xmtk HUNT'S MERCHANTS' MAGAZINB, BBPRESENTINO THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES VOL. 34 NEW YORK, MARCH 25. 1882. NO. 874 Financial. AMERICAN Bank Note Company, 14a BROADWAY, NEW YORK. BtTSINCSII Fot'XDin 1705. tuUBmaltH umltr L/iuw o/ State nf A'm> Tit*. HOB. UKUUOANIZCIl ItJTU. Knoravehs and printirs of tONVS. POSTAQE AXU REVEXUB STAitPS, tJIOAL TE.VDB/I 4 NATIOSAL BAXK NOTBS It (JM VXnBD STATB3 and Ivr many Tvnti^ BNQRATINO AND PRIKTINO CW BASK SOTBS. STATS AXD ttAILnOAD OOSTDS, SUAIIB CBRTtFICATBS. BILLS Ot UXCHASOB, DnAFTS. CHECKS. STAilPS. *C. Ur TUB FiyBST ASD MOST ARTI3T10 STTLM FROM 8TEEL PLATES, Wltk ipMiml Mkfwtatrds to preTent OounterfMkH mrjUUnUttu. Bpeelal papen mftaafaotared exota- ilTair (or uM o( ths Compuir. 3(ifety TinU. Safety Paper*. Work Executed la FIrepreol BnlldlDCS. BAILWAT PRINTING A SPECIALTY Bailwar TickeU of Improred Styles, WUhor without Color; and Tickett of all Kind* TUUdTBBa: A. a. Ooolall. Presldsnt, Jo«. W. Drazel. JamMMmalonuUiili. Vice- PrMt., A. V. Stoat, A. U. Shapard, VIce-l'roitdent, T. U. PorLSr, wm. Main 8mllUe, Vlce-Hre>t., Chris. Uejrer, J. T. UolwrutoB, Vioe-Hrealdent, U. 11. Uanlurth, ^- U- Atsjrner, Treasurer, P. C. LaaosbaiT. Xb«o. u. Kreelaad, SecrMarj. Banque Centrale Anversoise, ANT WE RP. Pald-Up Capital, -~^,000,000 Frano. BOARD or DIRECTORS Fvi'fX Orixar, President. ALruin MAQUINAV iUratr A Maqalnay), Vlee-Pr«* 3. U. Vu.v utK UECiiE(Vun der tiecke A Uanilr), urro UuNTUKuiCorDellle<Durid). Bhilk i>i Uuttal. Aj>. Kra.vk (Krsnk. Model A Cle.) Auo. Nui-riBuuu (NutteDohiu Krere*), fK. UUANi.-, i.Miciiieis l,u,is). juu. Uan. KcuiiMAXN.Jr. (Joh. Dsd. Fahrmana.) Luuia WEBKK(l£d. Weber A tie.) ivuu UAUTB^8rHAL'CU (C. 8cliintd A CleJ rpi»«MaA/«i'(a A GENERAL BANKING BUSINESS. A»A P, PuTTEK. Prest. J. J. Kuor, Cashier. Maverick National Bank, BOSTON, OAPITAI,, VaPLUI*, 1400,000 400,000 Aooounta ot Banks and Bankers sollolted. Collections made opoo favorable terms, BtrtatJr first^elass Inrestmeat Securities Neao- jtoted. Aug. T. Post, Banker, t* NASSAU STREBT, . fty'i' BUra AND SBIOA Mate, CItjr and Counlir SocuritlM. OOHUIHPONDENCB 80LICITKD. Samuel M. Smith, 40 WALI, STREET. UBALBR IN CUr Railwar Secnriiire, Gna nnd Htoclu, luauraace Hcrl»< Financial. DIAMONDS. Alfred H. Smith & Co., N*. 14 JOHN ST., NEW YORK. IMPOBTBB3 or Diamonds, Fine Babies, Sappbires, and other Preciooa Stones, EXCLUSIVELY. LONDON, 33 HOLBORN TIADUCT. Lbwm H, tatlor. Jb. I.iirDi.Er HAiHES L. H. Taylor & Co., Bankers and BroKers, 140 SOUTH THIRD STREET, PHILADELPHIA. Depoaits received subiect to check at sUbt, and Interest allow >d on dally balances. Stocks, BondH. &c.. bouKht and sold on commission In Philadelphia and other cities. Particular attention iiiven to information resard- ing Investment Securities, J D. Pbihcb, JAS. whitblt, H. Critoer OAKLBI Habrt c. Looan. may.nari) C. Brax, W. R. T&ArEUS, Special Partner. Prince & Whitely, So 64 BROADnrAT, NB^T YORK, (Branch Office, 180 Fifth Avenae). All classes of Itallwar and Mining Stocks bonsht and sold on Commission. Private Telegraph Wires to Philadelphia, Wilming- ton. Baltimore, WashinKtoD, Boston, Bridgeport aLd New Haven. ^ R. A. Lancaster & Co., BANKERS AND BROKERS, 86 BROADWAY, NKW YORK, PKALKlta IN Flrst-Class luveiitiuent Secnrttles. UOVKRNMKNT BONUS, STATE, CITY, COUNTY RAILRUAU A MISCELLANEOUS SEClTaiTlBS Bought and Sold on Commlssloii. Viroinia Tax- HfceivMe Coupons Bought. SOOiUERll SECURITIES A SPBVlALlt. LOANS NEGOTIATKD. INTEHEHT ALLOWED ON DEPOSITS, Sam'l A. Gaylord, ST. I.OUIS, DEALER IN TfESTERN SECURITIES Defaulted ConntT, Township and Citr Bonds of Hlssourl. Kansa, and Illinois boaght at best rates' Investment Seonrltles for (al*. Correspondence solicited. Simon Borg, No. S WALL STREBT, NEW YORK, DEALER IN ALL KINDS OF Railroad and Inrestment Secnrities. SOOTBEBN BaCURlTlKS A SPBCIALTT. Lummis & Day, No*. M and 85 DRE.XEL BUILDINO. Cor. WALL and BUOAU 8THBBT8, BANKER!^ AND STUCK BROKERS. W1U.IAM LDHMIS, UENKT UAT, Members of New Tork Stock Brchsnge. Financial. J, W. MinnEKDoar, w. B. Olitbr, C. A. Albuoi, Members Baltimore Slock Bzcbange, MiddendorfjOliver & Co BANKERS AND BROKERS, 8, W. Comer Uerman <lc SoHih Hts., P. O. BozZ37. BALTIMORE, MD. Special attention given to the n<'gotlatl<>n of For« elgn Bills of Exchange, Collateral Loans and Coafr* merelal I'aper. INOICATUUS AND TBLEPUONB IN OFFICK E. W. Clark & Co., BANKBRS, N*. 33 Seath Third Street, Philadelphia. DBALBB8 IN CAR TRUSTS AND OTHER IB- YBSTMBNT SBCUBITIBS. Stocks and Bonds bought and sold on Comratsstea. Henry Bros. & Warfield, BROKERS IN STOCKS AND BONOS, UNLISTED SS> CURITIES AND MININQ STOCKS, 62 BROADWAY. Oocouts Hbnrt. Ch a rlis Seton HnrBT, Member N.T. Stock Bz. Member N.T. MIn. Stock Kz. Danibl W.iuriEU>. Geo. H. Whipple, No. S6 WALL 8TRKKT. NEW YORK, ELECTRIC LIGHT STOCKS. imn aATielBnish (Parent Companr). AiBerlea% FOB SAl^E} United States. Kast era. WANTED.—Bmsh (N. T. Co.). Fuller. -— — ^^. E. A. Mauriac & Co., BANKERS AND BROKERS, No. T Wall Street. Railroad, Mining, and other Stocks, Bonds, ate« bought and sold on Commission. B, A. MAURIAC, Member N. T. Stock Kxchann 8VUNBT BISUOP. M. M. UOWLAND. John A.Hambleton& Co BANKERS AND BROKERS, iro. C SOUTH STBBBT, BALTinORE. OMHUCfsd ftv SPM'al TTirs vM.\ Nm Tot* ai dclpkta Oorrrspondfnts. Transact a General Banking Business. Bur and sell on Commission in this and other dtlM " all descriptions of Stocks, Bonds and Securities. Special Attenticn giren to InTestntenta, Loans negotiated and advances mads on ImproTed collaterals. Deposiu reeelTOd snbleet to ebeofc at sight. Collections on all poinU In U. S. and Canada. Caldwell, Hat «& Washbub»>t BANKERS A BROKERS. UNITED BANK BUILDINa. Broadirar and Wall St. '^ Transact a general ainking Business. Including tha Purchase and Sals of all SecnrlUes dealt In attha'"^ New York Slock Exchange. Interest allowed cm deposits subject to sight draft CnAA B. CAUiwELi, late West A Oildwell. Mi.Aa C. ILAi', Member N. T. Stock Kxchanca. La.\sin<> ^- WAaBBCBil, lau Whlliia«hsm A Washkora. - -*
Transcript
xmtkHUNT'S MERCHANTS' MAGAZINB,
BBPRESENTINO THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES
VOL. 34 NEW YORK, MARCH 25. 1882. NO. 874
Financial.
AMERICANBank Note Company,
14a BROADWAY, NEW YORK.BtTSINCSII Fot'XDin 1705.
tuUBmaltH umltr L/iuw o/ State nf A'm> Tit*. HOB.UKUUOANIZCIl ItJTU.
Knoravehs and printirs oftONVS. POSTAQE AXU REVEXUB STAitPS,
tJIOAL TE.VDB/I 4 NATIOSAL BAXK NOTBSIt (JM VXnBD STATB3 and Ivr many Tvnti^
BNQRATINO AND PRIKTINOCW BASK SOTBS. STATS AXD ttAILnOADOOSTDS, SUAIIB CBRTtFICATBS. BILLS Ot
UXCHASOB, DnAFTS. CHECKS. STAilPS. *C.
Ur TUB FiyBST ASD MOST ARTI3T10 STTLMFROM 8TEEL PLATES,
Wltk ipMiml Mkfwtatrds to preTent OounterfMkHmrjUUnUttu. Bpeelal papen mftaafaotared exota-ilTair (or uM o( ths Compuir.
3(ifety TinU. Safety Paper*.
Work Executed la FIrepreol BnlldlDCS.
BAILWAT PRINTING A SPECIALTY
Bailwar TickeU of Improred Styles,
WUhor without Color; and Tickett of all Kind*TUUdTBBa:
A. a. Ooolall. Presldsnt, Jo«. W. Drazel.JamMMmalonuUiili. Vice- PrMt., A. V. Stoat,A. U. Shapard, VIce-l'roitdent, T. U. PorLSr,wm. Main 8mllUe, Vlce-Hre>t., Chris. Uejrer,J. T. UolwrutoB, Vioe-Hrealdent, U. 11. Uanlurth,^- U- Atsjrner, Treasurer, P. C. LaaosbaiT.
Xb«o. u. Kreelaad, SecrMarj.
BanqueCentrale Anversoise,
ANT WE RP.Pald-Up Capital, -~^,000,000 Frano.
BOARD or DIRECTORSFvi'fX Orixar, President.ALruin MAQUINAV iUratr A Maqalnay), Vlee-Pr«*3. U. Vu.v utK UECiiE(Vun der tiecke A Uanilr),urro UuNTUKuiCorDellle<Durid).Bhilk i>i Uuttal.Aj>. Kra.vk (Krsnk. Model A Cle.)Auo. Nui-riBuuu (NutteDohiu Krere*),fK. UUANi.-, i.Miciiieis l,u,is).
juu. Uan. KcuiiMAXN.Jr. (Joh. Dsd. Fahrmana.)Luuia WEBKK(l£d. Weber A tie.)ivuu UAUTB^8rHAL'CU (C. 8cliintd A CleJ
rpi»«MaA/«i'(a A
GENERAL BANKING BUSINESS.A»A P, PuTTEK. Prest. J. J. Kuor, Cashier.
Maverick National Bank,BOSTON,
OAPITAI,,VaPLUI*,
1400,000400,000
Aooounta ot Banks and Bankers sollolted.Collections made opoo favorable terms,
Letters of Credit and Drafts Issued on the 87branches of the Bank in the Colonies of Queensland.New South Wales, Victoria, South Australia, Tasma-nia, and New Zealand. Bills nesotiiited or sent forCollection. Telegraphic transfers made. Depositf.received tn London at interest for fixed periods oa-terms which may be ascertained at the office.
HEAD OFFICE IN AMSTERDAM.Agencies li, Batavia, Soerabaya and Samarang
Correspondents In Padang.
Issue commercial credits, make advances on shipments of staple merchandise, and transact otherbusiness of a financial character in connection wlAthe trade with tbe Dutch East Indie*.
BLAKE BROTHERS Sc OO.,AOENTS rOR NORTH AHCKICA,
18 WALL STREET, NEW YORK..
18 STATE STREET. BOSTON^
Adolph Boissevain & Co.BANKERS
Axn
OOnniSSION inEROHANT»«AMSTERDAM, HOLLAND
N. T. Oorreepeadeata—Meeara. BXAM Bned. A C»
Hong Kong & ShanghaiBANKING CORFOBATION.
CAPITAL (pald-np) auMawffBRSBBYBrUND IJtSijSm
BEAD omCE. BONO KON0.Tke Corporation grant Drafts, lasae Letten af
Credit for use of Travelers, and negotiate or eoUaatBills payable at Bombay,CalcntU, STogapore. BiOgaa,Manila, Bong Kong, Fooehow, Amoy, Nlncpa,Sbangkal, Hankow, Yokohama, Btogo, San Praada.CO and London.A. n. TOWNSKNO. Avaat, 4T WIUli^ *•.
Canadian Bankers.AOXNCT or THS
Ba n kor
British North America^No. CS IWALL STRBBT.
Bay and sell Sterling Exchange and Cable Tlaaa> -
fen. Iiane demand drafts on Scotland and iTaiiail
alio on Canada, British Columbia, Portland, Onaaa,Baa Francisco and Chioago.
Bills eoUeetad and other banking bailneaa liaMP. A. McTAVISH, 1 . - -
ICAiwn K 1839.J
THE CHRONICLE. fii
Canadian Bnokcn.
M erchants
Capital,
BankCATVADA.(5,700,009 Paid Up.
Prwldent, the Hon JOHN HAMILTON.VI»--lVa>lilant, JOHN Mi'I.KNNAN. Baq..M.P.
HEAD OFFICE. MONTIIEAL.OEOKGK HACiUK, llonenil Manuar.
WM. J.INUUAM, AMlatanlU«a«nl Manoaer.nANKERS:
LONDON, RNG.—Thu Clydeidule Banking Comp'r.SBW TOKK-The U:uik of New York, N. U. A.
The New York Agercj buys and lelli Stcrllns Bx-obanxe, Cnbte Trun^fers.luuua Crodlie available In
•II parte of the world, loakei collections In Canadaanaelsewhure, and iffsuus Drafts parable at anj ortha oiuoee u( the bank In I'anada. Demand DrufisUe««d payable In Scot1an,1 and Irptund, and ererydeeorlptlon of foreljcnb<tuklnii business undertaken.
Maw York Acener. 48 ExchaBce Plaoa,HKNllY IIAOUB, l»„„t.JOHN B. UAKKIS, JR., 5
**•'"••
Ohicxo Braneb, 138 Waahlncton Hireet.
J. 8. UKREDITU, Manatter.
Imperial Bank of CanadaCapital. $1,000,000.
H.S.BOWI,ANI). rrt's't D. R. WILKIE, CuhlWUEAD OFFICE. TOROXTO.
BILiNCBES:St. Catharines. Port Colbnrne. St. Thomas, Iiwersoll,
Wetland. FerKUS. Woodatook. WlnnipuK, Man.
Dealers In American Currency ASterllntf Exchange.
Ajients In I^adon : 1 Agents In New York:BoSAHQcrr. 8AI.T & CO., B^aNK or MoNTRKaL,
TO Loeabard street.......-....._-.6U Wall Strwt.
»a;Promptss<IT part of Canada.Approved Canadian business paper, payable In
volaor ourrency, discounted at the Head Office onreasonable terms, and proceeds remitted to anypurt of the United States by draft on New York.
Bank of Montreal.
CAPITAL, •
SURPLUS, -
• $13,000,000, Cold.£,000,000, Gold.
C. F. S-MITHERS, PresUlent.
W. J. BUCHAHXN, Qeneral Manager.
VEW YORK OFFJCE.K««. &9 A. 61 WAI.1. Vt'REET.
WALTIK WATSON,} AnentSALkX'U LA.VO. 1*««"'•
But asd sell Sterllnx Kxchanga. Francs and CableVranafers ; grant Commercial and Trarelers Credits
ftrallable In any part of the world; Issue draflaonand make oolleetlons in Chicane and throughoutthe Domlmion of Canada
Lomtoa Ofllcc, No. 9 Blrehlm Lao*.
Gzowski & Buchan,BASKBBa AHD Stook Bbocebs,
TORONTO, CANADA.Prompt attention ciTen to Collection of Commer-
cial Bills and CanadHin Funds on all points in Cana-da ; Ameriean and Sterling Exchange, and Stocks,Bonds, etc.. bouiibt and sold.Correspondents—Bank of New York. New York
and Alliance Bank. Lond>jD.
BoBton Bankers.
Calllomla Banks.
The Nevada BankOF
BAN FRANCISCO.Kew York Agency, 62 Wall StSURPLUS, IXVE8TED' IN V. 8. B0XD8.
84,000,000 GOLD.
OEORQE L. BRANDER, Acent.tSSL'Sa Commercial and Trarelers' Credits, aratl*
*ble in any part of the world. I>raws Kxcnaoga,i'oreixn and Inliind, and makes Transfers of Moneyby Telegraph and Cable.
TUB
Anglo-Californian Bank(LIMITBDI.
LONDON, Bead Office, 8 Angel Oottrt.
SAN FRANCISCO Office, tti Caii/omia St.NEW VORK Agents, J. A W. Seligman A Oo.BOSTON Corrc9pond't«, llasBaohusctts N. B'k.
Authorized Capital, - . $6,000,000.Paid up and Reacrve, - 1,700,000.Transact a general banking business. Issue Com.
mercUl credits and Bills of Exchange, available In.all paru of the world. Collections and orders forBonds, 8tock.i. etc., executed upon the most faror«Jbleterms. FUKDK F. Low, ) ,.
e. N. LILIE.NTHAL, Cashier.
Brewster, Basset & Co.,
B A N K R U 8
,
No. 35 CONGRESS STREET,
BOTTOM.MEMBERS OF TUB NEW Y'Ollik AND BOSTON
STOCK EXCHANGES.AL8U,
DeHlrra In Alnnlcipal, 8lnte, Knllroad andUnited Htatea B«urfa.
Parker & Stackpole,BANKERS,
No. 60 DEVONSHIRE STREET,
BOSTON.
Tower, Giddings & Co.,B ANKEBB,
No. SS DEVONSBIKE STKEET,BOSTON.
Orders for Stocks executed In Boston, New Yorksnd other markets.
Cias. A. Sweet & Co.,
40 STATE STREET, BOSTON.
DEALERS IN OOTEIUmBNT SECURITIESState, City. County and Railroad Bonds.
Baltimore Bankers.
Robert Garrett & Sons,BANKERS,
Mo. r SOUTH STREET,BALTIMORE.
TRANSACT A GENERAL DOMESTIC AKD lORBIGN BANKING BUSINESS.
Seth H. Whiteley,BANKER AND BROKER,
No 27 GEUMAN STKE&T,P. O. Box 313. BALTIMORE.
Deposits received subj<»ct to check at sight, andInterest allowed on dally balances.
Stocks, Bonds, Ac, bought and sold on commissionIn any city. Particular attention given to infor-
mation regarding Investment Securities.
Boattaem Banked*.
Wilson, Colston & Co.,BANKERS AND BROKERS.
BALTinORE.INVESTMENT and VIRGINIA SECURITIES a
specialty.Correspondence sollcltel and information fur-
nlabed.N. Y. Co»^IlKspo.^'nE>^T^*-McKlai Brothers & Oo
I'lilladelpUia Bankers.Geo. C. Thouas. Jos. M. Shoxhaksr.
Thomas & Shoemaker,'BAXKEEfl AND STOCK BROKERS,
134 South Third St.. PHILADELPHIA.Dealers In all Issues of United States Bonds.
Investment Securities a specialty. CorrespondenoeInvited and full Inforxnatloa upon financial snbjeetsfurnished.
A. P. Turner & Co.,B A N K £ B 8,
No. 307 Walnut Place, PHILADELPHIA.Government, State, Municipal and Railway Bonds
and Stocks bought nnd sold at all the Efcnanges.Investments prudently niudc In sound niltway se-curities. Collections promptly attended to.Correspondents carefully represented at Auctions
and Private Sales. Bonds of good but not well-known railroads always wanted for investments atthe best rates. Orders on margins not entertalued
Soiitlicrn Bankers.
TBOS.P.UniXB, R.D. WILLIAMS, JSTO. IV,1IIU,XBCHAS. B. MILLCK.
Thos. P. jyiiller & Co.,BANKERS.
nOBILE, ALABAIOA.Bpoolal attention paid to collections, wth prompt
rnslttanoes at current rates ol excnange on oar ofparmentOorresimndnnts.—National Bank of State of New
York, Now York; Louisiana National Bank, NewOrleans,' Bank of lilrerpool.UTorpooL
B. B. unrnuan, nni. A. K. WALKia, Oaanicr
First National Bank,WILiniNGTON, N. C.
Oolleetlons made on all parts of the Unlt«4 SUtes
WM.c.CoirBTinnr.PrM. BMMTll.Faijcai.i.CuhBANK OF CHTbLESTON,
MATlOirAI. aANKINO AMOCIATIOX,CUARLEHTON, 8. O.
SPlCtAI. ATTCXTIoa OIVIM TO COIXCOTIOIfl.
B. U. MAVRY A. CO.,STOCK BROKERS.
RICHMOND, VIRGINIA,Buy and sell Oovi<rnment, State, Mnalelpal and
Rallrnad Bonds and Hlocka. Ac. Virginia State Tax-Receivable Coup«>ns bought and sold. All ordorapromptlyattended to.
New York Corroapoiulant. TBRltlLTa A 00.
MERCHANTS' NATIONAL BANK,RICHMOND, VIRGINIA.
Collections made on all Southern points on bastterms; prompt returns.
JOHN P. BRANCH, President.John F. OLi.v.f,Casb. Fhkd. R. Scott, V!cft.Pra«t.
THOIHAS BRANCH A CO.,BANKERS AND COMMISSION MERCHANTS.
RICH.IIOND, VIRGINIA,Information oo all classes of Sontbem Secnrltlaa.
especially State Bonds, Tax Coupons, Ac. Cor-respondence solicited.
HARRIS dc. RHIND,STOCK AND BOND BROKEB8,
AUGUSTA, GEORGIA.Buy and sell all kinds of Investment Soourltl^
outright or on commission. Information fumlsbao.Orders and correspondence solicited.
1
Western Bankers.
P. F. Keleher & Co.,805 OXiITfC STREET, ST. LOUIS, IVIo.
First-class Western Investment Secarltiee for•ale. 9i. itoata Ctty and States of Missouri, Kansaa.Texas, Arkaxisas and Colorado Bondji a specialty.Full Information tflren In reference to same on ap-lioation. Coupons and dMdeods collected.
John V. Hogan & Co.,113 No Third Street, St. LouU, Mo.,
Western and Sonthwestern Mnololpal and RailroadBonds or Stocks.
Defaulted bonds a speclaltT. Choice inrestmentsecurities HlwaTs for sale. Write to us before joubar or sell any Illinois. Missouri ur Kansas bonds.
hKOSAHD MATTaRWS. BDWARHS WHITAKCR,Mtiuber N. T. Stock Bzeh.
Matthews & Whitaker,ST. LOCIH, MO.,
BR0KKH3 AND DKALKRS INScatc, CitT* County and RK. Bonds Sc Stock**Orders receive prompt and personal attention.Correspondents, MeasrH. Maxwell Jp Graves. New
TorkCUy. and Messrs. Blako BrotnCt's A Co.. NewTurk and Boston.
Jarvis, Conklin & Co.,KANSAS CITY, MISSOURI.
FIRST MORTOAOB LOANS upon Improvedfarms in the best portions of Kansa.^ and Mlwourt,w.irth from three to six tlm s the amoun* loaned.Interest 7 and 8 per cent seml-annuHl, and nlwmftCO lectcd and remitted to investor frt-o of charge.Over a milliun dollars louned and not a dollar lost.Savings bank:*, c^WleKL-.s. estates and private Indi-viduals who want SAKE and PKOKITABLKlnrest-mente, write for circular and full Information.
A. PHESOOiT, Pres. John Francis, Caahler.p. I. BoNEBRAKE, V-Pres. E. B.PBXscoTT.As.Oash.
CENTKAL BANK OF KANSAS,SirCCESSOBS TO
A. FREHCOTT d; CO..B AMKEKS,
Capital SlOO.aOOTOPEKA, KANSAS.
Municipal Bonds and Mortsaire Loans NeitoMated.Eight per cent Farm Alort^at'es a spedaJtv. AHE.NERAL BANKl.NO BUSINESS TRA.^^ACTED.Coliecttoiis and correspondence receive prompt at*tentlon.CoHHfSPoxmxTS.— Boston, National Bank of
North America; New York, American ExchangeNationul Hunk and Ninth National Hank; Cbtoajco,Preston. Kean A Co.; 8t. Louis, Third NationalBank ; Kansas CItv, Bank of Kansas City and Mer-chants' National Bank
C. F. PB.VZIL, j STATE BANIC, )C.T. WaLKUPresident. ( Incorporated 1818. ( <>uhier.
German Bank,LITTLE ROCK, ARK.
CAPITAL. (Pnld-ln) *73,OeoSURPLUS, 'M,OVPrompt attent Ion given to all business In our lineN. Y.CORB««POND«.NT»-Donnell, lawtoa A Co..
and the Metropolltsa Natloiul Bank.
w IHE CHKONlCLli. IVol. XXXIV
Western Banker*
GEO. A. LEWIS, Pres-t. A. L. Schmidt. Cashier
First Natio.Tal Bank.U. 8. DEFOSITOKY.
l.omSVIl.I.E, KENTUCKY.
Speeial attention givon to ooUertions. Proceeds
promptly remitted at best rates. Accounts of
Banks and Bankers solicited^
THOsliTTHOBNTON. WM. W. THOItNTON. Cash.
W. F. THORNTON & SO.V,
(EstaoUshed 1858,i
B A N K B R !< * '^ J» U R O K E R S,
SnELBYVILLE, ILLFNOIS.
CelleoWons marie In Shelbrand adJolnInK Counties
and Proceeds remittal on Day ot P"yn'™'„^„ ^„„Tjn-h'TtRRNCM.*—NiiLioaal '.ttDki'i C(»mmercr'..>iew
Y?rk Union NHtlonil flank, Cincinnati Third
National Bank, »t. Louis. Traders' Bunk, Chicauo.
Indiana Bankinif Company. Indianapolis.
rintiiictal.
Finnncial.
R. J.Kimball & Co.
.APPOINTMENT OF FISCAL AGENCYFOB THB
State of Kansas.
TO WHOM IT MAY SONCERN:Notice i« hereby jiven that
?'""?'VJ;r aSteSImpsi n. Biinfeers, of the City of .^ew York, stuie
5f New York, have been appointed as "»e »isc«l
ABency of the ^tate of ^insas, ^"'Jjl.J'"?,^' *['.'•
corpoi'sof the State of Kiinsas, or of any County,
TownshiD C'ty, Bo ird of Education or School pis-
trS in sS d Stat" which are by their terms oajabh'". the f's^Si Agency ot the State of Kansas in NewYork, shall be paid at the Bank of said Donnell,
^¥l,e°ap*pomT£en''t-aforesatd to take effect and be in
force from and after ihe twentieth day of IV.arch,
Qive'n^Ser my hand and the ofHcial seal, of myoffice at the City of Topeka, Kansa>, this 28th
day of Pebruarjj^A.^D.^M|.^^^^^^^ ^^ ^^^^^
Financial.
BANKERS AND BROKERS,No. 25 Nassau Street, .\ew Yoik.
Thirteen Years' Membership in New York SloikExchanize.
R.J.KIMBALI,, A.B.I.OUNSBKBT, V. E. BALLAtD.
Members of N. V. Stock Exchange.
TNDIANAPOLIS DECATUR & SPRING-I FIKLI> KAILHOAD Oi'MPANYFIRST MOinOAGB 8 Pi R CENT Kl H. 'r V-YEAR
BONDS, CliJI'ON OR ItBGISTBRED.INTEREST PAY/^BI,E APltli, 1 ANIJ OCT. 1.
--• "-^^ -er mile, solely for theIssued at the rate <it 111,800 per i
purpose of redeenimg the b lance of out-Btandl .g 8 rklng h und 7 per cent bvUds
of tl is Lompnny.These bonds are, with ttii- outstanding 7s, a flist
Hen on 152 miles o' road and Its equipment, andrecommend tliem-elVHS as a tirst-i hiss iuvestinent.
The railroad of th 8 Ctnnpany is tiow operated bythe Indiana BlooiuinKton & Western RailwayCo:ii-panyundera minimum guarantcee of f200,000 netinoome per annum, nmoumiru: to nearly twice theannual interest on these bonds. It is estimatedthat the completion of the projected extensionwestward will more than double t'le pres-'nt netearnings and leave a large surplus overSle.l inter-
We offer a Itmited amount of these bonds at 102and acf'rued interest, subject to advance of price
without notice.FAHN STOCK & CO., 2 Wall Street.
Kountze Brothers,BANKERS,
lao Broadway (EqnltaWe Bullfilng't,
NEW YORK.LETTERS OF CREDIT AND
CIRCD1.AR NOTESIssued for the use of travelers in
all parts of the world.
Bills drawn on the Union Bank of LondonT ilegiaphic transfers made to London and to
various places In the United Stales,
Deposits received subject to check at sight, and in-
terest allowed on balances.Government and other bonds and investment se-
curities bought and sold on commisKlon
Colbron, Day & Field,
BANKERS AND BROKERS^
No. 17 Now Street, 130 La Salle Street,
NEW YORK. CHICAGO.
CANADIAN PACIFIC RAILWAY COM-I'ANV.
The Seml-Annual I: te-est due 1st Apr 1, 1882, onthe First Mortgage Fivi? Per Cent Ijaud Giant GoldBonds of the Canadlin P ciflc Kailway Company,will be piiid on and after that date on presentationof the proper coupons at the ' ffl, es of the CompanyIn Montre il and ijon<lon, and at the office of theOompany's agents,
Messrs. J. 8. KENNEDY & CO.,No. «3 William !-treet, New Tork.OlIAKLliS DKINKWAIER,
Secretary and treasurer.
