5^-^ oiiioii>oiiioi!!Oiiic:jiiioiiioiiioiiioiiioiiicViiio CLY\PP&COMPANyi B-ANKERS Leading American EXcHAiMOES SoUyeHir Ex IGtbrtH SEYMOUR DURST -^ ' 'Tort nuwv ^m/ftrjam. oj^ Je MatAatant When you leave, please leave this book Because it has been said "Sver'thing comes t' him who waits £y(cept a loaned book." Avery Architectural and Fine Arts Library Gift of Seymour B. Durst Old York Library (^LAPP & (^OMPANY BANKERS AND COMMISSION MERCHANTS MILLS BUILDING, OIM'OSIIE NEW YORK STOCK HXCIIANGH, IN I HH ULAKT OF THE BANKING CENTRE ENTRANCES: 35 WALL STREET, is BROAD STREET AND 55 EXCHANGE PLACE WEEKLY MARKET LETTERS VALUABLE INFORMATION and COMPARISONS Leading American Exchanges 1895 ISSUED MARCH, 1896 BREVITY IS MERIT NEW YORK FERRIS BROTHERS, PRINTERS. 384 TO 330 PEARL STREET 'T'HE seventy-two million inhabitants of the -* United States, aggregating wealth estimated at seventy-two billion dollars, produce annually values equal to about eighteen billion dollars, or, say, twenty-one per cent gross profit on entire investment. Entered accordin 621 BROADWAY i cable builoinoi 753 FIFTH AVE - corneb 5»'- st • MERCANTILE EXCHANGE 'huosona harrison sts.) .yr^.^/y^ March, 1§96 In presenting this third volume of our annual Souvenir we desire to call your attention to the fact that the Exchanges and Clearing Houses of the World lead all other business organizations in the variety, volume and ac- tivity of their transactions. Those of New York and Chicago lead all others. Through their agency and improved methods ''the money of account'' is vastly increased. The markets they furnish are the broadest and best. The act of investing means the transfer of standard funds into some form of property or representative of property. The range of investments has practically no limits except those of property forms. The act of changing any one of the various forms of money into property or its equivalent is no different in the case of the man who pays all the money at once and intends to keep the property or its equivalent permanently, than in that of the per- son who buys to-day and sells to-morrow. The most secure investments are dearer in times when profits are low, and less secure investments relatively higher when profits are large. The banker may be the investor's agent for any kind of trahsfer of funds into property or of property into funds. All the questions that properly arise in considering the availability of one's agent are, like those connected with the investment itself, matters of judgment and experience. The banker's province is to keep the customer's funds safe, and in- stantly convertible; to furnish full information of facts connected with mar kets or properties, and such suggestions as experience enables him to offer. In operating through agents who furnish these facilities the customer has many opportunities to reap profit. We gratefully acknowledge indebtedness streets,'' ''Duns Review,'' ''The Cincinnati . Age,'' ''The Engineering and Mining Journal,'' letin, ' ' ' ' The New York Clearing House, ' ' ' ' ""' ''J. E. Beerbohm's Corn Trade List,'' London, tistician of the Government Bureau of Agriculture, Mr. Worthington C. Ford, Chief of Bureau of Statistics of the Treasury Department, Mr. £. P. Preston, Director of United States Mint; Commissioner of Census 1§90, Mr, Jas . H. Eckels, Comptroller of the Currency; and other Washington officials. The Secty. of the Interstate Commerce Commission, the Secretaries of the various Exchanges, ''Produce Exchange Reporter,'' Messrs. Dan Talmage's Sons, Messrs. Dow, Jones & Co., ''Poor's Manual,'' The Actuary of the Mutual Life Ins. Co., of New York, Eames' History of the Stock Exchange, the press and other friends. Words and figures set forth in these pages in a daily, weekly, monthly and yearly record will serve to convey the facts of 1§95 to the men who follow in the footsteps of the financiers and merchants of that year. The wise man investigates the past as a guide to the future. The busier the man the greater the need for compact reference books. ''The Leading American Exchanges of l§95-& '' is dedicated to the business men of the United States with the best wishes of Yours Sincerely, to the ''Chronicle'' ''Brad- Price Current,'' ''The Railway The Chicago Trade Bul- The Corn Trade News , ' ' Liverpool , Mr. Henry A. Robinson, Sta- i895— OUTLOOK— 1896. Strong as the current of a mighty stream. That shifting oft flows onward to the Sea; So moves again the tide of restless time To goal for man that's full and wide and free. to^ Endowed with courage won by conquering woes, .Mo darkness serves our faith to overcast With doubt or dim preception that the truth, Will, lifted high, prevail o'er all at last. For finite wisdoms substitute, we may Depend on love that's never felt the test ; That calls its dormant powers into play, But trembling waits the bidding for its best. The mighty secrets hid behind the veil Will in this space we enter now with fear Be worked with golden thread on sea and sky That peace may reign in all this hemisphere. Pfttt/at^'"- ^4 ' [■jH:ii 'A-'iij^i. 1 M„li,l,IJiJ.I:I.IJi^f.'...^ -■«■■ 1« ■».TW.-. .#' t _:iiM>iii • TICKETS OF 1858 TO 1871, INCLUSIVE, WERE IN MY SAFE DURING THE CHICAGO FIRE OF OCT. 8 AND 9, 1 87 1 . THEREFOnE DIICOLOREO -0. W. CLAPP. CLAPP & COMPANY'S OFFICES, MILLS 3UILDING, NEW YORK CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK. ANNUAL RECORD. from Abstracts in Annual Reports of Comptroller of Treasury. STATES AND TEKRITOniES. Popnla- lion. Ian. l,"Jfl Capital, all Hanks. ■3 1.2 ^ - 3 a* 00 so fc- « C ►*5 4)73 It ■AO 3 Total National Itank C.pllal by Mates, Oct. 31, '95; by clIleH, Sept.'28,'9.5. National liank Circula- tion OutHtand- Uig. U.S. HondH In eXCCHHof Circula- tion, Sept.28,'lt5. Total Coin and t;. H. Treasury 1 Certili- cateH for Cotii, Sept.'28,'95. S 2 III £> a. ■s . ,; g? * Hi a ?3 S7r>,()(H) ■l!Hi,;)05 .■W2.(KK) Wl.(KH) $92.4r>5..355 .'W..574,«01 51,095,(>.S5 877,149,02(1 'ii4,"22'(i,'321 22!),343,5«2 $138.83 225 1.9:1 2.93 1 z.x, 1 .5.98 2.W 5..'>.5 3.98 ;i.io 3.61 5.13 2.78 New Kampshlre Vermont Mas.iaclinHotls iiuston 4.,.S(il,(K)(l i,a.')0,iioo 275.0W) 1,9.58,82.3,314 298.74 'is.'ito' 112.81 90.56 '48.'3!i 62.77 112.16 '24.'4'2' 13.22 468 '116 476 131 "ii 3:14 50 6 5 102 412 40 29 87.i:Ki.OliO .50,9.VI.(KKJ 1,.5.50,(KK) i,:«2,ooo 14,385,n(X) 71.^2:i.3,129 •22.015,0(K) 11,909.4'25 35,623,.5-22 "4,"!>(i6''527 27,609,870 9.471.210 14,717..5<)0,0(K) 1,105,000 1,!X>0,000 70,000 475.000 1,625,000 1 ,:t.')0.0()o l.ltKMKX) 2r5,000 2,445,000 1,290,000 1,9,>5,000 200,000 1,81)0,000 16.1,>l,i»76 16..5U7,137 36,3-27,234 9..5fi 13.89 18.53 "ii.'ii 7.49 10,21 34.10 '27.94' 6.!K) 41. .36 ■22.'l2' 4.96 5..S8 5.39 "3.'4'2 6..30 2.24 20.65 '24.';«' 2.fH 17.22 'i3.'52 O.M 5.28 0.69 "i'&l ' '2.'9'7' "o.'m 3i 20 42 "•25 38 15 27 '262 14 108 "77 7 4 13 '"7 12 5 6 "48 5 32 "29 27 16 29 2 18 26 10 21 9 214 9 76 7 48 2.7IR.OOO 1,918,000 3,660,000 750,000 1,48.5,000 3,585,000 75£,000 3.735,000 2,900,000 22,.52;),090 1, ■2-20,000 13.1:M.4(X) 3,601 ,.500 8,425,000 8.30.067 510,473 1,143,504 "'368,668 1, •206,8-23 249,.5;i2 - 1,.349,S92 '5,"l'o(),'0'29 •279,916 4,7.56,9:14 "i,"2>9','l'41 168.7.50 1:12.7.50 317,.500 2.000 .58,7.V) 4:t9..5(K) •25.(HX) .50.(KK) 4.50.000 4.50,917 900.(XK) ^•2-i6.n2.5 6^25.(K>0 85,490 413.:«75 242.663 443,577 80.(XX) 184,809 6-28,448 100,1.50 1.59.115 1.6.36,0.51 2,3 7-25,846 i,:}-ii,:i.52 17.99 17. .55 17.63 12.15 :S0.69 14..58 17..55 19.15 •24.34 19.15 16.13 13.IK) 13.34 18.68 7.46 5.01 2.15 5.35 5.40 4.86 .3.81 2..50 8.68 3..54 1.81 2.42 2.13 7.6-2 fi.o:! 7.^24 S.03 3.84 13.43 6.06 7.'20 7.09 8.01 6..53 5.92 3.76 4..56 5.22 0,.58 •2.11 2.01 1.66 1. 14 1.42 i.;t7 1.47 2..54 l.:i.5 0.88 1.09 1.^28 1.36 3.92 1 2.51 South Carolina 3.16 :i.iri 7.41 2.W l.:«) : 2.41 8,9tM,137 12.170,409 13,788..573 40,085,366 10.72 I -2.67 Alabama Mi».sl8alppi •2.^24 •2.^22 .5.17 1 '2,13 8.09' 2.14 New Orleans 5.11 1 ^2.13 Texas Arkan.sas Kentucky 68.314.801 8,!I02,.529 80,874,t>19 7.73 5.:J7 4.48 2. •26 9.49 3.04 2.12 Tennessee 41,801,101 2.29 ■X-Divlelon No. 4 i7,or»,ooo 314,480,912 662 108 494 63,16-2,100 17,121,979 3,864,682 7,131,045 -... ...- .... - — Ohio 3,882,000 sia.ooo 345,000 2,28,ooo 2,970,000 tia3.837 150,000 60,000 i,.5yo,(x)o 1,490,000 5.5,1.54 160,000 129,549,017 6.3.97 '66.'4'9' 'i^.'i's' 41.22 21.27 'so'.ii '26.'42 "ii.'is' 21.70 18.37 "e.'o's 2.35 'm ■i22 '216 166 67 "si "55 "95 49 108 3 78 5 8 67 8 8 2 121 117 3 9 13.510,000 700,(100 14,995,000 3,800,000 5,200,000 19,115,000 9,400,000 3,.5.50.000 1,(XX).IXI0 10.512,000 12,115.000 8.50.nOO 4,1.50,000 3,865,399 '2,'ll9','7'69 '2,'sj'3','4'e9 *2,8'l'2','8i50 2,661,494 545,875 102,000 147,800 2,000 "'ii'o',3bo 2,000 ""so'.ijoo 4;i8,7-25 50,650 '"ii'o'.ixx) 1,893,.394 113,-244 1,1.54,887 1,047.4:« l,9.>s,!»51 4.5O.66I 2.682.610 1,162,913 •271,N51 1,4:16,413 61,500 '"eiisioo "'"2','3flO .500 4,0.5:1,512 40,9s,s.:!«3 22.7.S7.211 3.(H4.!»90 10.7-27.848 2:t,4M,477 3.9S5.9.53 1..5.57.170 1,397,235 33. '.W 21.83 2S.48 105 01 21.07 42.07 40.81 43..sn 10.73 6.95 io!91 22.33 8,8.72 16.92 21.75 26.12 32.52 7.05 5.85 "s'ii 0.40 9.15 4.45 42 53 14 44 15 17 77 15 7 8 10 20 3 •18 7 6 31 4 2 32 33 11 26 8 11 46 11 5 8 2,185,000 2,110,000 T25,000 4,166,000 650,000 2,100,000 6,0O.5,(KX) 860.000 •2.50,000 446,^200 548,516 600,827 171.3.57 8-13,019 336,192 801, .365 1,411.977 210,719 .'i6,740 12:i.:i.5<> 32,7.50 &i,500 ""l'3',950 1.52,.5O0 462..500 1..500 2.5,000 5()0 255,-572 302,.574 246,899 1,018.297 160,885 .V23,9<,7 975,9a8 •206.987 •2-<.687 18.31 J.5.99 21.45 29.17 26.79 13.31 I.3..53 16.67 ■m i« 3.49 5.01 4.85 19.68 9.73 3..30 6.46 5.47 2.80 1.47 7.86 8.99 8.70 12.74 10.70 4.49 6.92 7.80 10.43 8..39 2. To 2.44 2.09 2.^23 1.71 1.10 1.7.5 o!l6 4.77 0.14 5.46 5.34 4.13 3.81 95 1.05 11.13 14.86 1 02 1.10 2.79 O.fO New Mexico............... 4 02 l-tah 19.72 Washington 3.82 Wvomiuj; 1.70 Oklahoma 2.30 33,780 1 24.88 O.CT ♦ Division No. 8 2,(i2l,00l) ft3,282,l»6 292 101 191 19,497,000 5,1.56.0»r2 7.>3,-2IXl 3,7.53,.5.56 1 .... .... .... .... .... Total rniUnl States 69,S>.>I,000 ?79-48 ,887,436.80 337.071.00 66,290.50 619,221.24 345,566.56 130,390.38 ,489,346.08 151,403.66 865,339.58 682,509.06 471,551.05 220,523.72 |i ,853,827, '7-747, 204,809, 14.436 3,049 13,806, 159,7-19 73.642, 18,679, 108,265, 28,682, 212,630, I3.5'9i 7'.943i 2i,497i 988, 251,253, 131,6261 3',255, 8,876, 2,029, ,179.68 ,590.27 ,;! 50.00 .000.00 .000.00 ,470.18 .363-92 ,3'4.I4 ,746.39 ,460.7s ,998.64 ,636.30 ,016.51 ,'65.75 ,840.00 602.57 ,648.43 ■759-00 ,000.00 ,042.25 141.92 $3,242,315,326.70 1893. $681,8 245.739 100,288 '79973 75 298,805 '5'.3I3 1,217 '.539-399 '0,391 3.469 ",465 14,388 2.973 ,960.00 ,602.09 ,668.05 ,150.50 ,059.50 ,834.56 7I5-25 903.99 ,795.23 ,466.00 398.77 546.18 362.94 863.64 1892. December 9th. 3,784 Banks. December 2d. 3,692 Banks. 1890. December 19th. 3,573 Banks. $2,166,615,720.28 $2,001,032,625.05 166,449,250.00 15,321,000,00 4,148,600.00 '53,648,180.71 88,221,052.25 142,623,106.36 34,403>23i.75 204,948,159.79 '6,755,332.09 110,522,668.49 20,488,781.00 893,909.83 209,895,260.76 102,276,335.00 6,470,000.00 7,282,413.90 1,268,405.03 14,204,970.25 13,913,289.71 153,838,200.00 19,186,500.00 4.279.750.00 128,440,959.39 84,049, 124,827, 32.425 196,319, '7939 108,243, 20,225, 837, 207,898 93,854- 8.765, 6,682, ',047, 316.90 ,315.25 ,379.39 ,537.81 ,023.04 483.92 ,104.00 i'75.54 034.75 ,354.00 ,000.00 280.10 ,684.»8 13,079.136.79 14,695,279.96 $3,480,349,667.15, $3,237,866,210,07 1892. $689,698, 239,931 114,603, 145,669 74 323.339 160,778 1,308, ',764,456 9,673, 4.034, '5,775, 9.n8, 1,688. 017.50 ,932.08 ,884.5: 49')'Oo ,176.50 .449.03 ,117.18 ,'37.97 ,177.11 349.92 240-37 ,618.63 249.82 .817.56 ■$3,423, 534,328.26 $3,423,474,873.11 $3. 242,315. ^^6■ 70 $3,480.349.667.19 $3,237.866,2io.o7'$3,o46,938,82;.59 $2,9 -,3,676,687.23 1S91. $1,932,393,206.08 139,688,150.00 27,858,500.00 2,075,600.00 116,609,301.40 78,060, I". 573 28,434, 160,220, 15.057^ 88,818, 18,832, 755. 190,063, 82,177, 5.760, 6,069. ',093, 13,395. '3.434. 14,568, ,490.13 ,147.08 ,882.79 ,682.79 ,481,84 299.11 ,221.00 021.82 ,206.20 126.00 ,000.00 110, 947.04 249.00 642 44 760.03 $3,046,938,825.59 1890. $677,356, 228,221 100,116, '34.792 74 393,480, '49.334 '.503 1,602,052 14,478 3.955 16,325 7,994 1,178 ,927.00 ,530.3' ,263.56 873.25 118.50 .956.07 ,721.20 .539.69 766.59 542.9' 227.37 642. S9 514.30 586.43 $657,877,225.00 214,965,633.67 111.772,985.42 123,038,785.50 77,328.50 253,082,126.32 121,438,255.50 1,167,262.71 1,485,095,855.70 24,922,263.36 4,456,472.43 25,598,405.72 11,501,225.76 11,949,000.00 December nth. 3,326 Banks. $1,811,686,891.57 '43.434,700.00 41,681,000.00 3,740,350.00 "'.344.480.32 70,694, 118,206, 28,143, 164,889, 15, '34, 103.719, 20,388, 720. 171,089. 84,490, 9.045, 6,276. I.239i .'9'-37 .354.91 ,681.23 ,765.16 ,700.19 .453-43 1807.00 .462.37 ,458.10 ,894.00 ,ooo.co ,659.40 ,867.01 11,902,368.22 15,847,602.85 $2,933,676,687.23 $617,840,164.67 198,508,794.14 87,050,091.86 126,039,541.30 81,006.50 267.'59.449-09 '23,713,409.48 1,289,651.13 1,436,402,685.65 39,224,588.51 4,672,950.14 15.723,378." 5,970,976.65 THE NATIONAL BANKING SYSTEM OF THE UNITED STATES. IN ACCOUNT WITH CREDITORS, AS IF THE ENTIRE SYSTEM WERE IN LIQUIDATION. An analysis of the above statement of condition on December ijth, iSg^. Debit. Amount due Banks and Bankers $470,025,248.76 Amount due from Banks and Bankers 367,350,982.02 Amount due U. S. and Disbursing Offices $13,758,589.29 U. S Bonds to secure U. S. Deposits 15,358,000.00 National and State Bank Notes outstanding $185,214,848.50 U. S. Bonds to secure circulation 210,479,500.00 U. S. Certificates for Legal Tenders, Treasurers' balances, 5J{ Re- demption I'und, U. S. Bonds and I'remiums Due depositors and others 1,756,900,074.99 Specie, Legal Tenders and National Bank Notes and Exchanges for Clearing Houses 409,593,631.00 Ctedit. $102,674,266.74 $1,599,410.71 25,264,651.50 67,732,937.67 $1,347,306,443.99 Balance, $1,355,383,710.85 $1,449,980,710.73 Balance Liabilities, above quick assets and offsets Loans and Discounts $2,020,961,792.53 $2,020,961,792.53 Liabilities brought down 67.5^ of Loans and Discounts.. 1,355,383,710.85 Balance, Balance of Loans and Discounts above, after paying all liabilities in- cluding Deposits, Bills payable, Rediscount, etc $665,578,081.68 Stock Securities, Real Estate, Buildings, Mortgages, Fixtures, Over- drafts, Checks and Cash Items, all of Speculative value $332,057,485.04 Capital Stock paid in $656,956,245.00 Surplus and undivided profit 340,679,321.72 $2,020,961,792.53 $1,449,980,710.73 $1,355,383,710.85 665,578,081.68 $2,020,961,792.53 1997,635,566.72 $997,635,566.72 The central reserve cities are New York, Chicago and .St. Louis. The other reset ve cities are Albany, Baltimore, Brooklyn, Boston, Cincinnati, Cleveland, I)es Moines, Detroit, Kansas City, Lincoln, Louisville, Milwaukee, Minneapolis, New Orleans, Omaha, Pliiladelphia, Pittsburg, St. Joseph, St. Paul, San Francisco, Savannah and Washington. 5,023 National Banks have been organized since the fust certificate of authority June 20, 1863. Only 4 have gone out of existence by expiration of corporate existence. 51 15anks went into voluntary liquidation in 1895. Receivers were appointed for 36. Aggregate reset ve Oct. 2, 1894, of $402,894,682, decreased to $340, 103,996 Sept. 28, 1895, against $289,254,850 July 12, 1893. 10 :CRAPH^ ■E orrici JR CABLES, a, CABLES. STOCK EXCHANGE, 12 AND 14 BROAD STREET. Merchants met at Ko. 22 Wall Street, in 1791, to buy and sell revolutionary currency, called " siiinplaster ; " May 17th, 1792, tliey organized, meeting under a button-wood tree at No. 70 Wall Street. 'I'ransactions were in pounds, shiliinjis and pence. From 1793 to 1817 the lontine Coffee House at Wall and Water Streets was headquarters and called " Merchants' Exchange." In 1817 they adopted a constitution as the " New York Stock and Exchange Hoard." In 1820 twenty-nine members each paid S25 annual dues, and located May 1st, 1827, in Merchants' Exchange Building at Wall Street and Hanover Square. Chamber of Commerce occupied same rooms. Later they raised the initiation fee to Si, 000. Morning sessions were secret. Tlie first railway stock (.Mohawk and Hudson) was listed in 1830. December 15th, 1835. they were burned out, and December 19th opened at No. 8 Broad Street. P'roni iS3t') to 1842 members met at No. 43 Wall Street, and from 1S42 to 1S54 at " New Merchants' Exchange Building. The Bourse in same building iiad about twenty members, who disbanded in 1848. From 1854 to 1856 the Exchange met on the top floor, corner William and Beaver Streets, moving in 1S56 to "Lord's Court," entrance Nos. 25 William, 53 Beaver Street and 50 Exchange Place, where chairs were first pre-empted. Members pledged themselves. May nth, 1S61, not to deal in any securities of any States seceding from the Union. About 100 members attended daily and soon commissions were reduced from ^ to ^ per cent. January 29th, 1863, they changed title to " New York Stock Exchange," raising initiation fee to $3,000 in 1S64. December gth, 1865, th.e Exchange rented No. 12 Broad Street from the " N. Y. S. Ex. Bldg. Co." Tickers were first introduced in 1S67. In 1861 ami l562 gentlemen met in basement of No. 23 William Street, called "Coal Hole," to buy and sell stocks, etc. They moved in 1863 to "Gilpin's News Room," corner Exchange Place and William Street, and were known as " Open Board of Brokers." March 6th, 1864, they organized as " Open Board of Stock Brokers," securing ten years' lease at No. iS Broad Street, nearly opposite to our office. October 1st, 1864, Reed & Bloodgood established a Gold Room at William and Beaver Streets, tickets $200. October 14th it became the " New York Gold Exchange." May, 1865, the Gold Exchange moved to No. 14 New Street, disbanding May ist, 1877. The New York Stock Exchange leased the room, continuing the Gold Room to January Ist, 1S79, finally exchanging with the Mining Exchange and using it as a Board Room. Speculators met nightly from l36i to 1S64 about the Fifth Avenue Hotel, and at " Gallagher's Evening Exchange," on Twenty-fourth Street. From 1789 to 1S69 street trading was general. About December, 1865, the use of the " long room " in the New York .Stock Exchange Building resulted in its discontinuance. April, 1867, the Stock Exchange established a Government Bond Department, admitting 173 outside persons as members, who later joined the Exchange May ist. l86g, paying $1,000 each. May loth the New York Stock Exchange and New York Open Board of Stock Brokers consolidated, and 354 members of the Open Board of Stock Brokers, representing $250,000, joined the New York Stock Exchange, raising membership to 1,060. The National .Stock Exchange, known as "Erie Boaril." was organized February, 1869, and discontinued in September. November, 1879, forty memberships sold for $13,000 each, and in iSSi the building was enlarged to 63x138 feet, at total cost of $1,227,365, and memberships were limited to 1,100. The largest day's business was February 20th, 1S93, when sales were 1,473.953 shares. ^^Sfe Slock Exchaiii;/ picture and Iransactions, pka. We are much plea.sed with your handsome issue of valuable in- formation.— Cashier Manhattan Co. Bank. New York. We feel certain of being able to use your beautiful volume on foreign exchange to om* great advantage.— Kopperl & Co., Bankers, ObicaKO, IlL Your book ia a valuable addition to the library of onr Board of Trade.— Secretary Belfast Board of Trade, Belfast, Maine. Your beautiful and valuable souvenir la vei7 much appreciated by both tbis Bank and the Norwich Board of Trade, both of which I npresent.— Treasui-er Dime Savings Bank, Norwich, Conn. We value your beaufiful aonvenir Tmy hlgrbly.— Cashier Com- mercial Bank, Syracuse, N. T. Your book, "Leading American Exchanges," contains a vast amoimt of Information, and will be valuable as a book of reference, —f resident Midland National Bank, Kansas City, Ma Youi- souvenir book has been placed where onr customers can have the benefit of it, and we wish you the success in your bnsineas that you deserve.— President Denver Savings Bank, Denver, CoL Your " American Exchanges " is certainly a valuable book.— Crshier Missouri National Bank, Kansas City, Ma Your lx)ok, " Leading American Exchanges," Is a most valuable one, and comes to us in an attmctive fonn, and in onr opinion is a necessity in every business office, and assui-ed to have a wide circu- lation.— Cashier Fli-st National Bank, Cape Girardeau, Miss. Your souvenir book la a very full and complete compilation, and a valuable addition to a banker's libiai-y. — Secretary Chattanooga Savings Bank, Chattanooga, Tcnn. Your souvenir book, " Leading American Exchanges," la a most complete book of reference ; a library in itself of financial facts and figures, and chaiucteristic of a thoixjughly enterprising firm. — Pres- ident Waco State Bank, Waco, Tex. Yonr book, "Leading American Exchanges," is a rerv interest- ing volume, and abounds in valuable information. — Bryant H. Hodges, Broker, Ocala, Fla. Your souvenir for 1893 in arrangement is admirable, and we ap* preciate it as a ready referanceonsurpassed.— Cashier First National Bank, Davenport, Iowa. 4^ H X > O m o o z H > Z CO a > r -< m o O 3D D w O r m > D Z o m o X > z o m w TTie Second Edition u nearly exhonuUd. Copie* viO be delivered applieanti free uptn receipt of TW DoUare. KB£P OUK LfiTTSBS. PORTFOLIO FOB FUiLNO FOB WARDED APPLICAliTS FBEB. ClAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKIY MARKET lETTER. ' Financial Outlook. ; The government of the people has found a new verdict in its own favor, and against all forces which made for its defeat in the year just closing. A strength only exercised when under the charge and in the stress of its greatest weakness is in the case of the Republic not further weakened by attacks which serve to disclose its power. The forces which oppose reactionary movement and which are the cause of progress, and its effect as well, cannot be eliminated from American politics or finance as long as they protect industry, promote invention and foster enterprise to supplement a quality and quantity of natural resources and educated manhood no where else equalled. Neither official or partisan error can long defer judgment, which is as certain to be right in the end as were and are the evils of incompetency sure to meet in the future as in the past the just rewards of folly. The year entered its time limits hampered with an un-American policy, which found full expression only to meet deserved rebuke. It closes mid frantic efforts of a waning anti-Federal administration to create a currency monopoly. Stocks and Bonds. Bonds. — The railway and miscellaneous bond sale of 1894 are likely to closely approximate those of 1893, which were nearly 352 millions. (Including 100 million Governments, the total will consid- erably exceed records of last year, and may equal that of 1892, which was the largest since 1886.) Defaults and foreclosures have been about normal as to the number and the values. There is a more hopeful feeling for the future, with supplies less numerous and idle money plenty. Railway Stocks. — The 1894 stock market was about 25 per cent, less in volume than 1893, prices realized showing an average gain of about 5 per cent. The aggregate earnings of all railways m the American system may show a net decrease for the year of about 5 per cent, as compared with the total of 1893. There are indications that renewed distribution of merchandise in 1895 may keep earnings at fair proportions until another crop arrives. The gross earnings of 54 roads for second week in December show slight gain over last year, and reports from 136 roads for ten months show decrease of $79,583,589 gross, and $30,150,932 net, or decrease of 16.84 per cent. A great deal of attention is likely to be paid to the reorganization of Reading, Atchison and the Northern and Union Pacific roads, and progress is no doubt being made. St. Paul's recent statements are not improved, but the Granger roads are not likely to have to further reduce their dividends. Western Union and Manhattan appear doing very good business. Industrials. — Sugar and Tobacco methods of manipulation are as mysterious as those by which they are able to pay 3 per cent, quarterly on the par value of their inflated stock. Madam Rumor claims their manipulators have arranged to keep these stocks active in 1895, even if it costs hundreds of thousands of dollars to do so. Distillers' Company appears trying to get rid of bad leases, management and distribution methods, and willing to hold more profitable business. Appar- ently insiders are moderate buyers, and about ready or willing the stock should double in value when Congress adjourns. Cotton Oil's business seems to be favorable to the stock. Cordage has passed its worst stages of depression, and may do better in new hands if it stops selling goods in competition with its own creditors. General Electric's business methods are not yet above suspicion. It is a long time before electricity will supercede steam on trunk lines. We favor selling it on strong spots. Chicago Gas is still surrounded by hints of possible changes and mysteries about competing com- panies. We think the stock more likely to decline than advance. Cotton. According to Secretary Hester the average amount coming in sight in the first four months of each of the past fourteen crop years was about 72 . 2 per cent, of the crop grown. Southern spinners' takings to December 21 as 316,327 bales against 316,337 bales last year, while Northern spinners took 1,297,753 bales against 869,148 bales same time in 1892. The American stocks at ports and interior towns is reported December 21 at 1,778,163 bales, an increase over last year of 100,340 bales. 33.77 per cent, of 1891 crop, 33.21 per cent, of 1892 crop, and 33.41 per cent, of 1893 crop came in sight after Dec. 21. On this basis we look for this crop to equal 9,500,000 bales. The Texas move- ment to date shows about 63.8 per cent, increase over last year. Exports have been more than 23 per cent, larger, nearly 85 per cent, going from four Southern ports, ^.nd about 55 per cent, from Galveston and New Orleans. The Chronicle reports up to December 21 3,356,790 bales of cotton were brought into sight this year, or over 20 per cent, increase, or 1,283,850 bales over 1893 and 660,500 bales more than to December 18, 1891. Visible supply is about 116,000 bales larger than the average the past three years. Great Britain's exports of manufactured goods has been about 14 ^ larger than 1893. Southern spinners, according to the Manufacturer's Record, have about $105,000, - 000 invested in cotton mills, containing 70,000 looms and 3,000,000 spindles, and are " sending the mills to the cotton instead of the cotton to the mills." The growing of corn and other food stuffs, and the using of cotton seed and sweet potatoes for fattening purposes, is but the beginning of an era to broaden and make self-sustaining the cotton planters of the South. It will tend to lessen the acreage and increase the yield per acre, encourage emigration from colder climates where living expenses are double and incomes from wheat and corn growing less and more uncertain. Many farmers South are now in much better circumstances than Northern farmers, especially those West of the Mississippi River. We believe it is "the season" that often makes a large cotton crop rather than a large acreage. The past year has few, if any, equals. On an average, in the eleven cotton 10 CIAPP ft COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. States, email planters doing their own work have secured double compensation to that secured by Northern farmers, even on a basis of five cent cotton. We believe the consensus of opinion is that E rices will advance before spring. Perhaps it is so considered because large holdings are in strong ands, who design carrying it to midsummer if necessary. Northern capital is attracting more cotton toward Northern spinners and storage centres the past thirty days than any time before this year. Cotton was never lower, and should merit investment buying. Wheat. Primary receipts for the calendar year 1894 will likely be about 164,000,000 bushels, against 193,- 000,000 bushels in 1893, and 267,000,000 bushels in 1892. and 218,000,000 bushels in 1891, or nearly 27 'A per cent, under average of three preceding years. The decrease in the amount of winter wheat marketed since June 30, 1894, has been about 18 per cent, as compared to either of the previous two years same time. The spring wheat movement has increased about 9 per cent, over 1893, yet it has been 30 per cent, less than same time in 1892, the aggregate being slightly less than in 1893 and about 38 per cent, less than in 1892. Total primary receipts from June 30 to December 31 in 1894 will likely be about 119,000,000 bushels, against 119,000,000 in 1893, and 191,000,000 same time in 1892, and 172,000,000 in 1891, or about 26 per cent, less than average during last six months of three pre- ceding years. 78,000,000 bushels were received in same time in 1890. The average for the six years (1884 to 1889 inclusive) was about 80,000,000 bushels. It maybe that since the "Farmers' Alli- ance advice hold your wheat " letters were sent out with the effect of disastrous loss to farmers, the growers may have gone to the other extreme and rushed their invisible surplus into visible sup- plies at storage centres, thus apparently creating an impression the world's yearly crop is in excess per capita of that from 1885 to 1890, when average values were nearly double those recently prevail- mg. We believe visible supplies now outrank invisible stocks as compared with former seasons. In short growers now place their crop yearly on the "auction block "as soon as possible. Low grades now command almost contract prices. Winter wheat sections are drawing supplies from primary centres. The live stock consumption in North America will likely equal one-seventh the production, and in Great Britain and many parts of Europe the percentage fed to stock is estimated by their authorities at a higher figure, or about 20 per cent, of their crop. The United Kingdom visible, and that in their farmers' hands, is now conceded to be 78,500,000 bushels, against 36,476,000 bushels a year ago, or 96,;^52,000 two years ago. Russian shipments since Aug. 1 have been about 10 ^ less than ours. Argentine shipments about 18>4 ^ less than U. S. India reports indicate most of their wheat has gone forward. Reports from South America greatly vary indicating season's crop now being cut will be six per cent, more than that grown last season ; others claim it will be 20 per cent. less. Our foreign advices indicate the year 1894 is closing with a better outlook for grain values, and that buyers will have an inning. Corn. Exports to date have been about one-eighth less than last season. The world's crop appears about three-quarters that ordinarily grown. Consumption must be supplied from other grains. Visible supplies are liberal and will likely continue so while prices range so near those of wheat and rye. Fall feed everywhere is considered fairly good ; winter delayed and consumption by live stock lessened in consequence. The free marketing of hogs and cattle and all other live stock has also curtailed consumption. The movement from farmers' hands in Illinois continues liberal ; also in the Southern corn belt, where corn has now become a staple product. Shipments are reported from the South to Nebraska. Wheat is being more freely fed in sections where corn was short. These new features will likely prevent ' the transferring of corn and other grain across county lines. We per- ceive no reason to expect higher prices to prevail. Oats. The visible supply of oats is nearly three times as great as last year and probably not in excess of shippers' wants. The exports for five months ending with November were only 245,132 bushels, against 5,381,001 bushels same liuie in 1893. We see no cause for radical changes in values. Provisions. Receipts of hogs at all packing points continue unusually large and average weight less than last season. Too many pigs and sows are being sent forward to admit of a large movement in 1895. Exports of lards and meats continue on a liberal scale. Chicago stocks are not large. Values are about 20 to 25 per cent, less than those prevailing soon after the corn crop was considered a failure. Packers appear willing to allow the market to drag along at about recent levels until most of the hogs are marketed, then may aid an advance as they often do in the latter part of packing seasons. We think conservative buying of May provisions in early January will likely lead to handsoms gains. Packing at Chicago from October 27 to December 22 was 524,000 greater than same time in 1893. Total packing to December 21 indicates an increase over last season of 61 per cent, in the number of hogs, and equals 3,275,000 hogs against 2,030,000 last year same time. With compliments of the season, we are yours truly, CLAPP & COMPANY. 17 CLAPP ft COMPANY, BANKERS AND BROKERS, NEW YORK. WEEKLY MARKET LETTER. Quotations for Stocks, Cotton, Grain and Provisions for Week ending December 26, 1894, and tor December, 1893. Par value of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. W EBKLT Sales. 500 2o5 195.195 T94 920 8,388 470 615 7CS4 2.ii66 I&.:ill 30.255 4S.S67 374 6.296 200 io,iyi 743 400 6.D35 9J3 522 bOO 67.221 2u.2S7 325 8,bo2 3C6 S,075 l.OOO S,416 2.300 8.760 200 8.954 8,517 492 1.818 8.010 8.650 '665 i.m 1.365 8.4C0 490 100 48,860 769 1.010 2,185 1040 650 1,250 100 10,012 9,2:5 6.646 300 615 18.288 1.810 420 Capitai Stock. $20,237,100 10.198,600 86,773,000 86.773,000 17,900.000 102 000.000 25,000,000 15.000,000 22.48H.000 60.805.400 82 262,700 24,885,800 46,027,261 25.923,900 46,156.000 18.5.59.360 89,054,907 «,335 iro 20,500,000 10,000,000 35,430,060 26.200,000 80.000.000 83,650.000 85.000.000 30,469,700 85,000,000 8,000.000 60.000,000 10,000,000 11,840,000 11,840,000 49,466.500 52,800,000 80,000,000 18,738,204 18,000.000 47,844.100 47,436,576 14,9C5,400 14,904,000 89,428.300 77,427.000 19,809,000 6,000,000 58,119,982 10.173.000 39,767,200 49,000,000 86,140,181 80.000,000 8,500,000 40,426,861 86,000,000 118.958,170 19,8.50,000 38.710,900 6.600 000 60.888,500 83,837,098 20,166.000 17,813 800 7,113,550 28,000,000 24.000,000 94,820,000 10.000.000 4,500,000 DivrDEHi) Record. Pays 3po J-D Pays 3pc O-J-A-JT.... Pavs 3J<;pc J-.J Pays 3pc F M A-N... Paid 5Hpc in 1888... Pays 2Hpc M-N Pays IMpu F-A Pays If^pc F-M-A-N. Pays IMpc il-JS-D.... Pays IJ^pc M-J-S-D.... Paid 2pc A-0 Pays 7 PC Per Annum. Pays Ipo F-M-A-N Pavs 3dc J-D Pays mpc M-J-S-D. Pays l^po F-A Pays 2pc M-J-S-D Pays7pc per annum. Fays 1J4PC M-J-S-D.. Paid Ipc May 1893.... Paid ],Wpc Jan. 1803. Paid 2pc AufTt st 1893. Pays l^pc F-M-A-N. Pays 2i^pc M-S. Pava IKpc F-M-A-N.. Pays 3pc FA Paid 2pc August 1893.. Pays l^pc J-A-J-0... Paid 2pc August 1894. Paid 3pc 1891 Paid Ipc July 1894... Pays ]?ipc M-J-.S-D. Pays 1J4PC J-A-J-0. Paid IMpc Nov. 1898. Paid Ipc April 1892.. Paid Ipc in 1887.... Pays 2pc F-M-A-N. Paid Ipo in 1887... Pald'8J^po"in"i884! Pays IMpo J-A-J-0. Pays Ipc' F-M-A-N '. '. '. Naubs of Stocks. American Cotton Oil American Cotton Oil Pfd . Am. Sugar Refining Co.. Am. Sugar Refining Co Pf American Tobacco Co Atcliison.Topelja & S. Fe, Baltimore & Ohio Canada Southern CentralofNew Jersey .... Chesapeake & Ohio Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & St Paul. . . Chicago Mil. & St Paul Pfd Chicago, R. I. & Pacific... Chic, St Paul M. & Omaha Chicago & Northwestern. Chicago & Northw'n Pfd. Cleve., Cin., Chic. & St L. Col., & Hock'gCoalA Iron Consolidated Gas of N. Y. Delaware. Lack'a & Wn. Del.. & Hudson Canal Co Denver & Rio Grande Pfd Distilling & Cattle F. Co.. General Electric Co Great Northern Pfd Green Bay W & St P Tr Rec Illinois Central Laclede Gas Co. of St L. . Lake Erie ■i% 45 63% 63J^ 501^ 60M 93^ 82% 17% 17H 72 n% 7'iM 71; .68)4 5;i 120 120 82^4 61% 33 83 98 97% 39% 39 135% 132% 126^ 126^ 33^ 83% 9H 8H 35% 85% 102 101^ 25 26 73' 72% 138 136% 58^ 53!^ 105% 104^ 98 06 8794 87?i 38% 86 99% WVi 10% 9J4 329i 88 i5% 15% 22 819^ 8« i?* W/b 18!* 154% 154% Friday. Dec. 8L 91% 89% 91% 91% 96% 96 4% 4% '"•' 63^ 60% 61 93« 93% :i?* 71% 71% nhi 6S% 68% 120 120 62% 62% 98% 97?4 89% 89 133% iZi 126% 1C6^ 83W 33% ), 35% M% 'l« "i 6S 879ft 85% 25 78" 78 187% xsnvi f>SW 58% 106% 104% 1^ 1^ il» iVA 44% 42 r« ri% IS u x87% 86% im 10% 180.166 558 6,47 5.57 651 5.6.' 6.55 60M 69% 62% 62% 51% 61% 53% 52% .54% 68?i mi 58%' 45% 46% 49% 49 29 29 32% 82 i;.80 11,77 12,15 12,10 6.S5 6,80 7.10 7.05 5.92 5,87 6,13 6,10 27% 86% S3 88 99% 99% ICVfe 10% 32% 8i% 15% i5% 4 16 W/k 154% 164% 19 17 8*i 8« 189i 16% 9% 2 12% 12% 3% 85, 44^ 44 Sh 8 106 12% \m i8« 87% 86i>i 1094 )0H 42% 41% 160.413 6,43 5,40 6.48 5.42 6.50 5,45 6 66 6.50 6,80 8,77 7 02 6.97 5.^0 5,80 6,07 6 08 Saturday, Deo. 82, 90« 8^ S3?i 63« 61 51 17% i7% 71% 71% 71% 71-- 68% 57?i 1-20 120 62% 6lH 83 83 r,% 97% l.U 183 l609i 160?6 !•«% K5% 33 83 10 *.. 84% 83% 85« 8554 78 ■ 78 137% 137% 53% 63% '04% 104% 27 ««% 99% 89% 9% 9% 82 81% m 8% i7% ifl i59i i^^ l54% 154 \f% 18 16% 16 Monday. Deo. 34. 98% B.3% 17)4 17% 71% 7!% 78 7156 58 67% 62 61% 98" 97% 138 132% 162% lal io% '994 81% 83% 8i^8l^ '87% 137% 53% 53% 104% 104% 27% 26J^ 8S% SS 999i 09 10 IC 82% 82% 15% 16% IS li 18% 18% 15% 15 99i 9% t 8 li« i:9i 44« 44% 46 4494 ~'^ 'H 7M 6^ m ia5« 12 11'% '.'.'.'. i89< 18% 87% 86% 87^4 87 1094 l<'9i VH lOM 41% 41% ._ ..'^ 63,872 5.44 6,41 5,48 6,44 5.58 5,49 70,417 59% 6996 6296 62% 52% 52 5294 82% 59% 624* 5194 62% 59% 62% 5194 52 539i 58% 6f4 68 46% 46 49 48% 5396 58% 5896 68 29% 29% 32 81% l:.70 11 57 12.06 11.95 29 2« 3196 31% 1155 11.52 11 85 11.90 6.76 702 680 8.0-i OLD PORK. 1894 bbls. 1898 bbls. WHEAT AND CORN ON PASSAGE. Wheat-1894. 30.S56.000 bn. Com 1894, 4 o8^. 000 bo. 1893, 83.160.000 bu. im. 6 160.000 bB- 8.78 6.97 877 6,00 H p H u Tuesday. Dec. 85. Q n H > 01 I Ij > H Q H (? t^ Q f 8 Wed., Deo. 86. 84 8194 69 69 89% 8S94 90 90 96% 96 4% 3% 50% 50^ 93 90% 17% 17. 71% 7096 72% 72 57% 6996 6i% 61% 33 83 97% S696 8996 89 5% 5% 1^ 188 124"' 125% ii96 ioi4 3;% ,3396 102% 102V4 8^ 2594 7i% 7i" 53V4 h\u. 1C494 '04)4 98% 98% 2694 269i 87% 89% 84% 84 99% 99 99i 9% 82 81% 15% 15% 896 896 i., 8% 1796 1796 21J6 21% i«% 15^ 158% 153% I59j 1594 9% 9% ii% ii% 45 7 ll« 6 44% 5% 8% 6 189i 1396 86% 86 1096 10 166 082 6,4a 6.41 5.48 5.43 552 5.47 6,57 6 61 60% 60k 6296 62% 62 S3 62% 62 54 5394 6396 5S 4594 44% 4896 4794 29% 29V4 31% 31»6 11.55 ll.'2o 11 92 11 02 6.72 6 fii 97 6 ir 5,75 5 67 6.02 5.87 15% 42 l3Wi 15Ji-i 16% 6,66 5,7J 5.77 6.79 61 65 56% 54% 47*i 3,40 6.41 6.<4 6 49 59V4 62A 51% 62 o4 50: 29% 32% 3196 1185 11,68 6.62 6.87 5.C7 5.87 Range for Dec. 1893. 31 28% 6994 60 8^% 7896 85% 81% 82% 63 82 9% v^. ^^ 117% 112 *)% 14% 81% 73% 69% 5996 66% 56% 121% 116 71% 62% 40% 32% 10694 !7 13994 139% 3996 8496 »96 7% 132 124 l'i8% 15:9i 136% 127% 849^ 8O94 30)i 1896 89% 8;% |07 100 694 < 94% 89 16% 15 17% 14% 69 61% l29 119% 53% 3994 l-'a% 120% l02% 96% 27!^ 22 6% 6% 27% 20% 28 21 71 63 l03% 97% 16 13% 32 594 994 5 1.% 14% 49 41 8% 4 2lH 18% 16% 13" 7 M 21'/6 17 396 2% 19 14 *1% 89% 8 17% 92% 15% 54% 12% 81 12% 47 6.04 7 40 8.09 7 40 8.18 7 58 8.28 7 61 eS94 65 74H 6911 46 U\i 47A 48% 64% 59% 70% 6496 36ii 34 A 41% 37% 28% 27% 31% 2996 13.10 1205 18.17 12.16 8.12 7.42 7.90 7.32 6.S5 6.17 ! 6 90 6.86 INDIAN SHIPMEMTS OF WilEAT. Past week I8O.OOO bu. April 1, I8:i4. i.. late... 9,920,000 bu. Same week 1898,.. 840.000 bu. Same period 18M 1 r.280,000 b«. .A60M labUt Compile* and Copyrighted hy OlapP and Company Send for Portfolio and file our Letters fur reft. TRncchli? nParftet Xcttcr. No. 410. O. W. CLAPP. DWIQHT O. CLA^r CLAPP & COMPANY, Banhers anb Brohers, iniLLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRB Bkanch Officu: 277 BROADWAY, Corner CMAMiEBi St. 671 BROADWAY, BnoAow«» Central Hoteu 753 FIFTH AVENUE, Corner 68th »t.. Private Telegraph Wires. Cable Address: "Ozro." Long Distance Tblephone. New York, Thursday Morning, January 3, 1896. Financial Outlook. The financial giants, industry and economy, hail the dawn of 1895 Tvith courage. The shadows of the night are not easily renewed in the light of day. Public funds or private purses are not endangered by making good dollars better or more plenty, or fixed charges lighter. American man- ufacturers, farmers and planters are not worrying over quality of dollars so much as quantity of Erofits. Uncle Sam's dollar is still better than its distribution or its distributor, but all can and will e improved. Straws. — Recent reports indicate wages are about 16.33 per cent, greater than in 1893, and 21.77 f)er cent, less than in 1893. About 14,692 failures in 1894 show liabilities of about 167X millions or ess than half those of 15,242 failures in 1893. Merchandise imports, $436,021,173. Duties, $88,231,102. Net gold exports 78 millions, silver 34 millions. United States Sub-Treasury received $1,209,058,- 614.42, payments were $1,142,764,301.74, the gold withdrawn was $116,560,903. Silver, $10,767,639. Stocks and Bonds. Bonds. — About $134,785,000 new issues were listed on New York Stock Exchange in 1894, the last six months showing increase over first half. Total old and new issues $259,884,600. Over 90 per cent, of the new issues were on Southern railways. Government bond syndicate sold about 10>4 millions around 119. Choice bonds in good demand. Questionable in excessive supply. Only 1 per cent, of municipal bonds issued in past four years failed to pay interest. Railway Stocks. — The Chronicle reports $327,231,063 securities listed on New York Stock Exchange since July 1. Total for 1894, $510,997,603, showing a gain over 1893, yet less than half in 1890, and more than twice those of 1885, which were less than any year since. New stock listed, $36,616,253. Total, $251,193,003. The new mileage up to October 1 was barely 1,000 miles, but increased during the last quarter of the year to from 1,761 to 1,919, according to different authorities, and was about smallest actual building in any year since the war. The St. Paul Railway decreased gross earnings 16 per cent. Atchison decreased to December 15 about 175^ per cent. Indications point to reorganization and assessment. Louisville earnings to third week in December shows only 5.1 per cent, decrease compared with 1893. Missouri, K. & T. and Texas Pacific and Norfolk & Western show gains over 1893. Southern Railway a small decrease. Eastbound tonnage was 2,862,070 tons, against 3,281,280 tons preceding year. The Railway Age says 38 roads were placed in the hands of receivers, involving mileage 7,025, bonds $196,247,000, stock $199,144,000, total $395,791,000 ; against 74 roads, 29,340 miles, and total of securities of $1,781,046,000 for 1893. 42 roads were sold in 1894, representing 5,643 miles, $164,216,000 in bonds, $154,783,000 stocks, or a total of $313,999,000. The number was exceeded only four times in twenty years, mileage equalled only once, and the securities involved were more than any year except 1886 and 1887. The pending pooling bill means renewed protection and revenue to railways, and lends especial encouragement to the competitive Granger stocks and the Trunk lines. Commercial agency reports are on the whole more favorable. Coupon payments will bring one hundred millions to the Street. Total sales of listed stocks at Stock Exchange, 32,968,690 shares. Industrials. — We look for Sugar and Tobacco and Distillers' stocks to be manipulated freely in 1895. Chicago Gas reports good earnings. We prefer expecting a lower price. General Elec- tric's methods are lacking confidence, though 3.7i^ profits are claimed for stock. Cordage statement due Jan. 9th. Lead and Cotton Oil are fairly well managed and may do better. T. C. and I. reports are favorable, and friends predict a 25 or 50 s 56% 56'.^ .. k 118 116 8 .. 61W 63% .., Ih 164)^ 14« c^ .. 7 11 4 26 22H 3^ .. 75 70 5 .. 6 8X .. 3!,^ 80 62^4 .. 22!-, 17% 18^ .. Ik 60 60 150 81« 27 *H .. 131 124 7 .. 1269^ 130 .. m 1609^ 161« .. k 83'^ 9 2M .. 80Ji m .. 6^ 6 .. K. 84 86 8 .. 10 83 .. 13 4^ 5^ .. 1 13 13 llVi M 11 .. 'U% 12 7% .. 13 99V| low .. 101 IH .. 1"^ 101 lOH .. 61!^ 40' ' 48 .. 8 1694 8S .. 8^4 44!^ 34^ 55 83^ .. 10).. 70 88 .. 18 102^ 100 2M .. m M^ .. im 3 .. 12M. 848 11 10« 6^ .. 8^ :: 6k 88)^ 1^ .. 32)4 81 .. o\4 .. .. 22% 8J6 .. 10 .. 1% 12 1 .. 16 11 .. 691^ U% .. 14H l*i .. 62 9K .. I20M 14U .. 99 .. 11 i'^H '9K •• 0)4 .. 4K. 8K .. 1% 34% .. li% m .. 1% 100 8 . , 105 . . 1 4K .. 8 Open- High- Low- Manhattan Con ,,....,.. Maryland Coalj:-ef •Metropolitan Traction.. Mexican Central Michigan Central; Mich.-Penin. Car Co. pref. bMinneapolis & St. Louis b do. pref. Minnesota Iron Missouri Pacific Missouri, Kansas & Texas do. pref. Mobile & Ohio Morris & E^ssex Nashville, Chat. & St. L. •National Lead Co * do. pref. National Linseed Oil National Starch do. 1st pref. do. 3d pref. New Central Coal New Jersey Central New York Central (/New York & New Eng. New York «S: New Haven New York & North, pref New York, Chi. & St. L.. do. 1st pref. do. 2d pref. New York, Lack, & \V... N. Y., Lake Erie & W.... do. pref. N. Y., Sus. & Western. .. do. pref. Norfolk & Southern Norfolk & Western do. pref. North American N'orthern Pacific no. pref. Ohio Southern Ontario Jlining Ontario & Western ' Oregon Improvement.... Oregon Railway & Nav., Oregon Sh, L. rillard pref.... Pitts. & Western pref... Pitu., Cin., Chi. & St. L. do. pref. Pitts., Ft. Wayne & Chi. do. sp, . . Pullman Palace Car Co.. Quicksilver do. P""^' Rensselaer & Saratoga., cRicbmond & West Point I do. pref. t. r. Rio Grande Western Kome. Watertown & Og. St. Louis Southern St. Louis SvUth western.. do. pref. St. Paul A Duluth do. pref. St. Paul & Omaha do. pref. St. Paul, Minn. & Man... Silver Bullion Certificates Southern ,S Atlantic Tel. Southern Pacific I /Southern Railway 1 / do. pref. Tennessee Coal & Iron . . do. pref. Texas Pacific : Texas Pacific Land Trust Toledo & Ohio Central. . . do. pref. Tol., Ann Ar. & N. Mich. Third Avenue Railroad.. Union Pacific Union Pac, Den. & Gulf ' United States Cordage . . do. pref. do. gtd.. United Stat M Express . . Utica* Black River United States Rubber . . . do. pi'ef. •United SUtes Leather. . • do. pref. United R. of N. J Wabash do. pref. Wells-Faigo Express. . . . WestiTii Union Tel 1, Wheeling & Lake Erie .. do. pref. Wisconsin Central 15 179i 176 181 iH im 12)^ 85 15 10% 110 117 95H 96 14% 10 34^ 14 62J4 75 76 594 11^ Last, 1893. Adv.Dee. \239i ■• iSH 60 .. 10 66 111 1179i 87V4 98)^ 10-46 95V4 10 32Mi 39i 185 197 178 5 6 5 14« 1694 13 66 75)^ 62 30 34)^ 25 11014 117^ llOU 14)^ 18% 9}| 17H .. sa 140 iO 162U .. 1 1% M 12^ 194 170 11 2% 13 4% 45^ 33^ 99 80 12H 8 «<% 62^ 'i^ ^^ 1^ 114H :: r 105 6 .. 78H .. 0^ 20% .. 1% i4H i% ." 60 7H 29? .. 10 .. iH 40 75 ■ • •• 5% .. ^ 185 2^ .. 18 :;?g 228W 7]^ .. 6H .. a 13H H .. 131 .. 24 82% 4% .. 1 • Unlisted, a Including Ist, 3d and all as.sessments paid. Including 2d. '!d and all assessments paid, c Including trust receipts, 2d, Sd and all nriB M mantapald. d Including trust receipts, Ist, 2d. 3d and all instaliiieu<^ paid, e Including trust receipta. 1st, Sd, 8d, 4tb and 6tb instalmenU r " /Including sales, both Usted and unlisted, and when Issueo. 20 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Cotton. The total movement from first hands since September 1 has exceeded that of any previous, season same time since 1891. Secretary Hester says 09.48 per cent, of the crop came in sight before December 28. On this basis this crop will equal about 9,728,000 bales. We think the concensus indi- cates this crop will be nearer ten than nine million bales. That the January movement will have much to do in dictating values the coming GO days, and if under 800,000 bales, sentiment will likely be bullish ; if about or over 1.000,000 bales, it is quite possible the bears may depress the market to the minimum point readied last fall. The world's visible is about four per cent, in excess of that four years ago. The stock in America about 6 per cent, larger. The Texas movement to December 28 has been 1,458,799 bales, against 871,725 bales last year, or 507,074 increase or about G'3J4 per cent, in excess of that of 1893, same time, and based on crop of 2,059,000 bales in 1893, appears to indicate a crop of about 3,400,000 bales of same weight as 1893. The Chronicle reportecf Texas bales up to December 1st 3.8 per cent, heavier than last year, or average of 539.50 lbs. The December movement was about 325 in excess of December, 1891, and in sight to date more than 450,000 bales in excess of 1891. Spinners everywhere are reported as having large stocks and ample margin. Conditions are almost tne reverse of those a year ago. Then March cotton was rangmg around 8 cents per pound, or about $12 per bale more than present prices, thus adding to the planters' revenue about $5 per acre. Sales of spot cotton on tne New York Cotton Exchange last year were 200,834 bales, against 421,000 bales in 1893 and 345,000 bales in 1892. Of futures 30,308,000 bales, against 56,032,000 bales in 1893 and 44,414,000 in 1892. Wheat. Transfers of wheat in Chicago from oflScial to unofficial supplies will prevent increase in the maximum visible of December 24, 1894, and may create bull sentiment. Primary receipts appear falling off about in proportion to export clearances. Country millers in the winter wheat belt con- tinue reporting a large amount of winter wheat fed to live stock and inability to secure ample supplies to keep their mills running. Private elevators in Chicago and the Northwest probably never held as much wheat as at the present time. Invisible supplies appear below recent averages at this season, and possibly no larger than March 1. The Northwest appears closely drained bv millers ; their markets are practically the highest in North America, freights considered. Manitooa prices prevent shipments. The Argentine wheat crop has' been and is being damaged by rains. Aus- tralia is in the midst of the harvest. The French Bulletin des Halles claims the last crop is 10 to 12 ^ less than estimates, mainly because the quality was poorer. Their live stock feeding is greater. Their stocks of wheat at importing cities is low, and Great Britain's supplies are small. Their markets continue stronger than most others. English offerings of home-grown wheat small. Ocean freights are dull. Great Britain is liable to lead an advance in the world's market and become an aggressive buyer. We believe the foreign demand the coming 00 days will likely control values, and crop prospects later on govern the world's markets. Corn. Late cables report the Roumanicin crop about 40 millions less than in 1893. That eight import- ing corn countries of Europe imported the past fiscal year about 135 million bushels of corn, the United Kingdom taking 70 millions ; Germany about half as much ; France more than 10 millions ; Holland, Austro Hungary, and Belgium about 14 million bushels. Our visible continues large. Corn growers appear convinced higher prices will prevail, and appear inclined to economize in con- 6umj)tion in a way that may thwart their efforts to advance values. Provisions. The marketing of hogs continues in ex.cess of expectations. Iowa leads the corn States in num- bers. Pennsylvania the North Atlantic coast States, and Georgia the Eastern Southern States. We think marketing has been too free to continue, and believe more pigs and cows have been sold from the farm than usual, and supplies later on will fall short of expectations. Export clearances con- tinue large ; Chicago stocks equal to average supplies. Sentiment bearish, packers in control, speculation light. Total packing to December 27 was 3,665,000 hogs, against 2,230,000 last season. At Chicago, to December 29, l,303,0UO, against 827,000 last season same time Yours cordially, CLAPP & COMPANY. SPECIAL NOTICE. This Letter and the fifty-two preceding ones will he hound with other valuable statistics in book form. " Clapji & Company's Souvenir of 18^4^" is a detailed statistical record of '' Lead- ing American Exchanges" and United States finances, commerce, banking and production. It can be secured on receipt of three dollars. Plefise allow a neighbor to keep this, and you send for another. CIAPP & COMPANY, BAIfKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QnotatioDs for Stocks, Cotton, Grain and Provisions for Week ending January 2, 1895, and tor January, 189i Par value of all stocks $100. except D., L. & If.; P. & S. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Wkeklt Salm. 8,420 677 74,2.S2 146 2.408 1.700 8.715 599 29.389 1.411 27.797 85.365 60.545 389 6,220 9S8 16.258 •413 450 1,123 2..348 4.591 310 86.840 9.004 873 100 1.530 800 400 1.162 970 8.245 4.688 1470 8,820 4,805 7.130 2.500 665 210 800 550 83,853 861 1,260 425 810 200 2,231 6,m 6.421 8,932 109 600 6,284 2,210 Capitjlx Stock. $20,237,100 10,198,600 36,773,000 86,778,000 17,900,000 102 000,000 25,000,000 15,000,000 22,488,000 60.805,400 82,282,700 24,885,800 46,027,261 25,923,900 46,156,000 18,559,860 39,054,907 22,335 170 20,500,000 10,000,000 35,430,060 26,200,000 30.000.000 23,650,000 35.000.000 30,459,700 2.5,000,000 8,000.000 50,000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800,000 30,000,000 18,738,204 13,000,000 47,844.100 47,436,576 14.905,400 14,904,000 89,428,300 77,427,000 19,809,000 6,000,000 68,119,982 10.173,000 89,767,200 49,000,000 86,140,131 20,000,000 8,500,000 40.426,361 86,000,000 118.861,170 19,8.5U,000 38,710,900 6,500.000 60,868,500 83,837,093 80.166,000 17.813 800 7,113,550 28,000,000 24,000,000 94,820,000 10,000,000 4,500,000 DlTIDINS RiCOBS. Pays 3po J-D Pays 3pc 0-J-A-J Pays Si^pc J-J Pays 3pc FMA-N.... Paid 5Mpe in 1888.... Pays 2i^po M-N Pays IMpc F-A Pays l^po F-M-A-N.. Pays 1J4PC M.J-S-D..... Pays l^pc M-J-S-D Paid 2pc A-0 Pays 7 PC Per Annum.. Pays Ipc F-M-A-N Pavs 3pc J-D Pays l?ipo M-J-S-D.... Pays IJ^pc P-A Pays 2po ]J-J-S-D Pays7pc per annum... Fays IJipc M-J-S'-d.... Paid Ipc May 1893 Paid li^pc Jan. 1893... Paid2pc Aug. stl893... Pays i"4pc F-M-A-N. . . pajg'2j^po*M-s.";;ii;; Pays IJ^po P-M-A-N... Pays 3pc FA Paid 2pc August 1893. . . Pays li^pc J-A-J-O Paid 2po August 1894.. PaidSpo 1891 Paid Ipc July 1894 Pays I9ipc M-J-SD... Pays IMpc J-A-J-O... Paid l^po Not. 1898.. Paid Ipc April 1892., Paid Ipc in 1887..., Pays 2po F-M-A-N. Paid Ipc In 1887. Paid S^po In 1684. Pays l^pc J-A^-0. Pays Ipc P-M-A-N. Naues or Stocks. American Cotton Oil. . . American Cotton Oil Pfd. Am. Sugar Refining Co Am. Sugar Refining Co Pf. American Tobacco Co Atchison, Topeka & 8. Pe. Baltimore & Odio Canada Southern Central of New Jersey.... Chesapeake & Ohio Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. &StPanl... Chicago MU. -°-lMry t?lg i Dec & May j May & July (January. iMay. .... Oats. Pork. STOCKS OK CONTRACT PROVISIONS, CHICAGO I Pork. I Lard. I Ribs '.^ 62.384 Bbls. 18 284TCS. ir.9n6,-90 Lbs 16931 16.412 " I 2 040 " | 3,461.400 '' Lard. J January. iMay. OLD PORK. 1894 bbls. 1693 bbls. Rlbs...]Ja^°ua«7. WHEAT AND CORN ON PASSAriH ^''"'-Z^ fri^-Z ll- °*'" i«9< ??72.ooo bu. 1893, 27.51,0.000 bu. 1893 5 161.000 bu. Above Table, Compiled and Copyrighied by Clapp and Compa- INDIAN SHIPMENTS OF WHEAT. Past week 180.000 bu. April !, 1894, to date,. Same week 1893,.. 840,000 bu. Same period 1893 9,920,000 ba. J 7.i20,000 bu. 22 Met%d for Portfolio and file our Letters for reference. UGlecf^I^ fIDarhet letter. No. 411. Copyright, t$9M, by Clmpp Jt Cotnpmng, O. W. Clapp. DwiQHT O. Clapp CLAPP & COMPANY, Banherg anb Brohevs, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. BRANCH OFFICE! : 277 BROADWAY, Cohner Cmambehs 8t. 671 BROADWAY, Broadw«i Central Hoteu 753 FIFTH AVENUE, Cornm 58th 8t. Private Telegraph Wires. Cable Address: "Ozro." [jOttO Distance Telephone. New York, Thursday Morning, January 10, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made with local out-of-toivn banks. The local bank should ahvays wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. 3^ Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. Financial Outlook. Government credit is our sure defense against international financing. Dollars are only equal when each is convertible into any other. Retiring the greenback might renew liquidation, in which the stern law of survival would have no mercy, and our present co-operation be only a name. The United States Government cannot afiford to lay foundations for refusing gold payments on any paper in use as money. Straws. — There were 263 textile mills erected in 1894 against 279 in 1893 ; New York and Pennsylvania leading, the Carolinas following. The income tax of 18G3 to 1873 averaged about 30 million per annum. Tax collections reached highest point in 18G6, bringing $73,535,000. Estimates ior 1895 generally exceed $40,000,000. The 1894 anthracite coal production was 41,206,833 tons, or only 2.6^ less than average of two preceding years. Dun's reports indicate recent average prices of commodities were 4.96 jg lower than in 188G, 4.03 ^ less than August 10, 1893, and only 68.73 % of averages of 1860. Failures of 1894 involved $172,992,856 against $246,779,889 in 1893. The three preceding years the average was about $166,000,000. European banks gained 204 million dollars specie in 1894. Our specie exports in 1894 were $110,433,033 ; National debt increase was $86,452,038. The Government sold one hundred million of bonds for gold in 1894, increasing the interest account about 3 million per year. Stocks and Bonds. Bonds. — Eight industrial bonds show an average gain of about 4^ in 1894 over 1893. Fifty- eight railroad bonds increased about 3 i, increases being about 4 to 1 of decreases. The Chronicle reports sales of 349 million railroad bonds at 73.2 against about 352 million in 1893 at 74.2 ; of State bonds, 40.6 against 60.2 last year ; of bank stocks, 175.1 against 154.2 last year. We look for better legislation, credit and markets. Railway Stocks. — Stock sales on the New York Stock Exchange in 1894 were 49,075,032 shares, of par value of $4,821,876,020, averaging $62.2 per share, against sales in 1893 of 80,077,839 shares, of par value $7,550,440,205, averaging $60.3 per share. Dun computes 60 active stocks were worth 2j^ less December 31 than January 1, 1894. 25,375 miles of railroad passed into receivers' hands in 1893, 3,334 miles in 1894. Total of 28,709 miles, involving $1,886,629,520 indebtedness. Poor's Manual reports total liabilities $11,443,888,892 and total mileage 175,441. Mexican roads are the only ones 4^ H X > o m o o z H > Z CO o > r -< :)0 m o o :o D CO o r m > o z o m X o DC > z o m CO KEEP OUR LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICAKIS FREE. CLAPP & COMPANY, BAITKEES AND BROZEES, ITEW YORK, WEEKLY MARKET LETTER. that show gains in earnings in 1894. Pacific roads show decrease of 27.1^. Coal roads a decrease of 24.6^. Grangers 19.2^. Southern 16.3^. Total average decrease 16.5^. June showed 20.4^ decrease or the largest of any month ; the last five months the average monthly decrease was only .21^. December gained 5^. Grangers roads show a loss of 13.0^. There appears a growing opinion that we are passing through the worst of the long depression, and a bull movement will be started in early spring, and that the foundation is being laid now ; that the chapter of accidents favors inves- tors and tho bulls ; that the bears have abandoned their raiding methods. An examination of our January 4 letters in 1894 and 1895 discloses the fact that in the calendar year 1893 only 9 stocks out of 915 listed on the New York Stock Exchange scored an advance, while 103 advanced in 1894 and 30 maintained their valuation, and only 81 declined out of 214. Railway men generally look for improved earnings in 1895. Investors rather than speculators are likely to frequent Wall Street the coming six months. Industrials.— Sugar sold at 75^ in January, 1894, 114^ in August, 82^ to 94^ in December ; in no month was the fiuctuation less than $7.50 per share. Tobacco ranged from 69^ in January to 104^ in September, and in December from 90 to 99. Chicago Gas ranged from 58^ in January to 79^ in July, and in December from 68fi to 74^. Distillers from 20 j4 in January to 28}^ in March, and in December from 7^ to 11^. General Electric from 30^ in January to A8}t in March, ranging from 33X to 36^ in December. National Lead ranged from 22 in January to 44;^ in September, ranging from 36 5^ to 41 in December. Cordage in January (with two assessments paid) sold at 17^ with all assessments paid in April, at 21 >4 to 25^ in June, in December from 5>4 to 93-4. U. S. Rubber sold in January at 30 to 38>4, in May to 42^ in August, and ranged in Decem- ber from 41)4 to 45)4. The records of all are likely to improve in 1895, being active factors in specu- lation. Cotton. 1,276,959 bales more cotton was marketed from September 1 to January 1 than in 1893 ; 1,934,608 bales more than in 1892 ; 514,557 bales more than in 1891, and 1,012,755 bales more than in 1890. Last season nearly 27)4 per cent, came into sight after this date. It seems to be conceded as much will come this season. On this basis the 1894 and 1895 crop will likely be from 9^ to 10 milhon bales of 500 pounds each. The December movement was the largest in the history of the trade. The following record from page 253 of our Souvenir of 1893, plus the 1894 movement, will appear in our ]894 Souvenir to be out in early February. Record of all cotton that has come in sight monthly and yearly for dates and years named ; also exports to same dates : SEASON'S KECKIPTS. 1804-6. 1893-4. 1892-3. 1801-8. 1890-1. 1889-00. 1888-9. 1887-8. 1880-7. 1885 0. 1884-J. Sept. 1 to Sept. 30 bales 6.54.191 511,273 522,552 826,932 860.274 655,770 430,209 824..369 434,8:18 4a5.552 413,836 Sept. 1 to Oct. 31 " 2,7.')5.418 2,144,096 1.987,619 2,85.3,137 2,5.S4,033 2.279,418 1,932,498 2,41:1,1.35 1,767,739 1,840,422 1,722.947 Sept. 1 to Nov. .3C " 4,935,428 3,830,547 8,454,085 4,781,017 4.2fX),014 8,912,446 8,445,107 4,053,041 8.:i47,278 8,2S9,855 8,113,849 Sept. 1 to Dec. 31 " 6,886,978 5,467,0:J9 4.745,390 6,403,492 6.845,243 5.481,867 4,985,923 5.39:1,912 4.81.5,045 4,778,4:17 4,474,2.53 Sept. 1 to Jan. 31 " 6,158.507 5,301,761 7,155.519 6,810,706 6,251,890 6,752,489 5,9,34,183 5,477,699 5,320.2.30 4,987.440 Sept. 1 to Feb. 28 " ... 6,51.3,615 5,714.365 7,914,531 7.431,257 6,722,515 6,272,092 6.303.796 5.027.984 5,799.821 5,279,193 Sept. 1 to March 31 " . .. 6,798,625 6,0:0,785 8,848,547 7,866.588 6,918,540 6,014..54:l 0.540,250 B. 1.50. 198 0.100,977 5,472,096 Sept. 1 to April 30 " • . . 7,032,.5.36 6,209.480 8.614,901 6,188,018 7,036,419 6.744,209 6.671, :177 6.2.54.7H8 6,280,574 5,.5.50,(lO7 Sept. 1 to May .31 " Sept. 1 to June 30 " 7,178,012 6.347,991 8,807,5.30 8,377,045 7,097,3-35 6,802,0'.»2 0.7H.3,.521 6,;i0S.207 6.400,396 5..589,ilH0 7,a30,581 6,433,146 8,914,2:32 8,487,764 7,141.320 6,8:15,687 6.a54.514 6.:145,125 0.440,018 5,000,109 Sept. 1 to July 31 " • .. 7,385.480 6,507,396 8,978.429 8,538,075 7.168,825 6,869,020 6,911,145 6,36:1,716 6,457,006 5,001, .3:16 Sept. 1 to August 31 ... . " EXPOKTS. 7,527,211 6,717,142 9.038,707 8,655,618 7,313,726 6,935,082 7,017,707 6,513,623 6,550,215 5,009,021 Bept. 1 to Sept. .30 " 654,191 1.51,325 171,306 201,046 354,950 205,603 167,745 246,813 149,.321 111,685 116.822 Sept. 1 to Oct. 31 " 2,755,418 870,479 8:«,721 1,049,897 1.248,503 1,152,750 755,167 1,088.015 728.091 701,569 664,972 Sept. 1 to Nov. 30 " 4,93.5,428 1,807„568 1,740,484 2,133,950 2,141,962 2,ia3,9.59 1.597,979 1,847,280 1,414,299 1,384,420 1,4.58.900 Sept. 1 to Dec. 31 '• 6.886,678 2,770,416 2,:124,929 8,100..559 8,016.845 2.994,868 2,431,929 2.498.556 2,296,109 2,031 ,.593 2,297,227 Sept. 1 to Jan. 31 " 3.620,.520 2,769,.5G8 8,758.804 3,758,2.53 8,589,1.38 8,011,702 8.087,073 8,0.36,761 2.52:1,048 2,840,045 Sept. 1 to Feb. 28 " 4,111,995 8,060,330 4,390.492 4,364,571 4,019,829 8,480,316 3.479.249 3.450,820 2,910.861 8,132.535 Sept. 1 to March 31 .... '• 4.478.423 8,.385,C40 4,825,875 4,785,817 4,431,173 4,016,125 3,797,493 3,9.30,031 3,249,950 3,864,719 Sept. 1 to April 30 " 4,78-3,762 8.695,297 5,221,383 5,236,139 4,640,.307 4,836,595 4.062.238 4,131.130 3.508.016 3,.^51,0^1 Sept. 1 to May 31 " 5,013,172 8,999,093 5,503,901 5.4.51, 8!te 4.742,486 4,52:1,606 4,287,328 4,20;i.044 8,861,091 8.0G0,:141 Sept. 1 to June 30 " 5.15.3,442 4,177,803 5,098.209 5,048,500 4,802,037 4,614,000 4.431,046 4,243,558 4,097,100 8,777,621 Sept. 1 to July 31 " 5,2;J7,335 4,3aS,088 5,803,000 5,731,498 4,8X5,000 4,68:1.309 4.572.3.35 4.319,646 4,240,466 3.854,216 Sept. 1 to Aug. 31 " 5,334,433 4,402,890 5,864,921 6,790,634 4,916,847 4,742,745 4,627,502 4,458,326 4,343,991 8,939,495 Spinners North and South are reported running on full time, and fair margins of profit. India, China and Japan show signs of an increasing demand. Manchester reports are more flattering ; about 20 million pounds of yarn were exported in December, against 16,508,000 for December, 1893, and for the calendar year 1894, 238,452,100 pounds, against 206,601,600 in 1803. Cloth exports were 6,313,452,100 yards, against 4,653,501,300 yards in 1893. General manufacturing business is reported in better condition. The crop has been grown under most favorable weather conditions on record. A year ago Southern railways were busy transferring guano to planters who agreed to pay 7c. for cotton to be grown in 1894. Now, little or no fertilizer material js being transferred or sold. Guano manufacturers are now offering to pay 5>^ cents for cotton in 1895 in payment for fertilizer material to be delivered this spring. Cotton and cotton goods the world over are at near minimum prices. Many think the worst positions of credits, finances and prices have been passed and that any change will be for the better. It is certainly true " when things get to their worst they mend." The visible supply at Northern ports is small ; exports continue on a liberal scale. Investors appear confident ; bears not aggressive ; sentiment appears to favor higher prices. :;4 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Wheat. The Price Current predicts wheat exports this crop year will be about 125 million bushels. We predict clearances will be nearer 150 million bushels. The following tables from our Souvenir, now m preparation, give primary receipts for season to end of each month, and exports monthly and for the past 10 years. Record of monthly receipts of wheat from June 30, 1884, to December 31, 1894, at primary points, in quantities nearest to even millions of bushels : 1894-6. 181)3-4. 1802-3. 1801-2. 1800-1. 1880-00. 1888-9. 1887-8. 1880-7. I886-*. July 15,000,000 37,000,000 CO.OOO.OOO 87,000,000 10.5000,000 11J,000,000 14,000,000 28.000,000 53,000,000 81,000,000 104,000,000 119,000,000 128,000.000 135,000,000 144.000,000 151,000,000 157,000,000 164,000,000 20,000,000 56,000,000 94,000,000 1.37,000.000 166,000,000 191,000.000 208.000.000 219.000.000 231.000.000 244.000,000 255.000,000 205,000,000 18,000,000 48,000,000 82,000.000 116,000,000 1.50,000,000 172,000,000 185,000.000 197,000,000 213,000,000 224,000,000 2;«,000,000 248,000,000 8,000,000 21.000,000 32,000,000 49,000,000 60,000,000 78.000.000 a5,ooo,ooo 9I,0(X).000 100,000,000 10H,000,000 11.5.000,000 124,000,000 8,000,000 21.000,000 86,000,000 57,000,000 78,000,000 90,000,000 95.000,000 100,000.000 106,000.000 112,000,000 120,000,000 124,000,000 8,000,000 23,000,000 37,000.000 52.000,0(JO (3.000.000 70,000,000 73,000.000 77,000,000 81,000,000 85,000.000 89,000.000 92,000,000 12,000,000 23,(X)0,000 30,0f (0.000 52,(KJ(J,000 70,000,000 82.0(JO,000 80,000,000 91,000,000 97,0(JO,00O 104.000.000 109,000,000 115,000,000 18,000,000 27.000,000 44,000,000 59,000,000 73,000,000 84,0O0.0fJO 92,000,000 97,000.000 104,000,000 109,0OO,0(JO 118,000,000 128,000,000 6,000,000 August 14,000,000 September 24.000,000 40,000.000 52,000,000 Deceniher 61,000.000 65,000.000 February 69.000,000 March 74,000,(JOO April 78,000,000 May 82,000,000 June 88,000,000 Record of exports of wheat and flour for ten years, compiled from Government reports June June June June June June June June June June June June 30 to July 31 30 to August 31 30 to SepteuibiT .30. ;» to October 31 . . . 30 to November 30 . 30 to December 31 . 30 to January 31 ... 30 to February 28.. 30 to March 31 30 to April 30 30 to May 31 .... 30 to June 30 1804-6. 11.803.678 2«.44(i.-.iS0 38.887.813 5:^901.719 6.5.908.900 77,700,000 1893-4. 18,786,127 41,198,760 60,174.407 73,862,672 86,691,241 97,414,6.54 110.097,537 120.216,738 132,769,317 144.19.3,343 156,618,364 105,622,233 1892-8. 13,720,154 33,253,385 51,279,876 71,907.435 89.7,''3,.547 107.277..589 121,320,604 134.398,415 148,866,6:« 161,149,298 175,780,065 192,453,818 1891-2. J3,C!)4,899 40,064,481 65,801,566 a5,471,612 106,176,9.32 129,266,:«)0 149,448,8:M ir.4,704,6.58 I80.:«n,3i0 194,095,4.56 210,8:37,538 225,765,812 1890-1. 7,892..5.32 ]7,3;.'0.647 22,7:38,7:32 30,:310,414 37,488,-3.55 47,102.067 56,257,6.55 64,049.270 74,645,478 85..518,427 95,758, .546 106,181,316 188D-90. 7,1 11, .501 18,731.251 26,923,400 30,280,9:35 44.695,899 56,-323,402 64,:320.750 73 697,519 &3.775,173 93,688,088 102,.573,:374 109,430,517 1888-9. 7,010,509 18,051 ,.555 28.080,914 35,ai9,914 41,18:3,950 48,2-17.400 54. .504. .594 59,0!I0,724 64,9-12,177 70,752.908 77..58:3,0:30 83,938,329 1887-8. 16,:387.992 35.451,0.33 46,4.58,467 54,400.044 63,006,503 72,467,081 79.9.'<7.941 89.309.791 98,874..520 106,131,742 112,]46,:303 118.388,922 1880-7. 10,91-5,113 20,674,0:37 40,9:34,214 .52,008,004 64.:5:38,9.50 70,565.798 89,449,055 99,753.222 112..549,940 123.372,671 1:35 605,061 151,785,441 1885-0. 6,288,000 12,021.000 18.3-37,148 2-5,845.977 31,182,66:3 .33,804,743 35,480,:382 4:3.117,-597 49.481. .502 57,9;t4.0r>l 69,492,9:35 82,201.731 QovernmeDt corrected totals. . 191,916,635 225,666,311 106,181.316 109,430,466 83,601,000 119,625,344 153,804,870 82,505,793 The three large.st primary markets are Mimieapolis, Chicago, and Duluth and Superior. and 32,:399,00O bushels. Their receipts in 1893 were respectively 55,758,000. 35,:J53,000 Russian crop reports are better than last year; there the recent exports are much larger. Great Britain's cereal crop in 1894 is now considered larger than in 1893 ; her stock of wheat and flour January 1 was reported only 13,415,000 bushels against 28.860,000 January 1, 1894. France claims home productions equal consumption. India's crop falls short of expectations. Argentine move- ment continues large ; Australian shipments equal expectations. Crop reports from South America and Europe are generally good. Drought in our winter wheat belt was severe last Autumn ; ordin- arily this would mdicate a poor prospect for 1895 crop. Nearly all recent reports indicate increased feeding of wheat to hogs and live stock. One live stock firm estimating 10 wheat and corn States fed ^/i of their wheat crop. Cash wheat here is within one cent of wheat for May delivery. Minne- apolis reports cash wheat at a premium over May delivery. Corn. The commercial corn States show the largest shortage. It is estimated there is but 59^ as much corn in farmers' hands as January 1, 1894, The last crop was probably the smallest in a decade. It was the third small crop in succession, and possibly 500,000,000 bushels less than the average con- sumption was the past ten years. The average crops of 1893-4 were probably 250,000,000 bushels less than the previous five years' average consumption. The cotton belt never grew a better or larger crop. We perceive no reason to look for much further decline in values, and believe any radical change in speculation is more liable to put May corn above 50 cents than much bSlow 45 in Chicago. Oats. The visible continues increasing. Consumption continues at the minimum point. Fall and winter feed is fairly plenty. Speculation light ; if aggressive, think it would cause lower prices. Provisions. Liverpool stocks are large ; exports continue liberal, A live stock house thinks January 1 there was but 59 per cent, as many hogs in the country as a year previous ; that the summer run of hogs will only be 7'"' per cent, as large as in 1804, and of cattle but 58 per cent. Chi(^ago December hog receipts averaged 2G pounds less than in December, 1803. The average weight there for 1894 was 233 pounds, against 24(> pounds in 1893. The average price of hogs has been above last season. Pork for May delivery ranges about a dollar a barrel lower than last January. Sentiment has been bearish ; speculation light. We think conditions now favor buying rather than continue making short sales. Packing November 1 to January 3 was 3,890,000 hogs, against 2,485,000 hogs. Very respectf ullj, CLAPP & COMPANY. 25 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qaotations for Stocks, Cotton, Grain and Provisions for Week ending January 9, 1895, and tor January, 1894. Par value of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Weeklt Sales. 1.400 1541459 2.785 6.176 3.231 8,981 830 41. 997 3.809 84.285 lOl.i'TS 89,257 677 16,120 815 e9,5G0 271 8,523 S.7'i\ 1.705 2.485 732 18.405 9,205 450 100 815 8,575 205 476 4,030 12,655 5,728 100 204 81,130 7.305 962 1,489 2,610 2,979 8.505 970 415 1,505 277 450 10.017 1,702 2,318 488 505 615 4^400 4,813 8,245 370 1.626 7,164 8,310 Capital Stock. 120,237,100 10,198,600 86,773,000 86,773,000 17,900,000 102,000,000 25,000,000 15,000,000 22,488.000 60.805,400 82.262,700 24,885,800 46,027,261 25,923,900 46.156,000 18,559,360 39,054,907 22,335 170 20,500,000 10,000,000 85,430,060 26,200,000 30.000,000 23,650,000 85.000.000 30,459,700 85,000,000 8,000.000 50,000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800,000 30,000,000 18,738,204 13,000.000 47,844.100 47,436.5';5 14.905,400 14,904,000 89,428,.300 77,427,000 19,809,000 6.000,000 58,119.982 10.173,000 39,707,200 49,000,000 30,140,1.^1 20,000,000 8.500,000 40,420,301 36,000,000 118.858,170 li),8.')0,000 38,710,900 6,500.000 60,868,500 a3,837,093 20.166.000 17,813.300 7,11.3,550 88,000,000 24,000,000 S4,«0,000 10,000,000 4,500,000 DiviDKKD Record. Pays 3pc J-D Pays 3pc 0-.J-A-J Pays 3)^pc J-J Pays 3pc F M-A-N Paid 514PC In 1888 Pays 2i^pc M-N Pays mpc P-A Pays l%po F-M-A-N... Pays I^pc M-J-S-D.... Pays IJ^pc M-J-S-D.... Paid 2pc A-0 Pays 7 PC Per Annum. Pays Ipc F-M-A-N Pavs 8pc J-D Pays 19^po M-.J-S-D. Pays ij^pc F-A Pays 2pc M-J-S-D.... Pays 7pc per annum. Pays Ifjpc M-J-S-u.. Paid Ipc May 1803,... Paid l^pc Jan. 1893. Paid2pc Auffust 189'3. Pays l^pc F-M-A-N. Pays'2i4pc*M.S."!.';!! Pays l^pc P-M-A-N.. Pays .3pc PA Paid 2pc Aupust 1893. . Pays IHpc J-A-J-O... Paid 2pc August 1894. PaidSpc 1891 Paid Ipc July T804 Pays l9;ipc M-J-S-D... Pays li^pc J-AJ-O... Paid IMpc Nov. 1893. Paid Ipc April 1892., Paid Ipc lu 1887..., Pays 2pc F-M-A-N.... Paid Ipc In 1887... Pai'd"3i4p'c"in"i884! Pays l^pc J-A-J-O.,.. Pays Ipc P-M-A-N '. '.'.'.'.'. Naugs of Stocks. American Cotton Oil American Cotton Oil Pfd . Am. Sngar Refining Co- Am. Sugar Refining Co Pf. American Tobacco Co Atchison, Topeka & S. Pe. Baltimore & Ooio Canada Southern Central of New Jersey Chesapeake & Ohio Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & St Paul. . . Chicago Mil. & St Paul Pfd ChicaKO, R. I. & Pacific. Chic, St Paul M. & Omaha Chicago & Northwestern. Chicago & Northw'n Pfd. Cleve., Cin., Chic, & St L. Col., & Hock'gCoal & Iron Consolidated Gas of N. Y. Delaware, Lack 'a & W'n. Del.. & Hudson Canal Co Denver & Rio Grande Pfd Distilling & Cattle F. Co. . General Electric Co Great Northern Pfd Green Bay W -»]j"ui^:.: Co™ -]jX.: CORN, in bushels. I U, S. Visible. 1K05 10 072.000 18941 9.526 000 Primary rec'ts* 41.5fi0,000 102,564,541 Total Exports. 27.881 000 29.652.983 Chicago 1 May.. Wheat. I July.. c«--IJ'u7y;, OATS, in bushels. I U.S. Visible. 189B 8.126 000 18941 8 £86 000 N.Y. Stocks, 1 499 883 1.688.252 Chgo. Stocks. 1 3^9 000 648,000 Oat«. Pork. 1895 1894 LARD-tcs, I CHICAGO CONTRACT STOCKS. World's vis. PORK-bbls, LARD tes. 1 RIBS-lbs. 180.836 105,676 , 81,705 27.727,584 141.5 10 I 27,614 I 2.111 I 6.705,744 Lard. Ribs, (May (July J January. IMay January. May January. May Thursday, Jan. 3, 23>6 23 88Ji sh]4 91 90^ 98^ 98 4ki 4Ja 63^ 6i 49^ 49 88M 85>« 17 17 7094 69)4 7i% 71^ 56J^ 5i% 81H 60^ 32H 81% 39"' 885^ 129" 12694 X59V6 159H, 126 125^ 10^ 9->i 3494 31 81% 81% 26^ 26 ?i" 71" 13594 134H ■'3% 5-% 105 104 95 S5 2rt94 26% 37M 3V'% 84^ &1H »8J4 97H 994 99i 32^ 82 159< 159^ i6% t6% ■2lH 8I>« 1294 12% Friday, Jan. 4. 83J6 83 89 ^i 91 98^ 4?2 63!^ 49!^ 8:k 17 71 73% 56 117^ 6I94 91 97% 4M 62!4 4% fi% i: im 72)4 55% 117 61^ 96H 85k 38H SiH 128 15894 ioy4 io-.y4 26Ji 16 53% 104H 12; 158% 34i< 99^ 3.39:i 102V4 8ih; 8d« 16 136 104M 8694 26% 3794 86M «>4% d4H 9S 98 »^ 9^» 32}i 82Ji 40!^ 40!^ 8H 3H 1294 12% 154 154 1894 IfiH l»H 19M 1594 15^ 1514 J5V6 9M 9^4 11% Ilk Ilk 11 4394 43« 8V2 7% 13k 12 M n% 87 86% K'k lOj^ 171,01? 5,46 5,44 5.48 5,46 5.52 5 49 5.56 5.54 62% 62 63Vt( 6294 51% 51k r,7% 67% b8n 67ti 47% 47% 47^ 47J4 81H 81k 11.40 11,37 11,72 11,60 4494 43^ 8H 6H 13K 11H i394 iik 87 86% 1094 10k 115.279 6.54 6.46 5..>5 5.47 5.61 5,51 5 64 5.57 62^ 02V6 629i 6294 Sm 51k 57% 57k 58% 58 4:% 47k 47% 47« 31% 80^ i:.52 11.52 11.92 11.62 6,77 6,72 I 6,85 6.85 6.95 6.90 7 10 6.90 5.72 5,72 I 5.82 5,62 5.95 5.90 I 6,07 5 92 .Saturday, Jan. 6. 23% 23% 8794 91k 4k 63 87 17H 70lb 73% 5.i% 86% 91 96% 4k 61H 85% 70% 72% 55k 61>4 61% 959i 88" 81k :o% 84 9,5% 87% 84% lOVl; 8394 815i 81k !6 70% 53" 101% 16 70J^ 6294 104% 2194 2:94 26* 24 37 85 84k 6iH 98 9b 32% 82% 17M 12% 16% 15% «k 44k 694 Ilk 13% 87 11 17k 1294 18 15% 9k Monday. Jan. 7. n% 98 4% 6IH 49Hi 90^ 1794 71k 75 56% 117 61% 90k. 9694 4k 61% 4'J% 8«J^ 17% 70H 7394 55% 1W4. 60% 95% 91 144H I44H 3b% srk li7% 159 U6k 10% 34k 127 158% 126 33% 87 26% 53% 105% 52K 101% 24% 22% i&'ri 36 10% 10 8294 32k 15% 4094 3% 2:% 1894 I8k 15 9k 44% 44% 694- •• Ilk ••■ .... 6 13% 1394 86% 87k U I 10)4 15% 40k 3% 3% s'lli. 129i 18 14% 9k 8k 44 6 13% 8694 10% 67.806 143.910 5.54 5-50 6.51 6,49 5.55 5.53 5.52 5 50 5,00 5,56 556 5 53 5.t>5 5,60 5 61 5.59 6211 62% 63,\ em 63% 63% 03% 6.'94 51% 61k 51% 51% 58% 67% 58% 6794 59% HM 69k 58% 48 47k 48 4<% 47% 47 I 4;% 47 31% 80% 81 8094 1158 U.47 11.55 11.52 1185 11.80 11.32 11.75 Tuesday. Jan. 8. 23% 23 8794 90k 97% 4k 4994 90 1?% 71W, 74k 66 oik 9594 38% 68% 90k 98 4% 4994 91k \7% 7.% 7b 56% 6i% 96 38% 129' 128' 160 1j9 126k I'Ok 84k 84k lt>% 10k 84% 34% 1% i% 27% 27% 5i% 53 I05k 104% 22k 22k 2394 22^ 37k 36% 99' 9S% SS' 82k 15% 15% 40% 40 894 154 154 18% 18% 15% 15 12% 41% 7% 18 87k 87% 109i 1094 86716 6,54 6,54 5 64 5,J1 5.59 5 56 5,64 5.61 63k 62% 63% 6,'% 51% 51% 665 7.06 580 6.05 I 6.82 ' C 92 7 00 7.10 5 80 I 5 8; 6,02 ' 6.y7 6 87 7 00 5 82 6 00 58% 57% 59% 58% '!794 47% 47k 47 81 80% n'es 1165 12,00 11,80 692 7,10 5 85 6.10 6,35 7,02 5.85 6.02 Wed., Jan. 9. 23% 23k 90% 87% 9894 ^^ 4% 4% 6i94 ^61!^ 49k 4^}4 91 90 17% 17k 71% 71 77 7494 S6% 56 6i94 61% 3294 3^9^ 95% S5k 38% 8794 I.iik I'JOH 161% lOOK. 128% l2dk 16% 10 34% ;i4k !03 102><, 27% 27% 72 72 " I37k 'J6% 53% •'^2% 10494 lOl 22i^ 22k 24% 23% 3:k 3094 9-H 98% 10 10 3294 8294 18 ' 15% 41k ^^^4 4 17% 13% 28 154 154 1894 18% 44% 7% 13% 13% 87% 87% 10% 10 120 207 5.59 5,56 5.59 5..57 5 61 6 61 5,67 6C5 63,', 68% 0!>% 96^ 4% 4k 63% 61% 4994 49 31k ^4% 1794 !7 71% 69% 77 71k 66% 54H 118 116% til 94 60% .13 31% 9094 94% 144% 144^, 39 37^ I3ik 12694 161% 158% C3% 125% 34k 34% l(H ••% 3494 33% 103 l02k 1% 1% 83 81% 27% 26 16% 16 72 70H !37k l34% 53% 52% 105% I04 95 95 22% 2194 8694 22% 37% 36 34% 8*94 99 97^ 10% 9% 33 32 18" i5% 41% 40 3% 3% 4 8% 18 16% 22 21k 13% 12% 154 154 19k 18 1594 14^ 9k , 2% 2 11% n 45" 43% 8% 0% 13% Ilk 6 13% 87% 8ii% 11 10 5.59 5.44 5,6U 5.46 5.05 6.49 5.69 6 54 03k 61% 6.!% 62!^i 52% 5Ik 58% 67% 59k 57% 48% 47k 48 47 8194 80% 11.67 1130 12.00 11,60 6 98 6.72 7 10 6 90 5.00 5.G7 6 10 5.90 Range for Jan. 1894. 29% 2694 69 63 84% 75% 8.%94 7994 77 69% 12% 9i2 69 67 51k 47 11694 111 18% 16% 77% 73k 67k -^894 60% 54k 11H% 116 6894 61% 3n 32% 10494 !7 140 135% 37% 31 7k 4% 127% 1;.'2% 36 129k 170% 32k 30 27% 2u!4 38k 30% 103 100 5 4 93k 89% 10',* 15 1594 13% 6r9i 63 128 ll.-<94 47% 40% 124 11,S% 99 96 25% 2294 81% 18% iil4 22 74% 68 lOM 9,094 15% 13k 14^ 7% io% 1494 45 40 4k 3% 5% 19 19 494 21 4 14 *% 17% 17194 162% 3 2 67 80 14% 7 5% 20% 17k 6% 4% 41 36 7% 6 14% I2V4 86>4 80% 13% 12k 50k 47 8.11 7. 55 8.21 7 55 8,30 7 63 8.3S 7 71 73,«, 6811 74% 70% 45% 44 689^ 63% 69% 64% 39V6 87% 3994 88% 31k 2!> 30 27% 13.65 12 47 14.00 12.52 8,30 8,0,> 7.00 7 18 7.47 7.40 6,37 6.45 1R95 ,894 OLD PORK, Chga.-btls. buls. WHEAT on Pdssag 32,320.000 bush. 81,3*4,0JO '■ CORN on pHssage. 6,450.000 busu. 4,424,000 " Russian Sbipmte. for wk. 2. 688. 000 busb. 1.090.824 Indian Shipmts. for wk. 192.000 bush. 440,000 ■ Argentine Sbpts. for wk. bush. t ainoe Aug. 31. ♦ Since June 30, Compiled and Copj>righted by CLAPP & COMPACT, BANKERS, MILLS BUILDING, NEW YORK. milcchlv) flDarhct Xctter. No. 412. Copyright, 180S, by Clapp S Company. O. W. Clapp. DwiQHT O. Clapp CLAPP & COMPANY, Banhei'8 anb Brohei'8, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Branch Offices : 277 BROADWAY, Corner Chamber* St. 671 BROADWAY, Broadway Central Hoteu 753 FIFTH AVENUE, Corm r 58th St. Private Telegraph Wires. Cable Address: "Ozro." Long Distance Telephone. New York, Thursday Morning, January 17, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private loire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. B% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. BANK STOCKS. 50 shares. . City Bank Minneapolis, Minn. 20 " First National Bank Palouse, Wash. 10 " First National Bank Kendrick, Idaho. 70 " Fredonia National Bank Fredonia, N. Y. 20 " Salamanca National Bank Salamanca, N. Y. 25 " American Savings Bank Detroit, Mich. 35 " Fresno National Bank Fresno, Cal. 50 " State Bank Elmira, N. Y. 50 " City National Bank Norfolk, Va. 12 " First l^ational Bank Texarkana, Tex. 25 " City National Bank Tyler, Tex. 20 " Kearney National Bank Kearney, Neb. 50 " People's Bank -. Greenville, S. C. 30 " Commercial Bank Vancouver, Wash. 60 " White City State Bank White City, Kan. 35 " Commercial Bank Albany, Ga. 10 " First National Bank Albany, Ga, 20 " Arlington National Bank Arlington, Oregon. 15 " First National Bank Carthage, Mo. 4^ H I > o m o o z H > z D > r -< :o m o o 30 D 03 O r m > D Z o m X o X > z o m KKEP OUU LETTiilKS. P0BTF0L.10 FOB PlLliiG FOKVVAKDED APPLICANTS FKEE. 27 2 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. Money is an agreed medium which makes practicable the exchange of things desired. The pro- ducing power of the entire country is behind its legal tender and National Bank notes. No paper money has value under a competitive system that does not promise to deliver some time a physical product of labor. The only product ever yet accepted as such basis, has been that acknowledged by the people of that time as the best. Straws. — There are 1,033,719,908 acres of public land surveyed and unsold. Unsurveyed public lands equal about 782,704.480 acres. Alaska contains 309,529,600 acres not included. The land of Uncle Sam exceeds in value the Government debt January 2, 1895, or $1,654,375,379, which includes all our paper money and bond issues. Stocks and Bonds. Bonds. — The Bond market is strong and healthy ; the demand for money increases, and supply of new municipal bonds decreases. It is claimed that the municipal indebtedness of the various cities of the United States did not increase more than 1 per cent, from 1880 to 1890. Bond sales on the Exchange about one million per day. Municipal bond sales for December were reported as $13,486,334, and for 1894 $117,167,225 against $77,421,273 in 1893. Bank stocks dull, especially South- ern and Western. Railway Stocks. — Earnings of 194 roads in 1894 show 11 >^ per cent, decrease as compared with 1893. The Chronicle estimates the decreased earnings of all roads in 1894 will reach $130,000,- 000. Granger roads continue viewed as good property, and are respected for their good manage- ment. St. Paul has many loyal friends. Burlington was considered a splendid purchase around par for many years. Rock Island will hardly decrease its dividend. Louisville & Nashville English friends continue loyal, and buy the stock on all breaks ; they look upon the property as good, and earnings likely to increase, as the South continues increasing her products. All and each of their crops last year were above the average. Western Union's earnings, dividend and capital each ex- ceeds those of the New York Central ; it is an independent property with but one rival. Missouri Pacific may have hard lines until reorganization. Union Pacific's loan may be adjusted by Congress later on ; there is some public sentiment favorable to foreclosure. Northern Pacific will likely go into bankruptcy before it is any good. Atchison earnings appear improving. Coal roads are not earning or being managed satisfactory to all interests. Industrials. — Sugar Company stock will not be disturbed by adverse legislation or its old-time manipulators ousted from control if they can help it. Gas control is too good a thing to milk the market with to be allowed to slide into other or Western hands and be consolidated with competitors. Some Distillers shareholders are evidently determined to own a larger interest at present figures, or less at higher prices, and in any case to get new management if possible. General Electric's finan- cial improvement is thought by some to be a matter of book-keeping, but its friends are apparently faithful. Cordage is and will remain the black sheep until its affairs are put into better shape. Lead manipulation appears at a low ebb, and its oflficials are not talking. The spring may bring encouragement. Cotton Oil people are quiet, but no doubt its management is " sawing wood," The industrials are likely to show more activity, and be as "gamey " in the future as in the past. Cotton. European cotton manufacturers are reported as doing the largest amount of business on record. Their shipments to India and China exceed all previous seasons. Silver was never lower. Some Colorado shipments reported direct to China. Spinners everywhere are reported as well supplied with cotton, and have a fair margin to continue running their mills. New Hampshire and Massa- chusetts mill men are negotiating to transfer a large proportion of their output to the cotton belt, and only turn out choice goods in the East ; evidently the consumptive demand equals 8>4 million bales. We think that the present average crop estimates indicate a yield of from 9>4 to 93^ million bales. Planters are striving to curtail production. Their number appears too numerous to " pan out an income " much better than the " hold your wheat " circular did some years ago in the spring wheat belt. We still believe cereal products in the South will be more largely cultivated, and thereby reduce cost of cotton production. We look for the spinning industry to double in the cotton belt the coming three years. Sixteen States now produce cotton against but ten a few years ago. Florida now grows about one-third of the Sea Island cotton, and about half as much as Georgia. Cotton factors are not as ambitious to assist planters as in previous seasons. Previous advances have proved precarious. It will not debar renters from going to the Limit of their credit in again planting all the cotton they can, even if five-cent cotton means 63 per cent, loss on average prices prevailing two years ago. Galveston and New Orleans have received over three million bales of cotton, or about as much as all our spinners ever used in a single season. It is surmised cotton factors in the South and European merchants are short perhaps three-quarters of a million bales of cotton in this market, where there is only about 100,000 bales fit for delivery on contracts ; that the long interest is well concentrated, believing the decreased acreage and small use of fertilizers will fully offset the large surplus. These conflicting interests are waiting events ; neither are aggressive. 28 CLAFF & COMFANT, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Wheat. Seaboard receipts of wheat and flour in 1894 were 150,986,997 bushels, against 183,730,409 bushela in 1893, and 213,028,021 bushels in 1892. Chicago received of wheat and flour 44,020,299 bushels in 1894, against 50,280,548 bushels in 1893, and 70,002,549 bushels in 1892. New York wheat stocks are now less than two years ago, and only about two-tliirds as large as one year ago. Chicago received since July 1 about 13 millions more wheat than they shipi)ed. Their total stock in store and afloat exceeds 30 million bushels, against about 22 million bushels a year ago. The December Government report claims there was 34,882,430 acres of wheat that produced 13.2 bushels per acre, or 400,207,410 bushels ; that the farm value per bushel was 49.1 cents, aggregating a total value of $225,902,025, and that the crop was above an average one, yet below the average for the years 1890 to 1894 inclu- sive. The value of wheat crop on the farm is annually only about 10 % of all farm products ; this year is about 9 <^. Exports for the calendar year 1894 were 145,949,074 bushels, against 182,103,700 bushels in ls93. Argentine reports exports for their crop year or calendar year 1894 as 55,152,000 bushels. Chili and other South American countries will likely make total South American exports about 05 to 70 million bushels, against about 35 million bushels in 1893. Five years ago South America was an importer of wheat. It is reported they are now loading new wheat for export. Russia reports exports as 55,704.000 bushels since her crop year began, August 1, against 45,400,000 bushels last season same time. India has exported only about 10 million bushels since her crop year began, April 1, against about 18 million bushels the previous season, and over 26 million bushels for the 9 months ending; December 31, 1892. The world's visible supply January 1, as given by the Daily Trade Bulletin, was 227,975,000 bushels wheat, against 232,005,000 bushels a year ago, and 237,420,240 bushels January 1, 1892. Continental stocks January 1 were about 29 million bushels, against about 40 million bushels a year ago. Great Britain's visible supply January 1 was estimated as 77,114,000 bushels, against 82,462,000 bushels a year previous. No. 3 cash wheat in Chicago com- mands about the same price as No. 2 wheat for May delivery. Cash wheat here is but a small premium over May. We are practically on an export basis. English and Continental markets have been advancing. There is a good demand for Spain, Portugal and West Indies. Sentiment, specu- lation and statistics appear mostly arrayed on the bull side of wheat. Corn. The December Government report says the yield per acre was 19.4 bushels, the lowest since 1881, when it was but 18.6 bushels per acre ; that the acreage planted was 76,000,000, and that harvested but 62,582,000 acres, drought and hot winds being the cause. The yield was but 1,212, 7^0,000 bushels and worth $554,719,000. The Orange Judd Farmer claims to have reports from every State and predicts the corn crop equaled 1,443,000,000 bushels ; that the South harvested a good crop, yet it was generally poor. Rigid economy in its use is practiced. Primary receipts of corn have been about 44 million bushels against 105 millions last year. It seems to be conceded the crop east of the Mississippi River is 70 to 75 millions larger than 1893. Exports 28 million against about 31 millions last season. The visible is now larger than a year ago. Chicago has several million bushels of low grade corn practically worth as much per bushel as contract grades, yet selling 6 to 7 cents under contract grades, which are in small supply. Oats. The December Government report makes the October area 27.023,553 acres ; yield per acre, 24.5 bushels. Crop 002,080,928 bushels, valued at S214,810,920, or about as much as the wheat crop. Rye crop, area 1,944,780 acres, producing 20,727,615 bushels, worth 613,394,470; of barley, 3,170,002 acres, producing 01,400,405 bushels, valued at $27,134,127; of buckwheat, 789,232 acres, producing 12,008,200 bushels, valued at $7,040,238 ; potatoes, 2,737,973 acres, producing 170,787,338 bushels, valued at $91,520,787; hav, 48.321,272 acres, producing 54.874,408 tons, valued at $408,578,321; of tobacco, 623,103 acres, producing 406,678,385 pounds, valued at $27,760,739. Provisions. Exports of provisions the past week fell short of last year about 10 i. There are many indica- tions the hog movement will soon fall off. The Chicago stock of pork is about four times as large as a year ago ; of lard, more than fifteen times as much ; of ribs, nearly five times greater. (Ex:- amine fourth page of our letter for statistics.) Packers still appear in control of values. Packing from Nov. 1 to Jan. 10 was 4,315,000 hogs, against 2,700,000 corresponding period last season. The estimated packing this season will exceed 7,000,000, against 4;885,000 last year. Very respectfully, CLAPP & COMPANY. Note. — Will mail applicants our Blue Book containing statistics of railway securities ; our '• Cotton Facts," giving statistical record ot the cotton movement to date ; our Red Book, giving grain and provision statistics. 29 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Quotations for Stocks, Cotton, Grain and ProYisions for Week ending January 16, 1895, and tor January, 1894. Par value of all stocks $100. except D., L. & \T.; P. & R. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COMPARISONS. Wbbklt Sales. 700 4U0 157,978 646 4.191 4,637 1.756 1.361 19.466 600 22.630 190.684 50,425 100 81602 750 16,907 l^S^O loO 319 i.:m 11.218 1.870 8:^.795 13.601 "266 2 023 1,810 100 250 1.515 19670 6.449 115 1.116 4^286 2.5B7 240 8.584 760 4,790 2G0 205 550 1 529 8,0!.H) 100 19,310 '266 10000 l.MO 2,3.30 812 375 8,084 256 1,123 2.213 2,000 200 2.500 9.825 3.145 1,875 Capital Stock. 120,237.100 10.198.600 36;7r3,000 36.773,000 17,900,000 102 000,000 25,000,000 15,000,000 22.488,000 60.805.400 82.262.700 24,885.800 46,027,261 25.923,900 46.156,000 18.559,360 39,054,907 22,335 170 20,500,000 10,000,000 35,430.060 26,200.000 30.000.000 23.650,000 35.000.000 30,459,700 25,000,0(10 8,000.000 50.000.000 10,000,000 11,840,000 11,840,000 49,466..5O0 52,800.000 30,000,000 18,738,204 13,000.000 47,844.100 47,436.576 14,905,400 14,904,000 89,428,300 77,427,000 19,809,000 6,000,000 58,119,982 10.173.000 39,767,200 49.000.000 36.140,131 20.000,000 8.500.000 40.426,361 36,000,000 DiyiDEND Eecokd. Nauks or Stocks. Pays .3pc J-D Pays 3pc 0-.I-A-J Pavs ,3!^pc J-J Pavs 3pc FMA-N Paid .5!4pc in 1888 Pays 2iipc M-N Pavs IJ^pc F-A Pays IJipo F-M-A-N... Pavs IMpc M-J-S-D Pays IJ^pc M-J-S-D Paid 2pc A-O Pays 7 PC Per Arnium.. Pays Ipc F-M-A-N Pavs 3i;c J-D P;iys is^pc M-.I-S-D. Pays IJ^pc F-A Pays 2pc M-.T-S-D Pays7pc per annum Fays I9^pc .M-J-S-D Paid Ipp May 1893 Paid lK>pc Jan. 1893.... Paid 2pc AiifTi St 1893 Pays V4PC F-M-A-N.... Pays 2^pc M-S. Pays IHpc F-M-A-N.. Pays 3pc F f Paid 2pc Aiu ntt IK93. . Pays li^po .)-A-.J-0... Paid 2pc August 1894. Paid.3pc 1891 Paid li)C July 1804... Pays 1?4pc M-J-.S-D.. Pays IJ^pc J-A-J-O.. Paid IHpo Nov. 1893. T'aid Ipc April 1892. , Paid Ipo in 1887..., Pays 2po F-M-A-N. 118.858,170 19,8.50,000 38.710,900 6,500.000 60,868J500 83,837,093 80.166,000 17,813 800 7,113,550 88,000,000 24.000,000 94,820,000 10.000,000 4.500,000 Paid Ipc in 1887. Paid 3^pc in 1884. American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co Am. Sugar Refining Co Pf. American Tobacco Co Atchison, Topeka & S. Fe Baltimore & Ooio Canada Southern Central of New Jersey.... Chesapeake & Ohio Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & StPanl... Chicago Mil. & St Paul Pfd Chicago, R. L & Pacific... Chic, St Paul -M. * Omah» Chicago & Northwestern. Chicago A Northw'n Pfd. Cleve., Cin.. Chic, * St L. Col., & Hock'g Coal & Iron Consolidated Gas of N. Y. Delaware. Lack 'a & W'n. Del.. & Hudson Canal Co Denver & Rio Grande If d Distilling & Cattle F. Co. . General Electric Co Great Northern Pfd Green Bay W & St P Tr Rec Illinois Central I aclede Gas Co. of St L. . lake Erie 8 35H 84^4 27« 13? 52Ji 105 2r« 137 5i% 104% 23?i 8:}14 37H 86?4 mi. im 33" 82^ 15^ isH 13M 18« 60 00 I8H lh« n ml 1 <4^ 44« TH 6^4 io« »H 879? 87V6 l('^ 10 122 976 5.57 5,54 5 58 5,54 5.63 6 58 5.67 5.62 Friday. Jan. 11. 83>< im 91 9l?i 99 ^^ 63^4 50 929i 17^ 78 78V4 56^ 90<4, 9m 98H 4?^ 63H 50 90V4 im 71 76« 56 62% 6\% 33 8:j 96% 85% 161M 16!M 131% 12SV, 35 34H im 10 34^ 83% 84 88 2:« 27« :i% 7i% I37?i 137 53% .'<3% m% 1U5 23" 22% 24 37M 93% 10^ 33 23H 87 98% 10^ mi a ii^A 8% 17?i 17^ 22 ISM 18% I8H 15% 44M 7H IOJ4 10% 41% 18% 14)4 44% 6% lOH i8% 87 lOVi 41% 150,161 5.59 6.55 5..i9 5.54 5 62 5.58 6 66 6.63 63% 6.? 6.34< &iy* O.'JVi 63V4 63% 63% 51% 51% 52% 51% 58% 5914 48% 47% 5«% 479i 47% 81% 81% 59% bm 4a% 47% 4T% 47% 31% 80% Saturday, Jan. 12. 23% 23 90% 60° 98% 4% 62% 49% 93?i im 56% 98% 4% 62% 49% 9lk 71% 75->ft 56% 62?i 62U' 33% 3.3H 96^ 96 88% 88' lb.3% 159 132 130% 1094 84 84% 84% 539i 105% 95 53% io.->% 95 86% 9H% 10 83% i5% 17% 22% 13% i5% 18% 15% iS^4 85% 10 83 15% 42% 17V6 2S% 15% 16 11% 11% 44^ 44i 7 6J Monday. Jan. 14. 90% 91% 99 62% 67T^ 89% 91% 98>>^ 4% 62% 94 93 72% X74% 56% 71% 72% 56}J 63% 62% 33% 3.1% 97 98k :3I% 131 164 162 133 35 11% 84% \3m 3S 10% 83% \% 1% 87 86 Tuesday. Jan. 15. 23 23 mi 89% 98% 4% 49% i92 17% n% 72% 57% 63% 90% 35?i 11% 34% 98% 4% 49^4 91k 17% 71M 70% 56 mi 95% <»% 85% lOH 34% 87 87 fr% ij% 16% I6i4 l38 13R 54% 5.?% _55% 545^ 106% 105)^ I06 22% 22% 23 24% 3r% 99" 83% ie" 43 '^. 22% 18 15% 9% 23% 36?^ 98% 88 i5% 42H 3% 8?i 22% 12% 17% 15V4 9% 41% 44% 10% 14 I .... 87% 88 10% 10% ... 41% 87% 10% 39% 77,851 164,465 5,54 6'54 5.57 5,56 5.54 5.54 5.58 5 51 5,59 5.58 5 62 5 58 6,t>3 6,62 6 63 6.63 63% 63% ^ {58% 61^ 63% ti% 63% 63% 52% 61!K4 58% 68% 58% 58% 59% 5S% 59% f>i% 48% 47% 48% 47% 47% 47% ... . 31% 81 81% 80% 11,55 l:.50 11 50 11 50 11.50 11.57 1!.57 11,80 11.82 11.75 1182 11.80 11.87 1180 6.«2 7.00 5.82 6.00 682 6.83 7 02 6.97 580 .5.80 6,02 5.97 24% 36% 99" 10% 32j| 16% 17% 23^ 86% 9«% 10% 82% 16% 17% 22% 13% 13% 18 15% ?^ 11% 6% 10% 6% 14% 88 :o% 41% 17% 16 ?^ 11% 6% 10% 10 89% 112 394 5,54 6,53 5 54 5.53 5.58 5.56 5.67 5.64 62% 62% 63% 62% 51% 51% 5!>% 57% 58% 58% 48 47^4 47% 47% 80% 80% 1 1 40 1 1 ?d 11,75 11,57 6 85 6.86 6 87 6 85 6 80 8,78 7 00 6 97 7.05 7 02 6.07 6.87 5 82 582 585 58515 12 6.72 6.02 6,C0 6.07 6 02 I 5.97 6.67 Wed.. Jan. 16. 23 28 89% 89' 98% 97^ 4% 4% 63% 62^4 49% 49% 91% im 7!% 7m li 70% 5^ t6% 6.3% 62% mn 33V^ 93% S6% l64% 163% I3II4 l31% 10% 34% fi7% 27% 139% 54% :c6 37 84% 9"% 10% 34J4 87% 27% l.W ^4% 105% 37 81% 9lt% 82% 82% 18% 42% 8% ir% 22% 8% 12?6 16% 42% 8% 17!^ 22% 3% 12% 15% M>M 18% 15% 18 15% 11% 11 44% 7 U% 67% 10% 40% 44% 6% 11% 10 40H 96 197 5..52 5.S2 5.54 5.53 5.60 5 56 6.61 6 60 63% 62% 6-'% 62% 51% 51% 58 67% 58% 58% 47T6 47% 47% 47% 31 80% li.'26 11.15 1150 1185 6 68 6 62 6 82 6.77 5.62 5 62 5.82 5.75 Range for Jan. 189£ to date. 23% 2.3 68 67% 9! 86% 91% 90!4 Otf^*^ 96% 4% AVi 63% 61% 50% 49 34 17% 72% 78^4 84% 1 J 69% 70W 57% 54'-i US 116% 63% 60^ 33% 31% 97 94% 144% 144% 39 37H 4% 4% )31M 126% 164% IfS-"; 1:33 125% •35% 34% 11% 9% 35% 33% 103 102!^ 1% 1% 87% 81% 27% 26 16% 72 16 70 V< 139% |34% 55% 52H 106% |04 95 95 28 21^4 26% 22% 37% 36 34% 83% 99% 97^ 10% 9% 33% 32 16% i5% 43 40 3% 3% 4 3% 18 10% 22% 21% 3% 3% m 12% 154 * l64 15% 13% 60 60^ 19M 17% 15% 14^4 9% 9% 2% 15^4 11% 11 45 43% 8% 6% li% 9>4 B^ 6 14% 13% 88 «t% U 10 41% 89^ 5,5* B.44 5.60 5.46 5,65 5.49 6.69 654 63% 61% 6J% 62% 52% iWA 58% f>~M hm 57% 48% 47% 48 47 81% 80% 11.67 11 15 12.00 11,35 692 6.62 7 10 6 77 5.90 6 62 J6.10 5.75 Range r<>< Jan. 1891 29% 265, 69 68 <*4% 75^i, 85% 79J:; 77 69Jt 12% «^ 69 67 51% 47 116% 111 18% 16% 7<% 73^ 67% 58% 60% 54J4 ns% 116 68% 61% 88 82% 104% i7 HO 135% 3774 81 7^4 4% 127% 122v| "0% I6II4 136 li9% 32% 30 i'% 20% 38% 3C% l03 100 6 4 93.^4 89% 16% 15 15g 13% 67% 63 i:?,, iif^ *'\i 40% \li 118% 99 96 25% 22% •iiii 18% ay* 22 74% 68 l01% 95% 15% 13% 14% 7% icH 14% 45 40 <^ 8% 5% 19 19 4 13% 14 4% 3% 21 I7U lT'« 162% i i 67 20 14% 7 5% ■m i7v: 6% 4% 41 86 7% 6 14% 12% 86% 80% i;3% 12^ 50% 47 8.11 7 55 8.21 7 55 8.30 7 63 8.33 7 71 73 A 6BJI 74% 70% 15% 44 69% 64% 39^1. 37M, 39% 88% 8!% 29 80 27'/^ 13 «5 12 47 14.00 12.52 8.30 7.47 8.05 7.40 7.00 6.37 7.18 6.45 WHEAT on passage. 8.3,440,000 bush. 81,864,000 " CORV on passage. 5.280,000 bush. 4,680,000 Russian Shipmts. for wk. 8 960.000 bush, 1'090,824 Indian Shipmts. for wk. 800,000 bush. 1,140,COO Argentine Sbpts. for wk. bush. t Since Aug. 31. • sinwi June 80. Compiled and Copyrighted by CLAPP & COMPANY, BANKEKS, MILLS BUILDING, NEW YORK mUecftlv) flDarhct Xctter. Copyright, 1808, by Clapp Jt Co-mpany. N4t>. 413. O. W. Clapp DwiQHT O. Clapp CLAPP & COMPANY, SSanhers anb Brohevs, "^ MILLS BUILDING, N. Y. o m ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. Q OPI'OiJtTE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Q z ( 277 BROADWAY, Corner Chambebs St. PRIVATE TELEGRAPH WIRES. ^ Bbamcm Ig-,^ BROADWAY, Broadway Central HOTIU CABLE ADDRESS: " OZRO." Tj OFnwa: ( ^gg FIFTH AVENUE, Corn r 58th St. LONQ DISTANCE TELEPHONE. ^ New York, Thursday Morning, January 24, 1895. ^ We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, o Cotton, Grain and Provisions. |> Our private wire facilities are unsurpassed to all New York, Chicago and Western p" Exchanges. Close relations to important interests enable us to give early and valuable "^ information. ^ Usual margins required; customary commissions charged on cash property or for future ^ delivery. O Margin deposits may be made with local out-of-town banks. The local bank should always ^ wire us at once, at our expense, stating amount that has been placed to our credit, and for ^ whose account, thus allowing us to fill customer's order promptly. ^ A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. r = m > BANK STOCKS FOR SALE. o z o o X > z 10 shares National Bank of Republic Chicago, 111. 19 " National Bank of Rondout Rondout, N. Y. 100 " Moorhead National Bank Moorhead, Minn. n 40 " Salamanca National Bank Salamanca, N. Y. ^ 15 " First National Bank Carthage, Mo. 40 " Arlington National Bank Arlington, Oregon. 50 " City Bank Minneapolis, Minn. 100 " Everett National Bank Everett, Mich. q 70 " Fredonia National Bank Fredonia, N. Y. pl 10 " First National Bank Kendrick, Iowa. CO 20 " State Bank '. Elmira, N. Y. 50 " City National Bank Norfolk, Va. 50 " People's Bank Greenville, S. C. 50 " First National Bank Fort Madison, Iowa. K£EP OUR LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE. 31 2 CLAPP & COMPANY, BANKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. Love of country is the first requisite of a statesman. Those who own other allegiance should neither be excused or tolerated. True Americans are in no danger of forgetting the real strength, or belittling the genuine progress of their own people. The richest nation in the world need not fear any permanent embarrassment from over production, or a temporary drain of coin through foreign exchanges. Straws. — According to the census of 1890 the 322,638 establishments that were engaged in man- ufacturing had 4,712,C22 employees who received $2,283,216,529 in wages, and produced an aggregate • product valued at $9,372,437,283. 489 fire insurance companies Jan. 1, 1894, held assets of $331,196,634, and had a cash income in 1893 of $178,971,022, on riskri aggregating $16,400,000,000. The fire losses of the two years 1893- c are estimated as aggregating less than 300 millions of dollars. 421 life and assessment organizations hud on January 1, 1894, assets aggregating $969,978,742, and policies in force aggregating $12,48' ,803,990. The U. S. Post Office receipts in 1893 exceeded by five millions those of any previous year. 4,739,194 saving bank depositors had in 1893-4 aggregate deposits of $1,739,006,705. 5,838 building associations having 1,745,725 shareholders had total assets in 1893 of $450,667,595. The savings banks show that economy has resulted in substantial gains to many classes during 1894. Stocks and Bonds. Bonds.— First class bonds are in demand. Questionable municipal bonds are in liberal supply and not easy to sell. Railway speculative bonds are more active and more generally traded in. Railway Stocks. — Union Pacific's net earnings from January, 1893, to November 30 shows 33ji loss; Baltimore & Ohio for 1893 about 20^ loss, the last half of 1894 showing great improvement. Milwaukee & St. Paul, Rock Island, Burlington and Northwest are all first-class lines, but show gross decreases that are very large. Louisville's earnings first week in January are almost as good as last year, and Texas Pacific, Missouri, Kansas & Texas, the three Mexicans, the Southern, Norfolk & Western, and other Southern lines of less prominence show favorable gains, making them fairly active trading stocks. The Northern Pacific, Reading, Atchison and Union Pacific receiver- ships are a heavy drag on the confidence of investors. Renewed confidence in Government finances may soon give the market a better tone and more strength. The country is gradually resuming all its usual activities, in spite of all handicaps, and is showing a healthy power to throw off those ele- ments that stand in the way of its best interests. The business outlook is certainly more encouraging than otherwise, and the prevailing industry, economy and thrift will again bring activity in the various speculative circles. Stocks are again selling around their low averages for the panic and liquidation period, and the combination of small grain tonnage in the Northwest and a constant ill-advised agitation of the currency question at Washington appears against them, but it will be remembered that new winter crops are doing well, and spring wheat sowing is not so very far away, and two disastrous corn crops not likely to come together, while the 53d Congress expires March 4, 1895. Industrials. — Distillers protective committee appear to be giving confidence to holders, who now predict a 90 ^ advance in the stock. Fears of sugar legislation appears dying out. Stocks of refined sugar are growing less. Further manipulation will likely make a higher market. Chicago Gas seems getting into stronger hands who predict it is but a question of time before it sells at par. General Electric continues buying its own securities and losing confidence in the street. Cordage appears to have no friends while its backers are disgusted. Lead stockholders point to large cash holdings and a good business. Cotton. The total visible supply is about 300,000 bales in excess of any previous January^ at this date, and equals consumptive needs to July 1, 1895. Neil & Co. are again reported predictmg a 10,250,000 bale crop. Texas exterior receipts to date are about 67 ^ in excess of last year. Exports continue large. Supplies here are unusually small, being about 127,000 bales, or about double those of Nov- ember 5; a year ago there were 221,000 bales; two years ago 300,000 bales. The amount that is likely to appear in sight this month is about 925,000 bales, or over 20 ^ in excess of January, 1802, the big crop year, and raising the amount in sight to about 7,900,000 bales. January port receipts will likely exceed those of any previous January by 6 or 7;^, and be larger than January, 1892. Holders by speculators and investors are numerous all along the line from planter to spinner. The factor has but few reasons to congratulate himself. Spinners with modern and new machinery are reported as able to secure handsome profits, buying cotton at 5 cents per pound and selling the cloth at 2>4c. per yard. This pressure appears inducing inventive genius and careful workmanship to make further advances and encourages the drifting of the cotton industry from New England to the South. Estimates are out that 14 Southern cotton States in 1894 grew a larger cereal grain valuation than CLAPP & COMPANY, BANKEES AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. the Government report estimated the cotton crop to be in 1S03-4 for all the Southern States. Evi- dently the South is .02'3 in 1803 and $'^17.- 063,558 in 189:J, while for 1891 it was $577,538,511, or the largest in the history of the trade, at an average export price of 9. .'37 against an average minimum price last year of but 6.54, or a 43 j6 reduc- tion. The price is now about 17^ less. Our Souvenir for 1894. containing daily cotton receipts at ports and interior towns, and valu- able statistics of cotton, grain and provisions, will be out next month, delivered free to applicants on receipt of $3.00. Wheat. The London Corn Trade List reports actual net imports of foreign wheat and flour equal 178,854,- 608 bushels, and larger than for many years. Farmers' deliveries were but 3G million bushels, or the h-ast for many seasons. Feeding live stock was a prominent factor. The total was 214.854,008 bushels, against 220,560,000 the previous year, and 231,544,000 the previous season. This shows a net deficit of 12,345,392 bushels, as compared with only 4,632,000 in 1894, and a surplus of 8,344,000 in 1891 ; more than 45 per cent, of the imports of 1894 came from the United States ; about 18 per cent, from Russia ; 17 per cent, from South America, and about 6 per cent. from. British East Indies. British America and Australasia each furnished about 2 per cent. Russia's rye shipments since August 1 exceed 25 million, or more than double those a year ago, and are nearly five times larger than two years ago. Argentine Republic accounts continue very conflicting ; their exports in 1890 Avere about 13 million bushels ; in 1891 about 15 millions ; in 1892 about 19 millions ; in 1893 about 39 millions, and as much for the first half of 1894 as for the year 1893. Varied reports predict the 1895 crop will be from 5 to 20 per cent, less this season than last year. Their exports last January were about 1, 1 76,000 bushels ; for February about 4,320.000 bushels ; for March about 1,128,000 bushels, and for April (which is usually the largest export months 9,390,000 bushels. Should their exports fall off the coming 90 days, England may become an aggressive buyer, even if North America has 65 per cent, of the world's visible in sight. Millers continue paying about 1 cent, per bushel premium over May wheat. Winter wheat sections practically are following the same plan. Cities west of the Missouri River report wheat being sent to country points for feed. Madam Rumor claims several large lines of wheat, amounting to many millions of bushels held by San Francisco and New York parties have recently been sold to prevent further loss. The Trade £z^pc M-J-S-D. Pays l)^pc F-A Pays 2pc M-J-S-D.... Pays7pc per annum. Pays l>4pc ,M-J-S-i).. Paid Ipc Mav 1893.... Paid IH'PC J"an. ]8<'3. Paid2pc Auff. stl8fl3. Pays l^^pc F-M-A-N. Pays'2^po'M-S.'.";;; Pays li^pc F-M-A-N.. Pays 3pc PA Paid 2pc Aufust 1S93. . Pays l^pc J-A-J-0... Paid 2po August 1894. Paid3pc 1891 Paid Ipc July 1894... Pays l?ipc M-J-S-D. Pays ]i all in pd N. Y. & Northern Pfd.... N. Y Ontario & Western.. N.y. Susq.&W'n Pfd.... North American Co Northern Pacific Northern Pacific Pfd Pacific Mails. S. Co Peoria. Dec. & Evansvllle Philadelphia & Reading. Pullman's Palace Car Co Rich & W I' Ter .-ith inst pd Silver Bullion Certificates Southern Pacific Co... Tenn. Coal. Iron & R R Co Texas & Pacific Tol. Ann Arb. & Nor. Mich Union Pacific Dnion Pac. Denv. & Gulf United States Rubber Co U, S. Cordage Co U. S. Cordage Co pfd... Wabash Wabash Preferred Western Union Tel. Co.. Wheeling & Lake Erie... Wheeling & Lake Erie Pfd Total sales of all Stocks each day and for the six dayi 613. 728 COTTON, in ba'es. I World's visible. 1895 4.845.6.^3 18941 4,617.903 Total in slghttl Total Export*. 7,436,812 4,198.761 5,933,755 I 8,315.165 N. r. OoUon January.. February. March. April . ... WHEAT, In bushels. I U. S. Visible. .Primary rec"ts*| Total Exports. 1895 85.58i>.UOO I 118,991.000 83.404 459 18911 80 4-34,000 I 121,000 000 100.746 704 Wheat. {M«y • C«™-]ju7y;. CORN I u 18951 1894 , in bushels. S Vislbl* 12 278.000 13 856 000 ,„ . I CAfcajo (May.. Primary rec'ts* Total Exports Wheat. I Julv. 43.820,000 28.751257 L„_ j May. . 104,373,541 81705 183 r^^-'lJuly. OATS, I u. 1895 18941 in bushels. S. Vi.-ible. 8.424 000 4 11? 000 N. Y. Stocks, 1 262 362 1.08S 068 Cbeo. Stocks. 1 301 000 843 too Pork...ii?''"a'7. \ May. , , . ■. 1895 1894 LARD-tcs. World's vis. 180,836 141,510 CHICAGO CONTRACT STOCKS. L.^j (January PORK-bbls,] LARD tcs. RIBS-lbs. Lard. .. ^ ^.t'il'^T. 105,676 27,614 31,705 2,111 I May 27.?27.584 L,.j^ I January. .. 6,705,744 ^'"'"••■Ulay . .. Thursday. Jan. 17, 24 2S^ 6SM 68^4 69JI 89M 99 4% 649i 63^4 50?i 50)4 91H 91 17>i 17(4 72 1\% r-% 71 56?4 StiM ll9 119 63?^ 63^ 33!4 S3H 9o^ 90% Friday. Jan. 18. i^yi 8S!^ 39>4 88^ 129^ lim. lOOJ^ 163^ 133ii I32?i 8596 3596 11 1094 34J6 U% im\i 132 M 8594 11 1094 3m 319<, 89^ 89!^ 27 !?7 ySfA 16 -»).< 72 140 13956 S596 55 10?96 10594 23% 2394 3774 srM 84H 84(^ '046 9J9'4 10!^ ■ " 32« 24^^ 69^ 90^ 92 99 65 (^ 50H 97^ 1794 :2H 75!^ 57 64V4 34 97 24 69V^ 89J 92 99 496 tm 9194 KH 71'/* 7294 56^ 6394 84 9694 90 90 1796 i7 74 73!^ 13994 13'i94 5596 55^ 109J4 107)^ 97 9; 23 22% 2496 234 38 8794 S4H 84H 100 lOO 169^1 10% lOH 32% 32% 32% 16% 1696 "' '?h 43 43 396 iM 8V4 m 18 17% 2896 22% I39< !294 »57 157 «H 42% Saturday, Jan. 19 24M 24)4 90)4 496 6196 50)a 91*6 1:94 7194 75 5(i96 63% 8S96 92 98)6 6496 50ki 9196 1794 7I»> 73*1. 5696 6% 96k 3996 mi 129 1S9 132* 132" 85 85 !0% 1096 3496 339-4 2r96 «M 7Sk 7S 55)6 5494 10694 10«)<. 23 23 2394 289^ 99% 1096 9994 1096 lS9i 169^4 18)6 i S396 2,)ii iii.^ 84 427 5.60 5,59 5 59 5.5: 5.63 5.61 5.67 5.64 13)6 12?ii 156)6 156 IM6 167x1. 996 194 im 44)4 694 994 696 14>6 88 1096 40% 13 1594 11 44)4 6)4 9H 69* 1496 87% 1096 40% 120.090 6.60 5.5« 5.39 5.55 5 64 5.59 5 67 5 63 6296 62)4 62Vi C2 62{|i 6i)i 62->6 6-2*i- 51,-, 5i}4 51)4 5IA I 61« 6lk 58% .5796! 5796 57M 5894 58)4 1 58)4 5S)6 47'^ 47)* 47)4 *~Vi 4796 47 i:% 46% 80% 30)4 JOM 30)'4 1!.85 11,20 i:.£2 11 -'2 mi 12% 18<4 1696 1094 8)6 44 88 10 1.594 996 Monday. Jan. 21. 24)4 6994 90% 92 99 6IH 50)6 9094 Is 7194 74)4 5c^ 6394 3394 24)4 6994 894s 92 98k 61)4 50)4 8894 1794 71M 7-'% sa 63% 3:194 9594 88 162 162 130 12-)^ 10% i096 83% 83 t'9)^ 27>4 8'IW 27 J4 1.39)4 139 5496 53?< Tuesday. Jan. 22. 2394 70 90)6 92)ft 68'4, 4% 64« .50 8994 IDi 7196 73% 5-% 11S)4 6.396 3396 9594 2394 70 8996 9194 9^96 496 63)4 49)4 88 I7M 70% Ti-A 55)4 1 'MVi 6296 3:lK. 95)1. 3894 y ISb' 129)6 ;36' 128)6 1094 84 10)^ 339i 196 IH 27 1694 27 169* 54 53)4 :c6% 10794 '08)4 10794 2294 2294 2ii^ 2296 23 J6 3.-96 99% lO-Vi. 32)6 ic96 ■396 I7« 23)4 2996 37)v 99% 10 31% 1696 396 2296 1294 1194 i»96 1594 1896 15 9Vi 8)6 . 43)6 *iyi ....I 694 ....I 9H 1496 i^96 8;"4 8?^ 10 , 1096 896 s^ 4-396 6)6 9H 14H. 87>4 9% 62.825 110,765 5.54 5*54 ! 6.51 5,49 5.54 5.53 6.51 5 17 6,58 6.57 i 5.58 5.52 5.62 5,60 . 6 61 5.55 62% «2 I 82 6096 62)6 6296 *^2)4 6! 51 tV 50% 50% 41)6 51 51 I 60 49H 5794 5796 sr% 5.')96 58)4 5S 53)6 56>6 4796 47 47% 4^Vi 47 4696 4694 45)6 -3096 80 I 80% 28J^ 11 20 11.20 11.05 10.85 11,60 11,45 11.55 11-40 :u.45 11.42 11.40 11.10 6,80 6,67 6 70 6.65 6 65 6.62 6 57 6 52 6.87 6.80 6 87 6.82 '1 8i 6 (* 6.80 6 70 5.85 5.72 ; 5.67 5.67 | S.'* 5 65 5 50 5 50 5.87 5.:7 5,85 5 80 I ,5.82 5,&: .5 8<) 5 67 A 72 5.67 2.3% 37H 10 32 16)4 4196 8W; 3)6 1194 18M 15)6 9% 23« 3iH 99)6 10 82 41}4 '8)6 17)4 22H 8)6 10)4 18)6 15)6 9 994 »« 4396 696 996 6)4 14)). 87% 1096 43 696 894 6 1394 87X. 10 137 291 6,49 5,44 54? 5.43 5.53 5.43 5.55 5.51 6094 60 61^4 60)6 4996 49)6 4996 49)6 -^5^6 54% 50)6 .5594 45)6 45 45)4 4496 29>4 2896 10 87 10 87 11,17 11,10 6 55 6,55 6.75 6.70 5 57 5.55 Wed., Jan. 2J 6% 6894 9096 89)4 9194 914 19594 95% 496 4)4 6394 62)6 49)4 48% 88% m 17 169l 71)4 7096 7396 72)4 5594 t'l''*- l;s lis 63% 62)4 9596 S496 8796 8796 161 16094 129 128)4 ioU loU 3.3% .•).396 87% 87)6 2694 25 73 j\ 1.3896 *3896 5394 "3^ :08 107)6 22J4 21% 2316 87% 84), 9.^ 10% 31% 16)4 4! m 3)4 22% 21 8596 84 9-1% 99a 80)4 i«' 41 8)4 8 16)4 22% 1094 8M; 18 17? 16)4 149 9 69 9% '» 5% 9 5% 14 57)6 1096 696 8)6 5% 1-394 87)6 9% 188,830 6,45 5.89 5.45 541 5.51 5 46 5,54 5 49 60)4 5996 60)6 59iJ 49)6 4V6 4S94 49^ 55)4 56 45% 45)6 5496 55)4 45% 45 2996 29)^ 10.60 1120 10,55 10.70 650 645 6 77 6.60 5.47 5.47 Range for Jan. 1895. to date. 24% 23 70 6794 91 86)4 92)6 90)4 "996 95)s 6 4)4 65)6 6l9t, 5094 48H 34 84% 18 1696 7296 69)6 78)4 70V», 57)6 54'A 113 116%, 64)4 60)6 34 31)6 97 9496 144)6 144)4 39)6 37 494 494 131)4 12694 106)6 I58"v 133)4 125)6 36 34% 11% 996 35% 33 103 102)4 196 1% flO 81% 27% 17% 74 140 26 16 70)6 |34)» 5596 52)4 109)4 104 97 95 28 2194 2694 21" 88 8596 3494 8394 100% 97)4 10% 9)6 33% 3u% 17 43% 896 4 im 2396 3)6 1394 157 15% 60 I9M 18% 99* 2% '^ 45 6)6 ^^ 11 4196 1596 40 3^4 8 15)4 21)4 8)6 8% l54 15^6 60 1794 14)6 896| 194 8;»4 a 69ft 8%: 6% 13)6 8696 9% 89)4 5.60 5.89 5.69 5.41 5.65 5.46 5.69 5.49 68)4 5996 63'/* 59! J 52)4 *M<^ 51)6 49>i 5894 549», 5996 55^4 4K9h 45 48 4496 3194 8896 11.67 10 56 12.00 10,70 6 92 6.45 7 10 6 60 5.90 5.47 5 72 5.57 I 6.10 3,57 Range for Jan. 1894. 2996 2694 69 63 0^96 7596 8594 7994 77 69% U'96 vU, 69 67 51)4 47 11694 til 1896 16% n% 78)4 67)4 5894 6096 54)4 ;H)6 116 6894 61)6 3« 32)6 IO494 !7 140 135% 37% 31 7)4 4)6 12796 I2ri)6 170)6 161)4 136 129)4 32)4 80 27)6 20)6 38)4 3096 l03 100 5 4 93.)4 89% 16% 15 1594 13% 6:94 63 128 Ur^ 47% 40% 124 118)6 99 96 2596 2294 iiii 18)4 •23)4 22 749* 68 lO'H 9594 16% 13)4 1494 7)6 i6% 1494 45 40 4)6 5% 19 19 21 8)6 4 14 394 17)6 17194 16296 3 2 67 20 14% 7 5% 2096 17)4 6% 4)6 41 M 7)6 e 1496 is<4 8694 «>% 1396 12)4 50>| 47 8.11 7.S9 8.21 7 55 8.30 7 63 8.33 7.71 78 A 681 1 71)6 7096 45% 44 6A96 63!^ 6996 6496 .39)6 37)6 3994 88% 9'M 29 30 27?< 1385 12 47 14.00 12.5:3 8.30 7.47 8.05 7.40 7.00 6.37 7.12 6.45 I OLD PORK, Chffo.-bbls. 1895 ... bbls. 18941 Vi HEAT on passage. I CORN on p.issage. 34, 100.000 bush. I 5,280,000 bush. 30,480,000 '• I 5,680,000 " Russian Shipmts. for wk. ! Indian Shipmts. for wk. 3.400,000 bush. 440.000 busb. 760,000 " I ftlO.fOO " Argentine Shpts. for wk. bash. 1.080 000 1 Since Aug. 81. ♦ Since June 30. Compiled and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YORK. 34 XKUCChlt) flI^^^^Ct XCttCr CopyngUt, ISOS, by aapp A Companif. H: 414. O. W. Clapp. OwiQHT O. Clapp CLAPP & COMPANY, Banhcrs nnb ffivohcrs, X MILLS BUILDING, N. Y. ^ o ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. pl OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. o ( 277 BROADWAY, ConNER Chambers Si. PRIVATE TELEGRAPH WIRES. Q BiANCM ) g-,^ BROADWAY, Broadway Central Hoteu CABLE ADDRESS: "OZRO." ^ Offices: ( j^^ FIFTH AVENUE, CoflNEc 68tm St. LONO DISTANCE TELEPHONE. ^ H New Yoi^k, Thnrsday Morning, January 31, 1895. ^ We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, ^ Cotton, Grain and Provisions. (/) Our private loire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information D > Usual margins required; customary commissions charged on cash property or for future ^ delivery. Margin deposits may be made tvith local out-of-toivn banks. The local bank should ahvays ^ ivire us at once, at our expense, stating amount that has been placed to oar credit, and for IT] whose account, thus allowing us to fill customer's order promptly. O A General Banking Business conducted. 3;; Interest allowed on Average Daily Balances, 7J credited Monthly. City and Country Accounts solicited. Collections Free to Customers. ^ BANK STOCKS FOR SALE. ? 10 shares National Bank of Republic Chicago, 111. 4^ 50 " First National Bank Arkansas City. Kan. _^ 8 " First National Bank Brooklyn, N. Y. ^^ 50 " First National Bank Fort Madison, Towa. ^ 19 " National Bank of Rondout Rondout, N. Y. O 100 " Moorhead National Bank Moorhead, Minn. 40 " Salamanca National Bank Salamanca, N. Y. 15 " First National Bank Carthage, I\ro. 40 " Arlington National Bank Arlington, Oregon. f"] 50 " City Bank Minneapolis, Miuo. 20 " First National Bank Palouse, Wash. 10 " First National Bank Kendrick, Idaho. ^ ?0 " Fredonia National Bank Fredonia, N, Y. 2 25 " ... American Savings Bank Detroit, Mich. ^ 40 " State Bank .Elmira, N. Y. PI Note.— Our Annual Souvenir Book, the "Leading American Exchanges," will be out about March 1st. It is illustrated, and will contain our Weekly Market Letters of 1894. A complete record of prices df Stocks, Cotton and Grain for the year, as well as tables of great value to Bankers, merchants and business men. A limited number of copies will be issued. Delivered free on receipt of $3.00. KEEP OUR L.ETTEKS. PORTFOLIO FOB FILIJsG FOK\VAKDEI> APPLICANTS FKFE. 3o z o X o X CO 2 CLAPP & COMPAf , BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. — — ' Financial Outlook. Friends of sound finance, good prices, and fair wages, will welcome any return to conditions promoting them. Few are so blind they cannot see danger, or so UE])atriotic as to dismiss hope. National resources are not easily dissipated or its credit easily destroyed. The wealth, courage, enterprise and brains of the Republic are always equal to its emergencies. Straws. — In 18G1 and 1862, when the country gave up a gold basis, and went on to a currency basis, money at first became scarcer and values declined. The reduction of currency and withdrawal of gold then took place. In 1879, when the resumption began, values advanced, the circulation of money increased equal to the amount of gold, that again became a circulating medium. The United States gold product for 1894 as estimated by Wells, Fargo & Co. was $45,892,068, and for ten years previous $303,430,823. The silver product was $28,721,014 in 1894, against $521,022,- 000 for ten previous years. The value of the copper and lead mined in 1894 exceeds that of silver. The four metals equalled a valuation of $105,113,479; Montana and Colorado producing more than half. The Mexican Republic produced for the year ending June 30, 1894, $1,425,000 in gold, $47,250,- 000 in silver, and coined for the ten preceding years $10,450,057 in gold and $507,317,921 in silver. The world's product of gold in 1894 is estimated at about 170 millions. The exports of silver to China, Japan and the Straits in 1894, via London, were $40,502,180, via San Francisco $12,520,678; total $60,022,858. Stocks and Bonds. Bonds. — Realizing sales rather than an investment demand is the feature pending further Gov- ernment bond issues. Railway bonds are speculatively weak. Many of them offer a good induce- ment to parties desiring to combine an investment and speculative risk. Bank stocks continue to be offered down, pending an unproductive business and fear of national legislation. Railway Stocks. — The Chronicle reports the average net decrease for the first eleven months of 1894 as 14.95, as compared with 1893. The three Mexican roads show a gain. St. Paul's earnings for December increased $41,!s07 over December, 1893. For the calendar year the earnings decreased $5,386,057, as compared with 1893. 47 roads reporting show a gross increase of 5.40 per cent, for third week in January. Burlington & Rock Island's friends both claim the property and earnings are at a minimum point, and Burlington's expense in 1894 is reported 00.05 ^, against 71.78^ in 1893. The earnings of the majority of the roaas reported are now comparing favorably with Jan- uary, 1894 ; recent economies are assisting to better net results. Louisville and Nashville report increased earnings of $376,721 since July 1, as compared with 1893 same time. It is surnnised the Union Pacific's bad statements and foreclosure is in part to influence a favorable refunding bill, and that the Northern Pacific scheme is but another master stroke to gain possession, and in time use the press to good advantage for promoters. Atchison's reorganizers are reported proposing an assessment of 10 per cent, on common stock and 4 per cent, on second mortgage. Roads in receivers' hands will scarcely come to the front again until natural causes produce better crops and prices. Missouri Pacific's stockholders may yet find more safety in receiver's hands, though there appears little to gain by it. Lackawanna's stock is concentrated and closely held, but some selling has been done recently. Western Union's stock is more scattered than for years, and perhaps therein lies its weakness, even though it earns more on its capital than the New York Central. Manhattan's prospect for extension and the talk of its changing to electricity are encouraging. Southern Railway should do better ; it is low enough and is attractmg investment buying. M. K. & T., and Texas Pacific, and Norfolk & Western, and Ontario & Western continue a good record. When we cease exporting gold by the ton we shall advocate purchasing stocks. Industrials. — Sugar and Tobacco each continues paying 3 ^ quarterly, and appears to be pay- ing other large sums not so easily explained. If sugar protection is lost it will likely go lower, otherwise it may continue its baits for speculators. Chicago Gas appears strongly held, and more likely to advance than decline ; its friends predict par for the stock in 1895, others say it is the " Henrietta" comedy of Wall Street. Distillers. — Wall street's so-called protective committee has been outwitted by western officials, who have secured their own appointment as receivers of a property capitalized at 35 • million dollars and recently selling at less than three millions. It is difficult to see now justice to stockholders can be thwarted by such means. Like other properties in receivers hands the stock will likely pass from active speculation to investors who are willing to put up money to reorganize. The National Lead pool claims recent sales were not for their account, but they have doubtless realized to the detriment of their following. The property and its tariff protection are more or less valuable if good management prevails. Cotton Oil competition and the depression in value of its product appears forcing a lower level for the stock. When Congress adjours we look for more activity in the industrials. se CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK. WEEKLY MARKET LETTER. 3 Cotton. For ten years past the average amount of cotton coming in sight prior to February 1 has been 82 8 per cent of tlie yearly crop moved. On this basis tiie present crop will not be far troni 'J)i million bales. The Texas movement continues large, or about 07 per cent, in excess of last season, and to surprise cotton factors, brokers and spinners. About 9:5 per cent, of all exnorts were cleared from Southern ports, and was never exceeded. British and Continental spinners have been Icadmg buyers. English markets are now about 30 points below an export basis. New Orleans is about 5 points below ours as compared with previous ranges, France has about five million spindles. Great Britain's exports of piece goods and yarns in 1894 exceeded in value 2'J7>4 million dollars, or more than for either 18li:^ or 1893. The increase was quite evenly distributed to all countries. New England and Montreal spinners have large stocks of cotton, and report good dividends on their mill investments. The world's visible is nearly 5,000,000 bales, and the largest on record at this date, and nearly all American. Eighty per cent, of it appears to bo in foreign hands, who own it at an expense of about three i)ence, against four pence a year ago and five and a half pence two years ago, and evidently consider it as good property as gold at a little under i)ar. Cotton planters and factors all complain of low prices and predict a less acreage, and look forward to higher prices, when the acreage to be planted in 18'.<5 is really known. Sales of fertilizers' materials arc small in comparison with previous seasons. It seems to be conceded the Cotton States will grow more food stuffs in 1895 than any previous season. It is poss.ible the entire cotton i)lant will be soon utilized with modern machinery, so as to produce a revenue to the planter that will justify tlie growing of lint at recent quotations. In the interval higher prices for cotton are quit© proba'ble, if Washington financial legislation encourages speculation. Wheat. European advices report the reserves of importing countries of Great Britain, France. Germany, Belgium and Holland, as but about one-half those a year ago. The Argentine crop is rep(ji ted about a month late. India shipments the past ten months are about 11,004,000 bushels, against 20,280,000 bushels last season. Black sea shipments from August 1 to January 15, were 58,504.000 bushels, against 61,672,000 bushels last year. It is estimated Europe's weekly requirements will be about 7,600,000 bushels, against about 7.000,000 bushels the forepart of last year. Our primary receipts this month are but about half those for January, 1894. The visible continues decreasing but is about 5 per cent, larger than ever at this date. The visible and amount afloat is 10 per cent, larger than a year ago, Chicago elevators holding about three-eighths of the whole official visible supply. Minneapolis wheat continues selling for May delivery about two cents above Chicago wheat. Cali- fornia reports larger supplies of snow than ever before and a greater promise of ample moisture indicative of a large crop in addition to ample supplies of old wheat. Old bear traders predict the ample snow fall and severe cold weather in the winter wheat belt means a good winter wheat crop for 1895. European weather reports are varied, and thus far have had little or no effect on values. February and March usually furnish many crop scares that often cause sharp and surprising' advances. The recent sharp decline of cash wheat in Chicago to 49 cents, or lower than for 40 yeara past, appears to have furnished a good foundation for an advance. Certainly the price is low enough xo warrtmt investment purchases, regardless of any rumors about the growing crop or knowledge about the visible and invisible supplies. Corn. Visible supplies continue large from a small crop ; consumption has seldom if ever been cur- tailed as for the past 100 days, during which time other grains were fed to live stock. Speculative confidence carried prices nearly 50 ^ above those now prevailing in the leading primary markets. ■ Liquidation by the unnatural or early bulls has been quite complete, therefore on general principles ■we favor purchases of corn, believing a natural reaction is in order, and that au export demand will soon begin to deplete visible supplies. Oats. Liberal receipts and a large visible supply and sympathy with the decline in all cereals, made a lower ma;ket and caused free liquidation by nearly all the bull interest. Our 1894 Souvenir will give details of cereals grown in the different states the past ten yt^ars. Provisions. Exports continue on a liberal scale ; the hog movement exceeds the demand. Stocks at packing centres have been accumulating, and are expected to be quite large by February 1st. Liq;iidation appears to have been urged on by the packing interest, which still seems willing that values should decline to be in line with other food stuffs. Packing to January 23 was 5,215,000, against 3,500 000 hogs last J ear. ' Very respectfully. CLAPP & COMPANY. 37 CIAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qflotalions for Stocks, Cotton, Grain and Provisions for Week ending Jannary 30, 1895, and lor Jannary, 189i Par value of all stocks $100. except D., L. & W.; P. & R, and Am. Tobacco Co , FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Wbeklt Sales. 8,708 925 100,150 1,981 8,871 7.416 1.271 5.794 17,0)3 2,865 80.647 66.019 73,620 346 27,125 3.300 85.680 538 8.175 300 1,550 8,147 1,525 1.675 45.395 61.780 150 1.150 1,128 8,965 450 1.084 1,890 59,»'65 12,575 308 1,020 14,598 44,4^6 7,185 3,057 5,700 10,070 6.019 1,625 1,275 2,362 11,625 2,350 100 17,825 267 1.640 6.926 2.325 260 6.683 100 1.880 8,815 1,592 790 6.195 25.407 1.085 935 Capitai. Stock. $20,237,100 10.198.600 36 773.000 36 773,000 17,900,000 102 000,000 23,000,000 15,000,000 22,488.000 60.805.400 82 262.700 24,885,800 46,027.261 25,923,900 46,156.000 18,559,360 39,054,907 22,3.S5 170 20,500,000 10,000,000 35,4.30,060 86.200,000 30,000,000 23,650,000 35,000.000 30,459,700 85,000,OCO 8,000.000 50,000,000 10.000,000 11 840,000 11,«40,000 49,466,500 52,800,000 30,000,000 13.738,204 13,000.000 47,844,100 47,436,575 14,905,400 14904,000 89,428,300 77,427,000 19,809,000 6,000,000 58,119,982 10,173,000 39,767,200 49,000,000 36.140,131 20.000.000 8.500,000 40.426,361 86,000,000 na 858, 170 19,85U,000 38,710,900 6,500.000 60.868,500 8.;,837,093 20 106.000 ir.9M 800 7,269,680 28,000,000 24.000,000 94,820,000 10.000,000 4,500,000 DiTXDBNi) Record. Pays 3pc J-D Pays 3pc 0-.T-A-J Pays 3!^pc J-J Pays 3pc F M AN Paid 5J4PC in 1888 Pays 2i^pc M-N Pavs IMpc F-A Pays l^pc F-M-A-N... Pays IHpc M-J-S-D.... Pays li-^pc M-J-S-D.... Paid 2pc A-O Pays 7 PC Per AnnQm. Pays Ipc F-M-A-N Pavs 3pc J-D Pays l^ipc AI-J-S-D. Pays li^pc F-A Pays 2pc M-J-S-D.... Pays7po per annum. Pays l?ipc M-J-S-D.. Paid Ipc May 1893.... Paid IK'PC Jan. 1803. Paid 2pc Auffost 18!i3. Pays IJipc F-M-A-N. PaysSJ^pc'M-S.*.";;! Pays IJ^pc F-M-A-N.. Pays 3pc FA Paid 2pc August 1893. . Pays l^pc J-A-J-O... Paid 8pc August 1894. Paid .3pc 1891 Paid Ipc July 1894... Cays l?ipc M-J-S-D. Pays IHpc J-A-J-O. Paid IHpc Nov. 1893. Paid Ipc April 1892. Paid Ipo in 1887.... Pays 2pc F-M-A-N. Paid Ipc In 1887... Pai'd'3^pcin"i884! Pays l^po J-A-J-O.... Pays Ipc F-ii- A-n! '.'.'.'.'. Naues or Stocks. American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co . .\m. Sugar Refining Co Pf. -American Tobacco Co .\tchison.Topeka & S. Fe. Baltimore & Ooio Canada Southern Central of New Jersey.... Chesapeake ^ 68 87 1694 '<>9i 71^ 70ji TJ.% U SoJi 55M 9o% 919i 88>i zYm 138J6 128% lOH lOH 31 83K 67M 87^ 25H 25 71« 71 13» !39 I 54 5JH 10?« 106J6 3!i>i 82M. 84 83 9'ni 9JH 10 10 3)54 31^ i«ji ie' 41H A\% -■■ Sii 8 Total sales of all Stocks each day and for the six dayt 815.699 COTTON, in ba'ei. I World's visible. 1895 4 896.988 1894 4,604,901 Total In sighttl Total Exports. 7,722,533 4,457,704 6,105,2-20 I 8,443,924 If. T. Cotton January. , February. March. April WHEAT, in bushels. I U. S. Visible. iPrimary rec'ts* 1895 ^.665.000 120,.S09.000 18911 80 265,000 I 182,876 000 Total Exports. 86,305 209 103.694 064 Wheat. ] *'«y Corn. July.. May. July.. I ji CORN, in bushe's. I U. S. Visible. 1895 12 654.000 18941 14.406 OUO Primary rec'ts* 43.615,000 105,730,641 Total Exports. 33.446 757 88 570.483 Chicago j May.. Wheat. ) July.. c— {J'ury;. OATS, In bushels. I U. 8. Vi.sible. 1895 7.982 000 1S94| 4 15i 000 N.Y. Stocks, 1 714 300 1.588 648 Cbgo. Stocks. 1234 000 844 000 ( May.. ••■).- ■ O^t^-Uuly. J 895 1894 LARD-tcs. World's vis. 180,826 141,510 CHICAGO CONTRACT STOCKS. It„„h (January PORK-bbls,; LARD-tcs. I RIBS-lbs. F^"^*^-' 1 May 105.676 i 31,705 | 27.727.584 |„:k. ) JanuaiT.' ! .' 27,014 2,111 5,705,744 Ribs . . IMay. 3« 3 16 22« »ii eh 18 im 8% en bli 5 8M 8794 87% 119.948 5,44 5,40 5 46 6,39 5.51 6.45 5.54 6.48 Friday. Saturday, Jan, 85. Jan. 26. 2M 23 iiH 22J4 6-% 6894 B7>^ 67^4 yo« 89^4 90 8SV6 ai^ 81VS 9194 i*i?4 94 »3^ 93 92 196 4H 4>4 * ?i im 83." 87^ 1694 16!^ 16^4 7m 70^ 7lia 71 73!^ ■1% 73U 72H 6555 55M 5594 55 118K nsH 6'.'^ 61'^ 62?fi 62 3.% 82 »m 3-m 95^ 9-lW 95H 85 145 1J5 3rM mi "m "iv* 128 128 127 127 16094 16OH liSii 129 129 128>6 34^ 34H • •.. 10^ 9^ »^ o*H 33Ji mi ZdM ti% m 1 as" 25 ... «... 76" 70 '53^ 53^ 53% 5% 10694 10696 10694 105)i • • •• .... i'-H «i?4 22" 2!iyi 49 .'>5% 54M 64H S3% 56 55^i bh\i 54ki 46V6 45^ 45»a 45 45% 45% 45H iCA 39% 89>ij •>994 29 10.62 10,35 '10 47 10.37 10,90 10,57 10.75 10.50 6.52 6,40 6.70 6,57 5.35 5,35 ...I, 5.65 5.50 6 52 6 45 6 70 6.60 5.40 5,40 5,B0 5 5(1 Monday. Jan. 28. 22 67 9094 92 93^4 4** 6.3H 8^ 71k TPA 56 21»v 6694 89H 9IV4 92% ■*% 62 I6V4 7094 71% 55% C2% 82 9594 14394 w" 160^ 128H 3t^ 9k 83% lOu ^^ 25 16 69 1.38 53% 0694 95 14394 87M 186H !58H imi 9^ •29% 100 Ik 67 2494 16 69 137 52k Tuesday. Jan. 29. 20k 63^ 90 9! 03% 4 61k 4S94 6694 IH% 7094 72% 55% 117k 61k 8214 95% 143 87 126' 15&k ■=i8% 82% 9k 8694 24k 1594 69 l36k 5194 19k 63k 89 90k 98k 8'^ 6lk 48>« mi 16 70 71% 54k 117 60k 3194 94k 143 % 2794 79% 76>4 9994 99!4 10 9% 80k 29k i5% 15k 2% 2k 16^ 15% 21% 21 3k 3k 9% «k 4k 8 3% 1394 87k 89k 17% 14% 6k 41% 5 8k 42 4« 5% 13% 13% 87k 87% 88 8894 C2.719 17k It 8k 1% 8% 41k 4^ 8k 13% 86*>. 994 3Sk 181,541 1R95 1894 OLD PORK, Chgo.-bbls. ... bbls. 5,44 5'44 5.41 5,40 5.46 5.43 5.41 5 10 5,51 5,49 5 45 5.4.1 5,51 hfii ^ 5 49 5.47 59% 5.^ 58k 57% 59% 58% 59k 5t>% 44 31% xii. 66% 86k 24 23k 69 69 136k '36 ki 50% ,49% lorw lorik 95 94^4 2194 21k 21% ■X)U. 304* 29% 81 :«*i 91) 9.4 9% 9% 2994 8^ 15k 1.191; 89 89 8 294 15% 15k " 6k '*^ :7k 14% 8k 8% 8k 40% 8994 6 4% bM R 594 594 12% 1294 86% 994 86k 994 3794 87% 185.993 6.44 5,43 5.44 542 5.49 546 5,52 5 49 58% 57% 58% 68^ 48k 47^4 48k 47% 53% 52k 54k 53% 44 43k 4394 43% 29 28% 9.ii 9.77 1002 9.78 6.H5 6% 6 55 6 48 5,05 5 05 h.il 5,10 Range for] Jan. 1895. to date. 1 24% 1894 70 6-3!4 9! 8Sk 92k 90k g9% 92 5 8k 65k 61k 5094 48 94 84% 18 16 72% 69k liVi 70k 57% 54k lli» 116^4 64k 60k 34 31k 97 94% 144k 143 II 39k 37 494 2kl )3lk 126 II 166k I57''t 1.33k l25kll .36 3294 11% 7% 35k 2894 103 lOO 1% 1 90 «m 27% 23k 17% 1594 74 69 Uo |34k 106k 49% |04 97 MVi 2a 21k 2694 20 38 2794 78k 100% j:k 10% »k 38% 89 17 15% 43k 38k 3% 294 4 •-% 18k 16k 23% •20 3k 3k 1394 8k 157 154 15% 13k 6U 60 \9H 17k 16% 13k 9** 8k 11% 8k 394 Sk 45 S994 8k 4k IJk r% «k 694 14% 18% (iS 86 11 41% 87% 5,60 6.89 ,5,60 5.39 5,65 5. S3 5.69 547 63k 63% ^It 52k 4694 57% 47 5894 59% 62 52% 4K% 42k 48 4294 3194 2794 10.67 9 77 12.00 9.?2 692 6.85 7 10 642 5.90 5 05 6.10 0.10 WHEAT an passage. 33.8.-*0,000 bush. 29,038,000 " CORN on passage. 4,100.000 busU. 6,504.000 " Russian Shipmts. for wk. 8.880.000 bush. 880,000 Indian Shipmts. for wk. 318,000 bush. 400,C0O " Argentina Shpts. for wk. . bush. 1.160 000 t Since Aug. 81. • Since June 80. Compiled and Copyrighted by CLAPP & COMPANY. BANKERS. MILLS BUILDING, NE'W YOEK. 38 CClCChI\> flDarhCt XCttCr. C^Wght, l»9M,by CU,p a C.m,.n p. No. 4 IS. O. W. Clapp. DWIQHT O. CLAPP CLAPP & COMPANY, Banhcrs an& Brokers, ^ MILLS BUILDING, N. Y. ^ ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. > OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. O ( 277 BROADWAY, Corneh Chambers St. PRIVATE TELEQHAPH WIRES. [T] Branch ] 671 BROADWAY, BnoAowM Central Hoteu CABLE ADDRESS: " OZRO." Offices: | 753 FIFTH AVENUE, Corner 58th St. LONQ DISTANCE TELEPHONE. /^ Neiv York, Thursday Morning, February 7, 1895. Q We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, 2 Cotton, Grain and Provisions. ^ Our private wire facilities are unsurpassed to all New York, Chicago and Western ^ Exchanges. Close relations to important interests enable us to give early and valuable 'Zm information. 2 Usual margins required; customary commissions charged on cash property or for future f<^ delivery. Margin deposits may be made with local out-of-town banks. The local bank should always pj wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. > r m r -< X BANK STOCKS FOR SALE. o 60 shares First National Bank Arkansas City, Kan. ^ 50 " First National Bank Fort Madison, Iowa. Zl 19 " National Bank of Rondout Rondout, N. Y. O 100 " Moorhead National Bank Moorhead, Minn. C/) 20 " Salamanca National Bank Salamanca, N. Y. ^^ 15 " First National Bank Carthage, Mo. O 40 " Arlington National Bank Arlington, Oregon. "H 50 " City Bank Minneapolis, Minn. .^ 35 " Fresno National Bank Fresno, Cal. "^ 60 " State Bank Elmira, N. Y. 50 " City National Bank Norfolk, Va. 13 " First National Bank Texarkana, Texas. ,.^ 10 ** National Bank of the Republic Chicago, 111. -^ Note. — Our Annual Souvenir Book, the " Leading American Exchanges," will be out about ^ March 1st. It is illustrated, will have 352 pages, and will contain our Weekly Market Letters of ^ 1894, a complete record of prices of Stocks, Cotton and Grain for the year, as well as tables of great ^ value to Bankers, merchants and business men. A limited number of copies will be issued. ^^ Delivered free on receipt of $3.00. ,_, Financial Outlook. O Neither imagination, debts, currency, nor patriotism are likely to become more expansive than X our beloved country. A commonwealth's pledges of prosperity should not be redeemable at inter- >> national pawn shops. The approved method seems likely to give this generation the money, and let ^ the next take tbe trouble. Perhaps the twentieth century can afiford to pay the revenue reform bills ^ of the nineteenth. Cj Straws. — The gold product for the four years ending December 31 was valued at 33 per cent. fT] more than the silver, yet the latter weighed 20 times as much. The gold product of the United W States in 1893 and 1894 was $78,948,279; January 1, 1893, the circulation was $412,970,960. The Treas- * ury then held S156,CC2,452 (Feb. 1 it had but $42,648,790). Exports since Jan. 1, 1893, have been net about $113,000,000. Since Dec. 31, 1894, $25,880,^09, against same time in 1892, $151,797. It is esti- mated there is now about 490 millions of gold in banks and individual hands in the United States. From June 30, 1893, to January 31, 1895, the natiovial debt increased $70,640,000, and paper money in the Treasury $80,628,000. Silver sold at about 5 per cent, premium over gold from 1863 to 1873. KEEP OUR LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE. 3y 8 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Recently it sold at the lowest point on record, or say about 41 per cent, discount under gold. Exports were never larger for 60 days than since December 1. Government interest rates continue harden- ing in proportion as the borrowing continues by the party in complete control of American legisla- tion for the first time in 35 years. THE WORLD'S PRODUCTIOM OF SILVER, IN LONDON VALUES, REDUCED TO UNITED STATES MONEY, IN FINE OZS. lS9ltolS94. lS$6tolS»0. 1831 to 1885. 1876 to 1880. 1871 to ISIo. Total Ozs. tTnlted States 229,830,000 230,980,000 182,900,000 1.57,622,000 121,2(;2,248 922,594,248 Mexico 162,6<*4,r54 150,519,519 124,002,584 98,433,220 98.289.915 63;i9;«,092 Australasia 65,940,503 31,148,105 1,26.3,156 562.020 .597,712 99,511,501 All other countries 142,710,378 144.904,121 129.741.799 99,.517,793 7.5,7.12,4.52 592,606„543 Total production 4-5 yr. periods and last 4 yrs., in OZS. 601,175,640 557,551,745 437,907,5:« 356,135,033 295,SS2,:127 2,248,651,284 Total value each period 45:j.i2l,:«4 505,451.435 449,149,150 380,454,054 851,8.32,4.55 2,140.308,4:J3 Total gold production in all countries, in OZS 29,810.361 26,6:U600 24,567,749 2G.;M9,0.54 28.026,514 145,386,278 Total value each period 601,722,216 550,609,780 607.859,593 544.742,374 679,300,492 2,781,204,455 Africa's first large gold production was in 1887, the output being 28,754 ounces. In 1894 her out- put was 1,8.37,773 ounces. Total to date, 6,211,677 ounces, worth $128,381,370. In 1888 Australia produced 1,344.002 ounces ; last year, 1,883.240 ounces. In 1S.S8 Russia produced 1,031,151 ounces, fast year, 1,354,085 ounces. In 1888 the United States production was 1,604,841 ounces ; in 1894, 2,080.129 ounces. All other countries in 1888 produced 956,363 ounces; in 1894, 1,665,000 ounces, equaling a total production in 1894 of 8,820,227 ounces, against but 5,175,623 in 1888. Stocks and Bonds. Bonds. — Registered 1904 five per cent. Government bonds sold Jan. 1 at about 117K ; later at 114^. The Government interest rate appears increasing under experimental methods. The income tax case is to be tried March 4 ; it is an old method in new hands. Western bank stocks here are practically unsalable, owing to the wide divergence in views. Railway bonds, speculatively speak- ing, are active and firm, with good general buying. Railway Stocks.— Stock Exchange clearances were 13,593,500 shares, valued at $396,200,000 against 18,363,000 in January, 1894, valued at $1,088,600,000 and 28,544,000 shares in 1893, valued at $2,064,709,000. Gross earnings of 76 roads for the third week of January show 2.34$^ increase over 1894. Last year the shrinkage compared with previous year was 8.31^ in corresponding week. Burlington's balance of net earnings above charges for interest, rentals, etc., in 1894 was $2,800,571, against a similar balance in 1893 of $3,979,723. Traders seem to look for higher prices. Rock Island's gross earnings for 1894 were about 16^ less than for 1893. Its friends are very bullish. Reading's gross earnings decreased over 12>4^. Southern Railway earnings in January were about the same as last year. The stock has many probabilities of doubling. Louisville & Nashville net earnings in 1894 were $7,342,614 against $7,384,248 in 1893. Norfolk & Western net in 1894 was $2,646,557 against ?2,833,157 in 1893 ; receivers have been appointed. St. Paul & Grangers generally appear listed in little bull pools for a February rise. It is scarcely possible Washington legislation and many other outlooks can grow worse, therefore "things must mend." Industrials.— Tlie Sugar company appears to be clear of possible legislation this month ; its speculative officials appear anxious to advance the price. Distillers appear to have an honest Judge not interested in a trust. The property and stock should do better. Cotton Oil continues manipu- lated without attracting lambs. Lead, realizing by an estate made an active market, it may do to buy on a further decline. Cordage is lifeless around present prices, about one-half last year's assessment. General Electric continues the broncho of the street ; its Wall Street methods condemn it. Lower prices are quite likely. Chicago Gas appears held by strong parties that have been its shareholders from the start, making a specialty oi introducing new gas methods and bull syndicates in Wall Street. It may eventually sell at par. Industrials will likely participate in any general improve- ment arising from better government financiering. Cotton. The average increased weight of the cotton coming in sight is about twelve pounds per bale, or Zyi per cent., indicating the crop will finally weigh out about 250,000 bales more than it counts out. The January movement exceeded a million bales and was never larger. The supply the past five months exceeded that of last season by about 1,700,000 bales and of the previous season about 2,600,000 bales. Exports increased about 1,100,000 bales and about 1,850,000 bales over the previous season. American spinners have taken about 460,000 bales more than last year and about 350,000 bales over that of two years ago. Some sections report planters likely to plant more acres this season, " to make both ends meet," than they otherwise would if prices were higher. Others claim it will practically be " suicide " to increase the acreage, unless better prices prevail. Others tell us that when planters agree months in advance of planting season what they will do seldom materializes, as immediate necessities and surroundings about planting time always prevail, regardless of previous meetings. New Orleans cotton factors are reported making a strong effort to combine planters' interest to materially reduce the acreage. Emigration into Texas may increase their acreage, as much cotton is grown there with white labor. Looking back, we think the cost of production or prospective increase or decrease in acreage generally fails to materialize to benefit those folks volunteering an active part to promote other people's business. Demand, supply and finances more generally dictate values. We look for better results to occur from the effects of northern and foreign capital and spinners entering the cotton belt to save freightage both ways, thus practically equaling a cent a pound saving to grower and spinner. ^o CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Legislation in New England appears indirectly biiilding up the cotton belt, to the detriment of nortliern laborers. The large niovenieiit of cotton from the cotton states to Europe, via southern ports, uidicates but little cotton has left the cotton belt on owners' account, and that spinners every- where are well supplied and not now aggressive buyers. Stocks here are accumulating, as well as at other speculative centres. Greeks and Germans have been selling futures in this market, while Liverpool traders were unlocking their "siraddlers." Manchester and Fall River out-puts are not in brisk demand. Galveston and southern new cotton centres continue reporting large receipts and few new purchases for export. A more diversified distribution prevails than in early autumn. New York exports scarcely equal 8>4 per cent, of all clearances; less than one-sixth of all exports have cleared from northern ports. Northern spiimers have taken less than one-sixth what foreign spinners took and southern spinners only about 8 per cent, as much. The world's visible supply continues about 93>2 % American cotton. The speculative interest seems to be long and confident, and the market in a condition likely to force liberal realizing if lower prices prevail. Wheat. Last season the United Kingdom imported more wheat and flour than any previous year, equal* ing 180,120,723 bushels, against 174,590,454: bushels the previous season, and an average for ten years of 157,476,269 bushels. In 1890 Roumania shipped them 8,680,972 bushels, against only 250,766 bushels last season. In 1890 the Argentine sent them 5,245,925, the past season 24,774,004 bushels. In 1890 Russia sent them 36.192,847 bushels, last year 31,314,978 bushels. In 1890 India furnished them with 17,008,280 bushels, and last year only 9,984,904 bushels. In 1890 Australia sent them 5,707,694 bushels and last year 7,237,847 bushels. America furnished them last season 49.29 per cent, of their imports, against 61 per cent, in 1893 and 63.78 per cent, in 1892, 48.21 per cent, in 1891, 41.07 percent. in 1890, and an average for the past ten years of 51.67 per cent. Their stocks are now small, and near the minimum pomt in a decade. Many people now believe Argentine, Australia and America will not be able to export the coming year within 40,000,000 bushels as much as last season. India exports continue small. South America clearances are backward, owing to a late and wet harvest. Australia is shipping very moderately. Russia, Germany and Roumania crop prospects are reported deteriorating. Our primary receipts per week are now among the smallest in years. Exports con- tinue on a full average basis, equaling since June 30 about 95,000,000 bu. Contract wheat and rye in Chicago are now about the same price for May delivery. This is the first time this has occurred since prices were more than double present quotations in the fall of 1891, Cash wheat near milling centres commands about May prices at primary markets, where futures show scarcely any profit for elevator people or carriers, who appear to own about all America's cash wheat, either in or out of the visible supply. Millers in the winter wheat belt are paying primary market prices to secure choice samples of home growers. Wheat merchants evidently believe we are close to a good do- mestic and export demand that will deplete the visible and reduce farmers' holdings. In short, that we are on a demand and supply basis as to quantity and price, and that liquidation has been practi- cally complete and relative values will soon again be reinstated as speculation broadens and Hatch Bill methods of depressing values disappear. Weather markets are now in order, in Russia, France and our own country. Values and carrying charges the world over are practically at minimum prices. Sentiment is of a demoralized nature, with holders strong and millers growing aggressive, and higher prices quite likely. Corn. Realizing by all sorts of holders increased consumption in consequence of a decrease in price and cold weather, increased exports and a growing conviction among corn merchants that prices have about touched the low level of the winter, is enthusing present holders and investors. In 1880 the corn crop was about 25 per cent, larger than in 1894. We look for the bulls to again become aggres- sive and advance values. Oats. Liberal receipts, a large visible, with demand under expectations, has discouraged the bulls and caused free realizing in speculative markets. We still look for lower prices, and would advise short sales on strong market days. Provisions. Recent sales and shipments for export have been unusually large. Chicago stocks of provisions Feb. 1 were less than expected. Examine fourth page of our Weekly Market Letter for statistical details. The average weight of 2,550,093 hogs received in Chicago in November, December and January was 229.13 pounds, against 1,970,812 hogs averaging 2o5.39 pounds the previous season samev time, the decrease in weight equaling about 262,000 hogs of last year's average. The January average weight of hogs was six pounds less than last December and 28 pounds less than for Janu- ary, 1894. The total amount of product on hand in Chicago is about 185,513,000 pounds, against 157,349,000 pounds Jan. 1 and 95,319,000 a year previous. The decline in pork of $5 per barrel and other products in proportion seems ample to merit taking the long side of provisions at present prices. Packing from Nov. 1, 1894, to Jan. 31, was 5,525,000 hogs, against 3,795,000. Yours truly, CLAPP & COMPANY. 41 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qaotalions for Stocks, Cotton, Grain and ProYisions for Week ending February 6, 1895, and tor February, 1894. Par value of all stocks $100. except D., L. & W.: P. & R. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OPPICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Wbeklt Salbs. 8,258 927 154,900 1,953 5.295 7.024 420 2.813 9.0O8 3.580 81.590 122. 1«0 91,275 450 87.930 4.6.50 83,275 490 1,885 1.046 1.035 2.296 1,770 35.7.35 74,755 426 2.100 300 1.119 1,925 54 370 16,029 1.218 10.86.5 22.898 .3.186 l.MO 9.3.50 8.200 4 450 2,570 554 1,225 3.225 8.350 535 11.570 973 20.000 1.772 13.128 14.597 1.300 4,037 2.50 13,089 851 2,518 8,905 2,861 1.310 2,322 19,260 900 1.240 Capitai, Stock. $20,237,100 10.1*8,600 36 773,000 36 773,000 17,900,000 102 000,000 25,000,000 15.000,000 22.488,000 60.805,400 82 262,700 24,885,800 46,027,261 25,923,900 46,1.56,000 18,559,360 39,054,, 907 22,335 170 28 000.000 35,4.30,000 26,200,000 35 000,000 38 000,000. 35.000.000 30,459,700 2.5,000,000 8,000.000 50,000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800,000 30,000,000 18 738,204 13,000,000 47,844.100 47,4:i6„575 14,905,400 14 904,000 89,428,300 77,427,000 20,000,000 6.000,000 58.119.982 13 000 000 39,767,200 49.fli10.000 39,269,516 20,000,000 8,500,000 40.426,361 36,000,000 68.402,900 125.000,000 60.000.000 19,8.50,000 38,710,900 6,600.000 60,868,500 83,837 J)93 20.166,000 17,992 OOO 7,297,000 88,000,000 24.000,000 94,820,000 10,000.000 4.500,000 DiTISEND ReCOKD. Pays Pays Pays Pays Paid Paid Pavs Pays 3po J-D 3pc O-J-AJ'.... 3i^pc J-J 3pc FM-AN... 5Mpc in 1888... 2dc Nov. 1894.. ikpc F-A l%pc F-M-A-N. Paid Pays Paid Pays Paid Paid Paid Paid Pays Pays Pays Paid Paid Pays Ipo Dec. 1894 IJ^pc M-J-S-D.... 2pc A-O 7 PC Per Annum. J^pc Feb. 1895... 2^po Jan, 1895. 3K>po Jan. 1895. 3pc in 1893 2pc MnT-S-D.,.. 7pc per annum. 7pc per annum. IHpc Jan. 1893. 2pc Axis. St 1893. 5pc per annum. Pays 2^pc M-S. Pays Pays Paid Pays Paid IMPC F-M-A-N... 3pc FA 2pc August 1893. . . IHpc J-A-J-O.... 2pcinFeb. 1895... Paid Paid Pays Pays 3dc 1891 Jpc in Dec. 1894. I94rc M-J-S-D.. IMpc J-A-J-0.. Paid l>^ 87 U 169i \4 90H Ssii 87ii liioM !59ii U;iK 129K^ 9 89], 81>4 &» 24« 24H 69' ' 69' 137^ 13C56 51^« iO% loyji 106H 'mi « 32M W* 81 80H 99*< 9M mi 9ri is \h\i 39« Z'M 3 16JI 15% ao« 20 9 156 18' 9% 9 166 9 319i 80VS 14^ UH 6Vi 8J^ 9% 'm '<\\i 41 6 5 m SH 6 5% 13!^ 13 »■:% 66% Wa, 9*i 3r% 87% Friday. Feb. L «% 64 92 91 95% 4Ji 63 49% 89^ 56% 117H 63% 33^ 97% 38% 88>i i66v< lenvt 129H 12fH 85 34% 80}4 28% 20 64 9o^ 91 93!^ 4^ 63 i^H 87'^ 17 71% 74^ 56 niM. 62% 82% Saturday, Feb. 2. 20)4 9-3 ■ 97' 4>^ 20% 91% 94% 49% iSM 17% 72% "6% 56% 1I7H 6355 33 V6 9b% i^A 127% 162H 129H 35 9% 30% 17 72^ 76 56% 117% 6.% 33% »0% 88% 12;% 162V* 129H 85 9 88% 88% 25% 24% 16 16 '0% 70 _ .. 3t% 13K% 138% I.38K> 53% 51% 52% 5.% 109 108 108% 106 89 69 25% 25% 16% 16% "•ii 70% 156.430 22« 82« 22% 8iii 83% 82 52 82 '00% 99% 10% lOV^ 3l'% 30% 16% i6% 40% 40 3% 3% 3 8 16% 16!4 Sl% 20% io" '9% .154% 154% i:% i7% :o% 9% 53 «m 14% I4H 8% 8% ip% '9% 42% 4Z b% 4% 9% 6% 6 « 13% li% 88% 87H 10% 9'4. a>% 83 212,209 5.48 5 53 5.56 55% 59 48 48% 53% 54% 44 43% 39 9'65 10,10 6,35 0.60 5.00 5.27 5.43 8.43 5,44 5.31 5.44 6.46 5.54 5.48 6.50 5.59 6.52 53 58% 67% 68% 58% 58% 47% 47% 47 4?9i| 47% 47% 52%] 53% 52% 53% 54% 53% 43%! 43% 42% 43% I 43% 42% 22?^ 22% 22% 24 3d 82 82% 82% iOO 100 10% 10 16« 16% 40 40 8 1<% 8 16% Monday. Feb. 4. 64 64 93% nVi 92 92 95% 95^-4 4% 4% 49% 89% 1?% 72% 76 57% 63% 3.% 143% 38% 127% 130% 34% 10% 86 49 87% 16% 71% 74% 56% 62% 32H 96*> 113V-4 38 127% 129 34% S6k 22% 22 io% "9% 156 155 J8 ■ is" 10% 10 33% 82% 15 15 9 m m 1% 10% 10 42% 42% 42% 42% 5% 6% 5% 5% 9 9 6% e% 13% 13% 13% 18M SsV» 87% 88% 87% :o% loh, :o 10 39 88% 38% 87% 25% 25% 70% 70% 137% 137% 53% 51- :09% 1>)« 22% 22% 22 " 22" 82% 30% 6.'% S2 16% 9H 80% 80% i«ji ie" 89% 89% 3% 8% 3% 8^1. 8 \ 155 155 V-m 17% 10% 9% 32% ii 14% 14% 9% 9 "i" ■«% 79.539 189,566 5.42 S-42 6.48 6,88 5.48 6.45 5.46 5(1 5.51 5.48 5.50 5.45 5,55 5,52 5 54 5.49 58% 67% 58% 67% 53% 58% 68% 5o% 47% 47% 47% 4ri% 47% 47% 47% 47% 53M 62%' 53% 52% 54 53% 64 63% 4i% 42% 43% 42% 43% 42% 43% 42% Tuesday. Feb. 5. 20 20 93% 92% 92V« 92 66% 95Vk 4% 4% 49% 69 17 72% 75% 56% 118 63% 32% 97% 143V4 88K 160% •29i« 35% :o 30 49M 88!4 16% 71% 73% 56% 118 63« 31% 9.;% U3H 88 l«0?i 123% 34% 9% 89k. 25% 25% 16 16 70% 70% .18 137% 53^ hiVA 109% 107% 22 21 31 j!9W 82% m% 9h% 99% 10% 10 16% 16 3t>% 88 16% 16 22 22 9W '«% 17% 17% 10 9% 32% 81% '9" '8% 1% :% 9% 8% 8% 3% 157 721 5.38 5,35 5 44 6..3S 5.46 5 42 5.51 5.46 58% 68% 59% 58% 47% 47% 48% 46% 53% 53 54% 53% 44 42% 41 43 Wed.. Feb. 6. 93% 92% 93 92% 'j6 95% 4% 4% 49 " 49 89 8S% 17 16% 7<:% 71% 75% 7<% 57 t6% 6-3% 63% 32% 32 97% SC% 129% 128 100% i50 35" 85' 9% 9% 30 29% 25% 25% I3(<% 137% 5* 529s :C8% 107^4 22% 21% 81 29^4 82% 82 10% ■iO 16 16 8% 8% i6% 16" a a 10% 9% 155 155 60% 60% 17% :7% \OVi 10 82% 82 9% 9)4 44 43 43% 43% fix 4% 4% 4Vi 9 8)4 b% 8 6% 6% 13% 13% 14 13% *m 87% »8% 80 10% 10 10 10 37% 87% 37 86 111 993 6,84 5,33 .5.43 5.3: 546 540 5,51 6 45 59 68M 5J% 58% 49!4 47% 49% 48 54 53% 65 54% 4i.% 43% 45% 43% 88%' -2?% 28% 2?% 26% 28% 28% 28% 28% 29% 28% ! .... I 27% 27%i 27% 27% 9,C5 ; 9,85 9.77 10 02 9.90 9.92 9.37 10,02 8.95 10 22 10 02 9,85 :: I .... . 6.35 6.52 6,47 ! 6 80 «.65 6 57 6 55 1 6.62 6,57 6,50 1 5,00 ' 5,17 5,07 6.22 5 15 5 20 6 17 5 23 5.17 5.15 I .. ....I I 535 5.35 Range for Jan. 1895. 6.67 6.60 I 5,'32 6»| 24% 18% 70 62% 91 86% 92% OOVi 99% 92 5 3% 65% 61% 50% 48 34 b4% 18 16 72% 69% 76^ 70)s 57% 54« 119 116% 64% 60% 34 31% 97 94% 145 143 39% 37 131% 126 166% 157% 1.33% 125% 36 32% 11% 7% 35% 28% 103 lOO IH 1 90 81)6 27% 23k4 17?! 15% 74 61» 140 l34% 55% 49% 1C9J^ 104 97 W)4 23 il% 26% ^1 38 27^4 64% 76^4 100)6 ^■** 10% «H, 33% <9 17" 15% 43% *J8% 3% ■'if* 4 ^% 18% Ifl^ 23% 2U 3II 3)4 isg 8% 157 154 60 60 19M 17% 10% 8% 37 2<)% 16?6 13)4 % ^^ 2% 1% m m 3% 8% 45 igy^ 8% 4% "H 7% 6% 5^ liH 12% 8» 86 11 9 41H 87% 5,60 5.89 5.60 5.39 5.65 5.43 5.69 547 63% 57A 6j:.fc 67% 52% 46% 51% «7 58% 52 59% 52% 4S% 42Vt 46 42% 81% J7% 10.6? 9 65 12.00 9,72 6 92 6.85 7 10 6.42 5.90 5.00 6.10 5.10 Ranee for Feb. 1894. 2i'% 27 66-7^ 66% 63% 75% 85 «1% 76% 71% 12% U% 71 69^4 sm 49% 116 114V4 18% 16% 77^4 V3% 66% 61% 59% 55% 116 117% 66% 65 3,'< 35)4 104% 101% 140 13:< 38% 85% 126 124 16a% 16';% 1J8 l;35 32% 29% 30% 23% 40% 83% 103 101% 5 5 94% 90% 16 15% 15% 15 64% 63 128% 125 47% 45 124 120% \mu 97 24% 22 6% 24% 2t^ :i0)4 •25% '.0% Wl)4 QG^ l'i% 15)2 12% 10% 5 6 16% 15% 46 44% 4% 3% 4% iVA 16% 16% 16^4 16% 4% 4% 22% 20 :b9 105 23% 22 16% 8 « 18% 17 5% 5% 39% 36 '7% "7" 14% 13^ 85% 82)4 13''^ 12% 4»% 47% 7.83 7 58 7.9o 7 20 r.'JS 7 27 6.05 7 33 69% 62% 71% 64% 41}J 42 44% 43% 61% 57% 65-% 59% .38)4 36 k 39% 87% 80 2i» •28% 27% 13.05 1185 12.40 11.97 7.52 7.02 7.43 6.95 6 60 6.17 6 40 6.-2a 1895 1894 OLD PORK, Chgo.-bbls. .... bbfs. WHEAT on passage. 32.240.000 bush. 29,400,000 '• CORN on passage. 4,OSO.0OO bush. 6,672,000 " Russian Shipmts. for wit. 2.8(51,000 bush. 1,0.90,834 " Indian Shipmts. for wk. 224.000 busb. 440,000 •' Argentine Shpts. for wk. bush. t Since Aug. 31. * Since June 30. Compiled and Copj/righted bji CLAPP & COMPANY. BANKEES. MILLS BUILDING. NEW YORK, 4a Meehl^ flDarl?ct Xetter. No. 416. Copyright, 189S, by Clapp A Con^vrnm^. O. W. Clapp. DWIQHT O. Clafp CLAPP & COMPANY, Bankers anb Brokers, MILLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. ( 277 BROADWAY, Corner Chamseri St. Branch ) 671 BROADWAY, Broadway Central Hoteu Offices: 1 753 FIFTH AVENUE, Corner 68th 8t Private Telegraph Wires. Cable Address: "Ozro." Long Distance Telephone. New York, Thursday Morning, February 14, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required, customary commissions charged on cash property or for future delivery. Margin deposits may be made with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. H Z > O m o O z H > i (/) D > r -< m o o :o D C/3 O BANK STOCKS FOR SALE. 60 shares First IS ational Bank Arkansas City, Kan. 50 " First National Bank Fort Madison, Iowa. 19 " National Bank of Rondout Rondout, N. Y. 100 " Moorhead National Bank Moorhead, jMinn. 20 " Salamanca National Bank Salamanca, N. Y. 15 " First National Bank Carthage, Mo. 40 " Arlington National Bank Arlington, Oregon. 50 " City Bank Minneapolis, Minn. 35 " Fresno National Bank Fresno, Cal. 60 " State Bank Elmira, N. Y 50 " City National Bank Norfolk, Va. 13 " First National Bank Texarkana, Texaa 10 " National Bank of the Republic Chicago, 111. r m > D Z o m X o X > z o m CO KEEP OUB LETTERS. PORTFOLIO FOR FILIKG FORWARDED APPLICANTS FREE. 43 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. The persistent faith of investors seems likely to secure the reward it deserves. Private hoarding of gold may not prove profitable. Business interests may shake off the incubus of political control. The strong, deep current of National prosperity will carry all who have faith, energy, economy, honesty, skill and industry. Straws. — For about twenty -three months the country has suffered from a variety of experi- ments made by a party that for the first time in thirty years had complete control of our National Legislation. Their success in doing the right thing at the wrong time and the wrong thing at the right time is now historical. They have seemingly preferred any wild method to cover a tariff reform deficit rather than foster home industries or reciprocity with foreign nations. The tax col- lected on foreign importations has not prevented buying gold on borrowed money at a 25 per cent, increased rate of interest. Many miners are now devoting their time to digging gold rather than silver, which never sold lower than recently quoted. The imports, exports and re-exports of Great Britain as reported by the London Statist for years named indicate their highest expansion of trade was in 1890. 1891, and 1892, and that a slight shrinkage in business has been in progress during the past two years. Possibly their loss was in American business. U. K. Imports U. K. Exports U. K. Re-exports U. K. Total foreign trade. 1894. 1,985,334.300 l,a')0,70-J,«0 Vi81, 714,760 3,317,751,900 1S9S. 1892, 1,968,030,480 2,059,6;«,980 l.Oei ,890,560,1, 10:j,593,220 280,424,100 313,776,180 1891. 1890. 1S89. 2,1 10,24.3,2C0,2,044,.563,120 2,0r8,315,8-M 1,201,561,100 300,727,080 3,316,945,140 3,477,004,380 3.618,537,300 1,280,755.800 1,209,824,100 314.544,060! 323.957,880 3,639,867,840 3,612,097,800 188S. 1SS7. 1880. 1885. 1,88:1,910,960 1,700,423,220 1,700,314,188 1,802,904,480 1,139,840,100 l,0rH,5O2.O40:i,6;K,84:j,500 1,0:15,738,900 311,244,120 288,5:)0,H0, 27:1,297,240 3,334,tf95,180 3,127,371,400 3,007,179,780 28:1.624,740 3,122,268,120 Stocks and Bonds. Bonds. — It is to be regretted American citizens are apparently prevented from securing their share of the nation's loan and compelled to invest their millions in local or other securities, or let their dollars lie idle. The $62,500,000 4 ^ loan offered foreigners and a few Americans at a 3^ basis appears a good investment and likely to discourage the buying of choice securities at full quotations. Savings banks show increased deposits last January over January, 1894. Commercial banks report large balances and decreased earnings. Consolidation might improve many. Railway bonds con- tinue active and closely allied to the speculative list of stocks. Railway Stocks. —Railway earnings show a gradual improvement is taking place, and that other economies may improve results. Sixty roads reported a gain of 3.70 ^ for the fourth week in January, against a gain of 3.34 i by 76 roads for the third wee^k. Northwestern reports 1894 earnings were but a little over half the dividends declared, and the net for 1894 was $9,008,634, against $10,719,070 in 1893. Chicago, Burlington & Quincy earned in 1894 over 31 million dollars. Rock Island traffic equals a million a month. St. Paul is no small competitor or unworthy of investors' attention. Southern Railway is becoming an active stock that may double this year, yet be subject to many small set-backs. Missouri, Kansas & Texas appears doing well, and likely to prove a good low-priced stock, and its bonds desirable to purchase on weak spots. Texas Pacific seems to be becoming more speculative. Atchison earnings and physical conditions are reported better. Its Wall Street friends appear apathetic. Building and running railroads by order oi court is a new feature in railroading, which 113 railroads are or may be, more or less, indulging in. Lack- awanna and Jersey Central may come nearer to each other if the coal traffic continues profitable. Western Union may not earn good dividends, as in years past; its reserves are low, and its record may be broken. Stocks are generally low, and better financial tidings will quite likely cause a general improvement. Industrials. — Sugar stock may improve when Congress quits agitating the tariff. The sugar planter looks discouraged. It is likely to continue one of the "bronchos "of the Street. Chicago Gas in new and original hands should advance; its new officials and owners have successful records. General Electric has not yet recovered the needed confidence to make it an investment stock. Distillers' stockholders appear hopeful. Since officials took refuge in the court we think well of the property, but don't like to buy a law suit. Cordage may now do to buy if one does not fear assessments. Cotton Oil may do to buy when Congress adjourns. Rubber is reporting large divi- dends, and carrying large amounts to working capital. Industrial methods in Washington, at the plants, and in Wall Street continue evasive and hard to follow. Cotton. Texas reports an increased crop of 70 ^, and a possible yield equaling the crop of any other five cotton States, and more than was grown in America in 1871 and 1872. Up to Feb. 8th 8,7.04,435 bales came in sight. Exporters took 4,818,977 bales. Southern and Northern spinners 1,985,474 bales. The visible supply then was 410,000 bales larger than a year ago, and 648,390 bales larger than the same date in 1893. Weekly receipts continue from 30 to 50 per cent, in excess of those a year ago. The world's visible is 233,800 bales larger than at this date from the big crop in 1891 and 1892. The last Government report says the proportion of lint to seed is 32.9 per cent. The average d.i*0,000 38.710,900 6,500,000 60,868,500 83,837,093 20.16f).000 17.992 300 7,311,720 88,000,000 24.000,000 94,820,000 10.000,000 4.500.000 Dividend Rxcobd. Pays 3pc J-D Pays 3pc 0-J-A-J Pays .3!^pc J-J Pays 3pc FM-A-N Paid 5^pc in 1888 Paid 2dc Nov. 1894 Pavs 1J4PC F-A Pays l^pc F-M-A-N... Paid Ipc Deo. 1894 Pays l>^pc M-J-S-D.... Paid 2pc A-0 fays 7 PC Per Annum, laid ^pc Feb. 1895... iaid 2Kr'o Jan.'i895!." Paid 3K'PC Jan. 1895... Paid3pc in 1893 Pays 2pc M-J-S-D Pays 7pc per annum... Pays 7pc i er annum. . . Paid iylpc Jan! "1693! .' .' Paid 2pc .\uci St 1893. . . Pays5pc per annum... Pays 2^pc M-S. Pavs l^pc F-M-A-N... Pays -Spc FA Paid 2pc August 189:^. . . Pays li^pc J-A-J-0.... Paid ape in Feb. 1895... Paid.Spc 1891 Paid Ipc in Dec. 1894... Pays l?ipc M-J-S-D.... Pays 1"4pc J-A-J-O.... Paid l>4po Nov. 1893.. Paid Ipo April 1892., Paid Ipc in 1887..., Pays 2po F-M-A-N. Paid Ipc In 1887... Paid 's^po In '1884.' Pays IHpo J-A-J-O... . Paid Ipc i'n 'Feb'.'isii! '. '. Names of Stocks. American Cotton Oil American Cotton Oil Pfd, Am. Sugar Refining Co Am. Sugar Refining Co Pf. American Tohacco Co Atchison. Topeka & S. Fe. Baltimore & Otfto Canada Southern Central of New Jersey Chesapeake & Ohio Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & St Paul... Chicago Mil. & St Paul Pfd Chicago, R. I. & Pacific. .. Chic, St Paul M. & Omaha Chicago & Northwestern. Chicago & Northw'n Pfd. Cleve.. Cin.. Chic, & St L. Consolidated Gas of N. Y Delaware, Lack'a & W'n. Del., & Hudson Canal Co Denver & Rio Grande Pfd Distilling & Cattle F. Co.. General Electric Co... Great Noitheru Pfd . Green Bay W & St P lYRec Illinois Central.. Laclede Gas Co. of sit'-. Lake Erie & Western . Lake Erie & Western Pfd -ake Shore & Mich. So'n.. Louisville & Nashville.... Manhattan R'yConsoI.. •Michigan Central.. . Mo.. Kansas & Texas Pfd Mexican Central Mi.s.Kouri Pacific National Lead Co . National Lead Co Pfd... N. Y. Cent'! & Hudson Riv N- Y, Lake Erie & Wesfn NY&^ E tst CO cti all in pd N. Y. & Northern Pfd. . . . N. Y Ontario & Western. . N. Y. Susq. & W'n Pfd.... North American Co Northern J'acifio Northern Pacific Pfd Pacific Mail S. S. Co Peoria. Dec. & Evansville Philadelphia 4 Reading.. Pullman's Palace Car Co. Silver Bullion Certificates Southern Pacific Co Southern Railway Southern Railway pfd... Teiin. Coal. Iron ! 93 93 21% 21 30% 23% 61% 81% 99% 99% 10% 10 80% 29% i6' 16% 8<>% 88% i" 8 2i% 21' 9% '9% 155 155 17% 10% 81% 14^ 1% 9% 8% 4% 7% 18% 13% 87% 87% 9% 87% 87% I7y, m 30% 14^ 8% 1% 9h 8% 8% 5 5% 13 i7\^ 9 87% 87, 188 151,198 5,45 S'44 6.43 5,«1 5,50 5,43 5.47 6 44 5,54 6,50 551 5.48 5.S8 5,55 6 56 5.53 58% 5flJ 68% 5^^ 59V4 59!4 49 48% 48% 49% 49% 48% 63% 0.5 Vk 53% 54% 54% m 51% ... .. 45% 44% 44% 44% 44% 41% I iJ9% 28% 29 88% 87% 87% 10 07 10.00 10.15 58% 58% 4«'4 4856 6.3% 64% 44Wi 4i% 27% 9.85 6.65 6.68 6 66 6 60 5-26 5 20 5 87 E.35 5.3i 6,42 6 12 6,48 63 91% 91% S4% 62% 48% 87% 7i% 74% 55% 62% 30 93% 141 3o>i Wed., Feb. 13. 18% 18% 18% 63 (i2% 62% 90% 90% 91% 91% 92 4% 90 91!^ 62% 48% 86% 70% 73% 54% 61% 2t% 92 140 86% 9% 8% 29% 28% 25% 25% 70 70 l.r% l.S7% 62% 52 107% 105% 93 92% 81% 21% .«% 29" 81% 81 9>4^ 99% 10% WVi 30% 29% 18 ie 88% 88% 8" 8 Id 15% 31% 80% 154% 151% 17% i7% 10% 10 32% 31% 8% 9% 42% 3% 6% IS 87^ 9% 47% 9% 42% 3!.(> 5% is 87% 9% 86 182 215 6,42 6,40 5 49 6.4! 5.58 547 6.58 5.52 58% 59 48% 48% n 5814 5R% 4:<% S" 37% 8% 62^ 62% 87% 87' 71 " 70% 74% 73% 55% t5% 62% 6!% 30 30 9s^ 52% 138 |33 85% 35% 8% 8?t 29% 26% 83 86 •25% 25 70 to' ir>.7% 137% 5i% 52!4 100% !0C% 9!lW 10% 80 29% 8i% 9J% 10% 29% 16 15% 17% 10 82>4 16 21% :7% 10 82 8% 6% 43% 4 6 13% 88 9',< 37% 42 3% 5% 13 87% 9% 87 111.604 6.40 5,40 5.46 5.42 5 50 5 46 5,55 5 51 56% 59% 49% 49% 58A 58^4 4.i« 48% 4t.% 44% 53^ 54% 44% 44% ay, 28% 27T4 8 " 7^ 10 32 10 25 6.67 665 i'M 5 80 6,45 6,45 . Range for Feb. 1895.; to date. 20% 18% 64 mVi 93% 90 93 9! 07 4% 63 87% 8% 62 49% 48% 83% 86)4 17% 16% 72% 70% 76% 73'4 57% 54% 118 117Vd 63% 61% 33% 23>4 97% 92 143% 136 38% 35% 129% 127% 162% 159!* 123% 127% f&yt 34% 10% 8% 80% 88 1 86 84% 16% 15% 70% 70 38% 136% 54 51% 109% 105% 93 Vi% 82% 22% 82% 2l' 83% 20% 32% 81% 10014 i'iVi 104^ 9% 31% *■% 10% 15% 40% 38 8% 8% 16% 16% 2-% 80% 8 8 low; 9% 156 154!^ 60% 60% 18 mi 10% 9% 33% 39}* 15 14% 9% 8^ V^ 1% 10% 8!4 3% 8M 44>4 42 5% 2% 9% 5 8% 5% 14 13 89 S7!4 10% 9 89 86 5,49 6. 8.) 5.53 5.37 5.57 -5.40 6 61 5 45 59% 50% 49% 50 54% 55% 40Vi 45% 10.55 57% 58 J4 46% 47% 5-2% 53)4 42% 28% 2:% 9 7? 682 6.47 5 45 5'60 5.07 5.35 Range for Feb. 1894. 29% 27 68% 66% 83% 85 75 81% 76% 71^ I-% 11% 51 W 49% 116 114V(i I8W5 16% 7?M 73% 66H 61% ■^m 55% 118 11?% 68% 65 3« 35^4 104% 101% 140 13H 38% 85% 126 124 16a% 16'i% l:)8 135 82% 29% 30% 23% 40% 83% lOJ 101% 5 5 94% 90% 16 15% 15% 15 64% 63 128% 1-25 47% 45 124 120% 100% 97 24% 22 6% 24% ■^ 30>4 25i4 78% 70^ 101% 96% ":f4 lii% iM 10% 6 5 16% 15% 46 44% 4% 3% 4% 4V4 l.-f% 16% 18M 16% 4% 4% 22% 20 .69 165 23% 2J' 19% 16% 9 8 8 « 18% 17 5 89: 5% 88 7% 7 14% 13% 85% 8^^ 13% 18% 49% 47% 7.83 786 1.90 7 80 7.98 727 8.05 7 83 69% 62% 71% 64% 41U 42 44% 48% 64% 57% 65% 59% 38!4 86% 39% 37% 30 89 28% 27% 13 05 11.85 12.40 11.97 7.52 7.02 7.45 6.95 6.60 6.17 6.40 6.82 1895 1894 OLD PORK, Chgo.-bbls. ... bbU. WHEAT on passage. 82.960,000 bush. 80,016,000 " CORN on passage. 4,480,000 bush. 8,384,000 " Russian Shipmts. for wk. 2,MiO,000 bush. 1,632,624 Indian Shipmts. for wk. 168.000 bush. 820,000 " Argentine Sbpts. for wk. bush. t Since Aug. 81. ■• Since June 30. Compiled and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BTTILLING, NEW YORK mUCChlV flDarl^Ct letter. copyright. mOB, h„ Clapp A Company. No. 417. O. W. Clapp. DwiQMT O. Clapp CLAPP & COMPANY, JSanl'xvs anb ffivohcis, j^ MILLS BUILDING, IM. Y. ' I 277 BROADWAY, Cohneh Chambers St. PRIVATE TELEGRAPH WIRE3. U BHAHCH J 57) BROADWAY, BHOAow«t Central HoTEU CaBlE ADDRESS: " OZRO.' "J^ CiTicEs: I 753 FIFTH AVENUE, corneh 58th St Lonq Distance Telephone. -. New York, Thursday Morning, February 21, 1895. — We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and l'rouisio7is. O Our private luire facilities are unsurpassed to all New York, Chicago and Western q Exchanges. Close relations to important interests enable us to give early and valuable —, information. , Usual margins required; customary commissions charged on cash property or for future "j delivery. ^ Margin deposits may be made with local out-of-town banks. The local hank should always _ wire us at once, at our expense, stating amount that has been placed to our credit, and for ^ whose account, thus allowing us to fill customer's order promptly. ^ A General Banking Business conducted. 3^ Interest allowed on Average Daily Balances, q credited Monthly.' City and Country Accounts solicited. Collections Free to Customers. ;> BANK STOCKS FOR SALE. % 5 shares Market and Fulton National Bank . . New York City. 8 " First National Bank Brooklyn, N. Y. J^ 50 " First National Bank Arkansas City, Kan. p^ 50 '* First National Bank Fort Madison, Iowa. q 19 " National Bank of Rondout Rondout, N. Y. q 100 " Moorhead National Bank Moorhead, Minn. ^Z. 40 " Salamanca National Bank Salamanca, N. Y. ^ 15 " First National Bank Carthage, Mo. D 40 " Arlington National Bank Arlmgton, Oregon. CO 50 " City Bank Minneapolis, Minn. 20 " First National Bank Palouse, Wash. O 25 " American Savings Bank Detroit, Mich. ^ Tl 35 " Fresno National Bank Fresno, Cal. 50 " State Bank Elmira, N. Y. « -f^ 50 " City National Bank Norfolk, Va. 13 " First National Bank Texarkana, Texas. r" 20 " Kearney National Bank Kearney, Neb. fi > D Z Financial Outlook. D The laws and money of the world are among its most potent influences. The money of account used in associated efforts, appears securely entrenched behind unlimited credit, given the common- wealth. It is to be hoped the laws of commerce affecting trade are not likely to be disturbed again O soon. The enterprise that by its brains, energy and activity gives fixed compensation to both wage earner and capitalist may now go forward with the work of development. m Straws. — Within the past twenty -three months more defalcations by state and national officials X were reported than for thirty preceding years. " To reform " seems to be to ruin." To " turn the O rascals out," appears to imply "turn in the rascals." The utter absence of Lincoln methods in X Washington is the regret of our best citizens. "Public opinion creates free governments and >> upholds them for good or for ill." Execution of the public will must follow the public judgment. Out of 14,^88 failures in the United States and Canada in 1894 only 108 were from speculation. Their liabilities were only $!,4'20,G23. 12,!i63 had less than $5,000 capital and 10,358 had very moderate O credit rating with mercantile agencies. Between December 31. 1804, and February 13, is'jo, the rn withdrawals of gold from the United States Treasury were 880,786,002. The banks lost gold in the same time. The Treasury deficit for 1894 was $69,803,260. The receipts from customs in 1804 were $71,536,480 less than in 1893 and $15,292,692 less than the internal revenue receipts. Apparently the President has given a few persons " a put" or " call " on an unknown quantity of government bonds good to Oct. 1, 1895. No similar privilege was ever before granted " a money center," not even by Presidents Buchanan or Johnson. The "Jug Handle " Congress expires March 4, 1895. We trust future elections will favor a principle rather than designated men. KEEP OUU LETTERS. PORTFOLIO FOB FILII^G FORWARDED APPLICANTS FREE. 17 z o m w 2 CLAPP & COMPANY. BANKERS AND BROKERS. NEW YORK, WEEKLY MARKET LETTER. Stocks and Bonds. Bonds. — The Government bond issue to a syndicate that secures a thirty-year four per cent bond, one half to be placed in Europe and the other half to be kept out of American " Plebeians " hands has discoura2;ed timid investors, and attracted the attention of many voters. The savings banks of New York State held on January .1, 1805, $665,258,534 of stocks, bonds and mortgages. They necessarily must be large buyers of municipal securities. Very few default in their interest. Over issues and other irregularities are less common than among corporate institutions. We look for a better investment and speculative demand to spring up as soon as Congress adjourns. Railway Stocks. — Earnings of 132 roads for January. 1895 were about 37 million dollars, or about the same as for the same month in 1894. The first week in February shows a falling off in gross earnings. Primary grain points have received only about two-thirds as many tons of freight since January 1 as same time in 1894. These features made bears aggressive, but apparently did not cause the selling of much long stock. Atchison January earnings exceed those of 1894. South and Southwestern roads generally showincreasedearningsascompared with January and February, l!s94. St. Paul and Rock Island are the least since Js90. Western Union's weakness or strength will ere long be shown by its too numerous stockholders. Its earnings are far behind its declared dividends. Jersey Central depends on poor Coal earnings. We think it likely to sell much lower than recent quotations. Reading and the various Pacific bonds have lost a Wall sk-eet leader ; Pullman stock will likely sell much lower in time ; fully half a dozen State legislatures will take action detrimental to the earnings. Southern Railway has been reorganized. The stock is active and being bought and sold by various classes of money makers. We would not be surprised to see the price double this year. Reorganized and honestly managed properties are liable to show more merit in Wall street and prove good investments, if bought on weak market days. Liquidation of a serious order is doubtless behind us. Industrials. — The freeing of Chicago Gas from Stock Exchange methods and placing it under control of Standard Oil and other strong Chicago interests encourages us to look much more favor- ably upon the property and its dividends. It may become an investors' property, like Consolidated Gas. Distillers' reorganization and change of ownership to people more disposed to build up than to tear down, makes the stock promise great possibilities. Its realty values may exceed its bonded debt. It is reported they control 70 distilleries, and six are making all the spirits needed, and that the outside six distilleries are seeking to secure the trust trade. The field for more and opportuni- ties for great profit are large. Sugar. Madam Rumor says, "according to agreement," the stock will advance to par before the fifty-third Congress adjourns, and it is a good purchase until then. General Electric Company's management and Wall Street methods are still criticised by money loaners. Lead properties are not earning large dividends, and the stock may sell at lower prices. Cotton Oil product drags. Cordage must find better business methods to induce shrewd buyers to go to investing or speculating in the stuff. American Tobacco still has the "taint "of matched orders and irregular methods in imitation of Sugar ways. In a general way the Industrial stock list appears approaching a higher standard and business methods, and higher values, therefore, are likely to prevail. Cotton. About 15 millions of dollars of fertilizers were sold in 1894. Sales this season thus far are small ; cold and snow have prevented planters preparing the ground. Some few sales of fertilizers have been contracted on the basis of about 3i")0 to 375 pounds of cotton next fall for a ton of fertil- izer. Galveston has been sending cotton to Boston by barge at about $1 per bale saving in freight. Fall River bleaching establishments are handling goods manufactured in the South. Cheap wools and imported supplies are interfering with the sale of cotton for some domestic uses. Representa- tive Southern papers claim there are now 400 mills and 3 million spindles in the South. Low freights and cotton appear changing manufacturing centres. The stock of cotton here is about 140,000 bales, 20,000 being certificated and deliverable on contracts. New Orleans has about 350,000 bales to be cared for by the bull clique, who are apparently trying to dictate values and manipulate the markets for cotton both in this country and abroad. Our exports to the continent have been over 53 per cent, larger than last season, and about 3G per cent, of all exports, which were 4,926,375 bales to February 15, against 3,848,442 last season. The world's visible decreased last week 155,065 bales, and is now 4,847,784. Texas deliveries since September 1, 1894, exceed any India crop grown, "and three times as much as India and Egjpt ever exported in one season. Bombay's receipts and exports recently are but about two-thirds of past seasons same time. Mr. Ellison reports the European consumption October 1 to February 1 as 1,395.626,000 pounds, against 1,258,215,000 pounds the previous season ; spinners' stock as 848,000 bales (400 pounds), and about 24 per cent, of the amount consumed past four months. Acreage and lint per acre as based on the Oovernment's estimates. Indicated crops grown for years mentioned. 1894-5. 18fl3-4. 1802-8. 1801-2. 1890.!)1. 188990. 1888-9. 1887-8. 1886-7. 1885-0. 18S<.8. Acreage (Govt, report).. 19,728.491 16,«(fi.840 16,571,742 19,85«,487 20,389.611 19,080,275 18.937,234 18,522,499 18,501.667 18,249,378 17,322,;J88 I,int, per acre, in lbs 191.7 182.76 167 179 189 158 149 164 168 161.5 iiXi.X, IJales of 478 lbs 7,912,032 6,808,245 6,789,707 7.24S,303 8,002,013 6,300,869 6,903,026 6,813,138 6,502,678 6,165,850 6,678,041 Actual crop marketed 7.527,211 6,717,142 9,038,707 8.055,518 7,313.726 6,935,082 7,017,707 6,513,623 6,550,125 6,669,021 yearly shortage 1,158,966 927,453 1,790,404 663,505 900,857 1,033,056 704,569 10,945 884,276 9,020 Average yearly shortage past 10 years 739,999 bales. From 1886 to 1887 to December, 1892, Bradstreets' yearly made an estimate of the crop to be grown; in the seven years of experimenting their average deficit in the yearly crop was equal to 320, 7b6. The tendency of estimates seems to be uiider rather than over. It seems to be conceded 48 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. the mills of the world are running at full speed, and securing a handsome gain under new methods of changing cotton into wearing apparel at a less cost than ever before attained. The bears tell us a large fall of snow and a cold winter has always been followed by a large crop, and no worms or pests occur after such weather. The hulls say the decreased acreage and price will offset all bear factors. The press, planters, and cotton factors, are growing enthusiastic over tJie idea of a large decrease in acreage, a prospective small crop the coming season, and likelihood spinners will con- tinue greedy buyers, and thus enthuse speculators and enhance prices. Wlieat. Russian exports are expected to be about l':0,000,OnO bushels out of 360,000.000 bushel crop. The Argentine crop (all cut) is reported as from 64 to 72 million bushels. G'.'rmany's imports over exports in 1894 were given out as 39,320.000 bushels against 25,800,000 in 1893 ; of rye about 25 millions of bushels against about 9 millions the previous season; of corn about 22 millions against about 29 millions the previous year. Belgium imports in 1894 are reported 44,440,000 bushels against about 26,000,000 in 1893. Russian January shipments were 8,032,000 bushels against 6,480,0(i0 for January 1894. Their port stocks are reported about 10^ less than in 1893. India exported only .1,152,000 bushels against 2,695,000 for January 1894, and from April 1, 1894, to February 9, 1895, only 12,088,000 bushels against 20,800,000 bushels last season. Argentine shipments in January were 1,396,000 bushels against 1,176,000 bushels for same month of 1894, or an increase of 18.7^. Austria 1.216,000 bushels against 618,000 bushels. Australia 992,000 bushels against 584,000 bushels. America 6,762,861 bushels against 5,964,365 bushels. The Trade Bulletin reports the world's visible February 1 was 84,000,000 bushels in Europe against 104,700,000 a year previous. American visible as 139,396,000 bushels against 128,278,000 a year previous. American exports of flour in calendar vear 1894 were 15,740,246 bbls. against 16,150,293 in 1893. Total wheat and flour was 145,949,074 bushels against 185,226,777 bushels in 1893; from July 1 to January 31, 9,206,486 bbls. of flour were exported against 10,143,687 in 1893, of wheat 48,286,579 bushels against 63,114.280 for previous season. Total wheat and flour 91,510,081 bushels. Northwestern millers are reported as grinding less than half as much wheat in December and January as the previous two months. The visible has decreased nearly 7 millions bushels since it reached the maximum in January ; last year same time, it only decreased about one million bushels. The world's visible in 1893 decreased from 234,223,300 bushels February 1 to 183,744,000 July 1 and in 1894 from 232,978,200 bushels February 1 to 173,012,000 bushels July 1. 1894. Primary receipts since January 30 are only about ^4; a million bushels per week. To date since July 1 they equal about 125 million bushels against about 216,000,000 bushels last season. Exports are now about 2/2 million bushels per week and to date exceed 98 million bushels against about 129,000,000 bushels last year. We still believe the years exports will exceed 150,000,000 bushels (although most writers and statisticians have not been able to find more than about 125 million bushels to spare.) The stock in New York is less than ^ that of a year ago. It is whispered there is a large line of whvrat bought for May delivery in Chicago and St. Louis, by strong parties residing in California and Kentucky, who look for much higher prices. Many thmk the European depression is but a retiex from America. Others that the Government report, to be out March 10, will indicate there is less wheat in growers hands March 1 than for any of 10 years past. The smallest amount reported was March 1886, viz., 107,000,000 bushels. The largest amount March 1892, at 171,000,000. Its near a season for crop scares and unnatural fluctuations. We look for better markets next month. Corn. Exports in January were only 3,152,403 bushels against 8,560,850 for January, 1894; for the calendar year, 1894, they were 40,210,348 against 53,815.sr8 baslijls. Oats 581,97-5 against 7,052,715 in 1893. Exports, corn July 1 to Jan. 31, were 9,066,428 bushels against 37,728,763 last season. Lake charters to Buffalo from Chicago, iucluding winter storage, lias been made at 2>i cents p^r bushel. Increasing receipts and moderate weather has dampened the ardor of aggressive bulls. The free marketing of hogs, cattle and sheep tends to lessen consumption and make May "folks" think a twelve hundred million crop well distributed in its growth equalis a 33 >^ % larger crop located in few States, where a larger proportion has to cross county lines to find buyers. Provisions. Exports since November 1, 1*^04, have been fully 25^ larger than same time previous season. The domestic demand continues large. Exports of ham and bacon in '■S9i were 534,091,242 pounds against 428,918,893 pounds in 1893. Chicago received 74,551 hogs one day last week ; never before were her receipts in one day over 67,629 hogs, l^log receipts seem to large to encourage buying and price too low to enthuse short sales. Packing to date 6,160,000 against 4,270,000, or 44 ^ more. Yours truly, CLAPP & COMPANY. Note.— About March 10 we shall issue our new book, "Leading American Exchanges for 1?^94." It will contain 352 pages, in elegantly 1 ouud covers, and have haii" tone pictures of about 35 repre- sentative Stock, Grain and Cotton Exchanges, giving their history, business and statistical record for the past decade ; also values at protlucing, speculative, exporting and consuming points, and mnch other statistical matter of great value to bankers and business men who desire to know daily prices and the annual production of the world's staples A limited number of copies will be issued and delivered to applicants free upon receipt of $3.00. J9 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qnotations for Stocks, Cotton, Grain and ProYisions for Week ending Fel)rnary 20, 1895, and lor February, 1894. Par value of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COHPARISONS. Weeklt Sales. 690 278 155,213 1.127 86.010 3,541 1.100 650 49.358 2.140 80.755 72,156 67.358 339 13.741 1,215 89.865 215 8,652 754 14,104 4,028 421 22.775 12,204 ISO 250 '600 300 1.058 987 29.151 4.564 110 405 11.240 n,9t)0 691 2,0H9 21.460 3.655 2,823 865 1,983 1,245 1,565 2,525 6,m 2(;0 80.000 1.830 17,779 4.852 1.470 510 410 1.748 610 6.013 7.153 i.ieo 12.902 1540 1.061 CAPrrAi Stock. 120,237,100 10,198,600 36.773,000 86,773.000 17,900,000 102,000,000 25,000,000 15,000,000 22,488.000 60.805,400 82,262,700 24,8«5.800 46,027.261 25,92.3,900 46.1.56,000 18.5.59,300 89,054,907 22,335 irO 28 000,000 35,430.060 26,200,000 35.000,000 38.000,000 85.000.000 30,459,700 85,000,000 8,000,000 60.000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800.000 30,000,000 18.738,204 13,000.000 47,844,100 47,436,575 14.9C5.400 14 904,000 89.428.300 77.427.000 20.000,000 6,000,000 58.119,982 13 000,000 39,767.200 49.000.000 89,269,516 20.000.000 8.500.000 40.426,.36] 36,000.000 68, 402,900 125,000.000 60.000,000 19,850,000 38,710,900 6,500,000 60,868,500 83,837,093 20,166,000 17,992 800 7,311,720 28,000,000 24,000,000 94.820,000 10.000,000 4.500.000 DlTTDEND ReCOBD. Pays 3pc J-D Pays 3pc 0-J-A-J... Pays 3J^pc J-J Pays 3pc FM A-N.. Paid 5^4pc in 1888.. Paid 2dc Nov. 1894. Pays Ikpc F-A. Pays l?|pc F-M-A-N. Paid Ipc Dec. 1894 Pays IHpc M-J-S-D.... Paid 2pc A-0 Pays 7 PC Per Annum. Paid ^pc Feb. 1K95... Paid 2!^pc Jan. 1895. Paid .3Kpc Jan. ]8'J5. Paid 3pc in 1893 Pays 2pc M-J-S-D Pays 7pc per annum. Pays 7pc per annum. Paid li^pc Jan. 16;i3. Paid 2pc August 1803. Pays 5pc per annum. Pays 2i^pc M-S. I^ays l^pc F-M-A-N. Pays 3pc FA Paid 2pc August 1893. Pays l^pc J-A-J-C. Paid 2pc in Feb. 1895. Paid .3pc 1891 Paid Ipc in Dec, 1894. I'ays I9ipc M-,I-S-D.. Pays Ij^pc J-A-J-O.. Paid lJ4pc Nov. 1893. Paid Ipc April 1892., Paid Ipc in 1887,.., Pays 2pc F-M-A-N. Paid Ipc in 1887. Paid 3J-^pc In 1884. Pays IMpo J-A-J-O. Paid Ipc in Feb. 1891. Naues of Stocks. American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co. . Am. Sugar Refining Co Pf American Tobacco Co Atchison, Topeka & S Fe Baltimore & Obio Canada Southern Central of New Jersey' " Chesapeake & Ohio Chicago, Bur. & Quinc'r: Chicago Gas Cos..... Cliicago, Mil. & St Pani . ! Chicago !Hii.& St Paul Pfd Chicago, R. I. & Pacific Ch.c, St Paul M. & omahi ( hicago & Northwestern C iicago & Northw'n Pfd. Cleve Cin., Chic, & st L. Consolidated Gas of N Y Del.. & Hudson Canal Co Denver & Rio Grande Pfd Distilling & Cattle F. Co. General Electric Co.. Great Northern Pfd "" Green Bay W & st P Tr itee Illinofs Central. Laclede Gas Co. of St l!. UkeErjeA He.«tern. Lake Shore* Mich. So'n.. Louisville &. Nashville. •Manhattan R-yConsol...' Michigan Central Mo., Kansas & Texas" Pfd Mexican Central Mi.vsouri Pacific...; National Lead Co N a tiona I Lead Co Pfd . " ' N. i.CenflA Hudson Riv kVIvH^.®.^''^ * ^'estn «. r. A ^orthern Pfd.... N. y Ontario & Western.. N. Y. Suso. A \Vn Pfd.... North American Co Northern Pacific Northern Pacific Pfd Pacific Mails. S. Co f>f7'^- ,°T«'- * Evansville Ihadelphia A Reading.. PullmanN Palace Car Co. Mlver Bullion Certificates Southern Pncific Co southern Railway Southern Railway pfd!!! lenn. Coal, iron &R R Co Texas & Pacific Toi Ann Ai b. & Nor. Mich Union Pacific. .. Union Pac. Denv. & Gulf. United States Rubber Co. U. S. Coidage Co U. S. Cordage Co pfd.... Wabash ,. Wabash IVeferred ....'!! ! Western Union Tel. Co... Wheeling & Lake Erie Wheeling & Lake Erie Pfd Total sales of all Stocks each day and for the six days 780.51 4 COTTON, in ba es. I World's visible. 1895 4 847.784 1894| 4,477.815 Total In sighttl Total Export*. 8,248,240 4,9.'rt.375 6,4.36,367 I 3,843.442 N. r. CotUm February. March. April May WHEAT, in bushels. I V. S. Visible. Primary rec'ts" 1895 t!0.734.U00 I 123.00'> 000 18941 78 668,000 I 130,046 000 T0 113,097 CHICAGO CONTRACT STOCKS I, , PORK-bbls,] LARD-tcs. , RIBS-lbs. .^"'"'^ 127.337 27,089 33..540.4S4 ' ,,, 69,ti4.S I 5.472 I 11,605..335 ^'•'» • .) May.. I July... I May . ) July... Thursday. Feb. 14. 16^ \m mi 89H 90Ji 90'^ 90 88H iVi *% 62^ 619i 4S}s 48H 67)4 86J^ !6*i 16^ 70'A 70M 76 "m, 165 155 Friday. Feb. 15. 91^ 4« 86% I6M :o^ 73% 54?