AND^ xmtk HUNT'S MERCHANTS' MAGAZINE. REPRESENTING THE COMMERCIAL AND INDUSTRIAL INTERESTS OF TFIE UNITED STATES VOL. 27. NEW YORK, 0(^TOBER 26, 1878. NO. 696. Financial. THE National Bank-Note Co., UNCORPORATED 1859.) OFFICE, No. 1 IVAIiL STREET, NEW YORK. Steel Plate Engraving^ and Friiiting BANK NOTES, Q0VEI4NVIENT AND CORPOHATION BONDS, BT1FICATE8 OF STOCK, BILLS OF EXCHANGE POSTAGE AND REVENUE STAMPS, PBOPRIETARr AND TRADE-MARK STAMPS In the Hl^bcst Style of the Art, with epecltl -sfegnards to prevent Counterfeiting and Vlleratlons. , SECURITY PLATE PBISTISG. SAFETY TINTS. SAFETY PAPERS. BAILWAir, COmnERCIAL AND GENERAL PRINTING. HAILWAY TICKETS in OXE, 7 WO, THREE or MORE COLORS and numbered ComtecuUvely. SVMBERED LOCAL A.YD COUPON TICKETS Any Slzt, P.iUtm. StyU or Device, WITH STEEL PLATE TINTS. J. H. VAN ANTWERP, Prea't. J. .nACDONOITGH, Vtce-Pres't. A. D. SIIEPARD, Treasurer. JNO. E. CARRIER, Secretary. FinanclaL Au P. PoTTXB, Predt. Bah'i. rBiiJ,o>s, Cashier. Maverick National Bank, BOSTON. Ckpltal, $400,000 rpln*, 300,000 Bpeeiil attention given to COLLECTIONS, and romptr — "" ' — ' — ' Bonon llTlted. rompt remittances made on day of payment. Boston business paper discounted. Correspondence R. A. Lancaster & Co., BANKERS AND BROKERS, 86 BROADWAY, NEW YORK, DBALXaS IM Flrst>CIass Investment Securities. eOVEHNMENT BONDS, liTATB. CITl", COUNTT, BAILB0AO& MISCELLANEOUS SECURITIES Bought and Sold on Commission. Tirjinia Tax-Seceimble Coupont SouglU. BOVIBERN SECURITIES A SPECIALTY. LOANS NEGOTIATED. Gwynne & Day, ffaUbllihed 18M.] No. 16 W^all StreeU Tnnsact a general banking and brokerage buslne ts Railway shares and bonds, GoTemraeskt Securities iMOola. Interest allowed on deposits. . ISTSstments carefully attended to. Charles G. Johnsen, MBRCHAKT AlHD BANKER, 166 OKAYIEB 8TBBBT, RB>r OQ&P^IIS, LA. Boston Baniien. John J. Cisco & Son, No. BANKERS, 59 Wall Street, Jio\C York. DKPOSITS RECEIVED SUBJECT TO CHECK AT SIGHT, AND INTEKEbT ALLOWED ON DAlLV BALANCES. ' GOVEKNMKNT BONDS, OOl.D, fTOCKS AND ALL, INVESTMENT SECURITIES BOUGHT AND SOLD ON COMMISSION. ^-wy^jni .tti>u J. S. Kennedy & Co., BANKERS AND lOERCHANTS, 41 CEDAR, COR. WILLIAM ST., Kewr York. Boy and sell Railroad Investment Secnrltles. Col- lect Coupons and Dividends. Negotiate Loans and draw Bills of Exchange on London. Agents for the sale of STEEL RAILS made by the Cambria Iron Companjy JOUXSTOWS. PBNN., AKD THE Edgar Thompson Steel Co. (Limited), PIT1SBUR6B, PSNN. All business relating to the Construction and Equip- ment of Railroads undertaken. Jesup, Paton & Co., BANKERS, 53 l¥IUIain Street, New York. Accounts and Agency of Banks, Corporatloas, firms and indlTlduals received upon tarorable terma. Dlrldends and Interest collected and remitted. Act as agents for corporations In paying coupons and dlTldends, also as transfer agents. Bonds, stocks and securities bought and sold on commission. Bound railroad and municipal bonds negotiated. Funds carefully Invested la Western farm mort- gages, and the Interest collected. Kountze Brothers, BAMEBBS. 13 WALL STREET, NEW YORK, Issue Letters of Credit, available In all parts of the world ; also. Time and Sight Bills on the UNION BANK OP LONDON. Cable Transfers made. Oilman, Son & Co., BAKKEBS, 63 CEDAR STRBKT, In addition lo a General Banking Bnslneas, buy and sell Government Bonds and Investment Securities. McKim Brothers & Co., BANKERS, 47 TTall Street, New York. Smith & Hannaman, INDIANAPOLIS, INDIANA, INTB9TIN« AGENTS tOM l^NPIANA ABT^ OHIO. Massachusetts Loan & Trust Company, No. 18 POST OFKIOE SQUARE, BOSTON. Chartered in 1870. CAPITAL, 9500,000. GKU. WOODS RICE. STKPUEN M. CROSBY. President. Treasurer. Loans made upox tik* on Staple Merchandise, either upon bills of Lading or Warehouse Receipts. ExcRAKOK of Collateral, or prepayments Id part or for entire loans allowed. Alu>w Iktkrxst on all paynenU made beforv maturity of leans. CORRESPONDENCE SOLICITED. F. H. Peek, BANKER AND BROKER, No. 7 EXCHANGE PLACE, BOSTON. C. C. Jackson, STOCK BROKER, SIininONS' BVILDING, Boston, mans. Uso. Wn. Ballov. Gsoaei H. Holt, Member N. T. Stock Exchange. Geo.Wm.Ballou&Co 8 WALL STREET, 7S DEVONSHIRE ST., Nenr York, Boston, BANKERS AND DEALERS IN Municipal Bonds. Brewster, Basset & Co., BANEEBS, No. 3S CONGRESS STREET, Boston, Idara. Oealert la Stocks, Bonds, Gold and Commercial oaper. Orders exeoated on Commission at Brokers Auctions, and Private Sale. Inveatmest Beenrltles conatantlr on h«a<. Parker & Stackpole, UANKBRB, 78 OKVON8HIRK STBKBX BOSTON, Bur and Sell Weatara Oltr •« County Bonds. Chas. A. Sweet & Co., BANHK&S 40 STATE STREET, BOaTOIf. OKALEItS IN OOVUUIMXNT SICDttlTatS, 0«M BtaM, City, CooBtT sBd KaUroad Bos4a.
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AND^ xmtkHUNT'S MERCHANTS' MAGAZINE.
REPRESENTING THE COMMERCIAL AND INDUSTRIAL INTERESTS OF TFIE UNITED STATES
VOL. 27. NEW YORK, 0(^TOBER 26, 1878. NO. 696.
Financial.
THE
National Bank-Note Co.,UNCORPORATED 1859.)
OFFICE, No. 1 IVAIiL STREET,
NEW YORK.Steel Plate Engraving^ and Friiiting
BANK NOTES, Q0VEI4NVIENT ANDCORPOHATION BONDS,
BT1FICATE8 OF STOCK, BILLS OF EXCHANGEPOSTAGE AND REVENUE STAMPS,
PBOPRIETARr AND TRADE-MARK STAMPSIn the Hl^bcst Style of the Art, with epecltl
-sfegnards to prevent Counterfeiting andVlleratlons.
,SECURITY PLATE PBISTISG.
SAFETY TINTS. SAFETY PAPERS.
BAILWAir, COmnERCIAL ANDGENERAL PRINTING.
HAILWAY TICKETS in OXE, 7 WO, THREE orMORE COLORS and numbered ComtecuUvely.
SVMBERED LOCAL A.YD COUPON TICKETSAny Slzt, P.iUtm. StyU or Device,
WITH STEEL PLATE TINTS.
J. H. VAN ANTWERP, Prea't.J. .nACDONOITGH, Vtce-Pres't.A. D. SIIEPARD, Treasurer.JNO. E. CARRIER, Secretary.
FinanclaL
Au P. PoTTXB, Predt. Bah'i. rBiiJ,o>s, Cashier.
Maverick National Bank,BOSTON.
Ckpltal, $400,000rpln*, 300,000Bpeeiil attention given to COLLECTIONS, andromptr— "" '— '— '
BononllTlted.
rompt remittances made on day of payment.Boston business paper discounted. Correspondence
BANKERS AND lOERCHANTS,41 CEDAR, COR. WILLIAM ST.,
Kewr York.Boy and sell Railroad Investment Secnrltles. Col-
lect Coupons and Dividends. Negotiate Loans anddraw Bills of Exchange on London.Agents for the sale of STEEL RAILS made by the
Cambria Iron CompanjyJOUXSTOWS. PBNN.,
AKD THE
Edgar Thompson Steel Co. (Limited),
PIT1SBUR6B, PSNN.All business relating to the Construction and Equip-
ment of Railroads undertaken.
Jesup, Paton & Co.,BANKERS,
53 l¥IUIain Street, New York.
Accounts and Agency of Banks, Corporatloas,
firms and indlTlduals received upon tarorable terma.
Dlrldends and Interest collected and remitted.
Act as agents for corporations In paying couponsand dlTldends, also as transfer agents.
Bonds, stocks and securities bought and sold oncommission.
Bound railroad and municipal bonds negotiated.
Funds carefully Invested la Western farm mort-
gages, and the Interest collected.
Kountze Brothers,
BAMEBBS.13 WALL STREET, NEW YORK,
Issue Letters of Credit, available In all parts of the
world ; also. Time and Sight Bills on the UNIONBANK OP LONDON. Cable Transfers made.
Oilman, Son & Co.,BAKKEBS,
63 CEDAR STRBKT,
In addition lo a General Banking Bnslneas, buy and
sell Government Bonds and Investment Securities.
McKim Brothers & Co.,BANKERS,
47 TTall Street, New York.
Smith & Hannaman,INDIANAPOLIS, INDIANA,
INTB9TIN« AGENTStOM
l^NPIANA ABT^ OHIO.
Massachusetts
Loan & Trust Company,No. 18 POST OFKIOE SQUARE,
BOSTON.Chartered in 1870.
CAPITAL, 9500,000.GKU. WOODS RICE. STKPUEN M. CROSBY.
President. Treasurer.Loans made upox tik* on Staple Merchandise,
either upon bills of Lading or Warehouse Receipts.ExcRAKOK of Collateral, or prepayments Id part or
for entire loans allowed.
Alu>w Iktkrxst on all paynenU made beforvmaturity of leans.
CORRESPONDENCE SOLICITED.
F. H. Peek,BANKER AND BROKER,
No. 7 EXCHANGE PLACE,
BOSTON.
C. C. Jackson,
STOCK BROKER,
SIininONS' BVILDING,Boston, mans.
Uso. Wn. Ballov. Gsoaei H. Holt,Member N. T. Stock Exchange.
Geo.Wm.Ballou&Co8 WALL STREET, 7S DEVONSHIRE ST.,
Nenr York, Boston,
BANKERS AND DEALERS IN
Municipal Bonds.
Brewster, Basset & Co.,
BANEEBS,No. 3S CONGRESS STREET,
Boston, Idara.
Oealert la Stocks, Bonds, Gold and Commercial
oaper.
Orders exeoated on Commission at Brokers
Auctions, and Private Sale.
Inveatmest Beenrltles conatantlr on h«a<.
Parker & Stackpole,UANKBRB, 78 OKVON8HIRK STBKBX
BOSTON,
Bur and Sell Weatara Oltr •«County Bonds.
Chas. A. Sweet & Co.,BANHK&S
40 STATE STREET, BOaTOIf.
OKALEItS IN OOVUUIMXNT SICDttlTatS, 0«MBtaM, City, CooBtT sBd KaUroad Bos4a.
ii THE CHEONICLE rVoL. XXVII.
Foreign Exchange.
Orexel, Morgan & Co.,WALI. STREET,
COKKKR OF BROAD, NEW TOKK.
Drexel & Co.)
No. 84 South Thied St.,
Drexel, Harjes & Co
81 Boulevard HausamatiD
Parts.Pblladelphla.
DOMESTIC AND FOREIGN BANKERS.DepOKlts received anhject to Draft. Securttlea, Gold.
Ac, bought and sold on CommiBEion. Intereot alloweoon i>ep08it». Foreign Kxchange. Commercial Credita.Cable Transfen*. Circular Letters for Travelers,mvaflable In all parts of the world.
Attornbtb and Agbntb ofniessrs. jr. 8. mORGAN &. CO.,
No. «2 OLD BROAD ST., LONDON.
Brown Brothers & Co.,No. 69 WAIiL ST., N. V.,
laane, against cash deposlU'd, or satisfactory guaran-tee of repayment. Circular Credits for Travelers, In
dollars tor use in the United States and adjacent
countries, and In pounds sitrling for use in any part
of the world.
THET ALSO ISSUE COMMERCIAL CREDITSMAKE CABLE TKAN8FER8 OF MONEY BE-TWEEN THIS COUNTRY AND ENGLAND, ANDDRAW BILLS OF EXCHANGE ON GREATBRITAIN AND IRELAND.
S. G. & G. C. Ward,AGENTS KOE
BARING BROTHERS dc COMPANT,S8 WALL STREET. NEW YORK.
28 STATK STKKBT, BOSTON.
J.& J.
Stuart & Co,,33 NASSAU STREET.
BILLS OF EXCHANGE ONSniTH, PAYNE & SMITH'S,
BANKERS, LONDONHANCHESTER & COUNTY BANK,
"LIMITED-JOHN STUART k CO., Bankers,
MANCHESTER, PAYABLE IN LONDOIT ;
UI.STEB BANKING COIHPANY,BELFAST, IRELAND
AUD ON TBSNATIONAL BANK OF SCOTLAND.
ALSO,
CABLE TRANSFERS AND LETTERS OF CREDIT
Knoblauch
& Lichtenstein,BANKERS,
S9 WUIlam St., eor. Exchange Place,NEW YORK.
Make Telegraphic Money Transfers.
Draw Bills of Exchange and Issue Letters oi Credit
1 principal cities of Europe.SPECIAL PARTNEK,
DEUTSCHE BANK, BerUn.
J.& W. Seligman & Co.,
BANKERS,fi9 EXCHANGE PLACE,
COSNKB BBOAD BTRSBT, NEW TORK.
Issae Letters of Credit for Trarelerfi,
Payable In any part of Europe, Asia, Africa, Australia
Dd Amerleai
Draw Bills of Exckange and make telegraphic trans-
fers of money on Europe and California.
John Munroe & Co.,No. 8 Wall Street, New York,
No. 4 Post Office Square, Boston.CHEQUES AND CABLE TRANSFERS ONMUNROE Sc CO., PARIS.
its, available in any part of the world ; issue drafts
on and make collections in Chicago and throaghout
the Dominion of Canada.
London Office, No. 9 Blrcliln Lane.
ACiCIVCV OF THE
Bank of British
North America,No. S2 WALL STREET.
Commercial Credits issued for use In Europe, China,Japan, the East and West Indies, and South America.Demand ^nd Time Bills of Exchange, payable In
London and elsewhere, bought and sold at currentrates; also Cable Transfers.
Demand Drafts on Scotland and Ireland, also onCanada, British Columbia and San Francisco. Bills
Collected and other Banlcing Business transacted.
D. A. MaoTAVISH,J .-„„„WM.LaWSON, 'i
Agents.
The Canadian
Bank of Commerce,No. 50 IVALL STREET.
Capital,Surplus,
$6,000,000 Gold.$1,900,000 Gold.
Buys and Sells Sterling Exchange, and makes CableTransfers of Money,issues Commercial Credits available everywhere.
.1. H. G()ADBV.{-^g°°"-
Merchants' BankOF
CANADA.Capital, . - - $6,461,790, Paid Up.President, the Hon. JOHN H.\MILTON.
Vice President, JOHN McLENNAN, E6<J.
HEAD OFFICE, MONTREAL.OEOnGE HAGUE, General Manager.
WM. J. INGUaM, Asst. General Manager.
BANKERS.LONDON, ENG —The Clydesdale Banking Co.NEW YOKE—The Bank of New YorK, N. B. A.
National Bank of the Hepuullc.The New YorK Agency buys and sells Sterling Kx-
change, cable Transfers and Gold, Issues CreditsavHllable In all parts of the world, makes collectionsin Cannda f'Ud elsewhere, aid Issues Drafts pay tbleat any of the offices of the bank In Canada Demandaraf ts Issued payable In Scotland and Ireland, ande\tiry uescrlptlon of foreign banking busiuess under-taken.
AOBSTS:QUEBEC (CITY).—Owen Murpby.NOVA 6C0T1A.—Merchant*' Bank of Halifax.
FOREIGN AGENTS:LONDON.—The Alliance Bank (Limited).
NEW YORK.—The National Bank of Commerce.Messrs. Hllmers, McGowan & Co.
CHICAGO.—Union National Bank.BUFFALO.—Bank of Buffalo.
Sterling and American Exchange boaght and sold.Interest allowed on Deposits.
Collections made promptly and remitted tor at low-est ratea
Canadian Banks.
Imperial Bank of CanadaCapital, $1,000,000.
H. S. HOWLAND, President ; D. R. WILKIB, Cashle;
HEAD OFFICE, TORONTO.BSiNCHKs:—ST. CATHERINES, PORT COLBORNE,
ST. THOMAS, INGERSOLL, WELLAND.Dealers in American Currency and Sterling Exchange-
'Agents in London:Bo8AN<jtjKT, Salt & Co.,
93 Lombard street.
Agents In New York:Bank or Montrkal.
59 Wall street.
Promptest attention paid to collections parable IBany part of Canada.Approved Canadian business paper, payable In gold^
or currency, discounted on reasonable terms, andproceeds remitted to any part of the United States bigold or currency draft on New York.
The Bank of Toronto,CANADA.
Capital, $2,000,000. Reservf, $1,000,000.
HEAD OFFICE, 1 ORONTO.Duncan Coumon, Cashier ; Htj»H Lkach, Asst. CashBranches at Montreal, Peterltoro, Cobourg, Port Hope-
Barrle.St. Catliarlnes. ColllHgwood.BANKERS:London, England.-The City Bank.vkw VnRir i National Bank of Commerce,N aw 1 OKK.
) ^,J,, y,mt|j^„ and W. Watson.
Collections made on the best terms.
§teaTn§lii|i>>.
THE GREAT
Providence LineTO BOSTON,
VIA PROVIDENCE DIRECT.A FULL NIGHT'S REST, i NLY « MILES OF RAIL.
The Favorite Palace Steamers:
MASSACHUSETTS, RHODE ISLAM),Capt. RAY ALLKN. Capt. JESSE MOTT.
5 P, M, Daily (except gnndayB), from Pier No. 2ft
North lilvur (lout ol Warren street.)Faegengerfl arrive In Boston at 7 A.M. No interme-diate landings between New York and Providence.
THE OLD KELIABIiKSTONINGTOJ^ L.1IME,.
FOR ALL POINTS EAST.
5 P. in From Pier No. 33 North Klver (foet ofJay street.)
State-roomBand (Ickeie FOR EITHER LiNE Becuredat 863 Broadway and at all oJllceB of Westcott's Expree* :
Company. AIbo tickets sold ac nil hot*;) tlcket^ot&ces.-,
Frelgnt, via either llne.taKen at reduced rates.D. S. BABCOCK, President.
L. W. FILKINS. General Paasenger Agent.:
O N 1. Icj
Direct Line to France^|
The Genera] TraDH-Atlantic Company'sj
Mail SteaiuBbipByBKTWIKK
i
NISW VORK AND HAl^UE.Calllnif at Plymouth for the landlnf? of Passengers.The BplecdiU vcBuelB on this favorite route, for tbe ,
Continent—caolns provided with electric hell&—willsail from Pier (new) No. A'l North Wlver. foot olMorton 81 reet astoUowa:CANADA, Frauguel Wed., Oct 30, 9A,M,.A >' ERIQQE. Uelord Vr ed., Nov. 6. -^iSO P. M
.
PEliKiUK. Delord Wed., N ov. 13, » A. M.PKICE OF PASSAGE IN GOLD (iHCludIng wlnej:
To Havre—First cabin, (lOO; second cabin. | 5; tnird
cabln^ t^ ; steerage, $:£&—Including wine, bedding and '
utensil^.To Plymonth, London or any railway station la
England—First cabin, $yu to f 100, accoriUng to accom-modation ; second cabin, $''5; third cjibln, |35, steer- '
age, t27, Including everyttilag as above.lieturn tickets at very reduced rates, avallabie
airough England and France. Steamers marked tliUB
(•j do not carry steerHge passengers.For passage and Irelgii t i^PPly to
LOUIS BEBBBIAN,Agent) 5 5 Broadivay*
*{i^ Atlas Mail Line.
Bl-MONTilLY SERVICE TO JAMAICA, BAYTlCOLOMBIA and ASl'lNWALL. and to l-ANAMAan*SOUTH I'AOIKIC PORTS (via Aspinwall.)KiiBL-claea, full-powered, iron screw etejuners. Iron)
Pier No. M, North Klver.For Hajti, Colombia, Greytawn (Nic), Isthmul ol
ranama and buutri Paclnc Portf, via Asiiinwall
:
AILSA Octobcr^gi ANDES Nov.IS.
Eor Klngbton (Jam.) and Haytl:ATLAS October 24
IETNA NOT..
Superior lirfit-ciasb passenKei accommodation.FIM, FOKWOUD & CO., AgenH,
No. 5ti Wall treet.
Peck, Gilbert & Co.,No. le Broad St. (near IVall),
BANKERS AND STOCK BROKERS.StockB honght'aud sold oB the NKW yOKK STOCK
EXCHANGh on a margin of 3 perctnt, If desired
KQuiil attention given to Braall and lar»;eii»vestraentit.
Any information given pereonally or .by mall, tlral-
cia«B references.
OCTOUKR 28, ISTCJ THE CHRONICLK iU
Imurance.
OFFICB OF THX
ATLANTICMutual Insurance Co.
N«w York, Janiury 2S, 1878.
The Trastees, In conformity to the Charter of theConipanr, eabmlt the folIowtnK Statement of Its
affairs on the Slat December, 1877
:
Premiums received on Marine Risksfrom Ut JianaaTy, 1877, to Slat De-cember, ISTT $4,710,865 88
Fremiama on Pollclea not marked off
l»t January, 1877 8,040,868 61
Total amonnt of Marine PremlamB. $6,751,028 44
No PoUcicB have been leaned noon Life
Ritik?, Bor apon Fire diaconnectedwith Marine Kieks,
Prvmiuma marked off from Igt Janu-ary, 1877, to SiBt December, 1877.... $4,908,331 08
Loeaea paid during the
same period $2,565,890 S7
Returns of Prcmloms andEipeuses...t»47,923 86
The Company has the following; Assets, yix,
:
Dnited States and State of New TorkStock, City, Bank and other stocks. $10,565,936 00
Loans, secured by Stocks and other-
wise . 1,163,2»00Seal Estate and cUims due the Com-pany, estimated at 617,436 01
Premium Notes and Bills BecelTable. 1,761,S»3 63Cash in Bank ... 855,364 02
Total amonnt of Asseti $14,366,351 66
Six per cent. Interest on tho ontstandlngcertiicales of profits will bo paid to the holdersthereof, or their legal representatives, on and after
" Tuesday, the 5th of February next.
The outstanding certificatee of the issue of 1874will be redeemed and paid to the holders thereof,or their legal representatives, on and after Tues-day, the Sth of February next, from which date all
interest thereon will cease. The certificates to beproduced at the time of payment and canceled.
I Upon certificates which were issued for gold pre-f mlums, the payment of interest and redemptionwill be in gold.
A DlTldend of Forty per Cent, ia de.ciared oa the net earned premiums of the Companyfor the year ending 31 st December, 1877, foi whichcertificate* will be issued on and after Tuesday, the
!i of May next.
By order of the Board,
J. H. CHAPinAN, Secretary.
TBVSTEES:J. D. Jones,
W. E. H. Moore,Charlea H. Huasell,
J David Lane,
li Dioiel S. Miller,
f Jonah 0. Low,Royal Phelps,
C. A. Hand,
( William H. Webb,i Frauds Skiddy,
1 Adolph Lcmoyne,
} Charles H. Marshall,
( Robert L. Stuart,
f Frederick Chaancey,Horace Gray,John Elliott,
WllUam n. Fogg,Ifcomas B, Coddington,
Charles Dennis,
Lewis Curtis,
James Low,Gordon W. Bumhaxn.]William Stnrgis,
William B. Dodge,Thomas F. Tocngs,John D. Hewlett,
Charles P. Burdett,
Alexander V. Blake,
Robert B. Mintum.George W. lAne,
James Q. DcForest,
Charles D. Leverich,
Edmund W. Corlles,
William Bryce,
Peter V. King, ^
Horace E. Thorber.
J. D. JONES, President.
CHARLES DENNIS, Vice-PresidentW. H. n. MOORE, 2d Vlce-Piresident,
*. A. RAVEN, SdVice-Preaident.
lotnrance.