CHICAGII ROCK ISLAND & PACIFICRAILWAY CO.HPANY, .Mar h 22, 188iJ.—A Quar-
terly Dividend of One ano Three-quarters per cent($1 (5) on each share of the capital stock of thiscompany will be pal. I on and after the 1st day ofMay, 1»83. to the shar lioUlers whosh.ll he regis-tered as sii'h on the closing of the transfer books.The transfer books will be cUtsed on the 30th
day of March insf ., and opened on the 26th day ofApril next, and remain op-n u.':t 1 the 1st day May,when they will te closed for the purposes of theannual election F. H. TOWS. Treasurer.
rjFFICKOF CHICAGO .ST. PAUL MIN-^-'nBAPOLIS & OMAHA RAILWAY CO.MPAN Y62 BROAnwAY, New Yokk. M.irch 10, 1882.
A dividend of O.VE AND THRBB-QDARTERSPer Cent (1%) has been declared upon the pre-
ferred capital stock of this company, payable April
20th,1882, to stockholders of record .Vlaroh 31st Inst
The transfer books close March Slst and reopenApril 24th, 1888. R, P. FLOWER,
Treasurer.
T7AST TENNESSEE VIRGINIA & GEOR-GIA RAILROAD CO., SroRETARY'S OFFICE, NewYork, March 18, 18S2.-TWO AND ONE-HALFPER CENT {2ii) will be paid April 1, 1832, upon the
Income Bonds of this company, out of the net
earnings for the pait six months, on presentation
of the bonds at the Metropolitan National Bank,
New York. B. G. MITCHELL,Secret ary.
Stocks and bonds hoaght and sold for cash or
on margin.
Interest allowed on deposits, subject to check at
sight.
WESTERN MUNICIPAL AND RAIL-
ROAD BONDS:Chicago City 78,
Cook County 7s,
West Park 5s and 7s,
Lincoln Park 7s,
Macoupin County, Hl.,68,
Chicago Burlington &Quincy R. R. 4s and Ss,
Chicago Mil-vaukee & St. P. C. & P. 5s and 6b.
Chicago Milwaukee A St. Paul, Dubuques,
Wabash 5s, Chicago Division,
Chicago & Northwestern 5a,
BOUGHT AND SOLD.WANTI-D.
The defaulted bonds of Clay County, 111.
IV I 1^ L I A in O . «J O I, E ,
109 DEARBORN STREET, CHICAGO.
COUNTY, CITY AND TOWN BONDS.
THE HOUSTON iV TEX*-* CENTRALRAILWAY CO.VIPANY. Hoi STON. TK.X., March1V.1882.—Coupons of the General .vlortgiige six pereent and consolidated eltht per cent Bonds of thisCompany, due April 1, 1882. will bo paid by JohnJ. Clsjo k Bon, No. 6i» rtal. ftreet. New Yoik.
K. W. CAVE, Treasurer.
No. 20 NASSAU Street, )
T__„ Nkw 1 ohk, MiTch 21, 1«82. S
FJ^^SX.'^^TH!' A>T. IN8TALNKNTOFTWENTY (2<i) PKUCl•.^Tof .heM-cuidsubscrip-tlon to the Pur' haslng Syndicate will be due f ndpayable » prll 1, 1882, at my ol^ce. Chocks shoul'-. bo'Sy"'^?."'""' " Yi:.i!rd,oertltl.,d.andaccomMnl-ed by the uriglnul receipt, HENRY VILL vii i.
Alb.& Sus. RR. 1st con. 7s
Atlan. & Pac. RB. Ist 63,
Cent, Paoiflc RR. gold 8s,
Chic. Burl. & Q. RK. 73,
Chic. Mil.t St.P. RR. hds.
Chic, & Northw. RR. bds..
Chic. R. I. & Pac. RR. 6s,
C. C. C. & I. RB. con. 7s,
Del, & Hudson RR. 7s,
D«. Lack. & W. RR. 73,
Brie BR. bonds.
Mortgages on FarmsAND
Kansas City Real Estate,NETTING SKVEN PER CENT
Scmi-Aiiniial Interest to Iiivestors.
We negotiate lj:ins on improved and productive
farms in the best porti ma of Kansas and Missouri
worth from 3 to 5 times the amount loaned.
Acknowledged to be the most SAFE and PROF-ITABLE form of investing money known.
In an experience of m iny years and loaning over
a million dollars, n.t one dollar lost.
We assume the responaibility of MAKING ONLYSAFE LOANS: of collecting the interest and prin-
cipal and remitting to investors, FREE OFCHAitGE. and in caae of any trouble or delay In
making such colloctlons, AGREEING TO STANDALL EXPB.VSK and SHIELD IMVESTORSFRO.W LOSS. TITLES HUAllANTKBD. ALLFUNDS PROMPTLY PLACED, Write for circu-
lar and full particulars, abating amount you would
wish to inv St on s.itisfactory evidence as to securl-
tiei*, titles, &c. Address
JAKViS, CO«KLl\ & CO.,LOAN BROKERS,
KANSAS CliY, iUISSOUItl.
Lake Shore RR. 7s,
.Mich. Central RR. 78,
.Vlorris &, Essex RR. 7s,
.V. Y. Central RK. bonds.
N. Y. & Harlem RR. 7s,
Ohio* W.Va RR. lst,7s^
Scioto Valley RR. 7s,
St. Paul .M.* M.KR. 1st 7s,
Union Paoiflc RU.ils ,&«is.
United N, .1. RK. 6s,
Pennsylvania HR. bonds.
BOUGHT AND 80LD BYI». A. EASTO.\,
Witb BOODV, McLELLAN & CO.,Bankers and Members New York Stock EzchanKe,
58 BROADWAY.
Car Trust Bonds.WE MAKE A SPECIALTY OF THESE TERY
SAFE SECURITIES, AND BUY AND SELL SAMEAT MARKET PRICE.WE OFFi-;R A LIMITED AMOUNT OP DBSIR-
ABLB CAR TRUST ISSUES, ADDITIONALLY8KCLRB1< BY TUB DIRECT OBLIGATION OFTHE RAILWAY KyUlPMKNT COMPANY.
POST, iriAKTl.^ &. CO.,.34 PINE STREET.
J. C. Chew,No. 7 WALL STREET, NEW YORK.
T£XAS KAII.WAYS,BONDS, I.ANDS, &c.
Desirable Texas Seourltiei toi lUTeatmeat con-stantly on haiHi
NEW TORK LACKAWANNA & WEST-ERN RAILWAY COMPANY
FIRST MOK r<;A«E SIX PEK <ENTBONDS OF 1921.
Interest payable semi-annually upon tne first
days of JANUARY and JULY.This road forms with the I elaware Lackawanna,
Sc Western Railroad a direct through line from
NEW YORK TO 8UFFAI.O.
The Mortgage Is a first lien upon the eqaipmenC
as well as upon the Road.
FOR SALE BY
MO!>ES TAYLOR &. CO.,
52 WALL STREET
FOR CHOICE
Mortgage Loans,INDltNA C PKR CENT,
SOUTHERM 8 i'EtC CENT,WHITE
FRAXCIS SMITH & CO.,TndiannpollB. Ind., nnd AlontBomerr, AIn.
^V A ti T V. nTO PURCHASE ALL CLASSES OF BONDS.
OF THECities ol Pittsburg nuil Allcelieiir, Pa., an*
County oi Alleglieny, Pn.
GEO. B. HILL. & CO., Brokers,
PITTSBUUtJ, PA.
I1«VEST.«E\T SECURITIES..
An assortment of desirable bonds
always in hand
Correspondence solicited.
ADDRESS:
A. W. Beasley & Co.,
93 BROADWAY, NEW TORK.
Spencer TraskGeo. F. Peabody. Fred. B. Koyes.
Spencer Trask & Co.,.
BANKERS AND BROKERS,.
70 Broadway, New Tork City.
Transact a general Banking Buninest.
Stocks Bought and Sold on Margins..
Interest allowed on Deposits.
Branch Offices,
Connected by Private Wiret,
Philadelphia, 132 S. Third St., C. P. Fox^
Albany, N.T., Maiden Lane, W. A. Geavb?.
Saratoga, N. Y^ Oraad Union Hot«l
tramHUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATE?.(Entprtd, •ooordlng to act of ConKres*, in the year 1882, by Wm. p. Dana <St Co., In the uflloe of the Librarian o Cun^rem, Wanhliitito
VOL. 84. SATURDAY, MARCH 25, 1882. NO. 874.
CONTENTS.THE rnH()Nici.,E.
The Flimnclnl Sltiintlnn 327BalllmuruN Claim fur Differ-
RaiiKP in Pi-ioee at the N. Y.StooJc Exchange 338,
THE COMMERCIAL TIMES.Oommerolal Epitome 340 1 BreadstiiRs 3.^2Cotton 340
IDry Ooods 353
How the United StatesUtf" Chili 332
Monetary iind CommercialKugli8li NewH 332
Commercial and MlsoellaneouBNews 336
GAZETTE.QuotatUmsof Stocks and Bonds 339New York l<ociil Seourities 340Knilroad Earutufcs and BankRetuniB 341
Inrestmenta, and State, Cityand Corporation Finances... 342
*^)xt CH^Itvauicle.Thk CoumsrCial and Finanoul Chboniolb U insued every Satur-
day morning, tnth the latest neiea up to midnight of tViday.
I Entered at the Post Oflico, New York, N. Y., aa 8econd-clas.s mail matter.J
TERMS OF SUBSCRIPTiON-PAYABLE IN ADVANCEiFor One Year linolndlne postage) $10 20.Fot Biz Months do 6 10.Annnal subscrlpUoB in London (including postage) £2 78.Sixmos. do do do 1 88.
Subscriptions will be continued ontll ordered stopped by a writtenorder, or ai the inililiealion office. The Publishers cannot be responsibletor Remittances unless made by Drafts or Post-OfHce Moner Orders.A neat tile cover is furnished at 50 cents; postage on the same is IS
cents. Volumes bound for subscribers at $1 00.
Iilrerpool Offlce.The office of the CnnoNiuLK in i..lvcri)ool is at No. 5 Brown's Build-
Injts. where subscriptions and advertfsemcuts will be tpkoii at theregular rates, and single ooi)ie« of Uio paiwr supplied at Is. each.wnJJAM B. DAXA. ) WILLIAM B. DANA <c 00., Pnbllshan,lows a. ru>TD. i 79 ft si William Street, NEW YORK.
Post Okfice Box 958.
THE FINANCIAL SITUATION.The past week has been a very satisfactory one.
Instead of the despondency with regard to stock values
which so lately prevailed, there has been buoyancy;
instead of disparaging reports, we have had a full supply
of promising rumors. No one thinks now of wrecks andruin, bat there is a growing belief in soon realizing that
hope deferred which has so long made the heart sick. Th«truth is, if we are to accept what is floating in the air, it
will not be long before all Eastern and Western and
Southern roads will be amalgamated, and everything will
be made to pay 19 per cent!
But separating fact from fiction there is one circum-
stance that must be admitted; and that is that if our Wallstreet markets were depending wholly upon favorable
business conditions, not many happier moments than
the present could be found. In the first place moneyis in abundant supply at this centre, while in
Europe there is such a plethora of loanable funds that
during the week the Bank of France has dropped its dis-
count rate to 3^ per cent and the Bank of England to 3
per cent. Then again that extravagance in railroad
building which was so apparent among us a few weeks
since has b«en decidedly ckecked. We hear this week »f
one locomotive works where contracts for 19" locomotives
have been recalled, while it is stated also that large orders
for steel and other railroad material sent to Englandhave been countermanded; hence it cannot be long before
this check will have a marked effect upon our import?,
rectifying our foreign trade. Add to all this the fact that
the business of the country is still satisfactory and
extremely premising; that railroad earnings are large in
spite of the small remnant of old crops left for movement;
that all railroad wars and differences are ended and peace
guaranteed by a large deposit; that the prospects for the
new crops are highly encouraging;—add these facts to the
foregoing, and we would seem to have surroundiags
forming the best possible basis for hope and buoyancy.
And yet there is a kind of distrust born of the events
of the last few months, which is not wholly removed. It
has been proved that a very few men—you can count
them on the fingers of one hand—carry in their boxes
sufficient certificates and in their hearts the disposition to
swamp the street when they can make money in doing so;
and now when they are standing under (as report goes)
their own properties, it is impossible for each dealer not to
ask himself whether they may not be doing it for the pur-
pose of dropping their load into his lap. Each day of the
week, however, the market has shown strength, and the
advance has been rapid. The speculators for a decline,
who were caught, have not remained passive. On the
contrary, they have to the best of their ability resisted the
rise; but the reason why they have not been generally
successful is that their ranks have been thinned by deser-
tions; they have lost not only numbers, but have been aban-
doned by some of their strongest and most skillful leaders.
Consequently, where two weeks ago there was a powerful
army apparently bent upon destruction, there is now a
mere rabble pursuing a sort of guerrilla warfare upon
temporarily unprotected portions of the victorious host.
Outside speculators who stood aloof when prices were
falling, being afraid to buy, have many of them since the
movement turned upward ventured in and thus aided in
the general improvement. Those stocks which have risen
most sharply' are the Southwestems, in which the short
interest was large and consequently the cliques had lit-
tle difiRcttlty in car/ying them upward by adroit manipu-
lation. It is probable that the short interest has in this
way been well covered iuring the week. Indeed, the
loan market shows that there is a lighter borrowing de-
mand for stocks, and other evidence indicates that some
of the most prominent of the late speculaton for a de-
cline have closed out their short contracts, and are now
waiting for and seizing every opportunity to renew their
operations. In fact, they made quite a vigorous Attack
328 THE CHIIONICLE. [Vol. XXXIV.
yesterday, and at one time it looked as if they had secured
a point, but the close showed a recovery, some prices
being the highest of the week.
As we have said above, the week kas differed from
those of a period not long back, in the nature of the
rumors and developments respecting stocks which have
been afloat on the street. Probably no stock has
fared better in this respect than Western Union. First,
we had the favorable announcement of the fine progress
made in laying the second cable, and the superior working
of the first. Next came the news tJbat that old irritating,
festering sore had been healed, which Mr. Gould and Mr.
Garrett between them have so long kept in a state of
active inflammation; that is to say, an arrangement has
been made by which the telegraph system of the Baltimore
& Ohio has at length been merged into the "Western
Union, or at least is hereafter to be operated in harmony
witk it. Then, again, on "Wednesday, the story was cur-
rent that the "Western Union managers had secured con-
trol of_ the Mutual Union lines, and although the story
was denied, it is more than likely that there may be s»me
foundation for the report that negotiations_to that end are
in progress.
This would seem to be enough of rumor and fact for one
stock to stir up in a week; but still it was not the whole,
for finally it was hinted that very possibly there may be
another stock dividend before the close of the year to be
distributed among the patient and faithful "Western Union
stockholders ! The facts recited above are claimed to be
the seed of the new "watermelon" which has been planted.
Careful search may reveal the presence of the vine in the
new system of keeping the accounts of the company
inaugurated at the commencement of the current quarter.
The completed cables and the absorption of the Mutual
Union might be the fruit now no bigger than your thumb,
but soon to swell into handsome proportions, all ready to
be cut. And then what a scrambling for "Western Unionstock we shall see when it carries the privilege of another
stock dividend !
To prudent investors there is^one annoying cirumstance
connected with statements respecting the future of anycompany, and that is that annual reports are withheld long
beyond the time at which they are due, and even somemonthly statements which have been freely and promptly
given are now very tardy in making their appearance.
The natural inference is that it is unfavorable news that is
being concealed, and that the truth may not be told until
the speculators who are in have an opportunity of getting
out. The leaders in the market are interested as execu-
tive oflBcers in a variety of properties. If they desire the
co-operation of the public in their efforts to sustain andadvance prices, they must take the put)lic into their con-
fidence so far at least as to furnish facts regarding their
properties. Unless this is' done, disparaging reports gain
currency, and the faith of the public in the general state-
ments made is shaken. The cable brings the newsof the formation of the "United States RailwayShare Trust Company," in London, the object, as stated,
being to purchase American stocks which have a* sub-
stantial character. In view of the fact that Europeanshave, within the past two years, been disappointed
with some of their investments in American rail-
road properties there would seem to be an excellent field
for the operations of this company. If it is organized in
good faith and not merely as a speculative venture, it will
have a good effect upon our market by attracting abroad,for more or less permanent investment, properties whichare really first-class and worthy of confidence. Many ofthese are now going out, but the list might be profitably
enlarged if an organization such as that above referred to
would take the trouble to exact from the managers of
corporations information and detailed reports which is
now somewhat grudgingly given to the public through tha
press. Some railroad managers act as if not even stock-
holders had rights which they were bound to respect.
Money is still in good supply and yet the market showsa healthful hardening of rates although no more than legal
interest has been paid on call loans. The increased de-
mand is in good part due to the closing out of the short
interest in the stock market. No gold has been sent to
Europe this week, and the domestic exchanges continue in
favor of this centre at all points, except Boston. TheTreasury operations, which include the receipt of $6,000,-
000 gold from the Philadelphia Mint, have resulted in a
loss, which is a gain to the banks, of $132,620 28. Thefollowing shows the extent of the interior movement.
Rutiptt at und Shipmenltfram. N. T.
Ourrenoy
.
Gold
Total
.
Seeeiited.
$1,565,000
90,000
$1,655,000
Shipped.
$748,000126,000
$874,000
The Bank of America received $500,009 gold during
the week for the associated banks, and paid out $200,000on their account.
Tke bank statement of last Saturday was again made«p oo rising averages for specie. Taking into considera-
tion this fact, the following will give an indication of this
week's bank return.
Info Banks. OutofBanks Nat Sain.
Sub-TreaBury operations, net. .
.
$132,6201,655,000
$ $132,620781,000Interior moTttment 874,000
Total $1,787,620 $874,000 $913,620
Foreign exchange is quiet but firm. Scarcely any, or
at least comparatively few, commercial bills are offering.
Some bankers' bills are being drawn against outgoing
securities, but these appear to be quickly absorbed by the
demand to remit for stocks_or goods imported. Early
yesterday there was some talk of exporting gold by to-day's
steamers, but later the indications were that none wouldbe shipped. The rates were advanced on Monday, andthe rate for long sterling was moved upward on Thurs-
day, the latter in consequence of the reduction of the Bankof England rate of discount. The following will showthe margin of profit in transactions by cable betweenLondon and New York, the table exhibiting relative
prices at the opening each dav.
March 20. March 21. Uarch 22. March 23. Jfarih 24.
ni.Cent. 130":4 180« 137-33 13flH 136-98 137 137-48 136H 137-35 136N. y. C. 182-81 132?< 133-79 IS2H 133-78 lS2i^ 183-79 133 13;;-55 132^ReadiDfr 30 44^ mi 29-95-1 69 303U 80« 30-19-t mi 39-58t 59
Bioh'ge,
cables. 4-91 4-91 4-91 4-91 <-91
• Bipressed In their New Sork equivalent.-f Reading on basis of J50, par value.Note.—The New York equivalent is based upon tlie highest rate for
cable transfers, whieh ordinarily covers nearly all charges, such asInterest, insurance and commissions.
The Bank of England reports a gain of £789,000 bullion.
for the week, and an increase oi3^ per cent in the propor-
tion of reserve to liabilities. From the^week ended Nov-16, when the outward movement from the Bank com.menced, to the week ended Feb. 1, when it ceased, the
Bank lost £1,908,632 bullion, and the proportion of re-
serve to liabilities was reduced 9^ per cent. From Feb. 1
ItrA.BCH 3.1, 1889 ] THE CHRONICLE. 329
to date the Bank hw gained £5, 188,833 bullion and It 9-16
or cent in the proportion of reserve to liabilities. Of this
increase in bullion XI, 840,200 came from America, and
the romainder doubtless was returned from the Continent,
came in from the interior of Great Britain, and was paid
in by the Government. The daily reports by cable show
that for the week the gains on balance have been £508,000.
This leaves a difference of £281,000 to be accounted for
upon the supposition that it has come from interior sources.
The Bank of France shows an increase of 12,025,000
francs gold and of 4,175,690 francs silver; and the Bank
of Germany, since last report, has gained 5,980,000 marks.
The following exhibits the amount of bullion in each of the
principal European banks this week and at the correspond-
ing date last year.
[Of EDglandlot FnuiM
Bank o( OemHuiy
T«tal tbli weekTotal preTlong week . .
.
March 23. 1882.
«oM.
423.961,2-20
81,407.767
6.994.000
SUttr.
45.706,153
20,982,000
65,862,987 86,033,158
63.854.46065.813,227
Uanh 24. 1831.
Oold.
28,119.380
24,223,362
7.388,000
59.730,742 71.370.451
58.327.745 70.973.844
Silver,
49,206,451
22,164.000
ly The abere gold and lUTcr dlrlsloii of tba (tookof coin ef tbeBankof GtfBiAnr la merely popular eatimate, aa tbe Bauk icself givei noInfermatton oii ttiut point.
The payments by the Assay Office through the Sub-
Treasury have amounted to $46,449. The receipts by
advancing, with a good investment demand, especially for
tbe 4 per cents. The redemption of called bonds is nowconfined to the Treasury at "Washington,
BALTIMORE'S CLAIM FOR DIFFERENTIALRATES.
The Advisory Commission of the railroads, sitting to
hear arguments on the question of differential rates, has
this week had presented to it Baltimore's view of the mat-
ter. As was expected, her citizens lay great stress uponher supposed advantage over New York with respect to
distance from the great interior producing centres. Thatshe has this advantage as to mere distance, no one denies.
The New York representatives before the Commissionadmitted it, but they endeavored to show, and in ouropinion did show, that it was not an actual advantage.
In view of this fact, it looks very much like an exhibi-
tion of weakness for Baltimore to emphasize so strongly
as she does this one element in the problem, and to ignore
almost entirely other elements, to which New York has
repeatedly called attention, of equally great, if not greater,
importance.
Of course, Baltimore claims that the heavy grades on the
Baltimore & Ohio, and the comparatively easy grades onthe Central, count for very little against her, but thenthat is only another way of saying that she does not careto argue that point, for it is too clear to need demonstra-tion that there is a vast deal of difference in the cost of
operating a road with an ascent of 30 feet to the mile and
one with an ascent of 20 feet to the mile, which represent
the comparative difficulties encountered by the Baltimore
& Ohio and the New York Central on portions of their
lines. On a part of the Fsnnsylvania the grades are evenheavier, reaching a maximum of 95 feet to the mile. Weall of us know how difficult " up-hill " work is, but Mr."Walker states it very clearly in his report on behalf of
New York, where he says that " railway engineer experts" calculate that in operating a railway, every foot of
"gradients makes an additional cost in the operating
"expenses compared with the oost of a water-level road" equal to an additional mile of level road "—which showsthat in point of equivalent distance New York and not
Baltimore is nearer Chicago and other "Western points.
This statement stands uncontradicted, and the argumentsbased upon it unrefuted.
"We do not forget that it is remarked that the Balti.
mere & Ohio gets its coal cheaper ; but has not.the Cen-tral got four tracks, steel rails, a splendid road-bed, andexcellent facilities in every way, whick enable it to over-
come, and more than overcome, this one element of
cheaper cost ? Aside from all this, however, in railroad
management a difference in distance or in cost on compet-
itive through traffic is never allowed to enter into the
consideration. "We could give very many illustrations.
Take the roads running from Chicago to Omaha, or fromChicago to Kansas City, or from Chicago to St. Louis.
Between each of these places there are a number of roads,
all varying in length, but we have yet to learn that the
through rate is not the same on all. As Pool-Commis.
sioner Fink says, it is a well-recognized principle that
the length of the competing routes does not regulate the
charge, and "the lowest through rates established by any" one competing route establishes the through rates by all
" others, regardless of distance."
The other points advanced by Baltimore appear to us
equally assailable. Indeed, she is not agreed herself as to
Many of them. Some of her citizens entertain ideas quite
at variance with one another. While one gentleman
claims that to include the cost of ocean carriage, and so
adjust rates as to make the total charge from the "West to
Europe the seme on all the competing routes, would be
"unjust to the producers," "unjust to the railroads,"
" unjust to all the seaports south of New York," an-
other gefitleman argues that this is precisely what should
be done, modestly claiming that Baltimore shouldjiave
an allowance for her shorter railroad distance, an allow- .
ance for her longer ocean voyage—notice that the demandis first because it is the shorter and next because it is the-
longer route—and to cap the climax, "an equivalent
for the free-delivery system in New York." This before
a commission proposed by Mr. Vanderbilt ! Shades of
the dead Commodore upon us ! "We were aware that wewere living in a progressive age, and did the best wecould to keep abreast of it, but really this last proposition
is too much for us;—it is becoming only too apparent that
we are one or two geologic'al periods behind the times,
and an obstruction in the pathway of progress, which
suggests hari-kari as the most effective process of removal.
The great producing interests of the "West are rightfully-
regarded in the matter and Baltimore's solicitude about
them is doubtless sincere; but here, as elsewhere, it is clear
she occupies untenable and indefensible ground. Equal
rates " will tax the "Western harvests " for the benefit of"
New York, will entail upon the community at large
unnecessary charges for transportation, will coerce the
West to pay a tribute nolens volens, will deprive it of a
choice of markets, etc.,—these are some of the statements
which Baltimore merchants have made before the Cora-
330 THE CHRONICLE. [You XXXIV.
Mission. Pray, how will equal rates tax tlie harvests and
entail unnecessary charges ? Remember that New York
does not claim better rates but equal rates. If the asser-
tion of Baltimore that her road incurs a smaller expense
in carrying freight to the seaboard than do the New York
roads, be true, then the New York roads, in placing their
charges as low as that of the Baltimore & Ohio, enjoy a
proportionally smaller profit on their business, which, of
course, redounds to the advantage of the shipper and pro-
ducer. Baltimore virtually says that the New York roads
shall allow themselves a larger margin of profit than they
agree to content themselves with, and that the producer
shall pay a correspondingly higher price in consequence.
It is from no philanthropic motives that the Central and
Erie refuse to put on this extra charge. It is the spirit of
business rivalry that prompts their action. They know
that they must carry as cheap as any other road, or lose
the business. Then as to equal rates depriving the pro-
ducer of a choice of markets, quite the contrary is the
case. "With the charge alike to all the seaboard cities, the
producer is free to select whichever he pleases. "With
varying rates in vogue, he is of necessity confined to one
route—he must choose the cheapest. And in that way
the other cities will be deprived of their business—not
immediately l»ut eventually.
Now that the Commissioners have heard the arguments
of all three cities, we cannot but express o«r satisfaction
that the position held by New York is found so strong
and that her views were so well presented to the Oom-
siission. To be sure, nothing new was brought out, but
the facts and arguments submitted 'oy the Produce
Exchange Committee, the Chamber of Commerce Com-
mittee, by Mr. "Walker and by Mr. Fink, make up in our
estimation a very strong case. It has been claimed that
the statistics showing that only by repeated reductions of
the differences against her has New York been able to
retain her share sf the seaboard business are irrelevant,
but to us they appear very pertinent indeed. They
•demonstrate how clearly impossible it is for the New Yorkroads to consent to the differences now demanded. In
1870 the difference was two dollars a ton against us.
Repeated wars have reduced this, until it now amounts to
only 60 cents. At first New York maintained its
share of the export business, even though it had
to charge two dollars more than the Baltimore
& Ohio, because Baltimore labored under certain
otlior disadvantages as an exporting port. Soon these dis-
advantages were so far removed that New York could
stand a difference of only one dollar, and then other
improvements in the position of Baltimore made even
this too great, so it was cut down to 60 cents.
In 1881 it became apparent from the course of traffic that
the difference would have to be still further reduced, or
perhaps abolished altogether. All this is proven by the
statistics which New York submitted to the committee.
It stands to reason that if the difference allowed hadnot been excessive, it would have been impossible for
Baltimore to have insreased her percentage of the business.
It is clear, also, that Baltimore, as a port, must be in
^tter position to-day than ever, otherwise the difference
would not be excessive.
"Whether the time has arrived when Baltimore cancompete on equal terms with New York, that is a ques-tion which it remains for the Commission to decide. Pos-sibly they may conclude to allow her a small differencestill, but, if they do, it will not be because of any advantagesin railroad transportation, but because of disadvantages in
ocean transportation, freight rates by steam being some-what lower here than there (though the average sail rate
is about the same). At all events, we may be sure that
the time is not far distant when differential rates will 'oe
alt«gether a thing of the past.
TME GOVERNMENT AND THE MISSISSIPPILEVEES.
The great extent of the Mississippi overflow, and the
loss and suffering it is entailing, have greatly increased
public interest in the question of preventing such dis-
asters. Outside of the district directly affected, a propo-
sition for Congress to appropriate a considerable sun to
build levees, would have found few advocates two months
ago. Such work, it was generally felt, belonged to Slate
management, to be paid for by tax on the property where
the benefit accrued. Under, however, the ^urgency of
the situation, public money is being freely appropriated
for supplies. "Why then it is asked, should not the
Government as well prevent^as cure ?
We are all familiar wit'n the answer many will make,
that there is no authority under the Constitution for
building levees, since it would in no way serve " to regulate
''commerce with foreign nations," or " among the several
" States." As a legal proposition we do not see how that
can be denied, and yet the usage of the Government more
than sustains such an appropriation. We have always
opposed the practice; and in truth among conservative
people the River and Harbor bill cannot fail to be looked
upon with unqualified disfavor, having in it, as is believed,
a mere pittance of legitimate appropriation mixed with
a mass of personal jobs. Creeks with no commerce, and
not even navigable for anything larger than an ordinary
row boat, known only in the Congressional district where
they are claimed to exist;piers built for the purpose of
originating navigation in the interest of individuals or
corporations of weight politically; harbors, called so only
by courtesy, which perhaps a schooner may have somor
time visited;—these are samples of the enterprises which
make up in good part the sum of the appropriations for
which Congressmen exchange votes one with the other,
thus esta'blishing themselves as available candidates for
re-election under the popular cry that they have taken
care of the neighborhood and so the neighborhood must
reciprocate by taking care of them.
No wonder, then, with such abuses as these, which are
wholly indefensible, that there has always been a decided
disinclination to stretch the constitutional provision so as
to cover the Mississippi levoss; for the fear of giving a
qualified support to an evil thus annually practiced has
been a strong influence standing in the way of the greater
work. Besides this, there is a deep dislike among a large
class to encourage in any way the prevailing disposition
of running to the General Government with every diffij
Gulty a community meets. We used to be jealous of the
rights »f the States, and we used to be self-reliant enough
to depend upon individual effort in preference to the
interference of the central power where the individual or
the State had the right of action. This is changing now,
and to the harm both of ourselves and of our civil service,
and a feeling against this innovating spirit has, like the
abuses contained in the River and Harbor bill, also stood
in the way of any comprehensive work on the Mississippi.
