274 FINANCIAL REVIEW OF 1887. 



FINE ARTS IN 1887. 



that the bear campaign was at an end encour- 

 aging purchases by non-professional speculat- 

 ors. This resulted in such a wide distribution 

 of stocks that the bears resumed their demon- 

 strations with more or less success, but the 

 market was generally strong to the close, al- 

 though a little activity in money made the 

 movement irregular in the last days of the 

 month. One feature was the issue of decrees 

 removing the receivers of the Reading and of 

 the Central New Jersey, and another was the 

 negotiation of a third mortgage on the North- 

 ern Pacific. Comparisons fhow a gain for the 

 month in all but eleven of the active stocks, 

 and the most important was 10J- per cent, in 

 Union Pacific on news of more harmonious re- 

 lations with the Northern Pacific and the Oregon 

 lines. Stocks were comparatively strong dur- 

 ing the first few days in December, the market 

 being affected by the ending of the French po- 

 litical crisis, which imparted a more confident 

 tone to the foreign markets. Then followed a 

 temporary derangement due to the tariff recom- 

 mendations contained in the President's mes- 

 sage, the bears were encouraged to renew 

 their demonstrations, and the decline was as- 

 sisted by news of unsettled markets abroad 

 caused by the movements of the Russians on 

 the Austrian frontier. The raiding -was con- 

 fined to Richmond Terminal, New England, the 

 coal-shares, and the Grangers, but toward the 

 close of the second week the market was 

 turned upward by news of the restoration of 

 rates for dressed beef, which had been cut by 

 the Grand Trunk, and the tone was generally 

 strong until the last week in the month, al- 

 though at intervals irregular and fractionally 

 lower. The attempt of the Knights of Labor 

 to force a strike on the Reading on the 25th 

 proved abortive, and on the following day 

 there was a decided advance in this property, 

 the other coal-shares, and indeed in all the ac- 

 tive stocks, the market having been oversold 

 in expectation that the strike would succeed. 

 Then came realizing sales and a renewal of 

 bearish pressure based upon rumors regarding 

 the intentions of the Knights, but there was a 

 steadier feeling at the close of the month. 



The following is a list of quotations of lead- 

 ing stocks at the beginning of January, 1886, 

 1887, and 1888: 



113,392,685 in 1881. The transactions in Gov- 

 ernment bonds during 1887 were $7,110,400, 

 and in railroad and miscellaneous bonds $347,- 

 127,330. 



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

 lative stocks, the highest prices at which they 

 sold in 1886, and the highest and lowest in 

 1887: 



Total sales of all stocks for the year 1887 

 were 85,291,028 shares against 100,802,050 in 

 1886; 93,184,478 in 1885; 95,416,368 in 1884; 

 93,037,905 in 1883; 113,720,665 in 1882 ; and 



FINE ARTS IN 188T. Under this title are 

 treated the principal art events of the past 

 year, ending with December, 1887, including 

 especially the great exhibitions in Europe and 

 the United States, the sales and acquisitions of 

 works of art, and the erection of public statues 

 and monuments. 



Paris : Salon. The exhibition (May 1 to June 

 30) comprised 5,318 numbers, classified as fol- 

 low : Paintings, 2,521 ; cartoons, water-colors, 

 pastels, porcelain pictures, etc., 1,042 ; sculpt- 

 ure, 1,046 ; engraving in medals and precious 

 stones, 46; architecture, 187; engraving, 476. 



Section of painting : Medal of honor award- 

 ed to Fernand Cormon. No first-class medal 

 awarded. Second-class medals: Henri Saintin, 

 Eugene Buland, Lucien Doucet, Pierre Marie 

 Beyle, Albert Fourie, Eugene Carriere, Maurice 

 Francis Auguste Courant, Armand Berton, Jo- 

 seph Bail, Jean Desbrosses, Arturo Michelena, 

 Felix Lucas, Alexandra Thiollet, Gaston Guig- 

 nard, Antoine Paul Emile Morion. Third- 

 class medals: Jules Alexis Muenier, Gabriel 

 Thurner, Leon Tanzi, Louis Auguste Georges 

 Loustaunau, Eugene Henri Alexandre Chigot, 

 Eugene Claude, Anton Mauve, Prosper Ga- 

 lerne, Maurice Eliot, Mile. Jeanne Kougier, 

 Ml!e. Elizabeth Jane Gardner, Jules Charles 



