New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-10-14

FRIDAY, OCT. 1s-P. N.

The stock market like fever has been IN
termittent this morning bat upon the whole the tone Is
steader and the feeling hopeful 1t Is quite EVIL
dent that we had the worst accounts of the Chicago
Ere and its losses have been doubtless greatly e1aH-
eeratod while il Is equally clear that we have to use
street rase discounted their Effects to large extent
In seasons Of panic this is always the case tne u'po
ton to exaggerate keeping pace with the alarm create
and in the stock market especially the ieIerlsn
agitation is kept alive, as in the case oI inc
Chicago fire. not only by air. currents or breezes
created by the fire itself, but by the ncendares' VINO
Spread false and alarming rumors, ana now anu thoA
light fire. to increase the panic Men VINO Woulo tnaAe
ysess statements regard to the credit OF banks OF
IN dividends, such heard repeatedly yesterday
dosarve the conemt and Of the business connu
nifty Such tricks and devices to excite terror anu "
dd to the depression already very Serious Will never DO
ysaorted 70 by honorable men, and we are conf
dent that most of the operators VINO nave
pronted by the present low prices "onid
condemn such acts as unworthy OF business
amen The bears have reaped plentiful harvest from
Che Of the stock market and have no occa-
s,p TO call in artificial aid 10 stimulate an alarm aneauy
anproachng the bounds Of folly The money columns OF
TUE TRIBUNE for year past have taken conservative
nd warning tone in regard stock speculation, almost
directly against tie popular current; they nave uepIe
Gated the gigantic clique specuatiOns OF the street. ana
depoed the aggregation OF such huge blocks OF stocK
iu the hands Of few individuals Hence we
may now take @ favorable view OF the
stock market without being suspected OF specu-
latye motives Tie panic Of the few days past, precl
tated mainly by the Chicago fire, has been aggTaVa"H
by the unnatural position of some OF the leading
stocks, which, held in bulk by few bankngholSs and
wealthy ous ers have been made the target OF the OPP
rtor for decline and of the guerrilas Of the street
Bat for tins the depression could not have reached sueh
points ana the recovery would be more rapid ana steady
but even under these peculiar circumstances tho de-
cline has probably nearly run It's course and Win occa
.stonal spasms and possibly further depression lor
f.W dnNE
tie upon strong and substantial foundation.
Many OF our stocks are now selling much
below their intrinsic values and just as soon as people
recover from their astonshent and stupor there must
be great rush TO share in the recovery sure to follow
the sober second thought Of the people" II our imam
oes were upon a metauc basis 1t might take longer
time to restore confidence but while upon paper pssS'
upon an article which be created by the Government
upon whose faith ard credit rests the idea OF serious
money panic Is absurd in the extreme. 1t Is
In the power of the Secretary Of the Treas
ury to alay panic in "a hours, and 1t
s., our Judgment, his duty 70 avail Of this power,
10 pour oil upon the troubled waters OF WallSt, the
financial heart of the country Meantime, contraction
On the part of the banks very unwse and mponc for
is Just such tlrne that expansion should be the
l"hcy In order TO strengthen and sustain community
upon whom they are dependent. Every dollar CON
tf@c'eo viii reduce deposits In che same ratio, While
eNety dollar expanded will relieve the senseless
HIsu' vi The people. There Is no scarcity
PNPT cOWmOdHy We Coh
anu 'dere not dollar Of II which rests upon more
saoe pass Than large proportion Of the property now
oAiV crineed IN exchange for inasmuch as the paper
in'ne'' 'o'n OF the Government and Of the National
D"' uPend' upon the value of the property held by
the people who are the de aeto Government II u.s. then
very ~0suru condition Of things which prompts peO
PFC " ciins 70 one description Of paper II 1t
WOW '''"' ana to refuse 10 tend upon the other
"uen eau 70 converted into gold at market prices
IusI aS reaony' In the ratio Of decline III the
Naiue OF property the strength OF greenbaek and
OF National Bank notes Is sapped In other words,
RS about a. ridiculous TO initiate panic in greenback
and National Bank notes to continue the raid snst
,etOck values and TO stop loans OF the one noner
modify upon the other. The only serous diascn,,v now
lack OF confidence not lack Of paper money and
1T cannot be long before the intelligence OF the noono
will comprehend the situation, and appreciate the vn
OF paper money as compared with paper issues NM
property The holders Of property need not be under
approximations about the value Of what they hold est
mated IN irredeemale paper currency dollar ~
paper issued upon it's ground basis as good as The
gfeenbacks OF thu Government
Dur National banks, al OF which believed 10 Ia I'm
seSound condition, are ehdeavOiBg TO ailay ay aurr
henEon arh a.'-r ay i.at l. 'lc LIS NJ t0r<r-r.
WIN cVl1LneuuaUe readiness. Ihe sIu.II and l,,,r