Newspapers / The North Carolinian (Raleigh, … / Feb. 25, 1897, edition 1 / Page 1
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idSD0 . IMP ; ttlBC 800000 (IDm 03fl(B(Bft)8QOQtl; VOLUME XXIV. NUMBEE 9 RALEIGH, NOKTH CAROLINA, THUBSDAY, FEBRUARY 25, 1897. PRICE $1.00 A YEAR TH The 'Senate mmittee appointed to in vestlgiiie the making of the lease of the North Carolina railway "to the Southern in accordance with a memorial by the directors asking, the same, came togeth er at 4:10 yesterday afternoon in the State library. There were present: Senators Grant (chairman), Alexander, Butler, Whedbee, Abell, McCarthy. There were quite a number of gentle men present, including Vice-President Andrews and the directors, Judge Avery, Capt. W. H. Iay, Ool. m Henderson, Mr. Fab. II. Basbee. ' Senator Grant announced the object of the meeting, saying that parties had been - summoned, including Mr. Hoffman, who replied that he could not foe present Monday, and had summoned also Jixiitor Josephus . Daniels (it was here- made knowli'-to Senator Grant that Mr. Daniels would be back this morning, having been ftnndav nisht called away on urgent business by telegram.) Judse Avery asked what was the ob ject of the meeting. Senator Grant said it was in obedience to the memorial of the Directors asking for investigation of charges of fraud. Judge Avery asked who' was the other side. - Mr. Fab Busbee came to the rescue saying that it was the party AHho made the charge. " Senator Grant thought the particulars of the memorial were well known, but he read same in full including Hoffman's offer, the Governor's message and the memor ial of the directors. Senator Grant" was willing for each side to be represented. Capt, Day want ed to know who were the two sidles. Sen ator Grant said the Seaboard Air-Dine and the Southern Railway. Capt. Day proceeded to CTOssexanime Senator Grant seemingly to his discomforture, and Sen ator Grant said that the non-action on this investigation before Friday would nreelude any action on the bill that day. Capt. Day insisted that the bill and this investigation were two distinct proposi tions: but 'Senator Grant sa'id the com mittee intended to report on this matter before the bill was taken up: Capt Day still failed to see the interdependence of the two propositions, and said if the committee elected to make Mr. lion: man a party to this, he suggested that the .committee would wait until Mr. Hoffman arrived. Capt. Day could not conduct the cross-examination until -he had seen Mr. Hoffman, and Mr. Hoffman had said he could not be here until after Wednes day. Mr. Manning said. that. Mr. ttoEbman having made a charge should be here to meet it. 'Capt. Day wanted to know what the charge was. Mr. Manning said it was the charge that he had not been able to' bid. "On equal 'terms," said Capt. Day. - . . The Hoffman telegram was gone over, when Senator Grant tapping the desk replied rather testily that this commit tee had determined to finish this matter before Friday. "If the committee can stand it.God knows I can,"answered Capt, Dav. "The committee can stand it," an swered Grant. "Whether you can (get the merits of this question or not you are determined to finish it before Friday. "Yes." replied Grant. Judge Avery did not think this was the place for investigation; he thought the courts the place, and it tnis investigation was to have a hearing upon the merits of the bill, it should be conducted ac cording to the rules of court-investiga tion. Capt Day wanted to know if it was Hoffman or the Governor whose com munication was offensive, and if it was the Governor, why was he not represent ed. If we had to have it investigated fully, then don't say you will close it by Friday, let it foe- investigated in the broad light of heaven, wait for Mr. Hoff man who can hear the other side. The interchange continued spirited between Day and Grant, Grant insisting that the investigation should be finished before Friday. "Whether you get through with it or not," added Day. "Yes we wiUclose it up before Friday," said Grant A short lull when Capt Day said that of all the men who would not want haste in this matter were the directors and he would get Mr. Hoffman here as soon as possible. Capt Day said that it was the lease ball that was ordered to be re ported Friday and not the investigation. Mr. Butler said he introduced the memorial, and it was fully explained as an investigation of the charges made in the memorial. He asked if this investiga tion had anything to do with the bill and he was answered in the Senate that it did not. He failed to see any connec tion between this investigation and the bill. The directors were high-toned hon orable gentlemen, ..and he would like to know if they wanted to hear one side, without hearing the other. Senator Grant said that thois meeting was pursuant to a previous one. 