272 



FINANCIAL REVIEW OF 1894. 



spective failure of the reorganization scheme, 

 and the decline in this stock affected Central 

 New Jersey. The Vanderbilts were inclined to 

 be strong "on the declaration of expected divi- 

 dends, and the whole market, with the excep- 

 tion of the coal shares, was fairly firm at the 

 close of the month. 



Total sales of stocks at the New York Stock 

 Exchange for 1894 were 49,075,032 shares, against 

 80,977,839 in 1893; 85,875,092 in 1892; 09,031,- 

 089 in 1891 ; 71,282,885 in 1890; and 72,014,000 

 in 1889. 



The following table shows prices of leading 

 stocks at the beginning of the years 1893, 1894, 

 and 1895 : 



The following shows the highest prices of a 

 few of the speculative stocks in 1893, and the 

 highest and lowest in 1894 : 



1893. 



1894. 



Foreign Exchange. The imports of mer- 

 chandise for the year ending Dec. 31, 1894, were 

 $93,507.300 below those for 1893, and the ex- 

 ports of domestic and foreign merchandise were 

 $50,804,484 less. The excess of merchandise ex- 

 ports over imports for the year was $152 294 824 

 against $109,592,002 for 1893. The excess of ex- 

 ports over imports of merchandise, coin, and 

 bullion for 1894 was $270.035,869, against $144 - 

 619.350 for 1893. Gold exports were. $81,200.351 

 in excess of the imports in 1894, against $7,013 - 

 431 in 1893. 



The dominating influence in the exchange 

 market throughout the greater part of the year 

 was the congested condition of the money mar- 

 ket, which made it almost impossible for foreign 



bankers to obtain remunerative rates for their 

 money, and therefore they promptly remitted 

 their balances, drew bills only for current needs, 

 and but infrequently made speculative sales in 

 expectation of covering at lower prices, for the 

 reason that the proceeds of such bills could not 

 be employed to advantage. This abnormal con- 

 dition of the money arid exchange markets de- 

 ranged all calculations based upon trade statis- 

 tics, and even when there was a large apparent 

 balance in favor of this country exchange was 

 at or near the gold-exporting point. In Janu- 

 ary the supply of commercial bills against cotton 

 and breadstuffs was light, and the offerings were 

 promptly absorbed by demand for current remit- 

 tance and for settlements. The market opened 

 at $4.844 for sixty-day and $4.804 for sight, fell 

 to $4.84 for the former and $4.86 for the lat- 

 ter, and reacted to $4.864 f r long and $4.884 

 for short, influenced by an investment inquiry 

 caused by the fall in the net gold reserve of the 

 Treasury to $05,050.175, the tone closing easier. 

 The market was strong in February in conse- 

 quence of a demand for the settlement of ster- 

 ling loans, and also because of the small supply 

 of commercial bills, and long sterling was af- 

 fected by the reduction in the Bank of England 

 rate to 2 per cent. The delay of the Senate in 

 acting upon the tariff, and the proposition in 

 the House to coin the silver seigniorage, had a 

 deterring effect upon Europeans who might 

 otherwise have been induced to buy American 

 securities. The market opened at $4.854 for 

 sixty-day and $4.88 for sight, and rates gradu- 

 ally* advanced to $4.874 for the former and 

 $4."894 for the latter by the end of the month, 

 when there was an inquiry to remit for stocks 

 sold for European account. The demand was 

 so urgent early in March that rates were main- 

 tained at $4.88 for sixty-day and $4.894 for 

 sight, and by the 17th $21500,000 gold had been 

 shipped to Europe. On the 20th the tone grew 

 easier because of purchases of stocks for Euro- 

 pean account, on assurances that the seignior- 

 age bill would be vetoed by the President, and 

 on the 27th rates fell to '$4.874 for long and 

 $4.89 for short. There was some selling of 

 stocks for European account in April, and the 

 demand for remittance caused rates to advance 

 early in the month to $4.88 for sixty-day and 

 $4.894 for sight, and on the 14th $4,084.000 

 gold was shipped to Europe, followed by $3,- 

 500,000 on the 21st, attracted by a rise in open 

 market discount rates in Paris caused by the 

 issue of a loan by that city. On the 27th*. $1,- 

 200,000 more gold was shipped, making $8,784,- 

 000 for the month. Rates were advanced on 

 the 30th to $4.884 for sixty-day and $4.90 for 

 sight, and gold exports to Europe were large 

 early in May, and they so continued throughout 

 the month, the total shipments being $18,150,- 

 000, influenced by the congested money market, 

 which induced the prompt transfer of "funds to 

 Paris, where they could be employed at fair rates. 

 Exchange remained practically unchanged at 

 $4.884 for long and $4.90 for short during the 

 month, and some influence was exerted by the 

 industrial disturbances which induced selling 

 by Europeans of American securities. The mar- 

 ket was quite bare of bills in June, and for the 

 greater part of the month the supply chiefly 





