FINANCIAL REVIEW OF 1894. 



FINE ARTS IN 1894. 



failure D.ec. 31 because of inability to procure 

 the assents of a sufficient number of income 

 bondholders and stockholders. The plan for 

 the reorganization of the Atchison, Topeka and 

 Santa Fe was not completed at the end of the 

 year, and the Erie and the Northern Pacific 

 schemes were greatly delayed. The Richmond 

 Terminal plan was the only one of importance 

 which was successfully put into execution, and it 

 was not until toward the close of November that 

 application was made for the discharge of the 

 New York and New England receivers. The 

 railroads were more or less affected during four 

 months of the year by labor troubles. The 

 strike of bituminous coal miners, which began in 

 April and ended in June, threw out of employ- 

 ment from 150,000 to 200.000 men, and created 

 a coal famine which was felt in almost every in- 

 dustrial enterprise and directly by the bitumi- 

 nous coal carriers. The strike of the American 

 Railway Union on the line of the Great North- 

 ern resulted in a victory for the labor organiza- 

 tion, and greatly encouraged its officers in the 

 sympathetic strike intended to assist the Pull- 

 man employes, which began in June and ended 

 by the middle of July, affecting every road cen- 

 tering at Chicago and extending from Buffalo 

 to the Pacific coast. The movement of the " Army 

 of the Commonweal " caused much damage to 



signed. In that month default was made on 

 bonds of the Toledo, Peoria and Western, and 

 the East Tennessee, Virginia and Georgia \vas 

 sold under foreclosure. In August the reorgan- 

 ization plan of the Minneapolis and St. Louis 

 was adopted, and it was promptly executed. In 

 October the Grand Rapids and Indiana default- 

 ed ; the Duluth and Winnipeg was placed in the 

 hands of a receiver ; and the Minneapolis and 

 St. Louis, the Macon and Northern, and the 

 Pittsburg, Akron and Western were sold under 

 foreclosure. In November the Nebraska Maxi- 

 mum freight bill was declared by the United 

 States circuit court unreasonable. A receiver 

 was appointed for the Georgia Midland and 

 Gulf road, and the Detroit, Bay City and Alpena 

 was sold under foreclosure, and all receivers of 

 branch roads of the Northern Pacific were dis- 

 charged by the court in the interest of economy. 

 In December the Oregon Pacific, the Pennsyl- 

 vania, Poughkeepsie and Boston, and the Des 

 Moines, Northern and Western were sold under 

 foreclosure ; the failure of the Detroit, Lansing 

 and Northern and of the Reading reorganiza- 

 tion plans was announced, and the Cincin- 

 nati, Jackson and Mackinaw defaulted on its 

 bonds. 



The following shows gross and net earnings 

 of the principal trunk lines: 



roads in the West. Floods in Colorado, in the 

 middle Western States, on the North Pacific coast, 

 and in Pennsylvania, were very destructive in 

 .May, and the shortage of the corn crop bid fair 

 to affect railroad transportation during the re- 

 mainder of the crop season. In the first six 

 months of the year the falling off in gross re- 

 ceipts of 234 roads amounted to $87,914,408 

 compared with the same time in 1893. Reduc- 

 tions and suspensions of dividends were conse- 

 quently numerous and important. Among the 

 roads reducing were the Rock Island, the Chi- 

 cago, Burlington and Quincy, Chicago and 

 Northwestern, Baltimore and Ohio, Canada 

 Southern, New York. New Haven and Hart- 

 ford, and the Boston and Maine, while the Louis- 

 ville ami Nashville and the Pittsburg, Cincin- 

 nati, Chicago and St. Louis suspended dividends. 

 The plan for the reorganization of the Richmond 

 Terminal was issued March l,and in August the 

 ne\v company. 1 he Southern, began to acquire the 

 properties of the old company. The Indianapo- 

 lis, Decatur and Springfield was sold under 

 foreclosure in May, and the Richmond and Dan- 

 ville in June. In July the announcement was 

 made of an overstatement of about $7,000,000 

 in the earnings of the Atchison, Topeka and 

 Santa Fe, and soon after President Reinhart re- 



FINE ARTS IN 1894. Under this title are 

 treated the principal art events of the year end- 

 ing with December, 1894, including especially 

 the great exhibitions in Europe and the United 

 States, sales and acquisitions of works of art, and 

 erection of public statues and monuments. 



Paris : Salon of the Champs Elysees, 1894. 

 The exhibition of the Societe des Artistes 

 Francais, in the Palais de 1'Industrie (May 1 to 

 June 30). comprised 4,559 numbers, classified as 

 follows: Paintings, 1,887: cartoons, water colors, 

 pastels, miniatures, enamels, porcelain pictures, 

 etc., 805; sculptures, 1.004; engraving on medals 

 and precious stones, 67; art objects, GO; archi- 

 tecture, 208; engraving and lithography, 522. 



The following are the honorary awards of the 

 Salon for 1894 : 



Section of painting: No medal of honor and 

 no first-class medal awarded. Second-class med- 

 als: Guillaume Albert Demarest. Auguste Fran- 

 cois Gorguet, Louis Galliac, Georges Olivier Des- 

 vallieres, Raymond Allegre, Adrien Jourdeuil, 

 Gustavo Surand, Jean Baptiste Antoine Guillon- 

 net, Fernand Le Qucsne, Henri Foreau, Joseph 

 Saint-Germier, Henri Rover, Paul Grolleron, 

 Armand G-uery. Jules Rouffet, Lauren t-Desrous- 

 seaux. Third-class medals : Rene Louis Chretien, 

 Eugene Trigoulet, Adam Denovan, Henry Bacon, 



