New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-26
Mo COLD EXPORTS IN SIGHT
rcr RESULT OF DEMOCRATIC LEGIS-
tATIvE INCAPACITY.

,>c OYER SOILS FOR TRUSTS WHILE
.,r TREASURY DEMANDS RELIEF-EuRorEAN
,.v,nrxcE sHAKEN-LIGHT on THE
cr.p,x IRON OBSERVATION-DISCLOSURES
nrvocRATIc DEAL" 49, SUGAR
MANIPULATORs HOLDING
THE SENATE.
,oos ~ the damaging effect upon American
"a, - the disgraceful legislative ncompetency OF
u' democratic party in Washington multiply daily
..,nss, distrust according 10 advices received oy
b, bankers here. is steadily increasing, and IN
''''e If the withdrawal of foreign balances
@ ~. renewed selling of American securities by
% holders the country is now threatened
n renewal Of exports Of gold on large scale
W. .orsien exchange markets were strong yes
80" at the full figures of the week. and ms
",.r ~ hills Of exchange renders it certain that
SUNDAY remittances abroad must be covered by
On" a,,s Of the precious metal The most conser-
s"f r. estimates made by careful bankers place the
o-ts nv the French and German steamers on
s,vr,,v Al 100000 1t Is even considered poSsiOie
10, the amount may rise TO S&"lV"' Whlch "ou'"
%,,slv be the largest amount that shippers care
.,st 20 the available ocean steamers. 1t Is feared
", next week will witness a still larger eiiiuN
IL yeu-informed financial men do not hesitate 10
that the Indications point to sustained move
s, ,be PROPORTIONS Of which may not be meas
uret. $500, 90, ,,o>,rrDrxcu
r.o loss Of foreign confidence. it is said. In bank
49,, c,rclss has been distinctly noted in the last
~.eak For months the National Treasury mas Dreh
t.,,,i,c lis gold reserve only by desperate APP
na.,s 10 the New-York banks. made. however in
p,,aohout underhand fashion. The threat Of
,,,g The silver seigniorage was used 10 draw
D,,aI into the 100000 per cent loan last Feb
.rv Several weeks ago the Treasury secured So
.onn gold from the banks on the plea that II would
,Iso over the National finances until Congress
,sss1 a tariff bill which would solve the financial
n-,h,em Ii was even intimated to the New-lork
taDks that II help was given 10 the Treasury and
,.,,isrn of Secretary Carlisle suspended, the Ad-
,,nis,ratioa would when The Tariff b.ll was ont
=. tho Uov make another large bond issue TO re-
plaash the gold reserve.
In spite Of all the assistance given by the bank
.,s ~ the metropolis the Treasurys gold balance
has gradually wasted away until now ii IS only
,,,,a more than Sfo5OOOO. Insteal of settlement
~ the tariff question. the two Houses Of Congress
have engaged in a hopeless dispute, and Presiden,
Cleveland has added 10 the complications Of the
situation by his attack on the Senators OF MS own
nar,v Disgust at the Indifference shown by Con-
rss 10 the strike Of the Treasury has increased IN
Turope and the last exhibition Of ncapacity and
,r,o,sncv has given a severe blow 10 foreign con-
esence Under the circumstances the bankers OF
New-York feel that they can extend no more
eratutous assistance 70 Treasury management
that has shown inc1mpetency and irresouuon' out
mus, give the first regard 10 the protection OF their
depostors and their shareholders II the secretary
ship Of the Treasury hed by nnanc'er IN
Uhorn the business community possessed confidence
I, would be expected that the chief financial olctr
of the Government; would leave MS parry - Hsnl
10 the head centre OF capital o; the country for ad-
vice as 10 the best method Of meeting me SITUATION
But no banker expects MI CoihSe 10 tax suGn d
step until the necessities vi his department aDSO-
lutey force him 10 H.
