New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-29
MONLi And BUSINESS.


All over the country there has been a better
feeling during Tia" past week. IL would seem 10
have been in some degree an echo OF the recovery
in the stock market during the week previous.
Yet there was lttlr improvement in the condi-
ton Of business and not much better accounts of
collections come from the interior. There was IA
iittl" more confidence in the money markets. not
b.cause the outgo Of gold to Europa had actually
ceased or diminished and not bccauSc there was
any good reason 10 expect s.'nsibl" action by Con
grcss monetary questions. bat seemingly on In"
optimistic theory that when things are at the
worst they cannot fail to get bctter. There is
some improvement IN failures. and vet the dis
astrrs of the Northwestern Loan and Guarantrc
Company. and OF Charles Foster and the various
banks and manufacturing companies in which he
WAS interested. count for much Bat II is evident
that the Street, rightly or wrongly, has the I'M
preston that The worst has now been realized
This idea may be- erroneous. Imports are still
largely in excess of exports TIL" difference dur
ing the month Of May il MOI probably large a.
il was in April, and yet II is large enough 10 ac-
count for heavy outgo of gold. At any rate,
the outgo Of gold continues, and large amounts
went out on Saturday II il of little consequence
whether the exports on Saturday wcrr more or
less than 100000, but at any rate they were
large enough under ordinary circumstances to
cause some apprehension. The Treasury balances
have been reduced to the lowest point yet reached
since the resumption OF specie payments and
there is yet no particular ALARM because il is
known that the policy of the department is to
use the gold reserve 10 meet necessary payments
Yet there IL really more occasion for uncomforta-
BE feeling than at any previous time The stua-
ton in the London markets is somewhat worse
thon Ln ho.n b.,rc Ill;
in Australia, though NJ important IN itself.
was yet large enough to increase materially the
drain of gold from Great Britain and the ,ispo-
and corporations.
Thus there has been large selling of American
securities BY European holders. and there is no
fair prospect Of movement of securities in the
opposite direction The operations in Richmond
Terminal have caused much disgust, as is not
strange. but il is not improbable that mora ap-
prchenson may yet he caused by the failure of
eN -Sccrctary Foster among European holders of
American securities IL is reasonable TO SUD
pose that European holders of securities may prob
ably regard with profound interest the cmbarrass-
mcnt of one who has recently occupied such an
important position in the finances of this country
This X where the political position of a man
lends Importance to "A failure. which might other
wise he of less consequence. The effects are al
ready seen in the closing Of many banking and
manufacturing companies in this country. Ii is
true that the disasters dre net unimporant cspc-
cally in Northwestern OHIO, but it is not I'M
likely that the failure of the cx-Sccrctarv will
have more weight in foreign markets than il has
in this country.
The speculative markets have not been espc-
cially strong during the past week. Stocks have
been somewhat lower, and this is not altogether
remarkable, in view Of the failures during the
past week, and in view of the announcement of
the Richmond Terminal plan Of adjustment.
which is but little less than confession of hope
less bankruptcy for many Southern railroads.
Moreover, the condition of the WbislSry Trust and
OF the Cordage Company has been also somewhat
disturbing during the past week. and is cacu-
lated to weaken the confidence of investors and
spectators in such undertakings AS are based
upon combinations to monopolizc the manu-