I

fimntlnV xmmt HUNT'S MERCHANTS' MAGAZINE,

REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES

VOL. 42. NEW YORK, APRIL 17, 1886. NO. 1,086

financial. ^itiancial. ^financial.

QEo. SrCROsa, Pres'i. F. W. QOOKIN, Asit. Caab . . AMERICAN North-Western Nat'l Bank, Bank Note Company, DIAMONDS. CHICAGO, ILLINOIS. 78 TO 8G TRINITY PLACE, Capital, $200,000. Surplnn, $50,000. NEW YORK. This Bank holds In artdlthm «I.(*00.000 U S. 4 per Alfred H. Smith & Co., cent Bund.-4 at par. pledged by Its Mi«'Ckh<>lders for Buiilncfts Founded 1795. the protection of its customers. >aid bo'ds are pl> dged

THE CJHKUJNULE. [Vol. Xtll.

franr^trs of W.ovtiQU ^xcftatige Itt ^cw '^ovU Drexel, Morgan & Co., August Belmont & Co., Heidelbach, WAUi STREET, COENER OF BROAD, BANKERS, Ickelheimer & Co., 19 Sc 31 Nassau Street. irORK. Nos. 29 TTILLIAM STREET, NEW ISSUE TRAVELERS' CREDITS, available in all of the World, Cor. Exchange Place, NEW YORK. Drexel,Harjes Co parts through Drexel & Co., & Messrs. N. M. Rothschild & 80ns, London. " de Rothschild Broiv. Paris. FOREIGN BANKERS. 31 BdUevard Haussmanzi, Cor. of 5tta&GbestnutSts. " M. A. de Kathgcbiia^&: »«oiis, Frank> BUY AND lort oxin, DRAW BILLS OF EXCHANGK, PHILADELPHIA PARIS. 8. M. de Rothschild, Esq., Vienna, MAKE CABLE TRANSFERS, ISSUE TRAVEL. DOMESTIC AND FOREIGN BANKERS. AND THEIR CORRESPONDENTS. ERS' CREDITS. Draw Bills of Exchange on, and make Cable Trans ISSUE COMMERCIAL CREDITS, AVAILABLB Deposits received subject to Draft. Securities fera to, England, France and Germany. IN ALL bought and sold on commission. Interest allowed on PARTS OP THE WORLD, ON Deposits. Foreign Exchange. Commercial Credits. Cable Transfers. Circular Letters for Travelers, Messrs. C. J. Hambro & Son, London. the world. W. Seligman Co., available in all parts of J. & & Attorneys and Agents of BANKERS, inessrs. J. S. MORGAN & CO., No. 23 BROAD STREET ^atm pCortgafl^s. No. 22 OLD BROAD STREET, LONDON. Newr Ifork. Issue Letters of Credit for Trayelers, Hayden & Dickinson, Brown Brothers & Co., On SELIGMAN BROTHERS, London. SELIGMAN FRBKES & CIE. Paris. INVESTMENT BANKERS, Boston. SELIGMAN & .^TBTTHEIMBR, Frankfurt. DENVER, ..... Phila. NEW TORE. ALSBBRG GOLDBERG, Amsterdam. COLORADO. AND ALTMAN & STETTHIEMER, Berlin, We have on hand and for sale first-class County and School Bonds and other choice of securities. We ALEXANDER BROWN & SONS Payable in any part Europe, Asia, Africa, Aus- especially recommend to conservative Investors our BALTIMORE. tralia and America. RKALBSTATELOANnon Improved City and Falm Bills of Exchange Telegraphic Draw and make Properties. These have been made by us after rigid on Europe and California. Buy and Sell Bills of Exchange Transfers of Money investigation of title and values, and can be trans- ON GREAT BRITAIN AND IRELAND, FRANCE ferred at once. Correspondence solicited, Ilighest GERMANY, BELGIUM, HOLLAND, SWITZ- references East and West. ERLAND, NORWAY, DENMARK, Paton Co., SWEDEN AND AUSTRALIA. John & THE WESTERN lasne Conuuerclal Sc Travelers' Credits SUCCESSORS TO IN STEBLINO, JESUP, PATON ac CO., FarmMortgage Co., Available In any part of the world. In Francs for ase In Martinique and Guadaloupe, and in dollars for 62 'William Street, Neir ITork. LATTRENCE, KANSAS, ase in this and adjacent countries. Accounts and Agency of Blanks, Corporations, Oflfers to Investors the best securities in the market. Aake Telegraplilc Transfers of money firms and individuals received upon favorable terms. FIRST MORTGAGE LOANS UPON IMPROVED Bettveeu tills Country and Europe. Dividends and interest collected and remitted. FARMS. Interest and principal paid on day of ma- MAKE COLLECTIONS OF DKAFTS drawn Act as agents for corporations in paying coupons turity in New York. Funds promptly placed. Large ; also transfer agents. experience. No losses. Send for circular, references abroad on all points in United States and Canada, and dividends as Bonds, Btocits and securities bought and sold on and sample forms. F. M. PlSRKlNl^, Presidentl J. T. and of drafts drawn in the l_^ nited States on foreign countries commission, at the Stock Exchange or elsewhere. WARNK, Vioe-Prest.; L. H. PERKINS, Secretary Treas.; N. F. RT. Auditor •nd their London house. Messrs. BROWN, SHIPLEY Sterling Exchange and Cable Transfers bought and CHAS. W. GILLETT. UA A CO., receive accounts of American banks, firms sold. and Individuals, upon favorable terms. DRAW ON THE UNION BANK OF LONDON Farm Mortgages BRITISH LINEN CO. BANK, LONDON AND Stuart Co., In of and Upwards In- J & J. & SCOTLAND. Snms $100 on 33 NASSAi; STREET. diana and Ohio Lands. JOTHINQ SAFER. ALWAYS PROMPTLY PAID BILLS OF EXCHANGE ON Maitland, Phelps & Co., SEND FOB PAMPHLET. SmiTH, PAYNE & SMITH'S, BANKERS JOS. A. nooRB, BANKERS. LONDON 8 1 East Marliet St.. Indtaiiapoliii. Imd AND JKANCHESTER & COCNTT BANK, UanKuiK liuusb ul Abl:ll!.H "LIMITED," COMMISSION MERCHANTS, NORTH- & CARPENTER, Troy. N. Y. Established 1824. Heornanized MANCHESTER, PAYABLE IN LONDON: 1868. Kawtern Representatives 23 & 24 Exchange Place, WESTERN of the NORTHWESTERN I7I.STER BANKING COMPANY, GUARANTY LOAN CO, BELFAST, IRELAND; New York. of Minneapolis, Minn. Author- AND ON THE GUARANTY iaed capitnl fS.OOO.OOO. Paid up BILLS Of EXCHANGE, LETTERS OF CREDIT, capital, $200.ot;>0. Real Estate NATIONAL BANK OF SCOTL4ND, MortgaKes worth from two to EDINBURGH AND BRANCHES; TELEGRAPHIC TRANSFERS OF MONEY LOAN four times the amount of mort» fcaxe, netting investors 6 to 8 per AI.80, ON MEXICO, CUBA, dtc, &0. COMPANY. ct. Guaranteed by Co. Interest CABLE TRANSFERS AND LETTBRa OF CREDIT. oavfthle itt our Banking House. J. Kennedy Tod. ALEXANDER BARING. H. O. NORTHCOTB. Member N. Y. Stock Exch'ge Munroe Co., 6% 8% John & Kennedy Tod & Co., The American InTCBlmeiH Company, of Em- Nassau Street, Neiv folk. J. metsburg. Iowa, incorporated with a paid-up capital No. 32 with branches at Huron und .Mitchell, No. 63 WILLIAM STREET, of S.)00,000, No. 4 Post Office Square, Boston. Dakota, offer tirst Mortgage Kurm Loans in Iowa, BANKERS. Minn.. Dakota, and Neb., both I'vinci pal and Inter. AIso6 per cent Debenture Bonds for . rs' eHt<«uarnnlceil. iBsne Circular Letters of Credit Trave Use Banks, Bankers and Railroad Abroad against Cash or Satisfactory Act as Agents for (obligations of the Company), running In years, se- Guaranty of Re-payment. Companies. cured by Mortgage loans deposited with the i>ler- Issue commercial credits, also foreign and domestic canlile Trust t'o.. N. A . Italso issues Demand Excbange on London, Paris, Berlin travelers' letters of credit in pounds sterling & dollars. Certificates of Deposit at 6 per cent Interest. Writs Zurich. OflTer Inveatment Secnritlea. for pamphlet and references and Home (Ifflce, Emmetsbnrg, Iowa. an securities in all Buy and sell bonds, stocks d Am- OrniHby, I'res., 130 Aassau Ht., N. T. Cbsdits Opened and Payments Made by Cable. erican, Canadian, British and Dutch markets on com- E. S. mission. Collect dividends, coupons and foreign and Paris &. CO. House—MUNROE inland Drafts. SELECT FIRST MORTGAGES. Sell Bills of Exchange on Improving Westei n Property MELVILLE, EVANS CO., t On & jLONUON.J nivnnN with present cash value treble upwards of Loaii, C. J. IIAMBIIO Jt SON, also Schulz & Ruckgaber, affording 7 to 8 per cent income ; guaranteed MARCIIAKD, KRAU88 dc CO., jrAitis.!p.R,a Business Notes of established merchants of Minn©, BANK EKS HOTTINUUER •& CO., apolis, running 2 to 6 months, absolutely secure, S9 W^ILLIAM STREET, NEIfr YORK affording 7 to 8 per cent in advance. Refer to Nat. < r, Sara'l R. Mao- CORRESPONDENTS OP THE Bank of Commerce, Minneapolis: Lean, Banker, 43 exchange Place, New York, dealer Kidder, Peabody & Co., apply for partic- International Bank of London in approved Investments, to whom (Limited), London. BAKER, Dealer in Real Estate and Mort- nessrs. John Berenberg, Uossler&Co. FOREIGN BANKERS, S. H. Hamburg. gages, Minneapolis. Minn. ^^^ 1 Nassau Street, New York, Messrs. Marcuard, Krauss & Co., Paris CommerclMl and Travelers' Credits. 113 Devonshire Street, Boston. Bills of Exchange. Cable Transfers. ATTORNEYS AND AGENTS OF

Chas. Unger & Co., Messrs. BARING BROS. & CO., London STOCKS and BONDS BANKERS AND BROKERS, COmnERCIAL CREDITS, Members of the New York Stock Exchange. At Auction. DSALSKS IN Foreign Exchange, Government Circular Credits for Travelers. hold REGULAR AUCTION AND OTHER INVESTRIE.NT BONDS. me UnderBlgned STKRLING LOANS A SPECIALTY. 8ALES of all olasBes of 44 Wall St. and 62 Greene St., N. If. Cable Transfers and Bills of Exchange on and sell on commission, lor investment or on STOCKS AND BONDS, Buy Continent. margin, all securities dealt In at the New York Stock Great Britain akd the ON Bzcnange, KOUNTSEE BROTHERS, WEDNESDAYS AND SATURDAYS. Canadian Bank of Commerce. BANKERS, ADRIAIV H. MrtLER & SOM, Building, York Capital, $6,000,000. Scrplus, t2,ioo,000. 120 Broadway, Equitable New No. 12 PINE STREET, NEW YORK. LETTERS OF CREDIT AND Bmi.niNO I J. H. GOADBY & B. E. WALKEB, CIRCULAR NOTES BOFTTABI.K JOI T AGENTS, the use of travelers in all parts of the Issued for TO BUY OK .SELL ANY EXCHANGE PLACE, yiEXf YORK world. Bills drawn on the Union Bank of London. IF YOU WANT IS Telegraphic transfers made to London and to various PUTS oil CA LI.!* ON STOCKf* <1K BONDS or call on, BUY AND SELL STERLING EXCHANGE, CABLE places in the United States. Deposits received sub- write to, telegraph to, send lur, TRANSFERS, ETC. ject to check at sight, and Interest allowed on bal- h. W. KOSE.MJAl'M, . ISSUE COMMERCIAL CREDITS' AVAILABLE ances. Government and other bonds and investment S4 Exchauee Place, New Torkt 1» ALL PARTS OF THE WOULD. Beourltles bought and sold ob commiuion. iTaJephoneoaU "New817." .

April 17. 1886. J THE CHRONICLE. ffl

mnUivs nua jgrgticvs in ^em %ovh ©it^. JAMM WHITBI.r. H. OHUOIK OAKUT, MATNAUDO. KYR«. UCMtr II. DiiDui:. WuhlnKton, D. 0. Taintor & Holt, Geo. K. Sistare's Sons, Wh. K. TiuvKKH, Hpocliil Partner. banki:r8. 10 & 18 Broad Street, New York, Prince & Whitely, 131 KoiKh Third Nlreet, Philadelphia. No. » utali, street, Connected 64 YORK. new yobk. by Private Wire with nula uffloe. New No. BROADWAY, NBW York. 1* '''"'> *''••• f*"" ^O'*' TRANSACT a GBNKRAL BANKI.VQ btulneu. BRAXCHRui vrn OFFICXSOrrirca i DBALBRS IN j 539 u^,, gj _ WMhlnirton. D. C. DEPOSITS reoelTed and INTEKBST kllowed ob Bur and B«ll on oonimlMlun all olaaua of Kallroad balances. FIRST-CLASS INVESTIIIENTS. Beourlttes: HlHu (J ruin and l*roTlalons. Buy una sell Telegraph \v\ros to Phlladslphla, WUmloff- GOVRRHMnT, UONICIPAX uil Private and ton, Baltimuro. VVaahln 31 PINE STREET. NEW YORK. Branch onSce at Kverett House. Union Square. BANKERS AND BAIVKER!^ A]VI> BROKERS. BROKERS, 8UCCE8.SORH TO ACSTIN O. GOKIUM. rnA8. W. TDRNEK, No, 18 W^all Street, New York. NoiiLK. N. Y. Stoclt xoh. W^OOD A DAVIS. CHAii C. Meiubor E Stocks and Bonds Bouftht Sold and on CommlBBlon Execute orders In all securities listed at the New Accounts received and interest allowed on balances York Stock Exchange. For Sale : which may be checked for at siKht. Firkt-Class Railuoai> Fihut Murtqaoe Bondi. A. Kohn & Co., Iowa Loan & Trust 6 J. Co. per cent Debentures GEORGE C. WOOD. C.U. HUESTIS. L. M. SWAN. BANKERS AND BKOKERa. botutht and sold. 19 Broad St., N. ¥., ITIillii Butldlnff, Simons & Chew, Transact a General Banking Business. STOCK ForelKn Kxchantce, Bonds, Stocks sad Mlsoella- BROKERS, neOQS bucurUles bou^ftil aud sold on commission. 3 ExchanseConrtac 63 Broad'war,N.V« JrLiiTM A. Kohn, David Ocbs. Mohitz Ochs. Stewart Brown's Sons, Stocks, Bonds and U. S. Government SeenrlUee Memb. N. Y. St (lok tCxch. Memb. N. V. Stock Ex Bought and Sold on Commission. STOCK BROKERS, Jab. D. 8IHON8, Betiblt Oriw. Member N. Y. Stock Exchange. Hamilton & Bishop, 84 Broadwar 4: 19 New St., New York Member N. Y. Produce Exehange BANKKHM AND HU0KKR9, No. 85 PINK STUKET, NEIV VORK. (Members New York Stock KxctianKe.) Oilman, Son & Co., A. Dutenhofer, Accounts of Hanks, Biuikersand others received. Interest ailuwed on balHiices. A strictly CommlssloE BANKERS, Business HI the piirchHseand sale of stocks and bonds BROKER Private 'i'eiokrraph Wire lo Albany, Troy, syracuee No. 63 CEDAR STREET. AND Rochester, I'tica, HulTalo, Cleveland and ChicaKO. Dealer in Miscellaneong Securities, Draw on City Bank of I^ondon tn amounts to salt. In addition to a General Banking Business, Buy Special attotUlon triven tit Securities for investment :Uid Sell Government Bonds and Investment SecurU MILLS BUILDING (Sd Floor.) WM. V. CAROLIM, CUARLB8 F. COJt ti es. Member N. Y. Stock Exchaage. Rooms 2S & 26. 33 . H. B. HOLIJNS. F. A. YZNAOA. FRANK C. HOLliN6 STATE AND CITY BONDS OF GEORGIA, ALSO Carolin & Cox, SECURITIES OF THE CENTRAL RU. * BANK- H. B. Hollins & Co., ING CO. OF GEORGIA A SPECIALTY. Banker* dc Oommlsslon Stock Broker' Investors wishing to buy <slt0 received Mubjucl to check at slKht, an3 Interettl allowed on daily balances. All stocks anc 74 BROADWAY. H. L. Grant, Securities dealt in at the New Vork Stock Kxchanse Branch Office, 5 Vanderbilt Ave., boUKtit and sold on Commisfiton, for Cash or upon connected by Maryln. private wire. No. 146 BBOADW^AY, Connected by private wire Wamton U. Bkown. Fa«D. A, Bbowh, with E. W. Clark & Co,, NEW YORK. HXKBXKT P, BBOWN, and Hill A Kennedy, Philadelphia. ITY RAILROAD STOCKS & BONDS Davis BOUGHT AND SOLD. Walston H. Brown & Bros John H. & Co., BANKERS AND BROKERS. e Quotations of City Railroads In this paper. BANKERS, Do a strlcti)' CommfMalon Bnslnes* In . L. Robertson, STOCKS, BONDS and GRAIN, J- NO. 30 NASSAU STREET, ^Ith Private Wires to CHICAGO, BALTIMORE. PHILADELPHIA and Intermediate Points. BOND AND STOCK BROKER, NEW YORK. No. 17 W^ALI. ST., NEW YORK. Dealer in InTestinent Secnritles, Simon Borg & Co., No. 7 NASSAU STREET, (Continental National Bank Building), No. 17 NAS.SAU ST., NEW YORK. Jtew York. DBALBRS IN AI.I, KINDS OF

Railroad and Inrestment Securities. Fred. H. Smith, bocthkrm beciirittea a bpecialtt. CAJf Co. BANKER & BBOKER, John Howaiu) i.athau. Fbsoekick w. Pkbbi BANKERS, No. 20 BROAD ST., NE1¥ YORK. Twenty years' experience In Railroad Bonds. Par- No. 18 Wr A I, li STREET, H. Latham & Co., ties desirinR to buy or sell Uncurrent Bonds wli« J. New^ York. please cummunicate. Stocks bought in Fractional Lota or otherwise. UNITED BANK BUILDING, Transact a General Banking Business. Including either for Cash or on Margin the purchase and sale of STOCKS and BONDS for No. 3 ^VALE. street, TiEW YORK, cash or on margin. F. H. 8mitb» i Members Consolidated Stock and a. w flMfTH i p«»trr>tAnm Kxchitnire. N«»w Vork. City, ConntT, Slate, Kallruad, District of Golnmbis Bay and Sell Imrestment Securities. Bonds and ForeiKn Sxchange. P. O.. BOX 2,647. f'orreapondence Solicited. Cahoone & Wescott, A. M. KiDDEB. WAYLAND TKASK. H. J. MORSE. W. C. HILL. 18 Wall Street, New York, Buttrick & Elliman, Execute Orders in all Securities Listed on 18 Wall Street, New York, NEW YORK STOCK EXCHANGE. FIRSr-CL, VSS UOMDS FOR INVEST- Special Attention given to MI';>T A SPl'X'IALTY. GoTernment & other Investment Bonds Investors nisbinx to Buy or Sell are Invited to call or correspond. Correspondence Solicited. Buy and Sell on Couiiulssioa for Cash.or on MarKin Bonds nU 8wcks A dealt in at the N. Y". Stock Bzch. BANKERS, Chrystie & Janney, Broadway, cor. Exchange C. Turner, 8 Place, N. Y. BANKERS, J. Branch Office, .tt 1 La Salle 8t., C'blcago, dc Nassau St., New York (IB Years' Membership In the N.Y. Stock Exchange \ TRANSACT A GKNKHAL BANKING BUSINESS, Nos. 33 35 INCLUDING TIIK I-UllCHASE AND SALE OK Receive deposits aud consignments of Bullion. BANKER AND BROKER, STOCKS AND BONDS FOR CASH OR uN MAK- Deal in Investment Securitlee and Foreign Bx- UlN. BUY AND SKI.I. INVESTMENT -ECURl- correspondence. 16 A 18 BROAD ST., chango and invite NEW YORK. TIE8. INTEREST ALLOWED ON DEPOSITS Particular attention given to Information recarauv SUBJECT TO AT SIGHT. Transacts a xeneral Banking business. CHKCK Investment Securities. Including i be P. O. Box 447. purchase and sale of stocks and tionds for cash or or d. a. booot. c. w. mclillan. marirlr). Reuben Leland. tloward Laps ley & Co., CAL.DWEI.I., WASHBURN A. TOWNSEiVO, BANKERS AND BROKERS, No. 1 W^ALL ST.,) BANliKllS AND BROKERS, (Mortimer Building.) 1 BA.NKERS. New York. No. 3 A 1, 1, I W STREET. CNITED BANK BUILDING, PRIVATE WIRK TO BOSTON. Transact a ,ieneral Banking Business, including the Wall Street, corner Broadwray. Purchase and Saleof all Srcurlties dealt In at the New York hluck Kxchunge STOCKS, BONDS

CCauadtan and Forciein Batilis atid Sankers. CANADIASr. FOREIGN. FOREEGIV. Bank of Montreal. Blake, Boissevain & Co., Heinemann & Co., IrOHTDOIV, ElSCLiAND. CAPITA!., - - (13,000,000, Gold SITBPLCS, - - (6,000,000, Gold 62 Gresham House, E. G^ Solicit accounts and agencies of Banks, Railways, Corporations, firms and Individuals, upon O. F. BMITHERS, President. favorable terms j also orders for the purchase General Manager. liONDosr. W. J. BUCHANAN, and sale of Bonds, Shares, &c., Ac. on Com- Solicit accounts and agencies of Banks, Railways mission on the Stock Exchange. JfSW YORK OFFJOS, Corporations, Firms and Individuals upon Negotiate Railway, State "nd City loans. No>. 59 tc 61 WAI.JL STREET. favorable terms; also orders for the pur- New York a»d Boston Correspondents, chase and sale of Bonds, Shares, ftc, &C. on WALT»B Watson, i • ALEI'BLANO, {Age""--.ntn the Stock Exchange. BL.AKE BROTHERS & CO., Interest allowed on Deposits, subject to 60-days Bay and lell Sterling Biohange, Frano and Cable sight drafts, at Bank of England rate, and 18 Wall Street, New Yorli Credits Transfers; grant Commercial and Travelers' one-percent below that rate subject to on 28 , available In any part of tbe world; Issue drafts demand drafts. Boston, Mang. and thromghoat tbe and make ooUeotlons In. Chloaffo Negotiate Railway, State and City Loans. Dominion of Canada. Hong Kong & Shanghai •ondon Office, No. 33 Abctanrch Lane. BANKING CORPORATION. Paid-up Capital f7.S00.Blt 8 received In London at Interest for fixed A SPECIALTY. perh'ds, or for transfer to the colonies on terms BANKEBS. which may be ascertained on appllcaMon. Cash paid at once for the above securities ; or thai PRlDBAUJt H K LBY. Secretary. FR^NKFORT-ON-MAIN, eERMANI. will be sold on commission at seller's option. AraiL 17, 1886,) THE CHRONICLE.

jpanlig nn& l^anlityg ©itt of |jLciu 'Siovfe, ^trtist (i^ompanteB.

BANKS. PHILA DELPHIA BANKERS. United States Trust Co. lodowickJ.Hiu., K.8.MoOA!(DiJtn. A. w. hill OF .VKW TORK. President. Cuhler. Tloe-Prut No. . THB Narr & Gerlach, BANKERS AND BROKERS, Capital and Sorplna, - • - $6,000,000 No. 437 ClIiarNUT Gate City National Bank STREET, This oompanv Is a legal deposltoiT for monera paid PHILADKLPHIA. Into conrt, and Is aoiborlted to act aacaardlaoor ATLANTA, »EORndon. BALTimORE. Union Trust Company INTB8TMBNT and SOUTHERN BECURITIBB a OF NEW YORK, specialty. W. T. BLACKWELi, Pros't. P. A. WiLKT, Cashier i Correspondence solicited and infomiatlon fw 73 Bro.idway, cor. olsoed. Rector St., N. T. The Bank of Durham, W. Y. Correspondents—MoKIm Brothers A Co. CAPITAL, «l,000,00O DVRHAITI, N. C, SURPLUS, $3,000,000 Robert Garrett & Sons, Authorized to act as Executor. Admiuistrator, Pay Special Atteution to Collections. Guardian, Receiver, or Trustee, and is FIRST-CLASS FACILITIES. BANKEB8, A LEGAL DEIPOSITORV FOR MONBf New York Correspondents,—The National Park Bank No. T , Accepts tbe transfer agency and registry of stocks, and Seventh Ward National Bank. and acts as Trustee of murtgiges of curpor.itioos. Allows interest on deposits, which may be made at BALTIMORE, any time, and withdrawn on Ave days' n,.tioe, with Fletcher, I BANK, ) C.T.Walker, J. a. 8TATB Interest for the whole time they re uain with the President. 1 Incorporated 13T5. { Cashier. TRANSACT A GENERAL DOMESTIC ANI; company. FOREIGN BANKING BUSINESS. For the conveoicnca of depositors this company National Bank, also opens current accounts subject. In accordance German with Its rules, to check at sight, aod allows Interest LITTLE ROOK, ARKANSAS. WESTERN BANKERS. upon the restiiting daily b.iUnces. Such cnecks pass through the Clearing Uouse. Capital (Paid In) - - - - $300,000 TRUSTEES: Prompt attention Riven to all business In our line. Lamprecht Bros. & Co., Wm. Whitewrlght. Jamei M. McTje^in, N. Y. CoRKESPONDEN'TS.— Imoorters' A Traders Henry A. Kent, Ambrose C. Kingsland. National Bank and National Bank of tbe Republic BANKERS, R.T.Wilson, James H. Oglivie, No. 137 SUPERIOR STREET, Wm. F. Russell, 8. T. Fairchlld. B, BUBBUSS, Prett. A. K. Walkib, Caihlar C. D. Wood, I. H. Frothlngham, CLEYELAND, OHIO. James N. Piatt, George A. Jarvls. D. C. Hays, C. Vanderbllt, First National Bank, Transact a general banking business, and DEAL James Forsyth, A. A. I,ow, IN TOWN. COUNTY AND CITY BONDS. Lists George Cabut Ward, Q. G. Williams. WILiniNGTpN, N. C. and prices furnished on application. Write us if you Edward King, R. O. Remsen. OollaoUona mads on all parts of the United States wish to buy or sell. Refer, by permission, to Society B. B. Wesley, J. B. Johnston. for Savings, Savings & Trust Co. and National Banks D. a. .McAlpin, Edward Schell, of Cleveland. Ohio. George B. Carhart. Amasa J. Parker, MERCHANTS' NATIONAL BANK, Henry Stokes, Samuel F. Barger. Robert Lenox Kennedy, Geo. C. Magoun. RICH.TIOND, VIRGINIA, Chas. H. Potter & Co., EXECUTIVE COMMITTEE: Collections made on all Southern points on best INVESTMENT BANKERS, Wm. Whitewrlght. O. G. Williams. t^rms; prompt returns. James M McLean, K. B. Wesley. JOHN P. BRANCH, President. CLEVELAND, OHIO. J. B. Ji >hnston, C. D, Wood. John F. Glinn, Cash. Fkid. h. Scott, Vlce-Pres't SPECIALTIES: D.IC. Hays. A. 0. Kingsland. TOWN. COUNTY AND (Ti'V BONDS, EDWARD KING. President, LAKE SUPEllIOll IKO.V MINING STOCKS, JAMES M, McLean. First Vice-Pres't, THOHAS BRA9ICH A. CO., AND STHBBT RAILROAD SECURITIES JAMES H.OGILVIB. Second Vice-Pres't. A. O. RONALDS )N. Secretary. BANKERS AND COMMISSION MERCHANTS. ESTABLISHED 1871. RICHMOND, VIRGINIA. Trust Co., Olronlars and Information on funding the debts P. F. Keleher & Co., The Union ptcinX %nvcstmtnts. Wills kept in Vaults wlthont chaive. Bonds, Stocks and other valuables taken under Estabrook, guarantee. & _ . ^ . . .:., Paintings. Statuary, Bronies, etc., kept In Flr». BANKERS, Toledo & Ohio Central I>roof Vaults. Money received on deposit at Interest. no. S6 CONGRESS STREET, JAS. LONG. Prest. JOHN G. RBADING,V.-Prest. RAILROAD MAULON S. STOKES, Treasurer & Secretary. BOSTON. D. R. PATTERSON, Trust Officer. DiKicroRS.-James Long, Alfred S. Glllett, Joseph U£lfBERB OF THE NEW YORK AKD OOramON AND PREFERRED Wright, Dr. Charles P. Turner, William S. Price. BOSTON 8TOCK EXCHANGES. JobnTVMonroe. W. J.NcadiThomas R. Patton.John G. Reading, Wm. 11. Lucas, D. Hayes Agnew. M. D., ALSO, Keefe, Robert Patterson.Theodor t\ Engel. Jos. I. PerUns, Daalera in Iflnnlclpal, State, Jacob Naylor. Thos. G. Hood, Edward L. Railroad stock: Philadelphia; Samuel Riddle, Glen Riddle, Pa.; and Cnlted State* Bonds. Dr. George W. Relly, Harkisbubo, Pa.; J. Simpson Africa. filTNTI.voDO.N; Henry S. Eckert, RKADIKOi BOUGHT AND SOLD BY Edmund S. Doty, MiFFLisTows; W. W. H. Darla. iOSHUA WILBOm, Crabus H. Shiloon Jb K. E. Monaghan, WMT CBBSHBj IBNJAMIN A. JACKSON, WILUAK BINNIT, dStlestow.n: jB, TOBET& KIRK, Chas. W. Cooper, Allkstown. Wilbour, Jackson & Co., The Brooklyn Trust Co. BANKERS AND BROKERS 4 Broad Street, New Tork. Cor. of Montagne 4 Clinton ats., Brooklyn, N. T. S% WEVBOS8ET STREET, This Company is authorised by special charter to Ohio act as receiver, trustee, gnardlan, executor or ao- Toledo & Central ministrator. . PROVIDENCE, R. I. ^ the sale or jiana«ement of First Mortgage, Preferred and Common. It can act as agent In Dsalers In Commercial Paper, GoTemmsnt Fand real estate, collect Interest or dividends, recelTO "i*r Brst-olass Bonds and Secnrttles and ForeUni COLUMBUS HOCKING VALLEY & TOLEDO registry and transfer books, or make parcBase and ^ohange. sale of Government and other securities. PrlTaU Telegraph Wire to New York and Boston Common Stock and Scrip. Religious and charitable Instltotlons.and persons OHIO CENTRAL (KIVER DIVISION), unaccustomed to the transaction of buslneee, wm And this Company a safe and convenient depository Bonds, Certificates and Scrip. formooey. HIPLBV ROl'ES. President. KUMU.ND W. CORLIES, Vice-Pres't. Samuel G. Studley, ST JOSEPH & GRAND ISLAND SCRIPS. TRUSTEES. Kansaa

1 THE CHRONICLE LVoL, xiu 3^iun:iicial. 'giuKUcinX, 'ginnncmX. STOCKS. East Tennessee Virginia GAS Denver & Kio Grande Kail- BQDITABLE GASLIGHT CO. OF NEW TOBK. & Georgia RR. STATES EQUITABLE GAS CO. way Company. UNITED The United States Cirouit Court having granted CHB8APEAKE GAS CO. OF BALTIMOBE. NOTICE. decree of foreclosure and ordered sale of the prop- FINAL, erty not later than the2oth of May, 188*3, GASLIGHT &. FUEL CO. EQUITABLE^ The Reorganization Committees of the Denver & NOTICE IS lIEltEBV GIVEN that holders of the . OF CHICAGO, participate in the boneflta Railway Company in London, Amster- Income Bonds desiring to Rio Grande of the reorganization must deposit their bonds with BONDS AND STOCKS dam and New Yorli hereby glye notice that after the the Central Trust Company of New York not later IDTH DAY OF MAY, 1886, no bonds or shares of than Tuesday, April 27. ItisG. llulders depositing on DEALT IN BY date will have the exclusive right to Rio Grande Railway Company, or before that stock of the Denver & BUbscribe prorata ifr.r any part of the new securi- J. GOODHABT & CO., or Car Trust Certificates of the Colorado Boiling ties allocated under the plan to the present income P. bondholders and not taken by them. Stock Trust Company, will be received and allowed to EXCHANGE, 13 ALSO HEREBT GIVEN that all MEMBKBS OF NEW YOBK STOCK In the plan of reorganization, except In NOTICE participate holders of the preferred and common stock desiring such Torte. the discretion of the committees and upon to participate in the benefits of the reorganization, share in the benefits of subscription per cent In cash. to the unallotted securities. For the Purchasing Committee, prKCHASE Axn Reorganization Committee op O. D. ASHLBT, Secretary. & Chicago THE EAST Tennessee vtrginia & Georgia RH. Co.. by F, P. OLCOTT, NEW TOKK, March 86, 1886, Chairman. CONSOLIDATED 6 PER CENT GOLD Real Estate Debentures BONDS OF 1916. Coupons Payable April and October, 6 Per Cent Interest. 10 Years' Time. Principal and interest payable in U. S. Gold Coin. correct principles Memphis & Charleston A flrst-class security, made on by some of the best mortp;«Ke companies in the coun- A LIMITED AMOUNT FOR SALE AT 95 AND Pamphlet try. Price, par and accrued interest. ACCRUED INTEREST RAILROAD COMPANY Slit on application. JOHN KOCK WELL, 20 Nassau Street, New York. Froni January 1, 1886. The right to advance the above price without GENERAL. MOKTGAGE i: CUarlotte A. t. K'jr Bond*. Atlanta further notice is reserved. Bletnplila & Charleston RR. Bonds, SIX PER CENT GOLD BONDS, DO^VD &. FIELD, mempbls 4: lilttle Uock BB. Bond*. AL.L.EY, Carolina Central RR. Boudit. -0 BROADWAY. DUE 1924, Nortb Carolina State 6s. JAMESOX, SMITH & COTTIXG, Interest January and July, BlrmlngUaiu C.'ty, Ala., 7s> 23 BUOAD STREET. FOR SA'jE by And ItUscelian?oas Securities. BOUGHT AND SOLD CUAS. M. WUITNEY & CO., Br R. A. LANCASTER Jc CO., COTTON OIL. 4 Wall Street. 96 BROADWAY. HOI^DERS OF THE INCOIWE Tobondsof the HOME WATEHTOWN &OQDKNS- TKUST CEKTIFICATE SHARES BUKG KAlLllOAl> COMPANY. Arrangements have been made for the depositing OF THE of the Income Bonds of this company with the Cen- tral Trust Company and the issue In exchanso there- OIL COMBINATION, Reed & Flagg, for: AMERICAN First Consolidated Convertible Mortgage Bonds of said company, maturing July 1, lfi2a, and bearing DEALT IN BY Cor. Nassau & PiceSts, interest at the rate of 5 per cent, to the amount of 40 Duncan Building, the Income Bonds and per cent of the face value of P. J. & CO., Capital stuck of said company- to the amount of 60 GOODHART BNTBANCB no. 11 PINE STRBKr, per cent of the face value of said income Bonds. By authority of the Board of Directors the Con- 24 Broad Street. flolidated Mortgage Bonds issued in exchange fur BKOKEHS AND DEAIiERB prior to May 1680 will Income Bonds deposited U, Members of New York Stock and Cotton Eicharges, carry coupons of 234 per cent, due April 1. 1886. IN Copies of the agreement may be signed at the offlce of the company, No. 10 Pine Street, or at the ]« O T I C E. Cefitral Tni^t (Company's uCBce, No. 15 Nassau 13 O IV I> S. Btreet, and all Iiolders are requested to stgu said. agreement and deposit said bonds at once. The holders of over two-thirds of the Income Bonds To Stockholders of the Wabash St. have already assented to the above proposition and Fifth Avenue deposited their bonds. CHAKLES PAKSONS, President. Lonis & Pacific Railway Co. FOR THE ACCOMJIODATION OB' FOREIGN- HOTEL, 11 COPTHALL ConUT, \ the time during which subscrip- IjONDOx, E. C. l8t January, 1886. > STOCKHOLDERS Maflison Square, NEW YORK. new stock, under the tions will be received for the Best Appointed and Most Liberally "TO^E BEG TO ACCICAINT YOU THAT The Largest Central Bondholders' Asreement of July 15, 1885, has been Manasud llotel in the City, with the Most we have this day commenced to carry on a gen- extended to May 10. 18S0, after which date the riglit and Delightful * CO. eral Banking and Commission business at the above I-«f,i^nfcOCK. DARLING uf stockholders to subscribe will be forfeited. iMldreaB, In co-partnership, under the style ot B. SCHLBT. All uniiaid Instalments will bear interest from JOHN G. MOORE. -W. K. KITCHBN. G. BLAKE, BOISSEVATN & CO. April 10. 18*6. For the Purchaalng Committee. Moore & Schley, Mb. H. J. DkLANOY iUEYER will siRn for our o. D. ASHLEY, Secretary. B \NKERS ANI) BROKERS, Ann by procuration. New yonK, April 9, 1S38. SXBKET, NEW VOKK. STANTON BLAKE, 26 BROAD 0FFICK8 Connected With RnANCH Boston. A. A. H. B018SBVAIN, N y! I, a. Evans & Co., LAKE ERIE & WESTERN RAILROAD raWaliSt E.L.niiEWsrEK&Co.,Chiowo. F. B HIiAKK. 114 So 3d St., I-hila. Fakmer, Uartrd. Mr. Henry W. Smith has been added to the Pur- 1419 FSU, Wash'n. Uul.uARDi chasing Committee app"inted n.ider tiio plan of re- I'rivato Wire Connections. ClONFEDERATE niLLS WANTED, and Bonds and M«pe''»?e9?»«S Mother Sf>iithern Wiir Money, in sraiiU or large quan- orRaniaatlon formuiuleii by Messrs. Krank C. Uolilns Buy and sell Stocks, Clarence Cary, York Exchanges, a'so Grala aoo tities. NUMISMATIST, Box 2230, St. I'uul. Minn. Chairman, Calvin S. Urice and Com- ouriiles on Kew mittee on Heorgnnizati'-n. ProvUions on Chicago Board of Trade. Holders of the securities of the road Interested In sottiinKthe propcrlywitiiout cxiiensire delays are %M\txiisXf piwtjtljeuds, Sit, requested to at oiiee deposit their bonds and to nfBl their signatures to the agreement, which will bo Spencer Trask & Co., found lit the offlce of the Central Trust Company TTOiflESTAKE IHINING COItlPAIVT, and with the undersigned, oonslitutlng the Purchas- ing Committee. . ^ . ^Mn-LS BOILDING, No. 16 Bboad Stbiit, Nbw FRANK C. HOI I. INS (H. B. Ilollins & Co.) Bankers, SMli'JI (Mutual Life Ins. Co.) roKE. April 15, 1886. HENRY \V. WILLIAM A. ul':AU(Vermilye&Co.) _ 16 AKD 18 Beoad Street, DIVIDEND NO. 93. . CLARENCE CARY (Cary Si Whitrldge.) Nos. The regular Monthly Dividend—FORTY CENTS per share—has been declared for March, payable Iransaet a General Banking Businut at the ofBce of the Company, San Franclscrj, or at in York, the Transfer Agency New on the 20th Inst. AL. SCRIP. \ close on the 20th inst, ATLANTIC MUTU Triiusfer books Offices: LOUNSBKRY & CO. MERCHANTS having SCRIP OF THE Branch ) ATLANTIC MUTUAL INSURANCE OonnteUd by FrivaU Wiret, ST. PAri. &. NOKTHEBN PACIFIC CO., or who will have, it in May, can New VoKK, April I'J, 1880. RAILWAY CO., find liuyers by consulting Philadelphia, 132 South Third Street, QUARTKKLY INTEREST due May 1, prox., Bpon regieterud bond certificates of this company J. P. WINTRINGHAM. Albany, N. Y., 65 State Street. vlll be tranaiMitted at maturity to holders of record Consolidated Stock ti. Petroleum Exch. I., 13 Westnuuster St, April 34 inst., from which date until May 2, 1880, Member Prcvidence, E. 36 PINE ST., NEW YORK. the trauBler books will be closed. Saratog*, N. Y., Grand Union HoteU GEO. 6. JONES, Treasurer. Telepboae CftU "«33 John."

