New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-04
THE OTTLOOh BETTEE.

A most gratifying change of tone has APP
pcared in Wall street. Those who have been
selling property which they did not own have
t. take their punishment here rs well a> those
Chicago men who had been buying more prop
crty than they had any business 10 own on
borrowed money. In times like these. men
who contribute u produce disaster b> corner
ing wheat and pork and men who wait for
disaster to enrich them hy depressing prices
of stocks they have sold. alike absorb in spec
ulation resources which the banks should be
able to employ in aid of productive industry
and legitimate business. There is no cause for
grief in the fact that stocks rose sharply on
Wednesday or that the bottom dropped ont
Of the pork market on Tuesday Liquidation
Of speculation at such Il time i always progress
toward recovery.
The pork monopoStS are said 10 have lost
several millions. but they first forced the coun-
try 10 lose many millions through the inter
rllpton Of lis export trade iii hog products.
There would have been less pressure in money
markets if wheat and hog products had been
more freely marketed this year AT prices which
other countries could afford 10 pay. BY adj
vancing enormous sums TO enable spectators
10 carry 30. 600 600 bushels of wheat and Co.
600 barrels Of pork, with other hog products
in proportion, Chicago banks cS>cncd the re-
sources they were able 10 employ in aid of
Weston industry ligcd themselves to drain
Eastern money markets when money was great
" needed here. and thus in every way pre-
pared for the smash i'll produce markets by
which, according TO report. the banks aforc-
said have realized some losses
Ncw-Yorl banks began to prepare for cmor-
gcncies months ago, when they obliged spec
ulators in so-calIcd Industrial stocks to inter
fcre somewhat less with the ability Of the
money market to meet public needs. Read
ing and other railroad stocks in which there
had been venturcSome operations Jared no bet
fer. When the worst of the pressure came it
found scarcely any broker and no banks here
in position to disturb business b., their failure
Right manfully the banks Of this city have
labored TO meet the needs Of commerce and
industry as far as they could. and distinct i'm
movement in the local atmosphere and out
look. in spite Of much that is irving. is their
reward
The smash in wheat and pork has invited
large buying for export The fall in stocks
has invited foreign as we'll as domestic in
vestors. ard more than $4,000 900 in cold is
said 10 be now on the way hither. The same
result might have been produced earlier if
banks here and at Chicago had permitted the
same pressure TO bear upon speculative opera
tons. The arrangements i'll progress for the
issue Of larger bank circulation may be 50
directed as 10 help legitimate business and in
dustry and to relieve the cmbarrasSments
which arise from the scarcity OF small notes
After having passed through the trials of july
the banks may with reason claim the conf
dence of the business world and hope to meet
future difficulties with honor.
1t would not he sensible to calculate that
troubles are ended when sixty manufacturing
establishments close within four days throw
ing more than 80. 600 persons out of employ
ment. Some of these are well-known estab-