But in this connection it is well to remember that there
are some special circumstances which give peculiar weight
to the appeal now made to the General Government.
And first among them is the fact that it is quite difficult
for States to do the work, because the responsibility is
distributed among several. There seems almost a neces-
sity for a power back of them to devise and carry
through a single and uniform system. An absence of this
Masoi to, ifba(.j THE CHR(;N1('LE. 3;^!
nnity in construction, is a Kr^'t defect and weakness, as
we understand it, in the existing levees. Then again the
States DOW flooded are by no means strong financially.
They have never yet recovered from the shock of the war;
and further, the past year has been a peculiarly unfavor-
able one, planters having, by reason of the drought, lost
almost entirely their food crops and made only a short
crop of cotton. To repair the present disaster would bo a
severe tax, and to enter upon the work of improving the
levees would Do almost, if not quite, beyond their power.
We do not attach much weight to the objection, that if
the Oovernment undertakes this work it will be opening
the door to applications for every kind of reclamation and
development, in connection with streams over which the
Government has no control. It is well enough to remem-
ber that the door is already open as wide as it can be, if
the making of precedents can do it. The suggestions we
have made above show this; but if any one still doubts it,
let him look over any Rivor and Harbor bill, or even look
over the one that will be passed this year;—they are all
of them full of gifts for which there is not the least
semblance of legal support. Besides, the appropriation
now proposed can never become a precedent for any other
work. It is scarcely necessary to say that we have but one
Mississippi River. It is a feature of the country. It
would be no more rational for a Congressman to cite
work done on it, to justify appropriations for the improve-
ment of interior creeks, than to attempt a parallelism
between the Atlantic Ocean and a mill pond.
We confess, however, that we should like it better
were Congress in all cases to follow the stricter
interpretation of the Constitution and make no appro-
priations except such as are demanded for the general
benefit of the commerce of the whole country. That
would exclude almost every item in these bills except
for harbors. But if we are to continue to follow the
usages which have so long prevailed and include
among our Government beneficiaries interior rivers and
creeks, or even if we are to take Government money to
carry forward enterprises like our own Harlem River
improvement, no reason can be given why we should
remand wholly to State or private resources the work of
confining the Mississippi within its banks. It is, to be sure,
a large and costly work, and we have no doubt this will as a
last resort be urged against undertaking it; but that fact
ougkt not to alarm men who refuse in any degree to repair
the wrong done by the Pension Arrears bill. Besides,
to relieve the proposal from this objection, perhaps the
Sutes especially interested might be led to contribute to
the work, if some comprehensive effective system wereadopted. At all events, we should hke to see Congressmeet this whole subject squarely, aot by stealthily slip-
ping into a corner of the River and Harbor bill a small
appropriation which can accomplish nothing, but by anopen discussion and a determined, settled policy.
EMPEROR WILLIAM'S BIRTHDAY AND PEA CEPROSPECTS.
The uneasy feeling which has for some weeks pervadedEurope and which was largely due to the unguarded lan-
guage made use of in Paris by General Skobeleff hasgiven place within the last few days to a feeling of greater
confidence. The public mind of Europe has been further
quieted by the events which took place on Wednesday in
Berlin and St. Petersburg. The birthday of EmperorWilliam furnished an opportunity which seems to havebeen eagerly taken advantage of by the Russian Court to
make aa end of the unpleasantness which Skobeleff had
created. Nothing could be more timely or reaasuriDg-
than the language employed by the Czar in bia con-
gratulatory message. He expressed his hope that the
Emperor's life, which was so necessary to the peace of
Europe, might bo long preserved ; and his anxious desire
was that the friendly relations between Russia and Ger-
many might not be disturbed. The return message wasno doubt equally friendly ; and the Czar could not butbe deeply touched by the reference to his father's death,
so kindly made by Emperor William.
These, however, are not the only indioations whichencourage the hope that the peace of Europe will not, for
the present at least, be disturbed. Rumor has it that the
Sultan meditates an early visit to St. Petersburg ; andKing Humbert, speaking in an official capacity, assures as-
not only that there is no difficulty between France andItaly, but that he sees no cloud on the political horizon,,
and that he desires the maintenance of peace.-
All this is very gratifying. War comes only as &curse
; and the circumstances of the general situation are
such that a European war is to be eontemplated only with
feelings of the greatest alarm. It could hardly fail to
assume extensive proportions ; and it would be certain
to involve not only a vast destruction of life and property,
but large transfers of territory and great changes in the
map of the Continent. It would be unjust to question
the sincerity of these expressions of friendskip, as
exchanged between government and government, or to-
doubt tkat there is an honest desire in high places to
maintain the peace. But it is undeniable that the avowedfriendship is in a large degree superficial, and that the
desire for peace does not imply on the part of the differ-
ent governments and peoples satisfaction with things as
they are.
The truth is, that, although in the general Europeaasituation there are no clouds on the horizon, there are
spots which, if other conditions were not unfavorable,
would soon become clouds. It is notorious that the Pan-
Sclavic element in Russia is now the controlling element,
and is animated with bitter feelings towards Austria.
General Skobeleff may have spoken unadvisedly with his-
lips ; he may have given grave offense to his Imperial
master; but he spoke the sentiments of his people and ofhis order. An imperial rebuke is endurable when it does-
not interfere with personal liberty ; and disgrace is almost
to be courted when it is accompanied with the worship of
the multitude, including the best classes of society. Gen-eral Skobeleff is the most popular man at the present
moment in the Russian dominions—the most highly-
honored man in the Russian capital. Knowing what we-
do of the state of feeling, we are not permitted to doubt-
that but for the decided attitude assumed by Prince Bis-
marck, Russia, some weeks ago, would have rushed upoaAustria and attempted, at least, to drive her from the
Balkan Peninsula. Russia, however, could not risk a
struggle with Austria and Germany combined ; and so-
while Austria was putting down the insurrection in Bos-
nia and Herzegovina, the Pan-Sclavists had to swallow
their rage as best they could.
It was to this smothered sentiment Skobeleff gave vent-
when he broke out in Paris, and railed against Germany^
and the Germans. It is equally notorious that both the
Turkish and Italian Governments have causes of quarrel
with France for her doings in Tunis ; but neither is able
to strike. It might not be difficult to show that war in.
certain circumstances would be agreeable to certain sec-
tions of French society, or to indicate unfinished plans of
the great German Chancellor which war only could
accomplish. But it is necessary for the present to count
^32 THE CHRONICLE. [Vol. XXXIV.
the cost. The combustible material exists in sufficient
abundance.
The delicate character of the situation furnishes the best
ground of hope for the continuance of peace. It is because
self-interest is so much bound up with the maintenance of
the status quo, that each is afraid to move. Peace is to be
maintained, not because governments and peoples are
satisfied, not because a spirit of true amity prevails among
them, but because they are afraid of the consequences
•which war might involve. It would be more satisfactory
were it otherwise. If tke cravings of the nationalities for
Tinity were satisfied, if unsatisfactory boundary lines were
rectified and a happy equilibrium established, peace might
rest on a more solid basis and prove more enduring. Assuch a state of things has not yet been reached, and is not
likely soon to be reached, it is well that the hands of the
different governments are so efiectually tied that peace is
a, necessity.
MOW THE UNITED STATES "LETS GO"CHILL
One by one the pieces of documentary evidence re-
lating to our South American diplomacy come out, and
each one adds something to the discreditableness of it.
"While Mr. Shipherd is telling the House committee howhe weighed the record of Gen. Hurlburt, and then treat-
ing him " like a recognized criminal," made sure in ad-
vance that he would not "jump on " the whole Peruvian
Company scheme in his newly-acquired position as Minis-
ter to Peru, by writing him a very broad hint (did not
Gen. Hurlburt return this letter to the Department of
State and denounce the writer ?) of something to be
gotten out of it for himself, the text of the protocol
agi-eed to by Mr. Trescot and the Chilian Minister in
Santiago, a month ago, comes to light.
This document opens by Mr. Trescot's admitting that the
United States had recognized the Calderon Government" out of friendship for the belligerents and in the interests
" of peace," to which the Chilian Minister responded by dis-
claiming any intentional disrespect to this country in not
refraining from squelching the Calderon attempt, saying,
with what reads like a delicious naivete, that "Chili abol-
" ished the authority of Garcia Calderon within the lines
" held by the troops, and that he was arrested without any" intention of ofiending the United States or any other
^'neutral power," etc. The sarcasm which really underlies
this complimentary disavowal of intentions to affront the
United States may be realized if we remember that the
Calderon Government consisted practically of Calderonhimself, plus the backing he received from us, and that
Chili quietly made an end of him and his gavernment by"arresting" him and locking him up, police-wise, but with-out any intention of doing more than that. It is not at all
surprising that "no further- discussion on this point tookplace"; Mr. Trescot was doubtless willing to drop it andpass on.
Mr. Trescot next admits, on behalf of this country, thatarmed intervention between Chili and Peru would not bea diplomatic or a friendly proceeding, and receives thenext snub in the remark that " mediation is not advisable" or convenient to the belligerents, or solicited by Chili."
Chili protests friendship and affection, and is willing tolet this country mediate, to the extent of inducing Peru toaccept Chili's terms, for it is " understood that if the" United States should not obtain the consent of Peru to" the conditions of peace, which serve as a basis to the-"• employment of their good ofBces, in such case the action" of the United States between the belligerents will at-once cease." If those offices are offered and accepted
for this purpose, this country may " communicate " with
any Peruvian authorities or individuals for that end,
except Calderon himself. Chili then proceeds to state her
terms of settlement with Peru.
The document is a rebuke of this country all through
or, more precisely—not of the country, but of the false
position in which its late diplomacy had put it. Notwith-
standing the recent caricature in a Chilian journal, depict-
ing the navy ef the United States, with an uncomfortable
approximation to facts, as a wash-tub, it is of course certain
that Chili entertains ample respect for the power of the
United States and would not readily defy it. But there
is no risk in giving a rebuke to a strong and sensible manwhen he knows he has deserved it. Chili knows that
there is no " war party" here, or any possibility of any, or
any desire on the part of our people to pose as general regu-
lator and mediator for all the American governments. "Wehave no wish to be even the solvent which shall blend all
the governments south of us into a common brotherhood,
working the ground and nitrate deposits in a spirit of
unselfishness, banded solemnly to exclude that terrible
" British influence" from the whole of both continents.
In fact, sentimental diplomacy will hardly be " in request
"
in this country hereafter.
Mr. Trescot himself deserves sympathy. The humble-pie he has had to eat was eaten in a representative
capacity, and the pie was for the United States ; but Mr.Trescot's mouth and palate are his own, and he must havegotten a stronger taste of it than properly falls to oneman's share. It was not his fault tkat he had the job of
helping us "let go." Mr. Shipherd felicitates himself onhis letter to Gen. Hurlburt, which he calls a very artistic
way of " handing him the soaped end of the stick." Atthe risk of mixing figures a little, we feel like adding that
poor Mr. Trescot has had handed to him the hDt end of
Calcutta 60 d'ys Is. 8d. Mar. 11 4 mos. Is. S'^IAtl.Bombay.. ..
••Is. 8d. Unr. 11 Is. 81211.
Hong Kong.. .... Mar. 11 •' 3^. Pi4a.SliaQgliai Mar. 11 5s. 1%1.
fFrom our own correspondent. I
London, Saturday, March 4, 18S2.
Money continues in demand for short periods, and forloans, even on the best security, i}^ to 5 per cent interest is
charged. Since the Bank rate was lowered to 5 per cent thesupply of bills sent from the provinces for negotiation hasincreased, but the rates of discount have somewhat declined,
the few taken for three months' bank bills being about 4M to
4^ per cent. A fair degree of flrmuess, however, pervadesthe market, and there is not much eipectation of any imme-diate change in the official value of money. Should any altera-
tion be made, it will no doubt be one favorable to borrowers, as
gold is still arriviug from the United States, and the Bank'position is likely, therefore, to improve. The effect of th
Uamm 83. lett.j THE CHRONICLE. fe33
adv»nc« in the ralae of money in this country has b»'en more
than usually J«id«xJ, aad although some redaction has been
made in the quotations during the lut ten day*, gold is still
being attracted from various quarters.
At tke sam: time there is quitu a plethora of money in Paris,
and theopen market rates of discount having declined toaboot
3 per eent, the directors of the Bank of France have lowered
their minimum to 4 per cent. The resalt is that amongst the
leading European money markets London is now the dearest.
It would occasion no surprise, therefore, if the open market
rates of discount were t« fall away and so force down our Bank
rate. The absence, comparatively speaking, of the means of
employment for money in Paris, will be certain to causa a
demand t^^ arise for bills in the London market, and the com-
petition which is likely to be brought about should, in the
natural course of things, tend to lower the rates. After the
recent troubles and disasters, speonlation is not likely to
assume a very active form for some time to come, and to makecapital yield some profitable result, more legitimate means
will have to be adopted. The purchase of bills will, no doubt,
largely resorted to, and hence an easy money market is
anticipated as soon as we hare fairly entered into the spring
months.
This week's Bank return is disappointing. The increase in
the total reserve, owing to the fact that the note circulation has
been augmented by £483,795, is not more than £96,974. Theftock of bullion has, however, been added to to the extent of
£580,769. The Bank has experienced a considerable demandfor loans, the total of "other securities" having been increased
by £1,231,629. The proportion of reserve to liabilities, which
was lait week 3857 per cent, is now 37"70 per cent.
The settlement on the Stock Exchange this week was unusu-
ally light, and busineas in that department during the last few
days has bern very limited. Scarcely any desire is shown to
operate largely, but the tone is fairly stt^ady. New companies
are being brought freely before the public, and should the
value of money decline, it 13 expected that the prospectuses of
new undertakings wiU again become very numerous. Thefollowing are the present quotations for money:
Per eenl.5Bank rats
in-miirl
> ami (ju (lavs' bills iU9lH
Opon-m.irkpt rates— Per eeni.4 inonliiH' bank lillls 414214%6 luimtlW bank bllU 4>4<3'4^i&e luoatUs' ti'ade bills. 4 ^s »5 13
Open-market rates
—
30 ami 00 (lay3 moutba' bills 43g34>s
The rates of interest allowed by the joint-stock banks anddiscount houses for deposits remain as follows :
, .Per ten'.
Jouit-«t(H'k banks 3ijj
Discount bouses at call •. 4l)o witb notioe 414
* The only export demand for gold this week has been onIndian account. There has been no inquiry for the Continent,
and the bulk of the arrivals has been sent therefore into thebank. The market for silver has been steady without materialchange in the quotations. India Council bills have been dis-
posed of at the minimum. Is. 8d. the rupee. The followingprices of bullion are from Messrs. Pixley & Abell's circular:
OOLO. t. d.
d.
SO's
Bar gold, floe peros. Mandard. 77 9 aBar Kold, contttin'g 20 dwts. silver . . jior oz. standaid. 77 10>s®Spuuab doubloons peroz. 73 10 ®Boath American doubloons _ pcroz. 73 9 'SUnited States gold coin Iieroz. 76 3H|3QerHum sold coin » peroz •»
SILTEK. rf.
Bar silTer, fine peroz. standard. 52 9Bar silver, contain'g 5 gra. gold per oz. standard 52^ -aCake silver peroz. 56I9 9Mi'Tican dolUrs peroz. oO\ ®Cnllian dollars peroz »
QuleksUvfr. *6 Os. Od. Discount, 3 per cent.
The tenders for £1,936,000 Treasury bills were opened onThursday at the Bank of England. The amounts allotted wereas follows—in bills at three months, £1,736,000; and in bills at•is months. £200,000. Tenders for bills at three months at
£99 Is. will receive about 55 per cent; above in full; and for bills
at six months, at £93 68. 4d. and above in full, representing adiscount rat« of 3% (£3 163.) and 3% per cent respectively.
The failure of Overend, Gumey & Co., limited, took placeMay 10, 1866, but the undertaking is still in existence, thoughin liquidation. The liquidators have issued a report this week,bringing the accounts up to the close of last year. From thisit appears that a sum of £28,886 12s. lOd. was received duringthe year. The three "calls "had been paid in full on 79,634shares oot of the 100,000 shares into which the capital wasdivided, and the amonnt returned to the shareholders hasreached £457395 lOs. There was in hand at the end of theyear £24,053 Os. 8d. applicable to a further return, which could
then have been made but for the belief that the payment ofthe remaining Judgments obtained against the Marquis Campo-would not long be delayed, and that a more nibstantlal retamwould soon be possible. A snm of about £60,000 further oa,
account will shortly be remitted from Madrid, and with thatmoney and the cash in hand the liqnidaton will be enabled to
make an immediate distribution of 20r. per share, making atotal return of £6 15s. per share on 79,634 shares. The moneysso distributed will then have amonnted to the sum of
£537,529 108.
A meeting of the Submarine Continental Railway Company(limited) was held on Thursday, under the presidency of Sir E.
W. Watkins, M. P., Chairman of the Southeastern RailwayCompany. The works at present in progress are chiefly ei-
perimental, but if there is no opposition on the part of theGovernment the scheme will no doubt be carried out. Sir
Edward Watkins said since their last meeting they had re-
ceived from the chairman of the French Channel Tunnel Com-pany a very courteous and satisfactory letter apon certain
questions of levels and interchange of plans and facilities whichhad been discussed between that company and this. Two orthree parties of distinguished men had also been down to in-
spect the tunnel since their last meeting, and he believed that
all who had visited it had been extremely interested by three
things—the unbroken consistency of the stratum throughwhich they were boring, the facility with which their machineswere operating on that stratum, and the very beautiful andvaluable arrangement as regarded lightning, which had beensupplied by the ingenuity of Dr. Siemens. Whatever mightbecome of their experiment, there could be no doubt that theywere solving not only the question in relation to a tunnel
under the Channel, but certain questions as to the practical
applicability of science, which he believed would be very
useful in many departments of social and industrial life,
They had proved by the use of compressed air that they could
obtain a force, which was not a mere force for boring throughthe material they had to bore through, but it also .supplied to
them the vital element of air for keeping their workings pure
and salubrious, and in which people could live without th.«
slightest danger to their health.
Ameriean cattle breeders are still buying stock for br^edin^
purposes, and are making selections from amongst our best
herds. Beirs Weekly Messenger says that on Saturday, Feb,
18, Mr. Leslie Combs, of Lexington, Kentucky, took out seven
specimens of the short-horn herd called the Red Roses. The above
authority adds that the extensive purchase of Red Roses for
America will add greatly to the value of the tribe in this
country. Not only are the Americans buying the Thomdaleand Heydon Roses, but after barely ten years since the Earl of
Danmore was induced to import the Renick branch into Scot-
land—the Earl of Bective bringing them into England—they
are actually re-importing largely of that branch. They evi-
dently know its value. A better representative of American
breeders than Mr. Leslie Combs could not be desired by those
who wish to learn the tendency of American taste and the
probable direction of future demand.
We have had some gales and rain during the past week, but
we are now enjoying real March weather, and the agricultural
prospect remains as satisfactory as at any period si::ce antnmnsowing wiis commenced. Farmers are looking forward with
hope to some revival of prosperity, which can only be possible
if the crops here are abundant. The trade in breadstnffs con-
tinues very dull, and sales are only practicable by itubmitting
to lower prices. A feature of some importance, though not
favorable to producers, is that second qualities of American
flour are very difBcult to sell. Last year, owing to the failnr»
of the rye crop in Germany and Russia, no difficulty was exper-
ienced in disposing of such descriptions ; but rye being nowmore abundant, and theraforce cheaper, there is no such demandfor inferior parcels of flour.
London, Saturday, March 11. 18S2.
The money market during the past week has shiwn increased
ease, and the directors of the Bank of England have decided upon
lowering their minimum rate of discount to 4 per cent. TheBank of Germany has also lowered its quotation to 4 per cent,
and the indications are still of increasing ease. The supply of
gold on passage to this country is considerable, and in the ab-
sence of an export inquiry of any magnitude a further acea-
mulation at the Bank of England may be expected to take
334 THE (JHRONKJLE. fVou XXXIT.
place. The effect, also, of the financial crisis in Paris and the
Advance in the valae of money at the leading financial centres,
has been to check business to a considerable extent, and conse-
quently the legitimate demand for money which was manifest-
ing itself previous to the coUapse in Paris is now far less
apparent.
The Board of Trade returns published this week show, how-
ever, that the condition of our trade is satisfactory ;and as
some difficulties which had been long impending have been
removed, while the value of money is at a low point, there is
still reason for hoping ia a return of legitimate and remunera-
tive business. The removal of the duties upon cotton goods in
India may also be expected to give some stimulus to bai-iness
in the cotton trade, and the still favorable agricultural pros-
pect should also tend to promote confidence. Some failures
are, indeed, taking place in various branches of business, but
they are not of a serious character. In the trade for cereals
difficulties have recently arisen, but no firm of any standing
has experience! any trouble beyond what is usual. The grain
trade has not, however, been remuneratively conducted for
some time past, and the greatest caution is still being observed
in it.
The demand for money for mercantile purposes has been
upon a very moderate scale during the week, but short loans
have continued in request, and have been only obtainable, even
upon the best security, at the Bank rate. This demand for
short loans is attributed to the revenue collections which are
being made in view of the approaching close of the financial
year. The rates of discount in the open market have, however,
been falling away, and three months' bank bills have been
negotiated at as low a figure as 3% per cent. The Bank return
shows favorable results. The note circulation has been dimin-
ished by £191,315, while the total supply of bullion shows an
increase of £512,216. The result is that the total reserve has
been augmented to the extent of £703,531, and the proportion
of reserve to liabilities is 4019 per cent, against 37'70 per cent
last week. A considerable amount of loans has been
repaid to the Bank, there being a reduction of £1,-
174,927 in the total of "other securities." The improved
position of the Bank has not had much effect in increasing
business upon the Stock Exchange. After the recent commo-
tion, a very strong disposition has been shown to operate with
caution, but the flatness which has been occasionally apparent
has been largely due to unfavorable political rumors, which
have, however, been, as usual, greatly exaggerated. Taken as
a, whole, the tendency is towards a revival of activity ; but the
process is a slow one. The following are the present quota-
tions for money
:
RussiaGermanyHollandBelgiumFranceTurkeySpaiu, &cPortugal, &aItalyDoumarkGreece, Austria, Rou-mania, and Swedenand Norway
United StatesUritisli North America.Kritisli PossessionsIndia, &oAustraliaEK.vptChina and Hong Kong.BrazilJapanOther small StatesUnenumerated
There has been scarcely any demand for gold for export, andthe Bank has received nearly all arrivals. Silver has been in
less demand, and the quotations have had a downward ten-
dency. Mexican dollars have, however, somewhat improved in
value. Bills on India have been sold at Is. 8d. the rupee. Thefollowing prices of bullion are from Messrs. Pixley & Abell's
circular :
taereaae 2,100444 4,602,216
Summary of the Two Monlhi' Increase in British Exporl» to the 28t\of February, 1882.
The whole of Europe £907,211India. Australia, Canada and British Possessions 414,966United States 979,438The whole outer world 2,300,601
£4,602,216
The trade for cereal produce has continued very quiet, and
buyers have been buying strictly for their actual requirements.
The uncertain condition of the trade in the United States, and
the failures which have taken place there as well as here,
exercise an adverse influence, and prevent any return of anima-
tion in the trade. The weather in this country has been very
mild, and vegetation is now in a forward state. Farm work,
with but few exceptions, is progressing satisfactorily, and
the agricultural prospect is still regarded as more than
usually encouraging. The prospect is also equally satis-
factory on the Continent. But between the present time
and harvest, larger importations from abroad will
be necessary, as both in this country and on the
Continent, home supplies are becoming much reduced. The
crop of wheat recently harvested in Australia is becoming
rapidly exhausted, it having been smaller than had been antici-
pated. It is expected that by the end of April the quantity
available for exportation will have been shipped. The smaller
shipments are due partly to less favorable harvests and partly
to an augmented home consumption. The deliveries of British
farmers are now falling off, and a gradual diminution may be
anticipated. The agricultural prospect greatly depends upon
a favorable spring.
The failure is announced ef a large firm of flour dealers at
Adrianople, with liabilities estimated at £80,000.
Annexed is a statement showing the present position of the
Bank of England, the Bank rate of discount, the price of consols,
the average quotation for English wheat, the price of middling
upland cotton, and of No. 40 mule twist, fair 2d quality, and the
Bankers' Clearing House return, compared with the three pre-
vious years :
I.
77
d. s. d.
9 alO^a®
73 10 ®73 9 ®76 3 "a®
ad.
52525i„
Bar gold, flne per oz. standard.Bar gold, containing 20 dwts. silver, per oz. standard.BpanisU doubloons per oz.South American doubloons ".".'! Ii."["!per oz.United States gold coin ..'.'.'.
.
'.".'..I . .per oz.
Ctorman gold coin ........peroz.
SILVEB. d.Bar silver.flne per oz. standard. 51i5i»aBar silver.contain'g 5 grs.gold per oz. standard. 52^4 aCakesilver peroz. 56i8 ®Mexican dollars peroz. SCa ®Chilian dollars peroz. . . ®
Quicksilver, £6 Os. Od, Discount, 3 per cent.
The following comparative table shows the increase ordecrease in the export trade of the United Kingdom during themonth of February, and also the corrected figures for the twomonths ending February, 1882, the unenumerated goods beingnow apportioned to the different States. The figures relatingto the first eleven countries included in the list show the•itent of the variation of our export trade with the Continentof Burope
:
CirculationPublic depositsOther depositsGovernm't securities.Other securitiesRes've of notes & coinCoin and bullion inboth departments..
Proportion of reserveto liabilities
Bank rateConsolsEng. wheat, av. priceMid. Upland cotton ..
m-at Coast of AfricaUnited StatesFort'lffn West IndiesMexlc«Ocutral AraerioaUnited States of Oslombla(NowGranuda)
BraiU 24,158.700Uruguay 1,856,100ArKfUtlue Republio 3,470,200eiilll 3,215,700Peni 736,900China and Hong K»ng 44,321,000Japan 3,477,300Dutcli Possessions In India.. 5,736.600PhiliBjpiBo Islands 4.074,200Oibrtkltar 1,374,000Malta 687,400West Coast of Africa (Brit). 3,402,400Britisb North America 3,074,400British West India Islands &Guiana 4,272,900
British Possessions In SouthAfrica 2,565,200
British India-Bombay 36,738,200Madras 4,375,000Bengal 74,925,200BtraltsSettlemenU 9,394,000Ceylon 2,076,000
Australia 2,193,400Other countries 13,474,700
Total unbleached or bleachedTotal printed,dyed,or coloredTotal ini.\ed materials, cottonpredouiinating
Grand total 352,401,400 376,851,300Other manofactores of cotton show as follows:
, ^ 1880. 1881.^oe and patent net S 180,958 218,418
Thread for BcwinK lbs. 807,162 005 998Utliermaui».,Dot euiiin'at'di! 72.009 78317Tot Talue of cotton manfs.* 5,037,910 5,304.856 n.yiat.iv/The movements in bullion during the month and two months
hftfe been as follows:OOLO.
354,193,400
1882.256,210107,247
1,118,96091,274
5,097,107
1880.«
217,442443,7.50045,785
1881,£
1,328,1721,810,190344,184
1,451,100
1882.£.
2,424,6902,717,924962,918
3,359,982
Imports In February. .
.
biports In 2 months. .
.
Exports in February «»j,/oj£xports in 2 months 1,592,902
(mporU in February 416,647 703,890Imports in 2 months 796,796 1.212 215ExporU In February 648.100 81 1544Exports in 2 mouths 1,413,373 l,55o;i66
TOTAI. OOLD AUD ni,TER.Imports In February 634,089 2,032.062IntportA in 2 mouths 1,240,546 3,022 405Kxi>ort« in February 1,593,894 955'928Exports In 2 months 3,006,275 3,007,350 »,.,uo,ooyDuring the week ended March 4 the sales of home-grown
wheat in the 150 principal markets of England and WalesMJonntod to 34,363 quarters, against 21.525 quarters last yearand 29,529 quarters in 1880; while it is computed that they havebeen^ iu the whf>Ie kingdom 137,500 quarters, airainst 86.100quarters and 118,120 quarters. Since harvest the sales in the1 ioo^-'i^'"P*'_i"*'"'"''! ^^"^ ^^«° 1,243,982 quarters, against1,129,, 20 quarters and 862,902 quarters; the estimate for the
532,4581,031,042416,314
1,148,375
2,937,1483,748.9661,379.2324,508,337
whole kingdom being :4,972,000 aa«rten, against 4,\Mfi8(fquarters iu the corresixiiidiuK period of last aeason and 3,488,800quartorH in 1879-80. Without reckoning the supplinsof prodaeefuniiHhcd ex-granary at the commencement of the season, itis estimated that the following quantities of wheat and floorhave been placed on thu IJrit&h markets aince harvest. Thevisible supply uf wheat in the United States is also given:
, ^ 1881-2, 1880-1. 1879-«0, 1878-0.Imports of wheat.owt.32,206,073 30,745,800 33.090,245 25,786,604Imiwrts of flour 4,384,609 7,039,487 6,024,232 4,360,121Sales of homegrownproduce 21,645,100 18,000,000 16,181,150 20,286,700
Total 68,135,782 69,701,877 66,204,627 56,433,429Deduct exports ofwheat and flour 580,734 768,477 670,153 1,106,228
Result 67,555,018 55,022,000 64,534,474 63,328,197Av'ge price of Englishwheat for season (or). 47b. Od. &2s. Sd. 46s. lid. 40s. 4d.
Visible supply In Unlt'dStiites bush. 17,000,000 25,700,000 27,250,552 21,410,360
The following return shows the extent of the imports andexports of cereal produce into and from the United Kingdomduring the first twenty-ci^ht weeks of the season, comparedwith the corresponding period in the three previous seasons:
EXP0BT8.Wheat OWt. .506,195 698,278 670,117 1,023,285Hurley 45,064 37,635 14,018 79,693Oats 447,249 414,827 00,929 54,281Peas 42,754 49,890 81,149 10,646Beans 19,377 20,890 23,819 0,697Indian com 76,039 170,666 531,839 272,601Flour 74,539 70,199 70,336 81,943The following return shows the extent of the imports of
wheat and flour into the United Kingdom daring the first sixmonths of the present and last three sea-sons, together with thecountries whence those supplies were derived:
Total 30,433,744 27,232,832 31,872,990 23,753,634Floob,
Germany 848,985 601,366 564,707 498,004France 125,413 132,150 149,878 571,798Uuite<l8tate8 2,977,971 4,337,048 3,909,185 2.147,106Brit. N. America ... 164,417 315,575 253,883 186,179Other countries 857,309 l,267,9o6 937,775 1,011,614
Total 4,974,185 6,674,095 5,831,429 4,000,701
The following return shows the estimated value of the im-ports of cereal produce into the United Kingdom daring thefirst six months of the present and last three sea&ons:
The daily closing qaotatioas for securities; &c.. at Londonand for breadstoffs and provisions at Liverpool, are reportedby cable as follows for the week endiw; March 24:
London.
