The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-04-26
THE COUNTRY'S BUSINESS.
REVIEW OF FINANCIAL AND BUSINESS
CJgDITyoNs RY HENRY CLETs.
Railroad sacaritiss Are Gaining Strength.
Stocks in Combines Are shaky on Ac-
count Of the New York Antitrust
Law-Gold Crisis Has I'm.
settled Business.

New YORK, April %. - A fairs in
Wall street show no marked changes
from the conditions noted in our adj
vices last week. Comparatively little
"lOng" stock has come on the market,
and the "bears" nave found that,
though prices yielded under their at
tacks, they quickly recovered upon
their attempts to cover their GALES.
Among holders, there is firm under
tone, but no disposition to force an adj
vance under existing unsettled condi.
lions. The floating supply Of stocks
held on speculate n appears to he con.
servative in amount, and as rule
the holdings are il strong hands
As usual, the weak points APP
pear principally in the industrial"
group among which something is
constantly occurring to suggest doubt
while investors give them wide
berth. The signing of the anti mo-
nOpoly bill by Governor Flower is re-
garded a. PtrOng blow at such of the
"cOm bines" ~ sare operated within
New York slate. Railroad securities,
though relatively low in price, are
steadily gaming in status. This il
due partly 10 the continued slow rate
OF new construction and the conse-
quent relative curtailment o. new
issues of this class of Investments :;
partly to the hope that congress may
in some way alleviate the pressure of
the Interstate commerce law and
authorize pooling, and partly to the
coming large and profitable traffic
connected with the Worlds Fair; at
the moment, however, there is not
much disposition to Euy them On spec.
ulation, owing to the unsettling OF
confidence from external causes.
The weak point in the market con.
tinues to be the gold movement, about
which there IS still much uneasiness
I he thing especially feared ia not any
real trouble in the treasury finances
calcula'e ed to seriously affect the gov
erumsnt credit. Wall street has no
mlsgivipgs that the United States can
suffer from Impairment of public con-
tidenca or from any inability to take
care OF all and every form of its obi.
cations. II knows too we'll what the
resources OF the government are, and
what is the worlds estimate of them
to tall into such narrow misconception.
The Thing feared js that the reserves
of the banks may be SO drained by the
exports of gold as tu compel further
reduction of loans and discounts and a
consequent selling Of securities held
on speculation. This latter possibil.
ity is so real that it would he folly to
belittle it. 1t is the seriousness Of
this possibility that makes down
town interests so anxious that the
government should sell an amount of
bonds in Europe sufficient either TO
arrest the export of gold or to bring
back some OF the large amount we
have exported. Whether this desire
will be gratified remains to be SEEN
The latest advices from Washington
indicate that Secretary Carlisle is dis
posed TO shape his financial course
upon principles So as to afford no
special consideration for the irnmedi-
Exchange. From such semi-official
intimations as are forthcoming, the
secretary appears to be disposed to
suffer some considerable impairment
Ut the Sl00,000,000 reserve rather than
issue bonds. 1t is not to be gainsaid
that reserve is intended to be made
available and not to be a mere warn
iDg dead-line; and that one of its uses
is to provide for a temporary abnor
NAL emergency, when there is reason
10 expect that, upon the adjustment
of the transient irregularities, The
funds will flow back to the treasury
have been recently forceu odt. The
verdict of public opinion would be
that of applause in the event of the
"free gOldn fund recovering its nor.
NAL dimensions even though il be by
adding % to so millions to the public
debt by bond issue.
The secretary appears to expect
from the banks measure OF support
under the eXigencies beyond what he
has so far received from them; and
perhaps not without some reason. So
lar. the banks, in meeting the export
demand for gold, have as far ar posi-.
ole avoided drawing upon their own
deposits il the treasury, and have
prefer ed TO demand gol for their
oreenbacks and treasury notes of 1890,
The effect of which has been to drain
the treasury's own stock. Really.
therefore, the banks are largely re.
spou ,ible for the present low condi.
ton of the gold reserve. 1t is not
easy to conceive Of reason for this
course that will justify itself to public