New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-06
TROUBLE AMONG SPECTATORS.

A sensational slump in Sugar was the prln-
cipa excitement in Wall street yesterday. As
vet the so-called industrials easily hold the lead
in rapidity of decline. For the individuals
concerned there may be sincere sympathy, but
for the sugar monopoli>tS not particle As TO
them, the only regret felt by the public will be
that the disaster has not ended, like the fail
in Cord3ce in the appointment OF receiver.
business in this city has been disturbed and
threat tened long enough by these trusts. Bank
cIs are entirely justified who have refused TO
lend money on such stocks, and their only fault
is that they did not refuse much sooner The
whole business world would be the better off
if there had never been chance OF borrow
ing dollar on shares in monopolieS. business
instinct in the Street is now against such loans
but if il had been Sturdily against them from
the first the public would not have been com
PEELED to pay monopoly prices for important
products The collapse hurts more now that
It has come because of the i'll Judged readiness
of financial institutions months or years ago 10
loan funds Of which they have only "A lduciaN
control on stocks Of that character.
The feeling in the street is that the worst
is now over, and that recovery will follow
This at least is clear, that substantial railroad
securities are worth a. much as they were
week ago. The prices of some have melted
away, but the traffic Of the companies Is still
large. and nearly as profitable As il ever has
BEEN The explosion in the industrial stocks
oupht not 10 affect American or foreign c>tl-
mates Of the value of sound railroad securities,
and Wall Street is confident that II will not.
At the same time it is only proper 10 re-
member that business is not aS encouraging aS
if was six months ago There is much doubt
about the monetary question, and also great
doubt about the future Of important industries
Wo1llcI manufacturers have been curailing
their business for some time past As far as they
could. because they were unwilling TO put
money into goods with the prospect that the
tariff might be radically changed before the
goods would 90 into consumption. The same
trJulAc affects the iron and steel industries, and
the recent heavy failures in that department
have been due TO causes which affect the profits,
though not the sOlvency, of many other con
Germs. Other branches of industry every one
can name which are severely strained because
no one can as Yet determine what the duties
On imports are to be.
Everybody has had six months warning that
the Democratic policy, whenever made known,
might cause trouble. The warning has led
most people to foitify themselves. 50 that there
is les danger Of commercial panic than there
would have been with similar failures and
changes in the prices Of securities at any other
time during the last decade. The trouble al
present is with spectators, and a. yet 10 a
great extent with spectators who have been
gambling on the ability of certain combinations
to exort money at their pleasure from the
public If the losses were or could be confined
TO them the country might regard the situation
With more cnlIanmtV.