at Port Arthur are captured by the Japanese, and the invading army is approaching Moukden.

31. Washington: The Treasury Department is informed that the Province of Quebec revokes its discriminating export duties on lumber. A Canadian loan of £2,250,000 is negotiated in London.

November 1. Washington: First meeting of the shipcanal board appointed by the President to consider the construction of a canal between Chesapeake and Delaware Bays. Philadelphia: General meeting of the bishops of the Methodist Episcopal Church in committee on Church extension. New York: Several additional convictions of police officers for bribe-taking. Death of Alexander III, Emperor of Russia.

2. Proclamation of Nicolas II, Emperor of Russia. 4. The Japanese capture the outworks of Port Arthur.

5. London: Explosion of a bomb near the residence of Home Secretary Asquith.

6. New York: Judge Barrett decides that a student can neither acquire nor lose residence in a seminary for purposes of registration as a voter. Appointment of Capt. Philip Cooper to be superintendent of the United States Naval Academy. China-Japan: Representatives of the foreign powers, assembled by invitation of the Chinese Emperor, informed that it is impossible to resist the Japanese invasion, and asked to request their governments to intervene.

7. Brooklyn, N. Y.: Seventy-fifth annual conference of the General Missionary Committee of the Methodist Episcopal Church. Germany agrees to reconsider the prohibition of American cattle. A Chinese loan amounting to £1,600,000 has been negotiated in London.

8. Germany formally recognizes the Hawaiian Republic. Rome: The final conference of prelates in relation to the union of Oriental and Romish churches held at the Vatican, the Pope presiding.

9. Woodland, Cal. S. G. Warden, convicted of train wrecking during the railroad strike, is sentenced for murder in the first degree.

10. Great Britain: The Cabinet decides to give the precedence to the anti-Lords' resolution on their programme of legislation. Suspension of diplomatic relations between France and Madagascar.

11. Chicago: Socialists commemorate the anniversary of the execution of their brethren by a general meeting. Russia: Impressive funeral services of the late Emperor at Moscow.

12. Philadelphia: Launch of the steamer St. Louis, the largest ever built in America. Decision by the Supreme Court of Pennsylvania that nuns teaching in the public schools may wear the uniform of their order. Boston: Opening of the Episcopal Church Congress.

13. Secretary of the Treasury Carlisle issues a call for a loan of $50,000,000 on five-per-cent. ten-year bonds. New Orleans: Annual convention of the Knights of Labor; Mr. Sovereign re-elected Grand Master Workman.

14. Washington: Eighth annual convention of the Association of Agricultural Colleges Experiment Sta

tions.

Bluefields, Central America, are practically ended. Spain: Execution of the anarchist who exploded a bomb in Barcelona last year.

22. Texas: Indictment of officers of the Standard Oil Company for violating State anti-trust laws. Extradition refused by the New York authorities. Brazil: The President grants amnesty to all political offenders. Capture of Port Arthur by the Japanese. third Japanese army is sent to operate in the Yangtse-Kiang region.

A

23. Treaty between the United States and Japan signed at Washington.

24. Washington: The entire amount of the new loan assigned to the Stewart syndicate of New York. 25. Incorporation of the Nicaragua Canal Company under the laws of Vermont.

26. St. Louis: Seventh annual session of the TransMississippi Congress. Russia: Marriage at St. Petersburg of Nicolas II and the Princess Alix.

27. New York: The Court of Appeals dismisses the petition of John Y. McKane for a new trial. France: Ratification of a tariff convention with China. Spain: Abolition of public execution. 29. Georgia: The Legislature refuses the usual appropriation for the State militia. Davenport, Iowa: Opening of the completed section of the Hennepin Canal. Portugal: Session of the Cortes summarily closed on account of continued disorder.

December 1. New York: Arrival of John Burns, M. P., the English Labor leader. England warns Turkey that the investigation of Armenian outrages must be satisfactory to the powers.

3. Italy: The King opens Parliament. 4. Massachusetts: Municipal elections; large Republican gains.

8. Washington: Ratification of the treaty with China. Minneapolis: Second annual meeting of the National Municipal League. Germany: The Emperor opens the Reichstag.

10. Denver, Col.: Annual session of the American Federation of Labor. Columbus, Ohio: Organization of the Coal Miners' and Operators' Interstate Board of Arbitration.