I : ! :mmt HUNT'S MERCHANTS* MAGAZINE,

iSPRESENTING THE INDUSTRIAL AND COilMERCLVL INTERESTS OF THE UNITED STATHSL

VOL. 42. SATURDAY, APRIL 17, 1886. NO. 1,086

CONTENTS of deducting double these values from the New York tc tils, leaves as the exchanges arising through other business $373,- THE CHRONTCUE, 844,9')1 and 279,716,493 respectively in the two years, or a gain -1"! n^piii'i-.u.iuso Rotnrns I Monotary and Coinmorclal of 33-6 per cent. ! ilSltiiatlon 473 EuKllsh News 477 'U JbSaata Cninnidrclalaud Tuiu'ka | Miscellaneous i i .;. ,1.1 174 News 478 ir«e* EnMfU) y(pr« 10. Wtik BnAinv AvT.Z. Tlir CiUia 111 EuKltiml 470 | 1886. 1886. Pur Cent. 1886. PtrCaA

New Tork $5.S0.b94,951 (401,534,493 +44-7 $839,443,411 +S8-S SalM o/— {.SUickt....iLtMra.) (1.C89.570: (1,019,693) f+65-7) '8.039,66s;' (+138-7) TBE COSWERCtilj AND FlSANCIAL CHRONICLE 18 pvblislud in (Ci>«on....6a;M.) (878,800) (263,900) (+70) (39«,900) (+16-4) Neu) York every Saturday morning. . (34,674,009) (-aa-3) (Oraiti. .lAuhtls) (51,086,000) (27,008,000; I (+8-6) (-4-6) t Entered at the Post Ollice, New York, N.Y., as second class mall matter.] i (+189-9) Beaton $84,289,139 $63,006,681 +20 $79,777,838 Terms of Subscription—Payable in Advance +4(r» ProTldenoe 4,015,800 3,501,100 +6-4 3,648,300 +18-1 For One Year (iuoludint; postiige) $10 20 Hartford l,700,21h 1,626.618 -14-5 1,688.494 +24-S For Six Months do 6 10 9-0 Now tlnven 1,0:2,785 1,178,631 — 91^4,166 Europi'iin Sul>3Cription (incladlng postage) 28 +19^ H Portland 6

'TIS will bo continued until deflnitoly ordered stopped. The Total N. England $73,017,939 $72,400,678 +20 $88,905,1271 +S7-1 1 inn.it be respons.ble for remittances tmless made by Drafts Philadelphia.... $50,041,663 $45,718,859 +9'4 $83,978,066! +89-8- u: i ...... ;o Monoy OriiiTS. la Pittsburg 7,8:0,641 7,501,425 +4-5 6.938.578 +80-7 A n«sc Uiu covop furnished at 50 cents ; postage on the same is 18 oeuts. Voliuucs bound lor subscribers at $1 00. Baltimore 11,161,794 11,703,184 -4-7 10,840.537 -0-4

Offices In England. Total Middle... $e0,ij31,098 $64,917,468 +6-3 $71,745,179 +83'i» The office of theCOMMERCi.u, and Financial Chrosiole In London $43,475,707 +8-3 la witn "*T. H-r<<. EduMti.s A RMin{. 1 Drapera' Gardens, E. C, where sub- Chloago $40,133,877 $48,595,532 +13-7

*' ' 4 l be taken at the regular rates, and Cincinnati 9,757.100 0,17S,f!Su +6 8,918,8C0 +18-8 'i It Is. cacti. Hllwaukee 3.191,586 2,t22.3J.S +131 »,392,110 +31-i I orpoolisatBlS.ExchangeBuiliiin'^s. Detroit 8,996.592 2,495,253 +2J-1 a,:62,87» +28-0 indlanapolta 1,164,059 1,136,617 -f2-4 1,145,063 f«-5 '* SI William Street, JoaSo•una u. FLOYDiLuru. f * NfeW VOUK. Cleveland ,. S,324,59S 1.&'52,S96 +23-6 2.287,023 +32-8 j POSI Ol FIOE Bol 958. Columbos 1,882,065 1,281,060 +16-8 8,201,575 +66-B Peoria 674,311 772,51« —12-7 688,429 -23-4 CLEARING HOUSE RETURNS. Omaha.... 2,931,889 1,802,7M +68-8 2,319,301 +19'a Denver* 3,419,620 3.959,034 There has been a further decline in the volume of exchanges, Total Western.. $63,400,869 $61,501,640 +11-2 $70,294,5121 +lj-a the aggregate for the week ended April 10 recording a falling St. LotiiB $15,097,663 $15,789,969 -41 $12,683,453 -8-6 off from the previous week of $76,486,293. But the greater St. Joseph 6«1,214 725,198 —4-7 800.480 +8-8 New Orleans 7,731,238 7,840,384 +6-S 6,531,808 +13 part of this decrease (over ^58,000,000) occurs at New York, LoDlsTllla 4,788,133 4,695,310 +1-8 4.681,316 -5-8 and as last 1*, week, principally due to reduced operations on Santas City 5,273,173 3,662,2*7 +44-0 4,588,300 +38-0 the Stock Exchange, In other sections of the country tho Memphis. 1,883,169 1,624,479 +15-8 1.695,451 +18-9 GalT6«ton' 1,216,728 1,130,090 exhibit is apparently less satisfactory than on April 3, but is in fact f^ivorable Total Soathem.. $35,444,890 $33,787,643 +4-9 $30,981,807 +1-9 more ; for although there is a loss in the total SanFranolioo $9,829,330 $10,003,603 -1-7 $12,638,224 +ro outside of New York of a trifle more than seventeen and a half millions of dollars, this is considerably more than accounted Total all ;W37.52 1.967 JM4,2'16,I,'iO +300 $91 l.iXls.JCOl +41W Ontslde New Yorlt; $258jiar.oTa for by the observance of Fast Day in the New England States $242.73I,6!M $374.5IM,84ul * Not included In total. on the Stii inst,, and the Election holiday at Chicago on the In the Cth. A particularly gratifying feature of the current returns aggregate of the returns of exchanges for the flvo is days as received telegraph this the exceptionally fine showing made by the Southern sec- by evening, there is an increase of 136,119,119 over tion. For, notwithstanding the adverse influences of the the figures for April 9, and in this excess all the cities strike on the Missouri Pacific Railroad and its connections, except New York and St. Louis sliare. The gain in comparison there are very fair gains at all pomta except St. Joseph, the with the same five days of 1885 reaches 17 per cent

' in the whole 13'3 addition at St. Louis, where the effect of the labor troubles country, and per cent outside of New York. laa been most severe, being especially noteworthy. jRti« Daw BiMng April 18. 6 D'v Etut'o Apr. 9. In comparison with the corresponding period of 18S5 there 1886. 1880. PtrCent. 1888. PerOmt id not so heavy an excess as some recent weeks have shown, New York $494,261,619 $413,990,780 +19-4 $495,358,033 +80-8 but the result is nevertheless quite favorable, the increase now Sola of Stock (•»*.) (1.430,819) (1,147,273) (+84-7) (1,329.*S5) (+39-8) recorded reaching 30 per cent, against 43-3 per cent last week. Boston. 68,681.337 68,495,807 +17-4 61,718.200 Philadelphia 41,604,898 87,738,664 +18-2 43.178,556 +9« The small gain outside of New York is the result, as before Baltimore 10,328,416 9,619,467 +^8 9,641,893 —4-S referred to, in the main of the reduced totals in New England Chicago 39,518,000 88,754,000 +8-0 85,500,000 +9-« and St. -5-8 at Chicago, occasioned by the 'oss of one day's business. Louis 18,680,858 13,303,241 12,980,381 Contrast New Orleans e,066,«14 6,556,168 +9-8 8,340,461 with the figures for 1884 discloses an increase in tho Total $875,096,039 $677,863,087 +17-1 $8,58,489,016 +4i-a present year of a little less than one per cent. Balance, Conntrr* 48,838,581 +15-3 53,478,416 +Urt Operations 68,086,510 on the New York Stock Exchange for the week embrace Total all $733,081,549 $828,000,588 +17-0 $706,968,430 +89fl a market value of 103,533,000, against *8-' f $60,894,000 Outside New York f237.829.9S0 I212.0OS.S.M +12-3 f91 1,804 .SOri fo r the similar period a year ago. Pursuing our usual method ' Hstimated on tha basis of the last weeklr retorns. .

[Vol. XT .11. 472 THE CHRONICLK Here is a net increase in values for the month, com- THE FINANCIAL SITUATION. pared with 1885, of about two millioa dollars, notwith- towards lower The money market continues to tend standing breadstuSs and provisions together show a bankers' balances, the rates. So far as represented by decrease of about two millions. But imports are large, than per cent, arerage for the week has been rather less 2 and must have been about 57 millions for the whole coun- Call loans at the the extremes being H@2i per cent. try in March, making it appear almost impossible that per cent, and many banks are however still kept at 3 there could have been less than a net merchandise balance Tenewals below other lenders of money have made no against us in that month of say four million dollars. In gold shipments become an 2\ per cent. But unless April, also, imports have very considerably exceeded prospect that important item again, there seems little 1885, so that in spite of an increase in breadstuffs and deposits are in • these figures will be long sustained, for bank cotton exports, the net trade movement during the cur- having been heavy, creasing, the Government disbursements rent month will probably be against us. interior, where and the gradual return of funds from the Of course with such continued large merchandise being unin- they were wanted for the April settlements, imports and adverse trade balances, the outlook seems comes also con- terrupted. This accumulation of funds to indicate a further movement of gold during the next For the moment currently, with a restricted demand. few weeks, unless securities have been going out paper offering, mainly there is very little commercial much faster than was supposed. The situation in this of affairs resulting because of the unsettled condition particular is probably more carefully watched because of greater caution from the labor strikes, which is inducing the further weakness in silver bullion at London, it having requirements for among merchants. Furthermore, the touched 46 3-16d. this week, the lowest point yet recorded. the same influence, the outflow, Wall Street are limited by Still, no special solicitude, in view of a renewed being small and their business -of commission houses is felt, as the Government position is so strong, while the reasons the supply of money wants small. For these better opinion is that the total movement is not likely to of being consider funds seems just now to give promise be large, since we are getting quite near now the time when year's ably in excess of the current demand. bills will be on the market in anticipation of another three months' The cable reports discounts of 60 day and products. In the same connection, it is of interest to note money in the' open bills in London at lf@lf per cent, and that the news of the week as to the crop condition is only situation market at Berlin about 2 per cent. The political confirmatory of what has hitherto been received, which is business and specula- in Great Britain is so strained that that the spring promise as to winter wheat is very favor- in business tion are almost at a stand, and no improvement able almost everywhere, a strong contrast to the reports suspense regarding Mr. in a is looked for, at least until the current a year ago, while farm work is in all sections the con- Gladstone's reform measures is ended. And yet forward condition. Of course the low prices are a draw- the Bank of England (it lost prices, tinued outflow of gold from back, but if we were to have short crops and low most of it went to the in- that the £208,216 this week, though too, (for the experience of late years has proved in the official rate to terior), may make an advance yield in this country does not control prices), it is easy protect the gold reserves, for money necessary to see how far more serious the producers' condition would trade condition. Probably if it is regardless of the depressed be; and besides, the improvement in business, had something to do with countries, this situation and uncertainty to progress and widen so as to include other foreign exchange this week. Posted cannot fail in turn the irregularity in as it necessarily will if it progresses, of the drawers on Tues- rates were advanced by some to affect all values. the time being checked on in day. The advance however for A discussion, which is being quite actively carried the inquiry from remitters, but yesterday the tone at the England now, respecting the issue of one-pound notes, old bankers quoting the to close was very strong again, with gives promise of a favorable result, and if so, ought any special demand higher rates. Francs also are firm and have some influence on trade revival in Europe. The ob- gold exporting point. of gold and would probably force rates to the ject of the movement is to economize the use are in a little better metal. In the meantime commercial bills lessen the strain upon the world's supply of that in excess of a year ago, while a that at a meeting of supply, cotton going out It is certainly a little remarkable breadstuSs is reported. Mr. in a somewhat freer movement of London bankers, at which this proposal was mide has issued this week the Switzler of the Bureau of Statistics paper read by Mr. Charles Gairdner, no one in breadstuffs, provisions, cot- Journal of the his March export figures for discussion which followed (as given in the stalement is as follows. opposad the ton and petroleum, and the Institute of Bankers for March, just received,) figures are obviously an old story, so far as for it is not many years Though these issue. We are surprised at this, concerned, they are some indica- considered very the exchange market is since that suggestion would have been still. London. Evi- tions of the forces that are operating objectionable in the financial circles of BXPOBTS OF BREAD3TDFF.S, PttOVISIONS, COTTOS AND PETROLEUM. home to Great dently commercial distress is bringing 1834-5. 1883-4. revising old opinions and con- SxporU Britain the necessity of from V. S. to the new facts. Said Mr. Gairdner, March. 9 Montlu. March, 9 Month). forming them more thing that when we are QuantUiea. " I think it a most extraordinary Wheat.bush. 3,801,339 33,408,236 3,648,139 71,409,822 4,243,385 53.390.838 of gold is at least a pow- " all but agreed that the scarcity Flour... bbls. 569,437 6,686,697 805,630 7.696.401 664,998 6,601,641 we " in creating our present difficulty, that Wheat.bush. 6,363,806: 68,997,922 7,267,024 105,693,628 7,235,876 83,104.221 erful factor 44,597,ail 7,976,960 83,587,730 3,483,669 34,819.834 think so too, and Corn. . .bash. 8,031,4811 « should fee so wasteful of it." Yes, we 103,695,203 15,242,981' 141,181,358 10,721,543 117,024,055 opinion Total bush.. 14,395,238 may we not assume in view of the change of Tolues. t * business place, and of the still increasing Wh't & flour 6,952,217 56,819,567 6.921,415 98.242,334 8,006,131 94,957.918 already taken meal 8,990,935 23,521.664 4,188,337 19,5:2.273 2,123.561 21,81.3.593 time is not distant when Com & dijtress all over Europe, that the Kye 11.690, 100,706 88,459| 1,826,730 846,930 2,979,764 also, will be willing to go even Oats & meal 60,871 2,396,375' 35S,42o' 1,981,378 69,597 828,9 JO Eogland, and the Continent 239.91H Barley 10,1511 129,5571 5,112 815,191 22.197 bullion according further and issue notes on silver "82,476,869, 11,559,743 121,8?9.87o 10.458,466 i20,8i3,14U Breadstuffs.. 1o,025,684 Eirl Grey made in a letter 64.4-27,703! 6,35(>,052| 77,848,453 5,812,475 83,720.5r) the proposal of Provisions . 6,836,646', to Cotton 18,837,013164.223,1231 12,199,379 180,770,332 18,793,701 167.697,171 in February last. His to the London Times Petrol'm, &c. 3,824,394' 37,549,523' 3,554,706 37,221.715 3,292,252 31.979,818 was "that one-pound notes payable in silver Total 35,513,016 348,677,2201 33,869.880 417.72.3.3651 88.153.891 107,239.011 proposal "

Apbil 17, 1886.] THE CHRONICLE. 473

" bullion should be isBued, but only in exchange for the aged corporations is towards increued conservatism, and " same bullion after a certain fixed amount of them had further, that steps in that direction are looked upon with " been sent into circulation." This bullion he explained as much favor by investors as by those in control

shouKl be given or received " in exchange for notes not of the enterprises. Profits are small in all indos- " at any fixed price for silver, but at the market price of tries, and largo dividends, even though they be earned, "the metal, which would be published weekly in the <1o not create the same feeling of security as small ones. " Gazette. " Why might not the world come together on It is considered the part of wisdom to husband one's some such basis as that, and by one act get rid not only resources, and thus prepare against possible untoward of the strain upon the gold reserves, but of a good part happenings in the future. So far from being forced by (perhaps the whole) of the depreciation of silver and of necessity, therefore, the reduction may be a mere pruden- the terrible business depression as^ well ? tial measure. We remember very well how emphatically But the silver issue, and in fact all other considerations, it was declared last autumn, when the Chicago & North- have been swallowed up this week by the engrossing western reduced its dividends, that the step was the out- character of the labor troubles—more those that are growth of necessity ; in other words, that it was the threatened than those that exist. So far as the actual result of diminished earnings. We could not coincide strikes in progress are concerned, the condition has been with that view, and when a short time ago we published an improving one. Old disputes in some of the manufac the figures for the first seven months of the company's turing districts have been adjusted. The Gould system fiscal year (Chronicle of March 13), it was clearly seen of railroads is apparently in fall operation again, while that the reduction had no connection whatever with the trade throughout that section has been resumed in great state of the company's income, since net earnings had measure. But the letter of Grand Master Workman been decidedly better than in the year preceding. In

Powderly, made public Thursday morning, left a very the Baltimore & Ohio case, moreover, the stock is very unfavorable impression on account of its threatening and small, and a reduction of one per cent means a saving to personal character. It was expressed in so different a the company of less than §150,000—hardly a consider- spirit from what the public was led to expect from that ation with a corporation of its size ; an additional source, and had such an obvious tendency to inflame reason for thinking that prudence dictated the action. passions rather than to secure Justice, that its influence This view is further strengthened by the generally good was very unsettling on all industries. We are very sorry returns of earnings that have come in from the trunk at its issue—sorry chiefly for the misled employes lines since last October—the period also which marks the who are holding out against hope and principle, Baltimore & Ohio's fiscal year. The road did not have and for others the letter encourages and will much of a surplus in the previous fiscal year, but if the likely induce to take a similar stand. It is scarcely returns of the other trunk lines are any guide there must necessary to add, what has now become so obvious, have been a material gain in all of the months of the that all who engage in such a crusade will have to present year, and, as we have seen, it takes but $150,000 yield at last: a result assured simply because the principle to make one per cent additional on the stock. It is true involved admits of no compromise. This fact and feature that the road has maintained reduced rates on has within a few days received new illustration in other passengers, but the particular class of business events. There is a little bakery now famous on Hudson affected is not very large, and moreover the con- street of this city kept by a Mrs. Gray, which is " boy- dition in that respect is no worse than it was " cotted" because she chooses to exercise the right to in the previous year, while rates on everything else are conduct her business in her own way; there is also a silk materially higher. The latest evidence of improved trunk mill at Paterson, one of the finest and largest in the line earnings is offered by the figures of the Grand Trunk United States, employing about 1,200 hands, where the of Canada for the month of February, received this week owner, Mr. Strange, proposes to close permanently, if from London. We have already referred to the excep- necessary, rather than take back on any terms men tionally favorable statement for the same month by the who stopped work at the bid of an outsider, Pennsylvania, and also to the good exhibit made by the because he refused to accept dictation as to his business Erie. The Grand Trunk figures, therefore, are merely of management. Mr. Charles Crocker of this city, in send- the same kind as the others, but they are interesting as ing assistance to Mrs. Gray lest her trade should suffer, showing that at the Western end the improvement is as while continuing her heroic little fight, gives expression marked as at the Eastern end. The Chicago extension of to the public feeling which this kind of act is exciting, the road (Chicago & Grand Trunk), for instance, has net in saying that he sends it in " appreciation of her efforts of £5,039 for the month this year against only £222 last in the cause of justice and freedom " with the hope that year, while the Detroit Grand Haven & Milwaukee has he will be sustained in her contest against this tyrannical netof £3,550 against £1,275, and the Grand Trunk proper attempt to destroy the httle industry her years of labor has £52,118 net against £22,320. have built up. She conducts but a feeble organization As bearing upon the general trunk-line situation, it is ; Mr. Strange and Mr. Gould are in themselves stronger announced this week that the Central TraflBc Association ; 'Ut each, in the present struggle, is the representative has determined to make no reduction of rates to compete >f a principle, which the American people hold pretty with the water route, and that the tariff on grain is to lear, and will support any one in making a sacrifice remain at 25 cents and on provisions at 30 cents. This is tor. probably a wise determination, since though it may cause A reduction in the dividend of the Baltimore & Ohio the roads to lose part of their traffic, the rest will at least 'rom 5 per cent semi-annually to 4 per cent, has been be carried on a margin of profit. It is not amiss to say announced this week, and has attracted much attention. here that the pool among these Western connections seems The public is for the moment rather inclined to take a to be on a firmer basis than ever before, and hardly a pessimistic view of the situation, so the event has been week passes but that some additional proof is offered of regarded in an unfavorable light, but we are not at all sure the thoroughness with which the affairs of the Central that such an interpretation is correct. In the first place, it Traffic Association are being conducted. In the North- must be remembered that the tendency among all well-man. west, the situation is not so encouraging, and the difficulty .

474 THE CHRONICLE. IVOL. XLII.

between the roads to St. Paul still exists as a disturbing bullion in the principal European banks this week and at factor. The effort to establish somewhat higher rates the corresponding date last year. than those reached since the break, appears to have failed, April 15,1886. April 16, 18S5. and on Thursday all the leading roads agreed to a quota- Oold. Silver. Oold. Silver. tion of 10 cents per 100 lbs. on grain and grain products from St. Paul to Chicago. The lower rates are already A M A Bank of England 21.713.688 25,572.281 having an effect on earnings. In the Trans Continental Bank of France 51.545.264 44,583,840 41,494,827 42,514,538 matter no change has occurred, and the Pacific Mail still Bank of Germany 19,213,215 17,038,135 12,626,100 15,431,900

holds out for an increased subsidy, but some of the roads Total this week 92,172.157 61,626.975 79,693,20S 57,946,43a Total previous week 92.731,693 61,579,833 78,150,030 have had to raise fares on account of the rush of busi- 57,709,497 Office paid i, 192 through ness. The Assay $27 the Sab-Treas- ury for domestic bullion during the week, The stock market, as might be expected under the in- aud the Assist- ant received the following fluence of the facts above recited, has been unsettled all Treasurer from the Custom the week. Favorable conditions, as we have seen, have House. not been wholly wanting, but the labor troubles, and es- Oonsisting of— Mr. Powderly and Dau. Duties. pecially the correspondence between U. 8. Oold Silver Oer- Qold. Mr. Gould, have been the notable feature, so much so that Nolet. OerUfle'i. tijicatei. the report has found many believers that these struggles April 9. $361,680 67 $4,500 $201,000 $97,000 $57,000 " 10. 375,07 7 63 2,000 236,000 82.000 55,000 are being in some measure instigated and sup- " 12. 441,473 36 f,000 25;',O0O 138,000 35,000 ported by those who are operating to depress " 13. 83-1,132 55 P.OOO 451,003 306,000 66,000 " 14. 443,941 05 5,090 292,000 92,000 55,000 values. At all events, so long as the strikes threaten to " li. 556,937 09 4,500 381,00i 118,000 54,000 multiply on the present issue, they must have a blighting Total *3,013,i42 95 $30,000 n, ^20,000 $831,000 *3 25,000 effect upon all business, and that can but increase as they Included in the ab jve payments were $9,000 ia silv> are prolonged. This explains the feature of the small coin, chiefly standard dollars. amount of outside buying on Wall Street now. The public does not dare to venture notwithstanding prices are so much lower than they were. The THE ATCHISON TOPEKA A SANTA FE REPORT. special decline in Western Union was duo to the The Atchison Topeka & Santa Pe accounts, which we report that a strike was to be ordered on its give in full on subsequent pages, are presented with the

lines and it was to be boycotted until Mr. Gould usual clearness, and the results disclosed are very satis- settled the western railroad dispute. A similar factory. The report covers the operations of the year cause produced the weakness in Lake Shore, it 18S5, and it will be studied with a greater degree of being reported from Chicago that all its employees had interest than ever before, the reason being that in view determined to quit work because the company refused to of the aggressive attitude assumed by the managers in discharge a few non-union men in its employ at that point. the Transcontinental fight and the new ventures upon It is impossible, under such circumstances, to look ahead which the company, according to definite announcement, with any assurance. There is a strong undertone to the is to engage, there is a great desire to see tho state market, but with every industrial interest affected and of th* company's income and finances. Not that more or less depressed by these labor threats, it would bo there is any doubt of its ability to carry through what it folly to expect any change in the course of business on has undertaken, but simply that the agitation of the sul Wall Street until at least the extent of the apparently im- ject which has been in progress has increased the demand pending movement is known. for knowledge among those not thoroughly conversant

The follo\i*ig' statement, prepared from returns col- with the roail's affairs. In the matter of the stand on thfl lected by UP, shows the week's receipts and shipments ot Trans-Continental question, the Atchison's demand for sep gold and currency by the New York banks. arate pools has, according to all accounts, been conceded,

and with that concession it is believed the road's prospers Received by Shipped by Wttk tnd\nQ April 1«. J880. Set Inltrlor N. Y. Banka. X. T. Bankt. Movement. of getting a proper share of the through business out of t91U,000 1715,000 Gain.. nT4.000 California have been greatly improved. Oold There is probably no other railroad system in the coun- Total gold ana leeal tenders t9I 9,000 »715,000 Gain.. 1174.004 try that can match the Atchison in the marvelous success The the actual changes in the above shows bank hold- that has attended its very rapid growth. The expansion ings gold currency caused this of and by movement to and of the company's mileage was easy enough. The devel-" from the interior. In addition to that movement the banka opment of earnings and income sufficient to sustain thai; have lost $200,000 through the operations of the Sub- increased charges, was quite another thing. Yet the lat^ Treasury. this item to Adding the above, we have the ter was accomplished as readily and as certainly as the* following, which should indicate the total loss to the New former. More than that. Not only were earnings in-^ York Clearing of gold House banks and currency for creased sufficiently to take care of tho enlarged deman(f the week covered the by bank statement to be issued for interest and rentals, but they weret increasedj to-day. to such an extent as to place the property upon basis as a dividend payer. Of course, Week enMna April 16, 1886. Into Banla. Out 0/ Bania. Net Change in a firm Bank Holdini!) the finances were very carefully managed, the capitaliza- Banks' Interior Movement, as above 1910.000 I74S,000 Gain.. 1174,000 light thus, on the Bat>.Treaaur7 operations 7,300,000 7,500,000 Loss.. 200,000 tion of the system being kept very ;

Total sold and letcal tenders.... $8,219,000 18.245.000 Loas.. |2e,00b 2,821 miles there is now but $20,174 per mile of stock and The Bank of England reports a loss of £208,216 bullion only $18,753 per mile of bonds of every description. of during the week. This represents £89,000 sent abroad Yet, after all, the marvel ia, how the great increase and £119,216 sent to the interior. The Bank of France earnings actually shown could have been brought about. con- gained 1,340,000 francs gold and 3,505,000 francs silver, That the results have thus confirmed, and more than and the Bank of Germany, since the last report, lost firmed, the most sanguine expectations of the promoters 3,960,000 marks. The following indicates the amount of of the enterprise, ia evidence at once of the sagacity and I 1 1

ArniL 17, 1886.J THE CHRONICLE 475

foresight of these gentlemen, and the skill and ingenuity pants. But it is just that peculiarity that marks the with which they have taken advantage of the favorable difference between a railroad project that has the seed of opportunities that suggested themselves. The prominent success in it and one that from the beginning is destined part played by the present managers of the Atchison in to fail—a fruitful district to drain, or a barren one. In this building-up process we alluded to a year ago. Kansas the corn crop in 1881 was 70 million bushels; in A few figures will show the road's development very strik 1,S83 it had increased to over 172^ millions, from which ingly, starting from a small local undertaking and growing tliere has since been some falling off, though even in 1885 into one whose dimensions embrace half a continent. We the yield was full 158 million bushels. In the same need not refer to the various distant points that have been interval (1881 to 1884) the yield of wheat mounted up from brought within the confines of the system, but shall simply 19,900,000 bushels to 34,900,000 bushels, though in 1885 state the changes in mileage. In 1870 the Atchison system there was, as is known, a complete failure of the crop, so

covered only 2S m.les of completed road, and in 1874 the that the production reached only a trifle more than 1 number of miles had been increased to 508. Today the million bushels. mileage directly reported on (Atchison proper and the This great increase in the production of cereals was

Southern Kansas system) embraces 2,397 miles, in addi- of course a decided aid to the new road, but it is easy tion to which there is the Sonora system, with 350 miles, to make too much of this as a single factor in the case. and three small lines of 148 miles, in which the Atchison We are very apt to conclude that these excellent crops has a half interest with other roads, making altogether 2,895 have been the chief element in the road's extension of miles of completed road. This, however, is independent earnings and business, and that a failure of these crops of the Atlantic & Pacific, the California Southern, and the for one or two seasons would mean a total collapse of

Mohave E.\tension of the Southern Pacific, which the company's fabric of earnings. Bat that is a very seri- add over a thousand miles more. In a word, the ous error. It is not alone the increase of the cereal Atchison controls directly and indirectly about 4,000 growth that accounts for the expansion ^of earnings, but miles of road. Taking the 2,397 miles on which the ac- the coincident growth of other industries as well, many of counts are based, we find that the earnings in 1885 were which latter do not at all fluctuate as does the yield of the $15,571,395 gross, and $7,256,427 net. In 1874, on 508 crops. We had an excellent illustration of the truth of miles of road, earnings were only $1,260,805 gross and this in the late year, when the almost total ruin of the $623,050 net. In 1874 the capital stock was $8,615,000. wheat crop caused many to entertain fears of serious con- Now it is $56,913,250, on the whole of which 6 per cent sequences to the Atchison. Yet the figures now show dividends are regularly paid, and in addition the road is that that circumstance was hardly of more consequence paying the interest on $30,968,000 of direct liabilities, on than the decline in rates, which is so constantly going on.

$11,819,000 of contingent liabilities for branch roads, on All this relates to the past ; but with the present year $5,376,000 of Southern Kansas bonds, and on $4,740,000 the company has embarked upon a new series of exten- of bonds of the Sonora and Leavenworth Topeka & South- sions, which have been criticised in some quarters. On western roads. The following will show the yearly the 9th of January last a circular was issued to stock- changes since 1874 in gross and net earnings and in stock holders advising them of the managers' determination to and debt. The Southern Kansas is included only in 1884 build 450 miles of new road in Kansas, and offering them and 1885. subscriptions for that purpose to the amountof $5,600,- TOPEK.V SANTA FE GROSS AND NET EAKNINGS AND ATCmSOS A STOCK 000. Two weeks ago (April 3) another circular was is- AND DEBT. sued, announcing that 350 miles of road were to be Miles Gross built through the Indian Territory, to connect rear. at End of 'Net Capital tPunded with Earnintjs. Earnings. rear. Stock. Debt. the Gulf Colorado & Santa Fe, and giving the Atchison an i * * * outlet to the Gulf of Mexico at Galveston. Subscriptions 1874. 60S 1,850,805 633,050 8,615,000 13,949,000 1875. 711 1,520,.358 743,928 8,015,000 13,940,600 consequently were offered for this purpose also to 1878. 711 2,486,582 1,188,244 8,615,000 14,179,000 amount of making 1877. 788 2,679,108 1,219,603 8.615,000 14,236,500 $5,600,000, $11,200,000 of new 1S78. 868 3,950,863 1,909,895 8,615,000 14,175,600 subscription and 800 miles of new road. As to the expe- 1879. 1,1«7 6,881,442 8,414,477 12,634,400 14,136,500 1S30. 1,539 8,556,976 4.213,771 24,891,000 15,705,000 diency of undertaking this work, we are not in a position 1S81. 1.789 12,584,808 4,546,682 47,162,700 20,430,000 to speak with positiveness, as we have no information as to 1S*2. 1,880 14,773,305 6,138,049 68,913,250 25,241,500 1383 . 1,820 14.117,318 7,389,130 66,913,850 23,887,000 the precise location of all of the new mileage; but the 450 ISRJ. 2,375 16,291,883 7,815,007 58,913,250 31,328,500 miles 18.S5., 2.397 15.S-l.30o 7.2.58.427 58.913,250 sn.34i.noo projected in Kansas, it is known, are intended to Above operatiDK expenses and taxes, bat not above rentals. strengthen the Atchison, locally, and doubtless also to tNot inclu'ling debt of leased and branch roads wlilcli In 1885 amounted to $11,819,000. insure a complete occupation of the field so as to prevent The secret of the Atchison's success was simply that the coming in of rivals. The extension into Texas may the system was well planned, prudently instead of at first sight look less desirable, simply because it is branch- extravagantly executed, and laid out with care so as to ing out in a new direction, and seems to be a little outside pass through the most fertile and desirable sections of of the Atchison's ordinary field. country. The latter was accomplished in great part merely And yet it must be remembered that the Atchison can by following the water courses, the natural lines of settle build such roads where no other company can, because its ment. It is from Kansas of course that the road gets excellent credit enables it to borrow money very the bulk its of profits, and about 1,500 miles are within cheaply, and thus add new branches and feeders at that State. Now Kansas, as is w»ll known, has under- a comparatively slight increase of charges. This is a gone wonderful development in recent years. It is clear fact always to be borne in mind, not only with that except for this contemporaneous development the regard to the Atchison, but with regard to other compa- Atchison could not have enjoyed the career of pros- nies similarly situated, for it often oSers a justification for perity it has, but it is equally true that in the construction of new mileage which otherwise would great degree the road was the occasion and cause of that not exist. Of course the subscriptions above cover merely development—that is, the road opened up the territory the amount of first mortgage bonds to be issued on the and caused a heavy influx of settlers. The land was of a new road, and with these a certain amount of income very good kind, and consequently readily found oecu- bonds will go in each case. Bat the latter may be omitted - .

476 rflE CHRONICLE. [Vol. XLU.

in the calculation, because the interest on the same is not it is a concession to what are believed to be the rightful

obligatory. It is only the first mortgage charge that will demands of that people. From the British standpoint it have to be met absolutely. Now this first mortgage, is looked upon as a self-imposed humiliation, as the expres- besides being small (in the one case $14,000 per mile, and sion of a policy implying dismemberment, and therefore in the other $16,000 per mile), bears alow rate of interest, paving the way for the destruction of the empire. The namely, 5 per cent. So if we take 12 millions as the total man on neutral ground will be liable to regard the bill as of bonds of this class to be issued on the new extensions, a fresh proof of the ingenuity and resources of Mr. Glad- the annual charge to the Atchison would be only $600,000, stone's marvelous mind, but as an experiment also in the

and for this it would get 800 additional miles of branches way of reform novel and somewhat hazardous. and extensions. Supposing that the new lines should The character and fate of the bill, however, are not to earn no part of this obligatory interest (which, of course, be determined by anything which we may say. The inter-

is an extreme and violent assumption), the Atchison could ests at stake are not our interests; and the main question

still, according to the 1885_ accounts now published, meet involved—on what terms Great Britain and Ireland are to almost the whole of the same out of the margin of profit live together—is one which must be answered by those con left on the ordinary operations of the road after dividends cerned, the Irish on the one hand and the English and Scotch had been paid in full, and even then there would remain on the other. There is something in tlie situation itself the large annual and independent item of income from land which commands attention, altogether aside from the biU. sales untouched. It is peculiar. In the whole history of the British isles As already said, the 1885 accounts are very favorable. there has been no similar situation. The only situation at As compared with the previous year gross earnings fell all bearing resemblance to the present was that which was off some $700,000, owing to the shortage in wheat and witnessed when the British Government let go her hold on the decline in rates, but almost the whole falling oil was her American colonies. But it was not a similar situation. made good by a decrease in expenses, leaving the net Independence was not granted to the American colonies earnings but slightly different from those of the year pre- till after a long and costly war; and when it was granted ceding, or $7,256,427. Out of this 7^ millions of net, was it was a measure of necessity rather than a measure of

paid all the fixed charges of the Atchison and the South choice. There is nothing in the present condition of Ireland em Kansas systems, all rentals, the sinking funds, the exactly resembling the condition of the American colonies interest on Sonora bonds, and 6 par cent divi- on the eve of independence, except the feeling of

dends on Atchison stock, and above all these discontent. Ireland is not up in arms ; and whatever we payments there remained a surplus of $504,- may think of Irish agitation, of Irish pluck and persist- 184. The surplus would appear to be much smaller ency, we are not perinitted for one moment to entertain than that of 1884, made up apparently on the same basis, the thought that Ireland could by any effort or by any but in that year the Sonora interest was treated separately, alliances succeed in enforcing her demands.

whereas in 1885 it was brought into the ordinary accounts, The situation is peculiar not only in British history—it and the charge for the same deducted before arriving at is peculiar in the history of nations. What Mr. Gladstone the balance given. The amount of this Sonora interest now proposes to do with regard to Ireland is not alto-

being $283,500, if it were added to the $504,184 gether unprecedented. Concessions of a similar kind have surplus, we would get a total surplus of $787, 684 for been made by both Austria and Turkey. An independ- 1885, against the $843,983 surplus reported for 1884. ent Parliament was granted to Hungary. The history of All these figures relate simply to the 2,397 miles of road Turkey in Europe for the last fifty years has been a history

directly reported on. A statement is presented showing of such concessions ; and Greece, Roumania, Servia, Bul- the results when the whole 2,821 miles are included. garia, Montenegro are the living examples. But all these The surplus in that case is not materially different from concessions were the result of a stern necessity. The that in the other case, being a trifle larger, namely Hungarian Parliament was not granted until after the $537,675. In either case, one does not understand how terrible struggle of 1848, and Greece and all the other

very favorable the result is, unless one remembers that principalities which have won their independency or semi-

the surplus remains not only after meeting all charges independency from Turkey won it at the point of the and the 6 per cent dividends, but also after paying sword. They were forced surrenders every one of them. $299,525 in reduction of the debt (sinking funds), and No such necessity is now laid upon Britain as was laid further that the surplus does not include the profits on upon her in 1783 when she formally recognized the inde- land sales, which, above all expenses and taxes and pendence of the United States. No such necessity is laid $179,500 of land grant bonds purchased and cancelled, upon her as was laid upon Austria after 1848. Nor is reach $1,303,847 more. there anything in the condition of the British empire in

all its length and breadth which justifies a comparison with the moribund empire of the Turkish Sultan. On THE CRISIS IN ENGLAND. the contrary the empire was never more powerful, and "With the leading features of Premier Gladstone's bill with the single exception of Ireland, more at peace with providing for the future government of Ireland our read- itself. Yet in these circumstances we are privileged to ers are familiar. That it would be seen by all in the same witness the spectacle of the greatest British statesman of light is what no one could expect. Opinions differ accord- these times, and probably one of the very greatest who ing to the point of view from which the proposition is has ever controlled the destinies of England, going back looked at. There are those who look at it from a point of upon the historic policy of all the past, and asking the view which is almost exclusively Irish; there are those Parliament of Westminster to undo what it did in the who look at it from a point of view which is almost year IS 00, and to restore to Ireland her Parliament. exclusively British; and there are the few who look on Not only has such a proposal been made. It has been from ground which may be called neutral. From the Irish listened to; and the bill embodying the strange proposal standpoint, Mr. Gladstone's bill is seen as a measure of has been passed to a second reading by consent of the justice to a long- oppressed ; people and it is applauded and House of Commons. That the bill will pass in its present . approved not so much for the good it may do, as because shape is extremely unlikely; but that some such measure ... :

Apbil 17, 188«.] THE CHRONICLE. 477

ignifloant coincidence. Of course Greek menaces turn will ultimately obtain the consent of both branches of the may out to be nothing more than empty threats, and the peace of Legislature seems from our standpoint probable. The ICurope may not be disturbed; but at the same time it would situation is rendered all the more remarkable when we bo idle to deny the existence of a danger which is capable of spirit with remember the Irish agitations of the past, the di'Tplnpment into serious troubles. Furthermore, at home which they were resisted, and the fate which befell them. \' ^.< Irish question, promising to bring about an early There are many men still living who remember the u of the present Oovornment, and possibly resulting in a fresh appeal to the constituencies. There wilt then be all the demands of O'Connell in 1833, and the repeal excitement hindrances attending a general election to lie overcome. These in 1843, when O'Connell had Ireland at his back almost to a are very disturbinjitioHuences pressing upon us from all sides, at the Hill of Tara, and else- man, when at Kilkenny, and do not augur well for the early restoration of confldence, where, as many as a quarter of a million hung upon his and of course until confldence is thoroughly re-established a

lips, and when the young men of the country were ready permanent revival of business is impossible. The news from Australia, reporting the partial failure of the crops in dis- to risk their lives in the cause which the great agitator some tricts, is not pleasant reading, as it hints at a curtailment of our advocated with so much eloquence and power. The same exports to that quarter ; in fact, the only bright spot on the men remember the spirit which the British rulers and commercial horizon Is the chance of our doing a gradually ex- people then manifested, how the famous Clontarf meeting panding trade with America. was forbidden, how O'Connell was arrested and thrown Meanwhile the want of elasticity in the revenue is indisput* into prison, and how the Repeal movement died. Why able evidence of the indifferent state of affairs here. The

'! returns for the financial year ending March 31 show that, except should not the same vigorous course be followed now the Post Office, hardly an important source of revenue has And why would not such a policy have the same result ? yielded the return expected. In excise and customs the results which some are pleased to put. Such are the questions are distinctly disappointing, the receipts from the former fall- There is but one answer. The times are changed. ing below the total of 1884-85 by £1,140,000 and the latter by Men and things have changed with them. The policy of £494,000. The actual increase in income in the twelve months is barely £1,540,000, or fully £1,000,000 less what was repression and coercion suited to that age is ill adapted to than an- ticipated in the revised budget. These are not satisfactory this. Men are beginning to look to the future, and, as statistics to contemplate. It is, to say the least of it, unfortu- Castellar puts it, Mr. Gladstone has a " perception of nate that the incidence of taxation should be so oppressive at in the future horizons which often reveal themselves a period when the nation is far from being well prepared to "eventide of life." He is certainly to be pardoned for bear it, and it is a subject for regret that there is no probabili- attempting to set the house in order; but the excellency ty of a speedy relief, which would strengthen any symptoms of reviving trade. Apparently the time has not yet arrived of the Premier's purpose does not render the spectacle when we shall be able to abandon the waiting policy and which England now presents to the world the less novel extend more freely the ramifications of our trade. or the less perplexing. Money has been rather more wanted the past week, but the demand has been mainly in connection with the Stock Ex- ga0ttetargg®0mmcrciaI %xiq\is\t ^cxas change settlement, and quotations at the close of the week were not so strong as during the earlier part. An important RATES OF EXCHANGE AT LONDON AND ON LONDON feature in the Bank of England weekly return is the decrease AT LATEST DATES. of £1,146,293 in private deposits. This should indicate a grow- ing scarcity of money which should speedily affect quotations.

