AND W xtmtk HUNT'S MEECHANTS' MAGAZINE,
BBPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.
VOL. 33. NEW YORK, 0(JTOBEIl 8. 1881. NO. 850.
Financial. Financial. Financial. Gwynne Day, R. Kimball Co., & J. & BANKERS AND BROKERS, Phelps, Stokes & Co., rE8tabll8hedl851.] No. 45 TTall Street Transact a general bankini; and brokerage busi- No. 35 Naaeaa Street, Nenr York. I. N. PHRI,P3, JAMK8 STOKES, ness In Railway Shares and Bonds and Government Thirteen Years' Membership In New York Stock ANSON rHKI,PS 8T0KBS, BANKERS, securities. Exchange. OliCOTT. F. P. Interest allowed on deposits. B.J.KlHBALI,, A. B. LOUNSBEBr, F. E. BALLABD. Members of N. Y. Stock Exchange. 45 & 47 WaU Street, New Tork, Investments carefully attended to. ISSUE TRAVELERS' CREDITS, C. E. Jackson & Co., Hatch & Foote, No. CIROVIiAR NOTES, jniDDIiEXOlVN, CONN., BANKERS, 13 WALL STREET, COMMERCIAL. CREDITS. BITT A2n> BELL Bay and sell GoTernment, State, Municipal and LONDON CORRESPONDENTS: OOYEBNMENT BONDS. STOCKS AND MI80BL- Railroad Bonds and Stocks. Investments for SaT- LANEOUS 8ECUBITIB8. The Union Bank of London. Messrs. C. J Hambro & Son. Ings Banks a specialty. Correspondence solicited C. I. Hudson & Co., Kountze Brothers, 3 EXCHANGE COURT, NEW YORK, Banque it Branch Office and Private Wire BANKERS, at the "Cumberland," Broadway and 23d Street. Centrale Anversoise, Buy and sell on commission, for Investment or on 120 Brotidwaj (Equitable RaUdlSK), margin, all securities dealt In at the New York Stock Exchange. NEDT YORK. B. B. LIAB |C. I. HtroSON, T. H CUBTI8. Antwerp. Member N.Y.StockEzch. LETTERS OF CREDIT JOSEPH F. Lloyd. w. c. McKkah Member of N. Y. Stock Bxch'g* Paid-Up Capital, - 9,000,000 Francs. AND CIRCVEAR NOTES Lloyd & McKean, BOARD OF DIBEOTOBS Issued for the use of travelers in FSLTX Grtsar, President. 84 TTALL STREET, NEW^ YORK. Alfred .MAguixAY (Graff* Maqulnay), Vlce-Pres all parts of the world. J. B. Von dek Bkckk (Von der Becke & MarsllTJ. Bills drawn on the Union Bank of London Buy and sell—on commission—Government, Rail Otto guntuer (CorneiUe-David). Telegiaphio transfers made to London and to way and Miscellaneous Securities. Receive deposit! £MILE I)E Gottal. subject to check, and allow Interest on balances. Ad. Frank; (Fnink. Model & Cie.) various places in the United States, Aug. Notteboum (Nottebohm Freres). Deposits received subject to check at sight, and in- Dha.nis (Michiels Loos). TR. terest allowed on balances. JOH. Dan. Fuhbma.vn. Jr. (Job. Dan. Fuhrmann.) Oilman, Son & Co., Louis WESKBiEd. Weber & Cie.) QOTemment and other bonds and investment se- JuiiBS Kauxensirauch (C. Scbmld tc Cie.) ouritles boQshtand sold on commission. BANKERS, TRANSACTS A Car Trust Bonds. 63 CEDAR STREET. GENERAL BANKING BUSINESS. In addition to a General Banking Business, boy WE MAKE A SPECIALTY OF THESE VERY and sell Government Bonds and Investment cecorl. J. J. Cashier. A8A P. Potter. Prest. Eddt, SAFE SECURITIES, AND BUY AND SELL SAMK ties. AT MARKET PRICE. Maverick National Bank, WE OFFER A LIMITED AMOUNT OF DBSIR- ABLE CAR TRUST ISSUES, ADDITIONALLY Lansdale Boardman, BOSTON, SECURED BY THE DIRECT OBLIGATION OF STOCK BROKBB. THE RAILWAY EQUIPMENT COMPANY. CAPITAL, $400,000 No. 80 BROADWAY, Rooms 37 & 38. SURPLUS, 400,000 CL.ARH, POSir& MARTIN, BaANca OFnoE, Taor, N. Y., Acooonts of Banks and Bankers solicited. Connected by Private Wire. Collections made upon favorable terms. 34 PINE STREET. ALL secnrltles dealt In at the New York Stook Strictly first-class Investment Securities Nego- Exchange bought and sold on commission and ow- tuted. ried on a fair margin. INTEREST allowed on credit balances. Lawis H. Taylor, Jr. LiNDLXr Hainis Lummis & Day, Nos. 84 and 35 DREXEL BUILDING, Cor. WALL L. H. Taylor & Co., and BROAD STREETS, A. H. Brown & Co., BANKERS AND STOCK. BROKERS. BANKERS AND BROKERS, Raukera and BroKer*, WIIXIAU LDHUIS, HEKKT DAT, 140 SOUTH THIRD STREET, Members of New York Stock Bxohanga. t vraU St., C«r. New, New York. PHILADELPHIA. INVESTMENT SECURITIES. Oepoalts received subject to check at slRht, and banks. interest allowed on daily balances. Scranton & Willard, Special attention to business of oonntry Btocka, Bonds, &c., bought and sold on commission In Philadelphia and other cities. BANKERS AND BROKERS, Parttonlar attention Kiven to Information regard* 72 BROADWAY, NEW YORK. Prentiss, ng Investment Geo. H. Securities. pbitate wires to Windsor Hotel, Cumberland, Delmonlco's. Mo. 17 WALL STREET, NEW YORK. Aug. T. Post, Banker, Gllsey House, Philadelphia, Boston, Saratoga, Newport. 23 NASSAU STREET, COBHESP0NDKNT8. — Bartlett, Westcott A Co., OAS STOCKS BUYS AND SELLS Utica; Westcott A Co., Syracuse : Westcott, Myers & Co., Bumilo ; J. T. Lester A Co., Chicago : Emery & Hodges, Boston. State, City and County Securitie§. GAS SECURITIES, COKRESPONDBNCli] SOLICITED. Simon Borg, TBEET RAILROAD STOCKS AND BONOa Samuel M. Smith, No. S WALL- STREET, NEW YORK. Aim ALi, KINDS or 40 WALL. STREET, DEALER IN ALL KINDS OF BROOKLYN SECURITIES DEALER IN Railroad and Inrestment Securities. DEALT IN. City Railway 8ecoiitlea, Gaa and Bank Stoclu. Inauraoce Horip. SOnTUBRN SSCDBITIE8 A SPBOIALTT. BEE OAS QUOTATIONS IN THIS PAPER. ! ; :
THE (SHRUNK LE. [Vol. XXXHl.
Foreign Exchange. Foreign Exchange. Foreign Exchange. Drexel, Morgan & Co., August Belmont & Co., J. H. GOADBY & B. E. WALKER, BANKERS, JOINT AGENTS WAL.Ii STRBE'l'i Canadian Bank of Commerce, CORNER OF BROAD, NEW YORK. Nos. 19 & 21 Nassau Street, 16 EXCHANGE PLACE, Issue Travelers' Credits, available in all parts of the Harjes Brexel & Co., Drexel, & C< world, through the BUY AND SELL STERLING EXCHANGE, CABLE TRANSFERS, ETC. Me.M South Thibd St. 31 Boulevard HauaBmanr MESSRS. DE ROTHSCHILD ISSUE COMMERCIAL CREDITS, AVAILABLE IN ALL PART S OF THE WORLD. Ptalladeiphia. Paris. and their correspondents. DOMESTIC AND FOREIGN BANKERS. Also Commercial Credits and Transfers of Money on California, Europe and Havana. Foreign Banliers. Deposits receiTed subject to Draft. Securities, GoJct, ACt bought and sold on OoinmiSBion. Interest allowed on Deposits. Foreign Exchange. Commercial Grcdita. Cable Transfers, circular Letters for TraTelert, Nederlandsche •Tailable In all parts of the world. Morton, Bliss & Co., ATTORNBYS Ain> AGBNT8 07 25 NASSAU ST., COR. OF CEDAR, Handel-Maatschappijj Messrs. J. 8. mORGAN & CO., YORK. NEW The Netherland Trading Society No. 22 OLD BROAD ST., LONDON. Issue Circular Notes and Letters of Credit for OF HOIiLAND, Travelers ; also. Commercial Credits, available in all Brown Brothers & Co., parts of the world. Negotiate flrst-class Railway, ESTABLISED 1834. No. 69 AVAIil. ST., N. ¥., City and State Loans ; make telegraphic transfers Fald-np Capital, 36,000,000 Florin*. BnT AND SELL of money and draw Exchange on ($14,400,000, Go]d.) MORTON, ROSE & CO LONDON. Execute orders for the purchase or sale of Merchan- B1L.L,S OF FXCHANOE dise, Bonds, Stocks, and other securities. HOTTINGUER & CO In the ON GREAT BRITAIN AND IRELAND, FRANCE, tpAKTaPAKIB. United States, Europe and the East ; make Collectlonfl. GBRMANY, BELGIUM AND HOLLAND. CREDIT LY0NNAI3 { buy and sell Foreign Exchange, and give advances upon Merchandise for Export. AMSTBRDAMSCHB BANK, - - AMSTERDAM. Issne Commercial aud Travelers' Credits OLIVER S. CAKTEB, / Agents JW S1ERLIN9, STANTON BLAKE, % for HENEY E. HAWLEY, S America ATAILABLB IN ANY PART OF THE WORLD. Haw YOKK, January 1, 1839. And In Francs, in Martinique and Guadalonpe. KEAKE TEIiEGRAPHIC TRANSFERS esup, Office, 142 Pearl Street, New ITorlc. OF MONEY J Paton & Co., Between this and other countries, through London BANKERS, Boissevain and Paris Adolph & Co. Hake Collections of Drafts drawn abroad on all a% Wlltiain Ktreei, Nevr ITorH:. points in the United States and Canada, and BANKERS of Drafts drawn in the United States AND on Foreign Countries. Accounts and Agency of Banks, CorporatlonB, CORIiniSSION Qrms and individuals received upon favorable tenuB. mERCHANTS, S. G. & G. C. Ward, Dividends and Interest collected and remitted. AMSTERDAM, HOLLAND Act as agents for corporations in paying coupons AQXNTS FOS and dividends ; also as transfer agents. N. Y. Correipondents.—Messrs. BLAKE BROS. A CO BARING BROTHERS &. COMPANY, Bonds, stocks and securities bought and sold on *" 63 WALL STREET, NEW YORK. commission. Sound railroad and municipal bonds negotiated. Hong Kong & Shanghai 38 STATE STREET, BOSTON. Sterling exchange bought and sold. Brafts on BANKING CORPORATION. Union Bank of London. CAPITAL (paid-up) |5,000.000 &W. Seligman& Co., RESERVE FUND 1,900,000 J. BEAD OFFIOE, HOlfO KONO. BANKERS, Kidder, Peabody & Co., The Corporation grant Drafts, issue Letters of Credit for uae of Travelers, and negotiate or collect Bills payable at Bombay, Calcutta, Singapore. Saigon No. 94 BROADWAY, BOSTON, MASS., Manila, Hong Kong, Foochow, Amoy, Ningpo, Shanghai, Hankow, Yokohama, Hiogo, San Francis- SEW YORK. Cor. Wall and Nassaa Sts., New York. co and London. A. M. TOWNSEND, Agent, 47 William St. Issue Letters of Credit for TraTolers, FOREIGN BANKERS. Payable i n any part of Europe, Asia, Africa, Atut- tralia and America. CABLE TRANSFERS, BILLS OF EXCHANGE Nederlandsch Indische Draw Bills of Exchange and make telegraphic AlTD transfers of money on Europe and California. COMHEBCIAL AND TkAVELEKS' CBBSITS. Handelsbank, A MSTERD Am, BOLLAND. John Munroe & Co., CORRESPONDENTS : Established in 1863. No. 8 IVall Street, New York, BARING BROTHERS <& CO., London. Paid-up Capital, 12,000,000 Guilder*. No. 4 Post Office Sqnare, Boston. FERIER FRERES & CO., ParU. ($4,800,000 Gold.) CHEQUES AND CABLE TRANSFERS ON MENDELSSOHN & CO., Berlin. HEAD OFFICE IN AMSTERDAM. Agencies hi Batavia, Soerabaya and Samarang M17NROE ic CO., PARIS. NEW YORK Correspondents in Padanu. TEBUNO CHEQUES AND BILLS AT SIXTY LONDON: William Heath, commercial credits, make advances on ship DATS" BIGHT ON CHABLBS E. QCINOET. Wm. Russell Wise Issue ments of staple merchandise, and transact other ALEXANDERS & CO., I.ONDON. William Heath business of a financial character in connection wltb & Co., the trade with the Dutch East Indies. CnOUliAB NOTBS AXJ> CBBDITa FOB TBATBLBBS. BANKERS, BLAKE BROTHERS & CO., 10 Angel Conrt, Loudon, & Stuart Co., England. A0BNT8 FOH NORTH AMERICA, & Draw Bills of Exchange and J. J. transact a general 18 WALL STREET, NEW YORK, 83 NASSAU STREET. financial commission business. Particular attention i>8 STATE STREET. BOSTON given to American Securities. BILLS OF EXCHANGE ON SMITH, PAYNE & SMITH'S, Canadian Baniiers. BANKERS, LONDON; William Heath & Co., DANCHESTER A(3ENCT OF THE & COUNTY BANK, BANKERS AND BROKERS, " LIMITKD) j" 61 BROADWAY, NEW YORK. MANCHESTER, PAYABLE m LONDON Bank Members of New Tobk Stock Bxohanok. UI.STER BANKINS COMPANY, OP BELFAST, IRELAND AND ON THB Knoblauch British North America, NATIONAL BANK OF SCOTLAND, ^_ EDINBURG, AND BRANCHES; No. 63 WAIil. STREET. ALSO, & Lichtenstein, CABLE TRANSFERS AND LETTERS OF CREDIT BANKERS, Buy and sell Sterling Exchange and Cable Trans- demand drafts on Scotland and Ireland 39 William St., eor. Exchange fers. Issue John 8. Kknnbdt. Place. J. Kknnkdt Tod. NEW YORK. also on Canada, British Columbia, Portland, Oregon, Francisco and Chicago. HaKe Telegraphic Money Transfers. San other banking business S. Kennedy Uraw Bills Bills collected and trans- 'J. & Co., of Exchange and Issue Letters oi Ciredlt acted. D. A. M0TAVI8H. ( . on all principal cities oi Europe. W LAW80N {Agents...-t- No. 63 WILLIAM STREET, 8PKCIAL PARTNER, OE1ITSCHB BANK, Berlin. Newr York. Gzowski & Buchan, BUT AND SELL Hilmers,McGowan Bankers and Stock Brokers, JUILROAD INYESTMBNT SEOVSITIEB; & Co canada. COLLXCT CO0PONS AND DiTLDENDS BROKERS IN toronto, HHOOTLATB LOANS AND DRAW BILLS OF Foreign Exchangre, Stocks and Bonds, Prompt attention given to Collection of Commer- KXCHANGB ON cial Bills and Canadian Funds on all points in Cana^ LONDON 68 'Wall Street, New York. dai American and Sterling Exchange, and Stocks, Bonds, etc., bought and sola. All bnslness relating to the Construction »nd Special attention paid Correspondents—Banli of New York, New York, VUpmant of to orders at the New York Ballroada undertaken. Stock liixehauge and New York Mining Boud. and Alliance Bank, London : . :
OCTODEII 8, 1881. J VIHE CHKONICLE. Ill Canadian Bankcm, WcAlcrn Bankers. Flnaoctal. Bank of Montreal. A. Prescott & Co., FIDELITr tiUARANTEB B0.ND8 AHK B A N K E U a ISSUKD BT TR* . CAPITAL, «ia,oo(>,ooo, aoid. Capital Mo,008 FIDELITY & CASUALTY CO. nJHPLVS, S,000,OOU, Gold. TOPEKA, KANSAS. OF NEW Tons, MortOTgeLoan. "* mOJOOnoO n.Tp?n/"'iS.^'' Negotiated. Awe^"" EiX"r.iK»t nt^r cent Kami Murtiraiiefl n Dacinif.v a *""'""* * C. p. 8MITUERS, PrcgldcBt. Depost with' New VorlilniiiV;n'ii"fti: [lartnicol, V. 8. Government Bonds.... W. J. BUCHANAN, aencrnl M.inagcr. > "IliJJ'l'onsanaoorreepondence receive prompt at- 100.000 00 h^ii.-"' '•"".?? «<""?ntee ng the fldallty of pwaons CoKiitspoNDgNTS.- Boston, National Bank of hni?i'V.i?y'""'!!f.<'',l>?.<">n""7 trust and rMpo?il* ysW YORK OtFJVE. North America • gusrOtan's bonds In Surrogates' i New York. American Kxcl unKo i}.iV ^l'" Courtsi Nallonul Hherlffli, No*. 59 Gl Bunk and Ninth Nitlonal .?,?."rt?!l'f and gnanntee all & WALL N'lKEBX Hank ; Chi "aK*^," ""-"^J i? Preston Kean * Co.; St. Loul,. Third Wai.tkk Watson. Nut ona mis state In civil aotlons and AgenU Bank •TittnsusCilv, Bunk of Kansas City and Mer- prooeedlnga. Alex'u LA.S'U, chants' National Bank tained at the o«oe of the company. 187 Broadway. Buy and sell Sterling Rxchange, Francs and Cable Wm. m. RicnAUDs, Preat. John M. CBAxa.See'y. Transferfl ; grant Commercial and Travelers Cr«dttJ '^ " Jarvis, Conklin & Co., t^mI^^S^J^^'S",': " 0.Wllllain»,J.8. aTallable In any part of the world; lanue draft* on A. ». Barnes. II. A. i and make collections In Chicago and throughout LOAM BROKERS, man w. Brims W KANSAS CITY, .Mlt^SOI'RT. the Dominion of Canada, Coe, Wni. M. Richards, (hin ill—Moore A Low. WESTERN FARM MORTGAGE*", YIELDING AND 8 PER CBNT. A SPECIALTY. London Ofllce, No. 9 Blrchln Lane. Negotiate School District, Township, City and Bonds of Siiretysliip County Bonds. Write for circulars, blanks and efcrences. FOR Merchants' Bank EMPLOYEES. & ALL OTHER KINDS OF Gio. A. Lewis. Pres't. A. L. Schmidt, Cashier OF eUARANTEE BO.NDS. CANADA. THE First National Bank, Capital, - • $5,000,000 Paid Up. Guarantee Comply President, the Hon. JOHN HAMILTON. U. 8. DEPOSITORY, Vice-President, JOHN .MC1.B.N.NAN. ESQ OF NORTH AMERICA, HEAD OFFICE, nONTUEAL. LOUISVILLE, KENTUCKY. No. 47 WILLIAn STREET. OBOBOE HAGUE. General Manager. All Judges and offlcUls In this State are Special attention now. br WM. J. INGRAM, Asst. General Manager given to collections. Proceeds aw. authorised to accept the bonds of this companr promptly In lieu of indiridiuU bonds In actions and proceed- BANKERS: remitted at best rates. Accounts cf ings at law. Cash capital paid The Banks and Bankers solicited. op 270,000 LONDON, KNG.— Clydosdale Banking Comp"! (ash assets over NEW YORK-The Bank of New York. N. B. A. 320.00(1 Deposited at Albany In U. 8. Bonds '^OoioOO The New York Agency buys and sells Sterling Ex- change, Cable Transfers, Issues Credits avuilable In John V. Hogan & Co., . „ NEW YORK DIRECTORS: allparts of the world, makes collections in Canada 2* Prest. Merchants' Nat. Bank, and elsewhere, and Issues Drafts p.ayable at i- B. IF.'il.'^JU'.^J^ any of 113 No Third Street, 8». Lonie, Mo., g. SHER.MAN, Prest. Mechanics' Nat. Bank! the offices of the bank In Canada. Demand Drafts ROBERT U. .'ttlN'rURN, Messrs. Grtnnell. Mini Issued payable in Scotland and Ireland, and every DEALERS I.N turn A Co. description of foreign bankinK business undertaken. A. L. HOPKINS, Vice-President Western and Wabash Bt, New York Agencr, 4S Ex eliauee-place. Southwestern Municipal and Railroad Louis St Pacific KailrwKl C
w rHE CHllOMCLE. [Vol. xxxnr
Financial. Financial. Financial. TNDIANAPOLIS DECATtJB & SPRING. TO THE HOLDERS OF BONDS OF RAILWAY COMPANT.-The Coupons dne AMERICAN FIELD THE CITY OF ST. JOSEPH, MO. Bonds of this October 1, 1881, on the First Mortgaxe We are prepared to exchange any of the outstand- FINANCE COMP'Y, at the company will be paid on and after that date ing Issues for the new 4 per cent Consolidated 5 & r NASSAU ST., NEW YORK, ISO Broadway, New Tork City. oorapany's ofllce, Funding Bonds. The new bonds will be Immediately 431 LIBRARY ST., PHILADELPHIA,- A. DUPRAT, Secretary. forwarded on receipt by us of the old ones. PORTLAND BLOCK, CHICAGO. ri^HK LAKE SHOKE^ «:„ mit^J DONNELL, LAWSON & SIMPSON, ISOUTHERN RAILWAY COMPANY. Capital Stock, - - - $1,000,000 TREASURER'S OFFICE, GRANU CENTBAL) Ibbi. NEW TORK. Depot, New vobk, Bept. a?, i Directors of this Company hare this SOUND INVESTMENT SECURITIES furnished The Board of PiiK day declared a quarterly dividend of 1 wq IVOTICE. to Corporate and Private Investors. on TUfcsUA* , CKN'l' upon its capital stoch, payable CAPITAL the FIRST day of NOVKMBCK next, at this office. INVESTMENT & SECURITY REGI$^- FURNISHED OR PROCURED tor The Transfer Books will be closed at 8 o clock Railroad Companies having lines under construc- the first day of October next, TRY EXCHANGE. P.M. on Saiurday, tion, and their Bonds purchased or negotiated. and will be re-opened on the morning of Friday, (LIMITED.:i the fourth day of November ne.Tt. FINANCIAL NEGOTIATIONS conducted for Treasurer^ 40 NEW STREET, NEW YORK. K. D. WORCEdTER, States, C-ountles, Towns and Cities, and for Railroad This Exchange FOR DEALINGS in Securities OF THE SECOND MORT- Companies and other Corporations. THE HOIiDERS n 't listed on the N. Y. Stock Exchange, Mortgages. GAGE BONDS OF TUB MISSISSIPPI CEN. and other properties, IS NOW OPEN FOK THK WILL CONDUCT TUB I'lSANCIAL RE-OR- TRAL RAILROAD COMPANY are again notified RECBMION OF THE FIRST ONE HUNDRED GANIZATION of Railroad Compan'es and other MEMBKRS. Those wishing t > Join will make ap- that such of these bonds as are valid and overdue plication to Corporations whose property is in the hands of by the endorsement of the President of said Missis- JOHN L. HOBSON, Secretary. Receivers or Trustees. sippi Central KuUroad Company, will be paid on WILL BUY AND SELL INVESTMENT SBCDB- presentation at the ofllce of the Secretary of the C. Chew, ITIKS on Commission. Chicago St. Louis & New Orleans Railroad Com- J. WILL BUY OR SELL DEFAULTED BONDS or ; that Interest Interest-paying Investments. pany, 214 Broadway, New York and ^*o. 7 WALl- STREET, NEW YORK. convert them Into has ceased and will no longer be paid on any of said TEXAS RAILWAYS, Circulars and other information furnished on ap- bonds. STUYVESANT FISH, Secretary, RONDS, I.ANDS, &c. plication. Chicago St. Louis & New Orleans RR, Co. Desirable Texas Securities for Investment cor - JOHN C. SHORT, Preaident. N. Y ., August 1,1881. stantly on hanti RAILWAY IMPROVEMENT WM. P. WATSOV, Sec'y and Trea». AMERICAN COMPANY, CIRCULAR H. WM.D. HiTCH, WM. B. KBNDAIX. Albert E. Hachfield, N. Y. Stock Bxch, New YORK, Oct. 5. 1881. Member By resolution of the Board of Directors, a call has been made ui'on the stockhiiders of this companv for the pavment of 10 per cent (being the 8ih Instalment thereof) upon tubscrlpLlons to the Deals in luvestineiit Mecnrltles aooks having b'en closed 3d instant; N. T. Beers, Jr., nave the option until October 15, 1881, to subscribe No 1,5 WALL STREET, NEW YORK.- for such stock at par to an extent not exceeding ne-fourth of their holdings. Krooklyn Securities, Ciiy Boud§. NKW YOKK CINCINNATI, O.: Payments to be made as follows: Fifty per cent Gio. W. CECIL, n or beftre October 15, 1831, for which receipts W. P. Thomas. Member N. Y. Stock Ex. M. WlLSHIBX. III be given, ana fifty per cent on or before Novem- Gas stock*, tec. M. ZmUXKMAN. W. er 16, 1681, at which latter date certificates for ull-paid btocK will be Issut-d. No. I NEW STREE1, B*ank forms of subscription and all information Cecil, Zimmerman & Co.. relating thereto may be obtained at The Farmers' Loan & Trust Company, New York. NEW TORK. BANKERS AND BROKERS, New England Trust Company, Boston. 74 BROADWAY, NEW YORK. The Company's Office. Chicago. eg WEST THIRD ST., CINCINNATI. O. A. 8. WEINSHEIMEB, S. Secretary. J. STANTON, SEALER IN Spencer Trask. rjFFICE OF THE ONTARIO SILVER Geo. F. Peabody. Fred. B. Soytt. ^-^ Paclflc ImnroTement Company, MININO CO., 18 Wall Strk«t, New Yobk, American Cable Oct.S, 1881. Construction Company, Spencer Trask & Co.^ International DIVIDEND No. 72. Improrement Company, Continental Construction and Improvement The Regular Monthly Dividend of Fifty Cents per Co., BANKERS AND BROKERSy North River Construction Company, •bare has been declared for September, payable at IT. 7. A Scranton Construction Company, Uie ofllce of the transfer agents. Wells, Fargo & Co., 70 Broadway, New York City. Ko,e5 Broadway, on the 16th Inst. New York, Chicago k St. Louis Subscription, and ail other quotable Construction Transact a general Banking Business- Transfer books close on the 10th Inst. Stocks. H. B. PAK80N8, Asslitent Secretarr. 17 NASSAU STREET. Stocks Bonght and Sold on Margins.
0*"*il;EJi'tlCK orof THE I ' AHrRicAN K lit Interest allowed Deposits, Dock 4 IMPROVIMENT COMPANY. S County, City Town Bonds ot WeM. States. on 119 LiHERTY St.,!T., .New.Tt,Y I t'entral York, June IB 1881 S Wisconsin RH. Old Land Grant Bonds THE AMERICAN,<3AN. OOCKBOCK Jk IMPUoVeIMPROVE- St. Joseph 4 Western UK. Stock. Branch Offices, MKNT COMPAN Y, having reservedthe rljht u^ St. Joseph & Paclflc KR. Bonds. pay the principal and interest of their bonds dated City of St. Joseph, Mo., Old Bonds. Connected by Private Wires, October 1,1^, at anytime after the flrSt day rf International Improvement Co. Subscriptions. Januarv, i876, Arst having given six months' notice Brooklyn Klevated liH. Securities. Philadelphia, 132 S. Third St., C. F. Fox» of their Intention to make such payment notice Ir American Cable Co. Subscriptions. hereby given to the holders of the said fcSds Midland Railroad of N. J. Securities. thetr.nip:iny, that Albany, N.T., Maiden Lane, W. A. Gbavbs- In the exercise of said right, will nay Chicago & Grand Trunk RR. Securities. the principal and Interest of the said bonds South Carolina KU Securities. National at the Y., Grand Hotel, Bank of Commerce, on the 31st dav of De- Grand Kaplda & Indiana KK. Stock. Saratoga, N. Union cember, 1881, at which date Interest on said bond, Cincinnati Riclin.ond A Fort Wayne Stock. irlll cease' JOHN 8. BARNES, Vice-President. Bonght by WIW. R. UTLEV, No. 31 PINE STREET, NEW FOR CHOICE YORK. C, H. & E. Odell, AGENTS FOB 6 Per Cenl Mortgages, CAK W0EK8 FOR SALE. The BELLEFONTE CAR WORKS will be offered ADDRESS for sale by auction, at the otHce of the works, Bel- Steel and Iron Rail lefonte. Centre County, Pennsvlvanla, at 2 P M ' FRANCIS SMITH, on Thursday, 27th of October, :'881. IdANVFACTrRERS, These works, having a capa'ity of eight freight 8uoee«»r cars a day, are.ln full to SMITH & HANNAMAM. operation, and will bel so on the day of sale. Terras of payment very easy. For 101 John Street, Booms 10 & 11» Indianapolis, ind. full piirllciilars, apply to MILLEll TIFFIN, Gen. eral MuaaKer, Bellefunte, Centre Co., Pa. NEW YORK: CITY. xtmtk HUNT'S MERCHANTS' MAGAZINE,
iJEPRBSENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATKr
|Eut«red, according to aot of Congress, In the year 1881, by Wm. B. 0\na ft Co., In tbe ufflce ot the Librarian of Cangteai, Wa«liington, D. C.|
VOL. 33. SATURDAY, OCriOBER 8, 1881. NO 850.