'Mr. Manning said one of the Directors had come from Bridgeport and the other had had court adjourned in order that he (Col. Overman) could, be here. . Capt. Day said he asked until to-day, and he would then go on whether Mr. Hoffman was here or not Col. Over man said he was here only until Friday by leave of the Judge who adjourned court. Capt Day said, "Col. Overman could be examined and let off." At any rate, Col. Overman was called and sworn. Col. Overman said: "In June, 1S95, he was president of the North Carolina rail roadeompany and had received a letter from Col. Andrews, enclosing another from President Spencer containing a prop osition, saying, that the lease of the North Carolina Railroad expired in 1901, and they wanted to get this matter on a TING ; permanent 'basis, and if there was any danger or renewing the lease on faTora ble terms; (he would like to know." Col. Overman (letter read) replied that if desired, he would call a meeting of the directors. Accordingly Col. Overman called a meeting for the llfch ot July. Col. Andrews was "there with a proposi tion to leasethat he had an option on the Atlantic and Danville from Danville to Norfolk, also a road called the North Carolina Midland with only a 30 mile gap to get a line through to Charlotte. If they could not get the North Carolina Railroad they would consolidate these oher roads, but preferred the North Car olina Railroad for the purposes of a ereat Bast and West line as well as a grea&tNorth and South line," but if they coiikP not get the lease renewed they wanted to take up the betterments, but they were willing to pay 6 per cent and taxes. Col. Overman proceeded on imma terial points, saying finally that he . was afraid they would . take up the better ments. Q. Capt. Day: "What did you think they could take up, Captain?" A. Col. Overman: "I thought they would take up the heavy iron, engines and cars and leave us some old cars and engines Col. Overman thought' the Mocksville and Mooresville gap could be built for $3,000,000 (He meant $300,000.) Then the Raleigh meeting was gone into. The directors first : agreed to demand taxes (the meeting was 23rd July) and the other terms were agreed upon except as to time. After this, a meeting was called for Burlington. Mr. Spencer, their attorney. Mr. Ryan and Col. Andrews were there The board at first refused to lease the road for 99 years, but agreed for 50 years. Then a committee composed of Mr. Maxwell, Capt. Alexander and Mr. Spruill reported the 50 year agreement The resolution was carried to Mr. Spen cer, who returned answer that they could not take it for less than 99 years, and then this concession was made two (for 50 years)- voting against of whom Col Overman was one. He had it from consul tation with friends then that the lease was a good business transaction. The meeting to ratify later was at Greensboro he was not there. There was no secrecy. Mr. Maxwell had seen Mr. Hoffman, who had declined to bid. One thing con sidered was the ability of the lessee to carry out the terms of the lease, and that inleasing it to the Southern Railway Company, they would have better sc- curity, as. the road was necessary to the j Southern for its life. In 1885, he was sent for by Governor Scales, who told him he thought he would have an offer of an extension of the lease of the North Carolina Railway at 8 per cent, and he was inclined to favor it, and had asked him (Col Over- man) to look into the matter, j Since then he had been giving attention j to . the North Carolina Railway. His j father had helped to build the road, and naa soia nis stocK at a low ngure, wnere- ; as he (the witness! had seen his stock go up from 90 cents to $1.35. The rental of the North Carolina Railroad had never been defaulted on because the link was more net earnings under the Southern necessary. Mr. Manning drew out by than under Joe Turner or $367,000 a questions facts favorable to his side, but " gainst $340,000 under Joe Turner. Col. not material to the main outlines. j Overman said his attention was not call- Cross-examined Day: "Do you know ed to this. Col. Overman stepped aside, what they pay for the Atlanta and I Gen. Hoke was sworn and took the Charlotte?" I chair. Overman: L aon t know never been over it in my life. . DefPJJld you.,know were Day- mg $1,750 a mile? ' Overman: "No." Day: "Was not the best way to ascer- : tain -the value, v to enquire into the price paid for that road?" ; Col. Overman went into a history of the lease in 1872 at 6 per cent and no effort was made to annul that