xmtk HUNT'S MERCHANTS' MAGAZINE, REPRESENTING THE INDUSTRIAL AND COMMERCIAlj INTERESTS OF THE UNITED STATB8. VOL. 3a NEW YORK, JUNE 7, 1884 NO. 989 ^inatucial. AMERICAN Bank Note Company, 148 BROADWAT, NEW TORK. ltu»liion« Koantli>«l 17&S. bunortted nndeT Livs of Stats of Hew Totk, 18C3. Kcoricunlzcd 187!). KN'«aiAVF:n8 and Piunterb of BONDS, POSTAQE & REVENUE STAMPS', LEGAL TENDER AND NATIONAL BANK NOTES, of th3 UNITED STATES | and for Foreign Governments. ENGRAVING AND PRINTING." BAXK NOTKS, SH.VUE CKRTIFICATES, BONDS I'Oll tiOVKK.NMENTS AM> eOKfORATIONS. UUAFTS. CHECKS, BILLS OK EXCHANGE. STAMl'S, *<•., In the finest and ui<»st artistic 8tyle FROM STEEL PLATES. Wia ipedal Hfeguidl to prevest C0UKTESFEITQI3. 3p«dsl papon namfaetnt*! cicluiTely fc: sse of ths ^onpaaj. SAFETY COLORS. SAFETY PAPERS. Work ICxecutod In Fireproof Buildings. UTHOCRAFHIC ANO TYPE PRIRTIII6. RAILWAY TICKETS OP IMPUOYED STYLES. Sbow CurdH, Label.* Calendars. BLANK EOOK3 OP EVEET DESCBIPnOK. ALBERT G. GOODALL, President. Vlcr.-PRF.SIDENTS : J. MACDONOUGH, A. D. SHEPARD, W. M. SMILLIE, TOURO ROBERTSON. /. H. STAYNER, Treas. THEO. H. FREELAHD, Secty. ASA. p. PoTTKB, Pres't. J. W. Work, Caihler. Maverick National Bank, BOSTO.\. CAPITAL, - . .- - - - «400,000 SCKPIiUS, -- - ----- 4oe,ooo Aooonnta of BimkB and Bankers solicited. Colleotioiis made upon farorable terms. Oovemment Bonds bonsbt and sold. Thomas A. Vvsk. W. E. D. Vysk. Member N. Y. Stock RxchanKe. Vyse & Son, BANKKRS AND BROKERS, 56 Brmidwav & 7 Excliiinge Court. N. Y. Branch Office at the Kverett House. Union Square and 17th Street. Gilder & Fafr, 31 & 33 BROAD ST., NEW YORK. BANKERS AND BROKERS. Interest paid on Balancec. i^ecuritics carried iin Margin, (iovernnient Bonds and other investment Securities bouKiit android on commif»son. ?*peclal attention to orders hy mail or telegraph. TINKER & fVESTOK, BANKERS AND BE0KEK8, No. 2 EXCHANGE COURT, New York. SiNKT C. TimtiK. Mombai N. T. Btoek Kreh. BmgscLAiB Vlastos. STOCK BROKER. Lansdale Boardman, HEW YORK, 80 BROADWAT, * 6 NKW 6T Opposlts Stack Kzotaancs. TROY. M. Y., U * 15 HALL BCIIJ>lNO. PrlTat« Wlr« to TioT. gMirttlw cuTi*d on margin Iot«rwt paid oo Manoti ^itiaticial. DIAMON DS. Alfred H. Smith & Co., inPORTERS, 182 Broadway, Cor. John Street Memban M. T. and Phlhulalplilm Stock Kzohaoae*. L. H. Taylor & Co., BANKERS, 8. W. Oor. Tbird and Cbeatnat Sta., PHILA DELPHIA. UeposlU racelTed subject to <dieak at slfflit, and Interest allowed on daily balancaa. Btooks. Bonds. Ac boujrht and sold on commission In Phlladelphm and otb^r cities Partionlar attention tiWen to Information rettnrdlng InTCstment Bectuitles. PriTatawlretoMew York. Baltimore and other plaeas. R. J. Kimball & Co., BANKERS AND BROKERS, No. 18 Wall Street, New York. Seventoen Years' Membership In the New York Stock Exobange. ROBEBT J. Kimball. ALriiEi) B. Locnsbhit. HIBAH DEWI.VO. CLAKK DEWING. F. T. BONTICOO. (Member of New York Stock ISxcbangc) H. Dewing & Son, BANKERS A>'n BROKERS, No. 18 W^all Street, New York. Stocks and Bonds Bought and Sold on Commission. Aoconnts reoelred and Interest allowed on bal- lances, which may be checked for at sight. M. H. TatI/OB, W. V. Cabolin, C. r Cox Member N. Y. Steek sxcta. Taylor, Carolin & Ccx, Bankers & Commiii.xion Stock Brokers, 68 BKOADWAY, NBW YORK. Deposits received subject to check at sight and interest allowed on dally balsncej, Aii securities dealt In at the New York Stock Kx- change bought and sold on oummlsslon for cash or a pon maryl n^_ COLLj.TtraNER, JA8.TI7BKBB. Memb. N.Y. Stock Exoh. N B. LiNsunr. SpaelaL C. J. Turner & Co., BANKERS AND DROKKUS, 16 & 18 Broad Street, New York. STOCKS, BONDS, GRAIN AND PROVISIONS bought and sold In New York and Chicago markef. JOHN PONDIK. ADOnSTPS NATHAN. Pondir & Co., stocks. Bonds & InYestment Securltle- 20 -EXCHANGE PLACE, N. Y., Orders executed on the London and European market. . C. A. BDTPBICK. Wh. Slumaii. Buttrick & Elliman, 18 Wall street. New York. —Railroad bonds a specialty.— —Investors are Invited to correspond.— —Information cheerfuUv given.— ^ _ . _ -Fonrtaaa years' membership ln8to<* Exchiwfc- -Orders by mall solicited and prompUy atMuded to. Ifttunictat WaUer T. Batch. NatA't W. T. Baieh. Btniy P. Batth. irl*«r jr. Baftt W. T. Hatch & Sons, BANKBBS. U NASSAU STREET, NEW TORK. BBANCH Orricxs \}^^^^ -f. Y.. i Avaa .K8 to .. L>« lav ihare Personal attention given at th< the purchase and salaof BTOCkr^ -' cash or on roar^ln. UEPOttlTS KKCRlTm)—mbJaattoebaekairiCM —with Interest upon balances. Bpedal attenUon paid to INYKST1IKIT8 aa« anonoDtsof COUNTRY RANKRRil. Missouri, Minnesota and Nebraska STATii: Borsos WANTED BY KOHN, POPPER & CO., No. 66 BROADWAY. J. A. Kohn & Co., BANKERS AND BROKERS. 19 Broad St.,N. Y., millaRalldlac, Transact a tieneral Banking Business. foreign Exchange. Bind", St.cis and .Mltcella- neous Secnrities bought and t«<>)d on coranilMloo. JUI.IXI8 A. Kohn, David ocbs. Mobitx Ocb*. Member N. Y. Stock Exchange. B.ASIEL. L. S. KRANKEMIEIVEB, M. SKUOKAX. .. embers N. Y. Stock Cxekaoiw. Asiel & Co., BANKERS AND BROKERS, No. Bl E.XCUA.NOB PLACE. Hamilton & Bishop, BANKERS AND BROKBR8, __ No. 86 PINE STREKT, NEW YORK. (Members Now York Stock Bxcfaanga.) Accounts of Banks. Bankers and nibeis ~ Interest allowed on Balances. A strictly Oc,« Business In the purchase and sale of >Lockaaoa« Private Telegraph Wire to Albany, Troy. BrraaiiMi, Kochester. CUca and BoBUo. Draw on City Bank of U<ndon In amounts to sulu . Special attention given to Secnrltlaa for InvartaBant Wm.M. EABUMemb. N. Y. St'ok Bz. O. IL8TA A. II. DATTOH a— A-ILMITBC. :t. STATVBB. SpaoM. Earl & Dayton, HANKERS AND BROKERS, H TO Se OREXBL BUILDINO. New York. WOCKS ANI> BONDS BOUOirT AKD BOLD WAI^ON H.^B«2»i p. B.o*;^!'- * »~'^ Walstpn H. Brown & Bros BANKERS, NO. SO NASSAU STREET, NEW YORK. W. H. Goadby & Co., BANK£BB AND BROKKRB. >«. 8 WALL STREET, New York.
Transcript
xmtkHUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAlj INTERESTS OF THE UNITED STATB8.
VOL. 3a NEW YORK, JUNE 7, 1884 NO. 989
^inatucial.
AMERICANBank Note Company,
148 BROADWAT, NEW TORK.ltu»liion« Koantli>«l 17&S.
bunortted nndeT Livs of Stats of Hew Totk, 18C3.
Kcoricunlzcd 187!).
KN'«aiAVF:n8 and Piunterb ofBONDS, POSTAQE & REVENUE STAMPS',LEGAL TENDER AND NATIONAL BANKNOTES, of th3 UNITED STATES | and forForeign Governments.
ENGRAVING AND PRINTING."BAXK NOTKS, SH.VUE CKRTIFICATES,BONDS I'Oll tiOVKK.NMENTS AM>eOKfORATIONS. UUAFTS. CHECKS,BILLS OK EXCHANGE. STAMl'S, *<•.,
In the finest and ui<»st artistic 8tyle
FROM STEEL PLATES.Wia ipedal Hfeguidl to prevest C0UKTESFEITQI3.
3p«dsl papon namfaetnt*! cicluiTely fc: sse of ths
^onpaaj.
SAFETY COLORS. SAFETY PAPERS.Work ICxecutod In Fireproof Buildings.
UTHOCRAFHIC ANO TYPE PRIRTIII6.
RAILWAY TICKETS OP IMPUOYED STYLES.Sbow CurdH, Label.* Calendars.
BLANK EOOK3 OP EVEET DESCBIPnOK.ALBERT G. GOODALL, President.
Vlcr.-PRF.SIDENTS :
J. MACDONOUGH, A. D. SHEPARD,W. M. SMILLIE, TOURO ROBERTSON.
—Investors are Invited to correspond.——Information cheerfuUv given.— ^ _ . _-Fonrtaaa years' membership ln8to<* Exchiwfc--Orders by mall solicited and prompUy atMuded to.
Ifttunictat
WaUer T. Batch.NatA't W. T. Baieh.
Btniy P. Batth.irl*«r jr. Baftt
W. T. Hatch & Sons,BANKBBS.
U NASSAU STREET, NEW TORK.
BBANCH Orricxs \}^^^^ -f. Y..i Avaa.K8 to
.. L>« lav
iharePersonal attention given at th<
the purchase and salaof BTOCkr^ -'
cash or on roar^ln.UEPOttlTS KKCRlTm)—mbJaattoebaekairiCM
—with Interest upon balances.Bpedal attenUon paid to INYKST1IKIT8 aa«
anonoDtsof COUNTRY RANKRRil.
Missouri,
Minnesota
and NebraskaSTATii: Borsos
WANTED BYKOHN, POPPER & CO.,
No. 66 BROADWAY.
J. A. Kohn & Co.,BANKERS AND BROKERS.
19 Broad St.,N. Y., millaRalldlac,Transact a tieneral Banking Business.foreign Exchange. Bind", St.cis and .Mltcella-
neous Secnrities bought and t«<>)d on coranilMloo.
JUI.IXI8 A. Kohn, David ocbs. Mobitx Ocb*.Member N. Y. Stock Exchange.
B.ASIEL. L. S. KRANKEMIEIVEB, M. SKUOKAX... embers N. Y. Stock Cxekaoiw.
Asiel & Co.,BANKERS AND BROKERS,
No. Bl E.XCUA.NOB PLACE.
Hamilton & Bishop,BANKERS AND BROKBR8, __
No. 86 PINE STREKT, NEW YORK.(Members Now York Stock Bxcfaanga.)
Accounts of Banks. Bankers and nibeis ~Interest allowed on Balances. A strictly Oc,«Business In the purchase and sale of >Lockaaoa«Private Telegraph Wire to Albany, Troy. BrraaiiMi,
Kochester. CUca and BoBUo. Draw on City Bank ofU<ndon In amounts to sulu .
Special attention given to Secnrltlaa for InvartaBant
Wm.M. EABUMemb. N. Y. St'ok Bz. O. IL8TAA. II. DATTOH a—
—
A-ILMITBC.
:t. STATVBB.SpaoM.
Earl & Dayton,HANKERS AND BROKERS,
H TO Se OREXBL BUILDINO.New York.
WOCKS ANI> BONDS BOUOirT AKD BOLD
WAI^ON H.^B«2»ip. B.o*;^!'-
* »~'^
Walstpn H. Brown& Bros
BANKERS,NO. SO NASSAU STREET,
NEW YORK.
W. H. Goadby & Co.,
BANK£BB AND BROKKRB.
>«. 8 WALL STREET,New York.
•a THE CHRONICLR (ToL. XXXVIIL
l^avidQn %xchmiQ6»
Drexel, Morgan & Co.,
CORNER OF BKOAD, NEW YORK.
Drexel & Co.,
N0.S4 South Third Street,
PBIIiADEIiPBCIA
Drexel,Harje8 & Co
31 Boulevard HaussmaJin,
PARIS.BOMESTXO AND FORMIGN BANKERS.Deposits received sub;ject to Draft. Securities
bou^nt and sold on commission. Interest allowed onDeposits. Foreign Exchanse. Commercial Credits.Gable Transfers. Circular Letters for Travelers,available In all parts of the world.
ATTORNEYS AND AQBNT8 OFmessrs. J. S. MOROAN ic CO.,
No. 22 OLD BROAD STREET, LONDON.
Brown Brothers & Co.,No. 69 \rAL.l, STRBET, N. T.,
BDy ANB SELL
BIL<L.S OF EXCHANGEON GREAT BRITAIN AND IRELAND, FRANCEGKRMANY, BELGICM, SWITZERLAND, NOR-WAY, DENMARK, SWEDEN AND HOLLAND.
Issue Commercial & Travelers' CreditsIN STERLING.
AVAILABLE IN ANY PART OF THE WORLD.And in Francs, In Martinique and Guadaloupe.
IfflAKX: XEI^EKRAPHIC TRANSFERSOF MONEY
BXTWEHN THIS AND OTEEB OOVNTRIES.MAKE COLLECTIONS OF DRAFTS drawn
abroad on aU points in the United States andCanada, and of Drafts drawn in theUnited States on Foreign Countries.
J. & J.Stuart & Co.,
33 NASSAD STREET.
BILLS OF EXCHANGE ONSMITH, PA¥IVE & SMITH'S,
BANKERS, LONDON;.MANCHESTER &. COUNTY BANK,
'• LISIITKD ;"
MANCHESTER, PAYABLE IN LONDON ;
ULSTER BANKING COMPANY,BELFAST. IRELAND;
AKD ON THENATIONAI. BANK OF SCOTLAND,
.BDINBUBGH, AND BRANCHES;
AX.80,
C VBLK TRANSFERS AND LETTERS OF CREDIT
NEW YORK
:
LONDON: PARIS:cS:^B"Q^^™V.TBOsKDAyiS.W.G.H.HKATH.
William Heath & Co.,BAIWKERS AND BROKERS,
No. SO Broadnray, New York.Members of New York Stock Exchange.
l.'OBEIGN EXCHANGE. CABLE TRANSFERS.
William Hilth & Co.,10 Throfpnorton Ave., Ijoudoii) Kng*T)raw Bills of Exchange and transact a Renenil
ttoancial commission business. Particular attentionifivea to Aniencan heciu'ities.
William H^Ith & Co.,No. 19 Rue Scribe, Parts.
Orders solicited for London and American marketsfor Investment or on marKin. Railway, State andCity Loans negotiated.
l^ox&iQU 'giXthnuQz.
John Munroe & Co.,No. 32 Nassau Street, Nenr York,
No. 4 Post Office Square, Boston.
CHEQUES AND CABLE TRANSFERS ONMUNROE Sc CO., PARIS.
STERLING CHBQCES AND BILLS AT SI.X'TY
DAYS' SIGHT ONALEXANDERS & CO., LONDON.
CiRcnLAB Notes and Credits for Travelers.
Schulz & Ruckgaber,BANKERS
39 Wrii^tilAM STREET, NEIV YORKCOKRESPONDEN'TS OF THE
International Bank of London(Limited) London.
Messrs. Jolin Bcreu1>erK, Oossler & Co.Hamburg.
Messrs. Marcnard,Krauss A: Co., ParisCommercial and Travelers' Credits.
Bills of Ezchange, Cable Transfers,
August Belmont & Co.,BANKERS,
Nos. 19 and 21 NaHsau Street,
iBBue Travelers' Credits, available in all parts of the
world, through the
ItE£SSRS. »£ ROTHSCHILB,and their Correspondents.
Also Commercial Credits and Transfers of Moneyon California, Etirope and Havana.
John Paton & Co.,SUCCESSORS TO
JESUP, PATO]¥ & CO.,
52 TfllUam Street, New York.Accounts and Agency of Banks, Corporations,
firms and individuals received upon favorable terms.Dividends and interest collected and remitted.Act as agents for corporations In payiu,^ coupons
and dividends ; also as transfer agents.Bonds, stocks and securities bought and sold on
commission, at the Stock Exchange or elsewhere.Sterling Exchange and Cable Transfers bought
and sold.draw on
THE UNION BANK OF LONDON:BRITISH LINEN CO. BANK, LONDON AND
SCOTLAND.
J. Khnntot Tod.H. O. NOBTHCOTK,
AXEXANDEB BABIN6,Member N. T. Stock Bxdi.
J.Kennedy Tod & Co.,
No. 63 WILLIAM STREET,BANKERS.
Act as Agents for Banks, Bankers and RailroadCompanies.Issue commercial credits, also foreign and domestic
travelers' letters of credit In pounds sterling & dollars.
Oiler Investment Securities.Buy and sell bonds, stocks and securities in all Am-
erican, Canadian, British and Dutch markets on com-mission. Collect dividends, coupons and foreign andinland Drafts.
Sell Bills of Exchange onMELVILl-F. EVANS <fc CO., i i (iNnitNC. J. HAMBKO &• SON, J
120 Broadway, Eqiiltatle Building, New York.LETTERS OF CREDIT AM»
CIRCULAR NOTESIssued for the use of travelers In all parts of the
world. Bills drawn on the Union Bank of London.Telegraphic transfers made to London and to variousplaces in the United States. Deposits received sub-ject to check at sight, and interest allowed on bairances. Government and other bonds and investmentsecurities bought and sold on commission.
Chas. Unger & Co.,BANKERS AND BROKERS,
Members of the New York Stock Exchange,Dealers in Foreign Kxchanqe, Government
andothek investment bonds.54 Wall St. and 62 Greene St., N. V.Buy and sell on commission for Investment or on
margin, all securities dealt In at the New York StockExchange.
J. H. GOADIJY & B. E. WALKER,JOINT AGENTS
Canadian Bank of Commerce,16 EXCHANGE PLACE.
BUY AND SELL STKRLING EXCHANGE, CABLETRANSFERS, KTC.
ISSUE COMMERCIAL CREDITS, A VAILABLEIN ALL PARTS OF THE WORLD.
James T. Bates & Co.,(ESTABLISHED 1868.)
BAIVKERS AND BROKERS,UniUa Building, New York.
Members of the New York Stock Exchange.Checks and Cable Transfers on JaMKS T. BAiTBS &
CO., Geneva, Switzerland.
J. & W. Seligman & Co.,BANKERS,
No. 23 BROAD STREET,Neiv York.
Issue Letters of Credit for Trarelers,On SELIGMAN BROTHERS, London,
Parable In any part of Europe, Asia, Africa, Ani-traJla and America.Draw BUIs of Exchange and make Teleeiapble
T^^nsfera of Money on Europe and California.
J.W. Wilson & Co.,""27 & 29 BEAVER ST.,
NEW YORK.BlUs of Exchange and Letters of
Credit on Slexleo.
'§^vihiexB attjff '^tcoUctcs.
J.C. Walcott & Co.,BANKERS AND BROKERS,
No. 24 Pine Street, New York.
Transact a General Banking BnsincsKstocks and Bonds bought and sold on Commission.
Orders received in Mining Stocks, and In UnlistedSecurities. Collections made and Loans Negotiated.
Dividends and Interest Collected.Deposits received subject to Draft.
Interest Allowed, investment Securities aSpedaltyWe issue a financial Report Weekly.
Branch Office, 320 Broadw^ar.Connected by Private Wire.
Ids. C. Waix;ott, ) Members of the N. Y. StockFRANK F. DICKINSON, ( and Mining Exchanges.
Taiiitor 6c Holt,BANKERS,
No. 10 WALL STREET. NEW YORK.TRANSACT a GENERAL BANKING business.
DEPOSITS received and INTEREST allowed onaalances.
Buy and sell GOVERNMENT, MUNICIPAL andRAILROAD Bonds.Private telegraph wires to ProTldenoe and Boston,
a. B. TAINTOB. GEO. H. HOLTG. D. L'HUILIEB.
Geo. K. Sistare's Sons,
16 & 18 Broad Street, New York.
DEALERS IN
FIRST-CEASS INVESTMENTS.Buy and Sell on Commlaslon, for caah or on mar-
tgin, all Beourltles dealt In at the New York Stock
ICxchanKe.
Interest allowed on daily balances.
AD deposits subject to check at sight.
Particular attention to orders by mail or telefiTapb
Wood, Huestis & Co.,31 PINE ST., NEW YORK,
BANKERS AND BROKERS,HUCCESSOUS TO
\¥00» & DAVIS.Bzecute orders in all securities listed at the NewYork Stock Exchange. For Sale,FIKST-CLA88 Railroad Fikst Moktgagk Bondp.GEORGE C.WOOD. O H. HUESTIS L.M.SWAN
Fred. H. Smith,No. 20 BROAD ST., NEW YORK.
STOCKS, BONDS AND PETROLEUMBought. Sold, and Carried on Margins.
Intimate knowledge of all railroads for past twentj
years. Parties desiring to buy or sell unquoted se-
curities will do well to communicate.F. H. Smith, I Members N. Y. Mlnine & NationalB. W. Smith, > Petroleum ExchanKe.
Randall & Wierum,50 EXCHANGE PLACE,
BrolierB in Railroad Stocks aud Bonds,
eOVEBNMBNTS * FOREION BXOBANGS.CHA8. K. RANuAix, Otto C. WhbuuMember N. Y. Htock Exchange.
Howard Lapsley & Co.,BANKERS AND BROKER-S,
No. 34 BROAD STREET,Neiv York.
.liNK T 1884.] THF. rTTT^ONTCT.F. tti
Uiittticra nnA JJroTicvs.
nTABLUBHD I1M&
John H. Davis & Co.,•^ BANKERS AND UROKEBS,
No. IT WAI.I. ST., NBW YORK.MemboMof New York A PhllxlBlphla Block KToh*«««
PriTiite Ulegraphlo oommunloatloi "
k«U or PhllBdolphla iind nBltlmore.
JJatilicra and grohcvs.
^"u. VHI,
fforcign IBnnftera.
PriTiite ulegraphlo oommunloatlon with the
BUor PhllKdolphla iind naltlinore.
Itallwiiy Biul oftier Mourltlel boiwUt and iold, ONCmiMl^i<l<)N ON I,T, In any market.
Stooil. nii.l M<.i.d» purohawKJ for iDTertment or oar.
"KOUKuSWimDEins, either by Cabm or iDall.
ivoelTft onH*clal attention.
CAL,DWEI.l., WASIIBI/BRI ATOWNSEXD
BANKKU8 AHU BHOKKUS.
No. 9 WAIit STKKBT.Tr«n»aot a senaral Banklns BnalneM. ImAndtnc th«
Pnrohiiae and Bale of all SeourtUee dealt In at tb*
New York Stock Exohamre.
Intereet allowed on depoelts enbjeet to iteht draft.
C B CAI.nWBI.L. I-ANSINO C. WABHHUBM.eH<"" ,V T..«NH»vp.Member N. Y. Stock Bxehange
K. C. UDMBIBT,Member N. Y. Stock Brdi.
E. C. Humbert & Son,BACKERS AND BROKERS,
No. 29 WAI.I. STREET,DHKXICL BcmlNO. NgW YOBK
R. A. Lancaster & Co.,BANKERS AND BROKERS,
> UNITED BANK BUILDINO,BROADWAY AND WAiL 8TRKBT. NK^ YORK,
TRANSACT A ORNKllAI. BANKINOBUBINSl*'AND BUY AND WKU. INVMrMBTT
BKCUHlTlKfc . „ ^ „.Hare coutantly on hand and for eale Weatern OtySdTamMOTtWMnw, bearing 7 to W per cent Inlweet
WESTERN WCNICIPAt B«ND«BOUG111' AND BOLD,
nrmlam wllh fnll partlonlaia lalHd on applloatloii
joav J. C. uuiumne.
Hatch & Foote,BANKERS, No. 19 W«ll Street, N. Y.
We make U. 8. Bond, and l=';S;S»J2',?y°,lJi'NfiS•pedalty, execute orden In 8TOCK8 and BONUSfOTeiihoroariTt^e wme on ««»T>Pv^lUFSSa general BANKING bu»lne» and ALLOW IN 1KB,KST on DEPOSITS. Bmnoh <>««•..oonnjMJd by
prlTate wire. Norwich. Conn., and Boeton. Maea. _
R. T. Wilson & Co.,BANKERS AND COMMISSION MEKCHANTB,
S Rxebanc* Conrt. Noir York.
THK
Railway Share Trust Co.(MMITSD).
No. 4 RANK IIILDIRCtS,
LONDON. BNULAND.
€apllal P«I« Cpi «»TI,8eO Storltac.
nlHHOTOltMl
It. LAiNO. ie«i..i«. r,cfciir««fc
aiNiiiAL llaxmr llopaiKno*, C. 1. 1.
MAUWUt A. LAIxa, Baq.
Jons IIOKATIO LUOTO. Ktq.
Joan PKKDgB, Kit: M. p.
OmBaJtBT UBtrnMoifo Woi.rr.
O. C. M. O.. K. a k.K P
81B CmARun UA WBiCTCB Yotrwo. Bart.
IHANCIS yAVT, K»H: Managing Dlr««ar.
J.F. Mahoney^& Co.,No. LS WAtL STREET,
DBALKBS IN
INVESTMENT SECUKITIES.All cUasee of City, Town and BaUway Bonds
iHmght and sold. . .
Stewart Brown's Sons,
stock bkokers,38 PINK l^TRKET, NEW YORK.
Simons^& Chew,STOCK BKOKERS,
S Bxckange Court* S2 Broadway,N.Y.Btocka. Bonds and n. S. Government Securities
Bought and Sold on Commission._
JAS. D. SIMON-S, BBTBBLT CHBW.Member N. Y. stock Exchange.Member N. Y^PniduceEichange.
Jb.cfo.tC^iJt.
CAJ Co.BANKERS,No. 18 WAI.I- STREET,
New York,Transact a General Banking Buslneea, Inclndlng
thepurohase and sale of STOCKS and 6OND8 for
cash or on margin.
Rnr and Sell iBweatment Secnrltlea.
p. O. BOX 3,B47.
A.M.KlI>DnU WATLA»D TRA8K. H.J.MOBBB.W. C. HI1.I.
This Company ondertakea the bwlBSsa of 1
to Loans of approved RaUwayi, negotiate* aad.
iaeaaa Loans 00 the I-ondon Market,acu aa Ageot tor
Railways and other Corporation*, either la l»* •*•
tar of paymanU of Int*r**t on Leans. DlTldenda ea.
or Registration of. Stocks In London, or e
CM>I* Addrea^-PATT, Lohdow.
""Slmoir^org & Co.,
No. 8 WAI.I. STREET, NEW YORK.
DBALBBS IN ALL KINBS OF
Railroad and Inreatment Secnritle*
BOFTHHRW PBcnurmw a Bpbtkitt
Purcbaae and sell on Commission OOVBRNMKNTand RAILROAD BONDS and STOCKS, and all
classes ef Securities dealt In at the NBW YORKSTOCK BXCBANOK, or all reputable Securities
bought and sold In the OPBN MARKET. LOANSand COMMKRCIAL PAPBB negotiated. Interest
TRANSACT A GENERAL BANKING BUSINESS,iwri I'DiNG TUK PUKCHA8K AND SALE OFSfViPKa AND BONDS VOU CASH OR ON MAB-ITn BUY AND 8KI.L 1NVK8T.MKNT SECURI-TIES INTBRBST ALLOWED ON DKPOSITS^{r^BV^^^S C^hVK A^T^SIOHT.
DA.BOODT, C. W. MCl.ItLLAN.JR.
9M§<Mambera New York and Chicago Stock Bxohsnge
ilSo New York Mining Stock Kxchamre.
Rolston & Bass,BANKERS,
30 BROAD STREET, NEW *ORK,Stocks. Bpnds and MUoellaneouii Secnrltlea
Correspondi ^"oi^tlons cheerfully fomlshad
MeibiN.Y l"«2V.xch. Memb.N.V.Co.ton Kxch
OREEN & BATEIHAIM,35 WALL STRKET. NEW VOItK
Stock*, Cotton and Forriitn Kxchanjt*
Privato Wire u> Washington.
BATHMAN * CO.. WAKHINOTOK. U. 0,
BANKERS,CNITED BANK Bi:iI>DING,
I Wall Street, Comer Broadway.' STOCKS. BOSOS * COMilEROHL PAPER.
Bond Street, I Tottenham Court Ro«dLud«ite Utll, PaddlDicton,Knlghtsbrldge, Aldgate,Holbom, I Old Street,
London..The Bank,whlle oonductinf? the Keneral business
of London Bankers, f^Wes special attention to theAgency of Foreign and Colonial Banks.
A. a. KKNNKDV. Manager.
T H B
Anglo-Californian Bank(JilMITED).
liONDON, Head Offloe, 3 Angel Court.
SAN FRANCISCO Office, 422 California St.
NBTV YORK Agents, J. & W. Sellpman & Co.
BOSTON Correspond'ts, Massachusetts N. Bk
4ntborized Capital, > $6,000,000Pald-ap Capital, - - • . 1,500,000ICeaierve Fund, ----. 400,000Tninsact a general banking business, issue Com-
mercial credits and Killsof KxchanKC, available In allp-rts of the world. Collections and orders for Bonds,Stocks, etc, executed upon the most favorable terms.
FRKD'K F. LOW. !m„„„„„_I6NATZ 8TBINH 1 rt ("""aee"-
P.N. T.II.IENTH A1.,. Oashlflr.
Hong Kong & ShanghaiBANKING CORPORATION.
CAPITAL t7.50«,000aBSKBVB FUND 4.100.00*
BHAJ) OFFICB. BONO KONO.The Corporation grant Drafts, issue Letters of
Credit for use of Travelers, and negotiate or collectBills payable at Bombay, Ca.cutta, Slnuapore, .saiuon,Manila, Hong Kong, Foochow, Amoy, Nlnppo.Shanghai, Hankow, Yokohama, Hlogo, San Francibcoand London.A. IW. TOWNHBND. Agent, it Wi lliam St.
L. de Steiger & Co.,BANKERS,
FRANKFORTON-MAIN, GERMANY.
A. P. TVRIVER &. CO.,60 THREADNEEDLE STREET,
LiONDOlW.MtrMnrna S ^^^ York Stock Exchange.MBMBKBS
j Philadelphia Stock Exchange.
E. Wuthmann & Co.,-MANttUMH, NBKSSBK. CUKHIHANV.
(Simm&iwoi ISauluers.
Bank of Montreal.
OAPITAI,, •
SURPI.US,
C. F SMrrBajRS, President.
- ¥13,000,000, Gold.- $6,000,000, Gold.
W.J. BUCHANAN, General Managei
KEV YORK OFFICE,
Norn. S9 & 61 TTAIil. STREET.WALTim WATSON, I »„-_,.ALSX-R LANG, i
Agents.
Bny and sell Sterling Exchange, Francs and CableTransfers; grant Commercial and Travelers' Credits,
available in any part of the world; issue drafts onand make ooUeotions in, Chicago and throughouttheOomlnlon of Canada.
BEAD OFFICE, MONTREAI..GBOKOE HAGUE, General Manager.J. H. PLUMMER. Assistant General Manager.
BANKERS:LONDON. BNG.—The Clydesdale Bank (Limited.)NEW YORK—The Bank of New York, N.B.A.
The New York Agency buys and sells Sterllnft Ex-change, Cable Transfers, issues Credits available inail parts of the world, makes collections in Canadaand elsewhere, and issues Drafts payable at any ofthe ofiBces of the;bank in Canada. Every descriptionof foreign banking business undert.aken.
Newlfork Asency, No. 61 Wall Street.HENRY HAGUE, I A^n.j..TOHN B. HARRIS. JH.. {
Agents.
