HUNT’S MERCHANTS’ MAGAZINE?
W f f h l ÿ §Uw.spat>iï,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES VOL 44, NEW YORK, MAY 28, 1887. NO. 1,144;
f i n a n c i a l . Ifituttucial. Hfinaucial.
Da n ie l Ma n n in g . F. Bl a n k e n h o r n . AMERICAN President. Cashier. C. N. Jo r d a n , H . A . Sm it h , Bank Note Company; Vice-Pres’t. Assistant Cashier DIAMONDS. THE 78 TO 86 TRINITY PLACE, NEW YORK. Bsilaeu Founded IT95. Alfred H. Smith & Co., Western National Bank t a u r ^ n M uder Lews of Stole of Row York. WM. Reorganized 1879. IMPORTERS, O F T H E E ngravers a n d P rinters or 182 Broadway, Cor. Join Street. BONDS, POSTAGE & REVENUE 8TAM P8( CITY OF NEW YORK. LEGAL TENDER AND NATIONAL BANK NOTE8 o f the UNITED STATES; and for CAPITAL, - - - 93,000,000 Foreign Governments. ENGRAVING AND PRINTING, N e w Y o r k , May It, 1887. BANK NOTES, SHARE CERTIFICATES, BONDS This Bank Is now opened for business. Accounts F o b governments a n d corporations , respectfully sollolted. The usual banking facilities DRAFTS, CHECKS, BILLS OF EXCHANGE, SOLID SILVER. extended to customers. STAMPS, do.) In the finest and most artistic style Orders for purchase or sale of securities will FROM STEEL PLATES, receive careful attention. «nth SPECIAL SAFEGUARDS to PREVENT COUNTERFEITING. GORHAM M’t’g Co., Special papers manufactured exclusively for Sterling Exchange bought and sold. Facilities for use of the Company# Broadway and Nineteenth Street, keeping accounts in Sterling Exchange, subject to SAFETY COLOR8. SAFETY PAPER8. draft In kind, will be afforded. The methods of re Work Executed In Fireproof Building*. AND 9 MAIDEN LANE. ceiving such deposits and making payment against LITHOGRAPHIC AND TYPE PRINTING. them will be subject to arrangement. RAILWAY TICKETS OF IMPROVED STYLES. Show Cards, Labels, Calendars. F . BLANK ENHORN, Cashier. BLANK BOOKS OF EVERY DESCRIPTION JAMES MACDONOUGH, President A. D. SHEPARD, ) Floyd-Jones & Robison, W. M. SMILLIE, > Vice-Presidents. BANKERS AND BROKERS, Taintor & Holt, TOURO ROBERTSON, J No. 2 Exchange Court, New York. THEO. H. FREELAND, Sec’y and Treat. BANKERS, Stocks, Bonds and U. S. Government Securities ¡.Bought and Sold on Commission. No, 11 W all St., Cor. New, New York. Maverick National Bank W m . 0 . F l o y d -Jones, W il l ia m Ro b ison Members New York Stock Exchange. TRANSACT a G EN ERAL BANKING business. BOSTON, MASS. DEPOSITS received and INTEREST allowed on C A P IT A L, .... $ 4 0 0 ,0 0 0 balances. J. A. Kohn & Co., Buy and sell GOVERNMENT, M UNICIPAL and SURPLUS, .... $600,000 RAILR O AD Securities. BANKERS AND BROKERS, Accounts of Banks, Bankers and Corporations Private telegraph wires to Providence and Boston. (Mil l s B u il d in g ), 19 B R O A D S T . , N. Y . solicited. GILES E. TAINTOR. GEO. H. HOLT Members of the New York Stock Exchange. Our facilities for COLLECTIONS are excellent G. D. L’HUILIBR. Execute orders on commission for B o n d s, S to c k s and we re-discount for banks when balances war and Foreign Exchange. rant it. Dealers In first-class Investment Securities, Boston is a reserve city, and balances with us from Particular attention given to Investments for Cap banks (not located in other reserve cities) count as a italists, Trust Funds and Institutions. F. E. Trowbridge, reserve. BANKER AND BROKER, W e draw our own exchange on London and the Continent, and make Cable transfers and place No*. 3 & 5 Broad or 29 Wall Street*. money by telegraph throughout the United States William T. Meredith, and Canada. 4 8 WALL STREET, (Br a n c h Ovficb, 290 Br o a d w a y .) Government Bonds bought and sold, and exchanges (Bank of New York Building). In Washington made for banks without extra charge. Member of the New York Stock Exchange. Di Bonds and Stocks bought and sold at the New W e have a market for prime first-class Investment rector of Merchants’ Exchange National Bank York Stock Exchange. Securities, and invite proposals from States, Coun American Savings Bank, American Safe Deposit ties and Cities, when issuing bonds. BONDS AND INVESTMENT SECURITIES FOB Company, Ac., Ac. SALE We do a general banking business, and Invite cor Securities bought and sold on commission, for respondence. cash or on margin. All Inquiries gratuitously res* W . H . Dic k in so n , Ed w a r d P. a l l in g . ponded to. Correspondence solicited. ASA P. POTTER, President. Member N. Y. Stock Exchange. JOS. W . WORK, Cashier. Dickinson & Ailing, BANKERS AND BROKERS, Henry S. Ives & Co., W . P. Wight & Co, No. 30 Pine Street, New York. Buy and sell at N. Y . Stock Exchange, for IN BANKERS, 12 Broadway, VESTMENT or on M ARGIN, all classes of. Stocks STOCK BROKERS. and Bonds, and allow interest on deposits, subject to No. 25 NASSAU ST., NEW YORK. check at sight.______>wi ..TTs -Awwiiiuit S ft ä d ’f o Ä f S ? Î Â 1h “ eoU8 Securities boi P. 0 . BOX 1,422. or on m* r*in J. B. Cr eig h t o n Memb. N .Y. Stock Exch. A. B. Cl a f l in , S] Green & Bateman, Transact a general banking business, lneludlng the purchase and sale of securities listed at the New STOCK BROKER. BANKERS, York Stock Exchange, or in the open market. 10 W all Street, New York. Receive deposits subject to check at sight and Lansdale Boardman, allow Interest on dally balances. n e t t Y O R K , 8 0 B R O A D W A Y Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 11 THE CHRONICLE. [V o l. X L iy . gjmfcjers atuft grawjetrs of JZoveij$u fioritauge. Drexel, Morgan & Co., August Belmont & Co., THE BANKERS, INVESTMENT CO . WALL STREET, CORNER OF BROAD. Nos. 34 and 36 WALL S T R E E T . N E W W O R K . ISSUE TRAVELERS’ CREDITS, available In all parts of the World, through of Philadelphia. Drexel & Co., Drexel,Harjes & Co Messrs. N. M. Rothschild Ac Sons. London. “ do Rothschild Bros., Paris. 3 1 0 CHESTNUT STREET. Corsoi 5th A Chestnut Sts. 81 Boulevard Haussmann, “ M. A . de Rothschild Ac Sons. Frank Capital, 82,000,006. Fall paid. fort o\m. CONDUCTS A GENERAL BANKING BUSINESS PHILADELPHIA PARIS. S. M. de Rothschild, Esq., Vienna. Allows interest on cash deposits, subject to check AND THEIR CORRESPONDENTS. or on Certificates. DOMESTIC AND FOREIGN RANKERS. Draw Bills of Exchange on, and make Cable Trans Bnys and sells Bills of Exchange, drawing on Deposits received subject to Draft. Securities fers to, England, France and Germany. Baring Bros. A Co., London; Perler Freres et Cle. ought and sold on commission. Interest allowed on Paris; Mendelssohn A Co., Berlin, and on Pan) Deposits. Foreign Exchange. Commercial Credits. Mendelssohn-Bartholdy, Hamburg. Cable Transfers. Circular Letters for Travelers, Negotiates Securities, Railroad, State, Municipa available in all parts of the world. Kidder, Peabody & Co., etc. Offers for sale first-class Investment Securities. A t t o r n e y s a n d a g e n t s of FOREIGN BANKERS, Particulars and terms on application. W ILLIA M BKOCKIE, President. Messrs. J . 8. MORGAN Ac CO.« WHARTON BARKER, Vice-President. 1 Nassau Street, New York, H EN R Y M. H O YT, JR., Treasurer. Vo. 22 OLD BROAD STREET, LONDON. ETH ELBERT W A T TS, Secretary. 113 Devonshire Street, Boston. Board of Directors—William Brockie, George S. Pepper, Morton McMtchael, Wharton Barker, Henry 0 . Gibson, T. Wistar Brown, Isaac H . Clothier. Erown Brothers & Co., ATTORNEYS AND AGENTS OF Advisory Committee of Stockholders.—William Potter, George M. Troutman, Gustavus English, Philadelphia, New York, Boston, William Pepper, M. D., Thomas Dolan, John G. AND Messrs. BARING BROS. & CO., London Reading, Joseph B. Gillingham, John Wanamaker, A L E X A N D E R R R O W N Ac SONS, Henry E. Smith, Craige Lippincott, Hamilton COMMERCIAL CREDITS. Digs ton, Clayton French, Francis Rawle, William BALTIMORE. Wood, Walter Garrett. Members of New York, Philadelphia and Baltimore Circular Credits for Travelers. Stock Exchanges. Execute orders for all Investment securities. Buy Canadian Rank of Commerce. and sell Bills of Exchange on Great Britain and Ca b l e T r a n s f e r s a n d B il l s o f E x c h a n g e on CAPITAL, f «,000,000. SURPLUS, $1,600,000. Ireland, France, Germany, Belgium, Holland, Switzerland, Norway, Denmark, Sweden, G r e a t B r it a in a n d t h e Co n t in e n t . J. H. GOADBT & ALEX. LAIRD, Australia, St. Thomas, St. Croix and AGENTS, British West Indies. 16 EXCHANGE PLACE, NEW YORK Issue Commercial Ac Travelers’ Credits J. & W . Seligman & Co. BUY AND SELL STERLING EXCHANGE, CABLE IN STERLING, BANKERS, TRANSFERS, ETC. Available In any part of the world, In Fr an c s for No. 23 BROAD STREET, ISSUES COMMERCIAL CREDITS, AVAILABLE nse In Martinique and Guadaloupe, and In dollars for IN ALL PARTS OF THE WORLD. use In this oountry, Canada, Mexico and W est Indies. New York. Make telegraphic transfers of money between this country, Europe and British and Danish W est In Issue Letters of Credit for Travelers dies, Make collections of drafts drawn abroad on all On SELIGMAN BROTHERS, London. Heidelbach, points In the United States and Canada, and of SELIGMAN FRERES & CIE, Paris. drafts drawn in the United States on foreign coun SELIGMAN & STETTHEIMER, Frankfurt. Ickelheimer & Co., tries. ALSBERG, GOLDBERG A CO., Amsterdam. Their London house, Messrs, BROWN. SHIPLEY A L TM A N A STETTHEIM ER, Berlin, 29 WILLIAM STREET, A CO., receive accounts of American banks, firms Cor. Exchange Place, NEW YORK. anA.Individuals upon favorable terms.______Payable In any part of Europe, Asia, Africa, Aus tralia and America. Draw Bills of Exchange and make Telegraphic FOREIGN RANKER», Transfers of Money on Europe and California. J. & J. Stuart & Co., BUY AND DRAW BILLS OF EXCHANGE, J. K e n n e d y t o d . ALEXANDER BARING. MAKE CABLE TRANSFERS, ISSUE TRAVEL. 83 NASSAU STREET. H . 0 . N orthcote. Member N. Y . Stock Exch’ge ERS’ CREDITS. BILLS OF EXCHANGE ON J, Kennedy Tod & Co., ISSUE COMMERCIAL CREDITS. AVAILABLE MITH, PAYNE Sc SM ITH ’ S, IN ALL PARTS OF THE WORLD, ON BANKERS, LONDON, NO. 63 WILLIAM STREET, Messrs. C. J. Hambro & Son. London. MANCHESTER Ac COUNTY RANK, BANKERS. “LIMITED,” Act as Agents for Banks, Bankers and Railroad Companies. MANCHESTER, PAYABLE IN LONDON | Issue commercial credits, also foreign and domestic gatibjevs and grabbers. travelers’ letters of credit in pounds sterling A dollars. ULSTER BANKING COMPANY, Offer Investment Securities. BELFAST, IRELAND: Buy and sell bonds, stocks and securities in all Am AND ON THB erican, Canadian, British and Dutch markets on com J. C. Walcott & Co.? mission. Collect dividends, ooupons and foreign and BANKERS AND BROKERS, NATIONAL BANK OF SCOTLAND, Inland Drafts. EDINBURGH AND BRANCHES: Sell Bills of Exchange on No. 24 Pine Street, New York. ALSO, MELVILLE. EVANS A CO.,! , nNnn. CABLE TRANSFERS AN D LETTERS OF CREDIT. C. J. HAMBRO Ac SON, $ LONDON. Transact a General Banking Business, MARCUARD, KRAUSS Ac CO., lPARTH HOTTINGUER Ac CO., J A Stocks and Bonds bought and sold on Commission. Orders received la Mining Stocks, and in Unlisted J o h n M u n roe & Co., Securities. Collections made and loans negotiated. No. 82 Nassau Street, New York. John Paton & Co., Dividends and Interest collected. Deposits received subject to Draft. No. 4 Post Office Square, Boston. SUCCESSORS TO Interest allowed. Investment securities a specialty. lane Clrcular Lettera of Credit for Travelera’ Use JESUP, PATON & CO., W e Issue a Financial Report weekly. Abroad against Cash or Satlsfactory Guaranty of Re-payment. 52 William Street, New York. Jos. C. W alc o tt, 1 Members of the New York Fr a n k F. Dic k in so n , I Stock Exchange. Aeoom ts and Agency of Banks, Corporations, Exebange on London, Paris, Berlin firms and individuals received upon favorable terms. and Zuricb. Divldt nds and Interest collected and remitted. A ct as agents for corporations in paying coupons Albert Pearce, Cb s d it s Op x n k d a n d p a y m b n t s m a d b b y c a b l i . and dividends; also as transfer agents. Bonds, stocks and securities bought and sold on 16 Sc 18 BROAD ST., Paris House—MUNROE Ac CO. commission, at the Stock Exchange or elsewhere. Sterling Exchange and Cable Transfers bought and BROKER IN ALL KINDS OF INVESTMENT sold. Schulz & Ruckgaber, DRAW ON BONDS, MISCELLANEOUS SECURITIES THB UNION BANK CF LONDON, AND DEFAULTED BONDS. BANKERS, 20 WILLIAM STREET, NEW YORK BRITISH LINEN CO. BANK, LONDON AND CORRESPONDENCE SOLICITED SCOTLAND. correspondents or t r e L . C. l a t h r o p . Osc a r b . Sm it h , j . H.Oltphant. International Bank of London Geo. Co p p e ll. Th o s. Ma it l a n d . (Limited), London. G e r a l d L. H o y t , Member.N. Y . Stock Exch. Messrs. John Berenberg, Gossler Ac Co, Lathrop, Smith & Oliphant, H am burg. Maitland, Phelps & Co., BANKERS AND BROKERS, Messrs. Marcnard, E rauss Ac Co., Paris BANKERS 37 BROAD ST., NEW YORK, Commercial and Travelers’ Credits. 6 PACIFIC AVE., CHICAGO Bills of Exchange. Cable Transfers. AND Members New York Stock Exchange, New ¥ THE NEW YORK COMMISSION MERCHANTS, Cotton Exchange, and Board of Trade Chicago 22 Sc 24 Exchange Place, Produce Exchange Bank. N e w Y o r k . Alexander Campbell & CAPITA L, $1,000,000. BILLS OF EXCHANGE, LETTERS OF CREDIT, BANKERS AND BROKER? Transacts a general banking business. TELEGRAPHIC TRANSFERS OF MONEY ON Receives accounts ox banks, hankers and corpora- LONDON, PARIS, MEXICO, CUBA, Ac.. Ac. 26 FIND STREET, NEW * Ions upon favorable terms. KOENTZE BROTHERS, Issues certificates of deposit bearing Interest. BANKERS, Makes loans upon approved merchandise. Malc o lm Ca m p b e l l , Member of N. tìtoc Solicits mercantile and personal accounts. 120 B r o a d w a y ,E quitable Building, New York LETTERS OF CREDIT AND Bills of Exchange Drawn on the City CIRCULAR NOTES Howard Lapsley & Co., Bank, Limited, London. Issued for the nse of travelera In all parts of the world. Bills drawn on the Union Bank of London. Circular Letters of Credit issued for Telegraphic transfers made to London and to various BANKERS AND BROKERS, travelers’ use and Commercial Credits ilaces In the United States. Deposits received sub- ect to eheck at sight, and interest allowed on bal> 74 BROADWAY and 9 NEW STREET* opened in Europe, Asia, South America Janoes. Government and other bonds and Investment and the West Indies. securities bought and sold os commission. New York« Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 111 Mat 28, 188?. THE CHK0N1CLE %KxCk*x& ami ^voiitvs in gtetty Œitg. F. c. H ol lin s. b . h . Em e r so n , I.H .W a g g o n ib F . M. Lo c kw o o d , J. H eron Gro sm a n H. L. Horton & Co., 34 and 56 BROADWAY, New York. Frank C. Hollins & Co., Lockwood & Crosman, BARTHOLOMEW HOUSE, I LONDON. BARTHOLOMEW LANE, i BANKERS AND BROKERS, BANKERS AND BROKERS, Special Attention Given to American Members N. Y . Stock Exchange. No* 31 New Street and No. 1 Exchange Securities. 11 WALL STREET, NEW YORK, Court, New York, Solicit Accounts and Orders for the Purchase and AND Sale of Bonds, Shares, Ac., Ac., on Commission, in 346 CLARK STREET, CHICAGO, ILL. Private telegraph wires to Chicago, Boston, Phila New Fork, Boston, Chicago, London or Paris, delphia and Baltimore. Interest allowed on deposits subject to drafts at JAMES T . CLOSSON. JOHN B. DUMONT sight. H u m a n Cl a r k , Special Partner. W e solicit orders for the purchase or sale of any of Members of the New York and Boston Stock Ex the securities of the changes and of the New Fork and Chicago Produce Closson & Dumont, Exchanges. Philadelphia Sc Reading RR. Co. Private wires to Chicago, St. Paul, Boston, Hart BANKERS AND BROKERS, ford, Buffalo and Utica. No. 40 Wall Street, New York. on the Philadelphia or New York Stock Exchanges. All stocks and securities dealt In at the New York Stock Exchange bought and sold on commission, for Geo. K. Sistare’s Sons, H. B. Hollins & Co., oash or on margin. Deposits received and Interest 16 A 18 Broad Street, New York. BANKERS, allowed on balances. 18 WALL and 3 NASSAU STREETS, 131 South Third Street, Philadelphia« Connected bj Private Wire with mala office. New N E W Y O R K . York. Transact a General Banking Business. Edmund & Chas. Randolph, DEALERS IN 7 NASSAU STREET, DEALERS IN GOVERNMENT, MUNICIPAL AND FIRST-CLASS INVESTMENTS. RAILROAD SECURITIES. Mem b er s N. Y , Stock e x c h a n g e . DEMAND DEPOSIT ACCOUNTS RECEIVED. Transact a strictly Commission business In Stocks, Bonds, Commercial Paper, Collateral Loans, Ac. Buy and sell on Commission, for oash or ‘n •> argln INTEREST ALLOWED ON DAILY BALANCES. all securities dealt in at the New York Stock Ex Investment Securities a Specialty. change. Advances made. Correspondence solicited Interest allowed on daily balances. Refer to Mr. Ed m u n d d . Ra n d o l p h , President All deposits subject to oneck at sight. E. L. Oppenheim & Co., Continental National Bank. Particular attention to orders by mall or telegram. [ESTABLISHED 1862], T. S. Y o u n g , Jr ., W . 8. N elso n . Member N .Y. Stock Exchange. John H. Davis & C o., BANKERS AND BROKERS, Young & Nelson, BANKERS AND BROKERS, 51 & 53 New Street and 42 Broadway« No. 10 WALL ST., NEW YORK. BANKERS AND BROKERS, Br an ch Office, 01 L e o n a r d St r e e t . Orders for Stooks and Bonds executed at &k 36 Wall Street. New York. Exchanges. Edward L. Oppenheim. Walter Del Mar. All stocks and securities dealt In at the New York Espeolal attention given to supplying high-class Stock Exchange bought and sold on commission, for INVESTIRENT SECURITIES. cash or on margin. Deposits received and interest 8. M. Rob erts. Pa u l Sc h w a r z . allowed on balances. j a m b s W h it e l y . H . Cr u d e r o a k l e t . Ma y n a r d C. Ey r e , H e n r y H . Do d ge, Washington, D. O. Roberts & Schwarz, Hamilton & Bishop, W h . B. Tr a v e r s , Special Partner. (MILLS BUILDING,) BANKERS AND BROKERS, No. 06 BROADWAY, NEW YORK. Prince & Whitely, (Members New York Stock Exchange.) No. 64 BROADWAY, NEW YORK. INVESTMENT SECURITIES. Acoounts of Banks, Bankers and others received. Interest allowed on balances. A strictly Commission BRANCH Of fic es. J 53916th stm Washington, D.O. W e make a specialty of the buying, selling and Business In the purchase and sale of stocks and bonds. Private Telegraph Wire to Albany,Troy, Syracuse, Buy and sell on commission all classes o f Railroad placing of first mortgage bonds of railroads, water Rochester, Utica, Buffalo, Cleveland and Chicago. Securities; also Grain and Provisions. works, gas works and other first-class corporations. Draw on City Bank of London In amounts to suit. Private telegraph wires to Philadelphia, Wilming Special attention given to Securities for Investment ton, Baltimore, Washington, Bridgeport, New W e solicit correspondence. Haven, Boston and Pittsburg. W m . v . Caro ltn , Ch a r l e s f . Co x . Member N .Y . Stock Exchange. Fred. H. Smith, Carotin & Cox, A. Dutenhofer, BANKER & BROKER, Bankers and Commission Stock Brokers, BROKER NO. 66 B R O AD W AY , AND No. 30 BROAD ST., NBW YORK. Branch Office, 315 Madison Av.,cor. 42d St.,NewYork. Deposits received subject to check at sight, and in Dealer In Miscellaneous Securities, “ Twenty years’ experience In Railroad Bonds. Par terest allowed on dally balances. All stocks and secur ties desiring to buy or sell Uncurrent Bonds will ities dealt in at the N .Y . Stock Exchange bought and MILLS BUILDING (3d Floor,) please communicate. sold on commission, for cash or upon margin. Stocks bought In Fractional Lots or otherwise, Rooms 26 k 36. 3 3 W A L L S T R E E T . either for Cash or on Margin. STATE AND CITY BONDS OF GEORGIA, ALSO F. H . Sm it h , 1 Members Consolidated Btoek and SECURITIES OF THE CENTRAL RR. A BANK 8. W . Sm it h , j Petroleum Exchange, New York. ING CO. OF GEORGIA, A SPECIALTY. Investors wishing to buy or sell are Invited to call or correspond. Prompt and personal attention given Chrystie & Janney, e/hc/liL./Ci^e'biCCoBANKERS, to all orders.______BANKERS, 18 WALL STREET, NEW YORK. Non. 33 Sc 35 Nassau St., New York Established 1865. W ood, Huestis & Co., 31 PINE STREET, NEW YORK, Receive deposits subject to check at sight and MEMBERS OF NEW YORE STOCK EXCHANGE. allow Interest on balances. Allow Interest on deposits subject to sight check. BANKERS AND BROKERS. Buy and sell on commission stocks and bonds either SUCCESSORS TO Deal In Rail Road Bonds, State, County and Muni for cash or on margin, and deal in cipal Securities. WOOD Ac DAVIS. Give special attention to consignments of Bullion Investment Securities. Execute orders In all securities listed at the New and make liberal advances on same when desired. Fork Stock Exchange. For Sale : A . M. K id d e r , W a y l a n d Tr a s k , First-Clash Ra il r o a d F ir st m o r t g a g e Bo n d s. H . J. M o r se, Ch a s . D. Ma r v i n , W alst o n H . Br o w n . Fr e d . A , Br o w n . GEORGE 0. WOOD. 0. H. HUESTIS. L. M. SWAN H e r b e r t P. Br o w n . Walston H. Brown & Bros J B o o d t i, J. L. Robertson, BANKERS. BOND AND STOCK BROKER, Accounts of Corporations and Individuals received w V lw L ciicm upon Liberal Terms. Securities Bought and Sold on Dealer in Inyestment Securities, Commission. No. 7 NASSAU STREET, No. 30 NASSAU 8TREET, & C o « , BANKERS, (Continental National Bank Building,) NEW YORK. 57 Broadway, opp. Exchange Place, N. Y. Branch Office, 341 La Salle St., Chicago. New Y o rk .______Gilman, Son & Co., . TRANSACT A GENERAL BANKING BUSINESS, INCLUDING THE PURCHASE AND SALE OF R. J. Kimball & C o., BANKERS, STOCKS AND BONDS FOR CASH OR ON MAR GIN. BUY AND SELL INVESTMENT SECURI [Established In 1866.] TIES. INTEREST ALLOWED ON DEPOSITS No. 63 CEDAR STREET. SUBJECT TO CHECK AT SIGHT. BANKERS AND BROKERS, P. 0 . Box 447. In addition to a General Banking Business, Buy D. A. BOODY. C. W . McLELLAN. 16A 18 Broad. Street, New York, and Sell Government Bonds and Inyestment Securi Re u b e n Le l a n d . W m . f . Le ss l ie . ties. H e n r y T. B o o d y . Members of the New York Stock Exchange and e the Philadelphia Stock Exchange. Ro b ert J. K im b a l l . A l f r e d B. L o u n s b b h b t D' W i ?? IS S -£ii;)B0“T,”0D H. Dewing & Son, 9I>):§alU tk<£& Frederick W. Perry, BANKERS, BANKERS AND BROKERS, Su c c e sso r t o j . h . l a t h a m a Co .) UNITED BANK BUILDING, No. 18 Wall Street, New Yerk. W all Street, corner Broadway. UNITED BANK BUILDING, W and Sold on Commission STOOKS, BONDS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis [VOL. X L IV . ir THE CHRONICLE. fftturocial* jfcpuejcial %utzxz$t, pitriflghflgy Set* rp E.E Il INTEREST ON THE FOLLOW- Desirable Six Per Cent J arvis-Conklin tng bonds is payable at the banking house of Messrs. W INSLOW , LA N IE R & CO., 26 Nassau Street, New York City, on and after June 1,1887: Gold Bonds Mortgage Trust Co., Allen County, Indiana-— Gravel Road 6s. FOR SALE BY SUCCESSORS TO Benton County, indiaha— Gravel Road 6s. ______Cincinnati Richmond & Ft. W ayne B n . Co. Jarvis, Conklin & Co., First Mortgage 7s. . _ „ . „ „ nr. _ WILLIAM G. HOPPER & CO., Col.Hock. Val.fcrol. R’y Co. & H.C. & RR.Co. KANSAS CITY, MO. Mortgage 6s. Howard County, Indiana— Gravel Road 6s. STOCK 4ND BOND BROKERS Capital Paid Up ■ " $1,000,000 Marion County, Indiana- Annual 7s. OFFICERS: County 4J4*. _ 28 South Third Street, Pittsburg Fort Wayne & Chicago R ’y C o .- SAMUEL M. JARVIS, Pre»’t. First Mortgage 7s, Series “ F.” EDWIN E. WILSON, lit Vlee-Pre»»t. Second Mortgage 7s, Series “ M .” Philadelphia. Rush County, Indiana— HENRY P. MORGAN, 2d Vlce-Prea’t. Refunding 6s, Principal and Interest. St. Charles Street RR. Co. of New O rleans- [DIRECT PRIVATE WIRE TO NEW YORK.] ROLAND R . CONKLIN, 8ec»y. First Mortgagees. W M . F. SHELLEY, Trea»»r. JUNE 2. First Mortgage 6 Per Cent Gold Bonds GEO. W . MeCRARY, Coun»el. Wabash County, Indiana— Gravel Road 6s. ($15,000 PER MILE) JUNE 8. This Company offers for sale at par and Blackford County, Indiana— accrued Interest Its Gravel Road 5s. Georgia Midland & Gulf Wabash County, Indiana— SIX PER CENT DEBENTURES, Gravel Road 6s. Railroad Co., payable half-yearly at the office of THE MER JUNE 4. Fulton County, Indiana— DUE JU LY 1, 1926. CANTILE TRUST CO., NEW YORK. These County os. Debentures run for Ten years, but with the JUNE 5. Interest, New York, January and July. Greene County, Indiana— Standard gauge, steel rails, first-class equipment. option of redemption at the end of Five years Annual 6s. A limited amount for sale. Descriptive pamphlets Randolph County, Indiana— containing copies of mortgage, furnished on appll- They are direct obligations of the Company Gravel Road 6s. «,nfl are further secured by an equal amount of White County, Indiana— | cation. Gravel lload 6s. R. A. LANCASTER & CO., Beal Estate Mortgages on Improved and pro JUNE 9. ' 10 Wall Street. Vermilion County, Indiana— ductive Real Estate worth from three to five County 7s. times the amount ofjthe mortgages, held by THE JUNE 10. OFFICE OF THE MERCANTILE TRUST CO., which under speoial Randolph County, Indiana— Gravel Road 6s. j Norfolk & Western RR. Oo., Articles of Agreement acts as Trustee for the Tipton County, Indiana— holders of the Debentures. They are Issued In County 7s. NO. 333 W A L N U T STREET, Warrick County, Indiana— P hiladelphia , May 20, 1887. denominations of $500, $1,000 and $5,000 Funding 6s. JUNE 12. The Board of Directors of this Company has, These Debentures are a very desirable class Tippecanoe County, Indiana— under authority of the Stockholders, decided upon Of investments for Estates and Trust Funds- Court House os. consolidation with the Clinch ValleyRailroad Co.,and JUNE 15. i upon the construction of the Clinch Valley Line to and for individuals and corporations desiring Columbia City, Indiana— a connection with the L< -uisville & Nashville system. an exceedingly safe investment, with a oom Municipal 6s. For the purposes of this consolidation and lor the JUNE 25. acquirement of additional equipment, the capital paratively high rate of Interest. Wabash County, Indiana— I stock of this company will be Increased by an issue Write for further Information and reference Gravel Read 6s. o f 40.000 shares of the preferred stock, being the JUNE 30. amount authorized by the stockholders at their to our office at Kansas City, Mo., or to Miami County, Indiana— annual meeting held May 4, 1887. Preferred and Gravel Road 6s. common stockholders of record May 25 have the ROLAND R. CONKLIN, Secretary, righ’. to purchase the new issue of preferred stock at the rate of $52 50 per share, and In the ratio of 16 Equitable Building, N.Y. City. PENNSYLVANIA RAILROAD CO. new shares for every 100 shares of stock registered JOHN M. SHRIGLEY, Manager, I in their names an May 25. . „ This right will expire J une 1, at 2 p. m ., and can be 411 Walnut St., Philadelphia. exercisediBraBeu»nuouu,w at the offloe of the Treasurer „ __ ■______ofthe thi com- MORGAN & BRENNAN, Manager», TREASURER’S DEPARTMENT. ,any In Philadelphia, at the office Of, the Central Trust Company in New York, and at the office of 2 7 Custom House Street, Messrs. Vivian, Gray &Oo., 10 Throgmorton Avenue, PHILADELPHIA, May 2d, 1887. Providence, R . I . London, E. C.. where circulars more fully Betting The Board of Directors have this day declared a forth the plans of the company can he had upon application. ,, , __. Geo. H. Prentiss & Co. semi-annual dividend of TW O AND O NE-H ALF $10 per share must acoompany the acceptance oi PER CENT upon the Capital Stock o f the Company, this offer, $10 will be payable oh June 15, and the remaining $32 50 will be payable on July 15, when clear of all taxes, payable on and after May Slat N o. 49 WALL ST., NEW YORK, certificates for the new stock will he ready for next, to stockholders as registered on the books at ^^Trani’er books will close May 25, and will reopen AND P. M. on April 30th, ult. June 2. On May 31st dividends will be paid to women only. W ILL IA M G. M ACDOWELL, Treasurer. $08 MONTAGUE ST., BROOKLYN. ROBERT W . SMITH, Treasurer. G A S S T O C K S PRESIDENT’S OFFICE, P A N Y and affiliated companies. Notice is hereby given that the first Instalment of AND pAPE FEAR 4c YADKIN VALLEY 25 PER CENT of the contribution required upon the ^ RAILWAY CO. stook and securities deposited with Messrs. Brown Brothers A Company under the plan of reorganiza G A S SECURITIES, Gb e e NSBORO, N. C., May 16,1887. tion of the above companies, is hereby called, ana The Interest maturing on the first mortgage bonds will be payable on JUNE 1 ,1887. . of the Cape Fear A Yadkin Valley Railway Com The second instalment of 25 PER CENT IsjjJso Street Railroad Stocks and Bonds, hereby called, and will be payable on JU LY l.; pany on June 1st will he paid at the office of the Payments are to be made at the offices of Messrs. AND ALL KINDS OF Farmers’ Loan & Trust Company, New York. Brown Brothers A Company, in the cities of New York and Philadelphia. ___ . „„„ JULIUS A. GRAY, President. Bv order of the Board of Reconstruction Trustees. BROOKLYN SECURITIES y JNO. B. GARRETT, Chairman. rtANADIAN PACIFIC RAILWAY COM- D E A L T IN . P A N Y, OF Fiefs OF THE SECKETABY, MON- o t ic e o f liqihdation .- n oticb T B E A L , May 16,1887. l N is hereby given tbAt the stockholders of th® SEE GAS QUOTATIONS IN THIS PAPER. The half-yearly interest on the first mortgage bonds Council Bluffs National Bank, located at .CouncU of thè Manitoba Southwestern Colonization Railway Bluffs. In the State of Iowa, at a meeting held on GEO. H . PRENTISS, W.D.PRKNTISS. W .W .W ALSH . Company, due on 1st June proximo, and payable by the 5th day o f May. 1887, voted to go into volun the Canadian Pacific Railway Company, under the tary liquidation, a ll depositors and others hold- Memb, N .Y . Stock Exch. L. F. Ol n e y , Jr . terms of the mortgage, will be paid on and after that ingyp\a?ins against said bank.willtherefore »resen date, on presentation of the Coupons, at the office the same for payment. L. W. TULLEYS.irresi. of the Bank of Montreal, No. 59 Wall Street, New J. P. Gayle, York, or at the office of Messrs. Blake, Boissevain * Co., 11 CopthaU CouRrt, LondoniiK w A T B R i For Sale: REAL ESTATE AGENT, Secretary. The entire series of the Fin a n c ia l Chronicl* First Av<, bet. 19tli and 20th Street», ending [December, 1886, Also Poor’s Manual for Up stairs, opposite Beraey National Bank ( 10L0RAD© CENTRAL CONSOLI1 U DATED MINING COMPANY. I same period. Apply The regulM dividend, N o./10, of FIV E CENTS 43NEW STREET, Rooms 1 ,24* BIRMINGHAM, ALABAMA. PER SH ARE ($13,750) has been declared to the stockholders of this company, payable on June 10 at A N TE D — AN EXPERIENCED Valuable suburban, traots of land In bodies of the Farmers’ Loan A Trust Company. Transfer W Bookkeeper familiar with banking an ten to eighty acres' each. ______’ books close on May 31, reopening brokers’ business. None but most satisfacto J NEW YORK, May 12,1887. ______Treasurer. references accepted, ^ d r e s s p Q Box ^ H. L. Grant, ROCHESTER & PITTSBURG CON- NOTICE. N O . 1 4 5 BROADWAY, -C*' solldated First Mortgage coupons maturing To Holders of New England Mortgage JUNK 1, will be paid on and after that date, at the “ D ,” due N E W YO R K. Security Co. Bonds, series Union Trust Company of this city. July 1, 1887. ¿j CITY RAILROAD STOCKS & BONDS FRED. A . BROWN, Treasurer. Circulars regarding the exchange of these can be had on application at the Company s o ’ BOUGHT AND SOLD. 4a Milk Street. The right to exchange for See Quotations of City Biatlroads in this paper. Staten Island Securities bonds expires Jun® F b r e WSTER, Treasurer. B oston, April i , 1887.