lease, and I thought that 7 per cent now was a good price. Day: "Don't you think that it was your duty to compare the price paid for that road with the price paid for other roads?" , .Overman: "We knew the value of our property. I do not think any property in the country had such a condition to return the property in its original condi tion." Day: "Did you confirm your opinion of the value by comparison with other roads?" Overman: "I knew the vaue of the road, and that they could return it stripped naked and bare; I thought it was a good trade and that was the con sensus of public opinion." Day: "Don't you think it was your duty to ascertain the value of other similar railroad property?" Overman: "I was so well satisfied it would be a good trade, as to rate, taxes, organization expenses, with betterments to go to the lessor that I was willing to make it for the short term, and not for the long term." Day referred to Judge Burwell's re mark that this was the best railroad property in the South and if that were so, was it not worth more than $1,750 per mile, the amount paid for the At lanta and Charlotte Railroad and do you call that a good trade this road leasing for $1,150? Overman: "I wouldn't say it was a good trade if the Atlanta and Charlotte Air-Line were surrounded with the same conditions as the North Carolina Rail road f Day: "Did you look into the gross and net earnings of the road?"; Overman: "Yes, but I am not able to remember them now." f Day: "Didn't you know that one report of the Railroad Commission showed that this road was earning.. $6,400 a mile-and another report said that it was earning over $10,000, and that its expenses were not over 58 per center . He did not remember.- Dav: "Did . not Governor Scales' scheme include the Atlantic and North Carolina Railroad at the same price? Overman: "I knew it was mentioned,. but do not rememberr that st was in cluded. D-'Did K the Atlantic and'Nortfc Carolina Railroad was not earning any dividend? . Overman: "Yes, sir' Day: "Under the terms of lease, .was not $130,000 worth of property to b,re- turnedr V Overman: "They have given, bond. Day: "Were not these terms of the Southern lease to return tne. property or pay for it r' i Overman: "Yes." Mr. Overman said $175,000 was up in the Charlotte Bank for the $130,000; but Capt Day insisted, suppose the Southern did not give up the lease for 99' years would you make them a present of the i $130,000? After a-fluter; Grant exclaim ed: "If you get through with only one witness the committee is going to report." Capt. Day now went into the matter of Overman and Spruill not agreeing: to the 99 year lease, which brought out the ; statement from Overman that he had heard that Andrews would have" yielded had it not been for Spencer;. : : The question of $130,000 inventory was then gone into, which Col. Overman' said was secured -by $175,000 clause in the lease. Capt' Day asked' to have the clauseread. Col. Overman's conference with the Governor was discussed, Capt. Day asking if he told' the Governor of the ' threat to parallel, which he said he didn't remember. Didn't Col. Overman know the Legislature could- repeal the eharter? Capt. Day skipped to the Atlanta and I Charlotte, discussing the radness of the ' Charlotte discussing the arrdness of the paring the value of- the- two roads. ' "Well, that'll do!""exclarmed Grant and the witness was dismissed. . Mr. Manning asked if any conpensa I tion was paid him for making this lease. . "No, sir," said CbL Overman, "and the people of North Carolina know I have been fighting railroads- all my life." Capt. Day expressed surprise that such a question should be asked of Col. Overman. At 6:30 the committee adjourned until 8 o clock. NIGHT SESSION. The committee' reconvened at' 8:15 and Judge Avery stated, at the outset, that v I 'T- T rT that as his communication had been used lJLS TLLZ v., c,, mj. uii-b a sua ( w iiuyeacu was xransacuon eicner on the basis of fraud or otherwise, and, to that end h wished to recall Cbi. Over- man f or three questions Col. Overman took the stand, and Judge Avery elicited the reply that he had understood Mr. Ryan accompanying Mr. Spencer to. Burlington was counsel for the company. Second, that the threat was made by Col. Andrews (not by President Spencer) that a parallel road would be built. Col. Overman did not hear anything from Mr. Spencer. Third. As to the gross-earnings of $6,- mne nas aneniaon was not called to it nor did he look at the reports of . the Railroad Commission. Judge Avery asked Jf there were not only $27,000 t Gen. TTm.kp had hfn rTivtnir tuitIv 20 years of the North Carolina Railroad ; m answer to Mr. Manning. He had con- ! structed the Georgia Carolina