FINANCIAL KEVIEW OF 1886. 



339 



in the year upon the basis of allotment, worked 

 satisfactorily, the demand for the product kept 

 pace with the supply, prices were generally 

 satisfactory, and the output of anthracite coal 

 for the year ending December 31 was 32,136,- 

 362 tons, against 31, 623,529 in 1885 and 30,718,- 

 293 in 1884. The production of pig-iron for 

 the year 1 886 was 5,684,543 tons, against 4,044,- 

 526 in 1885, both coal and iron being partly 

 estimated. New railroad mileage was 8,648 

 miles, against 3,113 in 1885 and 3,813 in 1884. 



The Crops. Favorable conditions prevailing 

 in the wheat belt during the winter and spring 

 gave the plant a good start, and the grain was 

 so rapidly advanced in April and May under 

 the influence of warm, forcing weather, that 

 the harvest commenced in some sections by 

 the middle of June. The season was propi- 

 tious for sowing spring wheat the acreage was 

 increased by opening up new lands in the ex- 

 treme Northwest, and the grain made rapid 

 progress in its early stages, as also did corn 

 and other products. During June and July 

 dry weather in the winter-wheat belt and 

 frosts in the spring- wheat sections retarded the 

 growth of the crops; but fall-sown grain ma- 

 tured and was gathered in good condition, and 

 the principal damage by drought was to spring- 

 sown wheat, corn, and grass. The estimate of 

 the wheat-yield made by the Department of 

 Agriculture was 457,000,000 bushels, against 

 357,112,000 for the previous year, and the win- 

 ter wheat was promptly marketed. The yield 

 of corn was estimated at 1,668,000,000 bush- 

 els; of oats, 600,000,000; of barley, 60,000,- 

 000; rye, 26,000,000; buckwheat, 11,000,000 ; 

 and potatoes, 165,000,000. Tobacco yielded 

 about 485,000,000 pounds, hay 45,000,000 tons, 

 and cotton will probably turn out 6,438,000 

 bales. The European crops of brendstuffs were 

 below the average, and early indications of this 

 result stimulated an export movement which 

 commenced in August and continued with but 

 slight interruptions to the end of the year, the 

 bulk of the grain going to the Continent of 

 Europe. Farmers generally profited by the 

 lessons taught in previous years, and, instead 

 of holding back their wheat freely sent it for- 

 ward. The producers in the winter -wheat 

 belt were inclined to this course because of ne- 

 cessity, the previous season's crop having been 

 so poor. Those in the Northwest shipped lib- 

 erally immediately after the harvest, and then 

 waited for more favorable markets before for- 

 warding the remainder. Notwithstanding the 

 prospective demand from Europe, however, 

 prices of wheat were not well sustained in the 

 fall and winter. The visible supply accumu- 

 lated so that by the close of December it was 

 nearly 63,000,000 bushels, a larger amount 

 than ever before recorded, and under the in- 

 fluence of these enormous stocks the market 

 generally favored the export movement. 



Taking the prices in the New York market 

 on or about the 1st of January in each year, 

 and the total yield for the previous season, we 



have the following approximate results in 

 quantities and value : 



Railroads. With the exception of the trans- 

 continental war, involving the Central, the 

 Union, and the Southern Pacific, and the Atch- 

 ison, Topeka, and Sante Fe roads, and the Pa- 

 cific Mail Steamship Company, which broke 

 out in February and remained unsettled at the 

 close of the year ; some quarrels of less im- 

 portance among the granger roads ; cutting of 

 passenger rates by the Baltimore and Ohio; 

 shading of freight teriff by the Chicago and 

 Atlantic, and an express war inaugurated by 

 the Erie express line, the railroads of the coun- 

 try worked together harmoniously during the 

 year, and it is claimed that freight rates were 

 almost uniformly maintained by the trunk 

 lines of road. It was rumored in November 

 that negotiations were making satisfactory 

 progress by which the differences between the 

 Baltimore and Ohio and the Pennsylvania would 

 be composed, and it was stated that the former 

 would have a New York outlet over the tracks 

 of the latter, but this statement was not con- 

 firmed. The steps preliminary to the reorgan- 

 ization of the Reading occupied the attention 

 of the syndicate, the reconstruction trustees, 

 and the public, for the greater part of the year. 

 One obstacle after another was removed, and 

 finally Mr. Austin Corbin took the place of 

 Mr. Go wen as president, and he was also 

 elected one of the voting trustees. After the 

 plan had been substantially agreed upon its 

 publication was delayed on various pretexts 

 until about the middle of December, when it 

 encountered unexpected opposition from some 

 of the holders of the general mortgage. Early 

 in December Judge Gresham removed Messrs. 

 Humphreys and Tutt from the position of re- 

 ceivers of the Wabash, and subsequently ap- 

 pointed Judge Cooley. One important event 

 at the close of the year was the examination of 

 Mr. Roberts, of the Pennsylvania, and other 

 railroad managers, in proceedings instituted by 

 the Attorney-General of Pennsylvania to en- 

 join the coal and railroad pools. The United 

 States Senate had under consideration in De- 

 cember the Reagan Interstate Commerce bill, 

 and there were some indications at the close 

 of the year that after the holiday recess the 

 measure would pass both houses. It did so 

 pass in January, and it was signed by the 

 President on February 4. 



The following shows gross and net earnings 

 of the principal trunk roads, the reports, ex- 

 cept for the Pennsylvania, being made for fis- 

 cal years : 