Imperial Bank ofCanada.CAPITAL (paldnp), - • - $1,500,000SURPLUS, .-.--.. $678,000H. S. HOWLAND, Pres't. D. R. WILKIE, Cashier
HEAD OFFICE, TORONTO.BBANCBES:
St. Catharines, Port Coibome, St. Thomas, IngersollWeUand, Fergus, Woodstock.Winnipeg, Man,,
Brandon. Man.Dealers In Amerioao Currency & Sterling Exchange,
Agents in London : I Agents in New York:BosANQiTiT, Salt & Co.. Bank or Montkbai«
73 Lombard Street. I 59 Wall Street.
Promptest attention paid to collections payable inany part of Canada.Approved Canadian business paper discounted at
the Head Office on reasonable terms, and proceedsremitted hv draft on N«w York.
AGENCY OF THEBank
or
British North America,No. 52 ITALL STREET.
Buy and sell Storling Exchange and Cable Trans-fers. Issue demtind drafts on Scotland and Ireluno;also on Canada, Britisii Columbia, San Francisco andChlcafiO.CIKCU1.AR NOTES Issued in Pounds Sterling
available in all parts of the world. COMMHt.ClAL, CREDITrS If*MIIED for use in Europe,t'lilna. Japan and the KhhI and \Ve.'*t Indies. Also,in name of NEW LOMIOX & BH.\y.lLIANB*NR Li.m1tei>, available in the Brazils, KiverPlate, 4c.
Bills collected and other banking business trans-acted. D. A. MCTAVISH,/ .„.„,.
H. STIKKMAN. ,A;.ept8.
Gzowski & Buchan,BANKERS AND STOCK BROKERS,
TORONTO, CANADA.Prompt attention Riven to Collectkm of (^ooiroer
dal BtllB and Canadian Kunds on all points in CanadaAmerican and ^terHn^ Bzobanfre. and StoofcR. Bondsetc., bouKbt and sold.*^orre8T>(»ndentn— ItHnk of New York, New York;
and Alliance Bank. I.,iindon.
Hcnj gnglawd ^anhevs.
Brewster, Cobb& Estabrook,
BANKERS,No. 35 CONGRESS STREET,
BOSTON.MEMBERS OF THE NEW YORK ANli
BOSTON STOCK EXCHANGES.ALSO.
t>c«l«ra In mnntclpal. State, Smllroadand Vultad iltaiWl Bond*.
^ew gttflXatifl fatifejers.
Perkins, Dupee & Co.,
(Formerly Chas. A. Swebt & Co.),
BANKERS AND BROKERSNo. 40 STATE STREET,
BOSTON, MASS.Dealers in MnnicipaL State and Railroad BonOi.
Joshua WnjiocrR, Chaules h. Sheldon, Jb.Benjamln a. Jackson, William Binnet, Jr.
Wilbour, Jackson & Co.,bankers and BROKERS
60. nrEVBOSSET STREET,PROVIDENCE, R. I.
Dealers in Commercial Paper, Government andother 0rst-chi38 Bonds and Securities and ForeliDiExobanfre.Private Teleicrapb Wire to Ne» York and Boston.
Samuel G. Studley,COMMISSION STOCK BROKER,
No. 4 Excbauge Place, KOOM No. 4,
BOSTO.\, WASS.MEMBER OF BOSTON STOCK EXCHANGE.
Parker & Stackpole,BANK E K S
,
No. 60 DEVONSHIRE STREET,
BOSTON.•
C. E. Jackson & Co.,BANKERS.
iuii>jdi.e:xow!V, conn.,Bay and sell Oovemment, State, Municipal aD<i
Kallroad Bonds and Stocks. Investments for Ba«-
ine Banks a flpet^altT. Collections made.
Swan & Barrett,BANKERS A.ND BROKERS,
186 middle Street,PORTLAND, inAINE.
Dealers In Government, State, County, City and Rail-road Bunds, Bank Stocks, &c.
'desirable inve.»«tiDent Securities constantlr on hand
^jemisglwauia jankers.JOS. M. 8HOXMAKIB. ROBKBT M. JANNCY.
Jos. M. Shoemaker & Co.BANKERS AND STOCK BROKERS.
No. 134 SOUTH THIRD STREET.
PHILADELPHIA.
Narr & Gerlach,BANKERS AND B K O K E K M
No. 322 CHESTNUT STREET,PHI1.ADEI.PH1A,
Orders executed by private wire in New York. Boton and Baltimore.Drafts issued on all principal points in the Unit, >'
Stales and Europe.
TT W^~Crark & Co.,BANKERS,
No. 35 South Tlilrd St., Philadelphia.
DBALEBS I.V CAR TRUSTS AND OTHEKINVESTMENT SECURITIES.
Stocks and Bonds Bought and Sold on Commission
Rea Bnjthers & Co.,HANKERS AND BKOKERS,
No. 97 WOOD STREET,PITTSBVRO, PA.
Dealers in Government. State, County. Municipaland Railroad Bonds. Execute orders in all SECuK-I'l'iES listed at the Now York and Philadelphiaftt'Ck KxchanKoa by Private \\'\re.
Geo. B. Hill & Co.,BROKERS,
PITTSBURO, PA.,Mar «i>d sell all daasee of Woet«m Pennsylvama
June T, 1884.] THE CHRONICLE.
^nlttmove Saulievs.
J. WM. MiDDKNIIUHr. WM. II. OLITIH.
MiddendorfjOliver& Co.BANKKKN AND BKOKBRS,
(KUYHKH DIIII.IIINU),
N08 23 A S:5 QEKMAN HTHKIor,Box 397. BALTinOHB, nD.
Members BAltlmore Hlook Kxchuitf*.
Wilson, Colston & Co.,BANKBRS AND BKOKBI18,
RALTIMOKK.INVRSTMBNT and aOUTllEllN SBCUKITIBS k
rorraapondenoe aollotted and InformaUoD fui*DiBlied.N. Y. Corf<»pond»ot»—MoKIm Brothwa A Co.
Robert Garrett & Sons,BANKERS,
No. T SOUTH 8THEBT,BALTIinORE,
TRANSACT A OK.NKUAL DO.MBSTIC ANDPOHKIBN BA NKING BlTaiNWHS.
Wm. Fisher & Sons,B A N K E K 8 ,
And Dealers In Govcrninentu, Stock*and InveBtiucnt SecurltleH,
OiTO»:iK Second St, 32 SOUTU STREET,BALTinORR, niD.,
Hare Western Untuu u:.-. < in iholr ofQces. b>mcuins of which iuiniediul.) euuinianicatlon can behad with uU oommerclHl points in the country. K8>pecial attention Klvon to purchase and sale of Vlr-Kiniii Consolt), Ten-fortles. Deferred and all issuesof the Sttite. and to all classes of Southern State,City and Railway Beourltles. Correspondence so-licited.
^outlicru gauliers.
Thos. P. Miller & Co.,BANKBRS.
inOBIl4E, ALABAMA,Spedat attention puid to cotlecttons, with prompt
remittances at current rates of exchaiuie on dAT ofpayment. Buy and sell State of Alabama and Cityof Mobile Bi>nd8.Correspondents.—Bank of the State of New York
New York; lioulsiana National Bank, .^ew Orleans
;
Ban fc of Hverpool. IilmH.ftrt. T.lvpnKVol.
THE CITT ItANK vt' HOUSTON,CAPITAI., $500,000,
Houston, Texas.We Rive special attention to coIleoUons on all
accessible points.BiRKCTOKS.—Benjamin A. Botts, Prest: K. A.Rice.
C. C. Baldwin, W. B. Botts, Rob't BrewsMr. 8. K.Mcltbenny, B. F. Wcems.B. F. WKEMS. Cashier. BKNJ. A. BOTTS Pre.'t
W. T. Br.ACKWEU„President..
P. A. WILEY,Cashier.
The Bank of Durham,DrRHAn, H. c,
with ample means, imd facilities excelled by no
Bank in the State, invites correspondence and pays
special attention to collections. ^^B. BCTBRDSS, Pres't. A. K. Walkiir, Cashier
First National Bank,WILIfllNGTON, N. C.
Collections made on all Dnrts of the United Stv es
Wm. C. COPKTNBr. Prea. Eunbst U. PuiINQUE, Cash
BANK OF CHARLESTOX,National Bankixo association
CHARLKSTON, S. C.8PWTIAI, Attention oivgy to CoLi.KCTioyp.
MEBtHANTS' NATIONAL BANK,RICHiUOND, TIKOINIA.
Collections made on all gonthem points on bestterms : prompt returns.
JOHN P. BRANCH. President.Mhn F. Oi.RNN.Caah. Khbd. It. Scott. Vlce-Pres't
THOMAS BRAIKCU Sc CO.,BANKERS AND CO.MMISSION MKRCHANTS
RICHMOND, VIRGINIA.VirKlnia Bonds funded under the ^'unding Act
passed by the last LeKisiatore, fa/ ^ per cent commis-sion. New North Carolina 8 per cent bonds, securedby lien on the State's stock la the North CarolinaRailroad, for sale.
W&jtsteicu ga^ttlieyg.
George Eustis & Co.,
U K () K K K !,
(i.tlCINMA'ri, OHIO.
WKestcvn Banhcx'B.
IV. U . llarrlH At, Co.INVEHTinKKT BANKRRH,
No 17(1 DKAKIIOHN HTKUKT,
CHICAGO, ILL.
BONDS **?-'!•"*^'?"5^'j- Q*?'-^."""' ff'-f'p^-and Vmi TnMt Soockt and Hold.
tlon. Write us If yon —^^ -- •'"Ire lamiM fnHre*m1 wiah to bay» ertl.
T H B
Texas Land & MortgageOOJf/'A.Vr UMlTKn.
(OF LONDON, BNULAND),rraosaet a general Moanolal and Agency Bulnaw In
the Bute <if Texae ud Kuropa.'lew York CorreepondenU: O.B. WMLLMLBY.
Wa ll Street. nPAI-LAg. Tmah.
Montana National Bank,HELENA, m. T.
UNITED STATKS UKI'OSITOKV.
Capital, $250,000C. A. Broadwatik. Pres't. A.().CIJtIiKB.T^Preet.
K. SHjiKi-ic. Cashier.
O. T. WalkibCashier.
D. O. FOH18, ( STATK BANK.Prealdent. ) Incorporated 1S75.
German Bank,LITTLE ROCK, ARKANSAS.
Capital (Paid lu) - - • • 9250,000Prompt attention Bivnn to all business In our ilne.N. V.CDKKKSPoNDENrs.—Dounell, Ijkwson A Co.
and the Metropolitan National Rank.
Cboh. M. Thornton. Wm. W. Tbouicton. Caata.
W. F. TIIOR!«TON & SO.\,(Established ia6b..
BANKERS AIMU BROKERS,ttHELBYVIIJJE, lU^LNOIh.
Collections made In Shelto and adjoining Connlte*aid Proceeds remitted on Day of Payment.KBFKRBNCBS-Natlonal Bank of Com.iierce,New
York. Union National Bank, Cincinnati, ThirdNttlnn'l B'lik, St. Ix>als, Traders' Bank, (ihlcaco,Harrison's B ,nk. ln'*<«naooli« "
B8TABL1SHKD 1871.
P. F. KEEEIIER A. CO.,308 OLIVE 9TKKRT, ST. LOUIS
Dealer* In IVeatern Securllle*.Oefanlted Bonds of Missouri Kansas and Illinois a
^neolalty. Good Investment Securities, paying from4^ to 10 per cent, for sale.
gattfes-*|Jeur '^gorfe jitatt.
Bhs&manS. JEWKTr, Pres. JosiahJewktt, V.PresWiLUAH C. CORNWEix, Cashier.
Bank of BuiFalo,CAPITAL, $300,000
BUFFALO. N. Y.
This bank has superior factUtlet for maklns collec-tions on all aocesslbie milnts In the Unltoa States,(^unadii and Europe. l.lbeialB terms extended toaccounts of bankers and merebant«.CoRitEHPONi'KNTS.—New York, National Shoe h
Leather Bank; Union Biinkuf London.
^^jucial luucBttwcttts.
THEKansas Loan& Trust Co.
TOPEKA, KAN.T. B. SWEET. Pres. GEO. M. NOBL^, Bee.
Is the oldest and lari^est Institution in Kansas,giving exclusive attention to the Negotiating olCHOICE FIRST MOKTdAGK LOANS at high ratesof Interest. It has negotiated over S<i,000.006of these loans for Siwlngs Banks, Insurance Com-panies. Estates and private parties East. Send forcircular.
THE tVESTERIV
Farm Mortgage Co.,LAWRENCE, KANSAS,
Offers to Investors the best seonritles In the markatFIRST MORTGAUK I.DANS UPO.N IMPROVEDFARMS, latereft and ;jrinolpal paid on day of ma-turity in New York. KijikIs promptly ulaceo. Largeexperience. No losses. S(«na forcirciilur, referenoeeand sample forms. »'. M. i'lSRKINS, President: i. T.WARNS, Vice-Prett.: L. il. PERKINS, Secretary,r 1 1 A «. W (ill.l/KTT. Treaa. W. F. HART. Auditor
Farm MortgagesIn 8nms of $100 nnd Upwards ou In-
diana and Ulilo Lands.NOTniNG SAFER. ALWAY^ PUO.MITLY PAID.
Koaa WMttwmg A OftfiMbui lata »m» Ms.Oiwaao A RoaM Bonda.Jnllet •Northern Indiana llos4a.Terra Haute * lndlanai>nll« niiiiaMailoan (('•irliui Bond..Grand Haplds A Indiana RondeMMll
W. J. MnupHT, Pres't. J. P. »Mmi. i .,, --,^.0»o. B. LOTINO, See'y. J. ». Rbbo, {
VI" Pinna
Texas Investment Co.,L 1 M I T R II
,
OF FORT WORTH, TBXAS,DKAi.Kiu in ai.i, KiNii* or
LIVE STOCK, RANCH I'KOI'EBTIES,SECL'BITIKS, kc.
Paid-apCapital,$100,000. 8arplas,|60,000ItiKECToiu.-A. M. BrtUon. Prestdent CItr U^
tlonal Hank ; W. J. Boas, PrMl'l>.ni rr,ul..r.' Mmtinnal Bunk ; .1. P. Smth. Mav ndof the banking Una of TIdbaJl J.D. Reed. Ranchman. and Dirt'. nalBank; W. A. Iluffman. dealer iii A,fri'-<iir unii Im.plemenlit; Sidney Martin, of Martlii-Broivn Co.,wholesale Dry 'ioods; W. J. Morphy, Cattle Dealer)George B. Ix>vlng. Majuurer Loving Pabllahlni C04J. F. ICvana. RandmuMi and Cattle Dealer.
No Risk; ^FSoUd 10 Per OtRAPID ACCVIHULATION.
CAN HANDLE SUMS LARGE OR 8MALUSolid asEnglisli Consols or U. S. Bonds
For Circular Addrena the
Central Illinois Financial Acency,JACKSOSriLLB, ILL.
John B. Manning,BANKER AND BROKER.
No. 6 Wall Street, New York CitySOUTHERN SECURITIES
A SPECIALTY.tttaie. Municipal and Railway iioads and Coopona
ttouffhtand sold at best market rates, investors oidealers wishing te buy or sell are Invited teeommaar.catu wltb us.Meiyher of th e New York StocK Kxchange.
TO HOLDERS OF OEFACLTKBBONDS.
The undersigned Invites oorreapondenee wttaholders of all WR8TERN DBPADXTBD OR RB>PUDIATEU B0.N08 of atles, Cnnntlea, Townaliipeor School Districts. Will purchase at beat rates.Give full description and addreaa
846 & 348 BROADWAY,Comer of Leonard Street. NEW YORK.
Safes to rent from $10 to $200 per yeanAND CAN liK RK.NTKD FOR A
DAY WEEK OR WONTH.
g^tictiott jialcg.
STOCKS and BONDSAt Auction.
The Undersigned hold RKOTTLAR ADCTIOSSALES of all classM ef
STOCKS AXD BOWDSOR
Wn>ira8DAT8 AND SATURDAYS.
ADRIAN n. MIJEI.ER * M>K'»
Ho. 7 PINE 8Tia:ET, SEW YORK.
Vl THE CHRONICLE [Vol. x; X III.
'giWAUCiKl,
FIRST MORTGAGESox IMPROVED FARittS,
Dramug 7 and 8 Per Cent Interest,
NEGOTIATED BY
The Corbin Banking Co.No. 116 BKOADWAlf,
KEW yOHK.
All Interest and Principal Payable
in New York City.
From 1851 to 1966 Mr. Austin Corbin resided
In Hie State of Iowa, and, in connection witli
the banliing l)usine3s, made a specialty of nego-
tiating First Mortgage Loans upon Im-proved Farms in tliat and other North-
western States. In 1860 he transferred the
business to the City of New Yodt, with im-
monscly successful results. In 1874 the Corbin
Banking Company was organized to succeed
him in this business, and has continued it ever
since. From moderate beginnings this special
business has giown to very large proportions
and now shows a Contliiaons and Com-plete Bccord of Result Covering tUeEntire Period of 33 Years. The numberof cnrrcnt loans upon our books at this date
exceeds 33,500, and the amount of money out-
standing and due to individuals, savings banks
andother corporations is upwards of $12,000,
000. TUe business has grown to Its present
magnitude because its results, as shown by this
long record, have been cmineTitly satisfactory.
During the periods of depression and general
depreciation of nearly all classes of investment
securities which succeeded tiie panics of 18S5,
1857, 1881 and 1873, these first mortgage
farm loans negotiated by us, based upon a 40-
per-cent cash valuation of the farms, returned
high rates of interest to the lenders, with
almost the promptitude of Government bonds,
and from the beginning of the business to the
present time have al)solutely proved them-
selves, to be the Safest and Best-PaylugInvestment In tills Country. Fromyear to year during this period of 33 years wehave been perfecting the details. Our corres-
pondents in the various States are picked men,
skilled in this branch of business, of superior
judgment, unquestioned integrity and houcr,
and thoroughly conversant with the laws, pro-
cedure and practice of their several States. In
addition to this, all the farms are examined andour correspondents' statements concerning
them revised by independent agents of our com-
pany, paid by us a liberal salary, who report
directly to us in New York ; and in a multitude
of minor details wliich have been perfected at
great expense through the experience of this
long period, wo have been able- to reduce the
management of this ousiness to a perfect system
Indeed, it is the perfection of our work that has
enabled these first mortgage loans upon Im-
proved farms to manifest their superiority andto maintain tlieir very high standard of value
over all others, while at times great depreciation
has followed nearly all other classes of Invest
ments.To investors who wish to place money for a
term of years AvitU entire safety, at rates
varyiug from 7 to 8 per cent, wo recommendthese loans as being, all things considered, tite
Best In the World,We hold ourselves in readiness at all times
promptly, personally or by letter, to reiily to all
inquiries and to furnish all needed Information
in detail.
We have prepared an exact statement of theresults of $3,501,845, comprising investmentsfor individuals for the last ten years. Of this
amount $3,310,117 were paid promptly with in-
terest in full when due, or over 04 per cent.Of the $lS)].42i unpaid at maturity, there hasnowteen paid $118,180, with an added interestof $63,130, leaving yet to be collected $73,248,-which is principally due from a few later delin-quents, is being lapidly paid up, and is
absolutely pood. So it will be seeu tliat 98l>er cent of all this $3, .50 1,845 capitallias hceu already returned with ratesof Interest var}liig from 7 to 8 percent, and that only a per cent Is now un-paid. Witat othrr class of investment feeuri-lies, taken at an average, will show such ajeeorda* tbislWe solicit investors to investigate our meth-
od? and the character of the loang.
i;
^p&cizil 'gmacstmtnts.
Geo. H. Prentiss & Co.,
No. 49 WALIi ST., NEW VOKK,AND
SOS mONTAGUE ST., BROOKLYN.
GAS STOCKSAND
OAS SECURITIES,Street Railroad Stocks and Bonds
AND ALL KINDS OF
BROOKLYN SECURITIESDEALT IN.
8BK GAS QUOTATIONB IN THIS PAPEB.
Qio. H. Pkbntiss, W. W. WalshMeraher N. Y. Stock Exohanflre.
WIW:. C IVOYES,No, 21 NASSAU STREET,
DIIU:,EB IN
CITY RAILWAY STOCKSG^.^S STOCIiS,TRUST CO.'S STOCKS,TEEEGRAPU STOCKS,
Bank Stochs, Insurance Stocks.
Car Trust Bonds.WB MAKE A BPKClALTir OF THESB VERT
SAFE SECURITIES, AND BUY AND SELL SAMEAT MARKET PRICE.WE OFFER A LUIITBD AMOUNT OF DESIH
ABLE CAR TRUST ISSUES, ADDITIONALLYSECURED BY THE DIRECT OBLIGATION OFTHE RAIIiROAD EQUIPMENT COMPANY.
POST, MARTIN & CO.,
No. 34 PINE STREET.
H. L. Grant,No. 145 BROAD !»' AY,
NEW YORKCITY RAILROAD STOCKS & BONDS
BOUGUT AND SOLD,
See qnntatlong of City Railroads in this paper.
E. S. Bailey,T pine; strekt.
DKAHNOS IN
INSURANCE STOCKSA SPECIAIiTY.
Cash paid at onco for the al)ove securities: or theywill he HOM on commission at sellnr'M onttnn
Bank Statement for Slay 3 and May 31 may bo hadon iipplication.
J. I». "WINTRUVGIIAWI,GAS, INSURANCE, BANK KTOCKi!. &e.
Orders Solicited forSecnrities Offered ut theAuetiou Sales.
No. .18 Pi Ml r''fH.r,t'.T. N. Y.
gutfiviistf giwliUutXs^ i^c.
CHICAGO Sc NORTH^VESTERNRAILWAY COMPANY, 52 WALL ST., New
Youic, June 0. tSsi.-A dividend ot TWO PERCE.NT <m the I'liEtEHKEU STOCK and otTlIREEAND ONli IIALK I'lOR CENT on the CO.MMONSTOCK jt" this Company will be paid at this offlce onThursday, June i(J.
The transfer books will bo closed on Thursday,,Tune 12, and le-oiJened on Friday. June 27.
M. L. bVKEs. Trcasurer-
.Vo. 'I.'i WAM. St.. Nfh- YoriK. Juire 1. IH'M.
MR. JOHM URIiK^IOlK^H nU<!0:TtKSa member of otu' flriu from this date, 't'hu busi-
ness will be hencefortli eonduetetl und*r the Annname of POOR, Will TK .1; GKKK.N'OlKiH.
POOR, n'HiTii: & CO.
Charlier Institute,108 West 59tl» Street, Central Park,FOR BOYS AND YOUNU MEN
FROM SEVEN TO TWENTY.Tffenty-Ninth Comniencement Jtine Ifi, 1SS4.
Re-opons September 23, 18 4.
PROF. ELIE CrlAKLIER, Pu. D., i Owners andELIE STACK Y CUAULIER, J Principals
^iwaucial;
FIRST MORTGAGESON
Improved Property
Worth from Three to Five Times the
Amount of the Mortgagre.
INTEREST SEMI-ANNUAEAND PAID PROMPTLY IX NEW YORK
EXCHANGE.
Tliis 18 one of tlie few classea of securities
tliat lias not suft'ered any during the recent de-
pression in financial circles.
We haTe had experience of several years in
lending money on improved property, during
wliicU time we liave placed large sums of money
for Insurance Companies, Savings Banks, Trus-
tees of Estates and capitalists, and tlie safety
of tlicse investments is evidenced by tlie fact
that not one of our investors has ever lost a
dollar of interest or principal when negotiated
by us,
Loans are made only on very desirable, im-
proved and productive propeity, after we have
made a thorough personal inspection of the
security and the abstract of title e.'camined
and approved by our Counsel. And in no case
do we loan more than 33 1-3 per cent of the
appraised value of the properly.
Located as we arc at Kansas City, the Metrop-
olis of the Southwest, with a poi>iilation of
100,000, we arc able to select from the moat
desirable locations, and place money to a much
better advantage for the lender than firms lo-
cated in New Y'ork or Bo.stoii, whore they can-
not have a personal supervision of the invest-
ments. Satisfactory references will be fur-
nished.
The borrowers pay us for our services, and
interest is collected and retiiitted by us in Now
York exchange the day it falls due, with no
charges to Investors,
Write us, stating how much you would like
to invest, and ask for particulars.
JARVIS, COIVKLUV & CO.,
KANSAS CITV, MO._ . -*
Fifth AvenueHOTEL,
Madison Squnre, IVEW YORK.The lijiFKest. Best Appointed and Most Liberally
MnnMRCtt Hole! In the Citj', with the Moat Centraland DeliRhtful I^ocntiun.
HITCHCOCK, DARLING & CO.
Spencer Trask & Co.,
Bankers,HAVE REMOVED TO
i6 & i8 Broad Street,(Sexl Door to Stock Exchange )
Branch Offices:
psiladelpiiia.albany, n. y
PJiOriDEN'CE, S. T.
SABATOQA, N. J"
xmmHUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED OTATBP.
THE BANKERS' GAZETTE.liailrowl Earnings and BunkReturns 670
General (^notations of Stocksand Kondx 671
Investments, and state. Cityand (Corporation Finances... C77
Thb Commercial and Futanoul Chboniolb m published inNew York every Saturday morning.
t Entered at the Poet Office, New York, N. Y., as second-olasa mall matter.]
TERMS OF SUBSCRIPTION-PAYABLE IN ADVANCE:For One Year (including postage) SIO "0>'or.six Alouths do '.'.'.'.'.'.'.'.'. 6 ioAnnual subtcription In l-ondon (Including postage) .". *2 TsSixmos. do do do *1 8s.
These prices include the Investors' Supplement, issued once in twomonths, and furnished without extra charge to subscribers of theCbroxici.e.
Subscriptions will be continued until dcflnitely ordered to be stopped.The rubllshers cannot be responsible for remittances unless made byDrafts or Post-OIIlce Money Orders.A neat file cover is furnished at 50 cents; postage on the same is 18
oents. Volumes bound for subscribers at ."81 00.Offices In England.
The office of theCOMMuiiciAi, and Fina.vciai, Chronicle In LondonIs with Messrs. Edwards & t»MiTii, 1 Drapers' Gardens, E. C. wheresubscriptions and advertisements will be taken at the regular rates,and slimirt copies of tlie p;ip(>r supplied at Is. each.Tlie othco of the Chkosiclk in Liverpool is at B 15, E.xchanKO
Buildings.
WILLUM B DIVA JW'II.HAITI B. DAN,! Sc Co.. PnblUIiers,John o FLOYD J ''• * 81 Willlain street, NfeW YOUK.O. *LOYD.
^ p OFPICB Box 958.
THE FINANCIAL SITUATION.Chicago and the political convention being held there
liave occupied a large share of public attention the past
week. Perhaps as a counter-irritant this is not unwhole-
some at the present time. And yet among commercial
•classes the suggestion of a six years'-single-term for Presi-
dent is growing in favor. That plan at least makes these
contests loss frequent, and may it not be presumed also
that under such an arrangement legislation would be moreresponsive to the needs of commerce and less affected by
the question of party supremacy. AVith tliree Congres-
sional elections under a single administration, the middle
one, if no other, ought to be favorable to the unprejudiced
action of the members.
In the meantime, while the proceedings at Chicago have
awakened so much interest, our banks have continued
slowly gaining strength. So far however as accommo-
dating the public is concerned, their power to do it has
been restricted by the very considerable drafts the
country is now making on this centre, and also by the
tendency on the part of our Clearing House institutions
to contract their loan certificates as rapidly as po.s.«ible.
These certificates amount to a temporary local inflation,
not so v6ry unlike in principle and effect the note issues
several time.s made in spwiai omorgeiicics by the Bank ofEngland boyond the legal limit. Of cotirsc while theaa
certificates are being retired a procesa of contraction is in
operation. If tliat occurred concurrently with a return to
this centre of country deposits (a natural movement after
the withdrawals the panic caused) it would not be felt. Butthe more recent disclosures, suspensions and failnmthroughout the interior (imitations of the rogueries r».
vealed here) Imve kept up the outward flow of deposits.
though there is reason to believe as the week closes that
this demand has now been mostly satisfied. Meanwhile the
certificates outstanding are being further contracted. Thetotal originally i.ssucd was 24 millions. Tha total still
remaining uncancelled yesterday (Friday) was $18,750,000.
But of tliis latter amount $(5,000,000 were held by banks
which took them out as a provision against possible wants,
but have never used them. Consequently there are nowleft in actual use only $r2,7.'jO,000. This is a remarkably
satisfactory showing in view of the crisis we have paj^sed
through, and especially of the fact that considerably morethan half of this 12f milUons is being used for the pur-
poses of the one bank which the efforts of the association
have resuscitated.
An unfortunate because premature movement this week,
was the rapid rise in stocks. There is no present warrant
for such speedy improvement, and it has only led to a par-
tial covering of short contracts, to free selling to realize
profits, to .an absolute check to any investment demandeither domestic or foreign, and must finally end in a
serious decline more discouraging than the fact itself
merits. During the same time there have been develop-
ments tending in some measure to lessen confidence in
railroad property. The putting of Reading into receivers'
hands (which we have commented upon in another col-
umn) was at this juncture a very une.xpected event. That
the necessity for such a step might como with the interest
payments of the first of July was felt possible, but even
then it was hoped that through borrowing, if in no other
way, the emergency would be passed. Still with so large
a floating debt already being carried, that course wasfound to be impracticable, and with the coal trade prom-
ising so poorly tho plan adopted appeared to the manage-
ment wisest for the preservation of the property during
this period of greatly-disturbed credit.
Another somewhat similar incident was the passing of
interest by the Te.\as Pacific; the coupons aio being
bought by the Mis.souri Pacific but not paid. This action
following the default and a]>pointment of receivers of the
Wabash has thrown more or less discredit on the whole
.Southwestern systenp. Then, again, the now rumors with
regard to the Louisville & Nashville, though unconfirmed,
and in fact denied, have proved disturbing, as it
658 THE CHRONICLE. [Vol. XXXVIU
is very easy now to believe anything unfavorable.
We comment on the report of earnings of that road later
on. Finally, the further possible entanglements of the
"West Shore, as indicated by the action brought against
the receiver of the construction company, and the resigna-
tion of two of the directors, was a disappointment. Besides
these developments which have directly affected the stand
ing of stock properties, there have been, as already
stated, disclosures in various parts of the country showing
how widespread this moral or rather immoral epidemic
which has broken out is.
Our exchange market has also become a source of some
solicitude, as rates have turned against us again. A re-
versal in the tendency of that market ought not to have
caused surprise, for such a re-action was inevitable with th^
establishment of lower rates for money here. It has, how-
ever, been more sudden and decided than it would have
been, were it not for the rapid rise in prices at the Stock
Exchange, which first shut ofiE the foreign investment
demand for securities, and then led to considerable sales
to realize profits. But aside from these sales, nothing was
needed but a check in the flow of capital this way to give an
unfavorable turn to exchange, since the foreign trade move-
ment is so decidedly against us. The April figures we pub.
lished last week, but judging from New York Custom House
reports the May totals will be still more unfavorable. It is
in fact amazing to see how large our imports continue, with
our industries so depressed and consumption so
restricted. For one who does not recognize currency
derangements as the cause, the movement is
wholly inexplicable. We are the best market in the
world to sell in and the poorest to buy in. To-day
among other things sugar is pouring in and piling up here
until the trade is becoming wholly demoralized, and simply
because prices rule higher in New York than in London
;
and yet it does not go into consumption. A short time
ago tea and coffee were the more prominent pi'oducts seek-
ing our generous market. Hence with exports at a mini-
mum, high rates for exchange are now the natural
condition of the market. Furthermore, there are
sterling loans, made by bankers, which are about ma-
turing. Some of these can be renewed provided the
security is satisfactory, but others are of such a char-
acter that renewals may be regarded as not probable.
The indications, therefore, point to still higher rates.
On the other hand, it is agreeable to notice the splendid
reports that are coming in with regard to our crops.
There is one exception and that is cotton in the South-
west, particularly in Texas and part of Louisiana. Whatthe outcome of the late rains will be there, time only can
determine. But with that exception, cotton is reported
as in a very favorable condition almost everywhere, while
breadstuffs throughout the West seem to be extremely
promising, pointing to a large yield of cereals. So, too,
the trade of the country is being gradually put into a
better shape to meet the changed conditions. Economies
in production are being practiced and short time
adopted making the outturn of goods correspond more
nearly with the restricted consumption, and giving a steadier
tone to the market. Railroad earnings have liktiwise kept
up fairly well, and so far as reported continue better than
anticipated. All these circumstances should be and are re-
assuring, but it is difficult for the public to throw off the
feeling of distrust as long a.s the disclosures making and
threatened continue so damaging to official integrity.
