. 1884. Decrease. sympathy with flroBS earalDES $5,678,6^8 $5,820,323 $141,735 the upward tendency of corn, and yesterday a very active oPatlngelpeni^ 3,889,772 3,965,145 75.373 business was done, but no material advance took place, owing NeteaTDlngs $1,788,816 $1,855,178 $66,362 to the report that Holland had joined France and Germany in Pittsburg Junction.—The annual meeting of the stock- prohibiting the importation of American "hog products," thus Pittsburg Junction Railroad Company was liolders of the cutting off the large shipments which have been making to held in Pittsburg. The annual report was briefly as follows: Amsterdam, and to-day the market was quiet and barely " The board of managers herewith submit their statement, showing the gross earnings and expenses of the Pittsburg steady, closing this afternoon at 6'49c. for February, 6'53c. for Junction Railroad for the past fiscal year. Owing to the fact March, 6'59c. for April, 6"65c. for May and 6 '700. for June, sufficient time to get proper and full state- that there is not Lard on the spot has been moderately active for export with- ment of the earnings and expenses for the year ending Dec. out much change in prices, but the close is firmer at 6 31, 1885, the time fixed by law for the annual meeting, your '33(3 board is compelled to approximate the same 6'40c. for prime city, 6'47J^@0 52%c. for prime to choice Gross earnings (approximated) $100,000 Western and 6'80c. for refined for the Continent. Pork Operating expenses 15,29o has been more active at t)etter prices, closing at $8 50(3 $84,705 Net earnings (approximated) $9 25 for extra prime, $10 50(@$10 65 for mess. 111 25 Expenses as to the earnings 15-29 p. c. for family and 2o(g$12 50 for clear. Cut " The business during the past year is in the main satisfac- $13 meats tory. Owing to the development and use of natural gas as have been quieter, and the higher figures quoted in our last fuel, the depression in consequence of loss in local business in are not fully sustained; pickled bellies close at 5(ffi5^8C., the coal trade, and the universal depression in all industries, pickled ham8 8(a8J^c. and shoulders 4J^@4J5C. ; smoked hams the revenues of the Pittsburg Junction road have, like all rail- road properties, suffered thereby. With the improvement in 9)^@10c. and shoulders 5J4'(a5i-^c. Beef is nominal at $10 for business which ia looked for in the coming year, and the extra mess perbbl. and $17@$19for India mess per tierce. Beef for Pittsburg gas coal, it \% development of new ^markets hams are quiet at $16 50® 16 75 per bbl. Tallow is again lower expected that the business for the ensuing year will show a at but closes active. Stearine is firm at 6;1^c. Butter is marked and decided improvement on that of the past." 4fgC., firmer but quiet at 22@ 35c. for creamery. Cheese remains Portland & Ogdensbnrg.—At the annual meeting of the Portlan(l & Ogdensburg Railroad the gross earnings reported steady at 6(al034'c. for State factory. Fresh eggs are lower at for the year were $361,992 ; the operating expenses were 22@23c. The number of swine slaughtered at the principal ; extraordinary expenses, ; leaving a surplus $262,835 $86,361 Western towns from November 1 to latest dates was 4,985.000 for the year of $12,795. against 4,995,000 for the corresponding period last season. The St. Louis Alton & Terre Haute.—The Cleveland Leader following is a comparative summary of aggregate exports said: "The argument in the well-known railroad suit between from October 26 to January 16 : -the St. Louis Alton & Terre Haute Railroad Company and the 1885-6. 1884-5. Pennsylvania the Bee Line and the Lake Shore companies will Porlt lbs. 10,530,200 11,874,800 Deo. 1,344,600 begin next Tuesday before the United States Supreme Court, Bacon lbs. 113,797,555 125,019,910 Deo. 11,222,355 Irftrd lbs. 65,140,846 71,707.777 Deo. 6,566,931 at Washington. It is a case of great importance, involving in the liability of the appellees for $664,874, rentals due the old Rio coffee was quite depressed early the week on the as well as for future delivery, reaction occurred Alton & Terre Haute Company by the Indianapolis & St. spot but a on Louis Road and guaranteed by the appellees. In 1878 the the advices from Rio Janeiro that receipts had fallen off and Indianapolis & St. Louis refused to pay the stipulated rental, stocks were undergoing reduction; fair cargoes on the spot are and suit was commenced in the United States Circuit Court at quoted at 81^ (S&3^c., and options close with sellers this after- Indianapolis against the guarantors. A decree was entered noon at 6"60c. for February, 6'65c. for March, 6'65c. for April, against the Pennsylvania Company, the Bee Line, and the 6-70c. for May, 6-75c. for June, 6-80c. for October and 6'90c. sugars Lake Shore in June, 1883, for $664,874, and from it the appeal for Decemlier. Raw have been quiet and nearly nom- was taken which will be heard this week. By the subsequent inal at 5%c. for fair refining, and refined sugars are a fraction unsettled. sale of the Indianapolis & ,St. Louis the Bee Line agreed to cheaper and Molasses is down to 24}^c. for new indemnify the Peiinsylania Company against any liability in crop Cuba SO-degrees test. connection with the lease, so that the Bee Line and Lake Shore There has been a fair demand for Kentucky tobacco, and are the only real parties now interested in securing a reversal." the sales are 300 hhds., of which 250 for export at steady prices, lugs being quieter at 5i^(ffi6J^c., and leaf 7(@12o. Seed Stockholders St. Louis & Cairo.- of the St. Louis & Cairo leaf has been quieter and sales for the week are only 700 cases Railroad will meet on March 15 to ratify the proposed mortgage as follows : 150 cases 1884 crop, Pennsylvania Havana seed, of and the lease of that property $4,000,000 to the Mobile & 9(ai8c.; 150 cases 1883 crop. Pennsylvania seed leaf, 8(ai0i^c.; Ohio Railroad Company. The money realized from the sale of 100 cases 1884 crop. New England Havana, Vi@ 25c. ; 50 cases bonds will be used to retire the first the new old mortgage and 1884 crop. State Havana seed, private terms; 100 cases 1884 improve the St. Louis Cairo road & bed and provide new equip- crop, Wisconsin Havana, 12(3 16c.; 50 cases 1884 crop, Ohio, ment. 6c., and 100 cases sundries, 5(a30c. ; also 750 bales Havana, Toledo Snglnaw & Mnskegon.—Messrs. David Robinson, 60o.@$l 10 and 150 bales Sumatra, $1 25(§$1 60. William Baker, John Cummiugs and J. M. Ashley, of Toledo, There was a speculative advance in spirits turpentine, which A. W. Wright of Alma, and Mr. Mason of Muskegon, Mich., carried up prices to 403^(3) 51c. on the spot, with options held have organized the Toledo Saginaw Muskegon & Railroad Com- at 41c. for Feb., 42c. for March and 39i^c. for April. Rosins pany, with David Robinson, President, to construct a railroad are dull and weak at $1@.|1 05 for common to good stramed. in the interest of Toledo Ann Arbor North & Michican Rail- Crude petroleum certificates have been comparatively quiet road Company, from Muskegon on Lake Michigan, through under fairly favorable well news, and the close is easier this Greenville, Montcalm County, to Ithaca on the Ann Arbor g(a afternoon at 88; 88)^0. ; crude in bbls. quoted at 6?g(3 Railroad. Mr. Robinson, the Prpsident, has just returned 7J^c. ; refined in bbls. at 7J^c. and in cases 8^(a9JgC. ; naph- from Greenville, and reports that the people of Greenville have tha 8c. agreed to furnish, free of cost, depot ground and rights of way On the Metal Exchange to-day pig iron certificates were in their town, and undertake to provide the rights of way from quiet and steady at $17 50(3 $18 \i}4 for futures. Tin steady Greenville to the Ann Arbor road with local subscriptions of at 20-40(3 20-50c. for. spot and futures. Tin plate steady at not less than $2,000 per mile. Two corps of engineers have $4 25(@$4 37i>^. Copper dull; ll'35c. bidfor Lake and 10c. for been placed in the field, and it is proposed to commence the Baltimore; P. S. C, 10-25(al0-65o.; Chili bars, £39 153.(a£40 construction of the Greenville Division of the road at once. 123. 6d. Lead quiet at 4'55@4'65o. for domestic. Spelter TVabash St, Louis & Pacific.-Under order of the United steady at 4'25@4*45c. for domestic. States Circuit Court, the receivers, on January 15, 1886, ceastd Ocean freights have been moderately active in grain ship- to operate the road from Ceuterville, la. , to Albia, la., knovn ments, largely to the Continent, but close quiet. Petroleum as tJie Centeiville Moravia & Albia Bailroad. i charters were active early in the week, but close dull. . . . f . «8 ' - Janvaby 28, 1886.] THE (CHRONICLE. 127 COTTON. In addition to above ezporta, oar telegrams to-ntght also giv« OS the following amounts of cotton on shipboard, not cleared^ Friday, P. M., January 22, 1886. at the ports naint^d. Wo add simil.ir tigunis for New York,, The Movement of the Chop, an indicated by our telegrami) which are prepared for our special use by Messrs. Carey, Yale from the South to-nif!;ht, is Riven iHilow. For the week ending Sc Lambert, 8d Broad Street. this evening (Jan. 23), the total receipts have reached 1 10,310 On not bales, against 108,488 bales last week, 10,5,000 bales the previous SMplmant, cUartA—far 106,800 bales three weeks since; making the total XearliHr week and JAK. 22, AT— Oreat Other Ooait- Stock. Pranee. Total. rnoeipts since the Ist of September, 188.'), ;5,978,M'3 hales, against Britain. foreign Witt. A,Or)\ ,iV)~ bales for the same period of 1881-85, showing a NewOrleans 63,653 31,250 14,593 13,637 113,183 28I,79S decrease since September 1, 1885, of 73,255 bales. Mobllo 16,1(10 None. None. 2,600 18,700 42,63l> Charleston 2,003 None. 10,»OO 1,800 14,700 65,28i» Seeeipltal— Bai. Jfon. TUtM. Wtd. Thun. Fri. ToUU. Savannuh 2,400 None. 14,500 1,500 18,400 64.841 Oalventun 15,0011 600 3,000 5,400 24,000 49,097 Oalveston 1,219 4,772 961 589 3,146 1,591 12,274 Norfolk 12,797 None. None. 700 13,497 30,784 Indiauuia, Ac. .... New York 6,000 500 4,550 None. 11,050 25,1,872 New Orleans... 7.148 6,758 7,628 8.847 3,598 7,014 40,993 Other porta 8,000 None. 1,000 None. 9,000 74,70O Mobile 1,830 1,979 2,146 1,455 773 190 8,373 Totel 1886. 