MIOHANeS AT LOirPON- Apr. 2 . KXaHASQB ON LONDON. Part of this loss—£457,058—has gone to swell the total of pub- Lateet _. lic deposits through the revenue collections; but even allowing On— Time. Sate. Date. Time. BaU. for this, and for the quarterly payments, it is clear that there Amsterdam. 3mo8. 12-2<9 «12'3 Apr. Short. 1205 has been more movement in money during the week. The Amsterdam. Short. 12 1 lH2lifl HamborK.. 3 moe< 2053 W20-56 Apr. Siiort. 20-42 present total of private deposits is £33,140,000. This is about BerUn 2053 Apr. 20-42 O20'56 rate Tnaktort... 20-53 ®20o6 Apr. 20--42 £3,500,000 less than a year ago, when the Bank was 3^ Vienna. l2-71>4'<»12-73>4 Apr. 12-60 per cent. Were there any bona fide sustained inquiry for IHe8te 12-71i4»12-73%

. • money to spring up just now, we might look for an immediate Antwerp . 2b-36^aii5l\H Apr. Short. 2V-20 Peterab'g t 23>«923^ Apr. 3 mos. 23i3,a hardening of discount quotations. The reserve has decreased ItoU Short. 25-133ia251»% Apr. Short. 26-16 Vtiia 3 mos. 25-32 '«a25-37i» £785,000 during the week, and the proportion to liabilities has a«Doa 25-4614 »25-80 Kadild 15%945-ig Apr. 3 mos. 46-50 fallen from 41*17 to 39-75 per cent. Chdlz 45^345 9g The rates for money have been as follows : IJslwn 52 >« 952 38 Alexandria Apr. 3 mos. 11100 Oonstaut'plc Open mar)cet rata. Intereit aUowti Bombay Dem'd Is. eiied. Apr. Tel'.'t'ra Is. 5i6ied. fordepoHtt fc» Oaloutta..... U. 6ii«d. Apr. It Is. 51»l6d. 3am3t BVU. Trait mm. Hew York... | DiK't Wtt Apr. 80 days 4-8(i>4 j Joint Bong KoDg. Apr. STgd. 4 mos. 38. Foxtr Six Stock At 7 to 14 Three Pour 8tx Three 1 Bhanghal. . . Apr 4e. 7%a. Montlu AfontJu Mmtht Honthi Month.[Mmtht BatAt. CalU Daw. TFrom oar own oorrespondont.] Feb. 28 3 1«9- IM® - 1J<« -,l«»2 2 »iil4,2H»m Mar. 5 S - 2 London. Saturday, April 3, 1886. im- 1«3 l«a2 (»2^,2Ma3 '• 12 S i«a~ l«« - 1«»2 2 ftSHS^aS IM-IM Political incertitude has been an effectual bar to any display •• 19 » iji» - 2 « - 1^32 2Ha2>j2M»8 la-iH " 26 2 i-«a - 2 ® - I«a2 2 a2H2wa3 of commercial animation. Financially the prospect has been Apr. 2 1«9 - 2 ia2>i3M33 IM-IX satisfactory, and the marked change in the weather has natu- The following return shows the position of the Bank of rally improved the agricultural position. So, also, the agita- EIngland, the Bank rate of discount, the price of consols, the tion in connection with the Railways and Canals Regulation price of middling upland cotton and wheat, and the Bankers' bill, and the arguments for and against the measure, afford Clearing House return compared with the three previous convincing evidence not only of the interest taken in the mat- years 1886. 1885. 1884. 1883. ter, but likewise that in applying a remedy nothing will be Olrcalatlon.exoludlng * £ £ * 7(l!»y A other bills.. 24,153.340 21,9lti,500 25,553,520 26,011.615 done causing undue pressure upon any interests concerned. Public deposits 11,30{,032 11.16.^,^42 10,500. ?*32 11,^71,471 OtherdeposlU 23.UO..H3 2.1,62 i, 487 24.259,339 22.259,833 Politically, however, the outlook is far from being as bright Govemm'tseoarltles. 14,5H4,802 14, 872.692 12.451,964 13.360.565 Other securities 24,501,030 24.US.744 25.313.028 27,339,371 as could be desired. The interminable Eastern question is Bes'veofnotes&ooin 13,748,128 16,461,409 15,548,364 11,679,516 Ooln and bullion In again coming to the front, and this time in a more aggravated both departments.. 22,451,463 25,662,906 25,351,834 21,911,131 Proport'n of reserve form. The adoption of a strikingly bellicose attitude by Greece toliabllitles 39-75 p. o. 4t\p. C. 44 19 p. 0. 34^ p. S. Bank rate 2 p. o. 3>s p. 0. 2>« p. 0. 3 p. o. on the advent of spring, concurrently with a renewal of Omsols lOCid. 98 %d. 10-239d. 102 >4d. 381. Id. 428. Od. rumors Bnic. wheat, av. prloe 30«. 91. 32b. 7d. of disputes between the English and Russian Commis- Mid. Upland cotton.. 49|(id. 5\d. 6"i«d. 4l6,,d. Ho.BO. SHU. 9>4d.r-«u. fl'sd.o'»- sioners »u40 mulemine twist os". ._.__" _„ .-_«';3."V on the Afghan frontier delimitation expedition, is a ' Caear'(f-Houseret'n..l2S,218,O00 138,175,000 135,333,000 72,607,000 — : :

478 THE CHRONICLE. [Vol. XLn.

The Bank rate of discouat aad opea market rates at the ordinary season, bring the trade into a healthier condition, and chief Continental cities now and for the previous three weeks yet now the effects of the agricultural depression are too pow- have been as follows: erful to be easily eradicated, and it is diificult consequently to forecast the future. U. AprU 1. March 18. ilfnrch The quantity of wheat, flour and maiza adoat Bdtetof to th3 United is InUrett at Bank Ovtn Bank Open Bank Opdn Bank OiMn Kingdom shown in the following statement: Rati. Market, Rate. Market Rate. Market Rate. Market Al present. Last weefc. Last year. 1884. Wheat qrs. l,6S6,O00 1,679,000 a 2.712,000 1,840,000 Paris S 2H 3 2M 3 Flour.equalto qrs 197,000 195,000 2.i2,000 284,000 3 Berlin 3 3 2>)i Maize qrs. 350,000 383,000 261,000 239,000 Frankfort 3 2H 3 ^ 3 Hamburg S 2 3 2 3 3 The following return shows the extent of the imports of Amsterdam,,.... 2^ m 2M 2*< 2 2K cereal produce into the United Kingdom during the first Bmsseis 2« 2« 2M 2« 2H 3 2« 2H thirty weeks of the season, the sales of home-grown Madrid i 4 4 4 4 4 4 4 Vienna 4 3M 4 ZH 4 3 4 produce, the average prices reached, and other items, com- Petersburg. 5 5 5 5 B 5 S 5 St. pared with last season : 8!< Copenbaizen 3« 3« 35< 3^^ 3>i IMPOBTS. Messrs. Pixley & Abell write as follows on the state of the 188^-6 1884-.'>. 188R-4 1882-3. Wheat ..owt. 28,236,29 i 27,271,639 32,006.0:3 36.695. .536 ballion market Barley 7,478.461 10,1.52.178 10.684,853 10.7511,029 Oats .=i,i518,572 «,2o2,215 Gold.—Nearly all the golil that has been received during the week was 7,126.33.5 8,432,131 Peas 1,267,327 1,167,819 1,0,52,363 1,299,230 Bold to arrive ; ami tlio dom md has now, in conseiiueude of the upward Beans 1,920,054 movement In the foretsn exotianges, fallen nlT to a great extent. The 2,007,510 1,526,902 1,497.769 tndlan corn.. has received £47.000 in sovereigns. The arrivals comiirise £600,- ... 16,058,418 13,613.913 15,821,136 9,979,144 Bank Floor 000 from New York, £70,000 from Australia and tlie East, £6,00iJ trom ... 7,950.724 9,537,736 9,037,627 10,096,473 P. O. steamor has taken £32,000 the Cape ; total, £676,000. The & Supplies available for consumption in thirty to Bonibaj'. weeks Silver slightly recovered in value to 46?id. por oz., romaiaiu? at that (exclusive of stocks on September 1) price until to-day, when a few tr.insaotioas have taken place at 46 ll-16d. The market is not particularly tirra even at this decline. Wo have re- 1885-88. 1884-85. 1883-84. 1882-33. Importsof wheat. 236.291 ceived about £10.000 from New York and £10,000 from Au-tralia ; owt.2«, 27,271,633 32,006.023 3'5,695,536 total, £oO,000. The P. & O. steamer has taken £19.800 to Bombay. Imports of flour 7,950,724 9,587,73d 9,037,827 10.096,473 Mexican Dollars.—Without any arrivals of importance, the market Balea of hi me-grown.. 27,191, 949 27,567,022 26,729,652 25.872,670 has to-day improved to lo%d. per oz , owins to some private orders having been received. Tto "Falda" brougiit £6,000 from New York. Total 63,378,967 64,426,396 67,773,302 72,661,679 The quotations for bullion are reported aa follows: The following statement shows the extent •f the sales of GOLD. SILVEK. home-grown wheat, barley and oati in the principal markets London Standard. April J. Mar. Hi. London Standard. April 1. Mar. -25. of England and Wales during the first thirty weeks of the

I. i. d. d. season, together -with the average prices realize.!, compared gold, fine., .oz. 77 9 77 Bar silver oi. 46 11-1» 40 11-18 Bar 9ii with the previous season : Bar gold, contain*K Bar sllver.contain- 20dwt8. silver. 01. T7 lOli 77 11- ingSgrs. gold..oi. 47 1-14 47 1-18 Span, doubloons. OS. Cake stiver os-j SOH 50KS 1385-36. 18S4-85. 1883-81, 8.Am.doubloon8.os. Mexican dols. ..oi. *5M 45>i Av'ge Av'ge Sales. Sales. mies. Price Price ^ Tenders for £2,195,000 Treasury bills have been received at the Bank of England, and the whole sum was allotted in s. d. s. a ». ri. Wheat, qrs t ,89,'i,735 30 5 1,921,884 32 5 1,870.477 39 3 three months' bills, tenders at £99 ISs. 3d. receiving about 48 Barley ., ...... 2,713,057 29 7 2,775,507 31 8 2,915.663 32 6 Oats 308,036 18 10 340,022 19 8 267,371 19 8 per cent, above in full. The P'»'3rage rate per cent was £1 9s. 2d. Converting quarters of wheat into cwts., the totals for the According to Kemp's Mercantile Oazette, the number of whole kingdom are estimated as follows: failures in England and Wales during the week ended March 1885-86. 1884-8.5. 1883-81. Wheat owt. 27,191,949 27,567,022 26,729,6-)3 27 was 129—an increase of 30 over last year and of 107 to date. The number of bills of sale published in England and Wales Ensllsb FInaaclal ITIarkets— Per Cable. for the week was 271, being an increase of 36 for the week and The daily closing quotations for securities, &c., at London of 72 to date. The number in Ireland was 17, or 3 more than are reported by cable as follows for the week ending April 10: last year, the increase to date being 46,

I A dull market has prevailed for all descriptions of grain. London. Sat. Mon. Tties. Wed. Thurs. Fri. Frequently the tendency of prices has been favorable to buy- Hlver, peroi d. 4619 461a 4b7ig 466i8 463,8 463,9 ers, but the variations have not in any case been important. Consols for money 1009i6 1009,8 10o»,e 1001,8 10019 1009,8 Consols for account..... lOon.j lOOOlB lOOHie 100 Is 100i« 100"^ White samples of wheat have receded about 6d. per quarter, Fr'ch rentes (in Paris) f rl 81-17ls S097i« 51-10 80921a 80-921S 80-95 but other qualities have about maintained their value. Influ- a. 8. lijsof 1891 114% 114=8 114=8 114=8 114-'^ 114=8 a. 8. 4s of 1907 128'8 128''8 12»''8 128 'a 12878 128'^ ences immediately affecting the trade have been rather against Canadian Paoiflo 6718 67 67 14 67 Is 66% 66=8 Chlo. Mil. &St. Paul.... 8939 89% 91 9012 89=8 88'% the holder during the week. To begin with, we could not Grle, common atock.... 26111 26i« 27 1« 26% 261* 26i« have experienced more favorable weather for the crops than OllnoU Central I4214 142Si 1421* 14'i34 1421a I4214 Pennsylvania 54 'a 55 551a 55 54'a 5*^ we have recently enjoyed. There has also been a decided in- Philadelphia & Beadin>i 12=8 1238 1258 I2I9 123e \2H 104 104 103 Is crease in the importations, those for the week ending March Sew York Central 13 'a 106 110531 llOl'a 27 being 1,023,612 cwts., or nearly double what they were for the corresponding week of last year. Home deliveries also ©ammci^clal and pusccllauecrws JH^cma have continued very liberal, and appreciably inexcess of 1885 at this time. In consequence the markets have been rather National Banks.—The following national banks have lately freely supplied, and as there has been no corresponding in- been organized: crease in the demand, a weakness has been developed which, 3,181-Tlie Ord National Bank, Ord, Kehraska. Capital, $50,003. Frederick L. Harris, President; Edward K. Harris, Cashier. however, at no time assumed anything approaching to import- 3,482—The Welden National Bank of St. Albans, Vt. Capital, $100,000.

; Stewart Stranaliaii, <,'a^hier. ance. The expansion in the foreign receipts is no doubt in a E. C. Smiili. Vice-Presiaent F. 3,483—The First Nivti.inal Bank of [ndianola. Neb. Capit il, «50,000. great measure due to the change in the wind; continued east- James W. Dolan, President; John J. Liimburn, Cashier. 3,484-The National Bank of White River Junction, Vt Capital, $50,000. erly and northeasterly winds had kept back many vessels George W. Smith, President ; John L. Bacon, Cashier. which westerly and northwesterly breezes have enabled to 3,485—Tlio First National Bank of Aspen. Colorado. Capital, $50,000. Waller S. Checsman, President; Theodore Q. Lvstoe, Cashier,- the channel come up ; but this increase in the imports has been 3,486—The First National Bank of Astoria, Oregon. Capital, $i0,C0O

; Samuel S. Gordon. Cashier. only at the cost of a reduction in the supply on passage. True, George Flavel, President America just now is showing more inclination to ship, but the Imports and Exports fob the Week.—The imports of last export from the Atlantic ports still remains confined within week, compared with those of the preceding week, show a very narrow limits. At the same time stocks here are being decrease in both dry goods and general merchandise. The greatly reduced, while the American visible supply has been total imports were ^10,126,097 against $10,490,609, the pre- lowered during the week 760,000 bushels, and is now only ceding week and 17,313,189 two weeks previous. The exports about 6,000,000 bushels more than last year, whilst the quan- for the week ended April 13 amounted to |5,097,79i!, against tity of wheat and flour on passage is about one and a quarter 15,173,180 last week and |4,260,444 two weeks previous. The millions less. Granaried stocks here also have been drawn following are the imports at New York for the week ending

upon rather freely of late, and then we have to take into con- (for dry goods) Apr. 8, and for the week ending (for general sideration the almost entire failure of the South Australian merchandise) Apr. 9; also totals since the beginning of the harvest. This combination of circumstances should, in any Ont week in January: . . .. : :

APBIL 17, i8sa.] THE CHRONICLE. 479

rOBBION IMPORTS AT HHW TOBK. Central of New Jcrney.—The Chanot-Uor has ordorod the Itccfiver of Jersey Central to s«ll the Reading securitio* held For Week, 1883. 1884. 188S 18B6 .i^^iiinst floating debt. Presiilent Llttlo will sell th» bonds at udction. Tho botiils to be sold Ileading Dry Gooili' $1,810,973 $1,009,725 $2,314,591 are $1,000,000 Ist Uuu'liuvr'illse. 7,701,J07 7.732,092 7.781,306 SI I ies 58 and $3,000,000 3d scries 5g.

v, York Total »9,602,4SO $7,807,135 $9,601,817 $10,126,097 Stock Exchange.—The Governors of the Stuck Since Jan. I, have admitted to d-aliogs the following r>lTOooila , S41.299,281 $3^.095.064 $31,344,998 $311,611,90.% wi-uritie« Gon'l nicr'dlse.. 87.571,070 88,2 79,310 71,181.246 85,385,039 E(AS WonTU & Denver City Railway.—An additional Total 14 wi>ek8. .itl28.870,S'H 1*124.374, 113 ill05,H2n.2l4 $122,028,914 *8.'50,000 of first mortgage bonris isiaued upon thirty-four mUei r>r additional completed road, and making the total amount In our report of the dry goods trade will be found the im liHted on 1 14 miles $8,600,000. ports of tlry goods for one week later. Kast Tennessee Viroini.i & Georoi.a. Railroad.—Central The following is a, statement of the exports (exclusive of Trust C'oiupauy certificates issued for income mortgage bonds Siwcie) from the port of New York to foreign ports for the deposited under an agreement of reorganizition. wdek ending April 18, 1835, and from January ], 18S6,to date : INDUNA Bloomington

Great Britain $4,120 $6,770,118 $ »9fi,357 North Carolina State Bonds.—At Raleigh, N. C, April France .,.,..... 6,233,596 1,127,313 12, suits were begun against the Governor and Auditor of the 665,589 717,092 State witli the object of forcing the levying and collection of Wast Inaies i'.7b9 3,509,938 isass 387,661 the special taxes imposed in several acts of the Carolina Mexloo 800 11,352 North Bonth America 14i;.V36 184. 436 3,202 1 10,743 Assembly of 1868-69, under which the special tax bonds of All other coontrles . . 5,000 331,316 448 5,744 North Carolina were issued. These bonds aggregate $11,000,000, and the special taxf>s imposed were sufficient to meet the T»tal 1886 $l.i5 356 «17,695,493 $22,633 $2,456,262 Total 18S& 45fi.800 4.380,469 7,060 4,648.010 annual interest. Subsequent legislation forbade State officers Total 1884 4,878,035 21,688,747 204,796 538,039 to collect these special taxes, and an amendment to the consti- tution forbids tlie Legislature to pay anything either on the Silver. interest or principal without submitting the matter to the Oreat Britain $116,800 $3,497,764 9 $ people. The plaintiffs rely upon the act of Congress passed France 177,577 '"'48 Germany 2;206 16.450 March 3, 1875, extending the jurisdiction of the Federal courts West ImlleB 49,414 250,860 82,703 to all cases arising under the Constitution between the citizen Mexico...... 2U 47,814 Bonth Amerloa Sfl'i'li 3,648 136,207 of a State and the State itself. Ail other coontrles. . 33,927 2,980 Martin's Boston Stock Market, Eiohty-eioht Years, Total 1886 $119,000 $3,847,135 $53,276 $437,909 has just been issued. The book is intended to be a complete Total 1885 125.13-' 4,329,434 29,105 338,066 record of the Boston Scock Market, from 1798 to date. Prices Total 1884 306.599 4,567,147 68,455 1,371,137 are given of all railroad, bank, manufacturing, insurance. State, city and miscellaneous securities, which have been dealt Of the above imports for the week in 1886, |9,348 were in on the Boston market. To this are added dividend tables American gold coin and |20,993 American silver coin. Of the of the several securities, with notes containing facts in con- exports during the same time $11,630 were American gold nection therewith. Matters of historic value in reference to coin. the times passed through, and a mass of information, may be Foreign — Tradk of New York Monthly Statement.—In found in this book, which is made accessible by the very full addition to the foregoing tables, made up from weekly returns, index. The compiler, Mr. Joseph G. Martin, has been long we give the following figure.s for the full months, also issued and favorably known as a stockbroker in Boston, and has had by our New York Custom House. The first statement covers unusual facilities for acquiring the information published in the total imports of merchandise. this book. Every banker, broker and investor, should have a IMPORTS I"«TO NEW TOKK. copy of this volume for his office or his library. Address Mr. Joseph G. Martin, 10 State Street, Boston. 1SS3. 1885. —Attention is called to the advertisement of the Rome Watertown Ogdensburg RR. Co. in to-day's issue, regarding Uonth. Qeneral General & Dry Dry the exchange Mercfian- Merchan- Total. of bonds. Qoodt. Goods. dise. dise. Auction Sales.—The following were sold at auction this week by Messrs Adrian Son, 13 Pine Street t « $ H, MuUer & J&auary.... 9,410,184 28,389,735! 32.799.899 10,808,800 17.848,208 28.457,008 Shares. Shares. 2 American Exoli. Nat. Bk.136'4 32 National Broadway Bk..281>a Febraary . 18,070,425 2«.821,318| 38,891,741 10,214.493 13.680,832 28,845,320 of Co. 165 March 12,SI6,735 aa.SB'MBl 189^ 2 Bank America 1/6 40 Union Ferry 39,18'., 10,385,889 25,201,039 35,848,728 100 Canton Company 57% 15 Metropolitan Nat. Bank. 46'4 ToUl.... 94.397.314 7B.8~5..512,1 10,072,828, 31,408,997 61.o40.0C9i 92,94»,0.;8 157 New Jerhey Zinc Co 73-74 1,496 Iron Monntnin Co. of 100 Pennsylvania Coal Co.272-274 Durango, Mexico. $3 30 f sh. EXPORTS FROM KEW TORK. CUSTOMS RECEIPTS. 1023 Second Av. RR. Co 194J4 66 Y^onkers Has Light Co 51 Bonas. Total Merchandise. At N&w York. 155 Tarrytown & Irviagtou $1,000 8t. Paul & Sioux City MontTi. MontK Union Gart Light Co 60 RR. l.«t 6a, gold, due 1919.126 1886. 1885. 1865. 1 Consolidateil Ua.s Co Ill $6,500 Brooklyn & New York 100 Exchange Fire Ins Co lei's Ferry Company 1st 68, due i 10 K. Est. Exch. & Auction IHll 124i<&int. Janaarr. . 23,723,816^ 32.718.154 Jannary., 10,925,448 10,298,K91 Room (Limited) 105 $2,000 Metropolitan Gas L't bonds, February.. 22,314,S21| 23,715,450 February 11.799.732 10,468,9')6 466 Tho WliceUugife Lake Erie Co. of N. Y. 6a coup, RR. Co lot due 1901 118 March 23,201.0841 28,187,314 March 12,500.233 11.277.042 $27 5 N. Y. Floatlus Diy Dock 39 $1,000 Miss. & Tenn. RR. Co.

I Series B, Total.. 69,2;2,02l| 82.570.918 Total I 85,228.413 32.038,ilOS 80 North River Fire Ins. Co.lOl 88. oonsol. mort., 5 Empire City Fire Ins. Co. 85 •« due 1902 105 United States Sub-Treasnry.—The following table shows the receipts and payments at the Sub-Treasury in this city, as well as the balances in the same, for each day of the past week :

Balances. Date. Receipts. Patjmenta. Coin. Coin Cerfa. Currency. United States Government and other desirable $ 9 $ $ SECURITIES Apr. 10 985,652 1,143,107 128,0»5,120 50,768,000 10,626,931 FOB " 12 1.250,963 999,090 128,101,942 50,851,440 10,778,541 " 13 2,454,679 2,354,183 12:S,06«,872 51,116,460 10.618.788 " INVESTORS. 14 940,417 1,130,949 128,138,469 51.274,470 10,-222,679 " 15 2,139.245 1,671,260 128,189,027 51,409,200 10.505,376 " 16 1,746,826 1,120,993 128,318,153 51,734,630 10,676,65J All stocks and bonds listed on the New York Btook Exohange baagM and sold on commission for cash. Total .. 9,675,267 8,263,427 1 neposlt accounts received and Interest allowed on monthly balinc«t subject to draft at sight. _ —The Homestake Gold Mining Company has declared its ninety-third dividend, of 40 cents per share for March, pay- HARVEY FISK & SONS, Bble at the office of Messrs. Lounsbery & Co., Mills Building. 28 Nassau Steket, New Yoxk. . . : :

480 THE CHRONICLE, [Vol. XLII.

April 16. Sixty Days. Dematid.

Prlmebankerg'sterllng bills on London.. 4 871s 4 891a Prime commercial 4 85%»4 86 DIVIDBNDS. Documentaryoommerolal 4 95i4a4 85Hi The tollowlnf; dlridendn have recently been annonnced: Parie(franc8) 5 17»a85 1678 5 15 ®5 143e Amsterdam (guilders) 405,6^4038 toiaa 409)8 Per WTien BookM Oloted, Frankfort or Bremen (relchmarks) 953a '*95% 95^ a 95^8 Ifante of Company. Cent. Payable. (Vayt incluiive.) Coins,—The following are quotations in gold for various coins Railroads. Sovereigns $4 86 9$4 89 Sliver Ha and las. — 99%3 par. Baltimore & Ohio 4 May 17 April 23 to May 16 Napoleons 3 86 « 3 90 Five francs — 93 ® — 95 Do do AVash. Br 5 April 21 XX Eeiohmarks. 4 74 9 4 80 Mexican dollars.. — 7912* — SCa Cln. Hamlltou>& Dayton 3 May 1 April 20 to Slay 1 X Guilders 3 96 '3 4 00 Do uucommero'l. — 79 a — Do do tr. certs 3 May I April 20 to May 1 8pan'hDoubIoon8.15 55 al5 65 Peruvian sols — 72\9 — 73i« Con cord 5 May 1 April 15 to Mex. Doubloons.. 15 55 ®15 65 EngUah silver.... 4 80 a 4 86 St. Paul Minn. & Man, (guar.) May 1 April 18 to May 2 Pine gold bars par®i4 prem, C. S. trade dollars — — 3 — — Flue silver bars 1 OlHa 1 02J« n. S.BllverdoUare— 98%-3 par. WALIi 8TKEET, FRIDAY, April 16, 18N6-3 F. M. Dimes & la dimes. — Q%\9 par. Tbe Money Market and Financial Situation.—The United States Bonds.—Only a very moderate business has been done in government bonds this markets have strengthened somewhat lately, but more on what week, and the market remains firm and without feature. operators think ought to be the condition of afiairs than on The closing prices at the N. Y. Board have been as follows : an improvement really experienced. The low prices of wheat, Interest April April April April April \ April corn, pork, cotton, coal and petroleum lead to a reaction Periods. 10. 12. 13. 14. 15. 16. every now and then, partly on the covering by shorts who 41S8, 1891 reg. Q.-Mar. 112% I123e: 11238 'U23e *ll23s 1121a sold at higher figures, and partly because it is known that an 4128,1891 coup. Q.-Mar. •11238 112% 1123eM1238 *1123s 1121a 4s, 1907 reg.Q.-Jan. I26I4 I26ie I2614' l2B3e I2fil4 126^ advance must in all probability take place at some time and 4s, 1907 coup.|Q.-Jan. 126=4 126I4 126i4*l2«38l 12612 •I26I4 38, option U. S reg. Q.-Feb. lOO^e,* 100%: lOOis'lOOSs •10019 •100 la purchases on the present basis seem to be comparatively safe. 6s, our'cy, '95 reg. J. & J. 1271a 127 1« 127iai*127ia '12712 •127»8 It has been evident for some time past that our export trade 6s, cur'cy, '96 reg.J. & J. 1291a 1291s 129ia*129i«i •1291a *129»9 68, our'cy, '97 reg.1,1. & J 1311a 1311a 131i«*131'a •131 I2I n31i« movement in the current six months going to a disap- was be 68, cur'cy, '98 reg.'J. & J. I34i« 13415 134i2*134ia •134121 •134% pointment. Last summer's crops of corn and cotton were im- 68. cur'cy, '99 reg.'j. & J. 13658 1361-2I 136ia|-13658 •13tii2! *136!ll • mense, the cattle business was largely increased, and coal pro- This Is the price bid at the morning board : no saJ,e was made.

duction was ahead of previous years ; hence a large railroad State and Railroad Bonds.— State bonds have again risen traffic at home and a good balance in our favor on the foreign to some prominence in the market, and this week the dealings trade movement, were looked for in the current six months, have been quite large, as follows: $178,000 South Carolina 6s, between Jan. 1 and July 1, 1886. These hopes have not yet non-fundable, at 6i-7i; $98,000 Virginia 6s, deferred, at 9|- been realized ; the through freights from East Chicago have lOi; $125,000 do. Trust Receipts, at $87,000 North been small 9|-10f ; ; prices of our products rule very low ; and instead Carolina Special Tax bonds, at 11-12J; $1,000 do. consol. 4s, of gold imports, we have exported some millions of coin and at 95; $10,000 Arkansas 7s, L. R. & Ft. S. issue, at 23i; bullion. In all this, the wretched condition of trade abroad $10,000 do.. Central RR. issue, at 10; $39,000 Louisiana consol. has been a most important factor, and except for their lack of 4s, at 73i-f ; $1,000 Alabama, Class A, at lOlJ, and $1,000 confidence in purchasing any of our products, the situation Missouri 6s, 1888, at 105^. might have been entirely different. The principal feature of the railroad bond market has been Kotwithstanding these unsatisfactory conditions in com- the rapid rise of a few specialties, including Richmond & Dan- mercial affairs, the Stock Exchange markets have been remark- ville debentures, Rome & Watertown incomes and Virginia ably well sustained, and upon the whole there has never been Midland incomes. Aside from these, the market has been greater confidence shown in railroad stocks and bonds. This somewhat irregular, though generally firm to strong. The de- confidence is measured by the firm prices maintained in the mand has been good throughout, and transactions quite active face of all temporary difficulties, in the absence of any great and well distributed over the list. activity, or any large speculative movements which might give The closing prices and range of a few leading bonds are annexed a fictitious support to quotations. The open market rates for call loans during the week on Closing. Range since Jan. 1, '86. Name Bond. stock and bond collaterals have ranged of at li®2i per cent, and Apr. 9 Apr. 16 Loieest. Highest, to-day at 2@3i per cent. Prime commercial paper is quoted at 3i@5 per cent. N. Y. L. E.& West.— 2d consol. 68 , ex. June, '86, cp. 8S38 871a 76''a Jan. 92 Mar. The Bank of England weekly statement on Thursday showed Funded couji. 58 90 90 7714 Jan. 9614 Mar. a loss in specie of £308,216, and the percentage of reserve to West Shore, guar. 48 102''8 103 101 14 Jan. 104 Jan. Kan8. «fe Texas, liabilities was against 40 11-16 Mo gen. 58 79 79% 75 Jan. 83 Feb. 43J, last week; the discount Do do gen. 68 93 94 88 Jan. 96 Feb. rate remains unchanged at 2 per cent. The Bank of France Gulf Col. & Santa Fe, gold 68 . 103^4 104 86% Jan. 106 Mar. Texas & Facitic, Rios, bs, cp. off. 50 •5158 4512 Jan. Feb. gained 1,340,000 francs in gold and 3,505,000 francs in silver. 14 557a The York East Tenu. Va. & Ga. incomes.. 2II4 21 17^8 Mar. 22's Feb. New Clearing House banks, in their statement of Richmond & Danv. debent. 68. 97 IOII3 86 Jan. 1021a Apr. April 10, showed an increase in surplus reserve of $8,564,475, Virginia Jlldland incomes 78 91 6334 Jan. 921a Apr. Rome Watert'n & Ogd., incomes 611a 7318 43 Jan. 73 Is Apr. the total surplus being $15,555,875, against $11,991,400 the previous week. * Bid price ; no sale. The following table shows the changes from the previous Railroad and Miscellaneous Stocks.—The stock market week and a comnarison with the two preceding years in the has been more active this week than for several weeks past, the averages of the New York Clearing House banks. increase of business being almost entirely on speculative account, 1886. Ihffer'neetfr'n 1885. 1884. for those who are near to the market, either as room traders or April 10. Previom Week. Ai>ra 11. April 12. customers who frequent brokers' offices. Prices have been very irregular and fluctuations quite wide in a few specialties, though Loans and dls. *3o0,139.70C Inc. *332,100 $502,098,000 $348,421,030 Specie 77,483,70() Dec. 976,103 106.0 i5,300 63,864,200 the changes for the week are, with few exceptions, unimportant. Circulation... 7,916.300 Deo. 57,800 10,963.500 14,339.400 The activity began on Monday, when quite a bull movement NetdepOBlts.. 373,205.700 Inc. 2,367,700 354.415,100 344,352,300 Legal tenders. 31,373,600 Inc. 5,132,500 30,953,600 25,840,300 was inaugurated, the principal business and rise, however, Legal being in a few stocks usually inactive, most of the leading reserve $93,301,425 Inc. $591,925 $88,603,775 $86,088,075 Beserve held. 108,857,300 [no. 4,156,400 137,008,900 89,704,500 stocks being comparatively quiet. Indeed, this bulling of a few specialties has been quite a feature of the week's market Bnrplns 81.'i.555,875 Inc .$3,564,475 $48,405,125 S3,616.423 several of them being sharply advanced on speculative bull Excliange.—The market for sterling exchange has been rumors, but the advance has not been well maintained, and quiet, very little demand being noticed at any time. Rates most of them have drifted back into dulness. Richmond & have been firm throughout, however, principally owing to the Danville has been strongly manipulated, and, though showing scarcity of commercial bills, and on Tuesday leading drawers no great activity, has been rapidly advanced, touching 101 on advanced their posted rates i cent, the market remaining firm Thursday. Richmond & West Point has had an active specu- at the advance. lation, and after a sharp decline rose rapidly, in sympathy To-day the rates on • actual business were as follows viz with R. & D. Bankers' 60 days' sterling, 89' 4 86J@4 87 ; demand, 4 88J®14 After the rise of Monday the market became unsettled, and Cables, 4 89@4 Commercial bills 89J. were 4 85 @4 85i Con- on Thursday was quite weak throughout, partly due to the cir- tanental bills were: Francs, • 5 16J@5 17i and 5 144(a5 15 culation of unfavorable reports in regard to the several rate reichmarks, 95S@95i and 95J@96; guilders, 40i@40« and wars and the prospect of a continuance of trouble with the 40^@40f. strikers in the Southwest. The reduction in the dividend on The following were the rates of domestic exchange on New Baltimore & Ohio common stock also had a slight effect on the York at the uuder-mentioned cities to-day: Savannah, buving trunk line stocks. 1-18 premium, selling 3-16®^ premium; Charieston, buyinS As a rule, however, there has been little news of importance "'^ premium '^ ^-l^m ; Boston, 15@35 ^IL premium; and few developments ; and the business and fluctuations of the 25@50 discount, bank, premium;™.»Ii *S?'x'^°'"'"^''"*^' $1 50 week in specialties have been largely the result of manipulation, St. Loms, 25 premium; Chicago, 25 premium. ine the market ending with a rather weak tone on Friday, when rates of leadmg bankers are as follows : the Vanderbilts and some other leading stocks were freely sold. . . .

April 17, 1886.] THE CHRONICLE. 481

NEW YORK STOCK EXCHANGE PRICES FOR WEEK ENDING APRIL, 16, AND SINCE JAN. 1, 1886.

mOBEBT AND LOWB»T PBIOES. Bides Range since Jan. 1, 188Q. STOCKS. of the Saturday, Monday, Tuesdar, Wednesday, Thursday, Friday, Week, April 10. April 12. April 13. April 14. April 15. April lo. Shares, Lowest. Highest. Active KK. Stocks. 6«i4 Canadliiii Facillo 6S% 66% 65 '8 65% aS'^e 65% 65% 64% 64% S,028 61 Feb. 17 68% Jan. U CiiDHda St tilt horn 30% 40*4 40>4 40% 40>8 5414 53 63% 51% 52% 60 51% 45,053 42% Jan. 18 67% Mar. 8 » 42*4 42>4 41 Central Pui'ltlo 41% 41% 121a 421a ''s 43 41% 41% 41% 41% 1,065 38 Mar. 24 44% Feb. I Cbesaneuke i&Ohlo •10 11 10>a 10>a 10»8 III4 •11 111* •10% 11«4 10 10 775 10 Mar.- 23 13% Jan. 8 Do let pref . . 16>9 16>s 17 17% 18 18% 18 18% 18% 18% 17% 18% 2,824 14%Mar. 24; 21%Jan. 6 Do 2d pref •12 13J« •12 13>a 13ia 13>a •13 14 13 13 230 10% Mar. 20 15% Feb. 13 Oliloago i)^ Alton •141 1421a 142 142 142 142 36 139% Jan. 25 144 Feb. 12 Cliicngo HurUnjrton & Qulnoy. 134 134>s I34I3 1351t 134 13514 133% 134 133 133% 5,922 129% Mar. 24 140 Jan. Cblcago Milwaukee & St. Paul. SB's 87% 87% 88"% 87% 8918 8714 88I4 86% 87% 86% 87% 163,1901 85% Mar. 24 06% Jan. 2 Do pref. 118 110 11913 llOij 1201a 121 120 120 120% 120% 118 119 548 118 Apr. 6 125 Mar. 3 Ohlcago A Northwestern IO7I4 107% 107% 109 IO8I4 1091a 107% I08>a 106% 107% 106% 107% 80,183 104% Mar. 24 111% Feb. 16 Do pref. 139 140 '139 140 1401a I40I2 140 140 140 140 138 139% 779 135 Jan. 18 142 Mar. 2 Obloago Rook Island •fePacitlo. 126>a 1271s '1261s 127 I2714 1271a >126ia 127l« 126 126% 126 126% 003 124% Mar. 27 131 Feb. 17 Chicago St. Louis &. Pittsburg. •lOio 14 Ilia Ilia •11 121s •11 12% •10% 12 1.50 9% Mar. 24 15% Jan. 5 Do prof. •2714 30 30 30 '28i« Slig 30 30 •28% 32 400 26% Mar. 24' 35% Jan. Chicago St. Paul Minn. & Om. 39 40^ 40 la i2H 41% 4214 4118 4178 40 4IJ4 39% 40% 39,885 35% Mar. 24 42% Feb. 10 Do pref. 1021a lOSia 1031a 1041a 1031a 104% 1031a 104 102% 102% 102 102% 6,487 07 .Mar. 24 105% Feb. 16 Cleveland CoI.Cln.A Indlanap. 48% 48'i 49 51 52 54 .•.2 62 14 50 51% 50 50 4,936 43% Mar. 24 60 Jan. 2 Coliuubiis Hoiking Val. cfeTol. 31% 31»8 32 14 35 321a 34^8 33 33% 32% 33 32% 32% 21,267 27 Mar. 24 38% Feb. 17 Delaware Laokiiwauna& West 126 126l>8 12(jia 127''8 1261a I28I4 126% 127% 126 127% 125% I26%ll78,.380 115 Jan. 19 135% Feb. 13 16i« Denver Si liio Grande 1618 16% 16% 15C 14% Jan. 22 20% Jan. 2 Do Assessment paid 24 241a 24% 25 •24% 25% 24% 24% 1,055 21% Jan. 18 26 Jan. 7 East Tennessee Va. & Ga 219 208 2=8 2% 2% 2'8 214 2% 2 2% 2% 2% 4,310 2 Apr. 15' 6% Jan. 2 Do pref. 5% 5% 51a 5% •5% S-rg 514 5% 5% 5% •5% 5% 2,375 5 Mar. 24 11% Jan. 2 Evansvllle tt Terre Haute 85 8518 85 85 84% 84% •84 85 83% 85 80 85 800 67% Jan. 29 86 Apr. 6 Fort Wttrth cfe DenverCity 19% Jan. 18 25% Feb. 1 Green Bay Winona & St. Paul. im 11% 11% 12% 12 12 14 11% 12% 11% 12 5",606 8 Jan. 16 12% Apr. 13 Houston i\i Texas Central *26 30 •26 31 •26 30 25 Mar. 23 36 Jan. 6 Dllnois Coutral 140 140 140 140 1391? 1391a 242 138 Mar. 24 143% Feb, 9 26I4 Ifidlana Hiuoiuingt'n & West'n 23''e 2378 24 25% 26% 25 25% 24 24% 23% 24% 6,722 21% Mar. 24 28% Jan. 5 Lake Erie «& Western Ilia Ilia 12% 12% 12% 13 12% 12% 11 11 1,453 8% Mar. 24 18% Jan. 5 Lake Shore t& Mloli. Southern. 8II4 81''8 81% 83I4 82% 33% 82% 82% 81% 82% 80% 81% 169,191 79% Mar. 241 90% Feb. 9 Long Island 92 92 x92 92 92 92% 91% 91% •91 92% 765 80 Jan. 20 94% Mar. 8 38I9 Louisville ife NaslivlUe 38% 38% 4018 39 14 40 39% 39% 38% 39% 38% 38% 24,280 36% Jan. 23 45% Jan. 4 Louis. New Alb. & Cliloago... 34% 34% •34 36% •33 36 100 32 Mar. 25! 41 Feb. 1 Manhattan Elevated, oonsol.. 1271a 127% 127% 128% I28I4 l'28i4 128% 128>4 i'2'7" i'27" 126 127% 4,444 120 Jan. 2 129% Mar. 31 Hemiihis tfe Charleston 30 Jan. 19 38% Jan. 4 MioUlgan Central 6713 6713 69 69% 68 68 67% 67% 643 64% Mar. 24 76% Jan. 2 Ulnueapolis & St. Louis *18 18ij 18% 20% 20 2OI4 20 22% 20% 22 20% 20% 10,825 16% Mar. 24 22% Apr. 14 Do pref. 4418 45 4514 481a 46% 47 47% 49% 47% 48% 47% 47% 7,910 401a Mar. 24 51% Jan. 4 Missouri Kansas &. Texas 27% 28 27^8 2914 2814 29 14 28% 28% 27% 28% 27% 27% 27,940 25% Mar. 24, 32% Jan. 2 Missouri Pacilto 104 104 105 1051s 105 106 105 106 103% 104% 103 103 2,965 100% Mar. 24;il4% Jan. 11 Mobile & Ohio 131a 13% 13% 13% •12% 14 *12 14 225 13% Apr. 12 17 Jan. 5 Naahv.Chattaiiooga.SSt. Louis •47 48 47% 47% 45% 48 500 45% Apr. 5! 50 Jan. 7 New York Central ife Hudson. 101% 102% IO214 103% 102% 103% 102% 103% 102% 102% 101% 102% 42,862 99% Mar. 24107% Feb. 13 New York Chic. .Ss St. Louis .. 7 7 6''8 7% 7% 7% 6% 7% 7% 7% 6% 7% 1,125 4% Mar. 24 10 Jan. 5 Do pret. I518 15i« 1513 I5I2 15% 16 •15 15% 15% 15% 15 15 1,480 12% Mar. 24 23 Jan. 6 New York Lake Erie <& West'n. 251a 25T8 25% 26i<> 26% 26% 26 26% 25% 26 25% 25% 62,265 23 Jan. 18 28% Feb. 17 Do pref. 60 60 14 60 14 611a 60% 61% 60 60 59 59% 58 69 4,315 50% Jan. 18 64 Mar. 3 New York &. New England 3414 36% 36I4 3718 36% 37 35% 36% 35% 35% 35% 35% 27,775 30% Mar. 24 43% Jan. 2S New Y'ork Ontario &\Ve« tern. 17'8 177e 18 18 18% 18% 18 18 17% 18% 991 17% Mar. 27 21% Jan. 4 New York Susq. & Western... 714 714 7% 7''8 7% 7% 7% 7% 7% 7% 7 7% 4,582 6 Feb. 1 8% Jan. 2 Do pref. 21 21% 21% 22% 22% 23 22% 22% 21% 22 21% 21% 7,310 17% Jan. 25 24 Feb. » Norfolk^ Western *8 10 9I3 10 10 10 10 10% 10% 10% 10% 10% 3,410 8 Mar. 25 11% Jan. 2 Do pref 28 28 28I4 291s 28% 30 29% 30% 29% 30% 29% 30 16,155 25 Jan. 25 30% Apr. 14 Northern Paclflo 25% 25% 25% 26I4 26% 26% 26% 26% 20% 26% 26 26 3,910 23% Mar. 24 29 Jan. 2 Do pref 661a 57 56% 581a 57% 58% 57% 58% 56% 57% 55% 57 33,227 53% Mar. 27 61% Jan. 2 Ohio Central *lia 1% lia 1% l%Jan. 19 2 Feb. 4 ''22T8 Ohio & INIississippi 23 14 23 2414 23% 24 23% 23% 22% 23 22% 22% 2,400 21 Jan. 25 26% Mar. 5 Ohio Southern 15 15 15 17 16% 17% 16 16 15% 15% 1,630 13% Mar. 24 19 Jan. 4 Oregon Short Line 21% Jan. 18 26 Mar. 8 Oregon ifeTrans-Conttnental.. 29 29 1« 29% 30% 30% 31 29% 30% 29% 30 28% 29% 44,498 25 Mar. 24 34% Jan. 5 Peoria Decatur EvansvUle 22% 2318 22% 25 23% 24% 23% 24 23 23% 22% 23% 26,275 16 Mar. 24 25 Apr. 12 Phlladelpliia & Reading 24 241a 2414 2414 25% 24% 24% 23% 24% 23% 24 36,800 18% Feb. 5 31 Mar. 8 Blchmoud & Danville. .^ 83 851a 86 87% 89 88 94 93% 101 09 100% 9,636 75 Mar. 1 101 Apr. 15 Riohm'd & West P'ntTermlnal 30 32 31% 32% 31 33% 28% 32% 31 34% 32% 34 47,470 27% Apr. 6 38 Feb. 2 Rochester & Pittsburg *4 8 •3 5 •3 5 •3 5 3% Jan. 16 5 Feb. 15 Bt. Louis & San Francisco •I8I2 2OI4 20 20 •19 20 19 20 18 20 200 18 Mar. 24 23% Jan. 25 Do pref 42% 42'8 43 44 44 14 44 14 •43 45 44 44 43% 43% 900 42 Mar. 24 48% Jan, 7 Do 1st pref 101 102 102 102% 103 103 102 103 101 103% 101 101 602 97% Jan. 271105 Feb. 9 Bt. Paul <& Duluth 58% 63 64 67 62 65% 62 64% 60% 62 59% 60% 16,770 37 Jan. 18 67 Apr. 12 Do pref 112 112ifl 111 nils 111 111% 110% 110% 110% 111% 110% 110% 865 99% Jan. 26 112% Apr. 9 Bt. Paul Minneap. & Manitoba. lie 11612' 1161a II714 117 117 117 117% 116% 117 116 116 1,414 106% Jan. 19 118% Feb. 25 Southern Pacitlo Co 40 40 14 40% 41 40% 40% 40% 40% 40 40% 39% 40% 4,130 30% Mar. 17 41 Apr. 7 Texas Pacific & , 10 101^ 10% 11 10% 11% 10% 10% 10% 10% 10% 10% 8,880 10 Apr. 10 14% Jan. 2 Union Pacillc 49 49% 49% 5113 49% 51% 49% 50% 48% 49% 48% 48% 185,305 44% Mar. 241 56% Jan. 2 Wabash St. 8i8 *8i4 Louio & PaciHo . 81s 8% 8% 9 8% 8% 8% 8% •8% 9 1,272 8 Apr. 7 12% Jan. 2 Do pref I6I4 161s 161a 16% •16 •16 16% 16% 16% 16% 700 16% Apr. 7 22% Jan. 2 Miscellaneous StocKs. Colorado Coal tSt Iron , 25% 25% 25 25% •24% 25% 25 25% 1,945 22 Jan. 18 27% Mar. 12 Consolidated Gas Co 1091a 1091a 110 110 109% 109% 108% 109% 108% 108% 107 108% 3,497 98% Jan. 2 111 Feb. 8 Delaware tfe Hudson Canai... 101 101% IOII3IO214 101% 102% 101% 102% 100% 101% 100% 101% 8,549 87% Jan. 18 108% Feb. 13 Oregon Iinproveuient Co 23% 23% 100 20% Apr. 3 31% Mar. § Oregon Railway i&Na v. Co... 99 901a 99% IOII4 100 101% 09% 100 99 99% 99 99 4,358 93% Mar. 24 108% Jan. Pacltic.Mail 54% 50 56 58I4 56% 58% 55% 56% 55 56 54% 55% 121,302 49 Feb. 23 67 Jan. Pullmau Palace Car Co I3214 I3214 133 133 135 135 134% 134% 134 134 133 133 508 129 Mar. 25 137% Feb. Western Union Telegraph 651a 66 66 67 66 67% 66% 66% 64% 66% 63% 64% 112,858 62% Mar. 24 75% Jan. Express Stocks. Adams '145 148 146 148 145 148 *145 148 145% 145% 147% 147% 25 144 Jan. 14 150 Feb. 12 American 1061a lOOij •105% IO6I4 106% 106% 105% 106 105% 105% 48 101% Jan. 28 106% Apr. 6 United States 63% 63% 63% 64 •62 64 I 64% 64% 64% 64% 62 64 246 62% Jan. 13 66 Feb. 26 Wells, Fargo tfe Co . 120 ... 120 120 "120 ... 124 124 10 119 Mar. 26 125% Feb. 15 Inactive Stocks. Atlantic it Paclflo 8 8% 8% 8% 8% •8% 8% 8% 8% 460 7% Mar. 9% Jan. 5 Boston A; N.Y. Air-Liiie, pref 98% 98% 40 96 Apr. 101 Jan. 29 Burlington Ced. Rapids tfe No, 70 70 7014 7014 68 75 68_, 66 Mar. 75 Jan. 7 Central Iowa •16 19 17 18% •18 20 600i 13 Mar. 22% Jan. 5 Cincinnati Hamilton tfe Day.. 117 118 117% 119% 119%119% 119% 119% 4,730 105% Mar. ._ 119% Apr. 15 Cincin. Ind. St. IjOuIs .fe Chlo. 79% 80% 80% 81% "8'i'% "s'i" ?,125l 70 Jan. 18| 84 Apr. 16 Colmul)ia & Greenville, pref. 43 43 100 42 Feb, 25 45 Feb. 4 Keokuk & Des Moines 51a 51a 100 5% Apr. 10 7 Feb. 3 Manhattan Beach Co 18 18 18% 18% 17% 17% 250 17 Feb. 2 21% Mar. 6 Mexican Telegraph Co 115 115 26 115 Mar. 24 115 Mar. 24 Mil. Lake Shore & West , Apr. 12 44 44 50 54 54 54 750. „j 22 Jan. 281 34 Do pref, 731a 75 75 82 80 81% 77 79% 79% 80 78 79 6,560! 50% Jan. 18| 82 Apr. 12 Morris tfe Essex 138 140 140 140% '139 140% 140% 142 142 739 132% Jan. 9|142 Apr. 16 New York Lack, tfe Western..! 1051a IO512 105% 106% lOS 105 105% 106% 20 100% Jan. 20107 Miir. 12 New Y^ork New Haven tfe Hart. 210 210 209 209 210 210 69:204% Jan. 18 211 Mar. 3 Quicksilver Mining Co "4 7 •3 7 •3 7 *3 7 6% Mar. 111... 8_ Jan. 6 „ Do pref. 21I4 21% 20% 22 •20 22 •20 22 200 21 Feb. 91 25% Jan. 13 Rensselaer

* These are the priced bldand asked; no sale was made at the Board. . " ...