______—. Important Notice. A SPECIALTY. TO HOLDERS OF KANSAS REAL ESTATE Gas, Railroad & Amusement Co. Stocks R. T . Wilson & Co., MORTGAGES: i BANKERS AND COMMISSION MEROHA-NX, GEO. B. RIPLEY, Send to HODGES & KNOX, TO PEKA, KANSAS, 2 Exchange Court New YorK* for Free Pamphlet containing the compiled Laws of 66 Broadway, Room 8. Kansas relating to Real Estate Mortgages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 28, 1887. J THE CHRONICLE. ▼ ffiuatxjctal. CAINT PAUL ANO DULUTH RAIL* O ROAD CO., Sealed Proposals. Office of t h e Secret ar t a n d Tr e a s u r e r . Walkley & Co., St . Pa c t ., Minn., May 12th, 1887. The annual meeting of the stockholders of the St. Ci t y Co m p t r o l l e r ’s O f f ic e , ) 10 WALL STREET, NEW YORK, Paul & Duluth Railroad Company for the election Ci t y H a l l , V of directors and consideration of the resolution duly BROKERS IN adopted by the Board o f Directors Fèbruary 5th, Cit y o f Sa in t P a u l , M in n ., May 17,1887. ) 1887, and mentioned below, and the transaction o f Sealed proposals will be received at the office Second-Hand Railway Equipment, such .other business as may bn brought before the of the City Comptroller of the City of Saint H a v e ;now for sale at low prices, for cash or on meeting, will be held at the office o f the Company, Paul, State of Minnesota, until 4 o'clock, p. m . on in the city of St. Paul, Minnesota, on Monday, June sec^rnfe“ ! ' onCarTrust> or will eichaoge for good 20th, 1887, at twelve o'clock noon. THURSDAY, the 16th DAY of JUNE, 1887, The transfer books will be closed at three p. M. on 3.300 BOX CAR&, Saturday, May 14th, and reopened cn Friday, June FOB 24th, 1887. The resolution above referred to Is as follows: 1.300 FLAT AND GONDOLA CARS, Resolved, That It is expedient and necessary for & 1 , 3 3 9 , 0 0 0 &90, STOCK CARS, the1 rapidly-increasing business of this company, as explained by the President, that it should havd addi 233 REFRIGERATOR CARS, tional terminal facilities, equipment, and tracks, and Four and One-half (4 1-2) Per Cent that the grades and curves of the road should be 17 LOCOMOTIVES. reduced,and O'her necessary improvements be made BONDS as soon as possible, all Involving an estimated and releUe ’ a*11 be put ln good repair, repainted, expenditure In the course of the ensuing two or OF THE three years of upwards of two millions of dollars;, 'ybether you wish to buy, sell, or trade, It will pay and In order to raise this sum òr procure such add!-, you to write us for full particulars. tional facilities, equipment, and improvements, it is recommended that there be submitted to the City o f Saint Paul stockholders, at the next annual meeting, the fol # 1,400,000 lowing propositions for the adoption of one or more AND OF THE of them : First. The temporary application of the income froth lands and stumpage to necessary improve County of Ramsey, ments. Mobile & Dauphin Island Second. The Increase and sale of the common stock at not less than par, to the full amount provided in (Semi-Annual Coupons Attached), the articles of incorporation and the plan of reor- [animation, namely, six million dollars, being an MATURING IN THIRTY YEARS. Railroad & Harbor C o. □crease of nearly two million dollars. ?Third. Authorise the Board of Directors to bor All hearing Interest at the rate of Four and FIRST MORTGAGE 6 PER OT row two million dollars upon mortgage bonds of the One-half (4Ja) Per Cent Per Annum, payable company. semi-annually at the Financial Agenoy of the Fourth. Assent to the organisation of a terminal FORTY-YEAR GOLD RONDS railroad or other like company to furnish such ter City of Saint Paul and of the Countv of Ram minals, equipment, tracks and other facilities, the sey, in the City of New York, dated' May 2d, stock of which shall be owned by this company, with 1887. Principal maturing May 2d, 1917 (30 authority tu the Board of Directors of this Company years), except the $75,000 Bonds of Ramsey Coupons Payable In New York May 1 to guarantee the principal and interest of bonds County maturing May 2d, 1907, (20 years) and said tèrminal or other company to the amount and November 1. two million dollars. payable at the said Financial Agency. By order 01 the Board of Directors, PH ILIP 8. HARRIS, Secretary. Issued for the following purposes, viz.: I Q ( j Q L8**??La?*??. ?oncls. Issued $ 2 0 0 , u u u for* the constrnctl«mv*of’’ a ”free The undersigned are authorized to reoeive sub- QFFIOE OF THE PENNSYLVANIA wagon bridge across the Missis scriptions for the above-named bonds; payments to sippi River .from Forbes Street.Ac., be made to the RAILROAD COMPANY. — PHILADELPHIA under an Act of the Legislature May 11,188?. approved January 17th, A .D , 1887. A t a meeting of the Board of Directors of this 0 0 n o n e 1* « * Saint Paul Bonds. Issued FOURTH NATIONAL. BANK Company, held this day, the following resolution t ip A L fV jV /V /C /for the purchase of lands, the erection of engine houses, &o., for OF NEW YORK) was adopted: the fire department, under tin Aot Resolved. That for the purpose of providing the of the Legislature approved Janu ary 31, A.D . 1887. which will Issue receipts. necessary capital for construction and equipment expenditures during the year 1887, on the main and Paul Bonds, issued for | $ 100,o o o iriations, Ac., under Terms of subscription, also prospeotus, with maps* leased lines and branches, and for the completion —an ------Act — of -.ie th Legislature ap can be had on application. and extension of new and auxiliary lines, the cost of proved January 81,______A .D__ .__ 1887._ which is estimated as follows :■ £T n n o n City of Saint Paul Bonds, Issued D V j U u U for ihe erection of hospital build R. & C. S. MILLIKEN, Construction of third and fourth $ ings, under an^Act or the Legis- tracks and additional facilities lature approved January 31, A.D . TO Broadway and 15 New Street, on the Pennsylvania Railroad, 1887. branches, and leased lines ....$4,QQ0,000 I n n n 5 ltyx°f 8a,nt Paul Bonds, issued $ 2 0 0 U l / for the extension of the St. Paul ______N E W YORK. Real estate Pennsylvania Rail Water Works, under an Act Of the road,branches and leased lines 700,000 Legislature . appr°ved February $ 2 0 0 , 0 0 0 A . JL). looO. Locomotive engines and passen GEORGETOWN & WESTERN RR. CO. ger equipment...... '...... 1,300,000 n n O P 4!, . 0* 8aint Paul Bonds, Issued $14 j d u u for the purpose of constructing the Construction of branch and aux approaches to the railroad bridge First Mortgage 6 Per Cent 80-Year iliary lines.ln addition to those on East Third Street, uhder an Act Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICIAL STATEMENT of the CITY OF SAINT PAUL, MINNESOTA, RENDERED TO APRIL 30th, 188Y.-HONDED AND FLOATING INDERTEDNESS. OTgig ADVERTISEMENT, “ PROPOSALS FOR BONDS,” ON THE PRECEDING PAGE OF THIS ISSUE REM ARKS. ____ n.__ Bonds Dated. Bonds Due. The city o f St. Paul has no right to redeem any bonds before maturity, unless the nolders consent o surrender them. Denom ina R ate W hen Interest is A m ount of Purpose of Each Issue. tions or of Each Issue. In t. Payable. Tears. Tears. i ? y l? e « n a£ ^ the city of St. Paul has Issued no bonds for seveml yesrs for Sine o f Bonds. ■ the purpose of redemption, but levied a direct tax uponall of the assessable propertyforthepayment .^ L k o n d a a iA e r imature, for example: The city bonds which matured March 1,1887, were promptly paid out or the tax collections leviea $425,000 Bonus to Railroads $500 & $1,000 F. & A., M. & s. ; 1808 1888,1889 1870 1897, 1898 $520,000 00 45,000 1.000 A. & 0.,M .&N. 1.000 June & Dec. ; 1872 1900 h e 0 iSn8u ? tfrt^ b o n d ed hdebtofth e city of St. Paul was Issued under a special “ legislative ’’ act, being the true policy, ! 50,000 “ “ 1879 1904 las sack places a complete check and limit upon the power to issue bonds or to increase the debt, giving citizens and tax- ’ 1873,1874 1898,1899 f $181,500 Sewerage Purposes 1,000 J., F., J. & A . payers 1tne chance to consider the necessity. 1JXK) March A Sept. 1878 1903,1904 The bonded aebt of St. Paul is strictly conservative, owing to the fact that the aim o f ^ r ^ i z e n s has ^ways been I 8,000 “ 1879,1880 1905,1906 to keep the aebt within the “ 5 per cent limit o f the assesse i valuation of property,’ just the same as if such limitation ap 95,000 “ “ 1,000 April A Oct. like those which the $600 & 1,000 May & Nov. 1881,1883 1908,1909 plied to St. Paul, and also to issue no bonds unless for necessary objects repre-enting large assets^llke those * 700,100 00 { 109,600 “ “ 1884,1885 1915 present bondeddebt o fth e city of St. Paul represents.presents. TheTne bondedbonaea debtaem atan thisnius date^u a w iiu April iiu oyj80, j-oo7,) is ,$4,168, $4,108,421 66. to I 20,000 “ “ 1,000 J ime & Dec. 1.000 Jan & July. 1886 1916 which add $358,635 tor sundry indebtedness—which includes the bonded debt of 1 he ol d ^ ater company—w tU maket he total 200,000 1.000 Jan. & July. inabilities o fth e city of St. Paul amount to $4,521,056 65—itemized below. This amount does not Include $360,000, bonded L 100,000 “ 1887, ’90, ’97;,jet>t ofth e Board of Education, and $349,460, bonded aebt of Ramsey County, which, if added to the total *}*billtles of the $53,831 65 St Paul Bridge $1,000 & Var M-, A., 8. & 0 .~ '1864 75,831 65 1,000 May A Nov. 1867,1870 1903 city, will make the great grand total debt amount to $5,220,516 65 for city, county and Board of Education, and for watch the 22,000 00 11873,1881 1860,1861 1861, ’63, ’70jfaltT ^efast » ^ e sse ^ vMuatton (y ea rl^ ^) oftherfeaf and personal estate: within the city limits amounts to 1862 1872. ’76 !*g 638 993 within the county, outside of the city limits, making the grand total assessed valuation for the ity and county $175,000 Redemption and Revenue...... $1,000 & Var. Jan. A July. ) P 249,815 00 1,000 Feb. A Aug. { ’,06 ’68, *70, ’72 ’88,’90,’95,’97 aniou„t to $90,763,044, which is conservatively estimated at 40 per cent ofth e cashivalue. ... ; 74,865 “ “ ...... 1873 The new assessed valuation of real and personal estate for the year 1887, within the city limits, will probably exceed 50 May A N ov...... 1864...... 1874...... |j$115,000,000, and $7,000,000 within the county, outside of the city limits, will make the grand total.assessedvaluationTor city 50 00 Bounty Purposes...... 1872...... 1897...... 1land county amount to $122,000,000, but it will not be positively known until August next, while at the same O m e.it will $7,500 Alms House and Hospital...... 500 June A Dec...... 15,000 00 $1,000 & 500 June A D e c ...... 1893...... 1, . 7,500 “ “ “ ...... Jan. A July...... 1878...... 1903...... 100,000 00 Como Park (260 acres) ...... $500 & 1,000 1898...... 1. Local Improvements, Revolving...... 1,000 Jan. A July...... 100,000 00 1,000 J., F., A., J., A. A O. 1869 & 1870...... 1880 A 1890. 1, < $23,125 00 Fire Department Real .Estate...... $500 & CHRONICLE E fH 73,125 00 1,000 Jan. A July...... 1886 ...... 1916...... 1 { 50,000 00 ** “ “ “ ...... 1878...... 1808...... 1 West 8t. Paul Annexation Debt Assumed...... $500 & 1,000 May A Nov...... 18,500 00 1,000 April A Oct...... 1879...... 1899...... B o a r d of Education asset», §1,200,000; Ramsey County assets, $500,000-total, $8,200,000. . . . 40.000 00 New Market House...... 1881...... 1906...... Deducting the city debt from the city assets, the balance will represent 2 032 cent i^emium upon t te estimated mini- Fourth Street Bridge Approaches...... 1,000 Feb. A Aug...... 5,000 00 June A Dec...... 1907...... imum city assessed valuation of property, or 81&-1000 of 1 per cent premium upon the estimated cash value for the y^kr ioS? 26.000 00 Lafayette Avenue Bridge Approaches...... 1,000 fS1aSv o r St th e propertyowner. But ¿s this percent premium Cannot be paid directly to the property owners, the great 1,000 June A Dec...... 1882...... 1912...... 1 $350,000 Purchase Water Works...... 1883...... 1913...... 1Ibeneflt they derive from it ista the strength given to the city in her financial standing, which is the foundation of the 150,000 Extension ** “ ...... 1,000 Feb. A A u g...... April A Oct...... 1884...... 1909...... i 1,500,000 00 ( 1,000 1,000 April A Oct...... 1884...... 1014...... 1 April A O c t ...... 1885 ...... 1915...... 1.000 1881 ...... 1906...... ! 500.000 “ “ “ ...... 1,000 Feb. A Aug...... 1,000 April A Oct...... 1883...... 1913...... 80,000 00 100,000 “ “ “ ...... March A Sept...... 1884...... 400,000 “ “ “ ...... 1,000 I m probably r%uire from two to foxw years to issue the bonds remaining unissued under the legislative acts of the years 1887, 1,000 April A Oct...... 1883...... 5.000 00 ($30,000 City Workhouse Construction April A Oct...... 1883iocsj...... ixwj1913-o...... ¡1885, and previous years, as they will only issue from time to time as required to cover the purposes intended. iten the ( $25,000 Public Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis HUNT'S MERCHANTS’ MAGAZINE, UPffkltj UiWiSpp**, REPRESENTING- t h e i n d u s t r i a l a n d c o m m e r c i a l i n t e r e s t s o p t h e u n i t e d s t a t e s . YOL. 44 SATURDAY, MAY 28, 1887. NO. 1,144. CONTENTS this year, against $320,399,822 last year, or a gain of 34-6 per THE CHRONICLE. cent. Clearing House Returns...... 665 Railroad Earnings...... 670 The Financial Situation...... 666 Monetary and Commercial Week Ending May 21. W eek E nd’g M ay 14. Immigration and Immigrants. 668 English News...... 671 Debt Reduo:ion Ought Not to Commercial and Miscellaneous 1887. 1886. P . Cent. 1887. P. Cent. Imports and Exports for April 670 * New York...... 782,890,929 504,324,822 H-45-3 653,138,194 +24-3 (Stocks...... shares.) (1,991,080: (1,116,987 (-f-78‘3) (1.631,0951 (+26-9) (C o tto n ...... hales.) (888,400 (489,500 (—81-0, (402,800 (—33-8) O irain...... bushels.j (30,487,000 (37,908,000 (—19-7 (50,804,800 (+17-8) 'ghe (Ihrerm ele. {Petroleum ...... bbls. ] (22,628,000; (55,536,000! (—59-4! (18,250,000! (—51*5) Boston...... 107,931,010 76,789,894 +39-0 92,009,263 +25-9 Term* of Subscription— Payable in Advance : Providence , 4,914,300 4,405,500 +1PÖ 4,404,500 +2-8 Hartford.... 1,638,828 1,350,608 4-13-7 1,557,231 - 8 -7 For One Year (including postage)...... $10 20 New Haven. 1,221,448 1,121,360 +8-8 1,200,049 +12-8 For 81x Months do...... 6 10 Portland.... 820,376 1,137,618 —27-9 952,426 +4-6 Worcester ., 946,096 845,525 •9 1,033,022 +25-4 European Subscription (Including postage)...... 11 28 Springfield.., 993,879 811,939, 1-3 005,488 +84-7 Annual subscription In London (Including postage)...... £2 7s. Lowell...... 697,980 464,516 C8 623,044 Six Mos. do do do ...... £1 8s. +5-7 Total New England... 118,330,412 86,928,071 +30-1 103,735,923 +23-5 Subscriptions will be continued until definitely ordered stopped. The publishers cannot be responsible for remittances unless made by drafts Philadelphia. 64,182,722 52,101,593 3-2 54,129,054 +9-2 or Post Oilioe Money Orders. Pittsburg...... 10,962,310 8,003,080 0,160,462 +27-4 Baltimore.... These pricee include the I n v e st o r s’ Supplement, of 100 pages, 13,634,655 11,241,019 11,991,437 4-11-2 Issued onee in two months, and furnished without extra oharge to Total Middle. 88,779,717 71,340,592 +24-4 75,280,953 subscribers of the Chronicle. +11-5 A file cover is furnished at 50 cents; postage on the same is 18 Chicago...... 58,606,439 47,857,091 57,152,174 +25-2 cents. Volumes bound for subscribers at $1 00. Cincinnati. .. ,. 11,862,250 9,303,650 12,137,250 4-34-9 Milwaukee ... 8,705,287 3,220,406 4,110,095 a London Agents: Detroit...... 4,103,682 2,852,959 3,843,352 •7 Indianapolis.., 1,887,974 1,088,945 0 E d w a r d s & Sm it h , 1 E. C., wUl 1,932,102 Messrs Drapers’ Gardens, who take Cleveland...... 3,070,448 2,090,018 8,210,933 ■2J-83 7*3 subscriptions and advertisements and supply single copies of the paper Columbus...... 2,238,740 1,657,369 2,198,063 34-4-4 at Is. each. Peoria...... 1.177,198 774,821 1,020,400 Î43-7■7 f WILLIAM B, DANA & Co., Publisher«, Omaha...... 3,554,084 1,590,051 3,230,210 +103-4 WILLIAM B. DANA Minneapolis .. 3,631,909 2,607,721 3,600,963 +25-8 JOHN O. FLOYD. < 102 William Street, NE W Y O K E . Denver...... 2.728,768 1,511,338 2,480,898 4-55-2 ( P o st o f f ic e b o x 958. St. Paul...... 4,629,703 2,8 U,740 4,300,935 +109-1 Grand Rapids. 511,988 394,180 434,521 +14-7 Wichita...... 732,475 465,128 003,580 4-52-8 , Duluth*...... 3,280,221 CLEARING HOUSE RETURNS. 2,864,910 Total Western. 1 2,471,005 77,801,317 +31-7 100,527,579 +32-2 Bank exchanges for the week ended May 21 aggregate St. Louis...... 17,642,828 15,348,382 15-0 17,942,238 +11-8 $1,101,613,902, and exhibit an excess over the previous week of St. Joseph.... 1,562,792 911,685 +71-4 1,678,749 +107-7 New Orleans. 6,067,538 5,333,050 •13-8 0,478,252 —1-2 $110,139,524. This improvement is shared in by all the leading Louisville ... 5,580,148 4,019,430 88-8 5,133,523 +34-9 Kansas City.. 8,782,600 0,590,278 33-3 8,262,053 4-53-0 cities except St. Louis; thirteen other less important points» Memphis..«-. 1,070,276 1,231,647 +30-1 1,683,512 4-io-s Galveston.... 800,343 932,004 141 829,519 —53-1 however, show losses from last week, but they are, as a rule, Norfolk...... 539,780 618,252 —12-7 581,209 —18-7 quite small. On the other hand, at Boston the clearings are Total Southern.. 42,652,365 34,985,328 +21-7 42,389,115 +17-8 in excess of those reported for the week ended May 7, which San Francisco...... 10,489,474 10,599,370 +55-8 10,300,014 +44-9 were the heaviest recorded up to that time, and further, the Total a l l ...... 1,101,613,902 785,985,500 +40-2 991,474,378 +23-9 increase over last week (some fourteen and a quarter mil Outside New York...... | 368,722,9731 281,660,678 +30-9 338,336,184 +23*1 lions) was not due to any increased activity in the Boston * Not Included in totals. stock market. The returns of exchanges for the five days as received by So far as percentage of increase, compared with the corres telegraph exhibit a pretty considerable decrease from the like ponding period of 1886, is concerned, the present statement period of the previous week. The greater portion of the is the most favorable since the opening of the year. There are decline, however, is at New York, and results mainly from only three cities which record any falling off, and two of these the smaller stock operations. Our usual estimate for the full (Galveston and Norfolk) are in the Southern section. Many week ending May 28, based on these telegraphic returns, has cities, moreover, exhibit very important gains over a year ago, been prepared, and, as will be seen below, it indicates a gain notably Omaha, 123-5 per cent; Denver, 80 6; Indianapolis, over the week of last year of about 11-3 per cent. 73-4; St. Joseph, 71*4, and St. Paul, 61-2 per cent. W eek Ending M ay 28. W eek E nd’g M ay 21. Mercantile failures for the week, as reported to Messrs. R. Returns by Telegraph. G. Dun & Co., reached a total of 180 (of which 152 in the 1887. 1886. P. Cent. 1887. P . Cent. Umted States and 28 in Canada), against 167 in the preceding $ $ « week and 167 for the same period of last year. In the accom New Y o r k ...... 502,050,427 495,494,382 +1-3 608,008,875 +44-5 Sales o f Stock (.shares)... 1 «D 0 panying review it is remarked that failures in the South are (1,151,720) (1,555,409) (1,772,445) (+115-4) Boston...... 71,165,800 00,857,058 +16-9 91,486,891 +43*4 very light, and in the other sections of the country are perhaps Philadelphia...... 48,165,888 38,523,435 +25-0 53,630,205 +21-1 below the average, except in the Pacific States and Canada, Baltimore...... 10,128,450 8,720,522 +10-1 11,939,256 +25-5 where casualties are on the increase. Chicago...... 43,899,000 36,033,000 +24-3 48,932,702 +22-2 St. Louis...... 14,725,347 13,268,150 +11-0 14,707,114 +12-8 Dealings on the New York Stock Exchange increased during New Or'eans...... 4,700,704 4,802,406 —2-1 5,283,611 +19-3 e marketvalue of the share transactions being Total, 5 days. .., 691,843,073 058,605,548 +5-8 834,008,714 +40-0 $120,684,000, against $73,570,000 for the week of 1886. Pursu- Estimated 1 day... 153,267,102 125,465,801 +22-2 130,216,017 +81-4 mg our usual method of deducting two-and-a-half times these Total full week.. 850,111,075 784,071,849 + 8-4 1,000,284,731 +40-4 Balance Country*.. . values from the clearings at New York, we have $431,180,929 08,764,487 68,755,058 +43-7| 101,882,416 +89-4 Total week, all.. 948,875,562 representing the exchanges arising through other operations 852,820,407 +11-8 1,101,107,147 +40-2 For the full week, based on last week’s returns. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 6 6 6 THE CHRONICLE. [VOL. XL1V, issued the trade statement for April, and we give it below THE FINANCIAL SITUATION. with the previous months of this and last year. Money on call, represented by bankers’ balances, has FOREIGN TRADE MOVEMENT OF THE UNITED STATES—(OOOs Omitted.) loaned this week at 8 and per cent, with very small Me r c h an d ise . Go l d . Sil v e r . transactions at either extreme, the average being at about Excete Excess E xcess Tear. Im E x E x Im Exports. Import». o f E x o f o f E x 5 per cent, at which figures banks and trust companies port*. ports. ports. ports. port». port». have been lenders. The feature of the week is a good Imports. 1 8 8 0 . $ t 1 $ > t $ t « deman cl for loans at 5" pef cent bid on first-class collateral Jan..... 57,988 47.415 10,573 1,700 2.582 +870 2,907 1,028 1.884 for eight and nine months, and a light inquiry for accom F e b ..;.. 51.905 50.087 *4,782 986 5.054 +4,668 2,001 1,147 854 March.. 53.093 00,038 *0,345 840 9,921 +9,081 2,343 1,760 585 modation for shorter periods. It is also noticeable that A p ril... 54.017 57.306 *3,349 351 4,812 +4,461 i;S24 1,198 693 lenders generally decline to;m$ke loans for the, long dates T o ta l.. 217 ,0 0 3 221.506 *3,903 3,833 22,969 +19,080 9,077 5,058 4,019 1 8 8 7 . on any but the best security, as they can readily place their Jan...... 71.534 51.951 19.583 3,536 629 2,907 1,915 1,194 721 Feb...... 54,777 59.150 *4,379 144 1,677 + 1,533 2,351 1,332 1,019 funds at the above figure and do not care to run thq risk of March.. 65.319 62,942 2,377 578 2,445 +1,867 1,034 1,218 436 a less acceptable collateral. W e hear, however, of some April ... 47.563 03.537 *15974 826 1.494 +1,165 2,647 1,417 1,239 money brokers offering 7 to 8 months money on good mixed Total.. 230.193 237.586 1,007 4.667l 0.245l +1,058 8,507 5,161 3,406 collateral at 6 per cent. And we also hear of banks in the * Excess of imports. t Excess of exports. paper market again to get short date paper, the demand These figures bring out conspicuously the fact that it being for 60 to 90 day endorsed bills receivable, and as must have been European borrowings that have con a consequence they are now quoted at 4|@5£ per cent, trolled our exchange market since the first of January * and four months acceptances are 5@5|- per cent. A It will be remembered that the usual rise began the latter belief prevails to some extent that when the wheat specu- part of December and on the 11th of January sight was lation at Chicago culminates, which it is supposed will quoted at 4-87, on the 24th it had risen to 4-88£ and on happen by the first of July, there will be a vast amount the last day of January it touched 4.-89; continuing at of funds released that will flow this way. That expecta. that point all through February, except from the 14th to tion seems to be based on the idea that the stock now the 23d when it ruled at 4-89£. This we say was usual held is to be marketed, for otherwise it could be only the and natural, being concurrent with our decreasing exports difference in price that would be released; besides, it is and anticipatory of an adverse trade balance. But when hardly probable with the varied speculation and business the adverse balance was actually an existing condition the activity now prevailing in the West that the demand for course of foreign exchange was reversed, and ever since funds will materially fall off. Our banks are now receiv March came in, the rates have been lower than in Feb ing money in considerable amounts, but generally from ruary and all the time unsettled, the market this month the East and North and nearby sources. being more demoralized than ever, and yet we now The cable reports discounts of 60 day to 3 months see that the April merchandise balance was close on to bank bills in London £ of 1 per cent and no change since 16 million dollars against us, and that the May trade is last week in the rates at the chief continental centres. also running against us, though the presumption is, not so That the ministerial crisis in France has been viewed with largely as in April. All this shows that the unseen and comparative unconcern in financial circles may be inferred unknown influences operating on the exchange market from the fact that exchange at Paris on London has have, of late, been very extensive. Even admitting that fallen to 25 francs 20 centimes. Still it may be said that the item for undervaluation of imports has been lessened no event short of war itself is likely to disturb Europe through late efforts in that direction by the Govern, much now, it has been frightened so very many times by ment, still there must be a large sum above false reports and hostile appearances during the last two the trade result due each month from the United or three years. As we write there seems to have been as States to Europe for interest, freights, etc., and yejb no success in the efforts making to form a new minis, adding that to the 16 millions due in April and try. The Bank of England reports a gain of £207,000 to the millions due for May we have quite a formidable bullion this week, which we learn by private cable amount to be balanced by securities sold or temporary to us was made up by an import in part from loans effected in London. As to securities sold we are Egypt of £106,000, by receipts from the interior of Great persuaded that the amount going out is all the time now Britain of £151,000, and by export to Lisbon of £50,000. much larger than reported. W e notice in the admirable The Banks of France and Germany also both report gains report issued this week in pamphlet form, by the Union in, gold, the former of £151,000 and the latter of about Pacific Railroad, a list of stockholders is given in 1885- £396,000. Our bank statement of foreign banks at the and 1886, which shows that during 1886 Europe increased close of this article shows that the gold holdings in its holdings of that stock over 65,000 shares. Estimating Europe, according to the latest returns, were £204,- the average value of the shares at 60, that single item 654;520, against £203,490,338 the previous week. must have furnished about 4 millions of European money The foreign exchange market was dull and steady during last year, with which to pay that year’s debt. early in the week, and although rates were advanced half A feature in the situation which we have often referred a cent per pound sterling on Monday, the market did net to but which is daily becoming more prominent and respond. On Wednesday the tone was a shade easier important, is the land speculation in the West and South and on Thursday a reduction was made of a half cent west. It is following in the wake of the new railroad in the highest nominal quotations, due to the free offerings building and encouraged by the large immigration present of bills. London has taken some stocks through the and prospective, the sinews of war being provided by week. W e notice also the announcement this week of the bond issues for local improvements, by mortgages on placing in London on Saturday last of a 3 million loan of advancing town lots, and by other paper devices for raising the Mobile & Birmingham Railroad. This latter trans. money among which land improvement companies figure action has undoubtedly helped to depress exchange the conspicuously. W e see it reported this week that the last few days. So far as our foreign trade 4is concerned; Topeka Land & Development Co. which was put on the the situation of the market continues very unfavorable. market at Boston a few days since met such an eager Mr. Switzler, of the Bureau of Statistics, has this week (appetite for investment that four-fifths of its stock was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Ma t 28, 1887.J THE CHRONICLE. 667 taken at once. W e know nothing against the enterprise resulting from such speculations, are causing people to covered by that organization but accept the stock as being spend money freely, so that consumption is fully main good to-day and sure to be higher to-morrow. That has been tained. The large immigration movement is another the course of its predecessors, launched on the same mar feature tending in the same direction. In the dry goods ket, until ventures of that nature at Boston and ale trade a fair amount of business is doing. The situation associations in London are about equally exhilarating. as regards woolen manufactures is hardly satisfactory, But to get the fever at its height, it is said that one must but the cotton goods manufacturers are doing well and b 3 on the ground. In Kansas it is stated that the specu of course the advance in the cost of the raw material tends lation keeps full abreast of the railroad surveys for routes, to keep prices up. The anthracite coal trade is reported and as there is to be no lack of railroads in that State to be getting into very good shape, aided by the restric hereafter, there is hardly a square mile that has not its tion of production and a better demand, while bituminous town lots for sale. W e only refer to these facts as a fea coal is in active request all over the country. Most notice ture of the times. It all looks a little fast to a conserva able, however, is the change in the iron trade. This had tive mind. But if one does not make too deep a venture for many weeks been in a very unsettled and demoralized and can wait, the country is pretty sure to grow up to state. Now all at once from many different such ideas, even though they be not realized at once, and sections of the country come reports of a marked in the meantime the experience is worth something. alteration of the aspect. Accounts are uniformly bet W e notice that the receiver of the Texas & Pacific Rail, ter. As yet the demand is chiefly for small lots, way Company has filed a petition in the United States large buyers still holding off, but the inquiries are Circuit Court for instructions as to his action under the very numerous and this leads manufacturers to believe fourth section of the Inter-State Commerce law. This that, as soon as the idea of possible lower prices is dispelled, petition will, we presume, only result in the court’s author orders will come in in large numbers. A very forcible izing the receiver to act on his own interpretation of the illustration of the difficulties besetting the conduct of law, the same as every railroad not in the hands of the affairs in many branches of trade is offered by the circum oourt must act. Or even if the court should give an stance that while the coke workers in the Connellsville opinion as to the meaning of the section, it would only be region are out on strike for higher wages, the furnace men an opinion of a Circuit Judge, for no appeal would lie in have made a demand for lower prices for coke, claiming such a proceeding. The application suggests therefore that present prices of iron do not warrant their paying whether it is not possible for the people or for the rail existing figures. In the matter of the crops, rains have roads immediately to start proceedings, and for the Com relieved the sections previously suffering from drought» mission to encourage the same so far as it can, through and the outlook for wheat is now satisfactory. The con which the Court’s interpretation of the section in ques dition and prospects of corn are better than ever before tion can be obtained. The present situation is certainly known at this season. unfortunate for the railroads, for the Commission and for There is no change in the character of the reports of commerce;— for the railroads because they may act with railroad earnings. Both gross and net continue of the the utmost good faith and yet make themselves liable in same favorable tenor as heretofore. The Pennsylvania damages; for the Commission because they are as much in this week reports only a slight gain in net for April, after the fog as anyone as to their right to make permanent an equally small gain the previous year, but heavy expenses their temporary suspensions; for commerce because uncer explain the matter. Gross earnings have increased very tainty in rates unsettles prices and therefore unsettles busi* largely— as compared with 1886, $480,217, and as com ness. Hence it is of all things desirable that the true pared with 1885, $637,944. The following shows results meaning of this vague law should be known, and such con for a series of years past. struction as the Court gives it, be applied to the roads as L in e s Ba s t of soon as it can be, so that its wisdom can be tested and the 1887. 