354 



FINANCIAL REVIEW OF 1885. 



Western farmers are understood to have mar- belt the producers generally disposed of their 



keted the hulk of their crop, hut in the ex- grain early in the season, obtaining in most 



treine Northwest large supplies are stijl held, cases satisfactory returns. Taking the prices 



awaiting better prices than those now ruling; in the New York market on or about the 1st 



the farmers being able to wait, having realized of January each year, and the total yield for 



enough for their present needs by the sale'of the previous season, we have the following ap- 



flax and other products. In the winter- wheat proximate results in quantities and value: 



Railroads. The trunk-line war which began 

 during the fall of 1884 was vigorously prose- 

 cuted until July, when, negotiations having 

 been completed for the settlement of the differ- 

 ences between the Vanderbilt and the Penn- 

 sylvania interests, growing out of the construc- 

 tion of the South Pennsylvania, and consents 

 of a majority of West Shore bondholders to 

 the proposed reorganization and lease to the 

 New York Central having been obtained, the 

 war practically ended, although it was not un- 

 til early in November that rates were restored, 

 the pooling contract between the trunk lines 

 and their Western connections having been 

 adopted on the 6th of that month. This con- 

 tract embraced freight and passenger business, 

 and its acceptance by the Baltimore and Ohio 

 was made conditional upon that line obtaining 

 New York facilities. Pending negotiations be- 

 tween Mr. Garrett and the Pennsylvania for 

 an outlet to this city, the Baltimore and Ohio 

 made arrangements for building an independ- 

 ent line from Bound Brook to Eliza bethport, 

 N. J., intending to avail itself of a bridge over 

 Arthur Kills and the terminal facilities of the 

 Staten Island Kapid Transit Company on the 



north side of that island. This movement only 

 partially deranged the plans of the other trunk 

 lines, and the restoration of rates was subse- 

 quently ordered by all the roads except the 

 Baltimore and Ohio ; this line, however, mani- 

 festing no intention to cut either on passengers 

 or freight. The lease of the West Shore to 

 the New York Central was enjoined, but the 

 road was sold for $22,000,000 to individuals on 

 Nov. 24, and, the suit having been settled out 

 of court, the road was reorganized and leased, 

 as originally contemplated, on Dec. 4. With 

 the exception of a temporary misunderstand- 

 ing in March between the Pacific Mail Steam- 

 ship Company and the Pacific railroads form- 

 ing the Transcontinental Association, a disa- 

 greement between the granger roads later in 

 the spring and a rate-war in which the East 

 Tennessee and other Southern lines engaged 

 during the summer, the relations of the rail- 

 roads in the West were generally harmonious, 

 and, compared with the same time in 1884, the 

 earnings exhibited marked gains. The follow- 

 ing shows gross and net earnings of the princi- 

 pal trunk roads, the reports, except for the 

 Pennsylvania, being made for fiscal years: 



* Eleven months to November 30. 



The Stock Market. There appeared to be a 

 more confident feeling among stock-speculators 

 at the opening of 1885, and a conviction that 

 the period of depression was nearing its end. 

 The announcement, during the first week, that 

 an anthracite-coal combination on an allot- 

 ment basis had been agreed upon, encouraged 

 a rise in the coal properties. But the improve- 

 ment was checked by a war of rates between 

 the rival telegraph companies, and by the fail- 

 ure of the trunk lines of railroad to restore 



passenger rates, owing to the opposition of the 

 western connections of the New York Central, 

 thus indicating a purpose on the part of Mr. 

 Vanderbilt to vigorously prosecute the war 

 against the West Shore. The news on the 16th 

 of the failure of John J. Cisco & Son had an 

 unsettling effect, particularly upon Louisville 

 and Nashville stock, and Houston and Texn 

 Central bonds. The announcement that t 

 Pennsylvania Railroad Company would refuse 

 to act with the coal combination had a dis- 



