The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-17
PRICES OF SHARES.
Ana< foa. w.


In our news columns we have already given
the particulars of the defalcations, forgeries
and flights which have started this financial
panic. In the above tables we may see some
Of the results of the excitement. But there are
other effects not 80 visible. One is the distrust
Of all banks and brokers which the public have
suddenly resolved to entertain. II such banks
as the Mercantile and the Phenix are not safe,
and if such an established firm as that Of the
Ketchums can suspend who can be relied
upon! II men 80 reputable as Windsor, Jen-
kius and young Ketchum turn out worthless,
in whom shall we put confidence? This feeling
will have its influence upon Wall street for
many months Besides this, the exposure Of
the loose careless and irregular way in which
business has been conducted shocks the public
mind. 1t seems that the keeper of corner
grocery handles his accounts with greater ac-
curacy than these Wall street fnanciers, and is
less likely to be deceived by false entries,
bogus balances and forged checks. Where
there should be the greatest caution
there is the least; or rather there is
comparatively none at ALL. Then, again, the
Fourth National Bank acknowledges that it
holds two hundred and fifty five thousand dol
lars of the forged gold certificates, and the I'm
porters and Traders Bank holds three hundred
| and thirty-fve thousand dollars more. Where
are the rest of the forged certificates? What
other banks, If any, are involved, and how
deeply? The public have certainly the right
| to know.
II is for the interest Of the officers and stock
holders Of every bank to make rigid examin-
alton of its affairs at once. We do not wish to
increase the present panic but it is our duty
| TO state that we have recently heard Of several
minor defalcations which have been hushed up
| by the parties concerned. No bank was more
sure of its own soundness than the Mercantile
or the Phenix at the very time that Windsor
and Jenkins were carrying on their defalca-
| tons. The credit of no house stood higher
| than that of the Ketchums on the very
morning Of the day that the young man is said
to have walked of with bag fQll q bills. Let
no bank and no banker, then, neglect to instr
tute an immediate investigation. Those that
feel most secure may be the very ones that are
weakest Stockholders may happen upon de-
! falcations which have been settled without
their knowledge, but which have diminished
their profits. The Presidents Of the Fourth
National and Importers and Traders Banks
evidently felcitate themselves upon the idea
that, at the worst, their losses do not exceed
their SURPRISES and earnings for the last six
months; but this appears TO us very poor
kind OF consolation That II should be put for
ward 10 quickly and so officially proves that
our fnanciers regard this matter too lightly
and are not yet awake to their duty Of immedi-
ate investigation. We do not refer especially
to the presidents who have published cards
about the affair, but we give our remarks o
general application, and urge examinations in
all our moneyed institutions. Whenever prcsi-
dents and directors delay this work meetings
Of stockholders should be held to invigorate
them.
When we look back at the crimes which have
occasioned all this loss, trouble and confusion,
and inquire as to their causes, we find them 10
the extravaganza and expansion which have
demoralzed the country during the past four
years. In spite Of the stern necessities OF
cruel and bloody war we have We'd with each
other In follies and designations. To make
money fast and spend money fast have been
tho prsvsent reyes Nea bags grQYn s'ca