The New York herald., 1873-10-28
New Phases to the Situation---A
Wreck Among the Caesars.
VALUES MORE SUBSTANTIAL
Encouraging Views from Financier---
Predictions and Facts.
SILVER PAY M r N rs
WALL STREET,


Individuality which made speculation hazardous.
The capital which constituted the power OF the
nagnate has SO enormously contracted that, even
with the most favorable opportunity presented for
many years, he is unable to retain control OF the
Geld. II has therefore been abandoned to the
srowd. stocKs which but Q few weeks ago were
held In blocks and commanded balloon prices are
to-day the etf
FOOTBALLS OF THE SATELLITES,
Sr mere shuttlecocks thrown from hand to hand
IA species of small sport. which seems like bur-
esque on the monster game that has just been
plosed. There has been wreck among the fnan-
sial Caesars. Men around whose soundness OF mind
and limb there fingered q species Of fascination,
whose shufiing or Of mortal coll would have driven
Wall street into frenzy only o few weeks ago,
stand forth to-day denuded OF influence and impo-
sent to create either weakness or strength. An
ebituary notice written on prince or plebeian OF
the place would now produce about the same
effect. The panic has proved q common leveller,
and the man who gives the most 'points" Is apt to
be found poorest among the poor, with only
conscience for his capital and whatever he can
manufacture from imaginary material ior his stock
In trade. We find here some Of
THE CAUSES FOR THE PRESENT DEPRESSION
DfWall street prices. There Is no broad shoulder
10 hold them up. There are hundred hands
pulling them down; and although this locality is
only an integral part Of the great financial map.
Ihe debility thus developed ramifes elsewhere,
and by mere sympathetic action has become
Element OF universal dstrust Practically, how
ever, regarded from speculative point OF view,
che situation is not SO gloomy as it may appear at
, glance. Values generally are resting on more
substantial basis. The bubble Of innatiOn has been
pricked. Money possesses larger purchasing
power. s
STOCKS HAVE CHEAPENED,
She attractions which lay behind them are un-
changed, and he who seizes the instant and uses
his judgment in selecting security for invest
nent at present figures can scarcely be disap-
pointed In his eventual realization. There is such
thing, however, as 'panic prices" again-a
point OF danger below which a legitimate value
sannot be safely forced. even In speculation, for
beactiOn then becomes inevitable, and the re-
bound is sure to be full Of mischief to all who have
ssOd what they did not own" While, there
fore, old combinations have been dissolved
Ind the once regnant powers OF 'Change
have been dethroned 1t behooves the
speculative community to deal cautiously
with the present market and not to be too prone
10 yield to the demoralizing influences that have
been already set at work BY much larger and
more reckless element Of Wall street than even
Bhe leaders to whom we have referred. There Is
NO CAUSE FOR DIsMAY.
The clouds are Frightening. To use the language
bfa bank president to-day 1.-THE financial outlook
p better than 1t has been at any time since the
panic commenced The banks are gaining nearly
million Of dollars q day in greenbacks, and it is
probable that when they cease pooling at the
Clearing House they will stand far better
lhan they now anticipate. Nor has there
been time In the history Of several Of
She banking institutions In which brokers
have kept such large balances as during the past
two or three weeks. Again, merchants have been
Aoing more cautious business, and there are
fewer instances OF loss Of money among them from
bad debts than usual at this OF the year
As regards the stock market, my opinion is that
u Is at the present moment engineered by q class
Of men who have nothing to lose and are preyng
On the street. 1t will not be long, however, until
sheir power viii be destroyed for in sixty days
money will, in my Judgment, be cheaper in New
York than it has been in ten years." The forego
ing are encouraging words, and the gentleman
who uttered them is not alone in his measurement
OF the situation.
SILVER PAYMENT.
II one measures intentions by facts there has
been "much ado about nothing" Somebody in the
Treasury Department gave out the idea that silver
was TO be disbursed to an extent that would soon
make 1t circulating medium. 1t appears how
0ver, that the public agitation which has followed
She announcement has defeated the object in
view; in other words, that the demand has been
much greater than was anticipated and that the
Treasury cannot carry out its policy. 1t is stated
geographically from Washington that "in conse-
Huence OF large orders already sent to the Treasury
BY telegraph for coin by bankers, merchants, rail-
road companies and hotel keepers, Secretary
Richardson has deemed o change necessary in the
policy Of resumption announced on Friday
hst. He will not exchange silver for currency,
- first Intended, but for the present, at least
Or until the demand is not great he will adhere
TO the plan OF paying OF bills against the govern
ment partly in silver" If person holds draft
on the Treasury, or on any Assistant Treasurer,
part Of 1t will be paid in silver say to the am cunt
OF five dollars"
"say to the amount OF nve dollars ~ Coming
from the government OF the United States that
remark is thoroughly conservative.
THE BARRooMs
OF New York are already making silver change for
drinks and cigars in larger proportions, and the
Secretary OF the Treasury only confesses his weak
ness and want OF financial foresight when he au-
thorzes the declaration that "the amount on hand
rs only half million OF dollars which It was be-
licved until to-day, when the demands for silver
became known, would be enough to enable the
Secretary to place the currency on silver basisn
The amount OF fractional currency is about
Gao, 100000 Five hundred thousand dollars in
silver Is therefore decidedly microscopic apex on
which to rest this inverted pyramid.
THE BOARDING OF SILVER
mat has commenced Is simply frightfu. There Is
not o man with pair Of babies old enough to
keep tin bank who docs not take his drinks and
cigars with most incorporate regularity, throw
sown greenback and demand his change in s
yer. at the expense of patriotic barkeepcr, who
wiz probably never see It again. The sight OF
SOHO representative for grccnback is too tempt
ing 10 DO resisted, and If there were 500 600 OF
shVer instead Oh 100000, 1t would doubtless find
It's way into the old stockings OF the country.
THE MONEY MARKET
In the early part OF the day money was easv at
per cent. Later. however. 1t advanced 60 1.aa
lilo per diem, and yet later at the close, when the
banks made up their accounts, It was offered at