New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-05-28
lfnNEE ANn RTSLNEGS

The opening of the Brooklyn Bridge and a
heavy snow storm in Ohio and even In Nir-
ginia have been the chief disturbing causes
in business during the past week. At first it
was feared that widespread injury to the crops
would result from the unreasonable fall of snow,
and prices were moved upward rapidly by
successful speculation. Later advces were
less unfayorablc, but a report became current
that powerful combination of Eastern specu-
lators had been formed to "c0mcr" wheat in
Chicago. The net result has been an advance
in wheat which was almost all maintained,
and there was also some increase in purchases
for export In short, the fear that a spccua-
tive combination may he able to establish an
excessive price has just the same effect for
time a tidings of a real and serious injury to
the crop.
Spcculatons iii grain and oil have been the
more active because the stock market has not
seemed inviting TO many operators, and money
has been abundant. Although the early reports
of disturbance at London were exaggerated, il
appears that there has been considerable sell
ing of American securities on English account.
The Bank of England having adopted more
conservative policy in regard to advances to
load securities held, and the heavy end of the
load fell To the lot of the American market.
But the situation in London improved mate
rally after the middle of the week. and the
abatement of selling from that quarter was
followed by some recovery in price, here. The
removal of the Jersey Central Railroad from
the hands of the receiver, the injunction to
prevent consummaton of the lease to the
Reading Railroad, and the publication of IA
favorable report of earnings by the Pennsyl-
vania had less influence upon the market be-
cause of these larger disturbing causes, and
after Thursday dulncss prevailed again. The
speculation in petroleum suddenly developed
strength on Thursday, and the price advanced
above Jl2 cents before Saturday night. The
failure of number of wells from which
an extension of the producing field had been
expected, and the reports of gradual decrease
in the yield, were the occasions seized by
speculative combination to move the price
upward.
Turning from speculation, which produces
nothing but often retards production, to lcgiti-
mate trade and productive industry, the OBJ
server finds much that is unsatisfactory. The
iron business attracts more attention than any
other at present, because of threatened strikes
in the Pittsburg district and at Cincinnati.
1t is believed that prolonged struggle cannot
now be avoided and at Chicago it has already
begun. An attempt to make the new
tariff seem the cause Of this contest Is sharply
combattcd by The Bulletin of the Iron and Steel
Association, which says, 1.-THE new tariff Is not
" the issue, but the price of iron is" and Justly
explains the present low prices thus Cover
" production is II leading cause our producing
" capacity in many branches of manufacturing !
" industry Is temporarily greater than the con- |
. sumptivc wants OF the country Hence a |
partial suspension, even though 1t should last |
tor some time, and bring loss and suffering to |
many individuals, could hardly be regarded |
than as n beneficial event for the
country. But the strikes in the roing-mills.
if prolonged and extensive, will tend to bring
about lower prices for pig iron, and to close a |
good many furnaces which can run proGtably
only when iron commands a good price The
stOppage OF Il number of furnaces in Pennsvl
yania has been announced within the mast
week or two, and it is said that others will
adopt the same course.
The trouble III the whiskey business is NOT
over it seems. Sales mt auction were made ON
at Cincinnati at 27 cents per gallon.
original gauge, of Kentucky bourbon two wears
old, which it is maintained must have cost the
makers at least 10 cents and there are said 70
be one million barrels that must now be taken
put OF bond almost Immediately in Kentucky
alone, besides three quarters of million else
where. With the market in the state disclosed
by the sale at Cincinnati, it will be diflicult
|or those who
Ehiskey to recover their advances. There ara
also strikes OF some Importance among coal
miners III Illinois and in the shoe factories in
But it is well to remember that a
prosperous business or industry which goes on
quietly without disturbance or disaster at
racts little attention. We hear all about the
contests and failures. But meanwhile