New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-18
SIGNS or RECOVER Y.

There are observed from time to time, some
gratifying signs of improvement. Relaxation
appears in some of the money markets "A
little more money is found available for com
mcrcial loans. One of the largest note brokers
in the country remarked one day this week
that he had done more business that day than
in any previous day for weeks Some manu-
featuring establishments ale reSuming opera
tons. Others are starting once more after
failure, having made arrangements with cred
itOrs. Among the banks and commercial hrms
which have been compelled to suspend num-
her have been able to settle with creditors, and
thus to resume business. All these arc CRAFTY
ing Indications and should he published As
fully and observed as attentively as the records
of SUSPENSIONS or failures 4 correct idea OF
the situation cannot be gained by looking on
the dark side only.
The fact that these favorable events occur
while other firms or companies or banks are
closing or failing at the same time appears to
inattentivc observers most confusing 1et
there is at bottom nothing contradictory IN the
phen-m,na. Part of the suspensions OF banks
or firms, for instance. were said when they Oc-
cured to be only temporary in character. I'm
mediate money was lacking, although assets
were ample and of undoubted value and only
n little time was needed II realize on them
Many manufacturing establishments stopped
work, having necessary repairs to make, and
intending to resume within short time, and
such cases of closing were not always accurate
" reportcd in DISPATCHES. Many also stopped
in part because there were repairs to be made
but also in part because they were uncertain
regarding the immediate future, and wished t.
see what orders they were likely to obtain be-
fore starting again. and some OF these have
found business enough to justify resumption
of work while Others have not
After every great financial ard industrial
disturbance such movements both ways are
seem Part of the stoppageS are found to be
not really wrecks, and part of the suspensions
or failures prove to be not of serious or
permanent character. Every recovery is en-
couraging. although it may not show any
change in the general situation. but only a
change in the immediate ability or plans Of a
particular firm or company Even while other
firms in much greater number are dScontinu-
ing business or production, some are resumag
because they have been able TO overcome their
own especial difficulties.
The only test of the general situation. it Is
obvious. must be sought III a careful comparison
of events Of both kinds. IF concerns employ
ing 1000 hands have closed their works, while
others employing 1000 have resumed work
after some weeks. the net decrease IN number
of hands AT work is what counts If ten banks
fail with aggregate liabilities Of 81 600. 900,
while two resume with aggregate Liabilities OF
80, 600, O0O it is easy to see that there is net
addition t. available credits, although in the
greater number Of localities the change may
be the other way.
When industries and credits are dlSorGan-
lied. the seemingly conflicting items of news
attract attention. although in a healthy con
diton OF business no one would be surprised
TO hear OF some business failures. The mind
is prone in bad times. to give little attention
TO the resumption OF industries or firms, and
thus it sometimes comes TO pass that gradual
but general recovery from extreme depression
has really set in before men are aware of it.