115,950 32,350 48,543 25,687 222,530 865,02(> Florida 2,013 2,013 Bavannali 2,199 1,969 2,771 2,015 2,140 2,980 13,974 Total 1885 97,608 27,015 35,218 13,523 1 173,392 725,832 Total 1884 148,89(1 29,200 38,329 6.610 1 223.035 913,226 Brunsw'k, Ao. 214 214 Charleston 1,670 524 887 1,335 853 785 6,051 The speculation in cotton for future delivery at this market Ft. Royal, 4c. 61 61 during the past week has been only moderately active, and 354 2S0 544 211 232 4S2 2,133 Wilmington the fluctuations in prices have been unimportant. The move- Morehd C.,4o 43 43 ment of the crop has not been equal to expectations, and a Norfolk 708 B99 1,226 2,661 1,540 1,336 8,370 West Polnt,Afl 201 611 302 467 325 1,027 2,933 New Orleans house has put forth a reduced estimate of t he New York 977 2,116 368 639 4,100 crop. These facts caused an advance, but free sales to realize fiOfltOD ...... 3,435 426 242 129 249 423 4,951 caused a decline on Monday and Tuesday. Yesterday an Baltimore 400 400 early advance was lost, and the market became dull and Phlladelp'a, &o. 186 1,619 19 'Vi 151 1,409 3,118 unsettled. To-day there was a sharp decline under a further 21,853 17,091 18.405! 13,010 19.971 110,310 Totals this week 19,977 export of gold, weak foreign advices, and some increase in the For comparison , we give the following table showing week's the crop movement, causing some " unloading " of " long total receipts, the total since Sept. 1 , 1885, and the stock to-night, cotton, values dropping to about the lowest figure of the and the same items for the corresponding periods of last year. season and closing without recovery. Cotton on the spot was 1885-86. 1884-85. Block. generally quiet. A speculative demand at the close of last BeeeipU to Since Sep. Thit Since Sep. Jan. 22. 1886. 1885. week was understood to cover prime grades of old cottons, in Week. 1,1885. Week. 1, 1884. which a scarcity seems to be apprehended. Otherwise the Qalveston ... 12,274 577,382 5,833 416,657 73,097 32,878 demand has been limited, and mainly for home consumption. Ind'nola,4o 781 9,033 235 To-day there was a decline of l-16c., middling uplands closing New Orleans. 40,993 1,287,402 36,056 1,252,099 394,981 369,344 Qi^c. Mobile 8,373 189,155 5,747 202,851 61,339 50,059 at Florida 2,013 40,217 2,882 60,150 1,048 6 The total sales for forward delivery for the week are 368,90(V Savannah 13,971 628,024 9,630 651,617 83,211 69,899 bales. For immediate delivery the total sales foot up this week Br'8w'k,4o. 211 13,064 103 8,927 3,517 bales, including 210 for export, 3,010 for consumption, Obarleston... 6,054 394,997 6,196 459,451 79,989 37,543 1,297 for speculation and — in transit. Of the above, 55 bales- Pt.Royal,&c 61 9,30 267 5,028 64 81 Wilmington 2,133 81,765 1,509 89,013 11,300 6,371 were to arrive. The following are the official quotations for- M-headCAc 4. 4,569 TO 9,271 each day of the past week, Norfolk 8,370 397,199 12,317 481,072 44,281 30.702 UPLANDS. NEW ORLEAN8. TEXAS. W.Polnt,*o, 2.933 201,625 4,661 256,913 6,322 597 Jan. 16 to New York... 4,100 4 ',351 2,461 35,735 26!',922 270,621 Ja.i. 22. Sat. mom Tnea Sat. ' nion Taea Sat. raon Tne»- Boston 4,954 58,403 2,796 65,675 6,310 6.310 Ordln'y.^JB) fi"l8 61I18 6II1, 6''8 6^8 6^8 6^8 Baltimore . . 400 28,605 105 19,659 33,3901 19,889 Strict Ord.. 7ie 7% 718 7618 75,6 76,8 7618 76i, 7Si« Fblladera,4o 3,418 23,266 3,278 27,916 25,266! 11,189 Oood Ord.. 8'i« 8I18 8I16 8I4 8I4 8J4 8% 8>4 8>4 Str. G'd Ord 81a 8»« 8I9 8II16 81118 Sl'ie Siiie 81118 Sl'is. Total.... 110,310 3,978,112 93,9H'4,05l,697 1,087,150 898.721 LowMidd'e S'S 8 '6 8''8 91lB l"i6 9li« 91,6 Si" a'le atr.L'w Mid 9'tj 918 918 9he 95l6 95,8 9*16 9»i« In order that comparison may be made with other years, we Middling... 9!>,« 9^16 9°I6 9'ii 9>9 9% 9% 9% 9% 91I18 9lt„ 9''8 give below the totals at leading ports for six seasons. Gtood Mid.. 911,, g'a 9'8 9'8 9'8 9'8 Str. G'd .Mid 915 9161, 915i, 10% 10% 10% 10% 10% 10% 106,8 lOE-iB lOis 10% 10% 1019 Btuiptt at— 1886. 1885. 1884. 1883. 1882. 1881. Mldd'gFalrilOSia 10% 10% Pair llOU,, 1016,, 1016, 11% 11% 11% 11% 11% 11% Oalvest'n.io. 12,274 5,833 9,959 12,575 7,677 14 413 Wed Tb. FrI. Wed Xh. Fri. Wed Th. Fri. New Orleans. 40,993 36,056 30,731 54.398 18,112 40,835 Ordln'y.Wt 611,8 6»« 6'« 678 613,8 678 6''g 6! 3; Mobile 8,373 5,747 5,132 8,973 3,993 10,176 611, a. Strict Ord.. 7% 7% 71,8 7'18 7°, 7'4 7.',n 76,8 VH Bavaniiali 13,974 9,630 11,760 12,844 15,531 17,251 Good Ord.. H'lfl 81|« 8 H'4 8'4 8.1,8 8% 8>4 8^18 8II18 Cbarl'sfn, 4o 6,118 6,463 8,728 3,629 7,277 8,387 Str. G'd Ord 8% 8% 87,6 8" 18 8»8 811,8 81>16 858 Low Mldd'g 8-'8 813,, 91, 9 9I18 91,; 9 Wllmyt'n, 4o 2,176 1,579 1,593 3,585 4,202 2,754 y« 91lrt Str.L'w -Mid 9% 9% 9'l6 9i,o 91,8 9% 9»18 9^18 9% Norfolk 8,370 12,317 17,607 14.335 15,226 13,996 Middling. 96,8 96,8 9'4 9% 9% 97,8 9% 9% 97,8 '8 W. Point, &o. 2,933 4,661 3,319 2,910 4,619 4,525 Good INIld.. 91'l8 9'li« i>58 9 9'H 9l5i8 97fl 9''8 Sir. 9ISibI 91616 10% 101,, loiie AU others.... 15,099 11,625 15,674 18,116 15,106 12,703 G'd Mid 9-'R 10% 10% 10% Mldd'g Fair 106,e il06,8 11014 10% 10% 107,8 10% 10% 10-18 Pair... 1015,8 1015,8 lO's 11% 11% 111!. 11% 11% 111,« Tot. this w'k. 110,310 93,911 101,533 136,400 92,031 125,070 STAINED. Sat. Mou 'I'aea IVed •m. Krl. Mnee Sept. 1. 3978,112 4051.697 3962,207 4148,831 3692,481 3964,111 Gtood Ordinary *lb. (ialveston includes Indi.inola; Charleston includes Port Royal, Ac; 6% 6% 6% 6% 6% Strict Good Ordinary 73,8 7'18 73,8 73,8 7% Wtlniliigiou iueltidos Moroli"d City,&c.; West Point includes City Point,&c. 78ia Low -Middling 8 8 8 8 8 7U„ The exports for the week ending this evening reach a total Middling. I 8\ 8% 3% 8\ 8% 8liia of 107,903 bales, of which C3,09'J were to Great Britain, C,G34 MARKET AND SALES. to France and 38,180 to the rest of the Continent. Below are The total sales and future deliveries each day during th9 the exports for the week and since September 1885. 1, week are indicated in the following statement. For the con- Wuk BTVdinfl Jan. 22. from Sept. 1, 1885. to Jan. 22. 1886. venience of the reader we also add a column which shows at a BxpOTUd to— Bxj>ort«(J to— Kxportt glance how the market closed on same dajrg. tram— Oreat Omti- Tbtol Oreat ContU Brit'n. France nenl. Week. Britain. FraTue nent. Total. BALBS OF SPOT AND TRA.KSrr. SPOT MARKET Spee- I Deltv Ex- ; Oon- IVan- QalreatoD 12,143 4,659 18.802 191.097 l8..3eo 59,825 266.282 CLOSED. Total. Bate*. porl. rump .ul't'n til. erie»~ New Orleans.. 21,5U8 4,089 11,118 S7,015 188,212 258,592 830.993 Mobile 4.139 4,180 11,780 14.760 Bat Finn d'^ii 965 1,178 56.1001 800- riorlda. Uon Dull 210 225 43.5 56,900 60(> Bavannah 3.521 8,628 12.147 8«,953 6.252 222,221 S17.432 rnes l>ull but Rteafly iso; .... 180 85,100 1,000 750 200 Charleaton .... 2,108 5,MJ 7,971 70,910 17,347 133,8^2 322,169 Wed tjuiet and steady 750 .... 43,900; riiars Quiet steady 2191 332 581 42,4001 90O Wilmington... 1.470 1,470 37,951 16,«09 63,660 and rri Quiet at 'is dec, 393 393 81,500 30» Norfolk 2.450 2,828 1,631 6,162 136,328 '«,'828 1,684 UO/.UO WoM I'olnt... 6,810 6,810 28.405 12,760 41,155 Total. 210 2,010 1,2071 3,517 38g,900l 3,800 Mew York fl.0«6 227 4,15S 11.061 221.860 »2,76« 110,018 851.674 Tlie dully deUvarlea given above are actually delivered the Aaj Boston 3.152 8,162 61,884 834 61,718 prevloag to that on wUlon they am reported. Baltimore... . 783 783 68,707 1,686 11,231 66,578 are shown by the follow PhUadelp'a,*o 1,401 1,401 22,678 1,801 84.374 The Sales and Phices of Fcturbs ia^ comprehensive table. In the statement will be found the Total n.n24 1.309.847 255,900' 828.283'2,394,030 "eiloofl 38.I80! 107,90) daily market, the prices of sales for each month each day, anA !»..Sfl7 Il.B(13,47.' 2fH.\nn ' 774 4'3 ^.751 0311 ToUl 18S1^ B3.«8(l ii.iua ; u.1.12^ the cloeins bids, in addition to the daily wd total sales. : 11 1 «1 . . 128 THE CHRONICLE. fVoL. 5LII. IBK Visible Supply of Cotton to-ni^hi, as maae up by cable •9 903. and telegraph, is as foUo-ws. The Continental stocks, as well as sa. i2 Eg. oaEg those for Great Britain and the afloat, are this week's returns, V O o> tn S o St s en and consequently all the European figures are brought down * gg •agST to Thursday evening. But to make the totals the complete E. figures for of exports »tw P.f-B Pi o,S.g to-night (Jan. 22), we add the item from a! 10 * -^^ the United States, including in it the exports of Friday only. 10 I. p 44 1886. 1885. 1884. 1883. I B K i|i Stook at Liverpool bales. 629.000 741,000 742,000 821,000 Stock at London 17,000 42,000 eO.OOO 77,500 Total Great Britain stock 646,000 783,000 802,000 898.500 3O000 5SMt,.o III Stock at Hamburg 4,300 7,e00 2,600 3,700 »*"*a gap 4 3tock at Bremen 36,800 43,800 67,100 40,300 g»»4 a w® Stock at Amsterdam 32,000 53,000 53.000 13.0CO Stook at Rotterdam 400 600 900 3,400 «=• obO' QOO too too obo o o Stock at Antwerp 1,500 1,100 3,8li0 800 StookatHavre 146,000 184,000 153,000 150,000 CO® tote 5 COCO -I 5 Stook at MarseiUes 4,000 4.000 6,000 3.700 taio s tits e ** Stook at Barcelona 45,000 37,000 50,000 48,000 COM ** ** cow CO Stock at Genoa 10,000 6,000 10,000 8,100 I e^: Stock at Trieste 3,000 5,000 8,000 4,800 CO C2C0CC0 MO cccoScD*o ^(CtOtC> CD COOoCO o iowOk) Total Continental stocks 283,000 341,400 351,400 275,800 QOtO OP CB ^ 03 >»tO t^ tew to to to to Total European stocks .... 929,000 I,124,4C0 1,156,100 1,174,300 COtD 5 co-o 5 <0!0 5 tcK) 2 tcto 2 [ita MM 2 India cotton afloat for Europe. 94,000 73,000 166,000 103,000 MlO 2 (CM 2 2 toco "^ aM "^ »«: Amer'n cott'n afloat for Eur'pe 489,000 639,000 9?'- »«' I ao I I I 50,000 I *»: I 9r- Egypt,Brazll,&c.,afltforE'r'pe 49.000 -Jo (0«0o® cc©o^ OJ'OOtO (OtOo? co:coo Stock in United States ports . 1,087.550 898,724 lOtoOto torJOtO lOtoOK) fcOWOlo tici^M Stook in U. 8. interior towns.. 458,854 283,286 MMOki 00 o-i OW M -30 QD 0D*JO' : : I « : I « I s toccoto cetooc? CO toots cotooco 03a aaOci I ddoa daooi MCO ocqj 00 Old Cfl OCOD 03 QOgi Ga to to to toio 5 toto coco 15 toto CO ccto 5 5 - , < tt ifcii»> 2 cicjt 2 ciifr 2 o>cn MCO *< 00 *« OOD ** tocc OCR *< 01 I »h; Au- : I I I 1 • »r-' CO to too® COtCoCO tetpato tpcco"? (P«0q9 i^jbLOk^ I o-j v-cItOiu CJt^O cjt d»OiOcj( OicJ'Oc^ ^O CO CO o HO o MCO »-• lU M H H CB M CJt CO .- CO M CO Oi M M (f^ 05 — C;- C3^5PC)-iop QOOD MC;i lU H eo^MCO I I: 1 I O "!