OFFICX OF TUB
ORIENTMutual Insurance Co.
Nkw Yobk, 18th Januory, 1878.
Tho following Statement of the affairs of this
Company on the Slst day of December, 1877, la
pnbllshcMl in conformity with the provisions of Its
Charter
:
Premiums unearned 3lBt Dae, 1876 .... $195,916 78
Net Premiums received during the yearending Slat December, 1817 755,078 89
Total Premiums $950,995 61
Earned preraiams of the year $8S0,868 65
Losses aud expenses 686,539 81
Ro-Ins:irance and return premiums 188, 178 08
ASSETS,
31st Decekber, 1877.
Cash iu Banks $854,729 43
United States Stock 478,813 75
Stocks of Corporations , 106,038 58
Real Estate...., ^ 349,455 58
Subscripiion Ilotes, Bills Receivable
and Uncollected Premiums 453,507 74
Unsettled Accounts 19876 46
Total amount of Assets $1,561,951 54
By order of the Board,
CHARLES IRVING, SecreUry.
TBVSTEES:George Mosle,
Henry De C. Ronth,Henry R. Kuhnhardt,
Lawrence Wells,
Alexander Hamilton,
Carl L. Recknagel,
Carl Victor,
Arthur B. Graves,
Alex. M. Lawrence,John D. Dii,
Walter Watson,
Henry E. Sprague,
Theodore J. Ralll,
C. L. F. Rose,
F. Cousinery,
George H. Morgan,
Edward P. Davison,
K. H. R. Lyman,Hugh Auchincloss,
William Pohlmaun,Constantln Menelas,
W. F. Cary, Jr.,
Ramsay Crooks,
n. L. Charles Renauld,
Frederick G. Foster,
Charles Munzinger,
Ernesto G. PabbrI,
John Welsh, Jr.,
Theodore Pachiri,
William S. Wilson,
Gustar Schwab,L. M. Calvoooressi.
EUGENE DUTILH, President.
ALFRED OGDEN, Vice-PresidentCHARLES IRVING Secretary.
LIFE XtTo ENDOWMENT POLICIESOMTERMS AS FAVORABLEAS THOSEOFANYOTHER CO.
'lASH^^TSMRSao.ooo.ooo.
W i r e R o pSTEEL AND CHARCOAL
IKON of superior quality
»nlt«hle for MINING ANDHOISTING PUKPOSKa, In-
clined Planes, Transinlsaion
iOf Power. *c. Also Usivant^ed Charcoal and BBtorChips' UlpKinft, SuspensionBrlilges, IJiTrlck Guys, KerryKopes, Ac. A Inrve atonK•ronstantly on hand fron'will)'!) any depircl lenk'f'i
art" rut. fT-AT 8TEKL .\NliIRON KOHKS for Mlnln»purposes mannfacured *t
United State* BuDtlnK CoHpanf.A mil mpply nil widths and Colors alvayi In itoek.
No. 109 Diiane Street.
George A. Clark & Bro.,
raiL'WARDVS HICLIX NBICDLBt.400 BROADWAY, NEW TOBK.
John Dwight & Co.,MANUFACTURERS OF
SrPER-CAUBOaiATEOf
SODA.No. 11 Old »llp, New York.
The Jobbing Trade ONLY Supplied.
inANCHESTER
Locomotive Works,MANUFACTURERS OF
LoeomotlTcs and Amoakca:; SteaaiFire Knirfnea,
MANCHESTER, N. H.
ARB«TAS BLOOD, W. O. inBANS,Superintendent, Treaaurer.
Manchester, N. 11 40 Wnter utreer. ltoat/»n
Russell & Co.,C Ora miSSION raRRCHANTS
AND SHIP a<;e>;ts.
Hone Kone, 4'anlon, Ain»y, FooohoirSnanghal and Ilankonr, Ctalna.
Boston Agency, ) New York Airency,i. MI;RKAY KOmlER,
J 8. W. POMkKoV Jll,M CINTRAL STRXET. S 109 WaTBB ST., R.T
Hong Kong & Shanghai
Banking Corporation,Head Ofllce, Honx KonK.
AOBNT,8. W.POMEROy J»., 106 Watmb »T, K.T.
Charles E. Parker,COMMISSION MERCHANT,
14 BxchanKe Plaee, BOSTON.Post Office llox XISA.
Olyphant & Co.,COMMISSION MERCHANTS,
tloux KonKt Miancliai mxtrbow aaACanton, « hluu.
RsraaniiNTai' mOI-YPHANT 4c <«>., "f ch na,
104 Wall M., Ne.> k'vrk.
IV THE CHRONIC JLE.IVol. XXVU.
California Baiilis.
The Nevada BankOF SAN FRANCISCO.
New York Agency, 62 Wall Street.
Capital, paid up .. $10,003,000 Gold.Surplns, (inveeted in
U.S.BondB) 3,500,000 "
C. T. CHKISTKNSEN, I. AgentsGEORGE L. BRANDEE, * °
Issue Commercial aud Travelers' Credits available
In any part of the world. Draws Exchaage, Foreign
andlnland.anl makes Trans, ers of Money by Tele-
graph and Cable. Gives specUl attentlsn to Gold and
Silver Bullion and Specie, and to California Collec-
tions and Securities ; aud arranges to pay Dividends
on such securities at due dates.
Bankers, London, SMITH, PATNK & SMITHS,
do do UNION BANK OF LONDON,
de New York, The BANK of NEW YORK, N.B.A.
The Bank of California, San Francisco.
Capital, Paid xjt in Gold, $5,000,000.
WM. ALVORD, President. THOMAS BROWN, Casll'r
B. MURRAY, .Jr., Asst. Cashier
Laidlaw & Co.,• BANKERS,
AGENTS FOR THE BANK OF CALIFORNIA,
No. 12 Plue St., New York.Receive deposits and transact a general banking
business ; execute orders at the N. Y. stock Exchange
for Stocks, Government, State, Municipal and Rail-
road Bonds and Gold.
Particular attention Riven to tlie pur-cbase and sale of ITIlnlns: Stocks in SanFrancisco, for nrhlch we have tlie best
facilities; also all other California Securities.
Issue Bills of EichantC, Letters of Credit and lele-
graphic Transfers on London, Yokohan?a, Shanghai,
Hong Kong, Honolulu, Virginia City and San Fran-
cisco.
Financial.
T H a
Anglo-Californian Bank(LIMITED),
I.ONDON, Head Office, 3 Atigel Court.
SAN FRANCISCO Office, 422 Califoniia St.
NEW YORK Agents, J. & W. Seuaman & Co.
$6,000,000.1,550,000.
Antliorized Capital, -
Paid-up and Reserve,
Transact a general Bauklng Dnslness. Issue Commerclal Credits aud Bills of Lxchanf^e, available In all
parts of the werlil. Collections and orders for Bonds.
Stocks, etc., executed upon the most favorable termr.
FUKD'K F. LOW, i Manager.IGNATZ STEINUART.J"*'"'*'*"-P. N. LILIKNTHAL. Cashier.
Financial.
Gas, Insurance Stocks,&cJ. p. WINTRIBfGHAM,
No. 36 PINE STREET.
Securities Bonsht at Auction.
The: November coupons ofthe HEAL KSTATK KIKST MORTGAGE I1ON0S.
guaranteed by the MERCANTILE T«U^T COM-PANY, will he pal'l at the ofllce of the Company,Bouitable Building, No. 1^ Broadway, on the first dayof November next
EDWARD L. MONTGOMERY, Treasurer.
W.INTED :
Atchison & Pike's Peak Railroad Bonds.Minnesota State Kepudlated Bonds.Texas Pacific RR. Land Grant Coupon Bon-ls.Suspension Bridge & Erie Junction ItR. Bonds.Scioto Valley lailroad Bonds.Township t'onds state New Jersey. Issued to BR.Columbus & Ind. Central RR. 1st Mortgage Bonds.City, County and Town Bonds of Wei^tern btates.Northern Pacific RR. Bonds and Preterrerf *tocK.Danville Urbana & Hloomlngton Railroad Bonds.Oregon Steam Navigation Co. Stock.
FOR SALE:Chicago & Eastern llllnolsRR. Bonds and Stock.Indianapolis d& St. Louis RR. < onds. Jersey City 7s.
WJM. «. ll'ri,KY, 31 Pine St., 1>. V,
WAITED
:
Alabama, South Carolina &. LonlslauaState Bonds;
New Orleans Jackson & Gt. Northern.ratsslsslppi Centra], and Mobile
ic Oliio Railroad Bonds;
Cttj of New Orleans Bonds.I.EVY & BORG,
36 WALL STREET.
Scioto ValleyRailway CoOF O li I O,
FIRST M0ItT(}A(4E SINKING FUNDSiEVEN PER CENT BONDS.
ISSUB LIMITBD AT $13,000 PER MILE. DUE 1896.
Line from Columbus, via Circlevil e and ChiUi-cothe, to Portsmouth on the Ohio Elver, lOO miles,
ftriished and in fuU operation since March, 187S.
Net earnings from March 1 to Octcer 1,
seven mouths $lC8,'i4J 05
Annual: merest on $1,-500,000, total Issueof bonds 91,000 00
A LIMITED AMOUNT FOR SALE,
AT 92^ AND INTEREST,BY
WIXSI.OW, I.ANIER & CO.,
COR. NASS.iU AND CEDAR STS.
Northern RailroadOF ]«EW JERSEY,
1st Mortgage Extended 6s, Due 1888.
TOTAL ISSUE, $SC0,G00.
ANNUAL INTEREST ON S.1ME, $12,000.
NET EARNINGS LAST YEAR (OFFICIAL) |0S,10O.
We have now left unsold and now offer, subject to
sale, |S0,0i0 of the above issue.
PERKINS, LIVINGSTON, POST & CO.'33 Nassau Street.
WE OFFER FOR S4EEA LIMITED AMOUNT of the following flrst-
class iDveslment Securities:
SEVEN PER CENT First Mortgage Gold BondsDAKOIA SuUTlIERN RAILI-.OAD COMPANY,*9,000 per mile, net earnings more than double theInterest accouLt. no floating debt, at 95 and accrueainterest.SIX PER CENT "ONDS NASHVILLE CHATTA-
N()0«A & ST. L'lUlS RAILWAY CO^'PANY, afirst mortgage at the ow rate of |I,2(X1 per mile onBranrli Roads, which cost npward of tiO.UOO per mileto construct, «t 8:1 and accrued interest.
AVA1.STON H. BROWN & BRO.,No. 34 Pine Street.
A GOLD MEDALhas been awarded at tlic Paris Expo-sition of 1878 to
J. & P. COATS,for their best Sli-Cord Spool Cotton,confirming the estimate placed upontheir goods at all the TVorld's Expo-sitions, from that of Ijoudon, 1862,to the Centennial Exposition of 1876,where they took a diploma for"SUPERIOR STRENGTH AND EX-
CEI,1.E\T ai'AI-ITY."Tlie Second Prize of a Sliver Medal
was taken by tbc W^llllmautic LinenCompany, Avhlch claims to bo thespecial cliampion of American Indus-try, and u hich has exicnsively adver-tised a Grand Prize at Paris.
NO GRAND fRIZES were awarded for
Spool Cotton at PARIS.
messrs. J. ic P. Coats have estab-lislied In Pawtucket, R. I., tlio larg-
est Spool Cotton Mills in the UnitedStateti. Every process of manufacture,from the raw cotton to the finishedspool, Is conducted tliefo. Their Am-erican-made Spool Cotton took tlie
award at the Centennial; and, whilethey have never claimed special meritfor their American-made Spool Cot-ton over tliut manufactured in theirScotch Mills, they have tlie satisfac-
tion of announcing that tliey haveso Identified themselves with thiscountry, that
AMERICA, as represented byJ. & P. COATS, U still
AHEAD IN SPOOL COTTON.
Auchincloss Brothers,Sole Agents in Now York for
J. & P. COATS,
Financial.
CITY OF NEWYORK5 PER CENT CONSOLIDATED
Sinking Fund Bonds.
Principal and Interest Payablein United States Oold.
30-50 YEARS TO ttVN.
Coupon Bonds In Sums ot $500 to
$1,000, Convertible at any time
into Registered Stock.
A LIMITED AMOITNT FOB SALS
At io6 1-2 and Interest.
DREXEL, MORGAN & CO.
AUGUST BELMONT & CO.
WINSI.OW, E.ANIER & CO.
OFFICENew York Elevated
RAIEROAU COMPAWI,No. 7 BROADWAY,
New Yobk, October 14, 1878.
SEALED PROPOSALS in envelope, " Indorsed pro
pesals for Stocks and Bonds," are Invited and will be
received at this office until 13 o'clocl: M. of MONDAY,the 23tli day of October, 18 8, for 6,750 SH iUESIof the
CAPITAL STOCK of the NEW YOIiK ELEVATEDKAILUOAD C0MPA:;Y, and leiS.OOO of the FIliST
MORTGAGE BONDS of the said Company, or any part
thereof. Each bid mu%t be made for an equal amount
of stock and bonds. No bids for the stock will be
considered which are fur less than the pur value
thereof, namely, $100 per share. The bonds are 7 per
cent per annum coupon bonds of the denomination
of fl.OOO each, the principal due January 1, 1906
Coupons payable ist January and 1st July in each
year. The bonds will bear Interest from the ist day
of -lanuary, 1870.*
Interest will bo allowed at the rate of 7 per cent per
annum on all payments made before that diiie.
A aepo-lt of .) per cent will be reoulred from all
bidders, which must accompaoy the lilJ. and which5 per cent will be eniiorsed on all such bids as
are accepted. On such bi'ls as are not accepted the
dep 'Sits will be returned to the bidders.nfty percent on ail accepte I bids will be requlrca
November IE, 8;8, on the payment of which ooe-half
ihe stock and b^nds will be uellvered ; the remaining45 Iter cent will be required November 30. 1878, whenthe remainder of tlie stock and bonds will be ready
for delivery. , „The Comoany reserve t'^.e right to reject any and all
bids which are not deemed satisf ctory.JAMES A. COWI.-G, Treasurer.
Chicago & Alton RR.Six Per Ct. Gold Sinking Fund Bonds,Principal and Interest payable In the gold coin of the
United States of the present weight and llncness.
UNITED STATES TKUST CO.MPANy, TbusTIIB.
fYee of all Taxes, imposed or to be imposed.
Bonds due 1903. Interest payable May 1 and Nov. 1.
A limited amount for tale at 1 2 and accrued interest,
JESUP, PATON & CO.,No. 52 WILLIAM STUEET. NEW YOIJK.
q-'HE AMERICAN EXCHANGE NA--*- TIONAL BANK, New Vork, October 18, 1878.—
The Hoard of Irectors of this Bank have this day
declared a dividend ot THHEE PER CENT, free of
taxes, payable on and after the 1st of November,
proximo. The transfer books will close to-day and
re-open on the 2d of Novem'jcr.
DUMONT CLARKE, Cashier.
MISSOURI PACIFIC RAILWAYCO.MPANT Offick. No, 5 BowLIKQ Green, NKW
Yens, Oct. 28, 1ST8.—The Coupons due November 1,
187S. on the Third Mortgage Bonds ot ihls Company,
and on the Real Estate Bonds of the Paciao Rail-
road Company (of Missouri , will be paid on and after
that date at this offlcc.
C. K. GARRISON, President,
New York, October 19, 1878.
THE DIRECTOHS OF THE EM-PIRE GOLD MINING COMPANY have this day
declared a dividend of EIGHT CENTS PER SUiBE
in gold, out of the net (par value »10) earnings for the
month of September, payable at the office of S. VWHITE, Treasurer, No. S Wall street, on the Sist day
of October, Inst. The books close on October 25, and
open on the Ist day of November.S. V. WHITE, Treasurer.
^^ HUNT'S MERCHANTS' MAGAZINE.
^^^EPRESENTING THE INDUSTRIAL AND COMMERCIAL INTEKESTS OF THE UMTED STATES.
mmkVOL. 27. SATURDAY, OCTOBER 26, 1878. NO. 696.
CONTENTS.B«tier Outlook io London 419Banking LdWK of ihe UnitedState and Great Britain Com-pared 4W
Tne Accuracy of Cotton CropReports .. 4:0
TUB CHRONICLE.The Paris EipoeUion—The Clo«-Ine Ceremonies 42?
New Ii.ventlons HiLatest Monetary and CommercialEnzUsh News 423
Commercial and MIecellanoousNews .. 4S5
THE BANKERS' GAZETTE.MoneT Market, U. S. Securities,Railway Stocks. Gold Market^Foreii;u Eschsnije. N. Y. City loveetments, and State, City andBanks, Boston Banks, etc 420 1 Corporation Finances 434
THE COMMERCIAL TIMES.Commercial Epitome 43S i Dry Goods 443Cotton -ISH Imports and Receipts 418Brcadetuffs (42 I Prices Current 441
nTIMBItTS or BtTLLIOK IK BAXK or nSLAIIOi
, General (Quotations of Stocks andBonds 42i
The CoiiMKRciAL and Financial Chronicle is ismied on Satur-
day morning, with the latest netcs vp to midnight of Friday.
TERMS OF SUBSCRIPTION-PAYABLE IN ADVANCE:For One Year, (including postage) $10 20.For Six MontliB do 8 10.
Annnal subscription la London (inclading postage) £2 Gs.
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.oiidon 0<Br<'.The London ofHce of the Chronicle is at No. 5 An,«tin Friars, Old Broad
Street, where subscriptions will be taken at the prices above named.
Adrertlsementa.Transient advertisements are published at ascents per line for each Insertion,
but when di-flnitc orders arc giveH for five, or more? insertions, a liberal dis-
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JOBS o. FLOYD, JR. f 79 St 81 William Street, NEW YORK.Post Office Box 4592.
|y A neat die-cover is furnished at 50 cents; postage on the same 1« 18
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0r" For a complete set of the Commkrcial and FI^fA>ICIAI. CiiROSicn—July, ISM. to date—or of UusT's Meucuakts' Magazine, 1339 to ls71, inquire
M lie office.
^^ The Bnslne's Department of the Chronici.e Is represented amongFinancial Interests in New York City by Mr. Fred. W. Jones.
BETTER OUTLOOK IN LONDON.Evidently the crisis in England lias culminated, and we
may now dismiss the fear entertained of panic there,
unless some other une.vpected developments intervene.
Further failures will undoubtedly occur, and disturbances
in trade continue, bat to all appearances the turning-
point has been reached, and from this time we may look
for a gradual relaxation in the pressure put upon busi-
ness. The evidences of this change are clearly indicated
in the returns of the Bank of England received yester-
day, compared with those of previous weeks. The
Glasgow failure occurred October 2, but it had even
before that been everywhere rumored for a week or
more. Our London correspondent, writing under date
of September 28, stated that " during the present week
"it has been rumored that serious difficulties in the
"North, or rather in Scotland, were apprehended."
Consequently the Bank of England first felt its influence
the last of September, and we give below the changes in
the coin and bullion of the Bank since that time.
Oct. S4....
'• 17....
" 10....
" 3....
Sept 28..
TolaL ..
RecordedInjlux.
£1,004,(00
6M<,(00
1,532,0»J
S19,C00
S7^,0C0
£4,081.000
Senito SuppljDomesticWant9.
£110,000
1,490,000
1.147,000
595,000
5,480
£3,307,480
Lenrtnff
IncT«a»t by
Bank.
£884,(00
3«0.«2a
£1,954,530
Lot9 by
aank.
80O,0tO
98B,00O
711,00}
£l,tlil,000
Proporfnriurt* Io
UaMHMf
We see in these figures the course of the pressnre, and
the reason why the rate of discount was not further
raised this week. September 26 the proportion of reserve
to liabilities w.is 40 per cent, and the Bank had gained
£360,520 in coin and bullion since the previous Wednes-
day; but on October 3 the reserve had fallen to 40| per
cent, and the drain from the country upon the Bank had
begun, the amount of coin sent to supply domestic
wants, for the week ending that day, being £595,000, or
£76,000 more than the net influ.x. This drain has
steadily continued, and the proportion of reserve to
liabilities has steadily decreased until this week, when
we find a very marked improvement, the amount of coin
and bullion sent to supply domestic wants reaching
only £110,000, against £1,450,000 the previous week,
and the Bank having gained £894,00i», against a loss the
previous week of £800,000, while the reserve has
increased from 27J per cent to 29^ per cent.
This statement is certainly very satisfactory. Of
course, however, we cannot hope for any speedy recovery
in those industries which have been of late so depressed.
Increased caution will be the rule for some time to come,
and this must prove a severe test to those who have for a
long period been laboring under a heavy burden of debt
and unprofitable trade. Large and numerous failures are
consequently likely to occur, until the purifying process
has wteded out the unsound.ones, and business is again
put upon a legitimate basis. If, however, nothing trans-
pires tb change the improving situation, the effect upon
this side will in great part speedily disappear, except it
may be in our cotton market, which must, for months,
we fear, be a participator in the suffering through which
the over-stimulated cotton manufacturing industry of
Europe must pass.
BANKING LAWS OF THE UNITED STATUSAND OF GREAT BRITAIN COMPARED.
It is suggestive to compare the statutory security of
banking in Great Britain with that in this country. As
to circulation, by our law the Government, as is well
known, holds, as custodian. Us own securities, amount-
in "^ to 110 per cent of the bank issues, and is in fact,
ahhou^h not in precise legal phrase, the guarantor of
420 THE CHROINK^LK [Vol. XXV 11.
the notes, the result being that they are absolutely
secure. The position of the Scotch banks resembles that
of the Bank of England in respect to circulation, but is
not quite the same. By the act of 1844, the latter has
15 millions sterling of notes which rest upon the public
funds, and the " issue department " will issue to the
*• banking department " more notes, in exchange for
coin; by the act of 1845, the Scotch banks may keep
out, uncovered, an aggregate of notes equal to their
average at that date, and for every additional note must
hold an equivalent in coin. The difference is that there
is no special custodian of this coin, and that the coin
itself is not kept as a special cover for the
notes, so that, although the banks may hold
more coin than the amount of notes issued above the
limit, the notes have no more claim upon the coin than
the other liabilities have. The intent of the law, it is to
be presumed, was just the contrary; but a bank manager,
a few years ago, testified before a Parliamentary com-
mittee that in his bank the notes had no firr.t lien on
the coin; and, to say the least, there does not appear to
be any guaranty that they do have any. In this country)
except by fault of the Comptroller of the Currency, there
can be no notes uncovered by securities, for they can be
obtained only from him. In Scotland, if unauthorized
issues are made—or if, what is the same thing, the holding
of coin is not kept up—the law provides, as penalty, a
fine equal to the uncovered issues. The law also em-
powers the stamp officers, with evident reference to this
provision, to examine the books and count the coin of
the Scotch banks " at all reasonable times." If this
duty has been performed properly in the case of the City
of Glasgow Bank, the books must have been falsified, or
the coin holding in some way have been made the subject
of legerdemain, supposing the charge true that the
amount of the coin and notes has been misrepresented.
Under our law, no bank can loan to any one person or
firm to an amount exceeding one-tenth of its capital; at
least five reports a year must be made, and the Comp-troller may make examinations as often as he pleases.
Publicity is the rule here, and the result has been that
the note-holders have been absolutely unaffected by
bank failures, and the other creditors, stockholders ex-
cepted, have met only trivial losses beyond that of
interest and the inconvenience of delay. In Scotland, on
the other hand, there seems to be no restriction upon loans,
and no system of visitation or accountability; although
it is customary in C4reat Britain to make half-yearly re-
ports, those are meagre, permitting items to be so lumpedtogether that banking may be extended to farming in the
Antipodes without the shareholders' knowledge. In
respect to personal liability, however, the difference is very
wide between the Scotch banks and our own. Here, the
holder of $100 of stock, besides having no claim upon the
assets, until the general creditors are paid in full,, is liable
to be called upon to pay $100 more, but his liability is
several and not joint, each being liable only for his pro-
portion of the deficit, and not for another's; but in Soot-
land, except in case of the three oldest banks, the liability
has no restriction, every holder of shares being exposed
to calls as long as the deficit and his property hold out.
The superiority appears to lie with the Americansystem in respect to security. Here, the idea of an
unlimited and indefinite liability—one which is utterly
uncertain both as to the time of its coming into prac-
tical verity and its extent—would not bo tolerated byowners of property. The present general corporation
act of this Slate aims to allay the fears of Capitalists byexpressly providing for a restricted liability—ihat is,
for an exemption from any personal demands in case of
deficit—and this is the general habit in Great Britain,
the word " limited" being ordinarily used as a part of
the title of corporations. It may seem strange that peo"
pie should be willing to buy shares that practically madethem general partners in a business, with the manage-ment of which they had no personal share; but famili-
arity with the idea of any danger breeds indifference.
