stock $124,146,100, which new issue was taken by stockholders at par in the previous month. In November the principal lines of railroads voluntarily advanced wages 10 per cent. in anticipation of demands from their employees for such advance.

Gross earnings of 74 railroads for twelve months ending Nov. 30 were $623,776,463, against $575,882,954 for the corresponding period in the previous year.

Manufacturing Industries.-The depression in copper, which was a notable feature in the previous year, had more or less effect upon that industry until March, when there was a recov ery. In that month labor troubles at the Massachusetts cotton-mills threatened a lockout, but the mill owners finally yielded to the demands of the operators and advanced wages. The prolonged strike of anthracite-coal miners caused a serious deficiency in the supply of coke and other fuel and a materially decreased output of pig iron. Steel manufacturing was also affected, and the mills were unable to supply the current demands, necessitating large importations of finished products in Europe. At the same time these mills had contracts of such magnitude for future deliveries as were expected to keep them fully employed at least until the middle of the ensuing year. One feature was the development of petroleum-oil fields on an extensive scale in Texas, but owing to the cost of transportation this product could not be made available for fuel at the East during the anthracite-coal famine; the consumption of bituminous coal was, however, largely increased.

While exports of manufactures showed some augmentation during the year the gain was small compared with previous periods, largely owing to the inability of our steel-mills to meet foreign orders because of the greater demand for the home consumption of their products. Exports of manufactured articles for twelve months ending Oct. 31 were $410,260,314, against $397,836,062 for the same time in the previous year. There was a large gain in importations of articles in a crude condition which enter into the various processes of domestic industry, these amounting for the twelve months to $341,611,525, against $290,600,786 for the corresponding period in 1901. FINE ARTS IN 1902. Under this title are treated the principal art events of the year end ing with December, 1902, 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. The exhibitions of the rival Salons were held contemporaneously (May 1 to June 30) in the Grand Palais des Champs Elysées, the building constructed originally for the Art Exhibition of the Centennial Exposition of 1900, and now under the administration of the Beaux-Arts. Paris: Salon of the Artistes Français.-The officers of the Société des Artistes Français for the year are: Honorary Presidents, Léon Bonnat, Édouard Detaille, Jean Paul Laurens; President, William Bouguereau; Vice-Presidents, A. Bartholdi, Louis Scellier de Gisors; Secretaries, A. de Richemont, G. Lemaire, J. L. Pascal, A. Mongin; Corresponding Secretary, Albert Maignan; Secretary-Treasurer,. E. A. Boisseau.

The annual exhibition comprised 4,268 numbers, classified as follow: Paintings, 1,680; cartoons, water-colors, pastels, miniatures, enamels, porcelain pictures, etc., 518; sculptures, 750; engraving on medals and precious stones, 95; decorative art, 463; architecture, 278; engraving and lithography, 484.

The honorary awards for 1902 are as follow: Section of Painting: The medal of honor was awarded to Joseph Bail for his Les Dentellières. First-class medal: No medal awarded. Secondclass medals: Paul Michel Dupuy, for his Au Luxembourg; Arthur Stockdale Cope, Portrait of Lady Hickman; Clémentine Hélène Dufau, Automne; Georges Jules Moteley, Village de la Faverie-Normandy; Léon Dambeza, Le Passeur; Henry Emilien Rousseau, Les Oliviers-Sahel Tunisien; Emmanuel Fougerat, Ma Maisonnée and Portrait du Supérieur du Petit Séminaire de Vitré; Pierre Jacques Dierckx, Fileuses Flamandes; Mary Shepard Greene (New York), Une Petite Histoire; Edmond Richter, Salammbô; Alexandre Jacques Chantron, Feuilles Mortes; Jules Gustave Besson, Le Moissonneur de Lauriers— triptyque; Henry Grosjean, Au Coucher du Soleil; Louis Alexandre Cabié, L'Approche de l'Orage; François Charles Cachoud, L'Heure du Grillon à Bouvans. Third-class medals: Tom Mostyn, Louis François Cabanes, Antoine Marie Raynolt, Eugène Jules Delahogue, Lawton Parker (United States), Félix Augustin Édouard Planquette, Paul Ivanovitch, Victor Octave Guétin, Albert François Larteau, Georges Frédéric Rotig, Henry Brémond, Charlotte Chauchet, Nanny Adam, Jules Cayron, Théodore Duchateau, M. E. Dickson (St. Louis), Honoré Victor Louvet, Pauline Marie Louise Dubron, Mme. Sudmilla Flesch de Bruningen, Many Emmanuel Michel Benner, Eugène Benjamin Selmy, Fernand Stiévenart, Charles Joseph Watelet, Jean Louis Lefort. Among the honorable mentions are: Sidney Gorham (United States), Edward Dufner (Buffalo, N. Y.), and Coggeshall Wilson (New York).