1880. 1886. 1884. 1883. 1882. PiTTSBUHO. people can determine whether they want it or not. There April. $ t $ « $ 3 is not a doubt but that the law was passed under a belief Gross earnings...... 4,342,834 8,802,017 3,704,800 4,150,309 4,001,750 8,855,850 that every one was being discriminated against by and in Operat’g expenses. 2,091,051 2,541,753 2,431,042 2,401,353 2,503,910 2,530,539 the interest of the railroads through the action of this Net earnings... 1,350,883 1,320,804 1,272,048 1,091,450 1,407,831 1,319,311 Western lines...... +87,570 +88,501 —45,895 +43,019 +124,382 +19,557 long and short haul principle ; and if the true intent of R esult...... 1,433,459 1,359,455 1,327,053 1,737,475 1,592,213 1,338,868 the statute is to abolish that method and to allow its appli Jan. 1 to April 30. cation only in very exceptional cases, the quicker the new Gross earnings...... 10,593,826 14,735,483 13,893,480 15,169,902 15,892,702 14,448,214 Operat’g expenses. 11,212,405 9,889,094 0,438,366 9,770,180 10,101,092 9,550,214 system is applied and commerce is made to conform to it, Net earnings... 5,381,331 4,845,789 4,255,120 5,380,722 5,731,010 4,889,000 the quicker we will learn its effect and know whether the Western lines...... +023,000 —129,879 -878,090 —300,201 +401,022 +7,271 people want it. Besides, as stated, almost anything is bet Result...... 0,004,931 4,715,910 3,877,030 5.080,431 0,132,032 4,800,271 ter than uncertainty and to hasten the Court’s interpreta' Thus the gross is decidedly the largest for that month tion of it seems therefore everyway desirable. of any of the years given, but the net is over $300,000 As concerns the general trade situation, there has been below that of either 1884 or 1881, because of the heavy a distinct improvement of tone during the last week augmentation in expenses. There has been some increase or ten days. The volume of trade has all along been large. in the cost of fuel, material, supplies and labor, but a very Railroad earnings and bank clearings are the evidence of large part no doubt of the addition to the expense account this. But profits have not been altogether satisfactory, is to be ascribed to a desire on the part of the Pennsyl- and there was considerable doubt and uncertainty as to vania managers to perfect their road and track and place the future, which was clearly reflected in the hesitancy it in effective condition to meet the ever-increasing require with which new engagements were entered upon, and also ments of competition. If, however, the April net has iu a weakening of prices in some departments. Now, increased but slightly, that for the four months shows con however, a more confident feeling seems again to prevail; siderable improvement on both the Eastern and Western trade is gradually adjusting itself to the changes required lines. Taking the system entire the total is $1,289,021 by the Inter-State law, while the active speculation in land greater than in 1886, and $2,127,901 greater than in and land stocks, referred to above, and the profits 1885, when results were at their lowest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 6 6 8 THE CHRONICLE. [VOL. x u v . The stock market continues firm in tone, and with rail M ay 26,1887. M ay 27,1886. Banks o f road earnings good,‘bank clearings large, and the crop Gold. Silver. Total. Gold. Silver. Total. situation favorable, it is natural that it should. Specu £ £ £ £ £ £ England...... 23,660,270 23,660,270 19,672,164 19,672,164 lation, however, is very limited, and there is no visible France...... 48,058,983 46,013,267 94,970,250 55,682,410 45,281,468 100,963,878 increase in outside orders, so that on the whole brokers Germany* . . . . 21,231,800 18,828,200 40.060.000 18,890,790 16,752,210 35.643.000 Aust.-Hung’y 6.758.000 14,161,000 20.914.000 6,882,000 13,383,000 19.765.000 complain of slack business. In some quarters it is Netherlands.. 4,000,000 8.258.000 13.158.000 6.255.000 8.170.000 14.425.000 Nat.Belgium* 2.509.000 1.255.000 8.764.000 2.399.000 1.199.000 3.598.000 claimed that this absence of outside orders is attributable National Italy 7.001.000 1.118.000 8.119.000 7.205.000 1.246.000 8.451.000 to speculations in other fields than stocks, and there is Tot. this week 114,121,053 00,533,467 204,654,520 116,486,364 86,031,678 202,518,042 considerable truth in the assertion. In the case of the Tot. prev.w’k. 113,400,039 90,081,209 203,490,338 115,954,709 85,750,310 201,705,019 specialties it is a comparatively easy matter to advance *The division (between gold and sliver) given In our table of coin and bullion in the Bank of Germany and the Bank of Belgium Is made from quotations, particularly where the amount of Btock out the best estimate we are able to obtain; in neither case is it claimed to be standing is small, and in this class of securities some very accurate, as those banks make no distinction in their weekly report, merely reporting the total gold and silver; but we believe the division sharp gains are being made all the time. W e may refer we make is a close approximation. in illustration to just a few that occurred this week. N o t e .— We receive the above results weekly by cable, and while not all of the date given at the head of the column, they are the Thus St. Paul & Duluth stood at 69 a week returns issued nearest to that date—that is, the latest reported figures. ago; yesterday it closed at 88§. In the same The Assay Office paid $121,786 through the Sub- time St. Louis & San Francisco has advanced from Treasury for domestic bullion and $345,838 for foreign bul 39 to 43¿, and St. Louis Alton & Terre Haute from 39 to lion (Spanish doubloons) during the week, and the As 44, the latter falling back to 42. Meanwhile, the gen sistant Treasurer received the following from the Custom eral list remains dull, and yet even here there is a steady House. appreciation in values going on— so slow as to be almost Consisting of— imperceptible, but which, when extended over a consid Date. Duties. U. S. Gold Silver Cer Gold. erable period of time, makes a respectable aggregate. It Notes. Certifie'8. tificates. was in January and February that stocks touched their May 20. $472,986 37 $6,000 $52,000 $338,000 $73,000 lowest. W e may note that since then Northwest has “ 21. 272,056 15 2,500 41,000 194,000 34,000 “ 23. 495,454 60 2,000 59,000 380,000 54,000 risen from 110 to 124, Lake Shore from 90 to 97, St. “ 24. 477,431 12 7,000 59,000 327,000 83,000 Paul from 86 to 93, Rock Island from 125 to 138, Bur “ 25 510,667 08 5,000 50,000 372,000 85,000 lington & Quincy from 137 to 149, St. Paul & Omaha « 26. 367,825 84 5,000 48,000 251,000 63,000 common from 46 to 53 and preferred from 106 to 117. Total. $2,596,421 16 $27,500 $309,000 $1,862,000 $392,000 Another way to indicate the course of the market is to Included in the above payments were r,000 in silver see how many stocks reached their highest point in the coin, chiefly standard dollars. current month. Of 113 stocks in our range of prices since January 1, oh another page, we find that 24 reached IMMIGRATION AND IMMIGRANTS. the best figures in January, only 4 in February and 2 in The statistics show a very great increase in the rate of March, but 29 in April and 54 in May. Thus the tend immigration during recent months, and the facts supplied ency has been distinctly upward, and in this there by the daily newspapers indicate that the movement is is compensation for the small volume of business still gathering volume and momentum. A glance at any done. passenger steamship from Europe as it passes up the har The following statement made up from returns collected bor, brings out in a startling way to those who are not by us shows the week’s receipts and shipments of gold accustomed to the sight, the magnitude of the tide of and currency by the New York banks. population that is rolling in upon us. Her decks are crowded with men and their families, who have abandoned Week ending May 27,1887. Received by Shipped by Net Interior their homes beyond the sea to become— more or less— N. Y. Banks. N. Y. Banks. Movement. American citizens, and at any late to seek their fortune Currancy. $1,728,000 $425,000 Gain. .$1,303,000 Gold...... here. Colonies of healthy-looking Germans, of sturdy Total gold and legal tenders. $1,728,000 $425,000 Gain..$1,303,000 Swedes, of squalid Italians, troop into Castle Garden quar The above shows the actual changes in the bank hold ters, and are dispersed in a few hours, to make room for ings of gold and currency caused by this movement to and others from the British Isles. from the interior. In addition to that movement the banks It is an interesting fact that the immigration movement have lost $2,000,000 through the operations of the Sub. keeps even pace with the growth of the country. Hardly Treasury. Adding that item to the above, we have has the first symptom of returning prosperity been noted the following, which should indicate the total loss to by the most observant eye when it appears that the human the New York Clearing House banks of gold and cur tide from beyond the sea is also rising. The first check rency for the week covered by the statement to be of hard times is almost as quickly followed by a diminu issued to-day. tion of the flow of population. It has always been so. The immigration in 1838 was less than one-half that of 1837; W eek ending M ay 27,1887. Into Banks. Out o f Banks. Net Change in Bank Holdings. that of 1858 was less than one-half that of 1857. The Banks’ Interior Movement, as above $1,728,000 $425,000 Gain..$1,303,000 outbreak of the civil war in 1861 caused a great dimi Sub-Treasury operations...... 3,300,000 5,300,000 Loss.. 2,000,000 nution of the flow, for while the average num Total gold and legal tenders. ... $5,028,000 $5,725,000 LOSS.. $697,000 ber of alien passengers in the three years ended The Bank of England gained £207,000 bullion during the with 1860 was 132,000, the average of the first two years week. This represents £56,000 net received from abroad of the war was only 92,000. The war over, the number and £151,000 from the interior. The Bank of France re. gradually swelled until in the three years ended June 30, ports an increase of 3,775,000 francs gold and of 2,000,000 1873, the annual average was 412,000 ; in the three years francs silver, and the Bank of Germany, since the last following the panic the average was but 254,000. Again, return, has gained 14,940,000 marks. The following in in the three years ended June 30, 1879, the average was dicates the amount of bullion in the principal European but 175,000 ; in the three succeeding years it was almost bank? this week and at the corresponding date last 630,000. From 1882 until 1886 the number has declined year. without interruption until the present year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Ma t 28, 1887.J THE CHRONICLE. 669 This coincidence of immigration with the national growth out of which desirable American citizens can ever be appears in another way. Jnet as in oar periods of hard times made. Railroad men may want the Italians to use the the volume of business never sinks to the level of the last spade; factory owners may be glad of French-Canadian preceding season of dulness, so both the great waves of helpers; but the country as a whole is not benefitted by immigration and the diminished flow in the intermediate the presence of either. periods show a constant tendency to increase. For exam The other fact is that almost every danger to the organ ple, the average immigration of the last four years was ization of society peculiar to the present time finds its larger than that of any selected four years from 1873 to origin and chief support among those who have taken 1879 ; the average of these years was greater than that of advantage of the excessively 4 liberal policy of this the war period, and so on back. Furthermore, the follow country toward aliens only to injure or destroy the ing short table shows how the gross immigration keeps country which gives them undeserved hospitality. Social pace with the growth of population. ism and anarchy are the worst evils that have come Immigration, upon us from abroad; and although, from the very nature Year. Population. Year. Population. 10 Years. of things, and from the instinct of self-preservation which 1840...... 17,009,458 1,703,851 1800. every community has, it must be a short-lived danger, 1800...... 83,191,870 8,590,707 I860. 1800...... 31,443,381 2,820,872* 1870.. yet it is serious while it lasts, But it is not the only 1870...... 38,558,371 3,005,900 1860.. annoyance which the foreign-born population has brought 1880...... 00,155,783 S,3O9,880t 1886.. v luv/umo. a loviuue w lOUO tUo tHtHblUbUb 18 I or caien- upon us. W e need only refer to the extremely bad taste, aar years, t Net immigration, 0 years. Previous figures are those of alien passengers arrived. J Estimated. to put it very mildly, of the agitation in this country on the subject of the relations between the Irish people and Roughly speaking, immigration supplied 28 per cent of the Government of Great Britain— an agitation which, in the increase between 1840 and 1850; 31 per cent in the its basest form, has made the United States the plotting next decade; 33 per cent in the third; 26 in the fourth; ground of murderous dynamite outrages. To our large and 30 per cent of the growth of the last six years. foreign population also, we are sorry to say, is chiefly due This last fact is one that deserves particular study by the evil which is popularly known as the saloon in politics. economists and statesmen, for it is one of great signifi Naturally and inevitably the pauper and the criminal classes cance. It indicates that the proportion of foreign-born contain a large proportion of aliens, because families emi population which the country is making a constant effort grate hither on account of poverty, and because bad men to digest does not diminish. It was 13-2 per cent in 1860, escape the penalty o f their offences by coming here where 13*3 per cent in 1880, and at the present moment must they are not known. be larger still. Now, in spite of the wide prevalence in this country of the notion that an increase of population W e are aware that this is only one side of the question. Very much may be said of the benefit the country has is an infallible proof of the prosperity of a community, we venture to think that the time is coming, if it has not derived from immigration, and we admit it all. It may be urged, truly, that unless the policy of encouraging it already arrived, when the national policy should be some what modified in reference to immigration. If messieurs had been pursued, the development of America and its the politicians would not accuse us of meditating a fresh growth in wealth and power would have been less rapid. It may even be conceded that most unpromising alien ma Know-Nothing crusade, we do not know but we should add that more strictness is also needed— if not a change in the terial has been successfully absorbed in the population. law— with regard to naturalization. No radical measures But the indications are unmistakable that in two particu are called for, or suggested, and none would be tolerated. lars at least— in the introduction of men of brutish Nevertheless, there is such a thing as carrying to excess character from the South of Europe, to be merely the practice of an abstract principle; and when any prin unskilled laborers on public works, and in the dp.e of national policy begins to work badly it is not only coming of Socialist leaders and their disciples from permissible, but obligatory upon those who do the origina- more northern countries— immigration now threatens to thinkmg and planning for the country, to consider anew become far more potent for evil than for good. How it can the reasonableness of the principle itself. be controlled, by what process the desirable may be Does then the system of free and increasing immigra allowed to come in, and the undesirable be kept out, what ti Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 670 THE CHRONICLE. [VOL. XL1V, amounting to $2,756,431,571. Since that date the decline idea of a permanent debt would not for a moment be tol has been uninterrupted, not a single year having passed erated. But there is a practical agreement among all classes without some decrease, large or small. What it will be that we should proceed more slowly in the future. When on the 1st of July— the close of the current fiscal year— the debt amounted to 2 f thousand million dollars, and the it is too early yet to say in exact figures, though of course annual interest charge was 151 millions, there was good a pretty close estimate can be formed. Oa the 1st May, reason for a system of redemption and refunding which according to the monthly statement, the debt wa3 $1,305,- would make the load more manageable, so our people bore 170,459. From this, however, there must be deducted the burden of heavy taxation required cheerfully. Now, the debt of the Pacific Railroads, not counted in the however, the situation is changed. The debt has been re exhibits of previous administrations, and also the amount duced to a moderate figure, and there is no need for haste of the fractional silver coin which though unavailable as in getting rid of the remainder. Besides such a policy a working balance is yet an offset to the debt and liabil even if it were wise is not at present practicable, the ities outstanding; besides this, the amount of accrued Government having no option on the remainder of the interest on the debt must be taken out, this not having boncls, and paying them off by purchase in the open mar been considered in former periods. The total of these ket at a constantly advancing premium would for obvious three items is $100,626,127, and deducting it the debt reasons be objectionable, and very unpopular except as a on the 1st of May, made up on the same basis as the figures temporary expedient. on the 31st of August, 1865, would be $1,204,544,332. And yet teyond a doubt to suspend redemption wholly This total embraces $28,079,950 of threes, which have would prove most unacceptable ; the people much prefer now all been called. It is no exaggeration therefore to to see the debt diminishing. The idea of permanency is, as say that after the 1st July the total will be down to 1,180 already stated, out of the question ; leaving the bonds in millions, and by the 31st of August it is not unlikely that their present shape to be met as they mature only makes the amount will approximate 1,156 millions, at which extension then a.necessity. W e have all the machinery for figure it would stand just 1,600 millions less than on the payment in working order now, and to so reduce taxation as same day in 1865. to throw it into disuse would be very unfortunate. Is not, Sixteen hundred millions is a large amount for a nation therefore, a refunding scheme a most pressing need which to pay in a period of twenty-two years, and it is a record awaits the meeting of Congress. It will be easy to of which we may well express satisfaction. It represents devise one which will be acceptable to the bondholders» an average of 73 millions taxes per year paid for this pur. and one that will give the Government the option to draw pose alone. In some of the years, of course, the reduction a certain amount by lot to pay each year. The redemp was much larger than this, that for 1882 being over 144 tions need not be large— say thirty millions, or even less millions, that for 1883 over 136 millions, while the amount — but enough to know that we are annually decreasing for the current year will exceed, in all probability, a the debt, and to be able to feel that in a fixed period the hundred millions. Equally striking is the record as to United States can say for a third time that it has substan. the annual interest charge on the debt. This is now tially paid off its public indebtedness. That is an object considerably less than one-third of what it was in 1865. well worth working for. Through successive refunding operations the rate of inter est has of course been greatly reduced, till in 1882 it was IMPORTS AND EXPORTS FOR APRIL . only three per cent, and there are now no bonds out bear The Bureau of Statistics has issued its detailed statement of the foreign commerce of the country for the month of April ing more than 4£ per cent. This reduction in interest and the ten and twelve months ended with April 30, 1887> rates,1 combined with the reduction in the principal of ss well as comparisons for the corresponding periods of the the debt, has so far diminished the annual charge preceding year, as follows : that as against $150,977,697 per annum on August 31> MERCHANDISE. 1865, the amount on the 1st of July, after the last of the For the For the 10 For the 1 2 month of months ended Months ended threes have been retired, will be only $41,189,010 per April. Apr. 3 0 . Apr. 3 0 . year. In other words, the interest burden now is almost 1 8 8 7 . Exports—Domestic...... $46,029,672 $613,898,768 $721,267,941 110 millions a year less than it was at the end of the war. Foreign...... 1 ,5 3 3 ,3 7 1 1 1 ,0 8 7 ,4 0 5 1 3 ,7 2 6 ,0 9 2 $47,563,043 $624,986,173 $734,994,03^ There is another point to be noted. The interest-bearing Imports...... 6 3 ,5 3 7 ,0 1 8 572,425,914 679,509,656 Excess of exports over imports $52,560,259 $55,484,377 debt is now down to almost exactly a thousand million Exoess of imports over exports 1 5 ,9 7 3 ,9 7 5 dollars (or rather it will be after the 1st of July), and 1 8 8 6 .—Exports—Domestio...... $52,899,895 $558,595,356 $653,279,721 Foreign...... 1 ,1 1 7 ,4 5 3 1 0 ,9 2 1 ,6 1 4 13*732,147 consists of $250,000,000 4£s, $737,975,250 4s, and $54,017,348 $569,516,970 $667,011,868 5 7 ,3 6 6 ,2 2 6 528,352,394 623,349,996 $14,000,000 pension 3s— the Pacific Railroad 6s not being Exoess of exports over imports $41,164,576 $43,661,872 regarded, because the companies are supposed to take Excess of imports over exports 3 ,3 4 8 ,8 7 8 ------...... care of them when they fall due. But, as is well known, GOLD AND SILVER—COIN AND BULLION. 1 887 . —Exports—Gold—Dom... $ 4 3 7 ,6 5 2 $ 4 ,9 1 3 ,5 4 0 $16,503,959 no portion of the unpaid balance is redeemable at the Foreign 1 ,0 5 6 ,4 8 4 3 ,8 7 0 ,9 5 2 8 ,0 5 5 ,7 1 5 Total...... $ 1 ,4 9 4 ,1 3 6 $ 8 ,7 8 4 ,4 3 2 $24,559,674 option of the Government. The 4£s can not be called till Silver—Dom .... $ 2 ,2 1 6 ,8 4 0 $13,976,477 $16,374,526 1891, and the fours not till 1907. The threes, which are Foreign. 4 2 9 .8 5 3 8 ,6 4 7 ,2 1 9 1 0 ,1 7 1 ,6 4 7 Total...... $ 2 ,6 4 6 ,6 9 3 $22,623,696 $26,546,173 now all to be retired, were issued under the Act of July $ 4 ,1 4 0 ,8 2 9 $31,408,138 $51,105,847 12,1882, but did not become subject to call till July 26} $ 3 2 9 ,2 7 8 $41,501,409 $42,012,650 Silver...... 1,417*151 1 4 ,8 9 3 ,7 6 3 1 7 ,3 2 6 ,6 5 3 1883, when the last of the 3£s had been called. Their $ 1 ,7 4 6 ,4 3 2 $56,395,172 $59,339,303 total amount was $305,581,250. If we include the $32,- Exoess of exports over imports $ 2 ,3 9 4 ,3 9 7 Exoess of imports over exports $24,986,984 $ 8 ,2 3 3 ,4 5 6 082,600 of 3£s still outstanding July 1, 1883, we get a 188 6 .—Exports—Gold—Dom... $ 3 ,4 9 6 ,2 4 7 $21,175,647 $22,062,77 3 Foreign 1 ,3 1 6 ,1 0 9 6 ,0 0 1 ,3 6 2 7 ,2 5 0 ,2 0 3 total of 337 millions of interest-bearing debt redeemed or Total...... | $1,812,256 $27,177,009 $29,312,976 called during the four years, an average of 84 millions a Silver—Dom... $ 1 ,0 3 0 ,0 3 0 $16,760,002 $20,850,326 Foreign 7 93,867 8 ,8 2 8 ,7 4 0 1 0 ,5 1 4 ,6 1 2 year. $ 1 ,8 2 3 ,8 9 7 $25,588,742 $31,364,938 These facts show that we have at length reached a stage $ 6 ,6 3 6 ,1 5 3 $52,765,751 $60,677,914 $ 3 5 0 ,7 5 1 $20,232,108 $21,026,606 in the history of debt reduction where our policy not only 1,127,731 1 5 ,4 1 7 ,4 1 7 1 6 ,9 5 8 ,4 7 4 will have to be, but ought to be modified. The people of $ 1 ,4 7 8 ,4 8 2 $35,649,525 $47,985,080 Exoess of exports over imports $ 5 ,1 5 7 ,6 7 1 $17,116,226 $22,692,834 the United States txlieve in paying their debts, and the Exoess of imports over exports Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Ma y 28, 1887.] THE CHRONICLE 671 TOTAL MERCHANDISE AND COIN AND BULLION. 2d week of May. 1887. 1886. Increase. Decrease. For the For the 10 For the 12 $ $ $ $ month of Months endid Months ended Prev'ly rep’ted (38 roads) 2,492,674 2,121,263 374,856 3,445 April. Apr. 30. Apr. 30. Chicago St. L. A Pitts___ 90,263 78,947 11,816 Cin. N. O. A Texas Pao... 56.554 47.571 8,983 1887.—Exporta—Domestic.... $48,684,164 $632,788.785 $754,146,426 Alabama Great So...... 24,284 18,090 6,194 3,019,703 23,605,576 31,953,454 New Orleans A N. E .„ . 8,958 9,576 618 Foreign...... Vicksburg A Meridian.. 8,143 8,170 27 Total...... $51,703,872 $656,394,361 $786,099,880 Vicksburg Shrev. A Pao. 4,677 2,692 1,985 Imports...... 65,233,450 628,821,086 738,848,959 Cincinnati Rioti. A Ft. W. 7,035 6,5.16 519 Excess of exports over imports $27,573,275 $47,250,921 Cleveland Akron A Col... 11,053 9,856 1,107 Excess of imports over exports $13,579,578 82.808 67,848 14,96(1 1886.—Exports—Domestio.... $57,426,172 $596,531,005 $696,192.320 Flint A Pere Marquette.. 50,737 44.547 6,190 Foreign...... 3,227,329 25,751,716 31,496,962 Florida R’way A Nav. Co. 19,145 18,670 475 Grand Rapids A Ind...... 41.972 34,803 7,169 Total...... $60,653,501 $622,282,721 $727,689,782 Grand Trunk of Canada.. 334,048 302,52 31,526 Imports...... 58.844.708 564,001,919 661,835,078 Houston A Texas Cent... 33,135 39,256 è,Ì21 Excess of exports over imports $1,808,793 $58,280,802 $66,354,706 Ind. Bloom. A Western.. 41,340 35,080 6,26 > Excess of imports over exports Kansas City Fort S. A G. 44,711 38,493 6,218 Kansas City Spr. A Mem. 39,859 25,100 14,759 IMPORTS AND EXPORTS BY PRINCIPAL CUSTOMS DISTRICTS. Kansas C. Clin. A Spr__ 3,300 3,635 335 Kingston A Pembroke__ 3.770 2,789 981 ... ___ Imports. E x po rts. Lake Erie A Western...... 30,518 26,501 4,017 Louisv. Evansv. A St. L.. 20,390 13,575 6,815 Customs d is A p r il , 1887. 10 month» ending 10 months ending Marquette Hough. A On. 26,170 31,063 4,893 tric ts AND April 30. April 80. Memphis A Charleston.. 30,214 20.738 9,476 P orts. Mexican Nat. (So. Div.).. 21,710 20.893 817 Import». Export». 1887. 1886. 1887. 1886. Minnesota A Northwest.. 16,236 7,470 8,766 N. Y. City A Northern__ 10,267 10,888 621 t ». JL * » . 8 Baltimore,Md. 1,379,628 3,641.161 10,399,437 9,010,083 44,424,665 28.160,040 St. L. Alt. A T. H. (M. L.) 22,472 22,312 160 Boston, Mass. 5,878,687 4,936.326 49,371,522 47,241.016 51,061.960 48,264,504 Branohes...... 13,432 11,492 1,940 Buffalo Ck.N.Y 331,221 21,493 5,441,784 5,115,645 827,031 294,546 Tol. Ann Arbor A No.Mioh 7,668 5,803 1,865 Champl’n, N.Y 252.008 93,876 2.588,363 2,018,036 1,412,456 1,141,108 Chariest’n, 8.C 60.345 430,75t 507,902 634,257 14,380,116 16,818,783 Total (67 roads)...... 3,697,543 3,086,159 627,414 16,060 Chicago, 111.... 1,053.980 10,612 10,248,581 8.496,944 1,030,830 1,520,305 Cincinnati, O.* 287,098 2,210418 1,529,481 Net increase (16*57 p. ot.) ...... 511,384 Detroit, Mlob. 188,996 287,777 2,088,018 1,946,990 4,527,070 âÀVi'dàô Duluth, Minn. 55,871 118.388 1,786,282 1,578,760 Galvest’n.Tex Ì57,578 584,732 659.55V 738,096 18,831,989 10,721,587 Milw’koe.Wis. 52,933 469,064 535494 19,000 GoxmmxtinX gnfllislxlpttrs MlnnVa.MIun 225,429 74,380 1,554.029 871,209 654,768 790.910 Mobile, A la... 23.292 265.601 52,131 49,502 2,394,402 2,484,939 New Orl’ns.La 945.008 4,095,685 8,133,940 6,742,670 75,061,448 72,979.070 {From our own correspondent.] New York.N.Y 41.144,894 23,207.903 378,033,240 350,703,752 206,949.405 258,008.630 Niagara, N.Y.. 206,202 1.739 8,138,679 2,507,498 62,022 43,707 L ondon, Norfolk, Va... 711 08,001 90,934 124,548 14,785.480 0,629,016 Saturday, May 14, 1887. Oregon. Or eg.. . 4,108 204,550 145.120 1,331,968 1,302,233 The actual condition of affairs cannot be said to have varied Oswega’le,N.Y 157,603 83,103 2,114,291 1,725,014 1.415,825 1,315,599 Oswego, N .Y .. 140,885 86,323 4,010,971 4,882,483 1,057,09» 1,120,852 in any special manner during the past week, but there is an Philadera, Pa. 4,183,340 3,132,712 32,095.587 29.548,304 29,544,128 27,971,726 Portland, Me.. 351.298 210,019 1,572,895 1,'327,382 1,954,305 2,886,757 evident pause in the march towards commercial prosperity. Ban Fran., Cal. 9,828, «71 2,271,488 33,071,866 80.750,031 28,499,104 20,694,039 Savannah. Ga. 5.697 210,802 197,005 424.795 23,243,472 19,709,152 While the centres of the textile manufactures keep busy, the St. Louis,Mo.* 287,151 2.740,401 2,030,073 Vermont, V t.. 398.108 119.697 4,458,563 4.808.230 1,888,076 1,205.048 iron trade unquestionably wants life. We hear oft-repeated Wlllumette.Or 104,703 253.053 319,817 288,211 4.997.815 4,702,965 W llml’g’n, N.C 2,975 38,882 121,015 101,504 0,820,900 3,980,170 reports of the contemplated carrying out of important railway Yorktown, Va. 44,317 943,243 137,226 78,090 0,880.248 2,443,455 schemes abroad, but they continue in the embryo stage. W e Totals, (In cluding all are, in fact, laboring under the bad effects of a want of confi oth’r Dlsts.) 63,537,018 47.563.043 672,425,914 528,802.364 024,980.173 669,516,070 dence in the political future, and any foreign schemes of mag Remaining In warehouse April 30,1886...... $31,123,758 nitude are likely therefore to remain in abeyance. Remaining in warehouse April 30,1887...... $32,458,309 * Interior ports to whloh merchandise can be transported without The revenue receipts also are not showing any expansion; appraisement, under act of June 10,1880. on the contrary, so far they have failed to reach last year’s figures. From April 1st to May 7th the total revenue was £9,080,423, against £9,958,307 for the period from April 1 to EARNINGS IN MAY. May 8 last year. True, last year’s collections included an Thirty-eight roads have reported their earnings thus far for extra day, but even allowing for that, there is a deficiency of the third week in May, and the result is a gain over last year about £680,000. Stamps, property, income tax and telegraphs of $319,481, or 14*95 per cent. Only five of the thirty-eigh have more than exceeded last year’s totals, and as these all roads show a decrease, and in no case does the falling off bear upon the condition of trade, only favorable deductions appear to have any special significance, the total on the whole can be drawn from ' any increase in them; but the defi five roads amounting to only $25,086. ciencies under the heads of customs, excise and post-office more than outweigh these gains. 