| 117 6IH 29»4 90?i 3C« 128 159)^ 128 84% 9 89^ 4V< 839^ 16)4 ?l?i 5*H 61^ 2!)K 35J6 128 13S^ 127W 34% 8% ■mi 70 69^ 137 136>4 5-'W .52 10; H lu6% 22 " 22' 21« 29 SlVi 99 low 30>i 28 8lH 9(% 9H 29« 18 15% m 8 159i i2>4 8H 3 vy* m 1794 1:% VM \m 10 99i 82^ 31« 8l9i I 14M 8% 8« % ■■■• m .... 17^ 6.45 5,50 5 52 5,58 58H 69,', 49^ 49yi 53% 54% 45H 4534 29?^ 10,17 6.44 5.44 5.50 5 45 5 5-' 5.19 6 59 5.53 5S% 58^ 58M 5^?i' 59 5^ 48?i 49H 48?*. 4J^4 4«% 49J4 53% 54 44% 44% 10, :o 6,62 6,60 5,27 5,42 5,25 5,40 5.3% .5354 61^ 54^ 45>i WA 44'/* 44^ •J9% 10.25 29 10 Oj Saturday, Feb. 16. 18^ 18V* 9-i% 91H 92 4H SIV^ 48^ 48% T 72% 55 6;% 6194 90% 69% 36M 86M I58M 127;^ 35^ 8% 127H 351X 2694) 26ii iwi 15H I5H 70 69% 1371^ 1.37)14 5-.'% 5 9* l07Ja 10li?i ai" 2814 80% 21 26H 60^ 9?6 29% \m 'S% 'i% 8% n\i 22 , 9% 154 9% 154 18' t75» 81M 1394 1394 m 8% Monday. Feb. 18. 9314 9194 91H 62 92H 9194 91 63 63 83« 16V» J0% 73*4 55% 81^ 70V»< 55 6> 61)^ 3094 30)^ 30>4 8994 35% ih\i 128 128 158 iSiiH 127H 125 3494 34li 8% 9 2oH « "94 26 15H 26 15% 5394 52H (i'iVa 107 iO% 27% 81*>. 9914 ^9i 29 J* 16% 8 )6V4 22 21J4 28 61% 99V4 9H 29% 16M 3;% 's" 16 22 994 9H 18 32% 14^ 8% 42 494 7Ja 179-4 10 31% 13^ 0% 12% 12% 18 1294 i',\i 8- 8794 87H 9% 9M OH 9% 87 87 . S7 30H 78,817 181,836 6.00 6,57 5.30 5.45 5.22 5.37 1895 1894 OLD PORK, Chgo.-bbls. . . . bbls. WHEAT on passag 34.oso,ooo bush. 29,656,0)0 '• 6.49 6,19 6.4S 6.47 6.62 6 48 6,52 5.51 6.55 5 61 6.58 5,56 5 60 5.56 58% 67U 5794 57% 5894 ti% 58!4 57% 4894 4'*!4 48% 4b,'„ 4a 4*94 <9 *^^ 5.3% 523^ 5294 5i 54«.(. 531/4 53% 52% 44% 44V4 44% 41% ■I4V» 44 ; 44)4 43^* 29 2S% 29 28^ 2794 2796 271^ ■■^y-i 10 85 10.12,10.30 10.07 ! 6 62 6.62; 6 65 6 50 5.32 5"25 5 35 5 27 5.42 5 40 5,47 5.42 Tuesday. Feb. 19. 1894 62 9i\i 91% 4 62% 4894 64% :«% 71k 73h, 55M 62'^ 81 91)4 18% 62 91% 89 4 62 -1894 83h 16H 70; 72- 55 6i94 31 90)4 36 .35% 128 128 157% 15li% 127 126)^ io" '9% 29% 28% 1594 1694 71V4 70% U7 lar- 52% 52)* 10694 10694 22)4 22 21% 28)4 9H% 8% 3<« 20)i 2794 99% 8% 80)b 16% 16% 8% 2% 15% 22 3% 2% 1.594 22 994 994 6094 18)4 10>^ 3194 14)4 42% 494 6094 18 10 81)t 14 42% 4% 694 18)6 13Xi 8794 87% 9)4 9 36% 86 126.026 6,.TO 6,50 5 52 6,49 5.54 5.52 6,59 5.56 53 57)4 5S!4 58)* 48% 48% 19% 43% 53 52% 54 53% 4494 44)S *4% 44% 29 28?i 2794 279* 10,37 10.25 6 57 6,62 6.72 6.65 5.37 5.. 32 5 50 6.45 Wed., Feb. 20. 18% 18% 93% fll'^ 91% 91)4 90)4 97)4 4)4 48% 4SVi 84% 83-Vi 16% 16% 71% 71 73% 72)4 65% £5^4 6294 62 8! 81 91% SO94 3'i94 86)4 130 ,30 158)i ,58)4 128 J2;H i6% 9it 29% 26% «5 S6 5;% :C7)4 94% 51% !0C<-8 94% 2i)i 29 83)4 99% 8% 80% 26% s-.'k 9"% 8^ 30% 1<^ 38% 8'A 3% i'i% 38 8)6 23 22 ■9% '9% 154% 151)* 17% 10% 31% M% :7% 10 81% 14•>^ 9% 9% 42% 42% 696 (% 13)4 ?8% iVi 30% 13)a 8794 80% 120 999 5.53 5.49 5.55 6 51 5,59 5 55 56% 57% 5894 58% 48% 4,1% 49 18% 53)4 52% 54)4 53%1 4494 44)4 44% 44 29M 28% 27% 27% 10 20 1017 652 647 6,62 6n2 5,30 527 5.4.' .5,40 Range for Feb. 1895. to date. 20% 18)4 64 62 9394 89% 93 90% 07 87% 4% 894 63 6 94 49% 48% 89% 81% 17% !6)i 72% 6i)% 76% 719-4 57% 54V4 118 110% o394 6lii 33% 29)4 97% bSVa 14S)4 137 38% 35% !oO 127)-4 162% 156% 1 29% 126 •35)4 34% 10% 8% 30% 28 10: 101 I 94 89 86 27 2494 16% 15)4 71)4 6y% 13894 1^6% 54 5)94 109% 105% 94% «2)>4 22% 22 iiH 20% 83% 26% 33% 80% 100)4 J694 10^ 6W 31% 2:% 16% 15% 4094 37 8% 3% 8% 2% 1694 la)4 2-94 20% 3 3 10 X. 9)^4 156 154 mi 60% 18)i 17>4 10% 9% 3.3% 30i.k 15 13)4 9J^ *^ 1% % 10)4 "^4 394 »M 44)4 41% 5% 2% 9% 5 6% 5% 14 12% 89 87 10% 9 39 86 6,50 5.83 5.53 5..37 5.57 5.40 561 545 69% 57% 5994 5:% 49% 415% 50 47)i 54% 52 55)4 52% 4ii)t 1294 45% 4294 29% 289i 10.65 6.K2 6,75 5 45 5-60 28)4 27)4 9 77 6.47 6.62 507 5.35 Range foi Feb, 1894. 28% 27 68% 66% 63% 75% 85 81% 76% 71% I-% l:% 71 69)4 51% 49% 116 114)^ 18% 16% 77)4 73% 66)4 6 194 59?4 55)i 118 ur% 68% 65 &X 35)4 IO494 101% 140 '13 3894 85% 126 124 169% 165% 138 135 32% 29% 30% 23% 40% 33)4 103 101% 5 5 94% 90% 16 15% 6494 63 128% 125 47% 45 124 120% 100% 9? 24)4 22 2^2^ •30)4 25)4 76)2 -0% 101% 969-4 l'i94 15% 12% 10)4 5 6 1C% 16% 46 44% 4% 8% 4% -.M 13% 16% I814 16% 4% 4)4 22% 20 169 165 23% ii" 19% 16% 9 8 6 6 18% 17 5% 5% 8994 88 7% 7 14% I3-94 85% 82)4 VXM> 12)4 4994 47% 7.83 7 29 7.90 7 20 7.98 7-27 8.05 7 33 69% 62% 7196 64% 41U 42 14)4 <3% 61% 57% 0i>94 59% 3S)4 36% 39)4 37% SO 29 28% 27^11 113 05 11 85 12.40 11.97 7.52 7.4,-J 6.00 6 40 7.02 6.95 6.17 6.22 CORN on passage. 3,920.000 bush. 6,?60,ceo Russian Shipmts. for wk. 1,600.000 bush. 1,8S4,260 Indian Shipmts for wk. 2*3,000 bush. 230,C00 Argentine Sbpts. for wk. 1.620.000 bush. 8,200.000 t Since Aug. 8L • Since June 30. Compiled and Copyrighted bj> CLAPP & COMPANY, BANKERS, MILLS BUILDING, NE'W YORK 6U TOfleeftl^ flDarl^ct Xctter, No. 418. Copyright, 1898, by Clapp Jt ComvM»ff O. W. Clapp. DwiQHT O. Clapp CLAPP & COMPANY, . Bankers anb Brohers, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Private Telegraph Wires. Cable Address: "Ozro." Long Distance Telephone. ( 277 BROADWAY, Corner CHAMBEns St. Branch ^ 671 BROADWAY, Broaow.y Central Hoteu Office*: | 753 FIFTH AVENUE, CORNER 58th St New York, Thursday Morning, February 28, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. 50 50 19 100 40 15 40 50 20 25 35 50 50 10 10 BANK STOCKS FOR SALE. 5 shares Market and Fulton National Bank . . New York City. 8 " First National Bank Brooklyn, N. Y. " First National Bank Arkansas City, Kan. " First National Bank Fort Madison, Iowa. " National Bank of Rondout Rondout, N. Y. " Moorhead National Bank Moorhead, Minn. " Salamanca National Bank Salamanca, N. Y. " First National Bank Carthage, Mo. " Arlington National Bank Arlington, Oregon. " City Bank Minneapolis, Minn. " First National Bank Palouse, Wash. " American Savings Bank Detroit, Mich. " Fresno National Bank Fresno, Cal. " State Bank Elmira, N. Y. " City National Bank Norfolk, Va. " National Bank of Commerce Omaha, Neb. " Commercial National Bank Omaha, Neb. X > a m o o z H > i (/) D > F -< m o O :o D W O r m > D 5 o m X o X > z o m 0) 'tEEP OUR LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE. 51 2 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. Opportunities have always been more equal than men. The air in which bats flutter is the same that sustains the bolder stroke of the eagle's wing. Associated efforts are the unconscious tribute the weakness of the many pays to the strength of the few Each highway of effort shows the footprints of the giants that have passed that way. As political clouds pass out of the sky we may look for finance and trade to offer opportunity to leaders who are equal to their needs. Straws. — The output of steel rails in 1894 is reported as 1,014,034 tons, or about 10^ less than the previous year. Of Bessemer steel ingots 3,579,101 gross tons, or about 12;^ more than in 181^3. Birmingham, Ala., claims cost of making iron is lO.SO per ton. 30,897 patents were applied for in the United States in 1894, and 20,803 were granted. Patent office earnings were $87,392 more than the expense account. Out of 12,690,152 families in the United States in 1890 about 47.80 ^ own their own homes, and about 5,500,000 or G,000,uOO occupy farm homes. About -K of all our exports come from the farmers. Pennsylvania claims her railroads represent one-fifth of the capitalization of the United States system, or about $2,000,000,000. 'Great Britain sent the United States 320,879 tons tin plate in 1894 against 255,583 tons in 1893 and 325,145 tons in 1891. Stocks and Bonds. Bonds. — The President's bond issue appears absorbed by foreigners and a few Americans, who claim a large profit, to the disgust of American lookers on. Municipal and railway bonds are dull but firmly held. We look for an increased demand when legislative tampering ceases. Bank stocks are lower to sell. Ratlroad Stocks. — The gross earnings of 206 roads reporting to the Chronicle, for 1894 were 6969,003,527, against $1,091,975,721 in 1893. Net earnings were ••^291,802,707, against $332,126,310. It appears about two-thirds of the loss was saved by economies. The South western and middle western roads report good increases recently. Union Pacific evidently has no friends. Some officials consider this and the Government proper subjects to pilfer. Bookkeeping methods evidently have been very elastic. Burlington, Northwestern and St. Paul earnings are not equal to expecta- tions. 73,760 cars more live stock were received at Chicago than in the previous year, and St. Paul got 10 per cent, of the increase and the Northwest got about one-seventh of it. Their recent dividends show handsome profits on cost of the stocks. Canadian Pacific is entirely under the control of European cousins, without a much better showing or any more honorable methods. Reports say Western Uniou will stay in the dividend list. Manhattan is likely to become more active. Political competitors may find ways to bleed it. Coalers report net earnings for 1894 of $30,860,225, against $38,708,303 net in 1893. The " Salvation Committee" of coal interests appears to be producing more coal rather than less, or higher prices. We prefer looking for lower levels for coal properties. Louisville appears firmly and friendly held by many foreigners. It is a good scalp- ing stock. Southern Railway has many friends at the decline. We prefer buying it on weak spots, believing it and other properties that have been "repaired, reorganized " and placed under honest management, will do better. Industrials. — Sugar, Whiskey, Tobacco, all appear flavored with dishonest methods. Tobacco dividend will likely be reduced to 8 %. Distillers in better repute on account of change in manage- ment. Receivers seldom try to bunco the Street as much as Industrial manipulators. We look for lower Tobacco, and would not be surprised if Sugar advanced temporarily and Whiskey doubled this year. National Lead reports over two millions of accounts receivable, notes and cash, against about $137,000 indebtedness, indicating conservative management. Cotton Oil may do a better business and get better prices for its product. Their stock seems forsaken. Chicago Gas has more home friends, and apparently adverse legislation is for effect rather than reality. Its new officials should mean strength to the market, and the reverse of the old manipulators, plus a high United States official, after the adjournment of Congress. We see no reason to expect future depressions will be large until a higher range occurs. Cotton. Cotton goods are dull everywhere. The cotton visible is larger than ever before at this date. American spinners took from September 1 to Washington's Birthday 2,083,808 bales. Exporters took 5.039,507 bales, equaling more cotton than was ever absorbed in a season prior to 1889-90 (when 7,231,000 bales were taken). For the year ending September 1, 1892, exporters and spinners took 8,714,000 bales. We have exported more cotton since September 1 than the world's visible ; 93 per cent, is American. Foreigners are reported holding more than 80 per cent, of tlie visible. Accord- ing to the Government estimate the amount to come in sight is only about 600,000 bales. We look for a crop of about %}i million bales, or for about 1 ,r)00,000 bales to co'^me in sight before September 1, and believe the market will be more influenced by the large visible and invisible stocks before mid- summer, than from a prospective shrinkage in the acreage or final output. The season following the big crop in 1891-2 the crop shrinkage was near 20 per cent., and fertilizers used near 40 per cent, less. Low prices ruled during the early planting season. Spinners and foreigners then held less supplies and speculators larger visible stocks. A resolution has been offered in the House of Com- mons to revive restricted trade, and the English appear favorable to another International Bime- tallic Conference. England's free trade principles toward India and the world must further damage American cotton growers. More than two-thirds of our crop crosses the Atlantic in Eux'opean steamers. Our average home consumption during the past 10 years has only equaled 32.1 per cent. Argentine ought to buy cotton of us more liberally. Their imports have nearly doubled the past 52 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. 3 decade. New York's exports to South and Central America and Mexico since January 1 have been about 70 per cent, larger than last year same time. The China trade has decreased fully 75 per cent, same time. Wheat. The stock of wheat at five Atlantic ports February 16 was 12,487,000 bushels, against 18,529,000 bushels February 17, 1894, and 15,257,000 bushels February 18, 1893. Exports wheat and flour and the interior movement are both decreasing. The maximum visible was reached December 22, 1894, 89,071,000 bushels ; in 1S93 it was 80,445.000 bushels ; the previous year it was 82,252,000 bushels. This season the visible has decreased 9,595,000 bushels, same time last yenr it decreased 1,764,000 bushels, and two years ago the decrease to date was only 371,000 bushels. The world's visible decreased more last week than any single week in a decade. The Great Britain Custom House returns show January imports of wheat and flour were 54 per cent, larger than for January, 1894, and that 47 per cent, of it came from America and 32 per cent, from Russia. The amount afloat and in Europe is less than any similar date in three years. Beerbohm estimates England will feed 18 million bushels more than usual to live stock. The Corn Trade News says : "For the first time in our recollection the great port on the Mersey has run out of stock of California wheat and indeed of all other classes of white wheat, while of the red American much is in pawn against future sales." Two cargoes of wheat from Portland, Oregon, arrived here yesterday, one more is en route ; they will likely be sold to go abroad. The Argentine's shipments for each month from January to July, inclusive, in 1894, and for the calendar year, also for 1894, show in table : Calendar Jan. ,'95. Jan. ,'94. Feb. ,'94. Mar. ,'94. April, '94. May, '94. June,'94. July, '94. Year '94. To U. K. and orders.. 804,000 772,000 3,368,000 7,216,000 7,400,000 6,304,000 5,072,000 4,568,000 41,480,000 To Continent 592,000 404,000 952,000 1,912,000 1,992,000 1,904,000 1,176,000 1,544,000 13,312,000 Excess in January, 1895, over January, 1894, 220,800 bushels, or 18^ per cent. Russian ship- ments from August 1, 1894, to January 26 were 62,000,000 bushels against 61,696,000 bushels in 1893-4 and 40,720,000 bushels in 1892-3. Indian shipments since April 1, 1894, were 12,180,000 bushels against 21,180,000 bushels in 1893-4 and 27,776,000 bushels in 1892-3. Australia exported in 1892 5,108,000 bushels, in 1893 9,504,000 bushels, and in 1894 10,000,000 bushels. Our total exports last year were more than 10,000,000 bushels larger than the average for the past decade, and the value averaged over $28,000,000 below the average. The yearly price in New York averaged below $1 per bushel except in 1891, when the average was $1.03. Last year it was but 59c., or over 30c. per bushel below the average, or more than 33^ per cent. less. The highest average price last year was in January, 1894, 64.6c. per bushel. In December it was 54.7c. There appears to be an increase in speculation; if it continues we see no reason to look for lower prices. Sentiment has been very bearish or apathetic; general conditions seems changing. The unexpected often happens. It will be very unusual if there is not a sharp rally in prices during the coming sixty days; last season there was a 16 per cent, advance from early March to last of April. Corn. Exports were the largest on record in 1880, equaling 118,903,923 bu. ; the 1894 calendar year were 40.210,340 bu., and in 1893 they were 53,815.878 bu. Mississippi reports having corn to export for the first time in her history. Texas and Mexico are not importing this season. The New Eng- land demand scarcely equals average wants. Primary receipts are only about an average and stocks are slightly less. The prices are above an average. Speculation seems increasing and senti- ment bullish. Higher prices are but natural following the decline. Oats. The visible continues double that it was a year ago. Prices about the same. Kansas and Texas report a liberal amount of moisture and seeding, with prospects of an increased a-^reage. Provisions. The Government reports indicate there were 25,636,745 hogs in 12 corn states January 1, against 27,576,163 January 1, 1S94 ; in all states 44,165,716 hogs, against 45,206,498 January 1, 1894, and 46,094,807 January 1, 1893. Farmers appiear desirous of placing their holdings in packers cellars. The Secretary of Union Stock Yards, Chicago, reports that 7,483,228 hogs were received in 1894: receipts of cattle were 950,738 ; sheep 333,398. Exports continue liberal and for seven months exceed those of previous season. The domestic demand is good. Sentiment has been bearish. It is usually so about the end of a packing season. Prices are about 33>1^ below those of a few months ago. We see no reason to look for further decline. It is but natural a 10 or 20;^ advance should occur, following the low record just made. Packing from November 1, 1894, to February 21, was 6,570,000 hogs, against 4,335,000 the previous season same time. Yours truly, CLAPP & COMPANY. Note.— About March 10 we shall issue our new book, " Leading American Exchanges for 1894.** It will contain 352 pages, in elegantly bound covers, and have half tone pictures of about 35 repre- sentative Stock, Grain and Cotton Exchanges, giving their history, business and statistical record for the past decade ; also values at producing, speculative, exporting and consuming points, and much other statistical matter of 'great value to bankers and business men who desire to know daily prices and the annual production of the world's staples A limited number of copies will be issued and delivered to applicants free upon receipt of $3.00. 53 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qflotations for SLocks, Cotton, Grain and Provisions for Week ending February 27, 1895, and for February, 1894. Par yalue of all stocks $100. except D., L. 41 7,000 6.775 2,%0 i,m 1,435 140 770 ll.l-.68 1.293 1,266 150 uim 9,090 900 220 *887 2.636 7,0U3 6.236 100 1.729 6.254 990 852 Capital Stock. $20,237,100 10.198,600 30.773.000 3C 773,000 17.900,000 102,000,000 25,000,000 15,000,000 22,48».000 6O.bO5.400 82 202,700 24,8.S5,800 46.027,261 25,923,900 46,l.'i6 000 18.559,300 39.054,907 22.335 170 2b 000,000 35,43O,0C0 28,200,000 85.000,000 88.000,000 35,000.000 30,459,700 25,000,000 8,000.000 50,000,000 10,000,000 11,840,000 11,«40,000 49,466,500 52,800,000 30,000,000 18,738,204 13,000.000 47,S44,100 47,436, S'S 14,905,400 14,904,000 89,428,300 77,427.000 20,000,000 6,000,000 58,119,982 13.000,000 39.767,200 49,000,000 89,269,546 20.000,000 8,600,000 • 40.426,361 86,000,000 68.402,900 125,000.000 eo.000,000 19,850,000 38,710,900 6.500 000 60,868,.'500 83,837 093 20,160,000 17,992 300 7,348.920 28,000,000 24,000,000 94,820,000 10,000,000 4,500.000 DiVIDIND RiCOBD. Naues o>' Stocks. Pay.s 3pc J-D Pays 3pc 0-,J-A-J Pays 3i^pc J-.r Pays 3pc FM AN... Paid ."ij^pc in ISj'S... Paid 2pc Nov. 1894.. Pays Ij^pc I'-A Pays i%pc l^'-M-A-N. Paid Ipo Dec. 1N94 Pays l>$pc M-J-S-D Paid 2pc A-O Pays 7 PC Per Annum. Paid i^pc Feb. 1695... Paid 2]^vo Jan. iFOr,. Paid 3!^po Jan. 18'..5. PaidSpc in 1893 Pays 2pc M-J-S-D.... Pays7pc peranpum. Pay* 7pc per annum. Paid 'iJ-Vpc' Jan! 'ms. Paid 2pcAue:., St 1893. Pays 5pc per annum. Pays 2i^po MS. Pays l^pc P-il-A-N. Pays 3pc FA Paid 2pc August 1893. I'ays IVipc J-A-J-O.. Paid 2pc in Feb. 1895. Paid 3pc IfiOI Paidlpc in Dec. 1894. I'ays l9iic M-J-S-D.. Pays l^PC J-A JO.. Paid IHpc Not. 1893. Paid Ipc April 1892.. Paid Ipc in 1887.... Pays 2pc F-M-A-N. Paid Ipo in 1887... Paid's^po'in i'sm! Pays I^po J A-J-C... Paid 'ipo in Fe bV 1894!!! American Cotton Oil. . . . American Cotton Oil Pfd . -\m. Sugar Refining Co .^m. Sugar Refining Co Pf American Tol)acco Co. . . .-Vtcliison.Topeka & S. Fe Baltimore & Onio Canada Southern Central of New Jersey.... Chesapeake & Oliio Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & St Paul... Cliicago Mil. & St Paul Pfd Chicago, R. L & Pacific... Chic, St Paul M. % 64 WS e29i !6'4 IC'^ lioS* 70^ 50^ 55>i 625< 62ii fliji 9t% Ziki 86 132 13IH \ht^/i 15S 127?» I27H M\i 3Sk 11 10^ ■i^4 29^ ■ « "k 'i6\i 80^, 5^9< 52% 108J6 107>4 20»i 27 XS2J4 82^ 89^ 8s)^ 9 89i 30M 80 i6H 16^ 89 86^ ISM ttH 22Hi 22^ ir« ir% 10^ 10 82 sm 9M SH 4% 4|i 9^ 9 a7>« S8« 125,593 544 5,44 5,49 5,46 5 51 5 49 5,55 6.53 5«H 59 4g^ 49?4 4J^i 53% bVlH, 54 ^i S3Ji 45H 45 4494 44?i 29Vi 29 23 T.y^ 10,20 10,12 e.47 6..^? 5.27 5.40 6.45 6.57 5,25 5.37 Friday. Feb. 22. HI H H I u H •3 n Q H H Q 0) Satnrday, Feb. 23. 93 92 Vi 88 62i< 489i 83H I6?i 70% 73% 118 3l' 90« 92 02M mi 62« 489i 82?i 16-H 70% 7.3V* 118 31 90% Monday. Feb. 25. 'A\i 19 (&% 6m 9ij4 91 92 92 88 86 132 128" 87 SC% 13m 128 87 26,H 137 62H 109 137 5 H 108 20H ?0% 27^ 26k 8% 30 3SH 8H 29h «8W 15% 15% m '9% 17% \m 10 99^ 3i\i 8m 14H 14 mi 10V4 '0% 73 55% 62J^ 31 30M 8IK 16H 69% 71% 65 61% SI 89 26^ ii% 158 127 157^ 126% IIM 10% 29 28% :0I 101 84 8S 26^ 26 137 I36?i 51^ 51 iOS% 107H 20% Tuesday. Feb. 20. 20% 63 fllH 92 68 19M 63 ^% 92 86% my* 70W 71% 55M «2ii 80H 89% 139 86% 8!% 16Wi 099i 70^ 54% 61% 80 !4 8S!4 139 S6M Wed.. Feb. 27. 20H 64 92% WA. 9i\i 92!^ 91 60 87?i 4H 68 48% 43!^ 86 U% 70% ISJ 158 10% 28% 2C^ 26 16 16 71 70% 137 I36V4 51^ sow; lOS 107% 27% 2«->i 62% 8^?i 19% 20 27Hi 99 89 S% 29« 29H 16% ie' 3 8 15% 15!4 22 22 ■9% '9% 151% 151% i7% iJH 9% 9% 32 sm «,, *\M <0« 4% 6H 4»-4 r ^?^ '^. »% S% 9^» 36% 86% SOH 85 42 5% 6 7% 9% 74,557 142,407 6.89 6,89 5.60 6.47 5 47 6 42 5.51 6.50 5.47 5.44 5.55 6,53 6 52 5.46 58^ 68 I 6?W 57?4 58% 6S% 56% 53^4 4;>% i'^'/k 49M 4.SVt 49)4 <»W 495A <^< 53% 62% 53% 62% 54M 54 64% 63% 45V4 44^ 46U 444ti - 44% 4l)i 44% 44% 29% 29 29% 29 29% 29!^ 275^ 27% 27% 27% 28 ^iM 10 25 10.15 10.27 10,12 10,27 1017 29% ie" 37% 3% 3 15% 19% 20H 97% f% 2.% 16 84 3% 8 13% % 8% 17% 10 32 14% 17% 9K 81% 13% 8% 8% 40 6W 9% 39% 6% 8% 18 12% 67% 87% 9H 9 45% 85% 145 017 5,4S 5,12 5 44 5.41 5.45 5.42 5,50 5.45 69M 50% 49Vt 49% 54% 55% 45% 46 58% 49^ 49M 53U 51% 45 44% 850 6,60 530 5.40 6.45 6.60 5 25 5 87 «50 6 60 580 5,42 6 47 660 6 27 6.40 ess 6.60 630 S42 6,47 6.60 6,25 6.37 10^ 71^ 70% 55% 65 62% 61% .3>j% 89 88^ 140 1*0 30% 3556 134 |3i 29% 20->i 28% 27'/i. 10 22 10 12 6 47 6,.'-5 5.27 ,5.35 6 42 6 52 520 5,32 Range for Feb. 1895. to date. 18% 62 93% QJ% 93 90% 84% 3% 53 97 4% 63 49% 48% 69% 81% 17% I6V 72% 695„ 70% 70% 5:% 54H 118 11C% 63% 61 H 33% 29}< 97% 8S^ 14:<% 137 88% 35% iS4 127% i62% lfO% ■ 29% 126 .35% 34% 11% »% 80% 28 101 101 1 % 89 86 27 24% 16% 15% 7m •ii'^ i3,S% |3C% 54 50% 109% 105% 94% 92% 22% 22 22% i8% 33% 20% i3% 80'a lOU^ i)7Vt 104^ 8% 31% 2!'% 16% i5% 40% 34 3% 8% 3% 2% 16% 18 2-% 20% 10% iV* 156 164 60% 60% I8>i 1-1 CLAPP & COMPANY. BANKEES, MILLS BUILDING, NEW YORTf 54 l^dlcclil^ fB>art?ct Xcttcr. No. 419. Copi/right, 180B, by Clapp A Comoa»0, O. W. Clapp. DWIQHT O. Clap^ CLAPP & COMPANY, Banhcrs anb Brokers, miLLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK 'STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Private Telegraph Wires. Cable Address: "Ozro." LoNQ Distance Telephone. ( 277 BROADWAY, Corner Chambers St. Branch 1 671 BROADWAY. Bro»d*>y Central Hoteu Offices: | 753 FIFTH AVENUE, Corner 68th St New York, Thursday Morning, March 7, 1895, We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. \ General Banking Business conducted. S% Interest allowed on Average Daily Balances, crfidited Monthly. City and Country Accounts solicited. Collections Free to Customers. " National Bank of Commerce Omaha, Neb. " First National Bank Arkansas City, Kan. " First National Bank Fort Madison, Iowa. " National Bank of Rondout Rondout, N. Y. " Moorhead National Bank Moorhead, Minn. " Salamanca National Bank Salamanca, N. Y. " First National Bank Carthage, Mo. " Arlington National Bank Arlington, Oregon. " City Bank Minneapolis, Minn. " First National Bank Palouse, Wash. " First National Bank Kendrick, Idaho. " American Savings Bank Detroit, Mich. " Fresno National Bank Fresno, Cal. " State Bank Elmira, N. Y. " City National Bank Norfolk, Va. " First National Bank Goliad, Tex. X > O m o o z H > Z CO D > r -< m o O D o r > D Z o m X o X > z o m CO KEEP OUR LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE. 55 2 CLAPP & COMPANY. BANKERS ATSTD BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. Words are the only transports which sail eternal seas. Inspiration cannot be proved by facts, but is itself a most important fact. The records of both inspiration and fact are pregnant with new births of each. Laws both divine and human bear witness to the usefulness of books. The infi- nitely small and great alike acknowledge the value of the warehouse of information. We commend our book as one which may inspire or instruct, but is primarily meant to make you remember. Straws. — America's prosperity depends upon the 6,000,000 farmers and its manufactures more than upon the world's bankers. It is estimated our wealth is $69,000,000,000. Great Britain's wealth is placed at fifty billions, France's forty billions. It is estimated American railways employ 873,603 men. Treasury gold increased $42,700,000 in February. Money in circulation decreased $37,621,311. Another billion dollar Congress has disbanded. There is $75,556,423.32 more paper money in Treasury balances than March 1, 1893, and $36,439,365.68 more silver, and 879,079,667.77 less gold, $20,300,863.87 less demand obligations in the current account, $5,875,179.65 more debt bearing no interest, and $100,009,000 more debt bearing interest. The net free gold was $87,005,- 411.14 on March 1. Stocks and Bonds. Bonds. — Manipulating Government bonds and the gold and exchange market has a depressind influence on other than choice securities. Interior bank stocks are offered in excess of demand ang closely scrutinized. Railway Stocks. — The Pennsylvania Co. reportingearnin^sof 4 percent, on an enormous capital- ization encourages investing in non-stock jobbing railway securities. The Reading manipulations mdi- cate buyers may pay assessments of $3,000,000, or be shorn of their holdings. The Chronicle reports gross earnings of 251 railways for the 1894 calendar year was $1,085, 316, 929, against $1,219,051,931 in 1893, or a decrease of 10.97 per cent,, or over 136 million of dollars, and probably a total decrease for all roads of 150 million of dollars. It is estimated the decrease in operating expenses the same time equalled 100 millions, or say a net reduction of about 5 per cent, for the year 1894. A prominent director in St. Paul is reported as saying he never expects to see that stock: pass from the dividend list ; that being true it is certainly cheap at 55. It has more large city terminals than any other road. The "Pacific Roads'" ways are past finding out; three or more should be foreclosed by Uncle Sam, and sold to the highest bidder. Jersey Central may find " hard sledding," considering its coal company. It is quite possible old roads cannot pay old rate dividends, and that sales of these stocks on "hard spots" is preferable to purchases. Foreign selling of L. & N. furnishes plenty of stock to depress the market on hard spots. Western Union is always a good trading groperty, and meets the average swings of the market, which number about 6 to 8 in each year, ionds remaining in the dividend list, and whose management finds an occupation caring for stock- holders' interests will likely find Wall street investors. Industrials.— Sugar, Tobacco and Whiskey still puzzle the Street and represent similar unknown or unknowable methods. Indefinitelv there appears nothing to check the manipulators ; apparently they desire higher prices, and " Whiskey " will likely lead in several points advance. The new managers report corralling two outside distilleries. When the old managers were turned down the stock turned up. General Electric, Bell Telephone, and companies having foreign patents that expire soon, may experience a retrograde movement, in consequence of the United States Supreme Court's decision. Cordage needs more reorganizing and better business methods to encourage buyers. National Lead is always a good property and fairly well managed ; it and Cotton Oil can be bought with confidence on weak spots. Chicago Gas has good officials, is subject to some undesirable obli- gations and questionable city council blackmailing operations which, when eliminated, will likely make it as good as Consolidated Gas. The industrials appear to have few obstacles in sight. Cotton. About 8,600,000 bales have come in sight, or about two million bales more than last season same time, or about 1,100,000 baies more than last season's crop. The quantity at the end of the first six months of the cotton year was 1,903.812 bales, or 28.95 more than last season. If the same ratio of receipts be continued, the crop will finally be about 9,706,340 bales. Exports have been more than 5.200.000 bales, against 5,231,494 last season's total exports to September 1. American ports contain less than a million bales ; 8 states appear to have grown about !^, 200, 000 bales. Secretary Hester reports the average weight of cotton marketed as llt^ir pounds more than last year per bale. Midd- ling cotton is about 5Av, against 7H a year ago. We doubt if conventions are necessary to decrease production ; food stuffs show far better profit when ground on cotton plantations. Mississippi reports many laborers unable to pay their delinquent tax, the query being if they cannot get money to pay taxes, how can they procure funds to grow cotton ? A North Carolina customer writes us, " this is the best time to buy cotton since Noah's flood ;" that the planters have " cotton sickness." New Orleans reports rivers have been low all winter, and arrivals of cotton from up river points will likely be large while the March floods exist ; that when the rush of shipments ceases speculators can conclude about the last of the crop has been marketed. Some investment and speculative buy- ing coupled with continued buying by spinners will keep the visible decreasing and prevent a further decline. Russia and nearly every country in the world appear now drawing cotton from our ports. bt. CLAPP & COMPANY, BANKERS AND BEOKERS, NEW YORK, WEEKLY MARKET LETTER. Wheat. Pacific coast millers report a better demand for ilour from China than for years. Spring wheat millers continue paying better than Chicago prices for milling wheat, and report the demand in- creasing. Winter wheat sections report the smalh^st wheat deliveries in years and many instances of drawing supplies from primary centres. The Februarv movement of winter wheat was only 450,000 bushels, or but 47 per ceiit. of that marketed in February, 1894, against an average for the five years ending February 1, 1894, of over 1,700,000 bushels. Arrivals in Chicago were less than half those any previous February in five years, and less than 10 ;^ those for 1893. Spring wheat receipts but half those for February, 1894; half of spring wheat movement in February was to Minneapolis. Millers appear absorbing much more wheat iu midwinter than in former years. Exports of flour reduced to wheat now nearly equals wheat exports. Russia is reported as making strenuous efforts to capture a part of Great Britain's flour trade. Argentine shipmeni;s since January 1 are a little larger than same time last year. Great Britain's stock of flour is small. February 1 wheat stocks were but 2,088,000 bushels against 4,824,000 a year previous. The amount afloat and our visible in excess of that in 1892 is about 40,000,000 bushels, and seems to quiet the fears of English buyers. France imported the past six months about 12,000,- 000 bushels, and her operators and merchants show signs of nervousness of late about their growing crop, and have made liberal purchases in this and Western markets ; some of our cable orders were limited. To buy wheat for September delivery is an investment. India seems forgotten in her influence. The Argentine movement and output, French weather reports and Russian news, coupled with very small English stocks are more than likely to play an important part in affecting values the coming few months— more, perhaps, than American crop prospects, which just now seem overshadowed by three-eighths of our visible being in the world's speculative centre, Chicago. Bradstreet reports there were 100,0C0,000 bushels in farmers' hands on March 1 (or 40,000,000 bushels less than a year ago), and that the total visible and invisible is 42,000,000 bushels less than March 1, 1894. The largest percentage of the crop grown and reported on hand on March 1 was 33 per cent. March 1, 1885 ; the lowest 26 per cent. March 1, 1893. The Orange Judd Farmer reports " the amount of wheat in farmers' hands March 1 was 154,578,000. or 10 to 15 millions less than was actually in farmers' hands a year ago, as determined by final distribution, and that probably not over 37,000,000 has been fed." A year ago the Government reported 114,060,000 bushels in farmers' hands; March 1, 1893, 135,205,430 bushels. The largest amount ever reported was March, 1892, when 171,000,000 bushels was given as the amount. Our annual World's Crop Letter will again be pub- lished, March, 1895. Corn. The Orange Judd Farmer reports the amount of corn held in farmers' hands March 1 was 563,- 239.000 bushels. The Government reported 585,816,350 bushels on hand a year previous, 626,547,370 bushels March 1, 1893, and maximum amount 970,000,000 bushels March 1, 1890. The annual con- sumption to March 1 for the past five years was 1,064,000,000 bushels, and for the previous five years was about 1,100,000 bushels. We do not think consumption has equalled an average; 550,000,000 bushels may be reported in farmers' hands by the Government the 10th inst. Government never reported more than 42 per cent, in farmers' hands March 1 or less than 34 per cent. Sentiment con- tinues bullish ; speculation small ; prices now range about three-quarters those made soon after the crop was known to be a short one. Purchases would therefore seem preferable to short sales. Oats. The Orange Judd Farmer reports the amount held in farmers hands March 1, was 254,174,000 bushels. Supplies appear to more than equal demand ; prices keep close to other grain. Provisions. The world's visible supply of lard is reported 241,786 tierces on March 3, 1895 ; 164,500 tierces being in Europe or afloat for Europe. Stocks of provisions in Chicago, March 1, aggregated 200,216,000 pounds, against 96,385,000 pounds a year previous and 214,922,000 February 1, 1895. The average weight of hogs arriving there in February was 220 poujads against 234 pounds the previous February. Live hogs and cattle range higher. The "guessing" seems to indicate the summer run of hogs will be small and higher prices prevail. The domestic and export demand continues good. We prefer to look for a higher range of values on this 33 per cent, decline since the short crops of corn and hogs were reported. A leading packer seems to be corralling the provisions. Packing for the winter season is now reported as 6,940,000 hogs, against 4.835.000 last season, or a final outturn then of 4,885,000 hogs against what now indicates 7,100,000 as being the final count for this season. Yours truly, CLAPP & COMPANY. Note.— About March 15 we shall issue our new book, "Leading American Exchanges for 1894." It will contain 352 pages, in elegantly bound covers, and have half tone pictures of about 35 repre- sentative Stock, Grain and Cotton Exchanges, giving their history, business and statistical record for the past decade ; also values at producing, speculative, exporting and consuming points, and much other statistical matter of great value to bankers and business men who desire to know daily prices and the annual production of the world's staples A limited number of copies will be issued and delivered to applicants free upon receipt of $3.00. 87 CLAPP & COMP ANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Quotations for Stocks, Cotton, Grain and Provisions for Week ending Marcli 6, 1895, and tor Harcli, lS9i Par value of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., PROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COMPARISONS. CiPrrAi, Stock. 120,287.100 10.198,600 36.773,000 36 773,000 17,900,000 102,000,000 25,000,000 15.000,000 22,488,000 60.8U5.400 82 202,700 24,885 800 46,027.261 25,923,900 46,156.000 18,559,360 39,054,907 22,335 no 28 000,000 35,4.30,060 26.200.000 35 000.00f 38 000.000 85.000.000 30,459,700 25,000,000 8,000,000 50,000,000 10,000,000 11,840,000 11 840,000 49,466.500 52,800.000 30,000,000 18 738,204 18,000.000 47,844,100 47.436,576 14,905,400 14,904,000 89,428.300 77,427.000 20.000,000 6,000,000 58.119,982 18 000.000 89,767,200 49,000.000 89.269,546 20.000,000 8.500,000 40.426,361 86,000.000 68.402,960 125,000,000 60.000,000 19,8.50,000 38.710,900 6,500,000 60,868,.^00 83,837.093 80.166.000 18.0.^ 800 7,358,920 28,000,000 24,000.000 94,820,000 10.000.000 4.500,000 DiTIDBND ReCOBD. Pays .3pc J-D Pays 3pc 0-.)-A-J Pays 3!^pc J-J Pays 3pc P M A N Paid 5Hve in 18S8 Paid 2dc Not. 1894.... Pays iHpc F-A Pays l^pc F-M-A-N... Paid Ipo Dec. 1H94 Pays l^pc M-J-S-D.... Paid 2rc A-0 Pays 7 PC Per Annum. Paid y^pc Feb. 1895... Paid 2!^po Jan. 1695. Paid 3^pc Jan. 1895. Paid3pc in 1803 Pays 2pc M-J-.S-D Pays 7pc per annum. Pays 7pc ; er annum. Paid 'i'k'pc' Jan! ']'8'J3.' Paid 2pc Aug. St 1893. Pays 5pc per annum. Pays'ij^pc'ii.S.".'.';;; Pay* iMpc F-M-A-N. Pays 3pc FA Paid 2pc August 1893. Pays l^pc J- A- JO.. Paid 2pc in Feb. 1895. PaidSpc 1801 Paidlpc in Dec. 1894. Pays l?iic M-J-S-D.. Pays lJ4i c J-A-J-O.. Paid l}4pc Nov. 1893. Paidlpc April 1692.. Paid Ipc In 1887.... Pays 2pc F-M-A-N. Paid Ipc In 1887... Paid '3>ipc In "1884! Pays IHPO J-A-J-O. . Paid Vpo In Feb.' 1894! Namks of Stocks. American Cotton Oil.. . . American Cotton Oil Pfd. Am. Sujcar Refining Co. . Am. Sugar Refining Co Pf. American Tobacco Co Atchison, Topelsa & S. Fe. Baltimore & Onio Canada Southern Central of New Jersey.... Chesapeake & Ohio Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & St Paul... Chicago Mil. & St Paul Pfd Chicago, R. I. & Pacific. .. Chic. St Paul M. & Omaha Chicago & Northwestern. Chicago & Northw'n Pfd. Cleve., CId., Chic, i 88)4 67i4 86M 36)4 1.33V« 13H 158^ \5-i^ 126 126 U% 10^ Friday. Saturday, Monday. Tuesday. Mar. L Mar. 2. Mar. 4. Mar. 5. 20% 64!^ 9-% ^■i% 91)4 S% 57% 48)a 85?i I6)i 70)6 71)i 55 117)i 62)6 30)4 mi 205i 6i% 9194 92 90^ 3% 84)4 16 6'.l)i :o)i 54^^ 61% 30)» 88 36)i 35)4 131)4 131)4 lJ8*i 156 i'« ii)6 29 27% 84)4 84)4 Total sales of all Stocks each day and for the six days 992.(M1 COTTON, in ba e». I World s visible. 1895, 4 79l.:i9 18941 4 893,420 Tital In stghttl Total Exports. 8,497.576 8,136.:«0 6,5^,446 I 4,OS7.067 N. r. fFebAM'ch I M'ch&Apr Cotton 1 Apr A May iMayAJuDe WHEAT, in busnvls I II. S. Visible. Primary re<:"ts*| Total Exports. 1895 78.761.000 I 1£6.:25 000 10;.'.646 124 1S94| 75 563,000 I liM.601 000 | 120,073.544 ^''«*»]j*'ui^:.! Corn. May. ) July... CORN.inbushe's. I U. S. Visible. 1895 IS 676.000 I894| 19.106 000 Primary rec'ts* 51 676.000 U8.8;7,000 Tot*l Exports. 12.394 264 44 382 720 Chicago 1 May.. Wheat. (July.. <^«™-i5ury:, OATS, in bushels I U. S. Visible. 1895 6.6S'j.09il 189l| 2 661 UOO N. Y. Stocks, 56? 9:8 071047 Cbgo. Stocks. 1 203 000 1.044,000 Oats. I May.. I July. Pork. . j^^^y- I July.. 1895 1894 LARD-tcs. World's vis. 341. ;86 111,984 CHICAGO CONTRACT STOCKS. PORK-bbls,! LARD-tcs. 1 RIBS-lbs. 12:. 660 80,322 i4.474.908 77,641 I 4,011 I 10,605,802 Lard Ribs. (May., I July.. (May 1 Ju]y„ 136)4 l.'tt)^ 136 136 f.0 48%: 4954 48V4 10794 10t))i, ~ 97% 95% 8% 8)4 30)4 i^4 1594 87)4 2% 13)4 22 ■9% 80)4 15?* 8794 ■m 13% 22 1794 9'/4 31)4 894 m 8)4 ^^ 9)4 40 ')4 1294 8694 8% 308,812 5.43 5,40 5.44 S.41 5.49 6.44 59)4 59)4 49 V4 49% 54)4 55)4 45)4 nk 39)4 28 10,33 BS% 6.^94 4S94 '08 lo7)4 hi" js" IM 19)4 27)4 27 90% 95% 8)4 69}. 30)4 80 15% 15% 3794 37H 394 294 8)4 294 13% lH'n •■U^ 22)4 »« 9)4 10 1794 994 31)4 81 8% 8% 6)i 6% 8 7)4 12% 12% fc7)4 87 9)4 9 147.154 6,46 5.44 5.46 5.44 5.52 5.4.-< 5.54 6.50 69% 69 60 53)4 49)4 49 4t)% 49)4 5%' 6494 54H 54%i 5594 55 44% 45)4 '16 44% 43 4494 2794 10,20 31 9.3" 92)4 90% 4894 84% 69% 71 54% 62 61% 88% 8794 130% 13C)4 126*" 12594 92% 92)4 90 48)4 83% 69% 7094 54 12 27% 11)4 27 18.--% 135% 49)4 47% 107% 10794 19)4 :9 2S)4 27)4 96)4 96)4 80 80 1594 18)4 16 13% 81 17H 9% 31 694 894 22)4 21)4 93% 92)4 91 394 67 48 85% 16)4 70)6 7i f>m 117 62 80 88)4 91)4 92)4 90^ 56)4 48 »3li l'i% 69 7094 54 117 61% 29% 8.-% mi 86 t3l)« 131 1579-4 157 125% 12'>94 1294 27)4 13% 25% 71)4 71 136)4 13594 4894 47)4 107)4 106)4 24 67)4 93% 92)s 9.'94 23 67)4 92% 92)4 90)4 Wed.. Mar. 6. 23)4 23 9194 02)4 91)4 67 67 87% :«)4 70)4 7094 5594 117)4 62)» 89 8594 16)4 6994 70 54)4 :i7 6194 2fl)t 83 596 8)4 12% 87)k 9)4 19)4 18% 28)11 -io 9694 98 SO 29% i6% 1594 m m 8 8 14 H% 22 £2 ■«% 7% 18 17% 10% 994 81)4 8094 14% 14 8% en ... 38% 87% 494 S 5 8 I ■ ■• 5% 6M 12% 12% 1294 87% 8794 86% 9J4 9% 8)1, 88,138 212,179 S.51 6,46 6.57 6,50 5.51 6.46 5.55 5 51 5,56 5,50 5.60 5.51 6.58 5,52 6 63 5.57 8H% .•6)4 13.')4 132)4 155% 157)4 126)4 120)4 3494 3494 13 12)4 27 26 102 102 85 85 2594 2594 7U94 7094 li'M 136i4 4i)4 48% 107% 107)4 21)4 si% iO 19 8294 f294 97 86)4 .^ '^ 80 2j94 167 882 5,53 5,19 5 52 6.48 5.58 5 52 6.53 5.55 .59)4 59% 60,', 59% 59} J 69% 5994 69)4 60% 60 40 48% 49% 48% 49% 49 49% 4i)t 64 I 55 5494 65 ' 65% 55V4 44% 46% 44% 60,"* 59{i 49)4 48% 19)4 49 54% 54)4 55% 55^ 41)4 44% 4494 44)4 41% 41% 44J4 4494 29% 29)4 29)4 29 29% 29%^ 29% 29 27% 2794 2794 2794 2794 27% 27)4 27% 10.87 10.30 1085 10.27 10.55 10.35 10,50 10 42 I 10,70 1062 92)4 9194 4 :7 49 87 16)4 5.'94 48!4 85% 16)4 71% 70^ 71% roH 55^4 ti% 11: 117 62% 6194 2994 2694 39)4 88)4 86% 131% :31)4 153 '57)4 127)4 l26H 3194 ^^ 13 12% 27 20)v 86 84)\ 1594 1594 !36)4 '36)4 4s)% ,45% ;C794 '07% 21% -IH 20)4 19% 2i94 i* 83 83 9694 X^ 894 8)i 16)4 87)4 3% 14 22% 16 87% 3% 1394 22% 8% 794 17% 9% 81)4 149i 8% 1 9 6% S7% 9-Xi 36% 29% 14% 8% 1 8)4 5% 66% 9 85% 138 081 5.59 S.-'iO 5.59 5.52 5.62 5 56 6,67 5 59 5!>% 59,'. 60 39)4 49% 48->4 49 48%' 54% 5:1941 55% 54->4l 41% 4494 4494 *4)i 29% 28% 27% 27),! 10 72 10 42 I 10.80 10.07 Range for Range foi Feb. 1895. Mar. 1894. «.50 6.60 5.27 5.40 6.43 6.55 5,22 6,37 6.52 6,62 5.35 5.47 6.47 6 53 6 47 6,62 1 8,60 6,60 5.30 5 30 5 27 5.12 I 6.17 5.42 1895 1894 OLD PORK,Chgo,-bbl8. ... bbU. 6 57 6.70 5 37 5.52 6 56 6 67 ' 5.32 I 5.45 I 6 57 6.67 5 40 552 6,52 ; 6.67 6.35 5.50' 660 6,70 5.47 6.60 862 6 65 535 5,50 22% 1894 83)4 26% 33% 80% 100)4 ^*^ 1044 SH, 31% 2v% 1594 34 8% 294 IS 20% 3 9! 154 60% 17)4 9% 80% 13)4 8% % "^ 8994 2% 5 6% 13% 8694 ^ 85 16% 4094 8% 8% 1694 'f* 10)4 166 6O94 m 10% 3.J% 15 9% 1^ 44)4 6)4 9)4 6% 14 89 10)4 89 5,50 5.83 5,53 5.87 5.57 5.10 5 61 6 44 59% 57% 59}i 37% 49% 46% 50 47)4 51% 52 55% 52% 46)4 42->4 45% 4294 29% 28)4 26% 27)4 1065 877 6 82 6,75 5.45 5 60 6.42 6.52 5.07 5.J2 32% 25% 73% 6? 100 8094 92 83% 8394 74V4 16 !-•% 79)4 69% 5294 .W 1)794 114% 19^4 17% 84% 7? >i OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Q (277 BROADWAY, Corner CHAHBEsa St. PRIVATE TELEGRAPH WIRES. HI Branch ) 67 I BROADWAY. Bro«o*.y Central Hoteu CABLE ADDRESS :" OZRO." otnuts: I 753 FIFTH AVENUE, coRhEN faaiH 8t Long Distance Telephone. Q New York, Thursday Morning, March 14, 1895. O We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Z Cotton, Grain and Provisions. • H Our private wire facilities are unsurpassed to all New York, Chicago and Western ^ Exchanges. Close relations to important interests enable us to give early and valuable — information. Z Usual margins required; customary commissions charged on cash property or for future (/) delivery. Margin deposits may be made with local out-of-toivn banks. The local bank should always O wire us at once, at our expense, stating amount that has been placed to our credit, and for ^ whose account, thus allowing us to fill customer's order promptly. — r" A General Banking Business conducted. 3^ Interest allowed on Average Daily Balances, •< credited Monthly. City and Country Accounts solicited. Collections Free to Customers. ^ Financial Outlook. q All nature breathes an uplifting aspiration in the budding season. Even the dead leaves of the O past hasten to resolve themselves into new forms. "What has been may always be held in the future's 'J^ gift. The new life and its promise carries in it elasticity and courage that ought to fill men's hearts, bins and bank accounts in the harvest season. Weeds and grain grow together only where D intelligent energy of man is missing. ^ Straws. — Apparently progressive paralysis, begun in 18'.)3, is nearing an end. Many bright >-.> spots appear when the chief Executive is absent from "his throne." The plan of increasing ^ pi'osperity by incrbasing the national debt, we trust is about ended. The various appropriations *^ authorized by the 53d Congress equal $990,225,259 beside the extra interest and expense of public j^ b'.iiliings, against $988,000,000 when "the other" party held the reins of Government. The bond "^^ call granted to the foreign Rothschild Morgan Syndicate expires October 1, 1895. It is estimated the r- world's product of gold in 1894 was 208 millions ; of silver 157 millions ; that the total produced from i-rt earliest times aggregates 17,300 millions of gold, and 12,700 millions of silver. Radical changes of --^ a favorable nature appear since Washington officials dispersed. The volume of trade is larger, pil Merchants, manufacturers and consumers are buying to meet requirements. Investors are more 5 hopeful. Speculators are again looking for better prices. Evidently we have made the turn and — ^ general business will improve. ^ Stocks and Bonds. ^ Bonds. — The bonded debt of New York and Brooklyn is now over 150 millions. Boston nearly pl 60 millions and Philadelphia about 55 millions. Chicago about 18H millions, equaling al)out 223>2 X million dollars against an aggregate population of nearly 5 millions, or approaching $45 per capital Q for each inliabitant. Municipal securities of our largest cities should be the best of securities, if -p accompauied with reform governments. Railroad bond sales for the first two months of 1895 were IT" value of $33, 10.*, 018 at average price of 77.8, against $33,385,572 in 1894, at average price of $75.0. ^ Business in bonds continues light but more hopeful. Z Railway Stocks. — The average price on the New York Stock Exchange for January and O February, 1895, was $61.20 per share, against f58.80 for 1894 same time. In February 87 roads prj reported a decrease in gross earnings of 1.95 per cent., but the fourth week G4 roads roads show .s.85 (j) per cent, gain over 1894 same week. Baltimore & Ohio is experienciug the same bear tactics that apparently broke the price of Jersey Central's scattered shares, which were forced out by bear raids. St. Paul reports 10 per cent, less gross earnings daily the first eight weeks of 1805 than for 1894 same time. Burlington, Rock Island and Northwestern report losses in gross earnings comparing with first weeks of 1894. Erie seems doomed to an assessment, or foreclosure, or both. Atchison's net for seven months ending January 31, 1895, shows a decrease of over $2,000,000, or 23>^ per cent, less I£Eb:P OUU LKTri^KS. PORTFOLIO FOB FILING FOIt WARDED APPLICANTS FREE. d9 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. than corresponding time in previous year. New England appears to have spent considerable of its new money on improvenaents. L. & N. continues a fair stock, and manipulated by foreign holders. Western Union earnings are light and the stock a favorite. The declaring of usual dividends by Northwest, Manhattan and Western Union causjed the bear raids to cease, and the market looks healthier. Industrials. — Sugar continues as uncertain as the Fifty -third Congress. The new Distillers officials appear to find more property than anticipated. Then- plan seems to meet with favor, and indications are for better prices following a $4 assessment. General Electric's enthusiasts have increased reasons to predici the stock has practically passed the low point. It is possible electricity may soon become the motive power for many railroads now using steaua. Cordage may need reor- ganization again. Cotton seed at $7.00 per ton should encourage Cotton Oil stock holders. Chicago Gas will likely rid itself of objectionable liabilities and obligations, and emerge as an investment stock with no mean aspirations. American Tobacco stock appears manipulated by wiser and better heads, who claim its " blind " dividend reports should enthuse officials to continue on the earning list. Sugar, Whiskey and Tobacco stocks will likely continue uncertain properties, and attract only the speculative classes. Cotton. The South appears to be alive with legislative and mechanical constructive work in building up the cotton factory business. Successful New England spinners continue investigating the many Southern facilities that cheapen the cost of cotton products, such as hours for labor, insurance, taxes, coal, iron, freight, and lastly the expenses of living in a milder climate. Mr. Ellison reports cotton consumption in Great Britain shows takings Irom October 1 to February 25 by British spin- ners equal 737,685,000 lbs., and for Continent 975,947,000 lbs., or a total of 1,713,332,000 lbs., against 1,570,009,000 last season. In Great Britain the average weight per bale was 507 lbs., against 482 last season, and 493 on the Continent against 473. European spinners stock February 25 was 922,000 bales, against 699,000 bales a year previous. Weekly consumption, 179,000 bales against 173,000 last year. India and Egyptian exports for the season to date have been 650.000 bales, against 847,000 last season. Sea Island cotton in sight this season equals 73,436 bales, against 58,708 last year. Exports 36,682 bales, against 3-^,255 bales. Northern mills' takings, 32,595 bales, against 17,919 bales last year. American spinners' takings this season exceed those of last season by about 570,000 bales. Exports of domestic cotton goods to China are less than one-third those of a year ago ; 4,000 cases were reported sold to China, yesterday. Exports to South America are nearly double those of last year. The cotton visible is 4,754,909 bales. Exports 5,269,838 bales, against 4,189,085 bales. About 85 per cent, of the large sales in Liverpool of late have been American. This is likely true on the Continent where great faith is manifested in cotton, at about 3 pence, which equals about 5}4 cents per pound here aboard ship. About 85 per cent, of our crop has cleared from Southern ports. We usually export about 70 per cent., and wilU likely export 80 per cent, this season ; the surplus stocks afloat and in Europe are less than 500,000 bales. Nearly all evidences go to show consumption is fully keeping pace with production, espe- cially of American cotton. The New York stock is only 188,000 bales against 257,000 a year ago. Not over 20,000 bales are certificated, and probably not over 80,000 bales will be certificated unless the May contract is at least one dollar per bale premium over August. Our average crop for the five preceding years ending August 31, 1894, was less than 8.000,000 bales, against less than 6,300,000 bales for the previous five years. The stocks at ports is 909,000 bales against 841,000 last year. Southern markets do not warrant sending cotton to this market. Sentiment is bullish, speculation broader. Apparently there is some manipulation here in May cotton, which is well con- centrated in few hands, and may materialize in a corner. We advise the buying or selling of more distant months which can practically be done at about May prices. The consensus of the bull feel- ing seems to indicate August cotton will likely sell at seven cents. Certainly there are more orders and inquiries from more varied sections than for many months, and from people who claim to know the season's planting will be small. Wheat. It has been said the wheat bulls have always been going wrong at the right time. Evidently a condition and not a theory now confronts them. The March 1st Government reports indicate farmers' holdings from all crops were but 75 millions, against an average for the previous 10 years of 133 million bushels, and 107,000,000 as the least amount previously reported ; that live stock never consumed so much. The Dakotas, Nebraska and Kansas indicate unprecedented exhaustion of supplies, many places not having enough for seed. Government reports since 1885, showing wheat crop and percentage in farmers' hands (bushels indicated), and primary receipts from July 1 to March 1 following and also year ending June 30 • _____ Crop (December report) Percentage in farmers' hand! March 1 foUowmg Bushels indicated Bu. disposed of prior to Mch. 1. Primary receipts to March 1 . . . Piimary rcta. yr. e'ding June ao. 1894-95. 189»-94. 1892-93. 1891-92. 1890-91. 1889-90. 1888-89. 1887-88. 1886-87. 460,267.416 16.8 75,023,648 889,846,502 125,000,000 896,131,725 28.8 114,085,936 282.031,725 137,000,000 165,000,000 515,949,000 28.0 145,000,000 380,844,570 227,000.000 265,000,000 611,780,000 28.2 171,000,000 440,780,000 200,778,000 248,000,000 899,262,000 31.9 112.000,000 287,262,000 90,068,000 124,000,000 490,500,000 26.9 1156,000,000 334,500,000 102,lH:i,000 124.000,000 415,868,000 28.9 110,000,000 805,868,000 78,790,000 92,000,000 456,329,000 26.7 182,000,000 824,329.000 94,537.000 115,000,000 457,218,000 80.1 122,000.000 ;«.5,2 18,000 io5,;wi,ooo 128,000,000 857,112,000 83.0 107.000,000 250,(KIO,000 74.242,000 88,000,000 GO CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. 3 1 ng Above indicates over 107 million bushels more wheat disposed of prior to March 1 than same time in 1894, and only 75,00().()()0 busliels left in farmers' hands. Bradstreet estimates amount in farmers' hands March 1 as 1UO,()00,0()0 bushels, Price Current and Daily Bulletin about 100.- 000,000 to 105,000,000 busliels; Oran<>fe Jiidd &Co., 154,000,000 bushels, and Prairie Farmer and Mr. Thoman 105,000,000 bus s. The Cincinnati Price Current says the visible will be 50 millions less July 1 than a year ago. The March Michigan crop reports says : The State harvested 21,627,649 bushels of wheat m 1894, acreage was 1,002,000 ; used for seed, l,'lOK,000 bushels ; bread for farmers, 0,027,000 loaves; sales August 1, 1804 to March 1, 8,000,018 bushels ; 4,758,000 bushels fed to stock (or 22^), leavmgoniy 574,031 bushels on hand. The world's visible, as reported by the Trade Bulletin March 1, was 212,440,300 bushels against 222,390,900 a year previous. Europe having 18,000,000 bushels less in Bight than March 1, liS94, and the United States 8,050,300 busbels more. Stocks of choice milling wheat are very small, commanding from 3 to 10 cents premium over contract grades in nearly all American markets. Minneapolis is about 4 cents above Chicago ; Duluth about 6 cents higher. Spring wheat sam- ples are very scarce south of the world's great milling point, Minneapolis. Winter wheat millers claim many sections have no reserves of wheat, and that unusually light stocks of flour exist everywhere, between wheat growers and bread eaters. Northwestern, English, Argentine and Russian speculators are short large lines of wheat in Chicago, against cash holdings, and their position is reported quite similar to that in August, 1891, just preceding the great rise from 87 to 114 culminating August 17, 1801. Great Britain evidently has the lowest reserves visible and invisible at this date of any season in a score of seasons. In short, the wheat growing countries must furnish them one hundred million of busliels before Aug. 31, 1895. Australian and Argentine reports are more conflicting. "Visible supplies in January and Febru- ary decreased about four times as fast as same time in 1894, and the world's visible about two and one-half times faster. The world's visible supplies, both official and unoflBcial are possibly now about 8,000,000 bushels less than a year ago. The aggregate decrease since the maximum visible was reached equals about 10,000,0J0 bushels. The French continue buying wheat, alleging their crop is damaged seriously. Crop damages and reports of damages will likely make a much broader speculative market and higher prices. Corn. The Government crop report indicates 162,934,040 bushels, or 13.4 per cent, passed county lines Erior to March 1, and was marketed. That the merchantable crop grown equalled 999,400,600 ushels, or 82.4 per cent., valued at 44.8 per bushel ; that the merchantable corn was valued at 28.6 per bushel. Total valuation was 8508,713,129, or $40,000,000 less than the December, 1894 valuation, and averages 41.9 cents per bushel. Government reports since 1885. showing corn crop and percentage in farmers' hands (bushels indicated), and primary receipts from July l to March 1 following, and for year ending June 30 : 1894-95. l89:}-94. 1882 93. 1891-92. 1890-91. 1 1889-90. .| 1888-89. | 1887-88. | 1886-87. 1885-86. Crop (December reports Percentage sold beyond county lines prior to March 1 1,212,770,052 13.4 162.9:«.640 39.2 475,564,450 1,049,835.412 126.966,833 82.4 1,619,496,131 15.5 250.:«4,020 36.2 585,816,350 1..369.162.111 148,138,642 85.6 1,628,464,000 17.0 277,379,400 38.5 626,817,370 1,351,084,600 130.898,943 82.6 2,060.154,000 19 6 403.676,510 41.8 860,393,950 1,656.477,490 109,021.008 88.5 1,489,970,000 2,112,892,000 1,987,790,000 1,456.161,000 1,665,441,000 1,9)6,176.000 12.6 18.2 18.7 1 11.7 17.3 17.0 187.689,180 884,178,670 871 .8.'>8,430 170,340,420 288,640,900 820,149,i>20 Perct. in farmers' bands Mar. 1 36.4 45.9 1 30.6 1 .34.9 1 ;«.2 | 542,173,250 969,938,480 787,482,060 508,278,510 603,344,650 .... Bushels retained and consumed in county where grown prior to March 1 Primary rec'pts yr end'gjan. 1 Percentage crop merchantable l,3O<;,280,820 1,728.713,330 1,615,931.570 l,285.r!0.580 1,376,800,100 1,607,026.080 161,29.1,903 136.471,5611 103,314,976, 80,6S2,141 99.270,2541 118.118,783 79.5 85.7 1 82.4 1 b4.0 86.0 I 78.0 Above indicates HO million bushels less in farmers' hands March 1 than in 1894 same time, and that the total consumed and retained to be consumed by farmers as reported up to March 1 is 320 million bushels less than last year, both appearing to corroborate tne reported large quantity of wheat fed to stock. The Orange Judd Farmer reports 563,239.000 bushels in farmers' hands March 1. It is but four times in 10 years a small percentage has been found in farmers' hands March 1. The total amount has not been so small in a score of years. It is conceded consumption has been unusually small and that many million bushels of wheat have been fed. Chicago has less than 1.000,000 bushels of con- tract corn. Many speculators are anticipating a 10 cent rise in April ; one often occurs just before planting and just before "roasting ear season." Provisions. Exports and domestic shipments continue large from distributing centres. Chicago stocks are likely to decrease faster than usual during the summer packing season. Leading: packers are bul- lish and large holders of their winter packing product. Speculation is broader ; outside orders more numerous. The average weight of hogs packed in Chicago in February was 224 pounds, their pack- ing to March 9 was 102.000 liogs. All packing for the past week 330,000 hogs, against 245,000 the previous week, and 140,000 same week in 1893. Yours truly. CLAPP & COMPACT. CLAPP & COMPANY, B ACKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qnotations for Stocks, Cotton, Grain and Provisions for Week ending Harcli 13, 1895, and lor Marcb, 1894. Par value of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., FROM NRW YORK STOCK EXCHANGB OFFICIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COMPARISONS. Salis. 2,218 a95 «£2.0ia 5 283 17.9W 2,012 14.998 b90 45,301 410 22,3(X) 2U,b37 94,235 b70 18.tj75 l.fcCO 83,408 8033 l,7tiO 10,710 7,094 950 56,227 30,525 4UU 394 500 200 750 4,818 41.145 4,8ei8 1^798 13,533 4,84S 999 40.769 13.495 4,894 l!4i6 1.410 805 s'.m l,lt>0 ^740 I,QPO e.b)i 5,330 4034 1,614 210 a,522 1,412 8,231 2 525 2C0 1,050 2l,748 5.970 i,oeo Capitai, Stock. $20,287,100 10.198,600 36,773.000 86,773,000 17,900.000 102,000,000 25,000,000 15,000,000 22,488,000 60.805.400 82 262,700 24,885.800 46,027,261 25,92.3,900 46,156.000 18,659.3fi0 39,054.907 22,335 170 28 000,000 85,430.060 28,200,000 35,000,000 38 000,000 35,000.000 30,459,700 2.5,000,0(,0 8,000,000 50,000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800,000 30,000,000 18,738,204 13,000,000 47,844,100 47,436,5';6 14,905,400 14 904,000 89,428,:}00 77,427,000 20,000,000 6,000,000 58.119,982 13,000,000 39,767,200 49,000.000 89,269,516 20,000,000 8.500,000 40.426.361 36,000.000 '68.402,900 125,000.000 60.000,000 19,850,000 38,710,900 6,500.000 60,8e8„M)0 83,887,098 80.166,000 18,032 800 7,S5S,920 28,000,l>00 24.000,000 94,820,000 10.000.000 4,500,000 DiTiDBNi) Record. Pays 3pc J-D Pays 3pc OJ-A-J.... Pays 3V^pc .J-J Pays .3pc F M AN... Paid 5)4pc in 1888... Paid 2dc Nov. 1894,. Pays ij^pc F-A Pays ]?4pc F-M-A-N. Paid ipc Dec. 1^94 Pays IJ^pc M-J-S-D,... Paid 2f.c A-O I'ays 7 PC Per Annum. Paid i^pc Feb. 1695,,. Paid 2HiPC Jan. 1695, Paid 3}tpc Jan. 1895. PaidSpc in 1893 Pays 2pc M-J-S-D Pays7pc per annum. Pays 7pc ^e^ annum. Paid IHpc Jan!'l8;'i3." Paid2pc Aue. stl803. Pays 5pc per annum. Pays 2J^pc MS. Pays IMpc F-M-A-N... Pays .3pc F A Paid 2pc August 1893. . . I'ays IHpc J-A-J-O..,. Paid 2pc in Feb. 1895... Paid,3pc 1891 Paidlpc in Dec. 1894... Pays l?ipc M-J-S-D.... Pays l^po J-A-J-0.... Paid l>4pc Not, 1893. Paid Ipc April 1892. Paid Ipo in 1887... Pays 2po F-M-A-N. Paid ipo In 1887... Paid'8^po'in"i884! Navkb or Stocks. Pays IHpc J-A-J-O. Paid Ipo In Feb. 1894. American Cotton Oil American Cotton Oil Pfd Am. Suirar Refining Co. hm. Sugar Refining Co Pf American Tobacco Co. . . .\tchison, Topeka & S, Fe Baltimore <& Ooio Canada Southern Central of New Jersey.... Chesapeake & Ohio Chicago, Bur. & Quincy. , Chicago Gas Cos Chicago, Mil. & St Panl... Chicago Mil. & St Paul Pfd Chicago, R. I. & I'acific Chic. St Paul .M. & Omaha Chicago 6.585 000 Total Exports. 105,449 692 122.517,59« ^''^"•ij"!^:.::: c-°-IjX.::: CORN, in bushels. I U S. Visible. 1895 13 792.000 1894| 19.348 000 Primary rec'ts*! Total Exports. 52 663.000 12 821 «08 121,6'.9,000 I 46 061 840 Chicago \ May.. Wheat. ) July.. ^--••]j*u1^;, OATS, in bushels I U. S. Vi.'ible. 1895 6,409 OOil 1894| 2 189 000 N.T, Stocks, 619 921 547,032 Cbgo. Stocks, 1 229 000 875,000 I LARD-tcs. World's vis. 1895 241,786 1894 111,984 CHICAGO CONTRACT STOCKS. PORK bbis, LARD-tcs. i RIBS-lbs. 12:,C65 I 30,322 34.474,908 77,t;41 4,011 I 10,005,802 Lard Ribs. t May.. I July... (May . (July... Thursday. Mar. 7. 23^ 23 67^ 6TM 95H 91^4 93 92M, 92 9i% S>A 3^ hV/4 52 48Ji tm mi 85k 16M KVa 70% 70!^ 71% 7r 55)4 54' 62WI elji mi 88J6 86" .^5H 13l9i 13IJ4 156^4 15711 l^A, 12 267^ 2656 103 103 :o9i 70?i 1361.^ 1.16 4«H 489^ 106W 107 22' 22 26" 19% 90% 29!^ 84 83)4 96 84H «) ii% ien ifi 3?« 3?^ m 8J6 i-M 22)a 8 'i% Friday. Mar. 6. 28 23 98« 95?i 9.3« " 92 3« :o 309i BO 14M 674 tH 8:)6 9H 36)4 l-29i »6« 36^ 262,877 5,65 5,60 5,C4 5,57 5.70 5 62 5,72 5.64 59H 5S9i 59^ 54 49 49 49}i 49 .54 Wl 53H 44hi 232.662 5.68 5.62 6,67 5 61 5 73 5.07 5 74 5,6.-< 59H 59. i 5994 fM 499i <% 4s»>6 49)4 il% 54 f>'>% 55 45)4 *^ 45 U^A 29 8S% -jg^i 29 27X 27M -27% 27% 10,90 10,67 11.00 10 77 11.17 10.97 m 93 53^ 49 48 48 86)i 84 16 16 70% fiH 72)4 :i)6 55H 64)4 mi 61 U 29)i *% 88)4 87)6 35)6 35)6 ;31)4 131)4 lj^% ISO-li .'26 123)« 12% \i 26« 26)6 W «!>% Saturday, Mar. 9. S2 21)4 100 394 53)6 48 84« 70)4 72)4 54)4 2y)4 88J6 15694 124 33% 12H 2«% 9894 94 9294 894 50H 48 83)4 67 Monday. Mar. IL 6994 ?i^ 63 J* 81% 29)4 8794 155% 123 33% 12ki 83 S3 135% 134)6 '369< 48H 47M. 4794 108 107^ .... 22 2194 20 19)6 ■30)4 30 84 84 95 94^ 8)4 'H 2ii)6 '^y* 16% i5% 37)4 37 7% 794 8% 30)4 894 17)4 14 894 6% 8H 6% 9 6H I.t b7)6 9)4 864» 5)6 1294 869i. 9)4 6.S2 6.72 5.60 5,72 6,53 6,70 5,47 5,60 605 6,77 5.62 5.75 6.60 6,75 5,52 5.67 1994 30)4 95)4 7% 94)6 7)4 1594 1594 37)4 87)4 394 3% 1394 21% I3H 81% 7« 794 1794 m 1?% 994 im 1« 6% 8 23 22)4 1C294 099<: 95% 95)4 94)6 9;j94 394 8%, 54H - 49 Tuesday. Mar. 12. 70% 70% 7-.;% 71% 65% 54)6 62V6 62 29H 20), 89% 4 i03)4 16194 96)4 95)6 95% 93 62% 52 49 49 86% 84% 71)4 70)6 72^4 7:94 55% 5.5 117 :i7 6294 62)4 30 297^ 89% 8S), 8«i6 S6H 132J4 Ul I5S 15«)6 12.1)6 124 33% 33'A l-?4 12)4 iiS9i 27 ^ Wed.. Mar. la 20 3094 t>4 9-5% '% 3l')4 1H% 30% 84 J3M, 7% SO 15% 15% 37% 37)4 1394 13% 21% «l% m 10 31)6 17% 9% «0)i. 894 ^ 8% 8)4 5« 6% 87)4 »% 36% 6V6 8)6 65i 39 5% 9>4 8694 87% 9 I 9% SC% S8 39 5% 894 6^y, 9)4 86% 109,200 240.S80 6.76 B,7» 5,77 5.72 5.80 670 5,78 5,72 5.85 5.74 B,82 6,74 5 85 6.74 6,82 5,74 60 60% 50% 50 65 58 4694 45% 59)6 60U 60 5994 6094 60% 49% 51,", 50)6 4994 50% 60% 54)4 55^i 54% 55)4 56M 55)6 45)4 469^ 4594 45 I 46 45)1 29)6 29% 29% 89% 2794 27)6 28 2794 10 97 10.88 11.50 11.10 11,10 U,10 11 62 11 45 6 62 6,75 560 5.72 8.60 6.72 5 57 570 680 6.12 5 77 5,90 665 6S7 565 580 15% 15% 70% -0)6 l.J''^6 136^, *m 4.i% ■iiH 2194 19% :8% 30)4 29% «5% 15% 8:?^ 3794 394 m u>4 is94 22 22 'j« 794 18 9% 31 14 8% IM 8% 40% 894 12% S8% !0)6 3e94 1794 80% 14 894 1)4 8% 39 '894 12% 87% 9% 88)4 159 SCI 6,85 5,77 589 6,77 5.94 5.80 5.S3 5.6(1 62% 61% 62% 01% 51)6 61 61% 5094 57% 56% 58)4 57)* 47)6 46% 47)4 <6)4 29% 29% 28)4 87% 11,67 J! 45 11,85 11.67 6.82 6,95 582 .5.95 6,72 6,K5 6.72 6.85 23 23 68)6 68)6 10294 101% 95)2 35% 9J)4 93% 4 li £ 86% 85% 7094 70% 72 ~0M. 56% e4% 117 117 62% 62% 30 80 39% 88% 3-!% 8 131% i31% 15794 loDt r-'494 124^4 34 33h 12% 12)4 *>94 23% lOO 100 83% 25% ^5% 7094 7094 l36 135)6 4794 i-.VA ;08 10794 19% 30 is" 8 19% iM 93% 7vt 31% 80% 37% «75v 3% 3% 14 2i% 14% 22% i79i :■?% 80% 30% 14 13% 6% 8% 1)4 1!^ 8% 8% 40)4 8% 5V6 5)4 894 8% 38 87% 10% 10 38)6 88% 140 081 B.88 5.88 5,91 5,82 6.9C 5 84 5,94 5 82 62% 6:% 62)4 61% 51% 50% 50% 60 57 5« 58 57 469i 45>4 40% 45)6 299i 29X: 28)4 27% 11.80 1135 11,83 11,50 6.82 6,92 5,87 6,97 6 72 6S2 5 70 6,82 Range for Mar. 1895. to date. 24 2094 68)6 64% 103)4 91% 96)4 92)4 05% 90 4 3% 57% 49 49 48 87% 63% 16)4 16 71)« «9 '=^ VL 55% 53% ll7% 117 6294 61)4 30)4 2894 89% 87% 86% 35)6 'S3 13CH 15894 '■^'^■t 127)4 I2» 3494 33^ 13% 11% 2994 '^% 103 l0% 7% 18 17)4 lOX 9% 31 )i 29% 14% 13% 8% 8% \Va 1 9% 8 3% 3% 40)4 37% 6 4S4 9)4 7% 594 54* 13% 12% 88)» 86% 10% 9 8894 33% 6.88 5.44 5,91 5.44 5,96 5.48 5.94 5 50 6.'% 5894 62% 59 51% 4894 51% 48% 57% 53)6 58)4 54)6 4:% 44% 47)4 44)6 29% 28% 26)4 87)4 11.80 10 27 11.85 10 02 682 6,95 B.87 5-97 6.47 6.60 6.27 5.42 32% 73% 100 92 8394 16 79)4 5294 25% 67 8O94 83% 74)4 K% 69% 50 11794 114% 67% 62 60 59 123% 119 71*4 6794 40% 3694 109)4 104 141 13 )4 41% 87 ;36% 126 16794 165% I3a94 l.J5)4 34 29)4 28% 24)4 45)6 104 7)4 95 17)4 17% 70 131 52% 40% 101% 6 9194 15% 14% 65 12694 4o% 12694 122% 99% 98 26)4 794 88% S9 8494 101% Ie46 12% 23% «% 2-294 20)4 71)* 9-<94 16% 17% 16 469^ 4394 5% 4 6)4 4% 23% 1794 1794 10% 6% 4)4 23% 19^ •72 16696 ■25 83' ' im 18)6 10 8 11)4 6% 22)6 IS 6% 594 40% 89% 7% 69i 16% 13% 87)6 84% 13% 12% 49% 46% 7.55 7 29 7,66 7 '23 7.73 7 35 7,78 7 48 6494 61% 67 A 63)4 4.3% 42)6 4494 43)4 61% 57% 6:1% 59^ .38)4 3(596 39 87)« 31% 29% 29-% 27% 11.95 10 75 12.00 10.77 7.12 6.40 6.95 6.37 620 5.55 6 17 .5.55 < OLU PORK, Chgo. bbU. .... bbl8. WHEAT on passage. 36.400,000 bush. 81,240,000 - CORN on passage, 3. 120, 000 bush 5,904,C0O •• Russian Sbipmts. for wk. 1,&32,000 bush. 1.157,044 " Indian Shipmts. for wk. £1,000 bush. 880,C00 " Argentine Shpts. for wk. .... bush. t Since Aug. 31, ♦ Since June 30. Compiled and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YORK Ulcchh^ flDarhct Xcttcr. No. 421. Copyright, 1H9S, by Clnpp * Comvany. O. W. Clapp. DWIQHT O. CLAHr CLAPP & COMPANY, Banhers anb Bvohers, MILLS BUILDING, IM. Y. tNTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE, OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. 1 277 BROADWAY, Corner Chambers St. B-.ANCH J 671 BROADWAY, Broadw.^ Central Hoteu OFliet.: [ 753 FIFTH AVENUE, Corner 58tm St Private Telegraph Wires. Cable Address: "Ozro." LoNQ Distance Telephone. New York, Thursday Morning, March 21, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for futu.'e delivery. Margin deposits may be made with local out-of-town banks. The local bank should alwaffs loire us at once, at our expense, stating amount that has been placed to our credit, and for lohose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. Z% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. BANK STOCKS FOR SALE. 5 shares Market and Fulton National Bank. . . New York City. 8 " First National Bank Brooklyn, N. Y. 60 " First N ational Bank Arkansas City, Kan. 50 " First National Bank Fort Madison, Iowa. 19 " National Bank of Rondout Rondout, N. Y. 100 " Moorhead National Bank Moorhead, Minu. 40 " Salamanca National Bank Salamanca, N. Y. 15 • " First National Bank Carthage, Mo. 40 " Arlington National Bank Arlington, Oregon. 50 " City Bank Minneapolis, Minu. 20 " First National Bank Palouse, Wash. 25 " American Savings Bank Detroit, Mich. 35 " Fresno National Bank Fresno, Cal. 50 " State Bank Elmira, N. Y. 50 " City National Bank Norfolk, Va. 10 " National Bank of Commerce Omaha, Neb. X > o m o o z H > Z C/3 D > r -< 01 o o D CA) O -ri r m > o z o m X o > z o m 03 OUR LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREB. CLAPP & COMPANY. BANKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. The silent forces of nature accomplish much more than, the noisy ones. No ear is quick enough to hear the tread of the sunlight as it triumphantly pushes* away the darkness of night. A tender plant in the crevice of a rock will often push it wide asunder, but the plant is often worth more than the rock. Ideas have power to ruin or save, to destroy or build up. The co-operation already established is strongly suggestive of more to follow. Straws.— The United States has about TO,0(iO,000 of people, about 3,602,990 square miles, about 179,672 miles of steam railway, thousands of miles of street car lines, about 600,000 miles of tele- graph and telephone wires, 3,757 national banks, l,Oi^O savings banks, 5,838 building loan associa- tions, 431 life and assessment companies, thousands of private banks, 40 active commercial Exchanges, 80 Clearing House cities, all possibly able to produce more varied products and settls more differences in trade than any other nation on earth. For the first time in three years the Bank of France has reduced its rate of mterest to two per cent. The New York banks' reserve is down to $17,598,775, against 77 millions a year ago, and only 6 millions two years ago. Wall Street's biggest booms have occurred when money was the hardest to get. Stocks and Bonds. Bonds.— Municipal and the better class of bonds are dull and firmly held. The railway specu- lative list is higher and active, the trading recent days being the largest of any for more than a year past. The foreign Government Syndicate 4 per Cent. Bonds are firmly held without finding as ready sale here as abroad ; evidently plebeians are prohibited, except to assist the foreign few to make about fifteen milhons out of Americans. Railway Stocks. — It is reported that 131 railroads show a decrease of $700,000 in February earnings, a falling off of about one per cent, on about 100,000 miles of railway. Grain shipments from January 1 to March 2 show about 40,000,000 bushels less this year than last, and the primary movement since August 1 equals about 80,000,000 bushels less. Nine Northwestern roads show a decrease of $396,870 m February, or about four-sevenths of the loss on the 131 roads. The New York Central and St. Paul reduction in dividends is considered conservative and reassuring. Western Union claims business is picking up and dividends will be maintained. Local Exchange operators have been largely short of Burlington, Rock Island and Louisville. The competitive buying by tht general public will likely make a much broader and better market for all interests. Many enthu- siasts predict a ten per cent, advance. We look for most low-priced stocks to seek a higher level. Reorganization methods and schemes for forcing payments are daily falling to the rear. Many co-operative assessments have been paid. Sentiment has changed, and bull factors appear more prominent than methods practiced when " Washington OflBcials " were dictating values in place o* business men The coal stocks seem to have a better grip on the properties, and the bulls to havt the call on the bears in Wall street. Industrials.— Sugar and Tobacco continue paying one per cent, per month, and from unknown sources. Distillers appear gaining a better reputation, because more is known of the bookkeeping. The reorganization looks feasible, and the result is a higher range for the stock. General Electvic's business methods, its business and management are more promising. It is quite possible 26^ was the low point for the stock, and 40 may be the objective point before the summer begins. " Galvan- izing " Cordage with questionable methods may do for a turn, but it will scarcely bring buying orders from investors or encourage disinterested bank officials to loan on the stock. Cotton Oil will likely show more activity and a higher range. Lead is a good property, the management of the plant is excellent. Recently elected Chicago Gas officers are likely to inject more economy and discard many obnoxious contracts, and break away from unprofitable old agreements to emerge with as good a property as the New York Consolidated Gas. Time will work out the problem, and the stock in the meantime mav seek a much higher level. Silver is reported scarce. A London clique, likely, are ready to dictate higher prices, especially if the Chinese war closes and a large payment in silver be made by the Chinese. The Industrial list appears nearly ready for an advance based on more honorable records than ever before existed since they secured unlisted footing on the Stock ExchaDofe. Cotton. Europe seems to have secured a larger percentage and quantity of our cotton than any former season, at the minimum price, partly through tariff agitation ; thus placing the south at their mercy and on a reformed tariff level. In 1894 after this date but 14^ of the crop was marketed or about 775,000 bales. The movement to date about equals nine million bales of 500 lbs. each, or as much as our largest crop grown. Exports and spinners' takings to date equal about 7^ million bales, or more than the crop grown many past seasons. The bears predict there is a million bales y et to come forward. The bulls claim the quantity will not exceed a half million bales. We look for the crop to finally count out about 9% million bales, but see no reason why the planter will ever get much more than 5 cents out of his 189^5 crop, even with prices nearly one cent higher than early this month. Imports of cotton goods, from Jan. 1, to March 15, were 27.357 packages, valued a:; $6,407,259, against 14,382 packages same time last season, valued at $3,249,444. Our exports of cotton goods were 53,062 packages same time in 1894, and only 33,401 this season. Apparently free trade is knifing the cotton interest both ways to enrich European labor and capital. Our cotton correspondents in nearly every state claim the use of fertilizers will be cut down from Ji to J4 and CIAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. 3 the acreage largely decreased. Our Texas advices report many fields have been poorly picked and much cotton has been " bushed under" in preparing the ground for the spring crops. Speculation is broadening ; sentiment still seems to favor seven cent cotton. The bulls predict a small acreage and crop from the 1895 planting and a largely diversified seeding in the south, that will greatly aid the inner man rather than grow a crop to be sized and seized by foreigners at minimum prices. Wheat. Beerbohm's] Com Trade list estimates the world's crop of wheat for the four years, 1883 to 18S7, gained about 7 'per cent., from 1887 to 1891 the gain was about 9 per cent., from 1891 to date about 10 per cent., and that the 1894 crop was the largest one grown and equalled 2,500,000,000 bushels, and that these are sufficient reasons for the prevailing low prices, and for believing bread consumption has not kept pace with production, and therefore a large amount has been fed to live stock. We believe this a fair statement and think the inducement to waste and feed wheat in all various ways has about reached a maximum point, and visible supplies may again adjust values long before the 1895 crop is garnered. The Price Current interprets our visible and invisible supplies March 1, as 219,000,000 bushels, and basing estimates on consumption to Julv 1, 1895, of 106,000,000 bushels, spring seed at 18,000,000 bushels, food for live animals at 5,000,000 bushels and exports at 45,000,000 bushels, thus leaving 45,000,000 bushels about July 1, 1895. Using Government crop estimates and the disposition of wheat the past four years, we find the invisible supply has been overdrawn. From March 1, 1893, to July 1, the visible decreased from 79,000,000 bushels to 62,000,000 bushels, from March 1 to July 1, 1894, from 77,000,000 bushels to 55,000,000 bushels. If the many estimates similar to those in Michigan and some more Western States be correct and their invisible surplus is almost " nil," and if country millers, as reported, are drawing on primary points, it is among the possibilities the July, 1895, visi- ble will be reduced to very small proportions and the invisible be insignificant. European stocks show about 20 per cent, less than a year ago. Argentine's reports are less favorable, although their exports to date exceed those a year ago. India is exporting less than for many vears. Primary receipts for the ten years ending June 30, l.s94, equalled about 1,500,000,000 bushel's. Exports were about 1,400,000,000 bushels. Primary receipts since July 1 are about 132.- 000,000 bushels. Exports about 110,000,000 bushels (always examine the fourth page of our letters for comparison). For the year ending July 1, 1895. it is quite possible exports will exceed primary receipts. Exports this month will likely exceed those of last March. The visible will likely decrease more. Evidently we are approaching smaller visible and invisible supplies. Speculation appears broadening. Foreign orders are more numerous. Investors feel more confident. We will issue our annual World's crop letter as usual about March 28. Corn. The domestic and export demand continues good. Receipts are light. Speculation broadening and visible supplies lessening. Sentiment appears to favor higher prices. It is among the possibil- ties corn on this crop will again sell higher than wheat. It values are dictated by impulsive Americans and not on export demand. Seldom do we have a short crop and a large advance in the fall that a similar one does not again occur in April and later on in July and August. We think it well to buy corn on weak spots. Oats. It is estimated that the changing of street car railways from horse to electric power has displaced 1,000,000 horses and prevents a large city consumption of coarse grains. Speculation in oats is dormant, supply appears to equal demand. Provisions. Provision exports from July 1, 1894, to March 1, were 966,366,032 pounds against 878,202,257 same time last season. A prominent live stock firm predicts the spring and summer supplies of beef and cattle will not equal 60 % of receipts last year, claiming Illinois has but ^ as many cattle, that Iowa has 25 f less ; that Kansas has 35 ^ less ; Missouri 40 % less, and that thus far this season Chicago has received 85,000 less cattle than same time in 1894. Prime beeves recently sold higher than for years. An old saying is "hogs are a year behind corn." It is reported a leading packer is long a large percentage of Chicago "cellar" supplies, and predicts sixteen dollar pork this season. The market has the appearance of being able to make many false starts and sharp advances, subject to many small setbacks, en route to a much higher range of values this spring and the coming summer. Packing at all points since March 1 has been 540,000 hogs against 445,000 last season. Yours truly, CLAPP & COMPANY. Note. — About March 30 our new book, " Leading American Exchanges for 1894," will be ready for delivery. It will contain 352 pages, in elegantly bound covers, and have half tone pictures of about 35 representative Stock, Grain and Cotton Exchanges, giving their history, business and statistical record for the past decade ; also values at producing, speculative, exporting and consum- ing points and much other statistical matter of great value to bankers and business men who desire to know daily prices and the annual production of the world's staples. A limited number of copies will be issued and delivered to applicants free upon receipt of $3.00. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QnotatiODS for Stocks, Cotton, Grain and ProYlsions for Week ending March 20, 1895, and tor Marcli, 189i Par value ol all stocks $100. except D., L. A W.; P. & R. an d Am. Tobacco Co.. FEOM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Wbeklt Sales. 10.494 2.091 863,997 2P48 8,580 1.500 2,858 n.737 10.5 5 30.133 L0 050 67,865 900 81.967 2 865 46.111 595 6.878 3 705 7,540 5.997 1,997 70.961 65 472 320 4U0 ti23 1.S95 2.060 .316 2 7^5 42.9(10 t>.075 9 503 250 9,863 4.010 2.544 42 708 6.420 67.603 2\m 5,t!57 0,025 3325 4.442 3 208 1 J70 21 975 571 55,000 2.000 83,461 21,244 4,345 5.98^ 2.010 2 015 . .300 2.fi37 2 937 1.^46 2.47B 5.2-30 16,430 23.566 3.;:.$ CiiPrrAi. Stock. 120,287,100 10.198,600 86,778,000 86.773,000 17,900.000 102 000,000 25,000,000 15,000,000 22.488,000 60.805.400 82 262.700 24,885.800 46,027,261 25,923,900 46.156,000 18.659,860 89,064,907 22,335 170 28 000,000 85,4.30,000 26,f00,000 35 000,000 38 000,000 85,000.000 30,459,700 25 000,000 8,000 000 50,000,000 10,000.000 11,840,000 11,840,000 49,466,500 52,800,000 30,000,000 18.738,204 13,000.000 47,844.100 47,436,575 14,905,400 14 904,000 89,428.300 77,427,000 20,000,000 6,000,000 58,119.982 13 000 000 39,767,200 49.000.000 39,269,546 20.000,000 8.600,000 40 426,361 36,000,000 DiTrDiiNB Record. Pays 3poJ-D Pays 3pc 0-J-A-J Pays 8Hpo J-J Pays 8po FM AN Paid 5}4pc in 1888 Paid 2dc Not, 1894.... Pays IMpc F-A Pays iMpc F-M-A-N... Naueb of Stocks. Paid Ipo Dec. 1894... Pays li^pc M-J-S-D.. Paid ipc Pays 7 pc Per Annum.. Paid ^pc Feb. 1895. Paid 2!^pc Jan. 1895... Paid 3V^pc Jan, 18!i5... Paid3pc in 1893 Pays 2pc M-J-S-D Pays7pc per annum... Fays 7pc per annum. . . Paid 'l^pc' Jan! 1893." .' .' Paid2pc Aug. stl893... Pays 5pc per annum... Pays 2^pc M-S. Pays li^pc F-M-A-N... Pays 3pc FA Paid 2pc August 1893. . . Pays IJ^po J-A-J-0 Paid 2pc in Feb. 1895..., •iS 102,900 125,000,000 60.000,000 19,850,000 38,710,900 6,500.000 60,868,.500 83,837,093 20.166.000 18.032 800 7,358,920 28,000,000 24,000,000 94,820,000 10.000,000 4,500,000 Paid 3pc 1891 Paid Ipc in Dec. 1894... Pays l^pc M-J-S-D.... Pays Ipc J-A-J-0 Paid IHpc Nov. 1893., Paid Ipc April 1892., Paid Ipc in 1887..., Pays 2pc F-MA-N. Paid Ipc in 1887. Paid 314PC in 1884. Pays IMpc J-A-J-0. Paid Ipcin Feb. 1894... American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co, . Am. Sugar Refining Co Pf. American Tobacco Co Atcbison. Topeka & S. Fe. Baltimore & Obio Canada Southern Central of New Jersey... Chesaceake & Ohio Chicago, Bur. & Quincy, Chicago Gas Cos Chicago, Mil. & St Pan!.. Chicago Mil. & St Paul Pfd Chicago, R. I, &Pac.iic Chic, St Paul M. & Omaha Chicago & Northwestern Chicago & North w'n Pfd. Cleve.. Cin., Chic, & St L. Consolidated Gas of N. Y. Delaware, Lack 'a & W'n Del., & Bndson Canal Co Denver 4 103 84^ 25?^ 16 71H 108 Friday. Mar, IS. 24H ^% 2i^ SiH 8 aoii i9?i 85 .8H 100J6 93H 93 *H &Sii 49 ^H 16% 71% 71% 55li 117% 62*i 30% 89Ji 36% 133 160 127 12% 9«% 83% 90 4 48% 8rfH 16!^ 70-?:^ 70% 55% 117% 62!^ 8'% 88% 86% 133 159 126 ii H H Saturday, Mar. 16. 16 71% 135 47 24% 23'/*, 70 6aH 98% 97% 83 9.1 91% 90% 48% 48% mi 89 16H 16^^ 71% 70-A. 71% 70% 65?4 65^ 62% «2% 89% mi 160% 159% 126% 123W 12% iiki 29% 29 102 102 25% 25% Monday. Mar. 18. m 71% 135% 48"; ..,„,--,„ -.,„ i(r:% io7%'io8»4 io7'ti 1 36^ (34 4758 ii% 225i 20% 19% 30% SO 85 65 84% 94%x93?i 92% 7% S% 8 33% 31% .54% 38 87% 87% 3?i 8^4 6 a 14% 14% Total sales of all Stocks each day and for the six days... 1.218.203 COTTON, in ba es. I World's visible. I Total in slghttl Total Export*. 1895 4 70I,2.!8 8.7o9.463 5.3ol., tOi 1894| 4 330.920 | 6,740,664 I 4,256.995 XT -y f March. . ■"• '• J April.. , Cotton jMay.... I June... WHEAT, in bnshtls. I C. S. Visible. IPrimary rec'U*! Total Exports. 1895 76.(>74,000 131,101.000 109.COH..ir8 18911 78.2.^9,000 | la8.589 000 129,148 778 CORN, in bnshe's. I U. S. Visible. 1895 18 439.000 !894| 19,739,000 OATS, in bushels. I U. S. Vi.-ls. .... bbls. ) May.. ■ 'July... i May . ^July... m 8 156 163 ir9i i;% :0% 9'4. 31% 801)4 !4 13% 14k 8^ 8% «% 8% 7% 3% 8^ 40 8a% 5% t% 6% 5% 13% li% 8#| 87% 10% 10% 41>a 385i 183.9612 216,672 WHEAT on passage. 83.C80.000 bush. 85,744,0«0 " 6,04 5.;'2 5.97 5,94 62M 62% 50% 60% 57% 58W 46% 46 29% 28^ 12.20 12.25 6.92 7.0i 5.95 6.07 5.89 5.98 6.95 5,8J 5. 1^7 5 90 5 90 ti 02 5.95 6.87 5 99 6.91 •Vi' 62H 62 em 6-% 49% - ■ 25% 71% 98% 93 93 4% 64% 49% 94% 17% 73 7:% 57% 119 64% 32% 92 '88% 33% 161^ 129 3rt% 12% 3:% 25% 70% 95% 93 91% 4 64% 48% 92!ri 17% 72 70% 56% J18H 63% sm 80% 87% 133 160% 12J 36 12 2H% % % 87 ef% 27 26% 17% 16% 73 72% 1.17 137 50% 49% 108% 108%: 109 '"S^ 25« 24 2i" 2u% 80% 29% 04% 84 94% U 34% 83% 25% 85% 21% 20% 30% 30 84% 84% 95% 9-1% 9 8W 84% 83% 83,398 266,314 6.08 6.06 6.09 6,97 6.:5 6 06 6.09 6.00 6 18 6 08 6,17 6.02 6 17 6 04 6.14 6,00 I 62 61% 61% 60% 62^ 51% 6rM, 61 .50% 50% 51.', 60% 50% 50% 50% 60 57% 56% 56% 65% 58 67% 57% 66V4 465^ J6 46% 45% 46 46% 46% 45% 29% 29% 29% 89% 29% 29% 28k 28% iaVi 28% 28% iiW U 12 11,77 12.05 11.75 11,92 1165 12,U 11,95 12.12 11.97 11,90 11,75 Wed., 1 Mar 20. 25% 25 mi 96% 93% 82% 4% 4^4 49% 63 4S% 94% 92% 18 17% UH 72% 71% :o^ 57% t6% i^ 63% 31% »-'% 81% 88% 87% 6i% t«i 129Ji i28 815 36 13% 12L 88 81% *% "\i 26% 26Mi 17% :: 73!^ ,7J 137% I37 50% im lOd% l08% 28% 25% 81% «i% 3'% 30% 35 84% 95% 94% 91.* 3U 84% W% 351052 6,16 6,10 6 15 6.07 6.20 6 11 6,13 6.10 61 A 60% ^m 60% 5i;i 6m 50% 80% 56% 55% 57% 56% 47!4 46% 47% 46% 6 92 6 80 6 82 6 75 7,00 6,92 6.95 6 87 6 00 5 Si 5,90 6 82 6 10 5 95 6 05 5.^5 CORN on passage. 3,440,000 busd. 6,616,000 " 6 80 6,72 6.95 6.87 5 85 5,72 6,02 6.87 212816 6.25 6.17 6.26 6,20 6.83 6.20 6,31 6 18 61% 60% 6:% 60% 52% 51% 51% 60% 50% 55% 57% mi 47% 47 47% 46% 26% 29% 28!^ 28M 11.72 II 55 11,90 11.75 6,75 672 6,87 6S7 5,;? 6 70 6.92 6,87 Range for ilar 1895. to date. 28% 71% ;03% 9B% 05% 49% 94% 18 -5% 72% 57% 119 64% S2% 92% «0% 64% 91% 92% 90 8% 49 48 83% 16 69 70 63% 117 6m 87% 138% 13SW 3S% 35 H '3.1% I3C% 161% 15,-)% 12Jk 12:< 36% 33% 109% Jfc«% 9:% 91H »% 8% §^ 1% 8% 8% 40% 87% 6 4% 8^ 7% 6% 54* 13% IJ% 89 86% 12% fl 44% 83% 6.25 5,44 6.26 5.44 6.;W 5.48 6.31 6 80 6.'|J 58% 62% 59 52% 48% 51% 48% 58 63% 58% 5m 4:% 44% 47% 44% 29% 28% 28% 27% 12 45 10 27 12.45 1062 7.00 6.47 7,12 6 60 6 02 5 27 1 6.12 5.42 Range fol Mar. 1894. 82% 25% 73% 67 100 80% 92 83% 83% 74!4 16 12% 79% 69% 52% 50 117% 114% 19^ 17% 84% 77 67^ 62 65 59 123% 119 71% 67% 40% 36% 109% 104 141 13 % 41% 87 :36% l.'tf 167% 16^% Vim 135% 84 29^ 28% 84)4 45% 40% 104 101% 7% 5 95 91% 17M 15% 17% 14% 70 66 131 126% 52% 4o% 126% ',22% 99% 18 26% (S* 7% «% 28% i3% 39 26% W% 71% 101% 9*% 1«4 16% 12% 9% 17% 16 46% 43% 6% 4 6% 4% 23% 17% 17% 15% 6% 4% 23% 19'.i 72 16«% 26 23" 10 13% 8 «% 22% 18 6% 5% 40% 39% 7% 6% 16% 13% 87^ 84% 18% 18% 49% 46$| 7.55 7 29 7.66 7 28 7.73 7 35 7.78 7 42 54% 61% 67A 63M 43% 44?? 42^ji 48% 61% 57% 6:11^ 59% 38% 36»? 89 37% 81% 2S% 2»% 27h 11.95 10 76 12,00 10.77 7.12 6,40 6.95 6.37 6 20 5,55 6 17 .5.55 Russian Shipmts. for wk. 1.120,000 bush. 1,819,846 " Indian Shipmts for wk. 256.000 bust. 260,roo " Argentine Shpts. for wk. 1.650,000 busb. t Since Aus 3i. ♦ Since juue 30. ComtUed and Copj„ighted by CLAPP & COMPANY. BANKERS. MILLS BUILDING. KiiW YORE TRIlCChlV fll>arf?Ct XCtter. copyright, tSOg, by aapp * Comvam,. O. W. CLAPP. '*°- ^•^^- DWIQHT O. CLAPP CLAPP & COMPANY, JBanhere anb JGrohers, MILLS BUILDING, N. Y. New York, Thursday Mornino, Bfarch 28, IBO?). FINANCIAL OUTLOOK.— Nature has no equal as an equalizer of values. Tlic variations of liumaii action and international exchange are soinotiincs as itnportaut as tliose of soil, season and temperature. It takes something more than a favorable crop surplus to make a permanent place for a nation's product in international markets. Railway Stocks.— The general feeling in business circles as reported by our correspondents in thirty odd States indicates a decidedly better sentiment prevails, and tliat many kinds of business show |an imi)rovement. Money is in better demand. Eurojiean centres are taking more interest in our securities. Evidently the tide has turned. Cotton has advanced aliout a cent a pound since Congress adjourned. Railway securities are in active deniand, low priced ones in particular. The advance seems healthy. Dividends have been declared and officials have acted wisely in continuing to pay small dividends. The next change may show a small increase, and none of the best properties, such as New York Central, St. Paul, Rock Island, Burlington, Northwest, Jersey Centr.al and Western Union will likely go on to the non-dividend list. Reading is more active, indicating the coal delegates have arranged for less friction in values. Atchison is stronger and likely to score higher prices. The various Pacific roads may do better from standpoint of manipulation. Industrials. — Sugar, Whiskey and Tobacco may advance, if their backers so decree. Cotton Oil is more active and likely to score art advance on merit, cotton and lard both being higher. Lead has merit and may yet have its annual Spring rise. Chicago Ga.s has officials striving to benefit the property rather than wreck it. General Electric's basiness methods are improving ; the stock has had a good sensational advance, and may decline about five points, even if to regain a higher level later on. Talk of consolidation and improved management tend to increase confidence and enhance values. COTTON. — March has been the most active speculative month since the autumn of 1892. Prices for spot cotton have advanced a cent a pound ; for contracts about Jg of a cent, or equal to about $4.50 per bale or 5450 per contract. Never was our market so near Liverpool quotations (when no corner existed) as recently. New Orleans keeps above a shipping basis to this market. Mississippi corres- pondents claim there is fully 15 % less cotton than in March, 1892, and predict a large falling off in April and May shipments. The old Cotton States will not likely use near as much fertilizer as formerly. It is expected planters will generally agree to reduce the acreage. If present or better prices prevail the coming sixty days, we think it quite possible the acreage will be increased. Texas has marketed to d;ite about 78 % more than last season. It is claimed foreign immigration there makes growing cotton at present prices very profitable. The season l.as been unusually cold and late, and is conceded to be too backward to admit of planting indicating more than 7,500,000 bales crop for 1895. Imports of English made cotton goods since January 1 are nearly double those same time in 1894. Exports were 38,437 packages against 55,095 last year. " Tariff reform " appears to be working out the problem to give Europe our gold, silver, bonds, cotton and wheat at minimum prices, and make us buy their manufactured products at maximum prices, pajnng in our choicest properties. Speculatively .''peaking, we think sentiment and manipulation has had much to do with the 18 % per cent, advance this month. For valuable compari- sons and statistics, see second page this Letter and our crop letter in our Souvenirs of 1893 and 1894. Average price American farmer received for leading crops during past 12 years, ^vith average price of silver in London same years : 1S94. ISnS. 1893. 1S91. 1890. 18S9. 1888. 1887. 1886. 1885. 1884. 1883, Wheat bn. 49. Sets. 53. lets. 6a.4ct3. 83.9ct8. 83. Sets. 69. Sets, 92.6cts. 68. lets. 68. Tots. 77. lets. 64. Sets. 91. lets. Corn bu. 45.6" 36.5" 89.4" 40.6" 50.6" 28.3" 34.1" 44.4" 36.6" 32.8" a5.7 " 42.4" Oats... bu. 32.9" 28.8" 31.7" 31.5" 42.4" 22.9" 27.8" 30.4" 29.8" 28.5" 27.7" 32.7" Cotton lb. 4.9 " 6.99 " 8.4 " 7.3 " 8.6 " 8.6 " .. .. .; SUver oz. 28.9.'?7d. 35.62.5d. 39.813d. 45.063d. 47.750d. 42.688d. 42.875d. 44.625d. 45.37.5d. 48.563d. 50.7.50d. 50.625d. Silver is now quoted 39Xd. per oz. in London. Gold is around 350 in the Argentine and at a premium in some other countries. WHI'jAT. — France imposed a duty on imported wheat in 1880 of 2.6 cents per bushel, and now 36.2 cents per bushel. Italy now imposes a duty of 36.7 cents on wheat, and 5.64 cents on corn, against 26. 2 cents on wheat a few years ago. Portugal and Spain pay higher duties and import annually about 18,000,000 bushels. Spain, February 10, 1895, increased the duty from 42.2 cents to 55.11 cents. Sweden last j-ear again raised the duty on imported wheat to 23.98 cents per bushel, against 9.12 cents, and on flour to about 1.55 per bbl. Ger- many imposes a duty of 32.3 cents per bushel, and 2.23 per bbl. on flour. Russia imposes a duty on flour of 33 cents. Turkey and Bulgaria impose ad valorem duties. Evidently old world wheat growing countries are continuing to place impediments against other wheat growers. Germany has a bill now pending to encourage home industries and tax all imports. India's recent exports from their new crop are larger than in March, 1894. Exports last year were the least in a decade. Russia's exports from 50 of her provinces to date hr J. been larger than from the 1893 crop same time. Private estimates generally concede our 1894 wheat crop equalled 515,000,000 bushels. St. Petersburg official figures just given out add 78,000,000 bushels to our Government's report of Russian crop, and they claim 2,886,704,520 bushels total of cereals grown, against 2,361.239,000 bushels grown in United States as reported by our Government. Russia's official and our unofficial statisticians indicate the world's crop is 133 millions larger than our Government estimates, or say 2,733,000,000 bushels, against the largest previous crop of 2,427,- 000,000 in 1893. The United States, Russia and Argentine practically furnish four-fifths of the supplies for the world's importing countries. Argentine imported wheat in 1870; in 1881 exported but 70,936 bushels; in 1894 about 55,000,000. Last year Antwerp was the largest imp tTiing city, Liverpool being next. More than half our exports are in the shape of flour. The world's largest rye crop was grown in 1894. The world grows about 3 billion bushels of potatoes; Germany about one-third of them. Potatoes are about double the price in (rreat Britain they were a year ago. The world's corn, oats and wheat crops seldom vary more than 10 or 15^ from about 2,350,000,000 bushels. The rye crop is usually about 55;? as much. Chicago reports c. i. f. bids at 66)^c. for No. 2 red wheat. Freight from Chicago to Liverpool via water being lO^gC. Increased demand, or serious damage to the growing crop, might enhance values in the near future. CORN. — The world's crop is probably the smallest grown in a score of years, and equals only about seventeen hundred million bushels, or less than the average consumption in the United States. Argentine is reported as growing a " bumper crop." Our 1894 crop is but little more than half the world's average crop. We usually grow about four-fifths of the world's annual crop, and export from 3 to 5;? of that grown. Le.ss of the 1894 crop will likely cross county lines than for many years. Practically no corn will cross the Mississippi River. The yield per acre. 19.4 bushels, was the lowest since 1881. The New England and export demand continues good. It is among the possibilities that corn will again sell above wheat. PROVISIONS. — There appeal's to be a general belief among provision men and live stock dealers the hog supply is getting low and the run of ho.gs the comin.g summer will be small and prices likely rule much higher, as a leading pork packer is suppo.sed to control about all the "cellar " holdings in Chicago, besides being long large lines of product for May and June delivery. Packing to March 21, 945,000 hogs against 720,000 corresponding time in 1894. Yours truly, CLAPP & COMPANY. Our Souvenir for 1894 will be out next week. Price |3.00 delivered. 67 CLAPP & COMPANY, Bankers and Broker, We give below the Yearly Wheat Yield of the World since 1884, in bushels, as compiled from Government Reports and Estimates from Foreign Governments, as i-m and consumptive needs and the Oats, Barley and Corn yields are our estimate or from various authorities considered the best. Cotton statistics are from reports from '■{, COUNTRIES. United Sutes France India Rossiaand Poland..... Austro- Hungary .. . . . . . Italy Germany United Kingdom Asia, except India Spain Roumania Caucasus Sooth America Anftralasia Canada... •«••«.. ..••.« Africa rorkey and Depend'* . Balgaria........ ....... Belgium Greece Scrria.. ...... ......... Portugal , Netherlands............ Denmark.......... , Sweden and Norway . « , , Switxerland Mexico. Clapp'a Estimate, 1806. 150.000,000 tl894. 103,000,000 *5,020,000 iS.OOO.OOO World's crop, yearly . . Exports y'r end. June 80 Primary Receipts : June ao to Sept. 80... June 30 to Dec. SO June 30 to March 31|. June 30 to June 30,... In Farmers' hands Mar. 1 Seeding requirements. . Acreage in the U. S..... Yield per acre..... Com'er'lb'shl'sofCOlbs Av'r'ge weight per bush, Exp't price y'r end. J'e 30 Cash price Mar. 27 Chic Corn: U. S. crop DispVt ol prior to Mar.l In Farmers' h'ds Mar 1 Yield per acre Exp'ts y're'd'gJ'neSO Cash price Mar.27Chic Acreage Ex. price y'rend.J'eSO Oats : Acreage Crop Yield per acre Cash price Mar.27Chic Cotton : Crop, bales Av. weight per bale.... Acreage Pounds per acre A v.expt. price to Ag.Sl Exports to Sept. 1 . . .S South'n con. to Sept. 1§ North'n " " g Price MayCot.Kar.27 160,000,000 160,267,000 813,316,000 268,169,000 381,000,000 188,593,000 122.969,000 111.000,000 62,668,000 83 600,000 91,000,000 13,681,000 63,000,000 101,000,000 13,360,000 13,221,000 17,098,000 •3.800,000 80,000,000 18,600,000 6,000,000 8,000,000 9,000,000 6,000,000 4,600,000 1,767,000 4.600,000 13,000,000 tl893. 71,999,790 •61,000,000 2,690,131,000 165.622,233 61,000,000 119,000,000 111,000,000 •63,000,000 31.882,316 18.3 *18O,0O0,000 68 67 1,212,770 396,132,000 277,136,000 268,539,000 318.000,000 201.269,000 136,218,000 110,010,000 62,166,000 •6,177,000 93,181,000 60,110,000 61,000,000 81,163,000 13.468,000 13,621,000 31,691,000 83,316,000 86,987,000 17,600,000 6,600,000 8,600,000 6,000,000 6,600,000 1,659,000 1,193,000 8,300,000 6,731,000 tl892. 616,919,000 310,811,000 206,610,000 266,019,000 192,174,000 116,676,000 116,216.000 62,621,000 80,304,000 82 288,000 63,937,000 71,266,000 67,292.000 37,090,000 18,799,000 38,262,000 33,836,000 10,111,000 30,718,000 4,600,000 10,000.000 e.ooo.coo 6,000,000 1,961,000 1,693,000 4,000,000 11.000,000 tl891. 2,126,731,000 2,41 4,411,000 611,780,000 220,353,000 256,704,000 181,627,000 179,857,000 111,166,000 86,760.000 77,016,000 85,907,000 71,319,000 18,188,000 72.000,000 18.805,000 83,875,000 63,1134,000 47,061,000 38.896,000 10 902.000 15,6C0,0OO 6,675,000 8,000,010 7,000,000 8,501,000 1,666,000 1,591,000 3,600,000 16,000.000 1890. 191,916.036 63.000,000 119 000,000 133,000 000 Ai\i .63^ 7a7,205,C02 175,564,150 1,OM:oOO.()00 680,000.000 19.4 63.126,566 .36 160,851,000 16.2 27,037,576 662,186,000 24.5 •30Ji •9 750 000 t497.98 120 107,217 tl91.7 7.8 6,231,491 1.613,971 7.52 •28>6 6,490,.'i27 ."lOJ.dOn 1.785.819 6 20 135,205,430 64,000,000 34 629,118 11.1 381,600,000 67.6 79.9 .7694 1,619,494,000 1 001 Hit; 000 62G,5l7,J7u 22 5 88,742,898 •40J^ 72,036,405 63.1 27,273,033 638,854,850 23.4 .29 •7,627 211 196.28 19 701.385 182.76 8.05 1,402,890 733 701 1.950,000 8 55 225.6C6.811 94,000.000 IStl.OOO.OUO 231 000,000 265,000,000 171,000,000 65,550,000 38,651.430 13.1 494,000,000 67.6 1.02 .78 1,665.000,000 1,2058,217 119,609,368 101,013.175 78,507,593 89,700,000 95,000,000 61,000,000 1886. 2.229,177,819 119,626,311 37,000,000 70,000,000 81,000,000 92,000,000 132,000,000 63,010,150 37,336,138 11.1 391,117,783 66.6 85.3 .77^ 83,600.000 35,288,000 31,000,000 37.600,000 13,000,000 81,(96,000 19,894,859 6,000,000 6,000,000 6,000,000 6,889.150 6,021 113 1,600,171 3,000,000 12,000,000 167,218,000 301,427,095 258,317,352 213,907,000 117,190,612 113,122,020 07,973,209 66,285,353 93,600,000 85.988,970 33,629,063 1886. 2,306,325.121 163,801,870 36,t)00,000 82,000,000 97,000,000 115,000,000 122,000.000 53,434,906 37,041,783 13.1 116,C17,&38 68.6 .89 28,800,000 36,630,000 37,000,000 36,300,000 41,113,760 29,715,000 17,099,782 4,937,250 1,625,813 8,228,750 6.233,036 6,201,116 1.081,116 1,615,760 12,000,000 367,112,000 312,912,000 299,155,581 209,192,256 151,364,000 110,802,051 106,971,000 82,116,000 83,700,000 113,600.000 33,600,000 1884. 918,000,000 1,143,000,0(10 1.201 (HKJ.OOO 948,000,000 1,062,000,(K)0 642,000.000 97.1,000,000 787.000,000 608,000.000 603.000,000 27 20.7 27. 26 3 20.1 30,768,213 32.000,000 103,000,000 71,000.fi00 25.000,000 .66Ji .29 .34 K .48^ .■H\4 76,204,515 71,970,363 78,319,651 76,672.763 72,392,720 .67 .19 .17 .66 .18 25,681,861 26,431,000 27,163,316 26,000,000 2.5,920.906 738,000,000 523,621,000 761.615,000 701,735,000 659,618,000 28 9 19.8 27.1 26.0 25.1 .62>4 .33 .36 Ji "« .21 9,017,691 8,674,117 7,297,117 «,939,28* 7,017,707 501.17 498 14 197.06 495.79 185.35 19,948 287 20,483.326 20.173,896 19.781,000 19,428,000 179 189 158 149 lU .10 10.3 9.9 9.8 9.6 6,791,131 1,906 000 1,736,000 4.628,000 1,115.000 612,892 645,288 479.701 459,000 422.000 2,097,276 1,7»0,000 1,790,000 1,805,000 9.78 l,687,0t.0 8.84 11.44 10.06 10.51 1.988.000,000 1,156,000,000 2.129,805,285 91,566,793 11.000,000 84 OOO.COO 104,000.0(X) 138,000,000 107,000,000 62,142,728 36,806,181 12,1 111,777,202 681 .87 .76K 1,665.000,000 1,103,000,000 773.000,000 22. 11.000.000 76,694.208 50 Its. ^3.630 624,134.000 26.4 .27 6.605.087 186.37 18,501,667 168 9.9 4.336.000 385,000 1,781,000 9.17 26,000,000 87,077,000 38,000,000 10.300,000 46,400,000 30,000,000 19,571,000 4,966.000 4,682,000 7,061,000 4,965,000 6,000,COO 2,837,000 3.057,000 12,000,000 612,765,000 324,130,000 251,091,860 206,711,972 151,023,000 , 116,748,807 , 91,100,000 , 81,654,000 . 87,200,000 . 99,312 000 . 36,887,000 . -4 2,108,171,726 132,670,366 2t 000,000 61,iO0,U)0 74,0<».O0O 88,000,'X)0 169,000,000 18,615,575 34,189,246 101 339,496,449 67.0 86.3 77.M 1,936,000.000 1,120,000,000 676.000.000 26 6 65.000,000 .38% 73,130,150 .51 22,783.6.30 629,400,000 27.6 .28 6.575.691 483.95 18,219,378 161 6 10.6 8,920,000 SlS.OO'l 1,437,000 11.26 21,000,000 . 36,600,000 . 10,000,000 . 88,300,000 . 12,662,000 . 30,000,000 ., 22,700,000 .. 6,000,000 .. 6,212,000 ., 7,094,000 .. 5,893,000 .. 4,970,000 .. 3,8-23,000 .. 3,000,000 .. 13,000,000 .. 2,302,306,659 111,631,183 119,000,000 65,070,8f8 36,.3y3,319 116 198,515,869 68.3 1.07 •83H 1,795,000,000 1,030,000,000 512,000,000 25.0 63,000,000 .49-^ 09,683,780 .61 21,300,917 583,028.000 27.4 .29 5,700.165 480.70 17.322.388 163 8 10.6 3,917.000 346,000 1,537,000 11.41 >t Q. O O 4) (0 . 6S Hew York, WORLD'S CROP LETTER. ( IS by the Washington Bureau of Statistics, and other authorities. The Rye Lrop of 1893 is mostly compiled Irom GoTcrnment reports ; those for the 1894 crot > iiiiicnt, Chronicle, and Cotton Facts, except our estimate for 1894 and 5. Harvrst Shason EACH COUNTRV I June to Aug, June toAug. ....Dec. (o May ....July (o Sept. .■.•July .. ..June ..■■July ■ . ..Aug 10 Sept ....Mar. to May ....June 4. July ....iJec &J»n. ....Dec. & Jan. >^ January ....July & Aug. ....Kov. to Feb ....June ...•July ....Aagutt ....June ....April ....June ...July ......August ....Sept. & Oct ■..July ... .June & July Clupp'* OtiMiate WliMi CoDniliiintlon 181H-&. 425,000,000 3SO,000,000 230,000,000 310,000,000 190,1100,000 149,000,000 14fi,000,000 239,000,000 78,000,000 83,000,000 30,000,000 60,000,000 45,000,000 2S,000,000 38,000,000 37,000,000 26,000,000 20,000,000 60,000,1100 11,000,000 6,000,000 11,000,000 16,000,000 8,600,000 12,000,000 16.000,000 12,000,000 CUpp'a Eriiniat* Wheat Klporla Crop YaAT. 150,000,000 10,OCO,000 16,000,000 120.000,000 6,000.0a) 9,000,000 10,000,000 Clapp'a t>llllial« Wheal Ilnpurta Crop \ ear. 26,000,000 28,000,(XX) 40,000,000 190,000,000 Cbpp'i E.ttimjie Wheal Acreage 1894. 13,000,000 66,000,000 10,000,000 7.000,000 a. 000, 000 3,000.000 6,000,000 1,000,000 3,609,500,000 14.000.000 16,000.000 40,000.000 6.000,000 426.000.000 4,000,000 11,000,000 8.600.000 9,000.000 11.000.000 1.000.000 34,882,346 17.219,769 27,382,000 31,000,000 10.600,000 11,600,000 6,000,000 1,982.228 12,000 000 6,100,000 3.441,203 Foreign Wheat Mctiurei. 8,000,000 4.165,694 3,600,000 4,400,000 13.3 19.4 10 18 11 33 89 14 13 406.600,000 1,700,000 1,700.000 640,000 600,000 640,000 400,000 423,000 350,000 200,000 1,000.000 13 10 9 Winchetier Uuihel. Hectolitre. Torn. Cheiwert. Kilo. Quintal Hectolitre. Quarter. Impenal Bushel. Quarter. Do. Do. Crop, 1893. 36,665,446 64,712,076 Hectolitre. Winchester Bushel Do. Quarter. Do. Do. Hectolitre. Quarter. Do. Do. Do. Do. Swed. Hect. Norw.Quar. Quarter. Fanega. 780,676,7(4 134,600,900 8,600,000 813.866,037 1,600 000 90,000,000 21,000,000 7,000,000 Clapp'i Esiimiie Rye Crop, 1894 36,020,000 76.460,802 8,000,000 48,000,000 994.771 13,000,000 8,000,000 18.000,000 4,000,000 4,000,000 3,000,000 16,000,000 18,000,000 36,400,000 3.000,000 .. 1,534,795,964 916,498,800 139,000,000 4,000,000 394,000.000 I.SOO.OIX) 30,000,000 31,000,000 6,769,071 8,000,000 8,000,000 48,000,000 1,000.000 13.000,000 6,000.000 36.000.000 4,000,000 8.000,000 3.000,000 15,000,000 18,000,000 37,000.000 3,000,000 Clapp'a E4tlii>Ate Conntnptlon Mye U»«-M. 36,000,000 76.000.000 660.000.000 126,000.000 6.000,000 280,000,000 8,000,000 16,000.000 17,000,000 6,000,000 Clapp't Eslimaie Oat Crop. 1894. 662,000,000 272.000.000 8,000,000 48,000.000 1,500.000 11,000,000 11.000,000 26.000.000 6,000,000 4,000.000 6.000,000 18,000,000 30,000,000 30,000,000 8,000.000 719.369,000 168,000,000 18,833.467 310.000,000 I89.ono.ooo Clapp'i Estimate Barley Crop, 1H94. 61,300,000 66,400,000 1.678.258,673 1.397.fiO0. 000 8,000,000 10,01^.388 12.000,000 16,000.000 72,200,000 10,000,000 4,000,000 8,000,000 36,000,000 1,600,000 1,000,000 10,000,000 80.000.000 90.000,000 8,000,000 2.731.910,860 261,396,000 105,000,000 8,048,782 lli,000,000 76,160,000 90,000 000 46.400,000 16,>0«,32) 20,000.000 6,000,000 8,000,000 14,200,000 40,000,000 13,000.000 7.030.000 6,000,000 3,000,000 8.000,000 3.000.000 6,000,000 6,000,000 41.000,000 800,000 6,000,000 Clapp'i Estimate Corn Crop, 1894. 1,212,270,000 86,000,000 954. 411. 004 31,953.00r) 96,000,000 64.600,000 16,000,0(XJ 3,000,000 83,000.000 39,889.419 6,000,000 66.000,000 10.000,000 10.000.000 83,000,000 16,000,000 6,000,000 Poputaiioa, Census 1880. 8,000,000 15,090.000 80,000,000 t 68,622,260 88,218,903 384,000,000 108,787,244 41,827,700 39,699.786 49,422.928 37,888,168 587.691.000 17.560,216 6,876,000 33.JOO,000 2,884,469 4.123.227 205.838,000 33,559,787 3,154,376 6,030,043 3,187,308 3,096.0U 4,708,178 4.450,970 3,172,306 6,774,409 3.933,334 12,000,000 1.729,111 419.1,593,390,408 EXPIiAlTATIOlT — REVISED — MARCH 27, 1895. Finland and minor countries probably grew enough more wheat to make the world's yield alx)ut 2,310,000,000 bushels for 1890, and a similar enlargement for other seasons. In estimating world's consumption we have not considered Cuba, China and minor countries, that consume nearly 63,000,000 bushels. Our estimate of yearly seeding requirements is based on 1^ bushels per acre for winter wheat and l^i bushels per acre for spring wheat, food consumption on Government basis of 4^ bushels for each person. We have added 50 million bushels as our estimate of consump- tion by live stock in the United States. A Winchester bushel has capacity of 2,150.42 cubic inches, containing 60 pounds, and equals .969 of an Imperial bushel of about 6l lbs. A hectolitre equals 2.83 bushels; a quintal, 220.46 pounds in Austria and Hungary; a qi.artcr equals 492 pounds in Denmark, Germany and Greece, and 48op>ounds m most other countries, except Pacitic coast shipments, which are sold in Europe sacked, and contain 500 pounds to the quarter, the sacks going to the buyer, making a quarter of Caiitornia wheat worth 44/ in Liverpool when a quarter of Atlantic coast wheat is worth but 40/. A Chetwert is 5.92 Winchester bushels in Russia in Europe, or 5.77 Imperial bushels. A Pood is used in Russia, and is 36.06 pounds, too kilo in South America. Antwerp, Berlin and Roumania equals 3.67 bushels. Spelt is an interior species of wheat grown in Russia, Germany and Switzerland. Maslin, or metil (which is counted as wheat in above tables), is rye and wheat grown together. We have never grown a wheat crop averaging full weight, or 60 pounds to the bushel. We think the average crop wheat in the United States the past five years was about 500,000,000 bushels; the previous five years it was about 435 millions. The world's wheat crop last five years averages about 2,400 million bushels. Germany, includint; .Austria-Hungary, grew 1,314,140,000 bushels potatoes in 1894; world's crop averages about 2,900,000,000 bushels; that for 1S94 was about 2,^42,000.000 bushels. Ireland's crop was 61.814,412 bushels, or 34 per cent, below io-year|average. The United States crop was 164400,000 bushels in 1894, agai.-.st l83.oco.OOO bushels in 1893. Russia was the largest exporter of cereals in 1895; America was second. For calendar year 1894, Russia shipped 1x8,000,000 bushels wheat, and United States 77,712,152 bushels. For further intormatloii see our 1894 Souvenir, page 298. Only atMut one-third the world's population eat wheat and rye bread. The world's com crop averages about 2,350,000,000 bushels annually ; rye, about 1,350,000,000; oats, about 2,328,000,000; barley, about 802,000,000 bushels ; hops, about 150,000,000 pounds. The world's crop ol the five leading cereals, in 1894 is about 9,563,970.785 bushels. Hay is the farmer's most valuable crop, and averages aliout 45,000,000 tons yearly. We have made no allowance for difTerences in imperial or Winchester bushels, or for grain grown, imported or exported for other years than for the one represented. It is customary to estimate ^14 bushels wheat make a barrel of flour in the United States. We respectfully solicit Commission orders for the Purchase or &tle 0/ Stocks, Bonds, Cotton, Grain and Protisions on the wiriaut Exchangej. Our private wire, office, or Exchange faeilities are unsurpas.^. Correspondence invited regarding either Investment or Speculation. Usual margiia required ; eustomm-y cmnmissions charged on ouh property or for future delivery. Margin dej>osit.>i may lie made with htcal out-of-town banks, who can Ultgraph us at ovr eaperite. to aid promptness infiUing telegraph orders. A general Banking business conducted. Deposits received subject to check at tight. Check-hooka furnished. Three per cent, interett allowed on average daily balances, credited monthly. City and Country accounts solicited. Municipal and railway bonds for salt. InforrtMtion cheerfully given, market letter furnished applicants. Send for one — examine it. AUme a neighbor to read it. All purchases and sales made through us on the New York Stock Exchange, the New York Cotton Exchange, the New Orleans CotUm Bachange, tlie New York Produce Exchange, the Chicago Board of Trade, or other Exchanges, are guaranteed BetpectfuUy yours, CLAPP ik COMPANT. C9 CLAPP & COMPAN Y, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QnotatiODS for Stocks, Cotton, Grain and Provisions for Week ending March 27, i895, and lor March, 1894. Par value of all stocks $100. except D.. L. & W.: P. & R. and Am. Tobacco Co , FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. W EF.Kl.T Sales. 9.575 8W Wfi.fSOS 1.207 17 052 20.8;i5 3.315 2,;»o «),4r:!t 10.7!.- 82.9;,0 54.0'JU 69 9116 l.aso 22,r39 2.098 23,958 4'.506 380 6,731 6.198 3:i05 108 958 127 487 200 1,357 8 275 4.6S0 •129 2,145 24.t77 ti.477 5.3C1 22 125 9 012 2608 b.512 1 4.(19 1 cU.SGO 4^819 7,998 21. 101 4.177 5.804 14.277 i.roo 1:5,106 ol'.OOO 1.500 4;«-3 14.(118 2 2(2 7.W9 'Am 6.085 3.0 5.1)9 4 215 1.100 8.425 S2 715 31.015 2.^00 CAPrrAi, Stock. »20,287,100 10 198,600 36 773.000 36.77J.0O0 17,900.000 102 000 000 25.000.000 15,000,000 22,488.000 60.805 40P 82.262 700 24,885.800 46,027,261 25,92:1900 46.1.'i6 000 18.559.360 89,054,907 22,aS5]:0 28 000,000 35,4.30.000 26.200.000 &5 OOO.OOO 38 000.000 35 000.00P 30.459.700 2.5,000,0<0 8.000.000 50.000,000 10,000,000 11.840.000 11,840,000 49,466 500 52.800.000 3n.0OC.000 l.S 738,204 13.000.000 47,844.100 47.4.365^5 14.905.400 14 904,000 89.428,300 77,427.000 20.000,000 6.000,000 58 119 982 18 000 000 39 767,200 49.000.000 39.269,546 20.000,000 8 500,000 10426.361 86,000,000 68.402,900 125,000,000 60.000.000 .9.8.50.000 118,710 900 6.600 000 60,868,.5O0 33,837 098 20.166,000 18,045 100 7,361,400 88,000,000 84.000,000 94,820,000 10.000,000 4,500,000 DrVIDElTD RlCORD. Pays 3pcJ-D Pays .3pc O-T-A-J.., Pays .3i^pc .T-.T Pays 3pc F M A N.. Paid .5^pc in 1S88.. Paid 2dc Nov. 1894. Pays IMpc F-M-A-N... Paid ipc Dec'.'iHw!!!!! Pays IJ/'PC M-J-S-D.... Paid Ire Pays 7 PC Per Annum. Paid ^pc Feb. l,'-95... Paid 2K-PC Jan. i89.'^!!! Paid .SUpc Jan. 1895... Paul 3rc in 1893 Pay.s xpc M-J-S-D Pays 7pc per annum... Fays 7pc i er annum... Paid i"k'po Ja'n!'l8!'.3!.*! Paid 2pc AufTo st 1803. . . Pays 5pc per annun-... Pays 8^po MS. Pav9 l^pc F-M-A-N... Pays .3pc F A Paid 2pc August 1893... Pays l^pc J-A-J-O Paid 2pc in Feb. 1895... Paid .3pc 1891 Paid Ipc in Dec. 1894... Pays j^^rc M-J-S-D.... Pays Ipc J-A-J-O Paid IMpo Nov. 1893. Paid Ipc April 1892., Paid Ipc in 1887..., Pays 2pc F-M-A-N. Paid Ipc in 1887... Paid 3K.pc in is&i! Names op Stocks. Pays IHPC J-A-J-O.. i'aid lV>c in FebViAw.' Amencan Cotton Oil American Cotton Oil Pfd. Am. Susar Refining Co. Kxn. Sugar Rt- fining Co P*f. Americau Tohacco Co Atchison, Topelia ,fe S. Fe. Baltimore & Onio Canada Southern t'eutral of New Jersey.... cbesapeake & Ohio Chicago, Bur. & Quincy.. Chicago Gas Cos hicago. Mil. & StPanl... Chicago Mil. & St Paul Pfd Chicago, R. I. & Pac fie... Chic , St Paul M. & Omaha Chicago tilline & Cattle F. Co.. General Electric Co Great Northern I'fd. ... Green Bay W & St P Tr Rec lllmois Central .. I.acltde Gas Co. of St L. . Lake Erie & Wef^terD. . Lake Krle & Western Pfd Lake Shore &, Micb. So'n. . Louisville & Nashville.... Manhattan R'yConsol... Michigan Central Mo.. Kansas & Texas Pfd Mexican Centra( Mis.^ouri Pacific .National Lead Co. National Lead Co Pfd.. N. y. Cent'l A Hudson Riv N Y. Lake Erie & West'n NY&N E tst CO cU all in pd N. Y. A Northern Pfd.... N. Y Ontario & Western.. N. Y. Susq. & W'n I>fd.... North American Co Northern Pacific Northern Pacific Pfd Pacific Mail S. S. Co Pcdria. Dec. & EvansviUe Pliiladelphia 4 Reading.. Pullman's Palace Car Co. Silver Bullion Certificates Southern Pacific Co SouThern Railway Southern Railway pfd... Tenn. Coal. Iron A R R Co Texas & Pacific Tol. Ann Arb. & Nor. Mich I'nlon Pacific Inion Pac. Denv. & Gulf. I'nited States Rubber Co. U. S. Cordage Co U. S. Cordage Co pfd.... Wabash Wabash Preferred Western Union Tel. Co... Wheeling A Lake Erie Wheeling A Lake Erie Pfd Total sales of all Stocks each day and for the six days. 1.421.503 ■JO'ITO.N . Ml ba eg. I Wor'.i s visible. \ m\ i C20.:i93 M94I 4 283 443 TotBl in sighttl Total Exporta. 8.9I7.at;i 6.490.527 6,799,209 I 4,824.174 N. T. f March. J April.. Cotton 1 May June. WHEAT. In busbtrUi. I 11. S. Visible. iPrimary rec'ts* 1895 75.778 POO 1,32.686 000 18911 72 164,000 I 140 096.U00 Total Exports. 111.576 076 131.157 728 ^beat.]««y_: CORN, in bushels. I U S Visible. 1895 1S..396 000 18941 19 165 too Primary rec'ts* 54 897,000 125,910,000 Total Exports. 14 133U(« 48.611 127 Chicago ) May.. Wheat. ) July.. c«™-{j"ury:. OATS, in bushels I U. S. Vi ible. 1895 6 a53 000 18941 2,713 000 N. Y. Stocks, 648 861 684 271 Cbeo. Stocks. 1315 000 830 000 Oats. Pork. I May., I July. [May. I July.. 1895 1894 LARD-tcs World's vis. 241.786 111.9S4 CHICAGO CONTRACT STOCKS PORK-bbls, LARDtcs. , RIBS lbs. 121.605 I 30 322 &1.474.9(I8 77,641 I 4,011 I 10,605,8 July Thursday. Mar. 21. im 25 71 71 93M 979:, 93% 931.4 93h, 92% 54 4'% bHh. 9414 Oi\^4 73^ 729i 71?« 70% 57^ 56?4 119 II89j 64% 6«i 82Wi Sl% 1.2 6.H mi 88k i6!9i i4 25^ 25 21^ 2iH ii3 .10?4 85?4 85 85 94% m 8% 6 4 im •21% 4?i 1096 12 3^94 '.6 4 41 5M 8^4 88H 1% 44i* 83?4 4^ 8^ 21H 4^ 896 ir% 15^4 % 7^ 12 43 Friday, Mar. 22. 26^ 721^ om 499< 949i 17% 73V4 '3% Xi6% II5H (MM 25M 539: 4JH . 49% irw 73 71k 50M 115^ bS^4 91^ mi 3t% 88k 101% ieo% lao 359i 15'/* 3596 Saturday, Mar. 23 26H 26 99H 94 93« 6H 64 97 1796 73V4 73^ 67M 64^ 32 98 94 98^ 6 58^^ 491^4 9#4 17J4 7296 TSH 66^ eik 88 9096 3896 88 loaii 16i% 27J6.12HK 12794 '" 85^ 1196 85 85H 1496 34^ « H 26!4 ask 269< 26U 1796 17k 17k 1796 13794 18 H 51k Wk 109^ 1U9 85k 25k 21% siii S3 a£k 86J6 8596 96^4 94vt 8% n'A 84% 34k 271826 6.25 6.19 6.26 6,18 6.31 6.22 6.30 6.20 61 60k 61H 60,'. 619i 61A 60'^ 60k 55% 6494 56% 5594 47k <<596 469i 46% 29k 29 2996 28% 2896 28M 2Sa6 28 11.95 11.82 12.25 1192 12 07 12.00 179i 18k 8494 16 10^ 2% 998 414 4096 494 216.004 6r> 6.06 6.14 6.('8 6 19 6.12 6 19 6.10 60k 69k 60k 6996 5196 6096 6096 6uJ4 5494 54 559^ 55 4696 1596 46k <5k 137H 137k 51 M, 5096 110 lOsH 25% 25k Monday. Mar. 25. 27^ 74 101^ 94 94k 596 55Ji 5<;96 989a 1794 74k 78 58k 6.V' 3294 92k 26k 729i 98% 94 6k 64k 4m 96^ 1796 •mi 71 57>4 6496 32k 91% •**% 8794 132 138 164k 16ik I80k 129 86H 36 1496 1394 37% a-.94 lor 107 20*6 26k irk 17 73« 73k n7k 187^4 5294 5r ^4 51k ^4 10994 Tuesday, Mar. 23. 26k 7294 101k 94% 94 596 66 4994 97 18^ 74k 72k 67k 26k 7294 M0V4 94k 98» 95k 10 Ok 35% 8494 12k 12% 44k 4t 1496 88k 12k 44 146,226 881,673 6.85 6.80 7.00 6.95 6.95 5,80 6.07 5.95 6.07 6,07 6 24 6 20 6.09 6 05 6.24 6.i0 6 15 6 08 6.30 6.23 6 13 6.C'6 6.87 6.20 COk 69U 61k 60k G096 6!"% 61k 6094 61 5094 5196 51 50% 5(iJ4 61k 5096 6596 549* 56% 65^4 E6k 6596 5796 6696 46k 4.594 47 46% 46k 4594 46% 46k 2914 29 2994 29k 29% 2ek 28 ' 29k 2896 29k 12 25 12 02 12.65 12.30 12,70 " ' 12,90 1694 6k 4% 2394 494 14 18k 84k 4% 8% 16k 2391, 4*4 n>4 6494 e:% 41% 40% 6k 14k 12 43% 210035 12.40 12.17 12,45 12.25 12 80 12.68 6.97 6 90 7 10 7,06 6.12 6.00 6 27 6.17 7 02 6 95 7 25 7 05 7,15 7.10 7 40 7 27 6 15 6 05 6,85 6 20 727 7.42 687 6.30 6 22 6 47 6..35 I 6 53 28- 12.30 12.45 7.02 7.15 6.15 6.30 1096 36k 4H 4k 1694 28% 494 14% 1794 12k 31 ir.96 9% 1096 '6k 14k 1296 43% 1096 «% 4k 4 16% 22.«, 494 12% 1794 11% 83% 15k 9% ioli 4 40 6k 69i 14% SS96 12 42k 245 189 6.19 6.12 6.80 6.18 6.24 6 18 6,88 6 14 6094 60,>8 6A 6(% 51% 51% 6196 51k 5594 54% 56% 56k 46% 4696 46% 4696 2094 2996 29k 28% 12 52 18 35 Il9 t& 3294 92 k 138% 138% ■if% 35k 13.?k tsck i64k If"* 1 30k I2:< 3694 3396 2094 61k 9:% 92k 90 3k 49 48 K3k !6 «» 70 5?% 117 6m 2894 879s ll09i look 6,25 6.41 6,>'0 5.44 6.83 548 6.31 6 50 621 i 5894 62% 59 52k 4894 5196 48% 58 63k 5i»4 54 k 4:96 4«9t 47k 44k 29% -28% 29 V4 •■i'M 12 70 10 27 IJ.90 10 08 7 27 6.47 7.42 6iW 6 37 6 27 6 52 5.42 Range for Mar. 1894. 73% 100 92 ^394 16 79k 5294 11 794 19k 84% 67^ 6.1 25% 0? 8094 83% 74 k i-=9), 69% 60 114% 17% 7? 68 59 :2:J% 119 7194 6794 4096 369-4 109k 104 HI 13 k 4:96 37 :3696 i-'B i'i794 16^96 13994 !35k 84 8896 45% 104 7k 95 17k 1796 70 131 52*6 29k i>y4. 40k 101% 6 9194 15k 14% 66 12694 4oa94 8(ik 71k 9-% 10,000,000 ; from manufactures, $3,330,000,000, from mines, $480,000,000 ; from transportation, $1,550,000,000; from commerce, $160,000,000 ; from shipping, $160,000,000 and from banking, $200,000,000, It is estimated the European sugar crop for the year is 4,910,000, or double Cuba's product. The German govern- ment talks of increasing the bounty to sugar growers. Our Government has cut it off. In 1863 the varty now in power was opposed to an income tax even for war purposes. Chinase war indemnity may be paid in gold. H X > o m o o z H > i CO o > r -< :o m o o D (/) o r m > D Z o m X o X > z o m C/3 ftEEP OUK LETTERS. P011TF0L.I0 FOR FILING FORWARDED APPLICANTS FRFB. 2 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET lETTEE, '" ~^ . — ■ ■ Stocks and Bonds. Bonds. — Stock exchange sales of JBtate and railway bonds in March were $33,897,000. Foreign and domestic investment buying was noticable. Capital appears less timid. Money rates are higher both here and in London and Paris. Speculation is broadening, sentiment favoring higher prices. Many properties that have been reorganized are likely to show good advances. Railway Stocks.— Stock Exchange sales for March were reported 5,166,913 shares. We believe they would be thrice that amount if bucket-shops filled their orders on the exchanges. The Rail- way Age claims 20,647 miles of railway is being projected and constructed; that is ten times as many miles as were built in 1894. The earnings of 73 roads show an increase of 144 per cent, for third week in March. Western Union, N. Y. Central, North Western, St. Paul, Burlington, Rock Island, Missouri Pacific, Atchison, Reading and Southern Railway are more active and leading favorites among trading stocks. Tenn. Coal & Iron Railway is higher and likely to become more active under the new management. Receivership properties may prove the best for investment speculation. Fears of drought in the wheat and corn belt are diminished by recent showers. Higher silver ap- f)ears a leading factor in the tendency towards higher prices. The meeting of Coal Road officers is ooked forward to as a hopeful sign of better and broader business enterprises. Long Island Trac- tion is paying its interest. Manhattan and Metropolitan Traction are higher and more active. City surface and elevated railways are generally using and some steam railways are experimenting or about to experiment with electricity as a future motive power. Electricity may revolutionize freight rates in time as much as steel rails have done in taking the place of iron. The average price of twelve stocks is now 72.58, against 77.70 a year ago, and 85.44, April 4, 1893, and of twenty stocks is now 52.14, against 56.17, April 4. 1894, and 65.12, April 4, 1893. Liquidation is about exhausted. Evidently we are not discounting the future, and it will be time to sell when the future arrives or becomes the present, and the climax of spring speculation has been reached. Industrials. — Whiskey trust contracts are being annulled by the new oflBcials, who may inject new life and value into the stock. Sugar continues erratic and to pay 3 per cent, quarterly divi- dends. Leading manipulators predict 125 for the stock in 1895. American Tobacco still appears awkwardly manipulated and repulsive to traders. It is expected Chicago Gas will pay its regular dividend. The industrials are likely to seek a higher level in 1895. Cotton. Texas grows about one-third our crop and about one-fourth of the world's crop. Ex-Govemor Hogg informs us they will likely increase thu yield in 1 j95. The Chattanooga Tradesman estimates 372 cotton mills existing and in course of erection in the South, 140 being in North Carolina, C6 in Georgia, 02 in South Carolina, 26 in Arkansas, 24 in Tennessee, 21 in Alabama, 18 in Maryland, 9 in Virginia, 9 in Texas, S in Mississippi, 6 in Kentucky, 5 in Louisiana, 1 in Florida and 1 in West Virginia, and that 36 more are projected. In 1880 the number of mills running was 180, 3890 254, in 18i)5 will likely equal 408. In 1S90 the number of spindles was 1,609,082, now it is 3,001,340. The number of looms increased from 3h,S65 in 13'.)0 to 70,874 at present. More cotton has come in sight the past PGven monthw than for any crop year. Counting 500 pounds to the bal«. about 9,300,000 bales have been delivered from first hands. On an average for the past 10 years about 7 per cent, came in sight the last five months of a crop year ; on this basis the crop may finally pan out about 10, OOO.OuO bales. Receipts in March equalled 5';4,7;^9 bales against 434,016 bales in 1892 from tlie lurge crop. In siglit to date about 9,150,000 bales. There was about 1,589,4'*4 bales carried over from last season. Mr. Ellison estimates the world's needs at about 8,248,000 bales. On this basis it appears there will be about 50 per cent, more to carry over this season than last. About 9.^ per cent, of the visible is American cotton. The overland movement to Northern mills has been about 50 per cent, larger than last season. Egyptian and Indian cotton exports to date have been about 27 per cent, less than last season. The Louisiana Commission of Agriculture estimates the acreage in the State will be about 35 per cent, less than in 1894. Many of our correspondents in eight of the old cotton States seem to confirm this view. The use of fertilizers is generally predicted to show a falling off of from 25 to 50 per cent. Bulls now claim two large crops were never grown in succes- sion. The two crops planted latest of any in 10 years were 1890 and 1F91. They were the largest of any grown except that of 1894. The crops of 1889-90-91 were each larger than previous crops. With cotton cloth at lowest price ever known, we see no reason why spinners should stock up after 20 per cent, rise in price of raw cotton. It is reported the demand for all cotton goods staples has m.-\terially improved, and it is difficult to buy 64 x CA cottons at February prices, and that sellers for future deliveiy are slow to make offers. Sentiment continues bullish. Silver appears to be the grinding stone for higher prices. Many believe the statistical position and general bu&'.ness changes justifies the March advance. 72 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Wheat. Experience that wounds teaches piercing wisdom. Four years ago wheat for May delivery In Chicago was 105, corn 68, oats 55 and pork 12.50. The trade then considered prices low, and likely to advance. The Argentine gold premium in 1887 was about 1.35, and a bushel of wheat there brought about 25 cents in gold. Last year gold was around 357 and wheat about 35 cents in gold. It is now selling at around 45. In 1891 South America grew about 48,000,000 bushels and exported comparatively little. Last year the South American crop was estimated to be 104,000,000 bushels, Argentine about 75,000,000 bushels, and exports reported as about 55,000,000 bushels. Some bulls now estimate this year it will be ;s ago.' It is estimated the number of cattle in the country is out half that of a year ago. Austral ian°taIlow is reported being bought in London for shipment to Chicago, It is estimated that one-fifth the meat consumed in the United Kingdom comes from the United States Estimates are that the crop of hogs on April 1 is but 91 per cent., against 97 per cent a year ago. The trade appears to look for 15 or 16-dollar pork and higher priced meats in July. We incline to this theory, but would not be surpriseci to see many set-backs in making a further advance of $3 per barrel. The domestic and export demand continues liberal. Packing from March 1st to the 28th was 1,125,000 hogs, against 900,000 last year, the average weight being 220 pounds, against 232 pounds last sea- son. Always examine stocks of provisions on fourth page of our letters. Yours truly, CLAPP & COMPANY. Our 1894 Souvenir book is now out. Delivered free to applicants upon receipt of $3. 73 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER Qnotations for Shocks, Cotton, Grain and ProYisions for Week ending April 3. 1895, and lor Marcli, 1894. Par yaJue of all stocks 8100. except D., L. & W.; P. ,l'<)6 2,055 8,355 43.775 7,173 20,977 i;6..^45 60.2C0 10.550 GOO S38 2.0SJ3 6,535 1.300 5.050 4,lt>8 2.531 51,775 ICO 400 818 no 2.«0 1,H9 3.H51 25,5S5 4,(J33 885 10.108 4 5; 8,b'J5 l.*-.0 3,»09 6,088 65,810 7,900 5.175 2,4i0 4,fc08 8.832 8.'«5 l.Ci!0 68.955 .33:1 170.000 1.000 lo404 9,044 18,045 l.OOo lb;io 4,729 8,000 8,709 8.435 1 740 700 8, '.50 6.540 2.6.H) 1,010 C'APrTAX Stock- $80,837,100 10.198.600 36,773,000 36 771000 17,900.000 102 000,000 85,000,000 15.000,000 22,488,000 60.S05.400 82 862,700 24,8K5.800 46,027,261 25,923,900 46.156.000 18.559.360 39,054.907 28,.335 170 28 000 000 1 1 696,000 35,430,060 26,800,000 35 000.000 38 000.000 35,000.000 30,459,700 25,000,000 8,000,000 50,000,000 10.000,000 11,840,000 11,840,000 49,466.500 52,800,000 30,000.000 18.738,804 13.000,000 47,fi44,100 47.436,576 14. 9f 5,400 14 904,000 89.428,300 77.427.000 80,000,000 58,119,982 13 000.000 39.767,200 49.000.000 89.269,516 20.000.000 8.5O0.0O0 40.426.361 36.000,000 68.402,900 125.000.000 60.000,000 19,850.000 38,710,900 6.500.000 60.868,500 83,837,093 80 16G.0O0 18.043 100 7,301,400 28,000,000 84,000,000 94,820,000 10.000.000 4.500,000 DnriurnD Recobd. Pays 3pcJ-D Pays 3pc O-.J-A-J Pays 3J^pc J-J Pays Spc FM A N Paid SJ^pc in 1888 Paid 2nc Not. 1894.... Pays iHPc F"-A Pays 194PC F-M-A-N... Paid ipo Dec. 1894 .'.'.'.'. Pays l^pc M-J-S-D.... Pafd Ipc Pays 7 pc Per Annum. Paid ^po Ftb. 1^95... Paid 2HPC Jan. 1895. Paid SJ^po Jan. :805. PaidSpo in 1893 Pays 2pc MJ-S-D.... Pays7pc per annum. Pays 7pc ler annum. Paid IV^po Jan. 1893. Paid2pc Auei^stlP93. Pays 5pc per annun). Pays 2J^pc MS. Pays IHpc F-M-A-N. Pays Spc F A Paid2pc AngnstlROS. Pavs l^pc J-A-J-O.. Paid 8pc in Feb. 1895. Paid3rc 1891 Paid Ipc in Dec. 1804. Pays l?4ic M-J-S-D.. Pays Ipc J-A-J-O. I'nid l^pc Nov. 1893. Paid Ipc April 1S98., Paid Ipc in 1^7.... Pays 2pc F-M-A-N.... Paid Ipc In 1887... Paid'SHPO ln"i884! Names of Stocks. Pays IHPO J-A-J-O.. Paid IPC in Feb. 1894. American Cotton Oil .\merican Cotton Oil Pfd .\Ta. Sugar Refining Co ^m. Sugar Refining Co Pf .\merican Tobacco Co -Vtchison, Topeka & S. Fe Baltimore & Ooio Canada Southern Central of New Jersey Chesapeake & Ohio Chicago. Bur. A Qnincy.. Chicago Gas Cos Jhlcago, Mil. & St Panl. . . Chicago Mil. & St Paul Pfd ChicaKO, R. I. & Pacific... Chic, St Panl M. 4 Omaha Chicago & Northwestern Chicago A Northw'n Pfd. Cleye., Cin., Chic, & St L. Col Hock ng Valley 94 4 215 343 6,7t>C,042 I 4,3S8.340 •T -jr f M'ch* Apri ■"• ^- ! Apr A; May' CoiUm I May A .June I JuneAJuli WHEAT, In bushels. I U S Visible. Primary rec'ts*i Total El ports. 1895 74,807.000 I 134.420 658 113 773 498 189J 71.536,000 I 141419 432 | 133,700 223 Wheat. Com.. I May. I July.. I May. IJuly.. CORN, in bushel*. I U. S Visible. 1895 13.407.000 18941 18 539 000 Primary rec'ts*! Total Exports. 65 3*3.000 H, 699.536 128.287,000 I 49.939,979 Cfiicogo \ May.. Wheat. I July.. OATS, in bushels. I U. S. V^ible. 1895 6 184 000 18941 2,713.000 N. Y. Stock*. 664 259 884-271 Chgo. Stocks. 1 821.000 835 000 Oats.. i May.. IJuly. ^-^^■■\Zl I LARD-tcs World's vis, 1895 279.487 1894 117,092 CHICAGO CONTR.ACT STOCKS. PORK-bbls, LARD tcs. i RlBS-lbs. 135,450 I 41.119 38.432.000 75,750 ' 1.450 I 8,610.000 Lard I May.. 1 July.. H'fa»-i?uyy.. Thursday, &iar. 88. 68'/^ 87^4 26^ 159^4 seyt 86 17 17 Friday, Saturday. Mar. 29. Mar 30. ^7^ 269i 101% lOOM 114« 114?< x6i« 63?i 92J4 91 27 26?i I'cm 101^ 91>s 94H 94H 93 7 6H 59M 59 49?* 49% S8V4 96 74)4 74 7i\4 71H b'M 68 I1.T*, ]15?i 64^ 6lVj Sm 825h 9298 »i 88H 88>4 27H 87 38 88 27^ 269i I3l9i 131 « 162 162 1&3 161 12794 1279i l8S»i 128 86« 3C!4 379i 87H, 37 85Ji 17 ISTTI 13 U 86M 85^ ■« "h 26*4 269i; 16% ITVi 17H 73M 74'4 73 137H 137H 32^ 52^4 llOM 109H 159.433 6,19 6,17 6.22 6,17 6.26 6,20 6.23 6.16 00) J «0H 61 A 6094 51« 619i 61 51 55M 54% 56% 56^ 469i 46^ 46^ 469i 29% 289i 12,00 12.40 12 70 18.55 7.10 7,02 7.85 7,20 6.35 6.22 , 6,50 6.37 822,013 6.25 6 21 6.30 6.24 o2e 6 21 «0j\ 6096 6l9i 60% 519i 61 H 61^4 61% 50% 55% 57H! 56% 409i 469* 46'>i 46H Monday. Tuesday. Wed., April 1, April 2. April 3. 1049i 95 95% 7% B9% 50% 98% !■% 74 ^ 72% 689< 6496 88% 132 163 l-i8% 889i 2C9i 73 103 9fM 9-!9i 58 499* 9696 17% 73% 719s 57% 64' 38 92 88% 27% 138 1C0% 127% 38% 36% &',% 106 106 13 17% 75 75 "7% 1379i 53 51% 111 110%lll iiG% 26^4 103% 9494 9-oH 689i 4994 9796 n94 74 71% 58% 115% ^k 9296 139 88 «7% 138 ld2 128 mi 102 91% 9J96 6% 58% 4994 9594 17% 739* T.Vt 57'^ 115% 64% 92 13894 3794 27 132 102 188 37H 359i ^y* 1794 75 52% 161,767 822,006 6.30 6.28 6.38 6.28 6 32 6.28 6.35 6.87 6 89 6.86 6,33 6,28 I Cl,«, 6096 60/. 60A 01% 0IV4 61% 6094 5196 51% .M% 51% 51% 51% 6196 61% 55% 559* 55% 549t 57^ 5694 StiH 50 4094 40% 46% 46 46% 4696 4694 46% 30% 29% 8096 29% 30 2996 211!4 28% 29% 89 28% 2894 12.53 12 40 12 57 12.47 12.57 12.40 12.66 12.57 12,75 12 65 18.77 12.52 712 7,07 710 7 00 7,27 7.22 7 25 7 17 6 37 6 30 I 6.37 6 30 7.07 702 7 22 7.17 6..30 0.25 6 45 0.40 i 6 58 6 45 ' 6 50 6 42 1794 74 h, 6i96 111 26% 25>i 24 i'H 31?6 83 85 96 9594 10 3896 30% Ib^ 16% 496 l?% 4% l7h 4% 4% 13*6 13% 157% 157 67 67 1794 1796 18 11% J.3% 3il , i-^i 15% 9% 9% 20% 8C% 102i6 ioi% 94% 94 9596 9494 69i 6% 49% 49% 96 949t ]79i 17% rm 7 7296 719», 57% 6796 64% 6394 32% 32% 92 91% 8794 87^ 20% 26% 132% 132% 1-27% 127% 38 87% 35% 83% 2594 259i 7^% 74% tiji .51% 113% 1 10% 2?" 26 24% 23% 33 329*, 95% 10 30% 1696 30 496 '»% 3 11% 494 40% 40 596 f>% 9% 9% 1496 i496 8696 ^^ 12% 12% 167 196 6,28 6,23 6 31 6 25 6.32 6 23 6 32 626 60/, 60,\ 60% 60 A 51% 51% 51% 51 A 96 10!4 3SH 16% 30% 17% 1 2-,:U 8k% 49| 4% 1396 12% 6694 66V4 17% 17% 11% 1196 3.3% 3J94 16% 9^ 8 2 11% 1156 17% 994 5 40 5% 10 5 3994 5% 994 1496 l<« 8i% 88^ 12% 12 43% 43% 133 081 6.27 6.23 6.80 6.26 6 29 6 25 6,30 6 26 eon 60,'. 6;% 609* 5194 51,'. 51% 51H 55% 54% 5694 50 46% 4096 47 40% 80>.j 2994 29 2896 12 67 12 10 12.72 1«.47 7.07 •;95 7,-20 7 10 6.40 ';22 6.52 :,85 Range for Mar. 1895. 6.25 5.44 6.26 5.44 6.33 5.48 6 31 5 50 62IJ 5894 62% f9 52% 4894 5196 *m 58 53% 5894 64'% 4:96 4496 47>4 44% 3096 28% 29M, a:^4 18 70 10 27 12.90 10 62 7.27 6.47 7.42 660 687 627 6 62 i. 42 Ranee for April 1894. 8296 29% 74% 7894 10796 ^7% 97% o8^4 94% 83 16 13% 81% 79 115 iio% 20^ 18% 63% 77% 6r-n 6:% 6S« 61% 121 !4 119% 7m 0(46 4196 38% 110% lo; 145 142 4094 20% 140 ler 114% 3496 ■in 4294 106 7% 95 18% 10% 693J 37% yi*K 101% '.3791. 3194 23 3-94 104% 6% 93 W 16% 16 i3o% i.;8% 52U, 49% 1879^ 125 9894 97^4 2r% 694 82V4 4896 («^4 101% If% 1296 17% 45 5% 6% 28^, 5% 22% M 64 24 ;4»4 7% 28% 80% «394 9m 1^ mi 896 16%. 40Vj 4% 49s iB^a 16% 494 18'.t ri% 04 20% 16 S.4 20 10% 1196 o 22^ 1-96 094 43 5% 88% 8% 7H 1896 ii-Vi 8594 '''•^H 13% 12% 61% 49 7.67 7 20 7.70 7 0.) 7.77 7 13 7.83 7 18 68 60H ;0% 03,', 44% 4296 46 4.3% 60% 57% 6694 f''M 399* 37% 4096 38 8496 3094 30% 2f% 13 35 1 1 2r 1840 1127 7.90 6.62 7.50 6.50 6 80 570 6 72 5.67 1B95 1894 OLD PORK, Chgo. ... bbrs. -bbU. WHEAT on passage. 84.480.000 bush. 81,278,000 •• CORN on passage. 2,480.000 bush. 6,008,000 " Russian Shipmts. for wk. 1.440,000 bush. 1,065,540 " Indian Shipmts for wk 1 Argentln* Sbpts. for wk. 808,000 bush. 1.864.000 bush. 420.C00 •' I . t Since Aug SL * Since June 30. Compiled and Copyrishud bj> CLAPP & COMPANY. BANKERS. MILLS BUILDING. NEW YORI CQecIU^ flDarhct Xcttcr. No. 424. Copyright, 1H9S, by Ctnpp Jt Comvaay. O. W. Clapp. OwiQHT O. Clapp CLAPP & COIMPANY, Banhers anb Biohers, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE, OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Branch Offices : 277 BROADWAY, Corner CHAMBEBt St. 671 BROADWAY, Bboaowm Central Hoteu 753 FIFTH AVENUE, Corner 68th 8t Private Telegraph Wires. Cable Address: "Ozro." Long Distance Telephone. New York, Thursday Morning, April 11, 1895. PRESS NOTICE ABOUT OUR NEW SOUVENIR. ••Mnilnsr,"of ChlcasOi says : " Messrs. Clapp & Company, the enter- prlsiuK blinkers and brokers of New York City, have published their aauual souvenir of 3S5 pages, called "LEADING AMERICAN EXCKAINCES," which, like their previous editions, contains statistics of all things flnan- ciiil and commercial, and are so presented as to be always available for the seeker after information. All the staple crops of the world are treated exiuiustively and values at producing, speculative, exporting and consum- ing points, etc., are given in convenient shape for reterence. The " World's Crop Letter" gives the yearly wheat yield of the world since Vi&i in bushels. On page 15 are found engravings of thirty-nine members' tickets of the Chicago Board of Trade, showing that Mr. O. W. Clapp, the senior member of the company, lias been a continuous member since the year 1858, when the board was then just assuming bu.siness importance. The tickets prior to 1871 are pretty well blackened in conse<^uence of being in his safe during the' great Chicago fire of 1871. The interior of the Chicago Board is illustrated on page 30^1, which also contains the following in- teresting matter : The Cliicogo Board of Trade was the outgrowth of a meeting of merchants and business men March 3, 1848. Thomas Dyer was then elected president. A constitution was adopted April 15, 1849 ; an act of incorporation was granted— May 2, 1850, it was auopted. Meetings were held in various rented quarters for several years and meiiilwrs called together by a fre- spre.id of "crackers and cheese "' until about WW, when more interest was manifested and permanent giiiucers secured in "Steele's BlocK." third noor,coruer South Water and La Salle streets. May 15, 1858, a grain inspection committee was ap- pointed, the directors concurring, and inspectors appointed. (The In- spection system was continued under control of the Board of Trade until 1872, when it was turned over to the State authorities, and is similar to that effected July 15, 1858.) William Wallace Mitchell was the secretary and authorized to keop correct records of receipts and shipments of merchandise, etc. About June, 1858, the records said: "Few Institutions have more members or transact more busine.ss on 'Change than the Chicago Board of Trade." No yearly reports have ever been published of its pro- ceedings. At the commencement of the year books were kept and accurate accounts will hereafter be kept. I find October «i.i, 18V<, No. 2 spring wheat sold at 50 cents, and tliat the grain suffered for want of a foreign demand and low prices. Julian S. Rumsey was then President. Of the 535 members of the Board in 18j8, but 37, aside from the writer, are now living members. Only about 28 beside myself have been continuous members. Their names follow : J. Q. Adams, I. N. Ash, Henry Bottsford. M S. Bacon, O. W. Clapp, Jno. B. Drake, James H. Dole. Jno. H. Daight, W. M. Egan, N. K. Fairbanks, W. C. C. Gillespie, Allen Howes, Jas. B. Hobbs, Oeo. W. Higgins, A. J. Hoagland, B. P. Hutchinson, R. 8, Jennings, Sid ney A. Kent, Orington Lunt, Jno. B. Lyons, Wm. H. Low, Chas. E. Lake, Chas. Mears, R. M. Mitchell, N. T. Wright. C. J. Magill, Lemuel I). Norton, Murray Nelson, Albert E. Neely, S. H. Norton, Cha-s. A. Rogers, Geo. A. Seaverns, A. T. Spencer, S. H. Stevens. J. P. Smith, Henry A. Towner, P. L. Underwood. March 7, 1859. the Board secured an act of incorporation, granting more power. Further power to hold property was granted in 18G5 and 1882. President William T. Baker is the only member elected for a third terra. He was a member of the Board's first arbitration committee, elected in 1859, and is the only living member of all the officials elected that year. Respectfully, O. W. Clapp. Financial Outlook. Car wheels and coal picks do not travel faster because mortgaged heavily. Curtailing produc- tion is resisting natural tendency. Producing much and cheaply is salvation of an effective and practical sort, and not exclusive. Coal roads and mining interests co-operating to maximize pro- duction and minimize expense and fixed charges should be in step with civilization and their own interest. Stocks and Bonds. Bonds.— stock Exchange bond sales first quarter of 1895 averaged 73.5 per cent., against 74.2 last year. Many good bonds can be bought to secure 5 or 6 per cent, interest. Southern cities are beginning to transmit public improvements and bond debts to the next generation. Many of these bonds should be good investments. They pay from 5 per cent, to G per cent, in gold quarterly. Many of the cities are likely to double in population this century. 11ailw.\y Stocks. — Twenty-four roads show increased earnings the last week of March. Stock Exchange sales the first three months of 1895 were about 5>4 per cent, less than same time in 1894, and average price, 60.8 against 59.4. The March advance ranged from $1 to $13 per share. Several stocks advanced from 20 to 33 per cent. Union and Northern Pacific reported large percentage gains. Reading seems to be improving under better coal traffic arrangements. Atchison has fallen under assessment fears. It is a good property and when reorganization is completed may prove to be one of the best investment properties on the list. The first quarter of 1895, the North Western brought to Chicago about 9,000,000 bushels less grain than same time in 1894 ; Rock Island 4,000,000 bushels less ; Burlington, 6,500,000 bushels less ; St. Paul, 4,000,000 bushels less. The granger roads appear to have many loyal friends in consequence of the recent rains and improved business out- look. The roads generally seem to be emerging from bad conditions. H X "0 > o m o o z H > i o > r -< m o O o CO O -n r m > o z o m X o > Z o m w KEEP OUK JL.BTTEKS. POKTFOLIO FOR FlLI>iG FORWARDED APPLICANTS FREE. CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. PRICES OF LIVE HOGS FOR PAST THIRTEEN YEARS IN THE CHICAGO MARKET. Mths. 1895 1894 ■893 1892 .891 1890 1889 1888 1887 1886 1885 1884 1883 CO . n ^vo a- ■«»-vo * r* — 000 ^» Jan %3 70 $4 90 $6 so $3 70 $3 20 13 40 $4 60 $4 80 $3 75 «3 30 $4 10 S4 95 $5 60 S Us 00 •- N N Tt 4 80 5?5 8 40 4 75 385 4 00 5 35 6 00 5 '5 4 40 5 05 675 7 10 « CO Feb 3 60 4 65 7 20 4 10 3 20 3 70 4 35 4 85 4 40 3 40 3 85 5 bo 6 10 cu „ 4 65 5 50 »75 5 05 3 80 4 '5 5 05 5 80 5 94 4 65 5 35 7 75 7 65 m 55 4 00 3 25 3 75 4 35 4 95 4 50 3 bo 4 00 5 40 b 50 60 9 a 'i~^ VO ro On u~. •• t>. s 30 5 »5 4 35 « 55 6 15 5 'o 4 00 5 >5 4 10 4 45 4 00 5 10 4 40 505 5 'o 6 10 5 CO 465 3 45 5 OS 4 20 7 bo 4 75 8 20 7 00 » a J * 5 60 7 90 S 00 5 SO 4 50 5 05 5 90 4 95 4 55 4 85 7 10 8 15 :!s . N 1*^ N f..* rooo fl May ... 4 40 b 80 4 00 4 10 3 70 4 10 5 20 3 - 30 Tf "- £.»«»• 5 35 8 00 5 10 5 15 4 37 4 85 5 90 5 55 A 40 4 55 6 20 7 95 U (4 [3 u« ■o r~ t^ao o^o^O June 4 3" 5 80 4 20 4 10 3 40 4 05 5 20 3 70 3 t)S 3 65 4 50 5 65 5 20 7 45 5 75 485 4 07 4 65 5 90 5 35 4 70 4 35 5 90 7 30 i»- •I July..... 4 60 4 75 5 20 4 30 3 45 4 00 5 40 4 80 3 90 3 80 4 bo 4 75 e3 (4 ^1 VO r^ 1- 30 u^ro 6 CO 6 45 6 ID 5 85 4 05 4 80 6 76 S 75 5 25 5 30 5 85 6 60 "3 0^ r-00 0\ 0^ - N Aug ..... f 55 6 '5 3 80 6 30 4 60 6 20 4 30 5 90 3 '5 4 40 4 80 5 60 6 75 4 00 5 55 305 5 25 3 75 S 35 4 SO 6 90 4 40 6 40 P4 60 n 4A - - - Sept... . 4 90 4 95 4 60 4 00 3 70 3 5° 5 50 "^l^ 3 50 3 40 3 50 4 30 a f^ «^' «< 5 05 6 50 6 07 4 40 4 35 4 25 6 80 5 50 4 20 4 00 5 05 5 50 ,a ;a Q Q Q iO »>^ Ln Dec. \ 3 75 4 65 5 25 3 '5 2 90 3 35 4 90 4 45 3 45 3 15 380 4 20 ■^x in uivO »0 r~ t>.30 1 4 90 5 60 7 00 4 15 1 3 90 3 85 5 50 5 90 5 00 4 10 4 60 b 15 HIGH AND LOW PRICES ON THE CHICAGO BOARD OF TRADE FOR 32 YEARS. No. Z CASH WHEAT. Lowest price* Highest pricet were reaihed in Tearlt/ range, were reached in 1862. January $0 M to JO U2,4 August. 18t)3. August 80 1HC4. March 1 07 " 186.5. December ... 85 " \m> February .... 78 " 1867 August 1 55 " mm November... 1 OJV^ " 1869. December.... 76^" 1870. April 73J4" 1 15 226 1 55 203 2 85 8 20 1 46 1871 August .... 99)4" 1872 November . . . 1 01 " 1873. September. . . 89 " IR74. October 81H" 1875 February ... mvi" t^e, July m " 1877 August 1 01^" 1878. October . ... 77 " IH79 January 8196" IHSO August 86!^" 18S1 January 1^'' 1882 December ... 1883 October 90 " 1884. December ... 69 '4 " 18a5, March 73% " 1886. October 6851 " 1887. August 6fr% " 1888. April 711/1" 1889. August 75 S4 " 1890 Jan. & Feb... 74\i" 1891. July 85 " 1892. October 69J6" 1893. July 54 " 1894, September... 50 " October. June. January November. May. July. August. 1 81 M July. 1 82 Feb. Ap Sep 1 61 August. 1 46 July. 1 28 April. 1 30'A August. 1 26?4 December. 1 76V4 May. 1 14 ApriL 1 Sii^ December 1 'i2 January 1 4.3H October. 1 40 AprU & May. 1 13Vi June 96 February. 9\^ April. 84'>^ January. 94^ June 8 00 September. 1 08-'?i February 1 06^ August. 1 16 April. 919^ February 88 April. &r,'/i April No, Lowest prices were reaclucL In Yearly range. April $0 22 to $0 41 January 42 " March 76 '' December.. 88 " February 33?i " March... 669i " December 52 " January 44 " December 45 " December 894" October 29)< " June 27 " January 49 1 40 1 00 1 12 December 45V4 " February 88^" March 87^" December 5^" January ........... 29^" AprU 81V* " February 8592" December 49^" October 48 ** December 84^" January S4!4 ** October 83>J " February.... 33 " December 83U " December 29y " February 279| " December 89%" March 80^" December 84^" Jan. and Feb 34 " 2 CASH COKM. Highest prices were reached in December. November. November. Jan. & Feb November October. 1 024 August. 97!^ August. 94U May. 60!^ March A May. 48^ May. 64 (<4 December. 86 September 764 May & July. 49 May. 65 AprU. 43^ March. 49 October. 43« November. 70^ October. 814 July. 70 January. 87 Septemoer. 49 April & Hay. 45 July. 614 December. 60 May. 61 November. 63^ November. 754 April. 1 00 May. 449i January, 594 August. CASH MESS FOBK. Lotoest prices were reached in Yearly range. January ...$8C0 to $12 35 February 10 CO " January 17 50 " March & May.... 22 50 " December 17 00 " January. 18 00 " January 19 62 " January 27 00 " December 18 00 " August 12 00 " March 11 05 " November 11 00 " Jan, Feb. & Mch, 13 75 " January 17 70 " October 15 20 " December ....<.. 11 40 " December 6 024" January 7 274" April 9 374" January 12 40 " March 16 00 " Sept. & Oct 10 20 " December 10 55 " Oct. &NOT. ..... 8 00 " May 8 20 " January 11 60 " December 12 90 " December 9 00 " January 9 024 " December 7 45 " April 8 26 " August 10 25 " March 10 674" Highest prices were reached in December. December. July & Oct. October. August. September. October. June & Aug. July. January. July. April & Naj. August. October. April. January. January. December. October, September. October. May. July. February. December. May. October. 18 374 January. 18 724 ApriL 13 00 May. 15 05 December. 21 80 May. 14 574 September 13 SO 43 00 88 00 84 00 24 50 80 00 84 00 80 50 23 00 16 00 18 00 24 7S 23 50 22 75 17 95 11 35 18 75 19 00 20 00 24 75 20 15 23 00 18 26 12 20 24 00 16 00 CONDITION OF THE CROPS ON FIRST OF EVERY MONTH FOR 13 YEARS. And the Percentage of Cotton Planted May i, as reported by the U. S. Statistician, Washington, D. C; also Yearly Acreage since 1889. COTTON. WINTER WHEAT. SPBING WHEAT. CORN. OAT.S. Pl'nfd May 1. June July AnR. Sep. Oct Apl. May. June. July. Sept. Deo June. July. Aug. Sept. July. Aug. Sept. Oct June, July. Aug. Sept 1881 . 93 96 88 70 66 88 74 80 74 98 89 78 68 90 79 60 66 96 99 97 92 1882 81 89 92 94 92 88 102 100 99 105 102 98 97 97 97 86 83 83 81 101 103 102 100 1883 74 76 90 84 74 68 80 83.6 75 79 78 106 100 97 96 88 89 84 78 96 99 95 99 1884 67 87 84 87 82.6 74.7 95.4 94 93 94 97 101 100 98 100 96 96 94 93 98 98 91 95 1885 80 92 96 96.5 87 78 76.3 70 62 65 66 97 96 93 86 94 96 95 95 94 97 96 93 1886 80 88.7 86.181.3 82.1 79.fl 94.1 94.9 92.7 91.2 90.8 96.8 98.5 as. 8 «0.1 83.6 95,2 8O.7 76.6 80 93.9 88.8 87.4 90.9 1887 82.4 96.997 i93.3 82.8 76.5 88.1 85.8 84,9 83 5 84 95.9 87.3 79,8 78.8 78.1 97.7 80.6 72.8 72,8 91 85,9 83.6 83.4 1888 79.9 88.2 88.7187.3 8:1.8 78.9 82 73.1 73 8 75.6 77.4 96.8 92.8 95.9 87. 8 77.2 93 95.6 94.2 92 95.4 95.2 91.7 87.2 1889 87 86.4 84.6 89.3 86.6 81.4 94 96 93.1 92 89 4 95.8 94 4 83.8 81.2 83.8 90-8 94,8 90.9 91.7 93.8 94.1 92.3 90 1890 75.8 88.8 98.489.5 85.5 80 81 80 78.1 76.2 r3.5 98.4 91.3 94.4 832 79.8 91.1 73,8 70.1 70.6 89.8 81.6 70.1 64.4 1891 77.6 85.7 88.6188.9 82.7 75.7 96.9 97.7 96.6 96.2 96.8 85.8 92 6 94.1 95.6 96.8 92.8 90.8 91.1 92.5 85 87.6 80.5 90.7 1892 78.3 85.9 86.982.3 76.8 78.8 81.2 84 88.3 89.6 87.6 87. 2 92.8 90,9 87.8 81,2 81,1 82 6 79.6 79.8 88.6 87,2 86.2 78. t 1893 85.8 85.6 82.780.4 73.4 70.7 77.4 76.8 75.6 77.7 76.8 91.6 86.4 74.1 67.0 68.9 93.2 87.0 76.7 75.1 88.9 88.8 78.3 74.9 ItiM 81.6 188.8 89.6191.8 85.9 .. 86.7 81.4 83.2 83.9t 83.7 88 68.4 67.11 83.7 96 69.1 68.4 .. 77.1 77.7 76.6 77.8 ACBEA SB SINCE 1889. 1894 19,717.611 acres. 28,806,500 acres. 11,675,936 acres. 62.582,269 acres. 27,02a553 acrest 1893 19,701,000 " 22.868,539 " 11,760,879 " 72,036,465 " 27,273,033 " 1892 18,362,000 •* 25.989,076 ** bJ,665,.354 •• 70.626.758 " 27.063,835 " 1891 20,838,000 " 28,581.284 ** 18,335,618 •* 76.204.515 " 25,581,861 •* 1890 20,91 0,000 " 2! 1,520,10 4 - IS J,567,0£ a " 71 1,970,76 >8 " 1 26 .431,36 J " t Average both spring and winter. 1195.. ..April 10 1894.... AprU 2 1893.... April 17 1693....AprU 10 1891.... AprU 80 1890.... April 8 llM....AprU a OPENING OF THE STRAITS. The following table shows the date of the opening of the Straits for the last forty-two years. 1888.,. May 4 1887,,. AprU 23 1886. .April 21 1885... May 6 1884.,. AprU 88 1883... April 28 1888... April 6 1881... Hay 4 1880... April 6 1879... AprU 83 1878... March 14 1877... AprU 20 1876... April 28 1875... April 28 1874... AprU 29 1873... May 1 1872... AprU 28 18n... April 3 1870... April 18 1869... AprU 28 1868... April 19 1867... April 23 1866... April 29 1865... AprU 21 1864... AprU 23 1863. .April 17 1858. .April 6 1862. .AprU 13 1857. .Way 1 1861. .April 25 1856. .May t 1860. .April 18 1855. .May 1 1869. .April 4 1S64. .April » CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. IndustriaIjS.— Sugar, Whiskey and Tobacco stocks continue the "Bronchos" of the street; their ways appear past finding out. Pointers are out to buy tlie list for a good rise. Chicago Gas officials appear to be breaking away from obnoxious contracts, lessening expenses, improving the property and putting things in readiness for a higher priced stock to bo on the investment list. Gen- eral Electric is under fire from speculative sources and may sell lower before an amicable settlement of disputes can be arrived at. Cordage is low enough to be a "gambling" purchase. Cotton. It seems to be conceded there was very little long staple cotton grown. Prices of high grades have advanced two cents per pound the past sixty days. Fertilizer sales in old Cotton States are reported as only about half those in good crop seasons. This feature may make a reduc- tion of a million or two bales the coming season ; even if Texas does grow another " Bumper " crop from " white " labor. The stock of cotton here is about the smallest percentage of any crop grown in a score of years, and not certificated or expected to be deliverea on May or other contracts. Manipulators still appear in full possession of the market and mostly long for May delivery. The trade appears to be boycotting that future, and more anxious buyers for more distant delivery. Seven cent predictions will become true before much is really known about the coming crop. India's average crop is reported as 14, 8G5, 100 bales, against 15,39'J,400 bales the previous season, equaling a yield of 1,727,000 bales, against 2,033,300 bales the previous season, or 15.1 per cent, decrease. Con- tinental spinners have taken from us about 925,000 bales more than last year ; English only about 375,000 bales more, while American spinners have taken about 600,000 bales more. These are a few causes for the great strength in the market. New Orleans has more cotton than any one point in the country. The problem in the trade appears to hinge on the amount of fertilizer used, the acreage planted, and weather conditions, rather than on the large crop in sight, or improved business con- ditions. The Cotton Exchange will be closed Good Friday and in London, Saturday and Monday. Wheat. It has been said " a peck of March dust is worth a king's ransom," and that *' he who lives in hope alone will die in despair. " Plenty of snow covering the mountains on the Pacific coast often insures a good crop. Sprmg seeding is generally reported as progressing favorably. France and Russia in Europe alone report questionable crop prospects. Recent Argentine reports indicate the 1895 surplus will be but aoout two-thirds as large as in 1894. English farmers' deliveries average less than a year ago. The English visible April 1 was reported as 7,070,000 bushels, against 18,700,- 000 bushels April 1, 1894. London reports wheat and flour stocks April 1 as 3,248,000 bushels, against 4,957,000 bushels in 1894 and 5,094,000 bushels April 1, 1893. Supplies in Europe and afloat decreased 3>4 millions in March. Russian supplies same time increased 3,600,000 bushels. Belgium, Germany and Holland decreased 1,900,000 bushels. The supply afloat and in Europe April 1 was reported as 20,200,000 bushels less than April 1, 1894. Our visible has decreased 40 per cent, faster since January 1, 1895, than last year same time. The Daily Bulletin reports the visible decreased 10,087,000 bushels in United States and Canada in March, in Europe 14,237,000. Pacific coast stocks are about a million more and their exports since January 1 about two millions more than in 1894. Atlantic coast exports have been about a million less. Chicago reports large daily sales for export and that 6-cent rail freights have been made to the seaboard. Foreigners appear willing buyers. The trade is selling May purchases and buying July at less than cost to carry. Based on previous Government reports (see table opposite), we "guess" this season's crop will be about 450,000,000 bushels, based on the 1892 condition and acreage, and spring wheat possibilities considered. The decline from last December, when condition was reported as 89, now is 81.4 showing a decline of 7.6 points. Traders appear puzzled to know whether it is silver speculation, export demand, or poor crop news, that will stimulate the market and make higher prices that seem inevitable. Corn. The Australian surplus last season about equalled the American exports. Our visible is but two-thirds that of a year ago. Southern States never grew so much, and claim about 25 per cent, of the crop. The per capita production is about the smallest since corn became the American staple. Chicago has nearly half the visible ; about 6,000,000 bushels of that is rejected corn, and selling at about 2>^ cents per bushel less than contract grades. Preparations for planting are reported large and favorable from the Gulf to the British possessions. We see no reason to look for any material decline, believing the export and domestic demand will be large. Provisions. Exports continue liberal. Hog receipts at packing points show large decreases. Live stock men predict a very light run of hogs, cattle and sheep the coming summer, and much higher prices. Cattle are now higher than for a decade Receipts at Chicago the past three months have been about 20 per cent, less than the previous season. It is predicted that for the coming six months the falling off will be nearly 40 per cent. Sentiment is bullish. Speculation increasing. We think it Possible 8 cent lard and $16 pork will be considered cheap before a new crop of corn is secured, he undertone to the market seems firm. Summer purchases should pay handsome gains. Chicago's packing March 1 to April 7 aggregates 563,000 hogs against 483,000 last year. Total packing 1.345,000 to April 4 against 1,205,000 a year ago. Easter Friday, the 12th inst., no session of foreign or leading American exchanges will be held. Our annual Souvenir book for 1894 is out. It will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. Yours truly, CLAPP & COMPANY. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QnotatioDS for Stocks, Cotton, Grain and ProYlsions for Week ending April 10. 1895, and tor ipril, 1894. Par valae of all stocks SIOO. except D., L. & W.; P. 4pc M-J-S-D 87,680 46.027,261 Paid Ipc 580 25,923,900 Pays 7 PC Per Annnm.. 7,356 46,1.56.000 Paid i^pc Feb. 1895.... dOO 18.559.360 89,054,907 0,075 Paid 2K.po Jan. 1895.... 215 »,335 170 Paid 8M;pc Jan. :896.... 894 28 000.000 1 1 006,000 35,430.000 Paid 8dc in 1893 8.881 Zib Paysapo MJ-S-D 4 395 26.200,000 Pays7pc per annum.... 7,927 85 000.000 Fays 7pc ver annnm. . . . 1,900 38 000.000 8S 148.600 79 081 Paid ii^pc Jan. 1893.... 76,005 30,469,700 Paid 2pc Au)ju 6t 1893 .... 85,000,000 Pays 5pc per annum.... • •. > 8.000.000 60.000,000 10,000,000 11,840,000 11,840,000 Pays 2^pc MS £00 9)1 l.t07 Pavs IHpo F-M-A-N.... 1060 49,466,500 Pays .Spc FA 11.440 52,800,000 Paid 2pc August 1893 Pays l^po J-A-J-0 Paid 2po In Feb. 1896.... 6162 80,000,000 2.561 18,788,204 8,814 18,000.000 47,844,100 47,436.5';5 14.905.400 6.558 Paid 3pc 1891 1,267 Paid Ipc in Dec. 1894.... 646 14 904,000 I'ays iJipc M-J-S-D 16.127 89,428,300 Pays Ipo J-A-J-0... 8,570 77,427.000 83.701 20,000,000 2.650 58,119,982 18.000.000 2.4U5 Paid IHpo Nov. 1893... 28.759 89.767,200 49.000.000 89.269,546 1.580 6.4Z7 Paid Ipc April 1892. 705 80.000,000 Paid ipc In 1887 100 8,800,000 40.426,861 86,000.000 68.402,900 125,000.000 60.000,000 88,5tl5 1038 90.000 Pays 2pc F-M-A-N 1,830 6,464 4.097 ^•^IS 19,850,000 Paid ipc in 1887 920 88,710,900 6 500 000 860 960 60,868,500 Paid 8^pc In 1884 500 83,837,093 80 166 OOO 1 252 *'^ 18.907 100 CI92 7,367,600 160 88,000,000 24.000,000 1.710 21,968 94.820,000 Pays i^PO J-A-J-6 1 836 to 000 000 710 4,500,000 Paid ipoin Feb. i894.... Names of Stocks. American Cotton Oil.. . - American Cotton Oil Pfd. Am. Sugar Refining Co. Am. Sugar Refining Co Pf. American Tobacco Co Atchison, Topeka & S. Fe. Baltimore & Onio C'auada Soutbem Central of New Jersey.... Chesapeake & Ohio Chicago, Bur. & Qnlncy.. Chicago Gas Cos — Chicago, Mil. & St Panl... Chicago Mi). & St Paul Pfd ChicaKO, R, I. & Pac lie... Chic. St Panl M. 4 6*S 63?4 82>6 91% 139 87H 26)^ 132^ 159^ mi iTji 76 74^ 6i?i 61 \\m inJ6 mi Friday. April 6. 86)4 26V«, 72!^ 7A< 16% ISk 12k 17k Monday. April 8. 26 72 10194 96k 6^ 67 60k 94 i^yi Ti 71% 58k 64k 82 92k 95 6 55 50k 91% KH 72k 70% 57% 32 91% 26 259^ isnk 1 27k 3794 l.^k 158% 124% 37% 1494 8a% 17% 17% 74k 74 137 186 51% 51 112 110k 94 93k 26k 26 24 23k 81% 81 85k 65k 96 9k as 95% 9k 87% Ittk 16k 3594 85k 5% 5k 4k 49? I7k 17k 89% 89% 6% 6M «k 6 j uk lok U)i 14k 14k I4k 87k fl6k 87 86k 12k 1^ 1^ "^ ^ 48 42^ I 68,785 167,489 6,28 6 25 6.29 6,27 6.81 6.28 6.85 6.28 6 80 6,27 6.32 6.27 6 81 6 26 6.83 6,28 60% 60A 60A 60A 61k 61 61 6094 6192 61% 5l9i 51k 51k 51% 61k 51k 6Mi 55 ' 55k 5494 50% 56% 5'% 6tk 46% 46k 46% 46^4 46% 4694 47k 46% 2994 29% aSk ^1^ 2Sk 28% im ■■'» 1210 11.65 12.05 11.65 12,35 12.07 12 25 [iXii 6 95 6 87 6.87 6 82 7,10 7.00 7 05 6 95 6 25 6 20 6,27 6 17 6 87 685 640 680 Tuesday. April 9. 25k 25k 102% 94 96k 6k 65k 51 'J4% 17k 73 71k 58% 101k 94 95k 5k 55 50k 93% 17% 71% 70k 5794 64 63% 32 82 92k 91k 88k 8794 26 26 159 158% 127 12Jk 38k fi8k 14% 1498 34k 8^ J 7k 17k 137% 137k 62k 51% 111 10994 97 93k 28k 26 mi 83% 95% 9k 18k 18k 157 167 6794 67k 17 11% J3 17 11% 32% 17k 17 8% 9k 2 8 >:% 11% 4k 4k 40k S9k «y* ' 11 6 10% 14k 14k 87k 8d% 43 43 142 078 6,31 6,!0 Oai 6 31 6..S4 8 29 6 87 6.33 60% 60,V 61 60,% 51-- -- 61 1^^ 65 5494 56k 66 46k 4594 4694 46k 29k 28% 27% 27k 12,10 11 90 12,45 18.05 7 08 6,97 7.15 7.02 6 85 6 22 6 47 6.32 Wed.. April 10. 25% 85 719| 71. 103% 102k 94% 94 97 96k 5k 5k 55k 55k 5194 50k Wk 93k 17k 17k 71k 71k 72 71k 57% 57k 64 ' 63k 32k 82 92k 91% 38k 88% 20% 26% 13Jk 183 160k l58'.i 126k 12594 15k »k 85 83% ir% 85U 96k 99 87% 16% 12% 40k 8994 6k m 1(% lOk 14% i4 87% 87 12 11% 4294 <1M 150 917 73 7191 10494 9 96 93« 97 93^ 7k 6k 59k 65 5194 49 9^k 91' 17% 17^ 74k 71,,. 5894 57k 116 11594 64% 63% 32k 82 9294 91% 139 13894 38% 37k 27?< 25k 133k 132 163 158% 128k 184% 3S94 37k 16k 14% 36k 82% 106 106 % k !S9 13694 53 51 Ranee for April 1896. to date. ,, 6% 14^ 14 88k 86k 12k 1194 489i 41k 6.43 6.21 6.46 6.20 6.44 6 19 6.47 6 20 61 69|i 61k 60k 61 tJ 50k 51% 6094 Ranee for April 1694. 74% 29k 7294 107% 87k 97k S8k 94k 83 16 18^$ 81k 79 115' liok 20k l^k 88k 77% 69^ 61% 6.^9^ 61k 121k 119k 7242 6.^ 41% 88k i:ok 107 115 142 4094 87k 20k 17k :4U 13494 167 161k 144k 187% 8491 8194 28 8» 4294 8794 106 104k 7k 6k 95 93k 18k 16k 16% 16 6994 6794 13ok i»k 52k <9k 127% 125 9694 97k 27k 2494 8M 7% 82k '^k 42% 80% 88k 8894 101% 9Sk If'k 12% 45 6k ... 22% 1894 17k '6k ek -*^ 22k 18'-< 174 171% 64 64 24 20k 80 16 10k Sk 11% 8 22k 1'^% 694 5k 43 86k 8k 7k 18% 10k 8.')94 ''394 13k 12k 61k 49 7.67 7 20 7.70 7 09 7.77 7 15 7.83 718 1594 8% 15% 409-4 4k 4% 68 60H 70k 08 ,% 44% 42% 46 43k 6«k 6694 m 899ft 37 k 40% 88 80k 28k 84% 8094 29 2:k 30k 28k 12 57 11 85 18.35 1 1 27 12.77 12 00 18.40 11.27 7.10 6.82 7,25 695 6 40 6 17 666 680 7 90 6.02 1.50 6.50 6 80 5.70 6 7* .5.67 1895 18M| OLD PORK, Chgo.-bbls. ... bbU. WHEAT on passage. 87.84O.0CO bush. 81,272,000 '• CORN on passage. 8.120.000 bush. 6,008.000 " Russian Sbipmts. for wk. 2.400.000 bush. 2.215,000 " Indian Sbipmts for wk. 186,000 bush. 100,COO " Argentine Shpts. for wk. 1.792.000 bush. t Since Aug 31. * Since June 30. Compiled and Copyrighted by CLAP? & COMPANY, BANKERS, MILLS BUILDING, NEW YORK lUlcchl^ flDaii^ct letter No. 42Q. Cnpyripht, ISOIf, by Clopp Jt Comnanj/. O. W. Clapp. OWIQHT O. CLAPr CLAPP & COMPANY, JSanhevs anb Bvohers, miLLS BUILDING, IM. Y. ENTRANCES: 35 WALL STI^EET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. 277 BROADWAY, Cobner Chamberi St. C^ANCH 671 BROADWAY, Bbo\owm Central Hoteu 753 FIFTH AVENUE, Cornm 68th St. Private Telegraph Wires. Cable Address: "Ozro." LoNQ Distance Telephone. New Yoric, TJmrsday Morning, April IS, 1895. VFe respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. 3^ Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOUT OUR NEW SOUVENIR, "LEADING AMERICAN EXCHANGES." " CHapp c$ Co., the well-known bankers and brokers of Wall Street, hare just issu«d their souvenir of 18:»4 in the form of an annual record oi daily, weekly and montlily prices and transactions in stocks, bonds and proiuce dealt in on all the leading exchanges of the country, together w ith the most complete and un to date statistics of railroads, crops and Information affecting the stock, money and produce markets of the coun- try, including their complete market letters for the year and photographs of the chief commercial and stock exchanges of the country. The whole fDrms one of the most interesting and complete books of reference on finance and trade that could be gotten up, as it is compiled with great care to insure accuracy, handsomely printed and elegantly bound, on the best of paper and in the best of style, for which this firm is so justly noted in all that it does. Their souvenir for 1S94 is the finest publication of its kind, both in matter and form, that has been si'en by the Street in a long time, aud is a uedit to the firm." — Journal of Commerce, New York City. "Jle.ssrs. Clapp * Co., Mills Building, New York, have Issued a hand- go'iiely bound Tohimo entitled ' Leading American Exchanges." It con- tains -^4 illustrations of exchange and board of trade buildings. The prices of leading securities for a numl>er of years, the yearly price of silver for 60 years, and statistics regarding the Tariousstaples, areamong the features of the book."— The Cluviiiclc. New York City. "Messrs. Clapp A Co.. bankers, l.'i Broad Street, Mills Building, this citv, send in a handsomely bound \-olume containing tb 4r ma>-Uet letters to a year back. The volume also contains a great deal of other valuable information, although the weekly letters of this firm refer to pretty ne^irly everything going on in the commercial and financial world. The cuts of the various exchanges throuijhout the couutry are very accurate, and show an exceedingly artistic lot of buildings. We expect to find OMi-selves frequently referring to Uia ▼olume."— Daily Financial News, K.-w York City. " We are indebted to Clapp i Company, the Mills Building bankers, for a copy of their Souvenir Book for 1894, entitled ' Leading American Exchanges,' which Is the most complete work of its kind that has come to our notice. The firm is to be congratulated upon its enterprise and liberality in furnishing such a mass of statistical inlormation free to its customers. A new departure is noticed In the lifelike pictures of the members of the firm, by which out-of-town customere are enabled to judge of their correspondents and know something of the men they de^al with. The book is handsomely bound in cloth and gold, making the outside a thing of beauty, as well as contents of value and merit."— The Daily Indicator, New Y'ork Citj'. " Clapp & Company, bankers and commission merchants, of the Mills Building, New York, publish a stately 350 page royal octavo souvenir volume, their weekly market letters for 18'.I4, including with them a number of illustrations of the financial ceiilres and exchanges of .\ew York, including the new Clearing House in Cedar street, and the Wool Exchange in Broadway, and pictures of all the principal exchanges of the country, a collection of business cajiilals significant, and interest- ing and impressive. The pictures are all finely executed, and form a collection both unique and valuable. The statistic-al matter of the souvenir is complete and accurate, showing the record of the stock, bond, grain, provision and cotton markets of the couitry, carefully and coinp.ictly arranged, so that the souvenir entire forms a manual of much practical service to the business man, the financial student and the p .litical economist. It is interesting to observe that the last weekly letter of 1803, speaking of the outlook for 1S04, declared : 'The dead calm of present moments may portend a storm of passion or of peace. What is done should be, and prooably will be, done quickly. The country enters upon ISlll in waiting mood that will turn to quick reprisal if it waits iu vain. The people will demand a quick s.ilvation, equal to tlieir faith and expressive of their fullest powers.' Clapp A Company, as ap- pears from the letters, are thorough Americans, believing in American capital, American labor and American ideas, and these sentiments find expression on almost every page of the volume."— The Standard Union, Brooklyn, N.Y. X -0 > o m o o z H > Z a > r -< m o o D m O r m > a z o m X o X > z o m 03 Our annual Souvenir book for 1S94 is out. It will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEKP OUU LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE. 2 CLAPP & COMPAN Y. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. A popular movement in finance is an electric inspiration. Fluctuations of sentiment like vibra- tions of current increase a power as invisible as it is potent. Everything worth having seema almost within reach of everybody worth anything. The air that was lately leaden seems charged with buoyant sentiment to quicken impulses. Ambitions recently hopeless seem stepping stones to other elevations . A nation or a man that can go to sleep at will generally retains needed power for waking moments. Straws. — About one-fourth of our railway system is in the South, equalling 42,000 miles. Since the trolley electric was introduced about six years ago, 9,008 miles of surface railroads have been erected or changed to that system. Only 2,243 miles still use horses ; 652 miles are run by -cables ; 614 by steam motors. 6ii a year ago, whiU; cotton is 3^^ against 4>6. The present advance and speculation appears based on low prices, prospective less acreage, less use of fertilizers, and a growing feeling the coming crop will be under ordinary ne(;ds. Local manipu- lation continues in May cotton. February J38, August cotton sold at 5.54; Aj)ril 17, it sold at i'..87. It appears to us a good time to take profits, even if not wise to sell short for a time. W(! think the consensus of opinion indicates cotton is a good purchase on all declines and will sell far above 7 cents. Wheat. It is estimated by the Corn Trade News that the countries growing 85 per cent, of the world's wheat in 1S94 produced 64,000,000 bushels more than in 1893. Our winter wheat crop last year was given out as 32f. 308,8-10 bushels. We think it was near 360,000,000 bushels, and now promises to be 10 per cent, less than grown in 1 894. The Orange Judd Farmer estimate, secured from similar sources to tliat of the Government, says its information indicates amount of wheat in farmers' hands March 1 as 154,000,000 bushels. The drovernment estimates indicated but 75,000,000 bushels, yet both prac- tically estimated corn reserves unmarketed as about the same ; perhaps this accounts for the absence of the usual leak in Government reports about the 10th of the month. Light primary receipts, ex- ports exceeding those of last year, and a good milling demand, continue. Cash prices in Chicago and most cities are practically those of May delivery. Chicago is now considered the lowest market of any ; we look for it to become the highest before summer is over. Many think the fear of liqui- dation has been discounted. A Dakota writer claims there has been fed in twenty -four States 83,130,000 bushels of wheat. Some bears predict there is no good in the long side of wheat until our surplus supply is sold for export, after which big profits are likely to accrue. Many were sur- prised recently to see the sharp advance, which would likely have been much larger, had the bucket- shop interests attempted to cover their large sales to customers. We believe it is quite possible the elevator interest will practically own all tne cash wheat and continue to do so until much reliable information is known of the 1895 crop. Exports continue large, the price exceedingly low, com- pared to the advance in stocks, cotton, potatoes and oil. It is but natural to expect sentiment and speculation will advance the wheat market materially before mid -summer, and that the chances to lose are very small compared with those to gain. Corn. The visible decreases slowly. Planting is general south of the Ohio River. The New England demand is light. Export demand has fallen oft. Spring grass feed is looking well. A less demand from cotton and hog feeders and a great saving in feeding districts seems to be uppernaost in the minds of speculators and is depressing values. We do not louk for any material decline and advise purchases on weak spots. Provisions. It is reported Argentine cattle resources are as large proportionately as wheat, that numbers are now small and it will take three years to again grow a large supply. January 1, 1892, there were 37,- 651,293 cattle in this country, not counting milch cows. January 1, 1895, but 34,364,216 cattle aside from cows. England steadily increased her purchases during three years, while we increased our popu- lation, and Atlantic exports in 1894 increased over 1893 about 20 per cent. Hogs numbered January 1, 1892, 52,398,000 ; January 1, 1895, 42,294,064. Sheep, January 1, 1892, numbered 44,9.38,365, and January 1, 1895, 42,294,064 head. The Government record of live stock in the United State? and exports can be found on page 305 of our 1894 Souvenir Book. It is claimed by many live stock shippers that the ho^ and cattle reserves are very small, and especially so in leading Corn States, wiiere the corn crop of l.s94 was verv deficient. Average weight of both hogs and cattle rule lower than a few years ago. Sheep have been marketed the past season at unusually low prices. Stocks of provisions outside of Chicago are reported small. No 1893-4 supplies of old pork are held over as in most previous years, or during the time live stock in this country kept pace in growth with population, from 1888 to 1892, since which time old pork supplies in Chicago have all disappeared each year soon after the yearly Winter packing, November 1, begins. It is contended there are less pigs and calves in the country than usual ; that corn has been high, the Winter severe and live stock generally has not maintained as large average gains as usual. Speculation is broadening. Cotton and oil are decidedly higher. It is estimated the Summer run of hogs will be light, anrf weight also. We see no reason to change our last week'i> prediction, that Summer prices will likely show a 25 per cent, advance. Packing for week ending April 11 was 105,000, against 230,000 last year, and to April 11 1,540,000 against 1,435,000 last year. Yours truly. CLAPP & COMPANY. SI CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QflotatiODs for Stocks, Cotton, Grain and Provisions for Week ending April 17, 1895, and lor April, 1894. Par value of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., FROM NFW TORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. I Weeklt CAPtTAL Sales. Stock. 8.!65 $20,237,100 472 10 198.600 120,!)99 36 773,000 3.011 36 773,000 26.aoi 17,900,000 24.168 102,000,000 5 493 25,000,000 6 416 15,000,000 13t«0 22,488,000 4.205 60.805.400 li-;!75 82 262,700 24.260 24.885.800 tu.757 46,027,261 1063 25,923,900 11.m9 46,1.'56.000 3.460 18.559,360 18,768 39.054.907 «2,3S5 170 8.759 28 000.000 6.U0O 11696,000 2.563 36,430.060 6.440 28.200,000 6.«55 85 000,000 1 3U0 38 000.000 11.118 8S 148.500 71,710 30.459,700 8 H!4H 15« 34^ % Total sale* of all Stocks each day and for the six days 790.063 COTION. in ba es. I World's visible. 1895 4 819.3'<5 1894 4.000.001 Total in sight h Total Exports. 9.213.24S 5.885.976 6,969,220 I 4,556.062 jf. r. f April. iMay . Coi0n ; June.. (July... WHEAT, In bushels. I U S Visible, Priniarv rec'ts*! Total Eiporti. 1895 70.486.000 I 13^5^G 000 119.155,ill7 1891 69 218,000 I 145 145 UOO | 138.036 996 ! Wheat.] »>„«;• Corn. uly... lay. . July... CORN, in bushels. I U S Visible. 1895 12.221.000 18941 16 021 000 I Cliicago ' Way.. Primary rec'ta* I Tota 1 Exports. Wheat. 1 July.. 67 331.COO 16 183.9:12 l„„-„ I May. 188.548,000 1 62 467 000 r""^"' • i July., OATS, in bushels. I U. S. Vi-ible. 1895 5.727 000 1894| 2,C54 000 N. T. Stocks, 640 139 600 382 Chgo. Stocks. 1 162 000 645 000 Oats . > May.. Ijuly. iMay 18« 129 512 8,47 6.43 6.53 6.41 6.50 6,40 6.52 6.42 00, •, 60 ,V 61^ 6OU 65H 54% 56!^ 55?i 4f^ 4f^ *b% 46 Pork ; "ay •2. Q Q) Q t< 0) b Saturday, April 18. 27 261^ 103% 108?^ 6^ 6% 56 56 62W 505i 94^ 94 irk 17?i 72)^ 72 rm 71% 5s9i 57% 64^ 64" ■ H ^4 • 2o9i H 134 12CM 126 4% U% 4 83^ 74% l^^^ 52H 11294 9«H iiii mi 26)4 74'^ 139 52H 112 97^.1, 24% mi 18% 22?a IS 123;^ 68 68 I7« irji UH iiH 83U 88% im 18% 10% 9^* Monday. April 16, Tuesday. April 16. 89?< 26% 27% 72^ 10.3^ 11 94% 96 5« 56 52% , 93^i 17?< 72^ 70-K 68H 116% 64?J 38 mi i^ 135^ 159^ 12c 39% 14H 83% 105H> 105 104 94% 96% 5!^ 65% 52 93% 17^ 7-m 5''% 116!^ am 83 Id Wed., April 17. 27% 27 7m 74 105% 104H 96 95% 5% 66 97 5H 51!^ 18 75% 1-12% 53% 113% 100 28 88% 17% T8% 74% ■■ !f7%; 28% 24 82% 85^ 98W 10% 83 8.^% 5% 4% 18% 52^ 5 m, 95^ 93>4 179< 73% 71% nr* 7214 .. 70!^ bOyi 589i 1U% 117% 65 64% 3-3% 33% 93% 93% 89% 39 20Mj 28 135% 135% 160)^ 160% 12694 126 39% 8.1^4 16% 1.5H 32^ 819i 91% 9:% 141% 141 5:^!^ 53 118% 114 9i)% 93% 29 a 24% 2<% 8^% 82W 85V4 85!^ 98% 98W 10% 10% 88% 88 10% 16% 86' " 67% 1?% 11^ Il9< 89% 5% Ml 11 m 6% 6? 14% 149 87% 889 12% 129 42 42i 88% 34)4 10% 10% 494I 5 89% 89% ^6%l 5\i 10% 10 6% 6% !I% 19 10% 70,405 205,494 I 6,66 6 68 Ti^,,^^-, 6-74 6 57 I 6 71 6.59 60% 60% 61% 60% 60% COU 62% 6IA 6O9J 50^4 61 609^ 60ii 60% 61% boy^ 55% 5494 67 55% 6UU 56 579i 6694 45*i 45M 46 45% 4<% 45% 46% 4594 i!8% 28%' 03% 28V4 27H 27 i 27% 27% 12 35 12 32 12.45 12.35 12,65 12 47 12 C2 12.65 7.05 705 7,20 7.15 632 682 6 47 6 45 707 705 722 7 17 6.35 6 32 6 50 6 47 811 286 6 80 6 70 6.76 6 63 679 6.67 62 A eiVi 62'4. 611} 51)4 50% ai>4 51% 60% 67% 66% '"■ 57% 8894 sm 27% 27^4 12.55 12 85 12,75 12.62 707 6,97 7.22 7.12 6 37 6.80 6 52 6.42 1414 18!^ 160% 160 17% 16% 11% 11 34!4 83 21% 199i 10% 10% 12% 1«% 5% 5 182 356 6.76 6.75 6.60 6.?0 6.80 6 64 6,83 6 68 62% 61% 62% 6;ii 50% 50A 50 ii 60% 67% 56% 58H 57% 45% 45' 46% 4^ 88% 27% 2'. 9? 26% 12 82 12 25 12,55 12.42 697 695 7,12 7 10 6.80 6 25 6.45 6.40 Ranee for April 1895. to date. 27% 85% 74% 7l9| 105% 9!»94 96 93% 100% 93% 7% 5% 59)4 65 52% 49)^ ■a ii,J^4 , -i 639i 34 82 94% 91% 139 1389i 39% 3rH 27% 25 138 132 163 If 8% 128« 124% 40 37V^ 16% 14% 86% 82% 106 105 « % 91V» 86V4 -'6)4 25% 19% 17% 77 74 142% 136% 53% 51 11-% 109% 100 90 29 25% 9 9 19% 16% 6,76 6.21 6.80 6.20 6.'?0 6 19 6.83 6 20 62,', 59U 62% 60% 611J 50A 51% 6U% 67% 54% 58% 6.5% Ranee foi AprU 1894. 32% 29% 74% 72% 107% 87H 97!^ 88)4 94V4 83 16 13% 81% 79 115" li6% 20V4 18% 88% v:% 69^ 6:% 65% 61% 12m 119% 7294 tif% 41% 38% uoii lor 145 142 40% 37% 20% 17% 140 1.34% 167 lom 144% 137% 8491 81% 28 23 42% 37% 106 104% 7% 6% 05 93% I814 16% 16% 16 69% 67% 180% 128).8 52)^ 49% 127% 125 98% 97)4 2r% 24% 6% 7% 82% 28% 42% 8.i% 88^i 839i 101% 9s^ 8% l.^% 40^ 4% _ 4% 22% 18% i7U 16% 5)4 4% •22)4 18% [;4 in% 64 64 24 20% 20 16 10% SM 11% 8 2214 1S% 6% 5H 43 88% 8% 'M 18% ir.H 85% -•3% 13% 12)^ 61% 49 7.67 7 20 7.70 7 09 7.77 7 13 7.83 7 18 68 60(8 70% ra,'. 44% 42% 46 43% 66)4 57)4 66% 5>.>% 39% 37 ki 40% 38 84% 3094 8014 -iSH J3.85 1127 18.40 11 27 7.90 8.62 7,50 6.50 6 80 5.70 6 ?2 ,5.67 I OLD PORK, Chgo 1895 .... bbls. 1S94| -bbls. WHEAT on passage. 89.120.000 bush. 88,456,000 " CORN en passage. 2.880,000 busb. 6,824,000 " Russian Shirmts. for wk. 2.060.000 bush. 1 858,000 " Indian Sblpmts for wk. 20ii,000 bush. 820,r00 " Argentine Sbpts. for wk. 12.616.000 busb. ♦ Since Aug 81. ♦ Since June 30. Compiled and Copyrighted by CLAPP & COMPANY. BANKERS. MILLS BUILDING. NEW YOEI iX, CRIlcchlv fn>arhct Tlcttcr. No. 42G. Capyrtght, ItOB, by Ctapp # Oomoattf O. W. Clapp. DWIQHT O. CLAPP CLAPP & COMPANY, JSanhers anb Bvokers, MILLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. ( 277 BROADWAY, Corneh chambers St. B*«MCH 3 g7, BROADWAY, Broadwm Central Hotcu Offcta: 753 FipTH AVENUE, Corner 68th 8t Private Telegraph Wires. Cable Address: "Ozro." Long Distance Telephone. New York, Thursday Morning, April 2.", 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOUT OUR NEW SOUVENIR, "LEADING AIMERICAN EXCHANGES." " Messrs. Clapp & Ompany have just issued their manual of statistics for 1*M. entitled ' Leading Am«rican Exchanges.' It is a valuable book for reference and is most carefully compiled.^'— Kiernan News Agency, New York City. •' Messrs. Clapp it Company issue a very handsome souvenir volume for the ye,ir 1,S94, similar in general appearance to that issued a year ago by the same firm, only in many ways enlarged and improved. It is a large book of 3.VJ pares, very handsomely bound, and containing quite a large number of tone engravings. The volume itself consisis of a collec- lioii of Messrs. Clapp .S Company's weekly letters on the pi-oduce markijW and an immense mass of statistical information regarding stocks and bonds, cereals, provisions, minerals, imports and exports, gold and silver, monev, population, and other things. In short, it is jjracticallv a cyclopseilia of financial information, arranged with consid- erable judgment in tile manner most convenient for consultation and reference. .Ml who have to do with facts and figures of finance will find >Ie:isrs. Clapp A Company's book useful, as well as an ornam.'nt to any library."— Commercial Advertiser, New York City. " Clapp & Company's year book is out. It is a carefully compiled 3.50- page volume, covering the leading financial exchanges of the United States, and containing a vast amount of statisticjil information of value to speculators. The technical and typographical work is excellently executed.'"— New York Recorder, New York City. " .Messrs. Clapp & Company brokers. Mills Building, this city, have Issued their souvenir volume tor 1891. It contains the weekly lettei-s issued by the firm during the ye.ir, giving a succinct account of the niaikots from week to week, a brief history of the leading American exchangi's, a detailed statistical record of the finances, commerce, bank- ing and production of the year, together with other valuable tables and sUitistlcs. The book is sold at $.3.00 per copy."— Journal of Commerce and Commercial Bulletin, New York City. " From the firm of CInpp & Company, bankers and brokers, of Wall Street, we have received the 1*)4 edition of their souvenir book. It would be hard to find a title sufficiently expressive to cover the ma.ss of information this volume contains. Turn where you will valuable facts from reliable sources meet the eye. Few questions, indeed, regarding the country's markets and trade, and financial matters in general, could be put by banker, inveotor, speculator or business man to which an answer could not readily be found. Add to the usefulness of such a storehouse of information the fact that no pains have been spared to make the production pleasing to the eye, and it will be seen that the work is of a character to command appreciation." — The Daily Stock- holder, New York City. "Clapp & Company, bankers and commission merchants, who are located in the Stills Building, New York City, have issued a souvenir of 1894 in the form of a large b'>ok of 352 pages, replete with valuable in- formation and comparisons of the world's exchanges. The book is a daily, weekly, monthly and yearly record of the leading exchanges in the United States, and is very convenient for reference by business men. It gives a complete record of the bu.siness of 1894 and a financial outlook for 189.5. The volume is handsomely printed, and contains nianv fine illustrations of the important stock exchanges."- The Utica ft-ess, Utica, N. Y. "Clapp & Company have issued a handsome souvenir, containing In- formation and comparisons of the leading American exchixnges for 1894 " —The Daily Press, New York City. " We have received the 1894 edition of Clapp and Company's souvenir book, which contains valuable facts regarding markets and trade and financial matters in general, very useful to banks, bankers, investors and financial institutions."— New York News Bureau, New York City X "0 > O m o o z H > z (/) D > r -< 3D m o o DO o (/) o r m > a z o m X o X > z o m C/3 Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTERS. POKrFOLIO FOR FILING FORWARDED APPLICANTS FREE. .S3 CIAPP & COMPANY. BAKKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. The progressive massing of opinion is a prominent feature of American affairs. The tempest- uous moods of great majorities only serve to emphasize the depths of pubUc wisdom when established by experience. The silver fallacy is less seriously considered, now that curtailed production and increased demand is improving the commercial value of that and other products. Perhaps attention may now be turned to developing home industry and foreign trade. Straws. — The German Trade Congress and commercial organizations appear unwilling to aban- don the gold basis. This is quite different from "sound money" doctrine, which may only mean •'reform" — its last definition being deceit. Fourteen South American countries, with area of 8,408,902 square miles, population of 33,918,431, and commerce of nearly 1,000 million of dollars per annum, only do about 10 to 15 per cent, of it with the United States. Applications for capital in London, first quarter of 1895, were reported at 142 >^ million dollars, against about 59 million in 1894. Boston reports sales of wool January 1 to April 20 were 52,599,073 lbs., against 42,406,784 in 1894 same time, domestic decreasing 697,411 lbs. and foreign increasing 10,888,700 lbs. China is to pay Japan 200,000,000 taels, or about $150,000,000 in gold. Stocks and Bonds. Bonds. —The average sales of railway bonds recently have been over $2,000,000 per day, or larger than for years, with a tendency to higher prices. Municipal bond offerings are mostly those of small cities. Governments are firm and so closely held that " Plebeians" cannot procure them except by paying foreign interests a premium of about 20 per cent, over cost. Money remains easy, and is more freely offered to speculative interests. Railway Stocks. — The earnings of 135 roads, representing fairly well all sections, show net earnings in February of $181,350, and from January 1 to February 28, net increase of $1,203,031, or 5 per cent, over same time in J 894. Reading shows large increase. All the trunk and coal lines are evidently getting the benefit of increased business activity. If Reading gets 21 per cent., it will likely advance the price. The twenty -eight Southern roads show less than during the cotton move- ment. Atchison appears improving. Western Union appears assuming its old time business and market activity. Its friends now predict par for the stock in 1895. Tennessee Coal & Iron claims it is producing more than ever— perhaps the "new broom directors " are thought to be better. We look for a higher range. Southern Railway, Norfolk & Western, Texas & Pacific, Missouri, Kansas 6 Texas, and Missouri Pacific, Lake Erie & Western Pacific, and Erie are being bought freely in the belief that prices and the properties will all improve. St. Paul continues its safe and sure advance. Some of its friends predict 75 this season. We see no reason why 65 may not be reached before corn planting is finished along its line. Rock Islands statements are apparently the result of an improved conservative management. Northwestern, Ne\V York Central, Michigan Central and Canada Southern are being bought confidently by their Vanderbilt brokers and friends. Burhngton continues strong and with upward tendency. Grangers generally appear headed towards better prices. The weather and crop prospects remain cheering to Mississippi Valley railway properties. There is a slippery interest in North American. Northern and Union Pacific show more signs of activity and business. The healthy tone in the recent advance argues further improvement and higher prices. The market is broader ; a much larger variety of stocks are daily bought and sold. Sentiment is less nervous and more aggressive on the buying side. The consensus of opinion seem- ingly indicates much higher prices will prevail in the near future. We advise taking profits. Industrials.— Sugar Company people continue the obnoxious feature of the Street. Their pet following predict 125 for the stock in 1895, and 110 this week. Chicago Gas is a good property and likely to do better when its friends. Standard Oil people, and other capitalists so decree. Evidently they are a little lame, and stocking up now for higher prices. General Electric continues its old deceitful tactics. We look for surprises in its forthcoming report, and lower prices, unless many dollars become aggressive backers. Cordage is low enough to merit gambling purchases, based on accidents improving the stock and property. Cotton Oil and Lead are profiting by changing condi- tions. Higher values are quite probable. Distillers Company affairs continue confused for the moment. It is likely to be a good stock to let alone. Tobacco may continue to pay 3 per cent, quar- terly and may not. Its methods are past finding out. Leather Company is pushing into notice. The industrial list continues active, uncertain, and tempting to the chance taker. Cotton. Amount in sight last Saturday, 9,312.305 bales, against 7,025,261 a year previous. Spinners' and export takings were 8,499,779 bales, against 6,440,005 bales last season same time. The Texas movement has been nearly 75 per cent, larger than last season. The visible is 4,272,631 bales, against 3,936,264 bales ; about 93 per cent, of it is American cotton. Mr. Ellison reports the European con- sumption Oct. 1 to April 1 as 2,125,064,000 pounds, against 1,913,389,000 pounds. Weekly consump- tion is now placed at 180,000 bales of 400 pounds each, against 173,000 last year. Egyptian is a trifle more than last year. Indian movement less than half that of last year. European spinners' stocks are reported as 1,029,000 bales April 1st, against 708,000 bales a year previous, with total takings from Oct. 1 to April 1 of 5,312,000 bales, against 4,828,000 the previous season same time. May 10, 1894, the Government report said : ' • The delay in Virginia, Tennessee, Arkansas and Louisiana was caused by continued cold weather, while in Texas planting was retarded by both late, cold, and 84 CLAPP & COMPAITY, BANKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTER. continued dry weather. Germination has been slow and growth of plant backward." In other large crop years similar reports were given out, and there always was something wrong about planting time. We reiterate our last week's views. It appears to us a good time to take profits even if not wise to sell short for a time. We think the consensus of opinion indicates cotton IS a good purchase on all declines and will sell far above seven cents, many predicting August cot- ton will touch 8 cents. The weekly letter of Whitaker, Whitehead & Co., Liverpool, March 21, says : "It is current gossip here that those who booked considerable profits on the recent gold mine boom have since transferred their affections to the cotton market." Perhaps these folks are and con- tinue the prime movers in the activity in the cotton markets of Europe. Wheat. Exports to date have been about 125,000,000 bushels against about 1 4/), 000. 000 bushels a year previous. We still predict clearances will equal abput 150,000,000 bushels, or 50,000,000 bushels more than most statisticians predicted last autumn. 46 per cent, of exports have disappeared in the shape of flour. Chicago holds nearly all the American red wheat. To make up a cargo or ship- load here vessels have to visit many warehouses, and choice grades command December prices. Regular contract grades for July are but about 4 cents above Chicago quotations, against 5>4 cents in early April. It is estimated the trading in futures in this market was about 33,000,000 bushels April 23 against about 200,000,000 bushels in Chicago. The amount afloat continues large, and is likely the result of the gr€>at floating steamship elevators, which now keep about 20 per cent, of the world's visible afloat. The Corn Trade News estimates European consumption for eight months to April 8 was 255,000,000 bushels and stocks in ports were 25,000,000 bushels. It is conceded India moneys and valuations make a bushel of wheat pay more debts than to ship it to Liverpool anrl convert the money received there into Indian standards. It is estimated the Argentine crop will fall short of last season about 60 per cent., or be only about 41,000,000 bushels, against 88,000,000 bushels in 1894. Speculative rumors now generally point to a less acreage in 1805, with crop appearances equaling an average. Argentine shipments from January 1 to April 4 were 14,8'' 8,000 bushels against 16,736,0^0 last season same time. March shipments to Europe were about 2,500,000 bushels less than for March, 1894. The United Kingdom took more than three times as much wheat and flour from us in 1895 as for March, 1894. Bradstreet's reports the North American decrease in wheat for January, February and March as 25,264,000 bushels, or more than twice what it was same time in 1894, and five times as large as in 1893, and claims Europe's available supplies arc less than any April since 1892. A French paper claims their crop will be 280,000,000 bushels against 336,000,000 bushels in 1894. According to our Government report furnished from July 1, 1882, to June 30, 1889, the various wheat crops grown equalled 3,134,670,000 bushels, exports 848,512,000 bushels, home requirements 3,086,280.000 bushels, snowing probably a small gain in the invisible from July 1, 1882, to July 1, 1889. From July 1, 1889 (when the invisible was again considered to be at a minimum point) to June 30, 1895, the wheat crops equaled 2,873,950,000 bushels. On same basis of consumption and exports, the amount disposed of up to June 30, 1895, will equal 3,209,536,000 bushels, or about 335,000,000 bushels more than was reported grown. Evidently the Government report has fallen into grave errors the past few years at the expense of growers. We think the recent conference held in Washington has resulted in wise recommenda- tions that will, if adopted by officials, reinstate as reliable and secret reports as were given out prior to 1890, at a large saving in general expenses and vast improvement in securing and dissemin- ating crop news generally. The small expense saved in not giving the usual export reports appears to be but another sample of cupidity shown by experimenting officials. Oil, wool, iron, rye, meats and cotton all record large advances. The visible supply of rye is but 167,000 bushels, or about the smallest on record, and is nearly 50 per cent, above the price of wheat. Sentiment continues bullish. Many people look for 75c. wheat in Chicago for July dehvery. Corn. Lighter receipts, less visible supplies, increased speculation and an increasing New England and export demand, has caused corn to oecome far more speculative, yet it ranged relatively more below wheat than before on the crop. There are many in the trade who predict 55 cents will seem low and look cheap for July corn. New corn is seldom available before October for feeding purposes. Oats. The U. K. is securing less than usual supplies from Russia. America seldom exports oatB. Crop reports of late are varied. Dry weather is complamed of. Sentiment has been bearish and speculation limited on account of the disuse of oats in cities on a large scale. Provisions. Speculation is increasing. Sentiment is bullish for July or more distant delivery. It is gener- ally conceded the summer run of hogs will be both light in weight and light in number. The domes- tic demand from the South and New England countries fairly good. Exports thus far this month are about SO per cent, of those of April, 1804. Estimates are out that the stock May 1 will show up less than generally conceded. The last Government report indicates 9.2 per cent, as the average loss from disease in swine last season as against 4.9 per cent, for 1804, and 6.3 per cent, for 1893. Packing from March 1 to April 18, 1,830,000 hogs against 1,735,000 last year. Yours truly. CLAPP «& COMPANY. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QDOtalions for Stocks, Cotton, Grain and ProYisions for Week ending ipril 24. 1895, and tor April, 1894 Par value of all stocks $100. except D., L. & W.; P. ,">0,000 88,710,900 6,500 000 60,868,-500 &S,837 003 20.166.000 18.159 600 7,381,850 28,000,000 24.000,000 94,820,000 10,000.000 4.500,000 DiTiDENB Record. Pays 3pc J-D Pays 8pc O-.r-A-J Pays 3i^pc J-J Pays 8pc FM A-N Paid 5Mpc in 1888 Paid 2po 1895 Pays li^pu F-A Pays l^PC F-M-A-N... Paid Ipo Dec. 1894 Pays Ipc M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid i^pc Feb. Ib95... I aid 214PC Jan. 1805. Paid 8Kpc Jan. :8'J5. Paid8pc in 1893 I'ays 2pc M-J-S-D Pays7pc per annum, rays 7pc t,er annum. Paid IKpo Jan. 1803. I'aid 2pc Aug, St 1803. Pays 5pc per annum. Pays 2i^pc M-S. Pays IMpc F-M-A-N. Pa.vs ."ipc FA Paid 2pc Augruftl803. Pays IKPC J-A-J-O.. Paid 2pc in Feb. I805. I'aid .3t)C 1801 Paid Ipc in Dec. 180.). Pays jJirc M-J-S-D., Pays Ire J-A-J-O. Paid IMPC Nov. 1803. Paid Ipc April 1802.. Paid Ipc in 1887..., Pays 2pc F-M-A-N. Paid Ipc In 1887. I'aid 8^pc in 1884... Paid 2Kpc March 15,' i895 Nahes or Stocks. Pays WiVC J-A-J-O.. Paid IPC in Feb. 1894. American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co. . .\m. Sugar Refining Co Pf. American Tobacco Co Atcliison, Topeka &, S. Fe. Baltimore & Onto Canada Southern Central of New Jersey.... Chesapeake & Ohio. Chicago, Bur. & Qnincy.. Chicago Gas Cos Chicago, Mil. & St Panl... Chicago Mil. & St Paul Pfd Chicaco, R. I. & Pac flo... Chic. St Paul M. A Omaha Chicago & Nortliwestern. Chicago & Northw'n Pfd. Cleve.. Cin., Chic, & St L. Col Hock ng Valley & Tol Consolidated Ga* of N. Y. Delaware. Lack'a & Wn. Del., % 549^ 53 95% 94% 17% 73J6 71% 71 60^4 591^ 118 118 05% 6.5% 34% &3% 06 ^% 40% 8^ 20% 2.-,94 136 135% imi 160 127 U6\ii *m 40% 15% 15^ 33% 8^ 26% 26% 211-4 199^ 78 :6?i| 78V4 Friday. April 19. 28% 75% 107 97 90% OM 56 52% 95% 18% 74% •m mi 66% ay* 40% 26?i 160% 127 mi I5H 84% 27% 75 1C5!4 96M 89% 5% 64M 52^ 95 i&% 739-4 71 6OJ4 65% 84 Vs 95% 40% 26i4 1599i 127 4094 16 83% Saturday, April 20. 27% 76% ICOU 5594 52% 35 lt% 74% 7l9i 61 66% 34% 9694 26% 7S9i 1069!, 99 " 6% 52\4 9494 71^ 60 6.594 84H 95% 4094 40% 26% 20% 135% 135)^ 160% 160% 12694 40^! 15% 15 8894 83M % 92 01% 26% 20% 21 >4 209i 21% 80% Total sales of all Stocks each day and for the six days 1.5S0.538 COTTON, in ba es. I World's visible. 1895 4 272.631 18941 8 935.264 Total In sight i I Total Exports. 9,312.308 0,001.072 7,025,261 I 4,614.610 WHEAT, In bush* Li. I U S Visible. iPrimary rec'ts* 1895 6-<.626.000 13».6'.)4 000 189 i I 68 4;.>5,000 I 147 432 000 Tiital Exports. 121.t<0?727 140.623 938 CORN, in bushels. I U- S. Visible. 1895 11.529 000 18941 14.566 000 IPrimary rec'ts* I Tntal Exports. 5- 002 000 16 851 240 I 13.5.346.000 I 54 205 508 Chicago < May.. Wheat. I July.. OATS, in bushels. I U. S. Vi-ible. 1895 6 242.000 1894| 2,665,000 N. Y. Stocks, 810 403 755 no Chgo. Stocks, r*'* • 1 240 000 p ^ 547 000 \^0^^- UI94 141% 64% 53% 119% 117 9994 99% 80 29 2.5% 84% 8- 99^ 11% 88'.1. 10^4 2414 4% 14% 104^4 67 17% ^m ■m 22^ lOM 1314 5^ 40 5!^ 9^ 694 i5>a 69 13 43% 141% 141% l4l% 141>i 55 54H 54% 54J4 118^4 n7%lll7% 117% 100% (.994 ; 101 101 81% 80 82% 30% 25% 85 69 24% 82*i 85% 98% 1U%| Il^ 3b%| 89% 16%l i'YA 36%' 87^4 5%i 694 4% 4H 189i' 19% ;3^' 24% 4% 14!.4 1*% 16-194 165 67 1 KM ir94 i!94 1*: 84 , 80 21 H 2*=!^ lOWi io->i 12% 13% 5 I 6% 89%' 89->-4 6V4| 5% 894 6i4 6%' 6)4 1494' 10 88%, 8894 129i' 12% 43% 43% 13H 594 8094 6% 694 15% 889* 124« 43% 825 706 248.885 6,75 6.72 6.77 6.71 I 6.82 6 73 6.77 6,67 6 76 6.69 6.80 6.71 DbO 6 75 Monday. April 22, 28% 77 100% 9:% 99% ^6% 66 5294 97% 19 61% 118 6694 35 97% «' 26% 136 162« 130 •*C% 27% 76^ l4 60% 59% 59% 58% 60H 59 I m 5;iV 2^98 27m 28^M 27% 29!-4 2S%' 28% 2^ ^May 28% 28 ■ Jnly j 2796 2r *(78 *'«r4; ^o-rA <';'2 -^'^^4 *-'7x .co>g «^ . May '12.'25 1'2,10 12 35 12 07 ,12 37 12 ^5 12.47 12.30 12.40 12.27 'July i 12 4r 12.32 112.60 12.80 1;',C0 12 45 12 70 1250^12,70 12.52 I LARD-tos World's vis. 1895 -^79.487 1894| 117,092 CHICAGO CONTRACT STOCKS. ]t-^h PORK-bbls, LARU-tcs. ■ RlBS-lbs. ^™ 13,-.,450 I 41,119 I 33432.000 75,750 I 1,450 I 8,010,000 Ribs ,< May.. ■ July... May . ■ July... 6.92 7.07 6.25 6.42 6.87 7,00 6.20 6.35 6 90 705 6.32 45 6.85 700 C.'20 0.35 ' 6 92 7,07 6 30 6 45 690 7 02 6 30 6 40 7 CO 6.95 97 6.92 7 15 : 07 ; 7.10 7.07 6.37 6 32 I 6 32 6 27 6 50 6 45 i 6 50 6.40 Wed., April 24. 42% 41% 2C% 26^4 135% 135 162 159 130% 12794 42% 42 34% 8394 29 28 2094 211% 78 7:w 14194 Hl% 56 559}, 118% 116 ■'10% 100S.6 32% 3:94 26% 26% 34 83% 99% W 12% 1-'% 40 39 ir% i7?f, 37% 30% 594 5% 23ki 6.86 6.82 6 95 6.83 6 86 6 73 6,86 617 6494 64% 65% 64:>4 52^ 51% 52% tit 6096 59% 0'% 6OV4I 47!4 46^ 4794 47% 28% 28% 28^4 2-* I 12 27 12 20 ' 12,57 12.45 6 90 6 87 7,02 7 00 6.25 6 22 6.42 6,37 6,94 e,2l 6,96 6 20 O.'Wi 6 19 6.90 6 20 65% 89i| 06% 601.4 5396 50 rt, 5344 60% Ranee for April 1894. 74% 107% 97% 94^ 16 81% ur,' 20V4 83% 6»^ 6.594 121 V4 7296 41% 110% 145 4094 20% 140 167 144% 8496 28 4294 106 7M 95 I8>4 16% 6994 1311% 52V| 12796 9894 r-hi 894 82% 4296 8814 101% 1^% 45 5% 6V6 22% 17% 5% ■m 64 24 20 10% 11% 22^4 694 43 8% 18% 8.5-->4 \m 51% 29^ 72*4 87% 88J4 83 18% 79 iioi4 r.% 6:% 61% 119% 6.-96 38% 10; 142 37% 17% 13494 161% 137% 8l9i 8794 104% 6% 93V6 16% 18 6794 128^ 49^6 125 97'-4 2414 T% 2816 8';% 83--I 9'"i, I.5J4 896 40V4 4% 4% IS94 10% 4*4 Kl% 64 20% 16 8% 8 1-% 5% 88% 7V4 16% 8.394 12% 48 7.67 7» 7.70 7 09 7.77 7 13 7.83 7 18 68 60)1 ;o% ia,». 44% 4296 46 43% 62'>4 5496 66H 57% 6354 5.5941 6fr>4 •■>«% 399» 37^ 40% 38 84% 8(V4 30V4 21-!-* 13.a5 1 1 2r 13.40 11 27 7.90 6.02 7.50 6..^0 6.80 5.70 6 ?2 .V67 49 49% 45%l 30V4 27% 2914 2694 12 57 11 05 12.77 12 00 7 10 7,25 640 655 8.82 6.95 617 630 '.805 lb94 OLD PORK, Chgo. bbls. ... bbls. WHEAT on i assage. 41.040.000 bush. 40,096,000 '• CORN on passage. 2,800.000 bush 7,b8l'.000 " Russian Shipmts. for wk. 2.240,000 bush. 2.432,000 " Indian Shipmts for wk. 1 Argentine Shpts. for wk. 344,000 bush. 1.840,000 bush. 80,000 " I t Since Aug 31. • Since June 3a Compiled and Copyrighted bf CT.APP & COMPANY. BANKERS. MILLS BUILDING, NEW YORB HOcct^I^ flDarhct Xctter. No. 427. Copyright, 1S0S, by Clapp A C«m*«My« O. W. Clapp. owiQHT O. Clapp CLAPP & COMPANY, Banhers anb Brohers, MILLS BUILDING, IM. Y. ENTRAN<„tiS: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE, OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. 277 BROADWAY, Corner Chambers St. Brancm \ gy, BROADWAY. Broaowm Central Hoteu Omct.: ] 753 pipTH AVENUE, Corner 68tm 6t. Private Telegraph Wires. Cable Address: "Ozro." Long Distance Telephone. H X no > o m o o z > Z o > PRESS NOTICES ABOUT OUR NEW SOUVENIR, "LEADING AI^ERICAN EXCHANGES.'^ — < New York, Tliursday Morning, May 2, 1895. A General Banking Business conducted. s% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. "We have received from Clapp* Coinpany, the bankew, a very han(\s«iue compilation of their weekly lettei-s for the year 1894. In laiiciiif; lliwugh the lettera, an oljscrver is bonnd to admit that lessi-s. Clapp are nolonly an enterprising fliin bnt for the past veiir shown discernment iw to the movement of the markets, which ;h extiaoi-diniiry. The book is handsomely bound, is a have is well ...^.. - . . . boiiiilifnl s|)cclmen of the printers' art, and contains a number of fine half tone illustmtions."— The Journal of Finance. N. Y. City. '• We have received Clapp * Comiwny's annual souvenir book for the vear 1894, giving valuable inforn\ation and comparisons of prices, iiitKiucta. etc., at the li!adin» American exchanges. The Ixxik is iM'aiitifully printed and bound, and contains statistics from the best *)nives to which consftint reference is likely to be made."— Dow, Jones A Co.. tlnancial reporters and publishers. Wall Street Daily Journal, New York City. " Clapp & Company, linkers and brokers. Mills building. N.T. have Issued a 'Souvenir of ISSi on American Exchanges,' a bound volume of :Wl pages that is a mine of information. It contains the firm's weekly market lettei-s, with valuable data concerning the fluctua- tions during the years and In the years fiom 1889, of the stock and grain tnarket.s."— The Dally News, Itatavia, N. Y. " We acknowledge with tlianks the receipt of a handsomely bound book of Clapp & comimnv. bankers and commission merchants, 35 Wall Street. New York. I'he book contains weekly market letters, valuable information and comparisons of the leading American ex- changes. Also brief historical sketches of the princiml buildings and ct>ncerus having to do with the gieut tlnancial and commercial bn.sine-ss of New Y'ork. The tlrm of Clapp & Company have unlim- ited facilities for the prompt execution of commission oiilers of any kind. They also buy and sell property for cash or for future dellv- ei-y."— Nyack Evening Journal, Nyack, N. Y. "Clapp & Company, bankera, this city, have Issued a handsome ■onvenir for the year '8!)t, in which the outlook for 1895 is poeticiillv set forth, toj^ether with tinely executed p<}rlialtsof the members of the tlrm. The work also contains valuable .statistics and tables on stocks, bonds, cotton, wheat and all commodities dealt In on the various exchange-. Parties wishing to Interest themselves in the market for the coming season should secure a copy. ' — Hecoi-d and Guide, New York City. "Messrs. Clapp & Company, the bankers and commi.sslon mer- chants of this city, have Just issued a handsomely bound volume of iW pages, containing much valuable information for future refer- ence, embracing statistics of finance, cxnnmerce and pnxluctlon for last and previous years, brief history of leading American e.x. changes with illusti-iitloiis, all the weekly lettei-s issued by the tlrm during the year and other interesting features. This souvenir volume for 1891 should be in every oflice libnuy. Thiougliout the liublication the fact is made prominent tliat ' brevity U merit.'" — Shipping and Commercial List, New Y'ork City. " Clapp * Company, the bankei3, have issued a novel souvenir In the form of a beautifully bound volume, quarto size, of their weekly market lettei-s for the year 189't. It Is a compendium of the world's exchanges, and embraces not only market prices, but a vast amount of Invaluable information In the way of compiirisons between prices in cotton, grain, provisions and stocks and lx)nd8. The Ixjok is artlsticallj' illustrated, and a pi-omlnent feature Is a beautifullj- III- ustnitcd plate of ISioad Street, with the Stock Kxchange as the cen- tral subject Beneath is printed a succinct histoiy of the exchange, which is a masterpiece of brevity without the sa'critice of material facts. Illustrations are given also of all the other marts of tinde and commerce in New York, as well as the principal buildings in other cities devoted to the same puiTX)3e."— Mall and Express, N. Y. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon re ceipt of $3. A few copies of 1893 can be had for $2 each. Financial Outlook. Higher prices, wages and money give cumulative evidence of growing- activity and profit in manufactures, trade and commerce. Confidence, as a product of right attitudes and methods in law and finance, is rarely appreciated at its true value, and never was in as excessive production as silver and gold. Financiers without fear are now steadily pushing reconstructive work. Foreign capital is inclined to check its importunity and embrace its opportunity. Where enterprise leads, labor and capital will follow in the" general revival of business. Straws.— 3r), 524,890 pieces of mail were handled by the tJnited States Post OflRce in March, against 32,()35.370 pieces a year previous. April will likely show larger gains. The production of gold is reported increasing steadily. Latest reports indicate that 1894 produced more gold than any previous year, and that 1895 may e.xceed it. Clearings Southern States show increase of double that shown by all cities outside of New York. The first six months under the McKinley tariff of 1890. United States custom receipts were $114,531,953, against receipts from the first six months under free trade of 1894 $79,087,458. X m o o DO D C/3 o r m > D 2 O m X o X > z o m 03 KEEP OUR LETTERS. PORTFOLIO FOR FILING S7 FORWARDED APPLICANTS FREE. CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Stocks and Bonds. Bonds. — The market continues strong. Lower-priced Railways have seldom been stronger, and show handsome gains. Many have been marketed in London. Norfolk and Western 5s sold at iS/j in February, and recently at 70. Northern Pacific general 6s at 49>4 in March, recently 60^. Reading 2ds, 18K in March, 32}i in April; 3d inc. Q'A March, W/s April. M. K. & T. 2ds at 44 March, 59>4 April. Atchison 4s at 62^ March, 73>4 in April. Many bonds still offer opportunity for gains at minimum risk and can always find a quick market. Municipals continue slow and not readily converted into cash. Railroads. —April earnings generally show gains. Prominent roads are using earninjgs and borrowing money for repairs and improvements. The tonnage shows increase. The Pacific roads show best gains. Eastern lines come next. Grangers continue showing a loss, caused largely by crop failures. Prices of Grangers and other active leading stocks in 1895 compared with figures of four preceding years are : ^ 1895. 1894. 1893. 1892. 1891. Total Gain from High. Low. High. I/)w. High. Low. High. Low. High. Low. range low point. N.Y. Central lOO)^ 92^ 102K 95H nVyi 93 119)^ 107^ 119% 98^ 27% 8}i Northwestern 99 S7% 110^ 96)^ 116% 84% 121% 110^ nS% m}4 37 14>^ Burlington T5}^ 69 84% 68% 103% 69% 110% 96% 110 75^^ 43 6% St. PaSl 62% 53% 67% 54% 83% 46% 99% 75% 82% 50% 53 16% Eock Island 67% 60% 72% 60 89% 51% »i% 7.5% 90% 63% 42% 16% Missouri Pacific 27 18% 41% 18% 60 16% 65% 53% 77% 54% 60% 10% Western Union 89% 86 92% 81% 101 67% 100% 84% 85% 76 83% 22% LouisviUe & Nashville. 56% 46% 57% 40% 77% 89% 84% 64% 83% 65% 44% 16% Atchison 7% 3% 16^ 3 36% 9% 46% 32% 47% 24% 44% 4% Reading 16^ 7% 23% 14% 53% 12 65 38 43% 2,5% 57% 8% Nor. Pacific pfd 21% 13 23% 12% 50% 15% 73>^ 44% 77% 58% 64% 8% It seems to be conceded the stock market will scarcely be influenced by breatheories about sil" ver or finance or last year's crops as long as commodities and wages continue to rise and trade reports show gains. Lincoln said '• everybody knows more than anybody." Now everybody says a boom is pending towards anti-panic conditions and prices. Europe continues taking our bonds and cereals and sending -gold this way. We repeat our views expressed April 25. A much larger variety of stocks are daily bought and sold. Sentiment is less nervous and more aggressive on the buying side. The consensus of opinion seemingly indicates much higher prices will prevail in the near future. Taking profits harms no one. Industrials.— Sugar imports for six months ending March 1 are 40 per cent, less than preceding season, and the American Company must have reduced its stock to a good profit basis. Pointers are out the stock will sell at 118 before any material decline. All Distillers' assessments are paid and the stock is likely to advance, having many more frierds than when selling at half present prices. Cotton Oil products continue in better demand. The stock will likely improve. Lead is good prop- erty and likely to advance. General Electric has too large assets in "old patents and franchises." Its officials appear more anxious to " beat Wall Street" than make a success of the " business end" of the propertv. Chicago Gas has a first class backing. Pointers are out the stock will sell at 80. Tennessee Coal & Iron is in a favorable position and likely to sell at 30. Cotton. ' The usual drawbacks prevailing about planting season have occurred, such as drought, cold weather, etc. The Government report indicates planting was mostly completed under good condi- tions in most of the cotton States Our information leads us to conclude the acreage planted will be about 15 ^ less than in 1894, and fertilizers used about 50 per cent. less. The Government report due May 10 will give percentage and acreage to Mav 1. We believe spinners all over the world have ample supplies to carry them into a new crop, and can afford to wait for more definite crop appear- ances in July and August. Liverpool has been selling freely to Manchester. European spinners never took our cotton so freely. Their consumption is now about 180,000 bales per week— 160,000 being American, Liverpool and Continental stocks, and the American cotton afioat aggregate only 298,043 bales more than last year. Our exports from this crop have been 1.392,804 bales more than last year. Northern spinners' takings have been 1,940,854 bales, against 1,224,251 bales last season. Southern spinners have taken 579,000 bales, against 543,000 last year. The South claims manufac- turers have superior advantages of "nearness to the cotton," " cheap tenements for the operators," "low priced coal close at hand," "mild climate," "low taxes," "abundant water power," and " absence of restrictive labor laws." The cotton " weevil," which devastated fields about Browns- ville, Texas, in 1892, is said to be very destructive in many portions of the State this year. Many think the boll weevil will prove a serious menace to the Texas crop. Bradstreet reports damage last year in the infested region averaged 90 percent., or about 15 per cent, of the entire crop of this State. For statistical information always examine fourth page of our weekly letter. Receipts of Sea Island cotton have been 74,390 bales against 59,658 bales last year. Three cities in Texas have received 1,946,201 bales of cotton against 1,115,580 bales last year same time. Indian shipments to date have been 311,000 bales against 70J,000 bales last season ; Egyptian 533,000 bales against 516,000 bales last year. American manufacturers exported the nine months ending March 31 $10 10:j,204 against $10,833,883 same time previous season. Total clearances from this crop equala 6,198,798 bales. Total exports from the big crop of 1891 were but 5,830,000 bales. The rapid ad- vance in values since February, equaling 25 per cent., seems to justify realizing or taking the short side for a turn. Apparently most of the insiders or recent champion bulls are out of cotton, and outsiders are long and expecting another "Inman" will come to their rescue. OIAPP ft COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Wheat. We do not believe any " deal " in May wheat in Chicaj^o exists. Apparently the actual demand from winter wheat millers and export sales for shipment direct from Chicafjo continues and exceeds any previous record and appears defeating champion bears and bucket shop interests, and reinstat- ing the fact that demand, supply and sentiment dictate values. Chicago continues the cheapest market. The visible for the first time this season is less than last season, and decreased last week more than export clearances. It is conceded that the invisible is near a minimum point, and winter wheat millers must draw supplies from primary centres until new wheat appears. Flour is reported higher than a year ago, when wheat ranged higher than re- cently. Drought reports have been numerous. General rains the past day or so have been re- ported. It is whispered and denied that the large part of the 7,000,000 bushels May wheat held by the •' Fair estate," both in San Francisco and Chicago, has been sold ; that every iron ship in San Fran- cisco has been chartered, a condition never before existing. The Orange Judd Farmer reports the condition of winter wheat as 84.1 or 1.2 less than April 1. Of spring wheat as 90 per cent, that of a year ago. The Prairie Farmer estimates the condition as 8.3.2 against 85.8 April 1, and the crop of winter wheat likely to be 344.000,000 bushels, with likelihood the spring wheat acreage will be much less. It is rumored that the speculators in AustraUan and South American mines, who have made gains ranging from 10 to 3,000 per cent., and then transferred their active operations to cot- ton, have closed their cotton and have become large buyers of wheat. Their nerve and daring efforts may enthuse great confidence. Already Argentine wheat is up 20 cents over last season, and the crop is reported as becoming exhausted, and the surplus will not be over half that in 1884. India shipments continue small and indicate no appearance of again controlling values. Aus- tria's crop is reported . large. Russian and Argentine shipments continue moderately large, the amount put afloat the last week was never larger. English and French grain merchants have been buying liberally. A London cable recently said : ** We are in American hands that can dictate values." Germany and Holland continue liberal buyers. The new crop of wheat is too far off and too uncertain to guess intelligently its quantity, quality or price. It can be bought for September delivery at less than carrying charges would be for old wheat. Speculation is more feverish than since August, IS.'^l, when a 25 cerrt advance took place, culminating at 114 August 17, 1891. Since February 18 wheat in this market is up 11>4 cents, in Chicago 12^ cents. Sentiment continues bullish. Bears nervous — bulls aggressive ; export and milling demand good and dominant factors The visible is decreasing about 10,000,000 bushels per month. Exports to date are about 130,000,000 bushels. Radical operators predict dollar wheat this summer, others claim it is possible 60 cent wheat is a thing of the past, and that 75 cents for July wheat is more likely than a proportionate decline. We believe a strong feature in the situation is the closing of thousands of bucket shops and the sending of orders to the Exchanges, where they are having an effect on the markets, adding to the activity and advancing values. Corn The visible continues decreasing as usual about planting season. It is less than either of the past two years and about 20 per cent, less than a year ago. The export and New England demand continues liberal ; speculation has been broader, traders being wilhng to pay practically carrying charges to transfer their holdings to July delivery. The acreage in 1895 will likely be large, but it should be remembered the crop is seldom available before October. It often happens any advance created in the summer of a short crop is repeated or exceeded once or twice beK)re new corn again appears. Last fall corn sold at 60c., it may sell higher this summer. Oats. It is conceded there will be a large acreage this season from Texas to Canada The visible is two and a-half times as large as a year ago, and twice as large as in 1893. The decrease was small. The domestic shipping demand is small. Consumption seemn to have decreased in many sections. Speculation continues nominal, but will likely enhance value-i if wheat and corn continue advancing. Provisions. Larger receipts since January or March 1 have had a depiassing influence on values. Exports in April fell off about 20 per cent, compared with those for A\■)^ il, 1894. The Price Current reports packing for the winter season as 7,191,000 hogs, averaging in veight 232.73 pounds against 4,884,000 hogs the previous winter, averaging 248.20 pounds. It was the largest season's killing save two, 1890-1 and 1891-2. The packing for eight months ending November 1, 1894 was 8,812,000 hogs, and has only been exceeded once, and then in 18!.tO, when the total summer packing was j, 540,000 hogs. The gain in the meat product for the eight months was 230,000,000 pounds or 25>4 per cent. Tlie exportation of meats in that time was 85,000,000 pounds in excess of the summer of 1893. The winter season of 1894-5 the aggregate weight equaled 258,000,000 pounds in meats and 65,000,000 pounds of lard more than the previous winter. Exports for same four months were 4,000,000 pounds more meats and 32,000.000 pounds more lard. The total exports of hog product for the year ending October 31 on basis of the net weight averaged 175 pounds per hog equaled 5,943,000 hogs, and was only exceeded in a decade in the calendar years 1890-1-2. The trade generally predict the May 1 Chicago visible stocks, out to-morrow morning, will show moderate decreases. Packing March 1 to April 25 was 1,955,000 hogs against 1,925,000 last rear same time. Yours truly, CLAPP & COMPANY. 6i) CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QnotatioDs for Stocks, Cotton, Grain and ProTisions for Week ending Mr 7 t, 1895, and lor May, 1894. -' Par value of all stocks SIOO. except D., L. & W.; P. & R. and Am. Tobacco Co., FROM NKW YORK STOCK EXCHANGB OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Weeklt Capitai Sales. Stock. 2.800 $20,237,100 1.106 10,198. '^00 t62,893 36.773,U00 4 736 36.773,000 43,687 17,900,000 10,259 102 000.000 2230 2.5,000,000 3.635 15,000,000 86.332 22,488.000 10,838 60.805,400 27,599 82 262,700 63.466 24,885,800 63.507 46,027,261 423 85,923,900 14.743 46,156,000 7,ti06 18,559,360 12.767 39,054,907 22,335 1:0 6.810 28 000.000 8.088 11696,000 6.68P0 Jan. 1895. Paid 3K>pc Jan, :896, Paid8po in 1893 Pays 2po M-J-S-D Pays 7pc per annum. Pays 7pc per annum. Paid IK'PO Jan. 1898. Pald2pc An p.. St 1893. Pays 5pc per annum. Pays 8}^pc AI-S. Pays iMpc F-M-A-N... Pays .Spc FA Paid 2pc Aupustl893... Pays i^pc ,r-A-j-o.... Paid 2pc in Feb. 1895... PaJd3pc 1S91 Paid Ipo in Dec. 1804.. Pays l9ipc MJ-S-D... Pays Ipc J-A-J-0 Paid IMpo Nov. 1893.. Paid Ipc April 1892., Paid Ipc in 1887..., Pays 2po F-M-A-N... Paid Ipo tn 1887... Names of Stocks. Paid S^po in 1884 Paid 2V,po March 15,' i895 Pays IHPC J-A-J-O. Paid IDO in FebVisui! ! ! . Amencan Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co .'^m. Sugar Refining Co Pf. Amerioao Tobacco Co Atchison. Topeka & S. Fe. Baltimore & Ooio Canada Southern Central of New Jersey.... Chesapeake & Ohio Chicago. Bur. A Qnincy.. Chicago Gas Cos Chicago. Mil. AStPanl... Chicago Mil. & St Paul Pfd Chicago, R. I. & Pacific... Chic. St Paul M. & Omaha Chicago & Northwestern. Chicago & Northw'n Pfd. ClPve., Cin., Chic, & St L. Col Hock ng VaUey & Tol Consolidated Gas of N. Y. Delaware, Lack 'a & W'n. Del.. & Hudson Canal Co Denver & Rio Grande Pfd Dis & C F Tr Co ot 1st In pd General Electric Co Great Northern Pfd Ore^n Bay W & St P Tr Reo Illinois Central Laclede Gas Co. of St L. Lake Erie & Western. . Lake Erie & Western Pfd Lake Shore A Mich. So'n. . Louisville A Nashville Manhattan R'yConsol... Michigan Central Mo.. Kansas & Texas Pfd Mexican Central M)?.«ouri Pacific National Lead Co National I^ad Co Pfd N. Y. Cenfl & Hudson Riv N. Y. Lake Erie & West'n N Y&N E tst CO ct* all in pd N. Y Ontario & Western N. Y. Susg. A W'n Pfd.., North American Co Northern Pacific Northern Pacific Pfd Pacific Mail S. 8. Co. Peoria. Deo. A Evansville Philadelphia A Reading. Pullman's Palace Car Co Silver Bullion Certificates Southern Pacific Co Southern Railway Southern liailway pfd Tenn. Coal. Iron A R H Co Texas A Pacific. Tol. Ann Arb. A Nor. Mich Union Pacific Union Pac. Denv. A Gulf. United States Rubber Co, U, S. Cordage Co 'U. 8, Cordage Co pfd,... Wabash , Wabash Preferred iWestem Union Tel. Co... Wheeling A Lake Erie.... Wheeling A Lake Erie Pfd Total sales of all Stocks each day and for the six davi 1 509.177 COTTON. In ba es. I World's visible. \!m\ 4 175.466 :h94| 8 847,240 Total iT) »lgbti-| Total Exports. 9.3r6,9S5 6,071 230 7,075,5'12 I 4.678.866 «■ y f Apr A May '• •*• J M.-jyJtJune Cotton I JuneiJulyl I July A Aug WHEAT, in bushels. I U. S. Visible. Prlrrmry rec'ts*! Total Exports. 1895 65,775.000 139.700 000 123.9.32 9fl3 891 66 218.000 I 149 021UOO | 142.961622 ^>^««t]Ju7y:.: . •! ^'a.y Com. July... CORN, in bushels. I U. S. Visible. 1895 11.107.000 18941 13.115 COO Primarv rec'ts* S^ ti40.000 186,851,000 Total Exports. 17.205 228 65 612.E94 Chicago S May.. Wheat. (July.. OATS, in bushels. I U. S. Vi-ible. 1895 6.199 000 189l| 2 497,000 N.Y. Stocks, 673 514 73r 610 Cbeo. Stocks. 1 420 000 704 000 Oats. Pork. ■■\ May.. July. i May. July.. 1895 1894 LARD-tcs. World's vis. 279.487 117,092 CHICAGO CONTRACT STOCKS. PORK-bbls,! LARD-tcs. , RlBS-lbs. 13.5,450 41,119 38.432.000 75,750 I 1,450 I 8,610,000 Lard., Ribs . . ( May.. ■ 1 July.. 3 May an M% 66,', 641! 65H 65AI 66^ 6,5}^ 529* iiW 52^ 62 SZa ti,\ 53}^ 62^ 60^ 699i 61 4^4 61 4792 47« 48K tm '»V 47V» 48 595b 4796 889ij 29 mi . . 28^1 2894 289fi 12,25 12,10 12 30 12 25 12 52 12.35 12.60 12.47 6.85 6.85 7.00 6.97 6.2r 6,22 I July 6,42 6.35 6«r 6.83 7 02 7 00 6.30 0.25 6 45 6.40 671 53 539i 66IS 62« 67J6 6C)J 689i 67M mi 67k 69« 6798 b:M 5-2% sm 5.3^ 5J% 63H B4Hi 53^ 63H em' 649i 62M 6414 6294 65% <'.3^ 48« 47H 48% 47H 48^ 48!| 4991 4696 29 29% :)8% 2S% 2SV4 279; 28% 2891 29 2^<%' 28!4 27% 12 a' 12..'0 12.17 12.05 il2,i)5 11 87 li'.eo 12 50 12 47 12.35 il2,87 12.17 mi 61% 61^ 63 iryi 46% 4S9i 4794 685 7,00 627 6 45 665 682 7 00 ; 6 !>7 6 25 I 6.22 687 640 677 6 92 6 20 635 ■ 6.77 6.92 615 635 6.87 7.85 6.07 6.27 6.63 6,60 6.61 6.48 6 63 6 54 6,U9 6 5i- 6894 67^ 68% 6r9(. 54kl 62Vi 549i 629^ 64 62!^ 65 6V/4 49 46% 4994 4% 29 279s 28% 2-> I 12 00 11 80 I 12.25 12.10 28^ 25U :7 7l9i lIO 9994 loo 9394 105^ 8.3« 7^ 5M Range for April 1895. 82 919* 13894 3:« 85 1.92 IM 1219^ 37^ 14 ,-,„ 8194 106 105 m \i 29 2594 2m 17% .78« 74 48H 13694 99 141 42!- 275 140 163 130V 1 18 1694 !4^ 11% Range for May 189i. KM 66 1099^ 92^ 9794 88jJ fA% 77 71 51 4t 111 104 18% 18.^ 809^ 75H 7494 62 63% 56% n9V4 117i4 69% 6.594 8S«| 84% 109% lor 141>^ 141 89 85U I8i4 16^ 137 135 162 158 140% :3m 40% 32% '04 ICO a s 94 89% I79< I614 16 14% im i28-'»4 1 .50% mi !2B 113 08'4 9594 2.5s/; am m m 8:% 24^4 42 8>!M 8794 8-^ 1(10 95V4 IB 129^ 8V4 m UM 14'^ 40% 86 4% 3^J4 6 Sli 199< 12^ 6,'W «.2I 6,96 6.20 O.'^O 6 in 690 620 6394 691} 6''% 60)4 5.394 50A 54% 6096 6494 6496 65% 55« 49 45% 4996 45% 80V4 2794 29M 2694 12 57 11 f5 12.77 12 00 6.70 660 7 10 6,67 6,85 680 7,25 685 6, '.0 02 640 607 6.27 6,20 6.5S 627 16 6 19 158 20% 13 18 16 9 794 R 5 19WS 14% 5U 5 89'4 S3U 20^4 i!'^H 83 6% 1192 40 7% 17% 85% cm 49% 419I 7.67 7 30 7.70 7 09 7,77 7 13 7.83 718 63 0O)i 70% 63.''. 41% 42% 16 43% 66% 57% 6694 59% 399fi 37 !4 4096 88 81% sm 30 H &'% I,3.a5 1127 13,40 11.27 7,90 7,50 680 6.72 6.C2 6.50 5.70 .5.67 1895 1B9 LD PORK, Chgo.-bbls. ... bbls. WHEAT on passage. 41.040.000 bosh. 42,792,000 " CORN on passage. 2.560.000 bush. 8 896.000 '• Russian Shipmts. for wk. 3.520.000 bush. 2 120.000 •' Indian Shipmts fur wk. 328,000 bush. 2C0,r00 " Argentine Shpts. for wk. 2.616.000 bush. t Since Aug 31. * Since June 30, Compiled and Copyrighted by CLAPP & COMPANY. BANKERS. MILLS BUILDING, NEW YOEB 90 JQechlp HDarhct Xcttcr. No. 428. Copyright, 1808, by Clapp k gives a ranning histoi-j- of commercial life in America ior the rear. In addition the book contains a vast amount of otherwise uuoUtainable infonnation concerning jn-oduction, consumption and commerce tliroughout the world compiled from rccoixls of tli>- exchanges to which the firm has access. There are also tal/les showing the trunsjictions kI va iou< exchanges throughout the ccmnliy furnished by the oJlicials of the exclianges. Tlie-^e facts are invaluable to bnsille^^ men inteiestcd in such subji cts. The book i-i a handsome one, in tvpogi-aphical apiXMtnince and binding. It is lUusti-ated with )mnd.>«rjme engnvv- iiigsof nearly all the exchange buildings in thcc-ouiitrv. tl-eclearitig houses, offlco buildings and banks of Wall Street and elsewhere. One page is esiiecialiy intcrealing, as it shows the membei-ship tickets of the firm in the Chicago Boaitl of Trade since the beginii- Ing. A number of these ai-e damaged by the heat of the great Chicago lire. a.s they were in the safe of the company at that tiuie," — Journal, Sioux lity, Iowa. 4^ H X > o m o o H H > Z o > r -< X m o O a C/3 o r m > o z o m X o X > z o m C/3 Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTEKS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE. 2 CIAPP & COMPANY. BANKERS ASD BROKEES, NEW YORK, WEEKLY MARKET lETTER. Financial Outlook. The Banking Syndicate's expensive aid to the Government may yet result in benefits equaling its cost. The fight against possible silver evils may serve to emphasize present substantial values. In building upward, reaching outward, and pushing ahead there is likely to be room over the hill and just around the corner for industrious sons of Uncle Sam. Straws.— It is estimated that out of 1,400,000,000 tons of freight carried by the world's railways in 1894 about 800,000,000 tons were moved by United States railroads. Only $976,023,865 bonds of steam railways are in default, or about 16 ^ of total issues. The Bland silver dollars in the United States Treasury would now bring SZjVsV cents each in gold if sold by weight in London, against a value at one time in 1894 of 46. 399 >^ cents. In 1892 the value was as high as 64.643 cents ; in 1890 the highest value was 93.873 cents ; in 1863 a silver dollar was worth 103>^ cents in gold. The four countries of the world on a silver basis are Mexico, India, China and Japan. Wages there are smaller than in gold countries. Stocks and Bonds. Bonds. — Railway bonds continue active, with an upward tendency. Sales the first four months of 1895 aggregate in value $88,038,068 at an average of $70.2, against $93,828,250 at an average of $72.9 per share in 1894. Government bonds outstanding, including interest (and excluding $64,623,- 512 outstanding issues in aid of Pacific roads), amount to $716,201,910, and are firm at from 108>^ to 121 >2. Some gold is coming this way and bonds going to Europe in fulfilment of the Government contract with the Morgan-Rothschild syndicate. Railway Stocks. — Over $950,000,000 worth of stocks were sold on New York Stock Exchange in first four months of 1895 at an average of $51.50 per share, against $944,000,000 last year same time at an average of $58.40. April transactions exceeded those of a year ago by over $1,000,000. The third week of April shows a gain of 2.91 % on 81 roads. The net earnings of the Reading Rail- | way and Coal Company combined from January 1 to March 31 were $1,879,373, against $1,416,606 in f 1894. Madam Rumor claims control is passing to Jersey Central interests. Tennessee Coal and ' Iron reports handsome gains and much enterprise. Many predict the stock will sell at 30. St. Paul's earnings first quarter ot 1895 show gains. Its stock friends predict 70 on crop prospects, and 80 if t they materialize as now promised. Burlington shows a loss of $699,996. C. C. C. & St. Louis shows I net gain first quarter. Louisville «fe Nashville shows loss. Foreign buying continues advancing j the stock. Southern Railway reports a loss. Its friends predict 20 for the stock. Missouri Pacific !• appears stronger, and earnings are better. Granger roads in April lost 10.6 % as compared with i 1894. Other groups show gains, and the tonnage steadily increasing. The Atchison, Northern J Pacific and Union Pacific roads show much improvement. Activity on the part of pools in these ' stocks continues a bull feature. Western Union appears booked for higher prices. Missouri Pacific, I Wabash and Texas and Gould properties will likely do better as the market broadens. The specu- lative rise is reaching into many and varied channels; and Europe and the American public continue buying Wall Street ofiferings and ready to discount sanguine possibilities, and Nature appears to favor a boom while Washington oflBcials are absent from their posts. Industrials. — Sugar pomters to buy now are as numerous as to sell in the nineties. Standard Oil people are not so reticent as formerly about Chicago Gas. It is evidently headed for 80. Gen- eral Electric's recent statement continues to be interpreted as manipulated. It has advanced about 50 per cent. Cotton Oil and Lead continue firm and quiet, and are reported earning fairly good average. Cordage interests are reported trying to secure understanding with competitors that will allow money to be made. Tobacco and Leather are the new mysteries puzzling the street. We do not favor purchases of Leather, after a 50 per cent, advance, largely maintained by matched orders. Tobacco it is predicted will sell higher. Cotton. The Georgia Agricultural Bureau claims that State will show a decrease in cotton acreage of 20 per cent. Louisiana official reports indicate a 15 per cent, decrease in acreage. Our Texas advices mdicate the acreage will likely be 10 per cent, less than last year, and if rain does not soon come the yield will be light. The statistical position of cotton seems very strong. The subsiding of wild speculation in futures in this market is a depressing feature. Appearances indicate large holders have liquidated and new-born bulls and spinners hold the unexported balance of a large crop, which now shows only a small amount in sight in this country. The larger part of the 1894 crop appears in second or third hands at unusually low prices. The use of fertilizers has doubtless been less than for many years. The weekly Government report just out claims plenty of moisture has fallen in the cotton belt, and fears of drought are mostly eliminated. We have always been great believers that plenty of moisture in the planting season makes a good harvest. The China-Japan question is apparently interfering with English values and business, and causing liquidation in the speculative months. The Government forecast of the Indian crop of 1894-5 indicates 15,399.400 acres will yield about 1,727,000 bales against 2,033,300 bales the previous year. This year's acreage is estimated 14,865,100 acres. Their exnorts by sea for nine months ending December 31, 1894, were 739,355 bales, against 824,776 bales preceding year same time. Overland shipments to May 1 have been 1,677.267 bales against 1,137,527 bales same time last year. Total came in sight, 9,404,139 bales against 7,097,551 bales last year and 8,614,- 901 in the years 189' '93 ; tha,t year 423,806 bales came in sight after May 1. The average 92 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. weight of bales is reported to be 503.73 pounds against 496.28 pounds last year and 499.08 pounds in 189.?-3, indicating a crop of about 10,000,000 bales for 1894^5. The Government report, due the lOth, will give acreage. May 1. 1894, the report indicated the acreage was 81. G against 89.3 in 1893, 78.3 in 1893, 77.5 in 1891 and 75.8 in 1S90. The April report of 1895 indicated the forthcoming report will show a shrinkage in acreage. The trade are waiting for crop reports and basing nearly all their operations on its outcome, apparently paying little or no attention to visible or mvisible supplies, evidently assuming they are all wanted and nothing less than a ten million bale crop in 1895 will prevent a large advance in values. At the moment the market seems to be " over-bought" and de- pressed in consequence of decreasing stimulants. Wheat. It appears to be safe to say Chicago is the lowest market on earth, freights considered ; that they have more red wheat than any other market ; that over one-third our visible is there ; that specula- tion in that market exceeds that of any five markets on earth. Atlantic port stocks are only about 4 million, against 5^ in 1894. A year ago the price in Chicago was above many winter wheat mar- kets. Our visible was 3,000,000 larger ; now it is about 13,000,000 more than this day in 1893. Our grimary receipts the past 10 months nave been 10,000,000 less than for the previous season same time, lurope has about ;;i2, 000,000 less in her visible than a year ago. Spain imported more than 15,000,- 000 each of the past two years. France imported 16,256,000 bushels the last 8 months, against 50,725,000 the previous year. It is claimed their wants the coming season will be three times as large as in 1894. Argentine exports since January 1 have been about 23,000,000, against last year's exports, equaling about 56,000,000 bushels. It is now predicted they will not have over 37,000,000 to spare in 1895. Canada, Russia, India, Argentine, Australia and our shipments to Europe between July 27 and April 20 are reported as 229,5.^2,000 bushels, against 235,880,000 bushels in 1893-4, and 226,440,000 bushels in 1892-3, same time. Great Britain's potato crop in 1894 was 2,789,000 tons, against 3,476,000 in 1893 ; hay crop, 3,448,000 tons, against 1,918,000 tons in 1893 ; permanent grasses, 6.942.000, against 2,681,000 tons in 1893. Our potato crop in 1894 was 170,787,338 bushels, against 183,034,208 bushels previous year. It now seems to be conceded feeding of wheat to live stock was larger than conservative estimates. The world's visible decreased in April about 13,000,000 bushels, last year the decrease from January to May was only about half as fast, and two years ago only about one-third as fast. Invisible supplies are reported unusually small. Country mills continue buying wheat freely at primary points. The various State reports indicate a less acreage is sown. The iLansas agriculture secretary reports 53 per cent, of the winter wheat acreage is worthless, and very little wheat will come from that State m 1895 ; that the acreage was 11 per cent, less than in 1892. Many believe backward crops are rarely good ones. We think the majority of the world's wheat fields now promise fairly average yield but are backward. Prices are still low. Corn. Russian corn shipments to Great Britain and the Continent continue large, last week equaling 560,000 bushels. Our visible decreased 1% million bushels and was less than a year ago. Cnicago has very small stocks. It is believed Illinois is about the only State having any surplus of old corn, most of their interior towns reporting a good shipping demand. The ordinary demand from old and New England will deplete stocks and likely enthuse speculation. Old methods of arriving at values have been seldom considered after corn gets above fifty cents in Chicago. An old saying is: " Bear corn for handsome profits under fifty cents, and bull it for big gains above fifty cents." Corn is about ten cents lower than in September ; all the bull conditions then existing have been confirmed. Wheat was then lower than corn, now it is 13 to 15c. higher ; short crops of corn seldom fail to make three or four large and sharp advances ; this crop is the second short one in succession. Only one sharp and large advance has occurred. Many crop scares often happen from May to October. Oats. Crop reports are generally good; old supplies ample, bulls discouraged ; city consumption cut off by trolley systems ; grass on the farm is taking the place of oats. Unless some crop scare occurs we see no cause for any material advance. Provisions. Large receipts of hogs from a crop reported 10^ less than last year continue to surprise the trade. Packing at Chicago since Marcn 1st shows an increase of 14,000 hogs over 1894. The Cincinnati Price Currein estimates the summer packing as likely to be 10;^ less than in 1894 ; on the other hand live hogs continue about the parity of the speculative articles, such as pork, lard and ribs, thus preventing their manufacture. Chicago stocks are liberal and being depleted by moderate domestic and export shipments. With the cost of the hog advancing and a likelihood receipts will fall off and average weights decrease, many predict the recent decline indicates prices are low enough. The world's visible lard supply is reported as 276,683 tierces against 123,594 tierces a year previous, and 92,358 in 1895. Apparently packers have aided a decline to freeze out speculative noldings, and will be ready to assist an advance when receipts of hogs begin falling off. Receipts of live stock in Chicago in April were 17,729 cars against 23,876 April, 1S94. Packing at all point* from March 1 to May 2 was 2,290,000 hogs against 2,155.000 hogs in 1894. Yours respectfully, CLAPP & COMPANY. 93 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK. WEEKLY MARKET LETTER. Qnotalions for Stocks, Cotton, Grain and Proiisions for Week ending May 8, 1895, and lor May, 1894. Par Talne of all stocks $100. except D., L. t W.; P. 4 R. and Am. Tobacco Co., FROM NKW^ TORK STOCK EICHAXGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Weekly Sales, 12.249 l,ti51 «1(,755 4.510 18.952 S2.3d3 8.833 7.9d5 83,795 60.381 70.097 113,119 112.78S 614 82.036 9 630 41,274 14,2i0 4.830 6.206 e.650 11,420 2.215 102,703 83.bU(j IfiO l!229 2,250 6,465 8.115 8,807 14.547 7,410 3.570 18 074 »U0 84.461 13,316 3,408 6.V70 5,920 U 140 18.585" 9,485 6,805 9 713 24,711 900 105 605 4.486 10.000 5.195 87.011 67 441 24.965 4.804 8850 18.439 &ioa 6.437 5.716 14.195 49.594 21,055 1.840 Stocx. 120,237,100 10.19S,600 86.773,000 86.773,000 17.900.000 102.000,000 85,000,000 16.000,006 22.488,000 60.805.400 82 262,700 24,885.800 46,027,261 25,923,900 46.156.000 18,659.860 89.054,907 22,836 170 28 000.000 11656,000 35.430.060 26,200,000 85 000.006 38 000,000 84 091900 30,469,700 25,000,000 8,000.000 50,000,000 10,000,000 11,840,000 11,840,000 49,466.500 52.800.000 30,000.000 18 788,204 13,000.000 47,844,100 47,436,576 14.906,400 14 904,000 •9.428,300 77,427.000 20,000,000 58.119,982 13 000.000 89.767,200 49.000.000 89.369,546 80,000,000 8.500.000 40.426,361 86,000,000 68.403,900 125,O00,(X)0 60.000,000 19,850,000 88,710,900 6.600.000 60,868,500 83,837,093 20.166,000 18.205 600 7,410,810 28.000,000 84.000,000 94,820,000 10.000,000 4.500.000 DiTIDEND RiCOKS. Kaves or Stockj. Payg 3pc J-D Pays 3130 O-.J-A-J Pays 3!^pc J-J Pays 3pc FMA-N Paid 5fepc in 1888 Paid 2oc 1805 Pavs iVipc F-A Pays IJipo F-M-A-N... Paid Ipo Dec. ]f<94 Pays Ipc M-J-S-D I'aid Ipc Pays 7 PC Per Anmim. Paid }4po Feb. 1895... Paid 2K.po Jan. 1K)5. Paid 3V..pc Jan. :8'j6. PaidSpc m 1893 Pays 2po M-J-S-D.... Pays 7po perannnm. Payi 7pc i.er annum. Paid iKpc Jan. ms. Pald2pc Aue.stlS<.<3. Pays 5pc per annum. Pays 2>ipc MS. Pays IKpc F-M-A-N. Pays 3pc FA Paid 2pc Angurt 1893. Pavs IHpc J-A-J-0.. Paid 2pc in Feb. 1896. Paid 3pc 1801 Paid Ipc in Dec. 18r»4.. Pays i9ipc M-J-S-D... Pays ipo J-A-J-0 Paid ij^po Not. 1893. Paid Ipc April 1892., Paid IPC in 1887..., Pays 2po F-M-A-N.... Paid Ipo in 1887. Paid S^po in 1884... Paid 2Ji?c M*rch'i5,'i895 Pays 1J4P0 J-A-J-0 Paid 1 Dc' in Feb.* 1894 ! ! '. , Amencan Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co- Am. Sugar Refining Co Pf. American Tobacco Co Atchison, Topeka & S. Fe. Baltimore 4 000 69 617.000 18 076 218 IS94| 10 359 COO | 138.604,000 | 66 862.994 Chicago 1 May.. Wheat, t July., co™...j,*'«.y- I July.. OATS, in bushels. I US. Vi-ible. IFP5 5 816 000 l.'*94| 2,659,000 N. Y. Stock^ 642 4cd 614 756 Cbgo. Stocks. 1601000 798 000 OaU...-!*'ay. Pork. July. 1 May. IJuly.. 2954 VM 113!^ 99^ 104J4 5?4 57 53H 96 Vi 19 I'M 75« 63}| 118 0714 8.■i^ 87>4 41^ 139 160 130 i isH 84H «2W I48M I 66« III8>4 1UI96 32 26W mi 12 li9<^ 1796 6 il% 24W 17H m 14H r% 23 4.'H. 11 7 16% 8yj2 13-^ 43)4 Fridav. Hay 8. 77 ~~ 11194'! 14'4 Ts9ii «£?» 'M 594 56% 5794 52^ 53M 9.->J4| 97« 18>4 <9 74H 75M 74J^' 75% 62941 »«* US \nm 66% 6;^ 9696 WX Saturday. May 4. 29U «S« 77W 112H113»4 9s9il 9£% 9894' 9SH ■ ""- lOti^lOJ^ 969i I8?| 969^ 18% 7494 74 M 62% . , ll'rt4 118^, 6C94 ■"' 8.iL4 »6H 75 74% 009i 29^4 11294 98H 6H 9694 1894 749i 7a9(. 6294 1I8V1, 6694 flC3!li 9% 7494 73% 63% 119% 6C96 35% 86^ 104V4 58 6.396 96% 21 7886 fc96 28% 8994 8896 77 I .. 1U9611SU 1I4M 99%' 99% 9994 104 1(M% 103% 6 6% 6% 58 59 68 53 54 68% Q^ 97 96Vv ]ru,6, 2;% 21' fsi^l 7496 73% 6494 6594 61% 69% 87 9696 fl79ii 42% 4196 44' 27% 27 2: 142 140% 143' lti0% l.')954 ICOi^ I6'i% 69^ 68 37 86% 98M 97% 1-X9i '29?^ 44 44 45 44% 19% 18% 1996 19 34% 8^' 8494 143% 143 16094 16094 ""■ 130 46^ 45H •i^H 19J4 83)4 •'*^'* 34 109% 109% 1895 1894 LARD-tcs. World's vis. 27ri.683 12^,594 CHICAGO CONTRACT STOCKS. PORK-bbls,] LARD-tcs. 1 RLBS-lbs. 125.820 46,181 29539.741 70,196 I 4,039 I 6,792,679 Lard. I May.. . (July..., K'-^ytSL:: 13% >3:4 6 I 41% 42^ 7 I '>Vi 10 1096 7 I 6% 16% 16% 89% 89% 13 13% 43 43% 827 83 8T7.264 8:« 8.71 6,70 6.6-1 6.67 6.62 6.71 6.65 6.77 6.71 6994 88% 69tJ 68A 6496 5394 64% 53i] 6494 03% 659^ 64% 49% 46% 50J^ 48% 28% 28!.4 29 28U 12.15 12. :5 12 SO 12.33 8.78 6.72 6.93 8.87 6.20 6,17 6,37 6.32 G.04 6 56 6C9 6 6! 74 6.6a 17% I79J 175 il76 19 80 14% 1494 8794 *JH ijy.\ 4.'94 l<»9s 10% 69s 10% 6% 1096 89% 13 43% 41J6 42% 044 6% 169i 89-H 1896 439* 42 42 694 6% 9% 10!^ 6% 7^4 1696 17!* 80 89% 18 1396 43% ... 258,604 8,M 8 84 6,6S 8.57 8 8) 6 62 6.03 6.56 6..',6 6 49 6 55 6 51 6.68 6.61 6 61 6.54 . 6.f,: 8 .'i5 6.78 6,66 6 67 6o9l060 6.61 68% 67 U 68% 68 67% 86 | 66% 85% m\ 65% 6994 65% 69 «f| 69.% 66% 60% m\k 68 66|J, 6796 6*i,',l 6794 m\i 6^fi 66% 70% ta,". 55 M 56% 5494 54% 54V«' 559!; 6496' 5.594 5596 5594 52^ 44% 42»6 53 64 I S6% 6494 64% 54%^ 56,'. 6496! 56 5696 58 6^94 46 43% 84% 6294 64 88 ' 62% 61 62% &ifi^ 62'4 61% 66% 6«i W-i 64 6.34s t2'4' 03% t\% (*% 8296 49% 4 46 V% 49% 4996 4Ss ^K 49! 6 50 ^4 50^ 49% 48J6 50% 4996 49% 49% 5096 49% | 51% 6096 2W4 «8«6 2894 28% 2896 28M; »»% »'^i\ 2^94 28% 2^ 27?i'l 349< 8i>'»4 2»% 28-v 2894 28H 2j46 2S% 2SH 28%' 2S^ 2-,H 29 2-t I' 80^* 2!-% ij^Jt^^if^'-'Raneefo, 29% 87 78 77 11594 1099* I 99% 98% '"i '''^ 69 6594i 64 62% 97% 94%I 21% 1«6 7896 7334 75% 78% 6594 61J 119% 118 9t9i K^ 45' 41% 2794 2698 143% 138% I6094 )f894 13094 12794 4696 42% 2096 1«« 84% 83% 109% 109% 1594 1296 6% 6% 42% 40 1% 696 17|| 1594 9194 8896 I89i 1294 44M 48 8.78 8.^7 6.67 6.48 U.ri 654 6.77 6 57 6994 65% 6^« 66% 31 26% 7fi 66 10996 92>4 y7;»4 88% 87% 81 1 % 8 77 71 61 49 111 104 18-% 16 8096 7=94 74*4 62 63% 6n% 119% 117% 69% 10; lolft 14:^4 141 89 35% 18% i^ :37 136 l(>2 158 140% J3m 82V4 2894 25% 21*6 40% 82% 104 10« 6 S 94 89% 1796 l6Vi 16 14% «•"-<■ 66-yi 1R3 l28'-< .50% m„ 126 lis 98% 9694 2596 21^-4 42 6% 24% 8794 ICO 82 95 !4 16 1296 8% »^ Ifi^i 14»» 40% 86 4% 3*4 5 3H 1996 12^ 16 13-^ 6 19 :<-2 I4B6 158 20% " 18 16 9 794 8 5 19% 14% 5% 5 39% .3:^% ■iOM 1.'^.% 40 776 83 6% 1796 n** 8.';% 81 V4 13% 9-14 49% 4196 7.87 7 TO 7.70 7 01 7.77 7 13 7.83 718- 6494 6096 t'6% 57% 6:.96 61% my^ 5'.'98 5094 46'X" X\% 37V4 61% 4r94|l 4096 W 1200 11 rt) 1185 1180 11.80 11,80 II. bD 11 .^0 12 02 12 00 12.47 12.12 12,18 11 92 11 97 11.85 11,95 11.77 112.20 11.97 i 12 15 11 ^0 12.50 IX 77 6 60 860 6 87 6 75 6.05 6.U5 6 37 6.15 8 52 6 52 6 52 6 52 852 6.47 d 55 6 S6 1 6,72 8 C2 6 67 6 62 6.65 8.60 | 6,67 6 65 I 6 00 5 92 COO 6 uO I 6 07 6 00 1 6.02 6 Qrl . 6 17 6.05 6 10 6 02 I 8 22 8.15 ' 6.12 6,07 , 3 35 1 1 2r 13.40 11 27 1!^ U9 LD PORK, Cbgo. ... bb&. -bbls. WHEAT on passage. 42.000.0C0 buall. 42,384,000 '• CORN OB passage. 2,800.000 busa. 7 7(M,C00 •• Russian Shipmtt. for wk. 3,1^.000 bush. 1 327,000 '• 6.73 6.47 ' 7.90 6.6S 6.92 6 60 : 7.."0 6..tO 6.20 6 92 6 80 5.70 6 37 8tOi : 6.72 5.67 Indian Shipmts. for wk. I Argentine Shpts. (or wk. 112.000 bush. I 1.440.000 bush. 160,000 1 t Since Aug 81. • Since June 30. CompiUd and Cop^'ngkitd by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW yOEK McclU\> flDarhct Xcttcr. Copyright, 1896, by Ctapp <^ Coy of which has reached the Fin'anci'r. The book contains nearly 400 pases, is superbly bound and illustrated, and worth many times the price asked for it. To review the vol- ume in extenso would necessitate more si)ace than the oidiuary publica- tion could spare, and yet even a cursory examination shows that it is de- serving of the highest encomiums. The volume before us contains in complete form Clapp & Company's weekly market letters for 1894, and ir. addition a mass of valuable statistical information to be found nowhere else. It is indeed marvelous that so much information of value to the busi- ness man, the student, the investor, the financial writer and the public generally, has been given concisely and yet so fully in the compact vol- ume beifore us. The world's markets and piices are treated exhaust- ively, and the compiler has also brought together in convenient form lor ready reference tables of United States production and prices, which could not be obtained by the ordinary reader, only after days of patient delving in public archives and statistical publications which are for the most part out of his reach. We confess that there is nothing which this admirable volume does not seem to contain. For instance, such out of the way statistics as 'natural gas production values' are given in full, and in addition there are pages running into the dozens of American shipping, banks, bonds, cereals, clearings, copper, exchanges, exports, fiailures, interest, etc. By actual count there are eighty-eight main divisions in the index such as enumerated above, and every one is sub- divided in turn into separate references running from one hundred in number. The book Is illuminated with numerous full page and smaller illus- trations of the highest character, accompanied by de-scriptive, biograph- ical and explanatory notices, prepared by able writers. Among the more interesting are pictures of the leading exchanges of the United Stales, portraits of Messrs. 0. W. and D. O. Clapp, the members of the enterprising firm of Clapp & Company, and a full page photographic reproduction of Mr. O. w. Clapp's membersliip tickets in the Chicago Board of Trade, running back to 1858. No library, pubhc or private, can be called complete unless it posesses this volume, and for bankers it is invaluable. Messrs. Clapp & Company are rendering a real service to the financial and hterary world through their yearly pubhcation of this work. The cost of preparation must be enormous, although the book ia sold at an unusually low figure." — The Financier, New York City. "The weekly market letters of Clapp & Company, the New York bankers and commission miTchants. are periodical visitors, giving well- balanced views on finaiiciiil affairs, as well as a resume of railroad mat- ters and grain markets, that make valuable reading to those interested in their movements. These letters are edited so carefully and present such fresh, reliable data, as to make them of much service in studying the phases of the markets. Brevity and clearness lend additional merit to their usefulness. The publisliers, Messrs. Clapp & Companv, have re- cently published in book form these weekly letters from the issue of De- cember 29, 199.3. to that of .January 3, 1895, inclusive. This publication, therefore, presents a complete liistory of the course of the markets diir'- ing that period, reflecting the ups and downs, cau.ses and effects, giving statistics on various subjects and making a volume that will be of great utility for reference and advice. There are also other features in the book which are of value. The leading commercial bodies and exchanges of the United States are sketched and their relative importance shown by tables giving business done. The compilation Is carried out wirh creditable judgment and enterprise, and has been warmly welcomed in financial circles."— Mauufaoturers' Record, Baltimore, JId. "Clapp & Company, bankers. Mills Building, New York, have Issued an elegant 'souvenir book of 1694," the product of much patient work and expense. It contains a fund of valuable information to investors, and is handsomely illustrated."— The Banking Law Journal, New York City Clapp & Company's annual Souvenir book for 1894 -will be delivered free to applicants upon receipt or $3. A few copies of 1S93 can be had for $2 each. H X "0 > o m o o z H > z D > r -< :d m o O :o D en O "n r m > D O m X o X > z o m C/3 KEEP OUB L.ETTEKS. POBTFOHO FOR FILING ft-. FORVVAKDEJD APPLICANTS FKEE. 2 CLAPP A COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. No commodity affects the value of any other, except sympathetically and relatively. Intrinsic values always stand firmly related to supply and demand. Unnatural and abnormal demand may be temporarily caused by extraordinary consumption, undue speculation, human whims, contracts and laws. Temporary apparent advantage may be gained by agriculturalists and their dependants against manufacturers and their employees by change from gold to silver standard ; the outcome might mean loss to all classes. Straws.— It is estimated the silver production of 1895 will not exceed 100,000,000 ounces, and Chinese indemnity will require more. Imports of textile fabrics and other fibre goods average 76 ^ more than under the former tariff. Total imports for seven months are $54,000,000 more than in 1894. The United States Minister says banks in Paraguay, South America, will not take American silver, or handle American exchange not specifically payable in gold. The bond syndicate are reported as paying a small premium for gold in gold producing States, and offering 4 per cent, bonds in other States at less than New York quotations. It is reported the French people own all their Govern- ment securities and some 3>4 billions of Russian and Spanish securities. The income tax wanted by the experimenting administration may be declared unconstitutional after much trouble to encourage the people to swear falsely. Stocks and Bonds. Bonds.— Recent transactions in bonds equal $25,000,000 per week, exceeding all records since 1892. Foreign purchases have seldom been equalled, turning the tide of gold toward instead of from us. New Governments have recently sold at 1 23 that the Government sold at and around par, and the syndicate reissued a part of at 112)^. The general bond market has a broadening tendency. Railway Stocks. — Twenty-eight railway companies report gains first week of May averaging 26.37 per cent. ; five companies show losses averaging 11.7 per cent. The March decrease on 125 roads is more than made up by the increases of April, so that the year shows substantial gains over 1894. Gains in prices are remarkable. We reprint our table of May 2, giving prices of Grangers and other leading stocks in 1895 compared with figures of four preceding years. 1896. 1894. 1893. 1892. 1891. Decline from Advance from High. Low. High. Low. High. Low. High. Low. High. Low. high point. low point. N.Y. Central 101?^ 92^ 10J>< QHV Ul!4 92 1193< 107>^ 119|i 98K 27Ji 9% Northwestern 9S% 87% 110?| 96)^ 116% 84:5^ 121% 110>< U8% 102>^ 37 13^ Burlington. 79% 69 84>i 68% 103% 69)^ 110% 96% 110 75% 42 11% St. Paul 68% 53% 67% 54% 83% 46% 99% 75% 82% 50% 53 21% Rocklsland 70% 60% 72% 60 89% 51% 94% 75% 90% 63% 42% 18% Missouri Pacific 29% 18% 41% 18% 60 16% 65% 53% 77% 54% 60% 12% Western Union 93% 86 92% 8H< 101 67% 100% 84% 85% 76 33% 26% ' • •" — ' •" ' -■■' -"-' —' ~J5| 84% 64% 83>| 65% 44% 21% LouisviUe & Nashville. 61 46% 57% 40% 77% 89% Atchison 9% 8% 16 3 86% 9% Reading 21% 7% 23% 14% 53% 12 uo oo «?-. ^y^ o,>* Nor. Pacific pfd 27 13 -23% 12% 50% 15% 72% 44% 77% 58% 64% 14% Atchison 9% 8% 16 3 86% 9% 46% 82% 47% 24% 44% 6% Reading. 21% 7% 23% 14% 53% 12 65 88 43% 25>| 67% 13% Ei^ht bankrupt stocks have gained about $8 per share. Reading continues a favorite. Many low priced stocks have advanced sharply upon manipulation and general buying. Western Union's earnings are reported increasing with a possible control with Telephone interests. Many low- priced stocks have been bought freely. Texas roads report excellent earnings. Foreign buying continues in the Granger list. It seems to be conceded everywhere the 1895 corn acreage will be larger than any preceding year, and the yield will be about double that of 1894. Our experience teaches us May and June have little to do in making a corn crop in^ comparison with July and August. The financial depression of 1893-94 has mostly disappeared on the Exchanges. Appear- ances for^^shadow a bountiful harvest. Let us be thankful and "make hay while the sun shines." The consensus of opinion indicates a much higher range for the stock market. Our London advices think the little shakeout to-day will strengthen the market. Industrials. — Sugar has reached highest prices yet shown. There appears no less prospect of selling above 120 than when first it reached the "teens." Distillers, receiver and officials appear to work narmoniously to advance the property and the stock. Cordage evidently has disease it had in fall of 1893. Lead has many friends tor the property and stock, and looks like selling higher. Cotton oil continues firm and may do better. General Electric still has a list of believers. Cotton. 9,461,681 bales appeared in sight from September 1 to May 10. Present indications are the crop will pan out over 10,000,000 bales. The movement into sight continues larger than ever before. Exports to May 10 were 6,248,273 bales. Northern spinners took 1,959,617 bales and Southern spin- ners 606,000 bales, indicating that 8,813,890 bales left the plantation at an average price now exceed- ing 5 cents per pound, or for less money than the crop of 1893-94, which contained about 1,500,000 bales less cotton. The visible is only about 9 per cent, larger than a year ago, and is about 25,000 bales less than in 1892, and 90 per cent, is American. Receipts of Sea Island cotton to May 10 were 74,585 bales, exports 39,934 bales. Northern mills took 34.461 bales against 22,002 last season. The Government report indicates the 1895 acreage as 78.5 against 81.6 last May. Mr. Ellison estimates European weekly consumption as 180,000 bales, and from September 1 to May 1st, 2,425,222,000 lbs. in bales of 497.9 lbs. each, against 3,23i, 5*0,000 lbs. in bales of 471.6 lbs. each last season, leaving spinners' stock May 1 of 1,060,000 bales 6 763,000 bales a year ago. CLAPP 4 COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. There is a growing bullish feeling on cotton all over the South. The general claim is there has been less fertilizers used, and the acreage is kss. Much of the crop is badly put in, and will not mature as good as usual ; that at picking season the fields will be green instead of white. Rains and cold weather are reported by our correspondents in many States. Mr. Neil's report is expected to be bullish and affect foreign traders and orders. Others claim the advance in all cereals and stocks has exceeded that in cotton. As cotton led the list it is likely to again advance to 7 or 7/^ before the buU fever is over," and sell ai'ound 8 or 9 cents next fall. Wheat. The average May condition for the past six years represented a crop of .307,000,000 bushels of winter wheat, the final outcome indicated a yield of 324,000,000 bushels. The greatest extreme being last ^ear, when the final crop equalled 76 million mure oushels than the May report predicted. We think it quite probable the acreage in 18.^5 will be reduced and that winter seeding in many places has been damaged. Reports from India indicate their acreage has been reduced 30%. Argentine reports their probable exports will be ooly about 34 millions against 56 millions last season. The Daily Bulletin May 1 reported the European visible as 81,500,000 against 99,500,000 last year and the World's visible as 186,523,500 against 206,913,000 May 1 KS94. Danubian crop prospects are generally reported good, little or no complaint reaches us or is heard of the German, French or English crops. Stocks in Europe are light and continue decreasing. The amount being put afloat has seldom if ever been larger per week. The amount afloat continues near the maximum amount and seems to cause great alarm among foreign buyers, yet it is noticeable they accept most C. I. F. offers when the prices show slight declines from previous offers. Rye evervwhere is bringing better prices. Chicago receipts of wheat and flour since January 1, 1895 equal about 35 million bushels, against 46 million same time in 1894. Chicago official stock Jan. 1 was 26,465,112 bushels. Now it is 21,051,000 bushels. They are shipping some wheat to mills in Toledo and St. Louis ; these points sent them wheat in 1894. Primary receipts of wheat since June 30 equal about 143,000,000 bushels, against about 151,000,000 a year previous, and 250,000,000 the previous season same time. Exports to date have been about 129,000,000 bushels, against about 150,000,000 same tim.e previous season. Sentiment continues bullish ; a leading wheat operator and packer is reported as predicting wheat will soon sell at 70 cents in Chicago, and then have more friends than around 55 cents, and further that wheat is likely to sell very high this year. The 80 cent prophets are now about as numerous as the 50 cent guessers in midwinter 1 Then winter wheat flour was 50 to 75 cents under spring samples, now the difference is only about 10 cents, and it will disappear if primary receipts of winter wheat do not show up soon. Ihfe invisible is conceded to be very smalL Various Government reports of condition winter wheat for years named show : Fmal Govern- Estinialed Tfield of Wiuter Actual ^eld ment acreage May June yield per acre Wheat In bu. July per acre Actual yield foi year con jl- condi- indicated by indicated by condi- Winter and Winter W heat named tioQ. tion May condition May condition. tiori. Spring. Crop 1889 25,:«J4,70a 96 93.1 14 1 bu 3.57.924,298 92 12.9 332,243,000 1890 23,520,104 80 "8.1 11 8 ba. 277 537 227 76 2 11.1 255,374,000 1891 26.581,284 97 6 96 8 14.4 bu 882,770.401 96 2 15.3 392,245.000 1892 25,989,076 84.0 88. 3 12 4 bu. 322,264.532 89 6 13.4 359,19i;0()0 1893 22.868,539 75.3 7.'',. 5 11.1 bu. 2.53,840,782 7' 1 11.4 275,488 Si K< 1894 23,306,500 814 83.2 11.8 bo. 250,313,116 8;S.V 13.2 826,398 840 1895, estimated 24 224,000 82 9 12.c< bu. ' 297.955,200 Average for years named 24,608,^6'? 85 9 85 8 12 7 bu, 807,441,7^ 65. » 12.9 823,480,108 Corn. The visible decreased last week about 16 %. Primary receipts continue under the domestic and export demand. Ambitious bears have contracted a little corn for December delivery in Chicago at 42 cents, and for May, 1896, at 46 cents ; this has astonished some enthusiastic bulls, who do not realize that little or no corn ever reached any of our speculative markets to grade contract in the year in which it was grown. We scarcely look for any to do so this year before October, provided the best of corn weather continues until the crop is fit to crib, which does not ordinarily occur before November in the commercial corn states. May and June corn crop conditions seldom guide specu- lators to be of benefit to them. Jul - and August maices or unmakes the American born crop, which unthrifty bears and their raiWay friends predict will equal ;a, 500,000,00.' bushels. Speculation is broadening. Corn merchants appear sanguine of better prices. The bears are not aggressive. Oats. Crop reports continue of the best. Stock of old oats is con«;idered ample to satisfy consumptive wants. Bulls have but faint hearts, as losses have been severe and prices not up to expectations. Provisions. $12.00 pork for July delivery in Chicago with live hogs above parity prices sounds tempting and might be so if speculation was more aggressive. Exports of lard for ten mouths, ending April 30, were 398,672,504 pounds, against 358,672,501 pounds same time the previous year ; of other hog pro- ducts 522,938,935 pounds, against 472,435.185 pounds. Chicago packing since ^March 1 has exceeded any of the past 4 years same time, and is. May 9th, 2,530,000 hogs, against 2,385,000 last year. Receipts there were 12 ^ larger, yet 18 i less at the six packing centres. Packing at all points 2,430,000, against 2,385,000. The Price Current reports packing last summer was 1,135,000,000 pounds ; estimated this year will be 1,130,000, OCO pounds. Yours respectfully, CLAPP & COMPANY. 97 CIAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Quotations for Stocks, Cotton, Grain and ProYisions for Week ending May 15, 1895, and tor May, 1894. Par value of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Weekly Sales. 9.348 3,467 213.9?7 2-i74 40 876 217.024 7,048 9 482 27.246 5rf357 68 8: • 107.329 139.963 1.939 34.283 4.745 46.343 13.576 6.035 2.507 7 312 9.316 4.950 2ii8.020 31.905 SiO 1.0.50 2 439 780 10,122 1.635 5.363 81,263 9.713 4.354 17.185 110 81.971 82.504 3.678 13.704 20.837 28,779 20,407 8.254 43.129 52,362 16,679 20.053 7.495 839.142 2.795 90,000 3,800 88.196 20.961 aH990 S.8U2 3.755 15.298 5.8J0 10,694 32.438 18.022 22,115 62.005 40.184 66 402 3,570 Capital Stock. $20,237,100 10.198,600 36.773,000 86.773,000 17,900,000 102 000,000 25,000,000 15,000.000 22,488.000 60.805.400 82 262,700 24,885.800 46,087,261 85,923,900 46,156.000 18.559.860 39.054.907 22.335 1?0 28 000 000 1 1 696,000 85,430,000 86.200.000 35 000.000 38 000.000 84 091900 30,459,700 85,000,000 8,000.000 50,000,000 10.000.000 11,840,000 11,840,000 49,466,500 52,800.000 30,000,000 18,738,204 13,000,000 47,844,100 47,436,576 14.905.400 14 904.000 89.428.300 77,427.000 20.000,000 58.119,982 13 000.000 39.767,200 49.000.000 89.269,546 80,000,000 8,500,000 40.426,361 36,000.000 Paid Ipc Deo. 1R94 Pays Ipo M-J-S-D Paid Ipc I'ays 7 PC Per Annum. I'aid K'PC Ftb. 1895... Pai'd'2i4pc JanVisgs!.".' Paid Sii-pc Jan. :8fl5... Paid8pc in 1893 68.408,900 125,000.000 60.000,000 19,8,50,000 38.710,900 6.500.000 60.868..500 33,&37.093 80.166,000 18,245 000 7,414,810 28.000,000 24 000,000 94,820,000 10.000.000 4.500,000 Dividend Recobd. Pays .3pc J-D Pays 3pc 0-.I-A-J Pays 3i^pc J-J Pays 3pc FM-A-N.... Paid 5^DC in 1888.... Paid 2dc 1895 Pavs 1J4PC F-A Pays ]14pc F-M-A-N.. Pays 2pc M-J-S-D Pays7pc per annum. Fays 7pc ler annum. Paid li^pc Jan. 1803. Paid2pc AugTi St 1893. Pays 5pc per annum. Pays 2^pc MS. Pays IMpc FM-A-N. Pays 3pc FA Paid 2pc August 1893. Pays IK-Pc J-A-J-O.. Paid 2pc in Feb. 1895. Paid.Spc 1891 Paid Ipc in Dec. 1894. Pays l^pc M-J-S-D.. Pays Ipc J-A-J-O Paid IMpo Nov. 1898.. Paid Ipc April 1892. Paid Ipc in 1H87..., Pays 2pc FM-A-N.... Paid Ipc in 1887. Paid 3^pc in 1884. Names or Stocks. Paid 2i^pc March 15, 1895 Pays 1J4PC J-A-J-O iia'ld Ipc in Feb/isw! '. '. . Amencan Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co. Am. Sugar Refining Co Pf. American Tobacco Co .\tchison, Topeka & S. Fe. Baltimore & Ooio Canada Southern Central of New Jersey.... Chesapeake & Ohio. Chicago, Bur. ^ lOOk 101 82^4 mi 29% 85% 8994 liX)^ 14Vi 45% 19 28% 85% 29M 8594 87M» 87 6% 5% 5% 4% 24 82% 28^ i7k, 5% 5 1894 16% _ 174 173% 174 67% 67% 20^4 20 149i U% 4l»% 89% 24% 28** 1194 IIM 2% 2 1694 16% 69i 6% i-M 41% ;% 6% 18% 18% 44% i*% 89% 89% 100W,,101J4 \m '"•■ 42% 18% 24!4 87^4 6% 19% 174 6.71 6.66 6,64 6,54 6.69 6,64 6.75 6.68 63% C29i 6494 63 51 50V4 6IK 50% 6.62 6.62 6.75 6.67 I! 6.10 6,10 M 6.30 6.07 895* 100% 14% 14% 41k4 24% 12% 17% 9^ 20^4 9394 14% 45 Monday, luay 13. Tuesday. May 14. 45^ 2n% 143 161% 131% 21% 77% 148 59% 119 102% 33 22% 78% 73% 12o4 6S% 36' 9- 48% 27 142% 160% 131 47% 22!4 8394 125 Jl^ 97H 29 J4 21 7T% 54 89% 23^4 79% 74% 67% 120 69M 8!% 43 28 141% 161 181^ 48 22'^ 14654147 59^1 :>W^ 118% 1:8% 101 . 101% 32%^ 82% 28% 29^4 349I 36% 90 90% 101% 14^ 43% 1894 8?94 6^ 2^^ 2694 7 21% 175 6,63 6,61 6,60 6.60 6.57 6 61 6.58 6 52 6 62 6.57 6 64 6.58 6 68.6.60 6 69 6.52 67% 67% 67 «6K 68% 67% 6894 *>8 65% M% 56 65% 63% 62% W% 61% 509i 50% 28% 28% 28M 1192 11 92 12.20 12.05 6 6a 6,62 6 77 6.75 6.05 6,u5 6 20 6.12 67»| 67A 69,', 68.', 5494 54^ 55% 55 55% 66 , 66 55% 6-3% 62% 64% 64^ 62% 65% 49% 60% 50 50% 60' 28% 88% 28% 289S 2S 2SH 11 92 11.92 12.02 1 12,12 12.02 18 20 1 63% 6.3% 50 60M 6 65 6 65 6,77 6.75 6 67 680 6 03 6 05 6,10 6 15 6 12 6 17 6 67 6 75 610 616 20% 14% 41 24% 13% 8494 8994 10C% 14 41% 18V4 ^Sl 6% 25^ 2054 6% 20% 174 80 1<>4 40% 12% 4% V>% 7 41 V4 6% I»% 98« 14!.4 45% 6 66 6 59 6 60 6.52 6.65 6 57 6.71 6.62 68% 69% 69A 6811 55 64% 56% 65% 64% 64% 65^ 64% 5094 49% 51J4 50% 28 2794 88% 87% 11,77 1177 12,07 11 90 6.57 6.57 6.72 6.70 8 95 6.95 617 6.05 Wed., May 15. 80% 29 X 117 11594 99% 99% 107% 105 8% 794 63 63 53% 53)^ 99H 9- 82% 21% 78% 77% 75 73% 6694 65% 69 6794 36'»4 36% 98% 97 43% 42% 2b94 26H 142 141 162 160% 180% 130 4794 47% 23% 22>| :14% a3% 121 121 9694 9694 29% 28% 20% 20% 7.-% 7r% 146 146 5894 58% 118 11.5!-!. :"i% loiM 82 31 12^ 12V4 29 28% 369» 8494 106% 100% 13% 121/2 42 4014 18% 1794 8^91 3694 6 6% 694 6>4 24% 23 27 26 <% 6% 20% 18% I74% 174 67% 67; 20 l4 14% 13% 40% 39% 24 28 13 12U 4% 4^ 15% 16 7 7 92% 9% 14% 1394 48 45% 6.64 6.58 6.62 6.55 6.67 6 60 6,78 6 65 69% 68% 70% 68% 55% 65% 65H 64 66% 6494 51% 50% 88% 27% 28V4 2794 11.92 11 87 12,05 11.82 6 52 6 52 6,65 6 62 6,00 6.00 6.07 6,08 Ran^e for May 1895, to date. 80% 27 ''^% 77 11794 109% 99% 98% 107% 102' 9% 5^_ 65 6594 51% 52% 100% 94% 23% l.«% 79% 7394 76% 73% 6SV6 61% 120% 118 70% 66% ^^ 143% 188% 16294 15894 131% 12794 48% 42% 24% 18% 84% 83)4 126 109% 1% 1 98 92 2994 2^ 21% 1^ 7S 77 148 I4-294 61 55% 119'/!. 115% 102% «8% 33% 30% 18 (0^ 29% 2.5% 86% 34 9094 S.HV4 101% .18(4 15% 11% 43% 38% 19^4 :7% 7 4« 2:% 15% 177 172 6794 6^ 20% 17% :4% 13% *lVi 86 2494 2094 13% 10(* 494 2 17% 12% 7% 5% 42)4 40 7% 4^4 20% 1594 9r% 88% 15M 13 48 43 6,78 6.57 6.67 6.48 6,71 6 54 6.77 6 57 6994 65% 70% 66)4 .'>594 52)^ 56% 5294 65% 60% 66% 61% 51 46H 51% 47% 28% 87% 29 2794 12 15 11 77 12.50 11 77 6.78 6.47 6,92 660 6.20 592 6 37 6 00 109% 92H 9794 SUM, 87% 81 1.% 8 ;7 71 51 49 III 104 18% 16 80% 7.^94 7494 62 63% 5ti% 119(4 117)4 69% 6.^% 8J% 34% 109% 10 r 141^4 141 39 35% 18)4 16% ;37 m 162 158 140% 131 H 32)4 2894 25Vi 21% 40% .32% 104 lOo 6 5 94 89).^ 17% 161^ 16 14% 68K 63i.j 188 128»4 50% 43% 126 113 98>4 9594 2.5% 21^4 6% 6)4 Z\\i 24)4 Range for May 1894. 42 0^ «794 ^-i 100 95)4 16)4 '<% 40% 36 4% 394 5 3'-t 19% 12% 16 13% 5 3»4 19 14% 72 158 20% 19" 19% 14% 5)4 5 89% .33% 20)4 15% 17% 11% 8.5% "Wi - ■ 9-14 13% 49% 7.67 7 20 7.70 7 09 7.77 7 13 7.83 7 18 68 60)i 70% >i3», 44% 429^ 46 43% 66% 57)4 6694 ^"^ 89% 37)4 40% 38 84% 30-94 30^1 28)^ 13.35 1 1 2,- 18.40 11 27 7.90 6.62 7.J0 6.50 6.80 5.70 6.72 ,5.67 '.895 189, LD PORK, Chgo.-bbls. .... bb&. WHEAT on passage. 44.240.000 bush. 45,344,000 " CORN on passage. 3,440.000 bush. 8 240,000 " Russian Shipmts. for wk. 4.000,000 bush. 2346,000 " Indian Shipmts. for wk. 432,000 bush. 120,COO " Argentine Shpts. for wk. 1.640.000 bush. t Since Aua 31. • Since June 30. Compiled and Copyrighted hy CLAPP & COMPANY. BANKEES. MILLS BUILDING. NEW YOEK 'HIlccIUv HDarkct Xcttcr. Copyright, IHttB, by Clapp A Cotnttanjf. No. 430. O. W. Clapp. OwiQHT O. Clapp CLAPP & COMPANY, Banhevs n\\i> Broheis, MILLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND S6 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. 277 BROADWAY, Corner CHAHBEfls St. , 671 BROADWAY. Broad-v«y Central Hoteu OmcEi: I 753 piFjH AVENUE, Corner 58th Sr EI*ANCH Private Telegraph Wires. Cable Address: "Ozro." LONQ Distance Telephone. New York, Thursday Morning, May 23, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. - Margin deposits may be made with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. 3^ Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOUT OUR NEW SOUVENIR, "LEADING AIMERICAN EXCHANGES." " We have been favored by a subscriber In America, the flnu of Clapp vt CoiniMnr. Mills Buihlin^, Sew York, with a bantlsome vol- nii\(!of 350 quarto r^i^ea, recordiriii the history of tlie leading American Ki.-hanges during the year lS9t. The volume contains tine piocess blocks of all the K.xchanges in the United States— some scores of them— with a statistical history of each trading centre. The book l3 undoubtedly the flnest publication of its class that was ever brought to our notice. Messi-s. Clapp * Company are commission mercliants, and, we believe, supply a copy of this useful and hand- some book of reference to their customei'S giutuilously."- Corn Trade News, Livei-pool, England. " Clapp & Company's Year Book is oat. It is a carefully compiled iW jttsie volume, covering the leading financial exchanges of the I'm led States, and cont-.iining^a vast amount of statistical informa- tion of value to speculators The tecliivcal and typographical work is e-xcelleully executed."— The New York Recorder. N. i . City. " There are often times when the man Intercs' ed in securities or the genenxl niarlcets requires information wliich it is impossible to ouiain from the mere daily or weekly reiwrts i hat are available. It is ne -assary, of ten, in determining the actual market value of a commodity to know not only its present price as commred with past rulings, but to be able to note the fluctuations of the market, and dctemine fix)m these the act u<\l influences at work upon the vatue of agiven stock or article of commerce. It is here that the value of the souvenir i-ecenlly issued by Me^>3l•3. Clapp * Company, .Mills Building, becomes apparent. This volume, covering the year 189t, contains the weekly letters of advice issued by tie firm, giving in a comimct form the state of the markets from week to week, as well asa brief history of the leading .American Exchanges, together with a d» tailed statistical i-ecord of the finances, commerce, banking and piixl actions of the year, with valu.ible tables and statistics. Such a work is absolutely 'indispensable to the banker, broker or merchant whose business touclies any sideof the chronicle dealt with in this souvenir. There are works of similar character published and sold throughout the United Stales, many of them being catch penny coin- f illations of imperfect data. The work of Messi-s. (Mapp lias t'.issier- ing ad vantage : it ispreiured inlheinterestsof the vei vcla-ssof men to whom it appeals, and it is compiled by men in direct toncli with evei-y plia.se of the business of which it treat.s. No man can atl'oitl for the sake of 83.00 (the price of the work), to be without this valu- able compend of information, which in a monent's use may save many times its cost to the purchaser."- Trade Review and Banking Journal, N. r. City. " We have received from Messrs. Clapp * Company of New York, one of their handsome souven r volumes, which embraces excellent views of the leading American Exchanges, as well as a coniplcie tile of the valuable weekly flnancjal circular letters issued by the fli-m during the year 1S94. The publication has been arranged in the be^l style of tyiK)graphical art, and will constitute no unlmpirtiint fea- ture in our library of financial works."- The Trade Index, Mew Or- leans, La. "The Trade Journal acknowledges the receipt of the annual souvenir for 1834, of Messi-s. Clapp and Company, bankers and com- mi.ssion merchants of NcW York City. This is the leading finn in its line in the United Stales, and otTers unsurpsis-sed faciliti«;s for the execution ot commission oi-ilers to buy or s.ul stocks or bonds, cotton, grain or provision on the leading exchanijes. The souvenir In qutw- tion is a very beautiful piece of mechanical work, and contains the letters and inarKet quotations of the firm fi-om December 29, 1893. to Januarys, ls9.i, together with much other information arranged in convenient tabular form. Its price is H.00 and it is worth many times this sum to any business man."— Nebraska Trade Journal, Omaha, Neb. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. TvKEP OUK LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE '.9 4^ H X > O m o o z H > i w a > r -< :o m o o :o a o -n r m > a z o n X o > z o m 03 2 CLAPP & COMPANY. BANKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. Love, air and sunshine are without price. We pay most for that each of many wants a little. Merit and divisibility combined are found in love, knowledge, money and corporate co-operation in public service. Wherever the most generally approved money is in the most liberal supply there shares, labor and commodities bring the best prices. Straws. — France must pay out in 1895 about $23,980,000 of interest on guarantees of railway securities, some of which are on railways not profitable. The coin in hands of foreign banks of issue increased during the past year over 192 million dollars. The exports of food products in 189i were $62,897,780 more, and of raw material $8,881,207 less and of manufactured goods $676,973 less than in 1893. The financial policy of a nation determines its strength and prosperity. A nation that consents to another and competing nation handling its finances is likely to find its producers im- poverished and its industries crippled or dependent. The income tax has been declared unconstitu- tionaL Shame to its promoters and credit to the United States highest court decision. Stocks and Bonds. Bonds. — Foreigners bought ; investors increased the trading in 292 different securities. The extra demand reduced the quantity of many securities and doubled the price of some of the junior bonds of bankrupt roads. Reading Second Incomes show advance from 9}i to 24>^ since January 1. Railway Stocks. — The volume of business at the Stock Exchange is nearly three times as large as at corresponding time in 1894. Sale of stocks this month exceeding 7,000,000 shares, reflecting the change in industrial and trade conditions. Burlington & N. Y. Central sold securities which give them ample funds to continue. St. Paul's earnings show gain over last year. Rock Island is boasting of a big promise of corn crop. Manhattan's bonds may greatly benefit the road. Canada Southern, Chesa- peake and Oliio, and Tennessee coal and iron are among the new speculative revivals that promise well for the future and a 10 to 30:^ rise is predicted in them. Atchison appears improving its credit and increasing its chances of successful reorganization. Missouri Pacific's prospects are reported good ; other southwestern properties will likely show advance. Louisville foreign support appears increasing, Ontario & Western, Norfolk & Western, and the Texas roads are being bought in a quiet way. Northern Pacific may have to pay $13.00 assessment. Northwestern appears strong and may lead the Grangers in the next advance, on account of its iron trade and superior support and management. The Lake Shore likely to further advance. Michigan Southern and Canada Southern are largely owned by two different Vanderbilts, a liberal advance in these stocks is looked for. The V and erbi It-Morgan interests are reported owning most of the C. C. C. and Chesapeake and Ohio. First National Bank people and tne Vanderbilts are reported in control of Delaware and Hudson, Delaware and Lackawanna, and N. Y. and N. J. Central. It is generally conceded the Vanderbilt interest in N . Y. Central is small and that where their inter^st is large, better prices will prevail. Many look for the Gould properties to score a good advance and be the signal for a declining market to follow. The general market appears broadening and the public willing to buy on crop reports and further foreign demand. Industrials. — The German Reichstag is a case of •' Sugar in Politics" that may equal our Con« gressional experience in its effect on Sugar stock, and the Cuban insurrection may also cut off near- by supplies. It is near enough 120 to decline 10 or more points. Chicago Gas is reported likely to get some setback from its competitors building operations and legislative movem.ents. General Electric is dull and is hard to advance in spite of perhaps too many things said in its favor. Cotton Oil is probably making more money than usual and ought to sell higher. Cordage appears to have no merit in management and but little property. Lead appears doing a fair business, with a divi- dend on Common in order. An advance in inaustrials is quite possible. Cotton. Cotton is the only staple that rules lower in prices than a year ago. About nine-tenths of the 1894 crop is in consumers' districts or spinners' control. Southern spinners are running night and day with orders booked ahead for six months. Exports have now reached 6,335,726 bales and have exceeded the crop of any year prior to 1885-86, except those of 1880-81 and 1882-83, and are 477,000 bales in excess of exports of any preceding year. Spinners' takings to May 17th were 2,579,047 bales, and exceed any year except 1890-91, when for the year they were 2,856,000 bales, and the pre- ceding year when they were 2,540,000 bales, and at the end of this season they are likely to show a broken record of the largest domestic consumption known. Traveling men report the shelves of merchants bare of cotton goods and plantation hands generally in rags, and a large fall demand inevitable. At present we think it quite possible, the de- crease in acreage in Florida, North and South Carolina and Texas is about 15jg. In Alabama, Louisiana, Tennessee and Missouri, about 11 or 12$^. In Georgia and Arkansas from 14 to 16%. Other states will likely vary from 10 to 15$^. Worms, cold weather, too grassy and too much rain and various other complaints seem to be the prevailing factors now enthusmg southern operators with a view that cotton will soon sell at 8 cents and the growing crop may be marketed at 9 or 10 cents. Generally speaking planting is completed. A year ago a slight frost in Georgia and some other places nipped the plant, and much damage was feared. The visible supply in tms country is only about 50,000 bales more than a year ago, yet more than 2,000,000 bales more cotton has come in si^ht 100 ClAPP & COMPANY, BAlfKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. than grown in 18f»3, evidently with increased consumption. The supply the coming four months will be unusually short. Southern markets now range higher than this market. New cotton will scarcely find European spinners in less time than six months. Prospects scarcely indicate a crop of more than 7,500,000 hales. Consumption has practically reached a maximum point, or where supply is decreasing unusually fast. If this pace is to be kent up and the acreage reduced as much as now seems likely, there are lively times ahead for all hands, from the growers to the consumer. t^* The bucket-shop interests and their assistants or backers, " the public," seem to have been working a boomerang. The best methods outlive those inferior. The filling of orders by commission men always has and always will affect values. The taking of trades by the bucket-shop never has or will advance prices. The saving in commissions, interest and other charges for years by the public who have patronized and assisted bucket-shops, scarcely compensates them for recent losses, or repairs financial wrecks. Wheat. Recent wheat market changes indicate to us this is a "U. S." market, and that bucket-shops and professional traders are left out. It is said 'there is but little standing room on the Chicago Board of Trade unoccupied, each countryman reporting his crop looking very bad, and at once ordering his commission merchant to buy more wheat and some corn and provisions. Seldom have crop reports at this season been worse or more numerous. The concensus of opinion seems to indi- cate invisible supplies are below an average. That Chicago has the bulk of interior supplies and must distribute her stock to Kansas, Missouri and other adjoining winter wheat States that are buying Chicago wheat for milling purposes, aside from furnishing a share of the export demand. Wheat at Kansas City is 3 to 5 cents over Chicago, at St. Louis 3 to 5 cents higher. Chicago railways have made special rates to shippers of wheat back to country points. July wheat sold, February 18, at 53, yesterday at an advance of 25 cents ; an advance of about 16 cents thus far this month. The price is now higher than since May, 1893. "Wheat is still low. If the bad crop reports are true from the fifteen States reporting that cold weather and frost have done great damage, wheat is liable to sell at 85 cents soon and $1 this season. Minne- apolis reports our English cousins accept all the flour offered bj' nightly cables and at advanced prices. The varied reports of damage consist of chinch bugs, Hessian flies, insects, cold weather and drought. It is often true the first 10 cent advance is the result of manipulation and the hardest to secure. Just now, it seems, "the country is very much in wheat, and professionals are very much out of it." Primary receipts since January 30 have been iess tran ei'her of the past four years same time. Russian exports for ten weeks ending May 2 are reported as 11,29^,080 quarters against 17,907,960 quarters, and buc 2,448.880 quarters two years ago same time, Argentine ship- ments January 1 to May 11 were reported as 23,744,000 bushels against 27,440.000 bushels previous year and but 17,440,000 bushels two years .ago. Australian shipments from December 30, 1894, to May 4, 1894, 4,048,000 bushels agamst y,M76,000 bushels. Foreign houses were covering shorts to-day at loss for the first time since IS'H. July wheat sold on curb in Chicago last night at 79 cents. Crop reports show no improvement. Corn. Planting is about complete ; ordinarily this indicates a bull market is about ended. June sel- dom is "a bull month." Frost scares of May and ravages by gophers have then generally disap- peared. Farmers are kept busy fighting weeds and marketing the surplus of old corn, July and August generally makes or unmakes a crop of corn. The writer bought corn in Chicago July od, 1858, at 35 cents and sold it the same month at 72 cents. Corn often scores a large advance in July and August after a depressed market in June. We look for liberal receipts of corn until more is known of the crop — a good export and domestic demand will likely continue. We favor purchases until July only for quick turns, a further aavance this month on weather scares is possible. Oats. The strength to-day was in sympathy with other grains and reports of damage similar to that in wheat. If these same causes prevail, oats bought around 30 cents for September delivery might prove very profitable, subject to only a small risk. Provisions. The export and domestic demand seems to be anything but aggressive. Speculation in provis- ions is narrower, and the packing interest appears bearish abiaing a time to create a bull fever, Some packers are reported as having made millions out of wheat, and only waiting to get possession of the products in Chicago cellars before starting a bull campaign that will cause a 25 per cent, ad- vance in September contracts. Corn crop prospects also have much to do in dictating values of provisions the coming 100 days. Packing at Chicago from March 1st to May 18th shows an increase of 86,000 hogs; at ail points th€ packing was 2,685,000 to May 17th, against 2,600,000 a year previous. Yours respectfully, CLAPP & COMPANY. K.l CLAPP & COMPANY, BANKERS AND BEOZEES, NEW YOEK, VEEZLY MAEKET LETTER. QnotatiODS for Stocks, Cotton, Grain and Provisions for Week ending May 22 1895, and tor May, 1894. Par value of all stocks flOO. except D., L. & W.: P. & R and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Weeklt 8Ai,Ea. 8.020 464 242.536 6.578 32.509 73 483 4,955 n.762 16.988 88.844 80.379 92.672 117.695 383 28,050 12.1 18 64.433 410 10,605 4, 53 6.836 8,650 6 202 1.040 203,240 16,252 8.840 200 8u2 6,580 7.655 2 432 4.948 aO.KOO 12.768 3.150 13,553 8,.'i30 19,006 10,5o6 3,006 16.205 6..>88 7.640 15 no 7.306 12,515 24. 163 88.899 10.970 3.836 J80.C57 1.412 80 COO 3.t00 17.fc08 17 819 65.825 32.010 600 6,G7B 1.186 7.160 SO -.Si 7.9..3 16 872 810;!6 22.6^ 48 292 1895 Capital Stock. $20,287,100 10.198,600 86,773,000 86,77.3.000 17,900.000 102,000.000 85,000,000 15.000.000 22.488.000 60.805,400 82.262,700 24,885,800 46,027,261 25,923,900 46,156.000 18,659,360 89,064,907 22,385 170 88 000.000 11696,000 85,480,060 26.200,000 35 000,000 88 000.000 84 091900 30,469,700 8.5,000,OCO 8.000.000 50.000,000 10.000,000 11,840.000 11,840,000 49,466,500 52,800,000 30,000,000 18.738,204 13,000.000 47,844.100 47,436.576 14.906.400 14 904,000 89.428,300 77,427,000 20,000,000 58.119.982 13 000 000 89,767,200 49.000.000 89.269,516 20.000,000 8.600,000 40.426.861 86,000.000 68.402.000 125,000.000 60.000,000 19,850,000 88,710,900 8,600.000 60,868,.V)0 8.3,837.093 20.166.000 18.820 850 7.440.220 28.000,000 24.000,000 94,820,000 10,000.000 4.500.000 DrvTDBNi) Recohd. Pays 3pc J-D Pays 3pc 0-J-A-J.. Pays 8^pc J-J Pays 3pc F M A-N, Paid 5MDC in 1888. Paid 2pd 1895 Pays IWpc F-A.. 1X4 Pays 1J4PC P-M-A-N. Paid Ipo Dec. 1894 Pays Ipc M-J-S-D Paid ipc Pays 7 PC Per Annnm. Paid ^po Feb. ls9o... Paid 2i^pc Jan. 1895... Paid 3K>pc Jan. :8;»5... PaidSpc m 1898 Pays 2pc M-J-S-D.... Pays7pc per annum. Fay» 7pc rer annum. Paid IHpc Jan. 1893. Paid 2pcAufri. St 1893. Pays 5pc per anonm. Pays 2^pc M-S. Pays l)i 10694 >^ '■% CSH 62 55H 5394 100 07% 2294 2l|s 80 7714 75 74^6 6794 65% 120U l20Mi 09J4 67^ 3794 86M lOu 97 45 43 4-46 2C94 26H 27 144V^ H3 iVAi 162-^ 162H I6i5* 131^ 131 I131H iVA 47%i 48 107% 8% 64^ 559ft 28^ 81 75^ 68>4 80 100 ICOH 106J4 107J8 6c^i 63H 547^' 65 99J6 lor 2294 ~ 7494 67k 2i9<; 20^ 7'*9i .S 11774 147!4 146% i479i 69% 5848 599i [117 116 117« 1C2% lOlH lO.-k 82)4 81^ 8294 12^ 12 I l4» 2914 28 2994 8596 8t>6' 85^ 90^ 90 I 91 104 IOI94 103 13% 13 I 1894 4i% 41 42t- 18>6 "94 IS^s 379), 86k 8'^ 6H 6^1 «!^ 7^ 6k 7^ 24k S8 I 249i 694 6«' 694 19J1, 18k 20H 174 174 17494 20k 26' 2096 1496 14 144)< 41^ 89k *^y< 13^ I2k 18>i 4 4 16 16 4196 40 &96 6>6 8 ■9 20 93 8H lf#6 9196 14H 18'^ 14?* 4694 4o94 47« 402 806 8 6S 6.60 6.63 6,58 6.r0 6,64 6.75 6.69 7196 6996' 73 73 7294 7-'94 '""^ 74J< tM my 73% 72A 73iS '.9% 7796 74^ 56 5.-)96; 55?* 6,->96l 5»4 5.S94 *9^ 68 67 56,\ 57>4 6696 5t94 56,'. 6994 6e56 67% 65k 69k 6794! 70% 6S94 ?« 72 6»!^ 65?* j 7096 68>6! 72H 69!^ 74% 7194 bV/, 609^1 5m 60m 52% 6';94 5494 63 51% 61k &iii 51!^ 5594 51!^ 55 B3k 28 7J96 72^ 74k 71>i» 5394 52H 6496 63 27%; 28k eSk! 29 29 29% 29 29 2fi96 2896 28 2894 28k I 29^ 2896 30 MH, 29H 28H 12.05 12.110 1 12 02 18 02,12 4? 12.40 12.72 12.(0 12.60 12 55 12 25 12,00 12.25 12.10 U',50 1218 13 07 12.56 \-4,Hi 12 60 6.55 6.55 0.70 6.62 6.05 6,05 6.17 6.05 6 67 6.67 6« 6 67 6.0.'i 6.05 6 20 6.15 6.70 6 70 6 77 6 77 ' 6 65 6.65 6.82 6 70 6 97 6 85 I 6.80 6.77 6 22 6 22 6.35 6 35 6 20 6 20 6 80 6 15 6 ."■S 6 JO 6 37 6.30 76k 7394 77k 74V!; 54 5:3^ 55 54^ 2!'k 2S%' 30 29-96 12 62 18 62 1 12.97 12.60 6 67 6 67 6,H2 6 72 6.27 6i;7 Range for May 1895, to date. 2(Jk 23k 7 4« 2196 16% 177 171 6794 66^ 2094 17^1 UH 1396 41k Range for May 1894 26H 66 10996 92v4 9794 «8« 87% 1JJ6 77 51 111 18% 81 8 71 49 104 7,04 6.57 7,14 6.48 7.19 6 54 727 657 78% 65!^ fO 86k .^9^; 52k 59% 52>4 rok 6056 7:k ei'H .M-M 46'-i 55 47?4 20% 27Vi 30 27*^ 12 72 11 77 13.07 11 77 677 6.47 6,97 6.60 6 35 6 92 6.42 6,32 'I 6 35 6.00 16 -,„ 'im 7494 62 63% 5i.% n9k 117k 69% <■>■-^ 3J96 84% 1099s 107 14:.k HI 89 35V6 18k 1^ ;37 135 162 168 I4u-^ 131!^ 8.!k 2894 25M, 21^ 40% .32^ 104 100 6 5 94 8916 1796 16k 16 U% 6f}i 66k 1,33 U8>i 50^ 4396 128 113 96k 9594 2596 21^ 696 6l4 8:V6 ■'^'^ 42 8'ik C794 1(!0 16 8^ I6k 'fi 5 Si 9ftk 1296 896 n*v nr> 3(4 m i9% 12k 16 13k 3^4 1496 158 20% IS 16 794 5 19V6 14% 5k 5 39% 8:3k iOii l'>4 40 33 7% 6% 1796 1<'*6 SUM Clk 13% 914 49% 4196 7.67 7 20 7.70 7 Oil 7 77 7 13 7.83 7 18 63 6«)!5 ?0!4 68,'. 44% 4296 46 4:3% 57k ti6k 6694 399ft 4096 .^3196 so?4 30H 2f% 13 ai 1 1 27 13.40 11 27 7.90 6.62 7.cO 6..TP 6 80 5.711 6.7J 5 67 1895 189. OU) PORK, Chgo.-bbls. ... bbU. WHEAT on passage. 43.920.000 busb. 44,944.000 '• CORN on passage. 8.600.000 bush. 7,636,000 " Russian Shipmts. forwk. 8 510.000 bush. 2"929,000 " Indian Shipmts forwk. I Argentine Sbpts. for wk. 44e.000busb. 1.392.000 bush. iso.roo " I t Since Aug 31. ♦ Since June 30. Compiled and Copyrighted hy CLAPP & COMPANY, BANKERS, MILI 6 BUILDING. NEW YORK l(r_' Kllcchip fIDarhct Xcttcr. No. 431. Copyright, ItlOS, by Clnpp Jt Comvamif, O. W. Clapp. DWIQHT O. CLAPP CLAPP & COMPANY, aSnnhcfs anb Brohers, MILLS BUILDIIMC, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. (277 BROADWAY, CoKNEH CHAMwnii St. BRANCH ^ g7, BROADWAY, Broaowm Central Hot«. OFFict.: I 753 pipjH AVENUE, CORNM 68TH 8T Private Teleqraph Wires. Cable Address: "Ozro." Long Distance Telephone. New York, Thursday Morning, May 30, 1895. We respectfully solicit Commission orders for the Purchase or ISale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made with local out-of-town banks. The local hank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. s% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customer^. PRESS NOTICES ABOUT OUR NEW SOUVENIR, "LEADING AMERICAN EXCHANGES." "Clapp & C!ompany, bankers and brokers. New York city, have issued their Souvenir of \b'M on the Leading American Exchanges. It is a handsome volume of 352 pages, comprising a daily and weekly record of stocks, cotton, grain and provis- ions, their protluction, supply and distribution by states and countries, in this regard excelling any other book. There are fortv-odd half-tone engravings, including buildings occupied by leading exchanges in the United States, the United States Treas- ury at Washington, Custom House, Wall Street, Broad Street an'd Clearing Elouse at New Y'ork. and portraits of the firm. A brief history and statistics for a period of years accompanies each picture of an exchange or public building, etc." — Chicago Journal. "Messrs. Clapp & Company, bankers. New York city, have just issued a 'Souvenir Book of liS94.' It is a handsome produc- tion of :iV2 gilt-edged pages quarto, and contains a vast amount of information relating to the banking and mercantile interests of the country. The 'Souvenir Book of 1891' may be said to furnish interessting statistics of everything from a needle to an anchor, and what renders it an agreeable bodk for the delver in trade lore is its convenient index. Photogravures of the leading financial and trade exchanges of the country abound in endle>is profusion, and not the Iwist interesting portraits are those of Mr. O. W. Clapp and his son, Mr. Dwight O. Clapp. There is also a reproduction through photography of membership tickets issued to Mr. O W. Clajip by the Chi» ago Board of Ti-ade, those of 1858 to 1871 inclusive havmg passed through the Chicago fire of October, 1871, in Mr. Clapp's s;ife. Financiers and mercantile men will find in the 'Souvenir Book of 1894' an indispensable work of reference, and the Trade Review takes pleasure in rec- ommending a perusal of it to all who are interested in the trade of our country." — The Trade Review, Los Angeles, Cal. " An exchange encyclopedia of information has been issued by Clapp & Companj', bankers and brokers, in the form of their souvenir of 1891 on the leading Ameriain exchanges. It is a handsome volume of 3.52 pages, comprising a daily and weekly record of stock-s, cotton, grain and provisions, their production, supply and distribution by states and countries, in this regard excelling any other book. There are forty-odd half-tone en- gravings, including buildings occupied by leading exchanges in the United States, the United States Treasury at Washington, Custom Hou.'^. Wall Street, Broad Street, and Clearing House at • New York, and portraits of the firm. A brief historj' and sta- tistics for a number of years accompany each picture of an exchange or public building. The financial tone and philosophy of the book is unique, sound and interesting. "Ttie finance, for- eign trade and monetary systems of the United States and other countries, and the statistics of gold and silver and other pro- ducts, are treated in a very thorough manner. The statistical treatment of the national banks of the United States is unique and very complete. Every banker, railroad man, publicist or economist, and especially every person interested in the move- ments of commodities, or in stocks, grain or cotton for either investment or speculation, will find this superb book worth many times its cost. There seem unusual inducements to keep an account with a firm offering so many advantages in the way of information free of charge to customei-s. No up-to-date bu.si- uess man or editor's desk or library- would seem complete with- out this very useful book."— Montana Mining and Market Re- porter, Butted Mont. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. H Z -a > o m o o z H > Z C/D a > r ■< J3 m o O ro a (J) o r m > o o m X o X > o m en KKKP OUK LETTEKS. PORTFOLIO FOR FILING ii,f FOKWAKDED APPLICANTS FKEE. 2 CLAPP ft COUP AFT. BAITKERS AND BEOKEBS, IfEW YOBK, WEEZIY 1IAEB31T LETTEE. Financial Outlook. Transportation facilities facilitate human brotherhood and usher in the Golden Age. The progress of the world is emphasized more in its improved methods of communication than in im- proved laws or morals. The next generation will enjoy an elbow touch with a world in which there will be few unfed, unclothed, or living in the wilderness. The generation born to abundance of gold, silver, iron, cotton, coal, electricity and foodstuffs will revolutionize methods and multiply blessings on every hand. Straws. — June 4th, 1894, we said, "The country is on the eve of great prosperity." October 18th, 1894, we said, " The verdict of the people is likely to renew" confidence in the stability of American methods, finances and industries." February 14th, 1895, " The persistent faith of investors seems likely to secure the reward it deserves." United States railways carried 60,000,- 000 tons more freight in 1894 than all the railways, steamship and sailing vessels of the balance of the world combined and at lower average rate of freights. Statistician MulhaU says the United States has the greatest productive power in the world, and increased its wealth in the past thirty years more than the total wealth of Great Britain I That the United States possess as much energy as Great Britain, France and Germany together. The bucket-shop interests and their assistants or hackers, " the public," seem to have been working a boomerang. The best methods outlive those inferior. The filling of orders by commission men always has and always will affect values. The taking of trades by the bucket-shop never has or will advance prices. The saving in commissions, interest and other charges for years by the public who have patronized and assisted bucket-shops, scarcely compensates them for recent losses, or repairs financial wrecks. Stocks and Bonds. Bonds. — Last week's sales were 14,988,000. The demand appears increasing. The Atchison general mortgage 4s may become very good property. Northern Pacific and Reading's junior securities have good speculative possibilities. New issues of leading roads would likely be over- subscribed, if offered in the present condition of the market. Railway Stocks.— The earnings of 79 roads, reporting for the second week of May, show an increase of 6. 02 per cent. , which is an improvement over any week of the year. St. Paul's average daily earnings for the third week are $67,795 against $68,088 corresponding week last year. The net for April shows an increase. Burlington's record, management, financial condition, and prospect of corn crop, warrant higher prices. Rock Island's friends predict a big corn crop. Jersey Central's earnings appear improving. Louisville is still supported by foreign friends. Many roads are increasing their rolling stock. Reading is producing a large amount of coal with prospects of higher prices. The finance companies contract and other acts of j^arties in power tend to restore confidence. Atchison's plan of assessment is operative and the first installment of $3.00 quite generally paid. Chesapeake & Ohio continues attracting the attention of investors. Northern Pacific is not as weak or neglected as during the winter. Pointers indicate gradually improving conditions, prospects and pricetj. A very large extra force has been employed to conduct Western Union's increased business. Union Pacific likely has seen its worst days, and lowest rates and tonnage. The Southern Railway syndicate is biding its time to make an active and higher market. Growing June weather and gold imports may give the market a new impetus and higher prices. Industrials. — Sugar may be influenced by the Cuban crop and the large sales by professionals. A ten point decline is predicted. Cotton Oil profits should be large for 1895. Distillers companies deposed oflBcials seem willing to discredit its stock. Lead is reported doing a safe and profitable business. General Electric's enemies appear to exist in its own household, while outsiders appear willing to wait until insiders have faith enough and show merit enough to "bull" their own f)roperty. Cordage is a back number unworthy of notice. Chicago Gas appears dependent on egislation ; evidently its new officials are knocking off its obnoxious contracts. Leather and Tobacco are heavily capitalized, over boomed and much manipulated, and scarcely warrant conservative investors* attention. Activity in the Street is liable to put new life into industrial stocks. Cotton. Crop conditions and acreage are now the dictators of prices. The most of the 0, 572, 765 bales that have come in sight from 1894 crop has disappeared, leaving reports of ruin and starvation where it was grown and enthusing the hearts and pockets of the present foreign owners, who secured the cotton at less than its first cost to growers. Optimistic views prevail now from planter to spinner, based largely on the idea that consumption will exceed production, or that consumption now requires eight or nine million bales, and production will not likely equal three-quarters of last year's crop. The reduction in fertilizers ranges from 25 to 60 per cent. , perhaps 40 or 45 per cent, will be the average. Cold rains, frost, weevil, lice and other damaging reports continue to come from nearly im CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. the whole cotton belt ; a cessation of rains anrl more sunshine will likely encourage the planter and dampen the ardor of sensational bulls, who now predict that there is no halt in tho values until cot- ton reaches 8 cents for August in this market. Nine cents continues to be the objective high point. New Orleans is the admitted headquarters for late and reliable crop news. Ortiinarily their market rules from 28 to 40 points below this market, now it is only about 9 to 10 points below. Tlie Greeks have recently been liberal buyers of near months in this market, evidently for export. While this market continues the lowest of all specula;bive markets and the stock of cotton is small, we per- ceive no reason to look for any material decline. The growing crop will likely be a month late and supplies of old cotton well exhausted. Last year Northern spinners took from about this date to August 31st about 200,000 bales — Southern spinners this season will likely drain Southern holdings ; last year they took 135,000 bales after this (late. Exports last year from about this date to August 31st were about 330,000 bales, making Northern, Southern and the export movement of last season after this date equal about 665,000 bales. The visible warehouse supply is but 594,000 bales. Apparently there is but little cot- ton' to come from planters and factors. The average Imt grown per acre for the past ten years has been 183.47 pounds. We think this season it must and will be much less. Many tnink this crop will look green when in ordinary seasons the fields look white. Wheat. About April and May crop scares annually emanate from central speculative markets, and the fertile brains of market leading manipulators to affect values. About every three to five years natural forces assert themselves plainly ; then the husbandman and his neighbor can be seen in the various market centres buying wheat because real cinch bugs, actual frost, drought and other causes for real damage to the growing crop have occurred and are really occurring. In April, 1895, the ordinary crop scare news were heralded far and near, and the markets advanced to about G5 cents in Chicago for July wheat. This month actual facts confirmed the early news, but to the utter diso-ust of the news manufacturers in April, who now find the exception to the rule has materialized andf wheat is up 50 to 100 per cent, more on fact than on fiction. This different set of reports and real causes now seem to be influencing values and markets. The new men claim no reserve exists, and that Kansas grew 70 millions of wheat in 1893, about 35 in 1894, and will not have over 12 this season. That Nebraska will grow only about enough for home seed and bread. That Illinois will grow only 18,000,000 bushels ; Missouri yield will not equal 15 million bushels ; Indiana crop will be decreased one-third; Michigan crop decreased one-quarter; Ohio falling off 20 per cent. ; Iowa 30 per cent, decrease, leaving about bread and seed in 1895. The winter wheat crop of 1894 was 326 million bushels, and averaged about 323 millions for the past six years. Now the "New Born Guessers" predict the yield will fall one-third, and be the least since 1888, or 225 million bushels. Recent advices indicate some damage to spring wheat. Seldom does frost damage spring grain in May. Hot and dry winds are the fear just now. Northwest elevator men reported short, and but little old wheat in country elevators. Reports indicate little reserves of moisture in the Mississippi valley north of Cairo, and too much for cotton south of the Ohio. Apparently a 5 to 10 per cent, decrease in the world's wheat crop may occur this season. If so, it is scarcely possible low prices will prevail until bountiful crops again appear. ^ All things considered, we deem it wise to look closely to one's margins, and be in readiness for radical changes. Corn. Everywhere from the Gulf to Canada it is reported various crops are being plowed up and the land planted to corn ; that planting has progressed on a large scale and often resulted in replanting the third time. Our observation teaches us, good corn is often grown in the corn belt when planted the first week in June. The movement of corn from first hands is always large the latter pact of this month and during the month of June. The domestic and export demand seldom quite equals supply, and crop prospects and the bears' notions until farmers quit fighting the weeds in the corn about Independence Day. No corn is being fed to live stock. We see no reasons for any material and permanent advance in corn, unless bad corn weather continues in June. The price is not high and this is the second short crop i no new corn can be inspected before January, 1896. Oats. Should reported damaging conditions prevail much longer, 35 or 40 cents for September oats in Chicago might seem cheap. Provisions. Present prices are not high or extremely low. Speculation is small ; sentiment appears bullish. It is estimated the stock of lurd in Chicago June 1 will be larger, and that of ribs and pork show large decrease. The export demanu is improving slightly. Live stock people at the Union stock yards are reported as predicting the run of hogs to market in June will be small, both in weight and numbers. The Price Current estimates the total marketing of hogs from March 1, 1894, to March 1, 1895, was 21,619,000 hogs (about one-half of the Government report of the number in the country.) We see no reason why wheat, lard and ribs will not sell for 8 cts. before the stuff bought for Septem- ber delivery is delivered, or pork will not sell at $15 or $16 bbl. Packing from March 1 to May 23, equaled 3,000,000 hogs, against 2,860,000 last season. Yours respectfully, CLAPP & COMPANY. 10.-) CLAPP & COMPANY, BANKERS AND BEOZERS, NEW YORK, WEEKLY MARKET LETTER. ^~-' — ■ Qnotations for Stocks, Cotton, Grain and ProYisions for Week ending May 29, 1895, and lor May, 189i Far valae of all stocks $100. except D., L. A W.: P. & R and Am. Tobacco Co., raoM NEW TORK STOCK EXCHANGE OFFICIAL RECORDS OF mGHEST AND LOWEST PRICES WITH COMPARISONS. W BEKLT Sales. 1,270 832.283 1,462 72.:«)9 31,344 6,072 1370 6.555 18.074 116.146 47.002 104.805 386 85147 3.211 48.664 600 6.850 6.820 8,492 1,200 3,178 1.400 220,800 43.319 810 900 842 4.721 82,942 8 533 540 U.707 3,578 1,178 9,005 550 12 758 9.959 1,857 2.232 11,860 10.-183 4,860 10,H6 4.523 9,019 14 534 M.310 310 KitO 1.450 10.000 2.070 11.742 7.748 82 542 22.785 400 8,471 2.150 83.!I75 9.469 6038 4 739 19.782 13.448 80,980 1,016 Capitai. Stock. $20,237,100 10,198,600 36,773,000 36 773,000 17,900,000 102,000,000 25.000,000 15,000,000 22,488,000 60.805,400 82.262,700 24,885,800 46,027,261 25,923,900 46,156,000 18,559,360 39,054,907 22,335 170 28 000.000 11.696,000 35,430,000 26,200,000 35.000,000 38 000,000 84 091900 30,459,700 2,5,000,000 8,000.000 50,000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800,000 30,000,000 18,738,204 18,000,000 47,844.100 47,436,575 14,905,400 14.904,000 89.428,300 77,427,000 20,000,000 58.119,982 18 000.000 39,767,200 49.000.000 89,269,546 80,000,000 8,600.000 40,426,861 86,000,000 68.408,900 125,000,000 60.000,000 19,850,000 38,710,900 6,600,000 60,868,500 83,887,098 20,168,000 18,820 850 7,440,220 28,000,000 24.000,000 94,820,000 10,000,000 4,600.000 SrVTDSKI) RiCOBS. Pays 8poJ-D Pays 8po 0-J-A-J Pays SJ^po J-J Pays 8pc F M-A-N Paid 5Hpc in 1888 Paid 2do 1895 Pavs l!4pc F-A Pays IMPC F-M-A-N... Paid Ipo Dec. 1894 Pays Ipc M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid J^po Feb. 1895... Paid 2MPC Jan, 1895. Paid 3K'P0 Jan. ;895. Paid8D0 in 1893 Pays 2po M-J-S-D.... Pays 7po per annum. Pays 7pc per annum. Paid l>^pc Jan. mi3. Pald2pc Au(ri.st 1898. Pays 5pc per annum. Pays 2}^po MS. Pays l^po FM-A-N. Pays 3po FA Paid 2pc Aufrust 1893. Pays li^po J-A-J-0.. Paid 2po In Feb. 1895. PaidSpc 1891 Paid Ipc In Dec. 1894. Pays l%j)o M-J-S-D.. Pays Ipo J-A-J-0 Paid 1J4P0 Not. 1693. Paid Ipc April 1892., Paid Ipo In 1887..., Pays 2po F-M-A-N. Paid Ipc In 1887. Paid 8^pc in 1884... Paid 2Ji"po March 15,' 1895 Namxb or Stocks. Wed., May 29. Pays IHpc J-A-J-0.. Paid IDC in Feb.' 1894! American Cotton OU American Cotton Oil Pfd. Am. Sugar Refining Co. . Am. Sugar Refining Co Pf . American Tobacco Co Atchison, Topeka & S. Fe. Baltimore & Obio , Canada Southern Central of New Jersey., Chesapeake 1,876 Cotton 1 Ju: May,... ne,,. July., i August.., WHEAT, In btishel.«. I U. S. Visible. -Primary rec'ts*! Total Exports. 18S6 64.244.000 145.534 000 13.3.345 6.S1 18941 61330,000 I 153 745 UOO | 154.274 445 IMay. 1 July.. Com. CORN, In bushels. I U. S. Visible. 1895 8.978.000 18941 7.648 COO Primary rec'ts* 63 213,000 143,930,000 Total Exports. 22 151 618 59 999 638 Chicago 1 May.. Wheat. (July.. C<>™-]j"u7y:, OATS, in bushels. I U. S. Visible. 1895 7.880 000 18941 2,847 OOO N.T. Stocks, 1.419 000 636 087 Cbgo. Stock a. 8 094 000 49b 000 OaU...-j**^y' Pork. . July. . i Way. . (July... 1895 1894 LARD-tcs. World's vis. 276.683 12^,594 CHICAGO CONTRACT STOCKS. PORK-bbls,| LARU-tcs. , RIBS-lbs. 125,820 46,181 29.589,741 70,196 I 4,099 I 6,792,679 Lard...-!?^y- X^ 59 67M, 57^ 6696 67% 665«' 57'/* 67Ji 699i 68 S8>i 67 . &8>i 67^; 68^ 67^4 78^ 76 79^ 70-% 63>i 62 54^ 63 a9?i 29M 81H 2«^ 7,18 T.17 7.1i 7.11 7 23 7 14 7,28 7 21 ^m 81% 65 8296 mi 67-vj, i'M 681^ Range for May 1895, to date. 65 55« 102^4 33^ 30H 18J« 10^4 29i>i 2.596 a6>2 8 15% IIH ISM) 219i 16^ 177 171 67J4 66^ mi I7H !4% 1396 41!^ 86 20% 16-M 93% *>8% 16^ 12 48 48 7,18 8,57 7,18 8.48 7.23 6 64 7.28 867 82% 65^6 85 66>i •WW; 52)4 00% 52^ 78% 78 'sow 7794 79% 79%! 81% 79961 31% 6096 799i 7494 8194 781,1,1 81 79 i S.'m SO'/h ri\i 6lH 52% 51% 5294 5196 52% 52!4: 53 62^!| 55 48'/* 54 62 , 6394 62%| 54% 53 . 55% 63% 58 4794 4096 8^ 299^ 2894 MW ««%' 80% 80%! 80% 80%; | 80% 27% 3t% 2894 30% 299*1 81 i* 31 i 33 2794 12.2;; ls>.22 n-Zf, 12.25 12 42 12 J2 12,60 18 60;i«80 12 80 il2 80 1177 12 60 12.20 :12,35 12.10 12.70 12.27 12,78 12.68 il8.06 12.80, |18.07 1177 6.68 6 52 6.87 6 65 6,15 6 15 687 628 6 50 6 50 6 52 6.58 6,62 6.60 667 6 62 6 16 6 15 6.17 6.17 6 25 6 12 6 35 8.22 6 60 6,60 6 « 6 72, 8 77 6,47 8.72 6.67 6,86 6 80 I 6,97 6 60 6 25 6.25 6.^5 6 36 ! 6.36 6 92 6 40 6.32 '6,50 6,45 | 6.55 6 CO Range for May 1894. 10996 62% 9794 88% 94 89% 179< 16^ 16 14% 68Jf 66U 133 12894 50% 4396 128 118 98^ 9594 25)6 2m4 696 6% 81% 24^ 42 80^4 16!^ W^ 40% 86 4% 8)4 6 3'.6 1996 I2V6 16 13% 6 84j 19 14H 72 158 20% 13' 1916 14% 5!4 5 39% 33% 20^4 15% 49% 4196 7.67 7 20 7.70 7 09 7.77 7 13 7.83 718 68 60)1 70% 68,'. 44% 4296 48 43% e6% 57%- m% 5»96 89?i 37ki , 8496 3094 ! 30 V. 2f% 1,3.35 1 1 27 13.40 11.27 1895 189 OLD PORK, Chgo.-bbls. .... bbU. WHEAT on passage. 44.320.000 bush. 45,192,000 " CORN on passage. 8,920.000 busll. 6,832,000 " Russian Shipmts. for wk. 8 440.000 bush. 2"814,000 " Indian Shipmts for wk. I Argentine Sbpts. lor wk. 600,000 buslt. I 1.848.000 bush. 440,000 " t Since AU8 81. • Since June 8a Compiltd and Coityrighted bj> CLAPP & COKIPANY, BANKEES, MILLS BUILDING, NEW YORK lOti WHccI?rp fIDarhet letter. Mo. 432. C^pyrinht, 1808, by Clapp Jt Cotnmmnf, O. W. CLAPP. DWIQHT O. CLAPF CLAPP & COIMPANY, Banhers nnb Brohecs, MILLS BUILDING, N. Y. ENTRANCES : 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Branch Office* : 277 BROADWAY, Corner Ch*mber» St. 671 BROADWAY. Broaow«y Central Hoteu 753 FIFTH AVENUE, Corner 58th 8t Private Telegraph Wires. Cable Address: "Ozro." LoNQ Distance Telephone. New York, Thursday Morning, June 6, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing us to fill customer's order promptly. A General Banking Business conducted. Sfc Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOUT OUR NEW SOUVENIR, "LEADING AMERICAN EXCHANGES." "The Blade lias received from Clapp & Company, bankers and brokers, Mills Building, New York City, their splendid souvenir of 18SH on the leading American Exchanges. It is a handsome volume of 352 pages, comprising a daily and weekly record of stocks, cotton, grain and provisions, their production, supply, and distribution bv States and countries, in this regard excelling any other book. "There are over forty half-tone engravings, in- cluding buildings occupied by leading Exchanges in the United States, the United States Treasury at Washington, Custom House, Wall Street, Broad Street and Clearing House at New York, and portraits of the firm. A brief history and statistics for a series of years accompanies ea<;h picture of an Exchange or public building. Every banker, railroad man, publicist, or economist, and especially every person interested in movements of commodities or in stocks, grain or cotton for either invest- ments or speculation, vrill find this superb book worth many times its cost, which is only $3 delivered."— Blade, Toledo, Ohio. " Clapp & Company have issued their souvenir of 1894 on the leading American Exchanges, one of which is on our desk, thanks to that enterprising firm of New York bankers and brokers. It is a handsome volume of 352 pages, containing numerous half- tone engravings of leading Exchanges and other buildings, and is a daily and weekly record of stocks and commodities, their pn>duction, supply and distribution. It is a valuable work, and Its many excellencies are difficult to describe. "—Enquirer, Cin'ti. "The souvenir book of Clapp & Company, bankers. Mills Building, New York, for 1894, is a most complete commercial and financial record and reference book for business men of all names. The principal feature is the republication of the daily records and weekly.market letters verbatim as originally written : also leading American Exchanges. In these letters the financial outlook is written up from the intelligent standpoint of keen business observation and philosophy. A great mass of miscel- laneous, financial and statistical information is given outside of the weekly letters. The volume is a handsomely bound one of 3.52 pages, and includes more than 40 half-tone engravings of the principal business structures in the United States. All persons interested directly or remotely in banking, finance, commerce, grain and cotton markets, and the many material interests sub- sidiary to these matters wiU find the volume invaluable for reference and even occasional study." — The Evening News, De- troit, Michigan. "We are indebted to Clapp & Company, bankers and brokers. Mills Building, New York, for a copy of ' Clapp & Company's souvenir of 1894,' comprising the 52 weekly market letters, pub- lished during the year With a large amount of valuable statistics of finances, trade and commerce, foreign and domestic, fonning a 4to. volume of 352 pages, finely bound in beveled covers, on heavy book paper, with numerous illustrations. The volume is a valuable booK of reference for financiers, merchants, dealers in stocks and securities. Of course the current issues of the weekly market letter, published by Clapp & Company, furnish- ing a brief summary of the financial and commercial doings and outlook of the country, is of immense present value to every- body engaged in financial or commercial transactions. Clapp & Company are bankers and commission merchants; receive de- posits, subject to check at sight; make advances on marketable securities at current rates; buy and sell municipal bonds and bank stock on commission; buy and sell property for cash or future delivery; give personal attention to customers' orders and requirements and furnish the latest news." — Merchant and Man- ufacturer, Cincinnati, Ohio. Clapp & Company's annual Souvenir book for 1894: will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE. 1U7 H X "0 > o m o o z H > Z O > r •< m o O J3 O (/) O -n r > o z o m X o X > z o m C/3 2 CLAPP & COMPANY. BANKERS AND BROZEES, NEW YORK, WEEKIY MARKET LETTER. Financial Outlook. The golden sunshine in this year of rosy views carries positive energies that give much compen- sating joy, even to those who bear the heat of the days. Ocean, gulf and lake cities are brilliant borders to a carpet of green covering a country, where everything cooperates now for gain. Straws. — The pig iron product of the world is estimated by London authorities as 36,4G0,000 tons; that of steel, 20,605,000 tons, and United States heads the list of producers. Nearly all produc- ing countries have a surplus over home needs. The United States spends $156,000,000 yearly for schools, or over three times as much money each year as is spent by any other government. Brad- street says 178,000 industrial employees received advances of 10 % in wages since April 1, only one- seventh of them struck to accomplish the advance. The rise in all kinds of iron averages 5 %. During May the United States mints turned out 587,255 gold pieces, valued at $4,163, 9;57, mostly in half eagles ; in same time 4,923,416 pieces silver were coined, valued at $4.961,951 — $150,180 being in standard dollar, balance in minor coin. Chili has established the gold standard. United States Governments outstanding money obligations only exceed gold coin values of money assets by about 70 million dollars. Stocks and Bonds. Bonds.— Buyers have been absorbing offerings at about V/t to 3 million dollars per day, at advancing prices. Laroer first class offerings might create important improvements in demand and prices. Public se»»timent appears enthusiastic over pro.spects that natural energies and forces will offset, and counteracts damaging acts and effects of Washington officials. The fact that most of them have gone home never to return is thankfully noted. Railway Stocks.— ^The volume of trading is less, few care to sell, the number opening new accounts have lessened but slightly, while many are arranging for active operations. St Paul shows a net gain in earnings past four months. The Reading system is ahead of its operating account same time. It is a great property. The stock offers great possibilities. Southern Railway gains. It is but a question of time when the stock will advance materially. Burlington and Rock Island's corn crop may offset all discouraging advices about winter wheat. It is conceded acreage will be about four millions larger than any previous crop. ^Manhattan affairs appear prosperous and its treasury supplied with funds for contemplated improvements. Atchison reorganization appears likely to prove a success. Northern Pacific stockholders feel stimulated by favorable spring wheat reports. New England maintains mysterious strength Fince its successful reorganiza- tion. Western Union reports a favorable business, warranting usual dividends. June 1st we wrote: "Large number of staples show considerable increase in value since March, and the tendency, looking at the situation from a broad standpoint, appears to warrant the stubborn position which investors in all products and securities of intrinsic value have recently taken. The surprises are likely to favor them, and those who have less faith, money or endurance will be likely to pay higher prices later on in the season." Industrials. — Sugar stock creators have declared its business unprofitable, but now claim bet- ter gains likely on better fruit crop prospects. We see no reason for a radical advance until recent belated bulls sell out. General Electric is being bought freely by parties reported as figuring on consolidation with Westinghouse Co. Distillers' fight is more complex, and since the small decline stock is possibly more likely to advance. Gas appears to be gaining strength and slowly preparing for a good advance, manipulated by Standard Oil people. Cotton Oil Company's stock appears a purchase based on reported earnings. Lead is farm, earnings large, insid p stockholders appear happy. Cordage Company again in court and bankers' hrids and possibly beyond control of its worst enemies. We have been bears on the stuff since Feb ua y, 1893, when quotations were made at 1.47, and since the 10 per cent, assessment was paid in 1ol4. Cotton. The Tennesee Bureau of Agriculture claims the acreage will be 18 per cent, less than in 1894. The Texas News predicts 15^ per cent, less than last year and crop three weeks late ; plant small ; that bad condition is due to drought and cold nights, grass and bugs. The Chronicle will have a special acreage report out Thursday, June 6. The Government report will be out Monday, June 10. Both are expected to furnish bullish indications. The bears say Northern spinners must have fair stocks, as they have taken 600,000 bales more than last season, and that their increased consumption has only been 100,000 bales more, and that they have in shed stocks ample to carry them to January. The outside speculative buying interest appears to be on the wane. Bears claim the New Orleans clique may be compelled to dump their June, July and August holdings, and, that as they control all the cash cotton a "money scarcity " might make a compiutory decline. T\\q Manufacturers' Record claims $1,200,000,000 invested in the cotton belt would bring :^ 1,000, 000, 000 annual revenue instead of only one-third that amount. The present spindles running number three million and five hundred thousand; more are building, employing altogether $li9,000,000, that produces $50,000,000 annually. Our advices as a rule all indicate the crop has oeen badly rumed. One correspondent says, " Lice and cut worms cannot stand the hot sun. Cotton can get sick quicker, hold on to life longer, and recuperate faster than anything ei.se cultivated South." The boii worm is scarcely ever seen in June in any Cotton States. Yesterday's reports say Mexican fly is desiroying the bolls. Crop in sight to May "31st, 9,553,393 bales, against 7,243,393 'last year. Average weighi of bales, 503.71, against 496.24 last year and 499.05 year previous. It seems to be cuij<-eded au eight and a half million crop would not enhance vrfues, while-a seven million crop woula likely i)ut piices up 2c. per pound. 108 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Wheat. Ordinarily two-thirds of our wheat crop is winlcr, and two-thirds of that is gro'-vn in ahout ieven States. Al)out two-tliirds of sprinj? wheat is grown in tiio two Dakotas and 5Iin7icsota, prac- tically the ten States annually furnish our export surplus, which averages every decade about H2,- 000,000 bushels from an average crop of about 456 million bushels. It is now claimed that half the export winter wheat States will not produce more than about half a crop or have any to sj)are over and above bread and seed. That Hessian flics, drought, cold weather, frost, chinch bugs and rust have done nuich damage and greatly decreased the acreage ; that in |)roof the Deering Hnivesting (Jompany report the cancellation of orders for 15,000 reapers ; that the Osbon Reaper Manufacturing Company claim that fifty per cent, of their orders have been cancelled. The Orange Judd Farmer reports the June condition of winter wheat as 71.5, against S4.5 a month ago, and of si)i'ing wheat 93.5 of that grown in 1894; indicating crop of winter wheat of 274: millions, and of spring 100 millions, or total of 434 million bushels. The I'rairie Farmer is reported as estimating the present acreage of winter wheat at 23,310,200 against 24,438,942 harvested in 1894, and of spring wheat as 10,344,000 acres, against 11,014,400 acres, or a grand total of 33,(;54.000 acres against 35,480,000 acres harvested in 1894, or a decrease of 11 per cent., claiming the condition of wheat is 73.2 against »3.2 May 1st, and indicating a crop of 282,000,000 bushels of winter, and forecasting a total crop of 446,000.000 bushels against 603,000,000 bushels grown in 1894. Last fall's seeding is placed at 24,884,300 acres. Apparently 1.500,000 acres of winter wheat has been abandoned or devoted to other crops. Each State reports a decreased acreage and condition except Pennsylvania, Iowa, Oklahoma, California and Washington, where increases are small. Ohio state reports give condition 68 against 85 by Gov- ernment last month. The condition of spring wheat is placed at 96.5 June 1st, against 90.7 June 1st, 1894. The season is reported as perfect with the three large spring wheat States likely to grow 125,000,000 bushels, and 164,000,000 bushels for all spring wheat States against 151,000,000 bushels in 1894. San Francisco reports the receipt of a car of new winter wheat. That four firms have bought the 7,000,000 bushels of the Fair Estate and chartered freight room to move it the coming 60 days. Chicago has most of our red wheat, and but V^ millions bushels of spring wheat. The in- visible is conceded to be small. The visible is less than any time since Oct. 8, 1892. Europe's visible is about 20,000,000 bushels less than this date in 1894. Wheat advanced since February 18th 30 cents. It is but natural that a 10 cent decline may follow. Prices now range about five cents lower. We still think wheat a good purchase for a few cents on sharp breaks, or a sale for one or two cents on sharp rallies, believing this plan can be followed indefinitely or during June, or until more is known of the growing crop, both on this and the other side or the water. A continuation of bad weather and crop reports any length of time might send wheat to 90 cents a bushel. Liberal rains and good growing weather will scarcely send it much below 72 cents this month, or down to the high point in 1894. The bucket-sJiop interests and their assistants or backers, " the public " seem to have been working a boomerang. The best methods outlive those inferior. The filling of orders by commission men always has and always will affect values. The taking of trades by the bucket-shop never has or will advance prices. The saving in commissions, interest and other charges for years by the public who have patronized and assisted bucket-shops, scarcely compensates them for recent losses, or repairs financial wrecks. Corn. The Prairie Farmer predicts the 1895 acreage will equal 81,763,000 acres, or 11.2^ more than 1894, no State showing a decrease from 1894 but New York. Our previous largest acreage reported was 78,319.651 in 1888. It appears to be generally conceded that many acres of small grain from Texas to Canada have been plowed up and planted with corn both by planter and farmer. The movement from first hands always is large in June, and nature always puts on her most encourag- ing aspects in June. Demand seldom exceeds supply or equals the expectations of the bulls. Sen- timent quiets down as clean corn rows present themselves one very hand, while every preparation is being made to let nature fulfil yearly promises in July and August. Provisions. Chicago average weight of hogs in May was one pound more than April and equalled that for May, 1894. Total stocks of all kinds of meats June 1 were 207,164,000 pounds, against 96,343,000 pounds last June. fFor further statistical facts see fourth page of our Weekly Letters.) The hberal stocks seem to make packers with limited orders bearish, and visible sellers of September provisions rather than buyers. Prices are neither very low or above parity with manufactured cured meats. Stocks of lard in Liverpool June 1 were 460,000 tierces ; in the world 295,700 tierces, against 276 683 last June. Total packing to May 30 was 3,385,000 hogs, against 3,140,000 last season : at Chicago to June 1st, 1,251,000 hogs, against 1,406,000 last year. Receipts of cattle in Chicago since January I have been 22% more than last year ; of hogs 14^, and of sheep Ijt more. Yours truly, CLAPP & COMPANY. 109 CLAP? & COMPANY, BANKERS AND BEOEEES, NEW YOEK. WEEKLY ILAEKET LETTEIL QnotatiODs for Stocks, Cotton, Grain and ProTisions for Week wiling Jnne 5, 1895, and lor Jane, 1891 Par value of all stocks $100. except D., L. A W.: P. ipc in 1884. Paid Ipo Vay 1895... Paid 2}^pc March 15, 1895 Pays 1J4P0 J-A-J-O. Paid ipo in Feb. 1894. Navxs or Stocks. American Cotton Oil American Cotton Oil Pfd . Am. Sn^r Refining Co- Am. Sugar Refining Co Pf. American Tobacco Co Atchison, Topelia & S. Fe. Baltimore & Odio Canada Southern Central of New Jersey.... Chesapeake & Ohio. Chicago, Bur. "'--1 July* Sept OATS, in bushels. I U. S Vi-ible. IPOS 8.626 OOO 18941 2,606 000 N. T. Stocks, 1,457 865 879 384 Cbgo, Stocks. 2 i2 12.b2 12 72 12.67 « 65 "6 65 6 80 6 75 6,27 6 27 640 635 Saturday, June 1. 28 74'.* 318>4 11^ m 68ii 68W 22J4 8lH 68Ji 9SH 26« 74% 117H 11494 794 62Li 63« «2H 80« 74 86^4 6^ 44H 86)^ 8m 35W 209^ 85Hi 82Mt sm 24% 2194 1<6H 146^ 68 67H 114 113^ 82 81% 2* 86^ 89 10194 10}4 80 5% 19% 30 85 89 10194 10 isU 2994 B% 18% 29 18^1 Monday. Jane 8. 2896 2896 118 lOl'M 115 8 62H 539^ 10194 22^ 74% 6<% lOOH 114% 796 62% 53^ 101 H 22% 8094 78 V» 66% 69% 69 8S% 38 99% 98 ^496 iivi 27 26*4 XU4 1431b 162 162 130 130 2196 2096 3e94 85% 88" ■ 31% 24% 24% l46% l46Vi 5896 57% 1|4 118 32% 81% 28% 87% 90 1019» 11 44% 18% 3m 6« 5% 199* 80^ 6 1996 l72% 28M 36 101% 10^ 4496 18% 80% 694 189* 29% 6 19 172% .... S4.484 7.18 7.07 7.16 7.08 7.19 7.10 182,296 7.00 7.07 7.10 7.18 692 6,97 6.9!' 7,02 S2i'. em 82 71 88 82j', 82,', 81 _ 57% 57 j 67% 65% 58% 58%l 68% 67 79% 7896 7996 7696 80!4 79*!. 80 77?i 53 52^6 52% 5094 54 63% 63% 5194 80V« 29%' 8096 2&96 3(.?6 29% 30U 29 12 7.5 12.42 12 60 12 45 13,00 12.70 12.67 12.;0 I 6 72 6 70 6 87 6,65 6,95 6.87 6 87 6 86 6 32 6 80 6.S2 6.80 6 55 6 50 6 52 6.47 Tuesday. Jnne 4. 88 28 118% 10096 115 8 62 64% 101% 23 8296 74% 6796 6994 89 9996 45" 2694 "62J4 130 21% 3796 tl7% 100% 114 6% 689a 38% 9894 45" 2694 lei" 129% 2096 86% 82% 8194 25% 84 82% 82% 146!^ 146% 5894 58 114 11394 82% 82' 2894 aii 87% 86% 18^4 172% 827.876 91% 80,'. eay* 81,', 56% 55« 57,', 6696 7896 76% 799h 78 5154 5096 6296 51% 80 2996 29% 29% 12,75 12 50 13,02 12.77 670 6.65 6.90 6.85 6 85 6.30 6 56 6.47 Wed., Jnne 6. 27% 27^ lis' 117% 10O96 looki 111 11.5% 6% 6 62% 62 63% 53% 100% 90% 229^ 22% 8194 81 74% 74 66?4 66% 128 121 69 6896 39 8oy4 9896 979a 145 145 44% 44% 26% 26% 142 14m 161 160^ 129% 128% 47 47 2 1894 18% 29y, 28 Vj 92% 92^ 14% 1894 192 498 7.09 7.14 7.1s 7,19 6.98 7.02 704 706 80S<; 79% 8196 80 56A 55% 57% 56% 77% 75% 78W 77 619* 60% 5896 6196 30% 89% 8996 29 12 50 12 37 12,77 12.62 6 68 6 57 6,82 6 77 6,27 6 22 6,45 6,42 Range for] May 1895, 3om 2694 li^ 75 Ji 109^ 100^ 'J8% 117 102% 996 696 65 6594 5596 52% 102!^ 94% 239« 1H»6 88 n% 7696 78% 63% 61% 12] 118 70% 66% 39% 3494 95% 145 144 4696 41% 27% 85)^ 14594 138m 163% 158-*:, 12794 48% 42Mi 2496 18% 85% 82 183 109% 1% 1 98 92 33 28% 2.5% 19% 84 77 148 14294 61 55% 119% 112^1 102% 98H 30H 18^ 101/4 2994 86% 2596 34 91 SkVa 104 im 1596 10% 45% 88% 19% :7% 88 28% 7 6^ 8% 4% 87 18^ 2994 23% 7 49-4 2196 15% 177 171 6794 66% 8094 17% 14% 1396 4m ■4 36 E094 lo^ 17% 1^ 2494 20 "i SOVa 49 11 bVi 20% 1,5-'U 9,;% fc896 15!4 12 48 48 7,18 8,57 7,18 6.48 7,2;3 654 7.29 667 88% 65% 85 66^ .59m 52% 62^ 6094 31% 6096 tiiVA 619* 55 46'/i 56 4% 80% 87% 83 2794 12 80 1177 ' 13.07 11 77 677 8.47 6,97 6.60 635 692 635 6.00 Range fof June 1894. 29% 2696 70 66 108% 9^ 98% 8994 90 82% 8% 4% 73 69 50% 49 107% 105 17% 1«% 7^ ■/696 80 73% 61% 579-4 120 119 6994 ti6% 87% 85 11096 104% 88^4 86" 1896 16^ :8494 125^ 161% 160 182 129% 80% 84 27 23 88% 84% 108 lOU 696 •«% 90% 90 1796 16% 16% 14% 67% 8.VJ4 133J.a 129 46% 43!4 118 114 97% 96 28 18% 7 6% 29 25 4:% 87 8494 82 99% 97% U% im 10 896 1594 14 4m 89% 4% 894 4% 8% 17% 12** 1494 14% 4 3 1:94 14% 166 158 20% M" 20% 17^ 9% 8 16% 9 64% 52% 3994 36 2394 1994 41 37 796 B96 16^ 13 8596 «J36 11% 994 4594 43% 7.23 6 96 7.88 6 9S 7.32 7 01 7.84 7 02 61,', 67% 66,V 59% 47% 43,>b 48% 44% 6196 54% 68% 56% 4294 8794 48 88% 45 81% 32% 26^ 12 62 11. ro 12.75 11 82 6.82 6.60 6.95 6.65 6.57 6.07 6.60 6.07 1895 U94 OlH POBK, Chgo.-bbls. .... bb&. WHEAT on passage. 43.920.000 bush. 43,872,000 " CORN on passage. 4.160.000 bush. 6,144,000 •• Russian Shipmts. forwk. 8.440.000 bush. 2 918.000 " Indian Shipmts. for wk. 676.000 bush. 600,000 " Argentine Shpts. for wk. L440.000 bush. t Since Au* 31. • Since June 30. Compiled and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YORK 110 cacet^Il? noarhct Xcttcr. No. 433. Copyrtght, 1H98, by Ctapp A Cetneatty. O. W. Clapp. DwiOHT O.' Clapp. CLAPP & COMPANY, Baiihevs anb Brohers, MILLS BUILDING, IM. Y. ENTRANCES: 3s WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. 277 BROADWAY, Co^-ibh Ch«vi«eii« 8t. BnANCM ) g7, BROADWAY, Bio^owm CENrR»L Hortu OFFicEt: J 753 piFTH AVENUE, Co«.«ii 68rM Sr Private Telegraph Wires. Cable Address: "Ozro." LONQ Distance Telephone. New York, Thursday Morning, June 13, 1895. Financial Outlook. The motto on the silver dollar is being emphasized by the courageous men of field, factory and finance. Political and commercial pessimists offer their stock of woes and difliculties to a people too busy making money to hear or heed. The ripening harvest begins to call for the few who still stand idle in the market place. Straws. — The mineral production in the United States in 1804 is valued at $553,352,996. The Census Bulletin says 47.95 per cent, of all persons in the United States in 1890 over 10 years old were earning their own living. Nearly five times as many men as women were at work. It is esti- mated the silver owned and coined in the United States Treasury equals 1,527 cords. One million dollars in gold weigh about two tons ; one million silver dollars weigh nearly 30 tons. Mr. Andrew Carnegie is reported claiming the country at large does not realize the boom which has started in the industrial world. That iron and steel mills all over the country have contracted their full capacity for several months ahead, and many are actually unable to take additional orders. That since the bulk of their contracts were booked, there has been an advance of 50 cents in pig iron. This fall consumers will find they cannot place orders. The country is on the threshold of the biggest revolution in business it has ever experienced, and it is not a long way off. Stocks and Bonds. Bonds.— The feeling in bond circles strengthens as general business improves. There is no uneasiness or default of conseciuence ; good seuuriues must meet a good demand, and such issues assist the market. Stocks. — St. Paul, Burlington & Roclc Island tonnage of corn and spring wheat in 1895-96 now promises to be larger than in any recent year. Missouri Pacific 6l Southern Eailway are a little slow but likely to show advances. Northwestern handles iron, spring wheat and corn ; its pros- pects are good. Atchison securities are being deposited freely, with reorganization likely to prove a success. Northern Pacific earnings improve, with evidence capital is taking some of its junior securities ; prices will likely advance. Union Pacific is doing better. Reading is sandwiched with the coal roads and grain fields in a way to warrant better earnings and prices. Erie holders need not get discouraged, foreign interests will likely protect them. Western Union appears cliqued for par and doing a better business. Manhattan is likely cliqued for another boom similar to that of 1893, then it sold to 175. Lake Shore and Canada Southern will likely score higher prices. Senti- ment appears well supported by pools to assist further advances, but few shares will likely suffer any serious declines. It is a strong market with the elite and alert in front ranks as buyers of dividend stocks. Industrial Stocks. —Sugar people and their allied cliques seem to have changed front and be working for a boom. General Electric is likely to advance to 40 soon, its friends and enemies being about ready for an advance. Cordage has passed through about all the assessments it may be heir to ; as a gamble it may do to buy, but as an investment it is a good thing to let it alone. They have wonderful facilities for making mistakes and borrowing on all tangible securities, and bunco the public. Lead people predict higher prices. Manipulators of Chicago Gas appear to have ample time to wait an advance that may not come before next fall. Clapp & Company's annual Souvenir book for 1894 will bo delivered free to applicants upon receipt of %i, A few copies of 1893 can be had for $2 each. X > O m o o z H > Z 0) a > r -< :a m o O :o a C/D o r m > o z o m X o > z o m C/3 KEEP OUit i^liTXtUS. POKTtOLIO FOB FILIi^G FORWARDED APPL.HJANTS FREE. in 2 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. 'i^^ The bucket-shop interests and their assistants or backers, " the public," seem to have been working a boomerang. The best methods outlive those inferior. The filling of orders by commission men always has and always will affect values. The taking of trades by the bucket-shop never has or will advance prices. The saving in commissions, interest and other charges for years by the public who have patronized and assisted bucket-shops, scarcely compensates them for recent losses, or repairs financial wrecks. Cotton. Since 1890 Texas has led all cotton States, and now annually produces about one quarter the world's crop and about one third of our crop. The Government report estimates about 88 per cent, of the last ten year's planting was done annually on or before June 1st. Cotton is a healthy and hardy plant whose solid growth begins about the middle of June. Good weather after Decoration Day often secures a good crop. The poorest condition ever reported June 1 prior to this season was June 1, 1891 — 85.7 ; then the largest crop was grown prior to 1894. Based on the 171 lbs. average lint produced for past ten years and the last Government acreage, the coming crop will only be about 6,840,000 bales of 500 lbs. each. We believe the concensus of opinion expressed in several hundred letters to us from most of the cotton States indicates the crop is about eighteen days late, acreage about 12 to 16 per cent, less than 1894; fertilizers used about 30 per cent, that of 1894, indicating a crop of about 7,500.000 bales, with plant generally healthy and small, and fields fairly well chopped out, plant small and healthy, with a great and rapid improvement shown the past ten days ; and that the biggest bears in cotton are those who sold out on the recent decline. Government revised acreage and crop 1894 to April, 1895 ; condition crop 1895, Junel, with pro- portion acreage each of years named, and Chronicle acreage : t Gov't Acreage 1894. Gov't Acreage 1895. Condition June I, 1895. Movem't to April 1, 1895. Acres £^e Bales Propor. Crop Planted May 1, 1895. Propor. Crop Planted June 1, 1895. ♦Propor. Crop Planted June 1, 1894. •Propor. Crop Planted June 1, 1893. •Propor. Crop Planted June 1, 189-2. •Propor. Crop Planted June 1, 1891. Chronicle Acreage 1894. Chronicle Acrt-age 1895. Alabama Arkansas Florida Georgia Indian Terrify. Kansas Kentucky Louisiana Mississippi .... Missouri North Carolina Oklahoma South Carolina Tennessee. . .. Texas Virginia 2,064,861 1,483.319 301,621 3,010,9!>8 233,898 168 8,243 1.813,296 8,826.2r2 63.696 1.296,.V?.' 28.99i 2,1W)..391 879,954 6,854,621 61,128 2,371.726 1.186,655 191.539 8,069,322 212,847 1,142,567 2,487,119 47,772 1.050,182 26,092 1,214,728 712,762 5,826.427 44,733 85 89 62 82 70 85 68 89 61 70 72 87 79 87 854,122 709,r22 48,005 1,183,924 104,887 67 8,685 721,591 1,167,881 24,114 454,9-20 13,001 818,330 286,030 8,0r3,821 12,735 3.12 2.09 4.20 8.05 2.23 2.50 .3.07 1.82 2.42 2.64 2.85 2.23 2.64 3.07 2.23 4.80 0.32 .48 .24 .33 .45 .40 .33 .55 .41 .38 .85 .45 .38 .33 .45 JJl 87 79 95 79 86 64 65 75 79 75 89 80 95 85 91 87 88 75 81 90 84 81 85 73 99 107 97 95 98 102 89 98 120 99 96 107 97 100 93 109 102 loi 98 104 104 95 102 87 8> 82 81 84 80 85 76 84 83 85 78 96 96 99 95 06 95 94 96 95 105 96 2,858,847 1,429,8-2 247,509 8,346,928 l,lffl,948 2,862,783 KB,741 1,963,7,53 628,806 4,474,310 0198,580 2,544,374 1,257,847 235,124 2,9ii.»-.:r 966,.595 2,576.505 7K,193 1,785,027 572.-2(i8 8,982,136 0173,677 Totals and Gen Averages 23,687,950 /20.182,133 81 9,476.435 2.60 .40 78.6 65.2 100.6 lOO.S 83.5 97.7 80,107,247 17.767,663 • Compared vrith previous years based on census year. t Rovised May, 1895. / Based on general average. o Others included. Government and Chronicle reports acreage, crop and condition for months and years named : Oovernm't acre- age Government re- port crop Proportion crop planted May 1. Condition crop June 1 Chronicle acre- age Chronicle crop.. Chronicle. 1 b 8. per acre 1895-6. 1894-5. 20,182,000 23,687,950 78.6 81. 17,767,063 81.6 88.3 20,107,000 *9,850,000 •233 1893-4. 1802-3. 1891-8. 86.8 85.6 19,701,000 7,527,211 179 t6,700,365 78.3 85.9 9,035,879 77.5 85.7 18,302,000, 20,838,000 6,<17,000| 9,039,000 173 203 1890-1. 8,6SC,59; 76.8 88.8 20,910,000 8,656,000 194 1889-90. f20, 175,270 t7,472,511 87. 86.4 20,173,000 7,314,000 169 1888-9. tl9,058,591 6,938,290 79.9 19,781,000 6,935,000 163 1887-8. 188e-7. 1885-6. 1884-5. 18,641,067 7,046,833 82.4 96.9 19,438,000 18,454,603 6,505,087 80. 86.7 18,994,000 7,018,000. 6,514,000 166 157 18,300,865 6,575.691 80. K. 18,710,000 6,550,000 160 17,439,612 5,706,165 67. 87. 17,8.14,000 5,669,000 144 1879-80. tl4,480,019 {5,766,869 * Estimated June, 1895. t Commercial figures credit given. t Census. According to Government acreage and condition the crop of 1895 will be about 8,140,000 bales of 500 lbs. each. According to Chronicle acreage it will be about 7,180,000 bales. In February, cotton averaged about 56.2, "nary bull in sight." Spinners and foreigners large buyers of spot cotton, at about 5 cents in the cotton States. In March average price was about 6.07 ; spinners and foreigners continued buying liberally. Exports large. A few bulls appeared in the horizon. April average price vjas about 6.69. Bears retired in disgust. In May the average was about 7 cents. The export movement continued large. Spinners and foreigners practically ceased buying. Planters and factors claim crop badly damaged ; that the invisible supplies are unusually small and 9 cent cotton very p'-cbable. June crop reports are very bad. Movement from first hands very small. "Nary a bear in >=ight." Average price about <. 25. 11:.' CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Wheat. The world's visible supply as given by Dailij Trade Bulletin and BromhalVs Corn Trade News equals June 1st, 171,109,300 busbels against 195,703,000 bushels a year previous. St. Louis received her first car of new wheat June 8 from Kansas, inspecting No. 2, and weighing G0>2 pounds. Nearly all States south of Cincinnati are cutting wheat; where thrashing is done samples and weight are below expectations. The reaper will continue moving northward about 10 miles per day. yt. Louis predicts the five States of Illinois, Kansas, Indiana, Missouri and Ohio reported will only have 05,- 000,000 against 184,000,000 in 1894. Based on Government report figures of average condition and acreage, Ohio, Michigan, Indiana, Illinois, Missouri and Kansas, may produce only 97,713,000 bush- els wheat this year as against 204,300,000 bushels ia 1894, which was 00 p(;r cent, of the 1894 winter wheat crop. Spring wheat condition is 97.8 against 88 June 10, 1894. The indicated acreage is 94.1 per cent, of winter and 99.5 of spring, a total of 405,000,000 bushels. A San Francisco telegram yesterday reported hot winds doing a great deal of damage and ridi- culed the Government report. Chicago is higher than Liverpool. It is reported Chicago speculators have been Liberal buyers of American Red in Liverpool. Russian shipments are now about their largest, and nearly double our weekly exports. Indian exports since April 1 have been 4,378,000 bushels against 2,400,000 in 1894. Argentine exports continue large and to date exceed those last season. Our primary receipts of wheat since June 30, 189+, have been about 148,000,000 bushels against 157,000.000 bushels last year. Exports since June 30, 138,000,- 000 bushels against about 158,000,000 bushels last season. A year ago the indicated acreage was 10,420,050 acres spring wheat and 22,039,853 acres winter wheat, with a prediction the spring wheat would equal 135,000.000 bushels and winter wheat equal 279,000,000 bushels, or a total crop of 414,- 000,000 bushels. The outturn was 460,000,000 bushels from 23,300,500 acres, that produced 13.2 bushels per acre. Now the estimated acreage and crop is about the same (for details, see 1894 Sou- venir, page 117). The visible is the least since October 1, 1^92. Amount on passage, 44,880,000 bushels, which is far above the average for ten years and is near the maximum amount for a score of years. Government reports'condition and acreage and yield estimates of various authorities years named : •Government report Spring Wheat acreage, June " " condition, . I une.. " " " crop, December.. t CMeago Trade Bulletin estimate, June tC*n. Price Current estimate, June tJ. E. Browm, statistician, estimate, June tClanp & Company estimate, June GOT^'i'nment report Winter Wheat acreage, June " •' " condition, June.. " " " crop, December.. ^Chieatjo TYade Bulletin estim&to. June \Cin. Price Current estimate, June tJ. C Brown, statistician, estiiuate, June tClapp & Company estimate, June 18!).5. •11.518,056 97.87 ){ 169,357',000 167,795.075 22,397,.548 71.1 < 244,137,000 235,6^',184 1894. 11,575.938 88 )C 1.33,868.576 132,670,000 IS.S.'STl'.OOO 135,000.000 2.3.;«)6,500 83.2* 320,398,840 271,300,000 278,473'.000 277,000,000 1893. 11,760,879 86.4 120,042,916 147,019,000 153,556,000 22,868',539 275 4-*8,8l)9 251,770,000 255,*562,000 1892. 12,.^05..354 93.2 < 156,758,000 178,675,000 180.000,000 181,908.000 25.989,075 88.3* 8.59,191,000 .^S9,778,000 235.000,000 ^12,556,000 1891. 13,335.613 92.0 )S 219,285,000 174,000,000 174,133',000 26,'258',284 96.6* 292,495.000 369,000,000 364,K7',000 1890. 1889. 12.567,050 91.3 ;{ 143.888,900 173.685,000 159,000,000 175,200,000 23,52(»*,104 78.1 % 2.')5,3r4.000 262,538.000 254,000.000 260,500,000 12.719,157 94.4 X 153,317,000 185,l;i4,000 158,317,000 25,:i8V.702 93.1 f &32,243,000 838,164,000 232,243',000 • Estimate based on per cent, of former year ; all other years final report. t Preliminary estimates based on Government report of June 10 each year. The wheat case is now on trial. Witnesses will continually be called until about the last of August, when most of the world's 1895 crop of wheat will have been measured and weighed, and the judges (the world's consumers) shall have about decided the case whether to become aggressive buyers or not. We advise watching what daily witnesses say to anticipate the verdict. Corn. ^ The first Government report on corn is aunually published June 10. Amount of corn on pas- sage, 4,800,000 bushels. Export shipments are decreasing. Egypt must buy corn ; Russia can furnish a part ; Argentine may assist. Crop and acreage conditions seem to favor a larger yield. We see no reason now to bull corn, but think conditions are materializing that may aid a large advance in old corn before the new crop ripens ana matures enough to be deUverable on contracts, which will not likely occur before December. Oats. The country buying of oats at Chicas:o for a week past has been noticeable, and based on drought, reports and fears o^' great damage since June 1st A cent a pound for September oats is not high. There appear reasons why an advance may be as likely as a decline. Rye has advanced the past week. The American crop promises a small avei-age, and the European crop is predicted to be 200,000,000 bushels short. Barley is up several cents. Provisions. It is estimated receipts of hogs this month will oe 650,000. The Ohio State report indicates the number of hogs to be fed this summer is but 50 per cent, of those of 1894, with conditions 92. The English demand for lard is fairly good. Hog products of late have " allowed " the packer a fair margin. The cash demand is not large. Packers have sold quite freely for July and September delivery. Live stock ihen and many provision speculators predict a decided falling off in the hog movement and better prices before any material decline. Total JMarcti 1 to June 6 was 3,745,000 hogs, against 3,480,000 the previous season, and quality very satisfactory. Yours truly, CLAPP & COMPANY. 113 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qnotations for Stocks, Cotton, Grain and Provisions for Week ending Jnne 12, 1895, and tor Jane, 1894. Par Taloe of all stocks $100. except D., L. A W.; P. * R. aid Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Wekklt Balk*. 3«) 158,0S7 l.«84 18.911 I7,H1.3 1.585 4.920 17.350 8ST0 VZ^ 405 3vxm 9'J,874 343 38.2^5 6.397 39,792 2^98? 4.^10 10.967 3.706 5.008 295 B4,.V)0 18.891 300 235 8.750 9.1.S5 1.305 8 9J6 l5 051 8.891 635 8.7.52 100 10,617 8.697 1.100 8.784 4,770 5.393 4.919 68.4.'i8 7.9-20 8.242 4 755 10.086 610 91.5.30 595 2!566 15.351 34.038 58 083 6565 4 818 5.028 4.a33 28.314 13,295 8.483 6.2C5 17,302 19 3'.>4 14,1,30 460 Capital Stock. 120.237,100 10.198,600 36,773,000 36,773,000 17,900,000 25,000.000 15.000,000 22.488,000 60.805,400 82 262.700 24,8H5.800 46.027.261 25.923,900 46,1.56.000 18.5.59.300 39,054,907 i2.3.35 170 28 000. OOO 1 1 096,000 35,4,30,060 26,200,000 R5 OOO.OOO 38 000.000 34 001 900 30,459,700 25,000.0(10 8,000.000 50.000,000 10.000.000 11,840,000 11,840,000 49.406.500 52.800.000 30,000,000 18 738,204 13,000.000 47,844 100 47.4,16..576 14.905,400 14.904,000 89,428.300 77,427,000 80,000,000 58 119.982 13 000000 39.767,200 49,000.000 39,269,546 20,000,000 l,.500,000 40.426,361 36,000.000 Dividend Rscokd. rays 3pc J-D Pays 3pc O-.r-A-J.. Pays 3^pc .I.J Hays 3pc FM A-N. Paid 2do 1895 Pavs 114PC F-A Pays 1J4PC F-M-A-N. Paid ipo Dec. 1894 Pavs lj»o M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid K-PC Feb. 1895... i"ai(i 2i4p'c"JanViR95!!! I'aid 3Vi-po Jan. :895.,. Paid3DC in 1893 Pays 2pc M-J-S-D Pays 7pc per annum. Fays 7pc per annum. Paid IJ^ipo Jan. 1803. Paid 2pc Auff L st IK'.IS. Pays 5pc per annum. Pays 2i^pc il-S. Namk* or Stock*. 68.402.900 125,000,000 60.000,000 19,8,50,000 38.710,900 60.868.500 52 9i- 1.500 52.36l.,500 20 166,000 18.320 85(1 7,440,220 8«,ooo,mx) 24,000.000 94.820,000 19 000.000 4,500,000 Pays l!4pc F-M-A-N.. Pays 3pc FA Paid 2pc August 1893.. PaTs IKpc .l-A-J-O... Paid 2pc in Feb. 1895.. Paid.3pc 1891 Paid Ipc in Dec, 1894. Pays i?ipc M-J-S-D.. Pays Ipo J-A-J-0 Paid iHpo Not. 1893. Paid Ipc April 1892., Paid ipo in 1887..., Pays 2po FM-A-N.... Paid Ipc in 1887. Paid 3,Hpc in 1884. Paid Ipc Vay l.-'OS... Paid 2).ipc March 15, 1895 Pays IHpc J-AJ-0.... iPaid IPC in Feb.'isgi!!! American Cotton Oil American Cotton Oil Pfd. Am, Sugar Refining Co. . .Am. Sufrar Refining Co Pf. AmericaD Tohacco Co... Atch.Top. & S. F, 1st ins, pd Baltimore * Ohio (anada Southern Central of New Jersey.... Chesapeake 4 lU^ 129^128J4 20V^ 30H 20 3!>H mi 82^ 24 23!^ S;!>4 fi2k4 146 146 Friday, Jane 7. Saturday, June 8. ■ir 27 74 118U 117^118^4 100^ lOOH 100>i 114 113H 62 eiM 58H 53 3896 97^ «^ 22>s 81!^ 81 74!4 73^ 120S 120->i B8?i 68(4 .3SM 38 98 9?H ^?^ 2.-.« 47H 162 129 20^ 36% 74 117V4 lOOH 83% 98^ 22 >4 81% 39 98H 43V6 44« 44^ 251^ 26Ji i.^ 144% 149 148 161 |161H 161^ 128M l-__ Uuly i^""- • ■! September CORN, tn bushels. I U S. Visible. 1895 11.583.000 18941 7.514 000 I Chict4 5^! 'M I8H 18% 18% 29 ;:8!^i 29 6 5?i .. i: 16% 16% 172% 27% 35!^ 89^ lOIM 10(4 43Vi 17% 21^ 5^4 5 17% sm 15% 172 24 83% 13% 13% 39^ 39 29 i8%, 12% 12 13% 13%l 21!^ 20% 94 93% 44 42 I 2% 2^ 5% 4%i 19% 19 92!^ 92 14!^ 13? 45% 45^ 2m 20% 94% 93% 4 8M 8^ 8% 19 18% 92^ 91% 13% 13% 45% 44 Hi 176424 I 264.516 20« 19% 36% 3C>4 83% 23% "7% 53!^. 113 l47ti ,57% 31% 31 35% 18% 24% 18% 10% isw; 22% 5% 5 18% 28% 10% 16% V^ 24V V. 39 81 12 1-3% 21 94 42 1% 8% 19% 92% 14^ 24 13% 89 ^ 13^ 20% «3% 41 1% 2% 8hi 1 Monday. June 10. 118 101^ 113% 10% 88% 53% 99 22% f2% 121% 69% 39 197% Taetday. Jane 11. 27% 73% 117% 118% 101 102 113% 116 9% '■ 63 63% 9&H 22H 81% 66% 121% 69^4 39 97% 26% 26% 149 148^ 161% 161% I2.S% 128% 46% 46% 20% 20% 37 86% 80% 24% 83% 147% 58% 114% 82% 23% 82 147 58% 113% 32% sm 28% 36% 891.4 »01% 11% 44 18% 2.3% 5% 29 17 »W% 24% 13% 89% 32^ 12Hi 14 21% 94 42% 2 3% 8% 19% 92% 92% 13% 14% ... 45% 28M 35% 89^4 101% liVd 43% T 5% 19^ 88% 15% 172% 84% 1.3% 39% 3IH 11% 13% 20% ^^ 1% S 8% 19% 92% 14 45% 82% 25 83% 147% 59 114% 10O« 32% 29% «6% 90 102^ 11% 45 18% 24% 6 5% 20% 93.188 170,739 7.06 7.08 7.11 7.11 7.04 I 7.14 7.16 7,0* 720 7,19 7.09 7 23 82] I 80%' 84% 83^ S:% 85 57%" 56 ^,' 58% 58% 57% 5i)% 79% 77%' t\M 10% 7814 82'^ 13 51% 53% 54 52% 55 7.09 7,15 7 09 7,16 7,12 7.20 7 15 1 7 23 82%j 93% 83% 84ii 57%; 57% 66% 58% 79% 81% 80%! 82% 52% I 53 »3% 54% MS 7.14 713 7 14 7.18 7.14 7,16 7,23 7,16 7.19 7.25 7,20 82!J »i\ 82% 8313 84% 83% 57 5?Vi 66% 58% 68% 66 Wed.. June 12. 17% 173% 85 14 40^4 33% 12>4 14 21% 93% 42 2 8% 9% 20% 93% 14% 32% 24 83 146% 58% 114 100% 82 35% 89H 101% 10% 43% 18% 2?% J, 19!^ 29 ie' 173 84% 13% 89% 32% 12% 14 21 93% 41% 1% 3% 9 19% 93 14 88% 28% 74 74 119% 118% 10;;% 102^ 115% 115 10% 10% 63% 63 65 54% 99% 98% 22% 22H 86 84% 74% 71% 69% 67% 72% 71^ 4uM 40 99% 98% 46% 44% 26% s;6 149 148 129% 12»' •X>' 18% 30% 35% 131 131 96% 96% 83% 32% 24% 24 149" 147% 59% 58% 115!^ H4H 102 lOOH S3 32% 12% 12% 29% 29 80% 3o?4 mi 89% 102% 102H 44% 44% 18% 18V* 800 372 7 14 7 11 716 7.12 7.21 7 15 7.23 7.19 S4% 82 85,'. 83 57% 56,\ 56% 67^-4 79% 81% 79%' 81% 79% 80% 82% 80% I 82% 60% 52H 52% 52 I 52% 61% 53% 63% S3%i 53% 52% OATS, in bastaels. I U. S. Visible. 1895 8.749 000 laJll 2,764 000 N. T. Stocks. 1.427 89S 399.344 Ckgo. Stocki. 2 009 000 174 000 'Oatl.. I IPorlc, iJ«Iy,.. ., I -Septeniber iju'y ' ) Septembe I LARD -tee. World'svis, 1895 295,700 1«94| 123,800 1895 1894 CHICAGO CONTRACT STOCKS. PORK-bbls,' LARD tcs. RIBS lbs. 125.915 I 70 225 33,791.699 63,498 I 17,'i44 ] 6,724,109 WBBAT en passage 4«.l«r«00 busb. 41,464,090 " 27 Vi 6% 6 20 8-3 6% 17 24% 6 5% 19*1 30^ SVi 16% 25 244j 14% 1.3% 41% 40 s;i% 32% 12% 12% 1.3% 13% 21% 21 94 93^ 42 41 2 1% 3% 3 9V| 9 20% 19% 93% 93% 14% U% SCO 381 7.08 7.08 7.11 7.08 7.15 7 II 7,1s 715 88% 81% 84 ay* 55% 55% 57 56K 80% 78% 81 79 I 61% 50%1 52% 51%: Ranire Tor June 1895 to date. O1.D PORK, Cheo. bbla. ... bbU. 88% 27 75V4 73! 119% 1171 102% 100% 116 118% 10% 9% 63% 61% 55 53 101% 97% 23 82% 86 80% 74% 71% 69% 65% I22!.i 120% 72% 68% 40)i STTi 99% 9/% 145 145 46% 43% 27 25V4 149 141% 168% !59^ 13U 128% 47 47 21% 18% 37% 85% 131 129% 96% 96% 33% 81% 25 V6 im R3% 81% 149 146 59% 57 115% 112% I02 99% .33 30V4 12% 12% 29% 27% 8:% 35 90 89 102% I01V4 11% 10 45 i 6 43V4 -.7% 21 5% S 20% 17% 32 28% 6Vi 5% 19% 15% 173% 172 25% 20M 14% 13!4 41% ,38 83% 27% 12% 11% 14 12% ■HH 20% ■J5% 93% 48 4094 3% 6V4 1% 2% S% 20% 18H 9.3% 91% 14% IS'H 46% 44% 7.15 «,92 7,18 6.97 7,23 6 99 7 26 7 02 84% 79H 85,'. 80 .58V4 55V< 59V4 56% 31% 75% 82% 77 6S% 60% 65 61% 6 70 6.65 6 <2 ceo 1 6 57 • 55 ; * 70 6 90 6,45 4,65 6.80 6,80 677 ; I 5,99 6,40 6,35 6 32 6 82 | 6,30 6 27 ,1 6 4« 6 60 6,55 6 55 6.50 ' 6. 5» 6.45 I > 00 Range for June 1894. 29% 26% 7u 66 mi4 96% 96 Vi 89% 9* 82^ 73" 69' 50% 49 107% 105 17% I6V4 79% 76% 80 73% 61% 57»i 120 119 69% 66% 37% 85 110% 104% 8BM 86" 1S% 16V4 ;.34% 125^4 161% 160 182 129% 30% 21 27 23 38% 84% 102 lOo 5% 4% 90% 90 17% 16Vi 16% 14!^ 67% 6.5% 1331.4 1-^9 46% *iH 118 114 97% 95 23 18% 7 6V4 29 25 4:% 87 84% 82 99% 97J4 14% nvi 10 b% 15% 14 41% 39^ 4% m 4% 3% 17% 12% 14% 14V4 4 17% 165 14% 158 20% 18 17W 8 » 64% 52% 39% 36 23% 41 7% 19% 37 6% 16V4 IS 85% «% 11% 9« 45% 43% 7.23 6 96 7.2H 6 95 7.32 7 01 7.34 7 02 61,', 57W 66,% .^9% 47% 43,', 48% i*H 81% 54% 63% 56% 42% 37% 4S 38% 6 75 6.95 6 23 6 57 6 42 H 6.60 6.65 6.07 6.07 CORN en passage. 4.600.000 ousb. 6,384,000 " RusiiaB Shipmts. for wk. 6.280.000 buth. 2.814.000 " Indian Shipmta. fer wk. \ Argentine Shptb. tor wk. »44.000bu8lL I 026.000 busk. »00,C00 " I t Since Aua Jl- * Since June 3i!. Compiud and Co^righud by CLAPP & COMPANY. BANKERS. MILLS BUILDING. NFT' YORK in IPClcchip flDarhct Xcttcr. 1o. 434. Copyrtght, 1S9S, by Ctapp Jt 0»fn9mm9. O. W. CLAPP. OWIQHT O. CLAPP. CLAPP & COMPANY, Banhcrs anb Brokers, *; MILLS BUILDING, N. Y. no ENTRANCES: 35 WALL STREET, IS BROAD STREET AND 55 EXCHANGE PLACE. O OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. PI / 277 BROADWAY, CORNER Chambers St. PRIVATE TELEGRAPH WIRES. X J ^.V S^S^S^^X ^''^'"■' ^'"'°"'°- ^°'"'" "°""°''^' lONQ DISTANCE TELEPHONE. O Offices: J 671 BROADWAY, Broaow4» Central Hotel. ,, "-^ ( 753 FIFTH AVENUE, Corner 68th St. CaBLE ADDRESS: OZRO." ^ New York, Thursday Morning, June 20, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, > 2 Cotton, Grain and Provisions. ^ Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable D information. ^ Usual margins required; customary commissions charged on cash property or for future p* delivery. "^ Margin deposits may be made in Drafts on New York, Currency by Express, Post Office -« Orders, or by deposit with local out-of-town banks. The local bank should always wire us at pr] once, at our expense, stating amount that has been placed to our credit, and for whose O account, thus allowing customers' orders to be filled promptly. O A General Banking Business conducted. 3^ Interest allowed on Avern.sfe Daily Balances, p credited Monthly. City and Country Accounts solicited. Collections Free to Customers. ^ O Financial Outlook. "^ Alternate clouds and sunshine fit the feverish conimorcial pulse for more aggressive effort later .^ on. The plumpest ripening grain and fattest cotton fields will not suffice for him who thinks he wants the product now. The wise man waits on impulse in the speculative marts and seeks an P" opportunity to realize, in order that the open fields, running streams and white capped waves, may rn claim his time and money. ^ Straws. — The director of U. S. Mint estimates the world's production of gold in calendar year n 1894 as about 8,730,518 fine ounces, valued at 8181,510,100, an increase of $22,678,000 over 1893. — The silver production at 1(35,918, 338 fine ounces bullion, value $105,348,135, or an increased produc- 2 tion of 722,000 ounces. In the production of gold Africa, Australia, United States and Mexico led q tiie increase in order named. The United States produced $61,000,000 silver, coining value, commer- cial value $31,400 000. Mexico ^60,817,000, coining value. North America exceeded the balance of [t| the world. Australia's product is *41, 1 60,000 gold. Africa $40,306,00u, and these with $39,500,000 s'e will soon issue a list of such securities that we recommend. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUB LETT" -fcSL POBTFOHO FOK FLLIJiG FORWAKDEJJ APPLICANTS FK££. 2 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Railway Stocks. — The gross earnings of 131 roads, aggregating 100,253 miles, were in May, $189,690,197, or an increase of $4,08t3,522. For five months ending June 1, 132 roads gained $2,361,- 407. 58 roads first week of June gained 10.45 per cent., or largest gain any week this year. The N. Y. Stock Exchange transactions to date are nearly 10 percent, more than last year. Total values are larger. A year ago the Northwestern roads were threatened with light business, and were in the midst of the worst railroad strike the country ever experienced. Their excellent management now shows them in full possession of good equipment and rail, peaceful and contented employees, and with the best prospect for spring crops on record. Business of other descriptions is growing and is larger and more profitable. Baltimore & Ohio has bought electric engines for an experiment. The Manhattan Elevated may equip its road with the revolutionizing electric power. A new under- ground trolley is being laid on 125th Street that has had a wonderful success. Coal is being mined so cheaply and plentifully that all manufacturers and non-coal roads are largely benefited. Low profits to coal roads may be made up by increased tonnage. Southern Railway appears acquiring some excellent franchises, and will likely sell much higher before Christmas. Atchison methods are growing in favor. Missouri Pacific, Kansas Pacific and otlier Southwest roads are reported pooled for a five or ten point rise Tenn. C. & I. will likely do better, yet more caution should be used. We advise giving the " belated bull a chance." Western Union, Manhattan and Lake Shore are still looked on with favor. Canada Southern and C. C. C. are good properties, and will likely advance and probably pay an extra dividend in 1^95. Read- ing's franchises and property make it always a tempting purchase on a sharp decline. Sentiment appears well supported by pools to assist further advances. Some stocks may suffer fractional losses pending the closing up of holdings of those who are seeking their summer vacation. Dividend stocks will likely range higher as good crop reports continue. The Chicago Stock Exchange permits members to trade in stocks listed on the New York Stock Exchange. Industrials. — Chicago Gas is likely to sell at 90 this year, if Chicago aldermen are prevented from further tampering with franchises as now expected. Cordage appears to have been killed by bankers and Stock Exchange methods. Sugar seems to be a favorite and likely to be advanced by manipulation. General Electric shows more signs of going to 40 or 50 than under 30. Cotton Oil is likely to advance in consequence of its good business. Distillers continues being hauled over the coals. We would rather buy it than sell it short. Cotton. Seldom have conditions materialized as they appeared to us a week ago, when we wrote thie most bearish letter yet sent out, and when prices were practically the highest on the crop. About a year ago many drought reports were circulated, yet some cotton planting in the elder cotton States was done after June 15, 1894. This year as last high prices prevailed about general planting time, with a decline in values beginning about the time the fields had been chopped out once. Ten or tAventy years ago it was considered a man could cultivate twelve acres of cotton in a season ; now with improved machinery and new lands opened up, and more white labor, it is estimated a man can cultivate 30 or 40 agres, and do it better in proportion if very dry or very wet, and that under favorable circumstances he can care for five acres, against one a score of years ago. It is scarcely five years since cotton was considered cheap at ten cents a pound and wheat at a dollar a bushel. Speculatively speaking, a decline of 10 points on 50,000 pounds, or a single contract of 100 bales of cotton, is the equivalent of one cent a bushel, and 70 cent wheat may be relatively ranging on a parity. From February to May 23, cash cotton advanced about two cents per pound ; then August cotton sold at 7.29. This is about the equivalent of 20 cents per bushel on wheat, or 40 per cent, over February cotton quotations. Staple cotton goods sold in February at 2>& cents for fi4 x 64's. Now the quotation is 2J/i. The weekly consumption of American cotton is placed at about 100,000 bales, of all cotton about 166,000, in 1893 ; 173,000 bales in 1894, and about 180,000 bales (all 400 pounds) in 1895. Spinners are reported well supplied, and holding more than either of the past few years. India grows about one-fifth the world's cotton crop. The Monsoon is reported favorable to a large crop. The visible is larger than ever at this date, except June 1892. Values are not materially lower than in June of either of the past three years. Imports of cotton goods the past 60 days exceed those of any similar 60 days the past two years. It is reported a few speculative spinners at Fall River and other places recently invested heavily in print cloths and then advanced wages of mill hands, thus causing the recent firmness more than real demand. New Orleans traders appear to have overbought for August delivery, and ma^ yet come to realize our advices were true as given out two weeks ago, indicating they might find a (noney scarcity and compulsory decline when more promising crop prospects should appear, and a freer selling of satisfied bulls and foreigners, against purchases they made early in the year at about oc. per lb. The present owners of cotton futures seem to be pyramid holders, or those who reside near cotton growers, who usually market the cotton crop in the fall at moderate prices. Bulling cotton futures in speculative markets, about the time crop prospects look poorest, is not always profitable. Spinners and successful speculators have sold new futures with impunity, at about 40 per cent, more than they paid for the 1894 crop but four months ago. The last Government report said out of 720 counties 88 indicated the acreage will be about the same as last year ; 5 reported an increase of 10 per cent. ; 2 an increase of from 11 to 20 per cent. ; 3 an increase of from 21 to 30 per cent.; the total a decrease of ly per cent, on the revised acreage, which some interpret as in- dicating a supply of about 9,000,000 bales, or say 2.000,000 in excess of probable taking for consumption. U6 CLAPP & COMPANY. BANKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. The bears say the crop in the cotton belt has greatly improved the past twenty days and is only about a week late, that the plant is strong and healthy, and the weeds and grass well under control. That fields are usually clean, blooms appearing, and insect troubles below an average, and port re- ceipts increasing. On further decline it may be well to again reinvest, especially so when the New Orleans " clique " give up trying to corner old cotton, and futures seek relative values in various markets. The bucket-shop interests and their assistants or backers, " the public,! seem to have been working a boomerang. The best methods outlive those inferior. Thejilhng of orders by commission men always has and always will affect values. The taking of trades by the bucket-shop never has or tuill advance prices. The saving in commissions, interest and other charges for years by the public who have patronized and assisted bucket-shops, scarcely compensates them for recent losses, or repairs financial wrecks. Wheat. From February to May 23 wheat advanced thirty cents per bushel, or 58 per cent. The Russian, India, Argentine and Australian wheat countries now export weekly more tlian evr.^r. All countries shipments exceeding ten million bushels per week since about May 1, Our exports recently show a falling off of 40 per cent, on both coasts and over 50 per cent, on this coast. Liverpool reports no spring or red American in store, yet has ample supplies for immediate wants, with practically the largest amount atioat ever known. The maximum amount afloat was, June, 1891, 45,344,000 bushels; it is now 45,200,000. Primary receipts the past 60 days exceed those of a year ago. The bears now predict the invisible is larger than a year ago. That new wheat will reach Southern markets and soon cut off the demand from lake cities, that millers will only buy from hand to mouth, that thrashings already indicate a good crop where the wheat was reported plowed up a few weeks ago, that the July delivery day is near at hand, that 18,000,000 bushels of wheat in Chicago is more tlian enough to enthuse the bulls until some more facts are known about the amount of wheat likely to be thrashed and an export demand reappears. The spring wheat crop is now generally conceded to promise the largest yield grown. The Daily Trade Bulletin reports various estimates for the 1605 crop as follows : Departments of Affricultare busbels, 400,000,000 Sec. Brown, New York Produce Exchange, Daily Trade BuUelin (on Government figures) Duilt/ Trade. Bulletin (own advices) Ciucinuati Price Current, (on Govt, figures).. Cincinnati P»"ic-e Current (own advicesi 402,(K)0,0()0 413,000,0(K) 42.5, 000, 00() 420,000,(K)0 425,000,000 Orange Judd Farmer bushels, 4*1,000,000 'Td\^o Market Report " 440,000,000 Frairie Farmer.. " 446,'o00,'o00 Mum&ApiyWs Mar kri Record " 470,000,(XK) Minneapolis 7our.ia/ «• SuiooojOOO The Orange Judd Farmer reports the winter wheat condition from May 27th to June 10th de- creased 7 per cent. For some years it has been conceded that when St. Louis paid a large advanced price for a single car of new wheat, that prices were near top, or if no premium were paid prices would do better. Last week a car of contract 2 red were sold tliere for a dollar a bushel. In a gen- eral way the world's wheat crop thrashed, being thrashed, and yot in the milk, promise about an average yield The same may be said of rye. Crop reports wxU'likely diciaie vctiuos. Corn. Corn crop prospects cause "long range bears" to predict this year's crop will sell as low as 32 cents for May, 1896, delivery Bulls claim 42 cents for December delivery affords good chances for profit. That July and August make a crop rather than glowing promises and indications in June, Old 1894 corn seems to be in good demand for fall delivery at about 50 cents. The supply is " reckoned " small. It is considered the demand must be up to an average. The hay crop every- where is reported poor, with oats and oat straw likely to bo under an average. Corn and oats for S'^-ptember delivery qre about'20 cents ai)att, and for May delivery about 4 cents apart. Country traders and cribbers are making the split trade, expecting to pocket the difference. Oats. Oats for May delivery, 1896, are" now selling at Chicago around 33 to 34 cents, based on bad crop reports ; at this price free of char:>':i :or delivery ten months bonce. Oats do not appear dear when it is considered the crop will likely be very short on account of droughi and a very small hay crop. Provisions. It is expected receipts of hogs will fall off this week about 20 per cent., or only be about 125.000 for Chicago. The average of hogs received there this year is below last year The export and domestic cash demand is improving slightly, yet is far from brisk. Packing to date, 4,080,000 hogs against 3,845,000 last season. Yours truly, CLAPP & COMPANY. 117 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QaotatioQS for Stocks, Cotton, Grain and ProYisions for Week ending Jnne 19. 1895, and lor Jane, 1894 Par yalue of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. fl EEKLT Salei. 4.896 1.T28 191,933 3.598 41.858 80.090 830 11.600 9.389 14.561 6W,905 169.640 84.995 1,093 80.688 6.000 23,484 301 8,772 1.180 4.905 2.528 2.754 118 59 065 18.476 590 300 617 17,125 5.470 620 2.310 17.588 10.934 1.662 26.631 60',365 5.879 2.649 1613 6.320 25.475 2500 28.515 5.442 5.166 16 032 22,980 215 111,910 4.706 60 000 2.400 24.546 81.678 77.U26 27.581 3455 10.030 4.412 18 M4 6.565 l.HOl 5.b'35 51. 135 18,937 10.060 1.658 CAPITA!. Stock. $20,837,100 10,198,600 36,773,000 86.77.3,000 17,900,000 25,000,000 15,000,000 22,488,000 60.805,400 82.262,700 24,885,800 46,027,261 25,923,900 46,156,000 18,559.360 89,054,907 22,335 170 28 000,000 11,696,000 85,430.060 26,200,000 85.000.000 38 000,000 84 091900 30,459,700 85,000,000 8,000,000 60,000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800,000 80,000,000 18,788,204 18,000.000 47,844,100 47,436,5';5 14,905,400 14 904,000 89,428,300 77,427.000 20,000,000 58,119,982 18.000,000 89,767,200 49,000,000 89,269,516 20,000.000 8,500,000 40.426,361 86,000,000 DiTIIIBNS RiCOBD. Kami* ot Stocks. Pays 3pc J-D Pays 3pc O-J-A-J.,, Pays 3^pc J-J Pays 3pc FM-A-N.. Paid 2do 1895 Pays Ikpo F-A Pays IMpo F-M-A-N. Paid Ipo Dec. 1894 Pays Ipo M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid }4po Feb. 1895... Paid l!^pc June 189.5.. Paid 2!^po June :895.. Paid3Dc in 1893 Pays 2pc M-J-S-D Pays 7pc per annum. Pays 7po per annum. Paid IJipo Jan. 1893. Paid 2pc August 1893. Pays 5pc per annum. Pays 2MjPC MS. Pays IHpc F-M-A-N. Pays ,3pc FA Paid 2po August 1893. Pavs l^pc J-A-J-O.. Paid 2po in Feb. 1895. Paid .3pc 1891 Paid Ipc in Dec, 1894. Pays l^l)c M-J-S-D.. Pays Ipo J-A-J-O.... 68.402,900 125,000,000 60.000,000 19,850,000 38.710,900 60,868,500 52 9fM,6nO 52.361.500 20,166.000 18.445 950 7.546,000 28.000,000 24 000,000 94,820,000 10,000,000 4,500,000 Paid l!4pc Not. 1893. Paid Ipc April 1892., Paid Ipo in 1887..., Pays 2po F-M-A-N.... I Paid Ipc in 1887... Paid'sj^PO in'issi! IPald Ipc ^ay 1895... iPaid 2Hpc March 15, 1895 Pays IMpc J-A-J-O.... Paid IDO in FebVisw!!! American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co. . Am. Sugar Refining Co Pf. American Tobacco Co At cli.Top. & S. F. 1st ins.pd Baltimore & Ooio Canada Southern Central of New Jersey.... Chesapeake RlBS-lbs. 1895 295.700 125.915 70,225 i 83,701.(i99 1894| 128,000 I 61,498 I 17,i44 ' 6,ri:4.109 ; Lard . iRibs I July ' September tJuly I September Thursday.! Friday. June 13. ; June 14. sm 279-4 .... 74 739i ... 1219< 1191^118% lOiH 102)^ 1009i 116H lHVi 116 im 10>4| lOK Saturday, June lo. 64J4' 55 99k 101 84^ 85^ 7-2^ 76^ 54% 101^ 22?^ 85-K 75M 689i _ _ 12214 18214 123 72J^ 719i| 72H 40 ... . 145 45% i^ 26H 2ljB6 147i4'l47 162>4 -lH'HlOiH 129^ 129>4 130 117 118H 100^100^ 113 iVAVa 10 10^ .. 63 54%l bhZi ICOJi 10^ 40H 99H 45';^ 2? 148 22^ 814^ 74% 6S 12-'J4 „ :m 78 22% 74!^ 69 99 145 1179i lOOH I13V4 10 63 54?i mm 22h 85?6 72 68^ 72k 46 99>i 99 4.'>94 26^ 144 162k 129H ^9% i^H] 19% 355s| 36>6 132 131!^ IH 1% . . ... 95U 32% 82^1 82% 24^ 24 I mh HS% 147%'l48' 59M 5-%l 68% ll5%i 11514 11.' 9i 1U1?4 101 Hi 102^ 33 82^ 83 2i;52l ■2('H 147 1147 16214 '162!^ 129%;129?4 185^1 19« 19 34k 36 35?i ... jl38 133 95% 96H 9uk 3-294 82-K 82!^ 24)4 8-4H **^ 148 68H BS% 58% 113 114 114 102 102k r2k 8294 82% 8294 6.39 6 99 7,02 705 B-Z% 80,'. 83',% 81,'. 5Sii 54% 5b94 56 79% 77%, 7i mi '8^\ 7! 51k 50'/.;! 5L_ 52!4 51Mj 52)4 90 29k 80 29k 29% 2914. 29-M 29% 12.40 12.:i0 12.42 12.37 12 70 12,60 12 72 12.67 6.60 6.80 6,27 6,47 6.5,-. 6,75 6,2,1 6.4.'i Monday. June 17. Tuesday. June 18. 27H 73k 118% 10094 11494 Ilk 63k 56% 100 23 75)1 69% 123k 7394 41)4 100)4 46% 26-/(, U6)4 102H 129% 19% 36)4 27% 80 73k 75k 100 1 100 11394 114)4 10?* 11 63%' 64 55941 5694 9694 100% 22% 23)4 734 6^% Wed.. June 19. 1-23 72% 40 999^ 4594 269i 146 162)4 129% 19)4 85% 329i 25 83)4 14*i 59% 115)4 102% 85)6 30 24% 83)4 148% 59 113 74 117 9994 113)<, 114 lO-H '- 63)6 56 85)1 74 68% 123 78 41 99)4 7494 69)1 123)2 73% 41 )i 100)1 4694 i"^ 26% 26k 148 116 162k 161)^ 130 1299-4 4794 4794 19% 19 36 869^ 96% 96% 81% 25k •25 24k 83)4 83)4 148k 148k 59k 6894 1:5% 114 l02k 103 102% 33 I 85% 849^ 118.690 6.36 6.96 6 86 8 86 6.98 6 95 7.01 6 94 6 S9 6 82 r02 6,93 7.04 6.96 6 93 6 84 7.05 7,02 7.o8 7,00 6.95 6.87 78A 77% 79% 78'7i, 54% 54.', 56% bbi^A 7494 73k 76)4 75% 50!^ 49(4 51% 50% 8i;i 80,', 7994 78U 78 76 A 82% 81-^ *)% 53^ 79 77)4 55 M)^ .'>4i4 63 56k 66 b5)5 64% 55)4 64 76% 74^i 74% 72)4 77k 75% 7.i% 7m im 4894 4'% 48% 60% 49% 50% 49)a 29k 29 89 88 i9H 28k 75k 75 11934 117% 100)4 100% ■ 11394 10% 10% 63% 63k 66 5594 100% 9994 23% 22% 85% a5)4 74k 73% 68% 68)4 73% 73' 4uk 40 89J4 99)4 46 4594 26)4 26)4 140% 144% 162)4 162)4 130 130 ii% 1894 3594 84% 1% ik 2^ 28 2494 2494 14994 148% 58% 68% 115% 114k 102% 102% 34% 34)4 Rauge for June 1895. to date. 6.98 6.75 6 97 6.79 7,00 6:18 78A 75% 79,'. 76% 55k 54 56% 65)4 74% 7194 76'4 7.3)4 60% 49'4 61% 60)4 Sm 29)4 88% 31% 28 2J% 28)4 2*94 27% 88% 28 •, 29% 28V4 31% 27% 12 45 12.35 12 45 12 32 12.,50 12 42 12 45 12 30 12 70 12.30 12,77 12.62 13.76 12.62 .12,82 12.70 12,75 12,60 13,07 12.60 80 87 75% 73% 181% 117 102k 9994 llr,% 113 i:% 994 64 61)4 5694 63 mH 97% XIH 2«% 86)4 80% 76)4 7l9i 69% 66% 12.3% 12094 7394 68)4 41)i 37% 100)4 9^)4 145 145 46% 43% 27 85)4 149 14 Ik 168k )f9k 130 128)4 4r94 4694 21k I8k 37% 84k 133 12994 96% 95% 33)1 25% 25k 22)4 8.394 81% I4994 146 69% 57 11594 lli'/i l03 99% 35% 30k 12% 12% 83)4 8794 srk 85 90^ 89 102% 101!^ 11% 9% 80)4 16k S2k 28)4 2M 20)4 !4% 13)4 •22)4 19% 0594 » 21)4 18k 94k 91-94 1494 13% 4694 44)i 7.15 6.86 7.18 6.75 7.23 6 79 7.26 6 87 84% 75% 85,', 76% .58'm 53 59)4 64 3194 71-94 ti2-94 73)4 5394 4f% 55 49)4 6 67 6.^5 6 60 6 77 6 75 ! 6.82 6,:» 6 27 ■ 6 ■•« 6 50 6 47 I 6 57 6 55 6 75 635 6 47 6 62 6s8 6.35 6 57 6.60 6.80 6.80 6.52 6 60 6.H5 635 665 6.57 6,80 635 6.57 6 57 6,80 6.32 6.55 655 6 75 627 6,47 6 70 6,90 6 40 6 65 6.55 675 6 22 6 42 Ranee foi June 1894. 29% •269< 70 66 108)4 9«k 93 k S*'^ 90 82k 73 69 50k 49 !07k 105 17% 16)4 79% i6% 80 73% 61% 5794 120 119 6994 «e% 37% 85 110% 104% 88t4 M 1896 16)4 :3194 i-25k 161% 160 182 129% 30% 24 2,- 23 38k 3*H 102 100 5% 4% 90% 90 17% 16k 16k U% 67)6 6^ 133)4 1^9 46% 43)4 118 114 97k 96 28 im 6k 25 7 29 4:% 37 M->< S2 99% 97)4 U% 10 1114 8-% 1594 '< 41k snk 4)4 4k 2-94 3% 17% I-2H 1494 HJ-i 4 8 1794 14% :66 156 •20% 13° 'iO'4 16)1 61% 1994 17)4 ;-2k i^4 33 2394 1094 41 87 7% 6% I6k 13 8,5% 8296 11% 944 4594 43k 7.23 6 96 7.28 6 9f. 7,32 7 01 7.34 7 02 67k ?9k 43,'. 44)4 51% Nik 37^)4 38% 81% •26k 12 62 11 ro 12.75 11 82 6 82 6.60 6.95 6.65 6 57 6.07 6.60 6.07 61,'. 66,", 47)2 18% 61% 63)6 4291 48 45 38)6 1895 1894 OuD PORK, ChKi..-bbls. .... bbis. WHEAT on passage. 45.200.000 busb. 89,336,000 " CORN OD passage. 4.720.000 bush, 6,848.000 " Russian Sliipmts. for wk. 5 440,000 bush. ■i 769,000 " Indian ShIpmts. for wk. 816,000 bush. &j0,C00 " Argentine Sbpts. for wk. I 1,048.000 bush. t Since Aug »l. • Since June M Compiled and Copyrighted bj> CLAPP & COMPANY, BANKERS, MILLS BUILDING. NEW YORK 118 HOcchli? HDarf^ct letter. No. 430. Copyright, 1998, by Olapp * 0»m,9mm^, O. W. Clapp. OwiQHT O. Clapp. CLAPP & COMPANY, Banhere anb Brohers, MILLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Branch Offices /■ 277 BROADWAY, Corner Chambers St. ) 621 BROADWAY (Casli Buildino, corner Houston). '' I 753 FIFTH AVENUE, Couhbr 68tm 8t, 671 BROADWAY, BROAOwAt Central Hoteu 753 FIFTH AVENl SARATOGA, N. Y. Private Telegraph Wires. LoNQ Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, June 27, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, BondSf Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers* orders to be filled promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOll OUR 1894 SOUVENIR, "LEADING AI^IERICAN EXCHANGES.'* '■ The handsome souvenir volume of 352 pages, Issued by Messrs. Caapp & ijompiny. Mills Buildmg, New Tork, comprising their weekly market letter issu.-d during 1894, with much other information, forms a work of great value for refeieuce by h«nkei-s, railway officers and others Interested in finaricial att,-iirs. The duly record of stocks, and of the prices, productions supply and distnbuuon of colton, giain and provis- ions is especially useful foVpreservaiion, as are also the statistics of geld and silver production. The builrtinga occujiied by financial exchanges and boards of trade throughout the oounli-y are handsomely illustrated, and statements are given of the transactions at each of these points. In- formation furnished by the Railioay Age, in regard to railway construc- tion and railway insolvencies is drawn upon in several places through the volume, but It is not pleasant to find that tables occupying one entire page, giving a detailed statement of recent railway receiverships and foreclosures, and the summary of foreclosure saW for the past liineteen years, are credited to a Wall street publication, instead of to tlie Railway Age, which originated and has been the sole source of this information ever since it commenced publication, nineteen years ago. It is to be supposed that Messrs. Clapp * Company will take the first opportimity to correct this mistake, and give credit for paiiistakinj; work like this where it belongs The volume is furnished postpaid foi $;100."'— Railway Age and Northwestern Railroader Chicago. 111. " Clapp & Company, bankers and brokers. MUls Building, New York City, have issued their souvenir volume for 1894 It makes a very large and tasty book cf over 350 pages, about two-thirds of which is devoted to a reproduction of the weekly market letters for lB94of this eminent firm. These letters thus put into a permanent form ar» invaluable for refer- ence and comparison, on account o' their el.ihorate Rtati.sti.-s. The re ■lainder of the bool" comprises classified statistics from the I 'Oding ex- chacges of this country An indel renders references to any department Tcry convenient."— Boston Journal of Commerce, Boston. Mass " One of the most elegant volumes, typographically, and miw.t valu- able in contents that has reached our office, is Clapp & Company's Souvenir, it being a compilation of commercial facts and conditions for llie J ear 1884. It embod>-a the reprnd'iction of their weekly market letters. and thoroughly comprehensive and complete statistical reports of finan- cial, industrial and cmmercial movenienis. The souvenir embraces all conceivable information on all matters and influences that have relation to the business of this country. The Messrs. Clapp are men of unusual independence of thought, and have the unquestioned couratre of their convictions. They never mince words in their conference with the public nor shade a thought to promote or stimulate traffic to their advantage. The souveuii is an invaluable compendium to the counting house and business office, and the recipient of one can well afford to congratulate himself on his exceptional fortune. Clapp & Company are banke'-s and commission merchants, with main office in the Mills Biiiding, New York City."— The Bessemer Weekly, Bessemer, Ala. " The Herald is in rc^ipt of Clapp & CompaLv's beautif a' so\i\ entr for 1894. an elegai.tly bound volume, full of valuable information, skill- fully cla.s,sififd and carefully n.i>ned, sc as to make it easy t/j readily find desii able data upon matiei-s of financial commercial and agricul- tural interest The volume contains 3,50 pages, of which 2.30 are devoted to the repubUcalion in convenient form of the firm's weekly market let'ei-s. These letters cont.iin able reviews of the course of the financial, cotton, gi-ain and provision niarlip;?, together with reliable statistics of visible supply of farm products, t sport movement, and other information of use to lUe merchant and planter Added to these is a compilation of weekly bank statements for the year 1894. population of leaning ciiies of the United States, witn their annual bank clearances, a table of tlie range of prices of leading stocks for eight years, a table of the gros« earnings of fifty-seven railrividsannually since I8S9, the daily and weekly •Hilton movement for M"M. and a mass of mis :el aneous information coii- •■eriiin^ Wi>ol, cofrte, grain and other products of the field and farm. Th^book is profuselj illti.strnted with engravings of every board of trade or exchange building of consequence in the United States, is printed upon heavy paper with a wide marem, and is altogether a gorgeons specimen of the printer's and lookbinder's art. Ciapp & Company aie New York backers and commi.ssiin merchants, and their weekly letter is among the Heraid'i most valued excbauge.'i. ° — The Denisoo Herald, DeniaoD, Texas. X -0 > o m o o z H > o > r •< m o o D (/) O -n r m > o 5 o m X o X > z o m C/3 Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants receipt of $3. A few copies of 1693 can be had for $2 each. upon KEEP OUU LETTERS. POB TFOLIO FOK FILING 1 1!) FORWARDED APPLICANTS FREE. 2 CLAP? & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. The Declaration of Independence seems more real and human liberty a larger idea, after each threatening ordeal has disappeared by use of the better argument. The Tariff Reformers, Anti- Greenback Cranks, Treasury Looters, Legislative Bribers, Free Silver Fanatics and Labor Brigands of the past fiscal year will now join in our annual National reminder that all of us are greater than any. Every star will twinkle at us kindly and every stripe will waft a wave of peace as we meet and celebrate our mutual love and interdependence, and revoice the people's prayer, " God bless us, every one." Straws. — Government official estimates State Banks, Trust Companies, etc., own more gold than there is in Treasury of United States, National Banks and Clearing Houses. The Treasury gold reserve is now above 100,000,000, thus allowing the Treasury the right again to issue gold certificates when demanded. Russia has adopted the gold standard, and is reported as having an ample supply. It is said that the cost of producing gold is less than that of silver, Birmingham, Alabama, pig iron can be delivered in Glasgow at about current quotation for Scotch iron, and at one-third less price than when protection was commenced 30 odd years ago. The Interstate Commerce Commission reports 42,000 miles of railway in receivers' hands June 30, 1894. There were 779,608 railway em- ployees, or 93,994 less than reported in 1893. Silver advanced in January and February, while the earth's products declined ; in April silver declined and the earth's products advanced. We see no relative values indicated by the price list. Stocks and Bonds. Bonds. — The market continues healthy and promising. Some large issues will soon bo listed in London. Medium priced railway bonds continue favorites. Further Government loans this year are not probable. It is conceded that the bond syndicate has completed its contract, and have made about ten or twelve million dollars. We will issue a list of approved bonds each month hereafter. Railway Stocks. — Most railways paying dividends are in good financial condition ; those in bankruptcy are more likely to improve than grow worse. Reorganizing and changing of officials is likely to inspire confidence, as much as iron and stone bridges give confidence over wooden bridges, or as heavy and long iron rails do over light short ones. Some railways continue reporting operat- ing expenses from 10 to 15 per cent, under what is really expended. Until officials adopt a more reliable method of reporting revenues and expenses, no great advance is likely to become permanent. The average price of twenty active stocks and twelve active stocks, June 19, was 59.05 and 79.37 respectively, and ranged higher than any time since June 1, 1893 ; June 25, 1894, the twenty stocks ranged at 51.97, and tne twelve stocks at 72.41. Out of $10,796,473,813 railway securities which the Goverment Statistical Bureau estimates to be outstanding, it appears about 40 per cent, are not paying either interest or dividends, after a period of inflation, over capitalization, mismanagement and panic. 141 roads made a net gain in earnings during April of 11.82 per cent., and between January 1 and April 30, earned $202,912,185, clearing a net of $50,556,852 or gain of 6.53 per cent, over last year same time. The revivals of industries and growing crops offer great encouragement. It always requires time and money to reorganize great properties. Tenn., C. & I. has advanced 120 per cent, and appears to have too many friends. We think a good reaction likely. The Grangers have reached a point where spring crop prospects will more likely dictate their price changes than Wall Street manipulation. New England appears manipulated. We advise caution in buying after so large an advance. Texas Pacific and other southwestern roads are likely to advance later. Coal properties are still looked upon with favor. Canada Southern & C. C. C. & St. L. are properties likely to hold their own. Industrials.— Sugar shows signs of declining ; apparently the refining company is willing stock should sell lower. Germans are offering sugar at lower prices. Chicago Gas, will, no doubt, continue to earn good dividends as long as it has control of the business of lighting the second largest city in the United States, even if the Governor vetoes the bill and principle. Cotton Oil securities look promising. Cordage people are trying to drop old connections and plans and ferret out the tricks of their predecessors. General Electric's enthusia'^m will likely improve if the market improves. Leather people insist there is a good profit yet on the long side of stock ; they appear having more to sell. Rubber appears bereft of friends, with mn^ched orders too numerous to bring in buyers. Distillers' company shares seem to be play things of opposing factions, who u<«e the courts to furnish points on which to buy or sell. Cotton. Some spinners have reappeared at the recent decline as buyers. May 29 August cotton sold at 7.28, June 25 at 0.65 or lower than any time syice May 15, in May it sold at 6.57, which was also the low point in May. 'Foreign spinners were reported holding about 1,027,000 bales of 400 lbs. June I. Scarcely any g(>od weather can make up the prospective shortage in condition, acreage or stand. Worms are reported in some sections, lice in others, too much and too little rain in others, some fields are too grassy, others clean and well cliopped out. Many report a normal condition. We believe, generally speaking, the crop is reported healthy, stand good and conditions full up t/n in 1893-94, and from small exports during that time. Specula- tively speaking prices are ofteM at the low point about the last of June, when crop reports and depressing influences seem ta react to a maximum point. The world's markets seem to be more likely to advance several cent* than decline much. Corn. The visible is larger tha^/i in 1890 at this date. The amount afloat is nearly 12 per cent, larger, and exi)ort and domestic de^nand quite large. Crop prospects seldom reported better, either in acreage or condition. It should be remembered July and August make or unmake a corn crop. That clean fields and a full acreage about July 4 usually forecasts a large crop. The bears claim the export demand next year will be cut off by a large crop in Argentine. It is a little early to count "these chickens." America is more concerned about the old corn on hand now, and what the supply will be for four to six months to come, or until new corn can be used. We think it about time to watch for low prices to make purchases for an advance that may score a large profit before new '• roasting ears appear." Oats. Crop reports have been bad from nearly every oat State. The visible is double that of either of the past two years at this date. The decrease the past week was large, the price down near an export basis. The bears claim this is the result of too many trolley cars and abandoning horse cars. The cheap or low-priced horses have been turned out to 'grass. Hay ia selling in many parts of Illinois and other oat sections at very high prices. Provisions. The average weight of hogs in Chicago is three pounds less than last week. Receipts there are falling off and'predic'j in irom live stock men are that they will be much lighter in the future after July purchases have been cared for. There is an improving cash and export demand. The South is not buying as much as usual. Think after the July stocks are known and the recently produced stock placed in strong ..ands better prices may prevail. Packing the past four weeks nas been about the same as same time last year. Packing to June 20th at all points 4,375,000 hogs, against 4,225,000. Yours truly, €LAPP & COMPANY. Note.