The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-23
Tns = nssss OF Ger sinsnrisi srssis In Knx-
land

Ths nssss OF Ger eioanriai trssas In Rnx-
land.
The reader viii find in another column the
latest accounts of the effect produced by the news
Of cur financial crisis in England and on the con-
tinent Of Europe generally. The feeling IN Egg
land may be described as partaking more Of sur
prise than Of any other emotion; they didn't seem
TO make II out, and took for granted that Ivy
"next mall all would b. right again. nfrance
and Austria where the condition Of the financial
world Is rottepness Itself our throts and agonics
produced graver feeling Of uneasinc~1 Mori-
buDd patients cannot bear the sight Of death
bed; the shalsy inanciers OF Paris and Vienna
seem to have tronbled In their shoes At the news
that their counterparts here bad at last been
found out, and the rotten railway scheme gone
TO the wall.
OF course II WIN strike coe a very singular
that the shrewd inancieIs Of iondon did not 80 10
what goal wcwcre tending. Connected n they are
with us by every commercial and fnaDcial tie and
practised a. they are in our financial usage, they
ought, one would suppose, TO have seen At lead
as far ahead AZ shrewi men did here. But thlir
blindness can be accounted for. For the lat
year or two, the highest financial authorities of
the United Kingdom have, either from lgpoolncc
or from design, systematically mi>led the public
with regard 10 American cnserprss~ Of cour.
We have no means Of Judging from this distance
what influences can be brought 10 bear In this
quarter or in that, and what effects may b. pre-.
duced; but 1. lie certain that had the money editor
ofthc London Tnos been n thoroughly hired
servant of the railway spectators a. certain mo-
ncy editors here are understood 10 DO he could
not have conducted his paper with mor diSre-
gard to the public interest or with gro~~cr favor
TO the railways OF the United States And he
gave the keynote to herd Of minor Authorities,
in and out OF the prcss all, with one accord have
for the past twelve months cborusscd anthems In
praise Of the superb management Of such rail
ways as the Michigan Southern, and the invslu.
able property called the New York and Erie
stock. II viii naturally take the public somc
time to recover from the delusion into which
tbese bad guides have plunged IL
As to the practical effects Of the news frem
hence, when II arrives in London. 4 distinction
must be drawn.
The bankers who bsidgc the Atlantic In q fnan-
cial point Of view naturally divide themselves
into three classos First We have the clae who,
from peddling cur securities abroad on commits
sion, have acquired means enough 10 take the
risk Of their business, and are In the habit of
taking mp whole loans at their own cost, and
selling them ont In detail 10 their customers
This class stands apart from NJ others and we
suppose there can he no doubt but
il will 90 10y tbc board bodily. For
several years the leading, almost the only sccu
rites in which this class d bankers have dealt
has been railway bonds and stock Thcso, At
their present depreciation, can hardly he con-
sidered assets at ALL and where house has in
CURED heavy liabihtiel ~ ms nothing but
these to represent astte. = Tar -, the natu-
raj tendency Of such honac VII - 10 no b
pieces.
A second class Of Anglo American bankers
comprises those men who have been In the habit
Of loaniog money to jobbcrs bore to carry on
their busincs-c especially the dry goods business
The nevs will evidently at irst shock throw these
men on their beam ends; for the first report re.
ccived from here will be very unfavorable to the
business of the jobbers, aud American claims
will he al a severe discount But We nppre.
bend, the ultimate fate Of these hous.s viii dc.
pend on the prudence with which they have done
business. IT. on examination Of their affairs, II
thould appear that they have done safc and
conservative business, that they have not en-
49,. g..r "a