3d week oj May. 1887. 1886. Increase. Decrease. For additional proof that we are not yet on the eve of attain $ $ $ ing commercial prosperity, we have only to look at the state of Buffalo N. Y. A Pbila ... 47,506 51,400 3,900 Buffalo Boob. A Pittsb.. 38,193 17,722 120,471 the money market. When so much difficulty is experienced Cairo Vincennes A Ohio. 16,837 12,763 4,074 in finding employment for money that the discount rate for Canadian Pacific...... 206,000 184,000 22,000 Chicago A Atlantic...... 33,812 25,186 8,626 three months’ bills is only about 1 per cent, and short loans Chicago Mil A 8t. Paul.. 411,000 403,587 7,413 Chicago A West Mich .... 28,281 24,331 3,950 can be had at the rate of per cent per annum, or less than Cincinnati Ham. A Day 64,021 49,870 14,151 one half-penny per £100 per day, it is very evident that either Cln. Ind. St. L. A Ohio... 51,585 44,200 7,385 Cincinnati Wash. A Balt. 34,857 33,825 1,032 there must be considerable stagnation somewhere, or else cap Col. A Cln. Midland...... 4,295 5,697 1,402 Denver A Rio Grande..., 142,300 122,417 19,883 italists are afraid to run any risk in locking up their capital D*6t. Lansing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 672 THE CHRONICLE. [Vòl. XLIV. is £26,199,000, or about £3,500,000 more than a year ago. There Amongst the financial events of the week has been the receiving by Messrs. Morton, Rose & Co. of subscriptions for is a loss in the reserve of £359,855. This is mainly attributable £200,000 collateral car trust 5 per cent debentures of the to the usual inquiry for coin for internal purposes at this tune United States Rolling Stock Company, the price of issue being of the year. The falling off in bullion is £559,435, of which 92 per cent. £114,000 went abroad, but note circulation has at the same The South Australian Government has placed a 4 per cent loan for £850,000, at an average of £103 2s. 6d. per cent, the time been reduced by £199,580. The proportion of reserve to applications amounting to £2,341,600, at prices ranging from liabilities has fallen from 48*28 to 46*86 per cent. The amount 101, the minimum to 104. of the reserve is now £14,420,750 and th e stock of bullion The past week has been rather prolific in the issue of new £28,346,270, being a gain of £3,700,000 and £3,546,000 respect- companies. We have been given an opportunity to invest in a new Venezuela gold mine and a Queensland gold mine; and ively^ over last year. we have had an invitation for subscriptions to 4% per cent The rates for money have been as follows: debentures to the extent of £105,000 of the Queen Victoria Niagara Falls Park, and other miscellaneous issues, including Interest allowed 1 Open market rates. the Morris Tube Ammunition Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Ma y 38, 1887.] H'HE CHRONICLE 673 a 696—1The First National Bank of Canton. Now York. Capital, $65,000. Balances. ’ DolDhasS Lyntle, President; John Plokens, Cashier. Date. Receipts. Payments. Coin. Coin Oeri’s. O oq7 _The Peonies’ National Bank of N ew Brunswick, N. J. Capital. Currency; 3,0 S 10 0 0 0 0 . Geo. W. De Yoe, President; T. E. Sohanck, Cashier, 3 698 Tho Fort Dearborn National Bank of Chicago. 111. Capital, $ $ $ $ $ * « 5 0 0 .0 0 0 . Homer N. Hibbard, President; Seymour Walton, May 21 817,471 1,014,524 135,070,457 21.458.292 15,514.771 “ 23 1.233,631 810,562 135.171,521 21,843,141 15,451,927 Cashier. « 24 1,106,597 901,123 135,167,023 22.047.293 15,457,748 Imports and E xpo rts fo b th e W eek.—The imports of last 1,300.423 715,518 135.197,107 22,582,120 15,477,742 week, compared with those of the preceding; week, show a “ 26 1,399,614 1,220,219 135,232,370 22,747,680 15,456,315 decrease in dry goods and an increase in general merchandise. “ 27 1,297,768 900,423 135,277,374 23,156,338 15,399,998 The total imports were $11,433,543, against $7,775,573 the pre Total .. 7,155,501 5,562,369 ceding week and $9,111,483 two weeks previous. The exports for the week ended May 34 amounted to $5,743,018, against 149th Call for U. S. Bonds.—The Treasury Department, $5,745,155 last week and $5,517,742 two weeks previous. The under date of May 20, 1887, issued the 149th call, which retires following are the imports at New York for the week ending all the remaining 3 per cents, amounting to $19,717,500, on (for dry goods) May 19, and for the week ending (for gen July 1. These bonds are numbered as follows : eral merchandise) May 30 ; also totals since the beginning of $50—Original No. 1 to original No. 16. both inolusive. $100— Original No. 1 to original No. 156. both Inolusive. the first week in January: $500—Original No. 1 to original No. 65, both inolusive, and original FOREIGN IMPOSTS AT NSW YORK. No. 4,237 to original No. 4,238, both inolusive. $1,000—Original No. 1 to origiualNo. 766, both inolusive, and original For Week. 1884. 1885. 1886. 1887. No. 23,798 to original No. 23,826, both inolusive. $10,000—Original No. 1 to original number 1,911, both Inolusive. Dry Goods...... *1,371,213 $1,490.588 $1,333,173 $1,653,420 Gen’l mer’dise.. 6,992,155 6,163,323 6,727,196 9,770,123 St. Paul City.—Attention is called to the full-page financial statement of the City of St. Paul, Minn., which will be found Total...... $8,363,368 $7,653,911 $8,060,369 $11,423.543 on the sixth page of the C h r o n ic le . This exhibit, published ¿Knee Jan. 1. Dry Goods...... *47,579,353 $39,809,936 $47,526,592 $50.6 .*8,634 by Mr. John W. Roche, the Comptroller, gives full informa Gen’l mer’dise.. 127,016,913 106,902,477 122,782,224 134.087.354 tion in regard to the fiuancial status of the city, and is muoh clearer and more intelligible for the average reader than the Total 20 weeks. $174.596,266 $146,712,413 $170,30°,816 $184,735,936 usual reports of cities in bulky pamphlet foi m. Population The following is a statement of the exports (exclusive of in 1870, 22,300; in 1885, 111,397; total bonded debt, $4,162,421; specie) from the port of New York to foreign ports for the annual interest charge, $224,733; assessed valuation of real week ending May 34,1887, and from January 1 to date: estate, $68,539,570; estimated cash value, $180,000,000; valua ■XPOSTS FROM NSW YORK FOR THIS WEEK. tion of personal property, $15,584,481. The foregoing facts 1886. are the salient points which make St. Paul bonds a first-class 1884. 1885. 1887. investment. For the week... $5,797,371 $6,407,232 $6,032,652 $5,743,018 107,635,408 —Attention is called to the choice list of investment secu Prev. reported.. 105,914,227 122,585,624 110,833,362 rities offered for sale by Messrs. Albert Netter & Co., in our Total 20 weeks. $111,711,598 $128,992,908 $113,668.060 $116,026,380 advertising columns to-day, Investors will do well to give it The following table shows the exports and imports of specie their attention. at the port of New York for the week ending May 21, and Auction Sales.—The following were sold at auotion by sinoe January 1, 1887, and for the corresponding periods n Messrs. Adrian H. Muller & Son: 1886 and 1885: Shares. Shares. ■XPOSTS AND IMPOSTS OP SPECIE AT NEW YORK. 64 Broadway Ins. Co...... 193*9 37 St. Louis Ore & Steel Co. 26 33 N. Y. Fire Ins. C o ...... 95 100 Mexican Sou. HR. Go ... 2 Exporte. Importe. 77 North River las. 0o...... 100 16 Guardian Fire Ins. Co... 76% Bold. 5 Am >■ xoh. Fire Ins. Co.. 95 3.000 Haile Gold Min. O0 ..I 60. sh. Week. Since Jan. 1. Week. Since Jan. 1 60 Guardian Fire Ins... 77%-78*a 2.000 Haile Gold Min. Co ..15o. sh. 13 Union Ferry Co...... 147*9 Bonds. Great Britain ...... $...... $70,248 $...... $1,578,107 CO German Am. Bank...... I l l $1,000 Danbury & Norw. HR. France...... 8,257 1,506,965 20 Fidelity <& Casualty Co.. 90 Co. 7s, Keg., due 1892...... 110 Germany...... 968,101 357,053 90 Germ. Am. Fire Ins. Co. 310 $2,500 Jersey City 7s, Reg., West Indies...... 2,317,675 283,055 798,993 37 Mechanics’ Fire Ins. Co., due 19o6...... n 5 & int. M exico...... 5,690 or Brooklyn...... 81 $1,000 City of N. Y. 7s, Tax South A m erica...... 5,000 1,656,116 1,193 145,124 5 Edison Electric Light Co. Relief Cou„ due 1890.112% &int. All other countries... 11,450 268,279 4,477 46,642 of Europe, Limited...... 5 $5,OOo Columbus <& Eastern 100 Farmers’ Loan & Tr. Co. 463 SR. Co., 1st Mortgage...... 10 Total 1887...... $16,450 *5,288,673 $288,725 $4,439,174 52 Br’klyn & N. Y. Ferry Co. 73 $5,000 Haile Gold Miu’g Co., Total 1886...... 1,658 24,740.553 22,738 2,669,442 24 Germania Bank...... 221 1st Mortgage...... 26 Total 1885...... 637,455 5,921,120 164,052 5,197,031 Silver. giW kittg and ¿¡financial. Great Britain...... $200,000 $3,415,339 $ $57,300 France...... 8,000 533,973 800 Germany...... 1,400 114,590 357 146,665 United States Government and other desirable West Indies______92,793 3,838 326,056 Mexico__ ...... 16,581 52,562 South America...... 42,712 2,716 184,001 SECVRITIES All other ooontries... 19,335 650 151,775 POR Total 1887.. .. $209,400 $4,235,323 $7,561 *919,159 INVESTORS. Total 1886...... 112,190 4,755,706 57,077 642,227 Total 1885...... 243,204 6,635,* 84 34,447 t.77,589 All stocks and bonds listed on the New York Stook Exchange bought Of the above imports for the ween in 1887 $146,600 were and sold ou oommission for cash. American gold coin and $1,523 American silver coin. Of the Deposit aooounts reoelved and interest allowed on monthly balances exports during the same time $16,450 were American gold subject to draft at sight. coin. HARVEY FISK & SONS, FoREiGN Tr ad e of N e w Y o r k —Mo n t h l y Statem en t.—In addition to the foregoing tables, made up from weekly returns, 28 N assau Street, N e w Y o r k . we give the following figures for the full months, also issued ^ York Custom House. The first statement covers Citizens’ Gas Light Co. Gold 6s, the total imports of merchandise. IMPORTS INTO NEW YORK. Jersey City Registered 5s, Pottawatamie Co., Iowa, 4 l-2s, 1 8 8 7 . 1 8 8 8 . Town of Salina, K. Y., 4s, Month. General Dry Dry General Goods. Merchan lotaL Merchan Total. Shelbyville W ater Co., 111., 6s, dise. Goods. dise. Rrownwood, Texas, 6s, « $ * i $ $ t January... 1 1 ,1 5 9 ,7 0 4 2 3 ,7 4 8 ,1 8 8 3 4 ,9 0 7 ,8 9 2 9 ,4 1 0 ,1 6 4 2 3 ,3 8 9 ,7 3 5 32,799,899 POB SALE BY February.. 1 0 ,7 9 9 ,6 6 4 2 3 ,0 2 2 ,7 7 8 3 9 ,8 2 2 ,4 4 2 1 2 ,0 7 0 ,4 2 5 2 6 ,8 2 1 ,3 1 0 38,091,741 March...... 9 ,6 3 1 ,8 8 2 3 1 ,3 9 1 ,6 4 8 4 1 ,0 2 3 ,5 3 0 1 2 ,8 1 6 ,7 2 5 2 6 ,3 6 4 ,4 0 1 39,181,¡89 COFFIN & STANTON, Bankers, April...... 8 ,2 8 7 ,9 9 4 3 2 ,8 5 6 ,9 0 0 4 1 ,1 4 4 ,8 9 4 8 ,5 0 0 ,3 3 0 2 8 ,6 1 3 ,3 8 9 3 7 ,1 7 9 ,7 1 9 10, 11 and l i Mortimer Building, Wall Street, N. Y. Total.... 4 5 ,8 7 9 ,2 4 4 111,019,514 156.898,758 4 2 ,8 0 3 ,0 4 4 104,988,901 147,852.545 EXPORTS PROM NEW YORK. CUSTOMS RECEIPTS. SCHOOL DISTRICT, NORTH DANSVILLE, Total Merchandise. At New TPrk. Month. Month. N ew Y o r k . 1 8 8 7 . 1 8 8 6 . 1 8 8 7 . 1 8 8 0 . FOUR PER CENT BONDS. t $ I $ January... 2 4 ,4 7 0 ,3 8 7 INTEREST AND PRINCIPAL PAYABLE AT THE NATIONAL PARK BANK, N. Y . 2 3 ,7 2 3 ,6 1 6 January...... 1 1 ,7 9 2 ,3 0 9 1 0 ,9 2 5 ,4 4 8 February.., 2 2 ,2 9 4 ,8 3 3 2 2 ,3 1 4 ,3 2 1 February...... 1 3 ,0 9 0 .2 1 7 1 1 ,7 9 9 ,7 3 2 Assessed. Valuation, $1,300,000. March.... . 2 8 ,3 6 5 ,1 0 0 2 3 ,2 0 4 ,0 8 4 March...... 1 4 ,2 0 0 ,7 8 2 1 2 ,5 0 0 ,2 3 3 April...... 2 3 ,2 0 7 ,9 0 3 Total Indebtedness, $26,500. 2 4 ,5 9 6 ,4 5 5 April...... 1 1 ,4 2 0 ,1 4 7 1 0 ,4 3 4 ,1 8 6 No better security can be found for trust estates or private Investment. Total...... 9 8 ,3 4 4 .3 4 3 9 3 .8 3 8 .4 7 0 Total...... 5 0 .5 0 9 .4 5 5 4 5 .0 5 9 .5 9 0 FOR SALE BY a ouu' Are“ 8UIT-—ine rouowmg table show t™n f ^ l Ptua,nd Payments at the Sub-Treasury in this city, a GRISWOLD & GILLETT, weu as the balances in the same, for each day of the past week. No. 3 Wall Street, New York, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 674 THE CHRONICLE. [V ol. XLIV. mium; selling 3-16@£ premium; New Orleans, commercial, 50c % \xt (gazette, premium ; bank, $1 50 p$em. ; St. Louis, 256. premium. Chi cago, 40c. discount. DIVIDENDS« The rates of leading bankers are as follows : The following dividends have recently been announced : May 27. Sixty Days. Demand, Namejof Company. Per When Books Closed, Cent. Payable. ( Days inclusive.) Prime bankers’ sterling bills on London.. 4 86*2 4 88 4 85 ®4 85% R a ilr o a d « . 4 84**®4 84% Chic. Burl. A Quincy (quar.)...... *2 June 15 5 193635 18% 5 17*235 16% ID 1 «ce Ila 11 eo u «. 40J4®403i6 4071„®40*2 Consolidateci Gas...... 2 June 15 June 1 to June 15 Frankfort or Bremen (reichmarks)...... 95*4 ®95% 95%®95% Del. & Hudson Canal (qüar.)...... 1*4 June 14 May 28 to June 14 Lehigh Coal &Nav...... 2 June 11 June 1 to ------Coins.—The following are quotations in gold for various coins: WALL STREET) FRIDAY, May 27, 1887-5 P. M. Sovereigns...... $4 85 0$4 88 Silver %s and *ss. — 99%®------N apoleons...... 3 86 * 3 90 Five francs...... — 93*3» — 96 The Money Market and Financial Situation.—The finan X X Reichmarks. 4 75 ® 4 80 Mextoan dollars.. — 75 ® — 76% X Guilders...... 3 96 ® 4 00 Do unoommero’l. — 74 ® — 75% cial markets remain very quiet, and while a sharp speculation Span’h Doubloons. 15 60 a 15 70 Peruvian sols..... — 72 ® — 74 has been going on of late in certain articles of merchandise— Mex. Doubloons.. 15 55 ®15 65 English silver.... 4 80 ® 4 85 Fine gold bars.... par ®%pren> U. 8. trade dollars — 99*3» 100 notably in wheat and coffee—the Stock Exchange has shown Fine silver bars .. — 95*3® 96*3 D. 8. silver dollars — 99%® 100 no extraordinary activity or buoyancy. Dimes & ** dimes. — 99%® par. j The railroad situation continues strong; earnings on the old The closing prices at the N. Y. Board have been as follows: Toads are large; those companies having new mileage un Interest May May May May May May der construction are building very rapidly, and have Periods 21. 23. 24. 25. 26. no difficulty in getting money; fresh defaults on inter- 4*as. 1891...... reg. Q.-Mar. *10938 *109*3 109% 109% *109% 109% 4*as, 1891...... coup. <2.-Mar. *110% *110% 110% *110% *110% *110% eSt are almost unheard of, while scarcely a week 4s, 1907...... reg. Q.-Jan. *129% ‘ 129% 129*3 *129*3 *129*2 129*3 passes that one or more of the old defaults are not 4s, 1907...... coup. Q.-Jan. «129% 129% 129% 129% *129*3 129*3 3s, option U. 8 ...reg. Q.-Feb...... wiped out of recollection by some reorganization perfected, with 6«, cur’oy,’95___reg. J. A J. *126 *126 *126 *126% * Í2o *4 *126% 6s, cur’cy,’96....reg. J. A J. *129 *129 *129 *129% *129*4 *129% interest resumed on a safer basis. This is all good and it gives 6s, cur’oÿ, ’97....reg. |J. A J. *132 *132 *132 *132% *132*4 *132% 6s, cur’cy, ’98__ reg. |J. A J. *134 *134 *134 *134*3 *134*3 *134*9 to the present outlook a most favorable appearance. Still 6s, cur’oy, ’99___reg. )J. A J. *137 *137 *137 *137% *137 *137 there is an impression among some careful observers that in the * This is the price bid at the morning board ; no sale was made. current year, 1887, the wave which began in 1885 will probably reach a climax, and that the lively times of 1885 and 1886 are United States Bonds.—Government bonds have been quite not likely to bp repeated. This is based mainly on the idea dull most of the time, though some increase in the business that the remarkable outlay of capital on railroads, iron indus was apparent at times. Prices bave ruled strong, and the 4s tries, real estate, etc., is not likely to be kept up during another and 4^8 are about 4 higher than a week ago. year, and that when the outlay begins to fall off general busi State and Railroad Bonds.—State bonds have been very ness will also begin to decline in proportion. This is but one dull and the market is without feature of interest. Only a of the opinions of the day, and it is only worthy of notice as very few transactions have been recorded and there are no representing that particular view of the present financial situ important changes in prices. ation. The business in railroad bonds has somewhat fallen off, and The Government returns of exports and imports in April do the market has not presented the same degree of activity that not make a good exhibit for our trade balance, and as gold has been a feature of late. No conspicuous movement has does not go out, the conclusion is drawn that our securities been noticed in any class during the past week, the transac must be shipped pretty freely to the foreign markets. tions being on a moderate scale and well distributed over the The open market rates for call loans during the week on list. At the same time there has been no real dulness to the stock and bond collaterals have ranged from 3 to 7 per cent, market, and a pretty even, though limited, demand continues to though the rate was forced up to 8 per cent on Monday for its be felt for nearly all classes of bonds. Prices, also, continue effect on the stock market; the usual rate to stockbrokers has firm to strong, and while there has been no striking advance been 4J@5 per cent; to-day the rates were 4@7 per cent. there has also been no special weakness, prices being compara Prime commercial paper is quoted at 4£@5$- per cent. tively little changed for the week. The Bank of England weekly statement on Thursday showed Railroad and Miscellaneous Stocks.—The stock market a gain in specie of £207,000, and the percentage of reserve to has not been very active during the past week, and taken liabilities was 47*57, against 47*16 last week; the discount altogether there have been no remarkable features in Stock rate remains unchanged at 2 per cent. The Bank of France Exchange speculation. The closing of the Exchange at 12 gained 8,775,000 francs in gold and 2,000,000 francs in silver. o’clock on Saturday, in accordance with the new half-holiday The New York Clearing House banks in their statement of law, which was commenced last Saturday (21st), also tended to May 21 showed an increase in surplus reserve of $495,750, the restrict business, as very little was done during the two morn total surplus being $4,657,200, against $4,161,450 the previous ing hours. There has been no general activity at any time, week. and but for a little extra volume of business in a few stocks The following table shows the changes from the previous the market would have been almost lifeless. The few special week and a comparison with the two preceding years in the ties referred to absorbed all the interest, and their fluctuations averages of the New York Clearing House banks: have given the tone to the market, which has been generally irregular. In the early part of the week some weakness was 1887. Diffr’ n&s fr’ m 1886. 1885. May 21. . Prev. Week. May 22. Muy 23. manifest, due to a somewhat unsettled feeling and the opera tions of the bears, who have been encouraged by a lack of $ $ $ resistance from the opposition. Prices recovered later, how Loans and disO’ts. 365,843,600 Inc. 361,800 342,129,200 296,000,200 Specie...... 74,439,000 Deo. 722,900 69,819,000 114,607,200 ever, and for the general market very little change has been Circulation...... 8.264,800 Dec. 13,100 7,870,000 10,430,200 made, though the most important changes—in the specialties— Net deposits...... 374,656,000 Dec. 1,086,200 365.686,100 363,276,900 Legal tenders...... 23.682.200 Dec. 947,100 35,403,700 36.024,100 "are generally in favor of higher prices. The grangers and other high-priced stocks, which have lately been somewhat Legal reserve..... 93,664,06» Dec. 271,550 91,421,525 90,819,225 Reserve held...... 98.321.200 'Inc. 224,200 105,222,700 150,631,3 0 prominent, were all dull during the past week, and the fluc tuations in them have been slight. Surplus...... 4,657,200 Inc. 495,750 13,801,175 59,812,075 The prominent feature of the week has been a sharp rise of Exchange.—The sterliag exchange market has been rather 21 points—from 69 to 90—in St. Paul & Duluth, on the pros dull during the past weëk, with a somewhat irregular tone to pect of dividends being made possible by the action to be rates. There is a continued scarcity of commercial and bank taken at the meeting • to be held in June. The rise has not ers’ bills and rates hardened somewhat thereby, followed by been accompanied by any special activity in the dealings, weakness later, and the posted rates are a trifle lower than last except in the early part of the week. The San Franciscos Week, viz., 4 86J and 4 88. The continued prevalence of low have also advanced on the increasing earnings and talk of a rates for money in the open market at London tends to restrict dividend on the preferred stock, and Peoria Decatur & Evans the demand for remittances, and keeps the market dull and ville had an upward spurt on Thursday on favorable reports of uninteresting. its financial condition. New England and Fort Worth & Den To-day the rates on actual business were as follows, viz. ver have attracted considerable attention for activity. The Bankers’ 60 days’ sterling, 4 85f@4 86; deman 1. 4 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 28, 1887.1 THE CHRONICLE. 675 STOCKS-PRICES AT N. T. STOCK EXCHANGE FOR WEEK ENDING M A Y &T, AND SINCE JAN. 1, 1887. HIGHEST AND LOWEST PRICES. Range since Jan. 1,1887. Wednesday,! Thursday, Friday, STOCKS. Saturday, Monday, Tuesday, Lowest. Highest. May 21. May 23. May 24. May 25. May 26. May 27. Active It it. Stocks. • 14% 14% 14% 14% 4,60’ II 15 May 16 Atlantic & Pacific...... 14*4 14.3b 14% 14% 14% 14% 14 14% 1078 Feb. Canadian Pacific...... *63 64 *63 64 63 63 63% 63% 62% 63 850 .59% Mar. 5 68% Jan. 13 Canada Southern...... { 63% 637a 62% 63% 62% 63% 63 63% 63 63% 62% 63% 11,810 52% Feb. II 64% May 19- *80*9 79% 80% 79% 80% 80% 80% 80% 81% 80% 81% 6,570 55% Jan. 3 86% Apr 13 Central of New Jersey...... 1,110 33 Feb. Central Pacific...... *401a 41 40% 40% 40% 41 40% 41% 31 43% Apr 12 Chesapeake & Ohio...... 8% 8% 8% 8% 7% 8 7% 7% 7 7 *7 8 1,470 7 May 26 9% Jan. 8 Do 1st pref *13% 15 *18% 151 *14 15% *13 15 14 14 13% 13% 286 12% May 11 I 17 Jam 13 Do 2d pref *9% 10% *9% 10% *9% 10% 97a 9?s 9 9 9 9 150 9 Mar. 81 11% Jan. 20 Chicago Burlington & Quincy, xl50% 151 140 150 149% 149% 149 149 760 13678 Jan. 13:150 May 17 Chicago Milwaukee & St. Paul 93% 94 92% 94 92% 98% 92% 93% 93% 93% 93 93% 120,730 85% Feb. 1 95 May 18 Do pref. 125 125% 124% 126 124% 125 124% 125 124% 124% 124% 124% 6,210 117% Jan. 8 127% May 17 Chicago & Northwestern . — 12538 125% 124% 125% 124% 125% 124% 124% 124% 124% 124% 125 34,455 110 Feb. 1 126% May 17 Do pref. ’150ia ... 150% 150% 150% 150% ’150% 151% '150% 152 152 152 70 138% Jan. 29 153 May 13 Chicago Rock Island ¿Pacific. 137*3 137 hi 138 138% 138 138 137% 137% '137 138 137% 137% 2,270 124% Mar. 181140% May 17 Chicago St. Louis & Pittsburg. 19% 19% *19 20% *19 20 *18% 20 *18% 19% 18% 18% 240 16 Feb. 1 22 Apr. 22 Do pref. 50% 50% 49% 51% 49% 49% 49 49 49 49% 49 49% 3,970 35 J afa 27 52% Apr. 22 Chicago St. Paul Min. & Om.. 53% 53 % 53% 53% 52% 53% 527a 53% 53 53% 52% 53% 8,950 45% Feb. 1 54% May 17 Do pref. 117% 117% 116% 117 116% 116% 1167a 116% 116%117 116% 116% 2,175 106 Feb. 1 117% May 17 ClevelandCol.Cin.A Indianap. 66 66% 65% 66 65% 65% 65% 65% 66 66% 65% 66% 2,250 59 Feb. li 68 Apr. 11 Columbus Hocking Val.A Tol. 34% 34% 33% 34% 33% 33% 33% 33% 33% 34 33% 34 2,636 2878 Mar. 141 39% Jan. 11 Delaware Lackawanna ¿West 137% 138 137% 138% 137% 138 137% 137% 137% 138 137% 137% 20,520 131% Feb. 1 138% May 17 Denver A Rio Q., assessm’t pd 31,% 32% 31% 32% 31% 32 31% 31% 32 32% 31% 32% . 9,740 21% Feb. 3 32% Apr. 14 Do pref. 65 66% 65 66% ! 65% 66 65% 65% 65% 66% 66% 67% 22,705 56% Jan. 24 67% May 27 East Tennessee Va. A Oa. R’y 14% 147a 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 1,610 12% Mar. 14 17 Jan. 3 Do 1st pref. 77 77 77% 77% 76 76 *75 77 *75 77 270 71% Feb. 1 82% Jan. 13 Do 2d pref. 28 28 28 28% 27% 27% 27% 27% 27% 27% 27% 27% 4,526 21% Feb. I 32 Jan. 3 Evansville A Terre Haute.... 96 96 *94 97 98% 98% *96 98% 97% 97% 1,360 84 Mar. 12 100 Apr. 9 Fort Worth A Denver City..., 53% 54% 52% 54% 51 52% 50% 51% 49% 51% 48% 50% 33.810 21% Feb. 4| 62% May 7 Green Bay Winona A St. Paul *15 16 *15 16 15% 15% 15% 16% 16% 16% 16 16% 5,820 12 Jan. 28 17 Apr. 7 Illinois Central...... 137% 137% 136% 136% 136% 137% 136% 136% 136% 137% 137% 137% 1,677 128% Feb. 24 137% May 26 Ind. Bloom. A West., ass. pd. 25 25% . *24% 25% *24 25% 24% 24% *24 25 700 17% Feb. 4 27% Apr. 1 Kingston A Pembroke...... 46% 46% 46% 47 45% 45% 45% 45% 45% 46 45% 46 4,328 38% Mar. 24 47% Apr. 21 Lake Shore A Mich. Southern 977e 98 97 98 96% 97% 96% 97% 97% 97% 97 98 47,256 90 Feb 1, 98% May 19 Long Island...... 98% 98% 98% 98% 98% 98% 98% 98% 400 93 Jan. 15; 99% May 14 Louisville A Nashville...... 68% 68% 67% 69 67% 68% 68 68% 68% 68% 68% 68% 22,597 57 Feb. 3¡ 70% Apr, 14 Louis. New Alb. A Chicago... 62 62 62 62% 63 64 600 58 Jan. 221 67 Apr. 21 Manhattan Elevated, consol.. 159% 160 159% 160 159% 160 159% 160 159% 159% 159% 160 5,397 154 Jan. 5 161% Apr. 20 Memphis A Charleston...... 61 61 61 61% 1,600 51 Jan. 27 64% Apr. 5 Michigan Central...... 94% 94% 94 94% 93% 93% 93% 93% 93% 93% 93% 93% 2,659 86 Jan. 27 95% May 19 Mil. Lake Shore A West...... 93% 93% *92 94 92% 93% 93% 98% *93 94 *93 94 500 66% Jan. 0 94% May 18 Do pref. 116 117 117% 117% 116% 117% 117% 117% 118 118 116% 117% 3,013 98 Jan. 4)119 May 18 Minneapolis A St. Louis...... *18% 19% 18% 18% *18% 19% *18 19 18% 18% 19 19% 600 17% Feb. I I 20% Apr. 2 Do pref. *44 45 44% 44% 44 44% *43 45 *43 44% 44% 45% 3,150 40% Feb. 1 46 May 5 Missouri Kansas ¿T ex a s..... 32% 32% 32% 33% 32% 32% 32% 32% 32% 32% 32 32% 8,000 26% Feb. 1 34% Apr. 9 Missouri Pacific...... 110% m % 110% 111% 109% 111% 110% 110% 110% 111 110% 110% 23,020 104% Feb. 1112 May 19 Mobile A Ohio...... *16 17% *15% 17% 16% 16% *15% 16% 16% 16% 15 15 517 14% Feb. 1 19% Jau. 8 N ash v. Chattanooga ASt. Louis 85 85% 84% 85 *84% 85% 84% 85% 85 85 85 85 4,100 79% Feb. 1 88% Jan. 3 New York .Ceutral.A Hudson 114 114% 113% 114% 113% 113% 113% 113% 113% 113% 113% 113% 3,706 110 Feb. 1 114% May 19 New Y. Ohio.A St. L., assent’d 20% 20% 20% 2o% 20% 20% 19% 20 19% 19% *19% 19% 2,216 16% Mar. 15 20% May 16 Do pref., assented. 36% 36% 36% 37 36% 36% 35% 36% 35% 35% 35% 35% 4,500 27 Mar. 12: 37% May 18 New York Lake Erie A West’n 35 35% 34% 35% 34 % 35% 34% 35% 35% 35% 34% 35% 56,905 29% Feb. 1 35% Apr. 12 Do pref 75% 75% 75 76 74% 75% 74% 74% 75% 75% 74% 75%| 4,13S 65% Jan. 29 70 May 23 New York A New England... 59% 60% 58% 60% 58 59% 58 59% 59% 59% 58% 59% 115,790 51 Jan. 12 j 66 Mar, 29 New York Ontario A West... 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% *19 19% 1,233 15% Feb. 4 20% Jam 3 New YorkSusq. A Western.. *12% 13 12% 12% 1 2 % 12% 12% 12% 12% 12% 12% 12% 1,011 11 Feb. 1 14 Feb. 14 Do prqf 36% 37 *36% 37% *36% 37 *36% 37 36% 36% 36% 36% 600 31 Feb. 1| 38% Feb. 14 Norfolk A Western *22 22% 21% 22 21% 21% 21% 21% 21% 21% 21% 21% 1,315 17% Feb. 3 23% Jan. 3 Do pref. 55 55% 53% 55% 5378 54% 54 54% 53% 54% 53% 54% 20,645 43% Feb. 3¡ 55% May 16 Northern Pacific ..... 32% 33% 32% 33 32% 32% 32 32% 82 32% 31% 32% 21,895 26% Feb. 1 33% May 20 Do pref. 62% 63 62% 62% 62% 62% 61% 62 62% 62% 61% 62% 8,339 56% Feb. 1 63% May 19 Ohio A Mississippipi...___BL—J 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 3078 2,300 22% Feb. 1 32% Apr. 4 Oregon A Trans-Con tin ental. 34% 84% 34% 35% 34% 34% 34% 34% 34% 34% 34% 34% 18,710 29% Jan. 24 35% Apr. 7 Peoria Decatur A Evansville 37% 37% 37% 38 87% 377s 37% 39% 39 39% 38% 39% 25,495 30% Jan. 3 39%.May 25 Philadelphia & Reading...... 44% 45% 44% 45% 44% 44% 44% 44% 44% 46 45% 46% 181,805 34 Feb. ll 47% Apr. 18 Riuluu'd A West P’ntTerminal 39% 40 39% 40% 39% 39% 39% 39% 39% 40 38% 39% 17,045 37% Mar. 15 53 Jam 17 Do pref 75 75 75 75 75 75 75 766 71% Apr. 26| 87% Jan. 17 Rome Watertown A Ogdensb’g 93 93 *92% 94 93 93% *92% 94 *92% 94 175 80 Feb. 81 93 Jam 17 St, Louis A San Francisco... 39% 40% 40 40% 40% 407e 41 43% 43% 44% 43% 44 16,400 30 Jan. 27 44% May 26 Dp pref... 80% 80% 81 81% 81 81% 81% 84 83% 84% 83 83% 15,350 61% Feb. 2 84% May 26 Do 1st pref 119% 119% 119% 119% 11878 11878 119% 119% 119% 119% 119% 119% 604 112 Jan. 281119% May 12 8t. Paul A Duluth___ 68% 69% 70 77% 76 79% 78% 85% 85 90 88 90 29,971 55% Jan. 7! 90 May 26 Do pref EMHIVR 112% 114% 114% 114% 113% 113% 113% 113% 113 113 1,613 107 Jan. 101114% May 23 8t. Paul Minneap. A Manitoba 118 118 118% 118% 118 119% 118% 120% 9,037 113 Feb. 11120% May 27 Texas A Pacific, ass. paid.... 34 35% 34% 35% 34% 34% 34% 34% 34% 34% 34% 34% 31,370 20 Feb. 3 35% May 23 Union Pacific...... 62% 62% 62% 62% 61% 62% 61% 62% 62 62% 61% 62% 21,722 53% Feb. 4 63% May 18 Web. St. L. A P.,P. Com. repts. 21% 21% 21% 21% 21 21% 20% 21 21% 21% 20% 21% 5,290 13% Feb. 1 22% May 6 __ Do pref. 37% 37% 37 37% 36% 37 36% 36% 37 37% 37% 37% 6,131 23% Feb. 3 38% May 18 Wheeling A Lake Erie...... 59 59% 58% 59% 57% 58% 57% 58 57% 58% 57% 58% 7,730 53 4pr. 7 63% Apr. 18 miscellaneous Stocks. Colorado Coal A Iro n ...... 52 52% 51% 53 51% 52 61% 52 51 52 49% 50% 15,239 35% Feb. 1 53% May 19 Consolidated Gas Co...... !" 88% 88% 88 88% 87% 88% 87% 89 86% 88% 86% 87% 25,745 79 Jan. 7 89 May 19 Delaware A Hudson Canal... 104% 105% 104% 105% 104% 104% 104% 105 104% 104% xl02%103% 4,738 100% Mar. 14¡105% Ajmj. 18 Oregon Improvement Co...... 43% 43% 44 46 45% 46 40% 49 47% 49% 49 49% 6,517 38 Feb. 1 j 49% May 26 Oregon Railway A Nav. Co.. 105% 105% 104% 105 104% 105 104% 104% 104% 104% 1,810 96% Feb. 1 105% May 19 Pacific Mail...... 56 56% 54% 56% 54% 55% 55% 56 55% 56% 54% 55% 32,355 48% Jan. 8 58% Apr. 7 Pi iladelphia Co., Nat. Gas!*’ 103 105 101% 101% 102% 102% 340 101% May 26 115 Feb« 8 Uman Palace Car Co...... 158% 158% 158% 159% 157% 158% 157% 157% 157% 157% 156% 157 1,875 139% Jan. 4 159% May 23 Western Union Telegraph 77% 78 77% 78% 77 77% 77% 78% 77% 78% 77% 78 134,412 Express Stocks. 70% Feb. 1 78% Mar. 9 Adams...... 145 150 145 150 *144 150 *145 150 ’145 150 145 ...... 139% Jan. 4 147 May 14 American...... I!!!!!!!!! 117 119 117% 1171 *115 118 116 116 115 117 115 115 120 107 Jan. 5 118% May 14 United states...... !!!!*!! 69 72% 71 72 72 73% 72% 73 72% 72% 71% 72 1,243 62 Feb. 17 73% May 24 Weils, Fargo A Co...... ! 130 140 130 *131 140 *130 140 132 ..... 126% Jan. 25 134 May 16 Inactive Stocks.’ Buffalo Roch. A Pittsburg.... 70 70 69 69 69 Central Iowa ...... 69 *68 70 69 69 69 69 530 33% Jan. 19 74% Apr. 6 *12 13% 12 12 11% 12 *11 12% 300 10 Feb. 28 13% Jan.; 10 Chicago A Ind. Coal S ’way!!! *64% 65 *62 63 *61% 64 62 Apr. 26 67%Apr. 19 Do pref _ 98% 98% 98% 98% *98 99 98 98 400 97 May 3 99% May 18 Cincinnati Wasli. & Baltimore. 5% 5% 5% 5% 5 5 5 5 610 4% Mar. 23 7 Jam 13 Do pref. * 8% 9 8% 8% *8% 8% 8% 8% 300 7% Feb. 15 10% Jan. 14 P ehv. A Ri° Grande Western! *19% 20% 19% 19%' *19% 20% 19% 19% *18% 21 250 19 Mar. 15 23% Jan. 13 Lake Erie A Western...... 23% 24 23% 23% 23% 23% 23 23 1,280 23 May 7 24% May 16 vr t®? „ do pref. 59% 59% 58% 59%' 58% 59 58% 58% 58 59 58 58% 6,658 58 May 26 61 Apr, 29 Manhattan Beach Company. 17 17 17% 17% 16% 17% 17 17 500 15% Feb. 11 18% May 12 Mexican Central.... 18% 18% 18 18% 17% 17% *17 18% 18 18% 17% 17% 2,225 13% Jan. 5 22 Apr. 9 Oregon Short Line...... 28 28 28% Quicksilver Mining Co... 29 28% 28% 800 26 Mar. 22 31 Jan. 3 Do pref * 6% 8 *6% 7% *6% 7% *6% 7% 7 7 100 6 Apr. 22 8% Jan. 10 34% 34% *33% 34% 33% 33% *33% 34% *33% 34% 500 28 Jan. 4 35 May 14 Louis Alt. A Terre Haute!! 38% 39 *38 40 38% 38% *38 39 38% 43% 41% 44 8,560 30 Jan. 8 44 May 27 Bt. Louis Ark. A Texas 21% 21% 2 2 % Southern Pacific Co ...... 