— For the convenience of customers and the trade generally we have a branch office at Saratoga, where all information and quotations of stocks, cotton ana ^lain can be had, 121 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Quotations for Stocks, Cotton, Grain and ProTlsions for Week ending Jane 26, 1895, and tor Jnne, 1894. Par value of all stocks $100. except D., L. A W.: P. & R. and Am. Tobacco Co., rSOM NHW TORK STOCK EXCHANGB OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WTTH COMPARISONS, Wbeklt Salbs. 8.523 490 844. 1G8 2,2^9 80.387 6.440 1.440 5.230 7.898 5.080 80.810 81.831 56.667 1.166 12.790 3 290 11.040 2ti8 4.136 2.250 1 743 1 508 8.802 650 81.240 85.339 200 *536 1.200 2.!M8 2.102 2.'.K)4 13793 14 318 615 85,707 100 15.540 6.039 1.401 410 5,210 87,357 3.120 16.274 1.8-^ 5.469 14.929 6,250 420 84.240 738 10.000 1,490 6.'^70 9.954 61.777 18.890 1,434 16.817 6.009 4.022 5,263 8 189 8.240 12.^70 20.CB0 87,400 6.<.*0ti Capita!, Stock. $20,237,100 10.198,600 38,773,000 86,773.000 17,900,000 85.000,000 15,000.000 22.488.000 60.805,400 82.262,700 24.885,800 46.027,261 25,923,900 46,156,000 18.559.360 39.054,907 22,335 170 88.000,000 11.696,000 35,430,060 26,200,000 85.000.000 36 000.000 84 091900 30,459,700 25,000.000 8.000.000 50.000,000 10.000,000 11,840.000 11,840,000 49.466,500 52.800,000 30,000,000 18,738.804 13,000.000 47,844.100 47,436,5:5 14.905.400 14 904,000 89.428.300 77,427.000 20.000,000 58.119.982 13 000 000 39,767,200 49,000.000 89.269.546 20.000.000 8.500.000 40,426.861 86,000.000 08.408,900 125,000,000 60.000.000 19.850,000 38,710,900 60.868,500 52 931.600 52,361.600 20.166.000 18.524 4.'iO 7,554,050 28,000,000 24.000,000 »4,820.000 10.000,000 4.500,000 DlTISIirD RZCOKO. Pays Spo J-D Pays 8pc O-J-A-J Pays 3i^pc J-J Pays 3pc F M-A-N Paid 2do 1895 Pays iMpt F-A Pays i^po F-M-A-N, Paid Ipc Dec. 1894 Pays Ipc M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid Hpo Feb. 1895... Paid l!.<>pc June 1895... Paid 2!^pc June :896... PaidSpc m 1893 Pays 2po M>T-S-D.... Pays 7po per annum. Pays 7pc per annum. Paid li^po Jan. ]8!)3. Paid 2pcAngi,rt 1893. Pays 5pc per annum. Pays'2iipc"ii.s!."!i! Pays IMPC F-M-A-N... Pays Spo FA Paid 2pc August 1893. . . Pays ij^pc J-A-J-O..,, Paid 8pc in Feb. 1895... Paid ,3pc 1891 Paid ipc in Dec. 1894. Pays l?ipc M-J-S-D.. Pays ipo J-A-J-O Paid IMpc Not. 1893. Paid Ipc April 1892., Paid Ipc in 1887..., Pays 2po F-M-A-N.... Paid Ipo In 1887... Paid SJ^pc in 1884! Paid Ipc .Vay 1895... Paid 2Hpc March 15, 1895 Pays IMPO J-A-J-O.. Paid IPC in Feb. i894i Naxxs or Stockb. American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co. . Am. Sugar Refining Co Pf. American Tobacco Co. . . Aicti.Top. & S. F, lstins.pd Baltimore ^ 55H 100 •2i% 85 74 68 1229^ 72% 40k 99% 45i^ 859i UiVi 1G2i^ 129H 19^ ,S5?i 184 96H se 24% 24M $3!^ 68 '49H 149H i 68^ 58 >16M 1149^ 84Ji 84M 83 82H 85M 84H 80M 89% 10 m 4-.% 44% 184 IS 30% 29% 6'4. 54-4 1895 1894 1895 18941 LARD-US. World's ris. 295.700 123,000 CHICAGO CONTRACT STOC KS PORK-bbls, LARD-tcs. . RIBS-lbs. 125.915 I 70,225 i 83.701.G99 6^498 17,344 I 6,724,109 Lard Ribs. JJuly....^.. { September •JuTy I September 169^ 4% 15% 31% 8Ik B« 5% 1894 Vi% 14% 4194 39>4 13% 20" ^^ 2^ *y* 9% 2094 19294 1596 47% 258 749 6.89 6.87 6.90 6 82 6 96 6,83 7 00 6.J0 ref. r7^4 54^ 5394 5.'i9i 55 72% 71 74% 72% 4994 48% 50% 49% 2M4 28% 28% 28 12.20 11.70 12 55 12,00 6.52 6.75 6.25 6,47 6,*7 6.70 .12 030 Friday. June 21. 29% 118% 11494 109i 64 55% 101^ 22% 8594 6691 12294 78^4 41 100 145 46 2t% 145% 168J4 130^ 47 20% 86% 26 24% 150^ 58% 11-% 103 84% 11 10 18% 2<>% 594 17 31% 28% "7% 114 10 63% 55)^ 100 22% 85 7294 6794 12^^94 72% 41 99% 145 145^ 163 12994 47 1^ Saturday. June 22. 29 7.2% looH 114 10% 55% lOO'/i 22% 85 78% 68% 122% 72% 40% 45% 26 29 75% IHH »99i 11^% 8% 55 100% 22% 84% 72% 679v 122% ny* 40 9a% 45% 26 129% 47 20% 85% 36% 134 «7% 249i 14994 66 114 103 34% 11 31% 8494 9% 46% 18 27% 5% 4% 15% 80% 18% 17% 8494 14% 41% 4U 139i 1294 80 98 41 W 2% »% 20% 9294 15% 49% 84% 14 41% 38% W/, 12% 19% 92H 4m 2 20 92^ 1,5^ 47% 206.439 685 6.84 6.85 6.82 6.91 6.H.i 6.93 6.90 75% 78 J i 76 741 { 5394 53% 64% 54% 71 W 69% 72% 71 49 48 50% 49k 2?% 28 im 27% 11.62 11.60 12 12 11.97 6 47 6 67 6,17 es; 6 42 665 6 12 680 129% 47 20V 359 184 27% 87% 83% 150 57% 115% 83V4 150 5:w 113% 85% 8494 3194 8l% 47^4 28% 5% 1594 30% 17% 173>4 24% 14 41% 80% 13% 12% 19% *2% 41^ 1% 4 9 ■20 929i 1594 49^ lOlM 9% 40% 27% 6^ 8' 15% 80% 17% 173% 84% 13% 41 89% 13 K'% 19% 92% Monday. June 24. 29 75% 11594 99% i;.3% 10% 64 56% 101 2:% ««94 73 68% 122 73% 4094 lOO 2894 75% 112% 99 112% 9% 63 55% 100 22 84% 72 67% 122 72% 40 98% 45% 46% 162% 162% 130 1295+ 2C% 20% 37% 86 2494 24% 151 150 5t% 5794 ll4% 113 102% 102% 35% 85 829i 3494 90% 61% 18 4% 16% 3094 ,17% l7J% 24% 14 41% 39 18% 12% 19H 93 41'4 41% i% 1% 394 894 20% 92% •■% 9 20 92 15% 16% 49% 49% 31% 34% 90 9% 47 18 26 5% 394 15% 80% 5« 16% 173 24% 1894 41% 3794 12% 12^ 18 92« 4094 1% 19% 91% 1594 48% 130.364 289.724 6.74 6.74 6.RS 6 84 6.78 6 71 6.93 6.86 6 80 6.73 6.95 6.90 6 83 6 78 I 75% 74IJ 74!J 72% 76,% 7594 '5}.' 73% 5;l% .53% 52% 52% 56 54% 54% 63^4 72 6994 " 6394 78% 71% 7294 70% 49 4794 48M 46% 50% 48% 4S% 48% 2.^ 27 2794 S6% 28 26% 27^ 25% 1195 11.70 ill.87 1172 12,25 12.00 12,17 12.00 6,52 6.75 623 642 6.47 6.67 6 15 6:« 650 6 70 6.22 640 6.47 6.67 6.17 6.85 Tuesday. June 25. 11594 9944 113V4 109». 63% 55'.< U094 2294 66 72% 69% 121 73% 40% 100% 4694 146 163 129% 2i% 37% 95% 95% 25 84% 150 09% 1:5 103 37 m 24^4 84 150 58"4. 11394 103 35% 82i4 84% 24% 14% 41% 39% 13% 92% 2.'; 527 6 67 6.60 6 73 6 65 6 77 6.68 75% 73, •. 76% 74% 53% 33 54% 63% 7194 69K' 73% 7l9i 48% 47': 4994 48% 27% 2i.% 27 265i 12.25 11 90 12,52 1220 657 6.80 632 6 52 6.55 6.72 625 6.45 Wed.. June 26. 89 2894 75 75 115 113!h 99% 99% ll5 lis 10% 9% 55% 55 101 100^ 22% 22% 55% 859<, 714* 70% '1894 68% 73% 7294 40% 40^4 100 99% i6H 45V4 2C% 26% '46% I45V4 16292 IC2% 129% 129% 2194 21 37% 36% 17% 1794 29% 27^ 5% 4% 16% 30% 11% 17ki 173% 178% 6<>% 66% 17 31 18% 13% 12% 12% 19% 18% 94 9344 40% 411% 1% 8% 9 19 3 894 20% 20^ 92!^ 92 17% l(i% 51% 49% 201033 6.76 6.71 6.77 6.69 6 85 6 74 6,69 6 79 7.i,\ 75% 77,*, 76% 5:1% 52% 54% 5394 71% 75% 73% 121% 112^4 102% 99 Ub% 112% 1:% 9% 64 61% 5694 63 10194 97% 23% 22% 86% 80% 76% 70% 69% 65% 123% 12094 7394 68% 41% 37% 100% 9(% 145 145 46% 43% 27 25k 149 141% I68k 159% 130!^ 128% 4794 4694 2194 IS^s Sr% 34% 134 12994 6 CO 6 80 6 32 6,50 Range for June 1895. to date. 30 27 59% .57 11594 ll2'/» 103 99% .3794 so% 12% 11 83% 2794 87% 84% 90% 89 108% 101k 11% 9% 53 43 !f% :7% 82% 21 6% 6% 6 39^ 20% 15% 88^ 28% 6% 6% 394 6% 99? 12% „ 17% 9594 92% 48 40% 1% 294 ... 8% 21% 18H 94% 9194 17% 13% 51% 44^ 7,15 6.74 7.18 6.60 7.23 6 65 726 6 68 84% 72?i 85 ,\ 78% .58V4 52% 59% 53% .^194 6894 8294 7(1% 5394 46 V 55 48)- m 3:% , 31% 25% 12 75 1 1 60 13.10 1197 6 72 6.95 6 40 665 6.42 665 6 12 6.30 Range for June 1894. 29% 26% 70 66 108% 96% 98% 8994 90 82^ 73" 69" 50% 49 107% 105 17J6 16% 79% 76% 60 73% 61% 5794 120 119 6994 66% 37% 85 11091 104% 8814 86" 16% 16% 13494 125% 161% 160 138 129% 30% 24 27 23 36% 84% 102 100 5% 90% 175 4% 90 16% 16% 14% 6.% 6.'>94 133% 129 46% 43% 118 114 97% 96 28 18% 7 6% 29 25 4!% 37 849a 82 99% 97% 11% 11% 10 8% 1594 14 41% 89% 4% 2'»4 4% 3% 17% 124?, 1494 >4% 4 8 1794 14% ICfi 156 ■»% is" 20% 17% 9% 8 16% 9 64% ,V2% 3994 »8 2394 I99i 41 37 7% 6% 16k 13 8r.% 829< 11% 99f 4594 43M 7. 28 6 96 7.28 6 96 7.32 7 01 7.84 7 02 61;. 67% 66A .19% 47% 43rt 48% 44% 61% 54% 63% .56% 42% 379^ 43 38% 45 81% 32% 26% 12 62 n 70 12.75 11 82 668 695 6 57 660 6.60 6.65 6.07 6.07 OLD PORK, Chgo. . . . bbU. bbls. WHEAT on passage. 48.120.000 bush. 89.336,000 '• CORN on passae*. 6.120.000 busb. 6,848.000 " Rus?iiin Shlpmts. for wk. 4. iuO.OOO bush. : C3S.C00 " Indian Shlpmts for wk. 1,024,000 bush. 100.C00 " Argentine Shpts. for wk. 4,}6.G00 bush. t Since Au| 81. • Sinoe /u«« 80. Compiled and Copyrighted oy CI APP & COMPANY, BANKERS, MILLS BTTELDING, NEW YORK 122 HUlecklp ilDarhet Xetter. No. 43a. O. W. Clapp. DWIQHT O. CLA^r. CLAPP & COMPANY, Banhers aiib Brohers, MILLS BUILDING, N. Y. ENTRANCES : 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Bdanch Offices : / 277 BROADWAY, Corner Chambers St. ) 621 dROADWAY (Cable BurLDiNO, Corner HouiTOti). -. 671 BROADWAY, Broad*«y Central HoTEU 753 FIFTH AVENUE, Corner 68tm St. \ SARATOGA. N. Y. Private Telegraph Wires. Long Distance Telephone. Cable ADDRESS: "OzRO." SARATOGA, N. Y. ' New York, Thursday Morning, July 4, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customerb. PRESS NOTICES ABOLl Ol)R 1894 SOUVENIR, "LEADING AIMERICAN EXCHANGES." The splendid souvenir published by Clapp criftced to brevity. Yet the information given is presented in a concise compact way, so that the searcher for valuable data can find just what he desires with but little trouble. The book is a daily, weekly, monthly and yearly record of those markets which lead the United States. It ha.s a historic value as a complete record of the year 1S94. and this value will increase with time. Every man should be a student of the laws of the economic and financial world, some knowledge of which can be gained through the medium of this volume. Busy men will find it a convenient book of reference. Since Clapp & Co., whose offices are In the Mills Building, New York, have exceptional opportunities for gathering the information they have so conveniently presented, the utmost relianca is to b« placed in their statements.— Journal, N«w Bed- ford, Mass. Clapp & (jo.'s souvenir of 1894 is a folio of 400 pajjes on heavy paper, strongly bound, gotten up regardless of expense. It is a compendium of last years business, statistically stated and liberally commented on by shrewd, practical critics. The table of prices, compiled from the record's of the leading exchanges, are invaluable to the student of politics and indispensable to the editor. These tables cover every object speculation touches, every material that enters the market. There is crop news, news of the railro.ads, news concerning everything the busy dealt in or uses. The publishers, Clapp & Co., are bankers and commission mer- chants. Mills Building, New York Cit.v, in the heart of the banking centre of the metropolis, the book is exquisitely indexed to enable the seeker* for information to find it speedily. The book is one every business man should have. — The Chattanooga Times, Chattanooga, Tenn. ^Messrs. Clapp & Co., bankers and brokers. Mills Building, New York, have just issued their leading American exchanges in souvenir of 1834, which surpasses in elegance and completeness any of the preceding issues. Besides containing their weekly market letters for the entire year, reproduced exactly as originally written and printed, by the use of photography, there is no subject of interest to bankers, merchants, in- vestors and all others who have need to refer to the statistics of tlie most importont years in markets and general finance, that is not thor- oughly treated. No pains nor expense has been spared to make an or- namental and useful book.— The Atlanta Constitution, Atlanta, Fa. Taking as true the old adage " By their works ye shall know them." it is fair to presume that a firm that produces such an elegant souvenir as Clapp & Co,, bankers and commission merchants, of New York, cer- tainly must be in the front rank. They publish an elegantly bound 2,50 Fiage book that is loaded with statistics on finance and trade, and pro- usely illustrated with half tone cuts of ail the leading exchanges of the country. They give very valuable reference tables which show weekly galas of cotton, grain and provisions. The whole book showg evidence of expert labor and great expense in production.— Daily Mer- cantile Review, Buffalo, N. Y. *i X > o m o o z H > Z 0) o > r -< •ji m o O o o r m > a z o m X o > z o m U3 Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTERS. POBTFOL.IO FOR FILING FOKWAIIDED APPLICANTS FREE. 123 2 GLAFP ft COM? ANT. BANKERS AND BEOKEES, NEW TOEE, WEEKLY HAEEET LETTEE. I Financial Outlook. The golden age may easily be seen from the high peaks of human endeavor. Looking across at its glittering promise it is easy to forget the valleys and hills that lie between. Fortunate is he whose eyes being fixed on the ever-receding future can follow with patience the ups and downs of the never-ending present. Those who discount the coming future and past experience too much may have to drop some enthusiasm, courage and cash. Straws.— Russia has 23, llO miles of railway, 13,4:52 being government lines, about 920 miles of Siberian railway is laid and about 1,700 miles may be done by midwinter. Bradford, England, shipped to America about five times as much value in woolen goods during May as during same month a year ago. Government deficiency for fiscal year is about $45,000,000, deficiency on sinking fund about $48,000,000 ; average prospective current deficiency $6,000,000 each month. Eleven rail- road receiverships during six months ending June 30, covering 3,356 miles of road, $109,656,410 of debt and $87,423,531 of stock. Barring the cordage fiasco, liabilities of failures show 23 per cent de- crease on a decrease of 139 in number. The national banks of eight silver mining States and Terri- tories report in reserves $8,395,987 of gold and $911,760 in silver. Our February and March letters of 1895 bear evidence of our strong belief in better times. This decline is but a relapse. The people are more hopeful. We believe when many leaders return from their vacations and outing, a re- newed impetus to business will be inaugurated that will cheer the hearts and fill the pockets of many, as in the fall of '79. Customers and friends visiting Saratoga will be welcome in our large, airy and commodious offices at No. 11 Washington Street, opposite the Grand Union HoteL I Stocks and Bonds. i Bonds. — Government 5s due 1925 are now 124, and would net about 3. 65 if held to maturitj^. The next issue if any should bring the United States a much better figure than did these. We issued July 1 a list of Railway bonds mostly payable in gold, which generally net more money. The market is less active, prices are fractionally lower. Railroads continue favorites ; we in- vite examination of our monthly list, and recommend investment purchases on any further depres- sions. Railway Stocks. — The Stock Exchange sales for six months were about 106,550,000 shares against 95,178,000 on the first half of 1894. The Railroad Gazette says 547 miles of road was constructed against 495 miles the corresponding time last year. The Railway Age makes new track aggregate 641 miles. The June earnings appears to have increased about 10 per cent., as compared with last year, and for six months they may aggregate 5 per cent, more on all lines when final report is made. Burlington, Rock Island, Northwestern & St. Paul are still expecting good returns during autumn as result of movement of crops that now look flattering. Orders to buy by officials are not reported numerous. The activity of coal interests in endeavoring to clear up their price and production dif- ficulties is attributed to strong parties who may take up reorganization of Reading in co-operation with the present committee. Western Union, Manhattan and Missouri Pacific are so closely asso- ciated with a leading Wall Street interest of the past that buyers would be better satisfied to invest if insiders were more sanguine than they are reported. Earnings are no doubt good. The Vander- bilt stocks are well supported on all declines. The Southern Railway controls or is about to control by ownership leases and traffic agreements over 10,000 miles of line. The reorganization and rapid devolopraent of this syste.n are fruits of a new era of consolida- tions and changes that they may make over the railway maps of the United States, and have an important influence on international rail and water combination rates and business. About 60 per cent, of our railways pay dividends. Improved management is a coming feature that will increase values as soon as the evidence is shown and proof of our crop known from the weight and general appearance in tlie half bushel or cotton gin. Time and patience will work out the problem. We appear now headed in the right dire ;tion for a general improvement. Just now bears seem to be in control ; it is quite possible they have reaped their harvest, and the market will remain dull indefinitely and subject to party factions until more is positively known of the crops. Tennesse Coal and Iron appears strongly held by the disorganized masses, and is liable to be raided and seek a lower level. New England appears to have too many talkative friends to make an advance likely. Many manipulators and active bull factors have sold out, aiul appear to be waiting crop news, or to buy at lower prices. Ina broad and general way we renew our last week's words of caution in buying those properties that have had a great advance. Industrials.— Sugar men are getting a dose of German sweets that maybe more bitter than American legislation that allowed the foreign competition. Chicago Gas is a sure earner, and some think almost sure winner when bought in such breaks as the last, which was caused by Governor's veto. General Electric deserves a better fate recently than in the past, and has some good friends who think well of it. Cotton Oil and Lead appear a purchase on breaks. Tobacco, Leather and Rubber are good things to sell or let alone. Cordage is so dead it is not worth talking about. The Stock Exchange can do for the public what legislation cannot do in the regulation of these com< panics, and there are some who think they ougiit to try. 124 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK. WEEKLY MARKET LETTER. 8 " ■' ' • If"' ■■■ ■ . ■■ 1 Cotton. Carried over into next year may exceed any recent year, but the surplus j):ofits of foreign inanu- facturers lately exceeds any recent year, and they may be willing to carry heavy stocks until deliv- eries of new ciop make the actual situation plain. United Kingdom exports of cotton goods during eight months increased 18,164,000 lbs., mostly to the Americans. Amount this crop came insight 9,(318,883 bales, against 7,314,632 last year, and is over 500,000 bales more than was ever grown ia any previous year. Exports 6,617,554 bales, and largest ever known in the same time. Indian ship- ments for season 635,000 bales, against 1,000,000 last season. Egyptian, 59!), 000, again.st 585,000 bales last season. Japanese consumption of cotton increased in 1894 about 50^, and with use of Chinese money Japans growth in manufactures may be very rapid. Light rains continue in the cotton belt. In many instances improved conditions are reported. Grassy fields are numerous, as the result of too much moisture, rlanters now with improved methods make rapid progress in chopping out their cotton. A few days of sunshine and light showers may change its appearance greatly, We see no reason to look for a crop under 7,000,000 bales, or over 8,000,000 bales. Northern spinners now buy very sparingly, taking last week but 3,773 bales, against 14,845 the corresponding week in 1894, and for the season to June 30 they took 1,983,686 bales, against 1,505,787 the same time last season. The total visible supply continues increasing. We look for a continuance of this feature the remain- ing two old crop months. Fall River and Manchester markets are dull. Spinners are booking but few orders. All operations are on a decreasing scale. Prices remain steady at nearly top quotations 2\^ for 64x64. When belated speculative bulls, now apparently owning most of the futures sell out, cotton futures will range lower, and the purchaser be much more likely to secure profits. Wheat. On the whole, we think the world's crop conditions are slightly improved, but likely to fall short in yield of wheat and rye about 8 or 10 per cent., or about 400,000,000, and the shortage be fairly well distributed. This feature will scarcely enhance freight rates or depress values. Recent ex- ports from America show falling off ; the Atlantic coast sending most of its product in flour, and the Pacific coast the remnant of the Fair wheat. From other producing countries the past sixty days the aggregate exports practically equals a maximum amount, or about 10,000,000 bushels per week. We look for a falling off in these shipments to become perceptible, and possibly as prominent factors in shaping values, as news from winter wheat threshings or spring wheat harvestings. All eyes now seem to be centered on the Northwest, where sanguine bears predict the crop of spring wheat will exceed that of '91, or 200,000,000 bushels. A car of new wheat reached Chicago last weeis:. March 1 the Government estimated the wheat in farmers' hands equalled 75,000,000 bushels; Bra.dstreet's guessed 99,000.000 ; Price Current, 115,000,000 ; the Orange Judd Farmer, 155,000,000 ; E. H. Thoman, 164,000,000. Now Bradstreet estimates farmers' holdings as 29,000,000, July 1; Tlioman makes a very large reserve. If the rest guess as well as March 1, we see no reason why both bull and bear cannot claim the victory. Chicago has about 20,000,000 bushels, or over, 40 per cent, of the visible, and is practically paying a maximum interest charge to carry it over to Septem- ber, or a higher rate than any in ten years save the credit panic season of '93. We advise watching crop reports, the weight, measurement and quality of the winter wheat, and its movement, and ocean freight engagements, before deciding any radical direction the market m^y take. The undertone appears stronger among traders ; country orders are light. Corn. All parties seem convinced that the acreage indicates a crop exceeding 2,000 000,000 bushels, and much lower prices Many old corn merchants predict 35 cents as an average the coming twelve months, believing that present farm holders will sell their present holdings in July if crops then look as well as now promised. We recall several instances when the trade discountea the new crop, only to sell themselves into a hole to be cornered between September and January, although corn sold the following spring at very low prices. It may be well to go cautiously until more is known of this crop. We think the amount of old corn back in the country practically small. The visible is de- creasing. New England and the export demand is good. There is an old saying that it is a good time to buy corn early in July, and ignore all facts. 0At3. Are now near an export basis. The old supply if supposed to be liberal. Recent reports of the new croD vary. Evidently the crop is spotted. The hay crop is shore on both sides of the Atlantic. We see no reason for any great decline until more is known of the yield. Provisions. There are some evidences of manipulation in September Pork. Contract stocks are not large and cannot be added to before November 1. Outside orders are small. Local Chicago provision men generally appear bearish, while a leading operator appears to be taking the July product and the September offering. The domestic and export demand is improving. We prefer the buying side *' about these days." Packing to June 27th was 4,635,i'00, against 4,515,000 last year. Yours truly, CLAPP & COMPANY. Note. — For the convenience of customers and the trade generally we have a branch oflBce at Saratoga, where all information and quoiations of stocks, cotton and grain can be had. CLAPP & COMPANY, BANKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTER. Quotations for Stocks, Cotton, Grain and Provisions for Week ending July 3. 1895, and tor July, 1894. Par value of all stocks $100. except D., L. & W.: P. A R. and Am. Tobaooo Co., FROM NEW TORK STOCK EXCHANGE OFFICIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COMPARISONS. W EEKLT Sales. 1345 499 815.666 2.675 111987 10.788 1675 4.193 11.263 6,895 62.497 e8C.8(i5 89 674 300 S4.40O 4 010 S1.&68 4'.64i 4.500 1.625 2.263 7,400 481 91.600 65.082 100 r.iso 1.500 1.550 912 7161 12.150 6.367 230 le^rro IttUOS 9:0 2.472 2.:*15 «3.&46 3.245 8.625 4.'; 40 1.U75 3,780 ll.UtiO 440 K.'6.481 695 40.000 2.460 9.069 83.640 66.458 6.800 1.755 10,295 5.138 88.941 8883 1,560 65S 12.495 9.950 €8.247 4,475 Catttai. Stock. 120,287.100 10,198,600 86.778,000 86,773,000 17,900,000 25,000,000 15,000,000 22,488.000 60.805.400 82 262,700 24,885,800 46,027,261 25,928,900 46.156.000 18,659.860 89.054,907 22,835 170 28 000.000 11696,000 85,480.060 26.200.000 86 000.000 38 000.000 84 091900 30,469,700 85,000,000 8,000.000 60,000,000 10,000,000 11,840,000 11,840,000 49,466,500 52.800.000 80,000.000 18.788,204 18,000.000 47.844.100 47.436,576 14,905.400 14 904,000 89,428.300 77,427,000 20.000,000 58.119,982 13 000,000 39.767,200 49.000,000 89.269,846 20.000,000 8.500,000 40.426.861 86,000,000 88.402,900 125,00<1.()00 60.0t10,000 19,850,000 38,710,900 60,868.500 62 9G 1.600 62,361,600 20.166.000 18.561 4.'>0 7,576,890 28,000,000 24 000,000 94,820,000 10000,000 4.500.000 DrvTDKND Recobd. Pays 3poJ-D Pays Spo O-J-A-J.. Pays 3j^pc J-J Pays 8po F M A-N. Paid 2do 1895 Pavs l^pc F-A Pays l^po F-M-A-N. Paid Ipo Dec. 1894 Pays Ipo M-J-S-D Paid ipc Pays 7 PC Per Annum. Paid Hpo Feb. 1895... Paid iHpc Jnne iftn.'i..., Paid 2!^pc June :8li5..., Paid8po m 1893 Pays 2pc M-J-S-D ., Pays7pc per annum..., Pays 7pc I- er annum..., Paid IK-pc Jan. ]Wi3.. Pald2pc Aup, Stl8!i3.. Pays 5pc per annum.. Pays' 2J^pc*M-S.*!!!!." Pays IHPO F-M-A-N. Pays Spc PA Paid 2po August 1893. Pays l^pc J-A-J-O.. Paid 2pc in Feb. 1895. Paid .8pc 1891 Paid Ipc in Dec. 18M. Pays l?^pc M-J-S-D.. Pays Ipo J-A-J-O Paid l^po Nov. 1893. Paid Ipc April 1892. Paid IPC in 1887..., Pays 2pc F-M-A-N.... Paid Ipo in 1887... Pai'(i 8^po In'issi! Paid Ipo Vay 1895 Paid 2^po March 15, 1895 Names or Stocks. Pays IHPC J-A-J-O... . Paid ipo in FebVisw! ! '. Amencan Cotton Oil.. . American Cotton Oil Pfd. Am. Sugar Refining Co. Am. Sugar Refining Co Pf American Tobacco Co. . . Atch.Top. & S. F. istins.pd Baltimore & Odio. Canada Southern Central of New Jersey.... Chesapeake AOhio Chicago. Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & St Paul... Chicago Mil. & St Paul Pfd Chicago, R. L & Pacific... Chfc. St Paul M. 8 6.6i:.554 '."•JM 8 865 032 7.314,6-32 I 6,0C0.l«7 V T- fJnneAJuly •"• ^' J July A Aug, Ckitlon 1 Aug A Sept I Sept A Oct WHEAT, In bushels. : V. S Visible. iPrimary rec'tfi* 18951 44,601000 152.5:9 000 189l| 61657.000 I 161 342 UOO Total Exports. 146,.'i79 191 166.296.794 ^teat-l'^^'y^-i.--- Com.. I July. I September CORN, in bushels. I U. S Visible. 1895 9.055 000 18941 6 441 000 IPrimary rec'ts* 74 991.000 I 165,671000 Total Exports. 26 0.33 717 63 910.594 Chicago \ July Wheat. 1 September ^"'••- i September OATS, in bushels. i U, S, Visible. 1895 7018 000 18941 8,577 000 N. Y. Stocks, 8.002.213 694 821 Chgo. Stocks. 2 124 000 129 000 '^""•••1 September Pork ,'f'i'y *^°'^*- 1 September I LARD-tcs. I CHICAGO CONTRACT STOCKS. IWorld's vis. 18951 295.700 1894| 12s,000 PORK-bbls,| LARD-tcs. 1 RlBS-lbs. 180527 90,788 42,795.680 67.010 I 28.560 I 16.281,656 Lard !^^^^ I Neptember Jjuly • I September 1 Slba. Thursday, Jone 27. 28H 2j uak lio^^ 99,4 99k 114^4 113 9J6 9% 5S9< 6494 102 22 22 85% 64?8 nn 63'-i 68^ 67% 78 72 46 45' 2.^ 26 144^ 144 164J4 1U2H 131Mi 129 21% 8094 36^ 86 134 184 Friday. June 28. am 74^ 112 99M 114% 95* 62K. 55^ lOOK 101% ■ 22% 85% 66 68?i 27 74%i 106H 99 107 62 54 100 21% 83 62 67^4 X72% TOH 40>4 89^ mi 96% Saturday Jnne 29. «:« im 109 10694 »t*i 99^ lliU 110 8^ 9% 63 63 54^ 54% lOlVi 100*4 21?4 8194 W% 8:1% 64H 60 68% 67% 71% 39H 99>4 71% 89^4 in 46 45J4 26 25-V4 2C% 85H. 143H 14294 143 142>t I'i3 163 |I68}4 1C3>4 130^ 1^9 4694 46941 4694 4694 21% im 20% 19M. 3694 84% 3594 85H 87 27 27 8614 X4li 2494 2m 24 8494 84 84^ 64 I60y4 150V4' 15094 149)^ 58i4 67% 68^ 67^6 114% 112% 113^ 112 87J< 86% glH 86% ioy4 61 18% 17' 82 80H 81% 8494 ^ 84H 90 90 I 89% 1('2H 102^ xo:% 10 9^ \itVA 51 46^ 18V6 im 29H ^ 5% 5V4 4 4 17 im „ 80% aovj 80% 594 a)ii 5% li»% 18 I 19% 118 178 178 66% 24% 84%l u 14 14 U 41 409<,l 41 31 86^ 8994 13^ 18 I 18 12*. I29i 1294 1'% 19 »4 I 94% 19% 94^ 4094 40% 4U^4 1% m 80 ".4 2%l 8 b%' . iu-.4 19% 201 92% 91% 9li 18^4 i^y* IS 6I94 53 54 858196 6.80 6.78 6.77 6 71 6eH 6.?2 6 87 6 77 78 74?| 76% 76,-. 52% 62% 639^4 ^A 7194 70% 73% 72% 47% 47% 48% im 26M 2->94 2>i% 2^94 12,50 14 18!4 17% 8094 ^y* 6% 6% 494 4V* 17^ 1^% 2994 ^9% 6% 6% 19% 16% 67 W 67% UH 24K. 144 11% 4294 4194 40% 8J 11% 13% 19K 1894 94% 94 89% 1% 41 1% 2% »% 9 i 20% 19% 92 919i 1794 17 54% 64 809 798 6 98 6,90 7.03 6 96 7.07 7.C0 74% 73^4 75% 74% 50% 49% 61% 50% 70 «W% 71% 70k 45% 44Hi 4694 45>4 8394 22^< 2494 -a'^' 12.32 12.15 12,45 12 20 6 47 6.47 6.70 6.60 6 82 6 87 6 52 6.43 97% 97^ 86% 84% 84 1.jO 150 5S% 67% 1H% 113% 37% 36% 81% 8i% 84% 34^ 10% 10% 61 49% 6% 5% 17% 17% 29% 8l>% 18% !8>4 25 14^ 8494 14% 42% 42 39% 69% 18 13 19% 19 9394 93% 41% 40% 19% 19% 91% 91^6 17% 17 159 828 Range for June 1895, 80 27 75% 73% 121% I0(J% 102hi 99 llb% 107 11% 9% 64 61% 5694 68 102 971, 23% 2194 86^4 80^- 76M 60 12 100% 97>4 115 145 46% 43% 27 25% 149 141% 16494 !?«% laihi 128^ 4794 4694 2194 18% 37% 84% 184 12994 86% 95% 25% 22% 81% 25% 85 151 146 59% 57 11594 112 108 99% 879i 30% 12% 11 SSa 87v, 8.-% 81% 90% 89 102H 100% 11% 9' 53 43 18% 17% 82% 81 6 20% 15% 82V4 28% 6% 6% 19% 1S% 178^ 172 25% 20)4 <4% 13% 42% "'* 40 87% 1.394 }1> 14 12 22% 17% «« iff 21% 18^. 9m 90W 18^4 13% 64 44yi Range for July 1894. 27% 26% 70 6994 10594 94^ 95 91 89% 85% 78% to" 49% 48^ 107 106% ".. 16% 77% 72% 79K 72% 6094 5t3lj 119% IKb 68% tt3>4 8694 81 105% 10194 141 140 87ij 84 17% 15% 127% 111 16494 158% 18:4i 12694 27% 25 24% 17% 88 85% '494 '4% 91% 89 17 16% 1594 16% 130% 12.% 46% 43% 117 111% 94 94 21% 19% 7 7 2794 «Vi 39^ 87V4 82% 959a 14% 13% 994 9 15^ 14% 4094 88!^ 3^ 294 8% 8% 15^ 1294 15% 14!., 8 294 18% 1594 leir* 15* 1894 i^H 84% 84% 19^ 16% 6 -,. 7 11 8% 80 53 86 33% 2■^^ 20 87% 35 6% 6?i 1494 18^4 85% ^4 44^ 9 42% 7.09 6 61 7.13 6.51 7.15 6 56 7.21 6 64 6\H 54 V4 63(1 K^ 53 44)i 63 4«% 5-% 50% 60% S2H 46% 40% 46% 40% 40% 28% 2U% 27 12.75 12 20 12.80 12,42 6.97 6.63 7.09 6.7s 6,S0 6.4C 676 6.43 I OU) PORK, Chgo.-bblfl. 1895i 1,200 bbls. 1894 WHEAT on passage. 41,520 000 bush. 34,»&1,000 '• CORN on passage. 6.080.000 busb 6,024.000 •' I Russian Shirmts. for wk. I 3.040.000 bush. I 2 600.000 •' Indian Shipmts for wk. I Argentine Sbpts. for wk. 896,000 busb. I 984 000 bush. 800,000 " I t Since Aug 31. • Since June 30. Compiled and Copj>righUd fy CLAP? & COMPANY, BANKEES, MILLS BUILLING, NEW YORK Mcchlv flDarKct Xcttcr. No. 437. Copyright, 18911, hy Ctapp 4t Compmnff, O. W. Clapp. DwiQHT O. Clapp. Branch Office* : Private Telegraph Wires. Long Distance Telephone. CABLE Address: "Ozro." CLAPP & COMPANY, Banhers anb ffirohers, miLLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. ( 277 BROADWAY, Corner Chamber* St. 621 BROADWAY (Cable Builoino, Corner HouBTOti). 671 BROADWAY, Broadway Central Hoteu 753 FIFTH AVENUE, Corner 58th St. ^ 11 WASHINGTON STREET, SARATOGA, N. Y. New York, Thursday Morning, July 11, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. s% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOLl Ol)R 1894 SOUVENIR, "LEADING AMERICAN EXCHANGES." A valuable book for bankeis, commission mei-chants and bnslness men geneitilly, is the "Souvenir of 1894." Issued by Clapp & Co.npnny, baiikei-s and brokei-s. Mills Building, opposite New 'i ork Stock Ex- change. It is a work of nearly 400 pnj^es, containing the weekly market Jettei's, valuable information and compiirisons relating to the leading American Exchanges of the year, and finely illustrated with pic- tures of the members of the company, the various Stock Exch mge buildings, views of Wall street, interiorof New York Stock Exchange, Boston Stock Exchanjie. Chicago Stock Exchange, Philadelphia Bourse, New York Cotton Exchange, and, in fact, of all the Ex- changes and Clearing Houses in the country, with statistics of popu- lation, pnxluct of cotton wool, pi\xluce, etc. It will be found a most convenient book of reference, an ' is a compact record of the year 1894.— The Daily Item, Lynn, Mass. Clapp & Company, the New York bankers and commission met- chants, have had published a compendium for their weelily niiiket leltere, recognized the world over for their accui-ucy and exte. sive- ness in scope, and with these have been compiled tables of valuable Infoi-mation and comimnson. The book, which is haiid,somely gotten npand stvlishlv bound, contains photograplisof the Stock Exchanfjes and lloartls of Trade of the various cities in this country, with brief anil pithy histories of the different organizations. The Ixxjk is full of valuable inforniatlon, especially for bankers and brokers.— Dulutli Kcw Tribune, Duluth, Minn. Clapp & Company, bankers, Mills Building. New York City, have ls.->aed their annual souvenir for 1894, and It is a beautiful as well as invaluable i-efeience book. In this book you can find the prices of BtockSjbonds, gold and silver, all kinds of securities, agricultural products, etcv, which every bu.sine.ss man should have In his possession. In addition to the hundi-eds of jjages of useful Infonna- tion there are beautiful il lust i-a' ions of nearly every Board of T'-ade building in the United States. Taken aliogether. it is one of the very best books that the business man and speculator can find. The price Is only 8:i. anM it will be worth niany timi-s this sum to those who are interested in trade affairs. Clapp A Com- pany do a general banking business, buy and sell stocks, bonds cotton, g^-ain and provisions on the leading exchanges. They buy and sell propeily for cash or for future delivery. They Invite con-esponuciice tixim everywhere regarding investments or specula- tions. They are a gilt edge house to deal with —Pueblo Sunday Opinion. Clapp & Company, bankers, Mills Building, New York city, have lasued their annual comijendium of statistical Infonnation for lb.94, and it is even more comprehensive and reliable than its predecessor. Besides the interesting weekly market letters is.suod in 1S84, the volume contains full infonnation for many yeai-s past concerning the piXKluctionof wheat, com, oil and cotton, their market prices, exports andevery other item of infonnation at all lii.ely to be needed by the most t hoit)ugh student. Particular attention Is paid to the coui-se of the stock market, the movement of gold and silver, and financial mattei'S generally. Eng^tiving-i of the leading exchanges of the country is a notable feature of the book.— The Inquirer Com- pany Philadelphia. Pa. Clapp * Comimny, bankei-s and brokers, Mills Building, New York City, have issued their souvenir of 1S91. on the leading American Exchanges. It is a handsome volumeof S.i2 ]>nges, comprising a daily and weekly record of stocks, cotton, gmin ana pi-ovislons, tneir pro- duction, supply and distribution bv States and countries, in this re- gard excelling any other iKiok "I'liere are foity-odd halftone en- gravings, including buildings occupied by leading exchanges in the United States the United States Treasui-j* at Washington, Cu.stoin House, Wall sTi-cet, Broad sti-eei, and Clearing House at New York, and portraits of the firm. A brief history and statistics for series of years accompanies each picfui-eof an exchange or public building. The finance.-*, foreign tmde and monetarv' system of the UnitiMl States and other countries, and the statistic) of gold and silver and other pitjducts are treated in a very thoi-ough manner. The statis- tical treatment of the National banksof the United States is nnique and complete. Every banker, railixwid man, iiubliclst or economi< O m o o z H > z w D > r •< m o o j: D (/) o r m > D Z o m o > z o m 03 Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTERS. POBTFOLJO FOB FtLUSG FORWARDED APPLICANTS FREE. 127 3 CLA.PP & COMPANY, BANKERS AND BROKEES, NEW YORK. WEEKLY MARKET LETTER. Financial Outlook. Units of power or profit are limited by the sources of renewal. Like the drops of water on the wheel they must keep coming. The tendency is to produce more for comfort than for profit. Dol- lars now have to be very plenty and very good to make dividends possible. The profits of the future like those of the past must be won by developing more power. Using what we have to the hmit of our knowledge should not prevent the faith which has never yet been denied creative energy. Straws. — 858 new enterprises were reported in the South for three months ending June 30, 1895. Available supply of wool is estimated at about 4,500,000 bales, or about average of three years. Estimated United States is debtor to other countries for interest and miscellaneous account net average of $70,000,000 annually. Estimated aggregate domestic debts are about $18,000,000,000. Dry goods imports January 1st to Jime 28th were valued $74,213,574, against $41,653,047 last year, and $73,726,559 in 1893 same time. Stocks and Bonds. Bonds — The advance in 48 issues railways since January 1st ranges from >4 to 17J^ cents. Bank stocks are generally showing lower sales record than last year. Total sales of bonds in June at New York, $46,445,900; Boston, $5,812,305. Total sales six months $172,185,210, average 69, against $127,880,708, average price 73.5 in 1894 same time. We are firm believers in railway bonds. Railway Stocks.— $1,734,281,152 is reported value of stocks sold ac the New York Stock Exchange during six months ending June 30, average price 57.1, against $1,508,460,513 last year, average price 62.4. The east bound tonnage from Chicago, St. Louis and Indianapolis during six months of 1895 was 2,610.588 tons against 2,908,329 in first six months of 1894. There are many large transactions reported or rumored which may tend to strengthen confidence. The low point of 12 active stocks in July, 1893, was 61.94 against low point 71.60 in 1894 and the same stocks averaged 78Ji at yesterday's opening. The earnings of large number of roads compared with very low earnings of same time in 1894 show increases that are encouraging. Expenses are now accrumg or to accrue for repairs and betterments. Granger stocks have been bulled on prospects of maximum crops in the Northwest. It is possible they may sell lower if minimum prices for grain prevails ; such was the case when corn was around 30 cents with freight rates at the minimum. St. Paul, C. B. & Q. and R. I. have many friends. London appears a willing buyer whenever they find American buyers equally willing to bolster their own properties. Reading is manipulated and said to be booked for much higher prices this season. It is reported Southern Railway will double this year under manip- ulation from the Morgan interests. Low-priced properties are still favorites with the outside trader. Local manipulators do not seem to like the cheap stocks or to trade in them. Wall street people generally think market will rule higher. Industrials. — The position of the industrial stocks at New York Stock Exchange as shown by table arranged by Bradstreet so well illustrates the course of speculative and industrial sentiment as forecasted in these letters, especially during February and March of 1893 and 1895, that we re- print it here with additions of our own. NameiL Opening prices July 10, lb05. Approz. lowest prices art panic March 1, 1895. Revival in trada and speculatioQ. Tear of depression. 189S, Highest. 1895, 1894, Lowest. Highest. Five months of panic 1894, 1893, Lowest. : Highest. 1893, Lowest. Tear of expand- ing operations. Highest. 1892, Lowest. Checked volume of business suc- ceeded by impv't. 1891, Highest. 1891, Lowest. 1890, Highest. as 75 65 lor^i 49 American Cotton Oil /jneiican Cotton Oil, pfd, 6« div American Sugar Refln>. \2f dlv Am. Sugar Reftning, pfd. 7% div American Tobacco, 7% div Chicaeo Gas (6i suspended) Consolidated Gas (New York).., Distilling i Cattle Feeding Co., General Electric National Lead , United States Cordage United States Leather , United States Rubber lllU 100 if 64U 2l4 87^ 84 1 18U 40^ 34 Ji 79!^ lOOil 107 80 140 aoH 4.^ U 45^ 24Vi 63 58J2 111 1^ 6IM 84 134« 104^ 121 94^ 144 6696 114)4 147 6096 24 50 61« 60^ 43 39 103 12 80 18^ 7 17' * 65 9S96 96 imS 104 15^ 57 85 84" 41^ u^ 4m Cotton. " Too much rain in the cotton belt," "weather reported less favorable over a large part of the cotton belt," etc., is the daily story. Cotton is boiling rapidly in every cotton State. The decreased use of fertilizers, less acreage, and complaint of weedy fields, has made bulls aggressive and bears indif- ferent. The bears claim cotton has been bolstered up by bad crop reports as usual, and that this feature is always a factor at this season of the year, and when prices are practically near the maxi- mum point on the crop. Ordinarily an ample supply of moisture prior to the middle of July insures fine weather in autumn and a good crop. 9,623,886 bales of cotton have come in sight from crops of 1894. The average weight is 503.70, indicating 4,841,494,328 lbs., and a total of crop deliveries prior to September 1, equaUing estimates of bears when cotton was selling around 5}4 cents. The Govern- ment report of acreage May 10, '95, was 78.5't of the revised acreage of 23,687,950 for 1894, or about 20,182,000 acres, or about the same as that of the census report of 1389-90. The condition given June 1 was 81, against 83.3 the previous year. The condition is now reported July 10 as 83.2, and on same acreage indicates a crop of about 6,882,000 bales. According to the Chronicle, the acreage remains 17,767,663. With the large amount of cotton in sight, and Manchester reports of a waiting market, and Fall River spinners well supplied with cotton, we see no reason for buyers to get uneasy or fear that they cannot do better by waiting further crop developments. 12S ClAPP & COMPANY. BANKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. Wheat. United Kingdom AqricnUnral Gazette says wheat acreacre is lowest on record, and Com Trade News estimates it will not yield over 48,000,000 bushels. Indian crop reported from six provinces is 208,640,000 bushels against 2^8.4 06.000 bush ?-ls last year and 2:iS, 400,000 bushels aveiage for seven Years. They have shipped 5,Oi;3,000 bushels April 1 to June 25 against 3,088,000 busliels last season, ilussian exports since August 1 to June 20 are 112,848,000 bushels against 94,512,000 bushels last season. Argentine shipments Jan. 1 to June 22 are 30,656,000 bush, against 37,040,000 bush, last season. Prairie Farmer gave condition of winter wheat 65.7, spring 98.4, indicating 438,000,000 bushels; corn acreage as 83,000,000, condition 93.6 ; oats, condition, 81, Government reports, giving acreage and indicated yield, condition and actual yield : WINTER WHEAT. Acreage, Juue estimate Gov't report July coiulition . . Yield iu bushels per aore Final yield of both winter and spring in bushels pel aore. Total winter wheat in bu SPRING WHEAT. Acreage, Juue e.stimate Gov't report .July condition . Yield in bushels per aore. . . . Total spring wheat in bu.... Total wheat crop CORN. Acreage, July estimate Gov't reporl July condition . Yield in Dushels per acre.... Total corn crop OATS. Acreage, June estimate Gov't report July cot dition . Yield in bushels per acre . . . . Total oat crop 1895. 1894. 1893. 1892. 1891. 1890. 18N9. 1888. t22,397,542 65.8 9.78 23..'i06.500 8.3.9 14. 22,8r,S.539 77.7 11.8 25 989,076 89.6 12.99 26,581,284 90.2 13.94 23,.520.104 70.2 11.4 25,384.702 92.0 13.84 23,9.53,800 75.6 10.96 1217,923,000 13.8 3a6,3!«,840 11.4 275,488,809 13.4 359,191,000 15.3 392,495,000 11.1 255,374,000 12.9 3.32,243,000 276,952",000 til, 518,056 102.2 15.22 tl75,S01.812 ♦'98,232,812 11, ,57.5, 936 68.4 11.5 13.3,808,576 460,207,416 11.760.879 74.1 10.74 120,642.916 390,131,725 12,565,354 90.9 13.18 156,758,000 515,945,000 13,3.';5.613 94.1 13.64 219,2>>.i,000 611,780,000 12,567.050 94.4 13.G8 143,'«S.000 399,362,000 12,719.157 8:13 12.7 1B8.317.000 490,560,000 13,382,338 95.9 13 90 137.916,000 415,808,000 t78.000,000 99.3 1,800,000,000 62,.5S2.269 35.0 22.7 1,212,770,052 72,036,465 93.2 22.0 1,619,496,131 70,620.258 81.8 23.1 1,628,404,000 72,204,516 92.8 27.0 2,060,154,000 71,970.763 91.1 20.7 1,489,970,000 78,319,651 90.03 27.0 2,112,892,000 76,672,763 93.0 26.3 1,987,790,000 r?7.P88.S05 »i.2 25.2 t702,785,286 27,033,553 27,273,033 77.7 88.8 24.5 22 7 662,05)6,928 | 638.854,850 27,063,835 87.2 24.4 661,035,000 25,581,861 87.6 28.9 788,394.000 26,431.369 HI. 6 19.8 623,621,000 27,462.316 94 1 27.4 751,215,000 26,998.282 95.2 26.0 701,7.35,000 1887. 1886. 24,223,201 a3.5 12.10 292,867,000 18,418,582 79.3 11.49 163,462,000 456,329,000 72,392.720 97.7 20.1 a<,.5.32,.388 91.2 13.22 802,376.000 12,273,798 8;13 12.07 154,842.000 457,216,000 75,700,000 95.2 22.0 1,456,161,000 1,665,441,000 25,920.906 8.5.9 2.5.4 659,618,000 23,640,000 HH.8 26.4 624,134,000 t Kstiinaled. No estimate of Northwestern crop is useful that does not figure on a decreased acreage. The mills of the Northwest may be very early and heavy buyers, and very little spring wheat reach Chicago except as flour in transit. Minneapolis and Duluth ground last year 130,000,000 bushels. Min- nesota and the two Dakotas raised according to Government 87/4 millions. A 10^ shrinkage in thekr acreage would give acreageof say 7,200,000. If they get 15 bushels yield, they should raise 108,000,00'.' bushels, or nearly enough for local mills. Many predict marketing of winter wheat will be very light this month, and that the commercial winter wheat States will have none to spare. That the average yield will be under 10 bushels per acre. Some think no winter wheat will leave the Atlantic coast unless from Chicago elevators ; the price is now about on a parity with oiher markets and invites shipments. Last July and August primary receipts were less than 55,000,000 bushels. This year they are expected not to exceed or equal one-third that much. New wheat is arriving at primary winter wheat markets in quantities about suflBcient to care for domestic wants. Minimum winter wheat and maximum spring wheat crop are expected. Seldom is a good spring wheat crop injured after this date except by hot winds m the Northwest. The bears predict ample wheat supplies and lower prices, apparently being in line with grain trade in 1879, who prophesied in August that year that low prices had come to stay, etc.; scarcely a hundred days had passed before wheat had advanced 50^, or to $1.35, while moving one of America's largest crops. Speculation has been large. The trade have made more money and are now wait- ing to reinvest. Many believe in a general way that the surplus of the 18'.)4 and 1895 crops will uot much more than equal half our average exports, and that we are again nearing minimum prices and an opportune time to make purchases. Corn. Not in twenty-five years has corn sold in May in Chicago at less than 35 cents per bushel. It is now selling around 35 and 36 cents in Chicago for May, 1890, delivery. Several times crop condi- tions have been considered good in June and July, and the price has declined to about 35 or 40 cents for corn for May delivery. It has also sold as many times from 10 to 40 cents higher as it has sold from 2 to 5 cents lower in consequence of bad crop reports in August or September. With pricer, now practically at a minimum point and a crop liable to many disasters the coming three month*?, we favor purchases for distant futures, believing it a good business risk to buy corn subject only to a possible loss of, say, about 3 cents per bushel long before a crop is matured. If the crop mate- rializes as it did in 1888. or other seasons, much higher prices may prevail. The demand for old corn is large. The visible decreasing and reserves said to be 100,000,000 bushels less than last year^ Provisions. The Fairbanks Co. reports lard in Europe and afloat, July 1st, as 171,000 tierces, against 166.000 tierces a year ago and 109,000 two years ago. World's visible was 289,200 tierces, against 153,900 a vear ago and 131,800 two years ago. Total provision product in Chicago, June 30th, was 49,894,761 lbs., against 61,991,072 a year ago and 34,141,927 two years ago. Stocks are fairly liberal at most speculative centres. The packing interests seem to favor lower prices. Corn now admits of provisions selling fully 20 per cent. less. The domestic speculation is light. The export demand is increasing. Packing from March 1st to July 4th was 4,855,000 hogs, against 4,770,000 a year ago same time. Yours truly, CLAPP & COMPANY. l-'O CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QnotatiODS for Stocks, Cotton, Grain and ProYislons for Week ending July 10, 1895, and lor July, 1894. Par value of all stocks $100. except D., L. & W.; P. 4 R and Am. Tobacco Co., PROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. W EEKLT Sales. 2.312 1.000 133.001 015 85.053 6,420 240 036 8.510 8.500 63.056 e2-->,ti00 67,527 461 16.8U7 1.5C0 6.628 8^168 850 1»8 2.700 4,211 800 106712 14,497 100 643 2.040 6.663 1.247 1.600 16,006 8,5.8 ei'720 470 6.7:<1 2.585 1065 1,859 100 16.065 1.728 2U06 2855 2,8i!7 8,649 8.2U5 460 130.81H) 2'j8 10000 2.300 13,790 89 099 18.b98 4.06a 1,727 23.656 14,728 8 625 2,.HU5 2,004 41485 8.114 88.040 604 Capitai. Stock. $20,237,100 10.198,600 86,773,000 86,773,000 17,900,000 25,000,000 15,000,000 22,488.000 60.805,400 82,262,700 24.885,800 46.027,261 25,923,900 46.1!>6,000 18,559,360 89,054.907 22,335 170 28 000,000 11606,000 85,430,000 26,200,000 86.000.000 38 000.000 84 091900 30,469,700 85,000,000 8,000,000 60,000,000 10,000.000 11,840,000 11,840,000 49,466,500 52,800,000 80,000,000 18,788,204 18,000.000 47.844,100 47.436,576 14,906,400 14,904.000 69.428.800 77,427.000 80,000,000 68.119,982 18,000 000 89,767.200 49,000.000 89,269,516 20.000.000 8.6O0.0O0 40,426,861 86,000.000 DiTiDBNi) Record. Pays 3po J-D Pays 3pc O-.I-A-J., Pays 3^pc J-J Pays 8pc F M A-N. Paid 2do 1895 Pays iMpc F-A Pays l^pc F-M-A-N... jPaid Ipo Dee, 1894 IPays Ipo M-J-S-D Paid Ipc I Pays 7 PC Per Annum. [Paid Jtpc June 1895... ;Paysl!^pc J-D.. 'Pays2K>pc .J-D.. IPaid8pc m 1893. 68,402,900 125,000,000 60.000,000 i9,a'>o,ooo 38,710,900 60.8«8,.500 62 9R1.600 62,361.500 20,166.000 18.561450 7,576,890 28,000,000 24.000,000 94,820,000 10,000,000 4.500,000 Pays 2pc M-J-S-D.... Pays7po per annum. Pays 7pc per annum. Paid IK'PO Jan. 1608. Paid 2pc August 1898. Pays 6pc per annum. Pays 2^pc MS. Pays IJ^po F-M-A-N. Pays ."ipc FA Paid 2pc August 1898. Pays IHPo J-A-J-0., Paid 2pc In July 1895. PaldSpc 1891 Paid Ipc In Dec. 1894. Pays i9ipo M-J-S-D.. Pays Ipc J-A-J-0... . Paid IHPO Not. 1898. Paid Ipo April 1892.. Paid ipo in 1887..., Pays 2po P-M-A-N. Paid ipo In 1887. Paid 3>^pc In 1884. Paid Ipo yay 1895 Paid S^po March 16, 1895 Names of Stocks. Pays l^PO J-A-J-O. Paid IPC Id Feb. 1894. American Cotton Oil. . . . American Cotton Oil Pfd . Am. Sugar Refining Co. Am. Sugar Refining Co Pf. American Tobacco Co Atcli.Top. & S. F. lstins.pd Baltimore & OQio Canada Southern Central of New Jersey.... Chesapealce & Oliio. Chicago. Bur & Quincy.. Chicago Gas Cos Chicago, Slil. * St Paul. . . Chicago Mil. & St Paul Pfd Chicago, R. I. ''»-•■• lumber iJuly I September Pork. 1895 1894 LARD-tcs. I CHICAGO CONTRACT STOCKS. World's vis. PORK-b bis, I LARD-tcs. i RIBS-lbs. 81^498 130.527 96,788 42,795..'*0 166,646 67,010 I 28,560 I 16,281.666 Lard. IJuly..... .. ) September ■Riv, jJuly "*°"--1 September Thursday. July 4. H b I<1 ? b ? Q b l> I H Q H > Q f IB l!l b 1895 1S94 OlX> pore, Chgo.-bbla. .... bbU. WHEAT on passage. 40.400.000 bush. 85,704,000 " CORN on passage. 6,400.000 bush. 6,752,000 " Friday. July 6. Saturday. July 6. 74W 749^ 112^ 10»4 112% 11? lOOH lOOM 100!4 loOH 113?^ 112H114^ 113^4 m iK m 9^ x" : 64V6 102W lOIH 102 m, 22^ 22% 85H 84^4 86 61« 699-4 6056 68^ 6794 69 123W 124^' ~" -m rm 40>^ mi BeV» 09>4 469i 46H 148« 14ZH 131 lai" 47H 47« 2'v'ia 21^ 3644 3«U 130 leo MM I01?'4 22"^ 85H 68% em ■KVa 40^4 99>i «■•« 45% 25 85 40^ Tuesday. July 9. Wed., July la I Range for July 1895, to d ate. 28^ tS 114 '" .. [131}i 22% 229 8694 8(>9 , 879i 9794 2594 *5U 25H ?5Mi 24% 24% X47m47 14694 6894 6eV4! 511 118 118 86V4 8S Uii> 12J4 81% 3iH 14694 6894 lOlH 101% lOl lou ioh; .. f«>i 49% BlJi 18 i?;-),; 1'.% 2"% 20% 2894 6% 6%i 5% 494 4^; ... 17% 17%, 17% 29% 29^1 80 19% 1894 j IS ' ■"" ""\t7ii S4% £4%: 2494 14% 14M. 14^ 4% 42J6| 43j| 89% 89%l 89% 13% 13 1 13>4 18 18 13 20« 19^1 20% 94 93941 04 4194 41^; 41% .... '.'.'. > 2>» 28 KU «tf% r4M 749i 74% iiomivi 110% lOiiU 100!^ lOOJ^illOOU 11294'll3% 11194 1114!. 994; 10% 9^ I ic 63^ .. 54 64^^ 102^ 103 1 iil%! 2-3M -■ •; S694 53?'4 55% 68% 69|^ 123 123% 1 71%; ^2% 40U 40% 98%' 99^ 46 46 2594 25% ,143^ 1431^ 16194 '68U 168 163H 163^ 131 ;131% 131%I|31 laOH . . i 47% 47f4 4794 47*4 2294 23}^ 2lf4 21% 21' — V 8794 86^ 86%: 9^ i 25^! iSii 24^: ^ I 88H 147 1147 I 69 I 09% . 113% 118J4 88>4 8& 88^! 8) 88k 86% 20 19%! 20 19% 20V4 91% 91%, 9m 91% 9I|« m nn\ 1794 "^ ini 64i4 *4^ •■■ 202.080 84^ 349I 90!^ 90^ 101^ iOi^ 58%' 66 17% 18 29H: 80W « ^l^ *%■ 4% 17^2; ISH 80 80 6K! 5% 18%; 20 178 I .-. 24%' £4% 14^ 14% 48)4 1 •'^^ 39V4': 3tf>i '8%' 13H. 1.1% 13% 18% 19% 92%! 93% 2%l 8>« 19%' 20% 91«J K 17% 17% . 54 82 83% 83% 84^ 90%1 90% lOlM 101% f' 18% 17%, 18% ... 1174 14%; 14% 4'i%' 48|| 87J*; 38% 18% 18% 18^4 13% 18% 18% 92%: 92% li'k 19%! 20 " 91%, «l9i 16%: 17% 63%' ... 116,021 247,620 6.88 6.03 6.86 6.92 6.97 6,92 I 6,95 7.02 6.96 I 7.02 6.87' .... 6.86 7.00 0,91 705 6.96 7 10 290.036 I 822 624 78% TBmI 7894 7894 ^^ 75 A 74 A 75*'. 74 A 74H - ■ 49% 46% 4!»% 4994 . 6.96 (J.9J! 6 95 6 93 6.88 I 6.95 6.78 7,00 7 02 6.98' 6 99 6 83 7.06 '.07 6.98 7,04 6 87 49K 49% 49 61% 50% 50 70% 46% 47^ 69W; mi 70% 71% 44% 44% 44% 44% 249^ 24^1 24% 84m' 24% 24% 24 I 24% 28%: 24 12.02 11.95 I12OU 12.00 1185 12 46 18.10 12,80 12. r, 12.22 70% 71% 46H 43% 66% 65% 67% 67% 42%! 4294 " 43% 42>4 6 47 6 47 6 70 6 62 6,80 6 30 6 60 6 45 6 60 6.S0' 9 40 6.65 6,62 6 62 6 35 6 85 ; 6.2V 6 62 6 50 1 6 60 28 23% 22% 23% 11.85 11,47 12.00 ;i2,00 I 6,40 I 6 85 6.52 I 6.55 6.22 I 6 20 6.86 I 6 37 6694, 68% 6694 70% 46% 47% 47%, 49 61%! 64% 62%; 66% 41%i 44 48>4j 4fi 28%; 24% 22%, 24 11 02 111 10 11.13 11.2; 180 Range foi July 1894. , 27% -an I 7(J 69)'4 1 10594 UVi I 95 \f, I 89% 85M I 73% TP" I 49% tm 1 107 106^ i 77% 7^ 7994 72% 6094 6094 1119% 117% 68% 6894 3«>94 84 105% 10194 141 140 3714 34 I 17M 15H !i27% 111 |l«494 158V< 13;i% 12694 27% 25 •«% 17% 88 35% 49i 91% 4% 89 16% 15% M '3^ 1694 6294 7,01 6.87 7,04 0.78 7 08 6&1 7.18 6 87 75 A 6694 76% 8.94 63% 68^ 47^4 6294 6394 43 43% 23% 25% 2294! 2594 11 10 11.00 6.27 6,45 6.07 6,25 12 5i* 11.02 12.76 n 00 I 1 6.85 6,27 ' 6,86 6.86 I e 45 607 ! 6 67 6.10 18% 1594 161 152 i8% 17% 84% >4% 19^ 16% 591 13^ 11% 4494 7 09 6 61 7.13 6.51 7 11 6 56 7.21 6 64 6'<% 50% 60% 52M 46% iO% 1 46% 40% 6,97 6.65 7.02 6.75 6.?0 0.40 6.76 0.48 Russian Shiprots. for wk. I Indian Shipmts. for wk. 1 Arjrentine Shpts. for wk. 3 840.000 busli. 1.240.000 bush. 843.000 bush. 2" 500,000 " I 280,C00 " I t Since Aug 81. * Since June 30. Compiled and Cotyrighttd bv CLAPP & COMPANY. BANKEBS. MILLS BUILLING, IfEW YORK 1*U CClcchlv HDnrftct Xcttcr. No 438. Oopyriaht, 1998, hy Cimpp S Cotmpmwg- O. W. CLAPP. DWIQHT O. CLAPP. BOANOH Office* : Private Telegraph Wires. LoNQ Distance Telephone Cable Address: "Ozro." CLAPP & COMPANY, Banhcvs anb Brohers, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE 277 BROADWAY, CORNER Chambers St. 621 BROADWAY (Cable BurLoiNO, Corner Houston). 671 BROADWAY, Bro*dw«y Central Hoteu 753 FIFTH AVENUE, Corne- 58th St. 11 WASHINGTON STREET, SARATOGA, N. Y. New York, Thursday Morning, July 18, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. '6% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABODl OUR 1894 SOUVENIR, "LEADING AMERICAN EXCHANGES." CuAPP & Company's Souvicnib. — Clapp & Company, bankers and brok- ers. Mills BuildioK, New York City, have issued their souvenir of 1894. on the leading American exchanges. It is a handsome volume of S.')3 pages, comprising a weekly and daily record of stocks, cottou, grain, and provisions; their production, supply and distribution by States and countries in this regard excelling an> other book. The finances, foreign trade and monetary system of the United States and other countries, and the statistics of gold and silver and other products, are treated in a Tery thorough manner.— Telegram, N. Y. We have secured from Clapp & Company, New York bankers, a copy of their souvenir book of 1894 of leading American exchanges. It Is un- usually complete in its statistic.il information, and it makes a valuable book of reference for all banks and brokers' offices, and many busmess men will not find it amiss on their shelves.— The Daily Ledger, Tacoma, Wash. A Good Referencb Book.— We have received the 1894 edition of Clapp & Company's " Souvenir Book," which contains valuable facts regard- ing markets and trade and financial matters in general, very useful to hjinks, bankers, investors and financial institutions.— The New York News Bureau, New York City. Clapp & Company, bankers and commission merchants, have Issued a handsome souvenir volume containing their weekly market letters for 18'.M. "Brevity is merit" is the motto of the volume, and it is a very appropriate one. It contains besides these letters historical matter in reference to early financial institutions which is valuable.— South Beth- lehe.n Star, South Bethlehem, Pa. Messrs. Clapp & Company, bankers and commission merchants. Mills Building, New York, have issued a souvenir of 1894 In the form of a handsomely bound volume of their " Weekly Market Letters" for 1894. It contains much valuable information and comparisons with leading American exchanges for the above year. Excellent engravings are shown of the buildings of the leading boards of trade and the several exchanges in all of the large cities of the United States. A copy of the work can be seen at the Board of Trade rooms in this city.- The Adver- tiser, London, Ont., Canada. CI.A.PP & Compakt's Souvenir.- Clapp & Company, bankers of the Mills Building, New York, have just issued their souvenir for 1894. The book Is a large handsomely liound volume and very tasty in ty|i<'. illus- trations and binding. It contains the weekly letters which tiie firm issued during the year, which gives valuable information coneeming I lie purchase and sale of stocks, oonds, cotton, grain and provi.Kiuug. Ihe souvenir Is a mine of useful information, and contains naTids<^mie Illus- trations of all the leading exchanges in the world together with a brief account of their history. It also has interesting statistics tonctriung American shipping, the yield of cotton, grain and minerals, and is just such a book as one would look for from such an enterprising firm lu that of Clapp & Company.— The Jersey City News, Jersey City, N. J. The 1894 souvenir number of Clapp & Company's valuable financial and commercial compendium has just been issued. It is replete with in- formation concerning the fluctuations in prices of all the leading Ameri- can exchanges during the year, and contains a mass of statistical data that must have cost an immense amount of labor to collect.— Boston Daily Globe, Boston, Mass. A Fine Sotjvenir Book.—" The Souvenir Book for 1894." issued by Clapp & Company, liankers and brokers. Mills Building, New York, is one of the handsomest specimens of printing and binding to be found even in these days of excellence In both arts. 'The engravings are the finest half-tone and many in number. But besides tl e expen.se of this large book, it bears evidence of the large amount of patient lal)or that has been given to it, for only by that could so vast a field of information of value to all business men In cities and farmers in the country liave been covered. — The Democrat, Binghamlon, N. Y. We acknowledge the receipt with pleasure of Messrs. Clopp St Com- pany's annual souvenir book of 1894. It's title. ' Leading American Exchanges." is thoroughly indicated through its 34 illu-strations of "x- change and board of trade buildings. And we might say with aci-uraty and propriety, that if the contents are studied no belter commercial education oould bo obtained through any other channel. As a discriui- inating analysis of the world's market with accompanying tables, re- marks and Quotations, It is unsurpassed. The book is handsomely bound and is issued from their place of business. Mills Building, New York, at $:J.0O per copy.— The Commercial Weekly, Washington, D. C. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each, KEEP OUli LETTEKS. PORTFOLIO FOB FILING FOItVVAKDED APPLICANTS FKER 131 4^ X > O m o O z > Z (/) a > r -< jj m o o a C/3 o r m > a z o m X o X > z o m w 2 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK. WEEKLY MARKET LETTER. Financial Outlook. Movements of large bodies are frequently as eccentric as they are expensive. The sun's heat can blister as well as bless, be diffused as well as concentrated. You can run an ocean steamship or burn your fingers with live coal. It costs more to start a train than to run it a mile. The com- mercial wagon is a large machine needing plenty of fuel which it burns at tremendous waste of energy and profit. Paying the price is next best to improving the methods. Straws. — The fixed charges for interest on the debt of the American Railway during ten years ending June 30th, are estimated at over $2,200,000,000. During twenty years ending same date bonds and stocks equalling at face value $3,871,000,000 have been cancelled by foreclosures. The fore- closure and reorganization of Atchison, Erie, Reading, Northern Pacific and Union Pacific, which represent over 1,261 >4 -million dollars of debt and stocks, would greatly help the whole situation. 136 roads are still in hands of receivers. Notwithstanding this over 180,000 miles of railway property has been created and can earn $100,000,000 per month and $30,000,000 per month net. If the gross value be based on net interest and dividends it is worth $1,200,000,000 or the capitalization. Reorganizations, lower fixed charges and reduced expenses are admissible. New York city has a funded debt of $108,185,947.68. The net funded interest bearing debt of the United States is $71fi. 202,060. The tax valuation of New York city is [$2,000,000,000, that of the United States in 1890 was $18,956,556,675. Stocks and Bonds. Bonds. — Sales of municipal and State bonds in June equalled $15,907,441. The railroad bond market is dull with light trading at lower prices. Railroad Stocks. — July 10, 1895, 12 active stocks averaged 79.16 against 79.37 June 19, 1895, which was the highest price since April. 1893, and about 10 points higher than in February last. Local traders continue bearish and occasionally raid some one railroad stock without much success. In a broad and general way conditions seem favorable for a decline, and a part of the advance in f)rices may be lost, especially so if spring wheat crop news does not improve. Outsiders have oaded up with many cheap stocks and have fair profits in them. This craze is liable to subside, and a lower range be made mainly in sympathy with the great decline in industrials that were bolstered and manipulated far above real merit. The bull pools seem discouraged, while prominent bear traders seem to achieve success in raiding industrials. The grangers may become more active and values fluctuate according to spring wheat and corn crop reports, etc. The Chronicle esti- mates the average expense of maintaining all United States railways and structures for the year ending June, 1893, equals $997.50 per mile, for New England $1,669 per mile, for Northwestern States $1,669, and for the middle group $1,212. The Railroad Gazette claims the expense is about $1,000 per mile iwhere earnings equal about $5,000. St. Paul, C. B. & Q. and R. I roads have a loyal lot of investment holders who predict higher prices. We think it unwise to be too sanguine or take great risk pending possibilities of cold nights, hots winds or late frosts doing much damage in the corn belt. Metropolitan Traction is reported booked for a good advance. We advise more caution in making purchases than in effecting sales the coming few days. Industrials.— In 1894 the United States imported 4,286,228,30b lbs. sugar, or 2.4 times as much as in 1879, and more than half from countries other than Spanish which in 1879 furnished 77 per cent, of all. European beet sugar is in excessive supply, and tends to lower prices and to seek the American market. We still look for the industrial stock to sell under par this summer. It is now reported Chicago Gas has local competition, unfavorable form of organization and scattered hold- ings, and is likely to go into bankruptcy and see fully 30 points lower than its high point a few months ago. General Electric may wait some time before scoring any advance. Tennessee Coal & Iron is likely to sell much lower. Lead and Cotton Oil are participators in any general improve- ment of Industrials' conditions. Cordage people's methods and stock have at last but one way to ga Cotton. Planting has been less, weeds more plenty and hard to chop out ; a good degree of blight is showing itself, the stalk is growing rapidly and not making fruit enough. Rains are excessive and lasting. Reports are not as exaggerated but more positive about a shortage in the probable yield. It seems to be conceded that a larger percentage of the old crop has gone forward to speculative centres or spinners the past ten and a half months than usual, and at such very low prices that their wants may not be large, until more is known about the new crop. A bale of new cotton from Texas and fully good middling was sold at auction Tuesday last in this city for 14>6c. per pound, and sent by first steamer to Liverpool. The undertone to the market seems to be stronger ; the trade is wait- ing for some more definite information about the crop and feels bullish, but more or less in doubt. Visible stocks at this date in IS93 were 3,158,000 bales, and are now 3,143,000 bales ; at no other dates about July 15th have they been as large or consumption as great. Northern spinners' takings have been 1,991,494 bales, against 1,523,382 bales same time last season. Total quantity brought into sight 9,649,035 bales, against 7,345,014 bal(*s. Exports 6,654,389, against 5,176,639 same time last season. Considering various conditions, both from a crop and speculative standpoint, it is possible prices are about low enough and long enough depressed for the conservative operator to look for weak spots to make purchases, rather than longer be a bear or pessimist. CLAPP & COMPANY. BANKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. The bucket-shop interests and their assistants or hackers, ** the public," seem to have been working a boomerang. The best methods outlive those inferior. The filling of orders by commission men always has and always will affect values. The taking of trades by the bucket-shop never has or will advance prices. The saving in commissions, interest and other charges for years by the public who have patronized and assisted bucket-shops^ scarcely compensates them for recent losses, or repairs financial wrecks. Wheat. It seems to be generally conceded that the winter wheat crop will be about 225,000,000 bushels, and the spring wlieat about 175,000,000 bushels. We rather incliue to believe it will more likely be less than more of each, and that 380,000,000 bushels will likely fully equal the final outcome in weight. It is possible more old wheat is in the invisible supplies than generally conceded, and that crop news are being thrashed over in a way that will later on indicate winter wheat thrashings equal or exceed estimates made while the wheat was being cut. Spring wheat is being cut in the most Southern sections. Reports of condition and yield are as varied as are the varied interests of business men residing in those sections or Wall Street. We think it quite possible the damage sup- posed to exist when wheat was sold at 80 odd cents for July delivery has practically materialized and has now actually been done. The absence of export demand and the large exports from Russia, India, Argentine and Australia coupled with an aggressive bear campaign forced prices down fully 20 cents per bushel, and seems to have taken away the nerve of traders and discouraged the ram- pant bulls when wheat was 82 cents. We see no especial reason why those prices will not again prevail long before Christmas, but do not look for an immediate improvement. Foreign buying and ocean freights, as well as crop reports, should be watched closely until a small percentage of spring wheat is thrashed out, measured, weighed and marketed. We favor being bullish on sharp breaks and bearish on quick advances. Foreign buying will be unimportant until Europe samples our wheat, until some damaging reports occur in their midst, or the countries other than ours who furnish consuming countries their supplies. Howard Bartells & Co. reported July 10th the world's visible supplies as 160,331,000 bushels, against 173,012,000 July 1st, 1804 ; that the June visible decreased 10,728,300 bushels. We think the J uly decrease will be about as lar^e. Corn. We regret the great error appearing in our last week*s letter while the writer was absent in the West wherein we were made to say the Government reported the corn crop as 78,000,000 acres, and the promise was for 1,800,000,000 bushels. The report was received by wire almost simultaneouslv with our going to press. Last year's July report was reduced 15,000,000 acres, and actually turned out a yield of less than 23 bus. per acre. The facts are the Government report as given by Howard Bartels & Co. indicated the acreage equalled 81,990,800 acres, and possible yield of 2,376,043,000 bushels, or more than any previous crop grown. We never secured but one maximum acreage and yield, and then the acreage was 4.000,000 less, and the yield was less bushels per acre than now estimated. Our recent observation West induces us to believe the acreage is larger than ever ; that corn stands uneven in height : many hills are missing, and it is harder to guess the outcome than if it was more even in height and stands. We notice corn is reported planted more gener- ally in more States than usual ; this will likely make commercial corn States grow a large surplus, and the cotton States import but little. ' Speculators appear to be very bearish, and the market oversold. Cold nights have prevailed in July, and are not favorable to a large crop. Hot winds and frosts and other corn crop damages usually occur after this date. We think it a good business risk to buy corn round present prices, expecting a crop or speculative scare long before the crop is secured. Seldom does any corn grade or fill contracts before March following the planting season. Oats. The oat acreage is very large ; the stand very uneven and short, and general appearances be- tween New York and Nebraska indicate to us that it is a very bard crop to guess. We only saw one real good field out of the many ; generally the heads were fair length. Straw small and short. It seems to be conceded old invisible supplies are large. Hay crop appears poor and likely to rule higher. A victim on the bull side of oats says, " The horses are being fed on too much electricity." Provisions. Provisions have been weak and raided and freely sold by Chicago local traders, who predict the outside long interest will have to be closed out and ninc-dollai pork will rule in September. The domestic demand is shin, especially so in the South. Packing to July 11 was 6,015,000 hogs, against 4,855,000 last season same time. Yours truly, CLAPP & COMPANY. ixi CIAPP ft COMPAFT, BANXEES AITO BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qnotatlons (or Stocks, Cotton, Grain and Provisions for Week ending July 17, 1895, and lor Jniy, 1894. Par ralne of all stocks $100. except D., L. A W.; P. & B. and Am. Tobacco Co., rROM NEW YORK STOCK EXCHANQB OFFICIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COMPARISONS. Wkekxt 8alis. 4,010 704 288.838 1.345 66.101 18 745 818 1155 4.a07 6 199 58 995 S24.4.S5 70 688 1848 16.616 1.057 14.818 490 1.897 841 950 800 t.121 100 88.504 6.8M 150 887 8800 7.fl50 878 6.18.3 14.034 6.18S is'.rci 6.S44 1 849 1.591 1 950 7.848 411 S.511 786 1,105 881 1,486 650 80.546 21000 l.'J50 6.998 15,142 6] 070 8.115 410 «7.4;»2 6US40 9.6:17 2.865 8.128 m5 8.5.';5 7,088 87.7(iO 940 Catitai. Btocx. $80,887,100 10,198,600 86,773,000 86,773,000 17.900,000 85,000,000 16,000,000 82,488,000 60.805.400 82.262,700 84,885,800 46,0?7,261 25,923,900 46,156,000 18,659,8fi0 89.054,907 ?2,385 170 88,000 000 11,696,000 86,480,060 86,200,000 86 000.000 38 000,000 84 091900 a0,459,700 85,000,000 6,000.000 60,000,000 10.000,000 11,840,000 11,840,000 49,466,500 52,800.000 80,000,000 18,738,204 18,000.000 47,844.100 47,436,5'5 14,905,400 14 904,000 89,428,300 77,427,000 20.000,000 58.119,988 18 000 000 89,707,800 49,000.000 89,269,546 80.000.000 8,500,000 40,426,861 86,000,000 68 408,900 125,000,000 60.000.000 19,8.'>U,0O0 88,710,900 60,8{>8,.S00 62 9';i.500 52,361.500 80 166.000 18.387 350 7,696,040 88,000,000 24,000,000 94,820,000 10,000,000 4,500.000 DmDKNS RiCOBS. Pays 3po J-D Pays 3pc O-J-A-J.. Pays Sj^po J-J Pays 8po F M-A-N. Paid 2do 1895 Pavs mpc F-A Pays IJ^po F-M-A-N,, Paid Ipo Dec. 1894 Pays Ipc M-J-S-D Paid Ipo Pays 7 PC Per Armani. Paid ^po June 1895... Pays IV^po J-D.. Pays8i^pc J-D.. Paid 8dc in 1693. Pays Spo M-J-S-D Pays Tpc per annnm. Pays 7pc per annnm. PaJd l^pc Jan. 1893. Paid 2pcAni?L St 1893. Pays 5pc per ancum. Pays' 2Jipe*M-S.'!."!! Pays l^pc F-M-A-N. Pays Spo FA Paid 2pc August 18!13. Pays ij^pc J-A-JO.. Paid 8pc in July 1895. Paid Spc 1891 Paid Ipo In Deo 1894. rays l?4pc M J-SD.. Pays Ipo J-A-J-0.., . Paid IHpo Not. 1898. Paid Ipo April 1898.. Paid Ipo in 1887.... Pays 2po F-M-A-N.... Paid Ipo In 1887... Pa'ld 8^pc"in"i884.' Paid Ipo *ay 1895... Paid 2^po March 15, 1696 Kaxxb or Stocks. Pays IHPO J-A-J-O Paid IPC I'li FebView! ! ! . American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co. . Am. Sugar Refining Co Pf. Americao Tobacco Co Atch.Top. &S. F. lstins.pd Baltimore & Onto Canada Southern Central of New Jersey.... Chesapeake & Ohio Chicago, Bur. & Quinoy.. Chicago Gas Cos — Chicago, Mil. & St Panl. . . Chicago Mil. & St Paul Pfd Chicago, R. I. i 48-'Vs 4y>4 47J4 65« ^A 6:% 64M 44 42!^ 44V6 42fi 84 23% 83H 82H 11,22 11.22 1152 11,15 635 6,35 6.47 6.37 6.20 fi,20 \ September 1 1 6.35 6.20 Chicago I July Wheat. \ September jj»'y • t September Thursday, July 11. Tuesday. July 16. Oata JJ"'y- "*"••• I.September ijuly 1 September Lard J J"'^ ^*™ -I September Rib8...H"iy— u sro.496 258,408 6.88 6.80 6.93 6,85 6.98 6.91 7l9li 71% rm 71,% 50 49 61 mi 6.-<% or% 45« 41!, 44% 24 40 J, 65 65 I 66% 65 G8« 66% 68'4 65^ ■ ■ 4511, 45M 45J.4 *'JH 4C% 45 4.->>i M 2m 23W S3% 23% 23M 23H 23!^ MOD 1100 10.92 10.9-2 11,32 11.05 11.20 lOOO 6 40 6 32 30 6 .% ! 6,27 6.27 6 52 6.40 I 6.45 6.35 6 40 6-37 6,15 6 15 6 10 6 10 6.07 6,07 6 87 6 17 I 6.82 6 15 I 6 82 6. 12 16 em 90% loH 62% 803 697 6,73 6,78 6 31 6,74 6 86 6 80 6.91 6.84 71% 71% r.'>i 71 50 60 50^ 50 mi em 60% 6G% 45% 44 45% 45% 8.3''« 23H 8a% 23!^ 10,75 10 75 11.00 1060 6.88 6.22 6.37 6.-27 6 05 5 87 615 6.00 Wed.. July 17. HH 24M 73 78 110% 107% 100^ 100 109^ 10? 10% m, im 53Ji 10:9^ 101% 8I!4 21 53H 50% 68% 68 122% 122^ 71% 71% 98% 98% 146 146 45% 45M 85% 25% 143 141 20% 19-K 36% 35!^ 127 127 98* 98 26% 84% 150% 37% 83% lOlH 10% 18 am 85% 84% 149% 69 ii:% 82% 34 lOO?4 10 1^ l» ^ ?L 86VA «^H 40% 89% iwi 1^ 91% 90% 17 i^h 53% 6;J% 226.906 6 82 6,82 6.84 6.80 683 B8« 6,94 6 91 709i 7094 72«t 71 A 49% 1.1% 51% 50% 66% 66 68% 07% 45% 44% 46% 45% 23% 83% 23% 23 10.57 10.57 10.90 10.65 6.20 6 20 6,32 6 30 6.07 6 05 6.20 6,10 Range for July 1895. to date. 28% 23% 14% 78 114 105 100% 99 114% 107 10% 9% 63% 62% 55% 53k 1049^ 100% 22% 21 86% 8.3% 63« 49% 69% 67% 12.3% 122 78 70?i 40% 39 148 146 46% 45% 26 249i 146 141 163% 161% 131% 129% 23% laki 37?| 8f% 130 127 99' 97 2<^ 24% 26% mi 84% 83% 150% !469i 60% 57% 113% 110% 103 102^ 39 36M 12% 12% 34% 80 85% 33% 91^ 90 101% 100% 10% 10 66 48Ji 18% 17% 80% zir* « 5% 4% 18% 16^ 80% 27% 5% 5% 80 17>4 174 171 67% 61 25 24 Range foi July 1694. 27% 26% 70 69^< 105% 94!^ 95 91 89% 85% 78% to" 49% 48^ 107 106% 17 16% 77% 72% 79^ 72% mi 66^ 119% 117% 68% 63% S6^ 8< 105% I019i 141 140 87.y 34 17% 15% 27% 111 164% 158% 133% 126% 27% 25 24% ir% 88 35% 4% '4% 91% 89 17 16% 15% 15% 130% 1 2,% 46% 43% 117 111% 94 M 21% 19% 7 7 27% •-•3% mVi 87!4 M5 8.'% 98 95^4 14% 13% m 9 15% 14% 40% S8'-4 8% 3% 16H 12% 15% 14VS 8 2>i 18% 15« 161 1^2 i8% ir% 84% 81% 19^4 16% 9% 8 11% 7 11 8% 00 5* 36 8:1% i-m SO 87% 3.> 6% fr>4 14% 13'4 85^ «{% 11% 9 44% 42! 42% 20% 15% i4!4 81% 4',% 39 P. 1^ 9 8^1. 80)4 19 92 90% ir% 16% 54% 62% 7,01 6,75 7,04 6.74 7.08 6.79 7.18 8 84 75A 66% 76% 6!*i 51% 40% 53 47% 71 61% 73% 62% 47% 41% 46% 42J4I 25% 28%l 40% 28% 25% 22%: I 20% 27 12 52 10 57 i 12.75 12 30 12.75 10.00 12.60 12 42 6 85 6.20 ' 6.97 6.65 6,85 6 27 |i 7.02 6.7,i 6 45 5 87 I 6.«0 6.40 6 07 6.00 n 6 75 6.45 7.09 6 61 7.13 6,51 7.15 6,56 7.21 6 64 61% 64% P3H 1^5% 53 44|i 53 4f.% 5-<% 50% 60% 52(4 46% 40% 46% 40% 1895 1894 OiJD FORK, Chgo.-bbla. .... bbU. WHEAT on passage. 40.320,000 bush, 83,696.000 " CORX on passage. 7,6^0.000 bush. 8,928.000 " Russian Slilpmts. for wk. 3.280.000 bush. 2 600.000 " Indian Shipmts fur wk. 1.846.000 bush. 140,(00 " Argentine Shpts. lor wk. 7&2.CO0 bush. t Since Am M. * Mace June SOi Compiltd and Copyrighted by CLAPP & COMPANY. BANKERS. MILLS BUILDING, NEW YORK J.'H HOccftl^ flDarFict Xettcr. copyright, t»9i, hy Ctartp S Compmnp. No. 439. O. W. Clapp. DwiQHT O. Clapp. CLAPP & COMPANY, Bankers anb Brokers, 277 BROADWAY, Corneh Chammri 8t. PRIVATE TELEGRAPH WIRES. 621 BROADWAY icaile Builoino, Corneh Houston). 671 BROADWAY, Broaow«» Central Hotel. 753 FIFTH AVENUE, Corne» 58th St. 11 WASHINGTON STREET, SARATOGA, N. Y. X MILLS BUILDING, N. Y. ^ > ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. Q OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. U] B«.«r« 1 621 BROADWAY (CAiLE Builoino, CoRNEii HoutTON). , r^^^r\,^^^^^^-r^,\r,^li.Z LJ BXAMCH I QDriAniA/Av » ^ ^ LoNQ Distance Telephone. f^ o ,. A b/l BROADWAY, Broaowai Central Hotel. ,, \J I 753 FIFTH AVENUE, Corner 58th St. CABLE ADDRESS: " OZRO." Z H > New York, Thursday Morning, July 25, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Z Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable Q information, ^ Usual margins required; customary commissions charged on cash property or for future p^ delivery. "^ Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at — once, at our expense, stating amount that has been placed to our credit, and for whose r^ account, thus allowing customers* orders to be filled promptly. Q A General Banking Business conducted. s% Interest allowed on Average Daily Balances. ^ credited Monthly. City and Country Accounts solicited. Collections Free to Customers. C/3 Financial Outlook. "n Value is a term employed to express the degree of desirability of an article, a service, or the 4^ equivalent of either. Intrinsic value is a term to express the fact that an article or service has desirability not ^ dependent on other articles, services or agreements. n Money is any medium of exchange agreed upon by common consent or by legal enactment. !> A unit in money is the multiple that by custom or legal enactment is expressed in estimating O value. . , — An integer of value is any whole portion which is a proportion of all values less than all. Z The value of gold or silver is to be judged by the degree of desirability indicated by the demand Q for either, expressed in units of money. As long as Government has outstanding promises to pay nearly 1,000 million metal dollars of rH intrinsic value, and by common consent and legal enactment these paper promises circulate as X money, there is only one question in national finances, and that is the good faith of the people as Q shown in the maintenance of reserves. -p Straws.— There are only 52 millions of silver dollars in circulation, and there are 371 million r" coined and in the Treasury. The issue of gold certificates has been resumed. The exports of -^ merchandise^ year ending June 30, were $731,960,319, or $75,732,942 more than imports. Immigra- Z tion 276,136 persons, or 35,476 less than in 1893-4. There are 418,676 miles railway in the world, of O which North America has 201,625; South and Central America, 23,957 miles ; Europe, 148,230 ; Asia, fri 24,102; Africa, 7,695; Australia, 13,067. World's railway capitalization is about $33,976,589,087. The (/) Government gives average capitalization of United States railways is $62,951 per mile, against $97,099 in Germany, $94,751 in Austria-Hungary, $224,082 in United Kingdom, $130,459 in France, $69,234 in Russia, and $47,744 average for the world's total mileage. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of 13. A few copies of 1893 can be had for $2 each. ^EEP OUK LiETTIiKS. FOBTFOL.IO FOR FILIfiG FO&WAUDEl> APPLICANTS FKEK. 135 2 CLAPP & COMPAirr. BAITKERS AYTD BROKERS, NEW YORK, WEEKLY MARKET LETTER. Stocks and Bonds. Bonds. — Market strong and quiet. New issues listed first six months 1895 on New York Stock Exchange, $133,799,000. Total all listed $199,157,900, against $170,280,500 same time in 1894. Our August list will be sent with next week's letter, or to applicants. Railway Stocks. — The July earnings of United States railways reporting are 37.9 per cent. better than corresponding time in 1894, when the great strike existed, following the depression of 1893. Compared' with 1892 earnings they show a decrease of 14.2 per cent. New stocks listed on the New York Stock Exchange first six months of 1895, $56,176,900. Total $98,092,970 against $63,- 486,040 in first six months of 1894. Leading stocks most affected by the corn and spring wheat out- turn are Burlington, Northwestern, St. Paul and Rock Island, all of which now appear booked for higher prices. Trunk lines already show increase earnings and tonnage both from local and through trafiic. Chesapeake & Ohio and Canada Southern are Vanderbilt properties likely to advance. Atch- ison reorganization and prices are likely to be favorably affected by crops. We favor paying the assessments. Missouri Pacific Southern Railway and the Texas roads will likely meet with active buying orders this fall. Western Union's friends predict par before snow flies. Lake Shore never sold at higher prices. Baltimore & Ohio and Illinois Central's experiment with electric motors indi- cates a success ; it is foreshadowed, and a revolution in power and equipment and freight and pas- senger rates, and a possibility of doubhng the capital invested and suggests a revenue. The Illinois Central's suburban traffic exceeds that of any railway in the world. Twenty active stocks averaged March 2d, $48.75 per share ; June 19th, $59.05, and July 22d, $59. "^5. During the advance there was no decline equalling 1^ per cent. Prices are now higher than since the spring of 1893. While the stock market remained dull the past month, the country at large made great progress towards catching up with Wall Street's lead. Ordinarily the market scores advances and declines as the season changes, but of late the speculative pendulum seems to refuse to turn backward, and is swinging to higher ranges than any existing within twenty-four months past. The general position is still encouraging from the standpoint of domestic interests, sentiment and relations depending on the crops and their price. Industrials. — Sugar stock is still erratic and but a speculation that appears loaded with meth- ods to beat the trader. We prefer selling the stuff on rallies. The American sugar crop is about 40 million pounds, and the world's visible 2,130,868 tons, or twice that of last year. Chicago Gas is evidently under Illinois officials' control and Wall Street manipulation. We do not think it will go into bankruptcy, but prefer buying it when less legislation is wanted. General Electric's possibilities are great. We see no reason to buy it only on sharp declines ; ere long a successful motor business on surface roads may encourage holders. Lead people still talk about dividends. We think they are a long way off, yet look for higher stock quotations as business revives. Cotton Oil is neglected ; the property has a good outlook. Cordage still offers to take money and issue bonds and stocks. Tobacco has more friends, and evidently more matched orders. Leather people did not catch as many suckers as expected in marking up their paper issues. The industrial pyramid appears capped with Sugar ; a layer of Tobacco, Gas and Whiskey, and a base of Cordage. Cotton. Exports August 31, 1894, to July 19, 1895, were 6,654,743 bales, out of 9,659,783 bales that came in sight ; last season same time 7,358,8;J0 bales came in sight. United States ports have about 305,544 bales, against 243,308 bales a year previous. The world's visible is 3,055,210 bales, against 2.519,879 July 20, 1894, and 3,061,147 same date in 1892. It decreased last week about 78,000 bales. European stocks of American and afloat for Europe are about 550,000 more than a year ago, indicat- ing their spinners have taken 988,866 bales American more than last year. Out of 1,538,866 more bales imported, Mr. Ellison claims the surplus of cotton in Great Britain and the Continent is 979,000 bales of 400 lbs., or 168,000 bales more than a year ago. He claims the American crop now promises 8,250,000 bales, and may possibly count out 9,250,000 bales. Mr. Neil of New Orleans predicts the crop will finally equal 8>4 million bales, and the lint, per acre, equal 200 pounds. The movement into sight now ranges less than an average, indicating the invisible is very small. Spinners in Georgia and the Carolinas are importing cotton from other States, and pay, in instances, half a cent per lb. more than quotations at speculative centres. Stocks in New Orleans and this city are unusually small. Northern spinners have 1,991,494 bales, against 1,523,382 bales last season. Manchester, Fall River and other leading spinning points report liberal supplies, and wages being advanced, and a good demand for manufactured goods, with prices higher than in June, yet lower than a year ago. Exports of American cotton goods, eleven months to June 1st, were $499,368 less than same time previous season. New cotton is not appearing as freely and early as in the past ; the crop being about two or three weeks late with many fields reported clean, and many as " hopelessly grassy with the average plant small and puny," and that scarcely any July or "bottom cotton " will appear, yet a good "middle crop " is looked for in August. The last Government report made the Texas condition as 76. That state last season made about one-third the American crop, and about one-quarter of the world's crop. The prevailing opinion appears to indicate general busi- ness has improved about 25 per cent., and the feeling is more hopeful, and tendency of prices is up- ward, rather than towards a lower level ; the change being practically caused by seven weeks raia in the cotton belt. The last Government weekly crop report is more favorable to all crops. I3e ClAPP & COMPANY. BANKERS ANII BROKERS. NEW YORK. WEEKLY MARKET LETTER 3 I . . . I "JI ■ J il I ■'■ t ■ I ■■ I i I 111 I I ! ili I i = Wheat. It is predicted Chicaq:o will not receive ten per cent, as much contract winter wheat this season as last, and that she will ship more wheat to various eastern and southei-n winter wheat primary markets than she receives. Keceipts of contract spring wheat at Chicago for the past year were less than four hundred thousand bushels, or less than any single year since the Civil War. Chicago has about 1,600.000 bushels spring wheat, against 8,658,4«4 a year ago, and about double the amount of winter wheat or about 14,000,000 bushels. Wheat shipments from Chicago of late to winter wheat milling points exceed receipts or shipments to seaboard ports. The principal demand for wheat in Chicago now comes from Indiana, Ohio, Michigan and Texas or the states that have in years past been large shippers at this season. Primarv receipts of winter wheat to date are scarcely one-third those a year ago. Ordinarily our exports for a year are about 97 % of grimary receipts. Exports of flour reduced to wheat last season were about G9 millions wheat, liports for the year ending July 1, 189(5, do not promise to equal minimum averages. Since July 1 they have been about 7 million oushels. Last week's exports were the least of any one week since Jan. 10, 1891. Smut is reported in many sections of the spring wheat belt. Ordinarily this indicates a light yield of fair qualit3^ Chicago has about 18 millions of all kinds of wheat. A prophet says " that is more than she will receive the next twelve months," and the visible is likely to continue de- creasing longer and to a later period than for a score of years, even though the export demand be less thau usual. The amount afloat is only about an average. European stocks are below recent averages. Great Britain's statisticians are estimating this season's crop as only about three-fourths that grown in 1894. France promises but 87 to 90 per cent, of last year's yield, indicating an import necessity of about 40 million bushels. In May and June the world's weekly shipments to consuming countries averaged about 10 million bushels ; the past week they are but 6 millions, indicating the falling off being about equally divided in percentage from the four leading export countries. Argentine ship- ments this season are but 80 per cent, those of last season same time. India's crop is now estimated 'iO millions less than in May. Apparently the visible and invisible supplies are both decreasing at the beginning of the crop year. We think the average opinion of crop guessers forecasts a yield less than 400 million bushels, with consumption a little over a million bushels per day. Looking back, we find when grain has been wasted or fed to live stock recklessly for a season it has been scarcely a year later before prices doubled, especially so in corn and oats. Evidently the foundation for surprises is being laid. Wheat for December delivery is being sold in all American markets at less than its cost to carry. Values the world over are very much nearer minimum prices than usual in July. Water freights from Chicago to Liverpool are about 10 per cent, less than water and rail- way rates to New England. We advise watching for weak market days to make investment pur- chases. Where one's finances are sufficient, buy a little at the market and increase the line as the price declines, believing, in the main, the crop is short and prices will advance materially. Corn. Total grain deliveries in Chicago recently have been 45 per cent, less than any similar week since isui. Tlie export and New England corn demand continues large, and to exceed primary re- ceipts and to deplete visible supplies. Crop conditions are almost always favorable in July. The average damage comes later on from frost or hot blasts. A year ago this week hot winds prevailed, causing an estimated crop of 2.000.000,000 bushels to materialize in a yield of only 1,200,000,000 bushels. Similar conditions prevailed in 18."^7. Now the san- guine railway guesser predicts a crop of 1,000,000,000 bushels more than the government reported husked from 1894 planting. Personally we think the weather has been too changeable this month to aid in materializing as good an ear as a stalk, and that it is possible the promise now and later on will not result in securing more than 2,000,000,000 bushels from the 1895 planting if average weather lasts until Christmas and no frost occurs to do damage to it. Ample moisture has generally prevailed, yet the rainfall has been about two inches less this season in the winter wheat and com oelt than usual. Many cold nights have prevented an even and rapid growth. Speculatively speaking, sen- timent has depressed values to near a minimum point or below those prevailing last July, when an advance of 50 per cent, was scored before roasting ears were picked. Looking back, it is often wise to bull the beginning of a large crop, as big crop prospects often cause a great crowd to oversell the market and create an export and consumptive demand that have caused sharp advances. Looking over 1881, 1887 or 1894 July quotations there seems to be a chance to loose only 3 or 4 cents per bushel in purchases of May corn around present prices or to make 20 or 30 cents. Corn seldom sells in May at present May quotations. Provisions. The Price Current estimates the weekly manufacture of meats in the United States is about 25,000.000 lbs., and cousamption about 3-^,000,000 lbs., and the export movement about 15,000,000 lbs., and that the reduction in visible supplies is now rapid. Hogs are slightly higher and receipts are beginning to fall off. That January provisions are selling on a basis of about one dollar per 100 lbs. less than prevailing prices. June exports were 11^,891,000 against 158,336,000 lbs. in 1894 same tim# Speculatively, pentifnent appears arrayed on the bear side, predicting lower prices. Packing. March 1 to iJuly 20, 5,146,000 hogs against 5,060,000 hogs same time in 1894. Yours truly, CLAPP & COMPANY. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qootations for Stocks, Cotton, Grain and ProYlsIons for Week ending Jnly 24, 1895, and lor July, 1894. Par value of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., FEOM NEW YORK STOCK EXCHANGB OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. W EEKLT Salis. 4,655 567 257.383 874 28,098 13.924 1.200 8.885 4.045 6.?95 100.025 165.580 64.815 273 78.56tf 8.850 15,180 250 0.929 400 4.270 900 1.887 840 t7.059 9,094 6C0 8.325 1.785 13.910 4,t«5 &586 18665 8,550 675 2.248 2.800 1.180 631 1.080 1.916 2.680 8 8?0 1.170 1 890 122 G.')5 1042 8.060 8.197 14.145 23 02-.! 2.510 8.147 ]2.aiO 87.386 6.4.S0 4.055 200 1.820 27.000 4.C18 ii 025 1,796 Capitai. Stock. $20,287,100 10,198,600 86,773,000 86,77J.000 17,900,000 25,000,000 15,000,000 22,488,000 60.805,400 82,262,700 24,885,800 46,027.261 25.923,900 46.156.000 18.559.860 39.054.907 22.335 170 28 000.000 11.696,000 85,4.30.060 26,200,000 85.000,000 38 000,000 84 091 900 30,459,700 25,000.000 8,000.000 80,000,000 10,000,000 11,840.000 11,840,000 49,466,500 62,800,000 80,000,000 18.788,204 13,000,000 47,844.100 47,436,576 14.905,400 14904,000 89.428.300 77.427.000 20.000,000 68.119.982 18 000 000 39,707.200 49.000.000 89.269,516 20.000.000 8.600.000 40,426.861 86,000,000 68.402,900 125.000.(100 60.000,000 19,850.000 38.710.900 60.868..500 62 9" 1.600 62,861,500 20.161.000 18.587 850 7.60e,600 28,000,000 24,000,000 94,820,000 10,000.000 4.500.000 DiTTDENi) Record. Payg Spc J-D Pays 8po 0-J-A-J.. Pays 3^po J-J Pays 8po F MA-N. Paid 2po 1895 Pays iMpc F-A Pays IJIpc F-M-A-N... Paid Ipo Dec. 1894 Pays Ipc M-J-S-D Paid ipc Pays 7 PC Per Annnm. Paid }4po June 1895... Paysl^pc J-D.. Pays 2i^pc J-D.. Paid 8do in 1898. Pays 2pc M-J-S-D.... Pays 7po per annnm. Fays 7pc per annum. Paid IKpc Jan. ]8;)3. Pald2pc AnKi.stl8!»3. Pays Spc per annnm. Pays 2}^pc M-S. Pays l^pc F-M-A-N. Pays 8po FA Paid 2po Angnst 1893. Pays l^po J-A-J-0.. Paid 2pc In July 1895. PaidSpc 1891 Paid Ipo In Dec. 1804. Pays l?ipc M-J-S-D.. Pays Ipo J-A-J-0 Paid IMpo Nov. 1893. Paid Ipc April 1802.. Paid Ipc in 1887.... Pays 2pc F-M-A-N.. Paid Ipc In 1887... Pa'id's^ipo In 1*884! Paid Ipo Jay 1895... Paid 2J^pc March 15, 1895 Pays IHpc J-A-J-O Paid IDO in FebVisM! '. '. . Nakes or Stocks. American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co. . Am. Sugar Refining Co Pf. American Tobacco Co Atch.Top. & S. F. lstins.pd Baltimore & Onlo Canai;. Southern Central of New Jersey.... Chesapeake & Ohio Chicago, Bur. & Qnlncy.. Chicago Gas Cos Chicago. Mil. 4 St Paul. . . Chicago Mil. & St Paul Pfd Chicago, R. I. & Pacific... Chic. St Paul M. & Omaha Chicago & Northwestern. Chicago & Northw'n Pfd. Cleve., an.. Chic, & St L. Col Hock ng Valley & Tol Consolidated Gas of N. Y. Delaware. Lack 'a 8,889 1 5,125,877 N. r. Cotton ■July August..... September October. .. WHEAT, In bushel!" . I V. S Visible. (Primary rec'ts* 1896 40.488.000 8.807 000 18911 68 772,000 I 4 853 000 Total Exports. 6.867 OCi) 6.546 722 l^-l'^-^-lsefaer P™-lsefcmbeV Thursday. July 18. 25H lii" 103% 25J6 mii l0S9i 10 64 >01« 815? mi 68% 101 21H 86 f>x% 68k TiM 40K »9H 71Ji 40 mi 25J< 141 140 ll^4 130^ 4694 20H 80^ CORN, In bushels, I U. 8. Visible. 1895 6.941.000 18941 8.649 COO Prlmarv rec'ts* 2 867.000 2.128,000 Total Exports. 2 941840 1.272 624 Chicago j July Wheat, j September Co™-ifembeV OATS, in bushels. I U. S. Visible. 1895 5 137 000 189l| 1.372 000 N.Y. Stocks. I Cbco. Stocks, r^*** • 1.076 690 I 16')7 000 p„,v 698 ISI I 23 000 |^««- I July... I Keptember i July ' 1 September ILARD-tcs. World's vis. 81 .498 106,ti45 CHICAGO CONTRACT STOCKS. PORK-bbls,i LARD-tos. RIBS-lbs. 130.627 I e9i 86 84 a>}i 26% 2C% Ism 151 59% 59 lllH 11(% 86% 80% 24% 24H ^^ uy* u^4 "^ 42H 41% « 35% 84% 3og 1294 12>i^ 1^ 16% 15%' '6H 88U 60V4 °'^ 4042 40U ^^ ill lol^ i9« 91 1694 62M 192 584 0,68 6.68 6.88 ere 6S7 6,80 694 685 91 17 62« S4^ 14% 4194 84 12% 18 15 80 40% IH 19% 91 16% 52>S 170.178 S.74 8.78 6.79 6.72 6.85 6,78 6.90 6.82 69% 69% 69% 69 70% mi ro\ 69 49% 4S% 49 48% 64% 60% 44% 44% 2294 23 10.70 10 80 64%' 65 6B 65% 1 66% 65% 4394 43H 48!^ 43%| 44 43% 2294 28^ 82% 22^ 22% 22V4 10.70 110.67 10.67 10,62 ,10 85 10.77 jJuly...., ..I 6.25 I September 6.35 ; July I 6.10 i September : 6,20 6.28 6,80 6.10 6.12 627 «K 6 40 6 85 6,12 « 19 6 29 6 20 Monday, Jnly 22. 113M no94 62% 54 10114 21^ 88% 54% 60% 123% ,1^ 100% 140% 136% 2i% Tuesday. Jnly sL 26% 26; 74 74 111% 114% 113% 101 101 109% 111% 110% 62% 64 101% 21 86% 63% 68% im 72% 40 99M 4594 25% 188% IM 2694 8594 2794 2? ,841^ 84% 153% 151% 59% 59% '18% 111% 87% 87' 67,850 233,347 6.81 6,80 6.78 8.75 6.80 6 76 6,84 6.82 6.86 6.92 6.89 6,86 6 91 687 709i *eH 48^ 49% 49% 4894 *i^^ 70% TiM 79% 70% 72% 7 66% 66 I 67% 66'.< 67% 66% 6894 67% 44 43% 46 46 4iH «3% 45% 48% 28% 88 I 23% 88% 2^ 22% 22% 22% 10.90 1090 11 10 11 10 1100 10.82 i;.d5 10.90 685 6.45 6 25 e.85 6.85 6 87 625 625 636 6 45 6.27 637 6,85 687 6.27 6.30 140 163% 131 47% 21 86 99 99 24 24 28 27% 86 84% 158% 152% .60% 59% U3% 112% 8^ 8794 84" 88% 35 84% 102" 101% eiU 61% 17% 17% 27% 2r 18% 28% 6% 16% 174 24S4 11% 42% &i% 12K 13% 16 83% 41% 894 21% 92 17% 54% 19^ 9194 17% 64 318771 6.S0 6.80 6 80 6.75 6 85 6 81 6.90 6.86 71% 71% re% 7 1 A 48% *4i 4994 49% 66% 66% 68% 67% 45 44% 45 44 23% 23% 22% 22% 10.67 10 67 11,00 10.77 685 6.37 607 680 6,35 6.80 6.07 6.16 Wed., July 24. 2:9^ 2 74% 74% 114% 512^ 101% 100; 111% 11094 6494 54% 10294 101% 22 21% B9% 88% 58 56% 6994 69 12.3% 12.5% 76 75% 41^ 41 10^ 9f»% :4e% 140% 4;% 47% 139% 18994 62% 162% 130 12994 21% 26% 80% 30% 99 99 27% 27% 84% ^1% 153 153 5994 59% 113% 113% 87% 87% 8'5% 8494 91 18M 1694 175% 176 2->% 25 m 14% 43% 4 -'94 86% 80% I2:>4 12%! 12% 12% 17% 16% 6S 84W- 42% 41% IM 2 9% ;^ 8% 20% 9194 .- ir% 54% 64 m 292157 6.77 6.69 6 S-i 6 75 6,89 6 81 7594 7594 75% 72% 494( 4)% 49% 49% 71% 89 72% 68% 44:>4 4494 41% 44% il% 84% ;3% 22% 1.75 10 75 1.85 10.67 6.25 6 26 6,35 6 80 6.10 6 10 6.17 6,10: Range for Jnly 1895, to date. 28% 23% 74% 78 114% 105 . 49% 70% 67% 123% 122 76% 7094 41% 39 100% 9r94 148% 146 20% 16 04% 80 42% 89 m % 29| •% i'% e% 21% 19 92 90% 17% 16% 64% 62% 7.01 6.78 7.04 6.69 7.08 6.75 7.13 6 81 75% 6594 7i;Hj 6<194 51% 4fi% 53 47% 71 61% 73% 62% 479fc 41% 48% 42^4 25% 2294 25^ 22y4 12 52 11)57 12.75 10.60 6 65 6.20 6.85 6.27 6 45 6 87 6 67 6.00 Range for July 1894. 87% 26% 70 69^ 10594 94% 95 91 89% 85% 78% 70 " 49% 48V4 107 106% 17 16^ 77% 72% 7994 72% 60% 669:i 119% 117% 68% 6394 3K94 84 105% 10194 141 140 37% 84 17% 15% 127% 111 1H4M 158% 133% :2694 2r% 25 24% ir% 38 86% '494 '4% 91% 89 17 16% 1594 16% 130% 1?;% 46% 43% 117 94 tllH 94 21% 19% 7 7 27% 23% 39% 87!a 11% 13% 994 9 15% 14% 40>i 88% " 294 m 3V: 15% 129^ •^^ '^ ■^ lJI« im i:% 84% mi 19% lo% 7 8% 53 3;j% 22% 20 87% 35 (5% 594 HK 13V4 sr,4 8294 11% 9 44>i 42% 7.00 61 7.13 «..')I 7.15 6.56 7.21 64 61% 6311 53 62 .';•■'% (iO-H 46% 40% 20% 12.75 12.80 6.97 7.02 680 6 75 1895 1894| OLD PORK, Chgo. . . . bbb. -bhls. i WHEAT on passage. i 88.240.000 bush. 83,696,000 •• CORN on passag*. 8.000.000 bush. 6,923,000 " I Russian Sblpmts. for wk. I 8 040,000 bush. I 8 800,000 " Indian Shipmts for wk. I Argentine Shpts. for 744.000 bush. 416.000 bush. 780.000 " I 54',4 44|i 4fi% 50% 40% 40% 28% •27 1220 U42 6.65 O.-.'i 6.40 6.45 Wk. • sinoo Au« 81. 'Since June 80. Compiled and Copjirighttd by CLAPP & COMPANY. BANKERS. MILLS BTHLDING, new YOEK 138 COcchTP flDarftct Xetter. No. 440. Copyright, 1S98, hji Clmpp 4t Comtpmnp, O. W. CLAPP. OWIQHT O. CLAPP. BHANOH Orncttt Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro." CLAPP & COMPANY, Banhei'S anb Brohcrs, MILLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. ( 277 BROADWAY, Corner CHAMiERS St, 621 BROADWAY (Ca»le Builoino, Corner Houitoh). 671 BROADWAY, Broaowm Central Hoteu 753 FIFTH AVENUE, Corner 58th St. ^ 11 WASHINGTON STREET, SARATOGA, N. Y. New York, Thursday Morning, August 1, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly, A General Banking Business conducted. 8^ Interest allowed on Avera^re Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS (NOTICES ABOUT OUR 1894 SOUVENIR, "LEADING AIMERICAN EXCHANGES." ClappA Company, brokera and commission merchants, Mills Build- \r\'4. New York, have Just issued a veiy bandsome souvenir In th« shape of a tastefully bound volume, Bivingarevieir of their busines* for the past year, and containing articles on all the leading Ameri- can K.xchanges. all of which are more or less illustrated. The whole book fonning a most interesting and valuable compendium of in- fonnation for the business community at large.— Transporlation, New York City, World Building. A VALtJABLB Book.— Clapp & Company, the wellknown bankers and commission merchants, whose financial reports, issued weelany, bankers and brokers, MilU Building. New York, haveissued a handsome volume, giving their market letters of 1891, with valuable statistics and facts relating to the financial and commercial movements last year. The book is illustnited with various cuts and is as useful as it is unique an \ beautiful, which ia saying much.— Boston £veuing Tiunscrlpt, Boston, Mass. Clapp & Company, bankers and brokers, MlIlsBulldlng, New York City, nave issued a handsome souvenir volume of 1S94 containing their weekly market lettei's of that year, with valuable staiisttcs of financial and commercial nioveiiients, 8tai)le crop productions, etc. The book is made attiuotive by a series of half tone engravings of the leading buildinGrs In the United Slates devoted to financial uses. It is easily one of tlie leading statistical works of the year.— The Vermont Phoenix, Bi-attleboro, Vt. Tear book of Clapp A Company, bankers and bi-okers. Mills Build- ing, New York City. In our opinion every man Interested in securi- ties or the geneml maiket should have this yearbook. Tlie book consists of 350 pages and contains a vast amount of statistical infor- mation invaluable to speculatoi-s. Gi-eat caie has been exercised in compiling the contents, and we doubt whether it has au equal. Union Pub. Company, Bridgeixjrt, Ct. Clapp A Company, bankei« and commission merchants. 8.5 Wall Street, IS Broad Street and .55 Exchange Place. New York City, have issued their 189<, published 1895 Souvenir of Weekly Market Letters and valuable information and comparisons. It is a valuable leter- ence, and we welcome it to our sanctum library.— The Weekly Floridian, Tallahassee. Fla. The Beacon Is in receipt of a beautiful souvenir from the fli-m of Clapp & Company, bankers, of New York City. This company sends out letters every week which contain a complete review of the markets, crop prospects, price of moneys, bonds, etc. This letter comes to this oince every week, and many valuable reports and his- torical deductions are made from them. At the end of the year these letters are bound in a beautiful gilt edge volume and sent out In this form. The btxjks make one of the best and most complete yearly recoi-d to be found anywhere Itconiains a good liistorj' of the trade all over the world and is a splendid book of reference.— The Beacon, Great Bend, Neb. Tlie '• Weekly Market Letter" of Messrs. Clapp ft Company, Mills Building. New York City, covering the various dtpanm'ents of finance, stocks and bonds, wheat, cotton, elc, bound in an annual vol nine, makes an interesting book of reference. The 1894 edition Just issued is embellished with Illustrations of Messi-s. O. W. Clapp and Dwlght O. Clapp and the vnrious exchansres. An interesting feature tti-e fac similes of Mr. O. W. Olapp's membership tickets in the ChicRgo Board of Trade from l&M to idia.— Xhe Cluonide, New Yurk City. X "0 > o m o o z H > i 0) o > r < m o O :o o (/) o r m > o z o m X o > z o m C/5 Clapp & Company's annual Souvenir book for 1894 will bo delivered free to applicants upon receipt of $3. A few copies of 1S93 can be had for $2 each. KEEP OUK L.ETTEKS. POBTFOLJO FOR FILOG iOBWARDED AJ»PLICANTS IKEE. i:« 2 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. When foliage begins to turn the politician commences to agitate the atmosphere in hor"© of a November windfall. The shaking of political trees may cover the ground with me dead ^eaves of a prematiire " sound money" boom. Agriculturalists may need the education of a success at the polls without corresponding benefit. The Government deficit cannot be met this year with anything but borrowed gold. Straws. — Government expenditures for July exceed receipts about $10,000,000. Wool sales in- creased in four weeks ending July 27 to 44,778,864 lbs., against 29,220,750 lbs. same time in 1892, Domestic mills are only using 6,000,000 lbs. per week. Imports of woolen goods are large ; of dry goods, exceeding 82 million dollars, or any previous similar period. Exports of merchandise, first half 1895, are $16,573,587 less than those same time in 1894; imports are $47,787,119 more, the balance against the United States being $98,459,745, averaging recently four millions per week. United Kingdom decreased exports 0.71 i and decreased imports 3.47 % in the same time. Our Government should aid in promoting and pushing the trade of American producers among foreign people. The iron production of 18^5 may exceed any year or that of any country. Prices of iron and steel have generally advanced about 30 ^. Stocks and Bonds. Bonds. — Governments remain around highest figures. Chinese loan, guaranteed by Russia, and offered at 4 j^ yield will probably be over-subscribed at Paris. Good securities strong everywhere, with tendency to lower net yields. Many American railroad bonds, reported in our August list, we think will sell higher. Railway Stocks. — 44 roads, 2d week of July, show gain of 7.79 i over last year. Burlington, Northwestern, Rock Island, St. Paul, Omaha, C. C. C. & St. Louis, Wabash, Atchison, Missouri Pacific, and the Texas roads are all corn carriers and leaders of the recent advance. Some heavy corn crop years have been low dividend years for railroads. The market appears to be drawing against a 2/4 bilhon bushel corn crop, that good corn weather in August will almost certainly materialize, ^he general advance since March exceeds 10 points. From 1877 to 1881 St. Paul rose from 11 to 129; Burlington from 78 to 182; Northwest from 15 to 136; R. I. from 63 to 148; Lake Shore from 45 to 135; New York Central from 77 to 155; Union Pacific from 57 to 131; Jersey Central from 6 to 112. Coal roads are doing good business. Texas roads and low priced properties will likely soon find energetic converts. The London market will be closed until Tuesday, August 6, it being suramertide bank holidays. The general feeling on the Stock Exchange is bullish. It seems to be conceded we are approaching a higher lever and more activity. Many properties now have little pools, each anxiously working for a good and permanent rise. Industrials. — Sugar is the leader and booked for higher prices, based on advancing rates for raw sugars and manipulations. Leather and rubber continue examples of clever manipulation. Gas and Distillers are still manipulated in Wall Street and the Courts until their friends and ene- mies are tired and see no radical direction for either. Lead and Cotton Oil properties appear doing a legitimate business. General Electric manager appears once again aiding the property and book- keeping to show that expenses are more than earnea ; perhaps it precedes manipulation in the stock. Cotton. The cotton market has many more friends than foes. Crop reports continue very conflicting. Reports of spinners' stocks in old spinning districts are equally conflicting. Spinners in the cotton belt are reported paying about half to ^ of a cent per pound, or about $3 per bale more than futures sell at in New Orleans or this market, which are equal or in excess of prices prevailing a year ago. American spinners takings past 11 months equal 2,727,553 bales out of 9,671,151 bales arriving in Bight to July 26. In August, 1894, there came in sight 159,296 and 1893, 216,746 bales. In 1894 2,909,324 bales came in sight from September 1st to November 2d, inclusive, or about 30^ of the crop. This percentage of movement is about an average and may be taken as a practical key to the present crop after 90 days have past, especially so if average weather and conditions prevail from this on until Christmas. The world's visible is 493,232 bales more than a year ago, or about 17 %. Last week it decreased 151,000 bales, or more than any previous week. India and Egypt shipped to Europe 1,318,000 bales against 1,676.000 the previous season. Great Britain's export of cotton man- ufactures for 9 months ending June 30 was 945,173,000 pounds against 935,739,000 corresponding 270 days -previous year. Their exports of cotton goods tor the 9 months increased 21 j6 and were 34 million yards more than same time in 1892-3. Their exports of cotton piece goods to North America increased over 21 ^ over 1894, and were 34 million yards more than in 1892-3 same time. U. S. domestic exports of cotton goods since January 1, 1895, are 128,079 packages against 140,843 packages previous year, with a heavy falling off in China trade and small gains in South and Central America. We imported 59,006 packages cotton goods against 31,595 in same time last year. There were imports of 83,963 packages woolen goods against 20,544 packages same time last year. Cotton is not high. Bears are few. Market is dull with trading on Cotton Exchange, often only resulting after long intervals. Speculation is too apathetic in the cotton arena to cause any material change until more is actually known of the crop and spinners' wants. 140 CLAPP & COMPANY. BANKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. 8 Wheat. Eastern Europe now promises average or good crops. Rye being about 10 per cent. less. Western Europe a shortage. Russian exports are falling off as is the usual case about harvest time with all countries. Argentine shipments since January 1st have been 33,112,000 bushels to July 12th and about 40,000,000 bushels to date since August 1, 1894, about 51,000,000 bushels. Indian shipments April 1st to date are 9,316,000 bushels against 5,028,000 bushels same time in 1894. The world's shipments the past week were about 5,250,000 bushels against a May average of over 10.000,000 per week. The four leading countries' clearances may fall short in August^ if so, foreign demand may spring up for wheat. Our exports per week are practically now where they were four years ago. It is nearly five years since a week's exports was less than 1,000,000 bushels. Total world's shipments August 1, 1884 to July ITth, exceed those previous year by 22,248,000 bushels. It is believed England has but a small stock of flour ; that India, Argentine and North America will be compelled to ship in homeopathic cases. Our primary markets in July received 5,500,000 bushels ai^ainst 13,855,000 bushels in July, 1894. A few cars of new spring wheat have arrived in good condition and weight. The winter wheat movement shows varied conditions and weight. Sales of binding twine nearly double that of a year ago. St. Paul reports the 10,000 acres on the Dalrymple Farm will grow 350,000 bushels and is badly damaged by smut. That the only year fit for comparison was 1.^81. The Orange Judd Farmer predicts a spring wheat crop of 165,000,000 bushels and a total of 405,000,000 bushels. The Prairie Farmer estimates the spring wheat crop at 170,000,000 bushels. The spring wheat acreage in 1891 was 12,994,000, condition July 1, 94.1 per cent. ; July 1, 1895, the acreage was 10,425,000 and condition 102.2 per cent. In 1891 condition gained in, June 1.5 per cent.; last June it gained 5.6 per cent. August 1 the condition was 95.5 per cent., or 1.4 per cent, better than previous month. Grain traders are generally bullish. GOVERNMENT ACREAGE, CROP, AND DISTRIBUTION OF WHEAT FOR PAST TEN YEARS. 1895 1894 1892 1891 1890 1889 1888 1887 1888 Acreage e!^ 54 6«^^ 57.6 I 67 I 80 88,554.430 515,949,000 863,780.000 248.000.000 226,000.000 24,2(a.000 81,238,000 23,992,000 78 80>6 103 89,916,897 611,780,000 275,262.000 124.000.000 106.000,000 13,590.000 45,908,000 16,768,000 85 08 88.087,151 I 88,123.869 399,262,000 490,560,000 366,560.000 32-3,868.000 124,000,000 110,000.600 20.174,000 25.4;(J,000 18,463,000 92,000,000 8.3.600,000 15,301,000 83,972.000 12,185,000 85 94^ 77M 85 83 I 87.9 87.836,138 415.868,000 341,829.000 115,000.000 119,625.344 23.619.000 88,321.000 22,190,000 79 86 8S.8 87.641.783 456,329,000 ,3v'9,218,000 128,000,000 153,804,870 34,413,000 44,422,000 83,141,000 679^ 79 88.0 86,806,184 457,218,000 269.112.000 88.000,000 82.565.'; 98 28.218,752 62,780,000 84,667,000 7^ a 87 Corn. Nearly every one of our 50 States promise to have a full average com crop. We do not believe the 1894 and 1895 crops will equal average yearly consumption from 1888 to 1893 inclusive. This visible and invisible supply is disappearing rapidly. Cash corn commands a premium in Chicago over September delivery and is in good demand for shipment to both New and Old England, and can be laid aown in Great Britain about as cheap as in New England. The average export price of com year ending June 30, 1895, was 53 cents per bushel, or only about 5 cents less than wheat. December and May corn are both selling at about minimum prices in Chicago. We think the chances for a rise far greater than for a decline. Our Mr. Dwight 0. Clapp just returned from a western trip says : "I am a bull on all com futures because prices and old supplies are near a minimum, with large demand exceeding supplies. No contract corn can be delivered from new crop on contracts next four months. August weather may not be favorable ; it requires at least six weeks yet to secure the crop outside of a possible frost. Oats. It is estimated 80,000 less street car horses eat oats than a few years ago. Hay is being shipped into Illinois and commands more per ton in some places than oats. The quality and quantity where thrashing has been done is not up to expectations ; Iowa alone, now claiming a good yield. Prices are not mgh, the ■visible is decreasing rapidly. Cash oats in Chicago commands a premium. Provisions. No new features appear likely to affect values in the near future. The export demand is a little larger. The domestic demand is poor. Chicago stocks, August 1, 1895, are not expected to show much if any decrease in July. The bears appear more in control than the bulls. The Argentine and New Zealand cattle are competing with meats in European markets. Argentine exported to Loudon first five months 1895, 11,847 head of cattle, and to all countries in 1894 about 220,490 head. Packing from March 1 to July 25 was 6,305,000 hogs, or s£ime as last season. Yours truly, CLAPP & COMPANY. 141 CLAPP & COMPANY, BANKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTER. QnotatiOQS for Stocks, Cotton, Grain and ProTisions for Week ending July 31, 1895, and tor Joly, 1894. Par value of all stocks $100. except D., L. & W.: P. & B. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. W EEKLT Capitai* Sale*. Stock. DiTISEMD RiCOBD. Naves or Stocks. 600 $20,237,100 10,198,600 36.773.000 Amencao Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co . 590 Pays .3pc J-D 76.396 Pays 3pc 0-J-A-J 1.704 86.773.000 17.900,000 Pays Si^po J-J Am. Sugar Refining Co Pf. American Tobacco Co 5.188 Pays 3pc F M AN 64 948 Aicli.Top. &S. F.2din£.pd Baltimore & Onio Canada Southern 1 810 85,000,000 15,000,000 Paid 2do 1895 1.825 Pays lUpc F-A Pays l^pc F-M-A-N.... 8.985 22,488.000 Central of New Jersey.... 3850 60.805.400 82.262.700 Chesapeake ^' 54« 102 104 21 H 22 mi 55 Mi 69^; I23H 125 4ml 4i% 99^101 . 146^ 47 48 140 140 lolH 162% lao 1 181 47^ 75 1:8H1I3« 110^ 144v 63H 54Si 103 2lH 89W 5.JK 69% 124^ • 6^4 4IH 100 14U>4 47H 2i^* Total salet of all Stocks each day and for the six days. 1.277.72r COTTON, in ba es. I World's visible. 1895 2 914.182 |H9i| 2 420.950 •"• ^- J August..... 28^ 27^ 85 153 69^ 1I2H 100 8?Hi 84 \i) 55 17^ 291^ 6 !(*?< 28W 6 im 2694 14 42« 30>4 12>5 18>i »9 IH 9 21 ^^ «1J6 17^8 53^1 8'H 36?4 140 161« 13UH 2iM 86% 23k ^ 27« 2-M S4%JIo3W 152*,,153>i 59Ji' 60!^ 112>^ 113^4 100 101 8.-W 38« im 34« 84>v .... lOlJb log" 10 I ... 64^ 65 IJH 22 92 70?i 78>i lOlH 48^ 86 4S 99H 2:>»i 2714 99M, 23 2'.14 ^39s' IM |»32?4 59%' 60)i 113 113 101 37?4 87J< na 356 6 5>« 2U a»>«; 29« 6 6>^ l?h 16 i;t)>aii; 25k' 26' ■ 13J6 14M *^i^[ 42?4 12% 12Ji irh! i:h WH 87 41^ 1 1J4 9 20H 214 -..- 2m 9m 91% 16^6 17)4 63h 52% 64 l7Va 29W 6 1S% 88^ ey4 17Hi 17 22k 9196 54!^ 71k 125 7896 4196 10194 *m 86 27k 74k 116J6 111' 16 54W iu;i% •2-'96 91-94 56% 7194 If^ lOlH l63 182 '80k 180>6 48k 4^'-^ 81k 20 36^ 85% loou 166 MJi 84>i. 91k 101% 10k 91k 101?* lok SUM 80 6*1 'sk 29H 29k 1794 ir94 176 176 66H 6tfk 26 88 14k 14k 42% 42% 35^ 85k 12% 12% i3>6 im 28 '52 >18 27 k &^94 15194 6096 112 889ii S^ 35k 35k 9194 '02k '^ 17*4 SOT- 27k r4k 11594 nok 15k 64k 103k sSk 91k 55k 71k 78k ■41k 101k 4S94 48'., 26 25 48^ 48k 80% lOOJi 100% 27% 27k mi f^^k 151 151 62% 61k i:4k 113 101 101 38k 3794 594 1994 29k 26k 1496 43k 36k 12Ji 14 17k 88 41k 41k Ik 194 2k 9k 996 21k 21^ 91% 92.W, 17 17k 63k 54 8494 a594 35% 3li^ 91>4 91k 10194 102k 10k - m 80k 656 5k 19% 29k 6k 1756 86 I4k 4-294 3d 12?6 13k 17k 87 4096 Ik 2k 9k 21k 92 17 26 Mk 42,k 8594 12% 18J* 17% 87k 41k Ik 2k 9k 81% »2% 1656 52k 181.517 885.600 887,265 208.289 • • : 6.T8 6.76 Total Id slphttl Total Exports. I •"•'• J August.....!! 6.75 6 72 6.79 6.72 9.671.15: 0.674.764 Ob«o» ] September i 6 '1 6.79 6.83 6.79 7.367,915 I 6,143,143 ' | October. .. 6 87 6 84 6,89 6.84 7496 7496' 7894 7894 75% 74k :5k 73% 48% 4-% 48k 4Sk 4994 485« 48k 43u WHEAT, In bushels. iwh^ot I .Tuly. I V S Visible. iPrimary rec'ts*! Total Export*. " "*"• } September 1805 89.229.000 6.500 000 9.160 795 L^ J July 18941 57144,000 I 18855 000 | 12.777 848 r I September CORN, in bushels. I U. S. Visible. 1895 6.207000 18941 8.973 COO \Chicago\ July IPrimarv rec'ts*! Total Exports. IWbeat. I September 5 124.000 4.138 972 L„_ (July I 5.465,000 2.851952 r°™-" ) September OATS, in bushels. I U. s. Visible, 1895 4 887 000 I8O4I 1,247 000 N.T. Stocks, 832 603 491 759 Cbeo. Stocks. i°*** 1896 000 185 000 6.77 6.75 6,88 6,80 6.87 6.85 6.76 680 686 6.74 1 6,7<»| 6.83 27 87 11676 11554 10494 104 112 110k 1594 15k 51% 54ii lO'Jk 102k 22% 2194 91% il'<^ 57?4 55% 72k 71 127 127 79-'»4 7794 41% 41k 103 lOlk 49" 48k 25k •■» 141 141 21 20% 36k 86>6 24 24 2794 '^ 83% -'394 I50k 149J4 62% 62 114 1I3k 101 10094 39k 37% 8794 85% 30% 8156 92 91k 102)6 102% 6«k 2994 29>4 6k 6 5k 6 19k 189i --■ 29 ek ..>., iv% 176^ l7<5k 26k 2594 14k I4i^ *'^ !i^ 8794 *^ X-^X }^ 14k **^ 17k 17 87k 87k 41 41 Ik 1^ 2k 2k 9k 9k 22 819* 92k 9Jk 17% IG% 52% 52k 840 883 8 76 6.75 8.88 6.76 6 79 6 77 I 6 87 « 80 6.84 6.82; 6,93 684 75% 75H 76 - - 7594 75 76 731 J 75% 7596 76 - 75% 74k '656 75,«»i .. 48k 48 48k 48k 48% 4ik 48% 48 48% 46k 4Sk 47J6 48k 48^ 69J6 69'^ 68% 68% 70% 70% 7: k 71 I 70^6 70 68^ 6856 ;2k 70k 71k 69kl 7i% 70!^' 72% 71k 71k 70%' 7094 69k 44k 43% 43% 43 i 43k 4294 <3k 43k 43k 42-^ 4^% 42^ 4494 439i 43% 429-4 43% 42% 43% 4294 1 48 42%| 48 42% Pork. (July 24k 24k' 24 839412894 2394 ^3% 28k' 2.394 2394 22% •(September 23 22U 22% 22'S' 2294 22^^ 22^*4 22k 23 22M, 2.'% jjuly -10.65 10.0.> 10.57 10.57 10,55 1055 10 72 10 72 10,30 10 30 1 9 90 22% 2296 990 -!l 1895 1894 LARD-tcs. I CHICAGO CONTRACT STOCKS. World's vis.|PORK-bbls,l LARD tcs. , RlBS-lbs. 81 .498 130.527 9n,788 I 42.795.580 166.645 I 57,040 ' 28.500 I 16,281,555 JLard. iRibs. (July..... ..1 6.22 I September 1 1 6.32 puly l] 6.05 September i 6.20 6.22 6.30 6,05 ■ 6.12 620 632 «.05 6 12 620{ 625 6 80 I 6.32 6 05 6 05 6 10 I 6.15 6.25 6.30 6 05 6 12 630 6 37 6.10 6 22 6.30 1 6 30 6.;c 6.15 6 17 6.32 5 95 617 6.17 6.25 5.95 6.05 6.10 6,27 5.S0 6.05 6 10 6 15 580 6,87 88k 23k 116^6 105 10494 99 114% 107 16 1-294 65 62% 65% 5394 104.H 100k 22% 20k 92% 8.3% 6394 4956 72% 67k 127 122 7994 7094 4194 39 102% 9794 14Sk 1-16 49 45k 26 »494 145 18694 icsk :61k 131J6 l29k 48k 4694 23k 19''4 37% 8?k 130 Vil lOOJi 97 26k 83 28 2394 85 dSk 153% 14694 62% 57% 114k llOk 108 100 39 S6k 12k 12% S7>4 80 86% 83k 92 90 10296 10094 1056 9% 5bk 4694 i8k :7k 8056 27k 6k 6k 556 4k 20 lC>i 80% 2794 6k 6% •20 16% 177 171 67% 67 26k 24 14% 1356 44k 40H 40% ..'2% 13k l^,'' 14k 1294 20% 16 94k 80 42k 39 Ik % 294 1^4 !'96 896 22 19 ■iiH 9096 1756 18% 54J6 62k 7.01 6.78 7.04 6.69 7.08 6.75 7.18 6.81 76 6694 7656 if^A 51% 46k 53 47k 71^ 61k 73k 62k 47% 4156 4(Jk 42k 25k 82% 2594 2-3k 12 52 9 90 12.75 10 UO 665 6,85 6 45 6 67 6.10 6 15 5S0 5.87 27% 26k 70 69>4 10394 94k 95 91 89% 85k 73k to"' 49% 4^k :07 106k 17 161^ 77% 7256 7994 72k 60% 56-,>4 119% U7k 68% d3->4 8694 84 10356 10194 141 140 87.k 34 17k 15k 127% 111 16494 I58k 183% 12694 2796 25 Hn ir% 38 itVi 494 '4k 91% %4 17 16k 1594 i5,k isok 1-^^96 46k 43>8 117 lllk 94 94 ;.'!% 19k 7 7 27% -iSk 39k 37 >4 (6 8-k 98 95'>'4 11% 13k »9i 9 15k ^^^ 40^4 88k 3^2 294 3% 3^ 15^ I=i94 8 2'4 i?k ^r^ ■6' 1^* 1^ irk 8^^ ?i^ 19k ^M^* 2-296 t 'A J-2.^ 859? %'* Ilk ■* 44?J 42k I OU) PORE, Chgo.-bbls. 1895 .... bbls. 1894' WHEAT on passage. 86.240.000 bush. 82 944,000 '• CORN on passage. 7.840.000 bush 6,368.000 •• Russian Shipmts. for wk. 2.-24O.0O0 bush. 2 600.000 '■ 6.65 6.7.^ 6.40 6.45 Indian Shipmts for wk. 1 Argentine Sbpts. for wk. 48i".000 bush. 6S0.OOO busll. 7.09 8 61 7.13 6.51 7.15 6.56 7.21 6 64 61k 64k 0311 .^5H 33 44|i 52 469« 5'<% 5096 60">(; 52k 46% 4096 4656 4056 40k 29M •2956 i~ 1-2.75 12 20 12.80 UM 6.97 7.03 6«0 675 440.r00 t Sine* Aug 31. * Since June 30. Compiled and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING. NEW YORK QlIlCClU\'> (IT^nrhCt letter copyright, tSOe, by Clapr Jt Cotnpany. NO. 44 1. O- W. CLAPR OWIQHX O. Clapp. CLAPP & COMPANY, S3anhev6 an^ JSrohers, "^ miLLS BUILDING, N. Y. ^ ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. Q OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. n [- 277 BROADWAY, Corner Chambers St. PRIVATE TELEGRAPH WIRES. O ^"*'"=» J tv] RROAnWAV T""" ^T""- ''°'"'"' "°""*"'^* LONG DISTANCE TELEPHONE. A „„,„,.■< 671 BROADWAY, Bro*dw«y Central HoTEi. ,. V-^ 1 7g3 pip-^^ AVENUE, Corner 58th St. CABLE ADDRESS: " OZRO." ^ ^ 11 WASHINGTON STREET, SARATOGA, N. Y. , ■—J New York, Thursday Morning, August 8, 1895. >^ • We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. 7n Our private loire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable O information. z > Usual margins required; customary commissions charged on cash property or for future V^ delivery. "^ Margin deposits may be made in Drafts on New York, Currency by Express, Post Office ^ Orders, or by deposit with local out-of-town banks. The local bank should always wire us at pr] once, at our expense, stating amount that has been placed to our credit, and for whose O account, thus allowing customers^ orders to be filled promptly. O A General Banking Business conducted. s% Interest allowed on Average Daily Balances, o credited Monthly. City and Country Accounts solicited. Collections Free to Customers. ^ O ■n Financial Outlook. The philosophy of business in the new era is yet to be written. An International Clearing "^ House appears the logical outcome of the syndicate operations. Human effort feebly reflects the _^ thoroughness of organization that can mould an atom or develop a world. Action may find LZ wisdom from power that can be quicker than thought or slower than the growth of a century [^ plant. The end of the century is developing the greatest financiers the world ever saw. When -^ there is no way, such men make one. A period of vast combinations and feverish credit values is D very near at hand. ~ Straws. — The aggregate circulation ot all National banks is now larger than any time since ^ May 1, 1889. It is estimated that importers and travellers will have paid the bond syndicate $500,- O 000 in excessive rates for foreign exchange during life of the syndicate contract. Clearings of 85 cities were $554,000,000 past seven months, against $514,000,000 in 1894, and $578,000,000 m 1893. PH Fourteen coal roads show average gain of about 30 per cent, in price over lowest price of 1893, X while stove coal is around lowest figures in the history of the trade. United States exported over O $30,000,000 worth of iron and steel in 1893-4, and over $31,000,000 in 1894-5. Statistical index num- ^ bers indicate average prices of foods have declined 31 per cent, in last 16 years, and average "v^ 14 per cent, less for decade ending January 1, 1895, than for previous ten years, ending January zZ 1, 1888. Textiles and minerals declined 10 per cent, same time. Silver declined 45 per cent, in 16 ^ years, ending 1894. It sold continuously above par from 184ii to 1872 inclusive. O Stocks and Bonds. ^ Bonds.— Governments inactive at lower prices. Railways firm, with sales about $2,000,000 per day. The many offerings of school district and improvement bonds of small cities and bank stocks remain inactive. We advise purchase of railway bonds. Our Ust will be sent to applicants. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTERS. PORTFOLIO FOB FILING FORWAKDEI> APPLICANTS FREE. 143 . CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Stocks. — There is a general feeling of confidence pervading the market. It is but natural dull- ness will prevail in August in absence of many traders. Some speculative stocks never rise when gold is leaving the country. The 12 and 20 stocks usually compared range higher than since the panic. Stock Exchange sales show 27 per cent increase during the first half of 1895. The east- bound tonnage about equals that of 1892, with increase largely southwestern business from St. Louis. Earnings are 14.3 per cent, less than 1892, the principal loss being west of Missouri river. St. Paul, Rock Island, Burlington, and Northwest are likely to show good business after January 1 if the corn crop materializes as now promised. Money must be spent to provide cars and repairs long economized. Yet they will likely continue dividend payers. Louisville is reaping benefits in passing dividend and improving property last year. Southern Railway record is justifying the faith of its friends and the policy of extension and pushing for business. Missouri, Kan. & Texas, Texas Pacific and Atchison will likely again become active as the corn crop matures. Sentiment seems lo favor Chesapeake & Ohio, Ontario & Western. Norfolk & Western, and other low priced stocks as coming favorites. Missouri Pacific is more active. Metropolitan Traction, Manhattan and Western Union are good properties, not likely to be very active. Canada Southern will likely advance 10 points in 1895. Tennessee Coal & Iron Company has been selling large quantities of pig iron to 33 States and to go to Canada, Mexico and England. Industrials. — Sugar continues the bunco Stock Exchange fancy. We look for it to range higher. Gas complications are likely to beat both friends and enemies. Cordage assessments give the stock quotations. General Electric is doing larger business and is neglected in Stock Exchange circles. Lead property is apparently doing well, its stock may do to buy on weak spots. Cotton. The amount of cotton brought into sight since August 31, 1894, exceeds that of any crop grown in the United States, being 2,300,671 bales more than marketed from the crop year ending August 31, 1894. Eqports since then have been 6,686,306 bales, and more than from any crop, 65 per cent, going from New Orleans and Galveston. Foreigners secured about 800,000,000 pounds more cotton last season than the previous year at about $6,500,000 less money. American spinners takings since August 31 equal 2,768,648 bales, or about one-third as much as was exported. Total spinners takings for crop year ending August 31, 1894, were 2,2:^8,435 bales. Exports of manufactured goods since January 29 have been about 10 per cent, less packages than for same time in 1894. Imports in mean time increased in value over 100 per cent. Government reports cotton spindles : France. 5,000,000 ; Belgium, 1,250,000; Switzerland, 1,200,000 ; Austria, 4,000,000; Russia, 5,000,000; United Kingdom, 53,641,052; Prussia, 1,344,250; Alsace-Loraine, 1,400,000; Bavaria. 1,165,636; Saxony, 1,331,437; Wurtemburg, 435,885; Baden, 396,134; Japan has 800,000. In July 62,265 bales came in sight against 78,235 bales for July. 1892. Northern spinners took 51,825 bales against 62,573 bales in 1892. Exports last July were but 66,087 bales against 122,161 in 1892. Commercial stocks of American cotton here and abroad decreased in July 372,464 bales against 304,315 for July 1892. Stocks abroad now exceed 1894 by 597,821 bales, here there is over 325,616 bales. Northern spinners supplies and European spin- ners stocks exceed any previous season at this date. Speculative buying or manufactured goods has Eractically ceased for the moment. The market now depends on legitimate orders, and is firmly eld at Fall River, and awaiting orders in England and on the Continent. In the fourteen years, 1881-1894, the condition, accordmg to the Bureau report of August 10th, fell off in July 1.9 per cent, average. In eight of these years it decreased an average of 4.8 per cent, in the other six it im- proved 2.1 per cent, average. Year 1894 1893 1892 1891 1890 1889 1888 1887 1886 1885 1884 1888 1883 1881 Averag* Decrease 2.8 4.6 8.9 1.4 8.7 4.8 .. .. 6. 7. 4.8 Increase 2.2 .. .. .8 .. 4.7 .. .. .6 8. .. 2, .. 2.1 The August cotton crop is seldom or ever a reliable one. This season it is late, not well fruited, and the weed been either small or rank, the soil too wet or too dry ; good fall weather may help it out. In 1894 the crop was late to July 1st. Speculation has been arrayed on the bull side, and senti- ment is still bullish, prices rule the highest in six weeks. The market appears to have more specu- lative friends than buyers for consumption. We interpret the weekly Government crop report as indicating improvement if anything, and think further favorable reports and a lower range of values seems more or less probable. Wheat. Great Britain claims that they can secure what wheat they need without buying of the U. S. We think it quite probable that Argentine shipments have reached the maximum pouit. The first six months of 1895 they were more than three times those in 1893 and will likely be less another year. Indian exports will likely increase but not materially. Great Britain's crop is now claimed to be 22 ^ less than in 1894 and harvest progressing. Russia has a fair average promise. Late reports claim shortage compared with last year. Austrana's exports in 1895 to Great Britain were double those in 1893 same time. In short the four leading export countries sent them 16 ^ more the first half of 1805 than same time in 1893 ; the United States same time falling off about 20 ^, Argentine and Russia making up the loss. Primary receipts of wheat last July were only 5,331,213 bushels as against 11,983,619 bushels for July, 1894. Exports July 1 to date about 9,300,000 against about 16,000,000 in 1894. New winter wheat reaches primary points very sparingly as yet. Some North- west reports now predicfa crop of 185 millions spripg wheat, and that there were 12 millions of old spring wheat back July ist, which is about sufficient to keep the mills running to November 1, 1895. HI CLAPP & COMPANY. BAlfKEES AlTD BROKERS. NEW YORK, WEEKLY MARKET LETTER. The wheat circular now being sent out by the so-called Triple Alliance people to hold wheat for $1 per bushel, we think affects the market bearishly rather than favorably. Late cables report continuous rains have ruined the rice crop in Japan and a famine is feared. Persia cables bread riots in Tabreez continue. California reports no new wheat is b(3ing exported, that the harvest is very disappointing, and only the old crop is going forward. Mr. C. Wooa Davis of Kansas writes us he believes there is fully 1^5,000,000 bushels of winter wheat that is not fit for seed or bread, and says much wheat has been ruined in shock, and is germinating and ruining the bread-making qualities. He predicts there will not be over 325,000,000 Dushels of merchantable wheat grown this year, that the stocks of old wheat Sept. 1, 1895. will be fully 100,000,000 bushels less than Sept 1, ISOi, and the crop of 1895 and old wheat left over Sept 1 will indicate a shortage of 250.000,000 bushels Sept. 1, 1895, as compared with Sept., 1894. That the world's stocks Sept 1, 1895, will be fully 400,000,000 bushels less than Sept. 1, 1894, and that the supply the coming year will be fully 20 per cent, less than the past 12 months ; that there are no excessive stocks of rye to supplant the wheat supply; that the annual acreage of wheat and rye has not increased at all in 11 years. Yet the population-eating wheat and rye has increased 1.25 per cent, annually. That the world has added 23.2 per cent to the consumers of bread in the past 15 years, and but 1.5 per cent, to the power to produce oread. We think producers are not likely to put wheat in sight much faster than con- sumers put it out of sight this August. Speculation is inactive. Speculators are watching our spring wheat crop more than foreign markets. The difiference between Sept. and Dec. wheat will likely widen, as the carrying charge exceeds the present difference. We do not look for any material increase in the movement of winter wheat or great decline in values, and would recommend pur- chases on weak market days, believing in the long run much higher prices will prevail. Corn. The acreage ana condition is now conceded maximum, and bears are aggressive and still pre- ffTct 30-cent. corn. A year ago they were equally positive, selling December corn in September at about 47, only to buy it in later at 56 cents per bushel. Cash corn sold last August in Chicago from 43^ to 61>4 cts.,and nothing but a change in the weather after this date caused the change in price. In 1889-91 we grew our two largest corn crops. The same years the spring wheat crop was the largest. The July corn condition was 92.8 in 1891, and by August 1 it declined two points. July 1, 1895, it was 99.3, now the trade look for improving conditions in July. The export demand has seldom if ever been larger at this season. The New England demand is large, the visible contract decreasing weekly. The hay crop is short everywhere. The Irish potato crop is reported short. Kansas reports a possible crop of 385 million bushels against 300 millions in 1889, when the state grew the largest quantity. St. Louis reports Texas offering corn for September shipment. Appa- rently the large consumptive demand exceeds primary receipts, while perfect crop reports outweigh all other influences and encourage the army of bears to sell short for every month's delivery. We recall no similar conditions that were not later settled by paying a liberal penalty. 30-cent corn for September or May delivery in Chicago means "corn to burn" in the corn belt, and may not indicate growers will sit up nights to hasten its change from stalk and field to city elevators. We advise buying a little (if one can) every time the non-grower further depresses prices. GOVERNMENT ACREAGE, CROP, AND DISTRIBUTION OF CORN FOR PAST TEN YEARS. 1895 1«M 1893 1892 1891 1890 1839' 1888 1887 1886 Acreage estimated j 81,9y0,800( Crop Re- ort Id Deo .... <'■ Corn in farmers' hands Mar. 1 476,OOO,0OO| Qnautity never rep't'd tasigbt' I previous to June 30 1,137.979,052 1,486,614.000 Primary recei:>ts to June 30... 74.991.000 152.980.000 Kxpons to Jra ■ 30 25,507.755 63,425,655 Visible July lev 9,055,000 6,441,000 Visible Deo. 3isl .... .... Visible July 30 5,207,000 8,973,000 Bigh and low cash com, Cbi- caeo. July *lH,i7% 40!^, 46% Average export price year ending Jane 30 52.9 46.2 70,000,000, 72.tf30,465| ,212,770,0.52 1,619.404,000 1, 685,816,350 tati,tM7,370l 70,626.668 76,-J04.515 71,970, 7(53j 78.319,651 1 75,6?2,763 76.392,720' 75,694.208 628,461,000 2,»;0,1.=>4.000 1,489.970.000 2,112.892,000 1.986.790,000 1,450. !61,000 1,6<«,44 1.000 830,393,950, 542,173,2501 969,938,4.S0i 787,482,0001 608,272,0001 603,845,000i 773.046,000 1,480,3«.358 1.929.255,0.'>7 1,380,948,992 148,138.642 130.898,943 109,021.006 46,034,904 75,451.849 30.768.213 8,075.000 7.844,000 3,850,000 11,454.000 7,081,000 2.568,000 8,020,000 7,004,000 8,874,000 85%, 41!^ 53.4 ^5.0 B7, 68 57.4 l,951,592.097'l.851.327,439 16I,299,9a3 136.471,561 101.978.717 69.592,929 14,b22,000 9.)89,000 8.097.000 8.4!I8.000 12,019,000 7,153,000 88%, 49% 35, 37 42.0 474 1.362.846.024 1,584.758,859 103.3X4.976 24.278,417 11.315.000 6.230.000 8.374,000 451.^,55 5.'>.0 80,682.141 40.807,252 10.180,000 13.783,000 7.M3,000 85!^,38« 48.0 1,836.905.046 99.270.964 63,665.433 9,182.000 7.950,000 9,247,000 «<^.45 49.8 Oats. From all points we hear of many complaints about the yield, weight and quality where oats are grown. Rains will likely retard a large yearly movement. Prices seem low enough for May 1896 dehvery, even if horses are being fed on electricity. Provisions. Many reliable authorities claim the marketable supply of hogs is light and the pig crop is less than last year. The average weight of hogs arriving in Chicago in July was 8 lbs. neavier than in June and 7 lbs. heavier than July, 1894. The stock of provisions in Liverpool July 1 was less than July 1, 1894. (Examine fourth page of our weekly letters.) Some weeks ago we were predicting $0 pork and that prices of other provisions would decline ; those views have practically materialized. While we see no radical cause for an immediate advance, we advise purchase of provisions as soon as the pressure of September contracts is over. Total packing from March 1st to July 1st, 5,430.000 hogs, against 5.615,000 in 1894 the same time. Chicago receipts of hogs are now averaging only three-fifths as large as 1894. Yours truly, CLAPP & COMPANY. iij CLAPP & COMPANY, B ACKERS AlH) BEOKERS, NEW YORK, WEEKLY MARKET LETTER. Qootations for Stocks, Cotton, Grain and Provisions for Week ending ingnst 7, 1895, and tor Angnst, 1894. Par value o{ all stocks (100. except D., L. & W.: P. A B. and Am. Tobacco Co., FEOM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. W BEKLT SAI.K8. 1340 573 §82.921 4.126 10.373 i0 276 1.710 16,593 a,842 2.252 60,577 9t> 166 62,395 M81 £3.926 1.020 4",954 950 6.160 4U4 l.lbO 200 82 925 19.704 1.823 935 8.495 1,231 2.330 85.080 3.2-..*0 820 6.241 8o!229 8,977 1.456 1.502 11075 1.814 890 855 8.180 1.500 1.479 6 450 400 80.420 948 60.000 2,490 8.900 17 478 18.562 8,321 8.778 6 4(;0 17 257 1,175 8.240 8.539 882 14 745 24.141 29,004 610 Cafitai. Stock. 120,287,100 10,198,600 86,773,000 86,77.3,000 17,900,000 85,000,000 15,000,000 22,488.000 60.805,400 82,282,700 84,885.800 46,027,261 85,923,900 46.156,000 18,559.860 89,054.907 J2,335 170 28.000.000 11,696,000 85,430,060 86.200,000 8S.00O.0O0 38 000.000 84 091.900 30,459,700 85,000,000 8.000.000 50,000,000 10,000,000 11,840,000 11.840,000 49,466,500 52,800,000 80,000,000 18.738,204 18,000,000 47,844.100 47.436,576 14,905,400 14,904,000 89,428.300 77,427.000 20,000,000 58.119,982 18.000.000 89,767,200 49.000.000 89,269,516 80,000,000 8,500,000 40,426.361 86,000,000 68.402,900 126,000,000 60.000,000 19,850,000 38,710,900 60.8«8,.^00 62 9(51.500 52,361,500 80. 166.000 18.(«5.5.')0 7,670,800 88,000,000 24.000,000 94,820,000 10.000,000 4.500,000 DiytDKNS Recoro.- Pays Spo J-D . Pays 8po 0-J-A-J.. Pays 8!^pc J-J Pays 3po F MA-N. Paid 2do 1895 Pays ikpc F-A Pays IMpo F-M-A-N. Paid Ipo Dec. IHM Pays Ipo M-J-S-D Paid Ipo Pays 7 PC Per Annuni. Paid Jtpo June 1895... PayslK.po JD.. Pays 2Kpc J-D.. Paid 3dc in 1893. Pays 2po M-J-S-D Pays 7po per annum. Pays 7pc per annum. Paid l^po Jan. 16!I3. Pald2pc AufTi-stlSflS. Pays 5pc per annum. Pays 2^po il-S. Pays Ikipc F-M-A-N. Pays Spo FA Paid Spo Aupn St 1893. Pays lK>po .I-A-J-O.. Paid 2pc in July 1896. Paid 3pc 1891 Paid Ipo In Dec. 1894. Pays Ifipo M-.I-S-D.. Pays Ipo J-A-J-O.... Paid l^po Nov. 1893. Paid Ipc April 1892.. Paid Ipo in 1687.... Pays 2po F-M-A-N..., Paid Ipo Vay 1895... Paid 2H;po March 15, 1895 Paid Ipc In 1887... Paid SJ^p'o "in issi! Naxks or Stocks. American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co .\m. Sugar Refining Co Pf. .\mericaD Tobacco Co Atoh.Top. & S. F. 2d in8.pd Baltimore & Oolo Canada Southern Central of New Jersey.... Chesapeake & Olito Chicat'O. Bur. & Quincy.. Cliicago Gas Cos Chicago, Mil. & StPanl... Chicago MiL &, St Paul PM Chicago, R. I. 4 Pacitio... Chic. St Pan! M. & Omaha Chicago & Northwestern. Chicago & Northw'n Pfd. Cleve., CIn.. Chic, & St L. Col Hock ng VaUey & Tol Consolidated Gan of N. Y. Delaware. Lack'a & W'n. Del.. & Hudson Canal Co Denver 4 Rio Grande Pfd Dis&CFTrCoct allmpd General Electric to Great Northern Pfd Green Bay W&StP'l'rRec Illinois Central Laclede Gas Co. of St L- . Lake Erie 4 Western. . Lake Erie 4 Western Pfd Lake Shore 4 Mich. So'n.. Louisville 4 Nashville Manhattan R'y Consol.... Michigan Central Pays IHpo J-A-J-O Paid Ipo' In FebVisw! ! ! . Mo.. Kansas 4 Texas Pfd Mexican Central Mis,4 86 88 37% Sf^ ^ 853i 86 81% 91% , , 102% 102 |102_ 10% 10%' ION, 06% 66 I 66 im 29^ 6% « 6% 6 19% 19 2a% 29% .,^ 6% 6% 6% 17% 1/% 1« x;5%l75%1^5^ 8894 85% 26% 14% \4yJ 14H 42% 42% 4296 37% 87 I 87 18 12%' 12% 14% 13% 13% 17% 16% 16% 67% 65% 8<;% 40% 40% 41 8% 1% 2% « 8%l 6% .9 «2% 21% 21% 93% 92% 93% 17% 16% 17% 68 58 62% 101 tOl 86% 26^ 27 27 61% «1% 114 114 102% 102% 87% 87% 29% 6% 6% 19 80 262 278 8,96 6,87 6.9^ 689 7 03 6.94 706 6 " 804.945 8.92 0.88 6.97 6.91 7.01 6,94 7,06 6.69 74% 72% 75% 74 49% 47% 69% 68% 70 68% '2 70% 72% 70" 4.3H 42% 44 42 85% 84% 85% 84 22% 22% 10,00 9.80 10 40 10,10 8.17 6.10 6.25 6,25 5.90 5,80 6,47 3,40 82% 81% lO.'l'a 9.95 10 50 10.17 622 613 6 25 6 17 6,02 5 77 655 642 87% 85 »1« 87 35 91% 9% 9% Monday. Aug. 6. 26% 26% 115% 104% 111% 15% 65% 56% 102% 21% 91 59 71% 128 7S% 41% 101% 49« 48% 145% 143 21% 21% 36% 85% 113% 104^ 111 15% 65 56 108% 21% 90% 57% 70% 128 78% 40?| 101% 87 «6% 20% Tuesday. Aug. «. 26% 76 115% 104% 112% 15% 65 66% 102% 21% 91 60 n% 188 79 86% 75 114% 104% 111 IS 65 66 101% ^l 90% 68% 7<'% 128 7^ ■Kfh 100% 144 143% 130% 180 47% 47% 21% 81% 86% 86% 101% IOI% 86% 86' 83W 82% 150% l50 61% 60% l50% 150 61% 61M , 1|4% 118% 114% 114 lOI 101 101 lot 8?% 37% 87% 87! 88% 87% 85 84% 92 92 '02% 101% 66^ 56% 109.]44 137,784 « 97 8.98 I 7 01 6 98 7,00 6.94 7.06 6 99 7,04 6,99 7 11 7.08 7.08 7.05 7 15 7.06 78% 72% 74% 73% 75 73% 76% 74% ifyi 47 I 47% 46% 6ftK 67% 69% 68 71% 69% 71% 70% 42% 41^ 41% 40% 84% 84 84% 88 21 2!% 20% 9,72 9.60 9.70 9 40 10 80 10.26 10.40 10.12 612 6,07 6.22 6.17 6 85 6r< 6 17 6 48 612 6.00 6 25 6.12 6.65 6.60 162 163 130% 130% H 20% % 86% 86 85 82 sm 160 14-?% 101 101 87% 37 88 86% 84% 81% 98 92% 102% 102 66% 66% 146 912 7,01 6.96 7 04 7.0; 7 09 706 7.12 7.10 73% 73% 75% 75 46% 46 6S% 08 71% 70% 41% 40% 83% 82% 20% 20% 9,45 9 80 10,20 1010 6 02 5,95 6.12 6.0? 5 65 5.52 6 35 SJ26 Wed., Aug. 7. 86 25% 74% 73% 114% 112% 111% lli 15 14% 64% 64% 66% 55% 102^ 102W 21% 21 H 90% 8^% 58% 5- 70% 70% l28 128 78?^ T7% 40% 40% |00% luO% 48% -25 86% S% ?% 66% 56% 29 5% 29% 89 17% 17% 172% 171 6t>% e6% 25% 25'4 1^ 18% 41% 40% 86% 86 12% 12% 13 18 16 15% 83% 82% 4li% 40% 2 8% 8% 20% 92% 16% 63!4 53% 170 904 7.08 6 99 7.08 7.00 7 08 .- 05 7,12 7 09 78 72% 75 74 A 45% 45% 67% 66% 70% 69% 40% 89% 83 82% 20% 2014 21% 21% 9 52 9 15 10,25 10 10 6 0-2 5 92 6,12 6 05 5,^7 5 50 6,32 6,-25 RauKe for Aog. 189& to data. 27% 25% 75% 78% 118^ 112% 107 104% 112% 111 15% 14% 63% 64% 56% 64% 103 101% 81% 81 92 mi 60 66% 72% 70% l2«% 127 SO® :7% 41% 40% 102 100% ^t 145% H8 168 161 131 180 47% 47% 21% 20% 88% 85% i6i% wi* 86% >»M 88% 61% »51% 148H 62^2 60% >14% 11 Jk 102% 101 88% 87 38% 86% 8S% 81% 93 91% 102% 101% 10% JH. 5o.>? 66 ivi •■1% 29% 29 -* 6% 5% 4% 19% 18% 80 6% 18 29 6% 17% 175% 171 66% 6i 122 112 99% 95 ■-!4% -Ju 8% 8% 81% -23% 44% 83 92% 63 102% U(>^4 10% 12% 20^ 13% 17% U% 45% 89% 4% S% 5% 3". 20% 13% 17 14% 6% 2% 2..'% 17 :65 155 12 41% 84!^ 19% 17 2;% 13% 111% 14^ 11% 64% 42% 28 36 7% 16% 90% 14% 47 55% 34 17% 80>4 6 f4% 3% 85% 6.78 6 46 6.81 ti :>i 6.86 ti ii2 6.93 6 71 60A 56m 6354 ^^y* 64 5m 58% 46% 6^ 53 61% 5« 61% 4C^ 60 44% 34% 28% 32% 32'^ 14 00 12?^ 14.12 UOO 5.87 6.92 7.S12 6.8i 7. SO 6.63 T.25 6.12 1895 1804 OiJ> PORK. Cbgo.-bbls. .... bbU. WHEAT on passage. 88.400.000 bush. 82.944,000 " CORN on pnssage. 9,440.000 busb. 6,368.000 " Russian Shipmts. for wk. 8.3-20.000 bush. 2.400,000 " Indian Shipmts for wk. 828.000 bush. 620,COO " Argentine SbpU. for wk. 96.000 busb. t Since Aug 81. * Since June SOl Compiled and Copyrighted by GLA^^ & COMPANY. BANKEES. MILLS BUILDING, NEW YORK an. HClccMt) flDarhct Xcttcr. No. 442. Copyright, 1H9S, by Ctapp Jt Compmny, O. W. CUAPP. DWIQHT O. CLAPP. CLAPP & COMPANY, Bankers anb Brohers, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. BOANCM Officu [ 277 BROADWAY, Corner Chambers St. . ) 621 BROADWAY (Cable Builoino, Corner Houston). : ") 753 FIFTH AVENUE, Corner 58th St. ( 11 WASHINGTON STREET, SARATOGA, N. Y. Private Telegraph Wires. Long Distance Telephone. Cable Address: " Ozro." New York, Thursday Morning, August 15, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. s% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. Financial Outlook. When rivulets are full the rivers are swollen to unusual proportions. When farmers and planters have plenty, merchants, manufacturers and employees each get their share. The railway's are the servants of adverse circumstances, and the masters of themselves only when worked to full capacity. The sunlight kisses a prosperous country that is rejoicing in plentiful harvests, fair wages and moderate prices. Straws. — The United States expends $150,000,000 yearly for imported sugar and sells twice that amount of raw cotton. In 1804 the consumption of pig iron was about 6,600,000 tons ; this season it will be about 9,000,000 tons. The iron that cost three to live years ago about $1 2 in Pennsylvania and $9 in Alabama to manufacture, now costs $9 and $6 respectively, and is sold nearly as high as in 1892. Since the recent great advance or doubling of prices of nails and various kinds of iron, the demand has slackened. New locomotives are being constructed to run 150 miles an hour. There are 976 street railways, covering 110.000 miles, that have a funded debt of about $100,000,000, have early earnings estimated at 125 to 140 millions of dollars, netting about 18 to 20 millions of dollars annually. The world's production of coal in 1894 is estimated at about 554.000,000 tons. The United Kingdom yearly produces about the same amount, and mines the most. The United States stands second, and annually gains from 7 to 10 per cent. Large imports, diminished exports, a monthly deficiency and excessive rates of exchange, tend to force the Government to continue to lean on the Bonii Syndicate. Clapp & Company's annual Souvenir book for 1S94 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. H I > O m o o z H > Z C/3 a > r < m o O :o D o 11 r m > D Z o m X o X > z o m C/3 KEEP OUK LETTEKS. PORTFOLIO FOR FILING FORWAHDED APPLICANTS FREE. U7 2 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Stocks and Bonds. Bonds. — Government bonds are easier without sales. Investors are more confident, and large orders might only be filled at an advance. Sixty-six municipalities sold bonds in July aggregating $15,289,000, against $8,015,237 in July, 1894, and $1,691,600 in July, 1893. Stocks. — The small daily changes in values are considered of no importance as compared with the season's change in crop appearances. There seems to be a growing belief and sentiment that favors the patient believer in higher prices, a broader market, and a more general and improved feeling in all lines of business. The Union Pacific did about 90 per cent, of its usual business m 1894 on the same mileage at about one-half the net revenue. The expenses of most roads appear more than usually out of proportion to gross earnings, indicating more or less inability to effect reduction of rates and income. Anthracite coal shares are more active, and are likely to advance. Granger stocks or coal roads may have good business and maintain full rates. Northwestern, Burlington, Rock Island, St. Paul, Missouri Pacific and Atchison will likely do better, especially so as the corn crop nears the safety point. The coal roads appear improving their business. First class securities range higher than in 1892. The average prices of 20 active stocks, based on highest price of each on the first day of each of the past twelve months, covering crop growth: Names. D4 New York Central V D 5 Northwestern F D 4 Burlington F D2 Rock Island F D2 St. Paul F DS Missouri Pacific H X Reading C X Atchison T D S Louisville Texas Pacific G Southern Railway M D5 Western Union Q X Union Pacific T X Northern Pacinc pref T General Electric Tennessee Coal & Iron DS Chicago Gas National Lead American Cotton Oil DiaSugar H Average 20 stocks, about Aug. 1. 1«U5. July 1, 1895. June], 1895. Mayl, 1895. mi April 1, 1895. Mar. 1, 1895. Feb. 1, 1895. Jan. 2, 1895. Dec. 1, 1894. 69^ 59 16^ 18^ 16 7096 Nov. 1, 1894. Oct. 1, Sept. 1, Aug. 1, Aug. 1, 1894. 1894. 1894. 1893. 67)4 10496 74 SO 18^ 14W 68H 75^ 18% 43)4 22^ 62>6 6m 6096 *7% 459i 49 **H 4^ *6H *7yi *SH 63 47J4 8996 * Ist assessment paidL Z In bands Receivers. D Dividend stock and rata, D S Dividend suspended. F Granger stoclca. V Vanderbilt O Gould. E Havemeyer. H Morgan. T Transcontinental. O Oosl. Industrials. — Sugar is again booked for higher prices by the triangle clique bulling it. General Electric schemers have abandoned their bull inclinations for the time being. Chicago Gas appears to be marketed by the last bull clique, while insiders appear to be waiting an opportune time to break the market. Distillers complications may not prevent an advance in the market. The Cordage combine are trying to inject life and faith into their 1893 dupes. It is to be hoped the New York Stock Exchange will ere long only favor honestly managed industrial enterprises, and make all listed and unlisted properties report all the facts and matters pertaining to capital, earnings, divi- dends, expenses, etc., monthly. Cotton. It'is estimated that United Kingdom cotton takings this season exceeds one-half America's ex- ports. Their exports of cotton goods for the season to date are 2,914,000,000 pounds, against 3,092,- 000,000 pounds last season. The world's visible continues about 450,000 bales larger than last year. Indian shipments since Sept. ]st to Europe were 727,000 bales, against 1,194,000 the previous season. The Government report makes the condition the poorest on record, 77.9, against 83. 2 in July and 91.8 a year ago. Bull figures indicates a yield of only about 6,300,000 bales. An elastic pencil in the bears' hands indicates the yield is about 8,500,000 bales. Our Texas reports are as varied as the wind. We think the consensus of opinion indicates the crop will equal about 7j4 million bales. That no general or large movement will appear in September. That there is a general belief that the fruitage will be poor, and the shortage will be more on that account than any other. Our Georgia correspondents complain bitterly of great destruction to the leaf of a kind and nature here- tofore unknown. That the bottom side of the leaves are covered with a small insect which seems to give the appearance of blight. Others claim the absence of fertilizer makes the stalk weak and will likely cause but little fruit to materialize. That rust and shedding exists quite freely in the eastern tier of the old Cotton States. That boll and army worms, rust and blight are common, and that the nights Tiave been too cool. The most of our correspondents claim the crop continues to deteriorate since July 31. Some of them are very bullish and predict ten cents for cotton for early spring months* delivery. Prices are now near the lowest point ordinary at this season of the year. Senti- ment rather than demand seems to have caused the recent advance of about $1.50 per bale. 148 CLAPP & COMPANY. BANKERS AND BEOKEES. NEW YOEK. WEEKLY MAEKET LETTEE. Wheat. It is neaxly thirty years since Chicago was selling and shipping wheat in August to neighboring mills and markets surrounded by wheat growers, such as Detroit, Toledo and Cleveland. We think crop conditions then were more or less similar to those generally reported this season. Our popula- tion in 1865 was but half what it is now. The crop then equaled about 280,000,000 bushels, and prices in November following the August quotations nearly doubled, and later on the following spring sold very hifh. Contract grades generally selling from 25 to 40 cents over low grades. Chicago prices now rule lower than any neighboring primary markets. Chicago has a large stock of choice con- tract wheat which holders refuse to sell at less than futures bring. Many country grain buyers now make purchases only after the grain from the thrashers has been cleaned. Fifteen years ago North America furnished one-quarter the wheat imported by consuming countries. Now we export but about one-sixth the world's wants. In 1S80 most of the world's wheat was grown north of the Equator, the past year Great Britain has secured nearly one quarter her wants from the Argentine or south of the Equator, and where the wheat is grown in about the same latitude. In 51 weeks, ending July 27th, North America, Russia, Argentine, India and Aus- tralia shipped to Europe 328,672,000 bushels, against 321,296,000 bushels same time previous season, and 316,560,000 bushels same time two years ago. The world's visible August 1st, (according to Howard Bartels & Co.) in wheat and flour equalled 158,043,400 bushels. July 1st it was 160,331,000 bushels. August 1, 1894, it was 174,491,600 bushels. It is variously estimated that Europe's re- quirements equal from 6,800,000 to 7,000,000 per week. Crops in Western Europe are reported below an average. Germany's rye crop may fall short from 6 to 10 per cent. Beerbohm estimates world's crop 224,000,000 bushels short of last year. We will issue our annual world's crop letter as usual August 29. Great Britain's crops are conceded to be short. Ireland's potato crop is reported good. U. S. potato crop is indicated by Government re- port as about 206,000,000 bushels, as against about 170,000,000 bushels last year. The Orange Judd Farmer now estimates the United States wheat crop at about 405,000,000 bushels. Thoman claims July conditions deteriorated nine points. The Price Current practically forecasts the crop and sur- plus equals 460,000,000 bushels. The last Government report made spring wheat conditions 95.9 per cent, against 102.2 per cent, a month previous, and 67. 1 per cent. August 1, 1894. Based on the last Government estimated acre- age and condition, we find it indicated a spring crop of about 165,000,000 bushels; add it to the 218,- 000,000 bushels indicated as winter wheat and we find the crop of 1894 may be about 383,000,000 bushels. Various indicated estimates based on same figures vary the probable crop from 370,000,000 bushels to about 400,000,000 bushels. Nearly all reports agree that the condition or quality is un- usually poor all along the winter and spring wheat sections where thrashing has been general. Manitoba claims they will have a maximum crop. Primary receipts from July 1 to date equal about 10,500,000 bushels against 24,600,000 bushels same time in 1894, and about one-half average for the past ten years and one-third that of 1891-2. Our visible is the least since May 1892, and is only about half what it was a year ago. Then it was gaining several millions a week, now it is decreasing. Should a liberal or average export demand occur the coming few weeks, materially higher prices may be looked for. Corn. It seems to b« conceded the acreage, stand and promise for final crop of corn is at a maximum point. It was so in 1863. Frost in September following caused corn to double in value that same year. In 1881, in 1887, in 1891 and 1894 hot winds and frost made radical changes in public sentiment. We still believe this season has not and will not prove to be an A No. 1 season for mak- ing and maturing a good sound crop. Frost has appeared every month this year, and if usual signs prove true there will be severe frosts each of the coming four months. America never secured a corn crop free from weather accidents until after about the last of September. Most seasons a later period is required to decide very positively. Government report indicates yield exceeds 2,400,- 000,000 bushels from 8:;i, 000,000 acres. In looking back we find no year in thirty where corn sold in May as low as recently for May, 1896, delivery. Low-priced years it has been burned for fuel. We think it scarcely probable that the stalks and leaves will dry out enough this season before Christ- mas to admit 1% oi the corn husked or cribbed to be shelled and inspected, contract grade in the primary markets the coming four months. Cash corn in Chicago sells \}i cents over r^eptember. We do not believe there is a large amount of old corn held back in first hands and do believe great opportunities are now offered the conservative buyer of futures in all markets. Provisions. The July decrease in provision stocks at Chicago, Kansas City and Omaha is reported by Price Current as 49,496.000 pounds. The world's lard visible is reported as 182.000 tierces against 170,000 tierces a year ago, ana 104,000 tierces two years ago. Prices are not high. The domestic and ex- port demand is improving. Speculation may again take the bull side of provisions as soon as Sep- tember contracts are settled. Packing from March 1 to August 8 was 5,535,000 nogs against 5,940,- 000 hogo same time in 1894. Yours truly, CLAPP & COMPANY. 149 CLAPP & COMPAmr, BANKERS AITD BROKERS, NEW YORK, WEEKLY MARKET LETTER. Quotations for Stocks, Cotton, Grain and ProYisions for Week ending iugnst 14 1895, and lor Angnst, 1894. Par vaiae of all stocks $100. except D., L. t W.: P. <& B. aod Am. Tobacco Co., FROM NEW TOBK STOCK EXCHANGE OFnCIAX RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISOSS. Sales. 700 851 67,528 413 49.949 ffi5tj2 1.700 4,047 69&1 8.358 75.487 4T.baO 45.065 4% 86.636 2.156 6.281 lisio 800 280 t070 2.834 878 62.110 86,186 100 *766 rno 2.7ia 1.447 15 488 29.816 125 8,:i2 81^ 8.484 1.0-,-6 1 .■78 69ii5 2.v'90 1.146 &290 1.220 1.665 2 403 1,390 100 68 880 1.055 2400 4.155 8.840 7.2S0 3050 8.870 2,710 12.654 2.475 466 1.000 fi.T27 28 221 12t60 Capital Stock. 120,237,100 10.198,600 86,773,000 86.773,000 17,900,000 85,000,000 15.000.000 22.48S.00C 60.805,400 82,262,700 24,885,800 46,027.261 25,923,900 46.156.000 18.659.360 89,054,907 22,335 170 28.000,000 11.696,000 85,430.060 86,200,000 85.000.000 38 000.000 84 09190C 30,469,700 8.5,000,000 8,000.000 60.000,000 10.000,000 11,840,000 11,840,000 49,466,500 52,800.000 30.000,000 18,788,204 13,000.000 47,844.10(1 47.436,575 14.906.400 14,904.000 89.438.300 77,427.000 20,000,000 58.119,982 13.000.000 89.767,200 49.000.000 89.369,546 20.000.000 8.500.000 40,428,861 86,000.000 DmsEiii) Recobs. Pays 3pc J-D Pays 3pc 0-J-A-J.. Pays SVipo J-J Pays 3pc F MA-N. Paid 2co 1895 Pavs Ikpc F-A Pays IMpc F-M-A-N. Paid Ipo Dec. 1894 Pays Ipo M-J-S-D Paid Ipo Pays 7 PC Per Ann am. Paid ^po June 1895. . . PayslJ^pc J-D.,, Pays2i^pc J-D... PaidSpo in 1893.. Pays 2pc M-J-S-D.... Pays 7pc per annum. Fays 7pc per annum. Paid l!^pc Jan. W.i3. Paid 2pc August 1«*3. Pays 5pc per annum. Pays 2}^pc M-S. Pays I^pc F-M-A-N. Pays ,?pc FA Paid 2pc August 1893. Pavs IJ^po J-A-J-O.. Paid «pc In Jnly 1896. Paid 3dc 1891 PafdlpcinDec. 1894. Pays i9ipc M-J-S-D.. Pays Ipc J-A-J-O. . . . Paid l>4po Nov. 1898. Paid Ipc April 1892.. Paid Ipc in 1887.... Kahxs 07 Stocks. Pays 2pc F-M-A-N.... Paid Ipc In 1887... Paid 3J4pc in 1884! «& 408,900 125.000,000 60.000.000 19,850,000 .38.710.900 60.868,.VX) 62 9:1,500 52.361. .SCO 20.166.00C 18.585 .WO 7,707,040 88,000,000 24.000,000 94,820,000 lO.OOO.OOO 4.500,000 jPaid Ipc in Feb. 1894 Paid Ipc >ay 1895 Paid .'^pc March 15, 1805 Fays l^pc J-A-J-O. American Cotton Oil. American Cotton Oil Pfd. Am. Sugar Refining Co- Am. Sugar Refining Co Pt. American Tobacco Co Atcli.Top. & S. F. 2d ins.pd Baltimore & Ouio Canada Southern Central of New Jersey.... Chesapeake & Oh lo Chicago. Bur. & Qoincj.. Chicago Gas Cos Chicago, Mil. & St Paul... Chicago Mil. & St Paul Pfd Chicago, R. I. i 1I4H liiJi nan Wed.. Aug. 14. 16.^9^ «1J4 162^4 130^4 21 87« 1«H 1189i 1I2W ISm 155i W^ 65 56^ 56?i lOSM U6 21 V4 21?6 90^1 91 69^1 60^i 71 i rm 1289^129 78J4I tO 4lW « 10.'V»102}i 65 66 104 89% 69H 7-94 129 7856 41!^ 1019s - \-tSH 4894 2596 25H ^ ^ |l63« I62^i I ... I 163JS m 180% I3ay4 130% 18(94 13W4 '30)4 13l>4 13! i iHS^ 48U' I30i4 »3"^ ...: ..'I 4el9^ 4^' HM 2i)9i il^ 2IW 21!i 2UJfc' 22^ 8IJ4 879i 86)4 «% 8796 3m «>>»l 3* 8^94 «9< 2->?i Total sales of all Stocks each day and for the six days. .'. ... 80;i.;i8 COTTON, In ba es. | World's visible. I Total in sigbttl Total Exports. tS95 2 686 656 9.6^5.177 0.6J8..367 18941 2 233.359 I 7.306,336 I 6,lj0,^46 2f Y f August.... • • I September ■ October. . November. Cotton WHEAT, in busheb. I U. S Visible. iPriniary rec'ts*] Total Exports. 1895 37.810.000 10.500 OOu 11.100 tOO t89l| 6^821,000 I 24 £00 000 lS.'^00l00 Whoflt .' September wneat. (December. ) September 1 December. ICorn. CORN, in bushels, I U. 8. Visible. 1895 4.613.000 18941 3.165.000 IPriinary rec'ts'l Total Exports. 7 54l 99H B9H 269i 25% a69i 269» oiH 8a 152 ■ 150 .«0« 60 119H 116 8694 8(% «7M S7 87% 85 10194 6% 6% 4% 18^4 29 13 in% 8596 13% 4196 36>i uy4 13% 15% 83 40% IVi 2« eh. 21% 9394 1694 8694' 38% 84% 85 9.1>1, »4 10194 102% 66% 67% 2J ■ 694 4% 5 17^ 18 29 I 2V>4 17?4 18 171 i;4 2.--% 2594 13% 14 4".% 4194 36J4 36»A W^4 13^ 13% 13 rj% 16 6^ 8394 40% 40% 1% 1% 2>4 3% 8% 21 21% 9294 94x4 16% 17 37 84^4 93% 102 (^ 66H 29 5 17% 29H .7% 172 25% 13% 41H 859i 12H 12% 15% 82^4 40>« 1% 8% 81% •51% 15196 614 61 119 117% 87H 87% 9994 ^* 26X --i^t i6 2594 .82% 81H I5OV4 '-^^"i 61% ^1 I 89 93% 8% 669i 17% 5 18% is!4 175 85% 1J94 41% 88 12% 13 16 ta 4094 8^ 93% 56% 17% 1794 175 99% 26% 'M 130% 6m 1:8% .. 101% 87J4 s^ ^y* 2594 80% 8% 179< 80}| 88 88% »6 35% .... 94^ . 1108 8)4 8% ^ ! 68% J7% »% 8^ M% 18% l'9i I74 11* 2"4» 25% K% 13% I3p 1894 l\y* 41^ % 74% 46% 44%; 45% 45% 68% 65%' 68% '.09-4 69% 70% ■ 38'*' 10)4 82% 3i% 83 '" 10 10 83%«94 w% • •■• 1% "'■ 9 9% 9 21% 21% 21% ?/,. 94% »i% l<^/i 17k 16% 80.120 141515 40% 3is?4 7.90 7.05 7 36 7 .% 7J80 7.05 7.:), 7 30 7,86 7.09 7.43 7 35 7.28 7,13 7 47 7 89 7S% 72% 72% 71% 75% 74% 75 73)» 45.', 4i% 44% 42% I 67% «8 6:% 63 6594 70%! 70K 70% 7U% 6?)* 39)4 3«% 3«% 3894 ' " 83% 32% 32% 81% OATS, in bushels. I U. S. Visible. 1895 89^5 000 18»4| 2,856 000 N. Y. Stocks, 1.2C8 911 387.708 Cbgo. Stocks. 701000 561000 Oat«. I September , ) December, I Pnrk ' September '^o"'-) January... 2C% 20% 30% 20%' 20W 20'4 20 9.70 9.42 9.'95 9.65 9,75 9 60 9 80 8 6i 9.57 9 47 10 40 10,26 10 50 10.27 lu 40 10 30 10.35 10.32 |I0,17 1012 81 6 4% 18 29% is" 174 117)4 101)4 36% 87 35 94)4 102 m 6i)4 80)4 594 4% IS 29 m 174 £5J4 25)4 4Hi 12% 18 16M 8494 1% 414 35j^ 12/S 13 !5% 40% 1% 9 9 21% ilH 94 9.?^ 17 18% 1895 ls'94 LARD tcs. I CHICAGO CONTRACT STOCKS. I, _, World's vis. PORK-bbls.i LARD-tcs. I RlBS-lbs. r^ 3.32.0^.8 I 126.717 | dS 932 I 88.859.025 152,887 53,552 22,6-JO I 14,787,958 Ribs. i Septem'ier 6.17 6.00 I January. .. 6.22 6.10 • September , 5.i5 5.60 } January. . . 1 5.40 5.32 6 25 6 15 6 15 6 to 8 10 6.07 em 6 17 6.17 e.io 6 is 6 07 5.85 5 77 5 77 6 75 6.80 5.75 5 45 6 33 I 5 10 5 32 6.35 5.30 111% 10})^ 15% 16% 56% 56% 10594 101 21% 21 90% 8^-% 60% 60 71)1 709i 79% 78% 41% 41% 101% lol)4 14-^% 14S 168)4 >6'' 181)4 131)4 94 2iVi 2594 »94 81)4 il 60% 117 37)4 S7 89' 8i^ 84% 31)4 ai\i 93)4 IUI94 10194 3% «% 17)4 KW 81 30)4 « 5% <% 4% 18 17% 28% 8*H 25*4 25% 1894 13% 41)4 41 86V4 3d);i 18% 12% 13 H 16)4 1**^ 84% 83% 4c% 40% 2794 25)4 :5% 73% USX 112% 107 104% 114)4 i<»^ 15% 14H' 65)^ 64%i 66% 5-1% 106 10194 21% 21 92 da%i 60% 56)8l 72% 70% 129 127 SO 77% 43 40% 1«^ 100% 49% 4S 26% 84| 145% 142 163% 161 131)i 130 4396 4:94 8294 20% 38% 8f94 123% 1>!6% 10194 99% a% 25)4 37% 35 8394 80% 152 :48k 63% 60% 119% 113% 10-J94 101 88)4 8894 89' 86% 8")% 81)4 94% 91% 102)4 101% 175% 171 60% 60% 8694 !1% 254 13% 84?4 27)4 78% :2>4 114% 102 luO% 'Ji 107 88 7694 69i< 5394 4H'^i Uti 1C6% «1% 16% 7994 '/O • f>% 71% 66% 56 -h 12:94 11" 69% 62% 89% 84 106% 102% 142 141 42 33% 19% 10% 127 115% !!«% 162 187 183 36 2.-% 24% 174 44)4 35% 10394 102 6% 8% 94% 90)4 20 17 19)4 l.^% 73% 65 189 l^8>4 67)4 4594 122 113 99% i«5 24% -JU 694 *% 81% •-•3% 44% 38 93)1 8< 102^ 9694 16% 12% 20)4 13% 17% HX 4.'>!i. 83.4 494 m 5% 3% 20>i 13% 42% 40-1^1 3794 594 I U% 3% 17 6^4 - 2.'% 17 :65 155 2:9< 1:% 13% 12 41<,« 81)4 19% 17 1895 1894 OU) PORK, Chgo.-bbls. .... bbU. WHEAT on passage. £9.920.000 bush. 31 S'i^OOO '• CORN on T'Assage. 9.360.0O" bush. •:.io''.i\xt ■■ Russian Shipmts. for wk. I Indian Shipmts for wk. ] Argentine Shpts. for wk. 2 000.000 bush. 1.336.000 buslL li« 000 busu. 2 100.000 " I 2-O.COO " I t Since Aug 81. 'Since June aa Compiled and Copj'righttd bj> QLKBF & COMPANY. BANKEES, MILLS BUILDING FEW YORK 1 .0 Mccftip fIDarhct Xcttcr. Ho. 443. Copyright, 1803, by Clmpp * ComjMiny O. W. CLAPP. DWIOHT O. Ci-APt. CLAPP & COMPANY, Banhers an6 JBiohers, IVIILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE. IN THE HEART OF THE BANKING CENTRE, BOANCI Off i 277 BROADWAY, CoBNER Ch«mber« St. I 621 BROADWAY (C*bl€ Builoino, Corn Corner Houston). M St. WASHINGTON STREET, SARATOGA, N. Y. icts: ") 753 FIFTH AVENUE, Corner 58tm St. ( 11 Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, August 22, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may he made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOLl OUR 1894 SOUVENIR, "LEADING AIMERICAN EXCHANGES." The Wall Sti»et houses, many of tliem, are great patrons of print, tiig ink and get outv>;i-y extensive snmptuous hleitituie in the •hape of daily and weekly tables of past and present prices, ex- hibftsof railitjads, bookkeeping, etc. lUnsti-ations are used to set off the publicatons. Clapp & Company, of the Mills Building, in their year lx)ok, give half-tone pictures of most of the exchanges of the countiy and many interior views. This, together with the care- fully compiled statistics makes a large l)oolc and a valuable volume of reference.— The World, New York. Jleasrs. Clapp & Company, the enteipilslng bankers and broVers of New York City, have now issued their annual souvenir of 352 pages called " Leading American Exchanges," ■which, like their previous etlitions. contains statistics of all things financial and commercial, and so presented as to be always available for the seekers after in- formation. The book has for basis the fifty-two weekly market let- tei-s i8.sued during the year 1894 by this lii-ra and sentr to customers and others throughout the countrj', so that in this one thing alone the book gives a i-unning history of commercial life in America for that year. In addition tlie book contains a vast amount of other- wise unobtainable Infonnation concerning production consumption and commerce throughout the world, compiled fi-om records and exchanges to which the firm has access. There are also tables showing the transactions at various e.xchanges throughout the conn- try, furnished by the otflclalsof the exchanges. These facts are sim- ply invaluable to business men interested In such subjects. The book is a handsome one, both in Its typographical appearance and its binding.*- Commercial Review, I'ortland, Ore. We have received from Clapp .t Comiiany, bankere and brokers. New York, their handsome bound volume of "Souvenir of 1891 on American Exchanges." This book is a handy book of reference, containing their weekly letters for the year aiid valuable tables in regard to piices. Our readers who have been following their reports will remember that they long since predicted that rock bottom had been reached and recent advances have veriflcd their predictions.— The liupublican, Waterloo, XIL Clapp & Compant's 1895 SonvENiR.— Messrs. Clapp* Company, bankei-s and commiasion merchants in tlie Mills Building, New York City, have published a handsome quarto volume of 350 pages, what they call their "Souvenir for 1894.^' This flmi i.ssues weekly market lettei-s containing valuable information to financiers and Investoi-s. The book before us consists of these weekly circulars, and in addition much other useful and valuable infoimation. The book is printed in excellent style, and is beautified with many ex- cellent illustrations of pei-sons, buildings, interiors, etc. It is mainly valuable, however, for the nia:iy important commercial tables and statistics it contains, which a good 'iidex makes readily available. Such a book is valuable as a work of reference. It is not easy to describe the many merits of this excellent book of ref- eienceintheb lef space at our command. Only those who mako daily reference to this volume will obtain an acfcquato Idea of Its many merits and geneiul usefulness.— The New Era, Lancaster, Pa. The Citizen Is In receipt of a " Souvenir of 1891," issued by Messrs. Clajip & Company, bankei-s and commission merchants. Mills Build- ing, Sew York City. The "Souvenir" is a book, bound In blue and gold, of nearly 3.50 pages, and contains enough Information on the business and finance of the world to make it the most valuable work of the kind published within the past year. It has been com- piled from the weekly market letiei-s issued by that remarkably eniei-prising firm, setting forth the doings of the leading Americaii Exchanges for 1 894. Through these lettei-s a compact record of the ebb and flow of business is had. The pi-oduction of precious metals, not only of America but of the various countries of the world, is here; the amount of gold and silver coined, their influence on the world's tiade, the shrinkage and lf>ss by the decline in silver; ex. ports, imports and influence on the world's trade. Cotton, whont and corn movements, iu fact, eveiything that pertains to the wi^i ui of finance and tmde can be found within its cover. It Is a valuable book, and should be In the hands of every business man in the counti-y.— Weekly Citizen, Tucson, Arizona. I "a > o m o o z H > Z C/3 O > r ■< m o o o o r m > o 5 o m X o X > z o m (/) Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upou receipt or $3. A few copies of 1893 cau be had for $2 each. KEEP OUR LETTEKS. POKTFOLIO FOR FILING FOUWAUDED APPLICANTS FREE. i.'>i 2 CLAFP & C0HFAK7. BANKERS AND BROEEES, ITEW TORK. WEEKLT MARKET LETTER. Financial Outlook. A defaulted coupon is too often the silent witness of a degenerate board of directors. The ten- dency is always towards a higher premium on first-class applied personality. The substitution of honest men for the present supply of railroad sharps would sell American stocks in Europe and sup- ply United States with gold. Good credit is coming to be almost a substitute phrase for plenty of cash. A corporation's credit is seldom better than that of the men who manage it, and that of a country or city never better than that of the men who compose it. There is a demand for good men equal to that for good money. Straws. —There were 276,138 emigrants came into the United States year ending June 30th, 1895, against 311,612 the previous year. There were 17,400 steam and 12,015 sailing vessels entered at United States ports against 17,071 steam and 12,934 sailing vessels previous twelve months. Paci- fic ports show marked increase. Importations of raw wool twelve months ending June 30th were 112,958,153 pounds, against 28,616,925 pounds previous year. We exported 405,748 sheep against 132,370 in 1893-4. We imported manufactures of wool valued at $36,542,398 against $19,391,850 in 1893-4, and cotton manufactures valued at $33,195,338 against $22,346,547 in 1893-4. Exports of wool and cotton decreased, that of iron increased, and that of breadstuff s decreased nearly 31>4 per cent. Indicated yield of the world's gold mines in 1895 is $209,583,640. Government report shows United States shipments of cattle first half of 1895 are 42 per cent, less than in ] 894 same time, probably due to Argentine competition. It is reported the Bank of England has reduced its purchasmg price of gold and that France has half the money of the world. We believe the foreign exchange situa- tion is likely to exert a most potent influence on the stock market and soon regain its normal con- dition, and natural causes and effects cause a higher and more active market for all securities. Stocks and Bonds. Bonds. — First-class railway bonds are in good demand, defaulted bonds rather slow. Reorgani- zation is expected to provide a new supply of securities, and holders of the old issues are hopeful. Stocks. — Bradstreet estimates the net gains of earnings on 145 roads in first half of 1595 is 8.1 ^ over that of 1894, when the same roads showed net losses from 1893 of 18.8 ;t. The Grangers show a decrease of 3.4 ^ against decrease the preceding year 7.4 ^. The Trunk, Eastern and Cen- tral Western roads show greatest gains. Coal roads show net gain of l f against decrease of 16.5 ji last year. Seventy -two roads first week in August show gain of .81 ^ over last year. The decrease of passenger business caused by electrical trolley competition is attracting attention. This is ordinarily the dullest month in the year and likely to be followed by an active September and witness revival of many reorganization movements and increased speculation. Northwestern, Burlington, Rock Island, St. Paul, Missouri Pacific, Northern Pacific, Union Pacific and Atchison will likely get large benefits from the corn and wheat crops. Coal matters are likely to be arranged after Jersey Central, Susquehanna, Lehigh Valley and Reading are in the controlling interest of friends. Met- ropolitan traction road earnings and the comparative strength of Manhattan stocks give color to consolidation prospect and higher prices. Tennessee Coal and Iron has advanced and continued good management under the present outlook may make the stock later on attractive. Industrials. — If Sugar manipulators can be trusted prices are to go higher. Chicago Gas continues manipulated. A 13 point advance may be sufficient even if the stock later on is to be pushed upwards. Distillers' reorganization may make progress without courts. General Electric manipulators say it will do to buy on breaks, and that their business is steadily enlarging. Lead and Cotton Oil are making money and there may be a speculative demand later on. Apparently Tobacco manipulators see no principle worthy of notice. Cordage is apparently corraled for another bunco game. Leather people claim very large earnings which may be based on unrealized business. We see no reason to advise clients to buy securities that the New York Stock Exchange does not properly supervise as to statements and management. The Exchange should urge honorable dealing. Cotton. All evidences indicate our November estimate of 9,750,000 bales of cotton as the crop of 1894-5 was about correct. It is now conceded the annual world's consumption of cotton the past five years averages about 9,300,000 bales, and that the average consumption of American cotton was about 8,300,000 bales. Spinners' stock August 1 in Great Britain was 103,000 bales, on Continent 861,000 bales, against an aggregate stock of 695,000 bales August 1, 1894, and 687,000 bales January 1, 1895. September receipts always give strong evidences of the size of a crop.. Our correspondents report an absence of well-developed bolls, reporting plant generally in full bloom, which makes a late fall absolutely necessary to secure a perfect crop. Some shedding is reported, but il is not common. In September, 1894, there came in sight 654,753 bales ; in 1893, 505,249 bales ; in 1892, 536,278 bales ; in 1891, 832,317 bales ; in 1890, 856,438 bales ; in 18«9, 668,988 bales ; in 1888, 424,209 bales— then the crop was 6,935,082 bales. In 1884 September brought into sight 413,836 bales, and the crop was 5,669,021 bales. The bulls now predict there will not be 300,000 bales come in sight in September, a decline of at least 25 ^ from lowest since 1882, and nearly 50 ^ from average of Sept. receipts for 13 years. They claim spinners must soon begin to stock up. The bears claim India warehouses are well filled with English manufactured goods ; that English and Continental spinners are well supplied with raw material enough to last till Christmas : that Fall River and New England spinners do not need t9 152 CLAPP & COMPANY. BANKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. 3 buy before midwinter ; that the only spinners wanting cotton are located in the South. Last season's crop was grown in about equal proportions on either side of the Mississippi River. The bears now claim tlie quantity grown in South Carolina and Georgia will equal that of 1S94. and that the crop east of the river will about equal that of 1894: ; that at least ^ of the shortage will occur west of the river. They further allow the cotton crop is late and liable to be impaired by frosts. The bulls say the South is well filled with English buyers, who again propose to buy and ship nearly all they need direct from Southern ports. Chicago banks are reported to have arranged to care for most of the exchange made against cotton exports coming from points west of New Orleans. Domestic and foreign cotton goods are lower than a year ago. Importations continue large and exceed exports, and are nearly double those of a year ago. Relatively prices here are higher than any similar date in four years, and higher in proportion to Liverpool prices than for any season except when the New York market was cornered. Wheat. • Present indications point to the world's wheat crop as likely to be from seven to fifteen per cent. or 200 to 300 million bushels short of that grown in 1894. The rye crop is generally reported as under an average, and likely to be short about 5 per cent., or 60,000,000 bushels. Great Britain's wheat crop is reported as short about 20 per cent., or 12,000,000 bushels. They are the largest buyers, and do not appear alarmed, but are closely watching the French crop, which now seems the most important one in the world as dictating values the coming year. France has about finished harvesting, and soon will know by measure and weight the outcome, which is now con- ceded to be about 310,000,000 bushels, against about 342,000,000 in 1894. with quality satisfactory. Germany's crop of wheat and rye is reported to be about that grown in 1894. Austria-Hungary re- ports quite similar prospects to those of 1894, quality and quantity surpassing estimates. Russian and Polish reports generally indicate a shortage, equaling an average of about 5 per cent, decrease, or say for crop of about 415,000,000 bushels, against 440,000,000 reported grown in 1894. The Roumanian crop is conceded to be one of the best ever grown, equalling about 55,000,000 bushels, against only about 43,000,000 bushels in 1894, with a rye crop equalling that of 1894. Italy's crop is estimated as 110,000,000 bushels. Argentine is estimated to have about 57,000,000 bushels, agamst 83,000,000 last season ; Australasia about 32,000,000, against 41,000,000 bushels in 1894 ; India about 235,000,000, against about 353,c00.000 bushels; and the United States about 400,000,000, against 4G0,- 000,000 bushels; and for these eleven leading wheat countries a crop of about 1,958,000,000 bushels, against about 2,118,000,000 bushels in 1894. Evidently importing countries have less wheat and ex- porting countries about 10 per cent. less. Our exports of flour reduced for the first seven months of 1895 equalled 35,379,053 bushels, against 40,884,213 bushels same iirae in 1894; of wheat 39,340,596 bushels, against i>7,088,768 bushels. Our annual World's Crop Letter will be issued August 29. Corn. We still believe the com crop is overestimated, and that the season has not been of the host, or the rapid and great growth gone as much to corn as to stalk, cob and leaves. In many States there has been too much moisture, or perhaps west of the Missouri River drought has prevented a full yield. The nights and days have been of an uneven temperature in many places. A late autumn is always necessary to mature perfect corn. Frost may yet do much damage and is likely to occur in September. The stock of old corn is undoubtedly small in farmers' hands. The visible continues decreasing. The demand for shipping and export is large, and about as aggressive to get actual corn as the bears are in putting out contracts for December and May delivery, expecting growers will sell to them at a still lower price. We favor purchase of corn for distant delivery, believing the crop is less than 2,375,000,000 bushels, and may not be much over 2,000,000,000 bushels. The demand will be great and the depression has been large, and a reaction is more likely to occur than any further decline. Oats. The crop is mostly harvested. Quality is varied. Quantity is generally reported equalling expectations for a crop of about 715,000 bushels. Demand for old oats continues good. The specu- lative short interest is large, and long futures selling at very low prices in instances being less per ton than hay. May oats seem low and likely to prove a handsome purchase. Provisions. Provisions have b?en depressed on account of a large corn crop and liberal stocks in Chicago. The visible supply^ of ribs is reported small. Hogs— Receipts recently are only about half those of a year ago. Sentiment is bearish. Packers appear inclined to corral the Chicago stocks, and to believe the autumn demand for meats will be good and prices advanced. Ordinarily the demand from September to December is very large. Speculators nave sold May, 1896, pork at 10.50. based on a large hog and corn crop, and May lard has sold at 6.30. The exports of provisions for the first seven months of 1895 were 833,510,770 pounds against 845,314,157 pounds in 1894. Of cattle 148,892 against 245,877. We favor purchase of ribs and pork for Januarv delivery. Chicago packing March 1 to August I7th 1,912.000 hogs against 1,948,0'.'0 in 1894. Total packing all points March 1 to August 15th 5,670,000 hogs against 6.255.000 in 1894. Yours truly, CLAPP & COMPANY. tsr World's Crop Letter of August 29. 1895. sent ApoHcants. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET lETTER. Qnotations for Stocks, Cotton, Grain and Proilsions for Week ending ingnst 21, 1895, and tor ingnst, 1894. Par Talae of all stocks $100. except D., L. A W.; P. M NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COJIPAIUSONS. SAixa. 802 591 218 991 7Bd 819,007 11745 SIO 1.675 4.623 2.750 45,828 bir<« 67,tU>9 49.721 1,325 6,030 240 1.540 8U5 841 850 1.524 4l'2s6 r,294 126 200 260 1.3-.^ 11.785 7,243 1B7 tils 12.410 645 6848 16 419 8.315 a,4tj» 463 1,441 1,805 1.U15 e.816 ;!60 S.5U0 1.667 8,685 100 S4.5H0 176 1.950 4.971 b.6'J8 11,455 2 355 6 105 6.Sb0 8(:ii5 2.103 ;8U "695 8.095 i8,97« 2b,203 886 Capitai, Stock. $20,237,100 10,198,600 86,773,000 86,773,000 17,900,000 25,000,000 15,000.000 22,488,000 60.805,400 82,262,700 24,885,800 46,027,261 25,923,900 46.156.000 18,559.860 39,054,907 22,335 170 28.000,000 11,696,000 85,430,060 26,200,000 85.000,000 38.000,000 84 091900 30,459,700 25,000,000 8.000.000 60.000,000 10.000,000 11,840,000 11,840,000 49.466,500 52.800.000 30,000,000 18.738,204 18,000.000 47.844,100 47,4.'i6,576 14.905.400 14,904,000 89,428,300 77,427.000 20.000,000 58,119,982 13 000.000 89,767,200 49,000.000 89,269,516 20,000,000 8,500,000 40,426,861 86,000,000 ««. 402,900 125,000,000 60.000,000 19,850,000 38,710,900 60,868,500 62 91-1.600 62,36 1, .WO 20.166.000 18.585 .'iOO 7,707.040 38,000,000 24 000,000 94.620,000 10.000,000 4.600,000 DiTtDiin) Rbcokd. Pays Spo J-D Pays Spo O-J-A-J.... Pays 8HP0 J-J Pays 8pc FM-A-N... Paid 2do 1895 Pays Ikpc F-A Pays IJIpo P-.M-A-N. Paid Ipo Dec. 1894 Pays Ipo M-J-S-D Paid Ipc Pays 7 PC Per Ann am. Paid Hpo June 1895... Paysli^po J-D.. Pays2K'PC J-D.. Paid 3po m 1898. Pays 2po M-J-S-D.;.. Pays 7po per annum. Pays 7po per auunm. Paid IHpo Jan. 1898. Paid 2pc Anprust 1893. Pays 5pc per annum. Pays 2J4PO M-S. Pays IHpc F-M-A-N. Pays 8pc FA Paid 2po August 1893. Pavs l^po J-A-J-O.. Paid 2pc in July 1896. Paid8po 1891 Paid Ipc In Dec. 1894. Pays IJipo M-J-S-D.. Pays Ipo J-A-J-O... Paid 1J4P0 Nov. 1898. Paid Ipo April 1892., Paid Ipc in 1887..., Pays 2po F-M-A-N. Paid Ipc In 18S7... Paid 3}^po 'in 1884! Paid Ipc Say 1895 Paid aj^pc March 15, 1895 Namis or Stocks. Pays l^po J-AJ-0 Paid IPC in Feb. 1894! ! ! , Amencan Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co. . Am. Sugar Refining Co Pf. American Tobacco Co Atch.Top. & S. F. 2d ins.pd Baltimore & Obio Canada Soutbem Central of New Jersey.... Chesapeake eptember December. Com... • OATS, in bushels. I U. S. Visible. 1895 8 631000 189i| 4,648 000 N. Y. R'orks, 1.009 034 887.718 Cbgo. Stocks. 707 000 651 000 Out* i September """■••> December. PnpV i September *^'''*- -I January... 1895 1894 LARD-tc8. World's vis. 832.0fi8 152,887 CHICAGO CONTRACT STOCKS. PORK-bbls,; LAUD tcs. I RIBS-lbs. 12ti.717 »5 93i 88.859.025 63.552 I 22,BW | 14.787,958 Lard . JSeptem'jer (January, Ribs. J Sepitember 1 Januai-y. .. Thursday, Aug. 16. 26 269^ icgji losVjS 159* 15« 64H 64H 105 21 mi 60H 70^ 104 21 899i mi 789i 41 41 101J6 WIJ* a 21« 80« 36^ 86** 128^ l:i6yi mi MH 259i 60 61 60k UTH 116H 38 ' 87% 85^ 84)4 94 98 lOlJi 1019^ SOU 80M 5'| i>% *^ 4H 28W 88 Friday. Aug. 16w 21 n; 8«« 26 2£« eO 6i' 116« KH 26 24Ji 7» 01 IMH mi 36?i 38^ 35^ 30H '•in 17% 29 en IBH 36 l.'M im 16K 84 40^ 1% 85 85^2 12^1 12^ 16H.I 16^4 8:j*i| * 40^4 • •• 1« •• 379^ 85>4 8% 62Vi nk mi 17" 2* 18ji 8.5H 13K 41% 81H liH 84>6 93^ 93Vi I6r}i 16>D 129 862 9 21^ 93?^ 16J2 63 i22.:a 8 52>6 7.81 725 737 7.31 7 40 7.36 7t?i 705s 74 72^ 43Ji ism 7ja 7.28 7.25 7.20 7.31 7.24 7.35 7Jffl 72 llVi 73% 73H; 6694 69^ 38 819i 659i 869^ 2CJi 191^ 9.35 9,97 9,55 1025 6.10 6.12 5.67 5,10 5.07 6.J5 5.52 5.20 67 66tj 38t* 379i 82>6 ZlW 209i 20^ l6!l6 9.60 10 32 10.20 6 15 6 15 6.00 530 6 10 6 12 5 70 625 Saturday, Aug. 17. 114J4 11894 106% ISA 104 1596 7994 79?^ 419» 4l9i 101% 101% «" 49*' 141 " lii"' 131 " isi' 85 2S 7894 1«\4 151 >4 151 H 6196 6m lUH 11294 101 101 87^4 87H 94 3594 8^ 1696 2594 13^ 1396 1694 05H 4")4 m 1^6 889i 8->h 13H 41k 35 Monday. Aug. 19. 74 7«W UiM 11194 1034s 103^4 10294 92 15H 15H 66V4 5596 lOi%i 10194 21^ 21M 91^4 90V4 63% 6198 71% 71>a mi T994 102% 16194 145V4 145H 49 49 le&H 188% 130% 130% ioii 26% 3?% 8696 loo :oo 25^ 25 249, 23 7r% 76Vi ei^ 6^% ll5>4 113 8?5i 37^4 3814 3594 3:% Tuesday. Aug. 20. 74 74 112% no 103 102% 96% 92 66H 86 103 106)4 21% Zl 1UO94 8954 63 6194 81 4196 102% 25% 164" 131% 7994 41!4 4196 40'1. 35^ 35 12 11% 18% 13^ 1694 10% 85% 8396 Wed.. Aug. 2L 26 86 7396 ?896 112 li«>4 102% 102 a8% 93% 86% 56 107% 106 21% 21% 91% 9096 62% 60% 78% 71% 82' 80% 42 419* 103 102% 45% 49Va 2596 2596 142 141 16i% 162% 131% 131% ii*" 8096 87% 86% >■ '194 10( 101 26* 85 7796 76 151% 151% 61M 61 116 113W, 101% 101% 37% 87% 88% 88% 86% 8594 939» 939s 102 102 896 896 1796 17% 8396 82 5)4 59i 5 5 17-< 17% 28% -■ 6!. 2.SH 1996 ISM 25% 8594 IS^ 13% 41% 41 36 85% 12 12 1396 H96 17-H !<'■% 8696 8496 *0 8994 41% 40 9% 9% 8m 21 94% 93% 16^ 16 51% 61% 280 87J 7.29 7.29 7 31 7.23 7.37 7.29 7,41 7.33 6994 68,", 7m 70% 44% 4;J% 40 40 6494 68% 6714 65K- 38% 37% 8194 81% 80% 16% 10,25 9 90 10,45 10 25 6.17 6.18 6.17 6 12 6 17 6 02 21% 8m 9»w; 9394 16% 16 5i% 50% £39 089 7.44 r^o 7.43 7.85 7 49 7 40 7,55 7 48 6RT6 67' J 7034 61196 43% 42% 84 82% 6<>% 64% .•J7% 36% 8194 81% 20% 19% 995 9.70 10,25 10.10 6 16 6 05 6,10 6 07 8,16 6 10 6 85 5.30 I 5.r. 6,25 Range for Aug. :895. to date. 8794 25V4 7596 73% 1185i 108% 107 102 73% 70) 129 127 sa 48 108 toe, 146% 145) 4996 <8i 8696 845 145% 141 164 161 131% 180 4J96 479 2294 m 38% 3f9, 126% 125% a W 10194 B9i 8694 *^ 87% 28 8894 75 152 148% 62% 61.% 10294 "". mi s^ 39' MJi S696 «JH 94% 91% 102% 101% ^"61^ % 6)4 4% 19% 17% 2796 80 6% -,.. 19% 17% 175;k 171 6696 6d% 2644 =^5)4 !496 1996 42% 40-% 3794 18 14% -4% 11% ]2'-t 1596 6796 ^2 41 8J% 3)4 1)4 6 2% 22^ 20% 94% 92)ii 1796 16 68% 60% 7,44 6.87 7,43 6.S9 7,49 6 94 7.55 6 98 73,'. 67ii 75^>4 69% 4996 ■•2% 40 40 70 62X 72% frl% 44 86 85% 8094 22% 1»% 2m 2o96 10 25 9 15 10.50 9 97 6!5 .5.92 6,10 600 6 17 550 5 55 6.20 Range for Aug. 1891 8494 2^4 78% 72% 114% 102 1U0% 94 107 88 7694 69% 6394 48)i 116 106)6 ■«% 16% 7994 70 7896 71% 66% 665s 12194 117 6996 62% 108% 102% 142 141 42 38)6 1996 16% 127 115% 167% 162 137 188 36 27% 2496 17M 44)4 8696 10394 102 6% 8% 94% 90)6 20 17 19)4 1696 72)6 66 139 128% 57)4 4594 122 112 90% 95 2496 80 894 m 31)6 2396 44% 88 92% 83 102% 9694 10% 12% 20)4 13)6 17% 14% 45)6 8944 3% 494 ._ 6% 3% 20% 13% 17 14% 6Wi 8% 2.'% 17 ;65 156 2:% 17)1. 13% 12 41V6 SD-i 19% 17 IDiS 8 14^ 7% 11% 9 6494 5594 42/4 34 ^3 17), 06 80 >4 744 6 lti% 1896 'M% 84% 14% 9% 47 85% 6.78 6 40 6.81 6.5.J 0..S6 6 62 6.93 6 71 60 ,V 66)6 (356 •'^!>94 04 51)4 68% 48% 5>^ 53 i>\U, .Sfi 61% 46)4 66 44i>^ 34% 32)4 14 OU 14.12 8.37 792 7.?0 7.2s •»94 32'/a 12 72 UM «.n 6.8.i 6.63 8.12 1895 11(84 OU) PORK, Chgo.-bbls. .... bb&k WHEAT on passage. 29.9:0.000 bush. 3l,ft;4,000 *• CORN on passag*. 9..3on.coo bush. 4.108.000 " Russian Shipmti). for wk. 2.500.000 bush. 2400,000 " Indian Shipmts for wk. l,3:iC'.000 bush. 230,000 " Argentine Shpts. for wk. Ud 000 bush. t Since Aue 31. •Since June 3a Compiled and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YORK VA IKllCChlP nOarhCt Ucttcr. ^g*. f >,, a^m * r»m,KM^. HO. ««*. OWIQHT O. CLApf, CLAPP & COMPANY, Banhers anb Brohers, MILLS BUILDING, N. Y. New York, Thursday Morning, August 29, 18!)5. FINANCIAL OUTLOOK. — International competition may not be destructive in 1895. Importing countries have surplus gold, and are short of food. A dollar in English, French or German gold for every bushel of American wheat is a fair exchange that can be made if capitalists' and farmers' interests continue identical. A farm profit means dividends for railways and banks and a fat pocket-book for Uncle Sam. BONDS. — Our September bond list will be sent applicants and customers September 5th. Investors and speculators have of late been aggressive and competitive buyers, and indications are the future market will rule much higher. KA I LWA Y STOCKS.