Still, with the bank condition decidedly improving, as
we have shown, and these other features so favorable,
although the prevailing facts furnish little encouragement
for buoyant markets, there is no suffcient warrant for the
widespread want of confidence existing in property and
individuals.
We had intended to remark at length to-day upon the
Government revenue figures issued this week and the
strong argument they present for legislation reducing
taxation as a relief to the present industrial situation. It
seems that the total revenue shows another month very
close up to last year's figures, the customs duties being
even in excess of May, 1883, as the following summary of
the monthly returns for this and last fiscal year will show.
Here we see that for the ten months of the company's
fiscal year, gross earnings increased $381,292, and net
$343,562. The total net in the whole of the fiscal year
1882-3 were only $1,393,052, so that in the ten months of
the current year this has already been exceetled in the sum
of $118,146, with two mrtntlis still to a»ld on. The pay-
ments for interest last yeaf (not, of course, including any-
thing on the income bonds) aggregated $1,383,307.
If the charge should prove no larger the present year,
the above earnings would be more than sufficient to
meet it.
The following shows relative prices of leading bonds
and stocks in London and New York at the opening each
day.
660 THE CHRONICLE. ivou xxxvm.
ir.9.4s,e.
U.S.4!^8.
Erie
2i con.
Hi. Cent.
N. Y. C..I
HeadingOnt.WDSt. Paul.
Can.Pac.
ExchVe,cables.
e
•a
Lond'n
PT(CM.*
w.r.price*.
120 65
110T815-47
5S-98
119-31
io:-48
12-18*
74-82
45-04
Lot»i'»l
prices,* priuf.
1209i
lllMir)H
120
100)ii
24
75
469!;
iSTH
120 90
111-27
14 SO
57-52
118-70
105 54
l«-18-f
74-58
45-70
LoruZ'ti
prices.*
I20>i
IS56iy
118}^
iOOH
120-90
1112714-5 J
57-lB
118-95
108-02
12-13-f
N.T.pricfi.
London
prices.*
7iH 74-71
4oH ,
45-57
UOHni?«14«
118
wen24
74?«
4456
4-87M 4-S7M
121-02
111-88
145457-S3
118-70
106-04
ll-95t
72-95
45-0-J
N.r.prices.
120«111?^
14M57}^
117WlOJJ^
2354
72«44«
* Exiiressed in tlieir Ne-w York equivalent,1 Ecadiug on basis of $50, par Viilue.
Money on call at tlie Stock Exchange has resumed its
monnal condition. That is to say, balances in the hands
of brokers in excess of their needs are loaned at or after
the stock delivery hour at rates ranging from 4 to 1 per
cent, accordingly as the demand is comparatively urgent
or light. The banks, except on demand, loan nothingbelow 6 per cent, and it is not difficult to get that for longtime on excellent security. The following statement,
made up from returns collected by u.s, e.xhibits the week'sreceipts and shipments of gold and currency by the NewYork banks.
Wuk Ending ,June (i, 1884. Received by
A'.r. Banks.Shipped bvN.Y.Banks.
Net Interior
Movement.
t2,E40.00n
35,(00
$1,340,000
•7,.0,000
Giiin 11,104,000
Gold
Total gold and leRal tenders 12,5; 5,000 (2,010,000 Gain. J529.000
* Includes $3.50.000 transfei'rid iu the shape of silver certilluatesby a deposit of gold lu the Sub-Treasury.
The above shows the actual changes in the bank holdings
of gold and currency caused by this movement to and fromthe interior. In addition to that movement, the bankshave lost $400,000 through the operations of the Sub-Treasury. Adding that item, therefore, to the above, wehave the following, which should indicate the total gain to
the N. Y. Clearing House banks of gold and currency for
the week covered by the bank statement to be issued to-
day. It should be said that the Clearing-House certifi-
cates still operate as a disturbing feature and make it diffi-
cult to forecast the actual result.
Week Ending June 0, 1884. Into Banks. Out of Banks Net Change in
Bank HnUiin^a.
Banks' Interior Movement, as aboveBub-Treaturj operations
t2.573,000 (2,046,000
400,000
Gain. ID29.0C0
Loss. 400.000
Total gold and letral tenders
—
$2,575,000 (2,446,000 Gain. (129,000
The Bank of England return for the week shows a loss
of £1,000,000 bullion. This represents £1,370,000 sent
to the interior and £2.30,000 sent abroad, £200,000 of
which latter was shipped to Canada via New York for the
use of the Dominion Government. The Bank of Francereports a gain of 1,812,000 francs gold and of 2,502,000
francs silver, and the Bank of Germany an increase of
1,5 03, poo marks. The following indicates the amount of
bullion in the principal European banks this week and at
the corresponding date last year.
Bank of EnglandBank of FranceBank of Germany . .
.
June 5, 1834,
Gold.
£.
23,539,112
41,194,107
7,901,250
Total this -n-cek 7-2,r.34,499 d4,313,lP3 69,270,-.i96 06,101.340
Total prevlou.s week .. .. 74.443.Slti M.Ifl.S.^lS 68.H0S.0I4 86,173,575
'Silrcr.
40,G03,443
23,703,750
June 7, 1883.
Gold.
£,
20,826,982
40,402,314
8,OU,OO0
Silver.
4],978,"40
24,123,000
The Assay Office paid $137,447 through the Sub-Treas-
ury for domestic bullion during the week, and the Assistant
Treasurer received the following from the Custom House.
THU OBJENTAL BANK COLLAPSE.The Oriental Bank Corporation, the " O. B. C.,'' which
was once, more truly the type of wealth and stability in
India than the ]3ank of England has ever been in the
British Isles, after having been "an unconscionable longtimedying," gave up the ghost at last. In lo9king back uponits now closed career we can hardly help comparing it withsome famous athlete, who could once encounter single-
handed and overcome all rivals, attacked by a deceitful
pulmonary tbsease which sapped his strength but not his
hope, lingering through years of slow decline which wasperceptible to all but himself, and finally surprised at find-
ing that his vital force is completely spent.
There is not much that is romantic in the banking busi-
ness, but the career of the Oriental ]3ank might not
improperly be so described. It was chartered in 1851.
It derived its powers as a corporation not by taking advan
tage of a vulgar ", general act " of incorporation, nor yet
from a special act promoted through Parliament, but by a
direct grant from the Sovereign. It was the first of tho
Anglo-Indian banks, though not the first of what are knownas British-Colonial joint stock banks. But it quickly dis-
tanced all its competitors, and the new banks which were
organized to share in its success were for a long time feeble
rivals. It had offices in India and Ceylon, and gradually
extended its operations to other colonies and to foreign
countries. Where its notes were current they had even
more unimpeachable credit than a Briton gives to a Bankof England note. To be in the employ of the Oriental
Bank, in one of the colonies, was to have a social standing.
To bo supported by the Bank in business was to have
unlimited credit. At home the directory was.hardly second
to that of the Bank of England for the abiUty and the
financial standing of its members. The reputation which
the institution gained, and which was well deserved, gave
it new prosperity, but also prepared the way for di.saster.
Returning colonists urged their deposits upon the Bank,
and Englishmen followed their example. That was at a
time when large sums could be profitably employed abroad,
and the I5ank could well afford to pay the five per cent
which was offered to depositors, and lend the money safely
at double that rate in India and Ceylon. The shares rose in
the market. During the Civil "War in this country, when
the scarcity of cotton led to a large development of its
culture in the East, the £25 shares of the corporation sold
at £70 on the London Stock E.xchange—or at 280 on apar
of 100. The profits were enormous and the dividends
very high.
That was the heyday of the Bank. The crisis of 186G
hurt its credit—not seriously, but enough to show that it
was not exempt from financial laws. It did, however,
affect it in a way which led to the final disaster. Money
was still offered for investment by the million, but it could
no longer be so profitably employed as it had been. But
probably with the best intentions in the world the directors
continued to employ it, and as the safest business no longer
offered the highest rates they took greater risks. So it went
on for ten years. It was not until 187G that the dividends
were reduced from twelve to ten per cent. Meanwhile
many things had happened. There was business depres-
sion all over the world. Silver had been gradually declin-
ing, and in 1876 there came a great drop in the price. This
was a severe blow at the Oriental Bank; for the money
had been borrowed from depo.sitors in gold, before the de-
cline, and lent in countries where silver was the standard.
When tho ])rofits returned they too were in silver, which
must be exchanged for gold. The officers of the Bank,
instead of writing off the great loss which had come to
tli^m by the decline in silver, hoped that the price would
Tm<, CHROXirLE. 66J.
recovLT, utiil iiirriod on tlioir fictitious valuation ol w'curi-
ties. So it went on for two yeara moro, tho diviilondscoii-
tinuinj? at 10 per cent and the stock having a market value
of from £10 to £J.') a sharo. In thi' autumn of IS'Scanm
the failure of the City of IJlasgow Bank. It was, nodouhl.
the revelation of tho risks involved in trying to conceal the
real situation of that bank whicli led tho directors of tho Ori-
ental to write off their losses. The Hunk had taken a Chilian
loan, and the bonds, wliich depreciated on its hands, wore
Kold at a loss of more than £90,000. Tho cofroodisoase in
Ceylon had rendered it impossible for the planters indebted
to it to re-pay their loans, and the Bank had been forced to
take the plantations and po into cofloo culture on a large
s('alo. Much the'same thing liad happened in Mauritius,
where the decline in sugar liad been the cause of tlie mis-
chief. The business of the Bank was contracted as mucli as
possible. The Ceylon plantations were disposed of to a new
company organized for tho purpose, which assumed, how-
ever, none of tlie liabilities, and has always been a drain on
the Bank. The South African business was taken by tho
Bank of Africa.
But the dividend at the beginning of 1871) was passed.
Between the failure of the Glasgow Bank and April, 187!',
the shares of the Oriental declined from £40 to £19—far
below par. Operations on a moro contracted scale seemed
to promise well. The directors managed to figure out a
prolit of about four per cent until tho close of 1883, but
sometimes tho balance earned over would be drawn upon to
the amount of a few hundred poimds to yield even this divi-
dend. Meantime the charter, which was for thirty year.s,
expired in 1881. It was twice renewed for a year at a
time, while the -'model charter" was in preparation, and
last year tho directors advised the shareholders to accept
that charter. During this interval, that is in 1882, the
Bank lost by death the director who had been most indus-
trious and useful in carrying on the business in the deceit-
ful hope that a revival in the sugar market, or something
favorable to offset the calamity to Ceylon coffee occasioned
by the great extension of Brazilian planting, would occur.
It was not until last autumn that the management fidly
realized the situation. Up to that time tlie Bank was still
deluding itself and tho public. The new step proposed was
to write off a large part of the loss already incurred, and to
raise more capital if possible. The details of tho plan it is
needless to enter into, for it failed everywhere. Capital
could not be had, and depositors began demanding their
money. The shares fell still more. At the close of 1883
they were worth about £13; they dropped gradually to
£10; just before the spring report appeared they fell away
to £.5; after the appearance of that report shareholders
were offering to give them away, with a bonus of £10 added
to whoever would accept them, and with them the liability
to be assessed up to the limit of £25 a share.
ITiis rapid sketch of the history of the bank omits manyfacts which might be interesting to bankers, but after all
they are not essential to a correct understanding of the
case, or to an enforcement of the only lesson which the
whole affair teaches. That is the old but always new le-sson
—a mere truism and commonplace—that anything short of
the most conservative banking is reckless. The managers
of the Oriental Bank had a prosperous institution of un-
bounded credit to administer. Their willingness to take
the many millions of pounds sterling offered upon interest
made it necessary for them to keep it employed. So long
as the conditions were wholly favorable this could be done
at a profit. Subsequently the conditions changed, and
they were compelled to venture on unsafe ground. Their
business pride forbade their acknowledging, even to them,
selves, tho great losses which they had incurred until the
truth cnuld Ix! no longer concealed. Tlien it was too late
to repair the conse<|uonce» of earlier faults, and tho course
of tho Bank wsa downward—doomed inevitably to bewreckeil at la«t. Tho dcpoBitors did not take alarm all at
once, but tho Hank's liabiliti<:K on thiH wore were decri^BMod
between 1878 and the end of 1883 almost one-half, or
nearly £(;,000,000, and Ijeforo the failure tliey had been
drawn down to about £.'1,500,000. Tho pmblic and the
customers of the Bank had fully discouiite<l the failure.
Tho only persons who hofied on to the end were the share-
holders, for no consiilerablo amounts of the stock have been
transferred since the decay began.
We have no bank corresponding in all njspects to the
Oriental. But late events and our remarks of last weekshow that we have some subject to the same class of dangers
as those wlii<'li Ijrought that great corporation (i>rii!n.
READING'S FAILURE AND THE STATE OFTHE COAL TRADE.
The action of the managers of the Philadelphia & Read-
ing in placing their projKjrty in receivers' hands again, has
occasioned genuine surprise. Notwithstanding the event
is claimed in certain quarters as having been a foregone
conclusion for some time, it is questionable whether any
one, either among the company's friends or enemies, antici-
pated that a resort to such a measure would become neces-
sary so soon. It is but little over a year since the concern
was returned to stockholders' control, and scarcely three
weeks since the final act under the old receivership, namely
the formal discharge of the receivers, was performed. Notfive months have elapsed since the proposition (based onthe excellent exhibit of operations and income for the year
ended Nov. 30, 1883) to declare a dividend on the stock of
the road was seriously considered and escaped adoption on
a very close vote.
Of course, those who have followed our reviews of tho
company's monthly statements, (which needed special
analysis because of the introduction into the accounts of
the operations of the Central New Jersey), knew that the
Reading was experiencing large losses of earnings. Thecompany's officials claimed that this was wholly the result
of the new policy adopted in limiting the produc-
tion of coal, by which it w^s sought to con-
fine restriction entirely to the "Winter months,
and that consequently in the remaining months of
the fiscal year tho early loss would be made good. It is
not to be denied that there were serious misgivings as to
whether these anticipations would be realized—tho anthra-
cite coal trade being very much depressed, and its future
involved in great doubt. Still, it was not supposed that
the company would have to go to default on the 1st of
June for the want of $750,000—a comparatively small
sum for a corporation of the magnitude of tho Heading.
This latter brings us to what has always been an unfor-
tunate feature in the company's position, and was doubly
so at the present juncture—namely, the large and unwieldy
floating debt that it has been carrying. In the last annual
report Mr. Gowen stated tho amount of this debt on Jan-
uary 10 at $6,754,291, in addition to $3,4G0,311 still
due on the purchase of Central New Jersey shares, or atotal of $10,214,602. That figure probably meant the
net amount, and possibly allowed for some items as
offsets which would not bo immediately available,
for in the company's balance sheet of November 30, tho
actual cash assets against the same were only about 4^million dollars, though there were other assets the value
or availability of which cannot be determined. Count-
ing on a net debt of -about 10 miUions, Mr. Gowen
662 THE CHRONICLE. [Vol. XXXVnL
proposed to fund this, together with $2,141,000 of out-
Btanding income bonds which had to be redeemed before
any payment could be made on the stock, into a 12 million
collateral trust loan at 5 per^cent. That of course would
have relieved the company of a great burden, but unfor-
nately the loan was never negotiated, Mr. Gowen holding
out for better terms and hoping for better times in which
to place railroad securities. The financial markets,
however, instead of growing less distrustful grew more
BO, and the late panic found the company with these 1
6
millions of demand liabilities pressing heavily upon it, and
with the coal trade going from bad to worse and entailing
very large losses of earnings. It is necessary that these
facts should be clearly understood, because otherwise it
will seem incomprehensible that a company which last
year earned nearly 47 millions gross and over 15 millions
net could fail to meet the $750,000 necessary to pay the
June interest.
But while this large floating debt played a very import-
ant part in forcing the suspension at this time, it is still true
that it was the gloomy state of the coal trade that brought
about the crisis in the company's affairs, impairing its bor-
rowing capacity, besides reducing its earnings during tlie
first four months of the current fiscal year in the large
sum of $2,141,799. To appreciate the change in that trade,
we have only to remember tliat besides a suspension of
work for 48 days during December, January, February and
March (twice as long as the restriction in production dur-
ing the same months last year), a further stoppage of six
days during April became necessary; and yet, even then it
was found at the end of that month that stocks at tidewater
had increased to 859,450 tons, from 588,229 tons at the
beginning of the month. Hence no alternative was left
but a stoppage of nine days more for May, making 63 days
altogether during these si.x months, against only 51 days
during the whole of the previous fiscal year. With such
a record for the first half of the fiscal year it was confi-
dently hoped that at least subsequent to the 1st of June,
full time could be ;counted on, and Mr. Gowen expressed
this opinion in his letter to us, which certainly was not an
unreasonable view to take. However, even these 63 days
have proved insufficient, and the companies felt obliged to
order a suspension of 12 days additional during June,
making 75 days altogetlier thus far. The question natur-
ally arises, therefore, what has produced the necessity for
these increasing restrictions ?
It is not difficult to see that it has resulted from a num-
ber of circumstances. In the first place, the producing
capacity of the mines has evidently very largely increased
—
that is, new collieries have been opened—so tliat the
amount of production is greater. This is seen in the fact
that, though during the calendar year 1883 the idle days
numberad 60 (including 9 in December, which count
in the current fiscal year of the Reading), against only 48
in the year 1882, production actually increased 2,672,931
tons, from 29,120,096 tons to 31,793,027 tons. Further
during the four months of the calendar year to the end
of April, there was a stoppage of 45 days, against only 30
days in the same months of 1883, and yet the total pro-
duction fell oil less than 400,000 tons. As bearing upon
future restrictions, this is a very important fact to keej) in
mind, and one that has not up to the present time com-
manded as much attention as it should.
Then again the consumption by manufacturers is cer-
tainly falling oS from the large totals of previous years;
many industries that have heretofore been working their
machinery up to its full capacity, have since January 1st
adopted short time. This is obviously tiiie of the cotton
mills and also of the woolen mills, while many of the
smaller lines of manufacture are doing less work. Infact, that is now the tendency in all industries.
Another influence has been the encroachments made bybituminous coal. The extent of this it is difficult to deter-
mine—and probably it has been over-estimated—but there
is no do\ibt that some manufacturers have changed fromanthracite to bituminous, the reason being that the latter
is so much cheaper, the price of the former being lield upby the coal combination. Then there is reason to believe
that many of the coal companies crowded production to the
utmost during the closing months of 1883, and this of
course would operate to cause a larger contraction in the
early months of 1884 than would otherwise have taken
place.
Finally, as regards the Reading itself, the restriction of
production by the combination would seem to be operating
very unevenly and unfairly as between the different mem-bers, the Reading being made to bear almost the whole of
the burden. This may be the result of accident, or
of some circumstance peculiar to the Reading; but, as
it stands, it seems surprising and unaccountable. In
the following table we give the figures of production
by each company, for the four months of the calendar
year to the end of April, as prepared by Mr. John H.
Jones, the accountant of the companies, from which it will
appear that the Reading has had to sustain a falling off
larger than the entire amount of the falling off in the pro-
duction of all companies during this period.
Philadelphia & ReadingI^ehiRh viilleyDelawan^ I.iclc. & Western.I)('li»ware& HudsonPv,'unBvlvania RailroadI'ennsylvania Ciial
urle
Jan. 1 to April 30
18^4. 1883
Charges.
Tons. Fer at.
3,420,32s!il6C. 400,530 or 11-711,8:<T,.'5-13 dec. 118.474 or 6-451,110,7(17 1110. 43.S(i7 or 308077..'i4!t dec. 53.772 or 5'50735,68T|iiic. 1(>.^,212 or 22-18418,S87|ilec. 36. -.{HI or 8-64102,l(i61uc. 3,170 or 3-10
3,019,798l,717,0'i!i
1.451,3649J3.777898,89D382,^86105,330
8,501.029 8,900.fl57ldec. 399.028 or 4-18
Thus during these four months Reading (including Cen-
tral New Jersey) has suffered a loss of 400,530 tons, wliile
the loss by all companies is only 399,028 tons. Tlie Lehigh
\''alley, which comes next to the Reading in size as a pro-
ducer, has a loss of 118,474 tons, but the ratio of decrease
is less than Q^ per cent, while on the Reading it is nearly
1 1 f per cent. The decrease on the Delaware & Hudson is
only 5^ per cent, that on the Pennsylvania Goal Company
less than 8-| per cent, while the Delaware Lackawanna &Western actually has an mcroase of 3 per csnt. The
heaviest increase, however, is on the Pennsylvania Rail-
road—163,212 tons, or 22 per cent—but that company does
not belong to the combination, and, therefore, is not gov-
erned by its action. To the figures of loss above for the
four months, we must add that for December—237,854
tons—by the Reading, to get the months corresponding to
the company's fiscal year, and that gives us a total loss of
038,384 tons.
It J8 this heavy loss in coal—counting first at the mines,
and then in a diminished tonnage over the railroad lines
—
tliat explains tlie falling off in the Reading's earnings. Weshowed last week by the April exhibit, and previously by
each of the earlier exhibits, that the volume of general
business and of passengers was steadily increasing.
The company's trouble lies, therefore, in being so largely
dependent upon one item of traffic, and so long as this con-
tinues to be the case, its fortunes will fluctuate with the
rise and decline of the coal trade, which is subject to sharp
changes, as the statistics prove.
It is perhaps reasonable to presume that, with the comple-
tion of Mr. Vanderbilt's South Pennsylvania line, the com-
pany's position will be strengthened in that respect. Tliis
line will run parallel to the Pennsylvania, from I'ittshurg to
JUMK 7, 188i,J THE CHRONICLE. 663
Iliirrisburg, nud in connection with tlio Tjiike Slioro and tho
Pittsburg & liako Krio will iniiko tlio KuiuHng part of an
important trunk line to tho West, and add materially to
ite businoas. So, too, tho completion of tho Bahiinoro kOhio lino to I'hiladulphia will prove of groat bonulil to thu
Heading and Jersey Central. But these relate altogether
to tho future, and will not help to tide over the comi)any'8
present difTiculty. Too much may bo made of thu South
Pennsylvania, as it will not bo completed for two yoarw yet.
For tho present, all depends upon the coal trade, and this,
as we liave remarked above, is involved in considerable
uncertainty. If no further restriction is necessary after
the first of July—and already the stoppage for the half
year is si.x days -greater than that for the whole calendar
year 1883—the company will of course even yet be able
to recover a part of its previous losses.
/JAANCIAL BEVIEW OF MAY.The month of May, 188t, may long be remembered as
one of the most eventful in the history of Wall Street.
So far as appeare at tho present writing, that month wit-
nessed tho culminating point in a period of eleven yoara,
daring which time had occurred the slow recovery from
the crash of 1873, tho rise and development of tho most
gigantic ai)ecidation in railroads that any country had ever
seen, and finally tlip inevitable downward movement con-
tinued during nearly three years from July, 1881. and
ending in May, 1884, with what came near to being a
serious financial crisis. At the end of three years of
unparalleled shrinkage in Stock Exchange values, the crash
was at last precipitated by the turning up of a lino of
frauds in financial operations which had hardly been
matched beforehand the worst and heaviest of these
frauds was perpetrated under the influence of the name(though not with the personal connivance) of that distin-
guished soldier and president. General U. S. Grant. The
names of Fish of the Marine Bank, Grant & Ward, John
C. Eno, and a few others, must be woven into the history
of May, 1884.
The details of the month's operations have been given
from week to week in the Chronicle, and need not be re-
peated here. The Marine Bank and Grant & Ward sus-
pended on Tuesday, May 5, and the following week the
Metropolitan Bank suspended, followed by a number of
banker and broker firms, and the height of the excitement
was reached. The Clearing House banks joined together
to support each other by issuing "Clearing House certifi-
cates," by which means the Metropolitan Bank was enabled
to resume on Thursday, May 1 5, the day after its suspen-
sion. The Second National Bank was robbed of about $4,-
000,000 by the stock speculations of its President, John C.
Eno, but this deficiency was immediately made good bythe father of the defaulter and other directors.
The money market was excessively stringent only for a
few days, when confiience was entirely lost and deposits
were being withdrawn from the banks in immense
amounts; at that time 1 per cent a day was sometimes
paid for money, and possibly higher rates.
Foreign exchange rates fell off sharply, as the purchases
of securities here on cable orders, for foreign account were
large, and gold was even shipped this way from London.
At the Stock Exchange wild excitement prevailed, and
the bears smashed down the price of one stock after
another, without any regard to what the result
might be on the banks and general financial situation.
After a while the high-priced investment stocks were
attacked, and their prices forced down to ridiculously low
figures; perhaps it may be fairly said that there never
has been so good a time to buy stocks in New York with
an aBBuratico of large ultimate profits ; but this a««ertion
can only he made on the iditu that the present and
Aituro position of railroad properties is now so much bet
ter known and defined, that purchases can bo ma<ln withgreater certainty than at tho low prices of 1873.
Several railroads added to the general doprcwiion bydefatdtiug or preparing to default on their interest; amongthese were the Erie and the I'hiladol|iliia & Kea<ling, while
the Louisville Hi Nashville stock was knocked down to
ruinous figures by the inisuRe of its fiinds in speculation bythe President, and by bad management of tlie directors.
The following summary shows the condition of the NewYork City Clearing-House banks, rate of foreign exchangeand Prices of leading securities and articles of merchandise^
on or about the 1st day of June, 1882, 1883 and 1884.
ITATUTICAL 8D1UIART OM OR ABOITT JOIdC I, 1882. 1883 AXD 1884.
United Stales Hoiuls—3«, iT>;i«ti:rr(l. optioa U. 8 ....
68, ciirrtiH'y , 181)84*48. 1801,coui)on48 of 1;)()7, coupon
haUroad Stocks—New York Central* Hud.Rlv.Erie (N. Y. L. E. & W.)I.jikc Shore & Midi. SouthernMielii^aii CentralChicNiKo Rock Fsl.iud & PacltlcIllinois CentralChicago &L Northwestern, com.Chicago Milw. & St. Paul, com.Delaware l-iick. it Western . .
.
Central of New JerseyHerekandise—(Cotton, Middl'g Uplands. |l lb.
On the foregoins issues there is a total of $1,189,532 intereetover-<luo and not yet called for. The total current accrued interest todate Is $3,514,412.
DEBT ON WHICH INTEREST HAS CEA3ED SINCE MATURITY.Tiiere is a total of over-due delit yet outstanding, which hi'i never
been presented for payment, of .i;i2',578,275 principal and $320,313interest. Of called bonds embraced in this toial ihn principal inas follows: 5-20S of 1862, $355,350; do 1864. $19,400; do 1865,$59,950 ; consols of 1805. $276,800; do 1867, $o,54.300; do 1363,$97,150; 10-403 of 1864, $130,350; funded loan of 1381, $260,100 ;3'8 certs., $5,000; 6s of 1861, continued at 3% per cent, $25 (,2 )0; 6*of 1863, continued at 3% per cent, $15,750; 5s o£ 1831, cantiauedat 3%, $652,600; loan of 1832, as, $^, 847,750.
DEBT BEARING NO INTEREST.
Character of Issue,
Old dem.aud notesLegal-tender notesCertiflcates of depositGold certiKcatesSilver certiflcates
Fractional cuiTency <
Authorizing Act.
July 17, '61; Fob. 12, '62Fell. 25, '62; July 11. 62 ; M.ar. 3,'63Junes. '72March 3, '63; July 12, '82February 28, '78 ,.
July 17, '62; Mar. 3. ) «,, =• 0^7 ,1 q'63; June 30. '64 1
*io,Jo/,i(iii
Loss amt. est'd lost or destr'yed, act J'e 21,'79 8,375,934
Aggregate of debt bearing no interestUiielftiTncd Pacific Railroad interest
Amount.
$53,46.5346,631,01611,050.011098,312,260
117,300,091
G,9S1,379
.$580,833,2114.22B
RECAPITULATION.
Interest-hearing debt—Bonds at 4% per cent.
.
Bonds at 4 per centBonds at 3 per centReftindiiig certiiieates.Navy i)cnsiou fund
Total interest-bearing debtDebt on which int.has ceas'd since maVrityDebt bearing no interest—Old demand and legal-tender notesCertiflcates of depositGold ami silver certiflcatesFractional currency
$580,883,211Total debt bearing no interestUnclaimed Paciflc Railroad interest
.
Total $1,838,307,136Total debt, princip.al and interest, to dateTotal cash in 'Treasury
,
AmountOutsttcnding. Interest.
$250,000.000173".6t!0,5.5n242,S!i4,0(iO,
291.10014,000 OuO,
$i,24l,P45,i„5012,.'-.78,275
346,739,48111,050.000
216,112.3516,931,379
$10,003,944320,818
4.229
Debt, less cash in Treasury, June 1, 1S84Debt, less cash in Treasuiy, May 1, 1884
Decrease of debt during the past monthDecrease of debt since June 30, 1333
CUKRENT LlAIULITIES—Interest due iind unpaidDebt ou which interest has ceasedInterest tliereouG old and silver certiflcatesU. S. notes lield for redemption of certiflcates of deposit.Cash balance available June 1, 1834
Total....Available Assets—
Cash in the Treasury
$10,328,993$1,343,636,130
389,368,637
$1,459,267,4921,464,030.733
$4,763,241$91,823,714
$1,439,53212,578.275
320,818216,112,351U,05O,O( O
117,817.660
$339,368,637
$339,3(i8,637
BONDS ISSUED TO THE PACIFIC RAILWAY COMPANIES.INTEREST PAYABLE Or TUB DNITED STATES. ,'
Character ofIssue.
Central Paciflc ..
Kansas Paciflc ..
LTrii<in PaciflcCentral Br. U. P..Western Paciflc..Sioux City & Pao.
Total $64,623,512
Amoimtoutstanding.
Interest pa^a J/^ZTbyoy u. »5. transporlaVn
$25,885,1206,303,000
27,236.5121,600.0001,970,5601,628,320
$24,229,1036,313,423
25,774,9411,597,3031,727,3651,513,147
$61,160,798
$-1,778,6793,1)55,2729,933,6061J2,401
9,367131J.992
$18.120,320 $42,335.279
Batanee q/intertstpa'idby U. S.
$13,302,1,573,263,! 50
15,791,3391,42H,4301,717,998l,3S2,l,=:4
The Paciflc Railroad bonds are all issued under the .acts of July I.
1862, and July 2, 1861; thej' arc registered bonds in the douominatiotsof $1,000, $5,000 and $10,000; bear 6 per cent interest in currency,payable January 1 and July 1, and mature 30 years from their date.
UNITED STATES TREASURY STATE.\fENT.
The following statement, from the office of the Treasurer
was issued this week. It is based upon the actual returns
from Assistant Treasurers, depositai'ies and superintendents cH
mints and assay offices:
"^34.] Tin: ( IIRONIOLU B65
MAIIII.ITIRS, MAY 31, 1884.Pnnt-nfllcc Dl^I>llrtlll<Mll arrouiilf ll^l.iif.li..' titli.-.-r* iKil.ilM't'H
1'itn'Tollod,"ml"Un
I lull I liiiiik ni)t««.
Ihiiiik Kiilil iiiilCH
,.tl.ill tliMMMUlt
'llllt
I i,.iv I'.ciiiiiii (;o
, ittiMi V.V. Iiuuila
^ itiiil tli'itdii uutMtiiniUiiK
1
1
Ti.
S5.010,
88,.-.-'7.
AHii,
12,0111,Jill,
I>,41,
at.0,0»D,
750
7.:ii
(ir.'i
i:rj
7204H7110
li> : ...a
M.iiPK'il IxMi-irt iiitil liiU^ro«t
I'iiili 4 lioiiila aiul tutorii8t II
f l.l-ip .'.irj m
(, n«. >
11,c. .^ ).<Mit n.' .
i
', )
UhIiiih'c, iuuliiiluii; bullion fuml ll-i,.,!^.;);!) iM
of tho Kfttnc poliny tlio tlmc> for M-ttlln(t tlio vcxlnn Kjryptlnri
(IHPstioii hiis hi'cn iillowo'l to sHp liy. Political nfTair* of Hiinh
geriotiii importimco can Bcarcnly liavo any othor <'(T<«'t tlinn to
load to a very cuulioiut uivrcaiitile policy, ami eaiwdally no
when for a long tlmo commercial circlcB hnvo felt but lltt]»
conilclencc.
On the Stock Kxclmngo the amount of buHlneiw in progren
has been very moderate. The ejccitoraent of lft<it week has
(Iic<l away to a conMiderablo extent, but in the Amorican mar-
ket much irrcjfularity has previiilod. Moro will lie known of
4tho condition of that market next week, when them will be
the fortnightly RCttlcment, tut it will then become evident to
what extent the recent operations have been purely speculative
or for investment. EiTortii will no doubt be made to take a»
much stock oil tlto market ns po!isibIe, and if that should prove
to be the case, a better condition of things sliould be brought
about.