- M a- *>-osii'*eo "w» © m'U toMO ^^ M C;* CO CO to M 00 WC)" Vco 00 CO CO C» 00 H aDK-tOtOMOOtCCOat-l — C.MtCCOtO*-COCO Is"l to. COmOOOO -J0DOOtJir-UO<*.0'. »P- — CitOHC0 I ^ 1 I I I 1 I COM00t(.COM; I ^ l»».ODOH'IO*'lP-tOOD»u; «> to *'l-'^^l^-a»OJ to I I i I 1 X OOOIDO — ^-J OtoO«*»'Oa.ooW(UOi* * Includes sales in September, 18S5, for 8entember, 130,200 ; Septem- Wc tn -to 3O1.700; September-November, §3 ber-OcU>l>er, for Ootober, tor Noyember, OM owtoi- ^OCJ'O'W en to -4 ^- t5 0S>-"-lO»t-'W"«-» 416,400; Setember-December, for December, 928,2u0. OOCn^-OiOO ^ooO»*^oQDo:OOS'*^toOtooiWi-'Xc;tO OOOOCOQOWO h' tf>- 00 CD CO «>) en CO *f^ Oi C;< O •q O CO 03 OC '^ OD I^r We hitTe Inoladed m the above table, and snail oontlnae each week to Rive, me averase price of futares each day for eaoh montli. (t MtO »-• CO M '— will be fonnd ander eacn dav following the abbreviation " Aver." The --JWWOlOll-WfcOGOCn r-WCi-gWlP-CiM average for each month for the week Is also given at bottom of table. Oi .TiC 0_— Cj-JJ;***-'*-^ Wppi_;- MJD}0 "V] to GO w'xl; w"ifc c '-'fe.V' ;*; ccflV tc ud y> Transferable Orders—Saturday, 9'30o.; Monday, 9-2.Sc.; Tuesday. • CO to --3 O 05 *-Ji cO'-c£a<)o:o-£-^*-cj'to-co*Jx»j-qcooD 6'28o.; Wednesday, 9-250.; Thursday, »-25o.; Friday, 9-20o. COOODO»tOCnO a3(ti-*JcDwc;*»>ioxi*»-tooDi**.ocs>-'i*-tor- The foUowing ezohanges have been made during the week: opt 00 h- 01 J* i^ i*^ *14 to ezch. 500 Jan. for Uch. -43 pd. to exch. 100 Feb. for PjanuaRY 28, 1886 THE CHRONICLF. 129 balea more Cttan at the same period last year. The recelptH Ht reiiisinder of the week has been clondy. The rainfall reached the samf townB have been ;t32 bales tnore than the same eighty-two hundredths of an Inch. The thermometer bu and since Sapteiuljer 1 the receipts at all the week laHt year, averaged 87, ranging from 2S to 52. townst arc ilt.OI.I bales wore than for the sametiuit in IHSl-.l^ Uemphi.i, TeJiuissee. —We have had rain on four days of the QUOTATIONS FOR MlDDLINO OoTrON AT ClTHKK MAKKKTh.- week, and it is now raloiag, the rainfall reaobiog one inch and In the tal)lo below we ijive the closing quotations of niiddlina cotton at .Southern and other principal cotton markets for each ten hundredths. The thermometer has ranged from 27 to 63, day of the past week. averaging 85. midduho Nashville. Tennessee. —We have had rain on six days of the tnding OLOsma qaoTATioHS roa oottoh oh— Wtek rainfall reaching one inch and seventy eight hun- Jan. 22. week, the Satur. Man. Tuet. Wednei. TA«r». Fin. dredths. Average thermometer 3S, highest 57, lowest 26. S'iSia Si^ie 9 9 Ontveston . . 8'5i« 8'«ia Mobile, Alabama.— It has rained severely on two days of New Orleans. Si« 8"'>ia 8i'i« 811 ,« 811, the week, and has been showery on four days, the rainfall a\ 8fli SnviimuUi . .. 8*1 8«i 8% S'*' reaching two inches and sixty-two hnndredths. The ther- Clmrlof*t^u . 9 9 9 9 9 9 Wilmington.. 9 9 9 e 9 mometer has averaged 50, ranging from 34 to 68. N(>rf.)lk 9',« 9 9 9 9 81",. 'W« Boston »38 939 938 938 « *"* U»B Montgomery, Alabama.— have had rain on four days gisasia Biiltlniore 9'8«''lg 9>«»»18 9>««3l6 a^f-ht 91«»3i, of the week, the rainfall reaching one inch and thirty-seven PlillailelpUla. »^ 938 ^^ U'S 939 938 AUKilata S'R 8»8 8»« 81>8 8% HH hundredths. The thermometer has averaged 4S. MiMiiphlg .... 8"i. 8\ ?"'' g"^ 9\ ij Alabama. It has been showery on thre-) days of the St. 1a>u18 84t SH e\ 8% 8% 8«. Selma, — C nolunatt... 87g 8''8 8'9 S'o *•> 8'8 week, the rainfall reaching eighty hundredths of an inch. The LoiUvUle.... S's 8T« 8'8 8^ 8»(i S^s thermometer has ranged from 35 to 60, averaging 46. Reoeii'TS from the Plantations.—The following table Auburn, Alabama. —Telegrim not received. indicates the actual movement each week from the plan- tations. The figures do not include overland receipts nor Madison, Florida. It has rained on one dav of the week, Southern consumption; the.v are simply a statement of the the rainfall reaching one inch and thirty-five hundredths. The of that part of weekly movement from the plantations the crop thermometer has averaged 55, the highest being 69 and the which finally reaches the market through the outports. lowest 39. Week RecetpU at the Porte. St'kat Interior Ibwnt. Rec'pte from Plant'm, Mauon, Georgia. —We have had rain on one day of the BiuBnff— week. 18-«.*» 1886-.S8 1883-84 1884-85 1885*8 1888-8 1 1884-85 1 1 l884-8e 1886-* 8 Columbus, Georgia. — It has rained severely on one day of Deo. us 1217.733 258.310J!jJ8,.m 123,r>77|883,866 481.839 261,084;288,755'884.»07 U laOl.BSO 207.K»3 20M(bl 422.310 3113.580 5il,3)9.200.41«'207,5l7 249,061 the week, the lainfall reaching one inch. The thermometer .(4ti.4~» '|10,A12 154,075'l«fl.««0 40T,li"4 543.557 1 1 31 26.276 140.043 219,088 has ranged from 32 to 58, averaging 44. .Ian. S ; 90,245 l».3.1.94|lfl.5.00H Sni),S9M3s!0,78i 52«,3B1 72,1B9 105,291 148.010 •• 15 llIfl.4«7^130.951jl08,48H3«0,715'304,85B 513,993 81,284 '.15.025 95,920 Savannah, Georgia. — It has rained on three days of the - Si '104.533 93.91 r 110.310 33".9"»291<.0H0 491,250 74.7in' 87.I.S2 89.Ui7 week, on two of which very lightly, and the remainder of the The above statement shows— 1. That the total receipts from week has been pleasant. The rainfall reached eighty-seven plantations since September 1885, are 4,455,h43 the 1, bales; hundredths of an inch. Average thermometer 51, highest 70, in 1884-8.5 were 4,:!32,5l)3 bales; in 1883-81 were 4,143,9.51 bales. lowest 32, 2. —That, althougli the receipts at the outports the past week were 110.310 bales, the actual movement from plantations wag Auffusta, Georgia, — It has rained lightly on two days of the only 89,567 bales, the balance being taken from the stocks at week, the rainfall reaching one inch and seven hundredths' the interior towns. Last year the receipts from the plantations The thermometer has averaged 45, the highest being 64 and for the same week were 87,133 bales and for 1884 they were the lowest 25. 74,718 bales. Atlanta, Georgia. -It has rained on three days of the week, Amount of Cotton in Sight Jan. 33.—In the taole belo» we give the receipts from plantations in another form, and add the rainfall reaching one inch and eighty-eight hundredths to them the net overland movement to Jan. 1, and also tht The thermometer has averaged 41, ranging from 28 to 56. takings by Southern spinners to the same date, so as to givt Albany, Georgia.—'^o have had rain on two days of the substantially the amount of cotton now in sight. week, the rainfall reaching ninety-seven hundredths of an inch. 1885-8(5. 1C84-85. 1883-34. 1882-83 The crop has been about all marketed. The thermometer haa I ranged from 32 to 72, averaging 50. Kecelpts at the (lorts to J an 22 3,!>78,442 4,051,697 3,8b2,207 4,113.631 InU-rior stocks ou Jan. 22 in Charleston, South Carolina.— It has rained on two days of excess of aeptenibur 1 477,100 280,865 281,714| 334,261 the week, the rainfall reaohiug one inch and sixty-one hun- Tot. receipts from plauta'tns 4.455,9*2 4,33^,.^6.' 1,143,951 4,482,895 dredths. Average thermometer 48, highest 70 and lowest 29. Net overlanil to January 1 52.'',0!)2 358,048 382.415 413.082 Boatliern consmnpt'n to Jan. 1 ISi.OoO 115,000 123.00V 130,0l« Stateburg, South Carolina. —We have had rain on two days, of the week, on one of which inappreciable. The rainfall Total In sight J weather there has been a freer movement of cotton into the Jan. 21 ,'86. Jan. 22, '85. interior towns. Feel. Inch. Feel. Inch. Qaloeston, Teasos. —Telegram not received. New Orleans* Above low-water mark. 9 2 4. Indianola, Texas. —Telegram not received. Uempbls Above low-watermark. 18 28 4. Nashville Above low-water mark. 21 5 37 a Palestine, 2'ea! P130 THE CHRONICLE. [Vol. XUI. years, has been as follows. "Other ports" cover Ceylon, Messrs. Gaddura, Bythell & Co.'s circular of like date said: Taticorin. Kurrachee and Coconada. The rain reported in our last proved to be the precursor of further downpours. Heavy rain has fallen during the week in nearly all of the ShipmenUfor the week. Shipment* tinct January 1. Oomra cotton-KrowIng districts, and as we write telegrams are coming in reporting a continuance of the same unfavorable weather, with no Great Oonli- signs of a change for the better. Serious damage to the crops is reported,, Continent. Total. Sritaitt. Ttent. J«««'- Britain. and even allowing for the customary exaggeration, there can be no doubt now that our hitherto promising Oomra cotton crop has suffered Oalontt*— materially. Whether the actual out-turn of the crop will be affected is 2,000 5,000 6,000 2,000 8,000 not quite certain, but there can be no question that the quality is seri- 1886 3,000 " 1886 2,300 1,000 3,300 4,300 1,000 5,800 ously injured. Fine" and 'fully good" will undoubtedly be much less Hadras- plentiful than was anticipated, whilst there will be a corresponding in- 1886 1,000 1,000 crease in the quantity of the lower grades. Rain is also reported from the 1885 300 300 1,300 1,300 Bengal districts, but this, beyond retarding supplies, will have no ad- All others— verse effect on the crop. In the Dhollera and Broach districts the 1886 2,000 2,000 4,000 5,000 2,000 7,000 weather has been very favorable, and so far crop accounts continue very 1885 2,000 2,000 3,500 3,500 promising. Receipts in the Oomra districts, as was to be expected, show a falling off compared with last week, and in the Bengal districts also Total aU- supplies are still comparatively small. Samples of new Bhownuiigur 1886 5,000 4,0D0 9,000 12,000 4,000 16,000 have been received here this week. The qualit.v is very satisfactiiry. 1885 4.600 1,000 5,600 9,600 1,000 10,600 and betokens a good crop should the weather continue favorable. A fair amount of buying has taken place this week for export, and prices, after a few fluctuations, are now about the same as when we last wrote. Tie above totals for the week show that the movement from the ports other than Bombay is 3,400 bales more than same Jdte Butts, Baooino, &c.—There is no change in the posi- weeK last year. For the whole of India, therefore, the total tion of bagging, and but little of interest has occurred. Trade shipments since January 1, 1886, and for the corresponding is very quiet, and prices, in the absence of important transac- periods of the two previous years, are as follows: tion.s, are nominal. For the small lots that are being taken EXPOBTS TO EI7B0PB FROM ALL INDIA. sellers are quoting 9Mo- for IJ^ lbs., 9%c. for 1=^ lbs., lOJ^e. 2 lbs. and ll^c. for standard grades ; but a shade less would 1885. 