22% 22% 23 688 20 May 6 25 Feb. 12 34% 3t% 34% 34% 34% 34% 34% 34% 1,200 29% Mar. 5 36% Jan. 10 Cameron Iron A Coal...... *39 41 41% 39 39 *38 40 *39 43 300 38 May 11 49% Jan. 27 Columbus A HockingCoai” ’ ’ 46% 46% 46 46% 46% 46% 46% 46% 46% 46% 46% 46% 4,270 35% Feb. 24 50 Apr. 27 Marshall Con. Coal8 30% 31% 30 32% 30 30% 29% 30% 28% 30 28% 29% 12,270 25% MAy 14 32% May 23 New York A Perry Coal'.!’ " *70% 71 70% 70% 70% 70% Tennessee Coal A Iron...... 70% 70% 70% 70% 71 71 746 62% Jan. 3 72 % Apr. 5 41% 42 41 42 39 41 38% 40% 38% 40 39 39% 6,770 38% May 25 54% Jan. 14 y»*i°us Stocks, &e. (Üni isted.) Amer. Cotton Oil Trust...... 51% 51% Pine Line Certificates.; ...... 50% 51% 51% 51% 50% 51% 51% 51% 50% 51% 5,521 42% Mar. l| 64% Jan. 3 61% 62 61% 62% .62% 62% 61% 62% 62% 63% 63 64% 6,224,000 60 Feb. 16 72% Jan. 11 Boston H. A Erie, new. 7% 7% tol. Ann Arbor A N. M___!" 6% 7%; 5% 6% 5 5% 5% 5% 5% 5% 10,600 *29% 31 *29% 31 I 30 30 30 30% 29% 29% *29 31 1 400 These are the prices bid and asked ; no sale was made at the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 676 THE CHRONICLE. [VOL. X U V . BONDS—LATEST PRICES OP ACTIVE BONDS AT N. Y. STOCK EXCHANGE, AND RANQE SINCE JAN. 1. 1887. Closing. Rangt tines Jan. 1. Closing. Range since Jan. 1, Railroad Bonds. Railroad Bonds. Bay 20 May 27 Lowest. Highest. Bay 201 May 27 Lowest. Highest. 119 b. 120 b. 118 Feb. 122 Apr. AtL & Pao.—W. D. ino., 6a, 1910 37 36% 25% Feb. 38 May Mil. Lk. Sh. A W.—1st, 6s. 1921. 87 %a. 85% Mar. 90 Jan. Michigan Dlv.—1st, 6s, 1924.. I18%b. 119%a. 114 Jan. 121 May Guar., 4s, 1937...... 87*2 103%a. 101% Feb. 107 Apr. Can South.—let guar., 5a, 1908 10716 107 %b. 104% Feb. 107% May Income, 6s, 1911...... 93 93% 90% Mar. 95% Jan. Minn. A St. L.—1st, 7s, 1927.... 133 b. 132 Jan. 133 Jan. 2d 58,1913...... 85 b. 85 Apr. 90 Jan. (Jen. Iowa—1st, 7b, ’99, coup, oft 91 b. 91 86 Feb. 94 May Imp. A Equip.—6s, 1922...... 107»« 108 b. 105% Feb. 110 Jan. Mo. K.ATex.—Con., 6s, 1920... 101% 102 96% Feb. 102% Apr. Central of N. J.—1st, 7s, 1890.. 89% 83% Feb. 89% Apr. Consol. 7b, 1899, assent...... 115%b. 116 107% Jan. 117 May Consol., 5s, 1 9 2 0 ...... 88*8 115i2b. 115 b. 109 Jan. 117 May Consol., 7s, 1904-5-6...... 113% 113 109% Feb. 113% Jan. Convert. 7s, 1902, assent...... 113 b. 113 b. 108*8 Feb. 114 Apr. Adjust. 7 b, 1903...... 10714b. 107% 105% Jan. 107% Jan. Mobile A Ohio—New, 6s, 1927 .. 100%b. 102 83*e Jan. 103% May 1st, Extension, 6s, 1927...... 104%b. 105 b. 104 May 106 Jan. Convert, deb. 6s, 1908------»2 66% Mar. Le'h & W.B.,oon.7s, 1909,a8’nt 114 b. 114 b. 110 Jan. 116 Feb. 1st pref. debentures, 7 s ...... 61 56 b. 60 Jan. Am. Dock & Imp., 5s, 1921. .. 106 105 b. 99 Jan. 106% May Mutual Un. Tele.—S. f., 6s, 1911 87 86% 84% Feb. 89 Mar. 11634b. 113% Feb. 118% Mar. Nash. Ch. A St. L.—1st, 7s, 1913 130 130%b. 128% Mar. 131 Apr. Central Pacific—gold 6s, 1898.. 117 b. 107% Apr. Ban Joaquin Br. 6s, 1900...... 115 b. 114 b. 111% Feb. 115% Mar. N.Y. Central—Extend., 5s. 1893 1043sb. 104%b. 104% Jan. 103 b. 102 Apr. 105 Mar. N.Y.C. AH.-1st, op., 78,1903 135 % b. 135%b. 133% Jan. 137 May Land grant 6s. 1 8 9 0 ...... 109*0 Feb. Ches. & O.— Pur.m. fund6s,'98 115 b. 115 a. 112 Mar. 114 Mar. Debenture, 5s, 1904— ...... 109% 109 b. 106 Mar. 77 75%b. 71 May 81 Jan. N.Y.AHar.—1st, 7s, 1900...... 130%b. 130 b. 128% May 133% Apr. 6s, gold, ser. B.1908, coup, oft 85 Jan. 101% May Exten. coup., 4s, 1986...... 72 71 »4 68 May 75% Jan. N. Y. Chic. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Ma t 28, 1887.] THE CHRONICLE. 677 BONDS—STOCK EXCHANGE QUOTATIONS ON EBIDAY OP INACTIVE RAILROAD BONDS. SECURITIES. Bid. Ask. SECURITIES. Bid. Ask. SECURITIES. Bid. Ask. Railroad Bonds. Erie—1st, extended, 7s...... 1897 Union Pacific—(Continued)— (Stock Exchange Price/.) 2d, extended, 5 s...... 1919 115% 116 Ut. So.—Gen., 7 s ...... 1909 91 91% Atoli. Top. & San. Fe—4%s ...1920 3d, extended, 4% s...... 1923 105 109 Exten., 1st, 7 s ...... 1909 91% 93 Sinking fund, 6a...... 1911 4th, extended, 5s...... 1920 115 117% St. Louis A San Franoisco— Beecn Creek—1st gold, 4s...... 1936 87 5th, 7s...... 1888 105% 1st, 6s, Pierce C. A O...... 1919 118 Balt. A Ohio—1st6s, ParkB ..1919 1st, cons., fd. coup., 7s...... 1920 131 134 Equipment, 7 s ...... 1895 108 5s, gold...... 1925 11214 Reorg., 1st lien, 6s...... 1908 Gen. mortgage 5s...... 1931 100% 101 Registered...... B. N. Y. A E.—1st, 7s...... 1916 138 Kan. City A S.—1st, 6s, g.1916 103% 105 Bost. H.Tun. & W.—Deb. 5s...1913 99% 100 N. Y. L. E. A W.—Col. tr„ 6sl922 108 Ft. S. A V.B. Bg.—1st, 68.1910 109 Bari. Cedar Rapids & Nor— Buff. A S. W.—Mortg. 6s__ 1908 ’’ 96* St. L. K. A So.Wn.—1st, 68.1916 1st 5 s ...... 1906 10913 Evan. A T. H.—1st, cons., 68.1921 119 121 Tex. A Pao.—1st, 6s...... 1905 109 Consol. A col. tr, 5s...... 1934 100% Mt. Vernon—1st, 6 s ...... 1923 115 116 1st, 6s, ox coupon...... 109 Registered...... Evans. A Indian.—1st, cons...1926 108 112 Consol.. 6s...... 1905 Minn. A St. L.—1st 7s,gu .1927 132 Fl’t A P. Marq.—Mortg., 6s... 1920 122% Con. 6s, ex coupon...... Iowa C. & West.—1st 7s....1909 Grand Rap. A Ind.—Gen. 5s., 1924 96 Trust receipts...... 102 Ced. Rap. I. F. & N., 1st 68.1920 102 107 Registered...... ] Pennsylvania RR.— 1st 5s...... 1921 105 Han. A St. Jos.—Cons., 6s...... 1911 120 121 Fa. Co.’s guar. 4%s, 1st op.. 1921 106% 107 Buff. N.Y. APhil.—Cone. 6 s...1921 Hous. E. A W. Tex—1st, 7 s ...1898 69 Pa. Co.’s 4%s, reg...... 1921 106% Trust certificates...... 45 *9 46 111. Cent.—Sp. Div.—Coup.,6s,1898 Pitts. C. A St. L.—1st,op., 7s. 1900 119 General 6s,...... 1924 Middle Div.—Reg., 5 s ...... 1921 112% Registered...... Trust certificates...... 35 C. St. L. A N. O.—Ten. l.,7s. 1897 2d, 7s...... 1913 Central Iowa— 1st, consol., 7 s ...... 1897 116 Pitts. Ft. W. A 0.—1st, 7s... 1912 141 144 Eastern Division—1st 6s ..1912 72 2d, 6s...... 1907 2d, 7s...... 1912 139% 141 Illinois Division—1st 6s...... 1912 70 74 Gold, 5s, coupon...... 1951 118 119 3d, 7s...... 1912 135 Chesapeake A Ohio— Registered...... Clev. A P.—Cons., s. fd., 7s. 1900 127% 6s, gold, series A...... 1908 107 Dub. A 8. C.—2d Div., 7 s . ..1894 4th, sink. fd.. 6s...... 1892 108 Chos. O. A So. West.—2d 6s... 1911 Ced. Falls A Minn.—1st, 78.1907 107 112 St. L. V. A T .H .-lst, g., 78.1897 119 123 Chicago & Alton— Indianap. D. A Spr.— 2d, 7s...... 1898 109 Sinking fund, 6s...... 1903 123 1st, 7s, ex. fund, coupon.... 1906 108 109 2d, guar., 7s...... 1898 Louis. A Mo. River—1st 7s.. 1900 122 Lake Shore A Mich. So.— Pine Creek Railway—6s of 1932 2d 7s...... 1900 115 II 8 I9 Cleve. P. A A.—7 s ...... 1892 112 113 Pitts. Cleve. ATol.—1st.6s... 1922 114 115 St. L. Jacks.A Chic.—1st, 7s. 1894 1161a 119 Buff. A Er.—New bonds, 7s. 1898 * 120% 122% Pitts. Junction—1st, 6s...... 1922 1st, guar. (564), 7s...... 1894 120 Kal. A W.Pigeon—1st, 7s... 1890 Pitts. McK. A Y.—1st, 6s...... 1932 2d mortg. (360), 7s...... 1898 1 1 8 ia Det. M. A T.—1st, 7s...... 1906 127 Rich. A Danv.—Assen. deb., 68.1927 94 2d, guar. (188), 7s...... 1898 Lake Shore—Div. bonds, 78.1899 124% Consol, mort., gold, 5s...... 1937 Miss. R. Bridge—1st, s.f. 68.1912 93 106is Consol., reg., 1st, 7 s ...... 1900 126 127% Atl. A Char.—1st, pr., 7s... .1897 125 Ohio. Burling. A Quincy— Consol., reg., 2d, 7 s...... 1903 122% 122% Incomes...... 1900 134 101 Consolidated, 7 s ...... 1 9 0 3 135 Mahon’g. Coal RR.—1st, 5s. 1934 106% Rioh. AW. Pt. Ter’L Trust 6s. .1897 98% 5s, sinking fund...... 1901 Long Island RR.— San Ant,A Arans.—1st,6s,'85-1916 91 91% Iowa Div.—Sink, fund, 5s..1919 111 N. Y. A M. Beach—1st, 7s..1897 1st, 6s, 1886...... 1926 91 Sinking fund, 4 s ...... 1919 98 98% N. Y. B. A M. B.—1st, g., 58.1935 Scioto Val.—1st, cons., 7b...... 1910 Plain, 4s...... 1921 Louisville A Nashville— Coupons off...... 64 70 Chic. Burl. A No.—Deb. 6s___1896 Ceoilian Branch—7s ...... 1 9 0 7 111 St. Louis A Iron Mountain— Chi. R. Isl. & Pao.—6s, coup..1917 13319 Pensacola Div.—6s...... 1920 Arkansas Branch—1st, 7s.. 1895 *112% Registered...... *133% St. Louis Div.—1st, 6 s...... 1921 115% Cairo A Fulton—1st, 7s...... 1891 Ext. A Col., 5 s...... 1934 109% 108 108% 2d, 3s...... 1980 Cairo Ark. A T.—1st, 7s....1897 115 117 Registered...... 109 Nashv. A Decatur—1st, 7s..1900 121 St. L. Alton A Ter. Haute— Eeok. A Des M.—1st, 5s ....1923 110 S. A N. Ala.—S. f., 6 s ...... 1910 Bellev. A So. 111.—1st, 8s. ..1896 125 Chicago Milwaukee A St. Paul— Louisv. C. A L.—6 s ...... 1931 Bellev. A Car.—1st, 6 s ...... 1923 1st, 8s, P. D...... 1898 130 Pens. A At.—1st, 6s, gold.. 1921 100% St. Paul Minn. A Man.— 2d, 7 3-10s, P. D ...... 1898 124% jou. N. O. A Tex.—1st, 5s___1934 Dakota Exten.—6s...... 1910 118% 119 1st, 7s, S g., R. D ...... 1902 130 Manhat. Beach Imp. Co.—7s. 1909 90 1st, La Crosse Division, 7s.. 1893 Min’s Un.—1st, 6s...... 1922 123% 124% Mexican Central—1st, 7s...... 1911 St. Paul A Duluth—1st, 5s....1931 110 1st, I. A D., 7s...... 1899 127 Ex coupons 6,7,8...... 113 1st, C. A M., 7s...... 1903 Sodus Bay A So.—1st, 5s, g..,1924 130 New assented,4s...... 1911 71% 71% Tex. Central—1st, s. r., 7 s ___1909 80 1st, 7s, I. A D. Ext...... 1908 130 Income bonds...... 1911 24% 25 1st, S. W. Div., 6s...... 1909 1st mortg. 7 s ...... 1911 80 117 Mich. Cent.—1st, con., 5s...... 1902 110% Tex. A N. O.—1st, 7s...... 1905 115 1st, 5e, La C. A D av...... 1919 105% 6 s ...... ,...1909 Sabine Division, 1st, 6s...... 1912 1st, H. A D., 7 s ...... 1910 127 127% *103% Coupon, 5 s ...... 1931 110 Vir. Mid.—Genl. 5s...... 1936 "89*” 1st. H. A D., 5s...... 1910 Registered, 5s...... 1931 Wab.St.L. A Pao.- Hav. Div.--6s. *10 Chicago A Pacific Div.,6s.. 1910 122% Jack. Lan. A Sag.—6 s ...... 1891 104 Chic. A Mo. Riv. Div., 5s ...1926 Indianapolis Div.—6s...... 1921 Milwauk. A North.—1st, 6 s...1910 110% Detroit Div.—6 s ...... 1921 99% Mineral Point Div., 5s...... 1910 105% Extension, 6 s...... 1913 109% 110 Cairo Div.—5s...... 1931 ...... O. A L. Sup. Div., 5s...... 1921 104% Milw. Lake S. A West.— Tol. AWab.-Equip. bds.,7sl883 Fargo A South., 6s, Assu ...1924 Conv. deb., 5 s ...... 1907 Ino. conv. sink, fund 5s...... 1916 102 Quin. ATol.—1st, 7s...... 1890 102 i'08 98% Ashland Div.—1st, 6s...... 1925 116 118 Han. A Naples—1st, 7s.... 1909 Dakota A Gt. South., 5s...... 1916 103 Minn. A St. Louis— Chicago A Northwestern— 111. A So.Iowa—1st,ex. 6s. 1912 100 105 Iowa Ext.—1st, 7s...... 1909 119 St. L. K. C. A N.— Extension bonds...... 1926 96% 97% 2d mortg., 7s...... 1891 Escanaba A L. S.—1st, 6s... 1901 100 Omaha Div.—Tr. Co. rec.1919 124% 124% 116 Southwest Ext.—1st, 7s ....1910 108 Clarinda Branch—6s__ 1919 Des M. A Minn.—1st, 7s ....1907 Pacific Ext.—1st, 6s...... 1921 Iowa Midland—1st, 8s...... 1900 106 115 8t.Charles Br’ge—1st,6s. 1908 104 132 136 Minn. A Pac.—1st mortg. 5s..1936 No. Missouri—1st, 7s...... 1895 Peninsula— 1st, conv., 7s__ 1898 130 Minn. A N. W.—1st, 5s, gold..1934 118 Chic. A Milwaukee—1st, 7s. 1898 102% 103% Wab. St. L. A Pac.—Iowa Div., 6s. 123 125 Mo. K. A T.—Cons.,2d, ino___1911 96 Trust Co. receipts...... Win. A St. P.—2d, 7s ...... 1907 130 134 H. A Cent. Mo.—1st, 7s...... 1890 105 Mil. A Mad.—1st, 6s...... 1905 115 West. Union Tel.—Coup. 7s.. .1900 117 Mobile A Ohio—Col. tr., 6s ...1892 104 116% il9 * ” Ott. C. F. A St. P .-ls t, 5s..1909 St. L. A Cairo-4s, guar...... 1931 73 Northern 111.—1st, 5 ...... 1910 107 109 N. W. Telegraph—7s ...... 1904 Cin. I. St. L. A Chicago— Morgan’s La. A T .-ls t, 6s___1920 Wheeling A L. E., 1st M. 5s. .1926 1st, gold, 4 s...... 1936 1st, 7 s...... 1918 120 123 Tenn. C.I.A R ’y.—Consol.,6s.19011 Registered...... Nash. Chat. A St. L.—2d, 6s.. 1901 110% 111% South Pitts.—1st, 6 s ...... 1902 106% Cl. Col. Cin. A Indianap.— N. Y. Central—6s ...... 1887 103% Bir. Div.—1st con. 6s...... 1917 89 N. J. June.—Guar. 1st, 4s...... 1986 104 105 1st, 7s, s. fd ...... 1899 120 123 Col. A Hock. Coal A I.—6s, g.,1917 Consol. 7 s ...... 1914 Registered certificates...... Income Bonds. Consol, sink, fd., 7s .."" * * 1 9 1 4 N. Y. P. A O.—Prior lien, 6s ..1895 110 (Interest payable it earned.) *120% ...... N. Y. A New Eng.—1st, 7 s....1905 Atlantic A Pacific— Chic. St. Paul M. A O.— 1st, 6 s...... 1905 Chic. 8- P- A Minn.—1st, 6s. 1918 Central Division—Income.. 1922 123% 124 N.Y. Susq.AWest.—1st,ref. 5s.1937 95% 96 Cent. Iowa—Coup, debteertf’s...... No. Wisconsin—1st, 6s...... 1930 124% N. Y. N. H. A H.—1st, reg. 4S.1903 113 Chic. A E. 111.—1st, s. f., cur.. 1907 117% 118 Chicago A East 111. —Income.. 1907 Consol., 1st, 6s__ 1934 Northern Pacific— Des M. A Ft. D.—1st inc., 6s. 1905 115 117 Spok. A Pal.—1st, s. fd., 6s. 1936 104 105% Det. Mack. A Marq.—Inc...... 1921 Chic. A W. Ind.—1st, s.f.','¿¿:.1919 117% St. Paul A N. P.—Gen., 6s.. 1923 General mortgage, 6...... 1932 115% 119% 119% Eliz. City A Nor.—2d ino...... 1970 rT1, * ,8t- Louis—1st, 6s...... 1915 ...... Registered...... Ind’ap. Dec. A Spr.—2d i n c 1906 Col. A Green.—1st, 6s...... 1916 N. O. A No. E.—Pr. 1., g., 6s ..1915 Trust receipts...... 45 46% 2u, 6b...... -1.1926 Norf. A W.—Gen., 6s...... 1931 113% Leh. A Wilkesb. Coal...... 1888 98% Col. A Cin. Midland—ieti'6s'.'l914 New River—1st, 6s...... 1932 Mobile A Ohio—2dpref. deben.... s i ’ ” "99% Imp. A Ext., 6s...... 1934 100% 3d pref. debentures...... DeL Lack. A West.—Conv. 7s. 1892 *115 Adjustment M., 7s...... 1924 29 Mortgage, 7 s ...... 1907 *132 105 4th pref. debentures...... 23 §Pra- A N. Y.—1st, 7s. 1906 Ogd. A Lake Ch.—1st, 6 s ...... 1920 N.Y. L. E. A West.—Ino., 6s..1977 72% 89 133 135 Ohio A Miss.—Cons., s. f., 7 s..1898 117 Ohio Cent.—Min. Div.--Inc. 7s. 1921 Morris A Essex—1st, 7s...... 1914 140% 141% General 5s...... 1932 S*’ 7 0 - ...... 1891 110% Ogdensburg A Lake Champlain— Bonds, 7 s ...... 1900 hio Cent.—1st Ter. Tr., 6 s...1920 Income...... 1920 Min. Div.—1st, 6s...... 1921 70 of ¿8 7 i...... ::::::::.i9oi 126 126% Roch. A Pittsb.—Incom e...... 1921 Twu1 0\ ° ° “ -> guar., 70...... 1915 137% 138 100% St. L.I.M. A 8.—1st 7s, pf., int. acc’t. DeL & Hud. Canal—1st, 7s. ..1891 110 ...... 1921 Sterling I. A R’y, series B.—Inc.’94 1st, ext., 7 s ...... iQQi 106 110 103 Plain income 6s...... 1896 Coupon, 7s,...... 1894 116 ’ 86% 87 Shenandoah Valley—Inc. 6s.. 1923 111 F ree L ist. , Registered, 7s...... '"*1894 115% 2d M., 4% s...... 1921 140 Cin. A Sp.—1st M.C.C.C. A I.7s.l90l! 118% ...... ’aciflc RR.—Central Pacific— 1st M. g., L. 8. A M. S., 7s....1901 ’140 Gold bonds, 6s...... 1895 Albany A Susque—ist,*7s'.'.1888 105 116% 117% Cumberland A Perm.—Ist,6s.l891 Gold bonds, 6 s ...... 1896 116% 2d mort. 6s...... 1888 t t t e r e ^ 78...... 1906 140 Gold bonds, 6 s ...... ,1897 116% 117% Gal. H. A H. of ’82—1st, 5s..1913 Cal. A Oregon—1st, 6s....1888 103% Jefferson RR.—1st, 7s...... 1889 119 121 Cal. A Oregon—Ser. B., 6 1892 119% 104% N. Jersey South.—Guar. 6s...1899 West. Pacific—Bonds, 6s__ 1899 115% 118 Pullman’s Pal. Car—Deb. 7s.. 1888 140% 141% No. Railway (Cal.)—1st, 6s.1907 ^ ¿ i f t e r e d ^ 8?:.C.° ^ :.78;.i92'i 140 121 122 Wabash.—Tol. A 111. Div. 7s...... Dec. Mack. A Mar.—1st" 6s"" i qoi Union Pac.—1st, 6s...... 1896 116% Lake E. Wab. A St. Louis, 7s___ D et Bay C. A Alp - l i t ’ 6 " 1913 1st, 6s...... 1897 116% 117 Gt. West. 1st mort. 7s...... 108 i'10" 1st, 6s...... 1898 E. Tenn. Va. A gI-K k - i g o o i 122% 117 117% HI. A So. Iowa 7s...... Divisional 5s...... toqn 123% Col. Trust, 6s...... 1908 Decatur A E. St. Louis 6s...... 110 Col. Trust, 5s...... 1907 109% 101% 102% Quincy A Toledo 6s...... EJJX.C. AN.—S.f., deb.,6s. ..1921 110 C. Br. U. P.—F. o .,7 s ...... 1895 105 Tol. A Wab. 2d mort. 6 s ...... 1st mortg.. 6s - ...... 1920 Atch. Col. A Pac.—1st, 6s. 1905 109% Wab. A Western 2d mort., 6s,... Atch. J. Co. A W.—1st, 6S.1905 ’105 Consolidated Convertible 6s...... No price Friday; these are latest quotations made this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 678 THE CHRONICLE. [ v o l x i j y . Quotations in Boston, Philadelphia and Baltimore. New York Local Secnrltles. Bank Stock List. SECURITIES. Bid. Ask. SECURITIES. Bid. Ask BANKS. Bid. Ask. BANKS. Bid.Bld. Ask. BANKS. [ Bid. Ask. BOSTON. RAILROAD BONDS. Atch. * Topeka—1st, 7s. Allegh; V al.—7 3-10s; ’86 1 1 9 « America...... 176 180 Gallatin .'. . 200 J.Y. County 200 .Land grant, 7s...... 7s, E . ext., 1910...... 110 Am. Kxoh... 141 145 Garfield...... 175 J. Y. N at.E x 122 128 Plain; 5 s ,...... 96% Ino. 7s, end., coup., ’94 21« Broadway... 260 270 Germ’n Am.. 110 Ninth...... 131 Mortgage, 5 s ...... 8100 102 Balt, at O.E. Side—Certs, 110 Butohs’ A Dr 165 Garmanla. .. 200 M. America. 125 128 Mortgage; 4 « 8 ...... ” 99 Belvid’e Del.—lat.fis, 1902 118 Central...... 136 140 Greenwion 115 North Riv’r. 130 Trust, es...... 10»’4 Cons. m:'4s., 1927...... 103 Chase...... 200 aanover.... 170 Oriental.... 187 Bur.AMo.lnN eh.—Ex’t,6s 120 Bell's Gap—1st, 7s, 1898. Chatham.... 210 I m. A Trad’s1 330 Pacific...... 155 ,6q non-exempt...... 108 Hi 1st, 6s,1 905...... Chemical.... 2800 Irving 142 Park...... 175 93 94 Com, 6s, 1913...... Citizens’ . . . . 135 Leather Mis’ 208 212 People’s .... 160 Land grant, 7s ...... 1 1 5 « Buff. N .Y . A Phil.—1st,6s C ity ...... 300 Manhattan.. 162 165 Phenlx...... 112 115 CaUtornla So.—6s...... — 112 114 1st, Tr. 6s,1932w...... Commerce .. 178 181 Market..:.:. 164 __ Republic . . . 138 142 Income 6 s ...... 92*3 93 Cam. at Amboy—6s, d.i’89 107 Continental. 128 Mechanics’ . 1 7 1 « 175 St. Nicholas. 122 128 Chic; K .C . & West’n—6s 101H 102 Mort., 6s, 1889...... 1 0 5 « Corn Kxoh... 188 M’ohs’ATrs’ 145 7th W ard . ..I 120 Incom es...... 7 2 's 78 Cam. at Atl.—lst,7s,g.,’93 1 1 6 « Bast River.. 133 Mercantile.. 145 Ssoond...... j220 Cons. Vermont. 5s...... » l'a 2d, 6s, 1904...... 11th Ward.. 130 Mercnants ’ . U 0 160 ShoeALeatb 143 Eaat’rn, Mass.—6s, n ew .. 8...... 128 Cons., 6 p. 0...... ntth,Ave... 700 M’tch’ts’Ex. 117 Stateof N. Y . 123 fro m ,E lk SL«&Mo.V.r6s..,8183 Catawlssa—1st, 7s, con. 0. Flint — 1500 Metropollt’n 3 0 « 31 ...... ! K . O' Port Scott A 0 . —7s,8U 7 N ew 7s, reg. at coup__ Fourth...... 146 Nassau. .... 142 tradesmen’a 105 108 KVOlty Lawr. A So.—6 s .. 113« Col. at C. M.—1st, 68.1914 9 9 « Fulton .... JJ ¡148 ¡Jew Y o r k : : 216 220 United St’es 210 K . ÇUr&t- Jo. & 0 . B .—7s 8124»-“ Connept’g 0s, cp., 1900-04 K. City Sp’d & Mem.—6s I ll's 112« Del. dt Bound Br.—1st, 7s Insurance Stock LI at. KRCi CTlnt. A.Sprtngf.—5s 105 Duluth Short L.,lst, 5s. [Quotations by E. S. Bailey, 6 « Pine St.] Little R. A Pt.S.—7S....J 114 il*5* East Penn.—1 st, 7s, 1888 102 1 0 4 « 105 116 O’llflT.Ev.Abt.L.—lst,6fl Easton A Amb’y—5s, 1920 COMP AN’S Bid Ask.( C O M P A N ’8,1 Bid. Ask. COM P AN ’S,, Bid. A sk . 2d mbxt...... '5U:U...... 55 57 EL AWmsp’t-Ist,6s, 1910 121 Mar. ¡Hi. at Ont.—1908, 6s, 5s, perpetual. Greenwich.. N ational___ 100 10a ÎOO American... 165 173 220 250 1925c 6s— ...... Harrìsb'g—1st,' risb'g—1st, 6s, 1883.. 110 Amer. Kxoh. 90 100 Guardian... 76 80 N. Y. Equit. 165 175 Mexican Central—4s ..... 70>a 70»b H.AB.T.‘-lst,7s,g.,1890 »107« Bowery::... 165 165 »Hamilton ’.. 126 136 N .Y. Fire.. 90 100 Scrip Cons. 58,1805...... 101« 190 Hanover.... 130 145 Niagara...... 156 170 7 ...... Broadway... 180 IthàcaA Ath.—1 st, gld.,7 s Brooklyn ... 180 190 Home 140 145 Norxh' River 96 105 Ineome...... 24 »4 25 Leh.V—lst,6s,C.AB./98; 121 75 85 pacifio...... 170 180 101« 102 1 4 1 « Citizens’ ___ 117 125 Howard .... Scrip L . li.'.,...... 2d, 7 s, reg., 1910— C ity ...... 120 Jefferson.... 125 135 Park...... \ 96 100 Debenture, 10s...... 10 1 « 102« 1 8 6 « 117 Cons. 6s, C.A B., 1923..li'36 Clinton...... 110 120 Kings C o.... 200 215 Pot’r. Cooper 170 180 N .M ex.A So.Pac.—7s...... No. Penn.—2d, 7s, 1896.. 126 ' 100 n o 123 126 Commercia). 35 40 Knlckerb’kr 90 100 People’s—... England—7 s.. Gen.,7s, 1903...... ___ 133 220 Long I eland 1100 110 Phenix ...... 126 1,30 1 1 7 « U« Continental. 230 Debenture 6s, reg...... Ilo, Eagle ...... 240 260 Lafayette... 100, 106 Rutger’s .... 153 147 2 us, 6s,...... 1 Q0 Norfolk A west.—Gen.,6s } } } « 1Q51 110 103 Empire Clt? 100 n o ManUf’c. AB 125 135 Standard.... Ogdensb.« L cn.—6s...... MOI N. B. Dir,, 1st, 6S.1932 U l 75 85 55 63 MOI 102 Exchange... 100 115 Mechanics’ - Sterling .... Consolidated 6s...... N. Y. Phil.A Nor.—1st, 6s : 106 126 iso Mercantile.: 66 72 Stuyrveaant. 118 125 Iffijpmes:.'...... {....,. 47 Farragut___ Ino., 6s, 1933.,,...... H 49*4! »51« Firemen’s*". 100 105 Merchants’ . 95 103 United St’es 145 156 Pueblo at Ark. VsL—7s.. 123 OU\,U Creék—1st,vlODA” AO., 0s,o ,, coup..uuuy.. 95 103 Westchester 140. 170 lit) 132 German-Am. 300 330 Montauk.... Rutland—1st 6s..t...... Pennsylv. —Gen,,0s, reg. ISO 156 N a ssa u ...... 140 ISO Willlamsb’g. 270 280 ...... 98 135 Germania..: ' Gen-, 6s, op., 1910...... ' Globe 118 125 Sontliern Kansas—5k...... 1101 « 101*4 Cons., 6s, coup., 1 9 0 5 ... 126* 12» XncomeBjii...:...... 92 Cods., 58, reg., 1919.... 113 Hoe and City K slltj^d Stocks and Bonds. Sonora-}-7Hi...... {109 •••••t 4«s, Trust Loan...... {107 Wisconsin C e n t r is t ser. 98 Pa. A N . Y . O.—7s, 1896. 121« 2^serlfeSf...... 63 0 3 « 132 7 ,1 9 0 6 ...... GAS COMPANIES. Bld. Ask.]] GAS COMPANIES. | Bid. Ask. STOCK S 1 Perkioinen—1 st, 8s,cp.’87 95 PhiLAErle—lst,7s,cp.'88 1 0 5 « Atchison at T opek a...... 1 1 7 « 1 1 7 « 165 107 People’s (Bklyn.)...... 69 {— 2 1 4 « Cons., 6s, 1920...... {112 Brooklyn G as-L ight...... Boston.« Albany...... 118 Oitlzens’ G as-L ight...... 54 65 Williamsburg ...... 127 Bòston at Low ell...... 170 Cons., 5s, 1 9 2 0 ...... 105 Bonds, 6 s...... no* 114 2 3 4 « ...... Phila. Newt. A N .Y.—1st Bonds, 5s...... 102 Boston at Maine...... 1*2*2 Consolidated G a s ...... 67 8 7 « Metropolitan (Bklyn.).... 83 85 Boston at Proylflenoe— {239 240 Phil. A R.—1st,6s, 1910 :. ManicdpaJ—Ronds, 7s...... 106 110 {155 160 2d, 7s, ooup.A reg., 1893 111 Jersey City A Hoboken... 100 Boston Con. at"M..: pref— Metropolitan—B onds...... 115 ì m F niton Municipal ...... 140 141 Boston Revere B. at Lynn 130 Cons., 7s, reg., 1911 — 1 2 8 « 105 109 1 2 8 « Mutual (N . Y . ) ...... 101 103 »enfl'*, 6s...... -- California Southern...... {...... 64 Cons., 7s, ooup.,1911.. 100 102 Equitable:...... 127 130 28 2 8 « 117 Bonds, 6s...... Central ¡of Massachusetts Cons., 6s, g., l.R .C -1911 Nassau (Bklyn.)...... 101 100 Bonds, 6s...... 110 113 Preferred 55 Im p., 6s, g., coup., 1897 106 107 Gen., 6s, g., coup., 1908 1 0 3 « 104 Scrip...... 98 100 Cheshire, preferred...... 1 0 4 « C h ic /A [East’h Illinois. . . I ll's Gen., 7s, ooup., 1 9 0 8 ..:. [City RR. Quotations by H. L. Grant, Broker, 145 Broadway.] Chic. Burl. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE CHRONICLE 679 Ma t 28, 1887. ] M . . Ynrk fiitv B an ks.—The following statement shows the Latest Earnings Reported. fan. 1 to Latest Date. H o a d s . S e V S t e d Banka oi New York City for the 1887. 1886. 1887. 1886. week ending May 21, 1887: 9 Average Amount o f— 9 9 Col. A Rom e.... April...... 3,782 3.5341 25,370 Net Deposits Danb’y A Norwk April...... 20,450 16,5581 66,099 Banks. Legal other Circular Loans and Specie. lenders. tion. Deny. A Bio Gr. 142,300 122,4171 2,695,611 Discounts. than Ú.S. Deny. A R. G. W. April. 73,000 67,800 299 822 Des. Mo. A Ft.D. 5,632 5,3621 84Ì818 $ $ Dot.BayC.&Alp. April____ 32,987 11,576 123,235 11.400.000 1.650.000 960.000 10.650.000 46,000 N ew Y o rk ...... 315.000 9.826.000 Dot.Lans*gA No. 3d wk May 22,237 19,9181 406,605 Manhattan Co...... 9.633.0001 1.950.000 67,848! 7.568.500 1.783.300 785.700 8.346.700 *45,000 E.Tenn.Va.AGa. 82,808 1,745,818 Merchants’ ...... 1.317.000 584.000 6.824.000 Evans. AInd’plis 5,089 2)5901 86,125 Mechanics’...... 8.087.000 9.609.400 14,470 304,692 America...... 11.389,900 1.368.100 502.600 Evansv. A T. H. 20,319 3.131.000 564.000 181.000 2.868.000 268,000 Flint A P. Marq. 2d wk May 50,737 44,547 909,896 Phenix...... 2,989.400 304.000 9.665.200 2d wk May 19,145 18,670 408,732 City...... 8.887.200 201,100 2.292.600 9Ò’Ò0Ò Fla.B. A Nav.Oo Tradesmen’s...... 2.634.500 391.600 Ft. W. A Den. City 14,011 7,472 206,208 1.366.400 554.100 123.400 1.703.100 Pulton...... 7.066,7001 778.500 22)181,000 Georgia Paciiio. April. 80.169 62.377 343,248 Chemical...... 19.370.000 285.700 3.587.400 100,600 Gr. Rap. A Ind. 41,972 34,803 779,88 Merchants’. Exch. 8.205.200 625.100 302,522 6,015,512 6.876.600 1.011.300 309.600 4.282.200 625,000 Grand Trunk.. 334,048 Gallatin National. 2.080.700 474,9001 63.000 2.049.500 241,700 Gn.Bay W. A St.P March.. 45,256 28,230 106,189 Butchers’ & Dror. 1.845.000 130.000 807.000 2.141.000 Gulf Col. AS. Fe, April. . 166,843 160,007 731,765 Mechanics’ & Tra. 132.300 146.900 1.300.200 2.600 2awk'M 33,135 39,256 806,893 Greenwich...... 1,268,800 2.550.700 637,600 Hous.ATex.Cent Leather Mannfrs. 3.185.200 683.700 216,200 m.Oent.(ni.A8o) April... 790,590 694,800 3,540,941 1.878.100 276.600 87.100 1.359.600 44,600 13,582 32,657 Seventh W ani...... 646.000 198.100 3.666.800 Cedar F.AMln, April... 6,672 State of N . Y ...... 4.048.400 1.840.000 13.628.000 Dub.ASioaxC. April...... 62,985 65,276 249,734 Amerio’n Exch’ge. 18.099.000 2.110.000 44,402 197,017 17.870,500 2.042,900 995.000 11,483,600 974,600 Ia. Falls A S.C. April..;... 44,107 Commerce...... 6.596.300 1*028,100 317.500 6.323.900 45.000 Tot. Iowa lines April...... 113,764 128,260 479,408 Broadway...... 1,602,600 7.674.200 864,400 Total all lines. April..». 904,354 818,060 4,020,348 Mercantile...... 7.425.000 565.400 2.567.60.0 , 696,700 192.100 3.155.100 Ind. Bloom. A W 2d wk Mf_„ 41,340 35,080 891,551 Pacific...... 8.530.900 2.007.200 327.100 9.315.800 69,200 Ind. Ded. A 8pr. April...... 23,887 26,744 133,104 Bepuhlic...... 848.200 5.088.300 46.000 Chatham...... 4.787,400! 872.800 2.436.900 Jack. T. A K. W April...... 40,772 20,038 209,224 Peoples’...... -i.'.l 1.801.300 309.600 99,200 K.C.Ft.S. A Gulf. 2d wk May 44,711 88,493 953,073 3.282.100 659.300 297.700 4.060.500 North A m erica.... 2.968.200 12,568,200 46*000 Kan. C. Sp. A M. 2d wk May 39.859 25,100 713,0,89 Hanover...... 11.221,600 411.200 3,635 609.800 195.500 3.043.000 40.700 Kan. O.CI. &8p. 2d wk May 3,300 92,174 Irving...... 2.881.000 45,000 Keokuk A West. April 21,712 19,698 96,574 Citizens’ ...... 2.704.900 697.600 148 800 3.267.000 2.805.800 177.800 365.400 8.238.400 Kingston A Pern 3 wka May 10,509 7,932 Nassau...... 8.015.100 638.300 93.900 2.681.800 425,200 «Lake E^A West. 2d wkMay 30,518 26,501 654.405 541,874 M arket...... 239.200 2.011.000 Lehigh A Hudsou April.. 21,624 19,605 82,130 70,065 St. Nicholas...... 2.185.000 75.000 447,600 Shoe <6 Leather... 8.519.000 913.000 347.000 4.136.000 LRk.A Ft.Sudth March 67,463 49,517 188,010 141,149 983.000 253.000 6.811.600 52,798 805,407 Corn Exchange... 6.792.000 46.000 Long Island..... 3d wk May 60,513 935,329 Continental...... 1 6.065.700 941.200 508,7001 5.803.200 February . 39,975 37,677 80.957 78,417 186.100 848.000 2.250.000 Louis. AMo.Blv. Oriental...... 2.212.100 982,500 Louie.Ev.ASt.L. 2d wk May 20,390 13,575 340,530 279,190 Importers’ <& Trad. 20,043,800 4^674,900 1,117,400 22.165,900 Loulsv. A Nashv. 283,280 253,105 5,726,686 4,924;0S9 Park...... 18.351,100 6,020.000 1.341.000 22.855.000 45.000 169.000 Lou.N.Al.AChlo. 42,132 30,532 770,719 601,202 North "River...... 2.040.000 95,000 2.279.000 94,470 6815343 521,468 East R iver...... 1.182.500 251.700 108.500 1,083.800 224,400 Loulsv.N.O. AT. April. 116,198 Fourth National.. 18.586.000 8.474.000 1.403.000 19,256,700 360,000 Manhattan E l... April. 711,443 658,948 2,649,254 2,392,178 Central National.. 8.901.000 1.104.000 959.000 9.000,000 45.000 Mar.Hough.A O 73,484 89,601 210,673 199,389 SCcond National. . 3.462.000 718.000 303.000 4.824.000 44.000 Memphis AChas. 2d wk May 30,214 20,738 084,609 476B23 6.008.900 1.361.100 307.900 „6.012,800 45.000 1)471,357 Ninth National.... 444,100 »Mexican Cent’i. 3d wkM 86,250 70,320 1.832,248 First National..... 21.229,200 4.623.700 867.600 3l.140.400 *Mex.N. (N.Div) April ... 42,457 50,300 108,407 1'84,;862 Third National.... 4.908.000 67.3.000 644.000 4.938.000 §63,816 1.479.300 220.000 131.700 1.312.600 200,500 do (So.Div 21,710 20,893 421,745 N. Y. Nat. Exch... 225.000 do all lines April. 155,277 147,828 582,656 544’,417 B o w e ry ...... 2.443.400 370.800 305.000 2.494.900 634,175 N. Y. County...... 2.353.500 581.100 176.100 2.988.200 180.000 MU.L.8h. A West 70,715 39,140 968,916 German- Amerio’n . 2.645.700 306,500 9.8.100 2.312.300 Milwaukee A No 3d wk May 16,953 10,714 341,267 228,377 Chase N ational.... 6.198.600 1.162.200 309.200 6.023.900 iöio'do Minneap. A 8t. L March.... 162,071 142,712 383,282 337,009 Fifth Avenue...... 8.785.600 921.600 100.7.00 3.962.700 Minn. Afio. West, 2d wk May 16,236 7,470 324,920 113,iS a German Exch’nge. 2.601.400 146.400 221.400 2.054.200 Miss. A Tenn. .. [April...... 24,347 24,190 148,794 183,922 Germania...... 2.517.500 113.000 808.600 2.696 000 Missouri Paciiio 3d wk Apr 9,471,709 6,487,905 United States...... 4.589.500 1.182.700 24.500 4.778,ROO 45.000 667,326 2.615.300 766.300 137.600 3.261.200 44,200 Mobile A O hio.. April ..... 150,385 149,772 776,364 Lincoln...... 45.000 Nash.Ch. A8t.L April...... 222,720 172,812 960,008 730,333 Garfield...... 1.838.000 852.100 174.800 2.086.300 2,363,544 10,991,091 9,705,745 Fifth National...... 1.700.800 357.200 164.100 1.912.400 184,300 N. Y.Cen. A H. K.. April__ _ 2,901,740 B ’k of the Metrop. 8.645.900 1.287.300 2341000 4.894.300 N. Y. City A No. WkMay21 11,556 10,273 201,747 188)103 W est Side...... 1.900.600 878.200 282,300 2.279.400 eN.Y.L. E. A W April...... 1,533,235 1,418,703 5,972,733 5,385,240 Seaboard ...... 1.991.300 380.200 184.800 2.206.300 43,100 N.Y.Penn.A 0 April...... 492,481 474,490 1,923,593 l,8l'2,392 Sixth National.... 1.946.600 347.400 209.600 2.275.500 175,000 N.Y. A New Eng M atch..... 358,302 320,832 969,213 858,690 Wostern N ational. 8.336.800 61.7.800 69,400 1.585.600 N.Y.Ont. A W ... 27,995 24,989 493,872 4235088 N.Y. Bus. AW .. April.. 107,171 87,315 402,046 332,526 Total...... 365,843,600 74,439,000 23,882.200 374,666,000 8,264,800 Norfolk A West. 3d wk! 65,277 52,681 1,439,072 1,145,826 N’theaBtrn(8.C.) March. 55,594 60,009 168,351 178,306 The following are totals for several weeks past:______Northern Cent’i. March. 514,022 460,147 1,517,959 1,291,981 1887. Loans. Specie. L. Tenders. Deposits. Circulation Agg. Clear’gs Northern Pacific 216,846 230,132 3,884,574 3,555,761 Ohio A M iss..... 77,600 68,770 1,432,017 1,265,543 $ 45,090 34,018 195,950 181,733 , 9 9 ■ * j. A • Ohio Southern.. April...... Vay 7 365,420,300 76,850,100 21,030,800 378.033.200 8,320,200 719,043,287 Oregon Imp. Co. March___ 299,916 186,029 795,857 505,485 « j4 365,481.800 75.101.000 22,935,100 375.742.200 8,277,900 653,138,194 1,407,452 1,309,383 “ 21 Oreg. R.AN. Co. April...... 435,250 407,973 365,843,600 74.439.000 23.882,200 374,656,000 8.264,800 732,890,929 Pennsylvania... April...... 4,342,834 3,862,617 L6,59,3,8201 14,735,483 13,893 338,614 263,831 RAILROAD EARNINOS. Peoria Deo. AEv. 20,556 Phlla. AErie.... March...... 326,297 290,640 843,849 742,496 ! Latest Earnings Reported. Jàn. 1 to Latest Date. tPhila. A Bead’g March...... 1,759,584 1,479,735 4,848,661 4,039,302 Bo ASS. Coal A Iron Co March...... 1,283,579 1,081,376 3,439,350 2,722,512 Week or Mo 1887. 1886. 1887. 1886. Pitts. & West’rn April...... 168,093 124,733 611,099 410,320 P’rtRoyalAAug. March...... 43,508 40,467 110,514 105,490 a P’rtBoyal A W. 0. March...... 30,904 23,617 Atoh. T. & S.F.. ! April...... 1,673,020 1,261,479 5,984,702 4,490,441 Riohm’d ADanv. April...... i 320,400 320,797 1,382,490 1,338,351 Atlanta A Char.. March..... 111,971 111,742 340,287 322,708 Va.Midl’d Diy. April...... 112,900 118,900 448,339 432,331 Atlantic A Pac. March...... 