The New York herald., 1873-10-29
An Explanation of Their Troubles and
Their Wants-How Long VIII
Operatives Have to Wait
THE SITUATION SUMMED UP.
Governments Steady Money Easy---RailrOad
Bonds Highest and Low
est Prices Of Stocks.
OUR NEW SILVER BASIS.
WALL STREET,


left to toitself-untrammelled by rumor and released
from the dead weight OF falsehood. IL advanced
from u to 3h per cent There Is money to buy
shares; there is faith In the situation there are
hundreds waiting to put their capital into the
street whenever the 'scalpers" are whipped out Of
the field and legitimate speculation can again pro-
Ceed. Stocks are low. 1t IS risk to sell them.
Bears are compelled to contend with an improving
condition. The financial status Is growing stronger
every hour. Banks and brokers confess it. The
suspension by manufacturers is the result OF only
an incidental phase oftne panic 1t not from
decrease in demand by the individual, nor from
decline In the value ofwOrk but almost entirely from
COMPLICATIONS WITH BANKS
and jobbers Long credits have been given. Large
stocks have been made. Notes and certified
checks had to take the place OF currency. Hence
There has been no money with which to pay labor
Yet these very institutions are full OF wealth. rep
resent in what they possess a certain tangible
reality, and practically have done no more In their
estOppal than TO initiate the banks of the country
They are looking to selfprotection, and 1t will not
be many weeks-we might as well say days-before
the same hopeful Influences that have forced banks
TO resume payment Of currency will compel the
now suspended factories OF the country likewise to
set in motion the whirr Of their machinery, and
re-employ the now idle operatives who are won-
THE SITUATION
may be summed up in half dozen words. There
has been an interruption Of trade, but without the
possibility OF pauperlsm; check to labor, because
labor Is only the representative OF currency; q
check to currency because OF dstrust; distrust
because OF Wall street scare and o shrinkage OF
the values Of securities held by banks The latter,
therefore, are the corner stone OF the situation,
and when they begin, as they promise to do, again
20 pay out currency instead OF certified checks,
and to throw money into its usual channels, we
shall everywhere see, from the humblest worker to
the weathiest corporation return Of confidence
and resumption OF ordinary and legitimate CON-
merce.
THE SILVER CIRCULATION.
The attsmpt on the part OF tie government to
Introduce silver as circulating medium re-
garded with much interest," because OF the singular
order from the Secretary OF the Treasury which
restricts payments by his snbordinates to the
small sum OF SIS. The experiment is already de.
veloping its results in an eager demand and dis
position to horde. True one sees more silver than
usual just now, but it is always in mems pockets.
They have received it from the barrooms. Bar
Keepers have paid premium for the coin, and are
dsbursng It as an attraction. General inquiry
satisfies the writer that there is little disposition
to part with a substantial value In TACT, silver
the very scarcity confessed by the Treasury De-
partment has brought it suddenly, and perhaps
unntentionally, within the scope Of the law OF
supply and demand. Much, therefore, as the pub
lie may sympathize with the effort to make silver
again circulating medium the want OF a sufi-
cheney for business compels the application OF
the business rules to it that! are attached to
gold. Paper credit cannot be bolstered by paper
pr0mulgatons Somehow and somewhere 1t must
have solid foundation. Does promise to pay IS
In silver to each government creditor make even
the mortar with which this substructure is to be
bultf The disbursement Of silver at the Treasury
Department to-day amounted to $3.50, which shows
that fifty creditors each received s5 II the Bank
contemplate fact, what farce it would appear /
S250l among million OF people.
SOUTHERN SECURITIES.
The business was so slight 10 scarcely deserve
comment. We note the following the latest bids =
Missouri skies, s61s; Missouri sixes Hannibal and
st. Joseph issue, s5; Tennessee SKIES, old 671 !;
Virginia skies. old, 80; Virginia skies, new 35;
Virginia sxes consolidated, As; Virginia skies, de-
1erred, s. Georgia skies, IS; South Carolina sixes
"a; South Carolina Fund Act 1865. II; Louisiana
eights, levee So.
THE UNION TRUST COMPANY
We have received the following note from Mr.
OF similar import with other communications made
on the same subject. It shows how carelessly
the names Of parties have been used In order to
add to the intensity Of mere sensationalism =
OHIO AND MISSISSIPPI Railway
No. POI BROADWAY,
NEW YORK, Oct 2S 1873. J
To THE FINANCIAL EDITOR or THE HERALD:-
In the first column OF the New York Times Of to-
day under onin the heaang % pars List o Over
down as owing the Union Trust Company
$47,694 53. Regarding the above have the honor
20 say that the statement Is incorrect. ''Daniel
Torrance and associates do not owe, and have
never owed, the Union Trust Company one cent.
DANIEL TORRANCE.
THE FOREIGN MARKET
Late ocean kilograms report consols steady and
American securities weak and lower both in Lon.
don and on the Continent the decline at Anster-
dam ranging from to "a per cent. At London
old 1858 declined to 93k '67s to e0h and new hves
to 81. Erie was dull and weak at 39{. The Bank
OF England rate OF discount remains at per cent,
but well informed parties that 1t will proba-
bly, be advanced tomorrow to 7K. The discount
rate In the open market for three months bills Is
u per cent below the Bank OF England rate.
Rentes at Paris are steady at the advance OF the
morning, to-wit, 57f csc.
RAILROAD BONDS
While the market was not active in contrast with
recent conditions II sti exhibits 1rmness and n
good demand on the part OF investors who nave
faith In the future Every incident OF the financial
situation points to stronger prices and II is doubt
less only want Of banking facilities that consti.
tutes bar to large transactions. We note the fol.
lowing sales:-
Ssf n Pas sorsn ~ m ils5 fGtba.Gs.S Cong b. sssSs a.
+: Ss NJ II a. :ax