Silver, peroz d.OonsolB for moneyConsols tor accountFr'ob rentes (In Paris) fr.
a. 8. 5s ext'n'd into 3>ssU. 8. 4i«s of 1891U.S. 48 of 1907Erie, common stockQlinois c:entralPeniisylvHuiaPhiliulelpkia &, Reading..Vew York Central
Cal. white "Com, mix.. West. "Pork , West . mess . .9 bbl.Bacon, loni; clear, new..Beef, pr. mess, new.y t«.
Lard, prime West. 9 uwt.Cheese. Am. choice, new
8ai. Hon.
t. d.13 910 1
10 26
t. d.13 910 1
1096
79477663 660
Tuet.
: d.13 910 1
274i«
53 661
Wed.
I. d.13 a10 1
6 4i«
75
nun.
t. d.13 910 1
10 39 76 4>«
7546 67553 661 6
Tri.
13 »10 X
1096
7946756361
336 THE CHRONICLE. fVoL. xxxrv.
Impoets asd Exports foe the Week.—The imports of last
week, compared with those of the preceding week, show
an increase in both dry goods and general merchandise. Thetotal importt were $11,334,923, against 13,223,247 the pre-
ceding week and $10,912,977 two weeks previous. The exports
for the week ended March 21 amounted to $0,134,617, against
16,180,100 last week and 16,676,353 two weeks previous. Thefollowing are the imports at New York for the week ending
(for dry goods) March 16 and for the week ending (for genera'
merchandise) March 17; also totals since the beginning of first
week in January
:
FOKBION IMPORTS AT NfiW YORK.
For Week. 1879. 1880. 188). 1882.
Dry goodsGeuTmer'diae..
$1,786,5834,0ie,975
$3,580,5068,143,67.-.
$2,985,8186,496,552
43.410,5047,924,424
TotalSince Jan. 1.
Dry goodsGen'Imer'dlse..
$5,803,558
$23,103,21643,312,626
$11,724,181
$32,753,77772,378,173
$9,482,370
$29,41.4,23160,014,619
$11,334,928
34,657,01372,273,192
Total 1 1 weeks $o6,415,842 $105,133,950 $89,458,850 $106,930,205
In our report of the dry goods trade wiU be found the importsof dry goods for one week later.
The following is a statement of the exports (exclusive of^ecie) from the port of New York to foreign ports for th^week ending March 21, and from January 1 to date :
EXPORTS FROM NEW TORK FOR THB WEEK.
Fortbe we«k...Prey, reported..
Total 1 1 weeks
1879.
$6,093,01561,564,817
1880.
$8,146,41362,454,047
$67,662,832 $70,600,460
1831.
$7,800,59375,719,991
$83,520,590
1882.
$6,134,61701,105,663
$70,244,280
The following table shows the exports and imports of specieat the port of New York for the week ending March 18, andsince Jan. 1, 1882 :
EXPORTS AND niPORTS OF SPECIE AT NEW TORK.
Gold.Exports. Imports.
Week. Sitice Jan.l. Week. Since Jan.l.
Great Britain .. . $
i'.oco
$9,602,298150,000
95,o'o617,700
$
i',i48763
5,702229
$100,131
113.75177,30189,6194,264
France
'Wp^at Tn/^iAq
South AmericaAll other countrlea
T»tal 1882 $1,000
227,171
$9,86«,998116,210
1,479,371
$7,847604,45114,781
$385,0666,887,998390,280
Total 1881Total 1880
Silver.
$261,136
"ibo
$2,339,287286.600
3,000
'"ibo
$
116,7008,3508,088
$11,19386;»
216,686184,47633,6284,684
France .,
GermanyWest IndiesHexioo
All other countries
Total 1882 $261,236292.77852,085
$2,628,9872,624,6491.450,380
$133,13864,43614,763
$451,536707,969
1 ,323,496Total 3 881Total 1880
Of the above imports for the week in 1882, $2,420 wereAmerican gold coin and $17,438 American silver coin. Of theexports for the same time $1,000 were American gold coinand $100 American silver coin.
Bichmond & Danville—The State Senate of Virginia haspassed the bill authorizing the Richmond & Danville RailroadCompany to pay its indebtedness to the State (over $400,000) inbonds issued under the bill recently passed for the settlementof the State debt, known as the Riddleberger bill. The billwas before the Senate nearly the whole of the last regular ses-sion without final action being taken. It now goes to the House.
Wabash St. Lonis & Pacific—The New York TForZrf says:The report for 1881 of the Wabash St. Louis & Pacific Rail-way Company, to be issued in a day or two, will show: Grossearnings, $14,467,789; miscellaneous receipts, $277,245; total,|14,745,035; operating expenses, $10,792,943; net receipts,f3,952,091. The income account is as follows:Balance to credit, January 1, 1881 $1,019 ISOAdd net receipts, as above 3,952,091
will work in harmooy instead of as rivals. It is also understood—although we have been unable to obtain explicit authority forthe statement—that negotiations are pending with the Balti-more & Ohio Railroad Company for the purpose of bringingthe telegraph lines owned by that company into barijjoniousrelations with the Western Union; and that the entry by theBaltimore & Ohio Railroad into New York over the CentralRailroad of New Jersey is one of the subjects considered in thenegotiation with the Baltimore & Ohio people. If these nego-tiations succeed, the Western Union will have again removedthe only important obstacles to its practical control of thetelegraph business of the country."Mr. George William Ballou, Vice-President of the Mutual
Union Company, and its acting President as well as one of theprincipal promoters of the enterprise, was asked whether therewas any truth in the report. He replied: "It is absolutely false.
No one can obtain control of a majority of the stock of the com-pany. It is now held in trust, and cannot be released withoutmy consent, which as yet has not been given. A proof that noconsolidation is intended is that to-day arrangements weremade to extend the lines of the compasy south to New Orleansand Texas, and for the control of a new company which will
build a line from Omaha to California. You may positively
deny the report."
In reply to this the Post said: "We wish to give the fullest pub-licity to Mr. Ballou's statement, but can onTy account for it onthe theory that he may not yet know who are the real ownersof certain lots of the company's stock. The information whichwe published in second edition was explicitly that while Mr.Jay Gould personally owned not over 25,000 shares of the com-pany's stock, his a.ssociates own enough to make the total 52,000shares, or a majority of 2,000 shares."
The Sun remarks: " As a matter of fact, the stock of thecompany has not yet been issued. Subscribers to the securities
of the company have received the bonds to which their sub-scriptions entitled them, and the company was about to issue
the .stoek when it was prevented by the Babbitt injunction, themerits of which have not been tried. The entire issue as pro-posed for distribution stands, it is said, in the name of two orthree persons, who act as trustees for the snb.scribers until theaction mentioned shall have been decided. Some of the sub-scribers have received certificates representing the stock duethem. But the amount of these outstanding does not repre-
sent a majerity of the capital, hence the possession of all ofthem would not carry a control."
Western Union.—A 8i)ecial cable dispatch to the Worldfrom London, March 23, said: " It may be no news oa your side
of the water that a powerful syndicate has been formed hereto buy Western Union stock in your markets, the object beingto bring it out upon the London market through the well-
known Anglo-American house of J. S. Morgan & Co. simulta-neously with the going into effect of the pooling arrangementbetween the Atlantic Cable companies to which the WesternUnion is a party. Under this arrangement it is now stated
that Mr. John Pender, M. P., Chairman of the Direct CableCompany, and Mr. Weaver, Managing Director of the Anglo-American Company, will become directors of the WesternUnion Company."
—In another column will be found the official announcement of
the appointment of Messrs. Donneli, Lawson & Simpson as fis-
cal agents for the State of Kansas, the appointment to takeeffect on and after March 20, 1882.
BANKING AND FINANCIAL.
BONDS.
The policy of the Government in making successive calls of
bonds for redemption will render it necessary for many holders
to re-invest, during the coming year, money now lying in safes
and vaults in the form of old issues of bonds, which have
ceased, or will soon cease, to bear interest.
Government Bends can l)e obtained at our office
in any amount, at market rates, witli no cliarge
for commission.
i^Zl^ $4,971,272
Interest $3,447,627Kcntals. 1,009,079Taxes and raisceUaneoua 637 504Dividends .'...;".'..' 1,329,918- 6,424,130
Balance to debit, January 1, 1882 $1,852,485
West.Tn Union Telegraph—Mutual Union Telegraph.—Tlwre have been contradictory reports about these companies,and the following statements hare appeared. The SceningPost money article of Wednesday said : " It is now beyondquestion that Mr. Jay Gonld and those who work with andfor him have secured, the price not being given, a majority ofthe capital stock of the Mutual Union Telegraph Company,the new opposition company to the Western Union TelegraphOompany. From this fact it does not follow that there is toDe a consoUdation of the twg companies, bat simply that they
BANKING.
We receive deposit accounts of parties in good standing ;
satisfactory references required from those not already known.
iMterest allowed at 3 per cent per annum onaverage monthly balances of $1,000 or over. NoInterest on accounts averaging less tlian $1,000.
STOCKS.
We do a general commisision business in Stocks and Bonds
dealt in at the New York Stock Exchange, and oth«r sound
securities.Especial attention given to orders by Mail and
Telegraph from Banks, Bankers and other Inatitu-
tious and from investors out of tke city.
Our Memoranda of Government Bonds for 1882, containing
valuable information on many subjects, can be obtained by all
desiring to make investments or to consult its pages for any
purpose.FISK & HATCH,
5 Kassftu Street, New York.
Hadch 35, 1883.] THE CHRONICLE. 337
dividbndhiTlia rollowtaac dtrtdendi have raoeatlr bseo suaoanaed
:
A'ame »f Company.
RBllroada.Chic. Ruck Island A- I'lic. (qoar.).DaulMiiy >1c NorwHlk (i|iiur.) ,
IIoiiitftiiiiilL' prvf. (iiimr )
St. Loiii.H Jack, ii (')iU-. pratI>u ilo com
Percent.
WhenPayable.
Sooke Closed.(Daytt inefititive.)
Mar 1 Mar. 31 to May 2.%
Apr. 4 Mar. 21 tn April 4Apr. IMAprll to April HiApr. 10, April (i tu April inApr. lolAprll ti to April 10
NEW YORK. FRIDAY. MARCH ill. 18M>J-9 P. IH.
The Moiipy Market and Financial Sitnation.—The pa.st
week ha.>t been oue of muoli strength in the general tone pre-
vailing in flnancial circles, and confidence seems to have been in
a great measure restored. The agreement among the trunk-
line railroads has been definitely executed for a period of five
years, and according to all appearances it is one of the strong-
est agreements yet made, though we should be glad to knowbow far penalties can and will be enforced against any com-
pany which may be detected in violating the terms of the
contract.
There have been some important negotiations reported amongleading corporations whose stocks are active in the market, andthese may be referred to just as they have appeared—not as
matters already settled, but a.s questions still pending, whichmust have an important bearing if carried out. First of all, wasthe reported acquisition by the Western Union Telegraph of acontrolling interest in the stock of the Mutaal Union Telegraph
Company, and in the same connection the probable control of
the Baltimore & Ohio Telegraph line by the Western Union;
also, the formation of a syndicate in London to bring out West-em Union stock in that market. Then the report comes fromChicago that the Chicago Rock Island & Pacific Company is
negotiating for the control of the Chicago St. Paul Minneap-olis & Omaha Road.
The control of the Central Railroad of New Jersey has beenpositively claimed by Mr. Gowen. and his claim is fortified bythe fact that Mr. Vanderbilt is known to have been lately alarge purchaser. A reporter of the Tribune asked Mr. JayGould as to Vanderbilt—"Is it probable that he would give his
support to Mr. Gowen rather than to you ?"
The answer is noteworthy, as it evinces that shad e of sad-ness which must often come over a prominent man when he is
misunderstood by the public or his motives misinterpreted. Mr.Gould replied : "Really, I cannot say about that. So far as I
am concerned, I should not ask any one for his support; but,
being a member of the Board, I shall stand or fall with it. If
the stockholders wish me to give up my seat, I shall do so glad-ly, for I have my hands full of business now. I sometimes thinkI should like to give up business entirely. The care and worri-ment attending large business interests are very great, but be-sides that fact the manner in which motives are impugned andcharacters assailed is very unpleasant. I shall do all I can in
helping to restore public confidence."
The money market has been fairly easy, and stock brokershave supplied their wants readily at 4 @ 6 per cent for call
loans, while government bond dealers have paid 2^ @ 3 percent. Price commercial paper sells at 5^ @ 6 per cent.The Bank of England statemnat on Thursday showed a gain
for the week of £789,000 in specie, and the percentage of reservewas 45 11-16. against 42 7-16 last weekj the discount rate wasreduced from 4 to 3 per cent.
The Bank of France gained 12,025,000 francs gold and 4.175,-000 francs silver, and the discount rate was reduced to 3>i percent.
The New York City Cleanng-Hoose banks in their statementof March 18 showed an increase of $2,465,475 in their surplusreserves, the total surplus being f3,153,300, against 1687,825 onMarch 11.
The foUowring table shows the changes from the previous weekand a comparison with the two preceding years
Exchange.—There has be«nsome actirily in foreign eichangA,and rates have been pretty flrtn, thoagh cloeing fanier to-aaywhen it was reported that gold would probably not ^n out t(.>-
morrow, but thai securities would be shipped, inclii'llng WeMt-ern Union stock. Another reduction in the Bank rate in Londonbrings demand and »!0 days bills nearer tt>gether. On actualbusiness to-day prime bankers' eo-days sterling bills werequoted about 4 86®4 86M and demand 4 89@4 89^, with cabletrau-sfers 4 90^@l'.»0^. For Continental bllLi the actual ratesare a.s follows: Francs. S ISMOS 14>i and 5 18H05 19%jmarks, ^i^AmiVn and ».'>f^®9SH; and guilders, 40%@40^.In domestic bills. New York exchange was quoted to-day as
follows at the places named: Savannah, buying ^. selling ^®%; Charleston, buying %(Q3.\i premium, selling '^ premium j
New Orleans, commercial par ; bank, 200 premium ; St. Lonis,100 premium ; Chicago, CO premium ; Boston, 25o33 discount.Quotations for foreign exchange are as follows, the outside
prices being the posted rates of leading bankers
:
March 21. 8My Dayt. Demand,
Prime bankers' sterling bills on London. 4 36 «4 874 85 «4 8»i94 84<g»4 85&19%93il7>33974 » 401094%« 05 >e
Amsterdam (guilders)Frankfort or Bremen (relobmarks)
$860,650
United States Bonds.—There has been a good business infovernments, and the demand seems to come largely from thoseolders of the continued sixes whose bonds are "called in for
payment."The closing prices at the New York Beard have been as
follows
:
6s, continued at S's..Ss, couMiuied at ZH--4'as, 1891 reg.4Js8, 1891 coup.4s, 1907 reg.48,1907 coup.6s, cur'cy, 1895. .reg.6s, cur'cy, 1896.. reg.8b, cur'cy, 1897..reg6s, cur'cy, 1898.. reg.6s, our'ov. 1899. .reg.
InteretlPeriods.
J. & J.Q.-Feb.q.-Mar.Q.-Mar.Q.-Jan.Q.-Jan.
& J& JA J& J& J
Meh.18.
•100 ?4
no2'8•113^•113%•117118•125•126•127•128129
Meh.20.
100^9'103%llSTg•U378117i«
118%125126127128129
Mch.21.
10110338114%.'114191
1171sIIBI3:'126127128129130
Mch.22,
101102%111%114i«II7121181s126127128129130
Meh.23.
101103
i II4I4114%117%118Tti126
I
127I
12s129130
Meh.24.
•100^8103%114%•11414117%llS's126127'128129130
•riUd is tbe price bid M the morumg aoard; no sale was made.
State and Railroad Bonds.—In State bonds there has beenmore strength in Virginias the past day or two, but for whatrea.son is hardly known, unless it be the purchases to cover shortsales. In regard to Tennessees, there is doubt whether theGovernor intends to have the Legislature take action on thefunding law, as it is not definitely stated in his call as one ofthe subjects to be considered at the special session; the appro-priation in the law for interest is mentioned, however, as one ofthe things to be considered.Railroad bonds are generally stronger and the investment
bonds that are well distributed and not held in the Street onmargins are perceptibly flnner. The Erie second consols havefluctuated considerably on large transactions, and this morningthey were quite weak in sympathy with the stock, but closedbetter.
Messrs. A, H. MuUer & Son sold the following at auction thisweek:
f hares.5 Metropolitan Gasl. Co.165%12 Muuioipal Oasliglit Co.
(enllv.) 203100 Denver it. Bould. Val.
RK.Co 3%Bonds.
$10,000 N. Y. County ftol-
diers'Bouuty Fund 6s. due1885 106% and int.
Shares.100 CIn. Ham. & Dayton
RR. Co 6025 Central Trust Co 214%75 Tradesmen's Nat. Bk.. 103%5 German Amoriean Fire
Ins. Co 197%2,000 Todos Santos Silv. Min.
Co .'50c. per share200 Harlem Gaslight Co. .. 95
Railroad and Miscellaneons Stocks.—When the two greatestcapitalists and operators of the stock market proclaimed them-selves bulls,whetner by an exhibit of stocks, by newspaper inter-views, or in other ways known to thepublic, it was to oe expectedthat prices would become firmer. 'This ha.« substantially beenthe situation, and in addition to the moral effect on out-side pur-chasers, it has also been reported, with apparently good reason,that several of the leading stocks, such a.s Lake Shore, Mis.<)ouri
Pacific and Western Union were each held up to a certain pointby orders to purchase all that was oflfered at that figure. To-day, however, there was decided weakness in the moming,which gave place to a better feeling in the afternoon, when it
was said that probably no gold would be shipped by Saturday'ssteamer.As to some of the negotiations which have an influence on
the prices of certain stock.s, the introductory remarks above arepertinent ; and in addition to those, it is well to observe thestatements on another page, giving the income account, or latest
earnings, of Wabash, Misi^ouri Pacific, Reading and Louisville
& Nashville. After all, these matters of fact must control inthe end, and the earning capacity of a company is of moreimportance in the long run than the present attitude of any ofthe heavy operators. The wonderful advantage possessed bTdirectors and all in.sideis having access to the books of a rail-
road is shown again each time a conspicuous report is issued
—
thu.s, when the New York Central & Hud.son report was issuedin December, or the brief income account of Wabash for theyear 1881 is issued to-day, these striking reports unavoidablycarry the suggestion that it would have been vastly more satis-
factory if they could have been given out just at the close ofthe respective fiscal years of those companies.
338 THE CukONICLK [Vol. XXXIV.
RANGE IN PRICES AT THE N. Y. STOCK EXCHANGE FOR THE WEEK, AND SINCE JAN. 1, 1882.
STOCKS.DAILY HIGHEST AND LOWEST PRICES.
Satnrday.March 18.
KAII.UOADS.Albany & SuRquehannaBoston & N. Y. AirLlne—.--
Do P"i;-BurliDgton Cedar Rapids ifc No.Canada SoiitliemCedar Fall.s & MinnesotaCentral IowaCentral oX New JerseyCentral PaciticChesapeake & OUlo -
Do IstjirelDo 2d preJ
Chicago & AltonChicago Barlington & Quincy..Chicago Milwaukee <fe St. Paul.
Do pref
Chicago & NorthwesternDo prel...
ChlcagoRock Isl. & Pacitic...
Chicago St. L. & New OrleansChicago St. Paul Minn. & Om
C. R.I.t l'.-6a.oonp..l9I76b, lui7. legisteralKeo..t Ilex iSt.-lat. g..6a
Central of N.J.—lKtio..90latconaol.. ai^sentvd. '09Conv.. aaaeuted. 1802...Ailluatnient. "a. 1903...Len.&W B.—Coii.ff'tl.aa.
Am. D'k A Im.— .';«, 1!)21C.M.&St. H.-lat.8a,l'.l!.adm..7 3.10. P. D.. 18!)8latm.,7B,»n.,R.D..li)();let ni., IjiC. DIv., 18113.latni., I. * M., 1887...let ni., I. <t D., 1889 ...
lat ni., C. A M., 1903...<'onsol. 7a. 1805adniort., IB, 1884lat, 7b. I.a D. Klt.,1908e. W. lliv., lat, Ba, 1909.let, .^a, I.a.* Dav., lllio.l»ts. miin.I)iv..U*.i;)l()1st III.. II. A D.. ,(1. 1810CIi.A I'ac. Div..6», lull)let Clilc.A I'.W..!ia,18_MMini I't. Div.. 58. 1810
103 N.W. I'elegrapll-78, 1804 i..114', lis Spring VaH W.W.— lat.OaIO8H1 112 Oregon RR.ANav.—lat,6s lOdHitlOSHl INCOME BONDS.
ilntereAt u<t]titbH if f<trn*d,)105'4 Ala. Cent—Inc. 68,1918.no lim Atl. A Pac-Inc. 1810..lOl'i Central of N.J.-1908.... 95115Hi 116 Chlo.St.L.AN.O.-2d,1907 tlOO115Hi 116!, Col.ChicAI.C.-Inc-fa.'OO 53
Iowa Falls 4 Sioux CliyLltue Rock 4 Fort Smith ...
Manchester 4 Lawrence
—
Mar.Hongh. 4 o.it
.Mar. Uojgh. 4 Ont.. pref—Ntsiua* Lov/ellNew York 4 New England...Northern of N. Hampshire...Norwich 4 Worcester.<>KdenBb.4L. Champlaltt ...
Old ColonyPortland Saco 4 PortsmouthPullman Palace CarRutland. preferredRevere Beach 4 LynnVe.nnont & Massachusetts..Worcester ft N ashuaWiscon-in Central
CO pref
phii..4.de;lpiiia.STATE AND CITY BONDS.
Penna. 5b. g'd. Int..reg. or cpdo 5s.new,reg.,189i-l(n2do 49,rcg., If94-l!i01.
do 48. reg.. '.912
to 3M'. teg., 1918....
Philadelphia, 6b reg., var,
do 6s,n.,rg.,priorto'9(^
do 4b, variousRA(LKOAD STOCKS.}
Allegheny Valley.BuSalo Pitts. 4 Western
do pref.Camden 4 Atlantic
ao do prefCatawlBBa
do prefdo new pref
Delaware 4 Bound Brook....East PenBBVivanlaElmlra 4 wllUamsportdo do pref..
Har. P. Mt. Joy 4 Lancaster.Huntingdon 4 Broad Top...
do do pref.Lehigh Valley..
- IkU
811035^U3>ii112
4010814
12823)<
1S65518
116H
iii'x
1C6
Little SchuylkillSilnehillNesquehonlng Valley
,
NorristownNorfolk 4 Western, pref
do do com....North PennBylyanlaPeonsylvanla "...
Phllai{elphla4 EriePnlladelplila 4 HeadingPhiladelphla4 TrentonPhlla.Wllmlng. 4 BaltimorePltt&b. Cln. & St. Louie, comal. Paul 4 Uulttth R.K. Com
do do pref.United N. J. CompaniesWest Chester coneol. pref.. ..
Cam, 4 Atl. Ist m. 7b, g., 1893da adm. 61,1001 licMJ
AT"2934
21J<
1255040iU71
l^62
llS>ti
SIX
112103J1
84M
53
S2i,
I'l's
114113
n5>«100107;
86 1.4
IbShi102U4
607025
i»h
66
IS
St
53
SHOtJEITIKS.
I18W
286158
106
Cam. 4 At .,( ons., 6 p. „Cam. 4 Burlington Co. Ss.'si.Caiawlssa lst,7B. conv.. cp.'tH
io chat. m.. 10s, '&8
t'o new78,1900,r.4cpConnecting 68, (p. 1900-1904.Chartiers Va!., Ist m. 78.C.,190:Delaware m.. 68. reg.&cp.,varDel. 4 Bound Br.,lBt, 7b. 1905East Pean. let mort. 7a. '88 .
.
E1.4 W'msport. letm . , 6 J. 1910do Ss.perp
EBSton 4 Amboy. 5s. ig'JO . . .
.
Harrlsburg 1st mor'. 68. '83...H. 4 B. T. 1st m. 7s, gold, '90,
CO cons. m.5s, 1S»5.. ..
Ithaca4 Athena Ist g d, i8.,'9»Junctlonletmort. 68, '82.
.
do lid mort, 68.1900 ... .
Lehigh Valley. Ist.es.cp.. 189Si 121do do reg. .1393. ..1123do 2d m. Ts.reg.. 1910..
"""
do con.m.. 68.rg..l92Sdo do 6s.cp..l9,'S
Little Schuylkill. Ist m.78,'82N. O. Pac. Kt m..68. 1920 ..
North. Penn. Ist m. 6s. cp..'85,do 2dm.7s.cp.. '96.do gen. m. 7s. cp., 1903.do gen.m.7s,reg.,i91)?do new loan ts, reg..
No;f'k,tWe~t.,gen.ro.,6s,l'«lon ureek let m. 78, coup..'8i.rltteb. TltU8v.4 B..7B.cp..'96
do ScripP».4 N.Y'.C. 4 KK. 7B.1896 ....
do 1906....Penn8ylv..gen. m. 6s. cp.. 1910
do gen, m. 68, rg., 1910.do cons. ra.6p,rg., 1905.do cons. m. 68. cp., 1905.do BO 5', reg., 191a
Penn. Co, 6b regdo do 4'^",reg.,lii20' o do CO p., 19i0
Perkloroen Ist m.6s,coun.,'8.Phll.Wilm 4Ualt .Is.Tr.cerlaPhila.4 Erie 2d m. 7«.cp..'S8
do cone, morl.68.1920po do 5e.!9'J0
Phlla. Newt'n 4 N.Y.. Ist. '9;
ehIJ.4 K. I5t m.es.cx.duo 19;0do do IflOdo 2d m.. 7s. cp..93.do cons. m..78.cp., 1911do con8.in.6j.g.IKU1911do Im p.m..6^.g„ C. 1897do gen.m.6j, g..C.UOido )n.m..7s.coup..'S96.do d -b. coup.. I'-gs*
do 68. 1893. M. 4 S ^do 6s.exempt.'9&.M.4Sdo 68. 1900. O—Jdo 68.1902. J.4 Jdo 5f.I9i6.new 128
Norfolk water. 3s '.
BAILKOAD STOCKS. Par.Bait. 4 Ohio.... 100 191
"1I do 1st prtf" do 2d prefdo Wash. Branch. KWdo Parker8b'gBr..5(' 8
Northern Central 51 49«Western Maryland 50 14Central Ohio, common 50Plttsbu g 4 ConnellsvUlc..
.
3A1LROAU BONDS.Bait. 4 Ohio 6b. 1895.A.40. ..
N. W. Va. 3d m.,guar.,'85,J4JPltt8b.4 ConnelT8v.'iB.'98JtJNorthern Central 6s. '85. J4J
do 68, 1900, A.40.do 68, gld,1900, J.4J.' 1141% .
Cen. Ohio 6s. l8tm..'9(l.M.4 S. 107>»110»W. Md.68.l6t m..gr..'90.J.4J.
do Ist m..lS90. J.4 J...do 2dm..guar.. J.4 Jdo 2dm. .pref...do 2dm..gr.by W.C0.J4J 113do 68.3din.. euar., J.4 J.f
12J
iC7
122
120
V<»
10SOX
47
wan
12S107
UU UOv fU Aas K uni • 4/ .«» t
Mar. 4 Cln. 7s. '9i, F. 4 A ..
do 2d. M.4Ndo S9,3u, J. 4J
Union BR. Ist. guar.. J. 4 J.,do ti nion eudorBed.
; Consolidated Gasi Do bonds ,^.,
lo.^W56Ji 50it
* in default. t Per share.
March 25. 1882.J THE (^HRONfCLE. 311
Railroad Earnln^rs.—The latest railro*d earnings and thetJtalfl friiin Jaoaary 1 to latest date are given below. Thestatement Inclades tlie gross eamiagi of all railroads fromwhich rutaros caq be obtained. The oolamns ander the head-ing "Jan. 1 to latest date" farninh the gross earnings from Jan.
1 to, and inoladlDg, the period mentioned in thn Hecondeolamn:
('licnaii. A Ohio. >Vl>riiJiry.. 209.709<liifa>:ii A Alton Jd wk Miirj 149.972Caw. l!nr. ,v U .lamiary. . . LO.'!.-*.?*;!!
C'.itr. ,ii: Kn-t. ril.C.;il\vk Mar 2S.:!(is
( i;,uiik Wk.Murl8 43.122( : P.';i(lwk Mar 3.">9.1K»<)
I ,iw. I'.Mwk Mar ;1.">.'>.U2
«'!ii.- St 1. ,v N.o January... 272.(K)0('ii..sj.l'.Miii.,VO. 3<lwk Mar 87.087Ciil'-. .v W. .Mlili. .lannarr- 100,128Ciii. lljiiii.A- Dav February.. 199.185Ciii.lii.l..st.I,..vO. ribriiary.. 1H0.S79Cliieliiiiiili.'<(>iitli,K<l>riiary.. 1)<.'*,798
Qi-wAkronA Col 2<l wk Mar 9.993CjI. Ilo<k.V.AT. 2(1 wk Mar 49,249D*iiv. A Kio (Jr. !3<1 wk .Mar 125,477D.-S M. A Ft. 1). 2(1 wk Mar 8.701IX-t. l.aii. A No.. Ftliruary.. 113,335Dull. A- Slou.x C. lot WkMar 21.803Eioteru !jatiuar\... 224,<!2.">
30. 1 22Evansv. AT. H. February.. 50.774Fliut A P. Mar<|.i ttli wk Feb 39.072Oal.Ilar.A.Hau AlJauuary... 90,846Grand Trunk.... Wk.Miir 11 194,.102Onat Wi stem. . Wk.Mar 10 91.3S4Hniiniii^ilA8t Jo -Mwk Mar 41,780Hous.K.AW.Tex .laiuiarv... 18,280nilnoiK Cen.(Ill.)|Febriuiry.. 535,145
Do (Iowa) IVluuary.. 154.242Inil.liloom.A \V.2tlwk Mar 40.919Int.Aiit.North.lUtwkMur .59.104lown Cc::t al ...Februar)-.. 80.7.59K.C.Ft, t*. A tlulflFobruary.. 119.557K. r. Law. A 8o. I February,. 60.931L. Erie A W.'tt'u •-<l wk Mar 21.741LODK I»<lHiid....:2dwk Mur 39.109LjuIsv.A Nashv. 2d wk Mar 24 1 .240I.«iii».N..\ ACli. .Taunary... 72.511Maine fentral. .laiuiaiy... 139.512Mcnip. A Clnirl .
i
2d w k Feb. 28. 1 31MoMi. Pad. A So., IthwkJaii 4.243Mil. I..S1I A West 3d wk .Marl 17,910Miiin.ASt. L<iul«2dwk .Mar] 29,411Mo. Kan. ,t Tex. Lst wk Mar 111.375Mlseotiri PiwiHc. IstwkMuri 123.553Mobile A Ohio. .'February..' 158.1.54Naehv.l 'li.A .81.1, Febniary.