229,728 127,427 623,833 344,933 Char.C61.AAu. April...... 48,300 53,862 270,306 284,442 Balt. A Potomac March..... 120,555 107,124 338,210 302,513 Ool.AGr.Div.. April.. 1... 39,000 41,003 216,456 253,261 Buff.N.Y.A Phil. 3d wkMay 47,500 51,400 963,778 904,554 West.No.C.Div April...... 42,000 40,683 183.086 163,170 Buff. Booh. APitt 3d wk May 38,193 17,722 703,095 504,616 Wash.0. A W.. April...... 8,600 8,400 31,000 2.74PO Bor.Ced.B.ANo. list wkMay 49,944 44,625 988,181 880,779 Rome W. A Og. March...... 253,614 152,827 638,972 395,088 Cairo V. A Chic. 3d wk May 16.837 12,763 266.795 209,230 8t. Jo AGd. Isl 3d wk May 21,160 20,835 431,499 430,930 Cal. Southern... 2d wk May 28,402 13,628 573,024 215,500 8t.L. Alton AT.H. 2d wk May 22,472 22,312 496,915 415,306 t Camden A Ati’o jMarch. .. 34,805 33,557 90,452 82,150 Branches...... 2d wk May 13,432 11,492 314,667 242,900 Canadian Pacific 3d wk May 206,000 184,000 3,343,394 2,990,123 St. L. Ark.ATex. 3d wk May 43,436 24,472 770,641 569,108 Cp.F’rAYad.Val April...... 18,205 16,079 85,557 74,923 St.L.ABan.Fran. 3d wk May 101,738 79,528 2,071,443 1.509.525 Central of Geo.. April...... 387,596 403,335 8 1. Paul A Duluth 3d wk Máy 33,738 26,919 462,185 386,598 Central Iowa... April...... 90.838 95,603 428.991 3*92,495 8t.P.Min.AMan. April...... 686,657 016,756 2,260,519 2,034,362 Chariest’n A Sav March...... 48,599 49,116 149,375 143,583 Scioto Valley... March...... 67.111 58,729 178,101 153,869 Chesap. A Ohio. April...... 337,953 317,162 1,305541 1,189,726 8 henandoah V al. 18daysApr 35,055 24,890 220,756 157,394 Ellx.Lox.AB.8. April...... 72,153: 65,743 298,862 262,936 South Carolina.. April...-.'.. 74,791 71,809 401,590 400,175 Ches. O. A 8. W. April...... 128,431 124,071 551.036 493,970 So. Paciiio Co,— Ohio. A Alton... I February.. 584,409 542,137 1,256.918 1,099,978 Gal.Har.A8.A. March...... 252,353 175,584 698,240 578,750 Chic. A Atlantic 3d wk May 33,812 25,186 786,481 547,010 Louis’» West. M ,rch...... 66,374 45,637 181,364 142,039 Chic. Burl. A No. March...., 282,398 621,503 Morgan’s CAT March .... 331,723 335,361 997,954 1)068,468 Chic. Bur. A Q.. March..... ¡,992,682 !;229,17Z 6,785,302 5,4*40",4Ïb N. Y.T. A Mex. M arch...... 12,001 7,314 31,879 29,104 Ohio. AEaat. LLL. 2d wk May 30,521 23,697 688,206 594,738 Tex. A N. Orl. March...... 102,896 63,224 266.986 215,289 C3ÜO.MU. ASt.P. 3d wkMay 411,000 403,587 8,426,000 7,950,090 Atlan’c syst’rn March..... 765,407 627,120 2,176,425 2,028,650 Chic. A N’thw’ñ. April...... ,839,334 .,720,617 7,531,470 6,713,240 Pacific system March..... 2,127,025 1,782,002 5,226,431 4,845,069 Chio.8t.L. APitts 2d wk May 90,263 78,947 1,930,440 1,584,431 T otal...... M arch.,... 2,892,431 2,409,122 7,402,855 0)873,789 Chic.StP.M.&O. March...... 580,151 521,047 1,321,120 1;256,168 8part.Un.AC61.. March..... 5,445 9,662 20,550 26,895 Okie. AW. Mich. 3d wk May 28,281 24,331 507,901 490,130 Staten lB.Rap.Tr Aprii..,...“ 52,085 50,124 177,486 161.044 Cin. Ham.A D.. 3d wk May 64,021 49,870 1,180,663 1,015,396 Texas A Pacific April...... 385,383 422,789 1,926,990 1; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 6 8 0 THE CHKUJN1CLE. [T ol. x l i y . Passengers. Freight. Total. Atlantic Line...... $125,932 $640,149 $766,081 | m reslra m l Panama Line...... 314,587 1,054,295 1,368,882 AND Trans-Pacific Line. 596,668 685,649 1,282,317 T ota l...... $1,037,187 $2,380,093 $3,417,280 ^ailroatl Intelligence. Shenandoah Talley Railroad. (For the year ending December 31, 1886.,) The I nvestors’ Supplem ent contain* a complete exhibit of the Funded Debt of States and Cities and of the Siocks and The annual report of the receiver of this road for the year Bonds of Railroads and other Companies. It is published 1886 has just been issued. He remarks : “ There has been a on the last Saturday) o f every other month—viz., January, gratifying increase in gross earnings, due to the improved con March, May, July, September and November, and is fur- dition of trade generally and the further development of the liished without extra charge to all regular subscribers of the country tributary to the road. It is probable that several new C h ron icle. Extra copies are sold to subscribers o f the enterprises will ce started shortly and that the earnings will C h ron icle at 50 cents each, and to others at $1 per copy. continue to improve. The expenses appear heavy in conse quence of extensive repairs to equipment and roadway and extraordinary renewals and betterments in the way of new ANNUAL REPORTS. steel rails and fastenings, cross-ties, bridge timber, &c., all of which have been charged to operating expenses currently. Pacific Mail Steamship Company. These expenditures have greatly improved the condition of ( For the year ending A pril 30, 1887.^ the property and will enable your receiver to operate the road with greater safety and economy in the future.” The receiver The report of Mr. J. B. Houston, the President, says: “ The has also paid something over $72,000 on the principal of car company’s business for the past year shows net earnings of trusts since March, 1885: about one and one-half per cent (1^ per cent) for the year. e a r n in g s a n d e x p e n s e s . Though this showing of profits is not what we would wish, 1884. 1885. the owners must remember that the result has been attained Miles operated...... 255 255 in spite of an opposition more reckless and violent than has jEarning! from— ever been known. This competition was so severe that mil Passengers...... $197,802 $198,506 Freight...... 459,442 400,848 lions of dollars have been lost, since the struggle was inau Mail, express and miscellaneous. .. 85,127 95,538 gurated, by the Trans-Continental system of railroads, while this company, owing to the valuable nature of its local and Total...... $742,371 $694,892 $740,654 Trans-Pacific business, was enabled to come out of the year Operating expenses and taxes...... 613,015 670,161 661,379 showing a profit, and an actual increase of its cash assets. Net earnings...... $129,356 $24,731 $79,275 “ The passage by Congress of the Interstate Commerce Law INCOME ACCOUNT. caused the companies engaged in this traffic to the Pacific 1885. 1886. Net earnings...... $24,731 $79,275 Coast to establisn rates whioh would have rendered the earn C lh .n t'n p o ings of the Pacific Mail Steamship Company sufficiently large Interest on debt...... $398,540 $398,540 to give as satisfactory results as the company has met with Interest on car trusts...... 19,109 5,465 during the period of its guarantees from the overland rail Interest on receiver’s certificates...... 8,969 17,373 Rental of equipment...... 32,850 42,142 road companies, Dot to speak of the reduction of the pay Interest ana discount...... 28,203 23,187 ments to the Panama Railroad Company uuder the supple Extraordinary expenses, worthless accounts, &c. 13,725 2,788 mentary contract made with that corporation in February last, which reduced the monthly payments from $70,000 to Total...... $501,397 $489,495 $55,000 for the six years during which time it will remain in Deficit for yea r...... $476,666 $410,220 N o t e .—The above income account embraoes full interest and all force. charges for the entire year. The total deficit to Deo. 31,1886, was “ A new agreement has been entered into with the Panama $1,667,314. Railroad Company, which gives to the Pacific Mail Steamship Company a valuable increase in, and control over, its local Ticksburg & Meridian Railroad. business to and from the Pacific Coast of Central America (F or the year ending March 31, 1887.,) and Mexioo—an agreement, the terms of which will undoubt edly, in my judgment, enable this company to grant more The Board of Managers submit the annual report under the favorable terms to the people of those countries than they administration of the receiver, Mr. Frank S. Bond, for the have ever before been able to obtain, and at the same time fiscal year ending March 31, 1887. increase our earnings from that source. The additions and improvements to the property charged “ The business of the Trans-Pacific Line is now as valuable against betterments were as follows: For four new freight en as at any time in its history—the increased tonnage of com- gines, $36,901; for three new passenger coaches, $18,441; for ting lines having served to develop the freight traffic three new baggage cars, $8,081; land purchased, $2,050; total, Ktween this country and the East—while the earnings of our $60,473. line have in no way diminished, although the Pacific Mail The report says: “ The traffic receipts have been very Steamship Company, during several years past, has labored disappointing. The decrease in the passenger earnings is under the disadvantage of not having ships of as modern con owing to the order issued by the Railroad Commissioners of struction, and as thoroughly adapted to that trade, as some of Mississippi, reducing fares on the V. & M. Railroad from four our competitors. cents per mile to three cents per mile, which came into opera “ The tonnage now used on the China Line is needed and tion on the 7th of June, 1886. The loss of revenue on local could easily be made available for the other lines of the ticket sales by this reduction has amounted to $53,156. Con company, and with new ships, bought or constructed, for the sequent upon this reduction, it was found necessary to make present service on said line, the company would retain a most a similar reduction in through and inter-State fares from the valuable business in its hands, the absence of which tonnage 1st of January, 1887. The partial failure of the cotton crop very Beriously jeopardizes the trade in question.” * * in the State of Mississippi has seriously curtailed the freight “ In my judgment, the outlook for the future has never before earnings.” been so brilliant for the Pacifio Mail Steamship Company as In the general balance-sheet the material differences are : it is to-day, and with such new steamers for the Trans-Pacific An increase of coupons unpaid of $125,983,—the interest on Line as I have indicated as being necessary for that sarvice; first and second mortgage bonds of the company for the year; the company will and must enter upon a career of unprece an increase in bills payable of $50,045, by trust notes, given dented prosperity.” for four new engines, three new coaches and three new bag The earnings and expenses in detail for three years were gage care; an increase in supplies on hand of $18,680. The as follow s: balance of liabilities over assets at the close of the year shows EARNINGS. a floating indebtedness of $617,708, against $448,860 the year before, an increase of $168,848 during the year. This increase 1884-85. 1885-86. 1886-87. Atlantic Line...... $1,016,172 $957,810 $766,080 is accounted for by the cost of additional rolling stock, etc., Panama Line...... 1,848,781 1,603,536 1,368,88' that has been charged to betterment account, and by the net Trans-Pacific Line...... 1,547,225 1,534,272 1,282,317 deficit on the year’s operations cf $114,489. Australian Line...... 159,066 166,414 Austral’n and N. Zeal, subsidies.. 87,366 48,788 RECEIPTS AND EXPENDITURES FOR YEARS ENDING MARCH 31. Cent. Am. and Mexican subsidies.. 100,250 101,OoO 101,334 1883-4. 1884-5. 1885-6. 1886-7. Hawaiian Government subsidy... 2,667 2,667 Interest and divs. on investments. 14,766 21,253 70,904 Miles road operated...... 140 140 140 143 Miscellaneous...... 43,853 40,863 26,045 Earnings— Exchange...... 6.047 3,335 17,809 Passenger...... $190,215 $169,162 $164,818 $155,903 Freight...... 300,026 296,973 307,609 345,268 Total...... $4,826,193 $4,479,939 $3,633,371 M ail...... 9,307 11,927 13,089 13,105 Express...... 5,342 6,445 7,467 10,303 EXPENSES. Miscellaneous...... 8,991 11,095 10,320 7,191 1884-85 1885-86. 1886-87, Atlantio Line...... $579,028 $608,065 $690,166 Total...... $513,884 $495,603 $503,304 $531,772 Panama Line...... 1,100,506 1,080,241 1,357,949 Operating expenses...... 394,061 443,939 426,498 484,362 Trans-Paciflo lin e...... 737,392 714,100 682,821 Australian Line...... 194,718 149,490 — Net earnings...... $119,823 $51,663 $76,806 $47,409 Agencies...... ____ _...... 413,185 457,367 435,838 Chargeable against revenue— Miscellaneous expenses...... 184,309 170,191 171,064 $17,550 $16,741 $18,285 Fortaxes...... $16,800 125,083 For interest on bonds...... i03,083 104,000 114,083 14,232 Total...... $3,209,138 $3,179,454 $3,337,838 For int. on current accounts. 3,292 7,633 15,894 4,298 Net earnings...... $1,617,055 $1,300,485 $295,538 For expenses of land dep’ t..l 7,049 4,477 4,416 The following were the proportionate earnings of the several Tot. paym’ts obarg’ble to rev.$130,225 $133,660 $151,135 $161,899 lines from freight and passengers in 1886-87 : Net deficit...... $10,402 $81,997 $74,329 $114,489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Ma t 38, 1887.] THE CHRONICLE] 6 8 1 road, although we have no eontraot with them. At Enterprise we have ■ GENERAL INVESTMENT NEWS. a 99 year lease of the Atlantlo Coast St. Johns* Indian River Railroad. Present terminus is Titusville, on the Endian River, where we connect Railroad Net Earnings.—The following table shows the with our own line of steamers down the river to Eden. At Sanford we latest reports of net earnings not heretofore published. own the Sanford «& Lake Eustis Railway, running to Tavares, at which ,------AprU,------, ,—Jan. 1 to Apr. 30.—» Pla?,e nave an exclusive traffic oontraot wiih the Tavares Apopka * - yams of Road. 1887. 1886. 1887. 1886. Railroad, which is now building from Tavares south to Kissimmee « B u f f N Y 4 PhUa... Gross. 231,502 214,676 822,778 760,754 and hopes to extend in the future to the Gulf Coast at about latitude 2 8 - BUHH. i . a r m » . . . » ™ 63)694 40,338 74,956 130,129 ^ M ou roe Junction on our main line, Just west of Sauford, the Orange ..e7 ,r , running southwest to Oakland, south of Lake Apopka, Central RR. of Oft. ..Oroaa. 387,596 «3 .3 3 5 and is a valuable feeder to us.*’ * CleT. & Canton...... G ro». 32,932 27,336 111,072 98,505 Mempfcfs,fc Kittle Rock.—A press dispatch from Littfo Bet. Bay City & A...Gross. 32,987 ...... Rock, May 24, said : “ The Memphis & Little Rock Railroad w aa Net... 14,759 61,848 ...... sold by order of the United States Court subject to two mort» Ft. Worth & Denver.Gross. 55,564 34,147 192,197 108,362 Sag1es or deeds of trust, one for $250,000 and one for $3,000;- Net... 20,366 14,372 76,031 38,247 N Y. L. E & West..Gross. 1,868,122 1,741,356 7,280,777 6,617,667 000. G. B. Rose purchased the road for B. K. Dow and others,’* Net .. 508)248 466,933 1,908,469 1,621,183 The road was bought for the nominal sum of $1,000, the sale Pennsylvania ...... Gross. 4,342,834 3,862,617 16,593,826 14,735,483 having been made to perfect the title. rennsyivama §et 1)350,8 8 3 1,320,864 5,381,332 4,845,789 Mexican National.—The sale of the Mexican National Rail Brooklyn Flatbnsh & Coney Island.—A plan of reorgani way Company s property at the City of Mexico on Monday zation of this Company has been agreed upon between the was m accordance with the plan of reorganization, which has committees of the first and second mortgage bondholders. been approved by the various interests. Mr. Ex. Norton of The property is to be sold June 25 under foreclosure of the the Committee bid $9,723,000, which was the only bid and first mortgage and bought by a committee of the second mort took the road. At the company’s offices in this city dispatches gage bondholders. The first mortgage bondholders accept have been received stating that the sale has been confirmed new first mortgage 5 per cent 40-year gold bonds for their by the court. The successor company, whioh will be known principal and get paid in cash their back coupons. The sec as the Mexican National RailvooscZ Company, will issue new onds get for the principal of their bonds preferred 6 per cent first mort. bonds at $9,000 a mile, out of the proceeds of which stock in a new company to be organized, and common stock the unfinished portion of the line will be completed. for their back coupons and for the cash which they advance to pay first mortgage coupons, receiver’s certificates, taxes, Mobile & Birmingham.—A loan of $3,000,000 5 per oent and other liens. Bondholders who have not come into the / bonds of the Mobile & Birmingham Railway Company agreement must do so by June 11 or be excluded. of Alabama has just been placed in London by Messrs. Poor* & Grreenough. The Mobile & Birmingham bonds are guaran Buffalo New York & Philadelphia.—The gross and net teed, principal and interest, by the East Tennessee Virginia & earnings for April, and from Ootober 1 to April 80, were as Georgia Railway pompany, The line is now approaching follows: completion, and will furnish the East Tennessee system with *,------April.------> ,— Oct. 1 to AprU 30.— , 1887. 1886. 1886-7. 1885-6. its outlet to the Gulf and valuable terminal facilities at Mobile,. Gross earnings...... $231,501 $214,676 $1,453,639 $1,416,964 New York Lake Erie & Western.—The gross and net earn Operating expenses.... 167,808 174,338 1,338,439 1,109,133 ings for April and from Oct. 1 to April 80, were as follows, Net earnings...... $63,693 $10,338 $115,200 $307,831 including 68 p. o. of the earnings of the N. Y. Penn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 6 8 2 THE CHRONICLE. [YOL. XLIV. LINES WEST OF PITTSBURG & ERIE. ^zpoxts anil pujcumeuts. Net surplus or deficit after payment of charges. 1887. 1886. Diff. in 1887. -January...... Sur. $222,861 Def. $133,687 Gain. $356,048 BRIEF PRESENTATION OF FACTS ABOUT THE February...... Sur. 63,526 T>ef. 55,102 Gain. 118,830 KINGSTON & PEMBROKE MINING COMPANY. March...... Sur. 250,135 Sur. 20,319 Gain. 229,816 April...... Sur. 87,576 Sur. 38,591 Gain. 43,985 This Company was organized at Kingston, Ontario, Canada, under the laws of Canada, on the 17th inst. Total 4 moa.. .. Sur. $623,600 Def. $129,879 Gain. $753,479 The Capital Stock of the Company is $5,000,000. Railroads in New York State.—The returns of the fol Cash in Treasury, $200,000. lowing roads for the quarter ending March 31 have been filed at Albany as follows : The Company owns and has rights on 8,000 acres of iron /—}Vert» York N. Eng.—. r-B. TToosac T. <£ West.—. mining lands, extending for 60 miles along the Kingston & 1887. 1888. 1887. 1886. Pembroke Railroad. Gross earnings...... $956,087 $851,190 $166,199 $134,676 Operating expenses...... 677,111 562,402 126,724 108,037 The Company has 13 distinct mining properties, which are being worked more or less, and are known : Net earnings...... $278,976 $288,788 $39,475 $26,639 1st. The Zanesville Olandower property, owned in fee Other income...... 29,081 25,278 simple. Comprises 650 acres, from which 10,000 tons of ore Total net...... $308,057 $314,066 $39,475 $26,639 have been sold. Hus $20,000 worth of machinery. Fixed charges...... 818,724 287,764 28,000 29,500 There are three (3) openings on this vein, covering a distance Balance...... def .$10,667 ir.$26,312 sur.$l 1,475 def. $2,861 of half a mile. A large amount of ore, estimated by a con servative engineer to be 40,000 tons, is in sight in the main St. Paul & Duluth. —Attention is called to the notice of the animal meeting of the stockholders of this railroad company, shaft. which appears elsewhere in this issue. It is to be hold at St. 2d. The Qrady-Machar Mine. Owned in fee simple, attd Paul on June 20, when several important propositions for comprises 100 acres, upon which there is $2,000 worth of raising upwards of $2,000,000 for improvements aind additions required in the ensuing two or three years will be submitted machinery. under a resolution of the board of directors. It is manifest 3rd.—The Levant Mine. Comprising 450 acres, which is from the proposed submission of these propositions by the leased for 99 years at a royalty of 15 cents per ton. There are directors that they thiDk the time is at hand when the com three (3) shafts on this property, from which some 60,000 tons mon stockholders should receive dividends upon their stock, if the money for necessary improvements and new construc of ore have already been taken. tion and equipment can be obtained without appropriating This property contains the celebrated Wilbur mine, which the income from the operation of the railroad. The several produces ore lower in phosphorus than any Bessemer ore im propositions suggested are stated in the advertisement, and ported into the United States. There is $40,000 worth ot there is now every opportunity to have this matter fully con gidqred, and the question of the rights of the preferred stock machinery on this property. holders determined in the premises. A very large amount of 4th.—The Lalonde Mine. 100 acres in fee, upon which tuopey from earnings has heretofore been invested in perma- there is $2,000 worth of new and improved machinery. ¿ënt improvements to this property. 5th—The Culhane Mine, 100 acres in fee and $2,000 in Toledo & Ohio Central.—In Common Pleas Court at machinery. „Toledo the case of the Toledo & Ohio Central vs. J. A. John- 6th—The Williains Mine. 100 acres in fee and $5,000 worth AOn et.Al has been decided in favor of the defendants. When the terminal property was bought, a second mortgage was of machinery, given to procure funds, and second mortgage bondholders who 7th.—The Caldbogie Mine. This property is leased at a are defendants in this suit claim to have a prior claim on the royalty of 15 cents per ton on ore sold. $15,000 worth of terminals, while plaintiffs claim that their purchase of the machinery. road in foreclosure covered both main line and terminal prop erty. The case will be appealed. 8th.—The “ Blue ” Ore Lot. 100 acres in fee. 9th.—The Mississippi Mine covers one square mile, and is Wabash St. Louis & Pacific.—The following press dispatch from Chicago, May 26, gives full particulars regarding the leased for 99 years at a royalty of 15 cents per ton on ore mined payment of wabasn coupons: “ An order was entered to-day and sold. There have been 150,000 tons of ore taken from this by Judge Gresham in accordance with his decision ten days mine thus far. The plant cost $20,000, ago authorizing Receiver McNulta, of the Wabash, to pay cer 10th.—The Ghildersleeve Mines comprise 1,266 acres in fee tain interest on the sectional division mortgages of those branches of the system whioh have earned enough to pay and 800 acres in rights. interest. The payments are to be made in accordance^ with This property contains the celebrated “ Flower ” mine, the showings or the books as now kept, and without prejudice which is considered to be the largest mine ever found in to the Chicago Division bondholders to enfore their rights or show that they should not be compelled to pay all the expenses Canada. of the Chicago terminals. The Receiver is to pay first the 11th.—The Company owns options on some 2,600 acres of outstanding coupons maturing February 1, 1885, and prior mining lands in the townships of Palmerston, Sherbrooke, thereto on bonds secured, respectively, by the mortgage of the Bathurst, Oso and Alden, costing already some $10,000, and Lake Erie Wabash & St. Louis Railroad Company, by the first mortgage of the Great Western Railroad Company of 1859, by which can be taken up at a cost of some $26,000 for the lot, the mortgage of the Decatur & East St, Louis Rail-; or $1,000 for 100 acres. road Company, and by the mortgage of the Illinois & 12th.—The “ Bed Ore ” Lot, 100 acres in fee. Southern Iowa Railwey Company, and also the out 13th.—The Black Lake Lot, 100 acres in fee. standing coupons maturing May 1, 1885, and prior thereto The ore produced from the above enumerated properties is on bonds Secured by the mortgage of the Quincy & Toledo Railroad Company, excluding, however, such coupons belong of the highest grade, running as pure as 60 per cent of iron, ing to Said bonds respectively, or to any of them, as may have with but the slightest trace of sulphur and phosphorus, thus been heretofore conditionally exchanged for Or funded into pi firing it the easiest kind of ore for smelting, and is already, debt bonds or scrip certificates; and, second, the outstanding coupons maturing Feb. 1,1885, and prior thereto, on the funded although but shortly in the market, in active demand among debt bonds of tne Wabash Railway representing coupons the leading iron foundries in Cleveland and Chicago, to whom belonging to the mortgage bonds above enumerated. 200 tons per day are being shipped. The output of the mines, . “ On all the coupons interest shall be allowed from the without additional expense for machinery, can be increased dates of their maturity to June 1, 1887, at 6 per cent. The receiver is also ordered to pay six months’ interest on the scrip to 1,000 tons per day, for which a ready market can always certificates issued by the Wabash road in exchange for unpaid be found both in the United States and Canada. 'coupons on the above-mentioned mortgage bonds. An appeal The officers are: and supersedeas were asked by Solon Humphreys and D. A. President, Henry Siebert, New York. Lindley and refused. An order was also entered refusing the application to dismiss certain suits brought at Springfield to Vice-President, B. W. Folger, Kingston. oreclose some of the underlying mortgages. These suits were Secretary and Treasurer, D. L. Gibbens. i>egun by the trustees in the mortgages, though other suits Directors : were pending for the same same purpose, commenced by the H. H. Hollister, F. S. Flower, D. L. Gibbens, bondholders, under order of Judge Gresham.” H. Seibert, W. E. Cooper, Gen. Samuel Thomas, Wisconsin Central.—Papers have been filed in the United W. R. Stirling, B. W. Folger, W. G. Pollock. States Circuit Court at Milwaukee in a suit brought by Wm. H. Hollister against John A. Stewart and Edwin H. Abbott, Trustees of the Wisconsin Central Railroad, and Henry F. Indianapolis Decatur & Springfield.—The second mort Spencer, their registrar, and a former stockholder of the road. gage bondholders of the Indianapolis Deoatur & Spring new The case grows out of the reorganization scheme o f 1879. The Railroad, by Mr. J. D. Probst, representing their interests, complainant demands judgment for bonds and interest aggre bought this road at a public sale in New York on Wednesday. gating $500,000. The pricO paid was $700,000 over the first mortgage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Ma t 28, 1887.] THE CHRONICLE. 8 8 8 COTTON. Com m ercial 3pniea. Friday, P. M., May 27, 1887. The Movement of the Crop, as indicated by our telegram* COMMERCIAL EPITOMe T from the South to-night, is given below. For the week ending Friday Night, Miy 27,1887. this evening (May 27), the total receipts have reached 9,'765- bales, against 10,626 bales last week, 12,666 bales the previous A drought in the Northern and Atlantio States had become week and 18,077 bales three weeks sinoe; making the total quite severe, causing forest fire3, damaging crops, and threat receipts since the 1st of September, 1886,5,163,288 bales.against ening an unpleasant reduction in the supply of water to our 5,165,339 bales for the same period of 1885-86, showing an in great cities; but at the West it has been relieved by rains; crease since September 1, 1886, of 2,949 bales. much more in the East is still needed, however. No fresh Receipts at— | Sal. Mon. Tues. Wed. Thurt. Fri. Total. troubles with labor have oocurred, and some progress has Galveston...... • ••• 24 17 49 1 127 218 been made in adjusting those that were pending. Specula Indianoia, Ao. .... • ••• ...... tion in coffee and cotton has been pushed to great extremes^ New Orleans... 227 120 1,109 341 136 64 1.997 and a fresh flurry in wheat is noted; but otherwise specula Mobile...... 295 1 4 22 152 474 ...... tive circles have been rather quiet. General trade is very good Florida...... • ••a 7 r Savannah...... 86 31 15 293 433 2 860 for the season. Brunsw’k, Ao. .... • ••a ...... 2 ft The speculation in lard has been rather sluggish and prices Charleston...... 85 260 16 175 1 .... 5S7 have further given way, under the continued large produc Pt Royal, Ao...... 3 tion, but the close is somewhat steadier. Lard on the spot was Wilmington.... 27 2 3 17 ...... 49 Moreh’d C. dec...... 4 4 very dull until yesterday, when a good business was done at 585 12 8 the decline for export, and the demand to-day was very fair Norfolk...... 707 819 31 1,662 West Point, Ao ...... • ••• .... 687 68T at 6'70c. for prime city, 6-85@6-90c. for prime to ohoioe West ...... 303 ern, 7-10c. for refined to the Continent and 7‘65c. for refined New York...... • ••• • ••• 410 71$ Boston...... 160 9 63 152 292 190 866 to South America. Baltimore...... • ••a 1,146 1,146 d a i l y c l o s in g p r ic e s o f l a r d f u t u r e s . Phlladelp’a, Ao. 39 5 45 365 .... » ’86 540 Saturd'y. Mond’y. Tuesday. Wedns’y. Thursd'y. Friday' Totals this week 1,209 1,453 1,588 1,427 1,200 2,888 9,76? June deliv’y .. 6-98 7‘00 6 96 6-92 6-85 6-83 July “ .. 707 708 7*06 7-01 6-98 6-97 For comparison, we give the following table showing the week’s August “ .. 714 7‘16 7-14 7*11 7-08 7-07 Boot. " .. 7*23 7-24 7-22 7*18 7-16 716 total receipts, the total since Sept. 1,1886, and the stock to-night, October “ .. 7‘29 7‘30 7-29 7*25 7*24 722 and the same items for the corresponding periods of last year. '. Pork has been dull, but is not quotably lower : old mess $15 1886-87. 1885-86. Stock. Receipt» to @$15 25; new do, $15 75(g) $16; prime, $14@$14 75 an 1 clear This Sines Sep. This Sines Sep. $16 25@ $17 50. Cutmeats have latterly been more active, but at May 27. 1887. 1886. some concession in prices; pickled bellies, 7^@7J^c.; shoulders, Week. 1,1386. Week. 1,1885. 6 ^ 6 5 * 0 . and hams 1 0 ^ @ ll^ o .; smoked shoulders 7$£c. and Galveston... 218 705,656 729 693,167 7,157 17,800 hams i2 ^ @ 12^o. Beef remains nearly nominal at $8 50 for Ind’nola,Ao 781 mnmrnmd extra mess and $9 for packet per bbl., and $13@$15 for India New Orleans. 1,997 1,711,734 5,480 1,689,270 107,757 109,705 mess per tierce. Beef bams in fair demand at $21 50@$22 per Mobile...... 474 212,244 663 241,121 1,843 22,187 bbl. Tallow is easier and more active at 8%o. Stearine has 7 23,159 4 50,107 2 been firmer and slightly dearer at 8^c., with oleomargarine Savannah. .. 860 793^150 3,962 784,96.9 3,846 15,836 steady at 7o. Butter is lower at 16@19c. for creamery and 16 2 31,729 16,252 @20c. for State dairy. Cheese of the new crop has been more Charleston .. 537 364,350 3,034 487,094 736 2J&94 active and closed steady at 9@10J^c. for State factory full Pt.Royal,&o 3 18,772 14,221 3 cream. The swine slaughtered at the principal Western Wilmington . 49 134,247 82 101,161 1,833 5,376 towns, March 1 to May 25, numbered 1,705,000, against 1,545,- 4 3,827 3 7,802 000 for the corresponding period last year. Norfolk...... 1,662 529,419 3.178 546,112 4,314 29,380 The following is a comparative summary of aggregate W.Point, Ac. 687 323,680 457 275,678 9,410 exports from November 1 to May 21., New Y ork... 713 95,049 194 55,257 197,838 290,974 1886-7. 1885-6. Boston ...... 868 103,003 3,845 102,528 5,000 6,316 Pork, lbs...... 25,075,800 25,968,400 Dec. 892,600 Baltimore... 1,146 63,282 1,002 51,636 4,643 21,401 Bacon, &o., lbs...... 268,54,1,813 274,934,718 Deo. 6,442,905 540 54,987 157 45.185 24,422 i5 ,759 Lard, lbs...... 183,847,380 171,639,135 Ino. 12,208,745Philadel’a,Ao The speculation in Rio coffee has continued very active and Total...... 9,765 5,168,238 22,790 5,165,339 359,339 565,777 there is a further advance in prices, though showing to-day In order that comparison may be made with other years, we rather less animation, but maintaining an important advance give below the totals at leading ports for six seasons,______q and closing with seller at 19‘20@ 20‘20 . for the earlier and Receipt» at— 1884. 