New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-22
THE TROTBLE IN WALL STREET.

Sometimes Wall Street is a barometer, and
It's losses indicate and in some degree measure
the losses the country has sustained. But this
time losses in speculation measure gains by the
people. The people have gained no one can
say how much by the overthrow OF the ccal
monopoly. They will gain. in all probability.
BY a better management of the Reading Rail
road But the losses Of spectators. bondhold-
srs and shareholders have been 100000. 900
or more. considering the market price of stocks
and bonds Immediately concerned. OF course,
part OF the apparent value at the prices OF
last week or last year was unreal, and all
holders could not then have realized such fig
ures. but AT the lowest the loss sustained
must largely exceed all the profits which have
been realized by controlling the coal markets
for the last year.
Ii j. not To be assumed. in this ease, tina.
disaster in Wall Street indicates unsatisfactory
business in the country. or VIII tend to pro
ducc business depression. The money which
some spectators have lost, others have gaincl.
The railroad companies concerned VIII be more
likely now To be managed wisely and for the
public interest If their resources are no longer
spent in trying TO build up gigantic combina-
tons. and if they no longer rely upon a coll
monopoly for profit. Mr.. Mcleod let in "A iloJd
of light upon the transactions of the last two
years when he said that the Reading earned
preference interest last year, but
As matter Of fact our equipment Is poor that
We were Obliged spend much IN order 10 N.
There are 5000 cars on the line that almost worth
loss. They are old fashioned. hold very little.
expensive 70 keep up. and yet have had TO use
item as We have had money 70 buy enough new
ones. our locomotives also ar" not powerful or
numerous enough 10 handle our business. We now
expect remedy this for receiver we do some
things which could not before.
II the credit and resources OF the company
had been drawn upon as freely 10 put the rail-
roads into condition to earn whatever il leglti-
mattly could. az they were drawn upon by
costly leases. in building up vast combinations,
attempting to control the price of coal the
Reading might be in better shape to-day. With
a railroad better managed, and a natural price
for coal the country will realize positive bcnc
fits from collapse which brings disaster to
many individuals.
Meanwhile the resources employed in the
operations OF trade and industry are in no way
impaired. There is just as much money avail
able to turn wheels or to feed laborers as there
ing speculation was not capital taken from
legitimate business, or needed for such bust
ness Indeed, some banks which have been
lending money OH stocks which owe their value
mainly or wholly to monopoles are now likely
to take warning. and TO prefer loans OF a
different character in future, and thus there
NAV result an actual increase in the aggregate
supply OF money for productive industries and
for the legitimate commerce OF the country.
Wall Street is not infrcquenly foolish, but
was never more foolish than in supposing that
tho winter after a Democratic Presidential vic
tory was n good time for a great advance in
stocks. People have not gained greater con-
Gdcnce because of the election, but, on the
contrary, may have become every much dis
turbcdn and anxious about the future. Hold
crs of securities abroad have not been moro
encouraged but have sent hithor stocks and
bonds in largo amount, for which Wall Street
has been obliged to raise the money. These con-
ditions created the state Of things which made
il impossible for the Reading combination to
90 on any longer. No political causes brought
about the collapse, but the attempt to hoist
prices and create now combinations in the
presence CT the existing conditions was one not
likely to succeed.