CONTENTS by the collapse that followed. We are likely in coming THE CHRONICLE. years to reach a somewhat similar situation, but up to this The Monoy Market and the Limitations on Mimiclpal Bor- time there is nothing 8iit>-TriuKurv .S67 rowing 374 to warrant the gloomy predictions The FliiamMal Situation 36P Thu Debt Statement for Bep- which are so common to-day. do not to E.iual Clmrges for New York. 309 t.!ml)er. 1S81 375 We mean say Mr. OoiiliI, Mr. Vanderbllt, United States Treasury Btate- that the speculations in breadstufiEs, provisions and cotton Ml. Oarrett 370 luoiit 375 Our Foreign Commerce 371 MoiKitary and Commereiui may not burst with disastrous effect (and the public would Bopus Promissory Notes 372 KiiKlisU Newji 376 Cotton l'4)iisiiiiipfinn and Over- Commercial and Miscellaneous not weep if they did) to those who are engineeripg land Movciuont for Septem- News 377 ber 373 them; or that some stocks possessing little or no value THE BANKEBS GAZETTE. Money Market, Foreign Ex Quotations of Stocks and Bonds 381 will continue to float at present prices. These, however, clmuge, U.S. Securities, State New York Local Securities 382 and Railroad Bouda and Railroad Earnings and Bank and similar movements, though they often accompany, are Btooks 379 Kotiirus 383 not indicative of genera! weakness; they are simply inci- RaiiBC ill Prices at the N. Y. Investments, and State, City Stock Exchange 330 aud Corporation Finances... 384 dents in every season of prosperity. Taken as a whole, THE COMMERCIAL TIMES. Commercial Epitome 387 I Breadstofts 392 our trade was never more healthy or more promising. A Cotton 388 I Dry Goods 393 fair indication of the truth of this statement is seen in the review of the country's foreign commerce which we give *^)xt ©Ixrcruiclc. in a subsequent column, and to which we would call the Thb CoMMEaiciAL AND FINANCIAL CHRONICLE M issued every Satur- particular attention of our more nervous readers. Sup- day morning, mth the latest news up to midnight of PYiday. (Entered at the Post Office at New York, N. Y., as second-class plementing those figures with New York imports mail matter.] and exports for a month later, the conclusions there TERMS OF SUBSCRIPTiON-PAYABLE IN ADVANCEi drawn find further support, for they show us For One Year (including postage) $10 20. For Six Months do 6 10. that notwithstanding the diminished imports in September Annual subscription iu Loudon (Including postage) *2 7s. large (following Sixmos. do do do 1 8s. last year and the exports the speculative Subscriptions will be continued until ordered stopped by a written movements the first half of that year) there is no consider- order, or at the publication office. The Pulilisliers cannot be responsible tor Kemittiiuces unless made by Draft.s or PostrOtUce Money Orders. Adverllaement*. able difference between the values then and those for the Transient mlvertiseraents are pul)li,slied at 25 cents per line for each present season. Insertion, but when detinite orders arc given for Ave, or more, insertions, a liberal discount is made. Special Notices in Banking and Finanoiskl Of course, to a very considerable amount, loanable column 60 cents per line, each in.sertion. liondon and Liverpool Offlce*. funds are being absorbed to support the speculations The oinec of tlie Chkosicle in London is at No. 74 Old Broad Street, and m LiverixMil, at No. 5 Brown's Buildings, where subscriptions and referred to in our leading staples, and to tbat extent we advertisements will be taken at the regular rates, and single copies of the paper supplied at Is. each. have an explanation of the existing stringency. But in WILLIAM B. DANA, ) WILLIAM B. DANA Jt CO., Publishers, JOHN o. FLOVU, JR. i 79 & 81 William Stteet, NEW VOBK. considering this feature we must remember that the differ- Post Office Box 4592. ence in values of the stocks of these commodities now A neat file cover Is furnished at 50 cents postage ^^ ; on the same to a year ago cannot reach probably over 30 million. dol- 18 cents. Volumes bound for subscribers at $1 00. A complete set of and the CoMMKRCiAL ASD FiNAHCiAL Chbosiole—July, to 1865, date— lars, and that no sane banker would loan on them to can be obtained at the offlce. nearly Ae extent of these higher values; further, that in THE MONEY MARKET AND THE SUB- some measure foreign capital is helping on these specula- TREASURY. tive movements; and finally that the actual addition to The present and prospectivo condition of the money our stock of gold from imports and production during market has continued to be the question of absorbing the twelve months ending October 1, is probably interest the past week. Not only Wall Street operations, about 125 millions of dollars. Evidently, therefore, but all business is more or less affected. In fact, monetary these speculations furnish no sufficient explanation afEairs the world over, are now so intimately connected, for the existing difBculties. They undoubtedly aggra-
that stringency here is a disturbing element quickly felt at vate them, not only by absorbing money but by checking every monetary centre. It is therefore a very superficial exports, but they do not account for them. The country, rates view of the matter to consider speculators the only suf- however, would willingly submit to the present high ferers. for money for a time, if that would turn the breadstuffs and more manifest And yet if this condition were the result of an expanded market ; for it is daily becoming more credit system and an unsound state of trade, there would be that at existing values the world's supply of wheat and no relief to suggest, outside of that produced by the strin. corn will be' abundant, and we shall only suffer later on gency. This was the situation in 1873, when a scarcity of by this blocking now of the export movement. loanable funds was at once both the evidence and the cor- But it is unnecessary to look to these remoter influ- rective of a general iuaolvency wliicU could be cured only ences to account for our active money market, since th UR . . ;
368 THE CHRONICLE. Vol. xxxrn.
condition of the Treasury is, as we have often ex- condition persisted in similar to the present would bank- plained, very clearly the immediate cause. The truth rupt half the nation. Let Congress, as their earliest is is, the loan column of our City banks to-day but work, address themselves to devising a measure which
little in excess of a year ago, and they hold only shall make it impossible to reproduce this state of affairs. about the same amount of lawful money that they did The question of immediate interest, however, is how can at the same date of 1880, notwithstanding the large present relief be obtained. Under the interpretation of addition, to the gold reserve of the country during the the Sub-Treasury law made by Secretary Sherman and twelve months, whereas the Treasury holds 41 millions followed by Secretary "Windom, money once in the Sub- more of gold and legal tenders than it did the first of last Treasury cannot be checked out except on actual disburse- October. We have nothing to do at present with the ment. Consequently it ia impossible to transfer any of question of responsibility for this condition of the Treas- this surplus into a bank deposit on proper security. But ury. Our purpose is simply to understand the cause of the suggestion to pay at once, with interest, the bonds the stringency, that we may better judge of its duration. called for December 24, seems to be wholly un- No issue of silver certificates, however extensive, can objectionable, as the funds are in hand and lying idle, relieve the market. They are not bankable and are so that the Government by immediate payment would lose not even currency except in a limited way, and hence their nothing. And, besides, the Treasury receipts are running large increase in no manner affects the question. To show and will continue to run large during the next few months. the holdings of the Treasury of lawful money at the dates Our imports will certainly be in excess of a year ago, and mentioned we give the following, taken from the Treasury in all probability the receipts from internal revenue will balance sheets. show a considerable increase. By anticipating the redemp- tion of these called bonds, and continuing the weekly pur- Oct. 1881. Oct. 1, 1880. 1, chases to an extent which will prevent any accumulation CSold coin and bullion $174,361,344 $135,244,833 of funds in the future, the needed relief may be secured. I/egal tender notes 27,130,132 27.148,613 -"~ Total lawful money $201,491,476 $162,393,446 THE FINANCIAL SITUATION. Increase during the year 39,000.000 Besides the foregoing there is an increased holding of Wall Street has of late had one eye fixed earnestly on banknotes of 1,000,000 "Washington and the other with equal longing fastened And an increase of deposits in bank of 1,280,000 upon the money bags of Europe. Up to this moment Making the total excess of aTailable lawful money. $41,280,000 neither source of supply is known to have furnished much •This item we insert because 11 miUions are deducted below which relief ; and yet the gold shipments from Europe are this item to its extent would cancel. kept so quiet now that it appears impossible to trace them with We may assume that the holdings last year were suffi- entire accuracy. cient for the ordinary wants of the Treasury. At present "With how firm a grasp England and the Continent intend the interest account is less, so that the ordinary demands and must strive to hold on to their reserves, is should require a smaller working well balance ; but there is reflected in the events of the week. First the Bank of an additional claim against the holdings for redeeming Berlin on "Wednesday (not waiting for Friday, their regu- bank notes retired, &c., but still unredeemed, which calls lar day) advanced the rate of discount to per cent for about 1 1 millions of lawful money in excess of the 5J Thursday the Bank of England put up its rate to 5 per amount held for that purpose Oct. 1, 1880. Deducting
cent ; while in Prance the premium on gold has advanced the whole of this excess and making no allowance for the from 2 per mille to 6 per mille. These movements are smaller interest demands and we still have left in the easily accounted for when we look at the extraordinary Treasury, or at its command, over 30 millions of currency, Bank returns made public during the week. For instance all of which is really kept out of the market at a time the Bank of England shows the very large loss of when the demand on our banks is most active for the £1,374,000 bullion, with the remarkable decrease of movement of the crops. It is well known that this excess 11 1-16 per cent in the proportion of reserve to liabilities. of lawful money is in great part held against bonds which The Bank of Prance reports a loss of 1,400,000 francs have been called and not presented for redemption. But gold and 8,100,000 francs silver. The Bank of Germany the influence on the market is none the less effectual be- shows a decrease of 22,400,000 marks. This latter we cause an item exists on the other side of the account. If supposed at first must be an error; but we have made the banks held this 30 millions, of course in the present inquiries, condition of and believe it to be correct, as no contradiction loans no stringency could exist ; they would was obtained by cable. It is probable that the proportion have funds sufficient to meet all crop demands without of gold to silver restricting local accommodation. in the Bank of Germany has been materially changed, and that the gold is much less than is It will serve no good purpose, as said above, to in-
estimated in our table ; but we have no means of ascertaining quire now who is to blame for this condition of the the exact proportion, and therefore make no altera- Treasury. One thing is clear, that a system which either tion. The week's reports reduce the amount of bul- permits or enforces this extraction of such a block of lion in the principal European banks to the following lawful money from the channels of the commerce of figures, so that the holdings now compare as below with the country at the period of the year when its needs the holdings at the corresponding date in 1880. are most urgent, is absolutely bad. A sub-treas- Tiry could be endured, for it was not felt, in those Oct. 6, 1881. Oct. 7, 1880. days when a few milUons the covered Government Gold. Silver. Gold. Silver. receipts and disbursements for the twelve months; £ now with our commerce multiplied many times, Bank of England 21,694,728 27,361,588 and with the Treasury the largest manipulator Bank of France 24,511,582 49,648,610 24,146,754 .50,006,318
Bank of Germany . . 8,611,720 17,559,120 8,860,333 17,720,667 of money in the country, it throws into the hands of an Total this week 54,817,980 67,207,730 60,368,675 67.726,983 official the control of the money markets of the whole Total previous week. 56,527,270 63,371.730 65,309,169 68.104,533 world. "We cannot ^ believe that our people will bear ^F The above gold and sUver division of the stock of coin of the of ig as the Bank itself gives this much longer, for the time Bank Germany merely popular estimate, may come when a Treasury nu information on that point. October 8, 1881.] THE CHRONICLE. 869
Comiiling of— Our readers are aware that so far as the Bank of DaU. Dutia. , v.a. atlver BU*tr Franco is concerned, the amount of gold credited to the OoUt, Sola. Dollttn. OtrUftcaUt. Bank in the above, is very little of it available for export, Sept. 30... 432,875 60 •176,000 $13,000 $1,000 9245.000 of England can and in fact that only the stock of the Bank Oct 1.... 893,248 TO 177,000 12,000 1,000 368.000 " be looked to with any reliance. Under such circum- S.... 674,082 23 281,000 0,000 1,000 413,000 " 4.... 635,582 72 257,000 0,000 1,000 370,000 readily understand how determined and stances one can " ... 435,330 12 128,000 11,000 201,000 " persistent the effort is likely to be to prevent shipments to 0.... 890,458 97 210,000 14,000 1,000 373,000 this side; and so long as the export of breadstuSs is Total... $3,327,568 50 $1,190,000 $68,000 $5,000 $2,063,000 Stopped by speculation we see no reason why the move- In the meantime, the banks have continued to ship ment of gold to America should be sufficiently large to gold very freely to the interior, so that the net result is furnish any considerable relief to our money market. The seen in the following, which shows the Sub-Treasury Ponau came in from Europe on Saturday with $590,000 movement for the week ended October 6; and the gold bars. The cable on that day reported the departure receipts and shipments o( gold and currency reported by of $100,000 from Havre by the Herder; on the 5th a the leading banks. withdrawal was announced of £100,000 from the Bank of Into Bankt. Outof Batik* ytt. England for shipment hither, and on the 6th £160,000 $1,532,330 $ $4,532,330 the Bank and the open market. gold was taken from Interior movement 663,000 3,960,000 •3,207,000 the amount now reported to be in transit This makes Total $5,135,330 $3,060,000 $1,235,339 $1,900,000, including the two lots of £50,000 each with- * Loss. drawn for shipment on the 28th and 30th ultimo. The interior movement, as above, embraces all the But the most notable movement of gold during the receipts and shipments of gold and currency reported to week has been the arrival at San Francisco of one million us by the leading banks for the week ended October dollars on Thursday of bullion and sovereigns from Aus- 6, which (stated in our usual form) are as follows.
tralia. It would seem as if when England shut the doors Receipts aland Shipments from K. T. Received. Shipped. of her vaults to prevent the treasure she now holds from Currenov $618,000 $543,000 running away, that she cut off her natural supply, since Gold 45,000 3.417,000
the gold takes the easier course of reaching its destination Total $863,000 $3,960,000 direct. It is not however safe to say how much can be Two million dollars in gold were withdrawn during the predicated upon this arrival. One thing is certain, and week from the vault of the Bank of America, the gold that is that if any unnatural obstacles are put in the way repository of the associated banks. of the free movement of gold it will find the point where The foreign exchange market has been weak, partly in it is needed in spite of them. consequence of the activity in the money market, but Seeing no great promise of any immediate relief from mainly by reason of a pressure of commercial and other market, attention been abroad for our stringent money has bills. The advance in the Bank of England rate on turned again to the balance the Treasury holds. We have Thursday had no other effect than to cause a decline in reviewed this point in a preceding article. During the week the rate for long sterling. Bankers report securities very urgent appeals have been made to the Secretary to going to Europe; and while some have been returned, the redemption of modify his programme for the purchase and bulk of the movement has been outward. The foUowin g bonds, but despite rumors to the contrary he has as yet given table shows the margin of profit for cable transactions, no positive indication that he would make the least change the prices being those ruling in London and this city at in the order issued on the 24th ult. It is understood that the opening each day. he has been asked to buy $6,000,000 bonds ou Monday, Ocl. 3. Oct. 4. Oct. 5. Oct. 6. Oct. 7. thus completing the allotment for October, and also to Lond'n N.Y. Lond'n S.T. Lond'n N.Y. Lond'n N.T. Itmd'n N.T. offer to pay any of the extended 6s embraced in the 105th vHiM.* pricM. price).' prica. prices.* prices. prices.' prices. prices.' prices. call with interest to the date of presentation, instead of U.8.4s,c. 1161B UMU 11«16 .U«Hi 115-91 U6Hi 115-58 115M 113-55 116 100-36 requiring holders to wait until the expiration of the call U.S.SXs lOO-Vl 100« 10081 100« 100-91 ioo« 100-56 100 lOOHi Brie 4453 44 44-52 44H 43-63 43W 42-:9 48)4 43-39 43 on December 24. 2d con. 102S5 102« 102-85 10«« los-eo 10«H 108-01 101« 102-01 10^ •.89-87 III. Cent. 130-92 ISO 131-16 130« 130-43 129X l»S7 13SM 1S9X As a result of the disturbed condition of the money N. Y. C. U2-29 14 1« 141-57 UIH 140-60 1S8M ISS'TB 138M 188-79 137K market, stocks have been very active and generally lower Reading 35-42+ 7«< 86-30+ 74M SlWt 71H 84-08+1 89« ss-eo+i 68 this week. The early part of the week the rate for money Exch'ge, cables. 4S1 4-81 4-84 4-83K; 4-83W appeared to govern the movement very closely except on • Expressed In their New York equlralent. f Reading on basis of $50, par value. one or two occasions when, although money became easy, The Assistant Treasurer bought $2,000,000 extended Other influences were sufficiently potent to counteract the 6s on Monday, out of an offering of over $6,600,000 ; but effect. On Thursday afternoon the rumor that Mr. Win- $2,100,000 bonds were subsequently withdrawn. The dom would certainly modify his order in respect to the large amount offered was in the hope that the Department purchase of bonds, caused a sharp upward movement, might be induced to buy more than $2,000,000. Active and the market closed strong on that day for the first money has affected Government bonds during the week, time during the week, and on Friday this upward turn was and small lots of the extended 58 sold below par on Tlwtatr continued, with a general belief on the street that the Secretary would to relieve the market. do something ' ' The Treasury operations for the week include the EQUAL CHARGES FOR NEW YORK. of Mr. Van^ receipt of $1,000,000 gold from the Philadelphia mint. President Garrett's clever arraignment Saturday, has This makes a net loss by the Treasury for the week, which derbilt, published in the newspapers last probably intended. is a gain to the banks, of $4,532,339 34. The Assay Office not had precisely the effect that was Mr. Vanderbilt paid out $1,312,416 for domestic and foreign bullion, His purpose evidently was to fasten upon of rates, and including $1,250,000 for gold received from Europe. The the responsibility for the present ruinous war of public feeling following have been the receipts by the Treasury from the no doubt also to produce a revulsion Custom House. against him for that reason. This purpose has not beea [Vol. XXXin. iJ70 THE CHRONICLE.
anxious to part with his property. This is evident from accomplished—at least so far as New York business men explanation. the remark made by him a short time ago, that the road are concerned—and we need not go far for an could not be had even if $300 per share were offered Mr. Garrett may or may not have proved that Mr. Van- for not care. the stock, though the current market price is not $200. derbilt inaugurated the war. The public do Vanderbilt has now Still another cause for unfriendly feeling between Gould The war is an actual fact, and Mr. his part at least it is and Garrett exists in the action of the Baltimore & Ohio given it to be understood that on Gould's telegraph companies. being waged in the interest of New York's commerce. in the matter of "When the was organized The President of the Central says he is determined that American Union by Mr. Gould in opposi- the "Western Union "monopoly," the Baltimore the difierential rates in favor of Philadelphia and Balti- tion to & more which have hitherto been granted, shall be abolished. Ohio came to the aid of Mr. Gould's company with the along its This exactly meets the views of all our citizens. There is lines of telegraph road. Now that Mr. Gould American here and there no little misgiving as to Mr. Vanderbilt's has merged the Union in the "Western Union competition, entire sincerity in the matter, but the vast majority of and again stifled the Baltimore & Ohio seems persons are willing to yield their doubts and take Mr. disposed to lend the same helping hand to another com- Vanderbilt at his word. New York's commerce has of petitor just springing into activity, whereat Mr. Gould no doubt eternal late years been harmed, and anyone who rises in its waxes wroth and vows vengeance. "What defense will receive the cordial support and co-operation sort of punishment he intends to inflict upon Mr. Garrett of the entire community. That the losses to stock- has lately become apparent. holders, and indirectly to the general public, are Both Mr. Vanderbilt 'and Mr. Gould propose to force heavy, is generally recognized and admitted, but the Mr. Garrett into their way of thinking. Their methods principle involved admits of no compromise. Mr. for accomplishing this end differ somewhat. Mr. Vander- Vanderbilt, as the largest stockholder, has as much at bilt has resolved to make it a trial of strength between his stake as anyone, and since he thinks that the danger to road and the Baltimore & Ohio, and, as there can be little New York interests is imminent, and is willing to make a doubt as to who will come out second-best in such a con- heavy present sacrifice to ensure continued success in the test, thus literally to starve the latter into submission. future, business men are prepared to abide by his decision Mr. Gould also thinks he sees a way of compelling Mr. and see the fight carried out to the bitter end. Garrett to come to terms. The Baltimore & Ohio There can be no doubt that a policy of discrimination is not by any means secure in its possession of the against us, permanently persisted in, must do great injury Ohio & Miss., one of its leading feeders, and the stock- to our trade. It will not do much in one year, two holders' meeting for the election of a board of directors years, or even five years; but ultimately the laws of trade takes place next week. Mr. Gould proposes nothing more will assert themselves, and the port and route offering the nor less than to wrench this road from the grasp of the cheapest outlet to market will get the business. "We do Garretts, and in this way to cripple the Baltimore & Ohio. not propose to rob Baltimore of any natural advantages With this end in view he has graciously condescended she may possess. AH that we ask is that we shall be to allow of the use of his name and those of his trusty placed upon a footing of equality with her in the matter coadjutors on a ticket to be voted on at the coming elec- of charges. This we are entitled to by reason of our supe- tion. Mr. Gould is, of course, entirely disinterested in the rior capital, our excellent railroad facilities, and the almost matter. His only concern is for the poor stockholders who perfect connections we have established, by means of these for so many years have suffered through the road's being facilities, with all the chief manufacturing and producing " a mere appendage " of the Baltimore & Ohio system. sections of the country. Millions upon millions of our Should the stockholders see fit to elect the new board, the money have been spent in accomplishing this result. If road will henceforth be operated in its own interest, for Baltimore is nearer any centre than New York, though the the benefit of bond and stock holders, and not as " a cow rate be the same to both ports, Baltimore will still have " to be milked by other roads." Mr. Gould's efficiency at the element of time in her favor where her roads can make milking is well known, and in the contingency mentioned ibetter time. But we take exception to the idea that the milk would not only all go to its rightful proprietors, ijecause Baltimore is a few miles nearer to a given point but the " cow" would have its bag enlarged for the occasion aha must therefore have a lower rate. by a liberal application of the principle of a general mort- gage to cover all outstanding issues and for other purposes. MR. GOULD, MR. VANDEllBILT, MR. GARRETT. We refer to this matter now because in connection with We have seen in the previous article that Mr. Vanderbilt Mr. Vanderbilt's attempts to acquire control of the Clev- has a grievance against Mr. Ganett, of the Baltimore & land Columbus Cincinnati & Indianapolis and the Phila- Ohio. Mr. Gould also has a grievance against Mr. Gar- delphia & Reading, it suggests a possible concert of action xett^nay, more than one. That gentleman, it is generally between Mr. Vanderbilt and Mr. Gould. The Clevland Relieved, was and is anxious to get possession of the Balti- Columbus Cincinnati & Indianapolis will of course be a more & Ohio, with the lines now operated by it, namely very important addition to the Vanderbilt system of the Marietta & Cincinnati and the Ohio & Mississippi, roads, and Mr. Vanderbilt's desire to control it in his in- bringing Baltimore in direct connection with St. Louis. terest is easily explained without reference to any plans of St. Louis is the northern terminus of Mr. Gould's entire Mr. Gould's. The Cleveland road (embracing now the system of Southwestern roads, and the natural outlet to the Cincinnati Hamilton & Dayton, it should be remembered,) seaboard for the traffic of these roads is over the Balti- connects the Lake Shore at Cleveland and Toledo with more & Ohio to Baltimore. Not only that, but the Balti- Cincinnati and Indianapolis, and drains a very rich section more Ohio has a smaller & capital and would cost less to of country. There can be no doubt that it is an important control than any of the other Eastern trunk lines. Mr. feeder to the Lake Shore, and that its permanent acquisi- Gould has therefore been casting covetous glances at that tion would be very desirable. With new lines springing road, and evinced not a little desire to add it to his other up on every side it behooves Mr. Vanderbilt to look possessions. But unfortunately Mr. Garrett, having the sharply after the various roads that contribute so interests of Baltimore at heart, does not appear at all much to swell his traffic without being directly . .