20‘30@20‘55c for the lastdr months, an advance for the week 1887. 1886. 1885. 1883. 1889. of 120@ 130 points. Coffee on the spot has also been advanc Galvest’n.Ao. 218 729 322 838 3,628 1,43? ing, with fair cargoes quoted 20%c. to-day, but the close is New Orleans. 1,997 5,430 2,056 2,655 8,913 2,318 quieter. R a w sugars were active and dearer, but the improve Mobile...... 474 663 296 160 842 841 ment was n.ot fully maintained, and the close is dull at 4J^c. Savannah ... 860 3,962 364 402 1,768 1,902 for fair refining Cuba and 5 3-16o. for Centrifugal 96 deg. Chari’s t’n, Ao 510 3,034 488 55 876 1,160 test. Molasses is dearer at 20%c. for 50 deg. test, with a good Wilm’gt’n, Ao 53 85 15 i-8 253 53 general demand. Oolong teas are freely offered and weak. Norfolk...... 1,662 3,178 1,631 723 5,994 3,24$ Kentucky tobacco has sold to the extent of 250 hhds., of W. Point, Ao. 687 457 194 890 1,294 which 100 hhds. for export. Prices at the West are firmer for All others ... 3,274 5,202 1,598 3,278 7,262 3,702 all desirable grades, while frosted and unsound lots are not wanted. Seed leaf has met with a good demand, and sales Tot. this w’k. 9,765 22,790 6,964 8,129 30,426 15,95D for the week are 1,536 cases, as follows: 450 cases 1886 crop, and Since Sept. 1. 5168,288 5165,339 4701,361 4751,662 5824,186 4556,889 150 cases 1885 crop, New England Havana seed, private terms; Galveston includes Indianoia; Charleston Includes Port Royal, Ae„ 286 cases 1881, ’82 and ^83 crops, Pennsylvania, 11U@ Wilmington includes Moreh’d City, Ac.; West Point includes City Point,Ao. 19c.; 180 cases 1885 crop, Pennsylvania seed leaf and Havana seed, 10@20c.; 200 cases 1885 crop, Dutch, 9@ lie,; 150 cases The exports for the week ending this evening reach a total 1885 crop, Wisconsin Havana, 8@8>£c., and 150 cases sundries, of 13,986 bales, of which 4,659 were to Great Britain, 241 7@28c.; also, 600 bales Havana, 60c.@$l 05, and 200 bales to France and 9,086 to the rest of the Continent. Below are Sumatra, $1 20@$1 50. the exports for the week and since September 1, 1886. Spirits turpentine was firmer, but closes dull at 86^@37c., Week Ending May 27. From Sept. 1,1886, to M ay 27,1887 and rosins are quiet at $1 22^@$1 30 for common to good Exported to— Exported to— strained, with tar steady at $2. Crude petroleum certificates E xport» from — G reat dom i ¡fatal G reat Conti have been doing better, and to-day were active and buoyant, BriVn. France nent. W eek. Britain. France nent. Total. closing at 63^@ 64c. On the Metal Exchange there was some renewal of specu- Galveston...... 255,546 80.35C 104,900 390,798 New Orleans.. 3,481 216 4,893 8,560 721,010 318,220 300,379 1.405.QQ9 j^rion in Straits tiD, with sales to-day at 23c. for June and 48,807 40,807 22‘85c. for July, but the close is quiet. Ingot copper has shown some animation, especially for October options, the Savannah...... oooooe ...... 233,159 18,648 243,960 495,707- Bales being liberal at lOJ^c. for that delivery ; and of domestic Charleston.... 60,453 43,968 143,206 277,025 lead the sales to-day embraced 32,500 lbs. for Sept, at 4%c. Wilmington... •eeees 60,823 7,960 10,857 109,640 The interior iron markets are quiet but firm. Norfolk...... 826,226 8,900 830,120 .Ocean freights have shown much activity in the shipment West Point, 4c 97.078 2,150 8,406 108,284- or gram, the greater portion going to the Continent, but Great New York...... 482 3,653 4,385 445,010 40,217 215,5?2 701,885 •Britain getting a fair share; but tonnage is abundant, and 883 40 423 143,223 1,822 145,045 rates show little improvement. To-day’s business was at 2l4d. Baltimore...... 25 200 225 65,146 8,750 28,737 132,683 Philadelp’a.Ae 363 363 52,493 3,219 56,712 tp Liverpool, 2%d. to London, 3d to Hull, to |§ l l i Glasgow and 10 eta. to Oporto per bush.; also, 2s. 10i^d. Der Total...... 4,659 241 9,086 18,688 2.598,180 470,268 Î,130,988 quarter to Cork for orders. ■ Total 1885-80 35,874 2.885 8,415 40,074 2,206,211 890,2171,222,146 3,827,574>- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 681 THE CHRONICLE. [V o l. x l i v . g 3 3 CD In addition to above exports, our telegrams to-night also give Ohi®» ns the following amounts of cotton on shipboard, not cleared, ©3-&S' § 2 & ! S’a i-S’ © S3!■ gLg I So »3 ® o ® ® to© ® P CD © © P i ® 5 ® & S © © 3 at the ports named. We add similar figures for New York, *© 03 p i g-® ® on Ci© » CP ti-tt 5 g* B ® ■? « BOD* 00 P Qi P 03'* P OD P which are prepared for our special use by Messrs. Carey, Yale •d ©vi SO et SP e-I k E.Ö-S te -« & Lambert, 24 Beaver Street. | £ k P<--'S pj&p gSLS g g _ : is P*Fvi On Shipboard, not cleared—fo r *4 ■s:3: M® L e a v in g » a p : io M ay 27, at— Great Other Coast- Stock. a> a> p : © 00B • 1 I B rita in . France. Foreign wise. Total. New Orleans___ 8,021. None. 262 648 3,931 103,826 o <0 . V w « w M» Mobile...... 1,843 None. None. None. None. None. S § » § 3© ä » III Charleston ..... None. None. None. 50 50 686 S © MY P « cj* p a ® ►*« 3 ©avj Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Ma y 28, 1887.] THE CHRONICLE. 685 The V isible Supply of Cotton to-night, as made up by cable l«lee less than at the same period last year. The receipts at and telegraph, is as follows. The Continental stocks, as well as the same towns have been 8,795 bales less than the same those for Great Britain and the afloat, are this week’s returns, weak last year# and since September 1 the receipts at all thn and consequently all the European figures are brought down towns are 23,652 bales less than for the same time in 1885-86# to Thursday evening. But to make the totals the complete figures for to-night (May 27), we add the item of exports from Quotations for Middling Cotton at Other Markets.*— the United States, including in it the exports of Friday only. In the table below we give the dosing quotations of middling 1887. 1886. 1885. 1834. cotton at Southern and other principal cotton markets for each Stock at Liverpool...... bales 933,000 633,000 996,000 917,000 day of the past week. Stock at London...... 18,000 15,000 30,000 61,000 Week ending. CLOSING QUOTATIONS FOB MIDDLING OOTTON ON— Total Great Britain stock. 931,000 648.000 1,026,000 978.000 May 27. Stock at Hamburg...... 3,500 5,900 5.000 3,200 Satur. Mon. Tues. I Wednea. I Thürs. Stock at Bremen...... 49,400 43.000 50.000 69,500 M Stock at Amsterdam...... 29,000 28.000 50.000 50.000 Galveston... 101# lOi# 10»,8 109.8 10»,8 10% Stock at Rotterdam...... 200 300 590 1,090 New Orleans 10% 10% Stock at Antwerp...... 1,100 1,000 800 lOBs 10% 10% 10% 1,800 Mobile...... 101# 10># lOi# 10% 10% Stock at Havre...... 251,000 152,000 189,000 242.000 Savannah... 107,e 107,6 10% Stock at Marseilles...... 3,000 7.000 4.000 10»,6 10% 10% 10% 5.000 Charleston. . lOi# 101# 101# 10% 10% 8took at Barcelona...... 53,000 68,000 66.000 54.000 Wilmington.. 10% 10% Stook at Genoa...... 8,000 15,000 101*8 10% 10% 10% 10% 8.000 10.000 Norfolk...... 10’s 10% 1015,8 1 0 5 .8 Stock at Trieste...... 15,000 9.000 5.000 9.000 Boston...... 1 0 1 6 ,8 11 11% 111« m e 11% 11% 11% Baltimore.... 11 11 m e Total Continental stocks...... 413,200 329,200 378,300 445,500 Philadelphia. 11% 11% u % 11*6 11% u i « 11% 11% Augusta...... 101*8 101*8 11%. Total European stocks___1,364,200 977,200 1,404.300 1,423,500 10% 10% 10% 10% Memphis.... 103, 10% 10% 10% 10% India ootton afloat for Europe. 310,000 248,000 208,000 333,000 St. Louis..... 101# 101# 11 Amer. cott’n afloat for Eur’pe. 58.000 250,000 113,000 95.000------10% 10% 10% 10% Cincinnati... 101*8 10% 10% 10% 10% Egypt. Brazil, Ac. ,aflt for E’ripe 22.000 13,000 4,000 24.000 Louisville.... 10’S 10% 11 Stock in United States ports.. 359,389 565,777 449,468 469,125 10% 11 11 11 Stook in U. S. Interior towns.. 42,775 141,053 51,949 56,050 United States exports to-day. 3,991 14,475 3,200 1,000 A m ount o f Cotto n in Sig h t May 27.—In the table below we give the receipts from plantations in another form, and add Total visible supply...... 2,160,355 2,209,505 2,233,917 2,401,675 Of the above, the totals of Amerioan and other descriptions are as follows: to them the net overland movement to May 1, and a lso th e American— takings by Southern spinners to the same date, so as to g iv e Liverpool stook...... bales 706,000 461,000 747,000 640,000 illhstlilTl tllillIV f.lio o mmt n a# m _i i ® ^ Continental stocks...... 284,000 226,000 265,000 310.000 American afloat for Europe... 58,000 250,000 113,000 95,000 1886-87. 1885-86. United States stock...... 359,389 565,777 449,468 469,125 1884-85. 1883-84. United States Interior stocks.. 42,775 141,053 51,949 56,050 Receipts at the ports to May 27 5,168,238 5,165,339 United States exports to-day.. 3,991 14,475 3,200 1,000 Interior stocks on May 27 in 4,701,361 4,751,662 exoess of September 1. 10,528 140,842 Total Amerioan...... 1,454,155 1,658,305 1,629,617 1,571,175 40,592 15,018 Boat Indian, Brastl, etc.— Tot. reoeipts from planta’tns 5,178,816 5,306,181 4,741,953 Liverpool stock...... 227,000 172,000 249,000 277,000 Net overland to May 1...... 750,799 4,766,680 742,113 578,718 546,720 London stock...... 18,000 15.000 30.000 61,000 Southern oonsumpt’n to May 1 331,000 279,000 Continental stocks...... 129,200 103,200 113,300 135,500 239,000 264,000 India afloat for Europe...... 310,000 248.000 208,000 333.000 Total in sight May 2 7 ...... 6,260,615 Egypt, Brazil, Ac., afloat...... 22.000 13,000 4,000 24 000 6,327,294 5,559,671 5,577,400 Northern spinners’ takings to Total East India, Ac...... 708,200 551,200 604,300 830 500 May 2 7 ...... 1.480,320 Total Amerioan...... 1,154,155 1,658,305 1,629,617 1,571,175 1,613,407 1,261,269 1.438,890 Total visible supply...... 2,160.355 2,209,505 2,233.917 2,401,665 to-nighT, withis eeX6«1W S £¿¡22 Price Mid. Upl., Liverpool.... 6i316d. 5%d. 5i51fta. Price Mid. Upl.. New York— ll% o. 93,#o. lOio^o. ll%e! 18 70(>’944 W “ rhe imports into Continental ports this week have been 62,000 bales. W e a t h e r R eports b y T e l e g r a p h .- O u r advices from the The above figures indicate a decrease in the cotton in sight South to-night indicate a continuation of favorable conditions to-night of 49,150 bales as compared with the same date of during the week at most points. The crop is, in general growing finely, and the present outlook is quite satisfaotmw* 1886, & decrease of 73,563 bales as compared with the corres- In a few sections of Texas, however, rain is needed ^ ponding date of 1885 and a decrease of 241,810 bales as com pared w ith 1884. ^PLW’7LThe weather has been warm and dry A r the Interior Towns the movement—that is the receipts from 7U o 84 ^ thermomefcer has averaged 78, ranging for the week and since Sept. 1, the shipments for the week, and Palestine, Texas,-W e have had warm and dry weather thestocks to-night, and the same items for the corresponding 5^ week. Crops are good. The thermometer has ranged period o f 1885-86— is set out in detail in the follow in g statem ent, from 61 to 92, averaging 76. «tugea H H 5SSHE? Huntsville, Texas.—Warm and dry weather all the wee k §“®fft| low O*. MC* Cb CO i • TeXas,r^ZWS have had no rain »11 the week. CroDS C*. toococno ÍÍSS S Í8„SS hm$3s8Í SS »S averag^g79ng‘ Th® fchermometer has ranged from 62 to 99* Columbia, Texas.—There has been no rain yet. Ctods are CO ü» Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 686 THE CHRONICLED LVo l. X U V . According to the foregoing, Bombay appears to snow a Clarksdale, Mississippi.-T h e weather .hM d ecrease compared with last year in the w ^ k s receipts of «taring the week, but too rainy, showers havmg fallen on four 21,0*00 bales, and an in crea se in shipments of 7,000 bales, and «lavs, to the extent of two inches and fifty hundredths. the shipments since J&m 1 show an incTB&ss of 82^000 bales. Vicksburg, Mississippi.—It has been showery on two The movement at Calcutta, Madras and other India ports for -days of the week, the rainfall reaching sixty hundredths of the last reported week and since the 1st of January, for two inch. Average thermometer 78, highest 95, lowest 62. years, has been as follows. “ Other porta” cover Ceylon, Gloster, M ississippi.—Telegram not received. Helena, Arkansas. - I t has been showery on three days of Tutioorin. Kurrachee and Coconada. fh e week, the rainfall reaching one inch and fifteen hundredths. Shipments for the week. Shipments since January 1. There has been somewhat too much rain and Great ing grassy. The thermometer has ranged from 64 to 90, aver- Great \ Conti Total. Continent. Total. Britain. nent. Britain. Memphis, Tennessee.—Vie have had rain on five days of the Calcutta- week, that of yesterday being too heavy in some localities. The 6,000 10,000 16,000 76.000 95.000 171,000 1887 ...... 25.000 rainfall reached one inch and thirty-one hundredths. The 1886...... 42.000 67,000 crop in general is developing promisingly. Average ther Madras— 4.000 2,000 6,000 1887...... mometer 76, highest 90 andlowest 64. . - 1886...... 3.000 3,000 Nashville, Tennessee.—We have had ram on five days of All others— 15,000 1887...... 15,000 30,000 the week, the rainfall reaching twenty-five hundredths of an ...... 23,000 13,000 36,000 inch. The thermometer has averaged 72, the highest being 1886...... 85 and the lowest 57. , Total a ll- 6,000 10,000 16,000 95.000 112,000 207.000 Mobile, Alabama.—There have been showers on three days 1887...... 68.000 38,000 106.000 o f the week, the rainfall reaching sixty hundredths of an 1886...... inch. The crop is developing promisingly; prospects are fine- The thermometer has averaged 74, ranging from 6d to 8». The above totals for the week show that the movement frem Montgomery, Alabama.—It has rained on four days of the the ports other than Bombay is 16,000 bales more than the same week, the rainfall reaching eighty-four hundredths of an mch. week last year. For the whole of India, therefore, the total Prospects are splendid. Tne thermometer has ranged from bd shipments since January 1,1887, and for the corresponding periods of the two previous years, are as follows: ^Selmlh&bama.—We have had rain on four d a y so fth e EXPORTS TO EUROPE PROM ALL INDIA. week, the rainfall reaching eighty-five hundredths of an inch Average thermometer 74, highest 88 and lowest 66. 1887. 1886. 1885. Auburn, Alabama.—It has rained on four days of the Shipments to all Europe This Since This Since This Since week, on two of which thunder storms, accompanied by light week. Jan. 1. week. Jan. 1. week. Jan. 1. hail, but with slight damage. The rainfall reached one inch from— ànd thirty-six hundredths. The thermometer has averaged 67.000 786.000 60,000 704.000 18,000 509.000 Bombay...... 106.000 1,900 108.000 75*5, the highest being 90 and the lowest 61. . , All other ports. 16.000 207.000 Madison, Florida.—We have had rain on four days of the Total...... 83,000 993,000 60,000| 810,000 19,900| 617,000 #eek, the rainfall reaching one inch and eighty hundredths, The thermometer has averaged 72, ranging from 61 to 80. M a n c h e s t e r M a r k e t .— Our report received by cable to-mght Macon, Georgia. - I t has rained on one day of the week from Manchester states that the market continues easy for both Crop accounts are more favorable. ,, ^ M . varns and shirtings, and that manufacturers are resorting to Columbus, Georgia.—We have had rain on three days of short time. We give the prices for to-day below, and leave Of the week, the rainfall reaching three inches and twenty- those for previous weeks of this and last year for comparison. nine hundredths. The thermometer has ranged from 67 to 80 1887. 1886. Georgia.--*, have had rain on ftvedaya ot Oott’n Oott’n the week, light on two, the rainfall reaching one and 32« Oop. 8*4 lbs. Mid. 32s Oop. 8^ lbs. Mid. fourteen hundredths. Average thermometer 78, highest 89 Twist. Shirtings. TJpids Twist. Shirtings. TJpldt d. s. d. d. d. d. is. d. e. d. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Ma y 28, 1887.] THE CHRONICLE 687 Total bales, W e d n e s . t M a y 2 5 . T h u rs.« M a y 9 6 . Frl., May 27. nkw York—To Liverpool, per steamers City of Montreal, 12 ....England, 164....Sravia, 256...... 432 To Bremen, per steamer Fulda, 902...... 902 Open High Low. Clos. Open High \low. Clos. Open High Low. Clos. To Antwerp, per steamer Belgenland. 33 ...... 38 To Copenhagen, per steamer Island, 453...... 453 d. d. d. d. d. d. d. d. d. d. d. To Barcelona, ner steamer Cherlbon, 1,825...... 1,825 May ...... 550 550 050 500 5 49 550 5 49 550 552 5 52 553 To Genoa, per steamer Utopia, 5 3 5 ...... 535 May-June.. 550 5 50 550 500 5 49 550 5 49 550 552 5 59 5 52 To Halifax, per steamer Portia, 200...... 200 June-July.. 5 51 5 51 5 51 5 01 049 0 50 5 49 500 552 5 59 552 Hsw Orleans—To Liverpool, per steamers Bed Sea, 1,333.... July-Aug .. 5 59 0 52 5 52 5 62 5 51 0 59 Texan, 3,500...... 4,833 0 51 5 52 554 0 54 554 To Barcelona, per bark Encarnación, 450...... 450 Aug.-Sept.. 553 553 053 5 53 559 053 5 62 003 5 55 555 555 To Genoa, per steamer Elsie, 2,818 ...... - - -...... 2,818 September. 5 54 5 54 0 54 5 54 553 5 51 003 554 556 556 556 Galveston—To Bremen, per bark N^jaden, 7 5 5 ...... 755 Sept.-Oct... 5 44 5 44 5 44 0 44 5 48 044 5 43 0 44 5 46 5 46 5 46 Norfolk—To Liverpool, per ship Carnarvonshire, 4,254...... 4,254 Oct;-Nov... 534 684 534 0 34 533 534 533 5 34 5 85 585 5 35 Baltimore—'To Liverpool, per steamers Nessmore, 167— Peru Nov.-Dee... 5 32 533 5 81 5 3Í 530 031 030 533 vian, 198...... 365 0 31 583 588 Boston—To Liverpool, per steamers Istrian, 798----Marathon, 2 800 To Yarmouth, per steamers Alpha. 40— Yarmouth, 5 0 .... 90 Philadelphia—To Liverpool, per steamer Indiana, 5 7 3 ...... 573 Total...... 19,323 BREADSTUFFS. The particulars of these shipments, arranged in our usual F r i d a y , P. M., May 27,1887. form, are as follows: There has been a steady demand for wheat flour at full Halifax prices, but business is held in some check by the views of Liver- Ant- Copen- Barce- <6 Yar1 pool. Bremen, tcerp. hayen. Iona. Genoa, mouth. Total holders being advanced beyond the limits of export buyers. New York. 432 902 38 453 1,825 535 200 4 ,3 8 5 To-day the market was firm but quiet. - ■»••• N. Orleans. 4,833 ...... 450 2,818 ...... : 8,101 Wheat has been somewhat irregular. Enormous supplies Galveston...... 755 ...... 755 have continued to arrive by lake and canal, the disposal of Norfolk . .. 4,254 4,254 Baltimore. 365 365 which has prevented any improvement in prompt deliveries Boston...... 800 890 but the more remote options, beginning with July have Phlladel’ia. 578 5 7 3 shown at times an upward tendency, owing to unfavorable Total... 11,257 1,657 38 453 2,275 3,353 290 19,323 crop accounts and the rapid progress which has been made in reducing the visible supply, giving increased strength to the Cotton freights the past week have been as follows statistical position. Besides, the large shipments to France Satur. Mon. Tues. Wednes. Thurs. Fri. in the face of her high import duty, is believed to have politi cal significance. Yesterday, there was renewed and general Liverpool,steam d. 1ie 1I6 118 h e 118 buoyancy, in sympathy with speculative manipulation at Do sall...d. • ••• ...... • ••a, ...... Chicago. There was little change, and no active mfluedfce at Havre, steam... c. Bie »16 h i Bie Bia Bia work. Do sail...... 0...... • •a. .... DAILY CLOSING PRICES OF NO. 2 RED WINTER WHEAT. Bremen, steam..«. ®1«9% Sat. Mon. Tues. ®lfl*ll8S Bl«® 1138 Bi6'*u 3a 5ie'®11s2 5ie®u s2 Jane delivery...... Thurs. F r i . Do sail...... 06% 97 97% 9 7 % July delivery...... 96% 97 96% 96*8 96*8 Hamburg, steam.«. August delivery...... 94 96% ®x8®11sa ®16 Bia Bie Bia Bia 94*8 94 94% 9 4 % 9 4 % Do sail...... • ••• ...... September delivery...... 93% 94% 91 9 4 % 9439 94 December delivery___ .... 96 96% Amst’d’m, steam 0. 85* 35* 85* 35* 35* 35* 96% 96*8 » 6*8 96% May, 1888, delivery__ ,...101 101*8 101% 101% Do via Leith d, ...... 101% a v “ , uovuuou, lut oputs ana lucures, under freer Roval, steam__ d. 11«4-1S«4 l *«4-lS64 n 64-1S64 11«4—1s«a 1164“18S4 ,184“18e4 ...... offerings, and the favorable weather in middle latitudes fbr Do sail...... d. .... the next crop. The lower prices of parcels arriving by canal», Baroelona,steam Receipts at — 4 pence and Qdths, thus: 4 63 means Flour. W heat. Corn. Oats. Barley. R ye. Bbls.Vtälbs Bush.00 lbs Bush.W lbs Bush.32 lbs Bush.48 lbs Bush.b6 lbs Chicago...... Sat., May 21. Mon.) May £3« Tues., May 24. 128,471 348,295 642,400 1,229,270 90,382 11,043 Milwaukee... 42,321 109,240 27,810 81,650 20,425 480 Toledo...... o.ééi 100,156 12,660 Open'High Low . Clot, Open High Low : Clos. Opm'Hlgh Low. Clos, 3,310 2 ,0 0 0 Detroit...... 3,792 77,023 0,848 15,574 14,540 d. d. a. d. Cleveland... d. a. a: d. d. d. d. d. 3,810 44,900 13,000 23,100 i , o e s May...... 5 49 5 49 5 49 5 49 St. Louis. . .. 19,506 5 48 5 48. 5 48 548 5 48 5 49 548 5 49 143,610 120,700 200,710 9 ,9 3 0 3,92» May-June 5 49 5 49 5 49 5 49 5 48 5 48 5 48 5 48 5 48 549 5 48 549 Peorta...... 1,150 10,075 114,700 297,100 15,é00 June-July. 5 49 5 49 7^050 5 49 5 49 5 49 5 49 .549 5 49 5 49 Duluth...... 44,851 278,758 July-Aug.. 5 51 5.50 5 49 560 551 5 51 5 51 5 51 5 51 5 50 550 651 5 51 5 51 5 51 Tot. wk. *87. 249,535 Àug.-Sept.. 5 52 5 52 5 52 1,107,057 944,154 1,856,720 " ” 1 5 8 ,7 9 0 23,1'OA 5 52 552 5 52 '5 51 5 51 5 52 5 52 September. 5 53 5 52 5 52 Same wk.’86. 144,628 518,744 909,002 1,770,300 553 5 53 5 53 553 553 5 52. 113,843 34,42» 8ept.-Oct... 5 52 5 53 553 5 53 658 Sane wk,’85. 137,256 5 42 5 42 542 5 42 5 42 783,569 1,212,273 1,401,320 1 4 5 ,5 2 4 01,384 5 42 541 5 41 5 42 542 542 Öct—Nov... 5 32 532 532 5 42 Since July 24 532 532 5 32 531 5 31 6 32 Nov.-Dee... 5 29 5 82 5 32 5 32 1886-7:.*;.' 8,995,926 5 29 5 29 5 29 5 29 5 29 75,403,652 71,553,008 53,088,430 20,928,924 1,843,15» 529 5 29 680 530 530 5 80 1885-6,..;.. 7,085,713 51,358,952 78,377,470 49,939 319 19,057,301 2,695,993: 1884-5.. ... 8,64Í:,014 92,497,895 81,509.542 50,398.030 10,863.7 V 4.30B.71S Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I)';, b THE CHRONICLE. [VOL. XLTV. The receipts of flour and grain at the seaboard ports for the ages, valued at $196,228. These shipments include 1,702 week ended May 21, 1987, follow: packages to China, 737 to South America, 282 to the West- Flour, Wheat, Com, Oat», Barley, Bye, ladies, 250 to Aden, 115 to Europe, 53 to Central America, 50 At— bbls. bush. bush. bush. bush. buth. to East ladies, 44 to Mexico ani 74 to all other countries. Hew Y o rk ...... 91.877 2,436,800 573,260 353,400 3,250 45,030 Since the 1st of January the exports aggregate $83,125 pack •Boston...... 64,863 39,218 90,167 23,790 20 Montreal ..... 23,863 270,855 46,000 69,423 46,219 ages, valued at $4 820,829, Of this total China has had 46,833 Philadelphia... 23,451 208,726 34,570 59,276 2,400 packages, valued at $2,192,752, and 14,413 packages, valued at Baltimore...... 55,288 371,844 25,466 16,280 390 $1,031,021, have gone to South America. For the similar Richmond...... 1,800 3,400 24,700 4,800 13,627 388,385 13,255 103,437 period of 1886 the exports to all ports reached 86,730 packages Hew Orleans... and in 1885 were 67,193 packages. At first hands there was a Total week... 274,'776*3,'719,178 807,418 636,406 5,670 91,639 steady though less active demand for staple cotton goods, and ©or. week »86 247.691 2,177,027 2,287,943 710,874 16,300 8,775 sales coupled with deliveries on account of former transactions " Last week’s figures; others not received. reached a very fair aggregate. Stocks of brown, bleached and The exports from the several seaboard ports for the week colored cotton are so exceptionally small in the hands of yiding May 21, 1887, are shown in the annexed statement: agents and at the mills, that prices remain firm all along the Mssporit line, and a good many additional makes were slightly from — Wheat. Com. Flour. Oats. Bye. Peat. advanced during the week. Print cloths were in moderate demand and steady in price on the basis of 3 5-16o. 64x64 Bush. Bush. Bbls. Bush. Bush. Bush. Hew York 1,337,677 250,297 68,106 1,643 25,990 2,600 “ spots,*’ 3%c. for 64x64 “ futures” and 3c. for 56 x60s. Stocks Boston... 35,546 16,400 26,047 last Saturday, and for the three previous years, were as N. News.. 59,854 16,000 follow s: Montreal. 269,736 49,296 15,568 54,558 82,666 May 21, May 22, May 23, May 24. Phlladel. 263,885 16,000 2,143 Stock o f Print Cloths— 1887. 1886. 1885. 1884. B<lm’ri 527,991 61,994 48,892 Held by Providence mannf’ra. 103,000 99,000 434,000 255,000 W.Orl’ns. 330,283 59,471 618 ...... Fall River manufacturers... 214.000 67,000 373,000 267,000 Rlohm’nd Providence speculators...... 47,000 165,000 324,000 285,000 Outside speculators (est)...... 50,000 30,000 300,000 100,000 Tot. w’k 2,824,972 460,458 161,374 66,201 25,990 85,266 © ’me Urne Total stock, (pieces)...... 414,000 361,000 1,431,000 907,000 1886. .. 1,583,157 586,150 179,333 111,349 16,772 90,168 Printed calicoes and printed cotton dress fabrics, as sateens, The visible supply of grain, comprising the stocks in granary cretonnes, lawns, batistes, & were in irregular demand at n t th e principal points of accumulation at lake and seaboard first hands, and dress and staple ginghams were in fair request p o r ts , and in transit by water, May 21, 1887 : and firm in price. White goods ruled quiet, but scrims and Wheat, Corn, Oats, B ye, B arley, table damasks were in fair request. V In store at— bush. bush. bush. bush. bush. Hew York...... 2,165.561 1,033,632 412,908 13,026 6,850 Domestic W oolen Goods.—There was but little improve Do afloat...... 496,290 189,500 49.800 ment in the demand for men’s wear woolens by the clothing Albany...... 10,147 7,200 56,430 13,100 trade, and doth and dry goods jobbers bought sparingly, but Buffalo...... 827,311 1,314,505 188,644 10,933 19,601 there was a somewhat better feeling in this branch of the Chicago...... 13,614,281 5,983.238 1,336,140 135,615 30,666 business, and agents representing the leading mills are rather Do afloat...... firmer in their views. Cassimeres, suitings and worsted coat Milwaukee...... 1,916,788 12,957 11,006 47,134 ings ruled quiet, and transactions in overcoatings were light 10,057,944 and unimportant. Satinets and Kentucky jeans were more or Do afloat____ less quiet but prices remain steady and unchanged. Cloakings Toledo...... 823,087 123,440 19,595 4,484 were in limited demand, and Jersey cloths and stockinettes 185,099 8,344 36,052 Oswego...... 76,000 40,000 9,500 36,500 were lightly dealt in by manufacturers. Fall dress goods At. Louis...... 545,885 1,805,825 193,438 30,068 2,381 were more sought after by buyers on the spot and good aggre D o afloat...... 100,500 117,000 gate orders for leading makes were booked by salesmen trav Cincinnati...... 44,000 5,000 43,000 13,000 8,000 eling in the West. Flannels and blankets have met with Boston...... 90,040 62,846 290,088 970 9,099 T o ro n to ...... 128,001 19,875 22,668 4,249 23,403 some attention, but buyers are hardly ready to begin opera Montreal...... 339,380 25,083 97.835 27,518 37,559 tions for the fall trade. Carpets were quiet in agents’ hands Philadelphia..... 364,210 423.804 56,793 and there was only a moderate business in wool hosiery, ■Peoria...... 2,679 52,382 490,528 12,598 Indianapolis..... 23,727 7,378 14,681 728 heavy shirts and drawers and fancy knit woolens. Kansas City...... 149,304 84,702 9,237 Foreign Dry Goods were for the most part quiet in im 274,147 18,403 porting circles, and the jobbing trade was sluggish, but a fair Minneapolis...... 6,748,611 ...... 840,000 distribution of silks, velvets, dress goods, shawls, embroid On Mississippi... 187,080 62,800 29,500 eries, laces and lace goods, hosiery, etc., was made to fair 968,852 941,480 402,215 advantage through the auction rooms. Staple imported On canal & river. 2,040;000 888,100 15,200 8,400 goods are fairly steady in price, but concessions can readily T o t May 21, »87. 43,018,837 13,214,537 3,727,909 345.045 221,193 be obtained upon such fanoy fabrics as cannot be safely car Tot. May 14.’87.44,458,10213,766,160 3,805,630 326,372 267,069 ried over because of the mutations of fashion. Tot. May 22,’86. 87,613,771 7,814,500 1,523,960 302,856 375,834 D omestic Exports of Cotton Manufactures.—Through T o t May 23, '851 36,768.106 5,022,209 2.185,839 369,184 302.305 T ot. May 24, ’84t 17,978,563 8,452,550 3,088,105 1,029,480 375,870 the courtesy of Mr. W. F. S vitzler, Chief of the Bureau of Statistics, we have received this weak a statement showing the 4 Minneapolis and St. Paul not included. exports of domestic cotton manufactures for April, and for the ten months of the fiscal year, with like figures for the THE DRY GOODS TRADE. corresponding periods of the previous fiscal year, and give them below: New Y oek, Friday, P. M., May 27,1887. EBusiness in the wholesale branches of the dry goods trade Articles, and Countries to which Month ending Apr. 80. 10 mos. ending Apr. 30. wras steady but moderate the past week. There was a con Exported,. 1887. 1886. 1887. 1886. siderable influx of Western and Southern jobbers and their Cotton, manufactures of— -department buyers, whose operations in staple cotton goods Quantities— Colored and uncolored: and in certain fall fabrics reached a fair amount, but local Great Britain and Ireland... .yards 769,056 691,331 8,683,352 10,605,214 Other countries In Europe.... “ 101,796 458,787 3,529,403 4,085,724 Jobbers have stocked up so freely the past fortnight that their British North America...... “ 201,944 318,850 1,400,398 1,339,179 Mexico...... “ 756,987 1,934,775 9,767,228 12,790,190 purchases at first hands were comparatively light. Under Central American States and British Honduras...... “ 518,075 475,089 5,430,435 4,492.550 the influence of warm spring-like weather the retail trade W est Indies...... i...... “ 1,179,493 1,007,095 15,619,006 14,788,702 Argentine Republic...... “ 12?,045 497,897 11,197,441 3.670,185 was active in this city and in many sections of the interior, Brazil ...... “ 770,622 987,330 6,773,333 6,510,916 United tates of Colombia... “ 627,462 386,403 4,918.188 3,785,200 and jobbers have consequently been the recipients of numer Other countries in S. America “ 1,699,304 880,134 22,116,326 12,339.618 ous orders for (mall parcels of staple and department goods. China...... “7,322,640 3,667,752 69,573,908 56,255,957 Other countries in Asia and Seme large lots of printed and woven cotton dress fabrics Oeeaniea...... “ 392,432 1,696,359 6,955,519 10,162,040 Africa...... “ 48,743 881,119 6,987,815 8,219,059 were cloEed out by the commission houses at relatively low Other countries...... “ 185,428 44,222 4,655,394 5,769,217 figures, but the market for staple cotton goods continues Total yards of above.. 14,696,027 13,927,143 177,607,746 154.813,876 buoyant and strong. The feature of the week was a peremp Total values of above. $941,462 $897,072 $11,497,030 ' $9,990,203 $-0644 $0647 $-0045 tory auction sale of 1,800 pieces 6-4 fancy cassimeres, the Value per yard...... $0641 Values— product of the Methuen Mills. The goods were all sold, Other manufactures o f : $ $ $ 250,565 224,602 Great Britain and Ireland... 30,337 25,866 21420 and the prices obtained were fairly satisfactory under the Germany...... 2,471 646 24,024 800 13,008 France...... 14,820 circumstances, though by no means remunerative to the Other countries in Europe... 2,719 1,186 10,014 428,259 459,627 manufacturers. The Bates Manufacturing Co. will make a British North America...... 63,426 90,082 78,637 Mexico...... 