FINANCIAL REVIEW OF 1891. 



291 



Suijar Trust on news that the receiver hud 

 di-eharu'ed, lit' 1 ini>t organized into the 

 Suirar K'TiiH-iV Compan v under the 

 laws df NV\v .'< r>ev, and that 11 dividend of 5 

 nt. had l>eeii declared. The suspension of 

 iradt-r and the closing out, for his account, 

 '.ir^i- lint- of stocks made tin- market very 

 and higher until after the middle of the 

 h, when there was free selling of the Gould 

 ifiesand the (' rangers, followed by a dull 

 and heavy movement. One feature was a sharp 

 fall in New England on the disclosure of the fact 

 'ie advance in the stock had been assisted 

 l.y a lorded statement purporting to be signed 

 rtaiii officials of the New York, New 

 :i and Hartford, in which they were de- 

 c-la red to he in favor of the consolidation of the 

 two companies. Chicago Gas was unfavorably 

 influenced by the announcement that the divi- 

 dend would be passed. Toward the close of the 

 month there was an irregular recovery in the 

 leaders due to rebuying to cover short contracts, 

 and the majority of the stocks showed a very de- 

 cided advance at the close of January compared 

 wit li the opening. The sudden death of Secre- 

 tary Windom on the 29th caused a sharp fall in 

 silver in London and in silver-bullion certificates 

 in our market, but there was an immediate re- 

 covery. In February the market opened strong 

 with Delaware, Lackawanna and Western, Lake 

 Shore, Manhattan Elevated, Pacific Mail, Mani- 

 tolia and the Yi I lards leading. Then followed a 

 a ri-e in New York, Susquehanna and Western 

 on a report, subsequently denied, that there was 

 a contest for control of the road between the 

 Delaware anil Hudson and the Delaware, Lacka- 

 wiinna and Western. Toward the middle of the 

 month the market was unfavorably influenced 

 by the withdrawal of $1,000,000 gold for ship- 

 ment to Berlin, and later the Grangers were 

 freely sold on the announcement of a reduction 

 of the dividend on Chicago, Burlington and 

 Quincy, and the whole market was more or less 

 affected by the suspension of the American Loan 

 and Trust Company, and also by the withdrawal 

 of $600,000 more gold for shipment to Berlin. 

 Toward the end of the month there was an ir- 

 regular recovery, but in the last few days the 

 (J rangers wore unfavorably affected by an attack 

 upon Chicago, Burlington and Quincy, and the 

 tone of the market was heavy at the close. 

 Early in March Pacific Mail rose on news of the 

 passage of the Postal Subsidy bill and the North- 

 ern Pacifies were favorably influenced by a de- 

 cision of the United States Supreme Court in a 

 land-grant case against the Manitoba, by which 

 the claim of the first-named company to a large 

 tract of land on the line of the road was sus- 

 tained. Chicago, Burlington and Quincy was 

 weak by reason of liberal selling, and the decline 

 in this property more or less affected the other 

 Grangers. On the 6th the news of a panic at 

 Buenos Ayres was made the pretext for raiding 

 the market, but there was a speedy recovery. 

 The decision of the Interstate Commerce Com- 

 mission in the matter of Coxe Bros, against the 

 Lelii^h Valley had a temporarily disturbing ef- 

 fect upon the coal shares. After the middle of the 

 month Rome, Watertown and Ogdensfonrg rose 

 on news of the absorption of the road by the New 

 York Central, and later New York, Ontario and 



Western advanced, in the expectation that this 

 line would also be wanted \>\ the Central. The 

 financial troubles in 1'hilnddphiu, resulting from 

 the failure <>f the Keystone National Bank, had 

 a partially disturbing effect, but in the third 

 week of the month there was a recovery, and the 

 market continued generally strong to the close, 

 and it was only slightly affected by the recall of 

 Baron Fava, the Italian minister at Washing- 

 ton. One feature in the last days of the month 

 was an improvement in the Grangers, caused by 

 the defeat of the Nebraska Freight-rate bill 

 and the adjournment sine die of the Legislature 

 of that State. Early in April there was a sharp 

 advance in Sugar Refiners' on a report that an 

 agreement had been made with the Philadelphia 

 refinery to regulate the price of sugar ; a fall in 

 the Northern Pacifies, due to selling for Ger- 

 man account, followed by a recovery on the re- 

 moval of the pressure ; a decline in the Grangers 

 and in other Western stocks, because of the fail- 

 ure to get a quorum at Chicago of the Advisory 

 Board of the Western Traffic Association, but 

 later there was a reaction, on the statement that 

 the meeting would be held in New York. The 

 Vanderbilts, and particularly Lake Shore, were 

 strong. The movement of gold to Europe had 

 some influence toward the middle of the month, 

 but it appeared to be in great measure counter- 

 acted by the expectation that the bank reserves 

 would ere long be augmented by the return of 

 currency from the interior, and that after a while 

 the gold would come back from Europe to pay 

 for cotton and grain, the indications then being 

 that there was an important deficiency in Euro- 

 pean crops of breadstuffs. The market was gen- 

 erally strong to the close of the month, and it 

 was not disturbed by the discovery on the 27th 

 that the late President of the Ninth National 

 Bank was a defaulter, because assurances were 

 given that the capital of the bank remained un- 

 impaired. The course of the market was down- 

 ward in May. The Advisorv Board of the West- 

 ern Traffic Association held a meeting in this 

 city early in the month and the most important 

 action taken was the dismissal, with the con- 

 currence of Mr. Jay Gould, of the traffic man- 

 ager of the Missouri Pacific for violation of the 

 rules of the Association, thus indicating that Mr. 

 Gould was co-operating in the efforts to main- 

 tain rates. The continued exports of gold to 

 Europe had a depressing effect at intervals, the 

 bears raiding the market on news of the with- 

 drawals of the metal for shipment. About the 

 middle of the month the flurry at Paris due to 

 the financial and political crisis at Lisbon was 

 reflected in the New York market, and there 

 was a vigorous assault by the bears ; but when 

 the trouble in Paris ended, our market reacted. 

 It was irregular and lower for the remainder of 

 the month, influenced in great part by the large 

 exports of gold and a renewal of bear attacks. 

 Early in June Louisville and Nashville was un- 

 favorably affected by news of the contemplated 

 issue of $7,000,000 new stock, the company 

 being unable to sell its unified 4-per-cent. bonds. 

 Rock Island was broken down on the announce- 

 ment of the reduction of the quarterly dividend 

 to | of 1 per cent. Subsequently there was a 

 recovery in the market uniier the lead of At- 

 chison, Topeka and Sante Fe, this being affected 