and North- ! T-r ern raauroaa. iie now was one or rour di- rectoTS represent mg the private stock, kiwi wus hi isurnngton, wnere quite a large block of stock was represented. Gen. Hoke voted for 99 years, and stood by it and all the private stockholders were in favor of the action taken. Gen. Hoke told of Ms 20 years connection. Then the stock was selling at $35 a share; now what has produced that, not the road bed and stock which could be ac quired for less.Jhan those. What caused this was the certainty of the rental. Then about the construction bonds when they were due Gov. Jarvis was very much disturbed as to the matter of foreclosure on the basis of stock at $35 a share. In the refunding scheme, the bondholders agreed to give up $240 in terest and the new bonds were issued for 40 years, following which came, as a con sequence, an easier adjustment of the State debt, as the 6 per cent bonds would rise and the 4 per cents would rie, and the people would come cm under the impetus and give impulse to the bonds which quickly went from 60 to 90. Gen. Hoke spoke of the distinguish ed personnel of the Board during the last 20 years, the growth of the road and its present fine status. As to com parison, there' had been comparison with the Western and Atlantic from Chat tanooga to Atlanta in which case the terminals were the main elements of value. The Atlanta and Charlotte went at a rental of $468,000, but it cost 4 times as much as the, -North Carolina Railroad and the Southern, moreover, controlled every road that tapped the Atlanta and Charlotte which was not the case with the North Carolina Rail road. As to the development expected in the next 99 years it may be well known that competitkm keeps up with de velopment As to the restriction upon parallel roads, it is well known that the history of North OaToiina is that any man who has the money to build a road can get a charter. He, mentioned the charter from Monroe to Winston granted by this legislature, which gave a parallel .1 -v - t , . to the North Carolina Railroad, in the Norfolk and Western. Then the Mocks- rule and Mooresville possibility was tra versed agam. ,-::,.., - v- ,. . -"V ' They couldn't get the road to put up lease money for ten years; -they would build the road for themselves; lease mon ey for one year was all that could be ex pected, but the certainty of rent was the prevailing cause with us; the old Rich mond and Danville bad paid us m its direst times, bat beyond that was the railroad situation which was controlled Atlanta to Norfolk the. era. liie road, the General thomrht . bad expected to get the road for less: but with a long lease, they could give more because they could afford thus to put more improvements upon the road; they had spent! already 5100,000. Capital coma. be driven so far and no farther; the man who has the money is alwavs too smart for ; him who hasn't. As to the inventory, a ' complete one rau uwu lil ft.tr II, WHICH Was Hi LlK? CapU- talization of $4,000,000. He told how the inventory was taken, and about the bond of $130,000 which had been given to se cure the restoration of the property. They could have declined to put any improvements for even then on the road until 1901, it would ;have been in as good a condition as when" they received t which was according to the terms of the old lease. As to the receipts, he said the gross receipts were $1,429,804, the local gross receipts being $615,000, the through re ceipts being $814,804. But these local .receipts are increased by the connection of the North Carolina Railroad with the Southern, and call it threats if you will but business is business, and everybody taifees care of tonxself ; f, the Southern were taken away from the North Caro lina Railroad, the local receipts would be reduced to probably $500,000, which allowing 60 per cent for operating would leave $200,000 surplus. As to. per j cent the Delaware - and Lackawanna j sells for $175 a share pay ing only 5 per cent The North Carolina Railroad practically owes nothing. In answer to questions from Mr. Manning. s Gen. Hoke said the Southern would not ; pay the present rental long for the At- i lanta.and Charlotte; they would build i first; as to the Western and Atlantic, it I was the funnel into Atlanta of the whole LKraisville and Nasfovdlle system. From the competition now to tidewater at Nor folk, he thought the State had secured a perpetual rental. CrossxaiminiatkMi by Judge Avery, as to the local gross receipts, why should J the Wilmington and Weldon road cost only 58 per cent, when the North Caro lina cost more? The General said he tending to 4 ot nW Jna referred to the reports and asked why cia , tw,;.!