342 FINANCIAL REVIEW OF 1886. 



FINE ARTS. 



change, but also at the Petroleum Board, in 

 stocks of raining companies, and the advance 

 in some of these was greater than had been 

 witnessed for many years. Early in Decem- 

 ber there were indications of a speedy culmina- 

 tion in the bull movement. Lenders of money 

 at the Exchange discriminated against stocks 

 which had recently been rapidly advanced, 

 compelling borrowers upon these properties to 

 pay high rates for accommodation. The banks 

 refused to loan upon any except first-class col- 

 lateral, and commission-houses regarded the 

 market as in a somewhat, dangerous condition 

 for speculators on margin. Raids upon some 

 of the inflated stocks were frequent, but at 

 tirst those attacks had comparatively little in- 

 fluence upon the general market, because the 

 more substantial properties were apparently 

 being largely bought for European account. 

 The news on the 7th of the removal, by Judge 

 Gresham, of the receivers of the Wabash, had 

 an unsettling effect upon the stocks of that 

 company, and encouraged vigorous raids which 

 gradually made a more decided impression up- 

 on the market. On the 14th the election for 

 directors of the New York and New England 

 resulted in the defeat of the Boston party, 

 whereupon there was free selling of this stock, 

 and a sharp decline in all the fancy properties. 

 On the following morning the bears made a 

 concerted attack upon the market; New York 

 and New England, Richmond and West Point 

 Terminal, and Reading, fell about 15 percent , 

 and t)thers in proportion; money rapidly ad- 

 vanced by reason of a calling in of loans by 

 banks and private bankers ; there was a pan- 

 icky fall in almost all the stocks, but more par- 

 ticularly in those which had recently been the 

 favorites with speculators, and the market was 

 intensely excited until the last hour of business, 

 when there was a feverish reaction, due mainly 

 to the covering of short contracts by prominent 

 bears. Money was advanced to the equivalent 

 of 186 per cent, per annum during the after- 

 noon, and it closed at 96 per cent. bid. The 

 transactions in stocks greatly exceeded those 

 of November 30, reaching a total of 1,074,000 

 shares. For the remainder of the week the 

 movement was more or less unsettled, but with 

 an upward inclination. During the early part 

 of the next week there was a feverish decline 

 followed by a dull market, but in the last week 

 of the month of December the movement was 

 more active and generally strong, and it was 

 stimulated on the closing days of the year 1886 

 by the declaration of dividends on all the Van- 

 derbilt stocks. 



The total sales of all stocks for the year 1886 

 were 100,802,050 slfares, against 93,184,478 in 



1885 ; 95,416,368 in 1884 ; 96,037,905 in 1883 ; 

 113,720,665 in 1882; and 113,392,685 in 1881. 

 The transactions in Government bonds during 



1886 amounted to $12,793,500, and in State 

 and railroad bonds to $607,631,911. 



The following is a list of quotations of lead- 

 ing stocks, Jan. 2, 1885, 1886, and 1887: 



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

 lative stocks, the highest prices at which they 

 sold in 1885, and the highest and lowest in 

 1886: 



FINE ARTS. Under this title are treated the 

 principal art events of the past year, ending 

 with December, 1886, including especially the 

 great exhibitions in Europe and the United 

 States, the sales and acquisitions of pictures, 

 and the erection of public statues and monu- 

 ments. 



Paris: Salon. The exhibition (May 1 to June 

 30) comprised 5,416 numbers, classified as fol- 

 lows: Paintings, 2,488; cartoons, water-col- 

 ors, pastels, porcelain pictures, etc., 927; sculpt- 

 ure, 1,279 ; engraving in medals and precious 

 stones, 46 ; architecture, 174; engraving, 502. 

 Section of painting, medal of honor, awarded to 

 Jules Lefebvre. No first-class medal awarded. 

 Second-class medals: Victor Marec, Ernest 

 Bordes, Luigi Loir, Eugene Medard, Victor 

 Binet, Gastave Gagliardini, Andr6 Brouillet, 



