New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
SATuRDAY. Sent Up. VI.


Our readers will look to another department of
THE TRIBUNE for description of the scenes in and
about Wall-st during this of the greatest of all
our financial crises. The great first cause of our
present troubles is everywhere admitted TO be the
buildinC of railroads in advance of the needs of
population or the growth of the business of the
country and almost entirely upon credit This reck-
less creation and sale of new securities cOuld
ONLY have eliminated in financial disaster, and the
country can IA well bear it now as at
any other time. We have abundant crops and fa-
yorable markets for them all over the world, and
the real resources of the country as large. and
even larger than ever before. The bone and snew
of the country are in healthy and happy condition.
Some extTavagant livers will be compelled to reduce
expenses and they and the country will be the bet
ter for the change. There will be widespread
disappointment, but it is to be hoped
very little absolute distress among a large
class of persons of moderate means who have
invested their savings in the new bonds of railroads
built in advance of the demands Of the country
traversed by them. AS to Wall-st, the immediate
scene of the excitement there is very good
hope that the climax of distress was reached to-day
that the wise heads of the Clearing and the
Stock Board will devise means for continuing bust
ness as of old. and that the great strain will pass
distant day. There will be debris to be cleared
ND and some old hulks 10 be removed burour country
men are too inpatient TO stand still aud too
petc to spead much time in bemOaning the
past 1t is rather to be feared that the great lesson
of the hour will be only too little Needed such is the
haste with which important events are buried and
forgotten in this fast-going country of ours AS to
the depreciation in the price of securities it must be
remembered that their intrinsic values are great
as they ever were. This Is not like a Chicago or
Boston fire that reduces to ashes valuable buildings
stored with merchandise, or hurricanes that sink to
the bottom of tho fleets of merchant ships with
their rich caTgoes. Ii is only those stocks and
bonds upon which we have placed entirely fictitious
values that will not rise again to their former prices
Our great lines of railroad to the West never had
more promising immediate future. The New-York
Central road will soon complete its new freight
tracks to the Lakes, and will be enabled TO carry
three-fod its present capacity, and at reduction of
10 to Is per cent in the rates and in many of the
products of the West this difference in tolls is
all the difference between profit and a
loss to the producer. SO will all the
railroads that are not placed Tout of humani-
tvs reach,p enter upon tho Fall business with the
most hopeful prospects. The iron and coal business
of the country is increasing in both volume and
proftabeness. We are becoming daily less depend
ent upon foreign manufactures. Our forced econ
orny will still further reduce our imports and with
ordinary prudence and thrift the great crisis of 1878
may pass ont of memory almost as quickly as it
came upon us.
With the more cheerful tendency Of affairs which
the closing Of last night indicated there was more
feeling apparent at the opening this morning,
growing out Of the proposed concert oil action among