- ia 1 returned last year at $25,000 and this year at $5,000. The General didn't know. ma uiw0 vA i i,n would ma-ke as much now under present competition as it did in Joe Turner's time. The next point brought out was that the Wilmington and Weldon was in the same condition now as was the North Carolina railroad before the lease and was yet masking 42 per cent net. "Was there not machinery in Burling ton in 1871?" "Yes, and it would be put back if demanded. Dad he think that they could put the same old iron rails there. The iron, eaid the General, would cost more than the steel. The j General's understanding was that thev id n a-A ham a w r. ... Ti i rnn5 n Hru ti,,f .irinl ! There was some delay at first about nut- ting up securities called for by the lease. By Day: "What wras the character of $130,000 securities. The $130,000 had nothing to do with the $175,000 securi ties put up for the lease money, the mar ket value oit which was $198,000." It was reported 58 per cent to operate fliA Wjforn vwvi rtomii'M toiM a 72 per cent to operate the North Caro- I lina Railroad. The General thought the I differpnr ma on sjvmi,t-Af irlliTitr. . - ' - - - ; stoojc c'rarged up to the North Carolina Railroad. The fact was brought out that in the General's opinion it cost more to run a railroad through a (mountainous region than through a level region. The General said the 'private stockholders endorsed their action to this day. The points tapped by the Atlanta and Char lotte (about 7) were given, all operated by the Southern. Capt Alexander: Told about the Hoff Capt Alexander: ; Told aibout the Hoffman bid. Hoffman, St John Mr. Maxwell and Col. More head present He received a note from Mr. Tompkins to meet these gentle men, when Mr. Hoffman began arguing the "making of the "lease, after which Capt. Alexander had remarked that the present tenant had made an applica tion and if terms were satisfactory, he was willing to let them bae it He asked, hini would he make a bid: Hoff man said J "not now, they will run the roaoi dowij on me." It was within three days after the interview with Ool. An drews (sometime in July suggested Mr. Manning.) The story of the lease, Capt. Alexander thought sufficiently covered by Gen. Hoke. Cross-examined by Judge Averyt Capt. Alexander was made president at the in stance of I Gov. Oarr. Did not see Gov. Carr until after the intervief with Col. Andrews,1 when Got. Carr said it ought not to be leased at less than 7 per cent. (.About two weeks between the Raleigh meeting and the Burlington meeting. Gov. Carr gare him no advice about the lease Carr gave him no advice a bout the lease until the Captain mentioned it when the Governor suggested the seren per cent lease. Didn't get his opinion.erther directly or indirect--ly, but acted on his own judgmentJAt Burlington, there was opposition to. the 99 year ! lease, and here he told of the 50 year resolution told by Col. Overman.. The Captain favored 99 years and did not want to go to see Mr. Spencer. Mr. Spruill did not go to see Mr. Spencer on a 30 year basis, but was . with the Captain and not in advance of him, as j suggested by Judge Avery, offering 50 years together. The Judge suggested that Mr. Spruill was talking 30 or 50 years with Spencer when Copt Alexan der came up and proposed 99 Tears, but Capt. Alexander said the Directors had passed 50 years, proposition and that he had told them that he would not to to sspencer it . they would back down. The Captain had stated to Col Andrews and then to tspencer that he was in favor of 99 years, but had said at the same time S 50 year proposition. The Judge said that his information was that Mr. Spencer was debating the 30 years or the 50 years lease When Alexander broke in with the 99 year opinion. Cap- tam Alexander said that Snen- cer was not against a 50 years lease, but not with improve ments. .There was old ground covered about the $130,000 improvements.. Did a majority of the directors prefer a 99 years' lease? Capt Alexander didn't know." Some of the directors thought it was better politics to make a 50 year proposition. If he had been going on politics he wouldn't make any lease at all. He thought the DeoDle might'be thrown into a political furor as they would not know the conditions he took it as merely a business transaction. Didn't you represent the Governor? Yes, I was suggested by the Governor. I con sidered that I was as much bound to the humblest stockholder as I was to the State. I was considered one of the eieht directors on the part of the. State (all tnese answers suecested bv ' -Jndm Avery's rapid questions.) The four direc tors represented $1,000,000. Wenm yout a trustee for the $3,000,000 stock held by the people? I was the m-esident of the North