.
1 59,901N.London North January..
.
30.2»>1
N. Y.A N. KuKl'd February.. 213.791Norfolk A West. January... 108..572Northern Cent.. January... 407,308Nortlurn I'aeitle 2d wk Mar' 8(i,80<1
* Frei^ut traini^ uliauuoued ou account ul Jilgu water, t Freiglit earutuj;**.
D. S. Snb-Treasnrj-.—The following table shows the receiptsand payrnents it the Sab-Tr-aMury in t'ais city, as well as thebilaacw) in th» same, f.^r rM^h nir of th-< past week:
Neir York City Banks.—The ioUowiiw sUtement shows thoonditlon of the Assoolated Banks of New Tork City for tb*week ending at the cominenoement of business on >Iarch 18.
BnnAi.
DiirlD); the week ended March 18 $5JX>0,0'J0 gold cola waa receivedfrom Plillailelphla Mint.
I Innludeii 92,000,000 KOld aoin received from Phllainlphia Mint.; Includes *1,000,000 itold coin received from Philadelphia Mint.Coins.—The followtnj? are qaotatioos in gold for variou'* coins:
Den.iS: R.O. unl'dcoDs.l00>4 102Denv. it. N . Orleans 80Kdlson Electric I,. Co. 300 400Hud.Rlv. OintractCo. 95 100lutenukC Im |i. Co x 75Iron Btcambout stock. 50 51
Manhattan Elevated 264, 291Marietta A Cincinnati 291Mariposa Land & Jlining Co .. 291Memphis* Charleston 265. 292Memphis & Little Rock. ..265, 292Mexican Central 291Mexican National 231Missouri Pacific 265, 292, 316Minnesota Finances 316Mobile & Montgomery 2ii5
MutualUnion Tel 231, 292
Nachaz Jackson & Columbus.. 31
4
New Cent. Coal Co. of Md 314New Orleans City Debt 29JN. Y. I.iike Erie & West 231N. Y. Penn. & Ohio. 265, 292, 313N, Y. Wnodhaven & Rock 265Norfolk & Western 292Northern Central 228, 231Northern Paciflo 231
O.Ohio Central 231,265, 316OhioA Miss 316Ohio Railway 316Oregon & California 316
P.Pensarola & Mobile 315PenuBvlvauia RB 265, 287Fhiliiiielphia & Erie 263Phila. & Read...231, 265, 292, 316Pittsb. Ciu. & St. Louis 292
R.Railroad Income Bonds 316Reading & Columbia 282
S*.
St. Ixiuis Iron Mt. & So 317St. Louis & San Francisco 313St. Paul Minn. & Manitoba 265Sonora 315tfouth Carolina BB 222
T.Tennessee Finances 231, 252Texas & Pacific 292Tol. Cin. & St. Louis 265, 317Toledo Del & Burl 222, 317Trunk Line Rates 282, 303
the credit of net revenue of #178,184, or £36,663. Out of this
balance the sum of f3,207 (in round lig-ures) has to be providedto defray the current expenses for 18S1 of the English com-pany, leaving £33.455. Oat of this sum £26.381 will be paidover to the English company for dividends, le.ss income tax, onthe preference shares now held by that company; and £2,649will be paid to the Alabama New Orleans Texas & Pasific Junc-tion Railways Company (Limited), (as above mentioned) forsubsidy, from Oct. 12 to Dee. 31, 1881, carrying forward to nextyear a balance of £4,424. Out of the sum of £26,381 abovementioned, the arrears of dividend up to Dec. 31, 1880,
amounting to £11,499, have been paid, and the balance is appro-priated to a dividend for 1881, at 6 per cent on £156,600 " A"preference shares of £10 each, fuHv paid, and 6 per cent on£193,400 "A" preference shares of £10 each, £5 paid.
On the 31st of December, 1880, the outstanding claimsamounted to $293,282. The amount is now $296,725, of whicha considerable portion is disputed and in suspense. Theamount of the company's bonds, held in trust for the purposeof mei ting these claims, is $287,000." The 19,340 six per cent
"A" preference shares of £10 each, mentioned in the last
report, were all subscribed for, and (with a trifling amount out-
standing) are now fully paid up, and as from the Ist of Jan-uary, 1882, they will rank in all respects pari passu with theoriginal issue of 15,660 'A' shares."
The accounts of the American corporation show the follow-
Wab St. L. &Pac..' 222,317Western & Atlantic (Qa.) 317West Jersey 317West. Union Tel 292
IWisconsin Central 317
ANNUAL REPORTS.Alabama Gre it Southern Railway (Limited).
{For the year ending December 31, 1881.)
The annual report shows that in 1881 the gross earnings ofthe road were $789,375, as compared with $643,130 in 1880 and$444,181 in 1879. The year's increase is thus $146,245." The Alabama New Orleans Texas & Pacific Junction Rail-
ways Company (Limited) was successfully formed in June lastwith the object of providing the Northern Atlantic cities withthe shortest route, via. the Alabama Great Southern, to NewOrleans in the Gulf of Mexico, and of connecting the northernand eastern railroads generally with the trans-Mississippisystem, a portion of which forms the Southern Pacific Railwayroute." * * • •'
" In October last the Alabama New Orleans Texas & PacificJunction Railways Company acquired a controlling interest inthe lease of the Cincinnati Southern Railroad (336 miles inlength), thereby connecting the Alabama system in the mostdirect manner with the city of Cincinnati, which, according toft recent census bulletin of the Federal Government, is theacknowledged centre of the population of the United States.In view of the great benefits to accrue to the Alabama GreatSouthern Road by this connection, the directors have agreed tocontribttte to the Alabama New Orleans Texas & Pacific Junc-tion Railways Company (Limited', for the period of the lease(25 years from the 12th of October, 1881), an annual sum offeO.OOO, such $60,000 to rank next after the dividend on theprefer.ence shares of this company."The accounts of the American corporation show a balance to
E3:ptnsc8.Maintenance of wiiy, &<s. $103,583Repairs to stations and
building's 11,869Repair?^ and renewals ofrolling stock 79,873
Locomotive and runningexpenses 138,487
Oftlee & station exp'ns's. 70,897General charges 54,286Miscellaneous expenses. 45,328
$504,331Net revenue 285,043
St. Paul & Dnlnth Railroad Company.{For the year ending Dec. 31, 1881.)
The report of this company contains no balance sheet, andthe accounts are most inconveniently and obscurely presented.
If the report for 1882 should be made up more clearly, it wouldbe a favor to the stockholders.
The President states that the earnings of the road have beenconsiderably increased over those of last year, thoughmuch less than they would have been had the roadbeen fully equipped with the necessary engines and cars,
while the expenses have been somewhat increased by a com-Earatively large use of the cars of the other roads'. Threeundred freight cars, which should have been delivered in
August and September, did not begin to arrive until after theclose of lake navigation.
The work on the track for the year included the laying of 3,240
tons of steel rails, of which 818 tons were put in the track
between N. P. Junction and Duluth, on that part of the line
owned jointly by this company and the Northern Pacific Rail-
road Company.A corporation has been organized under the laws of the
State of Wisconsin for the construction of a line of railroad
from Ashland via Grantsburg, Wis., to St. Cloud, Minn. TheCounty of Burnett, Wis., was authorized to take $20,000 of thestock of this company. This stock has been subscribed andthe corporation has received and expended the money. Inorder to construct the portion of the line in Minnesota, a cor-
poration has been organized called the Grantsburg, Rush City& St. Cloud Railroad Company, and the Grantsburg Companyhas graded the line between the St. Croix River and a connec-tion with our main line at Rush City. The Grantsburg Cor-poration, called the Ashland Grantsburg & St. Cloud RailroadCompany, is anxious to turn over the stock of the road so as to
give the St. Paul & Duluth Raih'oad Company the entire con-trol, ownership and management of the corporation.The following is a statement of earnings and expenses:
Other payments:Taxes $20,218Rentof T. F. &L. S. RR.. 8,610Rent of 8. & St. P. BR.... 20,000Interest and exchange 1:1,508Interest on bonds 18,159Northwest equip. Trustsinking fund 44,362
Passenger $175,282Freight 476,710E.x press.MailMiscellaneousRentalEarnings ef T. F. dk L. S.
Total $732,630Operating expenses 566,131
8.6167,3803,571
52.5008,539
$166,499
LAND DEPABTItEin'.
The following statement shows the operations of Jhe LandDepartment for the year ending Dec. 31, 1881:
Acres.On hand and unsold Deo. 31, 1880 1,271,920Add cancellations of land contraucs during 1881 1,061Add land reooived from State of Minnesota 10,987
Total 1,283,968Deduct land sales for year ending Dec. 31, 1881 ; 16,271
1,267,69«
The lands sold during the year ending Deo. 31, 1881, weredisposed of in the following manner
:
8,584 acres sold for cash $55,2503,654 acres sold for cash and bills received 11,7674,032 acres sold on credit 11,675
8 town lots. N. P. Junction 105
Total $81,79*16,271 acres.
Mabcb 35, 1882. THE CHRONICLE. 3 IS
TOTAL BKCBIITB FROM ALL 80DBCM.
("Mh rcoflvcrt from Iwirt RalM and lnter«rt•SS'JZi.d.i 07 noA
CMh rcwlvoil from i«tuiiii»»Ke a7,4a0-»li7,0U4
Blllii r«,«lv.-.l tJikeu for land o!fft'?SI_ QinnoiBllU reo«lve<l taken for Btumpage 800.788— 310.82*
10
TotoJ tus.eia
Camden & Atlantic Kailroad.
(For the year ending December 81, 1881.)
The let earnings for 1881 wer« f139,016, and the eipenseK
out of thi« were as follows: Interest on bonded debt and mort-
nves, ^0,099; interest on temporary loann, 19,748; State tax
.or the year 1881, ?8.064i sundry items, *5,925—$93,837. leaviuK
as net income for the year, $45,178. against |22,482 for IbSO.
The report says this result is the more gratifyinif when it is
remembered that, for the first time in its historr, the road had
to compete during the entire year with two other roads oper-
ating between the same terminal points, and seeking to obtain
for themselves the fare and freightage that otherwise might
have come to your road. This competition necessarily increased
the number of trains run by the company for the carriage of
passengers and freight during the year 1881 over the year
1880.The following is a comparatire statement of the business of
the years 1880 and 1881.
Reetipl$.1880. 1891.
PaaMagera 9202,.580 $20ti,510Freight. 106,958 '
"
Kzpreas 3'2,40OKcrrv 61,726Majr 8 LandlugBrHiich
D. 8. MullRent of real es-tate
News Agency..Dlv.of SoaVfowHotel Co
Preni. '2d mortg.bonds
3,1353,714
5.1801,776
l,i>1231,02160.219
2,1434,256
5,6931,800
1,020 1,360
217
Prem. codboI.mortg. bunds.
Train service. .
.
1880. 1881.0,0000,962
Totals $498,838 $512,830
Total operatingcxiwnsos $371,626 $373,S61
Int. on bondeddebt,taxo8,4c. 104,728 93,837
Totals $476,355 $467,701Netlnoome 22,482 43,178Div. declared.. 42,541Bill, to debit ofproat and loss. 20,061 2,508
GENERAL INVESTMENT NEWS.Carolina Central.—A suit has been tiegun against this com-
pany by Mrs. Virginia B. Matthews, of New York, whose hus-band formerly controlled the company. At the time of therecent sale of stock to the Raleigh & Gaston people, it wasnnderstood that the Matthews claim had been settled, but Mrs.Matthews now brings suit and a-fks for the appointment of areceiver. The case has been set for a hearing before theOiicuit Court at Goldsboro, N. C, May 12 neit.
—
RR. ffazetti.
Chesapeake & Ohio.—At Richmond, March 16, the stockhold-ers of the Chesapeake & Ohio Railroad Company met in annualsession. President Huntington made a report covering theoperations of the road the past fifteen months. During thatperiod the extension of the main line to deep water of theChe.sapeake Bay at Newport News and connection with theSouthwestern system of railroads bv means of the Elizabeth-town Lexington and Big Sandy Roaa have been made. Presi-dent Huntington's report shows a prosperous condition of thecompany. Gross earnings for fifteen months, £3,375,9o8; ex-penses, $2,743,430; net earnings, |6S2,537. A resolution wasadopted authorizing the directors to construct a branch roadfrom Newport News to Old Point Comfort. The old board ofdirectors was unanimously re-elected.
Chicagro Onrlington & (Jiiiucy.—When the $8,000,000 ofChicago Burlington & Quincy stock is put out next month, thisroad will have the largest capital of any single railroad corpo-ration ill the country, with three exceptions—the PennsylvaniaKailroad, which has something over |68,000,000; the New YorkCentral & Hudson River Railroad, which has JB9,428,000 capi-tal, and the New York Lake Erie & Western, which has$83,247,000, The Chicago Burlington & Quincy will have atotal of $62,308,196.—Boston Advertiser.
Chicago & Eastern Illinois—KTanSTiUe & Terre Haute.—Owing to the decision of the United States Supreme Court inthe Chicago Danville & Vincennes case, the consolidation of theChicago^ Ea.stern Illinois and the Evansville & Terre Haute roadswith the Louisville & Nashville will not take place May 1, as con-templated, but has been deferred until the complications aris-ing from the decision of the Supreme Court have been adjusted.President Mackey of the Eastern Illinois and Evansvi.le &Terre Haute says the rumor afloat that the Louisville & Nash-ville would lose heavily by the decision is untrue, as the Louis-ville & Nashville does not own any stock or bonds in the East-em Illinois. An arrangement had been made to consolidatethe Eastern Illinois and Terre Haute roads with the Louisville& Na-shville, but no stock had been exchanged. The Chicago& Eastern Illinois, President Mackey says, was organized torthe purpose of purchasing the Danville & Vincennes road, andon the sale of the latter road by order of the court the formerroad became the purchaser, paying $1,600,000 for it, and hassince spent $8,000,000 in equipping and placing the road in fineorder, which gives the Chicago & Eastern Illinois a lien for theoriginal purchase money with accrued interest, together withthe amount expended on the old Chicago Danville & Vincennesroad. The Chicago & Eastern Illinois, Mr. Mackey says, nowhas, and will continue to have, possession of the roaa. Thegeneral offices of the company will not be removed to Evans-viile as had been contemplated, but will remain in Chicago.
—
Chicaf/o Tribune.
Chicago ft Iowa.—The new dlreot^irs of the Chicago & I'>w»
Railroaa Company, at a meeting In Chieago, elected the follow-ing officers: F. U. Head, President; J. L. Lathrr>p, Vice-President ; J. C. Peasley. Tresaarer ; and L. O. Gi>ddard,Secretary. All these gentlemen, with the exception of Mr.Head, are officers of the Chicago Barlington & Quincy. TheChicago I'ribune savs : "The Chicago & Iowa is now in thehands of a receiver, but the Chicago Barlington & Quincy.which owns the road, will redeem it as soon as poesible. and will
then operate the line as a branch, and put on through trains
between Chicago and Rockford. The Chicago & Iowa properruns from Chicago to Foreston. But this line has a twenty-five years' lease of the Chicago Rockford & Northern, whichruns from Rochelle to Rockford, and thus forms a through line
from Aurora to Rockford. This ends the fight which has beengoing on for the possession of this road for some years past."
Cleveland Tnsoarawas Valley & Wheeling.—A receiverwas recently appointed for this road in a suit by the bond-holders. Tne earnings for the past two years were as follows :
Connotton Valley.—The directors of the Connotton ValleyRailway have adopted a reorganization plan, embracing theaffairs of that road and of the Connotton Valley & Straitsville
Road. The prominent features of the plan are condensed bythe Boston .ddce;"^/**/" as follows: "J'he Connotton Valley bondsare to be converted into like amounts of new 5 per cent bonds,on which the interest will be increased to 6 per cent in threeyears, with the addition of 35 per cent of the par lalue of theold bond in 6 per cent preferred stock, each holder of old
bonds beincr called upon to take a new 6 per cent in the pro-portion of $125 in new bonds for each $1,000 of old bonds,paying par therefor in fjur equal monthly instalments, begin-ning May 1, 1882. The Straitsville bondholders to receive new5 per cent bends at par for old bond-t at par, and to subscribefor $250 of new 6 per cent bonds for each $1,000 of old bonds.
The new bohds are in three series, the first being "A," 5 percent bonds increased to 6 per cent at the end of three year?,
for redemption of Connotton Valley bonds, $2,600,000. Series
"B," at 5 per cent, for redemption of Straitsville bunds,
$2,150,000; series "C," at 6 per cent, $2,250,000, for construc-
tion of road, payment of floating debt, interest due May 1,
1882, on old bonds, etc. The yearly interest on the three series
of new bonds will amount to $372,500, which is but $100 morethan the interest on the present authorized issue on Ixtth roadsof $5,320,000, so that had the roads been completed upon theoriginal basis, the interest charge would have been but $100less than upon the proposed basis for the first three years.
The 6 per cent upon the preferred stock is dependent uponearnings in excess ef interest upon bonds, and this is the onlyencroachment upon the stockholding interest. The new bondsare to be secured by a consolidated mortgage covering lx)th
roads, and the three series, though bearing different rates ofinterest, are to have equal security. The amount to be raised
upon the subscription to the new 6's is $862,000, to pay interest
on bonds due May 1 and other debts, and finish the ConnottonValley and carry the Straitsville line to Coshocton, leaving areserve of 6's to the amount of something over $1,287,000 to
finish the whole consolidated road, in all 250 miles."
The President of the company in a circular says: "In form-ing any plan, the following facts must be kept in view: Thetwo companies are distinct organizations, the only connection
between them being the ownership by each of the other's
stock, the Straitsville company holding 12,874 shares of Con-notton Valley stock (amounting at its par value of $50 a share
to $643,700) out of a total sum of 100,000 shares, the Connot-ton Company owning within a few shares of the whole stock of
the Straitsville Company of $2,000,000. The bonds of eachcompany are liens upon the property of the company issuing
them. The Connotton Valley Company has all its bonds andstock outstanding. For its relief there are required $544,500.
The Straitsville Company has all its stock outstand-
ing in the hands of the Connotton Valley Company. $570,-
000 of its bonds (out of $2,720,000) are still unissued,
and it has $200,000 of money in the treasury, together
with the 12,874 shares of Connotton stock above mentioned. 11
requires $435,260; add for Connotton Company (as above)
$544,500; total amount required to pay the debt of both roads,
complete the Connotton Valley and build the Straitsville Roadto Coshocton. $979,750. Deduct liabilities to be satisfied by 6
per cent bonds at par by agreement with holders, $125,000.
Cash to be raised. $854,750."
Elizabeth City Debt.-The City Council of Elizabeth, N. J.,
held a meeting this week to hear a report from a committee ap-
pointed to confer with the city's creditors with reference
to adjusting the debt. The debt on February 1 waa at>oat
$6,400,000. The principal bondholders were the Singer Mana •
facturing' Company, the Mutual Benefit Life Insurance Comtpany of Newark, the Goelet estate of New York, and the iEtn«
Fire Insurance Company of Hartford. After stating the dif«
Acuities which the committee had in getting the creditors to
a.arree as to any terms of adjustment, the report advises : A?offer of the city to pay all creditors in 4 percent bonds, bearing
interest semi-annually, on the basis of settlement of fifty cents
on the dollar ; to appoint a man by the Mayor whom the City
Council shall approve, who shall be employed to regulate the ex-
change of the new for the old bonds ; that the bonds shall runfrom five to forty years at the option of the city, and that th«
344 THE C^HRONICLE [V^Ol. XXXIV.
age miles operated, 135. The earnings for March are estimatedat $50,000. President Nickerson will soon call for a No. 3 sub-scription from No. 1 Mexican Central stockholders for about$5,000,000."
Missouri Pacific.—The following is an ot&cial statementfrom tlie JS^ew York World of the operations of the MissouriPacific Railway Company for the year ending Deo. 31, 1881:
Gross earnings $6,722,477Income received from dividends and interest oninvestments 1,918.480
Gross receipts $8,640,957 1
Expenses, operating $3,505,71 li
Expenses, taxes, rentals, iSrc 774.4U.^Interest ou bonds 1,29.3,S71
Gross expenditures. 5,575,491
Surplus available for dividends $:t,06.'),46SDividends paid during year 1,521,167
Net surplus $1,541,299Balance to credit of income account Dec. 31, 1880 2,51(>,457
Balance to credit of income accountDec. 31, ItSl $4,057,756
Nashville Chattanooga & St. Lou i*.—The statement ofreceipts and expenses for February and for eight months is asfollows
:
KECEIPrS.
1882.Passage $33,965Freight 114,216Mail 3,623Rents and privileges. . . 8,154
—February.1831.
$40,013144,266
3,6232,962
iiglit months, Julij-
Vehruaru.lSSl-82$36 ),.-j03
867,9772i.m\46,515
1S80-81.$352,56690B.43728,52016,228
Maintenance of wayMotive power 24,429Maintenance of cars... 8.705Conducting transport'n 26.56TGeneral expenses 9,184
$39,935
Surplus over oper. cr . $70,035Int'st on bonded debtand taxes 40,057
$159,961 $190,866EXPENSES.
$21,039 $20,321
,312,983 $1,393,752
interest for the first year shall be put in the next tax levy, and $29,073; average miles_ operated, 118; February, $36,538; aver-
only used for the benefit of the creditors who accept the con- " ^""^ ^""^ 'Pi...«»,„! » *„ »r...i. .;— ^.j
ditlons of the reduced indebtedness. The report was adopted,
and on motion of Councilman Rankin it was resolved that the
City of Elizabeth should offer to settle its debt, by issuing
bonds for one-half the amount of the indebtedness ; that the
bonds be dated from July 1, 1882, and that the interest for the
first year bs added in the next levy of taxes, and the City At-
torney be authorized to prepare an ordinance calling for the
issue of the proposed new bonds. A committee of four mem-bers of the City Council was appoiuted to assist the Mayor's
Committee in arranging with the creditors for the satisfactory
settlement of the debt. The committee is as follows : W. M.
Dentsch, G. D. Barmore, A. B. Knapp and F. J. Blatz.
Galveston Houston & Henderson.—The Galveston Newshas the following :
" In reply to the interrogatory of a Newsrepresentative, as to what plans he had with reference to Gal-
veston Harbor, Mr. Huntington, on Tuesday last, remarked :
" We have made no plans whatevor. We tbink tbat the GovernmentBlioukl attend to tbat. We would, of comse, like to see at least twenty-live feet of water on the bar t"jerc, but have not tbe remotest idea of goingto work and deepening tbe channel at cur own exjiense. We have madean arrangement with tbe Galveston Houston & Henderson Road by whichwe become half owners of the same, and intend to run our trains into
Galveston from Houston over that line. The terms by which weobtained tills advantage have not been made public, but they wereentirely satisfaetoiy to us. Galveston lias before it a great future, andis destined to become a place of gjeat commercial importance. Thewater on the bar will be deepened by the Government, I think, themoment that the importance of such a work becomes manifest.
"It is possible, from the tenor of the above, that Mr. Hunt-ington may not be exactly aware of the flattering prospects
which now exist for securing deep water at Galveston. It hasbeen stated that engineers have reported unfavorably uponthe Galveston deep-water project to Mr. Huntington. Be this
as it may, it is in order that Mr. Huntington should be fur-
nished with the very best information on the subject. Heshould know that the engineering plan now pursued has al-
ready given evidence of final success, and that an increased
depth of water has resulted from the operations of last sum-mer. Moreover, he should likewise kmow that the Governmentis at last fully aware of the importance of the work, and that
it is down for a very liberal sum in the general appropriation
bill. It might interest him to know further that possibly bythe time he gets his railroad line through from the Pacific
there will be water enough on the bar here to admit vessels
drawing eighteen or twenty feet."
Uannibal & St. Joseph.—The trustees of the Hannibal &St. Joseph Railroad have filed in the United States Circuit
Court at Jefferson City, an amended bill in equity, and after
reciting the acts of the Assembly under which the lien wascreated, an order to restrain and enjoin the sale of the road is
asked. The relief especially asked for is that the $3,000,000
paid the State be adjudged a full payment of all liability of
the company to the State; that the mortgage and lien of theState be adjudged vested in the trustees, and that if the court
decides to the contrary, then the $3,000,000 paid in June, withthe interest and income thereof, be repaid to the trustees. Therespondents are the Attorney-General, State Auditor, FundCommis-sioners, State Treasurers, and the Hannibal & St.
Joseph Railroad Company. They are granted fifteen days to
plead.
Indianapolis & St; Lonis.—The Indianapolis News of
March 17 says: "Ritter & Ritter, of this city, attorneys forCharles O'Conor, of New York, have served notice upon JohnT. Dye, attorney for the Indianapolis & St. Louis Railroad, thaton April 3 next they will file an application in the United StatesCourt for the appointment of a receiver to take charge of andoperate the property. Mr. O'Conor is the owner of $25,000bonds of the second issue of the Indianapolis & St. Louis Com-pany, dated October, 1870, and on which. It is alleged, theinterest has been defaulted since April 1, 1873."
Louisville & Nashville.—The following is a comparativestatement of earnings and expenses for each month named in
Mexican Central.—The Boston Transcript's financial arti-cle March 22 had the following: " Mexican Central securitieswere higher to-day, the seven per cent bonds advancing from81 to 85. The Mexican Central Railroad reached Queretaro themiddle of February, and on February 16 began the operationof 153 miles out from the City of Mexico, where 118 miles hadpreviously been operated. The earnings for January and Feb-ruary have been re-jeived, and compare as follows: January,
39,891
New York Stock Exchanee.—At its
Governing Committee of the Stock Exchange listed the follow-
ing new securities:
Jlissouri Kiinsas & Texas Railway—-Additional general consolidatedmortgage bonds on 46 9-10 miles of new road, $933,000, and$780,000 of the same bonds on the 39 miles of road purchased from theDallas & Wichita Company.Chicago St. Paul Minneapolis & Omaha—Additional consolidated
mortgage bonds on 100-35 miles of new road, including the NorfolkBrauoh, North Wisconsin Division, Superior Branch and ChippewaFalls & Northern Railway, $1,509,000.Gulf Colorado & Santa Fe Railway—Addition.al tlrst mortgage bonds
OH 51 miles of newly-completed road, ,$612,000.Detroit Mackinac & Mar(iuotte Railroad Company—Capital stock,
$6,250,090; tlrst mortgage bonds, $2,230,000; land grant bonds, $4,-
560,000; and income bonds, $1,500,000. The route of the liue of thisoompiiny is from Poiul St. Ignace, on the north side of the Straits ofMackinac, through Mackinac. Chippewa, Sohoob!raft and Miirquettecounties to Maniuetto City, The leug'li of the line completed and inoperation is 1 52 miles, and there are projected 48 miles of additional roadfrom a point »u the main line to Sault Ste Marie, The Jtetropolitan Na-tional Bank is the company's transfer agent.
Northern Paciflc,—The track is now down in the Yellow-stone Valley to a point 125 miles west of Glendire and 20 miles
beyond the mouth of the Little Rosebud. The open winter
has been favorable for work, and grading and track-layinj? havescarcely been interrupted. There have been laid 90 miles of
track in the Y'ellowstone Valley during the winter months.They expect to reach Coulston, 225 miles west of Glendire, in
the month of June, and will be at Bozeman, at the easternslope of the Rocky Mountains, by September 1, making over1,000 miles of completed track on this side of the mountains.On the Pacific slope the road was opened last fall to Pend
d'Oreille Lake. It will reach Rock River by the end of March,a distance cf 245 miles from Wallula. Two hundred milesmore of track are to be finished by the 30th of September,which will bring the road to Missoula, in Western Montana, andopen a continuous line of 670 miles eastward from Portland,Oregon. With the 145 miles of the Pacific division, running to
Paget Sound, this will make an aggregate of 815 miles ofcompleted road on the Paciflc slope. Work is also going for-
ward on the Rocky Jloiintains division. Two tunnels, one nearGalena and one at BozOTian, are being driven as rapidly as pos-
sible. The company has on hand at the Montana terminus 95
miles of steel rails, "and on the Pacific side 160 miles, ready for
track-laying, with an additional 50 miles of steel rails on the
way to the Pacific by sailing vessels.
—
Boston Advertiser.—The Northern Paciric Company is constructing a number of
branches to develop its land grant and serve as feeders to its
main line. Vice-President Oakes gave a Tribune reporter thefollowing account of these branches :
" In 1881 the company built forty-five miles of the Casselton
Branch, diverging from the main line at Casselton, Dakota, 294
miles from St. Paul, and running to Mayville. It also gradedthe Little Falls & Dakota Branch, from Little Fails to
Morris, in Minnesota, a distance of eighty miles, the FergusFalls & Black Hills Road from Wadover to Fergus Falls, in
Minnesota, fifty miles, the Fargo & Southwestern Branch, fromFargo fifty miles in a southwestern direction, and the James-town & Northern Branch for a distance of twenty-five miles.
This year the company will lay the rails on the JamestownBranch and the branch from Little Falls to Morris. We hare
BUrch 35, 1883.1 THE CHRONICLE. 315
already laid the rails on the road to Fergus. FallH and shall
complete it this) season to Hreckenridge on the Dakota boun-
dary, thirty miles further. We shall also extend the Casselton
Branih ninety-five miles to the Canada line, wherea connection
will be formed with the Manitoba & Southwestern, a Cana-
dian company owned by those who control the NorthernPacific." » * *
•' At the eastern end of the main Hue of the Northern Pacific
the road has been finished to Superior City, and is nnder active
construction ninety-five miles lurther to the Montreal River,
the boundary line between Wisconsin and Michigan, where it is
to meet a road now building westward from the Straits of
Mackinac. The original charter of the company authorized aneastern terminus at the Montreal River, so the road fromSaperior City to that point must be regarded as a part of the
mam line. In Montana two branches are proposed. We shall
locate, and perhaps grade, this summer a line fioin Billings, at
the eastern ba.se of the Rocky Moantalns, siity miles in asouthwestern direction to the Yellowstone Park, and we con-
template a branch from Little Blackfoot River up the DeerLodge Valley to Butte City, the chief mlnlnip' point in Montana,a town now larger than Leadville and yielding greater returns
of the precious metals. On the Pacific Slope a branch is underconstruction diverging from the main line of the NorthernPacific at a point fifty miles north of Wallula, and runningeastward to Colfax In the celebrated Palouse wheat country.