Men endorse for the accommodation of friends, with the
feeling that it is a matter of form only, and the confi-
dence in Scotch banks was almost as perfect as in the
government itself. It was a confidence justified by sev-
eral centuries of almost unbroken success. The solidity
of their banks was a matter of Scotch pride. They had
won a reputation the world over; they represented
wealth, thrift, and all the best characteristics of the
Scotch character; the shares meant plump dividends,
and the purchaser probably no more supposed that his
shares could cost him an assessment in this way than
that the paper certificate itself could explode in
his pocket. Probably many holders did not so
much as know that any legal liability existed, even as
a matter of form; they never thought about trouble
at all, but took the shares and dividends gladly, and
trusted the managers implicitly. To call this trust
heedless is easy now, but instances of almost equal
trust, with less apparent foundation, have been plenty
in our own country. Out of the long course of success
grew hankering for still larger profits, and then, the
managers needing money for their own business in dull
times, the bold mismanagement which destroyed the
bank. Success has its dangers.
Perhaps the calamity will produce, as a result of the
thorough examination and discussion of banking which
must certainly follow, some important amendment of
the banking system in respect to legal accountability;
for, while this failure proves nothing against banking, it
must b? evident that further legal restriction—particu-
larly examinations and publicity—will be safer than
confidence alone. This can never disturb good bankinar,
and bad banking ought to be disturbed. The Scotch
are not a volatile people and will not forget their lesson
immediately. Even if they do not devise any precau
tionary measures, the effect will doubtless be to induce
some return to the old-time conservatism which gave
their banking the strength and success out of which,
unregulated by any external authority, grew the bold-
ness that led to the practice of doing a distant business
through acceptances, and next to the practices that
destroyed the Glasgow Bank.
THE ACCURACY OF COTTON CROP REPORTS.The Liverpool Post of October 9th, in an article
commenting upon the irreconcilable differences in the
cotton statistics issued by the British Board of Trade
and the Liverpool Cotton Brokers' Association, refers
also at some length to certain differences between our
Cotton Crop figures of September Ist and the crop
statement issued subsequently at New Orleans, closing
its criticism with the following remark—" there may be
variations of opinion as to estimates, but there ought
to be no discrepancies as to facts."
Before noticing the questions raised by the Po»t, wewish to assure it that a difference of 37,000 bales out of
nearly 5 millions, is not so very surprising, when we con-
sider the difficulty of obtaining the facts, and the manysources of those facts, which enter into and iuiik>- up an
American crop siateiuent. Very little of the informa-
tion is really official,—that is, very little is obtained from
OcToncR 90, 1878.| THE CHRONIC ;LE. 42]
Government records. So far as the leading Southern
Ports arc coneerned, it is oar cuBtom, when we can, to
adopt for each the figures of its Cotton Exchange, and
80 thoroughly have some of them perfected the system
of obtaining and keeping their own cotton movements,
that one can accept their results unreservedly. But for
all the other figures, and for tlie overland statement, wehave to seek our facts in divers directions, each year
consulting more authorities and obtaining additional
returns. Much of this information is private, kept
solely for ourselves, and its collection is a matter of no
little work and of largo expense. For two persons, then,
under such a system, to separately prepare a crop state-
ment of nearly 5 million bales and reach wiihin
three-quarters of one per cent of the same result, is, in
the opinion of those who are most familiar with the
matter, a fairly close approximation.
And yet we must, at the same time, say that if wethought we were really in eiTor to that or any extent, weshould consider it a serious defect, to be corrected andacknowledged. Our aim has been to eliminate every
uncertainty from these crop statements, and we think
we have done it. With that purpose we devised our
system of overland and railroad reporting. For twenty-
five years the cotton trade had satisfied itself with simply
guessing at the former movement, until we pointed out
the error and prepared an obvious remedy ; and in
every other direction we have sought to make our
system so perfect as to have double proof of every
return we have used. Further than that, we tried to
assist the Exchange organization at New Orleans,
to discover the errors in its earlier reports, byshowing wherein they were faulty. Two years
since (see Chronicle, Sept. 30, 1876, page 316), wespecified a few of the most obvious defects, aud
had the pleasure of a call from a very estimable gentle
man who has a large part in the preparation of these
statements. lie agreed with us upon the importance of
reaching the truth, and promised on his return to NewOrleans to look the matter up and write us about it, and
if the New Orleans statemeut was in error, as he
acknowledged it appeared to be, he would not only
admii it, but have it corrected. We have never heard a
word from him since. Taking this c rcumstance in
connection with the fact that that organization has been
able, no year as yet, to issue its crop report until ours
had been received at New Orleans, we concluded that
there was little reason to suppose the interests of truth
were to be served by an examinatiou of its figures, and
hence had not looked them over this year until receipt
of the Posi'ii criticism.
Having, however, given some time to them now—not
as much as they require evidently—we are disappointed
in finding it diflicuU to understand the report, so as
to be able definitely to assert wherein the discrep-
ancies consist, the arrangement of its figures being, in
our opinion (which may be erroneous), a little clumsy.
For instance, the Pout in taking one of its totals is quite
naturally led into the error of supposing there is a disa-
greement Id Southern consumption, whereas there is
none, ours being 148,000 bales, and its 147,747 bales;
it is again wrong in making 22,000 bales discrepancy
in overland, as our overland gross (which is the only
total that actually measures the amount reaching the
market in that way) is 693,040 bales, and its is 689,261.
la a word, so far as we have been able to discover
from nhe examination now made, the diflferences in
bales are very flight at, any one point, but are dis-
tributed over the entire reports, and thus reach in the
aggregate a total of 37,000 bftlea. All w« oan rnj at pwa-ent, is that we are confident our report in correct; afterIt was completed, and before isauing it, wo went oyerevery detail several time*, for the purpose of iiecing if ourfacts would not permit as to make it tmalUr, u we couldnot at that time satisfactorily anderstand the large amountleft for home consumption and which we were unablewholly to explain until in our cotton report of laiit week.We failed, however, on making these examinations, tofind a single bale to strike out, and now we have re-
examined it with a like result.
There is, however, one point the Pott refers to, in
which there is an evident and important error, andan error which is, wo think, easily determined : werefer to the weight of bales. If any one will examinethe two statements, he will find no differences in thisrespect between them in Louisiana, Texas, Alabama,and Georgia, but a very grave difference in SouthCarolina, Virginia, and North Carolina, and a muchlesser difference in Florida and the other ports. Asthe most of the discrepancy grows out of the state-
ments for North and South Carolina and Virginia, it
will be well to give the following figures from the tworeports for those States,
Soiitb Carolina
North Carolina
Virginia
Total for tbese States
Chronicle.
WelghtB InPoonds.
209,137,4656»,43(;,185
241,690,466
.520,264,116
Avera^weights.
463-74461-37470-23
46.5 11
Exchange.
Wrilgbto InPounds.
AT'geWghln.
196,4H6,6S0
62.308,148
230,782,612
480,667,410
4504S3452
^.51
There are several ways of testing these figures, and wesupposed in giving ours we had applied all known tests
and still think we did. As a preliminary step to obtain-
ing the weights, we secured from the collector of every
Custom House at every outport, large and small, in theSouth, a special return to us as to whether there hadbeen any exports and, if there had been, the dates of
them and the amounts in pounds and hales of each ship-
ment. This is the basis of our system in this particular
and we follow or accept the results thus obained, if noother fact we can secure, tends to disprove their
substantial accuracy. As an illustration take South
Carolina. For that State we obtained and still possess
such a detailed statement prepared for us by Mr. C. 11.
Baldwin, collector at Charleston, and ano her by Mr.
George Sage, collector at Beaufort. Now, it will be
readily admitted that, as the shipments covered by these
returns are going on every week through the season and
are consequently taken out of every week's receipts, and
furthermore, as the returns thems'-lvt-s are.oflicial, they
should be accepted as a correct iudi^x of the ports' move-
ment unless they are impeached by some pretty positive
evidence outside of them. In this case we could find no
such evidence, but could find mach to corroborate the
results thus obtained. Precisely the same is true with
regard to Virginia and North Carolina, for we also have
official returns from each Custom House in those Slates.
Consequently, the weights we give in our table, for each
of the three States named, are the weights thus made up
from these Custom House figures.
We think this should be sufficient to determine the
question raised, until something pretty positive is pro-
duced to discredit the conclusions thus reached. But in
such matters it is not always well to stop with one
demonstration. Consequently, if our readers want other
proof to the same point, all they have to do is to get it
through receipts at the Northern mills from the States
named. We can furnish those Iso in bales and pounds
422 THE CHRONICLE. [Vou XX.VIL
Bat there is one other piece of evidence so patent, and yet,
to our mind, so controlling, that it may be worth referring
to here. The cotton marketed through these States is
grown in them only in part. Some of it comes from
Georgia, but a large portion from the West and States
further South. Now the Georgia shipments, as all admit,
weighed per bale 477 lbs., the Alabama shipments 511-87
lbs., the Louisiana 471 lbs., the Texas shipments 501"S6
lbs., the shipments through Memphis 488 Iba., and the
shipments through St. Louis 490 lbs. These are admitted
figures, because they are the Exchanges' own figures, and
being so, how is it possible that the cotton marketed
through North and South Carolina and Virginia, a con-
siderable portion of which came from the States beyond
them, could only average 450 or 452 lbs. ? Take Vir-
ginia, for instance. Probably a half of the shipments
through that State came from the West and Southwest
(Mr. Toof, of the Memphis Exchange, says his cotton
weighed 488 lbs., and Mr. Simmons, of the St. Louis
Exchange, says their receipts weighed 490 lbs.) and a
quarter came from the South, below South Carolina,
where the weights were from 477 to 511 lbs.;—we ask,
is it possible, if these are facts, that the Virginia ship-
ments should weigh only 452 lbs. ?
But we think we have pursued this matter far enough.
Did our space permit, and the subject warrant it, wecould take up all the other differe nces between these
two reports of bales and weights, and show with equal
definiteness the accuracy of our figures. The proofs in
every respect are absolute and clear, and bring us neces-
sarily to the conclusion that this crop reached the total,
in bales and weights, given in our Crop Report.
What had become of the portion of the receipts re-
maining in this country, was to us a serious question,
until satisfactorily answered through our subsequent
investigations, the results of which we gave last week
(see Chronicle Oct. 19, page 413). Let us repeat the
substance of them, however, because they become of
chief importance in this connection. First, then, there
was an increase in stocks of raw material of from thirty
to forty thousand bales in the hands of manufacturers,
compared with the previous September. Second, our
woolen mills are constantly enlarging their use of
cotton. The ordinary knitting mills have not taken a
bale of wool this year; and all kinds of low-priced
woolens have cotton carded in, or, when the style of the
goods permits, twisted in with the wool. Every manknows how of late years the manufacturers have run
more and more on low-priced cloths. It has been the
feature of the times; and now a merchant entering the
jobbers' or agents' rooms no longer makes the old-time
request to be shown his goods, but invariably says
—
" Show me your cheap goods ". There is no demand for
anything else; and cheap woolens mean more or less
cotton. These large takings then by our spinners, are
thus explained, and we assure the Liverpool Post that,
with cotton at less than 10 cents per lb., we shall require
a slill larger supply this year.
THE PARIS EXPOSITION—THE CLOSINGCEREMONIES.
On Monday last the Paris Exposition—the latest, and,
in some sense, the moat successful of the great world's
fairs—was brought to a close. The occasion wasworthily celebrated. These exhibitions, which were a
novelty in 1831, and have since bo often been repeated,
have lost much of thw original attraction, bat slill per-
Jorai ain essential service. To thp modern world they
Bi^tain a relation not dissimilar ia some respects to that
which was sustained by the tournament to the world of
the middle ages. They bring together the people of
different nationalities; and permit the exhibition of a
rivalry which tends, not to the injury, but to the benefit
of the human family. It is difiicult, indeed, to see howthey could be discontinued without loss.
The Paris Exhibition, measured by a just standard,
must be allowed to rank as a success. It is not claimed
that there will be, when the balance is made, any con-
siderable surplus. It has, however, done much to restore
the prestige of France, and to compel the world to
admit that Paris, even under the present government, is
still the first capital of Europe. It has brought the
nations together in friendly competition, each exhibiting
its best, whether the fruit of its brain or the fruit of its
soil. It has made that city, for a whole summer, the
centre of attraction to the travelling and money-spend-
ing public, and has thus contributed largely to the cofEers
of tradesmen and producers of every class. It has, wehope, also done something towards removing those
differences which separate nation from nation, and, by
so much, hastened the advent of that better time when the
energies of the peoples shall no longer be expended in the
ruinous rivalry of war, but in that healthful and improving
rivalry which seeks distinction in the arts of peace.
France has good reason to be satisfied with her suc-
cess. It is only seven years since she lay at the mercy
of a foreign foe, her armies destroyed, her government
upset, her capital besieged and under the control of a
mob, her territory dismembered, and everything appar-
ently in chaos. Yet now she has so recuperated and
so completely outlived and overcome those disasters
that it is difficult to believe they were ever endured.
And more than that, she has carried on her great enter-
prise while a large portion of Europe has been in tur-
moil and confusion, a war has been raging, and a crisis
threatening the entire continent. President MacMahon'g
words were well suited to the occasion. "We have
been able," he said, "in a most earnest and convincing
manner, to demonstrate that seven years passed in
reflection and devoted to labor have sufficed to repair
the most terrible disasters that ever befell a nation.
The world has witnessed the strength of our credit, the
abundance of our resources, the peace and quiet of our
cities, the content of our population, and the instruction
and good discipline of our army." It will be well if
French ambition shall remain contented in the prosecu-
tion of the arts of peace.
With our own success at the Exhibition, we have no
reason to be other than satisfied. It was natural to ex-
pect that in certain departments we should be successful
and in others take a less commanding place. Our side
of the exhibition was far from complete. Altogether,
however, we have no reason to be dissatisfied with our
hundred years of progress, even as represented there.
NEW INVENTIONS.The inventive genius of the American people, always illustri-
ous, appears juat now to be remarkably active. We are justly
proud of Franklin who initiated, and Morse who perfected,
experiments resulting in electricity becoming the most useful of
all agencies. We are equally proud of Whitney, who, by his gin,
revolutionized the cotton trade, and of a thousand others who have
in one waj and another contributed to enriching the world by their
labor-saving contrivances. It would appear, however, as if the
inventions of the past were to be completely thrown int« the shade
by the later lights. Wallis promises, by means of electricity, to
convert the Falls of Niagara into a great motive power, and to
distribute that power at will over the length and breadth of the
land. Edison, who has recently astonished the world with hi»
telephone and kindred mv.ention* enoourages us to belieVe that
OCTOBER 80, 1878. J THE CHRONICLE. 423
b« baa mastered the diiBcultieH which bare hitherto marred the
effective use oi electricity for li^litlDg ]>urpoi>«8. And now while
wn await the results of tho oxperimunts which are being made
hj Walila and BdisoD, wo are further surprised by the
marvelioua discoveries of Mr. Salisbury. The exhibition made
at the nrooklyn Navy Yard on Saturday, promises to completely
revolutinDize the iron, steel and glass trades. By using
petroleum for fuel, not only is coal supersodod, but, at a
comparatively trltlliig cost, there is acquired a heating power
whi h surpasses anytliing hitherto known. In the experiments,
the heat registered 5,000 degrees, melted pig Iron in ten minutes
instead of two hours, and made liquid glass in two hours Instead
of sixteen. Thfl Invention consists of the liquid fuel and the
means of using it. The fuel is made of the residuum of petroleum
and coal tar—a mixture of abuut the consistency of molasses.
It is conducted from the barrel to the furnace by means of a
small pipe. At the end of this pipe, as it extends into the door
of the furnace, is a funnel-siiaped apparatus. When the fuel
enters this funnel, it comes in contact with a current of highly
super-heated steam, which atomizes the liquid, and thus admits a
sufficient amount of oxygen at the point of ignition. Theatomized fuel then shoots in a fierce but delicate spray Into the
blazing furnace, the brick arclies of which are kept at a white
heat. Mr. Salisbury hopes by his invention to revolutionize the
ocean steamship trade; and ho is about to proceed to Pittsburg to
reconstruct her three hundred blast furnaces, and make that city
the greatest manufacturing centre in the world. If the appara-
tus proves to be as safe as it ij undoubtedly effective, Mr.
Saiisbury's discovery will lead to great and radical changes in
many branches of industry.
^omtnx^i^ammtvclKX^nQXiBW^cvuis
BITES OP BXOHA^NUR AT LONDON AND Ori LONAORAT LATEST OATB8.
BZCHANUK AT LONDON-OCTOBER 18. EXCHANGE ON rX)NDON.
I», 7X<i. Oct. in. Iloiday.Hong RoDg. ,. .... Oct. 9.
'* Hiibangtiai .... Oct 9. ii. and. pr. tael.
IFrom onr own cortespondanul
London. Saturday, October 13, 1878.
Nothing very important has transpired during the week in
connection with the failure of the City of Glasgow Bank ; but
there is an uneasy feeling, and further suspensions are regarded
as inevitable. Those recorded during the week have not
attracted much attention, and there is a belief that the severity
of any crisis will be mitigated by the fresh arrangements which,it is understood, some firms have been able to make for discount
accommodation and advances. For the time, a decided lull in
general business is apparent, and some fancy that it is only
preceding a storm of trouble; but there seems to be no reason to
depart from the belief entertained at the close of last week, that
the difficulties will be comparatively local. The provincial andScotch banks have been making great preparations to provide
against contingencies, and large amounts of coin have been with-
drawn from the Bank of England during the week. About twomillions in sovereigns have bten sent away, there being an
increase of only £384,070 in the supply of gold held by the Bank,
against a recorded influx of £1,532,000. it is very satisfactory to
notice that the facilities are so easily available for making the
requisite provision, and confidence la promoted by the fact that
trade is quiet, and that, commercial bills being scarce, it is diffi-
cult to see whence any serious and prolonged trouble can arise.
The worst part of the situation is believed to be that the countrybanks have made large advances to manufacturers on their plant
and goodt, ud that the iImIc dnutDd iVhIeb It npnl«M*d toithe latter cheoka lerloaily the prooM* of reeorery. The priod.pal fallore this week la that of Mewra. Hengh, Balfour & Co., ofManchester, a firm well-known ih ronghont the United States. Theliabilities are not yet known with any degree of accoricy, as tbasuspeEsion only took place actually last night; but the MaoehM.ter Guardian of to-day sayi that tho direct llabllltle* owing la
that city amount to about £200,000 and that any lama owIok to
Manchester banks are amply covered. The laapeoslon haa, It ia
understood,,been caused by the atoppage of the firm's ordinarydiscount facilities in London. The firm of tleugh, Dunlop k Co.,
of Bradford, la a separate establishment, and Its position la notaffected by the stoppage of Hengh, Balfour & Co.
This failure in Manchester caused a gloomier feeling to pro-vail. For some days paat there haa been Increaaing onaaalnaMand fears have been entertained that a succession of fallnrw waaInevitable. It is now ten days since the City of Qlaagow Bankstopped payment, and yet there haa been no panic, which ia aofar satisfactory ; but the opinion la widely held that the proeoaaof failing may be so frequently repeated that, without any panictaking place, there will be a prolonged period of restricted con-
fidence. Many persons desire to go through a ahoft and decialTO
process; but the object of those more tangibly Intereated la to
affjrd support wherever practicable, and, at all events, to miti-
gate the trouble which exists. Bnsineas la, of course, upon a veryrestricted scale, and the banks and discount houses are verytimid. Hence, there is a good demand for bills of the beat claaa,
and Treasury bills are much sought after ; but second claaa paper
is difficult lo negotiate. The following are the present qaota-
tiona for money
:
Open-mtrlcet raws
:
Per eeni.4 mouths' bank bills *K^1ig months' bank bllli *\9*%4 and ( montiit' trade bUls. 5 QSM
Per cent
.
Banli rate sOpen-market rates
:
SOandSOdAys' bills 4K®IVSmonths'bills iii^iiH
The rates of interest allowed by the joint-stock banks and dla-
count houses for deposits are subjoined:
Percent.
JnintstocR banks 4DIsconot houses at call 4Discount noases with 7 days* notice 4VDiscount houses with 14 days' notice 4j^'
Annexed Is a statement showing the present position of the
Bank of England, the Bank rate of discount, the price of Consols,
the average quotation for Engliah wheat, the price of middliog
upland cotton, of No, 40 mule twist, fair second quality, and the
Bankers' Clearing House return, compared with the four pre-
vioua years
:
15-1.
Circulation, Incladlng £banlcpostbiila 48,058,431
Public deposits 3,957.287Other deposits 81,497,7)9Qovemmont securities. 1.%»40,1.W
Other secnrilies 19,806.267
Reserve of notes andcoin 9,U)5,8!6
Coin and bullion in
both departments... 22,066,45aProportion of reserveto liabilities.
St. PeteraburerVienna ana Trieete...Madrid,Cadiz and Bar-
celonaLisbon and Oporto. . ,
.
New York.CalcuttaCopenhagen
Bankrate.
Openmark't.
p. c. p. c.
66
"i'4@5
i>i iX
The following statement shows the extent of our importations
of wheat and flour during the first month of the season in the
present and three previous years, and also the supplies whicheach country contributed
:
WHEAT.
1878. 1877.
Cwt. Cwt.RuB=ia I,ia6,60.i 1,3J5.!)91
UnitedStaies, 2,19i,8i3 l,078,:i8(l
British North America 54J,til8 3il,78tiGermany 305,9!)" 381,253France .... 13.549Chill 49,a91 84,Si5Turkey, Moldavia andWallachia 3,808 96,509
Eaypt .. 43,313 11)0.31.'.
Briti.-h India r4,417 578.S76Other countries a5u,0!5 94,4(iO
Total
Germany,
FranceUnited StatesBritish North AmericaOther countries
4,5'J2,620 4,036,619
FLODK.
83,62555,725
lliO,506
17,748
192,821
Total. 494.251 5I0,.301
1876.
Cwt.
662,193V«0,161277, US15,4»63,2()7
90,151
84,628399,951316.563409,942
3,039,506
70,02366,274191,76131,(il2
88,554
433,231
1875.
Cwt.
1.S86.852
2,530, <69
71O,.3S0
608,474281,41399,80;
67,8874.58,610
163,327445.324
6,647,434
fi3,5J3
101.8^0218,1)21
46,06863,516
493,318
Annexed is a return showing the value of the cereal produceimported into the United Kingdom during the past month, com-pared with the corresponding period in the three previous
Ko West Coast Of Africa 8,707,800 2,863,400 3,090,000
To United StAtes 5.463,600To Foreign West Indies 15,41«,8iiOTo Mexico 1,376,600To United States of Colombia (New
Granada) 1,341,900ToBrazil 16,678,600To Uruguay 2,369,300To Argentine Kepublic 957,400To Chili 4.621.400ToPeru 2,433,100To China and Hong Kong 31,422,300To .lapan. . 3,0 13,800ToJava 6,566,800To Philippine Islands 4,211,900To Gibraltar 8,693,300To Malta 1,614,900To British North America 2,849,900To British West India Islands andGuiana .3,703,500
To British possessions in South Africa. 1,063,000To British India-Bombay 36,9!2.100Madras 3, 163,200Benjjal 77,lt.2,000Straits Settlements 7,08 1 ,700Ceylon 2.735,300
ToAustralia ... 2,957,900To other countries 23.967,400
Total nnbleached or bleached 242,628,900Tot.al printed, dyeci, or colored 89,421,400Total of mixed materials, cotton pre-
dominating 932,700
1877.
5,013, .500
12,5)(4.000
2,7<j3,700
3,633,10014,7I£,300
2.39S,;006,3U2,50O
3,2;8,8002,,',6-l,4n0
30.271,1001,498,0004,791.2003,619,7003,r'50,'00
1.603 4 >e
3,306.600
3.922,000
1,5«8,000
36,282,0001,1)80,801
73,631,7007,330 3038,776,4002,335,000
25,663,500
325,179,800
101,241,800
1,009,700
1S78.
4,531,00010,418,.30n
1,589,500
4,534,300
16,401,700
1,947,5004,417,200
1,719,700
8,479,00024,863,5008.885,0005.S90.40O3.116,600
1,096,5005,817,8003,313,900
2.916,9008,09 .',300
31,210.300
2,938,60070,045,2006,072,200l,556.30a
3,953,80029,535,1)00
223,.'iBl,ID0
96,471,500
893,200
Total S32,'J83,000 .329,431,300 325,943,700
OTHER MANtTPACTURES OP COTTON.Lace and patei:t net £>i4,S09 £76,587Hosiery Of all sorts £63,689 £61,411Thread for sewing lbs. 850,215 973,3^10Other manufactures, unennmerated £6.3,;3l £6),1')3Total value of cotton manufactures £1,717,88) £4,836,614
£32,611£80,930990,937£31,233
£1,631,477
The wheat trade shows but little change. Pine F.nglish
samples continue scarce, and seJl at about previous rates ; but
inferior produce is still very dull. The markets are well supplied
witli foreign wheat.