SUGAR GOES Up 4 POINT
Wall Stree, was gloomy and depressed yesterday
at the continued deadlock IN Congress when the
Treasury is threatened with an immediate loss OF
several millions Of gold TIE only ones who took
comfort from the situation We're the gamblers IN
American Sugar Refining stock The price went ny
per cent on the fresh proc! given Of the power ex-
ercsel over the Senate by the Havemeycr IruSt
while ali other stocks were declining. The Sugar
rnanfpnlators took new courage from the refusal
some brokers Washington u testify before The /
the exposure Of Senatorial corruption might be
batiied In legitimate business circles 1t was felt
that the committee had secured such new clews -
the Infamous bargain between the Sugar Trust ana
the eaoal OF Democratic Senators that 1t would push
that herein lay the only hope Of defeating the cor
rup conspiracy fleece the public out Of millions
Of profits for the dozen magnates OF me Havemeyer
monopoly. The collar OF the Trust seems TO be
fastened too securely on the Democratic Senate for
Il to be shaken sf. and the concession made by
the President in lis letter 10 Congressman wilson
lrt 10 De a PROOF tNdt the lNUucNte OI llr iiH0e
has gone higher than the upper house OF CongT.,s.
There is every prospect that the monopoly oi me
Hayemeyers viii be- sadded upon the people unless
proof of speculative and corrupt bargains Is brought
Out 50 strongly that indignant uprising OF the
Nation will overwhelm the a0horreni conspiracy.
COAL AND IRON DEALS"
Renewed attention is being given in Wall Street
70 the motives back of the Presidents frantic
appeal for free coal and free iron-ore. The Tribune
yesterday exposed the deal" by which the Whitney
Canadian coal syndicate was - be literally recon-
'pensed for the work done toward the election Of
Mr. Cleveland in 1892 The Presidential sohci'uGe |
'or free coal shown be the result Of political
obligations 10 be paid off the expense OF AmcTi- |
can labor and capital. The evidence Of the deal |
ever free iron-ore fully in all It's cir
eunistantialiiy The Bethlehem Iron Company and |
me Pennsylvania Steel Company, Of Pennsylvania, |
~ s@'a oy well-lnformed men In the IRON tfade ~
V the owners Of the Cuban iron mines. mat would
zap me benefit OF the programme which Mr. t!evt- !
s anu y IRVING u force upon the sugI-stainea 1rn-
re Ihese mines extensive and rlcn. ana under
;.'eady the IT, In spite Of existing duty coming
ia9 NE American market The plea Of Mr. Cleye-
anu or free irOn-Orc seems 70 come as an after
~, hhousit Of his but there is every indication tnat
s asa was hatched before the election. The Mary
NJ ~ sIeei company works at sparrow Point, Nd, !
~, established by the capitalists Of the pennsyl-
ANA Steel Company several years ago When the
..souoh or 1892 We.l-infOrTned men say thai |
"a, .as company and the Bethlehem Iron Company |
Drew their influence for Mr. Cleveland Whether |
s :. VI the managers Of these concerns were Demo-
cans originally or not matters little. They all be-
o: The democrats for revenue after the ownership
sy eve sid given in the election OF Mr. Ceveani- they
tryVcel 70 get the privilege OF bringing their ore
M whether the iron Industry Of iess-favored com
CT not Vi 10" '"'Oi'i' '"''NN
Of rs democratic iron combine" fought alongside
Trus,e ~, mh.tncy coal Trust and the boated sugar
The i.of the success Of the Free Trade party at
Press election. Slow the President Con-
Sdeal," as been in carrying out the ante-electoin
pertv =, is now plain that. reckless Of the pros
lion ~ me country. needless OF the insecure posi-
ests s,A me National Treasury, all legitimate inter
tive MO be sacrificed until after various legisla-
FORM rIy.di4JHs, the maj ScHemc OF farm kc-
OF fhs PAL emerge from Congress under the favor
over ~ aIesldent. with millions Of profits handed
nono,i democratic trinity Of sugar. coal and iron
1HE TRIBUNE FRESH-AIR FUND.
D. ACKNOWLEDGEMENTS