1884. 1886. buy a quantity. There is a moderate call for butts, and a Shipmentt few small lots buyers, but nothing is to all Europe Thit Since xnii Since Thit Since have found doing in a from— week. Jan. 1 week. Jan. 1. week. Jan. 1. large way. For paper grades quotations are lj4®l%e.,. while bagging qualities are held at 2%@2 7-16c. Bombay 9,Ono 33,000 9,000 42,000 47.000 102,000 All otber ports. 9,000 16,000 5,600 10,600 3,800 13,700 Comparative Poet Receipts and Daily Crop Movement. Total 18,000 49,000 14,600 52,600 50,800 115,700 —A comparison of the port movement by weeks is not accurate as the weeks in different years do not end on the same day of This last statement affords a very interesting comparison of the month. We have consequently added to our other standing the total movement for the three years at aU India ports, tables a daily and monthly statement, that the reader may constantly have before him the data for seeing the exact relative- AiiEXANDRiA Receipts and Shipments.—Through arrange- movement for the years named. The movement since ments we have made with Messrs. Davies, BenacM & Co., of September 1, 1885, and in previous years, has been as fol- Liverpool and Alexandria, we now receive a weekly cable of lows. the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments for the past week and for thf Monthly Tear Beginning September 1. corresponding week of the previous two years. Receipt!. 1885. 1884. 1883. 1882. 1881. 1880. Alexandria, Eaypt, January 20. 1885-86. 1684-35. 1883-84. Sept'mb'r 383,642 345,445 343,812 326,656 429.777 458,478- October. 1,055,524 1,090,385 1,046,092 980,584 853,195 968,319 seelpts (oantars*)— Bovemb'r TbiBweek ], 0-13, 552 1,122,164 1,030,380 1,094,697 974,043 1,006,501 i 85,000 135,000 65,000 Since Sept. 1 2,378,000 2,623,000 2,307,000 Deoemb'r 1,069,920 1,104,211 1,059,653 1,112,536 996,807 1,020,802 Thit Since Thit Since Thit Sinct Total 3,594,638 3,662,205 3,479,337 3,514,473 3,253,822 3,454,09»- week. Sept. 1. week. Sept. 1. week. Sept. 1. Pero'tage of tot. port Exports (bales)— receipts Dec. 31.. 76-68 71-75 58-38 68-93 58-80 To Liverpool.... 10.000 161,000 11,000 218,000 4,000 168,000 Xo Oontlnent ... 6,000 90,000 3,000 91,000 5,000 76,000 This statement shows that up to Dec. 31 the receipts at the- ports this year Total Europe., 16,000 251,000 14,000 309,000 9,0001244,000 were 67,567 bales less than in 1884 and 114,701 bales more than at the same time in 1883. Thfr • A oantar Is 98 lbs. receipts since September 1, 1885, and for the corresponding: This statement shows that the receipts for the week ending period of the five previous years have been as follows. Jan. 20 were 85,000 cantars and the sliipments to all Europe 16,000 bales. 1885-86. 1884-85. 1883 84. 1882-83. 1881-82 188C-91, Manchester Market.—Our report received from Manchester rot.Do.31 3,594,638 3,662,205 ,479,937 3,514,473 ,253,822 3,454,099- to-night states that the market is steady. We give the prices Jan. 1 21,177 10.259 19,952 49,366 8 20,294 " for to-day below, and leave previous weeks' prices for com- 2.... 15,114 19,02'^ 18,208 35,438 28,830 8. parison. " 3.... B. 23,20t 18,888 24,056 24,328 23,424 " 4.... 24 814 8. 19.977 29,181 17,926 11,808 1885-86. 1884-85. •' 6.. 31,73(1 25,88,5 14.490 33,890 23,405 13,397" " Oott'n Oolt'r. 6.. 14,401 21,985 8. 34.713 37,231 16,773: 82( Oop. 8i« lb: 32« Oop. 8>4 lU. Mid. Mid. " 7.. 20.516 15,047 20.021 S. 17,951 25,03» Ivtitf. Bhiriingt. XTplis Iwiif. BMrtingi. UpUit " 8.. 34,194 14,687 9,986 39,653 8. 17,286 " d. 4, a. g. d d. d. d. d. 8. d 9.. 20,519 32,314 16,885 19,740 21,640 8. 5S]6 Kov20 8Jl6®888 8 »7 1^ 8>« 99 9 «7 5% " 10.... S. 21,9S7 14,734 26,949 16,348 26,830 " 27 S^ 9811,6 8 »7 l>s 514 89163918 9 »7 " 11.... 14.574 8. 15,187 Bee. 4 8 «7 1>4 89l6«ni8 9 14,12s» 25,776 18,056 53iQ ®7 " " 11 3 aS'ie 7>a37 5iia 8i« 39% 8 ®7 12... 13,,144 25,086 15,185 28,542 12,362 20,036 " 7'8 18 ®87ig 7'4»7 8% a9 7 e7 51:4s " 13.... 18',770 20,004 8. 23,752 31,380 18,509 •• 24 7'8 »81,6 71s »7 5 838 ®9 7 a7 " 14.... 17,031 24,744 18,021 12,290 " 31 778 asi]* 7ia»7 4i5ie 7is»7 8. 28,777 8''te99iie 6 " Jan. 8 7% 986,8 71a 97 5 »''i69&iie 7is»7 15.... 19.450 10,924 17,404 31,999 8. 24,347 " 15 7ia»7 7i«»7 7%®86,e 5'18 8»8 a9 5'fll> " 16.... 19,977 28,208 16,082 19,691 17,601 8. « 22 7% »85i8 7i«»7 51,6 1 86]6®816i8l5 7i«»7 516. " 17.... S. 14,639 15,170 23,706 13,601 26,087 " 18.... 21,853 8. 28,e03 20,346 15,735 23,976 India East Crop.—Our cable dispatch of Dec. 18 referred " 19.... 17,094 15,018 15,185 30,896 16,877 17,369 to rains in the Berars, and stated that bad weather and roads " 20.... 18,405 21,752 8. 21,356 23,888 18,582 " were causing diminished receipts. We have this week mail 21.... 13,010 12,290 18,192 8. 15,733 31,395 " 22.... 19,971 11,009 18,843 21,176 8. 17,510- advices of the same date, and as confirming and explaining our cable, we give the following from Messrs. Wallace & Co.'s Total 13,973,442 4,031,169 3,810,194 4,057,763 3,616,133 3,853,704 report: Percentage of total port rec'pts Jan. 22 84-40 78-56 67-42 76-60 6561 For forward delivery most sellers have withdra-wn from the market, pending the result of the rain which is now falling In the Oomrawuttee .Exporters' jiurclmscs for the This statement shows „),*!;'",iS*f- past fortnight amount to about that the receipts since Sept. 1 up to 20,000 bales, and local ujills have taken about 7,000 bales. The result to-night are now 53,737 bales less than tl.ey were to the same of the unseasonable rains referred to above cannot be ascertained at day of the month in 1884 and 168,248 bales more than they were present, as the weather has net cleared up, but, on the contrary has exteiided to the Cential the of and Northwest Provinces, so that it is /eared to same day the month in 1883. We add to the table that Bengals alsn mny be damaged. The fall has been heaviest in the the percentages of total port receipts which had been received" Berars, where five inches have been registered so far, and in other Oomrawuttee dislnols to January 22 in each of the years named. two to five Inches. Presses and gins have all been stoi.ped, and there will probably be a falling off iu receipts during The Exports op Cotton from New York this week show a^ ',*,'* "" however, that the quality gen ^^I'w'L'ffrr"'^]"-*erally will be aflected for W ^'""'f'' decrease compared with last week, total reaching 11,051 the worse by such unseasonable niin, and all the sellers of "flne" qualities have withdrawn. Whether or not quantity bales, against 33,064 bales last week. Below we give our usual y" doubtful, but unless rain ceases ?h«nft.'',^„''^f'l.'\''>'' Immediately table, showing the exports of cotton from New York, and their "/ the Oomrawuttee crop will ue smaller than was »?n?.l IK expected direction, for each of the last four weeks; also the total exports '"'" '^ reported to have talleu fn B thir .L R^^i' T* ''?P.,'";',- ^"J-'U"" **"**'*" that all JsweU with these and directions since September 1, ?885, and in the last column ^ops^ye?^^''" the total for the same period of the previous year. , , 2 . : January 38, 1884.] THE CHRONICLE. 131 xroKT* or corroa (balbx) rROM Niew Tons iimob bbpt. 1. 1880. Below we add the clearances this week of vesMls oarrring ootton from United Statea porta, bringing our data down to Wiek eiuting— i Utime dates: Toteit perind the latest Sxported to— - Dee. Jan. Jan. Jan. tinee ;>r«ti('iw OAl.TKsr.iv i>r t.iviTixii.I-.Tiin. 19—Mteamer DucheM, 3,594.. ..Jan. 31. 7, 14. 21, Sept. 1. year. Hi 1 ,761. Kor I < Orl'iiia, 2,022. (ilrerpool 6.91 18,027 IS^-iOO 4,964 IU0,08.'>21.\987 Haw OKI Jan. le-Hteamer Oata RloaD, 4,0ei..^ Otber British port*. 831 869 975 1.102 31,775| 27,383 Jan. 18 tltcumci' l^opuJiul, 2,700 Jaa. 10—flteaiuer Andeiui, 3,<.i56. ffOTALTO QRKAT BRITAIM 7.743 18,896 16.473 6,066 221,860,24^,370 For Havre—Jan. 19—.Ship Storm Kln«r. 4,069. For Genoa—Jan. 15— Hark Ilurltelj, 2,2,^0. Havre 1,173 1,000 1,350 327 22,706 26,296 8AVA>NAii-Kor Liverpool—Jan. 18-8hlp Cejlon, 3,521. Other Frenoh porta 751 For Genoa-Jan. 1,5— Briif Giro, 2,000, Ohaki.kston— For LIverjiiM.l- Jan. 18—Bark Xema, 2,100. SOTAL FRKNOH 1,173 1,000 1,330 227 22,766 27,046 For Bremrn—Jan. l.V- Hteamer Embleton, 4,425. For Genoa—Jan. 15— Hark I^nazlo, 1.140. Bremen 700 970 1,186 19,859 l.\994 Wii.MisoToN—For Leghorn, Italy-Jan. Ifi— Bark Ht. Joseph, 1,470. HamliiirK 2.228 479 8*<'4. 699 35,1H3 33,864 NoKKOLK- For LiveiiMMil-Jan. 10— Bark Forest, 2,450. Other porta. 2,384 2.911 2,959 2,873 42,639 44,354 For Koni'U—Jan. 16— Bark Jas. G. Bain, 2,328, Boston-For Llwrpool-Jan. 13—Steamer Mlxeourl, 3,152, Total TO North. Europe 4,622 4,120 4,793, 4,768 97,681 94,212 Bai.timokk—For Liverpool—Jan. 16—Steamer Xessmore, 783. PHiLADKU'iiiA-For Liverpool—Jan. 19—Steamer Lord Cllve, 1,401. Spain, Op'rto,Qlbralt'r,Ao "'"36 3,402 1.497 All other "687 "iVe 8,965 7,593 Below we pve all news received to date of disasters to veaaela carrying cotton from United States ports, &c. Total Spain, Ao . 36 446 12,367 9,090 Matiukw Bedlinoton, steamer (Br.), before reported on Are at New- port News. About 200 Grand Total 24,052 23,064 11,051 354,674 373,718 bales cotton were damaged by Are, Instead of 2,000, as before reported, QnTTENnuRn, (Ger.), The FOLLOWINQ ARK THE OROSS RECEIPTS OF COTTON bark before reported. Almost the entire cargo of at the bark Guttenburg, which went ashore southeast of Bird Key, New York, Boston, Philadelphia and Baltimore for the past Deo. 15, would probably be saved, but the vessel Is a total wreok> week, and since September 1, 188.5. Cotton freights the past week have been as follows: New York. Boston. Philadilph'a Baltimobr. RkHvU Batur. Hon. luet. Wtdnei. Thuri. Fri. from— ThU Since Thi$ Since Tilie Since This Since week. Sept. 1. week. Sept. 1. week. Sept. 1. VKek. SepM. Liverpool, steam d. 764®% 7e4«>8 7e«»>8 7(149 <• Do ail... 132 THE CHKONICLE. [Vol. Xi:^. WMlnra.. Jan.SO. Thar*., Jan. 21. FrI.i Jan. 3!2. The movement of breadstufls to market is indicated In th e statements below, prepared by us from the figures of the New High Low. High Low. Cloj Open BtQh Low. Om Open I Open York Produce Exchange. We first give the receipts at Western d. d. t. a. d. d. d. d. lake and river ports, arranged so as to present the compara- 4 62 Jaaoanr. 