Carolina Railroad, and was responsible to the humblest stockholder as well as to the State. The Judge insisted that he represented the neoDle. but the Capt. only modified this by saying he was president also, of the North Carolina Railway. Grant: "We've gone along far enough on mat imer. A Very:. "I am only trying to develoo the subject.' road between April and August?' jvu uuj vi bcu 'uj e m me Yes, sir; I bought ten shares which I own to-day." Capt. Day reviewed the Hoffman meet ing with the Captain refreshing his mem ory with the result that Hoffman asked him to put off the lease until 1901. but not,, capt Alexander, thought -with ref- erence to bidding, but Mr. Hoffman, he sand, was describing how the country would grow in that time. Then the East and West and North and South and permanent arrangements story was reviewed over the old ground, noting that it was nearer to Norfolk by Danville than through Raleigh. : Ool. Andrews didn't take the shorter route because he didn't wanj to leave Raleigh. (lvaugnter) ' Mr. Maxwell: "llwas ai.'tae Hoffman interview; told what led up to it the in terview with Col. Andrews, etc., and in sisted on Col. Andrews paying 8 per cent., which he said he would not recommend to the company. . We reported to the Gov ernor, who left it to out judgment, but insisted on at least 7 per cent. He told Editor Caldwell in Charlotte that he thought the lease would be for 99 years, He received a letter from Mr. Tompkins (a director of the Seaboard Air Line), asking the Hoffman conference, and Mr. Tompkins Urged them not to -niVe the lease. Hoffmnn wjis jpVo1 h Wxnnrlor Tr ' fjxhl Mft!- ti !!!. Tie said he ,.-in !';! -, rao bouthem would run the mad down on him 'and then the Mocks ville-Mooresville incident all the consulted with agreed that it was best not to wait, and he thought if they waited for any possible bid from Hoffman, the road would be run down on them. v He advised some children not to sell, who were his clients (this after the lease was made), and they insisted on selling; he offered it to Mr. Pegram at 115, who woul not give that then he took it at 115 and sold it two days afterwards at the same figure. v In answer to Judge Avery: He didn't think the people were well informed about the lease, but that the press created a public sentiment against the lease. He did Dot consider himself bound to do any thing else than what he thought to be best for their interests. 'He felt that the press were not representing the people, that the arguments advanced by the press were answerable, and many of them were false. Judge Avery suggested that the people, had a right to keep them from building a little $300,000. Mr. Maxwell building a little $300,000 connec tion. Mr. Maxwell thought some might want to exercise such a right and some might not; anyway he was afraid it might be built As to counsel, there was present Mr. Leslie Ryan, as sistant general counsel of the Southern Railway, headquarters in Washington. He went initio net and gross receipts, estimating GO per cent for expenses: he didn't know that the gross receipts were $0,400 per mile; didn't; they report the North Carolina as the least profitable? Mr. Maxwell thought not. The Judge said they made that report in 1896. Did he not know that $367,000 net was all the profit reported in 1896, and Mr. Turner reported in 1871, $340,000 net He did not. He had. always heard that the Smith lease was a magnificent trade. Ought you not to have inquired what was their net profit? He had heard they paid an 8 per cent mortgage with a 6 per cent, dividend", but of this, in answer, he said he knew not! ing. Tlif chairman got rest less again, and said they were threshing mey were tnresJung old straw. Judge Atrry n as ue 1 i J. 1 , I i. ': to be interrupted. - Captain Day asked could Mr. Hoff man have bid under the circumstances. Mr. Maxwell did not think Mr. Hoffman was in a position to bid intelligently. .Here Grant announced that the com mittee would meet to-day at noon, be in session two hours, at which rime the in vestigation would be at an end. This was received with exclamations of aston ishment by those representing the anti- lease people. And.