Section of Sculpture: Medal of honor to Hippolyte Lefebvre for his marble group Jeunes Aveugles. First-class medals: Jean Baptiste Antoine Champeil, Le Printemps de la Vie (marble group); Auguste Henri Carli, Le Christ et Sainte Véronique (marble group) and Lutte de Jacob avec l'Ange (marble group); Prosper Lecourtier, Chienne Danoise allaitant ses Petits (bought by the state) and Face à l'Ennemi-Lion (plaster group); Michel Léonard Béguine, La Première Parure (marble statue). Second-class medals: Louis Baralis, Naufragés (group); Gabriel Zimmermann, Appel Suprême (plaster); Alphonse Terroir, Seul dans la Vie (plaster bas-relief); Julien Lorieux, La Chute des Feuilles (plaster group); Raymond Sudré (plaster portrait and statue); Paul Darbefeuille, Danseuse (marble) and Le Berger Daphnis (plaster); Jules Louis Rispal, Nymphe de Diane (marble); Constant Roux, L'Automne and L'Hiver (bas-reliefs for Chamber of Deputies). Third-class medals: Charles Paillet, Alphonse Muscat, Raphael Charles Peyre, Charles Louis Malric, Georges Colin, Carl Johan Eldh, Philippe Perrotte, Jean Cézar-Bru, Léon Ernest Drivier, Arthur George Walker.

Section of Architecture: Medal of honor to Henri Eustache, for his plan showing the actual state and a restoration of the Via Sacra, Rome. First-class medals: Alexandre Bruel, Rome, sudouest du Mont Palatin and Le Domain du Culte de Cybèle; Paul Guadet, Restauration de la Salle de Spectacle, batie en 1790; Charles Henri Prudent, do. (in collaboration). Second-class medals: Malgras-Delmas, Louis Charles Guinot, Georges Gromort, Emile Brunet. Third-class medals: Ferdinand Marie Chanut, Léon Jaussely, André Félix Narjoux, Henri Parmentier, Félix Ollivier, Prosper Jean Santerre.

Section of Engraving and Lithography: No medal of honor awarded. First-class medal:

Louis Jean Muller, The Squire's Song (etching after Dendy Sadler). Second-class medals: Émile Ferdinand Crosbie, Portrait d'une Princesse Bonaparte (wood, after Ingres); Arthur Jules Mayeur, L'Amateur de Peinture (burin, after Meissonier); Léon Salles, L'Abreuvoir (etching, after Detaille); Louis Huvey, Les Bébés (original lithograph); Jules Lerendu, Portrait de Vieillard (lithograph). Third-class medals: Marius Bernard Labat, Victor Mathieu, Rose Maireau, Edmond Jules Pennequin, Théodore Auguste Truphème, Georges Fouquet-Dorval, Georges Garen, Pierre Frédéric Barré, Louis Trinquier.

