New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-23
WAYSIDE MORALS.
POSSIBLY FEW MORE FAILURES, BUT NO MORE
BUBBLES.

| POSSIBLY FEW MORE FAILURES, BUT NO MORE
| BUBBLES.
A TRIBUNE reporter met, yesterday, f. G..
stedmsn the poet and broker Broadst., and held
brief conversation with him the situation. Mr.. sted-
said Friday last he that the wild course
pursued by the brokers would lead TO rnous results.
Stocks which delivered and not taken. on account
the scarcity OF money and the imposbity OF obtain
ing bank OBSERVATION-DISCLOSURES at Onceforced to sale under
the rule OF the Stock Exchange and while stocks were
| selling at one price in one corner Of the room,
the President would be knocking down the
same stock, "under the rule" sometimes at
ten per cent less. There were no fixed values,
and everything was running Wild He thought that
some time should be afforded for to their
senses He therefore prepared report authorizing the
adjournment OF the Stock Exchange from Friday TO
Monday, which he submitted to Messrs Seymour Chap
man. and Miller for approval aud, if approved for pre-
sentaon to the Governing Committee. This would not
have been anomalous proceeding as an adjournment
over Saturday had frequently been had though never
on account of financial panic. The gentlemen
TO whom he submitted the proposition opposed
the measure unnecessary; but on Saturday
one OF them came and asked HIM to get as many sig
natures to the paper possible and present 1t to the
Governing Committee at once. This he did, and the
Stock Exchange closed for an indefinite PERIOD
though much Of the evil which might have been pre-
vented by an earlier closing had already resulted Mr.
stedman thought that the Stock Exchange would not
open again until prices had become reestaDhshed and
the excitement had in some measure subsidized There
would probably be system OF cearances, by which
accounts would be fixed up Already there was
better feeling; money coming in for Invest
ment, and stocks going up. He had
seen a sale made of 200 shares Of Western Union few
moments before for TO- though perhaps other sales
might have been made at lower rates The sale OF
United States bonds would afford little relief but not
enough bonds would be brought forward to amount TO
much. The financial troubles were not over, in his
opinion. When the Stock Exchange opened again there
would necessarily be large number Of failures OF men
who only barely managed 10 get through Friday
and Saturday morning, but would not be able
TO meet their engagements when they
could again be legally enforced There
were also number OF brokers who had sold out their
customers stocks themselves, and who might be
called upon 10 make them good if the Exchange should
open strong He thought that prices would finally settle
down to about level of the different stocks as
represented the earning OF the roads, but they
would not be likely again to reach the speculative
prices Of the past There would be general period OF
what is called hard times when lower prices would pre-
vail all over the country. The best thing about II was
That no more wildcat" railroad bonds and stocks
would be forced on the market at high prices