11. Japan-China: Continued reports of Japanese victories. South Carolina: Ex-Gov. Tillman élected United States Senator in place of the Hon. M. C. Butler.

13. Turkey: The Porte consents that consuls of the powers shall sit with the Armenian Commission.

14. Chicago: Session of the National Civil Service Reform League; Carl Schurz president. Debs sentenced to six months' imprisoninent for contempt of

court.

18. Newfoundland: A financial crisis precipitated by discoveries of large overdrafts in the accounts of the Commercial Bank.

21. China: It is announced that the Emperor has granted plenipotentiary powers to Chang-Ying-Huan to make peace with Japan.

22. Newfoundland: Business at a standstill owing to the financial crisis,

26. Washington: Meeting of the American Historical Association. New York: Meeting of the Economic Association at Columbia College,

27. Washington: First meeting of the Venezuelan Claims Commission. Baltimore: Meeting, at Johns Hopkins University, of the Geological Society, the Society of Naturalists, the Morphological Society, and the Physiological Society. Philadelphia: Meeting of the Philological Congress.

28. Washington: Meetings of the Folklore Society, the Forestry Association, and the Society of Church History. New York: Meeting of the Association of Anatomists.

29. New York: Last session of the Lexow Committee. For an account of its proceedings, see NEW YORK CITY. Newfoundland: The Council pass resolutions taking extraordinary measures to restore credit and relieve distress.

FARMERS' CONGRESS.

The fourteenth annual session of the Farmers' Congress of the United States of America met in the Academy of Music, Parkersburg, W. Va., Oct. 3, 1894, where it held a four days' session. The hotels, principal places of business, and private houses were decorated with bunting, and "Old Glory" played a conspicuous part in the stage decoration of the large music hall.

Addresses of welcome were made by the Hon. John A. Hutchinson, as the representative of Gov. McCorkal, of the State: Dr. John A. Myers, in behalf of the farmers of the State; and by Hon. W. H. Smith, Jr., Mayor of Parkersburg. They were responded to by the president of the congress, the Hon. Benjamin F. Clayton, of Iowa; Col. Daniel Needham, President of the New England Agricultural Society; and Hon. J. M. Stahl, secretary of the congress.

The president, in his annual address, said:

It would seem that in the past eighteen months we have almost reached the danger line in the agitation between capital and labor. The loss to capital has been great; and the loss to the laboring man, by reason of nonemployment, has been and will be felt with greater force before the close of the coming winter. The road to friendship and harmony between capital and labor would be short if stripped of the imaginary conflict between the two. Capital and labor are one and inseparable in the progress of the world. The feeling within us is strong to say that "labor is king"; that labor should enjoy the advantages that have been wrung from the hard conditions of its environment. But wealth is the fulcrum upon which labor rests and operates. Wealth, no less than labor, renders luminous the pathway of the Whenever a monument has been raised, a discovery made, an achievement accomplished, a continent discovered, a civilization changed, or a city built, capital gave direction to labor. Where a river has been bridged, a mountain tunneled, a continent crossed, and a nation webbed with iron trackage, it has been by the co-operation of capital and labor. The busy wheels of commerce that disturb the quiet of every community, the manufacturing establishments that consume vast quantities of products, that send out every needed implement and every necessary article for man's use, that constructs the ship lines that plow deep the vast waters of the high seas to every market known to civilization, are the joint results of capital and labor.

ages.

The true American laborer is not wholly responsible for the destruction of life and property growing out of the late agitation and labor strikes. We have a foreign immigration whose principal business seems to be to foment difficulty, and upon which the Congress of the United States should act. The pride of all true Americans is to extend a hospitable hand to all who would come to our shores to better their condition; but we want no fugitive from justice, whose purpose is to overthrow law and order. Under the proud flag of this great country there is room for the oppressed and the down-trodden of all nationalities that would better their social and political condition; but the immigrant that expects protection under our Constitution must leave behind him his political vices, and must learn to be an American citizen.