4 6a 4 63 4 68 4 62 4 62 4 62 4 62 4 62 462 4 62 4 62 62 4 62 4 62 tive movement for the week ending Jan. 16, 1886, and since Jm.-Feb.... 4 62 462 4 61! 4 62 4 62 4 62 4 62 4 62 4 62 4 62 Feb.-Marcb. 463 4 03 4 63 4t>3 463 463 463 463 4 62 4 62 4 62 4 July 26 for each of the last three years: ' 5 00 Mu-cti-Apr. 5 01 5 01 6 01 5 01 5 01 5 01 5 01 5 01 500 6 00 600 Aprll-M»j.. 508 5 as 5 03 5 03 503 6 03 5 03 5 03 5 02 5 02 5 02 5 02 fiaceipti at— FUyur. Wheat. Oom. Oats, Barley. Rut. May-Jane-. S06 soa 506 506 506 506 506 506 606 5 05 6 06 5 05 5 08 5 08 Bbl>.\96lbg Bush.SH Iba Jnne-July.. eoe Boe 6 08 60S 5 09 5 09 609 6C9 508 5 08 Bmh.eo lb! Bmh.su lbs Bmh.ifilb>'B%uli.mibt 611 511 Chicago Jnly-Auff... 6 18 513 512 5 12 512 512 512 612 611 511 87.413 66.115 268.481 314,688 246.758 j.359 5 15 15 515 614 614 511 5 14 Milwaukee 38.159 49,530 2,880 19,030 98,285] Aug.-Sttpt . BUS 519 BIS 516 5 15 6 3,855 Toledo 1.88.1 I9.3M 28.039 1.111 1.! 4.038 Detroit :i,094 64.948 29,863 14.761 24,316 Cleveland. .. 2,307 21,000 15.500 6,000 2,500 BREADSTUFFS; St. Louis .... 8,212 .'!2,»93 88.080 77,054 10.800 3,313 Peoria. . ... 476 2.750 84,975 98.335 13,800 Fkidat, p. M.. January 22, 18b6. 3,000 Duluth 151,000 for wheat flour was dull and depressed on Sat" Tbe market Tot.wk. 91.573 403,120 517,818 530.979 397.788 23,565 xffday and Monday at the reduced quotations given in our Same wk. '85 205,091 1.716,1586 2.438.124 1.067.S12 431,922 41.108 Same wk. on Tuesday took a firmer tone, with considerable 84 182,179; M0.038 2,386.264 1,141.894 308,588 84,290 last, but Sinte Jvly 26 coniinued throughout Wednes- actirity in the dealings, which 1885-86. 4.100,401 41,666,346 45.9:7.246 31,649.970 13,345,733 2,093,805 day. The reaction in wheat toward better prices encourages 1884-85. 6,333,569 75,769,222 45.001.930 31,973 8511 10.677,055 3,413.176 I8t8-84. 4,869.9901 53.694,098 58.422,0aa 34,200.326 12,301.161 5.463,878 local dealers to purchase more freely. Rye flour and corn meal have been flrm, but the demand was quite moderate. The comparative shipments of flour and grain from the same severe attack The wheat market has been quite excited. A ports from Dec. 21, 1885, to January 16. 1886, inclusive, for ffOBQ the " bear" party, predicated on the large visible supply four rears, show as follows: and the absence of export demand, caused a sharp decline in 188.1-86 1884-35. 1883-84. 1882-S3. Flour Obis. 573,113 917.996 696,545 tte course of Saturday and Monday; but on Tuesday the 926.544 "bulls" came forward in force, and their operations, together Wheat bush. 696,707 1,351,102 1,527,675 1,381,582 Com... 4.2-23.479 6.870.862 4,57S).!I0G springs 5,495,255 with the demand to cover contracts which usually up Oats 2,26i,b29 1.866,191 l,8i:5,3JS 2.477,890 snder such circumstances, effected a material recovery in Barley ...... 896,(112 4s7,t>75 570,270 873,703 Rye 109,729 155,131 192,386 173,369 values. Wednesday was wavering until near the close, when Total grain.... 3,189.556 9,730,961 8,695.575 10.401.799 the report that a large business had been done for export led Below are the rail shipments from Western lake and river <5 a small further advance, with very large dealiBgs in May ports for four years: options. To-day the market for futures had a firmer and June 1886. 1885. 1884. 1883. openuig and tbe close was dearer, with a good business done Week Week Week Week Jan. 16. Jan. 17. Jan. 19. Jan. 20. for export, effecting a rapid reduction of stocks in store. Flour bbls. 115,771 243,967 179.625 172,214 AOAthT OLOSIHO PRICBS OP SO. 2 RED WINTER WHEAT. Wheat.. „ bash. 224,071 319,507 557,685 314,238 w— So*. Hon. Tuei. Wed. Ihurt. Fri. Com.... ._.., 441,577 1,989,293 1,617,324 1,327,961 .... 90 .... 9Cis Id elevator 90>a 89H Oats 358.U69 6u8,783 741,428 690,488 delivery.. 894 88>4 .87 88 .... fO January Barley 203,338 122,815 182,990 202,245 rebruary deliver!^ 69% 88'8 »7^ 88»8 88% i>0^ Rye 17.236 39,775 60.748 36,877 March deUvery 91i8 9014 SS'^e 90 yoia 91% Aoril ileUvery 92=8 91=9 SO^ gi"! 9m 93% Total 1,244.341 3,080.173 3,160,175 2,571,809 Itay delivery 94J8 93 giSg 92i>8 93 94!>8 Jtne deUvery 94 92I>8 93% 94ie 95% The rail and lake shipments from same ports for last four Indian corn has sympathized to some extent with wheat. weeks were: An effort has been made to demonstrate that the late Week Flour, Rye, ending— bbls. overestimated early in the season. bush. crop was The higher Jan. Id, '86 115,771 17,286 prices have checked business in corn on the spot, and in par. Jan. 9,'86 13H,998 24,753 Jan. 2,'86 189,878 35.976 ticnlar the movement for export has been limited. There has Dec,26,'85 130,466 31,714 been very little done in white or yellow corn. To-day a vari. Tot., 4w. 573.113 696,707 4,223.479 2,263,629 896,012 109,729 able market closed without important change from yesterday. 4w'k8'84-5.917,b96 1.351,102 5,870,862 1,866,491 487,675 158,131 OAILT OLOSINO PBICBg OF NO. 2 MIXED CORN. The receipts of flour and gram at the seaboard ports for the Sat. Hon. Tuet. Wed. Thuri. Frt. week ended Jan. 16, 1886, follow: In elevator SOH 50I4 50 0II4 hV-i 52 Flour, Wheat, January delivery 49% 49% 50 Si's ai'^s 51'8 Corn. Oats, Barley, Bye, Febiuary delivery... 481s 48% 48-a 495b 49% 50'4 At— bbls. bush. btish. bush. bush. bush. March delivery 48'i 4838 4838 4968 49'* 49% New York 56,617 4.950 222,600 ICOOOO 77,750 700 April delivery 48ia 1838 4«38 4914 49I4 49>4 Boston 44,363 4,830 146,261 80.296 7,293 May delivery 48i8 48 48 48=8 48% 49 Portland 1,600 59,082 2.500 Montreal 4.091 14,200 2,500 2,350 2,650 Oats have been.taken to a moderate extent and after a period Philadelphia... 15.055 9,600 48,200 45,000 39,000 4,800 of depression the market showed increasing strength; Baltimore 23,082 15,261 381.769 7.064 still the Richmond 1,427 25,556 15,962 9,214 market has been very moderate for home consumption and Newport News 21,889 New Orleans... 8,376 678 540,.550 17,832 the speculation sluggish. To-day there was a quiet and somewhat unsettled market. Total weelt... 154.616 75.075 1.438.813 356,256 126,693 5,500 Cor. week '85.. 256,293 935,436 2.520,124 531,532 155,204 38,099 DAILY CLOSING PRICES OF NO. 2 OATS. The total receipts at the same ports for the period from Dec. Bat. Mon. Tues. Wed. Thurt. Fri January delivery 36>ii S&^ 36I4 3658 36% 37i« 21, 1885, to Jan. 16, 1886, compare as follows for four years: rebroary delivery 36% 3ti!si 36»8 SS^e 37 37 H March delivery 37 36% 188.^,-86. 1884-85. 1883-S4. 1882-93. 3714 Flour bbls. 752,852 9,o6,156 822,540 1,264,798 April liellvery 87 36% 37»4 MaydeUvery 36% 36% 36% 3a"78 37^8 ZIH Wheat bush. 489,963 2.406.186 1,151.193 4,110.556 Rye has remained quiet. Barley malt has met with a good Com ' 7.740.286 6,885,533 2,809,584 5,371,185 9:i6 demand at full prices, but Oats... 1,796, 1,609.522 982.081 1.717,398 a disposition among holders to Barley 592.973 439,867 421,000 280,139 advance prices for choice samples has checked business. Rye ., 39,518 69,721 122,842 54,724 The following are the closing quotations: Total grain. 10,659,466 Jll,410,829 5,486,700 11,543,981 FLOtJB. The exports from the several seaboard ports for the week Fine VTlbl. $2 409 3 30 Southern supers $3 409 3 65 ending Jan. 16, 1886, are shown in the Baperflne 3 009 3 40 Southern bakers' and annexed statement: Spring wheat extras. 3 109 3 50 family brands 4 659 5 25 Minn, clear and stra't. 4 OOS 5 00 Exports Bye ttour, suparflne.. 3 309 3 55 Wheal. Oom. Flour. Oats. Xye. Peas. Winter Bhlpp'g extras. 3 25n 3 75 Com met 1— from— 'mnterZX & XXX.. 4 009 5 00 Western, &o 3 00)9 3 15 Sush. Bush. Patents 4.509 575 Brandywlne. Ao 8 159 Bbls. Bush. Bush. Btish. City shipping ex 3 eoa 5 00 Buckwheat flour, <8 Hew York 162,267 426.079 78,931 129,948 1,524 Bonth'n 00m. extras. Boston. . 109.030 64,780 10,325 4 009 4 50 1 100 lbs 190® 2 05 Portland. 49,08^ GRAIN. 600 Vheat— Rye— Montreal. Western 63 9 64 Philadel.. 32,500 197',288 li'364 Bvnng,per bush. PO 9 97 State and Canada... 66 9 67 Spring No. 2 89 9 90 Oats— Baltlm're 3,941 926 704 22,893 Mixed 35 o 38 N. Orl'ns. 243,976 245 Bed winter, Mo. 2 90 9 91 White 39 o 44 Riohm'd . 6,986 Red winter 75 » 96 No. 2 mixed 3ti%» White 38 85 9 94 No. 2 white 39'a9 40%,„ Oom—West. Dilxed 45 9 hA Barlcy-No. Total w'k. 198.708 1,952,159 175,799 140,273 1,524 1 Canada. 1 0091 05 S'me time West. mix. No. 2. 51ia» 52% No. 2 Canada 82 9 West, whitcaew. 84 1885. .. 1,296,458 1,153,528 202,493 4,377 10.295 31,521 47 9 53 State, two-rowed 69 9 71 West, yellow,new 47 9 53 State, six-rowed 73 9 8.5 White Bouthern.. 50 9 55 Buckwheat The destination of these exports is as below. We add fbe Yellow BoDthem. 51 ® 53 47 « S3 oon.'espoQding period of last year for comparison. . 9 Januart 23, 1880.J THE CHRONICLE. 133 flour. WDmU. Com. and reached a fair agcrregate amount, but purohaaea averaged M»port$ light. Brown bleached tariattk 18f)B. tSFS. 1886. 1R8S. 1886. 188S and cottons and wide sheeting! were Week, Week. Week. ir«A:. Week. Witk, in moderate request at unchanged prioen, but cotton flanoela Jan. 16 Jan. 17. Jan. 1(1. Jan. 17. Jan. 16. Jan, 17. and oorset jeans ruled quiet. Cottonades, denims, chevlota, Bbti Stuh. Buth. Riu* BbU. skirtings and cotton coatings were in pretty 129,372 ieo,w95 123.998 991.34'^ 1,070.005 839,44.1 good demand by A3QI 4,355 74,.710 302,110 864,2110 20rt.5iia the manufacturing trade, and a fair distribution of tickings, 18,V43 15,249 800 80, H 4:1 checks, plaids, lit, 139 18,329 8,930 14.102 stripes, &c., was made in relatively small 3.130 3,146 6,.567 1.004 parcels. White goods, quilts, scrim curtains, and table 554 419 997 1,560 dainarks continued to move freely, and prices are firmly Total... 175,799 202,493 198,708 1,298,45? 1.952,159 1,153,528 maintained on leading makes. Print cloths were in fair ByaddinK this week's movement to our previous totals we demand, and the market is strong on the basis of 3^c. for of exports tUs season last hkve the following statement and 64x64sand 2J^c. for 56x003, at which figures manufacturers are season: reluctant sellers. Prints were moderately active in first How. Wheat. CbfTt. bands, and a fairly satiefactory business was done in cotton 1886.88. 