The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-28
FINANCIAL and COMMERCIAL
The Sky Brighter and the Horizon
Promising.
THE STOCK EXCHANGE.
The Reopening 10 Take Place on
Tuesday.
PRICES ADVANCING.
PRICES ADVANCING.
Money LoOsening-Loans Made on Easy Terms
and q Good Feeling All Round
DYING HOURS OF THE PANIC.
Gold En- Route to America What Is To
Be Done2
WALL STREET,


been noteworthy during the crisis. There have
been no more failures The banks throughout the
country main tain their strength. Money has come
into Wall street by thousands, was loaned for per
cent interest, and at the close shows disposition
to be made useful Those who were boarding
unlocking. The Stock Exchange has determined to
reopen on Tuesday. The majority Of settlements
between brokers have been effected, and there ap-
pears to be nothing either of local general In
formation calculated TO continue the old distrust
or evoke q new one. We are getting bravely out
Of the difficulty.
is showing its hand everywhere. The banks have
stood bravely by each other and the public, and
to-day, doubtless, hold securities and currency
equal to all the requirements OF the hour. Fa-
naticism has been held in check, fear circum-
scribed, runs" prevented and danger averted.
The country Is safe. New York has set an ex-
ample that has everywhere been followed, and in
that example there has been found all the ele-
ments Of peace. Even the weak have not per-
manently gone down, for we only hear of pruden-
tial suspensions; while, on the other hand, those
who were strong have given color magnetism,
strength to the situation that commands all
praise. 1t is not now possible to go into details,
but when
THE STORY OF THIS CRISIS
Is fully written, and the relationships between
some OF tne DankS OF new YORK anu CnOSe OF Tue
rest OF the country are described; when the strug-
giles and the sacrifices for the public financial good
appear, 1t will be found that spirit of patriotism
has been exhibited and caution worthy OF the
situation has been developed that is worthy OF the
utmost tribute
In fact, moderation in its most generous atti-
tudes appears to have been studied not only by
nduciary institutions, but by Individuality the
brokers of the Stock Exchange, the merchants and
exporters; indeed, by every one identified with the
movement OF capital and the result appears now,
1t the close OF this eventfu week, in victory
one Of the most serious combatants with which
the country has had to deal since the close of the
war. We must not, however, shut our eyes 20 the
fact that
ID only temporary; Congress when 1t meets must
follow up the retreat. While the people and their
institutions may always be counted upon in a
great emergency, the exigencies OF a Republic are
continually presenting new phases for the con-
sideration of the law gtvers, and demanding from
them new powers. What we now need, according
to the tenor OF events is elasticity for our cur
rency, and he who provides a successful plan
whereby recurrence OF present evils may be In
the future avoided will win proud place in the
financial memory of his country. The crisis from
which we are emerging grows out Of causes pecu-
liar to the hour. 1t is the result OF war; 1t has
no connection with any preceding condition. 1t Is
the upshot of misappled values; of misdirected
strength; OF money used in shallow channels; OF
luxury and extravaganza in social life; OF ambi-
ton to become suddenly rich; Of the concentration
OF one man power; OF the watering OF stocks and
imposition on the public: of blind obedience to
political gamesters who play the role Of dema-
goges; of indifference to public events, and finally,
OF that ease and pliability Of public sentiment
In ito cout
naly careless. AS has been said before,
THE GRAVITY OF THE SITUATION
u yielding to the conquering elements OF internal
resource Money that might have been wasted
like water-distributed just as grain is sowed, but
without harvest-has been husbanded. The
banks have refused to let IL 60, and whatever
hardship may have been felt to the individual
thereby is about to bring its reward to the public.
We are stride nearer tout OF the woods" When
the Stock Exchange closed, 1t was the signal OF
rest. When 1t opens on Tuesday, 1t win doubtless
be the beginning OF fervid reaction. Much de-
ponds on the spirit Of the individual men,
bers. Not there, having the
good of the country at heart, should re-
fuse to contribute something in the way or
compromise. II settlements are not made kindly,
force will induce reaction aNd reaction will bring
ruin. But we hear OF no contumaclousness.
THE GREAT FIRMS
of the street have done their duty. The one re.
maining question concerns securities liable to be
sold ''under the rule" II this can be
avoided for three or four days. the market will be-
come 80 puoyant in itself to correct differences.
IL on the other hand, sales are forced, natural
advance must be retarded and the worst conse-
uuences follow. There will be a setback. To-
night, while these lines being written, prices
are "jumping'' even in open market, as the result
only Of the mere announcement that the Stock Elk.
change will be opened. There has been
AN ADVANCE
or rom to is per cent. In fact leading broker.
who for years has measured the possibilities o.
Wall street. predicts that we have to-day seen the
lowest prices that will be shown on the Exchange
Tor long time to come. The undertone is In favor
of an advance. Even the short interest desires 1t,
and unless there is an obstacle tnterposed we con-
ndently look forward to Tuesday as the turning
point OF this crisis. 1t commenced In Wall street.
The influence has gone around the circle and re-
turned to Wall street, and 1t would not be surpris-
ing to find at the last that the hub and centre Of
the Wheel the very fulcrum of impending disas-
ter. depends on the leverage that may be exerted
here. We urge, therefore, as prudential meas
nre, that II the Stock Exchange Is to be opened on
Tuesday,
THE GOVERNING COMMITTEE
shall suspend for two or three days at the hrst
and subsequently AZ much longer as may be neces-
sary, the action OF the twenty-nfth bylaw, which
provides for the selling out s.under the rule of
oil delinquent securities. Give the market chance
TO place Itself. Every man is now on the lookout
for selfprotection. II stocks have the quality OF
reaction within them let them manifest IL, for with
this manifestation comes relief and the solution OF
the problem. The brokers have this matter in their
own hands, and the banks are not likely to inter-
pose objections. They have been generous thus far.
and 1t is reasonable to suppose they will continue
80 while the interests Of trade demand sacri-
fees 1t is not the interest OF any one that stocks
should now decline. SO far as the public is con.
cerned there Is
NO MOMENT MORE oPPoRrUNE
for those who have ready money at command.