OOTOBRR 8, 1881.J THE CHRONIOLE. 371
influence. With these in his possoe- under his be said as to our domestic products, it is indispnuble that lines would bo able to do comparatively sion the new there are as yet no signi that the speculative mania has little injury. A new trunk lino between Chicago and New taken possession of the market for foreign goods. The York, such as is foreshadowed by the construction of the movement is on a scale folly justified by the demand. St. Louis and the New New York Chicago & York West Were there no other evidence of this, we should find ample Shore & Buffalo, would bo rolibed of half its power for proof in the present condition of the bonded warehoa>«c harm with the connecting roads in the control of its rivals. For some time past the^ withdrawals from bond lute this fact, it is not surprising that Mr. Vander- Recognizing largely exceeded the entrances. This is a sure test of the bilt should make strong efforts to obtain a foothold in the state of the trade. If goods were being brought here on Cleveland Columbus Cincinnati & Indianapolis, which speculation, and in excess of our wants, there would be an must bo regarded fully as important as any connecting immediate and visible increase in the stock held in bond. line. But, aside from all this, the increase is deprived of any should getthe Mississippi But if Mr. Gould Ohio & —it significance it might otherwise have when we bear in mind may bo said, though, that it is uncertain yet whether he that in the early part of last year, when speculation was will be successful in his endeavors—that road might be rampant, the imports reached unprecedented figures, and the of made to answer double purpose weakening the Bal- that subsequently there was a collapse, and a decided fall- timore & Ohio and strengthening the Vanderbilt lines. ing off in the monthly totals during the last half of 1880; In that case the latter system would extend practically to so that really we are now comparing with a period when St. Louis and its position be virtually impregnable. The the movement was of necessity below the average. traffic from St. Louis formerly going to the Baltimore & In fact, August is the first month in the present calendar Ohio at Cincinnati, would be turned north at that point year that shows a larger aggregate of imports than the over the Cleveland road and then over the Lake Shore corresponding month of 1880. Each of the preceding and New York Central. In that case, too, the terminus seven months exhibited a decrease, varying in amount of Mr. Gould's lines would bo much further east—at Cin- from $1,593,754 in June to $15,186,841 in April, and the cinnati, instead of, as now, at St. Louis. total decrease during that period footed up $59,071,468, The advantage of such an arrangement to the Vander- which has now been cut down to $53,643,515. Most bilt lines is very clear. It is not so clear what Mr. Vander- assuredly nothing further need be said to demonstrate that bilt could give in return. He might transfer some of his our import trade is in a very satisfactory state. The fol- west-bound traffic to the Gould roads, but this would, very lowing table shows the imports and exports at each of the likely, hardly be considered a full equivalent. Beyond leading ports. that, it does not appear that any benefit would accrue to EXI'ORTS AND IMl'ORTR OF HERCBAKDIgE AT U. 8. POBTS. Gould and his system, unless, indeed, the 1881. 1880 object should be Exports {Domestic the formation of an alliance, offensive and defensive, and Foreign.) Angxtst. Since Jan.l. August. Since Jan.l^ between Gould and Vanderbilt, against all comers. We New Yoik 35,214,465 232,983, 38.438,347 270,883,9 shall probably have to await further developments for a New Or euDa 3,041,648 63,880, 2,838,390 62,097,8 Kultiinuru .... ., d, Total 61,693,01f Ul(436,74' 56,265,063 195,070,263 OUR FOREIGN COMMERCE. Recurring to the export figures, we find that though The August returns of our foreign trade are on the there is in the aggregate an increase of $304,484, the whole more favorable than we had any right to expect. total of breadstuffs values records a decrease of $6,187,- To be SHre, the excess of exports over imports of mer- 339, and that of provisions a decrease of $507,327, chandise is only $5,804,124, against $10,ti27,593 last together $6,694,666. It follows that there must have August, and the net imports of gold are only $5,248,548, been an increase of pretty nearly 7 million dollars in the against $9,054,481, but the peculiar conditions prevailing exports of cotton, petroleum, and other items, probably this year must not be forgotten. Breadstuffs, provisions, chiefly cotton and petroleum. The same explanatioa cotton—all our chief staples—have been ruling at figures applies to the figures of some of the individual ports. which kave led foreign consumers to buy sparingly of us, New York, for instance, has a total decrease of only and only to supply urgent wants. It is, therefore, rather $1,223,882, but breadstuffs and provisions together foot surprising and certainly very gratifying to note that in Tip a decrease of more than $3,400,000. New Orleans the aggregate the export values this year were kept increased its total exports about $200,000, though it lost fully up to those of last year and even slightly increased. on breadstuffs more than $900,000, so that there must The higher prices, in a measure tending to make good the have been a gain in other items of more than $1,100,000. loss in the quantity exported, have of course aided in The larger cotton movement, and the higher price of that bringing about this result. staple, probably contribyted a good part of this gain. But in the value of the imports there has been an The decrease in the value of Baltimore's total exports is increase to tbe extent of about 5^ millions, and it is to satisfactorily accounted for by the breadstuffs and pro- this that the smaller balance in our favor is to be visions figures. Boston's increase of nearly 1^ millions attributed. We observe a disposition in certain quarters to can not be explained in this way. Philadelphia's decrease, breadstuffs make much of this increase and to interpret it as indicating too is much less than the movement of and that the movement is proceeding upon an unhealthy basis. provisions would indicate, so that here also other items There is no warrant for such a conclusion. Whatever may must have influenced the aggregate. There is, however. 372 THE CHIIONICLE. [Vol. XXXIIL no mistaking the meaning of the expansion at San BOGUS PROMISSORY NOTES. Francisco from $1,759,523 in August, 1880, to $4,041,- Salesmen traveling through the Western States during 999 in August, 1881. California, as is well known, recent years have made ingenious but fraudulent use of has a large surplus of wheat on hand, which is now the law of negotiable paper to a very great extent. There being freely exported. Almost the whole of San are various forms of the swindle. The leading features Francisco's increase occurred in this manner, the are that the traveler gathers names of solid, responsible breadstuffs exports having risen from $883,084 in August, men in the town he visits; he induces any he can to buy 1880, to $2,921,270 in 1881. San Francisco is the only the invention, machine, patent right, or the like, which he breadstuffs in that port which augmented its movement has for sale, or to become agent to introduce it in the month. Subjoined are the breadstuffs and provisions vicinity. He obtains a promissory note for whatever he figures for each of the leading ports. sells. He is careless what representations he makes to EXPORTS OF BREADSTDFFS ASD PROVISIONS FROM I.E.\DING PORTS. induce the giving of the note, for he means to be far 1881. 1880. away before it becomes due. This note he gets discounted in Breadstuffs. August. Siuce Jan.l, August. Slnee Jan.l. the neighborhood ; the bank or some money lender of the willingly takes it. New York 10,871,586 68,392,414 13,564,701 88,897,767 town He then goes on his way, carry- New Orleans... 606,892 9,177,878 1,511,622 8,074,561 ing the obtained the Baltimore 5,192,226 28,182,929 7,371,836 35,507,169 money by aale of the note. Before 11,065,912 1,677,907 10,566,073 Boston 1,449,718 its maturity the buyer finds he has been cheated in the Philadelphia .. 2.015,869 12,883,185 3,317,555 18,443,709 16,751,355 883,084 San Francisco. 2,921,270 9,527,092 bargain. If the paper were still held by the original Other ports 2.489,960 11,111,532 3,408,155 14,304,851 payee the fraud could be shown in defense. But the Total. 25,547,521 157,565,205 31,734,860 135,321,222 familiar rule of negotiable instruments forbids Provisions, die. him to set New York 7,247,136 63,247,108 7,980,822 66,584,617 up these "equities" against the discounter. And he is New Orleans 2.790 143,790 3,076 116,306 Baltimore 40,673 4,203,006 150.134 3,508,206 powerless to obtain redress against the traveling salesman, Boston 2,187,376 17,662,631 1,808,830 15,014,578 Philadelphia 651,313 4,944,930 565,507 5,147,600 for he cannot be found. San Francisco 31,392 245,508 25,426 284,559 Other ports 237,312 2,664,471 371.524 2,535,799 Whenever, in these cases, the person defrauded has deliberately given Total. 10,397,992 93,111,444 1 10,905,319 93,191,665 a negotiable promissory note the courts can not shield him from the claims of a The diminution in the breadstuffs exports is due almost purchaser for value. But an aggravated variety entirely to the greatly reduced movement of wheat, though of this fraud has arisen in cases where the traveUng salesman has there is a decrease, larger or smaller in amount, in every procured a signature to some innocent-looking paper, and has after- item, except flour and oats. This will be seen in the fol- ward altered it to the form of a note. lowing table. Such a case has lately in EXPORTS OF BREADSTUFFS DURING AUGUST, AND SINCE JAN. 1. been presented the Supreme Court of Iowa; and QuaHtiti/. Yalue. the decision is that if the paper signed is not a negotiable Aiigust. 1881. 1880. 1881. 1880. instrument it is not within the power of the payee, by fraudulent alteration, to impart the rights of a bona fide Barley bush. 9,805 226,944 5,279 145,417 Corn hush. 6,704,984 8,595,307 4,050,355 4,394,505 indorsee to one who buys it. The subscriber may defend Corn-meal bWs. 28,6S9 36,196 91,109 104,456 Oats hush. 64,660 45,804 28,121 19,312 an action brought by one who has discounted the apparent Rye bush. 46,27 173,992 45,818 149,879 wheat bush. 14,378,024 21,796,151 17,764,103 23,779,163 note, by making proof that it was manufactured out of a Wheat-flour ...bbls. 698,876 548,921 3,562,674 3,142,128 paper of different legal effect. Total. 25,547,521 31,734,860 It seems that in this Iowa case the maker of the instru- I Since Jan. 1. ment sued upon as a promissory note, was visited an Barley bush. 88,078 668.203 46,900 449,333 by Com bush. 57,004,310 84.379,398 32.893,229 45,630,390 agent for mowing machines, and was induced by him to Corn-meal bbls. 297,942 257,270 874,793 746,432 Oats bush. 247,778 455,988 117,913 203,053 subscribe a written contract relative to such machines. Rye; bush. 731,560 1,238,356 783.119 1.117,934 Wheat bush. 81,795,745 91,968,203 94,189,803 113,920,044 As presented to him for signature it was not in the form Wheat-flour... bbls.. 5,014,093 3,932,628 28,659,148 23,248,036 of a note ; it contained a promise to pay money, but this Total. I 157,565.205 185.321,222 was coupled with certain conditions preventing it from In provisions and dairy products there is a decrease in being negotiable. In this form the defendant signed and quantity in every item save beef and cheese. The rise in delivered it. It was, however, craftily drawn in such values is strikingly illustrated in the case of bacon and manner that the conditions and other portions of the in- hams. Though we exported almost 9| million pounds strument could be cut off, leaving the ordinary words of a less of this class of provisions in August, 1881, than in negotiable promissory note by themselves above the de- August, 1880, prices were so much higher this year that fendant's signature. The traveling agent amputated the the shipments were valued at more than $200,000 above paper in this way, and sold the note portion to a bona fide those of last year, as is shown in the annexed table. purchaser for EXPORTS value. OF PROVISIONS, 4C., IN AUGUST, AND SINCE JAN. 1. The court decided that the purchaser could not, under Pounds. TiUue. August. these circumstances, enforce the instrument. Such a case 1881. 1880. 1881. 1880. differs from those where a person is induced by fraud to Beef, fresh and really sign what is a negotiable note ; or from those where salted n,550,26' 8,695,590 1,090,352 701,639 Bacon and liams 44,651,532 54,124,674 4,298,318 4,085,502 a separate of conditions written liaid memorandum on another , 11,542,274 25,154,228 Pork 1,323,726 1,971,505 5,313,225 6,997,962 463,834 part of the same sheet of paper is cut off. in- Tallow 516,220 Here the 5,368,194 9,153,592 364,942 6.54,597 Butter 3,244,362 4,238,312 620,232 834,006 strument itself was cut in two. This presents a case of a Cheese 20,741,517 18,930,995 2,236,588 2,141,850 fraudulent and material alteration. Now generally one Total. 10,397,992 10,905,319 who buys a negotiable note which has iJoen materially Since Jan. 1. Beef, fresh and altered does not acquire the rights of a purchaser for salted 97,608,462 Bacon 95,615,197 8,705,601 7,600,775 and hams 451,019,400 •'•"16,260,435 39,346,749 39,460.389 value before maturity. It may be that one who is Lard 206,887,704 271,141,488 Pork 21,474,663 21,024,116 chargeable 64,548,057 60,731,083 5,174,367 4,035,307 with carelessness in subscribing a paper Tallow 55,129,254 86,974,027 Butter 3,722,980 6,111,494 drafted in such in this 16,658,295 24,404,011 3,177,076 4,768,035 a way as to admit of its being cut Cheese 106,538,057 92,492,809 11,509,948 10,201,549 manner may be held liable the ground of his neglect on ; Total. 93.111,444 93,191.605 but the paper_ is not_ his_j negotiable note, for it was not. . October 8, 1881.] THE CHRONIOLE. 373 ilof^m't from EtporUd tinee Sept. 1, 1881, <»— such when he signed it. Considered in the light of a Srpl.l, ItjMI lUetipIt Hloekt line* Heal. of a note he is not liable. /() Oct. 1, (treat __ C'onli- Oet.l. maker 1881. 1, 1881. ISritatn.' Franee. „„,,_ Tolal. There liave been cases somewhat parallel. In one the Onlveston 72,63 16.339 4^82 30,731 67,366 traveling agent obtained a note signed in blank and filled Ind'nola, Ac 3.360 New Orleans. 9fl„302 32,H76 6,111 38,086 ISlJiOO the blank fraudulently; the maker was held liable. In Mobile 24,785 13.668 Florida 305 several the defense was that the note was wrongly read to Savannah . . 100,026 27,997 4,690 4,296 36,043 43,036 Ilr'nsw'k.dtc 1,695 it, that it was . the maker and he signed not understanding Charleston . 52,502 8,91S 8,945 '27',8»i Pt. Royal.&c 14 has generally been cases the . negotiable ; in these maker WIInilnKton 10,961 7,408 Mor'h'dC&c clearly that he 29'J held liable except where he could show Norfolk 44.943 12,185 4,428 lO.SSO 'l'i',448 CItyP'nt.&c 4.908 took all due care. In two cases a person has been in- New York... 1.526 42,549 4,109 7,242 53.000 I 86.795 Boston 3.063 5.260 5.260 and post-office address on blank 4.205 duced to sign his name Baltimore ... 3,065 8,280 2,505 10,785 3,254 Philadel.,&c. 974 2,981 paper, and the traveling agent has written a note over the 2,081 4.313 Total 422,057 157.381 signature without any right so to do; the courts have pro- 14,870 22,850 105,101 381.005 Total 187P-80 458,478 nounced this forgery, and have said that the bona fide 162,593 30,696 10.091 203,370 332,404 * Oreat Britain exports Include to the Channel. holder cannot recover. Using the facts disclosed by the foregoing statements, we shall find that the portion of the crop whidi has reached COTTON CONSUMPTION AND OVERLAND a market through the outports and overland, and through MOVEMENT FOR SEPTEMBER. Southern consumption in September this year and las* year is as follows. Our monthly reports, which are made to us by telegraph, enable us to-day to present the overland movement of 1881. 1880. cotton for the month of September. This is the first Receipts at the ports to Oct. 1 bales. 422,057 458.473 Net shipments overland during same time 30,896 18,043 statement for the new season, but has considerable interest, Total receipts bales. 452,953 476,521 as it shows a tendency to an enlarged movement in this Southern consumption since September 1 20,000 15,000 direction this year. Total to Oct. 1 bales.l 472,953 491.521 OVERLAND MOVEMENT FOR SEPTEMBER. The decrease in amount of cotton marketed during the The gross figures for September reach 46.862 bales, first crop month of 1881 is thus found to be 18,568 against 34,842 bales for the same month in 1880, a difEer- bales. To determine the portion which has gone into the ence in favor of 1881 of 12,020 bales. The net movement hands of Northern spinners during the same period, we for the month is also in excess of a year ago, being have prepared the following. 30,896 bales, against 22,809 bales last year, or an increase of Total receipts in Sept., 1881, as above bales. 472,993 Stock on hand commencement of year (Sept. 1, 1881)— 8,087 bales. The details for the month of September this AtNorthern ports 91,911 year and last year, presented in our usual form, are as At Southern ports 117,322-212,233 Providence, Northern interior markets .. 5,810— 218.043 follows. At &e.. Total supply during September, 1881 690,998 OVBBL.VIJD FROM SEPTEMBER 1 TO OCTOBER 1. Of this supply there has been exported to foreign ports since September 195,101 1881. 1880. Less foreign cotton included 616— 194,485 Since September 1, shipped-^ Sent to Canada direct from West 728 17,40a 14,621 Burnt North and South 310 Over Illinois Central 83 524 Stock on hand end of month (Oct. 1, 1881)— Over Cairo & Vincennea 6,265 950 AtNorthern ports 98,656 Over the Miaslasippl River, above St. Louis 3,485 11,017 At Southern ports 283,219-331,905 Northern Interior markets.. 5,380— 533,308 Over St. Louis & Soutbeaatern...... , At Providence, &c., Over Evansville & Terre Haute 268 140 Over JeflParsonvlUe Madison & Indianapolis 5,006 3,146 Total takings by spinners In September, 1881 107.638 4,045 919 Taken by Southern spinners 20,000 4,605 1,073 87.638 Receipts at Cincinnati by Ohio River 196 618 Taken by Northern spinners In September, 1881 73.799 Receipts at Cincinnati by Cincinnati Soathem.... 5,061 1,301 Taken by Northern spinners in September, 1880 Over other routes 37 3 this year, .bales. 13.839 Shlpi>cd to mills, not Included above 402 497 Increase in takings by Northern spinners shows that Northern spinners had during the Total irross 0Y8rIand . 46,86J 34,842 The above increase over Deduct— month of September taken 87,638 bales, an Receipts overland at New York, Boston, &c 8,62^! 10,503 the same month of 1880 of 13,889 bales. Sblpmonts betweeu (or South from) Western lu- terlortowna 206 338 AMOUNT OF CROP NOW IN SIGHT. Shipmenlf inland (not otherwise deducted) from— In the foregoing we have the number of bales which ...... 100 New Orleans 49 has already been marketed this year and last year. An Mobile 6,8t0 813 additional fact of interest is the total of the crop which Bavannali Charleston was in sight on Oct. 1. "We reach that point by adding North Carolina porta to the above the stocks remaining at that date at the Virginia ports 202 230 interior towns, less stock held by them at the beginning of Total to be iledactod 15,966 12 033 the season. In this manner we find the result for the two l^avioK total net overland* 30,896 22,809 years on Oct. 1 to be as follows. * This total Includes shipments to Canada by rail, whioh are this month 728 bales. 1881. 1880. RECEIPTS, EXPORTS AND SPINNERS* TAKINQS. Total marketed, as above bales. 472.953 485,521 51,000 While the overland movement thus shows a considerable Interior stocks in excess of Sept. 1 70,000 bales 542.953 536.531 increase, the receipts at the ports have fallen off 36,421 Total In BiKht bales; it should, however, be remembered in connection This indicates that the increased movement up to this with this latter fact, that the interior stocks have increased date of the present year is 6,432 bales. 28,195 bales. The receipts and exports during September, WEIGHT OF BALES. together with the stocks at the close of the month, are To furnish a more exact measure of the receipts for the given in the following table. month, we give below our usual table of the weight of — 374 THE CHROJVICLE. [Vol. XXXm. bales. We give for comparison the figures for the first county, town and city debts, the extent of which the three months of last season, as we have been unable to liquidating process, about that time set in motion, rudely procure those for the month of September separately. forced us to realize. A recurrence of that condition is Three Mos- possible, but can be prevented, and this is the time, when Mmilh of September, 1881. End'g Dee the credit mania is daily gaining new force, to provide all 1, 1880. proper safeguards. We are inclined to speak of the Number of Weight in Average Average matter at the present Sales. Pounds. Weight. Weight. moment because our own State is about preparing to elect a 76,006 38,803,343 510-53 512-45 legislature, and there is now a Louifliana 96,302 46,224,900 48000 50000 constitutional amendment before the legislature on this 24,785 12,44-2,070 502-00 51400 subject. Many of the States have already restricted Georgia* 10-2,716 48,918,495 476-25 479-87 the South Carolina... 52,516 24,682,520 47000 471-00 power of cities to create debt. In fact. New York, in 49,851 23,930,972 480-05 47900 November, 1874, ratified two amendments to the constitu- Nortli Carolina... 11.253 5.266,404 468 00 47000 Tennessee, &c 59,524 27,956,041 469-66 504-00 tion prohibiting the giving or loaning either the credit or Total 472,953 228,224,805 482-55 490-62 money of this State to or in aid of any corporation or ' IncludinR Florida. private undertaking, and also prohibiting any municipality This shows that the average -weight of bales for the from doing the like, or from incurring any indebtedness 482-55 month has been lbs., against 490-62 lbs. for the except for strictly municipal purposes. This was designed of last year. first three months to put an end to the practice of granting loans of THE COTTON GOODS TRADE IN SEPTEMBER. money or of credit to railroad corporations and is very Business has active in all been departments of the cot- useful, but does not go far enough. The last legislature goods trade during the ton month. Prices have ruled passed an additional amendment applicable to any city of firm in consequence of the limited supplies, which have over 100,000 inhabitants and to any county containing seldom or never been so light at this season of the year. such city, by which either county or city is forbidden to Cotton flannels are particularly scarce in low and medium become indebted to a total exceeding 1 per cent of the grades, and an advance of ^c. per yard has been estab- last preceding assessed valuation, and any indebtedness in lished most descriptions. Leading makes of brown is above this limit pronounced absolutely void ; water bleached goods, and wide sheetings, &c., were in active bonds not running over 20 years and having provision for request, and advanced ^c. per yard. Printing cloths have an adequate sinking fund are excepted; also certificates of also sold well, and at the close of the month 64x64s were indebtedness issued in anticipation of tax receipts for the quoted at cents. 4 The following statement indicates the current year. The amendment further provides that the course of values during September. amount to be hereafter raised by tax for municipal purposes in any such city or county, in addition to provid- 1881. 1880. 1879. ing for principal and interest of existing debt, shall not in Colt'n Print Sheet- Ooll'n Print- Sheet- Colt'n Print- Sheet- Sept. low Iff ings, low ings, low ings, the aggregate exceed, in any year, 2 per cent of the mid- etoths, stand- »j id- Cloths, stand- m id- cloths, stand- dling. 64j:64 ard. dling. 64j:64 ard. dling. 64J-64 ard. assessed valuation. As to cities and counties which are 1.. im 8^ UH 379 7% 1113,6 8I4 now indebted above ten per cent, an annual decrease is 2.. lU'ie 3'8 81a III4 3'8 7% 1113,6 8I4 8I2 the rate 3.. Ul_3. 3'8 11% 3% 7% 1113,6 43,6 SH enjoined at of at least one per cent on the assessed 4.. S. S. 11% 3'8 7% 1113,6 SH valuation, until the 10 per cent limit is reached. 5.. li?Bit S^a 81a 8. 8. 8. 11^8 8^ 6.. lli6ie 81a im 111»,6 814 3% 7% This amendment is presumably applicable to any city so 7.. 12^e S'a 81a Ills 3 '8 7^ 8. 8. 8.. H. H. 11% 3''8 1% 121,6 4% 81a soon as its population reaches 100,000, which is now 9.. 123l6 S'^s 8>a 113,6 3''8 7^ 1'21,6 413 81a 1-2% 10.. 316ie 81a 113,6 378 7% 121,6 4i8 81a nearly the case with Albany ; but at present it is applica- H.. S. 8. 8. 113,8 4 7-% 121,6 4 8I2 12.. 3iB]e 81a 8. 8. S. 12 4 8H ble only to New York, Brooklyn and Buffalo. It is yet 13.. lUhe 316,6 81a lljis 4 7% 12 4 8I4 14.. 1113 315i 81a 11^6 4 7% 8. B. 8. to be acted upon by the legislature to be chosen in Nov- 15.. lllllB 3IS16 8I2 11»16 4 7% !2 4 8 16. lWl6 315 8I3 11% 4 73t U^a 378 8 ember next, and, after acceptance then, goes before the peo- 17.. 3i5ie 81a 1138 4 7% 1113,6 3% 8 18.. 8. 8. 8. 11% 4 7% 1113,6 3% 8 ple. It is a useful step in a most desirable process of restric- 19.. 115ie 3i»,o Shi 8. 8. 8. 1113,6 3=8 8 20.. 11^10 3l5i 81a 11% 4 7% 1113,6 3=8 8 tion ; but a lower limit of population would reach equally 21.. 31^1 81a 11^16 4 7% 8. 8. 22.. 1138 31618 8I3 III4 4 7\ 116,6 38,6 well the largest cities, and why should the restriction not 23.. 1138 31510 8I2 III4 4 7^ 1011,6 3i« 24.. 315 8J3 lUi 4 7% 1013,6 apply to those of 10,000 population, of which there are 15 25. 31a 8. S. III4 4 1\ 26. 1013i(, 3% H. H. H. 8. S. 8. 107,6 in the State, or to the 31 which have over 7,500 and owe 27. 31a ll^a 3i5ie 81a 11% 4 73i 109,6 31a 28. llifl 31B on bonded debt over 215 millions ? If the necessity 81a 11% 4 7% 8. 8. 29. 8I2 315,6 III4 4 7% 107,6 31a 30. exists and the principle is sound in case of the larger, 11°18 4 8I3 113,3 4 7% 103,6 313 why not in case of the smaller ? The exception as to The above prices are— For cotton, low middling upland at New York; water loans should not be extended beyond the largest for printing cloths, mxnufaoturcrs' prices; for sheetings, agents' prices , which are subject to an average discount of 5 per cent. municipalities. The expediency of some effectual restriction is plain LIMITATIONS ON MUNICIPAL BORROWING. enough. It is universally true, collectively as well as Financial crises have always been of such periodic individually, that borrowed money is at once the most •occurrence that people are wont to look upon them as unwisely expended and the hardest repaid. Nothing is ^unavoidable. In fact, as an outgrowth of this periodicity, more unpopular than an increase of taxation, but nothing every community contains a race of men whose happiness is more plausible than the ever-ready talk which persuades consiats in constantly predicting a panic, which in the end people that some particular scheme has the potency of of course proves true, and their reputation for sagacity working wonders in development; that it requires no becomes (in their own estimation at least) established. money but only the assumption of a promise to be met in But panics are not unavoidable, except in the sense that an the indefinite future; and that long before the money is undue expansion of credit have pro- is unavoidable ; and this we needed the wonder-working improvement will can learn to prevent, if we will build on our own experience. vided it. Precisely this misleading talk has been at the We will remember that there was no greater source of bottom of the " assessment" improvements and debt which weakness in 1873 than our vast aggregate of State, New York and Brooklyn have tested, to their cost. It — . . . . OCTOBKB 8, 1881.J THE CHEOi^JlCLE. 