482 THE CHRONICLE. fVoL. XLH.

(jUOTAflONS OF STATE ANI» KAILROAU BONOS, APitlL IS, 1880. STATE BONDS.

oitUDKITHiB. BUI. Ask. SKCDBITIKa. Bid. A»k. BECUSITIK8. SEcnRITlKS. 85 N. Carolina^-Continaed- Alabama—Class A, 180S. 101 LcmHiaua— 78, '50n8.,1914 I Tennessee—Continnod— Clasa a,S8, 190(J 'K'O 110 Stamp (I, 48 73=8 Now bonds, J.ifeJ., '92-8 •32ia 6s, new series, 1914 67 loi>2 12ii 01a«s C, 48. 1908 99 1 Missoari— 68, 1886 Special tax, all claR^es-- 12 C'mp'ml8e.3-4-5-6d,191t; 67 6a, 10-208, ao8 6b, due 1889 or 1890.... 110 Uo WU.C.&Rn.R. Virginia— 6>(. old •44 lUOO i Arlcansaa— 68, funded 7>g Asvl'm or Univ., dae'92 112 Consol, 48, 1910 91 9r>»«' 68, new. IHiJS •;4 t. KOCk Pi. S. 188. 20 Funding. 1894-95 118 6b, 1919 1 118 IlSVa 68, consol, bonds •100 T», A I 7«, Memp.i L.Rock RR .] 25 Hannibal & St. Jo., '86. 104 Ohio— 69, 1886 '103 68, ex-matured oonpon. -j.-J 18,1.. K.i'.B.a' 6b, loan, 1892 nb\ non-fundable, 1888. i " District of Columbia— CK-orgla— 6b, 1886 lOllig' 68, loan, 1893 UH'-l Brown oonsol'n 6a, 1893 «109>2 Ill's' 8.658, 1924 11S!!|I. ^102 •H.i 1, 7S.1S88 I 103 '4 N . Carolina—68, old, J.&J. Tennessee—6s, old,1892-8 57 00 Registered 7», gold, 1890 •110 lis Funding act, 1900 '12 15 6», new, 1892-8-1900 .--I 57 60 Funding 58, 1899 110 1. RAII^ROAD BONDS.

BECDRITIE8. BIO. Ask. BECDRITIES. Bid. Ask. SECURITIES. Bid. Ask. SECURITIES. Bid. Aak. -116 109 Del. A Hud. Canal—lat,79 Mich.Con.—(.'onp.5a, 1931 1.J Penn. RR.—Continned- Bailroad Bonds. 1st, ext., 78, 1891 J,ack.L.in.A S.ig.—«,s,'91 •105 Pitt9.C.ASt.L.-lat,c.,78 fS^'OCk Excbanoe Prices-) Coupon, 7s, 1894 120 Mllw. A No.—Ist, 88, 1910 104=4 105 1st, reg., 7s Atch.T,&S,Fe-4>28,1920 1st, Pa. Div.,cp.,78,1917 •137 l.st, Os, 1384-1913 104 2d, 7.9,1913 filnkins; Fnnd, 69, 1911. l3t, P.'vn. Div., reg.,1917 Mil.L.S.AW.—lst,8a,1921 118ia!l'20 Pltt9. Ft.W.A C—l8t,7a 144 14S AU. &. Pac— 1st, 6», 1910. 87 89 Alb. A Susq.— l9t.7s... 108 Mich, Div.—Ist, 69, 1924 •114 2d, 7a, 1912 141 143 Baltimore & Ohio— I9t,con9.,guar.7s,1906 Ashl'd Div.-lst,B8,192."i 3d, 78, 1912 135 l8t,6s, i'ark. Br., 1919- 120 lst,con8.,guar.68,1906 Miun.ASt,L.—l9t,7.9,1927 1,35 136 Clev. A P.—Cons 8 fd.,79 130 ISO's 110 3s, gold, 1925 UOH) Reus. A Sar.—l8t,cp.,79 Iowa Ext.—iBt, 78, 1909 125 4th, 8. f., 89, 1892 110 Bar. C. Rap.& No.— 1st, 5s llOi. Deuv.ARioGr.—lst„78.- 121=4 122=4 2d, 78,1891 100 St.L.V.AT.TI,-l8t,g.,7e 121 CouBol. & col.tr,, 58, 1934 105 ioti lBt, consol., 7s, 1910 981a S'thw.Ext.—l8t,7a,1910 110 2d, 7s, 1898 104 135 ' 99ia| Mlnn.it St.L.—l9t, 78, gu Trust Co. receipts — 98 4 Pao. Ext.—l9t, Bs, 1921 109 2d, guar., 79, 1898.... 118 la. City ii West.-lst,78 110 Den.So.Pk.ife Pac— l8t,7s 85 90 Imp. A Equip.—09,1922 98 99 Pino C'k R'y-69 of 1932. 77 77'«' C.Bap.I.F.* N.—lst,89 110i4 Den.ARioO.West.-Ist.Bs 14 Minu.A N.W.—l9t,5s,Kld. 101 102 Pitt9.Cleve. A Tol.—lat.Oa 109 82 65 l8t,59,1921 Det.Maek.AMarq.—Ist.Bs [ .Mo.K.AT.—Genl.,6s,i92U 94 Pitta. June—1st, Bs, 1922 Ilia 25 Bntf. N. Y. * P.-Cons.Bs Land grant, 3i.js, S. A.. Geuer.al, 5s, 1920 79 14 80 Pitts. McK. A Y.—1st, 6s. General, 69, 1924 E.T, Va. A G.—lst,7s,1900 121 Con9., 79, 1904.5-6 114'a 115 RomeW.A Og.— l8t,78,'91 113Vi 106 107 791* •75 97 Can. So.—lat. Int. guar., 5s 14 1st, con9., 5s, 1930 - Cons., 2d, income, 1911 Con., 1st, oxt„ 58. 1922. 14 97 "a 2d. 5s, 1913 87 87 "a Ex coupons 9 to 12 H.4Cent.Mo.-.lat,78,'90 114 Roch.&Pitt.—Ist, 88,1921 116 Central Iowa—Ist, 79,'99t 109 ll'.S DivlsionalSs, 1930-- 103 Mobile A Ohio—Now (is.. 113 115 Conssol., lat, Ba, 1922 ... IIII4 East. Div.—lst,Us,lyi2 •65" (.9 Eliz.C. A N.—S.f.deb.,c.,68 '45" Collateral trust, 8s, 1892 Rlch.it Alleg.-l9t, 79,1920 -. 103>'4 'B8=J B9ia lU. Div., l8t, Us, 1912 lat, 68, 1920 . l9t. Extension, 8a, 1927 Trustee, receipts 01ies.& O— Pur. mo.fd.'93| i2i' Eliz.Lex.A Big Sandy—6s 102 103 Morgan's La. A T.—lat, 83 112 Rlch.ADanv.— Cou9„g.,6s 115i4ill6-'^ 68, gold, series A., 1908. Erie—Ist, extended, 7s... 127=4 128 1st, 78,1918 1181a Debenture Os, 1927.. lOlialOl-^ 68, gold, series B., 190St 7714 80 2d, extended, 58, 1919.. llB-a! Nash.Chat.AStL.-lst,7s 128 130 Atl.ACh.— 1st. pr,,78,'97 116 68, currency, 1918 36 36 Vi 3d, extended, 4ia9, 1923. 110 2d, 68,1901 101 Incomes, 1900 Mortgage, 69, 1911 100 4th, extended, 5a, 1920. 113 N. Y. Central—69, 1887 1051a:i06' Scioto Val.— 1st, con.H., 7s 65 Ches.O.ifeS.W.-M., .i-es.. "o'd" 108 14 Deb. certs., .. 110 llO"* 110^ 5th, 7s, 1888 extd. 58 I St.Jo. A G'd Isl'd.- Ist, 63 •120 13213' GWc. & Alton— lBt,79,'93 lst,con9.,gold, 78, 1920 N.Y.C.AH—Ist, CO., 78 137 138 St. L. A Iron Mt.— 1st, 7s lis •123 Btnklng fund, 68, 1903 . Ist, cons., id. coup., 78.. i26" 1301a' Deb, 68, 1904 loo's 2d, 7a, 1,897 116 110>B ta. & Mo. Klv.—1st, 7s. Reolg.,l8tlien,6s, 1908 Harlem—lat, 78. coup.. 137 Arkansas Br'ch—lat, 78 115 II814' 2d,7s,19U0 Long Dock b'nds, 78. '93 ii'-i" N.Y. Elev.—Ist, 78. 1900. 126 Cairo A Pulton— lat. 73. 109=4 iio" •113 115 113 Bt.L.Jiick.& Chic-1st Consol. gold, 58, 1935.1 f N.Y.P.A O.— Pr.I'n,8s,'95 Cairo Ark. A T.—1st, 7!- iBt, guar. (604), 7s,'94 120 B.N. Y.A E.-lBt,7a,1918 •138 N,Y.C,AN.—Gen.,69,1910 00 Gen. r'y A l.gr.—53,1931 9213 •60 2d, (380), 7s, 1898 .... N.Y'.L.E.AW.-N'w'idBa Trustee, receipts 14 81 St. L.Alton A 'f .H.—lst,7s 117 llSHj •112 2d, guar. (188), 7s, '98 Ex June, 1886, coup.. N.Y.A N. Engl'd-lBt, 78. 128 130 2d, pref., 78, 1894 Mlss.R.Br'go- l3t,9.f.68 103 CoUat'l truat, Cs, 1922 lat, 8s, 190° 118 120 2d, income, 78, 1894 .... 110 Chic. Burl. A Quincy— Fund coup., 5s. 19B9. •90 N.Y.C.ASt.L.-l8t,69,1921 93 Bellov.A So. 111.—1st, 89 iis" Consol. 73. 1903 135 Buff.AS.W.-M. 69,1908 Trust Co. receipts 92% Bellev.ACar.— l8t,88,'32 111 113 68, sinking fund, 1901.. Ev. A r. II.— 1st, cons., 89 116 2d, 68, 1923 72 St.P.Mlnn. A Man.—lst,7s '1141a 117 109=8 119i« 68, debentures, 1913 .. .! Mt. Vern'n—l9t, B9,i;)23 107 N,Y.Ont.&W.— Ist.g., 69. 106 1061a 2d, Bs, 1909 1181a la. Dlv.-S. fd., 58,1919''110 Fl't&P..Miircl.—M.8s,19^0 116 N. Y, Susq A W.—1st, 6st 84=4 851a! Dakota Ext.—6s, 1910 122 K934 100=8 88 63 Sinking fund, 49, 1919 Ft.W.A Deu.C—lst.69... 89 Debenture, Bs, 1897t. .. --a 641a Ist consol., Bs.cp,, 1933 i22=i Denver Ulv,—4s, 1922.. 9334 Gal.Har. S.Ant—ist,68 lU^e Midland N.J.— 1st, 105 105=4! A 118" of Bs Min's Un.—Ist, 6.9. 19 Plain 4s, 1921 2d, 7s, 1905 120 14 N.Y.N.H.AH.—l3t,rg.,49 lllia St.P. A Dul.- iBt, 59,1931 iV(Jii •108 C.R.I.& P.—Ba, cp., 1917. 132>al West. Div.—1st, 5s '100 N.Pac G.l.gr.,l9t,cp.,6s 1151^ 115=4| So. Car. R'v—1st, 68, 1920 Col., 5s, 1934.... 11134 Kxt. & 2d, 69, 1931 Regi.stered, 09, 1921 i 2d. Bs, 1931 83 "941^ Keok. Jt Des .*!.- Ist.ns 108^1 111 Gr'u Hay W. ASt, P.—lst,6s 97 Gen., 2d, gold, 88, 1933. 'gi's' Shenand'hV —l9t,78,1009 -Ys 7« Cent, of N. J.—1st, 7s, '90 114 ulf Col. S.Fe.—78,1909 105ia:106 *3l I O A No, PacTer.Co.— lst,g.,()9! General, 89. 1921 l8t,cons.as8ent. 79, 1899 113'a iii 104 104 la'..., 'loo's Gold, 09,1923 I James Riv.Val.— 1st. 8s; Sodus BayA So.— Ist.Ss, g. Conv., assented, 78, 1902 lUia Han.ASt.J.—Con.6s,1911 119 1201a' X.O. Pac.-l9t,83,ff,,192l)t BO 14 61 Tex.Ceu,—l3t,8.f.,78,1909 69 108=4 Adjustment, 78, 1903... 110 111 llend.Bridgo Co.— Ist, 89. 108 'f Norf.AW.—Gen., C.a, Ul:lll 103 1091a lat, 7a, 1911 09 721a Conv. debeut., 69, 1908. «0 83 H.it TexC—1st M.L.,73t •105 4 New River— Ist.Bs, 1932| 105 108 Tol.AO.C— lat,g.,58,1935 98 98=4 113 Leh.&W.B.—Cou.g'd.as. Ill's 1st, Western Div., 78t.. 97 Imp. A Ext.—Bs, 1934.. 87 90 Tol. P. A W.—1st, 78, 1917 >» Am.D'k&Imp.-59,1921 98 9694 1st, No., 78t ... 100 14 1 7.9, 19'24. 871a 89 93 9513 Waco A AlUustmt. M.— , Tru8tCo. receipts Chic. Mil. & St. P.— 2d, consol., main line, 8s 80 Ogd.A LakoCh.—l8t,B9..! i 961a rex. A N. O.— IsC, 79,1905 1st, 89, P. D., 1898 136 136 General, 69, 1921 •581a SB-a Olilo A Misa.—Cons. R.f.78 i'di' Sabine Div..-lat,88,1912 104 S( 2d, 7 3.1()s, P. U„ 1898. 124 12 7 Hous. E. AW.Tex.—l8t,7s '86 Consolidated 7s, 1898... 121 Va, Mid.-M. inc, 8s,1927 92 iBt, 7», « g., R. B., 19U2. 134 135 lU.Ceu.— Istg. 49, 1951. 108 ios'ii! 2d, consolidated, 79,1911 II712 Wal),st.L.&Pao.— Oen.,B9 123 I'ii'a '120 ,1 92' la Ist, La C. Div., 78, 1893. "a Spd.Div.—Cp. 8s, 1898. IstSpringfield Div., 78. 07 Chic Div.— 59, 1910 ... 89 1st, I. * M., 78, 1,897... 127 127 "a MiddleDiv.— Reg., 5s...... [ Ist, general, 5s, 1932... Hav. Div.—B8,1910.... <1'22 iBt, I. & D., 79, 1899.... 126 Si C.St. L.&N.O.—Ten. l.,7s Ohio Cent.— l8t, T. Tr., Bs Ind'polia Div.—Bs, 1921,

130 •122 I 1st, C. & M., 79, 1903... l9t, consol.. 78, 1897 1st, Miu'l Div., 8s, 1921. Detroit Div.— 8.9, 1921.. SO 84 131 133 •120 Con9ol.73, 1905 , 2d, 68,1907' Ohio So.— 1st, 68, 1921 ... 104 105 Cairo Div.—5s, 1931 90"" l8t,7s, I.&D.Ext.,1908 132 Gold, 58, 1951 II6I4 117 Oieg'nACal.—l8t,88,1921 •90 Walia.9h— Mort,, 79,1909 •ss' S. \V. 119'>8 i22' i 11'2 l6t, Div.,6s,1909. Dub. A S, C—2d Dlv.,7a Or.iSTran9c'l-68,'82,1922 98ifl 9914 Tol. A \V.—1 9t, oxt., 7a 114'a Ist, 59, LaC.A Uav. 1919 107 Ced. F. A Minn.—Ist, 78 118 Oregon Imp, Co. —Ist, Bs. 911a 92=8 1st, St. L. Div., 7s, '89. 107 •« 108 lBt,S..\Iiun.Div.,09,1910 117 119 120 104 Ind.Bl.AW.-lst, preJ,,78 Oreg'nRR.ANav.-l8t,B8. 112iall3 I 2d,exl.,7s, 1893 104=4 lat, U. * D., 79, 1910 128 130 lOlia « 1st, o.Gs, 1909 103 Debenture, 79, 1887 |102=8| Equip'tbd9.,7s, '83. . 122 "90" Chic.&Pac.Uiv.,89,1910 Vil'n 2d, 5-89,1909 80 90ie Cousol., 58,1925 102 !^j' Conaol. conv., 79, 1907 96 - ~- - IOBI4 la l»t,Chic.&P, \v„5s,192l' 106 Eastern Div.—Ba, 1921 102 104 Panama—S.t.,sub.8s,1910 102 1 Gt, Wost'n-1st, 7s,'8S 110 1121^ •105 Mln'lPt. Div., 58, 1910 lntlianai).D.ASpr.—l9t,7s 1081a Peoria Doc. A Ev.— 1st, 69 IIOI4' 2d, 7.S, 1893 .,, 104 105 C.&L.>Sup.Div., 5.9.1921 105 lut.A Ot. No.— l8t,6s,gold 117 118 Evans. IJlv.— l3t,0s,1 920 1091a 109=4 Q.AT0I.— Ist, 78, 1890 96 Wls.A Min.Div.,58,19iil 106 108 la 85 Coupon. 6b, 1909 90 1 Peoria A Pek. U'n-l8t,63 Han. A Naples—l9t.79 Terminal 59, 1914 1041a lOS Kentucky Cent.— Pacific RR.— Ill.A.So.Ia.— l9t,ex.,89 Fargo it So. 5s, Assu.,'24 119 M. Bs, 1911 Con. Pac—Gold, 6s 115=4 115'b St.L.K.C.AN.— R.e. 78 Ghic. it Northwest.— Stamped 4 p. c, 1911... •68 B8>a: San Joaquin Br.—6s. 109 Omaha Div,— 1st. 79. 99 142>8 Conaol. bonds, 78. 1915. 1421a Knoxv, A O,— lst,89,1925 941a 951a Cal. A Oregon-Ist, 89 103 Ciar'daBr.-88, 1919 80 Coupon, gold. 78, 1902.. 13S Lake Shore A Mioh. So.— Cal, AOr.—Ser. H., Ba. 104 St.Chaa.Hgo,— l8t,83 103 t;egiBt'd, gold, 78, 1902. ise Oleve. P. A A.sh.—78 Land grant bond9, Bs. 103 103=4 No, Missouri— 1st, 7s- II514 lnkingfund,63, 1929.. 'i'ls' Bllfr.AErie-New bd9,7s 122 West. Pac—Bonds, Bs. •112 114 W.St. L. A P.—Iowa div.,6s Sinking fund, 59,1929.. 108 109 Eal. A W. Pigeou-lst 108 No.R'way (Cal.)— Ist.Bs 115 116 Trust Co. Receipts Blnk'gW.,deb.,5s,1933. 108 "a Det.M.itT.—lst,7s,lH06 1'20 So. Pac, of Cal.— 1st, Bs. •106=4 107 West siiore— lat, guar., 49 102=4 103 del),, 108 85 years Oa, 1909.. i08V Lake Shore—Div. bonds 122 So. Pac. of -\riz.— 1st, Bs 104 14 Weat.Un.Tcl,—73, 1900 .. 121 Bscanaba it L.S.—lst,6s 116 Consol,, coup., l8t, 78. •129.18 1311a So.Pac.of N. Mex. -Ist.Bs 103=4 7s, 1900, reg i22" it Min'ap. — St, 130 Des M . 1 78 Con.sol., reg., 1st, 78.. 1271a' Union Pacific—lat.Bs.. UB's 117 N.W.Telearaph.—78.1904 108 Iowa Midland— Ist, 89.. 134 Consol,, coup., 2d, 78.. i23>8 Land grants, 79, '87-89 104 Mut.Un.Tel.-S.fd.6s.l911 87 •» Penl^9ul.^— Ist, conv. ,7a 125 Consol., reg., 2d, 7s... 124 i Slnkiug fund, 89, '93.. IISI4 Col. C.A Ir.Co.—lat.cou.Bs 94=4 •90 Chic.itMilw'keo— lst,7s 128 130 MahoningCoalR."lst,59 105 Keg., 83, 1893 •117 Teuu.Coal A Ir.—Con9.,t)S Win. * St. P.—l8t,78,'87 104-'8 104=4 Long Isl. RR.—Ist, 7s, '98 131=, Collateral Trust, Bs. . So. Pitta.— 1st, 89,1902. 90 ' 2d, 7.9,1907 ... 134 135 1st, consol., 59, 1931 112 Do 59, 1907 951^ Ineoine Bonds. M11.& Mad.—l8t,08.1905 115 Louisv.A N. —Cons. 76, '98 121 122 Kans. Pac—Ist, 89,'95 112 (Intfr^^t paynh>e if eanwM.) Ott.C. F.&St.P.—l.st,59! 08 CeciUan Br'ch. —78,1907 108 lst,B8, 1896 ll'^ia Atl. A Pac—Inc., 1910... 23 23 'a North.IlI.— I9t58, 1910. 108 109 N.O.AMob.-lst,6e,1930 103 1031^' Denv. Div.Bs,aR9.,'99 1141a Chic A E. 111.—Income .. 100 1'29 aCCAIud's-lst,79,s.fd. 127 "a 2d, 6a, '930 92 93 la! Ist, COUBOl., (is, 1919. 104% 105=8 E.T.V.AOa.-Inc„8.s,1931 20-'e i'lii Consol. 7s, 1914 E. H. A N.—Ist, 68,1919 1181a C.Br. U. P.— F.c, 78,95 112 Gr. Bay W.ASt. P.-2d,inc 39 Si 40 Consnl. sink. fd. ,7s, 1914 31 36=4 General, Ba, 1930 "91" 107 At.C.AP.—l9t,Ba,1905 IO514 105 H! lud.Bl.AW.—Con., iucBs General consol., 68,1934 lOi 102^8 Penaacola Div.-6s,1920 AfcJ.Co.AW.—lat, 89 104 Ind'sDcc.A Spr'd-2d,iuc P. Chic. St. Min. A Om.— St. V>. Div.—1st, 88,1921 Short L.—1st, B.i 101 la Truat Co. receipta 34ii 122 Greg. Consol. Bs, 1930 14 2d, 3s, 1980 ^60 Ut. So.— Gen., 73,1909 60 Leh. A Wilkesb. C0.1l—'88 103 -a C.St.P.iSM,-I9t38,1918 130 J» Morris A E99ei—Ist, '7s 142 •35 -a 147 2d,6s,l.S99 112=8 112=< Income A id. gr.—reg. 39 39 14 st.L.A.AT.H,— Div. hds.. 60 2d, 79, 1891 114 Mex. Cent.—1st, 78, 1911. G., 89, Aug. cp. on St. Jo. A G'd Isl.-2d, Inc. 62 •41 Bio Bonds, 7s, 1900 1st, M., 78, ex-cp.,6,7,*8 42" Do ex-'Vug. cp. "UK, 62" Free l.lst. ^BOf 1871,1901 128 115 129% New assented, 4s •38 39 Gen. mort. A ter. Bs . C.I. St. L. A Ch.—Cnns.,B3 let, con.,gu.ar., 78 Mlch.Ceut.—Cons.78,1902 C.W,A Bait.— lst,4-j,9,Ktd 106 106 K.Y. Lack.&w 1341a 133 Pennsylvania RR.— Hi lat,es . . . 131 Consol, 6a, 1902 la ias,lst,cp 106 106»4 (ronSteamb.Co.— B»,ld01 88 Oonstructlon. 111 Pa.Co.'8guar.4 5a ! 109".,: lOB^gl Bs. 1909 Pa. Co. 'w4i.iS.reg.. 19-21 TeflFw

April 17, 1880. J THE CHRONICLE. 483

N««v York Local Mecarltles. QnoUtions la Boston, Fliiladelplila ami Baltlnorc.

Inaaranee Htook Ijist. Bid. Aak. Bid. Hunk Maeh Mat. rPrtwe by E. 8. Ballejr, Pin* nt. •CTTKITrSS. aKOURITIKS. BS i B4MTMF A I Ka. Atob. A Tni" l;a-l«t,7i. 126^ 8d,ea,I887 101 •

• "•... COBIPANIB8. Par. r,«.i ' 13S Bsiratiap— liit,7a, 1898. ^ATkeil tlutit V*) are Aak nut NAtiou&L Bid. Bid. Ask. 0(( ist,n*,ieos Pl,= iof Conaol.,ei, 1918 106 ..> 104 104 AllHI it'Ji* 100 170 Amertoan BO 1S6 M Bair. N.Y.* Pha—llt.6» >s .- 1U0>3 A Ti'M. KxobMMT*... KM) 133 Hi Amer. Kxohauffe... 100 OS luu MorigttKf, 4Si« ad, 7«, 1908 ....rlOO iiniHil V* .*>• i!5 Bowery 25 140 147 Triint, 6s Cona. ea,lU'il Biir.AMo lii.Neb.-Ez't,6s 121 Ut,Tr.l», 19« iUirt? -•! -.' Broadway 25 las 173 A Drov'ii' 2S Ill C-li'!.. 100 Brooklyn 17 175 lM7 6s noli.t;xeiiipt Bnir.Pltts.A W.—a«n.,ea »6>4 eo\ 107 t'l '•• 130 Cittieni' 20 116 123 4« Own. A Ambor— , o.,'8P . 100 7s . ili 180 Clly 70 115 120 T.tind (rinnt, ...... ii8y Mort.,a».vi Vtf 68,WH* 1889.,I 110 iid% >, . So.- 41 Choiuical 100 3200 .400 Clinton 100 117 125 6« Cam. A Atl.-lBt,7<,c.,'93 Commercial SO SO !).>!( t, 3a« 88 3d, 6b, 1904 Cltlzeua' 2S 35 103'«'104 Continental 2US , A No.— 6s Cons., 6 p. lis City 100 100 313 104 CoinnnMce. ..,..„.,. 100 llit) 175 Eagle 40 240 250 . ,,, . A WcBfn—68 H .««('rn Mass.— 68, new.. 128 New 7a, reg. A oonp roril..n Mtal 100 Umpire 100 00 124 Cotii l-;\i-hanK»* 100 185 KzcJianxe.... 30 as 103 FrcTM.Hk II.AMo.V.-6a.. 122 Conneot'g 08, op., 1900-04 12'J Ki«~t Itiv.-r 2B FaiTHKUt SO 110 115 K. C. Folt Scott A O.—7s 118 DeL A Bonnd Br.—lBtj7s 131 S0.-68 110 Ki-.v. .;:;, W»l-(1'.... •JS Flromeu'rt 17 85 83 K. City I.awr. A Kast Penn.— lBt,7B, 188H CItyat.Jo. AC. B.-7S 19'20; 114 r.t!ii A vidiue* 100 toil 'Jerman-Amerioaa . 100 235 2S0 K. IWt BaatonAAmb'r— 5a, Hp'd Mem.— B« 110 110=4 121 Kll--*l 100 l»50 Gennaula 50 l'.;5 128 K. city A EI.AWmsp't-lBt,6B, 1910 122 » Fomth 100 125 ISO Globe 50 110 lis v.c. Clint. A sprlngf.—6s{ 104^ 6b, perpetnal 200 2'.'6 I.ltllo B.A Ft. ».—7» 114'« Harrlsb'g—lBt.6s, 1883.. 108 iio Fatton 80 Greenwich 25 99 G«ll»tln 60 Gnardlau 100 70 76 Mar. 11. A Out. -1925, 6s. 97'ii H.AB.T.—lBt,78,g.,1890 111 ««rn.>t.l 100 Hamilton 15 108 112 Mexican Central—78 41Hi 41'i Cons. 5b, 1896 97 48 38 <« Ith8<'aAAth lBt,gld.,7» Ot^niiitii Ainorloao*. 75 Uanover 60 128 ISO 8--« Gerni.iiiiii' 100 Home 100 132 13S Income... < Leh.V.- l8t,6B,C.AB.,'98 12S>a , , 70 Scrip 70 70 2d, 78, reg., 1910 141 Greeuwit Ii* 25 Howard 40 76 69 Hanover 100 Jeflferaou 30 115 123 Hebiintnre. 10s 5 Cons. 6s, C.A R., 1923.. 135 ISO 210 N.Mei.A So.Pac—7a.... 126S N. O. Pao.—let, 6b, 1920. 60 Imp. A Tr»<1«r«' 100 KinK8 C'nty (Bkn.). 20 225 127 85 N. Y. A N. England—78. i'26"' No. Penn.- 2d, 78, cp. '96.' I'M 180 IrrlnK SO Knickerbocker 30 92 117^. LmiiJirr MAnttTrs*.. IDO LonKlBl'd (B'klvn) 85 98 68 lie's Gen., 78, 1903 134 >i 50 109 110 113 Wa;ij;itlt;ai- SO IBS 160 Maiiufac. t& Biilld.. 100 1C5 120 '2ds. 6a, Debenture 6s, reg ..... l,.Oh.—6a 4105 Matkrt 100 Mecli. A Traders' .. 25 ^0 45 Ogilenab.A Norfolk A West.—Oen.,6a Cous"lldated 63 96 R. 1st, 68.19,32 105 loS" Ml..'' uiic'i' ^5 Mechanics' (Bklyn) 50 75 80 40 N. Dlv., Merhuiii.'rt'ATrartV 25 Merciintlle 50 58 83 Incomes N. Y. Pllil. A Nor.— lat, 68 108 Ui» Ark. Val.—78..}. 126 >« 45 ait'TuM'.le 100 126 Merchants' BO 110 115 PncbloA — Inc., 68, 1933 ! MerclMM's* BO Moutank (Bklyn.).. 95 100 Rutland—1st 63 • 109 "91" Oil Creek— Ist, 6s, oonp..: 100 103 50 90 133 M..'-,li.v:it»' Kich... SO 103 Na.ssau (Bklyn.) ... SO 140 146 .^8 Pennsylv.—aen.,68, Teg.|< 7s 103 Wi 107 « 138 MetroiMtUtau 100 48 National 37 >o 8S 93 Sonora— Gen.,6B, cp., 1910 .„- NaAftaii- 60 131 N. Y. Equitable 36 IGO 108 NVlHcoi Bin Cent.—lat ser, 87>!i Cons., 6a, reg., 1905....! 128 ,,„„- New Vork 100 N. y. Fire 100 70 75 2d series Cons., es, oonp., 1906... »;--•• 1»* Hew York Coun'y . 100 •ioo" Kiasara 50 147 IBS Cons., Ss, reg., 1919.... }13 H. Y. Nat. Exoh 100 100 North River 25 100 105 STOCKS \ Pa. A N. y. C.-78, 1896. 123 l....». Atchison Topeka .. 90=9 90'» -„•--- A 1 Ninth 100 Paclflo 25 1(J0 168 189 7,1908 };», 123 "9 Boston A Albany 188 "a Perklomen— lat,68,cp.^87, 99 100^ North America* 70 Park 100 100 106 r.29 Nortli Kiver* SO 120 Peter Cooper 20 ISO ISO Boston A Lowell. Phll.AErie—l«t,78,op.'88: 108^i 109 Boston Maine 191 ;----• . Orlentjil' 25 100 A Cons., 6s, 1920 [ People's 60 110 190 .»12i«. Paclflo- SO Phenli 60 135 140 Boston A Providence Cons., 5s, 1920 Park 100 117 123 Boston Revere B. A Lynn 128 Phlla. Newt. A N.Y.-l8i| RatKor's 25 ilU°4 People's' 25 U5 Standard 60 95 104 Ca'.lluruia Southern Phil. A R.—Ist, 88.1910.. Massachusetts 7Hl 1 Phenli I 20 105 107 65 CeiKral of 3d,78,conp., 1893 Star 100 80 34 •& ,„_ 121 Preferred 32 Cons., 7s, reg., 1911 .... S127 Bepabllc 100 123 Sterling 100 50 60 99 Cheshire, prele.'red }.... 1011 .. SLNlcholaa* 100 Stuyvesant 25 107 113 91 Cons., 7s, coup., Seventh Ward 100 iofi, United States 25 130 137 (hie. .t Ea.sfn Illinois.. Cons., 6a,g., I.B.C.1911 North'n... "83 Seoonit 100 175 200 Westchester 10 120 130 Cliii>. liurl. & Imp., 6s, g., oonp., 1897 BhoeA Leather 100 i:hlo. A West Mlchlnan.. SO Gen., 6s, g., coop., 1908 WlUlaDisburg City. 60 230 240 16 State ol New York 100 Cinn. Sandusky A cleve. Gen.,7s, conp.,1908 Third 100 Cleveland A Canton 4 Income, 7s, coup., 1896 Tradeemen's 40 106 110 PreteiTea Cons. 5s, lat ser.,c.,1922 United SMtes 100 1:01 Col. Spiingf. A Cin Cons. 5s, 2d ser., c, 1933 Concord Conv. Adj. Scrip, '85-88 Connecticut Klver Debenture coup., 18931 Conn. Passumpslc 90 A 109 Scrip, 1882. Gas and City RaHroad Stocks and Bonds. Dot. Lansing A No., pref. Conv.,"79, R.'(3.,1893-.Ji«" 27 > Eastern 82 83 Conv.'7s,'cp.oir, Jan.,'85 [Gas Quotations by OKO. H. Pbkxtiss ifc Co., Brokers, 49 Wall Street.] Pltchburg 122%! 123'a Phil. Wll. Bait.—4a.tr.ct iofii 103 21»4 A Flint A Pere Marquette. 21 Pitta. Cln. A St. L.—7s. laaH 91>!1 Preferred 72' Pitts. Titus. A B.—7s,cp 35 Sate. Iowa Falls A Sloni City. 71 "s ShamokinV. Potts.—7t eAB COMPANIES. Par. Amonnt. Period Bid. Ask. 60 A Kan. C. Clin. A SpHngrd Sunbury Erie—1st, 78. 86 A Kan. Clly Ft. S. A Gulf .. i Sunl>. Haz. A W.— 1st, 6s 1081a Brooklyn Gaa-Light. .. 25 2,000 ,000 Var's 5 Nov. 2, 180 132 Prefoired «132 2d, 6s, 1938 lOOH 72 >3 atlzens' Ga8.L.(Bklyii) 20 1,200,,0001 Var's 3 Jan. 1 86 88 Kan. C. Sprlngf. A Mem. 70 » Syr.Oen.A Com.— Ist, 78 38 Bonds 1,000 2501,000 A. A O 5 104 107 Little Rock A Ft. Smith. 36 Tex. A Pac—Ist. 68,1903 i07~" Consolidated Gas 100 3S,4.S0 DOOl Sia'DeclS, 85 107 lOS Maine Central 115 Consol., 6s, 1905.... 75 Jersey City 321a & Hoboken. 20 756 000 Quar. 2 "a Feb. 1,''86il65 IfS Marq. Hought'n A Onton. 32 Union A Tltnsv.—1st, 7s Metropolitan—Bonds ... 1,000 700,•.0O0,F.Jt A. 3 1902 114 117 Preferred 83 i;6 United N. J.—Con8.6s,'94 7"8 Mntoal (N. Y.) 100 3,500,,000 auar. 2ia'Apr.lO''86 136 138 Mexican Cen'^ral Cona. es,gold, 1901.... Bonds 1 Lowell 000 1,500 ,ooo|m.&n, 3 I 1902 103 105 Nashua A 35' Cons. 6s, gold, 1908.... Nassau (Bklyn.) 25 1.000 .000, Var's 2 Apr. 1 '86 ISO N. Y. A New England ... "si'h void, 1923.... 104 I Gen., 49, Scrip 131 Var's 700,,000 M.iN. 2I11IN0V. l.'l•851101 Preferred 12j'a Warren A P.— 1st, 78, '9f 103 104 1 yeoirte's (Bklyn.) 10 1,000 ,000 Quar. 11^ Mthl5, 85 Northern Cons. 78.. 113 ' . set 87 iso' Weet Cheater— Bonds 1,000 400,,000 M..&N, 3>»|Nov. I, '85:102 106 Norwich A Worcester... i77 W.Jersey— Ist, 6s. cp.,'9e 116 '...,». Bonds Var's IDO,,000 A. ,E O, 3 Oct. 1. 851100 Old Colony 163 1st, 7s. 1899 123 Williamsburg 50 1,000,,000 Quar. 3 Jao.20,''86 160 Ogdeusb. A L. Champlatn 19 Cons. 6». 1909 118 Bonds 125-4 1,000 1,000,,000 A. &0. 3 1900 112 115 Portland S.'ico A Portsm. W.j6r.sey&.Atl.—lst,68,C. 108 H . • bo" Metropolitan (Bklym.) 100 1,000, ooo! 3 Jan. 1, 97 100 Ports. Ot. Falls A Cou'y. 64 Western Penn.—6s, conp. 6 Mnnicipal— Bonds 1,000 750, 0001 M.&N. SV. 1888 105 110 Rutland 6s, P. B., 1896 Vnlton Municipal 100 3.000, 000 3 Apr. 10,' 158 Preferred 28 261a coup., 1901 159 10 Gen., 7s, Boiius 300.,000 J. J, 6 1900 106 109 Snmmit Branch 8 BONDS. A 126 CANAL XoaitHbie 100 2,000, oon 2',. Apr. 1, '86 1.58 160 Worcester Nash'aA Roch Ches. Del.—lst,6s,1886 101 19 A Bonds , 1,000 1,000, oooIp.a A. 6 1889 110 113 Wisconsin Central. 18"3 Lehigh Nav.—68,r6g.,'84. 112>« 30 Preferred {29 Mort. RR., reg., 1897 .. (Quotations bj H. L. GBiur, Broker, 145 Broadway.] Cons., 7s, reg., 1911 ISO 1910 91 PHILADELPHIA. Pennsvlv.—68,1, cp., Schuylk. Nav.—.—1stlst,6s,rg. ll'2 St. I reg., 1907 "" Broker A FnltF.—Stk 100 900,000 J. A J. Jan.,18S6! 29 32 RAILROAD STOCKS, t 3d, 6s, lat mort 1,000 700,000 J. A J. July.lWOO 114 118 BulTalo N'.Y. A Phil... 3\ BALTMIOllE. Br'dway i 7th Av.—Sfk. 100 2,100,1)00; CJ.-J. Jan., 18.^6: 200 ProferrtMl 4S 514 RAILK'U STOCKS.tPaj Ist mort 1,000 1,500,000 J. AT). Jane.1901 100 Camden & Atlantic Atlanta A Charlotte 9i 98 >« 2d milt 1.000 600,000' J. & J. 1914 100 PrefeiTed , ... 40 >a Baltimore A Ohio 100 165 1671a B*way Surface bda.gna: 1,000 1,300,000 J. 02ll06 110 East Pennsylvania 47 Central Ohio—Com 50 62 S3 Bklyn. e:ross town—Stock 100 200,000|A.AO. Apr.,18.S6 168 175 Elmlra A wllllamsport.. }15 Pref 55 1st mort. bonds 1,000 400,000'j.<6 J. Jan., lS8.-( 105 112 Preferred 2611 Western Maryland 60 10 w'k.\v. Bash (Bkln)—Sfk 100 500.000' Q.—F. Feb., 1H,S6 162 lti7 Huntlugd'n A Broad Top 10 RAILROAD BONDS. Central Crosstown—Stk. 100 60n.000i tj.—J. l»l'Aur.,18S6;160 165 Preferred •IS Atlanta A Charl.— 1st... 125 126^ Ist mort 1,000 250.0001 M.JtN. 6 iNuv.. 1922 113 120 Lehigh Valley 67 67 >4 Inc 104 « Oent.Pk.X.& K.Riv.-.Stk 100 1,800,000 (1.-J. lij Apr.,18-<6l 133 Preferred Maltlmore A Ohio—4s... KIS 108 Consol. Fnort. bonds 1,000 1,200,000 J. ,ft D. 7 I)ec., 19021122 1-25 Little Schuylkill 58 Cen. Ohio.—6s, lst,M.AS. 108 109 Obrisfph r&iothst—Stk 100 650,000| a— F. lia Fob., 1886 180 133 Mluehill A Sch. Haven.. 621a 63 Chart. Col. A Aug.—lat.. 116 Bonds 1,000 250,0001 A. A O. 7 Oct.. 1898 110 Nesguehonlng 56 109 DryDk.K.B.A U6 Valley... 2d Bat'y—Stk 100 1,200,000 Q.—F. 218 Feb, 1886 i.sn Norfolk A West'n-Com lOHi 101» Cin. Wash. A Bait.—lata. 1031a 1064 let mort.,con80l 600AC 900,000 J. A D. 7 June, "93 112 115 Preferre4 «2d St. Manh.A St. N.Ave 100 '2,500.000! .... 38 10 Phlla. Newtown N.Y.. 68,1900, A. AO 121 1st mort A 1,(100 1,200,000 .M.,tS. 1910 109 HO Phlla. A Reading 12i(, 1214 6s, gold. 1900, J. A J.... 122 J. ,fc J. Jan., 1886 -JUO •.'03 Canton endorsed 139 ' Ist mort 1,000 400.0(l(MM.&N. lUlD ilU6 108 STOCKS. Vlrglma Tenn.— 6s lilts i« 107 Consol CANAL A — ., . 1,000 1,050.000; M.,SX. May, •881 105 Lehigh Navig.itloo 61 8s 125 Sixth Av.—Stock 100 1,500,000 K. A A. Feb., '86 •.'03 215 Schuylkill NaT., pref... . W. Md.—6s, 1st, g., J. A J. 1031a Ist i-j luorb . 1,000 50O,0OOiJ. * J. July, •901 110 115 3d, pref., J. A J 103 Third Av.—Stock 100 2,000.00(1 Q F. Ffb., •86 300 310 RAILROAD BONDS. 2d, gnar.byW.Co.,J.*J. 10.iia Bonds 1,000 2,000,000 J. J. Jan., •90 113 '83 3d, gnar., J. A J 181 Twenty A 111 Allegh. Val.-7 3-108, 68, third St.—Stookl 100 600.0001 Q.—P. Feb., •fe023S 245 78, K. ext., 1910 Wllm. C. A Ang.-«8 120 let mort 1.000 250,0001 M.A.N. May, 'So 112 114 Inc. 7s, end., coup., '64 8 I Wll. A Weiaon—6« Bait. A O.K. Side-Certs. 109'4 110 78 120

> Thl« cola mn snows last dividend on itockt, • bat date of maturit)- of Oorut-. Kx.diTldend. t Per ahare. t In delaslt. i Last price tUa wee x. .-. ' . .. : —