Among the noteworthy exhibits was Jean Léon Gérôme's La Rentrée des Félins dans le Cirque, representing the return to their dens, after a human feast in the amphitheater, of the lions and tigers. A few spectators still linger in the seats above, though most of the ranges are empty. In the arena are scattered human corpses, and attendants armed with whips driving the gorged wild beasts into their den, the mouth of which opens in the background. In the foreground one maned lion seems disposed to dispute the keeper, who has his whip raised in the attitude of striking.

Edmond Detaille's two contributions, large decorative canvases for the Hotel de Ville, Paris, represent, the one Les Enrôlements Volontaires sur le Terre-plein du Pont-Neuf, en Septembre, 1792, and the other Reception, par la Municipalité de Paris, des Troupes revenat de Pologne 1806-'07.

Edmond Richter's Salammbô represents the sister of Hannibal standing before a mirror, with Taanach kneeling with clasped hands beside her, a scene from the famous romance of Gustave Flaubert.

Alphonse Lalauze's Marengo-14 June, 1800, represents the cavalry of the Consular Guard, under Gen. Bessières, charging impetuously the Austrian dragoons. Bessières, in the foreground, with saber uplifted and shouting, is leading the grenadiers upon the enemy, seen at left. Cléopatre à Tarse, the principal contribution of Adolphe Lalire, is a scene from Plutarch, where the author describes the arrival of the Egyptian queen at Tarsus, on the Cydnus, in her magnificent galley with silken sails and silver oars, surrounded by her women clad as Nereids and Graces.

Pandore, by Charles Amable Lenoir, represents the mischief-maker at full length in flowing robes, holding the fatal box in her hand. This picture belongs in New York.

Maurice Henri Orange's Boulogne-1804 represents Napoleon, mounted, talking with another mounted officer and looking out upon the arm of the sea that separates him from “perfide Albion." Behind the two are other mounted men, soldiers, artisans, etc., and a long row of vessels nearly ready to be launched for the conquest of England.

Gustave Wertheimer's Le Rival represents a desert country with a stream winding through it. On the bank, in the foreground, are a lion and two lionesses looking across the water, on the other side of which is another lion, the rival, looking jealously across at the favored one.

Le Colonel Roosevelt à Cuba; Prize des Hauteurs de San Juan is the long title of a picture by Ernest Jean Delahaye, which tells its own story. The future President is standing calmly on the heights, a target for the Spanish sharpshooters, pointing with his right arm at the entrenchments of the enemy. He is almost isolated, being nearer the Spanish line than are his men to him.

Bouguereau's chief exhibit, Les Oreades, illustrates a passage from F. Humbert. As the shadows are dissipating and Aurora tints the mountain tops the troop of joyous wood-nymphs who have spent the night on earth return in long procession to the ethereal regions where dwell the gods. A confused mass of nude and wingless Oreads are passing upward out of the shadows of a wood, while fauns and satyrs, gathered in the foreground, gaze in astonishment at the spectacle.

