New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-22


chants have made them the security Of their cotton
product and the merchants, from the non-paymeDt OF
these advances and the difficulty Of negotiation,
are In sore straits, and win not allow the
planters TO buy The resumption by tho banks OF
currency payments for all demands would have excel
ect effect. IL would put money In notion would enable
mills and employers 10 pay their men In full aud would
raise confidence immensely beside bringing deposits
freely When man knows lac can draw HIS money by
check at any time he peases he prefers 20 deposit IN
a bank rather than keep 1t by hun. but when with
drawals restricted, now and there II premium
on currency. which has ranged from OF one per cent
to l per cent, he may be forced To buy currency
al loss 20 meet a sudden emergency unless he keeps
IL in store when the NewYork banks resume the
relief will be diused rapidly the whole country
Being asked If the banks showing spirit OF accom-
mediation making discounts, Mr. OOtout said that nc
had had 10 occasion their temper himself but, 80
far az he had heard, they well dispo-ed But hoy
naturally give the most help TO those vino lean most
heavily Oh them. When they have already largely as
sisted house which falls into embarrassment they add
10 their loans TO stay up the lettering f in order to
save the loss what has before. SOnnder FIRMS
mot already In their debt, fnd less favor and In this
way the interests OF healthy trade are prcJudiced
To an inquiry the standing OF foreign exchange
he answered that exchange is very favorable to n
poters but as they importing very little they have
no occasion to buy bills OF exchange TO any great extent
Currency quotation yesterday at ma which brings
exchange below 10 stood at 100. shortly before
From an experience of 20 years, Mr. Ootbout SAID ne
considered 100 very favorable figure for Importers and
would now buy II he had anything TO remit TO England
The leading representative in this country OF one OF
the largest houses dealing in English and foreign irons
and stees told reporter that the panic had nearly
ruined the iron trade for the being what few sales
are made now arr made TO who buying for I'M
mediate use. The depression OF railway enterprises
cuts of chief source of demand for iron The locking
up currency by the banks mpedes business but IL not
SO serious an evil as the absence Of confidence. Con
tracts are thrown mp and transactions put of because
people are satisfied when the troubles will stop,
and wait also TO see II the lowest prices have
been reached while importers and dealers in English
IRON alsO expectation that the cost Of iron VIII
decline There will be no renewal OF activity u!i conn
dence Is iuy restored currency fesnpIloh Wuuo w
step that wav, but general conviction mlIst be esta-
way extension and repairing must set forward again
freely before there will be healthy condition OF aha6
Importers now buy foreign exchange on very easy
terms aud good bills are OUtauaOe as low even as SIX
per cent but they dare not import IN the present sta
OF things they have no market The recent heavy 6Od
shipments from England and the Continent viii greatly
aid business IN America by making money easier III
crcasmg the amount III circulation, ana by rSuR .nc
valuation OF railway ana other secnrHies Wh,u tu,s
gold is TO buy. But the effect OF these shipments
must be serious IN England. The rate for money has
already risen 10 per cent theie, Wihle pus'nesS liz,
have been accustomed 10 nom to 80 per cent ana nave
considered per cent high. Tue hugh rate VIII uraw
gold from Continent England, but this VIII NOT DO
away with the embarrassment caused by Tue high at
which probably rise 10 pei cent lib NOub ~
followed by failures III England, ana possibly plnV,
when American stocks and bonds, which are now so
largely held in England and the COntneDi, would be
hurried over mere WIN nusi anu .i pd 49, 30
follow In this country The English VIII hoid on 20 e
American securities as long as they eau lhe} are
good paying investment, and Ens1slInen thofpushB
appreciate that hut the rapid rise O the rate ana me
constant drain OF English gold may force thelr return
American grain j. constantly going forward. ana ~ thc
imports from England now cOnsIderdbe, lns gram
must he pad I'm GOLD. When the cotton crop ~
slupped there will be great additional drain Oh gold
Altogether the outlook for England IS gloomy: But u
American stocks aud bonds are not sent bath' ~ cur,
reucy resumed, ana confluence y i"NNel,
"A splendid iron trade for 1874 may be anticipated
Al the Office Of NdvlOr & CO No. 20 Johu-s'., VIE
reporter told that lew failures on aecoun, OF the
panic appeared IN the iron trade IN tre O Tue
prostratiOn had caused, because the volume OF bus-
ness lust before 10 came small Ino-rnIchlses
made were not large, and the trade was III good o1ndl
ton 10 stand the shock The general anticipation 0i
fair Autumn trade has. however not been feaiEcd Tne
restrictions currency payments ~ he banks Is dong
some harm 10 the trade but more INJURY N oteah1ned
nv the general dstrist resulting from the i3iSoH ~
railway receipts ana from the manifold mSlOriunc- OF
the railway enterprises which tue prosperity oI lue
iron trade so largely depends. The notes ana oDlisa'
prOmpness under the circumstance, anu 80 lat - j.
known. the banks making accommodation IN ols-
counts with usderable berdY. FOrrlgheNchauSe u
now held at rates tempting 10 Importers II ley had
any money to bills Of exchange WIN or any bOpt
OF profit III importing. The heavy god shipments ron
England and the Continent are encOhr''ine' anu 0"i.
quantities the gold may he sent South ana Mest 70 noNc
the cotton crop, together with brcddati1s auu pro
Visions These shipments will put money III hhnus
which greatly need II. PhiltdelDhll MN pau ,ns
wages of its In gold, within few days. on account
OF the scarcity OF currency. IheSe shipments rse W..
money rate Eugldud, ana may htfdlguith i'h~lA'n
merchants. but gold will flow IN from Germany ana
other parts Of the Continent and indeed from an quar-
tiers of the world. Members oil other IRON bolatH anu
large importers also expressed Opinions asr'ei"s j." '
main with these views.