18e4-8S. 1885-88. 1884-85. 188S-88. 1884-85. wash fabrics, ginghams, seersuckers, cotton hosiery and mauru to- Aug. 84 to AU9. • : ?!::: • THE DRY. GOODS TRADE. : : : ; a New York. Friday, P. M., January 22, 1886. The market for dry goods has shown moderate activity the e^ CCOi tf^ ccto ' QO-)a>toco ^1 past week, a fairly satisfactory business in spring and sum- »-- M M --1 -O CDGC — CO'-' ^ wcooso 00- C-H-Ol gpCff ^cc o mer fabrics having been done by commission bouses and ro ,-• - towcoto importers, while there were symptoms of improvement in ^uc;<>*- to tJ coco C CO :ji CD ;j !-•»- commenced with a degree of liberality denoting ample toco Xt-» 0-. w_tO;t»._ro -40 I -g CD ( 0< I*- ;/• © CO to tv to "-J i**^ continues steady, and advanced quotations have been made t ^»OiU«kCO for some descriptions of woolen goods because of the increased 2S co»o 00 on— 0*»3:4-Cl-* cost of the staple, while silk products are much more firmly 00 OS to TDM*. tco«--o J« 05b***>bi tOC*J'^0> cooo;;t3s^i -4 held for the same reason, although prices of the latter have tf.Wi»-*-HO I not undergone any material change as yet. I-' % Domestic Cotton Goods.—The exports of domestics during .«" CO ACOl^QDW the week ending January 19 have shown a substantial improve- CO Ceo bjOi^J*0> ment, 7,26d packages having been shipped from this port. The principal shipments were 2,709 packages to Great Britain, bos )-> Ki to m Ct) 1,460 to Africa, O U.I4 03 CD M 00 to o j> COcKi^tOtOVr 1,401 to Madagascar, 349 to Venezuela, 258 to 00 ' «io *00 30-._— p;O_-Jt0r» «p^^(OW U. 8. of Colombia, 25.5 to French Possessions in Africa, 115 to "55 I «0> 'eobibtfoV* CO^ baoob*- i*k w IKOJ-oCO-- Chili, &c. The demand for staple cotton goods was steady, cooootoo *J3S ^0lX0D-.O , : : 134 THK CHKONICLE. [Vol. XI ,11. 'gxvLSt ^ompmiizs. financial ^o\np^mts. Brewster, Cobb United States Trus' Co. Metropoiitan Trust Co., OF XEW T07?K. Mills Building. 35 Wall St.. New York & Estabrook, No. 49 WAIiL STREET. PAID TIP CAPIT.tl,, $1,000,000. Designated as a legal Depository by order of Sn- BANKBKS, Capital aud Surplus, $6,000,000 prenie Court. Receive deposits of money on interest, act as Hsoal or transfer agent, or trustee for corpora- No. 8S CONGRESS STREET, This company la a legal depository for moneys paid tions, and accept and execute any legal .trusts from into court, and is autnorized to act as guardian or persons or corporations on as favorable terms aa trust ee. other similar companies. BOSTON. INTEREST ALLOWED ON DEPOSITS, THOMAS HILLHOUSE, President. which may be made at any time, and withdrawn after FREDERIC D. TAPPEN, Vice-President. aCEUBERS OF THE NEW YORK AN. Ave days' notice, and will be entitled to interest for WALTER J. BRITTIN. Secretory. the whole time they may remain with the company. BOSTON STOCK EXCHANQES. E.xecutors, administrators, or trustees of estates, ALSO, and females unaccustomed to the transaction of busi- religious and benevolent institutions, AMERICAN Dealers In nnnldpal, State, Rallroa- ness, as well as will find this company a convenient depository for and FTnftf%«l StatPM Rnnd*. money. JOHN A. STEWART, President. WILLIAM H. MACY, Vice-President. FINANCE COMP'Y, JO8HDA WILBODll, CHAKLK8 H. SHZLSON JB. JAMES S. CLARK, Second Vice-Pres't BiNJAHiN A. Jackson, Wiujaii binnbt, Jb. 96 BROADWAY, NE^V YOKK. TRUSTEES: Dan. H. Arnold, iW. W. Phelps, iJohnH.Rhoades. Wilbour, Jackson & Co. Slocomb.'D. Willis James. Anson P.Stokes. JOHN C. SHORT President Thomas ,.. ' *. .. ^ . Charles E. Bill, John' J.' Aator, jRobt.B. Minturn, FRANCIS A. WHITE Ist Vice-President BANKERS AND BROKERS Wilson Hunt, John A. Stewart, '(Jeo. H. Warren, G. JAMBS S. NEGLBY 2d Vice-President Wm.H. Macy, S. M. Buck'gham Geo. Bliss. SS WETBOSSET STREET, Clinton Gilbert, H. E. Lawrence, William Llbbey, THKO. B. TALBOT Sd Vice-President Daniel D. Lord, Isaac N Phelps, John C. Brown, WM. P. WATSON Seo'y and Treas. PROVIDENCE, R. I. Samuel Sloan, Erastua Corning, Edward Cooper, James Low, S. B. Chittenden, W.Bay'rdCutting Daalen in Commercial Paper, GoTemment 'an' Chas. S. Smith. A.nthorized Capital Stock, $1,000,000. other flrBt-olass Bonds anil Securities and ForelK HENRY L. THORNRLL. Secretary. BxobanKe. LOUIS Q. HAMPTON. Assistant Secretary In 600,000. PrlTate TelegTHPh wire t.o New York and Bogto Paid Samuel G. Studley, SOUND INVESTMENT BONDS furnished to Sav- Union Trust Company ings Banks, Insurance Companies, Executors and COMMISSION STOCK BBOEEB, Trustees of Estates, and Individual Investors. OF NEW TORK. UNITED STATES BONDS, State Bonds, Munici- No. 4 Excbanse Place, Room Mo. 4, pal Bonds, Railroad Bonds, bought and sold, 73 Broadway, cor. Rector St., N. Y. BOSTON, MASS. DEFAULTED BONDS of Slates, Municipalities *nd Railroad Companies negotiated or collected. MKMBBR OF BOSTON STOCK KXOHANOE. CAPITA li, - $1,000,000 CALL AND TIME LOANS made on United Stat«a - $2,000,000 SURPLUS, Bonds and good Municipal and Railroad Bonds. gMXajdclpTxta l^aufecra Authorized to act as Fxecutor, Administrator, FINANCIAL AGENCY for railroad companies and Guardian, Receiver, or Trustee, and is ^ther corporations. Will also conduct the reorgani- A LEGAL DEPOSITORY FOR MONEY sation of railroad companies and other corporations Narr & Gerlach, Accepts the transfer agency and registry of stocks, whose bonds are in default.^or whose property is la and acts as Trustee of mortg-iges of corporations. '.he hands of Receivers or Trustees, BANKERS AND BROKERS, Allows interest on deposits, which may be made at No. 437 CHESTNUT STREET, any time. «nd withdrawn on five days' nt)tice, with RAILROAD LOANS negotiated. interest for the whole time they remain with the Circulars on application. PHII.ADEL,PIIIA. cum pan y. Members of the Philadelphia and New York Stock For the convenience of depositors this company Exchanges. also opens current accounts subject, in accordance Bonds of Sni-etysliip. with its rules, to check at sight, and allows interest Cable Transfers, Bills of Exchange and Letters of up >n the resulting daily balances. Such checks pass Credit. through the Clearing House. NO OTHER BUSINESS. JOS. M. SHOSMAKllt. ROBXRT M. JANMIT, TRUSTEES: Wm. Whitewrlght, Jamei M. McLean, The Guarantee Co. Henry A. Kent, Ambrtwe C. Kingsland, M. Shoemaker & Co R. T. Wilson, James H. Ogilvle, OF NORTH AMERICA. Jos. Wra. F. Russell, S. T. Fairchild. C. D. Wood, I. H. Frothingham, Cash Capital 1300,000 BANKERS AND STOCK BROKERS, James N. Piatt, George A. Jarvls, OashAssets 400,000 D. C. Hays,! C. Vanderbilt, Deposit with Insurance Department 214,000 No. 184 S017TH STREET, James Forsyth. A. A. Ik»w, Vice-President THIRD George Cabot Ward, Willinms. President G. G. jAS. FKRRIKB. Edward King, R. G. Henisen, SIK ALEX. T. GALT. HON. PEIIL.ADEL.PIIIA. E. B. Wesley, J. B- Johnston, Managing Director: BJdward Rawlinos, D. H. McAlpin, Edward 8chell. NEW YORK OFFICE; Georce B. Carhart, Araasa J. Parker. Henry Stokes, Samuel F. Barger, NO, 111 BROADAVAY. galttmore jBattluers. Robert Lenox Kennedy, D, J. TO.MPK1NS, Secretary. EXECUTIVE COMMITTEE: Niw York Dirkctohs—Joseph W. Drexel, A. L. Victor Newoomo, John Paton, Daniel Wm. Whitewright, G. G. Williams. Hopkins, H. Wilson, Colston & Co., Torrance. Edw. K WInslow Krastus Wlman. James M McLean, E. B. Wesley, BANKERS AND BROKERS, George Cabo*.- Ward, C. D, Wood, Members of Baltimore Stock ExcbanKe, J.B.Johnston, D. C. H lys. FIDELITY A CASUALTY CO., EDWARD KING, President. BALTIjnORE. Nos. 814 * 216 BROADWAY, NEW YOBK. JAMES M. MCLEAN, First Vice-Pres't. INTB8TMENT and SODTHBRN 8BCUBITIBS • Cash Capital, $250,000, invested in U. 8. Gov't Bonds. IMOlaltr. J ^MES H.OGILVIE, Second Vice-Pres't. 1200,000 depo.sited with the N. Y. Isn. Dep't, for Gorreapondenoe oUoited and information for A. O. RONALDSON, Secretary. the protection of Policy-holders. alaned. Assets, January l.st, 1BS5, »51li,01«) 11, H. Y. Correapondenie—MoKlm Brothers A Go. OfQcials of Banks, Railroads and blxpress Compa- nies. Managers. Secretaries, and Clerks of Public Com- panies, Institutions and Commercial firms, ean obtain Robert Garrett & Sons, The Brooklyn Trust Co, BONDS OF SURETYSHIP from this Company at moderate charges. Cor. of Montague & Clinton sts., Brooklyn, N. Y. BANKERS, The bonds of this Company are accepted by t*ie This Company is authorized by special charter to courts of the various States No. T SOUTH STREET, act as receiver, trustee, t^uardian, executor or ad- ministrator. CASCAI.XX DEPARTMENT. BALTIMORE, It can act as agent in the sale or management of Policies issued against accidents causing death 01 real estate, collect interest or dividends, receive totally disabling injuries. TRANSACT A GENERAL DOMESTIC ANL registry and transfer books, or make purchase and Full information as to details, rates, &c., can be at head oflBce. or of Company's Agents. POKBION BANKING BUSINESS. stue of Government and other securities. obtained Religious and charitable institutions, and persons Wm. M. RichariS. Prest. John M. Crane, Seo'y unaccustomed to the transaction of business, will KOB'x J. Hillas, Ass't Secretary, find this Company a safe and convenient depository DIRECTORS: for money. RIPLEY ROPES. President. Geo. T. Hone David Dows, W, G. Low, EDMUND W. CORLIKS, Vice-Pres't. G. G. Williams, A. S. Barnes, Charles Dennis. TRUSTEES: J.S.T. Stranahan.H. A, Hurlbut, Alex. Mitchell, Josiah O. Low, E. V. Knowlton, Henry K Sheldon, A. B. Hull, J. D. Vermilye, 8. B. Chittenden. The Union Trust Co., Alex. M. White, John T. Martin. C. D. Wood, Geo. S. Coe. Wm. M. Richards. A. A. Low, Fred. Cromwell, Henry Sanger, 613 811 AND CHESTNUT STREET, Alex. McCue, John P. Koife, vvm. U. Male, SaxRHAN 8. JKWKTT, Pres. Josiah JiwiTT, V.Pres PHILADEI.PHIA. Mich. Chauncey, E w. Corlles. Ripley Ropes, WILLIAM C. CoRNWELL, Cashier. Wm. B. Kendall, H. E. Pierrepont.Abram B. Baylls Attthorlied Capital tl.OOO.OOO Jas. Ross Cubran. Secretary. Paid-up Capital SOO.OOO Bank of Buffalo, Acts as Execotor, Administrator, Assignee, etc., and execatCH trusts of every description known to OAPITAli, $300,000 the law. T H B All trust asseta kept separate from those of the BUFFALO, N. Y. Company. Provident Life &Trust ThlB bank has superior facilities for n ''\lnfc oolleo Burglar-Proof Safes t-n rent at $5 to $60 per annum. Co accessible . Statei* Wills kept In Vaults without charge. clODB on alt points In the U Ited OF PHILADELPHIA. and Europe. Liberal terms extended to Bonds. Stocks and other valuables taken nader Canada guarantee. Incorporated Third Mo., 22d, 1K«5. iocounts of bankers and merchants. (CHARTER COBKESPONDENTS.