FINANCIAL REVIEW OF 1894. 



271 



a speedy rally, followed by a decline on the be- 

 ginning of the boycott of the Pullman cars by 

 the American Railway Union, which before the 

 end of the month extended to all roads center- 

 ing at Chicago. The tendency of the market 

 was generally downward for the remainder of 

 June, with Atchison, the Grangers, Pullman, 

 and Union Pacific weakest. Stocks were ir- 

 regular and lower during the greater part of 

 July, influenced by the sympathetic strike of 

 railroad employees under the direction of Presi- 

 dent A. V. Debs, of the American Railway Union, 

 which practically tied up nearly all the roads in 

 the West and So'uth, and extended from Buffalo 

 and Pittsburg, on the East, to the Pacific coast, 

 though there were only minor disturbances at 

 the above-named cities, and only the western por- 

 tions of the great trunk lines were affected. The 

 delay in consideration of the tariff had a de- 

 pressing effect upon business and directly upon 

 the stock speculation, and though the Senate bill 

 passed on the 3d, it was regarded as probable 

 that the House would not agree to it, and 

 therefore that tariff revision would fail. The 

 European selling of stocks was large in conse- 

 quence of the railroad troubles. After the mid- 

 dle of the month the discussion in the House of 

 the Senate tariff bill indicated changes in the 

 Sugar, Whisky, and Lead schedules, and the in- 

 dustrial stocks were feverish, but there was cover- 

 ing of short contracts in shares of all Western 

 roads on the practical ending of the railroad 

 troubles. Then followed selling of the Grangers 

 on reports of an extensive shortage in corn by 

 reason of the drought. There was a fall in At- 

 chison on news of a misstatement of earnings ; 

 Whisky was sharply raided, and the market was 

 weak to the close. *The greatest declines for the 

 month, were in Atchison, the Grangers, Chicago 

 Gas, Consolidated Gas, Whisky, Manhattan, 

 Lead, and Union Pacific, while Sugar, the Coal 

 shares, Western Union, and Louisville and Nash- 

 ville showed advances.. The market was active 

 and higher in August, though Sugar and Whis- 

 ky were feverish and weak early in the month, 

 by reason of changes in the tariff schedules, and 

 the Grangers were unfavorably affected by the 

 drought in the corn belt. The House adopted 

 the Senate tariff bill on the 14th. There had 

 then been some improvement in general trade 

 and manufacturing, which grew more decided 

 after suspense over the tariff ended. Europeans 

 bought freely of American stocks, and a cover- 

 ing of short contracts made the whole market 

 quite strong for the remainder of the month. 

 The most important advances were in the indus- 

 trials, Atchison, the Grangers, the Coal shares, 

 General Electric. Louisville and Nashville, Mis- 

 souri Pacific, Northern Pacific preferred, Rich- 

 mond Terminal, Union Pacific, and Western 

 Union. In September the market was irregular 

 and lower, with extensive liquidation in Sugar, 

 Whisky, and Chicago Gas ; a fall in the Gran- 

 gers, due to a large shortage in the corn crop, 

 and a drop in Reading on a report that the 

 stock would be assessed. The reduction of the 

 dividend on Rock Island had an unsettling ef- 

 fect upon the other Grangers, and though there 

 were occasional reactions in all the leading 

 stocks, due to temporary covering of short 

 contracts, the tone was generally heavy to the 



close, when the greatest declines were in Sugar, 

 Chesapeake and Ohio, the Grangers, Chicago 

 Gas, Whisky, New York Central, Reading, Cord- 

 age, and Western Union. The market was 

 again lower in October, with further liquidation 

 in Sugar, Whisky, and Cordage as the feature, 

 and there was speculative selling of the Gran- 

 gers, General Electric, Manhattan, Reading, and 

 Western Union. Sugar was more or less af- 

 fected by the depressed condition of the refining 

 industry, the Grangers by decreased earnings, and 

 Chicago Gas by threatened competition. Toward 

 the end of the month the bears attacked the Coal 

 shares on reports of cutting of schedule prices 

 of coal and unrestricted production, and North- 

 ern Pacific preferred was influenced by a failure 

 to obtain satisfactory bids for the receiver's cer- 

 tificates. There was an irregular rally in the 

 leading stocks during the last days of the month, 

 but the tone was feverish at the close, and the 

 greatest declines, compared with the opening, 

 were in Sugar, Cotton Oil, Central New Jersey, 

 Delaware and Hudson, Delaware, Lackawanna 

 and Western, the Vanderbilts, Manhattan, 

 Louisville and Nashville, the Grangers, Cordage, 

 and Western Union. The market was strong 

 early in November, influenced by the result of 

 the elections, and the tendency was very decided- 

 ly upward under the lead of Sugar, the other 

 industrials, the Grangers, the Coal shares, ard 

 other oversold stocks until the middle of the 

 month, when, the short interest being largely 

 eliminated, the bears attacked the Grangers on 

 unfavorable traffic returns. Sugar, the Coal 

 shares, and Manhattan were freely sold, and the 

 market was generally lower to the close of the 

 month. The reduction in the semi-annual divi- 

 dend on Chicago and Northwestern common, and 

 of the quarterly dividend on Chicago, Burlington 

 and Quincy, arid decreased earnings of St. Paul, 

 affected all the Grangers. Reports of a de- 

 pressed condition of the refined-sugar market in- 

 fluenced sugar, and the other stocks fell in sym- 

 pathy. The news of the successful negotiation 

 of the new Government bonds was in part coun- 

 teracted by disclosures of a defalcation, amount- 

 ing to $354,000, in the Shoe and Leather Bank, 

 and a sharp fall in Sugar on the last day of the 

 month, caused by reports of closing of the re- 

 fineries, had an unsettling effect. The greatest 

 declines, compared with the opening, were in 

 Sugar, Tobacco, the Coal shares, Chicago Gas, 

 Erie, and the Grangers. Sugar was one of the 

 most active stocks early in December, and the 

 transactions in it during the first week were 

 over 700,000 shares. There was first a sharp 

 fall, due to statements that the business of re- 

 fining sugar could not be profitably conducted 

 under the new tariff. Then came a rapid rise, 

 which culminated on the declaration of the usual 

 dividends, and this was followed by free selling 

 to realize profits. There was an attack upon 

 Central New Jersey, due to reports of decreased 

 earnings, and this had some influence upon the 

 other coal shares. The Grangers were irregular, 

 although generally strong, influenced in great 

 part by the passage by the House of the rail- 

 road pooling bill. General Electric was broken 

 some about the middle of the month, but later- 

 it recovered. The business was small toward 

 the close. Reading was influenced by the pro- 