During the week ended Oct. 5, the sales of home-grownwheat in the 150 principal markets of England and Walesamounted to 71,441 quarters, against 61,436 quarters last year;
and it is estimated that in the whole Kingdom they were
285,764 quarters, against 245,744 quarters in 1877. Since harvest
the sales in the 150 principal markets have been 344,140 quarters,
against 287,095 quarters, and it is computed that in the whole
Kingdom they have been 1,378,560 quarters, against 1,148,500
quarters in the corresponding period of last season. Without
reckoning the supplies furnished ex-granary at the commence-
ment of the season, it is estimated that the following quantities
of wheat and flour have been placed upon the British markets
since harvest:1878.
cwt.Imports of wheat 6,463.513Imports of flour. 7ito,585
Sales of home-grown produce. .... 5,965,100
1877.
6,908. 5'81
iv3.266
4,976,320
Total . .
Sxports of wheat and flour.
14.414.51747«. 7d.
Result 12,792,922Aver, price of Eng. wheat for season 43s. 6d.
Tbe following figures show the imports and exports of cereal
produce into and from the United Kingdom since harvest, viz.
—
from October 24 to the end of last week, a space of six weeks
—
compared with the corresponding period in the three previous
seasons
:
IMFOBTS.
1878.vVheat cwt. 6,468,381Barley l,56(i,779
Oats I,(i88,0a2
Peas .
BeansIndian Corn.Plonr
i^est cwi.BarleyOatsPeasBeana . ,.
Indian CornFlour
1S8..')59
156,329
4,5 ;8,:ill3
705,583
1877.5,906,5391,252,517
1.733 258lf'0.360
671.375
3,261,957723,266
BXPORTS.
834,3.5 232,3379,688 16,765
4,381 10,230
2,394 2.261
615 1,584SO,-. 88 20,77212,021 4,232
1876. 1875.4,4.-8,416 8,^'8S,0€4
l,27;',5b4 911,755*],:-.00,096 1,372,929
103,4'.l 63,118684.816 432,481
5,9M.804 3,074,152573,037 678,416
119,5W 42,1031,3/1 3.612
4,741 li,39S
1,557 1,180
1,163 2,2:5
77,812 6,5826,420 2,360
Elugllttli market Reports—Per Cable.
The daily closing quotations in the markets of London and
Liverpool for the past week, as reported by cable, are shown in
the following summary:London Money and Stock Market.—The bullion in the Bank
of England has increased £894,000 during the week.sat. Mon. Tnes. Wed. Thor. Prl.
Btt. Hon. Tom. W*A. Tbar.•. d. (. d I. d. 1. d. I. d.
94 89 •7 108 10
A9 89 in
94 833
Tuc».F. d.463031«6SS
f. d.87 «93 84 910
47
Tuo.B. d.37 6
t« «9 «7 10
8 1099 89 10
94 3S3 3
Wert.•. d.ii8il «31 6an3347
Wed.
!34
10
87S3410
94tt 6- 108 10»9 89 10
9< 32.1 3
Thur.». d.45318i n663.^ 347
Thnr.•. d.87 8S.) 64 910
FrL1. d.
tt9 «1 10
S 999
99483
Fri.f. d.4'>
31US663^47
FrI.B. d.
87 6S34 910
(JJommcvciaUxttdl^lsccUaucoxislllcxus.
iMPonTS AND Exports fob the Week.—The imports oflast week, compared with those of the precediog week, Bhowa decrease in both dry poods and general merchandise.The total imports were $4,539,773, against |.5,704,676 the pre-ceding week and $7,194,502 two weeks previous. Th^ exportsfor the week ended Oct. 22 amounted to |7,4.55,993, against$6.65^,904 last we^k and $7,183,567 the previous week. Thefollowing are the imports at New York for week eudlni; (fordry goods) Oct. 17 and lor the week ending (for generalmerchandise) Oct. 18:
POBEIOK IMTORTB AT NEW TORK FOB THE WEEK.1875. 1876. 18T7. 1878.
The following will show the exports of specie from the port ofNew York for the week ending Oct. 19, 1878, and also a com-parison of the total since Jan. 1, 1878, with the correspondingtotals lor several previous yearb:
Oct. 19—Str. Donan London Amcr. silver bars. $86,000
Total for the week ($.35,000 fliver, and * gold) $J5,C00PievloaBly reported ($5,061,481 silver, and $5,790,610 gold) 10,855,184
Total since Jan. 1, 1878 ($5,09^,431 silver, and $5,790,640 gold). ...$10,890.1'.'4
Same time In— i
1977 #24.2-4.8)51
1876 4i'.56i,(i35
I8I5 64.7«,66iI
Same time in—1871 $57,733,06!1870 Jl54h.3111869. 28,5«4.0:;0
Oct 17—Str. Tybee Porto Plata Amer. silverOct. 17—Brig Alice Truxlllo Amer. ellverOct. 17—Sir. Scythla Liverpool Amcr. eilverOct. 18-Str. St. Laurent Havre... Foreign gold ....
U. 8. I.EOAi, TKSUBI18 A»i> Natiowai, Bahk NcxTRt.—?ronvthe Oiuptroller ol the Currency, Hon. John Jay Koo«. we havethe following statement of the eurreocy morementa and Treaaurrbalance* for three months past
:
Anir 31pi.» &,V»«,M-',»M
a4M»i9a0 S49 0I9.4-4)
1I,9V«,«M UJH0,4IM
164,700
io,»t,<go
*B..lVs,9M
U./l. BtmiU held at mcutU^ frim Hat. Kla.— July 81.l>i)iid» for circnlation deposited $<.3!w.4MBonds for clrculnllon withdrawn 6 006 9 4)Totnl held fur circulationBunda held as security for depoaluLegal Tender NoUe.—
Dciiosltod in Treasory under act of Jane 10,1874 7M800
Totnl now on deposit. Including liquidatingbanks... 10,909,917
Retired under act of January 14, 1S7J ....Total retired under tliat act to data ^4,3I''>9S4 .~ -...-w^-mToUl amount of greenbacks ouUtandlng.. 349,89I,0I« tt«i6>I,OI8National Bank OtrcutaUon.—
Same time in—1871... $6.883.8V418T0 8687..i781869 14771. ".Ill
1863 6,326.9421867 2,848.8041866 8,401,783
The transactiooB for the week at the Sab-Treasury have beena« follows:
Total $a,7S«,0OO $16,413,000 $1S,«0.000Treanury MmemenU.—
Balance in Treasury—Coin S0r,fln7jr'S {38.430,709 t8t,iat,t<tCurrency 1,106,817 9,m,171 l,97S,UaCurrency held for re-demption of frac-tional currency 10,000.000 10,000,000 10,000,600
Coin and Bilver certificates ontstanding 43,631,030 4I,017.8JU }4,II74,C70
East-Botind Freight Pool.—The meeting of managers andgeneral freight agents of the varions Western railroadi, for thepurpose ot forming an east-boand pool from Chicago, St, Looit,Peoria, Cincinnati, Indianapolis and liouisville, assembled atChicago last week. At a meeting held in the same city Sept. 6thand 6th, the preliminary steps were taken for the formation ofthe pool. The roads leading from St. Louis reported that theyhad agreed to allow each of the lines 20 per cent of the bnsinrssfrom that place. It was agreed by the roads running east fromPeoria that the following sliould be the percentages of the basl-ness allotted to each line: Indianapolis Bloomington & Western,29; Toledo Peoria & Warsaw, 29; Chicago Pekin & Southweatero,20 ; Chicago Rock Island & PaciBc, 12 ; Illinois Midland, S; andPekin Lincoln & Decatur, 5 ; A commissioner is to be appointedto make the division. The LoaisTilie and Indianapolis roads •
reported to the meeting that they had agreed upon percentages;but the figures are not known.Subsequently the railroad managers succeeded io forming a
pool for east-bound freight from Chicago, which is to go intoeffect Nov. 1. All the roads are pledged to gire ten days' noticeof any raise or rednstiott in its rates.
These pools are tortued on the general basis adopted at the Sep-tember meeting, which embraced the following points: 1. ThatChicago, St. Louis, Peoria, Indianapolis, I.«al8ville and Cincin-nati shall be pooled points. 2. That all tonnage (lire stockexcepted) originating beyond the pooled point shall be Includedin the tonnage from such nearest pooled points. 3. That thetonnage, for five years, or such less period of time as may beagreed upon, prior to July 1st, 1878. be taken as the baaU for
determining the proportion due to each road.
—The card of Messrs. B. F. Babcock & Co., commission mer-chants in Liverpool, will be found on the laat page of the Chron-icle. This firm is repre.sented in New York by the strong andconservative house of Messrs. Babcock Brothers & Co., SO Wallstreet, and for any transactions in cotton orotherprodnoe betweenthe New York and Liverpool icarkets, these firms hare everyfacility which capital and experience furnish.
—Attention is called to the fact that a gold medal baa beenawarded at Paris to Messrs. J. & P. Oats, the celebrated manu-facturers of spool cotton. Their previous awards were; Priie
M-dal, London, 1862; Prize Medal. Paris, 18li7 ; Hibbon of
The Money market and Financial Situation.—There is a
much more quiet tone iu financial circles, both in this marketand in London. The report, which was the sensation of the dayat date of our last writing, that the Bank of France had loaned
gold to the Bank of England, proved to be a mere canard; andindeed the report v.as not credited from the first by our bankers
here. The cable dispatches lately received from London indicate
a material improvement in the feeling there, based upon, or
connected with, the much better condition of the Bank of
England. Not the least striking of the fluctuations attending the
recent disturbances in monetary affairs has been the rapid decline
and still more sharji recovery in the rates for foreign exchange.
Last week, bankers' demand sterling bills sold &s low as 4.85J,and to-day they are held at 4.88^ by leading drawers, thoughactually sold at a fractional concession from that price. This is
partly accounted for by the fact that the supply of commercialbills has fallen off considerably this week, since exports havebeen checked by the decline iu cotton and other ]>roduce whichfollowed upon the threatening aspect of financial affairs in London.Our local money market has been more steady, and borrowers
on call have had no difficulty in supplying their wants at 4@fi
per cent on stock collaterals and 4@5 per cent on Governmentsecurities. Prime commercial paper shows but a small businessfrom the fact that very little first-class paper is offered; rates are
about 5 to 6 per cent, according to the grade and time to run.
The Bank of England statement on Thursday showed again of £894,000 iu specie, and the percentage of reserve to lia-
bilities was 29J, against 27i per cent last week. The Bank rate
of discount remains uncliauged at 6 per cent. The Bank of
France lost 11,191,000 francs in specie.
The last statement of the New York City Clearing House banks,issued October 19, showed an increase of $709,150 in the excessabove their 35 per cent legal reserve, the whole of such excessbeing $4,240,700, against $3,531,600 the previous week.The following table shows the changes from the previovis week
and a comparison with the two preceding years.
' State and Railroad Bonds.—Louisiana consols are moder-ately active, and sold here to-day at 74^. Virginia consols are lower
in Baltimore, where most of the sales are made. The SouthCarolina cases will not probably be decided before December 18,
to which day we understand the Court has adjourned.
Railroad bonds continue to be quite strong on a moderate busi-
ness. The annual income received from many of the bonds at
their present prices is tempting to investors when Governmentbonds pay only about 4 per cent, and first-class real-estate mort-
gages about 6 per cent. In regard to a rumor that the Chicago &Northwestern Kailroad Company had negotiated $1,000,000 bonds
in Europe, the Evening Post money article says :" The following
bonds which were in the treasury of the company, and were orig-
inally issued for the purpose of building the branches named (and
.referred to in the last annual report) and which have been built,
have been sold in Amsterdam at 90. The company originally
advanced the money to build these branches, and the sale of these
bonds re-imburses the company for its outlay.
Minnesota Valley Railroad Co. bonds, 25 miles, at $6,000 per mile $160,000
RoclU'Stcr & Nort'n Minn. E. R. Co. bond?, 25 miles, at t8,OO0 per mile. 300,000
Plainviow Railroad Company bond", 16 miles, at $B,25' per mile 100,000
Menominee River Railroad Co. bond?, 25 miles, at $10,000 per mile.. .240,000
To:al 1690,000
" $100,000 of the bonds having previously been sold. All these
are 30-year 7 per cent bonds."
As to the statement of net earnings of the Missouri Kansas &Texas Railway, published in our issue of October 12, the follow-
ing is a statement in detail for eight mouths, January 1 to
August 31, 1878, including the land sales :
fiross earnings for eight montbs, from Jan. 1 to Sept. 1. 18:8 $i,770,58J
Receipts from Land Department and miscellaneous (about) 55 WO
Total S1,S36,532
Less ooeratin'r expenses ^^''S^'i^?Rentals and imt,rovementsTaxes paidExpenses Land DepartmentMiscellaneousExpenses of trust and maintaining organization.
United States Bonds.—There has been a fair business onlyin Government securities. There were some sales here for Lon-don account during the early and middle part of the week, butto-day prices are relatively higher in London, and there is nomargin for importing bonds.Closing prices at the N. Y. Board have been as follows:
150 Tradesmen's Nnt. B'k— 101 1-2
40 Nat. Broadway Bank 19756 Nat. Park Bank 89
113 Mctrop. Nat. Bank 114ia100 Oriental Bank 127100 Brooklj-n Gaslight Co. ...11340 Nat. Broadway Bank 20025 Lenox Fire Ins 9120 Eagle Fire Ins 200^215 Republic Fire Ins 70>428 Mont.ink Firo Ins Ill10 Manhattan Gaslight Co.. 14825 Metroi). Gaslight Co 105lOOBvooklyii (xasliglit Co— 11615 Park Fire Ins Ill
11958• Tills is the price bid; no sate was made at the Board.
The range in prices since Jan. 1, 1878, and the amount of eachclass of bonds outstanding Oct. 1, 1878, were as follows :
$1 ,000 City of Hannibal 6p. 0,
due 1893 524,000 N. J. 7 p. c. imp. b'ds,
due 1892, IO5I2 and tut.
1,000 Jersey City 7 p. c.
imp't bonds, due 1893,IO6I4 and int.
2,000 Jersey City 7 p. c.
water bonds, flue 1902,106% and int.
500 Eead'g & Columbia RR.1st mort. 7 per cent, duo1882, coup's March andSept 90
10.000 Chesapeake & OhioRR. 1st mort. 6s, withcoupons from 1st Nov.,1873, deposited with Cen-tral Trust Co 2719
100 .Spring Mount'n Coal Co.. 4290 Manliat. Gaslight Co ligia22 Knickerbocker Fire Ins.. 8222 N. Y. Mut. Gaslight Co... 6550 Hannibal Bridge Co.,
$100 each 87I2
[ 85 Keokuk & Ham'n BridgeCo., $100 each per share . . 1
100 Union Impr. and ElevatorCo. ofDuluth 15
72 St. Paul & Dulutli RR.Co. prcf 15%
215 Jackson Land Co.,entitledto $819 scrip issued fortaxes 10
Bonds.$10,000 Keokuk & Hamilton
Bridge Co. 8s, Ist mort.,due 1899, with int. coups.from 1st July, 1876 37
800 Jackson Land Co Istmort. 8s, due 1887 100
5,000 Cumberland & Peuu.1st mort. Os, duo 1891.... 8412
10.000 Cousol. Coal 1 st mort.7s, coup., duo 1885 103%
10,000 Cent. Pac. RR. Co. 1stmort. on 50 miles east ofSacramento, 7 p.e. couponbonds, duo 1883 IO6I4
5,000 Amcr. Zinc Co. 8 p. c.
bonds. Coupons on 1stDec, 1872, and after, p. c. 1
Closing prices ot leading State and Railroad Bonds for two
weeks past, and the range since Jan. 1, 1878, have been as follows:
States.
Range since Jan. 1, 1878.
Lowest.
6s, 1881 . . . . cp. 1051s Feb. 25 110% Jime 27 $197,067,15068,5-208,'65.cp. IO214 July 22 105ie June 6 44,459,40068,5-208,'67.cp. 10112 Aug. 12 108=8 June 27 110,174,8006s, 5-20s,'68.cp. 10031 Jati. 2 11]34J"ne28 16,071,50058, 10-408... cp. 10378 Mch. 1109% July '^9 144,280,80058,fund.,'81.cp. 102% Feb. 25 1077e July 30 235,060,8004128,1891 ..cp. 10178 Mch. 1105 Aug. 17 159,860,7504s, 1907 ....cp. 99% Oct. 3 102% Jan. 9 103,209,600€8, our'ncv.reg.!! 1714 Apr. 5;122'ri May 251 64,623.512
Highest.
Amount Oct. 1.
Registered. Coupon.
$85,669,20037,274,750
200,439.30021,393,800.50,285,500
273,379,5.5090,139,25048,290,400
Louisiana consolsMissouri 6s, '89 or '90North Carol ina 6s, oldTeimessee 6s, oldVirginia 6s, consol
do do 2d series..
Dlst. of Columbia, 3-658R.VILROADS.
Central of N. J. 1st consolCentral Pacittc Ist, 6s, gold..Chic. Bml. cfe Q. consols 7s. ..
Chic. & Northwest. cp.,gold.
.
Chic. M.& St. P. cons. s. (. 7s.
.
Chic. B. I. & Pac. 6s, 1917...Erie 1st, 78, extendedLake S. & M. B. 1st cons., cp..Michigan Central consol. 78..Morris & Essex 1st mortN. Y. Cent. <fe Hud. Ist, cp. . .
The latest railroad earnings and the totals from Jan. 1 to latest
dates are given below. The statement includes the gross earn-ings of all railroads from which returns can be obtained. Thecolumns under the heading "Jan. 1 to latest date" furnish thegross earnings from Jan. 1 to, and including, the period men-tioned in the second column.
.—Latest earnings reported.—. —Jan.l to latest date .
The Hold narkct.-rhero haa be«n rompanitlrrly llttlninterest in ifold, ami today the price op«n«(i and r.Umnl at ]00|Helling In the mnaiilline at 1U04. Un Knid lonn« ratm wem fmai8 to H ner cent for carrying In the morning, and at th«t elamcash gold loaned Hat.
Hilver in Ijondon is (|ii(it4Ml at <I0{.
The range of gold, and rlmrlnKn and baianoM. wew m follow*:
Exclianice.—Foreign exchange has made a sharp adranc*,and prices to-day are two to three ]>olnt8 above last weiflk. Thereis but a small demand f«)m bond importers, but a decrease In
commercial bills is reported in conscqacnce of ahipments ofproduce being checked. Actual business was done at a slight
concession from the rates given below.In domestic bills the following were rates of exchange on New
York at the nndemicntioned cities to-day: Charleston, plenti-
ful, buying H-llMdii discount, selling i<3par; N'ew Orleans, commcrcial K'%5-16 discount, bank ^ discount; St. IionU, SO dis-
count; Chicago, steady, 2u premium; and Boston, 13ic. dlscoiuit.
Quotations for foreign exchange are as follows:
Oct. 25.
Prime bankers' sterling bills on London.Good bankers' and prliic commercial..(iocil coinmercialDocumentary coimnci-cialParis (fiancs)Antwerp (francs)Swiss (francs)Amsterdam (guilders)Hambmg (rciclimarka)Frankfort (reichmarks)llremen (rci. hinarks)Berlin (reichmarcks)
Total 63,111.000 «6,98i,lO0 19,517.800 40.789,IW 108,141.000 a.m^m
428 THE (CHRONICLE. rvoL xxvu.
GENERAL QUOTATIONS OF STOCKS AND J50NDS.Quotations in New York represent the per cent value, wUivtover the par mny bo; other nuotutions are freriuonlly mafle per share.
The following abbreviations are often used, viz.: "M.,"for mortgage; " g.," for gold ;" g'd," for guaranteed ; "end.," for endorsed; "cons.,
for consolidated ; " conv.," for convertible ;" s. f.," for sinking fund ;
" 1. g.." for land grant.
Quotations in New York are to Thursday ; from otiier cities, to late mail dates.
Sabscrlbera -will conrer a favor by giving notice of any error discovered In these (tnotatlons.
United States Bonds.
UNITED STATES BONDS.68, 1881 reg-.J & J6s, 1881 coup. .J & JCalled Bonds reg
STATE SECURITIES.Alabama—58 and 8s, fundable.. Yar.
88, Mont. &Euf8s, Ala. <fe Chat8s of 1892-93 J & J28 of 1906, funded "A" J & J58 of 1906, funded, ER. " B".Class "C"
Arkansas—6s, funded, 1899 ..J & J78, L. K. & Ft. 8. issue, 1900 .A & O7s, Memphis & L. K., 1899..A & O7b, L. E. P: B. & N. O., 1900..A & O7s,MiB8.0. & R. Riv.,1900..A & O
' 7s, Ark. Central RR., 1900.A &. O78, Levee of 1872
Califomia^Os, 1874Connecticut—Ss
6s, 1883-4Delaware—Cs J&J*Florida—Con8(tI. gold Os J & JOeorgiar-Oa, 1879-80-80 P & A
». CaroUna—68, old, 1886-'98..J&J68, old A&O6«, N C. RK., 1883-5 J&J6s, do A&O6s, do coup. off. J & J68, do cbup. off. A&O68, Funding act of 1860, 1900 J&J68, do 1808,1898A&O6s, new bonds, 1892-8 J&J68, do A&O6s, special tax, class 1,1898-9A&068, do class 2 A&O68. do cla883 A&O
New Y'ork City—Gs, water stock, 1880 Q—Ft6s, do 1879 Q—Ft 1005s, do 1890 Q—PI 101%6s, do 1883-90 Q—F 104Os, aqueduct stock, '84-1911..Q—K 1047s, pipes and mains, 1900..M&N 1156s, reservoir bonds, 1907-'11-Q—F 1005s, Cent. Park bonds, 1898. ..Q-F 101Os, do 1895...Q—F 1007s, dock bonds, 1901 M & N 110Os, do 1905 M&N 10778, market stock, 1891-97. .M&N 1106s, improvem't stock, 1S89.M & N 1047s, do 1879-110. M A N 101Os, gold, cons, bond,-*, 1901 ..M&N:? 1126s, street Impr. stock, 1888 .M&N IO2I27s, do do '79-82.M&N 10468, gold, new consol., 1896 1077s, Westchester Co., 1891 106
^Boston A .Maine—78. 1893-94. JAJ308t. AN. Y. AirL.— Ist 7sfim. A I'rovideuee-78, 1893.JAJBuJ Brad.A P.—Oen. M.7s.'96.JAJ;Biiff.x.Y,A Krie-lat. 7a. 1916..IAD«Buff.N.Y.APIlll.-l8t.0a,g..'9ti.JAJJBur. C. n.A N.—lst.5s,ncw,'06.JADjBur. A Mo. R.-fVd M., 7s. 03.AAO
Carthage A Burl.—1st. 8a. '79.MA.Nl!ll>a|H2 Catawl.i.sa— lat M.,7a, 1882. .FAA
103 New mort., 7a, 1900 FAA'Cedar F. AMIn.—Ist, 7s, 1907.JAJ
65 Cedar K. A Mo.— lat. 7a, '91. ..FAA H63 1st mort., 7a, 1916 MAN45 Cent, of Ga.— 1st, cons., 7s, •93.JAJ00 Cent, of Iowa- lat M., 7s, g
C<nit. of N.J.—lat M., 78, '90..FAA101 78, eonv. 1903 MANlOj"? do us.sented
104i3!10.'i'a Conaol. M., 78, 1899 CJ—
J
101 105 do assented103's!l04ia Am. Dock A Imp. Co., 78,'86 JAJ'OS's 10412 do iv8.Hei)ted
104 L.AW.Coal, eon8.,7a,g'd,1900Ci-M105 do aa.sentcd90 Cent. Ohio— 1st M., Os, 1890.. MAS103 Central Paeitie (Cal.)—
Ist mort.. 6s, KoUl, 1S9.5-93..JAJ102%!' State Aid, 7a, g., 1884 JAJlOtl S. Joaquin. 1st M.,6s.g.l900..A&0107 Cal. A Oregon, l8t,68;g.,'8.8.JAJ »0112% Cal.AOr. C.P.bond8,6.s,g..'92JAJ t91121 Land grant M., Os, g., 1890.AAO95 West. Paeif., Ist, Oa, g., '99. .JAJ100 Charl'te Col.AA.—Coiia.,78,'95.JAJ
I 2d mort., 7a, 1910 JAJ109 Cheraw A Darl.—1st M..8s,'88.AAO
I 2d mort., 78dies. A Ohio—Ist M., 68, gold, old!
do excoup112% 2dmort..6s
Va. Cent., lat M., 68, 1880. . .JAJdo 3d M., 6.S, 1S84...JA.Ido 4th M., 8.S, 1876 ..JAJ
50 ChesUtre—6s, 1896 Jcfe.1
9 68,1880 1A.160 Chester Val.—lat M., 7s. 1872.MAN
Income, 7s. 1883 AAO97 Bda. Kiui. C. llno.tis.g., 1903.MAN108 Chic. B. A Q.—Ist, S.F.,88, '83 JAJ02 do 7s, 1896 JAJ24 Consol. mort., 78, 1903 JAJ48 Bouda, 58, 1895 JAD
58,1901 AAO108 Chic. A Can. So.—lat, 78, 1902 AAO106 Chlo. A East. III., Ist mort. 68.103<!8 do Ineome M., 78. 1907107 Chic. A Iowa—1st M., 88. 1901.JAJ
Chlo. I'a A Neh.—1st M.. 7a,'88.JAJ26 Chjc.A Mieh.L.Sh.—lat.88,'89.MAS t
45 I. A M., 1st M., 7s, 1897 JAJ18 I'a. A Dak., Ist M., 7s, 1899 JAJ28 Hast. ADak., l8tM.,7a. 1902.JAJ28 Chic. A Mil., lat M.,7a, 1903.JAJ92 1st mort., eonaiil.. 78, 1905..JAJ40 Ist M., I. A D. Kxt., 78, 1908JAJ101 Clilcjigo A Northwest-102 Sinking fund, IstM., 78. '85 FAA31 Interest mort., 7s, 1883 . . . .MAN31 Consol. mort., 78, 1915 Q—
105 Consol., gold, 7s, op., 1902. .JAD108 do do reg89 Iowa Mid., Ist M., 8s, 1900.AAO108 Oal.'A Chle. ext., 1st, 78,'82.PAA108 Peninsula, Ist, conv.,78,'98.MA8100 , Chle. A Mil., Ist M., 7a, '98. .JAJ87 Mildison ext., 78, g., 1911. ..AAO90 Menominee ext., 7a, g., 1911.JAD91>s Northw. Un.,l8t,78,g.. 1915.,MA8107 Chic. A Pad.—1st M., 7s, 1903 JAJ102 Chic. Pek.A 8.W.—1st. 88,1901.FAA97 Ch'c.R.I.APac—S.F..in.,63,'95FAA119
I6s, 1917, coup JA.I
108121
68. 1917, reg JAJ90 Chii^ngo at. L. A N. O., 2d M., 6s, }
90 (*tO,000 red. an. by 111. C. 1907100 Ch.St.P.A M'polis.l8t,68.g.'18.MAN93 Land M., inc., lis, g., 1918..MAN104'4 Chic.AS.W.—l.at,78,guar..'90.MAN30% Cin. A Iiidiamv— Ist .M.. 78, '92.JAD32 2d mort.. 78. 1882-87 JAJ114 Cln.ASp.-78, C.C.C.A 1. 1901.AAOlOm do guar., L.S.A.M.rt., 1901AAO104 CIn.Laf.iCh.— lat. 78.g.. 1901.MA8117 ;Cin. Ham.A D.— Ist M., 78,'80..MAN103>s 2d mort.. 7s, 1885 JAJ117 I Consol. mort., 7a. 1905 AAO55 I Cin. H. A I.. 1st M., 78, 1903.JAJ110 llCin.Rich. ACUic.— Ist, 78, '95.JAJ
I
Cin. Rich. A F.W.— 1st. 78. g...JAD701* Cin. Sand'ky A CI.—68, 1900..FAAlllW 78. 1887 extondod MAS120 II Consol. mort.. 7s. 1890 JAD
Raii.koau noWM.IBM. Aak.