484 THE CHRONICLE. [Vol. XLII

RAILROAD EARNINGS. New Tork City Banks.—The following statement shows the condition of the Associated Banks of for Latest Earnings Beported. Jan. 1 to Latest Date. the KOADS. week ending April 10, 1886: WeelcorMo 1886. 1885. 1886. 1885. Averao« Amo^mt of- Banlu. Loans and Net DevoMi Atoh. T. & 8. F.. Febiuary. 1,057,407 1,064,748 1,919,610 2,180,446 Specie. Legal other ClrcvXa- DUiOunta. Tender). Bait. & Potomac February. 93,806 93,841 194,897 192,313 than 0. a. tion. Bost. H. T. & W. March . 47.623 41,137 128,297 96,202 Buff.N.Y.& PhU.llst wk Apr 38,700 41,500 573,335 534.411 S 9 $ Buff. Roch.&PJtti Ist wk Apr 18,459 24,053 320,496 281.124 New York 10.425.000 2,423.000 1,383,000 10,806,000 16,000 Manhattan Co 9.866.000 2.105.000 Bur.Ccd.K.ifeNo.j 1st wk Apr 49,090 60,992 676,150 759,617 499,000 10,513 000 Merchants' - . 7,731.100 1.724,200 737,200 CanadianPaclflc] 1st wk Apr 102,000 142,000 1,455,237 8.429,2)0 45,bo'd 1,757,816 Mechanics' . 9,085,000 1.232,000 Central Iowa...ilat Api 681.000 7.813.000 wk 24,7.13 S2,405 317,642 322,041 America 12.043,700 1,952,800 866,000 11,008.800 tCentral Paclflc. I January .. 805,809 1,096,535 805,809 1,096,535 Phenlx 2,718.000 2d7.000 291,000 2,347,000 262,000 Cniesap. & Oliio.i*"ebruary.. 273,241 218,094 534,410 511,004 City 10,006,800 4,B1-,700 633,000 12,681 700 Ellz.Lex.&B.8.| Ft biuary.. 03,631 48,682 1^2,909 104.323 Tradesmen's 2,50(1.700 378,400 i70.100 2.156.100 90,000 Fulton Ches. O. & 8. W. I February. 113,630 112,186 230,896 227,704 1,278,300 „ 855,500 128,100 „1.602.200 Chemical 17,101 9,748,200 CUcago cfe Alton 1st wk Apr 130,915 137,576 2,002,584 800 699,200 22,798,900 1,841,877 Merchants' CWc. Burl. & Q. February.. 1,830,275 1,601,915 3,216,996 3,394,399 Exoh. 3,117,300 523.100 389,100 3,536,500 78,200 Gallatin National.. 5.554,100 665,600 678,700 4.189,500 695,700 Clilo. & East. 111. 1 ,st wk Apr 33,494 30,633 437,942 413,645 Batchers'* Drov.. 1,688,100 554,800 185,800 CMC. Mil. ASt.P. let wk Apr 431,000 493,727 1,940,900 198,600 5,474,000 5,437,691 Mechanics' & Tr.. 1,627.400 61.200 196,000 1,701,100 Chic. Nortliw. 1st wkApr & 453,200 456,500 5,448,707 5,435,525 Greenwich 1,165,300 132.200 134,600 1,193.000 2,600 Ch.8t.P.5Iiu.&0. 1st wk Apr 103,800 102,000 1,356,466 1,199.319 Leather Manners. 3,459.000 765,000 242,400 3.132,300 466,900 Chic. & W. Mich. list wkApr 24,129 25,736 333,558 279,001 Seyenth Ward 1,123,200 285,000 63,000 1,113.600 42,900 Cln.Ind.8t.L.&0. 1st wkApr 39,155 41,800 670,686 638,974 State of N. Y 3,713,900 346,200 647,900 3,780.000 Cln. N. O. AtT.P. Ist- wk Apr 25,311 41,734 678,870 661,772 Amerlc'n Bioh'ge. 16,059.000 2,950,000 1,972,000 14,976.000 Ala. Gt. South. Ut wkApr 11,257 19,041 300,639 319,583 Commerce 18,597.700 2,563.800 2,830,900 15,497.900 869,700 N. Orl. & N. E. Ist wkApr 6,016 15,979 175,654 211,396 Broadway 5,379.900 1,107,700 435,200 5,179.600 48,000 Mercantile 6,459,200 1.657.400 Vloksb. & Mer. 1st wkAjn- 7,244 6,940 139,182 121,810 S04,10C 7,432.400 45,000 Paclflc 2,361,700 520,300 207,500 2.774.400 Vlcke. Sh. & P. 1 St Apr 6,968 wk 5,068 125,799 94,544 Republic 6,565,300 1,477,700 714,800 7,000.700 389,500 Cln.Wash.& Bait 1th wkMch 55,737 51,673 477,224 467,260 Chatham 4,26i,00C 990,200 332,000 4.702,600 45,000 Clev.Akron&Co] 1st WkApr 9,380 8.878 119,033 114,172 Peoples' 1,7.'<8.500 165,200 141.100 2,117,300 Olev.Col.C.&Ind January .. 283,733 287,001 285,73J 287,001 North America ... 3,576.700 538.390 398,890 4,373,100 Col. Hock.V.&T. March. -'.. 198,596 214,330 525,921 539,587 Hanoyer 10,019,500 3,234,800 019,000 12,099,800 180,000 Danbury & Nor. February. 13,393 13,489 28,642 27,649 Irving 3.149,000 397,200 417,400 3,149.000 296,000 Day. & Ironton. February.. 20.376 41,628 Citizens' 2,041,300 606,300 299,800 3.089. OOO 265,400 2,762,800 118,400 366,800 3.047,300 Deny, cfc Rio Gr. 1st WkApr 106,086 104,919 1,432,320 1,397,031 Market 3,345.800 410,900 Denv. & K. G. W. March .... 83,472 260,100 2,857,500 434,500 69,335 211,062 195,588 St. Nicholas 1,948.500 274.800 Des. Mo. Ft.D. 3d Mch 120,100 1.762,600 & wk 7,841 7,904 75,457 76,440 Shoe & Leather.. 3.279,000 606,000 520,000 3.769.000 434,800 Det.Lans'gct No. 1st wk Apr 18,772 21,327 271,384 258,743 Com Exchange ... 5,485,200 686,200 504,000 4,950,600 E.Tenu.Va.AGa. February. 341,386 311,894 665,418 739,779 Continental 4.611.000 635,400 767.000 5,330.200 49,500 ETansv. & T. H. 1st wkApr 14,169 14,433 179,617 172,885 Oriental 1.931.000 302,000 301,000 2.040,100 Flint & P. Marq. 1st wk .\pr 43.046 36,164 551,590 467.694 [mportors'Jb Trad. 20.173.00C 5.055,800 954,900 22,506,200 987,800 Ft.Worth&Den. February. 25,932 • 24,519 50,416 47,238 Park 20.376,900! 4,484,100 1,877,200 24,960,900 46,000 North River 1,728.000 37,000 175,000 1.937.000 Grand Trunk . . WkApr. 3. 305,366 294,578 3,686,088 3,495,247 East River 1,'262,800| 204.600 302,100 1,065.000 224,500 Gr. B.W.&St, P. February . 21,378 17,483 Fourth National.. 13,323,000 3,019,630 1,371,000 180,000 GulfCol. &8.Fe. .March .... 142,033 93,634 435,763 271,639 16.851.100 Hous. Tex. C. Central National.. 8,828,000 1.968.000 810.000 10.059.000 123,600 & February.. 185,839 144,937 410,865 293,646 Second National- 3,U 1,000 971,000 178.000 3,892.000 38,000 Ill.Cent.(IU.

K.Y. & New Eng. ( February. 270,924 226,097 539,189 456,517 1886. Specie. L, Tenders. Deposits.* Circulation Agg. Clear'f F. Y. Ont. & W. . 2il WK Apr. t21,055 33,028 t298,3S7 415,617 N.Y.Susq.&West Felu'uary.. 74,382 68,503 156,032 139,170 Norfolk & West Ist wk Apr 42,974 31,569 730,593 670,376 Mar.27 I54,2h,7,100 10,676,000 3,124,S0O 111,971,100 19,055,800 73,303,996 Northern Cent'l February. 430,961 389.0491 831,084 793,205 Apr. 3 152,702,900 10,.541,600 2,9.^9,700 110,818,600 18.818,300 79,777,33 8 '• Northern Pacific .March 836,962 691,612 1,931,532 1,813,158 10 152,047,800 10,615,700 2,552,300 110,'276,000 18.654,900 64,289,139 Ohio & Miss Februar.y. 274,430 267,879 548,610 568,179 banks Ohio 8outhern.. March 38,946 15,596 127,715 104,240 Philadelphia Banks.—The totals of the Philadelphia Oregou Imp. Co. February. 186,384 210,850! 379,406 413,971 are as follows Oreg. R. & y. Co. 1 1st wk Apr 78,572 66,5941 1,000,943 843,077 Depositi.' Otrculation. 'tgg. Clear'ot Oregon Short L. Jaiuiar}- .. 113,250 101,418 113,230 101,418 1886. Loans. Lawful Monev. Pennsylvania. . . l-'ebruary. 3,549,475 3,075,700 6,971,011 6,333,222 Peoria Dec.&Er. Ist $ $ wkApr 10,029 10,881 183,473 187,479 84,903.100 25,171.000 84.461.900 6,352,000 53.707,402 Pliila. Mar. 27 Erie [ February. & 233,026 208,200 451,856 430,217 Apr. 3 84,963.400 23,326,900 82.3^8,300 6,289,000 53.972,066 Phlla. * Reading! February. 1,949,242 1,794,645' 50.041.663 4,004,826 3,641,011 " 10 85.300,300 1 2;1.19l!.600 82,955.900 6.196.500 Do C. & Iron Febniary.. 726,776 969,622! 1,611,136 " 1,814,411 tnoluUing the item " due to other banks." Klchm'd ADanv. March. 392,600 360,562 1,017,640 990,103 Ch. Col. & Aug. .Vlarch 84,019 75,578 232,439 237,163 Unlisted Securities,—Following are latest quotations for a Columbia&Gr. March 78,560 69,062 212,291 211,716 week past: Georgia Pac. . Februaiy. 66,209 52,694 124,601 109,998 Va. Midland.. March . , Bid. Ask. 113,981 113,698 305,613 317,607 Securities. BM. Aili. Securitw*. I [ West. No. Car. .March 45,606 38,586 122,103 103.467 D., Ist, old Ohio Cent.—Cent. tr. cert 24 243, Borne Wat. &Og. I amiary 123,746 114,395 123,740 114.395 Atl. & Pac—C. 99 ' 4 Bt. Jo. & Gd. Isl.'lst wk Apr 25,137 25,564 Incomes 133^ mcoraea iH 302,800 314,624 Cent, trust cert Ta Bt.L.Alton&T.H.l4th wkMch 23,321 34,261 268,004 Accumul. land grant. 20 9" 311,008 Atla. Char. Air L., stock 9'i 95 Pensacola & Atlantic Do Branches. 1st WkApr 3,577 & 11,787 181,383 211,143 Western . 13 15 8t.L.&8an.Fran. 1st mort., gen. bonds 124 12512 Pittaburg & 1st wkApr 63,907 84,302 1,034,886 1,088,612 Incomes X 103 l8t mort 73 Bt.Paul&Duluth 1st wkApr 22,818 14,238 230,279 214.483 Agua.Nav.& Imp.Cc.hds 91-1 PoHtal Telegraph— let, 6s 914 16 6t.P.Min.A Man. March 590,000 576,011 1,424,176 1,433,353 Bost. H. T.& West.—Btk 6 8 Postal Tel.(feCal)le— St )ck 8 Soioto Valley.. Februaiy.. 51,403 95,140 Debentures 75'il 78 Rich, York Rlv. *fc Ohea 97 », South Carolina.. February. 120,054 121,494 214,429 241,106 Buff. N. Y. & Phila 7 youthorn Tel.—Stock Si llH Bo.Pac.Comp'y- Pret 84 Ist mort. bonds 26 ot Teun.—Het't.Ss. 701, Gal.Har.&S.A February.. 203,819 237,064 403,166 Trust bonds, 68 85 State 448,161 Brooklyn Elev'd-Stook.. 30 32 St. Jo. & Grand Isl., stock 28 ...• G.W.Tex 9 Texas & St. Loula—Subs. 138 145 N.Y. Tex. February.. 41^ & M. 10,060 21,790 68 35 >i 42 Tex. ii 19 lucomes « . 80 Tot. Pac. Sys.. February. 1,789,643 1,456,140 3,063,087 3,13:1,242 Kdison Electric Lt>j:ht 115 Ist mort., m Texas. 77 Gt*n.lst,ld.gr.&inc.afi.». 7 11 , 10 Tot. of all February.. 2,456,197 2,111,647 4,404,617 4,457,112 Georgia Pac—Stock mort., 68 llOia Stock del. when Issued. 18'j 20 Texas & Pacitlc 4thwkFebi 112,416; 99,561 861,773 1st 26I4 736,073 mort 48'4 46 >« 1st M., del. when Issued. •ib->4 Tex. & 8t. Louis Ist wk Apr 2d 17,6l9i 15,880 354,066 254,380 Keely Motor 3»4 415 2d M., del. when issued, 44 45 Tol. A.A. February..! &N. M 21,694: 17,129 Mexican National 31s Tol. & O. Cen. com. stock. ',iO Union Pacitl ;•,... February.. (1,633.141 11,563,9.30 3,063,170 3,238,899 Fref 9V, Pref 3D 8t. L. Wab. & P. 1st WkApr! 202,312 217.756 3,093,958 3,211,830 Ist mort 23% •iiH Vlcksb. (ft Meridian 3 JWest Jersey... 5 February.. 164,0261 50,944 132,520 127,065 M. K.&T.—Income scrip . 601a 62 Pref Wisconsin Cent'l March ....! 130.9991 137.9,38 312,286 333,2'.;8 N. Y. M. Un. Tel.—Stock 6612 70 l8t mort M N. y. W. Sh. & B.-St«ck. •i\ 31* ad mort 42 * Mexican currency. North. Pac— Div. bonds. 91ii Incomefl 13 t bds.. 65 65', Earnings of West Shore trains south of Cornwall no longer Included. North Rlv. Cons.—100 p.o A\ ,4 iVir>.iuia State 3 p. c. --V) t And branchea. Ohio Cent.—Riv. Div., Ist 12 'West N. Car.— Cou. mort.. 931a :

April 17, 1886.] THE CHRONICLE 485

investment Chegapeake ft Ohio. (For the year ending Dec. 31, 1885.) The annual report of Mr. O. P. Huntington, the President, states that "compared with the results of the year 1884, there has been a decrease in the gro«8 earnings of |l77,869. but aa The Investors' Supplement oontaitu a complete exhibit of there was also a redtiction in the operating expenses of $88,560, the Ftmiled Debt of States and Cities and of the Stocks and there was a diminution in the surplus over operating expenses Bonds of Railroads and other Companies, It is published of only #8^,809. The taxes cliarged this year exceed largely on the last Saturday of every other month—viz., February, those charged in the preceding years, but they include allthe April, June, August, October and December, and is fur- taxes assessed against the road for 18H5, whether paid or ra- nished unthout extra chargeto all rei/ular subscribers of the maining unpaid at the close of the year. In addition to these CmtONicLE. Extrn copies are sold to stibscribers of the taxes there nave been paid by or for the company amounts Chronicle at 50 cents each, and to others than subscribers aggregating $344,745 for taxes assessed in previous years, of at |1 per copy. which 1193,721 is for taxes claimed by the State of West Vir- ginia for the years 1879 to 1884 inclusive. The collection of ANNUAL REPORTS. these taxes was resisted by the company, on account of the exemption from taxation granted by the charter as an In- ducement to the construction of the road, but after a pro- tracted litigation the Atchison Topeka & Santa Fo. effort of the State to deprive the com- dany of this stipulated exemption was successful, and the {For the year Dec. 31, 1885.) ending Supreme Court of the United States decided the case against The annual statement of this company for 1885 waa issued the company. As these taxes were not a proper charge this week, and the President's report will be found at length against the operations of the year, they appear as a separate on subseciuent pages. charge in the income aecount. There was also expended, for Statistics of operations and earnings for three years, and the additions and improvements, the sum of |54,306." « » » income account and general balance sheet for two years, com- " Comparing the traffic ot 1885 with that of 1878, the results piled in the usual form for the Chronicle, are as below, these show an increase since 1878 of 73-49 per cent in the revenue, statistics embracing the Atchison Topelca & Santa Fe and So. an increase of 76 54 per cent in the train mileage, an increase Kansas systems combined, but nothiag of the Sonora or At- of 349-41 per cent in the number of tons hauled, and of 214-07

lantic & Pacific, although the interest on Sonora bonds is de- per cent in the ton miles ; but a reduction in the earnings per ducted from the Atchison earnings in income account ton mile from -999 in 1878 to -548 for 1885. The effect of this reduction upon the earnings of the road will be better under- OPEBATIONS AND FISCAL KESULT8. stood by stating that as compared with the rates obtained in 1883. 1884. 1885. 1878 the decline therein on the tonnage of 1885 represents a Total miles operated 2,219 2,374 2,397 loss of 11,682,346 in the freight earnings, on the rates obtained Operations— in 1883 $883,371, and on those obtained in 1884 Fassengers parried. No 1,072,169 1,502,485 1,849,577 a loss of $587,- Paesengera earned one mile 120,411,689 135,412,096 149,999.427 463,—sufficient to have met in full all [the fixed charges and Bate per passenger per mile 2'909 eta. 2-648 ots. 2-593 cts. interest payable in money. There has been but slight change Freight (tons) moved 2,240,430 2,725,191 2,602.056 in the relative volume of coal to the other traffic since 1878 Freight (tons) earried one mile. 582,176,176 634,711,316 607,753,550 ; the coal then formed 51-86 per cent of Bate per ton per mile 2-009 ots. 1-882 ots. 1-789 cts. the total tonnage, and Samings— $ $ $ in 1885 48-81 per cent ; in the through freight tonnage how- Passenger 3,502,950 3,583,018 3,889,411 ever there has been a gain of 40-17 per cent since 1883." * * Freight 11,699,194 11,946,453 10,873,621 It will be seen that the year's business closes with a deficit Mall, exjirees, ,976 8,314,967 Interest on equipment trust bonds -19,710 Ket earnings 8,256,525 7,315,907 7,256,428 Interest on 1898, Series "A," 1911 and 1922 bonds 379.260 Interest on Series "B" bonds (3 per cent) P. c. of op. expns. to earns 48-10 55-09 53-40 450,000 ISCOME ACCOUNT. Total $1,017,803 Leaving adefielt of Receipts— 1884. 1885. $120,822 Adding to this amount the taxes for prev"oU8 years, makes Net earnings $7,315,907 $7,256,428 the total deficit $365,567 Beutals. rtivident's, &c 28,488 28,012 In addition to this the company expended on capital account Other receipts 142,014 149,743 and not charged to income for construction & improve 70.858 From land gra*it trusts 183,281 180,188 And for equipment trust bonds retired 107,000

Total income S7,674,690 $7,614,371 Making the total cash requirements in excess of the surplus lyisburscments— eammgs available therefor $543,426 Bentals paid $37,093 $25,500 Which was provided for by a reduction in the accounts due Int. on At. T A a. F. and So. Kan. bde 1,812,544 1,980,664 the company, and an Increase In the floating debt of $452,423 Interest paid as rental 866,655 854,930 Interest land on bonds 188,281 l.b0.188 Of the debt and interest payments Mr. Huntington says : Interoi.t on Sonora bonds 283,500 " It was apparent in the earlier months of the year that the Dividends 3,414,736 3,414,786 Bate of dividend 6 6 company would be unable to meet the full amount of the Sinking funds 269,716 299,525 interest maturing on the Series "B" bonds, and your board Paid to other roads 241,677 46,093 decided it best to offer only one half of the coupons in cash MUccUancous 25,000 and the remainder in coupon interest scrip, which was univer- Total disbursements $6,830,707 $7,110,180 sally accepted by the bondholders. This was before matters Balance, surplus $343,983 $501,185 in the tax suit had been determined, and your Board hoped that the earnings would improve sufficiently to warrant the OBNERAL BALANCE DEC. 31. payment of the one half cash paid May and November Ist AtseU- 1884. 1885. which amounted to $450,000. There remained, however, from Eailroad, buildings, equip., Sas $48,943,706 $52,005,584 the operation of the road for 1885 only $874,971 toward the Leased roarls(8ee contra) 11,819,000 11,8!9,000 Stocks & bonds owned 54,418,352 54,598,143 interest on the Series "B" bonds, and the payment of one half Accounts receivable 2,317,557 2,042.639 cash on the coupons maturing May 1st and November 1st, At. & Pac. RR. account 1,723,214 2,608,982 and providing for the $224,745 of taxes for previous years, re- Advances to Cal. So., repayable In first sulted in corresponding increase in the floating debt. mortgage bonds 1,569.856 a The U.S. Government SSOiii's 356,336 company has a floating debt consisting of : Cash and bankhalances 1,112,482 1,864,528 Materials and supplies 1,595,731 1,363,345 Bills payable and demand loans $1,748,576 Misoellaoeous items 194,903 197,438 Unpaid coupons and taxes due 529,662 Other tmpald accounts 802,474 Total assets $122,481,366 *$128,4-25,851 lutereiit scrip Series "B" bonds 450,000 Liabilities Stock At. Top. AS. F $56,913,250 $56,913,250 Total $3,530,713 Stock Southern Kansas RK 3,759,900 15,076.300 Towards this the company baa available assets amotmt'g to 1,079,608 Bonds 34,325,500 36,3 14,000 Vouchers, pay-rolls, aoc' ts payable 2,397,867 2,703,870 Which leaves unprovided for the sum of $2,451,104 Coupons, gold jiremium, &o 903,755 917,597 "So large a floating debt naturally prejudices the value of Contingent liabilities 11,819,000 11,819,000 the junior securities of the their value becomes Dividends 869,620 870,521 company, and Fn-e insurance fund 145,012 139.646 still more unsettled by the uncertainty attending the amount Renewal .V inipt. aocouut 500,000 500,000 of surplus that will remain annually for distribution. The Book and suspended accounts 591,295 595,988 interest on the floating debt of the company represents about Land grant trust 1,498,027 2,801, >j74 Canceled bonds 1,874.500 •Z,3M,00Q one per cent of the par value of the Series "B bonds, and it Income accounts 6,883,640 7,387,825 would, without doubt, be advisable for the holders of that class of bonds to provide for the liquidation of the floating Total llabtllUes $122,481,386 $128,425,851 debt and at the same time reduce the rate of interest on their securities by bringing the interest liabilities within the earn- * The above a.s.sets are exclusive of the bills receivable for sales of land ing power of the road. Such a measure would, in the judg- toueo 31, 18S5, amounting to $1,676,272, and the value of 347,254 acres of unsold lands. ment of your Board, strengthen these securities, as bonds bear- t Southern Kansas stock Is all owned by tbe At. T.

486 THE CHRONICLF. [Vol. XLII. higher price than those bearing a higher rate which exceeds INCOME ACCOUNT. the surplus applicable for interest payments, and can be met 1682. 1883. 1894. 1885. only by incurring a floating debt." $ $ For the first time in its history, the Chesapeake & Ohio Net e.anilnRs 748,014 807,426 737,527 598,950 [>i8t>avsement8— report contains an intelligible balance sheet made up in the rntcrcston debt 309,024 318,623 337,223 329,499 usual form of railroad accounts. DividoiKls 422,500 455,000 455,000 260,000 The earnings and expenses for three years were as follows : Miscellaneous 4,226 1883. 1884. 1895. Total disbursera'ts.. 731,524 Miles operated 512 602 902 773,623 792.223 593,725 Balance for tbe year... sur. Eariii»as— sur. 16,490 33,803 def. 54,69d sur. 5,225 Passengers $69:-,105 $647,707 $570,181 Freight 3,( 81,< 32 2,728,468 2,639,5«9 Chicago & West Michigan. Mail, express, etc 130,654 162,429 151,435 {For the year ending December S\ , 18S5.) The annual report shows that there has been charged to con- Total gross eaminps $3,906,791 $3,538,604 $3,361,235 Operating expenses- struction during the year $2,986 and to equipment $4,340, Maintenance of way, etc.. $484,951 $448,193 f?8?,e63 Steel rails to the e*tent of 1,166 tons and 145,749 ties have been 253.612 Maintenance of cars 279,786 262.325 put in the track during the year, and its condition is being 961,734 977,764 Si5-1,463 Transportation expenses. steadily improved. The bonded debt was increased during JVIotive power , 721.395 670,600 679,690 General and taxes 152,067 140,860 1<,>5,383 the year by the sale of $29,000 of the five per cent mortgage bonds of the company, the proceeds of which were used for Total $2,599,932 $3,499,744 $2,465,811 the purchase of $0,500 Grand Eapids Newaygo & Lake Shore Net earnings $1,306,359 $1,038,860 $89.=i,424 R. R. Second Division seven per cent mortgage Liouds, due Per cent of oper. expen. toeam.. 6654 70'66 73-36 1905, at 105 and interest, and for construction and f quipment during 1884 heretofore unprovided for. The large decrease in BALANCE SHEET DEC. 31, 1885. net earnings as compared with the previous year is due to A ssets. Liabilities. decreased gross earnings, Constiiict'o, ciiuip. &c.$70,137,105 Stock, common & scrip $15,4.'i4,961 by reason of the unusual severity of Deferred interest scrip .4f 0.000 Stock, 1st pref.A scrip. H. 392.974 the weather for the winter months, and the general depres- Stoeliaudliotids owned 64,000 Stock, 2d pref.& scrip. 10.984,439 sion of business during the first nine months of the year. Supplies, &o 305,578 Funded debt 3i,25'.',2O0 Earnings for four yeai-s as CacU 167,651 Deferred interest scrip 4.^0.000 and income were follows Due by agents and con- Reorganization liabil's 583,274 FISCAL RESULTS. ductors 146,693 Demand loans 1,825,338 Due by sundry roads Unpaid voucliers and 1'

Total assets $72,047,005 Total liabilities $72,017,005 Total gross earnings 1,.'.03,433 1,550,098 1,469,667 1,297,.301 Operat'g expenses & taxes. l,0i 7,788 1,185,224 l,0iX),690 948,313 Flint & Pere Marqnette. (For the pear ending December 31, 1885.) Neteamings 455.613 364,874 468,977 348,788 The annual report of Mr. Potter, the Vice-President and P. 0. of oper. ex.toearu'gs. 69-63 76-46 6809 73 11 General Manager, is very brief. says, in reference to the He INCOME ACCOUNT. decrease of tonnage, " that prior to 1885 it had been the prac- 1882. 1883. 1884, 133.5. tice to include in tonnage hauled the coal and rails brought in Receipts— $ $ s for the use of the company, and the earnings showed the Net earnings 455,615 364,874 468,977 freight on same over this road. These charges were added to Other receipts 7,068 7,559 2,217 the co&t cf material which was charged out, as used, at cost, and freight added. It was considered best to change this Total income 462,713 372,433 471,191 332,863 IHsbursements— !^ method, and in 1885 no account was taken either of tonnage Intcreston debt 191,423 217,024 222,085 224,080 or earnings on material hauled for the company's use, and the Dividends 153,580 184,506 215,257 123,004 cost of these materials was not increased by our own charges for hauling them. In 1885 we hauled for company's use Total disbursements.... 345,003 401,530 437,342 347,034 63,438 tons of coal, 3,488 tons of rails and stone, a total of Balance 8urll7,710det 29,097 sur 33,85.; sur. 5,776 66,926 tons omitted in accounts, and which would show by a comparison with 1884 a decrease of tonnage to that extent. Panama. The effect of this omission was to charge out fuel and other (For theyear ended Dec. 31, 1885.) materials at a less rate. Thus coal was charged at its cost at The decrease of earnings for 1885 is shown by the report Monroe, and cost of handling, with nothing added for hauling to have occurred from the loss of traffic and sundry sources of on this line. The charge for fuel consumed was: In 1884, income, caused by the political troubles on the Isthmus in §186,535; in 188.5, $125,153. March and April, 1885. The large increase in operating " The business for the current year promises to be a gain on expenses was caused by the entire destruction of the com- 1885. Lake trpffic was very little interfered with by ice and pany's wharves and freight sheds at Colon, by the fire of storms during the winter, and as spring advances there are March 81, 1885. signs of a healthy revival of trade. The gross earnings from The falling off of through freight to Europe from the West Jan. 1 to April 1, 1886, were $508,544; same period of 1885, Coast ports is attributable to the fact that the Pacific Steam $431,530.'" Navigation Company, from May 5 to June 15, received no During the year 1885 there was sold by the Land Depart- European freight from the South American ports for their ten ment 6,409 acres of l&nd, at an average price of $7 31, amount- steamers that arrived in that period. ing to ,t40,874. In addition thereto tales of timber were made, "The past yfar has been one of the most eventful in the retaicicg the fee, to the amount of !i!970, and lots to the history of your company, caused by the political disturbances amount of |300, making the aggregate sales $49,044. On the on the Isthmus. Taking every element into consideration, it first day of January last there lands to were of belonging the still shows your property at Aspinwall in bet.ter condition than department unsold, 101,009 acres. This includes contingent previously, owing to the improvements in rebuilding wharves 8al<9, not completed by formal contracts. The amount of and freight shtds. The steamship service remains as in 1*84, bills receivable on hi.rd January 1, 1886, was: with the addition of a small line of Iwo steamers to New Of principal in i.otes $445,857 Orleans direct, wliich carry the United States mails and make Of iatere>t in notes 46,476 bi-monthly trij s." The report gives no general balance shf-et, but the earnings Total $492,334 and income have been compiled for the CuuoNltLE as fol- lows: A considerable ; mount of interest on notes past due has accrued, of which no computation has bt en made. OPEBA-nONS iND FISCAL KES0LTS. The operations, earnings, income, &o., have been as below 1882. 1883. 1884. 1885. 48 48 for four years Miles orerated 48 48 Operations— OPERATIONS AND FISCAL EESULTS. Pa.ssengerscarn. d.. 127,616 303.979 515,520 567,694 Fr't (tons) moved... 194,550 215,725 287,243 262,497 1882. IS 3. 1834. 1885. Earnings— $ $ $ $ Miles oieratrd 346 ;6i 361 361 224,152 350,665 443,087 383,991 Operatinnx— l-^-eight 1,845,759 2,051,693 2,693,079 2,522,348 21,481 26,164 32,488 Passengers carriid 994,22,') 1,048.496 882,659 757.102 Mali, express, &C . . . 26,722 Passenger mileage 29,546.975 32,213,590 27,'231.293 23 S80,115 2,423,839 3,16'2,330 2,938,827 lYeightltons) miA-ed.. 1,137,5S;) 1,442,884 l,2'29,67y 1, 133,270 Tot. gross eain's. 2,096,633 Freight (tons) niil( age. .92,953,733 123.112,615 104.9*^9,077 250,970 Oueraiing expmses— $ $ $ „-,'?,,„, 98, 1,689,798 2,591,061 Katepoi- ten per uiHe.. 1'42 cti. 1-31 cts. 1 39 cts. 1 •26 cts. Transportai'n ( xpns 730,704 1,002,456 Miscellaneous 101,151 118,959 63,679 . 64,209 Earnings— .$ $ $ $ Passenger 793,839 874,641 735.067 636,750 (lucl. taxef).. 831,915 1,121,415 ],743,:377 2,653,273 Frciglit Total 1,317,012 1,610,510 1,457,169 1 247,3-53 283,454 Mall, express, &c 67,342 57,792 60,732 62,657 Net eainings 1,264,718 1,80-2,424 3,418,953 INCO.MB ACCOCNT. Total gross e:m's.. 2,180,223 2,542,943 2,252,988 1,946,790 1882. 1883. 1884. 1885. Operafg exp's it taxes 1,432,209 1,735,517 1,515,461 1,347,840 IteeHpIs- $ $ « .„ $ Net earnings 1,264,718 1,302.4211,302,421 1,418,9,^3 283,454 Other receipts 357,712 383,115 332,446 329,096 Net earnings 748,014 807,426 737,527 598,950 P. c. of op. ex. to eim . 66-15 68-25 67-26 69-23 Total income 1,622,430 1,690,569 1,731,399 612,550 — —— ^.

Armi. n, 18.S6.J THE CHRONirLE 487^

'" 18t-2. 18

>d do it.4 flnaio lug (.thci i . Difbiinemen't— )tt }{t $ as any ut • view and In the interest ot the . [ Intor4'»* oTi (V'Itt — 4is.nin 4tS,:<:?3 442.r>'2S 4'J U • hu Jloatloii." hnu i> iinl.-* rOiU'o-iiOil 17.00U .M.itoo ns.ooo I,120,IXIO 7("K),0(..i I)l\ I.I. -i.ts 87:.iHM) OIS.OOO !• ( : Ohio SonthwcHtorn,—The annual meeting as.oiia :^.^.ll("l & Hill.. Im lili«t. Col.iVo. rtj.oiio jft.ooo I >'' '.-n • ' " u held Tiies liiy ut Mwinphiii. Th'i principal Sli-ii'cil 11:00119 l),54'i 7,1*4 45.01S ' lie hearing of til. ( reporn, was the ratillca- "414393 l,48a.777 1,095..'576 1.21; Toi li .llsiiiirsemts. ot tlie railroail to the Newpijrt News & Baliiuot', »iiri>lus*... 207,535 200,702 65,823 aef. CJ8,i;o ! Mwtisiiippi Valley Company.

• A' cnnmlatoil gurplis Doc. 31. 18S4, over dividends nnd all djarK.s f'iii,.ii!»o & Great Soathern— Indiana.—Ilonry H. Porter, $l,070,-i57 Doo. 31, 1685, ^t448,l«G. i ntly purchased the Chicago & Great Si)iith.;rn'Kail- i.ler foreclosure for ^.Wl.OOO, has organiz"?;! a newr NEWS. oompany to operate the road, whicli runs from Fair O^ks, GENERAL INVESTMENT Ind,, to Yoddo, a distantie of eighty miles, where it connects with Mr. Porter's newly-built road to Brazil, giving him a Fo.—At Topeka, Kan., April Atchison Topoka & Santa roal road to Chicago. The new company is called the Indiana rendered a decision in tlie celebraled in- 9 the Supreme Court Railway Compariy. Its capital stock is $.j,000,OOJ and the against the Atchison Topeka junction case of Fletcher & directors are all Chicago men. Santa Fe road. An injunction had been granted in the Wyan- — dotte district court at the instance of Fletcher, a stockholder, Cliicagro Mlhrankee & St. Panl. "It is stated that thenew restraiiiinR the Santa Fe from paying interest on certain St, Paul bonds are thirty-year five per cent income lionds i-sued bonds issued by the Sonora Railroad, which had been guaran- on the bridge to be built at Kansas City and on terminal prop- teed by the Santa Fe. The following is a syllabus of the erty at that point. The amount is |3,000,000, and they have been already sold. The bonds will bear interest from July, decision : are convertible into common stock at par." 1. A corporation Is clothed ever.rwhere with the powers given by lt« They its business and extend its charter, aiie conferred thereon by the legislature of the State ot $30,000,000 four per cent 40-year bonds. The proceeds of where the corporati.m is created. the bonds are to be used for the extension of the system, and 3. Under the provisions of the charter of the AtehisonTopeka A Santa are to be secured by the depositing in trust of the first Fe Riiilniad conipuiy of Feb. 1 1, 1H59, and the terms of the statutes of they Kansas, if siu-h company guarantees a bond or other uegotiable Instru- mortgage bonds of proprietary roads, at the rate of $30,000 sells it, Its guaranty ment and takes the same a.% its own and will be a mile. The bonds will be similar to the 5 and per cent bindinif upon the company in the hands of au inn.ioent Holder for value .sinking fund bonds of 1879, except that they will not be sub- and witliout notice of the origin of its title, even it the guaranty of that particular bond or other negotiable instrument when made was ultra ject to call before maturity. The first issue will be for rircs in that special instance. $.5,000,000, which, it is understood, the company has negotiated 4. Any railway company organized under the laws of this State may witli a syndicate represented by Kuhn, Loeb & Co., Brown leaMi the ro^id or appurtenances of any other railroad company, when Oie road so lease.l shall thereby become in the operation thereof a con- Bros. & Co. and J. Kennedy, Tod & Co." tlunation and extecuniary interests or other iui- liortant matters without notice, when the party to be affected thereby Surplus or detlclt Sar.$522 Dcf.$l,449 Def.$927 can lie readily iiotilied, except in ease of extreme emergency. The hasty and Improvident Krauting of temporary injunctions without no- Denver & Rio Grande.—The Reorganization Committees tice is not iu accordance with a fair and orderly administration of give a final notice that after the 15th day of May, 1886, no justice. bonds or shares of stock of the Denver & Rio Grande Railway Atchison Topeka & Santa Fe—Gnlf Colorado & Santa Company or Car Trust Certificates of the Colorado Rolling Fe.—Contracts have been completed at Topeka by the Atolii- Stock Trust Company will be received and allowed to partici- eon (3ompany for the construction of 345 miles of railway in pate in the plan of reorganization, except ia the discretion of Kansas, work to be commenced this week. There are 811 the Committees and upon such special terms and conditions as miles in contemplation to be constructed this year. The may be then imposed. Southern Kansas has 50 miles under construction in the Indian Denver & Rio Grande Western.—The gross and net earn- Territory, southwesterly from Kiowa. ings for February and two months were as follows : —A dispatch from Fort Worth, Tex., says : A large meeting . . , Jan. to Feb. 28 held here a subsidy subscrip- Februari/. 1 — of business men was Tuesday and 1886. '1885. 1888. 1885. tion of $30,000 was raised and the right of way guaranteed to Gross earnings $61,006 $.59,212 $127,.590 $126,2.53 the Gulf Colorado & Santa Fe Railroal Company for its exten- Operating expenses 51,914 53,443 95,903 121,349 sion northward from this place to the connection with tlie Neteamings $9,092 $5,769 $31,637 $1,904 Atchison Topeka & Santa Fe system. The engineers began the survey of the new route yesterday. This action secures Honstott & Texas Central.—The statement of gross and net the connection of the two Santa Fe systems via Fort Worth to earnings and surplus for February, and Jan. 1 to Feb. 28, ia as

Gainesville, 80 miles north, thence across Red River 100 miles follows :

, . . Jan. I to Feb. 28 to the banks of the Canadian River, near the centre of tlie February — 1886. IS85. 188'% 13-*5. Indian Territory, down to which point the Atchison Topeka & Gross earnings $185,839 $144,937 $110,365 293.646 Santa Fe Company will immediately build from Hunnewell, Operating exp., renew-? • 150,346 » 300.905 a-i ntnS <17,830)ait aaa^ Kansas. als and betterments. IJ^^-^i 16,707 j 350^1 Atlantic A: Paciflc.—The remarks in last week's Chronicle Neteamings def.$5,191 def.$22,116 def.f7,015 def.$42,230 Int. concerning the bonds of this company were quote-i from on floating debt, , „^ 427 7,323 11,130 Kiemau's report, and should not have been attributed to const, and Impro'nt 3,393 Dow, Jones & Co. Surplus def.$3,584 def.$.22,543 def.$14,333def.$53,410 Canadian Paciflc.—Advices from London state that the sub- Long Island.-The following board of directors has been scriptions ilie Pacific Sully, to $20,000,000 Canadian 5 per cents elected : Austin Corbin, Edward Tuck, Alfrc

488 THE CHRONICLE. [Voii. XLll, stock. The consent of the stockholders was necessary for the The gross and net earnings of the Atlantic system of the Division purpose of extending the line, paying for the River Southern Pacific Co. in detail, for February and Jan. 1 to Feb. this company recently of the Ohio Central Railroad, which 28, were as follows : bought, and for improving the general condition of the prop- . Oross earnings. , . yet earnings. . erty. A meeting has been called for the 19th instant, when February- 1885. 1886. 1885. 1886. this company will be consolidated with the Kanawha & Ohio Gal. Har. & San Ant. . $237,064 203,819 $85,863 61,534 Company and the new company probably be organized under G. W. Tex. & Paeiflo 3.755 def. 438 the name of the Kanawha & Ohio Railway Company, and will Louisiana Western 51,893 45,081 25,284 23,102 Morgan's La. & Tex... 286,505 331,47t operate their railway from Corning, Perry County, O., to a con- 120,531 81,442 N. Y. Tex.&Mex 10,060 def. 9J7 nection with the Chesapeake & Ohio Railway at the mouth of Tex. & New Orleans.. 79,955 69,362 30,677 23,742 the Ganby River at K>inawha Falls. New York and West Virginia capital is pushing this scheme, and seek a southern Tot. Atlan. system $655,507 $666,552 $262,355 $193,475 outlet to the seaboard via the Richmond & Allegheny, Boston Jan. 1 lo Feb. 28— Advertiser. Gal. Har. & S. Ant.... $448,161 $40'?,166 $164,057 $91,042 Oregon Improvement Company.—This company's state- G. W. Tex. & Pacific 10,404 773 Louisiana Western 91,721 96,402 '4i,'291 48,329 is follows : ment for February as Moraan's La. & Tex.. 632,958 717,704 239,968 206,633

