FINANCIAL I; i:\lKW OP 1892. 



271 



higher fr all the coal properties to the end of 

 the month. Amoni; the other features was an 

 rtdvam r in Consolidated Gas, caused by an in- 

 :n tin- dividend. While the movement in 

 the ro:il >haiv> was at its height the Grangers 

 and the South west cms wore inclined to be hea\\, 

 us ii was feared that the boom in the coal prop- 

 er! ie> would suddenly collapse and cause general 

 demoralization. Toward the end of the month 

 . xports began, the large selling of stocks 

 for Kuropean account having turned exchange 

 upward, and there was a sharp fall in Chicago 

 iiich temporarily unsettled the market, but 

 it promptly recovered. The feature early in 

 March uas'a further rise in Delaware and Hud- 

 son, followed by Erie, the latter being affected 

 by a traffic arrangement with the Reading. 

 There was also a well-sustained improvement in 

 hake Shore, based upon a report that a stock 

 dividend was in contemplation to represent 

 earnings expended for betterments, and this 

 started buying of the other Vanderbilt stocks. 

 New York and New England moved upward on 

 a report, which, however, was promptly denied, 

 that the Vanderbilts had obtained control of it, 

 and that the presidency of the company had 

 been offered to a friend of this family. The 

 denial of this story brought about a sharp fall in 

 the stock, and later it appeared that the prop- 

 erty had been manipulated by a Boston director 

 in such a way as to antagonize the interests of 

 Mr. Corbin, who resigned as president, and he 

 was succeeded by Mr. Charles Parsons. On the 

 9th it was announced that a bill legalizing the 

 Beading combination had been passed by the 

 Legislature of New Jersey. Negotiations for the 

 absorption of the independent refineries in Phila- 

 delphia were opened by the American Sugar Re- 

 fining Company, and this caused a sharp advance 

 in that stock after the middle of the month. On 

 the 10th the St. Paul directors decided not to 

 declare a dividend on the common stock, and 

 this caused a partial decline in that property. 

 Richmond Terminal stocks and bonds were strong 

 on t he llth and 12th, in anticipation of the pub- 

 lication of the plan of reorganization, but on 

 the issue of the scheme there was a decline. Dur- 

 ing and after the third week in the month the 

 market was unfavorably affected by arbitrage 

 selling for European account, by the debate on 

 the free silver coinage bill in Congress, and by 

 the publication of the Bering Sea correspond- 

 ence. Reading and the other coal shares were 

 lower, because of the delay in signing the ena- 

 bling act passed by the New Jersey Legislature 

 and by rumors that the bill would fail to be- 

 come a iaw. On the 25th, news of the defeat of 

 the Free Silver Coinage bill in the House of Rep- 

 resentatives temporarily stimulated a recovery 

 in the market, but bearish pressure was soon 

 renewed, Atchison, Topeka and Santa Fe and 

 Northern Pacific preferred were raided, and the 

 tone was irregular and generally lower to the close 

 of the month. Early in April there was a re- 

 covery led by the Grangers and closely followed 

 by Delaware and Hudson, which stimulated an 

 improvement in the other coal stocks. There 

 was good buying by the arbitrage houses for 

 European account, and toward the middle of the 

 month Reading advanced on news that control 

 had been obtained of the Pennsylvania, Pough- 



keepsio and Boston road. The tendency of the 

 whole market was upward until the third week, 

 when the bears took advantage of free selling by 

 the arbitrage houses to force a decline in lead- 

 ing properties, and the fall was aided by exports 

 of gold to France and by the lateness of the sea- 

 son in the wheat belt, which more or less affected 

 the Grangers. Just Ixjfore the end of the month 

 the market was unsettled by sharp bearish attacks, 

 but there was a prompt recovery, and, although 

 irregular, the tone was generally stronger at the 

 close. One feature was the failure of an effort 

 on the part of foreign holders of I'nion Pacific 

 to secure a change of management at the annual 

 election. Another feature was an advance in 

 Minneapolis and St. Louis stocks, due to a move- 

 ment to discharge the receiver. Early in May 

 selling of stocks for European account was lib- 

 eral, but the offerings were promptly absorbed, 

 and then followed a reaction in nearly every- 

 thing except Northern Pacific preferred, which 

 was affected by reports that the dividend would 

 be passed. The coal shares were somewhat fever- 

 ish, because of the declaration that the Pennsyl- 

 vania was opposed to the policy of the combina- 

 tion, and also for the reason that the enabling 

 act had not been signed by the Governor of New 

 Jersey. During the second week exports of gold 

 had an unfavorable influence upon the market, 

 and the Atchison, Topeka and Santa Fe securities 

 were broken down by news of the contemplated is- 

 suing of a second mortgage, but they subsequently 

 recovered on the announcement that the i-Mie 

 was for the purpose of retiring the income bonds 

 and to provide for betterments. One feature 

 was a rise in Buffalo, Rochester and Pittsburg on 

 news of a traffic alliance with the New York 

 Central. During the third week in the month 

 the market was affected by reports of floods in 

 the Mississippi valley and at other points in the 

 West and South, and there were bearish attacks 

 upon Atchison, Topeka and Santa Fe, Northern 

 Pacific preferred, the Grangers,and Louisville and 

 Nashville. Toward the close of the month the 

 market became oversold, and a covering of short 

 contracts brought about an irregular advance, 

 and the tone was generally strong to the close. 

 Early in June the announcement that the Attor- 

 ney-General of New Jersey had begun proceed- 

 ings to annul the lease by the Port Reading of 

 the Central New Jersey, caused a fall in the last- 

 named stock. The Grangers declined in antici- 

 pation of reduced earnings as the result of the 

 floods. American Sugar Refining. National Lead, 

 and National Cordage advanced, and although 

 the market was irregular there appeared to be a 

 strong undertone, and on the 8th there was a 

 sharp rally due to rebuying to cover short con- 

 tracts. New York and New England was favor- 

 ably affected by reports of a new trr.ffic agree- 

 ment with the Reading, and news of hot, forcing 

 weather in the corn belt and of generally good 

 conditions for all the grain crops encouraged 

 buying of the Grangers, and the tendency was 

 generally upward until the 14th. although New 

 York and New England was temporarily de- 

 pressed by the announcement that the llousatonic 

 road had been bought for the New York, New 

 Haven and Hartford. On the Nth the bull 

 movement culminated, and there followed an ir- 

 regular decline, due to realizations and bearish 



