FINANCIAL REVIEW OF 1885. 



357 



passengers and freight, and this news farther 

 stimulated the rise in these properties. The 

 Baltimore and Ohio refused to become a party 

 to the agreement until it obtained facilities for 

 New York business, but this fact was not made 

 known until the third week in the month. 

 Arrangements with the Pennsylvania for an 

 entrance to this city proving unsatisfactory to 

 the Baltimore and Ohio, Mr. Garrett on the 

 20th made an agreement to use the terminal fa- 

 cilities of the Staten Island Rapid Transit Com- 

 pany, and announced his intention to build an in- 

 dependent connecting line. This news had an 

 unsettling effect upon the market, but it re- 

 covered by the 24th, when it was made known 

 that the West Shore had been bought by indi- 

 viduals, the New York Central being enjoined 

 from leasing it. There was a moderately strong 

 undertone to the close of the month, although 

 the speculation was less active than during the 

 second and third weeks, when the transactions 

 were unprecedented in magnitude. The sales 

 of the month amounted to 13,508,025 shares, 

 the largest ever recorded. Early in December 

 the delay in announcing the decision in the 

 West Shore injunction suit had a tendency to 

 limit operations in the Vanderbilt specialties, 

 but the Eries were strong, on the news that the 

 scheme for funding the floating debt and four 

 past-due coupons of the second consolidated 

 mortgage was meeting with the approval of 

 the bondholders. The stocks of the Union and 

 Central Pacific roads were unfavorably affected 

 by the issue of new regulations by the Commis- 

 sioner of Railroads concerning reports, and the 

 Southwestern were heavy. On the 4th the West 

 Shore case was settled out of court by the with- 

 drawal of the suit upon which the injunction 

 against the New York Central was granted, and 

 the road was reorganized and promptly leased 

 to the Central as originally contemplated. This 

 news started the market upward, but realizing 

 sales immediately followed, and the bears as- 

 sailed those of the specialties that had the least 

 protection, but the declines were not important. 

 The sudden death of Mr. William H. Vander- 

 bilt on the 8th was not known until after the 

 close of the market, and opportunity was there- 

 fore given to make arrangements to prevent a 

 serious decline either in London or New York 

 on the following day. The efforts were so suc- 

 cessful that the London market speedily recov- 

 ered, and the effects here of the shock were 

 1 confined to the first twenty minutes after the 

 opening of the Exchange. The market grad- 

 ually became steadier, and it closed strong. 

 Pending the announcement of the provisions 

 , of the will, the speculation was irregular and 

 the tendency downward. When it was seen 

 that the bulk of the estate was left to the two 

 i elder sons, and that the share and bond prop- 

 \ erty could not be sold without the consent of 

 ; all the heirs, there appeared to be a more 

 confident feeling concerning the Vanderbilt 

 j specialties, but subsequently the market was 

 i raided on disquieting reports, and it was more 



or less unsettled until the middle of the month- 

 Then its oversold condition aided a recovery. 

 But the improved tone did not continue, for 

 free selling of Texas Pacific on a report, subse- 

 quently confirmed, that the road would bo 

 placed in the hands of receivers, tended to de- 

 press the South-westerns; although Missouri, 

 Kansas, and Texas and Missouri Pacific recov- 

 ered sharply when the announcement of the 

 Texas Pacific receivership was made on the 

 17th. The market was irregular, but with a 

 moderately strong undertone until the 22d, 

 when news of preparations for the shipment of 

 gold to Europe aided the bears in breaking 

 down the leading stocks; but the small amount 

 of gold exported and a subsequent decline in 

 exchange encouraged a reaction, and the mar- 

 ket was generally strong for the remainder of 

 the year. 



The following is a list of quotations of lead- 

 ing stocks, Jan. 2, 1884, 1885, and 1886 : 



The following is a list of a few of the specu- 

 lative stocks, the highest prices at which they 

 sold in 1884, and the highest and lowest in 1885 : 