3T5 individual, to give ear 1881, is in human nature, in mass and THE DEBT STATEMENT FOR SEPT. of this fatal The fullowinK ix the official statement of the pabllc debt it to the suggestion to "charge it," and out M appears from the book.s and TreMorer's retams at the oloM o< did not call for money down, readiness to consent to what basiness on the last day of September, 1881: many unprofitable schemes and many extravagant expen- INTEREST-BEARING DEBT. foothold, which would never have been ditures have got a Amount OuManding. tolerated, or oven attempted, had there been no such thing Ckitraeter Aulhnr- What 0/ Ittut. Uing Act. Payable. «8 borrowing. Rtgtttertd. Ovufon, The Illinois constitution of 1870 imposed a 5 per cent Gsof 1881*. July 17,'01 Juno 30, '81 $127,507,200 (Jaof 1H81». Mar. 3,'03 Jiuie30, '81 aO,4C7,«50 limitation upon all municipal coi-porations, without regard ,5«or 1881'. July 14,'70 M»y 1,'81 400,8(i0,030 58 of 1881.. July 14,'70 May 1, '81 10320,390 to their population, and required provision to be made, at liasof 1891 July 14,'70 S«pt. 1, '81 178,662,690 71,887,860 4« of 1007.. July 14,'70 July 1,1007 543,301,380 106,319,900 the time of incurring any debt, for its interest and for $1,310,808,4,10 f267,696,89» payment of principal within 20 years. The proviso that 48, ref ctf8 Feb. 26,'70 $63e,0fiO Se.uavyp.fd July 23,'68 14,000,000 any debt incurred in excess shall be void was not added, AggreRato of Interest-hearing debt. $1.S93,102.2.'S0 but would seem to follow with sufficient directness from " Contlnueil at 313 per cent. the limitation itself. An evasion having been attempted On the above Infiucs of bonds there U a total of $2,143,883 Intereitr ovcr- the limit. It is of course settled that the plea of ultra vires Character of Isnie. Authorising Act. Amount. or an excess of authority is always a good defense against Old demand notes JulTl7, '61; Feb. 12, '62 $60,040 all been bonds, provided no authority to issue at has Legal-tender notes Feb. 25, '62 ; July 11, 62 ; Mar. 3,'63 346,681,016 Ccrtifleates of deposit June 8, '72 8,315,000 conferred. The principal must b» bound by his agent, but Gold certificates March 3, '63 5,218,920 Silver certiUcates February 28, '78 64,149,910 authority must have been the agent must be his and the July 17, '62; Mar. 3, i » 47, aaq Fractional currency i *15.*71,440, , -63; June 30, '64 5 the bond purchaser to know granted ; it devolves upon Less amt. est'd lost or destr'yed, act J'e 21,'79 8,375,934 7,098,900 is an these facts, and if he takes both for granted he not Affgrocateof debt bearing no interest $431,553,302 Unclamiea Pacific Railroad interest 7,25» innocent holder. RECAPITULATION. power to issue at all existed, and the issuing But when Amount officers exceeded the limit, the plea of -ultra vires becomes Outstanding. Interest. a different question. For the Supreme Court, in the Kansas Interest-bearing debt - Bonds at 6 per cent, continued at 3^.. $178,0.>5,1.5O case of Marcy vs. Oswego township, October term, 1875 Bonds at 5 per cent, continued at S^a- 400.869,950 Bonds at 5 per cent 10,829,350 the first case involving this point—did go so far as to Bonds at 4I2 per cent 250,000.000 Bonds at 4 per cent 738,710,830 decide that an overissue is no defense. The bonds were Refunding certificates 636,930 Navy pension fund 14,000.000 regularly issued, attested and registered, and they set forth Total interest-bearing debt $1,593,102,250 $14,075,38» in the " recital" or statement contained in them that they Debt on which, int.has ceas'd— since maPrity 10,039,595 764,500 were issued in pursuance of the particular law authorizing Debt bearing no interest Old demand and legal-tender notes. . 346,741,056 8,315,000 them, and further in pursuance of a popular vote taken Certificates of deposit ; Gold and silver certificates 69,398,830 7,098,506 the dates and particulars were given so far, but the recital Fractional currency omitted to state that the amount which the township could Total debt bearing no interest $431,553,392 Unclaimed Pacific Railroad interest 7.25» issue was limited to a sum on which interest could be met Total $2,034,695,23: $14,847,235 by a tax of one per cent. Total debt, principal and interest, to date $2,049,342,47* Total cash in Treasury 250,686,647 Ordinarily, the purchaser need not look behind the Debt, less cash In Treasury, Oct. 1, 1881... $1,798,855,925 1,816,339,567 recital ; ought he to have done so in this instance ? The Debt, less cash in Treasury, Sept. 1, 1881... United States Circuit Court said yes, on the ground that Decrease of debt during the past month. $17,483,641 Decrease of debt since June 30. 1881 41,742.88g a single issue that could the bonds were and he have Current Liabilities— Interest due and unpaid - $2,143,883 learned the facts on inquiry ; the Supreme Court, by 10,039,595, Debt oii which interest has ceased 764,590 Judge Strong, reversed this, holding that the recital Interest thereon Gold and silver certificates :; — 69.398,830 ^r deposit.,. 8,315,000 estopped the town from pleading overissue. But Judge U. 8. notes held for redemption of certlncates of Cash balance available Oct. 1,1881 160.024,648 Miller, with whom two associates agreed, dissented Total $250,686,547 almost bitterly, saying that the Available Assets— doctrine virtually $2.'i0,686,547 Cash in the Trea8ur.y is that no limitations can be maintained, that a BONDS ISSUED TO THE PACIFIC RAILWAY COMPANIES. false recital of power conferred has the effect of INTEREST PAYABLE BY THE DtnTED STATES. creating a power not existing before, and that the plea of Interest Balanet of Character of Amount Interest aid repaid by interestpaxi innocent purchase is expressly contradicted by the decision Issue. outstanding. byU. transportai'ni by V. 8. in the Floyd acceptances case, wherein it was held that $20,346,340 $3,511,615 '$16,186,45» Central Pacific . $25,885,120 inquiry 2,593,669 2,779,30a as to an agent's authority is incumbent upon the Kansas Pacific .. 6,303,000 5,372,973 27,236,512 21,689,468 8,137,880 13,551 ,58» purchaser, whether the paper is negotiable or Union Pacific... the contrary. 1,600,000 1,337,808 101,217 1,249,634 Central Br., U. P. 1,422,414 We cite this case hero for its obvious bearing Western Pacific. 1,970,560 1,431,781 9,367 1,628,320 1,268.899 132.345 1,136,59S upon the practical efficiency of constitutional amend- Sioux aty & Pao. $14.486,121 !$36.325,947 ments such as those under discussion. Another Total. $64,623.512 $51,467,272 point bonds are all Issuecl under the acts of JiUyl, should be mentioned in passing : although the The Pacific Railroad law the donoraimrtfona 1862; and J.iiv 2. 1864; they are registered bonds in requires full valuations honest iutereat in currMioy. at market prices, for pur- of $1,000. $5,000 and $10,000; bear 6 per cent years from their date. poses of taxation, notoriously the assessed valuations do payable January 1 and July 1, and mature 30 not come up to this. If, then, they should hereafter be raised more nearly to line with the law, the 10 per cent UNITED STATES TREASURY STATEMENT. for limit proposed would be set forward proportionately, and The following statement, from the office of the Treasurer, actual in some cases (if any occur) where the popular desire to August, was issaed this week. It is based upon the borrow is interfered with by the limit, may there not be a returns from Assistant Treasurers, depositaries and superinteud- tendency to raise the valuation for that reason ? enta of mints and assay offices : .. — —. . — . : : . 376 THE (JHRON I (;LE. [Vot. xxxin. LIABILITIES, OCTOBER 1, 1881. co-operation thrive, and restrict the business of the shop- Department account $3,582,731 POBt-ofiicc payments or - ...... - keeper. Cash short credits are the IMsbursinp officers' balances - ... 22,278,303 leading prin- national hanks "laaled, in Fund for redemption of notes of ciples upon -which business is now conducted; and hence there Unuidatiou." and " reducing eirculatiou" 31,152.713 Unaistributed assets of failed national banks 399,835 is reason to believe, more especially as the system has now been per cent fund for retlemption of national bank notes. 15,768,662 Five in operation for some years, and has, during that Fund for redemption of national bank gold notes 394,847 period, been redemption account 7,358 Cun-cncy and minor-coin developing itself, that the condition of our commerce is sound. Fractional silver-coin redemption .account 87,872 Interest account, Pacific Kailroade and L. & P. Canal Co 4,930 The value of money has been steadily declining during the Treasurer U.S., agent for paying Interest on D. C. bonds. . . 253,795 week, and the best three months' bank bills Treasurer's transfer checks and drafts outstanding 6,059,700 are now taken at 3 Treasurer's general account per cent—or at one per cent below the Bank rate. The money Interest due and unpaid $9,538,247 Matured bonds and interest 3.004.205 market is again, therefore, in a state of some perplexity, and it interest 17,832,841 Called bonds and now remains to be seen if anything will Olddebt 796,188 transpire to force up Gold ccrtiflcates 5,348,920 the value of money in the open market, or whether the Silver certificates Gl.149.910 will Certificates of deposit 8,313,000 directors (jf the Bank long content themselves to remain Balance, including bullion fund 142,501,'208 excluded from the discount market. At the present time there Total Treasurer's general account $251,380,821 are no indications of a reviving demand for gold for exportation Less unavailable funds 700,271— $250,686,547 on a large scale, but, on the other hand, money is somewhat $330,677,298 dearer on the Continent than it is here, and, consequently we ASSETS, OCTOBER 1, 1881. Gold coin $70,610,269 can scarcely expect gold from Continental sources. Evidently, 97,751,074 Gold bullion much necessity exists for caution, as a comparatively small Standard silver dollars 66.092,607 Fractional silver coin 26,313,113 movement in gold would necessitate a change. The directors Silver bullion 2,032,184 Gold certificates 9,600 of the leading Continental banks will obviously adopt the usual 11,559,730 BUver certificates means for protecting the stores of gold that they possess, and United .States notes 27,130,132 National iMuk notes 4,452.854 the Bank of Belgium has this week advanced its rate to 4^ per National bank gold notes 98,545 Fractional currency 22,901 cent for that purpose. As long as there is no revival of the Deposits held by national bank depositaries 13,412,848 American demand for gold, the position of the market will Nickel and minor coin 556,423 New York and San Francisco exchange 1,512,000 probably remain as it is at present. The possibility some time One and two-year notes, &c 10 ago of the Bank of England rate of discount Bedeemed certifloates of deposit, June 8, 1872 210,000 advancing to 5 Quarterly interest checks and coin coupons paid 176,420 per cent has undoubtedly had the effect of restricting specula- Registered and unclaimed interest paid United States bonds and interest 2,016,876 tive business, and hence the comparative ease which now pre- on District Columbia bonds 1 ,770 Interest of vails. But speculators may begin to argue that the Speaker's certlflcates 116,916 apprehen- Pacific Railroad interest paid 900 sions of a five per cent rate of discount were altogether 3330,677.298 ill-founded, as results have so far proved, forgetting that it was that apprehension which tended very strongly to restrain l^owctavu 5 (S^mnmtvcinX gtt0lislt ^citrs speculative business within reasonable limits, and to bring about the present comparatively easy condition of the money RATES OF EXCHANGE AT LONDON AND ON LONDON AT LATEST DATES. market. Probably, however, there is only a lull in speculation, caused partly by money market uncertainties and partly by EXCHANGE AT LONDON— Sept. 17. EZCHANQE ON LONDON. the activity of the holiday season. Such a state of things will Latest not be permitted to last long, as there is plenty of money to On— Time. Mate. Date. Time. Bate. handle, and satisfactory profits are looked forward to. The Amsterdam . Short. I2212 812-312 Sent. 17 Short. 12-15 following Amsterdam 3 mos. 125 3>12-5ij are the present quotations for money : Antwerp 25-65 ®25-70 Sept. Short. 25-38 Per cent. Open market rates— Per cent Hambm'g . . 20-70 820-75 Sept. 20-50 Bank rate 4 4 months' bank bills 3^Si3H Berlin 20-70 •» 20-75 Sept. 20-50 Open-market rates 6mouths' bank bills 3i4®3% Frankfort... 20-70 ®20-75 Sept. 2050 30 and 60 days' bUls. 4 & 6 months' trade bills. S'iwi'i Copenhagen. 18-45 ®ll-48 3 mouths' biUs St.Peters'bg. 253832514 Paris Short. 25-30 ®25-40 Sept. Short. 25-34I3 Owing to the decline in the value of money in the open Paris 3 mos. 25-57i2®25-65 Sept, 3 mos. 25-36'fl market, the discount houses have found it necessary to lower Vienna Il-92i3®ll-97i2 Sept. Short. 117-60 Hadrid 47i4®47 their rates of interest for deposits. The customary rule is to Cadiz 47i4®47 allow one per cent under Bank rate for money at call; but with Genoa 20GO ®26-10 iSept. i: 3 mos. 25-45 Lisbon' 52M®o2is an open market rate of discount of only 3 to 3^ per cent, it Alexandria . Sept. 3 mos 9638 New York... Sept. Short. 4 80 "4 was obvious that an allowance of 3 per cent for deposits was Bombay .... GO days Is. 713,„d. Sept. 4 mos. Is. 83iRd. I nnremunerative. A reduction of from to /^ per cent has Calcutta .. .. Is. 7i3i6d. Sept. Is. SSgd. M Hong Kong,. Sept. 3s. 9d. therefore been made, viz., of ^ per cent on old deposits and BbaoKhai.... Sept. 5s. ISgl. of ?2 per cent on new. The present rates are now as under [From our own correspondent.] Per cent. 2iaa2% LoMDos. Saturday, Sept. 24, 1881. Joint-stock banks Discount houses at call 2's®2% A small quantity of gold has at length arrived from the Con- do with notice of withdrawal 3 tinent, notwithstanding that the Bank rate of discount has, for Annexed is a statement showing the present position of the some time past, been quite nominal, the quotation for three Bank of England, the Bank rate of discount, the price of con- months' bills having been for days only 3M per cent, and sols, the average quotation for Eaglish wheat, the price of now only 3 per cent. The import, however, has been a very middliiLg upland cotton, of No. 40 mule twLst, fair second small one, and there is still no reason to believe that our quality, and the Bankers' Clearing House return, compared depleted supplies of gold are likely to be replenished. The with the three previous years. general demand for money is upon a very moderate scale, not. 1881. 1880. 1879. 1878. Circulation, excluding * * £ £ withstanding that there is increasing evidence of improving bank post bills 26,054,590 26,624,530 27,725.940 26,592,086 PubUc deposits 5,401,873 6,6'29,864 6,003,013 4,674,065 trade. In metals there is a fair degree of activity, and the Other deposits 25,487,406 24,460,284 31.479,076 20.087,459 tendency of prices is still upwards. In the wool trade there is Qovernm't securities. 14,557,649 15,377,851 16,336,224 13,754,031 Other securities 21,891,456 17,575,975 17,326,317 17,333,054 also fair a movement, and at the public sales of colonial prod- Res've of notes & coin. 13,005,138 16,699,077 22,374,587 12,254,265 uce, which are still in progress, full prices are being obtained Coin and bullion ; both departments.. 23,309,728 28,323,607 35,100,527 23,840,345 but the cotton trade is in an unsettled state, owing to the Proportion of reserve to liabilities 41-74 " cornering" operations which have been recently carried on. Bank rate 4 p. 0. 2'fl p. c. 2 p. c. 5 p. 0. Taken as a whole, although no activity can be reported, the Consols 9914 07''8 97% 94\ Eng. wheat, av. price. 54s. 5d. 42s. lid. 478. 4d. 438. 2d. trade of the country is of moderate dimensions, and seems to Mid. Upland cotton. . 7d. O'led. 63,gd. lid. 9iad. 9lsd. be expanding, without adopting the principles advocated No. 40 Mule twist lOiid. by Clear'K-houae return. 125,277,000 111,139,000 69,752,000 71.120,000 the Fair Trade league. Progress, however, is slow, and compe- The following are the current rates for money at the princi tition is great, while at the economies same time the which pal foreign centres Lave been effected or enforced of iate years are still being Bank Open Bank Open market practiced to the advantage of the large consuming class, which rate. market. rate. Pr.ct. Fr. el. Pr.ct. Pr.ct as a rule pays dearly for most articles of consumption. Retail Paris 4 3°8®3% Madrid & other Brussels 41-j 3% Spanish cities 4 5 traders complain of the adverse effects of the eo-operative Amsterdam 3 St. Petersburg... 6 514 stores, and of the slackness of their own business; but as long Berlin 5 419 Geneva 4>3 4 4 4 as they Frankfort 5 4>a Genoa endeaTor to secure abnormal profits, so long will Vienna 4 4 Copenhagen S^a 31a . OCTOBKU 8, 1881.] THE CHRONICLE. 877 The silver market has been (iniet, and the price of fine bant daring the first four weeks of the season, compared with th» is 61 U-lGd. per ounce. Mexican dollars are quoted at OOJJd. corresponding period in the three previons seasons. per ounce. UFom. Company shows the The report of the Grand Trunk Railway „ 1891. 1890. 1970. 1878. Wheat ewt. 4,038,205 for the half-year ended 30th June last amounted 7.M0,094 6,522,308 4,032,B8» gross receipts Barley 400,633 0SO.O7O 617,81* 708,571 to «1,073,437, againat £991.922 in the corresponding period of Oata 1,277,826 1,303,060 1.122.108 609,8SO Peas 43,487 42,94.'i against £675,- 64,745 141,006 1880. The working expenses reached £738,538, Beans 206,275 115.902 161,447 130.073 Indian com 2,729,418 4,314,876 1,856,1.56 345 last year, being 68'8 per cent of the receipts. The net 8,0!i8,lS» Flour 809,200 834,006 720,712 417,646 the preference stocks, after paymenc of balance available for XPOBTS. all prior charges, is £140,651, cut of which it is proposed to 1881. 1880. 1879. 1878. distribute dividends at the rate of 5 per cent per annum on the Wheat cwt. 81.707 85,829 117,301 205,883 Barley a balance of £8,122 to 4,202 1,032 920 5,00» first and second preference stock, leaving Outs 1,097 5,461 803 l.OSO be carried forward. In reference to the issue of the new Peas 4,097 7.272 0,715 1,488 Beans 4,308 3.861 1,681 313 ordinary stock in June last, it is stated that certain applicants Indian com 35,853 18,074 182,567 13.646 Flour 10.800 13„599 withdrew or reduced their subscriptions, and the amount 14,902 7,731 ultimately allotted was £2,401,857, against a total offered for Ensllaitt market Heporta—Per Cable. balance of £92,133 will not be subscription of £2,500,000. The The daily closing quotations for securities, Ac, at London, at less than the allotted or sold before the Ist September, 1882, and for breadstuffs and provisions at Liverpool, are reported issue price of £26. by cable as follows for the week ending Oct. 7: The whole of the dividends on British railway shares have now been announced, and, with but few exceptions, the compar- Xomfon. Sat. Uon. Tues. Wed. Thun. Fri. ison with last year is unfavorable. The heavy snowstorm in Silver, per oz d. Sl^is 5ll3l« SlTg Si's SlTg 51^9 January was a heavy loss to the companies and it was never Consols for money 991,8 0Si»ia 98»ie 98i>,« 987,, esiiie Consols for account 991 98>Si8 98'9 98l4i« 98isi« half-year's returns show, up to the present g recovered. This Fr'ch rentes (in Paris) tr. 84-30 84-65 84-6^* 34 30 84-27's time, satisfactory results. The following figures relate to the U. 8. Ssext'n'd into3>ss 104 >4 104 't 104 14 10414 104 104 U. S. 4ia3 of 1891 116% 116>9 II6I3 116i< 116'4 11613 half-3'ear ended June 30: U.S. 4s of 1907 120 120 120 119% 11914 119^ Erie, common stock 4619 46 46 45>4 441a 45 Dividend for 1» Dividend riUnols Central 136 135 13 I3513 1341a 134 133% for past Amount correspond'!; Amount Pennsylvania 67 67 66% 67 carried 671a H half-year at carried half-year at Philadelphia & Keadtng. 3558 37 37>a 35% 34T» rate foruxird. the rate forward. ,3JI» the of of New York Central 147 I46I3 145 14 143% Brighton ... 3H *5.000 4^ £6,400 C'aU'iUiuian ... Sia 26,000 3^ 11.000 Liverpool. Sat. Mon. Tuet. Wed. Thurt. Fri. C'hatliam preference ... 3>4 750 £3 8s. 553 Gliisftow it 5 6,320 5 6,627 Soiitbwcstem. t. d. ». rf. : d. $. d. $. d. 1. d. nil. 21,477 Great Eastern ... nil. 28,149 Flour (ex. State.. 100 lb. 14 9 14 9 15 15 15 15 4 1,903 Great Nortbcru 4 1,873 Wheat, No. 1, wh. " 11 3 11 3 11 4 11 4 11 4 11 3 Do "A" 1 1 Spring, No. 2... " 10 10 10 10 10 10 10 10 10 4I3 6J4 9 10 9 Great Western 16,407 28,220 Winter, West., n " 11 3 11 3 11 4 11 4 11 4 11 4 11,417 L-ancasbire &. Yorkshire . ... 414 15,918 Cal. white " 11 1 11 1 11 1 11 1 11 1 11 1 Metropolitan 6,000 5,900 Com, mix.. West. " 6 3 6 3 6 3 6 3 6 3 6 2ia IJfl 386 Metropolitan District 214 Pork, West. mess. .1? bhl. 80 30 30 80 80 80 Midland 5^ 10,265 12,940 Bacon, long clear, new.. 51 51 31 SO 6 50 North British 2 6,100 1 4,200 pr. mess, 92 97 97 97 97 97 7I3 Beef, new,Sto. Northeastern 26.8ii0 8 48,.")27 Lard, prime West. ^ cwt. G2 62 62 01 9 61 3 61 North Staffordshire 2 1.163 3^ 2,551 Cheese. Am. choice, new 160 60 59 59 59 158 Nortliwesteru 6ifl 43,373 GH 56,205 bheftleld nil. 2,600 2 2,000 Southeastern 313 4.000 4 8.000 vmAW^'i^ctllixntoxis 3|ewrs. Southwestern 43e 4,000 4% 13,937 t£>ommitvci^l in Scotland, but the The harvest of cereals is now in progress National Basks.—The following national banks were organ weather has been unfavorable, and slow progress has been ized Oct. 1, 1881: made. In the South the weather has been mild, and fair The first National Bank of Crookston, Minn Anthorlzed capital, 2,567— ' progress has been made with agricultural work. The pastures $50,000; paid-m capital, $30,000. Robert'" H. Baker, Freal- dent ; Ansel Bates, Ciishier. present a luxuriant appearance, and roots promise well. There 2,568—The Second National Bank of Columbia, Tenn. Authorized paid-in capital, $36,000. R. A. OgUvle, are, however, great complaints respecting the wheat crop, and capital, $50,000; President ; Geo. Childress, Cashier. it IB doubtful if farmers will be able to thresh freely, as the Imports and Exports fob thb Week.—The imports of last produce is unfit at present for grinding. There is a very wide week, compared with those of the preceding week, show range of prices, but just now farmers are clearing out the a decrease in both dry goods and general merchandise- most heavily damaged produce, there being very little hope The total imports were $9,402,591, against $10,958,395 the pre- that millers would buy it at any price. We shall require a ceding week and $8,601,422 two weeks previous. The exports large quantity of foreign produce during the season, of good for the week ended Oct. 4 amounted to $7,537,795. against dry quality. The value of wheat has declined during the week, last week and $8,345,639 two weeks previous. The but not to any important extent. $8,953,660 following are the imports at New York for the week ending During the week ended September 17 the sales of home-grown (for dry goods) Sept. 29 and for the week ending (for general wheat in the 150 principal markets of England and Wales merchandise) Sept. 30; also totals since January 1: amounted to 43,796 quarters, against 41,524 quarters last year FOREIGN IMPORTS AT KiiW TORE. and 13,214 quarters in 1879 ; while it is computed that they were in the whole kingdom 175,200 quarters, against 178,100 quar- For Week. 1878. 1879. 1880. 1881. ters and 52,800 quarters. During the past four weeks the sales Dry Goods $1,274,809 $2,444,144 $1,705,132 $2,347,946 in the 150 principal markets have been 111,175 quarters, against Geu'l mer'dise.. 5,919,693 5,097,514 4,613.227 7,054,645 101,534 quarters and 61,188 quarters, the estimate for the whole Total $7,194,502 $7,341,653 $6,318,359 $9,402,591 kingdom being 444,700 quarters, against 400,150 quarters in Since Jan. 1. Dry Goods $61,247,485 $73,333,551 $102,182,257 $87,710,810 1880 and 245,000 quarters in 1879. Without reckoning the sup- teu'l mer'dise.. 160,660,895 173,962.229 278,276.174 243,445,351 plies of produce furnished ex-granary at the commencement of Total *22 1,908.380 $247,295,780 $380,458,431 $331,156,161 the season, it is estimated that the following qnantities of wheat trade will be found the imports and flour have been placed on the British markets since harvest. In our report of the dry goods dry goods for one week later. The visible supply of wheat in the United States is also given : of statement of the exports (exclusive of 1881. 1880. 1879. 1878. The following is a ports for the Imports of wheat. owt. 4,638.205 7,540,094 6,5-'2,309 4,032.585 specie) from the port of New York to foreign ImiTOrts of flour 899,206 854,966 720,712 417,646 Sales of homo-growu week ending Oct. 4, and from January 1 to date: protluce 1.927,100 1,726,600 1,060.600 3,499,700 EXTORTS FROM KBW TORK FOR THB WBEK. Total ^ 7,461,511 10,121,660 8,303,020 7,049,931 18S1. Deduct exports of 1878. 1879. 1880. wheat aud flour 92,516 99,428 132,463 213,613 •7,5.T7.7»5 For the week... $7,183,567 $9,420,382 $8,247,529 449.99 ;i 292,390,102 ResiUt 7,371,995 10,022,232 8,171,157 7,736,318 Prev. reported.. 261,444,403 251,873.007 307, AT'ee price of Enslish $315,697,521 299,927.987 wh(leat for season (qr.) 53s. Id. 42s. 4d. 478. lOd. 44«. 9J. Total s'ce Jan. 1 4208.627.972 $261,294,789 Visible supply of wheat of speeie in the U. 8.... bush. 19,800,000 14,200,000 17,366,000 12,580,400 The following table shovre the exports and imports Oct. and since The following return shows the extent of the imports and at the port of New York for the week endhig 1 exports of cereal produce into and from the United Kingdom Janaary 1, 1881: , .. . 1 . 378 THE CHRONICLE [Vol. XXXIII. EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Exports of Provlalons. exports ExporUi. Imports. The following are the of provisions from New ^ork, Gold. Boston, Baltimore, Philadelphia, Montreal, Portland and New Week. Since Jan. 1 Week. Since Jan. 1 Orleans, for week ending Oct. 1, 1881, and their distribution: $11,900 $68,160 $1,012,231 $29,919,900 To— Pork, Beef, Lard, Bacon, Cheese, lalUnn, 3,349,411 bbls. bbls. lbs. Ws. lbs. lbs. GenDany ...... 6,500 7,301,949 2,000 25,519 1,502,01 London 10 450 209,000 197,125 1.602,960 Mexico 250,780 Liverpool 670 i,V78 1,008,940 6,526.761 234.706 623,741 1,599,859 204,644 Soutta. America . 9,850 3,160 Glasgow 100 82 38,210 478,323 30,660 100,430 52,100 All otlier countries 1,327,339 Bristol .... 150 226,000 79,425 154,320 Hull 74,000 583,300 65,940 Total 1881 $21,750 $411,796 $1,040,910 $44,275,131 Br. ports 75 80,000 67,450 2,151,023 3,216,858 30,218.544 Total 1880 Havre 115 404,000 ^ Total 1879 3,400 2,055,738 4,491,141 37,928.416 Marseilles ...... 150 236,000 Bordeaux .. . 99,000 Silver. Antwerp 5 115 676,500 $315,765 $7,924,090 $730 $210,425 Hammirg 200 120 1,941.300 83,650 20,065 Rotterdam .. 56 54,600 120,609 60.389 Bremen 65 165,000 West Indies -. 10,204 4,363 677,(503 Brazil 31,584 411 886 1,055,1. 24,870" ".3 Mexico 7..'?70 1,803 141 Bouth America 24',337 5,625 140.213 Central Am.. 58 18 243,198 2,698 820 otlier 29.796 500 \Q.-r>7 AH countries S. Am. ports 400 189 242,550 4,790 2,749 3.502 Total 1881 $315,765 $8,192,686 $10,618 Cuba 50,988 20,482 370 Total 1880 96,400 3,762,250 18,550 3,897,681 Hayli 951 i03 63,818 20,662 5.151 34.426; Total 1879 132.510 10.621.143 55,436 6.340.879 West Indies.. 216 241 31,917 1.879 2,732 4,058 Brit.N.A.Col. 485 54 12,166 2.799 6.720 the week in Of the above imports for 1881, |26,119 were Other count's 129 80 8,129 16,754 2,657 250 American gold coin and $6,618 American silver coin. Of the St. Domingo. 9 4.100 1.209 2,222 were exports for the same time, |5,000 American gold coin. Total week . 3.348 3,725 5.908,400 8.005.871 3,858,107 323,850 Prev's week . 3.112 3,414 4,752.817 8.393,271 6.370.315 651,580 Statement of the Comptroller of the Currency, showing by States the amount of National Bank circulation issued, the Sonth Carolina Railroad.—A press dispatch from Charles- amount of Legal Tender Notes deposited in the United States ton, S. C, Oct. 6, says: "In the United States Circuit Court to- Treasury to retire National Bank circulation, from June 20, 1874, day exceptions to the confirmation of the sale of the South to Oct. 1, 1881, and amount remaining on deposit at latter date. Carolina Railroad in July last were submitted on behalf of J. H. V. Cockcroft, of Connecticut, a holder of non-mortgage bonds of Legal-Tender Notes Deposited to the company, who claims that he and other creditors were dis- Retire National Bank Circula- criminated against by the purchasing committee, who for Additional tion since June 20, 1874. Legal Ten- ders States circulation o n another set of creditors bought the road, and that the effect of AND Ter- issued since To Retire De vosi t the action of the committee was to chill the bidding and cause- ritories. June RedempVn CircuVtion with V. S. 20, Notes the road to sell at far less than its value. An affidavit was sub- 1874. of of under Act Total Treasurer LiqnidaVg Deposits. at Date. mitted showing that George Parsons, of New York, who held ft. Banks. of Junt^O, 1874. judgment against the road, had directed his agents in Charles- ton to bid 16,000,000 for the road, if the judgment was not paid,, and that the judgment was then arranged for by the represent- Maine.. 