FINANCIAL REVIEW OP 1891. 



FIXE ARTS IN* 1801. 



ns, due In furt IHT imports of gold from Eu- 

 M.| a report tliat Russia would soon pro- 

 hibit the shipments of all grain, which stimu- 

 latcil a ri--e in all Western stocks One feature 

 fall in tlieenal shares on news tliat an iiutjuit 



"Mi.wo tons of anthracite had IM-CII agreed 

 u|niii for Noveinlier, and another feature was a 

 drop in Sn^ar Refiner*', caused liy a reduction in 

 tin- price of sugar by the Philadelphia refinery. 

 The market opened unsettled and lower in No- 



\ellllier, in colixeipirliee of HCWS of the Kllspcn- 



f the Maverick National Bank of Boston. 

 This institution had 11 large collection business 

 all over the country, and its failure temporarily 

 tied up considerable amounts of money. The 

 (I her Boston batiks drew upon their balances 

 in this city, and this compelled a calling in of 



I'y institutions here, under the effect of 

 which money grew active. There was free sell- 

 in.: of Chicago, Burlington and Quincy, Union 

 Pacific, New England, and Atchison, Topeka 

 and Santa Fe by Boston houses, and the tend- 

 ency of the market was irregularly downward 

 for the first ten days. Then there was a recov- 

 ery, stimulated liy large purchases of stocks by 

 the arbitrage houses for European account, and 

 tin market was active and generally higher for 

 the remainder of the month. The coal shares 

 were unfavorably affected during the second 

 week by free selling of Delaware and Hudson, 

 accompanied by rumors that a large holder of 

 the stock was disposing of his property. This 

 was denied, and then came a rumor that there 

 was likely to be a dispute over the allotment of 

 coal for next year. This was believed to be 

 set at rest in the last week of the month by the 

 harmonious action of the coal sale's agents in 

 fixing tin- output for December at 3,250,000 tons, 

 thus restricting production and indicating that 

 the policy in force would be continued. The 

 market was at intervals affected by reports of an 

 unsettled condition of financial affairs on the 

 Continent of Europe, but these subsequently 

 proved to be exaggerations. On the 27th the 

 failure of Field, Lindlcy, Weichers & Co. made 

 the market irregular, but there was a partial re- 

 covery, although the feeling at the close of the 

 month was not very confident because of the 

 discovery that securities pledged with this firm 

 by the Union Pacific for a large loan had been 

 rehypothecated. Early in December the market 

 was more or less influenced by efforts by the 

 governors of the Stock Exchange to trace these 

 rehypothecated securities. The attempt to as- 

 sa-Miiate Mr. Russell Sage on the 4th temporarily 

 unsettled the market. Toward the end of the 

 first week a buoyant tone for American securi- 

 ties in London encouraged buying here, and the 

 favorites were the Vanderbilts, which were di- 

 rect 1 y affected by the expectation that extra divi- 

 dends would be declared. The tendency was 

 generally upward for the remainder o'f the 

 month, nearly all the active stocks participating, 

 and the Vauderbilts rising sharply on the an- 

 nouncement of increased dividends for Lake 

 Shore, Michigan Central, and Canada Southern. 

 The market closed strong, and some of the lead- 

 ing properties sold at the best figures of the year. 

 T< 'tal sales of stocks at the New York Stock Ex- 

 change for the year 1891 were 69,031,689 shares 

 against 71,282,885 in 1890 and 72,014,600 in 1889. 



The following table shows prii < < -,f leading 

 stocks at the beginning of the years 1890, 1MU, 

 and 1H98: 



The following shows the highest prices of a 

 few of the speculative stocks in 1890 and the 

 highest and lowest in 1891 : 



1800. 



I VI. 



FINE ARTS IN 1891. Under this title are 

 treated the principal art events of the past year, 

 ending with December. 1890, including especially 

 the great exhibitions in Europe and the United 

 States, sales and acquisitions of works of art, and 

 erection of public statues and monuments. 



Paris Salon. The exhibition of the Societ 

 des Artistes Francais. in the Palais de 1'Iiulus- 

 1rie(May 1 to June 30), comprised 3,660 num- 

 bers, classified as follow: Paintings, 1,733; car- 

 toons, water colors, pastels, miniatures, enamels, 

 porcelain pictures, etc., 486; sculptures, 740; en- 

 graving on medals and precious stones, 54 ; archi- 

 tecture, 211; engraving and lithography, 436. 

 The receipts were 315,000 francs. 



Section of painting: No medal of honor 

 awarded. First-class medal, none awarded. Sec- 

 ond-class mednls : Paul Jean Gervais (" Les 

 Saintes- Maries"), Alexis Axilette ( L'Kte "), 

 Marius Roy ("Le Reveil: Lendemain de Sol- 

 ferino "), Claude Bourgonnier (' La Tentation "), 

 Clievallier Taylor ("La Deniiere Communion"), 

 Jean Baptiste Duffaud (" La Mort d'Ourrias "), 

 Einile Isenbart ("Le Matin an Bord du Ponl"), 

 Charles Lucien Ldandre ("Les Long Jours"), 

 Francois Thevenot ( X . . ."), Fernand Just Quig- 

 non(" Les Regains"). Ernest Maillot ("La Berge. 

 a Portejoie"). Third-class medals : James (Jut hrie, 

 Louis de Schry ver, Otto Fridreich, Jos6 Salgado, 