I»r. fvii. C. A r — l«t. 7s. •»» MAM 110% 111%Conmil. nior- - f- I---' 87<i. ..
Col. A Tolejlo— 1st mort. bonds fOO<.'ol.Sprlngf.AC.—lst.78,llKU.MA8Col. A Xenia— Ist M.. 7a,1890.MA8Conn. A l'assunip.-M.,7s.'ll3.AAOMassiiwlppi. g., 6s, gold, '89 JAJ
Conn. Val.— lat M., 78, 1901. ..JAJ68I3 Conn. West.- 1st M., 7s, 1900.JAJ60
,Connecting (Philn.)—1st, Os ..MASCimiherl. Val.— 1 St M.,8s.l OOl.AAOjDaknta .Southern—7a. gold.'Kl.FAA t
panh'y A Norwalk—7b, '80-92. -JAJ|Dau. Ur. Rl. vV P.— 1st, 7s. g...AAOl)ayton A Mleh.— Ist M..78, '81.JAJ
•2d mort., 7.S, 1887 MA»3d mort., 78, 1888 AAO
Dayt. A West.- lat M.,6s, I905.JAJlat mort., 7a, 1905 JAjf
Denver Pae.— 1st M.,7s, g.,'99..MA N 34 "aDcn.ARloO.—lst,7a.g.,190O..MAN 82Des M. A Ft. D.— lat. Os, 1901.JAJ 1102Detroit A Bay C.—lat,8a.l902..MAN '36
Ist M.. Ss, end. M. (;.. 1902. MAN "180Det. L. ANorth.— lat.7a,1907.AA() tl02Dcfr. A.Milw.—1st M., 7s, '75.MAN ;452d mort., Ss, 1875 MANi :45Det.A Poutiae, 1st M., 78. '78.JA.I] 85
Gr.Riip. A Ind.— 1st, l.g., g'd. 7s, g. 93lat M.,7s. l.g.. gold.not guar.AAO 85Ex laud grant, Ist 78, '99 50
Greeny. A Col.—1st M., 7s, "guar."Bonds, giuir 33
Hack's'kAN.Y. E.—lst,7s,'90.MAN 7Haunlbal A Nap.—Ist. 7s. '88.MANHan. A St. Jo.- Conv. 8a. 1885.MAS 99Qulnev A Pal.. Ist.Sa. 1892.FAA 45K.ins. C. A Cam., Ist, 10a.'02.JAJ » 104
HarLA PortehesU-r— lat M,7s,.AAO 105Harrisb. P. Mt. J.A U—l8t. «s. .JAJ • 105Honsatonlc— 1st M.. 7s, 1893.F4A 10368,1889 JAJ 100
Kalamazoo A1.& Gr. K.- 1st, 8s.J&JKal.& Schoolcraft—1st, 83, '87.J&JKal.& Wh. Pigeon—Ist, 7s, '90. .J&JKans. C. St. Jo. & C. B.—l8tM.,C. B. &St. Jos.,7s,'80.J&J
, K.C.St.Jos.&C.B., M. 78,1907..T&Jdo Inc. bds,rg.,6s,1907.A&0
Kans.C. & S. Fe.—Ist, 10S.90.M&N. K.C.Topeka&W.—Ist M.,78,g.,.J&J
BtL. Ji«>k»'v.AC.-l«t,7s, 04.AAO UUhStL.A8ftnF.-2dM.,diu«A,'00MAN 508d M., cloRH B. li>06 MAN 26do cImhC, 1906 MAN 23
Soulli Piu-lllc.-lHt M, 1888 .J&J 858t.L.Viiml.*T.lI.-I«tM.,78,'97.JiJ -09
2(1, -K. kMiur.,'9S MAN 70St. I'aiil A Puo.— l8t BOO., 78...J&U2d«eo.,78 MANCoim.. "8 JADBoml8i>f 1869, 7b MANSt. VIneout A B.. 7» JAJdo Kfcclvora' ccrtfs.j, 108, JAJ
Summit «r,—l8t, 78, 1903 JAJSniiliiirv.VKrli'— l8tM.,78,'77.A&08UI1I). li .^ WllUcsb. lst,5«,'28,MAN8iis|>. H..V KrlrJune—l8t M.,7aByT-Bi"i-'*^V.—con8ol.79,'O0A<S:OTcrrc II. i: Ind.—Ist M., 7»,'79.AAOTexns A: PrtC— lat, 6». k.1905 MASConsol. njort.,C8, poUl, 1905. JADInc. and land gv.. rog., 1915. July
Tol.Ci>n.8.Al)-t.—l8t,7H,R.190GJ&JTol.P.&W.—l8tM.,E.D..7«,'94.JADl8t niort., W. D., 78, 1896...FAA2dmort., W D., 78, 1880. ...AAOBurl. Ulv., l8t, 78, 1901 JADdo Cons. M., 78, 1910..MAN
Puich. Com. Kec't l8t M., E. D. . . 94iado l8t mort, W. D..do BurlinKton D
l8t pref . inc. for 2d mortdo fcrcons'd
United Co'8N.J.—Con8.,68,'94.AAOSterUng mort., 68, 1894 MAS
Wisconsin Cent.—1st, 78, 1901 .JAJWorc'r A NashuK—78, '93-'95
. .Var.Nash. A Roch., guar., 68, '94.AAORAILROAD STOCKS. p„r
Albany A Susqueh., Guar., 7. . . 100Alleghenv Valley 50Atchison Tupcka A Santa Fe..l00Atlantic A Gulf 100
do Guar., 7 100Atl. A St. Law., lca,scd, 6, £..Augusta A Savannah, leasedBaltimore A Ohio 100
do Pref.,6 100do 2d, uref
Washington Brandl 100Parki-rshurg Branch 100
Boston A Albany 100Best. Clint. Fitchb. A New Bed.lOOBest. Con. A Montreal 100
do Pref., 6... 100 70Boston A Lowell 500 76I4Boston A Maine 100 xl06
IO2I388715
5040
lOlTg8471737310076
7411310510410510110565
103 "a
103'80
78*821001061987g9820
1021a88
11931a35
tl0618718
Ask,
861a10475
9570
101 14102
96
108110112105
IIII4100i«
IO518lOOie111458062
2510410811213327454093103
7118105243
Railroad Stocks.
83 ,
162 h:
71^
83
110106 !
106108 ij
10214108 >«
68 i
108:
112 ;
90 1
8382 I
84 :
109 i
11099 1
100i
25!
919318
80
lOOiJlOS100
829085110
H130%
41s
10788
881a
106
"82149692I3130%2
1315
8077lU6ia
Boston A Provldenco 100Buir. N. Y. A Erie, leaned 100Burlington C. Rnplds A Northern.Burlhigtou A Mo.. InNeb 100Camden A Atluutio 60
do Pref noCatnwissa 50
do Old, pref BOdo Now, pref BO
Cedar Rapids A Mo 100do Pref., 7 100
Central of Georgia 100Central of New Jersey 100Central Ohio 80
do Pref BOCentral Paeitlo , 100Charlotte Col. A Aug 100Cheshire, pref 100ClilcogoA Alton 100
do Pref., 7 100Clilcagc) Burlington A Qulncy..lOOChicago A Ka.it llllnoia
Chicago Dubiujue A Minn 100Cliicago Iowa A Nebraska 100Chicago Milwaukee A St. Paul. 100
do Pref., 7.100Cldcago A North Western 100
do Pref., 7.100Cliicago A Itock Island 100an. Hamilton A Dayton 100Cln. Sandusky A Cleveland 50
Ido Pref., 6,50
Clcv. Col. Cln. A Indlanapoli9..100Clev. A Mahoning Val., leased.. .50Clev. A Pittsburgh, giuir., 7 .50
Col. Chic. A Indiana Central... 100Coliuubus A Hocking Valley—50|Columbu8 A Xeuia, guar., 8 50Con<'ord 50Concord A Portsmouth,guar.,7 100Connecticut A Paasumpslo 100Connecticut River 100Cumberland Valley 50
do Pref 50Daiibury A Norwalk 50Dayton A Michigan, guar., 313...50
do Prof.,giuir., 8..50
Delaware 50Delaware A Bound Brook 100Delaware Lack. A Western .50
Denver A Bio Grande 100,Det. Lansing A Northcni, pref .100Dubuque A Sioux City 100
' East Pennsylvania, leased 50lEast Tcnnes^:ee Virginia A Ga.lOOEn.xtcru (Ma.ss.) 100Eastern in N. H 100Eel River 100Elmira A Willlamsport, 5 50
do Pref., 7.. 50ErieRaUway 100
do Pref.,7 ...100
do Rocons. trus. asti't 56 pddo dodo dodo do
IEric A Pittsburg, gmir.. 7
' FitchburgFlorence El Dorado A Walnut V.IOOGeorgia RaiU-oad A Bank'g Co. 100Grand River Valley, guar., 5.. 100H,'»nnibal A St. Joseph 100
do Pref., 7. .100Harrisbnrg P. Mt, J.A L., guar.,7.50Housatonlc 100
do Prof., 8 100Houston A Texas Central 100Huntiug(l(ui A Broad Top 50
do do Prof... 50niiuois Central 100Indianap'.s Cin. A Uifayetto 50Jcfl'v. Mad. A lud'p's, Psed. 7..100
Jolict A Chicago, guar., 7 100Kalamazoo A. A Gr.R., guar., 6.100Kansas t:ity St. Jos. A Coun. B.lOOKansas City Topeka A West'u.lOOKansas Paeltie 10<J
Keokuk A Dcs Moines, pref 100Lake Shore A Mich. So 100Lawrence (Pa.), leased, 10 50I.4^avcu\v»rth Law. A Galv 100Lehigh Valley 50Little Rock A Fort Smith 100Little Miami, leased, 8 .50
Little .Sclmvlklll, leased, 7 50Long Island... .-50
Louisville A Nashville 100Lykens Valley, leased, 10 100Macon A .\ugu8ta.Maine Central 100MauchesterA Lawrence IOCMarietta A Cln., 1st pref 50
do 2d pref 50Bait. Short Line, giuir., 8. .
.
Cincinnati A Bait., guar., 8Memphis A Charleston 25Michigan Central 100Mine Hill A .8. Haven, leased. ...50
Missouri Kansas A Texas 100Mobile A Ohio 100Morris A E.s8cx. guar., 7 50Na.shvillc. Chat. A St. Louis 2oN.-i-shua A Lowell 100Naugatuck ;-:\}-9^Ncaiiuehoniug Valley, leased, 10.50
New Haven A Northampton. . . .100
Now Jersey Soutliern HR UK)N. London Noitlicrn. leased, 8.. 100Now Mexico A 80. Pacifio 100N. Y. Central A Hudson R1V....100New York ElevatedNew York A Harlem 50
do pref
Bid,
X10478
xlOSM(20}30
690('.29
X891046827^§23{46
33079102 •<
lOO'g457
12029'864%401a7114
1141a20}4ia
ix3030
26;i7iaJl«l4;30;30551233470
I414371a•53
10{•15*2761a
Ask.
100
"23'
10625396
3B1«3391
72
aaso
3381
110\8i«
5812130ifl
64 Oh
40»971%1151a244%32311a
81% 834ifl 41a86 9010075117 120
48139 141
2303 95
604918 491412 121a
57•3535 45I214 121a60 7020
i* . . .
.
•40 4111%
181a16%3232
1231a3575
11%
57
Railhoao troau.
a
8048889
15H5
78
103 104
6908%
"96 ia
91a
681a§
'68%
"37^8
96§43
"35"
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97431s1236
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56818548 14
4ie4
791a29106
(4514121
111%76135135
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6
29 Hi
106 la
45%
lifl
137138
New York A New England loo -iffN. Y. N. flaren A HartfnnI .... loo 1.5t»
New York PnivldeneeA B0S...100North i'eiinaylTMnla 60 488Northern Central 60 }14Northern New M»ni|Hililre KM) li
Northern Pneine, new pref 100 JINNorwIchAWoreostiir.lniuml.lO.KKi 11 '4
Ogdcnsburgb A Lake Champ. . . 1 M) ) 1
do Prof., 9. .100 01 1«
Ohio A MlaslMlppI lOII 7%do Pref 100 11
Old Colony 100 «!%Oswego ABrraauae, Koar., 9.. ..60PaelHc of tflswnirt (new) 100Pnnanuk 100Pennsylvania Railroad 80 }33i4
Pennsylvania Company 60do Pref 60
PeterRburg 100Pblladelplila A Erie 60 ^
do Pref.,8 60Philadelphia A Readlnir 60 $1»^
do Pref,7 60JPhllo. A Trenton, leased, 10... 100-4127Phlla. Oorm'n A Nor, Psed, 12. .50 JlOOPhila. Wilmington A Bait 50 {6318PittKliurgh Cincinnati A St. L...60Pittsh. A Connellsvlllc, leased... 50Pittsburg Tttusvlllo A Bulblo...60Plttsb. Ft. W. A Chlo, guar., 7.100
do Special, 7.100Pleasant Hill A Do Soto 100Portland SacoA Portsm.,t'8ed 6100Portam'th Ot. Falls A Conway. lOi.
Provldenco A Worcester 100Pueblo A Arkansas Valley 100 70RenssclaerA Saratoga 100Republican Valley 100 101Richmond A Danville 100 *Richmond Fred. A P 100
do do guar. 6. ...100 80do do guar. 7 100 85
Richmond A Petersburg 100 34Rome Watertown A Ogdensb. .100Rutland 100
do Prcr.,7 100 .6do Scrip 100 50
St. Louis Alton A Terre Haute. 100 l**do do Pref. 100 *
Belleville A 80. 111., pref 100St. Louis Iron M'n A Southom.lOO lOJaSt. Louis Kansas C. A North. . . 100 4%
do do pref., 10.100 , 20%Schuylkill VaUey. leased, 5 50 5
Seaboard A Roanoke 100do guar 100
Shamokln Val. A P., leased, 6. . .50Shore Line (Conn.), leased, 8. ..100South Carolina 100Southwestern, Ga., guar., 7 100Syracu.se. Bingh'tou A N. Y 100Summit Branch. Pa 50Terre Haute A Indianapolis 100 80Toledo Peoria A Warsaw 100
do do 1st pref. 100do do 2d pref.. 100
United N. Jersey RR. A C. Co. . 100 1 .iS
Union Pacine 100 6«i9
Vermont A Canada, leased 100Vermont A Mass., leased, 5 100WabashWarren (N. J.), leased, 7 50Westchester A Phila., pref 50West Jersey 60West. JLirylandWichita A SoutTiwe.stern 100Wilmingt'n A Weldon, leas'd, 7.100 „„Worcester A Nashua 100 33
ni. & St. L. Brldge-l8t, 7s, g.. 1900.A&02dM.,78,g.,1901J&J3d, 78, g., 1886.M&STun'l RR.,lst,£.98,g.
Mariposa Gold L.*feM.—Cons. M., 78,'86.J&J
Pullm'n Palace Car—2d M., 88, '81..M&N3d 8erie8, 8s,'87F&A4tU do 88,'92F&A8tlg, 7s,g.,1885 A&O
St.Cbarles Bridge—108U. S.M'g.Gs.g. i.J&D68,g.,$
Western Union Tel.—78, coup., 1900.M&N78 reg.,1900..M&NSterl'g 68, 1900.M&8
Amer'n SS.Co.(Pliil.)
68, B. C, 1896..A&0
inisc«i.iiANFOi;sSTOCKS.
Amer. Dist. Tel 25Amer. Dist. Tel. {Bait. 1
Atlan. & Pac. Tel. . 100Boston Land 10Boston Water Power.Brookline Land 5Canton Co. (Bait.). 100Gary Iiupr'm't(Bost.),5Cent. N.J. L'd Inip.lOOCin. & Cov. B'dge prof.Equitable Tr.(N.Y)100111. & St. L. Bridge. 100McKay Sew'g Maoli.lOMere'ntile Tr.(N Y)100N.E. Mtg.Sec.ur.(Bo.st.)O. Dominion SS.Co. 100PacilicMailSS.Co.lOOProd. Cons.L'd <fe PotrPullm'n Palace CarlOOSt. Louis Trau.'tfer CoUn. Mining (Teun.). 10Union Trust 100U.S. Trust Co 100U. S. Mort.Co.(NY)100West. Union Tel... 100
EXPRESS ST'CK.S
Adams 100American 1{X)United States 100Wells Fargo 100
GAS STOCKS.
Baltimore Gas 100do certs
People's G.L.ofBalt.25Boston Gaslight. . .500East Boston 25South Boston 100Brookline, Mass... 100Cambridge,, Mass. . 100Chelsea, Mass 1 00Dorchester. Mass. . 100Jamaica Pl'u.MasslOOLawrence, Maes. ..100Ij'nn, Mass., G. L..100>Iald.& Melrose. ..100Kewtouife Wat'n ..100Salem, Mass., 100Brooklyn, L. 1 25Citizens', Brooklyn. 20Metropolirtui, B'Ulyn.Kassau, Brooklyn ..25People's, Brooklyn . 10Willlanisb'g, B'klyii 50Charle8t'n,S.C.,Gas.25Chicago G.ife Coke. 100Cincinnati G. & Coke
.
Hartford, Ct., G. L..25Jersey C.& Hobok'u 20People's, Jersey CliOulsville G. L. .
.
Mobile Gas & Coke. . .
.
Central of N. Y 50Harlem, N. Y 50Manhattan, N.Y... 50Metropolitan, N.Y.IOOMimicipal 100Mutual of N.Y... .100Kew York, N.Y....100N. Orleans G. L. ..100N. Liberties, Pliila..25Washington, Phlla..20Portland, Me., G.L. 508t. Louis G. L 50I.,acl6de, St. Louis. 100Carondelet 50Sau Francisco G L.
Hale & Noreross. .100Henry Tunnel Co..HukillHusseyImperialIndoi»endoncoJulia 100Justice 100KentuckKings MountainKossuth 50L,acrosseLeedsLeopard 100IjcviathauLucerne 10MemphisMerrimac Silver 10Mexican G. & Silv.lOOMooseM(mt BrossN. Y. & Colorado. .
.
Northern Belle....100OntarioOphir Silver 100Orig.Comst'k G& S 100Original Keystone
.
Overman O. & S ... 100PlumasPhil. SheridanRaymond & Ely. ..100St. Joseph Lead 10Savage Gold* Silv.lOOSeaton eonsolSegregated Belch'rlOOSierra Nevada Silv. 100Silver City 100Sliver Hill 100Southern Star G&SlOO'HpTopTuscaroraUtahUnion ConsolYellow Jacket 100
BANK STOCKS.Baltimore.
Bank of Baltimore KM)Bank of C(umuerce.25Chesapeake 25Citizens' 10Com. & Farmers'.. 100Farmers' B'k of Md.30Fai'mers' & Merch. .40Farmcrs'&Plauter8'25First Nat. of Bait.. 100Franklin 12iaGerman American.Howard 1
Marino 30Mechanics' 10Merchants' 100National Exoh'ge. 100People's 25Second National . . 100Third National 100Union 75Western ^ 20
22lia8%
Boston.]!Atlantic ..100Atlas 100Blackstone 100Blue Hill 100Boston Nat 100Boylston 100Broadway 100Bunker Hill 100Central 100City 100Columbian 100Commerce 100Commonwealth ... 100Continental 100Kaglo 100Eliot 100Exchange 100Everett 100Faneuil Hall 100
liOulsvllle.Bank of KeutuckylOOBank of I^ouisvillelOOCitizens' National. 100City Nat 100Commercial of Ky 100Falls City TohacuolOOFarmers' of Ky ...100Fanners' & Drov..lOOFirst Nat 100German Ins. Co.'s.lOOGennan 100German National. 100Kentucky Nat 100Loulsv. IU8.& B. Co.40Masonic 100Merohants' Nat. ..100Northern of Ky .. .100
1269810093110140
11057
125783211290150116
(.14
149109
8092101
169>t78819277103102%1031«
9II4
1071a14511693I251400
1.55
88131110100 146414512312s100>»
125134190105131001911111185901«1001271251«98%
96
1909023010010095160160
3510080105640
140
i'36"
83
idu'
80'
14013010110597115145
115621288135114911-j
15211867152114
115628310010
83 8389 91
85110
9999 100104111
1508393104
Prioo nominal ; no late traiLsaoUoos. tThepurchaser also pays soorued int. ; In London. § Quotation par share. ]I All ex-diridend.
OCTOBBH JO. 1878.] THE CHRONICLE. 43a
GENERAL QUOTATIONS OF STOCKS AND HONDS—Concluded.ear Kxplnuatlou* See Notes at Head of Flmt Pace of <laotationa.
Commerc'I Union . £50Guardian 100Inii)erial Fire 100Uinciujhire F. <fe L. .20London Ass. Corp.. 25LIv. &I..<md. &Globc2North'n Flre&Llfo 100North Brit. &Mer..50Queen Fire & Life.. 10Koyal lusui'ance 20
Mobile.
Citizens' Mutual... 100Factors'* Trad's' Mut.Mobile Fire Dei>'t..25Mobile Mutual 70Planters' & Mercb.MutStonewallWash'ton Fire AM . . 50
New Orleans.
Crescent MutualFat^tors' and Traders'.Firemen'sGermaniaHIbemiaHomeHopeLafayetteMerchants' Mutual . .
.
Mechanics' * Traders'New Orleans Ins. Ass'nNew Orleans Ins. Co .
Tradesmen's 25United States 25Westchester 10Williamsburg aty . .50
PhUadeIphIa.§
American Fire 100Fire Association 50Franklin Fire 100Delaware Mutual...25Ins. Co. of N. Am'oa 10Ins. Co. State of Pa 300Pennsylvania Fire 100
Richmond.
City 100Granite 100Merchants'AMech.lOOPiedni'tA A. IJfe.lOOVirginia F. & M 25Virginia Home.... 100Virginia State 25
St. Itonls.
American Central..25CiUxens' 100Franklin 100Jefferson 100Marine 100PacUlo 100
San Franclaeo.
California 100Commercial 100Firemen's Fund ... 100State Investment. 100Union 100
MARINE INS.
