New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-20
MnNEY IND BUSINESS.

Last week the point OF chief disturbance and
alarm was the stock market. The collapse in
the leather trade had hardly terminated when
it was seen that there was more than ordinary
trouble in some stocks. The rapid unloading
though it attracted much attention, did not
cause general suspicion that any important
house was in danger, nor were current rumors
regarded as entitled to credit. Thus the failure
of Ballou g. Co. was general surprise, and it
is even more surprising perhaps that 1t led to
no other disasters of Importance, and was so
soon followed by vigorous rally in prices.
Those who sec the hand of some magician in
everything that happens in the Street had
some excuse in this case for the inference that
the sharp decline had been engineered in order
to accomplish the failure of BallOu & Co., or
TO bring about some other especial result, and
that as soon as the desired ends were attained,
tho same management caused the subsequent
advance There was really nothing more dis
heartening early IN the week, in the general
condition of business, than there had been the
preyious week, nor was there any such improve
ment toward the end of the week in any other
quarter as appeared in the stock market.
II was an encouraging fact, however, that
the strike of telegraph operators had come to
an end The effect of this strike on other
branches of business had been considerable.
Tbough the Western Union Company had act
ually improved its service very much before
the formal termination of the strike, there was
prevalent doubt whether messages of i'm
| portance could be surely and promptly trans
mtted If there were no other reason for that
doubt, 1t was justified by the repeated cutting
of wires night after night. Now that the
| companies can use all their instruments, the
| interruption of some circuits would hardly
disturb commercial business at all, nor is there
reason now, as there was before, to expect
continuance of trouble. marked improve
ment in most branches of business ought to
result, and especially where operations for the
supply of actual consumption have been III
part interrupted.
The banks reported loss of So, S54, 600 in
| their reserves held, but the questionable accu-
| racy of the statement in this instance may be
| inferred from the fact that loans increase
about as much as reserves decrease, while
there Is a shrinkage of ST. 600, 900 in deposits.
! The semi-barbarous system of averages may
account in part for these changes, but the
Treasury took in largo amount of money
during the week, and some was also sent
| West by the banks. 1t would not be ast0nish-
ing, therefore, if the reserves at the end
of the week were lighter than the statement
indicated. A fall In the reserves at this sea-
| son is SO fully to DO expected, however, that
| there would be good reason for apprehending
| financial trouble If fall should not appear.
| At present the reserves are higher than they
have been at this date in any year since re-
sumption, and are not declining as rapidly as
they did in 1879 or 1881. But much will de-
pend upon the course of speculation for the
next month. Some bankers are looking for
imports Of gold before long, and the fail in
exchange last week tends to support theil
views.
Wheat and -four seemed strong carly las