li:\\ OP 1895. 



qoeatly.prfte**wereln.nml at then. 

 beroorn wMiUoent* while au were *** to &H 

 market. Wheat advanced early 

 in the *e**oo on new* of the damage to the 

 Wtatar crop, and in ! the price here was 88 

 cwata. but later there was a decline, and at i he 



' I he >. ir u was 66i e 

 orop van lai'- mid the yield wan -h-rt. Planters 

 who had bwn compiled to sell last year's cot- 

 ton at what the? regarded as ruin.u>ly |,,w 

 nrioM appeared deposed to take advantage of 

 (he Aon en.p. and some were encouraged to 

 hold bark the Maple. In SeptemlN-r there was 

 speeuIaUre movement which MfMMM tM 

 .m, I in <K-toi*. r the-*' ipeculaton madi 

 an Attempt to comer October deliveries of cot- 

 ton, and thin resulted in an advance to about 9 

 emu. Then the price gradually fell off, but at 



; -.. - ' ,. i- - 



Taking prices in New York, Jan. 1. 1896, if 

 the whole of the crop* could have been laid 

 down at thnt point on that date, the values 

 would have been as in the following table : 



and N iri Pacific. Lead, lieadini:. 



IiiiblM-r. ti. -. :nnl \\ 'heelini; and Lake 



Th.- market "pen, 



February, influenced by tin- cont ra. : J'.-r || M . 

 sale f -l-per-ecni. bond- t.i tin- IVlmont- 

 Morgan syndicate, mid there was u 

 main! for all tin- Ira': \\in. h k.-pt the 



nuirket ijuiir strong until tin- -econd 

 when >ales. to reali/e profits ami -ome p: 

 by the bears caused an irregular d 

 t I'M- market was generally heavy until 

 days before the clone. when th.n \ 

 Improvement Tin- weakest stocks, n 



tin- iijN-nilii; with tin- cl'Mimsalrs. \\ < 

 Cainulian Pacific, t h- ( i ranp-r>. ' 



^li..iv. l.oui>.vi: 



Nashville, Missouri I' i. North.- 



citic luvfrnvd.th.- Li-atln-i>. \Vr-1i-rn I'ni. 

 tin- Whn-lin^s. ami tin- only >' i 

 Consoliilatcl Cas ami Whisky. Iininediali'ly 

 upon the adjournment of Congress, on M 

 there wjus a ileeiiled improvement in the n 

 led by Sugar and General Kleririe. and followed 



; *j 



KO|. of i-...|. 



.v .-"-. in; 

 9.0(10,000 



Prk>. J.n. 

 :; ISM, 



Hi 



tun^Mao 



atop ..i i-:o. 



Mi, 



4 -.7.i "-..'/. 7 

 2,i:>U3W0 



c.: .HI 



*" 









M M k- -The lowest prices for the majority 

 of stocks were recorded during the first quarter 

 of the year, while the highest were in the last 

 six months, though there was an important 

 downward reaction in the industrials in Novem- 

 ber, and the whole market was more or less af- 

 fected by selling of railroad stocks for European 

 account in December, due to the panicky fall 

 result in_- from the Venezuelan message of Pres- 



<'leveUnd. Influenced by the discussion 

 of t he Carlisle currency measure in the House 

 of Representatives, by engagement* of gold for 

 shipment to Kuro|c. and by the unsettled finan- 

 cial conditions, the stock 'market was irregular 

 and generally lower in January. There was a 

 fairly large short interest in leading stocks at 

 the beginning of the month, and soon after some 

 manipulation of Chicago Gas and an advance in 

 the Grangers induced general rebuying to cover 

 short contract*, which caused a gradual im- 

 proftnv-tit. and the tone was strong until after 

 themid !! of t hi- month, when continued with- 

 drawals of gold for export to Kurop,. ami indi- 

 cation* of hoarding of the coin by som.- of the 

 bank* in the interior, together w'ith selling of 

 stocks for Koropean account, brought ai 

 decline, and the tendency was downward until 



rts of m intended 



tOTMoff bond* by the Government caused a sharp 

 rallr. and the tone was strong to the end of the 

 P; W|t ' .-.-.'.compared 



w.th th- of-miitf. in Sugar, Delaware and llud- 



IllinoU Central. Uke Shore. Man! 



\orkCetitral, Omaha preferrvl. Pullman, 

 and Rock Wand, while the most important 

 decline* were to Tobacco, Canada >...ihern. 

 Consolidated Gas. General Electric, Louisville 



ly the Grangers, ami the tone was ^generally 

 >t ron^. wit h oeeasional sharp advances in s 

 the specialties until the third week. when. 

 to the elimination of the short interest, pri 

 off, but good support at the decline .< 

 the market upward, and it elose.l (jiute 

 with the most decided improvement, eon 

 with the iipeniiii:. in Su-ar. ( 'otton oil. At- 

 Tobacco, Central New Jersey, the Delaware*, 

 General Kleetric. Louisville and Na^hvill. 

 souri, Kansas and Texas preferred. M 

 cific, Lead. New Midland, Headinu'. the - 

 mi-, the Leathers, Union Pacific, the 

 ings, and Western Union. The success > 

 Belmont-Morgan syndicate in 

 dence at home and abroad in thefii. 

 ation had much to do with an imp! 

 the market during April, and there was a 

 demand by Kuropeans for American sto<-' 

 railroad mortgages. There was an in 

 fall in Sugar sonn after the opening 

 month, caused by the closing of -ome ,,f 

 fineries, and the CoeJ -hares were broken 

 by a raid, and t ho whole market was 

 unfavorably influenced by rumor* of ai, 

 session of Congress in ca 

 should be declared unconMjtutiorial. Hi. 1 

 ually the tone recovered, and alter the i 

 of the month there was goorl bil\; 

 ,rop,.an and dome-' 

 tj..n- in railroad mortgage- 

 large. The market closed ,-ith the 

 greatest gain-, conijiared with the opening, in 



acco, the Vanderbilt -p.-< 

 lidated Gas, Whi-ky. Louisville and 

 ville, Missouri. Kansas and Texas pn ' 

 the Grangers, Northern I'acifi-- 