, 28.-> N. Februai-y. . ^Dec. 1 to Feb. Y. Tex. &Mex 21,790 det. 1,935 1886. 1885. 1885-6. 1884-5. Tex. & New Orleans.. 145,030 152,065 '54,386 67,137 Gross earnings $186,384 $210,850 $590,500 $672,166 Operating expenses 157,592 171,531 523.788 547,653 Tot. Atlan. sy8tem.$l,3 17,870 $1,401,531 $502,702 $411,979 Net earnings $28,792 $39,316 $66,712 $124,513 Texas & St. Louis.—The Missouri Republican has pub - of _ Philadelphia & Reading.—The Lockwrood committee " lished the following regarding this road : The owners of the the general mortgage bondholders has made a report covering land grant bonds of the Texas & St. Louis Railway Company twenty-four pamphlet pages, in which they criticize the syn- have finally agreed upon a general plan of action which it is dicate plan and the Go wen plan, and propose the following: expected will let them out of the venture without loss and pos- First. sale under foreclosure is inevitable—all otlier suggestions are A sibly make the investment a profitable Ulusory. one, notwithstanding Becoud. Tlie general scheme, as In both plans, of a new mortgage the uncertainty that has been attached to the transaction al- (general or new consolidated) of $100,000,000, and its application as most ever since the bonds were issued. As is known, there in tlie plan of the syndicate. recommended were two factions among the bondholders, and owing to re- Tbii'd. The exchange of present general mortgage bonds for a new 4 per cent bond and a first iireferred stock, as provided in the plan of the ported failures to pool their issues, as it were, the whole invest- syndicate, but limited to the general mortgage holders. ment was threatened, but now that a basis of operation has been the of syndicate plans, and the grouping Fourth. Adopt assessments agreed upon, there is no doubt but good results will follow. The of interests, and give to the income and first 5s a second preferred plan is organize land stock, to represent their assessments and their principal and interest to a company with a nominal share capital due, and so on to the next group, a third preferred stock, and to the of $85,000, which will be subscribed to by the bondholders in shareholders additional stock to represent their assessment. ratio to their bondholdings. The mortgage will then be fore- The report then says: " If the syndicate will modify its plan closed and the land bought in by the land company, who will to suit these suggestions, and sunder all relations with any undertake to peddle it out in sections and parcels to specu- board of trustees or committee now existing, and simplify the lators and home-seekers. The whole of the grant lies in Texas, agreements in accordance with the principles hereinbefore and embraces 1,128,000 acres of located land and State war- suggested, there should be no difficulty in carrying through rants calling for 1,300,000 more, making in all 2,428,000 acres. Buch modified plan." The grant is mortgaged for about $2,200,000, which would be The report is signed by E. Dunbar Lockwood, Chairman; considered a very light lien but for the fact that the land lies John A, "Wright, T. Morris" Perot, A. Dutenhofer, Francis A. in 'Western Texas, somewhat beyond the agricultural belt Lewis, E. "W. Bailey, Committee of general mortgage bond- still it ought to average about $1 per acre. The general com- holders. mittee to bring matters to a head is composed of Messrs. For- dyce, Clark, Paramore, Bemis, Kerns, Gilkerson, "Wolff, I (Quincy Missouri & Pacific.—This road will be sold at the "Woer- ishoeflfer Phillips, United States Court-House in .St. Louis, May 10, under a and with "Wolff and Phillips a special sub- decree of foreclosure of mortgage granted by the United committee to work up the details." States Circuit Court. The sale will include the entire property, Union Pacific, The land sales in March and from the finished road extending from 'West Quincy, Mo., to — January 1 to March 81, were as below: Trenton, 136 miles, with the franchises, right of way and unfinished grading from Trenton to a point on the Missouri 1885. 1886. . March— Acres. Amount. Acres. Amount. River opposite Brownville, Mo. The road was a part of the Union Division... 100,990 $181,239 97,695 $101,064 Wabash system. The funded debt includes $925,000 in first- Kansas Division.. 64,208 258,952 19,425 105,176 mortgage bonds and $720,000 in income bonds. Richmond & Danyille—Virginia Midland.—The Virginia Total 165,198 $440,241 117,120 $206,240 Midland incomes, of which there are $3,987,000 outstanding, Decrease in 1886.. 48,078 234,001

are to be exchanged into a new issue of Virginia Midland -1895.— . 1886. . Jon.l to Mch. 31— Acres. Amount. Acres. Amount. general mortgage 53, including the accumulated interest to the amount of $340,000, or about 8 per cent. The relations of the Union Division 156,819 $263,940 99,655 $107,484 Kansas Division.. 95,330 391,181 39,063 204,330 Virginia Midland to the Richmond & Danville will probably take the form of a lease of the former to the latter at a rental Total 252,149 $655,121 138,718 $311,814 which will guarantee all the fixed of charges the 'Virginia Decrease in 1886. 113,431 $343,307 Midland. The Richmond & Danville debentures, with 18 per cent accrued interest, will probably be exchanged for a general "Wabash St. Lonis & Pacific.—For the accommodation of subscriptions mortgage bond of the Richmond & Danville Co. bearing 5 per foreign stockholders, the time during which cent, and it is rumored that the Richmond & "West Point Ter- will be received for the new stock, under the bondholders' minal Co. stock may be exchanged for Richmond & Danville agreement of July 15, 1885, has been extended to May 10, stock on some basis not yet determined. 1886, after which date the right of stockholders to subscribe will be forfeited. Rome Watertown & Ogdensburg—Utica & Black River. —^The United States Circuit Court has confirmed the report Utica —The & Black River Railroad has been leased to the of the Master, recommending that the receivers of this road 'Watertown Rome & Ogdensburg Railroad Company in per- be directed to turn over the St. Joseph & St. Louis Branch, petuity. The principal and interest of the funded debt and 7 extending from North Lexington, Mo., to St. Joseph, to the per cent upon the capital stock are guaranteed by the lessee trustee under the mortgage of that branch. The transfer will company. fixed The charges amount to $154,640 per annum. be made April 24. The bonds bear 7 per cent interest, but will mature in from The Court has also confirmed the report of the Master, five seven to years, when a considerable saving can be effected, recommending that the Clarinda Branch bo transferred by it is hoped, by extension at a lower rate of interest. the receivers to the trustee under the mortgage on that line, issued. Southern Pacific Company,—The following is a compara- and the necessary order for the transfer was tive statement of the earnings, expenses and fixed charges Wheeling & Lake Erie.—A Norwalk, O., dispatch states of this company for February and Jan, 1 to Feb. 28. The total that on the 23d instant the "Wheeling & Lake Erie Railroad is mUeage is 4,667 in both years. to be sold by decree of court in foreclosure of the first mort- ' February. , —Jan. 1 to Feb. 28 , gage bonds. There is due on them, with interest, $3,360,000. Orost earnings— 1885. 1886. 1835. 1886. scheme of reorganization has been set on foot by New Pacific system $1,456,140 $1,789,645 $3,139,212 $3,063,087 A Atlantic system 655,507 666,552 1,317,870 1,401,530 York parties to enable the second mortgage bond and stock holders to save a part of their bonds or stock. A new com- Total gross $2,111,647 $2,456,197 $1,457,112 $4,464,617 is to be organized, the first mortgage bonds of the A'e( earn mas— pany and Pacific system $620,171 $998,971 $1,493,603 $1,487,634 old company are to be paid in part with bonds of the new Atlantic system 262,355 193,476 502,702 411,979 company. The second mortgage bondholder can then take out in stock in the new company an amount equal to the par value JTTotalnet $882,526 $1,192,447 $1,996,305 $1,899,613 the of per share additional, the of Eent'l leased lines.. 46,680 93,361 his bonds upon payment $25 holder of an unsecured claim the amount of it, paying $80 Total net income.. $1,239,127 $1,992,974 additional per share, and a stockholder on paying $35 per •Fixed charges.... 1,186,107 2,372,214 share. The present mortgage indebtedness of the road is Net profits $53,020 def. $379,240 $6,277,000, with $375,000 of interest annually accruing. Under Construction & imp. 18,440 30,242 the proposed plan this will be at once cut down to a debt of $3,262,000 and annual interest of $131,000, while the property Balance. $34,580 def. $409,482 of the company will be increased $500,000.—.Bostow Adver- •These include Interest, rentals, C. P. guarantee, taxes and U. 8. dnes. tiser, . — —

April 17. 1886.J THE CHRONICLE. 489

Annual Keport of the Atelilson Topeka & Santa Fe Bail- UM3ATIOH or OOMIIINBD MILBAOM. roatl Co. toMlMourl l-4» Id Kansas A 1,4»*-4B In ('oloi-ailo .... ssa-io (For the year ending December dl, 1885.) In New Mixloo. 672-64 InTex

The gross earnings were : Pueblo & Arkansas Valley Railroad- Kansas State Line to South Pueblo 148-72 From Freight $10,873,621 24 South Pueblo to Kookvale 37-01 Pas.sengers 3,889,111 37 La Junta to New Mexico State Line 96-37 282-10 Mail and Express 672,567 75 Miscellaneous Sources 135,795 03

New Mexico .'ton Junction to Burlington 42-21 Contribution to Atchison RR. Em- Cbanuic to Glrard 39 93 ployees' Association 25,000 00 71,093 46 Cherryvale to Attica 160-28 Wellington to HunneweU 18-35 $7,363,089 4a Attica to Kiowa 22-41 From these receipts the following Total Southern Kansas System 528-80 fixed charges have been paid or are payable : Total Atchison and Southern Kansas Systems 2,396-94 Interest on the various Issues of A. T. & ///. —Sonora System .— " S. F. RR. Co. Bonds, Including ac- New Mexico & Arizona Railroad- crued Interest to Doc. 31, 1885 $1,638,324 36 Interest on Bonds of the So. Kansas Benson to Nogales (on Mexican boundary) 87-78 Sonora Railway— System, including ticcrued Interest to Dec. 31, 1885 342,340 00 Nogales to Guaymas (Mexico) 262-41 Interest paid in 1885 on Land Grant Bonds 180,188 45 Total Sonora System 350-19 Interest on Bonds of Leased and Auxil- ^^^^^^^ iary Roads, incl-jding accrued Inter- IT.—Oumed Jointly : - 854,930 00 Leavenworth Topeka & Southwestern Railway— estto Dec. 31, 1885 Leavenworth to One year's Interest on First Mortgage Merideu 46-30 Com- Manhattan Alma A Burlingaiue Bonds of the Sonora Railway Railway— pany (Umited) 283.500 00 Burliugaiiie to Manhattau 56-62 Wichita ii Western Railroad— $3,299,283 81 Wichita to Kingmau 44-93 De

490 THE CHRONICLE. [Vol. MJ>.

AmouHls hmught forv-ard $3,444,119 36 $7,363,089 40 The large corn crop affected the earnings only indirectly, as

Dividends : the yearly increa.sed use of corn in Kansas for feeding purposes May 15, 18=^5 ...... $853,696 50 tends to diminish the transportation of that article. On the 8J3,'i96 50 Aug. IS, IHS'i other hand, the sliipments of live stock considerably increased; Nov. 16.1(^83 853,696 50 Feb. 15, 18S6 853,690 50 !',41 1,786 03 and tlie better profit thereby obtained by the farmers tends to increase the general prosperity of the State, and to that extent Total Fixed Charges, Siuking Fuuds „„. ^,. favorably affects the business of your road, and Divldeude 6,838,90 :> 3b OPERATINa EXPENSES. Leaying a surplus of $501,181 04 wliicli lias been added to Sarjilua Income Account. No unusual circumstances have occurred during the year, as in 1884, to occasion special expenditures, and tlie large out- This surplus is after deducting §283,500 interf st on the out- lays in that and previous years for the permanent improve- standing First Mortgage Bonds of the Sonora Railway Company ment of the property, as explained in previous reports, have (Limited), which until this year has not been charged to the enabled us, with the exercise of the strictest economy, to oper- income account of the Atchison Company. It is also after ate your roads at a comparatively low rate of expense without deducting $299,525 for the Sinking Funds paid in 1885, which impairing the condition of the permanent way and rolling decreased the Company's indebtedness by reducing the amount stock, which have been kept up to their full standard. In of the bonds previously outstanding, and does not inclu-le the fact, the track has been still further improved by additional profits of the Atchison Land Grant Department, which for the stone ballast and rip-rap, at a cost of $225,250 85 ; and steel year amounted to $1,303,847 35 over and above expenses, rails have been substituted for iron on thirty-two miles of the taxes and interest on the Land Grant Bonds, and cost of |179,- main line and fifty-two miles of the branches, the expenses of 600 Bonds purchased and canceled. which have been charged to operating. The operating expenses ATCHISON TOPEK.4^ & SANTA FE RAILROAD COMPANY AND have likewise been charged with the completion of the repairs THE SOUTHERN KANSAS RAILWAY COMPANY. and improvements consequent upon the wash-outs in New The comparison of 1885 operations with 1§S4 shows as Mexico and Texas in 1884, follows : LENGTH OF ROAD. 1885. 1884. Inc. or T>cc. Miles of Road, nec.31 2,396-91 2,374-69 Inc. 2'z-25 The average mileage of road operated during the year under Averaiie number of miles rperated 2.383-51 2,337-12 Inc. 46-39 the Atchison and Southern Kansas Systems was 2,333-51 miles. Gross Earnings $15,571,395 39 $l6,291,8i2 71 Dec. $720,487 32 The mileage of all the systems Dec. 31, 1884, was 2,798-80 miles. Operating Expenses There have been added during the year : (excluding Taxes). $7,855,773 G3 $8,534,598 79 Dec. $69S,8-26 16 Operalirg Exiienses ^n Kansas (including Taxes).. $8,314,968 08 $8,975,975 73 Deo. $661,007 65 Extension of Harper & Western Division southwest to Net Eaiuiijgs (exclud- Kiowa 21-87 miles ing Taxes) $7,715,62176 $7,737,283 92 Doe. $21,662 16 In New Mexico Net Earnings (deduct- Extension of Now Mexican RR., Socorro, eastward -38 miles ing laxes) $7,256,12731 $7,315,906 98 Deo. $59,479 67 Per cenr Operatine Total mileage at close of 1885 2,821-0.3 miles Expenses 1o Earn- ings (exclud. Taxes) 10-15 52-51 Dec. 206 CAPITAL STOCK ACCOUNT, Per ceut Operating Expenses to Earn- There has been no change in the Capital Stock account ex- 1-69 ings (inclu'l. Taxes) 53-40 55-09 Dec. cept that of the $250 of outstanding scrip, Dec. 31, 1884, Stock Gross Earnings per of scrip average mile oper- has been issued for $100, and a corresponding amount ated $6,53297 $6,97092 Deo. $437 95 has been canceled. Operating Expenses The Capital Stock of the Atchison Company controls all its per average mile companies, their capital stocks are owned operated (excluding varioas auxiliary as Taxes) ?3,295, 89 $3,660 32 Dec. $364 43 either directly or indirectly by the Atchison Company, except Operating Expenses a very small amount in some of the Kansas Companies held by per aver»ige mile townships and counties. operated (including Taxes) $3,488 54 $3,840 61 Dec. $352 07 For the mileage given in the preceding paragraph (2,821 '05 • lEarnings per av- miles), the Capital Stock is at rate of $20,174 per mile of road. erage uiile operated (excludingTaxes).. $3,237 08 $3,310 60 Dec. $73 52 BOND ACCOUNTS. Net Earnings per av- erage uiile operated TheBondedDebtof the Atchison and the Southern Kan- deduct ingl axes).. $3,014 43 $3,130 31 Deo. $35 88 sas Companies on December 31, leSJ. was $34,325,500 00 Add A. T. & 8. F. RR. Co. 6 per eont Sinking Fund Se- Total Passtngers car- - rifdEast 886,360 720,754 Inc. 163,606 cured Bonds, issued in 1885 ; Total Paesengers car- For Cash 2,503.000 00 ried West 963,217 761,731 Inc. 181,486 Gross PHSseuger Re- $36,8J5,500 00 ceipts East $1,755,224 20 $1,625,003 53 Inc . $130,220 67 Redeemed In 1885— Gross Pahsenger Re A. T. & S. F. 5 per cent Bonds $30,000 00 cciptsWest $2,134,18717 $1,958,01411 Inc. $176,173 06 A. T. & 8. F. Sinking Fund 5 perce.it Bonds 37,000 00 Tone Freight carried A. T.iS.F.lHiliercentSinking Fund Bonds 77,000 00 Ea.«t 1,281,123 1,429,166 Deo. 145,043 A- T. & 6. F. 6 per ceut Sinking Fund Se- Tons Freight carried cured Bonds 122,000 00 West 1,317,933 1,296,025 Inc. 21,908 A. T. &8. F. Land Grant Bon.l 8 17H,5O0 00 Gross Freight Re- Soutliern Kansas & W. First Mort. Bonds 27.000 00 ceipts East $4,034,765 77 $1,660,56148 Deo. $625,798 71 Sumner Couuty RR Co. First Mort. Bonds 9,000 00 431,300 00 Grof-8 Freight Re- ceipts West $6,838,85547 $7,28?,839 00 Deo. $447,033 53 OatetandingDeo. 31, 1885 $36,344.0 )0 00 The numlxT of Tons of Freiglit carried one mile in 1885 was 607,753,550, against 634,711,310 Tons one mile in 1884, the The only addition to the bonded debt during the year has failure of the wheat crop causing a heavy loss of tonnage been the issue of $2,500,000 of the Atchison Company's Six per during the last six months of the year. The average rate per cent Sinking Fund Secured Bonds, which, as stated in the re- ton per mile received in 1885 was 1-789 cents against r882 port for 1884, were successfully placed on the London market csntb in 1884. early in 18!J5. The number of Passengers carried one mile in 18S5 was Including all the outstanding bonded indebtedness Dec. 31, 149,999,427, at an average rate of 2 593 cents; while the 1885, as given on pages 30 and 31, amounting in the aggregate number carried in 1884 was 135,412,096, at an average rate of to $52,903,000, the rate per mile for 2,821-05 miles was $18,753, 2-C48 cents. and the rate per mile for the entire capital stock and out- Had the same average rates been received in 1885 ax in 1884, standing bonded indebtedness was $38,927. the freight earnings would have been increased $565,210 80 CANCELED BOND ACCOUNTS and the passenger earnings $82,499 68; and had the average rates cf 1883 Leen received, the freight earnings would have These accounts on the 814 of December, 1885, included the bfen increased $1,337,057 81 and the passenger earnings following bonds : $473,998 so that, if 19, the same average rates obtained in 1883 A. T.&8 F. 5 per cent Bonds $147,000 00 had prevailed in 1881 and 1885, the earnings for the two years " " Sinking Funci 5 percent Bonds 186,000 00 " " 4 Bonds 380,000 00 •would have shown an increase of $2,073,273 18. >s pei cent Sinking Fund " " C. Secured Bonds.. 335,000 00 reduction per cent Sinking Fund The of the average rates the last two years has been " " Land Grant Bonds £6ii.000 00 caused partly by the increased tonnage of lower class freight, " " I>and Income Bonds 480.000 00 Bonds 108,

Ateil 17, 1886.ja THE (;hroni(:le 491

Amoiiiil hroughl forwiiril 96,305,601 OJ and work will bo prosecuted u ipeedlljr at poMibte h r4it>rtn< AtliiiitUi Pimlllo K. K. Co. (Ineliiilliid iw!- Ailviiiiiii to A the huiMin< to its foria-sr ooaJitfoa at a co«t not exj^ailiiiif viiiiciH. ri p.iyali;!', of 25 |ior oont on niteri'liiiiiKOil amount rooeived bii!>lm>>.,r«imyiitile In KAN3i9 Ciry DBLT LINE RULWAT. the I'liwl Miirtsiixn Hnuils of Ihut Compiiiiy iit p.ir. ... 1,500,89) 7-4 Work of a very difllv'ult ohiraotor has been priteoutedoa M.>rti;jiKt' bin ing Cars and Loconiotlves «rlth Automallo THE SONORA SYSTEM. Brakf« 273,877 19 For now Tools and Maoliiuery 59,414 18 NEW MEXICO A ARIZONA RAILROAD. For Real Estate 197 15 From Benson to Nogales, 8778 miles. For Ml800llan6JU8 389 81 1835. 18 J4. Total Earnlnzs $157,771 33 $119,309 23 $701,441 71 Operating Expenses and Taxes 159,62116 114,010 63 Loss $1,849 83 for real estate and E.tpenditurea during the year permanent Profit $5,289 65 improvements charged to account of auxiliary roads : Florence Eldorado Jk Walnut Valley Railroad $350 00 The increase in operating expenses has been caused by tbe Kansjs City Topeka A Western Railroad 13.187 52 rapiJ decay of cross-ties and bridge timbers which have had Kan.?iis Emporia Souiiidrn Railway 3,830 22 City A to bj replaced. Leavenworth Topeka na Railroad 2,780 34 Total Earnings (C. B. Currency) $26S,597 78 $1^7,616 76 Pueblo ,fe Arkansas} Valley Rilroad 9,985 17 Operating Expenses (U. 8. Currency)... 218.237 30 230,740 34 RioGraudoA El Paso Railroad 2<.1T8 65 Kio Grande Mexico A Pacitij Railroail 16 8*5 33 Profit (U. 8. Currency) $17,359 88 Silver City DerninK A Piclti', Railroail 11,737 03 Loss (U. 3. Currency) $33,123 58 Tbe Southern Kaiisas Railway (roads built In 1833 and The above figures are exclusive of sal- 1884) 9,788 33 aiies of O .vernment Directors and Wichita & Southwe«tern Rail way 16,979 97 other Special Expenses at Boston Olllce, amounting to 12,780 92 22,793 78 $276,411 23

Leaving a proat (U. 9. Currency) of . $.<4,573 98 In adding to the construction accounts of the Atchison and Leaving a loss (U. S. Currency) ,of... $55,922 36 its auxiliary roads, no deviation has been made frotn the The interest on the First Mortgage Bonds has been paid by practice adopted in previous years of charging to construction the Atchison Company, and will be found charged to its In- such adilitions only as have been of and improvements an come Account. important and permanent character, including purchases for There has been expended on Consti-uction Account of the real estate and right of way. Such outlays on the Pueblo & Sonora Railway during tha yeir -$08,715 90, against $54,916 98 Arkansas Valley Railroad, prior to the year 18S4, were charged in 1884, and a second payment has been made to the Mexican to the construction account of the Atchison Company; but, in Government, as required under the amended concession of view of the nature of the expenditures and the small bonded June 4, 18S3, amounting to $38,935 36. debt of the Pueblo Company, it was considered by the No subsidy has been collected during the year, so that the Directors of both Corporations only fair and reasonable that amount due from the Mexican Governmenc is $1,477,754 56 such expenditures should be repaid to the Atchison Company. (Cr. S. Currency), as stated in Report for 1834. Accordingly, the sum of $1,0SS,363 Ot previously charged to the Atch's-in's construction account has been deducted from E0AD3 OWNED JOI.STLY. the same, as will be seen on reference to the condensed balance sheet for Ddc. 31, 1835, and charged to the Pueblo & Arkansas MANHATTAN ALMA & BURLINQAME RAILWAY. Valley Railroad Company. This road extends from Manhattan, Kan., to Burlingame, Construotio i expenditures during the year for building new Kan., on the Atchison Topeka & Santa Fe Railroad, a distance roads commenced in 1884 and 1885: — of 56'63 miles, and is owned jomtly with the Union Pacific The Southern Kansas Railway, Harper * Railway Company. Westara Extension $l';9.n9') 32 The operations during the year were as follows :— Surveys acoc. suadry nswroada la Kansas. 15,781 63 $474,87G 95 Total Earnings $-.),272 27 Operating Expenses and Taxes 54,359 31 Other :— expenditures NetLoss $37 04 Kansas City Beit Railway $127,500 00 proportion is one-half. Las Ve^as Hot Springs Hotel and Bath- Of which the Atchison Company's houses 57.274 71 LEAVENWORTH TOPEKA & SOUTHWESTERN RAILWAY. C>al lands in Crawford Countv, Kansas 143.373 43 This road extends from Leavenworth, Kan., to Meriden Coal lands near Canyon City, Colorado 1,(;05 28 $419,753 40 Junction, Kan., on the Atchison Topeka & Santa Fe Railroad, a distance of 46'30 miles, and is owned jointly with the Union Pacific Railway Company. Expenditures for additions and improVAirents to Atohl- The operations during the year were as follows :— soi and SouHieni Kansas R>ails W. Eipeniled fur real estate and penuiuont improreiueats Total Earnings $74,331 75 cliiir:ji'd to the acnunt of auxiliary roads Operating Expenses apd Taxes 97,76} 26 Expended for tbe lialidiug of new roads c juinjenoed in 1-^8 land 1885 NetLoss „$2?,443 61 Other expenditures Of which the Atchison Company's proportion is one-half. Total $1,872.453 34 WICHITA & WESTERN RAILROAD. This road extends from Wichita, Kan. (on the Wichita 8c LAS VEGAS HOT SPRINaS HOTEL. Southwestern Riilway) westward to Kingman, Kan., a dis- the St. Louis* The destruction by tire of the new Montezuma Hotel was tance of 44-93 miles, and is owned jointly with an unlooke l-for calamity, and but for this occurrence our San Francisco Railway Company. Passenger Earnings would have been further increased. Owing The operations during the year were as follows : to difficulties in adjusting the Company's claim for insurance, Total Earnings , $158,370 04 Taxes 89,518 15 we were unable to commence the erection of another struc- Operating Expenses and ture during the year; but a settlement has since been effected. Net Profit $68,853 79 : : ::.

492 THE CHRONICLE. [Vol. XLII.

Amount hronght foncard $G3,S52 79 time for the accounts of 1885. It will be noticed that $30,- honiled Prom which was paid twelve months' interest on the 993 61 is included in the operating expenses for premiums paid amounting 43,800 00 debt, to for insurance during the year. Leaving for the year of $25,052 79 a surplus ATLANTIC & PACIFIC AND CALIFORNIA SOUTHERN RAILEO.YDS. is one-half. Of which the Atchison Company's proportion In the last annual report a full presentation of all the facts GENERAL SUMMARY OF OPERATI0N3 OP ALL THE ROADS relating to the Atchison Company's connection with these im- portant enterprises was given, so that it is only OWNED BY THE ATCHISON COMPANY FOR THE YEAR J88?. cow necessary to state that your Directors still fully adhere to the opinions Receipts Expenses. then expressed as to the soundness and ultimate success of the Atchison and The Southern Kansas Cos.: Earnings $15,571,395 39 policy hitherto adopted, and which has been continued through Operating Expenses and Taxes $8,314,968 08 the year. The Central Division has been extended eleven miles "Rentals, etc 177,755 55 from Tulsa, thereby completing another section of 25 miles, Pool accounts 46,093 46 for will call Contribution to Atchison R.R. Em- which the Company on the United States Gov- ployes' Association 25,000 00 ernment for the required examination, in order to obtain the 81 Interest Charges 2,988,182 sections of land to which, under its land grant, the Company Land Grant Trust for Interest on Bds., 180,188 45 is entitled. Rental of Rolling Stock (Topeka Equipment Co.) 25,500 00 The construction of the California Southern Road from San Dividends of 6 per cent on A. T. & Bernardino to a junction with the Atlantic & Pacific at Bar-, 3,414,786 00 6. F. R.R. Co. Capital Stock stow has been pushed forward to completion, and the funds Ket profit 1.114,809 04 for the same and for the necessary repairs and improvement $15,929,339 39 $15,929.339 39 of the old road have been furnished by your Company. The total amount, including interest, at the close of the year was Ifet profit Atchison and The Southern Kansas Companies $1,114,809 04 $1,569,855 74, for which we are to receive First Mortgage 6 per JTew Mexico & Arizona R.R. Company cent Bonds, in accordance with the contract made with the Earnings 157,77133 California Southern Railroad Company, as slated on pages 32 Operating Expenses and Taxes $159,62116 and 33 of report for 1884. 49onora Railway Company, Limited the Earnings ; 265,597 78 NEW ROADS IN KANSAS. Operating Expenses 218.237 90 On the 9th of January last the stockholders were aeivised Interest on Bonds and other charges. 296.280 92 by I

The Commercial 'i^*imcs. COTTON. Friday. P. M., April 10, 1886; (JOMMBRCIAL EPITOME. Teu Movbmknt of TBI Chop, as Indioatod bv our teleKnun»> from the South to-nis:ht, Is given below. For the week eodins Friday Nioht, April 16, 1886 this evening (April 10), the total receipts have reached 56,808 bales, against 4 1.392 bales last week, S9,005 The violence and bloodshed which occurred on the railroads bales the preTunu week and 64.328 bales three weeks since; making the total at East at. Louis last week iiave been followed by a quieter receipts since thu Ist of September. 1885, 4,9.>4,929balos, tttaiaak state of alTairs, enforced by the presence of thu military 4,624,818 bales for the ; but same period of 1884-88, sbowins sa the dispute with the Knights of Labor is still unsettled. There increase since Septeaiber 1, 1889, of 830.111 bales. is a fueling of anxiety, therefore, lest grave complications miy BeeeipU ai— AX. Uon. Tuei. Wed. Thure. Fri. TokU. arise at any moment, and consequently in the meantime the 1 anlvecton 5S4 3,311 1,308 072 798 963 7,741f struggle and the rumors which it causes have a very unfavoi- Indlaiiu'm, Ao. «.. elTect in business circles. The weather able has been quite New Orleaas... 90,\ 2,8 U 2,625 1,625 1,627 1,650 11,375 springlike in temperature, less rain has fallen, and inland Mobile 203 302 327 841 Florida navigation, including the opening of the Erie Canal, will be 64 «4 Savannah 2.474 2,528 1,042 1,093 resumed the comiag week. 1,097 945 9,179. Brungw'k, .ho. 502 S03 There was a sharp decline in lard oa the spot and for future CSiarleston 1,381 1,483 885 785 1,073 443 6,085 delivery during the fore part of the week under review. Tha Pt. Royal, Ao. ... 419 41» "bull" party seemt'd to have becom'j wholly discouraged Vllinlngton 98 171 205 219 i'l2 222 1,02T ; Moreli'd CiSco 110 but at a further decline of about ten points and more steadi- iia Q 1 J f Norfolk 310 1,123 1,048 2 58S 1,114 9,629 ness in corn, the downward tendency was checked, especially West Polnt,«SM3 395 729 1,08) 322' 306 3,177 6,SU as the decline led to an active business for export. To-day Sew York 400 213 581 53 1,247 there was a slight advance, and the close was at 6'15a. for 115 1 iVs 401 882 Baltimore May, 6-31c. for June, 6 -370. for July, 6'34c. for August, 0-40c, 768 7da Pblladelp'a, Ac. 1 121 5 11 138 37a for September and 6'4i@8J^c. and shoulders at 43^@4^c. ; smoked Weeh. 1, 1885. Week. 1, 1884. hau:s 'J>4@9^c. and shoulders 5>^c. Beef is dull at |8@^8 50 0alve8(on ... 7,741 *fl76,900 854 451,963 40,513 for extra mess per bbl. and |15@$17 for India mesj per tieroo. 11,497 Ind'nola,<&o 781 10 10,718 Beef hams are firmer atfiy;^@7J.^c., and common to good leaf at8((|l]^c. Seed 1,137 146 210 800 427 346 leaf has been more active, and sales for the week aggregate -Vorfolk 9,625 1,950 1,683 8,798 3,792 5,156 W. Point, Ac. 6,314 967 597 1,360 cases as follows : 100 cases 1885 crop, Wisconsin Havana 1,007 712 768 AU seed, private terms; 450 casts 1884 crop, Wisconsin Havana others.... 3,739 4,937 14,783 14,362 7,6^6 10,891 seed, 8@16c.; 100 cases 1835 crop, Pennsylvania Havana see 1, rot. this w-k. 56,305 23,723 30,274 66,527 29,800 60,718 private terms; 210 cases 1884 crop. Pennsylvania Havana seed, Since V:c. ; 250 cases 1883 crop, Sept. 1. 4954.129 4621.818 4672,343 5552.665 8?i@ Pennsylvania, 8@ lOUc. ; 150 4398.136 5303,619 cases 1884 crop, Little Dutch, 123^@14c.; 50 cases 1884 crop, New England, Wlluunstoniucludes Moreli'd City,&c.; West Point includes 19^22^c. and 50 cases 1884 crop, New En;?- City Point,A j land Havana seed, 17(g25c.; also 350 bales Havana, 60^.® The exports for the week ending this evening reach a total 1 Oj, and 150 of f bales Sumatra, $1 30@H 60. 81,177 bales, of which 53,037 were to Great Britain, 15,501 Spirits turpentine has been dull and drooping, closing quiet to France and 13,639 to the rest of the Continent. Below are at 45c., but rosins the exports are ratlier firmer at $1 07>^@|1 13^ for for the week and since Septembe r 1, 1885, common to good strained. Crude petroleum certificates Wuk Bndtnn April IS Prom Stpu 1. 1385. to Apr. 16, 1888. advanced sharply on the report that the Austro-Hiingarian Exported to— axforu Bxported to— Monarchy had removed the import duty heretofore exacteil, ereat OontU Ibtol Oreat Oonti- but the free flow of the wells caused a portion of the improve- Brtt'n. TUnt. Week. Britain. rrance nerU. TutaL ment to be lost, closing this afternoon at 753g®75J^c.; crude in bbls. 6i4^@65^c. ii.-ilre8ton liaTis ~i6.545 "14.763 S14,U1> quoted at ; refined in bbls. lU&T%o. and in .New Orleims.. cases 8}^@9,i8C.; naphtha, aa.sas 14.«ie 1.953 80,034 S49,8M 839,010 868.878 ,301,888 .sjic Mobile Pig iron 4,087 4,087 4M4« 48,44* certificates at to-day's Metal Exchange were nom- riorWa. mal at ^17 75. Tin firm and moderatelv active at 20o5@ Savannah 08.904 s»a 888,640 20-70C.; teutons 20 June sold at '60;!. Tin plate dull |4 30 Cliarleaton .... 6,086 «fl3» 81.300 aa.mx 198,040 bid ; 803,061 but none offered. Copper quiet and steady Wilmington... 43.880 on bids of 828J 23.134 •7,848 11-85C. for lake Sortolk and 10c. for P. S. C. Lead steady at4-"0@ 8,718 8,718 187.001] <,S28' 8.109 198,038 4-80C. for domestic and 4*40c. bid for Wert Point... S4.390I 16.041 foreign. Spelter very I 81.940 quiet domestic «•» Tork 10.293 l.8» S.7»4 18,347 340.710 so.aso 180.386 : offered at 4-75c., with 4-52>^c. the best bid, 681.846 Boston except for spot. 3,012 8,042 lOi.oao 1.210 106,1W SalUmore... . 4.980 1.886 6,895 36.071 Ocean freights have been quiet for room on the berth, 88.368 111.860 but a Phllad«lp'a,*e 1,328 1,3« number 83.358 4,384 48.70S of steamers have been chartered to load wheat in 33. 9a.@43. per Total 83.037 18,501 19.639 81.171 1^133,936 860,487 1,149,423 I K,yj quarter to the Mediterranean and 8,432,846 8s. 4>|d. to Cork for orders. Petroleum Total IKfU-SS iS.8S9 4.01f T.ISS 3i.(a- charters fairly active. 2.118.S0I 8''0201 Ml.loa 3.<80.609 — « « „ „ < 1 -

494 THE CHRONICLE. [Vol. XLII.

In addition to above exports, our telegrams to-night also give daily market, the prices of sales for each month each day, and bids, in addition to the daily and total sales. ns the following amounts of cotton on shipboard, not cleared, the closing at the ports named. "We add similar figures for New York, g^uai? which are prepared for our special use by Messrs, Carey, Yale »5 S'T?2 Lambert. 89 Broad Street. & ^ so— (J) ''eg ?«S' " not cleared—for * "" On Shipboard, S.S'53 S Sfl"" Leaving op- °'.^,& 1:5 : April 16, at— Great Other Ooast- Stocle. JVance, Total. ; H. f Britain. Foreign Kise. : g: M O 9 I Sew Orleans 18,791 12,521 12,110 7,907 51,332 167,n=!2 ||:r MoMe 1,000 None. None. None. 1,000 29.7i'0 1.000 4.600 28.634 to Charleston None. None. 3,600 < S»ta. Bavannah 350 None. 900 1.80O 3,050 23,933 2 R 3* !S«e-.2 Galveston None. None. 921 7,098 8,019 32,494 gs3>

I ot«: I ©.^: points from the closing figures of Tuesday, A partial recovery CO CD CDCDo^ CCCD- CO ctogto '?§'? I then took place on the rapid reduct'on of tt jcks at tie South, wco§w CO wOco wcjocj I CcOw WW *- W»-3 W <1CD -J (jTC;» w in conjunction with the reduced receipti at interior towns CD® i*^ 2 too •' tC HJ,_,^ showing some revival of specu'ative confidence, fostered by Id.-: CD W the reduction in stocks at interior towns and a partial recovery cocooco cetcoo CDCDotO CCCOo? COCDo^ COCOo® cJ, cji ^ cj, at Liverpool. Cotton on the spot ha? been dull, except that CC*. tc coos w > on Monday a considerable line was taken for export. Prices ®«o !5^ CDCO 5^ (O® ceco 5 o-.cit 2 cJ o were nominally unchanged, and at the close middling uplands C:e

I 9.": I o:.o: were quoted at Oi^^c. CD 01 03 9? C^CDo® CDCpo® cctocce eoxo'? I 9^^ The total sales for forward delivery for the week are 341,700 CJi yt O 0( C'l cJi O tJt toto o tcct to ft.*- M bales. For immediate delivery the total sales foot up this week co-ce coco cote ecc 5 eeto .,, 5 •<) 5 bales, 1,343 for 1,C3D for 8,981 incluiing export, consumption, cijco 2 IbiU 2 i.*. 2 00 "^ ci cicb^ci tflrflOjl each day of the past week. (XO) OS h-to M Q0QD05 ceo: p. coco 5 CDCO 5^ COCO 5 UPLANDS. NEW ORIjEANS. TEXAS. li»i 2 KJtO 2 wto 2 c:tb 2 April 10 (0 too "* April 16 Sat. moa'TaeB Sat. Sat. »m; a.u: mon'Tnes Tnei I I mon I I isr; I or: Si-: «: CO CO CCCOo* cDteo=900 COCOo® oceocc eo 01*1 OS ecu o Good Ord.. 3 8 8 She 83, 83ia 83,8 8S18 83,8 Btr. G'd Ord 87i« 81i8 8»R SSf, rC 8 4 84 coco 5^ coco 5 9® < cecc ^ m ' liow Midd'g Hla,« 8ii,fl 8ii,„ 9 9 9 9 9 9 h:.M « toco 2 toco c toto 2 to cooo ** ce;o 1 Btr.L'w Mid 9',fl 4»iifl 91, 914 9'4 HM 9M 9»4 Sk «»|s: ®m: I I «: I Mlddliui;... 9'4 9^4 9k 9''ia 9'ifl 91,8 9''in 9^18 9-',8 Good Mtd . 9 'he 91110 Oi'ie a'e 97^ 9Tr y^ 9'fl 9'i "K C0C0o<0 COCCoCO COCDo^O CDCOotO Btr. G'd Mid 10 jIO 10 iio^ia 103itf 103,8 103,8 103,8 103,8 toto®"^ to toOtO lito^to titboto 00 CO co-r ~3 ccoD c: Midd'g Fair 10% 10% lOife 109,. IOS<,B 109,6 10»,„ 10»i6 IOO18 11 1113,8 113;° Fair H 11 113,,. 113,, 113,. ll^i" coco IS CO > •I toto to 10 2 Wed TU. FrI. Wed l-U. Frl Wed Tb. Frl. wo: "> cc

: I o I I 9: I 9 «r co- S«Sr: Ordln'y.?lft> 6=8 658 6»8 6"" 613,8 613,8 63.8 '"16 613,8 . cs. a 7I4 cocoo^o CDCDo® CD®o® CDCOS® BtrictOrd.. 7iia 71 18 7'ia 714 7>4 714 7I4 too ' • to ' • Good Ord.. 8 8 83,8 83,8 83,8 tctoOto CO 63,8 ?3,8 * 8__ 83,8 ,» lt> to a;jc__50 I^U w Btr. G'd Ord 8'i« b'u 8=8 8=8 8=8 858 8=8 858 I* Low Midd'g 81S,4 813 Sliie 9 9 9 9 9 cots coco coco 5 le 9 ^ 5 •I Btr.I.'wMid 9ii„ 9ii« 9^4 9>4 9I4 914 914 cico 2 C0C3 2 itoj 2 QIj 9H " CO Middling... 9>4 914 9"l8 9'ia 9'ie 91,8 00 I : I 1 a : I 9 19: 9 9: Good Mid.. 9l't8 91 '16 9'8 9'8 9'8 9^8 en 9"ie S's CJ> CJ, O t u Brr O'dMid 10 110 10 103,8 103,8 103,8 103,8 105,0 COCOoCO CO oco CO CO , o

«ST'« 718 716 ^ COo® liOW Middling 7'6ie 7'6i« 7l5,e: 716,8 7is,f 7'Bia I aUddllng I cj'.oi S'lie 8"l8 B"l8 8"ie 8U,8 O en MAKKKT AND SALES, 5 & ? 1 The total sales and future deliveries each day during the I 1 s S '§ s 19 : week are indicated in the following statement. For the con- I 9: 10; CDo® I I venience of the reader wo also add a column which shows at a I I: od>o glance how the market closed on same days. tSf We have Inolnded In the above table, and shall oontlnne each SALES OF SPOT AND TKANSIT. week to give, the average price of fatures each aay for each monl h. It SPOT MABKBT will be found under eacn day foUotrtng the abbreviation " Aver." The Sx- 1 Con- Spec- Tran- Delip. OLOSKU. Total. Salet. average for each month for the -vreek le also Tiven at bottom of table. porl. tumplwVn tit. eriet. * Inclurtes eaies in September, 1885, for September, 130,200 ; Septem- for November, Bat. Easy...... 285 285 26,900 400 ber-October, for October, 301,700 ; Septeraber-JJovember, Mon Quiet.. 1,012 186 1,198 91,100 300 416,400; September-December, for December. 928,200; Seytomber-Jan- Xaes J?lrm.. 130 265 395 67,400 uary, for January, 2.004.20O; September-February, for February, Wed Qalet.. 200 180 380 66,100 l,370,00f ; September-March, for March, 1,746,400. Ttitm tluiot...... I 315 315 62,700 Transferable Orders—Saturday, 9-20o.; Monday, 9-25o.; Tnesdaf. Fil Easy...... 408 408 27,500 9 25o.; Wednesday, 9-15o.; Thursday, 9'15o.; Friday. 9150. folio-wing have been made during the week: Total 1 ,3 12 1.639 2,981 341,700 700 The exchanges 30 to exch. 1,100 May for Aug. '31 pd. to exch. 600 M.iy for Aug. The dally deliveries given above are pd. aetuoUy delivered the day •29 pd. to cxch. 300 Dec. for Aug. 10 pd. to exoh. 200 April for May. prarlous to that on wUon thoy are reported. •13 pd. to exch. KM) April for Aug. 30 pd. to exoh. 700 May lov Aug. The Sales •10 pd. to exch. 100 June for July. •02 pd. to exoh. 700 Nov. for May. and Prices op Futubes are shown by tl.e follow- 11 exch. 200 M:iy for June ing comprehensive 3'>cn 1,300 October for May. pd. to table. In the statement; will be found the •12 pd. to exch. 100 Muy for Jaueb •30 pd, to exQli. 100 May for Ai;g, . 6

April 17, 1886.] THE CHRONICLR 495

Thk Visible Supply of Cotton to-ni^tat, as made up by cable bales more than at the same period laat year. The receipts at and telegraph, is aa foUovtra, The CJontinental stocks, as well at the same towns have been 6,83:) bales more than the same afloat, this tho^e for Great Britain and the are week's returns, week last year, and since Saptembor 1 the receipts at all the and consequently all the European figures are brought down towns are 500,930 bales more than for the same time in 1884-0, to Thursday evening. But to make the totals the complete QUOTATIONa FOB MlODUNO COTTON AT OTHEU flgurcfl for to-night (April 10), we add the item of exports frono MaBKBTR.— io the table below we give the closing quotations the United Statea, iucludmg in it the exports of Fridaj only. of uiiddlinK cotton at Southern and other principal cotton 18S6. 1885. 1884. markets for eacn 1883. of the past Btock at Liverpool bales. 630.000 1,024,000 1,051,000 l.Oll.oOO day week. BtOOk at London 21,00,> 29,000 00,000 63,100 WMik ending oiiOsrao qnoTATioNs roa inoDLnio ooTrow on— Total Oreat Britain stock 651,000 1,053,000 1,123,000 ],074.-100 April 16. Salur, Stock ut Ilitmliiir); 4,000 G.OOO 3,300 3,30t Hon, Tua. Wtdna. Thur$. tH. Stock at Biviium 41,000 63,400 7i,i;oo 4 1 ,000 Stock ut Aiii.iti'nlam 28,000 48,000 61,000 32.0C0 IS'" 8">,e 9 9 9 8!«l Stock at Kottcnlam 300 400 1,000 2.400 8"i« 8'»i« 6;'i,a Meinphig S'8 » Total Enroiiean Stocks .... 97I.8(jO 1,412,700 1,518,.200 1,386.700 9 » 9 St. Louis 85, In'IUcuttoiuinoi'.t for Europe. 225,000 177,000 272 ,000 307,000 8^ Cincinnati... S'g 8 A- ICur'pepe Slii.OoO 202,000 271, 000 51.'i,0l)0 '8 r« 9 Louisville His 8»8 8"8 J r K'r'pe 12.000 7,000 47,000 38,000 5ti.9r0 l^ ,. ! ports .. eio.ouu 60 5,39J 734.252 Btook lu U. 8. iutoiii'i- towns.. 2T2.9.')0 10J,748 8»,fi90 101,341 Receipts pbo.m the Plantations,—The following table United States exports to-day.. 12,625 10,200 3,000 20,200 indicates the actual movement each week from the plan- tations. The figures do not include overland receipts nor Total vlsilile supply 2.567,351 2,559,611 2.836,S89 3,192,403 Southern consumption; they are simply a statement of the Oftiit.i»ii.ien. tlio totals of American and otlier deaoriptlona are as foIIot s: weekly movement from the plantations of that part of the crop

1. Tck bales 4fi9,000 767,000 790,000 748.000 which finally reaches the market through the outports. r )toakn 251.000 286,000 3i9,000 207.000 '..at for Europe... 316,000 202.000 271,000 515,000 Week Receipts at the Port*. \sVhal Interior Tbvmt. Bee'vU trrnn PtatU 'tu. i , stock 766.970 610,9ii6 605,599 731,232 Kndina— I - interior stocks.. 272,956 10:>,718 83,390 191,341 1884. law. 1886. 1884. 1885. I 1S8B. 1881. [ lS8f. 1886. I J ruica .Ti I lea exports to-day.. 12,625 10,200 3,000 20,200 McU.12 49,876 43,G8l'i »2,189jl81,l]4'l*l,13i'421,-!kl 88.^13 21,oS4| 41,4M Total Anierio;in 2,030,351 2,015,911 2,078,189 2.415.793 " 19 42,635 32.8S5 67.743,160,809 l70.155'sM,722 1»,0J0 21,h08 2S,7S8 Xasl Indian, Braztl,

