New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-03
EYpICIEU ULEFICILTIES.

II is not tine for panic. There has been
some depression in speculative markets and
the Shrnkagc in some branches Of business Is
TRYING and there have been some heavy fail
urcs. But the conditions are by no means
,ho.c which cause or prcsagc a commercial
ronic. The fact is that the business of the
county is unusually sound, and there would be
no danger Of financial disturbance great or
small. if it were not for tn change OF mon
ctary and industrial policy Nhich the last cleo
ton threatens
Wall street has been much troubled by the
decline in stocks. and particularly IN the So
called industrial list. There is nothing aston
i,hing in this, and it may be doubted whether
il is ANYTHING 10 be regretted. The fact is that
altogether fictitious prices have been placed
upon some stocks by speculative comblnltIonN'
lust as there have been fictitious prices placed
bv such c Imhination> upon colt n, ana wheat,
and pork and coffee. The smashing of these
combinations. and the decline in prices of the
commodities which they controlled, has not been
a bad thing for the country, aud possibly fall
in prices of stocks which have been articially
valued would not be in any respect more
harmful
True. NJ II hIu Tor the tDIliIN W HdNN NN' VI
a state of things that foreign capital Is not
freely invested IN our industries But the bad
state Of things begins with such unWarr;lntcd
valuations that sensible foreign investors see
reason for selling rather than for buying. When
short cropS last wear succeeded the great crops
of 1891 when Alliance Legislatures elected last
year succeeded the moro sensible Legislatures
previously elected there was reason for shorter
prices which the street resisted. When a Dem
ocratic Congress and a Democratic President
were elected short prices were TO be expected,
but the street resisted as long rs it could
Ii i, getting to be understood among business
men Of all pirtics that tho new Administration
did not 60 10 Washington with an unlimited
supply of prosperity in lis personal baggage
II, theories. 80 far as they are sound and good,
are neu'raized by the Democratic Conglc>s
yhc same Democratic Congress srStan> and
is yet expected to carry ont the theories Of the
Administration, so far they are bad and dan
ccrous. The situation is such that all the dis
astor- bringing tcndcncie, are either at the front
or SO near the front that nobody can tell how
soon they may get there There are promised
TO the country by the election of last fall
trouble in money and trouble in industries, and
there is no in trying to disguise the fact.
But advertised panlcS never take place, as Il
watched pot never b0ils. When everybody is
fully warned that trouble is to be expected
everybody get, his business ready 50 that he
can stand almot anything. At such times the
only people who are likely to suffer much are
the spectators who have gambled on sunshine
when there was Il storm visibly coming. Vent
uiesomc citizens of this class are having just
now an uncomfortable time. But the lcgiti-
mate business of the Nation is steadily getting
itself into shape for some years of difficulty and
trial. and it will probably show that fore
warned is forcarmcd."