By the end of the year we shall have finished about 425 miles
of branches. The policy of the company In constructingbranches is to let about a year intervene between the gradingand the track-laying. During the year's delay sellers comeinto the country on the assurance of the early completion of
the branch, and thus by the time it Is opened for business thereis traffic to sustain it."
Philadelphia & Beading.—The gross receipts from therailroads, canals, steam colliers and coal barges in Februarywere $1,290,421 and the net receipts $416,092; for the fiscal yearsince Nov. 30, 1881, the gross receipts were $4,644,384 and thenet receipts $1,870,705. The gross receipts of the Philadelphia& Reading Coal & Iron Co. In February were $878,584 and net132,564 ; since Nov. 30 gross receipts, $3,207,762; net. $152,405.The total receipts of both companies together for each monthof the fiscal year have been as follows
Total $6,530,476 $7,852,148 $1,726,627 $2,023,111—It is reported in Philadelphia that the McCalmont Brothers,of London, the largest foreign holders of the Reading Railroadbonds, have advised their counsel to discontinue further oppo-sition to President Gowen's deferred bond scheme. This actionis alleged to be taken after most careful consideration by theirlegal advisers on the ground that It would be both undesirableand Ill-advised to raise an issue in the United States courts withthe Supreme Bench of Pennsylvania, which has decided thebonds to be legal.
Pittsburg Cincinnati & St. Louis —The annual report for1881 shows the results of the year's operations as follows :
Gross earnings $1,060,053Expenses 2,759,740
yel Receipts. ,
1880-81. 1881-82.
Net earnings $1,303,313Beoelved for rent of equipment and interest on investmeuts. 22,6(i0Total revenue 1,331,983Faymeats of interest on lM>ud» 846,!)69Otiicr payments 221,360
Total $1,063,130Profit for year on main lino 263,853Logs on operating Little Miami 267,467Cincinnatidi MiLtkinKum Valley Railroad 84,724Total lu.<<ses on leased lines 352,191Towliii'h add one-half loss on St. L. Van. ib T. H. RR 170,445Total lo».se9 outsKe of main line 522,6.37Deduct iiroHlou main line 20,J,853Net los.'i on all Hues for tlie year 253,783
St. Lonis Iron Mountain & Southern.—The N. Y. Timesreports thit a suit was begun a few days ago, in the SupremeCourt in this city, by Charles H. Sanford against the St. LouisIron Mountain & Southern Railroad Company, to compel anace )untlng of the earnings and expenditures of that corpora-tion during the past two years. This is for the purpose ofobtaining Interest on the income bonds, or to have the mortgagebonds wnich were placed In the hands of trustees surrenderedto the bondholders. The amount Involved In the suit broughtby Mr. Sanford Is about |50,000, but the total amount of theincome bonds now outstanding is understood to be In the neigh-borhood of $2,000,000. The Secretary of the St. Louis IronMountain & Southern Railroad Company admitted that nointerest had been paid on the income bonds during the pa.sttwo years, and gave as a reason therefor that the companyspent $1,100,000 in 1880 and about the same amount In 1881making necessary repairs and Improvements. In order to putthe road In condition to take care of the increasing business It
had been found absolutely necessary to relay the entire '700
miles of roadway with steel rails, reballast the road, baild newbridges, and add to the rolling stock.
South Carolina Railway.—A circular issued from the officeof this reorganized company under date of March 11, says theroad now extends from Charleston to Augusta, 137 miles, andhas branches from Branchvllle (62 mUes from Charlesion) toColumbia, 68 miles, and froa Rlngsvlile on the Columbiadivision, to Camden, 38 miles. Total length, 243 miles. Ofthe 205 miles of main liae, 96 are laid wita 8t«el sod 23 with
(trnu.IftSa $1,217,7.^01881 1,233,901
Nr.l.
$311,062500,951
new iron. The equipment is sofflcient and in excellent order,and the roadway is in good condition, so that the property a*a whole is in far better condition than ever l>efore since the war.The earnings since 1876 have been:
aroi$. Net.1877 $1,026,427 $132,0741878 1,011,861 371.6311878 1,032,023 337,74JThe average gross earnings per year for twelve yetrs past
was $l,2iS0,435, and the average net earnings ^64,634, beinf37 1-5 per cent. At present a little over 40 per cent of theearnings are net after fully maintaining the cocdition of theproperty.The present debt of the road is :
Old lliat iiiortg., sterling, 5j>cr c(!Ut....£2.55,3753$4-3005»$l,242.78ZOld Hrat mortg., domestic. 7 per cent 779,500New first mortgage, cousolldated, 6 per cent 3,112,725NewsBooud mortgage, cousolldated, per cent 774.000
Total fixed Interest ehargoR on above debt 313,907
Third mortgage income, 6 per cent, $2,536,313 ; interest peryear, $152,178 ; capital stock, $4,195,520 (balance of the anth«r-ued Issue is in hands of trustees for cancellation.)The company has in its treasury for Improvements new first
consol. mortg. bonds, $138,000; new second, $356,000; new thirdincome, $463,687. Cash on hand, $214,224.And the trustees of the first consolidated mortgage hold
exclusively to take up prior lien bonds.Now first consol. mortg. bunds $1,749,000New secoud 170.000Cash 103,282
Floating debt of company, $150,000, being loan secured by$200,000 new consolidated tnortgage bonds.The company Is now engaged in extending its tracks to the
water, where It owns an extensive front with deep water, andwill immediately build wharves and freight warehouses. Thecompletion of this improvement will save one handling ofall through freight, and the drayage rendered unnecessarywill alone save the company $.50,000 per annum when theimprovements are completed. The directors of the road areJohn H. Fisher, lately Receiver, Samuel Sloan, J. J. Higgln-son, E. E. Chase, F. A. Stout, H. C. Hardy and Henry P. Tal-madge of New York, and Andrew Slmonds and W. H. Braw-ley of Charleston.
Trnn)£ Line Pooling Agreements—The ea.st-bonnd freightpooling agreement and the pa.?8enger pooling agreementwere officially ratified on Thursday by the New York Cen-tral & Hudson, the New York Lake Erie & Western, the Penn-sylvania and the Grand Trunk railroad companies. The as-sent of the Baltimore & Ohio Railroad to these agreements is
also said to be assured, and the formal signature of its execu-tive officers will be given In a few days. The I'ribune givesthe following summary : "The freight agreement provides forthe division of all east-bound dead freight passing through ororiginating at the western termini of the five trunk lines. Per-centages are to be based, in a general way, on the pro-portion of the total east-bound dead tonnage carried byeach road in 1880. It is provided, however, that claimsmay be made for an increased percentage by any of theroads, but these claims, If not allowed by agreement of theroads themselves, are to be determined by arbitration. Con-ditions are also specified by which any line can obtain anincrease of its percentage if allowed after arbitratloi or byconsent of the other lines. These conditions relate principally
to the possible opening of new branch roads or the securing of
new connections. Each revision made for a specific reason,
however, Is to hold good for one year afterward. The per-
centages will be fixed on each class of freight. Instead of beingbased on the gross traffic included in all classes. Settlement
by those roads which may carry more freight, thari their pco 1
proportion with such lines as are deficient In their alloted ton-
nage are to be made every month, in money. No allowance is
granted from the gross tariff value of the excess tonnage of anyline for the expense of transporting it. This provision, it is
claimed, will induce the roads to keep as closely as possible in
their actual business within their allotted pereentagts.
"The new east-bound agreement practically re-establishes the
old board of three arbitrators to wnich railroad disputes werereferred before the outbreak of the rate war of last year. Thearbitrators, however, have not yet t>een selected. It Is pro-
vided that $525,000 shall be placed by the five trunk lines to
the credit of Commissioner Fink, from which fund he is to paythe monthly differences between the various roads. The NewYork Central is to put up $150,000 of this gross amount thePennsylvania $125,000, the Erie $100,000 and the Baltimore &Ohio and the Grand Trunk of Canada $75,000 each. Thefreight agreements exclude live stock, coal, iron ore andpetroleum from the general business covered. It is expected,
however, that steps will soon be taken to establish a pool oneast-bound live stock. The percentages of the roads have yet
to be fixed. It is understood that when the matter is considered
the Erie will claim a considerably larger amount than Its re-
corded proportion of the total tonnage In 1880. The east-bound
agreement Is to date from March 13 and to run five years.
'•The trunk line passenger pooling agreement is based on the
same general principles as those which govern the ftvight
agreement. The business of 1880 is to be taken as the guide
in allotting percentages. All passenger traffic is to be pooled,
excepting such as is unmisEakably local to one particular line.
The total amount of money guaranteed to be placed by the
five trunk lines to the credit of Commissioner Flok Is $305,000.
This agreement aUo is to last five years, and all questions aris-
ing under it are subject ultimately to the ieeisioa of tUe Boar4of Arbitration."
346 THE CHKONICLK rvoL. XXXIV.
HTlxe ^ommtvciiil I^imes.CO
COMMERCIAL EPITOME.Friday Nioht, March 24, 1882.
Spring trade has made fair progress daring the past week.
The floods in the Mississippi Valley have farther abated, and
all danger of serious consequences from them to the neit crop
may be said to have passed. The weather is fairiy spring-
like, though the temperature is rather low. Reduced stocks
and smaller supplies of staple articles of food have stimulated
ipeculation in them, and exports have been so materially
retarded that ocean freights have declined to nominal figures.
Provisions have been very variable daring the week, but on
th« whole the market can be said to run in the interest of those
advocating higher prices. This results from strong Western
markets and increased speculation in corn at higher prices.
To-day old mess pork was sold on the spot at $16 50@16 623^;
new quoted |17 50; April options, $17 40@17 50; May, $17 50@
17 60. Bacon ;is strong at 9%c. for long clear. Cut meats
firm. Lard advanced to-day after a lower market yesterday.
Prime Western was sold on the spot at 10'95c.; April contracts
realized 10-90@10-92^c., closing 10-95c.; May, 10-97?^@ll-02j^c.^
closing 11 05c; June closed at ll-15c.; July, ll'20c.; August,
11 -25c.; September, ll-30c.; seller year, 10-82^c. Kefined to
the Continent, 1115c. Beef firm at $26@27 for extra India
mess. Beef hams quoted at $21@22. Butter is firm for fine
grades. Cheese is steady at 9@10}6c. for fair to prime State
factory. Tallow firm at 7>6@7%c. Stearine dull at lie.
Kio coffee has been fairly active, but hardly so firm of late ;
fair cargoes close at 9%@10e., with trade quiet. Mild grades
have been scarce and firm, but necessarily quiet under the cir-
cumstances. Tea sold at pretty steady prices at several auction
Bales of late ; at a large sale to-day prices, aa a rule, were quite
steady. Rice has been fairly active and firm ; buyers are tak-
ing Rangoon rather more freely. Molasses has been firm for
the grocery grades, and refining stock has advanced to 38c. for
50-degrees test, with little here and a good business in cargoes
to arrive. Spioes have been dull, and more or less depressed.
Foreign dried fruits have been quiet and without markedchange. Raw sugar has advanced to 7Mc. for fair refining,
with a good demand, but trade chacked to a great extent bythe firmness of holders.
Rhdt.Eeoeipts since March 1 42.969Bales since March 1 38,111Stock March 22, 1882 10,160Stock March 23, 1881 38.184
Refined has been active and advancing ; crushed closes at
lO^^c, powdered at 9%@10c., granulated weak at 10c. andstandard soft white " A " at 9c.
Kentucky tobacco has been more active; sales for the week 1,200
hhds., of which 1,150 for export. Priees have ruled firm; lugs
quoted at 6)f @8c., and leaf 8}^@143^c. Seed leaf tobacco hascontinued to meet with a brisk demand at steady prices. Sales
for the week are 2,295 cases, as follows: 650 cases Pennsylvaniafillers, 6@6^c., Cs and Bs, 9@10c., assorted, 10^@17c., andwrappers, 16@30c.; 500 cases New England seconds, 12@13^c.,and wrappers, 14@35c.; 870 cases State fillers, 4Mc., and as-
sorted, 12@iec.; 600 cases Ohio fillers, 4^c., wrappers, 10@14c., assorted, 6>^@6Mc., and 150 cases Wisconsin, [email protected] from the crop of 1880, and 25 cases New England, crop of
1879, private terms. Also 550 bales Havana 88c.@$l 20.
Naval stores have shown marked strength, and spirits tur-
pentine closed at 57@57}6c., with the offerings very moderate.Good strained rosin quoted at $2 373^@2 40. Refined petro-leum was higher and firm at 7?^c. for export. Crude certifi-
cates have also advanced; to-day there were sales from 81% to83%c., closing 82%@82}^c. April options quoted 82%c; May,84%e.; June, 86%c.; July, 88%c. Ingot copper is firm at19^c. for Lake. Hops dull and easy. Wool quiet, but fine
qualities steady.
Ocean freights have been moderately active, though at remark-ably low rates. Grain has been taken by the Liverpool steamersat Id. per bushel, but to-night l;)6d. was obtained; flour is
3731,049Qtdveeton Includes Indianola; Charleston includes Port Royal, Ac;
WilmUgron Includes Morehead City. Ac: Norfolk Includes Oity Point, Ao.
The exports for the week ending this evening: reach a total
of 81,020 bales, of which 54,059 were to Great Britain, 15,396 bo
France and 11,565 to rest of the Continent, while the stocks asmade up this evening are now 889,728 bales. Below are theexports for the week and since September I. 1881.
Wfk JBluttllfl Mch. 24. From Sq>t. 1. 1881, to Mcti. 24, 18S».
New Tork 1!,998 S78 I,'!45 18.41W 271.8) 20,0 51,922 343,44S
BoitOD 8,584 S,584 103,238 1 103,240
Baltimore 843 U3 60,084 29,910 79,994
PhUadelp'a,Ac 40,279 SOO 40.47B
Total 61,0,58 16.39« 11,665 81,U20 1.747,888 271.270 837,439 2,619,6a
Total 1880.S1 flS,4Ift 10,079 SI .50H HO WIT 2.110 59(1 4*4, ion 801 .804 .1.;)35,70»
uoludes •ZDom trom Pert Boial, A<
March 25. laM.J THE CHRONICLE. 847
In tdditioB to »boT«) eiportu, our t«lejrr»n» to-nlRht »Uo gut«• thn foilxwinr amountii of gatton on laipboard. not cleared, at
ik* porlii nuntia. We »dd irail.ir flffur«« for New York, which
«r« prepared for oar spdfil*! om b/ MaHi* C*re/, Y&le &Lambert, 60 B«ATer Stretit.
Ltatinfatoek.Men. 24, AT- Oreal
JtrUtUn.Pratut.
Ol/itrForeign
Ooail-Witt.
Total.
irewOrle»ii«....MobileOi»rlt'iit(mtaTuiiiinh8»lvi>»tonNorfolkHew YorkOtber porta
27 ..'.77
8.H.-.0
1,1835.700
13.i0221.8775.5004,300
12,535Niitu".
NtMie.Nouo.None.Nmo.400
Mune.
12.933
9.839Nono.H.2303.0(M)4.«0'JNone.1.000BOO
2021.400550
2,200426
None.Nouo.None.
ft0.3«210.2304.983
10.90018.21821.8770.9005,000
2U.79310.57031,83649.2973'.'.153
2.^42632O.4 1070.6.)0
Tot»l 88.389 22.197 4,867 128.388 701.340
Total 1881Total 1880
101,15970.8i8
3i.l3S 02.981li.HOi 20.346
7.7412.231
201,01910S.209
626.99.867(1,366
The gpecalatioQ in cotton for fatare delivery has been much
lew aotire during the past week. An early decline was fol-
lowed by a variable and unsettled market. Some depression
toward the close ot Saturday's business was supplemented on
Monday by a sharp decline, attributed to the strike among the
spinners at Lawrence, Mass.. the subsidence of the floods in the
Hiaaissippi Valley, and some increase in the receipts at the
ports, all of which induced many of the late buyers for the
advance to become eager sellers. Oi Tuesday there was some
recovery, on reports of the renewal of rains at the South, but on
Wednesday the market was again depressed by reports of large
receipts at Bombay and dull foreign advices. This weakness
continued on Thursday under the confitmation of these reports,
together with rather»fuller receipts at interior towns and indica-
tions of an inordasjiXin the overland movement. To-day the
market was variable, closing with bat slight changes from
yesterday. Cotton on the spot was quiet most of the week ; a
moderate demand has prevailed for home consumption, but
business for export has been small. To-day the market was
doll, middling uplands closing at 12 3-16c.
Th« total sales for forward delivery for the week are 567,700bales. For immediate delivery the total sales foot up this week5,774 bales, including 1.162 for export, 4,150 for consumption,462 for speculation and • in transit. Of the above,— bales
•ore to arnve. The following are the official quotations and«aleH for ;ach day of the past week.
Tke dally d.<llTArlei id ven above are aotatUy delivered tUa day prt-
Tlooa to that on whlob they are reuorted.
Thb Salrs and Pricks of Futorbs are shown by the follow-iBg compr,'henHive table. In this statement will be found thewly market, the prices of sales for each month each day, ani)tk« eloaing bids, in addition to the daily and total aal«%
If
?2:il. *.Hi e^-s:isi-^S- 29ȣ| zm-^A
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rs us ;i§8
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to to
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to to 3
to to
cocoto to
coco
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en --.JI«*
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ocasll^tO
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61
•Includes ealea in September. 1881. for September. 314,000 : Septvi^ber-October for October. 416.400; September-November for NoTembei,511.200: September December for Deeember, 1.479.100; SeptembeB-January for Janiiury. 4,252,500 ; September- February for Februai^,2,230,100; also sales for February, 1883, 800.Transferable Orders—Saturday. 12-25o. ; Monday. 12-03c. ; TumO^,
12150.; Wednesday. 1210C.; Thursday. 1210c.; Friday, 1215«.A Includes for February, 1883, 200 at 11-82.
The following exchanges have been made duriDg the we«k:
•20 pd. to exeh. 100 April for May.68 pd. to cich. 200 April for Aug.•71 pd. to exoh. 500 April for Aiitf.66 pd. to exch. 1 ,200 Apr. for July.•56 pd. to exoh. 1,700 Apr. for July.
•06 pd. to exch. 100 Mar. for April.74 pd. to exoh. 100 Mar. for Aug.•18 pd. to exch. 700 April fer May.•18 pd. to exoh. 400 Aprd for May.
Thi VisiBLi ScppLi < P Cotton, as made np by eabU andtelegraph, is as follows. The Continental stocks ai« the flgniMof hist Satnrday, but the totals for Great Britain aad the afloa*
for the Continent are this week's retoms, and tonseq neatly
broaght down to Thursday evening; hhuse, to make the totals theeomplete flgure-s for to-night (Mch. 241, we add the item of eiporta
from the United States, inclnoing in it the exports of Pridar onlyt
lolal Great BMaia (took .~8i7.900 896,100 812,0tS (08,750
148 THE CHRONKJLE. [Vol. XXXIV.
1883.BtookatHavTe balen. 137,000took at MarsellKin S!.320
Block at Barceloiia 43.500tootalHamouTK 2,400Btoot at Bremen 33,100Stock at Amsterdam '^'SS,took at Rotterdam -87took at Antwerp 1.400tock at other contl'ntal portB. 9,388
1881.138,000
5.00025.1006.000
37,00037,8001,080810
6,700
1880.48,9302,130
27.1283.000
22,34026.9001,410420
3,890
1879.172.500
2,00042.7504,250
25,25045,2508,7503.7505.500
Total continental ports.... 248,995 257,490 13B,148 310,000
Total EnrotJean stocks.. ..1,085.995 1,153.590 748,173 918,750_<U» cotton afloat for Europe. 276,000 183,000 149,484 113,000Amer'ncottos afloat for Enr'pe 379,000 580,000 536.098 703.000B(!TPt,Brazil,&c..afltforE'r'pe 54,000 32.000 25.078 16.000ittMk In United States ports .. 889,728 831.017 784.575 548.016Btook in U. 8. Interior ports... 227.389 277.992 266.120 131,463United Stetes exports to-day.. 6,700 23,000 1,000 12,000
Total TlBlble supply 2,918,812 3.080.599 2.510,508 2.447.259
Of tbe above, tlie totals ofAmerican and otlier desorlptlona are as IoUowe:
Amertcan—lilverpool stock 537,000 653,000 419,000 411,000Continental stooKs 145,000 195,000 128,000 267.000American afloat for Europe.... 379.000 560,000 536,098 708,0t)0Dnlted States stock 8S9.728 831,017 784.575 548,046Dnlted States interior stocks.. 227,389 277,992 266,120 131,463United States exports to-day.. 6,700 23,000 1.000 12,000
Total American 2,134,817 2,560,009 2,134,793 2,080 509East Indian,Brazil, <tc.—
liverpool stock 239,000London stock 61,000Continental stocks 103,995India afloat for Europe 276,000Egypt. Brazil, &o., afloat 51,000
Total East India, &0 733.995 520.590 375.715 366.750Total American 2.184,817 2.560,009 2,134,793 2,080,509
196.00047.10062,490
183,00032,000
154,00039,0258,143
149.46425,078
135,00059.75043.000
113.00016.000
^hat these figures, of course, do not include overland receipts orSoathem consumption; they are simply a statement of theweekly movement from the plantations of that part of the cropvfhich finally reaches the market through the out-ports.
I^The imports into Continental ports this week have been32.000 bales.
The above figrires indicate a decrease in the cotton in sightto-night of 161,787 balat as compared with the same date of 1881,an increase of 403,304 bales as compared with the corres-ponding date of 1880 and an increase of 471,553 bales as compared with 1879.
At the Inteeior Towns the movement—that is the receiptsfor the week and since Sept. 1, the shipments for i^he week, andthe stocks to-night, and the same items for the correspondingperiod of 1880-81—is set out in detail in the following statement:
c * M -1 (0 e — ccaD-i'.-w &;Mt5*-w <im to oi oi c^^^-j:D-)Cctoo'M*co.c;*-A-ixor. ceo:
u-J »c to la iw o. F-.^ ^- 1** c; p.- *. *a*a*o"-'bD*. wc-j: wm^c#.COCJiHOWO
CMH-ie-^.veO:o T c.c c: CL' 00
-1 OD -4 ^1 -J «•O
ecu ^~t }-i cc I-.
CWtO-lh-Wi^ktOWt'.i-'tOU.-.-lCCJ'ttO'
c;'0fcir-c^^ lOrf- woc:"b:"h-o--occ;iViO'WC...q(**Ci'X)O05t0-I0CXcrdCiC'0it0O -4« (X It* -J to ri*- 1*- to tJi CS C. Ci 00 X to tJ O"
en CD MtO MM Mh-MM MWC»tO-4»*-e:-.I**rf^tI>rf»-MCSO'COCOC5U3C:aDM (0^oo 1*^ to oc <io ^ p*<. MM^ o ^ 1 01 en
*jM S^z^^^pKcc ccj:)<p cs a^
o
OLow en bi MV oi M oiwa osV w * »u o' CO-JiNiO^iUQCQDc^cDoscy — -lej'CDC'icc)Mc;o--i'Xi«co^ooiJC*-c;i-qMOCiw
en M ojw I** cj *•to o: OD ii- *. N- 10OJ>-J(OOOCM
The above totals show that the old interior stocks have de-creased dunxLg the week 25,284 baks, and are to-night 50 603bales ZeM than at the same period last year. The receipts at«»• same towns have been 11,227 bales less than the same weeki5?i JqT'i*"'^ "°r ^SP'-.v* ^^^ '*'«"?*« at a" the towns are*S2,14a bales lesf than for the same time in 1880-81.Rbceipto from thb Plantatioss.—The following table is^pared for the pmroae of indicating the actual movement each
«ZL ^•"l*''^®-^'*"***'.^'''-lieceipts at the outports are some-times misleading as they are made up more fiirgely one yearthan another, at the expense of the interior stock!. We r4ch
tew^if '^^^ T,"'' ^^'"^"^^ * comparative statement»ke the following. la reply to frequent inquiries we will add
RECEIPTS FROM PLANTATIONS.
Week JUceipti at tlu Portt. St'k atlnterior Totem. TtK'pUfrom Planfnt,
The above statement shows—1. That the total receipts from theplantations since Sept. 1, 1881-82 were 4,444,798 bales; in1880-81 were 5,282.787 bales; in 1879-80 were 4,718,904 bales.
2. That, although the receipts at the out-ports the past weekwere 61,916 bales, the actual movement from plantation.s wasonly 31,141 bales, the balance being taken from the stocks atthe interior towns. Last year the 'receipts from the planta-tions for the same week were 82,703 bales and for 1880 theywere 38,859 bales.
Amount op Cotton is sight March 24.—In the table belowwe give the receipts from plantations in another form, andadd to them the net overland movement to March 1, andalso the takings by Southern spinners to the same date, so as togive substantially the amount of cotton now in sight. We shallcontinue this statement hereafter bringing it down to the close
of each week.
Receipts .at tbc ports to March 24 bales.Interior stociis in excess of Sept. 1 on Mob. 24
Total receipts from plantations.Net overland to March 1Southern consumptien to March 1 .
.
Total in sight March 24.
4,236,605208,193
4,444,798353,355155,000
1880-81.
5,012.112270.675
5,232.7f741 5.047135,000
4,953,153 5,a32,R34
It will be seen by the above that the decrease in amount in sightto-night, as cempared with last year, is 879,681 bales.
Weather Reports bt Telegraph.—There has been but little
rain in the greater part of the South the past week; the weatherbeing favorable in most sections, and farm operations havemade good progress. There has also been a marked subsidenceof the flood in the Mississippi Valley, and the prospects are thatthe river will soon be within its banks again.
Galceston, Texas.—We have had showers on two days of the?a8t week, and the remainder of the week has been pleasant,
'he rainfall reached thirty-five hundredths of an inch. Bothcorn and cotton planting is making good progress. Averagethermometer 68, highest 79 and lowest 57.
Jndianola, Texas.—It has rained (drizzles) on two days ofthe past week, the rainfall reaching four hundredths of an inch.
The weather is generally favorable, and planting is makinggood progress. Tne thermometer has averaged 69, the highestbeing 81 and the lowest 57.
Dallas, Texas.—We have had no rain during the past week.Farmers are busy plowing. It was quite cold on two days ofthe week. The thermometer has ranged from 37 to 83, aver-aging 60.
Brenham, Texas.—We have had no rain during the pastweek. Plowing and planting are active. Average thermome-ter 62, highest 84 and lowest 50.Palestine, Texas.—The days have been warm but the nights
have been cold during the past week. We have had no rainduring the week. Plowing and planting are making goodprogress. The thermometer has ranged from 38 to 83, averag-ing 61.
New Orleans, Louisiana.'—li has rained on one day of thepast week, the rainfall reaching forty-six hundredths of an.
inch. The thermometer has averaged 65Shreveport. Louisiana.—We have had fair weather during
the past week with a light rain on the 20th. The rainfallreached three hundredths of an inch. The thermometer hasranged from 46 to 90.
Vicksburg, Mississippi.—Telegram not received.Columbus, Mississippi.—It has rained on one day of the past
week, the rainfall reaching forty-nine hundredths of an inch.Average thermometer 66, highest 90 and lowest 33.
Little Rock, Arkansas.—Tuesday and Wednesday of thepast week were clear, and the remainder of the week has beencloudy, with rain on Monday. The rainfall reached eighty-onehundredths of an inch. The thermometer has ranged from 33to 83, averaging 59.
Nashville, Tennessee.—It has rained on four days of thepast week, on all but one of which slightly. The rainfallreached one inch and forty-two hundredths. Over half of thereceipts this week was through cotton, stopped to compress.Average thermometer 57, highest 82 and lowest 32.
Mobile, Alabama.—It has been showery on one day of thepa-st week, and the balance of the week has been pleasant. The-rainfall reached fourteen hundredths of an inch. The ther-mometer has ranged from 46 to 81, averaging 65.
UAKOn 25, 1883. J THE (CHRONICLE. 349
Montoomery, AHbama.—DxiLnaft the warly part of the pant
ireek we had rain on two days, but tli>i latttr [xirliou ha.M bet-n
clear and pleaKatit, but cold. The raiiifnii reached thirty-four
hundredthti of an inch. Plantiiiir is niakinK K"*><1 progress this
•weeli. The thermometer has averaged 04, the higheat being 86
And the luwe.-<t 39.
Wma, Alabama.—1% htut rained on one day of the past
week, and the remainder of the week has been pleasant. Therainfall reached flifty-eight hundredths of an inch. The ther-
mometer hn.M averaged 62.
UadUon, ^V(>;*f/a.—Telegram not received.
Macon, (jeoruia.—Teletcram not received.
Columbun, Georgia.—We have had no rain daring the pait
week. The thermometer has ranged from 51 to 7ti, averag-
ing 65.
savannah, Georgia.—The weather has been pkaaant during
the past week, with no rain. The thenuometer has averaged65, tne bighe.st bein^ 87 and the l«west 41.
Augusta, Georgia.—We have had no rain during the past
week. Th 3 weather has been clear and pleasant. Farmers are
Tery busy planting grain and preparing land for cotton.
ATerage tnermometer 63, highest 8'j and lowest 28.
Atlanta, Georgia.—We have had rain on one day of the
past week, the ramfall reaching eleven hundredths of an inch.
The thermometer has ranged from ,S3 to 82, averaging 58.
Charleston, South Carolina.—We have had no rain duringthe pasit week. The thermometer has averaged 63, rangingfrom 40 to 85.
The following statement we have also received by telegraph,dhowing the height of the rivers at the points named at 3 o'clock
New Orleans reports below high-water mark of 1871 nntii.^ pt. 9, 1874, when the zero of gauge was changed to high-watermark of April 1.5 and 16, 1874, which Is 6-10t& of a foot above
11871. or 16 feet above low-water mark at that point.
Nkw York Cotton Exckaivob.—The membership referred to
on 11th inst. to be disposed of at auction has been so offered.and sold at $4,825, the buyer paying the transfer fee of $25.
IIt has been stated by the daily press that in selling this seatMr. Henry Hentz severed his membership. That is far from< >rrect. Mr. Hentz has been identified with the New York Cot-ti'ii Exchange ever since its establishment, and has not theLast idea of disconnecting himself with it. The seat was soldt y the firm to settle a dispute with an out-of-town party, and\\ as an eitra seat purchased by them and transferred to Mr.llfntz on the 25th of Jannary last.
