New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-14
FINANCIAL READINESS.

When any foreign controversy seems 10 be
threatened II is reasonable that prudent minds
look closely 10 the condition of National finances
and industries. in order TO judge how far the
country may be affected by any unusual strain.
Just now such inquiries are the more natural
because the fighly character Of the stock mar
e ket, IL supposed to reflect at all the views OF
substantial people would indicate especial ap-
prehension But the accounts given each week
regarding the state OF business and the money
markets have been highly favorable and at
no other time for at least six years more favor
able than this week, in spite of the depression
IN stocks.
Allowance must be made for the fact that
considerable sales Of American stocks on for
e.gn account have been reported. and presum-
ably larger sales from the same quarter are
thought likely in event Of war. 1t is diff
cult matter at all times, but peculiarly so at this
time, when powerful speculative combinations
have been doing their utmost TO depress prices
for some weeks 10 distinguish between their
operations on both sides of the ocean and the
selling BY investors or actual holders abroad.
The SPECTATORS who are looking for quick re-
turns are usually much more vociferousy in
evidence In London or New-York than the real
holders who part with good stocks with some
hesitation because they think II may be pos
sIble 10 buy them back later with advantage,
o. with more safety.
The principal evidence that actual selling
has been small in comparison with operations
OF betting character is 10 be found in the
course of gold and OF foreign exchange. AS
gold comes this way largely, and not 10 any
appreclable extent through reduction OF the
deferred exchange held here a collateral for
some time past. II is not apparent that any de-
mand 10 pay for actual stocks forwarded hither
has reached Importance The truth IS that
European holders did vast lot Of unloading
during the months when prices here were
rising as they thought. 100 fast and too far
and securities they then sold are even now much
higher than al that time. 1t may be doubted
whether the amount OF loose American secur
ties abroad in such hands tina: they are liable
10 be- dslodged is as large as many people
imagine
In any case Europe is not drawing gold from
this side Al present, but is sending quantities
hlthor IN partial payment OF heavy indebted
ness 70 this country on account Of wheat and
cotton and other products forwarded. II does
not appear that this country has ever been IL
a stronger position respects It's financial re-
la,ons with Europe. for the pressing needs Of
other countries cause continual outgo Of such
products in quantities beyond all precedent in
GLIDING corn with wheat and -four while the
great progress which has been made In some
of the manufactures has materially lessened
the dependence Of the United States upon Eu-
ropeaD industries. Ii is not only true that eX-
ports OF our own products are now and seem
likely for months 10 be larger than ever be-
fore bur also thar the Imports which for many
years exceeded exports " merchandise. hlve
been so far reduced BY the progress Of home
Industries tia, tie excess Of exports for the