New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-05-21

fall would avert disaster. The fact tnat the
exchanges not arising from stock TRANSACTIONS
are about 500, 100000, or over 4 POI GEM,
less than they were for the corresponding
week last year indicates considerable duincSS
in business. 81
At the same time it is evident that no disas'
ter OF prolonged disturbance is commonly
apprehended. There are no signs or anyoihns
that can properly be called panic. Money Is
easy, and the possibility of stringency next ia'i
is scarcely ever mentioned. The Danks ave
expanding their loans, and no one looks ior
trouble among them the railroads are reahy
doing very large business at remunerau'e
rates; and the prospect is that the crops next
fall will be ample. The conservatism OF feei-
ing that exists, though it tends to make busl-
ness dull for the present, is in some measure
safeguard against the danger of over-expanslon
in trade. The iron business is In an unheaitny
condition, but the wOrkmen In the rolling mills
seem resolved to take the heavy end OF the
burden upon their own shoulders, by COM
mencng q strike June 1. 1t is reported that
collections are unsatisfactory, but this WAS
anticipated when the preparations for large
spring trade were followed by unsatisfactory
results. When new crops begin to move, II the
season proves profitable to the farmers, there
might easily be dangerous expansion In trade
but for the unwelcome influences when no"
cause caution. The liquidation in speculative
markets ought not to mean mischief to leglu-
mate trade, as the undue advance in speculative
prices did not bring general prosperity.
In reality, this liquidation is in some sense
settling debt created in 1881. In that year,
great capitalists loaded themselves to the ut
most with all sorts of stuff which they have
never been able to sell at profit since. In
1882 desperate efforts were made by powerful
men to force up and hold up markets, so that
the general range of prices for the year was
far higher than the natural conditions war
ranted To get back to a more reasonable
valuation of what we have and what we pro-
ducc has been q slow and unpleasant process,
but il was a necessary prerequisite Tor
solid improvement and prosperity hereafter.
Whether the liquidation in either OF the
branches of trade has gone far enough al
ready, those acquainted with the details can
iudge for themselves; the one thing certain Is
that after that point has been reached there
will come recovery and more healthy busi-
ness.
The bank return of last week calls FOR no
especial comment. The Treasury accumulated
during the week, all outstanding certificates
deducted, only 1856, 900 god, 1914 1000 silver
and $4,000 currency. The amount OF bonds
to secure circulation was reduced about
5000 900. The iron market was apparently IN
hurnced to some extent by the prospect OF a
strike in the Western rolling mills No. L toun-
4. 20 70 md
considering whether they will suspend produc-
ton. The coal companies, IN order to check
reproduction, have decided to work malt
time this week and every alternate week until
June 16, and for four weeks following that
date. But a suspension of the Western iron
mills, if it takes place, may throw larger
business to Eastern establishments, and cause
larger consumption OF anthracite coal.