FINANCIAL i: i:\IK\V OP 1892. 



273 



leanoa, and the market was irregular until the 

 !:i-t week in the month, when il \\a- iiniioiincfil 



thai Mr. A. A. .Mel-cud. President of the liead- 

 illg. had been elected President of the lie. -lull 



and Maine, that friends of the Heading had ob- 

 tained a controlling interesl in New York and 

 New Kngland.and that the latter would be made 

 pan of the Reading-Boston and Maine system. 

 Some disappointment was manifested by holders 

 of New York and New England, because tins al- 

 lianee did not promise immediately beneficial re- 

 sults to this road, and the stock fell off, but it sub- 

 sequently recovered, and Reading was also strong. 

 Toward the end of the month Distillers and Cat- 

 tle Feeders' Trust was vigorously raided with more 

 or less unsettling effect upon the whole market, 

 and it was irregular at the close. One feature 

 was a blockade of nearly all the lines of road 

 centering at Chicago, caused by large deliveries 

 of wheat by farmers who, though the price was 

 very low, were induced to sell by the official esti- 

 mate of a yield of about 550,000,000 bushels, and 

 miieli of the grain thus sold was of the crop of 

 1891, which had been held by the fanners, who 

 were influenced to do so by the advice given by 

 the Fanners' Alliance last year to hold back the 

 \\heat for better prices. The blockade was not 

 rai-ed until early in the next month. During 

 the first few days of November the market was 

 generally strong, and the industrial stocks were 

 advanced by the aid of reports that increased 

 dividends would soon be declared, while National 

 Cordage was especially influenced by a statement 

 that the common stock would be increased and 

 the new issue divided among the stockholders. 

 On the 9th the market was vigorously raided on 

 the report that the success of the Democratic 

 party in the presidential election meant that 

 there would be a more vigorous prosecution of 

 all industrial corporations under the antitrust 

 law, and that there would also be a more decided 

 movement against the Reading coal combination. 

 Subsequently efforts were made still further to 

 unsettle the market by asserting that an extraor- 

 dinary session of Congress would be called in 

 March to amend the tariff. The tendency of the 

 market was downward until the 15th, when the 

 decline was checked, and prices were turned up- 

 ward by a covering of short contracts induced 

 by the semiofficial statement that there would 

 be no extraordinary session of Congress. On the 

 17th a firmer tone for exchange gave rise to ru- 

 mors of intended exports of gold, and this caused 

 a renewal of the selling movement. Reading was 

 at this time affected by reports that full interest 

 on the income bonds would not be paid, the 

 Southwestern stocks were disturbed by the un- 

 settled rate situation in that section, and the 

 ( i rangers fell off in anticipation of deciva-ed 

 earnings resulting from a lighter movement of 

 grain to market. The engagement on the 28d 

 of $600,000 gold for export to Europe made tin- 

 whole list heavy, and during the remaining days 

 of the month the market was more or less af- 

 fected by reports of intended shipments of more 

 gold and by the illness of Mr. Jay Gould, and the 

 tone was heavy at the close of the month. Mr. 

 (Jould died on the 2d of December, bat the event 

 had only a temporary effect upon the market, 

 principally for the reason that it was stated that 

 the stocks of the Missouri Pacific, Western Union, 

 VOL. xxxii. 18 A 



and Manhattan Klevated companies OWIH d by 

 him had been placed in the hand- of trustees in 

 anticipation of his demise. Tin- rebnying of 

 stuck speculatively sold during the last i fines* of 

 Mr. (iould made the market \erystrongin the 

 early part of December, and one" feature 

 well-sustained advance m Western I'nion on the 

 report that important interests wen- buying for 

 the purpose of securing a larger representation 

 in the company. Another feature was a i 

 Heading on news that the Arnot case, in Wil- 

 liamsport, Pa,, had been decided in favor of tin- 

 company by the master appointed to take the 

 testimony. On the 12th, the announcement that 

 $1,500,000 gold had been engaged for export to 

 Europe served to check the advance in the mar- 

 ket, and later, when the engagement of $750,000 

 more gold was reported, the tone grew heavy. 

 On the following day $1,000,000 more gold was 

 taken for shipment, and the market became 

 weak, with a sharp fall in Western Union as the 

 feature on the denial of the report that the pre- 

 vious buying had been other than a speculative 

 movement. On the loth, $500,000 more gold was 

 taken for export, whereupon there was an ad- 

 vance in the rate of money to 15 per cent., and 

 the selling of stocks was liberal. On the Kith, 

 money was bid up to 25 per cent., encouraging 

 bearish demonstrations, and the market was 

 ragged on the 17th, opening panicky on the 19th 

 on news of the engagement of $8,*900,000 gold 

 for shipment on the following day. This large 

 movement of gold caused a calling in of loans, 

 discrimination against Industrial stocks as col- 

 lateral, and an advance in the rate of money to 

 40 per cent. The tendency of the market was 

 generally downward all day, with Sugar Refin- 

 ing Company and Distillers and Cattle Feeders' 

 Company stocks and Reading weakest. On the 

 20th there was a better feeling, due to easier rates 

 for exchange caused by the high figures for mon- 

 ey. which induced the making of sterling loans. 

 In the course of the day the market reacted, and 

 although $500,000 more gold was taken for ex- 

 port, making $4,400,000 for the week, the news 

 had little influence, for the reason that this con- 

 signment was part of an unfilled order of the 

 previous week, and exchange was at a j>oiiit 

 which did not permit of further gold exports. 

 The tendency of the market was irregularly 

 downward, with occasional rallies due to re- 

 buying to cover short contracts, until the last 

 w-ek in the month, when there was a recovery 

 due to easy money and the announcement that 

 no more gold would be sent to Ku rope, and the 

 feature was an advance in Reading on news 

 that the coal business of the company would be 

 turned over to the Finance Company of Phila- 

 delphia, and that interest on the preference 

 bonds would be paid. Another feature was a 

 sharp advance in Manhattan Klevated. caused 

 by the rejection of a bid for the Rapid Transit 

 underground franchise in New York. The mar- 

 ket closed active and strong, although $500.000 

 gold was unexpectedly taken on Friday for ship- 

 ment on Saturday the 81st Total sales of stocks 

 at the New York Stock Exchange for the year 

 isn-J were 85,875.092 shares, against 

 in 1891, 71,282,885 in 1890. and 72.014,000 in 



The following table shows prices of leading 