The Board of Managers have abopted the following resolu-tion, viz.: " That a ballot be taken on April.5 on the questionwhether or not the Board of Managers shall purchase a lot of
fround and erect a building thereon, at a cost not to exceed800,000 (inclusive of the property now owned), and that a no-
jtice of the pn posed ballot be sent by mail to each member offthe Exchange.( The Cotton Exchange room has been greatly improved thisweek by the removal of the Superintendent's otBce to anotherpart of the building. Besides having gained in space, in light,iind better circulation of air, the appearance of the room is
ilso greatly improved. Still, more height is wanting.The following are the visitors to the Co.ton Exchange duringhe last two weeks:Jba8. K. ConviH. Boncon.I. B. CiimmiUKii, AiUnta, Ga.V,'. A. Climmlof, Nortb Carolina.• I). Cilbert, UUca.
'.)t. .\. Kckriue, I.lverpoel.ideu Kiiig, Norfolk.I,, fppime. Wtailacre, N. C.
1 J. rarr. Whltacre.N. C.W. I,ovrlaco. Alabama.
.II. Salutiif-ii, Sumter.H. Krci'uinu. Trenton, Tenn.W. Ri'II. MontijonierT.M. Waddell, Wiirrenton. N. C.a. Farwater. Warrenton. N. C..i«rt W. Golaau, lit. LouU.r. Coitar, Texaa.vBl p. Barty, Boston.M. Green, Savannah.
F. I.. Rnss, Mobile.W. F. Woodwar.l, Waco.W. R. Wllwn. THllahassce, Fla.laaao I>;wi«, Jefferson, Texas.A. E. Bateman, Wiwbiu>;ton.H. B. Fauar. New York.Kd. Larue, Ifavre, Franco.N. B. Kauii,Toonisborougb, Ga.I. Baini, QuUman, Ga.D. M. C. Kiie. North Carolina.F. M. Si-ott. North Carolina.F. II. Markoc, UUca.W. H. Wrisht, Srrncnsc.!•. U M<C'm\>, MIlledKeville, Oa.J. M. Pliillepc Cairo.W. R. .ronp». MeniphlR, Tenn.John K. Marti'i, Evaasville.T. A. Uall, Helma. Ala.
IsTDtA Trade asd I.mport Duties.—The Indian import duty onods made of yams above No. 30 has been taken off. That on• inferior quality was removed a few years ago. The ordersriving are still said to be wholly conftned to the cheaper
Ipod.'i. It would, therefore, appear that the better quality isbt yet waAted there, and that the late abolition of the dntv isIt likely to have any immediate effect on the trade of Man-lester.
•CoTTos Movement" Chart.—We have received from Mr.iward S. Ewen, cotton merchant, of 31 and 33 Broad Street,
• y, a copy of his cotton movement chart. It embraces statis-t relating to the cotton crop, including receipts, exports,me and foreign consumption, fluctuations of " raiadlinglands" in New York and Liverjiool, & ;., thus affording aI'ful comparison to the eye, and should be of value as a.idy reference to all those who are interested in cotton move-ents, as given by the Cotton Exchange.
The Liverpool Cotto."« Kxohanob.—It bAS been intimated brthe Brokers' Association that any of their members who shouldjoin the Exchange would be liable to be expelled from theirbody. Nevertheleas, no notice, as far as kn<jwn, has beentaken of the fact that a partner of one of the oldest and moateminent Arms of brokers and members of the associationappears among the shareholders of the new organization.
Elliso.'* & Co.'s Circular fob March—We hare this weekreoeired Mr. Ellison's circular dated March 9, and giie it
l)elow:
Course of the Liverpool Mabket, Feb, 9 to March 9.
Our last report was issued on the 9th February. Themarket had been very weak during the previous six days underthe influence of depressing news from New York and NewOrleans (at both of which places heavy failures were takingplace), discouraging accounts from Manchester, and dearmoney. The downward tendency of prices continued until tb«14th alt., by which time middling Upland had fallen to 6J6d,and to 6 5-16d. for back dates. As these prices were %d. to7-16d. per lb. lower than the rates current only a month pre-viously, and about Id. per lb. below the rates which the " bulls"in December had expected to see before the middle of Feb-ruary, buyers plucked up courage, and between the 14th and81st nit. there was a recovery of %d. in spots and 11 to Hpoints (sixty-fourths) in futures. The buyers, however, werechiefly "bears" covering previous sales, and the advance causedthem to become sellers rather than buyers; during the subse-quent two days, therefore, there was a reaction of l-16d. onthe spot and of 7 to 10 points in futures. Moreover, the risehad received no encouragement from Mancheter, where busi-ness was so bad that the advisability of the adoption of " shorttime " was already being discussed. But the continued extra-ordinarily small American receipts gave the impression thatafter all the smallest crop estimates might not be far astray, inwhich case a pinch for cotton might be felt in the autumn.Under such circumstances middling upland under 6ji^d. was notconsidered to be much out of the way; buyers therefore oncemore preponderated, and bjtween the 2M and 27th ult. therewas an advance of ^d. on the spot and of 9 toll points infutures. Manchester, however, remained stubborn, and halfof the advance was lost between the 27th nit. and the Ist inst.
Since then the tone has gradually improved, especially sinceTuesday (the 7th inst.) on which day renewed life was im-parted to the market by the anticipation of more activity inManchester in consequence of the removal of the Indian importduti-s. Prices have, therefore, gained %d. on the spot, and 5to 8 for futures. For the month there is a net advance of %d.in spot-M, and 3 to 6 points in futures. Brazils are l-lOd. to %d.,and Brown Egyptian %d. higher; but Surats are 1-lCd. to ^d.lower. An unusually large bu.siness has been done in Sarats toarrive during the past few days at hardening piics.The following is an account of the principal fluctuations in
the price of middling uplands on the spot and for forwarddelivery during the month. The fractional quotations for" futures" are given in 64thx of a penny.
1832. Spot.Feb.-Ifor.
ilar.Apr.
Apr. Uay-T'ne.
Jutie- July-July. Aug.
Aiiff-Srpl.
Fel). 6^63a6»9
64'6=8
G326 22<S336 266 35
6 346^46 356 26
6 386 2S6 39631
6 426 326 436 356 456 406 45
6 466 366 486 386 506 436 50
6.«06 406 326 426 536 476o4
6 52'• 14 6 43'• 21 6 56" 23 6 46" 27 6 35 6 40
6 29 6 35656
Mar. 1 6 50" 9 37 641 658
Course of the Manchester Market, Feb. 9 to Mar. 9.
Business has been uniformly dull in all departments owing tocontinued unsatisfactory tenor of the advices at band from thegreat consuming markets. The sales have, therefore, fallenmuch behind. the rate of production, and price.", after trifling
fluctuations, have given way ^d. per lb. in yams, and l)ia.per piece in shirtings from the rates current a mouth since.
The situation has forced upon producers the necessity of sresort to " short time," and tte outturn of the mills will, forthe remainder of the season, be less than in the correspondingperiod of last season. The removal of the Indian duties hasled to a little speculative buying during the past day or two.This has caused sellers to ask for more money, but the attemptto establish an advance has checked the demand.
Movements dubino the Se.v3os October 1 to Febrcabt 28.
The deliveries to Engli.sh and Continental spinners during thefirst five months of the season compare as follows with the cor-responding period of last season:
areat Britain. Continent.
1891-82. 18J0-81. 1831-32. 1830-81.
No. of bales..Av.wKht(lb»)Tot.w«bt(lb8)Bales of 40O
lbs
1.431,040442
032,519,630
1.531.000
1.347,0204>3
610,200,060
l,52.^.0OO
1,335,240433
497,235,120
1.213.000
l,130,t?0443
500,613,150
1,251,000
The present rate of consumption we estimate at 70,000 balesof 400 lbs. per week for Great Britain, and at 58,000 for theContinent; against 67,000 to CS,000 for Oreat Britain and 54,000to .15,000 for the Continent twelve month ago.On the basis of the foregi.iing estimates, the movements for
the twenty-one weeks of this sea-son and last compare as fol-lows, in bales of the u,.ifoim locig^t of400 lbs.:
350 IHE CHRONICLE. (Vol. XXXIV.
Barplus stock, Oct. 1 .
l>lttTerie« to Feb. 28..
BnppJy • -•ConBiunption, 21 wcckb..
Surplus stock Feb. 28.
Oreal Britain.
1881-82. 1880-81
25,0001,581,000
l,60ti,0001.470,000
27,000l,i.25,000
Oontinrnt.
1881-82. 1880-91
240,0001,243,000
1,552,000 1,48.3,0001,419,000 1.218,000
112,0001.251,000
1,363,0001,156,000
130,000 133,0001 2G5,000l 207,0:0
Prospects.
The situation has undergone no change of importance since
the date of our last report, and the prices current to-day
differ little from those of a month ago. The receipts at the
American ports have been very small; but the reduced supply
thus indicated has been so materially counterbalanced by
increased supplies from other countries that the total quan-
tity of cotton now visible is as heavy, if not heavier, than at
any previous period in the history of the trade. The enor-
mous business done during the spring and early summermonths of last yea-, on the basis of 5Md. to 6Md. per lb.,
whereby producers were placed under order until the autumn
and winter, gave a false impression of the state of the trade at
the opening of the new season, and led to an over-estimate of
the immediate future requirements of the world. The great
markets were full of goods, either in stock or afloat, twelve
months ago, but the fall in values which took place between
January and May, and the moderate rates which ruled abo in
June, caiised.the whole of the leading shipping houses to give
out further orders on a large scale, for the purpose of reducing
the average cost of their holdings. The machinery of Lanca-
shire was, therefore, in full swing throughout the summer,autumn and winter months; and almost every one calculated
upon a continuance of this activity for at least the remainder
of the present season. Such being the case, v, was very natu-
rally assumed that the seriously curtailed supply of American
cotton would lead to an important advance in prices. Towardsthe close of last year, however, it became apparent to those
who had investigated the matter in all its bearings, that the
wants of this world had been very largely anticipated; that
every nook and corner in the globe had been filled with cotton
goods; and, therefore, that the cunsuujption, so far from goingon at increased rate, might, if values advanced, be considerably
reduced. If prices had kept below 6%d. per lb. it is possible
that the glut of goods would have remained for some monthslonger out of knowledge; but a rise to 6/4d., and the threat of
7d. to 7j6d., at once brought the mischief to light; and as the
stocks of the world have not been in the least reduced since
the autumn it is absolutely certain that sooner or later therate of production must be curtailed, unless prices sink to alevel at which the surplus of stocks can be forced into con-Bumpticn. Reference is sometimes made to the high prices
which ruled in 1879-1880, but those who cite the movementsin that season forget that at the outset the stocks of both ot-ton and cotton goods were smaller than they had been formany years before, smaller, in fact, than at any time since thefew yeais succeeding the American war, whereas (for theworld) they are now larger than they have ever been in anyprevious year.
It is to this unsatisfactory state of trade that we trace theso-called cautious policy of spinners during tie past two orthree months. It new orders had been coming in, and if mar-gins had been good, spinners would have acted precisely asthey acted in the early part of 1880, when they drove pricesup to 7%d. per lb., and talked confidently of 8d. Every cool-headed speculator looked on perfectly aghast, and when spin-ners let the market alone prices sank to 6?6d. per lb., insteadof rising to the anticipated 8d. There never has been such athing as prearranged concerted action on the part of spinnersin the matter of buying cotton. If consumers at large areextensive operators for a number of weeks in succession, it is
because business in Manchester is active; while if they operateonly sparingly for a lengthened period it is because businessin Manchester is slow. Their united action is merely coinci-dental and altogether undesigned. Each one acts for himselfas he thinks best for his own interest. When he is full oforders he buys cotton to cover; when his orders are runningout and no new ones are coming in, he lets cotton alone asmuch as he can. He hatdly ever buys cotton when it is lowpriced, because it is low priced, he only buys it because hewants it for immediate use; while he frequently speculates incotton when it is at a high price, not because he is in need ofit, but because he expects th it it wi;. gc- higher. As a rule heinstructs his broker to buy sparingly if the market is quiet,but to buy freely if the market is excited; whereas, the clear-headed speculator does exactly the reverse and makes money.
b'ji A Jie titt.'c time past vii have been in the daily receiptot d jcnsiilerable amount of unmerited praise and undeservedblame for the views we have of late been putting forth in refer-ence to the condition and prospects of the market; but, as webelieve that what has happened would have happened if wehad not written a line, and as we are sure that no one can bymere writing either put up prices or put them down, we declineto accept either the praise or the blame which has beenbestowed upon us. It is possible that we may have pointed outthelunhealthy symptoms of the market a little before theywould otherwise have b»come apparent to the general public,but we no more created the symptoms than the barometercreates the variations in the atmosphere. We are told that thecollapse in New York and here would not have taken place if itaad not been for the rise in the price of money; but it waspointed out long ago ty the leading financial authorities in Amer-
ica and in Europe that a day nf reckoning was at hand, not only
in respect of cotton, but in respect also of other articles of
produce, as well as of a very large class of Stock Exchangesecurities, the whole of which had been artificially inflated byspeculative manipulation, and it was distinctly indicated that
the pin which would be put into the various speculative bubbleswould be ttie financial pin. It is nonsense, therefore, to say
that the collapse recently witnessed was altogether unforeseen.
As to the future, we have nothing to add to or take fromthe facts and arguments given in our annual report of Januarylast. The contents of that report have been twisted about in a
variety of ways, and often laid before the public in such a
garbled way as to grossly misrepresent their meaning andimport, but "as a rule our critics have performed their work so
clumsily that they have defeated the object they had in view,
and rather strengthened than weakened the positions taken upin our report.
Respecting prices, all that we care to say is that 6%d. for
middling upland, which is the present spot quotation, is morereasonable and nearer a legitimate level than the 7d. to 7/^d.
which many people in December expected to see in February;
but whether, with the world still so full of cotton goods that areduced rate of production cannot be avoided, it would be safe
to calculate upon a renewed and sustained spell of activity onthe basis of 6%d. on the spot and 6J^d. for distant futures, is aquestion which is at least open to debate,
Jdte Butts, Baoginq, &c.—The demand has not shown anyimprovement since our last report, and large lots continue to
be neglected. Small lots are, however, moving fairly, andabout 400 rolls have been placed at full rates, as sellers are not
willing to accept less on small orders; and we quote 8^@S^c.for 1% lbs., 8%@9c. for 1% lbs., 9M@10c. for 2 lbs. and lOM®lie. for standard grades; but a quantity could probably be ob-
tained at a shade less. Jute butts continue to sell in moderatesized parcels, but the market is not active. There have beenfurther small receipts, but no eflfeet is noticed on prices, whichcontinue to be Steadily held; and with .sales of some 1,000 bales,
holders are quoting, 2%(y2%c. for paper grades and 2%@3c.for bagging qualities.
CoMPARATiVB Poet Receipts and Daily Crop Movement.—A comparison of the port movement by weeks is not accurate
as the weeks in different years do not end on the same day of
the month. We have consequently added to our other standing
tables a daily and monthly statement, that the reader mayconstantly have before him the data for seeing the exact relative
movement for the years named. The movement each month
This statement shows that up to Feb. 28 the receipt-s at the
portj" this year were 564,987 bales less than in 1880-81 and182,388 bales less than at the same time in 1879-60. By addingto the above totals to Feb. 28 the daily receipts since that time,
we shall be able to rea h an exact comparison of the movementfor the different years.
238.0001 4 ti.OOOriS.OOO 147.00086.000 I JO.OOO."il.OOiil 70.000
Total.
4.14.000230.000200.000121.000
Kecetplt.
ThliWeek.
76.0001.5.00018.0003T;00o
SinceJan.\.
590.000365.000S5U.OO0240,000
to show anAccordini? to the foreifoins;, Bombay appearsincrease compared witli la.st vcar In the week's receipts ot 31,000bales, and an iacreaxe in sliiprnfuts of 24,000 bates, and theshipraent-s since ,Ianiiary I sliuw an iurreo-te q( 201,000 balas.
The movement at Calcutta, JIadras Tutieorin, Carwar, &c., for
the same week and years has been as follows
• iUIOTTt. MADRAS. TtrriOOKIN. 0A.KWAR. BAXOOON AND KOURACIIBK.
ShipmcHlt thU week. Shipmgnt* tinee Janitnri/ I.
YCM. GreatBritain.
Conti-nent.
Total.<7rea(
Brilain.OoiUi-nent.
Tola.
18821881
4.000S.OOO
14.000i'.OW)1.000
4.000SJ.OOO
07.00081.000
50,00058.000
147.00r142.000
1880X879
15.000 44.00011.000
9,00022,000
53.00063.000
The above totals for this week show that the movement fromthe ports other than Bombay Ls 5.000 balas less than same4reek last year. For the whole of India, therefore, the total ship-meats this week and since Jan. 1, 1882, and for the correspondiujrweeks and periods of the two previous years, are as follows.
This last statement affords a very interesting comparison of thetotal movement for the week ending March 23, and for the threeyears up to date, at all India ports.
ALEXA.NDRIA RscEiPTS iSD SHIPMBST3.—Through arrangementswe have made with Me.s.sr8. Davies, Benachi & Co., of Liverpooland Alexandria, we now receive a weekly cable of the movementsof cotton at Alexandria, Egypt. The following are the receiptsand shipments for the past week and for the coiresponding weekof the previous two rears
Total Europe 4.500 381.338 116.111 299.035 4.049K uaiitar Is 98 lbs.
This statement shows that the receipts for the week endingMarcrh 23 were 25,000 cantars and the shipments to all Europewere 4,3 JO bales.
JllA:fCHBSTBB Mabkbt.—OuT report received from Manchesterto-night states that the market is quiet and easy without mate-rial change in prices. We give the prices of to-day below, andleave previous weeks' prices for comparison:
d. d.998*10l393g«10l«9>g9I0i483g310^9»B alOi*919 910189ii«10%914 a 9'89H9 9''8
9 9 978
8I4 Ibt.
Shirtingi.
d. 8.
9^8989^8989"'8»39'9»810ia98101998IOI9939 97
977I997
d2792'82^82'82 '82 '82'9
101910199
Oott'nItid.Upldt
d.
638638
?^''63i«
SHiPPraa Nbws.—The exports ot cotton from the PnitedWaU?8 the past week, as per latest mail returns, have reached89,716 bales. So far as the Southern ports are concerned, these»re the same exports reported by telegraph, and published inthe CHBOJficLB last Friday. With regard to New York, weIticlude the manifests of all vessels cleared up to Wednesdaynight of this week:
_ w _ . ntathatei.Raw TORK—To Uverpool. per iteameri Alnskn. ;<,le6....nata-
vla. 170 ...Bessnl. I,841....Clty of New York. 1,558.... r
Total ti3..-i46 070 12,-.sOO 9,137 1,6.39 2.026 342 89.716I ucluded In the above totals are, from New York to Antwerp, lOO bales.
Below we give all news received to date of disasters to ve.ssels
carrying cotton from United States ports, etc.:
Cklla, steamer (Br.), frsm Kew Orleans for Liverpool, which arrived atHalifax March v;o, f»r coal, reports having oxpericuced wtonuyweather and had her boats smnshcd.
Eliib, Btoainer (Ger.), from New York at Bremen, before reported. Thetire on board the steamship Elbe, from New York. Feb. 25, wasdiscovered Feb. 26 to be in some cotton, which wa« got on deckand extinguished, e.icepiiug that iu one bale wLlih was thrownoverboard.
Mi8.s<)i;iii, steamer, at Liverpool, from Rosrou, before reported. The ArewliUU broke out iu tho bmiker hatch of steamer Missouri (Ur.). onMarch 6 was not checked lor some time. Much damage was doneto ve-*(«el and cargo by Are and water.
KooiiDALK, Hteamcr, before icported re loadhiit at Ilalifajc. A captainIS expected at Halifax from Knglaud to take charge of steamerKocliilalc. »-li8 has almost comrlctwi blading her cargo and willpail in a few tiays f»r Sv-bastoptd.
Ko88K.\o Cattle, stwamer, (tJr.), from New Orl-*aus for Bremen, beforerirportcd, was beached at the dockyard iu Halifax, March 20, torepair be:- pi-opeller.
AliJUST, bark ((;er.), from Wilmiucton, N. C. for Liverpool, when 150ml es off the Fiyiu,- Pan Lightship, on the inorninK of March 16,was struck bv lightning, setting Uro to her cargo of cotton a,592ba'C"). Her hatches were battereil down and she put back forl>oit. 8he fell In with the steamer City of H:iu Antonio, wbiclilowed her to Caps Fear B:iP. whoro she was taken in tow by thesteaming Blanche a'ld taken to Wilmlnu'tou. Water was beingI>um,ied into her hold. Ilcr dock Is burned to a shell. Oa the 2l8tI be lire was siipi>.>s<;d to be estiuguished. Kxlent of damageunknown. Will have t.i discharge.
Cotton freights the past week havM been as follows:
Salur. Jfon- rii««. Wednet. Thurt. FH.
Liverpool, steam d. I'oia'* "m-"m •M-''f4 'mSI* 53,9 1* ».S99l4
Do sall...d. HiSi'-.t »3U®'33 >>3a»'32 •"si'i-'as 0329782 »s«»T»»
The flonr market as a rule has been quiet. The home trade
at times has taken a fair amount of Minnesota brands, andexporters a few days ago purchased pretty freely of superfine
and No. 2; but the domestic trade in the aggregate has been
moderate, and the export sales have been mainly to provincial
markets. To-day the market was quiet but steady.
The wheat market has again advanced materially, owing to
heavy snow storms and a very low temperature in the far west,
which caused a marked advance in Chicago, where at one time
there was also much excitement. Latterly, hdwever, it hasbeen found that the alleged damage to agricultural interests
had been over-estimated, and yesterday a decline here of several
cents, together with extraordinarily low rates for ocean freight-
room and steady Knglinh markets, stimulated the export busi-
ness considerably. To-day there was an advance of Ic. to 2c.
and the export trade immediately fell oflf, though there was afair speculation. No. 2 red sold at |1 41M@il 43 fur April,
$1 413^@?1 42M for May and$l 3S@|1 39 for June.
Indian corn advanced early in the week, but latterly has re-
ceded slightly. The tone has been in the main firm, for thereason that the receipts both here aad at the chief westernmarts are still small. The decline here latterly has causedsome increase in the export trade, especially as the freight
ratefl by steamer to Liverpool have been only 1^ to l?4d. To-daythe market was fairly active, and ^ to Ic. higher; No. 2 mixedsold at 75^@"7c. on the spot.
Eye has been fairly active and higher. Barley has sold morefreely at an advance. Oats have been irregular, white beingscarce and quite firm at an advance, but mixed at times show-ing weakness. To-day there was an advance, and options soldat 53®533^c. for No. 2 mixed for March, 50%@51c. for April and50%c. for May.The following are closing quotations :
The Visible supply of grain, comprising the stocks in granaryat the principal points of accumulation at lake and seaboardports, and in transit by rail and water, March 18, 1882, was asfollows:
The following statement, prepared by the Bureau of Statistics,
will show the exports of domestic breadstuffs from the under-mentioned customs districts, during the month of Februarj',
1882. and for the eight months ended the same, as comparedwith the ccrresponding months of the previous j'oar
:
Masob 9S, 1863.] THK CHRONICLE. 858
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iDCliided in tbe foreKom^ lotala are the reports from Milwaukee,St'W HHTcn, Porilani, Kiclimond and WUlainrtte, the details for Feb-I iiorf, 1882, belni; as follows
printing •lotbs, Ac, baa been manifeated by holder* »nd bayeraalike. Aboat 450 cases cottoosdes were peremptorily told atauction (by the package) bat the prices realized were somewhatlow, gooda of this elass haring been more or less depressed forsome time past.
Domestic Cottos Qoom.—The exports of domestics daringthe week ending March 21 comprised l,69ii packages, makingthe total shipments since Janaary 1, 37,648 packages, against
27,578 for the same periods in 1881. There was a fair demandfor brown and bleached goods at first handn, and prices raledsteady, some makes of the former (Atlantic P and D) havingbeen advanced ^c. per yard. Colored cottons were in mod-erate request at unchanged prices, and there was a fair moTe-ment in white goods, qailts and piqaes. Print cloths were less
active, but prices rnled.steady at 3J4o. plus one-half per cent for
64x648, and 3li@3 5-16c. for 56x60s. The general demand for
prints was unsatisfactory, but some large sales were made bymeans of price concessions, and there was a fair call for th«best work at regular rates. Ginghams were quiet in first
hands, but fairly active with jobbers, and oottun dress goodsmoved slowly.
DoMBsnc WooLKic Goods.—There was a moderate demandfor men's-wear woolens at agents' hands, with most relative ac-
tivity in the better grades of fancy cassimeres, suitings,
worsteds, trouserings, cheviots, and overcoatings. Union andcotton warp cassimeres were less active, but leading makes ara
well under the control of orders, as in fact are nearly all cloth-
ing woolens of a desirable character. Under these circumstances
prices are firmly maintained, and the condition of the marketis considered satisfactory. Cloakings were in moderate re-
quest, and agents continued to make fair deliveries on account
of back orders. Satinets ruled quiet, and selections of Ken-tuckr jeans were chiefly confined to small parcels of the bestdoeskin makes. White flannels and dress flannels met withfair sales and there was a good business in ingrain, tapestryand other carpets at firm prices.
FoREiGjj Dry Goods.—The jobbing trade ia foreign goodswas fairly active, and a considerable distribution of silks andspecialties in dress goods was made by importers, sateens hav-ing been in noticeably good demand. Linen goods, whitegoods, laces and embroideries continue to move steadily at un-changed prices, and there was a pretty good business inhosiery, kid and fabric gloves and millinery goods. Prices formost kinds of foreign goods are steady here and firm at thesources of supply in Europe.
Importations of Dry Gootfa.
The importations of dry goods at this port for the weekending March 23, 1882, and since January 1, and the same facts
for the corresponding periods of 1881, are as follows:
1.2000,000
6,000152,003
205,712811,303
13,590114,931
114.9Sd60,238
1,273,5611,148.259
403,518155,522
68,41130e,771
762,293157,975
i,003,9221,607,783
THE DRY GOODS TRADE.Fbldat. p. M., March 21, 1882.
.There has been a fair degree of activity in the jobbing
tranches of the dry goods trade the psst week, but the de-
aand at first hands continued irregular, and upon the wholelugglsh. The spring trade seems to be progressing satisfactori-
y in most ot the Western, Northwestern and near-by States,andrders to a considerable aggregate amount were received (bynil and wire during the week from distributors in these sec-
ions of the country, bat buyers for many of the Southernnd Southwestern markets are operating very sparingly atresent. The tone of the market remains steady, and renewedonfidence in the maintenance of values on plain cotton goods.
E'S^a"n&Ve'gl'y^&«:MWiand Railroad of N. J. Securities
ChicSg..* Grand Trunk RB. Securities.
South Carolina BR Securities.
Grand Rapids & Indiana BB. Stock.5.142 21 Grand Rapids I
jr's checks ont8tandl>g o.'«JJ kJJSSnati Bichmond & Fort Wayne Stoct
oiher national banks fnilsOB 93 '^'^ Bought by W»l. R. UTLE V,o State banks and bankers 1.040,30B H,<
"""Jfo 31 PINK 8TBKKT. NEW Y.tl7,«t,9W 93
namedStaU of New'York,'County of 'jiew' York, ss;
1 Flll-l)-li TAYI.OU. Cashier of the above-
bank do solemnly swear that the above statement
l-Arue to the best of m^y^j^n->ejf|-J.'^^ii.tf.er.
„r«"v,''.rr"!;i''°ii.^"'"''"^'i-u-i..!"^^
WILMAM TUB^BULT,, J Directors.
EDMUND D. RANDOLPH,
rORK
pONNBCTICUT TBIiEPHONE CO.
Financial.
Albert E. Hachfield,17
Deals In
NASSAU STREET,
InveBtment Seearlties and
Bonds Sonerally.
WANTED :
Indianapolis & St. Louis Ists.
Columbus A Toledo Ists.
Joliet & Northern Ists.
Cincinnati Richmond & Fort Wayne Stock.
Cincinnati Uamilton & Dayton Bonds
STOCK,
Bridgeport BolUns Stock Compa,ny stock,
New England EoUiug Stock Company etook,
Springfield & New I.K>ndou Railroad stock,
Kansas City St. Louie & Chloaeo Eailroad com-
mon stock,
Burlington & Lam»ille Ist mortgage 7s,
St. I.«ui8 Keokuk& Northweat. K'way SeeuriUe*
Doniphan County, Kan., 78, defamlted,
Clay County, XU., 78, defaulted,
DEAIiT TS BT
I
SAMVEL. H. BARROWS,38 BBOAD BTKEET.
ESTABLISHED1864.
Coleman Benedict & Co.NO. 24 BROAD ST., NEW YORK,
STOCKS AND BONDS,MEMBERS OF THE N. Y STOCK BXCHANO* I
puVh'r/nSTare'S'Tto''c"kfal'd' l^d-s^^lU-S
"'c °iple\e F?n?nbial Report issued weekly to our
oorroBpondents^ ^ ,
T. S. STANTON,*' DEALER IN
American Cable Construction Company,
ContineRtal Construction and Improvement Co..
North River Construction Company,
Ohio Central Subscriptions, ,./v,Blclmiond & west Pt. Terminal & W'hou.lng».
New York, Chicago 4 St. Louis SubscrlpUon. »n« 1
all other quotable Construction Stocks.
17 NASSAU STREET,BASBMEiNT^ __^ ^
Glazier, Kohn & Co.,
BANKERS AND BROKERS;
«« BROADWAY AND 19 NEW STKEBT,
NEW VORK.
STOCKS AND BONT,S^BOUGUT AND SOLD ON:
GRANT B. SCHLBTKBNBST GBOESBICK,
Members N. Y. Stock Exchange
Groesbeck & Schley,
BROKERS,No. 15 WALL STREET, NEWYOBK^
BROOKLYN CITY RAILROAD CO.First and only Mortgage 5 Per Cent Bonds.
Brooklyn GasMght Company Stock.Union Keny Comimny Stock.
Nassau Giisliglit Company « Per Cent Certificates.Brooklyn and New York Bonds,
Bank, Insurance, and other Local Stocks*BoUKhl and Sold by
FRANK I'. BEEHS,10 Court St., Brookljn. 31 Pine St., Kew York
WM. C. NOYES,ai NASSAU STBEET, NKW^ VORK,
nBi.LER IN
GAS STOCKS AKiD BONDS,TELEGRAPa STOCKS,
TRUST COMPANYS' STOCKS,
City andoHier Railroad Stocks & BondsAND
tflBCELLAMEOVS SECVKITIBS.
E. S. Bailey,? PINE STREET.
Dealings In
Insurance StocksA SPECIAI-TY.
Cash paid at once for tfe above 8ecurlUMl»J;
they win be sold on commission, at seller a vr-
JOHNPONDIB. BDUABDMeRTKNS. AUG. NATBAW
Pondir & Co.,
stocks, Bonds & Inrestment Securities,
20 EXCHANGE PLACE, NEW YORK.
Orders executed OH the lAjnaoa «n4 Hurop««,
N,ark«t8.