-so the "investigation was stopped short, never to goattH until two hours to-morrow." WEEK MORE HOPEFUL Dissolution of Steel-Rail Pool Helped Things Along. OTHER THINGS GAINING BUT LITTLE INCREASE. IN DE MAND FQR COTTONs GOODS. A INCREASE OF FAILURES 24 Prices Have Decreased in Wheat. Flour, Oats, Coffee, Cotton, Rosin and TurpentineBank Failures More Serious. . New York, Feb. 19. R. G. Dun & Go's weekly review of trade to-morrow will say: A large increase in the iron and steel business on acount of covering eight to twelve months production of the largest works, a better demand, fior woolen goods and .slightly better for cottons, a gain which may prove lasting in boots and shoes, sh'ghtly better prices for wheat, cotton, wool, iron, and money market well adapted to encourage liberal 'pur- - chases against future improvement la business, have rendered the last week more hopeful than any other since early in November. The heavy excess of mer chandise exports over imports in January, the continuance of exchange rates show ing that Europe is still largely indebted to thvs country on current account and the prospect that Congress will adjourn without any distrubmg action,- nil have their favorable inHuenee upon the money market and upon future undertakings. In nearly every branch, the great iron and steel industry feels the upward im pulse supplied by purchases of steel rails. Nearly all the- great railroads of the country have seized the opportunity to supply themselves with rails for one or two years requirements. Other industries are gaining also, though . less conspicuously. The recent decline and subsequent rise in raw cotton have not materially affected the manufac ture, which, "is gradually getting rid of its accumulated surplus, though there seems to be but little increase as yet in the demand for goods. "s- The heavy exports in January, follow ing, the unprecedented excess of exports over imports of merchandise in the four previous months, are largely due to the fact that neither the wheat nor the cot ton markets have been materially con trolled by speculation. Wheat dropped to 80.75. cents, but rose to 83.25 cents, with no important impulse except the con viction that recent prices have been low enough. The Atlantic exports, flour in cluded, were only 1,235,375 bushels for the week, against 1,810,304 last year, but for three weeks have been 5,090,471 bushels, against 5,448,429 last year. The Western receipts are still small for the week, only 1,507,845 bushels against 2, 415,558 last year, and for the past three weeks only 4,099,240 bushels, against 8,328,771 lest year. Meanwhile the Western receipts of corn have been well nigh double' 't- year, . :vt for three weeks tb( Atlantic clitoris juye been 6,317,214 bushels, 'against 3,234,899 last year. Evidently this movement is dis placing many million bushels of wheat in foreign .consumption. Failures for the past week have been 303 in the United States, against 289 last year, and 58 in Canada, against 66 last year. . : . - BRADSTREETS REVIEW. New York, Feb. 19. Brads treets to morrow will say: General trade shows " more improve ment, features of which are the ad vances for Bessemer pig iron, steel' bil lets, steel rails, some grades of wool, raw sugar, Indian corn, pork and lard, and for print cloths, with an upward tendency for leather, together with a number of metal and textile industrial establishments which have re-opened within the week and an improvement in recent railway earnings. Among more important staples for which prices have decreased are wheat, flour, oats, . coffee, cotton, . rosin and turpentine. The unexpected weak ness in wheat and wheat flour prices forms the best evidence of the lack of confidence by the trade and general pub lic in official reports of the size of the domestic wheat crop last year. Total business failures throughout the country have increased, numbering 325 . this week, compared with 301 last week, 276 in the third week of February, 1896, 327 in the like week of 1895, 235 in the corresponding period in 1894 and 202 in the like week of 1893. There were 197 suspensions and failures of banks, bank ers and loan and trust companies in the United States, as reported to Brad street, last year, compared with 135 in 1895, only 89 in 1894 and contrasted with 598 in the panic year 1893, when the total"' of estibated 'liabilities amounting to more than $170,000,000 than total indi cated assets. Only one third the number of banks (National, State, Savings, Private and Trust Companies) failed or, suspended last year that were reported embarrassed in 1893, and the redaction an total esti- j liabilitiefl in the same propor- f. Tf uat. Bu rrth i-r.mt. I r icoo : ;a;, assets of embarrassed banks in. 1896 were $9,000,000 smaller than the 'total estimated liabilities. We understand that the directors of the Atlantic and North Carolina Railroad, at their recent meeting in Goldsboro, de clared a dividend of 1 per cent., which makes8 nor cent, this year. The treas- ary of Lenoir county will be helped out $500 by this dividend. Kinston . Free 'Press, ! 64 $1 I
The North Carolinian (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 25, 1897, edition 1
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