188-5-86. lt'8i-83. I the stocks to-night, and the same items for the corresponding 1883-81. 1882-83, period of 1881-8.5—is set out in detail in the following statement. Receipts at tlie ports to Apr. 16 4,934.929 4,< 2., 8 18 4,672,313 5,552,665 Interior stocks on April 16 in H H Ktsrr"T5 excess of September 1 279.960 100,608 49,8C4 196,514 o o ff .11 ?= ws a =£.3 BOSS'S .'^ 5,231,b'89 4,725,426 g E r"* G O T- -; - Tot. receipts from planta'tns 1,722,117 5,749,209 B a S.S- Netoverlauii to April 1 6-<2,643 556,182 526,328 872,324 S. m a iimfi^^^'^ J! SontUem eousompt'n to Apr. 1 253,000 217,000 236,000 240,000 Total in siglit .'Vpril 1 6,170.5315.193,603 5,481,473!6,561,533

CD « B3 » . R • Northern aplnners' takings to April 16 1,515,367 1.185, 176; 1,319,156! 1,496.100 It will bo seen hy the above tbat the increase in amonnt in sight en iBt#».t9 M*> to-night, as compared with la'st jear, is 671,926 bale;*, tlio incresi^e I * «Q 01 O r- Cl "l tS as compared with 1883-84 is 6^6,059 bales and the decrease from 1883-83 Is 390,99a bales. CI COttk !-• u» Weathee Reports by Teleobaph.—The weather has been ,^ |.r m pj h- M h- O^ Uj7:TiClM*OOUS:XWtO-««^OpcOOi more seasonable at the South during the week. Tbe Missis- *i* it c)> O * O 1 10 — K t J L.1 River at tS 03 X O w) uL< •J the danger line and rising, and our correspondent at Heleoa reports that an overflow of the river between that point and the Gulf is believed to be certain. Our advices from Texas, aoac 3 CO » CC Vi CO CO 10 Ci C H- <-• tC O Ol «5tiQ which are largely added to this evening, are of a quite favor- able character. M-1 Balveston, Texas,—We have had light showeis on four 10 I ^MrfkWWM; r-O!00»MO»* days of the week, the rainfall reaching seventeen hundredths CQj^^-gtCiMOSW i lias from GO to u:OC of an inch. The thermometer ranged 74, averaging 66. Indianola, Texas.—It has been showery on three days of the week, the rainfall reaching twenty-five hundredths of an C: W M -i, O !lD 35 inch. Young crops are doing well, but a good rain would be Oi ^- iMO CO C5 ^-M)-'-JM|(k.-vi)> rainfall reached two inches in 'XO-lOOO'^ v> A c: c :^ cc CO I— cooiaiauO'aDC'.aiO'-'O'^-r-acxj-^:©*^ planting makes good progress. The thermometer has averaged 68, the highest being 78 and the lowest 57. rained splendidly on three days COM fc-*; .

tOtO rfw I-' • fifty-six hun- GO Vl CO . CO A h-% to O CO of the week, the rainfall reaching one inch and M OS o ^ CO fra cs in dredths. Young crops of all sorts are doing well. The ther- mometer has averaged 71, ranging from 62 to 82. 10 M CO M been warm and dry all =1 I Tho weather has ^ QD !-• Dallas, Texas.— would help. Corn is growing I Ifk VI >^ 00* shower 1^ to Si ; oaoc;«cr5

good rainfall reached seven hundredths of an inch. The ther- dredths. Corn is doing well and cotton planting makes mometer has averaged 62 1, the highest being 78 and the progress. Average thermometer 70, highest 83, lowest 54. lowest 41. Luling, Texas.—It has rained on three days of the week, inch. Wilson, North Carolina. —We have had no rain all the the rainfall reaching ninety-nine hundredths of an week. The thermometer has averaged 65, ranging from 48 to Young crops look promising. The thermometer has averaged 88. 69, the highest being 81 and the lowest 58. The following statement have also Columbia, Texas.—We havp had a light shower on one day we received by telegraph, of showing the height of the rivers at the points named at 3 o'clock of the week, the rainfall reaching forty-seven hundredths April 15, 1886, and April 16, 1885. an inch. A good rain is needed, though corn and cotton are thermometer ^as well advanced as usual at this season. The Apr. 15. '86. Apr. 16, '85 has averaged 72, ranging from 61 to 84. of the Cuero, Texas.—It has rained finely on three days Feet. Inch. Feel. In£h week, the rainfall reaching one inch and fifty-five hund- New Orleans*... Above low-water mark. 13 1 4. 5 have a good stand of corn, and cotton is coming Memphis Al)ove low-water mark. 34 6 23 2 redths. We Nashville Above low-water mark. 36 8 7 to aver- up well. The thermometer has ranged from 62 84, Shreveport... Above low-water-mark. 15 5 19 5 aging 73. Viokebiirg Above low-wat«r-mark. 40 31 8 splendid ram on four days Brenham, Texas.—'We have had * Now reported .above low-wator mark. Instead of below high-wate of the week, the rainfall reaching two inches and fifty-eight mark as prior to October 30, 1885. hundredths. Corn is growing and some cotton is coming up. India Cotton Movement fbom all Poets.—The receipts Cotton planting progresses well. Average thermometer 72, highest 83 and Towf st 61. and shipments of cotton at Bombay have been as follows for Belton Texas.—It has rained splendidly on two days of the the week and year, bringing the figures down to April 15. week, the rainfall reaching two inches and seventy hun- BO»BAT RECEIPrS AND SHIPMENTS FOR FO0B TEAJtS. dredths. Com looks well and cotton planting is making good {Sfiipments this week Snipments Since Jan. 1. Receipti. progress. The thermometer has averaged 70, ranging from |

51 to 83. Tear, Great I Oonti- Oreat Conti- Thi» Total. Total Tear. T^eatherford, Texas.^The weather has been warm and dry iBrit'n.l nent. Britain nent. Week. has generally all the wef k, and a good rain is wanted. Corn I888ll5,000'37,000!52.000. 136,000 31 1,000 447.000 66,000 691,000 been planted and cotton planting progresses finely. Tlie rail- 18851 6,000 16,000 22.1 00 87.000 213.000 300.000 52,000 462,000 road strike gives much trouble in business affairs. Average 188416,000 26,000 42.000 2i0.O00|31O.000 .'seO.OOO 83.000 780,000 1883 18,000 55,000 73.000 21.5,000!411.000| 626,000 7 1 .0001 899,000 thermometer 70, highest 85 and lowest 52. (n two days of Sew Orleans, Lonisiana.-lt has rained According to the foregoing, Bombay appears to show an the week, the rainfall reaching ninety-four hundredtlis of an increase compared with last year in the week's receipts of inch. The thermometer has averaged 6i. Shreveport, Louisiana.—It has rained on five days of the 14,000 bales, and an increase in shipments of 30,000 bales, and week, the rainfall reaching one inch and sixty- nine hundredths. the shipments since January 1 shew an increase of 147,000 bales. averaged 67, ranging from 58 to 83. The thermometer has The movement at Calcutta, Madras and other India ports for Colu7nbus, Mississippi.—We have had rain on one day of the last reported week and since the Ist of January, for two the week, the rainfall reaching twelve hundredths of an inch. The thermometer has ranged from 35 to 80, averaging 65. years, has been as follows. "Other ports" cover Ceylon, Leland, Mississippi, —^The weather has retarded the plant- Tuticorin, Kurrachee and Coconada. ing interests during the week. The rainfall reached one inch 65, highest and forty-two hundredths. Average thermometer Shipment! for the week. Shipment* tinee January 1. 80 and lowest 45. Helena, Arkansas.—It has been showery on three days, Conti- Britain. nent. Total. Britain. Oonlinent. Total. and the remainder of the week has been cloudy. The rain- fall reached two inches and ten hundredths. A disastrous Calontta— overflow on the west side of the river from Helena to the 1886 3,000 3,000 32,000 19,000 81,000 1886 3,000 1,000 4,000 39,000 10,000 49,000 is believed to be certain, and planters in the bottoms are Gulf Bladras— waiting on the river, which makes planting late. The ther- 1886 1,000 1,000 3,000 3.000 mometer has averaged 65, ranging from 53 to 78. 1885 4,000 4,000 Memphis, Tennessee. —It has been showery on six days of AU others— 1,000 1,000 2,000 22,000 13,000 35,000 hundredths of an 1886 the week, the rainfall reaching seventy-one 1885 1,000 2,000 3,000 16,500 8,500 25,000 inch. The river is eight-tenths of a foot above the danger line and rising. Where not interfered witli by the high Total all— 1,000 6,000 57,000 32,000 69,000 for planting have been active. The ther- 1886 5,000 water, preparations 1885 4,000 3,000 7,000 59,500 l?,o00 78,000 mometer has ranged from 52 to 81, averaging 71. Nashmlle, Tennessee.—We have had rain on three days of The above totals for the week show that the movement from the week, the rainfall reaching thirty-five hundredths of an the ports other than Bombay is 1,000 bales less than same inch. Average thermometer 62, highest 81 and lowest 39. week last year. For the whole of India, therefore, the total Mobile, Alabama.— It has been showery on two days of shipments since January 1, 1886, and for the corresponding the week, and to-day the weather is threatening. The rain- periods of the two previous years, are as follows: fall reached two hundredths of an inch. Planting has been EXPORTS TO ECKOPE FROM ALL INDIA. delayed and serious damage done by the flood. Considerable replanting necessary. The thermometer has averaged 63, the 1886. 1885. 1884. highest being 74 and the lowest 44. Shipment* Montgomery, Alabama.—We have had rain on ore day, to all Europe Thit Since Thit Since Thit Siixce from— week. Jan. 1, week. Jan. 1. week. Jan. 1. and the remainder of the week has been pleasant. The rain- fall reached ten hundredths of an inch. The thermometer Bombay 52.000 447,000 22,000 300.000 42.000 560.000 has averaged 66, ranging from 45 to 81. All other porta. 6,000 89,000 7,000 78,000 3,000, 124,000 Selma, Alabama.—It has rained on one day of the week. Total 58,000 536.000 29,000 378,Oi)0 4.'S,000| 684,000 The thermometer has ranged from 60 to 77, averaging 70. Auburn, Alabama.— It was showery on one day m the Alexandria Receipts and Shipments. —Throug;h arrange- early part of the week, but the latter portion has been clear ments we have made with Messrs. Davies, Benacm & Co., of and pleasant. Tde rainfall reached four hundredths of an Liverpool and Alexandria, we now receive a weekly cable of inch. Planting makes good progress. Average thermometer the movements of cotton at Alexandria, Egypt, Thefollowring 65, highest 79 and lowest 47-5. ^re the receipts and shipments for the past week and for the Madison, Florida. —Telegram not received. lorresponding week of the previous two years. Manon, Georgia. —It has rained slightly on one day of the A.texandria. Egypt, 1883-84. week. April 14. 1885-86. 1884-85. Columbus, Georgia. —We have had no rain all the week. The thermometer i^as ranged from 56 to 78, averaging 69. Beojlpts (oantars*)- This week 9,000 12,000 5,000 Albany, Georgia. It has been warm and dry all the week. — Since Sept. 1 2,922,000 3,472,000 2,619,000 The weather has been so unfavorable that much seed planted Thit Since Thit Since Thit .Since has failed to come up. Average thermomeier 66, highest 81 week. Sept. 1. week. Sept. 1. week. Sept. 1. and lowest 51. Savannah, Georgia. —We have had very light rain on one E iport8 (bales)— day of the week, the rainfall reaching one hundredth of an 2,000 215,000 2.000 286,000 3,000 234.000 Continent 8,u00 149,000 3,000 166,000 2,000 117,000 of an inch. Average thermometer 64, highest 74 and lowest 47. To Augusta, Georgia. —We have had one light sprinkle and Total Enrooe 10.000 3«4,000 5,000 452,000 5,000 331,000 the remainder of the week has been clear and pleasant. The • A cantar Is 98 lbs. 'rainfall reached three hundredths of an inch. Corn planting This statement shows that the receipts for the week ending in uplands is about finished, and farmers are busy putting in 14 were 9,000 oantars and the shipments to all Europe cotton. In the opinion of some there will be a slight decrease April 10,000 bales. in acreage this season. The thermometer has averaged 64, the highest being 86 and the lowest 36. European Cotton Consumption to April 1. —We have Charleston, South Carolina. —It has rained on one day of received to-day, by cable, Mr. Ellison's cotton figures, brought the week, the rainfall reaching fifteen hundredths of an inch. down to April 1. The revised totals for last year have also Average thermometer 62, highest 73 and lowest 41. received and are given for comparison. The takings by Btateburg, South Carolina. —It has rained lightly on one been day and the remainder of spinners, in actual bales and pounds, have been as follows: the week has been pleasant. The I : .

April 17. 18€«.] THE CHRONICLE. 497

rroHt Oct 1 lo April I. Ortat BHIain. Oontimnt. Total. that tloM, we (ball be able to reach an exact oomparieon of the movement for For 1885-86. the different yean. TakluK" by Bi>liiuor8...baleii 1,023,000 1,700,000 3,302.000 1886-86. 1884-85. 1883-94. 1882-83. Aren^r" wislKhtof balea.... 458 453 46.5A 1881-82. 1880-81. TaklniKfi III pounds 743,334,000 801,357,000 1,514,601,000 TotMr.St 4,830,333 4^62,914 4,593,118 .5,848,670 4,390,640 5,075,110 For 1884-85. Apr. 1.... 4,409 6,050 6,344 B. 6,613 16,518 " 9.... 9,786 6.9^4 8,770 8.090 B. 10,903 TakliiiKs by Hpiiiiiera . . .bale* 1,834,000 1,728,000 3,562,000 " 3.... 4,387 6.329 4,5.^6 ATerage weight of balea.... 443 438 441 18J»3l 7,501 B. « 4.... B. 1,830 8,873 XkUnm In ponude — 813,621,000 767,126,000 1.509,747,000 12,239 9.772 23,310 " 6.... 7,114 8. 6,155 13.597 7,04»l 13,088 Stated in 400-lb. bales, the following shows the total takings " e.... 7.792 8,111 B. 13,351 4,022 0,980 " And the total and weekly consumption for the two years 7.... 7,167 4,998 6,800 16,810 9,512 13,666 " 8... 6,608 2,820 4,507 B. 4,170 14,912 " 9.... 8,324 2,415 8,204 11,800 8. 9,678 Oel.\ lo April I. 188B.86. 1884-85. "10.... 6,466 6,625 3,319 18.304 7.387 B. Bala (>/ 400 lbs. each, OrttU Oonti- Oreat Conti- " 11.... 8. 4,449 6,628 7,806 6,990 13,867 000s omitted. Total. Total. Britain nenl. Britain nent. " la... 18,512 a. 2,782 9,484 3,791 11.621 - 18.... 8,358 3,676 B. 15,788 8,692 8,010 Bplnners' stock Oot. 1. 54. 138, 192, 89, 152, 241, « 14.... 7,596 5,340 6,101 8,618 7,299 11,034 Takings to April 1.... 1.858, 2,003. 3,881, 2,032. 1,893, 3,925, " 16.... 9,223 2,010 8,187 8. 3,87U 12,86» Bupplj 1.912, 2,141, 4,053, 2,121, 2,04'5, 4,100, " le.... •17,785 2,986 4.003 13,201 8. 4,708 Oousnuipt'n 26 weeks. 1.747, 1,661. 3.411, 1,872, 1.612, 3,484, Total 4,954,929 4,620,156 4,667,847 8,508,017 4,372,215 5,247,609 Bplnners' stock Apr. 1 165, 477, 642, 249, 433, GS2 Percentage of total port rec'pts.Apr. It) 96-71 9621 9150 92-62 80-33 Weekly Consumption, *6,035 bales addel as correction 00* omitted. of receipts at Galveston since Sept. 1. In October 67,2 62,0 119,2 72,0 62,0 134.0 This statement shows that the receipts since Sept. 1 up to In November 68,0 62,0 130,0 72,0 62,0 134.0 to-night are now 83-1,773 bales more than they were to the same In December 70,0 62,0 132,0 72,0 62,0 134.0 day of the month in 1885 and 287,083 bales more than they were In January 70,0 62,0 132.0 72,0 62,0 134,0 to the same day of the month in 1884. We add to the table In February 70,0 62,0 132,0 72.0 62,0 131,0 the percentages of total port receipts which had been received In March 70,0 62,0 132.0 72,0 62.0 134.0 to April 16 in each of the years named. Note.— Consumption covers 27 weeks lu all cases except Great Jute Botts, Bagioino, &c.—The demand has not been Britain for 1885-80. which embraces only 26 vreeks. active, though a fair trade is in progress, and in the aggregate The foregoing shows that the weekly consumption in Europe a considerable amount of stock has been placed. Prices are steadily maintained, and in some cases a slight advance is is j-et 132,000 bales of -iOO pounds each, against 134,000 bales being asked ; but sellers are willing to accep; O'^c. for \]k lb., of the same weight at the corresponding time last year. The 6'^c. for \% lb., 7}^c. for 3 lbs. and 8J^c. for standard grades. total spinners' stocks in Great Britain and on the Continent Butts are only called for in moderate sized parcels, and few have increased 104,000 bales during the month, and are now inquiries are reported for 1 irge quantities. No change has taken place in prices, and sellers are naming i^o, for only -10,000 bales less than at the same date last season. \%® paper grades and 2J^(»3%c. for bagging qualities. East India Crop.—Messrs. Wallace & Co. in their report, The Exports op Cotton from New York this week show a dated Bombay, March 13, say: decrease compared with last week, the total reaching 15,347 Vei-y little of the late heavy buying hero has been on the part of bonn bales, against 16,204 bales last week. Below we give our usual riile exiuiiters, but nearly all has been done bv native speculators (who table, showing the exports of cotton from New York, and their iia\ I- h, iMi umisimlly busy this scaso.i); nevertheless, the recent rise has direction, hrcin;;lit i'ltii prominence the fact that nearly all the expected supplies for each of the last four weeks; also the total exports of 'ymiil" Broach and Oomras for March, and of Dholleras for April, and directions since September 1, 1885, and in the last commn win have to be ilclivercd against previous it contracts ; and is quite on the total for the same period of the previous year. the cards that there may be a squeeze for "good ' Broach and O i)mra3 this month, especially of the latter, and although receipts are heavy, Exports of ootton (bales) s-bom Nbw Yosk sihoe Sept. 1, 1885. the bulk «t this and of most of the cotton in sight is for delivery, and of the remainder little, if anything, better than "fully good fair" is availa Week ending— Same ble. For April, however, there is no lack of sellers both of Broach and Total I period Oomras. though full Bxporled to— at prices ; but there are very tew sellers of Dhullera^ ilarch April April April tinet Ipreti'tit for April, partly because a good deal has already been dealt in for deliv- 2o 1. 8. 15. Sept. 1. year. ery that month, and partly because the weather Is said to have been not altdgeihir favorable lately for the best development of the plants, Liverpool 6.108 5,955 12,179 9,79 3('3,228 339,610 reports having been industriously put out this week that ab-ience of Other British ports. 540 50 500 37,542| 31,432 dews ami very cold winds are doing serious Injury to the cron. Receipts from all the Important districts (though lighter this week than lastlahnw roTALTO OBBAT BBITAIN 6,648 5,955 12,229 10,298 340,770,371,042 an increase over last year's figures, but this is most marked In the case I of Broach, which Is now eoiniug forward freelv. It is expeotPd, how- Havre 730 2o| 842 1,285 29,5501 32,059 ever, that there will be a temporary falling off in the arrivals of all Other French ports. .... 400 700 1,687 growths towards the end of the month, owlug to the Holl native hoU- aays. which have already begun up-country, and continue for fully a Total Frgnor 730 420 842 1,2^5 30,2; 33,746 fortnight, and this Is an additional reason why sellers for this month's delivery are so very conservative. Bremen 260 516 100 2 25,142' 30.013 Hamburg ... 550 1,150 591) 1.249 4.^.447! 38,224 Messrs. Gaddum, Bythell & Co.'s circular of the same date Other ports. 300 1,149 2,494 1,716 62,757 53,650 had the following: ToTALTo North. EuaoPE 1,110 2,815 3,193. 3,165 133,346 121,837 It Is reported this week that the Bhownugguroron will be smaller than anticipated, and that the Dharwar crop has been Injured by blight. Spain, Op'rto,Qibralt'r,Ac 3,402 2,588 "'699 Reduced estimates of the Broach crop also have again been cireulaied. All other ;"I"I 13,67s 101^93 Very little reliance can. however, be placed on these reports, such fore- casts being to a great extent merely guess-work. Total Spain, Ac 599 16,980 12,781

OosiPARATivE Port Receipts and Uailt Crop Movement. GSABD Total 8,498 9,190 16,261 l^,347 5-21,<>48 539,456 —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 The Following are the Oross Receipts of Cotton at the month. We have consequently added to our other standing New York, Boston, Philadelphia and Baltimore for the past tables a daily and monthly statement, that the reader may week, and since September 1, 1885. constantly have before him the data for seeing the exact relative movement for the years named. The movement since N«W YORK. Boston. Philadclpb'a BAI.TIMOKa. September 1, 188-5, and tn previous years, Rtceipti has been as follows. TMs Sinc« TMi S(n«« This Since TMt MM* week. Sept. 1. week. Sopt. 1. XMtk. Sept. 1. week. S«pt.l.

KontAiy Tear Beginning Beplemtter l. New Orleans. 3.592, 834,238 10.4I1S Bietipts, Texas 3.4S8 30«.S14 13,878 1885. 1884. 1883. 1832. 1881. 1880. Savannah. .. l.iSS l<)e.&43 2.151 60.247 11,647 1*48 U.48B Bept'mb'r; 385,642, 345,445 343.812 326,656 429,77 458,478 Mobile 3,a4H . ... Florida 40 19.M7 6.8SS October. . \ 1,055.524; 1,090.385 1,046,092 980,584 853,19.) 968,313 ovemb'r 1,0^3,552 1,122,164 1,030.380 So. Carolina.. 3.168; loe,OflB is.5«e 184 7,397 ••••« 1,094,697 974,04:1 1 1.006.501 No. Carolina.. 830 S2.089 10 18,9U Oecemb'r 1,069,920 1,104.211 1,059,653 1,112,536 996,807 1,020,802 Virginia 1,241 180,IJ57 1.000 B8.ua 33,

February I 414,656 261,44!! 385,938 895,59m 291,99-J 572,728 Tennesaee.&o 1,847 58.4-26 BfilO ee.xsi 772 39,541 aoc *im March... 283,645 163,503 241,514 482,772 257,099 476.582 rorelRn 2,lt<3 4.SS1 S3S

Total 1.836,332 4,562,914 1,595,118 5,345,670 1,290,640 5,075,110 This year... 16,31^ I.108,41U 8.48 J 380.931 »M 118,SM 8,«3». 194,770 Pero'tage of tot. port Last 7e>tr.. 20,Si45 I,0S9.9I7 7.183 3».ei4 8.881 98.»8a Sit 100,S«0 receipts Mch. 31.. 95-51 94-73 88-80 90-89 8B-40 Shipping News.—The exports of cotton from the United This statement shows that up to Mch. 31 the receipts at the States the past week, as per latest mail returns, have reached ports this year were 273, US bales more than in 18."«-8.) and 80,833 hales. So far as the Southern ports are concerned, these 241,214 bales more than at the same time in 1883-84. Bv adding are the same exports, , reported by telegraph, and published m to the above ., ._ . T^i-_ -^j^jj totals to March 81 the daily receipts since I the Chkoniolb last Friday. regard to New York we . — 6 .

498 THE CHKONICLE. [Vol. xm.

nclude the manifests of all vessels cleared up to Thursday JfarcA 26 April 2. AprU 9. April 16, night of this week. Total bale,. Bales of the week bales. 66,000 57,000 80,000 82,000 exporters Abyssinia, 2,026 01 which took 2,000 3,000 2.000 3,000 Hkw York—To Liverpool, per eteamers Of which Bpeoulators took.. 5,000 4,000 9,000 8,000 1,604 Carolina, 1,353.... Ad.latie, l,687.--.Amorica Sales American 51,000 45,000 57,000 61.000 ...Trinacna, 874....Umbria, 157 9,j9» Orion, 2,097. 40U Actual export 4,000 6,000 3,000 5,000 ToHuU, per steamer Marengo, 400..... Forwarded... 12,000 18,000 17.000 14.000 100 ^"'.' To Glasgow per steamer Ancboila, Total stock—Estimated 710,000 713, OOP 675,000 630,000 To Havre, per tteamer Canada, 1,285 'onn•="" Of which American—Estlm'd 522,000 527.000 49 1,000 468.000 To Bremen, per steamer Fiilda, 200...... 106.000 77,00c Moravia, 899.... Total import of the week 50,000 45,000 "0 HamliurK. per steamers India, 50 Of which American 88.000 61,000 32.000 43,000 Wlelaud, 300 --• 400 ''itr,iuu Amount afloat 233,000 209,000 202,000 234,000 To Amsterdam, per steamer Soliiedam, Of which American 144,0C0 120,000 135,000 145,000 To Antwcrn, per steamers Jan Breydel, 550....Pe3nland, lidlo 766 ..."... The tone of the Liverpool market for spots and futures each To Genoa, per steamer Stura, 599 ...... 599 Hew Orleans—To Liverpool, per steamers Arcliitect, 3, .526.... day of the week ending April 16, and the daUy closing prices Governor, 4,870. ...Haytlen, 3,203. ...Red Sea, 4.910.... of spot cotton, have been as follows: per ship ABiana, 4, 161. ...per barks City of Liverpool, 4.399. ...Melmerby. 4,192 ^?'.??A 1.250...... l,^go To Havre, per taark Framfart, Bpoi. Saturday Mondii!/. Tuetday. Wednes. T^ured'y. Frtdav To Bremen, per l>ark Tereslua Bruno, 2,338 ;'?.„ To Reval. per barks Agostlno C, 3, 150.. ..Miriam, 4,020.... 7.W0 hark Est. 3,237 Market, Barely Moderate ToBiircelona, per ''t^in Firm. business Firm. Quiet. supported demand. To Trieste, per bark R.iffaele Ligiire, 390 J-JO 12:30 P,.M,| doing. oOJ To Cadiz, per bark Valturno, 503 Mid, Upl'ds 5I9 519 51s 5>e oMa Valona, 2,808 Upland and 5'ia BAVANNAH—To Liverpool, per bark „ „_. aad.Orl'ns. 5«8 63i8 53j, 53,8 53l6 519 51 Sea Island ;;;--•; ^'°'-' Sales . . 10,000 15.000 12,000 10,000 10,000 10,000 CHABLESTOS—To Liverpool, per liaiks Glenola, 1.787 Upland 6,7 1 Speo.Aeip. 2,000 3,000 1,000 1,000 2,000 1,000 Nellie T. Guest, 2,789 Upland. . . . PoUona, 2,200 Upland To Havre, per bark Avvenire, 1,325 Upland 1,325 Reval, per barks Paragon, 2,803 Upland. ...Vasa, 1,800 Future,, To Firm at Steady at Steady at Quiet at 4,o0.3 Markettet, Upland - I Quiet. 1-64 ad. l-*4 ad- Steady. 1-64 de- 1-84 ad- GALVESTOt—To'Liverpool,'per iiark Asbantco, 2,210 ?'2i5 12:30 P.M.J vance. vance. cline. vance. To Vera Cruz, per steamer Harlan. 1,240 • ii Quiet Quiet Market, Quiet Quiet Dull but Wilmington-To Liverpool, per bark Flora, 1,173 ^'1 - Quiet. l>ut l)Ut but but steady-. To Havre, per bark Beetlioveu, 825 8j^o 5 P. M. steadT. 8te.ady. steady. steady. BAi-TiMORE—To Rotterdam, per steamer Toledo, 300 oOO BOSTON-To Liverpool, per steamers Pavonia, 1,642 — Vene- The opening, highest, lowest and closing prices of futures at - tlan, 1,788 VA"-- "'it)^ [averpool for each day of the week are given below. These To yarmoutli, per steamers Alpha, 100. ...Dominion, 50 150 FHiLADEi.PHiA-To Liverpool, per steamers Brltisli King, 533 prices are on the basis of Uplands, Low Middling clause, unless Lord GougU, 1,340 1,873 otherwise stated,

Total.. 86,322 Cf The prices are given in pence and 6Uhs, thus: 4 63 mean, 4 63-64d.. and 3 01 means 3 l-64d. The particulars of these shipments, arranged in our usual form, are as follows: Sat. Apr. 10. Mod.. Apr, Vi. Tuei., Apr. 13. Rot'dam, Ams'dam, Sarce- Vera Bremen Snt- lona Genoa Oniz Open High Low. Clot. Op«n Low. Otoi. Oven Sigh Low. Olof. Liver- & and and it Tar- d. d. d. d vcol. Eavre. burg. Eeiml. Cadis. Trieste, mouth,. Total. 4. A. d. d. d. d. d. d. Kew Tork. 11,79^ 1,285 1,449 1.716 599 15,317 AprU 5 01 501 5 01 5 01 5 04 5 01 5 01 5 01 BOi 5 04 5 03 503 N. Orleans. 29,321 1,260 2,338 7,170 3,7 iO 390 44,209 April-May.. 5 01 5 01 501 5 01 6 01 3 01 5 01 501 5 04 5 01 5 01 6 03 2,859 Bavannah.. 2.85!) May-June... 5 0a 5 02 6 02 5 02 5 05 5 05 5 01 5 01 5 03 5 03 5 01 5 04 6,776-,..- 1,323 4,605 i'?,7oa Charleston. June-July.. 5 05 5C5 5 05 5 05 5 07 6 07 5 08 5 08 5 07 5 07 50a 606 Galveston 2,210 1,240 3,4 = 6 09 5 09 5 0b 5 08 5oa 5 09 5 03 3 08 WUmlngt'n 1,173 825 1,993 July-Aug... 5 07 5 07 5 07 5 07 Baltimore 300 300 Ang.-Sopt.. 5 09 5 09 5 09 5 00 511 511 510 5 10 5 11 5 11 3 10 310 Boston 3,430 150 3,680 September.. 510 310 5 10 5 10 512 5 12 6 11 611 5 12 512 5 12 sia PUUadelp'a 1,873 1,873 8ept.-0ct,... 5 07 5 07 5 07 6 07 5 09 5 08 5 08 9 08 5 09 5 00 5 03 6 03 Oot.-Nov.... 5 04 5 04 5 01 5 04 5 00 5 00 3 05 5 05 5 03 5 06 5 05 5 03 Total... 57,410 4,685 3,787 13,791 3,740 939 1,3£0 86,322 Included in tbe above total from New York are 400 bales to Hull and 100 b.Ues to Glasgow. Wednei., Apr. V-l. Thura., Apr. 15. FrU, Apr. tC. Below we add the clearances this week of vessels carrying cotton from United States ports, bringing our data down to Ovm Siglt Low. CiO). Open Bish Low. aio: Open High Low. Clot. latest dates: the i. li. d. d. d. d. d. a. d. d. d. d. Hbw Orleans-For Livernool—April 11—Steamers Andean, 3,566 : April 5 02 5 02 5 02 5 03 5 01 5 01 5 01 5 01 5 00 5 01 5 00 5 01 Author, 2,583; Leonora, 6.800. April-May.. 5 03 5 03 5 02 5 02 5 01 5 01 5 01 5 01 5 00 5ul 500 bOl April Sldp Equator, 4,306. For Havre— 13— 02 5 02 601 5 01 5 01 6 01 500 5 01 6 00 5 01 For namcurs—ApiU Steamer Corona, 719 April 14—Steamer May-June... 5 02 5 02 5 U— 9 03 03 5 02 5 03 soa 5 03 Gardenia, 511. June-July.. 505 5 05 5 01 5 01 5 03 5 03 5 Charleston— For Bremen— April 13—Steemer Thorn Holme, 4,036. Jttly-Aus... 507 5 07 5 03 600 5 08 5 08 5 05 5 05 5 01 5 05 501 3 03 5 07 5 07 BOB 5 07 6 08 6 0V Boston—For Liverpool—April 7—Steamer Nurseman, 3,042. Aag.-8cpt . BOB 5 00 5 08 6 03 5 08 5 03 0- BALTI.«0UE— For Liverpool—April 9—Steaiuor Euricxae, 2,346 April September.. 511 511 510 610 5 09 5 09 5 03 5 08 5 07 5 OS 5 508 10— Steamer Barrowmore, 2,653. Sept.-0ct... 507 5 07 5 08 5 08 5 05 5 05 5 05 5 05 501 5 05 5114 5 05 For Bremen—April 14 Steamer Hermann, 1,586. — 5 02 5 03 5 02 5 01 6 01 bOl 5 01 Philadelpuia—For Liverpool—April 14—Steamer Lord Cllve, 1,323. Oot.-Nov.... 9 01 3 04 B03 5 03 B02 Below we give all news received to date of disasters to vessels carrying cotton from United States porta, &c.: MissoLiii, steamer (Br.)—On March 31 the jigjjer mast of steamer BREADSTUFFS. Missouri, from Bnatou for Liverpool, wj eoked at Holylicad, had Fbidat. p. M., April 16, 1886, fallen aiid the after end of the ship had broken off between Noe. 5 and 6 huidh; otherwise the position appeared unaltered. Eighteen There is nothing new in the markets for flour and meal. logs walnut, sumo flour and loose bacon washed out of the wreck, is slow, whether for export or home use, but the extreme and have bi eii picked up, and a considerable iiuantity of looao Trade *• cotton has washed on the rocks. low prices current and the moderate supplies coming forward, Bbbiha, bark (Ger.), from Xcw Orleans for Bremen, before reported at Fayal in distress, had lost bowsprit and .iibboom, foremast at the together with the steadier tone of the grain markets, causes deck and mainmast just above the deck; also lost mizica topmast, holders to show no urgency in pressing sales. had rudder head twisted off, and the vessel was slightly leaking. She oauuot bo repaired. Her cargo will bo forwarded in another The wheat market has been variable and closes irregu- vessel. lar, especially in the matter of optious for future deliv- Cotton freights the past week have been as follows: ery. Freight has been taken for large quantities to be shipped during May. The Erie Canal is to be re-opened on the 24th Satur. Jfon. rue*. Wednes. Thwt. li-i inst., and in the meantime large quantities have been cleared ^33 '33 532aXlf4 "84 6.s3a"e4 8323"f!4 from Chicago for Buffalo and Oswego. Later options were Do BaU...d...... neglected and weak, June to August deliveries being less Havre, steam e. "32 81991132 "le^^sg >ia«"33 8l6®ll33 =18®"S2 Do sail e...... a ...a -.•- .... than a cent a bushel dearer than May. Crop prospects have Bremen, steam.. e. I'sa "33 "33 "33 "38 "33 continued fairly good. Foreign advices were rather stronger. Do sail c. >>>• ...... • To-day there was little done in wheat on the spot, but active Hamburg, 8team.o. »3a®'>ie "18 'la =18 "18 »ia for May strengthened the whole position, Do Ball....e...... buying Amst'd'm, steam.e. 32 V 32V 32V 321a* 32V 32V DMI.T OUlSraa PBICBS OF NO. 2 BED WINTEB WHEAT. Fri. Do 8aU...c. .... >a«a ..•• ->- ...a .... Bat. Hon. Tuea. Wed. Thur,, 91 91 91 om Beval, In elevator 91 91 steam. ...d. ^S3 733 tsi ita 'sa Jsa go's 90=9 91% Anril delivery go's 90% 90% 92i« Do saU e. .••• ...• •« ...... delivery 91% 91J4 SOa 91% 91'a May 9214 Baroelona,ataam.e. H H >4 H =4 M Jane dellyery 92J9 91''8 91^ 91% 91% July delivery 92% »2 gi.'s 91% 91% 92% Genoa, steam e. ^32 "84 "64 »364 13*4 13^4 September deUvery 93% 93ie 9258 92% 92% 93'4 Trieste, steam...*. ^ "4 >A H ^4 H December delivery 97H 97^ 96% 9658 96% 971a Antwerp, Bteam..c. »M »M 894 984 »84 «04 Indian corn has presented few or no salient features, either * Per 100 lbs. deliv- in business on the spot or in the speculation for future LrvERPOOL.—By cable from Liverpool, we have the following freight room has shut out the export statement of the week's sales, Btocka, that ery. The scarcity of &o., at port. We wa3 add previous weeks for comparison, demand, causing some weakness in spot values, and there . .. .

April 17, 1886.] THE CHRONICLE. 490 nothing in the situation to prompt Bpeoulation for the rise. Hour, wiuai, Oorn, Oalt. Btrley, At- ( bblt. bUMh. b^l,^. himh. bJih. steadiness To-da3' there has been rather more and the close New York ... 00,031 .185.4^0 35,400 132.0\0 17,n:i:i aoo Botton 09,882 33,788 168,331 87,772 6,541 was firm. Portland DAILY 0M>BIHO rBIOBS OF HO. 2 KIZED CORK. .... Mcmtroal 56,160 6,870 1,0 JO 2,178 Sat. ifon, TneM. Wed. r*M>"i, rri. Patlwlelphitt 18,200 3D.400 74,000 14,400 ... 40 46 4ft!H *f>\ 4.^»g 46 34,746 270,552 21,410 alsVo rjr... .. if<\ 45 \ 4.Ma 4r>>9 46 12,600 11,896 6,610 y...... 48M 46 >4 4H 46 4 II 46 >4 188,597 170,927 46 46i« 1 c .. 46^ iO\ >a 46% 46^ .. 4738 47 '4 47% 47% 47% 47 >a Total we'll... 20n,O04 720.170 40),669 40,174 5,628 47^9 "4 .. 48>4 47% 48 Cor. week '85.. 667,264 2,825.114 543.915 08,'« 37 SB's 36% 36% 3tl'4 Barley 2,152,577 1,982.387 2,098,868 1,781,603 MBTd«Uv«ry as^a 36 36 36 36 8.5 'g Rye 122,513 315,059 831,311 317,617 Jaao delivery 35''8 35% 35% 33»8 35% Sii's Total irraln ... 47.901.677 57,345.605 31.410,227 52,581.800 Rye has been dull and barley is neiarly closed out for the The exports from the several seaboard ports for the week Barley malt is held for mnjre money, but sells very season. eading April 10, 1886, are shown in the annexed statement: slowly. Bxporli The following are the closing quotationa: from— Wheat. Com. Flour. Oatt. Rye. Pea$. FLOUB Fine Sbbl. $2 25» 3 10 Southern supers $2 90» 3 40 SusK Biitk. Bbtt. Hush. Bu$h. Buih. (Tew York 427.350 3 11.410 41.215 84,260 Bupertlne 290» 3 40 Suath'ii noiii. nxtran.. 3 509 3 IK) 1,222 Boston. . 109,244 66.316 52,551 BprliiK- whi:it extras. 3 i5» 3 90 Southern bakers' and 20 45,692 Portland. 108,909 11.002 4,326 . iii.tstra't. 3 8ia 5 00 family brands 4 00» 5 00 N. News. i.\'extra«. 3 30» 3 itO Bye Hour, superllue.. 3 209 3 45 85,714 PhlUtdel.. 49,510 24,000 3,613 ...... ^ A- XXX.. 3 85» 5 00 Oorn meal — 4 7.i» 5 50 Western, *o „ 2 40 9 2 85 Baltlm're 3:12,147 33,70.5 3 409 5 00 Brandywlne. Ao... 9 2 85 N. Orl'ns. 501,257 200 125 250 Olty gUpplugez Richm'd .IN. Wheat- R/e—Western 61 « 63 Total w-k. 695,079 1,374,896 138,610 84,405 250 46,814 Bp^ni^.rer bash. 80 « 96 State and Canada... 64 « ea 9'me time Bpnii(tNi>.2 91 9 92% Oats—Mixed 35 « 33 1885. .. 747,893 1,813,564 162,127 172,774 61,272 4,579 Bedwlnt«r, No.2 91 « 92% White 39 a 44 Red winter 80 « 96 No. 2 mixed 36%9 37% WWte 85 O 96 No. 2 white 41%9 43 The destination of these exports is as below. We add tiM Cjm—West, mlzsd 43 « 47% Barley- oonresponding period of last year for comparison. West. mix. No. 2. 45% • 47 Ungraded Canada.. 75 a flO white 44 44 Barley .Malt- State... 74 a 9a West, 9 Flour. Wheat. West, yellow 41 9 48 Oorn. White Southem.. 48 • 53 Sxportt Yellow Southern. 44 48 tor week 1886. 1885. 1886. 1886. 1886. 1885. to- Week, Week, Week, Week. TVeefc. Week, The movement of breadstufis to market is indicated in tbc Apr. 10. Apr. 11. Apr. 10. Apr. 11. Apr. 10. Apr. 11. statements below, prepared by us from the figures of the New Bbl: Bbl: Bufh. Buiih. Bush. Biuh. first give the receipts at Western York Produce Exchange. We tTn.Klng 92,319 121.629 448.482 5.')5.199 587,773 1,405,027 lake and river ports, arranged so as to present the compara- Contln'nt 5.787 2,333 216,597 192,361 774,358 386.499 tive movement for the week ending April 10, 1886, and since S.diC.Am 17.303 12.801 30 1,349 9,486 W. Indies 12.224 13.422 3,312 26 for each of the last three years: 5,153 July Brit, col's 9,063 11,207 7,101 6,215 Oth.o'n't8 1,914 732 1,000 1,184 BteeipU at— Hour. Whtat. Com. OaU, Barley. Rye Tot.al. 138.610 162,12: 695,079 747,893 1,374,896 1,813,564 Bt>I«.lS6Il» Biuli.Wlbt BtuKI^Vbii Bmli.SilUxi'.Bush.'VilballtmhMlb Chicago 01,111 80,768 781,860 337,2:30 170.819 13,010 By adding this week's movement to our previous totals we miwHukec.. 78,300 88,018 18,440 fl.Ooo! 54,815 900 have the following statement of exports tlus season and last Toledo S.