Louis Beroud's Le Martyr de Saint-Antoine represents the good saint, bearded and in monastic robes, with a cross in his hand, pulled hither and thither on a flowery hillside by a laughing bevy of shameless nude nymphs, who appear to enjoy the martyrdom more than the martyr does. American exhibitors in the Salon of 1902 were: Inez Abernethy (Arkansas), George C. Aid (St. Louis), Carroll Beckwith (New York), Henry S. Bisbing (Philadelphia), Lu Blackstone-Freeman (New York), Frank M. Boggs (New York), Benjamin J. Bowen (Boston), Theodore A. Brewer (Cincinnati), Frederick Arthur Bridgman (Tuskegee), Edwin D. Connell (New York), Cacharme Critcher (Virginia), M. E. Dickson (St. Louis), William Dodge (Virginia), Gaines Ruger Donoho (Mississippi), Mattie Dubé, Edward Dufner (Buffalo), Frederick M. Du Mond (Rochester), Ferdinand Earle (New York), David Ericson, Mary Franklin, Edward Fulde, Della Garretson (Ohio), Sidney Gorham, Frank Russell Green (Chicago), Mary Shepard Greene (New York), Peter Altred Gross (Allentown, Pa.), Mary Gulliver (Norwich, Conn.), Eliza Voorhies Haigh (New York), Howard Morton Hartshorne (New York), Nina Rose Hartwell, Herman Hartwich (New York), Elizabeth Case Harwood, Chester C. Hayes, Laura Healy (Chicago), Louis C. Herreshoff (Providence), Felix Hidalgo (Manila), George Hitchcock (Providence), William S. Horton, Henry S. Hubbell, Margaret Kemiston (Boston), Anna Elizabeth Klumpke (San Francisco), Daniel Ridg way Knight (Philadelphia), Elsa Koenig (Philadelphia), Elizabeth Kruseman Van Elten (New York), Charles Lasar (Pennsylvania), Ossip L. Linde (Chicago), William Cushing Loring (Massachusetts), Walter McEwen (Chicago), Frederick Macmonnies (New York), Ruth Moore (New York), Gustave Henri Mosler (New York), Mme. Willy Betty Newman (Nashville), Adeline Oppenheim (New York), Mabel Packard, Jules Pagès (San Francisco), Lawton Parker, Charles Sprague Pearce (Boston), Mary Smyth Perkins, William Sherman Potts, Isabel Ross (Buffalo), Albert H. Seymour, Freeman W. Simmons (Cleveland), Henry O. Tanner, David A. Tanzky (Cincinnati), S. Seymour Thomas, Mme. Harry Ellen K. B. Thompson (New York), Lionel Walden, Bertha Mary Waters (Connecticut), Susan Watkins (California), Edwin Weeks (New York), Coggeshall Wilson (New York).

Paris: Salon of the Société Nationale.—The officers of the Société Nationale des Beaux-Arts for the year are: President, Carolus-Duran; VicePresidents Section of Painting, Alfred Philippe Roll; Section of Sculpture, Auguste Rodin; Section of Engraving, Charles Albert Waltner. President of Section of Objects of Art, Mme. Charlotte Besnard. Secretaries, Réné Billotte, Jean Béraud; Treasurer, G. Dubufe.

The thirteenth annual exhibition, opened April 20, comprised 2.443 numbers, of which 1.203 were paintings, 557 designs, drawings, etc., 156 engravings, 223 sculptures, 224 art objects, and 80 architecture.

The president of the society, Carolus-Duran,

had but one exhibit, entitled En Famille, a picture containing 15 or 16 human figures and a hound. The happy father in this At Home stands at the right, smiling and looking toward the mother, a matronly woman seated at the left with her children gathered around her.

Roll, the Vice-President, exhibited 6 canvases, of which Vielle au Fagot represents an old woman carrying a large bundle of fagots on her head descending a hill, with a house and trees in the background.

José Frappa contributed 5 portraits, among them a full-length of Cardinal Gibbons, of Baltimore, in his episcopal robes, holding a book in his left hand.

Jean Veber had a half-dozen exhibits, among them two, entitled respectively La Machine and Le Monstre, which prove him to be the possessor of a very fervid Gallic imagination. The first represents a nude woman seated astride of what may be intended to be the boiler of the machine, from which apparently proceeds the power that turns an immense wheel, whose revolutions grind to death many diminutive human beings. The second picture, The Monster, represents a nude woman asleep on a bank, with wild men and animals gazing on her from a little distance with gestures indicative of astonishment.

Auguste Hagborg's Dalecarlienne represents a Swedish lady, seen at three-quarters length, leaning on a table, on which are scissors, a workbasket, and sewing materials, and bending forward to look out of a small window.

Alexander Harrison, of Philadelphia, contributed 6 canvases, and J. McNeill Whistler and Julius L. Stewart 5 each. Other American exhibitors were: Lucien Abrams, Albert Jean Adolphe, Frederick Baker, J. Hoxie Bartlett, Cecilia Beaux, Charles Bittinger, Kate Carl, Mlle. L. Crapo-Smith, Herbert W. Faulkner, Frederic Carl Frieseke, Walter Gay, Walter L. Green, Harvey Hall, John McLure Hamilton, Childe Hassam, John Humphreys-Johnston, Bradford Johnson, Rebecca Jones, Mme. Lucy Lee-Robbins, Mme. Mary Louise Macmonnies, Gari Melchers, Eleanor Norcross, Elizabeth Nourse, Galen Joseph Perrett, John H. Recknagel, Julius Rolshoven, William Sartain, William Emile Schumacher, Winnaretta Singer, Harry Van Der Weyden.

Paris: Miscellaneous.-The Humbert collection, which attracted more attention, perhaps, than was justified by its actual worth on account

of the connection of the name with the most gigantic swindle of modern times, was sold in Paris, June 20 and 21, and produced a total of 1,187,000 francs. Some of the best prices obtained were: Paul Baudry, L'Amour et Psyche, 25,000 francs, and La Fortune et L'Amour, 26,000; Boudin, L'Avant-port, 16,200; Jules Breton, Le Retour des Moissonneuses, 25,200; Corot, Le Pécheur, 49,000, and La Ferté-sous-Jouarre, 26,100; Daubigny, Les Laveuses, 50,500; Eugène Fromentin, Le Passage du Gué, 30,000; Isabey, La Bénédiction, 47,000, and Le Marchand d'Étoffes, 23,000; Charles Jacque, L'Abreuvoir, 34,000; Gustave Moreau, Le Roi David, 51.000, and St. Sébastien, 39,500; J. F. Millet, La Porte de Barbizon, 26.500; Roybet, La Main Chaude, 36,100, and Les Comédiens au Château, 34,500: Van Marcke, Rentrée à la Ferme, 36,500. Angelo Asti's portrait of Mme. Humbert herself brought only 450 francs, and that of Frédéric Humbert by the same artist, only 145 francs.

A statue of Balzac was unveiled in Paris, Nov. 22, in the presence of many persons prominent in the literary world. The statue, at the intersection of Rue de Balzac and the Avenue de Fried

land, is of heroic proportions and represents the author seated, in a meditative mood. Bas-reliefs show scenes from the Comédie Humaine. Addresses were made by M. Hermant, president of the Society of Men of Letters, and M. Chaumie, Minister of Instruction, and a poem was read by Albert Lambert. M. Chaumie paid an eloquent tribute to the memory of Balzac, whose fame, he said, is now fully established, after a hundred years' perspective, as that of one of the foremost figures in literature.

Benjamin Constant's famous picture La Justice du Chérif, exhibited several years ago at the Salon, and which the artist always refused to sell, has been purchased by the state since his decease, and will go to the Luxembourg Museum.

Rembrandt's Portrait of Admiral van Tromp, lately the property of M. Floriet, Paris, has been purchased for 300.000 francs, it is reported, by Charles Schwab, president of the United States Steel Company. This picture, which is painted on wood and measures about 33 by 27 inches, was sold in the Erard sale in Paris, 1832, for 17,100 francs. There are several other Rembrandt portraits of Van Tromp.

London: Royal Academy.-The winter exhibition, devoted to the old masters from English private collections, was an amazing revelation of the wealth of art hidden in galleries the owners of which have seldom before permitted the public to view their treasures. Among these were some pictures seen probably for the last time in an English exhibition, lament the English journals, because they have fallen a prey to the inevitable American. America has become the financial center of the world," says the Athenæum, and has begun to absorb our priceless heirlooms, and it suggests the formation of a society similar to the Société des Amis du Louvre to raise subscriptions to "retain permanently in English galleries a few at least of the masterpieces which are so rapidly disappearing."

66

The one hundred and thirty-fourth summer exhibition was marked by a reduction in the number of works exhibited, only 1,726 pictures and sculptures being given a place as compared with 1,823 in 1901. In the 11 galleries devoted to oil-paintings, only 795 examples were hung, as against 923 last year and 1,090 in 1900.

The place of honor was given to the state portrait of King Edward VII, by Luke Fildes, which, isolated by cloth-of-gold draperies, was hung where last year was exhibited Benjamin Constant's portrait of Queen Victoria. The King is represented life-size, standing almost full-face, in field-marshal's uniform, scarlet jacket studded with orders, top boots, and white breeches. From the shoulder depends the deep crimson cloak, lined with ermine, worn at the opening of Parliament. The crown and orb lie on a red cushion on a marble-topped baroque table and the scepter, which rests on the table, is grasped in the King's right hand. It is a faithful portrait treated in a kingly way.

A second picture exhibited "by command of the King was Seymour Lucas's Reception by King Edward VII of the Moorish Ambassador, June 10, 1901. His Majesty, with Queen Alexandra by his side, is seated on a canopied dais at left, in St. James's Palace, receiving the Moorish ambassador, Kaid el Mehidi el Mehebbi, and his suite. The ambassador, a white-robed, hooded central figure, stands before the throne reading from a manuscript in his hand greetings from his master to the new sovereigns. The simple grandeur of his robes and of those of his suite standing in the background are in striking con

trast to the gorgeous uniforms of the Western court.

The Victors of Paardeberg, by James P. Beadle, is one of a few pictures dealing with the Boer War. It illustrates the first noteworthy triumph of the British arms, the surrender of Gen. Cronje on the anniversary of Majuba day, in the spring of 1900. The trench dug during the night by the Canadians and a company of royal engineers has rendered untenable the Boers' position, and they have succumbed to the inevitable. They are seen at the left straggling forward, unarmed, and many carrying their portable possessions, while the victors in front, emerging from their trench, are greeting them, some shouting with caps in air, some standing in silence.

A portrait of Major-Gen. Baden-Powell, a bust picture in khaki and slouched hat, is the sole contribution of George F. Watts. A full-length of Lord Milner, standing, with a bust of the King in the background, by P. Tennyson Cole, represents another figure prominent in South African affairs.

A Tanagræan Pastoral, by George H. Boughton, aims to revitalize some of the beautiful figurines exhumed in the neighborhood of Tanagra, where they have lain buried from a time long anterior to the Christian era. At the left Pan presides over a fountain, at the base of which are three musicians crowned with bays and playing on pipe, lyre, and tambourine. At the right, in the foreground, several dancers, in swirling draperies, keep measure to the music on the grass, against a background of poplars and of purple hills.

Mr. Sargent was represented by 8 life-size portraits and groups. One of the latter, The Ladies Alexandra, Mary, and Theo Acheson, Daughters of Lord Gosford, an essay in the grand style, has been compared, though not very justly, with Sir Joshua Reynolds's Three Irish Graces, in the National Gallery. It is a picture full of grace and sentiment, but the grace is of the present and not of the eighteenth century. The most masterly portrait of the exhibition was Mr. Sargent's Lord Ribblesdale, standing, in a long riding-coat and top hat, against a fluted marble pilaster.

La Belle Dame sans Merci, by Frank Dicksee, represents the lady of the "wild sad eyes" who holds in thrall the dreamer of Keats's poem. The mailed knight has dismounted and placed her on his charger, beside which he walks, blind to all else but her faerie song as she looks down on him unpityingly as they move onward through a blossoming country to her "elfin grot."

Opposite it hung the Aphrodite of Briton Riviere, which illustrates the potency of love, a canvas suggested by lines in the Homeric hymn telling how the laughter-loving goddess, gloriously clad, hastened down many-rilled Ida, attended by the gray wolf, the bear, the lion, and the pard, each under her potent spell.

London: New Gallery.-The winter exhibition was devoted to royal portraits, a collection, says one of its critics, that does not give a very high idea of the artistic patronage of English royalty. One of the best exhibits was the picture of Richard II from Wilton House, a diptych representing the monarch in company with St. John the Baptist, a pure tempera painting on a patterned gold ground that would have done credit to the finest technicians of Italy, Fra Angelico, or the Siennese. It is probably of French origin. There was a good portrait of Richard III and one of Henry VII, but it was not until Henry VIII secured the services of Holbein that royalty was worthily depicted. Among other exhibits were

the portrait of Queen Mary, by Lucas de Heere, many of Elizabeth, mostly attributed to Zucchero, and a number of Stuart portraits attributed to Van Dyck.

The fifteenth summer exhibition contained only 309 numbers, as compared with 469 of last year. If this diminution meant a higher standard there would be cause for congratulation, but it seems to indicate rather that the New Gallery has reached a critical point in its career, for ever since the death of Sir Edward Burne-Jones its exhibitions have decreased both in number and importance. Among the best of the exhibits

were:

Love steering the Boat of Humanity, by G. F. Watts, which, like many of that painter's works, is an allegory. On relentless waters, under a stormy sky, Love steers the boat, in the bow of which is Humanity, apparently in the teeth of a strong wind, the sail having collapsed. The picture is a marvel for a man of Mr. Watts's years, but it will scarcely rank as one of his great

works.

Of Mr. Sargent's three contributions, The Children of Asher Wertheimer is a decorative triumph. It contains three figures, two girls on a draped couch with a black poodle between them, and a boy posed on the floor in front. It is a well-balanced picture both in pose and in its color scheme, and marked by absolute sincerity.

Sir W. B. Richmond's Last Watch of Hero for Leander represents her seated on a balcony at evening by cypresses, tragically silhouetted against the sky, as if conscious that her lover is to come no more.

Places of honor were given to three sequent works, by C. E. Hallé: In Infancy, the Mother's Care, shows a child on the daisied bank of a river giving to the kneeling mother a daffodil; In Manhood, the Help and Playmate, a young man and a girl, lovers probably, are beneath an apple-tree; and In Old Age, the Daughter's Song, the patriarch, with gray locks and sunken cheeks, is solaced by his daughter, who sings to the accompaniment of a harp.

London: Picture Sales.-While the art-sale season of 1902 was not a very remarkable one, a few pictures brought good prices. The number of paintings which have reached a limit of 1,400 guineas during the past eight years is as follows: 1894, 20; 1895, 45; 1896, 28; 1897, 32; 1898, 15; 1899, 30; 1900, 23; 1901, 21. Taking this as a standard, the sales of the present year have been small, for only 19 have reached the limit of 1,400 guineas, as is shown in the following table:

G. Romney, Portrait of Miss Rodbard.
M. Hobbema, Peasants shaking Hands..

J. Hoppner, Portrait of Lady Mary Arundel..

C. Troyon, Cattle and Sheep...

Sir H. Raeburn, Sons of D. M. Binning.

T. Gainsborough, Portrait of his Daughters....
Rembrandt, Portrait of Old Woman
G. Romney, Portrait of Lady Morshead.
F. Hals, Portrait of Gentleman...
Sir H. Raeburn, George and Maria Stewart.
Velasquez, The Grape-Seller.

Guineas. 10,500 9.200

7.800

7.000

6,500

5,600

5.500

4.100

3,780

3.600

2,500

2,300

2.300

Sir H. Raeburn, John Campbell when a Child.
J. van der Heyden, View of a Dutch Château..
Sir T. Lawrence. Charles Binney and Two Daughters 1,950
J. Hoppner, Portrait of a Lady..
Botticelli, Madonna and Child.
Portrait of Edward VI...

1,700

1,680

1,600

1.560

Cecil Lawson, Valley of Doon.. Sir J. Reynolds, Maria, Countess of Waldegrave..... 1,500 The Gainsborough, the sixth in the above list, a portrait of the artist's own daughters, Mrs. Lane and Miss Gainsborough, was once in the collection of J. W. W. Brett, and was bought from him in 1864 for £117. In 1887 it was sold