— Poor's Manual computes our railway capitalization at $11,124,930,551. Gross earnings of 1894, |1,080,- 305,015 Net earnings $322,539,276, a decrease of $42,015,833. The Chronicle computes the earnings of 177 roads, operating 119,163 miles, as increased 7.12 per cent, during first half of 1895 against a decrease in first half of 1894, compared with 1893, amounting to 19.59 per cent. Gross receipts from 177 roads equal about $382,000,000 against receipts of 190 roads same time in 1892 of about $488,500,000'; the net wjis about $1 10,000,000 against about $131,000,000 in 1892. Burlington shows decrease in net for six months ending June 30, 1895, $712,425. St. Paul shows increase in net for six months ending June 30, 1895, $316,591. Many predict it will sell at par the coming year. North- western earnings July show large increase. Rock Island appears pooled, and pointers are out it will sell at 90 this year. Atchison people claim aggregate tonnage of grain on that line will surpass any previous year, and the stock will likely double in value. Granger officials claim the aggregate pounds or bushels grown in 1895 along their railways was never larger, and that the great trouble will be scarcity of cars rather than shortage of freight. A coal settlement will likely cause Reading to advance. Missouri Pacific traffic and general conditions and crop prospects warrant further advance, Susquehanna, Chesapeake & Ohio, Texas Pacific, Tennessee Coal & Iron, and other low priced stocks are likely to sell much higher before Christmas. All signs seem to indicate increases in freight earnings and revival in general business, accompanied by a healthy and steady advance in the stock market. Industrials. — Sugar and Tobacco continue paying a 12 per cent, dividend. Judging from the secrecy of their reports and th« preference of their oflScials to put money into 4 per cent, paying Real Estate, we advise handjing the stuff as one would dynamite. Chicago Gas continues developing loyal friends. General Electric may follow suit and sell higher. Cotton Oil and Lead should be good investuients. Many predict the time for selling industrials has passed; they will follow the stock market. COTTON. — The world's crop is now estimated likely to yield under an average of the total consumption or less than 9,000,000 bales. Southern spinners probably never had less supplies or were more aggressive buyers at maximum prices, as compared with other spinning centres. Northern spinners' takings to date equal about 2,064,000 bales against 1,581,473 bales last season same time. Southern spinners have taken about 765,000 bales. Exports have equalled about 6,720,000 bales out of a crop that we predicted last November would equal 9,750,000 bales, from which 9,714,572 bales have appeared up to August 24. It seems to be conceded that most of the season's short- age will be in territory west of New Orleans, that the movement will be late, and for September not equal two- thirds an averge. The jirint cloth market is higher, and manufacturers and merchants seem to look for considerable advance and continued depletion of stocks. Some enthusiasts predict that this crop will net the planter more money than the last one, and yet be only three-fourths as large. They claim the labor of the South has never been as liberally rewarded as is now promised. Last year 9,750,000 bales were sold to factors and merchants on an average of about §25 per bale. Many now claim this year's crop will not exceed 7,500,000 bales, and that price will equal about $40 per bale. Average exports the past decade ending August 30, 1895, were 5,140,000 bales, or about 2,600.000,000 pounds. La-st year's crop likely brought the equivalent of over $206,000,000 foreign gold to our country. Some predict this crop will bring nearly twice as much, and that cotton will range longer above nine cents than it did last season below six cents. WHKAT. — Thirteen exporting countries during the past 12 months sent importing countries about 425 to 432 millions bushels of wheat, according to different authorities. We now estimate exports the coming year will equal about 421,000,000 bushels. Exporting sections grow about two-thirds of the world's crop, while importing countries grow the balance. We estimate last year's consumption pxceeded 2i^ billion bushels, or that of any previous consecutive twelve montlis. That the total world's crop was nearly 2,600,000,000 bushels, and reached the maximum point last year. That the present crop will not be far from 2,440,000,000 bushels, and of 5 leading cereals about 10,335 millions. Wheat consumption may fall 2 or 3^ below that of last season. Great Britain's annual consumption is about half the world's yearly export. Russia and Black Sea ports shipments last season were about 171,000,000 bushels. North America exported nearly as much, 146,000,000 cleared from the United States. Argentina exported about 46,000,000 bushels. India about 18,000,000, the balance was scattering. Russia and Poland promise more than an average crop and large exports, as reserves are considered large. France is the third largest wheat growing country and the largest producer that imports largely and often holds the key to supplies and prices. The French people eat equal to about 9 bushels of wheat per capita per year, or more thaaany other nationality. English folks consume 5^ bushels per capita, American consumers about 4>^ to 4^ bushels. Russians and Germans are supposed to eat more rye and wheat bread and consume about 2^^ bushels wheat per capita. We recall no three montlis when there was as much wheat put afloat as last April, May and June, doubtless this has caused future conditions to be ignored. Our primary receipts and exports each equal since July 1 about 17,000,000 bushels or only J^ those of 1894. Our visible and invisible supplies scarcely equal two-thirds of an average season. The amount now afloat is practically down to normal conditions and is likely to become a great bull factor, especially so as India and South America are likely to furnish but little wheat to consumers before their new harvest, about our mid-winter season. Apparently North America and Russia may soon be able to dictate weekly shipments and perhaps prices. Until recently the United States furnished Great Britain annually more than half their wants. Russia now seems to be taking leading position. The world's rye crop promises about 1,445,000,000 bushels. We think maximum bear conditions now exist, and after tlie September liquidation of contracts in Chicago are settled and the Northwest movement begun that wheat will sell higher. Millers are likely to remain competitive buyers and export clearances increase, which may cause a very important advance. We therefore advise buying December wheat for investment expecting handsome gains. CORN. — Danubian reports indicate Europe must look to America for corn. The world's crop just now is estimated to be the largest ever grown. Our crop apparently exceeding the average annual world's crop, which has been about 2,350,000,000 bushels. Larger .^hijiments of corn have been made from Chicago recently than for many years in same time. Prices of new crop futures now range lower than ever before known to prevail during the last days of Augtist. We think it possible this bear sentiment is nearing the end of its race. That frost may occur in September. Frost has appeared every month this year to date. It is now promised for the early and the late part of next month in the corn and cotton belt by most weather prophets. We advise buying December and May com on weak spots, whicii are likely to occur the coming few days. Our hay crop will likely be short and prices continue about on a parity with oats per ton. PROVISIONS. — Exports year ending June 30 were about 15 per cent, larger than the year before. The hog supply has been ample, but of late is falling in quantity. Stocks are larger than a year ago, but not excessively large. Prices are down about 30 or 40 per cent. Liquidation is quite complete. Some estimate there is a large short interest. We look for higher prices based on the pros- pective small receipts of hogs. Summer packing at all points, March 1 to August 22, was 5,825,000 hogs, against 6.525 000 last season. Yours truly, CL.VPP dt COMPANY. WORLD'S CROP LETTER FURNISHED APPLICANTS FREE. CLAPP &; COMPANY, Bankers and Broli! We ghii bslow 'he Yearly Wheat Yield of the World since 1884, in bushels, as compiled from Govenunent Reports and Estimates from Foreign Governments. tnd consujiiptive needs and the Oats, Barley and Com yields are our estimate or from various authorities considered the best. Cotton statistics are from reports f CODNTKI8S. United Sutes Frasce India. ••••••>••••••••< Rnssiaand Poland.... Auitro- Hungary^ ...I Clapp'g lEitimatu, 189C. 1804. 1893. 1892. 1891. 1890. 100,000,000 460,267,000 3it6.132,0O0 616,949,000 611,780,000 399,262,000 303,000,000 343,346,000 277,485,000 , 310,814,000 i I I 237,000,000 268,469,000 2e8,i39,000 206,640,000 400,000,000 I 384,000,000 348.000,000 • 266,019,000 I 220,3S3,6 78,319,661 .47 27,462.316 761,616,000 27.4 .l»X 7,297,117 497.06 20.173.896 168 9.9 4,736.000 479.701 1.790,000 608.000.000 26.3 71.000.000 .44H 76,672,763 .66 26,000,000 701,735,000 26.0 .25 6.989,284 496.79 19.781.000 149 9.8 4.628,000 459.000 1,805.000 11 1-16 603,000,000 20.1 26.000,000 .40K 73.392.720 .48 25.920,906 659.618,000 25.4 •24X 7.017.707 486.36 19,428,000 164 9.6 4.445,000 422,000 1.6K7,0t0 9li 773,000.000 22. 41.000.000 40 76,694.208 .60 23.283,630 624.134,000 26.4 .26^ 6,606,087 486.37 18,501.667 168 9.9 4.336,000 385,000 1.781,000 675,000.000 26.6 66,000,000 .41 73,130,160 .64 22,783.630 629.400.000 27.6 .25H 6.675,691 483.95 18.249.378 161 6 10.6 3.920,000 318.001 1,437,000 10 5-16 612.0U),0O0 25.6 63,000,000 .62H 69,683,780 .61 21,300,917 583,628,000 27.4 .25« 6,700.165 480 70 17,322,388 153 8 10.5 8,917,000 346,000 1,637,000 •Our estimate, t Government Jose revised estimate. $ Chronicle estimate to Jnly 1st. | March 22 and June 80 figures are from crop of year named in heading. 156 , New York, WORLD'S CROP LETTER. ished us by the Washington Hurpau of Statistics, and other authorities. The Rye Crop of 1894 is mostly compiled from Government rcporU ; those for the 1S95 <='*f Government, Chronicle, Sec. Hester, and Coiton Fa;;ts, except our estimate for 1895 and 6. Harvest Shason KACH CUUNTKV .June to Aug. .June to Aug. . Dec. lo May Cliipp'i Clapp'i Clapp'i (■^'liiiiat^ Efttliiiate 1-Jillmate Whrat Wh«ot Wheat Consumption I EipoiW ! Import* lliS>«. Crop Year. Crop Year. 3:0000,000 340.006,000 '200.000,000 130,000.000 10,000,000 4ft,000,000 30.000.000 ' .July to Sept. 240.000.000 130.000,000 •July ..June •July ..Aug to Sept. ..Mar.toM.-iy 76,000,000 Clapp'i Estimate Wheat Acreage 1896. 190,000,000 6.000,000 148,000,000 ' 3.5,00(1,000 146,000,000 9.000,000 43,000,000 235,000,000 10.000,000 200,000,000 ..June.. .. ..July.... ..Dec & Jan. ..Dec. & Jan .. January ..July & Aug. ..Nov. to Feb ..June •Jaly.. ..August . .June ..April ..June • July .August .Sept. & Oct •July .June & July 85.000.000 3C.000.000 60,000.000 45.000,000 25.000.000 10,000,000 20.000,000 46,000,000 16,000.000 8,000,000 ' 33,915,698 17.000.000 20,032,000 36,000.000 10,100,000 11,500,000 6,000.000 1,700,000 12.000 000 6,700.000 3.441,263 38,000,000 20,000,000 2,000.000 37.000,000 26,000,000 20,000,000 60.000.000 11.000.000 6,000,000 11.000.000 16,000.000 8.600.000 12,000,000 15,000,000 12,000,000 6,000,000 8,000,000 6,000,000 40,000,000 6,000.000 2,000,000 2,40,500.000; 421,000,000 4.000.000 11.000,000 4.500,000 9,000,000 11.000,000 1.000,000 8.000.000 4.000,000 4,500,000 4,400.000 3,100.000 } ,700,000 1.700,000 640.000 600.000 640,000 400.000 422.000 250.000 200,000 1.000.000 l3_ 13 19 9 10 18 10 21 26 14 13 Foreign Wheat Measures. Rye Crop, 1894. 436,500,000 194,840.861 Winchester I Bushel. Hectolitre. Tons. Cheiwert. Kilo. Quintal. Hectolitre. Quarter. Imperial Bushel. Qu.irter. Fanega. Kilo. Clapp's Clapp'i Clapp's Estimate p„15f,'iP?{f„„ Estimate Rye Crop, Co'"""!'""" Oat Crop. 189S US»-W. 1896. 26,669,446 26,000,000 64,712,076 76,000.000 780.676,744 134,600.900 8,600,000 312,866,027 1,600 000 20,000,000 21,000,000 7,000,000 Fanega Imperial Bushel. Do. Metric Centner Do. Do. Hectolitre. Kilo. Do. Fanega. Do. Do. Swed. Hect Norw.Quar. Coup. Fanega. 8,000,000 2.000,000 994,771 12,000.000 8.000,000 18,000,000 4,000,000 2,000,000 3,000,000 16,000,000 16,556.355 26,400,000 1,000,000 13.7, Av. I 760,000,000 129,000,000 4,000,000 280,000,000 1,500,000 20,000,000 21,000,000 6,000.000 8.000.000 3,000,000 2,000,000 1,000,000 26,000.000 76,000.000 716,000,000 273,000,000 660,000,000 126,000.000 6,000,000 280,000.000 8.000.000 IC.000.000 17,000.000 6,000.000 13,000,000 8,000,000 26,000,000 2,000,000 3,000.000 16,000,000 16,000,000 37,000,000 1,000,000 8,000,000 2,000,000 1,500,000 11.000,000 8,000,000 25,000,000 700,000,000 168,000,000 16,000.000 310,000,000 189,000.000 Clapp'i Estimate Barley Crop, 1896. Clapp's Estimate Com Crop. 1896. 60.000,000 66.000.000 8.000,000 9,000,000 12.000.000 2.000.000 6,000,000 18,000,000 20,000,000 30,000,000 1,000,000 16,000.000 66,000.000 10.000,000 4,000.000 8.000.000 35,000.000 .. 1,48.V31.319 1.445,500.000 1,339,500,000 1,500.000 1.000,000 10,000,000 36,000.000 90,000,000 3.000,000 268,000.000 106.000,000 8.000,000 112.000.000 76,000,000 30.000 000 46,000,000 17,000,000 20.000,000 6,000,000 3,000,000 16,000,000 40,000,000 13.000.000 7.030,000 6.000,000 2,000.000 3,000.000 2000,000 5,000,000 21,600,000 41.001. 10 800,000 6,000,000 2,400,000,000 86.000,000 f'cmalalio*. Census 1890. t 70,000.000 38,218,903 284.000.000 22,000,00(/ 108.787.244 96.000,000 64,600,000 16,000,000 2.000,000 33,000.000 30.000,000 6.000,000 66.000,000 10,000,000 10.000.000 41,827,700 29.690.78* 49.422.928 37.888,168 £87.691,000 17.560,21« 6,376,000 32.000.000 2,884.469 4.122.227 33.000.000' 205,833.000 16,000,000 -6.000.000 8,000,000 15,030.000 80.000.000 2.663.500,000 967,300.000 2.917,600 000 33,659,787 3.164.376 6,030,043 2,187.208 2.096,043 4.708,178 4,460.870 2.172.206 6,774,409 2.933.334 12.000.000 1,695.268,067 E s: *•» o 4-1 o 3 ■ E o © il E EXPLAlTilTIOlT — REVISED — ATJGTTST 29, 1895. Finland and minor countiics probably grew enough more wheat to make the world's yield about 2,310,000,000 bushels for i8go, and a similar enlargement for other seasons. I:i estimating world's consumption we have not considered Cuba, China and minor countries, that consume nearl) 63,000,000 bushels. Our estimate of yearly seeding requirements is based on l^ bushels per acre tor winter wheat and I'/i bushels per acre for spring wheat, food consumption on Government basis of 4^^ bushels for each person. A Winchester bushel has capacity of 2,150.42 cubic inches, con- taining 60 pounds, and equals .969 of an Imperial bushel of about 61 lbs. A hectolitre equals 2.83 bushels ; a quintal, 220.46 pounds in Austria and Hungary; a quarter equals 492 pounds in Denmark, Germany and Greece, and 480 pounds in most other countries, except Pacific coast shipments, which are sold in Europe sacked, and contain 500 pounds to the quarter, the sacks going to the buyer, making a quarter of Califoroia wheat worth 44/ in Liverpool when a quarter of Atlantic coast wheat is worth but 40/. A Chetwert is 5.92 Winchester bushels in Russia in Europe, or 5.77 Imperial bushels. A Pood is used in Russia, and is 36.06 pounds. The Fanega in South America is 220 lbs. or lOO kilo in Antwerp, Berlin and Roumania, and equals 3.67 bushels. Spelt is an interior species of wheat grown in Russia, Germany and Switzerland. Maslin, or metil (which is counted as wheat in above tables), is rye and wheat grown together. We have never grown a wheat crop averaging full weight, or 60 pounds to the bushel. We think the average crop wheat in the United States the past five years was about 500,000,000 bushels; the previous five ye.^rs it was alxjut 435 millions. The world's wheat crop last five years averages about 2,450 million bushels. Germany, including Austria-Hungary, grew 1,314,140.0^0 bushels potatoes in 1894 ; world's crop averages about 2,900,ooo,oc» bushels ; that for 1894 was about 2,842,000,000 bushels. Ireland's crop was 61,814.412 bushels, or 34 per cent, below 10 year average. The United States crop of 1S95 is estimated 209,747,000 bushels against 164.400,030 bushels in 1894, and 183,000,000 bushels in 1893. Russia is the largest exporter of cereals, America second. For turther ii<(orma- tioii see our 1S94 Souvenir. Only about one-third the world's population eat wheat and rye bread. The world's com crop averages about 2,350,000,000 bushels annually ; U. S. crop this year probably exceeds foriner world's crop averages; world's crop rye averages about 1,350,000,000; oats, about 2,328,000,000 ; b;\rlev, alxiut 802,000,000 bushels ; hops, about 150,000,000 pounds. The world's crop of the five leading cereals in 1895 is about 10,330,000,000 bushel's. Hay is the farmer's most valuable crop, and averages about 45.000,000 tons yearly. We have made no allowance for differences in impenal or Win- chester bushels, or for grain grown, imported or exported for other years than for the one represented. It is customary to estimate 4^ bushels wheat make a barrel of flour in the United States. We renpect/uUy solicit Commiixion order n for the Purchase oi- SaU of Stocks, Bonds, Cotton, Grain and Provirioru on the various Erehariget. Our private uire, offiee, or Exchange facilities are unsurpassed. CoTvespondence invited regarding either Intettment or Speculation. Usual margins required ; euMomary comtnissums charged on cash property or for future delivery. Margin deposits may be made with local ovt-of-Uncn baiiks, w/io can telegraph ui at ovr expense, to aid promptness infilling telegraph orders, or postal orders, or money by Express at our expense. A general Banking business conducted. Deposits received tvijQect to check at sigJU. Check-books furnished. Three per cent, interest allotted on average daily balances, credited monthly. City and Country accounts solicited. Municipal and railway bund* bought and sold on commission. Information cheerfully given, market letter furnished applicants. Send for one — examine it. AUoie a neiglibor to read it. AU purchases and tales made through us on t/ie New York Stock Exchange, the Hew York Cotton Exchange, the New Orleans Cotton Sxchange, the New York Produce Exchange, the Chicago Board of Trade, or other Exchanges, ve guarantee. BespectfuUy your; CLAFP A COMPANY. 157 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK. WEEKLY MARKET LETTER. Quotations for Slocks, Cotton, Grain and Proiisicns for Week ending August 28 1895, and tor August, 1894. Par Talue of all stocks 8100. except D., L. & W.: P. & R. and Am. Tobacco Co., FROM NEW TORK STOCK EXCHANGE OFFICIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COMPARISONS. W EBKLT Sa LEB. l.b'?0 mo 861 isa 4a8 Il7.6.000 18.659,360 39.054,!)07 22,3.S5 170 88 000,000 11096,000 35.430060 86.200,000 35 000.000 38 000.000 34 091 900 30,459,700 2.5,000,000 8.000,000 50.000,000 10,000.000 11,840,000 11,840,000 49.466.SO0 52,800.000 30,000.000 18,738,204 13,000.000 47.844 100 47,436 575 14.905.400 14 904,000 89.428.300 77,427.000 20.000,000 58.119,982 18 000 000 89,767,200 49.000.000 39.869,510 80.000,000 8,500.000 40.426,361 3&,000.000 68.402,900 125,000,000 60,000,000 19.8.->0,000 38,710,900 60,8B8,.500 58 901,600 52,361„W0 80.166.000 18.585 .500 7,707,040 28.000,000 24.000,000 94,820,()00 10,000.000 4,(100,000 DrrxDENi) Recobd. Pays 3pc J-D Pays 3pc 0-J-A-J.. Pays SV^pc J-J Pays 3i3C F M A-N. NiMis or STocKa. Paid 2dc 1895 Pavs lJ4pc F-A Pays IHpc F-M-A-N. Paid Ipc Dee. 1894 Pars Ipc M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid Hpc June 189.5... PayslJ^pc J-D.. Pays 2K.pc J-D.. Paid 3pc in 1893. Pays 2pc M-J-S-D Pays7pc per annum. Pays 7pc per annum. Paid IK'PC Jan. 1893. Paid 2pcAu{:i St 1893. Pays 5pf per annum. Pays'2i4pd"M-S."."!! Pays 114PC F-M-A-N. Pays .3pc r A PaidSpc ,\ufrnstlRa3. Pays l^po J-A-J-0.. Paid 2pc in July 1895. Paid .3pc 1891 Paid Ipc in Dec. 1894. Pays i?4pc M-J-S-D.. Pays Ipc J-A-J-0. , , Paid lJ4po Not. 1898. Paid Ipc April 1892., Paid IPC in 1887..., Pays 2pc F-M-A-N. Paid Ipo In 1887... Pai(i 3^p"c in 1884! Paid Ipc >'ay 1895... Paid 2Hpc March 15, 1895 Pays 1J4P0 J-A.-J-0 Paid loc ill Feb. i894!". American Couon Oil American Cotton Oil Pfd. Am. Sugar Refining Co. Am. Sugar Refining Co Pf. American Tohacco Co Aicli.Top. September I January. .. TJihc ' September ^"°^ ■■■ 'I January. .. Thursday, Aug. 22. ■25% 24J6 ?4 74 UOM 1069i 108 101!^ 90^ 93^ 17J6 17H 61?i 64?4 5ti->ti 56 10.-)94 lOaJi 21^6 2') 91 90Vi 61% 59V.' 72^ TZ% 82" SlJi 4256 42 103?4 102% 49^ 25 21H 37 •27*i 62 l-)2 61 V4 115 49 24H; I424(. SOVi 2G\4 7oVs 151^ 01 8:9i STJi 88^ 879i 35-% 84K 93H 91 38H 85 , -. 91« m% 101% 10.!^ Friday. Aug. 23. 110J4 !08% 98H 17% 64!4 56 J< 21 9P% 62 72% siji 42Vi 1039« 49% 25 142% h S3V, 44>4 106 50 49 •25^ 25^4 141% 141% X.3V 130% 53 62% 22% 21% 88% 87% 104% 1041^ 27% 27% 27% 86% 81 80% 6.3% 6.1% :i5% 114% 102 1C2 38% 37% 40 85 ,98% 10% 63% 18% 35% 6 5% 19% 19% 173% 67 26M 14% 42% 39 12% 15% 16% 8-1% 41 2% 89% 84% 92>i, I03V4 &% 63% 17^^ 34 5% 5 1SV4 29 6% 19% 173% 67 86 13% 41% 87% 11% 14% 10% 83 40% 2% 9% 9H 23 yi. 22% 94% 94% 16% 16% 326 752 7,83 7.88 785 7.77 795 7.63 8.08 7.92 65% 64% o7H 60% 41% 41% 60 69% 62-7^ 61 H 35% 35M 30% 89% 19 18% 19% 19% 9 45 9,10 9.85 9.70 6 9b 5 87 6,00 5 92 5,76 560 Range for Aug. :895. to date. 27% 24% 75% 73% USy. 106% 107 101% 114% 92 20% 17% 05% 64 56% 54% 109^ 101% 21% 20,^ 92% 80% 6.3% 66% 77y4 70% 1294 187 S4% 77% 45 40% 106% 100% 14554 I45k 50 48% 25% 2l>a 145% 141 164 :oi Ia2% 130 53 47% •22% 20% 38% 8?% 12S% 125% 2 1% 104% 99% 27% 25 87% 23 83% 75 152 148% 685i 6i.% 119% 112% 102% 10; 38% 30% 46' 86% 30% 34!4 94H 91 104'»i 101% 1C% 8 65% .56 18% 17 35!^; 29 0% 5% 5}4 20 30 0% 4Ni 16 27% 6% 19% 17% 175% 171 67 60% •20% 25% M% 13% 42% 40% 39 .4% 13 11% 10% 12?i 17% 15% 87% 82 41% 8i)% 3% 1% 6^ 2% !-% K% 23% 20% 94% 92% 17% 16 53% 60% 7.88 6.87 7,85 6.S9 r.95 6 94 8.02 6 98 73,», 64% 7.5% 60% 49% 4l%i 40 87k 70 59% 72% 61% 44 3')k •35% -29% 22% 18% 81% 19% 10 2a 9 10 10.50 9 65 6 25 .5.87 6,10 5.92 6 17 5 50 Range for Aug. 1894. 6.78 6 46 6.31 6.53 6.86 6 08 6.93 6 71 60A 56% 63% 59% 64 Sik 58% 48% 5^% 53 61% .56 61% 40% 66 44% 84% •?8% 33% 82% 14 00 12 78 14.12 liOO 8.37 6.92 7.92 6.8i j 7.90 6.62 6J7 5,07 15,55 5 05 H 7.25 6.18 84% 27% 78% 72% 114% 102 luO^t 94 107 88 76% 69% 53% iHii UO 10016 •21% 16% 79% 70 78% 71% 66% 56% 121% 117 69% 62% 39% 84^ !f M 102% 142 141 42 .S3% .}^ m '27 115% 167% ,62 137 .3.3 36 27% 1^4% 17M 44% .35% 103% 102 5% 3% 94% 90% 20 17 19^ 1,5% 72% 65 139 128% 57^ »;5% 122 112 99% 95 24% 20 8% 8% 31% 23% 44% 88 92% 83 102% 96% 10% 12% 20^ 13% 17% 14% 4.5!* S9->4 4% 3% *^ £% 20% 17 6^ 13% 14% 8% 22% 17 :65 1S» 2:% 17% 13% 18 41% .34% 19!^ 17 8 5« 10% 14!4 11% 64% .55% 48% 34 23 36 7% 14% 47 17% 80% 6 13% 84% 9% 85% 1895 1894 0±J> PORK, Chgo.-bbls. .... bbk WHEAT on passage. 28.320.000 bush. 80,768,000 •• CORN on passage. 8.880.000 bush, 8,840,000 " Russian Shipmts. for wk. 3.440.000 bush. 8 700,000 " Indian Shipmts. for wk. I Argentine Shpts. for wk. 804.000 bush. 123.C00 bnsb. 640.C00 " I t Si Boe Aug 81. * Since June 80. Compiled and Copyrighu: bj CLAPT & COM! AFY. BANKERS, MILLS BUILDING, NEW 70EK lKIlcchIv> ni>ait.ct Xcttcr. No. 440. Cnpyriqht, 1!t95,hjf Clapp Jt Cotnpanp. O. w. Clapp. DwiaHT O. Clap^ CLAPP & COMPANY, Baiihers aiib ISrohcrs, miLLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. 277 BROADWAY, Corner Chambers St. Branch J 621 BROADWAY (Cable Builoinq, Corner Houston). Office*: ^ 753 FIFTH AVENUE, Corner 58th St. 11 WASHINGTON STREET, SARATOGA, N. Y. Private Telegraph Wires. LONG Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, September 5, 1895. IVe respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may he made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local hank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to he filled promptly. A General Banking Business conducted. s% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOUT OUR 1894 SOUVENIR, "LEADING AMERICAN EXCHANGES." Wo have received from Clapp cX; Company, of New yoik, their souvenir of 1894 on leading Amei-lcan Excnanges. It is unnsniilly complete in its statistical infommtion, and It makes a valuable IjooIc of i-^erence and many business men will not find it amiss ou their shelves.— Cincinnati Commercial Gazette, Cincinnati, Ohio. We have received from Clapp * Company, bankers of New York, a very handsome compilation of their weekly market lettei-s for ilie year 1394. In glancing tlu\)ugh the lettera, an observer is bound lo admit that Messw. Clapp are not only an entei-pi-ising firm but for the pivst year have shown discernment as to the movement of tliemai keis which is well nigh extraordinary. The book Is artisticallv illus- traied, and a prominent feature is a beautiful plate of Broad Street with the New York Stock Exchange as the central subject.— The Kailroad Recoitl, Philadelphia, Pa. Clapp & Comiiany, bankers and authority on financial matters, have issued a work called " Leading American Exchanges," which cannot fail to be of great value to all dealing iu inve-tmentsor seek- Ing a safe and proUtable commercial opening. The authoi-s and compilei-s of this boo'.i are recognized as leadei-s in the banking and fwmmevcial business and stand in the fitjnt lunk of New York Stock Exchange brokeis. The work refen-ed to is a compendium of weekly market lettei-s, valuable Information and comi»nson of the leading American exchanges for 1894. For the data contained in the book all the leading commercial agencies, boai-ds of trade, stot;k exchanges, banking nouses and publications devoted to such inter- ests have been drawn uix)n, and the statistics presented are of tlie most tnistworthy cliaracter. They embrace quotations of all the leading investments au'l aive a list of the exchanges which may be safely dealt with. O. \V. & D. O. Clapp, whose high standini? as bi-oUera and Investors is recognized tuixjughout the commeivial world, have contributed by this work a very valuable volume to financial literatnre, and every business house should have a copy. Its reference tables will be found of special value to those naving dealings witn the stock and pitxluce nmrkets. The book is finely iliusti-uted. showing the b;m'.;ing house of Clapp A Company on Wall and Bitiad Streets and Excliange Place, and also the great mans of finance in the metropolis and other cities of the countiy,— Evening BtauOai-a, Iix>y. New York. Clapp & Company, Bankers and Commission Merchants, New York city, recently i!l9 the financial destinv of nearly the entiie United States. -The Daily Call, Excelsior Spring*, Mo. Clapp & Comjwny have issued a volume containing their market letters for 1894, and a large amount of other Infoi-mation. The vol- ume contains pictures of all the leading stock, grain and pi-oduce exchanges of the countrv and a great deal oC nsafui iaformstioa.— The Tribune, Chicago, ill. 4^ H X > O m o o z H > i CO D > r -< :o m o O :o D C/3 O r m > D Z o m o X > z o m (/) Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE, 1.-.9 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. ^• Financial Outlook, Freshly made blood and nerve begins to turn from hill and shore to trade and finance. Summer breezes have been full of fresh hope and courage. Every wheel now anticipates a new burden with /-■■■ which it may enrich its owner. Bushels and bales are returning the stare of the golden goddess with a new confidence born of returning values. The United States is entered to win iu liie Autumn races of 1895. ■^^ Straws. — The wool clip of 4<< States and Territories growing wool in 1895 was 294.21)0,726 lbs. ^^/ against 325,210,712 lbs. last year and 348,538,133 lbs. two years ago. Bessemer pig iron has ;", nearly doubled in value since low panic point, because of the stoppage of ore supplies in - /^ the Marquette region. It is estimated Great Britain's railway system earned 3.77 % on its capital- ization during the past year, or a net revenue of about $185,000,000. Atlanta's Exposition will open September 18, on the very spot from which General Sherman shelled the city 31 years ago, America has 68,403 post oflBces. The immigration to this country in July was 27,133 against 17,883 in July, 1894. The Railway Ferry, carrying 28 cars from Peshtigo, Wis., via Lake Michigan to Chicago, a distance of 260 miles, is pronounced a success. September 2, was Labor Day in 30 iStates, the other States having a Labor Day observing it on different dates. The production of erold in the United States during the first seven months of 1895 was likely double the net amount' expoited. Gold exports the last five weeks were about 15 ^ million dollars value, causing many American woolen mills to close business and turn their employ- ees loose. Prices now rule above those of a year ago, and practically at same rates as two years ago. The Government crop report says "Picking is general over Southern portion and will begin in Northern portion next week. It is reported the Commissioner of Agriculture will come out with a very bullisn report the 10th inst,, and that fact has leaked again as usual. The enormous scattered long interest and Pyramid Building, in many cases, may yet act as a menace to prices which now rule 50^ higher than in February, when reverse conditions prevailed, and cotton was being sold by cotton factors, growers and speculators for a profit, at 5j4 cents instead of 8}i cents. itso CLAPP & COMPANY. BANKERS AND BROKEES. NEW YORK. WEEKLY MARKET LETTER. S Wheat. Primary receipts continue only about half those in lS9t and may not equal one-third those for the six months ending December 31, 189:3, or an average for the previous five years. The range of wheat in those years at Chicago was from G0>4c. to $2 per bushel, and cash wheat is now eleven cents below lowest price of that period. The table below gives the movement monthly with price changes for the last half of each year the past decade, also yearly crop and monthly official visible. Early in January the visible is about the maximum point. 1805 1894 1893 1802 1801 1890 1889 1888 1887 1886 1886 Total crop Primary receipts, July Kx i>orts, July Visible, July 1 High Jb low cash wheat, July . Primary receipts, Aug^ust Kx|x)rts. August Visible, August 1 Uigb Jt low cash wheat, Aug. . Primary receipts, September. Exports, September Visible, September 1 Uijfh i, low ca^ih wheat, Sept. . Primary receipts, October.... Exports. October Visible, October ] Hii;h A, low cash wheat, Oct. .. Primary receipts, November. Exports, November Visible, November 1 , High &, low cash wheat. Nor. . Primary receipts, Dftcember ., Exports, December , Visible, Ducember 1 , High & low cash wheat, Dec. . , Total receipts, 8 months Total exports, 6 months , Official visible, December 31... 6,.W0.000 9.160,795 44.5U1,0<)0 70 65?i 9,500,000 9,000,000 39,-iffl,000 69 68^ 35,440,000 460,267,416 13,&55,000 12,777,348 54,6:)r,000 6014 im 25,000 000 18,8(KJ,l)00 57,144,000 6SJ^61}i 25,000,000 12.300,000 66,»19,000 66 60 21,000,000 1 J, 000, 000 71.413.000 57J6 60>4 19,000,000 12,000,000 78,190,000 61% 51% 15,000,000 11,800,000 »>,161,000 6356 &% 119,000,000 77,712,153 89,071,000 396,181,725 14,000,000 18,800.000 62,316,000 6U>4 64 14.000,000 22,:«)0.000 59,349,000 63%55ii 25,000,000 19,000,000 .56.SS1,000 69?4 62% 28.000,000 13,500,000 60,528.000 66>i 60>4 23,000,000 13,000,000 69,327,000 68 68^ 15,000,000 11,000,000 78.065,000 64^^59^ 119,000,000 97,414,654 80,228,000 515.949,000 20,000,000 18,700,000 24,264,000 60^ 76 86,000,000 19,.'iO0,000 23,99->,000 80 74.v6 38,000,000 18,000,000 36,260,000 7iH 71% 43,000.000 20,700,000 47,901,000 7iH ea^i 29,000,000 17,800,000 61,694,000 78^69?^ 25,000,000 17,500,000 72,580.000 78 eaj^ 191,000,000 107,277,587 81,238,000 611,780,000 18,000,000 13,700,000 13,590,000 98 85 30,000,000 26,300.000 16,76S.0OO 113 86^ .34,000,000 2.1,800.000 I It. 124,000 84,000,000 19,600,000 26,862,000 99 921^ 34,000,000 20,700,000 36,233,000 97 91!4 22,000,000 2:3,100,000 41,678,000 93M89% 172,000.000 129,266,300 45,908,000 .399.262,000 8,000,000 8.000,000 20,174,000 94Ji 85 1.3,000,000 9,000,000 18,463,000 108J4 89% 11.000,000 5,400,000 n.Mo.ooo lOlJi 95>^ 17,000,000 7,600,000 16,800,000 103J4 96 17,000,000 7,000,000 21.2:«,000 101% 88}i 12,000.000 9,600,000 24,569,000 92Ji 87^ 78,000,000 47,102,067 25,478,000 490,660,000 8,000,000 7,0(X),000 15,301,000 85 77J4 13,000,000 11,700,000 12,1.35,000 79^ 76X 15,000,000 8,200,000 14.38.^,000 82 75^ 21,000,000 9,300,000 17,853,000 83 77^^ 21,000.000 8.300,000 25.712,000 82Ji 78% 12,000.000 ll,600,00u :«, 178,000 80>i76% 90,000,000 56,323,402 33,972,000 415,86.2,000 lOoX 96% 70,000,000 48,247,400 38,321,000 16,40O.(K)0 84,41.3,000 72 67>i 11.000,000 19.000,000 33,141,000 oy>i 6t% 13.000,000 11,000,000 3U..573,000 71^ 67X 16,000,000 8,000,000 80,598,000 72X 63 « 1P,000,000 8,600,000 8.3.931,000 76}i 71% 12,000,000 9,400,000 40.260,000 79Ji 75X 82,000,000 72,467,081 44,422,000 4.57,218,000 13,000,000 10,900,000 28,219,000 81 73>^ 14,000.000 1.5,700 000 84.G52,0')0 78>i 73% 17,000,000 14,300,000 42.iH'.5,l)00 76>< 72>4 15,000,000 11,100,000 51.220.000 74% 69% 14.000.000 12,300,000 56,1.54,000 76% 73 11,000,000 12,200,000 59,572,000 79>i 75% 84,000,000 76,565,798 62,730,000 857.112,000 6,000,000 6,3^ in J'jne. Small invisible] supplies and a small winter wheat crop appeared to warrant the June ad- vance. Investment and speculative purchases are again solicited in the firm confidence that they will pay good profits. Corn. Crop statisticians and speculators usually continue predicting the largest crop grown and lowest prices. We still believe two billion bushels will be near the outcome ; that the weather has been too uneven ; that rains or drought have injured the crop ; and finally, that the rank growth shown almost everywhere will assert itself more plainly in a large stalk and cob than in plenty of corn on the ear. Our correspondents both South and/ West confirm these views. Old corn is very scarce, and demaand appears to exceed supply. It is among the possibilities that a corner will yet develop in September corn in Chicago, and that the bear element will further depress December and more distant corn futures, which now range lower than any previous season. Provisions. It is estimated that the receipts of hogs in Chicago the balance of the season will fall short of last year 10 or 12 4 2aM il}i 3S« 17H i)» m 104% i04V< 27 27 27 26H Suit «> 64 63k 115)2 114^ 103 |08 88% vru. 13 13 to SOU 35 85 a^ «2 1(4. 104)4 9% 9), ?f 1^ 3594 S*ii 6 • 6M SH 18% m 31^ 80 sy* en 19H I89i 91% 64% TIH 129)i 83% 455i 106H 46 105)4 49M 489i 25 25 143 I42H I3i 181 ' ''2)i 58 8 % 21M 38 87)4 104% 104)n 28 27)4 i» 26 ttO iO 111% r.O)i 83?i 63)i 114)4 114)4 102)4 lt2)4 3S)4 37% 39% 3» 85% 35, 9094 90* 101% 104)4' 9% 9)4 17% n% 85 84)4 6^ «* 18% 18% SOM 80)4 19% 10 67>i 87M ••• 26 25% 25% 14 13% 14 18 41%1 42 •tou v^y^l «)* 18 12 J 12?i tt Sept 4 Deo ll'-v 69% "58)4 61)4 Total Exports Wheat. ■ Dec 4 May 1 63% 62%| 114% 63)i 8.448 580 jcorn ) ^ept 4 Dec 36)i 35% Wi 35% 1.766 47a r°™--- (Dec 4 May (JO)i 80K| 80>^ mi OATS, in bushsla. I U. S. Vt.Mbl«. 1895 8.411000 ' 18941 7.204 000 N. T. Stocks. 745 628 8.023.106 Cta(>o. Stocks. 615 00« 899,000 Oati . . POfk. i Sept 4 Deo ? Deo 4 May ' Sept 4 Deo -January.. \ 189.5 1894 1895 1894 LARD-tcs. World's vis. 281.287 159,056 CHICAGO CONTRACT STOCKS PORK-bbls,i LARD-^tcs. I RIBS lbs 111.204 68.984 I 81.980.000 41,092 ' 22.533 I 18,665,724 'Lard Rlfts .' Ssptember 'January. .. : Septembar \ January. . la 19W \(^.\ 194 ( 20 20 20 19% 9 lo 9..% .1.00 >i.92 a 75 9 60 i 87 9 75 iJ.sa »,?7 4 flDaihct Xcttcr. No. 446. Cupurl'ilil, ISUr,, bif Ctapp it Cnmjinnif. O. W. CLAPP. DWIQHT O. CLAPP. CLAPP & COMPANY, Banl^crs anb Brokers, miLLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. BOANCI Office* ( 277 BROADWAY, Corner Chamber» St, H ) 621 BROADWAY (Cable Builoino, Corneb Houston). : '\ 753 FIFTH AVENUE, Corner 58th St. I 11 WASHINGTON STREET, SARATOGA, N. Y. Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, September 12, 1805. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town batiks. The local bank should always ivire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. 3% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customerb. PRESS NOTICES ABOUT OUR 189* SOUVENIR, "LEADING AMERICAN EXCHANGES." Clapp & Company, bankers and brokore. of New York, have is- sued a very Handsome souvenir volume of 1S94, ou all the leading American Exchanges. There are 3.vi jmges f ul 1 of statistics and use- ful information on stocks, colton, grain and pi-ovisions ; their pro- duction. supply and distribution in the several countries. Thetreat- nieut and financial tone of t he articles on finances, foreign ti-ade and the gonei-al monetary system is very complete, and makes the book a useful one for all brokei'S and business men in geneiul. — The Daily Blur, Monti-eal, Canada. The Beacon Is In receipt of the annual volume issued by Clapp & Company, New York brokei'S. It is a valuable acquisition, and as a work of refei-ence on the market quotations it cannot be sur- ]iassed. Clapp Jt Company's weekly bulletin on grain and pork statis- tics are of gi-eat value to tbeagricultui-al interests The Beacon frequently ronixxluces these weekly leltei-s in preference at times to news received by wire. — Wichita Daily Beacon, Wichita, Kans. Clapp & Company, the extensive bankeis and brokers. Mills Building, New York, have sent ua a copy of ••Souvenir of 1894 on American Exchanges." It Is an elegant book and shows how this, which is one of the greatest firms of the day, does business in the way of stocks, bonds, cotton, gi-ain and pi-ovisions. If any of our rejiilers desii-e to look the book over so as to post themselves in regard toth<>3e matters, they can i.o so by calling at our oflice, or address the company as above.— The Herald, FaiiTwrt, N. Y. Messrs. Clapp and Company, the well-known New York bankers and birjkers, have issued a s»)uvenir book of 1S94, containing a daily, weekly, monthly and yearly reooitl of the leading exchan";es of the Uniiek are many very finely executed Illustrations of the exchange and board of trade bnildings of the leading business centres of this conntrv, accomjianied by a brief statement of membership, volume of transactions and other items of interest connected with their his- tory. The princijial otHce of Measi-s Clapp and Company is in the Milla Budidlng, with branches at 277 and li'il Broadway and 763 Fifth Avenue. Their extensive facilities give them jjecullar advantages for collecting the matter contained in the souvenir book. The book is very neatly bound, printed on good paper and in clear type. It should pi'ove a valujible book for those Interested in financial trans- actions generally.— The New York Maritime Register, New York, N. Y, Clapp & Compant's Sottvbioii, 189j.— This elegant Illustrated volume of 352 pa^jes, 8?i x 113< inches, cloth bound, is a commercial history of 1894. It is of great value as a reference book, as It gives an extensive aiTay of information about I'ailways, money and mar- kets. Thus we can turn to and in an Instant have at command the world's pi-oduction of silver in London values reduced to United States money in fine ounces, the ontput of gold, the extent of the cotton and other crops. The records of each week, as it relates to operations on the eicnanges, and the causes therefor, make It of great interest. The present issue contains a fine view of the new Clearing House, together with its history and a record of its weekly reijoits for 1S94. The views of Wall Street, the exterior and Interior of the Stock Exchange, the New Orleans Cotton Exchange, the New York Cotton Eichatif;e,and those of other cities, make It a work of art as well as of reference. These magnificent palaces of commerce reflect the enormous wealth of the country ana the vast Interests with which Clapp & Comiiuny are identified.— American Grocer, New York, N. Y. Books attd Publications,— One of the neatest sonvenlrs l.RSued by a bond and brokerage house is tlie one sent out by Messi-s, Clapp & Company, of New Vork city. It is embellished with half-tone cats of all the principal buildings in Wall street, and of severwl of the leading cities of the East. The book contains statistics of all the leading financial in.stltutlons of the country, and Is a complete record of fiduciary matters for the past year. It" is essential toeveiy financial thinker as a souvenir of the "most Important year In the history of the country. The little book abomids with exhanstlve and condensed comparisons of stock quotations of all classes of stocks, with a weekly market letter on the financial outlook for each week of the past year.— Montana Mining and Market Reporter, Butte, Montana. 4^ H X ■0 > o m o o z H > C/3 o > r < m o o O CO O m > a 2 O m X o X > o m 03 Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUa LETTERS. POBTFOLIO FOB FLLLNQ FORWARDED APPLICANTS FBEB. 103 2 CLAPP & COMPANY. BANKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. Executive forces are as dangerous as they are useful. Manipulating public moneys, records* accounts, and laws, even if claimed in people's interest, is usurping functions not intended. Govern* ment and corporation oflBcials cannot afford to ignore courts and legislation. No official disrespect for the Nation's paper money should operate to withdraw it from circulation. Banking wisdom may yet unite in some measure for the good of the masses. Any union of the masses against bank- ing would be unfortunate. Straws. — Over 28>4 per cent, of all greenbacks have been replaced by interest bearing bond obligations. No demana notes of the United States have ever been refused as money. They now lie idle in treasury vaults to the amount of over $150,000,000. The interest bearing public debt has increased between March 1, 1893, and September 1, 1895, $162,326,350. There are $331,613,504 silver certificates outstanding, and less than $8,000,000 held in treasury vaults. The policy of the sound money administration seems to be to withdraw the best paper money and leave the most dan- gerous in circulation. The object lesson of struggling to keep $100,000,000 gold in the treasury is worthy of note under free trade principles. 3,612 banks in thirty States are now members of various associations. 389 commercial banks and 100 savings institutions in New York State are in organizations. The clearings of 85 cities for eight months of 1895 were $33,792,883,355, against $29,052,379,279 in 1894, and $38,435,017,073 in 1893, and $40,147,209,730 in 1892. The Glasgow iron market has been greatly excited and much lower of late. Our exports of products recently are about 15 per cent, less than last year, and imports 20 per cent, larger. Cotton is up on account of poor promise for a crop more than because of great decrease in domestic supplies and cessation oi imports. Leather is higher because the Trust so decreed. Stocks and Bonds. Bonds. — Pessimists are still surprised at the great confidence of investors and large sales. Jan- uary 1 to September 7, sales of railway bonds were $348,769,050, against $161,065,846 same time a year ago. The bond syndicate contract expires October l, and promises successful termination. Railway Stocks.— The 1895 tonnage of St. Paul up to September l has been less than in 1894. Their gross earnings are 22 ^ less than in 1893. Exceptional economy has prevented worst results, and good business may result in early resumption of a 4 ^ dividend. The Burlington and Rock Island business appears in about the same position, aside from Northwestern spring wheat crop and plus a crop and a half of corn for 1805-6 movement. Missouri Pacific, Louisville & Nashville, and the Southern Railway enjoy similar conditions, minus the larger cotton tonnage of last year. Higher prices for cereals and provisions might offer encouragement for freight rates and warrant a further advance. The Erie reorganization may bring money to pay the floating debt before January, and warrant investors later on. Atchison's reorganization will no doubt be successfully carried out, and their earnings this season ought to be encouraging. Reading continues as mysterious as New Eng- land ; perhaps it will turn out a good purchase for similar reasons. Tennessee Coal & Iron is ful- filling predictions, while iron interests are booming and promising. Chesapeake & Ohio is but little traded in, but many believe it likely to be active later. Kansas Pacific, Texas Pacific, Missouri, Kansas & Texas, and Wabash are all doing well and likely to continue improving. Ontario & Western is under excellent management, skewing good earnings and fair net results. The trolley system seems to be superseding steam in transporting small freight. Western Union continues a first-class dividend stock and likely to earn its dividend. General business appears to favor rail- ways. The stock market has had a good advance. Better opportunities for new investors may appear later on, especially so if cereals advance under an export demand. Industrials. — The sugar business is being done very close, and the margin is likely to diminish as we approach the opening of the December Congress, and the stock may again sell under par. It appears that the parties that arrested the decline in Gas at 50 have made their turn, and the stock may again seek a lower level. Tobacco people claim the Trust's business will be seriously hurt by the combination of outsiders now opposing tnem. Cordage still exists, in hopes of better manage- ment. General Electric continues gaining friends for its property and Wall street stock. Lead and Cotton Oil continue holding their own. Cotton. The yearly consumption of American cotton has never exceeded 8,200.000 bales. It will not likely be equaled the present season. The American cotton in spinners' hands September l equaled 3,011,156 bales, or about 40 per cent, of any year's consumption or enough for 130 days. About ?2>^ per cent, of European consumption is American. The Chronicle makes the actual consumption of mills in Great Britain last year 4,264,000 bales of 400 pounds and 5,096, OOJ bales for Continental con- sumption, a total for Europe of 9,360,000 bales of 400 pounds. American spinners' takings were 2,694,121 bales, and the last crop 9,892,766 bales, or 2,365,555 bales more than the previous season. Secretary Hester claims the crop was 9,901,251 bales. Mr. Thomas Ellison of Liverpool is reported to have estimated the American crop as 7,250,000 bales this season, and that it and what is left over will equal 10,600,000 bales. The world's consumption is annually about 12,600,000 bales of 400 pounds, or about the quantity grown last season in the United States reduced to pounds. The American mills will likely carry over 360,618 bales, besides 325,538 bales in commercial stocks, against 47,217 carried over a year ago. Northern spinners took 2,1,^4,170 bales; Southern spinners, 853,353 bales; Canada took 99,092 bales. There were burnt 42,i7i bales; 6,618,805 bales were nil CLAPP & COMPANY. BANKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. 3 » — • ■ ■ ■ -~" exported. The amount of new cotton marketed up to September 1 was only 8,982 hales, against 39,181 last year, and 23,299 in 189;, and lli,S.iU in 1892, 61,171 in 1891, and 80,5(16 in 1890. First ten days Sept., port receipts were 28,197, against 47,549 last year ; exports, 5,(592, against 16,590. Many compare this season's backwardness to that of 1884. Then 6 per cent, of the ciop was delivered in September. The Government report out on tlie 10th made condition 70.8, or the worst since 18^1. when it was 71; the next poorest condition was 73.4 September 10, 1893. The average decrease of August condition in the past decade has been 5.9, last August the condition declined from 77.9 to 70.8, or 7.1 points; based on these reports and Government estimates in pounds per acre and acreage, the crop promises to be only about G, 500,000 bales. The report makes the Texas condition decline from 71, Aug. 10, to 50, or the lowest average in 15 years. It was 84 last year, 63 in 1893, 81 in 18'.)2, 82 in 1891, and 77 in ISfJO. Among the causes for low condition were drought, hot weather, boUworms, sharpshooters, Mexican weevil, caterpillars, army worms, and rank weeds. Prices are up about three cents per pound since all hands were wondering what was to be done with so much cotton at 5>4 cents. Foreigners are buying spot cotton and selling futures in this market, and may repeat many years' experience and oecome winners at both ends. The trade generally look for 9-cent. January cotton and expect 10-cent. cotton before midwinter. We advise caution after an advance of a cent a pound in thirty days. Receipts may be larger, exports small, and sentiment deadened. Wheat. Russian exports have begun to decrease. Indian, Australian and Argentine are smaller. Ours show some increase and are again the largest of any country. Freight rates are firmer and cliarters for future shipments increasing. Russia's exports since January 1 have been about 110 million bushels, besides about 15 million bushels of corn. Argentine about 36 millions of wheat and 16 millions of corn. Howard Bartells & Company make the world's visible supply of wheat 152,268,000 bushels, against 158,043,000 August 1, and 189,549,000 September 1, 1894. A year ago Chicago was receiving winter wheat from several Eastern and more Western States, and little from the Northwest. Now they are receiving from Duluth and spring wheat belt, and none from winter wheat sections. St. Louis was overstocked a year ago, now she has scarcely three-quarters of a million bushels of milling wheat, and millers are paying high prices for all futures to encourage receipts which appear to be falling off owing to competition of milling buyers in adjoining states. Our available stock August 31 was but half that in March. Wheat afloat is 10 per cent, less than a year ago, the visible has not been less in four years. The Government report given out the 10th reported condition as 75.4, against 83.7 a year ago, and 74 in 1893. Statistician Brown figures a full crop to mean 14.9 per acre, and that this crop equals 383,246,000 bushels. Assistant Statistician Farquhar in the "North American Review" claims a condition of 100 means a yield per acre of 15.7. This would indicate the crop will be about 401 million bushels from 33,915,600 acres, yielding 11.3 bushels per acre. Reduced to dollars at present prices the crop may not be worth as much as last year into 30 millions of dollars. There appears to be a bull clique now in wheat, willing to buy all offered as cheaply as Eossible and biding their time for the short element, exporters and millers to become competitive uyers and advance prices. With results practically as foreshadowed last April, the query is why may not wheat sell again as high as 110 days ago when everybody was predicting it would go to a dollar a busheL Corn. About once in every ten years farmers burn corn and cease buying coal. Present prices indi- cate they are practically again in that predicament. Old visible and invisible supplies are very low. The export and New England demand is unusually large. It seems quite generally believed the crop will be about double that grown in 1894. The two crops together will scarcely equal average home consumption the previous five years. Average exports past five years have been about 48.343,000 bilsliels. The Government report, based on averages and acreage, indicates a crop of about 2,328,800,000 bushels from 82,000,000 acres, yielding 27.9 bushels per acre. We believe the bears in pressing values below any previous records have over discountea the market and crop con- ditions. Seldom is the corn crop out of frost danger before October. November, 1881, the crop was generally ruined by too much moisture after October 1, causing the cob to be soggy and corn to mould, turn black and lose its nutritive and mercantile value. Buyers appear to have an advantage. Oats. The Government report indicates the acreage as 27,888,305; yield per acre, 26.3 bushels and prob- able crop, 733,462,000 bushels, against 662,186,000 grown in 1894. The Rye crop is 1,880,600 acres, yielding 11.5 bushels per acre and producing 21,600,000 bushels. Barley is 3,297,400 acres, vielding 22.3 bushels per acre and 73,532,000 bushels. Potatoes, 2,954,300 acres, yielding 86.7 bushels per acre producing 255,842,000 bushels. Buckwheat, 761,600 acres, yielding 14.9 bushels per acre equal- ing 11,348,000 bushels. Provisions. Low-priced corn is causing a very bearish feeling. Hogs are about $1.50 to $1.75 per hundred lower than a year ago. Packers seem willing sellers in all positions. The Lard visible September 1 was 273,600 tierces against 153,100 a year ago and 314,000 tierces August 1st, 1895. Packing March 1 to September 5 was 6,155,000 hogs against 6,955,000 last season. Yours truly, CLAPP & COMPANY. 163 OLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QnotatiODs for Stocks, Cotton, Graiq and Provisions for Week ending September 11, 1895, and tor September, 1894. Par value of all stocks $100. except P., L. & W.; P. & R. and Am. Tobacco Co., PROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. Weekly Sales. e,970 1.611 174.778 2,i48 74.688 101.513 2.U45 8.IM 7,31* 4.610 72,273 40,574 170.066 2,210 •a.967 2.020 10.600 4*io6 1,170 £.616 2114 6 100 2 2ii3 88.250 61.b90 767 1,675 706 424 638 tt.582 7 840 IbO «7.oa7 100 61.749 8.604 6SS 1.614 8.626 120 4.4JS lo.oua 810 686 4.739 45.590 8.050 I7b 6h\ l.tSO 11,000 2.050 6.b70 13752 117.-<:T2 12.868 5.323 6.240 15.01.6 930 8.895 23.065 14.329 5,435 900 Cafitai. Stock. $80,237,100 10,198.600 88.778,000 86,773,000 17,900,000 85,000,000 16,000.000 22,488,000 60.805,400 82 262.700 24,885,800 46,027,261 85,923,900 48,1.^6,000 18,659,860 89,054,907 22,835 170 28 000,000 11,696,000 88,4.30.060 26.200,000 85 000.000 38 000,000 84 091900 30,459,700 fc'i.OOO.OCO 8.000.000 60,000,000 10,000,000 11,840,000 11,840,000 49,466,500 62,800,000 30,000,000 18.788,204 13,000.000 47,844,100 47,436,576 14,906,400 14,904,000 89,428.300 77,427,000 20,000,000 68,119,982 13000.000 89,767,200 49,000,000 89.269,646 80.000.000 8,600,000 40,486,861 86,000,600 68.402,900 125,000,000 CO.000,000 19,850,000 38,710,900 e0,868,.'i00 62 9:'1.600 62,861.5(10 20.166.000 18.685 .WO 7,707,040 88,000,000 24.000,000 94,820,000 10,000,000 4.6OO.0O0 DiTIDENI) RECOBS. Pays 8po J-D Pays Spc 0-J-A-J Pays 3>^pc J-J Pays 8po F M A-N Paid 2po 1895 Pays mpo F-A Pays l^po F-M-A-N. Paid Ipc Dec. 1894 Pays Ipc M-J-S-D Paid Ipo Pays 7 PC Per Annam. Paid Hpo June 1895... raysl!^pc J-D... Pays2K:Pc J-D... Paid 3pc in 1893. . Pays 2po M-J-S-D.... Pays7po per annum. Pays 7po per annum. Paid IHpo Jan. 1698. Paid 2pc August 1893. Pays 6pc per annum. Pays ^po M-S. Pays iMpo F-M-A-N. Pay.s Spc PA Paid 2po August 1898. Pavs li^po J-A-J-0.. Paid 2pc in July 1895. Paid 8po 1891 Paid Ipc in Dec. 1894. Pays 19^pc M-J-S-D.. Pays ipo J-A-JO Paid IHpo Nov. 1898. Paid Ipc April 1892.. Paid ipc In 1887..., Pays 2pc F-M-A-N. Paid Ipc In 1867. Paid S^po In 1884. Paid Ipc »'ay 1895.. Paid 2^pc March 15, Nakes of Stocks. Pays li^pc J-A-J-O... Paid IPC In FebVisw! ! American Cotton Oil.. . American Cotton Oil Pfd. Am. Sugar Refining Co Am. Sugar Refining Co Pf. American Tobacco Co... At ch.Top. & S. F. 8d ins.pd Baltimore & OdIo Canada Southern Central of New Jersey... Chesapeake & Ohio Chicago. Bur. & Quincy. Chicago Gas Cos Chicago, Mil. &, St Pan!.. Chicago Mil. & St Paul Pfd Chicaco, R. I. & Pac:flo. .. Cblc. St Paul M. & Omaha Chicago & Northwestern. Chicago ible. 1895 8.164 000 1-941 7,718 000 N.Y. Stock^ 646 148 S,l&8,:36 Cbgo. Stocks. 525 000 1.8.'7 000 Oau. Pork. I December. (May 1 September 1 January... 1895 1894 LARD-tCS. World's vis. 281.287 159,056 CHICAGO CONTRACT STOC KS. PORKbbls.l LARD-tcs. i RlBS-lbs. 111.204 ■ 68,964 Sl.'JdO.COO 41,092 I 22,588 I 18,505,784 Lard Ribs. j Septemfser I January. .. 1 September I January. . . Thursday. Sept. 6. 24M 23H 73 U% Ui% 11.3V4 mi 94H 22^ 21^4 Friday. Sept. 6. 24 72^ 114>4 104 97 28 65J6 66% 67 I 609i 116 114 lUH 22 81^ 21?i 90% 90 909< 64^ 63?i 64?^ 78V6 7:h n% 130 12914 130 mi 68H 6^ 45^ 45 4m lOOH 105% 106J6 49% 49 25^ 26 145 144 «8M 7^ 16.3I 94^ am 60 mi 113 81^4 mi 63K 77^4 ISO 105 4SJi 4»i 145 144^ 166 166M'J'>7M 167M 1349-4 133H 13354 133Vt 61H 63^1 64 SSfi 21 80 20Vi - "^ S^ 87% 89% 8 106 10B9i 106 28% 28^ 80H 80^ 64^ 88 66% til 113% 118^;il8^ 112; 40% 8e» 43 86% 9% ■«« 19 88 6« 40Ji 89% 13 13 41% 40% 85>i 85hi 10^ 103V 8i IdH lt>H sen im m «,, 6w 5% w< 19>J 18H 19,^ 88VJ 81% SiH 7 6?^ 7% £2% 20% 2lV6 173Vi I73!.i 178>i 67U 67V4I •• 26M 26 28^ 14 18%' 1394 42H; 41% 42 Saturday Sept. 7. 65% 66 112% 113 ii" ton 41% 4i% 85% 85H 91% 91% » • 28T) 25' 80 150W 14i»% 65% 64W, 112% lUM 4l" 40% 3^1 85% 103% 108 8% 8% 1509^ 150 64% a3% U89i 111% 40% 89% 4i"' 893^ 36% 85 108% 16m 9 6h 66 6i\l 66^ 66 60H 68% 69% 68% 36% 86 85% 85% 6094 59%' 60% 59% 649i 6.39I 64% «>8%| 635i 2{'% 2?^ 89 88^^ 36% 34ii Ranee for Sept. 189t 84% 31% 79% 7o 106% 68% 99 9194 1CM% 9!' 8!< 8 78% 76 63% cm 115% 111% 21% 19% 7894 72J« 75S» 67,'-4 C798 63'.i 123 122% 6094 im» 38% 35% 107 102! i 143 142-r'4 41% 39 19% 18% 126 11» 171 lf« 137 184 36% 83% 1'-'% 6% 42 sr% 101% 101% 6 4% 96 94:j 1994 18>4 19% 17 74 72 137 184% 67% 5194 120% 113% 98% 97ki 24% 22^ 'Z 80% 84 82% t79i 18 UV 5 aU 82% 173 :08% 107% 81% ■ZTBi 14% y^i 45V4 41% 19% 18 loa^ r^ 14^ u% 10 (Wti r9% 40% 199-4 83 89% K'% 84v^ 8 6% 17% 14% 92% 87% i^ 44% 6.78 6i>S 6.65 5 -07 6.91 0.03 697 008 62% 57 67 OlM 61 52% 60% 53 68% 57% I 6-% 53 68 61% r,3V4 ■'■'8% 30% 27% 5614 lO^s 81 88% 60% 49 1894 18% 21% 80% 6 93 8 06 10.03 98S 6 95 5.73 6,00 6.73 5 90 5 10 4,77 ,| 6 26 4 77 3294 29% 8frK 88 14 40 1300 14.50 U'.b 9.05 aai ^.47 7..'* S.OO 7.12 7.42 0.56 1695 1894 OU) PORK, Chgo.-bbto. .... bbU. WHEAT on passage. 85.040.000 bush. 80,-.;56,000 '• CORN on passage. 9.440.000 bush. 8,429,000 " Russian Shipmts. for wk. 8.010.000 bush. 8 400,000 " Indian Shipmts for wk. 440 000 bush. iOO.COO " Argentine Shpts. for wk. 3:^000 bUKll. t Since Aug. 31. • Since June 80. Compiled and Copyrighted by CLAPP & COMPANY. BANKERS. MILLS BUILDING, NEW YORK ^echlv HDarhct Xcttcr. No. 447. OeptfriffM, t$9S, fcf/ Ctupp Jt Company. O. W. CLAPP. OWIQHT O. CLAPP. CLAPP & COMPANY, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK" STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE, BRANCH Ofticii ■{ 277 BROADWAY, CoRNEH Chambers St. 621 BROADWAY (Cable Buildinq, Corned Houston). 753 FIFTH AVENUE, Corner 68tm St. Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, September 19, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Orain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should aiivays wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOUT OUR 189* SOUVENIR, "LEADING AI^ERICAN EXCHANGES." Clapp & Company's Souvenir of 18D4, etnbi-acing daily repoits of tlie leading; markets of the woild. and an accuiute recoi-d of tlie flnaiicial luarkels, elegantly bound and gilt edged, a volume that will adorn tlie Ubitti^ and pi-ove of incalculable value to all inter- esK^d in stocks, cotton, grain and provisions, is received from the j)ubli3hera. No Investor can aftbrd lo dispense with a guide such as these daily, monthly and yearly records supply.— The PUtsburi; Dis- patch, Pittsbui-g. Messrs Clapp & Company, brokers, Mills bufldln». New York, have Issued their souvenir volume for ls94. It contains llio weekly letters iasued by the finn during the year, giving a brief account of the markets, also a brief histoi-y of the leading American e.xchanges. a detailed statistical record of the finances, commerce, banking, and prcKluction of the year, together with other valuable tables and sta- tistics- The book is sold at S3.00 per copy.— The BankeiV Magazine, New York. N. y. CLAPP A COMrANY's SonrENiR.- The Tmde Register acknowl- edges receipt of the handsome souvenir of 1894 issued by Clapp .% Company, banicers and bi-okers, of New York City. Tills well-known lirui issues valuable weekly letters on the stock and bond and Indus- trial market situation, and ex cutes commission orders to buy orsell stocks, bonds, cot ton, grain and provisions on the lead 'ng exchangt.s. The Souvenir of 1894 is a compilation of their last year's letters, in- terspersed with handsome engravings and portraits, together with c.iinplete compilation of tlnancial and commercial data on all subjects of interest to the business man and valuable for ready reference. The Ijook is artistically printed, comprises 352 pages, SXzll Inches, and is well bound.— Tlie Tiade Register, Seattle, Washington. We have received fixjm clapi) & Company a bound volume con-^ tnining their weekly market lettei-s for 1894. Business men and all who are Interested In stocks, bonds, corn, wheat, oats and other articles dealt in at the leailing American Exchanges will flndamass of useful infoi-mation in this volume.— New York Herald, New York. Mes.srs. Clapp & Company, the prominent New York Bankers and Commission Merchants, have issued a souvenir volume of nearly 4(X) mtjes. handsomely bound and gilt edged, like the standing of the firm Itself. The volume contains "Weekly maiket letters, valuable in- foi-matlon and comparisous, etc" It is of great value to the busi- ness and newspaper world. The Item is under compliments to Messrs. Clapp * Company for a copy of this excellent and beautiful work —The Daily Item, New Orleans. Mes.«rs. Clapp & Company, bankei-s In the Mills building. New Tork, have sent the American a Souvenir for 1894, consist imr of the bound copies of their weekly maiket circulars. The book is gilt- edged and illustrated with pictures of the membei-s of the tlnii, principal scenes in the money district near Wall Street, and the ex- changes of all the large cities. It is suiprising how well tlieii pre- dictions In the early part of 1S94 were verified. The iKxik is a loiii- plete libi-ary of market events in 1884 and very useful.— Baltimore American, Baltimore, Maryland. Clapp * Company's Souvenir which was Issued the other day is a most valuable book of reference for people interested in flnancial atfairs. It contains the firm's weekly market letter, and a great number of tables and all kinds of information concerning financial and commercial matters. In it are stateinente of 3,737 national banks; highest and lowest price,of 26 active stocks for eight years; an immense amount of infoi-mation about bonds, monev, i-ailriiads and silver; cotton, wheat and other important staples; descriptions and pictures of the leading American Kxchanges, and in fact it is a book which business men genei-ally will find extremely useful.— The Press, New York. A wonderfully multitudinous collection of Information on all the manifold branches of finance, ti-ade and pnKluction during the year 1894, much of it most intelligibly tabulated, is presented in the bound volume of the weekly market lettei-s for the past year of Clapp .» Coinpanv. bankers an'l commission merchants in the Mills building; on Bii»d Street, New York. The facilities here afforded for tracing comparison of prices and conditions for the guidance of investors and others interested in business affairs have a peculiar value. 11 makes a solid book, heavy cover and gilt edged leaves, adorned with fine pictures of the slock and produce exclian^e,s and cliuinbeif of commerce in the principal cities of the United States and Caimd:i. It is handsome enough for a parlor table souvenir and the Union's thanks are due to Messi-s. Clapp & Company for their kindly Kmem- bi-ance.— Daily Union, Schenectady, New York. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $^ each. KEEP OUR LETTEKS. PORTFOLIO FOB FILING FOB WARDED APPLICANTS FBES. H X > O m o o z H > i a > r -< X IT C c D C/3 o r m > o z o m X o X > z o m 03 ^ CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET lETTER. Financial Outlook. Prosperity is writ large without respect of class. It takes time to convert com into meat and prospects into dividends. A silver statesman cannot be turned into a gold bug in a moment any more than can the silver certificates be converted into gold in large amounts. The lawyer that can win every case and the broker whose advice is always right are yet to be born. Straws. — Government expenditui-es have exceeded receipts during 32 months ending Septem- ber 1st $136,196,229.68. Total merchandise imported free of duty in 12 months ending June 30, 1895 was $363,233,795 ; the value of that paying duty was $368. 73'), 170. In 1890 there was $225,317,075.66 collected as duties on $507,571,763.95 of values. An English statistician claims 70 j^ increase in real wages (purchasing power) in United Kingdom during 31 years ending 1891, and 60 % increase in Jnited States during same time. Dry goods imports since January 1st equal $107,000,000 against about $61,000,000 last year. The Chronicle says : " It is felt that with foreign exchange so high this is not the time to encourage a speculation either in stocks or commodities." Other authorities believe foreign money anxious to come here if rates of interest warrant. The world's railways are esti- mated to be worth thirty billion dollars. Bessemer iron is again being imported ; the first cargo arrived in Philadelphia last week from the Mediterranean district. The steamer " Georgic," saiUng recently for foreign ports, took the largest cargo ever sent out, comprising 750 head of beef cattle, 9,000 sheep, 3,000 quarters beef, 136,000 bushels wheat, 90,000 bushels corn, 550 bales cotton, 2,000 sacks flour, 1,800 bags oilcake, 1,800 cases oatmeal, 1,700 boxes bacon, 300 barrels and tierces provisions, 9,000 packages lard, 3,900 barrels rosin, 700 barrels glucose, 1,000 cases canned goods, oOO packages soap, 400 barrels wax, 300 barrels bark extract, 1,000 barrels lubricating oil, lOu tons wood, 3,000 packages acetate of lime, 150 barrels oxide of zinc, and 10,000 packages cooperage stock. Railway Stocks.— St. Paul earnings for eight months of 1895 show a decrease of $458,095, while for August the increase was $169,908. September gains are about certain. Rock Island and Burlington caunot show best increase in earnmgs until the corn crop moves. Crops along the Missouri Pacific will doubtless encourage investments and trading. Atchison is getting through its assessments, and maybe its favorable conditions may make it sell higher. Southern Rail- way appears the most promising property in the South. Manhattan's insiders talk of needed curtailments of dividends, but that is not the past record or present prospect. LouLsville is always bought by foreigners on sharp breaks, and this last decline was no exception. Jersey Central appears gradually passing out of the Street and into investment hands. Reading holds strong. Texas Pacific has earned more money in 1895 than in 1894, and all Texas roads are gradually getting into better condition. Canada Southern must feel good effects of the northwestern crop and business improvements, and increased movement of freight and provisions taken from Lake Shore. Western Union, New York Central and Northwestern continue investors' favorites. Comparisons of earnings may show a gradual increase and all good stocks a gain in prices. The consensus of opinion appears to be that those who have courage and confidence and patience enough to hold over tidal bear raids will see good profits. We see no radical cause for disturbance in our finances in the near future, and favor a conservative optimistic view of general business and fall trade. liJDUSTRiALS. — World's visible sugar, August 28, was 1,045,688 tons, against 798,548 tons last year. The Sugar bunco game still stands foremost in the New York Stock Exchange, and will likely sell higher. General Electric is in a position to get much business out of change of power now almost certain. Cotton Oil is probably making good money, and its stocks should do to buy for investment. Lead appears the best managed industrial on the list and should merit investment purchases. Cliicago Gas is finding more friends and is likely to advance. The industrial list is much stronger and is likely to do better. Cotton. According to the Chronicle the Southern consumption gained 20.7 per cent, in 1894. JNorthem consumption gained about 9 per cent., and the Manujacturers' Record says proximity of coal and cotton in the South points the way to larger developments in futures at the expense of both new and old England. Secretary Hester estimates 2 per cent, of each crop is never marketed or counted, and that the total grown in 189+ 5 equalled 9,951,000 bales. He gives total Southern spindles in operation 2,484,124, idle 139,670, new not complete 558,516, total of 435 mills having 3,177,310 spindles against total last year of 2,503.876. He estimates total supply of the United States last year at 10,- 085,038 bales, and home spinners' takings 2,946,677. The various discrepancies as to consumption indicate a considerable quantity in spinners' hands not reported or counted in stocks carried over. If the crop be 6,500,u00 bales it may turn out that there will be available for actual spinning in America say 3,000,000 bales, leaving about 4,000,000 for export. Favorable weather and a late frost may yet cause'sentiment to change, to conform to the view of many spinners and bears who persist in claiming the crop will exceed 7,000,000 bales, and that that and what is left over will be enough for spinners' uses, and a year hence leave ordinary reserves. The South is making strenuous efforts to spin a much larger percentage than ever. Her crop probably never cost less per pound, as they never before grew enough food for home uses or used so few fertilizers. The largest number of bull speculators appear in the growers' district, or the same place where last March or February the great mass of bears sent selling orders, and were wondering what was to be done with so much surplus cotton. Perhaps these very traders will find the Englishman is playing now the same game he played a year ago when they bought the spot cotton in the South and hedged by selling distant CLAPP & COMPANY. BANKERS AND BEOKERS, NEW YORK, WEEKLY MARKET LETTER. 3 futures in this and other markets, and after disposing of the actual cotton, bought back futures here and elsewhere at minimum prices for the crop year. Money, patience and time work out many things Europeans desire, especially so when they use more than two-thirds our crop. The more- ment in the South to hold back cotton reminds us of the northwestern letters sent oroadcast two years ago reading, " Hold your Wheat." The outcome was wheat sold lower the following year than for half a century. Wheat. The Liverpool Corn Trade News estimates the world's wheat crop of 1893 was short 120 million bushels, that 1895 is short 160 million bushels, and that shipments to Europe now fall short of actual requirements. That shipments from Russia and the Danube, India, Argentine, Australia and North America to Europe for the four weeks ending August 31 were 21,760,000 bushels against 26,240,000 for same time in August, 1804, and probably 500,00J bushels per week from other points were exported in same time. It is generally assumed importing countries require on an average about 7,600,000 bushels per week, or about 400,000,000 bushels per annum, and that they took last year about 430 million. In August their average imports were only about 5,840,000 bushels. The Corn Trade News estimated the world's visible August 1st was 128,920,000 bushels against 149,712,- 000 a year previous, and 157,360,000 bushels August 1, 1S93. The Russian reports generally indicate the crop will likely fall short of early estimates. The United Kingdom reports no signs of improve- ment, French reports indicate their crop will not fall much short of that grown in 1894 ana may equal 336,000,000 bushels against 337,400,000 in 1894, Our exports for August were but 4,265,597 bushels against 8,546,645, and of flour and wheat 9,283,821 bushels against 10,403,983 last year same time. For July and August wheat exports aggregated 17,571,693 bushels against 26,346,497 last year Bame time. Monthly exports of wheat have always been in excess of corn until last August when 39,981 bushels more corn was shipped out of the country than wheat, indicating foreigners are beginning to appreciate "hominy" by taking 4,858,578 bushels in August against onlv 733,583 bushels in August. 1894, Our visible is now 38,093,000 bushels against 69,214,009 bushels in 1894, and 57,331,000 in 1893. The amount afloat is 23,383,000 bushels against 28,920,000 a year ago and 33.752,000 in 1893, The stocks of flour reported September 1 at leading points is 748.951 barrels against 866,360 a year ago. It is reported there are 500,000 barrels flour stored in Hong Kong, China, perhaps Chinese are eacing bread in place of rice. Madam Rumor claims strong evidence exists indicating the bond syndicate, who are reported to have made 10,000,000 dollars out of the Government, have been using their wits and power to de- press wheat, while buying many millions of bushels, expecting to ship the same and make exchange and eventually create a boom in wheat. The price seems low enough to warrant investment buying. Our Mr, D wight 0, Clapp wires from Chicago : " I believe wheat a purchase to hold : it will not go up right away, but will see very active and much higher market later. Local traders and those who bought wheat at 75 and above are bears to a man ; local scalping bears sell on the breaks and take small loss. Keep our people long ; get our friends in for good big move ; it will come, but may require some patience; rathar sell cotton on rallies until short interest gets too big; it is growing now. Corn. In 1892 the writer sold a cargo of corn to the late Rufus Hatch in Chicago at 18^4 cents. Mr. Hatch shipped it to Bufl"alo, paying 23 cents freight, from Buffalo to New York the freight was 24 cents. The cargo was sold without profit in this city, and corn was quoted at about 68 to 70 cents. Corn is now 38 or 39 cents, and for the first time in our history the August exports exceeded in bushels those of wheat. Our visible is now 4,934,000 bushels, against 4,101,000 bushels a year ago, and 6,462,000 two years ago. The amount afloat is 9,760,000 bushels, against 3,560,000 bushels a year ago, and May prices have not been lower in a third of a century. Corn is down about 14 cents a bushel in about 100 days. The Daily Trade Bulletin estimates the old stock back in country is about 9^4i of last year's crop. We advise purchases, belie\ring patience, time, and a little money will . secure handsome gains. Oats. The visible is now but 2,840,000 bushels, against 8,221,000 bushels a year ago and 3,106,000 bushels two years ago. Exports of oats for the past two mouths were 795.000 bushels, against but 96,000 bushels for July and August, 1894, Prices are practically at the minimima point m more than 33 years. We see no prospect of sustaining any great loss in buying May 1896 oats around ^ of a cent, a pound or, say, present prices, or about 10 cents less than they sold at less than 100 days ago, and only 60 ^ of the price one year ago. Provision r There has been a decline of about $5 per bbl. on pork, over a cent a pound on lard, and ll4 cent, on short ribs, and as usual under these conditions the crowd are bears. We think it is often wise to go against the tide, if one trades to mate a winning rather than for fun. We believe there is a scarcity of pigs and sows in the country, and that as usual when prices get to about a minimum noint farmers sell all their brood sows and such stuff as they are forced to sell to meet debts like interest and taxes. This will likely make receipts of packing hogs unusually small the balance of the season or until "March hogs are secured from the present corn crop. The cash demand is improv- ing. Shippers in Cliicago estimate November receipts will be about 550,000 to 660.000 hogs, against 936,896 last November and 557,397 in November 1803. Packing from March 1st to September 12th was 6,300,000 hogs, against 7,130,000 hogs last year. Yours truly, CLAPP & COMPANY. 169 OLAPP & COMPAirr, B AITKEBS AND BROKERS, HEW YORK. WEEKLY MARKET LETTER. Qnotations for Stocks, Cotton, Grain and Provisions for Week ending Septemlier 18, 1895, and tor September, 1894. Far Talae of all stocks $100. except D., L. & W.: P. & R. and Am. Tobacco Co., 7BOH KEW TOKK STOCK EXCHANGB OFFICIAL RECORDS OP mGHEST AND LOWEST PRICES WITH COMPARISONS. WBBKI.T 6ALS8. 8,335 889 873.859 1,978 84.931 104 390 1,502 i.963 14 077 9.700 190.031 8S,i^ E3i;.745 776 83. '223 435 i>3 98a 18,337 1,300 1.143 1,044 4,777 5,950 92.770 16.164 500 800 800 1800 8,010 6;« 885 85.785 8,787 461 e4U3:i 74,5Pi 10 ',■08 i,a37 1,974 6.819 BOO 4,946 ii.a28 aoi« 4.130 4,!.03 4H,5;;0 8(.6 13-'. 705 1,102 lO.OtO 2,i&0 i;..oo iB.oUO 87.b85 I2,.'i75 1,714 6.430 6 330 8155 8. 1 '5 80.137 lb.«7 14.005 860 Oatixai. Stock. 190,287.100 10.198,600 86.773,000 86 773,000 17,900,000 85,000,000 16,000.000 22,488,000 60.806.400 82 262,700 24,885,800 46,027,261 86,823,900 46,156,000 18,659,360 89,054.907 22,335 170 88 000.000 11.606,000 86,480,060 96,200,000 85 000.000 38 000.000 84 001 900 30,459,700 85,ooo,oce 8,000.000 60,000,000 10,000.000 11,840,000 11,840,000 49,466,500 62,800,000 30.000,000 18.788,204 18,000.000 47,844.100 47,436,576 14,905.400 14 904.000 89,428.300 77,427,000 20,000,000 68,119,982 18,000.000 89.767,200 49,000,000 89,289,516 20,000,000 8.500,000 40.426 361 86,000,000 68.102,900 125,000,000 CO.000,000 19,8,'i0,000 .JS,710.900 60.868,.^00 62 91; 1.500 52,301.500 20. 16*!, 000 18,858 ."iOO 7,707,040 28,000,000 84.000,000 94.820,000 10.000,000 4.500,000 SiTisiMS Record. Pays 8poJ-D Pays 8po 0-J-A-J.. Pays 3HP0 J-J Pays 8pc F M-A-N. Paid 2po 1895 Pays IWpc F-A Pays 1J4P0 F-M-A-N. Paid Ipc Dee, 1894 Pays Ipo M-J-S-D Paid Ipc Pays 7 PC Per Ann am. Paid iiipo June 1895. . . Paysmpc J-D.. Pays2^pc J-D.. Paid 8dc In 1893. Pays 2po M-J-S-D Pays 7po per annum. Pays 7pc i^er annum. Paid IJ^pc Jan. 18'j8. Paid 2pcAnpi. St 1693. Pays Spc per annum. Pays 2^pc MS. Pays IHpc F-M-A-N. Pays 3pc FA Paid 2po August 1893. Pays l^po J-A-J-0.. Paid 2pc in July 1895. Paid 8dc 1891 Paid Ipo in Dec. 1894, Pays i?4po M-J-.s-D.. Pays Ipc J-A-J-0.... Paid IHpo Not. 1893. Paid Ipc April 1892.. Paid Ipo in 1887.... Pays 2po F-M-A-N.. Paid Ipc in 1887... Paid 3^pc"ln" 1884! Paid Ipo A- ay 1695... Paid aj^pc March 15, 1895 Pays IHPC J-A-J-O.. Paid IPC ill Feb. 1894! Nakks ov Stock*. Amencao Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co Am. Sugar Refining Co Pf, American Tobacco Co . . . At oh.Top. & S. F, 8d ins.pd Baltimore & Onio Canada Southern Central of New Jersey.... Cliesaoeake & Olilo Chicago, Bur. & Qulncy.. Chicago Gas Cos Chicago, Mil. & St Panl. . , Chicago Mil. & St Paui Pfd Chicago, R. I, & Pac.lic.., Chic. St Paul M. & Omaha Chicago & Northwesiero. Chicago & Northw n Pfd, Cleve,, Cin., Chic, 7,412 COTTON, in ba es, I World's visible. IR05 8 254 910 ;«y4 1,890 10 Tctal In olghtH Total Exports, 109.33< 2.1.295 178,848 I 88.255 y. Y f October i November, CoUon I Deceiiiber. I January. . . WHEAT, inbushtls. I I' S Visible. Primary rec'ts* 1805 88 093.000 I fcU.OOO 000 IbOll 69 211,000 I 60 000 000 Total Exports, ai E4 1 S86 84.206 671 I Wheat i December. *^'^^*'' (May. Corn i December. I^''™- iMay CORN, in bushels. I US Visible. IS05 4.9-1000 1^941 4 101000 Primarv rec'ts* 19 000.000 17.000,000 Total Exports. 10 295 508 2.040 630 Chicago i December. Wheat. (May OATS, in bushels. I U S. Vi>ible. 1895 2.841 000 18941 8,221 00« N. Y, Stocks, 678 558 8,it;2,897 Cbgo. Stocks. SilOOO 1,4^000 OaU. Pork. 1 December. (May i September I January... IS95 IS94 1895 1894 LARD tcs. World's vis. 281,i87 159,056 CHICAGO CONTRACT STOCKS PORK-bbls,| LARU-tcs. i RIBS-lbs. 111,204 68,984 81.980.000 41,092 I 22,533 | 18,505,724 Lard Ribs. ■] I September ; (January, .. ■ September , January, . . ^ Thhrsdav. Sept. 12. 28 2% iii9i lioii lom 101^ 96 94§-4 21^ 80% 56>^ 65i^ 113^ 111 2UM 19H 62K UH 76 75 129% \mi 60 78% 43 429i i04 103H. 4r^ 24^ 1JS54 ItiSHi 132H 51^ 19% 83?4 Friday. Sept. 13. 22^ r.% x07% x99^ 96 20H 55^ 112 20^ im 63H 76 79 ' 42^ 103H 88 nu 1045i »4M m, 110 im 849i 61 « 77 41%: 102H 47 44^ 24^ 24 143 142 4696 24« 143 1/4 llilH 130% 13m 130H - • 64 58^ 16M 18 38 87^ 64 18 88^ 28 vm. H9% 64!* 113H 79 149% 149 102 279i Saturday, Sept. 14. KM 105H 99 96 mi 88W WH 103k. 99 MM 19 549i 68M 110 109 20 199i 65« 839^ 62^4 61% 74 72% 77% 42 1U2% 76M 41« 101^4 44H 43 163« ISIW 629i 87H 12S io!H tom 27H 27H 24!^ 84 78 I 78 149 I ... 62^ 68M 62%l 63J4 49% 113 89 88 xll% llu%lll 161% 130H 52 18^ 86% 125 lOIH 27 23^ 7o eiH 110% mi 3rj4' 87 85% 8C%' 87 33^ 84 91 103 m 6S 17)4 83^4 6^ mi 80>i, 9»M 91M «' 61H 6'^' ??a/ 85 88% 35 5« 6^1 5« 6% 5^' 5^5 16% 18% 1"^ 83 82>6 a2>6 Sok 18% 19% lfiJ< |i78}i 173V4 a 84^ 8^H 84 13M 12^ 18 l-t^ 4' % 88 39)4 87^4 4-H» 42H *^H ■*U4 12>i 12 ] l-^ 12 15 16 "»i "M K% 16 16, V,% 86 biW ^^^ ^ ..I 40 89*i 9^ '9M ^U 'aii ■i*% 83J4 23% 82 ^i% 93f4 9^94 16% l.'>%' 16% 1594 &0V« &0>v ^i> 60 88/063 465.888 7.97 7 88 7.98 7.90 8.04 7 96 8.04 7.98 8 12 8.03 I 6.13 6,05 6 19 6 10 6,19 8.10 102 Ji 9 6>« 19M 81.>4 18« 173 2iii 12'^ mi, 12 14'^ 15% 84)4 89)4 84% 82 101 8% i: 33 6)i 19- 80)4 189i 173 Monday. Sept. 16. 82)4 i\M 106 100 96)4 19% 64)^ 64 108)4 19)4 m. 62)4 74X 129 rr% 42 102% 44)4 23;»4 142}* 130 ??^ 87% 88)i 24 77)4 149 62% no 101)6 103)4 9994 im 1894 64)4 63 107 19 83)4 61)4 72% 129 7594 41 101)4 43' 23H 141)4 129X 62 1694 86)4 20)^ 23(4 7<>i, 148 61 ^ Tuesday. Sept. 17. 8^ 88 107% 100)4 97)4 20)4 B4% 111% 1994 6594 65)4 74% 78*" 42% 103% 105)4 9-J% 96 19)^ 54 108)4 19)4 84H ?i 7694 4194 102% 45 4394 ii\i 23)a 142% 148 132 181 5394 63)4 MVa 17% 88 86% 27% 25 87 24)i . 63% 6J94 107)4 1'0)« 109 101)b 84 I 86% t&h, 35 83% yu% 102 8% 17% 33 18}* 32)6 6k \M 173 88% 82)1 90 101% 8)4 17 81)4 86% ^^ 8% 66 17% 81)4 1894' 19*4 80 I 88)i 6)41 16)4' I9« 24)4 ««» 12)4! 1294 37-;4l 38 40 I 41% r-X' ii-s 144i| 14>4 ■l.->)4 10 81 I 61% 39)6 39% 178 8394 11% 87 8S94 11 1414 15)4 63)4 86)4 9)6 9% 9% « 22% 21% 22)6 21 »8 924 93)6 92U 15% 15)4 15)4 13% 6U 60 49% 49 249.604 456,413 7,95 7.90 7.84 7.70 8.03 7.96 7.91 7.8.1 8,12 8,04 7 9S 7 90 8.16 6,10 8 04 7.96 «»\ 62%' 64% «8,'. 6m t\\% 6394 «2!S. 67 66)6 6M4 65%^ 0^)4 6756 1*7% 6C,>» 85)^ ai)^ 85% 8594' .... 3.5-'>4 85% 84% 84->4 36)4 84>-4, 35% 85)4 85)6 8194 56 67)4 59% 57% 59 675^ 58)4 56% 62 61)4 63)» 61% 63 61% 6i% 61 27% 27)4 1 26)4 27%! '>8)4 27% 2-.)4 27)« 29 2694 29% 26%' 29% 29 29)4 2894 173 67 X £494 13 84 M, 83)4 00 6% 68 17)4 83)4 5H 5)4 18% ilW 1894 173 67)» 84)4 1294 Wed., Sept, 18. 2294 82% 10796 iC6)4 97 96 80)< 20 64% 63 64 54 112 111 20 1994 65% 84)4 67)4 ^^ 76% 74% 77% 7694 ii\i 42)1, 103)4 l>)^^-< 44% 44)4 I6«' 166 1.32)4 131?^ 53% 6394 1;))4 1S)4 88 8794 10294 10294 - 27% 24)4 78 26 25 76 149)4 149)4 6.3% 63% 110 109)4 101 lOt 8694 ^^ 86% 86)4 102)4 694 60)4 17T.<, 8494 5% 19>4 34)4 6)» 20)4 24)4 13 39 86)6 39 4-'% 12 15% 16)4 8494 39H 41% 11% 15% 15% 6496 8894 9)4 9 2-276 21% 9.j% 93 15% 14>4 856 676 7.91 7*5 KOI 7.91 8 09 7 99 6,10 8 06 84% 6.J,",. ri-* 67 ,\ 30)4 86 35)4 35)4 59)6 5794 63)4 6I9i 28>n 28 29% 88% ' 19 19 19 1894 1*^ 18?6 1*94 ^VA 20% 20%' 21)4 20% 21% 20?4 20% 20% 21 2094 8.20 8.15 8,25 8.25 8.12 8 12 6 05 8 05 1 8'15 8 15 9 52 9,40 9 52 9.<5|9 45 9 36 9.40 9.80 9,40 9.32 6.S8 6.82 5 85 5 85 6 77 5.77 6n B.77 5.88 5.72 ; 5,67 5 60 6,77 5.75 6 77 6 70 6.85 5,35' 5 37 5.87 5.27 5 27 5.12 6.12 4.90 4,S0.'4 90 1 65 ' 4 65 4 JO 4.82 4.77 5 77 8,77 5,75 5,72 6 12 5.12 4 62 4,60 43% 1-2)6 16% 64>« 39 85)4 84)4 102% 6)6 66)i 1794 81)4 5)4 19)4 82?i 6)4 19% 84 12% 88)4 42 12 16* 68). 86% 9)4 9)4 22% 22% 9396 93>* 15% 14i^ 4S94 48 860 630 7,97 7,83 8 08 7.i)5 ti.l2 8 01 6.19 8,10 0694 64V4 iiJ% 68)4 36 i» 3CX .i5J4 8596 60^4 r.9",4 64)4 63M 28% 284 2994 29^>6 19 mi 21)4 81 H 25 8 25 9,55 9.45 5 85 8S5 5,80 5 7? 5,15 5.15 4,87 4,82 I 4994 43 26% 28H 146 141)4 167)4 161% 134% 129% 65)4 52 21% 169^ 41 86)4 ISS 185 '6 _.^- 106 lOIk 28% 2C)i 27 23% 81 11y% 15094 146 % 61)4 114)1 |07)4 103 lOl 41 84 14)4 18 42^ 83?i 9?^ 90 104% lOl ()394 58% 19)6 •' 88 81)4 '^ 5^ 19^ 18% 81)4 80 7)4 6)4 2i:|| I8)4 174 I72V4 67)4 67% 20% f894 !4)6 ll'/f 42)4 87 46% 8894 ;8 I5)S 90 68)4 41'4 36)6 396 8>(. i6)4 '9' 2()K' 21 9.>% 92)4 1094 iV.i. 51% 48 8,19 7.78 8.25 IM 6,:« 7 90 8 39 7.96 6894 «2?6, 724 66)6 3«)4 35'. 30% 34; J 63% 56%' 68 61 30% 27)4 1 81 •26>4 19 21% 8 92 10.02 5 95 6,00 5 90 625 1696 20% 8 05 925 5.72 5.7U 5 10 477 Range foj Sept 1894. 84% 31)4 79)4 70 106)4 88)4 99 9194 104% 97 8)6 6 7894 76 68^ 61)4 115% 111)4 •21% 1996 7894 72-}4 75V4 67)4 67% 63'i :23 122)6 6694 60% 88% 854 107 102)4 148 l4-:>4 41)6 39 19% 16)4 125 lit* 174 168 137 184 88% 83)4 19)4 6)4 48 87)4 101% 101)4 6 4), 96 94)4 1994 18)4 19)4 <7 74 72 137 184% 67% 5194 120% 118% 98)4 97)4 24% 2-.')-4 6% '-« 69M 86I.4 10194 99 16% 14»4 33% 2f.% 1794 "'^ 46 5% 6 43 414 41^ 22% \rh 16 14)4 5 8)4 8.'% VM 162)4 157% 2:% «6% 14% 18% 4-.)4 41)« 19)4 16 1fi>4 9)4 ll'^ 1-^)4 11% 10 63 H 59^ 4014 8914 in>4 12)i 33 84% 8 6% 17% 14'^ 92)4 87)4 13% 12% 46)1 44H 6.78 5 95' 6.65 5 97 0.91 6.0.J 6,97 6 08 03% 57 07 6IM 01 5214 60)4 53 MM 53 63)4 58% 60)4 46% 66% 49 829i 29% 86% 83 14 40 18 00 14.50 li 75 9.05 8,20 r.47 7.50 8.00 7,12 li 7.42 6.55 OiJ) PORK, Chgo,-bbl8, ..,. bbb. WHEAT on passage. :i8.640,aco bush. 88,9<;0,000 " CORN on passage. 9,76n.00u bush. 8.500,000 " Russian Shifmts. for wk. 2.416.000 bush. 2,350,000 " Indian Shtpmts. for wk. 106.000 bush. aoo.coo " Argentine Shpts. for wk. 40.000 bush. t Since Aug. 31. • Since June 30. Compiled and Copyrighted by CLAPP & COMPANY. BANKERS. MILLS BUILDING, NEW YORK 170 HQeeRI^ HDarJ^et Xctter. No. 448. C»pt/r{fht, taOM, by Clmjtp S Ctmpany. O. W. Clapp. OWIQHT O. CUAPP. CLAPP & COMPANY, Bankers an6 Bvoherg, MILLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. BRANCH Otfice* ■A 277 BROADWAY, Corner CHAM»eRt St. 621 BROADWAY (Cable Builoins, Corneh Hou(ton). 753 FIFTH AVENUE, Cmner 68tm 8t, Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro," New York, Thursday Morning, September 26, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable ' us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. 3^ Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. PRESS NOTICES ABOUT OUR 1894 SOUVENIR. "LEADING AI^ERICAN EXCHANGES." The annual volume recently received from Clapp & Company. New York, " Leading American Exchanges," Issued as a souvenir for 1894. 13 a handsome and valuable contribution to statistical and other Information for business men. It reflects a degree of intelligence and entei-prise which Is rarely equaled in tlie conduct of a broker, age concern. It is a splendid work.— The Cincinnati Price Cuirent, Cincinnati, Obia One of the most convenient hooks of reference connected with the market is that issued by Clapp & Comiiany. the Mills Building bankew and connnisslon merchants. Tins is entitled "Leading American Excnangres," but its most Important contents are the weekly letters issued bv the firm on every Thursday momiiig. Tliesa letters are cleverly and sometimes brilliantly written by a iien cap. able of biwid tieatment of important mattei's. Taken as a whole, they fui-nish a voluminous and accui-ate histtiry of I8'.i4 in the flnun- cial, the stock, the cotton, the grain, and the piiivision markets of the counti-y. An ingeniously arranged statistical page, wiih each letter, shows at a glance tne coiii-se of prices and other necessary facts. Hound up with these letters are illnsti-ated histories of forty- two of the princii>al exchanges, boards of trade and chambers of commerce in the counti-y. In addition there is a considerable amount of verj' impoitant general statistics. The book is well woith posse.ssing and using.— Bixx)klj-n Daily Eagle, Bitx)klyn, N. Y. Clapp & Company, the well-known Imnkers and bi-okersof Wn\l street, have issued their souvenirof 1S94. in the fotm of an annual re. cord of daily, weekly and monthly prices, and transactions in stocks, btnids and piwluce' dealt In on all the loading exchanges of the country, together with the most complete and up-to-date statistics of i-nilit>.ids, crops and infonnation alTecting the stock, money and dukIucc markets of the countrj-, including their complete market letters for the j-car. and photogmphs of the chief conuneitiial ex- clianges of the country. The whole forms one of the most interest- ing and complete booksof reference on flnancesand ti-ade that could begotten up, as it is compiled with great care to Insure accuracy: hahd.-fomely printed end elegantly bound, on the best of pai^er, and in the best of style, for which this flrm is so Justly note4. a hand- somely lK)nncl book which contains a world of valuable infoi-matlon, and as a reference book is unexcelled, and of special Interest and value to the busy merchant or business man. It is unquestionably the finest publication of its kind ever issued, handsomely illusti-ated with picturi's of Wall street, and of the various leading exclianges of the United States, together with porti-aits of O. W. and D. O. Clapp. If it wci'e possible, it is handsomer and contains a greater amount of information than their souvenirof 1S9.3. I'jxjn receipt of %3. Me.««rs. Clapp A Company, bankei-s and brokers. Mills Building, New York, will send the book to any address in the United States.— The Hay Trade Journal, Canajohahe. N. Y. Slcssi-9. Clanp & Comp.-iny, the itell-knowu New York banVei-s, have issued their Souvenir Book of 1,S94, a copy o( which has been received by the Sews Tlieediti(m isof grsat value to invesioi-sand sm-culatoi-s, as it contains the complete recoitlof the hajipenings on the New York Stock and Cotton Kxchanges, the Chicago Board of Trade, and other imiwitant coniineici«l and financial exchanges. It is also valuable as a reieience bojk, sliowing, as it does, receipts and shipments of gn\in at tl:e princiiwl pimiary and seapoit markets, and stock and uond fluctuations durinsr the year. A cut of the Balti- more Corn and Flour Exchange is printed in the Ixxi^.— The Balti- more News, Baltimore, Md. 4^ X > o m o o z H > Z (J) a > r -< •J} m o o :o o (/) o r m > D Z o m n X > z o m Clapp & Company's annual Souvenir book for 1S94 will be delivered free to applicants upon receipt oi $3. A few copies of 1803 can be had for $3 each. KEEP OUK LETTEKS. PORTFOLIO FOR FILING FOinVM?DKD APPLICANTS FKEE. 171 2 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETlER. Financial Outlook. The feverish pulse and mercurial movement of a speculative craze are beginning to be noted. Experienced men see new estimates of values at hand based on the inflation of organized credit. With the Government credit at the centre, the money of account now available can be doubled with- out danger. The general knowledge that this new era of inflation is at hand will increase the courage of some, the timidity of others, and the ner^^ous energy of all. Steaws. — The Chinese Government is to build 700 miles of North and South railway, giving tea and grain an outlet. Japan has practically concluded to build four of her new ships in the United States. Berlin will probably soon have a ship canal to the tea. English telegraphers are now send- ing 600 words a minute, while 400 words is the standard achievement. The Bond Syndicate, as such, shows 13 per cent, interest as its gain. The present market value of the bonds indicates $10,800,000 profit. Speculation on London Stock Exchange in mining stocks is said to exceed all former records. American Leather Trust operations are being felt in France to their detriment. The new American railway combination is expected "to support rates for the benefit of all" without infringing interstate commerce regulations. More than 21 millions from this city's bank reserve has disappeared this month to move country crops and seek other channels. A year ago the reserve was 27 millions larger. In same time in 1893 more than 17 millions was brought into New Tork banks. European banks of issue hold $210,000,000 more gold than a year ago. A special trial of speed on the New York Central sent a three car train 148 miles in 132 minutes, beating the world's record. A train has also been run 139 miles in ten hours and five minutes without stopping, and five miles at a rate of 102 miles an hour. Stocks and Bonds. Bonds. — Governments are firm. Railway bond sales are large. The demand is steady. We look for a larger demand to absorb all supplies of choice bonds at higher prices. The investment buyer is more numerous. Railway Stocks. — The depressing influence of Receivership stocks appears nearing an end. The changed policy and more honest methods will likely further enhance values. The principle of appointing parties who wreck railways to act as receivers is wrong. Northern Pacific's plan of combination with Great Northern may be thwarted by the immense wheat crop on border lines, tjnion Pacific's government entanglement on an oppressively large property may be patched up for a new career, especially so if Hollanders settle on its lines in large numbers, as reported from Lon- don. Among grangers Northwest and St. Paul may lead in earnings and prices. Other roads in the mixed corn and wheat sections will likely improve in business. Burlington and Rock Island may lag for want of corn tonnage in near future. Louisville, Southern Ry. and other Southern roads continue having brilliant prospects, based on the iron, coal and agricultural and manufacturing ad- vance of the South. Atchison continues to grow in favor on the street as an all around Al property, only requiring honest management and time to cause it again to enter the front rank. We think the market headed for a much higher level, subject to many small set-backs. Evidently the present depression will reveal many opportunities to make good investment or speculative purchases. The general position warrants a cheerful and hopeful feeling. Industrials.— Sugar men report trade of the best. Often under such conditions the stock de- clines. It's a blind pool. It's still a bunco game sanctioned by the N. Y. Slock Exchange. Chicago Gas continues attracting capital, investors and speculators, who are predicting higher prices. Gene- ral Electric is doing large business. Its stock will later on likely show a handsome gain. Lead common will likely prove a good in\estment for composed thoughtful people. Cotton Oil may have light supplies of seed and enable them to market last large crop, and advance the stock on Wall street. Cordage's new President may put new lite into the stock so long abused by its friends. Rubber and Leather hold the advance quotations evidently by matched orders. Tobacco is shunned and sought after like an adder in the rushes. Cotton. There came into sight prior to September 20, 244,889 bales against 256,661 bales to Sep- tember 22, 1893. The 1893 crop materialized 7,527,211 bales. The C'ArontcZe reports this season phenomenally late. The world's visible is 2,276,895 bales, or 365,512 bales more than last September. The New York stock is 155,720 bales against 79,836 bales a year ago. Stock at all ports, 329,620 bales against 218,752 bales a year ago and 258,207 bales two years ago. Exports September 1 to September 20 were 41,1531 bales against 81,466 bales in September, 1894. Liverpool market is appar- ently ^ of a cent a pound lower than our market, and Southern markets range X cent a pound against exporters and Southern spinners, who are aggressive buyers. The export buyers are selling distant futures in this market. Three Texas towns received 85,961 bales against 319,362 bales in 1894 and 64,139 in 1893 same time. Usually well distributed stocks are reported in interior towns aggregat- ing 66,739 bales September 20, against 84,519 bales a year ago and 96.756 bales two years ago. Great Britain's export goods October 1 to August 31 aggregated 233,931,000 pounds yarn and 4,714,392,000 yards piece goods valued at $258,165,000. Our domestic exports seven months ending July 31 were valued at $7,714,618. It is a pitiable exhibit of American enterprise when it is conceded we grow 172 CLAPP & COMPANY. BANKERS AND BROKEES. NEW YORK, WEEKLY MARKET LETTER. 3 two-thirds to three-fourths the world's crop and all the contract cotton. All cotton States report cli- matic conditions unfavorable, acreage and fertilizer less. The Government report indicates a crop fully 600,000 bales less than the Financial Chronicle. Many of our correspondents recently report pick- ings fully three weeks late and indicating a much larger shortage than expected, and Southern spin- ners buying more freely than a year ago. As a rule all Southern operators are more bullish now than they were bearish last March at about $16 per bale less. Mr. Ellison is reported as believing America will not have to make up any shortage on account of a short Brazilian crop this season, al- though last year probably G00,000 bales went to make up that deficiency. The Fall River print cloth market holds firm at outside prices of 3>6c. Stocks are reported as less than half those a vear ago and less than one-third those two years ago. The recent cold weather South has stimulatea a desire to buy cotton in all positions. Late cables re-echo and confirm the bull feeling and indicate immense transactions and much higher prices may prevail, and that sanguine bulls may yet realize their ex- pectations of 10 cent cotton on this crop, and that the recent advance is based on something more tangible than froth. Wheat. Chicago appears to hold the key to the wheat situation. A year ago nearly all primary winter wheat markets were sending wheat to Chicago, now Chicago is shipping wheat to the same places where the premium ranges from two to eight cents over Chicago price. Chicago supplies are about seven-eighths winter wheat and equal about 14,000,000 b jshels. Primary receipts of winter wheat since July 1st have been about 11,000,000 bushels, of spring wheat about 29,000,000 bushels, against about 24,000,000 bushels winter wheat last season, same time, and 37,000,000 bushels spring wheat, or a total of about 40,000,000 bushels to date, against about 61,000,000 bushels last season, showing a decrease of about 21,000,000 bushels. The visible supply is about 39,000,000 bushels, against about 70,000,000 bushels last year, showing a decrease of about 21,000,0C0 bushels. The amount afloat is about 24,400,000 bushels, against about 27,768,000 bushels, showing a decrease of about 3,300,000 bushels. The crop is now reported by the Government at about 390,000,000 bushels, or about 70,000,000 bushels less than last year. Exports to date are about 25,000,000 bushels, against about 36,000,000 bushels in 1894. All Northwestern mills are running on full capacity and time. Based on the above official estimate, we do not see how the present rate of exports can be kept up for want of supplies. It is now three months since the beginning of the winter wheat harvest, which shows the lightest receipts on record. December wheat, a year ago in Chicago, ranged around 58c., recently it is around 59 or 60 cents. All winter markets hold minimum stocks. Duluth and Minneapolis hold near maximum quantities. The average price of Atlantic wheat exports in August was 73.2 cents, while Pacific coast exports only averaged 56.4 cents. Prices at Chicago are about 59 cents, against 82 cents in May last, when speculation and demand were based on prospects that have since practically materialized. Doubtless the real value lies between these two ranges. When the bears cease to sell other people's property as if at auction, and against what seems to be prevailing facts, we shall look for much higher pi-ices. Evidently the world is nearing the place where consumption is to overtake production. Corn. Sentiment seems to have materialized until the price has reached a minimum point, which per- haps offsets a large crop, and will allow corn to be burnt rather than cause railways to haul coal. Iowa will likely be the banner state this season and produce 300,000,000 bushels : Kansas may come next, with a crop of 275,000,000 bushels ; Illinois and Missouri will each likely grow 250,000,000 bushels ; Nebraska about 150,000,000 bushels, making the five states likely to produce half the crop and furnish a good hog crop next spring. We think the chances to lose near the minimum point and to secure profits in purchases of property at prevailing prices that cost no charges for seven mouths to come offers maximum opportunities. Oats. The oat supply seems large and to equal immediate wants. Sentiment is bearish, while the new and old England demand fairly covers supplies. Higher prices seem more probable than much decline. Provisions. Provisions recently have sold at the lowest point in years. Packers continue selling futures at less than the cost to manufacture the product. The Government report makes average condition of hogs as to weight and condition 93.9, or 2.6 over last year. It makes the number fattening 7.4 per cent, less than last year. Prices seem low enough to warrant purchases. Total packing from March 1st to September 19th, 6,455,000 hogs against 7,320,000 last year. Yours truly, 173 CLAPP & COMPANY. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qnotations for Stocks, Cotton, Grain and Provisions for Week ending Septemkr 25 1895, and lor Septemkr, 1894. Par value of all stocks $100. except D., L. & W.; P. & R. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AXD LOWEST PRICES WITH COMPARISONS. Weekly Sales. 4,325 499 £11.065 851 179,651 59.856 401 2 243 6.593 2.891 94.082 1204.061 152 246 1.011 70.?77 3.130 14 135 2fiS 10.039 liOO 1.063 1.446 7144 1.820 165.711 48.055 Capital Stock. $20,287,100 10.198,600 36.773,000 86.773,000 17,900,000 85,000,000 15,000.000 22.488.000 eO.805.400 82.262,700 24,885,800 46,027,261 25,933,900 46.156.000 18.559.860 89.054.907 22,335 170 28 000.000 11.096,000 35,430.060 26,200,000 35 000,000 38 000,000 84 091900 30,459,700 45,000,000 940 8.000.000 1.100 50,000,000 8.200 10,000,000 8.050 11,840.000 825 11,840,000 801 49,466.500 18.0.-i8 52,800.000 4,750 30,000,000 2220 18.788,204 13.T74 13,000.000 lUO 47,844.100 42.2« 47.436.575 16.481 14. 905.400 2.Uti9 14 904,000 535 89,428.300 2.'.m 77,427.000 140 20,000,000 4.210 58,119,982 7.0(i5 13 000 000 8.050 39.767,200 2,025 49.000.000 4.889 89.269,546 24.730 20.000,000 512 8.500,000 85 508 40,426,361 1240 36,000.000 1.900 88.402,900 6.840 125,000.1X10 14.C38 CO.000,000 47 505 19,850,000 5.550 •38.710,900 1.4«) 60.8B8,.500 B.125 6S9';l.B00 6.523 52,861 fi(!0 4.078 20.166.000 J0.4t5 18,858 .500 2.803 7,707,040 1.646 28,000,000 18.897 24 000,000 6,142 94,820,000 13,070 10.000,000 1,008 4..500.000 DlTIDBNS ReCOBS. Kaheb or Stocks. Pays 3pc J-D Pays 3pc 0-J-A-J.. Pays 3^pc J-J Pays 3pc F MA-N. Paid 2dc 1895 Pavs Ikpc F-A Pays IJ^pc F-M-A-N. Paid Ipc Dec. 1S94 Pays Ipo M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid ^pc June 1895... PayslJ^pc J-D.. Pays2Hpc J-D.. Paid 3pc in 1893. Pays 2pc M-J-S-D.... Pays7pc per annum. Pays 7pc per annum. Paid l^pc Jan. 1893. Paid2pc AuRi stl893. Pays 5pc per annum. Pays 2i^pc M-S. Pays li^pc F-M-A-N. Pays 3pc FA Paid 2pc August 1893. Pays IJ^pc J-A-J-0.. Paid 2pc in July 1895. Pald3pc 1891 Paid Ipc in Oct. 1895. I'ays i?ipc M-J-S-D.. Pays Ipc J-A-J-0 Paid l^pc Not. Paid Ipc April 1892., Paid Ipc in 1887..., Pays 2pc F-M-A-N. Paid Ipc in 1887... Paid S^po'in'issi! Paid Ipc A av 1895 Paid 2}4pc March 15, 1895 Pays IHPC J-A-J-0 Paid IPC in Feb. i894!!!. Amencan Cotton Oil American Cotton Oil Pfd Am. Sugar Refining Co- . Am. Sugar Refining Co Pf. American Tobacco Co. . . Atcli.Top. & S. F. allms.pd Baltimore & Onio Canada Souttiem Central of New Jersey.... Chesapeake <& Ohio Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & St Panl. . . Chicago MU. & St Paui Pfd Chicago, R. I. & Pacific... Chic. St Paul M. & Omaha Chicago & Northwestern. Chicago & Normw n Pfd. Cleve.. CIn.. Chic, &, St L. Col Hock ng Valley & Tol Consolidated Geo of N. Y. Delaware, Lack a & W'n. Del., & Hudson Caoal Co. Denver January. ; 4.95 20% my, 18?» 89^ 4894 15H 1696 16% 694 5 I m 19 19H 82^' 339^ SO I 219» 173 ,178>i t\ v^ 3894 3»k 4294 «?4 12 1 12^ 16 16%' isy* 64 40H 3996 28% 94 l->9< 4894 229i 93«3 1494 mi 868 807 806 8.12 880 625 66,', 70 87 86 798 8 01 8.0a 8 15 4094 40^ 15% U^ 9^ 9\i 88% 23M 93k 9<:9^ 15M M->^ 4994 49 423.688 8.09 6.01 8.17 8.06 8.25 8,15 8.82 8.12 8694 02 2494 7794 mt 1119k 101 80 am 8Sk 98 >*% I78>4 24.^ 18H *m 4394 i5J4 66 40H 8% 15^4 9% 2-iH 93 15^ 10 Mm Monday. Sept. 23. 23« 28% 25}i 25 7S 79 lasu 103H 29^4 29 25M 25M 78 78 150 150 6494 64^ 64^ 639-4 112 11194, 112J6 111% 101 101 . . Si% 88% 8S$i 87?4 iM 89 33% 36Vi 9294 92^ 13 12W i8% 18V4 85J« S5H 69l 19^ 19^4 88M am 20J^ 2otJ 173H 173H a 24^ 13% 13% 89% 40% 42« 44^ 15%'^^ 8594 "'^ ^?^^ '6% 16% 9% 9V| 23H 84U 92% 9.3^1 15 16 • ••• 49« 84 18 im 18% ^^ 16!^ 9^ 23% 92I4 15^ 49% tM.«0O j 864.178 8.07 8.08 8.30 8.05 8,14 8.10 8.27 8.18 8.22 8.17 184 8.20 8.89 8,24 8 42 8.i6 89% 88S< 365* 35J^ 92 91% K-iM^ 102^ 13 18 mi 18^4 3.594 U% 0% 5H 19% 19 % '^ 8094 199i 17894 173 £4V4 13% 40^4 17M 8:% 41 8% 169i 9H 24K 9294 16% 5094 24 18 8994 42!^ 129$, 1694 85 V 4^ 8 16 9% 92>K 15>i 49% 860 846 a.-* 812 S.83 8.20 842 8 27 8,49 8 34 64% 65V4 64% 64« 6iM 64 63M 65% 64 6S% mi 67JI 6794 67H (<7% 66(| 69 679i 87 I 4594 8594 85% 35% Z5% ?&M\ 36 86 a5,',! 359i 85A 85 8494 85^5 8)%i 85>4 85 19 I 19^ m 21% UYa. 20k 8.23 I 8.02 8.00 9.50 I 9 62 9. 12 6,02 ' 5 85 6 85 5,.-0 i 6.87 6 83 5.22 5 10 5 07 4.S5 ' 4 92 4 86 58% 67% 58% 62% 62 62V4 5794 60 61%' 639i 689^ 62>i 98% 27% 2-^ i^y^ 284 2794 29^ 28% 29% 28MI 29>4 28^ 1894 189i if% 18%l . 20% 2094 20% 20% 20% 2094 7,85 7,85 7.82 7 82 7"92 7 9." 9 37 9 30 9.42 9.85 9,47 9,35 6 80 6.80 6 80 6.80 6 77 B.77 5.77 5.75 6 80 6 80 \ 5.82 5.77 5.00 5 00 5.00 6.00 5 05 5 05 4 82 4 77 4.87 4.82 ! 4 87 4.82 102Ji 103 29 2894 150 180 111% 11196 lOOHb 100 88 8795 8896 8796 86 85H 102% 102% 1296 129s \m 18 35 84% 5% 5^ 5Wi 6% 1996 16% 329s 8m 5^ 5H 2096 19% 178 173 24' 83% 18^ 18 40 89j 48H 4ll 129fc 12^ 86% 86H 42 41 8% 8H 16K lOH iV* »% 23H 23% 9-2% 9-2% 16 15)^ 50W 50J^ 265 778 8,40 8.83 8 48 8.40 8.^6 8 48 6 (A 8.56 66,', 6411 6rf% 6896 3594 8594 85>4 9> 61 59% 64% 6-294 28^ 28!^ 2it% 29^* 1896 1856 21 20% 790 7 90 9.52 9,42 5 80 5 7!- 5,82 5 80 .\07 5 0.' 4.87 4,82 Ranee tor Sept 1895. to date. 20^ 6994 25 i4>* "»?i 11494 103M 104!^ 99 10) 93H 2;396 22H; 6rt94 63 57!^ 53 116)^ 107 22 19 9194 8-3M 7196 61.^ 76% 7296 ISO 129 S4V4 7594 4594 41 106!^ 101% 148 148 4994 43 2594 28)4 145 141H 16994 161% 134J6 129% 55M 52 23% 169-4 41 86)4 125 125 96 % 106 lOlW 80 26Vi 27 23H 81 77n 15094 l48 114% 107% 108 |00 41 34 14% 13 42V» 83'/i 87W 82 9294 90 1049* lOl 13 \i 6394 66 ■»% iT. 38 8IV4 67^4 67% 2096 sf3H 14% 11% 42'.s 87 4696 mi 149(1 11 1694 14% 18 16H 8.40 7,78 8.4'i T.S8 8.56 1 90 863 796 72^6 60^6 37 85 'w 36% 341 J 6896 56% 68 61 8096 27k 81 2894 19% 1896 21% 2096 8 92 7 82 1002 9 25 5 95 5.72 6,00 5 70 5 90 5.00 i 5 25 477 Range for Sept. 1694. 8496 ai% 79)6 7a 106H 88% 99 91U 104% 97 m 6 7894 70 63^ 61^ 115^ 111% 21% 1S« 7894 ''294 76H 67!4 6796 63'^ 123 12216 6694 6096 38% 85U 107 I02U 143 142^ 19% 18^ :2& i\i 174 168 187 184 8696 88u 19M «% 42 8;2 lOlH lOlU «» 94V4 199i 16% 19>4 17 74 78 187 184% 6796 519J 120^ 113% 96% 97^i 24% 22Va 80% 8^ 89 >4 86.4 10194 99' 10% 149< ??^?^ 46 48 5% 4J4 6 4<4 2296 179-i Id 14% 6 8% 162^4 15796 ^^ 45H 41^ 19'4 18 1094 8% 144 12^ 1196 10 6.S'.i 59W 4/JI6 89H 1994 1-'% 33 84% 8 6% 1796 14% 92W H7!4 1396 1-^ 40>6 44M 6.78 6 95 6.S5 5 97 O.fll 6.03 6.97 6 01' 621^ 67 67 6l9i 61 52% 60« 53 5^ 53 634 S8>^i 564 465i 56>6 49 mi 2996 86%; 88 14 40 IS 00 14,50 1 1 75 9.06 8.20 ^.47 7.ftO 8.00 7.12 7,42 e.u WHEAT on passage. 84.400.0(:o bush. 27.'.66,000 •• CORN on passage. 9.1•^0.000bush, 4,448,000 " Russian Shipmts. for wk. 1.4*4.000 bush. 2,104,000 " Indian Shipmts for wk. 272.000 bush. 12O.C0O " Argentine Sbpts. for wk. 16.000 bush. ♦ Since z\iig. .31. • Since June 80. CompiUd and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YORK 174 milCCf^IV fIDarhCt letter. copyright, laOS, by Clapp A Compmnw- No. 449. O- W. CLAPP^ OWIQHT O. CLAPP. CLAPP & COMPANY, Banhcrs anb SSrohcrs, i MILLS BUILDING, IM. Y. > m ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Q o Branch ( 277 BROADWAY, Corker Chambers 8t. PRIVATE TELEGRAPH WIRES. 2 Offksh- ) 621 BROADWAY (Cable Builoinq, Corner Houston). LONQ DISTANCE TELEPHONE. ^ t 753 FIFTH AVENUE, Corner 68th St. Cable ADDRESS: "OzRO." ""1 New York, Thursday Morning, October 3, 1895. credited Monthly. City and Country Accounts solicited. Collections Free to Customers. Financial Outlook. > i We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, CO a Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western ^ Exchanges. Close relations to important interests enable us to give early and valuable "^ information. ^ Usual margins required; customary commissions charged on cash property or for future delivery. ^ Margin deposits may be made in Drafts on New York, Currency by Express, Post Office ^ Orders, or by deposit with local out-of-town banks. The local bank should always wire us at ^ once, at our expense, stating amount that has been placed to our credit, and for whose j^ account, thus allowing customers' orders to be filled promptly. q A General Banking Business conducted. B% Interest allowed on Average Daily Balances. O r Nothing is any stronger than its weakest part. "We shall know the strength of ourcunency [^1 system when it has been thus tested. The locking up of legal tenders in banks and Treasury may >* bring about the desirable test. Silver certificates when presented at the United States Sub-Treasury O should be redeemed in gold. Any refusal would be liable to bring about another object lesson in — American finance. The good faith of the nation is pledgfed to redemption of all the Government's Z demand paper in gold. The country is on the road to further inflation, based on good crops and Q pi'ices, and evidence that this is the unalterable policy. Straws. — The Prussian 4 % consuls, or a debt of $900,000,000, or $53 per capita, is to be refunded at PH Zi. The United States net interest bearing debt at present is less than $10 per capita. It is estimated X that all the cotton consumed in the world could be raised in the State of Texas. European statisti- q cians estimate this country's wealth greater than that of any other. English investors have 360 -j- million of defaulted securities of South American countries, 272 million being Argentine, provincial r~ and municipal loans. The Rothschild's, who carry 2,420 millions securities of various countries, are •** reported saying American investments are the best in the world. The Bank of England discount rate Z has continued 2 % for nearly two years. Their reserve is t)0.45 ^ against 70.96 a year ago. England's O mercantile marine aggregates a tonnage of 9. 585, 000 tons ; Germany, 1,485,000. Poor's Manual fi^ estimates the tonnage mileage in 1894 was 82 billion miles, in 1882 it was 39 billion miles. That the (jj average rate for carrying one ton one mile then was 1,236 cents, and last year it was but. 851 cents, " or 31 % decrease. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KRUP OUK LETTERS. PORTFOLIO FOR FILING FORWARDED APPLICANTS FREE. 175 3 CLAPP & COMPANY. BANKERS AITD BROKERS, NEW YORK, WEEKLY MARKET LETTER. Stocks and Bonds. The market is fairly active, furnishing many opportunities to make good purchases. The senti- ment of the street favors an advance. Money is not as plenty. This feature tends to make a strongei market. Stocks.— Pennsylvania Railway gross earnings are good indications of the general business. They are over $6,000,000 in August, and since January 1, over $41,000,000. The net increase over last year is over $1,000,000. The effects of good crops may be felt for a year or more. St. Paul. Bur- lington, Rock Island, Northwestern, Missouri Pacific, Atchison, and Northern and Union Pacific must carry a large tonnage from a bumper crop of corn in 1«95. The Southern Railway and Louisville & Nashville and the Texas roads allied with the Gould system have been carefully handled from all standpoints. The shortage in cotton may not be felt while their crops of everything else are good and the industrial South is actually booming. Man- hattan, Metropolitan, Long Island, and a host of roads carrying passengers only, m our great cities, have improved their position, popularity and earning capacity. The coal interests so recently clogged and impeding the progress are now under control and better rates will likely add greatly to the profits of Reading, Ontario & Western, Norfolk & Western, and other low priced properties. Industrials — Bear Sugar news is not as plenty, but buyers are not so eager and many talk 90 for the stock before Congress meets, and possibly oefore the Stock Exchange acts on the subject of state- ments. Chicago Gas acts as if manipulatea for advance. General Electric is gradually working up friends and strength. Cordage remains slow for want of confidence. Cotton Oil is reported making money; we are friendly to it, expecting better prices. Lead is good for a rise on an active market. Cotton. In 1893 the world's visible was 2,229,09? bales and the September movement into sight 511,275 bales. Exports were 151,325 bales. A year ago the visible was 2,017,802 bales and the September movement into sight 663,703 bales. Exports were 202,673 bales. Now the visible is 2,284,590 bales, 85 per cent being American. Amount in sight 441,303; last September it was 617,647 bales. Exports are 81,278 bales, against 188,922 last year. Based on average amounts coming in sight short crop years in September the past decade we predict this crop will eq^ual about 7,300.000 bales. Seldom is the September movement a fair test of what may come in sight the following eleven months. Ordi- narily about one half of each crop comes in sight the first three months of the crop year. Last year Egypt exported 22,000 bales in September, this season but 7.000 bales. Their crop is reported much larger and the acreage largely increased. India has sent 25,000 bales against 30,000 bales last season. Their crop is reported also good. It is estimated fully 600,000 bales more American cotton was consumed last year than would nave been had the crop in the other parts of the world been as good on an average. It is also estimated visible and invisible supplies at the beginning of this crop year equaled about 3,000,000 bales. American spinners' takings in September were much less than September, 1894. European spinners bought very sparingly a month ago and apparently sold some futures in our market. Since then the Neill estimate that the crop will be only about 7 to 7,250,000 bales has been given out, and has apparently alarmed speculators who have bought cotton in all positions and materially aided in creating the recent advance of more than $5 per bale in less than three weeks, and nearly $18 per bale since March. Reports of frost stimulated Southern buy- ing until sentiment seems to have run away with statistical facts and ignored demand and supply which is nearly always the case when the nervous and impetuous continental speculator exchanges views by cable with planters who seem to be watching more closely speculative markets than his cotton fields. Some cotton factors and speculators have reduced their crop estimates of about 8,000,000 bales down to about 6,750,000 bales and are speculating in futures accordingly, and appar- ently ignoring the present large movement into sight which just now about equals that of last year. It is quite possible visible supplies September 1, 1896, will be as large as September 1, 1893. If so, perhaps values are high enough and may get a set back. Many seem to think this crop will be the earliest gathered and the shortest season of picking in a numqer of years. Hot weather appears causing bolls to open prematurely and fall off and may prevent a top crop and cause a large early movement and practically none thereafter. As the price is satisfactory it will likely aid in making the amount delivered larger in the near future. Wheat. Ofiicial estimates place the French crop at 337,600,000 bushels; the French Millers* Association estimates it at 356,000,000 bushels ; others as low as 300,000,000 bushels. Varied estimates are given out by different Governments and interested parties either desirous of further depressing the market or to buy more cheap whea1> to make flour from, and appear to be prominent factors in preventing an advance and to prevent official crop reports and visible supplies from affecting values as in days gone by. The American Agriculturalist now estimates our crop as 12.6 bushels per acre, or 459,589,000 bushels. The Corn Trade News estimates the United States exportable surplus at 115,000,000 bushels. Our world's crop letter in August last estimates our surplus export- able supply as 120,000,000 bushels. Our visible and the amount afloat is 65,008,000 bushels, against 77,813,000 bushels a year ago. It has not been as small for years. The amount afloat has decreased about 13,000,000 bushels the last two months. Our visible East Rocky Mountains has decreased same time about 5,000,000 bushels. Last year same time the amount afloat or on passage increased about 7.000.000 bushels. The succeeding: twelve weeks the amount afloat and our visible increased 176 CLAPF & COMPANY. BANKERS AND BR0KEE8. NEW YORK. WEEKLY MARKET LETTER. 22.000,000 bushels. Apparently the same increase this season would have to amount to 50,000,000 to bring us up to a corres[)on(ling amount with last year. We consider it impossible and believe our BurpTus wheat all located in only about three States of the Northwest. English visible and amount afloat is less tliau for years. "World's visible Sept. 1 was 37,000,000 bushels less than a year previous. The forty-two counties of England report the acreage as but 1,339,886 acres against 1,826,^26 acres in 1894 ; Scotland but 37,779 acres against 44,806 acres in 1804 ; Wales, 44,030 acres against 60,470 acres in 1894. Argentine shipments have been but 30,000,000 bushels against 50,000,000 bushels, and must be small until a new crop ripens. Spain's crop is now estimated at 92,000,000 bushels against 105,000,000 bushels a year ago. Duluth has shipped wheat to Chicago and the movement is counted twice. Minneapolis large receipts are mostly ground into flour, and the immense movement talked of in the Northwest seemed to disappear without largely increasing the visible. Pei'haps it's because considerable spring wheat is being shipped into Missouri, Kansas and other southern points to millers. With a visible 30,045,000 bushels less than last year and all wheat movements only about five-sixths as large, we fail to perceive how the visible shortage or the world's shortage, both visil)le and invisible, can he made up before another crop. Official crop reports seem to indicate the crop grown in the world was about 7 or 8 per cent, less than 1894. Official visible supplies appear to fully confirm those estimates, and are nowhere increasing or maintaining records made the past few years. The system of selling other people's property for future delivery has in- creased until it now seems to be a mania with a few local traders, who have been able to sell many millions for distant delivery to practically forestall statistics and thwart natural advances, and aid in creating an impression there was much more wheat to come forward than really existed. We are creditably informed sales of over 12,000,000 bushels have been made to European parties for shipment this month. Corn. Crop estimates and reports still seem to favor a prospective yield in America and the world, and a corn crop that will each exceed any previous crop grown. Sentiment has decreed that minimum prices are probable. Europe seems to be favoring our corn as an article of food and buying it in larger quantities than ever. We look for an enormous export demand, great waste on the farm, much to be burned, and later on to an awakening of public opinion that prices now at a minimum point, and are low enough to warrant investment purchases, both for December and May delivery. Corn crop yearly by States for ten years, with the 1894 acreage and July percentage of changes in acreage and crop condition percentage for August and September, 1895 : ao}!' Condition AcreaRe of 1894. S t; § Leadinq >.2ti. Corn States. percentage ]89rj. 1894. 1803. 1892. 1891. 1890. 1889. 1888. 1887. 1886. ;=^s Aug. Sep. 491,278 103 New York ... 98 100 18.854,040 15,256,483 17,414,000 22,080,000 17,101,000 20,475,000 22.870,000 23,410,000 22,426,000 1,685,&47 100 Virginia 102 89 82.195,858 81,324,046 26,067,000 39,486,000 86,922,000 84,231,000 34,745,000 87,68f»,000 82,793,000 681.728 101 W. ViPKinia.. 100 92 12,611.968 14,089,051 14,322,000 18,888.000 1.3,435,000 15,199,000 16,149,000 12,516,000 15,194,000 8,003.738 108 Georgia 108 105 85,143,735 &3,678,27? 82,992,000 87,829,8:i,000 140,949,000 142.709,000 8,731,940 117 Kansas 90 86 41,797,728 139,456,702 145,825,000 141,893,000 55.260,000 240,,5O8,000 1.58,186.000 76,547,000 128,712,000 2,:«)9,254 107 Nebraska.... 76 56 13,855,534 157,278,895 157,145,000 167.052,000 55,310.000 149,54.1.000 144,217.000 9.3,150,000 106,12.}.000 1,273,418 102 Pennsylvania 90 82 40,74n,:ir6 31,198,741 89,632,000 46,527,000 38.043.000 41,22,'). 000 45.414,000 44,905,000 40,545,000 623.067 09 Maryland 108 84 14,268.2:14 15,078,221 12,905,000 18.881,000 16,3.!:i,UOO 1.5,105.000 17„553,000 19,415,000 15,039,000 8,459,66;^ 102 N. Carolina.. 98 lUO 82.959.4S4 29,954,313 25,-347,000 37,6'; 6,000 86,264.000 33,050,000 28.:143.0C0 85,830,000 87,215,000 8,5:i7.a49 110 Alabama 99 102 34,7(iO,:Jll 28':328,514 30,006,000 32,245,000 25,-390,000 3:1.944,000 31,616.000 83,522,000 88,893,000 2.069,024 100 Mississippi... 93 94 35,931.213 25.817,179 27,272.000 29.665,(100 24,396,000 18.559,360 39,054,907 22,335 170 28 000.000 1 1 690,000 35,430.060 26.200,000 35 000,000 38 000.000 84 091900 30,459,700 «5,000,000 8,000.000 50.000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800,000 30,000,000 18.738,204 13,000.000 47,844.100 47.436 575 14,905,400 14 904,000 89,428,300 77,427.000 20,000,000 58.119,982 13 000.000 39.767,200 49.000.000 89.209,546 20.000,000 8.500,000 40.426,361 36,000.000 68.402.800 125,000,000 60.000,000 19,8.')0,O0O 38,710,900 60,868,500 52 91:1,500 52,361.500 20.166.000 I8.808 .'lOO 7,418,300 28,000,000 24,000,000 94,820,000 10.000,000 4,500,000 Pays Spc J-D Pays 3pc 0-J-A-J Pays 3^pc J-J , Pays 3po FM AN Paid 2dc 1895 Pays IMpc VA Pays l^pc F-M-A-N. Paid Ipc Dec. 1H94 Pays ipo M-J-S-D Paid Ipo Pays 7 PC Per Annum. Paid Hpc Oct. 1895.... Pays l^pc J-D Pays 2K.pc J-D Paid3oc m 1893 Pays 2pc M-J-S-D.... Pays7pc per annum. Pay* 7pc i,er annum. Paid 1 iipc Ja'iV ' I'sos! Paid 2pc August 1893. Pays 5pc per an num. Pa'yilj^'pc'M-S.'.";;! Pays IJ^po F-M-A-N. Pays 3pc FA Paid Spc August 1R93. Pays l^po J-A-J-0.. Paid 2pc in July 1895. Paid .3po 1891 Paid Ipo In Oct. 1895. Pays l?^po M-J-S-D.. Pays Ipo J-A-J-0 Paid l>4po Nov. 1893. Paid Ipo April 1892.. Paid Ipo in 1687.... Pays 2pc F-M-A-N. Paid Ipo In 1887. Paid S^po in 1884. Paid Ipc May 1895.... Paid 2Mpo March 15, 1895 Pays l>4po J-A-J-0.. Paid IDO In FebVisM! American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co. Am. Sugar Refining Co Pf. American Tobacco Co Ai ch.Top. & S. F. all ins.pd Baltimore A Onio Canada Souttiem Central of New Jersey.... Chesapeake & Oblo Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & StPanl... Chicago Mil. & St Paul Pfd Chicago, R. I. & Pacific... Chic.. St Paul M. i I02H 22J6 eiH 55% 1141^1 20H 80!^ 69^6 7.% 129^ 79^4 43H 105 46« 23% 46V6 23^ 70H 70Vi 108^ 1079i M 101 102)4 100% 23^ 22?-4 551^ 55' 114^ 114 86% K?i 71 69H 78^ TiVA 129U 129 7!4i 79 43^ 4^^^ 105 105 46Ji 46H 113!^ 143^ 1«9W 169H 133!^ 1S3 23H 2«s S99i iM \i H 102 102 28« 28?4 25 25 TTH 77^ 150 160 64 64 lll« 11094 88H 83 88T< 88H 88W1 88M 86 85« 85 84M 92 92 I 92« mi 103% 103M 103 lO.% li'A i2«j 13H la icH im\ «8^ is^ 86 85K 3694 "" 5% 6% .. 6V« 5^ i9j2 im •"% 'S''* 82^ 8ii||3i>2 eoH 21H. soil 22% ^H m^ nSiii I?3}4 l<3>i lO7^l0f« lOltt 101% 22%; 23 MH 6494 54M' . 113-% 114% 69H 699i -' 7794 77 12J% 78!^ 43H 104% lU4% 79^ 170^ 170 133H 133M 24^ 2^ 89H 88H lOlJi lOI 29 28^ 26 26 64H «3% rnii 3794 «4« 13% 40% 89^ 43 12M 1094 42 8% 16% 28% 92^4 16 50% 80% 84% .. 40V4 *2H 43>6 ay.' .. -■ I 1494 16^ 164 86H 86^ 41%. 4m 8 84 1C% 16^ ■' 9H 83U 242 607 854 882 8.64 887 8.75 8.45 8 81 8 53 6694 70^4 92U 15ji 84V4 13V6 40 *m 14% 16H, 85 4m 8 16J4 9 «3H 8i 6IM 69)^1 61?^ 64% 62% 65^ 2844 26\i\ 28% 29% 29 I 2994 21% 20% 21M 8.10 8.10 8.40 9 55 9,17 9 80 5.80 6.J0 5.82 5.80 5.15 5,15 4.92 4.87 6 92 5.95 5 87 497 65% 69k 36^ 35>4 64 28!^ am 20% 8.40 9.57 5.92 585 5 37 4 90 107k 106 2294 6494 114% 65% 69 im 79 10494 4694 *5\i 2J>4 21^4 25 24% 28M mi 64 HI 86)4 9294 103% 64 iiOH 8794 88% 9294 103% 36 S8 17394 24^ 18% 81 6^ 21% 178K 13% 42% 42% 16M S5)4 41 8% 23% 15% I«% 8494 «1 a Monday. Sept. £0. 23 22 108% 9994 «-% 55" 113 20 86^ 604 x76!^ X 79 4314 l(M9 107% 9b!4 54i4 113 19% 85H 68 7594 78% 43>4 10394 47 45% 183% 183^^ 53M 83 ^.5^ 23H 101 101 29 29 25 25 Tuesday. Oct. 1. 108% 107% 101% 99 2i% 22% 64 64 11494 11194 20 20 80% 85% 70% 68% 77% 76% 78%xr8 10494 104)4 48 45% 14394 <4S 174 170 134 133 53 53 2-iH 24 88^ 8894 Wed., Oct 2. 101 28% lot 28% 150 150 6394 '^■'H ti3% 110% 109%: .... 86 87% 87% 38' 8694; 88% 35 85 92-'54 92941 ... X01%101%,102 18 12%| 1294 18% 18%' i894 88% 85% 30% 1894 31% 22 173% 67% 24% 131^ 89% 42% 12% 14% 16 85 42 8% .... 16 9 23% 2i% •, 92% 15% 15% .... 60 1894 81% 21 173% 67% 24 12% 89 4194 12% 14% 16 85 41% 8 1594 9 23 91% 15 49 85,284 192,103 8.S4 8.57 S.92 6.80 8.70 8.57 8.96 8.84 8.78 8.63 9 04 8 S9 8.85 8,71 9 12 8 96 68',4 71% 86!4 35% 18% 22 63% 87 87% 162 1294 i8V4 86% 18% 8194 894 21 £4% 24% 39% 43 12 14% 16% 85% %^ 16% 23% 92% 15% 89 4I?6 iii* 14% 16 65 41% 8 16% 9% 23% 92 15% 169,196 8.89 8 75 h.92 8.77 906 882 9,14 6 89 68% 66% 71% 7l'% •35!J 8594 35% 85 6.85 6.87 590 6 92 6 37 5.57 4 87 4.95 62% 6294 60% 66%: 66% 64M 28)4, 28)4 2794 i^h 29% 29% 18% 18)4 18)4 20% 20% 20% 8.42 I 8.42 8 30 8.55 I 9,62 9.50 I 6.87 I 6 85 6,82 6.87 5.90 5,85 5,57 5 55 5 35 4.90 I 4 92 4.87 23% 23 111% 1C8% 101% 101 101 100 23 22% 64 04 55% 55 11494 114% 20% 20 87% 86% 7194 70)4 77% 76% 79)4 78% 44 41 105% 10494 4694 46! 24% 24! 145% 144 X 13394 J3394 54 5;J94 2494 2-''96 3994 88 28% 28% 78 78 150% 150% 6.^94 63% 112% 111% 101% 101% 88% 37% 18)a 18 88% 88% 92% 82% 12% 12% mi, 18% 67% 67% 2494 84% 13% 13% 40)4 89% 42% 12% 14% 16 85 4m 7% 16)i 16 23^ 2.1% 92% 92)i 1594 15 45 18% 14% 16 85 42 8 214 258 8,77 8,70 8 83 8.65 8 90 8 74 8.97 8.81 68% 6«% 7194 70 M 8594 85% 35% 82)4 60% 66)^ 64)4 28% 8794 29% 29 1S% 18% 2094 20% -.23 8 25 9,47 9.42 6 82 6 80 6,82 5 80 5,42 6 30 4,86 4,82 Ranee for Sept 1895 25% 20% UU 6994 11494 '0.3)4 IOJ% 99 101 93% 2:^% 22% 6H94 63 67% 58 116% 107 22 19 9194 83H 'l^i 61- 78% 721 130 129 S4% 7594 4594 41 106% 101% 148 143 4994 43 85^ 23)i 145 141% 170% 161% 134% 129% 65)4 6- 25% 1694 41 86)4 125 125 H V4 108 101 30 26% 87 23% 81 77% I5094 148 66% 61% 1I4)| 107% IO8 100 41 84 '*^ II. 42% 33% 87% 32 9294 90 104% 101 18% li 6394 86 19)2 :7 81V4 28^ 18% 174 172% 679« 67% 26% 23% 14)1 11% 42)1 87 46% 8«9i 14% 11 1694 UH 18 15% Ib^ 1.5 61% 48 8,» 7.78 8.96 7.S3 9.04 7 90 912 796 69% 63% 72% 66% 37 &■>% 86% 84iJ 64 56% 68 61 30% 27% 31 2894 19% 18% 21% 20% 8 92 7 82 i 10.02 8 25 6 95 5.72 6,00 670 5 90 5.00 5 25 4 77 749J Ranr? foi >>Ct 1894. 82% 26)4 8894 8o3 ,92)2 89)4 *101 96% 7694 68" 62)i 40^ 112)i »»% K&J4 59% '.18^ 61)4 58% 36 32)i 104% 9S% 145 142% 39% 30 19 17 J4 122 116% 171% 165)4 134 !1'j94 34% 32 10% 7% 3S% 33% 104 101 76 62?, ISOV. 4% 94 3% 90 19% i;94 18% 16 72 69% 136% 180% 5tt 52'M, 116% 104% 99% 98 2iJ% 21 2,^94 2-'% 40)4 30% 8s% 85 100^1 97% 1494 1^94 3296 2it 16% 15V4 45% 41 4% S94 4% 4 l'J)4 10% 201.4 1494 4)4 3% 80% lU)i 162% 137 26% 1794 1394 "*4 4.'^ 40 18% 14 10% 9% 12% 11 10)4 9% 60% 59 4194 38 6'.i ri 1494 13% 8a% »-M 13 11 45% 38% 6.02 5 41 6.12 5 44 6.20 5 49 6.25 5.54 58% 55 03 ^ 59% 57 529<; 55% 52% 64% 51% 60 56% 52 4C% 61% 4894 80% 2«% 3194 sm 13 30 11 8i 13.37 11 57 832 6.85 7.75 6.6.1 7.86 6.30 6 87 6.85 1895 1894 OLD PORK, Chgo.-bbU. .... bbls. WHEAT on passage. 24.240.000 bush. 26 335,000 '• CORN on passage. 6.400.00f' iMisb 8,836.000 •• Russian Shlpmts. for wK. 2.000.000 bush. 1 (50.000 " Indian Shlpmts. for wk. 1 Arjteatlne Shpts. for wk. 13i>.000 busii. 8.000 bush. 40,roo " 1 f Sinc» Aug. 81. ♦ Since June 30. Compiled and Copj>righted bj> CLAPP & COMPANY. BANKERS. MILLS BUILDING. NEW YOEK WIlCClUV> (lI^^^hCt letter Copynyht, tsoe, by CUpp * Compmnw. No. 450. O. W. CuAPr. OWIQHT O. CLAPP. I CLAPP & COMPANY, aSanheis anb Brokers. i MILLS BUILDING, N. Y. > m ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE. IN THE HEART OF THE BANKING CENTRE. Q o Branch ( 277 BROADWAY, Corner Chambers St. PRIVATE TELEGRAPH WIRES. ^ OfFiCE*- 1 621 BROADWAY (Cable Buildino, Corner Houbton). LONQ DISTANCE TELEPHONE. . ( 753 FIFTH AVENUE, Corner 58th St. Cable ADDRESS: " OZRO." "i > New York, Thursday Morning, October 10, 1895. ^ We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, C/) Cotton, Grain and Provisions. j-j Our private wire facilities are unsurpassed to all New York, Chicago and Western ^ Exchanges. Close relations to important interests enable us to give early and valuable "-" information. [^ Usual margins required; customary commissions charged on cash property or for future delivery. ^ Margin deposits may be made in Drafts on New York, Currency by Express, Post Office \j^ Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. m A General Banking Business conducted. 3% Interest allowed on Average Daily Balances. ^ credited Monthly. City and Country Accounts solicited. Collections Free to Customers o o Financial Outlook. ^ The dear old unequal, inconsequent, patriotic public is again asserting its clear vision of Ameri- jt) can destiny. In Municipal and State conventions the men who convert conviction into action are |> shaping the machinery of Government to fit the hours need. A tidal wave of snowy ballots may pi confirm the sound financial policies so long hidden b^ unfortunate administration. j^ Straws. — The President of Argentine Republic is urging the funding of the public debt into 4 ^ per cent, gold bonds. United Kingdom revenue returns show gain of about $18,295,000 in last three ^ months, indicating business improvement. The customs receipts of the port of New York for three ^ months, ending October 1st, were $30,896,817 against $24,736,266 year ago same time. There is out- ___ standing $1,092,962,663 paper money, $44,466,000 is in $1 bills. $25,500,000 in $2 bills, $251,662,000 in [J $5 bills, $287,598,000 in $10 bills, $223,697,000 in $20 bills, $37,005,000 in $50 bills, $76,882,000 in $100 ^ bills, $13,265,000 in $500 bills, $104,125,500 in $1,000 bills, $7,070,000 in $5,000 bills, and $17,666,000 in O $10,000 bills. The total of all our money in circulation is $1,585,593,509. The Street Railway Journal X estimates that cable power in a great city road is .012 per cent, cheaper than electricity and .020 per ;> cent, cheaper than horse power. Director of the United States Mint now estimates the gold product ^ of the world at $200,000,000, and United States at $46,000,w00. A foreign authority estimates ore in — . sight in African mines equals $1,500,000,000. One line of the New Haven road will use electricity, pii It is estimated United States furnaces can turn out about 11,500,000 tons iron ore per annum, break- yj^ ing all records. It is now the great query among iron men to know how much foreign iron ore has )P been contracted for. A poll of the next Congress is reported, showing 211 against free coinage of Clapp & Company's annual Souvenir book for 1894 wiU be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTEKS. PORTFOLIO FOB FLLIJiG FORWARDED APPLICANTS FREE. 179 ■ a . «JLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET lETTER. ■ ■ ■ 1.1 ■ — •-■ . ■ ■ » J- I .1 I ■■;■■ ■ -— silver, 88 for it, and 52 doubtful. From 1873 to 1893 every capitalized property was being watered. The scaling that has been done on the World's securities since 1873, is likely in the end to produce a healthier, better, broader, and more steady and safer market. A similar movement in London mining shares would be a great thing. Our customers in 40 states generally report optimistic views on general business. Our weekly letter exchange list of newspapers in every state in the Union furnishes us with many hopeful editorials indicating a bright future. Stocks and Bonds. Bonds. — New Tork Stock Exchange bond sales in September equalled $45,751,700 ; Philadelphia, $1,420,641 ; Boston, $7,852,195; Baltimore, $997,000. Railroad bonds of par value of $388,429,180 were sold past nine months at an average of $69.06, against sales of $252,387,250 same time in 1894 at average of $72.30. The demand is fairly active for choice securities. Railway Stocks. — The New York Stock Exchange reports sales past nine months of 49,338,633 shares at average price of $59.20 per share, against 36,580,154 sold at $63 per share corresponding time in 1894. The Great Northern is expected to show increased earnings the coming winter. The increase in the grain tonnage on the Northern Pacific, Northwestern, St. Paul, Burlington, Rock Island, Atchison and Missouri Pacific is expected to be larger. Louisville & Nashville, Southern Railway, Missouri Kansas & Texas and Texas Pacific are all properties now fairly well managed. Public confidence is slowly reinstating itself. Manhattan, Metropolitan and Long Island show favorable business. Tennessee Coal & iron, Colorado Fuel, Reading and all roads affected by coal or iron or both are getting in a way to show much better results. Trunk line tonnage is steadily in- creasing both ways. Stocks available for covering short sales are decreasing. Industrials.— Large stocks of raw sugar and a possible short crop cause speculative combina- tions to put more activity into sugar stocks. Chicago Gas people appear confident of consolidation and much higher prices ; they may be mistaken. General Electric is weak and strong under favor- able speculative conditions. Lead and Cotton Oil appear good investments for people wanting good securities that have a limited market. Cordage people talk about consolidation ot all plants m the United States. Activity in the industrials is quite likely. Cotton. The smallest percentage of any cotton crop marketed in September was in 1882, when only 5^ per cent, came into sight, out of a crop of 6,992,234 bales. The largest, on a small crop, was in Sept., 1887. when 11.74 per cent, of the crop of 7,017,707 bales came into sight. Ordinarily more than one-fifth the crop appears in sight in October. In September and October 1893, 28.61 per cent, came into sight, out of 7,549,817 bales grown. Last September and October about 28 per cent, came in sight, from a crop that counted out nearlv 10,000,000 bales. November movement generally equals close to a quarter of the cotton marketed each season. Based on average receipts present crop promises to exceed or equal 8,000,000 bales. Based on smallest movement, 22.64 ^ marketed in Sept. and Oct. 1882, crop will be about 7,000,000 bales. Receipts Sept., 1882, were 402,336, last September they were about 10 per cent, larger. The largest September movement was in 189u, when 856,438 bales appeared in sight. Then the crop was 8,652,597 bales, 30.05 per cent, being marketed the first 60 days. Based on Government percentage, it is possible that this crop will grow but 144 pounds lint, and is the lowest in 14 years, and off of but 20,182,000 acres instead of 23.687,950 acres, and that this crop may not exceed 5,812,000 bales. • The last Government report for September was 70.8, and in- dicated a lint yield of 159. 3 pounds per acre, and a final crop of 6,430,000 bales. The Government report, due to-day, is expected to be the worst ever given out, and to only show condition to be about 60, allowing for an average deterioration. The report will likely show about 65. The best October 1st condition ever reported was 88 in 1892, and the lowest 66 in 1881. The average deterioration from September 1st to October 1st in the pastUyears has been 5.1per cent., rangingfrom9per cent. inl885, to 2.7 per cent, in 1893. Receipts just now are exceedingly heavy in many towns, exceeding those of a year ago. A Georgia correspondent says " that the present prices cause the entire satisfaction of the grower who is getting 8}i cents for his cotton instead of 4>^ cents, and that the negroes are so eager to get their cotton on the market that they pick all day and half the night, the moon being in the harvest season shines nearly all night now. The negroes have cotton pickings nights, 100 may pick until three o'clock and then haul the cotton to a public gin and put it on the market, and by sun up the wagons are strung out everywhere and buyers are thick and buying from the wagons on all the streets, i The talk about farmers holding cotton is all folly, they are tickled to death to get it sold at 8>^ cents. Many of them will only grow 20 bales where they had 30 last year, and have already marketed 15 bales. The cotton is reported all open in some places and much of it prematurely, not having had a shower in the past 33 days. The bolls look like they would make a decent crop in many places, but being open prematurely the lint would hardly cover the seed, and this may cut down the yield very rapidly. This county has a better crop than any adjacent county. We estimate our county crop at ^ tnat grown in 1894 and the total crop at 6,700,000 bales." Generally our reports indicate the color and staple is good and cotton smoothly ginned and quite dry and light in weight. Texas reports are very varied, rain and drought being complained oi frequently. New Orleans continued sending the worst reports and most bullish arguments. Their market is practically the highest one on earth, freights and charges considered. Our market never ranged so near the Liverpool price. Cotton buyers all through the cotton belt appear to be paying more for the staple than is warranted in shipping to any market. Easter i and foreign spinners' stock at country towns and larger points of accumulation seem to be increasing, speculation between folks near the grower seems to have .180 CLAPP & COMPANY. CANKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. caused tlie advance from 5.37 in February last for March cotton to 9.25, for cotton to bo delivered next March, and an advance about equal to the price paid last March for spot cotton at interior towns in Texas. Port receipts to October 7 were Gil, ;J80 bales against 747,405 last year. Exports same time 1S7,39G bales against 343,380 bales. The average weight of the bales is about 10 j^ less than last year. In some instances the bales weigh about GO pounds less. Tliis crop now promises more money for growers than they got out of last year's picking. Just now these bull elements seem to be meeting some resistance from the spinners in Europe and the United States, and north- ern speculators, who are watching to sell cotton for distant delivery, believing it is possible senti- ment has overdone actual conditions, and the market is as liable to decline a cent a pound as to advance one, even if the final outcome should be a very small crop. Personally we think the invis- ible and visible crop will be equal 10,000,000 bales and be enough to meet spinners' requirements, which have never yet exceeded about 8,500,000 bales of American cotton. The 1895-6 crop will likely prove a very profitable season to judicious operators. Wheat. Russian shipments to date are about 120,000,000 bushels wheat and 16,009,000 bushels corn. Argentine's shipments have been about 37,000,000 bushels wheat and about 21,000,000 bushels corn. The past week Russia exported barely 1,340 bushels more than the United States, and led all coun- tries in her shipments. London Evening Corn Trade List says: " The supplies immediately in pros- pect in the United Kingdom are very much smaller than at this time last year. That requirements of the various countries exceed surplus available from present year's production in exporting coun- tries; the difference must be made from reserve stocks." laverpool Corn Trade News estimates the United Kingdom will require 200,000,000 bushels ; France. 32,000,000 bushels ; Northern Europe, 91,000,000 bushels ; Southern Europe. 45,000,000 bushels; China, Brazil, etc., about 28,000,000 bush- els ; equaling a supply of about 39G, 000,000 bushels, or 50,000,000 bushels less than exporting coun- tries sent abroad this season. We conclude Europe is looking to South America to make up this deficiency. England the past few years has bought a large amount of wheat from south of the equator. Official reports show the world's acreage north of the equator the past three years has de- creased materially, in Great Britain the decrease being 40 %, in France 21>^ %, in Germany yi %, in Australia 4 ^, in the United States 3 ^. Russia compared with 1890 is unchanged, compared with last year shows 7 ^ less acreage. The eyes of the speculative world appear to be watching the large movement in the Northwest, which now exceeds all records. The quality is good. Minneap- olis millers are grinding more wheat per week on an average than ever before. Primary receipts to date are about 60.000,000 bushels, against 73,000,000 bushels a year ago. Not in thirty years has cash wheat in central wheat states commanded from 5c. to 7c. premium over Chicago prices at this season, A year ago, Chicago was above other markets. This market is now about 6>^c. over Chicago. Lake freights have advanced about 50 per cent, in the past thirty days, and all available freight room is being used. Foreign buying has been more notable the last month than for a year. There appears to be a general disposition to buy wheat, as an investment, around 60 cents for December delivery in Chicago. We still believe a lew strong parties arc working the markets, buying under 60 cents and selling some at above 60 cents, hoping ere long to see much higher prices, based on a good demand and a large falling off in northwestern receipts. Reported liberal quantities of American wheat have been sold in Liverpool for October delivery, and that its scarcity there practically makes a corner possible. We are advised Minneapolis has landed 100.000 bushels of wheat to go by rail to Gladstone and then by boat to this city and Europe, and that it is but part of a 2,000,000 bushel lot. We continue very friendly to wheat. Corn. For the year ending June 30, 1890, the export price of corn was but 41.8 cents per bushel, the lowest average on record, and coming from the largest crop grown heretofore, viz. : 2,112,000,000 bushels. From it 102,000,000 bushels or the largest exports were made. Now it is conceded that on basis of this crop prices for long futures in Chicago and in this market are lower than ever. Specu- lation is small. New corn of contract grade has arrived in small quantities in St. Louis. We look for export demand to be enormous, and Chicago and the New England demand to care for supplies, and contracts to be large, and see no reason to expect May corn to decline here or in Chicago. Should the thousands of men who are short of corn attempt to cover, higher prices may prevail. Oats. Based on the largest crop of oats ever grown the price is now only about $10.50 per ton In Chi- cago. Hay commands more money. Oats for May, J8C''', delivery around 21 cents in Chicago do not seem tiigh, especially when one realizes there is no expense to carry them the coming seven months. Provisions. Foreigners are more liberal buyers of lard and some kinds of meats. Chicago stock of provis- ions is about 2^2 times as much as year ago. Packers contiime beari?b and appear sellers on all rallies in the market. The outside trade is light and seem discouraged Ly a large com crop. The aggregate receipts of live stock in Chicago last week was 313,000. Packing to October 3 was 6,855,000 against 7,685,000 hogs last year. Yours truly, CLAPP &i COMPANY. 1*1 CLAPP & COMPANY, BANKERS AND BBOEEKS, NEW TOEE, WEEKLT MARKET LETTER. Qnotations for Stocks, Cotton, Grain and Provisions for Week ending October 9, 1895, and lor Octotier, 1894. Par value of all stocks $100. except D., L. A W.; P. & R. and Am. Tobacco Co.. FROM NEW TORK STOCK EXCHANGE OFFICLiL RECORDS OK HIGHEST AND LOWEST PRICES WITH COMPARISONS. W KKKLT Salbs. 1.240 937 144.248 942 85.444 67,773 6S 2.423 2 106 2.49i 81,795 35.035 IC4 845 2.701 38.971 2.100 U.638 z.m 750 S458 1.80(1 2.990 ItiOO 72,900 13.8:.2 2*. 105 500 1,350 730 485 506 12,775 4.645 550 8.029 100 22.107 1034 998 9c:6 2.6iJ8 41492 4t>35 SCO GtiO 8.695 8.815 i.o;* 93.3b5 709 100.000 2.390 4.420 8.606 71340 4.475 2,090 5t:M) 4.430 3.307 19 230 2.680 790 10,300 2.9i2 23 620 330 Capitai, Stock. J20,287,100 10,198,600 36,773,000 86,773.000 17,900,000 85,000,000 15,000,000 22,488.000 eO.805,400 82,262,700 24,8S5,800 46,027,261 25,92;J,900 46,156,000 18,559,360 89,054,907 22,335 170 28 000.000 11,696,000 35,4.30,060 26.200.000 35,000.000 38.000.000 84.091900 30,459,700 e5,000,0(j0 8,000,000 60,000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800.000 30,000.000 18.738,204 13,000.000 47,844.100 47.436,575 14.905,400 14,904,000 89,428.300 77,427,000 20,000,000 58,119,982 13.000,000 39,767,200 49.000.000 89,289,546 20 000.000 8 500,000 40.426,361 36.000,000 68.402,900 125,000,000 60.000,000 19,850,000 38,710,900 60,868,500 62 961,600 52,361,500 20.166.000 18.858 500 7,418,300 28,000,000 24.000,000 94,830,000 10,000,000 4.500,000 DiyrDEND Record. Pays SpcJ-D Pays 3po O-J-A-J.. Pays SHPC J-J Pays 8po F M-A-N. Paid 2dc 1895 Pays iMpc F-A Pays 1>4pc F-M-A-N... Paid 1 pc Dec. 1894! ! '. '. '. Pays Ipc M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid Hpc Oct. 1S95.... Pays ii^pc j-i)!.'.']!!!!! Pays2><;pc J-D Paid3po in 1893 Pays 2pc M-J-S-D.... Pays7pc per annum. Pays 7po per annum. Paid IK'PO Jan! 1893! Paid 2pc August 1893. Pays 5pc per annum. Pays 2J^po MS. Pays 154PC F-M-A-N. Pay.s 3pc PA Paid 2pc Augrust 1893. Pays l^pc J-A-,J-0.. Paid 2pc in July 1895. Paid 8pc 1891 Paid Ipc In Oct. 1895. Pays iJipo M-J-.s-D.. Pays ipo J-A-J-0.... Paid l^pc Nov. 1893. Paid Ipc April 1892., Paid Ipc in 1887..., Pays 2po F-M-A-N. Paid Ipc In 1887... Paid 8^po in 'is&i! Pays2po Nov. 1895... Paid 2^po March 15, 1895 Naves or Stocks. Pays l^po J-A-J-O.. Paid Ipo in FebVlBM! American Cotton Oil American Cotton Oil Pfd, Am. Su^ar Refining Co. , Am. Sugar Refining Co Pf American Tobacco Co Aicli.Top. & S. F. allin8,pd Baltimore & OQlo Canada Southern Central of New Jersey.. Chesapeake & Ohio Chicago, Bur. & Qnincy Chicago Gas Cos Chicago, Uil. & StPanl. Chicago Mil. & St Paul Pfd Chicago, R. I. & Paciflo... Chic.. St I'Bul M. & Omaha (htcat'o & Northwestern. Cliicago A Norttiw n Pfd. Cleve., CiD., Chic, & St L Col Hock ng Valley ible. 1895 8,436 OOO 18941 8,650 000 N. T. Stocks, 787 828 8,092,602 Cbgo. Stocks. 629 000 1,464 000 Oats...]S«e='|'e';- October. . , January... Pork. I LARD-tcs. World's vis. 1895 249.794 1894| 115,451 CHICAGO CONTRACT STOCKS. PORK-bbls,| LARD-tcs. i RIBS-lbs. 92,397 29 669 22.211.000 24.558 I 9,028 I 11,338,000 Lard Ribs. I October. I January. October. \ January. Thnrsdav. t Oct. 8. iii« mii hi2 102 100 y8?i 227^ 22% 6414 64H 55^ 55 20 UT* 87« 87H 724^ 7m r7?i rryi 127^4 12GU 79>4 7!?^ 44 44 105^ 105H 46H 46^ 1459^ 145H jl72 Hi 1339^ 133Vi 5.% 5.-5fi 24^4 23^ am 89H » 29' 25H 25 15l' 150^ 64« 64 I12>i 112H 101 101 88M S3 13}4 13« 89 88^4 86^ 85M 12% \m Friday. Oct 4. 239(5 71^ 102 99M 63K 54?i I27H 78« 43?i 106M 23 riM 108*i 10154 99 Vi 2194 MH 649ii \m 86 70 76« 127 77% 43H 104H Saturday. > ct. 6. 10994 10S94 e9M 21% 62H 1^3^ i^ 71V4 76H 127 4394 luS B7V. 21 K 62M, 54V4 113 19% 8e« row 76 127 VM 104% 108 10-2 12% 1« 37}i 1K% 1^ 3794 87 H 594 6% 6 5 \m a2H 8194' ii% 594 5H 2194 21% 2m 173>4 173 il73W 6:k4 8<% 24%' 24% 13!.4 13^ 12t* 40M 8994 89J4 ib% 44H 45^ ViVi li)i\ 12 14H UW "« 16% 16^ 16 86 85H <«94 41% 4m 41H m 8V6' 9 16% lOH 17 9 9 19 34 23%' 2^ 92% 9294 9^% 1594 li% 16% 18 86>4 231255 890 8.(.5 905 9 12 68 71K 3594 35^4 62 6594 2Hk4 2S»% im 2094 8.27 950 5.80 5.(<2 5.35 4.85 880 882 8.91 898 66,», T0% 8594 85% 255.079 8.87 8.82 8.90 8.84 8.99 8.91 8,08 8.98 67% 65>,t 70% 69ii 85% 85iJ 85.'. 85,'. 60% 81% 69% 64%' 65% 64 27%' 2SV4 28 29M| 29% 29% 18% 18% 2094 20% 8.40 8.30 965 9.42 8.27 9,40 6.->0 5.80 5.20 4.82 6 83 5.82 5 25 487 sec 580 520 482 45% 4S 23^ 23% I45 144^ , • - ^^'f* 133 132% 62% 52% «% 23% 88% 88% "h % 45% 45 23k 28% 145H 144% 16rf% 169H 16794 167 1.33 ia3 ■"" ■" 53H 53k 2394 23 8996 88% % % 29' isy* 78% 78% 63% 62% 112% I109i 37% 3? 8^ 87% ,62% 111 87% 87% 10894 18% 86H 6% 18% 81% 2IM 67% 24% 1'^ 39% 44% 11% 14% as" 9 17 *3% 92% 16 4894 62% 111 87% mi 102 18% 86 6% 18% 30% Monday. Oct. 7. 71% 109% 10194 97% 21% 62% 54k 113% 19% 86% 71 76k \i1 78 43% 106 45° 71% 108 10194 9594 21 62% 54^ 111% 19-'H 85 6H94 75% 127 76 43 101% 44% 144% 144% 16^ 169 132 131V4 53 62J<, •24% 2294 8894 87% 28% 28% m" re 63 62% 111% HI 87% 86% 37% 35% 34% 34% 92 91% 12% 12 19 1894 '^ 83^4 35% 86 5k "• '■ 6 Tuesday. Oct. & 109% 21% &4% 118% 19k 85% 69k 76 127 76% 43H 105 Wed.. Oct. 9. 4294 iV^ 108% 109% IC8% lom " 9?% 96% 21% 80% 95^ 2094 51% 113 19% 81% 66% 75% 127 75% 43 104 9^ 44% HVi 169 169 132 isiv 52% 52U ^ 225< 88% 87 28% 26% 28% 2.3% 62% 62 111 110% 86% 36% 86% 34 V4 9194 35% 34 ki sm 5V4 4% 18% 18% 81 8094 80% 2i% 67% 24k 24% 12% 13 ■ 89 ,- 44% y* 11% 14>4 14% ' ' 15% 8494 8494 ..■■ 40k e% 8% 16% I6k 22% 2)k 92^4 92% 15k 15% 4894 499I 20% 172 24 1294 8*% 43 11% 14% 15^ 4^ 8% 16 9 22% 92% 15 49% 104.IM1 293,85? 8.85 8.77 8.84 8.84 8.88 8.80 8.88 8,81 8,96 8,87 8 95 8.:19 9.05 8,95 W02 8.96 I ^m 65! ! S.'i*, 65 70A 6994 69% 6894 8594 3.=.94 35^ 85 35% 85% 85 8494 11% 1194 18^ 36 6% 6 18k 3i)94 5% & 19 3094 21% 2094 6794 24H 1294 38% 4.»4 11% 14% 15% 8494 9 22% 92% 15k 48 6794 24 12% 38k 43% IIW 14% 15 81% 40)a 8% 8 22% 92 11% 48 209,275 8.84 8 82 8.86 8.80 8 95 8 87 9.01 6 94 e6» e&K 70% 69! 1 85k 85 85A 34% 60% 69% 59% 6894 60% 69% 64% 63% 63% 62%, 64% 63% 28% 2794 27^ 27V4. 27% 27k 29% 29k 29% 28% 29 28% 8.35 955 682 585 5.30 4 87 17% 1794 17%! 17% 20% 20% 20% 20% 8 35 8.40 8.4u | 8.10 9 52 9.62 9.50 9,65 5.82 5.82 620 485 B.85 585 B.25 4.90 B.80 5.80 6.20 4.85 I 5eo 5.85 5 25 490 17% 20% 8 37 9 52 5.80 5.82 5 22 4.85 55% 5494 J13 112k 19k 16% 86 85% 68% 6594 76% 75% 77% 76^4 43% 43^ 105k I''494 4594 4194 24% 24 »70% 1 69% 24% 23^ 38 3'% 28% «^ 23% *3% .62% ,«f lOl lOl 87% 36% 87 ^' 84 54 91% 81% 11% 1'^ 1«9^ '^ 594 ^ 30% 80% 21% 20% 69% 68% 2!^ f> 3894 f^ 41 43 15% i^ 84^ ^* 40% 40H 8% 8>6 25% 92k 15% 49 22k 92 1S% 49 216 652 8.91 8.83 8 92 8.85 9 05 8 92 8.14 9.00 67."^ 65}i 70J6 69% 35 \H% 85% 341J 60% 59% 65 6.394 27% 27% 2il% 2894 17% I'm 20% 20k - 32 8 3-' 9,57 9.47 I 5.77 B73 5,83 5 77 . 5,17 B05 4.87 4,82. Range for Oct. 1895. to date. I 23% 22% 71% 7m 111% 107% 102 101 101% 9594 23 2i'94 64% 62U 5594 54% 11494 i:ik 20% 19k 8794 84% 7-292 659| 7794 75% 127k 126% 79% 75% 44 43 10594 !04% 4694 44% 2»:»4 23% 14594 143 174 16794 134 ism 64 52k 25 229-< 3994 87 % "y* 102 101 29 28 25k 23% 78% 78 151 I50>« 64% 62 112k "0% 101% 101 »S% 36% 13>4 13 39 85% 35% 34 92% 9m 10294 102 1294 11% 19 '8 8794 857^ 594 Bk 5% 4% 19, 18k 8^% SOk 594 394 22 20>4 173% 172 69k 67M 24% 24 I3k 1-2% 40% 8SH 45% 41% 12k n% 14% 14% IGH 15 86 81% 40k 7% 18 9% 9 24 22k 92% 92 16% 14% 48 48 8,31 8.70 8.05 8.65 9.00 3 74 814 8.81 68% 65 7194 «89i 30 84% 35% 3494 6294 5894 6if^ 62% 28% 27% 29% 289-4 IP% 17% 20% 20% 8 42 6 25 9.65 8 40 5S5 V75 5,90 577 5 55 5.07 4 92 4 82 Range foi ct. 1894. 82% 26k 77 74M 8894 80k 92% 89k 101 8«k 7694 m" 52% 49k 112% 90% 1994 m 749i 71^ 76k 6894 62% 59'4 :20k 118% em 58'k 86 82k 104% 98% 145 I42k 89k 36 19 1794 \ii 116% 171% 155% 184 :i<*94 81k 82 88% ^ 104 101 4% 94 19k 8% 90 ir9i 18% 16 72 69% 136% l.SOk 56 52% 116% 101% 9'.l% 98 22% 21 2-*94 40% 88% 2'^% 86k 85 100k 97% 149-4 1294 :J2% 29 16% I5k 45k 41 4% 894 4% 4 19k 16% 1494 20k 4k 8k 20^ 16% :62k 157 20% :794 1394 1194 4294 40 18k 14 10% ■ 12% II 9% 9% 10% 60% 59 4194 38 6% 6 1494 13% 89k C-4i 13 11 45% 38% 6.02 5 41 6.12 5 44 6.20 5 49 6.25 5.54 58% 55 63 ^ 59% 57 52% 55% iM 54% 51% 60 5698 52 46% 51% 4394 30% 21% 3494 3194 13 30 11 8i 13.37 11 57 8.32 6.85 7.75 6.6.i 7.35 6.30 6 87 5.85 I OU) PORK, Chgo.-bbls. I895I .... bbfa. 18941 WHEAT on passage. 23.840.000 bush. 25,264,000 '■ CORN on passage. 6.720.000 bush. 8, 184.000 •• Russian Shipmts. for wk. 2.624.000 bush. 2000.00c " Indian Shipmts. for wit. 1 Argentine Sbpts. for wk. 33ti.000 bush. 1 ... bush. 260.C0O " t Since Aug. 81. • Since June 30. Compiled and Copyrighttd bj> GLKS'B & COMPANY. BANKEES. MILLS BUILDINQ. NEW YORK CQCChlP flI^'^^hCt TLCttCr CopyrigM, ISOB, hw aapp * Compmmp. No. 455. O. W. CLAP^ ■)WIQHT O. CLAPP, CLAPP & COMPANY, Banhers anb Brokeis, Bkanch Of Fic£« : BoN'BR. — Railroad bonds are in fair request and find ready buyers. Sales are not large, yet for the year to date are the largest of recent years. Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $•>. A few copies of 1S03 can be bad for $2 each. KEEP OUK LETTEKS. rOKTFOLIO FOB FILIJiG F011WAKDE1> APPLICANTS FKEE. 1S3 .J 2 a > MILLS BUILDING, N. Y. > o ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. PI OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. O I 277 BROADWAY, Corner Chambers St. PRIVATE TELEGRAPH WIRES. ,_ -j 621 BROADWAY (Cable Building, Corner Houstoh). LONQ DISTANCE TELEPHONE. ^ ( 753 FIFTH AVENUE, Corner 58th St. CaBlE ADDRESS: " OZRO." -^ > New York, Thursday Morning, October 17, 1895. — Z We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, (^ Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. r" Usual margins required; customary commissions charged on cash property or for future ^ delivery. ^ Margin deposits may he made in Drafts on New York, Currency by Express, Post Office [T| Order's, or by deposit with local out-of-town baiiks. The local bank should aliuays wire us at O once, at our expense, stating amount that has been placed to our credit, and for whose O account, thus allowing customers' orders to be filled promptly. iz. A General Banking Business conducted. 3^ Interest allowed on Average Daily Balances, cr; credited Monthly. City and Country Accounts solicited. Collections Free to Customers. O Tl Financial Outlook. With a continental base the American pyramid may early furnish a world outlook. The land r~ that is the nursing mother of multitudes of poor may also hide riches which will make their aggre- HH gation a great power. The constructive minds which develop great enterprises have now in their ^ hands the tools out of w'lich an unparalleled growth is possible. Q Straws. — 90 per cent, of the transactions made by the members of the London Stock Exchange — are in the South African and Australian mining stocks. The interest carrying rate ranges from 6 Z to 20 per cant. On the continent the rate ranges from 10 to 20 per cent. A liberal subscription was Q recently reported in Chicago to a new company, and agents are reported en route to New York to offer African mining shares here. Cotton goods declined between October 1, 1S90, and March 1, (T) 1895, about 27.5 per cent., and have rallied in four months about 20 per cent. Woolens declined x 23.7 per cent., advanced 2.5 per cent. The manufacturing product of the United States, according q to the last census was over nine million, and only 2 per cent, of that value was reported as exported -j- for the year ending June 30, 1895. The Eailicay Age reports only 687 miles railway involving ~~ $23,438,000 capitalization passed into receivers' hands in three months ending October 1, 1895. The ^ National Bank deposit of ten largest cities of the United States on September 28, were $700,475,438, Z against $756,202,899 October 2, 1894. Q Stocks and Bonds. rn 03 CIAPP & COMPANY. BANKERS AND BROKEES. NEW YORK, WEEKLY MARKET lETTER. Railway Stocks. — 171,424,400 shares of stocks cleared at the New York Stock Exchanga, against 139,309,500 shares corresponding time in 1894, and this report represents about 20 stocks, all the other stocks were delivered direct to the various brokers. Many large interests appear getting investments in securities of companies in receivers' hands. It is possible consolidations may centralize railway control and improve the service. The public responds readily to the calls for the needed money to assist in making the leaders' plans effective. Efforts to better the public service show a steady improvement. Officials and employes seem in accord and this feature is in striking contrast with conditions during years past. The table below gives comparisions of gross earnings of roads whose stocks are leaders and active on New York Stock Exchange for years named. aAtchison bBurlington cMissouri Pacific dNew York Central eRock Island /Reading (both companies) . firSt. Paul ^Southern Railway 1895 to date. L'test report 27,568,123 19,466,896 16,946,211 31,930.992 10,935,413 27,827,511 21,397,395 13,446,151 1894 39,502,210 29,054,522 22,536,709 41,797,493 16,333,855 34,392,396 28,473,365 17,992,064 1893 47,515,369 85,460,252 24,989,837 46,710,573 19,541,526 88,830,825 83.860,022 18,286,607 1892 1891 48,881,354 40,412,401 27,700,992 45,590,888 18,701,056 35,060,219 19,300,578 45,958,299 85,352,375 25,918,106 44,264,061 10,842,465 81,606.869 21,118,010 High and Low since 1890 47>|-3 110^-68^ 78^-161^ 1193^—92 94M-51K 65 —12 99%-46^ a Report 9 months, b 1895, 7 months, c 9 months, 1 week, d 9 months, e 9 months. / 7 months, g 9 months, 1 week. A 9 months, 1 week. 126 roads show increased earnings of $1,997,302 for September, against a decrease last year same time of $2,878,167, and 44 roads gained 7.19 per cent, in first week of October. From February 1st to September 20th, 124 roads with 97,961 miles of track, earned $14,860,156 more than in 1894 same time, and $35,091,699 more than two years ago same time. The market appears getting broader features, a better underlying feeling, more attention from abroad and more inquiry from domestic sources. Any further excitement m South African mines will likely encourage speculation in American securities, especially so while conservative brokers fear the dizzy heights of KaflBr securi- ties in London and Paris and are advising the purchase of American stocks. We look for Granger stocks from Northwestern to Burlington to score advances. Industrials. — Sugar men appear willing to advance raw and refined sugars, perhaps with a view to selling shares at higher figures before Congress meets. Its the old bunco game. We see no reason why the N. Y. Stock Exchange should longer sanction it. General Electric and all other shares covering electrical inventions and practical plants appear in better repute and more honestly managed. Lead and Cotton Oil, in absence of a good general market, are very quiet. Leather may prove a boomerang to tlu; stock manipulators. Industrials may continue to hola a prominent posi- tion, especially so while the public want blind pools and raining stocks. Cotton. The apparent corner brewing in the New Orleans cotton market appears affecting values in all other markets. Prices there are from % to ^-cent per pound above an export or coastwise shipping basis and about same or above those in New York.- Our market is about the lowest one in America. Cotton growers, factors and speculators in the cotton belt appear generally enthused with the opinion that there will be no top crop grown this season; that rain, drought and frosts, boll worms and other ravages have done the work and ruined the plant and there is no longer a possibility of a top crop. Somewhat similar conditions were reported in 1891. Bets were then made that there would be no top crop and the final marketing would not exceed 7,500,000 bales, but the crop finally counted out over 9,000,000 bales, and about. 1,000,000 bales of it proved to be the fruit of a top crop which scarcely made its appearance until the latter part of November, and was not realized until the final count was made at t\io end of the season. There never was a larger amount of cotton carried' over from any one crop than has been from the 1894-5 production. Mr. Ellison thinks consumption this sea- son will be reduced about 10 per cent, and that it will not likely exceed 7,650,000 bales of American cotton, against about 8,250,000 bales last year. Port and interior receipts continue far above the average and the quality generally of the best, yet some places report the bales are very light and the cotton not clean. Exports are only about half those of last season. Northern spinners' takings continue small. Southern mills have bought freely. The Indian crop is reported likely to equal an average crop of about 600,000 bales more than last season. The visible exceeds all previous records at this date. The Government report October 1 shows decline from 70.8 September 1 to 65.1. In our last weekly letter we said: " The report will likely be the worst ever given out, and based on averages will probably show condition to be 65." The reports gives condition in Missouri 85; Florida, 84; Virginia, 78; Georgia and Arkansas, 72; Alabama and Tennessee, 70; North CaroUna, 68; Mis- sissippi, 67; South Carolina and Louisiana, 64; Texas, 58. Texas grew about one-third the crop last season. The speculative sentiment continues at fever heat. Leading bulls frealy predict 10 to 11 cent, cotton soon, while the enthusiasts claim 13 to 13 cents will likely be paid before March for de- livery in leading speculative months. There seems to be a strong desire among cotton men to force European spinners to buy. Some say our crop reports will yet bring them to a realization of the shoctness or the crop. Manufactured goods nave advanced 25 per cent, since March, and cotton has a.bout doubled price in several cotton states, and is now about four cents per pound h'>(her, or va. CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK. WEEKLY MARKET LETTER. about 80 per cent. "We think it well to act cautiously until the demand from spinners and exporters Increases and consumers have an opportunity to effect sales of manufactured goods without seriorj loss from cotton they may yet be compoUed to buy perhaps from the sentimental market manipulators. CONDITION OF THE CROPS ON FIRST OF EVERY MONTH FOR 15 YEARS. And the Percentage of Cotton Planted May i, as reported by the U. S. Statisticim, Washington, D. C; also Yearly Acreage since 1889. COTTON. WINTER WHEAT. 1 SPUING WHEAT. COKN. OATS. Prnfd 1 lUT 1- Jane Jaljr Aan.l8ep.| Oct ApL May. Jtine.' July. 3ept.| Deo. June. July.' Ang. ' Sept. July. Aug. Sept. Oct. June. July. 'xng. Sept 1881 98 95 W~ 70 66 88 74 80 74 98 89 78 68 90 79 60 66 96' 99 97 92 1882 81' 89 93 94 92 88 102 166 99 105 102 ,, 98 97 97 97 85 83 83 81 101 103 102 100 1883 74 78 90 84 74 68 80 83.6 75 79 78 ,. 105 100 97 96 88 69 84 78 96 99 95 99 1884 87 87 84 87 82.6 74.7 95.4 94 98 94 97 ,^ 101 100 98 100 96 96 94 93 98 98 91 95 188S 80 ,92 96 9«.5 87 j78 76.8 70 62 65 66 97 96 93 86 94 06 95 95 94 97 06 93 1886 80 ;88.7 86.1,81.8 82.1 79.8 94.1 94.9 92.7 91.2 90.8 96.8 98. 5 ess 80.1 83.5 05.2 80.7 76.6 80 95.9 88.8 87.4 90.9 1887 83-4 '96.997 |93.8 88.8 76.5 88.1 85.8 84.9 m 5 84 95.9 87.3 79.3 78-8 78.1 97.7 80.5 72.8 72.8 91 85.9 85.6 83.4 1688 79.9 ,88.2 88.7 87.3 83.8 78.9 83 73.1 73 3 75.6 77.4 96. K 92.8 95.9 87. 8 77 2 93 95.5 94.2 92 95.4 95.2 91.7 87,2 1889 87 86.4 84.6 89.8 86.6 81.4 94 96 93.1 92 89.4 95.8 94 4 83.8 81.2 83.8 90.3 94.8 90.9 91.7 93.8 94.1 92.3 90 1890 768 88.8 98.489.5 85.5 80 81 80 78.1 76.8 Ti.5 98. 4 91.8 94.4 83 2 79.8 91.1 73.8 70. 1 70. 6 89.8 81.6 70.1 64.4 1891 776 85.7 88.6,88.9 82.7 75.7 96.9 97.7 96.6 96.2 96.8 85.8 92 6 94.1 95.5 96.8 92.8 90.8 91.1 92 5 85 87.6 89.6 90.T 1892 78.8 185.9 86.9 88.8 76.8 78.8 81.3 84 88.3 89.6 87.8 87. 2 92 8 90.9 87.3 K1.2 81.1 82 5 79.6 79. 8 88.6 87.2 86.2 78.9 1893 85.8 '85.6 82.7 80.4 78.4 70.7 77. 4 •75.8 75.5 77.7 T6.3 91.5 86.4 74.1 67.0 6S.9 93.2 87.0 76.7 75.1 88.9 88.8 78.3 74.9 1894 81.6 88.8 89.6 91.8 85.9 82.7 88.7 81.4 83.2 83.9t 83.7 ,, 88 68.4 67.lt 83.7 95 69.1 68.4 64.2 77.1 77.7 76.5 77.8 1895 78.6 l81 i&t 8177 9 70.8 65.1 81.4 83.9 n.i 65.8 75. 4t .. 97.8 102.2 95.9 75.4t 998 103.6 96.4 95.6 64.8 88.3 84.h 86 ACREAGB SINCE 1889. 11895 SO 183,138 aore& C2,f>02 4.50 acres. 11.415,400 acres. ei.noo.soo acres. 27 874. .500 acres. 1894 2:, 687,950 " 28,116.72 " lO.lOS,!)'.!^ " 60.700.000 " 27,072,575 " 1893 19.528,000 ** < 82,868,539 " 11.760,879 " 72.a»,465 " 27,273,033 " 1892 18,888,000 " 85.989,076 " 12,565,354 " 70,626,7.58 " 27.063,835 " 1891 80,838,000 * 26,581,284 " 13,335.613 " 76,201.515 " 25,581,861 " 1890 20.91 0,000 •• e 3,520. IC \i " 12,567,050 " 71,9T0,7( i3 •' 1 86,431,36! » •• t Averaifp both spring and wln'er. October preUmiuar; estimate of yield Is: Wheat, 12.5bn9hels; oats, 29.6 bushels; t June Govi-mmpnt report cotton acreage, rye, 14.4 busheU; barley, 26.4 busbeU. Wheat. The largest primary receipts for a single week were, October 13, 1892, when 10,420,000 bushels came in sight. The past week it is quite probable more than 10,000,000 bushels reached the same markets. About 67,000,000 bushels have been received in these markets since July 1, against about 76,000,000 a year ago same time. Exports have been about 34,000,000 bushels, against about 47,000,- 000 bushels last year. The world's visible October 1, as made up by the Daily Chicago Bulletin, October 10, was 176,637,000 bushels, against 205,157,000 bushels a year previous. The amount afloat varies but little from a year ago. Our visible is about the same as July 1. In 1894 the visible increased about 20,000,000 bushels during that time. In 1893 the visible increased from about 24,000,000 to about 48,000,000 bushels October 1 following. The visible generally increased until about the first week in January and begins to decrease about this time in October. The Govern- ment report indicates a yield of 12.5 bushels per acre off of 33,947,850 acres, equaling a crop of 424,- 231,000 bushels The winter wheat yield was placed at 240,288,000 bushels, from 23,502,450 acres. Of spring wheat at 183,943,000 bushels from 11,445,400 acres. Vermont averaged the largest yield per acre, 29 bushels. Wyoming next, averaging 28.3 bushels. North Dakota averaged 19 bushels, and South Dakota but 10.3 bushels. North Dakota leads all the States in production, gi-owing 64,160,000 bushels ; Minnesota next with 63,134,000. California grows the most winter wheat, equal- ing 30,914,000 bushels ; Ohio next, producing 29,066,000 bushels. Kansas grew 22,911,000 bushels, against 35,315,359 bushels last year. The quantity of choice or contract winter wheat is below an average. Drought is complained of in most parts of the world where winter wheat is gro\rn We think it liable to be a leading factor in shaping values the coming twelve months. Many wells are dry for the first time in the Mississippi and Missouri River States. The American streams are at low water mark. The largest amount of wheat ever sent to importing countries by exporting countries in a single year is estimated to be 436,000,000 bushels. A French estimate now places importing countries' necessities at 448,000,000 bushels for the coming year. The general desire among outsiders and old grain men to buy wheat around 60 cents for December delivery in Chicago seems to be increasing, We favor making purchases on all weak market days, expecting demand, speculation and sentiment will ere long enhance values considerably. Corn. The Argentine crop is large, of very poor quality, and freely exported, producing but a small recompense to the shippers. The last Government report made condition 95.5. the highest on record for October, and indicates reduced estimates of about 10 per cent., or 2,161,357,000 bushels to come off of 81,990,800 acres. With minimum price and enormous export demand, and large short interest in all markets, we prefer buying corn and looking for 35c. per bushel in Chicago, before it sells at what nearly everybody expects, or 27c. Provisions. The low price of com continues a factor in depressing provisions. Receipts of hogs continue liberal, although about 10 per cent, less than last season. Exports of provisions have been larger than last year. The demand for consumption from all sources is good. Speculation is apatiieUe, and packers appear in full control of values. Packing, October 10th, was 7,i:50,0OO hogs against 7,780,000 last summer. Vours truly, CLAPP & COMPANY. 185 OLAPP * coMPAmr, BAinraas ath) beozees, few yoex weeiit market letter. QnotatiODs for Stocks, Cotton, Grain and Provisions for Week ending Octolier 16 1895, and lor Octokr, 189i Par Tain* •! all stocks $100. except D., L. A W.: P. & B. and Am. Tobacco Co., FROM NBW YORK STOCK IXOB^NQB OFFICIAL REC0ED3 OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. P?M«mE' Wbbklt 8 a LIS. 1.620 215 C8.426 1 171 42.082 80,734 1580 1,835 315 S.985 71,881 145.427 101.315 1.^18 8-^.2u9 4 559 27.710 i.m 4!087 1,376 1.094 1.100 tl959 '366 220 1,2U0 650 420 881 15,000 6.7(11 150 6,070 S4.m 370 254 1.1U4 980 170 7,092 1,459 790 e:o 1.415 6.200 liO 44.515 302 436.000 2.480 6,580 6,6ti0 £4 890 4.705 81.160 19 218 46.744 997 4.395 640 1.500 11,795 9.782 14 780 740 Stock. $20,287,100 10,198.600 86,773,000 86.77.3,000 17,900,000 86,000,000 15,000,000 82.488.000 60.805,400 82.262,700 24,885,800 46,027,261 25,923,900 46,156.000 18,559,360 89,054,907 22,335 170 28 000,000 11.696,000 85,430,060 26,200.000 35 000.000 38 000.000 84 091900 30,459,700 2.5,000,000 8,000.000 50,000,000 10,000,000 11,840.000 11,840,000 49,466,500 52,800,000 80,000,000 18,738,204 18,000,000 47,844.100 47.436.576 14.905,400 14,904,000 89,428.300 77,427.000 20,000,000 58,119,982 13 000,000 39,767,200 49.000.000 89.269,510 20.000.000 8.500.000 40.426.361 86,000.000 68.402,900 125,000,000 60.000,000 19,850,000 38.710,900 60,868. .500 62 9n 1, 600 62,861.50(1 20.]6(i.000 18,808 r.00 7,418,300 88,000,000 24.000,000 94,820,000 10.000,000 4,500,000 DlTtDBND RiCOKD. Pays 8po J-D Pays 8po 0-J-A-J.. Pays 8HPC J-J Pays 8po P MA-N. Paid 2po 1895 Pays ikpc F-A Pays IHpc P-M-A-N... Paid Ipc Dec. 1894 Pays Ipc M-J-S-D Paid ipo Pays 7 PC Per Ann am. Paid ^pc Oct. 1895.... Pays IJ^pc J-D,. Pays2i^pc J-D.. Paid 8do in 1893. Pays 2po M-J-S-D.... Pays7pc per annum. Pays 7pc ler annum. Paid IVipc Jan. 1893. Paid 2pcAu(ri, St 1898. Pays 5pc per annum. Pays 2)^pc MS. Pays IMpc F-M-A-N. Pays 3pc P A Paid 2pc August 1893. Pays l^pc J-A-J-O.. Paid 2pc in July 1895. PaldSpc 1891 Paid Ipc In Oct. 1895. Pays i94pc M-J-s-D.. Pays Ipo J-A-J-O. . . Paid IJ^po Nov. 1898. Paid Ipo April 1892., Paid Ipc in 1887..., Pays 2pc F-M-A-N. Paid Ipc In 1887... Paid 3>^p'o"in 1884! Pays 2po Nov. 1895 Paid 2^pc March 15, 1895 Naxx* or Stocks. Pays 1J4P0 J-A-J-O Paid Ipc in FebVisw!!!. American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co- Am. Sugar Retining Co Pt. Amerioau Tobacco Co Aioh.Top. & 8. F. all ins.pd Baltimore & Onto Canada Soutbem Central of New Jersey.... Chesapeake <& Ohio Chicago, Bur. & Quincy.. Chicago Gas Cos Chicago, Mil. & St Pan! . . . Chicago Mil. & St Paui Pfd Chicago, R. I. & Pacific. .. Chic. St Paal M. & Omaha Chicago & North wesiero. Chicago & Northw'n Pfd. Cieve., CIn., Chic, & St L, Col Hock ng Valley & Tol Consolidated Ga« of N. Y. Delaware, Lack 'a & Wn. Del., & Hudson Canal Co Denver & Rio Grande Pfd Dis & C F Tr Co ct all in pd General Electric Co Great Northern Pfd Green Bay W & St P TrRec Illinois Central Laclede Gas Co. of St L.. Lake Erie & Western. . Lake Erie & Western Pfd Lake Shore & Mich. bo'n. . Louisville & Nashville.... Manhattan R'yConioi... .Michigan Central... Mo.. Kansas & Texas Pfd Mexican Central Mi.ssouri Pacific National Lead Co Natioiiai Lead Co Pfd . . . N. Y. Cent'l & Hudson Riv NTLZ& w J p 11 CO ct 1st in pd N Y&N E tst CO ctj all m pd N. Y Ontario i uih 87« 13% 37H mi 77H. 15. 19Ji 85 6SH 70% 76?i 10j*^ 45 46 167 167 . 183^i U3H 83'k 87?^ 28 2:% 186.643 8 90 8 77 8.90 &B1 8.S6 8 68 I 8.90 8.78 9 04 8.76 8.99 8.86 912 6 85 9.08 8.93 67k 66fl,' 68% 65% 7m 69%' 71% 69V6 85 84% 85 34H 35 84^1 85 85 6094 69%' 61% 59% 64% 64 I 65% b3^ 2.% 27 27% 2(i% 29 2m\ 29% 28^ 1784 •:794' 18 1794 20k -20% 20% 80)^ 8,27 8.27 8.30 8.30 9 45 9,37 9 46 9.87 5.75 5.70 .5.77 5.75 5.02 4.97 5 73 5 72 5.75 5 72 5 05 5 00 I 4.80 4.77 ! 4 77 4 75 86% mi m'i 18% 6% 21% 08% 2494 12% 88k 43k 11^ 15^ 13% 40^ 894 16% 22k 93'4 15% 6% 86% 86% 101k ii' 81 24% li^ Jlonday. Oct. 14. 22% Si% 10994 101% 97% 2194 55" Xl2H 19% 86 71% 77 '^ 43k 105% 10894 lom 96 21k 65 112^ 19W. 6894 76H 12694 7?% 43 io;k « 44% 14494 14-494 169 168 133 183 24k 8.'J94 87% a % 28% 28 Vi" 78 62% 6:% Hi Tuesday. Oct. 15. 109% 8694 37H 86% 101% 101 12k 12% ii*% 18% 33 3594 6% 6% 1894 IS9< 81k 80% 21% 2094 2,S94 23 73% 73k 109k I08k 101% 101% «4% 93% 2-'% 21% 6194 61 5ok 55% 19% 19% 87% 8.5% 70 6894 ,77% 7094 127 12694 79 77k 44% 4.3% 107% 105% 459i 4i% 145% 14^94 168% 168% 1;38 133 53% 68% •■ii<4 23H 38% 83% 24 SI 151% 15i' 62% 61% 68% 2494 12k 88k 4294 43% Ilkj 11% 15%, i54i IW 14% 79%' 81% 40% 8H 894 16% I6k 82 21 92% 98% 15k 15% •■• 48% 68V. 24^. 12k S^ 42% 11 15% 13% 111 88' 8i% 35k 91 101% 109k 8694 8;!% 81% 91 100% Wed.. Oct. 16. 28 23 109% ;c794 101 lol 94k 22% 62 6594 9.'94 21% 62 55% i&% 68-»4 7694 494 19 81% 18% Sftk ■4% 18k 3J% 21k 8094 I 2494 12% 38% 11 16% 789417894 8% 16% 22% 9294 15 48% 81.877 162.145 ■ ■ ■•• 9.00 8.9J 8.85 8.83 a98 8.90 8,97 8.91 9.08 9 01 9.04 8,99 u 16 9 09 SSi". 67k 67,'. 6694 7m 70% 70,', 69i| arM 3.1 35,', 85 85% 85 85% 85A 61% 60% 60% 60 65% 64k 64% 64 27% 27k 2rk 27k 29% 29 29k 29% SW% 12% 88 42% 10% 15% 1894 7694 8% 8% 9% 23k 93k 15% 4894 9^ 22% 92% 15k 48 191,064 9.17 9 17 9 20 9.05 9 81 !S 0.83 9 22 68% 67% 71% 70% 85% 85k 85% 85% 6lk 60% 65k 64k ■27% 27% 29% 29k 17% 1794 17% 17% 18k 18% 20k 20k 20k 8,40 8 40 8 50 3.50 9 47 9 42 9.60 9.52 6 78 6,72 6 77 6,77 6 77 5.75 5 82 6.80 6.10 5 05 6.25 5.10 4,S2 4 77 4.85 4.8iJ 20% 20% 8.45 845 9,65 9 55 6 78 6,72 5.88 5.80 5 12 5 02 4S5 4.82 1994 87% 0994 77% 127% 127 79 78 44% 4394 •07% 106% 45k 45' 14694 14'''^ 169 168% l:i3U 132% 5.3% 5S94 24% 23% 38% 8794 161 161 62% C194 10k 110k 100 100 37% 37 87% 87' 91' 9i' 101 100% 12k 12 53% 63% 8% 18% 1 3694 3tik 59i 5k 494 494 19 19 30% 8.)% 21% 20% 68% 6Sk 24k 24 12% 12% 88% 88 43% 42k 11% 10'/ 16 IbU 14k 14 79% 7794 4 k 40^ 8% sU 9% 9 23% 22% 93 93% 15% 15 48% 48% 185 651 9.26 9.17 9 26 9.10 985 913 944 0.25 68k 67 719< 70k 35% 35k 86 3594 61% «0k 65% d4% 28 2792 2994 ^'»? 18% 18k 20% 20% ■■42 8 40 9,52 9.45 5.70 6 67 8,77 5 72 iS.05 5 05 to date. 2394 ii 78% 71k }ll% 107% 102 101 <01% 9294 2:3 2f>94 64% 61 5594 64% 11494 ink 20k 19 8794 6494 7292 6.594 ,77^ 75a l27k 126% 7914 75% 41% 43 107% :04k 4«94 44% 249? iSk 14694 148 174 1«7 134 181k 54 »i% 25 8294 3994 87 . k ' U 102 101 29 27% 25% 28% 78% 77k 151% 160% 64% 60-»4 112% 109k lOlk 100 i-^k 36% 13% 13., 39 85% SiSM 84 92% 91 10294 100% 13-94 11% 63% 63% 19 18 3794 3.594 594 6k 5k 4K 19 18% 3?% 80% Sv4 394 22 20k 173% 178 69k 67k 24% 24 !8k 12^ 40k S794 4.5% 41% I2k '-O'A 16% !6k 14% 13% 7694 40% 7% 16 86 42 9 17 9% fl 24 81k 93k 92 16% 14% 49 47% 9.2"5 8.T0 9.26 8.a5 9.35 8 74 9 44 8-81 68% «5 7194 6894 36 84% 36 349-4 6294 5894 6i)% 62% 28k 26% 2994 2894 18% 17k 20% 80% 8 50 8 25 9.65 9 87 5 85 V67 5,90 5 70 5 5.1 4 '.>7 4,77 I 4 98 4.75 ct- 1894. 82k 26% 77 74k 8894 80U 92% 89k 101 96-^ 7694 W " 52% 49k 112% 90% 1994 1:91 749i 7IM 76k fi*^ 62% 59k :20k 118% 61k '^Sk 86 .92H 104% 9S% 145 142% 39% .36 19 17^4 :22 llCk 171% 16.5k 184 119% k 82 % 33% 104 101 4% 3% 94 90 19k VH 18% 16 72 69% 136% 1.90% 56 52H 116% 101% 99% 98 22k 21 2^i 8-(k 40k 86% 100% 97^ 1494 129-4 ,33% 81 16% 16k 45k 41 4'W «94 4% 4 l',)k 16% 20k I4>4 4k 3% 20% 1'1% 162% 467 1794 11% 40 14 9% II ^'* 59 88 1394 4.'94 18>« 10% 12«t 10k 60H 419^ 6% 6 1494 13% 89% »:-H 13 II 45% 3'^% 6.0! 6 41 6.12 5 44 0.20 6 49 6.25 5.54 58% 65 63 ^ 59k .57 52% 55% 52% 5455 51 V« 60 56% 62 46% 61% 4894 30% 2'% 3494 8.94 13.30 1184 13.37 11 57 I 8.32 6.S5 t 7.75 6.6.T 7.35 6.30 687 6.85 I OLD PORK, Chgo.-bblB. 1895 .... bbU. 18941 WHEAT on passage. 26.720.000 bush. 25.264,000 '• CORN on passage. 6.800.000 bush 8. 184,000 '• Russian Shifrnts. for wk, 3.024.000 bush. 2 104,000 " Indian Sbipmts. for wk. I Argentine Sbpts. for xvfc. 186.000 bush. 8,000 bush, 220,000 " 1 t Sine. Aug 81. • Since June 30. Compiled and Copyrighttd hj> QiLM'P & COMPANY. BANZEBS. MILLS BUILDING. NEW YORK If-C, TtClcchip riDarhet letter. CopyHuM, 1898, 6» Ctmpp Jt Compm»r, ^*' OWIQHT O. CLAPP. CLAPP & COMPANY, Banhers anb aSrokers, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. BXAMH j 277 BROADWAY, Corner Chamber* 8t. PRIVATE TELEQRAPH WIRES. Offkjm: j 621 BROADWAY (Cable Building, Corner Houston). LONG DISTANCE TELEPHONE. i. 753 FIFTH AVENUE, Corner 58tm St. Cable Address: "Ozro." New York, Thursday Morning, October 24, 1895. • ,''^^ OUTLOOK. — Nature's bounty may be unconvertible because excessive. Tlie seeming calamity that withholds may hide a blessing. The fewer fibrous flakes that journey from field to loom in 1895 are leaving a glow of golden satisfaction in the sunny South that the silvery surplus of 1894 could not give. When two pounds of cotton buys a bushel of corn, free labor can scatter flowers on the emancipator's tomb, and the new South return to the prestige and power of the old. STOCKS AND BONDS. — Bonds. — Speculation in bonds is not prominent. Government and some others are a trifle lower. Good issues can be sold readily. Railway Stocks. — The gross earnings of roads reported and representing about 60 per cent, of the total railway mileage show gain of nc.irly |19,000,000 in seven months ending August 31, and the net aggregates about |11, 000,000, or 10.56 per cent, gain over 1894, Immensely better conditions exist, with prospects far superior to those in sight a year ago. Earnings will likely soon begin to prove an important factor in creating sentiment and a high rate of dividends. The Northwestern, St. Paul, Burlington, Rock Island, Great Northern, Northern and Union Pacific, Jlissoun Pacific, Atchison and other grain carrying roads will likely have a tonnage in 1895-96 not equalled in recent years. After election and before Thanksgiving a better investment demand will likely exist in Wall Street. Many specialties may advance in November, and the month prove a fortunate one to venturesome traders. Industrials.— Sanguine Sugar people claim the next Congress will create a duty for revenue, and that will help the stock. Chicago Gas reorganizers are being opposed by some of many shrewd men in Wall Street. General Electric, Cotton Oil, Lead and Cordage are all likely enjoying ordinary business and profits. The industrial stocks are likely to take second place this winter. COTTON.— The amount of cotton m sight the 18th was 1,523,477 bales, against 1,844,508 bales last year, and 1,434,704 bales same time ill 1893, when the crop was 7,527,311 bales. The world's visible is 2,891,426 bales. Mill stocks are much larger than ever before. Counting the visible and invisible and crop the available supply is 10 or 11 million bales. Consumption of American cotton in no year has exceeded 8,300,000. Exports to 18th were 472,342 bales against 743,673 a year ago. Generally the October, November and Decembitr movement ranges from 20 to 22 per cent, per month of the crop grown. We see no reason why this month will fall out of line on averages, or for spinners or exporters to become alarmed until more proof is furnished to indicate the size of the present crop. Several of our correspondents say the fields will require picking more times than last season, when only one or two pickings in some instances completed the work, and that cotton fields are now black where they were white a year ago, and many gin mills are running on half time. Many very con- servative people claim the crop will be 7,250,000 bales. The Chronicle predicts it will likely exceed 7,000,000 bales. Others equally conserv- ative and more closely allied with cotton and Southern interests claim we will not have more than 6,750,000 bales, while New Orleans traders say it is but 6,500,000. These folks believe in ten cent cotton before Christmas. Some seem to forget that to corner cotton in October is different from trying to corner the remnant of a crop in summer. Feb. 28 we pointed out the great opportunity to make money. Cotton was at 5.37 to 5.40. Our last week's letter closed by saying: "We think it well toactcautiously until the demand from spinners and exporters increases. Janu- ary cotton having sold at 9.44 the d.ay before." In our daily letter October 17th we said: "The press and monetary interests are against further rise, and many commission houses refuse orders unless with double customary margins." October 18th again said, " Wall Street mon- eyed interests appear determined to move heaven and earth to break the price and relieve the Exchange market." And October 19th, "we would not be surjirised to see our market recede a full cent a pound from the dizzy height it reached last Wednesday, the 16th," and October 21st, that " liquidation and stop loss orders have caused a decline of 116 points, or equivalent of $580 on 100 bales contract since Wednes- day last, when we warned our clients against purchasing." October 19, in a sjiecial personal letter we said : " The best and heretofore safest authorities agree that the two crops of 1894-5 and 1995-6 will show output of about 17,000,000 bales of 500 lbs. each, and that total supply for two years will be ample. Our letters from the cotton states all agree that the crop is very short, and picking will be completed early. The market is likely to have many sharp fluctuations, and warrants buying on breaks or selling on sharp rallies." "WHEAT. — The net imports of wheat and flour into the United Kingdom for the year ending October 1, was 196,849,232 bushels. Sales of home grown during the same time were but 37,670,000 bushels. Their estimated requirements for the present year are 230,000,000 . bushels. Their home crop about 15,000,000 bushels less than last season. Latest reports from the Argentine crop indicate a full average yield. Germany's crop is estimated as 104,000,000, against 111,000,000. Her potato crop is expected to exceed an average. England's potato crop is large with prices only about ten dollars per ton. Italy has a wheat crop of about 103,000,000, against 118,000,000 last year. Spain estimates a yield of 92,000,000, against 105,600,000 in 1894. Koumania reports an exceptionally abundant crop. Greece, that thecrop is unexpectedly short. Russian reports vary but on the whole seem to indicate an average crop. Their rye crop is reported heavy and better than expected. Their wheat exports continue large, their weekly shipments of late being about 40 per cent, in excess of ours. Their port stocks are about 8,000,000 larger than last year, and have increased about 7,000,000 bushels siuce July 1. Northwestern receipts seldom have been larger. Merchants long in the trade think the movement will continue large the balance of the year. Chicago receipts and shipments of grain have been double those of year ago. Primary receipts to date are 73,000,000, against 81,000,000 in 1894. Drought reports are common. The Mississippi River at Memphis and many points has seldom been lower. Winter wheat sections are buying futures in conse- quence, and watching the weather more than cables. Dornbush writes: "Trade blindly follows the engineered movements in American markets, and further says, continental stocks are about 28,000,000, against 30,000,000 last year. Wheat seems to be accumulating many friends who favor buying for December delivery whenever they can at or under 60 cents in Chicago. CORN. — The crop is ample and will likely be secured in good condition. Consumption and exports will likely exceed all records. Short selling of December and May futures probably was never larger at this season, or sentiment more bearish. We think it is barely possible the bears have discontinued all corn possibilities and may ere long pay the penalty. PROVISIONS. — Speculation remains dormant while packers appear willing prices should further decline. Chicago packing shows increase for the season of 172,000 hogs. Packing from March 1st to October 17th. was 7,440,000 hogs against 8,.115,000 same time last year. Yours truly, CLAPP & COMPANY. 187 CLAPF & COMPANY,' Bankers and Brokers,- Mills Building, Yearly cotton yield of the world since 1890, in bales of 400 Iba.; average consumption, compiled from Govt, Chronicle, Sheppardson, Ellison. THE WORLD'S COTTON PRODUCTION AND CONSUMPTION SINCE 1890, IN BALES OP 400 LBS. World's Cotton Pbodcctioii. 1894-95. 1893-94. 1892-93. 1891-92. 1890-91. World's Conscmption. 1894-95. 1893-94. 1892-03. 1891-92. 1890-91. United SUte« India. *Chu«| Uezico and scatterlDg!!!! 12.548,600 1,717,000 1,300,000 1,100,000 8,920.000 2,311,000 1,219,855 1,594,145 8.044,000 2,22:3,000 l,2tK),135 1,346,863 10,645,000 2,413.000 1,145.635 1,067,365 10,170,000 2,229,000 (5S;i,880 1,856.000 Great Britain .„.. Continental United States Indian 4,204.000 5,0!»6.000 8,219,000 1,200,000 2,(K)0,000 225.000 4,100,000 4,784.000 2,830,000 1,155,000 1.070.000 125,000 3,706,000 4,576.000 8,189,000 1,170,000 1,000,000 50,000 4,080,000 4,524.000 3.290.000 1,300,000 1.076.000 140.000 4,318,000 4,527,0.0 2,fl58.0Li 1.100,000 1.008,000 .120,000 •Egypt, Chi., Jap., Can.. Mex., etc. Burnt and otherwise destroyed . . . Total crop TisiMe and Invisible, August 81... 16,665,600 3,951,400 14,045,000 2,800,000 12,874,000 2,540,000 15,271,000 2.207,000 14,738,000 1.434,000 Year's consumption Invisible supply, August 31 Visible supply, August 31 16,664,000 1,253,000 2.700,000 14,064.000 528.000 2.253,000 13.761,000 263,000 2,400,000 14,410,000 46«.00O 2,600,000 14,091,000 844,0('O l,737,0tiO Total available supply for the year 20,617,000 16,845,000 16,414,000 17,478,000 16,172,000 Total consumption and supply 20,617,000 16,845,000 16,414,000 17,478,000 16,172.000 THE WORLD'S EXPORTS AND IMPORTS OF COTTON SINCE 1890, IN BALES. ExPORTDta CoUNTaiBS. United States, In bales of 600 lbs. . India. In bales of 400 lbs HBTpt, reduced to bales of 400 lbs. 1894-96 6,719.718 757,000 629,500 1893-94 5,281,494 1,226,180 664,207 1892-93 4,402,890 1,049,779 079,816 1891-92. 1890-91 6,864,921 1,098,804 620,750 6,778,835 1,129,000 532,000 Iia>oaTi268 28,603,769 1892. 78.3 85.9 86.9 82.8 76.8 73.S 7.71 6.50 6.26 8.39 8.7 65.18 2,025,000 681,471 2,706,471 8,8:50,508 692,.304 79,328 1,762,785 76,560 6,804,921 416,5:56 310,932 13,275,000 2.002.8G9 1:5,228,277 313,000,000 128,6.» 1890-91. 20,910,000 194 409.84 8,(5,55,518 4,689,192 1,666,145 6,993,150 68,118 90 26,651 89,116 20,908,817 1889-90. 1891. 77.5 85.7 68.6 88.9 82.7 7B.7 8.60 6.83 6.00 2.96 10.0 67.36 1,925,000 605.916 2,5:50,916 8,319.004 661,246 82,010 1,828,374 68,867 6,791,4:54 228,684 12:5,990 12,925,000 1,856,000 13,472,857 350,000,000 65,929 20.173,000 169 496.18 7,313.726 8,8:51,607 1,429,192 6,876, 1. 53 46,841 669 19,142 28,278 8,606,649 1888-89. 1,800,000 549,478 2,849,478 2,844,858 475,144 87,842 1.509,003 65,240 4,906,000 61,209 17,:505 12,825.000 1,725,000 9,999,270 308,000,000 14,570 19,781,000 163 495.66 6,935,082 'i,46d.'r8b' 6,647,757 43,903 147 20,336 23,045 7,973,039 1887-88. 19,428,000 165 485.:55 7,017,707 1890. 75.8 88.8 98.4 80.5 85.5 60 11.07 7.00 6.00 8.84 10.1 68.16 1889. 87 86.4 84.6 89.8 8G.6 81.4 10.65 7.00 6.50 - 3.81 0.9 99.33 1,829. 486, 2,315 2,841 413, 107, 1,380, 4,736, 66, 84, 12,725, 1,450, 10,212 292,000,1 1,000 603 ,603 ,635 ,667 3.56 0H7 Oil 000 :5(M 515 000 ooo 4:50 ,000 1880-87. 18,'.)94,000 1.57 486.02 6,513,623 1,441,920 1,292,167 1 88.5-86. 18,710,000 100 4a'i.40 6,500,215 39,.571 841 19,68.5 20,r).'<0 6,497,592 1,770,000 443,:573 2,222,373 4,628,000 1888. 79.9 88.2 88.7 87.8 83.8 78.9 10.03 7.25 6.50 8.81 9.8 65.83 73,02;i 12,275,000 1.250,000 1:5,013.180 200,000,(JO0 45,1:57 2,871 20,516 26,651 8,924,531 1,687,000 422,000 2.109,000 4,445,000 1887. 82.4 96.9 97 93.3 82.8 76.5 10.21 7.15 6.00 8.33 9.05 68.71 65,408 12,275,000 1,22.5,000 14,929,.342 257,295,000 1,260,279 37,672 1.610 10.963 16.428 5,072,.'534 1,781,000 38.5,000 2,166,000 4,.3:56,000 ISSO. 80 88.7 80.1 81.3 82.1 79.3 9.28 6.76 6.00 8.81 9.9 64.68 1 -3.5.000 12.200,(;,'> n,836..5fliv* 269,989,000 1886. M 93 96 96.9 87 78 1045 6.75 6.00 8.12 10.6 68.5< • Estimated. 119 plants employ nearly 18 mflllon dollars tnespttal In manufacture of cottcm seed, dl and cake; IS establishments engaged In cotton cleaning ; 62 In compressing • 1,687 |b ginning j 905 in the manufacture of cotton goods j 3 of cotton ties ; 31 handle cotton waste. The 2,641 concerns aggregate • cojaltai of $366.9&Z,S44 j Ui^ employ 28a,8(R Md^ tmi s"^ o»t *" w««80 nnniiii(Hy |7l,71M^ VaU fiiver en^plctys $20,478.0(10. vhich netg 6 to 8^ per cei^t, in dividend*. 188 ' IV York, Annual World and United States' Cotton Crop Letter. ind other reliable reports; and production, consumption, estimated value, interior and port receipts and exports of U. S., and in detail by Statea, PORT RECEIPTS, EXPORTS, INTERIOR RECEIPTS AND STOCKS, BY STATES, SINCE 1880, IN BALBS OF 800 LBS. Statbs, Aorkaob and Spikdlxs. I TBI AS, Indian Ter. Incl, crop (6,854.621 acres) .. Consumption (spindles 40,4;iO) Galveston port receipts Galveston exports to foreign ports and Mexico. Galveston stock Aug. 81 Receipts at interior points, year ending Aug. 31 St4ick at interior points Auk- 81 AOUl.SIANA crop (1,313,290 acres) ConEUmption(HpiDdlfS t>!,82)i) New Orleans port receipts, yeiir ending Aug. 31 New Orleans exports, year cuding Aug. 31 New Orleans stock Aug. 31 Receipts at Shreveport Stock at Slireveport, Aug. 31 AI.ABAMA crop (2,6GI,861 acres) OansuniptioD (spindles 1(J3,4(JU) Uobile port receipts Mobile exports Mobile stock Aug. 31 Receipts at interior points ,. Stock at interior points Aug. 31 GEORGIA crop (3,610,J)Cti acres) Port receipts Consumption (spindles 551,806) Savannan exports, including Sea Island Brunswick exports State |>ort stocks Aug. 81, Including Sea Island Receipts at interior points Stock at interior points, Aug. 81 TENNESSEE cn>p (879,954 acres) Consumption (spindles U5,8(ili) Receipts at interior points) Orerland shipment direct to manufacturers... Stock at interior points Aug. 31 ARKANSAS crop (1,483,319 acres) Consumption (spindles 6.14^) Receipts at Interior points Stock at Interior points Aug. 31 , MISSISSIPPI crop (2,826,272 acres) , Consumption (spindles 55,393) Receipts at interior points Stock at interior points Aug. 81 , MISSOUKI crop (63,696 acres, iuc. in Tenn.) , Consumption (spindles 0) , Port receipts at St. Louis , St. Louis stock Aug. 31 , KENTUCKY crop (8,243 acres, ina in Tenn.) ..... Consumption (spindles 51,756) , Louisville receipts Louisville stock Aug. 31 FLORIDA crop (201,021 acres, inc. elsewhere)... Florida ports receipts Florida exports NORTH CAROLINA crop (1,296,523 acres) Port receipts Consumption (spindles 612,509) Wilmington exports Washington exports Port stock Aug 31 Receipts at interior points Stock at interior points Aug. 31 SOUTH CAKOLINA. crop (2,100,391 acres) Port receipts Consumption (spindles 619,849) Charleston exports (inc. Sea Island) Port Royal exprts (ina Newport & Georgetown) Port stock Aug. 31 (inc. Sea Island) Receipts at Interior points Stock at interior points Aug. 31 VIRCilNXA crop (61,128 acres, inc. in other States) Port receipts Consumption (spindles 127,408) 'Norfolk exports ■ West Point exports. Newport News exports. 'Port stocks Aug, 31 INDL^Jl TER., OKLAHOMA ,3'i8 1,407,:«1 11,151 l,989,:i24 4,583 800,000 10,429 2,.584,115 2,053,8:J1 67,855 119,:i«0 1,478 1,000,000 64,972 240,220 122,995 5,407 S38,568 1,709 1.. 300,000 1,087,724 218,085 545,C:.7 103,394 5,849 706,214 6.203 850,000 30,914 64.3,228 1,157,251 2,114 850,000 2,103 197,;SS2 876 1,800,000 15,757 817,107 1,014 1893-94. 1.900,000 10,050 1,067.730 811,368 20,313 1,204,920 13,196 629,000 14,718 1,893,094 l,fri0,811 30.767 78,:j55 1.510 792,000 47,438 mi 25 84.600 2,7HM 811, .WO 2,580 1,046,000 1,06.3,297 170,303 516,.322 71.310 9.223 624,389 8.344 280,000 24,807 52,5,528 620,490 5,317 632,000 1.210 105,943 230 1,021,000 14,469 226,575 4,091 1892-OS. 071 938,376 7,644 18,018 10,819 249 60,000 81,314 800 465,000 268,182 221,264 202,270 849 63,162 1,045 800,000 586,432 229,580 840,753 158,389 35,340 770,823 32,383 188,324 107,158 83,303 6,553 135,633 16,283 881,494 5,7ffi 167,940 277,806 8,500 164,706 67,352 2,509 167,940 287,466 2,900 137,107 80;j,476 160,558 74,839 4,095 2,694,121 853,352 1,840,709 9,892,706 5,040,433 7,882,163 6,719,713 280,063 88,542 860,618 &16 621,835 17,872 1,850,000 10.943 1,103,724 813,821 16.717 1,208,533 6,645 609,000 16,999 l,6O2,0C9 1,3:«,600 87,051 64, I. M 2,497 600.000 41,409 171. .WJ 3(;.4.'''6 5.42.') 177.287 4,508 9.34,000 92.'j,3(;9 187,702 80,7.'>5 11,499 51.^!M3 12.612 25.'').000 ;«,370 404,064 858,905 8,858 674,000 1,110 66,574 8,519 851,000 16,310 192,467 9,902 1,5.'J9 409,209 19,502 1891-93. 2,032,000 9,104 1,198,443 848,9.36 25,051 1,802,022 8,419 798,000 16,087 2,603.251 2,102,859 05,:i26 105,H84 5,163 1,010,000 39,709 2e7,.Vjrt 37,806 8,391 812,n4 6,315 1,245,000 1,194,417 178,9.54 507.043 103.790 9,729 644,408 10,:3C3 865,000 33,759 818,599 1,199,094 24,774 82.5,000 1,567 125,059 2,060 1,830,000 15,122 233,911 6,729 189001. 15,.509 7,064 417 56,000 87,797 500 447,000 228,184 170,179 107,404 88,:i44 1,375 61,325 433 675,000 42:j,283 210,i« 324,308 81,7.53 11,740 42,279 60 '967,262' 27,048 174,010 95,964 48,210 2,721 7,225 247,053 8,001 62,826 156,266 8,000 69,411 83,981 1,480 101,8&1 230,844 2,850 70,529 792, i:« 92,480 83,000 61,052 '2','^',.329' 723,329 1,675,000 7,527,211 8,952,285 6,983,393 6,231,494 18;i,737 57,:J35 - 47,317 15,.509 8,710 570 45,000 81 ,.328 7,010 888,000 188,a35 182,047 131,995 27.9 ,7 1,740 44,(>J8 890 687.000 264 179,:356 «8.on t,404 816,6^4 1,327 91,*18 1:21,943 200 81,615 87.504 1,073 72,912 140,.S25 1.448 115,0,50 rr5A'43 17,574 67.975 40,840 '2,'34'9',478' 549,478 1,800,000 7,313,720 8,5:39.044 6,876,153 4,916,847 61,029 9.790 17,a6a 10,308 15,215 83 65.000 83,939 4:35.000 217,109 100,733 100,7C 114 64,054 85 6.50.000 400,539 124,459 257,524 130 15,310 974,409 21,037 544,054 42 124 865,896 3.272 65,026 199,271 946 61,S£) 69.238 2.585 ia3,oa3 234,750 1,415 129,297 1,080,291 25,899 75,000 43,90:5 1,0(!0 2,315,00:3 486.003 1,829.000 6,9:«.0O0 3,543,334 5,M7,757 4,742.745 66.304 \3.444 MSl.OOO 800 6.89,701 833,956 4,289 697,320 1,9U 486,000 9,517 1,780.,375 1,622,087 19,7.30 80,95:3 409 740.000 2.5,0.55 207.377 62,488 1,511 265,302 1.594 1.000,000 960.927 140,481 440,230 7,228 605.5:31 2,a30 860.000 84,724 710,1.50 971,703 3,fl05 800.000- 1,199 66,215 1:34 1,075,000 14,705 142,584 128 2,100 627,900 3,905 8.996 13,615 I'M) 65,000 84,900 3,446 4,SO,000 212,553 80,485 121,903 380 57,315 72 605,000 441,825 100,080 287,621 j 1,692 18,440 1,845,000 180 751.252 43:3,713 4.228 806,340 7,211 460.000 9,100 1,764,1.51 i,47i,6rA 17,:34:3 105,410 840 685,000 38,646 216,143 46.807 478 231. 4C6 3,.5.37 920,000 8:3.5,.5a3 135,170 489,743 7,393 460,003 2,018 870,000 80,727 718,440 795,070 4.638 744,000 1,415 77,204 693 935,000 13,72:3 123,940 975 1885-80. 