New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-02
said experienced operator. II am resolved TO +,
ha Grat 70 4al<a L.

action TO the word, he withdrew his balance from
bank placed il in the safe deposit vaults thrust bis
hands in the depth of his trousers pockets and be-
came :" amere locker on in Vienna" Such a feeling
as this, if general, could have had no other eec.
than to produce financial paralysis for il yould have
left us without the shadowy representatives Of
money. Among the specific causes that give &C
much hope of the future Of the most,imp ortans
Is the fact that currency Is finding its way back tn
| the deposit banks with gradually accelerated
| speed, which gives promise Of return to
| healthy business ways The manufacturers Of
cotton and other textile fabrics have, az a matter
OF course suffered from the depreciation Of goods n
store at the outbreak Of the panic; but they and
the merchants have turned vast amounts Of prop
erty difficult Of sale into money and the fa1torie,
may now resume work with lower range Of price,
for the raw material, and a more economical and
rational method of conducting business. The failed
houses that have real bottom have most Of them re
sumed already, while those firms that mers
shells or were unreasonably extended will 90 iato
liquidation, and finally retire from field for which
their talents and peculiar habits of mind had not
adapted them. immigration and emig grafton will
continue and young men and old will ego West"
and still further increase the products of the vas,
region coming under that rather indefinite desie
nation. The receipts of our railroad.
done heretofore in perfect consonance with tn
grow tn of country, while their running expense
during the coming year at least, will doubtless b
somewhat reduced by the lesser cost Of supplies
labor. More common sense views, 1t Is to be hoped
will prevail in the matter of credits in business
in household expenses. The banks and trust com
panies, having discovered how easily the arges
capital when carelessly guarded may be swept away
viii conduct their affairs more conseryatiyely,
acting adequate security for loans and for certiGca
TONS and thus keeping themselves in a position
where they may become, in the absence of any Other
the true regulators of the finances Of the country
Such are the hattering prospects held out to us. II
they in the course of months or years give rise &
undue speculation and extravaganza. as they NAV.
it is to be hoped that the lessons of the past will not
be entirely forgotten and that this generation ma,
never again experience such a financial panic as tina
Of 1873
In regard to stocks the low prices as c0mpar
with those of three months ago are already attract
ing what is called outside business and the broker
not less hopeful than the other classes OF ACTIVE
business men. Every additional advance in tn,
quotations fetches in new buyers, though they
not come rapidly they will should stock
still further advance 10 to Is per cent: f.
the large, innocent class from whom the Stooi
Exchange derives its chief support, rarely
appear in full force until quotations have
reached their maximum. A comparison of prce0
of the active stocks before the panic and at tn
close to-day still shows depreciation greater per-
haps than casual observer would suppose. IL We
compare prices three months ago. the Isl of Septem
ber with the LIST day of December. we find that New
York Central is down 10 per cent; Lake Shore 81 per
cent; Rock Island Is ; Pacific Mail. II 81 Paul.
Common, 10; Ohio and Mississippi, 13 Western
-. I'll, ". and Har-
lem, Is; Panama 20, and Northwestern, 10. Profes
sional spectators Will not fail to discover iD
this list desirable field for the exercise Of their
talents and with a fair borrowing demand for the
stocks themselves, and the comparatively moderasa
price for money on call, already showing a dis
position TO increase their holdings, and viii as
usual reap the benefit should their expectations OF
an outside demand be realized. The intgnsic valuo
Of stocks is in no wise impaired by the panic.
Whether stocks were unreasonaby high before tho
panic is a matter for the careful consideration Of
purchasers and holders.
Pending the receipt of the Presidents Message 10
Congress- and the accompanying departmental re-
ports, there the usual ndlsDositon 10 speculalo
freely in any direction, and the Wallst. markets
were dull to-day. The general outlook is favorable,
and as an evidence of the fast revIyng CONT
dence we mention the reopening of the Union
Trust Company, which closed ITS doors the both
Of September. With the capital unimp9red. tbs
surplus being sufficient TO cover the Carleton desl-
cation and all bad debts, and the available assets
(about S7,OO000O more than sufficient to iquidate
the entire indebtedness lSj,1j0,000D, the Company
starts out under favorable auspices, paying its
dcpositors i'm full The new officers are Edward a..
King President; J. VI. Mclean. First Vice
President; Freeman Clark, eN-Controllcr of the
Currency Second Vice President, and }. H. Ogilvic.
Secretary This is a good sign of the times, and
as the suspension of this concern may be said IN
have procimtated the panic so its reorganization
and resuscitation will il is TO be hoped mark a re-
turn to healthy business. HE banks keep gaining
IN reserves, and report an addition OF S265,OOO M
greenbacks since Saturday, now holding collec7
lively S369s5OO0. The foreign adyiees cheering
American securities in London reaching higher
figures, with Erie up 10 80 with LATER reaction 10
3S) Erie Preferred 59l and NewYork Central, ;sl
The short rate for money is below the rate at Bank Of
England and the bank continues 10 gain in bullion
-c297 900 on balance to-day-a further reduction Of
the minimum discount rate is looked for in sopt
quarters But despite all, the stock speculation w \
dull and tame, and very little effort was made
offset the sales 20 realize on the leading sharesS
There was much less ofth going on than Saturda
and Friday, and it is questionable, in view of Il '
present prospects of imitation, whether holders vi =
not be disposed to wait for higher figures tt
chief dealings were in Union Pacific, Western ,
Union Lake Shore New-YOrk Central and North
Western Investments were quiet and firm. The
general market closed strong after its ups and down
at about the best prices of the day The Openin
highest lowest, and closing prices Of stocks were
follows:
y. Y G..