1,506,180 317,000 764,700 1,081,700 270,632 N.Hampsh 643,165 72,997 55.800 128,797 26,769 atives of the purchasing committee. Counter affidavits were- Vermont 1,954.460 351,097 1,753,010 2,104,137 775,802 submitted, and after hearing the argument of the counsel for Mass 23,877,740 234,800 9,680,700 9.915.500 1,606,021 Cockcroft, Judge Bond announced that he would to-morrow sign, Ell. Island 3,138,220 32,350 1,409,885 1.442.235 316,037 Conn 4,342.770 65,350 3.731.030 3.796,380 1,486,112 an order confirming the sale of the road." New York. 27,752,065 2,616,578 30,520,580 33,137,158 7.377.896 —The Beliefonte car works will be offered for sale by auction) N.Jersey.. 2.615,835 467,603 2,563,137 3,030,740 1,154,689 at the office of the works at Bellefonte, Centre County, Pa., at Penn 16,105,6.50 1,311,22- 12,135,171 13,446,397 5,357,396 Delaware. 277,275 2 P. M., on Thursday, Oct. 27, 1881. These works, which have- Mai-ylaud. 1,9.57,310 166,600 1,718.380 1,884,980 77,622 a capacity of eight freight cars a day, occupy nearly ninfr Dist. Col.. 457,000 432,664 530.060 962,724 100,179 acres of ground, with three yard tracks, extending right into the- Viralnia .. 1,079,500 919,369 1,036,010 1,955,379 279,781 W.V'glnia. 226,810 731,060 386,685 1,117,745 147,339 buildings, are connected with the Pennsylvania liailroad, have N.Carolina 1,235,660 128,200 1,147,585 1,275,785 216,414 every facility and convenience for an extensive business, with a B. Carolina 180,700 1,187,380 1,187,380 165,854 reservation of nearly two acres of ground for future require- Georgia. 520.350 330.925 437.675 763,600 102,201 Attention is directed Florida . 72.000 ments. to the advertisement. Alabama 207,000 90,000 170,100 260,100 81,740 —The seventy-second dividend of the Ontario Silver Mining- Mississippi 236 Co., to is Wells, Louisiana. 1,623,110 656,413 2,099,250 2,755,663 64,447 amounting 175,000, payable at Fargo & Co.^ Texas 489,600 61,290 229,340 290.630 43,610 on the 15th inst. Transfer books close on the 10th. Arkansas 171.000 171.000 171,000 10,328 Kentucky. 4,558,380 629.8«7 2.175,833 2,805,700 855,209 Tennessee. 812,770 370,401 551,859 922,260 151,162 BANKINfi AND FINANCIAL. Missouri . 1,471,960 1,043,450 3,862,135 4,905,585 674,350 Oliio 5.475,110 1,704„597 4,651,034 6,355.631 2,038,860 Indiana... 3.900,850 1,414,597 7,859,083 9,273,680 2,831,329 BANKING DEPARTMENT. Illinois 3.417.125 1,884,334 7,706,046 9.590,380 1,761,933 Mlcliigan . 2.427,310 536,800 3,237,475 3,774,275 1,333.035 Wisconsin. 1,208,030 680.860 1,259.589 1,940,419 544,885 Office or FISK & HATCH, Iowa 1,941,400 858,669 1,760,615 2,619,284 486,743 Minnesota 1,138,400 554,495 1,883,445 2,437,94-1 779,747 No. 5 NASSAU STREET, Kansas . . 269,080 781,721 316,550 1,098,271 269,840 Nebraska 266,400 45,000 449,980 494,890 221,648 New York, 1881. Nevada . . 36,000 1,748 Colorado.. 717,300 147,225 149,400 296,625 18,723 In answer to numerons letters of Inquiry as to the terms on which -WB- Utah 134.900 161,191 196,800 357,991 13,143 reoeive deposit accounts of banks, bankers, business firms and IndtT- Montana.. 165,600 111.700 81,000 192,700 62,127 Wyoming 30,600 iduals, we Issue this circular for the general Intormation of those who- N.Mexico. 90,000 may desire to open accounts with a private banking house in this city. Wash'tou 207,000 90,000 90,000 71,360 We are prepared, on the terms mentioned below, to receive the Dakota . . 265,500 California. 867,600 accounts of responsible parties in good standing. *Leg. tend. 3.813,675 1. Except in case of banks, savings banks, or other well-known corpor- '^"^^'^ ations, or of individuals or firms whose cliaracter and standing are 119,834,715 19,910,429 107,958,352 131,682,456 31,836,924 already known to us, we require satisfactory references before opening: * Deposited prior to June 20, 1874, and remaining at that date. an account. 2. We allow interest at the rate of 3 per cent per annun on the average ,0^*'^^''^'''^ °* ^^^ Comptroller of the Currency on Oct. 1, monthly balances when the same amount to $1,000 or over. On ac- 1881, showing the amounts of National Bank Notes and of Legal counts : veraging less than the mouth we allow no interest. Tender Notes outstanding at the dates of the passage of the $1,000 for A;ts 3. We render accounts current, and credit interest as above, on the of June 20, 1874, January 14, 1875, and May 31, 1878, together with the amounts outstanding at date, and the last day of each month. increase or decrease: 4. For parties keeping regular deposit accounts with us we collect National Bank Notes- and credit United States, railroad and other coupons and dividends payable in this city, ; careful iniiuiries and give Amount outstanding June 20, 1874 $349 894 182 without charge make tlio best information we can obtain respectiuc investments or other Amount outstanding J,anuary 14, 187"5..'.!.'i"!".l"'.".!!...'. 35l!86l!450 matters of financial in gener.al servo their interests, Amount outstanding May 31, 1878 322,555 965 interest to them; and in any way in which to them in our Hue of business. Amount outstanding at date * 357 770 490 we can be of use Increase during the last month 857 479 5. We do not discount or buy commercial paper, but are at all timea Increase prepared to make advances to customers and correspondents on U. S- since Oct. 1, 1880. . .. 15J.o,iji>,ba/ioor^t Legal Tender Notes- bonds or other flrst-class and marketable securities. Amount outstanding 6. All deposits are subject to check at sight without notice. June 20, 1874. . . $382 000 000 Amount outstanding ....'... January 14, 1875. ' 382,000 'oOO Amount retired under act of Jan. 14, 1875, to May 31, '78 35,318,981 One of our firm is a member of the York Stock Excli.inge. and we Amount outstanding on and since New May 31, 1878 346,681,016 give particular attention to orders mail, telcfrraph or in person for Ajnount on deposit with the by U. 8. treasurer to redeem the purchase or sale of Bonds and Stocks on Commission notes of insolvent and liquidating banks, and banks We continue to buy and sell direct, without commission, .all issues retinog circulation under Act of Jimo 20, 1874 . ... 31.836 924 l>ecreaso and denominations of United States Bonds for immediate delivery at in deposit during the last month 3''1 increa 431 current market rates, and make exchanges for National Banks in tho se in deposit since Oct. '...'..'..".'. '. 1,1830 11,473)641 Banking Department at Washington, without trouble to them. Our " Memoranda Conoeruing Bonds" will be sent jwst- "^''^''l Gov rnmeut 080 450**^°" °' 1"^^^ banks, not Included In the above. paid on application. FISK & HATCH. I, : : . ,. IhBl. OCTOBKR 8. 1 THE CHRONICLE. 379 followH at the placeH namud: Savannah, baring, M off ; wllinf The IBawUcrs' (Saaette. ^9% off; New OrU-anH, commercial, IQiSO diaeoant, Imu 100 prem.; St. Loain, holiday ; Chicago, 80(9100 (Uaooont; Bos- DIVIDBIfDX: ton, is premlam. Quotationx for foreign exchange are an folIowR, the ontaide ru« foUowliuc illvldoDcls Uavc rooontly been aunoimcert priceg being the poHted rates of leading banltuni : I'er irA«n Bookt Cloned. A'ame o^ Company. cent. Payable. (Day inclusive.) October 7. tixly Day§. Rmllroadii. Prime banken' nterllng bills on London. 4 78Vt»4 7nis 4 92«4»4 89% $n rio 15 Oct. 10 to Oct. 17 Boeton <;iiii. Kltcli. .fc N.BeiUM i)f. Oc(. Prime cummorclal 4 77 »4 77'a 4x1 94 am Duytoii A Mlclilirnn l^H Oct. 1 Sept. 'J4 to Oct. 6 nooumentarjr oommorolal 4 76'«»4 77 4 80>a»4 Bl Do prof. 'quiir.).- Oct. 4 Sept. 24 to Oct. « Paris (franca) 9 24^»5 3t7« Dduwiini Lack. & Wj-st. (qiiar.). i:'i Oct. 20 AinBterdaui ( Htoiix Cltv <(i I'licitio pref 3 '-2 Oct. 5 > been irregular, with prices weak under the preaanre in the Utlwi A lilurk Itivor Sept. 80 money marlcet. At the Treasurv purchase, or rather redemp- Vermont & Miissacluisotts !g;^ Oct. 7 Oct. 1 to WwitJcixcy 4 Oct. 13 tion, of 3>^ per cents on Monday, the offerings amonnted to uDurance. $6,770,500, nearly all extended sizes, and the regular amount of North Uiver 4 Oct. 10 Oct. 4 to Oct. 9 was accepted. niscellaBeonn. $2,000,000 Intcraatloiial Hallway Imp. Co. •2.5 Oct. 13 The closing prices at the New York Board have been as foUnws: * In stock of tlic Missouri Kausa.s & Texas Riilway Company. Inlerett Oct Oet. Oet. Oct. Oct. Ott. Period*. 1. 3. 4. 9. 7. NEW YORK. FRin.lY, OCTOBER 7, 1881-5 P. M. •100% •100% The Money .Harket and Financial Situation.—The mone- 6s, continued at 3>n. J. A J. •100«i >100H! 100% IOC's 5s, continued at 3^.. C .-Feb. x00>a 100% 100% 100 100 chief topic of discussion this week in 9»-'a tary situation has been the 4>a8, 1891 reg. C .-Mar. •1131s •n3SB II314 113 113 •11314 flnaneial circles. Money on call iias been scarce; the banks are 4is9. 1891 coup. < .-Mar. •113H) •113% •11314 •II314 '112% •11314 below their 25 per cent limit; and stock brokers have often been Is, 1907 rej?. C .-Jan. •11638 1161s 11« "ll« 113% 1 1.5^8 4s, 1907 eoup. ( .Jan. xl6% 1161(1 llft''8 '116 •1151a •US'"* obliged to pay a commis.sion for their loans, in addition to 6 per 6s, eur'cy, 189.5. .reg. .]. & J. 130 •130 •130 •130 •130 •130 cent per annum. In this condition of affairs the street has 6b, cur'cy, 1896. .reg. J. & J. •131 •1301a •13019 '13012 •130 •131 looked for relief, as usual, to the Secretary of the Treasury, and 68, cur'oy, 1897. .reg. J. & J. •132 •131 131 •130% •130 132 6b, cur'cy, 1898. .reg. J. J. •133 •13li« •1311s •131 '131 133 various rumors have been put afloat in regard to the probable & 6b. cur'cy. 1899. .reg. J. A .1. •134 •132 '133 •134 •132 •139 action of Jlr. Windom. There is very little, difference of ; tale was opinion among reasonable business men as to the proper This Is the price bid at the momme board no made. course to be adopted by the United States Trea.sury in State and Railroad Bonds.—The speculative business in making its disbursements, and nine out of ten whose State bonds has fallen off in consequence of the closer money judgments are not warped by personal interest, would market, and to-day small sales took place of Virgjinia deferred say that the Treasury should simply protect with care at 17, North Carolina special tax 3d class at 9, Louisiana consols the funds neces.sary to meet its regolkr obligations, including at 66, and Tennessees new at 69. the reserve fund held against greenbacks, and beyond that Eailroad Ixinds are generally lower, in sympathy with stocks, should act quickly in returninp to the channels of business all and from the sales made by holders, who now require money and surplus money drawn into the Treastiry in payment of customs, are selling their securities to raise it. Messrs. A. H. MuUer & Son sold the following at aaction: internal revenue ; taxes, and other government dues. Now, as a matter of fact, it' appears from the statement of October 1 that Shares. Bonda. of Maiihat. C'o.l37i4-140 $1,000 N. Y. City Accnmo- there is a larger balance on hand than would seem to be neces- 265 Bk. 50 Cent. Piirlc N. & E. R. KK.I25I9 lated Debt 7 pr. ct Bond sary, and this can be reduced in two ways—1. The Treasury can 20 Metropolitnu Gaslight . . . 1 52is duo 1888 116 and Int. ofier to redeem at sight, with interest to date, $10,000,000 or 25 Metropolitan Ga-sligW ...I.5313 $16,400 N. Y. City Additional Croton Water 7 per cent more of the !S20,000,000 bonds called for December 24. 2. The 13 Star Fire Insurance 104 10 Hoffman Fire Insurance. 60 Stock, due 1891 ... 12OI4 & Int weekly purcha.ses of bonds miglit be increased beyond |2,000,- Bonds. $14,000 Tol. DelphosA Burl. 000. If Mr. Windom can clearly see that his Treasury balance $1,000 N. Y. City 7 per cent RR. Ist mortgage bonds. {Hypothecated) 73 warrants it, we should think that he would feel bound to adopt Doclc Bond, due 1902.130 Alnt. one or the other of these courses, in justice to the business inter- Railroad and Miscellaneous Stocks.-There has been an ests of the country, and also to do this as a distinct annuncia- unmistakable tightnes,4 in the money market this week, and tion of the plain policy of disbursing surplus money hereafter although it is freely charged that some of the bears in stocks as rapidly as it begins to accumulate in the Treasury. have assisted in forcing this stringency, it is plain that the low The monej' market has been stringent for call loans, and condition of the bank reserves has enabled them to do so. But throughout the week commissions have at times been paid by as to the eflfect on stocks, it is probable that the future proiyect stock borrowers of 1-32 to % per cent, in addition to the legal of the money market during the next three months may have rate of per cent per annum. On government bond collateral had quite as much influence as the present stringency. The money has been in better supply, and the usual rate has been 5 demand for money is very large, ana one item which is often per cent, witli exceptions at 6. Commercial paper moves more everlooked altogether in discussmg the situation is the large slowly, and the nominal quotation is 6@6^ per cent. amount of money to be called up at stated intervals during the The Bank of England statement on Thursday showed a de- next six months on sutiscriptions already made to railroad loans crease for the week of £1,374,000 in specie, owing mainly to or the stock of construction companies. If the information could T^thdrawals for shipment to Egypt, and the percentage of be obtained, an interesting statement might be made of the calls reserve to liabilities was down to 30 3-16, against 41^ last week; maturing hereafter,with the respective dates and amounts thereof. the discount rate was advanced to 5 per cent from 4, the previous Taking the most favorable view of the po.ssible Treasury dis- figure. The Bank of France showed a decrease of 9,600,000 bursements, let us suppose that Mr. Windom offers to pay on francs, but the proportion of gold and silver is not specified in presentation $10,000,000 of the bonds called for December 24. tlie usual way. The Bank of Germany has advanced its dis- As the interest on the bonds would not cease till the date count rate to 5}6 per cent, and the Bank of Holland has also named, would enough of them come in to relieve the market ? again advanced its rate % of 1 per cent. On the other hand.' if he should offer to increase his weekly The last statement of the New York City Clearing-House takings and should redeem, say, $3,000,000 per week from now sufficient to ease the banks, Issued October 1, again showed a decline in the reserve till the end of November, would this be below the legal 25 per cent limit, there being a deficiency of market ? The disbursements in the latter case would cert^y 12.756,025, against a surplus of $1,462,275 the previous week, add largely to the supply of money, or, rather, thev- would go a difference of $4,218,300. far to counteract the effect of the payments into the Treasury. The following table shows the changes from the previous week The general weakness in the stock market has not been And a comparison with tlie two preceding years due alone to the money pressure, but has been helped by the outlook in other respects, which in some particulars has 1881. Differ' ncc8 1880. 1879. fr*m unfavorable. The attitude of Mr. Vanderbdt m Oci.X. previous week. Oct. 2. Oel. 4. been quite the trunk line freight war is anything but promising for a liOUiBand dis. i$33n..l97.400' Dec $2,174,900 $309,323,fi00 ii266,364,300 speedy ces-sation of hostilities, and the chokme np of the Specie... 5r,,(;43.200| Dec. r,.:MI,':00 05,256.300 20,149.100 ihe maintenance of speculative Circulation grain trade in the West, by ... 19.'?n9.100 Iiic . !13,9(W 18.636.700 21.932.400 difhculty that is exciting mnch comment. Net deposits . ;i08. 518.100 ih-c. ri,7i;'j,'.;oo 295,0 1 1,-100 231,920.700 prices, is another I«gal is little room fo* ttiuden*. 11.730,300 Dec. :!26.900 1 3,046,300 38,093,500 Chicago is so stuffed with grain that there I given notice to shippers on its I*gal reserve. I $77,129 o'J5, Dcc..?l.|.l9,9rO $73,902,830 $57,980.17.1 more; the Rock Island road has BeMrve held. boats on the lake 74.373 500 Dec. 5,668,100 78,302,600 58,242,600 line that no more could be taken for Chicago ; balla.st, but offered to carry to Buffalo at ^c. a bushel for no aurplns df.$->.7i)«.02.5' Dcc.$4.218.30t) $4,399,750 $262,423 shippers could be fonnd. as Chicago prices were too high. principal developmjMttt Exchange. —Exchange has been dull and rates are again In Philadelphia & Reading affairs the lower, SI) actual registering (to Thursday night) of 25,000 ^ that moderate shipments of specie have been made has been the from Vanderbilt's name. Europe. The export of breadstuffs is very moderate, and shares in Mr. . , ^v receiver of the bills from this source are limited. To-dav the actual rates for The appointment of Mr. John M. Douglass as place of Mr. John King, Jr., w prime bankers' 60-day steriing were 4 78 to 4 79, and 4 82M® Ohio & Mississippi Railroad, in Baltimore & Ohio party an« 4 83 for demand; cable transfers are 4 83M®4 84 and prime com- said to be a compromise between the mercial bills 4 7G>6®4 77. The actual rates for continental their opponents...... j without a de- exchange are as follows: Francs, 5 27>6(35-26% and 5-23%@ Tlie elevated railroad stocks are yet un.settled. but to-day HanbattlUl 5 23M; marks, 935/^@?4 and 94%®^; and guilders, 39%®^ cision as to the status of the companies; certiflcatee wUl And 39%@%. is mnch stronger, on rumors that the receivers' In domestic bilLs New York exchange 'vas quoted to-day as l>e taken. .— .... U 380 THE CHRONICLE. [Vol. XXXIII. RANGE IN PRICES AT THE N. Y. STOCK EXCHANGE FOR THE WEEK, AND SINCE JAN. 1. PKICES. Range Since DAILY HIGHEST AND LOWEST Sales of Jan. 1, 1881. {.^"^r 1880. STOCKa the Week, Sararaay, Monday, Tuesda' Wednesday. Thursday, Friday, '! Shares. Lowest. Oct. 1. Oct. 3. Oct. Oct 5. Oct 6. Oct V. Highest Low. High RAIIiROADS. Albany * Snsiiaehanna 120 Jan. 6 131 May 16 100 120 Boston * N. Y. AirLlne pref... 64 61 66% 66% 200 45 Apr. 7 71% July 13 37 61% 37 Feb. Bafl'alo Pittsburg .fc Western .. 26 48% June 15 Burlington Collar Kapida & No. 79 79 •75 79 •75 79 •76 79 •76 78 200 69 Feb. 24 90 May 26 80% Canaila Southern 631a 63 'a 63 63»9 591a 631a 58% 60% 58 59% 58% 60 19,500 68 Oct. 6 90 Jan. 14 31% Cedar Falls & Minnesota 24 21 21 21 600 16 Jan. 18 40% June 20 29 Central Iowa 3712 371a 100 31 Feb. 5 45 May 23 37 953. 67.100 Central of New Jersey 94 931s 9414 92=4 94% 90% 92% 89% 91% 91% 92% 82% Jan. 4 112 Feb. 17 90% Central Pacific 94 go's 92^4 941a 92% 94% 91 92% 90% 92% 92% 93% 103,370 80% Feb. 23 102% JunelS 97% Chesapeake* Ohio 29 29 281a 28=8 28% 28% 28 28% 27 27 3< •28 29 2.430 20% Jan. 19 33''8 Mav 14 25% Do 1st pref id M^ 393« 40 40 40 39 39 38 38 38 39 1,265 32=4 Jan. 12 48 % May 14 36% Do 2d pref 31 31 SOU 301a •30 31 29% 30 •29 31 •28 31 800 23 Jan. 23 36% May 14 17 27% Cliicago A Alton ISO'-alSflia 130 1301* 128 129 127% 127% 127 127 128% 128% 1,652 127 Aug. 20 156 Jan. 5 99% 159% Do pref •138 131 .... 140 Mar. 23 153 Jan. 7 117 160 160 154 153% 155% 12,428 CMcwo Burlington A Qulncy . 159 m 1671a 15914 156% 157% 153% 156 152% 147% Sept, 2 132% Jan. 17 113 183% Chicago OCTOHKB 8, 1881. THE (JHROxMCLt? 881 QUOTATIONS OF STATE AND RAILROAD BONDS AND MISCELLANEOUS SECDRITiES. ATATK BONOH. Bid. Ask. SECURITIES. Bid. SECURITIES. SECURITIES. Bid. Ask. BECURITIEH. Bid. Alitbama— Mlclilmin— X. Csrolliiii-6ri,old, J.*J. Sooth Carolina— 7!) il«. 188» 103 f\n-' • 1 '> 1. 1900... 6«,old, A.AO a*. Act Mar. 33. 1849) <-' 7«. 1890 117 ! Hinoll... 78 No. Ouolln* HR., J.AJ. li0B.(andal>le, 1888. . < 13>l <, 96 Ml»Hi>art— "' lU. 1 ArkaiiMiiH- line 1887 FundinKBct, 18iii).i!MX), 13 6s. new nerleit, 1914 31! (1». 1888 ()«, tnnilo.1. ISftOlOOO.. 32 duo Do 18U81898. 13 Vlnclnl»-««, old L. UiH-lt * Kt. S, lu 2t 30 (i«. line 1880 or 1890 New bond*, l.AJ., '92.8 32 Os, now, iMfld 7«, '92 7«, Mfilili. A t..K RAILROAD BONDS* AND MIliiCELI.A^EOVH SECCRITIEM. Erie—Contiunwl— Peoria Dec. A Ev.— Ist. U9 10714 108 . Ind.BLAWest-lno.,1919 Railroad Bonds. Hiiir.N.y.AE.-l9t.l916 130 Evans. Dlv,.l9t. Os. 19'20 1021a 105 >s Ind s Dec.ASpr'd-3d Inc 160 87 N.Y.L.E.aW. -NBW2d.6 Pao. ' Prices nominal. t And accrued Interest. t No pncs Friday-those ars latest quutattaas made thu week .. . . , —. .. . . '... 382 THE CHRONICLE. fVoL. XXXIII. New York Local Securities. Quotations in Boston, Plilladelphia and Baltimore. Insarance Stock LiUt. SKOUBITISB. SKCUBImS. Bid. Alk. Bank Stock liUt. [Quotations by E. S. BAILET, Broker, No. 7 Fine Street.] Cam. * Burlington Co. 68,'97. 121 BOSTON. Catawl8Balst,7s, con v., '82... pnics. Prick. do chat, *88 Companies. vtch. 4 Topeka Ist m.78 m., iOb, . do land grant 7i ,. ' o new7s 1900 Par. COMPANTES. Par. Marlud thus (*) are An lanf^ inc. Ss. Connecting 6s, I90O-19(M Bid. Ask. Bid. Ask. !)8',< not National. Atlantic 4 Paclfl , 6s Charllere Val., lstm.78.C.,l901 46 Oelaware • o Uicome . mort.. 68, various.. A rifM.* 100 142>4' .... American 60 150 165 Boston 4 Maine 78 Del. 4 Bound Br., ist, 7b, 1905 124 123^ American 100 East Penn. 1st '88 Am. Exchange 100 Exchange 111 115 ioeton & Albany 78 mort. 78, . 115 100 25 2'5 do 6b KI.AW'msport, lstm.,7s,'80. 112 25 Broadway 25 200 •ilO .iostou 4 Lowell 7s do 58,perp 100 Butchers' & Drov'rs 25 Brooklyn 17 190 d . 6s Eaeton A Aniboy, 5s 100 isa Citizens' 20 180 170 :to8ton 4 Providence 7« .... Harrlsburg Istmor'.fis, '8:i.. 100 ;0i! City...., 70 !28 130 I — . .. OcTonKn 8, 1881.] THE CHRONICLE. 383 the Citjr The tollowinx ctatemnnt shown Railroad Earnings.—The latest railroad earninpi aod New York Banks.— tb* condition of the A«K>oi«t«d Banks of New York City for tb* Jan. 1 to latest dates are jriTen below. The state totals from week ending at the commencement of boaineM on Oct. 1. from which ment inoludfs the gnm eariiinK« of all railroads retnrns can be obtained. Th.t columns under the heading Banks, OapttoJ. Jan. tooM and " Jan. 1 to latest date" furnish the gross earnings from the second 1 to, and inclndinsr, the period mentioned in eolnmn: N«w York «,000,000 »,448,0M i,8n,ooo Manhattan Co... *,oso,aoo 7878.800 . ^-Jan. 1 to total date.^ . LalftI eamingi reported— Uarobaots 1,000,000 «.74o.aco WeekorHo. 1881. 18S0. 1881. 1880. Meohanloa' 1,000,000 S.OVT.OM 1.408,01 Union i.aoo.ono Ma8.m . . . itiG8.1H7 »470,791 $392,070 uj8oa.«ao I,7Sf^ Ala.Qt BoDtlieni . Angn«t America 3,000.000 .... 981,000 674,228 Phosnlx 1.000.000 8. 70 1.000 877,000 Atoh.Top. A 8. Ko . AuKiist N.Y.Alr-I.Juiy 25,300 26,1S4 159,149 1.58,876 CItT 1.000,000 2.ow>.aoo Sort.* Tradesmen's 1.000,000 S.'^W.HOO 404.800 52.r)',),'> 42.990 1,534,444 1,409,712 Bur.CRav.A No . . 3(1 wk Sept l.Tli.OKI 1S6.800 287,206 27a. C93 Fulton 000,000 Cairo & 8t. L<)ula.'J>l wk Sept 8,G8(i 8,0.1» Chemical 800.000 12.KII4.10C 3.1111.800 Omtral P«olllo...AuKUst....2,0,VJ.OOO 1.973,437 14.807,926 12.318,196 Morch'nts' Rxch. 1,000.000 4,4:U.t<00 489,100 Ches. *011l0 ....Auitust.... 262,8.'>8 239.110 1,787,245 1.7o0,382 Ualliilln Niitlon'l 1,000.000 4.51.H,I00 BOy.SOO Chlwwo* Alton .4thwk3ep. 183.701 183,613 5.462..V25 5.661„'-)29 Biil.cliersWDrnv. 300,000 1.W5.800 809.800 ...1,888,3,58 1,773,643 10.986,904 11,433,248 Mochtiutcs' 4 Tr. '.WO.OUO »K5,000 159.000 OhirBuri.&QJ.lly.... Oreonwlch.... IW7.BO0 le.M)0 30,4.58 31,426 MO.OOO Chle. & Kant. ill. . Itli wk Sop. Leather Man'f'rs 800,000 2.814.100 43i.sa0 Chlo.&G.Trk.Wk.eiiil.Sop. 10 31,358 25,018 Seventh 800,000 1.OO7.100 l),3.400 " ' - Ward Ohio. Mil. .* St. I'.lthwkSep. 484.000 397,364 12,012,000 8.723.147 State of N.York. 800,000 3.406,700 084,800 Ohlc. A Northw..4thwkSep. 710,721 710,470 15,558,032 13,977.268 American Bxch. 6,000,000 is.aso.ooo S.ailO.000 Commerce S,00O,0OO u.e8a.4a(. *.a8o,»oo Cliio. .st.I,.& ,N".(). Auitust 2.'>7,700 224,737 2,369,223 2,070,425 CUI.St.P.Min&0..4tliwkScp. 101, GOO 92.564 2,799,207 2,124,978 Broad wav 1,000.000 5.417,800 984,800 14,382 596,400 467,228 MeroHiitile l.(KK),n00 e.Tso.ioo i.8o«.aoo Chic. & W. Mlch..l9t wk Aug 20.224 PaoWc 4'^'2,700 2.331.900 829.100 CIn. Ind.St. L.&(;.AUKU8t 229.8."i8 233,478 1,476.905 1,521,40» Republic 1.900.000 a.a 384 THE CHRONICLE. [Vol. XXXIII. have been in favor of the Troy & Boston Road; but as thi* %nvit$tmtnts decision is from the court of last resort there will be no further AND litigation. Boston Advertiser. STATE, CITS AND CORPORATION FINANCES. Cliicago Burlington & Quincy.—The Chicago Tribune of 29th ult. says: " The meeting of the stockholders of the Chi- The IsvESTORs' Supplement eoniai)is a complete exhibit of the cago Burlington & Quiney Railroad Company, in this city yes- Funded Debt of States and Cities and of thi Stocks and Bonds terday, was a very listless affair, and everything went off as Companies. It is published on the last of Railroads and other laid out in the circular published a few days ago. There were viz., April, Saturday of every other month— February, June, but few stockholders present, but these held proxies for over is without Avgust October and December, and furnished extra 400,000 shares out of a possible 540,000. It is hardly probable the Single copies charge to all regular subscribers of Chbosiclb, that so large a vote would have been cast for the scheme had are sold at $2 per copy. it not been for the fact that every stockholder is in favor of SUPPLEMENT. extending the line to Denver, believing this to be necessary to INDEX SINCE AUGUST the success of this company; but the issue of new bonds and the to all reports and Items heretofore pul)- Tlie foUowlne Is an index issue of scrip stock were so blended together that it was neces- TnTestment Dep£--tment of the Chronicle since the last Islied in the sary to vote for or against both propositions." » * * "After Issue of the Investors' Sm-rLEMENT; annual reports are indexed in black-faced type the object of the meeting had been explained as set forth in Adirondact o03, 356 Michigan Central 225, 358 the circular, a resolution was adopted authorizing the direc- AUlance Coal Co 3ob Minnesota State Bonds 282, tors of the Chicago Burlington & Quiney Railroad Company to 224 294, 304, 329 American Iron and Steel lease or consolidate the Republican Valley Railroad and the Stat« Debt 3'28 Mobile & Ohio 281,329, 358 Arkansas Railroad, Atch. Top. & Santa Fe 357 Mo. lowa&Neb 225 Nebraska & Colorado or to take any action they see Atlanta & West Ponit 824 Missouri Pacific 304 fit in order to secure a continuous line to Denver. The Repub- Mutual Union Telegraph 255 Atlantic & Pacitlc 356, 357 lican Valley Railroad is the Western extension of the Burling- Boston & Alljany...... ;•• 224 IVashv. Chat. & 8t. L.304, 329, 350 ton & Missouri River Railroad in Nebraska to the Nebraska Co. OCTOBBB 8, 1881.] THE CHRONKJLK 885 the correspondinff half-year of 1880. On June 28 dE123.!>26 in Manhattan—Metropolitan—New York Elevated.-The fol- special general meeting of the company, the share- lowing flgurea last, at a are taken from the statement prepared by tlie the Parliament holders approved and accepted an act of of the Assistant Treasurer of the eaminffs and expensee of the Man- of Canada, authoriziug the payment of the dividends hattan Pominiun Railway Company from October 1, 1880, to Joly H, fifteen days after the date of each half-yearly meeting ; and 1881 1 accordingly the directors will a.sk the shareholders at the »»W TOBK ELRVATBD «AItWAT COMPAXr. coming half-yearly meeting to declare the following dividends Net enrnliKfH from Ootolier 1. 