SCRIP &C
New York.
Atlantic Mutual—1875187618771878 -••
Commercial Mutual—18711878 •••
New York Mutual—1H641876
Orient Mutual—1H611W75
Paj^illc Mutual—18681876 ...•
Great Western stock..
Mercantile stockSun stock
130
117
103103
80145100
ISO80 HA130105160IflORS184 liO
107
100 11060 65185 196l.<iO
110 115110 120230105 116176 105115 12012050 70
8570 7390 »7160120
801.10
100 10792%
125 1401'25 135100190 200
135241
•3630
135
80
8410233
27
2910»
75
11355110113113
ISO252
10310009»7%
08
80
RA8060
135»A130nslOM110RA
1 40175»oISO105
36%30%
170
76%90
3607%
758015
11558115118116
10310110009%
10070
8566
8060
8060906063
* Prioe nominal ; no late transaotloiui. j tjuotatiou ler share. J Liat prioe this month preceding 34tti.
434 THE (JHRONICLH ITOL. XXVIL
%nvitshntntsAND
STATE, CITY AND CORPORATION FINANCES.
The iNVESTOnB' SaPPLKMENT is published on the last Saturdayof each month, and furnished to all regular subHcribers of the
Chkoniclb. No single copies of the Supplement are sold at the
office, as only a sufficient number is printed to supply regular
Bubscrib»Ts. One number of the Supplement, however, is boundup with The Financial Review (Annual), and can be purchasedin that shape.
ANNUAL REPORTS.
Mobile & (rirard Railroad.
{For the year ending May 31, 1S78.)
The president's annual report has the following: The earningsof your road for the year ending on tlie 31st Mav have been$175,572, and the expenses |113,274, leaving net $63",398.
This is a considerable improvement over the previous year,
espf-cially if we take into account the fact that the renewal of
rails has been considerably more than for any previous yearsince the existence o( the road. The rolling stock and bridges
have also been very much improved—all ot which has beencharged to expenses.
lo the last annual report a vry full statement was made of a
scheme for reducing the interest upon the indebtedness of thecompany. This plan has ben carried out so far as to exchange$800,000 of the company's 4 per cent bonds, with the Central
Railroad & Banking Company of Georgia, for a like amrunt of
this company's first mortgage bond.i, and the coupons which hadbeen taken up by that company. Of the $33,500 plain 8 per centbonds outstanding at the date of the last report, $33,000 havebeen taken up and canceled by exchange for a like amount of 6per cent bonds ; thus reducing our interest account from $9t,202to 157,980 per annum, leaving one plain bond of $500, yetoutstanding, to be adjusted whenever it is presfnted.The 1300,000 8 per cent bonds will mature January 1st, 1839,
and, with reasonable prosperity, it is believed that the companywill bo able to meet them at maturity, with the use only of the
$167,000 6 per cent bonds now in the hands of H H. Epping,Eaq., Trustee. If this can be done, the annual interest will thenamount to only $44,000 per annum, and it is not unreasonableto expect that small dividends can thereafter be paid from theearnings of the road.
BASmNOS.Op treislit, (eastward) $f>8,019
Down freight, (westward) 71,068
Total from freight 1139,077Up pas -age, (eastward). ., $17,535Dowapa.-sage, (westward 15,795
Total from passage 33.030Mail service 3,484
Total earnings , $175,578
TOTALS.
The tota^ earnings as stated are $175,574While total expenses have been 112.271
Showlngnet $63,218
As compared with the year previous, we are enabled to showan increase of earnings as follows: In freight, $21,463; inpassage, $1,869 ; lees a reduction in mail service of $65 ; makinga total net increase of $23,677.There has been an increase in expenses of $14,641; but when
it is considered that we have placed 6^ miles of new raila in thetrack, with extensive repairs to bridges and rolling stock of thecompany, all of which has been chartred to current expenses, it
will be seen tbat the cost of running the road has been even less
than that of the previous year.
LIABILITIKB, MAT 31, 1878.
Capital Stock $9P6,S64Preferred capital stock
, 2"H,745Pike county stock 1?,380
Second mortgage bonds, 8 per cent 300.000Third mortgage bonds, 4 per cent — 8 O.nnoThird mortgage bonds, 6 per cent 33,000Plain bonds 600
Central Railroad
l,-:78,940
ASSETS, HAY 31, 1878.
CODPlruction $1,7154MStock interest 291,670
1, 183, '^00
5,683
$3,418,124
Bills receivable.Profit and loss .
.
7,174•381,868
a.010,910
Central Railroad BankChattahoochee National Bank.Agents' ledgertr. S. P. O. DepartmentCash
339,0(i2
10,«06,686S,150eoi
18.751
$2,418,134
rivalry between the two companies is ended, the building ofparallel lines will be stopped, and future extensions will proceedin harmony.The Atchison Topeka & Santa Fe Company is to take possession
of the D. & R. G. Railroad, now 337 miles, and operate it
exclusively for the period of thirty years, beginning December 1next, paying all the taxes, insurance and general expenses. Therental to be paid the Denver & Rio Grande Company is 43 percent of the gross earnings for the first year with a reduction of 1per cent each succeeding year until the seventh is reached. Fromthe seventh to the fourteenth year, both inclusive, the rental is
to be 37 per cent per annum, of the gross earnings and for theremaining sixteen years of the lease 36 per cent is to be paidannually- In determining the amount of gross earnings fromwhich the rent is to be computed, the gross earnings from all
business interchanged between the two roads, or by the Pueblo& Arkansas Valley Railioad, shall be divided on a basis of credit-ing each mile of transportation over the Denver & Rio Granderoad as one and a quarter mile?, except where such businessshall be interchanged between the Denver & Rio Grande Railroadconnecting Pueblo with Canon City, and the road which mayconnect Canon City with Leadville, in which case the grossearnings shall be divided jyro rata according to the number ofmiles hauled over the respective roads.
The Atchison Topeka & Santa Fe Company agrees not to build,operate, or encourage any road, directly or indirectly, not alreadyconstructed, that is parallel to or competing with the Denver & RioGrande's present constructed lines. The lease also provides thatthe Atchison Company shall not change the guage of its road orlay a third rail, without widening the guage or laying anadditional rail, over all the Denver & Rio Grande lines", exceptthose betwesn Pueblo and the coal mines east of Canon City.
Any lines that may be built from any terminus ot the Denver &Rio Grande road, or in extension thereof, shall be of three feet
guage. The Atchison Company also binds itself not to discrimi-nate in freight or other charges, in any manner, to tbo injury ofthe Denver & Rio Grande Company, and, where traffic can becarried at the election of the lessee, it shall be transported bythe shortest line.
The rental is to be paid by the month. When the AtchisonTopeka & 8anta Pe takes possession of the leased road, it is to
pav the Denver & Rio Grande, for the fuel, material and otherrailway supplies on hand, a sum to be agreed upon by two per-
sons, one to be appointed by the president of each road, 'This
sum is to be applied by the Denver Company to the paymtntofany of its debts, exclusive of stock, in excess of $33,664 per mile.
The Denver & Rio Grande engages to deposit the money receivedfor rent with the U. S. Trust Co., or other trust compauy, in trust,
for the payment of interest on its debts, exclusive of stock, goingto make up the sum of $33,664 per mile. If any surplus remains,it is to be applied to the i>ayment of such debts and liabilities in
excess of the sum of $32,6(54 per mile, until fully satisfied, afterwhich the money may be used in the redemption ami cancelationof the D.'nver & Rio Grande first mortgage bonds. No provisionof the lease is to be abrogated or modified unless with the formalwritten cocsent of the trustees of the present mortgages of theDenver & Rio Grande Railroad, or of holders, duly evidenced as
such, owning or representing at least $3,000,000 bonds.All the litigation between the two companies is to be aban-
Idoned, and the Denver & Rio Grande Road is to ba extended to
tlie San Juan silver mines, and through the Grand Canon of theArkansas Valley.
Atlantic Mississippi & Ohio.—The case of foreclosure cameup in the United States Circuit Court at Richmond, October 23,
before Judges Bond and Hughes. The decree applied for by the
Trustees of the Atlantic, Mississippi & Ohio consolidated bond-holders asks for the sale of the whole line and its pioperty as anentirety, subject to liens of the several divisional bondholders,and after the payment of receivers' and other outstanding indebt-
edness, the remainder of the proceeds to be divided among the
holders of Atlantic Mississippi & Ohio consolidated bonds. TheDutch bondholders, representing $3,000,000, oppose the sale of
the road, asking to become parties to the suit as defendants. Thislatter question was argued at lenj;th and submitted to the Court.
The total amount of consolidated bonds of the road secured by themortgage under which the proceedings are now instituted is
$5,470,000, with interest overdue to October 1, 1878 of $1,695,289.Subsequently, the Court considered the petition of H. R. Stewart,as holder of certain certificates of the Virginia & Tennessee rail-
road, the object of the holder of said certificates being to havethem recognized as a lien superior to that of the Atlantic Missis-
sippi & Ohio mortgage. Other holders of the same cettificates
viere represented by counsel, and this cause, which is known bythe title of Francis Skiddy et al., Trustees, against the Atlantic
Mississippi & Ohio Railroad, was also argued and submitted to
the Court.
Chicago Burlington & (Juinoy.—Statement of earnings for
the month ending August 31, 1878, and for the year 1878, to
August 31, compared with the corresponding time last year:
Month end'gAng. 3', '77.
$',330,S48 Inc. .$301,958
574,391 Inc.. 1C5,4S8
755,857 Inc.. 196,530
GENERAL INVESTMENT NEWS.
Atchison Topeka & Santa Fe.—Denver & Rio Grande.—The<!0n ract f lease of the Denver & Rio Grande Railway to theAtchison Topeka & Santa Fe Company was signed by the officers
of both companies on Saturday, Oct. 19. By this agreement the
Month end'gAug. 31, '78.
Gross earnings $l,ti.3-2,207
Ejpen.es 079,329Nettaruings 954,377
Eight months Elsht monthsfrom Jan. 1 from Jan. 1
toAugSl,'!8. to Ang.S1,'77.Passenger $l.f,r],171 gl,561,.549 Inc. $9,621
Freight 7.106,764 5,740,754 Inc..l,3bi>,009
Mairand miscellaneoue 316,489 329,292 Dec. in,602
Grossearnings 8,996,424 7,«31,596 Inc..l,?B4,8l6
Expenses 6,005,432 4,3S&,698 Inc.. 675,740
Neteamings 8,980,992 3,301,904 Inc.. 689,068
October 20, 1878.] THE CHRONICLR V6i
Chicago ft Eastern IIIinolH.—The annual m«etina o( the
•ocklioldera of iliU mllrond, formerly (he Chic. Dauvllle & Vln-
'iin<-^, was hi<l<l rrcnntl; in Chicago. The annual re|)i>ri wanibmitifd. It hliowed that the ({roas earnioga during the past
ar wiTc !|;7Nt..''.."i5. Operating exponaea, etc., 1550,030. NetMrniu>rs, $2-.;;),.'i;tJ.
TliH following directora were chosen for the ensuing year : F.
^\'. Huiilekopor, ChicaKO ; Franklin II. Story, Boston ; 0«orgeiV. Uill, Worcester, Ma8«.; Thomas \V. Shannon, John W.Brook-uan and Henry U. llnmmond. Now York ; C. E. S:evens, Bog-
nn; Joseph O. Knglish, D.^nviIle, 111.; T. P. Lsonard, Springfield,
HI. Suhiiequently the directors met and elected the folloiring
illlcers: F. D. Huidekoper, President; A. 8. Dunham, Secretary
inil Oeueral Ticket Agent ; J. C. Calhoun, Treasurer ; Q. S.
I.rford, Superintendent ; and Robert Forsyth, Oeneral FreightAgenl.
Oas Stocks niid Electric Light.— .'V lecture was deliveredately by Prof. Morton at the Stevens Institute, Uoboken,:i ilie elecric light. Mr. Morton said but little of ther!^cticability of bringing the light into common use in place of
: iM and oil, and hia remarks on that point may be condensedirom the Tribune report as follows :
'• Everybody knows many of the uses to which this has beenilreaiiy put. The illumination of large workshops, of publicauilitings, places of amusement, gardens, and the like, is undoubt-
iljr an accomplished fact, snd this u«o of the electric light we•I confiJent will largely extend. But it has been suggested
..lat more than thi.i will soon be reached, and that the electrictight will take the place of other sources of illumination—gas,(or example—in private houses. It would be very foolish for anyone to attempt to predict what may or may not be accomplishedin the future, bat in such a case as this we may at least look backIt the past and see what has been the history of the same thing,uid judge Bometbing of future probabilities from past experi-ences.
" This idea of dividing the electric light in the sense I havejustnoticed is no new notion. At least twenty years ago it was notonly thought of, but believed to have been accomplished."For example, a paper read before the French Academy by M.
Jobart, a member of the Academy and a man of high scientificreputation, on the 37th of February, 1858, stated as follows
:
"'I ha.>iten to announce to the Academy the important discoveryof the dividing of an electric current for lighting purposes. Thecurrent from a single source traverses as many wires as may bedesired, and gives a series of lights ranging from a night lamp toa lighthouse lamp.'
'He then goes into many minute details, describing how asny as six lamps were operated in his presence from a battery
ot cue dozen poles and cells." » » * "Here we have no predic-tions as to what was to be done in the future such as we havelately been favored with, but statements of what had beenaccomplished
; and we may even say that in this case the finalitest of the pocket had been applied. This light seems not tohave been extinguished, but we fear that some electric lights thatgo into pockets may never come out again. This was twentyyears ago, and these promising experiments, as we all know,reached no successful result. I would by no means, however,have it inferred that better success can never be attained. On"the contrary, there are several very promising directions forexperiment, on one of which, no doubt, Mr. Edifon is at presentembarked; but the difierence between a promising line of experi-ment and a successful result all the world's history teaches us is
often a distance of many years, to say the least.
Hartford Providence & Fishkill.—New York & New Eng-laad.—In the United States Circuit Court at Hartford, in thesuit of the New Tork & New England Railroad to obtain posses-sion of the Hartford Providen-?e & FJshkill Road, Judge Shipmanmade a final decree, granting immediate possession. TheTrustees of the Hartford Providence & Fishkill mortgage of$2,000,000 accordingly transferred the property to the New York& New England Road, and it is now operated by the company.The 1500,000 mortgage bonds held by the City of Providencehave been paid by a payment into the city treasury; but it is saidthat the bonds will not be surrendered till tlie pending suits asto ownership are settled. All the floating debt has been paid,*nd cash deposited in bank to pay the bonds not yet presented.
• The N. Y. J'imes despatch states that the New York & NewEngland Railroad Company has now a line of 150 miles, fromBoston to Waterbury. It also obtains control of the ProvidenceDivision, from Willimantic to Providence, 58 miles; also, ofthe Boston & Woonsocket Road, 3i miles, and the Stockbridge.Branch, 18 miles, making 300 miles in all. It leases, besides,(the Norwich & Worcester snd the Rhode Island & Maes. Roads.'The corporation has out $8,400,000 of bonds, covering all
I
its possessions, including the uncompleted portion of the road'between Waterbury & Fishkill. Mr. Clark, the manager, saysithatuomore bonds will be issued, except for the development
II
of the line westerly, and that it will require only about CO days
J
to pat the road in running order to the Hudson River. It is not
I
probable, however, that anything will be done before spring.
J The amount of bonds the company has the right to issue is $10,-
f 000,000. Old Berdell bonds are now convertible into stock of thenew company, and were Belling to-day at 31i in Boston and 33 in
J
New York. Six months ago bonds sold for 11. The managers,j*xpectina few days to put on through trains from. Bos'on to
/ Hartford, and connect here with the New Y'ork New Haven &Hartford Road.
! Providence, Oct. 18.—The New York & New England Bail-
! road Company today paid into the City Treasury the money to
I
redeem the bonds of the Harllord Providence & Fishkill Railroad,
and took • recalpt, Tlie boada will sot h» mtnaUni uUl th*pending suits are determined.
Illinois St St. LoaiR Brldge^In tha V. 8. Clreull Court ttSt. liouls, Judge Treat ha* made a deerae foreclosing tli« flrttand second mortgagea and the Hopplamaotary mortgaKu on thaIllinois & St. I,oul» Bridge, and all iia property and franchliaa,on the 20th of December next, nnteaa tha jadgmeota bernioforarendered, amounting to over $7,000,000, shall ho paid witblo tandays from the date of decree.The suit, the St. Louis 0M>« Democrat reports, was In the
names of John Plerpont Morgan and others, against the Illlnoii kSt. Louis Bridge Company, and there la a croaa-blll of John A.Stewart and Solon Humphreys, truateea of tha flrat mortgage,and a cross bill of Solon Humphreya and John A. Stewart,trustees under the second mortgage. AH the parties In Intereatwere represented In the trial, all desire the sale of the bridge,and the sale will convey a full and clear title to all the property,franclilaes, etc., inclading a number of valuable lots and parcelsof land in this city and East St. Louis.The decree sets forth that on the 17th of October there waa
due to John A. Stewart and Solon Humphreys, truateea underthe first mortgage, the sum of $4,006,571, In gold coin of theUnited Slates, which sum la ordered to be paid within ten dayafrom that date ; or the subsequent mortgagees may pay the alraveamount within ten daya, ana in the event of non-payment theequity of redemption is forever barred and foreclosed!That on the second mortgage bonds there was due to Stewart
& Humphreys, trustees. $2,000,000, gold, which, with ln>ereat,now amounts to $2,503,253, and if said sum is not paid withinten days the subsequent mortgatcees may pay, and in default ofpayment the equity of re(\emption shall be forever barred andforeclosed.
That a third mortgage was executed on the 3d March, 1874, toHumphreys, Taussitr & Vull, and on the 1st January, 1875, afourth mortgage to Humphreys & Stewart.That in default of the amounts directed to be paid within ten
days, it is ordered and decreeil that the bridge, its approacbeaand appurtenances, franchises and other property included in thefirst and second mortgages, and the lots mentioned in the supple-mental deed of trust, shall be sold by Ezeklel W. Woodward,Commissioner, as an entirety, at the east fr-mt door of the CourtHouse, in the city of Si. Louis, on the 20th December, 1878,between the hoars of 12 and d o'clock. The purchaser to paydown $30,000, gold, on striking off the same, and if not paidwithin an hour the property to be put up and sold again.
TERMS OF SALE.
On confirmation of the sale by the Court, the purchaser is to
pay, first, the costs of the suit and the expenses of the sale; alio,
the outstanding debts, etc., as certified by the commissioner, thatis, about 1370,000, more or less, in gold. The balance to be paid,
in cash at tue confirmation of the sale; but if the purchaser la abondholder, he may turn in his first mortgage bonds at such rate
as their face value bears to the entire debt due on the first
mortgage, and pay the balance of the first mortgage bonda in
cash, at a similar rate. And if the purchaser be a bondholderunder the first mortgage, other bondholders may come in as Joint
purchasers on the same terms. If the bid amounts to more thanenough to pay the first mortgage, the balance goes toward thepayment of the second mortgage, and the purchaser may turn in
second mortgage bonds after paying the first mortgage bonds.
The Commissioner is to advertise the sale in a St. Louis paper,
and also in a New York paper, and is to report the proceedings
to the Court; and whatever he does is to be subject to theapproval of the Court.
—The earnings and expenses for each of the three years endingon April 30, 1870, 1877 and 1878, were as follows
The above statement of net revenue for the paat two yeara
shows a balance of about $220,000 for each year, equal to a pay-
ment of 7 per cent on $3,113,850.
Indianapolis Blonmington & Western.—Receiver WrigUfareport for September is as follows
:
Balanre, September 1 ^S^Receipts ITI.IM
Total ^"^"JDlebursements in,oM
Balance, Octl »60.*»
The diabursementa exceeded the receipta by $2,063 for the
month.
Kansas Paclflc-Sx. Louis, October 22.—Sylvester T. Smith.
Auditor of the Kansas Pacific Railroad under the late receirera.
was appointed receiver of that road by the United States Court
tsday. vice Carlos S. Greeley resigned, and H. Villard removed.
The general outlines of the committee's proposed plan of
re.organizition was referred to last week. The pamphlet report
of the meeting of the Denver extension bondholders keli on the
18ih inst. supplies the following details.
The plan approved by the Committee of Three, Messrs. Meyer,
Rutten and Eadicott, has regard to the condition of tbioga thnl
will exist in 1806, and alms so to arrange the reorganization of
the new company that its future credit and proapority will be
now placed upon a secure basis. The committee recommend the
following plan : The road shall execute a new mortgage to tha
Trust Company, as trust- e, having forty yeara to ran. th»^,
bonds bearing 6 per cott interest per annum, principal and Inter- ,
436 THE CHRONICLE [Vol XXVIl.
est in gold, for |25,000,000, the bonds to be countersigned by tbeTrust Company tor the following purposes, aud no others
:
1. To the holders of the present Denver Extension 1 per centbonds, bond for bond, say $6,379,000
3. For the $3.t certificates, having the same lien as the 7 per centDenver £xtenBion bou s, the same proportion of new bondsand of income bonds, about five-sixths of $4 ,0,000. 375,000
3. In ee'tlf^raent with the holders of the unstamped mcprae bonds,fuch amount &> may be agreed upon, incase their bonds proveto be a pri(}r lien ,„,
4. To provide means for paying the expenses of foreclosure pro-ceedings and cost of rc-orj;anization, if uo other means shallbe available .,,.
5. In case an arrangement should be made with the holders of theLeavenworth Branch bonds after foreclosure, such amount aamay be agreed upon
These are all that would be issued at present.
6. Such amount as may be necessary to take up the interest certifi-
cates due 1886. amouniing to $850,905. If the U'^w bonds atthat time will bring only 95 per cent, this would require 900,000
7. Such auiount as may be required to furnish the means for re-
demption of the Eistern and Middle Division bonds, maturingabout 1696. At that time the proposed sinking fund ought togive them a credit that would malce them sell at par, 88^ 6,303,000
8. Snch amc'Uot as maybe required to pay the Government lien doein 189B 6,30?,OO0and balance of interest, perhaps amounting to 3,i00,00Oassuming that the consolidated bonds will then sell at par.
It will be observed that this scheme does not propose the issusof a single bond for any purpose but to provide for the DenverExtension bonds and liens prior thereto, with the exception of
the small amount that may be required in case of liability uponthe unstamped income bonds, and in exchange for the Leaven-worth Branch bonds, if satisfactory terms shall be arrived at, andfor procurement of funds for the expenses of forecloeure and ro^
organization ; and that the greater part of the issue will have noexistence until 1896.
To insure a standing that will enable the company to
sell the large amount necessary in 1896, and also to at
once place the new issue of 6 per cent bonds in high credit,
it is essential that a strong sinking fund be establishedas soon as possible, in order that the company may profit
by the advantage of compounding interest for a longterm rather than a short one. It is proposed, therefore, to
apply the first surplus available, after paying all interestcharges and putting the road in good order, to the extent of
$600,000, to the purchase of the new consolidated 6 per centbonds, the same to be placed in the sinking fund, and theinterest therton to accumulate and be constantly invested in thesame bonds. Also, after the payment of $600,000 shall havebeen made, a payment of f50,000 shall be made every six monthsto the sinking fund, if the earnings of the road are sufficient,
after paying interest upon the first mortgage debt, to be investedin like manner.The following estimate will show the probable accumulation
of this sinking fund :
$600,000, with, say, an average of 15 years' compound interest |1,4 0,000$100,000 annually for 13 years compound interest l,H5i!,0i:0
$3,3ii,fiOOsappcelng the bonds to be bought at par.
Whenever the sinking fund shall be sufBcient, with the subse-quent accumulations of interest, to discharge the whole debt ator before maturity, then no further payments shall be made tothe sinking fund.The interest cherge upon the company will be no larger than
at present until 1896, being as follows :
C per cent on Eastern Division. $2,210,000 $134,4i'0
6 per cent on Miadie Division, t4,OK.3,000 i4 1,1806 per cent on interest c^'nificatei', $850,905 81,054e per cent on consolidated bonds, $7,800,000 . . 452,000
Absolute interest charge , $861,j34
laeome Bonds.—For the overdue interest, funded or unfunded,upon the Denver Extension bonds, now amounting to $1,795,-178 18, and which will be increased by any furtlier delay inpayment of interrst, it is proposed to give Mortgage IncomeBonds, having forty years to run, entitle4 to 6 per cent perannum, such interest '.o be cumulative, and no dividend to bepaid upon the stock until all arrearages of interest are paid uponthe income bonds. To create a sinSing fund, for the retirementof income bonds, tlie Deliver Extension lands, with all contractsof sale for the same, and all sums of money hereafter receivedfor account of sales of said lands, shall be mortgaged to trustees,the cash proceeds thereof, after paying all expenses on accountof said lands, including taxes, to be devoted to the purchase ofincome bonds.