11,721 6,067 99,606 peremptory sale of 2,000 cases quilts in the early part of next Central American States & British 25,683 Honduras...... 2,245 433 24,840 West Indies...... 6,416 5,934 74,893 58,696 week in order to close out the stock on hand, and the results 103,782 50,747 United States of Colombia.. 13,285 5,273 67,991 o f the sale are awaited with interest. There will also be a Other countries in So. Am erica.... 4,657 8,378 62,743 28,040 281,135 215,07* Asia and O eean iea...... 19,230 8,319 A frica...... 499 176 8,352 peremptory Bale of 10,000 packages of wool flannels on June 76,739 49,036 1st, by order of Faulkner, Page & Co., and on June 8 the Other cou nties...... 12,987 3,660 ■■entire stock of Parker, Wilder & Co. will be closed out. Total value of other manufac 1,265,663 169,993 175,741 1,390,702 omestic otton oods tures o f...... D C G .—The exports of cotton goods 1,072,813 12,887,732 11,275,865 ■from this port for the week ending May 24 were 8,807 pack Aggregate value of all cotton goods 1,111,455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis v n Ma t 28, 1887.] THE CHRONICLE! jtyectat %uvtBtruzut&. UTavra fPurtrjaQts. LOAN CO. of Eight per cent net to Invest National Cable Railway Stock. ors. No losses. Interest col EQU ITABLE ALABAMA, lected free of charge to lender, First mortgage on improved Duluth South Shore & Atlantic Sub farm property In finest agri Mortgage Company. Selma, Ala. cultural districts In Alabama, worth three times amount ox scriptions. Legislative author loan. Capital Subscribed ...... R*,000,000 ity to negotiate loans. Sole Alabama correspond South Pittsburg City Stock. Pnid in (Cash)...... * 1 ,000,000 ents of several European farm R. M. NELSON, loan companies. DEBENTURES, President. Individuals or Trustees de Alabama Mineral Land. siring to make safe loans, Bearing 6 per cent, running ten years and based W. R. NELSON, address the company for par- exclusively upon Western Farm Mortgages, held in V.-P___ . ______& Gen.Man’ger. _ I ticulars and references. Chicago Portage & Superior Land trust by the American Loan & Trust Company, of Refer by permission to Geo. S. Coe, President, and New York, for the benefit of the bondholders. Their Dnmont Clarke, Cashier, Amerloan Exchange Na Grant Bonds. safety, time to run and rate of interest make them tional Bank, New York; Logan C. Murray, President the most desirable Investment now offered. Also, U nlted States National Bank, New York. T O B E Y A K I R K , GUARANTEED FARM MORTGAGES. OFFICES« 0 4 AND « BROAD STREET, New York, 208 Broadway I Philadelphia,112 S.4th St. Boston, 28 Court St. | Kansas City,7th& Del. Sts. The American Investment Company, of Em N E W Y O R K . metsburg, Iowa, with a paid-up capital of 8600,- 000, surplus $73,04)0, offers first Mortgage Real Estate Mortgages on City Loans drawing seven per cent, bothPrlndpaland NORTH- and Farm Property, worth two Interest fully Guaranteed. Also 6 per cent 10- Trust Co.’s Stocks. to four times amounts of mort year Debenture Bonds,secured by 105 per cent of first WESTERN gages, In te re st 6 p e r cen t to Mortgage loans held In trust by the Mercantile AT.Ti o f THU 7 p er cen t, principal and inter Trust Co., N.Y. Five per cent certificates ox GUARANTY est absolutely guaranteed. Se deposit for periods under one year. Write for full Information and references to the company at I S O Mew Y o rk LOAN CO., curities for guaranty held by the Nassau St., N. Y. American Loan & Trust Com A. L . OllMSB Y, AND MINNEAPOLIS. pany, of Boston, Mass. Paid-Up Capital, Send for circulars to Vice-President and General Manager. Brooklyn Companies’ 8400,000. NEI1ER A CARPENTER. Bankers, Troy, N. Y . BOUGHT AND SOLD BT Authoris’d Capital 84,000.000. Eastern Managers for Company INVEST THROUGH THE SOUND AND RELIABLE WM. C. NOYES, WESTERN FARM MORTGAGE CO« LAWRENCE, KAN. 96 Broadwa . Farm Mortgages F. M. Pe r k in s , Prest. L, H. Pe r k in s , Sec. Paid Up Capital, - - - - 8430,000 Bee my quotations of Trust and Telegraph Stocks In Sums of $100 and Upwards on The choicest First Mortgage Farm Loans, also the In Dally Indicator and Saturday’s Evening P ott. Company’s Ten Year Debentures, based upon Its Indiana and Ohio Bonds. aid up capital and assets of over $650,000. No losses. NOTHING SAFER. ALWAYS PROMPTLY PAID. Slleven years’ experience, with absolute satisfaction WE OFFER FOR SALE SEND FOR PAMPHLET. to over 1,500 Investors. Send for circulars, forms and full Information, Branch offices In N. Y. City and A LIMITED AMOUNT OF JOS. A. NOORB, Albany. New York Office 187 Broadway. First Mortgage 6 Per Cent Gold Bonds 84 Easit Market St.. Indianapolis, Ind. C. C. H1NE & SON, Agents. OF THE R O B E A DECATUR RR. KANSAS 8 % LOANS. Principal payable 1926. Interest Jane and Decem ber at American Loan & Trust Co., Trustee. SEND FOR Issued at the rate of $15,000 per mile. This railroad runs through the richest mineral and H O D G E S A KNOX’S KANSAS INVESTORS’ GUIDE, agricultural portions of the States of Georgia and Alabama, and forms a direct Western outlet for roads centering at Rome, Including the Bast Ten Containiugr the Compiled Laws of Kansas relating to the Mortgage Contract nessee Virginia & Georgia and Georgia Central roads' and Taxes; References and Full Information about GROVESTEEN Sc PELL, Onr Method of Loaning. 66 Exchange Place, New York, ® ® d o n o t o ffe r 3 O p tion s for investors, but th e o n e , and that Is our U n c o n d i tio n a l G u a ra n teed 8 p e r c e n t L o a n s . Interest and Principal collected and remitted to BANKERS AND BROKBRS. lender on date of maturity, Dree o f cost. Do not loan your money at 6 and 7 per oent interest when you can as easily get 8 per oent on same class of security. Money is worth 8 per cent interest and Is bringing that In this State. Kansas Investment Co. If ai < > per cent loan is made a second mortgage Is taken for the other 2 per oent, and if a 7 per centloau is made a second mortgage is taken for the other 1 per oent, and in addition the agents OF TOPEKA, KANSAS, get the usual commission. W h y n o t get th e ta ll b en efit y o u r s e lf o n y o u r m o n e y ? . We have a capital of $100,000 to back our guarantee, but the best guarantee possible 6 PER CT. SECURED GOLD BONDS, Is the chat aoter of the loan Itself. ° r Principal and Interest payable at the Lo»118 range In amounts of $250 to $10,000, hut generally $300 to $3,000; two to five years NINTH NATIONAL BANK, NE-W YORK. time; security three to four times the amount of the loan. Said bonds are fully secured by first H O D G E S A KNOX, Investment Brokers, Topeka, Kansas. mortgages on improved real estate in Kansas, deposited with the BOSTON SAFE DEPOSIT & TRUST 0 0., Trustee. ^financial. They are largely taken by institutions ^financial. an d conservative investors generally. J S. f a r l e e . R obert d . f a r l e x Price. Par and Accrued Interest. Represented by J. S. Farlee & Brother, Douglas & Jones, A. D. MIDDLETON, 7 4 Broadway, 1 3 New Street No. 7 NASSAU ST., NEW YORK, ______10 W all Street, N. Y. (Members of the N. Y . Stock Exchange.) BROKERS AND DEALERS IN Buy and sell Stocks and Bonds for cash or on mar INVESTMENT RONDS, gin. Interest allowed on deposits. Correspondence STATE, MUNICIPAL AND APPROVED RAIL solicited. The Investors’ Agency, ROAD BONDS. JOHN F. DOUGLAS, Correspondence So licited. Of the late firm of Lawson, Douglas & Co. *40 La Salle St., Chicago, ill,, WILLARD H. JONES, Late of W.S.Lawson & Co., Member N.Y Stock Exch. (M. L. SCCDDER, Jr., Proprietor,) ANSWERS INQUIRIES CONCERNING C. J, Turner, American Stocks and Securities. (16 Years’ Membership In the N.Y. Stock Exchange. Rolston & Bass, Large Library of Railroad Documents. BANKER AND BROKER, NO. 20 BROAD STREET, NEW YORK. Competent Experts. 16 A 18 BROAD 8T., NEW YORK. STOCKS, BONDS, Confidential Reports, AND MISCELLANEOUS SECURITIES - ______Moderate Charges. Transacts a general Banking business. Including the purohase and sale of stocks and bonds for cash or on Correspondence solicited. margin. Quotations cheerfully furnished. W m . H . r o l st o n , W . A l e x . Ba s s , Jr. E, S. Bailey, Member N. Y . Stock Exch’ge. S1« PINE STREET. DIALINGS IN James D. Simons, i n s u r a n c e s t o c k s (Formerly SIMONS A C H E W ) Cahoone & Wescott, B A N K E R & BROKER, 18 Wall Street, New York, A SPECIALTY. 4 Exchange Court de 34 Broadway, N. Y. Execute Orders all Securities Listed on All Securities dealt In at N. Y. Slock Exchange In wSfbo Sold on TOiranUslon a^sellerisoptlon.1 bought and sold for Cash or on Margin. Special atten NEW YORK STOCK EXCHANGE. tion given Investments. Correspondence solicited. MemberN. Y. Stock Exchange. Special Attention given to Member N. Y. Produce Exchange. hSSbWN.'V?StockEDxo h a ^ f8INOC’ WASHBra»- Government & other Investment Bonds Jn o . P. To w n sen d , Special Partner. Correspondence solicited. Townsend & Washburn, Simon Borg & Co., BANKERS AND BROKERS, N o. 1 7 NASSAU ST., NEW YORK, No. 6 Wall Street, New York. DEALERS IN ALL KINDS OF S t e w a r t B r o w n ’ s S o n s , K 5 h “ do n ° ^ ^ ht 411,1 801(1 on Commission' Railroad and Investment Securities. STOCK BROKERS, So u t h e r n Se c u r it ie s a Sp e c ia l t y . 6 4 B r o a d w a y Sc 19]New]8t., New Y o r k , Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ■vili ______THE CHRONICLE.______[Tol. xltv. ______JÇatrtts, gauluet:s rmä ftvoUzvs ©ut of 'Hark. BANKS. NEW ENGLAND. SOUTHERN. Bank o f Buffalo, THOMAS BRANCH & CO., Irving A. Evans & Co., BANKERS AND COMMISSION MERCHANTS BUFFALO, N. Y. BANKERS AND BROKERS, RICHMOND, VIRGINIA. e w e t t m o r n w e l l S. 8. J , Pres. W . C. C , Cash’r. ~ UJU11VU VU SUUUlUfi t u o UCUlfl O x Capital....8300,000 I Surplus...... 8450,000 N o . 5 3 STATE S T R E E T , virginia and Nortl* Carolina free of cost; one-eighth This Bank has superior facilities for making Col BOSTON. PôF cent charged* for funding. Southern Railroad lections in and out of the city on the mdst liberal and State and City Bonds bonghi and sold. telm *. end with careful attention to the best Inter MEMBERS OF BOSTON, NEW YORK AND ests', of its correspondents. COKREsi’OiipEtiTS!—Importers’ & Traders’ Na PHILADELPHIA STOCK EXCHANGES. tional Bankand Chemical National Bank, New Y ork; ______BALTIMORE, Mefcmants’ Loan & Trust Co., Chicago; Union Bank Stocks and Bonds Bought and Sold ofXondon, London. In all Markets. t . S. A l e x a n d e r , Pres. A . A . A l e x a n d e r , Cash’r. Wilson, Colston & Co., Brewster, Cobb BANKERS AND BROKERS, Texas National Bank, (Members of Baltimore Stock Exchange), SAN ANTONIO, TEXAS. & Estabro®k, BALTIMORE. (INVESTMENT and SOUTHERN SECURITIES a COJiLECTipNS AND INVESTMENTS MADE. specialty.) BANKERS, Correspondence solicited and Information fur Correspondence invited. nished. No. 35 CONGRESS STREET, N. Y. Correspondents—McKim Brothers & Co. W .T . B l a c k w e l l , Prest. P. A. W i l b t , Cashier. BOSTON. The Bank o f Durham, MEMBERS OF THE NEW YORK AND Robert Garrett & Sons, DURHAM, N. €., BOSTON STOCK EXCHANGES. BANKERS, Fay Special Attention to Collections. ALSO, FIRST-CLASS FACILITIES. Dealers In Municipal, State, Railroad N o . 7 SOUTH STREET, New York Correspondents.—The National Park Bank and United States Bonds. and Seventh Ward National Bank. BALTIMORE, , Jo s h u a W il b o u b , Ch a r l e s h . Sh e l d o n , Jr TRANSACT A GENERAL DOMESTIC AND H . g a r d e s , e . P. H il l , r . a . g i r a t o . Be n j a m in A . Ja c k s o n , W il l ia m Bl n n k y, Jr . FOREIGN BANKING BUSINESS. President. 1 Vlce-Pres’t. Cashier. Ciwninercial National Bank, Wilbo.ur, Jackson & Co., HOUSTON, TEXAS. BANKERS AND BROKERS, C a p i t a l,...... 8400,000 No. 52 WEYBOSSET STREET, Collections receive our special attention and are promptly remitted for. PROVIDENCE, R. I. NOTICE OF SALE. J . G. Fletcher, i STATE 3A N K , >C. T. Walker, Dealers in Commercial Paper. Government and President. \ Incorporated 1870. ) Cashier. Other flrst-claas Bonds and Securities and Foreign Exchange. Texas Central Railway German National Bank, Private Telegraph Wire to New York and Boston. LITTLE ROCK, ARKANSAS. Company. Capital (Paid in) ..... 8200,000 WESTERN. Notice Is hereby given that In pursuance of a de Prompt attention given to all business in our line. cree of foreclosure and sale made by the Circuit N. Y. Correspondents.-I mporters’ & Traders’ Court of the United States for the Northern District Nayopablfoph and National Bank of the Republic. of Texas, In the cause in which an original bill was filed by Morgan’s i oulsiana & Texas Railroad k H. E. Bu r r u s s . Pres’t. A. K. W a l k e r , Cashier. Chas. H. Potter & Co., Steamship Company against the Texas Central Ball- way Company, the Farmer.’ Loan & Trust Company Investment Bankers, Cleveland, Ohio. as Trustee, and the Metropolitan Trust Company SPECIALTIES : Town County and City Bonds: Lake of the City of New York, as Trustee, and in which a first National Bank, Superior Iron Mining Stocks, ’’Republic ’ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ix Ma y 28, 1887.] THE CHRONICLED Stm tvattjcje. ¡Ç m si ©tfm jnroijes. Q x n s t Com panies. Union Trust Company United States Trust Co. The United States Life OF NEW YORK. OF NEW YORK, - N o . 49 WALL STREET, Insurance Co. 78 Broadway, «or. Hector St., N. T. Capital and Surplus, • ■ ■ «9 ,0 0 0 ,0 0 « IN TUB CITY OF NEW YORK. C A P IT A L . - «1,000,000 This com pan > Is a legal depository for moneys pak (ORGANIZED IN 1860.) SI RPLUS, - « 2 ,5 0 0 ,0 0 0 into court; and is authorized to act as guardian 01 Authorized to act as Executor. Administrator '< 1, 262 & 263 Broadway, New York Guardian, Receiver, or Trustee, and is ^ " in t e r e s t ALLOWED o n DEPOSITS, which may be made at any time, and withdrawn afte: A LEGAL DEPOSITOR? FOR MONEY. five days’ notice, and will be entitled to Interest foi G. H . BURFORD, President, Accepts the transfer agency and registry of stocks, the whole time they may remain wltn the company and acts as Trustee of mortgages of corporations. Executors, administrators, or trustees of estates C. P. Fr a l h ig h , Seo’y. A . W h e e l w r ig h t , Ass’t see Allows Interest on deposits, which may he made at and females unaccustomed to the transaction of busi W m. T. St a n d e n , Actuary. any time, and withdrawn on five days Pofc*®.®L ness, as welkas religious and benevolent institutions Interest for the whole time they remain with the will find this company a convenient depository foi All the profits belong to the Policy-holders exclu money. J O H N A . ST EW A R T , President. sively. 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE CHRONICLE. [Y o l. (Sanatoti and 'goxtA gu faults aud fankers. %usnxmit&. CANADIAN. ______FOREIGN. THE Bank of Montreal. OFFICE OF THE CAPITAL, - - - $13,000,000 Gold. SURPLUS, - - - - $6,000,000 Gold. Railway Share Trust Co. C. F. SMITHER8, President. (LIMITED). ATLAN TIC W. J. BUCHANAN, General Manager. N o . 4 BANK BUILDINGS NEW YORK OFFICE: LONDON, ENGLAND. Nos. 59 A 61 WALL STREET, Mutual Insurance Co., WALTER WATSON, ) A _A_ta ALEZ’R LANS, J A « ™ » ' Capital Paid Up, £971,360 Sterling, NEW YORK, January 24,1887. Buy and Sell Sterling Exchange, Francs and Cable Transfers; grant Commercial and Travelers’ Credits The Trustees, In conformity to the Charter of available In any part of the W orld; Issue drafts on, the Company, submit the following Statement This Company undertakes the business of Trustee and make Collections In, Chicago and throughout the of its affairs on the 31st December, 1886: Dominion of Canada. to Loans of approved Railways, negotiates and Premiums on Marine Risks from 1st Janaary, 1886, to 31st L ondon Office, No. 33 Abchurck Lane. Issues Loans on the London Market, acts as Agent for Railways and other Corporations, either In the mat Deoember, 1886...... $3,809,250 53 Premiums on Policies not marked ter of payments of Interest on Loans, Dividends on off 1st January, 1886...... 1,426,049 46 Imperial Bank of Canada or Registration of Stocks in London, or otherwise. Total Marine Premiums...... $5,235,299 99 CAPITAL (paid np), - - $1,500,000 SU R PLU S, ------$5 00 ,0 00 Cable Address—p a VT, Lo n d o n . Premiums marked off from 1st H . 8. H O W LAN D , Pres’t. D. R. W IL K IE , Cashier. January, 1886, to 31st Deoem HEAD OFFICE, TORONTO. BRANCHES IN ONTARIO. ber, 1886....^ ...... $3,817,699 86 Essex Centre. Niagara Falls. Toronto. Blake, Boissevain & Co., Fergus. Port Colborne. Toronto, Yonge St. Losses paid during the same Galt. St. Catharines. Welland. LONDON, ENGLAND. period...... $2,206,588 68 ngersoU. St. Thomas. Woodstock. BRANCHES IN NORTHWEST. Negotiate Railway, State and City loans. W innipeg. Brandon. Calgary. Returns of Premiums and Ex Execute orders for Bonds, Shares, etc., On Com penses...... $841,378 15 Lloyds Baraett^&^os-l A«ents In New York : mission, and transact a general Banking and ¿mqu5l’?B™nkSimltfd. I Ba n k of Mo n t r e a l , Commission Business. Promptest attention paid to collections payable In The Company has the following Assets, viz.: ny part of Canada. Special attention given to the execution of United States and State of New Approved Canadian business paper discounted at orders for Securities on the New Fork, Lon th e Head Office on reasonable terms, and proceeds York Stock, City, Bank and remitted by draft on New York. don and Amsterdam Exchanges, in corres A Dealers In American Cur’y and Sterling Exchange. pondence with Other Stooks...... $9,382,375 Loans secured by Stooks and BLAKE BROTHERS A CO., otherw ise...... 707,100 18 Wall Street, New York, Real Estate and Claims due the Merchants’ Bank Company, estimated at...... 501,64731 38 State Street, Boston, Mass, O F C A N A D A . Premium Notes and Bills Re Capital, • • * $5,799,200 Paid Up. AND ceivable...... 1,568,13«20 Cash In Bank...... 285,254 68 R e s e r v e ,...... $1,500,000 ADOLPH BOISSEVAIN A CO. IIFresldent, ANDREW ALLAN, Esq, Amount...... $12,444,51169 Vice-President, ROBERT ANDERSON, Esq. ______Am sterdam , H olland. HEAD OFFICE, MONTREAL. SIX PER CENT INTEREST on the outstand GEORGE H A G U E , General Manager. ing certificates of profits will be paid to the W . N. ANDERSON, Branch Superintendent. "R A NKTCRR Heinemann & Co., holders thereof, or their legal representatives, LONDON, ENG.—The Clydesdale Bank (Limited.) on and after Tuesday, the 1st of February next NEW YORK—The Bank of New York, N. B. A. 62 Gresham House, E. C., The New York Agency buys and sells Sterling Ex THE OUTSTANDING CERTIFICATES of change, Cable Transfers, Issues credits available In •11 parts of the world; makes collections In Canada the Issue of 1882 will be redeemed and paid to ana elsewhere and issues drafts payable at any of LONDON. the holders thereof, or their legal representa th e offl ces of the bank In Canada. Every descrip tives,on and after Tuesday, the 1st of February tio n o f foreign banking business undertaken. Solicit accounts and agencies of Banks, Railways New York Agency, No. 61 W all Street. Corporations, Firms and Individuals upon next, from which date all interest thereon will HENRY HAGUE, > favorable terms; also orders for the pur cease. The certificates to be produced at the JOHN B. HARRIS, JR., J A»®“» - chase and sale of Bonds, Shares, Ac., Ac. on time of payment aud oanoeled. the Stock Exchange. A DIVIDEND OF FORTY PER CENT la AGENCY OF THE Interest allowed on Deposits, subject to 60-days declared on the net earned premiums of the sight drafts, at Bank of England rate, and Company, for the year ending 31st Deoember, B a n k one per cent below that rate subject to 1886, for which certificates will be issued on or demand drafts. and after Tuesday, the 3d of May next. Negotiate Railway, State and City Loans. B r i t i s h N o r t h A m e r i c a , By order of the Board, NO. 53 W A L L S T R E E T . Bank of Australasia, X* H . c h a p m a n , Secretary* Buy and sell Sterling Bxckange and Cable Trans (Incorporated by Royal Charter, 1835.) fe rs. Issue demand drafts on Scotland and Ireland, alab on Canada, British Columbia and San Francisco. 4 Tnreadneedle St., London, England C I R C U L A R N O T E S issued In Pounds Sterling Paid-up Capital, jEi ecO.WO available In all parts of the world. C O M M E R Reserve Fund, - - ...... £790,000 C I A L C R E D I T S IS S U E D for use In Europe, Letters of Credit and Drafts issned on any of the TRUSTEES: numerous branches of the Bank throughout Aus China, Japan, Bast and W est Indies and the Brasils, tralia and New Zealand. River Plate, Ac. Bills collected and other hanking business trans Bills negotiated or sent for oollection. J. D. Jones, William D. Morgan, M acted. Telegraphic transfers made. W. H. H. Moore, Charles H. Marshall, D. A . M cTAVISH, ) . Deposits received in London at Interest for fixed periods, or for transfer to the colonies on terms A. A. Raven, Frederick H. Cossitt, H. STIKEMAN, J wfaioh may be ascertained on application. ______P R ID EAU X SELBY. Secretary. James Low , William Bryoe, Wm. Sturgis, John Elliott, FOREIGN. Benjamin H. Field, James G. De Forest, Hong Kong & Shanghai Josiah O. Low, Charles D. Leverloh, BANKING CORPORATION. Edmund W. Corlles, John L. Riker, THE Paid-up C ap ital....,...... $7,500,000 Robert B. Minturn, N. Denton Smith, Reserve Fund...... 4.500,000 William Degroot, George Bliss, Anglo-Californian Bank Reserve Liability of Proprietors...... 7,500,000 Horace Gray, Isaac Bell, (LIMITED). The Corporation grant Drafts, Issue "Letters of Credit for use of Travelers, and negotiate or collect William E . Dodge, Edward Floyd-Jones, LONDON, Head Office, 3 Angel Court. Bills payable at Bombay, Calcutta, Singapore, SAN FRANCISCO Office, 422 California St. Saigon, Manila, Hong Kong, Foochow, Amoy. william H. Maoy, Anson W. Hard, N E W Y O R K Correspondents, Nlngpo, Shanghai, Hankow, Yokohama, Hiogo, San O. A. H and, Thomas Maitland, Francisco and London. J. & W. 8ellgman & Co. John D. Hewlett, John Edgar Johnson, BOSTON Correspond’ts, Massachusetts N. Bk. A. M, TOWNSEND, Agent, 50 W all Street. William H. Webb, Ira Bursley, Authorized Capital, - - - $6,000,000 Charles P. Burdett, James A. Hewlett, Paid-up Capital, - - - - 1,500,000 Henry E. Hawley George H. Maoy. Reserve Fund, ------4 0 0 ,0 0 0 Adolph Lemoyne, Transact a general banking business. Issue Com mercial credits and Bills of Exchange, available In all JOHN D. JONES, President. parts of the world. Collections and orders for Bonds, Stocks, etc.,!executed upon the most favorable terms STEEL; PENS W. H. H. MOORE, Vice-President. FRED’K F. LOW, ) ______x n u ICDALFARI3 EXPOSITION-1878. IQNATZ STEINHART.jM“ 18*®” * P, N. LIL EN TH AL , Cashier. ^HTHE ROST PERFECT OF FENS A. A. RAVEN, 2d Vice-Pres’t. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE CHRONICLE a Ma y 28, 1887.] gufcltcaiiotts. 3% Xtecjcllattgflttg. fin a n c ia l (Companies, B onds o f Suretyship. L it t e l l ’ s L i v i n g A g e * Crenshaw & Wisner, NO OTHER BUSINESS, ^TNi 1887 THE LIVINH 1 0 & 18 Exchange Place, New York, iJ - AGE enters upon Its fw ty - | ' fourth year, having met wltheem» COMMISSION MERCHANTS, The Guarantee Co# tlnuous commendation and m o oes». Members of the Cotton, Coffee and Produoe Kxoh*». OF NORTH AMERICA. A WEEKLY MAGAZIIL AGENCY OF Cash Capital...... ^aarww it gives fifty-two numbers ESTABLISHED 186?. Jo h n ,l . Bu l l a r d . H e n r y H . W » Eugene R. Cole, Bullard 6c Wheeler, STATIONER AND PRINTER. COTTON COMMISSION MEBCHAMB N E W YORK. Supplies Banks, Bankers, Stock Brokers and Corpo ALSO rations with complete outfits of Account Books an< Stationery BAGGING AND IRON TIBS, B T New ooncems organising will have their orden (FOR BALING COTTON). promptly executed. BANK VAULTS AND SAFES. Advances made on Cotton Consignments and Saaela No. 1 WILLIAM STREET, Attention given to purchase ana sale of F C f O H CONTRACTS OF COTTON. (HANOVER SQUARE.) The Largest Safe Works in the World. Dennis Perkins 6c Co.# jftjearosM ps. THE OLDEST IN AMERICA. COTTON BROKERS, Nos. 251 and 252 Broadway, New York. 125 Pearl Street, New York, Orders for Spot Cotton and Futures promytfw ONLY executed Direct Line to France. SECURE BANK VAULTS. F. Hoffmann, COTTON BROKER AND AGENT, GENERAL TRANSATLANTIC CO. 38 RUE DE LA BOURSE, HAVRE. Between NEW YORK and HAVRE From Pier (new) 42, North River, foot of Morton d*. V f Frangeul.. Sat., May 28.9 A. M. T * v ^ S »P y ^ rw ',?anlel11...... Sat.. June i . 4 P.M . I*A NORMANDIE, de Kersabiec.Sat., June 11,9 A.M. WELDED CHROME STEEL AND IRON Robert Tannatali 6c Co.e tine line avoid both transit by angusi. In Round and Flat Bars, and 6 ply Plates and Angle fnaim alfboau 41800,1110118 01 crossing the Chann 1 Cotton Commission Merchants, Pa s s a o *( including wine):—To H avre- FOB SAFES, VAULTS, &o. f ^ 81,4 • second cabin, $00: steer. Cannot be Sawed, Cut or Drilled, and praotioally t ^ I ^ « ? 4111* ^ 111?’ bedding and utensils. Be- reduced rates. Checks onBanqi e Burglar-Proof. Cotton Exchange Building, NewY«*tc, Transatlantique, Havre and Paris.tu amount to sul1. CHROME STEEL WORKS, Special Train from Havre to Parlr. Circulars Free. BROOKLYN, N. Y. Special attention given to the purchase and sale dr Generale Transatlantique deliver« FUTURE CONTRACTS Havre to°PKrt*N e 5 oY o r k Bp?° l ^ w«keU from baggage checked through to Pari« in New York and Liverpool. without examination a t Havre* provided DaaaenffAn fesT« ^ e »hme delivered at the C t o m p ^ y ^ d ^ S “ • »Y o rk , Pier 4 North River, foot ofM ortoh St JOHN H. CLISBY & CO,t W a l t e r 6c F a t m a ì ^ at least two hour before the departure of a steamer COTTON BUYERS, LOUIS DE BEBIAN, Agent, MONTGOMERY, ALA. COTTON BROKERS, No* 3 Bowling Green, PURCHASE ONLY ON ORDERS FOB A COMMISSION 63 BEAVER STREET, NEW YORK. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis xn THE CHRONICLE. IMa y 28. 1887, ( C o t t o n . C o t t o n . pdisjcjellatitone. Walter T. Hatch. Henry P. Hatch, Woodward & Stillman; Nath’l W. T. Hatch. Arthur M. Hatch MERCHANTS, W. T. Hatch & Sons, P ost Building, 16 A 18 Exchange Place INMAN, SWANN& Co BANKERS, 14 NASSAU STREET, NEW YORK, N E W Y O R K . BRANCH Offices{ | LOANS MADE ON ACCEPTABLE SECURITIES. COTTON MERCHANTS, Personal attention given at the EXCHANGES to the purchase and sale of STOCKS and BONDS for Sp e c ia l a t t e n t io n to Or d e r s t o r Co n tr a c t s cash or on margin. DEPOSITS RECEIVED—subject to eheok at sight tor F u t u r e De l iv e r y ot Co tto n . —with Interest upon balances. New Y ork . Special attention paid to INVESTMENTS and COTTON, ALL GRADES, SUITABLE TO WANTS accounts of COUNTRY BANKERS. OF SPINNERS. Ot te r ed o n T erm s to Su it . Bethlehem Iron Comp’y Williams, Black & Co., Hubbard, Price & Co., 40 and 42 WaU Street, Cotton Exchange, New York,I BANKERS AND COMMISSION MERCHANTS, Manhattan Building, New York, AND 1 WILLIAM STREBT, NEW YORK. Price, Reid & Co., (INCORPORATED 1886.) NORFOLK, VA. COTTON, GRAIN, Cotton Brokers & Commisnion Merchants Delaware Mutual PROVISIONS, COFFEE, Liberal advances made on Cotton consignments. Spécial attention given to the sale o f cotton to ar rive or in transit for both foreign and domestic mar Safety Insurance Co. STOCKS, PETROLEUM, kets. Orders for Future Contracts executed in New Y ork and Liverpool. OF PHILADEPHIA. ORDERS EXECUTED IN NEW YORK, CHICAGO, NEW OR FIRE AND MARINE. LEANS, ST. LOUIS, LIVERPOOL, Gwathmey & Bloss, CAPITAL STOCK...... 8860,000 00 Outstanding Scrip...... 716,960 00 HAVRE, Ac. Reserve to reinsure Outstanding Risks COMMISSION MERCHANTS, and all other Liabilities...... 262,643 30 Surplus over Capital and Scrip...... 379,606 09 Ai r m a n , St e r n a Co., L e h m a n , Du r r A Co., New Orleans,.Lft. Montgomery, Ala. No. 128 PEARL ST., NEW YORK. TOTAL ASSETS...... $1,719,209 2V New Y o rk Office, 75 Beaver Street, Orders for future delivery of Cotton executed i LEHMAN BROS., J. RAYMOND SMITH, Agent. New York and Liverpool; also for GraL and Pro C o t t o n F actors visions in New York and Chicago. AND North British COMMISSION MERCHANTS,! No. 40 EXCHANGE PLACE, Mohr, Hanemann& Co., & Mercantile Ins. Co, MEMBERS OF THE COTTON, COFFEE AND PRODUCE EXCHANGES. OF LONDON AND EDINBURC H, U p -t o w n ottioe. No. 204 Ch u r c h Strebt , COTTON EXCHANGE BUILDING, New Y o rk . U. S. Branch Statement Jan. 1, 1887. Orders executed at the Cotton Exchanges In New York and Liverpool, and advances made on Cotton New York/ Invested and Cash Fire Assets...... $3,378,754 40 and other produce consigned to us, or to our corres LIABILITIES: pondents in Liverpool: Messrs. L . Rosenheim A Reserve for Unearned Premiums.. .. $1,217,584 80 Bons and A . Stern A Co.; in London, Messrs. B. Reserve for Unpaid Losses...... 148,062 96 Newgass A Co. Sp e c ia l A t t e n t io n G iv e n t o t h e E x e c u t io n Net Surplus...... 2,013,106 58 OF O R D E R S FOR F U T U R E CO N TR AC TS. $3,378,754 40 Henry Hentz & Co., Losses paid in U . 8. in 20 years . .8 1 7 ,1 0 4 ,0 8 9 77 U. S. Branch Office, 54 William St., N. Y. COMMISSION MERCHANTS, Geo. H. McFadden& Bro. CHAfl. E. WHITE, SAM. P. BLAGDEN, 8 South William St., New York. C O T T .O N MERCHANTS, M anagers. EXECUTE ORDERS FOR FUTURE DELIVERY JAS. F. DUDLEY, Deputy Manager. PHILADELPHIA. COTTON at the NEW YORK, LIVERPOOL AND NEW OR LEANS COTTON EXCHANGES. Also orders for Liv e r p o o l Correspondents, Phenix Insurance Co. COFFEE FREDERIC ZEREGA A CO. OF BROOKLYN, at the NEW YORK COFFEE EXCHANGE, and Office, 195 Broadway, New York City. GRAIN AND PROVISIONS at the NEW YORK PRODUCE EXCHANGE and Edward H. Coates & C o., Statement of Company let Day of Jan., 1887. the CHICAGO BOARD OF TRADE. CASH C A P IT A L ...... $1,000,000 00 Cotton Commission Merchants, Reserve for unearned premiums...... 8,466,886 97 Correspondents : Reserve for unpaid losses...... 359,197 w Messrs. Smith, Edwards & Co., Cotton Brokers, NO. 116 CHESTNUT STREET, Net surplus...... 567,086 ft Liverpool.------w>l. PHILADELPHIA. Jas.Liea McLean, New Orleans. NO. 49 MAIN STREET, Cash assets...... $5,383,17166 NORFOLK, VA. STEPHEN CROWELL, President. SPINNERS ORDERS SOLICITED. WM. R. CROWELL, Vice-President. PH ILAN DER SH A W , Secretary. G. Schroeder & Co., GEO. H . FISKS, Assistant Secretary. Successors to W A R E A SCHROEDER, FRANCIS P. BURKE, Sec’y Local Dept. COMMISSION MERCHANTS, Rountree & Co., COMMISSION MERCHANTS, Cotton Exchange Building, C O T T O N E X C H A N G E , N E W Y O R K , and NORFOLK, VA. ¿ETNA N E W Y O R K . COTTON, GRAIN. PROVISIONS, Stocks and Petroleum. Orders for future delivery of Cotton executed in Insurance Company Orders executed in New York, Chicago and Liv New York and Liverpool ; also for Grain and Pro erpool. All grades of cotton suitable to spinners’ visions in New York and Chicago. wants offered on favorable terms. OF HARTFORD. Capital...... $4,000,000 00 Liabilities for unpaid losses B. F. BABCOCK & CO. J. C. Graham & Co., and re-insurance fu nd...... 2,118,618 19 Net Surplus...... 3,450,221 37 COMMISSION MERCHANTS, 9aSouth William St. A 51 Stone St., IT Water Street, LIVERPOOL, N E W Y O R K . Assets Jan. 1, 1887.... $9,568,839 £9 Receive consignments of Cotton and other Produce, and execute orders at the Exchanges in Liverpool. No. 68 W all Street, New York. Represented in New York at the office of COTTON. SAM’L D. BABCOCK, JAS. A. ALEXANDER, Agent. _ 82 Nassau Street, New York. BUYERS FOR AMERICAN MILLS. Selma, Montgomery and New York. COMMERCIAL UNION Geo. Copeland & Co., FELLOWES, JOHNSON & TILESTON A ssurance Co^ limited, .COTTON BROKERS, COTTON, STOCKS, BONDS, Ac., 25 WILLIAM STREET. NEW YORK. O F LON DON . 134 PEARL STREET, NEW YORK,V Orders in “ Futures” executed at N .Y . Cotton Exch. Office, Cor. Pme <6 William Sts., New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis