New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-07-02
LILLE RrSLNESS Outlook.

RAISING solemnIty.
TIE BUSINESS OUTLOOK.
The fiscal year does not close with bright
omens. The United States Custom receipts
for the year are a little larger than were OK
pccted, but the recent increase OF importatlohs
will have an unfavOrable effect upon the move
ment OF specie and the price OF gold. ne
subscriptions to the four per cent. loan prom
Use to exceed the expectations OF the treasury
officials or the Syndicate, but the treasury
has not yet taken measures to produce that
confidence as to its future steps, and especially
as to the price of gold which is necessary TO
secure the largest popular success OF the loan
Several ugly failures have recently occurred.
The collapso of the National Bank of the State
of Missouri, and of a bank in the interior OF
this State, are not yet forgotten. Meanwhile
Just at the time of half-yeary settlements, we
have a report regarding the Charter Oak Life
Insurance Company, and a proposition from
the Delaware, Lackawanna and Western,
which are by no means calculated to revive
failing confidence
Outside of Treasury movements, the most
important event affecting business and finance
is the report in regard to the Charter OAK
Life Insurance Company. 1t is not easy 10
believe that an official report, so sharply as
smiling the management of an old and I'M
portant corporation, has been made without
evidence which seemed satisfactory to Messrs.
Srymour. Cleveland and Nichols, the Commits
sion; nor is their statement OF facts one winch
Mr.. Thurber or the company can afford to treat
with Indifference. But it should not be over
looked that Mr.. Stedman, the Insurance COM
missioner of Connecticut, places higher value
uUOn the real IS ate assets OF the company
than the Special Commission have done, and,
if his view is correct, the dehclt Is not
large. In either case, one thing IS EVIL
dent: another Of the oldest and most
reputable companies has been brought
into grave difficulties by the very same sort
of management which has ruined so many
banks, railroads, and other corporations, and
the event will 20 far to shake confidence in
the management of corporate trusts.
The new loan proposed by the Delaware,
Lackawanna, and Western, will presently be
regarded as another step toward the end 50
recently reached by the New Jersey Central.
The latter company, as all remember sought
to cover its losses at the last moment by
new appeal to its fiends, and went into the
hands OF a receiver as soon as the failure OF
that attempt was apparent. The Lackawanna
makes a similar appeal, under circumstances
which gives the impression that the contcm-
Mated increase of the bonded debt has be-
come necessary to meet accumulatIOns of float
ing debt and other OBLIGATIONS, and, moreover,
it follows the fatal example of the New Jersey
Central in seeking credit even while refusing
that information as to its condition with
ont which credit cannot be intclligently
given. Whatever may he the result as to
this company, the application can hardly
fail to foster doubt as to the ultimate ability
of the company. These doubts, moreover,
have not been diminished by the questiO on,
frequently asked of late in financial circles,
whether the mortgage bonds of this company
which were retired years ago, in prosperous
times, have been to any extent reissued as
collateral for new loans or otherwise. The
full information which this company ought
but which it refuses to give, would quickly
remove any unfounded diStuIst on this sub
iect, but no one considers the reticence Of the
Company an evidence of its soundness.
As to all the coal stocks, the lower price of
coal obtained mt the latest sale is proof that
the supply still exceeds the demand, and the
efforts OF the Reading Company to extend Its
sales at very low prices are evidently produc-
ing serious effects. The Great Trunk roads do
not gain strength, in view of the remarkable
success of water routes in securing traffic which
was gained last year by the railways nor are
the latest reports from Minnesota altogether
encouraging as to the coming wheat crops.
The appointment of IA receiver for another of
the roads dependent on the Baltimore and OHIO
has checked the recovery in that stock, though
il is still sustained by strong holders. Mr..
Vandegbllts return from Europe has not been
followed by any disclosures materially helpful
TO the roads in which he is Interested and at the
public meeting in London, an elaborate ex-
nlanation of the Vice President of the Pennsy-
vania road. have only fixed attention more
clearly upon the fact that the reports of that
great company have not been such rs to en-
tighten stockholders. In brief, financial UNI
certainty and distrust have not disappeared.
Apprehension in regard TO corporate manage
ment has been rather strengthened by the
events of the past month.
A HAD Old MAN.