FINANCIAL REVIEW OP 1894. 



269 





Austria and Russia, that the outlook became at 

 all promising. The silver market in London 

 was unsettled in February by the reported in- 

 tention of the India Council to sell bills regard- 

 less of market conditions, and on March 3 the 

 price of bar silver fell to 27 pence, deranging 

 Eastern exchanges, and causing a panicky feel- 

 ing in India. There was a gradual recovery and 

 some activity on the outbreak of the war be- 

 tween Japan and China, but in November the 

 price fell off, and on Dec. 29 it was 27^- pence, 

 partly because of indications of a speedy ending 

 of the war in China, overtures for peace through 

 the American ministers to China and Japan 

 having been formally presented after the fall of 

 Port Arthur, Nov. 22. Toward the end of the 

 year arrangements were about completed to 

 pay off the 1,500,000 owing to the Bank of 

 England by the Baring estate and to nurse the 

 remaining assets, thus relieving the guarantors 

 of further liability. 



The following tabular survey of the econom- 

 ical conditions and results of 1894, contrasted 

 with those of the preceding year, is from the 

 ' Commercial and Financial Chronicle " : 



The prices of leading staples on or about the 

 1st of January. 1895, compared with prices at 

 the same date in 1894 and 1893, were as follow : 



The Crops. The record of 1894 was almost 

 phenomenally low for prices of wheat. The 

 yield was small, but the export demand was 

 light owing to large European supplies and 

 also to a heavy production in the Argentine 

 Republic, and after the opening of the crop 

 year the price of wheat gradually fell, reaching 

 54 cents in the New York market on Oct. 17. 

 One feature was the feeding of wheat to cattle, 

 and the Department of Agriculture estimated 

 that 75,000,000 bushels would be so consumed 

 during the crop year. The corn crop was de- 

 ficient by reason of drought, and in some sec- 

 tions, notably Nebraska, Iowa, and Kansas, the 

 crop was almost a total failure. The price sharply 

 advanced in September, and on the 10th cash 

 corn sold in New York at 66 cents, while wheat 

 was 58. Later the price of corn fell, partly be- 

 cause of the substitution of wheat for feed, and 

 also by reason of evidence that the shortage of 

 the crop had been exaggerated. The cotton 

 crop was large ; prices were low, and the cotton 

 industry was depressed throughout the greater 

 part of the year. 



Taking prices in New York, Jan. 1. if the 

 whole of the crops could have been laid down 

 at that point on that date, the values would 

 have been as in the table at the top of this page. 



Stocks. The stock market was irregular 

 during the year, and generally heavy. The 

 fluctuations were greatest in Sugar, the other 

 industrials, General Electric, Chicago Gas, the 

 Grangers, the Coal shares, Pullman, Northern 

 Pacific preferred. Atchison, Louisville and Nash- 

 ville, Union Pacific, Consolidated Gas, Western 

 Union. Chicago and Alton. Lake Shore, and Mis- 

 souri Pacific. The market was generally lower 

 early in January, influenced by a bearish demon- 

 stration based upon reports, subsequently shown 

 to be unfounded, of trouble, in a trust company, 

 and there was free selling of Sugar toward the 

 middle of the month on the postponement of 

 the annual meeting until February, and at the 

 same time Louisville and Nashville fell off on 

 news of the passing of the dividend. In the third 

 week the market was better, rebuying to cover 

 short contracts being stimulated by the decision 

 of the Secretary of the Treasury to issue 5-per- 

 cent, bonds under the Resumption act of 1875, 

 and one feature was good buying of the Vander- 