As shown by the census report of 1890, the farm values of the United States were as follow:

This gives to the farming element of the United States about 30 per cent. of the entire wealth of the nation. When we include the landed interest, with all that legitimately belongs to it, we control fully 66 per cent. of the wealth of the republic. In view of legitimately belonging to farm resources, it should this magnificent representation of what we claim as be no surprise that we make an effort to protect our splendid interests, and that we should approach the Congress of the United States with the greatest confidence of success in securing a respectful hearing. The American farmer is opposed to extreme and constant agitation. To him the political arena has no attraction so long as the affairs of State are administered with economy and to the best interest of all the people.

I do not mean by this that the farmer and the agriculturist should take no part in politics. We should not for a moment lay aside or forget our duty to society and to the Government. At the risk of being called a politician, it is our duty to see to it that the political atmosphere is kept pure, and that the vicious classes are held in check.

Let me beg of each individual member of this congress that he will give the congress the full benefit of his experience.

On call of the roll of States, the following were chosen as the Committee on Resolutions, to whom all resolutions were referred without debate:

Alabama, T. J. Key: Florida, W. A. Cooper; Georgia. G. M. Ryals; Illinois, J. B. Foley; Indiana, J. T. Offitt; Iowa. L. S. Coffin; Maryland, D. Lyon Rogers; Massachusetts, Daniel Needham; Missis

sippi, Frank Wall; Montana. George D. Thomas; New Hampshire, J. W. Sanborn; New York, A. M. Childs; North Carolina, J. R. Tillery; Ohio, Judge William Lawrence: Pennsylvania, Hon. II. F. James; Rhode Island, Hon. N. D. Pierce; Tennessee, G. M. Tinkham; Virginia, R. R. Horne: West Virginia, T. Slaughter; Texas, R. F. Butler; Vermont, O. M. C. Atkeson; Michigan, A. Campbell.

Among the resolutions adopted by the Congress were these:

That this Farmers' National Congress request the President and Congress that an international conference be called of all nations ready to unite in a convention for the equal use of gold and silver as full legal-tender money on such just ratio between the two metals as may be agreed upon.

That we are opposed to any legislation by Congress which will have the effect to cause either gold or silver to be exported so as thereby to leave substantially only one of the metals as money in this country.

That, to whatever degree either great political party shall adopt the policy of protection, we, as representatives of the farming interest, demand that an equal protection be given to farm products; and that a committee be appointed to confer with the committees of Congress to secure an equal adjustment of such schedules.

That we, the representatives of this congress, pray that the Congress of the United States intercede in behalf of the farmers and shippers of stock, to make the law more stringent in regard to the shipping of

live stock, and not to allow the managers of railroads to delay stock longer than one hour at any way

station.

That all grains and seeds to be put upon the market graded according to quality should be graded by a sample of legal half bushel, and that no smaller quantity than that should be a lawful sample from which such grade shall be determined and fixed.

That there should be no reduction in the present rate of postage of any class of mail matter before there is free daily mail delivery in towns and villages and throughout farming regions.

That any article used as human food which shall contain any substance not legitimate in its manufacture, or which shall contain any adulterating ingredients, should bear on every package containing any such article, in plain, legible letters, the word " Adul

terated."

That, in all States, farmers of whatever political party should demand a just share of all delegates in nominating conventions who distinctly and positively

represent agricultural industries.

That the Congress of the United States should establish a Board of Arbitration, or so amend the Interstate Commerce Law as to give the commission the right to investigate the cause of strikes, that have been so disastrous to life and to the movement of

commerce, especially to live stock and perishable farm products; and that said commission should have the right to adjust any grievance that may exist be

tween capital and labor.

The liquor traffic as represented by the saloon business is the cause, either direct or indirect, of the poverty, crime, and misery that prevail in the United States; and we call upon our National Congress, and the various State legislatures, to enact such laws as will suppress the liquor traffic at the earliest date possible.

That the laws with reference to foreign immigration be strictly enforced, in order to prevent the landing upon American shores of foreign elements that have come in competition with American labor, and that have constantly bred discord and anarchy on American soil. We respectfully ask the Congress of the United States to take prompt action in these

matters.

We recognize with great satisfaction that the Farmers' Congress, in its several sessions from 1886 to 1893, inclusive, has been recorded in the "Annual Cyclopædia"; and we hereby extend the thanks of this congress to D. Appleton & Co, the publishers of this valuable work, and also to Hon. B. F. Clayton, now president of this body, who has written the reports thus published.

