New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-29


The late panic-for we thin it may now be safely
put in the past tense-has shown how dependent
npon Wall-st are nearly all the financial insttu-
lions of our country. Without mentioning names
let us take for example of the strongest and best
managed Trust Companies in New-York. 1t had two
million dollars capital and twenty million deposits.
These were loaned out mostly upon stocks with an
average margin" of 10 TO ID per cent. Tins mar
gin was wiped out by the decline so suddenly that
no human foresight could have provided against it,
Had the Stock Exchange continued business two
DAYS longer there would doubtless have been fur
Their decline in market values of at least 10 per
cent and this would have been sufficient to ex-
haust the entire capital Of one of the best
trust companies in New-York, and the concern, un-
der strict application of the Bankrupt law, would
have been sold out al auction, and would finally have
repaid to It's depostOrs little more than half their
money. And this was in greater or less degree the
condition of nearly every bank, trust company, or
other financial corporation in the United States and
sufficiently proves the wisdom of suspending busi-
ness at the Stock Exchange and thus giving its
members time for an amicable and equita-
BILE adjustment of their accounts, and
affording them and panc-sticken peo-
ple opportunity for a little sober reflection.
The announcement that business will be resumed
on Tuesday morning has a significance that may
not be apparent to every observer but the habtues
of Wall-st understand it as clearly implying that
the conflicting and confused accounts OF the brokers
have been Strengthened out and settled; otherwise
the opening would be but signal for renewal
of the panic and of fierce fight between the bulls
and bears Now there is little cause for contro-
versv on the bourse, and everything promises
peace and quietness, at least, until the
future shall divide the members into distinct
r,fo hero vii he
bears on every bourse as long water runs" 1t
is expected, however, that business, for some time
at least will be conducted with more moderation
than formerly and if some wise plan shall be
adopted of selling "for account" or for the inter
1nediary adjustment of balances as suggested and
ably aroued by Mr.. David Groesbeck, the connec-
tion between the brokers and the banks now 50 ex-
tre1ely hazardous to both, will be severed, the de-
mands for money will be less spasmodic, and
corners in stocks will be known no more
forever. Let us hope that the members OF the GoV-
ernng Committee, whose wise and prompt action
has earned the praises and deserves the gratitude OF
the whole country, have already devised some
method of clearing" stocks that shall be at once
safe simple and prompt. 1t VIII be serious disap-
pointment 10 the brokers and to the public if il shall
be found that they have determined to go on IN the
old haphazard way of giving and receiving certified
checks for every transaction, and of daily borrow
ing ten times the amount of money that would be
necessary under an intelligent system Of cearanees
The following shows the exports exclusive OF
specie from the port of New-York to foreign ports
for the week ending Sept %, and since the begin
ming of the year: -
20, II, wes... a 92ss64 s59ssi2s s6Soi'sls
Previously reported. IS S0259l l56tOS 654 %2l7l,9o9
Since jan .sl0sosos55 slGl 1852 s2Cgs7S'2S7
Pries oigod........ lac Il42 LOS
The following shows the imports of foreign dry
goods and general merchandise at the port OF New
York for the week ending Sept. %, and since the
beginning of the
DR., t ScGss a. t ssls9di4 s2dSiTio sstszf?se
General Mercbsnase. 503iS5S 5,7ls2sl H4O4,7os
p T '' ssa: 2a sGsd S55
Since Jan s2s642sO97 1884 67sO74 sSOs,2O7676
The following are the dry goods imports included
in the above for the same period:
Fn,t fs ~ St. sqsss7722io sals2se
Thrown market. 39O4.o96 2O7l49S S,sO3 sS5
Es,ed At The so4 e22 47e slle s4s 9ss 500 77o44I
Thrown on nATtet lO2Sl4'cOo lll,b69,sS2 lOoSoO|4S
The exports of specie for the week ending Sept.
q were follows:
Ietal Tor The sesl sSll 1es
Total Jan. l. 1873 yS5l l5l
| The following is comparative statement of the
export Of specie for % years from the port Of New
York 10 foreign ports, from Jan. to Sept q. 1879