, 1873-12-21

carry 1t Oil. Onco begun, it haB l,oYor
coaBcd, but Ina continued increasing until 1t
long since roaollod tho samo magntuln that
would l,avo boon attained Ind thoro bcon no
pnuio. pricoH, aftor the ,lfat few daye. showed
no tlooino. Wheat and corn, cattle and hogs,
pork at1 loof. lavo commanded their acc1Btofr1-
ctl prices, Tho resumption of thoso groat
branclloa OF tratlo Ind an immediate effect upon
all otl,ors. Tlo producers, obtaining cash for
their goods III Chicago, were not only ablo to pay
wl1nt thoy oweil hero, but 10 rccoinlnonco thcfr
trado as IL It Ind nogor boen interrupted. Tho
dry goods, boots and shoes, grocery, aud harl-
waro tradeB soon got into B1cccsaful
operation. Tho suspension of banlt dis
counts for n timo crippled aud embarrassed
operations, but tho volume Of business BOON
oyorcamo this difficulty. Ono Of tho first effects
of tho panio WIS tho withdrawal from
Chicago Of all tllo money hold hero for invost.
meut In mortgnge-lonna. It waB worth moro iii
Now York aud Dostou, OH equal security, than 1t
waa i'll Chicago. Ono Of tho best evidences TINT
tho panio has spout it's forco ill., that tlis money
l,as begun to ,]ow back to Chicago to bo invested
in boid and mortgage. In fact, money is easier
to-day than 1t Was ono year ago. Iast December
every bank in tho city waB corkod as tight as
IN exhausted receiver, nnd this condition laated
until tho middle Of January.
Tho most sorious evidences of tho late panic
that remain aro tho closed iron mills and foun-
dries, aud the discharge Of lie operatives The
protraoted suspension Of thoso establishments
is due largely to embarasamonts Of railways and
railway construction companies. The Texas Pa
clo Construction Company Ind it's paper
oil over the country; oyory iron mill
in tho West probably had Share
Of it. Othor speculative companies lad
their papor in tho hands Of those mills mud
nil this papor Inns gono to protest. Tho panic
stopped tho building OF railroads in the wilder
noes. It also destroyed tho credit of those on.
gagged in TINT business; and tho embarrassment
produced by the failure Of thoso companies has
forced the closing Of many rail mila which
otherwise would have been ab!e to so on. Tito
iron-manufacturing establishments Of Chicago
which havo not closed arc all doing u fair buHi-
moss. Some other manufactures have felt tho
panic, and, us aconsequonco there is IN unusually
largo number of mon out Of employment.
Thcso establishments, however, are gradually
resuming business, again employing their work.
1nol,, and fow weeks or months more will 500
them in full operation. We do not moan to say
that there 1avo not been harQ times during the
panic, but wo do 1neau to aay TINT the rosiving
trade mud commerce Of the city havo turned tho
removing MI traces Of Its doyastation
4 very large amount Of capital In this city Ia
invested III real estate, and trufo in that kind Of
property was arrested by the panic. Except
for immediate uses, there Las been little or noth-
ing done in tho way Of cash snlcs.. There has.
however, been much dono in the way Of sottllng
payments by oIectting ono debt with another,-a
sort Of Clearing House operation, as good Us
any other to get rid Of dobtH. This operation
has been successful III removing much ombar-
rasasment, and relieving porsoua Of largo
amounts of maturing obligations. or course,
money llas been too precious to invest in outside
property; hut tho hoaltllieRt sign Of all is that
there has been 10 ahrinkago in values, and no
falling OF in prices. Whom tho trade is
removed transactions will begin Mt pricos and
values in no wise impaired by the fact
that q pnnio has prevailed all over
the country. A large part OF tho winter Inns
passod already mon turn their faces to tho
coming spring and oven tho operators in real
ing when thoy will sllnre in the general pros~
perity which las attended the revival Of all other
business, and when Chicago already rejoicing
that tho panio has spent its force, will have for
gotten that there had been such thing as tho
panic ut al.