1,855,000 2,300 417,007 4,140 8,291 12,515 179 60,000 27,212 976,314 19,731 467,761 1G3 863,521 1,005 5.5,101 164,111 550 87.500 73.8:31 2,355 18.290 t41,727 1,500 97,584 918,981 142,188 75,000 89,591 443,373 1,779,500 7,071,000 3,480,581 5,602.6:33 4,6:).S,9ei 181.225 1.5,:375 73,028 4'20,orx) 196.6:37 08,627 109,691 655 64,150 23 630,000 889,604 97,.538 277,016 1,289 2,157 13,741 815,391 17.002 439,577 628 895 341, .300 2,155 60,4»4 132,905 410 58,.V« 65,535 8,770 105,417 153,314 8,000 97,207 &17,S>3 36,824 45,000 45,137 '2','l47!l79' 397.929 1,749,2.50 6,514.0U0 8,375,004 5.320.024 4,4.5,S,:326 &i,088 23,830 66,408 7:33,.371 836,718 0,762 781,519 9,778 495,000 1,764 88.3 l,656..5.5a 16,5W 81,428 1,880 MS,000 248,528 47,418 2,H50 207.33:3 2,271 980,000 813,855 401,930 6,453 658,819 12,029 800,000, "bst'aoa' 813,529 4,252 650,000 61,725 143 •75,000 'iSleiT' 623 473,471 S,924 14,492 814 65,000 64,143 20 4.50,000 168,350 78,213 108 i. 66,408, 275' 605.000 602.900 "33f.',386" 2,.3.54 4,709 12,957 810,792 313,689 <,507 953 887,175 4,398 66,058 172,413 7,651 66.529 62,920 11,107 130,421 189,637 6,015 66,893 847,831 107,859 60.000 S7,0r2 4,924 1,997,070 840,000 1,6.57,076 6.5.50.000 8,444.613 6,390.686 4,343.991 173,723 48,060 136,000 '''-^^SB^^^B^'EIW^^^^^^^^^^.B^^^r'-^ - isy CLAPP & COMPANY, BANKEES AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QQOtatiODS for Stocks, Cotton, Grain and ProYisions tor Week ending OctoI)er 23. 1895, and tor October, 1894. Par value of all stocks $100. except D., L. & W.: P. & R. and Am. Tobacco Co., PEOM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COMPARISONS. Wekklt Salxs. 800 1.460 124.945 1.776 85.229 17,300 515 S.401 866 S.810 89 406 85,965 66,373 61ti 17,555 510 15.115 408 &.475 4.125 6,747 3j2 1,183 1,210 £0,835 6887 100 175 10 045 400 285 l.I4> 84.795 13,1144 5tl2 19,963 19*294 1,476 1,402 1,100 2.U70 4.646 2.590 2.125 602 1,625 7,030 600 68.443 1 582 46.000 2.600 7.958 5.423 68,734 8,115 10 038 3,5;w 84.671 1.651 6.189 460 660 11,195 I0.SO8 19.810 605 Capital Stock. 120,237,100 10,198,600 36,773,000 86,773,000 17,900,000 25,000,000 15,000,000 22,488,000 60.805,400 82,262,700 24,885,800 46,027,261 25,933,900 46.156,000 18.559,360 39,054,907 22,335 170 28 000,000 11,696,000 35,430,060 26,200,000 35.000.000 38 000,000 34 091900 30,459,700 25,000,000 8,000,000 50,000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800,000 30,000,000 18,738,204 13,000,000 47,844,100 47,4.36,576 14,905,400 14,904,00«> 89,428,300 77,427.000 20,000,000 58.119,982 13000.000 39,767,200 49,000,000 89.269,546 20,000,000 8,500,000 40,426,861 36,000,000 68.402,966 125,000,000 60.000,000 19,850,000 .38,710,900 6O,868,.50O 52 9H 1,600 52,361,500 20.166.000 18.858 500 7,418,300 28,000,000 24,000,000 94,820,000 10.000,000 4.500.000 DivrDKND Record. Nambs or Stocks. ]Amerlcan Cotton Oil Pays 3pc J-D I American Cotton Oil Pfd Pays 3pc 0-J-A-J. Fays 3Hpc J-J Pays 3pc F-M-A-N. Paid 2dc 1895 Pays mpc F-A Pays IHpc F-M-A-N. Paid Ipc Dec. 1894 Pays Ipc M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid ^pc Oct. 1895.... PayslV^pc J-D.. Pays2!^pc J-D.. Paid 3dc m 1893. Pays 2pc M-J-S-D Pays 7pc per annum. Pays 7pc per annum. Paid IK'PC Jan. 18!i3.. Pald2pc AuffostlSOS.. Pays 5pc per annum.. Pays 2)^Dc M-S. Am. Suffar Refining Co Am. Sugar Refining Co Pf. American Toiiacco Co Atcli.Top. & S. F. all ins.pd Baltimore & ODio Canada Southern Central of New Jersey.... Chesapeake & Obio Cliicago. Bur. . i>. Co.... Peoria, Dec. & Evanaville Philadelphia & Reading.. Pullman's Palace Car to. Silver Bullion Certificates Southern Pacific Co ., Southern Railway Southern Railway pfd... Paid Ipe in 1887!."!!.'!!iTenn. Coal. Iror * R K Co Texas & Pacifio I'aid 8^pc in 1884,...!!|Cnlon Pacific U S Leather Co Pay8 2po Nov. 1895 ] U S Leather Co pref Paid2Jr^pc March 15, 1895!united States Rubber Co. |U S Cordage Co 'Ir Co ctfs 'usCordgeCopfdTrCoct^ I Wabash iWabash Preferred Pays 1)4pc J-A-J-0 iwestern Union Tel. Co... I Wheeling i Lake Erie 1 Paid Ipo in Feb. 1894 Wheeling* Lake Erie Pfd Pays l^pc F-M-A-N... Pay.s .3pc FA , Paid2pc August 1803..., Pays i>^pc J-A-J-O.... Paid 2pc in July 1895..., Pald.3pc 1891 Paid Ipc in Oct. 1895.. Pays l?ipc M-J-S D... Pays Ipc J-A-JO Paid IHpo Nov. 1893.. Paid Ipc April 1892., Paid Ipc in 1887..., Pays 2pc F-M-A-N. Total sales of all Stocks each day and for the six days. 37.730 COTTON, in ba es. I World's visible. 1895 2 891426 18941 3 704.356 I V T- f October . Total In slghttl Total Exports. "• ^' \ November, 1,.52.3.477 420.812 i ColUm ! December. 1.844,508 706,994 I January. WHEAT, in bushfls. I U. S Visible. Primary rec'ts'*! Total Exports. 1895 46 199.000 I 73.000 000 37.117 021 189l| 76 659,000 I 81000 000 | 61.340 628 Wheat. \ P.tl^'"'*''- Corn. ( May. . ^ December. • llttay CORN, in bushels. I U. S. Visible. 1895 6.479 000 18941 8.899 000 Primarv rec'ts* 34 Odb.OOO 25.000,000 I Chicago l December. Total Exports Wheat. ) May 18 955 300 ip„„ (December. 2.061310 ^""'•••)May. OATS, in bushels. I U. S. Visible. 1895 4 380 000 18941 9,144 000 N.T. Stockt, 735 377 8,907.124 Chgo. Stooki. 618000 1,402 000 Oata. Pork. ,t December. 'May ^ October. . . 1 January... I LARD-tcs. I CHICAGO CONTRACT STOCKS. World's vis. PORK-bbl-s LARD-tcs., RlBS-lbs. 18951 249.794 I 92.397 ! 29,689 I 22.211.000 'Lard.. October. January. 1894 115,451 24,658 I 9,028 I 11,338,000 'Rlh« ' October. l"'"*--' 'January. Thursday. Oct. 17. 108^ Ml 93 629k 55 112 S6H 699^ ink ik\i 107 44^ 143 53H 24 lOO'xi 1009$ mu 8l9i 62** 54Ji 112 \M 85'4, 68^ 7fiH •n% 106JS 146?i 1329i 5.% 23H 37?i Friday. Oct. 18. 74 103 lOOVi 93?i 21?6 74 107 lOOM 21% ua 112 69 78^ 43% lor 148 147?i Saturday, > ct. 19. >07^ 100^4 95 21% 111^ 19 865^ 7o« Monday. Oct. 21. 22% . 71H imi io;% Tuesday. Oct. 28. 28 28 17% llh, 37?i z 27 23H 62 100 37 87k 100% ll?* 36 15m 109)^ llOM 100 I •••• 37 87 '.. 91 iofl9i'ioi« 11^1 11^ 18H '8?fi 85^4 ^^ 18^ em 76^ *^\, J,, 106^ loe^j 148 ... 44 83 23^ 147>4,1''6 ... 163 ... 182H .. ! 53 iSH •«% S7H 37 lOO 24% HH 23>» 204 61%'6I« 109H 109H {100 36K 86% SOJi 83J4 21 176 24 vm 37% 42H 10?* 15M 14 7?H 40H m 20%' sm 172 1 172 ... I 67U ZWa i"% 12 I 12^ 379i 38 *'^ ti, loH 'OH 14^ 15 iSi 77% 40Vi 41 8% »i4 16« 86?i 84H 91 im i 4% 18^4 172 6:% 23% a:H 41 m 76H 40^ is% 85>i 80 20H lOOH 03^ 21% MH 111% 19 68H 76% 77M 106^4 43% 2.3 146 168 132 53 239:j 86% 100 zm 33% 61^4 109% 100 3o% 36% 91 ii% 18% 34% 29% 19% 88% 1'2% ,87% 41^ 10 23?i li% 87% 40% 14% 101 94% 21% 61 54% 111% 19% 86 69?4 76% 77% 43^ IOd% 48% 22?i I469i I6i 183% 58 •2:1% 37 71%' 71 106% 108 100% 100% 93 20% 61 64% 111% 19 85% 6fl% 94% «1% 70 107 100% 93 20% 55% 55% 19 86% 6a% 76%l 76?i 127 7? 48 106 r7% 187^ 8.^% 69 76^ 127 77 107 108% 43% 43% 43% 20?$' 21% 21% 146^.1147% U6?4 169 1 3 IK 1^ 5m\ 52% 2.1% m 8o%L^!% las 52% 33H 86?, 123% 123% 25 28 150% 61% 109% 99% 86% 2^! ;;;■! ..^ 23% 25' 83 I '■ 150% 151 150% 00% I 61% 60M 108% 109 lOiTi 69% •• • 85^ 35 84% 8«^ 85« 30% 859i 84 33^ 34 &3% 90% 90% 90% 90% 101 101 iO^i 100% 11% im is 18 I l$ m io^ 22% .^1^ "t» 16% 4'% 46 17% 84% t^ 18^4 •28% 5 19% 68i$ 23% 11% 36^4 404j. 9?$ i«K4 40% m 8% 2% 91% 14?$ 46 Range for Oct. 1895. to date. 118,458 8 50 880 848 8.28 8.53 8 23 8,60 8 30 163 639 8.85 8.35 8 47 8 18 8 51 8 25 8.57 8.31 67% 661} 70,'. 70 35?$ 35% 83?$ 35% 60% 60% 64% 64% •■i6y4 28 39% 39% 18%' 18% 18%' 18M 17% 17% 17%' 18 18 18% 18% 20% 20?$ 20% 20% 20% 2ff% 20%; 20% 20-% 30?$ 20% 8.30 8.30 8.30 8.20 8 20 8.13 8.12 8.05 8 00 1 1 15 8 15 9,37 9 42 9.40 9 37 9 22 9.30 9.05 19,10 9.05 9.22 9.15 67% 66}| 6«% 66% 67% 66?$ 70U 70 70% 69%l 70% 70% 85?$ 3.i!^ I 35% 85% 35% 85% 85% 85% 85% 35% 60%' 81 60% 60?$ 60 60% 53%' 60% 60 64%i 65% b4i$i 64?$ 64 64% 63% 64% 64% 27% 28 27%, 27% 37% 27% 27%' 27% 27?$ 29% 29% 2954 29% 29% 30% 39%: 39% 29% 1895 1894 OLD PORE. Chgo.-bblfl. I WHEAT on passage, bblg. 25..520.000 bush. I 25 210,000 " 5.65 5 68 5 80 5 52 5.52 6 50 6.42 6 50 6,47 5.70 5.70 5 67 5 70 5.62 5 60 5.55 5.60 6.55 4.95 4 97 4 90 i 4.90 4 85 4.72 4.67 i 4 72 4.72 4.75 4 75 4 78 ; 4 75 4 67 4.60 4.55 ', 4 60 4.55 556 5.18 5,67 5 62 4.72 4 70 4,67 4,63 23?$ 111% 102 101% 23 64% 55?$ 114)$ 20% 87?$ tM 77^ 137H 79% 41% 107% 148 46?$ 24?g 148 174 134 54 ■25 39?$ 123% % 102 29 25% 78% I51H 64% 112% 101% SS% 13% 89 35% 92% 102?$ 12?$ 63% !9 879$ 5?$ 8% 19 3^% 5?$ 22 176 69% 24% 13^$ 40% 45% 12V$ 10% 16% 86 48 9 17 9% 24 93!4 16% 49 22 70 105% 100^ 61 64% 1:1 18% 64?$ 6.5?$ 75% 120% 75% 43 !04% 148 42% ■20?$ 143 167 131^ 52!^ 22?ii 30% 121% % 100 28% 33 77« 60% I07!^4 99% 38% 13 34% 33% 90% 100% 11% 53% 17% 34% .18^ 28% 3?$ 19 172 67% 23% 11% 86^$ 89% 9« 13% 13% 76% 40% •!% 15 8% 21!^ 9:% 14% 46 Range foi ct. 1894. 9.25 8.35 9.26 8.18 9,35 .S.-20 9.44 8.27 68% 65 71?$ «8?$ 36 34% 36 34?$ 62?$ 58?$ 66% 62% 28^$ 36% 39?$ '28?$ 18% 17% 30% 30% 8 50 8 00 9.65 9 05 5 85 5.42 5,90 555 555 467 492 455 82% 86% 77 74% 88?$ mi 92% 89}$ 101 96^ 769$ 88" 52% 49>4 113% 9U% im im 74?J 719$ 76% 68?$ 62% 59?* 180% 118% 61}$ 58% 86 32% 104% 98% 145 142% 39% 36 19 17?i 128 116% 171% 165% 184 :i9?$ 34% 82 10% 7% 88% .33% 104 101 4ii 8% 94 90 19% 17?$ 18% 16 73 69% 136% 130% 56 52'k). 116% 101% 99% 98 22% 21 289$ 2-1% 40}$ 86% 88% 85 100}i 97% 149$ 1=J>4 32% 29 16% 15^$ 45% 41 4% 8?$ 4% 4 19% 16% 20M 14?4 m 3}a 20% 16}^ 162% 157 mi irk 139$ Il?$ 4'2% 40 18% 14 10% 9% 12% 11 10}$ 9% 60% .59 41?$ 38 6% 6 I4?$ I.374 89% mi 13 11 45« 88)4 6.02 6.12 6.20 6.35 841 544 5 49 5.54 58% 63,'. 57 55% 55 59^ 52% 54% 60 52 51% 51% 56H. 46;^j 4Si>-4 30% 8«% 31?$ 3i;v., ]33» 1l8i 13.37 11 57 8.32 7.75 7.35 687 6.!fi 6.6.S 6.:i0 5.85 CORN on passag*. 6.080.000 busb. 1.C56.000 " I Russian Shipmts. for wk. : Indian Shipmts. for wk. I Argentine Shpts. for w*. 8..5O4.0O0 bush. 16.000 busb. 88.000 busb. I 3 3u0,000 " I .... " I .... " t Slnoe Aug. 31. • Since June 30. CompiUd ana CopyrigHted hy CLAPP & COMPANY, BANKERS, MILLS fitllLDING, NEW YORK 190 <^ Q Ui O a: o CO z I) Nj Q UJ Q 2: HClccl^lp flDarhct letter. No. 4S3. Copyright, 1993, by Clmpp » Compmm^, O. w. Clapp. OWIQHT O. CLAP^. CLAPP & COMPANY, Banhers anb Brokers, i BnANCH Office) : New York, Thursday Morning, October 31, 1895. Cotton, Grain and Provisions. O Our private wire facilities are unsurpassed to all New York, Chicago and Western o m ° MILLS BUILDING, N. Y. > (0 2 ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. a OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Q O 277 BROADWAY, Corner Chambers St. PRIVATE TELEGRAPH WIRES. ^ 621 BROADWAY (Cable Buildino. Corner Houbton). LONQ DISTANCE TELEPHONE. ^ 753 FIFTH AVENUE (Corner 58th St. CABLE ADDRESS: " OZRO." "H > z I- We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, (/) a > ^ Exchanges. Close relations to important interests enable us to give early and valuable < information. f"* Usual margins required; customary commissions charged on cash property or for future ^ delivery. ^ y\ Margin deposits may be made in Drafts on New York, Currency by Express, Post Office rn Orders, or by deposit with local out-of-town banks. The local bank should always wire us at Q once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. o D A General Banking Business conducted. s% Interest allowed on Average Daily Balances. ^ credited Monthly. City and Country Accounts solicited. Collections Free to Customers. O > Financial Outlook. z r- — Victory and defeat are sometimes hard to distinguish. Between the State elections and the Repuh- L- lican Congress is only a step. A victory that would promise further emphasis to the period of revenue L UJ deficit, bond debt and business demoralization is on one hand ; a defeat that would give Congress "^ Q the aggressiveness of an avenging goddess is on the other. Treasury oflficial utterances offer as lit- CJ — tie relief as do the tariff principles to which the national executive stands consecrated. Between ~ gold talk and silver payment is a gulf that in an off ytar might prove unfortunate. Another emer- ■^ gency, another rescue and another business boom is possible. O Straws. — The following correspondence explains itself : ^ Office of Clapp & Company, Mills Building, New York, Oct. 24, 1895. tj r^ Hon. John G. Carlisle, Sec'y of U. S. Treasury, Washington, D. C. ^ ~: Dear Sir :— Will you kindly state what kind of coin would be paid at the U. S. Treasury in re- ^ turn for a demand foV redemption of $1,000,000 in silver certificates ? X ^ Yours truly, Clapp & Company. ^ Treasury Department, Office of Secretary, Washington, D. C, Oct. 25, 1S95. Z Q Messrs. Clapp & Company, New York City. O ?^ Gentlemen :— Your favor of the 24th inst. is just received, and, in response to your question, I (TJ ^ have the honor to say that if $100,000,000, or any other amount, in silver certificates were presented C/3 at the sub-treasury for redemption they would be paid in standard silver dollars, as expressly re- " quired by law. Very truly yours, J. G. Carlisle. /^^jl Clapp & Company's annual Souvenir book for 1S04 will be delivered free to applicants upon ^v I receipt of $:}. A few copies of 1893 can be had for $2 each. IvEEL' OtK LETTEKS. POKTFOHO FOR FILING 1 ORWAKDED APPLICANTS FKEE. I'.ii 2 CLAPP & COMPANY. BANKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTEB. COLD AND SILVER PRODUCTION YEARLY SINCE 1850, IN MILLIONS OF DOLLARS, FROM UNITED STATES MINT REPORTS, THE "CHRONICLE" AND " MINERAL INDUSTRY." World's gold production.. World's silTer production. Etcess of gold production Excess of silver production Total of both. *1895 200.0 100. 100.0 300.0 18M 183.3 90.0 73.0 363.0 1893 158.0 119.6 56.5 1893 141.4 116.8 65.8 259.5 318.6 1891 1890 125.8 120.4 119.5173.7 81.0 53.3 313.6 294.1 1889 I 1883 121.0 110.3 158.8 140. 37. 8| 30.5 379.8:250.9 1837 I I I I I I 1886 1885 1831 ' 1883 1 1882 1881 1880 10).8il06.0 103.4 101. 7| 95.4 103.01103.0 134.3 120.6 118. 5 103.3 115.3 111.8 -I- 18.5 14.6; 10.1 3.6| 19.9 9.8 102.0 1.0 106.5 1879 109.0 1878 1877 95.71 96. 0| 95.0 13.0 24.0 119.01114.0 81.0 9.8 230.1 236.6,236.9 207.0 210.7 213.8 205.0 203.2 I I I I I I I 305.0214.0 33.0 1876 1875 10;}. 7, 97.5 1874 90.8 1873 96.' 87.6 80. 5| 71.5 81.8 16.1 17 19.3| 14.4 195.0,191.3 178.0 1C2. 3 178.0 • 1895 estimated and silver estimated in commercial values. 1872 99.6 65.3 34.8 1871 107.0 61.0 45.9 1870 106.9 51.6 55.3 1869 1868 ! 1867 j 1866 1 1865 ! 1B64 1863 1862 1861 113. R 44.7 69.1 1860 119.3 40.8 68.5 1859 124.9 40.8 84.1 165.7 1858 124.7 40.7 84.0 105.4 1857 1.^3.3 40.7 92.6 174.0 1856 :47.0 40.7 100.9 188.3 1855 135.1 40.6 94.5 1(5.7 1854 127.5 40. C "86.9 168.1 1853 155.5 40.6 114.9 196.1 1852 1.32.8 40.6 93.3 173.4 1851 67.6 40.0 ~2^6 107.6 1850 World's gold production. . World's silver production. Excess of gold production Excess of silver prod action 106.2 109.7 104.0 121.1 120.2 113.0 107.0 47.5 50.2 54.3, 50.8^ 53.0 51.7 49.3 58.7 59.5 49.8J 70.3 68.2 61.3 57.8 107.8 45.3 62.6 ,, 41 5 39.0 5.S .. 1 .. .. 1 .. 1 .. 1 •• 1 .. ToUlof both 164.4 168.1 158.5 153.7 161.9 153.2 171.9 172.2 164.7 156.2 153.0 1 1 1 1 1 I I 158.5 160.1 88.6 October 1st, 1895, the government report showed $330,434,837 silver certificates in circulation, and that appears the amount of our paper currency on a silver basis. The Government had then outstanding 1107,035,426 legal tender U. S. notes of 1890 and $240,364,416 legal tender greenbacks, making gold basis paper in circulation of $347,399,842. It appears that if 1100,000,000 silver certifi- cates were presented for redemption the present administration would ignore any obligation to maintain parity of all U. S. money and only pay in silver. There is scarcely any money in the hands of the people except silver certificates. Stocks and Bonds. Bonds.— The bond sales continue to average over $1,000,000 daily. The market is a trifle easier Railroad bonds are decidedly preferable to municipal securities. Railway Stocks. — Granger roads are again turning to the front with large earnings. St. Paul leads the list with a gain of $339,000 for September over and above expense for operating. Expenses of Granger roads are estimated about 61 per cent., against 68 per cent, last year, and 54 per cent. in some former years. Trunk roads recently report railway tonnage double that of 1894, and over 15 per cent, more than for 1892 same time. The aggregate gross earnings for all roads reporting for October to recent date shows an increase of 6.3 per cent. The grain move- ment is far in excess of last year on all roads. Northern Pacific earnings are steadily increasing. Union Pacific matters are likely to come before Congress in better shape than last year. Prominent Reading parties seem disposed to freeze out the public on the plan pursued by Jersey Central in 1886, and get possession of a lot of cheap stock. Southwestern roads report a falling off. Missouri, Kan- sas and Texas shows a net increase for the year ending June 30th appx-oaching $500,000. Southern Railway, Tennessee Coal & Iron and some other properties which were recently held in great favor are showing good earnings, and prospects are they may again rally from the attacks of the bears. Manhattan is about making an important experiment in electricity. Traction stocks generally are showing increased earnings, and encouraging reports are made about the progress of both the cable and elevated lines. Railway presidents have been generally instructed to sign a traffic agreement for steady rates without discrimination. This should be better for stockholders and the public. Industrials. — Talk of renewed Congressional discussion about sugar and closing of refineries may send the stock into the eighties. Chicago Gas friends appear in fact to be its enemies. Leather preferred appears being freely sold by insiders. American Spirits Manufacturing Co., which took Distillers property, appears making progress. General Electric, Lead, and Cotton Oil appear firmly held. Industrials are often more hable to be raided on a dull market than granger stocks. After the November elections are things of the past, we look for a higher range in the stock market and more activity. Cotton. We believe the world's production and consumption of cotton reached the present maximum point last season. That consumption the coming year will fall off and warmer cotton countries aid in reducing any unnatural demand for American cotton. Mr. Ellison reports British spindles 45,400,000, continental 28,250,000, the United States 16,133,000, and the East Indies 3,810,000, or a total of 93,393,000 spindles against 92,111,000 previous season, and that the world's consumption was 13,737,000 bales of 400 pounds each, against 12,852,340 the previous year when all records were broken. The visible is now 3,128,455 bales, 2,846,255 being American. Ellison estimates our crop at 7,200,000 to 7,500,000 bales, and consumption at 8,300,000 of American cotton, and advises spinners to buy cotton around recent prevailing prices. Great Britain last year took half- our exports and 1!»2 CLAPP & COMPANY. BiJNKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. t one-third our crop. France took about 9 per cent. All other countries took about 2,500,000 bales. Exports this season are about 640,000 bales, against about 1,030,000 bales same time in 1894, and show a pro rata falling off to all countries. Spinners inform us 3-16 of a cent advance per yard on 64x64 is equal to about a cent a ponud for raw cotton, and that some Fall Rivor spinners have cotton enough to last them until August, 1896. We think the best disinterested authorities expect to see the present crop finally count out over 7,000,000 bales, and that the visible supply September 1, 1896, will equal that of 1893, September 1. More than 2,000,000 bales have appeared in sight, and based on general averages of deliveries in September and October, the crop will exceed 8,000,000 bales. Our Texas reports indicate the lightest yield per acre on record. Southern statisticians, speculators factors, and merchants generally estimate the crop from 6,500,000 to 7,000,000 bales, and claim pick- ing will be completed and gins out of business much earlier than usual. Many growers recently have hauled their cotton back from town because they did not get satisfactory price. The Chroni- cle editor says the Egyptian crop of 1894-5 will equal 904,592 bales of 500 pounds each. The Man- ufacturers' Record says northern mills consumed 309,231 bales less cotton last year than in 1891-3, while southern milk increased consumption 177,881 bales, and now consume more than half as much as northern mills and double their own record in 1886. Port receipts past few days have been only half those year ago. Not in a decade have planters grown cotton so economically or sold it so profitably. Scarcely any proceeds need be used for food stuffs. Summing up these various elements great opportunities are offered to traders, speculators and investors to buy cotton for handsome gains or sell it short for distant delivery to secure the large premiums likely to be paid during this season of great speculation in cotton. Wheat. It is generally admitted that the world's wheat crop this season will be at least 100,000,000 bushels less than m 1894, and exceed that of 1893, and that Europe's shortage represents the largest proportion of the decrease. They grow half the world's crop. Feeding wheat to hogs and other live stock has practically ceased since corn commands but half the price per pound. France never frew more wheat, rye and maslin, or Great Britain less food stuffs for man, since statistics were ept. The potatoe crop in Germany and most parts of Europe is large. The price per ton is less than hay in Chicago, per ton. The American crop will be about 200,000,000 bushels, againsc 170 - 787,000 bushels in 1894. Russian wheat exports recently have led all other exporting countries. It is generally conceded their wheat crop will not exceed an average one ; that there is some surplus in the Danubian section; that importing countries will likely require more than ever before. .Their largest takings were about 436,000,000 bushels last season. Our primary receipts from June 30 to date equal about 81,000,000 bushels, against 86,000,000 bushels last year same time. Exports to date have been nearly 40,000,000 bushels, against 54,000,000 bushels last season same time. Drought reports are numerous from all winter wheat surplus States. The movement recently has been 50 per cent, larger than same time in 1894. We think seven-eighths of all the winter wheat acreage has been sown, and do not believe it too late to seed and secure a ^ood crop, and that chances can be materially improved by ample moisture. The farmers, like miscellaneous Wall street stock manu- facturers, must have plenty of water to secure a large crop. We still believe reserves are small and that demand equals supply, and that when speculation re-enters wheat markets higher prices will follow. Corn. There appears a maximum crop of corn and short sellers. The export demand was never larger. The visibe supply and receipts are small. Crops of 1894-5 were less than average annual home con- sumption for a decade. Prices are lower than in one-third of a century and waste is at its maximum point, with corn likely to be burnt in place of coal. We see no reason why it is not wise to follow the old rule of bulling the beginning of a large crop. It is quite possible prices may double during the coming two years and advance 10 or 20 per cent, this winter. We advise purchases of May corn. Oats. With a crop 40 per cent, larger than ever and selling per ton less than hay and prices lower than in thirty years, we see no reason to sell them short. Provisions. Live hogs now range around 90 cents less per 100 lbs. than a year ago, with the product proportion- ally lower. Lard is fully a cent a pound lower. Little cotton seed is used compared with previous seasons, yet cotton oil ranges in line with corn products. Hogs are lighter and receipts less at pack- ing points. Prices are low and consuming sections report small stocks. The export demand is in- creasing. Speculation is small but the low prices of new product is attracting some buying. Pack- ing from March 1 to October 24 was 7.760,000 hogs against 8,415,000 last year. Yours respectfully, CLAPP & COMPANY. 133 CLAPP ft COMPAl^Y, BANTERS AXD BROKERS, NEW TORK, WEEKLY MARKET LETTER. Qaotations for Stocks, Cotton, Grain and Provtsions for Week ending Octokr 30, 1895, and tor Octolier, 1894. Par valae of all stocks $100. except D., L. & W.: P. & R. and Am. Tobacco Co., FRHM NKW TORK STOCK EXCHANGE OFFICIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COMPARISONS. Salxs. 495 884 ao8.seo 8.142 85 571 60 087 400 5.545 5.861 7.353 63.6M 38 120 105,095 924 86.643 1.620 13 182 388 <.20« 705 8,806 784 t.S29 1,18S 48 775 20.700 '466 1.688 «1« 230 l.f<88 2.676 40 710 2i,072 225 28.715 86716 5.264 669 987 4.566 2;878 8.570 1.900 4.225 4.398 26,?90 200 139.610 3i6 21.000 3.560 14.590 15 321 64.740 7.086 2.250 14856 8^.018 6245 8.470 611 840 17^55 19.043 24 485 l.i>55 Cafttai. Stock. $20,287,100 10,198,600 36.773,000 86 773,000 17,900,000 25,000,000 15,000,000 22,488.000 60.805,400 82,26a,700 24,885,800 46,027,261 25,92.3,900 46.156,000 18.559,360 89,054.907 22,335 170 28,000,000 11,696,000 86,4.30,060 96,200,000 85.000,000 38.000.000 84 091900 30,459,700 85,000,000 8,000,000 50.000,000 10,000.000 11.840,000 11,840,000 49,466.500 52,800,000 30,000,000 18.738,204 18,000.000 47,844.100 47,436 5:6 14,905.410 14.904,000 89,428,300 77,427.000 20,000,000 58.119,982 18.000.000 89,767,200 49,000,000 89,269,516 20.000,000 8,.'>00,000 40,426,361 86,000,000 DiTISBNS RiCOBS. Nambs of Stocks. Pays 3pc J-D Pays 3pc 0-J-A-J.. Pays 3Hpc J-J Pays 3pc F M A-N. Paid 2do 1895 Pavs IMpc F-A Pays IJ^pc F-M-A-N... Paid Ipo Dec. 1894 Pays Ipc M-J-S-D Paid Ipc Pays 7 PC Per AnnuTD. Paid V6P0 Oct. 1895.... Paysl^pc J-D... Pays2^pc J-D... Pard3pc in 1893.. Pays 2pc M-J-S-D.... Pays7po per annum. Pays 7pc per annum. Paid l^^po Jan. 1893. Paid2pc An?. stl893. Pays 5pc per annum. Pays 2^pc M-S. Pays I^pc F-M-A-N, Pays 3pc FA Paid 2pc August 1893. Pays IHpo J-A-J-0.. Paid 2pc in July 1895. Paid 3pc 1891 Paid Ipc in Oct. 1895. Pays I94PC M-J-S-D.. Pays ipo J-A-J-0. ... f-- aid IHpo Noy. 1893. Paid ipc April 1898.. Paid Ipo in 1887.... Pays 2pc F-M-A-N.... 68.402,900 125,(XX),000 60.000,000 19,850,000 38,710,900 60,868,.V)0 62 9(; 1.500 52,361,500 80.166.000 18.858 500 7,418,300 88,000,000 24.000,000 94,820,000 10,000,000 4.500,000 Paid Ipc In 1887. Paid 3yipo In 1884. Pays2pc Nov. 1895... Paid 2Jipo March 15, 1895 Pays IHpc J-A-J-0. Paid Ipo in Feb. 1894. American Cotton Oil.. . . American Cotton Oil Pfd Am. Sugar Refining Co. Am. Sugar Refining Co Pf American Tobacco Co. . . Atch.Top. 4 S. F. all ins.pd Baltimore & Oaio Canada Southern Central of New Jersey.. Chesapeake & Ohio Chicago, Bur. & Quincy.. Chic Gas Cos Cent Tr rects Chicago, Mil. 4 St Hani. Chicago Mil. & St Paul Pfd Chicago, R. I. & Pacillo Chic. St Paul M. & Omaha Chicago & North WMiern. Chicago A Norlhw'n Pfd. CleTB., ClD„ Chic, A St L. Col Hock.ng Valley A Tol Consolidated Ga» of N. Y. Delaware, Lack 'a & W'n. Del., A Hudson Canal Co Denrer isouri Pacific .National Lead Co National Lead Co Pfd . N. r. Cent'l & Hudson Rlv NTLB 4 w J p M CO Ct i'd in pd N Y4.\ E tst CO ct. all in pd N. y Ontario* Western.. N. Y. SU80.& W'n Pia.... North American Co Northern Pacific Northern Pacific Pfd Pacific Mails. S. Co Peoria, Dec, 4 Evanaville PhUadelphia A Reading.. Pullman's Palace Car Co. Silver Bullion Certificatea Southern Pacific Co Southern Railway Southern Railway pfd... Tenn. Coal. Iror & R R Co Texas & Pacific Union Pacific U S Leather Co U S Leather Co pref United States Rubber Co. U S Cordage Co Tr Co otfs U S Cordge Co pfd Tr Coct Wabash Wabash Preferred Western Union Tel. Co Wheeling & Lake Erie. Wheeling & Lake Erie PM 22 70 70 1019^' 102^ 101 99^ 99 91 8$ 19J4 isy* 60 60 55H 5lJi 109H luS 19)4 IS?^ 85 67% TnrH 126 ?6^ 42^-, f^ Total sales of all Stocks each day and for the six days. . . 1.499,866 COTTON, In ba es. I World's risible. 1895 8 128 455 1894| 2 955,313 Total Id slghttl Total Export*. 1.946.485 580.878 2.367,937 I 972,966 V v- f October "■ '• 1 November. CoUon 1 December. I January. . . WHEAT, in bushel?. I V. S Visible. Primary rec'ta* 1895 60.486.000 I 81.000000 18911 78 190,000 I 86 0O0UO0 Total Exports. 39.495 779 64.215.288 Wheat. ]Sfy«'°»'«'-- December. May.. Com. CORN, in bushels. I U. S Visible. 1895 4.805000 1894| 8 769 000 I Chicago \ December. IPrimarr rec"ts*l Total Exports. Wheat. I May 36 000.000 20.106 880 L„„ I December. I 26.000,000 I 2,;86 896 l^**™"- ■) May OATS, in bushels. I U. S. Visible. 1895 4.458 000 18941 9,2.'3 000 N. T. Stocks. 897 143 2,751,333 Cbgo. Stocks. 1°*" ■ 879 000 l,5i0 000 Pork. I LARD-tcs. I CHICAGO CONTRACT STOCKS. World's vis. PORK-bbIs, LARD-tcs. 1 RIBS-lbs. 1895 249.794 92.397 | 29.689 22,211.000 W94| 115,451 I 24,558 I 9,028 I 11,338,000 Lard Ribs. ( December. (May 1 October, . . I January... I October. . I January. . .1 October. .. I January. .. Wed., Oct 30. 83)^ 66^ ■!*% 126 75H 42 105H IMU <2' 419* .'2 20^ 148J4 H-y^ 131Ji 130' 50 49H 28 iM 24J4 83H 2-' ii ?5H 76 150 !oO mi bA% lOo lOSJi 335< S2>i ?2H 30M 329i 30H 17^» i7« ''^ '-'^ 17^ 169? 147^ 14H 13 171 171 28^ S3 11% n% - 35Vi ^'% 30H 9« 8^ 12H 12 12?i UM '•^ 7.1% 395< 3SJS ■^ 7\ iiy* 14M 21' iOVA 90« 90^4 il% 44 8.78 868 869 8.64 ,8 78 8 6? 8,47 8 (37 8.55 8,85 8 74 362 230 8,75 880 889 8 95 t&M 6PA 67,'. 67!: 67,«. B7A 71^ 70^:1 7m 7m 691|; 70 36 35^4 35 STM 35kl «,', 8511 85% 35!^ 35!^ 35% 35\4 28^ 289i 28%! ^(5^4 199i 29% 29^ 60% mi 60i.il 60^ bi%\ 65U 64% 64^ 64'^ 64% -" "■ 27% 2rr< 27K' 2T^ 27% 29% 29% 29^ 29>2 29^ :8H' \ m 20% aoj^ 80% 8.15 ! I 8,06 9,2.! 9 22 9.10 ! 9 12 18% 18% 18HI 18!4 18^ 20M, 20H 20% 20W 20% 805 8.00 8 00 I 7.97 7 95 10 9.07 9.0O 9,02 8.95 59% •ZPa 295 18Vi f^ 9,12 5.57 5.72 4.67 4,67 5,55 1 '5 65 5 65 5 58 8.52 5 45 B,45 1 5 52 5.70 5,70 865 6 67 5.65 5 65 5 62 5.62 5.60 15,67 4.67 4.57 4 52 4.40 4.37 4 35 4 .^5 4.40 4.67 ! 4 67 4 60 I 4 57 4 67 4.55 4.50 4 bl 4.50 ' 4.57 8.75 8.65 8 74 8.8-3 6tfH 69% 85!^ 35% mi 63 27% im 20% 8 05 9.00 6.'i2 5 62 4 40 4,52 Range for Oct. 1895 to date. 28% 22 74 70 111% lot 102 99 lOlH «^ 23 18M 64^ 60 56M 64H; 114^ ir« 20>< IS 87% tS,\i 69!4 6tfW 77% 74% I27H 126 79^ 75V» 4(K 42 I07)i !04H 148 14f 46% 41% 24% ■»% 149 143 Range foi ct. 1S94. 166^ ISO 49!^ 22"4 174 134 54 25 -., 39% 29)4 128^ 12:JH 102 98% 29 aVi 25Vi a ism 150 M% 58H :i2H 105 lOlVi 9^>« MYa 32^ 13% 13 39 80^4 35M 30H 92U 90 102% lOOH 14 12 53X 53)^ 19 :7H 87% sm 82M fi6H 77 74^ 88% 8oy 92« 89Ji 101 96^ 76% M 52^4 49y n-iM 90ii 19% ir|| 74% 71% 69^ 67^ 24% 2.3 13M nH iOM 35^4 45% S6^» 12^ 89i 19)4 II"" 86 6" 42 9 17 9% 24 u 8^ 20U ^3^ 90)4 I6^J 13% 49 44 9,8S 8.85 9,26 8.18 9.35 3.20 ! 9 44 6.i!7 68% 65 71% 68% 36« 84H 36 34% 62% 58% 60% 62% 28% 26% 29% 28)4 18% 17H 20% 20)^ 8 50 7 93 9.65 8 95 5 85 5.42 5,90 5 55 5 55 4 35 492 450 31)< 82 10% 7% 38% 33^ 104 101 4% 3« 94 90 19V< 17% \HM 16 72 69U 136% I80!.J 56 52% 116U 104% 99^ 98 Uy* 21 2.^% 2'iVi 40^ 36^i M\i 85 lOOVi 97^ 32% 29 ■ 16% 15^i 45iii 41 4% 8% 4% 4 \m I6« 20^ 14% 20« 1«« :62H 157 20% i'&A 13% i:% *i% 40 18>^ 14 W% 9« 12% 11 10)4 «% 60% 59 41% 38 6'4i 6 14% 1.3% 13 II 6 02 6 41 0.12 5 44 6.20 6 49 6.25 5.54 58% 65 &3\ 59« 57 52% 55% 82M 54% 51W 60 56% 52 46% 51% 48% 30% 2'% 31% 3l.)J J3:W 11 8i 13.37 11.57 832 6.85 7 75 6.65 7 35 6.80 6 87 5.85 I OLD PORK Chgo.-bbis, I IB95I ... bbk. 594 .... " I WHEAT on passage. 24. .160.000 bush. 25 312,000 " CORN on passage. 7.44O.0O0 bush. 1,912,000 " Russian Shipmts. for wk. I Indian Sbipmts. for wk. 2.392.000 bush. I 48.000 bush. 2 0tX),00e " I 20.000 " Argentine Shpts. for w». 21,000 buiiU. t Since Aug. 81. • Sine* June 30. Compiled and Copj>rightcd by CLAPP & COMPANY, BANKERS, MILLS BUILDmG, NEW TORK iw <] HClcchlp (TDarftct Xettcr. a bl H O o (0 (A QC lii Q OC o a < (0 I- z 3 o o o < ^ o UJ UJ o z LU Q z o cn QJ a: a: O O No. 404. Copyright, 1S95, bff CImpp # Companff. O. W. CLAPP. OWIQHT O. CLAPP. CLAPP & COMPANY, JSanhers an& Brokers, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. RANCH J Branch Oi 277 BROADWAY, Corner Chambers St. 621 BROADWAY (Cable Builo(nq, Cornfp HayrT, V 753 FIFTH AVEfJUE.ICoRNER 68th St. Private Telegraph Wires. LoNQ Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, November 7, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private ivire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customerb. PRESS NOTICES ABOUT OIR 1894 SOUVENIR, "LEADING AMERICAN EXCHANGES." We have received f i-om Messi'S. Clapp ft Company, tlielr souvenir or business exiwsition for 189L It i3 vei-y comprehensive, very com- plete and very elegant In all respects, and especially so in its en- gravings of excliauges and other buildings at all important centei's. Thev well deserve "credit and prais* for the enterprise displayed.— Bnidstreet's, New Yorlc Uity. We acknowledge the receipt of the "Souvenir of 1894." issued by Clapp & Coiniiaiiy, the New York bankei-s. The volume contains most interesting information concerning Wall Street, the New York Stock Exchange, stocks, cotton, gi'ain and provisions, and alsj of tlie markets of the world.— The Commercial Bulletin, Uoston, Mass. Clapp ft Company, bankei's and commi.ssion mercliants, weekly market letters, valuable information and comparisons; Lending American Kxclianges, 1894. Issued March. 1895. Ferria Bros., New York.— Commercial Advertiser, New York City. Messrs. Clapp ft Company, bankers In the Mills Buildinp, New Y'ork. liave sent the Enquirer .Sun a souvenir of 1894, consi^tin^ of the iHJuud conies of their weekly market clrculai-s. The book is gilt- edged and illustrated with pictures of muinbei's of the tlmi, prin- cipal scenes in the money district near Wall Street, and the ex- changes of the lai'ge cities. It is surp-ising how well all their pre- dictions in the early part of 1894 were verified. The book is a cet letter wliich contains a lot of valuable information. — Riclimond Co. t>emociut, Torapkinsville, N. Y. The "Souvenir Book of 1894," Just issnei by Mes-srs. Clapp & Com- pany, bankers. Mills Building, New York, is a ta.sty pixxluction of 3.V2 gilt-edged [wtres, quarto, in relation to the various departments of liiide covered l)y hansel's and commission mpichants. Banks and bonds, barley and wheat, and 80 forth, et ceteiu, all through the commercial alphabet, everything is treated of In this useful and hand^me '• Souvenir," which, by the way, is rendered agreeable to handle by the excellent index. Finely executed portraits of Mr. O. W. Clapp and of his son, Mr. Dwight O. Clapp. open the volume, after which is an inteiesting repitxlnction thi-ough photognipliv of meinbei-ship tickets is.sued to Mr. O. W. Clapp by the Chicago Board of Trade, those of 185S to 1871 inclusive having passed tluxjugh the Chicago fire of October, 1871, In Mr. Clapp's ssafe. All through the volume are beautiful photogi-avures of the loading linancial and trade exchanges of the countiy, with succinct sketches of them, and carefully premred statistics relative to tlieir business. The volume is replete with the very infornuition that financiers and nierchanis need to have all the time at hand, and it is here given in the most concise yet thoit>ugh and handy »hape possible.— Empire of Fiuauc« and Tiude, New York City. Clapp & Company, the well known New Yo.k bankers and brokers have issued a souvenir in thufomiof alx)und volume of their weekly market and financial lettei-sof 1891. Asa book of reference it is very valuable. It contains a va.' O m o z H > Z C/) D > r -< m o O a o ■n r m > D Z o m X o X > z o m (/) KEEP OUK LKTTEKS. PORTFOLIO FOB FILING FORWARDED APPLICANTS FREE. 195 2 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK WEEKLY MARKET LETTER Financial Outlook. The financial pulse is always strongest when individual courage is supplemented by confidence in public opimon. A good copcession in prices coupled with good crops aud good earnings would prove a safe basis for public investments and promote personal energy in pushing enterprises. The valleys of the mountam regions are still higher than the level of the sea. The financial resting places of 1895 are far above the panic periods of 1893-4. There is much gold higher up in every hifl of human endeavor. Straws. — Foreign demand for American metal manufactures is increasing. Dry goods imports for past ten months of 1895 aggregate $125,760,998, against $74,772,223 year ago. The outstanding U. S. interest-bearing debt November 1, 1895, was $747,361,560 against $585,034,260, March 1, 1893. The wool imports of 1895 to date are four times those of corresponding period last year. The Agricul- tural Department bulletin issued by the Government openly advocates abolition of protective duties. Europe appears delighted with our free trade theories and the deficit in our revenue, while her factories run night and day at the expense of American commerce and labor. For years they have bought our cotton in February and March at minimum prices and sold us futures in the fall at maximum quotations. The recent elections foreshadow better finance, healthier methods and improving confidence. Stocks and Bonds. Bonds.— The aggregate bond sales of October were $38,707,700 against $26,517,400 last year, $26,104,600 in 1803, and $28,459,850 in 1892. For ten months ending October 1 they were $438,146,- 930 against $289,336,550 in 1894, and $300,042,050 in 1893 and $430,921,900 in 1892. The investment demand is small. Speculation is light. Railway Stocks. ~N, Y. Stock Exchange sales in October were 5,250,675 shares, and for ten months ending October 31, aggregated 54,589,308 shares. St. Paul during same time ranged from 53 /t to 78^; Northwestern from 87^ to 107>4; Rock Island from 60 ,'4 to 84^; Burlington from 69 to 92s^ ; Atchison from 3>^ to 23)^, with $5 assessment paid in the meantime ; Missouri Pacific from 18^ to 42 >^ ; Northern Pacific from 13 to 27 ; Reading from 7*4 to 23>^ ; Union Pacific from 7^ to 17>^, In our daily stock letter of Monday, November 4, we said : " No doubt the assessments on Northern Pacific, Union Pacific and Reading may be large and have a tendency to drive out holders of these stocks without sufficient money. They may succeed during the winter in placing the roads on a firm basis and obliterating the last big wrecks of the panic of two years ago. It is conceded the effect of these operations, however beneficial, would likely be bad on a market that is already none too strong." Liquidation by tired holders seem to be more in order than any depressing influ- 'ince of the bears. St. Paul has a host of friends through loyal advertising. Appearances indicate the insiders have been selling as usual under such circumstances when they give bull news in advance. Coal and other stocks may do to buy on further depression if gold exports are not renewed Industrials. — Apparently Sugar stock manipulators were selling when the price was 10 or 20 points higher, and will continue on that side until the stock sells in the eighties. The Chicago Gas crowd appears to be giving bull points and selling the stock, therefore it may again sell at near 50. General Electric's competition for business may be deliberately planned to freeze out interests not in sympathy with consolidation schemes. Lead and Cotton Oil are apparently unprotected by cliques. Cordage is dull and waiting for new men to develop some honest scheme. Rubber, Leather and Tobacco might be better off if their matched orders and other bunco schemes were less prominent and respected by the stock exchange. The bucket-shop interests and their assistants or backers, " the public," seem to have been working a boomerang. The best methods outlive those inferior. The filling of orders by commission men always has and always will affect values. The taking of trades by the bucket-shop never has or will advance prices. The saving in commissions, interest and other charges for years by the public who have patronized and assisted bucket-shops, scarcely compensates them for recent losses, or repairs financial wrecks. Cotton. We have no hesitancy in claiming the manifesto issued by Pres. Hester D. Lane of the Cotton Growers Association, advising farmers to hold their cotton, and that the crop will not be over 6,600,- 000 bales, or not over 800,000 bales of it will come from Texas, will finally be as detrimental to cotton growers, factors, merchants and speculators as were the famous "Hold your wheat circulars" issued the past few years to the wheat growing interest. Practically less cotton is being marketed " about these days from first hands " than from any crop grown since the civil war. The cotton per pound or bale probably was never less, or the percentage of profits larger, or the holding back of the staple from market more universal, or the disposition to hold for 9 or 10 cents more general CLAPP & COMPANY. BA.NKEES AND BROKERS. NEW TORE. WEEKLY MARKET LETTER. A prominent cotton house has issued an estimate raakinj? the crop 6,435,000 bales, as reporte by 2,633 cori'espoiidents, showing decreases by States as follows: Alabama, 3J per cent., 070,000 bales; Arkansas. 33 per cent., 570,000 bales ; Florida, 15 per cent., 51,000 bales ; Georgia, 37 per cent., 949,000 bales; Louisiana, '^7 per cent., 378,000 bales; Mississippi, 28 per cent., h;4,000; North Carolina. 34 per cent., 307,000 bales ; South Carolina, 26 per cent., 592,000 ; Tennessee, etc., 28 per cent., 252,000 ; Texas, etc., 45 per cent., 1.802,000. The movement in sij^ht while prices were advanc- ing indicated (based on different averages) a crop of seven to eight millions bales. It is possible less money credit was given m producing the crop than ever before, and that more actual cash and less legal difficulties and more home grown food supplies surrounded the growing crop tiian any previous year. It is also apparent that spiimors were never more apathetic the world over. Never before did cause exist to report an ex-Govcrnment bond syndicate more interested in depressing exchange and cotton than of late. Practically no cotton exchange bills are being offered. Greeks and foreign speculators are f'-ee sellers of distant futures. Cotton growers and their allied neighbors and friends continue bulling all markets. The visible was never larger before at this date but once, and then the export spinning demand seemed to be very much greater. The Indian crop promises to exceed all previous yields. Shipments from India and Egypt since September 1 have been more than 32 per cent, larger than last year. Speculation has doubtless passed the maximum point, and higher premiums will likely be paid for distant months for cotton grown in 18'J5, while for the new crop futures, to be grown in 1896, much lower prices will likely rule, October. 1896, selling recently at half cent a pound under cotton for June, 1896, delivery. These features will likely make purchases on weak spots advisable, and sales on sharp rallies profitable for some weeks to come. Wheat. Primary receipts to date are about 80 millions, against about 90,000,000 last year. "Winter wheat receipts of late exceed those of a year ago. Recent evidences indicate the Government crop report was- 20 ^ below conservative private reports. Late cables report the Argentine crop as likely to be an average. Russian shipments continue to exceed those of all other countries. Liverpool stocks are less, their stores being bare of spring wheat. Various State reports will be given out soon. The Government report will be out December 10. American millers seldom, if ever, ground more flour or secured larger profits. We believe at least half the spring wheat of the Northwest has left first hands the past 90 days. Cash wheat for milling or for storage purposes commands a premium in nearly all American markets. The New York May delivery brings only about 2}4c. premium, or only about one-half the cost of carrying. We think it possible the difference in December and May wheat will widen to 5c. We advise changing over while it can be done at 4>4c. or h'ss. Primary receipts, perhaps, were never more largely duplicated. Duluth and Minneapolis ships to Chicago, Detroit and Toledo. Some Chicago shipments go to St. Louis, while Kansas City buys in the Northwest. We look for a cessation of duplicating receipts and larger clearances from each and all Atlantic ports, and a higher range of pr'ces, as soon as the Chicago December wheat purchases are generally liquidated. Speculative conditions indicate lower prices temporarily if rains become gen- eral in the winter wheat bait. All indications show England has a very short crop, and must be a continuous buyer of American wheat and flour, and that America still holds the main key to future values. Corn. October receipts of new No. 2 com in Chicago encourage the bears and depresses the bulls. The exports of corn recently range from 12 to 14 times larger than last season. The qrantity and quality is good. The price is the lowest on record for delivery six months from this date and free of all charges. We see little prospect of losses and think corn a good investment. Oats. Primary receipts are small. We believe waste and home uses will exceed all previous seasons. 21c. for 32 lbs. of oats to be delivered free of all charges six months hence in Chicago, sounds cheap. Provisions. Exports are about 15 per cent, larger than a year ago. Receipts of hogs at packing points are much less. The average weight in Chicago for October was 230 pounds, and the second lightest average for October on record The average weight was 12 pounds less than in Septe:nber, and 37 pounds less than in October, 1893. Chicago receipts of cattle this calender year promise to equal but 2,600,000 head, or less than any year since 18S7, and 15 per cent, less than 1894. In 1892 the re- ceipts were 3.571.796 head. October. 1895, Chicago receipts were 309,051 cattle, 859,941 hogs, and 393,820 sheep. Chicago stocks of provisions are small, prices low, outside orders few. The South- ern inquiry for speculative futures is increasing. Packing, March 1st to October 31st, was at all points 8,120,000, against 8,735,000 in 1894. Yours respectfully, CLAPP & COMPANY. m CLAPP & COMPANT, BANOES AlH) BROKERS, NEW YORK, WEEKLY MARKET LETTER. QGOtatiOQs for Stocks, Cotton, Grain and ProYisions for Week ending November 6, 1895, and tor November, 1894. Par valne of all stocks $100. ezo«pt D., L. & W.: P. & R. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. 8 a LM. 2.160 1217 S52.656 1.636 68 716 87,288 1,020 S.180 6,250 4.C55 77,(fr0 86,920 •7.142 228 K.151 6.810 11.699 iia 400 r592 190O 1.824 «n'=»2 >95,946 17,127 *i66 457 1.907 605 636 ^1.?26 <4 295 4,520 1 125 l7.3i3 88.120 3.893 417 S.-SSO 4.785 400 6.040 8 385 2.920 2.200 .7 489 •4.548 , 250 •6.261 911 C.OOO 2.240 10 268 16 650 15.063 2.480 2.876 6.080 t2 569 15 704 8.297 1.040 770 16.970 28.778 8.525 1.625 Cafitai. Stock. $30,237,100 10,198,600 86,773.000 86.773,000 17,900,000 25.000,000 15,000.000 22,488,000 60.805,400 82 262,700 24,885.800 46,027.261 25,923,900 46.156,000 18,559.360 89,064,907 22,835 170 28.000,000 11.696,000 85,480,060 26.200,000 85.000.000 38.000.000 84 091900 30,459,700 86,000,000 8,000.000 60,000,000 10,000,000 11,640,000 11,640,000 49,466,500 62,800.000 80,000.000 18,738,204 13,000.000 47,844.100 47,436.576 14.905.400 14 904,000 89, 428. .'WO 77,427,000 20,000,000 58.119.982 13 000,000 39,767,200 49,000.000 89.269,546 80.000,000 8.500.000 40,426.861 86,000,000 DiTISBNI) ReCOBO. Pays 3po J-D Pays 8pc O-J-A-J.. Pays 3^pc J-J Pays 3po F M A-N. Paid 2pc 1P95 Pays lUpc F-A Pays IHPC F-M-AN. Paid Ipc Dec. 1894 Pays Ipo M-J-S-D Paid ipc Pays 7 PC Per Annum. Paid ^po Oct. 1895.... Paysli^pc J-D.. Paysa^pc J-D.. Paid 3po in 1893. Pays 2pc M-J-S-D.... Pays7po per annum. Pays 7po per annum. Paid l^po Jan. 1893. Paid 2poAuKu St 1893. Pays 5pc per annum. Pays 2JiDc M-S. Pays IHpo F-M-A-N. Pays 3pc FA Paid 2pc August 1893. Pavs l^po J-A-J-O.. Paid 2pc in July 1895. PaldSpc 1891 Paid Ipo in Oct. 1896. •'ays Ij^po M-J-S-D.. Pays Ipc J-A-J-O.... Paid IHpo Not. 1898. Paid 1 PC April 1892.. [Paid ipo In 1887.... 68.402,900 125.1X10,000 60.000.000 19,850,000 88,710,900 60,868,500 62 9(31,600 62,861.600 20,166.000 18.858 500 7,418,300 88,000,000 24,000,000 94,820,000 10.000,000 4,500,000 Pays Spo F-M-A-N.... Paid Ipc hi 1887... Paid siipi'in'is&i! Naxss of Stocks. Thursday. Oct. 81. Pays 2po Nov. 1895... Paid 2Hpo Marcb 15, 1895 Pays l^PO J-A-J-O Paid Ipo In Feb.' 1894!!!. Amencan Cotton Oil American Cotton Oil Pfd AuL Sugar Refining Co. . Am. Sugar Refining Co Pf. American Tobacco Co. .. Atch.Top. & S. F. all ins.pd Baltimore & Onio Canada Southern Central of New Jersey Chesapeaiie & Ohio Chicago. Bur. & Quincy.. Chlo Gas Cos Cent Tr rects Chicago, Mil. Mcoct2dinpd NY4N E tst CO cu all in pd N. Y Ontario & Western. N. Y. Suso. & W'n Pfd... North American Co Northern Pacific Northern Pacific Pfd Pacific Mall S. S. Co Peoria. Dec. & Evansville Philadelphia & Reading.. Pullman's Palace Car Co. Silver Bullion Certificates Southern Pacific Co Southern Railway Southern Railway pfd... Tenn. Coal. Iror & R R Co Texas & Pacific Cnion Pacific D S Leather Co tJ S Leather Co pref United States Rubber Co. U S Cordage Co Tr Co ctfs' U S Cordge Co pfd Tr Co ct Wabash Wabash Preferred Western Union TeL Co Wheeling 4 I 1 236.660 V v f Oct & Nor "• '• J Nov. & Deo. Cotton I Deo. & Jan. I Jan. & Feb WHEAT, In bushels. I D. S Visible. iPrimary rec'ts*! Total Exports. 1895 6i.990.000 89.000 000 ^1.8i6 yi3 t89l| 80 027,000 I 90 000 UOO 66.730 464 Wheat. ]gfy«"'>ef- J December. Corn. ■ • I May.. COK^, in bushels. I US Visible. 1895 4.854.000 18941 2.658 000 Primarv rec'ts* 38 000.000 27.000,000 Total Exports. 21596 928 2.912 512 Chicago 1 December. Wheat. (May Pnrn i December. OATS, in bushels. I U. S. Vi-ible. 1895 4 999 000 18911 9.373 000 N. Y. Stocks, 1.140 714 2,730,715 Ctago. Stocks. 404 000 1.482 000 OaU.. Pork. . I December. (May i Oct. £ Jan. I Jan. & May LARD-tes I CBICAGO CONTRACT STOCKS. \\orld'svis. PORK-bbls,| LARD-tcs. . RIBS-lbs. 217.903 8.737 l.'',571 15.036.596 105.2S9 I 5.600 I 8,044 I 7,425,561 1895 1894 I OjJi PORK, Chgo.-bbls. 1895 .... bb&. 1894 .... " Lard.. Ribs.. I Oct. AJan.l ' j Jan & May I Oct. & Jan 8tM 69^ lo3^ mi 91H I 55i4 109% 19V4 «4H 6d n% 7574 42^ 105>6 21 69!^ io-.'h 999i 8s%. Friday. Saturday. Not. 1. Not. 2. mi 69 102J6 1009i 99!^ 99 9Mii SiM IA% 56 54H 109 {109^ 109^ lyi^ 19^ 19 83^i ' ' 67 74% 75H 75« 76 42 41ji 41^ 104% 105)4 1(» 417^ 4m 21^ 21H U9V4 148^ 165% 165;^ 131H 131H 49% 49^ 2jk 22% 81% 80 WU 9flM 28% 83% tmi 78Ji 68^ 669^ lUC 1059J 8^ 82K 81% 80^ ai% 81% 90 90 100% 100% 12M 12 52 17 84 4% 4" 16 68 17M 34 4% 6 80H 80 I4« 14 \W* 170H l?0Wxl6:i 68% 28% 23 11% 86 <1H 2l9i 167% 70 101 99k 90H 109% 19 84% 67V4 76M 75% 41% 1U6% 69H 100% 99 89% 17% 109 19 88% 67 74« 74% 41 10«4 41% 41M 41% 21?^, \*m 143% 14S% 167% 160 ISO 67% 66% 106% 105% 88% S3 81% vsy*. 100% lOOM 18% 12% 61 61 17% 17% 84% 81 4% 4% 17 16% 29 27% 168 167% ISl 131 49 49 iM 221,. 31% 81% 83% 28% 82 82 156" 149% 56% 50K 106% 106)^ 8^ 82% 81 81% 100)4 18 i:% 83% 49« 1^ 83 81% 100% 18 17 83% i% 4% 16% 87% Monday. Taesday. Not. 4. Not. 6. 69" 69" 101% 100% 99 99 90% 89% 17% 15% 60% 60 64% 5414 108% 106^ 19!4 19 88% 6ili 67% 65% 75 74 126 186 74% 73% 41 40 105 104% Wed., Range for Nov. 6. Oct. 1896. 41% 40% 20% 20H, 148 147% 169 168 130% 129 48 47% 22% 21 H 81% 80% 99" 99 23% 28 22 22 149% 147 106)4 10j% 97 W 32% mi 30% «^ 81)i 31 90% 90% 100 lOO U 11^4 33% 82 111 1 16% 16% 27% 26% 4% *y* J4 l^% 167% l'J7% 83% 22% 80 11% im "?i 86 86% 35% 86% 87 86 9 o'/ii 18% ifJ^ '* 72H, '1% 86% S6% 80% 7)4 7?2 : 14 14 ",^ 7% 7« 7% 20 19% If 90% 90% S0)4 13« 18% 13% . .. 42% « 109.886 818,553 66% 66% 66,", 69% 6911 69)4 3-^ 35)i 35,', 35%| 35% 85% 60 68%l 59% 58% 64% 624^ 63% 63 28 27% 27% 27% 89% 29)4 »% 29H; -« 20% 8.10 8.10 915 9,05 5..52 5.52 5.67 6.65 4.45 4.40 Jan. & May 4,00 4.57 4 85 4 60 8.6.? 8,63 8.76 8 78 8.72 8.66 8.79 8.71 8,79 8.70 8 £7 8 76 8.84 8,76 8.M 8.8. 66% 65% 68% 65% 69% 69 69^4 68% 35 35 35)4 35% 35% 85% 35% 36% 59% 58% 58% 68% 68% 68 63)4 62% 27% 27% 27% 27% 29)a 29 I 29% 29 m 18%' 18% 18% 18% 18% 18% im. 20% 20% 20% 20% 20 )i 20% 9 22 9 10 I 9.22 9.10 9 17 9 12 9,52 9.42 9 50 9.47 9.50 9.47 5.70 5.65 5.87 5 85 4.62 4.57 5 70 6.65 6.65 B.65 5 87 5.87 6 87 5.85 4.65 4 60 4.60 4.57 4 82 4 82 4.t<8 4.82 Q H ? > • I H Q H l> IB Q B a 81 19 102% 98% 99 99 89% 16% 15% 54)1 58 53% 107% 106 19% 19 82% 65)4 74J4 73% ?<% 73% 40% 39% •W* 104% 40% 40 2m 20)4 I48V4 147)4 165 165 130% 129 22 19% il% 30% % "% W' 23H 22 22 73% 73% '47% '.47)4 ,54% iAU '06% 105% 81% 30% 29)i 2^ 31)» 30 90 90 »9% 99J 11% lOJ! 16% i5% 31% 89)i *% 4% <% 4% 16% 16 87% i6M 18% i:% 165 165 * 68% tf8% 21 20 ii?^ 11?^ 86% 85% 36% 31% » 8% ^ 10)4 IBi 67% 83% 6^ 13)i 13 7% 6% 194ii 18% 90% 88H. l:i% 13^ 41% 41% 8:0 715 8.68 8.57 8 67 8.53 8.75 8 58 8.79 8.64 66% K,% 68% 68% 35% SOS.i 35% 35)v 58% 68 63 6i% 27% 27% 89% 89)4 20% 20)ii 9 30 9 20 9,60 952 5 72 5 67 5,90 5 87 4.67 4 02 4.90 4,57 27% 81 74 69% 111% 101 102 99 101% 88% 23 18% 64% 60 56% 54% 114% 108 20% 18 87% 83)^ 69)4 66)i 77% 74% 127)^ 126 79% 75)s 44% 42 107% 104% 148 147 46% 41% 24% 20% 149)4 1^ 174 165% 134 180 64 49% 25 22)4 39% 29)4 128% 123% % ^4 102 98% 29 23% 25% iti 78% 73% 151% 150 64% 66% 112% lOp 101% 9S% 32X 27% 6% 3% 22 18 176 170% 69% 67% 24% 23 13)4 11% 40% 85% 45% 86% 12% 8% 16% 11% 18}2 11% 86 69% 48 83% 9 7% 17 14 9% 8)* 24 20 93% 90)4 m 18% 49 43 9,2S 8.85 9,28 8.16 9.35 3.20 9.44 &27 68% 65 71% 68% 36% 31% 36 84^4 65% 58H 66% 62% 26% 18% 17% 20% 20% 8 50 7 95 9.65 8 95 6 85 5.42 5.90 665 555 435 492 4.50 565i 52% 11% f"?)! 52% 46^4 51% 48)6 2J% 2S% 33 31% 12 62 1 1 80 U.8a 11.60 7.80 6.75 7.42 6.75 6.45 5.95 53 5.87 WHEAT on passage. 25.600.000 bush. 26 9*2,000 '• CORN on passage. 7.760.POI bust l,944.0w •• Russian Shipmts. for wk. 3.248.000 bush. 2 800,00c " Indian Shipmts. for wk. 144.000 bush. 400.000 " Argentine Shpts. for wk. 21,000 busti. t Sinee Aug. 81. * Since June 30. Compiltd and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YOSK m. o o o < z tu o z HI Q 2 o Q. CO UJ Ql a: O o Copyright, 189M, by Ctmpp Jt Comfiany O. W, CLAPP. OWIQHT O. CLAP^. CLAPP & COMPANY, Banhevs a»6 Brokers, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. Branch ' 277 BROADWAY, Corner Chambem 8t. Office*: i ^^I BROADWAY (Cable Building, Corner HoutTON). (. 753 FIFTH AVENUE.Io ORNER 68th 6T. Private Telegraph Wires. LoNQ Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, November 14, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. s% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. WHAT OUR BANK FRIENDS SAY OF OUR SOUVENIR OF 1894. Your 1894 Souvenir Is not only a veiy valuable book, but beautiful as well.— Cashier, Watoiiwaa County Bank, Madelia, ilinn. your 1894 Souvenirof " Leading American Exchanges'Ms areVuble authority to consult whenever occasion detnunds. -Cashier, ti.e ^a- tlonal Farmers' Bank, Owatonna, Minn. Your Souvenir book Is not only an artistic work, but Is full of tsI- nahle statistics aud infoi-mation.— Cashier, Fii-st National Banit, Miinkota, Minn. Your Souvenir book Is fuU of valuable Infonnation, and a handy book to have ou one's desk.— Cashier, tieiirssee Co. Savings BantL, Fliot, Mich. Your Souvenir book Is a vei-y valuable and magniflcent edition.— Cashier, Bank of Jackson, Jackson, Minn. Your book. " Leading American Exchanges," is full of interesting and instinctive matti-r uot readily accessible elsewhcie — CKshier Fii-st National liunk of Saginaw, ,*aginaw, Slicb. Your Souvenir lKX)k for 1S94 is the nicest thin? w« have ever seen. —Cashier, First National Bank, Independence, Mo. Your Souvenir of "Leading American Exchanges" received, and the elegant tinish and comjiletcness of the work make It taeiirtily welcome.— Cashier, Bank ot Sikeslon. Sikeston, Mo. Your beatttiful Souvenir b(X>k for 189J is a valuable acquisition lo our banking libmry.— Cashier, the Bank of Commerce, Chaiiute, Kan. Youi- Souvenir book is full of iiiteiesting information.— Cashier, Blink of Livermore, Livermoie, la. Your Souvenir bonk Is a treasure. Its historical and statistical j>)intsn)ake it worthy a place in a libiary.— Ca.shier, Gllmore Ex- change Bank, Gilmore City, la. Your very valuable l)Ook contains Interesting comparisons in its »;itistics.— Cashier, Merchants' National Bunk, Topeka, Kan. Your liook. "Leading American Exchanges." is well gotten up, ami we find it a valuable book, stored as it is with a vast amount of information.— Cashier Mei'chants' and Flantei'S' Nat. Bank, Uuion, S. C. We find vonr souvenir book quite Interesting to pemse.— Cashier Karinei-s' liaiik of Bales Co., Butlei-, .Mo Your Souvenir for 1891 is very neatly annnged and gotten up, and contains much interesting information.— Cashier, M'atkins Banking Company, Lake Charles, La. Your souvenir, " Leiding American Exchanges " for 1894 is a most useful contribution to commei-cial litei'aluie. and especially vaia- abie to bankei-st and others interested In market quolAiiuns—Ca»hler vsasliington State l>aiik. Washington. La. Your souvenir book for 1894 Is a model ot Its kind, as It is most complete in all it^ details.— Cashier Fust NaL Uaiik of Shenandoah, Slienaiidouh, Pa. Your beautiful souvenir book Is very convenient for reference and full of desirable information — Casluei National Valley Bank dtauc- ton. Va. Your souvenir book Is a very handsome book and fu'.l of valuable •tatistlcs.— Ca«hiei- The Continental Savings Bank Meini>hls. Teun. Your souvenir for 1894 is a valuable txx)k and handsomely guiieu up.— Cashier Lynclibui-g Nat Bank. Lyaclibuig. Va. Your souvenir hook for 1894 Is the most valuable compilation of the kind that we have ever seen.- A. L. Landis it Co., stock, bond and loan bix>kei-s, Nashville, Tenn. v/e And vour book full of useful Infonnation.— Richard M. Maury, banker and bi-oker. Richmond, Va. We co.isider your souvenir boak one of the most raUiable n e own for a reference book. It is replete with valuable Infonimtion to jnvpstoi-s. besides being artistically illustrated —Cashier Uaoufac- tuicrs' and Merchants' Bank, Glovei-svllle. N. Y. The souvenir book Is surely a favor to every Interested flnanrier In the laud, and its clear aiid concise manner and the accuracy of your preilictions Justly entitle you to the i-ank of the leading flnan- ciei3of the counlj-y.— President Kock County Bank, Lucerne, Minn. Your souvenir book is very complete.— Cashier Dollar Savings Bank, Wheeling. W. Va. H X > O m o o z H > z o > r < m o o DO o C/3 o ■n m > u z o m X o X > z o m CO Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTSUS. PORTFOLIO FOB FILING FOKWAKDKD APPLICANTS FUEE. CLAPP & COMPANY. BANKERS AND BEOZEES, NEW YOEK, WEEKLY MARKET LETTEE, Financial Outlook. Congress occasionally forgets itself in patriotic efforts to promote public welfare. Demagoguea can be cautious and progressive when posing for party supremacy in a presidential year. The financial recommendations of ineflScient officials will be impotent and unheeded at the. national cap- ital this winter. A broad and comprehensive scheme of National finance is one of the needs of the hour. The 54tb Congress will place the responsibility of the additional public debt and the chronic deficiency in treasury funds exactly where it belongs. Straws. — The Government receipts for ten months of 1895 were $272,285,000 against $278,449,000 in 1894. Expenditures were $309,942,000 against $319,798,000. The net deficit was $37,657,000 against net deficit in 1894 same months of $41,349,000. Treasurer will likely recommend the issue of bonds to retire legal tender note circulation, etc. Imports of merchandise, port of New York, ten months of 1895 aggregates $442,663,223 against $368,025,679 in 1894, and $i86,548,833 in 1892. Exports of merchandise, port of New York, exclusive of specie for 1895 to October 31st, were $288,530,473 against $307,706,343 in 1894, and $330,063,851 in 1892. From January 1st to date the exports of bul- lion have been about $71,000,000 in gold and about $33,000,000 silver, against $85,460,452 gold and $29,733,440 silver up to Nov. 1, 1894. Free trade and no foreign poUcy advocates appear to be without a leader. The man who poses to be better than his people appears to be without a party. Old and tried officials in finance and government are talking to move earnest listeners, and will likely again be called upon to reinstate confidence, business and stability in American enterprises still sorely embarrassea. Stocks and Bonds. Bonds.— Municipal bond sales for October aggregate $6,687,612 against $11,423,212 for Septem" ber. The sales of railroad bonds aggregated for ten months ending October 31st $299,240,450, ave" raging $70.2 per hundred par value, against $202,074,561 same time in 1894, at average of $72.7 Railway Stocks.— Tne average price of all stocks sold first ten montlis of 1895 was $59.4 per share, against $63.2 in 1894, the aggregate values being 20 «^ more than in same time during 1894. October transactions aggregated a value of $200,000,000 in excess of October, 1894. The gross earnings of one Trunk line, one Southern, one Granger, one Transcontinental and one Coal line from January 1 to latest report for October for years named follows : ROADS. ISOR. 1804. 1893. 1893. 1891. 1890. New York Central $36,116,298 $34,315,49.3 J39,232,'J56 $37,681,481 $30,172,094 $32,416,877 Northern Pacific 15,394,227 13,5.'i9,839 16.785.041 20,473,624 20,430,956 19,.522,161 Chicago. Milwaukee & St. Paul 24,426,638 23.750.827 28.157,770 26,870,378 23,554,627 21,706.564 Louisville & Nashville 16,145,448 15,893,869 17,065,666 17,881.504 16,635,332 15.833.618 Philadelphia & Reading 82,104,334 29,905.517 83,779,773 82,746,782 80,582,698 28,693,734 The interstate commerce law is likely to receive Congressional attention. Removing restrictions may prove profitable to many roads. Consolidating interests may remove some competition. Union Pacific will likely ask extensions or to pay in new bonds. The new Erie Railroad Company and the Atchison Company are gradually coming through reorganization. Both stocks may advance in consequence. tJnion Pacific, Northern Pacific r. l Reading may suffer under a large assessment if scattering holders should sell rather than pay. Tennessee Coal & Iron earnings continue large and to merit better prices when manipulators so decree. Free selling of Louisville go Nashville for foreign account still encourages American traders. Canada Southern appears safe for investment. The market has had a ten point decline. We advise purchases on weak spots based on increased earnings, and, later, based" on a revision of our currency system by a competent Congress. Industrials. — Sugar officials appear willing to let the stock sell lower to influence Congres- sional action. Chicago Gas manipulators appear aiding the bears. General Electric, Cotton Oil, Lead and Cordage continue in disrepute. Leather people may take the hides of many confiding investors. Rubber and other bunco specialties can scarcely be sold around quotations in large quantities. Tobacco evidently is on its periodical down turn, imitating the methods of sugar men. The next Congress should try hard to protect innocent trust stockholders. The bucket-shop interests and their assistants or backers, " the public," seem to have been working a boomerang. 2Vte best methods outlive those inferior. The filling of orders by commission men always has and always will affect values. The taking of trades by the bucket-shop never has or will advance prices. The saving in commissions, interest and other charges for years by the public who have patronized and assisted bucket-shops, scarcely compensates them for recent losses, or repairs financial wrecks. It is estimated there are 33,000 bucket shops in the U. S., and if they would each buy 15,000 bushels wheat in Chicago daily, their buying alone would daily exceed the annual crop. If they each should buy 100 shares of stock per day, it would more than double any one day's trading on the N Y. Stock Exchange. If in cotton, daily purchases might exceed 1,000,000 bales, or more than three times the average business. 200 ClAPP & COMPANY. BAIfKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. i Cotton. Government reports up to November Ist, indicated this crop would be the worst grown, variously estimated from 6,300,000 to 6,600,000 bales. November 10th, lint yield was given as 155.6 per acre from 20,182,133 acres. November 10th, 1893, the lint yield was given as 148.8 pounds from 19,701,- 385 acres, then the crop proved to be 7,527,211 bales. Last year's acreage was reported as 23,687,050 and lint yield 191.7 pounds. The difference in lint yield this season is 36.1 pounds, or 18.8 per cent, less, indicating the crop will be about 8,000,000 bales. The report says: "That much complaint is made of the short yield and half crop and poorest in thirty years. That dry weather principally destroyed the top crop in many localities and mjured it everywhere, and was favorable to picking, so the fibre is generally reported clean and in good condition." The visible supply is about 35 per cent, of the world's annual consumption, and only about 6 per cent, less than a year ago. Bulls on Cotton Exchange now claim crop will be about 6,500,000 bales. Receipts from plantation are about 35 per cent, less than last year. Stocks at interior towns are 12 per cent, larger. Northern spinners' takings are about 33 per cent. less. Exports about 45 per cent. less. Receipts of cotton at Egyptian and Indian ports show an increase of about 33 per cent, over last year. Market now ranges 3 to 4 cents higher than year ago when minimum price of 5.30 for January cotton was reached. Appearances indicate foreign cotton brokers get the Government report on the 10th of each month about five to fifteen minutes before high noon, and ahead of American merchants at the expense of American citizens. European buyers in the cotton belt are not so aggressive. Bear sentiment is perhaps too prominent. We favor purchase on sharp breaks while producer and spinner are trying to tire each other out. Wheat. The world's visible wheat supply increased the past forty days about 1,000,000 bushels per day. Last year the same time the visible increased only about half as fast. European visible supplies are 16,300,000 bushels more than November 1, 1894. The American visible is 27,200,000 bushels less than November 1, 1894. Our official visible gained 25,041,000 bushels since June 30th, last year the gain same time was 44,379,000 bushels. The world's visible November 1st was 209,857,000 bushels against 220,78 ■<,300 bushels November 1, 1894. It appears to look as though the world's visible January 1st would exceed that of December, 1894. The Liverpool Corn Trade Neivs reports exporting countries shipments from Aug. 1 to Nov. 1 as 81,112,0 »0 bu. against 88,568,.000 bu. in 1894. Russian Govt, report indicates their crop will be 64,000,000 less than in 1894. Indian shipments since April equal 15,840,- 000 bushels against 8,460,000 last year same time. Primary receipts now equal about 98,000,000 bushels against 94,000,000 bushels a year ago. Exports about 44,000,000 bushels against 59,000,000 a year ago. St. Louis and other winter wheat primary markets recently show moderate increases. The Ohio state report out the 8th says, 2,278,431 acres were sown in fall of 1894, and this autumn 2,251,043 acres ; that the condition of plant is but 55 per cent, of fair average, and condition of ground scarcely an average. Wheat weak and thin on the ground in many places, some fields not up and some that are thin, weak and making poor growth. Michigan reports condition 78 per cent., that most of the crop is grown in the south where condition is 72 per cent. Drought was worst in years, and is being relieved by generous rains. General winter wheat conditions seem to be under an average. It is rumored several large moneyed interests have bought about 25,000,000 to 30,000,000 bushels of wheat in Chicago for December delivery, and will insist on delivery. Elevator men have been buying December and selling May at about i^i cents difference, the actual cost being about 5 cents. We think purchase of May wheat around 60 to 62 cents much more likely to pay handsome profits than cause serious loss. England must continue a large buyer. Corn. The Government report indicates ayield of about 26.2 bushels per acre, and a crop of 2,148,158.960 bushels. Thoman makes the yield 29.7 bushels from 80,850,893 acres, total 2,400.718,000 bushels, and estimates five Southern States, including Missouri and Kansas will grow one-third the crop. Demand for cash corn seems to fully equal supply. Primary receipts have been disappointing. Kansas City receipts have been less than last year. Evidently growers are not working nights to market their crop at 10 to 15 cents per bushel in the Mississippi Valley. We favor buying corn at the lowest prices on record. Exports since July 1 23,000,000, against 3,380,000 last year. Oats. Mr. Thoman reports the acreage as 31,559,553 acres, yielding 30.1 bushel per acre. A crop of 940.^580,000 bushels, Iowa loading with U'7, 434,600 bushels. The average yield of potatoes is 100.7 'i, indicating a crop of about 250,000,000 bushels, or the largest grown. American Agriculturist thinks the crop 280,000,000 bushels. May oats prices around 21 cents for 32 lbs. sounds cheap and low. Provisions. The exports and domestic demand scarcely equals expectations. Hogs are lighter and cholera reported, which makes receipts larger than if no fear. The meat supply is only moderate, specula- tion small. There appears to be some Southern demand for Januai-y products. Winter packing 375,000 hogs, against 325,000 last year. Yours respectfully, CLAPP & COMPANY. 201 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Qnotations for Shocks, Cotton, Grain and ProYisions for Week ending November 13 1895, and tor NoYember, 1894. Par value of all stocks $100. except D., L. & W.: P. & R. and Am. Tobacco Co., FRiiM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OF" HIGHEST AND LOWEST PRICES WITH COMPARISONS. R BKKLT Sales. 1.125 i.m 188.6i26 2.574 68.188 C2..500 3070 2.530 11 185 H.945 93 845 127.105 163 r,50 <7.iii 3.179 l9.iiS 8335 1.105 8.245 1.200 «.456 3.100 62.970 18A00 200 8.735 097 2.7W) 801 1 744 14 888 136 15.600 8ft'.776 3.410 826 2 440 4725 600 8198 2.631 8045 2 725 8 464 tST45 800 43 260 846 S.000 8.1160 13.363 25.P08 81 317 e.-wo 6.777 8.r,9o 84 7.'i9 4.419 2.000 1.439 4.085 25.1)50 81 278 9.070 8 100 Capital Stock. $20,287,100 10 198,600 36 773,000 36 77:1000 17,900,000 25,000,000 15.000.000 22.488,000 60.805,400 82 262,700 24,8«5.800 46.027,261 25.923,900 46.1.16.000 18.559.360 89.054.907 J8,335 170 28 000.000 1 1 696,000 85,4.30.060 96,200.000 85 000.000 38 000.000 84 091 900 30,459,700 •5,000.000 8.000.006 59.UOO.0O0 10.000.000 11,840,000 11.840,000 49,466,500 58,800,000 80,000.000 18.738,204 13,000.000 47,844.100 47.436.5TB 14.905.400 14 904,000 89.428,300 77,427.000 20,000,000 58,119,982 18.000 000 89,767,200 49,000.000 89.269,546 20.000,000 8.500.000 40.426,361 86,000.000 68. «02,900 125,000.000 60.000.000 19.8.50.000 38.710,900 60,8B8..500 52 9 I.5O0 52,361 500 20.166.000 18.858 .WO 7.418.300 28.000.000 24.000.000 94,820.000 10.000.000 4.500.000 DiTiBENS Record. Naves or Stocks. Pays 3pc J-D Pays 3pc O-.J-A-J Pays 3!^pc J-J Pays 8pc F M AN Paid 2do 1895 Pays l^pc K-A Pays 1J4PC F-M-A-N... Paid Ipc Dec. 1K94 Pars Ipc U-J-S-D Paid Ipc I'ays 7 PC Per Annum. Paid Hpc Oct. Ife95 Paysli^pc J-D.. Pay8 2^^pc J-D.. Paid 3pc in 1893. Pays 2pc M-J-S-D Pays 7pc per annum. Pays 7pc per annum. Paid IK'PC Jan 1893. Paid 2pc Aug. St 1893. Pays 5pc per annum. Pays 2^pc AJ-S. Pays l^pc F-Jl-A-N. Pays 3pc F A Paid 2pc August 1R93. Pays l^pc J-A-J-O.. Paid 2pc in July 1895. PaidSpc 1891 Paid Ipc in Oct. 1895. Pays i9ipc M-J-S-D.. Pays Ipc J-A-J-O Paid IHpo Nov. 1898. Paid Ipc April 1892., Paid Ipc In 1887..., Pays 2po F-M-A-N.... Paid Ipo In 1887. Paid 8^pc in 1884. Pays2po Nov. 1895... Paid 2^pc March 15, 1895 Pays 1J4PC J-A-J-O. Paid IPC in Feb. 1894. Amencan Cotton Oil American Cotton Oil Pfd. Am. Sugar Refiniug Co. lAm. Sugar Refining Co W. 'American Tobacco Co. . . lAlcM.Top. & S. F. allins.pd Baltimore & Onio Canada Southern Central of New Jersey Cbesapealce & Obio Cbicaso. Bar. i 31H 30^4 Total sales of all Stocks each day and for the six days. 1,449.400 COTTON. In ba e». I World's visible. 1896 8 362 166 1«4| 8,558226 Total in slghttl Total Export*. 2.619.113 932.806 8.479,608 I 1527,-112 •T y f November • •'• I Dectmber. Cotton 1 January.. I February.. WHEAT, in bushels. I U. S Visible. iPrimary rec'ts*! Total Exports. 1895 66 937.000 98.000 000 44 413 500 189l| 81.220,000 I 94 000 000 69.640 188 Wheat. -{5 Com. December, ay. . I December. 1Siay CORN, in bushels. I V » Visible. 1895 4.627.000 18941 S 638 OOU Primarv rec'ts* 4. oob.ooo 26.000,000 Total Exports. 22 9*^268 8,882 618 Chicago 1 December. Wheat. I May co™-{£ry!.'?.'!!:; OATS, in bushels. I U. S. Visible. 189B 6 289 000 1S94I 9,064 000 N. T. Stocks, 1.639 980 2,641,762 Cbgo. Stocks. 437 000 1,609 000 Oats, t December. ■• (May Pork...jJ\7»7-; 1895 1894 LARD-tcs. World's vis. 217.903 105,289 CHICAGO CONTRACT STOCKS. PORK-bbls,| LARD-tcs. i RlBS-lbs. 8.737 l.%571 15.ffJ6.596 6,600 I 6,044 I 7,425,561 j^gy^ 1 January. Ribs. May. J January. . . iMay 80J< 2S% 31 mi 90^ 90 100 »d% 10« 10?4 46 45 16H 15% 81 81 4% 4% 4^ 4^ 16U 15H i2« n?i 164^4 164 9 tH 10'4 10^4 899i 88^ 13% m 43)^ 40 Friday. Not. 8. aOH mi 169i ."« 54;^ 10694 84 66% 74!>4 86k 15% 66 5S^4 1059i 19 82% 65 78 7m 40 104% 40 40 19% 19 147« 147 129% 129% 46^ 45>4 20^ 20 80% 80% 97^ »7% 23% SS 28 Si Saturday Not. 9. 100% B9 74 74 149^ 149 55% 54% 106% I05?i 8lM 80% 81% 30% 809^ 80K 64% 52 106% 105% 802 046 253.877 8.61 8.61 8.66 8 55 3 71 8.61 6 75 6 65 80M 89% 80% 30H 99% 99% lOJi 10% 45 44 15% 16^ 164 164 8.»4 82% 10|2 lOk 12 uk 68 66% 85 84% 7% 7% 13% 13% 7% 7% 194» II 89^ 6 . l?H 184(. 42% 42% Tuesday. Nov. 12. 74 73 40% 40% 105% 104% 8^ 89% 19 19 1469^ 146% 129% 129' 44% 44 20% 20. 80% 80% 08 96% 24 289i 88% e U7« i*:H Slli 51% 105% |06k mi 80% 29% 80% 8.54 6.49 8.55 8.47 8.68 6.53 8,66 6.58 12% 164% 9« 11% 7% 16% 89% 13% 41% 75 mi I059i 74 40% 105% iOh 40% 146% 146 129 128 45 45 20% 19% 80% 289^ 24% 24% 22% 28% 49% 148% 53% 52% 106% |Oi94 96 68 16% 56M, 54% 105% 19 83% 639j 74% 127 74% 40(i 105% 42 41% 429^ 42 147% 147 129% 128' 46% 45% 20% 20% 31% 29% M «% 84% 23% 75« 75 14^ 149% 4 54% 529i ^ 106% 106 I 99 99 81% 80% SOi 30% 29%' 819i 299i 82« 81% 30% 31% 81% 32>J 8196 -- 91% 119^ l64% iV 11% 84% 81% 894 9% ll9i 67% 85 7% 7 7% 16^ im C8% 90% 13% 13% 40% 42% 10% 1 16% 32% 6 <% 16^ 81% 12% ii9i 21 n 91% 889i 18% 17% 76^ 7596 41% 106% 106% 106% n% 209i 148% 148 169 168 130 129% 48% 47 2196 20% 33% Sm 120 120 9891 B^ 24 24 21% 24% 14^ 1^ 65% 54% ;069i I0-'% 82% 31% Range for, a„„„ - Nov. 1895. S^"^^'^- to date. N°*- 1894 99% 100% lOO% inu itiz MU a% 11% 49% 49% ■6% ii 159< 1696 ii 17% 32^4 83% 83% 84% r. ih? KU •i.l. 164 18% 42% 130.418 65^ 65!: «5A 6ti% 69,'. 68% 3696 8596 85V 85% 35/. 8694 859 58 58% 58% 53% - 62% 63% 2% 2*i 2?T6 62% 62% 63; 28 — ■ - 29% 29% 2996 18% 18% 2094 209« 9 20 9.15 9,50 9.47 9.32 9.12 9 62 9,45 6.70 5.62 5.90 5.S2 4.70 4.60 4.90 4.80 5.65 6,66 5,85 5 82 4.62 4.60 485 462 8,48 8 45 8,43 8,37 8.54 8.26 8,51 6.42 8.60 8 34 8.65 8,47 6 61 8 40 «5% 65^. 65 64% 69% 68jJ «■»% 67% 85% 35% SSi^ 85% 85JJ 85% 35% 85.'. 58% 58% 68 67% 68 6>% 62% 61% 28% 27T| 2794 27% 29% 299ft 29>« ^9>6 18% 18% 18% 18% 20% 20% 20H 20% 9,15 9 05 9 05 9 02 9 47 9 87 9,40 9.85 80% 90% 14 18 68 35% 7% I4H 7% 19% 89% 13% 81^,094 225.411 663 6.60 6 8S 5.82 4.60 4.57 468 460 560 6,67 6 80 6.80 4.57 4.55 4.^2 4.60 8.S1 6 25 8.35 8.20 8 41 8 25 6,48 8 80 64% 64 67% 67% 85% 85% 8594 3511 57% 56% 6194 61^6 2^ 29% 20% iOH 9,12 9 07 9.45 9,42 563 5.82 460 4 82 5.60 6.82 4.67 4.62 4« 494 16% 16% 6% 6\i 13% 129^ 165 185 2?,' 81% 87% 8594 86% 3494 9% 9% 1094 10% 13^ 18 7\ii 70% 86% 37% 7% 7% 14% I4k 8« 794 21% 20!^ 91 90^4 14% 1394 42% 41 825 554 6.28 6.23 8 37 8 22 8 46 6 27 850 6.84 66A 64», «8,V 67% 3594 85% 86 3511 S^ 67% 6d . 61% 2s% 28 2994 29% 18% 18% 2094 20% 9 cO 9 06 9.5S 9.42 665 560 5,87 5 87 4.62 4 57 4.87 4,82 21% 19 :o 68% 102% 98% 99% 97^4 91% 85% 18% !5% 60% 54 5.'>% 53% 109% 105 19% 19 86% 829* 68% 63% 76% 72% 127 126 76% 73 41% 39% 106% 104^ 4294 89% 2194 19 148% 146 169 165 131 128 49% 44 23% 19% 32^ 2894 120 120 H U 99 96% 24% es 21% 22 76% 7394 150 147 57% 51% 10694 102% 99 97 88% 80% 82% 88% 8i% 2994 91% 90 100% 99 81% 26% 5% 494 1494 1194 168 164 68^ 67% 23% i<0 !^ 11% 37% 34% 38% 31% 9% - 11% IIH :3% 11% 72% 66 3»94 83% 794 694 1194 13 m 6% 21% i8!-4 91 , 88^4 14% 13% 42% 40 59% 56% 6394 61% 2^ 27% 23% 29 1894 16% 209-4 20% 9 32 9 02 9.62 9.35 5 70 5.57 5.90 580 4.70 465 490 480 29% 2594 77 :2% 96% 93 96 91% 102% 90 to' 67" 5244 4994 98% 8994 19^ ir% 76% 689-4 7i% 6'J% 64% 57% 12! 116% 65% 60 36% 32% 104% 9o% 145 14294 8994 30% 19% 17 ;25 119 162% 156 129% :22% 37% 3^ 1094 794 8^9-4 3496 !0!94 100% 4% 8V2 93 90 ^ 19% 16% 16 74 TO 138 131% 5(j% 53 10694 102% 100 97 24 SI 3094 27% 42% 83 89% 84 ,0094 97% 16% 1094 80% 15% 4194 4 4 10% 20 3% 33>_ 16% 46 5 19% 24 894 ,696 13^ !61 1^^ 26% j^ 17 "« n% 9^ iS% 'l^* 60% 59% ^^ toy* 11 8 24 14 7% 6^ 1.''% 13^ 90% H6% 18 11% 44% 40 5.72 5 2i 5.87 5 23 5,94 5 26 6.00 5 33 60% 5511 649i 60/; 5:% .'J3% 55% 52 5'5«rt 52% 6194 fi7% 52% 46% 51% 48% 29% 2*96 83 81% 12 85 1160 , 13. M U.96 7.48 6.75 7.57 6.90 6 55 5.87 670 6.07 169! OLD POBZ, Cbeo.-bbU. .... bbls. WHEAT on passage. 85.360.000 bush. »6.9»,00O " CORN on passage. 6.9SO.00O bash. 1,944.000 " Russian Shipmts. for wk. 8.320.000 bnsh. 2 9i>0.00C " Indian Shipmts. for wk. 24.000 bush. 100,000 " Argentine Sbpts. for wk. 48.000 baib. t iisM xv$. ij^« «^M Juu. 80. CompiUd and Copyrigkud ly> CLAPP ft GOMF AITT, BANEEBS, MILLS BUILSIirQ, NEW YORK •Mi <1 UQecklv (TDarhct letter. No. 406. Oopyrii/ht, 1895, by Clmpp Jt Companv, O. W. Clapp. DwiQHT O. Clapp. UJ o o (O (0 a: UJ o o o z < (0 I- z o o o < <] Q u LlJ O z UJ Q z o Q- (/) UJ o: o o CLAPP & COMPANY, Banhei'S anb Brohers, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE. IN THE HEART OF THE BANKING CENTRE. Branch Offices : 277 BROADWAY, Corner Cmambem St. 621 BROADWAY (Cable Builoino, Cobner Houston). 753 FIFTH AVENUE.ICorner 58tm St. Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, November 21, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customerb. WHAT MANY BUSINESS MEN SAY OF OUR SOUVENIR OF 1894. YoviT Souvenir of 1894 will live as a valuable book of reference, and reflect the notcwoiHiv events of the imst yeai' as in a looking- glass.— Cashier, Bank cf ttamniond, Wis. Your Souvenir bo o m O z > Z o > r < m o O JO a (/) o -n r m > o z o m X o DC > z o m C/3 Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK L.ETTEHS. POBTFOLJO FOB FILING FOKVVAKDEli APPLICANTS FKEE. 203 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. Concentrating and developing tendencies exceed in natural power any forces opposing them. Cheapness of product at expense of labor of liberty would be an unequal adjustment sure to result in harm. As the larger commercial enterprises must continue absorbing the smaller, they should be controlled and regulated. Uniformity of law can be secured by wise and liberal regulation of banking, industrial and railway corporations. National interest in foreign markets can secure the support of the people. Straws. — The Manufacturers' Record says the annual output of the South has increased about IQQfo since 1880. That the aggregate for the decade ending 1900 will be ten billions more than for the decade ending with 18&0. That the new South turns annual product of one billion dollars more than in corresponding time ten years ago. The Progress of the World (a new magazine) says that a prominent New Orleans cotton operator recently had $20,000,000 in paper profits on cotton held for the rise. The American Economist estimates the average number of employees of American factories has doubled since March 1. 1893, and that $?0,000,000 has been transported in 32 months from pockets of American manufacturers and their employees to increase earnings of foreign capital and labor. We estimate the total losses of Americans by adoption of policies advocated since 1892 is more than three times the amount named by the Economist. Poors Manual says there are 13,176 miles of street railway in the United States, a gain of 3,514 miles since 1891 — 109 miles oper- ated by steam, 10,238 miles by electricity, 578 with cable, and but 1,950 with horses. Stocks and Bonds. Bonds.— Many issues can be bought at concessions that should encourage buying. We do not look for a Government issue until after Congress meets. Railway Stocks.— For ten months of 1895 earnings were $60,000,000 better than in 1894, and the first week of November shows percentage of increase nearly double that of the previous week. The gross earnings of 139 roads in October was nearly $57,000,000. Chicago receipts of flour and grain in bushels and at nine other primary points for five weeks ending October 31 were 90,459,269 bushels, against 53,376,533 bushels corresponding time in 1894. Chicago received 30,634,810 bushels in October, against 12,178,706 last year. Earnings of 12 leading stocks m October for years named, ^and prices Nov. 20 in 1890 and 1895: ises. 1894. New York Central Louisville & Nashville Northern Pacific St. Paul Rock Island Great Northern Atchison, Topeka & Santa Fe. . Missouri Pacific Missouri, Kansas & Texas Southern Railway Wabash C. C. &St. Louis 4,185,304 1,952,295 2,733,757 8,851.842 1.740,795 3.519.604 3.934. .592 2,. 506, 900 1,242,492 l,i»53,933 1.315,731 1,328.325 29.269,670 8.836,230 1,86.5,196 2,420,131 2,990.874 1,617.159 2,147.967 4,011,,593 2.378,927 1.417,964 1.829,847 1.173,808 1,290,201 26,979.896 1893. 4,350.294 1.649,552 2.226,339 8.923,658 2,143,294 1.977.923 4.370.182 2,267,123 1,288,227 1,685,549 1.402.703 1.256.460 30,333,804 1892. 4,289,878 3,038.152 2.948,286 3,717,620 1,915,240 2,021,794 4,645,762 2.738,337 1,046,374 1 888,038 1,411.780 1,351,066 30,012.317 1891. 4.173.663 1.963,038 2,993.305 3,654,996 1,739,477 1,868,918 4,524,396 2,735,288 1,149,819 2,103,923 1,333.630 1.291.503 1890. 8.635,154 1,788,920 2,922,820 3.045,330 1,756,431 1.514,930 4.237.531 2,453.482 1,062,707 2,028,904 1,278,076 1,263,071 29,530.946 26,977,353 Price Not. 20. 1890. 1895. 71 5i 211^ 47;g 67 273^ 61 9 100 52?i 75 75^ IWa '60% 13^ 10^ 7M 41 The tliree months ending December 31, 1805, are likely to show larger earnings for these twelve roads and for the United States system than have been made during any last quarter of any year in their history. The aggregate vield of cotton will likely be 3,500,000,000 lbs. ; Wheat, 30,000,000,000 lbs.; Corn, 78,8S8,000,000 lbs.; Oats, 26,415,808.000 lbs.; Rye, 1,516,000,000 lbs.; Barley, 3,378,448,000 lbs.; Buckwheat, 76,500,000 lbs.; Potatoes, 18,000,000,000 lbs.; Hay, 100,000,000,000 lbs. Miscella- neous vegetables, rice, tobacco, and dairy and pork products estimated may equal 500,000,000,000 lbs. more. The grain and cotton tonnage may therefore exceed 163,774,756,000 lbs., or 81,887,378 tons in the seven products. The iron and coal and other mining and forest productions may exceed any other year, and carry the total production and tonnage of the United States in 1895-6 beyond any figures ever before realized by any country. Many Western railroad companies are signing an agreement not to issue passes to any one but employees. The now Presidents' agreement should be more effective than any previous effort, in short, officials are looking well to earning.s rather than devote their best talent to Wall street record. The United States Supreme Court decision granting the United States the right to string telegraph poles along the Union Pacific Rail- road, andconstrued to mean that any company can build a line alongside railways, was interpreted by many to indicate that it is but a question of time when that stock will sell around 60, and other telegraph companies obtain coveted privileges long granted the Western Union. Industrials. — Congressional Sugar afiairs may again be used for speculative purposes. Chicago Gas manipulators claim to have secured practical control of the oM certificates and of the situation. Sometimes parties holding both ends of the rope get the worst of it. Leather and Rubber appear matching orders to catch lambs. General Electric may consolidate and get better manage- ment. Lead and Cotton Oil are not traded in much. American industries are concentrating owner- ship. The New York Stock Exchange should try and protect public interests by more safeguards. I ClAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. 8 Cotton. The London Times says, in 1885 Japan imported $800,000 worth of raw cotton for the 50,000 spindles in 19 mills, and in 1894, $19,500,000 for 600,000 spindles in 40 mills. Their imports of cotton yarns from Great Britain decreased proportionately the same time. Japanese mills paid handsome dividends last year, while those in England reported losses. American mills declared handsome dividends. The spinning business is increasing uoth North and South faster than ever before. Ex- ports of cotton this year are at over $40 per bale value, against about $28 last year. The aggregate values of clearances about 10^ less. European stocks of American cotton the past 90 days have in- creased. Our exports in same time have decreased over 070,000 bales. September 1, the world's visible is about 181,000 bales less. Port stocks are about 20,000 bales, and interior stocks about 49,000 bales larger than year ago. Continental and English stocks about same. One cause of the short- ness of this crop is the usual light weight of the cotton, owing to the dry weather at picking. Some think this shortage alone will equal 200,000 bales, others claim the shrinkage is 10 per cent. Of late spot holders of cotton have been more willing sellers. Exporters and spinners are holding off. The undertone appears to indicate there is a good investment demand by men long in the trade who have made money buying on depressions, and when the market appeared to have but few friends. Many think interior and port receipts are likely to soon fall off and cause an upturn in values, and that English and continental spinners will soon perceive this and become liberal buyers. Wheat. One ^ear ago Chicago was receiving large quantities of winter wheat, because a premium was being paid for it. Of late Indiana, Ohio and Tennessee, Michigan and this State have been liberal buyers in Chicago, and paying a premium for contract No. 2 red wheat of about 3 cents per bushel. Minneapolis millers keep paying about 1>4 cents premium over December wheat, and are now only 4 cents below Chicago, against 5 cents a few weeks ago. Chicago stocks of 2 red are 10,431,000 bushels, of 2 spring 4,502,000 bushels, of 1 Northern 2,365,000 bushels, of all kinds, both in public and private elevators, about 27 j4 million bushels, 0>^ million bushels being in private elevators. Primary receipts since June 30, at the ten primary points, have been about 106,000,000 bushels, against about 99,000,000 bushels same time in 1894. Total exports about 51,000,000 bushels against about 63,000,000 bushels a year ago. Our largest visible since 1884 was 89,071,000 bushels December 22, 1894, and the smallest 11,805,219 July 11, 1891, The official is now 60,326,000 bushels. Beerbohm's Corn Trade List November 5 reports the world's visible as 168,032,000 bushels against 193,088,000 in 1894, and 127,600,000 September 1, 1895. Russian private and official reports recently claim a large shortage exists both in the reserves and the visible supplies. Their shipments from January 1 to November 4 are 57,376,000 bushels, against 37,080,000 a year ago. Argentine reports vary greatly. We think the best advices indicate the crop will about equal that of 1894 and be ready to harvest in 30 days. Shipments from all producing countries from August 1 to November 2 to Europe are reported as 89,936,000 bushels against 9:iJ, 200,000 bushels last year. American exports last week were larger than any week since January last. Invisible supplies July 1 are generally considered less than for any July in a decade. Recent increases shows about 20 ^. Recent primary receipts have fallen off about 20 i. Farmers are still seeding winter wheat in several States. Ordinarily we grow two bushels of winter wheat to every one of spring, consuming at home most of the winter grown, and exporting over ^ the spring wheat grown. Primary receipts at winter wheat points now indicate the movement is scarcely more than 18)4 ^ of the total and the spring wheat primary movement equals about 81 >4 ^ of the total. We doubt if receipts were ever more largely duplicated, A very successful operator says liberal purchase of May wheat on moderate margins, coupled with a large stock of patience, will likely pay 10 or 15 cents per bushel profit before spring. We advise changing over December holdings to May while it can oe done at less than actual cost. Corn. Exports since June 30th exceed 26,000,000 bushels, against less than 3,400,000 bushels samo time in 1894. Farmers in the commercial corn states are unwilling sellers at 14 to 16 cents per bushel. Cribbers have little or no corn in store or contracted. Most of the sales in Chicago are for May delivery, and short sales, based on hopes that growers will rush their corn to market early and break the price, and allow the shorts to reap profits while contracting other peoples' property for delivery five months hence, free of charge, at prices lower than ever before quoted in any No- vember, for May delivery. We believe the crop has been over estimated, that old corn supplies are very small, that waste and consumption are at the maximum point, and that it is possible natural forces will prevent a free movement of corn to market this winter. In years past rain has often f^revented any large movement. We believe investors with moderate margins, ample nerve and a iberal stock of patience, can buy May corn around 3U cents per bushel in Chicago, and have a chance to make 5 to 10 cents profit. Provisions. The domestic and export demand is but moderate. Stock of provisions are not large, prices are about an average, corn considered. The number of live hogs in the country are considered less than usual. Speculation in provisions is small, with the outside trade moderate buyers and packers and E revision men the sellers of futures. Winter packing from November 1st to 13th inclusive, 705, OOU ogs against 720,000 last season. Yours respectfully, CLAPP & COMPANY.' 205 CLAPP ft COMPANY, BANKERS AND BROKERS, NEW YORK. WEEKLY MARKET LETTER. QaotatiODS for Stocks, Cotton, Grain and Provisions for Week ending NoYemkr 20, 1895, and tor NoYemlier, 1894. Par value of all stocks $100. except D., I.. & W.; P. & K. and Am. Tobacco Co., PROM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OF mGHEST AND LOWEST PRICES WITH COMPARISONS. Wbeklt 8 a LBS. 8.95S 7tf5 135 907 8.188 155.Sft8 85.955 ld90 630 8.8:26 6.580 111.481 43,310 61 66 628 •4 248 920 8168 100 950 710 2.604 2.130 1,980 3 545 85570 9 996 800 100 702 600 1.010 1.044 295 45.146 60 248 674 11,185 I'.iai 1.3ti9 1.021 985 6.028 eloio 2,3-iO 1.8-.!5 1.152 7,330 31.220 110 114 J62 213 10 000 2.520 11.688 6.868 26 .'.65 2.190 •2.884 80U0 28 898 1.182 6 160 s)00 ],.'^5 13 1 54 6C.061 9.250 120 Capitai. Stock. 180,287,100 10,198,600 86,966,000 86.968,000 17,900,000 85,000,000 15,000.000 82,488,000 60.805,400 82,002,700 24,886,800 46,027,261 25,983,900 46.156,000 18.559,360 89,054,907 22,335 170 88.000,000 4 890,000 85,430,060 26,200,000 35 000,000 38 000,000 35 000 f 00 30,460,000 85,000,000 8,000,000 50.000,000 10,000,000 11,840.000 11,840,000 49,466,500 52,800,000 30,000,000 18.738,204 18,000.000 47,844,100 47,436,576 14,906.400 14,904,000 89,428.300 77,427.000 80,000,000 98,119,982 13,000.000 39,767,200 49.000.000 89,269,5<6 20.000,000 8,500.000 40.426 361 36,000,000 68.402,900 125,000.000 60.000,000 ig.s-'Aooo 38,710,900 60,868,500 61 509 900 60,909,900 80.166.000 6.000.000 8,000,000 88,000,000 84,000,000 94,820,000 10.000,000 4.500,000 DrvxDBND Recobs. Pays 3po J-D Pays 3po O-J-A-J.,. Pays 3}^pc J-J Pays 3po F MA-N.. Nahbs of Stocks. Paid 2do 1895 Pavs I'^pc F-A Pays li^po F-M-A-N. Pays Ipo M-J-S-D Pays Ipo M-J-S-D Paid Ipc Pays 7 PC Per Annum. Paid Hpc Oct. 1895.... PayslJ^pc J-D.. Pays2!4pc J-D.. Paid 3oc in 1893. Pays 2pc M-J-S-D.... Pays7po per annum. Pays 7pc per annum. I'aiU 2pc AngiiSt 1893. Pays 5pc per annum. Pays'b^pc'M-s!!!!!! Pays IHPC F-M-A-N. Pays 3po FA Paid 2pc Augu.'st 1893. Pays l^pc J-A-J-O.. Paid ipc in July 1895. Paid 3pc 1891 Paid Ipo in Oct. 1895. Pays l9ipc M-J-S-D.. Pays Ipo J-A-J-O.... Paid 1J4P0 Nov. 1893. Paid Ipo April 1892.. Paid Ipo in 1887.... Pays 2pc F-M-A-N. Paid Ipo in 1887... Paid 3^opc in issi! Pays2pc Nov. 1895 Paid 2^pc March 15, 1895 Pays 1J4PC J-A-J-O.... Pa i d I'p c in Fe bV i 894 ! ! ! American Cotton Oil American Cotton Oil Pfd. Am. Sugar Refining Co- . Am. Sugar Refining Co Pf. American Tobacco Co Atch.Top. icoct2d inpd N Y&N E tst CO cti all in pd N. Y Ontario & Western.. N. Y. SusQ. & W'n Pfd.... North American Co Northern Pacific Northern Pacific Pfd Pacific IVlail S. S. Co Peoria. Dec. & EvansviUe Philadelphia & Reading.. Pullman's Palace Car C'o. Silver Bullion Certificates Southern Pacific Co Southern Railway Southern Railway pfd... Tenn. Coal. Iror 4 - 90 17H 54« 107% 19% 86M 65)4 75% 127 7696 41 106J4 19 19% 9fl9i,1009i 09 98^ 87 88(4 K96 l''« .... 57 549il 54% 107 108 19% 19 mi, 64H 7S% 127 75% 41 106 41« 41% 20 20 143% 149 169% ma 1299i l299i 47% 47% 20% 1996 82% 81% 99% 99% 99 99 24% 24% 24 24 24% 24 75 749i 55% 64 M3% 101% 99% ""•' 8^% 24 24 74Ji 7iH 150 150 5496 63% 102 100% 86% 64% 7596 76% 41% 1U6% 19 669. 100 H, 91% 87?a 17% 57 54% 1C8 19 85?4 6196 75>i 75% 41% 106 41% iiy. 199i 19% 74% 74>4 5-»% 101^ 99%iI00 100 100 81% 81% 31 81% 32% 32 92 81% 82 »2 li% 10J6 16% 84^ 16% 82 1^ 31% 80% 31% 31L4 91% 919^ l69i 1^4 io I 15% 1594 8396' a-Wi 88 5%1 6 6 494, .. 16^6 16% 16 80 I 81% 80% 10% 1*7% 11%' 12% • ■■ 167% 22% 11% 87% 3o 109* 13% 7l9i 38 796 14% 8 2: 91% 14% 42% 81% 11% 36 84 9% 10% 13 roH 88 7% 14% 794 80% im 42% 285 238 22% 1196 •36 8496 9% 10% 13% 70% 87% 7% 14 20% 909-4 13% 11% 85% 83 9% 10% U 14 26% 90 13% 68% I '091 mi 81 81^ 81 8^ 8196 106 100 1096 i^ 1696 '5" 16% 31% II ' 67% 22% 11% 3^% 83^ 9 I59l. II 81% 8% 67% 22 1196 85^ 3294 8% Monday. Not. 18. 20% 80% 101% 89i6 9S!4 98 68Hi 85M 1796 17J4 57% 57 54% 54% 109 109 19 1P% 87% 80^ 65% 64% 76 7596 76% 7596 41 41 106% 1059^ 4196 41% 20 19k 149% NS94 16756 167% 12996 um 47Vi 47 20 1996 32% 3196 120 120 H 96 98% 98% 23% 23% 74 74 14995 H994 54% 53 [01% 969^ 8i96 809i 31% 999i 10% 16 33 6 16 ' ■Jl% J96 10% Tuesday. Nov. 19. 20 148% 129' 45 19)i 31> 80 US% 12894 444 1894 80% 82 74 ' 52% 99 22 74 5i 98% 80% 80% 8096 83% ■ 31 9994 9% 1594 82% 6 1594 30^i 496 9% 196.246 8.14 8.14 8.11 8,09 8.23 8.1.3 8.13 8 01 8.30 8.1? S 19 8.07 8.83 8.23 8 28 8 !3 70% 87 7% 20% 90% 1394 22% 11% 36^ 83% 9 , 9% 13 69941 71% 87 7 i 7% • • U% 1994 20% 90% 9096 13% H% 2196 "H 35% 82^ 9 9% 9094 9994 m 15% SlH 4<4 15% 31 2994 80M 90H 9994 996 15 3194 4^4 I6^t 80% 1096 994 £1% 1196 35 82% 8M . -- ^^ 1296 12^4 70 ":% 14% 1996 88 >^ 1394 71.058 j 203,270 811 8.11 8.20 8 20 8.14 8,10 8.25 8.11 8,19 8.15 8. SO 8 15 7096 30% 7% 14 7% 19H 88% 14 ■ilH 11% .'» 31 896 894 1194 68!<, 359i 7 14 7% 18% 8694 1394 107% 107% 1894 18 86 85 65 64^ 75 74% 127 127 7594 75% 41 40% 10594 1J5>4 19% 19% !48% 148 129M 13896 4496 4394 io 19 31% 80% 11894 11894 63% 82% ?3W 7396 5296 6196 :oo 98% 8096 2994 80% 299t 30% 804 9:94 91 100>4 9994 50 9^ 60 15% 1496 496 4^4 496 1% 15^ 14% 81 3096 16% m 21% 21 10% 104 35 31 y, 33% 3^ 8% 12% 8% 262,995 801 6 01 8 08 8.00 8 13 8 03 8.22 8,20 8 33 8.i0 8,17 8 08 659* 64%l 65.'. 6l,% 6i\l 6494 65 689ft 67%' 68 6796 "' ' 8594 85961 85% 3596 35{I 35% 8594 8596 58^4 6796 5796 57% 62% 61%; 61% 61% 2-9»i 28% 28 2794 2994 29% i9% 89% .. --„ - 64 •, 6494 8496 6794 679i 63 67% 6796 67% 85/, 3.596 3596 35)4 3514 35V4 3594 3594 3594 35JS 8594 3596 57% 57% 5794 57% 5796 ^6% 61% 61% 62% 6196' 6m 61!^ 28 2796 2794 ^796 27% 2796 29% 29% 2996 29J4I 2996 29% 69% 68% 6% 6% 7% 7 19% 1896 8896 874 14% 13% 1896 1896' 18M 1816 18% 18% 1S% 17%' 18 18 2094 "2096 2094 20% I 2096 204 2096 20%; 2096 204 9,17 9.07 19 10 9.07 9.0? 9 05 9 02 8 97 9.00 897 9 55 9,45 i 9,45 9. 42 I 9 45 9 42 9.40 9.85 19.37 9,32 i i I 5.85 5.62 I ,5.62 5.60 5 60 5.60 5 60 5,55 5 55 6.52 5.85 5.S5 1 6,82 5 82:582 582 580 5.77 5.77 5,75 4.62 4.57 4.57 4.,57 4.57 4.57 4.55 4.52 4 55 4.52 4,87 4.82 I 4 82 4 801482 482 4.80 4.771477 4.77 829 571 8 12 8.05 8 18 8 05 8 21 8.10 64|: 64;i 6794 67,', 3596 35)4 8594 3596 574 57% 6194 6196 27% -2796 2996 29% 18 18 20^ 204 R97 8 90 9,35 9.27 5 55 5 52 5.77 5 75 4.52 4 50 4.77 4,75 Range for Nov. 1895, to date. 2194 18^ 70 6694 102% 98% 99% 97 91% 84% 1896 15% 60% 54 5596 53% 109% K'o 19% 18 87% 62H 68% 63% 7696 72% 127)4 126 77% 73 41% 89% 106% 104% 4294 89% 21% 19 149)4 146 169% 165 131 128 49^4 4394 23% 1894 33 28->4 120 11894 96 ^4 99% 96% 84% ii 814 22 76% 7896 150 147 6796 61 10694 98% 100 97 33% 2994 82% 88% 82% 2994 92 90 100% 99 12% - ' 61 17% 34% 64* 4% 17 43 1496 29% 4% 4% 14% 5% 496 1494 9)^4 168 18* eSM 67% 2396 20 12 :0% 374 84M 384 81 94 8,87 8.01 8 89 8.00 8.!15 8 0.^ 8.99 6 08 66% 64 69% 67% 3.-i94 3r) 36 3596 5996 56% 6J>4 614 2896 2796 2994 2i) 1894 17% 20-J4 209). 9 32 8 90 9.62 9 27 570 5,52 5.90 470 4 90 5 75 450 475 Range foi Nov. 1894 2996 2594 77 72% 96% 98 96 91% 102% 90 70 67" 5294 4994 98% 89^ 1994 1^ 76% 68;J4 7;% 6J9s 64% 57% 121 116% 664 60 8u96 82% 10496 ^M 145 1429^ 3994 364 19)4 17 125 119 1624 156 129% 122% 3796 82% 1094 79i 8794 3496 10194 1*^% 4% 3>2 98 90 2296 1»K 18% 16 74 70 138 131% 5696 53 10894 1>«^ lOO 97 81 7 3094 '^^ 42% 3i 89% 84 l009i 974 15% 1094 33% 804 1696 15% 46 41% 8 * 494 * :6i 1*^ 2096 i,^ 41 35 17 "« 1096 94 ,J^ 114 T^ 14 8 24 14 7% 614 1.=.% 13>4 90% f6'4 18 11% 44% 40 5.72 8 23 5.87 5 23 6.94 6 28 6.00 5 33 6056 65»l 64% 60,'] 5756 58% 5596 52 669i 52% 6194 57% 62% 46 4 61% 48% 2996 2156 33 31% 12 85 11 00 13.20 11.95 7.42 6.75 7.57 6.90 6.5.') 5.«7 6.70 007 1895 1894 OU) PORE Chgo.-bbls. ... bbte. WHEAT on passage. 26.1G0.0(J0bush. 27 406,000 '• CORN on passage. 7.r.20.l.X)o bush. 2,480.000 " Russian Shirmts. for wk. 2.840.000 bush. 2 400.000 " Indian Sbipmts for vk. 101.000 bush. 160.000 " Argentine Shpts. for wk. 72.000 bush. t Since Aug. 31. ♦ Since June 80. . Compiled and Copyrighted bj> CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YORK 206 /I Mechlp flDarhct Xettcr. Z LU o z LU O z o Q. (/) UJ o: o o CLAPP & COMPANY, Bankers anb Brohcrs, miLLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE. IN THE HEART OF THE BANKING CENTRE. BRANCH OrFiuts : 277 BROADWAY, Corner Chambers St. 621 BROADWAY iCABif Builoh.g. ( ooser Houston). 753 FIFTH AVENUE,!.Co8neh 6«tm St. Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, November 28, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. WHAT MANY BUSINESS MEN SAY OF OUR SOUVENIR OF 1894. ^ Tonr Souvenir book is certainly a beautiful book full of valuable and interesting infonuation.— Casliier, the Bank of Newport, Ark, Your Souvenir book of "Leading American Exchanges" we con- sider ft valuable compilation of comiwrisons. and shall tlnd use for Its ready reference.— Cashier, Bank of Conway, Conway, Ark. Your Souvenir book is veiy valuable to any ofllce where slock transactions are canied on.— Caatuer, the briggs National liunK, Clyde, N. Y. Your Souvenir book for 189J is a gem.— Cashier, the Cltiiens Bank, Arcade, N. Y. We regard your Souvenir book for V>9i a veiy beautiful an well as a veiy valuable compilation. — (.'ashler, McKechnie & Co., bankei^, Cauandaigua, N. Y. The statistics of your beautiful and artistic Souvenir book cannot fail to be of value to iu>.— Cashier, the Citiseus Bank of Dansville, DansviUe, N. Y. Your Souvenir booh for 1894 contains a valuable lot of Infermation. —Cashier, Citizens' National Bank, Saiuloga Springs, N. Y. Your Souvenir l)ook for ISt)4, I assure you, I ti-easure among my earthly posse^iuiis.— Cashier, i'ii'st National Bauk of York, York, Pa. We ore much pleased with your Souvenir book. It Is certainly nicely gotten up. and it is equally certain that it Isan interesiins; ai d valuable book for reference.— Casliier, Fiwt National Bank, Kichfleld Springs, N. Y. Your handsome Sonvenir book we find qnite interesting —Vice- Piesident Firet National I'.anK, Macon. Ga. Your Souvenir is a handsome book containing valuable informa- tion.- Cashiei', Cochran, Fayue & McCormlck, bankers, WUllama- port. Pa. Your Souvenir of 1891 Is quit" comprehensive and contains much TalU'ble infonnsition which will be of gi-eat benefit lo investoi>< and ot^iei-s interested.— Cadhler, The Black River National Bank, Low- ▼ille, N. Y. In your Sonvenir boo't for 1S<)4 the record for the past year Is quite complete, and contains intui uiation that is both desirable and vaiu- able.— Cashier, City Bank, Yon;, Ta. Your sonvenir of 1894 ie valuable as a book of i-eference and gotti^n up in handsome style.- Cashier Firel National Bank, Coming. N. Y. The souvenir book Is indeed a vei-y handsome and useful piece of pi-operty.- L'ashier.Bank of R. A. Graves, Sparta, Ga. Your souvenir book Is a nice I'eference book and our gi-ain men seem to be greatly impressed with it, finding couipai'ative figures of piust markets. — Cashier Davenport Savings Bank, Davenport, Iowa. Your voluminous and beautifully illustrated souvenir for 189) is of gieat value to all who are intere.sted in the busine.ss and flnances of tlie couutry.— Treasurer WatertowQ Savings Bank. Watertown, N. Y. The IS9I edition of your sonvenir of leading American exchanges shows tliat vou have ma'ntained the high degree of excellence at- tained in llie fonner edition of the work, and withal it ''makes mighty interestiu' readiu'."— A. O. Slaughter & Co., Bankers, Chi- cago, III. Your tine .souvenir Is a vnlnable book for reference.— Cashier, The National Shoe and Leather Bank, Auburn, Me. Y our souvenir book surpasses any book of its kind that I have ever seen, and is full of useful and entertaining statistics.— Casliier Fiist National Bank of Camden, Camden, N. Y. Your 1894 souvenir, or more pioperly speaking; 1994 encyclopedia. Is a very useful l>0()k for reference as to tne market reports, etc., and It is al;*o a very nice thing to have the pictures of the exchanges.- Cashier Far Rockaway Bank, Far Rockaway, N. Y. Your souvenir bo Ik is beautifully gotten np and contains a store of valual)le information I have looked it over with pleasure and piDfit. and will undoubtedly find it a convenient book toi-efer to.— Cashier Tredegar National Bank, Jacksonville, Ala. Your handsome boo'c Is an ornament to my desk and I am sure it will prove very valuable as a reference book.— Cashier, The Berney National Bank, Blruiingham, Ala. I Clapp & Company's annual Souvenir book for 1894 wiU be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTEKS. PORTFOLIO FOR FIUf^G FORWARDED APPLICANTS FREE. 207 H X > O m o o z H > z a > r < m o o :o a (/) o r m > o z o m X o X > z. o m C/3 2 CLAPP & COMPANY, BANKERS AND BROKEES. NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. Forecasting markets with facts alone as a guide is the idle work of many busy men. Conclu- pions based ou what is known may seem like foreknowledge but be misleading as a desert mirage. The ocean's upheavals from unknown depths easily overwhelm the visible waves and currents. Public sentiment is such an unsounded depth. When its demonstrations are uplifting optimistic and speculative it carries theories and facts like driftwood on its rising waves. Many Americans look up and very few are cast down on Thanksgiving day. Straws.— Seventy Americans have an estimated aggregate wealth equaling $37,500,000 each or $2,fi25,0C0,000. These fortunes will form a tower of strength in the development of the gigantic enterprises of the 20th century now near at hand. Sales of mining shares in Colorado Exchanges indicate the fever of speculation is not dead or dying. Gold output of Colorado now estimated at one million daily. A South African mining authority estimates total product all mills in Wit- waterstrand district from discovery to June 30th was 7,651,9^^5 ounces or equal to $158,165,497. U. S. mints stopped all coinage of silver dollars recently. The standard silver dollar is worth now about 53 cents gold. U. S. mints continue coining the gold reserve bullion long held sacred and in trust. U. S. blast furnaces are turning out pig iron at rate of 11,500,000 to 11,750,000 tons per annum break- ing all records and exceeding consumptive demand. Eleven southern States mined 28,321,608 tons of coal in 1894' or more than 20 times the product of same States 20 years ago. Exports of manu- factured goods nine months of 1895 were $145,793,586, against $133,378,609 a year ago. It is to be hoped the coming Congress will arrange to meet the government's ordinary expenses by protection to Ameri- can industries rather than aid aliens to get our gold and displace our laborer by filling our markets M'ith foreign-made goods. Stocks and Bonds. Bonds.— Railroad bonds are inactive. Municipal almost unsalable. Buyers discriminate closely. Many good bargains appear. Railway Stocks.— The- U. S. Interstate Commerce Commission preliminary report says 650 railways representing 92 per cent, of all mileage earned $1,003,022,000 gross in year ending June 30, 1895. Expenses were increased $44 per mile. Net earnings for all W3re $325,355,2.8. The net loss for 1894-5 over all charges and dividends is estimated at $31,075,530. The C/i/'ontc/e gives gross earnings of 182 roads in nine months of 1895 as increased $33,250,972. Expenses increased $17,780,- 064, leaving net earnings of $189,193,966, or $15,470,308 more than in same time in 1894. Bradstreet says net 142 roads for 9 months increased 7.7;^, against 3>^ ^ first 3 months of 1895. October gross and September net do not very materially change these generalizations which appear not wholly applicable to Granger roads where crops are exceedingly favorable. Northwestern, St. Paul, Great Northern, Northern Pacific, Burlington, Ro;?k Island, and other roads report a large business at good profits. Reading and Northern Pacific appear doing business enough to check the bond- liolders' reorganization movement and create sentiment in favor of junior securities and stock. In a general way railroad stocks are firm and in a position to be influenced by pressure of public senti- ment and legislation supporting or condemning the recent President's agreement apparently vesting all power in one man. The election of a leading official to the Atchison Railway will tend to advance that stock. The weakness in W. U. may later on be found in too numerous stockholders and in public sentimetit favoring granting equal franchises to other companies. Industrials. — When sugar legislation is near at hand the stock often declines. While Chicago Gas people appear willing sellers on all firm markets we see no reason why the stock will not again sell in the fifties. The Tobacco cliq^ue appear to be over anxious to advance the price and market the stock. Cotton Oil and Lead ofiicials appear attending to business rather than work the stock market. Cordage people are silent. Over a hundred million of Leather stocks and bonds appear to bring good prices and should satisfy holders of the good will of the Leather Trust. Congress should legislate to protect innocent industrial stockholders. The public reaction in favor of protection may reverse last winter's legislation. Cotton. Great Britain's visible supplies are reported as less than a year ago, and Continental stocks larger than ever. The cotton coming in sight this month is the least in many years and appears to indicate a crop of only about 5>^ million bales. 162 members of the New York Cotton Exchange make guesses on the crop which average 7,022,000 bales. A correspondent thinks that as soon as the rivers contain water enough to make shipments possible the cotton movement may increase 50 icr cent. Planters are reported already arranging to plant much more cotton and less corn in 1896. n many instances they claim their supply of "' hog and hominy" is ample to feed them while they grow another crop on every acre they control, which may turn out like the corn crop last year, which was the smallest in 25 years, while this year it is about double and prices now are about half those year ago. Visible supplies of cotton equal about 35 per cent, of the annual consumption. The crop is likely about 70 per cent, as large as 1894. Northern spinners' takings this season have been 320.378 bales against 438,461 bales last year, and 293,982 in 1893, and 315,495 in 1892. Interior stocks November 21 were 421,228 bales against 336,140 last year, and 316,266 in 1893, and 215,146 in 1892. Southern mills have taken 251,389 bales against 235,585 last year, and 211,24? in 1893, and 202,210 in 1802. Exports show a larger diminution in proportion to the amount coming in sight. There will be no session of the four leading Exchanges to-day, Thanksgiving Day. Customers will favor us by using the words buy or sell instead of " close " or similar pnrases in giving or>ierfl. I CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Receipts in Bales at 31 Interior Towns from September 1 to about December 1, Years Named. *189a. 8 Al.ib.ima towns 137,178 2 Aikansa.s towns 92,344 7 GeorKi2 cents premium to millers. Primary receipts will likely decrease for thirty days to come. Liquidation in Chicago will be completed this week:. Investors and exporters appear to think prices are about low enough. Many orders around about 60 cents for May wheat in Chicago appear to prevent a further decline. Large ocean freight engagements for both flour and wheat for shipment the coming sixty days have been made. Scarcely any room can be secured this side of January. The great majority of evidence seems to justify the belief that better prices will follow the liquidation now taking place in Decem- ber wheat. Our facilities for filling orders in various markets equal the best. New accounts solicited. Peimabt Receipts op Wheat Monthly During Last Part of each of 10 Calendar Years, ALSO Final Government Report. 1896. 1894. 1893. 1892. 1891. 1890. 1889. 1888. 188T. 1880. July receipt -5 6,500.000 10,500,000 84,000,000 80,000.000 82,000,000 15,000,000 22.000,000 29,000,000 21,000,000 18,000,000 11,000,000 14,000,000 14,000,000 25,000.000 88,000,000 2.3,000,000 15,000,000 20,000,000 86.000,000 38,000.000 43,000,000 29,000,000 25,000,000 18,000,000 80,000,000 84,000,000 84,000,000 84.000,000 82,000,000 8,000.000 18,000,000 11,000,000 17,000.000 17,000,000 12,000,000 8,000.000 1.3,000,000 15,000.000 21,000,000 21,000,000 12,000,000 8.000,000 15,000,000 14.000,000 16.000,000 10,000,000 8,000,000 12,000,000 11,000,000 18,000,000 16,000.000 18,000,000 12,000,000 13 000 000 August receipts 14,000.000 September receipts., October receipts November receipts •■>.••. 23,000,000 16,000,000 14,000,000 11,000,000 December receipts Total for 6 mos., ending: Dec. . Government fiual crop report. Percentage deliveren 6 mos., ending Dec 81 • • • • 116,000,000 460,267,000 25.2 IJ 77,712,152 88,561,000 119,000,000 876,000,000 SOX 97,414,654 80,230,000 191,000.000 516,000,000 107,277,589 172,000.000 611.000,000 28.1 K 129.286.300 78,000,000 400,000,000 ii.6% 47.102,067 25,478,000 90,000,000 490,000,000 18.8 X 68,823,402 83,972,000 70,004000 4i6,ooJ;ooo 16.8 )( 48,247,400 88,321.000 82,000,000 456,000,000 18X 72,467,081 44,422,000 84,000,000 457,000,006 18 8]( Exports wheat and flour, 6 mo. 76,565,79S Visible about Dec. 81 81,2;58,000 45.908.000 62,730,000 Corn. We think the corn crop overestimated. That rains have injured some fields and will retard an early movement. Short sales were probably never more fashionable or the price for May delivery lower at this season. The price is but half that of a year ago, when the crop was reported but half what it is now. Values are far below cost of production. We favor buying corn believing it is but a question of time when the price will again double. Exports average ten times larger than a year ago. Primary receipts have been but 46 million against 32 milUon bushels last season same time. Provisions. Exports past 60 days are far in excess of same time in 1894 and for week ending November 21 were 33,304,000 lbs. against 19,876,000 lbs. same week in 1894. Prices are about the lowest for the season, lard selling lower than since August 1879. Provisions seem low and likely to advance before any material dechne. Winter packing from November 1 to 21 was 1,215,000 hogs against 1,205,000 bogs last November. Yours respectfullj, CLAPP & COMPANY. — ^ 209 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. QnotatioQS for Stocks, Cotton, Grain and ProYlsions for Week ending November 27, 1895, and tor Kovember, 1894. Par value of all stooka $100. except D., L. & W.: P. & R. and Am. Tobacco Co., FE of N. Y. Delaware. Lack 'a & W'n. Del.. & Hudson Caual Co Denrer & Kio Grande I'fu Dis i C F Tr Co ct all in pU General Electric Co.. Great Nortnern Pfd.,, Green Bay W 4 St P Tr Rec Illinois Central Laolfde Gas Co. of St L Lake Erie A, Wctteru . . Lake Erie . ss .Saturday, Nov. 23. 19 18^ 099i 99 as% 55' I07W ISHi 63H 74« 5 99H 99 S25i 16^ 54?i lork 18% 62^ 74% 74% Monday, Tuesday. Not. 25. Not. 86. 1U59^ 106^ 41 20% 148 129 44?i 19% 30% 151 149% 62% 61% I 52% 100 99^4 100 ■IfS^ 29 29% 29 80% 30% Total sales of all Stocks each day and for the six days. . 963.620 COTTON. In ba es. I World's TLsible. 1896 8 608.587 1894| 8.852.337 Total In sighttl Total ExporU. 8.249.876 1.2.S«.023 4.403,518 I 2.016,433 «T -jr fNoTember. ■"• ■'• I December. Cotton ] January . I February WHEAT, in bushels. I II, S Visible. iPrimary rec'ts* 1895 82 221,000 11.3.000 000 18941 83 944,000 I 104 OOO UOO Total Exports. 64000.000 65.000.000 Wheat. ]f M^e'"*'"- Corn.,.]£e-'-_ber. CORN, in bushels. I U. S. Visible. 1895 4.64-3,000 18941 8812,000 Primary rec'ts* 46 000,000 82.000,000 Total Exports 27.794.803 3.561.908 Chicago 1 December. Wheat. I May , Pi.pn ' December. ^"'^°- iMay OATS, in bushels. I U, S>'i?ible. 1895 O.CcoOOO 18941 9.191 00« N. Y. Stocks, 2.0r4 775 2,323,308 Chgo. Stocks. 505.000 1,634 000 Pork.. Ji\"y"»^-; too 100 100 99^ 12% 1^ 12>« J"!?* 15% 15 4« 4« 15% 14^ mi 80% 10% 9% IS 14% '494 4f4 4>4 4^4 14% 14% 80% 80 4% 4Vi 10 »« 8IH 21% 8'H 81M 10% iov4| lOH lo^ 3494 3J% 33% 8:j% 41 80% 14:1 129 449i 19% 80V. 52 29% 29% 89% 29^4 «^ 52 l6Vi 81% 4 14% 30% 12% 62 15% 81% 4^4 4 80^ 10 10 32% iiy^' 82« 81 •% 8% 9 8% 69 68% Wi 14 8% 11% UH 6«% 66H 35% 8% 7 6^ 13% 18% -.9% 18% 18% 18% 88^1 ivZ\ 87% 86->4 14 1.3% 13% 18% 41% 41% mM4 6.22 8.08 8.26 6.17 8.30 6.22 21% 10% 34 32% 8% 11% 66% 6% 2m; 10% a3% 31% '0%i 67% 67% 99% 97?* 9;(!^ 98>4 MWi 60W 16% 16% 55% 55' 18^ ll»% 85% 84% 63 61% T5% 74% I27H 127!^ r6% 74% 42,m 4m 106% 105% 150 I.-iO 41 40% 147% 147% 45 45 19% 18^ 31 30% 23 28% 151 151 m 52^4 67% 67% 98% 97^ 97 96!^ 81% 78% 17^ 16% 55M 107 18% 65) 6< 75« 127 75% 42X 106% 4i' 19« 12S% 45% 18% 30% 55H 107 18i4 85% 61% 75% 127 70W 42 106% 40% 19% 45^4 18% 80% Wed.. Nov. 27. 28 22% 73 MM 100% 99H 101% i»%! 30% 11 11 11 29% 30% 29 30% 100% 100% 15% 31% 4% 15% 30% 4^ 21% .9% 33% 32 8% f% 10% 64% 1S% 87% 14 S% ., 10% 65%! 66'4 . 35% 86 .6% ? : '.'■■' 7% 7% 18« 19% 18% 87% 84 87^4 13% 14 13% .. 42% 41% 140,7fi« 8.82 8.20 S85 6.23 637 888 64U 64,>.i 64% 63% 67% 66% 35% 35% 36/, 35% S7 66% 61% 60% 27% 27^ 89% 29% I LARD-tcs. I World's vis. 1895 217.903 1S94| 105,28« CHICAGO CONTRACT STOCKS. PORK-bbls.i LARD-tcs. | RlBS-lbs. 8.737 15,571 15.036.696 6,600 I 8.0-)4 I 7,425,561 Lard Ribs. I January, ■| May I January. I May .... 6»% 6^ 36% 34% 86(1 36% 56% 55% 60% bOHt 27% 28% 29% 29 18 :7% \T% im 20% 20% 20% 80n 8,90 8.80 8.85 8.80 9 23 9,17 9,25 9,17 5.52 6.47 ,5.75 6.70 4.47 4,45 4. ,5 4.70 58,418 804,787 5 50 6.45 5.70 6 67 4.47 4.45 4 72 4 70 8.42 8 42 8.84 8,86 6.50 8,36 8,88 8.89 8 55 8 40 6.42 8,85 160 8 46 I 64 ft 64 65% 64!^ 67 6f.,', d7U 66!J 85 35 35% 85 85% 85,'. 86% 36.% 56% 66 67 66% 60% 60% 61% 60^ •27% 26% 27% 26% 29% 29% 29M 29 iTii 17>A 18 17T< 20% 20% 20% 20% 8,90 8i, 29% 11 29% 30 91 15% 4% 80% 10 87% 21% lOH 34 32% 62 18% 18% 99% 98% 98 98 82% 80% 17% 17% 55% 55% 108!^ Iu8% 18% 18% 86^-4 85% 63% 61% 76 75% 127 127 76M 75H 42% 42^ 107% 1.6% 151 151 41% 41^4 16H 18 14?!4 148 150% 166 127!^ li'M iTH 4OV4 19^ 19 31% 80% ^ J"* 99^ 99 W 22 73% 73% 15,' 151% 54% 53% :ovH iOi)a lOlK lOl^i 30% 30% 30% 30% 31 30^4 91 90V» 100% lOOW 13% 13% 16' 15% 32% 82% 5 5 4% > 15% 15% 31 soyt 10% 16% 28% 22 11 10% •34% 81% 34% 33% Range for Not. 1895. to date. 21% 18% 70 <6% 102% 97% 99% 96% 91% 78% 18% !5% 60% 64 55% 53^< 109% 105 19% 18 87% 82% 6!J% 61% 76% 72% 187% 126 77% 73 42% 39% 107% 104!^ 15: 143% 42% 39% 21% 18 149^ 146 169% 166 131 127!4 49!4 43% 23% 18!* 33 28% 180 118 H U 99% tl6% 24% a 24^ 22 76% 152 73 147 Range for Not. 1894 29% 25% 77 72% 96% 98 96 91% 102% 90 19% 1S% 87% 8?% 14 13% 198,823 8,49 8 45 6.49 8.39 863 843 8,64 6 48 65% 64JS 68% 67% 35% 36 83% 36% 8% 9% 11 10% 64% 6.'% 36% 85% 6% 6% 19% "'^ 88^ tf7% 14% 13% 42 42 232 842 8,34 8 34 8 45 8.33 8.50 8 36 8 61 8.42 65,', 64% rtr% 66;j 35 84% 83% 35% 56% 55% 61 69J 26% 24. 89% 28% 17% 17% 20% 20% 8.90 8 80 9.30 9.20 5 60 6 45 5,72 5 70 4.47 4 45 4,75 4,70 57% 51 106% 98% 101% 97 33% 29?i 11 11 82% 28% 82% 29% 92 90 100% 99 18% 12% 43 :4% 62 17% 34% 6% 4% 17 4% 4 14% 5^ 4H 14% gia 16* 164 68M 67% 23% iO li 9% 37% a3!4 38% 31 11% 8% 8!^ :3% 10% 72% 62 8h4 7% 11% 33% 6% 13 6% 70 52^ 98% 19% 7m 7% 64% 121 66^ 3'.% 104-% 145 67 49^5^ 891< i:^ii 08% 6A% 57% 116% 60 32% 9i% 142% 39% 30% 19!4 17 ;25 119 162% 156 129^ !22% 37% 32% 10% 7% 37-K 34% !0l% 100% 4% 3% 08 22% 18% 74 138 90 19% 16 70 131% 56% 53 106% 102)i 100 97 2;% 18^4 SIrK 13!^ 42% 40 91% 14^ 8,87 6.01 6,89 8.00 8,95 S03 8 99 8 0J 66% 63% 69% 66% aj% 84H 86 33!^ 59% 55% 63% 59% 28% 26-% 29% 28% 18% 17% 20H 20% 9 32 6 80 9,62 9 17 5 70 5.45 5,90 5 67 4 70 4 45 4 90 4 70 24 7 30% 42% 89% 100% 15% 33% 10% 46 5 4% l'J% 24 3% 16% 161 21 7 27% 88 84 971. 10?i 80^ 4I?i 4 16% 20 13%! 152 80% 17% 13)1 10% 41 85 17 14% , 10% 9% 14% 11% 9 9 60% ,^9M 45 40!^ It 8 24 14 7% 6% !•=•% 13% 90% C6J4 13 11% 44% 40 5 72 5 23 5,87 5 28 5 94 5 88 6,00 5: 60% 55J1 04^ 60,'; 5:% 53% 55% 62 5f.5i 52% 61% 57!4 52% 46'4 51% 48)i 29% 2«% 33 31% 12 85 11 60 13 W 1195^ 7,42 6.75 7 57 6.90 6.55 6.87 6 70 6.07 I OU) PORF Cbgo.-bbls. 1896 . . . bbU. 18941 WHEAT on passage. 26.800.000 bush. 26.908,000 " CORN en passage. 8.O8O.00O bush 2.800.000 •• Russian Shipmts. for wk. 2.240.0OO bush. 8,900.000 " Indian Shipmts. for wk. 80.000 bush. 200.000 " Argentine Sbpts. for wk. 64.000 bush. t Since Aug. 31. • Since June 30. Compiled and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YORK 210 fl <] Wlcchl^ flDarhet Xetter. No. 408. Q bJ O O CO 0) UJ a QC o (0 Z O o o < <1 o m I- LU o z UJ Q z o Q. cn UJ 01 QL O O Copyright, 1898, by Olapp M 0»wipanp, O. W. Clapp. DwidHT O. CLA^. CLAPP & COMPANY, Banhers anb Brohers, MILLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. ANCM J ICEI : "j Branch Off 277 BROADWAY, Corner Chambers St, 621 BROADWAY (Cable Building, Corner Houiton). 753 FIFTH AVENUE.SCorner 58tm St. Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, December 5, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private luire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Mai-gin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers' orders to be filled promptly. A General Banking Business conducted. S% Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customers. WHAT BUSINESS MEN AND EXCHANGE OFFICIALS SAY OF OUR SOUVENIR OF 1894. Your Souvenir of 1894 I regai-d as a most excellent work ftiul of great value to all jmrta of the counti-y.—Seci-etary Chamber of Com- merce, Nashville, Tenn. Your Souvenir Book for 1894 Is quite the handsomest publication that comes to our office, and is highly valued aa a refei'ence.— Geo. Taylor c ommiswion Co., SI. Louis, Mo. Your Annual Souvenir B(X)U of " Leading American Excli.inges," Is Invaluable to all pei-sons interested m llnancial nialters,iind a.s ii worit of art is an oinunient in any otBce or libi-ary.— J. C. Kuykendal, Jr., Charlotte, N. C. Your Souvenir Book of 1894 Is pretty enough for a place on the centre table, but if coiiive is to bo prized for the Taluaole iiifonna- tion it contains. The index leadily rendei-s this available, and it contains fiicts and st.itistics imioriant to the student, the agricul- turist, merchant and genernl business man, aa well as to the brt.iker — The Governor of Indiana. To my mind no man of aflfairs, who attempts to be posted upon relative values, the movement of oei-enU and the salient facts which govern the commercial world should be without this liandsoma volume —Secretary the Baltimore Cora and I'lour Exchange, Balti- more, Md. Your Souvenir Book for 1894 Is handsomely and tastily gotten up, and I am .enso in issuing it in such fine slvle and so elejirantly illustrated —Cashier Kxchunga Bank, Parkers Land- ing, Pa. Your Souvenir Book for 189» is a vei-y complete and valuable Ixxjk of reference.— President General Electric Co., Schenectady, N. Y. Your Souvenir Book Is very useful to us and will be highly appre- ciated.— Al. B. Newton Jt Co., Bankers aud Bi-ukers. New Uavea, Conn. Your elegant Souvenir of 1894 will be useful to ns for many monins. —Burr A ICnapp, Bankers, Bridgeport, Conru Your Souvenir Book impresses me as containing an immense am lunt of very useful infonnation about our c^untiy and its bnsi- ncss, ari-angod in a condensed, intelligible and alinictive lorui. — Cashier, the Brooksvllle State Bank, Brooksville, Fla. Vour Book is by far the most complete list I have ever seen. It has taken work to keepii-ack of so many dilTerent things and prices. — Morrison * Bix)., Bankera, Mt. Pleasant, Pa. We have carefully examined j-our Book with much Interest and plea-sure to oui-selves, and are sui-e that It will be verv u.seful as a book of reference.— James Staples A Co., Bankers, bridgepoii. Conn. We are much pleased with yonr beftutlfnl Souvenir for 1894 and esteem it highly as a work of art ai.d a useful book of lefereuce-— Cashier, t'ii-sl National Bank, Wallingfoi-d, Conn. Your Souvenir Boik is not only a valuable reference book but a work of an. and will be placed where it will do ilie most good to the gi-eatest number who frequent our office.- Treasurer, Savings Bank of StatTord Springs, Statfoid Springs, Conn. We received your very handsome Book, which we have looked over with intei-est, and our friends will enjoy it as well.— Treasurer, Bridgewater Savings Bank. Bridgewater, Mass. Your Souvenir Book Is Indeed a neat and interesting work.— Cashier, Dubuque County Bank, Dubuque, la. Your Souvenir Book is certainly very interesting and attractive to anyone, and must be very u.seful and of Urreat value to those who can avail themselves of it's useful knoniedge and statistics in their line of basiueas.- Casluer, First National Bank, Muscatine, la. Yonr Souvenir Book Is fnll of valuable Information and highly appreciated by ua.— Cashier, First National Bank, Uuaucock, Va. Clapp & Compauy's annual Souvenir book for receipt of $3. A few copies of 1893 can be had for $ 1894 will bo delivered free to applicants upon 3 each. X > O m tj o z H > Z (/) D > r -< m o O •J3 O (/) O r m > D Z o m X o X > z o m (/) KEEP OUK LETTEKS. FOKTFOLIO FOK FILING FUKWAKDE1> AP1*MCA>TS FKEE. 211 2 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. Choice of ways is open to nations as to individuals. Drifting will not always save or accidents always serve. Emergency men and measures are needed to create favorable legal conditions. Ag- gressive constructive intelligence embodied in legislation must give fresh impulse to enterprise. A limp national flag, idly flappmg sails, doubtful dollars, embarrassed industries and corporation piracy have a reverse side as rich as the American gold mines if the peoples servants can coin wisdom into legal phrases which the man of destiny will sign. Straws. — The total deficit of Government receipts since free trade went into operation is over $71,000,000. First 15 months of protection the decline was $77,502,553. It is estimated the decline in revenue exceeds $137,000,000. The only states voting solidly for all administration delegates to Con- gress were Arkansas, Florida, Georgia, Louisiana, Mississippi and South Carolina. 31 members represent these six states. The House contains about 350 members, 244 being Republicans. The Senate numbers 88 members, 42 being Democrats. July 1, 1879, a $100,000,000 gold reserve was con- sidered necessary to protect 1340,681,016 outstanding legal tender notes. Since then $155,930,000 paper money has been issued in payment of silver bullion and $333,456,236 in silver certificates are outstanding. The practical working basis now appears to be about $80,000,000 of gold (the gold bullion recently having been largely coined) to protect $821,229,532 of paper money. The Secre- tary of the Treasury says he has been compelled to borrow $162,000,000 to redeem United States and Free Trade. The average price of silver in 1873 was more than gold, in 1879 silver was on a par with gold, the past year it averages about 64 and the bullion value of a silver dollar a trifle over 49 cents. The administration apparently desires to retire the $500,000,000 non-interest-bearing debt and issue interest-bearing bonds, leaving the only Government paper money silver certificates. The Bond Syndicate have apparently postponed the natural laws of gold export and disturbed the natural location of securities. Silver men have got par for their product since 1879. The necessities of life are practically at the lowest prices on record. It is to be noped the incoming Congress will reinstate better laws to promote better times and meet expenses in the kind of money in use rather than reinstate state banking laws and return to ehin plaster customs, or longer be at the mercy of an emergency Bond Banking Syndicate. Stocks and Bonds. Bonds.— The market lacks snap or speculation. Railway bond sales for November were $33,341,000. The Stockholder reports Decemb?r disbursements for interest on bonds as $14,725,539. Railway Stocks. — The sales of stocks on the N. Y. Stock Exchange for November were 5,078,- 273 shares. St. Paul's earnings continue large, also Northwestern. Both properties are in good physical condition and have good financial backing. Burlington and Rock Island appear contented to equal last year's earnings, Atchison's earnings are disappointing. Louisville's conservative management prevents foreigners selling freely. Reading tonnage and earnings are large. The general mortgage bonds and coijimon stock appear concentrated to prevent higher prices for the stock. Manhattan's competitors continue to press hard for public favor, Tennessee Coal and Iron has but few friends in the iron districts. Texas roads complain of a small crop of cotton and report local traffic encouraging. Southern Railway people report earnings average well. Western Union seems to be a target for bears. Washington legislation will likely soon effect U, P. values. The gen- eral public appear waiting for Congressional action in regard to pooling and the recent traffic agree- ment. The street aopears hopeful of better prices and times ana increased trading. Industrials. — The world's visible supply of sugar, as reported November 15, was 1.273,353 tons, against 744,582 a year ago. 720,113 tons of it were in German countries and 160,000 in the United States. Congressional action appears the keynote to fluctuations in Sugar stock. Chicago Gas appears getting under the control of the bulls and may temporarily do better. General Electric people are talking less, while the stock appears neglected. Leather can scarcely advance much when its products are all going down. Tobacco continues manipulated to the detriment of innocent operators. Distillers has no aggressive friends and will not likely change much until Washington Legislators are heard from. Cordage, Lead and Cotton Oil dull, little doing. Industrial stocks may receive consideration at Washington, at the hands of the House. Cotton. The visible November 29 was 3,677,000 bales, or about 40 per cent, of the probable spinners' wants for the crop year ending August 31, 1896. There has come in sight about the same amount. Estimates are now made spinners' requirements to September 1, 1896, will be about five million bales. We think most conservative and disinterested people generally believe the crop will likely be nearer seven million than 6>4 million bales. Yet nearly all our Southern speculative friends and factors and bankers predict there will not be over 6>^ million bales and that it is more likely to be reduced than increased. A bear predicts there will be more than 2,000,000 bales in sight September 1, 182G, and that the 1896 acreage will be the largest ever planted and that the outcome to speculators will be in line with the corn comparison in our last week's weekly letter, showing last year's corn crop was the smallest and this year's the largest, and prices are but half those of a year ago. The bulls still watch receipts, growers and cotton and speculators' opinions and appear to ignore old supplies, the Indian movement and the spinners' apathy and the aggressive selling of long futures by Northern and European speculators and spinners who hedge against spot cotton, who appear to CLAPP & COMPANY. BATJXERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. % be working on general principles that an advance from Sj/i cents to 9j4 cents and back to present values means a large planting next year and that spinners will onlj buy from hand to mouth pending positive knowledge of another crop. Exports to November 29 were 1,400,323 bales. American spiimers' takings, 925,548 bales. Egyptian and Indian shipments have been 337,000 bales, making an aggregate of 2,6'i8,871 bales passed to customers, or but a trifle more than available supplies September 1. Spinners and speculative friends are less willing to meet views of growers and Southern speculators than if cotton was 7 cents. Wheat. July 1, 1895, wheat for September delivery was 73^ in Chicago, September 18 it was 56}i' Primary receipts for those weeks exceeded 31,000,000 bushels. September 30 December wheat sold at 64 and yesterday at 55^. Primary receipts for those eleven weeks ending November 29 exceeded 82.000,000 bushels. Since July 1 they have been about 120,000,000 bushels, and were only ex- ceeded in 1891 and 1892. Apparently the extreme low prices were reached about the time primary receipts began to increase aoout the middle of September, and also about the time they will likely show a moderate falling off about the first half of December. The sharp depressions in the markets appear to come about the time many wheat purchases are to be paid for or transferred to a more distant month, and while growers are marketing their crops as fast as possible. The plan of trading for only four different months delivery in a season (May, July, September and December) appa- rently is more injurious to the grower than the buyer, and especially favors consumers' and bears' interests which might not occur if speculative purchases and sales were made for spot delivery, or for a succeeding month similar to stocks on stock exchanges. The extreme fluctuation in Chicago in the past five months exceeds 17 cents per bushel ; in Liverpool the price is about 3 cents lower. Our visible increased since June 30th 20,544,000 bushels, in 1894 the increase same time was 30,502.000 bushels, in 1893 15,775,000 bushels, in 1802 48,318,000 bushels, in 1891 29,675,000 bushels. Exports since June 30 are about 56,000,000 bushels against same time in 1894, when they were 67,000,000 bushels, and in 1893 they were 88,000,000 bushels, in 1892 91,000,000 bushels, in 1891 109,000.000 bushels. Based on average primary receipts the first five months of a season, the 1895 crop will likely yield about 472,000,000 bushels. The Cincinnati Price Current, Mr. Snow, of the Orange Judd Farmer, and Mr. Thoman, of the Prairie Farmer, each estimate the crop will be about 475,000,000 bushels. The Government report indicates the crop was about 412,000,000 bushels. If we consider aviSi-age shortages in Government estimates the past few years the crop will likely exceed that of last year. The March report finally made the crop 460,000,000 bushels. Thoman estimates the present winter wheat averages 25,089,210 acres against 23,310,201 harvested, and makes condi- tion 86.7 against 94.8 a year ago. Prices the past week are practically the same as a year ago; then winter wheat markets were sending large quantities of wheat to Chicago and spring and winter wheat sold at about the same price. Now winter wheat commands May prices, and is being shipped back to interior mills, indicating home invisible supplies are at a minimum point, and that millers and elevator interests are about ready for an advance, and may work in unison to again advance prices while Northwest receipts decrfase. Visible supplies afloat in Great Britain and in Europe are decreasing and markets hardening. Little or no ocean freight room is offered to move grain or flour before January, and large contracts are out for clearances this month. We see no reason why a part or all the 17 cent decline may not be regained by a change of sentiment. Corn. Exports of corn continue about ten times those of last year. The visible supply is about 700,000 bushels more than a year a^o. Primary receipts are increasing the cash demand about cares 'for daily receipts Chicago, N. 1 . and St. Louis local traders are very bearish. Cribbers are doing but little. Farmers appear unwilling sellers at 12 to 14 cents in the corn belt. Speculators probably never contracted to dehver so much low priced corn in November for May delivery. Apparently they expect to force farmers to effect enough sales of spot corn to depress prices and give the specu- lator a profit. Oats. Similar conditions prevail in oats, except the visible supply is some three millions less than a year aga Receipts continue small and shipments light. Provisions. Receipts of hogs past 60 days exceed those in 1894. World's stock of lard December Ist was 230,000 tierces, against 217,000 tierces a month ago, and 141,000 tierces a year ago. Exports of pro- visions are larger. Bacon shipments to domestic markets are larger. Chicago stocks are larger (and can always be found on 4th page of our Weekly Letter.) Some live stock men predict a million of hogs will reach Chicago this month. Packing from November 1 to 28 was 1,690 000 hogs acainat 1,S40,000 last year, and y80,000 two years ago. ' Yours respectfully, 213 OLAPP & COMPANV CtAPP & COMPANY, BANKERS AND BROKEES, NEW YORK, WEEKLY MARKET LETTER. ^notations for Slocks, Cotton, Grain and Provisions for Week ending Decemkr 4, 1895, and tor December, 189i Par value of all stocks $100. except D., L. & VT.; P. & R. and Am. Tobacco Co., raoll NKW YORK STOCK EXCHANGE OFFICIAX, RECORDS OP HIGHEST AND n:)WEST PRICES WITH COMPARISONS. ft EF-KLT SAT.IS. 1.800 470 413.C93 2.045 144 999 21.680 1,900 160 868 2.966 68 904 K219 e8.9<>9 3«3 84.919 1,300 6,615 1.50 630 700 1.0(j8 1.420 3.093 10.084 8.135 2540 800 1,000 555 655 880 13.855 7.598 229 6.462 t.m 800 202 1.064 2.110 2-iO 4210 1.722 8.950 7.33 323 10:.78 300 16 812 80.000 2.000 1 916 8.298 6,720 800 1.60 2650 44 826 8.9M0 1.200 4 845 46.5C5 2.183 365 Capitai, Stock. 120,237,100 10,198,600 36 9C8.000 86 968,000 17,900,000 85,000,000 15,000.000 22.488.000 60.805,400 82 002,700 24,885.800 46,027,261 25,923,900 46,1.56.000 18.559,360 39,054.907 22,335 170 28 000.000 4 890,000 35,430.060 26.200.000 85.000.000 38 000.000 85 000 000 30,460,600 8.5,000,000 8,000.000 BO.000,000 10,000,000 11,840,000 11,840,000 49,466,500 52,800.000 30,000.000 18.788,204 18,000.000 47,844.100 47.436,575 14 905,400 14 904,000 89.428,300 77,427.000 20.000,000 58.119,982 13 000,000 89,767,200 49,000.000 89,269,546 20.000,000 8.500.000 40.426,361 86,000.000 68.402,900 125,(K)O,00O 60.000,000 19,850,000 38,710,900 60.868,500 61 ,509 900 60,909 900 20.16';. 000 6.000.000 8,000,000 28,000,000 24.000,000 94,820,000 10000,000 4,500,000 DiTIDKNS RiCOBS. Pays 3pc J-D Pays 3pc 0-J-A^.. Pays 3Hpc J-J Pays 3po F MA-N. Paid 2do 1895 Pavs l!4pc F-A Pays 1J4PC F-M-A-N. Pays iDC M-J-S-D Pays Ipc M-J-S-D Paid Ipc Pays 7 PC Per Annuin. Paid Hpc Oct. 1895.... Paysmpc J-D.. Pays2V.pc J-D.. Paid 3dc m 1898. Pays 2po M-.T-S-D Pays7pc per annum... Pays 7pc i^er annum... Paid 2pcAnfro St 1898. Pays 5pe per annum. Pays 2>^ 4!H 106}i 152 53). 152 54 101 999^ 102H I02i4 80% 80 z 100J< 100% 18% 13 16 1594 «H "tii si' 81 10% io>a t7\i «7M 82U 22 10'4 10% 84H 84^ 83Hi 83 14894 127 48« 151 53% 10094 1694 148 167 lar 46J m. 81>4 53 ICOH 30% 80)4 9^ 11 9 1094 63>i 61 '4. 86 86 74 194 68 7U, 19)6 80*. U\i 14 42)4 ay * 213,884 8.46 8 85 3 48 8.37 8 50 8 43 80)4 80>i 10094 18 16% 8^% 294 80)^ lOOVi 82)4 1594 80% .*^ 10)i 22)4 U 84% 83% 9 » II 64 19% 14)4 1.594 80% 4% I0)« 82 11 84M 82% 8 9 1094 6256 36 18% 16% 105 100 mi 17% 8494 65% 76 10194 99)4 81% 17 83 6294 75)4 75% 74% 10694 106)4 41)4 41)4 149 167% 1994 SIM 148% 167)4 47)4 19 81 23 229<: 73% 73% 151 150% 5394 53V4 101)4 100% 30)i 29% 30)4 29% 3094 8094 106% 160% Id 18 15% i5)4 3.'% 32% i% 4% 30% 80% 10% 9% 19 68% 106% 100 83)4 1796 55% 55)4 106% 18)4 64)4 65% 76% :m 4-.'% 107)4 151 41% 19 146% 1679< 180 49)4 1994 31 18% 19 Monday, Tuesday. Wed., Rang* for Range for Deo. 2. Deo. 3. Dec. 4. Not. 1895. Deo. 1891 102% 99)^ 80)4 17J4 655(, 55)4 106% 18 8314 84)4 7594 7b 42)4 10694 151 4194 18 1469^ 166 127% 4'?)« •- 150)4 152 \i\ ^M 57% 61 101% 80% So 80 3094 69% IS* i5% 5% 44 154 88 16 " £294 10^ S4J, 83, 9 1194 65% 854 7% 74 1994 884 14% 824 10% 8494 83)4 894 114 64%' S 224 10% 844 83 9 1194 34 7 74 194 8?% 14)4 290,818 34 7% 14 itf% 8794 14% 42 2994 30 69% i294 16% 6)6 4% 154 3:94 ■fl% 82 10% 84% 324 6% 1194 61 8i4 14 66% 1394 414 184 8194 18^ 70 6694 102% 97)4 99% 964 91% 76% 18% 15% 60% 64 55% 534 1094 ll'o 19% 18 8/4 82H 68% 604 76% 724 1274 l^ 774 73 42% 894 107% [044 151 l43% 4294 ^»>6 2m 1694 1494 146 1694 1^ 494 f^ 23% 18% 33 8^ 120 1I8 % !- 994 *6)6 344 ii 244 a ■6)4 « 5«% 55% 60% 0O4 26% 26% i» 26% 820 8.16 8 25 8 17 8.40 8..'J1 8.2s 8.20 8 28 8.15 3.42 8.28 8 32 8 26 8 34 8 20 8.40 8.84 6 38 6,81 8,39 8 25 6?% 65 68)4 67,', 34% 34^ 85)4 35% 65,', HH «5A 6494 66 65A 67il 60% 37% 574t 68% 67,'. 8194 84->4 34% 344 34% 844 854 85% 15% 85% 35% 86)4 569* 609i >o% 29 66% 604 I79< 17% 17% 80J^ 20)4 '"" 8.80 8.75 9,20 9 16 B4S 6.40 6,67 6 62 4.45 4.42 4 70 4 65 20% 8.80 920 56 I 56% 60% 614 26)h 26% 25% 26% 89% 28% 17% 17% 174 204 20% 204 8 75 8.70 8 67 916 , 9.10 9.03 6 42 6 43 6 87 6.85 6 67 5 65 5 82 5.60 4.42 4 42 4.87 4.35 4 67 4 65 4.62 4.60 56% 56 61% 60% 26 254 29% 28% 17)4 16% 20% 20 a7? 8 72 9.15 9,12 6 40 6.37 5.65 5.62 4 42 4 37 4o5 4.65 832 852 6.08 8 04 8 18 8,06 8 21 812 8,29 6.16 65,', 6494 67/, 67,', ^4% 84% 35)4 35% 56 604 2594 2S94 16% 20% 870 9,10 6594 60% 254 88% 16% ia% 865 9,02 106% »8% 102% a* 334 f. 11 11 82% 88)4 ay* 89% 92 90 100% 99 13% li% 52 48 17% 14% 844 89% 54* 4% 4% 4 17 144 32, 86% 5)4 44 1494 94 166 164 684 67% 23% 20 \i, 9% 37% 334 38% 81 94 84 11% 84 13% 104 72)4 61% 3>4 694 H94 13 8% 6% 21% 184 314 86^ 14)4 134 42% 40 5 37 6 85 5,60 5 57 4.87 4 35 4.62 4,60 59% 5594 6394 59% 28% 26% 2994 86% 1894 17% 20^ 20)4 9 32 8 75 9.62 9 15 5 70 5.40 5.90 6.62 4 70 4 42 4 90 4.65 71 21% Ii9i 66 94% 8294 »« 90 99 90 6794 68% 61% 4S% 674 16% 1^ 78% _._ 744 63% 60)4 56% •jm 11794 64% 6*J4 84% 32 100)4 9»>4 1424 141 ;3S% 1234 163 158 127% 128 35% 33 11% 7% 86% 334 1084 101% 80% 829i 27 22 17% 16% 78 71 138 133% 54% 524 10;% 10.1% 964 9^ 234 '^ 29% 26% 41 3->4 65)4 83% 100^4 9<^ 32% 304 15% 15% 4294 44 42 y* 8% 496 3% 184 16 23)4 8^ 1694 13% 1564 1^34 i994 :8% 12 104 384 86 174 15 104 9)6 184 10% 994 8 62% 59% 454 414 «94 5% 17 6% 14% 13% 89% ■'6 12% 10 42% 41% 5.68 6 40 5.73 5 41 6.77 5 44 5.79 5 49 61 594 6a 6I94 564 51% 544 51% 57 5294 614 57 4794 44% 50% 4794 82% 319» 12 25 II 15 12.6J 11.59 705 6.«« 7.27 6.85 6 15 5.62 635 5.87 I OLD PORIT Chgo.-bbls. 1895 .... obU. 18941 WHEAT on passage. 26,4(0,0C0 bush. 28 88C.G00 '• CORN on passage. 8640001 bush 3.452.000 " Russian Shirmts. for wk. 2.912,000 bush. 2,8o0,00C " Indian Shipmts. for wk. 216.000 bush. 100.000 " Argentine Shpts. for wK. 48,000 bush. t Since Aug. 31. • Since June 30. Compiled and Copjirighted by CLAP? & COMPANY, BANKEES, MILLS BUILDING, NEW TO£S Mcchlp ni>arhct letter. Copyright, IHOS, bjf Clmpp A V.ampany. T — TIT , O. W. CLAPP. NO. 409. OWIQHT O. CUAPP. g CLAPP & COMPANY, t Banhers anb JSrohets, -^ o o (0 MILLS BUILDING, IM. Y. [o > (O ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. a OPPOSITE THE NEW YORK STOCK EXCHANGE, IN THE HEART OF THE BANKING CENTRE. UJ S BOANCM ( 277 BROADWAY, Cornw Chahma* 8t. PRIVATE TELEQRAPH WIRE8. O O z < Q o ■\ O (753 FIFTH AVENUE, cohhw eaiM 8t. Cable Address: "Ozro." o m ^ Offiom- "i 621 BROADWAY (Cable BuiLorNO. Copnct HOMTOtt). LONQ DISTANCE TELEPHONE. Q z New York, Thursday Morning, December 12, 1895. H < TFe respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, ^« (/) Cotton, Grain and Provisions. Z 2 Our private wire facilities are unsurpassed to all New York, Chicago and Western ^ 3 Exchanges. Close relations to important interests enable us to give early and valuable r-i ^ information. ^ O Usual margins required; customary commissions charged on cash property or for future ~ delivery. ,> Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at -^ once, at our expense, stating amount that has been placed to our credit, and for whose LJ account, thus allowing customers' orders to be filled promptly. q A General Banking Business conducted. &% Interest allowed on Average Daily Balances. ^ credited Monthly. City and Country Accounts solicited. Collections Free to Customers, c/3 O Tl ^ Financial Outlook. [^ The wings of an international commerce are hid in the metallic bosom of our golden American > eagle. The majesty of his mien will be equally the pride of the men of the mountams or plains, the t-» 2 cities or seas. His associate brood of dollars will not lack supporting stores of food or raiment _, — while he skims the wave of inland seas or perches on the high places in foreign ports. The loom r* arid hammer, the furnace and forge will go on turning humanitarian thoughts into commercial I'l ^j things. He will be to the banker and mercnant the inspiration that always accompanies the best of ^ Q its kmd. The industrial courage which breeds men and enterprise will enter every humble home O where the golden eagle or the American flag are seen or known. Listening at every factory door, — I you can hear the rustle of his wings. {Standing by every ballot box, you can see the flash of his Z ^ imperative eye. O Q Straws. — Gold exports January 1 to December 11 were about $89,000,000, or about same as last Z year. Over 4,000,000 gold pieces were coined in 11 months, valued at $51,519,212. Government [T\ O interest bearing debt, excluding Pacific Road bonds, was December 1 $747,361,900. The total value X Q_ of Bonds, Stocks, Grain and Cotton sold in New York Exchanges for 11 months is reported $6,705,- (^ {/) 832,000 against $4,905,017,266 in same months of 1894. Silver is quoted in London Nov, 20 at 30s4d,, -j- LU against 28>td. in 1894, and 32>td in 1893, ana 39d, in 1892. Cotton, Iron and Leather, which .^ (^ had a phenomenal rise this year, have declined from 10 to 15 per cent, out of gains of from 50 to 60 ^ per cent. Traction Railways in New York, Boston, New Jersey, Buffalo, Cleveland, Philadelphia, Z New Orleans, Rochester and Chicago, and many other cities show good averages or great gains in O earnings indicating increased activity and business. The bank clearings of 11 months of 1805 are |T| ^ $48,274,042,297, against $41,365,861,439 in 1894, and every month shows gain over corresponding (f^ month. Manufacturers of the United States gained in capital employed during the decade ending " 1890 about 121 per cent., or an average of 10 per cent, annually. An English authority claims England is living oft" her capital and no longer creating it. Over 80 % of their people are fed and -^^t clothed from foreign products. ^sj^ Clapp & Company's annual Souvenir book for 1894 will be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTEKS. PORTFOLIO FOB.FIULNG FOKWAKDEO APPLICANTS FBEE. t CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Stocks and Bonds. Bonds.— Railway bond sales for eleven months aggregated a value of $324,103,567. Average Erice 70.6 against sales same time in 1894 of $226,622,691 average price 72.8. The national banks eld Government bonds, November 30th, to secure a circulation of $212,048,950, of which $149,457,500 were 4s due in 1907, the balance 2s, 4s, 5s and 6s of issues matured or maturing soon. They held for the public $15,400,000 more, making $227,456,950 or two-sevenths of the Governmeut's interest bear- ing debt. Municipal bond sales in November were $6,524,001. Market quiet and firm. Railway Stocks.— Sales on the New York Stock Exchange for eleven months in 1895 are 31 per cent, more than same time in 1894, and 20.6 per cent, more in value. The average price was $59.80 per share against $63.70. The earnings of the seven trunk lines for year ending September 30th, were about $8,000,000 or 4.73 per cent, more gross, and $1,800,000 or 3.46 per cent, more net, than preceding year ending same time. The banner year for gross receipts was 1892-3 when totals were $201,836,676 against $181,484,863 last year. The earnings of 42 roads reporting for fourth week of November show 3.25 per cent, gain, against gain of 5.63 per cent, for third week on 79 roads. The Granger roads show November earnings gained 23.1 per cent, over 1894, and only 2.8 per cent, less gross receipts than in 1892 before the panic. Tho October reports, covering larger numbers of roads, show 9.1 per cent, increase over last year. The Chicago east bound tonnage for five weeks ending November 30th, aggregates 372,350 tons against 223,033 in 1894, and 341,307 tons in 1892. November west bound shipments were reported heavy. St. Paul, Burlington, Northwestern, Rock Island and other Grangers will likely hold their own or score small advances the rest of the year. Reading and other assessable properties may score small declines, but appear to be near bottom quotations for the month. Western Union has many friends and the largest number of stockholders in its existence. We think these features may yet prove to be bear factors. Courage and patience have been re- warded the past three years and are still cardinal virtues. Industrials. — The Sugar clique methods appear different but of the same order as Tobacco. Pointers are out. Sugar is going higher. We prefer selling it short on rallies. Chicago Gas people may find it hard to wait a year for the Illinois Legislature to meet or to thwart various judges' de- cisions. Leather stock joobers may have hard lines finding lambs to be buncoed. The injured Tobacco traders appear to want redress when gored, and yet retain the privilege to thwart distillers and other stocks when they are beating the public with the sanction of the New York Stock Ex- change. Cotton Oil, Lead, General Electric and Cordage friends appear waiting a favorable oppor- tunity to market their millions of stock on the street. Cotton. Its expected the movement of cotton into sight this month will exceed that in November. Only in 1882, 1885, 1888 and 1890 has such a change in the movement from November to December oc- curred in the past fourteen years. The largest excess of December over November receipts was 45,149 bales in 1885. The excess this month may equal 100,000 bales. The largest decrease of De- cember from November was 305,405 bales in 1891, which is accounted for by the absence of sufficient water in November to allow shipment of cotton down the rivers. The bears claim planting is being arranged for on a large scale and that it will begin late in January in Texas, and about March in Florida ; in Alabama, Mississippi, Georgia and Louisiana about February and March, and in the more Northern belt in March and April and end before May 1, 1896, and be on a much larger acre- age. That many planters have corn and nogs enough on hand unmortgaged to carry them along while they plant every acre they can possibly otherwise care for. That the use of fertilizer will ex- ceed all past years, as great arrangements are being made on all sides. The bulls claim Texas is marketing " Low Dogtail," which only brings a cent a pound. That it's poor and from the so-called top crop. That the top crop promises to be the least in many years owing to frost in early autumn and drought. That growers nave marketed more closely than usual and the quality is fully 10 per cent, better than usual and never cleaner, and of a higher standard. That only cotton in second hands will appear at ports and other central points this month. The world's visible supply is now 3,754,000 bales against 4,235,884 bales a year ago, and appears to be increasing very slowly against a much faster increase in 1894. The world's visible contains fully 90 per cent. American. The amount in sight to December 7 was 3,860,600 bales. American and European spinners are reported more liberal buyers. November 1, 1894, fully half the crop had come to sight. This season's receipts Erior to December 1 were 3,585,613 bales. Stock of registered cotton in New York is 170,325 ales, about 125.000 bales being nearly three years old. Old cotton like old wine grows better with age, though it loses in weight. Exports to December 1 were 845,000 bales less than last season same time, and 705,000 less than in 1891. It is reported the South have 500 spinning mills built and projected that will keep four million spindles busy before December 31, 1896, against 303,- 551 in 1860 and 561,360 in 1880. The Chronicle reports each spindle's consumption twenty-five years ago as about 110 pounds and at the present time about WSJi pounds. Consumption for the season of 1894-5 was 401,706,255 pounds, against 87,610.889 pounds in 1879-80. On that basis of increase it is possible the South can care for one-fifth the cotton grown some year within the present century, while the North may care for most of the balance, and Europe get but little of American cotton pro- rided protection could be given the planter. The December 10th Government report points to a trop of 67.3 per cent, of that given out last May, or 6,375,000 bales of 500 pounds each, and that a furthei 21U ClAPP * COMPANY. BATTKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. report -will be issued in February, 1896. Reports arc almost uniformly unfavorable as to quantity, lint clean and quality high. Many reports show crop completely gathered and marketed. Appar- ently spinners are getting bare of supplies and buying more freely. Their speculative friends snow more confidence in values. The bear interest is doubtless larger than since Octooer last. The ag- gressive bull speculative interest eminating from the cotton bolt has liquidated quite freely. Present buyers seems to be more conservative, but equally positive ten cent cotton will be the ruling price before much cotton has been planted for the coming crop. Wheat. The visible supply of wheat decreased the past week 117.000 bushels. During the past 12 years the majority of the time the visible did not begin to decrease until about January 8. In 1892 it reached its maximum January 1. Last year the highest point was recorded December 22, when the visible exceeded all records and reached 89,071.000 bushels. The North American supply and the amount afloat is 89,456,000 bushels, against 115,474,000 bushels a year ago. Primary receipts since November 1 are about 40,000,000, against about 21,000,000 same time in 1894, and since June 30 about 126,000,000, against 112,000,000 in 1894. Exports about 59,000,000, against 70,000,000. The Daily Trade Bulletin reports the world's visible about 6,000,000 larger than last year, and our increase as 13,000,000 in November with the visible 19,000,000 less than a year ago. Amount afloat and in Europe as 25,000,000 more than December 1, 1894. Apparently a less number of producing sections are being drawn upon by an increasing number of consuming districts. Our winter wheat states are drawing supplies from the spring wheat belt. A year ago reverse conditions prevailed. Australia is buying from the Pacific coast. Roumania is exporting more than usual. India is no longer a prime factor indicating values. England has never been at the mercy of producing countries as much as the present time. Argentine for five years has been an exporter, previously they imported more or less flour. Apparently U. K. merchants are watching crop reports more anxiously than ever, and if Argentine has but little for sale and a poor crop in consequence of rain and snow storms, England's merchants might get frightened and become anxious buyers in the near future, while Argentine wheat is being harvested. Prices and freights the world over are low. U. K. fall seeding is reported larger than last year, but on poorer prepared soil. France, Austria, Hungary, Roumania ana Italy report unfavorable crop wheat prospects in consequence of absence of usual moisture. Russian and German reports appear mixed with about average prospects. Australian reports indicate a yield of about four bushels per acre, or about half their average yield. Ordinarily they grow about 40,000,000 bushels and export about 10,000,000 bushels. Its now but 30 days before they usually begin exporting, now they are importing. The Government report, out the 10th, gave condition as 81.4, against 89 in December 1894, and 91.5 for December 1898, and 87 for December 10, 1892, with farm prices as 53.2, against 49.8 December 1, 1894. The percentage of condition in Ohio is 74, Michigan 79, Indiana 80. Illinois 79, Missouri 76, Kansas 80, Nebraska 90, California 102. The average acreage is given as 104.6 per cent, that harvested last summer, indicating the acreage of winter wheat for 1896, will be 23,647,000 acres, against 22,607,000 acres harvested m 1^95, and 24,224,000 sown in fall of 1894. Many grain men now believe the wheat situation abnormally strong and predict much higher prices, based on demand exceeding supply and a decreasing visible with increase speculation and poor prospects for the 1896 crop. Corn. Stocks of corn at all storage centres are light, the visible decreased the past week. Sbinments from primary markets exceeding receipts. Farmers seem to hold rather than sell to cribbers or shippers at 10 to 15c. per bushel. Short sellers and a few country shippers continue selling for May delivery at prevailing unusually low prices, and predicting May corn will sell at 25c. The Govern- ment report, December 10th, reported the average farm prices as 26.7 against 45.6c. per bushel a year ago. Oats. With an enormous crop and little use for horses in cities, and a large sup}.) y of wheels and lio-ht consumption of oats, the visible has decreased and demand apparently ceased. Short sellers and country cribbers continue selling futures. The Government report indicates the average farm price is 20.5c. against 32.9; of Rye, 43.7 against 50.5; of Barley, 35.4 against 44.3; of Buckwheat 49 2 against 56.2; of Hay, 9.38 aginst 8.35; of Tobacco, 6.6 against 6.7; of Potatoes, 28.8 against 55.5 last year. Provisions. The average weight of hogs received in Chicago last November was 241 pounds against 230 for October, anJ 235 for October, 18i<4. Prices ranged from 3.30 to 3.7a m November. Provisions are very low. Around present prices there is some mvestment buying. Packers continue free sellers on all rallies. Chicago packing since October 28th, exceeds that of any year, same time, since 1891 A.t all points from November 1st to December 5th, it was 2,205,000 against 2,290,000 in 1894, Yours respectfully, 217 CLAPP & COMPANY. CLAP? ft COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Quotations foi Stocks, Cotton, Grain and Provisions tor Week ending December 11, 1895, and tor December, 1894. Par value of all stocks $100. except D., L. & W.; P. A R. and Am. Tobacco Co., FnoM NEW YORK STOCK EXCHANGE OFFICIAL RECORDS OP HIGHEST AND LOWEST PRICES WITH COMPARISONS. SAT.Et. 2.200 760 2110 877 897 18.097 8139 l.Oil 575 4 351 8S078 liT.Oo? &2 188 1.154 16.950 300 6899 115 1.S10 w.io 720 1.U97 8.520 9 555 8.292 i68 "228 e020 000 V70 n Oi7 u.sio 100 <0«i siiro 1.624 1.B04 1.658 •135 2! 070 910 6.067 206 8.415 7.207 300 i0 870 506 S.OOO 2,150 -.957 3.021 10.975 771 2,988 3.800 140 802 1 ..'i6(i 2,415 226 177 10.170 84.7B3 1.845 aoo Oapitai, Stock. |S0,987.10« 10.198,600 36.968.e00 86,968.000 17.900,000 ss.ooo.eot 16.000.000 22.488.000 60.805.400 88.002.700 24,885,800 46.087.261 25.92.3,900 48,156.000 18,559,380 89,054,907 J2.385 iro 88.000.000 4.890,000 86,430,060 26,200,000 36.000.000 38 000.000 36 000 000 30,460,C00 e5,ooo,ooo 8,000.000 lo.eoo.ooo 10,000,000 11,840.000 11,640,000 49.466,500 52,800.600 SO.OM.OOO 18.788.204 18,000.000 47,844.100 47 488,676 14,906,400 14,904,000 89,428,800 77.4Z:,00« 20.000,000 68,119.982 18000.000 89.767,800 49.000.000 89.289,548 80.000.000 8.600,000 40,426,861 86,000,000 88 408,900 126,000,000 60.000,000 19,850,000 86,710,900 60,868,600 6! 609.900 (JC.ftOO.OOO 20,166.000 6.000.000 8,000.000 28,000,000 24.000.000 94.820,000 10,000,000 4.600,000 DirnJEKB Recobo. Pays 3pc J-D Pays .3pc O-J-A-J Pays 3><;pc J-J Pays 3po FM-A-N,... Paid 2pc 1895 Pays lUpc F-A Pays IJIpc F-M-A-N. Pays iDo M-J-S-D Pays Ipc M-.I-S-D Paid IDC Oct, 1895., .. Pays 7 PC Per Annum. Paid ^po Oct. 1895.... Paid 2!^pc Dec. 1895... Pays l?,pc M-J-S D.... PaidSpc in 1893 Pays 2pc M-J-S-D Pays 7pc per annum. Pays 7pc per annum. Paid 2pc AuKu 8t 1S93. . . Pays 5pc per annum... Pays -iMxio M-S. Pavx l^po F-M-A-N. Pays 3pc FA Paid 2pc August 1893. Pays iHpo J-A-J-O.. Paid 2pc in July 1895. Paid 3pc 1891 Paid Ipc in Oct. 1895. Pays iJipc M-J.s-D.. Pays Ipc J-A-J-O... KaJd i^po Not! '1898.' i'ald Ipo Aprilisoij!! Paid IPC In 1887..., Pays 2po F-M-A-N. Paid ipc In 1887. Paid 3i^po in 1884. Pays2po Nov. 1895 Paid 2^pc March 15, 1895 Names or Stocks. Pays IHpo J-AtI-O Paid Ipo In Feb. 1894. Amencan Cotton Oil.. American Cotton Oil Pfd. Am. Sugar Refining Co Am. Sugar Refining Co Pf. American Tobacco Co Atoli.Top. & S. F. alUns.pd Baltimore arhct letter. No. 460. Copyright, tS9S, bff Ctmpp A Company. O. W. CLAPP. OWIOHT O. Clapp. O _) o C/3 (0 a. ux a a o o z < (O z> o o o < XI Q UJ H- > z UJ o z UJ Q z o Q. UJ q: O O CLAPP & COMPANY, JSanherg anb Brohers, miLLS BUILDING, IM. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE. IN THE HEART OF THE BANKING CENTRE. BiANCM ) 277 BROADWAY, Corner Chambers St. Offict»- 1 62^ BROADWAY (Cable Builoinq, Corner Houston). 753 FIFTH AVENUE, Cornsr 68tm St. Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, December 19, 1895. We respectfully solicit Commission orders for the Purchase or Sale of Stocks, Bonds, Co'Jon, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. Usual margins required; customary commissions charged on cash property or for future delivery. Margin deposits may be made in Drafts on New York, Currency by Express, Post Office Orders, or by deposit with local out-of-town banks. The local bank should always wire us at once, at our expense, stating amount that has been placed to our credit, and for whose account, thus allowing customers^ orders to be filled promptly. A General Banking Business conducted. 3^ Interest allowed on Average Daily Balances, credited Monthly. City and Country Accounts solicited. Collections Free to Customerb. WHAT BUSINESS MEN AND EXCHANGE OFFICIALS SAY OF OUR SOUVENIR OF 1894. Tour souvenir book of 1894 Is a i-emarkably bandsome book, and coiiaiiily vei-y thorough and accunile in all Its rletails and very val- nalile for reference, and it will atloi-U us much pleasure to place it In our library.— Secretaiy Commercial ExcUauge of Philadelphia, Fliila., Pa. Your souvenir book Is a beauty and I shall take pleasure In penis- Ing it,— Secretary Atlanta Clearing House Association, ^Ntlanta, Ga. We received your beanllfnl souvenir volume for 1894. As a cotn- peiKliuni of the weekly records of the conditions of the tinancial, S)Hin. pixxluce and stock niar.ets it is valuable while its illustiu. tionsand nieolianical stnu-ture give an added value to it. — Secretary Board of 'liude, Detroit, Mich. Your -souvenir book Is methodically complied, handsomely lUus- tt-.itod and shows evidences of consideitible care and attention to detail. It will certainly furnish veiy in'eresting and instructive reading to our members.— Supt. The Charleston Cotton Exchange, Charleston, S. C. Tour souvenir book for 1894 received. It presents Its nsual hand- ■ome api>eanince.-Supt. Savannah Cotton E.xchange, Savannah. Ga. Your S(invenir book is a valuable one, brimful of interesting in. formal ion adapted to wantsof merchants, nianufaclurei-s and otliers, and must have taken many days compiling, which work is well done — Secrelai-y Buffalo Merchaiits' Exchange, Bnll'alo, N. T Your souvenir volvime for 1894 Is a very interesting volume, and contains much valuable Information.— President N. i. Cottou Ex- change, New York, N. Y. The h.-ind.somo copy of your souvenir book for 1894 will be placed In our excliange room foi reference.— Secretai? New Orleans Cotton Exchange, New Orleans, La. We are very much pleased with your souvenir book for 1891 and consider it a very valuable work and will place it in our reading i-oum.— Secretory, The Indianapolis Board of Trade, Iudiauapolii«, Indiana, Your valued publication will be placed on tile where It will be an article of ornament and utility.— Secretary Pixxluce Excliange of the City of Chicago, Chicago, IlL We received your beautiful souvenir of 1894. It will occupy a prominent place among the files of our office. — Secretary Indiana State Board of Commerce, Evausville, Ind. Your souvenir volume for 189.118 certainly a very handsome and nseful book. The pjijce devoted to Montreal is vei-y Nili.sfHctory to us, the new view of our building well executed, and the table givins' an ide.i of our exfiort and import trade.— Secretary the Mon- treal Boaid of Trade, Montreal, Canada. Your souvenir book for 1894 is most complete and comprehensive, and should not only be of Interest but of value to all those who have received it— New Vork Wool Warehouse Co., New Y'ork, N. Y. We received your souvenir of 1894, which will no doubt afToi-d ut nmch iutcrtsting reading.— The Snow-Church Surety Co., New York, N. Y. Tour souvenir of Ameiiean Exchanges Is an elegant work, and we shall gladly make a place for it Lu our library.— Secretary Chamber of Commerce, Milwaukee, Wis. Your souvenir book for 1694 ha.s»everal new and valuable feature"*, and besides 1 am inilined to compliment you on the groaily im. pioved apiiearaiice of the illti>li«f.on3 of tlie var.ous CNClianges over former reports.- Secretary Boston Chamber of commeixe. Bos- ton, Mass. Even a most cursory glance through your souvenir for 18!Vl is suffl. clent to stamp it as a volume useful, thorough, reliable, ornHmentnl and historical, a credit to tl.e enterprising and able coiiccin of Bankers and Commission Hercbants whose name Is on the title pace of the volume, Clapp A Comjiany. — Secretary Boaixl of Trade of the City of Chicago, Chicago, I'l. Y'our souvenir liook seems to be perfect In every respect, and i-e- llects great credit upon your house.— The Chicago Stock Exchange, Chicago, 111. Z > O m Kj o z H > Z C/3 O > r -< m o O :o a C/D O r m > o z o m X o X > z o m c/3 Clapp & Company's annual Souvenir book for 1S94 wiU be delivered free to applicants upon receipt of $3. A few copies of 1893 can be had for $2 each. KEEP OUK LETTERS. PORTFOLIO FOR FILIJSG FORWARDED APPLICANTS FREE. 2 CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, WEEKLY MARKET LETTER. Financial Outlook. As monarchies fade and crumble in the East, the Western republics are proclaiming the dignity of labor and the civilizing power of an energetic and ethical commerce. Beneath Oriental and Oc- cidental stars a new impulse calls men of all nations to bring fresh honor to the cradles of liberty, truth and justice. The commercial victories of brain and brawn may yet give to all the sons of men the gifts of comfort that were denied to the messenger of peace who took the sceptre of Christendom on an ancient Christmas day. Straws. — Sixty-seven Krupp guns on one side and forty-eight on the other side of the Darda- nelles were silent during the passage of one British and one Italian war vessel without permits. There are six Austrian ships, five French, one German, ten Italian, three American, nineteen Brit- ish and six Russian, or about fifty war vessels in or on their way to Levantine waters to keep the peace of European Turkey. The trading stocks of Colorado mining exchanges have many of them advanced 300 per cent, to 500 per cent, during the past year. Lake iron ore shipments for 1895 are estimated over 10,270,000 tons, breaking records. Eight Southern States have 92,059,906 unemployed or unimproved acres of land waiting for occupation. Argentine has an area of 1,180,000 square miles and population of only 5,000,000 people, 250,000,00o acres being adapted to cereals, 10,000,000 acres to vineyards, 4,000,000 acres to sugar cane and other sub-tropical products. They have 25,000,- 000 cattle, 6,000,000 horses, 100,000,030 sheep and 3,500,000 goats. European and North American agricultural and manufacturing people can find as much room south of the Equator as there was west of the Mississippi in 1840. Anj^ great disturbance in foreign countries might transfer many men and much wealth to North American soil. The American laborer and true patriot may be par- doned for wondering if his blood is to be shed in political controversy with the country to whom the Presideof, wants him to hand his pocketbook and wages. Stocks and Bonds. Bonds. — The market appears firm and demand likely to exceed supply at present prices after January 1, 1896. We solicit orders for the purchase of quick convertible securities during the cou- pon clipping season, when $100,000,000 of money will Ukely pass from borrower to lender the coming thirty days. Railway Stocks.— The Chronicle estimates there is a loss this season of 220,000 tons of cotton freight, owing to the short crop. The Missouri, Kansas «"fc Texas decrease reported in gross receipts in November was $271,598, and Texas Pacific $150,247, Atchison $120,707, each largely because of short cotton tonnage. St. Paul increased in November $897,674, New York Central $364,743, Great Northern $352,502, Northern Pacific $335,028 resulting from excess of crops in northwest. As yet receipts and low prices have not assisted Burlington. Rock Island and other corn roads in making good their deficit in the winter wheat belt. 124 roads increased earnings for November $2,959,563, and 121 roads from January 1 to November 30 increased $21,573,350, against a decrease last year of $52,826,279 on 130 roads in same time. Missouri Pacific for November shows earnings of $2,256,000 against $3,177,614 last year; Southern Railway $1,851,922 against $1,783,728 last year. The moral support of insiders does not prevent foreigners selling or the stock declining. The final report for the year on all roads will likely show excellent general results. The average price of the active stocks is about $4 per share more than a year ago. Many conservative business men predict Grangers are around low levels for the coming season. That there is much more to encourage than to discourage. That present low levels absorb less coupon or other money than higher prices. Investors have more to reinvest than aggregate in values of good stocks at present prices. Industrials. — Sugar tips are out to buy it as usual after a good advance. It often pays to copper such news about the time Congress meets. Chicago Gas people claim the stock will go to 90. They have always been known as willing to sell to investors at handsome gains when predicting a good advance. Leather people appear to have more confidence and more stock since the dividend was passed. We see no reason to advise its purchase except to help the stock manufac- turer. Tobacco continues the favorite gamble : it is ever thus in a blind pool. General Electric is firmer and might advance if the public interest increases. Cotton Oil and Lead appear to hold their own on merit. Cordage appears to have lost all friends. Cotton. In 1882 5,224,620 bales came in sight the first four months of the crop year, or prior to January 1, or 74.72 per cent, of the crop, which equaled 6,992,234 bales. In 1885, 5,320,230 bales came in sight the first four months, or 81.23 per cent, of a crop of 6,520,215 bales. In 1886, 5,450,419 bales came in sight the first four months, or 83.68 per cent, of the crop of 6,513,263 bales. In 1892, 5,356,20? bales came in sight, or 79.74 per cent, of a crop of 6,700,365 bales. For those four years the movement into sight the first four months of each crop year averaged 5,337,944 bales, or 79.89 per cent, from the average crop, which was 6,689,044 bales. This season there has come in sight to December 14 4,183,427 bales ; based on averages, there appears held back and to come forward about 2,400,000 bales, indicating a crop of about 6,600,000 bales. The world's visible, December 14, was 492,342 less than last year, of which 3,540,490 bales were American, against 4,070,833 bales last year. Northern spinners have taken 814,801 bales against 1,223,704 a year ago. Southern spinners have taken 300,000 bales against 271,000 a year ago. Exporters 1,811,202 bales. Spot cotton in Liverpool 220 CIAPP ft COMPANY. BAITCERS AITD BROKERS. NEW YORK. WEEKLY MARKET LETTER. 3 ' I- - . ■ . ■ - I ■ I- -■ - 1 . i • X ranges higher than futures. Here all old crop futures are higher. It is conceded bj many disinterested writers that planters in many sections have organized to withhold the usual cotton movement, in hopes of causing higher prices. Some of our correspondents claim there is a larger demand for fertilizers for 1896 than for many years in December, that the acreage will be larger than ever, and that a cent a pound can be secured on cotton purchases from planters by effectmg sales for October and Novemoer, 1890, delivery at eurrent prices, which are aoout 30 to 35 pointa below May delivery. This feature is pointed out as encouraging for spinners to only buy from hand to mouth, and that they must certainly have larger stocks on hand than has been estimated. French and English buyers in the cotton belt have generally returned. Receipts of cotton at thir- teen Southern ports for eleven months ending November 30 were 4,094,709 bales against 6,231,709 bales same time in 1894 and 4,220,800 bales in 1893. The bears say the visible can be easily reduced one halJf by September 1, 1896, provided the acreage exceeds that of 1894, as now seems probable, and yet cause the price to decline 2 cents per pound. Contending forces seem to look forward for 6>4 or 10 cent cotton on or before the 1^96 crop is fully planted. Apparently there are many oppor- tunities for investors on the bull side as well as tempting chances to secure monthly premiums equaling about ^ of a cent a pound per year for being short until a new crop begins to move, aside from any possible decline of spot cotton. Wheat. Primary receipts to date equal about 130,000,000 bushels, against 114,000,000 bushels last season. Exports to date, aoout 61,000,000 bushels, against 74,000 000 bushels last year. The Daily Bulletin estimates the world's visible supply at 218,787,100 bushels December 1, against 209,857,700 bushels November 1, 1895, and 21S,857,000 bushels December 1, 1894. C. Wood Davis estimates the world's crop in 1895 as 250,000,000 bushels less than 1894 and 98 000,000 bushels less than the present require- ments; that Europe's total crop was 1,400,500,000 bushels, and requirements are 1,603,500.000 bushels; that the 1895 world's crop was 2.397,500,000 bushels, against 2,495,500,000 bushels in 1894; that the world's commercial countries produced 310,000,000 bushels for export, and importing countries will require 408,000,000 bushels. A bear friend estimates the crops of wheat, maslin and rye for 1893-4-5 as far exceeding annual consumption, and says the corn crop is taking the place of small grain bread in many parts of the world. Spring wheat centres in the Northwest are sending millions o«E bushels to winter wheat storage centres. A year ago Chicago drew wheat from many winter wheat States for storage purposes. Now points west of the Missouri River are sending wheat to Texas. Minneapolis is sending wheat to St. Louis for storage uses. Beerbohm's Evening Corn Trade List reports the world's visible increase about 10,000,000 bushels in November, against about 7,000,000 bushels the previous November; that the Russian rye crop is 712,000,000 bushels, against 796,000,000 bushels in 1894, and wheat 40,000,000 bushels less than 1894; that Russian and Black Sea shipments from August 1 to December 2 were 69,880,000 bushels, against 53,23--i,000 bushels a year previous. Argentine crop estimates vary from about 45,000,000 to 80,000,000 bushels. It is expected that the e:yport surplus will be about 50,000,000 to 60,000,000 bushels, or equal to that from the 1893 crop. Pacific Cocist exports to Australia were never larger, and equal about 1,500,000 bushels to date. The bears seem to believe the visible supply is larger than immediate wants for con- sumption or to supply the speculative demand. The bulls predict a short crop in 1896 in conse- quence of severe drought, less acreage and increased consumption. They say elimination of bucket- shop influence and growing belief in higher prices may help the market, and that there are nine oJw»ao«9s out of ten in favor of buying wheat. Corn. It is now reported that the Nebraska crop is turning out only about half early expectations. That Kansas will only secure two-thirds as much, and that practically there will be but little com- mercial corn from this crop to go east of the Missouri River. That some of the cotton States will be buyers rather than shippers. That it is but a question of time before New England and the export demand will draw heavily upon the commercial States, where they have secured the largest crop ever grown. The seven States are furnishing a basis for effecting large sales for May delivery in Chicago. The bears are also selling freely, doubling the pressure and depressing values, and pre- iJicling 25 cents for May corn in Chicago. Provisions. Receipts of hogs now average about 15 per cent, more than last season, and about 10 per cent. m:^.e than two years ago. Following the cholera scare, this makes packers timid. Real hog lard seems to be cheaper than cotton seed and lard mixed. Values are encroaching upon corn values. The drmestic ana export demand is 25 per cent, larger than a year ago. There are many more in- quirie/i from would-be investors than for a long time. Lard is exceptionally cheap, all hog products are vory low. The corrected amount of lard in the world is now reported as 2 JO.OOO tierc"i>. Pack- ing from November 1 to December 12 equals 2.795,000 hogs, against 2,840,000 last season. Yours respectfully, CLAPP & COMPANY. P. S.— The Chicago Board .1 Trade will adjourn from Monday, the 23d, 1.15 p. m., to Tiiursday, 3.30 A. U. Ui CLAPP & COMPANY, BANKERS AND BEOKEES, NEW YOEK, WEEKLY MAEKET LETTER. QQOtatiODS for Stocks, Cotton, Grain and Provisions for Week ending December 18, 1895, and tor December, 1894. Par Talae of all stocks $100. except D., L. & W.: P. & R. acd Am. Tobacoo Co., WIOM NBW TORK STOCK EXCHANGE OPFTCIAL RECORDS OF HIGHEST AND LOWEST PRICES WITH COMPARISONS. Wekkit Sales, 1,990 666 219.866 836 173 884 81.534 U.640 4,790 11.722 0.765 m.ljbi 92.765 71.466 1,676 S5.308 1.615 i.iiO s'.OSo 1.100 13.3'.io 3.!i72 8.414 14.062 31.035 15,219 718 4.U00 200 615 2,098 85 1U0 4.!.914 2.705 U.28e n',7iib 160 800 8,696 260 &787 2.244 2.410 2.15;i 4,480 SC.b95 55.998 664 42.000 8 140 6 991 7.619 42,54-1 1.180 9.98 8 045 100.243 1.6«J 4.075 510 815 10,895 8l.7*a 2 055 840 Stock. 120,237.100 10.198,600 36.008,000 86,968.000 17,900,000 25,000,000 15,000,000 22.488,000 60.805.400 82 002,700 34,886,800 46,027,261 25,923,900 46,156.000 18,559,860 89,064.007 22,836 170 28 000,000 4 890,000 86,430,060 26,200,000 85 000.000 38 000.000 85 000.f00 30,460,000 86,000,000 8,000.000 SO.000,000 10,000,000 11,840.000 11,840,000 49.466,500 62,800,000 30,000,000 18,788,204 18,000,000 47,844.100 47,436,576 14.905,400 U.904,000 89,428.300 77,427.000 20,000,000 58,119,982 13 000.000 89,767,200 49,000.000 89,269,516 20.000,000 8,500,000 40.426,861 86,000,000 DiTIDBNS ReCOBS. Pays .3pc J-D Pays Spc 0-J-A-J.. Pays SJ^pc J-J Pays 8po F MA-N. Paid 2dc 1895. Pays iWpo FA. Pays 1^ - 4po F-M-A-N. Pays Ipo M-J-S-D PavB Ipo M-.;-S-D Paid Ipc Oct. 1895.. .. Pays 7 PC Per Annum. Paid Hpo Oct. 1895.... Paid 2K.pc Dec. 1895... Pays l^^pc M-J-SD.... PaidSpo In 1898 Pays 2po M-J-S-D Pays 7po perannnm... Pays 7po per annum... Paid 2pc Aoirust 1893. Pays Spc per annum. Pay* 2^pe M-S. Pays l^po F-M-A-N. Pays Spo FA Paid 2pc August 1893. Pays l^pc J-A-J-O.. Paid 2po in July 1805. Paid 8po 1891 Paid Ipo In Oct 1895. Pays iHx>o M-J-S-D,. Pays Ipe J-A-J-O Paid l>4po Not. 1898. Paid Ipo April 1892.. Paid ipo In 1887.... Pays 2po F-M-A-N. «8. 402,900 125,000,000 60 000 000 19,'85o;ooo Paid Ipo In 1887 38,710,900 I 60,868,.'S00 I Paid 8^po In 1884 ei 509,900 I 00,909,900 Pays 2po Nov. 1895 Paid 2J^o March 15, 1895 Names or Stocks. Saturday, Deo. 14, 909,900 166.000 000.000 ,000,000 000,000 000,000 820,000 000,000 500,000 Pays 1J4P0 J-A-J-O. Paid Ipo In Feb. 1894., Americao Cotton Oil American Cotton Oil Pfd. Am. Sugar RefiuiDg Co. . Am. Sugar Refining Co Pf. American Tobacco Co Atch.Top. & S. F. all ins.pd Baltimore & OdIo (. anada Southern Central of New Jersey. . Chesapeake & Ohio Chicago. Bur. &. Quincy Chic Gas Cos Cent Tr rects Chicago, Mil. & St Pan! Chicago MU. & St Paul Pfd Chicago, R. I. & Paciho Chic. St Paul M. & Omaha Chicago & Nortnwesiern Chicago & Northw'n Pfd. Cleye., CId.. Chlc.&StL. Col Hock ng Valley & Tol Consolidated Ga» of N. Y. Delaware, Lack 'a & W'n. Del.. & Hudson Caual Co Denver & Rio Grande Pfd Dis & C F Tr Co ot all in pd General Electric Co.. Great Northern Pfd... Green Bay W A 159^ 165H 166 166 liiM 129W 19H 1»M 81 81 78^ ?8« 150^ 150H 151^ 161 62 51 I 62H 6!% lU-."^ 10.'%'X02K look lOlU lOCH 102 102 80ii -itiHl 80)6 80^ SS 28 22 22 7M 74 151« 15194 52^ 52 102^ 102 30J6 80k S3H: 89 £8H 29 29 isii 12« S^ C<>^ 100^ 100 Total sales of all Stocks each day and for the six days. 1,410.448 COTTON, In ba'es. I World's visible. 1895 8 906 690 !f<94{ 4 399.082 Total in Blghttl Total Exports. 4.183.427 1.811.252 5.928,981 I 8 888,494 ff Y f December. J January . OoUon 1 February. I March. . . . WHEAT, in bushels. I U. S. Visible. iPrimary rec'ts'l Total Exports. 1895 66835.000 130.000.000 61.000.000 189l{ 62 282.000 I 114 000 000 74.000.000 December. Wheat. ]g|« Com...J£|««'"_'^^; CORN, in bushels. I U. S Visible. 1895 5.227.000 18941 2.765 000 Primary rec'ts* 62 000.000 89.000,000 Total Exports. 84.448 304 4.747 417 Chicago Wheat. Com... December. May December, May OATS, in bushels. I U. S. Vt'ilble. 1895 0.134 000 18941 9,110 000 N. T. Stocks, 1.886 981 8,452,401 Chgo. Stocks. 514 000 1.589.000 Oats. 1 December. IMay 15J4 15k 81 Sl'H t)\i 6Vv 4 8J6 149j 14^ 82H 81M 9 m s>yi m, 162 l62 |162 161^ 1895 1894 LARD-tcs. World's vie. 280.000 141,000 CHICAGO CONTRACT STOCKS. PORK-bbls,| LARD-tcs. i RlBS-lbs. 80.406 29 028 12.623.230 62,384 I 13,284 I 17,996,790 Lard Ribs . I January. . IMay I January. . . TMay m.890 825 8.25 8.29 8.28 &S4 8.30 8.40 &J)8 66A KK 68A 8794 mi MS 85r>. 35 57H 57H 61 H 61 25% 2596 28'/i 2896 17^ 17^ 19^ 1994 8,42 8.82 8.80 8,70 6.22 6.20 5.47 6.42 4.22 4.20 \. 4.47 4.42 1696 i59i; 8194 Bl?^ uu 'h% m 8^ 88k 10 83 82k 894 096 I2H 10 33 83 S94 69i 12^ 70 696 696 104 98 7696 1094 49 55 110 17k 84^ 7196 7.^ 120 T5k 42^ 104k 18 18 18 Xiy^ iTH 17 103k 103k 101M Wed., Deo. 1& ?8k Itik 47 54 108M 17k 8294 70^4 7494 129 74k 42^4 104 4194 41 17k IB% 160M 159k 167k 166% 129H 129 49<^ 48k 19H 1396 8lH 8094 «8% 88J6 152k 152 5296 52 107 102V4 102k 101 82k 80k 80« 29" 81k 81k 89k 89k 100k 100 74k 17^ 48k 55k 8494 7196 76 129% 7596 42k 10494 73k 1696 47 54k 109k 17k 88 68% 7494 129 74 42 103k 1594 6k 16k 32^ 2Sk 10k 8 94 894 7k 12k 8996 794 18k 89k 1394 13 18^ 18% 89 69% 1394 14 15k 81% bH 16 8^ 8% 8294 9% 88k 83k •'94 6k 12k 6?96 6% 18 isk 187,460 8 38 8,25 8.35 8.26 8 39 8.84 8 46 8 87 66 DO,, 6Tk 65% _ 67k 81 A 84% 85,V 8494 66% 17% 17% 1994 1996 8 50 8.40 8,87 8.77 6 27 5.22 5,52 6 47 4.27 4.22 4 52 4 47 135.620 284.688 8,26 8.26 8.83 8.28 8.30 8.28 8.38 8..34 8 37 8 29 8.44 8,88 8 48 8.83 6596 6596 «Rk 879,054 8.83 8 24 8.29 8.23 834 829 8,40 8 83 6596 65 A 67 66k 3396 839i 34A 349t. 4194 40% 40% 56'-» 56% 5696 66 56% M% mi 60 69% 69k 60% 59k 2596 23k 25% 25% 25^ 259s 28% 28% 88% 28k 28% - 1694 1694 1694 1694 1696 1696 1996 19 13k 19 19>,4 lU 8,58 8.47 862 8 50 &62 8 45 8 90 a82 9.00 8.87 9.00 8,82 I 5 80 6.27 6.85 5,32 6 85 6.27 5 55 5.50 5 57 5.56 5.67 6.50 4.27 4 27 4.35 4.32 4.35 4.27 4 52 4 50 4.57 4.55 I 4 57 4.50 846 041 8.21 8 13 6 24 8.18 8 28 8 2.3 831 8.29 6594 65k 67% 66,", 3;196 8396 8496 3496 5694 66% 60k 59!^ 25% 2596 2jk 28 16% 16% 19% 18% 8 50 8 47 8,90 882 5 27 5 87 5,50 5 50 4.30 4 27 4.52 4.50 19 17 68% 67 108k 9996 100 98 83% 63 1796 5694 55% 45 65k 63k 11096 1'*% 18k 16*i 8494 82 7196 6294 76 78% 129% 127% 75% 72?i 4294 41.'' 107% 10-2: 151 161 42% 40 19 16% 161% 14696 167% I64k 130 12^ 4994 48 2096 18k 31^ 2996 117 UJ 98' «7 23% 2296 23Vt 2"H 7494 78% 152^ 14396 51% 60k 107 9994 10294 190 3296 =^>4 80k 289* 81k ?9k 8996 8794 100^ 99% 1^ 1296 ^ h 4 8 1094 7% 164 159 67 66k 28% 21% 1094 9k 34% 80k 85% 3096 12% lOJ 70 59^, 88k 82) 7% 6) 14 13 7?4 7% 19^ 17 8996 86<,„ 1496 18k 4296 40% 8.35 8.03 8,38 8.04 8.43 3.10 8 49 8 15 6796 6494 6^ 66,'. 35% 83k 85% 3196. 5996 5.594 63% 59(4 2694 25% 29k '28 17% 1696 2096 ll*% 877 830 9.15 866 540 5.20 5.65 642 4 42 4 20 465 442 Range for Deo. 1894. 8796 81% 7194 94% 68 8294 94 90 99 90 6794 68% 61k 4*14 94% 87% 16% ra% 68^ V4k 6896 60k 56% 120% 11794 60% 64% 84% 82 100% 93% 142% 14: 8996 «'H 18 1094 135% 123% 163 158 12796 128 3696 88 1196 7% 86>i 83k 102H 101% 8§^ 8294 87 8-2 17% 16k 78 71 138 188% 5496 52% 10.1% io:96 98% 98 23k 88 2996 809^ 41 8-ik 100^ 9896 80k 15% 42 to 32% S 4k 18% 1694 18% 150k 153k i994 18% 12 10% 88% 86 17% 15 10% 9% 12k ic^ S% 8 62i6 59% 4.-.% 41k 994 6% 6% 6 13% 86 •10 41% 5.68 5 40 5.73 641 5.77 5.44 5.70 649 61 69% 66 8194 50% 6196 54% 51% 57 5294 61% 57 I 4794 44% 50% 4794 29% 8S"^ 82% 8!% 1225 11 15 12.64 11.55 7.05 6.62 7.27 6.85 6 15 6.62 8.35 6.87 I OLD PORK, Chgo.-bbls. 1895 .... bbU. 18941 WHEAT on passage. 27.'280.000 bush. 27.496,000 " CORN on passage. 9.6OO.0O0 bush. 2.430,000 " Russian Sblrmts. for wk. 2.328.000 bush. 2 2o0,00C " Indian Shipmts. for wk. 64.000 bush. 880.000 " Argentine Shpts. for wk. 72.000 bush. f Since Aug. 31. • Since June 80. Compiled and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YORK 223 J arl?ct Xetter. No. 461, Copyright, 18BB, by Ctapp M Comtpmnff, O. W. CLAPP. OWIQHT O. CUkPP. Q 111 H O O (0 (0 QC UJ cc o a z < (0 H 2 O O o < ./I Q UJ LU o Z UJ Q z O Q. (0 UJ a: o o CLAPP & COMPANY, Banhers anb Brokers, MILLS BUILDING, N. Y. ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. OPPOSITE THE NEW YORK STOCK EXCHANGE. IN THE HEART OF THE BANKING CENTRE. Branci Offices 'A 277 BROADWAY, CoRNgR Cmakbeb. St. 621 BROADWAY (Cable Builoinq, Corner Houston). 753 FIFTH AVENUE, Corner 68tm 8t. Private Telegraph Wires. Long Distance Telephone. Cable Address: "Ozro." New York, Thursday Morning, December 26, 1895. Financial Outlook. The year 1895 opened with gloomy forebodings. Government syndicate agents controlling inter" national exchanges vitalized a speculation that became beneficent to all branches of industry. The confidence denied to reform tariff theories was accorded to financial giants that protected a depleted national treasury. The concentration of power which had been feared was a strong bridge over a possible gulf of bankruptcy. The aroused courage and renewed confidence of a great people be- came a brilliant hope, based on rising prices, bursting bins, prolific mines and trusted leadership. As the year dies hope is partially crippled by a blow at peace. The buds of an international com- merce are apparently blasted by fear of international conflict. A minor deficit, which is the nightmare of prosperity, some fear may enlarge to a mountain of debt. The pessimists think best dollars are to be hidden and the worst brought to the front in a panorama of blunders. That the brightest of nations is to be sacrificed for insignificant land interests of a South American people who are wards of civilization. With such poor comfort does official unwisdom close the eyes of a fruitful year that was full of hope and courage. Neither power or hope is dead or dying with the expiring year. The crystaline brain of American manhood can easily focus the many rays of light and common sense that still remain. The dying year has more of substance than shadow, more of courage and growth than decadence or despair. Seventy millions strong the patriot's voice echoes and re-echoes a New Year's greeting to the nations old and new. The afterglow of a setting sun is often a fiery sky, but in the morning there is the light of a new day. Straws.— U. K. imports in eleven months, 1895, were $l,998,600,f525, an increase of 11.50 per cent. Exports same time were $1,034,948,180, an increase of 4.17 per cent. U. S. imports merchand- ise same time $614,177,510, Exports $740,225,402. Columbus' first landing on South American shores gave Spain command of the land that -.he Venezuelans secured independent control of by hard fighting in 1814, and that was confirmed to the Republic by Spain in the treaty of 1845. They claim the Essequibo River as boundary line, and the British Empire claims in name of British Guiana, a strip west of the river equal to 25,000 square miles, or about equal to West Virginia. Venezuela has 566,159 square miles, or about same as Alaska, and claims 2,121,988 population. Brit- ish Guiana has 76,000 square miles, not including disputed territory, and reports 282,000 people. The British subjects of West Indies and South America all told number about 1,600,000. The U. S. Commisioners are to determine the true boundary and report to Congress. Stocks and Bonds. Bonds. — The market followed the course of stocks and sales were correspondingly large. We think bond purchases are likely to show profits. Government's bonded debt increased past year $112,315,400, and another issue is now likely. Railway Stocks. — Ordinary rules are no guide when extraordinary conditions intervene. A good and firm market was turned into almost a panic by a single paragraph in the President's mes- sage. About 744,000 shares were sold in one day, and two days' sales were over $100,000,000. The shj-inkage in 51 active stocks equalled $117, 000,u00. The net earnings of 132 roads for JO months were 11.19 per cent, better than those of same time in 1894, and for October 140 roads showed a gain of 14.76 per cent. The corn crop is just commencing to move. The railway presidents' agiee- ment to take effect January 1, is already beginning to be felt in prevention of rate cutting. The leading firm of reorganization bankers and the various pools controlling other movements and stocks have very good control of any ordinary conditions, and much at stake in promotion of better prices. All the largest systems of railways are either now on their feet again or about to be so placed, and the most of the stocks of each are held in pools under control of a few men who neces- ^ sarily desire best conditions to prevail. All the arguments that were good for the purchase of stocks ' like Northwestern, St. Paul, New York Central, Burlington, Rock Island, Louisville & Nashville, Missouri Pacific. Western Union, Manhattan, Tennessee Coal and iron, Atchison and other stocks at prices of past months, are as good now. Industrials. — Sugar in the nineties is not as dangerous as above par. Chicago Gas shares seem well under control of the bull party. Insiders make claim it will sell hiuher. Tobacco men 2i3 4^ H Z > O m o o z H > Z a > r -< 73 m o O :o D C/) O ■n r m > a z o m X o > z o m w t CLAPP & COMPAFT. BACKERS AND BROKERS. NEW YORK, WEEKLY MARKET lETTEE. are again handling and supporting the shares of the Tobacco Company, and it may advance. Leather is in better position to regain old figures than before the recent break tested its support. Small and narrow margined holders of Distillers, Electric, Lead, Cotton Oil and Cordage were prob- ably dislodged in last week's panic. We look for continued activity. Cotton. The United States crop of 1895 is likely about 6,500,000 bales. Add it to whatwas left over in the visible and invisible supply, and the consumptive supply is fully 10,000,000 bales. Neill estimates consumption at 8,300,000 bales. This indicates 1,700,000 bales may be carried over August 31, 1896. Should the 1896 acreage exceed all previous years or equal 2,500,000 acres, as the bears predict, it is quite possible it would encourage spinners to continue buying only on the hand-to-mouth plan, and might ultimately cause lower prices. In American markets crop futures still command a pre- mium of about 6 points per month. This advantage of the bears seems to be encouraging short selling, and may undermine a bull market. Coiton cannot be brought from any other markets and laid down here at prevailing prices. Numerous small holders in the cotton States are not as aggressive bulls as a month ago. The Bombay movement shows receipts 64,000 bales, against 23,000 last year, and since January 1, 1,832,000 bales, against 1,64:5,000 a year ago. Afloat, 18,000 bales, against 2,000. Shipments since January 1, 1,638,000 bales, against 8i .5,000 bales. The Indian crop is not only large but is being marketed early. A year ago it was the smallest crop in five years, and low prices caused much of that to be held back. Their exports usually equal home con- sumption. Some of our correspondents predict early planting and report more cotton held back than they had supposed, that the picking nas never been more closely done or the quality of cotton better, the weather having been perfect. Fertilizer people are beginning to sell futures against their purchases. Growers begin to write about doing so. Sentiment seems to have changed, and it is quite possible aggressive selling may ere long prove to be as noticeable, for a time at least, as has been the bull movement inaugurated last March. The debt and expense paying power of cotton still equals 50 per cent, advance, as grain and most products have declined. Values just now seem to hinge more on the coming crop than on the one about marketed. Wheat. The aggressive buyers of cash wheat recently appear to be elevator men rather than consumers, except on tlie sharp bieaks when many waiting European orders were filled. Some crop statisticians contmue to raisf their estimate, and now freely predict we grew nearly 500,000,000 bushels in 1895. If we take primary receipts as a guide and look back ten years for a record, it appears to indicate the crop movement this season will be nearly 550,000,000 bushels, or about 100,000,000 bushels nvjre than was reported by the Government last season. Primary receipts to January 1st will likely be 140,000,000 bushels, and only exceeded in 18'Jl and 1892, when the crop was reported by the Govern- ment 612.000,000 and 517,000,000 bushels respectively, and was thought by commercial men to have been underestimated at least 100,000,000 busnels. Ordinarily primary receipts equal one-third of our crop, and the export demand equals about the same amount whether we grow 400,000,000 bushels or 600,000,000 bushels. Primary receipts to January 1, 1896, will likely exceed those of 1894 over 20,- 000,000 bushels, and exports same time will likely be from 14,000,0u0 to 16,000,000 bushels less. Har- vesting in Argentine is in full progress. Late reports say the prospoct is good for a large crop, with world's visible stock equal to those a year ago. The bears claim there is no reason to bull wheat until the coming crop indications warrant it. Pacific Coast stocks seem ample to make up the Aus- tralian deficiency. Their shipments to United Kingdom for eleven months 1895 were one -third of all sent by United States to that market, and equal to those of Atlantic Coast in the shape of wheat. The London Corn Trade List says: "'Bucket shops are certain classes of brokers' offices where tape quotations from stock or produce exchanges are received into a bucket or basket from an elec- trical ticker." Suspended or expelled Board of Trade members are not allowed a representation on that exchange. Corn. In Chicago the bears on corn are now called " Pile Drivers." Primary receipts to date equal about 55,000,000 bushels, against about 41,0J0,000last year. Exports about 37,000,000 bushels, against about 5,000,000. Heavy rains in the West will likely prevent the free marketing of corn. Cribbers appear to be making unusual preparations for storing in the crib more than ever before, build- ing their cribs better and arranging to carry over stocks until much higher prices prevail. There seems to be a growing feeling the crop has been overestimated, especially so in the border corn states or west of the Missouri River, The bears continue predicting 25 cent corn for May delivery. It looks very low to us, and we believe an investment held on to patiently will hkely make a hand- some gain. Provisions. The export demand continues In excess of last year. Packers continue to monopolize prices and the market, speculation being at a low ebb. Short ribs and pork seein very low and receding to a point where buying may prove profitable. Packing to December 19 was 3,290,000 hogs, against 3,245,000 hogs last season. With compliments of the season, we are. Yours respectfully, 2a CLAPP & COMPANY. CLAPP & COMPANY. BANKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. Primabt Receipts Each Month and Each Season to end op Each Month with Percentage of each to Total Receipts, and Total Crop, with Semi-annual Exports and Visible, Years naubd. Crop Government report Primary recpts. }'r. end. Je. 80. Perc. ot recpts. to crop roptd. Exports year ending Juna 30. Receipts July Percentage of all primary re- ceipts year ending June 30. Percentage crop Receipts August Percentage of receipts year ending June 30 Percentage crop Receipts July 1 to Aug. 30. . . Percentage primary receipts. do. crop Receipts September Percentage primary receipts.. do. crop Receipts July 1 to Sept. 80. . . . Percentage primary receipts. . do. crop , Receipts October Percentage primary receipts.. do. crop Receipts July 1 to Oct. 31 Percentage primary receipts do. crop Receipts November Percentage primary receipts. do. crop , Receipts July I to Nov. 30 ... , Percentage primary receipts. do. crop Receipts December Percentage primary receipts. do. crop Receipts July 1 to Dee. 31....' Percentage primary receipts. do. crop Exports 8 mos. ending Dec. . .' Receipts January Percentage primary receipts., do. crop Receipts July 1 to Jan. 31 Percentage primary receipts., do. crop Receipts February Percentage primary receipts., do. crop Receipts July 1 to Feb. 28.... Percentage primary receipts., do. crop Receipts March , Percentage primary receipts. do. crop , Receipts July 1 to March 31.., Percentage primary receipts. do. crop , Receipts April Percentage primary receipts., do. crop Receipts July 1 to April 30. . . , Percentage primary receipts. do. crop Receipts May , Percentage primary receipts. do. crop Receipts July 1 to May 31 Percentage primary receipts. do. crop Receipts June Percentage primary receipts., do. crop Receipts July 1 to June SO..., Percentage primary receipts. do. crop Amount crop never reached primary points Exports 6 mos. ending June Percentage crop never reached primary points Visible supply year ending June 80 iseS'O. 6,500,000 15,M)0,000 23,000,000 86,000,000 47,000,000 89,000,000 86,000,000 87,000,000 113,000,000 27,000,000 140,000,000 66,000,000 1894.6. 