Stock.—To compensate the Denver Extension bondholders forthe reduction in the rate of interest from 7 per cent to 6 per centper annum, and for the delay in the payment of interest uponthe income bonds, a suitable allotment of stock in the new com-pany should be made to them.
Resolutions were adopted approving of the plan and continuingthe committee of three witli full powers to act in all matterspertaining to the purchase and re-organization.
Montclalr & Greenwood Lake.--Thia road was finally soldin foreclosure Oct. 12, and bought, as reported, in the interest ofthe New York Lake Erie & Western Railway. The N. Y.?Yw»e« gives the following version as furnished by a gentlemanfamiliar with the facts :
" The bargain was consummated at thelast moment, late on the afternoon previous to the sale. No for-mal action had been taken by the officers of the Erie Company,but it wag regarded as exceedingly important that the propertvshould not go into the hands of any rival corportation, as anextension of the Montclair Road to Goshen would be severalmiles shorter than the Erie route, and would seriously interferewith the latter's local business to that point. Formalities weretherefore waived. The check of the company was given for the
road in lieu of one that had previously been prepared by Mr CyrusiW. Field. The amount was $156,000. By the terms of the!bargain, the company also purchased the following first mort-1gage bonds at 50 per cent of their par value, with the 5 per cent*paid-up assessment added: Cyrus SV. Field and his nephews
'
$175,000 ;Arthur W. Benson, $100,000 ; M. K. Jesup Paton &i
Co., $80,000; W. C. Sheldon, $20,000; Abram S. Hewitt, $70-1000. This brought the total cost up to $450,000 and gave thelErie Company the majority not only of the old bonds but also ol'
the proposed new issue. There is considerable ill-feeling amonjthe bondholders who were not admitted into the arrangement, anc'they are outspoken in accusing the members of the Purchasing'Committee of having taken advantage of their position to unload'their bonds without notice to their fellow-bondholders, in whospinterest they were supposed to be acting." * * * «
"To understand the situation more fully, it is necessary to knowthat the Montclalr Railroad only ran to Penhorn Creek, on thi'
other side of Bergen Hill. The Midland Railroad also terminateinear the same point. Mr. Tilden and the other officers of thi
two roads were the fortunate owners of about a mile and a halof tracic known as the Hudson Extension, and they were the
Hudson Extension Company." * * * •' It is supposed that thi
Erie Company will extend the Montclalr track in a southerl'direction across the marshes to its main line, and thence througiBergen tunnel to the Erie depot at Jersey City. This wilrequire only a quarter of a mile of track, and will destroy thi
usefulness of tha Hudson Extension Company's line, except ei
far as the Midland Railroad is concerned. It is estimated tbafully one-third of the expenses of the Montclalr Road were fo
terminal iacilities, and this will, of course, be saved under thi
new management. The Erie Company also provide by the parchase against any development antagonistic to their interest!
on t' e west. It is generally considered a good thing for thento have done."There is a question as to the value of the old second mortgag
bonds now. M'. Field thinks them good, and has paid tb
assesjiment on those he holds. Mr. Hewitt, on the couTrary, sav
they are valueless. Mr. Tilden seems to be of a similar opiniotas lie has not paid the aesessment on his holdings. The purchafing committee have issued a circular to the bondholdersnotifying them that the road has been bought in 'in thei
interest for $156,000; that re organization can be effected insid
of ihree weeks ; that the new fecurities are being prepared to
delivery, and that the road has been paid for and the deed passeand recorded.'
"
—The new owners of the Montclalr & Greenwood Lake Kairoad are to meet next Wednesday at Jersey City to elect a boarof nine directors of the new corporation, which will be orgauiz,'
under the General Railroad Law of New Jersey.
N. T. & Oswego Midland.—A meeting of representatives o
the holders of receiver's certificates and first mortgage bondholders of the New York & Oswego Midland Railway Companwas held this week. Out of the $1,352,555 of receiver's certif
cates issued, about $850,000 were represented at the meetinjThe first mortgage bondholders were represented by Mr. C. ^Jordan and Mr. N. A. Cowdrey. The object of the meeting was t
come to some arrangement between the holders of these respei
live liens. Mr. Stevens suggested that the road should be put i
thorough repair, and steel rails put down instead of the iron onei
Part of this expense could be met by the sale of a number (
engines that were unfit for service on the road. He submittedcondensed statement of earnings aud expenditures for the thre
years of his receivership. From this statement it appears tha
the excess of expenditures ovsr receipts in 1876 was $91,303 21
in 18J7, $12,026 21; and in 1878 (estimating for September$2,071 13. Mr. Stevens also submitted a report showing th
total amount of certificates issued by the receivers to dat
as follows
:
For vendors' liens on rolling stock purchased by the company $1.11,1'
\n»araire» prior to November 18, 1R7« _. .P °*•..., .I,.,,. .,.!,.,. .„,,„ni. to November 17. ISifi St5,48*i 1.1
nt to November 17. 1816 12,653 67
luent to November 17, lS'i6 6HI 67
,.„.,.,.,... i.;.i!>bcr 1, 1878J0,86277
Total $3S7,956 i7
Oregon & California.—A meeting of parties interested in
'» concern tooli place at Frankfort recently, at which |3,81!,-
i of bonds were represented. After some explanations
-iiisbed by Mr. R. Koebler, the first resolution of the committee.
fUthorizintr the purchase of the Oregon Central Railway by
aeans of the option tliey dispose of, was adopted by 2,750 votes
^ioat 234. The second resolution, respecting means and ways,
»as adopted by 2,645 votes against 109.
I'aris & Danyille.-Champaign. Oct. 24 —The Paris & Dan-
le Railroad, extendinir from Danville south through Paris,
.larsball, Robinson, and other large towns, to Vincennes, a, dis-
ance of 113 miles, was sold yesterday at Paris, under a decree of
oreclosuro of the United S'atea Court. Charl°s Ridgley was the
orcbaser, for tbe sum of $301 000. It is understood the Wabash.ailroad and tho Cairo & Vincennes railroad companies are
rsted in ih" purcliase. It has been for some time In the
Js of J A. Eads, as receiver, who has his ofiice at Paris.
:'onnsTlyanla Railroad.—The following statement of the
-mPB" "of all the lines of the Pennsylvania Railroad Company•»al of Pittsburg and Erie, for September, 1878, as -comparedirith the same month in 1877, shows
—
"Crease In irross earninE;9 of ^'11' mocre'ise in expenses of li,iii
A decrease in not earnings of 813S.5S0
The nine mouths of 1878, as compared with same period In
i\v
—
' in gross earnings ofcl'I'fo.*
'^...j in expenses of SM.iSa
An Increase In net earnings of 81,368.292
\il Hues west of Pittsburg and Erie for the nine months o'•< show a deficiency in meeting all liabilitjea of |391,063,
u;;^ a gain over the same period in 1377 of $23.5,904.
I'lliladclpliia & Reading.—A comparative statement of gross• ipiH, tonnage and passengers of the Philadelphia & Readingroad Company for the month of September is as follows:
eaOSS RKCEIPTS.
1678-
Mon'li.-"ad trafflc $67i.n:J^'. trafflc .Vi.nMi
ncoMers 38,334:noud coai ba^es ll,0;i
,'iul Ballroad Co $7TJ,4S0,:-eadlng Coal and Iron Co. 613,«66
Fiscalyear t'» date,
j8,9r7 m)640,964417.02979,(M1
Month.$1,881,581
iio.isas
4-2.202
12,748
l-lSCal
year to date.$9,,S;7,W5
7S5,t23sai,";*102,819
$10,144,4256,102,175
$l,527,4-;9
, 1,142.705
Total of aU.... ..11,101.747 $16,296,9€0
TOHHAOE A*J) PinSKNelBS.
$11,277,766r,»S8,62l
$a,o70,144 $19,201,390
^ii of coal on railroad.,oniof merchandiseasaengers ca: riod^ trataii'ted by steamjcolllera
3S7,sa926i.3i96J3,6/4
4.409.9992.6»<,!'87
5,3.13,971
49,!18 484,720
TONS or GOAL MINED.f^oal and Iron Co.nants
otal mined from lands«wned and controlledby Company and fromuehold estates
139,7.H6
63,079
202,(16
2,049.749SiS.KSS
»,87J,5:8
8M.116287.5f>2
682.731
5.'),971
419,602160,9^1
aao,s3S
^.78n.8W2,598,9045,572,991
482,947
2.980,378l,0t9,.'47
4,070,336
Tbe reduction of receipt* li don to ibe reittrletlon o( loti pro.ductioo, the mines harlnir been woriied but aio* <Uye io Sep.tember, 1878, aKalnat a full month Id 1877.
Railroad Kates In Kngland knil (he Unltnd RIaUw.—Atthe half. yearly meetlog of tbe (treat Weetero Killwar Company,of England, receotly held in London, a reference was loede tothe passenger rate< on a portion of the lloea of that cnropany.which shows that charges on many Amrrlcao railways are lowerthan the corresponding charges oo Kngllsh linen, or, Indnwl, oatbe lines of any other exteoaive railway lyatmn In Ibe world.The circular of Messrs. Satterlbwa'te Si Co. ouaameota ••
follows :'* The rates on the Great Western arn, therefore, Io
American cnrrenCT, about ^\li for Brat.class aecommodatloDS, orat tbe rate of about 'U^ cents per mile; for eeeoud-elaaa *rr)e*$10, or at the rate of about 4 1-8 cents permile; and for ibird-elaMaccommodations, $7 35, or a llttld more than 3^ ceoM per mtla.These charges are much hieher than those commonly impoeedupon tbe railroads of the New Englan'l, Middle and WesternStates, which h&ve a considerable paseenger tralHc. The conlraatis especially striking Iwtween tbe cost ol travelling in AmericMtsleeping or parlor cars, which undoubtedly furnish accommo-dations that are, in many respects, superior to those obtained bythe passengers who travel in the first-class English cars, at leas
than one-half the money demanded for travel in the flrtt-clasa
carriages of the Great Western ; but even the rates charged forthird-class passengers, of whom there were sixteen millions dur-ing the last half-year, are far above tbe average rates prevailing;
for the best accommndallons Am, railways a0brd. Thi ErieRailway, for instance, iu Its last report to the New York StateEngineer, stated that the rate of tare for pasaengers charged for
the respective classes per mile Is as fo lows : For Brst-claa*
throun^h passengers, 1 49-100 cents; for first-class way passen-gers, 3 2-100 cents ; lor commutation passengers, 75-100 cents; for
emigrant through passengers, 1 71-100 cents," Tbe New York Central returns were as follows: For finit-
cla=s through passengers, 1 87100 cents ; for flratclasi way pas-
sengers, 2 and 2 50 100 cents; for second-class through paasen-
gers, 1 58100 cents ; for secoud-class way passengers, 2 cants; for
emigrant through passengers, 1 l'.2-100 cents ; for emigrant waypassengers, 1 25100c«nt«."The report of the Pennsylvania Railroad Company, made to
tbe State of Pennsylvania for the year 1S78, gives the following
returns : For first-class through passengers, 3 5-10 cents ; for first-
class way passengers. 3 cents; for second-class through passen-
gers. 2 cents ; for emigrant way passengers, 1 6 10 cents.
"The charges for carrying freight, per ton, between Philadel-
phia and Harrisburgb, a distance of 112 miles, nearly as great as
between Derby and London, are as follows: First class, $6;second class, $5; ihird class, $4; fourth class, $3; which, it will
be seen, are much lower than the charge for the corresponding
service on tbe Midland road between London and Derby, even if
the •' small wares " spoken of are rated as first-class freight.
The contrast for carrying freight between competitive piints is
still more marked. The rate per ton between Manchester
and I>ondon, a distance of 190 miles, allows the English
company a trifle more than 3i cents per ton per mile, and it is
only a very small proportion of the through or competitive busi-
ness of American railways on which such rates are imposed.
The rates on first class freight from Pbiladelpbia to Pittsburg,
a distance of 385 miles, or nearly twice as great as the distance
between London and Manchester, are only $7 40 per ton, or less
than 20 per cent higher than the charge referred to as one which
makes an injurious discrimination against the town of Derby, for
transporting freight for 190 miles. In the west-bound competi-
tive freight ssnt over the long distances between the Atlantic
seaboard cities and important western points, many instances
doubtless occur in which first-class gioJs are carri>d ten times
the distance between Derby and London for not more than double
the charge per ton made for conveying goods between these points.
The east-bound freight tarifl's, generally speakmg, are infinitely
lower than the charges fur west-bound services."
St. Louis Alton & Terre Haat«.—A meeting of tbe first mort-
gage bondho'ders oi the St. Louis Alton & Terre Haute Railroad
Company was held at the company's offices. No. 12 Wall street,
for the election of a trustee in the place ol the late Robert
Bayard. Mr. John S. Barnes, of the firm of J. S. Kennedy &Co., was unanimously elected for the unexpired term.
Wabash.—The following is an abstract of the report filed by
the Wabash Riiiiroad Companv by order of the United Sutes
Circuit Court at Springfield, 111. The report covers four montha
of the current year's business—May 1 to August 31 :
Gross earnings fcr four months 'JS^UJOperating' expemes 1.24a.7M
Net earnings for fonr months ... •—The pavmcut^ except for operalIn« expenses for tbe same Mme,
were reported as follows; Ml ISI
$«>1.»T»
Fi>r rtntalaTaxe- and innu'-anco. 6e,«»5
O account of Wabash Kqnipinen't Co SJ-J™I'urcbiiseofP L P. Co. cars "«»rutchase of Madlsou Co. KB fcocosInterest on funded debt '
$ua,ltS
PaymoLU over not earnings '"Il "VT
Washington City Virginia Midland A ttreat Sonthern.-U
was stated in tbe last Chroniclb that the WjJP"" ?» '»".^"^^g& Alexandria U. R. were be'ng paid; but it should be understood
t^,at the July, 1878, coupons of the Orange A'""-!'!' *Manassas Road are not being raid. The 1 tier road '• l-""^**
the Bait. & Ohio Railroad at $S9.250 Bold p«r annum-8 par cent
on the Ist mortgage—and a few days ago an order was made by
°he wVrt that the lease money be applied to past du. coupons.
II
438 THE CHRONICLE. [Vol. XXVIl.
CoSSEKcIlLrEPIToEFriday Night, October 25.
We have had this week more seasonable weather, frosts havingextended to Southern latitudes, and the air is clear and bracing,
yellow fever is consequently near an end in the Southwest, at
least so far as it has any commercial significance. The dis-
turbed condition of the money markets, at home and abroad, is
also much abated. Thus most of the obstacles to mercantileactivity, which have been felt more or less, are removed. Butprices of staples of agriculture have declined to such low figuresthat the profits of growers are largely swept away, leaving themwithout means to purchase goods to the extent they otherwisewould. Therefore the early promises of the autumn season arenot likely to be fully realized, and the prospects of the immedi-ate future are less flattering. Still, it should be remembered thatno crops were ever grown in this country at a less price.
Pork and lard have shown weakness from day to day, and at
the close quite broke down under the tenor of Western advices.Old mess pork closed with free sellers at $8 25, and there was apressure to sell for future delivery, which carried prices diwu to|8 05 for November, and |8 15 for December. New for January•was offered at $9 40, with bids reduced to $9. Lard declined to|6 40 for prime Western on the spot, with closing sales for futuredelivery at |6 37i for the next two months, $6 45 for January,and $6 52} for February. These figures are their own comment.Bacon has ruled dull, and Western long cl«ar sold to-day forJanuary delivery here at $4 85 per 100 lbs. Cut meats generallyquiet, but pickled rib bellies, medium and light weights, have bada fair sale at 6i(g6ic. Tallow hag been more active, but closeddull at ejc. for prime. Beef meets with some inquiry, and Phila-delphia India mess has sold at |18 50 per tierce. Butter has beendull, but choice grades are scarce and firfh. Cheese was moreactive, and closes steady at 8i@9ic. for prime to choice factories.Kentucky tobacco has been active, the sales being liberal to
fill Regie contracts, but at a material decline in values. Thesales for the week are 1,850 hhds., of which 1,C50 for export and800 for home consumption
;quotations are reduced to 3@4Jc. lor
lugs, and 5^@tlc. for leaf. Seed leaf also more active, therebeing a disposition to close out stocks. Sales for the week are350 cases 1877 crop. New England, 10@25c.; 1,237 cases 1877 cropPennsylvania, 7i@205.; 100 cases 1872-6 crop, New England'12@20c.; 37 cases 1876 crop. State. 7}c.; 93 cases 1877 crop, Ohio^vi@81c., and 434 cases 1877 crop, Wisconsin, 7@llo. The busi-ness in Spanish tobacco has been limited to 500 bales Havana at85c.@$l 10.
There has been little of importance done in coffees, either inEio or mild grades
;prices are without further changes, though
no undue steadiness is noticeable ; fair to prime cargoes of Rioquoted at 15i@10ic. gold ; stock on the 23d inst., 25,580 bags infirst hands. Rice has been in fair jobbing sale at previous figures.Molasses is unusually quiet ; the stock of foreign grades here isof an inferior and unsatistactorv quality, such as buyers neglect;Cuba 50 test refining quoted at 32@33c.; new crop New Orleans hasarrived freely, but is quiet, and quoted at 40@50c., and old 25@40c Refined sugars have been quiet and are quoted a triflelower
; standard crushed, 9Jc. Raw grades have continued dull,and some irregularity and weakness in reported ; fair refiniutrCuba, 7i@7|c. ; good do. , 7i@7|c.
Although the calls for ocean freight room have been rathermoderate, yet in the absence of superfluous offerings, rales haveadvanced a trifle, and are maintained with firmness. Lateengagements and charters include: Grain to Liverpool, by steam,7}d., eOlbs.; cheese, 423. Gd.(g47s. 6d. per ton; bacon, 373. 6d.;cotton, 5-16d., compressed
;grain to London, by steam, S^d.; flour,
by sail, 23. Cd.; do. to Bristol, by steam, 33.; gram to Glasgow, bysteam, 5Jd.; do. to Avonmouth, by sail. 7id.; do. to Cork for orders,58. 74d.@0s.; do. to French ports, Ss. 9d.@53. 10}d.; refined petro-leum to Trieste, 43. 6d. ; do. to Valencia, 43. 9d. To-day, businesswas again limited, but rates remained steady
;grain to Antwerp
or Havre, 5s. 8d. per qr.; crude petroleum to Marseilles, 49. 4d.;do. to Havre, 33. 6d.; refined do. to Cork for orders, 43.; do.to Algiers, 4s. 6d., and 24c., gold, for cases.The movement in naval stores has continued quite limited, yet
few, if any, material changes in quotations can be noted ; spiritsturpentine closes at 28ic. bid, and 28fc. asked; and common togood strained rosins at $1 37i@$l 427. Petroleum was still
dull, with quotations more or less nominal ; crude, in bulk, 5c.,and 9}c for refined, in bbls. American and Scotch pig iron con-tinues quiet, and prices about as last noted. Raila have remainedfirm, with a good business in old iron reported, embracing ful'y5,000 tons here at $18 50@$19(a|19 25. closing at the latterficrures, and 0,000 tons for Pittsburg delivery at private figures.Lead is unusually firm at $3 67|@$3 70 (per 100 lbs.) for com-mon domestic Ingot copper has declined to 15Jc. for Lake, withlittle or nothing doinsr. Hides have been dull and furtherdeclines have taken place. Grass seeds dull at Gf@7-io. per lb.for clover, and $1 15@*1 20 per bu-hel for timothy. Wbi=key.«1 09@$1 10.
^
COTTON.Friday, P. M., October 25, 1878. !
The Movement of the Crop, as indicated by our telegramifrom the South to-night, is given below. For the week endingthis evening (^Oct. 25). the total receipts have reached 162,231?
bales, against 168,233 bales last week, 148,158 bales the previon'week, and 130,990 bales three weeks since; making the total
receipts since the 1st of September, 1878, 848,075 bales, agtdns
'
555,038 bales for the same period of 1877, showing an increase sine
'
September 1, 1878, of 293,037 bales. The details of the receipts foj
this week (as per telegraph) and for the corresponding weeks ofour previous years are as follows:
Keceipts this w'k at
New Orleans...
MobileCharleston ,
Port Boyal, &c.
.
Savannah ,
GalvestonIndianola, &cTennessee, &c-.
Florida
Scortn Carolina.
Norfolk
City Point, &c..
Total this week . .
.
Total since Sept. 1.
1878.
13,985
7,661
26,052198
37,96525,075
643S,28G k
3,188
7,40323,318
8,462
162,236
848,075
1877.
38,523
14,06722,751
59628,13219,879
301
1,519
1987,148
20,534
3,961
157,609
555,038
1876.
42,683
16,034
26,970
3,095
20,896
18,363
6640,584
7287,490
30,108
996
174,01';
807,646
1875.
38,519
14,675
24,152
68130,224
23,024
1,190
7,418
6695,952
22,763
1,378
170,645
740,500
1874.
34,37 I
12,32]
24,62'!
58
34,441
11,83'
39'
i
4,411
58'
1
5,24
20,59
:
67'
150,08
651,25:
The exports for the week ending this evening reach a total o
96,450 bales, of which 69,782 were to Great Britain, 9.650 U
JFrance, and 17,018 to rest of the Continent, while the stocks a;
made up this evening are now 416,540 bales. Below are thi
stocks and exports for the week, and also for the corresponding
week of last season.
Week EXPORTED TO— Totalthis
S<imeWeek
STOCK.
ending Conti-Oct. 25. Britain. France, nent. Week. 1877. 1378. 1377.
N. Orl'ns 5,711 2,554 1,063 9,328 18,862 46,071 95,75',
• Unaer the bead of Ck'trleMon is iacluiled Port Koynl. Ac; under ilio tieftd ol
G(7/re*(f'm Is include! ludlauola, &c.; uader the head otNorfolkia locIiiJed UtyPoint. &c.
These mail returns do not correspond precisely with tlie total
i OOTOBKR 20, 1S78.] THE CHRONICLE. 439
lio tolrf^rapbic fi^urus, because id preparing them it is alwaysicMtaary to iucorporatu every correction luadu at the ports.
Tho lunrkot for cotton on the spot has further declined the jmHt
'cek, quotatlonH beiuj; reduced ic on Monday and again \c. onInesdny, bringing middling uplands down to 0|c. , or more
,ily to their value for early delivery. There has been a fair
winning demand and some business for export, but tho mostJiispicuo\is feature of the trade has been in cotton in transit.
b-day, there was a further decline of 1-lOc., middling uplandsMm quoted at 9 11-lOc. For future delivery the speculation
uioeeu quite excited, tlie sales exceptionally large, and the fhic-
atlons wide. Tlie improvement noted on Friday last was notstained on Saturday, because Liverpool did not respond; and
•I' liiy, under continued unfavorable foreign advices, the
i-ame panicl<y, prices for tho early months going 8 to
poiuis below the extreme inside i)rices of tho previous Thurs-ny. There was a weak opening on Tuesday, November selling
/low as 9'55, and .Tanuary at 9'03, but a quick recovery on thenre assuring linancial reports from London and Glasgow andle steadier clo^iini,' of tho Liverpool market. Wednesday wasiriable, but finally closed at a material advance, except October,nich felt the effect of tho decline in spots. A severe gale•asod over the Atlantic coast on Wednesday, and it wa-s reportedi 'Cliange to have done much injury to the cotton that remainediplcked. Yesterday, the Liverpool advices were disappointing,id prices again broke down, the early months being especially.pressed, but, except for October, stopping sliort of the insidepuesof Monday. To-day, the opening was lower, follov.od,
Swever, by some recovery on steadier accounts from Liverpool,id the later months were higher.The total sales for forward delivery for the week are 398,900les, including — free on board. For Immediate delivery thetal sales foot up this week 9,127 bales, including 1,910 for export,Ml for consumption, 256 for speculation and 3,300 in transit. Ofle above, 500 bales were to arrive. The following tables showfe official quotations and sales for each day of the past week:
for forward delivery, the sales have reached during the week38,900 bales (all middling or on the basis of middling), and theflowing is a statement of the siles and prices:
Total, new p'rts 45,387 36,077 52,47.0 38,618 28,097 38,076
Total, all 77.230 63,483 97,887 79,265 59.995 80,374
Tlie above totals show that the old interior stockK haveincreased during the week 8,980 bales, and are to-night 3,119
bales more than at the same period last year I he receipts at the
same towns have been 8,804 bales less than the same week last
year.
Keoeipts from the Pl.vntations.—Referring to our remarksin a previous issue for an explanation of this table, we now bringthe figures down one week later, closing tonight
:
RKCEIPra raOM PLANTATroNS.
Week Receipts at the Forts. Stock at Inter'r Ports Rec'ptsfromPlant'nB
Total. 844,586 ,56S,93H 881,836 i 819.S14 559,431 875,368
This statement shows us that the receipts at the ports the past
week were 163,338 bales, received entirely from plantations.
Last year the receipts from the plantations for the same weekwere 157,609 bales, and for 1876 they were 174 617 bales
Weathkb Hbports by Tklegbapii.— It appears from our
telegrams to-night that the severe storm which passed up the
coa.st the past week was very little felt south of Virginia. Therain has not been excessive anywhere, and excellent progress is
maldng in gathering in the crop, which is being secured in fine
condition. Frosts are reported at many points, but generally not
killing frosts.