Thin week's Bank return doea not show changes of any im^portant cliaracler, but it is a favorable utatement, and the pro>
portion of res<>rve to liabilities is now'lS-aO per cent, a;jain8t4S
l>er cent last week and only 3.T-11 per cent last year. At this
date in 1883 the IJ.ank of England rato of discount was raised
to 4 per cent, owing to the activity of the export demand for
gold, and the Bank of England wiis in a weak condition. The.supply of gold held was reduced to £'20,130,804, while the re-
serve was only £11,413,6.'59. The former is now £2.5,03'(,143—
an increaije of nearly .£.5,000,000; and the reserve of notes andcoin £15,360,(307—an improvement of £.S,900,000. The Bankhas therefore augmented its resources considerably during the
past twelve months, and there are certainly no present indica-
tions of any retrograde movement. This is obviously a fact
which should engender confidence in the future.
The Bank of Rngl.and rate of discount remains at 3*2 percent,
and although no activity has been apparent, the open market fe
firm in tone at 1 'a to 3 per cent for three months' bank bills.
For short loans there has been very little demand, at about 1
per cent interest per annum.Tlie following are the quotations for money and the interest
allowed by the discount houses to-day and same day of thdprevious five weeks
:
",
IFrom cor own oorreaponaont. I
London, Saturday, May 24, 1884.
The weather during the past week has been very brilliant,
and the reports which have been received regarding the grow-
ing crops are, with scarcely an exception, of a very encourag-
ing character. Some assert that rain is required, and no doubta moderate fall on light soils would have beneficial results. It
is also said that, owing to the recent easterly winds and to the
frost-!, the crop of stone fruits htis been much damaged; but
this is a small matter coinpaiatively. The pasture lands are
luxuriant, and there are ample, if not abundant, supplies of
cattle food ; the appearance of the cereal crops is promising,
and vegetables are increasing in abundance.
The money market is also in an easy condition, and yet, in
spite of all these favonible conditions, business is still in a very
unsatisfactory state. The trade which is the most active, and
apparently the most remunerative, is that for wool, the public
sales of colonial descriptions which aie now in progress having
exhibited a firmer tone since their commencement a fortnight
ago. The uncertainty of the political situation, no doubt, has
an adverse influence on the general petition, as it is feared that
the difficulties which exist in connection with Egj-pt may lead
to seriou.s results. On that important question pnblic opinion
is adverse to tlie Ministers. X'lo dilatory policy of tlie AberdeenMini.stry has always been undei-stood to have brought about
the war with Russia—a conflict which many contend might,
with a firmer and more judicious policy, have been avoided.
There is still a reflection of that great event upon the public
mind, and there are many who apprehend that in pursuance
The Bank rate of discount and open market rates at tlie
cliief Continental cities now and for the previous three weekshave been as follows:
Hotel of
Inlerett at
Wan 82. Xav.10. Wai/8. llayl.
BankSate.
OpenMarket
BankBate.~~8
4
3
8B4•
armHarkel
m8«2«B
«
Ban*i!at<.
~84
8B
. 4•
OpenMarket
"liT
»
m.
s
SN<
BankSate.
"s4
s«sB4fl
OpenJtiiriMe
ParU 84
2Wm««•
B
S
taBerlin
Pnuikfort(lambnrtf
Amsterdam
s88SX1!X
Madrid B '
87*
•1. Petertborg..
ronenhniren.
B
66"^ THE CHRONICLE. [Vol. XXXVIll.
In reference to the state of the bullion market during the
past week, Messrs. Pixley & Abell remark :
Gold—The Bank of England lias not received any of the arrivals dur.Ing the past week, the export demand having more than sufficed to ab-orb all Imports. TJie an-ivals are £10,390 from the Brazils, £7,400from Australia. «4,400 fiom South Africa—total, a28,laO. Tlie"Bokhani " takes £20,000 to Bombay.
Silver has been scarce, and the price, which was 50 13-1 6d. at theclose of last week, has slightly improved in consequence, and we givethis day 50 15-liid. as the nearest quotation. The only arrivals are*41,or0 from New York. The P. & O. steamship '•Bokhara" takes £57,-000 to Bombay and £10,"00 to Calcutta, and the "Sutlej," sailing thisda.r, takes £10,900 to the latter port.Mexican dollars have maintained their price of 49''Bd , at which they
closed last week. Supplies have not been large, and the price quoti'd is
quite nominal. We have received £19,000 from New York. The P. iS»
O, steamship takes £155,030 to China and the Straits.
The quotations for bullion are reported as follows:
Prteeof Gold,j
Price of Saver.
ifov»2. Hay 15. XavW May 15.
Bu KOld, ane....oi.
Bar gold, contaln'g
SO dwts. BllTer..oi.
Span, doubloons.OK.
g.Am.doubloons.oi.
U.S. gold coin . . . oz.
eer. gold coln...o«.
>. d.
77 9
77 lOX73 9«73 BH76 an
s. d.
77 9
77 low73 m73 8H78 8«
Bar silver. flne..OB.
Bar silTer.oontaln-
Ins 5 grs. gold. .01.
Cake silver ...oz.
Mexican dol8...oi.
Chilian dols ox.
a.
50 15-18
51 B-16
54 16-16
49Ji
d.
50 13-16
51 3-16
B4 13-18
50
Tenders were received at the National Bank of Australasia on
Tuesday for £1,651,300 South Australian Government 4 per cent
bonds. The applications amounted £2,739,000, at prices rang-
ing from the minimum of £100 to £103. Tenders at and above
£100 33. received all>tments in full, and those at £100 Is. 6d.
about 14 per cent. The average price was £100 Os. Id.
A new loan for the Dominion Government of Canada for a
considerable amount—some say £10,000,000—will be introduced
at an early date.
Tenders will be received at the Bank of England on the 4th
of June for £1,300,000 in treasury bills, of the usual amounts,
and upon the ordinary conditione.
A new Queensland 4 per cent loan for £3,000,000 will be in-
' troduced on Monday at the price of 98 per cent.
Fine weather and ample supplies, actual and prospective,
have caused the wheat trade to continue in a very dull andinanimate state. The general report is that "there is nothing
doing," that is to say, that there is no speculation, and that the
business in progress is almost entirely, if not wholly, for the
supply of actual wants. If the present dry and brilliant
weather continues, the harvest wUl be early; and as there is a
Mmilar prospect on the Continent, the probability is that the
current season will be a short one, as there will be supplies of
newly-harvested produce at market at an earlier date tlian
snal. Un loubtedly the proapact for consumers is a very sat-
isfactory one, and the only encouragement which is likely to
accrue to British farmers is this—that there is a promise of a
crop of good quality, which is a very essential result wfien so
much competition exists. The intrinsic value of the crop is
enhanced considerably, and less difficulty will be experienced
in securing a ready sale. The crops, however, both here andabroad, have to pass through some critical stages before wecan congratulate ourselves over another "harvest-home." Thefollowing ara the estimated quantities of wheat, flour and In-
dian com afloat to the United Kingdom; the supplies from the
Baltic are not included, but these are now increasing in im-
Converting quarters of wheat into hundred-weights, the
total sales in the whole kingdom are as follows :
1881-82.». d.46 632 321 1
1880-81l,37<i,3441.671.12415>«,345
1880-81.«. d.42 1132 1024 1
1883-84.Wheat owt.30,001,400
1882-83.34,467,800
1881-82.28.128,000
1880-81.23,-56,700
weeks of the season, the sales of home-grown wheat, theaverage price of English wheat, the visible supply ofwheat in the United States, and the quantity of wheat andflour afloat to the United Kingdom, compared with previousseasons :
National Banks.—The following national banks have lately
been organized:
No. 3,195—The First National Bank of Abilen , Texas. Capital, $50,000.Claiborn W. Meichaiit. President; Otto W. Steffens. Cashier.
No. 3,196— The Ashland National Bank, Wis -ousin. Capital. $50,000.Allen C. Fuller, President; James 1". Gregory, Cishicr.
So. 8,197—The First National Bank of Alg.)na, Iow.<». Capital. $ )0,000Amtkrose A. Call, PresMent; Frank R. L-^wis, Casiiier.
No. 3,198—The Lii\ooln National Bauk, Peun. Capital, $80,000. Sam'lNissley, Piesideut; W. .1 Snavely. Cashlt-r.
No. 3,199 -The Hutchinson National Bauk. Hutchinson. Kan. Capital,$511,000. Oeorgrt W. Hardy. President ; .1. F. Greenlee. Cash'r.
No. 3,200—The Panhandle National Bank of Wichita Falls. Texas.Capital, $50,000. John G. Jam s. President; Ashby S. James,Cashier.
Bonds Held by National Banks.—The following interest-
ing statement, furnished by the Comptroller of the Currency,
shows the amount of each class of bonds held against national
bank circulation and to secure public moneys in national bankdepositories on June 1. We gave the statement for May 1
in Chronicle of May 10, page 561, and by referring to that th«
changes made during the month can be seen.
3vm 7 1884 J THE OHEONICLE ««7
V. a. B<md$ Hitd Jun* 1, 1884, to Amuiw-Deseriptlon of Bond: PHbilB Depotitt
in Banks.
SankCirculation.
• 176,026.430o,4 )8,000
44,886,500109,847,20')
Total Bfid.
8«. AotJiil.via, 1883....
Oiirninov (!
•8,087.430l'i0,000
1,701,600
6,951,060
•190,713.0303,618,000
4^ p«r cniiU 40,587,000
116,398,360
Aa pxt ut3l«. . ..
Total •17,"60,000 •380,237,180 •:i93,317,IB0
CHilNOE.9 IN LKOAI, TRKDERS A;»D NATIONAL BANK NOTES TO
June I.—The Comptroller of the Currency has furnished us the
following, showing the amounts of national bank notes out-
BtandinK May 1, together with the amounts outstanding
June 1, and the Increase or decrease during the month ; also
the changes in legal tondera held for the redemption of l>ank
notes up to June 1
:
National Bank Noteg—AiiKiiiiit oiitHtiindlnK M»y 1, 1884AiiiDiiiit. iMtiiud (luring MayAmuuiit retired during May
Amount outstanding June 1, 1884'
Legal Tender S'otes -
Amount »n deposit to redeem national banknolo- May 1, 1894
Amount dcpoalted during MayAmount reltisued & bn'lc notes retired In May
Amount on depo.4it to redeem nationalbauli notes June 1, 1S81
•733,98012,812,858
|$342,446,079
2,078,898
•340^7.181
• 1,989,1702,813,458
•40.272,224
— 823,888
•39,449.336
* Clrcnlation of national gold banks, not Included above, $640,519.
According to the above, the amount of legal tenders ondeposit June 1 with the Treasurer of the United States to re-
deem national bank notes was $39,448,336. The portion of this
deposit made (1) by banks becoming insolvent, (2) by banksg^ing into voluntary liquidation, and (3) by banks reducing or
retiring their circulation was as follows on the first of each of
the last five months:
Depotitt by— fOt. 1. Mar. 1. April 1. Uay 1. June 1.
Insolvent blcs
LIquld'tV bksRednc'K und'ract of 1874.
752,02113,143,469
27,551,898
•776,057
12,755,264
26,764,038
751,13612,493,617
27,528,018
9665,612
11,950,761
27,849,951
9773,308
11,672,667
27.002,361
Total 41,447,388 40.315,369 10,774,772 40,272,224 39.443,336
CoiNAQB BY United States Mints.— The following state-
ment kindly furnished us by the Director of the Mint, showsthe coinage at the Mints of the United States during the monthof May and for five montlis of 1884:
Itenomination.Month aflCay. Fine Xmlhs of liSi.
Pieces. Value. Pieces. Foi««.
Double, eaglesEaelcH
94,00066,16082,000
•
91,880.000661,600410,000
381,192127,i0
)
123,0.387243
2,783
•7,623,8101,27'J ipOO62.) 190
Tliroe dollarsQimriir eagles
216108
2,783
242,100
2.310,000
216,006
2,951,6U0
2,310,000
2i;oo6
636,328
11,610,510510510
1,990,510
9,521,137
11,610.51025 V
Standard dollars....Half (liillars
Quarter dollarsDimt-s
117199,051
Total silver
Five cents
2,9?0,0
1,268,' 00
o,6i6'66'6
2,331.000
63,400
do.i'do
13,602,040
9,032.2722.272
12,527,072
11.800,913
282 614TUree cents 68Que cent 125,271
Total minor 7,278,000 123,500 18,181,616 407,953
Total coinage 10.040,160 5.406.100 32,419,984 21,742,033
Imports and Exports for the Week.—The imports of last
week, compared with those of the preceding week, show anincrease in dry goods and a decrease in general merchandise.
The total imports were |8,.')7.5,163, against |8,36;{,368 the pre-
ceding week and ^.168,0-53 two weeks previous. The e-xports
for the week ended June 3 amounted to |o,254,394, against
$5,797,371 last week and fo, 1 14,604 two weeks previous. ThefoUowing are the imports at New York for the week ending(for dry goods) May 29, and for the week ending (for generamerchandise) May 30; also totals since the beginning of first
In our report of the dry goods trade will be found the isO'
ports of dry goods for one week later.
The following is a statement of the exports (exolosi'T* otspecie) from the port of New York to foreign ports for th«week ending June 8, 1884, and from January 1 to date:
The following table shows the exports and imports of specieat the port of New York for the week ending May 81, andsince January 1, 1884, and for the corresponding periods in1883 and 1882:
BXPOBTS AHO IMPOBTS Of SPSOIB AT MtW TOBK.
aatd.Xrporls. ImporU.
Week. SineeJan.l. Week. aineeJan.1.
Irest Britain •
I,298,2b6
12,506
•26,402,0084,392,8241,038, >203,829,045
514.93i709,354
•
107,086
6,988
»2,380,948
otormany 652,801ffest Indies 234,483tfexiooSoutb AmericaA< 1 other countrtea . .
.
981520090
Tstal 1884Total 1883Total 1882
•1,310,700
270.600
•87,523,083! •114,668170,750 5,278
23,832.958| 9,874
•3,367,3994,761,991629,298
ailver.ireat Britain
1
$62,540 •4,993,509! •17,020 420.3801
•1.068
(Jennan
2,895
79,766. 37.093West Inillea 32,14-i
187,47843,99083,990
18.97936,3018,690
260,324tfes:lco ... ........... 1,320.583South AmericaAll other countries. .
.
77,37622,109
Total 1884Total 1893Total 1882
«8 1,955151.000232,200
•5.841.2596,189,7684.991,592
•63,97023.67622,258
•1,718,5111,93.5,9881,"-12,380
Of the above imports for the week in 1884, |102,130 wereAmerican gold coin and $3,911 American silver coin. Of th«exports during the same time $12,500 were American goldcoin.
—Attention is called to the card of Messrs. Vyse & Son into-day's Chronicle. This well-known firm has recentlymoved to 52 Broadway, corner of Exchange Place, where theyhave large and beautiful offices well adapted to the accom-modation of their friends and customers. They liave also
opened a branch office at the Everett House, Union Square,which is connected with the main ofiice by private telephone.
—A new map of the State of Ohio has just been issued byMessrs. Warner & Foote, map publishers at Minneapolis, Minn.The numerous important lines of railroad traversing Ohiogives to a new map of that State a general interest, which is
not confined to its own citizens. Ohio's seven thousand milesof railroad are clearly indicated in their routes on this map,which is drawn on the large scale of four miles to the inch.
—The card of Mr. J. P. Wintringham, dealer in gas, insur-
ance and bank stocks, will be found on another page. Hiscircular, recently issued, contains the detailed bank state-
ments of May 3 and May 31, side by side.
—The card of Messrs. Gilder & Farr is published on the first
page of the Chronicle to-day. This firm has been organizedfor some time, and is composed of gentlemen well qualified
for taking care of a stock brokerage business.
Auction Sales.—The following, seldom or never sold at theStock Exchange, were sold at auction this week by Messrs.Adrian H. MuUer & Son
:
Sfiareit.
201 Phenix Niit'lB,ink.lOO>--101i830 Nonli Kivor B:«ik Iv5's2« M.!rchiint.s' Nafl Bk. 130-13230 Bank of North America.. 956 KmU of Comuierc- I5u\
.'lOTrTidi'Ruien's Niit'l Bank I'K)
53 .MrrchrinrB' Etch. Bitnk . 8822 .Metropo'itiin (iaiik 4423 Bank of tlie Metrop(ill<..14830 Uniiui Naiional Bank 1.57
10 Clinton Pire Ins. Co IS.'t"*
2 B'kl'u Academy ot .Music 7088 Bank of Commerce 152
15i> PenuRvlva la Coil Co. . 22 >
28 U. 8. Life Ins. Co 71>a10l> Mauhaitaa U ts-i i>:ii('Co.2x'l
lOCorii KKclianKC Bank 17020 Fulton National Bank ...128>4100 Ir Ml Stiiauihoit Co . 1333 United Oaa Imp. Co.,Phil. 60
200 Amorloau DU. Tel. Co 7Bonds.
•1,000 Jeff. RR. Co. ist mort.7s guar 100
Bonds.$2,000 Columbn^ Honk. Val.
it Col. RR. Car Trust 68.due M^irohl, 1818 Si's
$j.0OD Columbus Hock. Val.& Tol. RR. Car T,-U8t 65,du«3ept. I. 1888 84-84%
$2,000 Jlinueapolia «fe St. L.KR Car Trust 6», dueAugust, 1881 96
$1,000 The RR. Kquipm'C Co.Spec'i Car Trunt 6s, SeriesA, 10 due Sept. 1. 1884.. 99
$1,00J The RU. Equipm't Co.Spec'i Car Trust 63, SeriesB. 36. due M.trch 1. 18S3. 09««
$11,000 East Tenn. Va. & Ua.RR. Car Trust 6», due '9 J. 70
$10,000 East Tenn. Va. A Ua.RR. Car Trust ^•s.dllO '91. 70
$3,000 3d A V. RR. Co. 7», reg.,
due 18»0. Int. Jan. nndJuly. Aoorued int. from1st July last to be cliar;<'d
to purchaser 112)(
m8 THE CHRONICLE. [Vol. XXXVin.
DIVIDENDS.The following dividends have recently been announced
Name of Company.
KallroadN.Chicago & Northwestern common.
Uo Do pref. (ciuiir.)
Eoetern (if. H.)Misonri Pacific (quar.)Old Colony
PerCent.
31a
214
$3 50
W/ienFayaoiQ.
Books Closed.(Days inclusive. I
JuneJanelimeJulyJuly
20|Juno 13 to Jure 2026 JuiiO 13 to June 2Cin\1 June 15 to July 1ll
NEW YUKK., FRIDAY, JUNE 6. 1SS4-6 P. M.The Money Market and Financial Situation.—The past
seven clays have shown evidences of a further improvement in
the general tone of the financial situation. One fact which con-tributed to the restoration of confidence was tliat on last Satur-day the New York banks published their usual detailed state-
ment of the condition of each of the banks in the ClearingHouse Association. The banks are still using the ClearingHouse certificates, but the amount outstanding is being gradu-ally reduced. It is even complained of in some quarters thatthe banks are excessively anxious to retire these certificates,
and that in their determination to get the cash to do so theyare to some extent refusing their customers the accommoda-tions they are entitled to. The banks, however, are verycautious, and will not retire the certificates faster than theBituation waiTants.There have been no further bank troubles in any part of the
country, excej^t a disposition on the part of savings depositorsin Wasliington to withdraw their money from the banks there.Buttliere have been a number of disturbing features connectedwith railroad properties. Thus the Philadelphia & Reading hasagain passed into the hands of receivers, though the couponsdue June 1 on the general consols of 1911 were paid by the Drex-els in Philadelphia. So the Texas & Pacific did not meet its
interest payment on the Eastern Division consols, but had theMercantile Trust Company buy them instead. Then tliere
have also been renewed disquieting reports about the losses
incurred by the Louisville & Nashville through the operationsof its late President; but tliese reports, though they liad a ba<l
effect on the price of the stock, have been dejiied. The furtlier
decline in the bonds of the New York West Shore & Buffaloroad is accepted as evidence that the companj''3 finances are ina more unsatisfactory condition than had been supposed,and thatthe funding scheme is not meeting with the success anticipatedfor it. On the otlier hand, the settlement by compromise, onThursday, of the long-pending and acrimonious litigationbetween the Elevated railroad companies in this city is calcu-lated to have a good effect on the market generally.There has been no change in tlie general condition of trade
and industry throughout tlie country in the last week. Theiron and anthracite coal interests remain depressed, but thisis partly due to the competition of bituminous coal and to theincrease in the producing capacity of the antlu-acite mines.The grain movement via the Western trunk-line roads is still
large, and, with the prospect for good average cro))s of all thesmall grains in till parts of the AVest, there is abundant groundfor taking a hopeful view of the outlook there.The New York money market continues very quiet. The
field for employment of money on collaterals of railwaystocks has been so diminished by the shrinkage in value ofthe stocks ;ind the much more conservative policy of the banksthat rates for call loans have been quoted at from 13^ to 4 percent during the week. These rates, however, have beenlargely nominal, and the attempt to borrow to any extentwould probably show that the banks are doing comparativelylittle, and what they do is nearer 6 per cent than lower figures.In time loans there has been very httle done, though rates maybe quoted at from .5 to 6 per cent. The rates for mercantilediscounts remain unchanged at 5i^ and 6 per cent for two andfour niontlts on endorsed paper and at 6 and 6'^ on singlenames.The last weekly statement of the averages of the New York
banks was much more favorable than was generally expectedby the public. It showed that by the contraction of only^8,529,200 of their loans the banks had increased their reserveof legal tenders and specie $2,578,000. This, together withthe reduction of $8,214,000 of their dei^osits, left their averagedeficiency below the required reserve only $1,975,625, as com-pared witli a deficiency of $6,007,125 a week previous.The statement of the Bank of England showed a loss of
£1,600,000 for the week. The reserx-e was also reduced to 4Q'':^
per cent, from 48 1-10 per cent the week previous. The Bankrate of discount remains unchanged at 2J^ per cent, thoughthe rate on the street is If'g. The weekly statement of theBan of France showed a gain of 1,812,000 francs in goldand 3,562,000 francs in silver.
The following table shows the changes from the previousweek and a comparison with the two preceding years in theaverages of the New York Clearing House'banks.
Loau.sauddiHSpfcieCireulntlou .
.
Net deposits
.
Legal tenders
Lofral rc'servtReserve held
Surnlup
1884.itaijSl.
$109,048,8004.'i,ns.'>,C0(:
14,372,800288.301.30024,129.100
Oip'cr*nccs fr'mI'reviotis Week.
Dec $3,529,200rno. 47.o,0U(luo . .06,00)Doc. 8,2I4,OC<Inc. 2,I02,40(
Exchange.—The market for sterling was still considerablyunsettled during the past week, owing to the movement offoreign capital in connection with the purchase and sale ofstocks on foreign account. But on the whole the market has-been stronger, owing to the continued scarcity of commercialbills. The posted rates were advanced two or three timesduring the week, and now stand at 4 S5i| and 4 87i^, with con-cessions of about 1 cent per £ on actual business.Quotations tor foreign exchange are as follows, the prices
being the posted rates of leading bankers:
June 6.
Prime bankers' sterling bills on London.
,
Prime oommorcialDocumentary oomiueroialParis (francs)Amsterdam (jruilders) .•
Frankfort or Bremen (reichmarkBl
ISixly DayslDemand.
487134 851a4 834 825 iO40 1494^8
5171-.401a95%
United States Bonds.—Government bonds have been quitsactive, but show only fractional changes for the week.The closing prices at the N. Y. Board have been as followf:
* This Is the price bid at the moruiux board : no sale was made.
U. S. Sub-Treasury.—The following table shows the receipt*and payments at the Sub-Treasury in this city, as well as thebalances in the same, for each day of the past week
State and Railroad Bonds.—There was an increasingvolume of business in railroad bonds during the last week andalso a declining range of prices for the majority of the specu-lative issues. The better class of investment bonds have beeii
dull and quite steady. The Texas & Pacific issues were all
adversely affected by the fact that the coupons of the EasternDivision consols were not paid at maturity in the regular man-ner, butwex'e bought in the interest of the Mo. Pacific. The RioGrande Division iirsts were affected by this and declined 9points and the land grants 4. The Louisville & Nivshville
general mortgages were depressed by the rumors of the com-pany being embarrassed for ready nionej'. The Kansas &Texas issues were affected by the sime causes that depre;sedthe Texas & Pacifies, and the Ea.st Tennessee .5s bx- the finan-cial difficulties of Mr. Seney. The West Shore 5s were lowe*from the faci that no progress has been made toward a finan-cial scheme for the relief of the company. Many of the otherspeculative bonds were depressed by the difficulty of usingthem as collaterals for loans. Tlie settlement of the elevatedrailroad difficulties helped the Metropolitan Elevated fii'sts.
The Oregon Short Line 6s also re-acted from their extremedepression of last week. The most important changessince Friday the 30th ult. have been as follows, viz.:
Declined—Eiist Tennessee 58, 5 to 51; do. lucomes, 1 to 14: Eriesecond consols, 1% to 51}4 ' International & Great Northernfirsts, 2 to 106; Kansas & Texas general mort.gage Os, 5;';^ to67'4; do. OS, 6 to 56; Louisville & NashTille general mortgage6s,' 6 to 83; New York Cliicago & St. Louis firsts, 5^^ to 97;Iron Mountain 5s, 2% to 01. Advanced—-Canada Southernfirsts, 1?^ to 991^; Metropolitan Elevated first?, 4 to 105;
Northern Pacific firsts, % lo 104; Northwestern debenture 5s,
lJ-^to93i^; Oregon & Trans-Continental firsts, 2^^ to 73Lf:
Oregon Short Line 6s, 5 to 80, and Oregon Improvement firsts,
2 to 63.
State issues were quiet and firm during the week.
Railroad and Miscellaneous Stocks.—The stock marketwas depressed in the early part of the week by the appoint-ment of receivers for the Reading and the genei-al unfavor-able aspects of the coal trafle ; also by rumors about the con-dition of Louisville & Nashville. Besides, a great manystocks bought from ten days to two weeks ago at low prices
for foreign account were sold to realize profits. Under theseinfluences prices declined up to Wednesda)'. But after someweakness on Thursday, there was a recovery on Friday, whichleft the market generally higher for the week. Mr. Gould'sspecialties—Missouri Pacific and Western Union—show ad-vances of 8 and 2f^ per cent respectively, while the grangerstocks generally show advances of from 1 to 2 jier
cent. Union Pacific has teen notably stron.g, and is 4I4 higherthan a week ago. Louisville and Nashville has been conspicu-ously weak, and the Vanderbilt trunk lines—particularly LakeShore—have also been weak and lower. The Elevated ])roper-
ties have advanced sharply on the news of the settlement Ct£
all diflioulties between the companies.
'-1 THE CHRONirTK. nr,<)
NKW VOKK STOCK EXCHANdE rRICES FOR WEEK ENDINd JI'ME O. AMI SINCE JAN. 1. ISH*.
STOCKS.
IbAMVllostiiti ..rut.
No.
MlllIHVtoUk.
.
A Jarmiy.....
. Ohio"lio iHlprof. ...
no 'Jil piolriilosKO.t AltonC'lilOKO HiirllnKtnn ><^ (^iilnny.
Ltil<:vK<> MllwHiiki'c.C .-^t. I'iHll
Do prof.f'i.l...iL'i> tt Northwo>*teril
I '.I l>nif.
Hook iKlnniUt Piullli^i i St. LoiiU >E IMttHbiirKi
Bvunsvlllo A Terro Hnuto—(in'iMi lliiy WlnouB Jt St. PaulHlUl.MMHuu^Dii A ToxnsContral ..
imiiolsContrllIKP lrii..-.l lino* P.O.
(ndtanu r.lii.MM;i:i;i ii Jt WosfnIjlkii Kl!.' .t \\l^3^^rn1,'k,' -'L.ro1.1 .- lilimll.uii'."v I lo A NiwlivllleLoitlsvilto Now Alhnoy AOhlc.Manhatlaa Eloraleil
Do latpref.Do coiumoD,
Ma'ihathiu Ileaoli CnMompIiU A Ch!irIt*j*ton
aiotropnlUan Klov.ttotl ,
AllohiKan Centriil ,
MUwoiikooL. Sli. A Westom.Do prof.
MinnoiipoUa <& St. LoalsDo prof.
Ml.<o«otirl KauAaaA Tox.sMlHSMUl PiicllloMoMi'.t OllloMoiri:^ .V KsyoxNash V il o c'h:ilt-»uoo)t»& Ht.L.New York Contral A H mlsuu.Kew York Chic. A St. ijouls ..
Do prof.Now York F.levateilNow York I.rtok. A Wostorn..Now YiiikLako KrloAWeat'n
Do prof.Now York A Now Kiiirtanil
—
Kow York N.»w HavenA Hart.Now York Ontario A Woflteni,New YorkSusq. A Wostom...
Do pref.Norfolk A Weatoni
Do profNorthern Paclflo
Do prefO'llo <"••"""'
o: ilppl
100 103>a11<^ ll>a
7'a 7h
•lii
118<al'.>0
l-"«1184 >«
U7>a
12>g1185 Hi
67 "a
37 *«
•34
60 'j
3J
<J:
Oi.- i.ino
Ore;;, u A: 1 iMiiJi-t'ontlnont.-il..
Foot la liocaturA Kvausviilo..Phll-.i.li-U.hla A ne.-uliiijf
Plttsbiiiir Ft. Wavno A Chic-Rlch.v.Mlogh., Rt ktriistclf'8.Rlchmon'l A DanvilloRidimoii.l A Woat P'tTorm"!.n.ir ii-t.r A I'lttsbureKunu' NV'iitortown A Ogiloiwti.fcjt. l.oiiU Alton ATeiTO Uaitto
Do prof.8t i;onta A San Francisco
Do prof.Do 1st prof.
St. Patil A DnlnthDo prof
St iv^ni Mi..t,.<.ip. A Manitoba.Po •
ViiWaba.sU ^^t. I-oulH * Pacific...
Do prof.MISCF,I,I,A N F.OL'M.
Amorloan Tel. .t C.Tijlo CoRankerH' A Mciolianta* TolColoia'lo Conl A IronDelaware A UnJst.u CanalMumal rnion TettsraphNew York a Texas Lauil Co..
April 279.923 3ll,a3') 1.027.59(1 1.-3>,1"8Phlla. & Eead\' April I,-8i.7p6 1.726.016 (.,0 6,6. .5 6,168.494Do Ceut.N.J April .... 97',8S7 3,165.304Do C. & Iron April 1.231.079 1.19,00. 4,0><8.-i43 4.228.('2:4
Kohm'dikDanv. Mav 2 ..=..9 296. '0 1,569,85 1.504,928Ch.Col.A Auj;. April 54.8 1 H 52.953 27I.:<59 301.723ColumliiMc<:Gr. April 45.72^ 4(.09- 234,"70 •-97.7-2Va. Midhiud/i M y 74,032 69 851 540.94
1
53:,470West. No. Car '•ay .... 32,512 27,573 111 694 123,153
Jtocb. A fittNb'g thwk.Maj 3Z..543 15.817 41-,141 154.7Borne Wat.&Og March l.!.:.l 3 12».62i 32:,5i6 327,045Bt.Johii8i..A'B.G viiirch 19.457 18.147 50.163 49.1-7Bt.L-AltonAT.H 3d wli M.n 2.'.. 08 2 .86 551.16: 564.602
Do (MrcliB.) :.> wk Miiy 11.47. 14.813 305, 45 315.i24Bt. Louis& ( aim 2d wk .Aim- ,6ik: h 81 . 71,34;' 94.;102BtL. Ft. S &\V lth«kM;.v 12..7. ^,2^'7 190,"' 73.282Bt.L&San Fiaii .ihwu Ma\ I2l,6il I'Xi 42
West li-rscy April !3,18-. 76,02:j 31 .164 ?>76,7'8WisconKin Cent'I i.l wk May 24.: 3 • 23.6 <•: 5(7,<ll 51-'..»9l
a Includes S<.uth. rn Kansas Iiuck in both years, b Incliidex SouthernDivision. c IiicIuib'R lri»n .M.iiiit.iii Riilroad d Not includingearniUBH of New V.irk P.iin & Ohio road. e Including both divisions
rincluded in Central Paoitic carnini.'s above. 1/ Euibrtolng lines in
Miaeourl, Arkansas and Teias. h Freight only.
