FINANCIAL EEVIEW OF 1886. 



341 



at East St. Louis, Kansas City, and other points. 

 The places of the striking workmen were, how- 

 ever, gradually filled, and the road was operated 

 without obstruction after the middle of the 

 month. During the second week in April the 

 coal managers agreed upon a basis for continu- 

 ing the old compact, and this stimulated a rise 

 in the coal-shares. Then followed a general 

 improvement in the market, based upon the 

 collapse of the strike on the Missouri Pacific, 

 and, the short interest being large, the advance 

 was rapid. Toward the close of the month 

 the bears renewed their raids, being encour- 

 aged by news that a movement for eight hours' 

 work and ten hours 1 pay would be inaugurated 

 on the 1st of May. Cutting of rates by the 

 granger roads affected these stocks, and the fall 

 in the market was further assisted by a sharp 

 drop in Consolidated Gas and in Texas Pacific 

 stock and bonds. The tone was unsettled and 

 weak at the end of the month. At the opening 

 of May the eight-hour agitation became quite 

 general ; the demands of the workmen were in 

 some cases conceded and in others resisted, 

 and business was so greatly affected all over 

 the country that speculation for a rise, either 

 in stocks or in staples, was discouraged. The 

 rioting at Chicago and Milwaukee during the 

 first few days of the month, and the murderous 

 assault by Anarchists upon the police of the 

 first-named city on the 4th, had more or less 

 influence upon the market; but it was soon 

 seen that public sentiment was being arrayed 

 against the Knights and their movement, and 

 that for this reason, and also because of the 

 determined opposition of the majority of man- 

 ufacturers to the eight-hour demand, the agi- 

 tation would have to be abandoned. There- 

 upon there was a recovery in prices, stimulated 

 by favorable crop reports : the suspension of 

 gold exports, and later in the month, by the 

 settlement of the granger railroad troubles, 

 ami also by the operations of bull cliques in 

 these properties. June opened under condi- 

 tions favoring a further advance in stocks. The 

 combinations in Western properties and in the 

 coal-shares were prepared for a rise; foreign 

 houses were liberal purchasers of the trunk 

 lines, and the movement was generally upward 

 until the close of the month, when bearish dem- 

 onstrations and realizing sales had a partially 

 unsettling effect. The speculation was irregular 

 early in July. Western Union rose on rumors 

 of a settlement between this company and the 

 Baltimore and Ohio, but when these reports 

 were denied the stock fell heavily. The Erie's 

 advanced on the news of increased earnings, 

 and Indiana, Bloomington, and Western de- 

 clined in consequence of the appointment of a 

 receiver. Subsequently, Central New Jersey 

 improved on a report that a traffic arrangement 

 would be made with the Baltimore and Ohio ; 

 New York and New England was carried up- 

 ward by purchases for the clique manipulating 

 this property ; the coal-shares rose on the news 

 that an advance in the price of coal had been 



agreed upon ; Texas Pacific stock and bonds 

 were in demand in consequence of a compro- 

 mise of the differences between the security- 

 holders ; representatives of European houses 

 bought liberally, and the market was strong to 

 the end of the month. The adjournment of 

 Congress, increased railroad earnings, the fall 

 in sterling to the gold-importing point, and 

 manipulation of a few specialties by the cliques, 

 contributed to make the market strong early in 

 August. Active money toward the middle of 

 the month ; the financial disturbances at Bos- 

 ton resulting from the defalcation of Gray, the 

 mill treasurer; the political crisis in Europe, 

 caused by the deposition of Alexander of Bul- 

 garia, and raiding by the bears, temporarily 

 had an unsettling effect, but later there was a 

 recovery, and the market was comparatively 

 dull to the close. The tendency was very de- 

 cidedly upward in September, influenced by 

 the arrival of gold from Europe, by largely 

 increased railroad earnings, and by the removal 

 of some of the obstacles to the reorganization of 

 the Reading. Among the features was a sus- 

 tained advance in New York and New England, 

 in Manitoba, and in Manhattan Elevated. There 

 were occasional reactions, due to realizing sales 

 and bearish demonstrations, but these were 

 followed by prompt recoveries, indicating a 

 very strong undertone. In October there was 

 a rapid advance in leading specialties during 

 the first week, followed by a sharp fall in Cen- 

 tral New Jersey, caused by the appointment of 

 new receivers, which had a partially unsettling 

 effect upon the more substantial properties, 

 and the culmination of the bull movement in 

 New York and New England aided a break 

 in the fancy stocks. Later in the week the 

 market recovered, under the lead of Cana- 

 dian Pacific, Manhattan Elevated, Manitoba, 

 the Nickel Plates, Hocking Valley, and the 

 Vanderbilts, to decline again toward the mid- 

 dle of the month. By the close, however, the 

 movement had become strongly upward, in- 

 fluenced by a rise in the coal-shares, Rich- 

 mond and West Point Terminal, Consolidated 

 Gas, and Western Union, and the market closed 

 firm. In November the tendency was decid- 

 edly toward higher prices, with the most im- 

 portant advances in the above-named stocks, 

 Reading, Canada Southern, Lake Shore, Cleve- 

 land, Columbus, Cincinnati, and Indianapolis, 

 and the Eries. About the middle of the month 

 the advance was checked by news of the strike 

 in the pork-packing houses at Chicago, but, 

 when it was seen that the employers were suc- 

 cessful in resisting the demands of the men, 

 the market reacted and the feature for the re- 

 mainder of the month was a sustained rise in 

 low-priced properties, in Richmond and West 

 Point Terminal, Reading, Central New Jersey, 

 and Union Pacific. On the last day of the 

 month the transactions were unprecedented 

 in volume, reaching 908.350 shares, and the 

 largest business was in Reading. Not only 

 was the speculation buoyant at the Stock Ex- 



