, 1873-09-27

NEW YonK, Sept. 20, 1873,
It s the general opinion tut, If tho Stock Exchange
had not closed on Saturday morning, almost every
member Of tho Board would have failed mud thai,
had 1t not been for the actlon Of tho banks and tho
Government, with tho intervention Of Sunday as a
bunk day. half tho banks Of the city would have been
forced to suspend. The stata Of feeling up to lust
Saturday Aoon
As FnENz1Ep Al IT WAS oHAor1o
Literally, nothing had price oyen gold wna hardly
availAbo for, II any man hutl offered to pay is debts
with It, his credit would lvo lccn destroyed It can
be safoly asserted that seycn-eigAths Of all the
brokers, ut tho hour Of shutting tho Exchange,
wero actually brokon. II they had not been sucb d
step could not haye bcen ake siucc the proposition
would hayo boon voted down. For tho paat fuw lays,
fow brokers who aro strong have loell anxious to
open tho Board, tn tho opo Of Aammering stocka and
buying them much below their real value. Tho iau,o
put my weapons In tho hanls II tLelr adyersaries
that may 10 used aganst themselves. The opinion
now is, inasmuch Us luman nature Ia Liable 10 rec-
ton and ia thorc nsS orders hero for the purchase Of
millions Of doars worth Of shares socks will rapidly
advance and tas before long, tho bulls viii have On.
such timos "a these. aya o wesR and SI pseai.oas ns
arc untitled to slcndor consideration.
THE oLoRE or THE EXCHANGE.
Tho yiews III reglrl to tho closig Of tho Exchange
arc varied md contradictory Some hold TINT Ii lis
established very aEsafo pEecedrut and TINT lcro-
troll the Board get into tight placo thoy 1uay sayo
themselves from ruin by following ths example.
others think that IN period Of pAnic such course
u not only advisable, but imperative au tlat M tlo
future, tho thing will be done uuIor thp same
circumstances.
RMoTHEnINo FIRE.
There are those WHO coutu1,l thAt the means taken
to Htay thu panic have eoe uxuctly ak!u to auterH
fire. mud thus 1t muat break out again, AMI lorllna
at Heason when we are much less prupara for II tha
Ss.tds let raa ' '' its natSsl Maa esarss ns as;
that, II strong houses went down with tic
Weak ones. tho former could 10 rolabltated and no
permanent harm tlooe. Everybody IL aw.re that tho
lanle was caused by u,duo imitation, particularly BY
tho rampant spirit of speculation. How ths spirit il
to 10 axtngitsllod n tho great commercial centre
whore abundant money Ia to bo hail. aud whoro there
III q constant ahA feYcElBl desire to grow rie it
What IL called business Ia passion in oil our loanu
coA and to ako noney Is belcyod 10 be tho uty Of
every American citizuu, There IL every temptation
nero aH tAcT0 Ia III ChltaEo to enter Into Hrecatlo
Tho doa-looln ad the ockExrllange perutslnl
proFocatton md oncanent to that ontl, and he VIA
IN exposed 10 Avir iuieue IL unusually strong If In
can resist tAelr fascinution.
Tho atockbrokerA aud YEeouators aro severely con.
auraA Tor their endless null aud uear operations but
1t Ia impossible to how nr why they tct lturGnty
90 helr best to incrcaao thOlr income dues eycry
Do!y else. Tho banks help them, md syeu thu ills-
tntionB Which aro fond OF coudennng stock-jobbing
aro otten found to }e secroy euyagel n IT, yetorau
morning, 10 Ind rcnson to bplioyo there not stx
pat&a III town innocent OF completely with specuatora
or Rpccul4tanH Ut some sort,
LapR or CONFIDENCE.
ING reason That nonutary aarin III 10 easily excited
here must ho sought In the grsesU luck at coniere
Nhon there IL thu slightest approach to q pa,tu.
every banker or broker III afratl al every
other banker or brokor, beeause aio III nwaro Of p
perpetual rocA0asncss Vi Ills class. Vhe whole frator
ny 1.-Two on ~ias, md ratApr enjoy tho sanaaoa as