1890, to July 14, 1881 nia.lTO 02 payable on October 12 next, namely: On the first preference Allow for traDsfem at Clmlbam Sqnote, 246 week day* at !Jh>00 123 000 00 per cent per annam, £80,374 ; on the stock, at the rate of 5 Allow for u»e of shops, Nluoty^lihVh'aodNVnoty per cent per -ninth second preference stock, at the rate of S annum, Streets and Third Avenao, 287 days at »12S 3S.875 00 £58,154 ; absorbing £138,529, and leaving a balance to be car- ried forward to the current half-year of £8,122. The Lets nine and a half month*' Interest un funded debt.... 471,041 gross receipts for the half-year were greater than in 1880 00 £81,445, or 8'21 per cent. The working expenses, including »531.013"62 y T»..t_.. . ,. . renewals, amounted to £738,53S, or 68 80 per cent, against a Deduct taxes, about 160,000 00 total charge of £675,344, or 68'OS per cent in 1880, showing an 371,013^ or 9*36 per cent, as compared with an increase of £63,194, METROPOLITAH ELEVATED BAILWAT COMPASr. increase in the receipts of 8"21 per cent. The length of line Net enmlnKS from October 1, 1880, to July 14, 1881.... •726,360 49 worked by the engmes of the company has been increased Deduct for transfiirs nt Chatham Square $123,000 from 1,273}^ miles at December 31, 1880, to 1,406?^ miles at Deduct for useof shops 39,875 June 30, 1881. The additional lines are the Montreal & Champ- 158.875 00 lain Junction Railway, 11^ miles ; the Michigan Air Line Railway, 36 miles ; the Grank Trunk Georgian Bay & Lake Less nine and a half months' interest on funded debt Ssois 15 00 Erie Railway, 91 miles ; less portion of Montreal & Champlain BelDf; a deficiency to earn Interest on bonds of ,.. $18.829 51 line abandoned, 5 ; total, 1333^ miles. The gross receipts of taxes Add about , 160,000 00 the Grand Trunk Company do not include the total amounts received by the above three companies, but have only been Mah lug a total deficiency of $178,820 81 credited with the revenue accruing to the Grand Trunk Com- New ¥ork Lackawanna & Western.—The Baffalo Express pany for working these additional lines, in accordance with the " says : The work on the new line of the New York Lacka- half-yearly of April agreements approved at the meeting 28 wanna & Western Railway is making rapid progress at nearly last. all points between Buffalo and Bino^hamton. The work is more Indiana Illinois & Iowa.—The Indiana Illinois & Iowa than half done. A large force is now at work at the Genessee River, the is Railroad, formerly the Plymouth & Kankakee, is being rapidly where heaviest work to be done. Crossing the pushed from Plymouth, Ind., to Council Bluffs. Work was be- Genessee at Dansville, the road extends through the soathem towns of Genessee and Erie counties direct to Buffalo. gun July 1, 1881, and the line from Momence to Kankakee is It is completed. By December 1 the road from Kankakee to Streator expected that 14 miles of track will be laid in Erie County will De in operation. The best steel rails are used. The road outside of Buffalo—by the last of October. This will reach the city limits to Centre. •will cost between $20,000 and #2r),000 per mile. It is expected from Alden The road separates just Buffalo into to have the entire line (700 miles) completed by the end of next east of two lines, which proceed along the out- year. skirts of the city. The northern or Black Rock line has three miles of grading finished, and will complete a mile and a half Lake and Canal Rates In September.—The Buffalo Com- of trestle-work next month. From Black Rock to Binghamton " mercial Advertiser says : Tnere was no improvement in all other tracks—and there are many of them —will be crossed business the during September, and move- by water route the overhead ; while to the south the Lake Shore, Erie, Buffalo ment of grain was comparatively light, notwithstanding that New Y'ork & Philadelphia, Buffalo & Southwestern and Buffalo September should be one of the busiest months of the year. Creek railways will be crossed at grade. On this southern line The following exhibit shows the rate of freight on wheat and the work is being pushed wherever not checked by litigation. corn from Chicago to Buffalo, also the rate on the same canals The work on the western division is for many miles very light, from Buffalo to New York by canal for September in the seasons the only exceptions being in the vicinitjr of the crossings of the named Central and Erie branches from Batavia to Attica, where eight heavjr grading considerable trestle-work will ^ miles of and Lake.— ; Canal.— Lake. — y-^Gaiial. — be Wheal. Corn. Wheat. Corn. Wheat. Com. Wheat. Corn. necessary. This railroad runs in great part away from villages Cte. CIS. Ctt. CIS. CI/. CIS. Cts. Ctt. and towns, and the locations of stations will be fixed at once, 1881. ... 32 2-9 4-8 4-3 1875. .. 2-5 2-2 70 6-4 but the public are assured that they will be placed whererer 1880. .. 44 3-9 5-9 5-3 1874. .. 3-5 3-2 95 8-5 3879. ... 5-3 4-8 81 7-4 XS73 . ..12C 11-6 11-8 101 the local traffic can best be accommodated. We are assured 4-4 1878. ... 41 80 71 1872. ..14-8 13'8 12-5 11-6 that the road is teing well built. The bridges are all of stone 1877. .. 40 3-4 7-7 6-7 1871. .. 9-6 90 11-3 12-5 or iron, the rails of heavy steel, and sharp curves and steep 1876. ... 2-6 2-3 6-2 5-6 1870. .. 56 4-1 10-8 100 grades are avoided. The whole line will be laid with doable " It will be observed that in the eleven years named, the aver- track as soon as the road-bed is ready." age rate for September has been lower than that of last month Chicago, Oct. the question of the only in two instances—namely, in 1875 and 1876. But in those Ohio & Mississippi.—At 5, Ohio & Mississippi Railroad Company made years there was comparatively little grain in the interior; now receivership of the resignation of John King, was settled by there is plenty. In Chicago alone over eleven million bushels vacant by the Mr. to office John M. Doug- are held. The spirit of speculation has run so high and money Judge Drummond appointing that Mr. President of the Illinois Central Railroad. has been so abundant that there has been little dispositon to lass, formerly realize on grain by shipping it to the seaboard. The result has Philadelphia & Reading.—The receivers of the Philadelphia been that vessels rnnning in the several lines to Chicago have &. Reading Railroad have decided to pay on and after October had difflculty in securing down freight enough for ballast." 18 the unpaid coupons due January 1, 1881, on the general mortgage bonds. Payment of the Pickering Valley Railroad LonisTilIe & Nashville.—The annual report of this company coupons at the rate of four per cent is now made by Treasurer will be ready next week. From the brief abstract obtained at Bradford. The loan amounts to $322,30$, and bears 7 per cent, the annual meeting, it appears that for the year ending June but the Reading Company offer 4 per cent, as in the case 30th, 1881, the miles of road operated were 1,840. The company of other bonds on which interest has been scaled. Presi- also owns the controlling interest in the Nashville Chattanooga dent Bond states that the proviso in the convertible 7 per & St. Louis Railroad, 508 miles, and Ls jointly interested with cent bonds of the company does not preclude their conversion the Georgia Central Railroad in use of the Georgia Railroad and into stock, but is simply intended to prevent the holder from dependencies, 641 miles ; aggregate length of roads in interest collecting both the dividend on the st^^ck and obtaining the in- Louisville & Nashville, 3,019 miles. The company is building terest on the bonds, and the conversion can be made before the 94 miles, making 1,532 miles. Mortgage debt, $46,991,840, or stock books close. Up to October 3 no request or notification 130,673 per mile. Capital stock, $18,130,913, or $11,835 per of any kind had reached the Treasurer of the company from mile. Total stock and bonds per mile, $42,508. Gross earn- any person desirous of having convertible bonds changed into ings for year, $10,916,650. Operating expenses, $6,713,132. Net, the company's stock. From the books, it appears that William $4,198,578. Other income. $225,209. Total income. $4,423,727. H. Vanderbilt has registered 25,000 shares of stock up to Fixed charges, all kinds, $3,079,088. Dividends, 6 per cent, Thursday, but this is a relatively small amount, as the par of $1,087,800. Surplus. $256,839. Total surplus forwarded to shares is only $50, and unless Sir. Vanderbilt registers a Isrge next year's income account, $485,221, amount before the books close on Saturday, his whole Reading will come down to the level of a minor stock oper- Manhattan.—The receivers of the Manhattan Railway Com- manoeuvre pany sent the following notice to the stockholders of the com- ation. is in pany : Rich. & Dan.-TVest. No. far.—A hot contest ?»»§«• Under an order of the Supreme Court of the State of New over the Western North Carolina RR. A dispatch in the Times in pub- Y^", dated September 29, 1881, the undersigned, receivers of from Raleigh, N. C, Oct. 1, says: "Senator Vance, a the Manhattan Railway Company, will receive offers for lished address, charges that Gov. Jarvis withheld the contract of $1,000,000 of the certificates of the receivers, issued pursuant made between the Commissioners and Best from the 25th to to said order, payable as provided therein, with 6 per cent May last to August 1, and did not communicate the same interest. The order also provides that the certificates shall not Clyde, Logan and Haford, and retained the $250,000 deposited bv be issued nnless the whole amount of $1,000,000 be taken at Best at the same time to be tendered to Clyde, Logan and Buford, Gov. par. A copy of the order of the Court may be seen at the office until the same date, August 1. He also says that Jams of the undersigned, No. 195 Broadway, New York. was responsible for the delay attending the notification oc (Signed) Johs F. Dillos, Clyde, Logan and Buford of the aforesaid contract The meeting A. L. HoPKiss, of the Commissioners called for by Senator Vance will probably Joint receivers. be held in Charlotte =ext week. Great efforts are being made — — — 386 THE CHRONICLK Vol. XXXni. act with per day, something very rarely accomplished in railroad con- everr day to inflaence and control Jarvis and Worth to Vance No extension of time to complete the Western North struction. River has yet been Carolina Koad to Point Rook and Pigeon Toledo Delphos & Burlington. K circular has been issued Company. The attention irranted to the Richmond & Danville by the bankers of this company, Messrs. George William Balloa the next meeting of the Com- of the people is now directed to & Co., from which the following is condensed: of the Western North Carolina missioners. The possession "The Toledo Delphos & Burlmgton system (narrow gauge) is forfeiture of the contract, for Road by Best depends upon the as follows which Senator Vance is working night and day. There is a Miles. difference of opinion as to which side Jarvis and Worth will Toledo Division—From the city of Toledo, Ohio, to the city of Ko- stronger and better-informed opinion is that they liomo, lud 181 take; but the Division—From Kokoino, Ind.. to East St. Louis victory St. liouia 268 will grant an extension of time, and thus give the Dayton Division and ShanesviUe Branch—From Dolplioa to the to the Richmond & Danville Company, because an extension city of Dayton, Ohio 102 Cincinnati Northern Division—From Cincinnati to Dayton 55 will enable them to complete the road in accordance with the Dayton & Southeastern Division—From Dayton to tlie terminus of contract." the Iron Railroad, and branches 185 The Iron Railroad (and spurs)-From the city of Ironton, Ohio, to Louis Iron Mountain & Southern.—The contract for St. the Dayton Commissioner Raum in regard to the taxation of deposits : and Ironton. It runs through a thickly-settled region, where " Where money, checks or drafts are received by a bank or crops are abundant and the people prosperous." banker and carried to the credit of the person who delivers the same or for whose use the same are delivered, they become and Trunk Line War.—Mr. Garrett's extended reply to Mr. Van- " are a deposit in the hands of the bank or banker, and if subject derbilt's first charge contains a few statistics as follows : The to check or draft, or payment on the return of a certificate of Baltimore & Ohio has the advantages of distance to Baltimore deposit, or other evidence of debt, they are a deposit subject to as compared with the New York Central to New York, namely : taxation, whether the money be payable on demand or at some Miles. From Chicago 140 . future day with or without interest, and whether the depositor From St. Louis 249 be secured by collaterals or not. But where a bank which by its From Louisville 289 . charter has authority to borrow money, or a private banker From Cincinnati 289 goes into the market and negotiates for and borrows money, And from all points south of Baltimore, viz., tlie distance from Bal- timore to New Yorli 185 to secure the payment of which notes are given or bonds or stocks pledged, the money so obtained is not a deposit and is " It also has proven, for a series of years, that its expenses of _^ not subject to taxation as such. operating show it to be the cheapest road of the trunk lines, " Deposits made with a bank or banker, and mixed with the and to quote from evidence given before the special assembly other funds of the bank, although received for special pur- committee on raUroids of New York in 1879 on behalf of the ' poses, such as, ; for instance, to pay dividends or interest coupons, New York trunk lines It , is the cheapest road of the trunk or to provide for other payments, are subject to taxation. But lines to operate, from the fact that it runs a great portion of its a special deposit of money held intact to be returned to the distance through most valuable coal fields. Whilst the New depositor is not subject to" taxation as a deposit. York Central is paying three or four or five dollars a ton for its " Banks and bankers, when making up their returns for taxa- coal, the Baltimore & Ohio can bring it right out of the pit and tion, are not entitled to deduct from the balance of deposits dump it into the car of the engine at a cost possibly of 80 to 90 shown upon their books, amounts of money in possession and cents a ton. The advantage it has in point of fuel far over- not invested, nor amounts of money re-deposited with other balances any advantage tne New York Central may have in banks or bankers. grades.' The injudiciousnesis of this breaking down of rates to "The business of a broker is to negotiate purchases or sales an unremunerative standard is shown very distinctly by the of stocks, bonds, exchange, bullion, coined money, bank notes, statistics in regard to the tonnage and revenue from through promissory notes, or other securities. He takes no possession traffic over the four trunk lines during the months of July and • as broker of the subject matter of the negotiation. August compared with the corresponding months of last year, "Every person, firm or company having a place of business namely : where stocks, bonds, bullion, bills of exchange, or promissory July, 1880—Tonnage 1,0*1.432 notes, are received for discount or for sale is regarded in law as " 1881 " 972,297 a bank or as a banker, and the capital and deposits of such bank Decrease 69,135 or banker are subject to taxation, as provided in section 3,408, United August, 1831 9§S-2^ States Revised Statutes. 1880 963,707 "Where checks or drafts are received for collection and remittance, and are collected and remitted for the following Increase 2,546 day, the collections July, Revenue $2,958,300 .should not be treated as a deposit ; bu^ 1830— " 1881- " 1,908,075 where the money collected is held by the collecting bank and remitted at a subsequent time, during the period it is so held it Decrease $1,050,225 should be treated as a deposit. August, 1880 .;;; $2,709,976 " " Geeen B, Ratjm, Commissioner." 1881 1,668,606 1,011 ,370 Texas & Pacinc—The Olohe-Democrat of St. Louis reports Decrease that the Texas & Pacific is completed to point 704 miles a west Revenue lost in two mouths $2,091,595 of Texarkana, and that fifty miles of new road were just This decrease Is actually of net earnings, and at the same received, an inspection having previously been made. There rate would be for one year $l.,54.i,S/0 are but 125 miles yet to be completed to take the track to Wabash St. Louis & Pacific.—At the 8peci.al meeting of El Paso. The contract calls for the completion of this distance the stockholders of the Wabash Railroad Company, held at St. o'clock by 12 on the night of December 31, 1881, but it now Louis, the proposed consolidation of the Danville & South- looks as though the last rail will be laid in El Paso in time to western and Cairo & Vincennes roads, making a line from Dan- let the laborers eat their stock- Christmas dinners in that city. It is ville to Cairo, 111., was confirmed by a large vote of the contemplated that fully seventy miles of track will be laid holders, and the additional property was added to the Wabasn in the next thirty days—an operation average of two and one-half miles road on October 1, making Uie mileage t.Hen under : : OCTOBBB 8. 1881.J THE CHRONK'LE. 887 under the Wabash Bysttni, 3.2r)7. The lease of the St. Louis t>ridge by th« Missouri Pacific and Wabash St. Louis & Paciflo She ©ommercial %x\nts. was also approved by the vote of their stixikholdera representod. This concludes the flnal ratiflcaticni of this lease.required before It goes into effect, and under it the bridge and tunnel will paas COMMERCIAL EPITOME. into the poiiaession of the Missouri Pacific and Wabash roads, on Frtoat Nioht, October 7. 1881. October 1. Needed rains have fallen in nearly all Hectionii of th« ooontry, Western Tnlon Telegraph.—A suit has been brought by and they were followed by sharp froitta io middle and northern Oliver T. Johnson against the Western Dnion Telegraph Com- latitudes. In the Carolinas dome damage to cotton la reported, pany for the purpose, as is supposed, of ascertaining now the and In Virginia tobacco has been injared. Bat the 8eaaon> fast dividend of the company was paid. Dr. Norvin Green able weather has given an impahie to aatamn trade which offered to go before the referee himself and give them such was mnch needed. A very atrlngent money market has had information as was desired. The 388 THE (JHRONK.LR [Vol, XXXm COTTON. In addition to above exports, our telegrams to-night also give us the following amounts of cotton on shipboard, not cleared, at Fbidat, p. M., October 1, 1881. the ports named. We add similar figures for New York, which Thb Mo^^bmbnt op thb Crop, as indicated by our telegrams are prepared for our special use by Messrs. Carey, Yale & from the South to-night, is given below. For the week ending Lambert. 60 Beaver Street. (Oct. the total receipts have reached 170,810 this evening 7), On Shipboard, not cleared—for bales last week, 110,433 bales the previous bales, against 132,696 Leaving since; total Oct. 7, AT— week and 92.052 bales three weeks making the Great Other Coast- Stock. France. Total. receipt."! since the 1st of September, 1881, 592,867 bales, against Britain. Foreign wise. bales for the same period of 1880, showing a decrease 692,758 New Orleans 19,873 12,497 2,503 411 35,319 bales. 100,586 ginee September 1, 1881. of 99,891 Mobile 1,875 None. None. None. 1.875 13.609 Unarleston 870 5,000 1,000 500 7.370 30,305 Receipt! at— Sal. Jfon. Tues. Wed. Thurs. Fn. Total. Bavannab 13,500 1,300 9,700 4,200 28,700 33,979 Balveston 14,069 1,115 100 4,1593 19,977 45,782 Galveston 2.977 4,747 1,543 2,741 1,744 2,984 16,741 New York 2,750 2,50 300 None. •4,100 86.525 porta 7,000 None. 1,000 1,500 Indianola, &.C. 707 707 Otber 9.500 27,896 10,578 8,197 6,520 5,415 3,676 36,980 Few Orleans... 2,564 Total. 59.937 20,162 14.608 11.334 106,841 338.682 8S6 3,786 1,C19 843 1,409 2,114 10,657 Mobile • Included in this amount mere are 800 bales at presses for foreign Florida 75 75 ports, tbe destinaiion of wUicb we cauuot learn. BaTannab 4,952 5.563 5,651 5,78' 6,029 4,572 32,554 The market for cotton for future delivery has been fairly Bnmsw'k, Ac. 513 513 active, but prices have been quite unsettled, varying widely even Cliarleston 3,759 4,426 3,978 3,828 3,538 4,430 23,959 on the same day. On Saturday there was a smart advance, Liv- Ft. Royal, &c. 10,10' 10,107 erpool proving unexpectedly strong. On Monday and Tuesday Wilmington 316 2,002 1,085 1,369 943 1,172 6,887 the opening was dearer on the execution of " outside " orders, Moreh'd C.,&c 491 491 but on both days the close was at some decline. Wednesday a Norfolk 2,219 4,767 3,732 3,677 3,039 4,982 22,416 still further decline was made, Liverpool proved as disappoint- CStyPolnt,&c. 1,987 1,987 ing to the operators for a rise as it had in tne previous fortnight Kew York 708 188 228 338 423 1,835 to those trying to depress prices. Crop accounts were rather Boston 385 f,38 930 681 669 35 3,560 better, and there was severe pressure in the money market, " Baltimore 146 105 104 322 677 which may have slightly aided the views of the bears," who FliUadelp'a, &c. 100 42 74 89 140 169 614 were at times strongly inclined to make assaults upon values. Yesterday, under a further decline at Liverpool, prices again Totals tug week 19,012 36,837 27.147 25.535 23,398 39.0811170,810 gave way, especially for the early months, against which some For comparison, we give the following table showing the week's special effort seemed to be directed. To-day the market opened total receipts, the total since Sept. 1, 1881, and the stocks to-night weak, but the frost accounts from Charleston brought in outside and the same items for the corresponding periods of last year. buyers again, and thej stimulated a demand to cover contracts, causing an advance m the later dealings, and all deliveries ex- 1881. 1880. Slock. cept October closed dearer. Cotton on tte spot has been fairly Jieceipti to This Since Sep. This Since Sep. active for home consumption, but shippers have done but little. October 7. 1881. 1880. Week. 1, 1881. Week. 1, 1880. On Monday quotations were advanced 1-1 6c., and on Wednesday they were reduced l-16e. Thursday there was an extensive re- Galveston 16,741 89,378 14,268 83,051 65,759 28,380 vision of nominal values ; white—strict low middlin.^, good mid- Indianola, &e.. 707 4,076 527 3,217 dling and strict good middling reduced l-16c.; middling fair Kew Orleans 36,980 133,282 39,844 103,016 135.905 71,493 and fair reduced 5-1 6o.; low middling unchanged; strict good Mobile 10,657 .35,442 11,470 32,978 15,484 12,674 ordinary advanced 5^0.; good ordinary advanced 3-16c.; strict Florida 75 470 431 993 9 ordinary advanced ^c; ordinary advanced 5-16o.: stained Bavannab 32,554 133,180 43,555 171,891 62,679 72,229 good ordinary advanced ^c; strict good ordinary advanced ^c; Brunswick, Ac 513 2,208 850 2,408 low middling advanced 3-16e.; middling advanced 1-lCc. To- Cbarleston 23,959 76,461 32,442 129,782 37,675 60,990 day the market for spots was quiet and unchanged at ll%c. for Port Royal, Ac. 10,107 10,121 3,686 4,355 4,655 4,057 middling uplands. Wilmington... 6,887 17,848 5,613 20,689 8,194 10,872 The total sales for forward delivery for the week are 804,500 M'bead City,Ac 491 783 474 1,310 bales. For immediate delivery the total sales foot up this week Korfolk 22,416 67,359 30,059 95,395 10,588 30,104 9,779 bales, including 2,015 for export, 4,529 for consumption, City Point, Ac 1.987 6,895 8,850 22,982 735 for speculation and 2,500 in transit. Of the above, 1,429 bales New York 1,885 3,411 1,859 2,307 90,625 53,211 were to arrive. The following are the official quotations and Boston 3,560 6,623 2,832 10,795 3,500 1,083 sales for ?ach day of the past week. Baltimore 677 3,742 46 2,075 6,548 6,214 UPLANDS. 1 NEW ORLEANS. TEXAS. Pblladelphia, Ac. 614 1,588 1,867 5,514 3,911 6,952 Oct to Oct. 8. Sat. niou Tnea Sat. Mod Toes Sat. non. Toes Total 170,810 592,86: 199.094 692.758 44.->.523 358,268 Ordln'y.^lb 89,8 8=8 S5s 8>3i6 8^8 S-'a 813i6 8^8 »''» _Ib 9 9 order that comparison may be made with other years, we Strict Ord.. y-;i« '4 14 97,8 9% 9% 97,r 9% 9% Good Ord.. 101,„ Rive below the totals at leading ports tor six sea.sons. 10% 10% 10^16 1038 1038 105,8 1038 1038 Str.G'dOrd 105r 1011,8 101 1,„ lO'i lOiSie io;6,„ lO'^fl 1015,6 lO'.Sis LowMidd'ff U'-IS 113a 113s 11 11=8 I15s ll»e Beceiptt at— 1881. 1880. 1879. 1878. 1877. 1876. 119l6 »« 119l8 Btr.L'wMid 115« 11U,„ 11", Il^i ll'Sia ll'5,8 W'H 11'5,6 llisie Middling... 1113, 11^8 Galvesi'n.Ac. 17,448 14,795 16,197 22,971 19,323 11 's 12'i6 12% 12% 121,6 12% 12% 17,982 Good Mid.. l'^l,8 12 M 12% 125; 1238 12% 125,, 1238 12% New Orleans. 36,980 39,844 42,416 12,191 19,617 32,381 Btr.G'dMid 12b,„ VIM 12% 129 12=8 12=8 129,8 125b 1258 Mobile „ 10,657 11,470 17,147 3,955 10,301 10,171 Midd'g Fair 1311, 13% 13% 136„ 1338 1338 135„ 1338 1338 Savannab Fair 13li,8 13''a la'e 141« 14% 14% 14I,« 14% 14% 32.554 43,555 30,741 39,411 24,714 18,090 Cbarl'st'n.Ac 34,066 36,128 Wed Th. Frl. Fri. Th. Prl. 22,968 33,327 19,738 23,745 ;Wed Tb. 1 Wed WUm'gt'n.Ac 7,378 6,087 4,401 5,763 4,629 5,358 Ordin'y.^lb 8''9 89,8 S^s 813, 9% 1 9% 813,6 9% 9% Norfolk, Ac. 24,403 38,909 26,475 23,161 10,459 25,141 Strict Ord.. 93,8 97l6 S'le 9"l8 9t;i6 9"l6 9', 91>18 91I1B AUotbers Ord.. IOI4 7,324 8,306 9,063 7,379 478 3,206 Good 101,8 loC 103 S 10% 10% 105, 10% 10% Str. G'd Ord IOOr 10% 10% lOTfl U 11 10^8 11 11 Ty)t.thlsw'k. 170,810 199,091 169,408 148,158 109,264 136,074 Low Midd'g 115 10 llOlS H^ia 119lS 119,8 119.6 119,6 119l8 119l8 Str.L'wMid 1158 119,8 119p 11 1113l6 lllSif ll'^S 1113i6 Ill3i6 Since Sept. 1 592.867 692,758 580,347 525,606 262,375 480,205 Middling... 1113l6'113l 11% 121,8 12 12 12M6 12 12 Good Mid.. I2I16 12 12 1258 I2I4 I2I4 125 I2I4 12% Cliarlestou includes Port Koyal, S lB-«.»h,^^^JJ,''^?"i''''\/'"*i'"'",'*:WUmtag.on Ac: Str. G'd Mid 123ie 12^4 VIH 129 12% 12% 129,6 12% 12% includes Morebead City, Ac; Norfolk includes City Point. 8 Ac! Midd'g Fair 131,6 12% 12% 133 13 13 135,8 13 13 ^or *e week ending this evening reach a toUl Fair I1313ie I3J2 13% 14li« 13% '13% 141„ 13% 13% M^ff^V^^I*80,072 bales, of which 68,058 were to Great Britain, 7,348 to STAr.^fED. Sat. nioD TaeajlVed Th. Frl. France and 4,bb6 to rest of the Continent, while the stocks aa made up this evening are now 445,523 bales. Below are the Good Ordin . % n> 8?ig 8-4 83,6 8% 8% eiporta for the Strict Good Ordlna ry 9% 938 9»ie 9% 9% week and since September 1. 1881. Low Mlddll ig ir" lOhe Idia 10 10318 103ia Wetk Ending Middling... 11^4 n»6 11^,6 11>4 116,e U^ls Oct. From Sept. 1, 1881. to Oct. 7, 1881. Sxparttd to— Xioparts ExportM to— M.\RKET AWD SALES. from— Oreat Conti- Total Oreat ContU trance IbtoJ TRANSIT. Brit'n. ^„( Wuk. Britain. France ^tnt. SALES OF SPOT AND SPOT MARKET Gatreston 4,805 Ex- Con- Spec- Tran- Deliv- 4,80S 21,141 4,382 25,5^6 CL08KD. Total. Sales. New Orleana. 14,313 port. fnmp. ul'l'n sit. eries. 20,790 47,188 11,772 816 69,776 Motille s.etio 3,660 8,660 3,660 Sat .. Finn , 300 riorlda 490 304 2,500 3,294 115,500 Mon .Quiet at 'laadv. 1,225 514 1,739 132,300 300 Bavannah .... 27,1 4,296 36,943 Tiies .'Quiet :.nd steady 300 915 1,215 98.800 200 CharleBton •.. 14,120 Wed .jQuiet at ije doe. 1.36.900 400 14,120 23,065 23,095 010 910 WDmlngton.. 3,4t» Thurs Sc'dy at rev. quo 964 325 1.289 179,000 300 8,458 3.458 3.458 Norfolk 17.04« Fri. .jQuiet 922 410 1,332 142,000 400 17,01? 29,19- 4,425 33,622 New York.... 5,844 ,397 9,928 4r,48: 5,796 9,829 62,887 Total I 2,015' 4.529 735 2.500 9.779 804.500 1.900 Booton 1.69U I 6,959 6,959 Baltimore. . dally pre- . 2,T25 Tbe deliveries ifiveu above are actually delivered tbe day ,153 4,178 11,005 8,958 PhU>idelp'a,Ac i4,053 vious to tbat on wblcb tbey are reoorted. 392 3.131 3,131 Total The Sales asd Prices of Futores are shown by the follow- 7,348 4,«6J 80,078 221,M6 22,218 27,50« 273,990 ing comprehensive table. In this statement will be iVund the Total , 1980 12 Mil I4J)06 1S6 210 4B.M.'> . ucTOBBn e, 1S81.] THE CHRONICLE. 889 18S1. 1880. 1870. 187(». s E nii Stock nt Havre balet. 150,000 exttoo mt im Stock 111,200 131.000 at Marseilles 4.300 8,010 \u^ hn Btook at Barcelona 1.100 I.760 kH 30,000 37,000 11.040 Stock .'.' 0.00O II at HamDurg 4.200 3.300 'Ui rii? rut Stock at Bremen 4.3M : ISO 20,fH)O m Stock at Amsterdam 20,541 28.000 ^ t3,(K)0 34.422 33,260 . 1?. . Stock at I a. Rotterdam Stock at 8h<00 1,883 6,7.^0 • §i iii Antwerp 3,800 l>8t f Stock at other oontrntal 4.000 pom. ie,eoo 1 0,500 3,528 8,350 Total continental poru.... 201,330 178,711 183,042 335,230 5a«-.? wU'i-r ^''-r' e 3 3 ?©;.:; 5"-!? S-'wb Total European SaiSs §6*.**! g®."-^ stocks.. .. 050.630 663.61 455,376 India cotton anoat 590,750 S SK«22r;«2 -Ttt'S for Enrope. 