New York City Banks.—Tlie folWwing statement shows thecondition of the Associated Banlcs of New York City for theweek ending at the commencement of business Mav 31:
do 78, 1003 127Ploriilii—Consol. Kold 08 J A J 112Georiria— (!s. 1886 FA A 10278. new homU. 1886 J A J 10478, endorsed. 1880 lOt78, gold Imiids, 1890 Q-^I 1098«,*7ti, 'HO A AO
War delits assumed, Bs.'SO.AA Ol I13isMaryland—tSs, exempt. 1887. ..J&J 1'
6a. Hospital, 1882-87 JAJ 10468, 1890 Q—J lOr(
6b, 1880-'90 Q—J 093-ti5i<, 1807 JAJ 10i;»3
Masauuliiiet'ttH—58, KOld, 1890.AAO I00>aSa, KOid, 1894.1895 Var.l 115>38a, g., sterling, 1891 JAJ;do do 1894; man:do do 1888 AAO;
Hlobi*;an—7i., 1890 MA.N 115Minnesota—New 4>98 J A J .. ..
Hissouri—(is, 1880 J A J 103Funding honda. 1894-95 .-..J A J 118Lonft bonds. '89-90 J A J 110Asylum or University. 1892.J A J 111Hannibal A St. Jo., 1886....J A J 109
do do 1887... .J A J 109Wew Hampshire—58,1892 JAJ lOSWar loan, (is, 1892-1894 JAJI 117<«War loan, Gs, 1001- 1005 J&J 1^3War loan, 6s 1884 MAS lOtUfi
New Jersey-Cs, 1897-1902....JAJ* 1256a, exempt, 1896 JAJ* 118
>O.Caroliun—6s, old, 1886-'98 . .JAJ 30ea, N C. RR., 1883-5 J A J IT
"""
68, do AAOIT6l do 7ooupongoff JAJ68 do 7 coupons off AAO68, Funding iU3t of 1886 1900JAJ6a, do 13(38,1893AAO66, new bonds, 1892-8 JAJ6a do AAO6e, Chatham RB AAO68, special tax. class 1,1898-9AAU68, do class 2 AAO6e. do W'n N. C. RR.AAO68. do Wil. C. AK. AAO48, new, cons., 1910 J A J68. 1919 A AO
Obioiif, 1886 J A JPenca.—5«, new. reg., •92-1902.FAA48. leK., 1804-1904 FA A48, reg, 1012 FA A
RhiHl.. lal'd— lis, 1893-0, coup. .J AJSouth (.:iin>llua—68, Act of March I
23, 1860. Non-fundable, 1888.. i
Bniwii consolsTennfj4Heo—1>8, unfunded
C'oinproinise bonds, 3-45-68, 1912SeltleiMciit. is
Bath, Mo.—68,nvilroa<l aid Varl.3m, 1307. municipal
Belfast, Mo.—(is, r;iilroad aid, '98.. ij
Boston.Maaa.-r,s.(.ur,long,1905Var168, currency. 1304 Var.58, gold, long Var.li4I88, 1008 AAO48, currency, long JAJ
Brooklyn, N.Y.—7s, short JAJ78, Park, lung JAJ7s, Wnter, long JAJ7a, Bridge, bmg JAJ68, Water, long lAJ6s, Park, long JAJ6b, Biiilge. long.3s, Brldite. lougKlngsCo. 78. l382-'89 MAN
do 68. 183'2-'86 MANBuflalo. N. Y.—78,1395 Var.l7a, water, long Var.t68, Park, 19'26 MAS!
Camliiidge, .Mass.—5b, 1889.. .AA0168, 1804-06. water loan JAJI68, 1904, city bonds JAJ *
do Income 7s.A&ON.Mex.&So.Pac.,lst,7s,1909 A&OPleas't Hill & De Soto, l8t.78,1907Piieb'.o & Ark. v., Ist, 7s, g.,1903.Sonora. 1st, 7s. 1910, guar.. J&J\VRhita&S.W.,lst,7s,K.,gua..l902
Escan.&L Sup., 1st, 68, 1901.J&JDes M.& Miuu's,lst,78,1907.F&AIowa Mid., Ist M., 88, 1900.A&OPeninsula, Ist, conv.,7s,'9S..M&8Chic. & Mil., 1st M., 73, '98..J&JMil. &Mad., Ist, O3, 1905..M.&S.I |
Madison Exr., 1st, 7s. 1911.A&O t 1127Menominee Ext.,l8t,7s,191 IJ&D t 1127Northwc.st.Un.,lst,7s, 1917.M&S t 127
Eliz. City & Nor.—S.P. deb.,63.A&0Istmort., 6s, 1920 M&8
E izab.l ex.& Big S.—6a. 1902.M&SEimira&W'm.spt—l8f B3,1910.J&J' 5s, perpetual A&OErie Si Pitt sb.—2d, now Ist J&.lCons, mort,, 78, 1898 J&JEquiinucnt, 7s, 1900 A&O
Evausv. & Crawf.—1st, 7s, '87. J&.iEvaus.& T.n.,l8t con.,68,1921,J&JMt. Vernou— Ist, es .'l&O
Flint & P. Marq.—M. 6s,l920.A&OHolly W. & M., 1st, 88, 1001. J&J
Ft. Madison & N. W. , 1 st 76, g. , 1 903Ft. W. & Deuv. City—1st, 6s, 1921.Gal.Har.&S.A.—l8t,6s,g.,1910F&A2d mort.. 7s. 1905 J&DMox. & Pac. Isf, 5s, 1931. .M&S
do 2d, 6s, 1931. ..J&JGal.nous.& Ilen.—l9t,5.s, goldA.tOGeorgi.n—7s, 1883-90 I&.I
do 2d.,38,1980.MASiNaah. A Dec, Ist 78, 1900...JAJK. H. A N., l8t ti^. 1919 JADGen'l mojt..,Cs. 1930 lAJ80. .t NO. Ala.. S. F., Os, 1910 AAO1..I II Mtt., sliikiui; fluid, 88Tin-i iiouds. Os, 19.i2 Q-M
Ist, McM. M. W.AA.,I>8,1917.JAJNashv.A Decat'r.— lst,78,1900.JAJNatelie/. Jack. A Col.—1st, 78, 1910Nevada Cen.-lst 68, 1904....AAONewark A N. Y.—Isr, 78, 1887.JAJNew'kS'.i;etAS.—l.st. 78. g.,'89.MANNewburff D. A Conn.— IncomeS'biii-KhAN.Y.—1st M. 7s,1833.JAJ.Vew Jersey A N. Y.—Ist mortN. J. SoutUern—l8t M.,new GsJAJN. O. Pac.—Ut, 6s. gold, 1920.JA.I
Wisconsin Cent.—Ist ser., 5s, 19092d series, 7s, 1909, if earned
Wis. Valley— Ist, 78. 1 909 J&JsVoro'r&Nashua—5s, '93-'95..Var.Nash.& Rooh.. guar.. 58. '94.A&ORAILROAD STOCKS. Par
Ala. Gt. South.—Lim., A., 68,pref..Lim., B, com
Ala. N. O. & Pac, &c., prefdo do def...
Albany & Susqueh., Guar., 7.. .100Allegany Central 100Allegheny Valley 50Atchison Col. & PaclflcAtchison Topeka & Santa Fe.. 100Atlanta & Charlotte Air Line .
Augusta & Savannah, leaBed. ^.100iJaltimore & Ohio 100
do Ist pref., 6. ...100Bait. & Ohio, 2d, prefWashington Brancli 100Parkersburg Branch 100
Chicago Iowa& Nebraska '..100Chicago Milwaukee & St. Paul. 100
do Pief., 7.100Chicago & North Western 100
do Pref., 7.. 100Chicago Rock Island & Pac 100Chic. St. Louis & Pitts 100
do pref 100Chic. St. P. Minn. &Om.,cora..l00
do pref.. 100ChicasoA West Michifian 100Cln. Hamilton & Davton 100Cin. Indianap. St. Louis & Chic. 100Cincinnati & MilfordCincinnati N. O. & Tex. Pac 100Cin. Sandusky & Cleveland 50
do Prel., 6.50Cin. Washington & Bait 100
do pref.. 100Clev. Col. Cin. & Indianapolis.. 100Clev. & Pittsburgh, guar., 7 50Col. Chic. & Indiana Central... 100Columbus & Xenia. guar., 8 50Col. Hock. Val. & Tol 100Columbia* Greenville 100
do Pref....100Concord 50Concord & Port8mouth,guar.,7 100Connecticut & Passumpsic 100Connecticut River 100Connotton Valley 50Danbury & Norwalk 50Dayton & Michigan, guar., 313. .50
do Pref., guar., 8.50Delaware & Bound Brook 100Dclaw.are Lack. & Western 50Denver & New OrleansDenver & Rio Grande 100Denver & Rio Grande Western. .
.
Des Moines & Fort Dodgedo do Pref
Det. Lansing & Northern, com . 100do do Pref. 100
Dubuque & Sioux City 100EaBt l/ennesBee Virginia & Ga.lOO
do do Pref.Eastern (Mass.) 100Eastern in N. H 100Eel River 100Elmira & WilUamsport, 5 50
do Pref., 7..50Erie & Pittsburg, guar., 7 50Evansville & Terre Haute 50Fltchburg 100Flint & Pere Marquette ,
do do Pref.Fort Wayne & Jackson
do do Pref.
.
Fort Worth & De^ver C 100Qalv. Harrlsb. & San AntonioGeorgia PacificGeorgia Railroad & Bank'g Co. 100Grand Rapids &IndiaDaGrand River Valley, guar., 5.. 100Green Bay Winona & St. Paul. .100
do Pref 100Hannibal &8t. Joseph 100
do Pref., 7. 100Harrisbnrg P. Mt. J.& L., guar., 7.50Houston & Texas Central 100Huntingdon & Broad Top 50
do do Pref. .-50nilnolB Central 100
do leased line, 4 p. c. 100Indiana Bloomington & West'n 100Indian. Decatur & Sj)., com..
do do Prof... 100fowa Falls & Sioux City 100Jeft'v. Mad. & Ind'p's, leased.. 100Jollct & Chicago, guar., 7 100Kansas City Ft. Scott& Gulf. ..100
do do prof. 100Kans. City Springf.& MemphisKentucky Central 100Keokuk & Des Moines 100
do Pref 10<)
r-,ake Erie & Western 100Luke Shore & Mich. 80 100Lehigh Valley 50Utile Rock & Fort Smith 100Little Miami, leased, 8 guar.. .. .50
Little Schuylkill, leased, 7 50Long Island 50Louisiana & Mo. Riv., Com 100
do Pref., guar..Louisville & Nashville 100Louisville New Albany & Chic. 100Macon & AugustaMaine Central 100Manchester & Lawrence 100.Manhattan Beach Co 100Manhatti.n Railway 100
do Istprefdo common
Marci. Houghton & Ont 1 00do pref 100
.Memphis & Charleston 23Metropolitan Elevated 100Mexican Central 100Mexican National
do prefMichigan Central 100Michigan & Ohio
do PrefMidland of Now JerseyMil. Lake Shore & West 100
do do Pref.. ..100Milwaukee & Northern 100Mine Hill & 8. Haven, leased 50Minneapolis & St. Louis 100
do do Pref.... 100Missouri Kansas & Texas 100Missouri Pacific 100
10011672163§25c5058141U30102'8
Bid. Ask
16573'e
1081a99%128112
823271a8«30
609045101349
17074
I09I3100130113102529891a3380
40132
1153
luia31s1
569
111704I4
7328SI3
S40538
921b50
41132
2
50
1011207316935o.
60142134103
116%
721127041s7if
3589604259%
1161a22 >a
lOi
,511
II7198311
x7780
1085%
150"
56269
30%15
831621a2050
5021
24
39117231*
102
10
3513
1188512i«
78
80123
1186
181316370
SO^t18
8616320
95
82
1868
10
(34
191315%83
21i«802695SH
2273
20
35
66131*221683>«
* Price nominal ; no late transactious. Purchaser also paya aocrued Interest. ! la Londou. i Qaotatloa per ahare.
JUNii 7, 1884.) THE CHRONICLE. «75
GENERAL QUdTATIONH OF STOCKS AND BONDS—Contindicd.
Vor Kp1«natIoii« lee NoM* M !!••< of First P>k« of ((aotallona.
Raiijioad HroiKB.
8121
115
loe 1(<6>4
Bhi 7ii>i 18
105 la^1!I4 U»8
8n 8711% i4>fl3ft san>< 12
IRl 1H3»>«
6!2 72
15731*
lOia5
nil. NTlX'KN.*'oM INTKIi.
.Mollllo A I Hill. UK.UM)hlor. A l-;'\. uiiar,, T.rjO
do rior..iooN.Y. Klovutcd... 100N. Y. A Iliirloin ....50
do Priif.' 50ll.Y.I,aik..t\V..c..'>.100N.Y.L.Erlo.VWcst 100
do Pi-ef.lOON.Y.AN.Eiiirluiid.lOON.Y N.H.& llnrtf.lCON.Y. Out. AWo^t.lOO
do Prof.
N. Y. Penn. A Ohio ..
do Prof.N.Y. Pri)v. A Host. 100N.Y. 8u!«i- A Wodtorn.
do Prof.N.Y. WcM Shore* B.Norf.A Wost,. t'Oiii 100
do prof.lOONo. Ponn8ylvanttt...')0Nortlieni Central.. .50North'u N. llamp.lOONorth'n Pac com . 100
do Prcf. 100Norw.A Worcester. 100Orfd. A L. Champ. lt>0Ohio Central 100Ohio A Mi88 100
do Pref. 100Otilo Southern 100Old Colony 100Oregon A Calif 100
do Pref...l00Oregon Short Lne...Oregon Traiis-Cont . .
.
08we).'o A Syr., guar.Panama 100Poonsylvania RR. .50Penmoola A AtlanticPeoria Dec. A EV..100PUla. A Erie 50Phlla. A Reading. ..50
do Pref. ...60Phlla. A Trcn., 10, 100Phlla. WIlm.A Bait.50Pltte. an. A St. L..50Pltto. A Con.. I'sed.SO
do PrefPltU.Ft.W.AC.,guar.7i 133
do Spceial.T.lOOPltt«l>nrK A Western . . 22>sPortSacoAPorts.lsdOl 112'sPort Royal A Augusta
Rid. Auk.
10
41
MlllCMI.t.ARBO0R.
1.^8
612
31 >s63 I
87 !
in>«
4S%'150
32 I
6558
1121«'
219u49
161
2I4I
2038
J7(2015>si14>8120
';550e
V641223ie
6-2
15
Ports. G t. F.A Con . lOi,Piov. A Worc'ster.lOORens. A Saratoga. . 100Rich. A Alleg.. stock..Richmond A Danv . 1 00Bloh. F. AP.,com.lOO
do Guar. 7.100do do 6
Richmond A P'b'g.lOORich. A West Point...Richmond York R.A ''.
Rochester A Pitts. 100Rome W. A Ogd...lOORutland 100
do Pref., 7.. 100St. Jo8.^ph A Weslcru.8t.Loul8AIt.JiT. H. 100
do Prcf. 100Bellev.AS. Ill.,pf . 100
Bt. L. Jack. A Chic. 100do Pref.lOO
Bt. I<oui8 A San Fr.lOOdo P/ef.. ..100do Ist pref.lOO
Bt. L. Van. A r.H8t. Paul ADiiluth.IOO
do Pref.lOO8l.P..Miiin. A Man. 100Boloto ValleyBeab'd A RoanokelOO
do Guar.. 100Bonth Carolina ...100Bo. A No. Alabama.B'west., Ga., gM, 7.1008yr. Bing. A N.Y. 100Summit Branch,Pa..50Terre H. A Ind'nap.50Texas A N. O 100Texas A Pacltic . . . 100Texas A St.!,. In Texa«
do In .Mo.AArk.To'.Cln. A St. LouisD. N.J. RR AC. Cii.lOODnton Pacifln 100ntah Central 100Vt.A Mn«s.,r80d,6.100Virginia Midland, com.
do Ist pref.do 2d pref
Vloksb. A Meridian .
.
do pref.
.
Wab. St. L. A Pac. 100do Pref.lOO
Warr'n(N.J.),l's'd,7.,50Weetch. A Phila..pf.50
23131
21440
7018
0%19218122570
17%3680\,15
8i6
100110
8
101)
12''e
l<«30c.
§l88ia44
131 >s20
266
13>8118
21422j-U39
21ISHi14:«l
:i5^1011152338
64
35
133
26114
25131
21«45
22
6•2i
1915
83
18%
8!l
10
12
4'a106
3dc.18944 18
13231
6%13%
West Jemoy ftOWestJerseyA Atlantic^Toslt.rn MarylatMl. ...
tVII. Columbia A Auk..Wll.AW«ld..lsd ,7.100Wisconsin CcntnU ...
do Prof.^'ore'terA .Nashua. IWI(MN.ll. HONDM.hesap. A liolswartt—Ist mort..(ls,'H6JAJ
South Boston 100Brookline, Mass. . . 100Cambridge, Mass. .100Chelsea, Mass 100Dorcliestcr. Mass.. 100Jamaica Pi'n.MasslOOIjawrence, Mass... 100Lowell 100Lvnu, Mas8.,G. L..100Maid. A Melrose... 100Newton A Wat'n ..100Salem. !\I ass 100Brooklyn, L. 1 25Citizens', Brooklyn. 20Metropolitan, B'klyn.Nas,s.au. Brooklyn ..25People's, Brooklyn. 10Wililamsb'g, B'klyn 50Chai-lesfu,S.C.,Gas.'25Chicago G.A Coke. 100;;inciniiatl G. A Coke .
Hartford, Ct., G. L..25Jersey C.A Ho'./0k'n 20People's. Jersey C.
.
Louisville G. LCentral of N.Y 50Harlem, N. Y .50
Manhattan, N.Y... 50Metropolitan, N.Y.IOOMunicipal 100Mutual of N.Y...100New York, N.Y.... 100N. Orleans G. L. ..100N. Liberties, Phlla.. 25Washington, Pliila..20Portland, .Me., G.L. 50St. I»ui8 G. L .50
Laclede, St. Louis. 100OaroTidelet.st. Louis 50San Francisco G. X...
Washton City Q. L.20Georgi'iown G. L...25WANIJFACT'INO
C' 1 < ...500I'.. iin.)..10('• to.). 100|Ci. R.) 100if:i I (K.R.):i)i. KiiooI)' . . ..Mit«8)100
.Mkm.). ..800'Mam.)... 100
.. IronW. .100K. R. Ma<^hlnaCu..lOOF. R. .'rt.rino Co... 100Flint .Mills (F. R.) 100Franklin (Me.).... 100Gl'be Y.MillB(P.R)lOOaranlle(F.|{.) ...1000Great Falls (N. H.llOOHamilton (Mass.) 1000Harlf. (Jarpet (Ct.)lOOHill (Me) 100Holyoke W.Power.lOOJackson (N. H.>..1000King Philip (F.R.) 100Ijiconia(Mo) 400Lancaster M.(N.H)400L'rel Lake Mills (F. R.)(jtwrouce (Ma8fl.)1000l»well (Mass) 690Ijowell Bleachery.200r^owell Mach.Shop..500Lyman M. (Mass.) 100Manchester (N.H.) 100Mass. Cotton 1000Mechanics' (F. R.) 100.VIerohaiits' (F. R) 100Merriinack(Ma88)lOO0Metacoinct (F.R.) .100Mid.llcsex (Mass.). 100Variagans'tt(F.R,)100Nashua (N. H. ).....500Namnkcag (Ma8S.)10}N. E. Glass (Ma88.)375NewmarketPacific (Mass.)... 1000Pepperell (Me.). . . .500Pocaaset iF. R.)...100Rich. Bord'u(F.R.) 100Robeson (F. Riv.) 1000Sagamore (F. Riv.) 100Salmon Fail8(N.n.)3003andw.Glass(Ma88.i80Shove (Fall Riv.). 100Slade (Fall Kiv.).. 100Stafford (Fall Riv.) 100Stark Mills (N.n.)lOOOTecuiuseh (P. R.).100Thonidikc(,Ma8R.)1000rromontAS.(M.iRS)100Troy C. A W.(F.R.) .500Union C.Mr. (F.R.) 100Wampano.ag(F.R.) 100VVa8hingt'n(.Ma8S.)100Weed .Sew. M'e (Ct.)25WcetanioB (I''. R.)IOOWillim'tlc Linen(Ct)25York Co. (Me.) 7.50
COAL, Sc .TIISCEL..TIININ» STOCKS.'ameron (7oalCent. Arizona Min.lOO{Colorado Coal A 1. 100Consol.Coal of Md.lOOHomcatake .Min'g.lOOl-ehish A WilkesMah.mingCi.al A RR.Marip'sa 1...AM.Cal 100
do pref. 100M.irj'land Coal.... 100Sew Central CoalOntario Sil. Min'g.lOOPennsylvania Coal. 50(Quicksilver Min'g.lOO
do prefSpring Mt.Coal .....50
UOI.D A NI1.VRWTIIININ4J STOCK!>5(\. Y. A SAN. FRAN.).Vlice.
Rid.
.10(I
,0
6501151H501331075113
. 10)(105
150 1 1551600 16.50
110X1935132>sX1080110
8»76020581
220Z102088
410x520
xiig'o59023387870
1.32
1125
32612272
4681213995
.Alliha Consol GAS.IOOAlta Montana 1 00American Flag— 10-Amie 10BarcelonaBasslok lOUBechtelBelle Isle 100Bodle 100Bulldomlngo 30Bullion 100Bulwer 100Caledonia B. H looCalifornia 100Cherokee 10Chrysolite 50Chollar 100Climax 10C0U80I. Imperial ..100Consol. Paoltlc.... 100Consol. Virginia. ..100Crown Point 100Dunderbcrg 10DunkinEure'ica Consol 100Father Do Smel .. 100Fludiey 1
Gold Placer 23Gold Stripe
14747S10<t
11886075
08
1210
158
Aik.
fltM)
).50>i1000too18048510l«
n"95"6011«87085
059098107
6077520882
22810S992 It
415.530961825305235900731351135loa18»1250
160105550123 >t7847512551000
30063
xlOO<i
1000150
lOS3056410776118102510»1050185
183
"lU%
44x790
1112
10
20220
423
2-50
•03•0314
•493-78
•65•50•14
•00
•525•17
2758 00
19015020
'65"
45SOO
IS20
12
20
624
2-75
1-OT
"'di
6-76•27•5«
4-25
•76•70•1«
•9»1^60
•ao1-36
"•36
3SOe^oo
* Price nominal ; no late transaotlons. 1 Parcbaser also pays aoonwd Interest. ] In London. i ({notation per share.
676 THE CHRONICIE.IVol. xxxvm.
GENERAL QUOTATIONS OF STOCKS AND B(^NDS—Concluded.For Explauatloiis See JVotes at Head of First Paqre of duotatlons.
BAl.n.MOKK.Bank of lialti.nore IOCli.auk of Commerce. 15Citizens' 10Com. & FanT.crs'..100Farmei s' Kit of Md.30Farmei.s'<fc Mcroli..40Fanners'&Plantcr8"25First Xat. of Bait. .100Franklin 60Gorman AmerieanHowiird ]
* F.leo nomlu'-l; uo late traus,ictio:j8.J Xust pi ice this week. § Quotation per share.
JUNB 7, 1884.
1
THE CHRONICLE. 677
JuucstmcutsAND
RAIL.BOAD INTELLIGENCE.Tht* In VB8Titii3' SuppLBMBNT notitniiis a complete exMliit of the
Funded l>ebt ofStates and Citie.i and ofthe Stocks and Bondsof Unifloods and other Companies. It is published on the
lu^i Haltirday of every other month—viz., Febrnari/, April,
June, August, October and Denember,a7id is furnished with-
out extra charge to all regular subscribers of the CHRomcLfExtra copies are sold to subscribers of the CuonsicLS at 80
<ents each, and to others than subscribers at |1 per copy.
ANNUAL REPORTS.
St. Louis Altou & Torre Haute Railroad.
{For the year ending Dec. 31, 1888.)
The^annual report for 18S;J has just been issued. The report
says that during the year the respective boards of directors
and stocUliolders of the companies in interest have formallyratified the lea.se of the Main Lino and Alton Branch to theIndiiuiapolis & St. Louis, and the Cleveland Columbus Cin-cinnati & Indianapolis railway companies, as joint lessees.
Tlie Ies.see companies report the following comparative state-
ment of earnings
:
Fi-'tni —J'leiilit
I'as^eiijrer
Malli";xi>rcs8
Miscelluiieuiis
1882.$931,827358,73920.V1329,97%75,500
1893.$1,028,980
3 13,978l!t,S7J2(1,93751,271
l,il9,261 $1,184,069Tjtal. $l,il9,261
"Showing an increase of |!64.80H 13 in 1883, or 4J,^ per cent.
The minimum rental of §37,500 per month has been promptlypaid, making a total of $450,000 for the .year, and the sum of
^G,7a9 for account of 1883 in addition. Under the new lease,
$450,000 is all your company should receive until the earnings
exceed !j;l,75o,000 per annum. The experience of a year's
operation under the lease gives us the most satisfactory evi-
dence that tiie lessees will carry out their undertakings andobligations in good faith. It is their evident purpose to makeyour road equal in all respects to tlie best of the Westerntrunk lines—a result which tliey will very soon reach if theycontinue the work of improvement and development with the
same ability, energy and liberality that have thus far charac-
terized their management.'' * » »
" The intervening petition of this company in the foreclosure
proceedings againsl; the former lessee (the Indianapolis & St.
Louis Kailroatl Company), in which the claim of this companyto priority in tlie distribution of the proceeds of the sale of
the Indianapolis & St. Louis Railroad was made, was formallysubmitted to the court in the early part of 1883, after full
argument, but no decision has been rendered at this date." * *
CAIRO SHOET-LINE DIVISION.
"Under this name (which was adopted because the line, in
•connection with the Illinois Central Railroad, forms the short-
est line between St. Louis and Cairo), your company operates
the following roads:Wiles.
Tlie proprielarv line from East St. touis to Belleville ll'lThe leased line'rrom BelluviUe tu K Caroudelet 17-3
(called the Belleville Division) 31-7The leaved liiu! fivni Belleville to Du Quoin 5C'l
(called til" IJii Quoin J'ivislou)Tlie leased line truiu l)u Quoin t<> El Dorado 50-2
(Oiillcl tUo El Dorndo Division)Totid 138-3
" This is an increase over the mileage of former years of 17 '3
miles, being the leased line from Belleville to East Carondelet,
built by the Belleville & Carondelet Railroad Company, andleased "by your company June 1, 1883, at a fixed annual rental
of iioC.OOO 'per annum, or 6 per cent per annum on the actual
casii ciwt of the road and its equipment, including terminalgrounds at East Carondelet, and an approach or mcline for
car transfer, ferry and coal dump, stone quarry, etc. Underthe terms of the lease the entire capital stock of the Belleville
& Carondelet Railro.ad Company has been transferred to, andis owned by your comjiany. The road is laid with sixty-
pound steel rail, and the equipment consists of one hundredcoal cars, one pa«.senger car and two locomotives, all new."The following statements show the earnings and expenses of
this division for 1883, compared with those for 1882 :
' EAliNlNGS ASD EXPKJiSES.
From— 1882.Pa8»en«er $ll)3.:fnO
Coal -.ifiH.TOl
MUeellnneoas freight 3"r:.t.70
MttU .- 12.7.80
Expre.^s 11,9,")4
Jtigcellauoous 36,' '49
Total $87.',45SOperatiug expenses andtaxcs^. 446,332
Net earning« ,,...'\.l...., SI29,12(>Rental of leased lines ;...'..i.'. ..;.-. l!)0.1 (6
1883.$17*,<>(;82ii7,9.'i-.i
So2,<U4M.1K9lr>.t4023.311
$3S2.4G8125.CS5
$400,833200,'S97
JSTrtrevenue .k.....w: $236,030 S205,935
•>Tlii> i>|M.rati(>ii'i of thcEl Durado DivMnii iihow a d«flcit)inI
. after p.iying nil cxik-mwh and rent, of ^'l.TB.I. Bythis division, however, with tlii< nit earniii^H. on tho
..i .vifliona, from bUMiiirw* wliirli the El Dorado Divitloncontriliuti'd. we have a net profit rexiilting from the biuiinctut
of ttiat division, iimoiinting (< ij>7,9lll(.
"The deerenHC in Ijoth gross and net revenue In due to thofalling off of earningH from local freight only, atid thtM wumcausoti by the failure of the wiieut crop on ttie entire lino ofyour road, frtmi tlin drought of 1883. This w »hown by thofact that earningH from local freight were $79, IH5 less in 1883
than in IHHj—n decrease of '.MI'S jwr wnt—while the throughfreight VarningB were ^35,100, or 33 1-8 per cent ni'ire thanthey were, in I88S. The increaiie in through freight earningswna mostly contributed by the Texa« & Ht. LoniH It.-ijlroad,
which was"completed in August, and opened for husincsw Sep-tember 1, 1883.''
(iKNIiKAL FtRAKCUI. HK8UI.TX rOB 1£S3.lierfipia—
From iTntof main line $190,000From ni'leanilii^'Huf Belluvillo Bruooli over routaia 20.^,035From mtoretit, etc 7.18U
$U63,121rcduel—
For Interedt on funded deht. $41l>,000For dividend on preferred stock i72,7''etFor niiiiii line cxpeiiBOi* ....«..,, Il,.'i0*»
For niiiiii line le^.d expenses... 6.140For new eiinipiuont 3,0OJ— ani.X^'t
Surplus. $C8S
Cincinnati Wasliingrton & lialtiniore.
(For the year ending Dee. 31, 1883.)
The first annual report of this re-organized company is jtjst
published. The remarks of the President, Mr. Orland South,are given at some length.This company is tlie successor of the Marietta & Cincinnati
Railroad Company as re-organized.Under date of April 9, 1884, the President says :
" Negotia-tions for the sale of the ' Old Line,' between Main Line Junc-tson, near Canaanville, in Athens County, and Moore's Junc-tion, on tho Marietta Division, to the Marietta Mineral RailwayCompany, have been progressing, and have about reached asatisfactory conclusion. It is believed that the stockholders ofthe two contracting companies will be called on at an earlyday to ratify the contract of sale.
"
» * »
Of the earnings and charges it is remarked:The grosscarnlnKa were $1,989,8B0Expenses, including taxes and lentale, 71-87 percent 1,489,821
NetearninK" $500,0.12The Hxed charges for the year were 673.6y0
Leaving a deficit In the year's operations of $173,647
The earnings and expenses for the year in detail and theincome were as follows :
Earnings
—
PassengerFreightMail, express, &c
1883$.^G2 SSI1.177,131249,S05
Operating Fxpenaes— 1 883.JIamtenanreof way.&c $308 9B7Maiiiter.aiiee of eipiip't 460.673Tra'jsportat'n exnenses 54 5,511Taxes and rents 90, li)3
General 8I,«784
—
Total expenses $1,189,920
Netearnin 8 , $500,A2Per cent of expenses to earnings '. 71-87
IXCOME ACCOUST.
Xet e.irnlDg.'t $.i0n,'>42
Interest on deut (>1 3.690
Total earnings $1,989,867
Balance, deficit $173,648
" Under the terms of the re-organization, a fund, amountingto 8473,080, was provided for the purchase of nmch-neededadditional equipment. As soon as practicable, contracts weremade for rolling stock, as follows : 400 box cars, 100 gondolacars, 13 first class passenger cars, 3 baggage and express cars,
3 locomotives. Provision was also made for building, at thecompany's shops at Zaleski, 100 stock cars of large capacity."'
'Wliile this result is not gratifying, yet, when all the cir-
cumstances are considered, it may not be found altogether dis-
couraging. The crops of the year, both on the line of the roadand on the line of its principal Western connections, wereunusually light. Mineral interests, particularly the manufact-ure of pig iron, constitute a large element in the local business
of the road. These interests have everywhere suffered a verydiscouraging depression, the effect of which has been felt notonly in respect to the industries directly concerned, but in all
the collateral branches of traffic. In the month of February,
1883, the road suffered greatly, in diminution of revenue andin inca-ease of expenses, by reason of the then unprecedentedflood, which caused an almost entire susjjension of freight busi-
ness for many days, and entailed a largely increased expense in.
protecting aiid re|)airing emljankments, which were j>artially,
and in- places wholly, subftierged. Besides, the beneficial
effects of the new equipment were not felt til I the later monthsof the year. An examination of the earnings and expenses bymonths will show that the n?t earnings for the half-vf ar end-
ing December 31 were ^34;J,019, wliile for the half-year endingJuno 30 they were only $158,023.
