New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-20
MONEY And BUSINESS

The collapse in Wall Street last wcel; was n
victory for the people against monopolics even
though men who have no antagOnism 70 m0nOpo-
lies dealt the heaviest blow Themselves The coal
combination might probably have sustained itself
much longer, IL bankers and capitalists had not
become dstrustful Of securities based upon arti-
fetal prices Of products. and when il il stated on
behalf Of the company that the smash was pre-
cpitatcd by an imperative demand for ONLY
5000. 900. which this great corporation coull NOT
Immediately pay. it seems hardly necessary TO
add that its control Of important roads in New
England mist have been n little premature But
tine question how much a man without money can
buy depends entirely upon the confidence Of
mOncycnder-, and the Reading stock closed last
week exactly four points lower than on the 18th
Of January last year. before the news of the great
combination lifted tine price To 81 February II
The fall Of II IS last week 10 - j.s was
accompanied by n decline Of 50 in Nrw- Eng
land stock, while most other stocks were held with
surprising strength. and the average OF all rail
road stocks d"liucd only 66 per share for
the week.
The coal monopoly was not the only ono which
suffered Cordage Trust fell - "a. Sugar sl-?,
Lead 4 81, AMI Tobacco preferred Al H. and the
average Of thirteen Trust stocks declined during
tho week $? 0? per share. Any talk Of sym
pathy" IN connection with these concerns is ont
Of place, for each derives its value from supposed
control OF the market for n certain product but
when money lenders have seen the Whiskey Trust
fall from - IL in December to 81 February |
and the Reading stock. the key of the coal COM
bnaton. from 60 last year TO Sc 80 last week
il is not strange if they begin to regard MONOPOLY
a risky basis for loans Though the bank state
mcnt looked unfavorab", rejecting for the first
time the large gold exports Of Saturday. the 18th.
yet the present Or prospective state Of the cur
rency had little or no influence upon tho course
OF the most active stocks. Had anxiety about
silver OF the Treasury been influential the decline
would not have been almost wholly confined 10 q
few securities.
Ii is alSo true that the monetary situation an
pears distinctly moro favorable than week AGO
The enormous exports OF gold expected on Satur.
day dwndlcd t. about II million, and the gold en-
ports for the week were Se,1j0,3oj but the
Treasury owns only 100000 less gold than
week ago, the rest of tie amount drawn having
been on gold certificates. There was n slight de-
crease III the legal-t"ndcrs outstanding but an in
crease of Si.5OO,O0O in the bank notes.
Certainly the experience of the week il far
from jistlying the alarming assertions of bankers
who were pleading for immediate isslcs OF bonds
Moreover, exports Of products from New,YorL
for two weeks have been in aggregate value
almost rs large as they were year ago. and i'm
ports last wrek We're little smaller than for the
same week last year, though for the last three
weeks nearly 100000 more than last year.
There has been great decrease. probably $780,
900, 900 this month. IN exports from cotton ports,
but il docs not vet appear that the excess OF
merchandise imports over exports for the month
will lie considerable while there have been some
recent purchases Of securities on foreign account
Products hive been little affected in price, as
they must have been II monetary trouble had