113,000 01.000 116.4«.l 111,000 Amer'n cottoa afloat for Eur'pe 128.000 do -•1- 128,000 142,0 Total American 1,367,096 CXiOO too CO 00 907,107 712,852 820.372 40u «O|0 »-o« Satt Indian.,BratU, I ®- »M I Liverpool MHco stock 122.000 172.000 144.000 172.000 ^'t'S '^'^2 *riro London Btock 44,300 50.900 59.334 o I 9« I ®," The above figures indicate an increase in to the cotton in sight too tOrOo tOK) toioo to to-night too of 419,948 bales as compared with the same date of 1880, 6c MtoO to too gg° an Increase of 656,847 bales as compared with the correal ponding date of 1879 and an iTicrease of 623,604 bales as com- to to tpto 10 to tots pared with -0 m6 to to ccco WtO 1878. ODOm Wlf'tO COSm i»-ia-M Slit' I I I Sao 7sS the 8r I So At Intbkior Ports the movement—that is the receipta to Mm MM'^ to tSlOo IS too to too I fo and shipments for the week, and stocks to-night, I !g I and for the tiO toMOtoo tow5 ^o OJCOO corresponding week of 1880—is set out in detail in the following CO to to to to to to to to to statement: OM CO to uco lb CO COwt c« avt I «M ®.-^ I I ®." I s.^ sh Mmo M — MCO MMm MMoI Week ending Oct. 7, '81. Week ending Oct. 8, '80. lOtOo to too 10 too 1 too tOlOo toio- tooio lotoO Wi^O I i^O lliCJlO ccto i^to too 00 Beeeiptt.Shipm'U Stoek. Reeeiptt. Shipm'lD Stock. toto to to to to 1010 Augusta, Ga 7,718 4,638 10,0.54 10.839 9,706 9,123 CO to K^CO CJi|f« Columbus, Ga... 4,819 «o lb#- MCO ODO 0-.D 3,038 7,317 4.976 3,583 8,548 Macon, Ga 4,975 3.758 I S." Sto eiio 4,234 3,263 2,519 4.753 I I Sio MMij mmm MM,iI Montgom'ry,Ala. 5,974 3.623 7,055 6,407 3,424 9.518 to too to to to too 15 too toioo Selma, Ala 4,798 4,930 4,773 5.831 2,685 6,996 i^^O llicji^lO dioo c'ifflO Memphis, Tenn.. 15,441 8,901 OM toot} ttcr -lO oco 28,595 12.010 9.166 17,803 Nashville, Tenn. 1,723 984 4,276 3,594 1,675 2.865 to to to to to to to to Dallas, Texas . . 1,404 6-26 4,923 2,761 1,560 1.994 66 Jelterson, Tex... 275 251 730 227 31 631 ow Shrcveport, La.. 3,144 1,727 5,992 2,025 1,233 2,442 ISM I ! IS l®r la." MMO MMc, MMC Vickeburg, Miss. 6,236 4,978 5.388 2,292 1,782 1,900 to too to too to to Columbus, Miss. 1,489 820 2,185 5 to IOC totoS 727 180 1,117 6:JtO ptii-O ciioC 660 Eufaula, Ala 2,791 2,478 2,099 2.233 2,040 1,424 CO tOM QLOt Griffln, Ga 1,491 635 3.298 2,026 1.856 1,470 Atlanta, Ga 6,483 7.286 8,960 6,113 5,193 9,083 I I a Rome, Qa 4,302 2,038 6,716 4,222 3,241 7.427 a O Charlotte, N. C. 778 978 000 3,398 9,091 1.660 Id St. Louis, Mo 13,063 7,021 30.384 9,294 5,673 11,639 Cincinnati, O 5368 5,705 4,791 3,484 2,803 1,773 »»o to too I I I IS -j-ao o -IM Total, old ports.. 92,274 64,635 132,973 85,792 61,441 103,086 Newberry. 8 C. 640 640 817 1,152 1J.25 99 I I Raleigh, N.C.... 2.651 2,200 1,871 4,400 3.900 3,089 Petersburg, Va.. 1,511 985 840 1,500 833 808 iS I e l€i ik Louisville, Ky... 335 8«T 1.408 608 162 1.993 I 00 Little Rock, Ark. 1,207 956 1.229 1,241 941 700 I S|g IS I: I Ig I I I I: Breuliam. Te-X*.. 1,600 1.100 2,819 1,503 1,208 2,367 Houston, Tex 17,726 16,098 14,102 21,256 17.666 14,371 * Includes sales in September, 1881, for September, 314 000 Total, new ports 23,730 22.336 22,586 31.662 25335 23,429 Total, all 113,004 86,971 155,.'559 117.454 87,276 136,S0» ""^^l-^S: Wednesday, 11-73 mvmflSriv^o'itvi^''''^'- This year's figures estimated. The followinfir exchanges have been made during the week: The above totals show that the old interior stocks have in- •49 baits, are to-night 29,887 pd. to exch. 90O Jan. for Mny. •07 pd. to exdi. 200 Nov. for Dec. creased during the week 27,639 and •14 pd. to cxch. 1 ,100 Jan. for Feb. •0r> pd. to exch. 100 Oct. for Nov. bales more than at the same period last year. The receipts at •27 pd. to cxoh. 100 Oct. for Jan. r>0 pd. to cxcli. 200 Oct. for Feb. •38 the same towns have been 6,482 bales more than the same week pd. to exch. 300 Jan. for April. •32 pd. to cxcb. 300 Oct. for Juu, •37 pd. to exch. 400 Jan. for April. last year. RECBIPT8 FROM THB Plantatioks.—The following table is Ths Visible Supply or Cotton, as made up bj cable and prepared for the purpose of indicating the actnal movement 6Mh telegraph, is aa follows. The Continental stocks are the figures week from the plantations. Receipts at the ontports are sohw of last Saturday, but the totals for Great Britain and the afloat times misleading, as they are made np more largely one yeaf for the Continent are this week's returns, and consequently than another, at the expense of the interior stocks. We reach, brought down to Thursday evening; hence, to make the totals the therefore, a safer conclusion through a oomparative statement complete flgores for to-night (Oct. 7), we add the item of exporta like the following. In reply to frequent inquiries we will add from the United States, including in it the exports of Friday only: that these flgnres, of course, do not include overUnd leoaipts or 1881. 1380. 1879. 1878. B»^^.,. , took at Liverpool bales, 612,000 439,000 213,000 333,000 Southern consumption; they are simply a statement of the BtookatLondon 44,300 50,900 59,331 30,500 weekly movement from the plantations of that part of the crop Total Great Britain Btook. 050,300 489,900 272,33 1 365,500 which finally reaches the market throogh the oat-porta — 390 THE CHRONICLE. [Vou xxxm. BECEIPT8 rEOM PLANTATIONS. picked. Planters are sending their crop to market freely, and it is believed that about one-half of the crop has been already atocK at Interior Ports Ric^pts from PlanVns , Wetk HecHpU at the Porti. marketed. Average thermometer 70. highest 75 and lowest 65. have rain 1879. 1880. 1881 1879. 1880. 1881, 1879. 1880. 1S31. Macon, Georgia.—We had on one day during the past week. The weather continues favorable for picking, and 8.272 13.118 19,362 14,410 56,662 48,397 2,154 3,612 12,982 Jnly22.. good progress is being made. Average thermometer 64, highest " 2,503 10,859 16,151 13,980 49,631 40,926 2,050 3.828 8,680 29.. 85 and lowest 55. Ang. S. 3.915 8,982 17,818 13,M9 41,507 36.826 3,028 858 13,718 Columbus, Georgia.—We have had no rain during the " IS.. SMI 8,691 13,062 11,477 35.473 43,865 1,890 2,657 10,601 past thermometer has " 19., 4,843 8.3(16 20.538 7,463 29,864 39.744 2,7S7 16,917 week. The averaged 80, ranging from 68 to 88. 26.. «.875 21.123 35,078 7,301 27,762 33.753 4,713 19,021 29,087 Savannah, Georgia.— It has rained on one day of the past 46,722 9,598 21,770 35,692 16,817 36,090 4S.061 week, balance of the Sept. 2 . 13,020 42,082 and the week has been pleasant. The " 9.. 30,051 61,117 70.812 14,563 25,550 42,933 35,019 64,897 78,\03 rainfall reached four-hundredths of an inch. The thermometer '• 92,052 23,896 38,091 59,135 82,266 115,239 108,194 16 . 76,033 102.695 has averaged 76, the highest being 86 and the lowest 55. 61,009 " 23., 127.729 138,413 110,433 40,774 87,191 144,607 169,328 138,409 Augusta, Georgia.—The weather has been clear and pleasant " SO.. 162,303 172,221 132,696 52,207 78,735 105,334 173,736 189,917 160,839 during the past week. There is no improvement in crop ac- 7.. 160,408 109,094 170.810 88.913 103,086 132,973 186,114, 223,445! 198.449 Oct. counts. Caterpillars are reported everywhere and great injury The above statement shows is undoubtedly being done. It is generally conceded "that the top 1. That the total receipts from the plantation.s since Sept. 1 in crop will be a failure, and likewise that the total crop will be 1881 were 690^05 bales; in 1880 were 770,901 bales; in 1879 were short, as indicated by the receipts, which are thus far nearly 641,959 bales. fourteen thousand bales less than for the same period last 2. That, although the receipts at the out-ports the past week season. Picking is progressing finely, and planters are sending were 170,810 bales, the actual movement from plantations was their crop to "market freely. Average thermometer 75, highest 198,449 bales, the balance going to increase the stocks at 90 and lowest 49. the interior ports. Last year the receipts from the planta Atlanta, Georgia.—We have had rain on one day of the past tions for the same week were 223,445 bales and for 1879 they week, the rainfall reaching sixty-two hundredths of an inch. were 186,114 bales. The thermometer has averaged 73, ranging from 53 to 83. Charleston, South Carolina.—We have had no rain during^ Weather Reports by Teleokaph.—The weather has been the past week. The thermometer has ranged from 54 to sC dry and favorable during the past week at most all points in the averaging 77. South. There has been no interruption in picking, and the The following statement we have also received by telegraph, showing rivers at movement of the staple to market continues to be quite free. the height of the the points named at 3 o'clock October 6, 1881, and October 7, 1880. Oalveston, Texas.—^It has been showery on three days of the Oct. 6, '81. Oct. 7, 80. past week, the rainfall reaching twenty-nine hundredths of an Feet. Inch. Feet. Inch.. New Orleans Bolow high-water mark .. 12 .3 13 2 inch. It has rained much harder up country, but think no ser- BlemphlB Above low-water mark... 8 11 6 G Nashville Above low-water mark... 1 'i ious damage has been done. The thermometer has ranged 12 Shreveport Above low-water mark .. . 3 4 7 3 from 77 to 88, averaging 82. Vlcksbure Ab»ve low-water mai-k... 8 2 Missing. Indianola, Texas.—^We have had rain on two days of the New Orleans reported below high-water mark of 1871 nntm past week, but no serious damage has been done. The rainfall Sept. 9, 1874, when the zero of gauge was changed to liigh-water mark of April 15 and 16, 1874, which is 6-lOths of a foot above reached one inch and nineteen-hundredths. Picking is pro- 1871. or 16 feet above low-water mark at that point. gressing finely. Average thermometer 80, highest 85 and OvEKLAND Movement, lowest 74. &c., for September. —We give in onr editorial columns to-day the overland Corsioana, Texas.—It has been showery on two days of the movement, receipts, exports, spinners' past week, the rainfall reaching twenty-six hundredths of an takings, &o., &c., for the month of Septem^ ber. inch. Picking is progressing finely. The thermometer has Jdte Butts, averaged 82, ranging from 71 to 92. Baoqino, Etc. —There has been a moderate- inquiry for bagging during the past week, and large parcels- Dallas, Texas.—It has rained very hard on three days of the are not wanted. Prices continue about steady, and hoWers are- past week, and much damage is feared. The rainfall reached quoting 9^c. for 1% lbs., 10>^c. for 2 lbs. and ll^e. for three inches and sixty hundredths. The streams have over- standard qualities. Butts are in the same position, and no movement of flowed. Picking has been interfered with by the storm. The any size is reported- For jobbing wants a few bales are reported, for which our quotations were paid we- thermometer has averaged 82, the highest being 92 and the ; but lowest 71. think that a large quantity could be obtained at a shade less. At the close holders Brenham, Texas.—y^Q have had rain on three days of the are quoting 254c. for paper grades and 2%@3c. for bagging §ast week, but it is probable that no serious damage has been qualities. one. The rainfall reached one inch and fifty hundredths. COMPABATITB PoRT RECEIPTS AND DaILT CrOP MoVEMBHT. Picking is progressing finely. The tiermometer has ranged A comparison of the port movement by weeks is not accurate! from 70 to 90, averaging 81. as the weeks in different years do not end on the same day of the New Orleans, Louisiana.—\t has rained on five days of the month. We have consequently added to onr other standing- past week, the rainfall reaching one inch and twenty-seven hun- tables a daily and monthly statement, that the reader may dredths. The thermometer has averaged 80. constantly have before him the data for seeing the exact relative Shreveport, Louisiana. Telegram not received. — movement for the years named. The movement each montb Vicksburg, Mississippi.—The earlier part of the past week since September 1, 1881. has been as follows: we had rain on two days, but the latter portion of the week has been clear and pleasant. Columbus, Mississippi.—It has rained on one day during Monthly Year Beginning September 1. the past week, the rainfall reaching twenty-hundredths of an Receipts. 1881. 1880. 1879. 1878. 1877. 1876 inch. The thermometer has ranged from 68 to 86, averaging 81. During the month of September the rainfall reached four Bept'mb'r 422,057 458,-478 333,643 288,848 95,272 236,86S Inches and eighty-two hundredths. Pero'tage of tot. port Little Rock, Arkansoi.—We have had rain on three days of reoelpUBept. 30.. 07-80 . 06-67 0649 0219 05-87 the past week, the rainfall reaching one inch and eighty-eight This statement shows Sept. 30 the receipts at the! hundredths. Average thermometer 74, highest 92 and lowest 65. that up to ports this Nashville, Tennessee.— We. have had no rain during the past year were 36,421 bales less than in 1880 $,nd 88,414 bales week. The picking is progressing finely. The thermometer more than at the same time in 1878-79. The receipts since has ranged from 51 to 89 averaging 74. September 1, 1881, and for the corresponding: Mobile, periods of the five as follows: Alabama.—On one Jay of the pa«t week it haa been previous years have been showery, and the balance of the week has been pleasant. The ramfall reached thirty hundredths of an inch. Picking is pro- 1881. 1830, 1879. 1878, 1877. 1876, gressing finely. The thermometer has ranged from 69 to 89, Xot.Sep30 422,057 95,272 236,868 averaging 78. During the month of September the rainfall 458,478 333,643 238,848 reached eleven mches and eighty-one hundredths. Oct. 1.... 19.012 35,186 20,785 23,599 13,941 8. " 30,714 Montgomery, Alabama.—The days have been warm but the 2.... 8. 31,901 21,495 23.283 9,741 nights " 3.... 15.621 have been cold durmg the past week. It has been 36,637 8. 35,016 17,537 12,179 " Bhowtfv on one day, the rainfall reacking two hundredths of an 4... 27,147 39,051 25,784 24,181 10.720 19,854 inch. " It 18 reported that the top crop will be poor, having been 6.... 25,535 33,555 8. 22,862 12,903 19,197 " much damaged by caterpillars. Picking is progressing finely, 6.... 23,398 25,374 37,355 8. 10,210 22,115 and planters are sending their crop to market freely. The ther- " 7.... 39,081 25,161 25,309 25,800 8, 19,247 mometer has averaged 77, ranging from 63 to 89. The rainfall Total 592,867 648,709 499,887 426,110 164,966 363,616 leached four inches and forty-nine hundredths during the month September. Peroentage of total Selma, port rec'i>t«Oct.7.. 11-04 09-99 09-58 03-79 090O Alabama.—It has rained •n one day of the past eek, and the rest of the week has been plaasant. The rainfall This statement shows that the receipts since Sept. 1 up to reached thirty-six hundredths of an inch. Average thermome- to-night are now 55,842 bales less than they were to the same ter 75, highest 86 and lowest 62. day of the month in 1880 and 92,980 bales more than they were ^adi^n, Florida.— It has rained on one day of the past to the same day of the month in 1879. We add to the table week. The days have b«en warm, but the nights have been the percentages of total port receipts which had been received to cold. It IS claimed that about two-thirds of the crop has been October 7 in each of the yea^s named .. » October 8, 1861] THE CHRONiCLR ;i»i India Corros MoTBMrar fbom all Pobts.—The flgnres whloh BipoiiTiior OoTToa i»Ai.«»t r«oit Ww To»k iwcb Btt. 1. imi. %n now ooUwted for us, and forwarded by cable each Friday, of Wnk mMng— the shipinouts from Calcutta, MJidrM, Taticorin, Carwar, Ike., BxporitdUt— toUU Sept. ^- tine* enable as, in connection with our preTiously-received report from 14. IT- S. Stpl. 1 to furnish our readers with a full and complete India Bombay, Uverpool 12.0tt8,13«3a 8,019 5,844 Other BrltUh 47,012 61.617 movemrtnt for e.H'h week. We tlrst gire the Bombay statement jwrU 450 430 bringing figures to Total to Orkat for the woek and year, the down Oct. 6. BRrTAiM 12,098 13JiS2 8.01 5,844 47,4«2 61,317 UO»nir RBCBrpTS and HIIlrUKMTS rOK rOCTB TEARS. Havre 24a l,91fl 1,735 1,987 5,790 6,267 Other French port* iShipmenls (An weeJs. Shipin enln since Jan. 1. Rtetlpts. Total raisiioa Vear Oi-eiil Coiili- Oreat (Jonli- Thit Since 840, 1,019 1,783 1AI87 5,79« 6,«T Total. Total. Drit'n. nent Britain nent. Week. Jan. 1. Bremen and HanoTer . 370 863 2,043 ffambiir*^ 3,366 4,12a 311.000 .^.IJ.OOO S.OOO 2,103 100 110 3,707 7,000 853.000 1,171,000 '. 2,361 1881 7,000 Other iM)rt8 1880 idoo 3,000 337.000 J91.000 848,000 3.000 1,083.000 50 162 100 244 550 341 1879 249.000 347.000 590.000 7,000 8<)6.000 Total to Mobto. Edbopb 18781 1.000 i.ood 312.000 388,000 699,000 2.000 803,000 2,583 362 963 2,897 9,629 6,738 Spain, Op'rto, 01bralt'r,dK! According to the foregoing, IJorabay appears to show an All other in<:reiise compared with last year in the week's receipts of 5,000 Total baW?), and an infreunH in siiipments of 4,000 bales, and the Spain, Ao ahipiuents since January 1 show an inorease of 5,000 balH.s. Grand Total 14.927 . 15,713 10.717 e.938 62,887 The movement at Calcutta, Madras, Taticorin, Carwar, &c., for laAoa Thb Pollowiso the same week and years has b''t'ii as follows are the RsoKipra op Cottox at New York, Boston, Philadelphia and BalUmora for the past week, OALCOTTA. MADRAS. TUTIOORIN. O.UIWAR. RANOOOS AND KOURACHHU. a&d since September 1, 1881: SMpmentt this locek. ahipaifMtt »inee January 1. New Tork. | Boilon. \ PhUadelphia. Keeeiptt | SaUimore. Year. Oreat areat Oonti- from— This ^otal. Total. 1 Since Thit Since Thit Since Thit ainet llrilain. ".^efJ: Britain. nent. week. Sept. 1. week. Sept. 1. week. Sept. I. week. SepL X. I 1881 2,000 2,000 188.000 73,000 201.000 N. Orl'ans 9,707| 28,363 1880 1,000 1,000 2,000 201.000 81,000 282,000 Texas.... 2,.S94i 17.143 1379 2.00.1 1,000 3.UO0 202.000 107.000 309,000 Savannah 9,118 27,888 i;588 3,387 "asi 3,996 1878 2,1)00 1 2,000 124.000 53.000 133,000 MobiU)... Florida . ""so "ibo S.Car'lina Tho above totals for this week show that the movement from 4,329 17,012 i',i65 4,049 N.Car'Unii the ports other than Bombay is bales than for the S30i 4,336 491 753 Vlririula.. 4.123 14,083 i',74i 3,826 6ame week last year. For tlie whole of India, therefore, the total 2,512 6,194 North, pts 63i 311 2,813 4,439 shipment.", this week and since Jan. 1, 1881, and for the correspond- Tenn., io. 1,8851 3,111 815 1,107 "273 "523 170 '968 weeks periods the follows. Foreign . 4«8 ing and of two previous years, are as 1 EXPORTS TO EDROPE FROSf ALL INDIA. This year. 32,419|ll3,291 5,399 11,234 273 4,113 5,169 15,954 1881. 1880. Last year. 31,821111,528! 5.181 13,260 1,802 6.639 4,339 21.098 Shipmentg 1879. to all Europe Thit Since Thit Sitiee Shippiso The from— This Since News.— exports of cotton from the United week. Jan. 1. week. Jan. 1. week. Jan. 1. States the past week, as per latest mail returns, have reached 78,482 bales. Bombay 7,000i 353,000 3.000 848,000 596.000 So far as the Southern ports are concerned, these Ml other p'rts 2,000| 261,000 2,000 282,000 3,000 309,000 are the same exports reported by telegraph, and published in the Chronicle last Friday. "With regard to New York, we Total 9,000^1,114,000 .'i.OOO 1.130,000 3,000 905,000 Include the manifesto of all vessels cleared up ts Wednesday This la.st statement affords a very interesting comparison of the night of this week: total movement for the week ending Oct. 6, and for the three total balet. New York—To Liverpool, per steamers Algeria, 201 City of yeaw ap to date, at all India ports. Montreal, 1,100. ...City of HicBuiond, 927....E(typt, 1.'239 ....Wisconsin, 2,374...... !.... S,8U Alexandria Receipts and Ship.'wents.—Through arrangements To Havre, per steamer France. 1.687 1,687 we have made with Mes-srs. Davies, Benachi & Co., of Liverpool To Bremen, per stcamera General Werder. 512.. Oder, 1,000 aalier, 531 «nd Alexandria, we now receive a weekly cable of the movements — 2,043 To HamburR, per steamers Vandalia, 10 Westphalia, 100 110 of cotton at Alexandria, Egypt. The following are the receipts To Rotterdam, per steamer W. A.Soholton. 214 344 *nd shipments for the past week and for the coiresponding week Kbw ORLEANS—To bivoriMiol, per steamers Calmsmair, 4,804 of the previous two yearn. Fedro, 3,100 Yiu-ao Bat, 0,000 12,904 To Havre, per steamer, Clapjyron, 3. 529. ...per bark. St. A.lexandrin, Egypt, George. 2,582 6,111 Oct. 0. 1831. 1880. 1379. Charleston—To Uverpool, per steamers Koynl MiustreU 3,925 Upland Spartan. 4,973 Upland and 45 Sea [slaud 8,945 8eael|>ts (oantars-)— Savannah—To Liverpool, per steamer Shiidwan, 4,395 Upland. 4,395 To Ilavro, porstoHnier Irene Mortis. l.O.'iO Upland This week 4.->.000 2,000 4,630 115.000 To Bremen, per steamer AnotoUa, 4,2U!> ' Upland Since Sent. 1 V-'.ioO 3,500 4,296 200,000 Texas—To Liverpool, per steamers C'yphrenes, 5,214 East- Thit Since ThU Since This Since bourne, 5,78,J 10,997 week. Sept. 1. veek. Sept. 1. week. Sept. 1. To Reval, per steamer Hudson, 4.3:^2 4,382 Norfolk—To Liverpool, jier steamer Glensannox, 2,500 ....;... 2,500 ezport.s (bales)— To KlKft, per steamer Bayswater, 4,423 4.436 To Uveriwol „. 4.000 750 1,300 8,000 13.6 6 Baltimore—To Liverpool, per steamer Thanomore, 300 300 ToCoiitiuent 230 1.188 To Bremen, per steamers Heimann, 1,9.'>4 Weser, 400 2,354 . 127 1,203| 1,357 1,795 Boston—To Liverpool, per steamers Bulgarian. 702 Canopiis, Tata! Knrope 2.50 515....Iowa, 330. ...Marathon. 475.... Victoria. 123 5.188 877 2,705' 1 9,337 15.401 2,195 Liverpool, per steamer British King, • A oautar i« 9S lbs. Philadelphia—To 100 100 This statement show.s that the receipts for the week ending Total „ >. 78.482 Oct. 6 were 45,03J cantars and the shipments to all Europe*^ The particulars of the.se shipments, arranged in our osua were 250 bales. form, are as follows: Liver- Bre- Ham- Bolter- Maxche-stbr Market.—Our report received from Manchester pool. Bavre. men. burg. dam. Seval. Biga. Total. to-night stat«i York.. 5,844 1,687 2,013 110 244 that the market for twists and shirtings is inac- New 0.038 N. Orleans. 12,904 6,111 ^... 19.015 tive and drooping. We give the prices of to-day below, and Charleston. 8,915 1 -.,..- ...... 8,913 leave previous weeks* prices for comparison: Savannah.. 4,393 4,GJ0 4,296 • 13,341 Texas 10,997 iU882 15.379 1881. 1880. NorfoUt.... 2,500 ;..- ...._ 4,425 0.936 Baltimore.. 300 2,354 2,654 Colt'n Boston 2,195 ..;... 2l93 32» Cop. lbs. ; 32» Cop. 8I4 lbs. 8H ,f;,, Hid. •.: Twitt. Shirtings. Iwist. Philadelp'B 100 100 ly ,/, Shirtings. Upldt Total... 43,180 12,418 8,693 110 244 4,332 4,425 78,483 (1. d. n. d. 8. I A d. d. d. 8. d. d. Aivj. 5 9- 9Bs^6 ® 9 a^ < 613,, 914 aiioie 7i«a7 9 6l»ig Below we give all news received to date of disasters to resaels " 12 8^83 5«aa7 i r,\ 9ie 9'8 7ia®7 United States ports, etc.: " 19 918® ® 9 613i6 carrying cotton from 9^iG 9 31S ( 7 9% ® 9'e 7ia®7 9 7I16 " 2(i Commander, steamer (Br.), Woodltook, from New Orleans for Ltwrpool, 91a i! 31297 8I3I 6>3„ 9H aio 9 97 9 Sept 2 '*ia before re|M)rteil siKikon on Sept. 0. with |>n>i>ellcr K<>n«, arrived at OlOjO 9ie 9''8 9 « 37 9 7 Michiiels, Azores, on Sept. 30. In tow of tlip steamer Coronells. ilHi 6 ,'>i3a7 8»s 714 9ie » 918 9 St. " 16 e7 9 OONOHO, (teamer, Walker, from Norfolk for Baltimore, lost part of deek- 91s 6 5ia®7 8>s 7'i( 916 9 9^8 9 ®7 9 " 23 9 73te loivd of cotton iT2 bales) off Back Kivcr, night of Oo(obcr 4, and a 95» 6 6 «8 O 7^ 9ie a 9'8 9 «7 9 " 30 9Is« a\6 returned to Norfolk. 6 «8 ' 'la 914 9 G'e 7«9»7 » 61*16 Oct. 7 9'8d» GaEaHA.M, steamer (Br.) Efforts are being made to raise the steamer D%;6 6 98 gifl 9 9^16 7 97 8 6"l6 Orealiaiu, whieh snnk at New Orleans a coaple of monttu ago. The With a full cargo of cotton and eom. Exports of Corro.v from New York this week show a HEUO8, steamer (Br.), loading at Port Rojal, B. C, for Uverpool. A. decrease, hold of as compared with last week, the total reaching 9,928 bale of cotton in the the steamer Helios took Ore mysteri- baJes, against ously on Sunday niomiug, but was fortunately disouTered In time, 10,717 bales last week. Below we give our usual and promptly extinguished. table showing the exports of cotton from New York, and their Wtomino, steamer (Br.), from New York for LiverpooL Allrebroka ttirection, for each of the last four weeks; also the total exports out on Sept. 28 in the afterhold of the (iulou Line steamer Wrom- and direction since September ing. RIgby, whioh uTirod at Qneenstown, Sept. 30. trom Hew 1, 1881, and in the last column flames were ertlnyilshed in about Ure boon. toe total for York. The Berenl the same period of the previous year: bales of cotton were destroyed, and as tar »s could be asoertalned — — . 392 THE CHRONICLE. [Vol. XXXin. done, althongli her cargo started mills the on Oct. 1 very little other damage was mill streams and at West, giving us an from the quantity ol water which may have snffered somewhat increased supply of low grades, which have been scarce and was poured down the hold. The W. arrived at Liverpool on Oct. 1. relatively high for a long time, and these at the close show Cottoa freights the past week have been as follows: weakness. Rye flour ruled firm, but corn meal was dull and Satur. Mon. Tuet. Wednes. Thurs. FH. unsettled. To-day the whole market was dull and unsettled. market has been fluctuating under fierce contests liverpool, steam d. 3lg®l4 3igai4 632314 533314 The wheat Do gall...(I. among parties to the speculation. The light receipts at the Havre, steam t. lien's' West and the stronger foreign advices gave the bull party the Do sail e. advantage; and yet for the past few days prices have been Bremen, steam, .e. 'is®'* 'is® 'a %®7l ^a^jg feverish and variable, not in all cases fully maintaining the Do sail e. 7jg®l3 Hamburg, steam.d. figures made early in the week. Recent rains have been of Do sail...* great benefit to the September-sown wheat. To-day there was Amst'd'm, steam.c. a decided decline. No. 2 red winter selling at $1 55@$1 57 for Do saU...({. November, and $1 60 for January. Baltic, steam d. % Do sail e. Indian com has also been excited and variable. There has ' Compressed. been a speculative " corner " at Chicago, and a great accumu- Liverpool.—By cable from Liverpool, we have the following lation of stock there; the settlement of contracts left the market itatement of the week's sales, stocks, &c., at that port: in a weak position; yet, as compared with last Friday, the Sept. 16. Sept. 23. Sept. 30. Oct. 7. declines are not important. There have been severe frosts in Northern latitudes, which have put an effectual check upon Bales of the week bales. 56,000 54,000 59,000 72,000 Of which exporters took 3,000 6,500 3,600 1,570 the growth of all vegetation. To-day the market was easier Of which speculators took.. 6,700 7,200 7,600 5,900 Bales American 38,000 36,000 40,000 52,000 again, No. 2 mixed selling at 74c. for November, and 77c. for Actual export 2.800 5,300 6,600 3,800 December. Torwarded 4,700 5,400 3,600 5,900 Total stock—Estimated 706,000 693,000 715,000 612,000 Rye has been dull, and prices were drooping and unsettled. Total stock—Actual 665,000 Barley has been fairly active, but prices have declined con- Of which American—Estim'd 550,000 517,000 591,000 490,000 siderably. No. 1 Canada " bright " having been reported sold Of which American—Actual. 515,000 yesterday at at Total import of the week 47,500 36,000 79.000 31,500 $1 15@|1 16, which the market was to-day Of which American 29,500 29,000 70,000 29,000 quite dull. Amount afloat 151,000 169,000 162,000 184,000 Oats have been greatly excited by speculation, and prices, O* which American 83,000 113,000 102.000 166.000 though showing a material advance, have been quite variable The tone of the Liverpool market for spots and futures each day of the and irregular. To-day the market was lower ; No. 2 graded week ending Oct. 7, and the dally dosing prices of spot cotton, have on the spot, 48c. for mixed and [email protected]. for white ; 2 >)een as follows: and No mixed for future delivery, 48?4c. for November and 50j4c. for Saturday Monday. Tuesday. Wedne*. Thursd'y. Frulay. December. 8p OcroDKR 8. 1881.1 TBE CHRONICLE 898 Bail shipmeats from Weatera lake and rirer ports for the good* of domestic manafactnre, and, leading makes of Im* (reeks enoed ported fabrics are generally steady and unchAoged. IflSl. 1880. 1870 1878. We** Wttk VTeek Week DoMRsno CoTTOK OooM.—The exports of cotton goods for the Oct. 1. Oct. 2. Oct. 4. Oel. 5. week ending Ootober 4 were 9,639 paokagee, Klonr bbU. 125.703 119,008 129,515 07.001 of which 1,427 were shipped to China, 420 to Hayti. 