—New York. Nf,tl:aa1 Shoe A Paintings, .statuary. Bronzes, etc., kept In Fire- _ _ PEKl'ETUAL.) Proof Vaults CAPITAL $1,000,000 Tj«at.h»r Rank: TTnlnn Runh of I,oni!fii. Money received on deposit at interest. ASSETS $15,621,530 63. JA8. LONG. Prea't. JOHN ^UBUVVLUCt. 'gUBVLXmUt, CiPottim. THE John C. Graham & Co., OFFICE OF THE MUTUAL LIFE Cotton ConimlgHion Blerchantf), No. 19 SOUTH WILLIAin STREET INSURANCE CO. OF NEW fORK. New York. ATLANTIC R. A. MoCURDY, President. BBLMA, ALA.; MONTOOMKRT, ALA. IBBUKS SYSST DMBOSIPTION OF Bayers of Cotton for a Commission Orders for rotor* Ckjntraota aieonted In N«w Ton LIFEA ENDO WMENTPOLICIES and l,lv erpool. Mutual Insurance Co., Rates Lower i^an other Companies, Waldron & Tainter, ORGANIZED APRU, 14, 1842. COTTON NEW YORK, January 24, 1885. MERCHANTS, - - 97 PBARI, STREET. ThftTrnstees, In oonfonnlty to the Charter of AasetB. $103,876,178 51 the Compuny, auhnilt the following Statement Geo. Copeland & Co., Ita affalrB ou the 3lBt December, 1884: Klska EQUITABLE COTTON Preoiliiins »a Marine from BROKERS, 1st January, 1884, to 3l8t De- LIFE ASiHiVRANCE SOCIETY, 134 PEARI. STREET, NEW YORK cember, 1884 $3,058,039 44 120 BROADWAY, NEW YORK. Premium* on PoUoiea not marked FELLUWES, JOHNSON ft TILE8T0N, off let January, 1884 1,447,756 70 COTTON, STOCKS, RONDS, *e., Assets, January 1, 1885 168,161,925 Total Marine Premiums $5,405,796 14 Surplus at 4 per cent 10,483,617 26 WILLIAM 8TRKKT. NKW TOBK. " Orders in Fnturww" eT«wnit«Ml at W . Potton Income in 1884 16,003,480 y. Vzeta. Premlumn marked olT from 1st Paid to Policyholders during JOHN U. CEISBY & CO., January, 1884, to Slst Oeoem- last 36 years 81,072,486 ber, 18d4 $4,066,271 04 COTTON BUYERS, THE SOCIETY ISSUES inONTGOniERY, INDISPUTABLE ASSURANCES AI.A. paid during the same PlTSCHAai ONLT ON ORDHRfl FOB A COMVIIWIOa period $2,109,919 20 AND MAKES PROMPT PA YMENT OF CLAIMS. Betnins of Premiums and Ex- Jk^ttovucys. penses $787,789 40 The United States Life William W. Porter, The Company has the following Assets, viz.: Dalted States and State of New Insurance Co. Attorney and Counsellor at Law York Stock, City, Bank and IN THE CITY OF NEW YORK. No. 623 WALNUT STREET, other Stocks $8,776,685 00 (OKOANIZBD IN 1850.) Philadelphia, Pa. Loans secured by Stocks and 261, 262 & 263 Broadway, New York. Corporation, Transportation and Commercial T,AW. otherwise 2,005,100 00 T. H. BROSNAN. President. Refeuf.nces:—The Trust Companies, The Natlona C. P. Fralhoh. Banks and Railroad Beal Estate and Claims due the Seo'y. A. Wbeilwhioht, AM't Sec Companies in FhiladelpfaU, and Ueo. II. BDRroRD. Actuarr. the Judges of any of the Courts. Company, estimated at 440,000 All the profits belong to the I'olioy-holders exclu- Premium Notes and Bills Be- sively. E. All rollcies IbsuocI by this Company are INIIISPUT- A. Angier, oelvaole 1,454,959 73 ABI.K after three years. All Death OaahlnBank 261,544 65 Dlalius paid wiTHol' r iii.scouNT as soon Attorney and Counselor at Law, as satisfactory pi-oofs have been received. This Company issues all forms of Insurance, in- ATLANTA, GEORGIA. Amount $12,938,289 38 cluding Tontine and Limited (N on Forfeiting) Ton- tine. PRACTICES IN ALL THB C0CRT8, One month's cruce allowed in the payment of i'remiums Oorj)oro A. roll sapply, all Widths and Colors, always Is GENERAL TRANsliTLANTIC CO. No. 109 Dnane Street. Between NEW YORK and HAVRE. TR OSTBESt From Pier (new) 42, North Kiver, foot of Morton St Bliss, Fabyan & Co., Travelers by this line avoid both transit by Kngltsh J. O. Jones, railway and the discomforts of crossing the Channel York, Boston, Edmund w. Corllee, In a small boat. New Philadelphia, Charles Dennis, 1. A Hit A Don, P. Adolphe Lemoyne, d'Hauterive...Wed., Jan. 27, llA M. SHLIJNO AGENTS KOR LEADING BRANDS ST. SIMON, imrand Wed.. Feb. W. H. H. Moore Robt. B. 8. 5 A M. Minturn, ST. (;EltMAlN. Traub Wed.. Feb 10. » A. M. BRO^VN dc RLEACHEB SHIRTINO James Low, Charles H. ST. LAURENT. Oe.lcnisselln.. Wed., Feb. 17 4AM Marshall, PKiCK or PAS.SAOKilncludIng AND SHEETINGS, David Lane, wine):— To uavre— William Bryoe, First cabin, $100 and #.'«; second cabin. »tH): steer- PRINTS, DENIMS, TICKS, DUCKS, Ao. Gordon W. Bomham, John EUiott, age. 122— Including wine, bedding and utensils. Re- turn tickeu at very reduced rates. Checkson Banque ToirelR, m THE CHRONICLE. [JanuabY 23, 1886. ®ortt0tl. Cotton. Walter T. Batch. Benrv P. Hatch Woodward & Stillman, Kath'l W. T. HaUh. Arthur M. BaUk MERCHANTS, W. T. Hatch & Sons, BANKERS, Post Bnilding, 16 & 18 Exchangre Place INMAN,SWANN&Co 14 NASSAU STREET, NEW YORK. NEnr YORK. B.A»OH OmoES { J5§ 6'h^"A"l'"Bt.T.^1iaV;. LOA.NS UADE ON ACCBPTABLX SBCnRITIBB. COTTON MERCHANTS, Personal attention given at the BZCHANOBS to the pnrehase and sale of STOCKS and BONDS foi SPiraAI. ATTXNTION TO 0RDSK8 TOR CONTRACTS cash or on margin. DBP08IT8 RECEIVED—subject to oheok at slgkt FOB FtrnTRS Dkutirt o» Cotton. —with Interest upon balances. Special attention paid to INVESTMENTS and CX)TTON, ALL QRADBS, SUITABLE TO WANTS New York. accounts of COUNTRY BANKERS. OP SPINNERS, Gwathmey Bloss, OFTERffD ON TERMS TO SUTT. & Henry Hentz & Co., COMMISSION MERCHANTS, COMMISSION MERCHANTS, G. E. Staenglen, No. 123 PEARL ST., NEW TOBK. 8 Bontb William St., Neir York, XKCUTB ORDERS FOR FUTURE DBLIVERY Orders, for future delivery of Cotton executed In NEW YORK, NEW ORLEANS, New York and COTTON Liverpool i also for Oraln and Pro •ttheNBWTORK, LIVERPOOL AND NEW OR- visions In New York. LEANS COTTONCOFFEEEXCHANGES. Also orders for AGENT FOR at the NEW YORK COFFEE EXCHANGE, and COTTOiS COMPANY OF STUTTGART. Fielding & Gwynn, GRAIN AND PROVISIONS •t the NEW YORK PRODUCE EXCHANGE and AutHorUed Capital, B. M. 20,000,000. COTTON the CHICAGO BOARD OF TRADE. FACTORS CORRESPONDKNTS i Pald-Up Capital, R. M. 6,000,000. AND Messrs. Smith. Edwards & Co., Cotton Brokers, Urerpoul. Jas. Lea McLean, New Orleans. COMMISSION MERCHANTS, G. Schroeder & Co., LIHHAN, STCUN & Co., Lbhhan, Durr * Co., Orleans, La. 16 and 18 New MontKomery Ala. Successors to WARB A SCHROBDKR. Exchanse Place, LEHMAN BRO'S, COTTON COMMISSION MERCHANTS, Post Butldino. NEW york. Cotton Factors Cotton Exchange Bnilding, James F. Wenman & Co. AND NEIV YORK. COTTON BROKERS, Wo. IIS PEAPL STREET, N. Y. oonmissioN merchants, John L. Bcllaro. Henrt H. Wheklkb. Batabllsbed (In TonUne BnlldlMr) 1840. No. 40 EXCHANGE PLACE, laUBEBS OF THE COTTON, COFFEE AlfD BuUard & Wheeler, PRODUCE EXOHANOES. COTTON COMMISSION MERCHANTS BAGGING. Cp-town urriCE, No. 2U4 church Strsot NEW YORK. WARREN, JONES dc ORATZ Hew York. ALSO, Orders executed at the Cotton Exchanges In New BAGOING ST. LOUIS, Mo. York and Liverpool, and advances made on Cotton AND IRON TIES, other produce (bOH BALING COTTON). and conslKned tu us, or to our corres- Uannfaotorera' Agents for the sale of Jute Bagging pondents in Liverpool : Messrs. L. Rosenheim A Advances made on Cotton Consignments and Special Stern Sons and A JSt Co.; in London, Messrs. B. New. Attention Riven to purchase and sale of FUTURE gass A Co. CONTRACTS OF COTTON. IMPORTERS OF IRON COTTON TIES. Robert Tannahill & Co., Mohr, Hanemann& Co., Phenix Insurance Co. Cotton Commlssiou Merchants, OF RROOKLTN, 123 PEARL ST., 186 CRAVIER ST., Office, 195 Broadway, New York CItj. Cotton Excliange Bnlldlne, Neur York New York. New Orleans, La. statement of Company \»t Day of Jan., 1885. CASH CAPITAL 11,000,000 00 Reserve for unearned premiums Special attention given to the purchase and sale 1 i.9dO,9Sti V7 SPECIAI, ATTBimOH QlVXIl TO THB EXECUTION Reserve for unpaid losses 887,tS7 89 Future Contracts Netsurpliu (M0,9VI IS In New York and Liverpool. OF ORDERS FOE FUTUBB CONTRACTS. $4,312,430 » Price, Reid Co., STEPHEN CROTTELL, Prealdent. & ScBTATus C. Hopkins. Lucins Hopkins smith WM. R. CROWELL. Vice-President. Charles d. Millkr. PHILANDER SHAW, Secretary. Gotten Brokers & Cominiasion Merchants WM. CHARTERS, Assistant Secretary. FRANCIS P. BURKE. NORFOLK. VA. Hopkins, Dwight & Co., Seo'y Local Dent. Liberal advances made on Cotton oonslfrnments. Special attention given to the sale of cotton tc arrive or in transit for both forelxn and domestic COTTON ^TNA "•"Jtt.ta. Correspondence solicited. COMMISSION MERCHANTS. Insurance Farrar & Jones, COTTON EXCHANGE, Company 183 PBARI, STREET, NEW YORK NEW YORK. OF HARTFORD. Liberal advances made on Cotton consignment! Orders for Amets January 1, 1885 Special attention given Futcre Contracts Executed in ^,013,517 40 to orders for contracu"-«i" (. r future delivery of Cotlun. new tobk and liverpool. Liabilities for unpaid losses KURE, FARRAR A. CO and re-lnsnranoe fond 2,019,026 85 NORFOLK, VA. B. F. BABCOCK&CO. Capital 4,000,000 00 COMMISSION MERCHANTS, NETBURPLD8 Henry 93,964,490 fit M. Taber&Co., 17 W^ater Street, LIVERPOOL, No. 3 Cortlandt St., 141 PEARL ST., Receive consignments of Cotton and other Produce, New ¥ork. NEW YORK. and execute orders at the Exchanges in Liverpool. JTAS. Represented in New York at the office of A. ALEXANDER, Asent. COTTOIV". SAM'L D. BABCOCK 88 Nassao Street, New York. . Commercial Union tr^I''?n1f»??.™°?>'',',"""""".«°i" "' Cotton. Con. Future Delivery of Cotton boughtwwm««. iUS^-'^f•old on oommisBion. andwiu Tuttle & Wakefield, COTTON Assurance Co., limited, WALTER &KROHN, 4nd General Commission Merchants, of london. COTTON Cotton Excbance, New York. BROKERS, Liljeral advances made on cotton oonsitrnmenU Special attention giv^n to orders for contracts for «« BEAVER STREET, NEW rature delivery YORK of cotton. OFFICE: F. HojfFmann, Dennis Perkins & Co., COTTON BROKER AND AGENT COTTON BROKERS, Cor. Pine & William Sts US Pearl Street, New York. 88 RUB DE LA BOURSE, HAVRE. Orders for Spot Cotton and Fntures promptlr executed New York.a 140 St,L,Alton A T,H.—lst,78 117 Ist, guar, (564), 7s,'94 118 Long Dock b'nds, 7a, '93 II6I2 118 N.Y, Elev,—lat, 78, 1906. 125 2d,pref„78, 1894 112 2d, (360), 7s, 1898 B,N.Y.AB.-lat,78,1918 132 N,Y,P,A O,—Pr,l'n,6a,'95 2d, income, 7a, 1894 .... 