An excursion was given during the congress to Blennerhassett's island, where a banquet was spread on that lovely and historic ground. Another excursion was over the Ohio Valley Railroad to Sisterville, the center of the great oil regions, which was extremely interesting to the delegates.

During the three days' session many questions were introduced and ably discussed, and resolutions covering nearly every agricultural and productive industry will be sent to the Congress of the United States.

The fifteenth annual session will be held at Atlanta, Ga., in October, 1895. The session just closed was one of the most important in the history of the organization.

FINANCIAL REVIEW OF 1894. The feature of the year was the congested condition of the money markets in New York, London, and Paris, reflecting the absence of confidence which was the natural result of the financial crisis in this country, and of the unsettled state of affairs in Great Britain, caused by the Baring

crisis of 1890, and by the Australian and the South American embarrassments last year. The New York associated banks in February held the largest amount of cash and of surplus reserve ever recorded. Toward the end of August the Bank of England reported the unprecedented sum of £39,886,099 bullion, and, Dec. 27, the Bank of France held £82,783,141, and the Bank of Germany reported £40,334,275 gold. During the greater part of the year call money at the New York Stock Exchange loaned at an average of 1 per cent., and frequently loans were made at of 1 per cent. Discounts in the open market at London were at one time in the summer as low as of 1 per cent. for sixty-day bank bills, and at the same time the unofficial rate at Paris was per cent. A comparatively small loan offered by the city of Paris, in April, attracted subscriptions from London, and spasmodic activity in the open market rate at Paris stimulated shipments of gold from New York. In very many instances merchants anticipated settlements abroad, taking advantage of the extreme cheapness of money here to adjust accounts which carried 5 per cent. interest in Europe. Though capital was in such great abundance, America offered little or nothing to attract it for investment. No sooner had the Secretary of the Treasury announced his intention to issue bonds for the purpose of increasing the gold reserve, than members of Congress, by resolution, declared that no part of the proceeds of such loan must be used except for the redemption of legal tenders, and owing to this opposition failure of the negotiation was threatened. The silver question was early in the year agitated in Congress, and in March a bill providing for the coinage of the silver seigniorage passed both Houses, but it failed to become a law by reason of the veto of the President. Even then a proposition was made in the Senate to coin Mexican dollars at the United States mints with American silver, notwithstanding its manifest impracticability. The renewal of the silver controversy in Congress, and the delay of the Senate in acting upon the Tariff bill after it passed the House, early in February, discouraged European investments or speculation in American securities. The movement of the "Army of the Commonweal" was regarded abroad as of far greater importance than it was here. The strike of the bituminous coal miners in May, and the sympathetic strike of railroad employees in June and July, likewise tended to deter operations by Europeans, and it was not until the Tariff bill became a law, in August, that much interest was taken in American railroad stocks, and then only for a brief period. But while Europeans had so little confidence in our securities, they apparently had not much more in their own. Speculation in internationals was very tame, influenced in great part by the socialist demonstrations preceding and following the assassination of President Carnot, of France, June 24. The outbreak of the war between Japan and China, July 27, was at first regarded as likely to give some employment to idle European capital; but Japan's requirements were met with home contributions, while China borrowed only sparingly, and it was not until toward the end of the year, when new loans were negotiated by