460,867,416 163,000,000 83.86 152,579,000 14,000,000 9.15 8.03 25,000.000 16.33 6.4.1 89,000,000 25.49 8.47 25,000,000 16..33 5.43 64,000,000 41.83 13.91 80,000,000 13.07 4.34 84,000.000 64.90 18.26 14,000,000 9.15 8.05 117.000.000 76.47 25.40 78,000,000 6,000,000 8.25 1.08 128.000,000 79.73 26 52 6,500,000 8.60 1.19 127,500,000 83.33 87.71 7,000,000 4.57 1.52 184,000,000 87.68 29.13 6,000,000 8.90 1.30 140.000.000 91.70 80.4;3 8,000,000 6.20 1.73 148.000,000 96 73 32.17 5,000.000 3.25 i.oe 153.000,000 100 83.86 307.867,416 75,000,000 66.74 44,561,000 1898.4. 396,131,785 165,000.000 41.66 161,848,000 14,000,000 8.48 8.68 14,000,000 8.48 8.53 88,000,000 17.09 7.07 25,000,000 16.15 6..$4 63,000,000 32.12 13.36 28,000,000 17.09 7.or 81,000.000 49.09 20.45 23,000.000 13.94 5.80 104,000,000 63.03 26 26 15,000,000 9.09 Q -Q 119,000,000 78.12 30 97,000,000 9,000,000 5.45 2.87 128,000,000 77.57 32.33 7,000,000 4.84 1.68 135,000,000 81.81 84.09 10,000,000 6.06 2..53 145,000.000 87.8r 86.61 8,000.000 4.84 2.02 158,000,000 92.72 88.63 7,000,000 4.34 1.52 160.000,000 97 40.40 6,000,000 8.08 1.26 165,000,000 100 41.66 831,1.31,785 W,000,000 58.34 64,657,000 1892-8. 515,949,000 265,000,000 51.85 101,916,635 20,000,000 36,000,000 43,000,000 16.23 8.33 137,000.000 51.69 86.55 89,000,000 10.94 6.63 166,0OJ,0O0 63.62 32.17 25,000,000 9.43 4.84 191.000.000 71.69 37 107,000,000 17,000.000 6.39 8.39 808,000,000 78.49 40.31 11,000,000 4.14 8.13 819,000,000 82.64 43.44 18,000,000 4.53 8.38 331,000,000 87.16 44.76 13,000,000 4.90 2.51 341,000,000 93.07 47.38 11,000.000 4.14 2.13 855,000.000 06.22 49.41 10,000,000 8.69 1.94 365,000,000 TOO 61.35 850,949,000 85,000,000 48.65 62,816,000 1891.8. 611,780,000 848,000,000 40..52 825,666,311 18,000,000 785 8.94 80.000,000 12.09 490 48.000,000 15.:12 7.82 84,000,000 13.70 5.55 82,000.000 83.06 13.40 84,000,000 13.70 6.55 116,000.000 40 67 18.95 24,000,000 13.70 5 55 150,000.000 60.48 24.50 22,000,000 8.87 8.59 172.000,000 69.31 28 139,000,000 13,000,000 6.34 2.10 185,000,000 76.30 80.83 18,000,000 4.a3 1.96 197,000,000 79.43 33.18 16,000,000 6.45 3.61 313.000.000 KJ.S8 84.75 11,000,000 4.43 1.79 324.000,000 90.32 36.60 9,000,000 3.82 1.47 •133,000,000 93.95 88.07 15,000,000 6.M 8.45 348,000,000 100 40.53 163,780,000 97,000,000. 69.48 24,882,000 1890>91. 399,863,000 124,000,000 81.07 106,181,316 8,000,000 13,000,000 10.48 8.35 21,000,000 16.93 6.36 11,000,000 8.87 8.75 82,000.000 25.80 8.02 17,000,000 13.71 4.36 49,000.000 39.51 12.28- 17,000,000 13.71 4.26 06,000.000 53.22 16.54 18,000.000 9.83 3 78,000,000 62 91 19.53 47.000,000 7,000.000 6.65 1.75 86,000,000 68.54 21.30 6,000,000 4.83 1.50 91.000,000 73.38 22.80 9,000.000 7.35 2.85 100.000,000 80.64 25.06 8,000,000 6.45 3 108.000,000 86.89 27.06 7,000.000 6.65 1.75 115,000,000 92.74 88.82 9,000,000 7.25 2.85 184,000,000 100 81.07 875,863,000 59,000,000 68.93 13,590,000 1889.90. 490.560.000 184.000,000 2"i.88 109.430.466 8.000,000 8 45 1.63 13,000,000 15.000.000 13.08 3.06 86,000,000 29.08 7.34 81,000,000 16.93 4 28 67,000,000 45.97 11.0 J 6,000,000 4.03 1.02 95,000,000 70.61 19.36 6,000,000 4.03 1.02 100,000,000 80.64 20.34 6,000,000 4.83 1.23 106,000,000 85.48 81.60 6,000.000 4.a3 1.22 118,000,000 90.32 23.81 8,000,000 6.45 1.63 180.000.000 96.77 24.40 4,000,000 8.33 .82 124,000.000 100 25.28 366,.560,000 53,000,000 74.72 80,174,000 1888-9. 92,000.000 89.80 83,001,000 1887.8. 415.868,000 456..339,000 4.57,818,000 (,000,000 8.69 1.98 15,000,000 10.000,000 10.86 2.40 63,000.000 67.39 14.90 8,000,000 8.69 1.92 70,000.000 76.08 16.80 48,000,000 8.000,000 8.36 .73 78,000,000 58.33 17.54 4,000.000 8.2:1 .96 77,000,000 62.09 18.51 4,000,000 3.23 .96 81,000,000 65.33 19.47 4,000,000 8.33 .96 85.000,000 68..VJ 20.43 4,000,000 8.23 .96 89.000,000 71.78 21.39 8,000,000 8.26 .72 92,000.000 100 89.80 383,888,000 36,000,000 70.20 16,301.000 116,000,000 25.30 119,625,344 1886-7. 1886.«. 12,000,000 10.48 2.62 11,000,000 9..'i« 2.41 23,000,000 20 5.0< 13.000.000 11.30 3*5 86,000,000 31.30 7.88 16.000.000 13.91 3.,50 52,000,000 45.73 11.39 18,000.000 15.05 8.94 70,000,000 60.87 15.34 12.000.000 10.43 2.62 83,000.000 71.30 18 73,000,000 4,000,000 3.47 .87 86.000.000 74.78 18.84 6,000.000 4.34 1.09 91,000,000 79.82 19.94 6,000.000 6.33 1.31 97,000.000 84.34 21.85 7,000.000 6.08 1.09 104.000,000 91. .30 23.78 6,000,000 4.34 1.09 109.000.000 95.65 23.89 6,000,000 5.32 1.31 115,000.000 100 25.30 341, .329,000 46,000,000 74.80 188,000,000 28 158,804,870 18,000,000 10.16 2.84 3.57.118.000 88,000.000 84.61 88,666,978 6,000,000 6.81 1.68 14,000,000 8,000,000 10.93 8.06 27,000.000 21.09 6.90 17.000,000 18.29 8.71 44,000,000 84.,37 9.63 15,000,000 II 73 .3.28 59,000,000 46.09 13.90 14,000.000 10.93 306 73.000.000 57.03 15.96 11,000,000 8.59 8.40 84,000,000 65.03 18.30 76,000,000 8,000,000 6.35 1.75 98,000.000 71.09 30.10 6,000,000 3.18 1.09 97,000,000 21.31 7,000,000 6.4B 1.55 104,000,000 81.35 aj.74 6,000.000 8.13 1.09 109,000,000 85.16 33.84 9,000,000 7.03 1.96 118,000.000 93.18 25.81 lO.OOO.OOO 7.81 2 ig 138,000.000 100 88 .389.8l!«.000 76,000,000 n S4,413,00C 9.09 2.20 14,000,000 1.5.90 892 10,000,000 II. 36 2.80 24,000,000 27.27 6.73 16,000,000 18.18 4,48 40,000.000 45.46 11.20 12,000,000 18.63 8.36 52,000,000 69 09 14.28 9.000.000 10.32 2.53 61.000.000 69.33 17 84,000,000 4,000.000 4..54 1.12 66,000.000 73.86 18.30 4,000.000 4.64 1.13 89,000,000 78.64 19.33 6,000.000 5.68 1.43 74.000,000 84.09 20.72 4.000,000 4.54 1.12 78,000,000 88.03 21.84 4,000.000 4.54 1.12 82,000.000 9.3.06 £.96 6,000,000 6.81 1.68 88,000.000 100 24.61 809.112.000 48,000.000 75.89 e,219,00« * One week e8ttinat«d. GLAFF & COMFAinr, BANKEES AND BBOEEES, NEW TOBE, WEEKLY IffARKET LETTEE. QnotatioDs for Stocks, Cotton, Grain and ProYlslons for Week ending Decemkr 25, 1895, and lor December, 1894 Par Talne of all stocks $100. except D., L. & W.: P. &R. and Am. Tobacco Co., FRiiM NEW YORK STOCK EXCHANQB OFFICIAL RECORDS OF HIGHEST AND LOWEST PHICB3 WITH COMPARISONS. W EIKLT £auis. 8,410 1.748 E8.(.0?3 5.211 J00 038 84.260 6306 «6,152 15.335 20 098 129.806 107.858 867.963 3304 67 822 8.810 88 04S 781 10.818 4290 18.874 4.1S4 11.686 14.882 85.709 21.997 200 '620 8 48S 2,8C0 8.630 11.819 67.800 82.172 466 84,627 40O 68.978 17.406 6.166 14.6c0 8.616 18.177 8.325 8.120 4.619 1&485 1.105 86 161 8333 7i.d00 l.COO 22.882 80.097 SU.24a> 16.620 6.471 15.880 68.030 7.140 l9.7-.;6 6 541 S.I.-0 43.3."i0 5l.ni8 3fl.660 5.1d0 Cafitai. Stock. 120,237,100 10.198,600 36 96d.0O0 86 968,000 17,900,000 25,000.000 15.000.000 22.488.000 60.805,400 82 002,700 24,885.800 46,027,261 25.923,900 46,156.000 18.559.360 89.054.907 J2,336 170 28 000.000 4 890,000 85,430.060 86.200,000 86 000.000 38 000.000 86 000 000 30,460,000 85,000,000 8.0O0.0O0 50,000,000 lO.OOO.OOO 11,840.000 11,840,000 49,466.500 52,800,000 80,000.000 18.738,204 13,000.000 47,844 100 47.4365';6 14 905.400 14 904,000 89,428,300 77,427,000 80,000,000 58 1 19 982 18 000 000 89,767,200 49.n00.000 89,269,546 20.000.000 8.500.000 40,42r,.361 86,000,000 68.402,900 125.000.000 60.000,000 19,850,000 38.710,900 BO,8(i8,.500 81 509 9(10 6C,909 900 80.166.000 6.P00.000 8.000,000 28,000,000 24.000,000 94,820,000 10.000,000 4,500,000 DiTLDENO RkCOBS. Namxs of Stocks. Pays Spc J-D Pays 3po 0-.I-A-J.. Pays 8>^pc J-J Pays 8po F MA-N. Paid 2do 1895 Pavs IHpc K-A Pays 1J4PC F-M-A-N... Pays IDO M-J-S-D Pays Ipo M-J-S-D Paid iDO Oct. 1895.. .. Pays 7 PC Per Ann am. Paid >4po Oct. 1895.... Paid 2i^pc Dec. 1895.. Pays If^pc M-J-S-D... PaidSpc in 1893 Pays 2pc M-J-S-D Pays7po per annum.. Pays 7po per annum.. Paid 2pc Auerust 1898. Pays 5pc per annum. Pays 2^pc M-S. Pays 1J4PC P-M-A-N. Pays Spc FA Paid 2pcAn{rnst 1893. Pays l^pc J-A-J-O.. Paid 2pc in July 1S96. Paid .3pc 1891 Paid Ipo in Oct. 1895. Pays iJirc M-J-S-D.. Pays Ipo J-A-J-O... Paid IJipo Not. 1898. Pal'({ YpcApriY \m. '. Paid IPC in 1887..., Pays 2pc F-M-A-N.. Paid Ipc In 1887... Paid S^p'c "in '1884.* Pays2pc Nov. 1895 Paid 2J^pc March 15, 1895 Pays IHpo J-A-J-O Paid Ipoln'Feb". ieii!!!. Amencan Cotton OU.. . . American Cotton Oil Pfd. Am. Sugar Refining Co. Am. Sug^r Refining Co Pf , AmerioaQ Tobacco Co. . . Atch.Top. & S. F. allins-pd Baltimore & Ouio Canada Southern Central of New Jersey.. Chesapealje & Ohio Chicago, Bur. & Quincy Chic Gas Cos Cent Tr reots .Lhlcago, Mil.& St Paul... Cnicago Mil. & St Paul Pfd Chicago, R. I. & PaciUo Chic, St Paul M. & Omaha Chicago & Nortnwesiern Chicago & Northw'n Pfd. Cleye., Cin., Chic, & St L Col Hock ng Valley & Tol Consohdated Ga» of N. Y. Delaware, Lack 'a & W'n. Del., & Hudson Canal Co Denver "- Com,. I December. 1 May. CORN, in bushels. I U.S. Visible. 1*)5 6.789 000 18941 6 838 000 Primarv rec'ts* 55 000.000 41.000,000 Total Exports. 86 506 164 6.897 294 Chicago \ December. Wheat. I May. Con>-]Stv!"'^" OATS, in bushels. I U. S. Visible. 1895 6.408 000 18941 9,000 000 N. Y. Stocks, 1.811 116 l,68!i.939 Cbgo. Stock*. 630 000 1,604,000 OaU. 1 December. (May Pork...]J^y««^-; 1895 1894 LARD-tcs. I CHICAGO CONTRACT STOCKS. World's vis. rORK-bbls, LARU tcs. i RIBS-lbs. £30.000 I 80.406 | 29 022 12,623.230 62,384 13,284 I 17.996,790 Lard Ribs, I January. (May t January. jMay...., Range for Deo. 1895. to date. 19 14 68H 69 J08M 08 lOOU 91 83H 63 179| :i 849i 70 7152 "« 76 60M, i2% 31 107H 93H 161 147 42)4 ^ 19 UH 161^ 136 167% 154 130 119 98 89 33Ji 14H 83Vi 15H 749^ dl 152^2 l83 64^ ii 107 95 102^ S8 32^ 18^ 9 7 80^ ism; 81ii »7H 69H W lOOJi W 13M li^ 169i I'H 88 1"" 6« Range for Deo. 1894. 879^ sm 71^ 68 84^ 829i 94 90 99 BO 67K 6Ski 51H 4854 a^i 87H im 16j< 73li 685i 74>4 6mi 60>4 56^ :20j5 117^ 64U 60H 84^ 82 100^4 d6^ 142!^ 141 39^ 87« 18 IG^ ■.i^H 128!^ 163 168 127^ 12S mi 88 11« 1% 8C>| 83V| 102!^ lOlH SM 829i 27 82 ITH 16H 73 71 138 I83H 545^ ior% 98V| 23^4 10.1% 9J 23 ^ 15H 10% 38 81 4 8 164 l*'' 28^ 19 85% ^3 12% 6 70 ml4 86M 21 14 69i 7« ^. 19?i 12« 89« 8i^ im 6% 42^ 89 59% 54 63!^ 56% 26?i 25 29^4 27?4 I7M 16% 20% 18% 877 830 9.15 8 65 5 40 5.17 5.63 5.87 4 42 4 15 4 65 4 37 299i iifH> ^' ^ 32U 80U 15% 15% 4291 48 452 8% 18H 16 23^20^ 169i 18% 166M li3M mi J8% 12 lOVi 38V< 36 17^ 15 12^ 10?^ m 8 62-% 59<« 4.5!^ 4 m 9?i 5% 17 8% 0% r, 14% 1.3% 83% 86 12% 10 iM 4IM 5.66 5 40 5.73 5 41 5.77 5 44 6.79 5 49 61 65 56% 59M 6lf4 51% 54^ 51% 57 52« 01% .')7 47?i 44% 50% im 32% 31% 12,25 11 15 12.6^ 11.55 29% i2% 7,05 8.62 7,27 6.85 6 15 6.62 635 5.87 I OLD PORE Chgo.-bhls. 1895 ... bbls. 18941 WHEAT on passage. :7.360.000 bush. 30.256.COO '• CORN on passage. ,9.440.000 hush. 4.040.000 " Russian Shipmts. for wk. 2.464.000 bush. 2 250,000 " Indian Shipmts for wk. 272.000 bush. 180.000 " Argentine Shpts. for wk. 64,000 bush. t Since A.ig. 31. • Since June 30. Compiled and Copyrighted by CLAPP & COMPANY, BANKERS, MILLS BUILDING, NEW YORK 2-(i I macchlp noarhct Xcttcr. copyright, ISOg, by CImpp /t Compmny O o (0 Q 01 01 O. W. CLAPP. wo. 40^. OWIQMT O. CLAPP. CLAPP & COMPANY. bankers anb Brokers, ^ MILLS BUILDING, N. Y. ^ ENTRANCES: 35 WALL STREET, 15 BROAD STREET AND 55 EXCHANGE PLACE. s> OPPOSITE THE NEW YORK STOCK EXCHANGE. IN THE HEART OF THE BANKING CENTRE. ^ 0) *•■' QC ' New York, Thursday Morning, January 2, 1890. HI Q Financial Outlook. O ^ The youthful year always scorns the folly of its father yesterday and flaunts the callow wisdom O ° of the motherly to-morrow from which its hours are daily born. The higher destiny is always more 2 Q certain when necessity forges the weapons of the conquests. When to threaten war means to re- 1 z vive patriotism, and to fear financial disorders means that better method is to be the new master, we ^ < can welcome slight troubles in order to secure the more fruitful peace. zZ yj Straws. — The average of National Bank earnings last three years appears about one-half those ^ l_ of previous three years. Fourteen Southern States have built nearly 700 miles of railway in 1895, ^ 2 Texas and Florida leading. Total construction U. S. about 1,428.4 miles, against 1,700 last year. ^ 3 Equipment building was active. Pig iron production for 1895 (one month estimated) is 9,387,039 m O tons, against 6,657,388 the previous year, and 9,202,703 for the banner year of 1890. The Treasury Ir O and hanks hold about two thirds of all the greenbacks outstanding. The people hold the silver ^ ^ certificates, which the United States Treasurer says are payable only in silver. Almost one-fourth p i *^ of our imports in 1895 were crude wool, sugar, coffee, silk, rubber and hides. Twenty -two per cent. ^ imports came from the United Kingdom, nearly $50,000,000 worth being woolen goods. Great Britain bought 45 per cent, of all our exports, 70 per cent, of the exports being agricultural products. ^ Production of American wool declined 10 per cent, and price 40 per cent, since 1892. Interstate •-» Commerce Commission preliminary report for the year ending June 30, 1 895, covers 650 roads, >^ o operating 164,529.38 miles, whose gross earnings were $1,003,022,853, and net earnings $325,355,218, including other income total was $358,412,461. Fixed charges, dividends, etc., were $389,487,491, leaving a deficit of $31,075,030. The commission will test the legality of the new Railway Presi- 10 dents' agreement in the United States Court. O Stocks and Bonds. ^ Bonds. — There were listed on New York Stock Exchange during 1895 (including $62,315,000 Q LU Governments): New bond issues, $166,526,300; old issues relisted, $15,587,000 ; old securities re- -« h- placed, $75,162,100; making total $257,275,000, or lowest amount since 1886, aud $52,529,200 less than ^ in 1894. Sales of municipal bonds for 1895 were about $110,475,829, against $117,167,225 in 1894. 4^ ^ First-class properties continue in good demand. _ Railway Stocks. — Railway stocks listed on New York Stock Exchange in 1895 equaled $85,- p^ 591,420 ; all kinds listed, $77,132,500, $35,385,200 being new and $30,856,270 to replace old securities, HI making total $143,373,970, or the least since 1885, and 8107,819,033 less than in 1894. Total sales for > ~ the year were 66,168,640 shares, against 49,075,032 shares in 1894 and 80,077,839 shares in 1893. The rj ^ New York Central, Atchison, Jersey Central, St. Paul, Great Northern, Lake Erie & Western, Mo., -^ Z Kansas & Texas, Mo. Pacific, Northern Paciific, C, C, C. & St. Louis, Louisville & Nashville, 2 UJ -Southern Railway, Reading and Wabash, report larger earnings since January 1, 1895, than same /-^ Q time in 1894. The following roads report less earnings : Burlington, Rock Island, Ontario & West- Z ern, Norfolk & Western, Texas Pacific and Union Pacific. St. Paul's net gain to November 30 was rn O $2,549,510; Burlington's loss same time was $398,207, compared with 1894. Northern Pacific gained v> Q_ $2,393,010. Tennessee Coal & Iron's net gain was $331,179, or nearly 60 per cent. Many traction ^ j^ stocks show good increases indicating much activity. The year's earnings of all transportation L, ^j companies furnish proof of prosperity. 1896 investments will likely prove as profitable as those in -J- f ormer years. !> Dividend Rbcord of 10 Activb Stocks for Ybaks Named. 2 1895 1894 1893 1892 1891 ' 1890 1889 1888 1887 1886 r\ O New York Central 4)^ 5 5 5^^ 4>^ 4W 4 4 4 4 Zl Q Canada Southern ^H ^ 6 3 2>| 8j| 2}4 2}^ 2% in Northwestern 4t3 66666666CO Burlington 4 454 5 6 4W5 4 5 8 8" Rock Island. 2 31^ 4 4 3 4 4 &% 7 7 St. Paul 3442000 2U 55 Jersey Central 5>^ 777 6>^ 62000 Missouri Pacific 0000344 oj^ 77 Louisville 00445 t6 5500 Western Union 5 5 5 •IS 5 6^ 5 IM 2 .. Sugar 12 12 2\% lOU 4 .. Chicago Gas 2% % 4>^ 5J^ 8 3 4 1 1.8 of IIWO and all of 1889-^ in stock. • 10 per cent stock in 1882, ^extra in 1890. t Change of dividend dat«. ^ CLAPP ft COMPANY. BANKERS AND BROZEES, NEW YORK, WEEKLY MARKET LETTER. Cotton. In 1862-3 the crop was 6,992,340 bales, 37 ^ of it came in sight after January 1. In 1890-1 the crop was 8,652,697 bales, and 32 ^ came in sight after this date ; in 1894, from a crop of 9,951,000 only about 31 ^ came in sight after this date, and for an average of 10 years past only about 27.65 ^ has come in sight the last eight months of each crop year. These averages inaicate possible receipts the balance of this crop year may be 1,700,000 bales, to 2,500,000 bales. The amount in sight to date equals about 4,975,000 bales ; add the minimum percentage yet to come in sight, and this crop will li&ely be 6,675,000 bales ; if the maximum it will likely be about 7,475,000 bales. During the past decade, the smallest movement in January was 453.985 bales in 1884, and the largest 1,001,440 bales in 1895. In January, 1887, the cotton coming in sight was 662,554 bales, from a crop of 6,513,263 bales, or 10.17^ of the crop. In January, 1893, only 565,752 bales came in sight, or only 8.44ji. Should this January show 700,000 came in sight, we think lower prices are likely to follow. The visible, December 27, was 4,092,314 bales, and 734,437 bales less than year previous, when it was near the maximum amount. It is 335,024 less than December 27, 1892. Exports September 1 to December 27, 1895, were 2,074,801 bales, against 3,406,702 bales same time in 1894, and for the eight months ending August 31, 1884, they were 1,642,268 bales, and for the same time in 1890, 1,921,979 bales, and in 1893, 2,077,971 bales, andfor last season same time, 3,220,- 209 bales. Exports last January were 1,095,106 bales ; in January, 1894, they were 767,784 bales ; in January, 1893, 444,539 bales. If over 600,000 bales this January, we think it may be considered a bull feature. Ordinarily January exports exceed the amount coming in sight, while each of the previous four months show gains. Spot sales in New York Cotton Exchange the past year were 279,041 bales, against 260,834 bales in 1894 and 421,000 bales in 1893 and 345,000 bales in 1892. Of futures, 52,801,400 bales, against 30,308,600 bales in 1894 and 56,632,000 bales in 1893 and 44,414,000 bales in 1892. Wheat. Ordinarily about one-third our crop reaches primary points and an equal amount is exported in- dicating foreign buying equals our surplus be the crop large or small. Ordinarily 34)4 per cent, of our crop reaches primary points before January 1, and 70 per cent, of primary receipts reach the markets before January 1. The milling in northwest has increased largely. Flour stocks are re- ported small. Exports of flour have not increased in proportion to the milling output. Spring wheat flour is finding a market in winter wheat centers. Chicago is shipping wheat to Texas mills and 7 adjoining states. Minneapolis and this city pay higher prices for March wheat than for May delivery. Cash wheat in all markets commands a large premium over futures. Ordinarily we export more winter wheat flour than spring flour. This season the custom is likely to be reversed. The apparent consensus of opinion appears to indicate the 1895 crop equals that grown in 1894, and visiole and invisible stocks about equals those a year ago. Mr. Thoman estimates the amount of wheat in first hands equals 235,000,000 bushels, against 207,000,000 a year ago. Export clearances last week were the largest on the crop. The foreign demand the coming 60 days will likely control values, and crop prospects later on, govern the world's markets. Corn. The world's crop was never larger. Quality seldom better, or the American export demand greater. Prices are lower in Chicago than since the civil war, and at consuming centres lower than records indicate. Cribbers are competing more strongly for the growers' corn than ever before. Prices in commercial corn States often rule higher at country stations than at central points, indicating great faith in future values if carrying charges can be reduced to a minimum point, speculative sentiment is the reverse of a year ago, and prices about half. Provisions. The marketing of hogs continues in excess of consumption and speculative wants. Low priced com through the United States indicates plenty of fat hogs in due time. Chicago stocks are liberal, speculation light. Export and domestic demand good, but not aggressive. Total packing to Decem- ber 25th, 3,705,000 hogs, against 3,650,000 hogs same time last year. Wishing all a happy and prosperous New Year, we remain yours very truly, CLAPP & COMPANY. P. S.— This letter, and 52 preceding it, will be bound with other valuable statistics, in our usual form, as " Clapp «& Company's Souvenir of 1895." It is a detailed statistical record of "Leading American Exchanges" and United States finances, commerce, banking and production. Sent ai>plj- cants free on receipt of $3.00. Please allow a neighbor to keep this and send for another. - 228 CLAPP & COMPANY. BANKERS AND BROKERS. NEW YORK. WEEKLY MARKET LETTER. Total Sales during 1895 of each of 214 Stocks listed on N. Y. Stock Exchange, with comparisons. Sales, ing. Adams Kxprcss 6,046 141 Albanr Jl Susquehanna.. 2 KO Alton & Tene Haute. . . . 18,99.1 37 American Coal 44 j 95 Auiericau Coitou Oil.... 158,118 23 do. prof. 89,986 68 American Express 9,.')07 111 •Am. Sptg. Mr(;.,whenlA». 2,*W 15! • do. pref., when is!«. 1,1'At 49 •Am. Si'|{arRenueries..lO,88-),14I 8;) • do. pret. 1I1,:W9 90: Am. 1VI. * Cable Co 8,4.% W, A mericiin Tobacco 3,578,4 10 99 do. pref. 27,991 iaS5 •Ann Arbor pf, when iss. ],4(i4 85 tA'.ch.. Top. i Santa Fe.2,14C,KU.'J 4! • do. pref. wlieu US. 84.2.S4 81 Atlantic* PaciHc 29,2.52 1, Ualtiuiore A Ohio 13.S.882 KV, U. .1 O. Southw. pref 8,012 4- • Bay Stats Gas 109,4(iS 2J Boston Air Line prof.... 151 10:1 •Brooklyn Elevated lOJ 21) •Brooklyn Traction 200 17! Brunswick Company.... S^SOI 1! buff., RocU. & I'lttsbure. 3.997 22 do. pref. 374 58 Bur., Ced. Rap & Nor. . . 29 45 Canada Soulliern 218,129 49 Canadian Pacific 89,747 59 Cedar Falls* Minn 1,965 6 Central Pacific 20,3.58 14 j Cen. & So. Am. Tel 28 122 Chesapeake* Ohio \K,W)6 17) Chicago & Alton I,2:i5 147 do. pref. 163 168 Chicaeo 4 Eastern 111... 87,811 50 do. pref. 26,456 90 Chi. Gas Fid.&C. Tr. Rts.4,70G.10O 74? Chicago. Bur. & Quincy. 3,112,140 71 Chicago Jt Northwest.. ..1,:W5,6.50 96? do. pref. 12,912 144} Chic, Mil. A St. Paul. . . .4,8iG,9:« SG), do. pref. 47,156 118 Chic, Rock I. 4 Pacific. .1.715,553 61) Clev., Cin., Clii. & St. L.. 273.-538 do. pref. Clev., L. & Wheel, pref.. Cleveland & Pittsbure... Col. Coal & Iron De»el.. . Colorado Fuel Si Iron.... do. P""^'- Columbus & Hock. Coal. Col., Hock. Val. &Tol... do. pref. Commercial Cable Consolidation Coal Consolidaied Gas Co 180.030 Delaware* Hudson 248,232 Del., Lack. A Western... 157,2)4 Denver & Rio Grande. . . . 15,465 Do. pref. 105.356 Des Moines & Ft. Dodge.. 81,655 Do. pref. 683 Detroit v*as 6,390 tDKstiirg 4 2 .. H 1% ,. 119 8 17^.. 1% 147 IS 160 20 ,, 50 .. OK 97H 2% 74 .. »H 71 6)6 97 2M! ,, um IV* 5G% 12"^ ,, ,, 118 9 ,, 61% 6 ,, 3«V0 do. pref. 673 Minneapolis* St. Louis.. 122,002 do. Ist pref. 24.78;! do. 2d pref. 78,.551 Minnesota Iron 40..582 Missouri, Kansas A Tex. 150.305 do. pref. 6:«,878 Missouri Pacific 1,256.460 Mobile & Ohio 86,702 Morris A Essex 5,301 Na.sh'lle,Chat &St. Lou. 7C8 •National Lead Co 453,160 • do. pref. 28.320 National Linseed Oil 57,593 National Starch 11,872 do. 1st pref. 4.105 do. 2d pref. New Cent ral Coal New England New Jersey Central New York Central 288,-589 N.Y., New Haven A Hart. 4,145 N. Y., Chicago A St. Lou. do. 1st pref. do. 2d pref. N. Y., Lackaw'a A West. t.V. Y., Lake Erie A West. t do. pref. N.Y.ANewEng.allin.pd. 48:3,863 N. Y., Susque'ua A West. 170.638 do. pret. Norfolk Southern Norfolk A Western do. pref. North American 246,784 Northern Pacific 201,219 do. pref. 841,410 Ohio Southern 2,2;J0 Ontario Mining 1.968 Ontario & Western 276,265 Oregon Improvement.... 17,568 Oregon R'y A Navigat'n. 16,449 Oregon S. L. A U. N. 20,679 Pacific Mail 670,010 Pennsylvania Coal 632 Peoria, Decatur A Evans. 43,200 Peoria & Eastern 7.712 Philadelphia & Reading..4,123,938 P., C, C. A St. L 68.698 do. pref. 30,570 Pitta., Ft. Wayne A Chic 460 do. sp. 15 Pittsburg & West. pref.. 19,095 Pullman Palace Car Co. 55,816 QuicksUver 7,800 do. pref. 8,120 Rensselaer A Saratoga.. 278 Rio Grande Western 9.905 do. pref. 9,411 Rome, Watertown A Og. 4,381 St. Joe A Grand Island. . 800 St. Louis Southern 200 St. Louis Southwestern . . 117,271 do. pref. 285,015 St. Paul A Duluth 6,3:38 do. pref. 8.147 St. Paul, Minn. A Man... 7,463 St. Paul A Omaha 191,185 do. pref. 8,202 Silver Bullion certs 1,892,000 Southern Cotton Oil 600 Southern Pacific 128,985 Southern KaUway 764.822 do. pref. 777.808 Tennessee Coal A Iron. . .1,440,527 do. pref. 4,307 Texas Pacific 864.277 Tol.. Ann Ar. A N. Mich. 35,800 Toledo A Ohio Central. . . 1.919 do. pref. 1,777 •Tol., St. L. ft Kan. City. 6,070 • do. pref. 530 Union Pacific 261.109 Union Pac. Den. A Gulf. 59,163 tU.S. Cordage 877,290 t do. pref. 177.987 t do. Rtd.. 105.1.55 United States Express . . . 6.612 •United SUtes Leather. . 646,162 • do. pref.l,060.4.>3 United States Rubber.... 82.S18 do. pref. 61.852 Wabash 134..VU do. pref. 730,71 S Wells-Fargo Express 4.676 •Western Union Beef 19,545 Western Union Tele I,07fl.0:i6 Wheeling A Lake Erie. . . 8U5.:VM do. pref. 66,646 Wisconsin Central 20,625 Open- ing. 60 101)^ 8 1% 11 95 20 .52)4 14 79 ■i'M 40 12^ 26-M 15)2 102 64 87 84)4 18% 6 40 20 6 50 89)4 mgh- ent. 60 114% 14)1 4 14 10:3 Zi 63 2694 88 62 72 19 41 4')4 27 171)4 81)4 88 94>/4 81H 12 69 32 9 61 116^ 10^% Low- eat. 50 7 % 10 91 « 20 62)4 14 78 ».<}< 89% 9)4 IK'4 1H% (54 17X 73 15 5 85 15 6 45 90 Last, 1895. 60 99% 9 1 10 95 21 Ki 17% 78 45)4 63 II 25% 26 Zi 167 78 25)4 85 20% 6 45 23 7 45)4 9!l)| 90% t Ineludins 1st, Sd. 3J, and all instaUmaots paid. 2-."J 198 218 174 180' 13 18)4 10 11% 70 75 65 72 27)4 34)4 20 22 116)4 119 "^^ 119 10 15?6 14% 21 29% 16 '■i^iH 32)4 29 54 U'A 14 H 6% 9 40)4 43)4 19% 21% 58 70 68 70 5% 6% 15i 1V4 18 19% 8 8 3% 7 2% 4% 4 8% 2-4 3% 10% 27 10% 1'-^ 14 19)4 4 10 kU. 10% 8% 8 15% I'M liv^ 13% 11 14% 3 3)4 19% 32 17 26 6 11% 3« 8 22 :34!4 20 26% 310 340 810 840 ■^ io4 2 2 8 6% 13)6 22% 4% 5 15;>* 2x:'/4 12 14% 45 60% 43M 54 100 169 157V4 169 150V6 ]5(J/, 1.50 150 3:1 K -34 V4 18 18 154 178% 146 155 2 4% 2 2% 12% 20 12)i 18 180 189 178 189 15 22 15 22 30 46)4 30 42 115% 120 112% 120 2 2)4 2 96% 96)4 9GV4 96)4 4% 9V4 19% 4Hl 5« 9 8 11 23 35% 23 28)4 9o^ 95 86 86 '^ 110% 46 104 28% 115 a5% no 123 )f 104 116 60 6'^% 60 68 41 42 41 42 19!i 26% 16% ^^ 10% 14% 7 f5^4 44)1 22 28 46% 13% 28% 74 102% 74 100 9V, 14% 6% 8 2% 4% % % 41 49 84 85 78 81 70 72 6% 11 6 7 15)4 20 15% 17 11 17% 4 4 ?^ f^ ''^ ^ 12 2«>% 17 »5% •^ 21 43 50 42 42 10V4 24)i 7 10% 6^ 97% 68 6^J% 45 48 21 20% 94)4 98)4 75 84 6 lOVa 5 i^y* !■<% 26)4 12% 16>i 108 111)4 91)4 95 8 13 7 8 9-5% 1(<% "^^ f^ 41% "M 29 »-|Vi S • 2% 8% Last, lH\)4.Adv.Dec .50 . . 1W% .. 4% 7 2.. 98% .. 55 '8 3% 40 23 13 .. 22 3% 27)4 •■ 18)4 4% 161% 6'A 60 12 87% 87% 18 6 45 86 7 2% 1% 11% 2% 12 9% 89% 98% 195 13)4 71 1 28% . 116 3 10)4 4% 23 % 32)4 21% 1% 15 1% 6% 14)4 42 64 5% 17 1 10% ;; 10 .. 15!^ .. 11% .. 20 6 6-% .- 22)^ 4% 275 05 3% -- 2% 2% 13% .. 16 .. 45% 8% 158 11 150 .. 34 .. 154 1 1% % 14 4 181 8 16% 5% 5)4 4% 9 *4 6% 2 2i4 7% % m 16 117 96 % 4% % 9V4 IK li *^ 88 .. Ill 4 32% 3% 111)4 *H 64% 39| 19 1% 10% .. 1% 86)1 .. Sii 15% 12% .. «2L6 37)4 . . 9!^ .. 1% 2)4 .. 2 46 .. 11 75 .. 8 2 5.. 7 10 11% .. 3Va 1 7% ?^ 12 20% % 41 1 «il|l 1% CLAPP & COMPAirr, BAira[£RS AND BROKERS, ISTEW TORE. WEEKLY MARKET LETTER. QnotatloDS for Stocks, Cotton, Grain and Provisions for Week ending January 1, 1896, and tor DecemliGr, 1894 Par valae of all stocks $100. except D., li. & W.: P. A E. and Am. Tobacco Co., FROM NEW YORK STOCK EXCHANGB OFFICIAL RECORDS OP HI6HBST AND LOWEST PRICES WITH COMPARISONS. Wbbklt Sat^xb. 7«5 285 180 347 2.058 ^^.799 S9.944 4.946 8 814 7805 5 422 Bl 125 89 242 141.996 6S3 19 882 4.845 10.914 136 8.720 800 4.078 1812 2.962 4.6n8 2.S.403 &284 289 8.600 1.815 1914 8.585 81.020 6 148 560 14.635 t2°.04S 4. '^60 1.458 2.321 8.600 8.995 4.639 6.070 1.170 1.887 8090 1.110 83.579 610 42.000 1.400 7 267 15.194 17.560 4.524 6.765 4.160 titH 2.3.30 6,897 1.245 1.644 9.459 45.187 82.106 960 Capttai. Stock. 120,287.100 10,198,600 36.968,000 86.968.000 17,900,000 25,000,000 15,000.000 22,488.000 60.805,400 82.002,700 24,885,800 46,027,261 25,923,900 48.156.000 18.659.360 39.054,907 22,336 170 88 000.000 4 890,000 36,480.060 26,200,000 85.000.000 38 000.000 85 000 000 30,460,000 85,000,000 8,000.000 SO.000,000 10,000,000 11,840.000 11,840,000 49,466.500 52,800,000 30,000,000 18.788,204 18.000.000 47,844.100 47,436. 576 14,906,400 14.904,000 89,428.300 77,427.000 20.000,000 58.119,982 18 000.000 89,767,200 49,000,000 89,269,516 80.000.000 8,500,000 40.426,861 86,000,000 DmsnrD Rbcobd. Pays 8po J-D Pays 3po O-J-A-J Pays 3v^pc J-J Pays 8pc FMA-N Kaxxs ov Stock*. Paid 200 1895 Pays ikpt! F-A Pays 1)4po P-M-A-N... Pays Ipc M-J-S-D Pays Ipc M-J-S-D Paid IDO Oct. 1895.. .. Pays 7 PC Per Ann am. Paid >4pc Deo. 1895.... Paid 8i^po Dec. 1895. Pays l?:,pc M-J-SD.. Paid8po m 1893 Pays 2po M-J-S-D.... Pays7po perannam. Pays 7pc per annum. Paid 2pcAufri; St 1898. Pays 5pc per annum. Pays SQ^pc M-S. 68.402,900 125.000,000 60.000,000 19,850,000 38,710,900 60,868,.500 61609 900 60,909.900 80.166.000 6.P00.000 8,000,000 88,000,000 24.000,000 94,820,000 10,000,000 4.500,000 Pays IJ^pc F-M-A-N. Pays 8pc PA Paid 2pc August 1893. Pays i^po J-A-J-0.. Paid 2pc in Deo. 1895. Pa1d3pc 1891 Paid Ipo in Oct. 1895. Pays J9ipc M-J-S-D.. Pays Ipo J-A-J-O... Paid l^pc Nov. 1893. Paid Ipo April 1892., Paid ipo In 1887..., Pays 2po F-M-A-N. Paid Ipc in 1887. Paid 8^pc In 1884. Pays2pc Nov. 1895... Paid 2^po March 15, 1895 Pays IHpo J-A^-0. Paid Ipc in Feb. 1894. Amencan Cotton Oil American Cotton Oil Pfd Am. Sugar Refining Co- Am. Sugar Kefining Co Ft. . American Tobacco Co . Atch.Top. ^^r. CORN, in bushels. I U. S Visible. 1895 5.817000 1S94| 9.0.'i0 OOU I^rlmary rec'ts*! Total Exports. 58 000.000 88 345 440 43.000,000 6.038 171 Chicago I December. Wheat. (May Cinm i December, ^"•••iMay OATS, in bushels. I U. S. Visible. 1895 C.468 000 ld94| 9,062 000 N. Y. Stocks, 1.888 596 l,6«4.5a6 Chgo. stocks. 544 000 1,678 000 Oats...] December. I'o^-liuy"^-:: 1895 1894 LARD-tcs. World'sviB. 230.000 141,000 CHICAGO CONTRACT STOCKS. PORK-bbls,| LARD-tcs. l RIBS-lbs. 80.406 89 022 12.ti2;l230 62.3^4 I 13,284 I 17,996,790 La^ ^January. I May. Ribs I January. (May 1895 1894 OaO) PORK, Chgo.-bbls. ... bb&. WHEAT on passage. J6.640.000 bush. 80.224,000 " CORN on passage. 8.88O.00O bush. 4.672.000 " Russian Shipmts. for wk. 1.304.000 bush. 1.090,000 " Indian Shipmts. for wk. 152.000 bush. 180.000 " Argentine Shpts. for wk. 176,000 bush. t Slnoa Aug. 81. • Slue* June 80. CompiUd and CopyrighUd by CLAgP & COMFAlTr, BANKERS, MILLS BUILDING. NEW YORK fIDontMig Bon^ %\&u Copyright, 1999, hy Ctapp S €0mpanff, 0. W. C'.ArP. Dwi^HT 0. Q\^J^. CLAPP & COMPANY, Bankers ajid Brokers, MILLS BUILDING, N. Y. ■NTHANOHSt 35 WALL STREET, 15 BROAD STREET AND 66 EXCHANGE PLAOB. OPPOSITE THE NEW YORK STOCK EXCHANCrE, IN THE HEART 07 THE BANKINO OENTRB. C 277 BROADWAY, Corner Chambers Street. -^ 621 BROADWAY (CABLE BUILDING, CoRNiR Houston). Offices: ^ ^^^ piFTH AVENUE, Corner 58th Street. JANUARY 6, 1896. PRIVATE TELEGRAPH WIRES. LONG DISTANCE TELEPHONE. CABLE ADDRESS: "02R0.'!^ We respectfully solicit Commission orders for the purchase or sale of Stocks, Bonds, Cotton, Grain and Provisions. Our private wire facilities are unsurpassed to all New York, Chicago and Western Exchanges. Close relations to important interests enable us to give early and valuable information. A General Banking Business conducted. 3 % interest allowed on Average Daily Balances credited Monthly. City and Country Accounts solicited. Collections free to Customers. We offer herewith our January list of approved securities, active on the New York Stock Exchange, and solicit orders for purchase or sale for cash or on margin. ^r a pp i golu Jiitv 1 IW3 Ail paid Consolidated mortgage and col- lateral bonds reserved to re- tire prior liens. Assumed by Great Northern, wbich leased the road for 999 years. my. lOOM $19,367,000 Jan. 4, 105 1890 $4,300,000 Houblou Kk Ittxuk vjeuit&i. . $1 000 4 gold April 1, 1921 General mortgage. all paid Interest is guaranteed by South- ern Pacific Railway Company 'im 61>^ Jan. 4, 70 i8;» . $7,954,000 International & Gt. North'n $i,000 6 gold November :, 1919 All paid Ist mortgage 776 miles. 122 neh Jan. 7, 116 i8;s Lehigh Valley $1,000 4^ to tt gold December 1, 1923 ConsoliHatpn .nortiyntrb. iioiinon 99^ $10,400,000 Air paid and registered. 105 Nov. 1, 1895, 108 1890 514,974,000 Louisville & NathvUie $1,000 i^old July 1. 1940 Ail paid Unified mortgage reserving bonds to retire prior liens, 1,080 miles and equipment and collateral stock of other companies. 85 71K Jan. 7, 72 1880 $12,760,000 Manhattan Eievattid « 1.000 4 gold April 1. 1H90 All paid Consolidated mortgage, limit- ed, provides for prior liens. 102 96 Jan. 7, 94 lt»» $39,813,000 Missouri, Kansas & Texas. . $500 etc. 4 gold June 1. 1990 All paid 1st mortgage, 1,601 miles, and right to land grant in Indian Territory. 91K 79% Jan. 7. 80>^ ISOO $20,000,000 Missouri, Kansas & Texas*. $500 4 gold June 1, 1990 Coupon paid Feb- ruary, 1894 2d mortgage, 1,601 miles, and right to land grant in Indian Territory. Payment of coupons obligatory after August 1, 1895. 69K 44 Jan. 7, 54 1893 $4,000,000 Missouri, Kansas &. K.antern $1,000 5 AprU 1. 1942 All paid Principal and interest guaran- teed by Missouri, Kansas & Texas Railway, 97M 81 Jan. 6. 89 1880 Missouri '.'acitic $1,000 6 gold November 1 1920 nnnsnlidatod TnnrfD'ae'n 1 076 103 83 ^ $14,904,000 All paid miles. Bonds recorded to cover prior liens. Jan. 7, 90 18S1-S7 $21,849,000 Missouri' Pacific (system)*. . $1,000 5 gold April 1, 1931 All paid General consolidated and land grant mortgage. Bonds re- served to cover prior liens. 89>^ 74 Jan. 7. 79 1887 $19,435,000 New York. Chic. & St. Louis $1,000 4 gold October 1, 1937 All paid 1st mortgage (sinking fund), 505 miles. 107 101 V^ Jan. 3, 102 1898 $7,625,000 New York, Ontario & W'n* $1,000 4 gold June 1. 1993 All paid Refunding mortgage covers all property acquired, or to be acquired, and reserves bonds to cover prior liens. 95% 83 Jan. 7, 90 1881 Northern Paclflo $1,000 etc. 6 gold Januarv 1 1921 npnpml laf. ninrfcncp and lanrl . 112 \ $43,631,000 All paid grant, drawn at 110. 119>^ Jan. 7, 113 * Oanslderad iDemilatiT^ CIAPP & COMPAirr, BANKERS AND BROKERS, NEW YORK, MONTHLY BOND LIBT-Continwd, Date Issued. NAMES. Amount of each Bond. Interest Rate. Date when Due. Default, if any. EEMAKKS. 1895 189« Amount Outstauding. High. Low. LastSftle. 1888 Philadelphia & Reading Trust Ck). Certs $1,000 4 gold ) January 1, 1953 In default General mortgage, large major- ity of bonds deposited with committee for foreclosure for reorganization. We believe the plan ultimately adopted will strongly favor the holders of these bonds. 88M 67M $44,615,189 Jan. 7, 8 1894 Southern Railway $1,000 6 geld July 1, 1994 All paid 1st consolidated mortgage, all property including lease- lolders. Bonds reserved for prior liens. 99K 85 $21,911,628 Jan. 7, 89j4 1888 Texas Pacific $1,000 5 gold June 1, 2000 All paid 1st mortgage. 1.347 miles. Missouri Pacific owned recently considerable stock. 04M 80 $21,039,825 Jan. 7, 81>^ 1883 Texas Pacific* $1,000 5 gold December 1, 2000 None paid 2d mortgage, 1,347 miles. 82 21>^ $23,172,117 Jan. 7, n}4 1806-9 Union Pacific $1,000 6 gold 5 1896 to 1899 July. 1894. was pd. Nov. 27, 1894 1st mortgage. my. 102 $27,229,000 Jan. 7, 103^ 1889 Wabash Railway $1,000 5 gold May 1. 1939 All paid 1st mortgage all except Det. Ext. .reserving bonds to cover prior liens on West. Div. looy^ 100 $23,795,000 Jan. 7, 1 1889 Wabash* $1,000 5 February 1. 1939 All paid 2d mortgage. 1,012 miles east of the Mississippi. 80M 68 $14,000,000 Jan. 7, 69 1888 $8,394,000 tsto $8,326,000 Western Union Col. Trust, , MISCELLANEOUS BONDS. American Cotton Oil Co. . . . $1,000 5 gold $1,000 6 gold January 1. 1933 All paid November 1, 1900 All paid Collateral TrubU Debentures subject to call at 110. No mortgage lieu with- out consent of 80 per cent. iiiK 114 106 • 106 Jan. 4, 106 Jan. 7, 109>^ 1893 Peoples' Gas Co $1,000 6 April 1. 1943 All paid Consolidated mortgage bonds reserved to cancel prior liens. Chicago Gas guarantees princi- pal and interest. 104 89K $3,400,000 Jan. 6, 96 1890 Chicago June. Rys. & Union Stock Yards $100 etc. 5 gold July 1. 1919 All paid Collateral Trust secured by deposit 90 per cent, of Union Stock Yards Company stock. 108 105 Nov. 1. 1895, $10,000,000 105 1880 $10,000,000 Laclede Gas Co.. St. L., Mo. $1,000 6 gold May 1, 1915 All paid 98K 90 Jan. 6, 93>^ 1893 Illinois Steel Co $500 etc 5 April 1. 1913 All paid Non - convertible debentures. No liens allowed while out- standing. 92>^ 90 $7,000,000 Dec. 3, 1895, 92 bid 1887 53,482,000 Tenessee Coal & Iron Co. . . $1,000 6 gold January 1. 1917 All paid Consolidated mortgage, Birm- ingham, Ala., division. 2d lien on Tenn. division. 99 78 Jan. 6, 90 1893 U S. Leather Co $1,000 6 gold May 1. 1913 All paid Debentures with special limita- tions protecting holders. 115 110 $5,760,000 Jan. 7. 110;g * Considered speculative. NOTE. '-Quotations are latest bids. Purchases on an^ further declines will likely prove profitable. THE NEW YORK CLEARING HOUSE. The building of the New York Clearing House Association is built of white marble and brick, fronting Cedar Street about 94 feet. It is about 90 feet deep. The first story is about 20 feet high ; second, 25 ; and third, 20, with a dome 30 feet above. It has elevators and electric lights. Windows are wide, decoration artistic; doorways are 9 feet wide and 17 feet high. The second story contains all the administration offices; the arrangement is excellent. Stairways 6 feet wide — admitting 100 bank clerks to pass up and down almost simultaneously — lead to a 60 foot square Clearing Hall, having extensions that make it 80 feet long. A dome-ceiling rises about 25 feet above 20-foot walls, making it a very imposing chamber for the transaction of business. The steel cells of the money vaults are surrounded by an open space for patrol watchmen, and every modern precaution of safety is in use, adding to this most unique combination of financial strength in the United States. The New York Clearing House Association was organized in October, 1853, with fifty-one State Banks as the original members. The majority have since changed over into National and retain the old titles with the word " National " added. There were sixty-seven members January ist, 1896, made up of forty-eight National Banks and eighteen State Banks and the Assistant Treasury of the United States. The banks have a combined capital and surplus of about $120,000,000. They settle their own accounts and balances of eighty-two other banks and trust companies, and close all business matters daily. The admission fee is from $5,000 for banks with a capital of less than $5,000,000, to $7,500 for banks having capital in excess of $5,000,000 ; each bank pays annual dues of $200 and is charged from 35 to 40 cents on each $1,000,000 cleared. Three-fourths of those present, voting by ballot, admits a new member at any meeting, after the membership committee have passed the application. Every member must file a weekly statement showing its deposits, loans, specie, legal tender and circulation. Each must submit to an ex- amination by the committee. The transactions of 1895 were $31 800,877,943.39. The daily exchanges average $97,841,957. 1 2. The manager is under control of the Clearing House Committee. The hour for making exchanges is 10 A. M. precisely; for paying balances from 12.30 to 1.30 P. M. SEE PAGE 241 FOR CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD, Clearing House statements of Associated Banks, New York weekly for 1895, and comparisons for previous years. 210 CLAPP & COMPANY, BANKERS AND BROKERS. NEW YORK, ANNUAL RECORD. Aijiiinjate of I lie jiriucijifd if ems repurh'il each week of 1805 by flw. Assoc'uth'il lidiihs nj' .NV/r )'firi- Cilij, «> shown by C'huriiiij /fou.se dalcments, wUh coiiipnri-so)i.s of the hist rcj/or/s each ijmr >ia\md, and loans and liabili/ic.s each week wHh preceding year. October 3, 1S73, the associated banks had outstanding $22,4io.(XX) Clearing; Mouse Certificates ; May 24, 1S84, $2i.'53',,cx)f> , Dctemticr 12, iSyo, $15,205,000 ; August 29, 1S93, §38,280,000. First Clearing House Certificates in 1893, issued June 17 ; lasi one retired November i; none were issued in 1895. The associated banks reserve, according to report February 29, 1S96, w:us $146,825,200, or 29.81% of deposits, against $1(0, 164, 7«), or 30% of deposits on March 3, 1895. August 12, 1893, there was a deficit of §16,545,375. Clearings lor the week ending February 29, 1S96, were $627,360,575.93, against $524,826,765.43, February 21, 1895. Uaie. Jan. Jan. Jan. Jan. Fi>l). F.-b. I'Vb. F.-b. Mar. .Mar. Mar. Mar. .Mai- A I nil Apri' 12 19 2G 2 9 16 April :31 .vpriU'S ;\lav ") MaV -Mav May June June Jiint Juiu June 30 Julv 7 Jiil'v 14 July 21 July 28 Auij. 4 Aui; 11 Au-. IS Aiiir. 25 Sept. 1 Sept. 8 Sept. 1.5 Sept. 22 Sept. 29 Oet. « CVt. O.t. Oit. Nov. Nov. Nov. Nov. Dec. I )ec. 1 »eo. Dec. 1 )ec. Loans. 29 418,807,600 418,185,400 419,68.5,900 418,771,600 419..5:5(l,500 4:i2,.585,000 4:59,328,300 411.217,600 439,303,400 439.949,500 443,0.58,100 44.5,574,400 443,798,700 45), 426, 600 4.56,939,400 459,069,400 46i),902,3()0 465.162,100 467,4-^5,200 467,010,100 466,776.900 464.993,6)0 4(i5,403,700 4()5, 733,600 468. -283. 400 470.044,100 4S3.753..500 482.730,200 482.642,6(H) 481,633.600 482.304,.50O 484,622.700 486.298.800 488.763.700 489.879.900 491.701,400 495.087. 1(K) 497.919.400 497.561.000 500.277.200 ."X)* 1. 168.200 50ll,772,5(Ht 499.692.700 .500.822.000 499,714,700 498,937. (MM) 495.(M)3.4(M) 499.460.100 .507.733.500 .506.87 1.3(M) 498.266.2(H) 492.(>47 000 I.IAIIII.ITIES. ( l)c(H>sits .IIUl Circulation.) 531,569,000 540,891,200 .555,048,400 560,371,600 564,411,300 546,599,000 541,967.600 544,406.000 543,381,200 .544,637,400 551,575.300 555,708,400 .558,9.58,300 565,641,800 574,548,700 580.212,400 584,013,600 5S8,809,700 589,198,100 588,214,500 .584,189,800 .582.072.000 580,783.700 .580,306,7(M) .5S3,376,1()0 583,025,800 598,933,()(H) 599,643.300 599,081,400 593,890.100 591,368,100 590,82 1.5(M) 594,650.400 595..542,.500 .595,758,7(M) .593.647. S(M) .596.705.'2(H) .598.368.600 597.437.300 6(M),683.4(M) 6(>2.412.8(M) 606,429.9(M) 605.914. 9(M) 6(H>.622.7(M) 6()3,:i'^3.8(H) 605.717.4(H) 603. 5-25. 6(H) .590. 999. 6( Ml 577.235.3(H) 575.959. KM) .565,701,100 560,586, 1(H) 189s. Date. .5 12 19 26 2 9 16 23 2 9 16 .Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. 23 ^lar. 30 April 6 April 13 A|)ril2() April 27 May 4 May 11 May 18 >tay 25 June 1 June 8 June 15 June 22 June 29 July 6 July July July Aug. ;Au-. I Aug. Aug. 24 ! Aug. 31 Sept. 7 Sept. 14 Sept. 21 'Sept. 28 Oct. ^ I Oct. Oct. [Oct. Nov. iNov. Nov. I Nov. Nov. Dec. Dec. Dec. 13 20 27 3 10 17 14 21 Dec. 28 D.-c. 2s.-95..Circulafn 13.926,700 I " 29,"94 1 ).-(■. -^O.^.-Circulafn 11.294,700 I " 30.-93 D.-c. 31."93..Circulatn 13.111,!H)0 , '•31,"92 l).-i-. 31,92.. Ciiculafn 5..564,600 ' "31.'91 Dec. 31."91..Circulat'n 5,6<)4.7(H) |i"30."90 Loans. 493,390,000 489,682,600 490,322,900 490,1.58,600 490,345,490 484„586,600 483,382,000 482,6 15,.50O 484,204,200 489,329.200 4-89,004,000 484,6.52,400 482,524,100 4-80,438,300 481,0-23,100 480,721,400 480,504,600 484,912,400 489,928,500 495.303,100 500,098,700 502,.547,2;)0 .503,437,600 507,925,.5(M) 512,906,000 513,422,300 513.604.700 511.092.000 .5()6.926..500 506,176,000 509,327,000 510,976,100 511,275,200 513,.5;«,.5()0 513,2.59.8(H) 518,365,8(H) .522,698,9(H) 517.242,9(H) 511,376,2(H) 510.202.2(H) .506.6(M).(HH) 504,32(),3(H) .502,492,81 H) .500.691.800 495.923,2(H) 492.933..5(H) 492.711.6(H) 490,028.S(H) 489,820.(WH) 492.9!M).9(H) 4.S9.646,6(H) 478,466.500 492,647,000 417. (MM) 9(H) 437,722 (HH) 429,2.55 4(H) 3a5.321.8(J,9(Mt .5:U.749.9(H( .535.().S9..5(M) .537.04.5,(>(M) .531.263,9(H) 515,016.000 560,.586,UX) 519..549,71H) 4.50,144,000 4(>0,911.(XH) 383,639,3(H) $ 75,867,000 75,512,700 77,955,300 81,17.5,600 81,.5.55,.500 82,2(53,900 81,422,700 74,436,700 69.592,500 67,224,000 67,573,600 65,120,400 65,578.900 64,471,200 (55.387,000 66,637,800 68,203.900 (59.72S.2(M) 69,440,000 6H,796,1()0 (59.584,400 70.641,000 70,783.800 6(5, -269, 300 65,875,300 65, 231, 4(H) 64,496..5(M) 64,264.900 64.3(59.300 65,297.4(H) 65.474. S(M) 65.+S0..5()() (55.(5.^9. 2(M) (56.208. .5(M) (55,3(54.200 (54.427. KM) (52.515. .5(M) (51.97().6(H) 6I.677..")(M) 60.937. 9(M) (50.8(5 1.9(M) 61,851,9(M) (53,151,7(MI (54,2()8,S(M) (U,419,3(H) (55,767. 9(HI 6(5,2.^4. 6(H) (5(5.151,.5(M) (57.371.900 (57.495.S(M) 67,.8.56.5(H) 67,114,200 73,760.600 106,316,400 75.1H58,300 96,192..5-t3.7(M) lll.(503.(5(K) 110.145. .500 111.132.900 116.201. 4(H) 119.434.900 119.018, .5lH) 116,879,(5(M) 119..s.'<.i..500 114.741..H(H) 117.51.^.2(M) 114,(533..5()0 107.108.S(H) KM).(I89.(HM) 97.902..s(M) 90,.5.58..5(M) 86,(587. S(MI 8(5,.5()9,3(M) .'<6.2()1,3(M) 8.5,.'^51,2(M) 86,8-i4,7(H) 86, 193.3(H) 84,(503.(MM) 82,(5.5S,S(Mt 83,344.(MM) 81,(5.59.4(M) 78.5.55,(H«J 74,097,800 98,831,100 101.1()8,2(H) 42,01 8, 6(H) 3(5.91 4. 1(H) 25.425,200 Deposits. $ .552,847,800 555,402,800 .562,302.900 .5-59,512,(500 546,965,200 534,754,700 532,234,700 528,559.900 528.440,800 527.969,900 518,496,-500 509,047,200 .504,240,200 .500,822,300 503,830,,500 510,185,300 516.(500..500 526,998,100 .537,832,800 5.53,778,400 561,903,400 566.229,400 .565,996,800 568,HI6,000 574,459,000 5 70, 436, 3(H) 5(59,873.200 5(56.970.000 .568,318,300 57().942,9(HJ 574,3()4..500 573.677,300 577.223.300 573.5:U..5(H) 574.929.900 576.8.55,3(M) .571.7.56.2(H) .5.5.s.464.4(H) .549,136,.5(H) .540.0!I9..5(M) .533.491.2(MI .531.924,1(M) .530,653.200 .529..'<()2,4(HJ 527.935,.S(H) -526.22S.60() -52-5.1 70, ()(K) -520.7S8,(HM) -521,(SS(),.5(M) -523.0-55..5(K) 517.290,800 .501,089,300 .549,291,400 .51H),437,8(H) 444,.5.S9.4(H) 4.55.3(H)-.3(H) 380.047,300 00./, V C — 0.3: .J 30.84 31.86 32.41 32.. 54 31.06 30.64 30.43 29.96 29.62 28.66 27.73 27.11 26.96 27.06 27.26 28.12 29.14 29.42 30.03 31.04 31.36 31. .54 31.27 30.94 30.65 30.29 29.94 30.17 31.04 ;ii.46 31.39 31.06 31.42 30. .83 31.08 30.32 28.96 28.30 2-8.31 27.32 26.93 27.16 27.41 27.-56 27.88 28.12 27.79 27.82 28.12 27.76 27..55 27.41 30.95 40.(H» 26.22 29.(H) 2«.90 U If V 0.0^:: 31. 4S 32. .52 33.08 33.'20 31.71 31.31 31.29 30.(54 30.30 29.31 28.39 27.77 27.66 27.78 27.96 28.85 29.. 89 30.16 30.77 31.77 32.11 32. 2S 32. (H) 31.(56 31.36 30.99 30.(55 3()..S8 31.77 32.35 32.13 31.7.S 32.14 31.-54 31. .'^o 31.04 29.(56 29.01 29. (HS 2.S.O-4 27.(50 27..HS 28.14 28.32 28. (>4 2S..S7 28.73 2.S.61 2X. S8 2.S.51 28.30 2.8.18 31.42 41. (M) 26. .57 29.23 27.10 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNTJAt RECORD. Populaiion and Clearing House Returns for vinnths, years, and cities named, as comjnled from the Chronicle and latest reports. Popnl't'n M,n0fi,43« •1,200,000 •49fi,3no •180,000 85,000 •100,000 ♦51,.WI •St8,liH7 •4(1,(100 •90,0(KI ♦84,:iS'.) •55,254 •1,350, •.Mi), •2.S(i •111", •l(i."i, *H7, •112 •■15, •2,II.VI.000 •:t,0&l Hilton Itoikford .., Kalania/.oo . •1.50,000 •lil5,IH)() •1(>(I,(K10 •1,50.0IKI •l.iO.OOO •t«l,0(KI •(iO,(KI0 37..M)« •7,"i.lKK) .V.,1.>l 2;^.,^■■):^ •Id.lHIO I..717 i:f,.Vvt •603,837 •27."i.(KKI "Jld.dOd 2:i.ni| •llHI.IHKI '7II.(HI(I 105.000 110,000 •)>7,IKK) •Bd.lKIO 3I,,^71 14.115 2;t,(iCi7 •:r>.iM«i ■Hd.lKKI 45,000 Total Middle W.. San Francisco . Portland Salt I^ke City. Seattle Tardiiia l,os .Vngeies Helena .Spdkane Sionx Falls Oreat Kails Fargo Total Pacific. Kansas ("Ity. Minneapolis. Onialia .-. .St. Paul Denver Dulutli > St. .loseph... Sionx Ciiy... I)es .Moines.. LliK-olii Wiiliitu Topeka I'reiiiont Hastings 216,6.50 IS 1, 220 3S,.550 Total other W, St. I.onis .New Orleans. I.diitsville (ialve.ston lldll^s, 170,942 19,444,429 S,7ri6,161 7,176,000 4,71.'<,7:tn .3,:).|9,473 6,ir7,H,l9S .5,1->7,913 .5,741,486 3,6649 2.684.991 1,.X'17,484 5.16,451 464,.544,.363 68,700,600 :i8,624,6.t8 :M ,68.5,462 27,102,826 14.668,100 4,6.57,480 8,»10,0U5 4,684,741 2,291. :H8 "'Y,5b(V,()00 1,261 ,.583 975,861 718,501, 69,6.39,367 8,781,793 7,111,954 4,798.:ro 4,2I6,:140 4,l(;7.827 3.9411.219 4,.T;i .5,(i.sl,i»lll 4. 715. .555 5,703,ll'j;i 4, 42;!, 8.1(1 5,4!15,9'I7 4,!l.52.77(i l,.50».:f2."> 2,071.. 11:1 990,:tlil 1,727,782 2,:i70.293 -5-1 -0-2 —1-1 -10-9 —13-9 —13-6 I 9-3 1 .T2-(l • •>«-6 • 3-S t3-3 til —27-6 -26-8 4 :Mi-2 -:17-1 4 20-7 -3-0 -t 28-7 11.617,206 8,:1.54,2!I9 .3,149,(r24 4,381.773 2,.T*,i:l8 5,72:1,616 4,-274,2i6 5,44r2.-iH:i 4,626,889; 3,:l.54,894l 3,.527,123 1,:)66,688 1,975,,5:B 90S,400 190,907,939 114,721,815 61,891,292 .36,517,909 15,463,570 13,363,222 10,8.58,102 7,(I:«,318 ll,-2!IO,8«'iO 7,.3.>5,:t24 10,842,489 5,085,7.57 3.422,829' :l,661,269' :i,070,:i.>i 2,.588, 1.5:1 1,881,843 2,112,710 27(l,868,;<42 4,051,66:),419, 5,9^12,468.889 1,886,099,:J63 2,381,027,4771 42,796,7051 27,267,606 4.931.374 4,:t.HO,:t46 3,»,87,.576 50,498,973 30,221,941 .5,014,467 ;t,air,;is6 29,841,796,924 4,7.57,684,.594 280,809,700 118,689,991 78.111,621 75,4.53,660 68,62.5,915 Per Cent. +22-3 +14-7 -14-5 16-0 11-7 16-0 13-1 65,00:1,624 +-1-8 41.248,:l5l! -M-O :«,.5S7..5.52l 4-8-8 22,77(),205| +11-3 Year 1894. 24,387,807,020 4,148,ft56,132 244,346,400 102,:B3,467 69,95.3,369 65,0.-t:t,r28 60,660,919 62,017,808 .39,672,320 30,874,461 20,451,113 5,541,992,2-11 +14-4 3,.5.56,1.51,127 6i»5,7(r7,281 +16-2 +3-3 74fi.I10.2(H +14-3 222,-.'79.(Wl' -fl3-3 h6,972.9(i5' 4-16-3 80,:is7,28.-v<,8-25 +15 ;i7,08.5,1.53| +2-7 39,682,214 4-5-2 17,701,900 4p4 4,81.3,393,117 3,000,421,147 673,743,512 652,896,141 196,199,904 83,488,.S67 74,:i00,722 45,251,1? 36,102,408 37,i:*8,744 17,460,800 5,543,.536,6I3 +13-6 4,614,979,20:1 651,214,(V,0 2l5,872.-273i :«2:t..i28,214 2it8.7!t.5,l!l6 18:1,18 1.:* 10 1 10l,2x.3,:«l[ 78,315,913 43,295,214 18,171,615 19,.587,68ll 16,161,1-12 i:i,612,0O1 [ 9,118,;«i5 9,265,681 IO,IM6,;in5 1:1,629,1.39 6,650,971, >W6 +120 4220 tn 4 20-5 +8-7 —5-3 +33-3 4-12-4 4:19-6 + 80 + 17-0 +7-1 + 14-4 +7-6 692,079,210 .59,7ir2,:i88' 6:i,7:«,!l.'i6'i 2.5,691,1.57 28,61.3,4.58j 62,123,601 1 +32-5 29,.58.5,217 —6-5 20069,626 4-42-8 3,.554,143 —37 5 —1-8 7,057,890 +1-5 992,^0,076 .520,870,447 :172,89.5,:144 190.611,288 222,.^32,186, i;HI.-2lid.008 9!1..5:t(l,IIIIO I>!l.86li.lll9 28,089.142 .5:1,69.5,2081 18,:176.488 22,268,.5.52 22,714,426 3,-241,319 3.414.:<74 +5-9 +8-4 +20-7 -21 1 4 20-9 +1-4 —9-5 —7 3 —14-9 +1-1 —20-9 +1-1 —7-6 -19-9 —170 4,877.003,916 4,31.5.440.476 643.441.600 224.048,308 288,824,01 244,978,,503 170,102,900 96,130,821 65,016,11 89,813,837 18.228,.575 14,703,406 1 1.:i73,9l' 9,7.58.(197 8,479.7:17 7,919,62; 10,122,815 ll,916,(r28 Year 1893. 31,261,037,730 4,.577,920,551 l287,647,(X)0 11.3,936,211 7.5,1(i5,687 69,:«)9,7 frl,.3.56,6»2 65.988.639 :14.608.815 2.5.318.905 5,314,192,180 3,403,479.057 705.828.374 665,:i28,9o7 3!»9.80:l,fl«() !M .789,928 78.742,662 49,:i51,.S44 44,214,366 is.'ioi'.aio S,456,»13,478 4,676,960,968 612,:i69,(i(IO 3-«I.:H1,.551 :122.(;73,448 267,.H8.5,7!I7 1.59,.561,800 82,.585,982 61,994,2!)1 45.928.442 18.4.36,^.^5 17,470.018 7,879,.5I2 6,183,293,l»l &58,.52B,806 56,582.519 6I,(I21,.586 26,980,927 29.095,641 46,897,766 31,625,018 14,051.318 5,689,038 " «,«i3',313 6,633,068,077 699,28.5,878 75,038,019 56,710,013 40,147,625 3.5,100, 45,247,219 10,746,006 937,139,932 962,576,467 480..502,029 308.900.ini0 241.7:16,084 183,8.56,876 1.37,*17,784 110,001.402 75,3.57..5I7 .33.022,227 5,3,091,010 23,2:18,703 22.017,819 2I,.575,42 4.015,6.38 4,118,987 Year 1892. 36.662.469.202 5.005,389,685 287,719,000 ]12,8:t3..533 76,100,443 70.781,287 67.272,477 64,746,147 "'4lV6-.s',715 25,018,276 Year 1891. 5,751,490,563 3.810,293,288 771,8.50,961 759,.5.32.746 416.(«9,.3.S7 10.5, 101 ,.>i« SO.IilS.ll-i 4!l,1.57.1-2!t 46,307,92.1 'l3,'7'>W,300 6,052,928,220 5,13.5,771.186 7.VI.789.400 :i66.2!i:..016 :i6:i.:!.59..589 296,.577.748 18:1,961,200 98,8(r',288 8«,.5.52,914 .50.li06,IM3 2 ,021,9:15 18,727.927 8.619.068 7,387,082.314 815,265.-186 109,718,78:1 95,078,013 55..520,.5:«l 48.011,200 .39,208,109 16,2.50,847 1,767,101,746} +3-8 1.2l4,.3-i3.653 484,;HN,18fl 314,469.29!! i:»5,775,067| 127,918,451 121,960.869: 121,105,242 iKi,(Kt7,.-'93 6."),318.255 48.790.6:17 .50.764.261 64..5S6,.V21 4(1.4(l7.(.87,itM 2:!,-i!2,.S89 19,447,451 4,649,495 1,179,052,982 510.186.611 438,053.526 2!»5,419,726 271.o;6,l.'>7 2 !i:i,s(;-.;.:t:c .'i7..V*:t.i'.il .5:t..l15.i21 :«..io5,;i4:t 27,61 1,.'.0!I 20,661, l.'>5 5,063,475 33,749,322,212 4,753,.810,OvV 278,010,70(. 101,642.71111 71.219,7,M 61..5:t0.16l 61,.366,42:l 62,618,191 40,.509,.566 23,723,624 5,459,491,245 3,296,087,935 73.5,7 1.3,.51 7 679,(l62,-i56 ;191,9!I2.447 88,S.5.5,1II9 45,228,387 '42,-K7',250 5,278,666,901 4, l.')6,8S4,XI0 6tW,21 0,7.50 3i9,.5;«,i;:i5 317,2il7,l!l0 264,016,672 I58,.360,8(I0 88,9.57,860 l(¥i,i:!2..5.50 44.li:i2,767 I 1,0I3,0;»6,6;13 +7-6 989,561,085 977,110,165 )!IO,(M:t,13S /1-2(>,5«4,12:t .59,872,489 38,306,2,80 1,014,7.86,3.10 • Estimated. Jannarv 1. 1896, as estimated by ollieials or New York World, or as shown by recent canvass. Population United States, up to January 1,1896, was 71,l'97,6o2. Governor's reports to tbe World— EXTERIOR NEW YORK STOCK EXCHANGE. March 2ist, 1792, a number of merchants met at Corre's Motel and passed resolutions that on and after April 21st they would not attend any public auction where stocks were sold. This appears to be the outgrowth of an advertisenisnt by three firms published early in .March, 1792, reading : " The Stock E.Kchange office is opened at No. 22 Wall Street for the accommodation ol dealers in stocks in which public sales will be held daily at noon as usual in rotation by A, L. Bleecker & Sons, J. I'intard, .McEvers & Barclay, Cortland & l-'errers, and Jay & Sutton." Later the following contiact was drawn: " We, the subscribers, brokers for the purchase and sale of public stocks, do hereby solemnly promise and pledge ourselves to each other that we will not buy or sell from this day, for any person whatsoever, any kind of public stock at a less rale than y^ per cent, commission on the specie value, and that we will give a preference to each other in our negotiations. " In Testimony Whereof, we have set our hands this i/tli day of May, at New York, 1792. I.eon'd Bleecker, Broker, 16 Wall Street. Hugh Smith, Merchant, Tontine Coffee House. Armstrong & Barnewall, Insurance Brokers, 5S Broad Street. Dan'l March, Broker, 243 Queen Street. Bern'd Hart, Broker. 55 Broad Street. Alex'r Zuntz, Auctioneer and Broker. 97 Broad Street. Andrew D. Barclay, Merchant, 136 Pearl Street. Sutton & Hardy, Stock Brokers and Auctioneers, 20 Wall St. Benja'n Sei.xas, Merchant, 8 Hanover Square. John Henry, Broker, 13 Duke Street. John A. Hardenbrook, Broker, 24 Nassau Street. Samuel Becbee, Broker, 2t Broad Street. ]?enja"n Winthrop, Merchant. 2 Great Dock Street. J no. Ferrers, .Merchant, 205 Water Street. Eph'm Hart, Broker, 74 Broadway. Isaac -M. Gomez, Broker, 32 Maiden Tane. Gulian McEvers, Merchant, 140 Greenwich Street. Augustine II. Lawrence. Warden of the Port. 132 Water Street G. N. Bleecker, Merchant, 21 Broad Street. John Bush, Broker, 195 Water Street. Peter Anspach, Merchant, 2 Great Dock Street. Charles McEvers, Jnn'r, .Merchant, 194 Water Street. David Reedy, Insurance and Stock Broker, 58 Wall Street. Robinson & Hartsliorne, Merchants, 198 Queen Street." CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, ANNTJAL RECORD. New York IStock J£xcha)ifje Listi)tfjs cnid 'J'ransactions for years named. 1895. 1894. New Bomls listed, par S1(J4 526.:MI' Old Bonds relisted, par 15 5ST.0IX) Scibstitutlons, par 7S.162.100 Ti.tal BoiKlslisted 2S7.a7.i.(l(«l New Stock ll>ted. ,«ir S>.3S.VJl)0 Old Stock relisteo.s $131,7S.i.00O ;H,-.':i:.tiiiO 92.7S2.0(X( 259.SOl.6«)0 36.fil6.2M 4.S0O.IIII. 209.776.7t,929.9I>II 49.ir75.(l32 3,0»4,!M2.:69 61.2 1S93. $1.'».272.000 42,i7s.a«i 107.:«3,HII 2SS,S.-.i 4.550.260.916 iiu.3 1S9J 1891. 1890. 8175.123.6')0 12.332,0110 130.3S:t.9iU 317.S03.4H) 9'J.'.«ft.!mO 4s.:i6».S.Tll 8S.76.5.3.T5 2:J7,ai6.105 4S3,S.i7.4U0 l.Tas.lU) 4.79.!.9:.ll S5 875.092 4,374.014.262 63.3 $191,397,700 16.1S7.0U0 S0.061.IIII0 »7.6I5.701), %..t4i !.:.>» 1.6."i0.a>) 90.r21.2>«i 1S8.9U,951 383.71.i.U«' 1.46O.SO0 .3.475.1(0 69,031.1189 3,812,217.419 57.1 1889. 1SS8. $19S,158.<91 61.0 $261,989,631 ll.79-2.ioii 237,220..'it7 511.i>'2.--':^ 62.IIX.' 111.^7.'.) 175 14:. 4, 248 in.r.:, 345.914.(B7 6.573,700 5.188,-2S5 65.179,106 3.539.519. 14J I 62.5 i8sr. $1SO..'^«.000 16..1I 4.000 146.7S7..321 T'Jl • if, iXi .':'"M.5S0 347.1-27.330 7.110,400 15.306.800 >^.9U,616 4.508.7M.S99 61.1 For Daily Receipts of Cotton at New York, Philadelphia, Baltimore and Boston in 1895, see Clapp & Company's Record on pages 278 to 284, 2«3 INTERIOR NEW YORK STOCK EXCHANGE. The New York Stock Exchange is the financial center of America. The men who buy and sell through its members are those to whom the country owes a debt of gratitude for enterprise and faith that is likely never to be appreciated, and certainly will never be repaid. The money lost by building railroads which furnished the public facilities at expense of sanguine shareholders has exceeded one-half the present value of all roads in operation. The historian of this country will not fail to note that this group of associated bankers foresaw the growth and development of the United States and acted with confidence and courage never before realized in any country. "Wall Street " is now bounded only by the limits of civilization, for every great business enter- prise of North America sends to its agents in New York by wire or mail its orders for money or equipment. Here also they each expect to find a market for their product. There are few commercial or industrial interests of importance not now interested in the Exchanges. Those whose stock is not here listed are looking to the New York Stock Exchange as their ultimate. The problems of the past and present are one and the same. They are communication and transportation. The first steam surface railroad was built in 1829. There are now in operation about 180,000 miles. The first street railway was built about the year 1835. The present mileage of horse railway is 1,914 ; of cable, 632. The first electric traction road was built only a few years ago, and there are now 10,363 miles in operation. Elevated and other roads in operation, 679 miles. Aggregate all, 13,588 miles, capitalized for $1,300,139,71 1. The first telegraph wire was strung between Washington and Baltimore in 1844. There are now about 1,000,000 miles in operation. The first telephone exchange was established in 1876-7, and in 1881 there were only 29,714 miles of wire. There are now about 250,000 subscribers and about 600,000 miles of telephone wire. The total capital employed in and in building, equipping and operating these methods of inter-communication in the United States exceeds $20,000,000,000, or from 25 to 30 per cent, of all wealth of the country. Separated humanity is weak, but brought together each brings an element of strength to every other. The telegraph and telephone wire, the printing press, steam engine and steel rail are all parts of the'system of getting together, and the Exchanges are where money is secured to create wealth and where the record of industrial progress is told in daily changing values. The press of the United States gets about $90,000,000 annually for its part of the work ot modern progress. This century has witnessed the birth of a financial giant that in the next hundred years will reach out its helping hand to our twin hemisphere south, and be linked in bonds of enduring useful- ness with its brother organizations in the older marts of Europe. 215 c o (U u .S2 O < T3 c "rt rt c ;-» s c (U o H V^ o U P-, (/) OO o X L. c K^ w ca V ^ H > ^ TJ (U Ui nj 60 be 2i l-i u. c« 3 (7) c OJ u •V Vt-I u. u 3 2i Pu, s p ^ CL, n3 4) o o be "0 PL| C 6 < M c rt ^^ o <« BJ u. c c c l:^ •si X w t; o c o 'E. ^z; ^ o '4. be c <1 o ^ OJ c 4-t 7) c u« 3 CL, M ^ o w o O > 3 Cu, C c 1; ^ ^ 'H 11 pE4 V u U . =a 0. d. iT ^ c ^ " u rt w be 2 > in a -a u C v- OJ > < (TJ u J= =a ■j: 3 •i- >> o O (A > o o 4-1 ■r. 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'-t-XXXXXXX3 i i - -M c: e — :c irt X o 2 ?i ^ to X -T r I — .2 MO:crcooreor-»r?or*rtot^"^'-«x»«5lCSio'M03;o«ot*-f^t--*'^x-s»^ S ■< S ■ -Ti ►^ •< X ao'C^05«o?^ocSMOt"^^x »- - fa . a v- ^^^ .-, b *pnl Uay. June. July AUgUHt. September October. . . November, J)ecember, * Ez-DiviUeud. t lit msi.. paia. t iii Inst. paid. « 3d last. paid. 1 All Inst. paid. 21S CIAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Hujli and Low o^' Stocks on, N'ew York Stock JiJxc/tantje for eUjht years. Wesi.jrn Union TeleKrapb 1S9I January February March. April May June July AUKUSt Sopteniber October : . Novemlier December 1S95. January February . . March April. May June July August September October November December. •Preferred after l»si. t Asg'mt paid lu 18M. * Receivers iu 1S93. 219 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Gross and net earnings of all railroads annually since 1891, and monthly earnings comparison between 1894 and 1895 ; for all roads as reported by " Chronicle," and comparisons by groups as reported by Dun. Hection or Gross Earnings. Net Earnings, Uroup. 1895. 1894. 1895. 1894. Inc. or Dec. Jan. 1 to Dec. 31 9 $ e < * New EiiRl'd -(13) 79,031,077 70,761,20S ai,282,583 23,7.55.742 +.526,841 2-22 Trunk lines .(!«) 28 246,865.7115 80.:ioo,:«i 73,890,0(i5 -4-6,410,269 -1-1,838,875 8-68 Aiitlir;i. co-.il .(i:t) 1 4!i,:i.-) 1,(1.11 14n,:«0,O2S 33,2(ill.(ilS 31,421,743 5 -85 Mid. .Status .(:«) .52,fi(Hi,0O2 4it,839,:«7 17,429,312 16,.5'.M,3.52 +884,990 5 03 Mid. West '11.... .(:«!) 70,l(i:f,2.V) (H.008,h:«; 22,775,5.5.5 19,.544,014 +3,231,-541 16-53 North west'ii .(Hi) 119,24(I.09.S lll.KOn,H!M 4(l,171,.52:j 39,005,341 +7,166,212 18-37 Sonthwest'ii.... .(i») (i3,s.lll,,S(i(> (>2,:«(),457 ie,«41,22« 1«,.527,379 + 113,847 0-69 Paoitic Coast .. -dii) 113,:t72,42!) 110,142,788 40,803,.5,H,777 »7,289,7t)2 2fi,()7t!,790 27,358,812 — «82.ir22 2-49 Mexiian ..W Ki.fS 1,231 14,928,982 7,(H6,fil8 5,7(i4,515 +1,282,103 22-24 102,074,752 ur>s,334,0(H 315,388,153 288,936,544 +26,151,609 9-16 New England, f),98.'i miles against 5,472 miles in 1894 ; Tnink lines, 22, 669 against 22,578; Anthracite coal, (!,(iHi) against G,050; Middle .states 4, .538 against 4,.'-)29; Middle Western, 12,7 19 against 12,621 ; Nortliwe»t against 24,15)6; Southwesteni, 15,503 again.st 15,487; Pacilic Coast, 2:1,698 against 2:i,57(l; Southern, I7,fi0(i against 17,298; Mexican, 3,702 against 3,702; grand total, 136,933 against 135,503. Month. 1 Gross Earnings. \et Eamingt. 1895. 1891. Inc. or Dec. P. V. 1 89.5. 1891. Inc. or Dec.P.C. ( t « $ « * 1 Jan 48,973, 1!«1 48,(172,945 +900,245 1-87 13,220,.373( 12,12:1,398 + 1,096,975' 9-01 Feb 46. i:!8, l:i2 45,6.i,s,l79 +780,313 1-71 11,864,621! 11,68:1,271 + I81,;l.V) r.v, March .. .52,202,055 51,398.:i«0 +80:t,B75 1-.56 1.5,8,5:1,187 1.5,401,146 +4.52,041 2-!« Anril ... .52,497,91 1 .50,'2(I9,768 +2,288,143 4-.V) 14,7il0.82;i i:i,'20(),'i->0 + l,.ViO,.54:i 11-82 May .--. .53,531,262 .50,0,51,3S8 +3,476,874 6 95 15,7IK1.IW0 12,890.715 + 2,80>l,979 47,879,485 + 7,218,794' 15-12 16,:«k;,Hiii i:i.2iKi,:!Lii -t.3,ii"i.5ii •2:i-.5;i Aug .57, 125,22s .55,060,460 +2,0(H,76H 3-75 19,.562,:i-.'l ls,7'.«l.:ii«l -f76:t.iii5 4-os,:il(i 57,180.014 +3,078,272 5 38 20,76:1.169 i9.7:io.6i:( +972..-.')« 4-90 Oct 7«.8:t0,251 64,.5(>0,198 +6,26!l,7,53 9-71 27,:148,115, -2:1,8:11, 41Hi -f3,5l6,619 14 76 Nov 6I,()85.W)I .58.910,401 +.5,174,908 8-78 23,019,2.5:1 20.407,0.57 +2,612,-J« 12-80 Dec .58,382,216 52,704,783 +5,677,463 10-77 19,527,667 16,584,851 +2,SM2,816 17-74 lloails included in Janiiarv 138; February Kio; March 1:17; Apiil 141; May i:i2; ,Iuno 1:14; .luly 1:18; August 133; September 141; OctoVr 140; November 139; Deceiubcr 137. dross Earnings. ^ ^et Earnings. iVo. 0/ Year i'ear Increase or Year Year Increase or roads. (iiven. Preceding. Decrease. Gii'cn. Preceding. Decrease. 12 mos. 9 ? i n S t '89 (l.>)) 8.56.478,510 81:1,61.1,1,84 +42,865,026 288,273,682 2.i5,814,2l8 +.32.4.59,434 '90 (206) 1,007,540,768 9:i5,:i99,-2:i8 +7-2, 141, .5:10 :12S,009,458 313,7.'<0, 69 -t-ll,-228.8NU '91 (219) 1,103,6:16,.5C3 l,a56,.56.S,9-2:l +47,067,.5,80 :l.5:l,X.->.3,9I8 3.30,797,494 +-22,.5.56,424 '92 (210) l,n8:i,6.s,s,^17 1,0-.>7,29I,8.55 -f.56,:i!):i,782 345,.vt0,O27 33.'',i:!:i,575 + 7,706,452 '93 (196) !»67,.5;i8,272 98i,ivvs,:i70 — 16,.5-2n,098 297,907,0-2.5 308,:l.10,fi67 — 10,4'29,6I2 'SH (206) 969.00:f,.527 1,091,97.5,721 — 1-22.972,1'M 291.802,707 .%-12,r26,310 — lo.:i2:i,6ii3 '95 (2119) 1,020,074,7.52 9.5f,:«4,064 -f 61,740,688 31.5,388,1.5:1 288,936,,544 +26,451,609 •Section or (iroup. December. Trunk lines (11) Aiithra. coal (6) Fast & Mid (15) Mid. We-sfn (24) North Wesfn (8) South West'n (15) Pacific Coast (17) southeni (:«) Mexican (2) Total (137 roads) (iroKs Earnini's. Net Earnings. 1.195. 15.92-.,272 4,71-2,704 1.878,865 4,-22«..573 6,7.5!I,(W6 5..34.5,.'«i7 9,749.691 8,826.026 9.58,712 58,382,246 1891. 1895. 1.894. Inc. or Dee. S 14,.51 .5,888 :i,7V1.719 1.72.5.313 3,667.318 5,610,1.37 5,205,470 9,043,262 8,.372,»IO 814,:i06 4,668,.570 892,-201 496,103 1,48:1,419 2.897.4(M l,784 44.3,8021 4,1:17,010 569,.5-2:l 461, .522 1,1-28,191 2,:ill.007 l,710,4->2 2,8.54,513 3,061.487 351,176 52,701,78.1 19,,5-27,667l 16,.5.'M,8.51 -f 2,912,816 1774 -r.526..560 +:i22,6;8 + 31,.581 +3.V>,228 +586,.197 + 75,882 +868,697 + 80,167 + 92,626.| Inc. 4,101,916 Marih (i:i2 roads).... 100,781 100,706 39.2tO,(KM :VS,9'>.5,107 +214.897 0-63 1892 (i:i6 roads) w.iai 92, .■1-26 47,11.1,6!M 46,019,414 Inc. 1,0)1 1,-i-sO Apiil (1-25 r;ads) 99,460 !I9,:1.55 36,898.61^5 .15,-i59,321 + 1.6:!9,3H 4-6.5 1893 (127 roads) »7,.178 94,:i69 40,319,016 46,793,.183 Dec. 6,474, :i:i7 May (i:i2 roads) 11X1,'273 100,178 .I9,:i9l,i:i2 :i7,o:ioo-i5 +2.:m,MV7 6-38 1894 (1-25 roads) 96..190 9.5,829 :i8,9.17,:i50 39,179,:»1 yje-. 2I1,!I84 June (1-26 roaiw) 98,?26 98,610 :l7,195,-279 :il,:i5i.766 +2,84:1.513 8-29 1895 (1-2:1 roads) 99,!/75 99,854 4>,02i,858 41,2l9,.198'/iic. 3,776,460 July (r22 roads) 9.8,4:13 98,141 :18.91'2,8:!9 :i:i,.v>o,-2.5:i +5,:l.57..586 15-97 Jan. 1 to Dec. 31. Augu.st (i:i4 roads)... liKi.Mi:! 100,.'>86 45,00-2,44:1 44,281, IW +7-20.516 1-63 1891 (-201 roads) 140,714 1.17,3.59 910,4.56,097 8!)6,60:i,01 r/^)ir. 43.8.53,086 Septenibei' (126 mads) 99,0-25 98,795 4.5.721,82:1 43,7-2l,.521 + l.!Kr7,:i02 4 -.57 1892 (174 roads) I3-2,.i:il l:l0..5O2 9-26,:i77,747 881,167,192 Inc. 44.91(1,-2.V) October (129 roads).. HV1,IKW lo:i,si2 .56,9,S4,143 .5:i,4.59,:i7l +3,.524,772 6 -.59 189:1 (18.1 roads) 141,8.19 i:i8.:t7l 9:«i,2:i7.9.55 961,107,915 Dec. 2.5,I69,!H>0 November (124 nmds) 100,1167 99,!KK) 49,0411,442 46,n,SO,939 +2,9)9,.50:i 6-42 1894 (191 roads) 151,001 1.50,021 865,702.814 978.12->,I65 Dec. 112,4-2.5,;121 Dcci-mber (1-2:1 roads) 99,975 99,8.54 45,025,858 41,2l9,;i98 +3,776,460 9-15 1895 (12:1 roads) 148,265 147,887 8S6,'2.57,:i85 8:i6,:i-26,418 Inc. 49,930,967 FROM DUN'S REVIEW. Roads. Trunk lines Other Kast'n .. Gi-angers Other West'n.. Southern s. West'n Pacitic -January , Per Cent. 1895. 1894. 1893. -February , Per Cent. 1895. 1891. 1893. -March , Percent. 189.5. 1894. 1893. ■April - 1895. .. ?1.5,:i7.5.611 + 3-8 — 9-8 $14,166,472 + 41 — 104 #16,910.178 + 8-4 —14 3 #16,418.4-23 -j- 61 .. 7,i»79,718 +110— 3-9 7,.537,I30 -f-lti-l — 9-6 8,570,315-1-13-5-13-9 8,517,138-1-12-6 8,666,!)41 —128 -•21-7 5,47-2,011 + 5-7-12-9 8,482,113- 3-3— 7-2 8,.568,.145 + 5-5—13-1 8,4:17,002 + -4 —17-2 8,:i47.707— 12-6— 21-0 5,145,967 + 2-1 —16.4 6,817,107 — 7-8 —20-9 7,.593,7.54 -f 3-6 —17-7 7,9:10,088-1- 1-4—18-3 9,9:17,017-11-6—2:1.3 6,116,197+ 2-9- 6-6 7,861,655 — 2-5 -13-6 8,7.5-2,172+ 5-2—11-5 9,401,917-1- 5-5-14.1 Percent. 1891. 189: 10 T 9,151,795— 6-6 -21' 5,907,:175 + 8-9 —10 7,121,9.10 8,410,275 9,473,440 4-5 —10' 2-6-10 3-9—10 May — PerC 1895. 1.894. ,9-2-2.112+11-3 .•2-27.-2.>8 -t- 2-9 ,974,997 — 5-9 ,9-25..56:l +18-4 .100.772 ■2S8,IW8 8,31.5,067 -I- 1-6 ent. 1893. —11-9 $16, —13-2 8, —22-4 9, — 7-2 .5, —13-4 6, —16-4 7, —17-8 9, June — I'er C 1895. 1891. ,736,281 -f- 8 6 •228,259—11-0 .881,7-22— 2-3 .8,89,618 +12-6 ,69:i,:i74 — -2 ,4-20,097 -1-15.5 ,013,6't2 -I- 9-4 -July- I'er Cent. 1895. 1.894. 18!r2. 26-2,.5:l6 +10-3 — 6-6 ent. 1893. —15-0 f 1 -18-5 9, —23-0 10, —16-3 6, — 5-4 -5-1 7.:191, 403 -f 16-9— -20-5 —14-3 •,201,516 i,-2s5,o:i9 7iK),:i05 - 21 -7 — ,l."i5.63l ,189,039 6-8 —120 6-0 —17-2 tl. S Canadian Mexican ToUlall... . ?6-2,981,741 + -9 —128 $57,.5:l8,4-25 + -6 —141 $67,651,511 + 2-9 —140 #6.5,0:i:l,.176 + 5-0 -12-5 f 61,751,407 + 56 —152 86.1,8115,943 l,171,0:ia— 16-0— -2:1-7 9il-2,0:l2— 14-1— 21-3 l,193,-i59 -13-8 —210 1,'24.5,621 — 4-4 —-22-2 1,411,4-23— -9—102 1,51-. 1,482,799+51 + 5-5 1,756,6:19 + 27 +10-4 2.09.5,840+8-8+10-6 2,014.376+9-2+5-3 1.9l8,-279 + 52 + 63 1,815,687-1-2-3+8-5 l,5r2,:l'.»9 -f-iri + *i 4-6 —15-2 $69, 194,470 +14 5 —21-4 3-7 —•200 l,.5l:l.544 + 2-4 -14-1 |«i.5,r>:l.5,.576 + -7 —12-9 $60,-287,096 + -3 -13-7 $70,91.1,610+ 24 —137 $6S.-2.93,373 + 49 —123 $68,144,109 + 5-5 —14-6 $67,191,492 + 45 —14-8 $72,.550,413 +14-0— 111 Roads. Trunk lines. | Oth'r Kast'n Grangers ... Oth'r Wesfu Southeni ... S. West'n... Pacitic -Angust- -Septeraber , Percent. 1895. 1894. 1892. -October- ■ 2-9 13,:i-24,629+11-2— 15-3 8,485,872 + 5-7 — 8-0 7,806,316 + 2-4 — 5-0 8,880.8116 + 2-3 —22-8 Per Cent. 1895. 1894. 189-2. 7-6 $19,100,900 + 6-5- 2-6 $17,821,513 + 6-3 11,266,770 +15-6- 8-0 16,191,611 +20-5— 2-3 7,.821,470+ 7-8 + 1-7 9,'283,910 + 4-8 + 1-4 11,317,460— 41- 9-7 November , , December , Per Cent. Per Cent. 1895. 1891. 1892. 189.5. 1894. 1892. 2-5 $19,628,908 + 79 — 7-2 Per Cent. 189,5. 1894. 189-2. 16,9.5:1,647 + 3-9- 4-9 $16,473,669 + 3-4 9.709,464 + 8-6 —16 5 9,4:1:1,179 +ir7 12,4-2:1,399+ 5 6—12,1 7,017,.54S + -3 — 6-8 7,7.')3,196+ 1-0 — '7-9 .8,ai.5,-i5l + -1- 14-6 11.075,190+2-3-15-2 9,752,540 + IS + 50 i:i,75'2,100 + 43 + 13 12,476,.%7 + 61 — 3-9 1 10,.57-2,-27 1 +-251 +21-6 7,6a5,163 -18-5 + .1.8 i:1,:i.)9,n:19 +21-9— 44 11,4.5:1,-261 +194 —16-6 7,-26.5,.i:« + 9-4 + 1-5 7,ia5,-2t4 +12-6- 4-5 8,8.58,479 + 3-8 + 3-4 9,-2!18,.8(>-2 -|- 5-2 + "6 9,9I0,.5-20 — 3-8 —10-1 9,414,:ll2 + 3-8 —14-9 767 + 5-5— 7-9 U. S Canadian . Mexican . . . . $73,-277,704 + 26 — II-7 $74,157,071 + 5-5 — 9-7 $88,7:«,-221 + 82 — 34 $80,-264..5-25 -t 9-3 + -3 $7.5,683,.5.50 + 82 — 75 .. l,67.'),:i()3 + 1-2— 80 l,;i-20,398 + 3-5-28-9 2,-291,357 + 4-6 + 8-4 2,r29.(ri.i +lt 9 + 2-1 1,924,616+23-8+1-6 .. l,8'2n,-216 +10-0+ 8-0 1,798,9-25+9-6+2-7 1,829,686+85+1-5 2,210,-269 + "1 — 38 l,7-25..579 +15-9 + 86 Total all. . $76,7-12,313 + 2-8 —114 ?77,-276,394 + 5-5 — 96 $92,855,-2tH + 8-1 — 31 $84,603,819 + 9-I + 250 -9,.1.i:i,745 + 8-8- M'age •21,075 8,9.50 27,097 12,618 .12,619 21,667 •28,903 Per Per 189.5. 189-1. Cent. 1892. Cent. $291,772,988 $27I,.5:16,986 -f- 7-5 $315,721,097— 7-6 164,:i3'>,-202 1.54,.S.58,493 + 6-1 176,792,670 — 7-0 12.5,612.834 120,8-25,666 + 3-9 144,144,1.56—12-8 75,018,1,85 69,1.5:1.IW)6 + 8-5 77,85-2,699 — 3^6 91,911,566 9t),:i-29,449+ 1-8 96,0(.7,'2O2 — 4-3 101,782,9:18 97,748,.574 + 3-1 117,(Hl,4:iO— 13-4 113,:i!t9,:i-2.5 107,960.480 + 5-0 1:10,000,173 —12-8 1*5,9.59 $963,884,0,18 $913.41,1,314 + 55 $1,0.58,219,407 — 8-9 4,0:i8 1.8,-2!K),396 18,'2.55,314 + 2 20,79 1,-222 —129 4,.5:lO 21,46.1,876 •20,1 r2..162 + 6-7 19,6-20,140 +94 161,.527 $1,003,64:1,310 $951,780,990 + 54 $1,098,633,769- 8-6 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Gross ami Net E(irnuujs 209 Jtailrodds of United iSttitesJor 1894 and 185)5, as reported by The Chronicle. Sew Kngland — RuiiKor& Arooatdok.... Ui'iiiiliiKtoii .( Kiitlaiid. Huston x Albany Iliisliin & Maine UoH. Kfv.Uh .St Lynn... llrlilKton .'£ Sai'u Ulv... Kiltliburg HiM)sao Tun. A Wllni... MnlncCvntrnl N. Y. & New Knglnnil.. N.Y.N. Hav. A Hart... Phil. K. & New EhK... Vermont Valley *" "" " 1893. mi 1S94. Inf. or Ih-i: 6f.,3IIO 3,?-.>(),lti6 5,5:.':i,934 19,2h7 l,81.'i,9-.» l,s:!9,.V9 8.911.151 2111.690 68.,S,h7 12-1,551 2;, 451 3,4,'. 1, 262 5,621.924 11*1,219 10.'; It) 2.16.\1R7 11.178 l.r>l.'-,,(91 l,S6:i,:<19 8,«UCi,471 ia'<,8?2 (1,601 Total (13 roads) TJ,(J81 TViiiifc Linm— $ Bait. .4 O.-EastO. R... 17.T91 Went Ohio Itlver 5,6rH, li. A O. Southwestern.. i;,ll6 Clev. CIn. Ch. ..» St. L. . l:i,9;il, IVorIa & Kustern l.liTI Grand Trunk ii ir.,:c>2. C'hlc. & tirand Trunk (i9,U73 .. rW 11.9-23 ..62.:a6.Hll .. 44,2(11,909 . . 1)9.073,092 . . 69:10.269 .. ls,.-61,4.->4 .. 3,; 26, 18:1 .. 2,261,018 .. 21.581,901 .. 24,706,902 .. 1,151,131 . . 768,509 "0,76l,2ia < 16,9'.i«,6;2 4,-,6:l,-2S5 6,2- 2,.'iOC. 12.948.140 l,W.!.(Ki6 (1 1 11,369,451 a2.495.40! (i9:H.J'83 19.,V>;,868 12,.t84,I113 41.791.492 .'•..6-29.2:i7 53.7il4.-*<3 31,64' .992 (.3.96.".. 1!17 bll.263,>79 M,224.127 11,6-24,324 216,N65,7ti5 t 12.1559.941 18,06.S.209 bS.S.M.OSO 6810,158 62.-222.729 43.1k->N,862 68,36«,582 6895,-i90 17.331.594 3.737,118 l.%2.984 20,n4.191 21,545,808 874,(ilO 24.282,683 t 5.840.285 I,2W,ai5 2,29-2.615 3,W1,M8 .'•|O:!.-200 04,89-2.418 J 5,272.969 5,442,886 bl,795..S72 6:107.7.'-.0 68-22,726 6.76li,9UI 6,".,011.185 6413,152 4,'vi6.l«il 1,063,458 87."),710 9,883.040 def.59-l,s02 61,374 def.40,918 23.75i-),742 $ 5,691,704 771.941 2,307,692 3,-28i;,66il 23;t,4-l3 a4,714,057 udef.3,144 all9,lS3 fi,371,PliO 3,439,905 14,ir2,7i'8 18.340,5 9 10,641.113 6l,ir22,.\H4 63.498,3.59 64S7.-212 2,7:K,746 73,890,065 4.221,635 5..W8,672 61,750,710 6169,640 6787.418 7,IH9.667 64,154,637 641,1,1-27 4,U 9,765 1,084,881 682.001 8.890,418 def.9(i.S29 def. 4.941 de(.14,li'26 + 114.649 4 38,8-19 —2^0,796 -97.957 —7,315 -2,782 +80,08:1 +7.8(9 + l';o.-2!-7 +276.-270 -I 137,6su +32.818 +7,296 +526,841 $ + 148,-« +5. 16,*. 94 -l.'.,077 126l.9!-8 2:59.757 178,361 +83,771 —11,059 +76,015 4411,1 95 — 279,7s6 4 277,858 + 1.:)42.329 +-2,769.:i69 4 6215,132 -J-6T27,817 +6194,719 +753,173 +6,410,209 +1,1151,331 — 95,7S6 4641,662 +613S.110 +635,308 —288,71.7 +685«,.'>1S —61.975 + 5-26,-236 -21,4-23 +193,709 499S,612 —568,473 +66,315 —26,892 Total (13 roads) 149,a>l,651 MUlille States— Addison & Pennsylv.. Adlrondaek Allegheny Valley .... Annap. W'ash. & Bait.. Kath .% Hanimondsport Brooklyn Elevated ButT. Koch. & PIttsb-g. Canitlen & .-Vtlantlc Cumberlund Valley Dniik. .\l. it I'ltts ElCort & Northern.. . Fall Brook Hunt. & Broad Top Kings Co. Elevated Lehigh & Hudson Lon^' Islind Manhattan Elevnted.. New Jersey & N. Y N. Y. Phlla. & Norf.... N. Y. & Rock. Beach .. . Northern Central North. New Y^ork Phlla. W. .* Bait.* P. y.x C. Island Stat.-n Isl. Rapid Tr... Stony C've & (5ats. Mts. Syr. Geneva & Corn'g.. Ulster A Delaware Walklll Valley West Jersey .t Brs Western Maryland West. N. Y'. & Penn. . . Total (32 roads) Middle Western— Chicago & Alton Chic. & West Mich CIn. Jack* Mack Gin. Leb. & North'n CIn. Porl,s. & Vlr Clev. Canton & So CleTe. Lorain & Wh'g. Col. Hock. V. & Tel.... Col. Sand. & Hooking.. Det. Lansing .t North.. Detroit .t .Mack Elgin Jollet & Enst'n.. Flint & Pere Marq Orand Itap. & Indiana. Illinois Central Ind. Dec. & West Indiana III. & Iowa Iron Kanawha & Mich Lake Erie All. A So.... Lake Erie * Western.. Ix>uls. Evans. It St. L. . I.ouisv. N. AI.& Ch Mantstlque Ohio Southern Peo. Dec. & Evansv Pitts.Char. SYough'y. Pittsburgh L.Erie Plttsb. Mar. ,t Chic... Plt(slinrg& Western.. Sag. Tu.sc. & Huron Sag. Val.& St. Louis... St.L. Alt.&T. H St. Louis Van ScT. H.». So. Haven ,t Eastern... Toledo* Ohio Cent.*.. T.'l. Peoria & Western. Wab. Ches. .* Western. Wheel. & I.ake Erie... Total (.a roada) .... 70.463.250 6t.i108.836 22.775..'a5 19.5.|4,iil4 +3.231..M1 Nortlitivslem— Burl. (;ed. Hap. & No.. Chic. Burl. & North'n. Chic. Burl. & yulncy.. Chic. MM. ..VlSi. Paul... Chic. A Northwestern. Chic. St. P.M. & Cm... Duluth A Iron Range.. Duluth So. Sh. & Atl... Iowa Cent nil Keokuk & Western.... Ml lineup. & St. Louis. . Minn. St. I'.&S. S. M... (julucy Oma. & K. C... Total (13 roads) Southwestern — Arkansas Midland At. T. &S. F SI, L. & San P'ran.... Atlantic & Pacific... Austin & Nortliwest... CrysUl Denver & Rio Orande. Eureka Springs Ft. Worth & Den. City. Ft. Wth A Rio Orande. Kan. C. Ft. 8. & ,Mcm.. Kan. City Northwest.. Kan. City A Beotrlc. Rio Orande Southern.. St. Louis Southwest San. An. s Ar. Pass SHverton Union P. Den. & Gulf.. Waco & Xorthweateru. 1895. 4,r*'.xa 2.Um.9(i7 31,6.'i2,:i4j| 3II.«JK,U(11 31,.'AH,C29 7,5iK,7(-4 a2,l.'.5,613 1,MI.H23 1,679,702 :i8I,5.-i6 1,9(V», 5.5.3 3,I4M,156 •261,297 -Oross . 1S94. 748,831 82«,3ii9 ,514,878 ,473,387 I19.:162 ,297,619 ,.'.01,1 1-29 670,987 ,66:,:t70 363,r>».S ,777,361 I,600,li42 238,571 1895. 1,154.371 5;;9,4-27 12,124..3:i9 12.81 10,119 ll.i*)4,h-27 2,67-2.111 al,219,y,8 6911.319 611,987 1:6,379 8:«l,(J2:i 1,130.559 91,;(73 Set— ln»l. 1,026,013 548,436 12,ti«i.57l 9,975,(r27 9,0lW,6.3l 2,351,4:15 a.K7-2.'14 576.748 5."«l,-2«0 11.3.162 71i',;«i« 822.639 61,666 Inc. or Dec + 127,761 -9.109 — •276,-232 +2.H.s.'..m 4 2.7'.«;. 193 4 .•«i,'.7« + 346.942 4 113,571 +00,707 423.217 +I19.i.:!7 4:«/7.9-2i) +29.707 119,240,i;98 « 111,971 29,172,724 6,1 05,943 3,;-i5.i:t9 2-^2.5.59 9,H13 7.291,569 0,57.9-28 1,086,702 412.371 4,. 530.2.37 265,574 4.953 4.53.1 U7 5.ii47.:i06 1,971.828 77,1.19 3,091,486 28H,577 Total (19 roads) 63,846,866 Piivijlc Coast— S Canadian Paclrtc 18,941,037 Ncvaila Central 027,419 Northern Paelllc 19.088,647 Oregon Improvement. 3,-221,633 Hlo Grande Western.. 2,^92,420 San Fran. & No. Pac... 8ll.7(i2 Southern Paelllc Co. (6). 4f.,529,:i27 Gal. Har. A San Ant.o 64,: 69.8.S0 Louis. Western o 69%,&"3 M'gans. La. & Tex..a 65.373..365 N. Y.Tex. & Mex...o 6215,672 Tex. A NewOrr8...a 61.497,8>'4 Pacific System 632,507,3-26 Central Pacinc. . . u .6r2.aw.766 Union Pacific <6 rds)... •22.3.5 Georgia A Alabama.... 498.491 Ga. South. A Fla 83ll.;^3 Gulf A Chicago 46.851 Jacksonv. T. A K. W... 387.168 Kan. C. Memp. A Blr. .. 1,130,021 Ix)ulav. A Nashville... 19.809,198 Louisv. St. L. A Tex.... 438.606 Macon A Birmingham. 72.ai5 MemphlsAChar 1.266'I37 Mobile A Oh io 3.4(-7.4 'vl Nash. Chat. A St.L.... 4,>71.84a New Orleans A South.. c70.l95 Norfolk A Western.... 9,662.IB7 Northeastern of Ga .'>4.:it.l OhloRlTer 887.271 Ohio River A Charles.. 1'<6.S19 Petersburg 546,227 Rich. Fre<.6S2 64r«.977 61,:r25,275 671.911 66111,560 611.217..5,>4 64.434.174 8..10I.607 65,498.869 62.4211,610 6110.720 6def.2N,:i70 6110,726 89,00f.;Jll 56,666 6,290,814 2, 101, (■28 HiM.TiiS 094,620 3,4(j3 2,745,115 u:»,156 2X7,478 16:1,618 1,431.906 14,6-20 def.42,;{48 192.292 1,1162,014 622,»<7 26,819 601.115 159,860 16,527,379 t 6,4'23,:nO «def.43 5,|V6,249 C97.811 66O,M0 29I.M5 15.:'6«.266 61.151.7(4 6417.602 61,-204.847 698,249 b5(i6,.S.;9 611,-240.7(10 64.596.842 6.4-12.S05 f<4,6:r2.176 61. .172.975 6190,613 6def.-24.767 6123,-2:r7 6355,828 6def.49,077 9,.585 2,817 69,291 2,828 Total (.■» roads) 88,158,777 MexUan Roads. i Mexican Central 9,495.*n 698,676 S29.S82 3,902,246 1.50,280 18,068,691 53:!,6(U 978,741 a312,a» 78,557 87,289,762 8,426,025 a 1,939,839 03,900.856 «2.'262 40,803,564 8 45,087 206.987 133.2S def.44 1(6.1(19 15.2(il 99,169 3,1,56.550 823,513 7,719 467,879 5.493 r..8.199 83,316 295,:'03 8.876 - 29,792 186.024 6,776.1125 10(i."4»4 l.»*4 211.222 1.229.511 1.966.989 o def .9.862 2,138.451 12.894 319,54;) .37.090 2111.613 236.TN6 91.977 979.097 59.468 5,456,6(12 201.724 393.940 a20I.S»B ■23,857 26,6767790 8 3.896.476 a924.77J al. 859.71 9 S«,661 35,074,611 40.119 lS9.(n:) &4.'26U def.9<»5 150,-^i7 15.619 l.'H.I62 3,012.>-55 715(1.932 16,034 698,603 3,7:.3 41'2,692 65.508 2-23,515 314,a-.3 175,^>9 7.:il3,.542 81,157 13.9.,9 220,713 1,167,427 1,856,609 o def .4,7a 2,646,.'->t7 17,533 276.963 ■2(i,9..9 188,1+1 261, -237 81.711 1,225.031 46.998 4,916,:>-s7 1.58.61 f. 32<..591 al90,6:!9 27.337 27..358.S12 2,966,.^50 a-'f.i.nn al.din.'M 316.444 +7,166.212 -18.782 —111,717 —15,472 + 13.77.1 -19,6-» —569 +-I14,'291 —5.216 -77,700 —7,311 -47.5.59 -7I« +21,090 44^6:<4 —203,197 -62,lii7 +16,402 + 177,091 —1,159 + 113,817 1,(fi7.< + 1,057.641 42.6:t9 +2,.599..5.50 — 3M.29? 4262.(^« —43,111 +.322,6.54 4t26;.9l8 + 651,375 + 612(1.4-28 —626.303 4644.221 4 62-3.146 — 61i,-2.C.63 4 l.'» 478.972 + 861 —12,798 -38S —54.993 + 143.695 +62..573 —8,315 -230,724 + 1,740 —74,493 + 19.818 471,788 +2.689 —281,561 +10,135 -537,517 +19,147 — 12.58.'5 -9,493 +62,(61 +110.380 0-5.129 -508.1 «6 —4.6)9 4-42.5811 4)6.131 422.469 —4.451 +10.-21 6 —■245.934 +12.170 +510.215 J4.3.119 71.349 11,1*9 —3.480 -«82.022 8 +9ai.lH +i:).5..-65 4l97.l95 *19.217 Total (4 roada) 16.634.234 14.928,982 7.016,618 5.764.515 +1.28J.I03 Grand tot. (aO9r'd8).1.020,074.752 958,334,064 31.5,388,153 288,936,541 +26,451,606 oFlgurea and comparisons for this road are for eleven montbs ended No- vember 30, the December returna not being ready yet. 6 Not counted In footings, because Included In earnings of the system nnder which thla road appears. c Figures and comparisons for this road are for ten months ended October 31, the November and December return not being ready. • For year ended October 31. t Toledo, Columbut A Cincinnati Included In both years. I For year ended November 30. i Concord A !Iontreal Included for the last half of I^'95. but not In 1894. isi CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. The National Hanks of New York and Jirooklyn^ with State Hanks that associate direct or indirect with the Clearing House. 533 6* 21 45*+ 1 70* 2') 88 4+* 65+* 4+t 79t* 15 62 74 30 12 36 54* 8 2:1 81+* 34*+ 45*' 47 59 20t* 29+* 82 76* 3+ 67*+ 61 6S 14 Kl 72* 77* 6fi*t 7H* 17* 27*1- 33 11+ 82'+ 45*+ 53 34 18 91 80 2* 42 4 IG* 27 3 13 83* 44*+ 2I*t 65*+ 40 90 3*+ 71 1(2* 07 61 44*t 32 49* 28* 54 31* 7 62*+ 2;» 8in 85 19 63 44 86 20* 82*+ 66 10 14*+ 80*+ 54*+ 79 87 84* 13*+ Name of Bank. America American Exchange National Astor Place Bank of New York. N. B. A. . Bowery Broadway National Brooklyn First National '■ Nassau National.. " Manufacturers' Nat " National City " SpragueNation.il. Butchers' and Drovers' Nat. . Central National Chase National Chatham National Chemical National Citizens' National Clinton City National Commerce National Colonial Columbia Corn ExcIiaDKO Continental Nat ional East River National Eleventh Ward Eninire State Fifth National Fifth Avenue Franklin National Fourteenth Street Fourth National First National Gallatin National fTarficld National German- \nierican (icrman Exchange Ganse voort < Jermania Greenwich Hamilton Hanover National Hide and Leather Home Hudson River Importers' and Traders' Irving Leather Mf'g National Liberty National Lincoln National Manhattan Company Market and Fulton National. Mechanics' National Mechanics' and Traders' Mercantile National Merchants' National Merchants'-Exchange Nat Metropolis Mutual Mount Morris Murray Hill Nassau National Union New Amstenlam New York County National.. New York I'roiluce Exchange New York National Exchange Ninth National Nineteenth Ward North American National Oriental Pacific Park National People's Phoenix National Plaza Republic National Riverside Seaboard National Seventh National Second National Shoe and Leather National.. . Sixth National Sti te of New York State Southern National Standard Third National Tradesman's National Twelfth Ward Twenty-third Ward Union Square United States National Western National West Side Yorkville 96 banks clearing through 67 members Deposit of Clearing House Banks. Feb. I, 1896. $19,723,600 18,4.55,000 1,673,000 11,110.000 3,076,000 4,628,200 5,147,000 2,600,692 2,411.561 2,851,895 1,45.5,160 10,15.5,000 li>,943.100 5,798.300 22,768,000 2,036,800 991,!H)0 34,022,600 14,103,800 542,100 2,288,800 9,226,.500 6,053,000 1,093,000 1,369,200 tPeposit of Bjuiks that clear through other Banks 1,647,200 7,.528,80( 490,7(Kl &S.5,400 18,868,70( 1H,421,300 5,024,70< 4,877,40( 2,.595,60! 3,210,300 857,10< 3,776,.50(i 1,005,70(1 774 ,.300 18,0.5.3,401 1,H03,5(M 728.90(1 879,40(1 l9,:m,ooo 2,610,000 3,287,800 1,902,.300 7,216,900 13,069,0(K1 4.i:«,000 7,214.000 2,515,000 6,769,200 10,l,000 2,866,000 9,446,001) ],4!»2,200 3,4«i,g00 2.6.58,500 1,3.32,200 3,.560.000 877,000 5,901 ,, April 17 95, May U 21014 Dec. 4 98, July 2 298 Dec. 4 1.32, May 1 135, May 17 3;i50, April 24 100 April 9 Lowest Public Sale In 1895. ) a 203, Feb. 12 (b345 Dec. 4 154, Feb. 2 220, June 5 233,' Feb.' 13 1.5094, March 27 117%, July 10 325, Dec. 17 4,125. Feb. 6 13.5, April 17 87, March 26 180. April 3 98, July 2 275)4, Feb. 12 122, Jan. 25 135, May 17 190, Jan. -2 308^; April 10 !,».50, April 24 9.5, .March 13 113, March 19 a59)4, Dec. 4 400 July 15 175^, April 10 175H, Dec. 18 305; Aug.' 28 113, March 19 3.59>^, Dec. 4 311, Aug. 22 387W, Julv 2 175H, April 10 3li;'Aug!22 520K.. Sept. 18 .50.5, Feb. 18 I425J, Sept. 28 1.35. March 18 170^, May 1 167, May 8 670, Sept. 25 2O0I4, Dec. 4 2'20W. Dec. 18 19^V4. Dec. 4 1.52U., .March 6 179H, Oct. 30 i:«, Dec. 19 115, Dec. 4 330, April 17 1.5.514, Dec. 4 19314, Nov. 6 17.5-%, Nov. 27 .587, March 6 12.5,March2ti 1-21, Aug. 14 12314, iMay 22 14.5, Jan. 9. 20414, Aug. 28 187, Dec. 4 277!^;, Aug. 7 219, June 19 \\t^, April 24 156, Aug. 13 108, March 7 121, Feb. 20 95, Sept. 12 lii.bec. 4 165, Jan! 5 10.5H, Dec. 4 100, Feb. 13 100, March 13 114, Dec. 18 .56.5, March 20 183, March 13 21.5, April 10 180, April 20 H0!4, Aug. 7 17!%, Oct. 30 130^:^, March 6 109, Jan. 4 220, Dec. 11 151, Nov. 20 19014, June 5 160, Jan. 30 .580, June 18 120, Nov. 13 117. Dec. 19 12:{J4, May 22 110. Dec. 4 20414, Aug. -28 187, Dec. 4 270, Jan. 28 249, June 19 113^, Feb. 13 152>!i,June 5 168, March 7 113>^, Oct. 9 91, July 22 103, Feb.' 19 14'1,'6'ct. 30 105ibec.'l4 93, Aug. 14 100, March 13 110, Feb. 5 Last Exchanife Sale. Recent Bids in 1M«. 325 172 '235 290 240J6 1.55 120 '34.5^ 4,2.50 135 90 462 206 100 215 298 130^ 1.35 275 3,230 95 170 175H ■307^ 400 113 360 112 400 17.5^ 100 311 m lft5 1.58 .520K> 142 170 116 670 200 220W 19'2!4 140^ 182 1.34H 115 4.35 100 140 220 1.5.5U 1!»2!4 180 .580 120 1118 117 115 140 201^ 1x7 276^^ 249 105 '1.51 1.50 168 125 ;t50 90 3.50 108 "iii 117^ 105 95 122 100 195 175 112 300 164 325 167 212 215 270 230 400 270 210 400 22(5 142 115 .500 .315 4,2,50 125 90 420 2a5 100 180 285 125 1.30 200 '275 2,8.50 90 170 170 2,800 ,300 425 112 .350 105 .390 177 100 300 90 140 1.50 520 137 170 120 670 200 208 185 130 165 130 110 400 100 120 215 1.50 195 170 580 115 95 115 110 l:«) 200 180 270 235 103 170 147 150 165 HO 430 85 270 108 85 100 105 105 90 115 100 190 175 100 275 150 12 J J 7NN 6 J J 10 J J 12 J J 12 J J 16 J J 12 J J 8 J J 20 JJ 6 JJ 8 JJ 7 JJ 10 J J 16 Q 150 bi-mo J 7 JJ 15 M & M 8 JJ 8 JJ 12 F& A 7 J J 8 J J 8 JJ ie'j'j 100 Q J 6M&M 7 J J 100 QJ 12 A&O 7F& A 16 May 10 M & N 6M&N 16 'j'j 6M&N 6 F& A 20 J J 8JJ 10 J J 8M&A 7F & A 10 J J 8JJ 10 J J 7JJ 7JJ 6J J 12 J D 8Q 8M&N 8JJ 6A&0 6F& A 6J J 6JJ 6JJ 10 J J 8QF 10 J J 10 J J 6JJ 8JJ 6Q 6JJ 6JJ 10 J J l2'j'j 6M&N 12 J J =•3 259 147 •233 108 3-28 263 176 124 361 317 •2561 167 108 420 i;i 139 186 218 120 158 322 256 11.54 121 160 165 1526 262 418 137 403 r28 421 186 126 296 122 171 188 475 168 180 1.31 2!»1 201 213 208 183 196 149 127 .362 138 144 297 1.53 136 179 319 129 124 150 129 182 2.38 214 261 226 142 194 164 185 147 135 306 104 27,1 141 136 218 114 1-26 110 165 r27 213 212 113 2.56 175 A Old Stock, b New Stock. * State Banks. t Official Reports. Banks clearing through others whose numbers are indicated in first column, t Statements Feb. 28, 1896. 252 CLAPP & CO, BANKEES AND BROKERS, NEW YORK, ANNUAL RECORD. Exhibit of venue tr lin mileage I'assenKcr mileaKe Freight mileage Mixed mileage Passengers carried Passenger mileage Tons of freight moved •. Freight mileage Tramc earnings from passengers Tratlic earnings from freight Miscellaneous eariiins's All earnings Ueceipts from other sources Net earnings Available revenue All payments Rentals, tolls, etc Interest on bonds Other interest Dividends on stock Miscellaneous payments Ba lance, surplus, or deficit . . Ca lital stock per mile ci>mi)Icted road Bondeil debt per mile completed road. Cost of road and equipment p.T mile completed road | Passenger earnings per mile road in operation I Freight earnings per mile of road in operation I Net traflftc earnings per mile of road in operation Percentage of e.\i)ense3 to earnings Passenger earnings per passenger per train mile Freight earnings per freight train mile • — — Oross earnings per revenue train mile. . Cross expenses per revenue train mile Net earnings per revenue train mile — Percentage of passenger earnings to gross earnings Percentage of freight earnings to grosi earnings Percentage of other earnings to gross , earnings Kami ngs per passenger per mile in cents Earnings per ton per mile in cents Average miles each passenger carried . . Average miles each ton freight hauled. Average percentage of interest on all bonds Average percentage of interest on all bonds and debt com hi ned Average percentage of dividend on all stocks Average percentage of interest and divi- dends on all stocks, bonds, and debts Number of roads went into bankruptcy Number of miles placed in hands of receivers Amount of bonds and stocks involved.. Number roads foreclosed Number of miles foreclose*! Amount of stocks and bonds involved *18!I5 +l(M,5'21t..'ffl $293,4a5,7!i2 683,aJ-~','.i8X i,003,022',a5;i :«,057,24:! t.'K.5,:«r).2i« :5.T.S.412,J61 3.%,361,!M6 53,ia"),54,i 1,784 4,i.:i C7..i6 181M $2:t2,7,T,i.l8 l7.s,o.y.o:- 2,r)l-2.2.i l!i7.1!tl.i:< 3,">,2(W.7.') 35,81.3 26,34.") 7,937 l,l!tl,Mir) 1,2-.'(;,U8 $n,4.Vi,22<»,00.i,77.'),7t>4 382.it27,834 4.38,'JIl,tHll 9,fi!l3,141,.T87 l,6.-)l,3fi6,198 2.38,30f),3(H) 22.'>,G12,(»88 17M44.11 818,:!82,712 327,211,«2ti 47r),7H!t,88;) l.'),381,(Kll .'>«3,248,(Kr 13,6(K),.->31,6;<.T ()7r),r2!l,747 82,2Sfl,400,4'.)8 8276,031 ,.571 700,477,409 91,1:M,">.33 l,067,G43,.->13 il6,1.58,8;i4 317,7.57,?9!) 413,91t>,2.3;f 424,686,688 60,840,237 2.34,702,91? 7,444.802 83,478,669 :i8,22t),068 D. 10,77O,4;).T 28,691 32,141 55,641 1,573 3,!»93 1,811 70.24 0.844 1.472 1.305 0.916 0.3»l 25.85 65.61 S..M •ism 0.851 23.32 121.89 4.11 18!)3. 1892. 1891. 4,089 $369,075.(M)O 52 12,8;<1 $761,791,000 3.93 1.61 2.89 38 7,025 395,791,ai0 42 5,643 318,999,000 4,663 2,06:i 70.40 0.917 1,.522 1,859 0.957 0.402 25.81 66.89 r7..30 2.016 0.8a3 24.29 119.55 4.30 4.01 1.86 3.02 "l 29,340 1,781,016,000 25 1,613 79,044,000 221,«82..53 171,8IW 72 4,40!) 182,710.76 :J8,917 77 24,«)4 7,8:«j 1,117,728 1,1.50,162 ,9TI,0'.II,28< ,;!.')!l,.i<;i,01!|i :is.s,i(;!i,7:ti' ,,M;:i,ii!i,o;'.'| ,4(K5,0I9,'.I6;)] 28.'),4.V),2«T 417,4(ai,9.">7 ,293,062,143 ,600,493,849 2.').3,089,4»7 212,!»2.5,.530 170,fi^''" 523,8:U,4.58 17,148,4.52 .575,709,678 ,.584,:H3,80I 7:i(J,6(J.5,011 ,413,197,i;<0 29:i,.5.57,476 7!t4,.526,.500 80,9.52,8ti4 ,169,036,810 114,428,952 3.52,817,405 4.57,246,.367 425,615,082 62,.541,445 229,90!»,292 t),.59:i,287 9.3,.st;2,412 32,70.'<,64(i 41,631,275 28,680 31,845 54,644 1,721 4,787 2,068 68.83 0.906 1,559 1,378 0.970 0.408 24.63 6852 6.a5 2,143 0.967 2:1.79 112.70 4.25 4.38 1.93 3.01 36 10.508' 3.57,692,000 28 1,922 95,898,000 214,528.95 107,845..56 4,1,7.VI,)9,S 17«,^21,9,S9 3l.5,l(r.',6:t2 37 1,1151, 161 ,927,571,592 1,.588,.590,522 2:tl,841.'.H!9 16,948,394 .5^5l,.52:i 290,T99,6'.I6 7,54,185,910 80,.>49,209 1,12.5,,534,815 101,i:«),82:^ :«0,807,:i70 451 ,947,193 412.921.659 «>l,24;i,7:« 222,652,»X) 5,917,.593 89,0!W,757 31,008,271 39,025,.534 28,641 31,179 63,648 1,770 4,591 2,168 68.33 0.907 1.528 1,354 0.932 0.422 25.84 67. 7.16 2,184 929 2395 115.29 4.25 4.10 1.85 3.06 26 2,1.59 84,479,000 21 3,22:1 168,069,000 1890. 208,151.89 103,:<;'>«.!H) 5,:i.5:i 167,457..58 40,694.31 31,812 21,664 7,2.53 1,1161,9.5; I,0'.i0,8*i9 S10,288,(W7,5I8 10,.5!IO,(;o.i.613 301,918.12.5 4,.5!IO,17l,.">(;i .5,0.53, 3r.t,!i'.N) :!7.5,2K 1.271 ;i«9,91 1,696 8,71O,3O0,:iO2 l,4;58,.59(t,089 22:!,2(»2,51!' 198,.',ll3,7:i:i 157,97(i.46 79.3,925,115 297,214,7ir 482,!M)0,422 13,780,016 520,4.39,1182 12,.521,.">tx>,619 691, :it 1,437 T'.',l'i;;.'.'.-.'>,I2.5 27L',:!21l,'.«il 7:J4,821.7:« 71,t;'.':.',W5 l,078,8;r..3:i9 1I).H,046,387 :Mi,r,ll 1!)0,0.V),105 ir>;i,68i).ir2 721,987,1 279,0K.5,1I5 429,469,7371 13, l.32,2(«l 494,808,421 11,!»'4,726,015' 619,l(;5,tviOi M,677,276,9'.r2 2.VJ,4.39,2:il 6iM,9«;2,:t:u f;<;,ivii,7.57 992,0I6,;(19 KS,,S<»1,148 319,!»6.3,074 40*;,7t;7,222 ;C5,:52I,671 44,798,12!t 210,2W,:«5 6,747,142 79,.531,863 33,979,212 31,4»2,,551 28,095 30,178 53,740 1.1 4,433 2,095 68.72 0.932 1,.5.50 1,.374 0.931 0.440 26.13 67.13 6.71 2,169 0.'.»70 24.18 110.90 4.40 4.09 1.81 3.03 221 3,803 99,664,000 25 2,930 1.37,81.5,000 1888. 191,4!r7.26 151,27.5.81 6,912 I38,5ni.:v> .52,9S4,008 1,729 4,.397 2,045 64.45 0.937 1,5.57 1,.380 0.948 0.432 26.44 67.24 6.32 2,246 0.977 24.79 110.72 4.35 4.17 1.77 3.03 22 3,270 1.86,811,0:10 19 1.596 64,5.55,000 •1S95 Items all from Prelimln.iry Report of Interstate Commerce Commission and Includes 738.39 miles outside U. S., covers 630 roads. tTlie RaUway /Ipcsavs tiiat during 20; years ending 1895 there were 645 roads representing 75,757 miles and f4,29O,0U0,U0O foreclosed and sold ; alx>ut 150. roads, are now operated by receivers. " Railway Age." STATEMENT SHOWING NUMBER OF MILES OF RAILROAD CONSTRUCTED AND OPERATED IN THE UNITED STATES EACH TEAR SINCE 1830. Years. Miles. Increase. Years. Miles. Increase. Years. Miles. 5lncrea.se. Years. Miles. Increase. Years. Miles. Increase. 1830. 23 1343. 4,185 159 1856. 22.016 S.642 1869. 46.844 4.61.5 1882. 114.712 "11.569 18SI. 96 72 1844. i,zn 192 1857. 24,003 2,487 1871). 52,'.>a 6,078 1883. 121.450 6.743 !S- 229 131 181.5. 4.633 256 18.58. 26.968 2,465 1871. 6U,-293 7,379 1881. 125.S79 3.924 18S3. 880 151 1S46. 4,930 297 1859. 2S.7S9 1.821 1872. 66.171 5,878 18St. 128.361 2.982 1831. CSS 253 1847. 5,588 668 1860. 30.626 1,837 1873. JD,268 4,097 1886. 136,379 8,018 1835. 1,098 4K5 184.S. 5.9% 398 1861. SI,2S6 660 1874. ?2.:85 2,117 1887. 119,257 12,873 183S. 1,273 175 l!vl9. 7.3M 1.369 1862. 32.I-2U 8:U 1875. 74.096 1.711 - 188a 156.169 6.912 1SS7. 1.497 224 1850. 9.IB1 1.656 1863. 33.170 1,050 1876. 76,808 2,712 1889. 161,353 5.184 1838. 1.93 416 1851. 10.9S-2 1.961 1864. S!.9(« 7:« 1877. 79.088 2.-2S) 1890. 166.7116 5,.l53 is:«. 2.:»2 3S9 1852. 12,908 1.926 1865. .^5,U85 1.177 1878. 81,767 2.679 1891. 17U,795 4,1 >89 IH40. 2.818 516 1853. I.5.:*) 2.4.52 18156. 36.8(11 1,716 1S79. 86.584 4.817 1892. 175.204 4.4U9 IS4I. 3.535 717 1851. I6.T» i,.360 1867. 39.2:50 2.249 188a 93.296 6.712 l>J 1868. 12.229 2,979 1881. 103.143 9,817 IS94.« 1895. 179.672 181.4^ 1.919 1,78E 853 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Railway Receiverships in 1S95 and yearly since 1884, and Foreclosures during 1895, and yearly since 1875, as Reported by Railway Age and the Manual of Statistics. ROADS FOR WHICH RECEIVERS WERE APPOINTED IN 1895. Road. Atlantic Short Line (Ga ) Bellaire, Zanesville & C. (N. G.) Chicago, Indiana & Eastern Columbus Southern Columbus, Sandusky & Hocking. .. Columbia & Puget Sound (N. G.). . . . Delaware River & Lancaster. Ft. Wayne, Terre Haute & S.-W. . . Humeston & Shenandoah Kansas City & Omaha Mammoth (,'ave Manhattan, Alma & Burlingame... Mobile& Spring Hill New Orleans & Southern New York, Pennsylvania & Ohio. . . Norfolk & Western Ohio Southern Pacific Coast (N. G.) . Palmetto Pennsylvania Midland Pensacola & Perdido Pine Bluff & Eastern (N.G.) Pittsburgh, Marion & Chicago Port To wnsend Southern San Antonio & Gulf Shore Seattle & Northern Stuttgart & Arkansas River St. .Joseph & Gr.ind Island Tennessee Central Wliippany River Wichita & Western (A. T. & 8. F.). Miles. 38 111 10 88 227 54 12 11 112 19\ 8 .56 7 66 600 1,574 224 77 18 10 10 23 25 43 29 36 34 251 12 4 125 Funded debt. *$400,000 988,000 1,087,000 9,127.000 310,000 .♦lOO.OOO 2,648,000 2,713,000 100,000 678,000 100.000 1,174,000 124,777,000 .55,000,000 5,163,000 1,370,000 200,000 •200,000 60.000 180,000 896,000 Capital stock. *$400,000 1,628,000 100,000 1,305,'jOO 7,3ftt,000 1,000,000 244,000 ♦100,000 4,026,000 4,408,000 375,000 11, .309,000 100,000 2'),000 1,7.'>0,000 1,000,000 100,000 200,000 45,000,000 59,.tO0,000 3,810,000 1,370,0(:0 300,(KX) •200,000 125,000 600,000 500,000 3,000,000 .SI 4,000 5,0(»»,()00 500,(00 4,600,000 100,000 Total, 31 roads Total bonds and stocks.. 4,089 $321,211,000 " 1,03.5,00'' $147,8.\S,000 369,069,000 BUKMART OP BECEIVBRSHIPS FOB TWELVE TEARS. Number Year. Roads. 1884 37 1885 44 1886 13 1887 9 1888 22 1889 22 1890 26 1891 26 1892 36 1893 74 1894 38 1895 31 Total, 12 years. 378 Mileage. 11,038 8,286 l,7'.i9 1,046 3,270 3,803 2,963 2,1,59 10,.5ft8 32,417 7,025 4,089 Stocks and Bonds. 8714,7.55,000 .S8;5,460,000 70,346,000 90,318,000 186,814,000 99,664,000 10,5,(K)7,00^ 84,479,00 .357,r.92,(KjJ! 1,699,792,00^ 3!I5,791,00q 369,075,00 88,403 $1,559,193,000 RAILROADS SOLD UNDER FORECLOSURE IN 1895. The following is a list of railroad corjiorations whose property has been sold under foreclosure during 1895, with a statement of their mileage, capital stock and bonded debt : Funded debt. $71.5,IK)0 102,000.000 810,000 2,975,000 350,000 Road. Miles. Asbeville & Spartanburg • 66 Atchison, Topeka & Santa Fe 6,543 Atlanta* Florida 105 Birmingham, Sheffield & T. Railway 119 Brigantine Beach 13 Bristol, Elizabethton & N. 22 Carolina, Cumb. Gap and Chicago... 24 Central Railway of Georgia 312 Charleston, Sumter & Northern 150 Chattanooga Southern 92 Chattanooga L^nion 43 Chicago, Peoria & St. Louis 122 Cincinnati & Kentucky Southern... 13 Columbus, Sandusky & Hocking 227 Florida Midland 44 Florida, Georgia M,000 311,<;.31,000 24.3,2>0 4.8l'.l.h91 7-28,-70 855.4S6 $7,n49.r,49 12,014,956 $17,616,587 8%M.789 7,121,065 No. Liabilities. $1,500 7V6,(*7 10.1 Km 49.400 No. LlabllltlPi. Maine 188 58 36 567 254 202 1.305 1,607 1,910 1S2 i,ai9 TlTl" 3.621 299 68 58 805 09 103 102 l:!6 214 140 lir. 199 273 274 $496,156 213, V21 64,400 4,3I2.01« 1,786,2:16 5;.i,92o ~$7,47fi,441 9,889,410 $23.0.3:5.614 2.655.203 7,4'.t4,071 $1,257,858 405.644 1I5.:!00 10,9 12,f** 2,442,9S0 3,771,:»7 $18,965,817 22,860,292 $15,225,534 8.612.188 11,739,947 251 47 :» H36 253 187 T607 1,976 212 1.433 $2,449,210 3-^6,616 315,096 !6,4fi7.(ai l,8;l.U3 1,180.566 $22,860,292 $.-!6.8.58,225 3,:!5l.7(i« 15,6,85,058 1 '9 4 19 1 'i 2 1 $80,000 Mrts-iftchiisci ts 45.000 Coiineclirut Kboile Inland .526.000 1.166,526 33 15 ■.'.a 7 6 $777..567 346,325 $1,6-23.788 291.1198 52.'2IJ0 5 1 4 6 $I,8I7,.520 •• •• 1894 1-25,000 $2,647,179 74.5,4:14 Middle $.33,182,888 31,337.202 $1,8-2.5.784 1*4,250 567.3^6 l,73;3,:!6l 402,572 7911,817 1,097,76:< 1,933,400 2,093,006 757,(HIO 825,720 2,743.733 2,416,622 2.310,001 $60,577,919 55,895,049 $3,279,12) 4B0.1(K) 7I3.WI9 2,9-29,114 691,:!24 l,2:n.7i7 l,-26;!.90t 1,741, .5.50 3,1V»9,:M l,:Wl.'2-iO 9:i5.:W) 2,87ti,031 2,616 632 3.042.045 3,621 239 61 52 267 KKI 139 97 46 347 190 171 230 347 a;9 $55,895,019 $2,971,319 936, ;70 854.855 2,0-26,042 532,27!> 1,901,810 2,121.815 380,r.50 4,756,118 2.944.309 1,357.699 1,897.799 3.141,249 5,407,830 990 1,130 S6 10 7 27 17 5 8 4 21 11 1 17 23 38 $a8.014,142 26,415,912 $1,467,362 170,.'>(I0 92,460 446,(XI0 26:i..533 72,000 358,458 :!4.000 1,191.750 250.500 4,000 29:i,.848 632,293 1,859,%1 2,4:r2 2,399 205 58 .50 275 51 98 94 131 188 129 113 181 Ul 235 $25,596,441 26,415,735 $1,671,706 289.600 585.821 2,151,414 4-26,7<.il 1,159.747 905,4r.O 1.704.1/50 l,773.,s:ti 1,069,7.50 9:!0,:MO 2,570,78:1 1.81-2.569 1.181.381 49 72 8 i 3 1 'i 5 'i 1 3 1 $1,967.1186 3.065,402 $110,056 3.5.:i25 3;i2.l»)0 l.OOO "3.506 83,800 "loijo 12.1/00 201,770 700 10 15 i 2 '3 2 '2 1 $:t,39-2.613 •• 1894 7,452,721 Dl-trlcl of Columbia $16,881 1,198,402 West Viryilnla S'tuth Carolina Florida 45(J.O00 365,000 A labama Louisiana 23(;.-28J Tennessee 107,800 2.355 2.625 154 551 ' 421 l.r>6 1,055 718 212 ir2 856 323 2,311 2,133 311 301 2»4 231 46 56 41 10 12 13S 30 9 $19,703,921 ■23,454,259 $918,130 8,490.812 3.659,966 $8,098,908 7,024,432 $8,338,787 1.(135.340 3,525.467 18,213.937 3,086,255 $26,180,502 31,-230,544 $1,016,700 4,949.406 4,349.082 $10,345,188 9,082,680 $10,043,789 2.047..'«1 4.565.748 14,198,887 3,961,530 2,625 170 471 414 1,055 711 269 174 717 262 $31,-230,544 $1,38.8,010 3,9:«,526 3,766,144 275 -298 11 11 44 $7,136,160 9,860,361 $196,000 2.87.000 1.-244,505 2,055 2,304 143 539 376 $18.28:!,I91 19,450,990 $850,700 4,711,-206 3,I(«,777 25 28 'i 1 $811,151 1,919,193 aim 800 11 12 1 is $2,374,.368 HW 9:^5,254 $36,000 T.-xas 401,800 South West . $9,082,680 $6,963,695 3,702,932 2.1-22.691 8.042.1.59 4,079, m 66 74 165 .54 25 241 o9 S1.677..505 1,211.387 $4,458,815 892,600 2.410,773 8,aiii,179 1,3.53,400 1,058 970 538 188 146 602 277 $8,665,683 7,716,093 $5,060,024 l,l:r7.751 2.(194,975 5,618,018 2,380,530 2 11 15 5 1 13 7 $-2,1100 155,200 $5-24,910 17.1)00 60.010 2.5(1.400 210.61 JO 16 IS 1 2 1 2 4 $437 800 •• 1894 1,808,UOO Ohio $100,000 Indiana. 210.000 Mkhlgau 18,1100 Illinois 145.651 Wisconsin 615,UiO $:i4,799,786 24,663,608 $4,64.5.616 2,211.9-22 1,S.59.(H0 923.:S72 153,500 273,825 438,450 747.428 82.478 1,136,989 114.425 68.300 $34,800,305 ^,910,601 $5,'-'90,2:)9 1,853.395 2.083.060 1.15.5,6r4 297,450 348.558 441.100 459..597 100.080 1,760.2-24 151.450 96.500 2,133 360 253 232 286 65 30 19 14 •29 141 30 5 $-24,910,601 $5,156,666 5,098.510 1.21.2.473 1,487,817 26.5.050 107,500 240.037 568.400 72.969 2.083.2.57 341I.700 2-20,600 524 484 45 36 28 15 2 9 3 $17,446,067 11,425,671 $1,371,805 229,810 262,61*1 104,697 4b4',a66 m:n5 11,-200 1,746 1,613 255 266 36 219 46 56 41 8 11 125 27 9 $16,391.-288 12,285,410 $2,659. ■!23 1,661.555 1. ,5811.460 1,050,967 297,450 34S,.'^f)8 441,100 55,597 88.080 1,503.899 140.-2.50 96.500 41 36 11 2 1 i 4 $1,062,950 1,199,.520 $1,-259,211 1.2.(100 195,000 12,6l')6 17,000 10 13 14 11 16 6 6 i 5 $1,063,651 '• 1894 2 420,187 Minnesota $1 177 720 Iowa 4,400,470 521.000 406.1100 Oklahoma 68 000 North Dakota 170 196 1,816,383 WvominK New Mexico West 1,425 1,464 167 85 2 1 160 216 573 $12,650,315 15,328,566 $369,563 191,950 16,261 4,423 1,039.460 1.513,831 1.973.758 $13,992,317 16,912,979 $681,658 386.025 37.500 8.091 1,579.078 1,758.571 3,883.099 1,464 279 124 2 1 180 207 587 $16,912,979 $1,616,553 461.617 2.500 3,876 2,073.680 2.512,492 5,399.993 138 148 17 13 42 78 $2,628,467 4,650,687 $103,100 97,750 546,0-24 28fi.r35 4.50,222 1,268 1,300 150 71 2 1 112 178 495 $9.a>.1,(..89 9,00-2,202 $.578,558 283.-275 87..500 8.091 951.164 1.1.55.276 3,4:12,-^77 19 16 i '6 5 .- $1,515,211 3.260,090 $5,666 82'.666 316.600 59 41 ■3 ie 1 1 $8,559,774 9,800,667 " 1894 Utah Malio $230,000 NWatia Washington 2,27.',000 130(00 California 41-2,478 Paclflc 1,204 1,380 13,197 13.885 1,891 1,8.56 49 $5,109,216 7.55:t,659 $I21,021..5.'» 121,-251,136 $11,500,242 13,510,056 $789,463 $8..^8:^.962 12,100,711 $173,196,060 172,992.S56 $15.S02.9S9 17,616,215 $1,317,130 1,380 13,885 1,856 $12,100,711 $172,992,856 $17,616,215 183 231 2.635 2,832 441 494 $1,483,731 :i,300,746 $73,920,073 67,363.775 $5,872,502 5,,S98,3S5 $68,939 1.1109 1,114 10.381 10,840 1,439 1,345 41 $6,446,631 7,766,745 $9-?,706,422 94,65-2,131 $9,78S.9:a 11,436,-258 $1,227,171 12 35 181 213 11 17 1 $403,600 i,aa,-220 $6,r69..5.a 10,976,950 $11 1, .555 •281.572 21,020 21 27 132 1-25 7 6 $3.(M.|,478 3,124,-203 $20,710,210 25,66ij,0S3 $6i:'..090 876,814 •• 1S91 AffcrpGrafe Domlnlouor Canada 1894. .. Failures and Liabilities since 1893, classijied to s/iow jtercentage of each cause of failure in each year. Failitres Due to Incompetence InexpiTlenre L.tck iif capital , UQwIse credits Speculation (outside)... Neglect of bu-iiness Extravapanoe Fraudulent disposition. Disaster Failures of others Dndue competition U.viTED States, pkb CENT. Canada, per cent. No. No. Lla., 1894 1895 ISW 14.1 13.7 10.1 4.2 4.0 2.1 !M.6 33.2 25.8 4.2 4.6 3.5 .8 1.1 3.0 2.5 2.6 1.3 1.1 1.0 1.0 8 8.9 6.4 25.9 •24.9 39.0 2.5 2.3 6.2 2.1 3.6 1.3 Lla.,1 1895 9.8 1.7 2K.1 5.1 3.7 1.3 1.6 6.9 33.6 8.1 2.0 No. No. Lia., 1894 1895 1894 10.4 8.4 7.4 2.3 2.8 2.7 68.5 71.3 42.1 .7 1.2 .5 .9 .8 2.5 2.5 23 .9 .2 .1 .02 3.S 3.2 3.3 8.1 8.S 19.0 2.3 1.0 21.0 .5 .3 .6 Lia.. 1895 8.6 3.2 67.1 1.4 2.3 1.4 .1 3.7 9.8 2.1 Total for Years Namko. Teabs. No. Failures. 1884 10,968 10, 6:?? 9,S31 9,6.'M 10,679 111,882 10,9t'7 12.^2~t 10.314 15 242 13.SS5 13,197 ISffl 1886 1887 1888 1889 1-90 1891 isn2 1>:93 I8W ISM AveVe Llablll ties. 20,6SJ 11,978 11.1151 17.-«; 11. .51 (5 13.672 17.406 15.471 11.025 22 751 1-i.J'8 13.124 PROPOR-noNS OF Failctres. Middle Eastern Siiuthem Weistem Northwestern. Paclflc Territories , Totals, U. S Canada U.S. and Canada No. In No. Buslues.o. Falllug. 1.15».-»9 3.078 1.680 2.170 3.201 1.310 1,183 333 12.958 1,916 14,874 355 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Population, Estimated Valuation, Total Net Debt and Selected Bond Issues of States and Cities of United States named, compiled from Poor's Manual and The Chronicle. Pop. State, County or City •i.fion.non ♦;7.iKHi •l,fi(lll,lKI(l •IKMKW 2o.sr»si 14, 575: •98.fKlil •120.01101 105,287 25.2'28 •539,.'?5',r>oo •4.'), I III I ],75(l,0iKi *36.'>,olllnlbus, O Coluiidms, Oa Ciinnectlcut Cook County, 111 Council BlufTs, la CovlnKton, Ky ild Cumberland Dallas. Tex ♦179,700 Dela\yare. •.35.IKH) •H5,0IKI •I7I.I '7.5.1 «)0 •3(NI, •270.519 ♦40.3.-4 »& 1,001 1 1J.4«1 •55.1*11 5'i.7.56 •9 i.om •4M5,IHf: •130.0110 •4,500.000 •3,135,3S0 *155,()32 *2,(XK 1.000 ♦311.IK10 20.7'.!' •18>.0« 1,3.50,001 •ISO.UHI U,1(H 22.535 •53,000 19,70S 55,154 •4(1.1)01 *200.(KH l(i,03s 32.011 ♦45,000 •1,22.5,1X10 •84.3.9 Davenport, la Dayton, O Deiiver,Col Dos M(>in46.(;59 7.954.500 .399.6.50 1.40;.iHI0 1.10.5.000 917,189 63ll,(XI0 1.0r).250 l,ti«8.(IO0 1.960,632 2,986,597 578,000 IS..')*) 7,920,615 1,884,.5(I0 10,93- 1,000,000 310.000 14,287,.562 801, (XIO 795.800 277..5fl0 l,0S5.n5 1,761.500 659.980 25T.2'.14 8,815.(110 467.000 540.500 2.y62..500 13.8.56.471 3,495,220 Selected Bond Issue. $7,'"oo.ooo 1,(117.000 61S,0« 7.50,000 281,000 53S,0I«I 145.000 2110.000 i50.000 27,5.000 505,000 400,011' 1:15,000 4,5(M<)0 7;8.00o a56.9.56 242,000 65,000 - 2.56..500 650.010 I35,(XIO 267.7U) 299.000 310.000 l.aO.dOO l.&tS.KK) 136,00(1 3110,000 152,000 475,(KX) 2.m,li(IP 150,(I 191 f> 19(!5 19 9 1921 1909 1910 189:1 1914 19-27 1908 19-2:1 I 1H9; ' I9;r7 1910 1905 19(18 I'.KH 1924 1899 1897 1921 1910, Rate Interest. 4 J J 5 J J 6 J J 4«J J H& N J J J J M* X JJ 6 5-6 4 JJ 4 J J 3(^J J 3WJ J 6 J J F& A J J J J A*0 J J M,.iF& A 4 M & N M& N FA A 0& A J J FA A JJ 19071 4 J J 1912 5 J J 1912 4 J J 1901! J. I 1918 4'^ A AO 1!I21 5 MAS 19-27, 5 J A D 1935 V^ J J 19081 4 J J 1912 1913 4 1918! 4 1909; 6 1901 1904 1918 1905 1911 194,-i"i4 •20,(»i 40l,OiO •lilO.OiO 13,;. 57 185.1 no •2;,5,(>I0 •"28.1* »i •l,y06.4:S 34.8J1, •l,?3I.O«i 4'<,6S2| •4.0P0.i*»'! •16o.o»i •6.3.1**1 78.317 2;,6:« •5.760.1-28 ••25,(»*i •I,:W),iioi ••275,0 .!,S37 •1.50,001 44,843 37,673 I9.(«*l •SfiO.(«*l •70,(»*i •27,.5(«1 11.1175 •112,0(*i •35.0*1 •60,0110 ♦54.0*1 •1,375,010 19,922 •115.0OI •1,S0),(««I •2.8.38,-2&3 •r25.(Mi :io,2i7 51,458 31.001 •64,000 1.3,:i73 •1,7.50,0*1 18,70T 28,(;4(; ♦280.0*1 •51..5(*i •30.(K*1 •6r,(»*i •1,937,1115 20,8.'!0 98,68? •IO),i*Ht -23,85:! •■.iS.OOl ;i3,-2-20i State, County or City Lynn, Mass Maine.. : Maryland Massachusetts Manchester. N. H Memphis. Tenn Mllw.iukee, Wis MinneaiioIlB, MInu Minnesota Mississippi Missouri Mobile. Ala .Nashville. Tenn Newark. N. J New Bedforii, Mass New- Brunswick, N. J... New Hampshire New Haven. Conn New Ixxidon City .Conn. New Mexico Ter Neu Orleans. La Newton, Mass New York Ciiy, N. Y... Norfolk. Va North Carolina Oakland. Cal Ohl!50 23.36:.0-29 1,297,000 ' 7.k8,873 17,772.700 311.440 786.40) 1.811,!).50 2,-251,000 1,.371,4'26 4,6.V..OO 320,00 290,000 2,560,239 461,239 Selected Bond Issue. $200,(00 11 8.310 .3.(10l,(»0 5,0 0,1 XX) 101,000 2,a54,'-0o 13.5,00 250,00 1.6.59,0(0 5(0,10) 2,937,tOO Ref. 169.00 300.00 1,,50I.0K) 5(X).0Xl 65.ao lS5,0O 1.50.OO 1 Ifi.lOO 10),0«) 8.64;i.(N*) 4.50,001 25,!)45,(00 320,00 3,322,80) 100,00 240,00) 400.00 195,00 1(K),()00 400,010 1.642,900 297,501 4.1(Hi,o(0 3.681,700 727,0 59,000 1,200,0*) 5-24.00 200.00 170.00 3,049.875 950.0 IC 160,00 105.000 iO.iOO 463.4.50 2,844.1(«i 214.(>») 8OI.IOO1 250.Ol)l 93,00) 3.4.50.70) 2I5.0X) lOl.OO 250,010 294.6(« 6:!0,aO 168,(10 3,8110.00 7tO,«)0 500,000 1.1,306 00 1.068.9(0 400,00) 21,770 130.00 1O).(0) .34.0X1 3'26,:i.50 6.:i.30'786 -4 INK) 4(X)!o(*l 571,(*0 60.OX) 609.4(0 301,000 sai'.oto .5(XI.0O 1.50.(KO KO.OO) lOl.OW) 160.000 1905 1919 181 19 19 1914 1915 1912 1917 1921 1901 11««< 191 1 19111 1923 1905 1908 1913 1897 1919 1919 1912 1912 1912 1911 1910 1905 8 1899 3 1912 5 I9a3 1906 Rate Interest. 5 JJ 5 JAD 3.65 J J 3 J J 4 JJ 6 5 J J 4HJ J :i}^J J 6 J J :1HJ J 5 JAD J J MAS A&O HAN J J J J J J MAS J J A AO A AO A AO J J 1912 19'21 l!r23 191 1912 1907 1924 1911 1918 189: J J FA A 4H J ,t D 4^ J AD 4 A AO 3^ F A A 5 F A A SJ^^D A J 4 JAD J J FA A MAN J J A AO MAS 1944' 3HF& A 1911 1 8^ 6 JJ 5 A AO 4 FA A 3 65 JAD 4M. M A N 5 MAS 1919 5 JJ 1906 4« IIXU 6 J J 19091 5 4 MAN 4 SAM 4« 1901 5 1913 5 J J 1901 4HJJ 4H 6 OA A iiHis; 1905: 1901 UK 17 1917 1914 1911 191 I WIS 1911 19-20 1913 1909 1912 1905 1905 1912 1907 1921 19:!2i 3 J J J J JJ J J J J MAN I9ir2 1919 1902 1907 1915 1924 1105 1910 1910 1917 1916 3^ A A F 5 FAA J J J J J J 6 MAN 4^M& N 4 HAS A AO JJ A AO A AO Jan. JJ AAO HAN t Total Net Debt wherever possible. • Latest report by local ofllclals. + Estimated by Poor's Manual where possible O. gold. The total debt of all States and Territories, including County, Municipal and School District, is now computed from the Census of 1890 as $1,135,210,442, or $18. 13 per capita against $1,123,278,647 or $22.40 per capita shown by census of 1880. The Government debt is estimated by the Treasury Department at $12.93 per capita. The first and second sessions of the 53d Congress passed appropriations fiscal year 1895 of $301,788,819.78. The 3d session has passed to date for fiscal year 1896, $293,057,104.81. The 18th United States Statistical Abstract for 1895 gives the Expenditures, State and Local, including public schools, at $569,257,634 in 1890, or $9.09 per capita or $11.03 P^"" pupil enrolled. New York expended 91 Million, Massachusetts 47 Million, Pennsylvania 45 Million, Ohio 40 Million, Illinois -1,2, Million, California 23 Million, Missouri 21 Million. These seven States aggregating over half of all. 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DAYS 1. $0,055 $0,068 $0,082 $0,096 $0,110 $0,123 $0,137 $0,164 $0,192 $0,219 $0,247 $0,274 ...1 2. .110 .137 .164 .192 .219 .247 .274 .329 .384 .438 .493 .548 ...2 3. .164 .205 .247 .288 .329 .370 .411 .493 .575 .658 .740 .822 ...3 4. .219 .274 .329 .384 .4.38 .493 .548 .658 .767 .877 .986 1.096 ...4 5. .274 .342 .411 .479 .548 .616 .685 .822 .959 1.096 1.233 1.370 ...5 6. .329 .411 .498 .575 .658 .740 .822 .986 1.151 1.315 1.479 1.644 ...6 7. .384 .479 .5/ 5 .671 .767 .863 .959 1.151 1.342 1.534 1.726 1.918 ...7 8. .438 .548 .658 .767 .877 .986 1.096 1.315 1.534 1.753 1.973 2.192 ...8 9. .493 .616 .740 .863 .986 1.110 1.233 1.479 1.726 1.973 2.219 2.466 ...9 10. .548 .685 .832 .959 1.098 1.233 1.370 1.644 1.918 2.192 2.466 2.740 ..10 20. 1.096 1.370 1.644 1.918 2.192 2.466 2.740 3.288 3.836 4.384 4.932 5.479 ..20 30. 1.644 2.055 2.466 2.877 3.288 3.699 4.110 4.982 .5.7.53 6. .575 7.397 8.219 ..30 40. 2.192 2.740 3.288 3.836 4.384 4.932 5.479 6.575 7.671 8.767 9.863 10.959 ..40 50. 2.740 3.425 4.110 4.795 5.479 6.164 6.849 8.219 9. .589 10.959 12.329 13.699 ..50 60. 3.288 4.110 4.932 5.753 6.575 7.397 8.219 9.863 11.507 13.151 14.795 16.438 -.60 70. 3.836 4.795 5.7.53 6.712 7.671 8.630 9. .589 11.. 507 13.425 1.5.342 17.260 19.178 ..70 80. 4.384 5.479 6.575 7.671 8.767 9.863 10.9.59 13.151 1.5.342 17.534 19.726 21.918 -.80 90. 4.932 6.164 7.397 8.630 9.863 11.096 12.329 14.795 17.260 19.726 22.192 24.6.58 ..90 fOO. 5.479 6.849 8.219 9.589 10.959 12.329 13.699 16.438 19.178 21.918 24.658 27.397 .100 MO. 6.027 7.534 9.041 10.548 12.055 13.562 15.068 18.082 21.096 24.110 27.123 30.137 .110 120. 6.575 8.219 9.863 11.507 13.151 14.795 16.438 19.726 23.014 26.301 29.589 32.877 .120 130. 7.123 8.904 10.685 12.466 14.247 16.027 17.808 21.370 24.932 28.493 32.055 35.616 .130 140. 7.671 9.589 11.507 13.425 '15.342 17.260 19.178 23.014 26.849 30.685 34.521 38.3.56 .140 150- 8.219 10.274 12.329 14.384 16.438 18.493 20.548 24.6.58 28.767 32.877 36.986 41.096 .150 160. 8.767 10.959 13.151 15.342 17.534 19.726 21.918 26.301 30.685 35.068 39.452 43.836 .160 170. 9.315 11.644 13.973 16.301 18.630 20.9,59 23.288 27.945 32.603 37.260 41.918 46.575 .170 180. 9.863 12.329 14.795 17.260 19.726 22.192 24.6.58 29.589 34.521 39.452 44.384 49.315 .180 190. 10.411 13.014 15.616 18.219 20.822 23.425 26.027 31.233 36.438 41.644 46.849 52.0.55 .190 200. 10.959 13.699 16.438 19.178 21.918 24.658 27.397 32.877 38.356 43.836 49.315 54.795 .200 210. 11.507 14.384 17.260 20.137 23.014 25.890 28.767 34.521 40.274 46.027 51.781 57.534 -210 220. 12.055 15.068 18.082 21.096 24.110 27.123 30.137 36.164 42.192 48.219 54.247 60.274 .220 230. 12.603 15.753 18.904 22.055 25.205 28.3.56 31.507 37.808 44.110 50.411 56.712 63.014 -230 240. 13.151 16.438 19.726 23.014 26.301 29.589 32.877 39.452 46.027 52.603 59.178 65.7.53 .240 250. 13.699 17.123 20.548 23.973 27.397 30.822 34.247 41.096 47.945 54.795 61.644 68.493 .2.50 260. 14.247 17.808 21.370 24.932 28.493 32.055 35.616 42.740 49.863 56.986 64.110 71.233 .260 270. 14.795 18.493 22.192 25.890 29.589 33.288 36.986 44.384 51.781 59.178 66.575 73.973 .270 280. 15.342 19.178 23.014 26.849 30.685 34..521 38.356 46.027 53.699 61.370 69.041 76.712 -280 290. 15.890 19.863 23.836 27.808 31.781 35.753 39.726 47.671 55.616 63.562 71.. 507 79.4.52 -290 300. 16.438 20.548 24.658 28.767 32.877 36.986 41.096 49.315 57.534 65.7.53 73.973 82.192 .300 310. 16.986 21.233 25.479 29.726 .33.973 38.219 42.466 50.959 59.452 67.945 76.438 84.932 .310 320. 17.534 21.918 26.301 30.685 35.068 39.452 43.836 52.603 61.370 70.137 78.904 87.671 .320 330. 18.082 22.603 27.123 31.644 36.164 40.685 45.205 54.247 63.288 72.329 81.370 90.411 -330 340. 18.630 23.288 27.945 32.603 37.260 41.918 46.575 55.890 65.205 74. .521 83.836 93.151 .340 350. 19.178 23.973 28.767 33.. 562 38.3.56 43.151 . 47.945 57.534 67.123 76.712 86.301 95.890 .350 360. 19.726 24.658 29.589 34.521 39.452 44.384 49.315 59.178 69.041 78.904 88.767 98.630 .360 365. 20.000 25.000 30.000 35.000 40.000 45.000 50.000 60.000 70.000 80.000 90.000 100.000 .365 Calendar she )wing number of days from a given day in one month to the si ime day in any otlier month : From to Jan. Feb. Mch. J ^pr. May June July. Aug. Sept. Oct. 1 i$ 1.53 Auf^ust ... 153 184 212 243 273 304 334 365 31 61 92 122 ' " 183 " = $30,082 September October .. 122 92 153 IIS 181 - 151 212 182 242 212 273 243 303 273 334 304 365 335 30 365 61 31 91 61 Th 8 interest on $1,000 fo • any number of days, at the given rates. November 61 92 120 151 181 212 242 273 304 334 365 30 may be foun d in a similu r way. December 31 62 90 121 151 182 212 243 274 304 335 365 EXAMPLE : T find the number of days from April lOth to October 10th (including on e of the given days): By the Calendar April 10th to October 10th t'ives 18. } days, the number required. Note. -Compiled by the Actuary of the Mutual Life Insurance Company, and rearranged and reprinted by permission of the Company. 261 '<»> ?H» "w^i- "«• .1iDi WH 'WP* ■; BOSTON STOCK EXCHANGE, 53 STATE STREET. October 13, 1834, thirteen business men entered into a compact in an attic on the fourth floor at 47 State Street, under the title of Boston Brokers' Board, assessing themselves $100 each as an initiation fee. It is reported the first publication of the Board's transactions were permitted by 26 members in 1844. The "Boston Brokers' Board " occupied a chamber in the Merchants' Exchange Building to March 28, 1853. In 1854 the membership had increased to 75, initiation fee to $400. They then removed to 40 State Street, remaining until 1863; then moved "to chamber," 13 Exchange Street, remaining 22 years. The Board then met daily at 11 A. M. and 2 P. M., except in summer months. Up to this time members occupied seats behind small desks (similar to those in United States Senate) The name seat was literally true up to 1885. It was here where the term or name "seat" originated. Members were compelled to keep their seats under penalty of $25 fine. A fine was also imposed for non-attendance at roll call, or m.aking trades out of their seats. No person was allowed to become a member unless he was a stock broker. Members could not attend auctions for sale of stocks without being subject to a S50 fine in 1868. Auctioneers could not become members. In 1881 the "Boston Brokers' Board " name was changed to "Boston Stock Exchange." In 1879 the membership was increased to 150, initiation fee to $3,000. A gratuity fund was created. In 1881 they moved to more pretentious accommodations in the Merchants' Exchange Building. November 9 they discontinued the two sessions and seats, and have since held a continuous meeting from ten to three, doing business standing in groups near a sign designating the stock traded in. The Exchange has been a success from the beginning, when thirteen merchants met on the 13th of the month, at No. 13. April 20, 1891, they took a 20 years' lease of the present Board Room, at 53 State Street, the building facing north, with rear on Exchange Place. The Exchange Hall is 52 feet wide, 102 feet long and 33 feet high. There is a Clearing House. Commission rates are graduated on a scale as in By-Laws passed in 1844. Member- ships are limited to 150. Transfer memberships are quoted from §15.000 to $16,000. For Daily Receipts of Cotton at all points in 1895 see Clapp & Company's Record on pages 278 to 284. 263 Itii rr II THE CHICAGO STOCK EXCHANGE. Is the outgrowth of several similar organizations since 1S64. May I, 1882, the first meeting of the present organization was held and 750 members enrolled, paying from $50 to $250 fees. The present membership is limited to 445. Certificates are transferable at about $1,500. They now occupy a new hall 70x100 feet and 26 feet high, with main entrance fronting east on La Salle Street. The building has a frontage of 380 feet, facing Calhoun Place, La Salle and Washington Streets (diagonally across from City Hall). CLAPP & COMPANY. BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. iSales on Chicago Stock Exchange for years named. 189.5. 1894. 1893. 1892. 1891. isno. 1889. Stocks Shares 81,421,000 1,.531,092 1,157,701 1,175.031 710,000 1,097,663 1.50,000 Bonds 9,100,000 9,-207,a50 6,575,650 1, ,198,000 9,435,000 18,268,600 18,530,000 Official ( In 1894, $g, 000,000 in stocks and $12,709,600 in bonds were listed, covering two stocks and two bond issues. ■ ( In 1895, $7,450,000 " " §20,000,000 " " " four four CHICAGO'S DEVELOPMENT. The population in 1830 was seventy whites. The Black Hawk war practically terminated August 2. 1832. The last Chicago Indian treaty was in 1833. Chicago was incorporated as a city in 1837 with poi^ulation of 4. 170 and has practically doubled its population everv six and one-half years since. The .School Census gave the population. May, 18S8, as 802.651; United States Census, .May, 1890. as 1,208,669 ; School Census, May, 1892, as 1.438,010. It is estimated that the population May i, 1S94, was I, '60,000; May i, 1895, 1,750,000 and now number more than l.Soo.ooo. Chicago in Indian means onion or skunk. We e.\pect three millions of people will reside there before the beginning of the twentieth century. January I, 1901. It is the gre.Ttcst railway centre in the world and has the largest system of street cars. Her public library, founded by the worlds generosity after the great tire, has 215.000 volumes. Three other large libraries. Her art institute has 1,500 pupils, or more than any other similar school in the United States. The sewerage system connecting Lake Michigan with the Mississippi is to cost f25,(XX).ooo The business of Chicago in 1895 is estimated: Produce, $394,200,000; Wholesale, $504,700,000 ; Manufactures, $532,300 000 ; Total trade, $1,316,700,000 ; Real Estate, $132,300,000 ; Buildings, $35,000,000 ; Bank Clearings, $4,615,000. For Daily Receipts of Cotton at all points in 1895. see Clapp & Company's Record on pages 278 to 281 »'65 CONSOLIDATED STOCK AND PETROLEUM EXCHANGE. The Consolidated Stock and Petroleura Exchange is the consolidation of several Exchanges : The Xew York Mining Stock Ex change, The American Mining and Stock Exchange, The National Petroleum Exchange, The Miscellaneous Security Board, The Ameri- can Mining Board, and the New York Petroleum Exchange and Stock Board. There are 1,817 members ; a gratuity fund ; a chartered clearing house, clearing contracts daily, reducing the risk of deliveries and failures to a minimum, at small expense. They own the building free of encumbrance, fronting Broadway, Exchange Place and New Street. The hall is one of the finest and most cheerful among all the Exchanges, being 88 by 126 feet, and 48 feet high to a skylight. The building is Scotch red sandstone and Philadelphia brick. It was completed May 1, 18SS, at a cost of S415.000. The tower is 138 feet above the sidewalk. Memberships are valued at about $250. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Clearances of Railroad Stocks and Other Securities for months and years nained. 1895. January February March April May June July August September October November December Total, 1895 R. R Stocks, Shares. 4.098,680 3,980.320 5,414,680 5,318,480 6.897.360 5,327,260 5,085.460 4,275,880 5.478,020 4,561,700 4,907,960 4,840,;J40 60,186,040 Bonds, DoUars. 1,298 000 941,000 1,190.000 1.772.000 3.269,000 1.509,000 1.662,000 1,126,000 1,630,000 1,472,000 1.137,000 1,294,000 Mining Stocks. Wheat, Petroleum. Shares. Bushels. Barrels 25.970 .50.102.000 17,110 43.214,000 24,840 56,008,000 117,260 62,690.000 54,590 82,416,000 59,820 91,500,0(X) P 60.380 74494.000 1 64,230 69,392,000 36,280 61.408.000 88,890 86,928.000 90.420 63.682.000 42.060 52.050.000 18,300.000 681.850 793,884.000 For Daily Receipts of Cotton at New York. Boston. Philadelphia and Baltimore in 1895 see Clapp & Company's Record on pages 278 to 284. 207 ttr! PHILADELPHIA BOURSE. The Philadelphia Bourse was incorporated June, iSgt ; capital, $1,000,000 ; it is the outgrowth of an effort to concentrate the various organized exchanges and trade associations in one large building in the business centre. The company own 405x132 feet of land bounded by Fourth, Fifth, .Merchant and Ranstead Streets. I'he Bourse Buikling is 130 feet high and cost $1,350,000. The main hall on the ground floor is 126x240 and 45 feet high to a skylight centre. A gallery, 27 feet high, surrounds the main hall ; underneath the same telegraph, news, telephone, club, library ami other facilities are furnished members. Membership can be secured by ownership of four shares of the company's stock of par value $50. There are no dues or assessments. The stock is transferable and carries membership with it. There are 2,482 members ; the limit of membership is 5,000. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Jfi(//i tiiid TjOii' of Active Jiailwat/ and Traction /Stocks of -Philadelphia Monthhj in. 1895. STOCKS. Prices per share not per cent. Par. Allegheny Valley, pref 50 Baltimore Tract loll 25 Buffalo City Passenger 100 l9t pref 50 Ch„ Oklahoma & Guthrie v. t. ctfs 50 Citizens' Passenger. ludtanapolis 100 Columbus Passenger 100 Consolhlated Traction of New Jersey Continental Passenger 50 Delaware & Bound Brook 100 Duquesne Traction 50 East Pennsylvania 5^- 99Xi fo - 68 55>4- 55H 12J 125 65H- 68 84 -84 iV%- 51 !47%T57 x79 -91 34^^-33 i234)^37k .53 - .53)^1 40>^-47 3K}4- 39 26' - 26' ira' -165' •29 - 29-K '2S' - a') '28 - 30 70 - 79 118?i-llS5i 58^-64 X) - :W .50 - 55H 33 - 36J^ 31V6- 31 64 - «6 81 - 93H 66 - 67 54 - 54J^ lai -127 68-68 84-84 51 -52H 54 -59?i 'i9M- 'ikii 76-83 •235 -235 &t -64 36 - 3*14 232J^-3S,V ' 52 - 53 45Ji- KH 48 - 48!<; SH- 13V^ 36)4- i^i4 ixH- 51^^ 29 -'29^ 31%- 36-% 51!^- 51H •27)4- ai •23 - -iiH 7ii5i- 75 " 119 -119 X5914- am »4 - :« 5:i - IVIVH 36 - ■ii\% 335^- 39 89^- 97 66Va- r.H 54+54 122 -m^ 68 - 68)4 83)^- 84 x51 - 53H 57%-61J^ '24' - 27' SIM- 85 23i 234 51 - 52 .x4S - 48 June. July. Low High Low High 18J^- 211 80 - 8T 48-48 UK- 15M 41 -50 '28k- aiH 128^|-128H 3.V - 37 50^ '51)4 2.59^-33 28H-S2 74 -79M 59' - 6iJ4 ■S3 - M .54 - 54)4 36-36 37 - :»% 64 - ra 94 -lOSii 67 - 6',% .54H- 54)!i I2.5W-127 69i4- 71) 85-86 525^ am 6OW- 6:i 168 -168 24)^ 30 82 - 84j( '62' -62 38 - 44J^ 234' -2% 51?6- 51)4 46«- 47M 20-21 13 - 14H 48M- 51H 60-60 29 -29M »»K- 3654 '29' - 3.5)4 30-35 72 -79J^ 119 -119 56-61 Sm- 34 ».i2^ 55 36 - :r7)4 37 -r 62H- >>3^ 9'<^2-103i^ •6."i}£- 6.5^ 54)4- 54)4 ma- 6SH 85W- sr^ 5:1)4- 5t-« 60 -6.5H 171) -170 28 -2SJi 78-86 •2:?7H-237?i 'ii' -44 " 235' -236M 52-54 46 -46^ AUOUST. Low High ;a - 3.^ 51 - 51 36)^- 48 36)4-47 TiH- 7-5}i 119 -119 57-59! 31)4- 32 51 - 52J^ 40 - 41 37)4- an 6:< - 64 99 -102H 81 -I 39«-3»)^ 235^237' 55 -59J 46 -48^ Skpt'ber. ' October. Nov'mbeu Dec'hber Low High Low High Low High Low High S^ 18}|-2oH '49}^ 49^ 15 - 17M; .50H- 5.59i '25' - 2.5J^ 127 -130 161 -1H4 34V4- a5)4 51 - 51 39)4- 57^ 42T^.i0« 69)^ 74J4 '58' - 59' ' 30 -31M ■<3 - 54 41 - 45 39?i-4:i 64 - 64H 70 - 71 55 -56^ 125 -125H '83' - 8.5 55 - 57X 63)i- 6;)^ 27' - 28' 80J»-85« iOH-i(H IIM- IIH 17)2- 18H 13 - 15)^ 48-55 llj^ im 165 -165 47 -75)4 47)4- rr •64 - 76)4 120 -125)4 53-56 31 -31 53?^- 54 45 -45J4 41 - 425i 64}^ 64)4 985C106« 69 71 55 I55 123)4_125 70 . 70 83)4- 85 5.5^ 56M •56J4_69)4 •74 .87 68-76 24lH-a4i« ......... 61%- 61% 36 - 36)41 36-37 .50 - 56 30 - 31) 9.83,10.50; 8.00 1.70 7.50 3.4d between 1-711 and i<74. and there was revival of speculation in 1886. The present speculation in mining shares in Colorado. at Denver and Colorado Springs, is nearly all In ndnes of Cripple Creek. Since the opening of the Mining Kxchangesin Denver and Colorado springs, and from ^*pteniber. l>«»4.upto November ath, 1S>.-.. the listed stocks dealt in at Colorado Springs Is 77. S67. 167 shares; in .iddltion. 18.9at,64.'? shares-of unlistnl stocks were sold. The cash value of 20.iKI0.iXI0 shares was atx)ut »:i.90ii.aO. The total value of shares sold at Colorado Sprlligs U about $10,OCO,aiO. Total sales 00 Colorado KiDlng Stock Exchange, Denver, in 1895, as reported by the Secretary, ig 93,100,175 shares. 271 THE NEW YORK COTTON EXCHANGE. The Cotton Exchange was organized in 1870; chartered April 8th, 1871 ; has 454 members; initiation fee is $io,ooo ; transfer certificates are worth about Si, 000. Tiie memliers own the realty and building at a cost of f 1,028,000. It is the third building they have occupied. It fronts on William and Beaver Streets and Hanover Square, has a tower 157 feet above the sidewalk. It was dedicated April 30th, 1885 ; is mortgaged for $310,000. There is a gratuity fund. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Monthly and Yearly Sales on New York Cotton Exchange for months dnd years named. SALES DURING 1895. :iS94. 1893. 1892. 1891. 1890. 1889. 1888. 1887. 1886. 1885. 1884. 1883. Bales. Bales. Bales. Bales. Bales. Bales. Bales. Bales. Bale.'i. Bales. Bales. Bales. Bales. September October November December January February March 5.982,800 9.116.6(0 5.916.:i(0 5.030. 110 1896. 3,668,400 3,620,700 2.252.900 3.51X3.1(0 4.()19,0(« 2,606,700 1895. 1.909,200 1.8(0.200 4,403,400 4,14.3,810 4,l:Kl,tJ(0 3,-293,700 2,548,300 5,000,900 4,872,800 4,491.6(0 3,8S2.^:00 4.058,300 1894. 4,a-.3,Sl« 3,144.000 2.5;!l,(iO0 2,751.800 2,:i21.9(0 1,68:?. 70O l,74i8,HB 1.2H6.210 1,278,700 I,5&».400 1,962,400 1,889,21» 2,t>45,l(0 1887. 1,777,900 1,646,400 3,032,000 2,237,7(0 2,465.400 2,887,810 2,«0,(IO 1,713,800 1,424,700 2.184,900 2.0ik"i.4(O 1,976,7(0 1886. l,S92,90O 2,440.200 3,616,100 1,230.800 1.743.101 1. -246.210 1,976.5(0 1,513,100 1.763.000 2,175.600 2,(h5..M) 2,900.8lO 1885. 1.739,400 1.245.600 1,525,600 1,36S,000 l,-2i0,.TU0 1,401,800 l,:.7i,(»o 1,386,100 2,615,400 2,761.800 1,636,100 •2,152,300 1884. 1,958,400 1,.-«0,100 2,oe9.ao 3,(07,600 1,79<,500 2,-2ir2.1(0 1 2^6 9(0 April Mav July Bales for future delivery 39,623,200 38,062,000 51.577,500 33,230,600 24,885.900 22,138.200 13,761,800 25,763,900 26,482.100 23,270,600 20,889,700 24,632,100 Spot Sales 218,257 308,531 419,000 211,000 27U,0a) 459,000 594,000 448,000 314,000 489.000 534,000 422,000 For Daily Receipts of Cotton at New York, Boston, Philadelphia and Baltimore in 1895 see Clapp & Company's Record on pages 278 to 284. 273 INTERIOR NEW YORK COTTON EXCHANGE. Commercial Cotton may be divided into two species, Eastern, or short staples, and Western, or long staples; the latter known in America as " Midtlling uplands," and comprising the bulk of that traded in on the American, English and Erench exchanges. Cotton is grown in America, India, Egypt, China, Italy, Turkey, Brazil, West Indies, Me.xico, South Africa, Australia and South Sea Islands, in about the order named. The first cotton crop of the United States was 2, 600 bales of 400 pounds each, in 1789-90. Ten cotton-growing States in 1870 reported to the United States Government a cotton acreage of 8,666,217 acres, and a production of 4.347,000 bales of 500 pounds each as the result of thirty years' cultivation, interrupted by five years of Civil War. Ten years later, in 1880, 15,820,610 acres were planted, as shown by the corrected census report of that year (revised in 18S2), and the crop was 6,606,000 bales, The census of 1890 increased the acreage to 20,389,641 acres, though the Agricultural Department indicated 19,469,617 acres. In May, 1895, the Department issued a revised report from si.\teen States and Territories, showing aggregate planting of 23,687,950 acres, and the crop was reported as 9,476,435 bales. The Chronicle report in September following showed crop of 9,892,766 bales. The Uureau report of 1895 indicated 20,190,675 acres planted, and the crop therefrom is given as 6,857,000 bales. It will likely exceed 7,200,000 bales of 500 pounds each. Out of 13,839,000 bales of 4(J0 pounds eacli, used by about 93,593,000 spindles of the world, America furnished in 1894-5 about 11,800,000 bales of 400 pounds each, or 9.413.S34 bales of 500 pounds each. The average of American used is about 70 per cent of all consumption. United States used only 29 per cent of the crop of Atnerican cotton last year, against 29 per cent in 1865-6, though domestic spindles have increased from 10,679,000 in 18801016,133,248 in 1895. The growth of cotton production is con- temporaneous with that of civilization, and the first records antedate the Christian era by over 400 years. The making of cloth entirely of cotton in England commenced in 1760. In 1805 England, by use of the Hargreaves, Arkwright and Watts inventions had reached the manufacture of 1,000,000 pieces of cloth. In 1894-5 the total export was 5,128,868 yards of cloth and 275,691 pounds of yarn. The progress of the cotton industries from planters to distributing merchants has been marked by revolutionary inventions, compelling revisions of costs both in production and manufacturing. The most notable in this country has been Whitney's cotton gin ; but other experiments now promise an early and important advance in that direction. One of the principal items of loss to the planters has been the loss of weight by friction in transportation and of price by additional freight caused by bulky and awkward baling. The Bessonette system, which compresses under 1,000 pounds pressure to the inch about 495 pounds net cotton into a fifteen cubic foot cylindrical bale, without bands and covered with cotton duck, is now being introduced by the American Cotton Bale Improvement Company of St. Louis, Mo., and will reduce dampness, dirt, waste, theft, freight, cost of compressing, drayage, storage and tire risk, and consequently benefit both producer and consumer. The exports of American cotton commenced in 1747. Last year foreigners took 6,719.713 bales. The importations of foreign cotton for special uses are about one-half the value of the exports of domestic cotton goods, though the first American manufacture of cotton cloth was in 1791. There is no import or export duty on raw cotton. There is now a small protective duty on imports of manufactured cotton goods Our imports of manufactured goods in 1895 were valued at $35,101,832. England imported in 1787 about 23,000 pounds cotton, none American, and in 1894-5 about 1,649,000,000 pounds, 87 per cent American. British India grew and consumed 167,106,048 pounds, against 40,607,292 pounds in 18S0. In 1767 each spindle required one person to work it, while now one spinner, with two assistants, can work 2,000 spindles. England has 45,400,000 spindles. Russia, Germany, Sweden and Norway, Austria, Switzerland, Holland, Belgium, France, Spain and Italy, 28,250,000 spindles, and the world's aggregate is reported about 93.593,000. Fall River authorities report 17,500,000 spindles in the United Slates December 31st, 1895, of which the Southern States had about 3,000,000 and the Northern about 14,500,000; the increase for two years having been nearly 2,000,000 spindles, 38 percent in Massachusetts and 46 per cent in the South. Fourteen Southern States now claim 3,177,310 spindles. New England has $300,000,000 invested in cotton mills. The popular cry now is, " Take mills to the cotton, instead of cotton to the mills." American economists have long known that it was a short-sighted policy for the United States to raise nearly enough cotton to supply the world and allow the manufacture of 70 per cent of it abroad. The South and Central American Republics, with proper attention, would take a large share of what .A-merica could manufacture. Cotton is hardy, not easily damaged by water or fire, and time does not decay or wither its fibre, or destroy its intrinsic value. Receipts for the baled product are first-class security. Consumption the world over is increasing and keeping up to gradually increasing production. No industry has attracted more attention, and no staple commodity offers a more fascinating field for the manufacturer, investor or speculator. DWIGHT O. CLAPP, Member N, Y. Cotton Exchange. 275 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Cotton that has come in sight and exported monthly and yearly for dates and years named. Season's receipts: Sept. 1 to Sept. 30 bales, Sept. 1 to Oct. 31 " Sept. 1 to Nov. 30 " Sept. 1 to Dec. 31 " Sept. 1 to Jan. 31 " Sept. 1 to Feb. 28 " Sept. 1 to March 31 " Sept. 1 to April 30 " Sept. 1 to May 31 " Sept. 1 to June 30 " Sept. 1 to July 31 " Sept. 1 to Aug. 31 " Exports : Sept. 1 to .Sept. 30 " Sept. 1 to Oct. 31 " Sept. 1 to Nov. 30 " Sept. 1 to Die. 31 " Sept. 1 to Jan. 31 " Sept. 1 to Feb. 28 " Sept. 1 to March 31 " Sept. 1 to April 30 " Sept. 1 to May 31 " Sept. 1 to June 30 " Sept. 1 to July 31 " Sept. 1 to Aug. 31 " 1805-6. 1894-6. 1893-4. 1803-8. 18019. 18001. 1889-00. 18S8-9. 1887-8. 1888-7. 1885-6. 512.394 663,703 511.273 522,.5.')2 826,932 860,274 655.770 4.30,209 82I..369 4."M,A18 485..558 2,264,510 2,780,333 2,148,828 1,987,619 2.R').3,137 2,.584.0;« 8,279,418 1.9.32,498 2,413,1.35 1,707.7.39 1,840,422 3,585,613 4,977,.''>0O 3,853,436 3,464,085 4,781,017 4,200,014 3,912.440 8,445,107 4,053,041 8,.347,278 3,289,855 4,921,613 6,949,488 5,467,036 4,745,.390 6,403,492 5,845,243 5,481,307 4,9a'),!l23 5,.393,912 4,815,045 4,778,437 5,.i39,.W7 7,9.30,777 6,218,030 5.301,701 7,155,519 6,810,706 6.251,890 5,7.52,189 5,934,183 5,477,690 5,.320,230 6,023,042 8,513,839 6,576,527 5,714,.305 7,914,.W1 7,431,257 6,722,515 6,272,092 6,.303,796 5,927,981 5,799,821 0,102,.'i88 6,863,610 6,010,7^5 8,.348„547 7,866,,'i88 6,918,.540 6,614,543 6,510,2.j0 6,I.>6,19S 6,100,977 9,437,039 7,097,551 6,209,4.30 8,014,901 8,ias,oi8 7.036,419 6,744.209 6,071,377 6,254,788 6,280,574 9,5X6,993 7,240,520 6,347,991 8,807.530 8,377,015 7,097,335 6,802,692 6,7a3,.521 6,308,207 6,400,-396 9,6.57,486 7.-318,018 6,4;i3,146 8,914,2;i2 8,487,764 ^41,320 6,ft»,68r 6,854,514 0,31.5,125 6,446,618 9,719,200 7,382.078 6,507,396 8,978,429 8,5.38,075 7,168,825 6,809,020 6,911,145 6,-363,716 6,4.57,006 9,892,706 7,527,211 6,717,142 9,038,707 8,655,518 7,313,726 6,935,088 7,017,707 6,513,623 6,550,215 111,553 202.673 151,325 in, ,306 201,016 354,950 295,603 167,745 ai6,813 149,.321 111,685 741,013 1,430,384 2,102,799 2,7.-)0,733 3,312,802 l,l:M,,3»t 870,479 a35,721 ].(M9,S97 1,248.503 1,152,750 755,167 1,088,015 728,091 701,569 2,278,895 1,802,151 1,740,484 2,13,3,950 2,141,962 8,133,9.'59 1,597,979 1,817,280 1,414,899 1,3*1,420 3,499,.")04 4,.594,610 2,762,127 2,324,929 3,100,559 3,01 C,M5 2,994.868 8,4.31,929 8,498,556 2,296,109 8,031,593 3,.529,9U 2,709.568 3,758,804 3,758,253 3,589,1.38 3,011,702 8,087,073 3,0:30,761 8,523,018 5,11 1,035 5,044,824 6,153,612 6,147,445 6,620,219 6,675,219 6,719,713 4,013,197 3,000,330 4,.300,492 4,364,5n 4,019,829 3,480,316 3,479,^9 3,4.50,820 8,916.861 4,373,641 3,-385,040 4,825,875 4,785,817 4,4.31,173 4,016,125 3,797,493 3,936,631 3,819,950 4,672,503 3,095,297 5,221,383 5,230,139 4,040,-307 4.336,595 4,062,238 4,131,130 3,568,616 4,930,061 3,999,693 5,503,901 5,451,899 4,742,486 4,523,606 4,287,328 4,203,644 3,861,091 5,006,925 4,177,803 5,698.209 5,658,500 4,802.6.37 4,614,600 4,431,646 4,243,558 4,097,100 5,166,279 4.308,688 5,803,000 5,731.498 4,aT3,000 4,68.3..309 4,572,.335 4,319,640 4,240.406 6,231,4« 4,402,890 5,664,921 6.790,634 4,916.847 4,742,745 4,627,508 4,458,328 4,313,991 V World's Visible Supply of Cotton about January 1st for years named, as reported by Chronicle. 1896. 1895. 1894. 1893. 1898, 1891. 1890. 1889. 1888. 1887. 1656 18*. Stock at Liverpool bales,. block at London 1,059,000 1,223.000 5,000| 7,000 1,389,000 7,000 1,600,000 3,500 1,467,000 11,000 942,000 20,000 938,000 16.000 660.000 6,000 623.000 ■ 36,000 728,000 12,000 541,000 17,000 601,000 47.000 Total Great Britain stock, fltock at Hamburg 1,064,000 23,000 222,000 8,000 200 17,000 1,230,000 20,000 2.M.0IXI 13,000 200 11,000 i^n.non 1.396,000 20,000 185.000 15.000 200 13,000 392,000 6,000 48.000 9,000 18,000 1.G03..50O 1.500 117.000 19,000 300 5,000 423,000 8,000 75,000 6,000 10,000 1.478,000 2,400 135.000 22.000 300 5,000 253,000 8,'X)0 73.600 8.000 16,000 962,000 3,300 143,000 11,000 500 5,000 187,000 3,000 67,000 6.000 7,000 954,000 2.100 144,000 4.000 300 5.000 145,000 3,000 82.000 8,000 10,000 666.000 2,200 12.200 80.000 400 400 120,000 2,000 28.000 3.000 4,000 659,000 5.000 30,100 84,000 300 900 188,000 2,000 48,000 2.000 5.000 740.000 1,900 16,400 21,000 300 1,800 178.000 2,000 42.000 5.000 9,000 558,000 3,000 34.000 32,000 800 8.700 185,000 4,000 46,000 8.000 4,000 651,000 6.000 Stock at Bremen 86,500 Stock at Amsterdam 88,000 Stock at Rotterdam 700 Stock at Antwerp 8.000 Stockac Havre 314,000 187,000 Mock at Marseilles 5,000' S'.OOO 63,000 60,000 36,000 18.000 4.000 fitock at Barcelona Stock at Genoa 88.000 6.000 Stock at Trieste 16,000 17,000 5,000 Total Continental stocks. 704,200 817,200 706.200 604,800 522,700 : 4.32,800 403.400 | 192,200 300,300 276.800 270.100 8^.200 Total European stocks.... India cotton afioat for K'r'pe Amer. cotton afloat forE'r'pe Esypt.Braztl.Jtc afl'tf'rE'rpe Stock in United States ports. Stock in U S. interior towns. United S'ates exports to day. 1,768,200 69,000 49!),00u 46,000 1,10(MU4 27,413 4,093,920 879,000 t>;a,ooo 4!»!t,m)0 i,ioo,i;n 5S,3,MW 27,413 2,077,200 11,000 818,000 46,000 1,28.5,261 600,956 40,255 1,881,672 1,079,000 7:«,000 818,n»)0 1,2.V.,261 0,200 3,722,720 4,55,5,472 441.200 4,171,.542 440,300 3,958,719 425,700 4.281,857 503.800 3.020,091 443,400 2,789.781 280.300 2.667,703 434,300 2,617.386 425,800 2,811,766 313,100 2.745.626 465.200 2,629,053 4,093, >- u 03 5 C UJ a> Z CO o QC (4-. UJ S-> o c B 0) QC CQ > o O ^ z n < o CO o GC U UJ >> i^ 2 z (U < GQ ^ "O >- n Z d < >> Q. d 2 Q o o Q. 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'rr. 140.181 127.208 125,003 112..518 131,949 140.915 123.613 118.107 Nov. 1 l,T)i,875 278,(H(; l.SSI,!l<;9 lii:t,H!U 14i;.<»77 143.111 120,815 118.328 139,311 145.927 129.558 120.4fil " 8 l."ai&"> 2.>7,(KI5 175.117 7I)..5()7 137..531 141 548 120,744 103.14<{ 142,120 130.86.3 114,777 119.725 " 15 i.>l,4:« :M8,118 193,!»84 S1407 142..i90 140.072 119,078 112.447 140.010 117.924 120.478 117.773 " 2:2 140,741 22t>,'>02 173,042 !):!.541 114.1-.'5 11.3.819 108.020 119.805 122,3.33 112.:«1 125.900 \X\.hX\ " 29 1.54.370 212,009 l«7,ir)7 l()(;.tiS5 11!)..3.50 12().290 99.,SfiO 109.008 110,984 131.088 125.000 l:H,051 Deo. 6 159,872 2t)2,(Kt9 l^l^^72 i)l,-.>i:t 118.081 139,2.39 112,002 119.819 100.279 81.912 123.789 139.832 " 13 I40,<>10 207,0.'>7 lt!(i,();i5 7(i..58 101,224 105.899 110.927 112.8 71,313 Jan. ?> 59.037 l(H)."r>4 60,472 :i7.089 44.308 69.7.32 73.626 52.075 :J4,5.5-4 34.832 :!0.801 .30,3«i6 " 10 45,774 8!',(l.57 51,115 28.183 .32.1.52 .58.434 41.390 40.(!45 35,027 3.3,073 22,518 32.171 " 17 47,295 S!;,l.'>2 69,876 :.'4.(>i5 18.038 52.288 53,0.58 .53.730 19.204 40.130 27.898 40.023 " 24 41,:.'H1 107,548 .59.155 ;.".' 581 35.728 57.835 41,710 .54,013 20.103 45. 40, 144 40.549 35.708 40,0.59 28.022 32,197 29.805 .30.817 " U 39,!I49 44,1(»3 28,151 ;n..5(>7 42.051 41.371 22.923 45,492 2(!.l(i8 .31,271 :55.30l 24.3(i8 " 21 41,428 3;{,715 43,779 29,740 17.0(>.l 33..500 .35,978 22.870 31..374 24.383 25,097 .30.242 17.092 " 28 67,211 2:^,191 l(i.8!)4 30.270 33,428 15,898 32.458 21.803 19.8.54 27.882 1.5.511 Mar. 6 ;W,.357 22.t>14 6!',i»27 26,510 15.474 25,277 .30.:«)3 10,303 . 23.939 19.341 17.482 22.2.50 18.018 " 13 59,736 26,580 i:t.(i7:t 22.046 *'2,472 9..390 21,338 14.005 18.408 18.010 13.912 " 20 24,973 5.5,749 18,344 23,160 22,773 ii.om l'..0.59 2.3!446 7.890 10.700 12,.504 12,940 15.0()-2 12.547 " 27 .5.3,9.30 40,397 32 739 13.071 10.004 22.264 8.218 12,280 8.481 10,773 11.430 9.7.38 April 3 '• 10 9..50(i 13.8.55 22,023 5.708 11.792 9.4.50 8.187 14.770 7..3.'5 .... 23,789 9.241 10.902 18.!>00 5.301 7.725 7.094 5.942 11.702 6.088 " 17 .... 29,18.5 27 ,5 16 21,436 7.204 9.802 15,879 5.806 7,788 7.292 3,738 l'.],52 5..364 " 24 • . . . 16,085 C.1!I2 10.431 15,848 5,.5.52 5..598 0.483 4.200 8.()50 4.135 May 1 " 8 ' .. 19,185 13,020 4.103 9..540 13.006 3.814 4,474 6.828 3.839 3.112 9.380 4.210 17,580 11,511 .5.444 7,2.30 12,881 3.233 4.003 6.745 7.935 3.806 " 15 .... 12,912 12,572 3.8.57 7,396 10,810 2,392 3.248 5,.543 2.022 0.289 2.979 " 22 .... 10,090 8 540 7,625 3.4.52 7,181 8,026 2,138 3,238 5,221 2,027 6.(!.52 2,944 " 29 .... 8,295 3.505 5,192 7.521 1.730 1,694 4,912 2.617 4,210 3,206 iTun6 5 .... 4;4:« 3,lr24 11,324 3.0U4 6.443 5.979 1.021 1,110 4,141 1.281 5.910 2.103 " 12 7,851 1.0(i8 4.767 6.078 958 1,.530 l.!)09 827 2.997 2.504 " 19 3,;«3 2,604 7 377 2.330 3,595 4.376 967 1,001 2.:!42 938 2..572 1.998 " 26 .... 6,599 2,6.34 3,751 2.147 2,894 3.836 551 1,032 1,766 864 2.187 945 July 3 " 10 .... 2^8.59 1,322 2.4:!9 2.624 2,609 662 646 1.947 1.280 1.149 1.249 .... 2.813 2,384 2,621 ei'J .■589 1.947 590 1.442 1.C80 " 17 " 24 i;.5.30 921 4.447 3 -'20 1.3(>(5 2.407 2,139 769 599 2.2.33 742 2.018 815 .... 1.20G 1.530 2,.328 1,0.52 312 2.283 591 2.4.55 1.014 " 31 .... 1,716 3,726 1.70' 1,820 2.760 294 795 1.648 692 2.343 708 *ug. 7 " 14 1,079 2.778 5,S69 1,047 2,176 2.317 225 520 2,.537 1.500 l.(i48 1.255 7,751 1.974 2.893 2.501 1.214 400 1,920 1,869 1.734 1,120 " 21 3,005 18,965 3,000 3,480 5,186 4 222 1,251 2,972 3,755 4,356 3.277 " 28 •••• 8,;U2 29,278 •• •• 8,862 13;931 7,530 4,846 •• •• 3,399 4,637,340 3^13,542 1,583.003 2,452,312 2,560,450 2,129,852 2,174,988 2,224,263 2,036,119 2,082,704 1,891,746 Total 1 crop 1 ■ ■ 9,892,766 7,527,2U 6,717,142 9,038,707 8,655,518 7.313,726 6,935.082 7,017,707 6.513.623 6..550,2i5 5.669.021 * Fotir towns added. Jliqh and Low Prices for Spot Cotton in New York for calendar years named {from Cotton Facts). fear. Highest. Lowest. Year. Highest. Lowest. Year, HighestiOwest. "^ear. Highest. Lowest. Year. Highest. Lowest. " 1826 14 9 1840 10 8 1R54 10 8 1868 % 16 1882 13 1-16 10>4 18>7 12 8 1841 11 9 1855 12 8 1869 35 25 188:J im 10* 1828 13 9 1842 » 7 18.56 13 9 1870 2.594 2m 2;^ 15 1884 11 15-16 m 1820 11 8 184:} 8 5 1857 1574 9 1871 1885 IIH 93-lG 18:10 19 8 1844 9 5 18.58 13W 8% 1872 18^ 1886 9 9-16 8 1:3 16 18:}! 11 7 1845 896 5 18.59 ik4 10 1873 2\H 13^ 18S7 11 T-io 9 7 I'j 18:t3 13 7 1.S46 10 6 18()0 1874 185| 14»j 1888 V^ 'J^ 18;i3 17 9 1817 12 7 18<)1 38 U]4 1875 13 1-16 1889 11^ !»->t 11*14 16 10 1848 8 5 If^Vi 6nJ4 20 1876 l*M 10% 1890 ^9^ 9 116 1835 20 15 1(^9 11 6 18»V3 93 51 1877 13 5-16 10 i:M6 1891 7?i 1836 80 12 1850 14 11 ISIJl 1.90 72 1878 12 3-16 813-16 1892 10 6 11-16 1337 17 7 ia5i 14 8 \^-5 1.20 35 1879 im 9M 1893 915-16 fa ISW 12 9 1.S52 10 8 18<;6 52 32 1880 vm 10 15-lG 1894 8 .5-16 5 9-lC 1839 16 11 1853 U 10 1807 36 15% 1881 1.3* 10 7-16 1895 m 5 9-16 FOR.II OF CONTRACT USED BV NEW YORK COTTON EXCIIAXIJE. (CONTRACT A.) AV Oj?ife of. Ne-M York, i8q In Consideration of one dollar in hand paid, receipt of which is hereby acknowledged have this day SOLD to (or BOUGHT of) 50,000 lbs. in about One Hundred Square Bales of Cotton, growth of the United States, deliverable from licensed warehouse, in the Port of Kew York, between tlie first and last days of ne.xt, inclusive. The delivery within such time to be at seller's option in one warehouse, upon five days' notice to buyer. The cotton to be of any grade from Strict Ordinary to Fair, inclusive, and if stained, not below Strict Good Ordinary [New York Cotton Exchange Inspection and classification] at the price of [ ] cents per pound for Midtlling, with additions or deductions for other grades, according to the rates of the New York Cotton E.\change, existing on the afternoon of the day previous to the date of the Transferable Notice of delivery. Either party to have the right to call for a margin, as the variations of the market for like deliveries may warrant, and which margin shall be kept good. This contract is made in view of, and in all respects subject to, the rules and conditions established by the New York Cotton Ex- change, and in full accordance with Article II, Title IV, Chapter Second of the By-Laws. Respectfully, 285 ClAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. World's Frodicction, Distribution, Consumption and Yearly IMce of Cotton. "CHRONICLE •• ESTIMATES. 1 WORLD'S YEAELY CONStJMPTlON, IN BALES OF 400 POUNDS. ] Europe. United States. Total Europe and U.S. India. Total. Year. Great Britain. Conti- nent. Total Europe. North. South. Total U.S. •1878-79. 2,843,000 2,596,000 5,439,000 1,615,000 169,000 1,784,000 7,223,000 262,2.30 7,485,2.30 1879-80. 3,360,000 2,750,000 6,100,000 1,779,000 202,000 1,981,000 8,081,000 301,480 8,382,480 3880-81. 3,S72,000 2,956,000 6,528,000 1,884,000 834,000 2,118,000 8,046,000 371,400 9,017,400 1881-82. 3,640,000 3,198,000 6,838,000 1,931,000 266,000 2,197,000 9,03.5,000 389,600 9,424,600 1883-&3. 3,744,000 3,380,000 7,124,000 1,99.3,000 382,000 2,.375,000 9,499,000 447,400 9,946,400 1883-84. 3,666,000 3,380.000 7,046,000 1,865,000 379,000 2,244,000 9,290,000 520,700 9,810.700 1884 85. 3,433,000 3,2.55,000 6,888,000 1,608,000 301,000 l,009,0t)0 8,597,000 5^1,800 9,181,800 1885-86. 3,628.000 3,465,000 7,093.000 1,890,000 388,000 2.278,000 9,371,000 630,300 10,001,.300 18'66-87. 3.694,000 3,640,000 7,334,000 1,972.000 451,000 2,4i3,000 9,757,000 711,800 10,468,800 1887 88. 3,841,000 3,796,000 7,637,000 2,030,000 500,600 2,550,000 10,167,000 ni,670 10,938,670 1888-89. 3,770,000 4,009,000 7,839,000 2,130,000 555,000 2,Ga5,000 10,524,000 870,880 11,894.8S0 1889 90. 4,034,000 4,290.000 8,.324,000 2,102.000 629,000 2,731,000 11,055,000 988,203 12,043,293 1890-91, 4,230,000 4,538.000 8.768,000 2,262,000 696.000 2,9.58,000 3:220,(100 11,726,000 1,155,328 12,871,328 1891.93. 4,020.000 4,.576,00O 8,.596,000 2,4.30,000 790,000 11,810,000 1,142,619 12,9.58,619 189'i.9a. 8,700,000 4.576,000 8,2S2.(I00 2.340,000 649J1O0 S.lS'.t.OOO 11,471,000 1.170.000 12.641. onn 189,3-94. 1 4,100,OWJ 1 4,784,000 I 8,884,000 1 1,991,000 1 839,000 1 2,8.30,000 111,714,000 1,155,000112,^69,000 1894-95. 1 4,264,000 1 5,096,000 1 9,360,000 1 2.215,000 1 1,0W,000 1 3,219,000 11 2.579,000 1 1,260.000 13,839,000 Amount consumed in Mexico and Canada not included. World's Production from Cotton FiCTS— Bales 400 Lbs. 1801. 1834. United States Bales. 105,000 90,000 25.000 400,01)0 400,000 140,000 38,000 Bales. 1,211,000 75,(K)() 20,000 62,000 85,000 463,000 275 (XKI Brazil ',',',', West Indies Egypt ■■■■ Rest of Africa ['.'. India Rest of Asia , Mexico and South America, except Brazil Elsewhere 88,000 32,000 Total 1,310,000 1 2,311,000 Production of the world in 1893— bales of 400 lbs. Bales. United States 8,92.5,000 India 3,(K)0,ikki China and Korea ■. l,()00,i)(K» Turkey and Persia.... 300,(K)0 Asiatic Russia 300,000 Egypt 1,220,(KK) Africa, except Egypt. 125,000 Brazil, Peru and West Indies .Japan Mexico Greece Bales. 3,000,000 » 1,(100 100,0(10 60,(KK) 10,000 Total 15,870,000 Over 55 per cent, is grown in the U. S. WORLD'S SUPPLY AND DISTRIBUTION OF COTTON. 1866-67. 1867-68. 1868-69. 1669-70 1870-71. 1871-72. Ave'ge. 1872-73. 1878-74. 1874^75. 1875-76. 1876-77. 1877-78. Ave'ge. 1978-79. 1879-80. 1880-81. 1881-82. 1882 83. 1883-84. Ave'ge. 1884-85. 1885-80. 1880 87. 1887-88. 1888-89. 1889-90. Ave'ge. 1890-91. 1891-92. 1892 93. 1893-94. 1894-95. Visible and Invisible begin'ng of year. 2,349,000 1,619,000 1,338,000 1,520,000 1,725,000 2,578,000 2,453,000 2,320,000 2:525,000 2,324,000 2,846,000 1,961,000 1,540,000 1,267,000 1,548,000 2,168,000 1,610,000 2,405,000 1,939,000 1,679,000 1,800,000 1,841,000 1,614,000 1,499,000 1,434,000 2.266.000 3,610,000 2,885,000 2,707,000 Crops. United States. 2,2.30,000 2,718,000 2,652,000 3,431,000 4,733,000 3,241,000 3,167,000 4,283,000 4,597,000 4,216,000 5,171,000 4,933,000 5,425,000 4,771,000 5,637,000 0,556,000 7,519,000 6,073,000 8,058,000 6,485,000 6,721,000 6,420,000 7,480,000 7,4.50,000 8,000,000 8,079,000 8,525,000 7,6,59,000 10,170,000 10,800,000 8,044,000 8,920,000 12,0,50,000 Supply of other countr's. 2,178,000 2,107,000 2,564,000 2,113,000 2,025,000 3,036,000 2,.337,000 2,0»>,000 2,:i20,000 2,309,000 2,018,000 1,897,000 1,506,000 2,022,000 1,398.000 1,894,000 1,8:^7,000 2,510,000 2,450,000 2,434,000 2,071,000 2,007,000 2,100,000 2,478,000 2,100,000 2,-350,000 2,580.000 2,269,000 2.488,000 2,3<.H),000 2,600,000 2,',K)0,000 2,000,000 Total Crop. 4,408,000 4,825,000 5,216,000 5,544,000 6,7,58,000 6,277,000 5,.504,000 6,366,000 6,917.000 6,525,000 7,189,000 6,830,000 6,931,000 6,793,000 7,035,000 8,450,000 9,,356,000 8,58:j,000 10,408,000 8,919,000 8,792,000 8.427,000 9,580,000 9,928,000 10,100,000 10,429,000 11,105,000 9,938,000 12,658,000 13,190,000 10,644,000 ll,a20,000 14,050,000 Total Actual Con- simipt'n. 5,OA5,000 5,058,000 4,979,000 5,259,000 5,820,000 6,312,000 5,419,000 6,425,000 6,632,000 6,656,000 7,082,000 7,140,000 T,272,000 6,868,000 7,223,000 8,081,000 8.646,000 9,035,000 9,499,000 9,290,000 8,629,000 8,597,000 9,371,000 9,787,000 10,167.000 10,524,000 11,055.000 9,912,000 11,728,000 11,816.000 11,470,000 11,714,000 12,579,000 Balance of Year's Supply. End of Year. Visible. 1,400,000 1,280,000 1,260.000 1,3.50,000 1,696,000 1,785,000 1,591,000 1,682,000 1,619,000 1,732,000 1,318,000 1,214,000 1,068.000 1,499,000 1,922,000 1,362,000 1,704,000 1,505,000 1,2.30,000 1,210,000 1,248,000 96.5,000 902,000 1,120,000 1,706,000 2,9.3.3,0(X) 2.400,000 2,2.53,000 2,700,000 In- visible, 219,000 58,000 260,000 375,000 882,000 668,000 729,000 843,000 705,000 614,000 643,000 326,000 199,000 49,000 2-»6,000 254,000 701,000 434,000 449,000 590,000 593,000 649,000 597,000 314,000 560,000 007,000 263,000 528,000 1253,000 Burnt, etc. 53,000 48,000 55,000 80,000 a5,000 90,000 56,000 74,000 80,000 70,000 85,000 75,000 80,000 77,000 85,000 88,000 90,000 100,000 120,000 95,000 90,000 90,000 88,000 130,000 160,000 120,000 11.5,000 117,000 100.000 100.000 ,50.000 125,000 225,000 ESTIMATED NUMBER OF SPINDLES IN EUROPE, AMERICA AND IND/4. Great Britain Continent United States East Indies Total. 1895. 4.5,400,000 28,2.50,000 16,1.33,(K)0 3,810,000 1894. 45,270,000 27,3.50,000 15,70{),000 3,650,000 1893. 1892. 1891. 93,.593,000/ 91,970,000 45,270,000 2t;,8.50,000 15,(H 1,000 3,o76,fKX) 4.5,.35O,0O0 44,7.50,000 26,105,(K)0 2G,035,(K)O 15,278,000 14,781, 0(H) 3,102,000 3,351,000 90.435,000 88,917,000^ DELIVERIES OF COTTON FOR PAST SIX SEASONS AND WEIGHT IN LBS. (Cotton taken from the Visible is counted as delivered to consumers.) GREAT BfilTAIN. 91,3.37.000 Ameri- can. East India. Brazil. Epyp- tiun. Sun- dries. 1891-ft5.[2,9:i7,7(K) 1893-94.1 2,678,:j;J0 If 92 as.! 2,'295,000 l-91-!»2.i 2,081,000 1(90-91. 2,882,000 188<)-90., 2,770,000 1888-89.1 2,6a5,000 32,9.50 52,770 fr«,0()0 97,000 23:j,ooo .304,(X)0 255.000 :«,090 245,850 182,000 76,000 lt0,(KI0 110,000 153,000 273,6 .'0 310,.560 311,000 311,000 282,000 212,000 2,35,000 3;t,570 30,510 41,000 45,000 40,000 27,000 40,000 Total. 3,310,930 3,3;!(»,020 2,893,000 3,213,000 3,.577,000 3,4,53,000 3.288,000 Av'ge Total W'ght.|W'Kht,lbs. 1,618,813,000 i,.5;ri,(i7!i,(/it(i 1,II1,S9C.,0IH1 i,.'>7ii,9(;i;,i)(io i,:o9,6i:<,(»(i) l,(!2(),17li,(l(l0 1..')(I9,297,(KI0 498 479 488 489 478 471 459 CONTINENT. 1894-95.13,260,640 I 1893-94.1 2.,570,(K)0 1892-93. 2,249,000 1891-92. 2,4a5,3 460 453 441 433 |2,13V)6I,000 l,!l,5(l,0()0,(HK) l,7'.'8,912,OO0 1,814,1.52,(«K) 1,850,741, (KK) 1,72 ,46t<,0()0 1,644,530,000 ALL EUUOPE. 18^»4-95.| 6,1(4,()0() 5,176,(K)0 5,2!)!),IIO0 4,903,(X)0 4,682,000 h26,i)0() 1,192,000 1,U9,(K10 1,132,(01 1,492,000 1,713,000 1,549,000 ,s5,0()0 I ,5>.I3,(KK) I .396,000 289,(100 147,000 213,000 180,000 302,000 610,000 618,000 570,(KK) ,)52,000 425,000 389,000 110,000 I 7,813,000 I 121,000 I 7,015,000 148,()(K) 131,000 106,000 110,000 137,000 0,778,000 7,1,56,000 7,662,000 7,361,000 7,059,000 484.7 407.2 473.() .473.0 461.6 451.4 44C.1 I3,7^'7,407,(I(X) 3,.591),iiO().(K«( 3,210J8iiS,(i(IO 3,;i8.5,ll,S,(IU0 3,.'>00,;iS4,0(H) 3,341,017,000 3,I53,a36,000 Ellison & O.'s (Liverpool) Annual Review of the Cotton Trade. Conducted by Thomas Ellison. U. S. Fort Heceipts and £!xports of Cotton, including Distribution and Stock on Hand, Average Weight by States and Total Marketed for current season to March 1st, 1896, in bales. Movement from Sept. 1, 1895. to March 1, 1896. Receipts since Sept. 1, 1895. Receipts since Sept. 1, 1894. K.XPORTS SIKCK SBPT. 1, 1895, TO— Stocks Feb. 29. Number of Bales. Weight n Average Average Average Great Britain' France. Conti- nent. Total. Pounds. Weight. Weight. Weight. Texas 910,774 1,515,2(12 178,820 778,691 310,074 419,019 1.5,5,661 1,.306,2SI5 482,3.33,137 773,662,141 89,;J:?4,174 370,:«i4,721 152,:i53,989 20.3,1,57,172 76,104,220 683,147,500 .526.12 ,510.60 499.00 483.33 482.02 484.81 488.91 500.00 5.34.40 513„52 so-^.oo 491.00 489.17 494,12 491. .57 499.00 521.51 Galveston 822,897 93,877 1,515,202 17X,826 24,969 648,159 1(15,56:! 257,649 58,425 1M,918 743 265,435 137,433 16,151 43,527 78,472 44,1)46 30,606 1,515,941 ,54.967 2,169.4S6 214,415 18,9.58 825,600 140,459 as4,llll 131. ,345 221,774 893 394,061 252,518 3I,9T2 110,878 59,630 100,592 87,748 337,268 29,590 490,471 51,241 9,414 35,386 46,328 27,((59 52,313 35,903 29,426 9,930 8,384 196.347 164,()a3 44,607 4,219 93,014 4,3.50 252,198 26,349 *i',770 l%ii9 "■956 144.568 30.737 4(*I,5S9 29,1117 222',57i 20.4,51 144,294 4,899 90,708 10.363 164',i97 2,128 46.080 25,rx,0 574,8.50 61,677 1,143,258 84,1S8 9.414 284,306 66,774 171,3,53 57,212 128,381 39^794 9,930 8.384 382,663 166,211 91.(U!8 • 29,769 83,1,58 8,447 305.778 29,335 2,282 3U,002 '8,471 33',46;? 2,150 2,082 187,212 20,000 15,591 9,179 Louisiana Alabama Georgia* South Carolina Virginia North Carolina Tennessee, &c.. Total 490.07 499.00 485.60 Mobile 481.94 Florida 486 ,58 Savannah Brunswick, &c Charleston 4>0.29 495.90 Port Royal, &c Wilmington 5.646.542 2,836,357,054 502.14 508.27 496.28 Washington, &c. .. . Norfolk '. * Including Florida. West Point Newport News, &c... New York Boston 1895-96. 1891-95. 1893-94. Philadelphia, &c Total 1895-96 4,476,898 1,574,964 400,750 1,337,088 3,312,802 824,246 Total marketed, as above bales. Interior Stocks m excess of Sept. 1 5,610,.542 376,500 8,165,8.39 348,000 6,301 ,,527 Total 1894-93. 6,718.243 2.650,839 &14,263 1,821,933 3,117,035 995,839 27:),OO0 Total 1893 94 5,218,723 2,3.33.233 519,185 1,178,001 4,030,424 931,464 Total in sigh t ....bales. 6,023,042 8,51.3,839 6,576,527 * Qreftt Britain exports include to the CbanneL 8g8 mil |Wll',!!,ii| ■■^^ NEW ORLEANS COTTON EXCHANGE. The New Orleans Cotton Exchange was the outgrowth of a preliminary organization in 1870 which became organized January 24, 1S71, chartered February, 1872. They own the ground, building and furnishings, which were completed (inside of estimated cost) at an expense of $450,000 May, 18S3. It is a five-story structure of Indiana drab oolitic limestone, with a base of granite. Seventy-eight feet fronts south on Carondelet Street, where the main entrance is ; 120 feet fronts Gravier Street. A fine view of the city can be had from the roof. The main hall is 100 feet long, 50 feet wide and 30 feet high, containing the most complete facilities for furnishing cotton news of any in the United States. It is artistically decorated and has many historical paintings. There are 377 members. Initiation fee requires ownership of one share of stock and payment of Sioo annual dues. Transfer certificates sell at about $140 or $150. CLAPP & COMPANY, BANKERS & BROKERS, NEW YORK, ANNUAL RECORD, Sales on New Orleans Cotton Exchange for months and years named, as reported hy tJi^e Secretary. For Kew Orleans Port Receipts and Exports season to date, see page 236. SALES 1895. 1894. 1893. 1892. 1891. 1890. 1889. 1888. 1887. 1886. 1883. 1884. 1883. During Bales. Bales. Bales. Bales. Bales. Bales. Bales. Baies. Bales. Bales. Bales. Bales. Bales. September October November December January February March April May June July August 2,240.800 ■i.i&.Wf) 1,736.4110 1,291,700 1896. 897.!'00 1,018,100 827.S00 l,4',e,9(IO 1,629,200 826,2U) 1895. 744.200 6;J6.100 1,775,100 1,903.400 1.612.0(0 l,189.4ai 667.6110 1,338.VOO 1.100.,500 1..347.100 1.430.900 1,570,900 1894. I,!i0:i,200 l..t2:i.200 •.(6.5.300 1.012,800 S,s;!,300 412,.800 3SI2.400 398,100 8.31.600 1.8t>4.:«X) 2..vt3.40(> 2,147,300 1893. 1.412,800 l.lvJI.lflO 1,393,700 1.4.52.200 779,300 8;t8.300 3S2.200 810,,500 l.OOI.OOO 1. 019.000 1.252.600 1,024,100 1892. 1.308.200 i.otri.tioo 1.086.400 1.140.200 8.57,IKX) l.l.54.,>(00 6.32.100 5o6.,S00 648.100 818.800 1,002.000 619.30C 1891. 962,200 il2«..H00 549.900 743.t«)0 39.5.!K)0 691.600 .509.700 687,400 449.300 881.700 838.900 390,000 1890. 1,191..500 469.400 ,520,700 .52S.200 440,;KX) 400.800 2<9.800 380.800 501.000 6.52.700 716.400 513,200 1889. 615.900 514,700 508.300 8:t5.700 784.700 2:fi..500 2.^5.900 456,600 627.300 866.100 1.704. NOO 1.09-1,500 ISSS. !153,'K» 73;i.900 1,3.«.400 .5;«.200 ;H2.70C 343.100 309.6(10 215,000 392,700 685.200 738.000 1.077.700 1887. 6(M.200 .527,100 1.270.100 l.:i43.200 1,481.600 1.48,5,200 1.090.100 531.900 576,-2C0 a58.900 700,200 750,000 1886. 66.5.900 !r23.500 921.000 425.,300 481,600 301.700 399.900 364.700 582,200 733.000 9:i5.700 l,ia5,800 1885. S2.5,«O0 5.^7,900 69,5.400 800,800 521,600 52:t.200 486.300 489,400 1,027,400 936.700 843.000 931,000 1884. 780.200 6.52.90O 1.040.900 1.141,100 711.700 7IW.WI0 270.:iOO 489,500 Total 11,756,100 14 618 JOO -^ — -> ■="'■ 16,516,700 12,131,400 1,228,050 8.555,300 1,154.300 6,782,000 6,570,600 9,(M9,.500 11,227,000 7,475,900 8,037,100 9,588,300 Spot Sales* 1,128,(00 926.930 866,300 1,034,417 863,060 961,011 806.925 1,072,300 972,720 1,161,475 • Includes sal es to arrive For Daily Receipts of Cotton at New Orleans in 1895 see Clapp & Company's Record on pages 278 tP 284, 2<7 INTERIOR OF NEW ORLEANS COTTON EXCHANGE. CLAPP & COMPANY BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Cotton in sight monthly, per cent marketed, per '■'■Chronicle^'' to 1889-90, and since by N'. O. C. Ex. September I'ercentageof Crop., October For Season to Date. . . Percentage of Crop. . . November For Season to Date., Percentage of t^rop.. Deceml)er For Season to Date. . Percentage of Crop.. •January For .Season to Date. Percentage of Crop. February For Season to Date., Percentage of Crop., March For Season to Date. Percentage of Crop., April For Season to Date. Percentage of Crop., May For Season to Date Percentage of Crop — June For Season to Date. Percentage of Crop. July and August . Total Crops. 1895-96. 1894-95. 534,645 1,7.'«,.t02 2,270,147 l,:iOti,ft>4 3,577,101 670,.-)3; G.775 2,140,990 2,811,,i;« 28.4(K 2,190,79.=) 5,(K>>,;C8 oO..->2« l,a>4,769 l,992,a45 4,931,870, e.994,673 70.1H^ 618,729 1,019,797 5,.550,.599' 8,014,470 80.94^ .572,442 8,586,912 86.73* I 608,015 9,194,!»27 I 9287* 342,728 9,537,6.55 96.a3* l.-i9,G15 9,697,270 97.94* 79,73,5 9,777,005 98.75* m,246 9,901,251 1893-94. 5a5,249 6.69* 1,617,369 2,152,618 28.51* 1892-93. .536,278 8* 1891-92. 832,317 9.21* 1,462,798 2,0.30,612 1,999,076 2,862,!)60 29.84*1 31.69* 1890-91. 856,4.38 9.90* 1,743,287 2,.5il9,725 80.U.5* 1,675,041, 1,482,928 1,919,272 3,827,659, 3,482,001 4,782.2;« .50.70*1 51.97* 52.93* 1,6:«,43;5 1,.308,1.51 5,406,092, 4,790.4.55 72.40*1 71..50* 788,080 .565,7.52 6,2.51,172 5,:J56,207 82.84* 79.91* 362,4.36 418,136 748,.529 6,616,608 5,774,;M3 7,956,9.51 87.64* 86.18*1 88.06* 1,66.3,854 6,446,086 71.:t4* 762,.3.39 ,208,425 79.78* 300,313 2*5,762 6,916,951 6,070,105! 91.62* 90.59*1 437,.3;i5 ;,394,289 92.90* 249,450 202,437 r,166,401 6,272,.>12 94.92* 93.61* 271,576 5,665,865 95.91* l,618,6r 4,21H,:{4- 48,7,5 l,aT6,2;>6 5,874,.5it8 67.8!)* 1889-90. 668,988 9.L5* 1888-89. 424,209 6.11* 1.6:«,219 1.493,289 2,:«KI,207 1,917,498 31.46* 27.(>1* 1.602,312 3,902,519 .t;{.:«* 1,624,694 5,.527,213 7.5.60* !t6»),8:e 766,989 6,841,4:iO 6,291,202 79.07* 86.09* 618,8.5:1 4.V),88' 7,460,28:1 0,74.5,089 86.22*1 92.26* 1,515.20' 3,4:«,705 49..50* 1887-88. 824,.3G9 11.74* 1886-87. 4.34,8.38 6.68* 188.5-86. 1884-85. 485,.5.52, 7.41*1 1883-84. 41.3,&36 7.3* 450.047 7.88* 1,.588.766 l,3:«,90l! 1,360,870 1,309,111 1,. 32.5,716 2,4i;i,i:i5i 1,767,7391 1,816.4221 1,722,!M7 1,77.5,763 34..38*; 27.14*1 28.19*| 30.:!9* 3I.08< l,a39.!M)6 1..579,.5.39! 1,44.3,4:131 1,:W0,!H)2 1,317,773 4,0.5:{,0411 3,:«7.278: 3,2X9,8;V> 3,113,K19| 3,093,.5:i6 57.75*1 51.:fi)*l 50.2:i* 54.9*] 54.14* l,.527,a37| 1,340,8711 1,440,487 1,488,582 1.7 ■8,437 •2.95* 4,960,642 .5,:«3.912 4,787,765 ^1.52*1 76.81*; 7.3.51* 791,8171 510,271 662,651 ,511,79:1 5,7.52,489 5,9:M.18:i 5,4.50,419 5,.320,23f) 82.94*1 81..5.5*: 8:1.68*1 81.23* 1,:160,404 1,261,816 4,474,2;5:i| 4,358,:«2 78.92*1 76.27* 5l:l,l.'-7| 45:1,985 4,987,440 4,812,:n7 87.97*1 84.22* 462,7.58 211,166 .342,4.511 242,454 7,92:1,041 6,9.56,25.5 6,614,5131 6,.546.250 91.57* a5.14* 95.37*; 93.27* 314,626 119..509I 129,666 125,127 3,237,667 7,07.5,764 6,744,209 6,671,.377 95.20* 96.;8,? 97.24*1 95.06* 519,603 .369.613 4.50.285 479,591 291,7.5:1! 370,337 6,272,092 6,:i03,796 5,900,704 5,799,821 5,279,1!)3 5,182,674 90.44* 89.82* 90.60*i 88..54*| 9:1.12* 90.70* 2,5.5,494 .301,156, 192,903 262,772 6,156.498 6,100,977 5,472,096 5,445,446 94.52* 93.15* 96.52* 95.:i0* 140,834 148,65;>, 7,307,235 6,421,197 96.79* 95.83*1 195,.^53 S,861,218i 98.07* 197,.52.5 67,845 ;,435,192 7,143,609 97.49* 97.71* .58,483 112,144 6.802,692 6,783,.521 98.09«i 96.66* 81,774 86,694 7,392,009 6,.507,S<)1 97.91* 97.12* 107,.377 I,968,.5!I5 99.27* 157,808 1^,474 66,784 ■,.549,817 6,700,3&5; 9,a35,379 108,251 :i4,011 1,543,443 7,177,620 98.74* 98.18* 109.154 1.^3,702 8,&52..597 7,311. .322 .32.995 70,993 6,835,687 6,8.54 ..51 4 98.56*1 97.67* 99,.395 163,193 6,93.5,082 7.017.707 98,590 6,2.54,788 96.03* 18o,.597 6,286,574 95.98* 83,911 5,556,007 _ 107,1.53 .5,5.52,.599 97.18* .53,419 6,308,207 96.85* 36,918 i,34.5,li5 97.41* 113,822 33,973, 57,292 6,400,:J96 5,589,980, 6,609,891 97.7-2* 98.6* 98.18* 46,222 10.189 3,446,618 5,600,169 98.42*; 98.78* 168,138 ia3,597 68,8,52 6..513.263 6,.5.50,215 .5.669.021 29,187 5,639,078 98.69* 74,974 8.714.052 For Daily Receipts of Cotton at all points in 1895, see Clapp & Company's Record on pages 278 to 284. AUGUSTA COTTON AND GRAIN EXCHANGE. The Augusta (Ga.) Cotton and Grain Exchange own their building, built in 1887 at a cost of $20,000. The main hall is 45 by 55 feet, l6 feet high. Tliere are 100 members. Annual dues $40. Little trading is done but much information is furnished. For Daily Receipts of Cotton at all points in 1895, see Clapp & Company's Record on pages 278 to 284. MEMPHIS COTTON EXCHANGE. Organized in December, 1873. There are 175 members. Initiation fee, $500. Transfer valuation, $200. The E.^change erected and owns the controlling interest in the building, which cost $205,000. The trading hall is 40x66 feet and 26 feet high. For Laily Receipts of Cotton at Memphis in 1895, see Clapp & Company's Record on pages 278 to 284. 291 ;5 ':Vf^^^ fl Tvi I i^ liPilriw MOBILE COTTON EXCHANGE. MOBILE, Al>A. — Pi>|"Lii ii 4o,ocx>. i l)c Mobile Cotton Exchange was intoiporatcd Nov. 17, 1871, and w.is third in order of the kind in the United States. Mobile is a large reieiving and export cotti.n market. In- spection is under State l.iw. Thtir buildini; was occupied March i. 1886. Cotton Movement as Reported by Secretary of the Exchange. Receipts. EXPOUTS. 1894-95 2.i3,187 215,116 182.884 122,995 1893-94 34,660 1892-93 36,486 HOUSTON COTTON EXCHANGE AND BOARD OF TRADE. HOUSTON, TEXAS.— Has population of 27,557 and is the largest receiver of Cotton from first hands in the United States. Hfceiviiig in yeai ending Sept. i, 1895, 1,803,592 bales, and from Sept. 1, 1895. to March i, 1896 (6 months), 936,923 bales. "^«>^^^^5b_ «P^ ■ n ■ n R ■ P n n n n SR n H n n n n nn H, 1 R n * n n n HUH H M n ■ ft ■ ■ n p i N H N n n ^ f n fi n n 1 N i nan -, -■"■•-1 -]-T-l p H R H n n n R N n n n ^.' n n H n n n ^^^m^^ CHARLESTON COTTON EXCHANGE. CHARLESTON, S. C— Population 60,000. Does large cotton business and is the center of the phosphate and fertilizer trade. The Charleston Cotton Exchange was organized in May, 1872. Present mem- bership, 47. Initiation fee, $25.00. Annual dues, $70.00. Cotton Movement Reported by Secretary Cotton Exchange. Receipts— Bales. Shipments— B a les. 1895 425,539 407,391 306,449 422,8!»7 1894 1893 4fti,631 293.507 NASHVILLE CHAMBER OF COMMERCE. NASHVILLE, TENN.— Population 100,000. Has 4 cotton mills. Received In 1894-95, Cotton, 54,960 bales. Nashville bought Wheat, 1,998,053 bushels; Corn, 347,163 bushels; Oats, 229,187 bushels; Flour, 10,098 bbs. in 1894-95 ^^^ distributed large quantity of CoSee, Sugar, Bacon, bulk Meats and other merchandise. GALVESTON, TEXAS. — Population, 29,084. The Galveston Cotton Exchange was chartered in 1872. They dedicated the Exchange building in 1S77 at a cost of $85,000; the land was donated. The Exchange Hall is 65 by 80 feet and 45 feet high. Membership 140 ; initiation fee or transfer valuation about $50. WILMINGTOM, N. C. — Population 20,056. Has an Exchange. Large cotton transfer point to ocean steamers. WEST POINT, VA. — Population 2,018. Important railway and cotton transfer point. For Daily Receipts of Cotton at "Wilmington, "West Point, Charleston, Mobile, Galveston, Nashville, Houston and all other points in 1895, see Clapp & Company's Record on pages 278 to 284. For all Fort Beceipts and Exports from September to March 1, see page 286. 293 a- SAVANNAH COTTON EXCHANGE. NORFOLK AND PORTSMOUTH COTTON EXCHANGE. Organized in 1874. 38 MeuibLrs. Initiation fee, $100. TransK r, $65. Organized in 1872 witli 40 tuenibeis ; now has 150 ; 125 being active members, who each must be an owner of one share of capital stock, at par value, ,$200. Present value, $100. In 1886 the present building was erected of stone, terra cotta and iron at a cost (exclu- sive of the ground) of $45,000. The main hall is 45 x 50 feet ; 25 feet high. Business, coltun. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. IxeccJjjts, Exports ajid Spot Sales, for years named, as furnished us bij the Secretary. RECEIPTS. IS'JJ. 1894. 1893. 1892. 1891. 1890. 1 1889. 1888. 1887. 1886. 188,5. 1884. 1883. 1882. Sea md Cotton Island Cottof.. .... 881,!)67 64,305 163,364 915,171 54,2,59 755,724 .3,5.487 984,604 42,019 1,093,9.30 45,630 924,282 798,177 29,: 91 869,413 22.975 777.671 26,741 780,291 23,068 708,7.30 l'.»,:«7 646,445 9.301 80,5,711 ll.a59 719,827 17,229 Spo t Sales L'pUmd 198,344 209.815 275,&36 271,365 1 2.59.089 294,344 304,347 270,0,39 309,849 305,005 320,421 446,477 449.602 EXPORTS. Upland Cotton Sea Island Cotton.. 884,919 64,727 918,268 54 846 7,56,388 36,162 9SS,fl88 1,095,296 42,100 I 43,782 921,467 I 797,146 ' 874,669 778,555 785,045 7ft'<,344 32,881 1 29,;«2 ; 24,033 27,939 22,790 19,083 658,8,36 815,143 7,^3,6,56 9.-255 12,0,55 17,5!1 THE NEW ORLEANS PRODUCE EXCHANGE. The New Orleans Produce Exchange was organized October 30, 1S93, by 29 business men; chartered October 30, 1S93; has a capital stock of $5,000, divided into 200 shares of $25 each. Membership limited to 200. Initiation fee §25, and enforces each member to own one share of stock and be a produce merchant, CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Jieceipts and Exports of Flour and Grain at and from the Port of New Orleans for years named. RECEIPTS. EXPORTS. 1805. 1894. 1893. 1892. 1895. 1894. ♦1893. 1892. Flour, Barrels Wheat, Busdels Corn, Bushels Oats, Bushels 6.55,291 868,!I44 9.937,676 3.018,241 756,068 2,390,353 4,381,173 2,204,820 76,5,2,52 13,181,944 7,611,6(17 3,496,630 842.064 14,a52.1,56 7,.501,128 4,4,59,495 148,481 8,36,202 8,629,046 253,240 133,075 2,925.541 5,441,448 12,712 117,878 12.!596,7:!4 6,5..'>tHJ 1,388,031 1.492,528 6,230,392 8,432,413 9,328,:«)0 50.662 57,571 61.246 243,453 274,9(Xl :)06,230 l,n8,7U5 1,473,494 1,637.216 5,899.867 8,664,114 9,823,296 12,8;3 12,873 13.551 70.801 68,8.88 74,5:11 l.SS,174 145,116 151,506 661,163 699,593 681,777 449.;i57 4S8,132 498,400 1,952,455 2,361,.370 2,492,000 357,494 376,30'.P 396,115 1,662,320 1,802.5-20 1,980,575 78.:»» 78,384 78,384 362,135 377.023 :i9 1,920 4I(.',916 411,169 4:«.809 1,491,126 l,772..3.3(l 1,947,641 1111,627 112,8.S5 106,493 485,655 539,025 .332,473 :li6.tM(i 31.3.832 3.>S,158 1,253,280 1.483,808 1,611,711 39ii.9((4 415,855 477,156 1,663,295 1,932,440 1,862,936 178,74.-1 184,274 191,951 (W),il70 876,220 959,753 3,7:«,117 3,814,405 4,331,551 22,669,h(i;i 23,529,155 30.:il 1,8.37 2I2,32S 228,310 240,:H6 1,198,806 1,2*1, 108 1,441,956 493,782 519,770 541,4-.i7 2,a33,1.3(] 2,440,;W) 2,977,849 6:«..5:i3 765,705 841,434 2,149,393 4,(Mt.290 4,627,887 1,046,788 1,16.3.098 1.237,338 5,272,312 6,OS9,980 «,805,3.39 3,577,419 3,763,70) 4,378,725 18,.3:i4.610 20.09O,o:il 21,893.625 1,961,946 2,392.617 2,318.544 12,140,724 15,194.316 16,.370„3.36 8.3(i,217 972,:i43 l,aso..383 4m01,210 5,5'-9,042 6,482,298 S57,:OT 1,032.976 1,1S7,.-J-J9 5,271,99.f,27 2.296,785 2.5.35,472 :!, 117,016 18:^,448 277,952 2T2,.502 1,475,1(« 2,421,522 2,452,518 3,.526,:«1 3,918,157 4,124,:r76 23,153,956 26,275,158 26,808,444 2,529,759 2,529,759 2,456,077 19,610,688 19,853.552 19,648,616 .544,077 544,077 5,35,181 4, $52,616 4,047,936 4,441,448 1..3i)5,9S9 1,293,058 l,2:il.l81 8,2:!3,609 8.861, .328 9.236. l.» 7l6,M6 691,21(1 5so,87:i 6.678,603 6.-221,214 .3,227.911 32:i,482 37o.s,s S ^ ■a i. « g * 2 S S '^ 00 O W '— ■— — -T ei S t 8 S i ? § 5 55 i? I ? % I s s IS O •s < Si < o The Ihtal Number of Sheep in the United States and Total Wool Clip, Importations, Boston and London Sales for years named. The Amerlran flock, January 1 The total .\nu'ricaii clip of wool in ll)S The total foreign wool unuorted, lbs Boston receipts, domestic uags " •' foreign bales Boston sales, domestic lbs '■ " foreign lbs London sales — Colonial wool In bales Value of foreign wool goods Imported Into United States. 1895. 1894. 42.291.0W 294.29fi,7'26 218.989.217 577.377 323,984 15t,:«9,773 76,4l0,0l« ), 463,000 $60,319,:<01 45,048,017 334,9l4,a32 tl 19,765,721 581,304 102,366 138.640,284 27.281,500 1,^37,0110 <17,336,161 1893. 47,273,-353 348,.3:!8,138 172,433,838 504,319 1-20,893 107,317.000 25.574.900 1. -236.000 $.30,-238,506 189-2. 44.938, 3:H,0I8, 148,67>i, 6-29, 191, 137,749, 42,697, $37,57.3,4*5 1891. 4:1.431,136 .3r 0,401. -307 129,303,548 545,230 16.3,116 115,827.1.39 32,328,300 1890. 44,.3S6.00O 309,474,R36 105.431,-283 51-2.069 111,66-2 120.541.546 26,9if2,7(r2 1889. 42.599,ra 293,779,479 126,487,729 410,7a 161. 1S2 98.078..363 32,4%,-2l*) 1888. 4;!,.'v34,753 3223' 1.000 113,5-38.753 854,9-25 103,1-22 •166,512,108 287 I THE N. Y. PRODUCE EXCHANGE. The Produce Exchange is the consolidation of the Corn Exchange, which was incorporated April 19th, 1862, which charter was amended February 13th, 1868, creating the New York Produce Exchange. The building cost $3,190,752.40, and has a debt of $1,000,000. Fronts Bowling Green on Broadway, Whitehall, Beaver and Stone Streets ; is 120 feet high, with a tower 220 feet high. Built of granite, red brick and terra cotta trimmings, on which every State in the Union is represented, the word " Equity " being in the corner stone in bronze. The Exchange hall is 144 by 220 feet, with a skylight 60 feet high. The membership is limited to 3,000. The cost of nijembership certificates is now about $550. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Transactions on the Neio York Produce Exchange, with High and Lovo and Average Prices monthly for years named. Calendar Year. 1895 1894. .. . 189:( 1892 1891 1890 1889 1888 1887 1886 1885 1884 1883 1882 Flour. Barrels. 5,556,400 4,998,625 5,600,335 4,526,770 4,718,875 4,240,975 2,917,(KW 3,2:i5,897 3,426,813 3,410,374 3,373,.t61 3,.t60,093 4,646.985 5,166,465 No. 2 Red Wheat. No. 2 Mixed Corn. Bushels. 1,665,232 1,2.51,(«1,000 1,0.»,2'.)9,(X)0 1,161,4(H;,(>00 l,693,3.i:i,("Kl i.2:«,4;ii,ii(Ni I,l2:i,l4,s,iiii() l,.">4!l,7l!l,:iil(l i,7:is,i(M;,4iw l,5.il»,614,3(K) 1,403,951,.500 1,16;V342,500 1,.524,74.5,(X)0 616,170,500 High. 85 ^ 124 151^ Low. Av. Price 57 68^ 53^ 61% 65% rm 74 90% 109->| 941^ 85 7-16 7994 98H 88M 89 78^ 88 J6 8;i 88).^ 89 96-}6 82 109 104J^ ;;:: Bushels. 147,785,000 1.32,436,000 176,216,000 295,388,000 403,011,000 431,126,000 253,i:«,800 .331,431,300 256,.i8o,800 249,409,500 334,513,(J00 355,312,100 623,668,000 445,172,200 High. 619i 66 .57 67 85 66 48 69^ 65 52 59^ 73 71 1091^ Low. 34>^ •mi' 38^ 46 47M 44^ 49^ 50 5.514 66 Av. Price. 47% 50 15-16 49 15-16 54 70% 48 1-16 43 57 .5-16 50% 47 5-16 53 3-16 No. 2 Mixed Oats. Rye. Bushels. Higli.Low.' 57,666,000 69,;V)3,000 80,284,.50() 10o,8I4,IKK) 107.597,000 129,520,000 90,1(J8,000 &5,.52!l,000 92,486,(X10 72,880,100 125,6.5.5,500 123,.519,900 241,202,800 152,637,000 Av. Price. 28« 37^ 35% 36 5-16 46 37 J6 28 i:«6 35i<; 34 5-16 35 37% Bushels. I 3.600 I Higli. Low. Ave. 50 cents. 9,350 4.58,;JOO 1,376,6(J0 79 11-16 77 1-16 1,. 576, 100 94% 91)4 63)1 646,.500 a5 .5-16 82:5, 100 67^ ;'>.5% 16,300 5^911 315,900 60% 314,5(10 62 9-16 ?;ii 445,600 ri% 2,623,100 4,632,100 — • Calendar Year. Pork. Lard. 1895.... 1894.... 1893.... 1892.... 1891.... 1890.... 1889... 1888.... 1887.... K86. . . . 1885.... Barrels. 79,300 66,950 63,650 70,800 87,235 85,515 73,060 72,9.50 87,775 77,332 78,215 High. Lo.v. S14.75 S16.00 22.50 16.50 14.50 14.50 14.50 17.00 17.00 12.75 14.25 $8.75 S12.00 13.75 9.(X) 9.(J0 9.75 10.00 13.50 12.00 9.00; 9.00 Tierces. 144,.-i29 123,688 133,227 504,365 1,255,263 1,008,448 1,029,855 1,630,779 3,444,405 3,572,a53 3,188,750 High. Low. $7.42)4 So 45 S9.40 $6.95 13..35 7.00 10.90 7.42 6.90 8.00 11.25 8.15 7.75 7.40 6.40 5.87 595 6.05 7.00 6.75 5.90 6.15 O. W. CLAPP, DWIGHT O. CLAPP, COMMISSION MERCHANTS, MILLS BUILDING, Members Ne-ui York Produce Exchange. NEW YORK. For Daily Receipts of Cotton at Boston, New York, Philadelphia and Baltimore in 1895, see Clapp & Company's Record on pages 278 to 284. 299 CLAPP & COMPANY BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. liecelpts (ind A'xportfi oj Flour and Gram at New Yorkjur months and yearn named. RECEIPTii. Hontbs. Flour, Barrels. Wheat, Bushelfl. Corn, DushelR. Oats, Bushels. Rye, Bushels. Barley, Bushels. Peas, Bushels. Com Meal, Barrels. Jiiiiiiary Ki-liruary M n roll Aiiiil 332,089 a»7.290 570,618 tl2.r.29 5ii8.!U5 4-'6.255 445.6;B 467.(*1 491.741 674.190 765.589 882.094 114,8.10 4r.s.M)0 495,904 561.200 4.060,575 391.000 617.525 2.1115.950 3.930,H.'>0 3.245,ri(IO 7.5.57,398 5,262..375 37(1.050 3:«,-228 552.31X1 401,050 2,314,975 2,160,6.50 2.7(4.775 3.:!:}7.6>5 3.61.1.825 3,858.050 3,121,575 2.858,875 775.9-.() 67S.:jiO 1,558.200 1,754.550 2,a59,200 2,942.a)0 1,311.900 2.6!14.,'i(0 2.318.7i'0 3,198,(0) S,3I13,20J 1,752,400 3,350 "s'.iio IS.5.56 4.975 I.3.6,-.0 40.525 23.400 1,510 51.675 2!)6,fi50 230,250 240, l.W 52,700 31,200 2!,)'l.i6 51.808 51/7.9110 798.825 l,258,-,75 27,500 45.100 37.4' 21,750 :3:).5-o 28.(r.0 84.450 14,:i(iO 26.1110 6il,0(X) 7:l,l.-0 69,8.50 .35.0:19 46.1(15 1(1,157 41.771 M.iy 30,625 4:(.272 July 41.519 31.4:17 40.957 OctnlltT 47,268 87,693 Dei'<*ml>er 47,501) Totals, 18<»5 I8 1,228,393 3.491.208 3.80«.0.'.l 3.8(N1,195 4,254.r41 4.»17,540 4,295,(HO 480,500 517. iro 5T2.rK80 692,300 9:iii.5:(0 619,014 48:i,l09 490.6.54 " 18;« •' 1892 ■■ 187 22.117 19.918 21.991 20.9:« 32.637 31.9:12 27.032 14,314 F«"liruary I1.2H2 Maivh -Apiil Mav 11.020 14.468 11.947 9.+I2 Jnlv 13,509 8,289 11.804 17.6(10 10,172 1.5,7*4 Totals, 1895 '• 1S!»4 4.399.:?.t0 5,987.478 6.0:)2.!:03 5.683.2:16 3.978.076 3,417399 24,239,799 •25.142,294 :^S.017.9:a 49,789.40:1 46.514.096 12,519,946 19..581,S47 10.58.5,771 12.H02.1I39 18.279..578 12.8I9.9U 24,550,165 1,497..587 382,805 5.197.0117 3,742,812 3.205.41* 9,301,016 29.025 439.459 3,261 ,.508 4,44S.(.75 1.351,726 12S6"0 21.619 2.57.914 T.18.0.-.9 l,8fi9.5IK) 275,313 290.242 .36.5.013 473.796 686.S|.i 668 0(19 371,814 147,631 1.58.238 1.59,149 ill 159..598 160..5.33 M6,432 New York Storage Rates on Grain. Receivitifj;, Weighing and Discharging on all sound Grain, inchidiiig first ten days* storage or part thereof, iiiciudin4 1-8 :'3 11-16 33 7-8 37 3-8 33 11-K 10.25 October 69 .VKl 56 5 16 69 9 16 78 5-8 1.05 1-2 :*7 1~1 57 47 3 4 51316 65 1-16 t\ 5-8 32 »ll-16 35 1-8 M 131)1 10. 12 November TO 13-16 59 5 16 67 3 8 76 :! 4 1.07 1 16 :i5 9-16 59 46 14 51 18 -1 3.4 21 11-16 33 316 .14 7-16 .36 38 151( 9.85 December 619 16 68 3 16 77 9 16 l.(/7 1.09 S-S 56 1-8 1 45 1-2 51 62 1.5-16 a 1.V16 28 7-S SI 3 16 .'53 5 8 36 7-16 4113-4 45 '.< 20 Annual Average 68 1-8 61 IS 7378 90 3-4 47 3-4 5015 16 4915-16 54 703 8 3714 35 7 8 36 5^16 (Average ' Range for year: for year. High 70 14 8314 1.11 18 1.3012 61 1-1 67 57 67 85 35 1-2 531-2 40 41 6312 1 Low 57 54 3^8 65 .%8 74 94 12 31 1-2 42 1-4 43 14 46 1-2 52 1 2 1 22 1-2 31 29 1-2 33 1-2 31 .l^ 1895.... $14.13 •Afloat and delivere d. •Afloat and delivered. ■ 19M.... 14 13 1893 ... 18.35 Wheat N'o. 2 Rt d in store: Corn— No. 2 mixed in elevator. Oats— No. 2 mixed in elevator. 1892 ... 11. .52 Highest June 11 84c. HiKliest, Mav 23 60140. Highest. Febni.nry 12.. 'W^. 1891.... 11. :S Lowest, February IS 55HC. Lowest, December 16 S!J<.c. Lowest, December 16. .22><.-c 1890.... 12.13 aoi CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Wheat and Flour on Passage, and Shipments Wheat to Europe from Black Sea, South America and Australia and from India Weekly. Wheat and Flour on Ocenn Passnce. i^hipmcnts of KiiHBinn, Diinubinn, Austra- liau. Chili and Ai'Kcniiiie Wheat- Date. December 29, 1894. . . January 5, 1895 January 12 January 19 January 26 February 2 February 9 February 16 February 23 March 2. March 9 March 16 March 23 March 30 April 6 April 13 : April 20 April 27 M.iy 4 May 11 May 18 May 25 June 1..., Junes June 15 June 22 June 29 Julys July 13 July 20 July 27 AUKUstS AuKUstlO August 17 August 24 AugustSl September? September 14. September21 September 28 Octobers October 12 October 19 October 26 Noveinber2 November 9 November 16 November 2:! November 30 December? December 14 December 21 160,000 ,610.IXJ0 ,0(X).000 120.000 320.0(«) 9JO,000 560,aio 60,«.in ,931.000 ,320,000 1M,(00 531.0011 ,040.01.10 ,320.000 480,000 ,960,000 760,0! 10 ,360.1 «K)' 2l)(i.i,000 ,800.000 ,.'i6ii.li«i ,8 0.1 .00 ,240.CK.li 561 1,1 M ,200.000 M 1,001 040,0011 ,2^1,1100 ,6i.tl,(li« a0,a«l 6,240,01111 6,640,l«O 7.2s0,n0i 7,:j60,(lOO 7,rco,ooi 8,160,000 9.361,00" 10,160,000 11,280,000 ll,5yi,O0 12,S0ii,iK0 11,1K|I.IK»J i:i, 120,001 13,360.11111 13,20 1.1 «) 14.0sil,iioO 13,760,1 '00 12,720,000 12,240,1410 11, '•41 1,1 00 11,3611,000 li).400,i»i0 9,3i»,0(i0 7 6*1,0110 6,-i6il,ll(iO 6.:«ii,l« e.oiH.i'i^i 6.560.1 00 6,40 1,1 >0 7,:l(W,ilOii 7,440,11110 7,2S)I.HlO ?,9J0.fll,l',0( 2l.40O.(<( 24.240,1 KK 23.>^I0.0(Kj 26. 720, in ■25,.5'2liil(«l 2). '.16(1.1110 25 60 ',11 11 25.3611.00(1 26.1611.0(111 26.801 l.OOli 2(;.2lii.i«"i 25.7i'i 27,360,000 Date, Dec. 29, 1894,... Jan. 5 1816 Jan. 12 Jan. 19 Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 March 2 March 9 March 16 March 2! March 30 April 6 April 13 April 20 April 27 May 4 May 11 May 18 May 25 June 1 Junes June 15 June22 June 29 July 6 July 13 July ao .luly 27 Aug. 3 Aug. 10 Aug. 17 Aug. 21 Aug.31 Sept. 7 Sept. U. Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Nov. 2 Nov. 9 Nov. 16 Nov.23 Nov. 30 , Dec. 7 , Dec. 14 , Dec. 21 ■e c5 V c o ill ^5« 1.920.0011 2,2111,000 l.am.O 1,280,1 <10 l,:Wo,(iiX) l.l-2ii,aiO l,2S(i,00i ?20,0i« 480,(X)0 960,010 T20,iO0 560,010 768,010 400,1100 64O,f«i0 2,8-((i,uO 2,4iiO,Hii 2,176.0(«i 2,140,000 5.S64.KH) .5,21 N 1.00: 4,4SO,000 4,560.000 6.4S0,iO0 6.240,1 <« 5,640.00 4,320.000 4,400,(«») 3.920,(00 3,280,(««l 2,456,0(0 2,480,(W 2,160,001 2,S8ii,00 4,2S8.1«0 1,864,0(1(1 2,320.001 2,si6.iOO 2.6S0.0 2,248,0 iO S.KM.Oai 3 1.3i;.O0 4,:«J.0^0.l)0 2,3-20.100 l,-mi,UO ],3«0,0(« 1,131.(00 1,201.1 <0 1,760,1<10 1,131,100 1,8411,11(0 1,840,0 2,4(0,1 2,ii96,iK10 2,4S0,lO0 4..576.K0 3.531.00 1,176.101 1.312.14H 1,<18.0>I 1,44m.1Mi 92'<,lilO 1,(»S,0 712,010 1,784,10 528,00 1,552,10' 576.UO 721 i.H' 9"ii.0 61ii.ii(Ki 4S0OO :;6u.ooo 1.360.1M l,60>.OO 1.2(0.1 (0 1,704.100 H.8il,(K> l.SdS.OMI 2,2.V,,IK«' 1,472,1(0 l,0(">4,Oi( l,3i8.0< 1,016.00 1,952.0:0 l,440.O< 76S.O)l 1,1.411,1.0 l.lCii.uO 776,1 n 4,080,000 5,120.010 3,931,0(0 3,5-20,0(0 3.440,0,0 3,440,0)0 3.13i,WI(i 2.(iSO,(XI0 1,6(X),000 2.160,000 2,480.000 1.68(1,0(0 2,608,(00 2.-21O,00O 3,010,000 5,576(00 4,880,000 6,752.(»0 6,160,10) 7,040,100 6,512,11.0 li,3*i.U0 6.1101,00 7.408,100 7.".i-2'*.0Oi 6,;«2.(i(ii 6.1U4.00O 4,928,011 5,472,(XO 3,S,56,ia 3,176.00) 3.440.0 2,800.00 3.:<60,iO0 4.618.0)1 S,-224.0OO 3.',i28.0i( 4 0I6.OO 4..-<.84.i« 3.128,100 4.9r2.0(Xi 5..1')2.O0O 5.824.00 3.8411 4.S«.(X« 4.712.0OI .5.1(U.(0i 4.20l.fXX) 4.1)88.000 4.,5:«-..l)00 4.:a),oo 3.^0,110 2,4ao.(X) 2,401,00 1,&0,000 3.040.00 3,440.00 2,320,00 2,»lil,(X0 2,(K1,W)( 2,4'O,(«0 4,41111, 2,:i-20,iXO 2,7-20,1" l,680.OX) 2,880,010 4,080,0 5,6S0,(XX1 4,9611,(00 5,531,011 4,1180,1:01 4,8811,000 3,6011 4,04li,UO 5,S4 88,010 2(0,000 524,000 304,000 224,000 160,000 256,000 136,000 24,000 24.1100 96.00 416.00 144.00 48.000 288,00 192,000 248.010 KO.OlO 331.00 352,00 610,00 480,00 3'3),00 600,001 840,000 496.000 912,00 ,048,00) 4.80.00) 464 .(O 32S,(i(0 ,064,00 5(M,(i(0 296,000 892,0(0 S04.000 80,00) 248.000 120,000 8S8,0CO 128,000 48.000 144,O0 224,0)0 104,010 80,(00 316,000 160,001 64,000 248,000 C 3 c« loi.ooo 200.000 16,000 8,000 8,000 32,000 16,000 80,000 56.(00 64,010 88,000 152,000 80,(00, 32,(XIC 112,0X %,(0(I 16(),0KI 96,OC 621,000 216,00(1 184.IOC 4(O,10C 328.0IC 200,(0(1 2('>4,(0( 16,O0C 2T2,()a 200,«iC 8,00C "l36',0IX 88,00C 24,0Oi 16,00C 8,000 16,000 8,000 21,000 ■g,a « 632.00) 192.000 200,000 440.00) S12.O0 224.000 168.100 288,O0 152.0O 24,000 24.0a) 176,OX) 4T2,«0 208,1100 136,0 « I 288.0O.I »14.l'(XI 328.000 112.0H1 432,00 448,00 8(0,000 576,(00 944.O0 816,IXO 1,021.0X1 896.O0 l,240,(Xiii 1.248,0X1 744,100 480,000 328.(kO 1,336.00 704.00 SO4.O0O 392,00 440 0(0 168'00 272'000 136'0O S36'0O 136'000 16'(XX) 4S'(X0 141'OXI 224-00 104'00 80.0 ») 216.0X 168,U0 64.UO 272,1 «0 610.000 440.000 1,14(1.100 280.000 400,000 440.010 220,(00 280.0)0 ItO.OOO 40.0)0 3a),ofl 2a),(xio 180,00 420,(XX) lOl.iiOO 33),00 80,100 260,(XX) lC0,O0 120,00 180,000 440,100 600,000 200,(100 380,000 1(0,00 300,000 280,000 140,0)0 928.(X)0 440,OX) 620.00 440,000 280.00 640,000 140,(00 440,000 200,IKO 120,000 40,010 260,(00 220,000 20,000 280.(00 60.000 841,000 10t,(00 512.(00 136,000 16,000 Imports into United Kingdom for months and years named, from J. E. Beerhohms London Corn Trade List. (QUANTITIES. VALUES. ARTICLES. MoNTB Ended Dec 31. | 12 Months Ended Dec. 31. Month Ended Dec. 31. | 12 Months Ended Dec 31. 1893. CWTS. 1894. CWTS. 189,5. CWTS. 1893. 1894. 1895. 1893. 1894. 1895. £ 1893. 1894. 1S95. Wheat. CWTS. CWTS. CWTS. £ £ £ £ £ Russia 1,7.5().7S8 15,51(1 "2,738 29.06i 8.8: J8 1,989.826 188,022 '6,653 ""60 1,14.3.(00 T2,S(0 loO 12.5.3 lO 744.-00 10,"«1.988 362 .(X6 1.4.52 ltt!.5.52 89.272 10.586 16,775,881 23.017.(05 515,096 5,31(1 730 8.472 2.238 2,-S8 474,362 53,816 "l',763 ""14 304,812 21,277 43 31.628 196,388 3,095,501 128,280 132 29,524 27,013 3,04,5 4,284.862 204.00 1,171 84.8.51 28,678 40 6,04.3,929 715,043 752.990 214,094 3,968 339.577 103,1189 181 2,9(^0 l.3O).2:)0 2,022,200 2.50) 601 3:11.675 537,756 Egypt United States, Atlantic 692 775.T27 1,174.882 l,3;il.SO0 21,165,660 15,773.828 14,006,43) 236,897 321.237 .3S4..5.56 6.864,315 4,356.090 3,9R4.-7 :!,2r2,152 11,1(0.360 86.763 213.1131 3.30 2.432.674 3.4i 0.954 3,14-2,378 British India 717,089 341. -280 361.800 6,196,096 5.3J9.056 8,802,950 210,(08 90.447 101.990 1.951,816 1,429.4.3:) 2.342.1:Q Australia 95,140 85,560 34.201 2,589,588 3.377.418 .3,486,62C 29.9(16 25.101 9,403 90.-256 1,097.57, British North America 93,990 152.850 &5.901 3,157,355 2,8-28.515 1,844,611(1 Z8.812 41.685 21.06:1 1,1123,905 . i3,9."i2 556.920 Sundries 36,48:1 5,II14.64:J 3,596,498 8,s;o 39,500 201,431 433,691 904,460 10,812 2,439 10.724 62,822 117,352 276,.552 Total 5.1183.837 4,895.10) 65,461,988 7ii,126,-i!2' 81,749,955 1.499.667 890,911 1 326,678 6(13.672 1,371..5.53 577.223 21.()7O.0-28 18.760.50". 22.526,171 Barley 2,492,749 2..331.S00 22,844,.562'3I.241.38-' -23,61 3,s:)7 5,776,0,33 7.1i'.0.579 5.5:'>8.4ii5 Oats 1,130,421 1,312,819 1,058.71 »l 13.9.54.986 14.'i79.2l4 15,.528..-!10 3-29.190 318.712 252.;)67 4,-3.17,986 Pease 259,528 2.52,0:« 256.710 2.80-2.443 2.272.623 2.4--'2,a51 8(1.770 70,S!(i 74.1162 729,-294 647.1!)4 693,828 393,20-2 482,785 329.2-3) 3,946,985 5.2.59.895 4.1:»..538 106.708 124,619 89,754 l,l•27,^59 1.316.096 1,079,780 Maize 3,064,762 1,975,732 3,05:{,2SO 32,90-2,503 35,365,01.5 aj,941.35l) T3),.545 499.059 622,845 7,892,629 7,9:52.'2:« 7.808.870 9,135 6,663 18.260 70,784 87,120 164,209 4.630 36,214 3.637 42,892 6,944 61.470 ■xi:m.\ 488,1X12 487.876 Other Corn and Meal .593,-243 Germany 16,597 24,410 28.180 116,164 198,543 213,870 5.846 8.706 10,1141 52.259 76.218 86,476 France 2.192 70,124 153.060 52,355 480,819 1,125.9;k) 1,415 22.396 57,888 29.677 165 -232 414,-3)5 Austrian Territories 144.5116 112,859 131.910 1,099,614 1,106,971 l.:il5,760 %.918 64.300 66.6.56 74H,934 667.''V0 United States 1,124,013 85.465 11,210 ■1,304,'280 73,101 16,;;9! 1,088,43) 10:),:!OI 9,830 17,995,a)l 1,080,986 63,448 15,9-25,486 1,195,421 227,365 13,1. -SI .830 2,343.:iOi 217,640 5118.269 39.015 3,692 512..549 29,075 4,027 459.723 41.:)8S, 3.5911 . 8,40).236 50-1.144 27.3i0 6.5 0.-249 481,0 5 71.089 5,:i84,658 British North America 1,0)3,779 Sundries 83,081 Total 1,384,283 1,601,167 1,503,690 20,403,163 19,134,606 18,368.410 6.55,185 611,(B3 6.19,:S60, 9,761,510 7,994,673 7,679.017 302 CLAPP & COMPANY, BANKERS AND BROKERS. NEW YORK, ANNUAL RECORD. A)nerictin Ei/nivdlents of Foreiijti Whent ^fluctuations ; /ft't/h, fyom and Ycdrli/ .Iro-o;//' I'riccK of lior Silmr hi London; Jjcyal Welyhts and Measures; First Arrivals of Winter Wheat in Chicai/o; First Seeding/ in ihree Americas ; Location of 3fone)/s of Tin lied States; Coinage, Oionership and Circulation of Silver J)oUars; Amount of Gold and Silver Refined to Date. AMKItK'AN nilKAT EQriTALEKTS OF FOBEIGN MEASURES AND COINS. See Fagf 348, Official Coin Values, alto third page Our IVorM'i Crop Letters. Bkklin Quotes' values per 1,(XX) kilo, equal to 30.74 bu. Cents, ptr 1)U. 12K> pfennings O.fts •.'.") " O.IG 37^^ " U.iJ 50 " o:« 7.5 " 0.48 1 mark (23.So.) O.W Wi " O.'.iO •Z " 1.28 •iM " i.a) 3 " l.'.KJ 3!^ " 2.24 \ " 2..'><; 4^ " 2.8S ;■) " 3.10 ■>^ " 3..52 t; " 3.H4 6K> " 4.1(5 7 " 4.48 1% " 4.80 8 " 5.12 .'i centimes 10 20 " 2.5 37'^ " 50 73 " .... 1 franc (19.3c.). 1!4 " -•V6" 3 " 3^ •' 4 " ^^;; 5y^" () " 7 " AXTWKHP Quotes values of 100 kilo, equal to 3.G7 bu. Cents, per bu. . 0.26 . 0.52 . 1.05 . 1.31 . Lit- I . 3.04 . 5.25 . 7.88 10..'i0 .13.15 . 1.5.75 .18.37 21.(i0 .23.(i3 .26.25 .28.88 .31 ..10 .34.13 .36.75 Paris Quotes valves of 1 hec- tolitre, equal 2.83 bu. Cents, per bu. 5 centimes 0.34 10 •• 0.(58 20 " 1.36 2.5 " 1.70 37"^ " 2..55 50 " 3.40 7.5 " 5.10 1 franc (10.3c.) 6.80 1)^ " 10.20 2 " 13.60 2^ " 17.00 3 " 20.40 3)^ '• 23.80 4 " 27.20 4)^" .30.(10 5 " .34.00 X^Yi " 37.40 6 " 40.80 61^" 44.20 7 " 47.60 Tiiverpool quotations are percental, 100 iiounds; London quotations are In quarters. HIGHEST, LOWEST AND AVKKAGK IMtlTE OF BAR-SILVEK IX LO.MtON. I'er (iovernnicnt Itt'iwirtH. [Per oanco nritlsh stAndard (n.92.V), sim-e JKCl, and e<|iiiviitcnt in ITnitt-d stjtteH Kold coin of an ounce lUOO tine, taken at the average |irice, yearn ending June 3U.T Tears. Lowest Highest Av'ge AVge Years. Lowest Hlgh'st Pence AVge 1 AVge Pence Pence Pence Pence Pence 1895 29.417 28.(581 29.010 ♦0.63.5 ISftl (50.(525 G2..500 61. .375 1.345 1891 31.7.50 27.000 28.937 0.681 1863 61 .(HK) 61.7.50 61 ..375 1..345 1893 3(J.,500 .38,7.50 3.5.(5-2.5 0.780 18(52 6I.(X»0 6-2. 1 -i5 61.4:« i.:m6 1892 37.875 43.7.50 39.813 0.876 1861 60.1-2.5 61 ..375 60.813 1.3.33 1891 43..5()0 48.7.50 45.0(5;! 0.988 18(50 61.-2.50 62.375 01.(588 i.:r.2 18!)0 43.(5-2.5 &I. (5-2.5 47.7.50 1.1H6 18^59 61.7.50 62.7.50 62.06.3 \:.m) 1889 42.(K)0 41.375 42.088 0.a')6 18^58 60.7.50 61.875 61.313 i.:«4 1888 41.(525 44..5(5;} 42.875 0.910 1857 61.000 62.375 61.7.50 i.:i53 1887 43.2.V) 47.1-25 44.0-25 0.978 18.56 00..500 62.-i50 61.313 i.:iU 1886 42.IKK) 47.0(K) 45.375 0.995 18.55 60.(H)0 61.(5-2.5 61.:?13 i.:mi 1885 46.875 50.(KK) 48..5(53 1.065 1854 60.875 61.875 6I..5(W 1.318 1884 49..5(K) 51.375 50.7.50 1.113 18.53 60.(5-2.5 61.875 61..5(W l.:!48 1S,S3 .VUKK) 51.188 50.625 LllO 1852 59.875 61.875 60..V)0 1.:5-26 1882 50.000 52.375 51.813 1.1.36 1851 60.000 61.(5-i5 61.000 l.:5:57 1881 50.875 5-2.875 51.9.38 1.138 18;50 59..500 61..5(K) 61.06:! 1.316 1880 51.625 52.875 52.-2.50 1.115 1819 59.-)00 60.(»(H) .':9.7.50 l.:509 1879 48.875 53.750 51.2,50 1.1-23 1818 58..500 60.0(K) 59..VI0 i.:504 1878 49..5(K) 55.2.50 52..5f)3 1.1.52 1817 68.875 60.375 59.(588 i.:!08 1877 53.2.50 58.2.50 54.813 1.'201 1816 59.(X»0 60.1-25 59.313 1..300 1876 46.7.50 58..500 52.7.50 M.56 1815 68.875 59.875 69.2.50 1.298 1875 5.5..5I)0 57.6-25 56.875 1.246 1814 59.250 59.7;50 59..500 l.:504 1874 57.2.50 59..500 58.313 1.278 1843 59.(W0 59.(5-25 59.188 1.-2'.»7 1873 57.875 59.938 69.2.50 1.-298 1812 59.-2.50 60.0(X) 69.4:58 l.:503 1872 59.2.50 61.125 60.313 1.3-22 1811 59.7.50 60.375 60.063 1.316 1871 60.188 61.000 60..50() 1..S-26 1840 60.1-25 6((.7:50 60..S75 l.:5-23 1870 60.2.50 60.7.50 60. .5(5.3 1.328 18:59 60.(KK) 60.(5-2.5 60.375 l.:523 18(59 60.(J00 61.000 60.438 1.3-25 18:58 59..500 60.125 59..5(X) i.:5(>4 1868 60.125 61.125 60..5(M 1.3-26 1837 69.(100 60.375 59..563 l.:505 1867 60.375 61.'2,50 60..5(53 1.3-28 18;« 59.6-25 60.375 60.000 1..315 1866 60.375 62.-2.50 61.1-25 1.339 I8:i5 59-2.50 60.000 69.688 1..308 1865 60.500 61.(525 61.l«3 1.338 18:14 59.7.50 60.750 59.938 1.313 •To July 1, 1>93. LEGAL WEIGHTS AND MEASURES (For States named).— Pounds per Bushel. AUTICLES. Apples, dried . .•\pples, Kreen. Brii Harley Heiins, white Heans, castor Buckwheat Bri lom Corn Seed — Heets Cari-ots Charcoal Coal, stone Coke Corn, shelled Corn, ear Corn Meal Cranberries Dried Peaches do. pared. Flax ."^eed '. (jrass Seed, blue do. Clover do. do. do. do. Huntrarian. Millet Orchard Red Top.... 22 26 48 (50 s6 ; 46 22 48 50 ..40 28 28 28 , 28 .56 56 14 14 CO 60 48 50 50 \ 50 .. 14 14 ' 14 25 22 >■ .2 ?; t o 22 22 20 26 48 48 , 62 60 46 46 48 .50 46 :50 56 .50 »2 80 40 .56 .5<) 70 (5.S 50 .50 32 :53 5.5 .5(5 15 10 60 60 48 50 , 50 14 14 14 14 Articles. (xi-ass .Seed Timothy.. German Lupine 60 Hemp .^-'eed 44 Hickory Nuts i;0 Malt, Barley :!8 ivHneral C0.1I 40 Middlings, fine 40 Middlings, coarse 30 Oats :52 Onions .57 Onions, tops 28 Onions, sets 32 Osage Orange 33 Parsnips 55 Potatoes 60 Potatoes, sweet 50 Peas, dried 60 Peas, in pods 32 Pop Corn 70 Quick Lime SO Kye .56 Salt, coarse 50 Salt, fine I 55 Turnips, Rutabaga...^ 55 Turnips, white ... Wheat 60 45 32 60 60 .38 44 FIRST ARRIVALS OF WKNTER WHEAT. The following table shows the f^rst ar- rivals of Winter Wheat at Chicago dur- ing the past ten years, and the States from whence received : Years. States. Date. 1895 Illinois .June '28. 1894 lUinois July 11. 1893 Kentucky July 7. 1892 Kansas June 29. 1891 June :50. 1890 Illinois July 7. 1889 Missouri July 6. 1888 lUinois July 12. 1887 Illinois July 1. 1886 Illinois June 29. 1885 Missouri June .30. 1884 Kansas July 7. 1883 Kansas July 6. 1882 Tennessee June 20. 