" With fair crops and a revival of the iron industries, supple-
mented by the additional equ!]>nicnt now on the road and yet
to be increased, there is grouml for hope that the net earnings
may soon equal the fixed charges, with fair possibiliticii f*r asurplus in the not distant future.'' » a «
^
" Statement of amount of accrued interest on new boode;*
678 THE CHRONICLK [Vol. XXXVnL
being the amount accrued from November 1, 1881, to January1, 1883, as follows:
Warriints on Itret mortgage « per cent bonds, l.aso ® $BO— $75,000WurraulB on Urst morijrage 419 per cent bonds, 5,!>3o ii $45... :t67,07S
Nor. and Dec, 18S2, interest included iu May coupon 57,012
" These warrants aad coupons have been paid, as presented,
except those held by the Baltimore & Ohio Railroad Company,but by such payment tlie floating debt has been correspond-ingly increased, being represented nrainly by supply claims
held by the Baltimore & Ohio Railroad Company."
GENERAL BALANCE SUEET DEC. 31, 1883.
Dr.aallwa.v and appurtcnancef—M. .fe C. stock, floailnj; debt, &c., exchanged $18,623,923M. itC. Hisi uiDrtgape bonds, excbansed 4,478,592M. & I', second mortgage bonas, exchanged 3,298,OOeM. & C. tbii'dni').t«ii>re bonds, exchanged 4,495,466Scioto & Hoolimg Valley bonds assumed 300,' 00Cincinnati & KaKimore Eailway i>ur, base 1,737.550Baltimore slitirt l.me Railwa.y purchase 751,200Beceivei's liabiliies paid l)y Beorganization Committee. 402,OOJReceiver's liaoiliti- s paid and assumed by company 100,o69Expen&e.s oi re-oigauizali<m, paid by Kc-org. Committee. 12.f,3.-!l
Expei'SfS of re-organizatioi, paid by company 30,319
Accrued iulercst wt.rraLtH on new bonds 655,-SclFirstmortgage i"* per cent bonds, special restivatlon 316,00tiVarious Ijouds reserved for exchanges 6,392,' 00
New ctiuipment account— 473,680Prior lien mortgage bonds on hand 0^,0O0Material am: ^upplie8 0u baud December 31 98,413Transportaliou receipts 34,124Cashiu ba"l!8 64,J.95Accounts dui from other railroads, U. 8. Post Oftlce Depart-ment an(l misccllaueuus items 157,314
Cashiu New Yoik agencies 9(',536
Proflt and loss account December 31 , J 883 173,647
$42,894,175Or.
Capital stock issued—Prcferred,1.8 932 shares $12,893,200Common, 58.111 shares 5,81 l.OOi
Funded debt 22,3i 0,000Bond scrip outatanaing 263,414Balance of as^es»ment fund not yet distributed 241.45KPay-rollsDecemb. r, 18-3 70,547Unpaid coupou« anl warrants 504,834Accounts pay.ible for 1833 160,781)Taxes 23,062Baltimore & Ohio loan and guarantee accounts 336,630Foreign road.s at-counts 155,6-0Miscellaneous accounts 23,526
$42,864,175
Boston Concord & Montreal.
(For the year ending Marsh 31, 1884.)
The annual report lately issued shows the following earningsand expenses :
•' motive power. 90,039Cost of working road 345,729Cost of management 28,684Miscellaneous 44,548
Total $910,491 Total $675,936Het parn insfs $264,555
The gross receipts for the year ending March 31, 1883, were4920,195, and the expenditures for the same year were $697,-
651, This statement shows an increase in gross receipts of$20,396, a decrease in expenditures of $21,715, and an increasein the net earnings of $42,011."Judging by the present condition of the road-bed, track,
locomotive power, passenger and freight equipment, it ia fair
to believe that the operating expenses charged to maintenanceof way and motive power, for the next two years or more, will
be considerably less than for several years past.
"Sales of tlie consolidated bonds have been made to theamount of $13,000. the proceeds of which have been applied tothe payment of the cost of the branch to Mount Wasnington,as will appear by reference to the financial statement. Thesinking-fund bonds due in 1889 remain as stated in the last
report."The negotiations for the renewal of the contracts with the
lower roads have been continued during the past year withoutarriving at an entirely satisfactory result."
GENERAL INVESTMENT NEWS.Atchison Topeka & Snnta Fe and Southern Kansas.—The
earnings and expenses of these roads for April, and for thefour months from January 1, in 1883 and 1884, are as below:
Boston & Lowell.—The directors of the Boston & LowellRailroad have issued a circular to the stockholders recom-mending the lease by the Lowell Railroad of the Northern,
the Boston Concord & Montreal and other railroads in NewHampshire operated by them.
Chicago Burlington & Quiucy.—The earnings and expensesfor April, and for four mouths of the years 1888 and 1884,have been as follows:
Net earnings... $645,203 $6.57,513 .$3,323,600 $3,555,103
Chicago Milwaukee & St. Paul.—At Milwaukee, June 5,the annual meeting of the stockholders of this company washeld. The election resulted in the choice of the followingboard of directors: Alexander Mitchell, Milwaukee; JuliusWadsworth, New York; Selah Chamberlain, Oliio; AbrahamR. Van Nest, New York; James T. Woodward, New York;William Rockefeller, New York; Peter Geddes, New York;Hugh T. Dickey, New York; James Stillnian, New York;John Plankinton, Milwaukee; S. S. Merrill, Milwaukee; Jan-son C. Easton, Minnesota, and Joseph Milbank, N. Y. Thelast named was chosen to supply the vacancy caused by thedeath of his father. The new board at once organized andre-elected the following officers: Alexander Mitchell, Presi-dent; Julius Wadsworth, Vice-President; J. B. Dumout, Sec-ond Vice-President; S. S. Merrill, General Manager, and Ros-well Miller, Assistant General Manager.
Chicago Bock Island & Pacific.—At the annual electionMr. Vanderbilt's interest was defeated by a fair majorityand Mr. H. H, Porter was re-elected a director. The followingis a synopsis of the annual report for the year ending March 81,1884:
The surplus this year, after paying interest on bonded debt,rentals of leased lines, dividends on the capital stock, adUi-tional improvements, &c., is $89,071.
Counotton Valley.—At the annual meeting held at Canton,O., the following directors were chosen: H. A. Blood,Charles H. Blood, Irving A. Evans, J. C. Watson, SamuelBriggs, Isaac H. Taylor, H. D. Upton, Jeremiah M. Watson,and D. K. Stevens. The board elected H. A. Blood, President.The plan of reorganization formed at a meeting of stock-holders, held in Boston February 24, was approved, and thedirectors were instructed to execute proper conveyances whenthe stock and bondholders shall have signed their assent, whichis being done at the office of the International Trust Companyin Boston; and in case the requisite assents shall not be' given,it was voted that the February committee shall continue to actfor the protection of tlie equitable rights of the stockholders.
East Tennessee Virginia & Georgia.—Tiie gross and netearnings for ten months from July 1, in 1882-83 and 1883-84,
Iowa Ballroad Land Company.—The annual report othe Iowa Railroad Land Company for the year ending March31 shows that 51,119'66 acres were sold, and the amount re-
ceived therefor $400,952. The average number of acres sold
to each purchaser was 92'77, and the average price per aere
$7 84. The lands disposed of and the amounts received weredistributed as follows :
Acres. Amount,lowaRailroad Land Company 19.479-52 $140,017Iowa Falls & Sioux City Hailroad Company... 15.210 77 1:12.231Missouri Valley Land Company 6,352-94 37 576BlilrTownLot & Land Company 182-65 4.475S. C. & I. F. Town Lot * Land Company 537-33 15,041Elk horn Land & Town Lot Company 9,356-45 61,012
Totals 51,119-66 $400,953
The aggregate cash collections during the year were$1,550,191, and the bills receivable now amount to $1,944,355.
During the year 2,426 contracts and 126 leases have beenissued in duplicate, and 2,779 deeds executed. The amountcharged for expenses for the sale and management of thelands for all the companies during the year is $38,222, as against
$65,266 last year. This amount is equal to 9-53 per cent of thegross amount of sales or 74%^ cents per acre.
Louisville & Nashville.-The gross and net earnings for
ten months of the fiscal years 1882-83 and 1883-84, to May 1,
Total 10 mos. $12,162,642 $11,082,862 $4,fi5S,063 $4,198,580
—Since the resignation recently of Mr. C. C. Baldwin as Prea-
ident of the Louisville Sc Nashville company, in consequence of
injudicious management, attempts to reorganize the companyhave been in progress. It is said that the directors haveexpressed their willingness to resign their seats in the
board, and that J. S. Rogers, the present President, who
Junk 7. i'** jTHE CHRONICLE «70
actfpii'il 111" olliri. temporarily, wm empowered to form a
now hoard. No pr.ciso infoniiiition hnn been Kivt>n out «» to
tllll liri'HCMlt stlltll.S of illfilirH, nor lUt to the COIlllMltlv'H tlllllTl-
fiiil HiUi;ition. Oil Tliiii-Biliiy tlio dinictorB were in BeHMion. but
notliiiiK wiisKivcn on), cxi'opt thp following stiitomoiit by F.
I». I'arlcv. the third Vici>-l'ro»idt<nt of tboconinany: " We are
planning for a roorgaiiization of the lx)ard of direcrtorH, with a
•vi(>w to brinpiiiK' in sonui stronK men who liave partially prom-
ised to co-oiM'ratc with uh. As to loesee from speculation, wehave no nKxlilicationH to make of our original statement.
Should un cxaiiiination of our books disclose anything that
shouhl 1m> Tuadc public, wo will not hesitate to do bo. A« to
the sensation article in The Times, we certainly would like to
have >!,0(10,000, hut there is no special demand upon us for
money in the sense that the article would indicate."
Mnnliattaii EleTntod.—The committee of adjustment lie-
tween the Metroiiolitan and the other companies haa unani-
mously come to an a|.;reotnont, which will be submitted to the
stockholders of (.he resiiective companies, and undoubtedly
approved. The ajjreeinent, which was signed by all the mem-bers of the committet>s, is as follows:
Nkw Yi>kk, June .'j. 1884.
Uenioriiiidiiiii of aprcoiiipnt futcrcit into lliin ilay tiir Hcttlcuiunt of nil
dlffer«ur<« lidtwonn the MHiilmtlan. New York unci Metioiuilltiui ile-
Tato<l r.iilwii) ooiiipaulps:
Flmt—Tim Mniiliatinn Elevated Hallway to piy tlie Metropolitan
Elevalol Kiillway Company inlercsii at ti pur iseut. per auiuini from Oc-tober I. 1HX>, to April 1, 18><t,le8!i amount already rttclnred «ud paid.
8e<^ou<l -New stock to lie i»Hueil by tlie .Manhattan Company, and ap-
portioned as follows:
Old. New.Manhattan $1.3.000,«ioo« 86 $11 0-io.OOO
NewYork e,^ 0,001® 130 7.800,'MiO
Uetropolltau »!,50J,«(iOtllO 7,160,00)
Total $'2(i,000.000 $26,000,Oi;0
Third—Dividend at thn rat« of 6 per e*nt i>er annum to be paid on all
new steeli for three lunnths ending June 30, 188-?.
Fourth- The Miinliattau <,'oii>i>aiiy ae eoii«olli!at-d to assume all lia-
hllitlex of tliB three eompaniea.lneludluit bonded debt, taxee, litigations
and litigation expenses, and to roeelvc all assets of the said three com-panies. . , t .Toe abovn airangenient to be ratlllcd by the majority of the stoeEs or
the throe coini'uDles. Jay Goui.d. Cyko« W. Field.W. K. SotiTTKK. John D. slay rack.H. O. Armodr.
On the basis of exchange fixed by the agreement the wholesliare capital of the Manhattan Railway Company is neither
increased nor diminished. In case all the existing stocks of
the three companies are converte<l into the new Rt<X'k tlie
Manhattan Railway will still have a capital of $30,000,000. Thenew stock will share alike in the earnings of the lines.
Mexican Central.—The committee apjKiinted to consider
the proposition to fund the coupons falling due on July 1 wasnot reiidy to report on Thursday. The directors, however, in-
formally considered the matter, and though they passetl noresolution, there is reason to think that the holders of bondswill be asked to forego interest until the road earns it.
—The Boston Advertiser says: "It appears that the annualinterest now amounts to $2,560,250, or |213,350 per month.The corrected April earnings were |248,iJ41. They shouldexceed that rate per month hereafter. Call them $2.50,000
(which is very conservative), and they would foot up $3,000,-
000 for the year. The operating expenses are, say, 50 per
cent, which would leave net |)er month $125,000 Mexicancurrency, equal to about $104,000 in United States money. Thesubsidy can be expected to average $90,000, making $194,000
per month available for interest. There is besides to be pro-
vided for the interest on the year loan of $1,000,000 and somesmaller items.
Mobile & Ohio.—Tlie earnings and expenses for May, andfor 11 months from July 1, in 1882-3 and 188.3-4, have been as
reported hetwi-en the Pennsylvania Railroad and the Philadel-
phia & Reading as to the Long Branch route. By the newagreement the pooling contract is abolished, and in the futureeach road will conduct its business independent of the other.
Each company will run trains over the road, the only condi-
tions being that the rates charged shall be the same on e.ich.
The sum of §20((,000 is to be paid annually to the Now York& Long Branch Railroad, and is guaranteetl by the two com-panies. The Pennsylvania Railroad had made a demand for
alKiiit $1 10,000 on the New Jersey Central, alleged to be dueunder the old contract, but the latter declined to pay the sum.The amount agreed upon under the new contract has not yetbeen made public.
No settlement has as yet been effected in.the matter of theDinsmore suit, but it is said that this will also be amicably set-
tle<l.
Northern Paclflc—Tlie earnings and expenses for April,
and for four months in 1883 and 1884, have b?en as follows:. ApHl. . Jan 1 to JipHl 3".
—It In Rtat«d that oontraotM will Rhortly be let for a MOtioaof twentv-flvo miles of the Concade Division runnlni; fromTacoma, VViishington Territory, eastward towards f Inien Ri\-er
and Ktiiinpedo Pass, The extension of the JarneHlown ANorthern branch, an no'v opened for business, rtins from Car-
rington, Dakota, northward sixteen miles to New RiKikford,
and the grading of this exteiuion is completed to Minni»-waukon, at the west end of Devil's Lake, alxiut thirty miles
from Now Ruttkford.
New York & New EnirUnd.—A comperatire statement o<earnings and operating expenses of the N. Y. Sc, New EnglandRR. for April, and for four months, in 1884 and 1888, makMthe following exhibit
:
. April . . Jan. 1 tD April 3018R4. ISS.t. 1884. 1843.
Total earnings $276,507 $276,800 $1.034.2'>2 $1,166,698Operating ex |icu«e».... 214, 1J4 2.'19 670 85M,s81 1,014,731
Net earnings $61,382 $36,220 174,351 40,857
Net enmlagR. $778,037 i)il6.'i,S04 $4,008,810 $2,131,805
North Carolina State Ilonds of 1 91».—Application has
been made to list $3,0(K1,(K10 of North Carolina 6 per
cent bonds, dated April 1, 1879, due April 1, 1919. Thesebonds are issued under the authority of "An Act to
adjust and renew a portion of the State debt," rati-
fied March 14, 1879, and are issued only in exchange for
the bonds in aid of the construction of the North Carolina
Railroad, with twenty-four per cent acorueit interest on the
same, or for sale for the purpose of investing the proceeds in
the purclia-se of such bonds. They are in sums of $1,000 each',
with couiwns payable April 1 and October 1 in each year.
1,988 bonds have been already issued. The committee asks
that jiower l)e given them to add to the List the remaining
$1,012,000 of bonds as they shall from time to time receive
official notice of the issue of the same.Adopted by the Governing Committee May 23, 1884.
Philadelphia & Reading.—This company has again beenplaced in the hands of receivers. Under existing circumstances
this is, perhaps, the best thing for stockholders that could havebeen done. When a railroad i> in financial embarra.ssinent,
the most disastrous course to pursue is to drag along to the
furthest possible point by borrowing on the pledge of collater-
als at ruinous figures, till the resources of the corporation are
utterly exhausted. At Philadelphia, June 2; the directors
of the Railroad and Coal & Iron companies held a meeting,
and were harmonious in voting for an application to the
United States Circuit Court to have receivers appointed. Theapplication was presented to Judges McKenna and Butler,
The jilaintitf named in the application was Henry C. Kelsey,
of New Jersey. He is the holder of $7,000 of the income bonda,
of the Reading Railroad Comp,any. Richard L. Ashurst, the
attorney who appeared in behalf of the bill of complaint, audi
the attorneys of the company, James E. Gowan and SamuekDickson, agreed in suggestingto the Court for appointment a^receivers the names of Edwin M. Lewis, George de B. Keim„the President, and Stephen A. Caldwell. The court acted in
accordance with this suggestion, and in the decree ordered that
an injunction should i.ssue against the defendants to restrain
them from interfering with the receivers, that a master shouldbe appointed for auditing the accounts of the receivers, andthat a bond of §500,000 should be required froM the receivers.
This bond was furnished at once.
President Kt im issued the following official announcementfrom the company's main office this afternoon:
"To the share and bond holders of the Philadelphia & Reading Rall-loid Couipaiiy: I rliluk it due to all Interested in the seciiiiii.a of theC4»nipany to say thiit no apprehension should be ft If. iu com-oquenee ofthe apiMiintiiii'nt of r eel vers, the conipauv haviosr iheeriuly »o-rinieRied in the application for a i-eecivcrship, believing It a vise andprudent niea«iire for the protection of every one owning cither the otockor bonds of the company."
Another matter, acted upon bv the directors at the meeting,was indicated in a notice subsequently posted up, to the effect
that the coui)ons and interest due on June 1 on the consoli-
dated mortgage bonds would be paid at par in cash by Drexel& Co. Late in the afternoon the receivers issued a circular,
making the formal announcement that the employees of thetwo comp-onies would be retained. The circular says thewages certificates issued by the r.ailroad company .nnd the obli-
gations for supplies, materials and lalwr issued in May by bothcompanies will be redeemed at maturity by the receivers oitof the income of the proixjrties. All overdue wages of bothcompanies not yet settled for by wages certificates will be paidin cash, due notice teing giv6n of the times and plates of pay-ment, f
The Reading had a large amount of obligations to pay inter-
est on, including g;10.('>29,000 consolidated sevens ami $8,168,-
000 consolidated sixes issued untler the .same mortgage.$2,454,000 income mortgage sevens. The Jersey Centraldividend of V/i jier cent on $18,aU3,200 also fell due, and thequarterly interest on tlie X«high & Wilkesb.arro Coal Com-p.any"s §11,500.000 consolid.ated sevens: also tlio semi-annual.' '.
'
1 $2,3 10,000 of the Lehigh Coal &Navig!ition Company: lied by tho Jersey Ck.'ntral. Of the Hen«lin;,'s uther
J, ,i .,.,. ;..iio a quarterly dividend of t! per cent on the ChestnutUill Railroad's* $120,650 stock was due; also interest on
680 THE CHRONICLE. [Vol. XXXTlll.
$1,709,380 Schuylkill Navigation mortgage 63, and the Cata-wissa Railroad Company "s |60,000 construction 7s. Tlie totalfixed charges due by the Reading on these securities June 3amounted to $1,232,541.
It is said that it was the company's inability to meet its Julyobligations wliich determined it to suspend. The company hasseveral millions of fixed charges to meet on the 1st of July,and $3,313,580 maturing scrip extended from July, 1883,while the June earnings will be light (coal mining being or-dered suspended for two weeks this month). The PhiladeljihiaIf^orth American remarks: "The former suspension occurredon May 21, 1880; Messrs. Edwin M. Lewis, Franklin B. Gowenand Stephen A. Caldwell were appointed receivers on May 25,1880. Mr. Gowen raised $7,650,308 on the deferred incomebonds, and the receivers' certificates were refunded into cartrusts, so that the receivers returned the property to the stock-liolders on February 28, 1883; they were not finally discharged,however, till the 10th of last month. The lease of the ContralRailroad of New Jersey took effect one year ago yesterday.Since that time the anthracite coal trade has suffered fromover-production, and the jiartial suspension of mining has beena necessity. Since the beginning of the Reading's presentfiscal year anthracite mining has been susi)ended 61 days inall. The Reading has needed a larger production than is pos-sible under the circumstances in order to earn its fixedcharges."
Rome WatertOTvn & Ogrdensburg.—At the annual meetingof this company on June 4 a statement of tlie operations ofthe road for the year ending May 31 was presented from wliichthe following figures are taken :
Net eamines $332,71)0 $338,568Per cent of exi>enso9 68-a 80'O
The decrease in gross earnings and the reduction in expenseswere in part caused by tlie giving up of unprofitable throughtraftic. There has been paid on account of the Carlyon acci-dent, not included in the above statement, the sum of $83,162.It is estimated that $5,000 more will cover the whole cost ofthat accident. Since Jan. 1, 1883, over 14,000 tons of steelrails have been purchased, of which more than 12,000 tonshave been laid, making 208 miles of steel track now on theroad.Five hundred freight cars and six locomotives have been
added to the equipment during the year; $650,000 of consoli-dated bonds have been sold to obtain the money necessary forpurchase of steel rails and to pay a portion of the floatingdebt. The latter^is less than one-half wliat it was one yearago. The company still owns $566,000 of consolidated bonds.
Texas & Paciflc.—Notice was published that the couponsdue June 1, 1884, of the consolidated mortgage bonds of theTexas & Paciflc Railway Company, Eastern Division, would bepaid on and after that date at the Mercantile Trust Companj',120 Broadway. But the holders on presenting the coupons forpayment at the Mercantile Trust Company received a state-ment that the Mercantile Trust Company was authorized tobuy the coupons of these bonds; the Mercantile Trust Companybuying the coupons for the Missouri Pacific Company. It is
stated that the Texas Pacific Company did not have the moneyto meet its June interest, and that the Missouri Paciflc ad-vanced the money for this purpose, taking tlie coupons as secur-ity. The interest due June 1 amoimted to about $275,000.To reporters Mr. Jay Gould, the President of the Texas &
Pacific, said it was not a default^ and it did not mean, as re-
iwrted, that there was an intention to apply for a receiver forthe road. Tlie Texas & Pacific was operated under contractby the Missouri Pacific. The accounts of the two roads werenecessarily kept together to a great extent. It was often thecase that the roads owed one another. The present aiTange-ment whereby the Missouri Pacific bought the Texas Pacificcoupons was nothing new. It had been done two or threetimes before. Nothing would have been thouglit of the matterif the Reading's coupons had not been bought by Drexel & Co.The Texas & Pacific would earn enough during the year to paythe coupons.A. L. Hopkins, a director, said that the Texas & Pacific iust
earned its way last year. Business had be<?n light this spring,but the outlook for the remainder of the year was favorable.
Uiiiou Pacific—The Boston rrajwc;-^/?^ says : '-The audit-ing department of the Union Pacific at Omaha telegraphs thatthe April expenses were $98,000 less than in 1883, and cannot-vary $3,000 from this upon the actual figures. As the esti-mated loss in gi-oss earnings was $247,000, this would indicatea loss in the April net earnings of only $150,000, which is aconsiderable improvement over the statements of the firstthree months."
Tirginia State Bonds.—The amount of Virginia Statebonds presented for re-funding in May was $391,790, making atotal to date of $4,405,898. The total issue of 3 per cents is
$2,731,728. Of the amount surrendered in May, $168,168 wasin 10-40 bonds and coupons; $37,407 in consols; $63,180 old un-funded bonds and interest and $23,035 in other securities.
Wabasli St. Louis & Pacific-The receivers of the "WabashRailroad were ordered by Judge Treat of the United StatesCircuit Court, to protect notes falling due May 31, amountingto $223,333; also tliose falling due on June 14, amounting to$85,000, and all other secured notes of the company maturingpending furtlier ordei-s. The Iron Mountain Road consentedto the terms of the order.
gite ^oimntvcml 'gimts.
COMMERCIAL EPITOME.Friday Night, June 6, 1884.
The colder weather mentioned in our last became quitesevere in Northern latitudes, causing frosts which did muchdamage to fruits and early vegetation ; but for the past fewdays It has been quite warm again. The recurrence of exces-sive rains in the Southwest causes much discouragement re-garding crop prospects in that section. The financial situatioacontinues unsatisfactory. The Republican National Conven-tion has been in session at Chicago this week, and to-daybegan balloting for candidates for President and Vice-Presi-dent of the United States, which resulted in the nomination ofMr. James G. Blaine, of Maine, for President.The foUowing is a statement of the stocks of leading artideB-
of domestic and foreign mercliandise at dates given :
Pork bbls.Beef tcs. and bbls.Lard tea.Tobacco, domestic libds.Tobacco, foreign bales.Coffee, Eio bags.Cotlcc, other bags.Cofl'ee, Java, &c mats.Sugar lilids.
The speculation in lard was quiet all the week, and priceshave fluctuated toward lower figures, closing this afternoonat 9-20c. for June, 8-39c. for July, 8o0c. for August and 8 ,59£;.
for September. Lard on the spot has also declined, .and closesat7-85@7'90c. for prime city, 8 20@8-25c. for prime Western and8-40c. for refined for the Continent. Pork is nearly nominal,sustained by Western speculation; mess $17@$17 50 and clear$18 25@$19. Bacon is still quoted nominally at 9i4c. for longclear. Cut meats have had a fair sale at last week's prices.Beef is without change, but beef hams have advanced to $38per bbl. Tallow rather quiet at ej^OO'gC. Stearine dull at978C. for prime Oleomargarine fold to-day at 8'gC. Butter,at 17@22c. for creamery and 10@15c. for Western factory,closes more active. Clieese has declined to 6@10i^c. forState factory. Eggs are firmer at lC@18c. per dozen.
Rio coffee has been dull and depressed at 99^c. for fair car-
for November and 8-.55@8-60c. for December; mild grades havebeen moderately active; Maracaibo was quoted at 10i:^(allc.for good Cucuta. Tea has been dull and nominal. Foreignfruits have been nearly nominal for dried, but fairlyactive and steady for green. Rice has been steady but lessactive. Spices have been dull and nutmegs have declinedslightly. Molasses has been duU and unchanged. Raw sugarhas been active at slightly lower prices, closing dull at 4 15-16c.for fair refining and 5 13-16c. for 96 degrees test centrifugal;options have declined to 4-75@4-77i,<c. for fair muscovado forJuly, 4-90@4-95c. for August and 5'07;.^@5-13i^c. for Septem-ber; refined is dull at 7},^@7-^gC. for crushed, 'S'^gc. for granu-lated and 6'ic. for standard "A."
In Kentucky tobacco the legitimate trading has been slow,but the speculative movement has been fair at firm prices;Iug8 7J^@8>^c.,leaf 8X@9J^c.; seedleaf remains steady thoughquiet; sales 1,050 cases, including 300 ca=e3 crop 1883, Penn-sylvania, 534 to 15c.; 200 cases crop of 1881, do., 6 to lOJ^c;250 cases crop 1883, New England, lli^ to 30c.; 150 casts crop1882, Ohio, 5^4 to 9c.; 150 cases sundries. 15 to I80.; also 400bales Havana, 80c. to $1 15; 100 bales Vara II. cut, n'4 to80c., and 200 hales Sumatra, $1 30 to $1 60.
In naval stores the drift has been downward, particularly onspirits turpentine, which closed to-night at 30@;i0i^c for spotlots; rosins have remained very dull at $1 35@$1 40 forstrained to good strained. Refined petroleum has continuedabout steady, though very slow, at 8;:j:c. for 70 abel test. Crude-oil certificates have been on the down tack until to-day, whenthere was a rally from lij^o. to Id^^^c, and the final figureswere 75c. In metals, oils, hops and wool nothing of interest hastranspired, and prices in many instances are almost nominal.Ocean freight room has been quite steady, particularly for
berth room for wheat, which has been moderately active. Oiltonnage at the close shows irregularity. Grain to Liverpoolby steam, 3J.; cheese, 35@303.; bacon, 17s. 6d.; cotton,9-04d.j grain to London quoted 3\'d. ; do. to Nevrcastle by-steam, 4(1.; do. to Antwerp by steam, S^^d.; refined petro-leum in cases to Java, 30J^@3li^c.; do. in barrels to German.Baltic, 33, 3d. ; crude do. to Fiume, 3s. 2d.
TlIF (UTUOVK'T^I'. 681
COTTON.FuiDAY. P. M., June (1, 1884.
The Movement of the Chop, ns !iulioaU«l liy our tdi-KmiuH
from til'^' " • ' ninht, is Rivon Ih.'1ow. For tin- wcrU («n(liiiK
tlii.^t ,.v. '!>, the loUil nwointH liavo roiirliril U.^HI
l>!ili'H, a. :"' IkiIom lint wwk, .),M(l;i IniU-H llio pruviuus
wi'i'k' .iiiil S,0'.»l IxiIeH throe wwkH Hinc<>; milking tho total
r»KH>i|il-i since the Ist of Sei)teml)or, 188a, 4, 7f! 1,2411 UiUw, nK<tiu8t
"7, .!<:! hiilo.s fi)V the same period of 1883-88, dhowuifc ac;i.He since Septemlier 1, 188;!, of l,08:j,aa7 buloa.
3,Hl
door
juetipltal—
QaivmUtniBdluuolki Ao.
Jtew Orloaui...
MobUenorlda'taTMinah
Brunsw'k, &c.
OliarloHtDU
Pt. Ui>yal,*c.
WUmliicionMorcli MU.,&u
«or(olkWo8tPulat,&c
Bew YorkBostonSaltlinora
PUladelii'a, &o.
Totals tliln week
aat.
71
3D02
22
07
8
313
482
137
1.129
Mon.
234
641125
30
640
176
150
42
Tuat.
31
887
S2
'217
3
1*9
108
1,370
2.05H 2,828
Wed.
9114
34
149
87
1001
&1
Thuri.
19
01124
333
58
1
14
83111
44
.•^281 863
Fri.
5,175 584
For comparison, we give tho following table showing the week'stotal receipts, the tot^ since Sept.l, 1883, and the stock to-night,
«nd the same items for the corresponding periods of last year.
Total 12,581 4,.764,246 25,456 5,847.533 439.707 451.678
In order that comparison may be made with other years, wegive below the totals at leading ports for six seasons.
ReoeipU c 1881. 1883.
5352.418
232992
1,232
13
1,711
5,393
5,261
7,311
5581,952
65432
4.909
4,554
12,531 23,456
4761,216!5347.333
1882.
6932,013
9331.534
1,146
11228120,346
<}aWest'n,&o.
Mew Orleans.
Hobile'SavannabtJUarl'st'n.Ac
mim'Kt'n,<fcc
Norfolk, &o.
.
All others....
Tot. this w'k.
Stno« 8eot. 1.
UaivH.MKiu luoludeH Luaia:jola; Oliariesion includes Port Koyal, &0.;
Wllmlnatonlnoludes Morebead City. &«.: Norfolk Inoliides City Point. Ate.
The exports for the week ending this evenuig reach a total
of 13,(i7.i bales, of wliich l;t,(l2y were to Great Britain, —to Frarice and 650 to the rest of the Continent, wliile theetocks as made np this evening are now •1.59,707 bales. Beloware the expoi-ts for the week and since September 1, 1883.
15.621
4572.513
1881. 1830.
1,331
8,290
S373,012
1,217
4874,311
9,341
29,432
5603,579
8241,344
1,318
335,017
6,903
13,580
5,594,474:4781.696
1879
63593816V763237103629
3,010
6.612
4107,422
1
txrortt
from—
OalTssloaNew Oriesas.
MobileriorlOa
-flSTannab ...
OharleatoD *..
WUmlnntoD..Mortal kt
Maw Tork ...
BostonBUtlmora. ...
PalUlolp'aJko
Total ....
ToUl lH*'-s.1
Wiek Bnttinn JuneExported to—
Oreat 1
8.7P8,
luo'
9308,03J
13 023'
"S.lflll R.I73
Oonti-
nvnt.
Total
Week.
8.89S
100
l.SM
Wtom Sept. 1. 1883. e« J^iine 6. l!iS4.
Kxiported to—
exeatBritain.
2»tf.5?3m 410
56.157
S,7C4
isj.sia
ii!,ai»
4S.41S
953.922
SU.330loa.u^i
10tl.O18
1-3 241
31.70IJ
S&7,22a
13.4.%
S4,4«7
13rt;3 4,S91.i63 48I.S24
4.40KI M 014 S«aO.M)-.'4'.80«2
CoilM- '
runt.
Ti'.iTa
8J1.4H4
1,880
188.717
iss.oed
332620,S88
82 880
8,123
56.572
8,e<>8
834 753,S,6C 8,118
l..'U2.17j'4.4'50S2B
Ibta.
"sflS530
l,3»II 140
87,537
S,:04
357,7()»
273,781
47.21 i
274,510
46J.2I1
107.315
105.388
9''. .6 10
* (ndnden exports from Port Koyal. &c.-t luolades exvorta from West Point, &o J
set
In iwlilitiiiii til utxivo cxpnrl
IK thf" followin!* ;minii?it< of
iV ii;iMiiH'i i,, rii* 1 1
I Miriiii.'ir ii;;i<i
i.'clal two by M'
'ive
•d.
