Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-06-08
Money and business.

Judging from reports from the money
centres and from different parts Of the
country the financial and business situation
has not improved during tue week just
closed. While there Is certainly widespread
uncertainty and disturbance, there is no
evidence of excitement or panic anywhere,
and 1t is significant that the heavy gold cx-
ports during the week and large impair
ment Of the treasury reserve have been ac-
copied without any signs Of commoton.
Nevertheless the facts OF the situation are
understood, and 1t is the prevailing opinion
that there can be no relief until the present
financial policy of the country is changed
for the better and confidence at home and
abroad in our currency is restored.
Unfortunately the balance of trade is
heavily against us and Europe is evidently
determined that the differences shall be
paid in gold, being unwilling to make any
investments Lere long as our currency
question is unsettled. Including he 81, 300
900 gold which was shipped Saturday to
Europe, the weeks gold exports aggregate
Sc, 800 600 in addition to about $3.50, 600
transferred to Canada. AS "a, 800, 600 was
exported the week previous the amount
shipped in the two weeks is Sll,
was clear loss in gold to the
United States treasury, whose gold
surplus has now been reduced to 800, 600, e
000 the lowest point reached since the re-
sumption OF specie payments. As sterling
exchange continues remarkably strong it Is
predicted that further large shipments of
gold will be made and it would no. be sur
prisiug if the treasury gold surplus should
fall to SO, 900, 000 and perhaps even TO a
lower figure But even If the gold reserve
should fall to that figure it would not neces-
sarily precipitate more disastrous crisis
than that which the country is now passing
through.
The most discouraging feature of tho sit
uation is the fact that the stringency in
financial circles has been making itself felt
IN business more severely during the past
few days than at any time since the present
period of depression began. Vermont has
not suffered nearly SO much as other parts
of the country in this respect, but inter
views with several hundred prominent job
bers, manufacturers aud bankers at leading
money centres, as wired to Bradstreet's 10
dictate likelihood of continued striugency,
and that general trade may be restricted
still further. Opinions offered are not alto
gethcr gloomy with respect to the outlook
but money lenders are affected 10y the prev
aent sense OF uncertainty in the financial
world and do not regard the outlook as en-
couraging.
Vermont banks are moving cautously
while in many parts OF the country bank'
are adopting a most conservative policy
| Comparatively few time loans are made a
any rates. although call loans are readily
made on first-cass collateral. Mercantile
paper is practically unstable, and the bank
are content to look after the interests Of
their best customers. Merchants are there
fore experiencing difficulty in eettins
money, and those who have unduly extend
ed their business, or are in financial diff
culties, are unable TO procure the needed
accommodation. This was the cause o
most OF the recent failures aud it may result
in others, Every one has had duo warning
now, however, that extreme caution i
necessary, and as rule people viii lie il
better shape to meet an emergency thar
than they were six weeks ago. The coun
try is now passing through q period of Ii
quotation and the chances are that bushes
will hereafter be done on more conserva
tive basis.