St. Louis. ., 11.578 SS.6S4 500,230 82,411 7,200 11,058 1835-88. 1884-83. 18S5-88. 1884-85. 1885-86. 1884.SS. Peoria 1.200 6,100 80,775 108,910 13,800 7,000 Aug. 21 to Auo. 25 to Aug. 21 to Auo. 25 to AUQ. 24 to AU9.ata Dnluth 879,788 Apr. 10. Apr. 11. Apr. 10. Apr. 11. Apr. 10. Apr. 11. Tot. wk. '88 190,145 817,5;2 1,547,871 688,815 274.314 32,658 S1>1>. Bbls. Bash. Biuk. BmK Bmh. Same «k. 'S5 I»0.2M 872,801 2.688,883 688,628 200.061 62,129 Dn.KlDKdom 2,595,7l: 3,933,611 8,655,813 18,802,491 26.118,672 22,486.244 Same wk. 'S4 183,721 412,082 1,281,801 991,483 223,885 38,103 Continent . . 80,692 273,114 5,092,367 16,359,873 12,291.278 9,248,876 Sinci July 26 8.iC.Am... 533,218 472,305 2,97t; 48,403 793,749 920,332 IHSB-Sti. 6,0»,a6I 48,881,835 70,517.837 43.652,770 18,683,170 2.507.700 West Indies. 688,800 531,724 4,111 1,000 210,140 277,554 1864-85.. 7,290,548 88,493,118 74.784.885 43,185,715 15.330.329 4,117.918 Brit. Col'nlea 361,092 858,937 25 146 72,932 ee.iMs iaes-»i. 6.880.252 80.lI0.9V3l 87.535.122 40.330.212 15.666.760 6.186 491 Otb. countr'B 18,510 60,862 21,320 23,071 38,691 76,319

The comparative shipments of flour and grain from the same Total 4.170.423 5.628.813 13,070,012 35,031,9S4 39,523,;157| 3;),06B,2«8 porta from Dec. 31, 1885, to April 10, 1886, inclusive, for four years, show as follows: The visible supply of grain, comprising the stocks in granary at the principal points of accumulation at lake and seaboard 1885-36. 1884-95. 1883-84. 1882-83. Flour bblB. 2,713,131 3,680,571 2,895,126 2,947,258 ports, and in transit by rail and water, April 10, 18S6 : Wheat, Oorn, Oatt. Bye, Barltk' Wheat bush. 3,660,312 6.185,507 7,938,384 5,712,556 In ttore at— bu»h. bush. btuh. buth. buth. Com 17,855,807 30,580.531 23,713,836 24,993.126 Hew York 5,228,222 3,339.393 648,911 80,824 72,268 Oats 10,081.073 11,908.097 11,443,701 11.0j4,0(X) 57,000 23.000 18.000 61,000 Barley 158,936 23 '•,729 224,652 206,673 1,936 26,665 Bye 28,649 Toronto 440.082 5,810 112,269 .Montreal 6!i0.9l7 544 181,692 12,581 4,659 Total...... 1,140,128 3,575,024 4,317,272 2,052,058 PiHladelpMa 602,648 444,870 110,002 The rail and lake shipments from same ports for last four Peoria 3,742 282,724 201,825 2M92 weeks were: [ndlonapoUa 123,530 42,025 21,000 Kansas City 511,188 178,495 40,871 Wff>- "r. Wheat, Corn, Onto, Barley, Baltimore ...... 573,899 1,139,157 7,881 end buali. biuh. biult. bufth. Minncniiolls 4,922,728 ... .. Ai.:-. 73 262,575 Elf 1,716 453,724 158,!):j6 2'<,.:i:i at. Paul 1,035,000 ...... 3i!5.696 Apr. „ ,93 129,.'5!>8 461,670 1811, 'J.i:! "-III Down Mississippi 25,000 179,800 50,600 B£iir.27,'86 178,.")51 215.020 (•.17,115 690,131 2(iij,ri'.l.i Mar.20,'36 204,883 214,001) 8«o,650 745,047 220,79iJ Tot. Apr. 10. '86. 47.6.S2.192 16.187.805 2,236.603 496,308 832.902 Tot Apr. 3, '86. 1*^,972,918 10,291,763 2,469.802 527,590 '>'-• 7 Tilt. Apr. 1 1. '8,5' 12.724,678 11,606.392 2,589,537 335,3.53 4w'lts'85.1,133,2,50 2.016,642 9.091,722 3,722,262 028,929 i:w.85« Tot. Apr. 12, '81* 26,173,693 16,578,003 1,138,055 1,969,190 Tot. Apr. 14, '83* 21,708,330 18,129,926 3,873,804 1,637,107 !,..,.,.,.> The receipts of flour and grain at the seiboard ports for the week ended April 10, 18^6, follow: * W'luieapolis and 8t, Paul notlnoluded. '

500 THE CHRONICLE. [Vol. XLH, THE DRY GOODS TRADEf Importations of Drr Goods. of dry goods at this port for the New York, Friday, P. M., April 16, 1886. The importations week ending April 15, 1886, and since Jan. 1, and the same facts for dry goods at first hands was spasmodic and The demand for the corresponding periods are as follows: for irregular the past week, but not wholly unsatisfactory, and there was a fair business in a few seasonable specialties, Bilk SlUt Flax Flax Flax MCanofao delivered hereafter) Wool i Wool Wool. (to be Cotton goods Cotton Cotton some liberal orders for fall 811k o Mlscellaneoag BflsoellaneooB.

Uanufaotnres manufac- ManaTaotrireB were placed with the representatives of domestic 13 1 The weather has been more spring-like, B turers and importers. tares 1= and there was consequently a marked improvement in the 1 H ; . o a i ; S : ; ; in a more : retail branches of the trade, which was reflected i i ? i . : : ; : i ' : i : : i : ! ! ! 1 ; r: S; T general demand for small re-assortments at jobbers' hands. *. well represented in this market, p p c;i § Near-by retailers were pretty OtOMtOCO VtO 01 CD Ifk O if*. M I-' fcO R V 1 nr> COO t^OCit^UD IT> CD 00 tj their joint purchases footed up a very fair aggregate OOi Wlt-03OCJl ^ O^ 0SC5CK-JC0 y,(yi^CO^ and w ^ z their operations were conducted with con- H* amount, though ^ H *Mi^ 1— M — MCOtOM to oscDpja*^_ jobbing circles department goods were to^ ;? siderable caution. In >K)OC0 on •qxOCiO IP- a«tfk4i.toa3 rt CIO c-.ts aKtO-lGO ^ c:h a distribution of the latter was made by some of the principal from printing cloths, which have slightly ^ ^ In 3 jobbers. Aside h-CO M o to O a CO Orf^i The situation in Kll-t (JO OCB u iness to holders of desirable merchandise. M oo — CO-- q s 00 OO OOMOtO a h- tC'CD VcD en H mutually #-y< (*> the manufacturing districts has greatly improved, o tp- Vt CSOCiCOO CC COi*-.«iCO*>. (JO ^H p-atotocj < 01 ^co o satisfactory relations having been renewed between the mills M CO Pt^ » CO CO Ik CO o O.M M ^ a and their employes. "tool Vi to M to to to MWn wco H to (-tOCCMtO ^%r. S Cn it^O CO tt' -101 00 ite <10 0JODtO shipped to Great Britain, 330 to n ;? ^a. •< ages, of which 1,108 were CO c;.-j OW. 00 O O' CO O X cos M Brazil, 115 to U. S. A I^- China, 139 to Mexico, 137 to Chili, 116 to 1^ CO — s «<» *- o>» coc;ttocoa) 00 en to OtO-qCOtO en OiMCoencn Republic, &c. Brown cottons 00 of Colombia, 93 to Argentine QO fair business was done to H to M were in light demand by jobbers, but a en 01 to — to to SR Mf^tOjn© to KipMO'W t^cooooio specially adapted for conversion and export pur- v> WO p s in brands "to© CD H»> ^ CD fairly active (for ? quiet and unchanged. Cotton flannels were rn Co w CO 00 C^ CO t-»M w 00 MMMjO M C0iP-O<3 cnoxc^iifk (X3 QOO 00 to oi slOO'^QOOO about last year's prices. For colored cottons there was only a Ol^ O tf^ X O M QD OOD -a a 01 ): •"0 oo OXc; AprU 13, in 1886 and 1885 : Stock of Print Cloths— 1886. 1885. 1884. 1883. Held by Providence manuf're. 4,3,000 475,000 180,000 117,000 lime Fall Kiver manufacturers.. . 79,000 399,000 211,000 66,000 Since April 13, Same Providence speculators 255,000 324,000 300,000 S15.000 1886. previous year. Outside speculators (eat) 15,000 300,000 75,000 75,000 Ashes I'Ws- 742 785 Total Stock (pieces) 392,000 1,498,000 766,000 573,000 Beans bWs. 34,201 32,500 Breadstuffs— quiet, aside from novelties in fancy prints and , , , Prints ruled Flour, wheat hhU. 1,116,527 1,609,774 indigo-blues, in which a fair business was transacted. Printed Com meal bbls. 90.619 67,755 Wheat hush. 972,982 2,724,440 lawns, batistes, foulards, chambrays, &o., continued in fair Bye hush. 22,354 153,783 bush. 12,577,472 12,668,152 request, and a moderate distribution of ginghams, crinkled C5m Oats bush. 4,015,415 6,079,022 seersuckers and other cotton wash fabrics was made by Barley hush. 2,428,854 2,055,602 Peas.. hush. S0,915 90,450 agents and jobbers at steady prices. Cotton bales. 365,315 420,248 20,678 Domestic Woolen Goods. —Men's-wear woolens hare not Cotton seed oU bbls. 38,960 Flaxseed bags. 3,271 JS'^J? 35,731 shown much animation as regards new business, but the mill Grass seed hags. 17'?S§ No. 24,023 41,057 continued to make fair deliveries of cassimeres Hides agents Hides bales. 14,275 22,242 worsteds and overcoatings on account of back orders, and Hops bales. 37,170 24,335 Leafc. :...... Bides. 797.953 727.801 such makes as govern the market are generally steady in Lead Pifs- 52,402 106;920 grice, because stocks are in pretty good shape as a rule, Molasses hhds. » 40,399.nVQQ 23,115 atinets were lightly dealt in, but leading makes are well sold Molasses bbls. Naval Stores— up. Kentucky jeans and doeskins remain quiet and steady, Turpentine, crude obis. 406 ,o So? 17,126 Cloakings and Jersey cloths have met with some attention Turpentine, spirits bbU. l?'22j^ 61,631 72,180 from the manufacturing trade, but selections averaged light. Eoshi bbls. Tar bbls. 5,9ti5 7,037 Ladies' clothe, tricots and soft wool suitings were taken in Pltoh"'.".i; hbls. 452 554 small parcels for the renewal of assortments, and a fair busi- Oil cake Pk«8. 137,080 146,093 ness was done in all-wool cashmeres, serges, homespuns, on, lard :5SJ8. 2,056 1,857 diagonals, &c., as well as in worsted dress fabrics, as lace Oil, whale ftftlls. Peanuts hajts. 34,698 48,863 stamines, beiges, nuns' veilings, cashmere brocades, twills, Provisions— ^ &o. Flannels were in light request and there was only a Pork Pkgs- 27,468 62,722 12,208 moderate inquiry for blankets, the late advance in prices hav- Beef pi's*- 11,105 pkgs. 208,720 224,897 buyers to defer operations until later on. Cutmeats ing caused Carpets Butter pkgs. 269,714 335,251 ruled quiet but steady, and some very fair orders for wool Cheese PkKs. 211,254 229.143 219.375 hosiery and heavy underwear were placed with the commis* EkkS l>Dl9. 305,851 &bbls. 130,560 135,935 houses for future delivery. Lanl t08. Bion — Lard kegs. 83,840 68,491 Foreign Dry Goods.—Seasonable fabrics were mostly dressed ;»o. 29,178 23,365 Hogs, 21,627 quiet in the hands of importers, but a good many additional Rice pkgs. 25,097 52,202 Spelter slabs. 15,176 orders for certain fall and winter specialties were placed (tor 3,664 6,095 Stearlne Pkgs. 415 future delivery) by jobbers and large retailers. The jobbing Sugar -bbls. 373 hhds. 1,356 4,268 trade was a trifle more active than the preceding week (the Sugar : ...pkgs. 17,249 13,565 weather having been more favorable for the distribution of TaUow 35,973 boxes & oases. 36,233 light summer fabrics), but transactions were moderate in the Tobacco 28,113 Tobacco >»^4*' 23,983 aggregate. Considerable quantities of silks were sold through 64,954 95,973 Whiskey •bVl*' 19,988 the auction rooms at relatively low figures, and large lines of Wool balee. 8,137 laces were disposed of in like manner to fair advantage. : ; ; ; : ; :

«ii April 17. 188«.J THE CHRONICLE.

^vnst ©omp antes. $eg«t notice. S«BaI Itofttce.

T B Dodg* Coaoty, 0«orvta. Bckok of H Special Mostor'H ForeoIorar« Sale ! Mortogw, pagae 18B tl aeq.; Provident Life&TrustCo or Till Telfair County. Oeorgla. In Buuk U of MortcaffM, OF piiii.Anni.piiiA. pages 100 et $eq.; Inoorponileil Third Mo., aia, IMUS. East Tennessee Virginia Appling Conoty, Ueurgla. In Bouk K uf Murt«a«M. {('IIAIITKK PKKPKTUAI..) pafM8«tf«9.; »1,000,000 CAPITAL Wajno County, Georvla, In Book P of Morto«M* 1^t!i,G'il,!i^O Oft. ASSCT»i & Georgia Railroad. pages 178 e( »efi.; IN9UKKS I.IVKS, (JUANTS ANNI'ITIKS, RE- Glyna County, Oaorgla. In Book T of MurtgagM* OBIVKr' MONKV (^N DKI'dSIT. ri'tnrnalilo on de- pages 200 «Cm«.,' IBftnd, or on which Interer*! ii« hIIowlmI. iirtil Is omiw>iT KXKCITOH, A DM IMSTllA- Dallas C-ounty, Alabainn, In Dued or M<>rt«aff« Reo- •red bylK«touot w> By virto* of « docrea nuwl* on the 17th 6mj of TOK TKIISTKK, OUAKDIA.N, ASSIIIN KK, ('".M- ord 74. pages OM et $tq.; .MITTKK. HKCKIVKK. AOKNT. olo,. for tho fnllh. Haroh. 1880. by the Circuit Court of the Unltod Perry County, Alabama, In Deed Raourd WW, fill iMirforniiitM-*) of which ItH oapttiil iind surplus SUtes of the Oaaicrn District of Tonnostiee. In thu fund funilnh Hniplp security. paves 35 et seq.; cause of the Central Trust ('uiupKiiy uf .New All trust fuiid^ and Investments nrn kept soparAto Vork Bibb County, Alabama, In R Reoord, pages 143 «t fend Boart from the assets of the conipnny. against the Kn»i Tonneiisee VlrKlola & Guorifla Itall- of parties residing s«q.; The Income iibroad carefully roud Company et at, imd cunttrmud by theClruult oolleoted and duly renillted. Autauga County, Alabama. In Reoord or Mortgage SAM'l. K. SHIIM.KV, President. Courts of the United Statett fur the District! uf Book. Tol 29, pages 1 et aeq.: T. WISTAK BKOWN, Vlee.l>ro«l''ent G«orKta, Alabama and Mlsslsalppl. I will «at : wivi; Vice. I'lesldent anil Aeed Book cree of March 17th. 18^6, to which reference la AMets and Resources SSO.r'A here

No. 1. pages 103 et made : being all the property D«po«lt with insurance Department 240 ' 00 »eii ; described and set forth President: VIce-PresliIent Washington County. Tennessee, In Trust l>«ed In three certain deeds of Indenture of mortgage or 9iB ALix.T. Oalt. Hon. Jas. pckriib Book Nu. 2, pages 2u3 et »eq.; trust, executed respectively on the 1st day of March, MacaglnK Director: KnwARD RAWLIN08. Greene Cunnty, Tennessee, In Trust Deed Book 1883, the 1st day of April. 1883. and the 14ib day of NEW YORK OFKIOB: >'o. 2. pages 1 et se^j.; October. 1834, and recorded In the public registries NO. Ill BROADWAY. Hawk ns County. Tennessee, In Trust Deed Book of deeds and mortgages In Tennessee and Georgia,

D. J . TO.MPKI.N9. Secretary. 1. pages 183 e: aeq ; as follows James lounty, Tennessee, N»w TOHK DiRECToRft—Joseph W. Drezel. A.L. Cocke County, Tennessee, in Trust Deed Buuk 1, la Deed Book No. 3, Hopkins. H.Victor pages 78 seq,; Newcomo, John Paton. Daniel pages 17'4et ^eq.; H TTr-.nc«. Krtw f. wtnslow. ttrastuB Wlman. K. P. Whitfield County. Georgia, in Book of Mortgages Olcottand J. B. Pulsford. Hamblen County. Tennessee, In Trust Deed Book A. pugus 431 et aeq.; No. 2, pages 58 et seq.; Catuosa County, Georgia, la Deed Book F. pages 1 et seq Sc Jefferson County, ; FIDELITY CASBAI..TV CO. Tennessee, in Trust Deed Book Fulton County, Georgia, in Mortgage Book K. Nos. 314 A 2I« BROADWAY, NKW YORK. No. 2, puges 162 et aeq. pages 754 ttsrq.; Bibb County. Georgia, In Book 11. folios 75 ee se^ Caah Capital, l2.V).ono. invested In U. S. Govt Honda Knox County, Tennessee, in Trust Deed Book K. ; Fulton County. GeorKla, In Book L, pnges 793 rt seq. 1200,000 deposited with the N. Ins. T. Dep't, for vol. 1, pagOA 216 et seq.; Said property be generally aa the protection of Policy-holders. may dtscribed a line of railroad extending from Bristol. Tennes-ee. Assets. January 1st, 1»«6, |£90,S<)0 43. Loudon County. Tennessee, hi Deed BookNu. 4. through KnoxvlUe to ^ haltanm>Ka, Tei.nesset^. from OfBclals of Ranks, ttailroads and hjxpress Compn pages 260 et atq.; Morrlstown, Tennessee, to Ui>aka. Tennessee, from ntes. Manaueni. Secretaries. and Clerks of Publlcron> Monroe County, Tennessee, In Ooltewah Junction, Tennessee, to C'ohutta, Georgia, panies. Inst tint ions snd romntercial firms, canobtail Deed Book U, pages 4~2etstq.: f r(»m Cleveland. 'i'enne>Bee, thi ough Dalton and BONDS OF liiURETYSHIP Home, Geortfia. to Atlanta. -Macon, and Biunswlck. from this Ponipany at mode.'ate charges. Mcninn County, Tennessee* la Deed Book U, Georgia (with a ranch Line cxtendint: from Coch- The bonds of this t'ompany are accepted by the pages 252 et seq.; ran, Ga., to IlawkmsviDe, Ga ), and the line from Oourt« of the various States Home through Talladega. Annlaton and .'*«"Ima, to Bradley County. Tennessee, In Deed Book G, pages A Meridian, Mlssi-aippi; together with all the riKhiaof CASH LTV DEPARTIHENT. 205 et seq.; way, franchises, rolling stock, and equipment of 8a:d Policies issued against accidents causing death ul KnitroHd Company, ano aok of Mortgages, pages thereon TO et aeq.; Second, No bid for less than ten million dollara will be received Paulding County, Georgia, In Book of Q Mortgages, TViird, One hundred thousand dollara, cash In hand, pages William W. Porter, 567 et stq.; will be required to be paid at the time and place or Cobb County, Georgia, in Book F of Mortgages, sale, and the balance of the purchase price may be paid either in cas 'or, at the option of the purchaser, pages 181 aeq., Attorney and Countiellor at Law et the remainder of his bid may be satisfied ordls- No. 023 WALNUT feTREET, BartowCounty. Georgia, to Book A of Mortgages, charged in whol*- or in part by paying over and sur- pages 2Q2eiaeq.; rendering any of the consolidated First M rtcage 1-blladeIpbla, Pa. bonds, issued under said .Moagaue of June 15ih. Fulton County, Georgia, In Bonk n of Morttrages. 1881. and any o*eroueunii unpaid coupons belonging Corporation. Transportation and Commercial Law. pages 247 «e seq.; thereto, and also any Cincinnati & (icorgia Oivtsloo HKrKHi!NCr.8:-The Trust Companies, The bonds of said Kast Tennessee Virginia A Georgia Natlona De Kalb County. Georgia, in Book of Mortgages, Banks and Railroad Companlealn Philadelphia, and Hailroad Company, of lis two milli n issue of March pages 3:15 et seq.; tlM Judxea of any of the Courts. I St. 1883. .nd any overdue and unpaid coupons tte- longing thereto, ai such value as will be Coffee County, Georgia. In Book A of Morttrages, price and equivalent to the ixtrlbuilve smount that the hold- 189 pages et seq.; era of said bftnds would ho entitled to receive there- E. A. Angier, Clayton County. Georgia, la Bouk A of Mortiiages. on. In caso the entire amount of the bid was paid In cash. non»» of aaid or ciiupttns will be re- pages 127 <( seq.; Hut bonds Attorney Bn»wr/h. In adoltlon tothosiimbld for the pn>pcrty. take the projwrt* Vorporalion 31 et seq.; the purcha.'Mjr or purchasers will and Otmimm-eial Late a Speeialty subjectto, and will bo required to assume and pay Jasper County. Georgia. In Book I of Mortgages, claims now pendlna Refers to Judges Stephen J Field and Wm M off and discharge, any and all pages 510 et seq.; Inelthe'- of the courts in which Wotids IJ. i^. Suiirenie Court. Washinuton. D C. and undetermined are pending, which Monroe County, (ieorgia. In Book G of Mortgages, theorlglnal and anciIllHry bills may be allowed and adjudged bv the Court as prhir pages H7 etaeq.; to any riKht secured under the mortagea nerelii Jones County, lieorgla. in Bmik U of Deeds, pages mentioned: and anbieot likewise to all debta. etalms soever nature, laourred or 979 and demands, of what JOSEPH et seq.; which may be Incurred, by Henry Kink, as Raoelrer, CI LLOTtSI Bibb County, Georgia, In Book BR, pages 103 tt and which may remain unpaid at the termination of seq.; said Kink's receivership. For fuller and more exact and detailed state- Twigg.4 a STEEL PENS County. Georgia, In Book 8 of Mortgages ment of the terms of Sale, refereoca Is made to aald March 17th. tSSS, eotarad of rvoord In ffotoHr ALL paneti 5Ci et seq,: Decree of DEALERSTMTOuoHowrTHr WORLD said cause, an 1 under which said sale will b« made. COLD MEDAL PARIS EXPOSmON-IR7R Puiaaki County, tteorgia, in Bixik B of Murtgages, pages 8S7

L. THh CHRONICLE [Vou XLn,

l^otices. (f^ommtvcivil ©at^fls. %tS!XX 1^0tiCCB. %tQixl Toledo an'-ond nreferrei Incomebonds; 13.401 shares OF THE pany; 1 shares St. J o- Brinckerhoff, Turner nOMMISSIONEK'S SAI.E Peor"a I Western Railroad Com LOOIS PA- I'opot; 210 shares Union Depot Company ^^propertr of tho WABASIl ST. & Tonh tlSon Union Depot of'KanSaSV' It?, vio.; lOshares Hannibal CIFIC RAILWAY COMPANY. 5 0S7 shares ues .Moines Korthwesteri; & Co., York and ComJan^; IJavana Rantoul The Central Trust Company of New Ra iwav fcompany; 2,214 shares Wabash Kallroad 'Companj;: shares Des Mannfaotnren and Dealen In Cheney, complainants, against the SEfem 0^ 20,127 James Mntneii .t St Louis Railroad Company; Railway Company and others, Itailroad Com- St. Louis A Paciao rtares nnmcston & Shenandoah shares ML-sourl Iowa 4. Nebraska defendants. Consolidated cause. In equity. nanr 2!,534 96-100 SAILDUCK shares St. Louts Jersey- COTTON 9,000 that pursuant to, and by Vinifwav Company; Notice Is hereby given, &'spr"?gHcld liulrpad Cotiipany; 2,080 shares entitled Ime Cimpany; 14,246 And all kind* of authoritv of a decree entered in the above Clariiida & it. Louis Railroad Missouri i Pacific Railroad Coinpany; the Circuit Court of the United States fo share's Ouincy DUCK, CAB cause by Iqin .fiarBa St Louis llttumwa & Cedar Hapids OOTTON CANVAS, FKLTINO on the sixth, by BlufTs the Eastern District of lllssourl uiXfvRailway comp^oi}.^Company; II,0«sh.ares Council & COVBEING, BAOOINO, RAVENS DnCK.SAHj United States for the South- 7,281 shares St. Louis the Circuit Court of the Company: 4,333 TWINB8, *C., "ONTARIO" 8EAMIJI188 Circuit Counc Bf^ffs&'^Oinaha lUllfoad of Illinois on the eUhth, by the Railroad Company; 8TBIPBB, ern District shares Brunswick & chilllcothe BAQB, "AWNING District of Id. Albia Railroad Court of the United States for the I 6*7 shares Centreville Moravia & Attica Covington & Southern Also, Agent! the ninth, by the Circuit Courts for the Company; 750 shares dlana on Company; 1.665 shares American Refrlger- Western Division, for the Ilanwav Union STATES BUNTING CO. Northern District of Ohio. atorTraniit (Company of Illinois; 60 shares UNITED the Southern of Toledo, Oa 17 shares St. Louis Kastern District of Michigan, and BHdge CVmpany tail supply, aU Widths and Colors, klwayi In itoak Company; 4,91)4 shares Peoria 4 A Eastern Division, on the twelfth Oouiftv Kallroad District of Iowa, Union Hallway Company; 9,998 shares Chi- No. 109 Dnane Street. the supplemen- Pekfn 12,500 day of January, 1886, as modified by cago & Western Indiana Kallroad Company; District of Louis Bridge Company common stock; tal decree of said Court for the Eastern shares St. shares St. Louts & Mississippi Valley Trans- March fifth. ISSd. I, Edmund T- U60 Erie, Missouri, of date Dortatlon Company; steamers now on Lake "John C. Gault." Allen, Commissioner, will, on known as tho "Russell Sage." & Co., and " Morley;" 15 locomotives Bliss, Fabyan APRIL, 1886, "Ah Hopkins" • MONDAY, THE 26TII DAY OF maniifactured bv the Rhode Island Locomotive passetigercars manufactured b.y Barney. New York, Boston, Philadelphia, of the United States Court House, Works^a »t the east door Co.; 5 baggage cars manufactured by Bar- n the State Smith St. manufactured FOR LEADING BRANDS on Eighth Street, In the City of St. Louis, 1 n?v Sinlth & Co.; 1,210 freight cars BBLLINO AGENTS Smith & Co.; certain rolling stock men- Missouri, between the hours of 10 A. M. and4P bv Barney, BROWN & BLEACHEB SHIRTING of and described m certain agreements between to the highest bidder, with tioned Company M.. sell at public auction, Wabash St. Louis & Pacific Kailway AND SHEETINGS, modi- the Car Trust Assoctatlon; out redemption, and as directed in said decree, and theNew York & Pacific PRINTS, DKNIMS, TICKS, DUCKS, AO. 6 block 9 Springer & Fox a.ldit on the premises and property, de- lots 12 3 4, 5, m fled as aforesaid, of Chicago, Illinois: part of lot 32 of the Hosiery to the City quaner, and rowels, ftnllts, White Good* & scribed as follows, to- wit Assilssors' division of the northwest quarter of section 32. DrillM, Sheetings, *«., for Export TraiU. right of way and railroad of the said Wa- wMt half of the northeast All the ...f.9u 18S5.I t^^is » jui filedtiled inIH thisthls cause,ciLiise. t.hn tittn of and JurMlc- cemberay. and the title of will retain control over said properties lots been acquired ""'^ and of which lands and has by the re- tion over the purchasers thereof '", sffe In the name of J;lrnes F. t'>r""K'»„«'; ceivers in said cause How, all persons taking said property all right, title and and expenses,""If/ Trustee: and also the interest of said purchasers, until all court costs the said Wabash St. Louis & Pacific Hallway Com- expenses of the receivership a^l Iho all the be pany In and to 146,000 Union Bridge Company bonds; claims and demands that have been or may |l,342,0(X) Humeston & Shenandoah Kallroad Com allowed against sain property or any Pa^ thereof oi^ CHROME STEEL AND IRON pany tlrst mortgage 7 per ccm, bonds; $1,000,000 orders thereof shall WELDED the receivers of said c.urts by and Angles Wabash St. Louis & Pacific Railway Company gen- and discharged. In Bound and Flat Bars, and 5 ply Plates be fully paid ^„t.t. and„„rt eral inorigaKea per cent bonds; »400,00O Wabash For more specific statement of the rights tOK SAFES, VAULTS, &c. Hallway Coinp-my mortgage 7 percent bonds of to be sold, as afore.sald, and the terms and property to Drilled, and praotloallj 1«<9; »199,000 Wabash St. Ijouls & Pacific Hallway conditUms of said sale, reference is hereby made Cannot bo Sawed, Cut or several Burglar-Proof. Comvmny— Detroit Division—6 per cent bondi*; 248.- the decrees In this behalf entered in the 000 tjuincy Missouri Pa iflc & Railroad (Company courts as hereinbefore stated. WORKS, Income bonds;' »1,711.000 Tuledo Peoria CHROME STEEL, & West- t> T. ALLEN, t'oinnany first [irefcrred liDMUND * SlIL'itiy''^"*'' inc nio bonds; Commissioner. Free. BROOKLYN, N. ITW.OPO Toledo Peoria & Western Eallroad Company Clroulura April 17, 1886.J THE CHRONICLE. ii

fwmvRuct, IttBtirattce. IttBttrance. THE niABItVE AND INLAND INaUHANOa COMMERCIAL OFFICB OF THE MUTUAL LIFE MUTUAL INSURANCE INSVBANOR COnPANT, CO. OP NEW YORK. M WALL STRHST. NKW VOHK. R. A. MoCURDY, President. AHBTS. Cnlted States Saaarttles (IMISM at ATLANTIC Bank Htnclia of New Vorli City Banlu IM 887 M laaVXS EYSBT DKaOBlPTJON OF Cliy and other Htooluand Bunds, Loans and Cash in Banlls 848JU 71 LIFEdk ENDO POLICIES Premium Notes, Cash Premloms, Rs-la> WMENT surance and other Claims ^400 W Rates Mutual Insurance Co., Lower than other Companiei. Total Assets Jannarr 1, 1880 (718.892 W „^- "*''''""'<>*•««. '"re'ldent. ORQANIZED APRIL 14, 1842. IIKNRTD. Kino, Sea. WAiNWHiour IIaki.ic, v.p. or This Company iMueaOe tlacatefi .,f Insnranos. losses payoble in LONDO.V, at Its Ilanlters. NEW YORK, January 23, 1886. Assets, - - $103.876,178 51 DItOWN.SIIIPLBY *CO. .We TlieTrngtees, In conformity to the Charter of the Company, submit the following Statement Clp0tt0tl. of tta affairs on the Slot December, 1885: EQUITABLE Preroliimson Marine Risks from tat January, 1883, to 31st LIFE ASSURANCE SOCIETY, Dcoember, 1885 $3,856,618 66 120 BROADWAY, NEW YORK. Premiums on Policies not marked Robert Tannahill & Co., ofl let January, 1885 1,339,523 10 Assets, January 1, 1885 |58,161,925 Surplus at 4 per cent 10,483,617 Cotton Total Marine Premiums $5,196,143 7d Commission Merchants, Income in 1884 15,003,480 Paid to Policyholdere during Premiums marked off from Ist Cotton ExebanKe BalldluK, New Tork last 25 years 81,072,486 January, 1 883, to 31st Decem- THE SOCamr ISSUES ber, 1885 $3,770,094 30 SpMlal attention (Iren to the pnrehaM and sslso INDISPIITABLE ASSURANCES Future Contraots Losses paid during the same AND MAKES In New York and Liverpool. period $1,915,020 67 PROMPT PAYMENT OF CLAIMS. Setums of Premiums and Ex- Farrar penres $776,712 42 & Jones, The United States Life 132 , NEW TORK. The Compaar has the following Assets, vix.: Liberal advances made on Cotton conslgnmenU. United States and State of New Insurance Special attention given to orders for contraou tor York Stock, City, Bank Co. future delivery of Cotton. and KURE, otherStocks $9,034,685 00 IN THB CITY OF NBDT YORK. FARRAR & CO., Leans secured by Stocks and NORFOLK, VA. (OBOANIZED IN 1850.) otherwise 1,438,600 00 261, 262 & 263 Broadway, New York. Real Estate and Claims due the Alexander & Cargill, Company, estimated T. H. BR08NAN, President. at 530,000 00 COTTON Premium Notes and Bills Re- C. P. FHAI.XIQH, 8eo'7. A. Whkelwbight, Asst 8eo. BROKERS, ceivable 1,508,143 53 Gbo. H. Bubfobd, Actnary. AlICUSTA, OEOROIA. Cash In Bank 228,897 88 AH the proflts belong to the Pohoy-holders ezcla- Kntlre attention given to purchase of COTTOR sively. TO ORDER for 8P1NNBKS and EXPOBTKBS. Amount $12,740,326 46 CORRKSPONDKNOS SOLICTTSD. All I'ulicies issued by this Company ore indispijt- RBFSRK>fCK8.—National Bank ABLK after three years. of AngusU. Oa Henry llenti 4 Co., Commission Merchants. New SIX PER CENT INTEREST All Death ClBims York William on the ontstand- paid without dtscount as soon ; B. Dana * Co., Proprietors COMMIB- ciAL Financial ig certificates of profits tt." satisfactory proofs have A Chboniclc, and other New Tork will be paid to the been received. Houses. )lder8 thereof, or their legal representatives, This Company Issues all forms of Insurance, in- cluding Tontine and Limited on and after Tuesday, the 2d of February next (Non Forfeiting) Ton- tine. F. THE OUTSTANDING CERTIFICATES of James Wenman & Co. One month's grace allowed in the payment of the Issue of 1881 wlU be redeemed and paid COTTON BROKERS, to Premiums on Tontine Policies, and ten days' grace the holders thereof, or their legal No. 113 PEAPL STREET, N, representa- on all others, the Insurance remaining in full force Y, Established tives, on and after Tuesday, the 2d of February during the grace. (In Tontine Buiidlns) 1840. next, from which date all interest thereon will Absolute security, combined with the largest liber- cease. The ality, assures the popularity certificates to be produced at the and success of this com- WALTER &KROHN, time of payment and canceled. pany. GOOD AGENTS, desiring to represent the Com- A DIVIDEND OF FORTY PER CENT Is COTTON BROKERS, pany, are Invited to address J. 8. GAFPNKT, Super- declared on the net earned premiums of the 63 BEAVER STREET, NEVF intendent of AKencles, at Home Office. YORK. Company, for the year ending 31st December, 1885, for which certificates wlU be issued on and F. Hoffmann, after Tuesday, the 4th of May next. UNION MUTUAL By order of the Board, COTTON BBOKEB AND AGENT Life Insurance J. H. GHAPSIAN, Secretary. Company 38 RITR DK LA ROITRI«E, HAVRE. PORTLAND, MAINE. JOHN H. G1.ISB¥ A. CO., JOHN E. DE WITT, President. ORGANIZED 1819. COTTON BUYEB8, Write to the Company or its Agents for circulars ejcpiulning raONTGOIdBRT, ALA. T R 17 S T;B E 8 i Tbe IKalne Non-Forreltare I.a'ir. POROHASC ONLT ON ORDICIUI FOR A roMWimrON J. D. Jones, Adolph Lemoyme, LOSSES PAID PROMPTLY AND WITHOUT Charles Dennis, Robert B. Mlntam, DISCOUNT. H. H. W Moore, Charles H. Marshall, The Company is strong, reliable and popular; and James Low, Frederick H. Cossltt, tunes a variety of policies suited to tbe different A. A. Raven, Wlliiam Bryoe, oircnmstances of Insurers. Wm. Sturgls, John Elliott, BAGGING. Benjamin H. Field, James O. De Forest, WARREN, JONES & ORATZ Josiah O. Low, Charles D Leverloh, Thomas B mutual^'benefit Coddtngton , John L. Rlker, ST. LOUIS, Mo. William Degroot, N. Denton LIFE INSURANCE COMPANY, Smith, Uanufactnrers' Agents for the sale of Jute Batntnc Horace Gray, Qeorge Bliss, NEWARK, N. J JUPOSTBRS William E. Dodge, Henry E. Hawley, AinZI DODD, President. OF

William H. Macy, V"'""",' ; William D. Morgan, ^f"Kn^'.*'''Ji"" I38,6li5.!!19 88 IRON COTTON TIES. Liabilities (4 per cent Ileserve) 80 857 827 70 a A. Hand, Isaac Bell, Surplus ij 757 491 62 Surplus (New Yorlt Standard) John D. Hewlett, Edward Floyd-Jones, B'.41i1241 50 BSTABUSBKD 1808. Policies WUllam H. Webb, Anson W. Hard, Absolutely Non-Forfelitable After Second Vear. harles P. Burdett, Thomas Maltland. Eugrene K. Cole., I» CASK OF i.Ai'.sK the Policy Is continctkd iv dmund W. Corlles, rOROB aa long as its value will p»y fori or, If nre- STATIONER AND PRINTER. ferred. a Paid-up policy for its fuU value is Issued in JOHN D. JONES, President. exchange. Supplies Banks. Bankers, Stock Brokers and Co*M> After the third year I'dlicles are iNCONTKSTAnlJt rations with complete outllts of Aooount Books -"^ CHARLES DENNIS, except as aaainst liitentlnnai fraud; and aU restrict Stationery. Vloe-Prealdent. tuyns lu tfi trav^ , or oCi:uijatv>n are -itove^l. tW New concerns organtsing will have their or4«r iCASH I.OA.NS are made tu the exte; of 50 per cent promptly executed. W. H. H. MOORE, 2d Vl06-Pre«'t. of the reserve value, wliere valid aasifi :uenta of the Policies can be made us enllatenU secur. y. Losses paid immediately No. 1 WILLIAn STREET, A. A.; SAT£N, 8d Yioe-PTeaUait. upon completion and ^as proval of pioofi, (BAKOTSB SQUARBJ ; ,

THE CHRONICLI? (Apeil 17. 1886. |l|lisceHaue0UB. ®0tt0tl. ®0tt0tl.

Valter T. Hate^. Henry i'. Haieh, Woodward & Stillman, NatK'l W. T. HaleK. Arthur M. Hatch. MERCHANTS, W. T. Hatch & Sons, BANKERS, 1 Exchange Place Co Post Building, 16 & 8 INMAN, S WANN& 14 NASSAU STREET, NEW YORK. NEir YORK. BBANCHHuiKnwn»»irMiOFFICES 13'i Church Street, N. Y., j j^yj^ Chapel St., New Haves ACCBPTABLK SKCTJRITIBB. Personal attention given at the EXCHANGES to M)ANa MADK ON COTTON MERCHANTS, the purchase and sale of STOCKS and BONDS foi cash or on margin. Bfioiai. attention to Obdiks fob contracts DEPOSITS RECEIVED—subject to Check at sight —with interest upon balances. FOB FUTtrKK DKLITKBT OF COTTOK. Special attention paid to INVESTMENTS and New York. aoconntsof COUNTRY BANKERS. COTTON, ALL GRADES, SUITABLB TO WANTS of spinners, Crenshaw & Wisner, Offbred on Terms to Suit. 71 ATALL ST., NE\r YORK, R. Macready & Co., coninissioiv rierciiaivts. Members of the Cotton, Coffee and Produce Exch's. COMMISSION MERCHANTS, G. E. Staenglen, AGENCY OF THE HAXALL CRENSHAW CO., COTTON EXCHANGE BVIIiDING, NEW YORK, NEW ORL.EANS, UICilMOND, VA. Standard Brands (jf Fhmr for Shipment to Warm NEW YORK. i limates always on hand. AGENT FOR ORIENT GUANO M.\NUFACT'G CO.. Bought and Cotton, Coffee, Grain and Petroleum ORIENT, li. I. Sold for Cash, or carried on Marirln, on the Tarioai COTTON COMPANY OF STUTTGART. Standard Superphosphates. Exchanges in New Yorfc City. SULPHUR MINES COMPANY Antborlzed Capital, B. U. 20,000,000. OF VIRGINIA. Henry Hentz & Co., nigb Grade I'yrites free from Arsenic. MERCHANTS, Pald-Up Capital, B. M. 6,000,000, COMMISSION Bloss, 8 Sontb ^ViUlam St., New Ifork, Gwathmey & XKCUTK ORDERS FOR FUTURE DELIVERY G. Schroeder & Co., COTTON Successors to WARE & SCHROEDER. COMMISSION MERCHANTS, t the NEW YORK, LIVERPOOL AND NEW OR- MERCHANTS. LEANS COTTON EXCHANGES. Also orderi for COTTON COMMISSION No. 123 PEARL ST., NEW YORK. COFFEE Cotton Exchange Bnildingr, at the NEW YORK COFFEE EXCHANGE, and Orders for future delivery of Cottn cuted is NEir YORK. ORAIN AND PROVISIONS New York and Liverpool; also for Grain and Pro EXCHANGE and It the NEW YORK PRODUCE John .L. Bullabd. Henbt H. Wheeler. the CHICAGO BOARD OF TRADE. visions In New York. CORRESPONDENTS Bullard & Wheeler, Messrs. Smith, Edwards & Co., Cotton Brokers, IdTerpool. COTTON COMMISSION MERCHANTS Henry M. Taber& Co., Jas. Lea McLean. New Orleans. NEW YORK. 141 PEARL ST., NEIV YORK. LEHMAN, STKBN & CO., Lehman, Durb A Co., ALSO New Orleans, La. Montgomery Ala. RAGGING AND IRON TIES, COTT'OIVI LEHMAN BRO'S, (FOR BALING COTTON). Advances made on Cotton ConBignments and Special made on Consltraments of Cotton. Con- of AdTanoes Attention given to purchase ana sale FUTURE traota for Future Delivery of Cotton bonxht and Cotton Factors CONTRACTS OK COTTON. sold nn ooTnmiHHlnn. AND oonimssioN hiebchants, Phenix Insurance Co. No. 40 EXCHANGE PLACE, Mohr, Hanemann& Co., iUlMBBBS OF THE OOTTOS, COFFEE AND OF RROOKLYN, PhODUOE EXCHANGES. Office, Broadway, York City, DP-TOWN Office, No. 204 Church Stbeidc 133 PEARL ST., 186 GRAYIER ST., 195 New Nenr York. statement of Company 1st D*yof Jan., ISS-'i. ?Orders executed at the Cotton Exchanges In New New York. New Orleans, La. CASH CAPITAL 11.000,000 1) orli and LiTerpoot, and advances made on Cotton Reserve for unearned premiums 2,390,985 I ? and other produce consigned to us, or to our corres- Reserve for unpaid losses 287.827 87 Sondents in Liverpool : Messrs. L. Rosenheim & Netsurplus 840,99111 ons and A Stern A Co.; In London, Messrs. B. New- Special Attentiok Givkn to thb Kieoution (4.342.430 I i gass A Co. OP ORDERS FOB FUTXJKE CONTRACTS. STEPHEN CROIVELL, Preiildent. Fielding & Gwynn, WM. R. CROWBLL. Vice-President. Smith PHILANDER 8UAW. Secretary. ansTATUS C. Hopkins. Lucius Hopkdjs WM. CHARTERS. AssisUnt Secretary. Chables D. Milleb. COTTON FACTORS FRANCIS P. BURKE. Sec'y Local Dept. Hopkins, Dwight & Co. ABD iETNA COMMISSION MERCHANTS COTTON COMMISSION MERCHANTS, 16 and 18 Excliance Place, Insurance Company COTTON EXCHANGE, Post BuiLDrNO. NEW YORK. OF HARTFORD. NEW YORK. Co., Capital $4,000,0009 John C. Graham & obdibs for futcbe contracts executed in unpaid losses New Yobk and Liverpool. Liabilities for Cotton Commission Mercbants, and re-Insurance fund 2,057,776 Netsurplus 3.202.320 Ho. 19 SOUTH WIlililAin STREET B. F. BABCOCK&CO. Nenr Ifork. COMMISSION MERCHANTS, Assets Jan. 1, 1886 $9,360,096 6S 6ELMA, ALA.; MONTGOMERY, ALA. IT Water Street, LIVERPOOL, No. 3 Cortlandt St., New York. Receive consignments of Cotton and other Produce, Bnyers of Cotton for a Commission and execute orders at the Exchanges in Liverpool. JAS. A. ALEXANDER, Acent. Represented In at the office of Orders for Future Contracts executed In New York New York and Liverpool. SAM'L D. BABCOCK M Nassau Street, New York. Commercial Union Geo. Copeland & Co., Price, Reid Co., COTTON BROKERS, & Assurance Co., limiied, 184 PEARl. STREET. NEWT YORK Ootton Brokers & Commission Merclianta WAI.BRON & TAINTER. NORFOLK, VA. of london. Liberal advances made on Cotton consignments, COTTON MERCHANTS, dpedal attention given to the sale of ootton to irrlve or In transit for both foreign and domestic No. 97 PEARL STREET. marxt.ts. Correspondence solicited. SPECIAL ATTENTION TO COTTON FUTURES OFFICE: FELLOWES, JOHNSON & TILESTON, Dennis Perkins & Co., COTTON BROKERS, Cor. Pine & William Sh COTTON, STOCKS, BONDS, &e., 135 Pearl Street, New York. WILLIAM K STKBET, NBW YORK. Orden tor Bpot Ootton and Futoret prompt!) Olten in " Fntsree" ezeonted at N. T. Cotton Kxoh, •zecnteA New York,