•rk,
.,ilo
June 0, AT—
NatrOrleana...M'iblloCaariislon ....
aavaooahOalveotonSorfolkHam YorkOther porta....
Totai 1884
rotallR83''otal 1882
On tMfiboar4, not tltartd—for
OrteUSrUoin,
12,001Noiu^Kono,None.1,115:1
Non'\4.0UU3,000
21,454
21,05522.417
•k>-.. 0/Asr Ooeut-wranci. p^fi^ ,fH^
2,731
42,1.734
2.514None,None.None.None.None.2,490000
6,464
2.2103 713
IIBNone.None.40074ICO
None.Mooe.
603
6.803005
toUU.
I7,«n^Nouo.None.400
2,027100050
3,.500
30,343
34,0703u,760
ttawint
8A,e487.0103,4411,002.3.5981.824
300.02
1
21,715
420,862
417.508391,021
The iMist week has been a very dull one for the iipeculation In
cotton for future delivery at this market. The Liverpool
market was closed until Wednesday, and the feeling in finan-
cial circles has been of a character to check speculative ac-
tion. The changes were slight and inHignifieant, but inclining
towards a lower range of values until near the close of
Weilnesday's business, when the renewal of excessive rains in
the Southwest caused a movement in the fall montlw, at some
advance. Yesterday, with Liverpool doing rather better, the
turn of prices was generally upward, September closing i> points
dearer. There seemed to bo no longer any doubt that the
northern parts of Texas, Louisiana and Mississippi have suf-
fered so much from frequent and heavy rains that the pros-
pects for a good crop in that section are seriously impaired.
To-day, with a further improvement in the Liverpool market,
a slight advance wa-f made, the offerings from sellere being
very small. The close was firm, and, as compared with the
close on Thursday of last week, there is an advance of a fewpoints for tho next crop. Cotton on the spot has not been so
largely dealt in as in the previous fortnight. Neither the de-
mand for export nor for home consumption has been main-tained; yet a very fair business has been done on both ac-
counts. Quotations were on Monday reduced l-16c. To-day,
there was a good export business, and middling uplands closed
firm at 11 9-lGc.
Tlie total sales for forward delivery for the week are 234,500
bales. For immediate delivery the total sales foot up this week13,384 bales, including 9,577 for export, 3,807 for consumption,— for speculation and— m transit. Of the above,— bales
were to airive. The following are the official quotations for
— »o to CD 1 rj^O CO — o o. ^l-ir- ^ f-> > ^ > fM ^ ^ ;)» r- M Vf-r <!
M1 < '^
\< *-! "-I h- —
WW 2 Kt ' r;' * 10 ' ft Kl 1 IS ft
1MO •« OD 1^ C K^ 1^1^
K> 1 S : 1 d 1 (» 1 «« < 9^ ?|CM ^ M
M1
1I--
1M,s?:: >
o o CO ' Oco U ' lol K.'1
iJ K> ' O|0, w o o o: 1 <R Oi ifi-
r
1 ^ 9 11
><a>
1 1
>» 1 1
>1 1
C-
5 1 1
<.'; to ^ *i »» 1^
. Ik 1 1 «^ :
1M-
I a^|
1 d 1 « 1 S1
1 »: '.
1o ' 1 1 OT1
•
= o 1 1 O,^1 1 1
* Includes sales in Scpteiuber. 1883, for Scpi ember, 76,200; Septem-ber-October, for October, 338,600; September-NoTeniber, for November,389,800; September-Decemlier, for December, 86!),500; September-January, for January, 2, f 17.900; September-February, for Felvniary,l,780,bO0; September-March, lor March, 2,309,800; SeptcmLei-April,tor April, 1,99!),900.Transterable Orders—Saturday, ll-55e.; Monday, ll-GOc.; Tuesdar,
11-543 11-550.; Wednesday. ll-50c.; Fridaj, ll-,'>4®ir56c.Short Notices for Jtme—Salurdav, ll-4«®ll-52c.; Monday, 11-5. a
The following exchanges have been made during the week:02 pd. to exch. 100 June s. a. 5thfor regular.
•15 pd. to exch. 4,500 July for Aug..31 pd. to exch. GOO June for Aug.Vi pd. to ezoh. 200 June for Aug.
•74 pd. to exch 400 Nov. for J uly
.
•73 pd. to exch. 100 Deo. for July.•03 pd. to exch. 300 Sept. for Julv.•63 pd. to exoh. 1,000 Oct. for Aug.
The Visible Supply of Cotton to-night, as made up by cableand telegraph, is as follows. The Contmental stocks, as well asthose for Great Britain and the afloat, are this week's returnsand consequently all the European figures are brouglit downto Thursday evening. But to make the totals the completefigures for to-night (June 6), we add the item of exports fromthe United States, including in it the e,xports of Friday only,
„„ . 1884. 1883. 1882. 1861.8tonft at Liverpool bales. 911,000 984,000 998,000 BOl.OOOBtQoK at Ix>ndon 60,000 52,;;00 71,500 48,400
Total Groat Britain stock .
Stock at HamburgStock at liremcnStock at AinfltcrdamStock nt RotterdamStock at AntwerpStock at HavreStock at MarseillesStock at BarcelonaStock at GenoaStock at Trieste
971,000 13,200
69,30050,000
9002,900
'.50,001)B,0005 ,000ll,t0i)10,0C0
036,300 1,069,5003,900
51,5004\. 002,^'005,300
169,000>>,70087,0001 fi,(l00
9,900
2,(;0028,40016,1001,3S11•i,3f0
137,0002,H80
22,0006,0005,618
052,1006.000
50,10043,1005,520
7.'0
205,0004,000
40,: 004,? 006,700
Total Coutiuental stocks 455,800 394,800 '223,708 3G5,800
Total European stocks 1,4'.6,.300 1,431,100 1,293,'20S l,.il8,200India cotton afloat for Europe. 372,000 338,000 391',000 28IS0O0Amer'n cott'n afloat for Eur'pe 76,000 2e6,000 177,000 375,000Egypt.Bra/.il.&c.afltforE'r'pe. 23,000 29,000 32,000 3,=',000Stock in United States port* .
.
459.707 451,578 4'22,690 427,'i84Stock in U. S. interior towns.. 4S,465 93,118 72,11(> 9^,428United States exports to-day.. 2,700 17,000 12,c00 8,-:00
Total visible supply 2,4CS,172 2,645,796 2,401,014 2,548.112Of the above, the totals of American and other descriptions are as follows:American—
Llvervool stock... bales 633.000 "40.000 606.000 684,000Continental stocks 303.000 255,000 lO.'i.OOO 238,000imerican afloat for Europe... 76,000 2nfi,000 177,000 375,000aiiited States stock 459.707 451,578 422,690 427,284Onited States interior stocks.. 48,465 93,118 72,116 98,428llnite<l States exports to-day.. 2,700 17,t00 12,000 6.200
Total American 1.522,872 1,842,696 1.394,806 1,830,912Bant Indian. Brazil, de.—
Liverpool stock 278,000London stock 60,000Continental stocks 15-'.SCOIndia afloat for K;uroi>e 37'-',000
Eejpt, Brazil, Asc., afloat 23,1,00
244,r005-/.300139,800338,i!0029,000
:i92,00071,.' 00
118,70839'.;,000
32,000
220,00048,400
127.8002H6,00035,000
Total East India, *o 885.300 803.100 1.006,203 717.200Total American 1,322,872 1,842,69(5 1.394,806 1,830.912
t^~ The imports into Continental ports this week have been51,000 bales.
The above figures indicate a decrease in the cotton in sight
to-night of 337,624 bales as compared with the same date of
1883, an increase of 7,158 bales as compared with the corres-
ponding date of 1883 and a decrease of 139,940 bales aa
compaied with 1881.
At the Inteeior Towns the movement—that is the receipts
for the week and since Sept. 1, the shipments for the week, andthe stocks to-night, tind the same items for the coiTespondingperiod of 1882-83—18 set out in detail in the following statement:
1
M
L
5«
rs
-Sa-£S-2 t£
5
a
-
.1QD
M
s o; liCaoiovii-'
ll-
2
M •"
WOl COM C' (P-
CJUO CI •— 1 M CO O: <T lU C *~'--C
ccco^-^io:. j:.*-^---ii-:Cotoc£^ycoo'tt*
13
1
s
o
3t«
a
I
'-1
3
ct
CO-J
^ M t"W -• CO *-
OV'P*-0>_M1«
w«ig^M»o
wCO
ir CC' J*' 'I *- tc c^- CO rr o. *- cn *- cr O v x toCJ'COtocr »^ c._— cDcc^_ C0fccatj£h-CDO' M ioc" i^^ibi -1^ 'I M bo c cj- *- ^ CD Vi'-O'-icoocxcr. xrf*OJ•XlX--J^»'Cocal—x=coc^oa&aow•a^-'4coocn*JOli»cco
CnifiXUf'M**-.*? — Ci-itf-A-CCDCOU"-"^w MwccMai*.«VN;*-^*^i*».;c W;opaD' J^Vs'owcoVio'cct^ u<ai'3:b"/*-*a wV^'isCGDCJit-'^XJC^w-i-'CCV'l-iKJOiCCCDtCIO OoiOitcuaaiCQCiMa m oi *" go (M/. *4m -4 m JO
reused during the week 7,.585old interior stocks have de-bales and are to-night 44,653
JDWK 7, 1884.J THE (JHRONICLK 683
balt'B legs than at the name period InBt year. The recoiptt ftt
thoBnmi" t nvns hiivo boon r),375 hnloH leas than the aame weeklost year, luul ainco Si'ptcinlier 1 the receipts at all the townaare ()02.r)^l:l Imltw lens tiian for tlie miniu time in 1883-88.
Quotations for Middlino Cotton at Other Markets.—in the taWe l)eIow we give the oloeinsr quotations o( niiddiing
cotton at Soutljorn and other principal cotton marlcetti for eachday of tlie past weelc.
Wttk ending OLOSINO QDOTATIom rOB KtODUNO OOTTOK ON—June 0.
Salur. Mon. Tutt. Wtdntt. Thuri, m.Oalventon Wt It's 11>« IIH 11% 11%New Orlcan». U7,« 113^ 1138 im IH4 imMobile 1138 U»8 ll:% 11% llVt imBBTAnnikli 11>4 im Ilk \iu im 11%CharUwtou . .
Receipts from the Plantations.—Tlio following table is
prepved for tlie pnrpose of indicating the actual movement eachweek from tlie plantations. Receipts at tlie outporta are some-times misleading, as they are made \ip more largely one yearthan anotlicr at tlie expense of the interior stocks. We reach,therefore, a safer conclusion through a comparative statementlike the following. In reply to frequent inquiries we will addthat these figures, of course, do not include overland receipts orBouthem consumption; they are simply a statement or theweekly movement from the plantations of that part of the cropwhich finally reaches the market through the outports.
RECBHTS FROM PLAJTTATIONS.
W-k SteeirtsatniePorU. St'* atlnUrioT Towm. Rk'pU from Plant ' r*.
The above statement shows—1. That the total receipts fromthe plantations since September 1, 1883, were 4,771,199 bales;
in 1S82-83 were 5,937,024 bales; in 1881-83 were 4,610,482 bales.
2.—That, although the receipts at the outports the past weekwere 12,.}S4 bales, the actual movement from plantations wasonly 4,51u bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantationsfor the same week were 16,703 bales and for 1882 they were5,433 bales.
AMOtTNT OF Cotton in Sight June 6.—In the table belowwe give the receipts from plantations in another form, and addto tnem the net overland movement to June 1, and also thetakings by Southern spinners to the same date, so as to giveBubetantially the amount of cotton now in sight.
Beralpts at the porta to Juno 6.
Interior Htocks on June 6 inexcess of September 1
Tot. receipt.^ from plantat'nsNet OTerland to Juno 1Southern cunsumpc'nto June 1
Total In sight June 6
4,764,246
6,953
1883-S4. 1882-83 1881-82. 1880-SI
4,771.1995H2.100280,000
5,613,299
•'1,847.583
89,441
5.937.024627.317300,0' !
1,572.513
37,969
4,61C,4SV443.1522J4.00O
6,864.341 In,279,631
5,594,474
70,54.
i,r65,01(.498.632)9u.O'
6,3? 3.61)-
ft wlU he seen by the at>ove tb*T ru.- fleoreawti in arnnani m 9}v i
to-ulKht, as compared witri lant year, is 1,25 1.0 42 bal»w, the lnore««e a*comparwl witli ISSl-'^i l»-'H I.G 5 bi»l«H. a,.<l the draroa^K from IS'O'-B!Ik 740.319 liAleA.
Weathf-r Reports by Teleoraph.-—The weather durinpthe week has not in general been satisfactory. In the Atlanticand Eastern GuIfiStatts'the conditions have, for the most part,
favored the growing crop, althougli in a few sections rain i.-^
(le.-irable. In the Southwest, however, there is still a greatexcess of rain, and considerable damage has no doubt resulted.
Oalv ston, Texas.—It has rained hard on two days of th<
week, tlie rainfall reaching two inches and fifty-four hun-dredths. The thermometer has ranged from 66 to 86, aver-aging 78. During the mcmth of May the rainfall reache<seven inches and seventy hundredths.
India'-o'a, Te'tt".—It has rained hard on one day of thi
week, the niinfall n^achin^ two inches and nineteen hundredths. Weeds are becommg troublesome. Average thei
mometer 76; highest 85 and lowest 71. Rainfall for the mont;of May seven inch' s and forty-two hundredths.
Pal'Stine, Texas.—We have had rain on four days of tli^
week, the rainfall reaching one inch and thirty-seven huidredths. Much damage has been done by the const-ont rainf.
The thermometer has averaged 72, tlie highest being 84 andthi.
lowest 60. During the month of .May the rainfall reachedtwelve tnchnH and ninety-nine hiindredtho,
HunUroillc, T xns. — it hiw Iw-en .showery on two dayii of th«week, tlie rainfall reaching thirty hiindn-dtlifi of an inch. Thewliolo of the Trinity Valley Is again overflowe<l, and muchdamage has Ix-en, ilonc The thermometer baa averaged 75,
ranging from 62 to ho. Rainfall for the month of May leTenInches and Hixteon hundredtlw,Lu inq, Tex' s —We have had a shower on one day of
the week, the rainfall reaching forty-five hundredths of aninch. Good progress is being made in clearing the fij-lds of
weeds, and crone are dolnu reasonably well. Average ther-
mometer 76, hignest 80and lowest 60. Rainfall for the monthof May five incnes and fourteen hundredths.Brtnham, Texas.— It has been showery on one day of the
week, the rainfall reaching fifty hundredttia of an inch. Up-lands are ret'U])erating somewhat,but immense damage has beendone in the lowlands. The KrazoH Uiver has again overflowedand ruined the remnant of lowland crops in its valley. Therise has been the highest for thirty-two years. The thermom-eter has ranged from 65 to 91, averaging 70. During themonth (if May the rainfall reached twelve inches and thirtyhundredths.Belton, Texas.—\i has been showery on one day of the
week, the rainfall reaching fourteen hundredths of an inch.
On high lands young crops are doing well, but all vallev cropehave been ^eatly damaged by overflows. The wheat narveet
'
is progressing. The thermometer has averaged 78, rangingfrom 58 to 89. The rainfall during the month of Mayreachedfive inches and forty hundredths.
Weutherford. lexas.—We have had rain on three days ofthe week, the rainfall reaching one inch and thirty-five nun-dredths. The wheat harvest has been retarded by wetweather, but is now processing. The thermometer lias aver-aged 70, the highe.st l)eing 84 and the lowest .50. Rainfallduring the month of May twenty inches and seventeen hun-dredtlis, the heaviest since the settlement of the country.Dallas, Texas.—It has rained hard on four days of the
week, the rainfall reaching two inches and thirty-four hun-dredtlis. Farmers are almost in despair; all work is stopped, .
and railroads broken in all directions. Trinity River and all
other streams are again overflow ed. Much damage has beendone. Tlie thermometer ha.s ranged from 59 to 89, averaging75. During the month of May the rainfall reached seveninches and thirty-eight hundredths.^ew Orleans. Louisiana.— It has rained on four days of
the week, the rainfall reaching one inch and thirty-eight hun-dredths. The thermometer has averaged 76.
Shreveport, Louisiana.—We had several light rains duringthe early pai-t of the week, the rainfall reaching two inchesand forty-eight hundrcdtlis. The river is falling slowly.Roads are bad. The thermometer has ranged from 65 to 89.
Vicksburg, Alississippi.— The early part of the week wascleai' and pleasant, but during the latter portion it has rainedseverly on two days, the week closing cloudy. The rainfall
reached one inch and sixty-five hundredths. We are havingtoo much rain, and weeds are growing so fast that they arebecoming troublesome. The thermometer has ranged from61 to 85. Rainfall during the month of May eleven inches andseventy-six hundredths.Meridian, Mississippi—It has rained on four days of the
week. We are having too much rain. Cold nights duringthe past ten days have done considerable damage to cotton,makmg re-planting necessary in many places. Crop accountsare less favorable.
&retnville, Mississippi —It has rained on four days of theweek. The rainfall reached three inches and seventy hun-dredths, of which two inches and forty-six hiindredths fell intwelve hours. Crop accounts are less favorable. The ther-
mometer has averaged 72, the highest being 82 and the lowest55. Rainfall for May eleven inches and thirty-one hundredths.
Cnt,ii.iiii>u.\. Mississippi.—We have had rain on four daysof the week, the rainfall reaching two inches and sixty-sevenhundredths. The thermometer has averaged 71, ranging from55 to 80. During the month of May the rainfall reached oneinch and ninety-three hundredths.
Little Hoi-.k, Arkansas —Telegram not received.
Pine Bluff, Arkansas.—It has rained ou five days of theweek, and the remainder of the week has been cloudy. Therainfall reached one inch and fifty-eight hundredths. Thethermometer has ranged from 64 to 84, averaging 69.
Fort Smith, Arkansi s.—Telegram not received.
Hehna, Ark n as.— It has Ix-en showery on four days, andthe remainder of the week has been cloudy. The rainfall
reached one inch and eight hundredths. We have secured agood stand of cotton. Weeds are growing so fast that theyare becoming troublesome. The thermometer has averaged69, the highest being 79 and the lowest 55. Rainfall during themonth of May six inches and twenty hundredths.Neioport, Arkansas.—During the month of May we liad
rain on six days and the rainfall reached four inches and fifty
hundredtlis.Memphis, Tennessee.—The first two days of the week were
clear, with cold nights, but on the remaining five days wehave had rain, on three of which, Sunday, Monday and Tues-day, very hard. The country is soaked with water; farm workis totally suspendeti, crops'are batUy in the grass, and, beingtwo to three weeks late, it is feared that much damage will
result. Tlie rainfall since the first of January has been forty-
one inches and twenty-two hundredths, which is the heaviestfor the same period during the past fourteen years. During
684 THE CHRONICLE. [Vol. XXXVin.
the month of May there was rain on fourteen days, and the
rainfall reached six inches and forty-six hundredths. Thethermometer ranged from 54-3 to SGS, and averaged 69-C.
Sashmlle, Tennessee.—\t has rained on foui- days of the
week, the rainfall reaching one inch and fifty hundredths.
AVe are having too much rain, it having rained almost con-
tinuously since Monday. The thermometer'has ranged from48 to 84, averaging 67.
Mobile, Alabatna.—The early part of the week was clear
and pleasant, but during the latter portion there has been rain
on two days. The rainfall reached one inch and thirty-nine
hundredths. The crop is developing promisingly. The fields
ai-e clear of weeds, a good stand has been secured and the
]>lant looks strong and liealthy, but small. There are some com-})laint8 of too much rain. Average thermometer 76, highest
«8 and lowest 63. During the month of May the rainfall reached
eight inches and forty-two hundredths.Montgomery, Alabama.—The early part of the weei was
clear and pleasant, but during the latter portion we have hadvery welcome and needed showers on two days and the in-
dications are that they extended over a wide surface. Therainfall rea ched ninety-five hundredths of an inch. Crop ac-
counts are more favorable. The crop is developing promising-
ly, the plant looks strong and healthy and the fields are
clear of weeds. The thermometer has averaged 73, ranging
from 59 to 84. Rainfall for the month of May one inch andeighteen hundredths.Selma, Alabama.—It has rained on three days of the week,
the rainfall reaching two inches and thirtj-eight hundredths.
Tlie crop is developing promisingly. The thermometer has
averaged 71, the highest being 82 and the lowest 59. Rainfall
during the month of May one inch and twenty-seven hun-dredths, rain on four days.
Madison, Florida.—Vming the month of May the rainfall
reached one inch and fifty-five hundredths.Macon, Georgia.-—We liave had no raui during the week.
Rain is needed. The thermometer has averaged 69, rangingfrom 5.^ to 81.
Colnmbiis, Georgia.—We have had no rain all the week.Crops need rain badly. The thermometer has averaged 75,
ranging from 58 to 84. Rainfall for May one inch and twenty-six hundredths.Satannufi, Georgia.—It has rained on one day of the week,
the rainfall reaching six hundredtlis of an inch. Days have beenvrarm, but the nights cold. The thermometer has rangedfrom 58 to 80, averaging 69. During the month of May therauifall reached one inch and twenty-two hundredths.
Atigusta, Georgia.—We have had no rain during the week.The weather has been clear and pleasant. Accounts are ex-
cellent. The fields are clear of weeds, the crop is developingpromisingly and the plant looks strong and healthy, thoughinclined to be small because of the lateness of the season.
Average thermometer 69, highest 81 and lowest 54. RainfaUduring May three inches and twenty-one hundredths.
Atlanta, Georgia.—Telegram not received.
Charleston, South Carolina.—We have had no rain duringthe week. The thermometer has averaged 69, ranging from60 to SO. Rainfall during May two inches and eighteen hun-dredths.Columbia, South Carolina.—Telegram not received.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3 o'clock
The above totals for the week show that the movement fromthe ports other than Bombay is 300 bales more than sameweek last year. For the whole of India, therefore, the totalshipments since January 1, 1884, and for the cori'espondingperiods of the two previous years, are as follows:
EXPORTS TO KCROrE FKOM ALL INDIA.
Shipmentsto all Europe
from—
1884. 1883. 1882.
Thisweek.
SinceJan. 1.
Thisweek.
SinceJan. 1.
Thisweek.
Si7ieeJan. 1.
BombayAll other ports.
46,0001,300
47,300
946,000103,800
25,00O|],020.0001,000 83,100
44.0001,111,0003,8001 176,300
Total 1.109.800 26.000! 1.103.100 47.800' 1,287,300
This last statement affords a very interesting comparison ofthe total movement for the tlu-ee years at all India ports.
Alex^vndria Receipts and Shipments.—Through arrange-ments we have made with Messrs. Davies, Benaohi & Co., o'Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The followingare the receipts and shipments for tlie past week and for thecorresponding week of the previous two years.
87ie® 9148'i8a 9145 981a ® 9i4!5 98I3 a 938* 989i8» 9I2I5 108=8 a 912:5 108lli9a99iB5 10ii% a 91-2 5 1081ii6a 914 5 98»8 a 9i8i5 9
a7a7a7a7a7a797a7»7a?
d.II3lia3341s4^!41241s3lis
Oott'nMia.Uplil
d.
5%6»85«8
5l3n
5%
New Orleans reported below liigh-water mark of 1871 until
Sept. 9, 1874, when the zero of gauge was changed to high-water mark of April 15 and 16, 1874, which is 6-lOths of a foot
above 1871, or 16 feet above low-water mark at that point.
India Cotton Movement from all Ports. —We havere-arranged our India service so as to make our reports moredetailed and at the same time more accurate. We had foimdit impossible to keep out of our figures, as cabled to us for theports other than Bombay, cargoes wliich proved only to hsshipments from one India port to another. The plan nowfollowed relieves us from the danger of this inaccuracy andkeeps the totals correct. We first give the Bombay statementfor the week and year, bringing the figures down to June 5.
According to the foregoing, Bombay appears to show anincrease compared with last year in the week's receipts of4,000 bales, and an increase in shipments of 21,000 bales, andthe shipments since January 1 show a decrease of 74,000 bales.
The movement at Calcutta, Madras and other India ports forthe last reported week and since the 1st of January, for twoyears, has been as follows. " Other ports" cover Ceylon,Tuticorin, Kurrachee and Coconada.
New York Cotton Exchange.—At a meeting of the Boardof Managers on the 2d inst. the completed laws and by-laws respecting the selling and buying of print-cloth contracts
were adopted and ordered to be posted, with notice of a meet-ing on Monday the 16th inst. , for the purpose of their being con-sidered.
It is proposed to have two daily calls—one after the first andthe other after the third cotton call, except on Saturdays,
when print cloths ai-e to be called after the first and after thesecond cotton call. The price difference is to be 5-100 of acent per yard, and the quantity not to be less than 1,000 pieces
of 45,000 yards. Deposits for margins are to be made the
same as for cotton. The brokerage for non-members lias beenfixed at |6 for every contract bought or sold, or .$12 for the
round ; and for members the brokerage is to be %i, namely,
$4 for the round. If the broker does not carry the contract,
the brokerage is to be reduced to 50c. for buying and 50c. for
selling 1,000 pieces.
On Monday, June 2, the annual election for officers of theNew York Cotton Exchange was held. There were three
tickets in the field, only one of which (the regular ticket) re-
ceived general support. The following gentlemen were elected :
President, Mr. Siegfried Gruner ; Vice-President, Mr. C. D.
Miller ; Treasurer, Mr, Walter T. Miller ; Board of Managers—Messrs. J. L. IMacaulay, Thos. Soott, E. R. Robertson, W. V.
King, J. M. White, Wm. Mohr, R. P. Salter. P. A. Fachiri,
K. Meissner, T. M. Poote, R. Sidenburg, F. W. Williams,
Chas. H. Small, J. H. HoUis and K. 51. Murchison : Trustee
Gratuity Fund, Emanuel Lehman ; Inspectors of Election,
A. G. Munn, Jr., J. T. Moses and W. W. Uill, Jr.
The Board of Managers met Thursday afternoon, June 5.
Mr. W. V. King was elected Secretary to the Board and Mr.
JrsK 7. 1884. THE CHUONK^LE. 666
Walter T. Miller l^liairiimn of tlio Noniiiuitiug Ck>iikuiittet).
Perc'tage ol tot. penreoelpt! May .11... 96 61 9643 94 47 0191 98 78
Tills statement shows that up to May 81 the receipts at theports this year were 1,063,921 bales less than in 1.S83-83, and21X),083 bales more tlxan at the same time in 1831-83. By addingto tlie alwve tot;ils to May 31 the daily receipts since that time,
we shall be able to reach an exact comparison of the movementfor the different years.
Thin Htatumuiit Hhnwit that the receiptn ninoo Flept. 1 up toto-night lU-u now l.()TI,.'i8'i hiileo lemthan th»y were to thoiam»day of tho mouth in l»S3and IMS,t»73 balc« more than they worwto th«< H'lnio rLiy of tho month in 1HS3. Wo add to the tabloi iitagea of totil [wrt receipts wlUch had been received
' in each of the years named.(.iiii'>N' IN Kai.l Kivk.r.—The following from tho Itonton
Adverlixcr of Juno 3 indicates the extent of tho cotton manu-fat^iiring IntereHts of Fall Kiver:
•<Thn ilfhvirlfK of cnttnn tn ilin Fall Ulvnr mill* ilnrlnir th« T««r »nrt-
•I'li
f-m-
"I"
.-•; total by Kli'mnlioat. (12.!)<>7
i..n<l III .Iiilii-. IH.KII. w. « .'MiftO; .Iiil
'•"'I'; Ootolier, tl.OlM; .November, i..'.
.1. 10.181); Kobrmiry, 10.2.).'5; M.ii; i; total by rallroiul, O.'i.ilO. Tin-'rod hero ilnrinK tho iv>tlon year i-.
< than wan >lc!lv<>re<l ilnrliiK the prcvlonV owImk to tho ttriko. which hni* ha<l '
Ml lilt- ui.iiiiifiUMurorfi niakliiK larKi) piin-bnbf tho pHr<t. Xuarly all tho uiIIIh ar.' riiiiiihi
iiiaoliliK-ry. Homo of tho spiuiK-ifl who Htni.-i.
out of work, hut the majority wore ulvcu woru n.v simti n ni't'ii'-aioMi i^p
tho ovorAvurs. Thu rwinit Is a slKnat defeat fur the splaucrR."
Ji!TE Bu'TTs, BAOiiiNrj, &c.—The demand has not shown anyimprovement and the only trade reported is of a jobbing char-acter. Prices are unchanged, sellers not forcing gootis, andfull rates have to be paid on the parcels that are moving,though an offer of a shade less would be accepted for a quan-tity. The market closes at O^^c. for l'< lb.,
lO^c. for 3 lb. and10c. for 1^ lb..
Butts arefor standard grafles.
rather easy in price and tlie market is dull. There have beea.
There has been an arrival of 14,000 bales, which makes thestock .57,3.50 bales, while the visible supply is 186,86 4 bales,
SiuppiNa News.—The exports of cotton from the UnitedStates the p;ist week, as per latest mail returns, have reached17,3ijl bales. So far as the Southern ports are concerned, theseare the same exports reported by telegraph, and published in
the Ctmo.NiCLE last Friday. With regard to New York weinclude the manifests of all vessels cleared up to Thursdaynight of tills week.
Total bate*.
Nsw York—To Wverpool, per steamers Arizona. 971— Aura-uia, i>03 Auatral. 1 5 1 3.. .Ucltlo, 845 City of Chicago,1,819. ...Ilorrox, 2,397 8,44S
To Hull, per steamer 8aleriio, 330 390To Br.^iuen. per stvamur Elbe, 100 lOO
New Okle.vss—To Liverpool, per atoamur Explorer, 4,024 4,024,To Ilivro. per steamer Paris, 1 1Ti Antwerp, per steamer P.jris, 230 250
Raltimorb—To Liverpool, per steamer Caspian, l,=3l 1,831B jSTo.n—To Liverpool, per steamers BulKarian, d31....Cepha'
loulii, 131 435Putl.\DKi,i'HiA—To Liverpool, per steamers Indiana, 564....
LordGough, 1,203 1,862
Total 17.351
The particulars of these shipments, arranged in our usualform, are as follows:
Below we add the clearances this -week of vesfeTs carryingcotton from United States ports, bringing our dati down tothe latest dates:
Boston—For Liverpool—May 27—Steamer Iowa, 90. . . May 31-SteainerAlepiO, 100.
Balt[M'>kk—For Liverpool—June 2—9teamer Australian, 960.Kor Barcelona —May 31—B-.irk I,ivin«9ton», 550.
PniLADELi'Hi.i—For Liverpool—June 3—Steamer British Prince, 2,569.
Below we give all news received to date of disasters to vessels
carrying cotton from United States ports, &c.
:
AsiANA, ship (Br.), from New Orleans for Liverpool, previously reportedas having put into Bermuda m distress, resumed her Toyage M»y24, having rerialreJ.
Cotton freights the past week have been as follows:
Satur. Mon. Tuet. Wedna. Thurt. rn.
Liverpool, steam d. i>.i* ^32-' '«4* ^3s-i'ei* S3^1'-61* -32-»64' =Si.-"6**
Do Bail...d. .--. .... ....
aavre, steam
—
c. "32®V lissSV ll33®V «1S2»V i"sa»V iijaaVDo sail e. .... .... .... .... ....
Sremen, steam, .e. %• %* 38" %• %• 38*
Do sail e. .... ..*• ..- .... .... .....
auuburg, steam .e. V V V V ^4' VDo sail...e .... ...1 .... .... --••
Unat'd'm, ateam.c. 38* V V SB' 3a* %•
Do 8aU...e. ..«. ....
Reval, steam... d 3ig-"m- Sl«.-'»64* »lb-"64' si«-"e<' 3,4-lS„' »i«-"e«*
Do sail e. .... .... ....
8aroelona,8teaBi.<;. 7,6* Tl«' hi' 7l6* hi' 7.6*
Qenoa, steam. ...e. %• *B* V »8* 38' Vrrieste, steam... e. '16* 'le* ha' M6' '16* 'I.'
Antwerp, steam.. e. ^4* V >4* V W >4*
Compressed.
Liverpool.—By cable from Liverpool, we have the following
Btatement of the week's sales, stocks, &c., at that port, W^* add previous weeks for comparison.
686 THE CHRONICLE. [Vol. XXXVin.
Balea ot the week balea.OJ which exporterB tookOf which speculators took..
The tone of the Liverpool market for spots and futures eachday of the week ending June 6, and the daily closing prices
of spot cotton, have been as follows:
Spot.
Market,12:30 P.M.