Uimen 2S. MM.J THE CHRONIOLE.
Flnanelal.
T>io. V. HiiND. John flirKiu.Hax B. tIAND, Mainbtr N. T.Rtook Kioh.
Sand Brothers & Co.,BANKKItS AND HKOKKKB.
<4 Wall Ntreet, Kew V<>rk.
T0CK8 AND BONDS BOUUMT AMD 80I<0 OH('OMMIR8ION.
COMMKUCIAL, i'APKH NR(;OTIATBD.
OtOKOC STAItK. John F. Stark.
George Stark & Co.,BAKKERS,
No. 33 NASSAU BTREET, NEW YORK.dur *n(I •ell Inrmuncnt Swurltlea tot cuh or oa
•ommlMilon. A BpoclHlty niHde of Western Fmmllortxatfes bOHrlng from 7 to 10 per cent tnterent.
Will undertiike the notrutlAtlon of loans upcDWMMrn Oltr propertr fn lanie ur gniuil aniounti.
Unciirrent Securities a
)ecialty.
ORDERS AND COKRICSP-INDESCK PROMPTLYATTKNDED TO.
JAHES KITCHEN, 70 Cedar St.
Sp{
Flnanelal.
Wood, Huestis & Co.,31 PFNE ST.. NEW YORK,
BANKERS AND BROKERS,8UrCK880KS TO
"IVOOn A. DAVIS.Xxeoute ordfrs in nil securities listed At the NewYork Stock KichanKe. F'lr Siile,
riB8T-Cl.A88 IIAILKOAI) " ISI MOKTCAOE BONDS."OBOROB C. WOOD. C. H. UUBSTIS. L. M.SWAN.
H. L. Grant,No. 146 BROADWAY,
NKW YORK.
CITt RAILROAD STOCKS Jt BOM)S>BOCUtlT AND SOLD.
Be« qnotjttlona of Cltr Railroads In this pap< r.
^LLlJ^S,pOUDEN &JEj^J^^INS,
25 fiNe §T. - r^ew^ORIOPnrchaae and sell on Commission GOVERNMENTnd RAILROAD BONDS and STOCKS, and all
lanes of Securities dealt in at the flBW YORKBTOCK BXCBANGK, or all reputable SecuritieskoDKbt and sold In the OPEN MARKET. LOANS•od COMMERCIAL PAPER negotiated. Interestyald on DBP081TS, subject to check.
TRANSACT A UENKKAI, B vNKINO BUSINESS.INCI.LDI.Mi TllK l-LllCIUSK A.M) fAI.K OFSTOCKS AND BONDS Kelt CASH OK liN .MAR.OIN. BUV AND SKI.!. INVI-.STMKNT SB< URl-TIB8. INTERE.ST ALLO>vbD ON DEPOSITSBUMJBCT TO CUKCK AT SIGHT.
^"='1 =
_ P. O. Box -MT.D. A. BOODT, C. W. MCLKLLAN. JB.Reobi.v Ltijotn. V. u. Saltu.vstai.i..
^ct.
CK3 Co.BANKERS,No. 18 VFALI. STHEBT,
New York..JT™"'*** a General Banklnir Business, Includlh.»h.- pii chHue anil sale of STOCKS and BONDS forty<Ai u: (.n mari-ln.r aatf 8«11 InTeiitnieiit Soenrttlaa.
P O. BOX 8.M7^^.KU»tM, W ATiajr;> Tkaik HJ.Mowiw XaiA
Hatch & Foote,BANKERS, No. 13 WALL DTRBBT,
ITT IKS aau.
(iOVERNMBNT DO.ND8, BT0CK8 AND HlgCBULANBODS BBCURITIBS,
JosiPB P. Li/orn. W. C. McKeanMeniberof N. V. Stock Exch'g'
Lloyd & McKean,34 WALL STREET, NEW TORK.But and sell—on commission—Gorernment, Rail
way and MlaceUaneous Securities. Receive depositsabject to check, and allow Interest on balances.
Financial.
c. M. Rirrnm, w. N. WALKim.Member of N. Y. Stock BzohanK*.
-v-™..
Rutter & Walker,BANKERS AND BROKERS,
No. 80 BROADWAY, NEW YORK.Bay and Bell on Commission, for oaab or on mar-
gin. nH Heourltles dealt In at the Now York VtockKxchiiMKe. Interest allowed on daily bulancea.rurticular attention paid to orders by mail or teU-f^niph.
WAL8TON H. BHOWN. rUED. A. BROWN.BkKBIUT 1*. BROWN.
WalstonH.Brown&BrosBANKERS,
11 Pine Street, New Tortt.
SPECIAL ATTENTION GIVEN TO THE NEGO-TIATION OF
RAILROAD NECVRITIES.
Taintor & Holt,BANKERS,
No. 10 WALL STREET, NEW YORK.TRANSACT a GBNBMAL BANKING business.DEPOSITS receired and INTEREST allowed on
balances.
Buy and sell GOVERNMENT, MUNICIPAL andRAILROAB Bonds.Private telegraph wires to ProTldence and Boston
O. E. TAINTOR. GEO. H. HOLT
Geo. H. Prentiss,
V: 17 WALL STREET, NEW YORK.
CAS STOCKSAND
GAS SECURITIES,STREET RAILROAD STOCKS AND BONDS
AND ALL KINDS OF
BROOKLYN SECURITIESDEALT IN.
SEE GAS QUOTATIONS IN THIS PAPER.
Gwynne & Day,|Eatabll8lied 1854.] No. 45 W^aU Street
Transact a general banking and brokerage bnsl-ness in Railway Shares and Bonds and GoTemmentsecurities.
Interest allowed on deposits.
InTestmenta carefully attended to.
Howard Lafslet, D. s. Willard,Hemberg N. Y. Stock Ezobange.
Howard Lapsley & Co.,BANKERS AND BROKERS,
No. 5 WALL STREET.New York.
C. E. Jackson & Co.,niDDLETOWN, CONN.,
Buy and sell Gorerntnent, State, Municipal and
Railroad Bonds and Stocks. Inrestments for Sut-
iDgs Banks a Bpecialty. Correspondence solicited.
J. P. WIXTRINGIIAM,GAS, INSURANCE, BANK STOCKS, &o.BICURITIES BOUOHT at TBE AtTCTION SALES.
No. 3« PINE STREET,NKW YORK.
Lansdale Boardman,STOCK BROKER,
-OFFICBS-Me. 80 BROADWAY, NEW YORK,
UAI.L BtTII.DINO. TRoy, N. Y.,
Connected by PrlTate Wire.AllBecnritle» dealt in at the N. Y. Stock Exchange
bought and niilri on romnilMton and carried on a fairla. Interest allowed on ei«dlt bnlsnmw
Buttrick & EUiman,BANKBBS AND BROKERS,Nos. 8T A 89 Wall St, New York.
BONDS.STOCKS and INVESTMENT SECCRITIBBBOUGHT AND SOLD ON COMMISSION
0. A.BiTTTRiCK.Memberof theN. Y.Htock Bxch geWh. Bi.liman. Memner of the N.Y. Mining Excb'g*
An Intimate knowledge of all for the past 10 YearsjA SPECIALTY.
Investors or Dealers wishing to buy or sell areiDTlted to communicate. State, Municipal andAMfctlway Bonds and Coupons bought and sold at bestMarkpt Knteft.
Randall & Wierum,50 EXCHANGE PLACE,
Brokers in Railroad Stocks and Bonds,aoVERNMSNTS & FOBEia^ S2LCHAN0E
.
CHAS. K. RANDALL, OTTO C. WlKBUM.IMember N. Y. .Stock Exchange..
Geo. K. Sistare's Sons,ir NASSAU ST., NEW YORK,
DEALERS IN
FIRST-CL..%SS INVESTMENTS.Buy and Sell on Commission, for cash or on mar-
(lln, all securities dealt In at the New York StochBxchange.Interest allowed on daily balances.All deposits subject to check at sight.Particular attention to orders by mail or tele»
frrapb.
C. I. Hudson & Co.,3 EXCHANGE CO(7RT, NEW YORK,. .,. ..
Branch Office and Private Wireat the Cdmbbkland," Broadway and 22d Street.Buy and sell on commission, for Investment or on
Bto'kiJ "h'®™''"'^* "'®*" '" " the New York
E. B. LXAR C. I. HCTDSON, T. H CUKTIS.Member N.Y. Stock txoh.
John B. Manning,BANKER ANB BROKER,;
No. 6 "Wall Street, New York City,SOUTHERN SECURITIES
A SPECIALTYBtat«, Municipal and Railway Bonds and Coupons
bpngbtand sold at best market rate«. Investors ordealers wishing to Duy or sell are Invited to communi-cate with us.Member of tliG New York Stock Ezchanee.
Chronicle NumbersWANTED.
Numbers 75.S, 701, 703, 701, 708, 83<, 820, 831, 8358«e, 847, 880, 802, and Supplements for February andApril, Uei. Scr<ito WM. B. DANA & CO.,
' n wuiiam Street.
Stcainstiiiis.
Only Direct Line to France.
GENERAL TRANSATLANTIC CO.BETWEEN NEW YORK AND HAVRE.From Pier (new) 42 North River, foot of Morton St.Travelers by this line avoid both transit by Kmt-
lish Railway and the discomforts of crossing theChannel in a small boat.KUANOE.Perier d'Hauterlve.Wed., Mar. 29. 2 P. M.CANADA, Frangeul Wed., April 5.7 A.M.LABRADOR, H.Jnucla Wed., Aprill2. Noon.PKlCE OF PASSAGE—(including wine;: To Havre—
First cabin, 1100 and $80 ; second cabin, $60 ; steer-aiie, I2tt. including wine, bedding and utensils. Re-tarn tickets at very reduced rates. Checks drawnon Credit Lyonnais of Paris in amounts to suit.
FOR MARSEILLES,TO0CHiNa AT Cadiz, Gibraltar * Barcelona.The following steamers will leave New York direct
for Cadiz, Gibraltar, Bartelona and Marseilles, tak-ing freight and passengers
:
CALDBRA. De Devllle ^bout April 20KATES OF PASSAGE—For Cadiz and Gibraltar-
first cabin, $75 and $90; for Barcelona and Mar-seilles—First cabin, $80 and $100. Steerage, $32.Through bills of lading issued to Mediterranean
Ports, including Barcelona, Algeria, Tunis, Genoa.Leghorn, Naples, Messina; also, for Trieste andConstantinople.N. B.—No freight taken for Gibraltar.
LOUIS DE BEBIAN, Aitent,
No. 6 BowlInK Green.
Conunerctal Cards.
ESTABLISHED 1833.
8ears & Cole,STATIONERS AND PRINTERS.
Supply Banks, Bankers, Stock Brokers and Corpo-rations with complete outfits of Account Books andStationery.C^ New concerns orgranlzlnj? will have their or-
UNITED STATES BUNTING COMPANY.A lull supply, all Widths and Colors, always in stock.
No. 109 Duane Street.
Bliss, Fabyan &. Co.,New York, Boston, Fliilad«lplila,
SELLING AGENTS FOB LEADING BRANDSBROWN AND BLEACHED SHIRTINGS
AND SHEETINGS,PRINTS, DENIMS, TICKS, DUCKS, &o.
Towels, Qnllts, White Goods and Hosiery.
Drills, Sheelinfft, <te., tor Export Trade.
Wire Rope.STEEL AND CHARCOALIRON of superior quallt
suitable for MINING ANuHOISTING PURPOSES,Inclined Planes, Transmis-,8ion of Power, 4c. Also,Galvanized Charcoal andBB for Ships' Rigging, Sus-Ipension Bridges, DerrickGuys, Ferry Ropes, Ac. Alarge stock constantly onhand from which any de-sired lengths are cut-FLAT STEEL AND IRONROPES for Mining pur-Soses manufactured to or-er.
W. JTIASON & CO.,43 Broadwar, Neiv York
JOHN
^iu\ ^m£GOLD MEDAIi, PAEIS, 18"; 3.
nu Celebrated Ifumbcru,
303-404- 1 70-35 1 -332,ana his other styles nay be had ofall o'ea^srs
, 9 throughout the world,
I Joseph Gillott & Sons, New York.
Commercial Card§.
Whiting Paper Co.,HOLYOKE, MASS.
BuHkers' Ledeer and Record Papers.Machine Hand-Made Papers.Antique Parchnieut Papers.Plated Papers.Boud Papers.
THREE AND ONE HALF MILLIONS.JOHN E. DcWlTT, President.
DASIEl, SHARP, V'i^e-Presideia.HK.NKYD, SMITH. Secretary.NICHOLAS DE GKOOT, Ass t See'y.A. IJ. MlLT.tN. Actuary.a'UOM.AS A. FOSTER, iledical Director.
HOMEInsurance Company
OF NEW YORK,OFFICE, 119 BROADWAY.
FItty-SeventU Semi-annual Statoment,BHOWIXG THE
CONDITION OF THE COMPANY ON THE FIRSTDAY OF JANUARY, 1?82.
CASH CAPITAL $3,000,000 00Reserve for Unearned Premiums 1,943,733 OOReserve for Unpaid Losses 245,595 36Net Surplus 1,80G,1S0 90
Cash Assets $6,995,509 26SCITIMAKY OF ASSETS
Held in the United States, available for the PAY-MENT of LOSSES by FIRE and for the protec-tion of Policy-Uolders of FIRE INSURANCE:
Cash in Banks $130,172 31Bonds and mortgages, being flrsfc lien onreal estate (worth |3,ei00,750) 1 ,586,856 00
United States stocks (market value) 4.07»,!i00 00Bank & HH. 5tock8&bd8.(market value) ««4.H25 00Slate and municipal b'ds (market value) 131,7S0 00Loans on stocks, payable on demand(market value of collater'ls.JSll ,507 50) 220.7B0 09Interest due on Ist January. lSb2 85,810 19Premiums uncoU'ct'd & in h'nds of agts. S0,B35 08Keal estate 47,3S»9 OS
Total »6,099,509 26
CHAS. jr. MARTIN, President.J. H. TYASHUVRN, Secretary.
IISURfflCE COIFAET^ OF NEW YORK
?.S.WmSTON , PRE SIDETO:/SSU£S£VEHK.DESCRIPTION OPIIFEMDENBOWMENTWIMS^ONTERM^ASfAVOBABLE AS THOSE
" CFAfJY OTH£R COMPANY * -•
^ORGANIZED APHILMT'^1842 -
CASHASSETS OVER $82.0 00.000
Mams 2S, 188S. IHE CHRONICLK.
IniurHiioe.
OFFICE OF THE
ATLANTICMutual Insurance Co.,
NEW TORK, jMUary 25, 1882.
Tke Tnutcea, In ooDrornilty to the Charter of
the Oompuijr, submit the following Btatemeotif it* affalra on the 31st December, 1881
:
yiemloms on Hu-lne Klaka fromlit January, 1881, to 31s( Bu-euuber. 1881 $4,039,487 10
Premluuu on PoUoIm notmarkedoff l«t Jaauar/, 1881 1,587,534 47
Total Marine Premiums .... $5,627,02137
Frunlnms marked off from 1st
January, 1881, to 31st Deoem-b«-, 1881 $4,110,176 72
Lowee paid durlns the samepenoa. $1,775,982 80
Cotton.
LaajiAji, AiBABAHAUo., LmmuAti Uuss*OoMew Orlaaas, La. Mont . omsrj, Ala.
LEHMAN BRO'S,
Cotton FactorsAND
OOiniSIBSION RIBRGHAMT8,40 KXCHANQB PLACB.
New York.Ordsrt szecated at the Cotton Kxcbcages In Ham
Tork and Liverpool sad sdrsnces mads on Cottonand other produce conxt^sd to at, or to our corre.
•poDdenu In LiTerpool, Meurt. il. Newtaai * 00.andUean-i. L. Koaennelm A Sons.
Cotton.
OBAS. r. HODUU8T, JOBS B. BABBBTT
Betuma of Premloma and Ex-P«Mea $924,227 02
The Company ha* the following Ajsseta, vis.:
United States and State of NewYork Stock, Cltr, Bank andother Stocks $8,965,758 00
Loans aeonred by Stocks andotherwise 1,729,500 00
Beat Estate and Claims due theCompany, estimated at 491,148 18
Premium Netes and Bllla Ke-eelvabXe 1,631,294 23
OaahlnBank 847,765 99
Anaonnt $13,165,466 40
SIX PEB CENT INTEREST on the outstaoid-
eertlUcates of profits wlU be paid to the holdersthereof, or their legal representatives, on andafter Tuesday, tlie ScTenth of February next.
THB OUTSTANDING CERTIFICATES ofthe laaae of 1877 will be redeemed and paid tothe holders thereof, or their legal representa-tlres, on and after Tueeday, the SeTen'Jh of Feb-raaiy next, from which date all interest thereonwill oeaae. The certificates to be produced atthe tliae of pajment and canceled.
A DIVIDEND OF FORTY PER CENT UAeelared on the net earned premiums of theOoapasy, tor the year ending 31st December,1881, ler which eertUeates will be issued ontad after Toeeday, the Second of May next
By Older of the Board.
J. U. CHAPHAH. 8M>retarr.
VltOiltBKSt
C. F. Hohorst & Co.,COTTOM
COMMISSION MERCHANTSNo. 125 PEABI. 8TBEBT,
Ne^v York.BscelTe CcnalRnment* of Cotton and other prodno*UBEKAL ADVANCES MADE.Special attention KlTen to orders for the pnrebass
and sale of Contract! for Future DellTSry of Cotton.
J.F. Crumbie,
114 Pearl St., COTTON, New Tork.Special attention fflren to orders for the baylofrand selllnR of Cotton tor Vvturm Deutkat.Membpr of Cotton Exohangw.
Geo. Brennecke & Co.,COTTON BROKEKM,
No. 110 Pearl Street, New York.
rtrrvBi Oohtbacti a BPioiALTr.
HYMANS * DANOY,Hourouc Ta.
Dancy, Hyman & Co.,COTTON COMMISSION MEBCHANTB.
91 Pearl Hk, New York.Special attention itlrsn to the parobase and sale
of contraou (or fatore dellTery.
Dennis Perkins & Co.,COTTON BKOKERS,
IIT Pearl Mtreet, New York.Orders for Spot Cotton and Fntnres pTomvUr «••
eiftsd
J. D. Jo
Ckarlaa Deoaia.
W. H. H. Moore.l«wlsCartla.
flkarles H. RnaseU.lien I Low,BavULaaa,•ardaaV.A.A.BaT«a.Vla.ataraia.
s^SMln H. FleM.JealakaLevmuiaa K. Dodge.BeyalPkelpe.Xkaaae F. Yonaga.aA.Hand.Jeka O. Hewlett,
mumm H. Webb.Oaries P. Batdett.
Horace Oray,Edmund W. OorUee,John EUlott,
Adolph Lemoyae,Bobt. B. Mlntora.
Charles H. Marshall,
Oeorge W. Lane,
Edwin D. Morgan,Robert L. aeoart.
Jamas O. De Fotaat,
aainel Willetta,
Charles D. LeTariah,
WlUlamBryae.William H. Fogg,Thonaas B. Ooddlagtai,Horace K. Thnrbar,WUllam DegTMtt,
Henry ColUna,
JohaL. Klker.
J. Di JONES, Piealdeat.
CHAB.'JE8 DENNIS, yice-Pi«ri4aBt.
W. H. H. MOORS, ad Vlae-PieaUlaiit.
A. A. KATBI. a* Tlae-I
E. S. Jemison & Co.,BANKERS
AND
COTTON COMMISSION MERCHANTS,
No. 10 Old SUp, New York.
Jemlgon. Groce & Co., GalYeston. Texan .
WilMohb. H.W.Hanxmanm. ClkmknsFuchib
Mohr, Hanemann& Co.,
133 PEAllI. 8T. 186 GKATISa 8T.,
New York. New Orleans, La.
SraciAL ATntimoK Grvmt to th« ExBctmoiior ORDERS roR FUTURE CONTRACTS.
Wm. Felix Alexander,COTTON BROKER,
AVOIJSTA, GEOBSIABatlre attastlon Klrea to poretaaae of COTTbA
OROKB tor 8PINKKRS and BXPORTBRSCOBKXaPOKDBKOK BoLiorrsD.
Kefarancea :—NaUoaal Bank of Aagnita, Oaorgi.,
Henry Henu * Co., Commltslen Uarchaau Newyark; William B.Dana* Co., Proprletora CoiiMaaauj. AXD PniAXOuii Cnanoui. aad olhar Na.Tork Boaaea.
THE BROWNCotton Gin Company,
NBW I.ONDON, OONN.,
MAinrvAOTiTaaaa of tu tmiamturmit
BrowB Cotton 61ns, Gin Feeders u4Condenien.
oorroN oiNS for ezpobt.
WOBK* AT OMlwm.h. I..aB4KlOMMOKD, VA. 'OansT.
The Atlantic & Virginia
Fertilizing Co.OFrnt THBIR STANDARD BBANOS
*«exjii,ek:a.»»AXMOiaATBC BOHI SurERBHOSrHATB OF ttltM
AND« ORIKNT COMPLETE MANURE,"
Aaa want a good worklnn a«ent In eTSry thrlTtnaeoiton, tubaoco. icraln and truck growing oonntr.Ap-tlj (with reference) to
'W. C. CRENSHAW, Pree>t,WAKnoCBB,
Blekas«B«, Ta.
H. Tileston & Co.,COTTON, 8T04!K8, BONDS, *e.
86 WILUAM STREET. NBW YORK.Orders In " ratores" ezecoted at N.r.Cottoa nzali.
Parisot & Campbell,Cotton Factora,
TIOKSBITBO, ni8S.Orders to Purchase Cotton In our market solicitedKefer to Meaara W'X>DWABD A STlLUtAN
New Tork.
Fielding & Gwynn,
COTTON FACTOB8AXD
COMMISSION MBRCHANT8,10 Se 18 Exchange Place,
Pom BuiLDnro. nkw yobx.
Waldron & Tainter,SENERAI. COTTON IIIEBOHANT8,
07 PEARL STREET, NEW YORK."Fntnrs " orders ezecnted at N. V. Cotton Kxeh'M
F. Hoffmann,COTTON BROKER AND AQSNT,
*8 BCB DB LA BOI7B8B, HATBB.
Geo.H.McFadden & BroCOTTON FACTORS
AHD COMMISSION MEB0HAVT8181 CheatBBt 8t., PUUAalpUa.
Robert Tannahill& Co.,
Cotton CoHmlMlon Merekmnt^
Oactea Saehaago BaUdlaa. MSW roi
ItlHsl attaattoo clTsa to the parehase aad nia tlFvtare Contrmct*
A. L. Leman,COTTON BBOKBB,
e ISO BSOOND BTBBBT.HACON, OBOBOIA.
Kntire attastlon paid to parehaseaad ahltaea* •<Cotton on order tor gplnnsra aad Bxporters.Beat of reiereooes fi^nlshed. Oorrsspiaisaee
John F. Wheless & Co.,OOTTON
OOnniOBION HBBOBAlfTS.NASHVILLE. TENNESBEX.
gpeelal attention drea to Spinners' ordan.10selraapondenaa solleltad.HarsBBMCaa.—Third and ronrth nsllnasl IkriM
aad riopitaMfs ei the CHaojiuxa,
fil THE CHKONICLE. [Mabob 2s, van.
Cotton.
Woodward & Stillman,P08T BUILDING,
ftor, Kxehanse Place, Hanover& BeaTer tM*.
[BK4B OF CUSTOU IIOtTSZ],
NBW YORK.
SENEBAL COMMISSIONMERCHANTS
DANS nADB ON ACCEPTABLESECI7KITY.
Jilberal adrances made on ConslKnments.
Special attention paid to the eiecutioo of orden
Jor the purchase or sale of contracts for future
*«UTer7 of cotton.
A. B. aWATHMXT. J. O. BLOSS.
Gwathmey & Bloss,COTTON MERCHANTS,
Ko. 123 Pearl Street, Kew Tork.
Special attention given to the execution of ordenter future dellverr contracts.
iuki H. BTANS. CHAS. faiLKCIS BUBB
,
Member N. Y. Cotton Exchange.
Evans & Beebe,Mas. 42 A 44 NEW STREET.
8PKCIAL ATTENTION TO
Fatckaae and Sale of Controete tor FatareDellTerr,
J.P. Billups & Co.,
COTTONCOMMISSION MERCHANTS,
Noe. 16 & 18 Exebanze Place,
FOST BUILDIKO, NEW YORK.
Special attention given to the Purchase and Sale
ef Contracts for future dellTCrr of Cotton.
WALTER & KROHN,COTTON BROKERS,
S3 BEAVER STREET, NE1» YORK.
J. W. UiNSON, A. n. Blount.Masher Cotton Kxoh'ge Member Produce Uxoli'Ke.
U. II. UouvTKSK, tipeolal.
-Hinson & Blount,COTTON FACTORS
And General Commissioii Merchautg,
89 FEARI. ST., NEW YOBK.Special attention given to the execution of OB-•ERS rOR PUIURB DELIVERY OP COTTONAXD PRODUCE.
JOHN U. CLISBY &, CO.,COTTON BUYERS,
niONTGOMERY, AL.A.
VVBCHAai ONLY ON OBDKBS, roB A COHHtSSION
Rogers & Pendleton,COMMISSION MERCHANTS,
MO. 9T PEARL STREET, NEW YORK.Advinses made on consignments of Cotton, Qralii
•ad opier Produce.Baf andaell contracts for future dellTorr of
Orala and Provisions.
Bennet & Foulke,coninissioN nERCHAiwrs,
121 PEARL STREET,NEW YORK.
Special attention given to the execution of orders
illTerr.
voviw »u«ni,ioa giTen to me execution or oraeralor the purotaue or sale of Contracts for PutoreieP-'-"
James F.Wenman& Co.,COTTON BROKERS,
N*. 146 Pearl Street, near IVaU, N. Y.Katabllshed (In Tontine Building) 1840,
WAUUa KwiN, Jb. loan U. EWBK.
Ewen Brothers,
COTTON BROKERS,>«• 31 &i 33 Broad Street,
NEW YOKE.
Cotton.
INMAN,SWANN&CoCOTTON MERCHANTS,
COTTON EXCHANGE BUILDING,
New Tork.
LOANS MADE ON
SOUTHERN SECURITIES.
Wh. IIknbt woods. 8. O. MUSPBT
Woods & Murphy,(POST BCILDIXOJ
16 dc 18 Ezcbanse Plaeo.
COTTON, STOCKS AND BONDS.
ORDERS IN tVTVRB COSTTBACTaEXJBCVTBD IN NEW TORK AND LIVERPOOL
P. O. Box 2343. NEW YORK.
Henry M. Taber,No. 141 PEARL STREET, NEW YORK.
COTTOIV.Adranoes made on CoT^sl^^nments of Cotton. Con-
trtcti for Future Deliyery of Cotton bonsbt andold on commission.
William H. Beede & CoCOTTON BROKERS,
No. 114 PEARL STREET.
Henry Hentz & Co.,GENERAL
ooninissiON kierghants,8 Sonth Tiruilam St., New York.
Advances made on Consignments to
nieasrs. JAMES FINLAY dc CO.,LIVERPOOL, LONDON AND OLASOOW.
Also execute orders for Merchandise through
RIeura. FINLAY, mUIR ic CO.,CALCUTTA AND BOMBAY.
CONTRACTS FOR FUTURE DELIVERY COT-TON bought and sold on coumlsslon In New Yorkand Liverpool: also at New Orleans through Messrs.Samuel U. Buck & Co.
Gardes & Wisdom,COTTON
COMMISSION MERCHANTS,NEW ORLEANS, LA.
Special attention paid to the execntlon of ordersfor the purchase or sale of contracts for futurecellvery of cotton In this market. New York andLiverpool.
B.F.BABCOCK&CO.COMMISSION MERCHANTS.
IT Water Street, LIVERPOOL,Receive consignments of Cotton and other Produce
and execute orders at the Kxchanges In Liverpool,Represented in New York at tbe office of
BABCOCK BiiOTUERS * CO.,
50 Wall 8ir««t.
Jno. C. Graham & Co.,(Successors to R. M. WATERS & OOJ
BANKERSAND
COTTON COMMISSION MERCHANTS18 William liitreet. New York.
INVESTMENT SECURITIES BOUGHT ANDtOLD FOR A COMMISSION.
HIKHT H. Wakx. OIIXIAT BOHSOEUBB
Ware & Schroeder,
COTTON COMMISSION MERCHANTS.
Ill Pearl S1 .-eet. New York.
Special attention paid to the execntlon of ordenfor the purchase or sale of contracts for future de-
ll verr of cotton. Liberal adrancee made on con-
IgumeBte.
IHlsccIlancoas.
Walltr T. BaUh.KoUhH W. X. HaUk.
Btnm P. Battk.ArMHT B. BatOk
W. T. Hatch & Sons,BANKERS,
14 NASSAU STREET, NEW YORK,BBANCB OrriCES j .i22 .^I'.I'J'i''J?"'E'*' ?:
''^•
i^^m Cuupcl bi., New llaveaPersonal attention given at the EXCIIANOBS tg
the purchase and sale of HiOCKSand BONDS forcasli or on m^^ruln.DKPOSITS KECEIVED—subject to Check at steht
—with Interest upon balances.Special attention paid to INVBSTMENT8 aa
accounuof COUNTKY BANKERS.
Geo. Copeland & Co.,COTTO.S BROKERS,
136 PEARL STREET. NB'W YORK.
Herring's Safes.AWARDED PREMIUM MEDALS
AT
INTERNATIONAL EXHIBITIONS
1851, 1833, 1867, 1876, 1878, 1879, 188*
THE CH4IHPIOIV RECORDIN ALL GREAT FIRES,
Bank Work a Specialty.
HERRINC A CO.,
No. 251 k 252 Broadvaj. New York.
Insurance CompanyOF HARTFORD.
Asaete JuiaaiT 1, 1881 $7,424,078 7SliabUltiea for onpald lossee
and re-lnsiiraiioe fund 1,694,801 80Capital 8,000,000 00
NET SURPLUS $2,729,871 9S
Jio, 3 Cortlandt St., New York.JTAS. A. ALEXANDER, Asent.
North British
& Mercantile Ins. CoOF
LONDON AND EDINBURGH.United States Board of Managementi
NEW FORK :
SOLON ETUMPHRBYS, Ch'r'n,(B. D.Morgan * OoDAVID DOWS, Esq. (David Dows & Co!)U. f . FABBRI, Esq. (UrexeL, Morgan AOo.)Hon. S. B. CHITTENDEN.EZRA WHITE, Esq.J.J. ASTOti, Eeq.
