The New York herald., 1873-11-23

-O
quireu reserve. S56.363,5io 100
Deficiency. ... s3,2ll,o75 s34s. ESQ
Showing relative advantage at the present
time the initial week OF the panic OF 81 Se s45.
This statement, which, in q period preceding the
recent panic, would be regarded as most unfavor-
able exhibits at this juncture
VERY FAVORABLE CONDITION;
far more 80 than was anticipated by the bear ee.
meut on the street, Or, in TACT generally expected.
II likewise proves the purpose that has prevented
its earlier puNcatlon, and presents q further ar.
gument in lavor OF such reformed system as shall
require such statements TO be made regularly on
certain days, as well as on the demand OF any de-
positor or stockhoder: and not be subject to the
mere inclination OF either bank president, commit
tee clearing house. This Is a reform worth all
the so-called safeguards sought to be imposed by
some OF the banks now In the association upon
others, which are, after all, but rs ran fence
about COW pasture-very easily broken through.
1t only come however,. with free
banking, wnere the open ledger to those
Interested will be the hest guarantee
against undue expansion, mismanage ment or de-
falcatlon. It taken for granted, OF course, that
"iree bankngn in this connection includes the
same or equal provision secIrit; for circula-
t1on US that offered The effect OF the state
ment was most marked, Notwithstanding that at
tentIon was quickly called to the fact that the
banks haa made no exhibit in their statement to
TIE OUTSTANDING LOAN CERTIFICATES,
variously estimated at from $1j,00O0)o TO
so, 1000. But then these are only loans well
secured, too, II IS to be presumed, by proper col
lateral. ana woald not enter into the analysis OF
the statement showing the strength OF the banks
relatively In respect TO their liabilities and
sources. II these certificates are hed as deposits
they must be sought Tor IN the deposit account
AS loans added TO the s2as. .oo7,S 800 reported
S,1s 42t 700 llst thnV
would, At their hlgnest estimated figure, show the
account OF undue expansion s!o,S5i, 400 less than
IL was september 20. In either case, then, whether
regarded as loans not Included III Yesterdays
statemcn, Or as deposits, when they would neces-
sariy be included, they do NOT detract from the
favorable character OF the statement, which shows
that have stepped across the dreadful cilasm OF
were daily taught 10 look for since the failure
OF Jay Couke y Co., until now, and stand safely
again on arm ground. The stock market showed
Its appreciation OF this
IMPROVEMENT II THE SITUATION
by quick rally IT ali the leading stocks, and 3
more buoyant confident tone among dealers. only
the bears being distressed at the interruption 10
their schemes. TO help themselves ont they
ucatioDs, and hinteu that warm rain would soon
melt the ice on the canals and release the freight
now frozen in. 1t may result so, which would OF
course delay the winter profits OF the railroads yet
later, but thus iar we have had no verlcallon
OF it, However. this would not oe the first time
the weather had come In TO heip out q bear specu-
lation. Next to the bank statement
THE WAR ISSUE
was that most in favor with the street, and in
deed, ia the Gold Room transcended every other
issue. t was the same Old story, however, or
battles in the air. and the premium STEADILY a!-
vanced upon the imaginary view OF our piandered
seaports. shattered navy, and hecatombs OF
American slain. The dispatches rom Washing
ton, which calnc with rapidty that must nave
satisfied the bodest ator, furnished the basis
of an active bull movement the premium being
advanced 70 Ii0ts. at which figure it closed. One
does not however. look to the gentlemen VINO
shout themselves hoarse around the central
railing IN the Gold Room for an expression of tcel-
ing respect 10 the possibility or Geslrability 0
war or It's ustidcation. Their business Is simply
to buy and sell gold, and If they long CT gold
an insult to the nag presents to them only the
chance OF a good market to unload on. II they are
short. The contrary, 1t Is to be deprecated and
regarded as no insult, or explained away because
too much indignation is likely TO spol their specu-
aton. One Is tempted to ask in this connection
Is TIE GOVERNMENT SHORT OF GOLD
now, with $50, 100000 debt maturing January I,
1874, besides the heavy coin interest to be pro-
vided TOR at the same tlmef Has the wonderful
policy OF the past few years supported by the domi-
nant party ia drawing the resources OF the coun-
try TO make paragraph for stump speech by the
reduction OF the public deot lett our finances IN
measures as this imbroglio found our navy? IL IL
TO pe hoped not Yet II not why this temporiz-
eminent to check the growth of public indigna-
ton IN such crisis by deprecatory assurances
snat sns Y Y nSt w vo2 40 mot, w
that are asked ON Wall street by men who take
little heed o. idle rumOrs. yet feel dsappointen Az
ment, so strangely In contrast with tlat OF tne
people, and who pay little heed 70 Tue n1c.uas'us.
Of gold, other than as they give token Oh sumo un-
pEsIsL or A EXPORTED FAILURE
Inquiry having been made AZ snc oJe ai,rca ~
IN ths civ as TO the truth OF the ruinor previously
published regarding the so-called pclsonai 'aure
pf Edgar Thomson, President o the road. tho
SnIio,ving Il, Telegram was aaown In reply. IL was
reeeived In response similar inquiry made By
Mr. Salomon OF MIR. Thomson nimseit:-
have been .Pd SSss TsCssSa s