Mid Upl'dsMid.Orl'ns
BalefBpec.4 exp
Market,4 p. M.
Saturday Monday. Ttietday. tretfne*. Thursday
Doll.Quiet.
6386>a
6%
aoM
1a
a10,0002.000
10,0001,000
SSteady.
Quietbut
steady.
Easy.Qnielbut
steady.
Frul'i:
6%6i«
7,0001,000
Strong.
Steady.
The opening, highest, lowest and closing prices of futures atLiverpool for each day of the week are given below. Theseprices are on the basis of Uplands, Low Middling clause, unlessotherwise stated.
^p* The prieea are given in pence and 6U)u, Ihue: 5 ({2 meanM 5 624i 4a.
,
and 6 03 meant 3-64d.
Saturday, May 31, Monday, June 2, and Tuesday, June 3—Holidays.
JuneJune-July..
July-^ug...AuK.-9ept .
.
September..
8ert.-0ct. .
.
Oct.-Nov...
Nov.- Dec.
.
Dec-Jan....
Jan.-Feb ...
Feb.-March,March-Apr.
Wednes., June 4*
Open HUjh Low. Cloa.
d.
6 21
6 21
e«56 29
6 32
a2«6 IS
6126U
d.
6 21
6 21
6 25
6 29
6 32
6 286166 12
6 11
d.
6 21
6 20
6256296S26 27
6 16
6126 11
6 21
6 21
6256 29
6 32
6286186 12
6 11
Ttanrg., June 9.
Open High
d.
6 22
6 21
6 25
6 29
6 33
9286 17
6ia6 12
d.
8 22
6 22
6 26
6 30
6 33
6 29
en6136 12
IrfMf.
d.
6 21
6 21
6 25
6 29
6 32
6 28
6 16
eii6 11
Cloa.
d.
6 21
6 21
6 25
6 29
6 82
6 28
6 16
6126 U
Fri., June 6.
d.
6366226 26
6306 33
6 29
617A 13
612
Open HighlLow.
d. { d.
6 26 8 29
6 26 6 22
6 29 6 26
33 6 35
6836 29
6 17
ms812
6 3S
6 31
6 !9
6 14
6 13
d.
8i'6
6 26
6 29
63363503:6 19
6 11
6 13
BREADSTUFFS.PBtOAV, P. M , Juno 6, 18»4
Flour has been dull for most descriptions, and prices havebeen depressed. There has been really no change in the gen-
eral position of the market. The supply, though not what in
times of greater activity would be called at all excessive, is,
nevertheless, in the existing circumstance8,quite ample. To-day
the market was dull and weak.
Wheat has baen fairly active on speculation, but the fluctu-
ations of prices have been within narrow limits; latterly a
slight decline has been recorded. There has been a larger
foreign demand, and on Wednesday nearly 250,000 bushels
were purchased by exporters. It is noticeable, however, that
any attempt to advance prices causes a sudden falling off in
the export trade, just as a decline in prices has precisely the
opposite effect. The crop advices have been favorable. Bulls
in Chicago have at times sold very freely; they express dis-
appointment at the slight decrease in the visible supply in
this country, while the fact that the supply there at this late
stage of the season is not only large but composed mostly of
contract grade, also exerts a depressing influence. The near
approach, moreover, of the time for new wheat to arrive
likewise causes some apprehensions at Cliicago, especially as
the heavy carrying charges have the effect of keeping the
wheat there. To-day the market here was irregular, openinga fraction lower, but recovering later, owing to a pretty goodexport demand, and advancing J^c. to Ic. No. 3 red sold at
$1 03 in elevator, $1 02^8®$! 041-^ for July, $1 04i|@|l 05?^for August and |1 053^@f1 06J^ for September. No. 2 red
closed steady at f1 03}^ in elevator, |1 00?^ for June, $1 03''g
for July, $1 04% for August and $1 06 for September, show-ing a decline of J^c. to J^c. for the week.Indian corn has been only moderately active at some decline,
due partly to the depression in wheat, and partly to a decline
in Chicago, where the receipts have been large. To-day there
was a light specnlation, but a slight decline early in the daywas rfteovered later,'and a fractional advance then took place.
Old No. 2 mixed sold on the spot at 65i^c. delivered, and No,3 mixed at 59c No. 3 mixed closed dull at 621^3. in elevator,
6232C. for June, 63i.^c. for July, 64%e. for August and 66c.
for September, showing a decline for the week of ^ to %c.Rye has been fairly active for export to Antwerp and Ger-
man ports, and has ruled steady in price. Oats have beenmoderately active at one time at some decline, but latterly aslight advance has taken place. No. 3 mixed sold at 37%(g38%c. for June and 37%@38i>^c. for July. No. 2 mixed closed
weak at 38}^c. for June and July and 36c. for August.
The movement of breadstuffs to market is indicated in thestatements below, prepared by us from the figures of the NewYork Produce Exchangee. We first give the receipts at Westernlake and river ports, arranged so as to pre.sent the compara-tive movement for the week ending May 31 and since Aug. 1
The visible supply of grain, comprising the stocks in gr.anaryat the principal points of accumulation at lake and seaboardports, aud in transit by rail and water, May 31, 1884, was asfollows:
There was during the past week a continuation of the quiet
ness which has lately prevailed in commission and importing
circles, but the activity of the retail trade w^s reflected in asomewhat better demand from retailers, and a fair distribu.
tion (for the time of year) was consequently made by leading
jobbers. Under the influences of favorable crop reports andan improvement in the financial situation, buyers are becomingless apathetic than of late, and there are evidences of return-
ing confidence, which will doubtless lead to a revival of busi-
ness in the not far distant future. The transactions of the
week were chiefly confined to such gcods as are required for
immediate distribution, but fabrics adapted to the coining
season have met with some attention from bujers from a fewremote markets, as California, &c. The i^alvage stock of fine
woolens from a recent fire (4.000 pieces) was disposed of at
auction to fair advantage, considering the fact that the goodswere in a more or less unmerchantable condition. The comingweek will witness an unusually large auction sale of soundwoolens and worsteds of a popular make, 8,000 pieces of whichwill be peremptorily sold on the 10th inst.
DoMKsTti- CoTTov rioona.^The exports of domestics for th«
week were 9,680 pMskagee, of which 1,4M were tbippad to
Oreat nriuin. 819 to Argentine Republfo, 17!} to Veneznelft,
183 to Hayti, 90 to New Zealand, &c. There wm a oontiniied
light demand for all deecriptione of staple cotton good* at flrat
hands, and the jobbing trade was of moderate proportions,
though a trifle iM'tter than the previous week. Some makes of
goods are doubtless accumulating because of the protracted
lull in the demand, but the most desirable fabrics are not in
excessive supply as yet, and prices are maintained with a fair
degree of firmness. Low-grade brown and bleached goods aro
barely steady, and buyers of "round lots" can readily obtain
concessions as an incentive to liberal operations. Print cloths
were quiet, and the ma^et closed easy at B^^c. for 64jc64a
and %}ic. for .'i6xfl08, some sales having been made (in excep-
tional cases) at a fraction under these figures. Prints ruled
quiet, but woven wash fabrics, as chambrays, seer-suckers,
block plaid ginghams, &c., were in pretty good demand, anda fair trade was done in printed lawns and piques.
Domestic Woolen Goods.—The demand for clothing wool-
ens was light and unimportant, but there was a steady moTe-ment in cassimeres, suitings, worsteds, &c., on account of
former orders. Spring woolens were lightly dealt in byclothiers, but a moderate business was done by cloth and drygoods jobbers. Cloakings were in irregular demand, but onthe whole quiet, and ladies' cloths, tricots, Jersey cloths, andstockinettes were in limited request. Satinets were somewhatsluggish in first hands, but stocks are in pretty good'shape,
and prices remain steady. Kentucky jeans ruled quiet with
agents, but considerable sales were effected by large jobbers.
Flannels and blankets were mostly quiet as regards actual
business, but more inquiry for these goods has been made by
intending buyers. The demand for dress goods was chiefly
restricted to light summer fabrics, as lace buntings, lenos,
nuns' veilings, <&c.. and these were distributed in small lots toa fair amount. Hosiery was more sought after by packagebuyers, but shirts and drawers continued sluggish, and pricesof the latter are low and unsatisfactory to manufacturers.Foreign Dry Goods.—There was a light re-order demand
for a very few specialties in summer fabrics, but the generaldemand for imported goods at first hands was very light, andthe jobbing trade presented the usual " between seasons"quiet. Most of the principal importing and jobbing houses.ire now represented in the Europe'aii markets, but it isunder-^tooi that their buyers are operating cautiously for thecoming season.
Importation* of Dry Goods.The importations of dry goods at this port for the week
ending June .5, 1884, and since January 1, and the same facte
for the corresix)nding periods of 1883, are as follows:
Capital, -.-..-.. $2,000,000Surplus, ----... 3,618,036This company is a lepral depository for moneys paid
Into court, and Is authorized to act as ^niardlan orreceiver of estates.
INTERE.ST ALLOWED ON DEPOSITS,irhlob may be made at any time, and withdrawn afterAve days' notice, and will be entitled to interest forthe whole time they may remain with the company.Kxecutors, administrators, or trustees of estates,
and females unaccustomed to the transaction of busi-ness, as well as rellKlousand benevolent Institutions,will find this company a convenient depository formoney. JOHN A. STEWAUT, President^
WILLIAM H. MACT, Vice-President.JAMES S. CLABK. Second Vice-Prest
TRUSTEES:Dan. H. Arnold, ^.Tames Low, s. B. Chittenden,Thomas Slocomli.lW. W.Phelps, JohnH.KhoaaesCharles E. Bill, 1 D. Willis James. Anson P. Stokes.Wilson G. Hunt. John J. Astor, Robt. B. MinturaWm H. Macy, John A. Stewart. Geo. H. Warren.Clinton Gilbert, S.M.BuckinKham Georste Bliss,Daniel D. Lord. |FI. E. Lawrence. William Llbbey,Georfie T. Adee, Isaac N. Phelps, John C. Brown,Samuel Sloan, 'Erastus Corning, Edward Cooper.
IlKN RT L. THOKNKLL. Secretary.LOUIS Q. HAMPTON. Assistant Secretary
The Union Trust Co.,611 AND 613 CHESTNUT STREET,
PHlLADJGIiPHIA.Authorized Capital $1,000,000Paid-up Capital 500,000• Charter Perpetual.Acts as Executor, Administrator. Assii^ee. Re-
ceiver. Guardian, Attorney, Agent, Trustee and Com-mittee, alone or in connection with an Individualappointee.Takes charKe of property ; collects and remits in-
terest and Income promptly, and oischarses faith-fully the duties of every trust known to the law.AH trust assets kept separate from those of the
Company.Burttlar-Proof Safes and Boxes (having chrome
steel doors) to rent at t5 to ?80 per anniun. in theirnew and elegant chrome steel.
Fire and Burglar-Proof Vaults,protected by improved time locks.Wills kept in Vaults without charge.Bonds and htocks. Plate and all valuables securely
kept, under guarantee, at moderate charges.Car trusts and other approved securities for sale..vioney received on deposit at interest.
DniKCTORS.—James Long. Alfred S. Gillett. AllisonWhite. Chas. P. Turner, M. D.. William S Price, JohnT. Monroe, Jos. I. Keefe, Thos. R. Patton, W. J.Nead, Jas. 8. Martin, D. Hayes Aguew, M. D..H. H. Houston. John G. Heading, Theodor C.Engel, Jacob Naylor
, Samuel Riddle. Robert Pat-terson, Philadklphia; George W. Relly, M. D..HARKLSUDKOi J. Simpson Africa. Hintinodon;Ulester Ulymer, Henry S.Bckert, Reatiing; EdmundS. Doty, MIFFLLVTOWN ; R. E. Mol3«han, WESTCHESTER : W. W. H. Davis. DOYLKSTOWHS CbU. WCooper, AI.LENTOWN.
The Brooklyn Trust CoCor. of Montague Sl Clinton sti., Brooklyn, N. Y.This Company Is authorieed by speciai charter
act- as receiver, truatee, guardian, executor or adminlstrator.It can act as apent In the sate or management of
real estate, collect interest or dlviaeuaa. receivereiftstry and transfer books, or make purchase andsale of Government and other securities.Rellsfious and charitable institutions, and persons
onaccuatomed to the transaction of business, willfind this Company a safe and convenient depositoryfor money. RIPLEY HOPES, President.
KDMUND W. CORMES, Vice-Pres't.TRUSTEES:
John P. Rolfe. Josiali O. Low. Henry K.Shelaon.K. F.Knowlton. Alex. McCue, John T. Martin.H. E. Pierrepont. A. A. Low. Edm'd \V. Corlles
I
Alex. M. White. Mlch'l Chauncey, Fred. Cromwell. >
Henry Sanirer. C. U. Wood. Wm. H. Male.Ripley Ropes. William C. Kingsley.
Jas. R. uuuram. Secretary.
Metropolitan Trust Co,,Mills Buildinj?, 3.5 Wall St., New York.
PAID UP CAPITAL, $1.000«000.Uesifcnatcd as a k'(ful Depository by order of Su-
preme Court. Receive deposits of money on interestact as fiscal or transfer tijrent, or trustee for corporatlons and accept and execute any lejfal trusts frorpersois or corporatiwuB on as favorable terms fsother similar c<>mpanies.
THOMAS HILLHOUSK, President.FREDERIC D. TAPPEN. Vlce-PrtsldemWALTKR J. RRITTIN. Hooretarv
BONDS OF SURETYSHIP.
The American Surety CoNo. 160 Broadway, Newr York.
Cash Capital, $500,000will act as surety for OfiBcers and Employees of
Banks, Railways. Kxpress and TeleRraph Companies,Corporations and Business Houses, and will guaran-tee the fidelity of porsonw holding positions of trust.This (. ompany will itI.«o act as surety on Bonds re-
quired in the Courts. Bonds of Administnitors,Guardians, Sheriff and undertskings.
It is the first and only ('ompany organized In theUnited States devoted exclusively to the business ofsuretyship.
OFFICERS:RICHARD A. ELMER, President.lAIIA.V W. BRIGGS, Vice-President.
OfRcialB of Banks. Railroads and Express Compa-nies. Managers. Secretjiries, and Clerks of Public Com-panies, Institutions and Commercial firms, can obtain
BONDS OF SUKETYSHIPfrom this Company at moderate charges.The bonds of this Company are accepted by courts
of the State of New Vork.
CASUA1,TV BEPAKTOTENT.Policies issued against accidents causing death or
totally disabling injuries.Full Information as to details, rates, Ac., can be
obtained iit htad office, or of Company's Agents.Wm. M. Richauds, Prest. .Iobn M'. Ciiane. Sec'y.
KOB'T J. Hii.lam. Ass't Secretary-DIUBCTOUS:
Geo. T. Hope. David Dows. W. G. Ijow,G. G. Williams. A. S. Barnes, Charles Dennis,J.S.T.Stranahan, H. A. Hurlbut, Alex. Mitchell.A. B. Hull, J. D. Vermllye. S. B. Chittenden.
Geo. B. Coe, Wm. M. Richards.
Borwis of Suretyship.KO OTHER BUSINESS.
The Guarantee €o.OF NORTH AMERICA.
Cash Capital $300,000Cash Assets 400,000Deijoslt with Insurance Department SJ14,000
President
:
Vice-President
:
9lK AI,K.\. T. (iAl.T. Bon. JA.S. KKllHIEB.Managing Director: EnwAHI) Rawmxgs.
NEW YORK OFFICE
:
NO. 178 BKOABWAY.D. J. TOMPKl.\.<. Secretary.
New York Dihectok.s—Joseph W. Drexel, a. L.Hopkins, H. Victor .Newcomb, John Paton, DanielTorrance. Edw. F. Wlnslow. tnistus Wtman.
Jtisuvance.
OFFICECARPETS.
HOUSEKEEPERS AND OCCUPANTS OF OF-FICES take notice. Before buying your carpets.Linoleum. Oilcloths, or Mattings, call at BBNDALL'SMlstlt Carpet Store, 114 Pulton St.. basement floor,t'beapest Diace tn .Vew Vi»rk.
JOSEPH CI LLOTTS'STEEL PENS
SoLoBr ALL DEALERSThrouohoutTheWORLDCOLD MEDAL PARIS EXP0SIT10N-I878U
The United States Life
Insurance Co.IN THE CITY OF NE\r YORK,
(ORGANIZED IN 1850.)
261, 262 & 263 Broadway, New York.T. H. BliOSNAN, President.
C. P. Fralkioh, Sec'y. A. WnKELWHiOHT. Asa't SecGeo. H. BuRIfOKD, Actuary.
By an act of the Legislature of this state this Com-pany's charter was so amended in 1882 that hereafterall the profits shall belong to the policy-holders ex-clusively.
All Policies henceforth Issued are Incontestablefor any cause after three years.Death ClaidDs paid at once as soon as satisfactory
proofs lire received at the llome OflBce.
Absolute security, combined with the largest liber-ality, assures the popularity and success of this Co.All forms of Tontine Policies Issued.
Comparison of Business for Two Years.1882. 1883.
.New Insjimnce Written. . . .»2 80«,oo<1 00 t!»,2:!i,(KX) 00Insurance in force lfl.7«0.0i)0 00 IB.hOffOiio 00Assets.... 5.116,81446 5,2tW,2124«Payments to policy-holders 459,0TU46 475,9a3 98Increase In new business written In 1883 over 1882,
87 per cent.
GOOD AGENTS, desiring to represent the Com-pany, are Invited to address J. S. GAFFNBY,Superintendent of Agencies, at Home Office.
Itjsttrattcje.
OFFICE OF THE
THEMUTUAL LIFEINSURANCE CO. OF NEW YORK.
F. S.' WINSTON, President.
ISSUES EVERT OESCRIPTION OF
LIFESEND WMJiNTPOLIOIESRates Lower than other Companies.
ORGANIZED APRIL 14, 1842.
Assets, - - $101,148,248 25
ATLANTICMutual Insurance Co.,
NEW YORK, January 24. 1884.The Trustees, in conformity to the Charter of
the Company, submit the following Statementof its affairs on the Slst December, 1883:Premiums ou Marine Risks fromIst January, 1883, to 3 1 at De-cember, 1883 $4,168,953 10
Premiums on Policies not markedoff 1st January, 1883 1,539,232 53
Total Maiine Premiums $5,708,185 63
Premiums marked off from IstJanuary, 1883, to 31st Decem-ber, 18d3 $4,'260,428 93
Losses paid during the sameperiod $1,901,042 38
Returns of Premiums and Ex-penses $850,0i<0 76
The Company has the following As-sets, viz.:
United States and State of NewYork Stock, City, Bank andother Stocks $8,666,795 00
Loans secured by Stocks andotherwi<ie 1,956,C;00 00
Real Estate and Claims due theCompany, estinmtcd at 425.(00 00
Premium Notes and Bills Re-ceivaole 1,588,306 79
Cash in Bank 335,710 6
Amount $12,97'.i,312 47
SIX PER CENT INTEREST on the outstand-ing certificates of profits will be paid to the hold-ers thereof, or their legal representatives, onand after Tuesday, the Fifth of February next.
THE OUTSTANDING CERTIFICATES ofthe issue of 1879 well be redeemed and paid tothe holders thereof, or tlieir legal representa-tives, on and.after Tuesday, the Fifth of Februaiy next, from which date all interest thereonwill cease. The certificates to be produced atthe time of payment and canceled.
A DrVIDEND OF FORTY PER CENT is
declaied on the net earned premiums of theCompany, tor the year ending 3 ist December,1883, for which certificates will be issued onand after Tuesday, the Sixth of May next.
By order of the Board,
J. H. CHAPmAN, Secretary.
XRrSTBES.J. D. Jones,
Charles Dennis.
W. H. H. Moore,Charles H. Rn.ssell,
James Low,David Lane,
lordon W. Burnham,A. A. Raven,Wm. Sturgis,
Benjamin H. Field,
Josiah O. Low,WUliain E. Dodge,Royal Phelps,
C. A. Hand.John D. Hewlett,
William H. Webb,Charles P. Burdett,
Horace Gray,Edmund W. Corlles.
Adolph Lemoyne,Robt. B. Mintum,Charles H. Marshall,John Elliott,
James G. De Forest,
Charles D. Leverlch,
William Bryce,
William H. Fogg,Thomas B. Coddington,Horace K, Thurber,
William Degroot,Johu L, Riker,
N, Denton Smith,
George Bliss,
William H. Macy.
JOHN D. JONES, President,
CHARLES DENNIS, Vice-President.
W. H. H. MOORE, 2d Vice-President.
A. A. RAVEN, 3d Vice-President.
JrNK 7, 1884.] THE CHRONIOLR rii
MtettmaUips.
ONLYDirect Line to France.
«)ENKRAL TBANSATLANTIC CO.
««lwe«n NKW YOHK and HAVHK,l.r,,.„ pinr iiii>w)U North RlTur font of Morton St.
', ttilM lliio avoid both tmnitl hj KnKllihlie dIscoiijfortM of orotalnit theCbiiniiol
L<is reduced rmt«8. Checks <>DBanqa0Tmnft.tiiiinri(jrK'. ituvreiuid Purls. In amounts to suit.
Special Tralfi fW>in Havre to Pari*.'. l<iue delivers
tickets (rum. >ugh to ParisHi passenffers
buvti Mtu Miiuu Uellvtired . Mny'sDocklnNew York. Pier 43 North i r Morton St.atleast two hours before till w>fasteamer
L.OOIS DB BKUIAN, Airent,No. U nowrlliiK Ore«a
l^uhlicatljous.
THKHREATEMT I.IVINtiAtiihorN, Hiich nn I'rof. IVInx>1 II 1 1 4*1% Jnr%» A, Kiomlc,rro(, lluxh'y. Uiiclit Hon.\V'.r.4>litdi>«Ioiip,U. .\. l*ror<loi', KdwM 111 A. Frf;i*iiiun,l*rul. Tyiuhill, l>r. \V, II.t'lirpcnior, France?* I'owt-r
! Colibf, ProlOMHor (JnliUvinSmith, The I>iik4> ot Aitcyll,Win. Black, Mihh Tlinc-kerny, i>li*H, !>[iil«>ol[-('rnik,<;co. 1tiicl>unal(l. Hih. Oli-filirintt Jean Inurelow. TIi'>h.Iiti-ily, ri*anclii (;ali»u,\V.
__^8 W.Story, .>lal(hcw Ai-iioUl,KuMKh>.T«MinyMon, II rownluB, and many others,are represented in ihe pat;eii ot
Littell's Living Age.I>urinK the forty years of Ub publirattoo The
LiviNCt AGE htui met wtth cuntlnuoaa commondu-tlun iind Huccesa.A Wffklii Jta^tf^zine, it Kivesmore than
THRBE AND A QUABTBB THOITSANDdouble-column oct&TOpHKesor reading mutter year-ly. It present!) In an inexpensive form, citnstdorinKItsureat amount of matter, with freshnesH, uwin:^to Its weekly issue, and with a satlsfuctDry cum-gleteness attempted by no other Ptibllciition. theest Kssays, Reviews. Crit.cisiuB. Seriul and Short
Stories. -Sketches of Travel and Discovery. Poetry,8c(entlt1c, Biofzraphtcal, Histurlcul and Political In-foraiation.from the entire body ot Fureltfo Periodi-cal Literature.It i!» therefore Invutuable to every American
ffador. as the only satlsfactort'.y fresh and COM-Pl,l'7rK compilation ot an Indispensable currentII' eriiture,—indispensable because It embraees theproductions of
THE ABLEST LIYING WRITERSId all bmncbes of Llteratore. Science, Politlcfl andrt."No other periodical gives so diversified a view
of current literature, not by xbridtrments, but bypubli^^liintf ei'tire the best essuyc, criticisms, dis-cussiuDS, Hhort stories, and serlMl romani'ies of theday • • • It is for readers of limited leisure orpurse the most convenient "ud uvullaole meun-i ofpO!>seHsinK the-nselves of the very best results ofcurrent criticism, pbllorfophy. sci>>nce, and Utera-U\re."~I*Te8byttrian Banner, JHtt^burg."TbrouKh its pa^es alone it Is pusslble to be as
well informed in current literature us by the peru-sal of a long list of monthlies.' —PAUa En(iuirer." Whatever there is of Interest in the literary
and acientiflc world Is spread before Its readers."—Boston Journal." >'a reader who makes bimsetf familiar with its
contents can lack the means of a sound literaryculture."—-^>w York lYUtune."It furnishes a comnletn compilation of an 'n-
dispensuble literature. —C/iicuflo flvening Journal•* Komurkably chenp for the quality and amount
of readint; furnished."—JionCr«(i OazttU" It 18 bv oilrts the best periodical in the world."
—
Momino Star, WUmingtrni^ X. (J.
" We know of n-^ <-qual to TiiB Living Aob forvariety of information, depth of interest, and pur<tyof tone. Its pnges are sutticient to keep anx readerabreast with the be»t printed thoUKkts of the bestof our conrempo'ury writers. It is the Kroat ociecStic of the world "—Episcopal Rigister, Philad(Xp}iia,
Published WKEKLrat $800 a year, fru of pottage,or,Kor $10 SO TBS Liviyo Aas and any one of
the American $4 Monthlies (or Harper's Weeklyor Baznr) will be sent for a year, postpaid; or for»u SO Tn£ Livixo AOK and the Si. AichoUUt orLippi/ncolt'M MfmthXy, Address,
LITTELI. & €0., Boston.
FOR l»Ar.£.
Chronicle VolumesSINCB 1870*
Any ofBce posseaslnK these Tolumes since 1870 baiat hand for convenient reference a complete and r^liable Unancial history of the period. Parties havtncthe more recent volumes can obtain from the publlshers most of the earlier volumes, or complete aetacan be famished.
Towel*, (lallta,W^talte Goods Se. HosieryDnilt, Nluetings, <Ce,. for Export Trade.
L. Everingham & Co.,(Kstubllshed 1865.)
coinmssioN kierchants,125 La Salle Street,
(ADJOINING CHAMBER OF COMMEBCH),CHICAGO.
THE PCBCHA8K AND SAIB OFORAIN AJWD PROVII^IOIKS,
on the Chicaeo Board of Trade, for cash or futuredelivery, a specialty.
Special information, Indicating cuurae of markets,freely furnished upon reguesu
ESTABLISHED 1855.
EUGENE R. COLE, Successor to
Sears & Cole,8TATI0NKR AND PUINTBR,
Supplies Banks, Bankers. Stock Brokers and Cor-porations with complete outfits of Account Booksand Stationery.Br*ISew concerns otvanizlng will have their or-
ilera promptly executed.
Mo. 1 WII^LIAin STREET,(HANOVER SQUARE.)
®0tt0U.
Rountree & Co.,COSmiSSIOIV BIERCHAItfTS,
NO. 12 OLD SLIP,y£W YORK,
. AND NORFOLK, VA.fW Special attention given to the execution
orders for the purchase and sale of Cotton. UrsDd Provisions for future delivery. Liberal advancade on consiffnments.
JamesF.Wenman & Co.,COTTON BROKERS,
No. 113 PEARL STREET, N. Y.Bstabllshed (In Tontine Bulldlne) 1840.
WALTER &KROHN,COTTO;V BROKERS,
53 BEAVER STREET, NEW YORK,
Cotton.
Robert Tannahill & Co.,
Cotton C'ommlMloii Merchant!,
No. 61 nione Street, NEW TOBK.
Spsolal attention jrlveii to the pareluue and sales*rntof* Cootnols.
E. S. Jemison & Co.,BANKERS
AMI)
COTTON C0MMI8S10N MERCHANTS,
No. 33 William St., New York.
Jenilson.Uroce k Co., tialveston, Texas.
B.F. BABCOCK&CO.COMMISSION MKRCHANT8,
17 Water Street, LIVERPOOL,Receive oonrUniments of ('otton and other PriMiaoe,and execute orders at the ICxchantfesiaI.'v«rixiol.itsprssented in New Vork at the oflloe of
HABCOCK BROTUKR8 A CO.,
SO WAU. HTIUUT.
Henry M. Taber & Co!,141 PEARL ST., NEW YORK.
COTTOIV.Advances made on ConsljrnmentB of Cotton. Con-
tracts for Future Delivery of Cotton bought andsold on commission.
Tuttle & Wakefield,C O T T O Sf
.\ii4 General Conimlssioii STerchants,84 Beaver St., Netv York.
Llberul advances made on cotton oonsljtnments.Special attention Klven to orders for contracts for'uture delivery of cotton.
Wahuex Ewe.v, Jb. John M. Ewxx.
Ewen Brothers,
COTTOX BROKERS,Nos. 31 & 33 Broad Street,
NAW YORK.
JNO. w. rcixis. H. LAKPIiST.
Jno. W. Tullis & Co.,COTTON BUYERS,
ErFAi;L.A, ALABAMA.
Sawyer, Wallace & Co.,COMMISSION MERCHANTS,
No. 18 BROADW^AY.Liberal advances made on Cotton consl^ments.
Special attention given to orders for contracts for
future delivery of cotton In New York and Liverpool'
Wm. Felix Alexander,COTTON BROKER,
AIJCiU»iTA, CiEORCilA.Entire attention given to purchase of COTTON
TO ORDER for SPINNERS and EXPORTERS.CORRESPOXUENCC SOLICITKIl.
Kkfercncbs.—National Bank of Augusta, Ga.;Henry Uents Sl Co.. Commission Merchants, NewVork ; William B. Dana & Co.. Proprietors Commer-cial Sl FiNAKCLAL Cbbonicue, and other New YorkHouses.
JOHN H. C1.ISBT &. CO.,COTTON BUTEKS,
^ nONTGOMERY, ALA.FUROHASS ONLY ON OKUSR8 rOR A COMMISSION
Geo. Copeland & Co.,COTTON BROKKR8,
186 PEARL STREET, NEW^ YORK.
Waldron & Fainter,COTTOM MERCHANTS,
97 PEARL STREET.
Till THE CHUONICLE. iJuNE 7, 1884
Cji^ottou.
Woodward & Stillman,MERCHANTS,
Post Bnildln?, 16 & 18 Exchange Place
NKir YORK.
I.9AM8 MADS ON ACCBPTABLB SECURITIES.
Oagk Adtanees Made on 0<mHgnment$.
SPaCLU. ATTltSTION TO ORnKRS rOR CONTBAfTS
TOA FCTURi Delivery of Cotton.
COTTON, KW, QRADKS, SUlTABtB TO WANTSOP SPINNKBS,
OrrERKU ON Terms to Scit.
®0tt01l.
INMAN,SWANN&Co
COTTON MERCHANTS,
New York.
(Siotiou.
G. Schroeder & Co.,SUCCESSORS TO
ITARE & SCHROEDER,COTTON COMMISSION MERCHANTS,
POST Bril^DING,Ifi & 18 .Exchange Place, New York.Special attention paid to the execution of orders
for the purchase or sale of contracts for future de-livery of cotton. Liberal advances made on con-signments.
LiaxAN, Abrah • X a Co.,New Orleans, Ijl,
Lehman. Oi'br & Co..MontKoroery, Ala.
LEHMAN BRO'S,Cotton Factors
A.ND
conmssioN iuerchants,No. 40 e.vchasge place.
MBMBSK8 OF TUB COTTON. COFFEE ANDPRODUCE EXCBASOES.
Up-town orncK, No. S04 Church Street,
New Tork.Orders e-ecuted at the Cotton ^changes in New
Torit and Liverpool, and advances made on Cottonand other produce winsipned to us, or to our corres-pondents in l.lvcrpoul, Messrs, B. Newgass & Co.,and Messrs. L. Rosenheim & Sons.
OcarATus C. Hopkins. Lucius Hopkins Smith.Charles D. Miller.
Hopkins, Dwight & Co.,
COTTONCOMMISSION MERCHANTS,
No. 134 FEARI, street,NEW YORK.
Obdkss fob Future Contracts Executed inNew York and Liverpool.
Henry Hentz & Co.,COMMISSION MERCHANTS,
8 South William St., New York.EXECUTE OKDBIIS FOB FUTURE DELIVERY
C O T T OBfat the NEW YORK, LIVERPOOL AND NEW OR-LEANS COTTON B.XCHANGEa, Also orders for
ST. LOUIS, Mo.Maaofacturera' A<«nta for the lale of Jut* Bagglaa
IMPOBTEBS OFRON COTTON TIES.
North British
& Mercantile Ins. Co.OS
L.ONDON AND EDINRVROH.United States Board of Management,
NSW YORK:Solon Humphreys, Cli'r'n, (E. D. Moritan & Co.)UAViD Dows, Esq. (David Dows & Co.)E. P. Fajbbki, Esij. Drexel, Morgan & Co.)Hon. 8. B. Chittknden.Ezra White, Esq.J J. AsTOR, Esq.