Galveston, Texas.—There has been no rainfall during the past
week. The days have been warm, but the nights have been
cold. Picking will be unusually prolonged, although there is
very little top crop. The thermometer has averaged 69, the
highest being t3, and the lowest 58.
Indianola, Texas.—It has not rained here during the week.
Picking is progressing finely. Average thermometer 69, highest
86, and lowest 53.
Corsicana, Texas.—No rain has fallen during the week. Weliave had warm days but cold nights, with a frost on one night,
though not a killing frost. The thermometer has averaged 63,the highest being 84, and the lowest 41.
Dallas, Texas.—The days have been warm, but the nightshave been cold. There has been no rainfall during the week.
We have had a frost, but not a killing frost. The thermometerhas averaged 63, with an extreme range of 41 and 84. Thefields are very white and labor scarce.
Brenham, Texas.— It has not rained here during the week, andwe are needing it badly for stock. Competition for labor is
running up the rate of wages for picking. We have had no
frost, but came near to it. Average thermometer 68, highest 79,
and lowest 44.
New Orleans, Louisiana.—It has rained on one day during the
week, the rainfall reaching twenty hundredths of an inch. Thethermometer has averaged 59. We have had a frost, but not a
Total 848,075 529,214 748,377 635,515 523,585 383,863
eeiooutiig a of total
port rocc>lpt« 1217 18-.53 15-10 14-97 1009
This 9 atement shows tllat the receipts sinee Sept 1 up to
o-oight a re now 318,801 ba es more than they were to the same
lay of the month in 1877, and 99,69'j bales more than they
ere to the same day of the month in 1876. We add to the last
able the percentages of total port receipts vvhich had been
•eceived Oct. 23 in each of the years named.
Indi.\ Cotton Crop.—The latest advices from Bombay explain
m<>ftiiing of our Bombay cable of September 20, which stated
itton is suffering in consequence of the continued rains."
s according to Messrs. Wallace & Co.'s report of Sept.
JO, tluit the special harm was in the Dhollerali and Broach dis-
ricts, and was slight there. When we received that cable des-
(Mitch our mail dates were only to August 8, at which time the
rains were very excessive, and we interpreted the despatch some-
what iu the light of those conditions. Soon after August 8, how-
ever, tliere was a change in the weather. In most sections rains
leased before harming the more forward districts, and where'•y were longest and most excessive dry weather permitted
sowing to be done. The Hingunghaut district, where the crop
^aa unusually forward and promising, continued to have more
ain than necessary, even down to about the first of September;
t though some anxiety was felt no considerable harm was
iiortfil to have been done, and later advices were better,
izenit, it was stated (Sept. 13), promised not over 75 per cent
a full crop. With these exceptions the outlook to September
was very favorable. The Bombay Prices Gwrrcitt, under date
ii September 13, says: " We may look for large quantities of
Oomras at the end of November and December, and Hingung-
Tiaut,s in November." Messrs. Nicol & Co., on September 12,
rote: "The prospe-cts of the coming crop are very encouraging,
^•iasouable weather, with occasional showers prevailing in most
' if the districts, and the plants are reported to be doing well.
"
li^ssrs. Wallace & Co., under date of September 6, report "morefavorably of the new crop, fine weather having prevailed in
most of the staple-growing districts. From DhoUerah and
Oomrawuttee hopes of large crops are now entertained, and
from the Broach and Hingunghaut districts we hear morecheerful reports, &c." Altogether, the news to September 20
vronld seem to promise an increased and earlier crop in the dis-
jrieta tributary to Bombay; t>ut in the words of Messrs. Wallace
(t Co., " wann, dry weather was much wanted all over the coun-
try, not only for cotton but for all other descriptions of
jiroduce."
KuROBS IN Cotton Chop Statemksts.—In our editorial
olumns will be found an article on this subject, in which our
readers will be interested. It is written in reply to a criticism of
he Liverpool Punt.
Itu.uii.M Suu'MisNTS.—Arcnrding to our cable despatch receivedo-dnj, ilifiu have Oren 2 000 bales shipped from BombHy loToat Kiitaiu ihe past w.ek and 1,000 bales to ih« Coniinxat
j
vhilb 'l)B r«ci-ip 8 a! Bombay durini; iliiB week liave been 3,000">»li-B 1 lie movfm-nt aince iho li«t of Jimoary is as follows.{Vhese flgures are brought down w Thursday, Oct. 24.
Bhlpinent* tbU week
187818771876
(Iroiit
Brlfn.
2,000
4,6o6
Conti-nent.
1,000
ToUI.
aiUpm—1» d»«e Jmi. 1.
are«tBritain.
Oontl-Bent.
3,000 3 1 7.n<)(t 388,000|;i7s,o<K):4rj.ooo
4.00ol5ft7.O<W)l374,«K)0
ToUL
705,000700,000031.000
neusim.
TbUWeek.
3,000
iaa.1.
From the tomgtAng It would appear that, compared wMiyear, there has been an inertatt of 8,000 bales In the week's ship-ments from Bombay to Kur<)|H', and that the total moramentsince January 1 shows a tUereiur In Hhipmentn of 80,000 bales,compared with the corresponding j)erio<i of 1877.
Clu.NNY Bags, Bauqin(i, Ktc—Bagging has Jx<come ratherquiet since our last re|)ort, and but few parcels have chanMdhands. The only demand is for Jobbing parcels, and at the c\o»»an easier feeling Is to be noted, and holders are now nuotinir 10*(^lOjc. for 1} lbs., lOJMIOJc. for 2 llw., and lie. for a? Ibo.
But'S are ruling quiet, but the feeling is still steady as to priee;sales are reported of 1,000 bales, on spot, at 2 H-16(^2Jc. forprime quality. The close is quiet, with holders asking 2 11-16(J2ic., cash and time.Thb Exports ok Cotton from New York this week show an
increase, as compared with last week, the total reachiog 18,889bales, against 17,103 bales last week. Below we give our nsoiltable showing the exports of cotton from New York, and theirdirection, for each of the last four weeks; also the total export*and direction since Sept. 1, 1378, and in the last column the totalfor the same period of the previous year:
The pant week has developed no improvement in tlie demand
for fall and winter goods, and the volume of business was com-
paratively small. Early in the week the suspension of the large
St. Louis jobbing; house of Dodd, Brown & Co. was announced,
caasintr some excitement in the trade, as the firm had latterly
been in good credit. Particulars in regard to the suspension
have not yet trnnspired, but it is believed that the liabilities wilj
reach |1,,')00,000, a great portion of which is due to commission
merchants and Importers in this city. The chief feature of the
week's business in foreign KOO^iB was a large, peremptory auction
sale of Lupin's fabrics, which proved a marked success—the
entire line having been distributed at satisfactory average prices.
Domestic Cottjn Goods.—There was a sleady demand for
domestics for export, and 3,466 packages were shipped from this
port to foreign markets during the week ending October 23d,
including 1,001 packages to Bremen, 1^03 to Havre, 438 to Great
Britain, 200 to Antwerp, 163 to Haytl, 64 to Cubi, 83 to British
Australia, 54 to Mexico, &c. The home demand for cotton goods
was chieSy of a hand-to-mouth character, and no animation was
observed in any particular class of fabrics, though heavy fine
brown iheetiugs and low-grade cotton flannels were relatively
more active than other makf* of eottooa. AgMU' prioM forbrown, bleached and colored cottooi werr Domloally oaehaogMl,but valuBK are leu firmly nialolalned than waa the caas b«for»the late break in cotton. Print clolhi were In fair demand atilic, cash, for 64x61*, and 8c., cash, for Mx OOi, and atock* haveundergone a material reduction within the laat few wseka.Prints remained quiet, and cotton dreie gooiU and gln)(baawwere in comparatively light demand.Domestic Woolen Qooda —There wu an Irre^rnl^r demand
for heavy woolens for men's wear, and while fancy caealmrrearuled quiet, there was a moleruce Inquiry for chevlota and oTer-coatings, and wonted coatings cootinoed In fair reqnett. Orderafor light weight worsted and cotton- warp worsted eoatloga wereplaced with agents to a considerable aggregnle amount byclothiers and cloth jobbers, and some of the more popular makesare largely sold to arrive. Cloaklngs and beavers for cloakingpurposes were in fair request, but clothn and dneakins ruled qnlet,and there was only a limited inquiry for Kentucky jean*, repel-
lents and satinets. FlaoneU met with moderate rales, but selec-
tions were individually llglit, and blankets contlnaed quiet. Forworsted and woolen dress goods there wan a fair demand at first
hands, but shawls and felt skirts were devoid of animalton.
Foreign Dry Goods.—There was only a moderate demand'for imported goods, and selections were chiefly confined to eachsmall lots as were actually necessary for the renewal of assort-
ments. Cashmeres were in steady request, and low.grade silks
and trimming velvets were distributed in fair quantities ; batmillinery silks and plushes ruled quiet in private hands anddragged in the auction rooms. Men's-wear woolens continued
dull, and linen and white eoods were slow of sale, as were Ham-burg embroideries and laces. Dress and cloak trimmings con-
tinued fairly active, and there was a steady movement in tailors'
trimmings.
Importatlona or Dry Ooods.The importations ot dry goods at this port for the week endlni;
Oct. 24, 1878, and for the corresponding weeks of 1877 and 1876,have been as follows :
American,CombingExtra, pulledNo. 1. PulledCalifornia. Spring Oilp-Snperlor. unwashed
Inlerior||
Sjnth'iln.'MerVncVnnwasVedCape Good Hope, unwashedTexas, fine. EasternTexas, medium, tastem •.• •.
S uyrna.unwashed go""-
4H.IGUT»-l,> Livbbpool:
iOt O'l „*„,'•lour * bt".
leav lOOdB. . ton.inrn'n'lkftbgs. • bu.
vynnat.bbik* bags..
Boel"jf,-Pojk • •""•
.— BTKAM.-
B-U3 6 .t
42 6
7
'.X7 I'
11-3/
.5 a itS5 a 40Nominal.
76 ® 21
25 a 32ss a 45Nominal.
16 «, 23
so a S343 <i SONominal.
18 (» it2! a 3i
3i a IS
14 15
16 a 11
NomtnBi.17 a 2i
•if. a C8
!6 a 46
19 a :3
18 a ti3.i a 4)Nonilnal.
13 a 28
27 a S3
40 '• f-i
53 ® 70
,_ UKICX* It
. ...'A 14X5 80 ® 3305 T5 B 600
SKa 5
;x« 13
10 a6 <A
S u 10
73 a 82H73 Z 12011 a14 a 4O
.'>f' rt» 34
23 a 18
b6 fa 42
so a 31
IS a 20
22 a 2(
20 to14 M IB
12 a SO
<s a 26
2.3 a SO
22 a 2S
21 a U18 a 15
-iAII..—
»
,.«.
...« 9-Ht Ha
«.'6» 30
IOCTOJUCR 86. 1»78.J THE CHRONICLE
Cotton.
Knoop, Hanemann & CoOOnniNSlON nBROHANTS,
«3 n^HANOB rU&C'B. NEW YORK.
BOVSC Ql
nanrbestcr and Liverpool,
OK fRRSEY dc CO.
Wm. Felix Alexander,II COTTON BROKER,
AITQVSTA, OEOROIA.Bntlre ntlentlon given to pnrctiaie of COTTON on
OBDEB Jor SPINNEHS and KXPORTEK8.CORRKSPONDENOK BOLICITKO.
Befcrences :—National Bank of Angusta. QcorRia;Henry llents ft Co., Commission Merchanta, NewTork ; William B. Danaft Co., Proprlttora CoMvnOUL AND FiMANOiAL Chioniclii, and other NewTork UouBca.
Dennis Perkins & Co.,COTTON BROKERS,
117 Pearl Street, New York.
Sawyer, Wallace & Co.,
t OTTON KACTOBS A COMMISSION MKR'.HANTS
47 Rroad Strrnt. New York.
E. O. Richards,(Successor to A. L. RICHARDS)
Rhlpplng and Commission Ttlercbant
No. aa BROAD STREET. NEW TORK.
James F.Wenman& Co.,COTTON BROKERS,
No. 146 Pearl Street, near \rall, N. t.EstabllBbed (In Tontine BulldlnR) 1S41.
Macaulay & Co.,coninissioN merchants,
a WILLIAM STREET, NEW TOEK.Fatnre Contracts for Cotton b/^nsbt and loldon
tiMnmlaalon In New Tork and Liverpool.
John F. Wheless & Co.,COTTON
conmssioN kierciiants,NASHVILLE, TENNESSEE.
Speclalattent'on given to Spinners' orders. Corre-pondence tn\\ciU»\.Bir>ii«K('X8.-Tblr4 and Fourth National Banks
and Proprietors of The Chroniclk.
Steel Pen§.
JOSEPH GILLOTT'SSTEEL PENS.
SM fy ail Jtabrt iMrtmglumt tht WarId.
STEEL PENS<tf BUpcrior KiiKliah mriko ; famous for durability andeu^tlrity; c'-\--\\. vnrlcty ofetvlcs puited to every kindof «ri: : i; ;
i.r sale bv deakTB Kfnerally.'i"\\ i.\ r V-KIVt assorted paniples for trial, Iti-
«?&^.!r "U" AND "FALCON"Pens, by mall, on receipt of Twcnty-flve Cents.
IVISON, BLAKEMAN, TAYLOR & CO.BOLa AOEXTfl FOB THE U. 8.
J38 and 140 Grand St., New York,
COTTONFROM
SEED TO LOOM1 8 r 8 .
The contents of this book are as follows:
IVIAI* OF IIVDIA.We have prepared a large Map of IndU, •howing, among other thloga, all of the
cotton (liBtrictB of that couniry. The map is made up from original wurcei and willwe think, be found very useful.
CHAPTER I.
Introductory—Showing the Object and Scope of the Book.
CHAPTER II.Hietory of Cotton in the United States from the date of ita earliert prodnctton,
tracing the progress from year to year, with the inventions which gave theimpulse to that progresH; also a table of receipts and export! at each out-port olthe United States from the earliest records down to 1877, ate, 4c.
CHAPTER III.India production of Cotton Goods from Earliest Dates—Interesting Review of the India
Export Trade In Ooods from before the Christian Era to the Present 1 ime, Ac.The Monsoons and their effect upon and relation to the Cotton Crop Also, thepast Production of Cotton in India and the present supply, with a detaileddescription of each Coiton District from which the present supply comes^Severalwood-cuts and full Statistics of the Trade, &c., &c.
CHAPTER IV.Acreage in the United States—Yield and Acreage by States since 1869—Pouibilities of
Crops with Acreage given—Growth in Acreage illustrated and proved—Percenta((eof Production and Acreage in J^ch State, &c., &c.
CHAPTER T.Planting—Cultivation from January to Jane—How Land Prepared and Seed Planted
Old Lands being Reclaimed—Early Growth of Plant—Chopping Out—Securinga Stand—Cotton Plant very tender in Early Life and tough afterwards—Ita EarlyEnemies and Diseases—Crab Grass—Wet May and June—Rainfall, Thermometer,Chronicle W eather Reports and Agricultural Bureau Reports, from January toJune, for 1870 to 1877—Very important deductions from the weather dau, Ac, Ac.
CHAPTER VI.Summer and Fall Growth—Formation of the Btld, its Shape, Ac.—The Blossom, how it
changes its Color and Shuts and' Falls—Formation of Boll—Habits of Blossom andPlant in Relation to Sun—Definition of Bottom Crop, Middle Crop and Top Crop-Cotton Enemies in Summer, Lice, Rust, Sheddii^, Boll-Worms, Caterpillars, Ac.Number Bolls to Make a Pound, Ac.—Rainfall, Thermometer, Chkonici.e WeatherReports and Agricultural Bureau Reports, from July to December, for 1870 to 1877—Tables showing Date of Frost and End of Picking Season at a number of pointsin each Southern State for Seven Years Past—Important dednctions from thisReview and Analysis of Weather for past Seasons, Ac, Ac.
CHAPTER VII.Qaihering and Marketing of Crop—The Influences affecting Market—When and why
a Crop will bo Marketed Early—An Analysis of the Movement to the Ports of EachCrop from 1870 to 1877, and tbe Reasons tor Delays and for Haste—Tables Showingat Several Points in Each State the Date of tbe Receipt of First Bales, ArrivalsNew Cotton to September 1, Ac, Ac.—Also, Height of Rivers for a Series ofYears. All these facts are so arranged as to enable the reader to form a correct
opinion of the future. This chapter closes with the daily receipts and percentage*of past receipts for a series of years, Ac, Ac
CHAPTER VIII.Prices of Spots and Futures, for a Lonir Series of Tears, at New York and Liverpool
—
Cotton Movement at New York, &c!, Ac.
CHAPTER IX.Consumption of Cotton in Europe and the United States—Some Thouirhts oa this
Subject which may bo Suggestive—Also, full Tables and Statistics Showing PastConsumption, Ac, Ac.
This is a very brief summary of the contents of this book. It is a
large octavo volume of over three hundred pages, ox)ntaining everthing the
trade needs for reference, and drawing conolosions from the experience of
the past, which ought to make crop estinaatee in the fatare leas difficnlt
and uncertaui.
Price, ------ Three Dollars.
FW 6< ma\Mi to any addrett pcttpaid on receipt of prit*.
Wm. B. Dana & Co., 79 & 8i William St., N. Y.
HENRT HERBERT, 5 Aa«ttn Friars. Old Broad hi., l«ndon«
Vi THE ( HRONICLE [Vol, XXVn.
Insurance.
HOME '
Insurance CompanyOF NEWT TORK,
j
OFFICE, No. 135 BROADWAY.|
Fiftieth Senii-Annnal Statement;SHOWING THB
Condition of tl>e Company on the flrsiday of July, 187S.
CASH CAPITAL $3,000,000 00Reserve for Re-Ineurance 1,795,699 SOReserve for Unpaid Losses 206,131 28NetSurplus 1,179,,012 38
TOTAL ASSETS $6,180,873 16SUMMARY OP ASSETS.
Cash In Banks f246,U5 85Bonds and Mortgages, being first lien onreal estate (worth »4,315,oOO) 2,024,553 00
United States stocks (market value) 3,050,625 00Bank Stocks (market value) 190,212 50State and Municipal Bonds (market value) 199,206 00Loans on Stocks payable on demand(market value of f>ccurltles, JiS24,537 50) 213.M5 47
Interest due on Ist of July, 1:JT8 t>2,203 61Balance In hands of Agents 144,023 74Keal estate 12,288 53Premiums due and uncollected on PoliciesIssued at this olBce 7,950 01
Total 16,130,873 IS
A Dividend of FIVE Per Cent has
been declared, payable on demand.CHAS. J. MARTIN, President.J. H. WASHBURN, Secretary.
North British
and Mercantile Insurance
CompanyOF
LONDON AND EDINBURGH.United States Board of Management,
NEW TORE:SOLON nUMPHRKYS, Chairman,
(B. D. Morgan & Co.
DAVID DOWS, Esq. (David Dows & Co.)
E. P. FABBRL Esq. (Drexel, Morgan & Co.)
Hon. S. B. CHITTENDEN.EZRA WHITE, Esq. .
lOHN J. ASTOtt, Esq.
CHAS. E. WHITE, SAM. P. BLAGDEN,
MANAGERS,
Office 54 AViUlam St., New Yorb:.
Liverpool &London & Globe
Lnsurance Company^
45 Willimn St.
J. E. PUESFORD,
Resident Manager.
LyOiUfnercial
(union Ins, Ca{OF LONDON),
ALFRED PELL,\
Resident Manager,\
3r & 39 Wall Street ^
D. W. Lamkin & Co.,Cotton Factors,
VICKSBCRG, iHISS.
Orden to Purchase Cotton tn our market sollcUMj
Refer to Messrs. THOMAS J.CSLAUGHTKB, SewYork
\
t
Cotton.
Woodward & Stillman,SEAMEN'S BANK BUILDING,
Nos. 74 & 76 ^rall Street,
NEW TOKK.
GENERAL COMMISSION MERCHANTS
I4OANS MADE ON ACCEPTABI.KSECDRIXr.
Liberal advances made on Consignments.
Special attention paid to the execution of orders for
be purchase or sale of contracts for future delivery
f cotton.
W. C. Watts & Co.,
SI Brown>s Buildings,
LITERPOOIi,
aoUelt cooslgnmenla of COTTON an'-: orders for ti e
ptLTChase or sale of future shipments or delivencs.
Advances made on consignments, and all luformatlOL
afforded by our frlenas, Messrs. D. WATTS & Co.,tl
Stone street, New Fork, and Messrs. D. A. GIYKN A
BON, 64 Baronne Street, New Orleans.
H. W. &J.
H. Farley,COTTON FACTORS,
COMMISSION MERCHANTS,AND
riNANCIAE AGENTS,132 Pearl Street,
P. O Box .3,909. New ITorlc.
Advances made on Consignments.Special personal attention to the purchase and sale
of '' CONTRACTS FOK JUTUKE DELIVKRT"OFCOTTON.
Bennet & Foulke,
GENERAL
ooramissioN rierchants,
131 Pearl Street, New Vorlc.
Special . attention erlven to the execution of orders
for the oarcbase or sale of Contracts for Fntnre
Delivery.
R. M. Waters & Co.,COTTON COMMISSION MERCHANTS
AXDBANKERS,
64 BROAD STREET, NEW TOEK.
.^ . Geo. Copeland,COTTON BROKER,
ISe PEARI. STREET, NEW YORK
J.C. Johnson & Co.,
0®TTON BUYERS FOR MANUFACTURERS
IVEinPBIS, TENN.
H. Tileston & Co.,COTTON BUYERS & COMMISSION MERCHANIS
60 Stone Street, Ne-w York.Ordera In Fntures executed at N. T. Cotton Exchange
WALTER & KROHN,COTTON RROKERS,
S3 BEAVER STREET, NEIV YORK.
Cotton.
L. F. Berje,
OOTTON BUYER AND COMMISSION MERCHANT
N E TT ORI.EANS, LA.
Waldron & Tainter,(Snccessers to NOUBSE t BROOKS),
«BNERAI. COTTON MERCHANTS,97 PEARL STREET, NEW YORK,
Vatnre orders proai.iUy executed.
B. F.BABCOCK&CO.COMMISSION MERCHANTS,
IT Water Street, lilVERPOOL,Receive conelgnments of Gntton and other Produce,
and execute orders at the Exchaniresln Liverpool.Kepreaented In Kew York at the office of
BABCOCK BHOTHERS & CO .
EO Wall Street.
Henry Hentz & Co.,GENERAL
cominissioN iuerciiants.174 Sc 176 Pearl St , New ¥ork.
Advances made on Consignments to
Messrs. JTAITIES FINLAY & CO.,
LIVKKFOOL, LONDON AND GLASGOW.
Also execute orders for Merchandise through
Itlessrs. FIN I-AY, MCIR & CO.,
CALCUTTA AND BOMBAY.
FOTUKK CONTRACTS FOR COTTON bought andsold on commission In New York and Liverpool.
Lbhhan, Abbahaai & Co.,New Orleans, La.
Lehmak, Duhr & Co.,Montgomery, Ala.
LEHMAN BRO'S,
Cotton FactorsAND
COMMISSION MERCHANTS,40 EXCHANGE PLACE,
Tie-w York.Orders executed at the Cotton Exchanges In New
York and Liverpool, and advances made on Cotton
and other produce couhlgned to us, or to our corre-
spondents In Liverpool, Me-srs. B. Newgass & Co.
and Messrs L. Koaeuhelm & Sons.
Ware, Murphy & Co.,
Cotton FactorsAND
GENERAL COMMISSION MERCHANTS
No. Ill Pearl Street,
N K W Y O R S .
Special attention paid to t le execution of orders
for the purchase or sale of contracts for future
4eUvery of cotton. Liberal advances made on con-
signments.
B. R. Smith & Co.,COTTON
coin mis SIGN merchants,125 PEARL STJIEKT, NEW YORK,
44 Broad Street, Boston*Liberal advances made on consignments. Prompt
Eersonal attention paid to the execution of orders forhe purchase or sale of contracts for future delivery."
E. S. Jemison & Co.,(Successors to MOODY ^k JEMISON),
RANKERS, COTTON FACTORSAND
GENERAL COMMISSION MERCHANTS,No. 123 Pearl Street, New York.
Advances made on Consignments. Future Con-tracts for Cotton bought and sold on Commission, inNew Yor« and Liverpool.
Insurance.
vETNAInsurance Company
OF HARTFORD.Total Aeseti- January 1, 1877 $7,115,621 42Capital $3,000,000 00Rct-insuraticefund. ... 1,741,273 48Unjpaid losBes, etc 4'^9,114 83— 6,170,388 24
NET SURPLUS, Jan. 1, 1877.. $1,945,336 18No. 2 Cortlandt St., New York.