197 to U. 8. of Colombia. Wheat buBll. 200.517 339.181 884.000 348,749 Com 1,100,578 404,311 20a,a(i0 283,060 179 to Brazil, 120 to VenezaeU, 91 to Great Britain, 87 to 613,768 099,387 417,148 348,799 OaUi Mexico, Ac. There was a good steady movement in Barley 16i,212 173,993 315. lOU 173,942 brown and Bye... 44,917 109,185 72,470 9,093 bleached goods, cotton flannels, wide sheetings, colored cottoni, &o., on account Total 2,211,902 2,026,090 1,483,081 1,163,645 of back orders ; bat new transactions were Bail and lake shipments from same ports for last four weeks: chiefly conflned to the purchase of small re-assortments for Week Flour, Wheal, Corn, Oalt, Barley, Rye. immediate distribution. The condition of the cotton gooda endino— o<. buih. btuh. bitth. biuh, btuh. market is very satisfactory, all Oot. 1.. .136,818 911,023 1.708.135 672,920 162.212 41,017 nearly the moat dealrable Bont. 24. ..148. 108 670,320 2.6-'<>,702 860.205 170.518 08.013 fabrics being sold in advance of prodaction, and prices remain- Sept. 17.. .129,511 1,281,859 3.00J.l!Jl 796,800 117.611 90.130 Sept. 10. -.115,589 1.375,533 3.572,381 833.129 112,027 60,310 ing firm. Prints ruled qniet, but stocks are in good shape, and the best makes are steadily held. Print cloths Vl>t,4wks.580.034 4.238.735 10 ,999,722 3,143.133 602.298 231.570 were leas aetlre, 4 Wki '80.. 561.23 1 7,102,785 10. 208,116 3,886,023 623.862 401,666 but firm at 4c. for extra 64x64 "futnres," 4c. less a small Heceipta of flour and grain at seaboard ports for the week discount for extra 64x64 " spots," and 3)ie. tot S6x60s. Oing- ended Oct. 1: hams were in moderate demand and steady, and cotton Flour, Wheal, Com, Oatt, Barley, Rye, drMi At— bbU. bush. buth. bush. bush, bush. goods were mostly quiet. Kew York 03.141 730,118 l.P10,312 201.600 39,300 11,528 Boston 57,137 115,925 273,700 06,115 1,500 1,100 Domestic Woolex Goods.—The demand for clothing woolena Portland 2.938 8,400 6,400 was somewhat irregular, and while heavy fabrics ruled qniet Montreal 16.707 376,807 7,173 400 49,309 FUladelpWa... 13,760 54,000 29.^,800 57,300 10,200 there was a fairly satisfactory business in spring cassimeres, Baltimore 26,917 231,100 121,600 15,000 2,6b6 snitings and worsted coatings, which have been opened Mew Orleans... 29.187 121,036 89,125 200 at prices in accordance with the views of the clothing trade. Total we«k... 241.867 1,511,250 3.070.368 473,013 51,400 67,037 Our. week '80.. 263,9212,696,203 2.780,051 919,107153,524 87,908 Leading makes of light weight all-wool and cotton-warp caari- Total receipts at same ports from Dec. 27 to Oct. 1, incln- meres are already sold ahead for several months, and some aive. for four years very good orders for spring worsteds have been recorded by 1881. 1830. 1879. 1878. Flour bbU. 9,589,927 7,537,863 7,839,716 6,860,403 manufacturers' agents. Cloakings were in irregular demand, and repellents were quiet and steady. Kentucky jeans moved slowly Wheat bush. 71,913,100 93.527,379 106,551,933 77,022,728 Oom 85,536,733 111,311,290 85,173,562 85,872,223 from first hands, and were less active with jobbers ; but prices are Oats 21,897,187 17,358,382 16,787,160 18,031,369 flannels Barley 2,006,638 1,837.377 1,891,032 2,932,415 mostly steady. For scarlet and blue there was a steady Bye 1.105,603 1,595.952 3,391,147 3,785,267 re-assorting demand, but white and shirting flannels were inac- Total grain.... 185,001,633 229,131,330 213,798.131 189,161,032 tive. Blankets were in fair request, and prices continue firm, dress Exports from United States seaboard ports and from Montreal owing to the meagre supply on hand. Worsted goods, shawls and skirts were taken in small parcels to a fair amount, (or week ending Oct. 1, 1881: and there was a good movement in shirts and drawers on Flour, Wheat, Oom, Oatt, Bye, Feat, From— bbtt. bush. bush, bttsh, bush, bush. account of former orders. Hew York 59,520 981,603 395,867 108,502 3,235 1,840 FoEEios Dey Goods were sluggish in flrst hands and the job- Boston 21,177 24,000 227,465 bing trade was somewhat less active, retailers having bought Portland Montreal 27,660 450,587 39,210 3,481 82,628 sparingly because of the late warm weather, which has checked- Philadelphia. . 2,828 96,800 132,315 290 tne demand for consumption. The auction rooms were fairly Baltimore 3,030 119,207 250,146 provided with silks, satins, velvets, &c., and such goods as New Orleans 69,128 68,661 were disposed of through their medium brought about their spirit, Total for w-k 117,265 1.711,628 1.111,691112,273 3,285 84.268 market value ; but the demand was devoid of and a good Same time '80. 139,425 3,971,900 2,232,932 3,007 152,631 206,151 many lines were left unsold. The visible supply of grain, comprising tlie stocks in granary Importation* or Dry Goods. at the principal points of accumiilation at lake and seaboard The importations of dry goods at this port for the week ports, and in transit by rail and water, Oct. 1, 1881, was as ending Oct. 6, 1881 and since January 1, and the same facts follows: for the corresponding periods of 1880, are as follows: Wheal, Com, OaU, Barley, Rye, In store at— hush, bush. bush, bush. bush, Few York 4,933,879 5.138.326 2.306,752 16.171 G6.021 Do. afloat (est.) 450,000 2.110.000 1,522,000 31,000 11.000 o-? SI i.Sr5=5, <,• Albany , 22.500 100.000 21.000 38,000 108,000 S Cm . . Buffalo 375,034 780,688 16,021 498 V a Chicaco M 3,348,194 8,339.783 803,272 127,562 313,693 Milwaukee 361,179 3,357 1,638 182,715 41,633 g: : : : Diiluth 328,000 Toledo 1,593.064 313,652 67,6ld 21,968 Detroit 826.318 33.350 14,750 0«wego 175,000 250.000 320,000 Bt. Louis 981.826 2,026,614 27i',247 13.508 89,385 Boston 679 211,907 463 »J 394 THE CHRONICLE. [Vol. XXXin. Financial. Financial. Financial. HOWAKD LAP8LBT, D. SBTMOUR WlLLAKE Members N. T. Stock Exchange. The Brooklyn Trust Co. Taintor & Holt, Ctkus W. FiKLD, JB. CYEU8W. Field Special. Cor. of Montague & Clinton sts., Brooklyn, N. Y. BANKERS, Lapsley, Field & Co., This Company is authorized by special charter to act as rtfjceiver, trustee, guardian, executor, or ad- Mo. 10 WALL STKEET, NEW YORK. ministrator. STOCK BROKERS, It can act as agent In the sale or management of TRANSACT a aENBRAL BANKING business. real estate, collect Interest or dividends, receive P STREET, DEPOSITS received and INTBKB8T allowed on No. WALL registry and transfer books, or make purchase and sale of Government and other securities. balances. New ITork. Religious and charitable institutions, and persons and Buy and sell GOVBRNJIKNT, MUNICIPAL unaccustomed to the transaction of business, will find this Company a safe and convenient depository llAILROAD tionds. WAL8TOK H. BROWN. FRED. A. BROWN. for money. IlIPLEY Boston ROPES, President. PrlT ite telegraph wires to Prbvidence and CHAS. R. MARVIN, Vlce-Pres't. O. B. TAINTOR. OEO. H. HOLT Wal ston H . Brown & Bro TRUSTEES : Wm. B. Kendall, Henry Sanger, Alex. MoCne, BANKERS, John P. Rolfe, Chas. R.Marvin, A. A. Low. R. T. Wilson 6c Co., B. F. Knowlton, Abm. B.Baylls, Henry K.Sheldon. 11 Pine Street, New York. U. B. Pierrepont. Dan'l Chauncey, John T. Martin, BANKEKS AUD COMMISSION MERCHANTS Alex. M. White, Josiah O. Low, Rijpley Ropes, Austin Corbin. Edmund W. Corlies. •i Kxvliaistie <:ourl. New Vork aPBCIAL ATTENTION GIVEN TO THE NBOO- WM. R. BUNKER. Secretary. C. M. RrTTIH, W. N. WALKBB. TIATION OF Member'of N. Y. Stock Exchange. KA1I.R0.1D SECURITIES. Theo. V. Sand. JohnSickels. R Utter & Walker, ESTABLISHED Mai E. Sand, Member N. Y. Stock Exch. B.iNKEKS 4lND BKOKERS, 1864. Sand Brothers & Co., No. 80 BROADWAY, NEW YORK. BANKERS AND BBSKERS, But and Sell on CommisBlon, for cash or on mar- Coleman Benedict & Co. gin, iill Securities dealt in at tbe New York Stock Kxchange. Interest allowed on daily balances. No. 2i BROAD ST., NEW YORK, Si Wall Street, New York. Particular attention paid to orders by mail or tele- jtrapfa STOCKS AND BONDS, STOCKS AND BONDS BOUGHT AND SOLD ON MEMBERS OF THE N. T STOCK EXCHANGE. COMMISSION. F, E. Trowbridge, A strictly commission business conducted in the COMMERCIAL PAPER NEGOTIATED. purchase and sale of Stocks and Bonds on Margin BAlfKER AND BROKER, or for investment. '27 Complete Financial Report issued weekly to our Xo, 5 BBOAU OB VVALl. STREET, correspondents NEW YORK. Wm. L. Bueese, Wm. p. Smith, Members of New York Stock Exchange. Member of the N. T. Stock Exchange, Fred H. Smith, Branch Offics: Breese & Smith, BATEMAN & CO., WASHINGTON, D. C BACKER AND BROKBK, BROKERS, A General Baiikinsr Busineaa Traunacteil, No. 30 EROAB STREET, ifKW YORK. No. 39 BROAD STREET, NEW YORK. Securities bought and sold on commission for cash RAILKOA0 SKCVRIXIES or on raarjiin. An intimate knowledge of all for the past 10 Years Government Bonds, Stocks and all Investment AdvHDcea made on approved collateral at the Securities bought and sold on commission. niHrket rate. A SPECIALTY. I/epostts received subject to check at sitcht. Investors or Dealers wishing to boy or sell are 4 per cent interest allowed on all daily balances. invited to communicate. State, Municipal and Orrtera executed at London, San Kranpisco, Bos- Railway Bonds and Coupons bought and sold at best V ton, PhJ'Hripinhfa "nil BHltlmore Kxchanues. Market Rates. E. S. B AI L E , P. 8.- M7 New York Weekl^r Financial Keport is maU£>d free of cbarfre on apolication. T PINE STREET. J D. Prince, Jas. Whitbly, H. chugeb Oakley (6LLlJ«JS,pOI[DE;^ yEjNfl^INS, Dealings in HAKRY C. LiOGAN, Mayxard C. Ev^rk. W. R. Travers, Special Partner. Insurance Stocks Prince & Whitely, SPECIALTY. 25 me §t. - l^eou^ORK? A No 64 BROADWAY, NEW f TOKK, Cash paid at once for the above Securities ; or they (Branch Office, 180 Fifth Avenue). Purchase and sell on Commission GOVERNMENT will be sold on commission, at seller's option. All classes of Railway and Mining Stocks bought and RAILROAD BONDS and STOCKS, and all and sold on Commission. Private Telegraph Wires to Philailelphia. Wilming- classes of Securities dealt in at the NEW YORK ton. Baltimore, WaahiDRton, Boaton, Bridgeport STOCK EXCHANGE, or all reputable Securities Glazier, Kohn & Co., and New Uaven. bought and sold in the OPEN MARKET. LOANS W. C. FrOYB-JONES, Wm.IAM ROBISOW, and COM.MEHCIAL PAPER negotiated. Interest BANKERS AND BROKERS, Members 01 the N. Y. Stock Exchange paid on DEPOSITS, subject to check. «6 BROADWAY AND 19 NEW STREET, Floyd-Jones & Re bi^on, NEW YORK. BANKERS AND BROKERS, R. A. Lancaster & Co., STOCKS AND BONDS BOUGHT AND SOLD ON BANKERS AND COMMISSION. No. 2 EXCHANGE COURT. BKOKBRS, U« BROADWAY, NEW YORK, Stocks, Bonds and all Investment Securities DEALERS IN Geokob stark. John F. Stare. bouKht and S'lld [strictly on commission] for cosh Plrst-Class Investment Securities. or on margin. SOVEKNMENT BONDS, STATB, CITY, COUNTY RAILROAD & MISCELLANEOUS SEOtlRITIES George Stark & Co., Bought and Sold on CommlealOB. H. Latham & Co., Virginia Tax- Receivable Coupons Bouaht. BANKKRS, J. SOUIHBKN securities a SPEClALir. • wfcSTMEXT seci Rrrii:», LOANS NEGOTIATED. No. 33 NASSAU STREET, NEW YORK. INTEREST Allowed on Deposits. Securities for cash or on Ko» \oi-U Cliy, Cblcago, Cinelunati, St iJuy and sell Investment LoniH, DIatricc ol Columbia, and commission. A specialty made of Western Farm (.OTeinincut (securities. Mortgages bearing from 7 to 10 per cent Interest. POREION EXCHANGE INVEST.nEXT SECURITIES. Will undertake the negotiation of loans upon 2 WALL STREET. Western City properly in large or small amounts J. 1i, i.ATaAll. K. W. PKKBY. An assortment of desirable bonds Randall James Kitchen, & Wierum, always in hand. 50 EXCHANGE PLACE, COMMISSION BROKER IN UNCURRENT Brokers in Railroad Stocks and Bonds, Correspondence solicited. INVESTMENTS, OOrERSniElXTS 4 FOBBiaif EXCBANOB. CHJlS. K. RAXDALh, Otto O WnCHTrmWiebum. ADDRESS: 70 CEDAR STREET, Member N. Y. stock Exchange. P. 0. BOX 3418. NKW YORK A. W. Beasley & Co., 'et. 98 BROADWAr, NEW YORK. 13oodi|t STOCKS and BONDS & Co* BANKERS, At Auction. BANKERS, No. 18 UTAI.!. STREEX, The Undersigned hold REGULAR AUCTION cor. Exchange Place, New ¥ork. BALES of aU classes of 58 Broadway, * Oepe™' Banking Business, GENERAL BANKING BUSINESS tki'!S!SS*' Including STOCKS ANI> TRANSACT A °' ^^*'°''^ andioNDSTo? BONDS INCLUDING THE PURCHASE AND SALE OF ^ShTon^'a??,!'*" ON STOCKS AND BONDS FOB CASH OR ON MAB. Bay and SeU InTeatment Secnrltles. WEDNESDAYS AND BATU11DAY3. GIN. BUY AND SELL COMMERCIAL PAPKB. P. O. BOX 2,647. ^ P. O. Box 447. *.M.KII>D«B. WATI^D^RASK. ADRLAK U. BIVL.LER it, SON H. J. MOBS. D. A. BOODT. C. W MCLELLAN, JB Ho. 7 PmE BXKEET, NEW YORK. BXUBXK LU'Ain]. i", a. BAITONSIAII- OCTOBBR 8. 1B81.J IHE t.HKONK'Lh. Financial. Boiton Banken. Baidmori'^ Bniih<*r«. P. W. Gallaudet & Co., Foote & French, Wilson, CoLston 6c Co., BANKKUH A.NI) HI{(lKRIl8, B.VNKEKS, BANKElia, BtLTinORB. HAlfK tWILUlNO. fiVITB/l AND DEALKII8 IN WALL. STIIBKT, COK. IlKOADWAY. INVHTMEMT and VIHUINI ^•fUaiTUM a I'APER. spsdalty. STOCKS, BONDS & COMMKKCIAL ' orrsspoadeBS* solMlvd and 'mttrnttUtt In- <>OVEBNilIEIVT KO:VDS, nlsbed. 8t<>ckii and Bonda boiuibt and nolil un coiumtltiun Kxcbanco. N. y. CoBBMFOHOSKTt—MoKIm Broltasr* A Oo. »t N. Y. Stock ..fc„. or ALL ISSUES. Ailvaiices made on buslneis paper and olner securities. COMillSSIOy 0BDSR8 EIEOVISD IH Robert Garrett & Sons, BOSTON, BANKERS, NBW YORK, No. T SOUTH HTRKBT, BALTI.nOKB. J. P. WINTRINGII VM, PHILADELPHIA, TRANSACT A GRNKRAI. DOMB8TIC AND WR- INSURANCE. BANK STOCKS. 4o. GAS, No. 7 C0NQRE88 STREET AND BiUN BANKING BUSIMBBS. grcraiTiKS boitoiit at tub aitotion 8ai>C8. No. as PINE 8TKEBT, No, 2 CONQRESS SQUARE, NEW YOKK. W. 8. WHITBLKT, JB. m. M. MoaiMK. BOSTON, MASS. Whiteley & Morison, D. Probst & Co., J. BROKERS. Ueo.\Vui.liallou&€o STOCKS, N0TK8 AND BONDS. AND DEALERS STOCK AND BOND BROKEHS BANKERS, IN irORElGN EXCHANGE, Soalb and German Streets. No. 62 KXCUANOB PLACK. NBW TORK. 14 Wall Street, T2 Devonshire St., Corner NEW YORK. BOSTON. BALTI.nORE, KID. STOCKS. HAILnOAIl BONUS, OOVKU.NXKNTS AND Correspondence Invited and full Information OD Miser LLASiors SKCURiTits Bought and Solp RccelTe accounts of Banks, Bankers, Corporations nnandal subjects furnished. ALU. 8. CLARK H. B. BACON. and IndivUlutils upon favorable terms.- Deal In tjovernments and Standard investment Securities. Southern Bunker*. Manning, Bonds and Stocks bought and sold on commission John B. at the New York, Boston and other Kxchanxes. BASKKU AND BKOKER, GEO. WIH. BALLOU, D. U. DARIiING, Campbell 6c Schoolcraft, No. 6 Wall Street, New York Cltjr WM. H. BINGHASl, A. S. WEEKS, SOITUHKN SKCVRITIES Ne^v York. Boston. STOCK BROKERS, A SPECIALTY Stare, .Municipal anl K'atlway I'ondB and Conponi No. 1104 MAIN STREET, ^Qffht and sold at best market rate.-<. InTestora or Parker & Stackpole, dealers w1sU1d« to buy or sell are Invited to commonl- MICH.nOND, VA. catd with us. BANKERS, Member of the New York took Exctaanie. SOUTHERN BEOVRITIES A SPECIALIX .No. 68 DEVOASHIRE STREET, Wm. Fisher & Sons, WH.C.CoiTBTinnr.PTea. KBNnrrK. Psixou.Cssh BANKERS, BOSTON. BAKK OF CHAR1.ESTON, And Dealers In Governments, St««ks National Banking Association, and InTestment Secarlties, Tower, Giddings 6c Co., CHARLESTON, S. C. SPECIAL ATTINTION QIVZN TO COIXICTIONS. Orrot-.n Sicond St , 38 SOUTH STRBET, BANKERS, ALTinORE, inD,, E. E. BniBUSB, I>res't. A. K. Wauceb. CSMhIsr HsTe Western Union wires In their offices, by No. 8S DEVONSHIRE (STREET, means of which Immediate communication can be BOSTON. had with all commercial points in the country. Ks- First National Bank, peclal attention iriTen to pu'-ehase and sale of Vir- Orders for Stocks ozeonted tn Boston. New York ginia Consols, Ten-forties, Deferred and all issues UriLmiNGTON, N. c. of the State, and to all clas.ses of Southern State and other markets. City and Hallway Securities. Correspondence so- Collections made on all parts of the United States Chas. A. Sweet & Co., THUS. P.UII.LKB, H.D. WILLIAMS, J NO. W . lULLSB George hiistis Co., CBAS. B. BILLICU. & BANKERS Thos. P, Miller & Co., lO STATE STREET, KOSTON. B K vi THE CHRONICLE. LVoL. xxxiii. Commercial Curds Commercial Card§. Steamships. Brinckerhoff, Turner E.R.Mudge,Sawyer&Co Only Direct Line to France. AGENTS FOR Wasliiiigton Mills, Clilcopee Mfg. Co. GENERAL TRA'nSATLANTIC CO. & Co., Burlington Woolen Co., BETWEEN NEW YORK AND HAVRE. Ellertou new Mills, From Pier (new) Manufacturers and Dealers in Atlantic Cotton Mliln, 42 North River, foot of Morton St Travelers by this line avoid both transit by JSng- Saratoga Victory Mfg. Co., Ocean Mills. lish Railway and the discomforts of crossing the COTTONSAILDUCK Feabodjr Mills, Channel in a small boat. AND CANADA. Pranguel ...." Wed., Oct, la. 9 A.'M. Hoslerv, Slilrts and DraTvers PEREIRE, Delaplaine Wed.. Oct. 19. 2 P And all kinds of M From Various Mills. LABRADOR, Joucla Wed.. Oct. 26, 7 A. Im' COTTON CANVAS, FELTING DTJCK, CAR NEW YORK, BOSTON, PiiiCEOF Passage— lincludinK wine,: To Havre— 43 & 45 WHITE STREET, 15 CHAUNCEY 9TEEBT First cabin, tlOO and $80; second cabin, $80; steer- COVERING, BAGGING. RAVENS DUCK, SAIL PHILADELPHIA. age, $26, includiuK wine, bedding and utensils. Re- " " turn tickets TWINES, &C., ONTARIO SEAMLESS J W DAYTON, 246 CHESTNUT STREET. at very reduced rates. Checks drawn "AWNING STRIPES." on Credit Lyonnais of Paris in amounts to suit. BAGS, FOR MARSEILLES, Agents Also. PubIicatIon§. Touching at Cadiz, Gibualtak & Bahcelona. imiTED STATES BUNTING COMPANY. The following steamers will leaveNew York direct Tor (""adiz, Gibraltar, Barcelona and Marseilles, tak- A full supply, all Widths and Colors, always in stock. ing freight and passengers VILLB I)E No. 109 Dnane Street. M AK8EI Li,Bg. Cahour Oct. 15 FERDINAND DE LESSEPS. Baquesne Nov. 15 No steamer on 28th of October. RATES OF Passage—For Cadiz and Gibraltar- VALUE OF first cabin, $75 and $90; for Barcelona and Mar- Wright, Bliss & Fabyan, seilles—First cabin, $80 and $100. Steerage, $32. Through bills of lading issued to Mediterranean Ports, including Barcelona, Algeria, Tunis, Genoa, New York, Boston, Philadelphia, Leghorn, Naples, Messina ; also, for Trieste and Constantinople. SELLING AGENTS FOR LEADING BRANDS N. B.—No freight taken for Gibraltar. Railroad Securities. On and after Sept. 28 the steamers leaving New BROWN AND BLEACHED 8HIRTINGS York on the 28th of each month will touch at Lisbon. AND SHEETINGS, LOUIS DE BEBIAN, Asent, PBINTS, DEaJIMS, TICKS, DUCKS, &c. AX ANALYSIS OF No. 6 Bon-linK Green. Tawels, Quilts, White Goods and Hosiery. Publications. Debt ; Interest Charges ; and Earnings Drills, Sheetings, ix., tor Export Trade. in the Past Four Years. l^~The Greatest Living Authors George A. Clark & Bro., sncb as Prof, nax Mai- ler, Right Hon. W, E, MONTHLY RANGE OF STOCKS Gladstone, James A. AND BONDS Fronde, Prof. Huxley, R. A. Proctor, Edw. A. Freeman, Prof. Tyudall Dr. W. B. Carpenter, JANUARY TO JVXE, 1881, INCLVSITE Prof. GoldwIn Smith, AND I3E FULL YEAR 1880. The Duke ot Argyll, iniI.i;fARI>'S HEIilX NEEDLES William Black, Miss 400 BROADWAy, NEW YORK. Thackeray, JUrs. Muloch-Cralk, Geo. MacDonald, Mrs. Ollphant, Jean luge- lonr, Thomas Hardy, Matthevr Ar- Wire Rope. CONTENTS. nold, W. H. Mallock, W. W. Story, STEEL AND CHARCOAL Turgaenlef, Carlyle, Rnskln, Tenny- Value of Railroad Secarities.— IRON of superior quality son, Bronning, and many otber?, are repre" suitable for MINING AND sented in the pages ot HOISTING PURPOSES, A STATEMENT OF THE BONDED Inclined Planes, Transmis- DEBT, INTEREST Littell's Living Age. sion of Power, &c. Also. CHARGES, AND [Galvanized Charcoal and In 1881. The Living Age entered upon its thirty- eighth year, admittedly unrivalled and continu- BB for Ships' Rigging, Sus- EARNINGS for Four Years Past, of all pension Bridges, Derrick ously successful. A weehXy magazine, it gives more Guys, Ferry Ropes, &c. A than large stoclr constantly on Railroads which have Earned the Inter- THREE AND QUARTER THOUSAND hand from which any de- A sired lengths are cut- est on their Bonds. double-column octavo pages of reading matter year- FLAT STEEL AND IKON ly. It presents in an inexpensive form, considerinjc ROPKS for mining pur- is great amount of matter, with fresliness, owing poses manufactured to or- Highest and Lowest Prices, to its weekly issue, and with a satisfactory com- der. Monthly— pleteness attempted by no other publication, the JOHN MASON dc CO.. best Essays, Keviews. Criticisms. Serial and Short 43 Broadwar, Newr York. BONDS IN NEW YORK—January to July. Stories, Sketches of Travel and Discovery. Poetry, Sclentitic. Biopraphical, Historical and Political In- formation, from the entire body of Foreign Peri- 1881, and the full year 1880. odical Literature. It is therefore invaluable to every American STOCKS IN reader, as the only satisfactorily fresh and COM- NEW YORK — January to PLETE compilation of an indispensable current literature,—indispensable because it embraces the July, 1881, and the full year 1880. productions of THE ABLEST LIVING WRITERS STOCKS IN BOSTON-January to July, in all branches of Literature, Science, Politics and 1881, and the full year 1880. 4.rt. OF NEW YORK, " In no other form can so much thoroughly pood reading be got for so little money ; in no other lurm rT7^^-SWINSTON , PRESIDEN". cciirc APPROVED STOCKS IN PHILADELPHIA-January can so much instruction and entertainment be gut TiPJ^&^.^Vl"^ DESCRIPTION in 8b pmall a space."—PM^adflphut Times. "There is no other publicalion like it. It Is known ^Jry^PA^NDOWMENT POIICIE: to July, 1881, and the full year 1880. and read by all who desire to keep abreast with the JNTERMS^AS ^AVORA^B^LE AS THOSE Oi cultivated thought of the English-speaking world." —Episcopal Kfgistcr, PkUadttpiiia. ^wm,.252^'**^^° APRIL IZTH 1842. Dividends. " It reproduces so fully the choicest articles from the foreign magazines, that one who takes it does not feel the need of anything else in the way of MMIS0YER$8aOOQ,0O( DIVIDENDS ON RAILROAD STOCKS foreign periodical literature."—The Advance, Chi- cago. Sold at the Exchanges " Its frequent issue and ample space enable it to in New York, give all that the very ablest of living writers fur^ nish to periodical literature on science, history, Boston and Philadelphia, biography, philosophy, poetry, theology, politics up to July 1 and criiicism, and to add to this the full comple- ai ment of the best that there is In Action."— 3'/tt; In- in 1881, and for five years previously. terior, (JJiicoQO, *' Gives the best of all at the price of one."—JTew York Independent. Railroad Earnings.— "Teems with the choicest literature of the day." —New York Ji-ibiine. "It is. by All odds, the best eclectic published."— AILROAD EARNINGS-To latest Southim Churchman. 'tm. dates " It enables the reader, at trifling expense, con- sidering quantity and quality of the reading in 1881, Compared with the aOLD MEDAL, PABI3, X878. Same Period in furnished, to keep pace with the best thought and literary work of our time."—Christian Union, New Bis CeUirtttea \umbert 1880. York. man will 3 OCTOBSR 8, 1881.J THE CHROMICLK. ni ln«urance. nsuranoo. Cotton. HOME DBAI. ». lOaOBAT, loan B. BiiBi OFFICE OF TUE C. F. Hohorst & Co., Insurance Company COTTON OP NKW VORK, COMMISSION OFFICE, 119 BRO.ADWAY. MERCHANTS No. las PR4RI. STRKBT, FinySlzth Seml-annnal Statement, nt^r t SUOWINO Till Vork. Hacelve ConslgnmeDU of Cotton CONDITION OF TUB COMPANY ON THBFIKBT and other pi nil w Mutual Insurance Co., DAY OF JULY, 1881. LIBIRAL AOTANOBH UADM. CASH CAPITAL $3,000,000 00 Special attention (iTen to order* forth* pw«ka« Reserve for Unearned Premiums and 1,896,678 60 aal* of ContraoU for Kator* D*llT*ry of ( Reserve for Unpaid Losses NEW YORK, January 25, 1881. 210,724 20 Net Surplus 1,788,627 03 Tbe Tnintees, hi conforuilty to tlie Clmrter of Cash Assets no. C. Graham Co., the Company, submit the following Statement $6,866,029 32 J & SDianiARV of lt« afl'alra on tile 3lBt December, 1880: OF ASiSBTS (8aco**sora to R. M. WATBKS A OOJ Pleld in the United Premtuuisou Marine Ktsks from States, aTallable tor the PAY. MKNT or I.OSSKS by KlUB and for the proteo- BANKERS l8t Januarj', 1880, to 3l8t »©- tlon of rolicj-Uolders of KIBE IN8URANCK: Cash in Bunks tlBSJTT $-1,232,075 04 14 cenibcr. 1880 Bonds and miirtKaKes, beinR first Men oo COTTON C0MHI8SI0N Premiuuiti on Policiee not marked real estate (worth $8,680.500) 1,710.VS600 MEBCHANTS United States stocliB (market value) 8,0S8.I(io 00 off l8t Jaumu-y, 1880 1,495,047 23 Bnnk& Hll, stocks &bds. (market value) 6&S,517 00 18 Wllllnm Street, New Tork. State and munictptll b'ds (market value) 198,700 00 Total Marine Premiums .... $5,728,622 27 Loiins on stocks, payable on demand INVIB8TMBNT 8ECURITIR8 BOUQaT (marketvalueofeollater'ls, 12.409,731) 1,860,600 00 SOLO FOR A OOtLMISSION. Interest due on 1st July. 1881 99,200 11 Fremiums marked off from Ist Fremlnms uncoU'ct'd & In h'nda of agts. 143,202 17 Keal estate January, 1880 to 31st Decem- 01,810 40 F. ber, 1880 $-1,111,087 80 Total $6,866,029 32 Hoffmann, CHAS. J. RIARTIN, Prealdent. COTTON BROKER Loeses paid during tbe same J. H. AVASHBURN, Secretary. AND AaBNT, period $2,071,238 98 38 RUE DE J.A BOURSE, HATBB. Cotton. Setnms of Premiums and es- penses $873,113 96 WM. MOHB. H. W.HANEMANN. CLXMXN8 FISCHIB Dennis Perkins & Co., COTTON BROK£B8, Tbe Company lias tbe following assets, viz.: IIT Pearl street. New York. United of Mohr, Hanemann & Co., States and State New Orders tor Spot Cotton and Future* promptly aa*. York Stock, City, Bank and onted otberStooks $8,983,558 00 COTTON BROKERS, Loans secured by Stocks and Geo. Copeland & Co., otherwise 1,187,900 00 123 PEARI. STRKET, COTTO:!! Beal Estate and Clahns due the BROKERS, Company, estimated at 470,000 00 NEW YORK. 136 PSARl. 8IREET. NEW YOBK. Premium Notes and Bills Re- ceivable 1,628,921 34 gpecia attention Kiven to tbe execution of OB* Cash In Bank 337,977 37 OBRS FOR FDTPRB CONTBAt.T8. B.F.BABCOCK&CO. COMMISSION MERCHANTS, Amount $12,608,356 71 WALTER & KROHN, 17 Water Street, LIVERPOOL, Receive consignments of Cotton and other Prodne*. SIX PER CENT INTEREST on the outetand- and execute orders at the Kzchanges In Liverpool eertUlcat«s of prollts will be paid to the holders COTTOIV BROKERS, Represented In New York at tbe office of thereof, or their legal representatives, on and BABCOCK BKOTHERS * CO., 90 WaLI. StkuT. after Tuesday, the First of February next. S3 BBAVBK STREET, SEW YORK. THE OUTST.ANDINO CERTIFICATES of tbe Issue of will Geo.H.McFadden Bro 1876 be redeemed and paid to E. S. Jemison & Co., & tbe holders thereof, or their legal representa- COTTOW FACTORS tives, on and tifter Tuesday, the First of i'ebru- BANKERS AND COMMISSION MERCHANTa «ry next, from which date all Interest thereon AND 131 Ckeetnnt St., Pblladelpbla. will cease. The oertifloates to be produced at COMMISSION tbe time of payment and canceled. COTTON MERCHANTS A DIVIDEND OF FORTY PER CENT Is No. 10 Old Slip, New York. Waldron & Tainter, declared on the net earned premiums of the GENERA I. COTTON MERCHANTS, Company, for the year ending Slst December, XeODT & JEMISON, ealTeston, Texas. 97 PEARL STREET, NEW YORK. 1880, for which oertlflcates will bo issued on ''Future " order* executed at N. T, Cotton Bzch'ffe »nd after Tuesday, the Third of May next P. Billups & Co., By order of the Board, J. Parisot & Campbell, J. H. CBAPIUAN, Secretary. COTTON Cotton Factors, COMMISSION MERCHANTS, VICKSBUBG, IHI8S. *No«. 16 & 18 EzcbanKe Place, Orders to Parohase Cotton In oulmarket aoileitel TRUHTEESi Kefer to Ue*8n WOODWABO A STILUIAB POST BUILDING, NBW YORK" New rork. J. D. Jones, Horace Gray, Special attention given to the Porohase and Sale Obarles Dennis, Edmund W. Corlies, of Contracts for future delivery of Cotton. L. Leman, W. H. H. Moore, John Elliott, A. Lewis Curtis, .Alexander Y. Blake, John F. Wheless & Co., COTTON BBOKER, Charles H. Russell, Bobi. B. Miutum, No 160 SECOND STREET, James Ixiw, Charles H. Marshall, COTTON RIACON, GEORGIA. David Lane, George W. Lane, Gordon W. Bumham, oominissioN merchants, Rntire attention paid to purrhaseand *hlrm*nt of Edwin D. Morgan, Cotton on order tor Spinners and ICxport«r* A. A. Raven. Robert L. Stuart, NASHVILLB, TENNBSSBB. Best of references furolshad. CorrasfMndaee* Wm. Sturgis, Jamea O. De Forest, Special attention gives to Splnnera' orders. Corre- Adolph Lemoyne, Samuel WUletts, snondcnce 80\.icltea and iroortta NaMonai Banxs at 0Ki( TUl THE CHRONICLK lOCTOBER 8, 1881. in[i§celIaneou8. C<>ll«»». Cotton. Woodward & Stillman, AMERICAN POST BUILDING. INMAN, SWANN&Co Bank Note Company, Beaver 8M. Car, Exchanee Place, Hanover