bilt properties. The tone was generally strong until the last few days of the month, when, the short interest having been eliminated, the market was deprived of this support, and Sugar was unfavorably affected by the settlement of the tariff schedule by the House Ways and Means Committee, while New England was at first strong on the appointment of permanent receivers, subsequently falling on reports of an intended assessment upon the stock. The threatened failure of the Government loan, through opposition in Congress, had an unsettling effect until the end of the month, when news that a New York syndicate of bankers had taken the loan stimulated a recovery, and the market closed strong with the most important advances, compared with the opening, in Cotton Oil, Atchison, Canada Southern, Central New Jersey. Chicago Gas, Whisky, Louisville and Nashville, the Grangers, the Vanderbilts. Missouri Pacific, the Wabashes, and Western Union. About the weakest stocks were Sugar and Northern Pacific preferred. The market was irregular and generally lower during February. It opened strong, influenced by the successful placing of the Government bonds without disturbance to the money market, and there was a good demand for the Vanderbilt and other investment stocks during the first few days. The speculation in the railroad list then subsided, and the attention of the traders was directed to Sugar and the other industrial stocks, and Chicago Gas was the favorite. This property fell off early in the month on the passage of an ordinance by the council authorizing an opposition company to lay mains, and it was quite active for the remainder of the month in consequence of manipulation alternately by the bull and the bear party. A decline in wheat about the middle of February forced the Granger stocks to very low prices, and after this to the close the speculation was largest in these properties, in Sugar, Whis ky, Chicago Gas, Lead, and General Electric. The market closed generally strong, influenced by covering of short contracts in the Grangers and in the industrials. During March the trading was largest in Sugar, the Grangers, Louisville and Nashville, and Western Union. There was a rapid rise in the first-named stock of 12 points, followed by a fall of 9, on the 6th. The advance was due to manipulation which compelled a covering of oversold stock and the fall to a settlement by one of the leading bears. This movement made the other industrial stocks feverish, but gradually there came an improvement in the Grangers, and after the middle of the month the whole list was strong, buying being stimulated by the declaration of dividends on Sugar, St. Paul, Chicago, Burlington and Quincy, Rock Island, and Western Union. The prospect of a veto of the seigniorage bill, which passed the House on the 2d and the Senate on the 15th, encouraged European buying of stocks, and toward the end of the month improved railroad earnings and a revival in the dry-goods trade and in some of the manufacturing branches tended to make the tone quite strong at the close. The most important advances, compared with the opening, were in Sugar, Cotton Oil, Atchison, the Grangers, the Vanderbilts. Lead, Louisville and Nashville, and Union Pacific. The seignior

age bill was vetoed on the 29th, and the veto was sustained in the House on the 4th of April by 144 yeas to 115 nays, and this temporary settlement of the silver question more or less favorably influenced the market early in April, though the Grangers were freely sold for European account, and General Electric was broken down on the publication of the annual report. Toward the middle of the month the market was irregular and lower, being affected by the opening of the tariff debate in the Senate and by indications that final action would be greatly delayed, and some influence was exerted by engagements of gold for shipment to Europe. Then came news of a formidable strike by the American Railway Union on the line of the Great Northern, and also of the movement of the "Army of the Commonweal" toward Washington, accompanied by the seizure of Northern Pacific trains by a contingent of the "army." The tendency of the market was generally downward for the remainder of the month, especially in the Grangers and in Chicago Gas. The greatest declines, compared with the opening, were in Central Pacific, Central New Jersey, Lackawanna, Erie, Electric, New England, Northern Pacific preferred, Reading, the Grangers, and Union Pacific. The shares of bituminous coal roads were influenced by the strike of coal miners, which assumed serious proportions by the end of the month. Early in May this strike spread to Maryland, Ohio, Indiana, Illinois, Colorado, and to fields in other States, and by the close of the month 117.000 miners were reported idle, and the coal famine affected nearly every road and important industry in the West. The "Army of the Commonweal" dwindled in numbers as the advance guard approached Washington, and on the arrival of the leader at the Capitol he was arrested for violation of police regulations. The business in stocks was chiefly confined to Sugar, the other industrials, the Grangers, Atchison, the other Southwesterns, Reading, and Western Union. One feature during the early part of the month was a fall in Reading, due to the abandonment of the plan of reorganization, while Atchison and New England were affected by reports of intended heavy assessments. After the middle of the month Sugar was actively manipulated. and it fluctuated widely by reason of the operations of pools in this city and in Washington. Toward the close, rebuying of all the leading stocks to cover short contracts made the market generally stronger, although, compared with the opening, the declines were important in Sugar, Cotton Oil, Atchison, the Coal shares, Manhattan, New England, Northern Pacific preferred, the Grangers, Union Pacific, and General Electric. The strike of the bituminous coal operators ended by the middle of June, and the stock market was generally strong during the first half of the month. The settlement of the sugar schedule of the Tariff bill made the stock of the company quite feverish, but there was good buying of the Grangers, General Electric, and Chicago Gas. After the middle of the month Atchison and Union Pacific were freely sold, and there were bearish demonstrations upon the Grangers and Missouri Pacific. On the 24th the news of the assassination of President Carnot, of France, had a disturbing effect, but there was