1881 Texas June 14. The first wheat sown in America was sown on the Island of Isabella, Jan., 1494. The first wheat in Mexico was from three grains brought there by a slave of Cortez. South America's first wheat was sown by a monk in a convent garden at Quito. Peru fii^t began eating wheaten bread in 16.58. LOCATIOX OF THE MOSEYS OF THE UNITED STATES. Moneys. Mitallic. GoldBtiUion Silver Bullion (iold coin Silver dollars Subsidiary coin Total Paper. Legal tender notes, old issue. . I.eg'l t'nd'r notes, act July 14,'90 Gold certificates Sih cr cirtificates National Bank Notes Currency certificates....; Total NOVF.MBEII 1, l.s!l,5. In Treasury. Outside of Treasury. ?.5.3,94.5,-262 , 124,S21,.500| 88,951,327 364,935,217 13,426,421 TotaL $53,945,202 S157,ias l-25,078,(iOS 47.5,181,.593 ,564,1:52,9-20 58,.3.54,092' 423,289,30'. 63,8.32,7.591 77,2.5',t,180 646,179,727 597,525,.552, 1.24a 705,279 107,694,7.36 26,.56.5,611 168,2:50 8,<».53.2«8 6, .523,602 275,000 238,986,280 11 l,.5-2t5.6t5!i 50.417,t).59' .3:5;i,4.5(i.-.':!ii -207,:5<54,lt.>Sl 56,740,000 .346,681, 141,092, .50,.5,S5 ,342.i(l<), 213,S'«7 57,015 ,016 -2S0 ,889 „5l« ,15.30 ,000 150,180,447 1,001,490,87211,115,671.319 KoVEMBER 1, 1894. In Outside of Treasury. Treasury. $45,034,237 127,779,988 81,416,461 365,:!:52,738 1,5,424,113 634,987,5.37 66,206,311 28,42,5,172 ,5t),-28(i 6,.5( 59,-20:5 4,970,1,S8 -28i),ii00 $112,043 500,181 ,.380 56,443,670 60,-242,999 Total. 84,5,a34,237 1-27,892,031 .581,,597,841 4-21,773,408 7.5,(5(57,112 COINAGE, OWNERSHIP A>D (IRCULATIOX OF SILVER DOLLARS. 616,980,092 1, -251, 967,6-29 280,474,70.5 122,71.5,:«)S 61,-2.52,1169 331,143,:inl -202,.V.M,;)02 54,045,000, .346,681,016 151,140,.568 64,:5n8,:«9 ,3:57,712,.5(>4 •207 ,.5(5,5,090 54,:e5,000 Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. 1, 189.5 1, 1S94 1, 18a3 1, 18!»2 1, 1S91 1, 1890, 1, 18,S9 1, 1888 1, 1887 1,1886 Total Coinage. $423,289,3001 421,77(5,408] 419,:5:{2,.5,50; 416,41-2,8:5,51 409,47o,:5()8 380,9S,S,4(K5 .34;i,i5.i'<,iKil .3ii9,7.5o,S<(0 277.110,1.17 244,4:5:i,:is5 Held for payment of certifi- cates out- standing. $342 3;si, 32.5 324, .321, ,30-*, -277 •>-29i 160, 100, 4C9.,504 14:J.301 717,2:521 .V)2„5:?2l 1)2,(^21 :51!t,'.l44 783,1.52 713,957; :5«)6,800| Held in excess of certifi- cates out- standing. S22,.52.5,713 34,189,437 34,SS9,.500 30,187,848 26,197 ,-2a5 7,i>72,725 6,219,.577 20,19(5,288 53,461,.575 82,624 ,4:« In circu- lation. 55,S.V>4,093 56,443,670 ,^^,7-2,5,818 61,(572,4,55 6-2,i:i5,461 6,5,70tl,,564 60,0'I8,480 ,59,771,4.50 62,!«4,62,5 61,50-2,155 106,507,1541,055,225,37311,161,732,527 Gold and silver coinage at.United States mints from their organization to the close of the fiscal year 1894 : Gold. Silver. Total. $1,711,880,288 $675,954,221.30 $2,414,082,6-26.63 l,8a5— 43,933,475 9,7S2,0(i5.62 ,5:{,715,,549.(52 303 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Crop Reports, Measures, Lnport Duties and Freiffht Rates. VIENN A CON GRESS. ESTIMATE EUROPEAN WHEAT 1X95. Austria 1()2 Hungary 100 Prussia — Winter 97 Spring . 92 Saxony 105 B:vvaria— Upper & Lower. 85 Pfalz and Wetterau 90 Baden 8,3 Wurtemburg— Winter 93 Spring 95 Mec^klenburg 95 Denmark 95 Sweden 100 Italy 75 ."Switzerland 90 Holland 95 Belgium 100 France 98 United Kingdom 70 Russia — Podolia 75 Bessarabia 115 Poland 851 Central Kherson and Ekater— Summer , Winter Courland and Litbuania Roumania— Wallacbia. .. Moldavia Servia CROP. 1894. 100 99 • 99 110 ISO 100 95 102 '.« 95 105 95 81 100 87 102 120 107 87 50 110 f 93 125 92 70 100 120 67 90 87 95 85 1893. 99 98 94 99 a5 8.5 88 84 103 100 100 80 87 87 83 90 90 (75 J 150 1100 120 111 80 MONTHLY CROP REPORTS OF THE DE- PARTMENT or AG RICULTURE. yunuary and February — Number and value of farm animals in the United States ; jjencral iniscel- laiiecms crop reports ; farm animals of the world. March — Supplies of Wlitat, Corn and Oats in farmers* handSf and the ide by 5. (JUA.NTITV OF GRAIN IN BU. HEAPED ON FLOOR IN A CONE. Squiire the depth and square the slant he-glit, in inches. Take their difference and multiply by depth, and this product by .0005. The *' Quarter " in England consists in : Lbs. American Atlantic Coast business in all United Kingdom markets 4(^0 Russian wheal in London 492 California wheat in all United Kingdom mar- kets 600 English home-grown wheal in all United King- dom markets 604 English and Scotch barley in all United King- dom markets 418 Russian barley in London 420 Russian Oats in London 304 Prince Edward's l.-land oats in Liverpool and London 320 English and Scotch oats in all .United Kingdom markets 336 Other measures in diHerent countries equal in: Bu. One hundred kilos Wheat 3.67 One hundred kilos t'orn 3.93 One hundred kilos Oats 6.87 One hundred kilos Rye . 3 93 One hundred kilos Barley 4.58 One hictolitrc Wheat 2.8:1 One centner, Austria, Whe.it 2 0.) One faniga, Argentina, Wheat 1..59 One cahiz, Argentina, Wheat I!t.l7 One chetwerk, Ru-si.m, Wheat 5.92 One pood, Russian, Whe.it 0.(10 One candy, Binval, Wheal 9.22 One candy, Bombay, Wheat 9.:!:$ One candy, Madras, Whe.it 8.32 One candy, Mysore, Wheat 9.;CJ FREIGHT PER BUSHEL AT ANY GIVEN RATE PER 100 LBS. I, K a .: X a -!r d a « S. a :i< •a S f» ti ■a »£10 !C v ^a 3 1^ ec t 0,— %i liH «B I*'-' %i^iUU 2.3 .c — C"" fi— ^t f -2 5^ «5 >• OK a. *3 >.s c OS f 11 fr< « H is -1 01 01 Cts. u a Cts. p n 1 A .6 .5 .5 3 ■B 17.4 16 2 13.9 13.1 9 3 2 1 2 1.1 1.(1 .9 .6 m 18.0 16s 14.4 13.5 9 6 ?^ 1 5 1.4 1.2 1.1 .8 31 18.6 17'3!l4.9 14.(1 9.!) 1 8 1.7 1.4 1.4 1.0 :« 19.2 I7'q 15.4 14.4 10.2 4 2 4 2.2 1.9 1.8 1.3 321^ 19.5 18., 15.6 14.6 10.4 5 SO 2.8 2.4 2.3 1.6 :« 19.8 18 5 15.8 14.9 111.6 6 s« S.4 2.9 2.7 1.9 •M 20.4 19'nl6 315 3 10.9 7 4 2 .S.!» 3.4 3.2 2.2 :« 21.0 IH'e 16.8; 15.8 Il.-.> 7M s 4 .*) 4.2 3.6 3.4 2.4 :<6 21.6 20"2; 17.3, 16.2 11.5 4 S 4.5 3.8 3.6 2.6 .37 22.2 20'j 17.8 16.7 11.8 g ■i 4 5,(1 4. a 4.1 2 9 r.y^ 2;.5 21.ol1S.O 16.9 12,0 lU 6 5.6 4.8 4.5 3 2 :« 22.8 21.3 18.2 !V.1 12.2 11 6 fi 6.2 5.3 5.0 3 5 :!9 2i.4 21.8 18. V 1..6 12.5 12 7 ? 6.7 5.8 5.4 3 8 40 24.0 22 4 19.2 18.0 12 8 13 7 r. 7." 6.0 5.6 4,0 41 24.6 2i 19.7 18.5 13.1 7 s 7 3 6.2 5.9 4,2 42 2-.2 23 r,l2'J.2 18.9 13.1 14 8 4 7.8 6.7 6.3 4 5 42U 25.5 23 8120.4 19.1 13.6 15 to 8.4 7.2 6.S 4.8 43 25.s!24'i 120.6 19.4 13.8 16 <) 6 9.1 7.7 7.2 S.I 44 2ti.4i24.(;|2l.1 19. s 14,1 17 10 2 9.5 8.2 7.7 5.4 45 27.0 25 2121.6 •20.3 14.4 17!^ 10 5 9,8 8 4 7.9 5.6 16 2. .6 25.8 22.1 21.7 14.7 IH U). 8 10.1 8.6 8.1 5.8 47 28.2 26..3;22.6 21.2 15.0 19 11.4iUl.fi 9.1 8.(1 6,1 17U •.W.5 26.6 '22.8 21.4 15.2 20 i2.()lii.a 9.6 9.(1 6.4 48 28.8 ■26.9 23.0 21.6 15.4 21 1'.' fi 11 s 10.1 9.5 6.7 19 29.4 2J.4 23.5 ■22.1 15.7 7:1 1.12 1? S 10.6 9.9 7.0 50 3u.O 28.(124.0 22.5 16.0 MV; l.S..') 12 6 10.8 10.1 52W 31.5 29.4125.2 ■2:!. 6 16.8 ?» 13 H 12 d 11.0 10.4 7,4 55 :i!.o «. 8126.1 24.8 17 6 24 14.4 13 4 11.5 10.8 7 ~i 57U 34.5 32.2(27.6 25.9 18.4 ffi 15.(1 14,11 12.0 11.3 8.11 60 36.0 .3:<.6!28.8 2iMi 19,2 2« 15.6 14.6 12.5 11.7 8.3 162^ 3, .5 J"). 30.0 28.1 20 27 16.2 15.1 13.0 12.2 8.6 ,65 39.0 36.4,31.2 29.3 20 8 TM 16.5 15.4 13.2 12.4 8.8 |67W 40.5 37.8 32.4,30.4 21 6 28 16.8 15.7 13.4 12.6 9.0 1711 42.U 39.2 33 6 31.5 22.4 IMPORT DUTIES. AUSTRIA-HUNGARY. Articles. Duty. Flour, per brl $1 61 Wheat, per bu 10 5 Corn, per bu 06.1 Oats, per bu 05 1 Rye, per bu 18.3 Barley, per bu 07 . 8 .Meats of all kinds per 100 pounds 1 30 Lard, per 100 lbs 3 45 American pork prohibited. FRANCE. Flour per brl Jl 88 Wheat, per bu ,36.8 Oais,perbu OH 4 Rye. per bu 14.7 Barley, per bu 12 5 Corn, per bu 14 . 7 GERMANY. Wheat, per bu. with countries having special commercial tre.tties { 22.7 Wheat, per bu., other countries 32 3 Flour, per brl with countries having special commercial treaties 1 64 Flour, per brl., other countries 2 22 Oats.perbu 9 7 Rye, per bi 21 2 Rarley, per bu 10.0 Corn 9.7 Butter, per 100 lbs 1 80 Meat, per IO.1 lbs 1 62 Pork, per 100 lbs 1 f2 Live hogs, per head 1 19 ITALY. Flotir.per brl $1 97 3 Wheat, perbu 36 8 Corn, perbu 05.6 Oats, per bu 11.2 Rye, per bu 20.0 B.-irley, per bu 04.8 Meats, salted and smoked, per lb 02.1 Lard, per lb ^ American pork prohibited. PORTUGAL — WHRN ALLOWED. Flour, per brl $2.02 Wheat, per bu 68.7 Corn, per bu 49 3 Oats, per bu 26.8 Rye, per bu 43.8 Lard, per lb 05 RUSSIA. Flour, per brl 83 8 GREECE. Wheat, per bu. with countries having com- mercial treaties with Greece 16.8 Sl'AIN. Flour, wheat, per brl $2 26 Flour, other, per brl 1 24.2 Wheat, per bu 42 Coin.pcrbu 21.8 Oats, per bii 12 3 Rye, prr bu 21.5 Pork, lard, bacon and hams, per lb 04.3 Salted and dried meats, per lb 01 SWEDEN. Flour, per brl $1 40 W heat, per bu 25 . 5 C"rn, pir bu 23.1 Oats, per bu Free. Rye, per bu 23 Harley, per bu 18 Lard, per lb 01.2 Me.-its, per lb 00.4 NORWAY. Flour, Wheat, per brl « 20. 78 Wheat, per bu 1 •> Corn, per bu l** < )ats, per bu Free. Rye, per bu 1-5 I'.arley, per bu 1-5 •njRKEY AND BULGARIA. The tariff rate is 8 per cent, ad valorem. American pork prohibited. Switzerland .abolished its import duties on corn and oats May 20, 1893. UNITED STATES. (Passed by Congress, 1894.) Per cent. ad valor. Cents. Wheat Flour 20 Rye Flour 20 Wheat. 211 Corn 20 Oats 20 Rye 20 Harley 30 Barley Malt 40 Buckwheat 20 304 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Acreage ami Values oj Grain, Hay, Potatoes, 'Tobacco and Cotton Crops for years named, compiled from Government and other reports. lO <'ROPS. WHEAT, Yearly acreaeo Averace yield bushels per acre Total bushels grown Shipped out of county where grown prior to Mch. l...p. c. Farm value per bushel Value per acre at farm Farm value of crop Amount in farmers" hands March 1 p. CORN. Yearly acreage Average yieldbushels per acre Total bushels grown Shipped out of county where grown prior to Mch. l...p. c. Farm value per bushel Value per acre at farm Farm value of crop Amount in farmers' hands; March 1 p. c. 1S93. OATS. Yearly acreage.... Average yield bushels peracrt Total bushels grown Farm value per bushel Value per acre at far»i Ferm value of crop RYE. Yearly acreage Average yield bushels per acre Total bushels grown Farm value per bushel Value per acre at farm Farm value of crop BARLEY. Yearly acreage Average yield bushels per acre Total bushels grown Farm value per bushel Value per acre at farm Farm value of crop BUCKWBEAT. Yearly acreage Average yield bushels peracrt Total bushels grown Farm value per bushel Value per acre at farm. Farm value of crop TOBACCO. Yearly acreage Production pounds Values , POTATOES. Yearly acreage Average yield bushels per acre Total bushels grown Farm value per bushel Value per acre at f arin Farm value of crop HAY. Yearly acreage Average yield tons per acre. . Total yield in tons Farm value per ton Value per acre at farm Farm value of crop COTTON. Yearly acreage Average yield lbs. per acre. . . 1 Total yield in bales Plantation value per lb Value per acre at plantation. Plantation value of crop 1894. 34,04",:i32 1U.7 1G7,102,!U7 i")S.5 50.9 SO.iW $237,938,998 82,075,830 2li.:; •2,151,13><,5S0 21.9 »1.4 80.91 $.')G7,50!l,10G 27,878,100 ■M.G 821,l4:?,.-)37 19.9 $5.87 $163,055,068 1,800,345 14.4 27.210,070 44. $0.33 $11,904,826 3,299,973 •>7 a 87"072,744 33.7 $9.16 $29,312,413 763,277 20.1 15,341,399 45.02 89.t)0 $6,930,325 6.33,a50 491,541,000 $38,574,000 2,964,952 100 297,237,370 20.6 ; 20.f;0 $78,984,901 44,200,453 1.00 47.078,.>tl $s.:« $8. So ?393, 185,615 34,t;82,l3(; 13.2 160,:.'67,IUi 01.1 49.1 6.48 225,902,025 28.8 62,.'i82,r:uU 22 7 1,212,7'70,05.-.' 45.7 8.86 551,719,162 36.2 B 20.182,133 ISl II 7,2;JO,000 7.6 Sl.3.75 ll$255,500.000 Total acreage leading crops, Total value leading crops... , 1893. 34,629,413 11.4 396.131.735 57.1 0.538 6.16 213.171,381 26.2 1892 38.554.000 13.4 515.949.000 55.2 0.624 8.35 322.111.881 28.2 72,036,465 70,626,658 22 5 23 1 I,619.4b6,131 1,628.464,000 i7,'i2;!..T53 31.5 O0.",036,928 32.4 7.95 214,816,920 1,914,780 13.7 26,727,61 0..503 0.89 13,395,176 3,170,002 19.03 61,400, lft5 0.449 8.. 55 27,134.12 789,2.32 16.05 12,608,200 0..5.57 8.92 7,040,238 523,l(tt 406,678,:«,5 27,760,739 2,737,973 62.3 170,787,338 .33.(;6 91,526,787 ,.8,.fil,272 1.13 54,871,408 &.,54 9.;>6 468,57!; ,3il 19.737,641 191.7 9,75(I,0(X' 4.6 8.t0 411.110.000 20.838,000 203 9.038,707 7.3 tI4.81 297.377,014 71.970, 20.7 ,489.970 000j2, 18.2 50.6 10.48 751,4;J3,451 45.9 26.431,369 19.8 523.621,000 0.424 8.40 222,018,486 1889. 82,12.3,800 12.9 490.500.000 51.4 0.098 8.98 »4i.491.700 26.9 78.319.051 27.0 112.892,000 18.7 28.3 7.63 597,918.829 39.6 1888. 37.3.36.100 11.1 415.868,000 56.1 0.936 10.37 385,248,000 28.9 . 1887. 37.641.800 12.1 456,329.000 57.6 681 8.25 310.612.900 27.463,316 27.4 751,51.5,000 0.229 6.26 171,781,008 ♦28,000,000 *30,000.000 0.457 0.629 17.6l'2,000 t63.000,000 61.8 40,824.000 tl 1.000,000 0.577 6,347.000 tiai.OOO.OOO 0.777 104.895,000 t40,000,000 1.20 t48,000.000 7.74 t9.28 371,520.000 20.910,000 194 8.65.5,518 8.6 tl6.08 326,959,124 13.710,000 3.220,795 24.3 78.3:31.492 0.427 10.37 31.544,754 837,200 12.1l'3.040 0.578 6.!27"4,554 692.990 488,255,896 34,844,449 tl90.000.000 0.403 76,'57b,000 t48,000.000 7.88 378,240,000 20.173,000 169 7.313.726 8.3 tl402 273,761,731 75.672.763 26.3 1,987,790.000 i 11.7 34.1 M Q5 677.561,680 34.9 26,998,282 26.0 701,735,000 0.278 7.24 195,424.240 2,364.800 12.0 28.415.000 0.588 7.07 16,721,900 2.996,400 21.3 63.884,000 0.59 12.57 37,6?2,000 912,600 13.2 12,050,000 0.633 8.36 7,267,600 747.326 565.795,000 43,666.665 2.533,280 79.8 202.365,000 0.402 t32.07 81,413,589 88.591.903 46.643,094 8.75 408,499,565 19,845.000 162 6,935.082 8.5 tl3.77 257,798.645 72.392,720 20.1 ,456,161.000 17.3 44.4 8.93 646,106.770 86.2 25.920,906 25.4 659.618,000 0.304 7.74 200,699,790 2.053,400 10.1 20,693.000 0.545 5.50 11,283.100 2.902,000 19.6 56.812.000 0.519 10.15 29,464,400 206,908,054 1886. 36,806,200 12.4 457,218,000 58 0.687 8.54 314,226.000 30.1 75,694,208 22.0 1,665,441,000 17 36.6 8.06 610.311,000 40 23,658,474 26.4 624,134,000 0.298 7.87 186,137,900 2,129.900 11.5 24,489,000 0.5.38 6.19 13,181.300 2.652,900 22.4 59.428.000 0.536 12.00 31.840,500 910.500 11.9 10.884.000 655 6.72 6,122,300 558.620 886,210.000 40,977,259 2,357.322 134,103.000 0.682 91,'5b6,:40 87.664,789 41.454,458 9.34 413,440,283 19.466.000 165 7.017,707 8.7 tl4.35 269,199,525 917.900 12 9 11,869.000 0.545 7.04 6.465,100 750.210 532.537.000 39,468,218 2,287,136 168,051,000 0.466 78,'44'l,940 36.501,688 41,7*96,409 8.45 853.'4a7.699 18.994.000 157 6,513,623 2Ol.908.0O7l 200,932,616 ..I 217.9(2,6,51 2.,v.« ..ll,7.>>3,561,252 1,851,12:!,795 2.01 2.179.077,1,912,859,033 2,147,176.230 2,1 79,412, 73;» 1,937,137,025 2,111,273,884 2,019,41.S.067.1,6;«.509,657 _J I : i_ ] I I L I ' - - ••Cincinnati Price Current estimate, t Computations based on Uovcrnment or Cbrouicle figures + Based on Government value and per cent, yield. S No Government report for the year. I Clapp's estimate 305 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Production and Ilome Value of Articles 2)>'oduced in United IStatea, q>er Governiue-nt Jieports, other authorities, and our estimates. 1895. Buckwheat. . .bushels. Barley " ♦Cotton bales. Corn bushels. tCoal and Coke. .tons. Copper lbs. tChemicals Cattle and cows. .No. Dairy products, / eggs, honey, etc. . ) Furs and Fisheries . . . Fruits and forests, I (;')()0,000,000 acres), f Gold oz. Gas, natural Hogs No. Horses and mules . No. Hops lbs. Hay tons. Iron, pig ...tons. Iron and Steel in- ( dustries I tLime, flux and j cement . . .barrels. ) tLead tons. Marble Molasses gals. ♦Mineral, non-met- 1. allic, scattering .. I ♦Oleomargarine ... lbs. Oats bushels. ♦Oranges boxes. Petroleum <^il (bar- / rels, 4.!-Ballon) ) Potatoes bushels. ♦PhosphateRock. tons Poultry lbs. Rye bushels. *Rice (cleaned) .. .lbs. Ships (all)... tonnage. Silver oz. Steel metric tons. ♦Stone, slate, clay I. and proilucts. . .. I ♦Seeds, flax.. bushels. ♦Seeds, cotton. . .tons. ♦Seeds, other, bushels. ♦Salt barrels. Sugar lbs. Sheep No. Tobacco lbs. i (659,073 acres) ) ♦Textile Manufacl'res ♦Vegetables Wool lbs. ■\Vheat bushels. ♦Other industries. . Quantity. ^-^--'^ 15,341,399 87,072,744 6,668,507 2,151,138,580 190,000,000 355,044,000 48,222,995 2,273,580 42,842,759 17,403,003 45,(IOl),(KK) 47,078,.>41 9,387,000 75,000,000 201,992 30,000,000 80,000,000 821,443,537 9,000,000 2<;,2S4,02,5 297,237,370 1,000,000 27,210,070 216,600,000 125,2t)' 4(i,000,0(X) 3,500,000 20,000,000 3,000,000 25,000,000 10,000,000 729,392,561 38,298,783 491,544,000 309,748,000 467,102,94 $0,936,32.5 29,312,413 255,500,000 544,985 534 28,238,238 178,000,000 872,883,961 800,000,000 50,000,000 1,642,000,000 47,000,000 15,000,000 186,-529,745 603,344,643 393,185,615 450,000,000 14,000,000 3,000,000 6,000,000 40,000,000 7,000,000 163,65.^,068 8,000,000 ■56,000,000 78,984,901 3,500,000 300,000,000 11,961,826 3,015,000 37,000,000 35,274,777 100,000,000 15,000,000 10,000,000 4,000,000 65,167,735 35,.574,000 730,000,000 1,000,000,000 237,9as,9".i8 7,000,000.000 1894. Quantity. ^-^--'^ 12,668,200 61,400,465 9,750,000 1,212,770,052 180,000,000 330,000,000 50.868,815 2,080,129 44,1&5,716 18,226,426 &4,874,408 0,657,388 75,750,000 250,000 26,908,721) 69,622,246 tj«2,036,928 8,2tlO,000 .30,ft')2,989 170,787,334 20,r27,615 122,865,160 131,195 48,000,000 3,215,686 15,,500,000 4,.->00,000 25,000,000 10.000,000 610,825,618 42,294,064 406,678,:S85 298,067,384 460,267,416 §7,040,238 27.134,127 238,875,000 1893. Quantity, ^-^u^cer's 12,132,311 69,869,495 7,250,000 5.54,719,162 1,619,496,131 200,000,000 30,000,000 178,000,000 84.5,600,858 800,000,000 50,00f),000 700,000,000 45,892,668 1.5,000,000 219,501,267 687,658,414 468,578,321 400,0(10,000 43,-500,000 23,(ibO,C00 5,000,000 40,000,000 6,000,(100 211,810,93(1 8,000,000 91,526,78; 300,000,000 13,395,476 4,300,280 40,000,000 28,721,014 100,000,000 12,000,000 15,700,000 10,000,000 4,000,000 22,000,000 66,685,76: 27,760,739 730,000,000 1,000,000,000 225,902,025 ♦6,000,000,000 171,274,035 322,585.500 52,378,283 1,693,111 46,094,80' 18,537,930 65,776,1.58 7,124,502 71,849,916 193,938,000 29,000,000 80,000,000 6:i8,8.>l,8.5() 7,000,001 ■ .'50,349,22.>- 183,024,20;: 981,340 26,555,440 135,000,000 211,639 §55,000,000 3,173,813 12,500,000 3.700,000 25,000.000 11,435,48' 481,269,000 47,253,553 483,023,963 §7,074,450 28,729,386 213,171,381 1892. Quantity. Producer's ♦11,000,000 *70,00O,00O 6,717,142 591,625,627 1,628,464,000 226,375,999 »1,677,940 178,000,000 905.181,909 800,000,000 50,000,000 700,000,000 ;{5,ooo,ooo 14,000,000 2U,),426,492 1,1.56,988,936 -570,882,872 93,888,309 480,000,000 38,583,ta6 14,467,029 5,800,000 30,545,429 8,000,000 187,-570,092 7,000,000 30,223,'.K)5 108,661,800 3,4.34.690 300,000,000 13,612,222 2,868.750 55,000,000 838,491,521 .364,000,000 396,131,725 100,000,000 10,000,0(H) 14,500,000 10,000,000 ,5,717,743 20,000,000 125,907,261 39,155,442 730,000,000 l,(KX),000,000 72,000,000 213,171,381 7,500,000,000 173,081 .XiS 325,500,000 &1,067,.590 1,590,375 52,.398,019 17,812,839 $5,874,000 *33,040,000 246,542,901 642,146,600 237,379.631 36,716,400 178,000,000 922,127,287 800,(X)0,000 50,000,000 700,0(K),000 3:j,ooo,ooo 14,800,000 241,031,415 1,182,475,406 ♦12,000,000 *75,0OO,0OO 9,038,707 2,060,154,000 151,378,-525 297,600,000 50,000,000 9,157,000 83.318,621 205,630 20,629,800 81,000,000 6iil,oa5,000 5,450,000 50,512,136 150,000,000 902,723 *30,000,000 237,546,900 199,633 8.58,000,000 4,235,541 12,191,000 3,400,000 25,000,0(KJ 11,784,954 378,114,307 44,9.38,365 336,.500,000 134,668,035 480,000,000 47,750,000 16,450,400 3,705,000 4,120,000 35.999,973 8,000,000 209,253,611 10,000,000 30,229,128 84,800,000 3,332,021 300,000,000 10,440,000 3,81)0,137 45,000,000 883,980,000 100,000,000 12,000,000 13,000,000 10,000,000 5,900,000 18,000,000 116,121,270 ♦500,000,000, ♦iO.OOO.OOO 730,000,000 1,(K)0,000,000 64,000,000 322,111,881 7,000,000,000 291,000,000 515,949,000 1891. Quantity. P^^^ucer's 52,895,239 1,604,840 50,625,106 16,353,282 49,000,000 8,279,870 73,222,992 202,000 29,200,000 80,000,000 738,3!M,000 4,750,000 .54,291,980 225,000,000 587,988 value. $0,918,000 4o,r)Oi),ooo 297,377,014 836,439,22.« 194,883,661 38,522,500 178,000,000 890,-525,808 800,000,000 50,000,000 700,000,000 33,175,000 15,500,084 210,19;j,923 1,120,670,592 ♦33,000,000 155,865,000 369,000 58,300,000 3,968,000 16,000,000 4,500,000 2-5.000,000 10,2i3,701 497,169,8-56 44,431,136 ♦-500,000,000 285,000,000 611,780,000 411,110,000 140,757,790 480,000,000 44,180,951 17,574,000 3,610,000 5,800,000 28,476,925 8,000.000 232,312,26 14,000,000 34,214,935 83,475,000 3.651,150 300,000,000 25,542,000 3,-502,476 70,000,000 75,416,-585 100,000,000 15,21X1,000 12,-500,000 10,000,000 5,6^,0,S3 23,000,000 108,:fi)7,44' ♦40,000,000 730,000,000 1,000,000,000 513,472,711 7,000,000,000 1890. Quantity, ^"^i;^'^ *11,000,IM)U 6:1,000,001) 8,655,518 1,489,970,1KI0 139,;«1,438 265,878,000 52,801,90; 1,588,880 51,602,780 16,544,864 48,000,000 9,202,702 73,521,623 161,754 22,831,988 80,000,000 623,<>21,(XK) 2,760,000 45,S22,672 13,5,IKX),001) 510,499 ♦28,000,000 136,750,000 294,000 54,500,000 4,346,932 13.250,000 4,325,000 25,000,000 8,776,951 305,766,271 44,336,072 ♦500,000,000 $6,317,000 40,.'<2 1,000 366,8J3,738 7.>1,I3;!,451 175,103,772 30,aiO,800 178,<)00,(X)0 913,777,230 800,000,000 .50,000,000 700,(K)0,IX)0 32,8-15,(KK) 18,742,725 243,418,336 1,160,960,661 371,520,1X10 151,200,410 478,687.519 43,760,811 14,206,703 4,170,000 28,671,-505 8,1HKI.000 222,048,486 13,000,000 35,265,135 104,895,OOC 3,213,795 300,1)(X),IXX) 17,612,000 3,-589,687 6f),or)o,noo 70,165,000 276,000,000 399,262,000 1011,00(1,000 13,000,0(X) n,.VK),0(M) 10,(XK),000 4,752,286 18,000,1)00 11K),6.')!),761 ♦ 11),0(K),(XX) 6.«,048,703 ,000,000,000 334,773,678 l,000,(K)0,000 ♦ Dan Talmage's Sons, N. Y. t (Chronicle bales and Government. ,. i . ♦ Clapp's estimate, based on Government figures of census 1890, and other Government Bureaus and Trade authorities. § " Mineral Industry," correcting mint error 1893 value, estimate previous value based on Government Reports. 306 ^t&t THE CHICAGO BOARD OF TRADE. The Chicago Board of Trade was organized in 1848; chartered April, 1859. '! he present system of grain inspection was then commenced. 'I'he Board occupy their fiftli building, and own it and the realty and furnishings, at a cost of $1,840,000; it is bonded for $1,500,000; occupied in 1SS5; built of Maine granite. Fronts the south end of LaSalle Street and Jackson Street north, Sherman Street is on the west, Tacilic Avenue on the east and the Hoard of Trade court on the south. Has a tower 332 feet above the sidewalk. The Exchange Hall is 144 by 161 feet, and 80 feet high to the skylight. There are 1,909 members. The membership fee is $10,000 ; present valuation of transfer membership, $650. The Board has a Clearing House and ample telegraph facilities in the centre of the Exchange Hall. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Jieceipts and Shipments of Flour, Grain, Provisions and Live Stock at Chicago. RECEIPTS. Flour Chic o Flour. Wheat. Com. Oats. Eye. Barley. 1879. 1880. 1881. 1882. 1883. 1884. 1885. 1886. 1887. 1888. 1889. 1890. 1891. 1892. \m^. 1.S1I4. 1895 285,904 196.041 238,200 300,;)o8 294,720 575,16,'j 4iM.7S!) 514.870; 4:ii,110: 4:^1,000' 4;«),(;o9 57s. 180' 542,000; 4.5.5,4091 444,0IK) 751,501 3.360.9.58 3.215.389 4,815,2.39 4.179.912 4.295,515 4,960,8.30 5,3,S.5,772 4.139,105 6.873,.544l e.i:a. 61181 4.410.5351 4.3.58.058; 4.51(;.017l .5.919,343, 4,fyVI,424| 4,2-.'3,l.-<2| 3,516.000 34,100,109| 23,541,607 14,S-J4.9!)Oi 2;5,0O8,.596l 20,364,1.55 26,397,.587 18,909.717 16.771,743 21.848.251 13,1.38,069 18.762.646 14,248,770 42,931,25S 50,2.14.5.56 :i5..'!.5.5,101 25,66.5,91 r2 20,637,642 64,;339,:H1 97,272,844 78,393,315 49,061,7.55 74,412,319 59.580.445 62.930,897 62.861,594; 51.578,410 74.208.9081 79,920.6911 91.:«7.7.54l 72.770.304! 78.510.385] !'1,2.V.,15(1 61,'.i51.sl5i ,59,.527,718 16,660,428 2;i.490,915 24,Ktil,.5:M 26.802.872 36. .502. 2,8.3 40.082.362 37.678,7.53 39.976.215 45.750.&12 52.ltM.878 49,901.942 75.1.50,249 74.402,413 79.827.985 81,289.8861 63,144,88.51 79,890,792 2.497,.340 1,869.218 1,363,552 1,984,516 5.484,259 3,3-27,516 1,892.760 9.56,247 852.720 2.767,571 2.605.984 3..520,508 9.164,198 3.6;33,30«| 1,707,072 1,:B6.1.57 1,6.57,216 4,9.36.162 5,211,.5.36 5,695.358 6,488,140 8,831.899 7,849,820 10,760,127 12,740,953 12,476,54 12,:«7,520 12..524..5:M| 111.401.489 12,2-,'8.4S0 16.US9.278i 13,37.5,8151 13,418,3911 14,194,881 Tot. r'c"tS| Flour re-| _ , ducedto Pork. Wheat, 137.704,571 165.855,370 146,807,329 126,155.48:1 164.924.7.32 159..561,474 1.56,408.228 151.932.995 163.437.724 182.5,«8.1B8 1>3..563.208 223,320.031 2:11.821,430 255.8:12.556 246.942,966 187,-57 1,469 192,814,573 64,:i89 39,091 52,298 78,895 5:1.636 56.247 36,6:18 44,907 76.15.5 54,451 54.608 77.9K5 13,970 16.9:14 6,.527 6,999 9,67-2 Other Meats. Lard. Butter. 151,131,76' 164,4;17,2'25 1.38.787,745 106,165,0:i8 139,971.94-.: 127,006.4.58 162.106.310 ll>4.8-23,5.57 213.813,140 14' ,728.592 279.317.936 300,198.241 206,898,9.58 179,965,3271 198,437,984 137,906,9.56 172,2n3,.523 75.754,1171 68,387,2041 61,403,671 40,096. ;i,H4 72,010,072 6:i,146..3.34 64. -291. .566 88.454,118 84.:i90.1.56 70.855.797 99.9.52.687 147,475.2t;7 74.021.9-15 66.371.502, [ 47,741,'.K)1 I 62,846,:n;9 53,936,.324 54.623,223 67,:i37,044 66,270,785 60,954,045 75,a33.082 83,410.144 92.474,784 108.122,119 105,209,.502 105.402.121 156.31.5.-.;45 140..548.850 127.765.048 134,196,828 '1:U,8I3,632 !U4,.S(;-<,216 18.5,4.52,991 Hogs. Cattle. 6,448,.3C0 7.059,4351 6,474.844 5.817.504 5.M0.625! 5.3.51,967 6.937.535 6.718.761 5.470.852 4,921,712 5,998,526 7.663.828 8,600,805 7,714,435 6,(ie2,778 7,483,->28| 7,88.5,2s;! 1, -21.5. 7.32 ],.3H2.477 1.-198..5.50 15s2.5:l0 1.H78.I'44 1.817.6'.»7 1.905.518 1,Mk1.900 ■2.382.0O8 2.611. .548 3.02:1,281 8.48-I--280 8.2.50.359 «.571.7!il 3,1-29,02/ 2,974,363 2,-588,.5.58 SHIPMENTS. Totals., Other Flour. Wheat. Corn. 1 Oats. Eye. Barley. Flour reduced. Pork. Meats. Lard. Butter. Hogs. Cattle. 1879 3,090..540l 31.006,789 61.299,376 13.514.020 2,234.363; 3.566.401; l-25..5-28.:179 a54.2.55 S15,629,540 251,020.295i 51,26'2,151 1,692.361 726,908 1880 2.862.737; 22.79t).-288l 93,5?2.9:14l 20.649.427 1,.365.165' 3.110.9^5 154.:i7V-n5 .367.-324 9.58,0:16.113 3:13.539.138' 59,970.601 1.394.990 886.614 1881 4.499.743 17.1-27..540 75.463.213 23.2.50.-297 1,104.452 3.113.251| 140.307. .597 319.999, 782.993.729 278.531.7:«: 56.109,762 1,'289.679 938.712 1882 3.M3.067 19,767,8»4 49.07:1.609 23,658,2:19 1.77:1.148 3.298--252I 114.8(hl-93:i 4:1.5.625 615.8-22.951 •2:15.473.5-20 59.927,879 -255.-226.0:19 76.5.54.902 1,747.722 9-21.009 1883 3,999,43ll 11,728.754 71,666,508 :il,845.993 3.a-i8.554 4.643.011 141.7-20.-i59 340.:i07 643.991. 2»a 1.319.392 966,';58 1884 4.808,884 21.046,.577 5:i.-274.050, i4.-2:i0.'293 4,:ir..5.7.57 4.O95..5OO! 1.38.6.5-2.1.55 290.512 549.674.0:14 219.017.4.36 90.660.379 l.:i92.615 791.8*4 188.5 5.-240.199; 13.975.0:12 58.805..5671 :12.4-26.462 1,216.%! 5-583.00:11 1:15.587.921 3y3.:i64; 705.944.059 •254.171.019 96.693.890 1,797.446 744.093 1886 3.778.-227 15.7.50.1-29 i6,;i76.476 32.364.208 817.5.5:^ 7..326.190 1-29.6:16.078 370.'; .52' 745.0-25.6-23 310.039.6:lS a5er November... I)eci.inl)er ... .laiinary February March Ai>ril May June 1895-6 6.000,000 17,000,000 .50,000,(HX) 81,000,000 114,000,000 139,(MX),000 H8,(XK),000 156,000,000 1894-5 15,000,000 39,0(K),000 6.|,0(K),(KK) 8.5,(K*I,0()0 104,000,000 119,(X)0.000 12,3,000,000 121,(KX»,000 i:£.',0(JO,000 139,000,0(X) 145,(XJO,000 15:1,000,000 1S93-4 14,(KX),000 28,0(K1,(HK) ,5.3,01 Kl,( KM) 81,(KX),(K)0 1(H,(XN),(KH) 119,(KXI,000 128,(MM),(K)0 i:r),(Hxi,(HK) M5,IXKI,IMK) 1.53,(11)11,1X10 100,(XK),(XW 165,000,000 lSO.3-2^ 20,000,000 .50,000.000 94.(100,(X)0 137.()()(),072 8ti,091,2ll 97,414,(i54 110,097,527 120,210,7.38 i:i2,769,317 144,199,:U3 1.50,618,:«>4 165,1)22,233 13,720,1.54 :i3,2.5.3.:iS5 51.279.8r0 71.907,4:35 SO.753,,547 I07,277,.5S0 121.:32O.004 1:54.308.415 148.,S00,6:i3 101.140,2'.l8 17.5.780.005 192.453,818 13.604,899 40.004,481 05,801, .500 K5.471.612 100.170,9:52 129,2(;0,:500 149,4 IS,.S:34 164,7ij4,&58 180.:5:30.31.0 10i,00."^,4.56 210 8:57,,5:58 2>5,76o,812 7,802,5.32 ]7,:320,647 22,7:58,732 .30,310,414 37,488.:555 47,102,007 56,257,655 64,049,270 74,045,478 85,518,427 9.5,7.58„546 106,181,316 7,111,501 18,731,251 20.023,400 .10.280.9:!5 44,005.890 56,:523.402 64.320,756 73.097,519 83.77.5.173 93,088,088 102,.573,:374 109,4:30,517 7,010,.509 18, 051, ,5.55 28.080,914 ;35,8:39,914 41,18.3,950 48,247,4fX) ,54,,504,.504 59,090,724 04,942,177 70,7.52.908 77,58:3,0:30 8:3.9:38,329 10..387.092 :35.451.0:!3 40,4,58,407 ,54,4(X).(H4 0:!.fXHJ..5(J3 72.407.081 79.987.941 80..3f».791 98,874,520 100,1.31,742 112,146,:30:3 118,388^922 10,91,5,113 20,074,0:37 40,9:34.214 52,008.004 0-l.:3:38.9.5« 70,.505,798 89,449,05,5 99,7,53,232 113„'M0.940 13;3,:372.671 i:35,(;19,000 2()5,151,(XX) 220,788.:i()0 218,857,000 Corn Exiiorted for 10 years, compiled from Government Re^Jorts. June 30 to June :30 to June -30 to June .50 to June :5() to June :30 to June :30 to June :30 to Juue 30 to June 30 'o June 30 to Jane 30 to July .31 AiiKust 31 September 30. October 31 November .30. December 31 . January 31 ... February 28 . . March 31 April .30 M.-iy31 June:30 Corrected final report by Gov't. 1895-6 1894-5 l,(IO(i,9:58 1,7U721 2,172,940 2.873,240 :5,603,!'0<) 5,iX)4,025 9,0.56,428 ll,.500,000 15,000.000 17.000.000 2:3,000,000 26,500.000 25,507,753 1S93-4. 1892-3 5,910,930 13,077,472 16,924 ,:3:34 20.091 >,26:j 24,:3:5,5,015 20,12';,S17 37,718,703 43,1.33.888 49,9.52,186 .57,(HI1,.5:50 00,693,413 63,1^5,655 63,425,655 2.703.251 5.749.:324 8.40;-.044 12.090.9.59 17.400,201 2(1.004,8:54 23,r51,:383 27,31Vl,',XJt; 31,214.8.55 35.4.55.386 41.081,2,86 40,0:59,006 46,0:34,904 1891-2 3,121.648 4,.323.956 7,163.872 10,583,400 12,008„528 18,28:3,0.35 :32,415,0:35 4.5,144.025 .50.479.893 04.001.031 70.0:3:3.340 74.111.170 75,451,849 1890-1 6.817.713 ,9,740.071 13,2.53,295 15,8:3:3,316 17,107.:308 18,720,000 20.072,257 21,41:3,:322 24.200.88:5 2.5,7:30,307 27,7:50,121 30,7:35,413 30,768,213 1889-90 6,420,429 11.432,014 M,:54:3,.340 22.002.7:34 2r.:322.1.50 :33.8i.Xi.:340 42.:507.620 5.5.8:54.8:59 60.712.428 83.610,043 93,039,758 101,061,700 101,973,717 1888-9 2,ig0,071 5,058,548 8,514,.518 12,017,007 15,093,748 31,264,856 30,607.027 .38,177,411 46,:581.802 54,761,334 62,004„520 68,085.4.32 69,592,929 1887-8 1.6.55,738 3,401,9.53 5,3:35,074 7,835,309 10,400,017 12,044,990 14,294,0.58 16..548,030 18,064,286 20,1:34,024 22.495.:305 24,170,345 24,278,417 188«-I 3,382,953 4,718,070 7,531,194 10,82:5.756 13,8:37,:345 17,1.57,570 21 ,.3:38,094 25,2*3.789 30,03.5,919 34.605,4.37 37,0a5,888 39,799,888 40,307,252 Horses, Mules, Cmcs, Cattle, Sheep atid Sioiyie in U. S, Yearly, January \, and Exports for years nam^d. Jan. Horses. Mules. I 187S.... ....10.339,700 l,6-57..5O0 1879.... ....10,9:38,700 1,71:3.100 1880.... ....11 301,800 1.729.,500 18K1. .. ....11.439.036 1.730,731 1862.... ....10„531,554 1,8:55,106 1883. .. 10,8:38,111 1,871,079 18W.... ....ll.lti9,68:3 1.914,136 1885.... 11„V>4,.572 l.',>73.,5<;9 188*;.... 13,077.().57 3,0.52..593 1887.... ....13,490,744 2,117,141 18&S.... ....1.3.172.9:16 3,191,727 1889.... ....1:5.()6.3,3:3 ■3.5.0:33.417 .30.M9.i)24 3ti.875,(>48 37,a51,2:39 3.5.9,>4,196 34,364,216 32,085,409 Total Cattle. 30..523.400 3:3.334 500 33,358,000 33,:5(X;,:385 3.5,891:870 41,171.702 42.547.:507 4:3.771.295 45,510.0:30 48,033,833 49,354.777 50,:5:51,043 52,,S0I.!X)r 53,895,2:19 54,007,500 52,378.283 50.868,845 18,222,995 Sheep. 3.5.740500 ,38,13:5, KOO 40.76,5,000 43,.576,80'3 45,016.334 49.3:57.391 50.636,630 ,50.3i;o.343 48.:533.351 44,750.314 43,544,7.55 4J..500.O;O 44.:«0,iK3 4:5,431,156 44,0:38.305 47.2t.3,,553 42,294,064 38,298,783 311 Swine. 32,203..50O .34.700.200 .34.0:34.100 30.337.603 44.1-32.200 43.370 086 44,3(XI.893 4,5.143.(W 40.093.043 44,G13,,8:36 44.:540.525 .5(),:301„592 51.003,780 .50,025,100 .53.398.019 46,004,807 44,165.716 42342,750 Total Number. 98,5-26,400 100,134,.500 108,058,000 11:3,110,887 125.0:50,2<>4 1.3:5,079,. :59 i:37.:374.826 139.2T4.195 139.935.004 1:57,405.98:3 1:57.136,037 14:3.331,713 1 18.740.7.59 140,a5I,481 1.51.403.974 164,264,573 155,555,051 146,767,.>40 Exports 1878 1879 1880 1881 1882 188:3 1884 1885 1886 1887 1888... , 1889 1890 1891 1R92 1893.. . 1894.... 1895 FOR Years Cattle. .... 80.040 ....130.730 ....183.7.56 ....185,707 ....108,110 ....104,444 ....190,518 ....1:3,5,890 ....110,065 ....100,459 ....140,208 . . . .205,780 .....394.8:5() ....374,079 ....394.007 ,...287,0M ... 359,011 ...331,7K' Endino Hogs. 29.284 75.139 83,434 77,456 36,368 16,129 46,382 55,025 74,187 75,383 23,755 4,5,128 91.143 95,0M 31,9&3 27..375 1,.>45 7,130 JUNB 30. Sheep. 184,a59 215,681 209,480 179.019 1.39,676 a37,251 273,874 234,509 177,594 121,701 143,817 128,858 07..521I 60,941» 40.9fiO 37,260 128,601 4«6,748 CLAPP & COMPAFy, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Heceipts, Weight and Packing of Hogs at Chicago brj monttis and years named. Mths. Jan... Feb... March. April ^ay.... June .. July.... Aug.... Sept... Oct.... Nov . . . Dec... Receipts. 1895 878,11.5 786,r)86 715,48tj 48.5,526 674.8«1 .556,401) .S82,398 379,2-'9 448,281 859,941 937,479 "80,9G3.13 233.31 221 C7 •2:!9.82 2:i3.C.'< ;^214.8I 222.02 35 . 75 ■m.u 31.66 33.48 3;5.92 38.85 30.72 30,15 31.92 .35.10 31.94 .36.94 39.58 ^[onthly Stocks in Chicago 07i the first of each month in the )/t:ars named. Mths. "CONTRACT" PORK. "CONTRACT" LARD. SHORT RIB SIDES. 1896 1895 1894 n898 1892 1891 1890 1896 1895 1894 1893 1892 1891 1896 189.5 1894 isys 1H92 Bbls. Bbls. Bbl^. Bbls. Bbls. Bbls. Bbls. Tes. Tcs. Tcs. Tcs. Tcs. Tcs. Lbs. Lbs. Lbs. Lbs. Lbs. Jan.... 97,670 105,676 27,614 64.474 97,947 204,782 106,000 40,5;» 31,705 2,111 10.675 00,750 102.-295 19,471,9:« 27,737,.'>.S.5 5,705,711 14,974,076 51,402,:567 Feb.... 1^20,716 12:, 3:57 69,819 77,369 161,700 245,566 121,782 72,703 27,1)89 5,473 7.1.30 88.218 1.34,:i27 18.4:15.0.-16 :«,.510.49h ll,6ft5,:H:i5 15,l:14,.5C.(; «0,7'.H).192 Mar.... 121,763 121,665 77,611 91,413 186,776 265,965 137,089 97,901 30,3^22 4,011 .3,:^fil 89.001 13.5,7:18 111. 807,016 :H,474,9(i}< 8,61»5,862 i:j,:Ml,5rO 57.7(i4.'.)92 April.. 1:15,450 75,7.50 82,824 185,011 299.1.59 147.791 41,419 1,450 10.7:« 66,-200 152,299 33,4;t.',7(i3 8.618,:{3I| 9,776,081 51,7(;9,008 May.., r25,820 70,196 75,527 190,601 3a5,690 157,417 46,181 4,099 9.40:l 52.448 146, 1:15 29,.-K«).711 6,792,679! 7,228,768 44.H-2-2,:l72 June... .... 125,915 &3,498 77,:i67 186.217 294,608 150,645 711,235 17,314 19,796 57,068 160.117 3:1,701, (!99 6,7;il,109 10,079,211 :l(l,8,(KK) 2,4;i3,(K)0 1,4(K),(X)0 1,4.51,000 2,2.39,000 1,210,000 1,462.000 5,019,000 6,102,000 6,570,000 6,588,000 2,622,000 2,4.3.3.000 2,.324,000 1,9:1.5.000 1,80-2,000 3.961,000 2,.567,014,764 1,946,046 1,53.3,7.59 l.Of.5.1.57 2,504,9.50 2.8.37.900 3,.566,!H)1 7,098,002 4,:146,187 2,1:18,421 2,0N0,924 2,411,712 5,79)-.,4:i7 4.931,028 3,()27,365 3,:l00,.3;i7 1,824,7.55 1,609,699 2,155,5.56 3,799,:i86 3,900,2-J7 1,1.5,5,282 ()8],092 1,071,758 1,191.7.-1:1 871,808 982.460 614..549 2,580,984 5,:162,827 6,9-20,1,57 7.!I4(J,.595 5,767,106 ;l,i:io,:iO0 2,0.58,078 898,009 1,-272,259 8,764,074 l,II6:i,:155 1,267. .0{) 1,676.000 1,988.000 2,062,000 2,180.000 1,, 519,000 3,469,000 2,020.000 673,000 611,000 .507,000 406.000 606,000 6S«,000 997,000 1.016,000 8.36,000 7()8,(H)0 314,000 96,000 .^^6,000 1,321,000 1,489,000 1,519,000 1,664,000 OATS. 2,554,000 886,006 388,168 1.707,633 3,456,6:19 1,035,945 981,074 270,.5.31 486,. i)2 1,4S1,417 2,468,000 791,313 424,899 1,660,:171 3,414,703 9-20,900 1,010,:321 3:1:1,827 494,6-23 1,(578,507 2,205,000 901,781 4:i7,:i98 1,628,875 8,838,.565 985,480 1,051, :i:i3 411,981 506,016 1,709,047 2,105,000 1,045,760 671,265 1,69-2,173 4.177,256 l,103,-2.57 1,0:J8,207 496,411 5:«,01;3 1,494,144 457,000 757,229 711,958 880,089 4,-285,848 974,280 1.41)5,866 4.56,698 4.-16,707 906,558 795,009 1,154,346 1.347,017 2,207,217 3.494,658 2,:i63,505 1,311,895 388,.547 261,152 266,827 366,000 1,061.768 1,006,234 781,550 1,976,915 1,407,7.56 899,6,55 219,016 469,11(18 6-Jo,558 177,000 1,734,130 727,463 289,458 1,261,6.58 7^28,998 5:M,651 511,128 391,867 2-29,021 9-28,000 1,854,096 1,2.35,519 1,100,164 2,917,287 772.366 1,667,6S5 2,013,174 4:i6,-2-13 501,7.35 801,000 2,422,576 1,446,031 936,411 2,709,019 1,590,7:10 1,4-28,6-24 1,1. -10,903 108,904 100,504 872,000 2,5.37,739 741,097 778,165 ' 2,700,061 2,924,817 1,4-23,804 981,049 219,257 519,7:19 . 774.000 2,661.406 664.861 273.^ l,641.iM8. 2.926.634 1.171.500 972.851 99.530 382,250 Chicago Storage Rates on Grain and Provisions. On all grain and flax seed received in bulk and inspected in good condition, three-quarters (^) of one (i) cent per bushel for the first ten (lo) days or part thereof, and one-quarter {%.) of one (i) cent per bushel for each additional ten (lo) days or part thereof, so long as it remains in good condition. On grain damp or liable to early damage, as indicated by its inspection when received, two (2) cents per bushel f(jr the first ten (10) days or part thereof, and one-half (>^) of one (i) cent per bushel for each additional five (5) days or part thereof. No grain will be received in store until it has been inspected and graded by authorized inspectors, unless by special agreement. Total regular elevator capacity, 30,325,000 bushels; private, estimated, 10,000,000 bushels. The grain inspection in Illinois is under State supervision. The Board of Trade rules conform to State regulations. . Storage on pork six cents per barrel per month ; lard, to cents per tierce per month ; ribs, 10 cents per 100 pounds for first month, and 5 cents for each succeeding month. 312 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. OfflcM Visible Supply of Grain in United Stales and Lard in the World on the first of the month for months and years named. Jnn Kob.... March . April.. May.... June .. .lul.v... Auk--- Si'pt-.- Oct-..- Nov.. .. Dec. . . . WHEAT. 69,958.1100 i;«,734,000 61,1189,(100 1893. 1892. ,i«)n .''(i.'ji .i««i 77. 'i .l«»i 71.1 ,0:«) ,58.' >m .54 ,IKX) r- iNm - OUOi I 8-5. nOO 81,238.000 45.!108. ,000 81.487.000 l:'..lls, (KHI 711. 1'^i.lXHl 11.111, ,(H(| 7T.it'>l,ii(Ki| ii,ii:;i;. ,iHii; T.'i.ir.T.iKKH :t7,'.i:ir,, (MK) 7ii.l-">'.i,i»"i' '.".i.-vj-j, 000 ti'J.:i|ii.iK'ii' ■1\:1K1. OOO .5!i,:i IM,(NH)i ■iX.'.i'.fJ, IKKI .5^,^.^l.UHli :((;.-JI.O, ,(i()0 (in.rcs.iKK) 17,9111, ,IH)0, 6',l.:i27,(KH) 61,69 1, ,0001 78,091,000] 72,580, <.nflo :.(Hio ;.478 1,.V12 :!7iii,imi -^7,111;, IK 1889. ■J2. l.'>:i,i»«i' '3 •jn,i;i,inK) 1. l,s,iin,(Hi(), i: ,(H)0 ,000 ■J. (Hill 5,000! .:12I ,600 ,,s7.'i.()i)n ,IIIK1,(K1II , IIIMHMI ,(II(;,II(KI ,'jiii;,iKiii ,:iiii,iKi(i ,i;;.'>,iio:u.ono |,'.,i-.i:!,iiiii l.-,,:!|."),(KKI li,,'.:;'.i,ii(i(i 5.627.000! 8,(175.000 8,(I20.(K)0! 5,516.(100 8,071.(KI<. 7,081.000! 7,:M;,(Kin! 1(1, :'.s,">, 11(1(1 ll,.'.l'^,IK.(l .',,'.),'ili,IHI(l :i.72l.(KKI 7.HII.00O: 7.(K)I.000 K, I71.(KI(I |ii.!i|.'.,ik;(i' 9,174,0(1(1, i:i.i'.i.>:i:; .IKKl '20,201,(100 16,h:;9. ..KKi 1 i.;;:t.").i)(Ki 12..')2;t, ,(KKI 12.6'-'i,(l(IO' ll,6(l-<, ,0(1(1 1 i,vj'j.iii«i ;i. iMi, ,(iiHi! j2,(ii'.i.(iI,(KI0 11.7" ,t**y M,6iii.(«Ki! I2.'.i:i:i IKKIl 7,(117.(111(1', ,000 3,lll,000| 6,201 000 ,000 \**\ ,(MI0 .(KIO ,0110 KK> nil ,(I(K) :,II(I0 000 Jan Keb. . . . March. April.. May.... June .. July... AUK- .. Sept... Oct Nov Dec — OATS. 6.41I8.1KX) 6,443.0(10 7,(i(K),aoo 1895. 8,827.00 1 7.687.0110 6.5S7.000 5.815,0011 5,8:M.(IOO 8.639.0(«l 6,287,1100 3,761,00(1 3,191,000 8,4:!4.aiO 5,(I01.(«I0 6,012,UI0 1894. 3,770,000 4,1.57,0(XI 2,8:ii,o(K) 2,713,(X10 2,(«15,000 2,847,000 2,577.('(KI 1,247,000 7,204,000 8,2:11,000 9,22:t,000 9,740,000 1893. 1892. 6.311,000 (i,707.000' 5.H5.(l(Xl' 4..5:i.s.(X)0; 4.061. (MM)! 4,636.000 3,360,000 1,6,89,000 3,9:W,000 3,877,000 5,277,«0 4,343,000 3,8,S7,020 3.570.698 3.8,80.031 :i.61IO.(IOO 3.622,(XIO 3,16(I.(XW 4.971,(KX1, 5,017,000 5,0(W,000 7,100,000 8,4(M,000 7,471,000 ,639,-544 ,422,-5:13 ,853.042 ,809,.563 .8;!9,29( .2l;i,41l ,1166,511 ,072,7 1- ,147,()C3 ,a58,671 ,268,.548 ,137,368 1890. 3,720. 4:19 5,156,736 5,077,894 4,-5:!6,3-52 3.6CK) 141.21X)! ill.lXX) 102,I0O| 1891. 399.700! 475,7(X), 4HS,:tixl ,5:f2,2IXI .5:i2.7(XI 5M.'.KXI 49i;,2IKI l.s(i.:t(Xi 405.2(X1 .344. (xxr 217.2(X) 240.:t0O 18iX). 1889. 1-59,3)X) 191.10(1 202.1011 192.8(»i 20:!.S(HI 251, SI II I 27(1, KXI :!2'<,;kXI 391,:t(Xl! 378,7(XI :i82.:f00 377.24 7,928,626 2,593,093 ""5Y,896 162,819 580.127 121,187 701,314 15,590 ""inVrei 12,671,48.5 38,240,.323 8,786 3,846,.3a3 7,0!)8,744 2,292,716 ""56.215 3-5,102 1,768,234 99-5,101 2,687,:{;« 81,711 "2,'M4',278 9,791,463 31,.568,-536 9 7,r«5,176 3,867,471 1,851,925 ""53,019 23,648 41-5,-507 3!I8,314 813,821 574,686 'i,'417V963 13.308,449 41,.3.32,400 768,429 4,212,947 14,6I9,9<)0 ^ 524,849 ""^3,113 28,847 149 194,971 19.5.120 12,159 "'274V(«3 11,302,784 .54,;i52,9I5 888,857 19,546,090 '4,679,169 ""38',496 2,-i43 41,913 88..304 129,082 135,077 8,-347,196 40,678,7-39 3-36,:«2 2,014,401 ""2-5V855 .5,68.3 4,995 2,.376 7,371 301,934 10,7^1,913 56,.5.32,002 0(>rniany France other Europe 745..361 8,56.5,129 British North America 3,164,274 CI Am. states A Br. Honduras 44.929 1.8.31 Hiazil otluT South America 2:t.861 3.:{72 27,233 Asia and Oceanica 242.023 504,037 23 66,804,686 34,710.730 7.823,1197 2,425.853 10,:f.2,'258 4,9?2,6-25 495.579 96,847 185,789 100 1,743 ""647 ,(134 101,073 20.653 121,2;r? 34,6.32 Africa other countries Total Wheat, bush CORN. United KinRdom (t ermany France 01 her Europe liriiish North America Mexico CI Am. States & Br. Honduras.... 72,523,389 19,.323,213 7,166,9!Ki 1,-580,487 7,749.601 3,781, 3:» 227,125 :J46,090 832,496 15,590 4,587 ""(i42,977 116,204 11,674 8,333 108,377,569 19,9-59,438 7.652,962 1,790,650 9,069,073 U,.S.S3,353 2,435,591 186.234 1,148,2.52 17,989 953 "573,274 398,243 23,014 4,892 157,510,835 36..503.6.53 13.901 ,2:i9 2,0:M,2.57 17,1.32,028 3,573,623 754,M8 127,004 627,1- 37,237 2,104 1,180,020 51.3,502 200,831 ""2'l,820 56,259.968 14,1.31,181 3,745..574 1.32.177 5,640,851 5,023,841 6l5,3:e 6,816 357,341 "9^Vra3 ";i«),;}77 "ss.Vsi 59,955,251 .51,601,0-34 l!,419,06:j 8,481,129 15,161,463 9,694,169 961,4.58 82,0->4 594,-542 ■i,'l93,«)7 "'320V595 ""58,945 48,640,095 41,096,727 4,608,481 6,-364,9-52 7,773,(J!tl 8,074,990; 434,!»7 18,805 145,525 "■e20V263 "345,' &4 ""54",389 66,221,207 14,2-59,487 937,627 l,i:«.861 2.il04,266 4,089.447 216,468 9.3,731 151,669 "516,'9&» " '60V6-26 ""b'lVs«9 61,909,.3-I6 24,265,983 2,6:«,167 1,9-38,750 '•i,'l(J9,2a> 894,496 39,693 W4,815 "713V861 ""64',526 ""2ti.5ftl 46,035,491 37,871,149 4,.36-3,419 7,776,4.'*2 '5,'474V640 1,26.3,9-33 12,991 203,9-59 "■589,706 ""2.39,'830 " 99V24S 69,132,844 .32,298,606 4,371,471 2,8s0..5:G '3,'48:!,703 2,0>H.9:r7 7,779 108,565 Puerto Rico Santo Domingo West Indies Other West Indies & Bermuda South Ameriea 630,935 "475,45.5 -io,'426 Total Com, bush 61,956,«33 41,806,711 5-5,443,918 1 76,631,869 30,768,213 ' 102,-568.2,59 1 69,2.^8,4.34 24,4.30,183 .15.056,036 57,917,-377 46,-%56,411 1895. Wheat 31.68 Corn 2.17 1894. S0..30 3.44 Percentage Exported of Wheat and Corn Crops Grown for Crop Years ending June 30. 1893. 18!r2. 1891. 18i«. 1889. 1888. 1887. 1886. 1885. 1884. 1883. 1882. 1881. 1880. 37.20 36.88 26.59 22.31 21.30 26.26 33.62 26.45 25.84 26.54 29.44 32.17 37..39 40.28 2.31 3.66 3.66 4.56 3.47 1.S7 2.36 3.35 2.99 1.94 2.59 3.77 5.41 6.45 313 1879. 1878. 1877. 35.41 VtSA 19.85 6.83 6.43 ""M CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Average Farm Values, per bushel, ton or head, as per Government liepx^rts for years named. 1895. 1894. 1893. 1893. 18'J1. 1 1S90. ISS'.). \> 1K88. 1887. 18!f6. 1885. 1884. 1883. 1882. Wheat 53.2 49.1 .52.1 62.4 83.9 8.^.8 60.8 92.6 68.1 C8.7 77.1 61.5 91.1 88.2 Corn 27.6 45.7 .37.0 39.4 40 6 50.6 28.-! 341 44.4 30 6 32.8 35.7 42.4 48.5 Oats 20.5 .32.4 28.8 31.7 31. :> 42.4 22.9 278 30 4 29 8 fS 5 27.7 52.0 32.7 58 37.5 61.5 Rye 43.7 .56.1 51.8 51.8 77 4 62.9 45.7. 59.1 54.5 5:}.3 .58.0 , Parley a5.4 44.2 40.fi 47.2 54.0 64.8 42.7 59 6 51.9 5-16 56.0 49.0 58.7 62.9 1 Buckwheat . 4SI.2 55.6 59.0 53.4 57.9 57.7 51 8 636 65.5 51.5 56.0 59.0 82.0 7.3.0 Potatoes.... 28.8 53.6 6(J.O 67.3 37. 1 vv.v 40 3 40.2 682 46.6 41.0 39.0 42.2 55.5 Hay 9.38 8.54 8.68 8.49 8..39 7.74 7.88 8.75 9.97 8.45 8.71 8.21 8 19 9.70 Horses 33.07 36.29 61.22 65.01 67.00 68 84 71.89 71.82 7215 71.27 73.70 74 64 70.59 58.52 M.iles 4.i.29 47.5:> 70.68 75.55 77.88 78.25 79.49 7978 78.91 79.60 82.38 84.22 79.49 7135 Milch C"ws 22..50 21.97 21.75 21.40 21.62 2214 2:^.94 21.65 20.08 27.^0 29.70 31.37 30.21 25.89 ^Cattle 15.^« 14.06 15.24 15.16 14.76 1521 17.05 17.79 19.79 21.17 23.25 23..52 21.80 19.89 Sheep ].70 1..58 2.66 2.58 d.W 2.27 2.13 2.05 2.01 1.91 2.14 2.37 2.53 2.37 Swine 4.35 4.97 6.il 4.t:o 4.15 4.72 5.79 4 9-! 4.18 4.25 5.02 S.-'i? 6.75 5.98 Chicago Monthly High and Low Prices Jor Lard, Short liih Sides, Live Jlogs and Rye, for years named LARD. Months. 1895. 1894. 1893. 1892. 1891. 1890. 1 1SS9. 1&88. 1 18.S7. 1886. 1885. 1 18.S4. 1 188:^. 1882. 1 1881. 1880. 1879. 1878. 1877.' January... j 6.30 7 50 10 .50 6 (a 6 50 5 05 5 77^ 6 75 7 25 6 ;JQ. 6 00 6 07)4 8 00 10 12HJ10 90 9 a:H 7 25 5 ;« 7 15 10 65 6.95 8.3;) U 80 6 00 5 97)4 7 .55 7 87)4 6 62^ 6 17^ 7 00 9 17)4 10 95 11 .30 9 45 7 65 6 45 740 11 55 Kibniary.. ■! 6.30 7 20 11 20 6 ;« 5 47!^ 5 70 6 .50 7 52^.^ 6 35 5 95 6 75 9 00 11 05 10 35 9 20 6 85 6.32)4 7 10 9 50 6.70 7 65 12 !)0 6 57^ 5 80 5 a5 7 00 7 87^ 7 17)4 6 15 7 10 10 00 11 50 11 35 10 30 7 45 6 90 7 37^ 11 12^ March ] 6.37 6 45 10 42)^ 6 15 5 02U 5 82)4 6 65 7 45 6 95 5 85 6 72)4 9 15 11 00 10 05 9 S5 6 85 6 30 6 80 8 95 7.17 7 35 13 20 6 4714 6 12W 6 87!^ 6 20 7 10 7 75 7 85 6 05 6 97)41 9 62)411 45 11 00 10 70 T 20 6 72^ 7 25 9 82)4 A 1 1 6.70 6 77^ 9 40 6 45 6 07)4 6 77)4 7 47)4 6 85 85 6 72>s 8 15 11 10 11 00 10 .50 6 57H 5 77^ 6 75 9 30 April ~. 7.05 8 0214 10 .^5 6 27^2 6 90 6 r,-i]4 7 02)4 8 20 7 47^ 5 97)4 7 10 9 20 11 72Ji 11 40 11 50 7 05 6 47V6 7 22)4 10 25 n. ( 6.,50 6 70 9 45 6 U\4 6 20 6 00 6 05 V 92H 6 37)4 5 82)4 6 40 7 85 11 .50 11 17^ 10 05 6 52)4 5 90 6 37J4 9 17.4 9 87)4 Miy ] 6.75 7 52^ 10975^ 9 35 6 42^^ 6 75 6 40 6 95 8 70 6 924 5 97)4 6 87)4 8 <» 12 10 11 45 11 S5 6 97^ 6 .30 7 00 J""e ] 6.42 6 5iy, 6 821^ 6 :» 5 95 5 62)4 6 42)4' 8 02).^ 6 20 5 87^ 6 ;« 7 07)4 9 0) 11 20 10 50 6 35 5 97^; 6 37^ 8 50 6.62 10 .^5 6 95 6 .30 5 97)4 6 70 8 65 6 70 6 50 6 05 8 20 11 70 12 :» 11 .35 6 90 6 25 6 95 9 30 T 1 I 6.12 6 67!^ 9 20 6 90 6 07>^ 5 62^, 6 00 7 95 6 37)4 6 37^ 6 45 95 8 20 12 00 11 40 6 02^ 5 55 6 70 8 45 July ■) August.. .. >. 6 55 7 00 " 10 20 7 35 6 75 6 15 47)4 9 10 6 70 690 6 65 7 .52Mi 9.32^12 95 13 00 730 6 10 7 15 9 15 5.80 6 !K) 6 00 7 27^ 6 40 5 9714' 5 92)4; 8 00 6 27U 6 42'<8 9 52^ P 35 6 85 6 10 7 :» 8 05 12 12)4 n 15 7 20 5 30 705 8 10 6.25 8 371^ 8 25 9 50 8 15 6 65 6 (» 7 40 6.55 8 IK) 8 75 12 45 ;11 65 825 5 75 7 80 8 90 1 5.72 7 95 7 20 6 57^ 6 00 5 92^ 9 52)4 6 :?0 5 95 6 02^ 7 00 7 75 11 15 111 32)4 7 75 5 47^ 6 20 8 35 September. \ 597 9 fr'> 10 00 8 05 7 05 630 6 20 10 92)^ 6 62 7 50 6 30 1 7 65 8 35 12 77)4 12 25 8 07)4 6 25 6 92)4 9 05 October... j November, -j 5 72 6 85 9 30 8 10 5 85 6 15 6 00 8 12^ 6 20 5 57!4 5 82)4 6 90 7 15 11 .30 ,11 35 7 80 5 65 580 8 15 5 W 8 5-'% 6 80 10 .TO 8 90 6 82^ 6 45 C 85 11 20 6 60 6 10 6 15 7 75 8 25 13 10 12 25 8 52H 6 90 6 35 8 87)4 5 37 8 071^ 10 00 8 35 5 85 5 70 5 87W 8 12)4 6 80 5 87^ 585 680 7 22)4 10 62)4 10 70 8 02V4 6 12H 5 67U 5 87)4 7 72ii 5 62 7a5 10 ,50 6 321^ 6 32)4 6 20 1 8 55 720 6 07^ 6 25 7 20 8 47^ 12 00 111 45 8 75 7 25 8 l^s ( 5 15 7 60 9 25 5 90 5 50 1 5 75 1 7 60 7 12V« ,6 02H 5 92)41 6 45 8 10 10 22)4 10 75 820 6 a5 5 32^ 7 65 December _ j 5:37 835 10 GO 6 17)4 5 92)4 ■ 6 00 8 42>i 7 92)4 6 60 6 07^4 6 95 9 00 10 75 11 20 8 52'^j 7 75 5 65 7 97>i SHORT RIB SIDES, PER 100 UBS. Months. IblR. 1894. 1893. 1892. 1891. 18110. 1S89. 1888. idfr. 1886. 1885. 18IM. 1883 1882, 1881. 1880. 1879. 1878. 1 "87/. January... ,j 4.95 6 45 8 75 5 10 4 .50 4 50 05 7 37V4 5 85 4 65 5 70 7 15 1 8 .52W 8 45 6 45 6 30 3 40 5 25 8 37^ 5.95 7 tti 10 .55 5 90 5 25 4 a-. 7 00 7 85 6 37 5 42)4 6 80 8 42V4 8 90 9 20 7 32^ 6 70 4 45 5 G2V4 8 87)4 February . . j 5.00 6 12)4 9 80 5 65 4 40 4 65 5 75 7 12^ 6 :» 5 45 6 05 8 42)4 8 95 8 >M 7 20 5 90 4 30 5 37)4 7 62)4 5.25 6 60 10 .50 5 92)4 4 80 4'a5 6 15 7 05 7 85 5 75 6 65 9 70 9 75 9 40 7 95 6 50 5 10 5 80 8 50 March ] 5.15 5 55 9 40 5 4214 4 60 4 75 5 Kj 7 00 7 60 5 15 5 90 9 05 9 .52)4 8 70 7 »i\^ 6 10 4 55 4 50 700 6.30 6 15 10 6iU 5 87)4 6 10 5 20 6 87^ 7 25 8 65 5 40 6 35 9 55 9 90 9 52)4 7 9214 6 50 500 5 121/, 8 00 April 3 6.07 5 77J4 5 47)4 5 80 6 10 5 85 6 87^4 7 45 5 15 5 75 8 10 9 75 9 ,55 7 .55 5 72)/. 4 27)4 4 62)4 725 6.37 6 8.5 10 \2]4 5 70 .JB 55 5 70 6 25 7.37HJ 8 40 5 37>4 6 20 9 25 10 .50 10 25 8 75 6 :v\ 4 no 4 87)4 8 12U May ] 5.95 6 15 9 .55 5 65 5 75 5 15 5 65 7 20 6 95 5 20 5 10 8 00 9 97)4 10 15 7 95 6 00 4 25 4 12)4 6 87)4 6.45 6 82)4 10 «S 6 60 6 85 5 .50 6 15 7 77^ 7 55 5 40 5 80 8 50 10 75 11 20 8 62)4 8 25 4 70 4 62)4 7 87)4 J'""- -j 6.10 6 10 8 .50 6 20 5 65 4 85 5 65 7 .35 7 00 .5 20 5 15 7 20 9 75 10 90 8 07)4 6 20 4 45 4 25 6 25 6.45 665 •9 85 7 40 6 05 5 20 6 05 7 70 7 70 5 97)4 5 .50 8 65 9 90 12 60 8 40. 6 85 4 87)4 5 25 7 90 J"iy ] 5.a5 6 55 l\^ 7 17^ 5 90 4 95 5 .35 7 37X 7 45 6 00 525 7 35 6 75 12 20 8 .S5 6 67)4 3 97!/> 5 25 6 62)4 6.40 682^ 7 85 7 00 5 .30 6 00 7 ,55 8 20 6 37^ snVi 8 40 8 20 12 95 9 10 7 25 4 80 5 75 7 25 August ,j 5..50 6 75 6 15 7 55 6 45 5 05 4 70 7 85 7 80 6 10 525 8 32^4 6 .32)4 12 35 9 07)4 7 30 4 02)4 5 75 6 37W 7 12)| 6 62)4 6.15 7 80 9 15 8 80 6 95 5 .50 5 55 8 55 8 10 6 3714 585 10 40 7 l-iUj 13 60 9 35 8.55 4 .57)4 6 75 September . < 5.05 7 20 8 85 7 37)4 6 70 5 20 4 9a 8 SM 7 50 6 40 5 35 9 50 5 60 10 62U; 9 60 8 05 4 ,50 5 12'/> 5.70 800 10 45 7 80 7.37U 5 .55 5 30 8 95 895 7 65 5 97)4 10 20 6 12)/, 12 05 10 50 8 ,50 600 6 12U, 7 87)4 October . . . | 5.05 6 20 8 65 7 0;>W 5 65 5 22)4 5 00 7 50 6 25 6 00 4 62)4 7 15 5 85 9 60 8 70 7 20 4 85 4 37V-., 7 1**1!^ 5.70 7 .50 9 .50 7 85 7 30 5 60 5 40 9 00 7 87 6 90 5.-,0 10 06 7 12)4 10 00' 10 30 8 00 6 00 5 12!^j 7 87)4 November. / 4.40 6 00 7 00 7 35 5 50 5 12)4 4 90 7 10 6 25 5 25 4 60 5 37)4 5 62)/. 8 80 8 52)/. 6 80 5 00 3 62K> 6 12)4 4.67 6 75 9 12U 7 87)4 6 .50 5 .50 6 00 7 70 7 50 6 00 5 00 7 75 6 95 9 75 9 05 ,7 25 5 95 4 ,50 7 12)4 December. ,j 4.20 5 65 6 17^ 7 80 5 00 4 40 4 GO 680 7 40 5 40 4 75 5 40 4 50 8 60 8 40 6 .30 6 20 3 a5 5 C2),4 6 1214 4.45 6 15 7 15 8 50 5 70 520 525 720 780 6 05 5 00 6 00 7 40 9 15 8 85 6 75 6 70 8 62)4 LIVE HOCS. RYE. Months, 1895. 1891. 1893. 1892. 1891. 1890. 1889. 1888. 1887. 1886. 1885. 1884.! January,., i 3.70 4 90 6 50 3 70 3 20 3 40 4 60 4 80 3 75 3 30 4 10 4 95, 4.80 5 a5 8 40 4 75 3 85 4 00 5 35 6 00 5 15 4 40 5 05 6 75 February . . < 3.60 4 a5 7 20 4 10 3 20 3 70 4 .35 4 85 4 40 3 40 3 85 5 60 4.65 5 .50 8 75 5 05 380 4 15 5 05 5 80 5i>5 4 65 5 35 7 75 Mirch i 3.85 i 20 6 55 4 00 3 25 3 75 4 .35 4 95 4 50 3 60 4 00 5 40 5.30 525 8 55 5 10 5 15 4 45 5 10 5 65 6 10 4 65 5 05 7 60 April \ 4.40 4 35 6 15 4 00 4 10 4 00 4 40 5 10 5 00 3 45 4 20 4 75 5.42)4 560 7 90 5 00 5 .50 4 ,50 5 05 5 90 4 95 4 55 4a5 7 10 May j 4.10 4 40 80 4 00 4 10 3 70 4 10. 5 20 3 60 8 ,55 3 50 '4 90 4.9714 5 :« 8 00 5 10 5 15 4 .V71/. 4 a5 5 90 5 .55 4 40 4 55 6 20 June -j 4.20 4 30 5 80 '"I 20 4 10 3 40 4 05 5 20 3 70 8 65 3 65 4 50 5.10 5 20 7 45 -5 75 4 R5 4cr^ 4 65 5 90 5 .35 4 70 4 35 5 90 J"iy ] 4.50 4 00 4 75 5 20 4 SO 345 4 00 5 40 4 80 3 90 3 80 4 60 5.70 6 00 6 45 5 85 4 05 4 80 6 75 5 75 5 25 5 30 5 85 August. . . . -j 3.85 4,'-)5 3 80 4 30 3 15 3 .50 5 60 4 00 3 65 3 75 4 50 5.40 6 15 6 .30 6 20 5 90 4 40 4 80 6 75 5 .55 5 25 5 35 6 90 September . - 3.55 4 90 4 95 4 GO 4 00 3 70 3 50 5 .50 4 35 5 50 3 40 3 50 i.m 6 75 7 05 5 70 5 75 4 95 4 85 6 90 5 60 5 20 4 80 6 90 1 October.... ■! 3.20 4 10 5 75 4 75 345 8 30 8 65 5 20 4 10 3 40 d 20 3 50 4.50 6 15 7 00 5 97^4 5 50 4 80 4 K5 6 90 4 90 4 80 4 ,35 5 90 November, -j 3.20 3 60 4 90 4 90 3 25 3 20 3 40 5 10 4 15 3 25 3 00 3 80 3.85. 505 6 50 G 07)4 4 40 4 35 4 25 6 80 5 50 4 20 4 00 505 December . ■! 3.25 3 75 4 65 5 2,5 3 15 2 90 3 35 4 90 4 45 3 45 3 15 3 80 3.70 4 90 5 m 7 00 4 15 3 90 3 85 5 ,50 5 90 s no 4 10 4 60 1 48 50)4 .50 .53 51 54 .54 66 62)4 6r 57^ 70 46 .56 39 45 37 41 37 41 37 Xl 36 T88i7!ls95. 1894 |1893. 1892. 1891, 1890.1889.1888.1887.1886.1885 40^ 42 51 I 48 46 J4 41 48 I 47 46 42 48 48 46^ 43)4 48 I 4714 48 45 49M 48 1892. 1891, 78 65 'r^ ir* 88'.4 87 75 84V4 86 95^4 70 82 76V6 95 70 a3 79 92 74 75 80 84 65 66 75 76)4 57 72)4 67 1 11 55V. 82 58 91 4714 a3 56)4 92)4 49 89 51 94)4 46V4 80 52 92 61)^ 6:J!/. 59 ' 62 .58 ,59)4 59)/, 64 ' 63 70 52 64 44)4 58 46)4 ,52 ,50 55)4 ,54 61 52 55)4 ,50 52 53 54 53 ,56)/; 53 51)4 54)4 57 5414 .56)4 50 " 5414 43a 50 43)4 45 44)4 48 48 52 51)4 56 .56 62)4 57 52^4 64 58 62 59 64 57 62« .59 63 60^ 62)4' 62 68 58 68 60)4 73 55)/. 61 62 52)4 5^^ 60 61 49 .56 .52)4 58^ 48 56 49 59^ 48 59 50 02 50 00V4 53)4 62 53 58- 55 61 314 d CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD Jliijh 6 7a ■ 70 I 88 1893. I 1801. I 1800. I 1880. 1 18«. , 1887. 7«y •il^S 6!) I 51 I OiM 55^? ^m 6:» I 6H^i 1 01 74J4I 9.J 77 1 wy± 70!4 9i!4 80j|i 1 0^}| 77^1 80 9;;!4! 1 01 Wi 77)4 1 oil 9.-)U 84 75>| 93 90 8.-) 77)4 8992 85 7liJ4 1 0r*!4 79^ 95j| 75% 1 04ij| %i 90 7~% 1 OiM 8S14 8:j im 1 01^ 8-2 Wl 8r)|' 7U>|| 9-'i>| 80J4I 1880. 1885. 18S4. 78vi! 70 88)ij 81U 74)4 95)4 90i^ H^H 79)2 96 75 7*>2 fti 8:'4 7!4§ 93% 7-"^ 77!* 9lS 8r42 90>| 84^ 76 7^^ 79 94)6 85 94% 705^ ml 78 90 %m r-U 85)4 90)1 79 81 84 14 7ti)| 73-M 78 78^ 89 83 7014 70)4 8(% 7m 69% 84^ 74% 91 !4 7m 73 83% 90?| 71)6 7ti->6 75l| 74% 69H 70 U^ 80 70% I88;i. 93% 1 0.3% 1 01 1 im 1 05 1 09)6 1 oa 1 11% 1 08 1 13% 98% 1 13)6 98 V6 1 oa% 99% 1 03% 93 99)4 90 90Vi 93)^ 98 !i 945^ 90 '.i 1883. I 1881. I 1880. 1 1879. , 1878. 36 99 34 97 08 93)4 901^ 91(4 94)4 91!^i 04 li H'M 77 87% 80 84% 81k 84J6 1 13% 12 !j 1895. No . 2 CORN , PAST 25 YEARS. MONTII.S. 18iM. 189.3. 1893. 1891 1890. 1889. 1888. 1887. 18b6. 1885. 1884. 1883. 1883. 1881. 1880. 1879. 1878. 1877. 1876. 1875. 1874. 1878. 1872. Jan....| 40 46 401^ 43% m 46 45)6 ii'^ 37 )i 47)6 28% m 4T4 ^ 30 34 )i 51 40 !i 60V6 30 a5% 20.% 38% 43 40)4 64 49 30 39K 44% 30V6 50 29% 3.5% 49% 45% 37% 40 57Ji 70 6:^)6 37% 40% 31)6 31 K 43% ^ 45 70 ei% 31% 41% 3996 Feb.... av% 39 50"^ 27)6 3:^^ 33 3() 36 .52 54)6 Bova 3.5% 35 38 3^% 61% 53 30)6 44% 41 W 54)6 29 .35'/, 49 37 m^/> 38)6 55 59 6(J% 384^ 38^ 34)4 43V6 43 43 65/4 58% 31% 41)4 3.5% .30 !i March . 34% 41% 30)1 30'/, 54 38 35% 45K, 33)^; 36)6 37 40)6 53% 50 !i 38 33% 31% 41 37% 41% 63>i 53)6 30% Si]4 41% 70 30% 35)6 53)6 40 38)6 41)(, 5-1% .50 H 6H)% i'"^ 37)6 46J4 33% m 46 Ji 35)6 33% 44)6 48)J 5Hi 50'^ 68 V6 43 XV>(t 35^ a5 43)6 43' 63Ji 56 27 41% 6;% 42)6 42 .55^ 63 34)6 55% 39 35U, .56)6 57% 75 48 37'^ 37 37% 47% 46% 71 64% 40 )i 4fi)6 July... 41% 40% 35% 47^ 57 :i3% :K 45% 35'4 s-i^ 45% 40 (/J 47% 74% 81)6 45 Ji ■i^M 343.^ 3.5% 46V6 49 Jj 67 58M ;«)i 89)1 4()6 46)4 41)6 5m 49V? 66 46% 37 5()>/. :J8)<; 45 47% 5(i% 53 50 V^. 37% 37)4 31% 41 48 76% 6.5% 38)6 4:^51 August ] .36)4 44)6 31 >% 58 5< 45)4 ;« 4:i% 38)1 40 4:^ 50 )J 40 J^ 74'^ 49)6 35 S 37% 41 «M 64^6 82)6 35 .59)6 40 54 5« 67% 50 14 37 4T4 42' 44 47'.^ 5.5% 53 J4 79 K 64)t 40% 34.% 39^4 48% 47 73)4 80 41V6 Sopt...| 31 !4 48 .i^ 4.3% 48)4 44% 31 40)6 409, 36)6 4.1% 51 M 47% 57% 60U 39% 33)6 34% 41 H. 41% 54^4 66% 33)6 34% 36% 58 42-% 48% 68^ 50)!, 34% 45% 43 41 X 45 ;i 87 53% 75 73)6 41 38% S7H 46)4 47)6 63)6 86 43% 30)2 Oct....] 31)4 ml 4.-^)6 37 !4 40M 40 ^ 53 47% 30)6 397^ 40'^ 33)6 40 41)4 40 59 59% 3SH 36 •XiV, 41% 4.5% 43:?! 42 514i 69 34 20)1 53)4 44<4 58)« 53;>j .^3!^ 46)*, i-i^ 30>s 44)6 59'/j 40)6 71% 76% 40% 49 a5 ^^ 59^ 8:^% 89% 36!i Nov....- 26)6 47 35 40^6 5;i 49 31)6 3.5.>j; W-A .35 40 35)6 47% 64 57l^ 39 >4 39 30% 49 74)4 32% 30 .30 53 39% 43 74 53% 61 43U 47% 3V% 4C,% 45 .57 72U, 63V6 43% 43 34 49 46H 451^ 85)6 47 33 Dec... 25 44% 34)4 36)1 40 39% 47% 39 !i 33)r 47 35% 36 341/ 54)4 49'A 58)6 35% 39 29% 41 J^ 43 )i 71% 44)6 30 Si 26% 4/)s 43% 59 53 35 35-;;, 51)6 :« 43% 40 '4 63)6 61 631X 43 4:i'A 31)4 50 46% 5;% a5 54 )i 31)6 No . 2 OATS , PAST 25 YEARS. MONTHS. 1895. 1894. 1893. 1892. 1891. 1890. 1889. 1888. 1887. 18S6. 1885. 1884. 188:3. 1883. 1881. 1880. 1879. 1878. 1877. 1876. 1875. 1874. 1873. \Si-i. Jan.... < 30)4 28 30% 28% 27 27% 29 30 3> 28 42% 19% 24% 29 25% 28 25Vi, 31)4 35 42% 30 33 19% 23% 83% 29% 52 88 24% 31% 29)6 30)6 45 21 '/4 25)4 21% 24 'i 31% 26)6 35 29 33% 38% 45X, 31% 35 20% 25 35% 31% 53 44 25% 33% "FaH 28)6 44)4 10)4 27 23% 25.^ 2:^)6 2K% 26;M 32 37 401/ 20)6 31 20 2v'% 3:3 30% 51'^ 41)4 25% 32 ■'Q 28% SI 31 48 2H4 30 3(|i/, 20 3;^!4 41% 43'i 'Ai]Z 3;i)4 23% 2514 36 33)6 31)1 54% 4:-.% 27 33% March . • 31% 30)4 31 32% 36)4 :« 50 28% 48 28% 33 27.% 30% 27% 28% 29% 28% 30)4 27 47 20 26^ 29 30% 28% 3096 42 31 2.-.% 21% •M% 5314 43% 25 :30 26% 2-.>)4 29 :e fi^ 22% 30)4 22 25 2:% -9)4 26 28)4 27)4 28% 30 54)4 331.6 35;}i 31!^ 241/, 30K 31 43)6 45% 3;j 34 2514 24% 33% 3;3)6 57 45 X, 27)4 23^ 80)1 April.. 28 48-% 57?5 23X 21 !i 27 )i 23% 25% 27)6 26% 30% 45 33 25% 31).% 21 23)4 27^ 30% 30 55 41% 30K 25 25 )i 33% 28% 2!15| 26 )i 36% 34)4 30-^ 43 53)6 37 24-% 42 84)4 6:3)4 46% 31)6 a5% May... 28 V6 45 25 21% 23% •A-ZV^ 25% 31.% 38.% 43% 48 36)4 20% 24% 23U :37)4 28% 57)4 44 30 34% 42)2 31 33V. 54 K 20% 37% 27K 29)6 36 3:i)i 56% SOU, 35 31 26% 45% 31)6 My, 48% 34 Juno... • 24% 2S 33 31;% 21% 301/, 24V6 26)4 ■32 30)4 3:5a 32 48 a^% 23 20% 22% .3:3 28)4 ■50% 4-AV, 25% i7 31% ;i5)6 46 2'.)i,6 Z\ 34% 26).', 28 34% 40% 56 30'/, 33% 35 24)6 38% 81% 6:3 47 V4 :31i.6 43)4 July... 22)6 2,5)1 29)6 27% 27% 21% 2816 24 27 26)4 28% 2.-)4 53% 36% 23 25 2:«6 28 27 48 13)6 27>i 25 34)4 30)2 38^ 34- 2;i 24)4 27 33 3;i 32 3614 62 45 26 34 271^ 3:3)4 30)i 55 « 85 30 28 August • 19 27)4 31% 26)2 ;«!/, 19 24 25% 24% 2456 30)6 2.5;(4 37 31)4 22% 21% 20 22 30 38)4 ■37)4 2C.14 26 2:;% 18)| 20)1 185? 3l8 34)6 40% 21% 31 261/ 23-% «% 2453 29 29 59 40 27)1 26 24)6 29)6 32)6 63 50 28% ■32 Sept ... .35 18)6 23)4 24)6 24)4 34)6 25 301.6 36)6 27% 21% 19 2:3 30% 34 39)i 26 23 30 391/, 19% 26:^ 2.5% 26% 261/ 28 36)6 31^ 46% 34)6 27)6 20% 24% 35 40^ 51 30?^ 26% Oct.... 26)4 38)4 17li 23% 25 24% 25)6 26-% 41% 28 26)4 18 22^4 31)6 31% 45^ 27 20)4 23)6 20K 32 30% 44^ 20 25)4 24% 26)6 26 26)6 27% 28^56 a5% 475i 33)4 32% I'.l^ 24% 34% :38% 50% 34 Xnv 18 30 30)6 41)4 18.% 21)4 25)4 25)6 26)4 2.5i^ 27% 3l46 '■Si^ 41% 28% 31 ki 19 24)4 1^ :30)4 46)6 26)4 20)4 .-.. 19 33)6 34 45 27% 30 27 32 36 »a 39 46 a3i/. 34 21 2I!»6 31% 55)6 51% 54)2 a5 24% Dec ■ J-1^ 30 30% 39% 20 25 29 25?i 27 2:j 30)4 34% 43K, 20% 32% 19% 24)2 31% 20)6 34 2:3)6 ].?i 31)6 ■SU 44 21V4 27 31% 27)4 '■!fM 3.596 *;!4 41)6 47 33).', 36% 20% 27 34% 30% 40% 25?i MESS PORK, PAST 20 YEARS. MONTHS. 189i). 1891. l:-i93. 1892. 1891. 18C0 1889. 1888. 1887. 1886. 1885. 18W. 188:3. 1883. 1881. 1880. 1879. 1878. 1877. Jan.... ■ 9.42 11.75 9.62 12 .52% 16 25 10 37% 9 50 9 10 11 .50 13 75 11 60 9 05 11 30 14 12% 16 75 10 00 13 40 12 20 7 2716 10 50 16 40 1.3 67)4 1!) »(>4 17 87)4 11 87)6 10 75 10 00 13 ;371.6 15 .37% 13 60 11 05 13 45 16 .35 17 75 18 40 13 62% 13 62% 9 .57)6 11 a5 17 95 Feb.... 11 02)6 9 35 9 65 10 87)6 13 .55 13 :37K> 10 .50 13 30 16 :30 17 75 16 75 14 00 11 15 9 40 10 00 14 35 10..3i 12 92)$ 19 70 16 92)4 18 67)4 11 87)1 9 75 9 '.tC 11 631.6 14 .50 17 .50 11 40 13 35 18 :37K- 18 30 18 63)6 15 75 12 60 10 40 10 70 16 60 March.. • 10.15 10 67)4 9 85 9 60 6 80 11 13)6 13 13% 18 35 9 35 11 70 57 45 17 !» 16 00 14 :37% 10 :30 S M 9 a5 13 15 12.82 11 85 11 27% 12 631.!-, 10 63% 12 87-% 14 10 20 75 10 .50 12 75 18 13)6 18 :35 17 37% 15 75 11 85 10 25 10 25 14 80 April.. 11.87 11 37)^ 15 75 9 25 13 13)6 IC .50 11 .35 13 20 20 .50 8 87)6 11 .55 16 ■;ki 17 90 17 25 15 .50 9 37% 9 30 8 :30 13 00 12.60 13 :3() 19 a5 10 .30 13 00 13 63% 12 .50 14 :30 21 00 9 45 12 45 1" .55 19 50 18 40 18 .50 10 63% 10 .50 9 40 16 75 May... 11.75 11 70 18 80 9 a5 10 .55 11 75 11 40 13 60 20 00 8 30 10 25 17 00 19 no IS 20 16 ,10 9 87% 9 25 7 .50 13 .50 12.87 12 bi'A 21 M) 10 85 13 00 13 ;37% 12 13)6 14 50 24 00 9 10 11 70 19 .50 30 15 19 75 17 62% 10 .50 9 80 e 05 16 00 J'lne... • 11.70 11 65 18 75 10 20 9 75 13 00 11 ,50 13 40 14 00 8 35 ir. 15 16 00 15 87% 19 45 16 00 IC 30 S 45 8 10 12 .50 i2.6.> 12 61% 21 62)6 11 50 10 63% 13 25 11 00 14 15 15 00 9 80 10 65 19 50 1& 25 31 75 10 75 13 15 10 05 9.50 13 85 July... 10.00 12 37H 18 -20 11 15 10 00 11 00 10 .50 13 10 14 00 9 37% 9 85 15 .50 13 35 3C. 15 10 35 12 30 8 40 9 00 12 90 12.30 12 87% 19 77)4 13 20 11 6316 13 .50 11 75 14 75 17 00 10 :;(: 10 40 18 OC 15 .« 23 :;0 18 37% 15 85 9 87)6 9 70 13 90 Ai'gust < 900 12 7.1 10 25 10 05 9 87)., 10 10 9 45 13 30 14 75 9 40 8 63% 15 .5(. 11 85 20 50 17 .50 15 40 7 77)6 9 10 12 00 10.10 14 00 18 50 13 35 11 40 13 00 10 75 14 87)6 15 .50 10 10 10 15 19 .50 13 :37% 22 00 18 20 17 00 8 .57)6 11 00 13 50 Sept.... 8.00 0.{KI 13 00 14 h-.\i 15 00 17 05 9 95 11 20 9 80 11 10 9 25 10 45 10 25 11 60 14 00 15 ;35 15 (10 15 .50 35 11 40 8 :30 9 00 16 35 19 00 10 20 12 10 19 12% 32 ;i5 18 00 2(1 00 17 00 •17 87% 7 85 9 80 7 83% ft 431/, 12 20 13 75 Oct....] 8.00 11 8-!4 16 95 10 75 8 25 9 .55 9 .50 14 .50 13 00 8 50 800 13 35 10 20 21 00 16 25 17 75 b 75 6 75 13 75 9.00 13 62 1/4 18 00 12 35 10 13)6 10 50 11 00 16 00 14 75 9 :30 8 50 16 .50 11 37% 24 75 19 50 IS 00 13 50 8 (10 15 00 Mov 1.1 ii 1187J4 12 75 11 25 8 20 8 63% 9 05 13 37% 12 75 9 00 8 00 10 75 10 25 16 75 15 .37)^ 12 35 9 30 6 45 11 85 8.:t7 12 75 17 50 13 87% 8 80 10 25 10 00 15 00 14 5C 10 :35 10 25 13 50 13 10 SI 50 17 25 14 00 11 50 8 40 15 2S Doc... 7..T0 11 25 12 50 13 70 7 45 7 50 8 a5 13 90 14 00 10 40 8 75 10 55 12 50 17 00 16 00 11 12% 11 25 6 03)6 7 822 11 40 8.12 12 37)6 13 25 15 05 8 63% 8 87%, 9 60 13 87)6 15 10 13 30 10 00 11 75 14 87)^ 17 62% 17 25 12 25 13 75 18 06 :! 5 CLAPP & COMPAFT, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. llog racking, Cos% and Distribution of Provisions, compiled by the " Cincinnati Price Currenty Kclative Cost of Hocr Proclnct, It is impracticable to compile a table indi- cating the relative value of leading articles of boK product on tlie basis of cost of Iioks, wJiich would be a permanent guide in these [)articulars,owinK to the cnanges frequently uccurring in the relation of these values, as well as some variation in the proportions of product made. On March 1, 1894, Chicago pric^es were about $fi.00 per IIX) pounds for grccTi sides, $.i.()() for green shoulders, $8.50 for green hams and $7.0.t for lard in tierces. On this basis, calculating sides at 36 per cent., shoulders 10 per cent., hams 11 per cent., and lard 14 per cent of live weight of hogs, and that the remainder of the product, or otfal, covers the cost of manufacture, these values represent S4.60 per 100 pounds for hogs, alive, and relatively for the various prices stated for hogs, as shown in the fol- lowing compilation by the Cincinnati Price Current, indicatitg cost of green sides, shoulders and hams, lard in tierces, per 100 pounds, and mess pork, per barrel: Hogs, Sides, Sh'ld'rs, Hams, Lard, Pork, alive, green, green, green, tierces, bbls. $3.00 $3.91 $3ft5 $.5.54 $4.70 $8.13 3.25 4.24 3.a5 6.00 5.07 8.73 3.50 4.56 4.26 6.46 5.44 9..32 3.75 4.89 4..56 6.92 5.81 9.92 4.00 5.22 4.87 7.39 6.17 1051 4.25 5..55 .5.17 7.a5 6..54 11.11 4.S0 .5.87 .5.48 8.31 6.90 11.70 4.75 6.20 ,5.78 8.77 7.27 I2..30 5.00 6..52 6.08 8.24 7.63 12.89 5.25 6.8.5 0.39 9.70 8.00 13.49 5.50 7.17 09 10.16 8.37 14.08 5.75 7..50 7.00 10.62 8.74 14.(i8 6.00 7.82 7.30 11.09 9.10 15.27 6.25 8.15 7.61 11..55 9.47 15.87 6.50 8.47 791 12.01 9.84 16.46 6.75 8.80 8.22 12 47 10.21 17.06 7.00 9.13 8.52 12.94 10..57 17.R5 7.25 9.45 8.8:{ 13.40 10.94 18.25 7.50 9 78 9.13 13.86 11.31 18.84 7.75 10.10 9.43 14.32 11.68 19.44 8.00 10.43 9.73 14.79 12.04 20.03 8.25 10.75 10.04 15.25 12.41 20.63 8..W 11.08 10.34 1.5.71 12.78 21.22 8.75 11.41 10.65 16.17 13.14 21.82 9.00 11.74 10.95 16.63 13.50 22.41 To illustrate the changes through varia- tion in relative values of ditferent articles of prcduct tlie following is presented, as showing figures for the dates mentioned, on the basis of $5.00 for hogs : Sides. .Sh'd's. Hams. Lard. Pork. nec.20, 1886...6..59 5.30 10.24 7.24 1.3.12 "lee. 20, 1887 . Ich. 1, 1889 .tell. 1, 1890, .loll. 1, 1891 .Ich. 1, lHi»2 rich. 1, 1893, rich. 1, 1891 It should be understood that the above does not rein-esent market prices on the dates stated, but the equivalent relatively, on a uniform basis (or h gs. Indicate relative value of hogs at a stated price for mess pork and green sides, on the basis of values in Chicago on March 1, 18li4. Dec. 20, 1887. .6.98 .5.38 8.69 7..'« 13.19 Mch. 1889. .6.60 5.()0 9.47 7.62 13.8;5 Mch. 1890. .6.25 5.35 10.74 7.73 12.66 Mob 1891. .6..51 5.00 9.87 8.00 13 14 Mch. 18<»2. .6.61 5.81 9.47 7.42 13.26 Mch. 1893. .6.48 a 15 8.42 8..3;j 12.91 Mch. 1891 . .6.52 6.08 9.24 7.(i3 12.89 Sides. Hogs. Sides. Hogs. Sides. Hogs. $4.00 $3.07 $(i..50 $4.98 $9.00 $6.90 4.25 3.26 6.75 ,5.17 9.25 7.09 4.,50 3 45 7(K) 5.37 9.50 7.28 4.75 3.61 7.25 ,5..56 9.75 7.47 5.00 3.83 7..50 5.75 10.00 7.67 6.25 4.02 7.75 5.94, 10.25 7.86 5.,50 4.21 8.00 6.13 10..50 8.05 .5.75 4.40 8.25 6.32 10.75 8.24 6.00 4.60 8..50 6.51 11.00 8.44 6.25 4.79 8.75 6.70 11.25 8.63 Yearly Cost of Hoars. Cost of hogs packed in the West, 100 lbs. dlive, for years ending March 1st. Summer. Winter. Year. 1880-81 $4.20 $4,61 $4.45 1881-82. 5.65 6.06 5.90 1882-83. 7.20 6.28 6.ft5 1883-84. .5.60 5.18 6.35 1884-85. 5.35 4.29 4.70 1885-86. 3.90 .3.66 3.75 1886-87. 4.10 4.19 4.15 1887-88. 4.75 5.04 4.90 1888-89. 5.58 4.99 5 26 1889-90. 4..30 3.66 .'^.98 1890-91. 3.91 3.54 3.74 li,91-92. 4.48 3.91 4 16 1892-93. 5.03 6.54 6.60 1893-94. 6.33 5.87 4.(i7 1 94-95. 4.98 4 28 lS95-iHi. 4.41 3.68 4.07 TOTAIi YEARLY PACKING AT PROMINENT PLACES FOK TWELVE MONTHS ENDING MARCH 1. Chicago Kansas City.. Omaha •St. Louis Indianapolis. Cincinnati... Mil. & Cud'y. Cleveland St.- Paul Cedar Rapids Ottumwa Louis\nlle St. Joseph Sioux City Nebraska C'y 15 places. . All other... 18a5-96. 5,490,410 2,104.213 1,002,800 837,377 67.'>,:!JO .5.59,780 717,314 432,7.52 348,0.35 347,!K)4 3.3.5,0.5:! 238,102 2lr.,.500 1!HI,(HXJ 12.">,.590 1894-95. 189.3-94. 5,29:^^02 4.219,567 2,105,:«3 1,473,223 1,. 550,821 1,023,261 f<69,4.58 578,873 683,2.56 510,.«13 5.36,7!I0 3>^2,S18 702,877 345,896 453,108 405,124 380,404 229,278 ,353,80,S 313,141 385,400 225,000 262,273 217,947 417,291 261..500 3a5„320 2(H),900 2.33,.576 179,182 1892-93. 4,352,095 1,69.5,145 1,124,723 530,6:M 539,198 45(>,:;96 .387,077 449,081 218,98i 200,945 254,244 213,264 266,(K)0 313,973 121,983 1891-92. 5.449,798 1,813,066 1,288,772 664,188 607,002 484,173 576,.563 .303,282 276,246 429,a5(! 241,600 161,365 155,000 85.5,068 197,423 1890-91. 6,071,659 2,398-764 J, .527,871 648,100 730,233 523,810 718,725 424,592 3.35,408 581,074 317,:*0 211,815 183,000 &Vi,293 267,348 1889-90. 4,473,4(i7 l,708,r>48 l,a52,736 7;«,6(,'2 640,303 4tJ4..5.T6 582,031 284,176 299,498 421,408 256,348 173,512 188,0(J0 6W*.514 197,887 13,620,2.30 1,390,405 14,.562,917 1,440,728 10,.56(i,.523 1,0:«,483 11,223,640 1,106,990 12,702,602 1,75.5,012 15,«00,9;i2 2,112,142 12,O90,.586 1,454,717 1888-89. 3,218,415 l,.56'.l,l]9 940,764 6«2,4.')7 518,002 440,029 4.59,079 2:«,:«8 304,946 :m:{,6.T6 191,327 210,.506 iit;,ooo 452,.'j82 141,819 9,785,4.39 1,013,.5;!5 Aggregate.. 15,010,6.35 16,003,645 11,60.5,006 The following totals represent additional 113,000; Des Moines, 101,331 ; Marshalltown, 91 Bloomington, 56,376; Quincy, .55,229; Lincoln, Comparisons for eight pre\-ious years, end follows : 1887-88. 3,732,244 1,909,164 68;i,381 573,1.54 4.".0,106 475,418 .321.470 2.50,.5^) 2.56,210 12,390,630 14,457,614 17,713,134 13,545,.303 10,798,974 places the past year: Detroit, 18.5,831; Pittsburg, ,882; Clinton, 67,100; Wichita, 64,911 ; Peoria, 60,355; 56,960 ; Denver, 49,000. ing March 1, for the undermentioned places, are as Chicago Kansas City St. Louis Indianapolis Milwaukee.. Cincinnati .. Cedar H'pids Cleveland . . . Louisville 1886-87. 4,42.5,911 1,7:«,198 721,914 659,148 .553,077 479,.525 477,066 344,087 2.58,83:1 1&S.5-86. 4,928,7.30 1,470,749 613,134 482,:iOO .572,2a3 467,464 396,819 2.30,972 172,476 1884 4,228 1,2.31, 711 5:19, 508, 513 403 181 210 •85. .205 148 ,!I01 .0.38 1,949 :,016 i,674 ,413 1,214 1883-84. :{,911,7(« 1,01.5,400 607,222 470,312 .368.887 489.6ai .3:«t,013 205,1.56 170,435 1882-83. 4,222,780 813,8.34 .532,180 388,417 405,510 507,316 327.163 218,885 143,393 1881-82. .5,100,484 ^00,928 .556,379 40(i,894 486,0(M; .508,.>18 a50.(l8,281 7,121,381 2,1.53,728 .369,6(i7 1,470,.5(K) 42,()8;<,(152 2,431, 4i) 3,2:«»,0'.M 2,460,110 3,86:!,4.57i 4,.5:i4,668 1,180,798 7.076,i)81 3;!7,861 516,449 l,a56,066 6!t,687 181,242 7,803,224 Aggregte 1892-3. .553,.3a5,.^32 16,4(i.5,492 79,S.S:>,523 .53,002,018 32,78;'),746 7,i;i5,98<) 3,!HH,(k;2 371,8(r 1,482,100 .5(),I81,(H6 14,111,412 7,.5:i9,9(X5 10,779,6'.tl 4,287,2.57 7,.>17,164 1,41.5,3.57 7,858,455 3,585,023 5.54,174 10,842,421 1,118,112 2,6!»7,114 14,244,297 391,7.58,175 82,178,154 ,52,459,722 .526,.396,a51 36.5,693,.501 892,089,552 $35,781,470 $9,93.3,096 $4,110,946,$49,8.31,.512l$,34,f>i3,993 $84,475,.5a5 'I I Aggregate 1891-2. 598,746,4.>5 48,(ltil,.5S2 132,717,.5«l 8:t,2.59,513 57,8:!6,451 13,529,579 5,:i41,8;« .528,98!) 2,10.3,,58.5 56,0.57,:i30 18,023,226 10,662,.563 12,,564,636 2,488,089 12,9.58,097 1,.551,067 7,4.54,ir28 3,.5ri;i,105 1,151,188 33,481,190 2,684,519 3,129,907 17,263,284 1,12.5,1;58,646 $85,086,320 l,178,746,ft56 $84,852,:{40 ■"Includes Manitoba, Northwest Territories and British Columbia. Winter Packing for 5a Ycnrs. Total ntimber of Hogs packed in the West during winter seasons, and cost of Hogs per 100 pounds, live weight. .Season. 1.S9.5-96. . I.s94-'.t5.. 1893-94.. 1892-93. . 1891-92. . 1890-91.. 1889-90. . 1888-89. . 1887-88. . , 1886-87... 1885-86. . , 1884-&5. . . 1883-84. . . 1882-83... 1881-82. . . 0,815,M)0 7,191 ,.520 4,884,082 4,6:«,,520 7,761,216 8,173,1261 6,66:^,802 5,483,8.52 .5,921,181 6,4:«,(K)9 6.298,!l!t5 6,460,240 5,402,or4 0,i:«,212 5,747,760 $3.69 4.28 $.5.26 6..54 3.91 .3.54 3.66 4.99 504 4.19 3.66 4.29 .5.18 6.28 6.06 Season. No. Cost. $4.64 Season. No. Cost. Season. No. Cost 1880-81... 6,919,4.56 11867-68... 2.781,084 $6.36 1854-55. . . 2,124,401 $3..37 1879-80. . . 6,9.50,451 4.18 11866-67... 2,490,791 5.78 1.8.53-54... 2,.5:i4,770 3.:^5 1878-79. . . 7,480,048 2.8.5 186v5-(i(). . . l,785,9r).5' 9.;S4 l,S,52-.53. . . 2,2(11,1111 4.81 1877-78. . . 6,.505,446 •A.m lH4. . 3,261.1115 5.30 185t)-.51... 1,:«2,8()7 3.00 1875-76. . . 4,880,i;i5 7.05 1186-2-63... 4,(I69,.520 3.36 1849-50... 1,(m2,-220 2.13 1874-75... 5,.50(!,226 6.66 1861-62... 2,893,666 2.42 1848-49... 1,.56(I,0,(ii>9 y.(3.iii 6,Sii.'> 27,(iU 23,13.! 15.991 11.116 21, .537 2l,-;.5s April 13.891 ii,ri.-.:i 8,1(12 21,571 111,313 11,8(12 10,016 19.471 21.461 May Vi.-Z^ 9,tiU5 9.7r)r) ■2;i,l.VJ 13„535 8,5.")3| (1.112 17,7(15 lfi.915 June 11.129 l2,.-.i:i (i,9IJ|24.822.2:i,Tliii; 9,151 6,7:3 24,39.s 18.'.I9I July ll.X)2 y.usG 5, ItiS 20,811121,597 8,8112 5,495 18,711 15.:i23 AUKUst lll,IS8 «.0;i(i 6,i;2s 111.1121 2l,J9t; li,2(.» 5,900 15,31(1 22.624 September ii,r.iiH ;"i.;il2 ?,;9."i ll.u7li 18,i;2 8.130 4.9.">3 12,212 15,897 October i:i.l:» 11.922 3.S9:. 1.1.2-17 lti,;".85 12.37.1 5,ai7 9,13r 9,459 Novemlier 12,6.Sil 12.9.-6 1,U18 5,119 18,16; 18,8(1.1 3,939 4,851 11,178 December 12,«i9|11.08S 2,2U; i!;,;3i 17,4-18 17.8171 (1,60S 4,63U 17,611 1891. Tcs. 10,978 12,161 9,74.! 11, 137 14,470 1893. I 1892. Tes. 'Ics. 7,266 39,.598 6,989 1 10,2.54 6,6711143,011 7,019 30,009 9,230|25.34 10,liil|l(i.232i23,82(i 11,533 8,668 .9(12 .9.52 8,3i 111.190 8,50? 18,195 9,529 12.382 9.-209 9,1 17; 9,555 9,216 6,940 5,615 ■i.872 7,833 1890. Tcs. 33,624 :h,o;o :14,;25 ■i7,5ll 586|2;,0.')2 71.876i:!5,Ul 1 19,816 65,91.3 31.135 22,616 6>.375:49.8:!3J27,101 1(1,321 [i (1.1551 15,.109 1891. Tes. .5(1,316 66,812 74,774 66,36;!, 1H»9. Tcs. 21.176 19,316 21,005 24,391 Il,2(i5 Huniiner Packins. M.-irch I to Oct. 31 Inclu- sl ve, for yearH uaiiioU at all points. Is9(l|2,l9.',00l)l|,12s,00(l|(l,920,0i«j IVJO. .9,510,0(10 is7s ll'l.^s^xio 889|1,663,(J()0|3,(V)0,I1(1(J 5,26.i,i:0(l lvs9..li,SMl ilXl i^'ri" >' \l\ liti I88l| 1,486,0011 2,431,0110:3,92(1,(111(1 18sm 5 .■iis'oon |,7h' -y'to'- I,95I,U0(J 2,697,000 l.lMl.OlKJ lS8r. '' ' ' ' •■ ■■ ' 1.000 WeiKhts of IloKM and Lard Product. (At all Packing Points ) .:nK ■J.aw ^,ui, ,iu,.).:nM;,i.HMu,.iu;; (ioi5i M,-j;)i,uw ,',li:)i,U0Ull,(Ml.(ll)(J 1-187 5 6|i. I il«lhS75 l->i;-'(illl .9.52 9,555 9,216 34.,8,VS.lil,9;S 14,13.'! 1886 1,660,0011 3,010,O.I(J4,70ll,(XJI) 1886' ■5'filo'(IO(l I'.u' ' '■'Willi ,3.r7 6,940 5,615 -12,261 51.491 17.3471 1885 1,8(10,000 2,690,000 4,5,50,000 1885. :-l96ilMJ 1873' IWj'uUO ,j90 7.S72_7,833 36,-152|SO,013l20.3Cll |l.S.S-lll,525.00o|2, l l5,U(Kj|3 ,6;o,oOO 1884. A.imm \m. '. SUSicioU * Basi s of 175 pou nds as net product perjiog. t Approximately. TheiiOth Annual Itcpoit ofl'tiion Stock Yards' Transit Co., December 31, 18»'l7 Receipts, Cattle Receipts, Calves Live HoKs Average Weight Hecelpts. Sheep Receipts, Horses Value of nil Live Stock Value for 3(J years, or since 1866 1895. 2,588.558 168,740 7,885,283 2.30 3,106.739 113,193 8200,583,380 «4,379,5;!2,511 Shipments, Cattle.. " Calves.. " Hogs... " Sheep . . " Horses. 2,974,.363 3, 160,949 7,483,228 (i 2.33 3,099,725 3, 97,415 228,15.3,029 219, 4,178,94.8,131 ISiW. I,ia3,406 210.557 6,057,278 240 5,031,174 82,492 ,.M2,375 1392. 3,571,796 I9;,.576 7,714,4:!5 22! 2,145,079 86,'.I9S 253,836,51« 1891. 3,2.'iO..!59 2tri.383 8,000,805 2,1S:!,537 94.396 239,4*1,477 SHIPMENTS. 9511,738 11,888 2,-165,058 333,398 90,441 9UO,183 13,832 2,149,410 442,665 70,011 1,121,675 31,001 2,926.115 483,368 74,368 1,066.264 -18,331 2,962,514 688,2" (5 87,273 CONTRACT LiOTS, GRAIN AND PROVISIONS, ON CHICAGO BOARD OF TRADE. Contracts are Made in 3,000 Bushels Lots of Grain or a Multiple Thereof. PORK.— Chicago Board of Traide rules decree contract pork shall be made in November, December, January, or February A barrel shiD contain 190 pounds green meat; 250 barrels, or multiples, make contract lots. LARD. — 340 pounds lard, a tierce ; 85,000 pounds, or 250 tierces, a contract. SHORT RIBS. — 50,000 pounds make a contract. PICKLED MEATS, HAMS OR SHOULDERS.— 300 pounds green meat make a tierce. Boxes of salt meats must average 500 lbs. About 71 pounds of hog meat is produced from 100 pounds live weight, which may make about 14 pounds lard, 1 1 of hams, 10 of shoulders ind 36 of side meat; leaving offal of 29 per cent., or 29 pounds per 100 live weight. Primary jReeeij)ts at Chicayo, Milwaukee, Duluth, Mi7inea2wUs, Toledo, Detroit, Cleveland, St. Louis, Peoria, Kansas City, for years named, as eomiyiled by N. Y. Produce Exchange. 1895. 1891. 1893. 1892. 1891. 1890. 1889. 1888. 1887. 1886. Flour — ....barrels 13,573,796 15,20<),441 1.3,112,372 H.7.33,3H0 10.868..5(i4 11.020.0.55 10.022,151 11.750.884 11,96.5.873 9.0.53.510 Wheat... ...bushels 179,810,933 1(;7,.5.')6,674 187.122,8'JO •24J.100..552 204,&53.2^3 105,0.56,077 111,775,218 140.140.1.56 106.979.598 85.118.316 Corn..... ** 1W,301,300 126,066,833 143.i:W>12 130.898,043 109,021.008 161,299,903 136,471.561 103.314,976 80.6S2.I41 99.270.954 Oats " 1.32,961,305 108,470,771 12-1,809.773 llo,428,0iG 100,'222.1;G2 10:3.708,133 80.485.798 8-5,1.56,916 72.612,072 66.827.208 Barley... >,. " 32,804,.5«9 34,038,877 29,0(i!),100 32.097.658 20.498.4,32 31.949,364 23,655,245 23,487,970 22.919.729 22,a34,871 «ye 4,471,980 3,248,361 4.013.919 7.1178.1.52 14.4.33.358 5.233.926 4.809,406 4,677,382 1, 892.238 2,294,662 Seaboard Receiiyts at New York, Boston, Montreal, Philadelphia, Baltimore, Fdchmond, New Orleans, for years named, as compiled by N Y. Produce Exchange. 1895. 1894. 1898. 1802. 1891. 1890. 1889. 1888. 1887. 1886. Flour. . . . barrels 18,608,.525 20,843,266 19,&7G.653 19,847,357 16.408 984 .,15,058,175 13.416,0.31 14,386.185 15,669,047 14,096.373 Wheat... ...bushels 48,723,513 6I,G!»9,092 63.8.5.5,531 12:j.715.52;3 109.420.4.58 81,184.351 .33.48;i:>32 39,177,015 8.5.682.21T 73.7.59.562 Com 68,449,a38 52,0.")9,0,36 58.978,185 67.754,921 49.775.505 I05,006,f-H2 94,512,290 50.186,827 49.008,:«0 79.116.930 Oats. .... •' 48,032,153 47,144,734 52,436,0:i6 56.134,892 45..321,031 52,914,495 39,713,0a3 40.667.808 36.716.631 38.045,.582 Barley.. . •• 4,.893,968 5,480,977 5.080,4*3 ^ 5,771,077 6..531.275 5,001,614 5,637.931 5,126,008 5,872,514 6,»j3,3-I1 Bye ■ •. " - 612,.567 684,904 1.136,166 3,5)53.707 9,592,822 2,253,.588 §,008v921 670,446 741,32^ 635,006 Average Export Price of Products for years named, ending June 30. 1895. 1894. 1893. 1802. 1891.|1890. 1889. |188S. 11887. 1886.|1883.|1884.il8d3. 1882.jl881.|1880.jl879. 1878. 1.33.8 1877. 1876. 1875.|1874.;i873. 1872.|1871. Wheat, per bu-'h... 61.2 .59.3 80.0 103.0 93.0' 83.0 89.7 85. .3' 88.9 &•• i 86.2106.6'll2.7i;8.5'lll.4 124.5106.8 116.9'l24.2'll2.4'l42.8'l.31.2|l47..3'l31.6 Flour, bbl.. 3.46 8.77 4.54 4.86, 4.82 4.66 4.8:1 4.58 4.51 4.7o 4.90 5.59] 5.96 6.15 5.07 5.88, 5.25 6.-J6 6.49 6.22, 5.97i 7.14 7.57| 7.11, 6.59 Corn, per bush.'.... 43.4 .50.1 5;i.o 55.0: 57.4 42.0 47.4: 55.01 48.0 49.8 54.0 61.1 68.4 68.8 55.2 54.3 47.1 56.2 58.7 67.2 84.8 71.9 61.8 69.5 75.9 Pork, salted, pr. lb. 6.3 7.3 7.H .6.0 5.9 6.0 7.4 7.4 6.6 5.9 7.2 7.9 9.9 P.d 7.7 6.1 5.7 6.8 9.0 10.6 10.1 8.2 7.8; 7.2 10.9 13.8 9.4 9.2! lO.r 13.3 Lard, per lb 7.2| 8.2 9.5 7.2 6.9 7.1 8.6 7.7 7.1 6.9 7.9 9.5 11.9 11.6 9.3 7.4 7.0 8.8 10.9 13.3 Bacon & Hams. lb. 8.5;5 9 6 9.1 8.1 7.6 7.7 8.6 8.6 7.9 7.5 9.2 10.2 11.2 9.9 8.2 6.7 6.9 8.7 10.8 12.1 11.4 9.6 8.8 8.6 11.4 Beef, salted, pr. lb. 5.9 .5.6 5.0 5.7 5.6; 5.4 5.5 5.9 5.4 6.0 7.5 7.6 8.9 8.5 0.5 6.4 6.3 7.7 7.5 8.7 8.7 8.2 7.7 7.0 8.7 Butter, per lb 15,5 17 4 19.0 16.0 14.5: 14.4 16.5 18.3 15.8 15.61 16.8 18.2 .8.6 19.3 19.8 17.1 14.2 18.0 20.6 23.9 23.7 25.0 21.1 19.4 21.5 Oheese. per lb.- 8 3 10 9.4 9.4 9.01 9.0 9.3 9.9 9.3 8.3 9.3 10.3 11.2 11. 0| 11.1 9.5 8.9 11.4 11.8 12.6 13.5 13. li 13.1 11. 7i 13.7 Cotton, Inc. Seal. .lb. fi X 7 01 8.5 8.7 lO.O 10. 1 9.9 9.8 9.5i 10. Oi 10.7 10.6 10.9 11.5, 11.3 11.0 10.0 11.2 11.8 12.9 15. li 15.6 18.9 19.4 14.9 Tobaoco. leaf. lb... 8 5 8.4 9.0 8.4 8.7 8.6 8.8 8.3 8.7 7.8 9.9 9.1 8.6 8.5 8.31 7.7 7.8 8.7 10.2 10.4 11. 3I 9.6 10.7 10.3: 9.2 Sarar. refined, lb.. 4.7 4.4 5.4 4.8l 5.71 7.8 7.6 6.3 6.0 6.71 6.4l 7.1 9.2 9.7I 9.2I 9.0 8.5I 10.2 11.6 10.71 10.81 10.51 11.61 12.61 \^.% 317 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Acreage and Yield of Wheat, Com and Oats hy States for Years Named. 1895. 1 1894. 1693. 1892. 1891. 1890. STATE. Grain. Acreage. Yield. Acreage. Yield. Acreage. Yield. Acreage, Yield. Acreage. Yield. Acreage. Yield, 2,790,974 44,376,487 2,537,-249 371,996 34,760,31 1 2,463,:!49 -28,:a8.514 2,51.3,621 30.666.000 2 539,01 1 :3.-245,000 2,489,226 25,:)9(i.ono do Oats 319,676 • 5,210,172 4,910,347 375,754 5.315,707 364,810 3.721,000 405,344 5,188,000 405,344 4,861,000 Arkansas Wheat, Winter 151,500 1,452,300 160,9:18 l,416,-25l 171,211 1,369,688 163,058 1,337,000 232,940 2,-236,l«IO '221,848 1,575.000 do 3orn 2,:il2,305 3;7,()27 3,084,446 50.:i59.558 8.:!(I6,I8(; 40,097,?J8 2,001.970 3->:!,789 2,688.^201 38,437,8-24 . 5,990,097 30,376,705 1.98-2,149 311,.336 2,620,490 32.110,814 6.008.785 :!4.8:52,517 1,962.524 317,690 3,012,057 ,34,311,000 4,988,000 39,1:57,0W1 2,1102,575 •299,708 2,815.007 42,4-55.000 4,945.000 36,.595.0(O 2,002.575 -293,831 24-26.730 3:!,443,(XX) do Oats 3,967.000 California Wheat, Winter 29.121,000 do [Jorn 65,416 60,144 119.500 2,-256,8.52 1.890.016 2.808.250 66,751 57,831 119,777 1,288,^291 2,058,781 2,144,009 71,775 59,001 137,636 2,275.268 1,504,781 1,816,795 72,.500 67,8^29 131,(N~2 2.197,000 1,987,000 2,504,000 161.470 84,786 100,8:3 5.571,000 2.4 16.0 10 2,037,(»10 1.59.781 70.665 9.i,030 4,396,0(0 do Oats 1,943,(00 Wheat Spring. 1,777,000 do . Corn 178,308 98,812 46,658 3,690,976 3,389,-252 l,768,;ii8 125,569 9:1,219 45,299 2,473,709 1,-258,457 1.404.2(;9 123.107 104,74(1 43,5.57 2,ail.266 2.796.-5.58 1,228,:»7 121,350 98.811 43.997 2,773,000 2,836,000 1,518,000 43,397 109.790 .58,66! 933,(»10 3,579,00(1 2,112.000 42133 11X1,7-25 56,407 767,000 do Oats 2,4118,000 2014,000 Wheat. Winter Corn 92,181 2():i,871 552,:ri9 214.630 3,24),037 4611.6-24 6S,(w; 31,317 1,73-2.792 6,8-21,S:W 1,069,300 4,-281,-291 6.18r.,W5 1,3:10,706 42,172,481 6,679,048 l,2;l,S9il 1,101,3,58 19,060,712 255,136,554 10-2,423 199.874 516,242 235,857 3,003,738 561,7.s7 76,057 27,7 4 1,8:10,350 5,872,-274 1,331,499 4,397,2-28 5,214,044 1,6-27,413 a5,143.T35 7,527,-276 1,5<»),775 1,066,989 33,312,370 169.121,491 99.440 199.S74 506,1-iO 240.670 3,0:M,079 597,593 78,490 22,171 1,348.462 6,247,100 1,461,768 4,916,900 4,969.364 1,732,814 33,678,277 7,947,i«7 l,514,a57 733,860 15,507,313 16O..550.470 94.705 201.89:! 491,379 216,8-20 2,915,708 569,i:16 76,951 24,614 1,751,249 6,310 -202 1, -23 1,000 3,775,000 4,422.000 1,474,(01 32.992,000 6,0911,0110 1,69:5,000 714,00(1 '28,:!70,iOO 165.327,1 KW 97,634 2:3,061 496,342 309,743 3,100,745 6l8,(r26 90,.5:!l 37,898 1.945,8:3 7.ni,:i36 1,250,000 5,105,000 5,460,000 2,:33.000 37.8-29,0(11 7,-238,(Ki0 1,811,1X0 1,3-26,000 a5.0-25,(Kl0 214,880,000 91,790 223,136 491,428 844,1,59 2,981,486 562,387 83,056 36.440 1.8.53.173 7,1:51,1-24 919,0(0 do 4,128,000 Corn 4,570,000 Wheat, Wlnt«r 1,411,000 3i,:106,a.O do Oats 5,4.55,000 Idaho Wheat, Spring. 1,:>70,000 do 1,093,000 Illinois Wheat, Winter Corn 18,161,000 do 187,446,000 3,1G(I.7») 2.-205.9-23 7:i,707,i:iU 20,-291,492 S,0'20,784 2,371,960 109,050.302 43,644,064 3.082.433 2,-5iB,362 83,842,178 ;(5.579.40l 2,a54,105 2,7I3,'292 7:5,(i«W,t»iO .39,88-5,000 3.il(W.930 2,917,518 111,095,1100 52,807.000 3,:!72.451 2,4;)3,(-<15 70821,0 Wheat, Winter 27,928,(00 do Corn 3.711-2.310 l,i:)0,Sli 70U.-A15 121,435,768 25,895,595 1:^,651,788 3,352.539 1,108.(39 725.500 96,888,-377 a5,809,O40 10,737,400 3,456,226 1,166,998 .586.n.89 85,368,782 32.092,170 6,749,224 3.526,761 1,100,932 631,06:! lo3,.-tt4,O00 29,17.5,000 7,-257,000 3,7l2,:i80 895,067 l,803,it!6 r23,tr22,(!ui 21,034.000 27.5^16.000 ,3,601,252 1,()17,1'22 l,68.5,OSO 89.0;5,0(X) do Oats 17,81,0,110 Iowa Wheat, Spring. 19,041,UO do 8.5()4.:i49 3.960.:»2 2.976.S67 8.426.:«7 l,680,-i« 871.672 298,.5(li.650 182.967.;m a.9 19,566 201,7.59,069 30,075,992 9.501,-225 5,422.931 3,771,745 3,:»5.69S 3,7:il,91U 1,4:«.(HS 880,477 81,344,010 96.556,672 a5,315,-259 41,797,728 25,705.975 11,005,963 7,428,677 3.848.119 2.76S.0«2 6.M7.263 1,578,119 9:16.678 251,832,150 95,448,-2:il 23,231,973 139,456,702 29, 195,202 10,584,461 7,074,930 S,773,-2:54 4,(r?«,724 5,952,057 1,547,175 985,977 200,-221,000 85,841,000 7O.8;)l,0O0 145,8-2-5,(00 44,094.000 11,63.5,000 9.-560.716 2.795.0(13 3.5:19,760 5,314,337 l,^2i7,74(l 1,0:17,8711 350.878.000 10-2,577,000 54,866,0(0 141.893,0«1 37,132.000 13,181,1100 8,771,^299 2,767,:)30 2,058.01X) 3.54-2.891 1.30-2,884 91:1,518 232,439,000 do Oats 71.897.(»!0 Wheat, Winter Corn 28,195,000 do 55,269,(00 do Oats 31,269,000 Kentucky Wheat, Winter 9,15'2,000 do Corn 3.010,876 505,819 1,'247,198 138.441 458,868 616.8;!6 88.550 42.078 1,151,379 93,9:19,331 13,252,458 22,571,-281 5,551,484 7,800,756 16,5:il,-2l6 2,320,010 l,8l7,-224 15,2:r7,N« 2,951,839 491.086 1,103,715 1-28,186 477,9f<7 623,067 94,202 4(1,460 1,-280,510 67,89-2,297 10,312,806 17,880.183 4,294,-231 7,313,201 14,-268,234 2,015.923 1.395.870 20,-2:3,058 2,891.960 584.626 1,071,568 123,256 497,903 62i,067 91.458 40,4»-« 1,.509.145 68,008,060 12,9?<,697 15,216,266 4,474,193 6,721,691 15.078,221 1,9:18,910 1,:S5.5,410 19.9^20,714 2,9.53,0-20 5%,.557 1,071,568 124,501 5-29,681 6.'9,:161 %,272 40.059 1,622,737 68,805.00,1 10,917,000 1-5,8.59,000 4,009,000 6,992,000 12,9(K,000 l,8'29.00(l 1,550,000 21.&54,00O 2,7-59,s:3 911, -292 1,082,392 99,601 5U),494 740,1-25 111,944 54,131 1,606,67(1 82.7)5.0; lO 28,.5-23,o(10 18,725,(»KI .3,446,0(XI 8,107,(100 18,881,000 2,127.(K)0 2,138,0*) 3O,-20;5,a)0 2,816,155 465,1.52 1,061,169 1O).(07 535,143 725,907 113,075 ,54,131 1,.5(I1.561 63,645,000 do Oats 3.9.54,000 16,979,000 Oats 2,847,000 Wheat, Winter Corn 6,208,000 ilo 16,333,000 do Oats 1,357,000 Corn Wheat, Winter l,b68,ttX) MichlKan 20,271.0(0 994,090 973.4:« 2.S>1,485 1,152,458 1,954,764 2,277,036 i:t-2,-.i81 l,541,6tM S:t,6oo,-a2 23,;65,192 65,581,1.55 S5,956,li90 77,995,oal 35,977,169 2,07(i,812 18,49:1,968 937,821 9:15,999 2,796,478 1,028,9-10 1,809.967 2,089,ir24 142,238 1,5-26,4(K) 21.757.447 24,429,574 37,752.453 18,933,2:12 50.860,073 35.931,213 1,849.(194 23.353,9-20 919.432 891,4'2S 3,197,363 887,052 1,675,89:5 1,970,77? 145.141 1.6(i9.216 21,790,538 •2.3,177,128 30,694,685 25,10:1,572 41.562,196 25.817,179 2,249.6S6 15,-287.5.52 9-28,714 968,911 S.552.6-26 896,012 1,506,(100 1,990,(-k84 146007 1,9S6,686 '23.218.00(1 27.8011,000 41,21O,(j0ii 2t.492.0«10 4!.57!.000 27.-272,000 1,:5,M,(1(10 •24,8:)4,000 l,o;Y>,;i6:i 931,677 3,143,917 814,-\56 1,4-25,080 1,951,651 :»5,793 1,89-2,082 31,133,000 3i),'280.000 55,333.11110 21,586,0110 5-2,()15,0(«l 29,665,000 :i, 747,000 25,732,000 977,188 941,068 3,143,917 768.449 1,500,(184 1,951,651 361,992 l,f62 39.911.6% 1,567,251 19.747.4(»l l,-59:>,^2:i'J 21,988,585 1,61.5,3:« 4.3, 131 ,000 1,368,977 48.599,000 1,053.059 22,4:11,000 Wheat, Winter 108, i:» 279.788 107,561 4U3.374 . 5(16,016 l,440,57'.i 6S«,196 2,.508,>>56 506,777 •2.907.510 594.016 2.422.2.:4 1.310.924 9,-23:!,U04 3,818,416 7,:i01.(i69 18.014,170 45,666.:151 4,748,552 36,378,412 7,652,:i;i3 61,057,710 19,067,914 32.21.5.579 116,279 •271,639 108,647 4-25,.50U 491, -278 1,371,980 695,147 2.459.663 527.893 2.850..50(l 5449(i9 2.549.709 1.779,069 8.991,-251 3,08.5,575 6,-297,400 1:1,854,010 30,320,758 3.475,735 32,959,484 5 751.(134 .3.3.6S5,900 14.114.697 48.441,471 1-28,701 277.18:! 109,744 472,112 517,ia5 1,258,697 721.111 •2,i:!5,310 544,220 2.75!,9S0 490.96:1 2.68.3.901 l,?Js,t-«> 7,179,010 2,622,882 6,846,069 15,-255,483 30.2lK,7-28 .5.937,710 29.i):>4.313 7,673..502 2(>.1.18,-208 10.752,090 38,916,608 1-21,950 2S8,7:i2 119,287 518,837 5'27,689 l,a*!,18:! 716,942 2,48.5.(110 519.717 2.868.729 472.085 2,795,7.'!:l 1.787.00(1 9.1-24.000 3.066.000 8.405,000 17,414,000 a8,729.0ii0 5,090,000 25,317,000 5,-332,000 34.'.198.000 12510.000 38.(i-22.(IOO l,:!88,8ai 360,915 138,706 610,510 e9l,a28 1,329,984 731,573 2,672,0:52 5:i8,9:« 2,927,-274 496,926 2,6(r2,6(e 2.1-21,000 12,343,0(0 3,884,0(0 l(),6ai,(0() 22.0SO,UO 41,894.000 4 975,000 37,676,1 mo 5, 1-20,1 KX) 52,lft5,0(O 16,647.(00 4.5,531,0ttl i:l8,883 S)7,342 141, 5:17 640,540 642,8% 1,313.418 717.228 2,728,74I 1,6-0,00 ll,1h5,0(X) do Oats 2,449,000 Wheat, Winter Corn 9,288,000 do 17,101,000 do OatB 23,91:1,000 Wheat, Winter 3,156,000 do 36.'264,O00 do Oats 6,198,000 Nortli Dakot-a Wheat, Spring. Oats Wheat, Winter 40,411,000 do •24.846,aO Ohio . . 29.984,00 do 2,816.110 990.678 9-2.78:), 1>6 31.401,493 2,736.611 961,8-23 71,973,737 29,14:),-2:!7 2,709.519 9.52,30(1 61,487.266 27,235,780 2,852157 1,00-2.421 83,853,(j0.i 26,:i64,iOO 2,»lo,;168 911,292 94,(19-2,(00 28,5-23,(00 2827,277 i,iii,sa do Onts 20,004,1 00 Oklalioiiia W.leat. Winter 2-27.426 2,59-2,656 204.888 2,315,-2:!4 OreKou Wheat, Winter 5'.«.l:il 11,86-2, ,20 ,589.891 10,441,071 (.16,622 10,790.885 6-22,850 9,779,0110 69-2,055 lZM9.m 887,'2.50 12,>-66,(XO do Oats •251,4-2: 7,240.982 •241.7.5:1 6,454,805 -232.4.55 6,6-24,968 •244,689 6,484,000 •2:!:!,0:i7 7,341, (KM) '221,940 Wheat, Winter l,-if2.315 •20.456.429 1,'2.t6,.5S0 18.848.7(10 1.310,822 18,.351,.508 i,a>4,ot;7 19,3)1,000 1,837,437 20,S61,(XI) 1,:)37,4:!7 16,049.000 l,-298,8.s( 4:1,51-2.681 1,-27:!. UN 40.749.376 l,-27.!,4ia 31,198,741 l,2;i9.10« 39.6:!2,0OO 1,.397,211 46,5-27(00 l.:!8.3,:)r( 38.043.00 do Oats 1,152,-565 36,5:!6.:ill 1.176.087 •26.-226.740 1,141,8:12 :10,60 1,098 1,177,116 29.664.000 1,-2.39,101 :«.7()4.00o l.'277,4-24 21.972,001) South Carolina .. Corn 1,789.271 19,!«0.9(» 1,672,216 IS.728.819 1,6-».511 12,501, KK 1,-59 1.677 16.;i3.0(XI 2,617,7-55 18.650.010 1,-576,-2; 10 16,078,(XO do •28.8.8:! 7 l.:CH).:i'22 :!39,808 4,077,696 33:l.i:!-5 3,931,111 .a^iO.679 3,682.000 385,361 4.085.0110 :i9.i,226 4,168,000 South Dakota Wheat. Spring. 2,4;!S,4'2- 29.-21)1.088 2,414,281 15,934,-255 2,114,-281 2>,.521,:!89 2,54I,.'M8 31,7(i7,(iOO 1,954,883 29,711, (KXi do 1,119.9-29 l-i.4-2:i.412 aM,M4 1.490..345 865,472 •20,511,686 791,011 17,706,000 9:14,1 :)-0 21,018,0(0 ^,593 do 717.581 18.154.771 788,548 5,992,972 765,-582 16,460,01:< 70-2,69 18, 172,000 724,092 23,388,000 655.31( 5.766.7-28 728,1-22 5,897,788 809,024 7,448,021 898,915 8,.540,000 1,198.553 11,G^26,00( l,17.5.1k52 7,873,000 do S,325,:)2: 8:i,i:«,0-25 3,107,777 68,060,316 2,a-)8,-217 63,149,661 3,018,431 61.274.000 3.636,664 82,5.52,001 3,6iO,6.i7 67.692.1 0) do 4.54,8S7 10,-2:!4.9.5f 415,908 6,511,133 .530,914 9,76" ,818 553,(135 7,466,000 614,183 5,96(1,00( 682,i:>9 Wheat, Winter 365.-.(U(l 2,0-1.64( 456.500 6,S9:1,I50 431,712 4.:v-«.18li 445,(«5 5,475.000 .'..36.247 6,4-!5,(«» 510,711 3.5.5,000 do Corn . . . . 4,OS7.:»2 107,'.Kk5.565 3,619,4(4 69-238,676 -3,17.5.6-2^ 61,170965 3,441,211 73,642,0(l( 3,6-22.,327 7il,635,0(Xi 4,1I6,-281 do Oats 70:!.8-2.'- 14..5(r.l,I7> 61-2.022 20.0i:),119 .588.48-1 14.77(1.923 619,4.56 15.in.000 6.52,059 15, 97,5,(00 6;;9,-274 fftah Wheat, Spring. Corn 109.086 2.l4:),.5-26 lii7.'2V2 2.a59 514 105.65( 1,157,970 102.571 1,775,000 136,7M 2,393,0(0 i;liVi51 2,2.9.(»0 Verniont 47.-iS •2.1.5:t,46t 44.976 l.S.15,(r21 44.091 1,4-28,646 43.229 1,IH--!,1I00 57,638 2.144,000 54.893 do 116,4.5-J 5,UI0„59t 113,060 3,719.674 103,712 :i,9,57,117 106,580 3,784,000 107,657 4.(1:17. CO) Virginia (0. D.) 699,5-25 6.505.58: 7:i6,342 6.995,-;49 775,097 a.(Wi,08(' 799,069 7,-591,000 8:50,071 7,651.010 801.956 do Corn . . l,753,07i 32,607, 15f 1,685,647 32.195,8.58 1,652,59:5 31,234,046 1,703,716 26,Oti7,O0O 2,004,360 3!),486,(i0(l 2,109,8>:i do Oats 459.04: 8.125.061 450,042 5,400,504 478,76S 8,378,4411 488,5.39 5,472.00(1 618,-1(>4 Washington Wheat, Spring. 46I.-255 91,116 406,017 688.545 7,195,952 3,(;71.975 548,700 87,612 9,108,420 3,197,8:« 486.88.3 86,745 9,8,83,725 3,443,777 5-23..530 92.-282 9,015.(1110 3,184,000 698,04(1 177,466 I-2,216.iNill 6.144.01(1 416.2.5 104.;!92 3.497,(K«1 West Virfe'lnla do Wheat, Winter Corn 4.:iO:i.7SO 16.662,789 398,056 681,728 4,816,478 12,611 968 398,056 649,265 4,-577,644 14,0f<9.051 4OJ.077 636.:53l 4,:«r2,00fl 14,322,0110 ;!:K,-295 691,885 3,4-23,(00 18,888,000 802.086 671,733 13,435,(00 do Oats 151,-25; 3 5:!9.:!-2l 15.5,9:11 2,881,7.i4 1.59.11.1 3,739,156 \uxm 2.871,000 137..844 2.385,0(0 14-2,107 Wheat, Spring. Corn 555,885 8.616.21S • .567.647 9,:i66,176 651.465 8,664,485 766.4-29 8,814.0(>i 966, r28 13,013,010 1,073.475 do 1,010.676 ;i:i.(l9:).497 787.066 16.^29>,-266 971,686 '28,9:56.243 1,001.7:58 •27,347,0011 1,113.042 29,718,IX)0 I,lii'2.0'22 do Oats 1,864.505 (»S,C«).^2f.t 1,758,967 57,870,014 1,691.314 4G,680,-266 1.674.568 ,5(I,.572.(»I0 1,481,919 49,,-!48,0(O 2,:iS5.(«'0 2,684.(«0 4,707,(«O Otlier States sc:itterlng. do do Wheat. Winter Wheat, Spring. las.siis 78.4(19 1 15.581 ^95,80S 1.(»I7,747 3,607.496 198,682 74,216 132 173 I,2(a,789 1.. 397.009 3.492,221 198.659 76.:!18 1:I2.390 1,347,532 l,-279,9'22 3,:M7,185 193.566 75.698 l:16.241 1.-26».0«l(i 1.070.000 3,491.000 46:i,.56(i 216,05.5 •221,:i64 3,274,000 3,111, (XX ) 5,577,00 2(l:!.875 174.1-24 do Oats 171.(161 4.9(U.165 201,872 4,914,013 211.-364 5,419.574 2:».067 4.872.(100 -283,679 Total Crop Wheat, Winter Wheat, Spring. 2'2.477.(I6: 11,5;(I.'J(K 82.(»75,«!t •257.71 I9.:i7 7 •2il9,::ii:t.570 '2.1.-||.i:!s..5H0 •23,.3i 16.500 11,575,936 62,582 '269 -■!26,.198.84(l i:!;),868..576 l,212,770.(r.2 22,868,5:19 11,760,879 7i,0.3'i.l65 275.488.809 1-20.612.916 1.619,496. l:!l 25.989,1176 1'2,-565,:!5I 7(1,6-26,-2.58 359.191.000 1-56,7.58.(100 1.6-28,461,(100 26,-581,-284 l-3,:l:'2->,6i:! 76,-204,515 :!92,495,1'00 219,285,(011 2.060,1.54,(00 12,.567.0.-.fl 71,970,763 1-I3.888.1XXI l,4S,0S6.928 27,27{,0;H 6:18,8:54,85(1 27,063,8.3.5 661,(13.5,0(10 25,581,861 738,:»1,0(X) 26,4:!1.::69 Total Three Cereals. ... 114,111,568 ^,412,385,064 124,488,-258 2,3a5,I-24,396 131,938,916 2,654,48;l,ai6 136,'24l,.5'23 2,805,448,000 141,703,-27S .3,410,328.0(0 i:«.489.'286 ♦ Wheat shown In North Dakota— States not separated, t Oats shown in North Dakota— States not separated. 818 r BALTIMORE CORN AND FLOUR EXCHANGE. The Rakimore Corn and Flour E.xchange originated February 3, 1S53, and was organized as a permanent Exchange February 11, 1853, with 137 members ; secured a State charter and 350 members in 1856, and was then incorporated with $50,000 capital. A new and broader charter was secured by act of legislation March 23, 1865. The Chamber of Commerce is a corporation owning a building which cost, including site, $600,000 ; it was completed in November, 1882, and occupied by the Baltimore Corn and Flour Exchange, which sub- scribed to $100,000 stock and now owns a large percentage of the stock. They leased the building for twenty years at an annual rental of Si2,ooo. The E.xc'iange hall is 146^ feet long by 76'/^ fee: wide and -io'X high. There are 551 members ; the limit is 1,000. Initiation fee is $2,500. Certificates are valued at about S50. The Exchange has $175,000 invested. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNTJAL RECORD. Baltimore Receipts of Flour, Grain and Seeds for years named, as compiled by the Secretary. Flour. Barrels. Corn Meal, Barrels. Wheat. Bushels. Corn. Bushels, Oats. Bushels. Rye. Bushels. Barley. 'Bushels. Malt. Bushels. Clover and rimothv Seed I Bushels. ♦ In 18S3 and 1S89 barley and malt were added together. EXPORTS FOR YEARS NAMED. Total Bushel.s. 1S95 1894 3,r<9,596 3.S18.U--3 3.867,985 3.555.4)7 3.099.:i99 3.388.9:^7 3.189.572 3.015,618 3.161.263 1,928,194 1,, 589,06:1 1,200,345 I.158.:)80 17,208 ig.iso 13.043 41,342 18.636 10.752 23.575 24.:J23 1 4,834,118 8.858.7-.i 14.397.502 17.571,332 18,743,394 6,373,638 6,889,432 7.0O4.443 13,150,486 12,310.534 8,414,114 17,756,630 17.146,4:12 11,854,704 9,58t;,'J.,.5 10,181.124 20.631.527 6.928,096 21,093.894 18,354.018 6.94.3.839 9.126,6"9 15,099,869 1,5,918,828 7.09:i,ft51 11,779,638 2,895,727 1.832,541 3.3S5,-2-21 2.185,676 1,687,112 2,,556,630 1.969.916 2.110.028 1.810,280 l,804,710 258.869 :«4.6;8 922,685 1,206.813 469.8,80 260.300 200,363 111,618 247,4,54 293,296 608,689 2tr7,48:5 131,993 197,679 188,680 243,260 149,149 288.036 628.:«> 446.751 493.479 422.869 424.946 380,141 308,399 530,068 500.098 515.741 132.506 1511.389 484,141 ■ i3:a.929 2115,587 266.100 218.695 131.407 145,319 1 277..8-21) 33:),972 107.555 89.912 258.830 117.196 120.251 111,482 20,759,659 21,5:>S.695 25,762,655 63.793.17;! 42,9(r2,190 46,780.266 42 572 331 1893 1892 Ih9l 1890 1889 1888 3l)'396'(i9l 1887 39,365,419 38,7T2.444 »I,229.S61 33.119,610 1886 1885 1884 1883 32.958.531 Flour. Barrels. Com Meal. Barrels. Wheat. 1 Bushels. Corn. Bushels. Oats. Bushels. Rye, Bushels. Barlev. Bushe'ls. Clover and Timothy Seed Bushel-. Total. Bushels. ISiPa 18M 2,539,931 1 2.943,562 3.331.874 3.661,623 2.703.715 2,624.292 2,332.805 2.417.874 3.081,246 l,64 l,i«1.09,! 4:17,7:3 441.477 21,047 1 17,155 2t1.012 60.214 23.232 12.230 1.395 3.977,261 1 8.448.44S 13.048,7a2 16.661,,559 16,074.292 4.817.614 4.507.165 4,161,129 10.71?.:153 1".575.290 4.575.262 16.511.3i0 1,5.375.093 9,645, T58 1 7,758,37? 7.486.401 18.995.907 4,096 234 18,854,951 16.617.177 4,419.977 7.l5-*.432 14,1)76.:179 13,752,1% 4.993.7,59 10,012.247 134.318 1 46 1,380.255 172.271 ,546 617.053 131,999 5.670 1,422 1.160 33.6.'|) 900 4,038 1 lS2'.93i 740.670 7911.577 41,900 33'.7» 397,980 87..531 1 !!6',785 17,847 21 42 84 70 75 84,861 1 169,120 261,387 107,463 224.064 229,958 137,453 85.844 13,*42,l9o 16.:175,99l 1S9,J 29.022.429 1892 53,181,958 1891 33,%8,430 1890 36.388,592 1889 31,753.984 18S3 19.604,7(U 1887 31.914,586 1886 32.1»t,167 188S 20.,t81,065 J8&4 22,7S9,403 1883 26.361.861 STORAGE CIIARGES.-TIDE WATER. On grain from cars. Inspected In good condition, first ten (lO) days or parts of the same, one and one-fourth (I)f) cents per bushel, to be paid by the con- signees of the grain. Same from Tessels, when received, one and one-balf (1!^) cents per bushel. Each succeeding ten (10) days or parts of the same, one-fourt2: (Ji) of one (II cent per bushel. Floating elevator capacity per hour, lS,tO0 bushels ; total stationary capacity, 5,aTO,0OO bushels. Inspection is under control of the Exchange. For Daily Receipts of Cotton at, Baltimore, Philadelphia, New York and Boston in 1895, see Clapp & Company's Record on pages 278 to 284. 319 k?:t -vt^ m w>vU^^ / BOSTON CHAMBER OF COMMERCE. The Boston Chamber of Commerce succeeded the Old News Room of 1830, the Board of Trade Association of 1854, the Boston Corn Excliaiige of 1855. the Boston Commercial Excliange of 1871, and the Boston Produce Excliange of 1877. September 24, 1885, tlie two latter organizations were consolidated under tlie present title of the Boston Chamber of Commerce. The Board of Trade retired and left the Chamber occupying the field. The property is owned by the Boston Chamber of Commerce, is built of stone, and cost $500,000, being mortgaged for $275,000. If was built in 1891, dedicated January, 1892, and is strictly fireproof. The exchange hall is circular, 75 feet in diameter and 40 feet high, and has a tower 16S feet high. There are 982 members. There is a surplus gratuity fund of $149,000, death payments being $2,500. Certificates are worth about $350. CLAPP & COMPANY, BANKERS & BROKERS, NEW YORK, ANNUAL RECORD. Receipts and Exports of Flour, Grain and Provisions for years named, as compiled for us by the Secretary. RECEIPTS. (Lard In Tierces.) Year. Fl.OUR, Whkat, COHN, Oats, Ryk, Barlky, CornMeal Pork, Bebp, •Lard, Hams, Ha.ms, Bacon. ISbls. Bush. Bush. Bush. Bush. Bush. Bbls. Bbls. Bbls. Tcs. Bbls. Tes. Boxes. Total, 1895 2.«18,339 7.246.W8 3,944,475 6.6S1,6I(7 18.176 163,579 47,0.'5 21,86S 9,711 1T7,.393 7,448,1131b 7,448,1131b •2-ll.5^2 -.894 3,263.3:-J) 6.9.39,677 7,225,091 ' 7,314,582 47,25(1 247,234 53,221 19,209 11,094 108,749 »,371 10,826 242,786 1893 3,194.769 6 737.809 9,627,909 7,367,:a8 26,1108 327.799 150,793 16,656 10,062 125,894 8.536 9,189 199,012 1892 3,28;,»13 69:!o.821 7,106,321 8.700.317 108,594 239,96) 171,5,37 21,868 10.141 119,9:)0 10,103 11,426 ?it;.sso 1891 2.836,867 3.411.077 8.416,9)9 6.811.040 3I2.5S5 314,127 230,637 14,763 10,544 116,2M 8,116 14,153 263.691 1890 2,49t,(!71 526,963 9,639.010 7.6)6,618 119,715 3%,86.) 312,638 21,065 8,554 144,173 15,494 19,752 256.039 1889 2,385,6111 750,706 ll,4:i7,394 5,851,357 132,879 311.013 2:)7,414 34,6S9 14,680 139,962 11.851 20,3-22 13-<,133 1888 2.694.950 92.3.108 7,711,678 7,1.37,-289 41.060 367.862 231,472 22..372 11,899 108,897 14,804 21.978 129.i«;2 1887 3,458.542 3,5.3»,5-22 6,033,5:i4 5,918,244 23,8a3 274,766 87,1.39 19,807 12.619 86,925 11,619 13.212 l..,:)93 1886 3.540,113 2,705.696 8.680,102 7..3fl6.375 30.268 4M.268 89,676 26,651 14.329 79.746 7.4.35 10.7S5 1.39,462 1885 2,930,514 1.83.3.815 9.i):!l,»59 6,192,191 30.071 474,716 65,702 40,079 11,441 111,551 9.449 9.940 118.928 > Cases and packages of lard reduced to tierces. EXPORTS. (Lard In pounds.) Total, 1895... 1894 .. 1893... 1892... 1891... 1890... ISSt... 1888... 1887... 1885.. 1,575,96:) 7,216.709 5,664,192 83,000 30,207 66,1S9 19,854 +11,911 S9,456,444 360 1,106 2.210 .VJl 6.011.S-26 3.894. 1.S9 57.126 7.2:)8 42.435 31.26:) r2.604 65.439,045 1,252 3,8t-* 1,6(H.2)3 1,178.614 3..353,617 1,200 99,683 40.519 •20.491 50,412,:).83 748 1.301 2.160.3:(4 3.9-20,596 2.287,666 5,746 .... 113,:)23 25,892 22,074 35.668,314 l,-268 2,437 2,076,917 2.6>4.S)8 3,213,523 512.845 .... 13,012 89,667 22,949 17,192 30,19-2,'206 1.627 1,131 1,652,310 1,676,067 3,643,783 462,337 .... 18,4T2 98,931 42,764 27.141 36.277,967 1,931 1,536 400,915 376.679 313,770 391.X09 340.6M 3!6.316 •26->.:il9 163,iii;9 199.K4 1.38.943 116.615 tTlerces ol beef reduced to barrels. Beginning, Jan. 1, 189.1, receipts of ham^^ were computed in pounds. BOSTON STORAGE RATES ON GRAIN. Elevating and delivering Oats, Barley and Malt, 1!4 cents per bushel, first 20 days ; other grain, 1 cent per bushel, and for each additional 10 days or part thereof, 54 c-ent per bushel. Official elevator capacity, 3,850,000 bushels ; private elevator capacity, 700,000 bushels. Inspection on grain is under control of Boston Chamber of Commerce. For Daily Receipts of Cotton at Boston, New York, Philadelphia and Baltimore in 1895, see Clapp & Company's Record on pages 278 to 284. 3-.il BUFFALO MERCHANTS' EXCHANGE. The Buffalo Merchants' Exchange is the outgrowth of the Board of Trade, which was organized in 1S44 and incorporated in 1857. The Merchants' E.xchange was incorporated April 14, 1SS2. The building is owned by the Board of Trade and leased to the Buffalo Merchants' E.xchange. It is built of cut Medina stone, terra cotta, brick and iron, and was opened January i, 1884, by the Merchants' E.xchange, who own more than half the stock. It cost, including site and equipment, over $300,000; is mortgaged for S60.000. The E.xchange hall is 53 by 70 feet and 23 feet high, located on the fourth floor. There is a gratuity fund. There are 493 members. Initiation fee, $100. Certificates are transferable at about $60. Beccipfs ami Shipments of Flour and Grain for years named, as compiled for us b>/ the Secretary. RECEIPTS BY LAKE. Flour. Barrels. Wheat. Busbels. Corn. Bushels. Oats. Bushels. Barley. Bushels. Rye. Bushels. Total Grain. Bushels. Flour reduced to Wheat. Bushels. Grand Total. Bushel.^. 1895 1894 8.Ja..4u 11,''^.53() 10,562,090 9,746,120 7,093.340 6,245,580 5,480,710 5,244,930 4,001,360 4,582,190 2,903,280 3,185,070 4,,25«,UU5 50.194.130 68,213,750 78 24;?,560 79,945.960 24.868.6:!0 26.051,6110 27,548,110 4S,1 11,180 41.430,440 27, 1.30,41 '0 38,418,710 o7,5i9,oU 29,07S,520 40,539,970 32,377, ;80 29,61fi,:!9ii 44,136,6liO 47,127,15(1 36,4^2,->70 30,199.490 29,155,370 21,02S,2:» 26,9-'7,340 i2,2J1.27l 15,560,230 20,700, I.tO I6,500,2,'-iO 12,4.54,1.50 13,860,780 14,:M9,800 7,897,310 4,6.56,280 1,014,670 767,5S0 6,937,230 1U,958,^49 8,625,090 5,791,460 4,600,970 4,:r7S,iaO 5,165,7(0 1,474,570 842,090 1,4.59,420 787,730 577,250 834,130 871,612 501,195 641,590 1,316,530 5,603,400 1,281.(130 1,906,760 513,720 304,540 126,630 309,370 2,771,060 U3.sa6,4.is 103,959,165 135.919,920 133.ft»,090 128,993,(r>0 S9.3I2.8H) 90,869,aiO 73,22:i,500 84,730,910 72,514,840 49,812.830 75,938.470 44,858,700 57.442.6,50 52,810,450 43.857.540 31.9-20,030 28,105,110 24,66:?.195 23,602,185 18.006.120 22.910,950 14,51 6.4(K) 15,925,350 163,758,128 161,401,815 1S93.: 188,730,370 1892 176,h96,630 1891 160.913,050 1S90 117,417,910 1889 115,533,(r75 1831,495 31,499.141 38,225.979 4.500 J 13,628 19,6.35 147.825 49.615 9,025 2",24(l,Cil4 48,443,147 48,062,300 31,679,320 34,548,756 33,235,004 BUFFALO STORAGE RATES ON GRAIN. Elevating f^ of i cent, and }{, including first 10 days or fraction thereof, and % ol a. cent for each succeeding 10 days, until 2 cents accumulates; then free till 5 days after opening of canal navigation. Winter season rate commences November 10. Total elevator capacity is 16,575,000 bushels. Inspection is controlled by the Exchange. Lake opened April 16. Canal opened May 3, closed December 5. CLEVELAND BOARD OF TRADE AND CHAMBER OF COMMERCE. RECORD REVISED BY THE SECRETARY. The Cleveland Board of Trade was organized July 7th, 1848, and was among the first commercial organizations in the United States. The Articles of Association first adopted continued until, on April 5th, 1866, it was re organized under a State Charter as the Board of Trade of the City of Cleveland. In 1892 a Committee of the Board started a movement which effected a new organization in 1893 wi'.h the title, " The Cleveland Chamber of Commerce." The latter organization now numbers nearly 1,500 of the leading busi- ness men, and plans are being perfected for the erection of a first-class building in 1896. 1895, receipts all, 9,115,120 tons. Shipments, all, 5,604,590 tons. Mdse. freight inch For Daily Receipts of Cotton at all points in 1895, see Clapp & Company's Record on pages 278 to 284. 323 CINCINNATI CHAMBER OF COMMERCE AND MERCHANTS' EXCHANGE. The Cincinnati Chamber of Commerce and Mercliaiits' Excliange was organized in 1839 by iliirty-four firms, composing forty-two members. It was cliartered in 1S50 and amended .May 21, 1866, and March 12, 1893. The Exchange own the building at an expense of $775,CKX5. It is bonded for $150,000. The Excliange hall is 135 feet long, 66 feet wide and 50 feet high. There are 1,650 members. Initiation lee and certificates are transferable at about S50. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Receipts and Shi2:>meitts of Grain, Hogs, Pork, Lard and Meats, for years named, as furnished by the Sujyerintendejit. RECEIPTS. Years. 1895 •1894 •1893 *1892 +1890-91 ., +1889-90., +1888-S9. +188i->s,8 ., +1886-S7. +1885-86. +1884-85. +1883-84. Wheat. Bushels. Corn. Bushels. 2,032,IV>« 2,399,982 2.083,930 2,093.551 2.l:«.743 l,2.i7,(i!»3 l,38:!,.'i99 1,954. iW 2,426,31)1 3,:rr5.472 1,931,K*2 3.107.00U 8,892,763 10.744,781 6.6'<4,547 5,231,S» 6,126,4S2 6.S35,161 6.66I..396 5.8T8,9:a 6,731,719 6,.386.644 6.433.623 5,519.6-25 Oats. Bushels. 5,41X.652 4.479,437 .'i.4'£,247 4,6i6,305 4,092,7:M 5,0S5,746 5,642,09:! 6,354,100 5,280.071 3,903.953 3.633.812 3,(163,422 Barley. Bushels. Rye. Bushels t Number of Hogs. i Pork. Barrels. t Lard. Pounds. 1.065.862 1,310.4:7 1,378,420 l,9,-.4.847 1,740,984 2,190,646 1,877,664 1,851,860 2.054,388 1..T47.483 1,610,784 1,527,622 433,458 417.117 481,979 443,219 509,649 556,977 599.5:M 397.594 470,334 608.026 537,739 453,053 1,126,3S3 1,065,064 1.02;i.342 1,162.197 926.754 1,091.190 9.'58,.->S8 771,161 833, KS8 774,678 S,'»,9.i7 87r,<15 5,924 7.100 6,744 11,793 5,201 7.479 10,626 7.042 9,090 14,781 9.797 4,253 33,262,620 29,816,4iKl 15,217,6:iO 24.179,890 23,121.530 14 (93,127 15..399,30-i 14.6:15,671 21,71.'i,4-24 13.953,287 12.5fl0,-2li7 8,320. Iff? i Meats. Pounds. 92,0%,397 66,170,051 5'.l,195,r20 94.985,7:r7 103.197,877 78,:)07,395 77,290.021 59,196.661 79,7(r7.61B 95,610.802 73,647.170 54,609,763 •Calendar years. + Years eud August 31. SHIPMENTS. i Years end October 31. 1895.... 1894 1892-93., 1891-92.. 1890-91 . , 1889-90.. 1888-89., 1887-88. 1886-87. 1885-86. 1884-.S5. 1883.84. 1,647,274 2,052,3,13 1.786,l«i9 1,653,04.1 1,70:.,901 908,512 965.26-2 1,(B2,6S7 1,616,616 2,562,261 I,ia5,lii5 2,342,619 5,7 lU, 7,316, 3,-<-25. 1,6(U. 2.210. 2.716, 3.143, 2.:19l. 2.975. 2,715. 2.81I5, 1,78:!, ,545 ,854 ,5% 090 ,-i3? ,493 2,987 2.159, 2,918. 2,3-J7, 1.918, 2,76-., 3,29-2, 4,186, 3,459. 2,120, 1,97:!, 1.291;, ,595 724 7:i7 •257 .730 143 ,897 908 7.56 ,28-2 ,8;!1 7:!7 28,255 20,061 92,404 42,575 97,617 177,-268 175,312 93,511 152,148 205.370 1-22.217 82,697 178,836 153,077 219,218 273,46:5 251.:i56 327,910 305,065 126.669 172,4.36 247.912 191,-i50 109,490 5:JO,100 566,795 588.017 567.346 36.5.619 50«.,5-27 .375.248 25.5,-283 293,574 218.9611 231.482 304,670 ,(i51 656 134 830 151 m !059 562 060 ,472 430 817,110 ,4-22.0-2i) ,-274,505 ,976.665 ,592.4.54 ,-i!7,279 .-!06,542 ,085.428 ,538.453 ,419.765 .<.»21,.')03 ,428,.>S9 101,658,425 74,894.030 71.606,410 1-22.062,311 131.996,019 103,188,699 109.804,177 86.788,182 10R,2I1.410 130,408.414 116.118,041 92,803,715 CINCINNATI STORAGE RATES ON GRAIN AND COTTON. One cent per bushel for first 10 days or fractional part thereof, and ]/^ ol a. cent per bushel for each subsequent lO days or part thereof, including the delivery in seamless bags. Cotton storage includes all drayage and storage first month at $1 per bale. Storage 15 cents per bale per month thereafter. Public storage capacity is 1,500,000, private storage capacity is 500,000. Inspection is under con- trol of Chamber of Commerce. For Daily Receipts of Cotton at all points in 1895 see Clapp & Company's Record on pages 278 to 284. 325 DETROIT BOARD OF TRADE. The Detroit Board of Trade was organized in 1856, and incorporated March, 1863. They occupy a rented hall. now numbers about no members. There is an initiation fee, and memberships are transferable at about $50. The membership CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. lieceipts and Shipments of jFlour and Grain for years named, as compiled by the Secretary. RECEIPTS. SHIPMENTS. Total Total Years. Flour. Wheat. Corn. Oats. Barley. Eye. Bushels, Flour Reduced Years. Flour. Wheat. Corn. Oats. Barley Rye. Bushels, Flour Reduced 1895. . . . 159,520 1 2,796,335 | 1,903,746 | 1,811,836 i 664,696 81,604 1 7,976,05711 1895 148,766 2,493,355 796,737 164,798 .... 1 37,225 1 4,161,562 1894. . . . 162,403 ' .5,113,096 1,602,610 2,031,201 826,026 82,403 10,.386,149 1894 131,370 4,368,701 479,902 528,170 4,934 62,625 6.0.3.5.577 1893.... 166,433 8,810,454 1,787,381 2,261,021 566,796 102,865 14,277,465 1893 115,463 7.303,168 8:33,595 286,048 138,176 89,301 9 168 871 1892. . . . 178,427 8,209,035 1,32U,.583 2,022,375 1,225,328 272,2.55 13,832,497 1892 126,986 7,782,663 689,270 221,069 174,386 289,148 9.727,963 1891.... 160,780 7,600,049 1,177,692 2,104,240 785,981 516,554 12,908,026 1891 133,0;^2 5,577,494 846,433 414,292 28.5,848 4.54,1.56 8,176,867 1890.... 162,912 4,767,»<.5 1,507,9.32 2.0.3.5,808 l,62o,99>S 170,270 10,840,197 1890 71,574 3,840,704 1,128,037 610,751 136,76<) 129,693 6,168,034 1889 148,558 5,022,140 1.8I8„309 2,316,131 968,282 70,729 10,964,092 1.SS9 44,964 4..514,429 1,597,26:J 653,336 11,288 .59,273 7,037,927 1888.... 214,924 7,:ffl8,873 1,116,246 2,160,840 745,078 8.5,111 12,473,.306 1888 128,298 6,.586,:e9 757,526 1,007,430 55,632 68,951 9,a53,218 1887.... 194,5196 7,772,i:» 1,575,035 1,413,706 1,2:58,136 11,726 12,i)03,224 1887 104,151 8,0.53,782 1,633,920 4.S6,440 41,7(X) 464 '• 10,684,985 1880.... 166,610 9,4.55,021 2,682,076 1,893,206 9.5S117 12,9.52 15,7.51,117 1886 198,033 8,131,460 2,243,834 1,121,298 28,(»99 576 12,416.415 1885 140,198 8,731,495 3,008,494 1.310,043 773,520 21,873 14,476,316 , 1S85 157,(^99 6,170,385 2,619,240 519,694 17,405 8,407 10,015,676 1884.... 122,739 8,083,767 1,677,582 1,252,075 602,447 8,003 12,176,199 1 1884 146,742 7,023,370 1,424,140 367,904 42,942 1,784 1 9,520,479 DETROIT STORAGE RATES ON GRAIN. Elevating and first ten days storage, one-half cent per bushel. Each subsequent ten days or fraction thereof one-quarter cent per bushel. Elevator storage capacity, 3,100,000 bushels. Private elevator capacity, 130,000 bushels. Inspection under control of Board of Trade. I Geographical Distribution of American Shipping. Classiflcation. Atlantic and Gulf.. Pacific Western Rivers. ... Northern Lakes 1895. Tons. 2,679,779 433,502 1,241,459 281.220 1894. Tons. 2,712,944 456,3.59 287,325 1,227,401 1893. 1892. 1891. 1890. Tons. 2,807,690 4.57,422 298.,S92 1.261,067 Tons. 2,805.916 464,620 310,830 1,183,.583 Tons. 2.780,683 440.8.58 308,348 1.1.54,870 Tons. 2,63.-*,595 428,:«2 294,446 1,063,064 1889. Tons. 2,599,.504 4.36,273 299,427 972,271 Tons. 2,612,841 399,889 30.5.083 874,103 Tons. 2.638,273 356,445 .327,405 783,722 1886. Tons. 2,68.5,989 347,685 334,902 762,561 For Daily Receipts of Cotton at all points in 1895 see Clapp & Company's Record on pages 278 to 284. 327 {Illiiiiili y lit Si 8 5 itf DULUTH BOARD OF TRADE. The Duluth BaarJ of Trade was organized as a corporatioa under a special act of legislature January 3, 1881, by nine business men, who agreed upon a membership of 100. Later the organization built a building, which, including land, cost $115,000. Feb. 11, lSg4, the building burned. The association has since built a seven-story fire-proof building at a cost, in- cluding the land, of $310,000, and April I, 1895, they moved into it. The present membership is 183. The initiation fee is $500. Transfer certificates are valued at about $100. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Heceipts and Shipments of Grain for years named, as reported for us hy the Secretary. RECEIPTS. Flour. Barrels. Wheat. Busbels. Corn. Bushels. Oats. Busbels. B.irley. Busbels. Rye. Bushels. Flax Seed. Total Grain. Bushels. Flour reduced to Wheat. Bushels. Grand Totals. Busbels. 18S5 4,308,252 5,107,215 4,868,523 S,960,9:a 2,509.4(12 2.X6S.277 1,9)9.246 1.751.249 1.3:».932 1.433.570 1.019.999 49,599,373 32,2-2o,.69 32.910,398 46.660.572 40,391,974 15,341.462 17.313.081 7.9;«.383 17.362.273 22.424.950 14,869.6r5 7,iX)l 324.278 327.937 106,679 302.291 1,360.376 1,898,747 229.837 318,013 2S4.428 93.287 1,219,213 Ui3.108 23.893 37.611 370,442 1,289,388 322.957 45.516 77.704 3i.lS0 91.269 2,407,707 2,148,291 613,777 10.-1.919 180.492 101.746 2.091 38,090 16,514 23,471 38,681 454,134 42.513 38.985 69.653 15.657 3,111 i',i66 4,363,511 58.050,939 36,366,816 33.914,990 46,980,194 41,280.856 18,099.0S3 19.536.876 8.307.926 17.774.506 22,7r6.0-29 15,092,912 19,379,1.34 22,982,467 21,897,376 17.820,157 11,292,579 10.657.247 8,771. 6(/7 7,880.620 6,011,f91 6,676.065 4,589.995 77,430,073 1894 59,319,283 .M,i«J,4-20 64 SOU 651 1S93 1S92 1891 1890 52,5.53.435 28 7,16 330 1889 28308 483 1SS8 16.188,516 23 786 2U0 1887 1886 29 442 094 1885 19.682,907 SHIPMENTS. 1895 7.843.345 38.856,025 4.515 1,148.517 2."56.519 313,722 2,135,132 4ri.1l4,4'"0 a5.295.n03 <)n,4rK(,4f;"! 1894 6.176.113 25,119,448 357.336 375.489 2,143.519 6b.073 28,701,730 27,792,508 56,494,233 1893 6,902.366 33,71 5 106,714 29.9-.3 ni8.4S6 70.709 1891 8,142,501 34.658,234 302,503 366,851 143,803 20,372 DU1.DTII STORAGE RATES ON GRAIN. Elevating, including 15 days' storage, % cent per bushel; each succeeding 15 days or part thereof, yi cent per bushel. Con- demned, damp or heated grain will be handled only at special rates. Public elevator capacity, 24,650,000 bushels. Private elevator capacity, 1,425,000 bushels. Inspection is under control of the State Railroad and Warehouse Commission. For Daily Receipts of Cot-ton at all points in 1895 see Clapp & Company's Record on pages 278 to 284. S29 >!•» ii m trnt In' I'll IP iiik KANSAS ClTY BOARD OF TRADE. The Kansas City Board of Trade was organized in 1869. The Exchange Building Association, com- posed of members of the Board of Trade and others, erected the present structure in 1887^88, at a cost of $662,500. The building is bonded for $300,000. It was dedicated July ist, 1888. The Exchange hall is 53 X 100 feet and 35 feet high. The membership is 200. Membership fee is $500, transfer fee $100. Certifi- cates at the present time are transferable at about $200. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Jieceipts mid Shipments of Grain at Kansas City for years named, as furnished us by the Secretary. RECEIPTS. Wheat. Corn. Oats. Rye. Bakley. Total. In store January 1 1895 1,602,986 5,400 8,230.800 23.700 179.545 30.000 8,395.500 150,150 315,066 20 000 3,410.000 98,700 7,522 600 127.200 29,466 2.105 119 On track January 1 1895 56.000 Received by railioads, 1895 Teams in street 1895 20,192,900 272.550 Total, 1895 9.862 886 10.577,645 19,558,583 8,755,195 11,060,366 15,157,927 3,843,766 3.911,852 4,196,095 135,322 76,633 253,189 29.400 12 100 15,600 22.626.569 1894 25.238.896 " 1893 39,282,284 SHIPMEIVTS. Handled and resliipf)ed Mill product reduced to bushels , In store January 1, 1896 On track January 1, 1896 City consumption, 1895 Total, 1895 Wheat. 6,738,980 1.541,326 1,552.580 30,000 9,862.886 COKN. 6,982,757 1,230,000 6,688 75.000 460,750 8,755,195 Oats. 1.175.240 1.300,000 56.972 22,000 1,289,554 3.843.766 Rye. 103.089 2.500 29,133 600 135,322 Barley. Total. 20,200 9.200 29.400 15.020,260 4,073,826 1,645.373 127,600 1,759,504 22.626 569 Flour manufactured 1895 342.617 barrels. 1894 725.390 " 1893 420,481 " Com meal manufactured, 1895 307.500 barrels. 1894 281,000 " 1893 170.400 •* KANSAS CITY (mO.) STORAGE RATES ON GR.%IN. One cent per bushel for the first 15 days or fractional part of same, and i^c. per bushel for each 15 days thereafter. There are eighteen elevators, with an aggregate storage capacity of 4,860,000 bushels. A large number of the elevators are private. Inspection and weighing under State jurisdiction. For Daily Receipts of Cotton at all points in 1894, see Clapp & Company's record on pages 278 to 284. 331 iwiiiiiii m I «!^^ THE MILWAUKEE CHAMBER OF COMMERCE. The Milwaukee Chamber of Commerce was organized with less than one hundred members in 1858 ; incorporated in 1868. It occupies a hall in a building erected in 1879-80 expressly for its use. There are about 600 members. There is a gratuity fund, the earnings of which are divided annually among the widows or heirs of deceased members of the preceding year. Initiation is $1,000. Membership dues are $20 annually ; certificates sell at about $100. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. JReceipts and Shipments of Flour and Grain for years named, as compiled for us by the Secretary. t RECEIPTS. SHIPMENTS. Flour. Wheat. Corn. Cats. Barley. Rye. Flour. Wheat. Corn. Oats. Barley. Rye. 1895 2,693,270 1,87,3,166 2,685,3.5:S 2,537,273 2,401,235 2,379,800 2,427,236 2.350,35.5 3,659,377 3,806,195 4,076.871 3,373,799 9,697,379 12,SW,319 15,21 )5,(W9 10,846,495 8,046,461 7,469,289 8,129,315 9,346,756 8,527.080 9,846,847,:«6 1,624,529 10,463,972 11,495,136 11,778,298 10,(X)1,293 10,825,.391 6,765,.5.37 6,465,471 5,778,663 6,019,424 5,-392,106 4,702,666 5,277,156 1.061,001 1,224,490 1,. 587,724 2,021,477 1,312,471 786,720 1895 1893 3,375.553 3,061,375 4,310,065 .3.812,211 3,201,613 3,233,426 3,210,489 3,310,513 4,007,289 4,^>4,144 4,6(ll,2t- 3,990,596 2,752.705 3,491,0;J7 3.709,509 2,764,412 1,9.52,122 1,882,9,><0 2.691,076 4,989,474 4,8.37,271 5,424,313 4,161,437 3,100,439 68.190 447,933 7.30,884 477,010 233,5:« 543,4.59 487,670 444,051 349,368 410.525 .360 833 1,799,936 8 000,735 5,74.5,082 4,.500,429 1 4.36,519 fi '18 tUi <.S 384,561 1887 1886 1885 24.5,.5iill 221.716 279,267 300,.568 460,117 Is,s7 1S.S6 188.5 1884 86,057 148,397 246,349 23.5,340 1883 1883 549,029 MILWAUKEE STORAGE HATES OX GRAIN. For elevating and the first ten days or part thereof storage ^ of a cent per bushel ; for each subsequent 10 days or fraction thereof H of a cent per bushel. Winter storage from December I to May 1, 4 cents per bushel. Elevator storage capacity regular (public and private), 5,430,000 bushels. Elevator storage capacity (private), 5,000,000 bushels. For Daily Receipts of Cotton at all points in 1895, see Clapp & Company's Record on pages 278 to 284. 333 \ ""liilil '\ 'iippFiF'pFLkipiMiyj!"i"-i|l ■a. "''^J» MINNEAPOLIS CHAMBER OF COMMERCE. The Minneapolis Chamber of Commerce was organized October 6, 1881, with 50 members. They secured a charter under general laws as amended, and first met November 15, 1881, agreeing upon an initiation fee of $25. They secured land and a building at a cosf of $200,000, and moved from temporary quarters into the new building May i, 1884, which they own free of incumbrance. The building is brick, fronting Fourth avenue and South Third street. It is faced with Ohio sandstone, has a tower 125 feet high, a hall 60 feet wide, 90 feet long and 50 feet high. There is a Clearing House Association separate. 538 memberships have been issued ; 550 is their limit, Initiation fee is $1,000 ; transfer valuation about $300. CLAPP &. COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD, Receipts and Shipments of Flour and Grain for years mentioned, ending December ji. Compiled for us by the Secretary. RECEIPTS. Ykae. 1895.. 1S94.. 1893. . 1892. . 1891.. 1890.. 188'.!.. 1888.. 1887.. 1886.. 188.';.. 1S84.. 188:).. Flouk Mannfact'd. 9,400,535 9,377,635 9,750,470 7,877,947 6,988,830 6,088.865 7,056,680 6,574,900 6,l(a.000 5.221.243 5,317,672 Flour Received. 136,045 149,704 282,732 161,133 76,788 70.303 «>4,6S9 88,022 Total Flour. 9,55(),2;M 9,660,367 9,914,603 7,954,735 7.059,133 6,153,554 7,1+4.702 6,574,900 6,168,000 5,221.243 5,317,672 (i5,436,3'.IO 55,000,610 5r.S90.460 72,727,600 57,811,615 45,271.910 41,734,095 44,552,730 45,504,480 31.904,260 32,900,.i60 29,3Z2,720 22,124,711 Corn. 1,103,840 4,090,330 3,375,600 2,630..520 2,779,310 3,482,310 2,161,800 955,200 663,000 441,000 389,400 475,200 573,206 Oats. 5,481,230 4,123,980 3,553,110 5,116,020 4,303,020 3,568,600 1,971,000 1,788,300 2,086,200 1,172,700 731.600 700,800 800,234 Flaxseed. Bushels. 1,784,2m 5)0,720 989,980 1,145,410 1,257,700 699,000 526,000 47:3,500 294,500 432,(K)0 164,000 164,000 Barley. 867,230 660,010 2,062,680 2,360,290 1,018,600 477,000 a33,fiOO .399,000 229,800 187.200 298,395 185,894 230,781 Rye. 376,380 231.:i20 210,960 206,600 262,180 76,200 8,400 32,400 13,200 13,200 7.SflO 7,800 Total Bushels, Flour redu'd. 73,877,273 107,082,326 110,-544,461 127,656,743 101.971,0:52 81,612,118 73,899,8SS 79,876,789 7'(,083,730 64,474,360 57,873,348 51,621,938 41,936,922 SHIPMENTS. Year. Flodr. Wheat. 1895 10,073,713 9,025,640 8,950,760 9,386,784 7,562,185 6,693,501 6,071,171 6,776,6S0 6,216,143 5,757,687 5,049,931 5,317,672 4,016,220 12,941,620 7,019.820 14,947,900 21,161,010 20,083,505 12,173,395 12,577,370 11,141,100 12,347,440 6,651,780 4,»14.240 4,586,960 2,125.719 1894 18<.I3 1892 1891 1890 1889 1888 1887 1886 1885 1881 1883 Corn. Oats. Flax-seed. Bushels. 212,850 3,115,870 986,490 2,667,940 1.681,810 399,820 1,598,4.% 2,178.410 888,830 1,237,090 2,986,800 968,940 864,700 2,-288,840 487,410 1,896,(K)0 2,262.600 457,000 456,600 486,000 101,500 214,800 282,600 194.750 205,200 633,400 3S,(»io 81,0(») 100,800 27,500 43.81)0 56,S00 27, 5«) 58,21X1 32,800 13,500 110,055 91.760 207,010 177,9S(I 1*1,320 190,310 237,740 62.400 12,000 3,000 5,400 4,200 l.sOO 1,200 Total Bushels. Flour reduced. 62,893,491 102,301,530 60,722.610 69.315.4.38 58,037.997 46,978,349 41,107,839 42,807.960 41,319,r«3 32.848,771 27.^96,129 28.613,484 20.601,947 STORAGE CHARGES. •bushel; ea . . hat may be received or that has earned winter storage Is >^ cent each 10 ecelving and shipping. Including first 10 days or fraction thereof. M cent per bushel; each subsequent 10 days or fraction thereof, W cent per bushel -.storage, from November 10 to May 10, inclusive, 4 cents; after which grain tl .... ... .. . .. Recei Winter days or fraction thereof. The regular elevator storage capacity is 23,41,5.000 bushels, and operated under State Superi-isors; private capacity, 2,680,000 bushels; total, 26,125,000 bushell Inspection of grain under State supervision. Tpr Daily Receipts of Cotton at all Points in 1895, see Clapp & Company's Record on Pages 278 to 384, 335 \ MONTREAL BOARD OF TRADE. The Montreal Board of Trade was originated at a preliminary meeting of merchants in Montreal, April ii, 1822, under the title of " Tiie Committee of Trade," which held its meetings in St. Josepli Street. A permanent organization was efTccted April 20, 1S22, by 54 members, who each paid three guineas ($15.35) membersliip fee; this developed into the present Montreal I'.oard of Trade, which was organized April 6, 1840, incorporated 1841, and proclaimed as such March 19, 1842. There were 106 members. The Corn Exchange Association was incorporated in 1863 and affiliated with the Board of Trade in 1S86. The corner-stone of the present building was laid May 18, 1892 (250 years previous the first tree was felled on Montreal Island). It was occupied May i, 1893, and formerly inaugurated Sep- tember 27, 1893. It is rectangular, with dimensions 233 x no feet ; the long facade, witii three entrances, facing on St. Sacrament Street. An open court is in the centre, 104 x 54 feet, and an entrance on eacii one of the other streets. The basement is of red granite from the Thousand Islands, and the superstructure of red sandstone from Moat quarries in Cumberland, England. The Exchange hall is 50x80 feet, and is 23 feet 4 inches to ceiling. There are now about 1,100 members. Initiation fee, $100 ; transfer valuation, about $60. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. lieceipts and Exports of Flour, Crrain and Peas for years mentioned, as compiled for us by the Secretary. RECEIPTS. Flour, Wheat, Corn, Peas, Oats, bushels. Barley, bushels. Meal, Total, Flour ~ and Meal, re- duced to bus. barrels. bushels. bushels. bushels. bushels. barrels. 1S9.5 l.f>i:^.'M4 4,I41,.512 2,r>82,631 812,242 1,672,703 177,088 1,646 27,979 18,035,332 1894 &57,571 7.103,293 2,ie5,.S64 1,228,020 1,586,184 96,748 13,089 25,.559 16,7.56.143 189! 809,.i97 8,2o7,087 9,311,755 1,734,918 4,227,6.50 306,178 23.3,1.56 38,777 27,713,936 1892 9S6,8.><8 11,174,939 1,812,084 2.d6'.i,863 6,-357,544 692,:!83 388,774 58,207 27,4.'{6..583 1891 1,1.>I,425 8,389,(587 2,1.30.080 2,024,199 1,7.32,626 l,a52,085 2,425,887 a5,215 23,244,976 1890 978,843 4,15.^>,970 .'■..302,057 1,483,943 1,648,193 167,!»96 282,014 26,916 17,444,989 1889 96,s,S76 3,8:?6,lfi« 6,908,467 1,2:4,.353 924.007 282,903 76,499 56,7.55 17,662,337 1888 93:i,121 .5,048„S09 2,875,924 1,0.5.5,454 649,690 1.S9.598 21, .5.37 14,018,519 1887 949,G'^2 10,678,714 1,264,921 2,.343,198 1,107,2,»11 3.5,2:{5 13,.579,b26 1893 837,442 6,961,-340 9,651,3.54 1,7 3,492 3,144,089 45,686 220,361 49,971 25,.584,811 1892 869,869 8,489,698 1,766,707 2,275,578 5,026,031 406,a30 .38.5,091 49,492 22,263,545 1891 795,4.52 6,230,224 2,252,662 2.075,-591 817,675 814,382 2,2.53.460 20.475 18.0.'3,5 8 1890 824,752 2,2a3,Gt« 4,970,236 1,4.58,191 298,245 10,367 242,6.54 1.5,781 12,924,743 1889 874,667 2,3,56,494 6,720.830 1,016,491 95,700 12,829 69,213 59,012 14,207,553 1888 78.5,6:18 2,171, .5.34 2.808.276 1,016,&50 78,,8I)6 14,166 16,802 9,624,803 1887 922,565 9,108,893 1,206,678 2,6a5,7.58 ,514,273 -59,792 111,62! 41,368 17,818,-559 1886 736,968 7,0.35,122 4..>45,.503 2,800,312 2,0.37,0.54 14,.581 19,226 76,477 19,768,154 1885 679.426 4,221,283 2,378.827 2..562,329 1,469.016 79,767 116.465 13,818,639 1884 844,019 3,967,457 3,316,053 1,943,103 259,067 98,-327 86,566 13,382,092 MONTREAL STORAGE RATES. Storage rate on grain, % cent per bushel each 10 days or part thereof. (Winter storage begins November 15 and expires May 15. Between thesedates, when charges amount to \\^ cents per bushel, no further charge accrues.) Total elevator capacity : Public. 2,100,000 bushels : private. 700.000. The inspection of Canadian grain is governed by Act of Parliament, but the Government permits Inspectors to inspect U. S. grain to U S. standards or to sample. For Daily Receipts of Cotton at all points in 1895, see Clapp & Company's record on pages 278 to 284. a'!7 THE COMMERCIAL EXCHANGE OF PHILADELPHIA. The Commercial Exchange of Philadelphia is the successor of tlie Corn Exchange Association of Philadelphia. The Corn Exchange Association was organized January 4, 1854, by twenty-t'ive business men ; incorporated January 22, 1S63. The name was changed by decree of Court to the Commercial Exchange of Philadelphia at the request of 400 members of the Corn Exchange, April 23, 1867, decree dating June 2g, 1867, and by-laws coulirmed April 29, 1S70 The Chamber of Commerce owns the property at a cost of $225,000. The Commercial Exchange own a controlling interest in the stock and lease the hall, which is 90 by 135 feet and 47 feet high. There are 490 members. Initiation fee is $1,000. Transfer certificates are valued at about $110. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. lieceipts a7\(l Exj)orts of Grain and Flour for Calendar Years named, as furnished us hy the Secretary. Tear. 1S95.. l(t»4.. 1893. . 1892.. 1891 . 1890.. 1889. 1888.. 188;.. 1886.. 188!).. 1884.. Flour. Bbls. Wheat. Bushels. 3,077,335 3,sii,asi 3,Sl«.5aT 3,457,514 2.461,113 2,1W,I2.! 1,041. 1«5 1,319.163 1,3?,>,:)44 1.171.1.W 1,:!20,516 1.357,548 Corn. Bushels. Oats. BusheLs. Rye. Bushels. Barley. Bushels. I Total Bushels Flour Red Flour. Bbls. Wheat. Bushels. Com. Bushels. Oats. Bushels. 4,877,S-M I 4,47U,,%'9 5,s»,or,' 22,-.!79,400 5.B22.000 17.9t9.350 5.96>,50() 2.973.9(» 4,o:«,tiO(J 3,998.881 8,175,610 3,522,90(1 5,013,105 1 4.T»9,tNi 5,091,126 5,213,151 4,893 1.277,6113 3-2,883.%9 I,.j76,*i4 56.142,542 l,i«),"47 29.5:'9.474 1,156,:«2 35,009.880 861, .5S0 18,412,600 554.370 16,.S08,7a2 6;o,4:» ai,T24,709 61)3.093 21,312,292 a<6,itr2 23.705,399 694,287 20,787,616 321, 5S3 1,572,677 4,210,3.53 6,617,161 10,020,417 6,81.5.161 767.074 1,416,666 l.:571,609 8,317.164 6,;!05.603 3.:!69.915 5,696,755 3,589,401 I 2,535,435 4,104,288 19,399,891 2,759,1.35 16.932,775 3.864,80:) 817.169 2,286,258 1,892,593 6,028,.561 1,750,266 59,420 I 103,401 448,877 312,211 348,207 :U.762 Total Bushels Flour Red' 12.495.271 18,1.55,245 17,051.692 38,192,4.50 15,090.016 21.576.959 7.525,520 5,-2a-.,7.53 13.317,310 9,9:!5,9:«) 12,871, TH 8,928,906 PHIIiADELPHIA STORAGE RATES. Storage rates on grain are % a cent per bushel for the first 10 days or fractional part thereof, and f^ of a cent per bushel for each succeeding 10 days or part thereof. Public elevator capacity, 5,000,000 bushels. Elevator floating capacity, 15,000 bushels i)er hour. Inspection is under control of the Exchange. rHIL,ADEL,I'HIA .STOCK EXCHANGE RECORD REVISED BV THE SECRETARY. The Philadelphia Stock Exchange was organized by ten merchants about the beginning of the present century in the Exchange Coflee House on Second Street. The membership was increased to eighteen by January, 1818. The Exchange then rented a room in the Merchants' Exchange Building, remaining until 1876, then moved next door to the Girard Bank, remaining until October 29,1888, when they again moved to their present hall in the Dre.xei Building on Chestnut Street below Fifth. A clearing house was started in August, 1870, a gratuity fund in December, 1875. A constitution adopted April, 1880, limited the membership to 250. The present membership is 230. Memberships are valued at about $3,000.00. Bonds Listed. Stocks Listed. Bonds Sold. Stocks Sold. 1896 $67,321,500 $85,105,573.22 $26,494,676 6,4.34.918 Shares. For Daily Receipts of Cotton at all points in 1895, see Clapp & Company's record on pages 278 to 284. 339 PF If frT trfr 1 1 1 FP [^ rr FF FP '•rFr ■ ■ FF '"III ii«^ r- is ^ 'fill fF l!'i,[tl!l PP Fp sriia lit rii b l- t- 1! "^ lit rii r SAN FRANCISCO PRODUCE EXCHANGE, The San Francisco Produce E.xchanpje occupies a hall in and controls the stock of tlie Merchants' E.xchange Building. It has 2U0 members, and was organized in 1S67. I'he organization is prosperous and contemplates a new building. Minimum quantities traded in are 100 ton lots. TACOMA, WASH., CHAMBER OF COMMERCE. Exported ove; $6,ooo,chx) worth of merchandise in 1894, and the Pacific Coast tonnage is now 457,359 tons, or one-third larger than in 1884. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Receipts and JSxports of Ilanch Froducts for Years named, ending July 1, from San Francisco. RECEIPTS. j?'lour. W heat. Barley, centals. Oats. Beans. Corn. Rye. Potatoes. Hay. Hops. Mustard Flax. Wool. Qr. Sks. centals. centals. Sks. centals. centals. Sks. Tons. Bales. Sks. Sks. Bales. Totals, ^894-a^ r>,in2,439 11.315,592 1,8.50,518 701,051 493,883 208.821 44,800 1,147,0.52 145,033 1",2<)8 53,945 4.5,990 98,243 I8!):i-'.I4 4,213,022 10,712,778 3,(i28 110 044,7.52 5:i5,;H)7 371, .530 41,102 1,;{08,730 12;»,704 8,725 69,70 10,.578 92,143 1S92-93 5,512,921 12,1.55,559 3,380,821 .594,3^5 .577,315 312,447 109,779 l,277,(Ki7 129,20<) 8,913 27,804 19.:«^^ 99,426 lS91-it' .5, 1110,045 13,813,751 2,1141,0.56 575,211 .500,780 319,!i20 ]21,2;« 1,199,788 127,418 9,714 21,481 t>0,l(l8 94.641 18110-91 .5,734,l(« 15,048,877 1,!H)1,217 495,175 IW'^.aS .394,182 71,.520 1,249,3:« 120..531 8,0(i3 30,142 80,8.54 89,778 1889-!N) .5,917,a50 14,703,014 2,422,794 5»)5,648 411,870 2(>4,026 145,206 l,.328,8;i2 i:«i,004 14.0.99 25,56.5 .58,171 105,96:5 1888-89 4,t>,199 9,598,(a3 8,.598,l<):i 10,551 ,074 12,784,779 13,ll39,(i29 13,728,442 13,418,2.54 8,923,730 699,H.58 2,402,690 1,8!U,:«0 1,129,410 a36,209 813,140 952,408 1,044,722 16,970 21,.520 20,oa5 18,160 10,024 .52,8»4 30,769 27,.5:« 76,9<;6 188.900 0!l,884 77,928 130,,544 o:!,967 19,770 74,772 12 22 1892-93 66,548 1891-92 93,&49 181)0-91 18,89-90 1888-,S9 1887-88 San Francisco's Storage Capacity, Reg. Grain House, Public, 80,500 tons; Wheat only at interior points, 511,0C0 tons. EXPORTS OF TACOMA-WASHINCTON. Calendar Year. Flour, barrels. Wheat, Coastvpise bushels. Wheat, Foreign, bushels. Cotton, pounds. Lumber, feet. Coal, tons. Canned Salmon, pounds. vm 291,365 1,784,863 4,165,497 1,073,984 56,986,558 282,561 2,858,166 The ReKistered Tonnage inward was 595,450 tons; outward, 588,966. Cargo tonnage, inward, 75,515; outward, 629,.")48. Deep Sea arrivals numbered 402. EXPORTS OVER COLUMBIA RIVER BAR, OREGON Domestic and Foreign). 1S93-1U. 1892-93. 1891-92. 189(MJ1. 1889-90. 1888-89. 1887-8. Wheat, cental Flour, barrels 4,lfi0.a31 432,137 3,807,845 5.39,658 4,.529,462 502,581 4,146,641 616,435 2,096,569 523,431 3,249,639 65.5,059 4,462.371 644,471 For Daily Receipts of Cotton at all points in 1895, see Clapp & Company's Record on pages 278 to 284. 311 r '^^W^'M MERCHANTS' EXCHANGE OF ST. LOUIS. The Merchants' Exchange of St. Louis was organized January 7, 1862; incorporated March 4, 1863, and was the outgrowth of the St. Louis Chamber of Commerce, organized in 1S36. The building is owned by the Merchants' Exchange of St. Louis, and was completed in 1875, at a cost of Si, 800,000. It is Missouri sandstone and brick, facing Third, Pine and Chestnut streets. The Exchange Hall is 222 by 92 feet, and 60 feet high to a skylight. The building is bonded for 8150,000. The Exchange membership is unlimited, and numbers 2,518. The initiation fee is §2,500; transfer certificates are valued at about $50. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Receipts and Shipments of Flour and Grain for months and years named, as compiled by the Secretary. Receipts. Sbifhents. 1895. Flour. Wheat. Corn. Oats. Bye. Bushels. Barley. Flour. Wheat, Corn. Oats. Rye. Barley. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels. .lanuary . hy '^1*1 ViS '^i Vi",4.i.. 7'.M).4lk") ,>.), :jlMI ti ;>4o 2li9,. 5(1(1 i;il 1S2 l,(isj.si:: 621.307 ii ((•((( otii 2:>1 6 14:i 11 92:1 February 59,9SU 66,447 419,315 13,;i00 173,250 , 1.54,460 \A\.m\. 339.364 11,490 8.256 102,230 177.290 641 Sill 537 620 15,422 251 727 744 461 Sll 470 377,877 202.481 21,063 2.862 April 95,38i 158,3.3.') 298,125 r>«;,95o 5,920 r2.7.50 210,089 666,523 1,170.474 7.511 6,699 May ST.eOT 812 895 .528,S:!5 285,140 3,292 1,2.56 15 021 184,817 151,625 280 781 1 160 756 .June fi7.386 Slt),.5(IO t;:!ll,2(IO 506.111 403,53s 223,.5fi2 116 July 61 44s 1,902 35(1 332 585 (Vri) 560 10 4(U 890 131 660 310 019 528 300 244 247 4 4.55 August 79,216 2 353 692 741.6:i(i 1,176 (00 16 823 7,58 195,907 511 i:U 6'i2,474 4(W,075 9.970 September 79.610 l.'20-2..5C,(i 711. 7711 1,495.365 9,271 7.810 189.67(1 4»i0.319 4:50.(12(1 7(!0.:«1 10,805 a34 October 12:1,695 1 508 110 318,1111 1,850,590 763,050 67 474 6^,091 213 4S;! 758 .553 448 Zi) 73:1.13(1 44 2)1 4.6.55 November 83,890 1,1.50,120 836.9'20 ,52,914 419,017 16S.6:« 361.167 483,093 320.?2.5 a5,is» 5'4:«) Pecember 103,690 957,447 1,440,.505 678,(180 22,400 445.009 162,376 439,476 1,148..>40 271,940 21.220 4,320 By wagon 541.880 600,000 300,0(KI Total, 1S9-. 1.013,;M4 11,275.885 8,779.290 10,466,160 2il,821 2.104,126 1 2,143,659 7.S7S,C,13 6,931,369 4.(W5.274 173,296 45,s;i 1894 1,261,309 10,il0;i,242 23.546,945 10,1%,605 140,285 2,083,4.33 2,168,338 3.140. 1?2 18,163,853 3,909,809 120.036 78,871 '• 1S93 1.171,02.5 14,612.999 33,809.405 10,056,225 583,799 1.986,746 2.044.727 7,8.36.6S4 29,656.427 4,(B4,276 586,328 122.613 •• 1892 1,455.342 27.483,8.55 32,030.030 10.601,810 1,189,153 2.691,249 2,313.738 14.3.33.534 22.606.756 4.972,928 1,032,374 188.563 " 1891 1,353,610 25,5ii.l83 21,530,910 12,432.215 1,149.490 2,1(I8,&16 2.767,906 14.977.215 14.881.6(13 40,61<33S 7.772.858 1,089,403 173,663 " 1H90 1,229,975 11.7;iO,774 45,003,681 12,299,955 501,054 2,794,as0 2.880,3^4 3.688,015 7,193.86.8 467,360 230.155 " 1889 1,168,603 13,810,591 34,299,781 11,347.:!40 679,364 3,070.807 2,859,389 5,351,141 30.019.187 6.803.S77 809,072 3.52.173 ■• 1888 887.173 13.010,108 20,269.499 10,456.760 421,514 3.044.%1 2,682,405 4,412,506 15,904.759 5.414.764 275,23:B 324,083 " 1887 l,OI9.8«4 14,510,315 16,57«,:^6 9.768.545 236,726 2.932.192 2,594,881 6.238,26S 13.841.173 3.7'^0,729 175,352 291.333 " 1886 S»8,417 12,:»9,364 16,387,071 7.426,915 447,842 2.529.731 2,243,361 2.429.462 11.84S,995 2.764,922 s:rr.oi8 215,3.57 " 1885 1.032,506 10,690,677 26.114,782 7.SS3,529 T26,~98 3.017.«2 2,551,499 2.332.609 20.491.416 3.6Stl.829 6.36.640 210.340 " 1884 1.456,1.53 16,368,809 19.607.325 7.036.951 585.218 2.625.841 3,014,105 7.177.982 in,53:i,259 3.0S2,.36O 7(e.52« 169.781 " 1883 1,585,670 15.000,704 20,001.450 6,452,757 5S2.27* 2,860.798 2,751,182 6.430.765 15,199.HJ9 3.047.559 S93..5S7 180.900 " 1382 2,003.424 20,774,987 14.5.1.ij5 8.138,516 403.707 1.818,968 3,305,765 12.446.060 9.376.975 4.410.011 344.870 86.245 S' r. LOUIS 8TORA «E RAT ES ON G RAIN. First todays or fraction thereof, 1 cent per buahel ; each subsequent 10 days or fraction thereof, H of 1 cent per bushel. Oats, after January 15, first 10 days or fraction thereof, H of 1 cent per bushel ; each subsequent 10 days or fraction thereof, ^ of 1 cent per bushel. Barley, first 30 days or fraction thereof, 1 cent per bushel ; each subsequent 30 days or fraction thereof, 1 cent per bushel. Elevator storage capacity— public, 12,150,000 bushels; private, 1,400,000 bushels. Inspection In East St. Louis under Exchange control. In St. LooU, ooder State law. For Daily Receipts of Cotton at St. Louis in 1895, see Clapp & Company's Record on pages 278 to 234. SUPERIOR BOARD OF TRADE AND CHAMBER OF COMMERCE. Superior has two commercial organizations, the Board of Trade and Chamber of Commerce. West Superior, Wisconsin, was incorporated in 1889, has now about 30,000 population, and property valued at $70,000,000. The Terminal Storage Company is an important local influence promoting growth and development. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. RECEIPTS. Flour Manufactured. Barrels. Wheat. Bushels. Corn, Bushels. Oats, Bushels. Barley, Bushels. Rye, Bushels. Ft.ax, Bushels. Grain. Total bush. 1895 2,305,267 2.028.121 32,825,838 23.846,110 8,017 296,734 260,529 307.816 1,708,163 1,339,675 2,786 1,290 2,331,258 344,710 37,136,591 26,136 335 1894 SHIPMENTS. Wheat, Bushels Corn, Bushels. Oats. Bushels. Barley, Bushels. Rye, Bushels. Flax, Bushels. Grain. Total bush. 1895 1894 20,901.832 13,370.143 296.734 421,543 1,609.387 1,243,879 9,397 9,152 1.300 204 372,215 24,242,363 15,292,113 SCPERIOR (\t'I$.) STOR.4CE. There are seven mills with grinding capacity of 24,000 barrels daily. Five mills have elevators a.ggregating storage capacity of 1,250,000 bushels. Public elevators have storage capacity of 14,750,000 bushels, making a total of 16,000,000 bushels. For Daily Receipts of Cotton at all points in 1895. see Clapp & Company's record on pages 278 to 284. 315 ^a^,sS^=-* TOLEDO PRODUCE EXCHANGE. The Toledo Produce Exchange is the outgrowth of the Board of Trade, which was organized in 1849. The Produce Exchange was chartered January 10, 1876. January, 187S, the Exchange dedicated a building they had erected which cost them, including the land, $150,000. Some years later they sold the property, renting the Exchange hall, which is 70 by 55 feet and 30 feet high. The initiation fee remains as first placed at $250 at time of organization, when the membership was limited to one hundred. Transfer certificates are valued at about $50, which equals the assessment for annual expenses. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Receipts and Exports of Flour and Grain for years named, as reported by the Secretary. RECEIPTS. Flour. Barrels. Wheat. Busbels. Corn. Bushels. Oats. Bushels. Rye. Bushels. Barley. Bushels. Total bushels. Flour reduced. 1895 1894. 1,274,306 1,259,695 1.354,2^4 1,379,556 1,313,489 949,681 693.340 418,396 7,836,430 18,:580,2&4 13,810,434 2:3,405,636 19,539.887 5,776,033 6.172,977 8,041.142 6,845,204 5,798,689 7,151,436 7.472,814 4,414,212 16,558,228 4,800.?27 2,726,484 756,512 5b3,990 455,045 326,376 789,144 869,953 578,537 1,439,757 164,516 278,045 359,051 624,906 2,315,197 163,475 ai9,835 185.943 94.700 35,300 43,285 37,559 39,1U0 48.302 77.874 73.874 25,2.51,051 30,710,836 27,913,259 38.075.293 a3.008.341 27,689,556 15,(199.960 14,329.982 1893 1892 1891 1890 1889 1888 . SHIPMENTS. 1895. ISM., 1893., 1892.. 1891., 1890 . 1839., Flour Barrels. 1,274,306 1,259,695 1,()29,?24 1,099,566 1,078,489 709,681 468,340 228,396 Wheat, Bushels. 7,515,302 18,110,822 14,736,210 21,444,392 18,846,458 5,777,484 7,15.5,039 7,882,419 Corn. Bushels. 7.571.142 5,450,730 7.301.(175 7,175,3:a 4,217,364 16,544,947 4 765,831 2.611,803 Oats. Bushels. 519.380 578,105 529,533 34,8,768 695,3:» 879,000 595,325 1,392,761 Rye. Bushels. 84,732 283,1W 445,548 626,396 2,235,510 164,.560 376,683 150,160 Barley. Bushels. Total bushels. Flour reduced. 94,700 33,300 25,000 37,559 39,100 51,106 75,010 90.5T2 21,550,133 30,126.614 27,698,974 34.490.497 30.916,963 26,610,662 15,075,418 13,147,497 TOLEDO STORAGE RATES ON GRAIN. Elevation and first 10 days }i cent per bushel. Each succeeding 10 days or fraction thereof ^ cent per bushel, capacity is 6,357,000 bushels. Inspection of grain is under control of the Exchange. Elevator storage We offer to clients every facility which their balances, business and responsibility warrant. The customary trading unit on the New York Stock Exchange is 100 shares of stock. The minimum contract made on the New York Cotton Exchange is 100 bales of cotton. For wheat and other grains on the New York Produce Exchange, the Chicago Board of Trade, the St. Louis Chamber of Commerce, and the other leading American Exchanges, it is 5,000 bushels. Contracts in provisions are for 250 barrels pork, 250 tierces lard, 50,000 pounds ribs. THE COFFEE EXCHANGE OF THE CITY OF NEW YORK. The CofTcc Exchange of the City of New Voikwas est.iblished in 1882 ;iii19 6,'>47,079 4,411,8:{2 6,3!»2,719 2,072,970 6,0I.5,68.> 2,703,861 1 6,71li,l(K) 2,6"M,K(;8 6,.589.1(IO 2 163,820 5,8,S,S,4()i) 2,07 1, .585 7,:«i;i,oio 2,937,981 7,19.'<,280 3,108,911 7,.W,.3;jO Total 11,2,51,808 .3.115,686 3,."w2,7it3 t3.055.250 11,212,&51 10,571,.533 2.140,423 3,100,018 2,433,248 2,678,207 3,963,500 1.5.7.5-10.4517.7.5-12.80 10,940.228 2,955,023 3,100,271 7,911,.5O0 17.70-11.75 10,804,551 1,909,120 2,701.010 6.949,000 17.25-10..35 8,718.661 2,384, .563 2,388,3.37 7,700,750 18..50-I3.10 9,120,200 3,.5"9,175 2,764,590 18.30-13.00 9;247,968 2,329,011 2,808,711 18.00- 9 .50 8,052,220 4,1.'H,851 3,268,222 19.60- 9.00 10,0,34,595 3,985,0,39 4,323,332 22.25- 7..55 10.i:iO,264 5,051.730 5,12l,.527 8.10- 6.35 10,5."j7,241 9,409.217 5,:!9H.:J87 .5,231,120 .5,279,175 5,:fl)0,715 9.1.5-6.25:11.6.5-6.95 World's visible supply, .hily 1.. Worlci's visible supply, ,Iiin. 1.. .'^alos on N. Y. Cof- fee K.xehiinKe. . High and low of contract cofTee.. » Estimated bv Henry Hentz & Co. t Only Rio and Santos Coffee included in the 17. 8. from 1882 to 1891. t Calendar year 189.5. Sugar Crops of the World. United States (beets, 30,000 1895-6 ; 20,000 1894-5).. Canada (beets) Spiinisli West Indies- Cuba, crop Porto Kico , British West Indies— Trinidad, exports Barbados, exports Jamaica Antigua and St. Kltts French West Indies- Martinique, exports Guadeloupe , Danish West Indies— St. Croix Hay ti and San Doniingo Le.sser .\ntllies, not named al>ove Mex Ico Central America— Snu Salvador, crop NIear.igiin, crop British Honduras (Belize), crop South America — British Guiana (Demarara), exports Dutch Gidana (Surinam), crop Peru, crop Argentine Republic, crop (no exports) Brazil, exports Total In America.. Asia— Brlti.sh India, exports Siam, crop Java, exports Japan (consumption, 125,000 tons, mostly Imp't'd) Plillippine Islands Cochin China .... Total in Asia.. Australia and PolTnesia.. Africa Spain Total cane sugar production Total l>eet sugar production (I Jcbt) Grand total cane and lieet sugar production. Estimated decrease In the world's production 1S95-6. 1894-5, 290,000 soo .300,000 55,000 50,000 57,1100 30.000 25,000 30.(100 45,000 8,000 38,000 8,0011 2,000 500 500 200 105.000 6,0110 68,0110 .0,3,01 225,1 lOO 1,446,700 50,000 7,000 525,000 2.3O.0(X) 30,000 W2,0O) 325.00) 249,010 20,000 2,882,700 4,130,000 7.012,700 1,»2.971 337,0110 300 1,040.001) 52,000 .50.000 3;.iii)'i 31,01)0 211,000 29,000 43,UlK) 7,000 38,0110 8,0,082,162 13,93.5,602 104,433.619 543,288,489 17,331,143 82,411,496 13,108,851 104,206,718 89,610,741 14,267,411 18S.1. 511,011.459 91,02S,119 3,483,477,222 105,549,3.59 82,395.924 13,639,785 1S92 and prior years ending June 30. sugars not exported. 1894-95 revised, Dutch Standard Sugar above 16 not included. WorhVs jrroduction of Coffee, by W. Schoefer & Company, Rotterdam. 1893-4. Bags. 1894-95. Bags. 189:-.. 96. Bags. Rio Victoria and Ceara 2,700,000 1,770.001) 37(1,000 1.476,110 1,214,9110 195.9110 434,2tt) 463,200 82.7111) 3.000 31.9110 27,1(1') 27(;..-!0i) 156,100 2.800.000 4,000,000 300.001) 1,2511,0110 N)0,000 2a),ooo 400.(100 SOii.ftJO 4;i,iOi) 1,1100 45.0110 40,000 2511.000 200,000 2,U 0,000 Santos 3,.T( 0,000 Bahia aMi.omi Mexico aixl Central America i.:«o.oa) Venezuela and Colombia i.noo.iwi Porto Rico and Britlsli West Indies Havti 22S.UW 4.50.00 Java Government and private '..tO.OUI 50.01 .s.ooo Macas'^ar, Timor, etc 40,000 40.000 300,011) \friea Mocha, etc 210,000 Total 9.202,000 11,129.(110 IO.27O,0i« American merchants estimate crop 1895 6 as high as 12,000,000 bag*. The consumption of sugar and its cost, compiled from Wlllett <& Grey and Government reports for years named. 1895. 62.61) 30.(HX) 149,298 2.25 1894. 1893. 1892. 1891. 1890. 1889. 1888. 1887. 1886. 1885. j 1884. Consumption of sugar i)er capita, in lbs 67.07 80,(XX) 165,469 63.83 30,(XX) 84,524 3.09 63.76 66.781 2.!I3 67.46 82,788 3.03 54.56 53.749 3.'28 52.64 22.'37'8 3.21 54.23 71,370 2.75 5*2.11 84,36V 2..T0 52.55 119,176 2.84 49.95 2.67 51.00 Stock of refined not distributed Dec. 31, in tons .... Stock of raw sugars in r. .^. Dec. 31, in long tons Average cost per lb. in foreign countries, in cents 3.61 For Daily Receipts of Cotton at New York, Philadelphia, Baltimore and Boston in 1895, see Clapp & Company's Record on pages 278 to 284. 349 CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. Commercial Organizaiions cf States and Cities January i, 1896, from Inter-State Commerce Commission's Report. STATE. Number of Commercial Organizat'ns Leading City. Population. Number of I Trade Or- ganizations. Title of Principal Trade Organizations. Alabama Arizona Artiatisas CaUfui-iiia Colorado Connectlcat Delan'are I>i»>trict of Columbia Florida Georgia Idaho Illinois Indiana Indian Territory loiva Kansas Kentucky Iionl.slana ITIalne nary land ItlaMMach uaetta inichlgan Minnesota RIlaslHslppl inilssourl ITIonlana Nebraska Nevada New aanipHbIre New Jersey New Mexico New \'ork 4 North Carolina North Dakota.. Ohio Oklahoma O recoil Pennsylvania.. Rhode Island .. JSouth Carolina South Dakota .. Tennessee Texas , Utah Vermont Virginia Washington . 29 5 83 »7 36 7 3 »3 7 103 56 4 58 42 26 45 24 161 73 28 72 5° 3' 49 8 220 West Virginia. Wtseonslu Wyoming 209 »7 149 16 24 30 60 32 36 61 <3 MoBfLE , Birmingham .. Tucson Little Rock.. San Franxisco Los Angeles ., Denvek PUKBLO New Havkn... Hartford VVlLMING 1 ON . . . Washington. .. Jacksonville. . I'ampa .. Atlanta Savannah A ogusta Maco.v Moscow Chicago Peoria Indianapolis .. Evansville. ... PUKCELL Des Moines . . . Sioux Cnv. .. Kansas City... TOPEKA l.OUISVILLK Covington New Oi.'i-EANS . PoR ILAND Baltimore Boston WoKCKSlER .... Lowell Detroit (Irand Rapids. Minneapolis . . St. Paul DULUTH ViCKSBURG Naichkz St. Louis Kansas City... St. Josei* BUTTK Ov.aha Lincoln Reno Manchester. .. Newark Jersey City. .. Patrrson Santa Fe New York .... Brooklyn .... Buffalo Roches I ER ... Albany Syracuse Wilmington .. Charlotte ... Fargo CiNCINNAII ..., Cleveland Columbus Toledo Guthrie Portland Philadelphia , Pittsburg Allegheny Scranton Providence Charleston .... Sioux Falls Nashville Memphis Dallas San Antonio . . ., Galvhston Houston . Salt Lake City , liURLINGION ...., Richmond Norfolk Seattle Tacoma Spokane Whf.ki.ing Milwaukee Cheyenne 31,076 26,178 5.150 25.874 298,997 *85,ooo *i50,oco 24.558 *94.5<» 53.230 61,431 230.392 17,201 5,532 65.533 43.«89 33.300 22,746 2,760 *I, 700,000 41,024 ■05.436 50,756 1,450 *9o,ooo 37,806 38,316 31,007 *ig5,ooo ^ 37.37' •255,000 ^ 36,425 ♦512,358 •500,000 84.65s 77,696 •300.000 •85,000 ♦210,000 133.156 •65,000 '3.373 10,101 451.770 •150,000 32.324 •0.723 140.452 55.154 4,000 44,126 •220,000 163,003 78..)47 6.185 1.7«".715 •1.053,396 255.6^4 131,896 94,923 88,143 20,056 11.557 5,664 •340,000 •350,000 •175,000 84.434 2,788 46.385 1,046,964 238,617 105,287 75215 132,146 54.955 10,177 •90,000 *75,ooo •65,000 37.673 29,084 27.557 44,843 '4.590 8l.;X8 34.871 42.837 36,006 19,922 3«.522 •275,000 11,690 3 3 1 4 15 6 4 4 4 3 I 38 4 3 7 6 12 7 4 3 3 26 7 16 8 t Cotton Exchange, page 293. Commercial Club. Board of Trade. Board of Trade. t Produce Exchange, page 341. Board of Trade. Chamber o£ Commerce, Board of Trade & Stock Ex Board of Trade Association. Chamber of Commerce. Board of Trade. Board of Trade. Board of Trade. Board of Trade. Board of Trade. Chamber of Commerce. t Cotton Exchange, page 295. t Augusta Cotton and Grain Exchange, page 291. Boar.l of Trade. Chamber of Commerce. t Board of Trade, page 307. t Slock Exchange, page 265. Pioduce Exchange. Board of Trade. Board of Trade, Business Men's Association. Board of Trade. Commercial Exchange. Commercial Association. Board of Trade. Board of Trade. Bo.ird of Trade. Commercial Club, t Cotton Exchange, pages 287-289, Board of Trade (Limiteil). Merchants' Exchanxe and Boanl of Trade. t Com and Flour E.xchange, pav;e 319. + Chamber of Commerce, page 321. Stock Exchange. Board of Trade. Board of Trade. t Board of Trade, page 327. t Board of Trade, page 335, t Board of Trade. Jobbers* Union. T Board of Trade, page 329. Cotton Exchanvic Cotton and Merchants' Exchange, t Chamber of Commerce, page 343, Cotton Exchange. t Commercial Kxchangc, page 331. Live .Stock Exchange. Commercial Club. Hoard of Trade. Board of Trai!e. Board of Trade. Board of Trade. Board of Trade, City and State. Board of Trade. Board of Trade. Board of Trade. Board of Trade. t Stock Exchange, page 243. t Cotton Exchange, page 273. t Produce Kxchani,e, page 299. t Colfee Exchange, pai;e ^49. t Consolidated StiK-k and Petroleum Ezch., page jxyj. Chamber of Commerce. liuard of Trade and Transportation, .Maimfacturers' Association. + Merchants' Exchange. Chamber of Commerce. Moard of Trade. Business Men's Association, Chamber of Commerce. Chamber of Commerce. Board of Trade. Chamber of Commerce and Merchants' Ex., page 325. ('hamber of Commerce. Board of Trade. t Produce Exchange, page 347. Boanl of Trade. Chamber of Commerce. t Commercial Exchange, page 339, t I'lie Bourse, page 269, Chamljer of Commerce. Grain and Flonr Exchange, Brewers' Association, Board of Trade. Board of Trade, t Cotton Exchange, page 293, Commercial Club. Chamber of Commerce. t Cotton Exchange, page 293. Board of Trade, Board of Trade. Cotton E.xchange and Board of Trade. Cotton Exchange and Board of Trade. Chamber of Commerce. Board of Trade. Giainand Cotton Exchange. + Norfolk and Portsmouth Cotton Exch., paye 293. Chamber 01 Commerce. t Ciiamber of Commerce, page 341. Cliainber of Comnien e. Chamber of Commerce. t Chamber of Commecce, page 333. Board of Trade. Fifty States and Territories, 2,023 Ort; ♦ Mayors' reports to New York lyorid, anizations, 93 Cities. Jan. 1, 1895 ; all others Census of 1890. New York, 350 t for full report see Index for full page elsett here, local census. I UNITED STATES TREASURY, WASHINGTON, D. C. Thp IniiWInK built hv the Uiiitod States, at tlii' corner of Fifteenth Street and Pennsylvania Avenue, and occupied hj- the XT. S. Treasury Department, Id 468x2&4 feet, exeiuslve of porticos and stairways, contains i'.S rooms, exclusive of attic and sid)-bascnient, ami cost $6,UU0,i Oi. The older iiart was erected from 1S36 to ISU, of Maine Uranitc. It forms three parts of a paralle!ojnil(ling. The U. S. Trea.sury, or cash room, extends through two stories, and has a bronze balustrade paneled In foreign and domestic marbles. The cash vault for current moneys, sometimes containing as high as $ilJ(',0(W,C100, Is In the east end of thu room and one overhead. The redemption division is In the basement. Two sliver vaults In the sub-ba.sement under the Northern Court have a capacity f ir S13J.UJJ.(X)J. The executive olflces are on 'he second ft »r. The Treasury library contains over 20.000 volumes. Forty one difterent persons, between US;) and l*tl. haveofflciated as secretaries of the 0. S. Treasury, as follows : Alexander Hamilton, being first appointed Sept. II, ITS'.i; Oliver Wolcott, Feb. i, 17H5; Samuel Dexter, Jan. 1, ISOl; Albert Gallatin. May 14. 1801; Geo. W.Campbell. Feb. 11, 1814; Alexander J. Dallas. Oct. 6. 1SI4; William H. Crawford, Oct. ii, Wlfi; Richard Rush. March 7, 182); Samuel D. Iiigham. March 6. 1S2'.I; Louis McLean. Aug- 2, 1S31; William J. Duane. May 211, 1S33; Roger B. Tnnev. Sept. 2!, IS.'!:!; Levi Woodbury. June 2?. 1S:!4; Thomas Ewlng. March 5, ISII; Walter Forward, Sept. 13. 1H41; John C. Spencer. .March 3. 1S4:!; Geo. M. Bibb. June l.'i. 1S44; Robert J. Walker. March 6. IS4.T; William M. Jleredith. March 8, 1841); Thomas Corwin. July 23, 1830; James Guthrie, March 7. 18.i3: Howell Cobb. March 6. 1857; Philip F. Thomas. Dec. 12. I860; John A. Dlx, Jan. 11, 1S61; Salmon P.Chase, March 7, IRBl : Wm. Pitt Fessenden. July 1, IStH; Hugh McCulloch, March 7, 186.5; George S. Boutwell. March 11. ISRil; Wm. A. Richardson, March 17. 1873; BttiJ. H. Brlstow, June 4. 1874; Lot M. Morrill. Julv 7. 1876; .lohn Sherman, March 3, 1S77; Wm. Wlndom, March 5, 1881; Chas. J. Folger. Oct. 27, 1881; Walter Q. Gresham, Sept. 24. 1884: Hugh McCulloch, Oct. -28. 1884; Daniel Manning, March 6, 1885; Chas. S. Falrchild, April 1, 1S87; William Wlndom, March 3, 1BS9; Charles F'oster, February 2, ISyi; John G. Carlisle, March 6, ISiiS. Uiiited States Heceipts, fiscal year ending June 30. FROM 1S95. Customs Internal revenue Profits on coinage, bullion deposits and assays.. Sales of public lands Fees -Consular, letters patent and land Sinking funds for Pacific railways — Tax on National banks Customs fees, fines, penalties and forfeitures. . . Repayment of interest by Pacific railways Sales of Indian lands Soldiers' Home permanent fund Tax on sealskins Immigrant fund Sales of trovernment property Deposits for surveying public lands Sales of ordnance material Sales of coudemned navy vessels < . Sale of old Custom House, Milwaukee, Wis , Sale of land, Brooklyn Navy Yard Smithsonian fund Navy pension and Navy hospital fund Depredation on public lands District of Columbia Proceeds Dist. of Columbia 10-year funding bonds Miscellaneous sources Gen. CuUom's West Point bequest International Union and Military reservations.. Postal service Sales of Lands and Buildings under special acts Total 152,158,017.45 143,421,672.02 1,640,679.70 1,103,347.16 2,655,299.44 1,735,887.0:) 1,712,550.94 640,966.00 982,411.16 540,819.76 212,484.57 700.00 3*5,224.84 178.123.86 162,607.21 31,606.91 939.43 1,009,537.25 17,729.53 3,658,048.08 382,055.97 610,082.22 8,596.23 I 76,983,128.191 220,208.31 1894. 131,818 147,111 870, 1,673 2,765. 1,916 i,6io: 682. 926, 399: 191 214, 201, 103: 60, 5 107 1,190, ,.5,'?0.62 ,2.32.81 ,016.78 ,637.30 699.41 ,314.11 ,867.56 ,041.48 ,420.09 ,811.36 ,382.15 500.00 ,142.47 ,970.88 ,424.87 ,159.91 ,400.a5 ,680.00 ,531.01 1,059,964.64 8,774.05 3,745,422.83 772,148.18 237,500.00 48,445.89 75,080,479.04 1893. 203,."?5.5,016.73 161,027,623.93 2,349,471.15 3,182,089.78 3,156,217.12 2,0,52,488.39 1,392,623.63 806,919.88 971,832,68 1779.310.73 162,733.05 23,972.60 288,219.68 164,703.48 156,282.46 26,187.26 l,138.a5 71,526.37 962,780.53 21,148.01 3,111,742.27 405,164.00 916,936.70 1892. 177,4,52,964.15 153,971,072.5' 2,020,512.39 3,261,875.,58 3,1.30,437.06 1,828,771,46 1,261, .3,38.11 909,349.66 962,437.67 847,813.23 194,3&5.45 46,747.23 3.3e,128.&5 236,498.38 149,966.21 101,243.35 31,854.12 64,000.00 593,860.33 200,000.00 1,11,8,1,55.25 61,623.85 2,067,044.71 2,412,744.00 783,059.83 1891. 219,522,205.23 145,686,249.44 7,701,991.82 4,029,.5,35.41 3,019,7.81.84 2,326,.3.59.37 1,2.36,042.60 966,121.82 823,904.04 602,545.38 308,648.34 269,673.88 292,271.00 259,,379.05 131,422.80 122,668.01 78,037.36 ♦500,000.00 1890. 1889. .%,9a5.83 2,853,897.75 1,825,806.35 75,896.933.16 70,930,475.98 65,931,785.72] 60,882,097.92, 229,668 142,606, 10,217, 6,:«8, 3,146, 1,842, 1,301, 1,299, 705, 372, 308, 206, 241, 192, 112 ,584..-)7 ,705.81 ,144.2,5 ,272.51 692.32 .564..52 ,226.58 324..52 696.52 ,288.15 886.99 .500.00 ,464.00 123.99 ,314.79 35,8.52.37 2,809,130.93 1,600,014.81 223,H;!2 1,^0,8X1 10,16,5 8,038, 3,.378: 1,321, 1,526, 1,113, 603, 44»i, 592, 317, 236, 295. 95, ,731.69 .513.92 ,264.79 ,651.79 ,06.3..59 ,124.53 ft87.I6 f)20.78 764.72 2.58.92 427.2,5 .5.46. Sale In lsa")Of 50 million five per cent ten year bonds, $58,538,50« ; by the purchase of gold coin at a cost in four per oeut thirty year bonds of $62,315,400. Sale lt)0,Ooti,oOO bonds Jan. '96, yielded atwut $111,000,000. 351 1 NEW YORK CUSTOM HOUSE. The Collector of Customs Duties for the Port of New York formerly occupied the present United States Sub-Treasury building. Tlio budding now known as the United States Custom House is bounded by Hanover, Wall and William Streets and Exchange Place, and is built of Massachusetts Quincy granite, at a cost to the Mercbants' Exchange of S1,8UO,000. They sold it to the Government. CLAPP & COMPANY, BANKERS AND BROKERS, NEW YORK, ANNUAL RECORD. The Nrimher and Oroxs Tonnmje of Sniliwj Tt.ssc/.v, Steam Vci»2,:i91.13 4 209 .37.1(26.46 (i Charleston, S. C 7.242 ('(IMllCCticIlt 471 6l.:S(i9.89 18,S 49.4-I2..5I 177 8:» 14.3.-3:10. .57 7 Delaware a5,814 Ne«- Vork 2,114 413.807.05 1,518 t!65,316.17 1,291 4.!C3 1,317,987. <« 8 Edgartowu, Mass 42,274 Pennsvlvania 419 1.->B.779.32 498 142,020..30 131, 1.018 :K5,661.!)0 9 Cialvestou, Tex 11,820 New Jersey 963 63.8.3!l.61 129 .51.424.49 90| 1,1>*2 101,.5.57.79 10 Gloncester, Mass 12 IR 4 275 Delaware 144 10,483.79 :{0 4.173.96 1 174 14,ft57.75 11 Key West. Fla 2,407 836 489 3,i:» Maryland 1,925 75,611. .54 175 67 ..566. .38 22 2.122 146,461.. 55 12 Mobile. Ala 421 Di3t. of (,'olnnibia.... M 1,6I.16 6(i 149 47 31,254. 92 14,01.5.0:i 6,884.92 2 4 16 165 662 172 42.7a3.82 17 Florida 45,8«H..51 18 Alabama 17.708.06 19 Pensacola, Fla 2:} Mississippi 218 10,.>43.45 50 7,621.75 268 18,165.20 20 14,911 11,416 4,607 175 2,4.52 312 8,566,30 202 45,422.46 3 517 M,»34.06 21 322 3 •2M 886 1,459 22:} "5V089!03 ■".54 113 '"4,449!83 15.219..57 '■is ""m 113 22 Port Townsend, Wash Tacoma, Wash Texas 206 18.800.14 23 Tennessee 1-5.219. .57 24 St. Angnstine, Fla .. 318 Kentucky as 13,339.71 .... 68 13.339.71 2o St. .Tohn, Fla Jacksonville, Fla San Diego. Cal 2,479 1.442 l,.32f Missouri 118 12 2 39,259..56 1.162.27 M8.94 90, -1 208 12 4 120.472. 1 4 21", 1.162.27 No. and So. Dakota .. 60.20 •is San Francisco, Cal 945 2O0 92 .5(il Montana 6 1,645.39 3 211.75 1 3 211.75 29 Savannah, Ga 3,212 Iowa 46 7,.5.50.65 13 .50 8.»I4,45 30 Tampa, Fla 5 3 2 4,i:« ^Minnesota 69 4,889.»l 7 82 7,637.95 31 Willamette, Ore 4,318 Wisconsin 199 25.72S..5fl 192 6.5.827.67 22 413 92.s.V).77 3,429 16,7!W 525 123 143.914.28 31,320.83 (vin .3a5.BnS.75 .57.773..-M l5i 1,186 389 451.1"" 87 Total U. S 145,.501 107,014 43,511 Illinois 91.038.12 1,402 5,210 875 Indiana Ohio .50 5 106 48 ){ 51 5.232.70 iralitax, N. S 4.W 1.113 379 1,2.50 768 21'.i 120 68,608.20 410 256,108.89 13 543 .329,424.11 70S 4,311 5tS) 582 45 659 167,818.30 249 l'",061..5I 9(W 289.879.81 Vane ouver 1,203 79 18 Oregon Washington Arizona 36 201 3.1.52.25 66,-594.26 140 .38.229.17 29 275 48 5 1 181 370 44.737.70 96..5.54..57 579.95 Total through Canada 3,512 2.476 1..M6 3 439.48 1; 4 216 Utah .\Iaska Grand total 149,016 109,520 45,087 48 "'l'.l!>.V98 14 557.78 .... 1 62 1.753.96 •258..5:«> I4,in:f l.!l>1 2.212.801.19 2.W3 23.240 4.635.960.01 * Oklahoma :«. .\rkansas lis. Wyoming 142. New Mexico 90, Nevada 95. Iilaho s:!. make up tlie total. The United States gained by Ininilgration from 1871 to 1895—25 years— 31. lW.ii29. Total population United States. June :til, ISM, iw.T.vi.OiiO; .3.3.1.5",, of all are foreign. 32H..5SS persons sailed from United States ports in 1895, 112,89:1 were cabin pas.sengers. 276.298 from New York. !«i.I-57 cabin i>as.'*en!rers. Of arrivals in 1h;W. 271.22:1 were from Euroi>p. balance scatter- ing. Only .32..547 had skilled occnpai ions, 2.029 professions. Iiiii.ii73 United states citizens returned from trips abroad during the year. Out of 42..302 illiter- ates arriving in 189.5, l,5.4:{6 were Italians. s.MHi Unssians. 9,961 Teutonic. Cenius report of iv.io gave illiterate population -of I'nited Stales an 1.3.34",, of all over 10 years old. The total tonnaae of the world is estimated at 4!i.-")2«.S47 tons. -V^'„ British. s'„ German. 7',, .American, against 1-5",, 20 years aeo, 4",i French, ;{",> Spanish, tf '„ Norwegian, '2",, Italian. 2',, Dutch. 2',i Russian. 2',, Swedish. s"„ scatterinsr. (ireat Brit-b o u g » ^ (4 t^ »s»a < ^^ P !Z5 gs ^z; < « M S P< s o ■^ »<. yt ■a P4 •-^ »z; kj oT « P< "^ P4 M 1^- o P!j m p s (2; •«J .0 ^1 ca PEi ■^ » 5^ M y ;z; ,^ PQ s '« >^ ">■ ^ < >^ PL4 ^ S :^ ^ <^ C Pi « P4 K < ^o h^ ^ u .1^ sa sb as as 2.i §3SiiBSsli..-.:,..-,:/^^gSs5Sllgsstei§H|ii5 .* — fc ?> »i^ ?^ 7 -c (- -" t; ^v■.;:^ : to .*^ — -f •X)x — ■ -f .-■: ?! 51 ~; — * 5« o*--©-*<-ai--r — i--^-p'— o«iOT«3«-<»o> 00 ?^w"?j^kft — ;c — c?f — s-rV^'^'sJ— * -" " - -' -'--'- -'rTT't.-"-/——r-r r>—'~'^ ^^ '" z: 3 "^ — ^ 52 "^ »-'^ '- '-^ ^ '^ ''C ~p "* ~ ■ - ■■ - ■ ' — ^^-r 'jr — r: iy —Tf-^c — - i-»:^_« -TOO -tC — 3^1'--- jn--*- r •-.*r: — —_--. -c; .- ntc j: c* ^_=f i -_c ^i?-*?? — ^(-a^cor: .- _= . . — r - — ri i — _ y cc -3 « o* c rrco — r»rrr'— '— "-r r*-ri- 3"r; — '^: - - - i - r - i -*•*' -♦«■-* c^'r-'—o-c" ie-xic^to" — 5c-??x:2— «-5-^— -" -; -- -?t<-'r: — i.-ixris-^- " ^ r-. — ^^.-.r-i.-.^^^e^^c^c^^S'riMecon-y^'Vtosctewi-t-t-i- t-^^ — _M^(-if; £oo^o>x ^i-K-^ci — — tcoyimsoirt — t^»«.'^c54-iOw^ti'^ 70 7^ ^ Zi ai '!A ■n fn '~i n t^ r^ -rw yi ~ t^c4 -ri -^i di t^ -r yinn v: *t-)-oo-"7y W'r*ariirtt---t- X s X 0> 3io» — — — t--:->-i!£^ ■riiO-i'm-ix'-T^ • OOT*r**nc>?^»i.'^-yc;oci--»xxr*t-«:ot-x?^a:i-'^c':cca>'^wcoxoi3; • 2 ?£ ~ S " r^ ^ "^ — "^ — "" ^ 50 — ^ — T* — ir^ -^' x" *»' X^ - CO ' - ~' — * 3* -C ^ o I^izlr 5 '-^o^x'— '—' x'o — "ci'r: T'Trr •^'rTi'T""— "T^— 'x'r T— .'i-f z't' —^^^■o*'' o;;— ^^-r^— — — C-rco — xo-:t-^:^c^"v~C *. — X — ■--rSo^- 'n*-— w«r^c^-»— r^^irti-i St.*: — X (-X x:£^'-?-> — ?*i-~:t- X "'.000— .OTO^- Tii-i rtf-iifsoa — t- — cc — w»«rtr-r-«i.«r-^>^o»tc w — ««-"C^« O r-i .-. CO' ^c^r»g^^ Qc^T^Go^in?. *s^ecwi?:<--i-^o-'--<-«ocot->'9C*?7ai«o^X'7£knao-9-?-c^ooa» — S321l2221^*^'~ *' ^00X00 t-t£«»rf«bo»— ^ -'»?*«— c^c^T^W Jl "^ " "^ '-' W ^ <-t i-i rH ^ ri r^ 1-1 rH rH i-i ^ ri 1-I1-. M W N N ^ N W CM 6* W e* C^ C4 C4 N _ V c = I ^ r^^^otoicoco'v^^to^'^i^i^'x^moi- • ■*"^^ = 4-2 cr- 3 — ,; — ( - ?/ ^* ?f . - :r. b .r: - V. / f* — b r y .r. ar? r* ^ X ( - -/ n — / r-c^ y • - « TT I- c « !0 i ■n- 1 - '!! 1 - ■;( /: .-; — i - S — j; i- is -r « S i .s ?< — ?; V. * ={• Jg x *-< ^ !-•' 0/ O* C* CO pi ^' v'o'^oot-Qc'xoi'o •-'c^'c^? r' S > £ z - 5* .11 iii <* — -z 03 2 ,^ tn *5 at « (- iC c^ (- « --■ — — ■?' i*^ ^ ^;<- • .C;?c t- .x , ,0 — -^ :rjS ^ 1— "00'*''= ^ C4 »rj ?» ■^* CI t/^ X -J C-. -■ ir; i- ts t- --■ -r -r o o fc © — •?> cc -^ V o « *o t- &;■ r^ B ?C id Oi ^ Oi O Tl V cC -j' — ' X — ' X Q *•"' O' Ci o » o' ^/ X ( -' r?' X.' Q* d' X «' 'd C^r^'ji «o c- ■■£;'-f»^'t-'w'o ro t- X X C5-T -J ?» -J -.i ?2 TT i-01 c. — i- *^ 7» if^ -^ -^ r» X rr » * -*5 CJ«»OOX)OCS»OiSoSt^c6tDCSir:»OOON»-n-i'VMO'9*i-CO'V*rf3i^£f*l^ ^sV;«sSJisi;'^6.-'«- i^siiisliiil ?1 ?B 55 li^o — Ot-^xxx^*-*:: .-^ t^ ; CO S t'- OS ?* -^ ?c ^ "t;. ■^ 'O . ^-"^^ • • • • • « S « 1-: t- aC o t- « -«■ t- i: -^ ii :^S5 : : M : ^> S Oi I- S ^ Ci -r o 5 K -3 «. gg O 1. =•5 us TT r~ o »o 'I' '— t !0 *l o :C I' 1- i (EO ?5;s § = t:gS-a?sSi iftro-^V^t-oot^x -n ^ ^^— ^o o o^f- .- S lA ^^o^-w- ?? r- -^ ■«• $5(- aire's yj< g I 2 I - o ^ •-£>;::■-_ Ci a; o — X o jy. r, M to CTi ■^/ cc ( - o z: CO -T '-y O r: w irj o o t- « c* f »fth»»nirt »ftO-T — c-^mi-tiim 0:3 pll.iliilili I§i§s8ii;? Ss?|5g'?g'g8" ci M -^ tl\ O cc tc I - ac a^_ »' T-' I n CO CJ ■^' c^* Tf* ;d -t -^ »ft -a- CO t- z' y- — ' -c =' «' -1" •*" 3' o — I oi ( ^ rJ -^ «' <^ CO | i-' j oo Wx> =S3§5; 22 i^ 3 ss c* • 10 ow Orj-cv -^» ": s? 5?^-^s s?a oc^ — — Wr- ooc. lOSMOf^cOfXino— 't-'^oao ac'?*>-i xco'^ c>nc »-■ «D CJ o 00 §0 . ~ 02 S8 -g'Sg iiiiig§iil§ilili ; = g5i'='3'i'g'8g's'?8'g'3" S' CT r-T (C o* .-7^' » 000 ^55 •i' d" t.o —'© o -^« o o:5?SS»2^g co^' — o»eo S53 Sf?ii??SSiS? 99S% S IS 93 00 M'^C^* 05 r^ :?S:: •'?In£i5§- HIP- i £5 3 1; oooocoopoo ■c-=-=t:t:— -s-c-c-s ' o 3 o ■; < ^2 P O -* -T -!■ I- -l* o c 00 o m o tc ift . ■; •.1 "n in i.-; oooccoooo © " - ^ - • N T5 > > K 03 03 CO coon = 3*3 - « P -^ * p[i.i-jw«StQOt«KtoS!HUWM «o: 035 Sg-2 SaSg ■=Uo5aj 05 s t= il o— ■o -a t« - a a ■So-S .n = a 0> CS Ih 3« c * P — S^ S5 5« CO o E*rt=^ ia^i .&S !28 2 s 3 Sic S P se — 08 ~ - Svi a 0^ CSC ■5 O »; tr S n Cs: to S a^ ZaSz 0) m •■ * w 4) C W of £ 53 gXiOM^ ^i .2.' i- inSSS 3SS Mhiii 3 li§ ►^ O 3 <-'<«* 9 S"- 5 ass S=^^s 00«t- si' S!gc3 S est «^0 fc.— >.-"" « o ~ "'iS £ 3 a er 3 2 OS ss-=s £=■= »<=2 22 "..':"." Sfc t. oiocc - s eoooo 6- • • -J. • ■ 2i sc« X « ic D • 55 m r. -r ^ A i w o n ^f n. S *■ X a o .-c .•■ S c£ o-S-Sicg w i: O -: . a, _ . ' _ 2 * . . aj • c6« ■303 c . o 00 c"^— c'S— "ceo 00 kOOo30<30 «;a « >• is 8= 2~'c c'c — Co a ; 3 :J :-5S ^ C5 w L, » C t. C &. : : : : : fc, :oi : .01 o :«::*) Ed GSOdCiO a : : : : : D >-) : o : H ^3= - i) M c a ^ o ^ ■=8 c 3 CCS « On t*0> CO W'fOTO *- C^OJW OOT :c3 *- *• d b '^ ■ S : :- e S^'o S<"' b • aa : ■=^ : tJ 5 -1 ?r I g O? °OuC 0= 3 St£=So 03 03 d d 603 *i : CCdoi 01 ;o?a 03 :03 *! :*j : :« 6 00 eioCoicid KS 2 <« -t 2£ 2a ^1 as C 3 a? ^a C 3" * -S cv'^ — £^£« "2 £ N J= B 3to I.J3 «to 03° 5 I- 03 ea 3 a— 'coi •c«c a c ^«S ra'2 _3«5 « a a-3 £.?=« £—t! £ _»' t"a 2£>f- o c=o OOoia Si 3 (is it ^ 1) t- a 3 OJ f->- "< S °; u e -< & »::»■' H a „e =0 £ * Stii-'= tJoiScc a « Ceo "i ii •• a"" ^"^-^ "- 9 - £ S « c •■ •c'S •CiS a-o >§_ Co » ..o u > — ■" (BO 'Ob h h Sn sa S! «o ■0 •0 ■eS ^« a . a an 00 aa i 3 Sg »• 3 St) Ba 0) a Is 'C ■o t -a^^-a •0 a a 3" «£2 a- I. «> — cjeoS'T a) Sn rcfszg-s 0- 0«;i-3 = 0-=«l •02 •c . a! ■o £u!5£ ioCW!5033 *i : dct aBe 3 4/3 CLAPP & COMPANY, BANKERS AND BROKERS. NEW YORK, ANNUAL RECORD. 128 Dividend Paying Mining Stock in United States, from '• ICngineering and Mining Journal." Nuiiu< ami Leal Ion of C'omiiuiiy, Ailanis. «. 1. c |Colo .Kllia I'lilis., r| ;C'al. Aliiskii I ivailwell, K.. JAlaHk Ann'iiiaii lU'lle, K. ». lo.. A rft<'" I "inJ iiiiiat-a,». l.K ( 'olo . Asm-ii Ml! A S., «. l....l<.'i>lo. Allainir.r iMUli. Aurora, 1 Mich Itald I!«tte Mont HaiiakokCora liclle.s.l Colo. Hates Hunter, g. » 'Colo.. IJcU-lier, 8. B Nev. IteUi™, K. K.,in N. H. lifllc l.sle Nev.. Ki-Motallic, p. n Mont liodii' Cons., (f. H Cal.. Hi>stoii.V;M. ions., >;..'<.<• Mont. Hi-ollicrton, i Mich HiKikcr Hill * s., s. I..' lilahc Caliiiii.l it H.rUi.c... .Micli Ccnic rl Kinika.Ks.l.c I t:ili Cinitral, c Mich. Charleston, p. r S. C Chr.vs.>lite, 8.1 Colo Clay Couiitv, K. s. c CoU) Cu!nr d'Alerte, .s. I Idaho Colorado ( eiitral, ». I.. Colo. Coiitidence, g. a I .Nev. tcons. Cal. A \'a., g. .s. Nev. Con.M. New York, r. ».. Nev.. Cook's Peak, 8 N. M. C.ptit, g. 8 Nev. Cortez, Ltd., s. g Nev. Daly, a. 1 I'tHli. t Dead wood-Terra, K--- >^. ■' I)e Lamar, g. s Idaho Herhec lilue 'Jravel, p. Cal... Die Hnii.l Mo... Dexter, ir. a !.Nev.. KIkton, K Colo.. Klkhorn, s I.Mont Knterpri.ie, g. a ('olo. Kureka Cons., g. s. l...lNev.. Kveningstar, a. 1 Colo.. Florence 'Mont Franklin, c Mich. (iohlCoin, g. a Colo. (iolden Fleece, g. s Colo. Cold .t CHohe.g Colo. (iold i:ock, {?. 8. c Colo. Could it Curry, g. a... Nov.. (ira lite Mountain, g.s. Mont (iranite, 8. 1 Idaho (it. Wesln Quicks' r. (i Cal... Hale it Norcroas, g. s. Nev.. Uariinahala, g Ariz , Hecia Con8.,g. s. c. 1 .. Mont Helena .t Friaco, s. I... Idaho llidnie^, s Nev.. Homestake, g S. D. Hope, a Mont. Hom.silver.g. 8. c. sp. 1 I' tali. Iron Mountain, a. 1 [Mont. Iron Silver, s. 1 Icolo.. Isahella, g <'olo.. Jack Uabbit, g Cal... Jay Hawk, g Mont. Cupltal Stock. ti,.5nn,(K)0 .V)0,OIN) .'>,(HHI,(HKI •2,(K)n,(KI0 2,||0(I,IXH) 1,(HKI,(MI( 2,.'i(KI.(l(Kl •i'ltMHKI ,(K)().(K)II Kl.tKKI.iKM H.T-'iO.IKKI •i,IKHI.(l(K) :i,iK(ii.( •J."iOII.I l..'ilHI,ll()() .i()0,(XKl 1,(X 10,000 10,000,000 t>0,00( .i.OOO.iKX ■2.7.">0,0(K) 2,490,000 21.l>IX),0OO 10,000,00(! 2,000,000 lO.OUO.OOO I..t00.(X)O 3,000,000 .I.IHXI.lXKl 2,(XXt,(KP0 10,('(X),0(X1 .T(XI,i:(K) I.(XK).(KX) .")(K1.(KK) 1,(KX),000 . 1,000.000 500,000 500,000 1,000,(XH) l.OCO.OOO 60o,o:)o 7-50,(XK) .WO.OIK) 10,S00,(XI0 io,ooo,n(X) 500,IK)0 5,0(X).o:)o 11,200,000 l,.i00,000 1,. 500,000 2,.500,000 10,000,000 12,.tOO,000 1,(XX),(XXP 10,000,000 S,000,(XX) 10,(XK),000 2,2JO,o:o 10,OOO.IXX) 1,42J,000 Shares. No. 150,000 l(NI,IXX) ■JXi.lXK) ■IIXI.(XX) l,.'iOII,IXNI 2("),0IXI tn.iHKi 1(H1,(HKI '2.")(I.(XHI tilXI,IHX) 1,IXXI.(KKI lOl.iXX) 100,IKX) 1(X),0(X) •2«XI,(XXI 1(XI,(XX) i.'>0, 20,IXK) lO.IXXI 2(X1,(KXI lill.lXX) .'ilXI,(HX) 27.1.IXX) 2t,%0 21li,(XX) 1(X),(XX) 2(X),(XXJ KX1,(XK) 300,(XX) 1.tO,000 200.IXXI 4(K],(XK) 11X),IXK) 5.(XK) 100,0(X) .5(X),(KX) •>(KI,0(X) 500,000 50,{KX) 50,(X)0 100,000 40,000 1,000,0(X) 600,000 750,000 .500,01X) ms.ooo 4(X),01X) 20O,CXXl ."lO.OIX) 11 '2,000 ,^Xt,0(X) ,30,000 .'500,000 llXi.OflO 125,000 1(X),0(K) 40fl,(XX) 500,IXX) .■iOO.OOO 2,'2')0.000 UX),000 •2S5,000 Dlvldonda. Total raid. tlO t«a'<,.'>no .')0,(XX) 2,7.'iO.ixi 15,3!I7,-2<"I 2I7,IHXI 3(XMXX) l,(i;tO,IMX) 1.«77,.572 3,7'i'),(XHI 12(I,(XXI 1.50.(XX) 43,M.-)0,(XXI 1,530,(XX) 1,!»70,(XK) I l(l,0(X) 1,(mO.(XX) .52.II(HI 3|II,IKKI .MrJ.iUll 277,li"*ii 3,.S!W,,S(XI 10,(MX) I1!I,.5;!'J 77,1X10 7.3.VXKI 2,S.iO,(XX): I.IIO.IXXI l.HPJ.IHHI iHd.lMKl KI.IKHI KXI.IHHI 45,IHIO l,2r2,ixx ,S'25,(XX1 .5,H'2,.'JO0 1,4:»7,.500 :«!,0(Xi 1,240,(XX) 45,0(X) 41»,!»7I' H,3'" 2H,;:>n .3,»2ti,slkl r2,i2n,(xx) N3,I(X) l,.S22.'XKl r2ii,(HKl •2,IIXI,IHMI 425, (XXI 75,U0 5!I2,2">2 5,137,.'>(X) 41.'),(XX) 2,50O.(XX) 45,0(K) 2fiO,(XX) a3,375 Date and Amount of Last. Oct.. ISiW .Mar.. P*'.H> Jan .. l.HiXi April IW»1 Julv. mv> .Inlv. IHill Feb . IH'.ll Feb . 1«)3 Deo . IN!)5 Nov. IS!I5 Dec . IK'.II April l«7li Jan.. IH'Mi Dec . 1H7'.I June ISICI Hec . WM I'eb . IH'Xi Mar.. 1W»3 Oct.. lS,S(t Mar. ISlKi Feb . mm Feb . l.V.)l Dec . 1K1I3 Dec . 1.SS4 Nov. \H'.)l ■lunc li!l3 .\pril l.siW April ISK!) Feb . l!i!)5 Feb . USiW Nov. 1S92 Feb . IS'IS Feb . 1.V.13 Mav. l»it3 Scid. 1S1I2 Oct.. lt!)o Ani;.. 1H!(I .Iimi'. IH!»2 -\ng. ia!« Dec . l«H June I»!I5 May. 1»!(3 Jan.. 1S92 Dec . itwy Dec . l.S AprU 1S91 Dec . 1892 .01 .10 .37'.. .12 ■ .03 .10 I.IXI .02 .03 .0114 .IXI« l.(X) .01 .'25 !io .'25 2.1 K) .50 .(X! .5.(X) MX) I.IX) 2..50 !o2 .10 .05 .01 .15 .115 .W 2.(K) .33 .01 .06 .'25 .'2.5 .(Xi 2. IX) .om .03 .OOM .01 ..50 .'20 .10 .10 ..50 .12 .•50 .02 .'25 .'25 .10 .12M .'20 .01 .10 .12 Name and Location of Company. Kearsage, c Ivenneilv, g LeadvilleCona., h. I Little Chief, s. 1. l-o.... Maid of Krlii, g. s. c. I Mammoth, g. a. 1; May tlower tiravel, g . MayMa/.eppa Con., 1. 1 M eiiMir, g .Minnesota, 1 McdIie (iibson, 8 Monitor, g .Montana, Ltd., g. H... Moose, g Morning Star Cona.,». Mt. Diablo, a Mt. McClellaii, g. 8. 1. Mt. Itosa, g Napa, q New Ouston, g. a. c .. New Hoover Hill, g... .Ncirtli Manner, g. 8 ... .Ncii th liilie Isle, a .Niii ih I 'cim'wealtli, a. North star, g Nugget, g Ontario s. 1 Osceola, (■ Pacific Coast Borax, b Parrot, c Petro, 8 Pliannacist, g Portland, g Quicksilver, pref.,q.. " com.,f|.. (Juincy, c """ Keed National, 8 Ko))inson Cons., 8. 1. .. Kunning Lode, g. s. I.. :Savas;i\ g. s St. Joseph. 1 'silent l''ricnd,g. 8. 1... Silver Curd Coin.,g. a. 'SilN'er King, a silver King. g. a. 1 'silver -Mir. of L. V., 8. Small Hopes, a Standard Cons., g. a.. Storinont, a Swanse.i, g. a. 1 iTaniarack, c Teal & Poe,8. 1 Tom Roy, g Tombstone, g, s. 1 ITrinitv Kiver, g l'iiite(\ Verde, c |Uni(m, g Il'nion I.ea.sing (Victor, g AVoodaide Yankee Girl, 8 Mich. Cal... C.. Colo.. C^olo. Nev. Mo .. Colo (^olo Ariz Utah. N. M. Colo.. Cal... Utah. Colo.. Mich. N. M. C(do.. Ariz . Cal... Ariz . C(do.. Colo.. ('(do.. f^tah. Colo.. Capital Stock. tl,ixxi,flnn lO.INXI.IMX) 4,ixxi.(;ixi lO.IHXI.dllO 3,IXHI,||(XI IO,INXI.IXXI 1,2(X1,(XX) l,IXNI,IXKI 5,000.0; X) ll>,.50 iVl.fXXI 5«(),(xin Jan.. 45.(XX) Oct.. Oct.. Jan.. Dec . Aug.. June. Jan.. Jan.. Oct.. Del! . July. May. "uiie 2,KiX),(i;»7 IH6.IKX) l,0'2.5,rxxi '22'i,(XX) 2i,!i:i« IO,IXXI 7fiO,0:» .IXl'.< .01 .25 .'i5 .03 ,'20 .2.5 .20 .05 ..50 '2.5 ..50 .(X)K .10 1..50 l.(X) .05 .7.5 .01 .02 I.'25 .40 4.(X) .01 .05 .(X)^ 3.(X) .'2.5 .2.5 .10 .'25 .'i5 .04 .10 .10 .05 .10 4.00 .011^ .20 .10 .(MIV. .25 .01 .04 .10 .25 .25 O., Gold. S., Silver. L. Lead. C, Copper. B., Borax. •Nonaflses.sable. tThe Deadwood previ(mslv paid $-27.5,OllO m Elev(!n dividends and the Terra 17.5 000. t Previoua to the consolidation in August lSS4.the California IumI paid $:51,3'20,0O() in dividends and the Cons. Virginia $4 -J.SDO, 000. ISDISTRIAI, SKCIRITIKS SOT RECUHRIY (jlOTED 0\ SEW YORK STOCK EXCHIXJR Name of Corporation. Am. Soda F., com .\ni. Soda F., 1st pfd. .■\m. Soila F., ■2d pfd . Am. Stniwboard Co. Am. liiscuit Co Am. Type F Co.,C(UU. Am. T.vpe F Co., jjfd. Am. (irmery, com... .Am. (iroeery.l.st pfd. .\m. (iroieiy. 2il pfd, .\ni. spirit.s'Mf!r,c(mi .\m spirits Mig. pfd .\m. liank Note Co.. Jlarney.tsmith, com. ]JameV>tSniith, pfd. Celluloid Co riafliu, ir. B.,coin... Clallin. H. K., 1st pfd CUrtin, II. B., '2d pfd Diamond Malch Co.. Kdistiu Klectric. Bn. Kdi.son Electric, N.Y Kpiiena&Wiemann, c Hecker- Jones, ccmi.. lleeker-Jones. pfd .. Herring-Hall, com .. Herriug.Hall. pfd... Honiby'sOatm'l.com lloniby'sOatm'l, pfd Capital Sto(;k Ontat. 81.250.000 l.'iiO.IXXl l.'25(V«Hl K.IXXI.IHXI 10,0(X1,(XX1 .5.(XX).(H«1 4.0(X),IXX) Hxxi.ixxii 410,7.SOl 1,.5(X),(XX)I 28.(XX).IXX1 7.(XX).(««I 7,'2IX).(XXi l,IXXI.I«Ni 2,,5(Xi,' 6.0I"' 3.S2;>, '2.r,(Hi.,ii»i •2..57lt.««i ll,(l(Xl.c«lii .■!,7.50.lXNl, 7,»:i8.ixxi 1,(XXI.IKIII 2.(XXI.i«xl 3,IXXI.(Xlili L.VXi.ixxi l,ai,f\j .... Name of Cori)oration. Illinois Steel Co .. I,,oridard, P. Co., cora Lorillard, P. Co., pfd. Mich, it Penn., c(Mn.. Mich, it Penn., pfd.. Nat. Uice Co., com .. Nat. Kice Co., pfd ... Nat. Lin.seed Oil Co . Nat. Starch, com Nat. starcli, 1st i)fd. Nat. Starch. '211 pfd.. New Yolk Itiseiiit... Procter * (iamble. c. Proctervt<;amble,pfd Pullman Pal. Car Co Singer Machine Co.. Southern Cotton Oil. Standard Oil Co Trenton Pott's, com. Trenton Pott's, pfd.. Trow Directory .c(.ni. Trow Directory, pfd. Wagner Pal. Car Co. Wes'himse Klec.,com We.s'lniu.se Klec, pfd Weat-^ni Union Beef Worth'ton, H . K.,c •i.ixxi.ixxi '2.2.VI.IXXI 2,'25,0(X) 2,000,000, 1S6,.506 :i().ixiii •20.1XNI 20.1XX) .50.1XX) 30.1XX), 2«1.IXX) ISO.IXX) 44, ,507 •22.1!H l^.lt>^ 90.IKXI •22.,5(«l •2'2..i.n(X) 17.,55 2in.ixx) 106.678 sn.ooo l.lti.lXX) .>5,(XX) 20,UU0, April 1. '96; \M% Fell. 1, '93; .5",, ann .\pril'2, 'IX!; '2",. (|y Oct. 1, '93; 4"., ann Nov. 1, '95; 1"« 'N(Vv.'30r'"93':''i'oqy...I Sept. 16, '95; I"„ March 1.5, '91: l"„qy.. -May I. *9;t; 4"„semian Jan'. 3, '93; 6"t, aemi-an April I. ".W; m" Fell. 1.5, '!X> ; S<„ 8emi-an Jan. 1.5. '96; 2"„qy Feb. 1.5, '96: 2"„qy .7'|,qy.... June 15, '95; .T>„ March 1.5, '96; 3"ony-- Fel). 10, '93; 5",, ann... June 11, 'W; 2"„qy.... Nov. 1,5, '92- 2'oqy...I 8"„ann .1 '.'.'.'.'.'.'.'.'.'.'.'.'m'y^xy..'.. Nov. 25, '95; l«Oo Nuv,l,'95; SJi^vSemi-au Rate of Income on Stocks, par value $100. Hi ^ . >,^ > — >-3 >S > — >.^ T-'? ' ±''ZS. -a - o - it '.i i2 n" -r '- ,50 6. 8. 10. 112. 14. 16. 30 .55 5.45 T.27 9.09 10.90 12.72 14.54 18.18 60 .5. 6.66 8.3:1 10. 11.66 i:t.33 16. (Xi 65 4.61 6.15 7.69 9.23 10.76 l-2.:«i 15 38 70 4.'2S .5.71 7.14 8..57 10. 11.43 14.28 71 4.22 5.63 7.04 8.45 9.85 11. '26 14.0S 72 4.16 5..Vi 6.»l 8.3:i 9.72 11.11 IS.'O 73 4.10 5.47 6.84, 8.21 9..5.S I0.!l5 13.(m 74 4.05 5.40 6.75 8.10 9.V. 10. •« 13.51 75 4. |5,.« 6.IX)1 8. n.:« lO.W i:<.33 76 .3.W 5.-2li 0..57J 7.8!) 9.21 10..52 13,15 77 3.89 5.19 6.49! 7.79 9.09 10 .^'^ 1?!18 78 .3.84,5,12 6.41 7. IS) 8.97 10.25 12 ,« 79 3.7915.06 6..T2 7..59 8.86 10.12 I? 65 80 3.75 1 5. 6.25| 7..50 8.ri 10. 1 12.50 81 3.7014 93 6.17 7.40 8.6) 9.,S7 12 *l 82 3,65 4.87 6.09 7.31 8..53 9.75 12.19 83 .3,61 4.81 6.02 7.22 8.43 9.63 12.04 M 3,.57 4.76 .5.95 7.14 8,.« 9..52 11.90 85 3.52 4.70 5..18 7,05 8.'23 8.41 11.76 86 .3,48 4.tV5 5.81 fiii7 8 13 9,30 11.(K 87 3.44 4.59 5-1 • ■" - "1 9,19 11.49 88 3.40 4..54 5. ■ ^',09 11. .36 89 3.37 4.49 5 ' -'.»< 11 23 90 .3..-n 4,44 5 •■88 11.11 91 3.29 4.39 5 : -.79 10.98 92 3.28 4.34 5 1 -,I2« 10.86 S3 3.22 4.30 5. - -.00 10,75 94 3.19 4.25 5..: -51 10,63 as 3.15 4.21 5 : -,42 10..52 96 3,10 4.16 5.. ^.Xi 10.41 97 3.09 4.12 .5,1,. 1.1- 1 ».24 10,30 98 3.06 4.08 5.10 6.12 7.14 8.16 10.20 99 3.03 4.04 5.05 6.06 7.07, 8.06 10.10 100 3. i. 1 &. 6. 7. 1 8. iO. INDEX. Ainericnn SItippinsr: Custom House Record 353 Distribution of tonnage, annual constriicllou and value 30G, 327 A reriitine: Area, population and production 220 Shipments Last page of each Letter BnukH: Clearing House Weeltly Statement, N. Y., 1893 241 Clearings all cities m Deposits, 10 largest Cities 183 General View of United States Banks by States and Divisions 9 New York Ca:)ltal, circulation, deposits, surplus, dividends, book and par value, price ami cl 'arlng number 10, 252 Statement of 3,700 National Banks and failure record 9, 10. 255 Savings Deposits, United Stales, and States named 48, 164 Bnrley: Acreage, production, yield, farm value 3(B World's crop, countries named «8, 69, l.i6, 157 Bontis : Foreclosures of 254, 253 Governmi'nts, held l)y Banks 9 Investment tables, 3.3.6ri, 4, 5, 6 and 2 to 10 per cent. int. table 237, 238, 259, 20!l, 261. 26-2 Industrial properties 2J-(, S37 Listed on, and sales of, on New York Sloclc Exchange 243, 235, 230, 237, 238 Railroad outstandlns, and average Inten-st on 253 Stales, cities, debt. Interest paid, etc SO, 256 Sales on N. Y. and other Stock Exchanges. ... 243,261,267,333 Selected List, Monthly Letter 2a'i, 230, 237, 233 Bnckwiient : Acreage, production, yield, value 305, 306 Farm value by Government 314 Butler: Receipts and shipments at Chicago .307 Ex|>ort price. 317 BiiHinrNH: Building loan associations 32 Energy and Wcalih of United States 104, 175 Earrdngsof leading Industries 71, 111, 187 Employees of leading Industries 32, 52, 56, 120 F.illure comparisons 255 Fire Insurance 32 Manufacturing, wages, production 32, 163 South Amerlcnn 84 Cnltlr, inclndiiiK Cows : Number of, exports, value, &c., &3, 81, 300, 311 <'ereul (.'■■oph: AcrcaKc, and eropwhcat, corn and oals, each State and Territory , 318 Acreage and yield, 10 leading crops S0.5, .St* Farm value, cereals 314 Clietnlcala: Value of product 306 C'oiiiiiiercinI Oi'icnnizsitionM: Leading InlCS cities 350 C'liipp A: C'ompnny : Kiislness methods First page Letter B lok notices and comments First page of Letters ClaiipO. W., Picture I ClajipO. \V., Board of Trade Tickets 5 CI a p p D w I gh I O. , Pic turc 3 onice picture " Our souvenir book. Leading American Exchanges ."lO. 75, 79, &3 Weekly letters, 54 weeks, ending Jan. 2d, 1S9S 15 to 2:!0inclu.slve SampleCopy, Monthly Bond Letter 2:11 to23llnclu.slve Trading Units, &c 847 (' I eii I' i n Kit : CI ties reporting 242 Clearing house record. New York associated banks. . .'. — 241 Cunl: Production and value 306 U. K. production 147 World's productioii and United States compared 164, edition 1394 CoflVe: European and United States deliveries; sales on New York ColTee Exchange, high and low; world's production l)y countries named, visible, Bnizllian crop and U. S. consumption 349 Corn: Acrea'je, yield, value per acre, value of crop, quantity shipped out of county, where grown prior to Marcli 1st 305 Acreage, eoudltion and yield 7G. Iii9, i;9, 185 Acreage, December report, in farmers' hands March 1st, primary receipts, <|uantliy never reported, visilile, high and low, exports, and prl<>e 5i', 115 Average price yearly compared with silver 67 Aciease, condition and yield by States 177 Cash price, Chicago 315 Distribution to countries named 313 Disposed of prior to March Ist 57, 61,68, 156 Export price, yearly 68, 145, 150 Exports, monthly, and percent, ail is of crop 311 ExpoL't season Last page of each I^etter Grown In United States, and value 306 High and low, price, Chicago 76, 315 High and low price, dally and monthly comparisons Last |>age of each Letter On passage, and corresponding week previous year Last page of each Letter Prices New York and Chicago dally, visible supply and stocks Last page of each Letter Primary receipts for se.tson Last |)age of eacli Letter Primary receipts yearly 61 Stocks In Chicago, monthly 312 Visible monthly 313 World's crop for countries named 69, 157 Copper: Production and value 306 PnMluctionof the world compared with the United States 160 1891 edition Cot ton : Acreage by States 112 Acreage, condition, percentage of , planted May 1st 76, 185 Acreage, produc: Ion aid consumption 188 Crop yearly since 183S 284 Conditio:), monthfi and years named 188 July and August reports, condition compared ten years i 144 Cotton seed manufactures, prices of middling cotton, standard sheetings, prints, New York average export price cotton and total export value manufacturetl goods 18S Crop, weight, acreage, j leld per acre, export price, total exports. Southern and Northern consumption and market price, years named _. 68, 156,188,189 Crop details and plantation value, years named 305 Condition, proportion planted, acreage and estimates of Government and Chronicle compared 112 Crop estimates and actual compared, and lint per acre 48 Contract on New York Exchange 285 Clapp & Company's llrst estimate lS9r)-6 crops (October 3d) 176 Deliveries and weight in cacli country 286 Exports, monthly and yearly "24, 277 Export price years named 1^8 Estimates number spliulles In the world 144, 2:5, 236 Exports to Great Britain. France, Channel. Canada, etc 183, 236 Ellison's report world's consumption, quantity to be furnished, 96, 181, 192 Egyptian crop 193 Government report, yield per acre 201 High and low price spot cotton in New York 285 High and low price, daily and weekly, and eorresp Colorado Mlidng Exchange, Denver, Colo., Story and Stock Table... 271 Detroit Board of Trade, picture, history and statistics 327 Duluth Board of Trade, " " " 329 Galveston, Texas. Cotton Exchange, with brief history 2»3 Houston, Texas, Cotton Exchange, picture, history, elc 293 Kansas City, Mo., Board of Trade, picture, history and statistics 331 Memphis, Tenn., Cotton ExchauKe, picture, history, etc 291 Mobile, Ala., Cotton Exchange, picture, hlstor)',etc ' 293 Milwaukee Chamber of Commerce, picture, history ond statistics... 333 Mlnnea|)olls Chamber of Commerce, picture, history and statistics.. 335 Montreal Board of Trade, picture, history and statistics 337 Nashville, Tenn., Board of Trade, picture, history, etc 293 New York Stock Exchange, picture of exterior, history and sta- tistics 243 New York Stock Exchange, picture of Interior, and remarks 245 New York Consolidated Stock and Petroleum Exchange, picture, history and statistics 2(S7 New York Cotton Exchange, picture of exterior, history and statistics 273 New York Cotton Exchanjje, plotuio of Interior, and cotton leiter.. 275 New York Wool Exchange, picture, history and statistics. United States and World 297 New York Produce Exchange, picture, history and statistics 299 New York Coffee Exchange, with statistics 349 New Orleans Cotton E.xchange, picture, history and sales 287 New Orleans Cotton Exchange, picture of Interior, cotton move- ment, monthly, and percentage of crop . 289 New Orleans Proer exported 317 ilorxeH and .llulcs: Number and value 3' G IininiKralion: Number, ports, destination by States 35.1 Iinpoi'ls: Cotton goods, countries named.. 183 Colfee Into U. S 349 Duties levied on fowl prinlucts, countries named 3W Mercliandl.se, coin and bullion. Into U. 8 335 Products Into U. K 302 Sugar Into U. S 819 Wix)l 297 Wheat Into countries named 69, 157 luterewt;' Rates securities net at given price 257 to262&3r<7 IiidustrinI Hccurities: Amount out, shares, last dividends 357 Inspect inn ofUr.ain : Under grain Exchange pictures Iruu: Iron pig, ore. steel and Industries, proiluctlon and value, years named 806 Production, U. S., Great Britain and Germany compared 75 (Edition 1S91) World's production. Iron and steel, and U. S. compared i&j (Edition 1891) Lard: Chicago stocks, contract, quantity, and world's risible 3i.( Cost, and export distribution sig E xport price .•)i i High aiid low prices. Chicago 314 N. Y. stocks, monthly .^n What CIdcago con tract Is .317 Ijend: Production and value 306 Ijiinc: Production and value jog niolasses: Value of production 30s measures: Domestic and foreign Crop Letters and 303, 304 nienibi-r^ihips: Price aud transfer under each Exchange picture List of members Chicago Board of Trade In IS5S now alive, by one of them 309 Money: Foreign coins, value In U. S money 356 Gold, sliver and paper Issues of world, countries named, weight, fineness and U. S. coins S56 In U. S , In circulation, and per capita 179, .",35 Location, and ownership of U. S. Money, The World's pa|>er, sliver, gold and bullion yti, 356 Percentage of used in N. Y. clearings (Edition 1394, p. 216) .tliner.ils: Non-metallic (scattering) value of production 306 Dlinins Stocks: Dividend paying, amount, number shares, par, divi- dend paid and when 337 High and low, j ears named 271 Oats: Acreage, yield per acre, condition, crop 6R, 76, 129, 156, 185 Acreage, crop each State 313 Acreage, yield, value per acre, crop, and crop value 305 Condition, monthly isj Great Britain's crop o^ 157 High and low prices, dally and monthly comparisons Last page all Letters Price average on farm 57 High aud low prices In Chicago, each month 315 Stocks In Chicago, monthly, and visible supply 313 Statisticians estimates compared 201 Visible supply aud stocks weekly, with comparisons Last page each Letter World's crop, countries named 69, 1.57 Oleomnrsariue: Production and value 303 Oiitlooit: Each Letter 28, 44,47, 52, 59. 64, 67, 90, 84, 92, 96, 108, III. ll.n. 124. 133. 140, 143, 147, 163, 179, 1S7, 212, 213. 220. 23 Piclnres; Clapp & Co.'s office, picture of Interior 7 Clapp & Co.'s oHlce, pictures of exterior from Broad street, witu history . . : : ] 1 Clearing house. New York, picture, history and statistics 241) Custom house (U. S.), at New York City, picture, history, and s'atls- tlcs 353 O. W. Clapp's Board of Trade tlckcu since 18SS 5 See Index heading Exchanges for Index to picture of each exchange. Trea-sury lU. S.). Washington. D. C, picture, history, and statistics.. 331 Wall street pictures and history u, n I'opiilntiou : Cities of United States reporting clearings 242 Cities reiiortlng commercial organizations! see corrected reports by Mayoral ^0 Twenty -seven countries where cereals are grown .61 1 j7 States and cities named ^SR U. S., years named 53 I'ork: Contract. In Chicago 317 Chicago stocks, tnonthly 313 Cost on basis of live hogs, prices named, distribution of, packing, 31« winter and summer. 359 High and low prices provisions at C ilcaifo 76 High and low prlcts contract pork at Chicago, monthly 315 Packing season to date and weekly Third page of each Letter Stocks, New York, monthly 317 Potatoes: Acreage, production, value per acre and crop. 305 United States production and value 306 World's production World's crop Letters 69, 157 United Kingdom Crop 93 Poultry: Value of production of all feathered birds andoggs 306 Pr i m ary Receipts : 10 leading points, cereals and flour 311, 317 Provisions : Cost, price hogs given, export distribution, weight, pack- ing, etc., with contract lot In Chicago defined..) 316, 317 Export prices 317 High and low prices In Chicago, daily and for month, compared Leist page each Letter High and low prices short ribs and lard at Chicago 314 Stocks In Chicago, monthly 312, 313 Stocks, each mouth, with comparisons Last page of all Letters Railroads: Countries owning or operating their own 128, 164 Edition 1$94 Oross and net earnings all, mileage, comparisons of roads and groups 250, 251 Inter-State Commerce Commission Report, 1895 233 Receiverships and foreclosures, 1S95, and years named 2.'i3, 254 United States system, operated mileage, annual construction, equip- ment, debts, stock, business, operating percentages, from Poor's Manual 253 Receipts: Cities named under each Grain Exchange picture Sec Exchanges Cotton, dally, weekly and yearly 189, 278 to 284 Cotton at i)ort8 193, 2T8 to 284, 286 Qraln at primary polnt.s, flour and grain at seaboard towns, live stock at Union Stock Yards, Chicago 317 Grain at primary points for season to date Last page of each Letter Rice: Production and value 306 Rye: Acreage yield, crop, value per acre and crop 305 306 Crop, world and countries named 69, 157 High and low prices, Chicago 314 Receipts primary and seaboard points 317 8alt: Product and value 306 Speeds: Flax, cottonand other, production and value 306 8licep: Number and value 53, 81, 306.311 Number In the world, each State of United States 297 Receipts Chicago 317 ^Shipments: Cotton 188, 1S9, 217,256 Grain, under each Qraln Exchange picture. .See Exchanges and Export Silver: Average price compared with grain 67 High, low and average price In London and United States, location of and total mined In United States 303 Production and value 300, 306 Production world, London value 40, 192 Ratio with gold, circulation, weight, diameter, thICKness of coins. . . 356 Selguorage of, deflnltlon Edition iS94 65 World's production, compared with golil 192 World's coinage by countries named, with production 40, 3S6 Stocks: Sales of railroad and other securltlci, cities, years named, 24:i, 263, 265, 267 Dividend record 12 stocks 227 Earnings of leading roads 134, 200, 204 High and low prices of 26 leading stocks 248, 249 Income table 357 Issues outstanding, dividends, years named 253 New York Stock Exchange listings, transactions, average price per share '. 243 Prices and earnings leading stocks compared 88,96, 123, U8 Prices stocks six leading roads compared 48 Philadelphia securities, high and low monthly 269 Tonnage of United States production In 18'.15 208 Sales daily and weekly, high and low dally, with comparisons of 70 stocks, with capital and dividend record Last page each Letter Sales of 214 stocks In 1895 229 Stone: Production (Including clay and products) and value 306 Storace: Capacity and rates for grain, underneath each Grain Ex- change picture See Exchanges Straits: Datesof opening 76 Suear : World's production and European crop 71, 349 Cost per pound lu foreign countries, consumption per capita lu United States, exports, imports and stocks 132, 147, 349 Sliippinir: Tonnage, production and value 306. 353 Salt: Production and value 306 Tea: Value of Importations into the United States 349 Souvenir Book 1893— 1894: Extra editions Press notices of See flrst page of Lettsr* Textile Manulacturcs: Value of production SO* Tobacco: Acreage, yield, and crop 306 Union Stock Yards, Clilcneo: Receipts and shipments 317 United States: Commerce, debt and money 355, 356 Population, debt, wealth. Industries and other items 28, 32, 36, 52, 59, 71, 87, 101, 111, 128, 132, 160, 175, 215 Immigrants, tonnage 333 Production and value .' 306 States having half the wealth of 84— Edition 1894 Treasurer's opinion as to redemption of silver certificates 191 and 53 of 1S94 edition Vessels, tonnage, cargoes, percentage of Imports, exports and per- centage of total trade with countries named 220— 1894 edition United Kingdom Items 44,56,81, 147, 160, 168, 175, R3, 227 Values: Animals and products named, on farm 314 Animals atid prod uct s, as exported 317 Vesetables: Value of production 306 Vienna Grain Congress 301 Visible Supplies: Cotton '286 Grain und lard 313 Sugar 319 WeiKhtn and Meaiiarcs: Foreign and domestic. States and countries named 31iS. .304 When t : Argentine, Ru.sslan and Indian shipments. .Last page of all Letters Acreage, 27 countries, with yield, consumption, imports, exports. .69, 157 Beerbohm's world's crop estimate 65 Cash price at Chicago, monthly SIS Cash price March 1st. (See World's Crop Letter) 63 Condition, winter and spring, acreage, high and low prices In Ch ic.igo 76 Cost of raising 1891 Edition 93 Condition, winter, spring, a:id acreage 76, 129, 185 Condition, winter, spring, acreage and yield, each 129 Yield, comparison, condition and report of statisticans 89, 109, 113, 117, 141, 149, 213 Crop, condition, acreage, and yield of winter wheat, with compar- isons 97 Crop report of December, acreage, quantity never came In sight, visible, exports, primary receipts, high and low, export iirice... 141 Clapp's prediction 3.3, 37, 41, 45, 49, W, 61, 77 Disposed of prior to March Ist jk 60 Equivalent foreign fluctuations, Measures, first arrivals of, and first wheat sown lu U. S 303 Exports of, monthly 209, 2ii, 311 Farmers' lands July 1st and March 1st, various reports compared.. S7, 1*25 Farm price 67 Government reports, wheat, corn, oats and cotton about the 10th of each month See L<'t ler.« High and low prices, Chicago 76, 315 High and low prices. New York and Chicago dally, and months compared Last page all Letters Harvest season, yield per acre, measurements, U. S. e'lulvalent, other Information 60, 157 London prices, years named .104 On patsage to Europe, and Black Sea, Argentine, Australian ship- ments ; ludlan shipments 302 Movement, &c 161 Primary receipts, exports, visible supply 25, 311 Percentage lu farmers' hands and .shipped out of country where grown prior to March 1st 305 Primary receipts 25, 311, 317 Production and value 306 Primary receipts, monthly, calendar years, and 6 months ending Dec. 31st and June 30 crop, percentage delivered, exports, visible 209, 2-25 Stocks In Chicago, visible supply, export distribution, percentage of crop exported 31S Stocks afloat New York and Chicago weekly and comparisons Last page Letters Visible supply each week and comparison La.st page Letters World's crop letters. U. S. acreage, yleid per acre, crop In bu. Farm value per bushel and acre, crop value, weight 68, 69, ISfi, 137 Winter, spring, production. Trade Bulletin and other statisticians' estimates 113 Wool: Number sheep anil clip by States, number In world by countries, sales In leading cities 297 Number of new textile plants and spindles by divisions 297 Production and value 306 Sales lu l>ondon and foreign and domestic In Boston, Importations, percentage of consume 1^5 960