New-York tribune., 1883-06-04
MONEY and BUSINESS.

decided Improvement III the 'oho VI 'iio
markets occurred last week, especially aiter IL
was known that the threatened strike Oh the
Western iron workers had been averted. Inc
favorable crop reports also gave encourage
ment to dealers in securities, Notwithstanding
the rnmors circulated of injury to wheat py
storms and insects in parts OF the North"es''
Business outside the speculative markets mas
not been remarkably large, though IN falr VOL
ume for this season of the year. Inc ex-
changes last week, after deducting double the
value of stocks sold, were about $2S,OOO,OOO
larger than for the corresponding week last
wear. but the increase was certainly due IN
mart. and may have been wholly due, to the
enormous transactions in wheat and petro-
leum. On Friday the sales OF oil exceedeu
16.6O0.O0O barrels at Oil City alone, ana
though there were only five business days IN
the week. the sales recorded at New-York ana
Oil City exceeded S5,000,00O barrels. 1he
dealings in wheat were little less remarkable'
amounting to 100000 bushels at this city
alone for the week of five working days end
ing ON Thursday. Sales of oats were also
large-for the same time 5,3OO,OOO bushels.
Dealings in corn and cotton, though large,
,vere not unusual in these days of speculative
activity.
The GREAT event of the weeb-the agreement
between the iron manufacturers and puddlers
at Pittsburg-was so far unexpected that IL
caused quite q sensation. II had been sad
repeatedy with great emphasis that the iron
manufacturers could not afford to go on with
ont a reduction of wages, aud would not yield
under apy circumstances. The sudden change
oil ha fullV
explained, but it may be due In part to the
recent decline in the price of raw iron, III
mart TO a better demand for manufactured
iron, and in part to the fact that manufac-
turers in other districts were preparing otake
advantage of the strike, as they did last year,
and draw away business from the Pittsburg
works. The workers are exceedingly gratlhed
ot their success. and they have reason to re-
joice that they are not TO be idle for some
months 10 come. The effect upon the pros
meets of manufacturers and miners outside
the Pittsburg district, however, cannot DE en-
tirely helpful. They are not only disappointed
"a to any gain that they may have expected
from the strike. but must face the fact that the
market is over-supplied and is not to be re-
reved bv the stoppage of large number OF
mills. OOOutI vi ltitoit WV '"N "
the Eastern establishments may insist upon an
advance of wages to the rates paid at Pitts
bure and other Western cities.
The extrication OF the New-Jersey Central
from the hands of a receiver, and its lease
and transfer to the Reading, have made q
great change in the relations of rival railroad
companies. 1t is too early yet to see all the
conseauences of this important change; the
massage by the Pennsylvania Legislature OF
hills authorizing the completion and CONSOLE
dotion of the so-caled Vanderbilt railroads in
that State may also have much to do with the
matter The immediate effect, however. is to
form new and powerful trunk line in direct
and close competition with the Pennsylvania,
| tbe Erie and the Lackawanna, ald such line
will not long lack any Western connections
that il may desire. The relations between
tbe Baltimore and Ohio and the Reading are
NOT vet fully understood, beyond the joint use
of the Bound Brook line, but the new ar
roncement will in any case be very helpful to
the Baltimore road. 1t does not follow, how
ever. that 1t will operate materially to the in
inrv Of the Pennsylvania, because its line to
tbe West is so much more direct, and because
that company relies so largely upon its vast
| local traffic.