104 14. 2d, guar, (188), 7a, N.Y.L.E,&W,-N'w2d63 N,Y,C,AN.—Gen.,6a,1910 64iai Bellev.A So. 111.—lat, 8a 116 Mls8,B,Br'g6—lat,8,f,6s Ex June. 1886, coup Trust Co. receipta 64 la 57 St.P,Minn.AMan,—lat,7a 1121a . Chic, Burl, & Quincy— Coilafi truat, 8s, 1922 N.y. A N. Engl'd—Ist, 78 126-'8ll28 2d, 6a, 1909 119 1120 Consol, 7s, 1903 138 Buff,AS.W.-M,6a,1908 85 1st, 68, 190° 116' 118 Dakota 83, 1910 11912 109 Ext,— 6b, sinking fund, 1901 "» Ev. A r, H,—Ist, cons., 6a 1121a 112=4 N.Y.C,ASt,L.-l8t,6s,1921 95 96 1st conaol,, 63, cp., 1933 115=4,116 107 "4 5s, debeuturea, 1913 . Mt.Vern'n—lat, 8a,1923 104 105 Truat Co. receipts 95 95 "a Min'a On.—lat, 6s. 1922 116 110 la, Div.—8, fd., 68, 1919 Fl'tAP.Marq.-M.6s,1920 116 2d, 68, 1923 68 731a St.P. A Dili.—lat, 68,1931 100 IOOI4 la Sinking fund, 48.1919 Ft.W,A lien,C.— l8t,6s 81 83 N. Y. Susq. A W,—lat, 6st 77 771a' So. Car, R'y—l8t, 68, 1920 10914 9912 100 Denver Div.—48, 1922.. Gal,Har, A 8,Ant,—l8t,68 114 Debenture, 68, 18971. .. 32 2d, 08,1931 Phdn4s, 1921 2d, 7a, 1905 Midland of N.J.—lst,6s 100 -la' 103 lst,7s,1909 130 Shenand'hV — C.R.I. & P.—Bs, cp., 1917. West. Div,—lat, 58 -92 N.Y.N.H.AH,-l8t,rg..48 1112 General, 68, 1921 68, reg,, 1917 130 131 2d, 6s, 1931 N.Pae.— G, l,gr,,lst,cp. 111=41112 SodusBayA So,-lst,5s,g. 101 109 Ext, & Col., 58, 1934 , . , ki 111 Gr'nBayW.ASt.P,—l8t,6s 801a Registered, 68, 1921. Tex,Cou,—lBt,s,f.,78.19(39 70 Ist.oa 109 111 Eeok, & Des M,— Gulf Col.A S.Fe,—7s,1909 117 119 Gen„ 2d, gold, 68, 1933. 91 '8 92 l8t,78, 1911 70 '90 112 Cent, of N. J.— 1st, 7s, Gold, 6b, 1923 8712 88 N,0. Pac—l8t,6s.g., 19201 57ial Tol.AO.C— lst,g.,6s,1936 9414 l8t,cons,as8ent, 7s, 1899 108 107 "a 1191. 120 Han.AStJ.—Con.6s,1911 Norf. AW.—Gen,, Ba, 1931 103 j Tol. P. W.-l.at, 7s, 1917 »4 A Couv,, assented, 7s,1902 107 109 Hend.Bridge Co.—1st, 63, 110 II2I2 New Biver—lat,68,1932 105 I Trust Co. receipts 98 W) 96 1903... 107 Si Adjustment, 7s, H,A lexC—l8tM,L.,7at 103=4 103781 Imp, A Ext,—68, 1934.. 00 91 Tex. A N. O.— 1st, 7s,1905 116 "63 ii 85^2 Conv. debent., 63, 1908. lat, Western Div.. 7st-. 99 .\dJU8tmt, M.—7a, 1924, 83 8S Sabine Div,.-l6t,68,1912 100 Leh.&VV.B.-Con.g'd.aa. 104 105 1st, Waco A No., 78t ... 100 Og( 99 '103 66 91 Va, Mid,—M, inc. 6s,1927 Am,D'k,6Imp.—5a,1921 2d, consol., main line, 8s 88 Ohio A Miaa,—Cona, a.f,78 120 Wab.St,L,APac— Gen.,68 "48 60 Chic. Mil. A St. P,— General, 6.3, 1921 50 86=4 Consolidated 7s, 1898,.. 120 Div,— 58, 1910 . 86 135 i. Chic. Ist, 8a, P, D., 1898 Hous. E. AW.Tex,—lst,7s 2d, conaolidated,7a,1911 '114 Hav, Div,-6s,1910 88 P. D,, 1898. 128i4!129'4 2d, 7 3-103, 2d, 6s, 1913 lat Springfield Div,, 78. 911a Ind'polis Div,—6s, 1921 7b, $e.,R.D,, 1902, 130 I4I Ist, 1 U,Cen,—Spd.Div.—Cp, 6b 116 Ist, general, 6s, 1932... Detroit Div,—6a, 1921.. 77 Ist, La C, Div,, 78, 1 .S93. I2213 123'-2 109 Middle Div,—Reg,, 6s Ohio Cent.—l8t, T, Tr., 6s Cairo Div.—5a, 1931 .... 78,1897... 123 I Ist, I. & M., CStL.AN.O,—'ren.l,,7s iBt, Min'l Div., 6s, 1921, Wabaah-Mort,, 78,1909 "so" 90 Ist, &D,, 7s, 1899.... 128 "2 128 I. lat, conaol., 78, 1897 i22"ia Ohio Sc—1st, 68, 1921 ... 100 Tol.A W,— lat.ext., 78 II514 115>a Ist, C. M„ 78, 1903.,- 129''ail32 a 2d, 6s, 1907 •118 Oi eg'nA Cal.—l8t,68,1921 Ist, St. L. Div,, 7a, '89 107=, 109 Conaol, 7s, 1905 129 (1291. Gold, 5s, 1951 111=, Or.ATran3c'l-es,'H2,1922 94 12 96 1893 104 106 l8t,7s,I,s Ath.— so 200 Globe SO 105 110 -- iia Jack. A Southe'm—lst,6e Gallatin 105 220 2d mort GarfleM 100 Greenwich 25 N. Mexico A So. Pao.—7« lav's Gen., 68 75 109 Guardian 100 70 76 L.Ch.—Con.68 97 98 Hi Leh.V.- lst,68,C.AB.,'98 •.la?"! German American*. 108 116 Ogdonsb.A 141 100 Hamilton 16 • •••• 34 36 3d, 7s, reg., 1910 Oennanla* 125 Income — 183 Oreenvtoh* 25 100 Hanover 60 135 Old coloiiy-68...... Cons. 68, O.A R., 1933-, 130 136 1920, I SSii 100 UJ ISO Home 100 Pueblo A Ark. VaL—7a.. 123 123 '3 N. O. Pac.—1st, 6s, Hanover 72 78 '96 1138 Imp. Tradera' 100 2t)6 Howard 40 Rutland—6s, lat 106 No. Ponn.— 2d, 78, cp. A 116 123 129 's Ir^-lUK 50 UO Jefferson 30 Sonora—78 loo's ioo's Gen., 7s, 1903 210 2'26 reg 109 100 IbU KmKsC'nty (Bkn.). 20 STOCKS I Debenture 6s, Leather ManoTrs*.. 85 95 104 Manhattan* 50 155 Knickerbocker 40 Atchison A Topeka 87 "s 87 \ Norfolk A West.—CJen.,68 Long Isl'd (B'klyn) SO HO 100 8»* N. R. Dlv., Ist, 88.1932 105 107 Market 100 U7 Atlantic A Paclllo 103 162 180 Manufac. <& Build.. 100 103 no 179 180 N. Y. Phll.A Nor.— lit, 68 't lOS Mechanics* as Boston A Albiiny 46 2S 118 Mech. * Traders' .. 25 iO 45 Lowell 127 128 Inn.,68, 1933 46 MechanicK'A Trads' 80 Boston A 100 IM Mechanics' (Bklyn) SO 86 Maine 183 's 184 Oil CltyA Chic— Ist, 68. Mercantile 55 6S Boston A 95 Meronants' 60 132 Mercantile 60 Boston Providence 185 1861s Oil Creek— 1st, 68, coup- 112 115 A — 131 Merchant!)' Excb... 50 loo's 101 Merchants' 60 Boton Revere B. A Lynn n20 Pennsylv.—Gen., 6s, reg 37 38 Montauk (Bklyn.).. 50 Vi 100 Gen.,68, cp., 1910 {ISO Metropolitan 100 I CaUtornla Soalhern 140 l'i3a United States 100 2U0 Kan. C. Sprlngf. A Mem. "s 39--1 Ft. Smith. 41-'>4 4214 Conv. Adj. Scrip, '85-88 40 Little Rock A {IS-S Louisiana A Mo. Blver.. 517 Debenture coup., 1893) Preferred - 45 Scrip, 1882 (iaa and City Railroad Stocks and Bonds. .Maine Central — 120 121 Conv., 7s, B.C., 1893.. 22's|23»tDeo.lB,'85100 101 Old Consolidated Gas 100 35,430,000 Ogdensb. A L. Champlaln la's 19 Consol., 68, 1905.... 2>!iiOct. 1,''85 150 ICO {30 Jersey City & Hoboken. 20 756,000 Qnar. Portland Saco A Portam. {123 Union A Tltusv.—Ist, 7s. Metropolitan—Bonds 1,000 700,000, F.& A. 3 1902 1114 117 Rutland- Preferred 2413 United N. J.—Con8.6s,'94 Quar. 2 >2, Jan. 10,' 86,137 140 Mutual (N. Y.) 100 3,500,000 Summit Briincll Cons. 6s, gold, 1901 — Bonds 1000 l,500,000l M.&N. 3 ! 1902 ll03 105 Nash'aARocn 117 Cons. 6s, gold, 1908.... {104 1, '86 Worcester 104 Nassan (Bklyn.) 25 1.000,000, Var's 2 Jan. 129 131 Central 19'* 19-'l8 Gen., 4s, old, 1923 2'^ Nov. 1.' 85 100 Wisconsin 107 110>« Scrip Var's 700,000 M.&H. Preferred 27 Warren A F.— 1st, 78, '96 People's (Bklyn.) 10 1,000,000: Qnar. liilJec.lS,''85 85 K6 Westchester -Cons. 7s.. 113 Nov. 1,' 86 102 106 PlIIL.ADEL.PaiA. 117 Bonds 1,000 400,000 M. Au«. 2Seo Jtm. 24 tn Aug. 20 t- spring underwear, at firm prices. J.in. IB. Jan. 17. Jan. 18. Jan. 17. Jan. 16 Jan. 17. Domestic Woolen Goods.—The feature of the week in this BDK. Bbb. Bwh. BuaV BaeK Bruh. on Klnjrdom 1.747,284 2.434 .758 8,85.-),675 I3.l.16.21.'5 14.804.222 8.4e2.6;)4 department has been a further slight improvement in the OoEtlnnt ... 5«,542 22;U>I2 2,602.080 13,40B,H10 0.500.260 2.218.067 demand for heavy clothing woolens for next fall, some very 8. A C. Am.. sis.ais :tJ4.»7a 2.708 85.450 768.817 490.3^8 fair orders for overcoatings, 143.899 cotton-warp cassimeres, worstt^ds, WsM IndlM. m.ma 3)4.20^1 4,107 1 159,8:9 Brit. Col'nlM 2B0.42H SOd.UItt 25 146 50,169 41,783 satinets, &c., having been placed in this connection. Light- Oth. oouQtr'i 12.701 13,792 ie,8»u 18,878 26,232 09,877 weight clothing woolens were quiet in demand, but agents Tfit«l 2.S37,000 3.657.nK( 7,«S(l,-93 26.819.904 20,791,399 11.432.33 continued to make fair deliveries on account of back orders' The visible supply of grain, comprising the stoclcs in granary and stocks are so well in hand that prices remain steady. at the principal points of accumulation at lake and seabuai d Kentucky jeans and doeskins were in light request, but prices ports, and in transit by rail and water, Jan. 16, 1886 are generally firm. Cloakings and sackings have met with WJieat, Com, Oatt, Barley, Xye, In elore at— bueh. bruh. butK. bush. bush, more attention, and a good business was done in Jersey cloths NewYorK 9.024,168 1,113,717 714,648 142,664 116.175 and light-weight stockinettes. Flannels and blankets were Do afloat 1,072,500 61,200 215,000 99.60(1 Albany 600 30,000 50,.500 60.000 20,01)0 taken in small parcels to a moderate amount, and these goods BuflWo. 3,770,017 142,618 5,975 249.013 29,581 (as well as carpets) Do afloat 632,207 are firmly held by the mill agents. Woolen Chloafco 14,591,710 2,497.833 271,581 194,538 320,878 fabrics adapted to women's wear, as ladies' cloth?, soft wool Do afloat 47,000 16.5.350 Newport NewB... 45,603 suitings, tricots, &c., were more sought after by the jobbing Milwaukee 3.618,1^9 183,'869 l6;7!2'7 trade, and both all-wool and worsted dress fabrics were fairly Do afloat 90,500 Dnlutb 5,3!)7,60O active in first hands and firm in price. Do afloat 124,^21 Toledo 2.2.57,768 17,018 5,563 9,404 Foreign Dry Goods have shown rather mire activity in Detroit 2,247,093 34,119 53,921 3,867 importing circles, but the jobbing trade was mostly quiet. Oewego 26.5,000 135,0»i0 438.900 9.640 Drees goods were in somewhat better dem>ind, and there were Bt. Louis 2,414,.521 970,084 172,i96 1.56,427 15.314 Cincinnati 14.^,000 5,000 23,000 91,000 53.000 more liberal dealings in eilks. Men's- wear wojlens and wors- Boaton 279,770 226,227 330,232 77.140 76 teds were distributed in fair quantities, and there waw a mod- Toronto 305.497 1,500 197,7.53 erately good movement in housekeeping linen goods, white Montreal 612.905 353 89,392 9,428 4,166 goods, embroideries, laces, PhUadelphla 90.5,607 213,117 156,273 hosiery and fabric gloves. The Peoria 2,453 •14,784 84,114 1,148 49.637 moat staple foreign fabrics are generally steady in price, and Indianapolis 149,200 55,590 71,693 2,000 manufactures of silk have developed a stitfening tendency, Kansas City 889.173 63,5.>2 46,604 5,91' because of the recent sharp advance in the staple. Baltimore ...... 1.212.K15 768,463 3,799 6,290 Minneapolis 5,984.492 Importations of Dry Goods. BtPaul 1,196,000 Down MIrs 19,976 The importations of dry goods at this port for the Wt-ek Onrai 82,0C0 465,000 211,000 110,000 3,800 ending Jan. 21, 1886, and since Jan, 1, and the same facts for T.t. Jan. 16. '86. 57,108.286 7.07«,6O6 2.292,193 2.066,882 760.152 the corresponding periods are as follows: Tot. Jan. 9. '86. 57.958.176 9.183,003 2.749.637 2.203.948 736,438 Tot. Jan. 17, 'SS* 42.776,970 6,414.149 2,443,3511.788.029 452,792 O St Tot. Jan. 19, '84' 34,8H0.874 11.055.840 5,887.257 3,094.743 2,580,341 $ Tnt,. Jan. 20, •b3* 21,388.312 9,575,797 4,419,625 2,792,300 1,494,001 rlla a: i 1 ?ri * Mlnne apollg and Bt Paul not Included. O , • • ?; : 9